# Appendix III
## Fund Details
The Funds bearing an asterisk (*) next to their name are not available for subscription at the time of issue of this Prospectus. Such Funds will be launched at the Directors' discretion, at which time this Prospectus will be updated accordingly.
The Company is designed to give Investors the flexibility to choose between investment portfolios with differing investment objectives and levels of risk.
The investment objectives and policies described below are binding on the Investment Manager of each Fund, although there can be no assurance that an investment objective will be met.
- The specific investment objectives and policies of each of the Funds are subject to the following interpretation: each Fund will be actively managed and will invest, in accordance with its name or its investment policy either directly or (if stated) through derivatives in investments corresponding to the applicable currency, security, country, region or industry stated in the investment objective or investment policy.

When a Fund states that it invests at least two-thirds of its assets in a certain way (i) the percentage is indicative only as, for example, the Investment Manager may adjust the Fund's exposure to certain asset classes in response to adverse market and/or economic conditions and/or expected volatility, when in the Investment Manager’s view to do so would be in the best interests of the Fund and its shareholders; and (ii) such assets exclude cash or other liquidities which are not used as backup for derivatives unless otherwise stated. When a Fund states that it invests up to a maximum percentage of its assets (e.g. 80%) in a certain way, such assets include cash or other liquidities which are not used as backup for derivatives.
The remaining one-third of the Fund's assets (excluding liquidities which are not used as backup for derivatives) may be invested in other currencies, securities, countries, regions or industries, either directly or through derivatives or as otherwise stated.
A fund will not hold more than 5% of its assets in distressed securities, asset backed securities / mortgage backed securities, commodities related instruments or catastrophe bonds unless specified in the investment policy.
If a description of a Fund's investment policy is related to investments in corporations of a particular country or region, such reference means (in the absence of any further specification) investments in companies incorporated, headquartered, listed or having their principal business activities in such country or region.
- The Investment Managers may invest directly in Russian securities that are traded on the Moscow Exchange. For details of the risk involved in dealing on these exchanges please refer to Appendix II. Additionally exposure to the Russian market may be achieved through investments in American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs).
- A Fund will not hold more than 5% of its assets in transferable securities traded on the CIBM (including via Bond Connect) or any other Chinese Regulated Market or in China A-Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect unless disclosed in its "Investment Objective" and "Investment Policy".
- Each Bond Fund (including Mainstream Bond Fund and Specialist Bond Fund) and Multi-Asset Fund, unless otherwise specified in Appendix III, may invest up to 5% in contingent convertible bonds. For full details of the risks applicable to investing in these Funds, please refer to Appendix II, "Risks of Investment".
- Expected level of leverageFunds quantifying global exposure using a Value-at-Risk (VaR) approach disclose their expected level of leverage.

The expected level of leverage is an indicator and not a regulatory limit. The Fund's levels of leverage may be higher than this expected level as long as the Fund remains in line with its risk profile and complies with its VaR limit.
The annual report will provide the actual level of leverage over the past period and additional explanations on this figure.
The level of leverage is a measure of (i) the derivative usage and (ii) the reinvestment of collateral in relation to efficient portfolio management transactions. It does not take into account other physical assets directly held in the portfolio of the relevant Funds. It also does not represent the level of potential capital losses that a Fund may incur.
The level of leverage is calculated as (i) the sum of notionals of all derivatives contracts entered into by the Fund expressed as a percentage of the Fund's Net Asset Value and (ii) any additional leverage generated by the reinvestment of collateral in relation to efficient portfolio management transactions.
This methodology does not:
- make a distinction between derivatives that are used for investment or hedging purposes. As a result strategies that aim to reduce risk will contribute to an increased level of leverage for the Fund.
- allow the netting of derivatives. As a result, derivative roll-overs and strategies relying on a combination of long and short positions may contribute to a large increase in the level of leverage when they do not increase, or only cause a moderate increase in the overall Fund risk.
- take into account the derivative underlying assets' volatility or make a distinction between short-dated & long-dated assets. As a result, a Fund that exhibits a high level of leverage is not necessarily riskier than a Fund that exhibits a low level of leverage.
- Any exposure to commodities including precious metals for a Fund may indirectly be obtained through related(i) transferable securities, (ii) units of closed-ended investment funds, (iii) financial instruments linked or backed to the performance of this asset class, (iv) UCITS or other UCIs in accordance with the Grand Ducal Regulation of 8 February 2008 and/or (v) Financial Indices compliant with article 9 of the Grand Ducal Regulation of 8 February 2008 and CSSF Circular 14/592 and (vi) derivatives on eligible assets as described under(i) – (v).
- Derivatives should be dealt in on a Regulated Market or OTC.

Transferable securities, Money Market Investments, units of closed-ended investment companies, financial instruments linked or backed to the performance of other assets should be dealt in on a Regulated Market. If not, they will be restricted to 10% of the Net Asset Value of any Fund together with any other investments made in accordance with investment restriction 1. A(7) in Appendix I.
- Use of derivativesThe use of derivatives for investment purposes may increase the Share price volatility, which may result in higher losses for the Investor. For full details of the risks applicable to investing in these Funds, please refer to Appendix II, "Risks of Investment".

Equity Funds (Mainstream Equity Funds, Specialist Equity Funds, Alpha Equity Funds, Quantitative Equity Funds)
Each Equity Fund may employ derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently in accordance with its investment policy and risk profile as disclosed below. Derivatives can be used for instance to create market exposures through equity, currency, volatility or index related derivatives and include over-the-counter and/or exchange traded options, futures, contracts for difference, warrants, swaps, forward contracts and/or a combination of the above.
Asset Allocation Funds
Each Asset Allocation Fund may employ derivatives for hedging and investment purposes in accordance with its risk profile as disclosed below. Derivatives may be employed for instance to generate additional exposure through long or covered short positions to asset classes such as, but not limited to, equity, fixed income, credit, currencies as well as property and commodity indices. They can be used to generate additional income through inflation or volatility linked derivatives.
Derivatives could also be employed to create synthetic instruments. Such derivatives include over-the-counter and/or exchange traded options, futures, warrants, swaps, forward contracts and/or a combination of the above.
Multi-Asset Funds
Each Multi-Asset Fund may employ derivatives for hedging and investment purposes. These derivatives may be used to gain exposure to a wide range of asset classes including, but not limited to, currencies, real estate, infrastructure and commodities. Such derivatives
include, but are not limited to, over-the-counter and/or exchange traded options, futures, warrants, swaps, forward contracts and/or a combination of the above.
Multi-Manager Funds
Each Multi-Manager Fund may employ derivatives to gain exposure to a wide range of asset classes including Alternative Asset Classes.
Absolute Return Funds and Bond Funds (Mainstream Bond Funds and Specialist Bond Funds)
Each Absolute Return Fund and Bond Fund may employ derivatives for hedging and investment purposes in accordance with its risk profile as disclosed below.
Derivatives may be employed for instance to generate additional income from exposure to credit risk in purchasing or selling protection through credit default swaps, adjusting the Fund's duration through the tactical use of interest related derivatives, generating additional income through inflation or volatility linked derivatives or increasing its currency exposure through the use of currency related derivatives. Derivatives could also be employed to create synthetic instruments. Such derivatives include over-the-counter and/or exchange traded options, futures, warrants, swaps, forward contracts and/or a combination of the above.
Money Market Funds
Money Market Funds may use derivatives for hedging currency and interest rate risk only.
- When the investment policy of a Fund refers to "Alternative Asset Classes", it may include the following: real estate, infrastructure, private equity, commodities, precious metals and Alternative Investment Funds.

Real estate, infrastructure, private equity
The investment in such asset classes will mainly be obtained indirectly through related (i) transferable securities and Money Market Investments, (ii) units of closed-ended investment funds and (iii) UCITS or other UCIs in accordance with the Grand Ducal Regulation of 8 February 2008. The investment in real estate may be obtained through REITs.
Commodities including precious metals
The investment in such asset classes will mainly be obtained indirectly through related (i) transferable securities and Money Market Investments, (ii) units of closed-ended investment funds, (iii) financial instruments linked or backed to the performance of this asset class, (iv) UCITS or other UCIs in accordance with the Grand Ducal Regulation of 8 February 2008 and (v) Financial Indices compliant with article 9 of the Grand Ducal Regulation of 8 February 2008 and CSSF Circular 14/592 and (vi) derivatives on eligible assets as described under (i) – (v).
Alternative Investment Funds
Alternative Investment Funds refer to the "hedge funds" strategies such as long/short, event driven, tactical trading and relative value strategies. The exposure will mainly be obtained indirectly through related (i) units of closed-ended investment funds, (ii) financial instruments linked or backed to the performance of these strategies, (iii) UCITS or other UCIs in accordance with the Grand Ducal Regulation of
8 February 2008 and (iv) Financial Indices compliant with article 9 of the Grand Ducal Regulation of 8 February 2008 and CSSF Circular 14/592.
Transferable securities (including units of closed-ended investment funds, financial instruments linked or backed to the performance of other assets) and, Money Market Investments should be dealt on a Regulated Market. If not, they will be restricted to 10% of the Net Asset Value of any Fund together with any other investments made in accordance with investment restriction 1. A(9) in Appendix I.
Where a transferable security embeds a derivative, the rules detailed in section "3. Derivatives" of Appendix I, apply.
Benchmarks of the Funds
Where a Fund’s investment policy includes a benchmark, this has been chosen for the following reasons:
- for a comparator benchmark, the benchmark has been selected because it is suitable comparison for performance purposes;
- for a target benchmark that is a financial index, the benchmark has been selected because it is representative of the types of investments in which the Fund is likely to invest, and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide;
- for a target benchmark that is not a financial index, the benchmark has been selected because the target return of the Fund is to deliver or exceed the return of that benchmark as stated in the investment objective. The Fund may also show a comparator benchmark where the Investment Manager believes that this is a suitable comparison for performance purposes;
- for a constraining benchmark, the benchmark has been selected because the Investment Manager is constrained by reference to the value, price or components of that benchmark as stated in the investment objective and policy.

Where a Fund’s investment policy states that the Fund will achieve a certain sustainability score (whether overall, or in relation to a particular measure such as carbon intensity) compared to a named benchmark, this does not mean that the Fund is constrained by, or seeks to achieve a financial return relative to that benchmark unless otherwise stated. Any benchmark named in this context should not be treated as a reference benchmark for the Fund. For any Fund that has the objective of sustainable investment or has environmental or social characteristics, details of how the Fund attains that objective or those characteristics are disclosed in the Fund’s investment policy and under “Sustainability Criteria” in the relevant Fund Characteristics section.

## Share Classes
Each Fund may contain A, AX, A1, B, C, CB, CI, CN, CX, D, E, F, I, IZ, IA, IB, IC, ID, IE, J, K, P, PI, R, S, U, X, X1, X2, X3, X4, X5,
X6, X7, X8, X9, Y and Z Share Classes. Certain Share Classes may charge a performance fee as indicated in each Fund’s details section.
The Directors may decide to create within each Fund different Share Classes whose assets will be commonly invested pursuant to the specific investment policy of the relevant Fund, but where a specific fee structure, currency of denomination or other specific feature may apply to each Share Class. A separate Net Asset Value per Share, which may differ as a consequence of these variable factors, will be calculated for each Share Class.
Please note that not all Distributors offer all Share Classes. Shares are generally issued as Accumulation Shares.
Distribution Shares will only be issued within any Fund at
the Directors' discretion. Investors may enquire at the Management Company or their Distributor whether any Distribution Shares are available within each Share Class and Fund. Distribution Share classes may be issued with different distribution frequencies or attributes within the same fund, designated as follows:
Distribution frequency: M = monthly, Q = quarterly, S = semi- annual, A = annual
Distribution type: F = fixed or V = variable Currency carry 
1
: C
Fixed Distribution Rates: A numerical suffix will differentiate fixed distribution rates (e.g. 2, 3). The actual fixed percentage or amount will not be displayed in the Share Class name.
Subject to the Management Company’s discretion, the particular features of each Share Class are as follows:
- 
#### General Share Classes

A and B Shares
A and B Shares will be available to all Investors. A and B Shares fees for each Fund are separately disclosed in the Fund details.
AX and A1 Shares
AX and A1 Shares will only be available to Investors who at the time the relevant subscription order is received are customers of certain Distributors appointed specifically for the purpose of distributing the AX and A1 Shares and only in respect of those Funds for which distribution arrangements have been made with such Distributors. AX and A1 Shares fees for each Fund are separately disclosed in the Fund details.
C, CB, CN and CX Shares
C, CB, CN and CX Shares are available to institutional clients such as pension funds, sovereign wealth funds and official institutions. C, CB, CN and CX Shares are also available to mutual funds and such distributors which according to
1 
This refers to the premium or discount that may apply to the distribution. Distributions may include a premium when the interest rate of a currency hedged share class is higher than the fund's base currency interest rate. Consequently when the interest rate of a currency hedged share class is lower than the fund's base currency interest rate, the dividend may be discounted. The level of premium or discount is determined by differences in interest rates and is not part of the fund's investment objective or investment policy.
regulatory requirements, or based on individual fee arrangements with their clients, are not allowed to accept and keep trail commissions.
CX Shares will have different characteristics from C Shares such as different distribution policy.
C, CN and CX Shares fees for each Fund are separately disclosed in the Fund details. CB Shares will have the same distribution charge, initial charge and management fee as C Shares.
CI Shares
CI Shares are available to institutional clients such as pension funds, sovereign wealth funds and official institutions.
The Company will not issue, or effect any switching of CI Shares to any Investor who may not be considered an institutional investor, as may be defined from time to time by the guidelines or recommendations issued by the CSSF. The Directors may, at their discretion, delay the acceptance of any subscription for CI Shares restricted to institutional investors until such date as the Transfer Agent has received sufficient evidence on the qualification of the relevant Investor as an institutional investor. If it appears at any time that a holder of CI Shares is not an institutional investor, the Directors will instruct the Transfer Agent to propose that the said holder convert their Shares into a Share Class within the relevant Fund which is not restricted to institutional investors (provided that there exists such a Share Class with similar characteristics in terms of underlying investment, but not necessarily in terms of the fees and expenses payable by such Share Class). In the event that the Shareholder refuses such switching, the Directors will, at their discretion, instruct the Transfer Agent to redeem the relevant Shares in accordance with the provisions under "Redemption and Switching of Shares".
CI Shares fees for each Fund are separately disclosed in the Fund details.
D Shares
D Shares will only be available to Investors who at the time the relevant subscription order is received are customers of certain Distributors appointed specifically for the purpose of distributing the D Shares and only in respect of those Funds for which distribution arrangements have been made with such Distributors.
No initial charge will be payable by an Investor on the acquisition of D Shares of any Fund. However some charges, for example redemption or administration charges may be deducted by the Distributor from the redemption proceeds as agreed separately between the Shareholders and the Distributor. Shareholders should check with the respective Distributors for details of the arrangement.
Investors in D Shares will not be permitted to switch the holding of such Shares into other Share Classes, nor will they be permitted to transfer such Shares from one Distributor to another.
D Shares fees for each Fund are separately disclosed in the Fund details.
E Shares
E Shares will only be available, to institutional clients such as pension funds, sovereign wealth funds and official institutions. E shares may also be available to mutual funds and such distributors which according to regulatory
requirements, or based on individual fee arrangements with their clients, are not allowed to accept and keep trail commissions.
The E Shares will only be available until the total Net Asset Value of all available Share Classes within a Fund reaches or is greater than EUR 100,000,000 or USD 100,000,000 or an equivalent amount in another currency, or any other amount as specifically determined by the Management Company.
Once the total Net Asset Value of the Share Classes available in a Fund, ordinarily, reaches or is greater than EUR 100,000,000 or USD 100,000,000 or an equivalent amount in another currency or any other amount as specifically determined by the Management Company, the E Share Classes in that Fund will be closed to Investors for subscriptions. The Management Company may re-open the E Share Classes at its discretion without notice to Shareholders.
E Shares fees for each Fund are separately disclosed in the Fund details.
IZ, IA, IB, IC, ID Shares
IZ, IA, IB, IC, ID Shares will only be available in certain limited circumstances to certain investors who:
- have the agreement of the Management Company, and,
- have a significant investment in the relevant Fund as determined by the Management Company, and
- are institutional Investors such as pension funds, sovereign wealth funds and official institutions, or
- are collective investment schemes and discretionary managers.
- Such Investors must also comply with the definition of institutional Investor as described from time to time in guidelines or recommendations issued by the CSSF.

When an Investors’ assets in IZ, IA, IB, IC, ID Shares fall significantly the Management Company may then reject additional subscriptions into the relevant Share Class. The level of significance will be determined by the Management Company.
No distribution charge will be payable by an Investor on the acquisition of IZ, IA, IB, IC, ID Shares of any Fund.
The Company will not issue, or effect any switching of, IZ, IA, IB, IC, ID Shares to any Investor who may not be considered an institutional investor, as may be defined from time to time by the guidelines or recommendations issued by the CSSF. The Directors may, at their discretion, delay the acceptance of any subscription for IZ, IA, IB, IC, ID Shares restricted to institutional investors until such date as the Transfer Agent has received sufficient evidence on the qualification of the relevant Investor as an institutional investor. If it appears at any time that a holder of IZ, IA, IB, IC, ID Shares is not an institutional investor, the Directors will instruct the Transfer Agent to propose that the said holder convert their Shares into a Share Class within the relevant Fund which is not restricted to institutional investors (provided that there exists such a Share Class with similar characteristics in terms of underlying investment, but not necessarily in terms of the fees and expenses payable by such Share Class). In the event that the Shareholder refuses such switching, the Directors will, at their discretion, instruct
the Transfer Agent to redeem the relevant Shares in accordance with the provisions under "Redemption and Switching of Shares".
IZ, IA, IB, IC, ID Shares fees for each Fund are separately disclosed in the Fund details.
IE Shares
IE Shares will only be offered to Investors who are institutional investors such a pension funds, sovereign wealth funds, foundations, charities and official institutions.
The Company will not issue, or effect any switching of, IE Shares to any Investor who may not be considered an institutional investor. The Directors may, at their discretion, delay the acceptance of any subscription for IE Shares restricted to institutional investors until such date as the Transfer Agent has received sufficient evidence on the qualification of the relevant Investor as an institutional investor. If it appears at any time that a holder of IE Shares is not an institutional investor, the Directors will instruct the Transfer Agent to propose that the said holder convert their Shares into a Share Class within the relevant Fund which is not restricted to institutional investors (provided that there exists such a Share Class with similar characteristics in terms of underlying investment, but not necessarily in terms of the fees and expenses payable by such Share Class). In the event that the Shareholder refuses such switching, the Directors will, at their discretion, instruct the Transfer Agent to redeem the relevant Shares in accordance with the provisions under "Redemption and Switching of Shares".
No initial charge or distribution charge will be payable by an Investor on the acquisition of IE Shares of any Fund.
IE Shares will only be available until the total Net Asset Value of all available Share Classes within a Fund reaches or is greater than EUR 100,000,000 or USD 100,000,000 or an equivalent amount in another currency, or any other amount as specifically determined by the Management Company.
Once the total Net Asset Value of the Share Classes available in a Fund, ordinarily, reaches or is greater than EUR 100,000,000 or USD 100,000,000 or an equivalent amount in another currency or any other amount as specifically determined by the Management Company, the IE Share Classes in that Fund will be closed to Investors for subscriptions. The Management Company may re-open the IE Share Classes at its discretion without notice to Shareholders.
P and PI Shares
P Shares will charge performance fees and will be available to all Investors.
PI Shares will charge performance fees and will only be available, with prior agreement of the Management Company, to institutional investors such as pension funds, sovereign wealth funds, foundations, charities and official institutions.
The Company will not issue, or effect any switching of, PI Shares to any Investor who may not be considered an institutional investor, as may be defined from time to time by the guidelines or recommendations issued by the CSSF. The Directors may, at their discretion, delay the acceptance of any subscription for PI Shares restricted to institutional investors until such date as the Transfer Agent has received sufficient evidence on the qualification of the relevant Investor as an institutional investor. If it appears at any time
that a holder of PI Shares is not an institutional investor, the Directors will instruct the Transfer Agent to propose that the said holder convert their Shares into a Share Class within the relevant Fund which is not restricted to institutional investors (provided that there exists such a Share Class with similar characteristics in terms of underlying investment, but not necessarily in terms of the fees and expenses payable by such Share Class). In the event that the Shareholder refuses such switching, the Directors will, at their discretion, instruct the Transfer Agent to redeem the relevant Shares in accordance with the provisions under "Redemption and Switching of Shares".
P and PI Shares fees for each Fund are separately disclosed in the Fund details.
Z Shares
With the prior agreement of the Management Company Z shares may be offered in certain limited circumstances (i) for distribution in certain countries and through certain Distributors who have separate fee arrangements with their clients and/or (ii) to professional investors.
Z Shares fees for each Fund are separately disclosed in the Fund details.
- 
#### Bespoke Share Classes

F Shares
F Shares will only be available to Investors who at the time the relevant subscription order is received are Singapore Investors utilizing the Central Provident Fund ("CPF") to subscribe into the Company. This Share Class may also be available to Singaporean funds of funds and investment- linked insurance product sub-funds which are included under Singapore’s CPF investment scheme.
Administrative charges may be deducted by the relevant CPF administrators. Shareholders should check with their CPF administrators for details of the arrangement.
Investors in F Shares will not be permitted to switch the holding of such Shares into other Share Classes, nor will they be permitted to switch into Shares of other Funds.
No distribution charge will be payable by an Investor on the acquisition of F Shares of any Fund. Initial charge for F Shares will be up to 1.5% of the total subscription price (equivalent to 1.52284% of the Net Asset Value per Share). No initial fee will be payable from 1 October 2020.
The management fee for F Shares will be up to 1.5% per annum.
I Shares
I Shares will only be offered to Investors:
- who, at the time the relevant subscription order is received, are clients of Schroders with an agreement covering the charging structure relevant to the clients' investments in such Shares, and
- who are institutional investors, as may be defined from time to time by the guidelines or recommendations issued by the CSSF.

The Company will not issue, or effect any switching of, I Shares to any Investor who may not be considered an institutional investor. The Directors may, at their discretion, delay the acceptance of any subscription for I Shares restricted to institutional investors until such date as the
Transfer Agent has received sufficient evidence on the qualification of the relevant Investor as an institutional investor. If it appears at any time that a holder of I Shares is not an institutional investor, the Directors will instruct the Transfer Agent to propose that the said holder convert their Shares into a Share Class within the relevant Fund which is not restricted to institutional investors (provided that there exists such a Share Class with similar characteristics in terms of underlying investment, but not necessarily in terms of the fees and expenses payable by such Share Class). In the event that the Shareholder refuses such switching, the Directors will, at their discretion, instruct the Management Company to redeem the relevant Shares in accordance with the provisions under "Redemption and Switching of Shares".
As I Shares are, inter alia, designed to accommodate an alternative charging structure whereby the Investor is a client of Schroders and is charged management fees directly by Schroders, no management fees will be payable in respect of I Shares out of the net assets of the relevant Fund. I Shares will bear their pro-rata share of the fees payable to the Depositary and the Management Company, as well as of other charges and expenses.
No initial charge or distribution charge will be payable by an Investor on the acquisition of I Shares of any Fund.
J Shares
J Shares will only be offered to, and can only be acquired by Japanese Fund of Funds, which are institutional investors, as may be defined from time to time by the guidelines or recommendations issued by the CSSF. "Japanese Fund of Funds" means an investment trust or investment corporation that is established under the Law Concerning Investment Trusts and Investment Corporations (Law No.
198 of 1951, as amended) of Japan (an "investment trust") the purpose of which is to invest its assets only in beneficial interests in other investment trusts or shares of investment corporations or collective investment schemes similar thereto established under the laws of any country other than Japan.
The Company will not issue any J Shares to any Investor who is not a Japanese Fund of Funds or permit any J Share to be switched to share(s) of any other Share Class of the Company. The Directors may, at their discretion, refuse to accept any application for subscription for J Shares until and unless the Transfer Agent notifies the Directors that it is satisfied that the applicant for subscription is a Japanese Fund of Funds.
As J Shares are, inter alia, designed to accommodate an alternative charging structure whereby the Investor is a client of Schroders and is charged management fees directly by Schroders, no management fees will be payable in respect of J Shares out of the net assets of the relevant Fund. J Shares will bear their pro-rata share of the fees payable to the Depositary and the Management Company, as well as of other charges and expenses.
No initial charge or distribution charge will be payable by an Investor on the acquisition of J Shares of any Fund.
K1 Shares
Will only be available in certain limited circumstances to certain distributors who:
- have entered into an agreement with the Management Company relevant to such Shares;
- have a significant investment in the relevant Fund as determined by the Management Company; and
- who according to regulatory requirements, or based on individual fee arrangements with their clients, are not allowed to accept and keep trail commissions.

When an Investor’s assets in K1 Shares fall significantly the Management Company may then reject additional subscriptions into the relevant Share Class. The level of significance will be determined by the Management Company. No distribution charge will be payable by an investor on the acquisition of K1 Shares of any Fund. K1 Shares may charge a management fee up to 1.5% per annum and an initial charge up to 1%.
K2 Shares
Will only be available in certain limited circumstances to certain investors and distributors who
- have entered into an agreement with the Management Company relevant to such Shares;
- have a significant investment in the relevant fund as determined by the Management Company; and
- who are institutional clients such as pension funds, sovereign wealth funds and official institutions or
- who are collective investment schemes and discretionary managers.

Such investors must also comply with the definition of institutional investor as described from time to time in guidelines or recommendations issued by the CSSF.
When an Investor’s assets in K2 Shares fall significantly the Management Company may then reject additional subscriptions into the relevant Share Class. The level of significance will be determined by the Management Company. No distribution charge will be payable by an investor on the acquisition of K2 Shares of any Fund. K2 Shares may charge a management fee up to 1.5% per annum and an initial charge up to 1%.
R Shares
R Shares do not qualify as Reporting Funds for taxation purposes under the UK offshore fund rules (see Section 3.4). R Shares are only available at the Management Company's discretion to Investors who have been issued Shares pursuant to a merger or similar activity with another fund whereby the Investor's holding in such fund did not qualify as a Reporting Fund for the purposes of the UK offshore fund rules. R Shares may only be issued by the Management Company in these circumstances as part of the merger or similar activity. Holders of R Shares are not permitted to top up their investment in R Shares and are not permitted to switch their R Shares into other Share Classes. R Shares are not available to Investors (new and existing) in any other circumstance than those described above.
No initial charge or distribution charge will be payable by an Investor on the acquisition of R Shares of any Fund. The management fee for R Shares will be up to 1.5% per annum.
S Shares
S Shares are only available at the Management Company's discretion to certain clients of the Schroder Group's wealth management business. Before the Management Company can accept a subscription into S Shares, a legal agreement
must be in place between the Investor and the Schroder Group's wealth management business containing terms specific to investment in S Shares.
In the event that a Shareholder of Class S Shares ceases to be a client of the Schroder Group's wealth management business, the Shareholder will cease to be eligible to hold Class S Shares and the Management Company will compulsorily switch the Shareholder into the most appropriate Share Class of the same Fund. This means that the switch of Class S Shares will be automatic without the need for Shareholders to submit a switching request to the Transfer Agent. Therefore, by subscribing for Class S Shares, Shareholders irrevocably permit the Management Company to switch Class S Shares on their behalf should they cease to be eligible to invest in Class S Shares.
No initial charge or distribution charge will be payable by an Investor on the acquisition of S Shares of any Fund. The management fee for S Shares will be up to 1.5% per annum.
Applications for subscriptions into Class S Shares will be accepted at the Management Company's discretion.
U Shares
U Shares will only be available, with the prior agreement of the Management Company, through certain Distributors. U Shares will only be available for distribution in non-EEA countries.
No initial charge will be payable by an Investor on the acquisition of U Shares of any Fund. Instead a contingent deferred sales charge ("CDSC") may be payable to the Management Company or such other party as the Management Company may from time to time appoint. Where U Shares are redeemed within 3 years of the date of their issue, the redemption proceeds will be subject to a CDSC at the rates set out in the table below:
1
st 
Year	3%
2
nd 
Year	2%
3
rd 
Year	1%
The applicable rate of CDSC is determined by reference to the total length of time during which the Shares being redeemed (including the U Shares from which they were derived (if any) as a result of a switch from another Fund) were in issue. In case a Shareholder holds U shares which have been subscribed and issued at different periods of time, the applicable rate of CDSC will depend on which shares are to be redeemed according to the Shareholder’s instructions. Dividends paid on U distribution Share Classes cannot be automatically reinvested and will be paid in cash.
The amount of CDSC is calculated by multiplying the relevant percentage rate as determined above by the lower of a) the Net Asset Value per Share of the Shares being redeemed on the relevant Dealing Day or b) the cost paid for the original issue of Shares being redeemed or for the U Shares of another Fund from which those Shares were switched, in either case calculated in the relevant dealing currency of the Shares being redeemed.
Investors in U Shares will not be permitted to switch the holding of such Shares into other Share Classes, nor will they be permitted to transfer such Shares from one Distributor to another. However, holdings in U Shares will be
converted automatically into A Shares or AX Shares (as appropriate) of the same Fund free of charge on the scheduled conversion date (to be fixed by the Management Company) of each month in which the third anniversary of issue of such Shares occurs on the basis of the respective Net Asset Value per Share of the relevant U Shares and A Shares or AX Shares (as applicable). This conversion may give rise to a tax liability for Investors in certain jurisdictions. Investors should consult their tax adviser about their own position. Investors in other Share Classes will not be permitted to switch the holding of such Shares into U Shares.
In all instances of switching that involve U Shares into another U Share Class, the age of the old U Shares will carry over and continue in the new U Shares. No CDSC or switching charge is payable at the time of a switch of U Shares to U Shares in another Fund.
All Fund charges will be the same as those of the A Share, with the exception that the U Shares will not be subject to an initial charge, but will be subject to the CDSC (if applicable) and an annual distribution charge of 1%, calculated and accrued daily by reference to the Net Asset Value per Share of such Shares and paid monthly to the Management Company or such other party as the Management Company may appoint from time to time.
X, X1, X2, X3, X4, X5, X6, X7, X8, X9 Shares
X, X1, X2, X3, X4, X5, X6, X7, X8, X9 Shares will only be available, with prior agreement of the Management Company, to institutional investors, as may be defined from time to time by the guidelines or recommendations issued by the CSSF.
The Company will not issue, or effect any switching of, X, X1, X2, X3, X4, X5, X6, X7, X8, X9 Shares to any Investor who may not be considered an institutional investor. The Directors of the Company may, at their discretion, delay the acceptance of any subscription for X, X1, X2, X3, X4, X5, X6, X7, X8, X9 Shares restricted to institutional investors until such date as the Transfer Agent has received sufficient evidence on the qualification of the relevant Investor as an institutional investor. If it appears at any time that a holder of X, X1, X2, X3, X4, X5, X6, X7, X8, X9 Shares is not an institutional investor, the Directors will instruct the Transfer Agent to propose that the said holder convert their Shares into a Share Class within the relevant Fund which is not restricted to institutional investors (provided that there exists such a Share Class with similar characteristics in terms of underlying investment, but not necessarily in terms of the fees and expenses payable by such Share Class). In the event that the Shareholder refuses such switching, the Directors will, at their discretion, instruct the Transfer Agent to redeem the relevant Shares in accordance with the provisions under "Redemption and Switching of Shares".
No initial charge or distribution charge will be payable by an Investor on the acquisition of X, X1, X2, X3, X4, X5, X6, X7, X8, X9 Shares of any Fund. The management fee for X, X1, X2 Shares will be up to 1%, up to 1.3% and up to 1.4%, respectively, per annum. The management fee for X3, X4, X5, X6, X7, X8, X9 shares will be up to 1.5% per annum.
Y, Y1, Y2, Y3, Y4, Y5, Y6, Y7, Y8, Y9 Shares
Y, Y1, Y2, Y3, Y4, Y5, Y6, Y7, Y8, Y9 Shares are only available at the Management Company's discretion to certain clients of Schroders. Before the Management Company can accept a subscription into Y Shares, a legal agreement must be in
place between the Investor and Schroders containing terms specific to investment in Y, Y1, Y2, Y3, Y4, Y5, Y6, Y7, Y8, Y9 Shares.
No initial charge or distribution charge will be payable by an Investor on the acquisition of Y, Y1, Y2, Y3, Y4, Y5, Y6, Y7, Y8, Y9 Shares of any Fund. The management fee for Y, Y1, Y2, Y3, Y4, Y5, Y6, Y7, Y8, Y9 Shares will be up to the equivalent A share management fee of the relevant fund.
Applications for subscriptions into Y Shares will be accepted at the Management Company's discretion.
- 
#### Minimum Subscription Amount, Minimum Additional Subscription Amount and Minimum Holding Amount

Minimum subscription amount, minimum additional subscription amount and minimum holding amount per Share Class are listed below and are in USD, EUR or their near equivalent in any other freely convertible currency.
| Share	Minimum Subscription Amount	Minimum Additional Subscription	Minimum Holding Amount Classes		Amount |
| --- |
|  | USD | EUR | USD | EUR | USD | EUR |
| A | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| AX | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| A1 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| B | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| C | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| CB | 500 | 500 | 500 | 500 | 500 | 500 |
| CI | 5,000,000 | 5,000,000 | 2,500,000 | 2,500,000 | 5,000,000 | 5,000,000 |
| CN | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| CX | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| D | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| E | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| F | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| I | 5,000,000 | 5,000,000 | 2,500,000 | 2,500,000 | 5,000,000 | 5,000,000 |
| IE | 5,000,000 | 5,000,000 | 2,500,000 | 2,500,000 | 5,000,000 | 5,000,000 |
| IZ | 100,000,000 | 100,000,000 | 20,000,000 | 20,000,000 | 100,000,000 | 100,000,000 |
| IA | 250,000,000 | 250,000,000 | 20,000,000 | 20,000,000 | 250,000,000 | 250,000,000 |
| IB | 300,000,000 | 300,000,000 | 20,000,000 | 20,000,000 | 300,000,000 | 300,000,000 |
| IC | 350,000,000 | 350,000,000 | 20,000,000 | 20,000,000 | 350,000,000 | 350,000,000 |
| ID | 400,000,000 | 400,000,000 | 20,000,000 | 20,000,000 | 400,000,000 | 400,000,000 |
| J | 5,000,000 | - | 2,500,000 | - | 5,000,000 | - |
| K1	There is no minimum initial subscription, additional subscription or holding amount K2	There is no minimum initial subscription, additional subscription or holding amount |
| P | 100,000,000 | 100,000,000 | 20,000,000 | 20,000,000 | 100,000,000 | 100,000,000 |
| PI | 100,000,000 | 100,000,000 | 20,000,000 | 20,000,000 | 100,000,000 | 100,000,000 |
| - There is no minimum initial subscription, additional subscription or holding amount
- There is no minimum initial subscription, additional subscription or holding amount
 |
| U | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| X | - | 25,000,000 | - | 12,500,000 | - | 25,000,000 |
| X1 | - | 22,500,000 | - | 12,500,000 | - | 22,500,000 |
| X2 | - | 20,000,000 | - | 12,500,000 | - | 20,000,000 |
| X3 | - | 17,500,000 | - | 12,500,000 | - | 17,500,000 |
| X4 | - | 25,000,000 | - | 12,500,000 | - | 25,000,000 |

| X5 | - | 25,000,000 | - | 12,500,000 | - | 25,000,000 |
| --- | --- | --- | --- | --- | --- | --- |
| X6 | - | 25,000,000 | - | 12,500,000 | - | 25,000,000 |
| X7 | - | 25,000,000 | - | 12,500,000 | - | 25,000,000 |
| X8 | - | 25,000,000 | - | 12,500,000 | - | 25,000,000 |
| X9 | - | 25,000,000 | - | 12,500,000 | - | 25,000,000 |
| Y | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| Y1 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| Y2 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| Y3 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| Y4 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| Y5 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| Y6 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| Y7 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| Y8 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| Y9 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
| Z | 100,000,000 | 100,000,000 | 20,000,000 | 20,000,000 | 100,000,000 | 100,000,000 |

These minima may be waived at the Directors' discretion from time to time.
- 
#### Currency and Hedging policy

The above Share Classes, where available, may be offered in various currencies (each a "Reference Currency") at the Directors' discretion. Share Classes may be currency denominated or currency hedged Share Class and they will be designated as such. Currency hedged Share Classes are offered in a currency other than the Fund currency, with the exception of the BRL Hedged Share Class which is denominated in the Fund Currency.
The aim of a hedged Share Class is to provide an Investor with the performance returns of the Fund's investments by reducing the effects of exchange rate fluctuations between the Fund Currency and the Reference Currency. In this instance currency exposures or currency hedging transactions within the Fund's portfolio will not be considered. The Management Company will review hedged positions at every valuation point to ensure that (i) over- hedged positions do not exceed 105% of the Net Asset Value of the hedged Classes and (ii) under-hedged positions do not fall short of 95% of the portion of the Net Asset Value of the hedged Classes which is to be hedged against the currency risk.
Due to currency controls in Brazil, the BRL Hedged Share Class uses a different hedging model to the other currency hedged Share Classes. The BRL Hedged Share Class will be denominated in the Fund Currency but offers hedged currency exposure to BRL by applying a currency overlay, so that the Net Asset Value of the Share Class is converted to BRL. As such, the Net Asset Value of the BRL Hedged Share Class will be affected by changes in the exchange rate between BRL and the Fund Currency and as a result performance may vary significantly from other share classes within the Fund.
BRL Hedged Share Classes are designed to offer a currency hedging solution to the underlying investors of funds domiciled in Brazil and will be restricted to Investors
specifically approved by the Management Company. These Brazilian funds combine the use of financial derivative instruments within the BRL Hedged Share Classes with the use of spot foreign exchange contracts at their own level to offer their investors a full BRL currency hedged investment. Any profit or loss as well as costs and expenses resulting from these hedging transactions will be reflected exclusively in the Net Asset Value of the BRL Hedged Share Class.
Confirmation of all the Funds and Share Classes available including currency denomination and hedging, as well as an up-to-date list of Share Classes with a contagion risk can be obtained from the Management Company upon request.
While the Company has taken steps to ensure that the risk of contagion between Share Classes is mitigated in order to ensure that the additional risk introduced to a Fund through the use of a derivative overlay is only borne by the Shareholders in the relevant Share Class, this risk cannot be fully eliminated.
The performance of hedged Share Classes aims to be similar to the performance of equivalent Share Classes in Fund Currency. There is no assurance however that the hedging strategies employed will be effective in delivering performance differentials that are reflective only of interest rate differences adjusted for fees.
Where undertaken, the effects of this hedging will be reflected in the Net Asset Value and, therefore, in the performance of such additional Share Class. Similarly, any expenses arising from such hedging transactions (including a hedging charge of up to 0.03%) will be borne by the Share Class in relation to which they have been incurred.
Collateral received in connection with currency hedging transactions (and in particular currency forward transactions) on behalf of currency hedged Share Classes, may be reinvested, in compliance with the applicable investment policy and restrictions of the Funds.
It should be noted that, where relevant, these hedging transactions may be entered into whether the Reference Currency is declining or increasing in value relative to the relevant Fund Currency and so, where such hedging is undertaken it may substantially protect Investors in the relevant Share Class against a decrease in the value of the Fund Currency relative to the Reference Currency, but it may also preclude Investors from benefiting from an increase in the value of the Fund Currency.
In addition the Investment Manager may hedge the Fund Currency against the currencies in which the underlying assets of the Fund are denominated or the underlying unhedged assets of a target fund are denominated.
There can be no assurance that the currency hedging employed will fully eliminate the currency exposure to the Reference Currency, or for the BRL Hedged Share Class, that the currency hedging employed will fully eliminate the currency exposure to BRL.
The Fund EURO Corporate Bond has issued duration hedged Share Classes. Duration hedged Share Classes utilise hedging strategies that seek to reduce the Share Class'
sensitivity to changes in interest rate movements. There is no assurance that these hedging strategies will be successful. Where undertaken, the effects of this hedging will be reflected in the Net Asset Value and, therefore, in the performance of the Share Class. Similarly, any expenses arising from such hedging transactions will be borne by the duration hedged Share Class. The performance of the duration hedged Share Classes may be more volatile than unhedged Share Classes and underperform other Share Classes in the Fund EURO Corporate Bond depending on interest rate movements. Duration hedged Share Classes are not issued as from January 2017.
The Management Company will delegate some or all of its currency and hedging policy related activities described in this Prospectus to HSBC Bank Plc as its FX overlay services provider.
The specific investment objectives and investment policies of the different Funds are the following:

### Investment Objective
The Fund aims to provide income and capital growth by investing in fixed and floating rate securities issued by companies in mainland China, Hong Kong and Macau.

### Investment Policy
The Fund is actively managed and invests at least two-thirds in of its assets in fixed and floating rate investment grade and high yield securities issued by companies in mainland China, Hong Kong and Macau.
The Fund may invest:
- in excess of 50% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds);
- up to 20% of its assets in asset-backed securities and mortgage-backed securities;
- up to 20% of its assets in convertible bonds (including contingent convertible bonds);
- up to 10% of its assets in open-ended Investment Funds; and
- up to 30% in negotiable certificates of deposit;The Investment Manager aims to mitigate losses by diversifying the Fund’s asset allocation away from areas of the market identified as having a high risk of material negative return.

The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives, long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Fund Characteristics
Fund Currency	USD

### Benchmark
The Fund does not have a target benchmark. The Fund's performance should be compared against the JP Morgan Asian Credit - China index and the iBoxx ChinaBond Corporates IG. The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the Investment Manager invests the Fund’s assets. In relation to the JP Morgan Asian Credit - China index and the iBoxx ChinaBond Corporates IG index, the Fund’s investment universe is expected to overlap to a limited extent with the components of the comparator benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the comparator benchmarks. The Investment Manager will invest in companies or sectors not included in the comparator benchmarks.
Any comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund's investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Bond Fund".
Specific Risk Considerations
The Fund may invest in mainland China through RQFII schemes or Regulated Markets (including the CIBM via Bond Connect). Investors should note that the RQFII status may be suspended or revoked and that this may adversely affect the Fund's performance by requiring the Fund to dispose of its securities holdings. Please refer to Appendix II for more information of the risks regarding RQFII status, RQFII quota, the CIBM and Bond Connect.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.

### Profile of the Typical Investor
The Fund may be suitable for Investors who seeking income, combined with capital growth opportunities in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management (Hong Kong) Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.10% |
| AX Shares | Up to 3% | None | 1.10% |
| A1 Shares | Up to 2% | 0.50% | 1.10% |
| B Shares | None | 0.50% | 1.10% |
| C Shares | Up to 1% | None | 0.55% |
| CN Shares | Up to 3% | None | 0.55% |
| CX Shares | Up to 1% | None | 0.55% |
| D Shares | None | 1.00% | 1.10% |
| E Shares | Up to 1% | None | 0.30% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.55% |
| Z Shares | None | None | Up to 0.55% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI China All Shares Net TR index after fees have been deducted over a three to five year period by investing in equity and equity related securities of Chinese companies (irrespective of where the companies are listed).

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of Chinese companies.
The Fund may invest directly in China B-Shares and China H- Shares and may invest up to 70% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through:
- Shanghai-Hong Kong Stock Connect and Shenzhen- Hong Kong Stock Connect,
- the Renminbi Qualified Foreign Institutional Investor ("RQFII") scheme, and
- Regulated Markets.

The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the MSCI China All Shares Net TR index and compared against the Morningstar China Equity sector. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.

### Fund Characteristics
Fund Currency	USD
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The Fund may invest in mainland China through RQFII schemes or Regulated Markets. Investors should note that the RQFII status may be suspended or revoked and that this may adversely affect the Fund's performance by requiring the Fund to dispose of its securities holdings. Please refer to Appendix II for more information of the risks regarding RQFII status and RQFII quota.
The reference in the Investment Policy to a Fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management (Hong Kong) Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | Up to 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide income and capital growth of ICE BofA 3 Month US Treasury Bill Index +3.5% before fees have been deducted* over a three to five year period by investing in securitised assets issued by entities worldwide.
*For the target return after fees for each Share Class please visit the Schroder website: https://www.schroders.com/en/lu/private-investor/ investing-with-us/after-fees-performance-targets/

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securitised investments including, but not limited to, asset-backed securities (ABS), agency and non-agency residential mortgage-backed securities (MBS) including forward- settling securities such as to be announced (TBA) trades, commercial mortgage-backed securities (CMBS), collateralised loan obligations (CLOs) and credit risk transfer securities (CRTs). Underlying assets of the asset-backed securities may include credit card receivables, personal loans, auto loans, transportation finance and small business loans.
The Fund may also invest in fixed and floating rate securities issued by governments, government agencies, supra- nationals and companies worldwide.
The Fund’s strategy will have an overall duration of between zero and four years, but this does not preclude the Fund from investing in securities with a duration above four years.
The Fund may invest up to 100% of its assets in fixed and floating rate investments issued worldwide with an investment grade or sub-investment grade credit rating (as measured by Standard & Poor’s or any equivalent grade of other credit rating agencies for rated securities and implied Schroders ratings for non-rated securities).
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives, long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.
The Fund may also invest in repurchase and reverse repurchase agreements. Where the Fund enters into repurchase and reverse repurchase agreements, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment

### Fund Characteristics
Fund Currency	USD
Policy. The gross exposure to repurchase and reverse repurchase agreements will not exceed 100% and is expected to remain within the range of 0% to 50% of the Net Asset Value. In certain circumstances this proportion may be higher.

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to deliver ICE BofA 3 Month US Treasury Bill Index (or an alternative reference rate) + 3.5% and compared against the ICE BofA Merrill Lynch US Floating Rate Asset Backed Securities index. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. Whilst the Fund’s investments are generally expected to deviate significantly from the components of the comparator benchmark, dependent on the Investment Manager’s views, the Fund’s investments may overlap with them. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the comparator benchmark. The Investment Manager will invest in companies or sectors not included in the comparator benchmark.
The target benchmark has been selected because the target return of the Fund is to deliver the return of that benchmark as stated in the investment objective. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Bond Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The Fund will make use of credit derivative instruments to seek exposure to global credit markets. This may lead to a higher volatility in the price of the Shares and may imply increased counterparty risk.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management North America Inc.
Dealing Cut-off Time	13.00 Luxembourg time 5 Business Days before the applicable Dealing Day Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
Within 4 Business Days following the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge | Distribution Charge | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.00% |
| AX Shares | Up to 3% | None | 1.00% |
| A1 Shares | Up to 2% | 0.50% | 1.00% |
| B Shares | None | 0.50% | 1.00% |
| C Shares | Up to 1% | None | 0.50% |
| CN Shares | Up to 3% | None | 0.50% |
| CX Shares | Up to 1% | None | 0.50% |
| D Shares | N/A | N/A | N/A |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.50% |
| Z Shares | None | None | Up to 0.50% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
As of 21 June 2021 this Fund will be renamed as Schroder International Selection Fund Sustainable Asian Equity

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI AC Asia Pacific ex Japan (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of Asia Pacific companies (excluding Japan).

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of Asia Pacific companies (excluding Japan).
The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 30% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.
As of 21 June 2021 the Investment Objective section and the Investment Policy section will change to:

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI Asia Pacific ex Japan (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of Asia Pacific markets companies which meet the Investment Manager’s sustainability criteria.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of companies in Asia Pacific markets (excluding Japan) or companies which derive a significant proportion of their revenues or profits from the Asia Pacific region.
The Fund maintains a higher overall sustainability score than MSCI Asia Pacific ex Japan (Net TR) index, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed on the website www.schroders.com/en/lu/private-investor/gfc.
The Fund invests in companies that have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures.
The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 30% of its assets in China A- Shares through:
- Shanghai-Hong Kong Stock Connect and Shenzhen- Hong Kong Stock Connect;
- The Renminbi Qualified Institutional Investor (RQFII)Scheme; and
- Regulated Markets.

The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the MSCI AC Asia Pacific ex Japan (Net TR) index and compared against the Morningstar Asia Pacific ex Japan Category. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
As of 21 June 2021, the target benchmark will change to:
MSCI Asia Pacific ex Japan (Net TR) index and compared against the Morningstar Asia Pacific ex Japan Category.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Fund Characteristics
Fund Currency	USD
As of 21 June 2021 - The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management (Hong Kong) Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	As of 21 June 2021 the following section will apply:
The Investment Manager applies sustainability criteria when selecting investments for the Fund.
The investable universe is assessed using a number of proprietary tools, as well as external rating services. Companies being considered for investment are assessed on a stakeholder-based approach against criteria including, but not limited to (1) good governance practices; (2) impact on the environment and local communities; and (3) fair and equitable treatment of employees, suppliers and customers.
In the portfolio construction process, companies that fall into the bottom quintile based on the Investment Manager’s overall sustainability score will not be eligible for inclusion in the first instance. However, if, based on proprietary analysis and ongoing engagement with a company, the Investment Manager believes that the company is taking concrete steps to transition out of business segments that have not met the sustainability criteria or to improve their relevant areas of weakness, the company may be deemed eligible for investment.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of equity and equity related securities of companies in Asia Pacific markets or companies which derive a significant proportion of their revenues or profits from the Asia Pacific region.
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.25% |
| AX Shares | Up to 5% | None | 1.25% |
| A1 Shares | Up to 4% | 0.50% | 1.25% |
| B Shares | None | 0.60% | 1.25% |
| C Shares | Up to 1% | None | 0.50% |
| CN Shares | Up to 3% | None | 0.50% |
| CX Shares | Up to 1% | None | 0.50% |
| D Shares | None | 1.00% | 1.25% |
| E Shares | Up to 1% | None | 0.25% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.50% |
| Z Shares | None | None | Up to 0.50% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth and income by investing in fixed and floating rate securities issued by governments, government agencies, supra-nationals and companies in Asia.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities, derivatives related to these securities and currencies. The fixed and floating rate securities are issued by governments, government agencies, supra-nationals and companies in Asia. For the purposes of this Fund, Asia includes the following west Asian countries: Bahrain, Israel, Lebanon, Oman, Qatar, Saudi Arabia, Turkey and United Arab Emirates.
The Fund is designed to participate in rising markets whilst aiming to mitigate losses in falling markets through the use of derivatives. The mitigation of losses cannot be guaranteed.
The Fund may invest in mainland China through the Renminbi Qualified Foreign Institutional Investor ("RQFII") scheme or Regulated Markets (including the CIBM via Bond Connect).
The Fund may invest up to 50% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds).
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may (exceptionally) hold 100% of its assets in Money Market Investments or cash. This will be limited to a maximum of six months (otherwise the Fund will be liquidated). During this period, the Fund will not fall within the scope of MMFR.
The Fund may use derivatives (including total return swaps), long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses total return swaps, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps may be used to gain long and short exposure on fixed and floating rate securities. The gross exposure of total return swaps will not exceed 60% and is expected to remain within the range of 0% to 30% of the Net Asset Value. In certain circumstances this proportion may be higher.

### Benchmark
The Fund does not have a target benchmark. The Fund's performance should be compared against 50% Markit iBoxx Asian Local Currency index + 50% JP Morgan Asian Credit index. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s
assets. The Fund’s investment universe is expected to overlap materially with the components of the comparator benchmarks. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the comparator benchmark. The Investment Manager will invest in companies or sectors not included in the comparator benchmark.
The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund's investment objective and policy.

### Further Information
This Fund is categorised as "Specialist Bond Fund"

### Risk Considerations
Risk Management method
Absolute Value-at-Risk (VaR)
Expected Leverage
250% of the total net assets
The expected level of leverage may be higher when volatility decreases sustainably, when interest rates are expected to change or when credit spreads are expected to widen or tighten.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the absolute VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the absolute VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
Long and short positions gained through bond total return swaps may increase exposure to credit-related risks. The Fund may invest in mainland China through RQFII schemes or Regulated Markets (including the CIBM via Bond Connect). Investors should note that the RQFII status may be suspended or revoked and that this may adversely affect the Fund's performance by requiring the Fund to dispose of its securities holdings. Please refer to Appendix II for more information of the risks regarding RQFII status, RQFII quota, the CIBM and Bond Connect.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Fund Currency	USD
Investment Manager	Schroder Investment Management (Singapore) Ltd
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.00% |
| AX Shares | Up to 3% | None | 1.00% |
| A1 Shares | Up to 2% | 0.50% | 1.00% |
| B Shares | None | 0.50% | 1.00% |
| C Shares | Up to 1% | None | 0.60% |
| CN Shares | Up to 3% | None | 0.60% |
| CX Shares | Up to 1% | None | 0.60% |
| D Shares | None | 1.00% | 1.00% |
| E Shares | N/A | N/A | N/A |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.60% |
| Z Shares | None | None | Up to 0.60% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the Thomson Reuters Asia ex Japan Hedged Convertible Bond index (USD) after fees have been deducted over a three to five year period by investing in convertible securities issued by companies in Asia (excluding Japan).

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in a diversified range of convertible securities and other similar transferable securities, such as convertible preference securities, exchangeable bonds or exchangeable notes issued by companies in Asia (excluding Japan). The Fund may also invest in fixed and floating rate securities, equity and equity related securities of Asian companies (excluding Japan).
Convertible bonds are typically corporate bonds that can be converted into equities at a given price. As such, the Investment Manager believes investors can gain exposure to Asian (excluding Japan) equity markets with the defensive benefits and less volatile characteristics of a bond investment.
The Fund may invest in excess of 50% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds).
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Fund Characteristics
Fund Currency	USD

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the Thomson Reuters Asia ex Japan Hedged Convertible Bond index (USD). The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Bond Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management (Switzerland) AG
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.25% |
| AX Shares | Up to 3% | None | 1.25% |
| A1 Shares | Up to 2% | 0.50% | 1.25% |
| B Shares | None | 0.50% | 1.25% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.25% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth and income in excess of the JP Morgan Asian Credit index after fees have been deducted over a three to five year period by investing in fixed and floating rate securities issued by companies in Asia.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities denominated in various currencies and issued by companies, governments, government agencies and supra- nationals in Asia. For the purposes of this Fund, Asia includes the following west Asian countries: Bahrain, Israel, Lebanon, Oman, Qatar, Saudi Arabia, Turkey and United Arab Emirates.
The Fund may invest:
- up to 20% of its assets in asset-backed securities and mortgage-backed securities; and
- up to 50% of its assets in sub-investment grade securities (being securities with a credit rating below investment grade as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non- rated bonds).

The Fund may invest in mainland China through the Renminbi Qualified Foreign Institutional Investor ("RQFII") scheme or Regulated Markets (including the CIBM via Bond Connect).
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives (including total return swaps), long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses total return swaps, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps may be used to gain long and short exposure on fixed and floating rate securities. The gross exposure of total return swaps will not exceed 15% and is expected to remain within the range of 0% to 10% of the Net Asset Value. In certain circumstances this proportion may be higher.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed JP Morgan Asian Credit index. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. However, the Fund will likely reflect certain features of the target benchmark (namely credit

### Fund Characteristics
Fund Currency	USD
quality/duration, currency exposure and exposure to particular issuers). The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Bond Fund ".

### Risk Considerations
Risk Management Method
Absolute Value-at-Risk (VaR)
Expected Leverage
200% of the total net assets
The expected level of leverage may be higher when volatility decreases sustainably, when interest rates are expected to change or when credit spreads are expected to widen or tighten.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the absolute VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the absolute VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all share classes after fees have been deducted

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management (Singapore) Ltd
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.00% |
| AX Shares | Up to 3% | None | 1.00% |
| A1 Shares | Up to 2% | 0.50% | 1.00% |
| B Shares | None | 0.50% | 1.00% |
| C Shares | Up to 1% | None | 0.50% |
| CN Shares | Up to 3% | None | 0.50% |
| CX Shares | Up to 1% | None | 0.50% |
| D Shares | None | 1.00% | 1.00% |
| E Shares | Up to 1% | None | 0.25% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.50% |
| Z Shares | None | None | Up to 0.50% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to deliver an income of 7% per year by investing in equities or equity related securities of Asia- Pacific companies (excluding Japan). This is not guaranteed and could change depending on market conditions.

### Investment Policy
The Fund is actively managed and invests at least two thirds of its assets (excluding cash) in equities or equity related securities of Asia-Pacific companies (excluding Japan), which are selected for their income and capital growth potential. To enhance the yield of the Fund, the Investment Manager selectively sells short dated call options over individual securities held by the Fund, generating extra income by agreeing strike prices above which potential capital growth is sold.
The Fund may invest directly in China B-Shares and China H- Shares and may invest up to 10% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against the income target of 7% per year, and compared against the MSCI AC Asia Pacific ex Japan (Net TR) index. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Fund’s investment universe is expected to overlap materially with the components of the comparator benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the

### Fund Characteristics
Fund Currency	USD
comparator benchmark. The Investment Manager will invest in companies or sectors not included in the comparator benchmark.
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 benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
This Fund makes use of derivatives in a way that is fundamental to its investment objective. It is expected that the strategy will typically underperform a similar portfolio with no derivatives overlay in periods when the underlying stock prices are rising, and outperform when the underlying stock prices are falling.
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide income and capital growth in excess of the MSCI AC Asia Pacific ex Japan (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of Asia Pacific companies (excluding Japan).

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of Asia Pacific companies (excluding Japan).
The Fund invests in the equities of companies in the Asia Pacific (excluding Japan) region that pay dividends now but also retain enough cash to reinvest back into the company to generate future growth.
The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 30% of its assets (on a net basis) directly or indirectly through derivatives in China A-
Shares through
- Shanghai-Hong Kong Stock Connect and Shenzhen- Hong Kong Stock Connect;
- the Renminbi Qualified Foreign Institutional Investor ("RQFII") scheme, and
- Regulated Markets.

The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed MSCI AC Asia Pacific ex Japan (Net TR) index and compared against the MSCI AC Asia Pacific ex Japan High Dividend Yield index, the Morningstar Asia Pacific ex Japan Income Category and the Morningstar Asia Pacific ex Japan Equity Category. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target and comparator benchmarks. The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may

### Fund Characteristics
Fund Currency	USD
deviate from the target and comparator benchmarks. The Investment Manager will invest in companies or sectors not included in the target or comparator benchmarks in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. Any comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The Fund may invest in mainland China through RQFII schemes or Regulated Markets (including the CIBM via Bond Connect). Investors should note that the RQFII status may be suspended or revoked and that this may adversely affect the Fund's performance by requiring the Fund to dispose of its securities holdings. Please refer to Appendix II for more information of the risks regarding RQFII status, RQFII quota, the CIBM and Bond Connect.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management (Singapore) Ltd
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth and income in excess of the MSCI AC Asia Pacific ex Japan (Net TR) index after fees have been deducted over a three to five year period, through investment in equity and equity related securities of Asian companies which are considered undervalued relative to the market.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of Asian companies. The Fund typically holds between 16 and 50 companies. The Fund may invest up to 100% in a single country The Fund may invest directly in China B-Shares and China H-Shares and may invest less than 30% of its assets (on a net basis) directly or indirectly through derivatives in China A-Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund invests in companies which are trading at a discount to the market where the price does not necessarily correspond with the company’s long-term prospects.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I). The Fund may exceptionally hold up to 75% of its assets in cash.
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the MSCI AC Asia Pacific ex Japan (Net TR) index and compared against the MSCI AC Asia Pacific ex Japan Value (Net TR) index. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target and comparator benchmarks. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the

### Fund Characteristics
Fund Currency	USD
extent to which the Fund’s portfolio and performance may deviate from the target or comparator benchmarks. The Investment Manager will invest in companies or sectors not included in the target or comparator benchmarks in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as a “Specialist Equity Fund”.

### Risk Considerations
Risk Management Method
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management (Hong Kong) Limited
Dealing Cut-off Time	13:00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days following the relevant dealing day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.50% |
| AX Shares | Up to 3% | None | 1.50% |
| A1 Shares | Up to 3% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1.00% |
| Z Shares | None | None | Up to 1.00% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth and income in excess of the iBoxx Asian Local Currency Bond index after fees have been deducted over a three to five year period by investing in Asian fixed income securities denominated in local currencies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed income securities with an investment grade or sub-investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds) denominated in local currencies issued by government, government agencies and companies in Asia (excluding Japan) and derivatives related to the above instruments. For the purposes of this Fund, Asia includes the following west Asian countries: Bahrain, Israel, Lebanon, Oman, Qatar, Saudi Arabia, Turkey and United Arab Emirates.
The Fund may invest directly in mainland China through (i) RQFII schemes or QFII related schemes supervised by the China Securities Regulatory Commission provided investment restriction 1.(A) (5) (I) of Appendix I is complied with and/or they qualify as Investment Funds and (ii) Regulated Markets (including the CIBM via Bond Connect).
Investments in mainland China Regulated Markets and interbank bond markets may also be performed indirectly through notes, certificates or other instruments (which qualify as transferable securities and do not embed a derivative element), open-ended Investment Funds and eligible derivative transactions.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives (including total return swaps and long and short currency forwards) with the aim of achieving investment gains, reducing risk or managing the fund more efficiently. Where the Fund uses total return swaps, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps may be used to gain long and short exposure on fixed income securities. The gross exposure of total return swaps will not exceed 60% and is expected to remain within the range of 0% to 30% of the Net Asset Value. In certain circumstances this proportion may be higher.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the iBoxx Asian Local Currency Bond index. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment
Manager will invest in companies or sectors not included in the benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Bond Fund".

### Risk Considerations
Risk Management Method
Relative Value-at-Risk (VaR)
VaR Benchmark
iBoxx Asian Local Currency Bond Index. This index tracks the total return performance of a bond portfolio which consists of local-currency denominated, high quality and liquid bonds in Asia ex-Japan. The iBoxx Asian Local Currency Bond Index includes bonds from the following countries/regions: Korea, Hong Kong SAR, India, Singapore, Taiwan, Malaysia, Thailand, the Philippines, Indonesia and China.
Expected Leverage
300% of the total net assets
The expected level of leverage may be higher when volatility decreases sustainably, when interest rates are expected to change or when credit spreads are expected to widen or tighten.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the relative VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the relative VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
Long and short positions gained through bond total return swaps may increase exposure to credit-related risks. The Fund may invest in mainland China through RQFII schemes or Regulated Markets (including the CIBM via Bond Connect). Investors should note that the RQFII status may be suspended or revoked and that this may adversely affect the Fund's performance by requiring the Fund to dispose of its securities holdings. Please refer to Appendix II for more information of the risks regarding RQFII status, RQFII quota, the CIBM and Bond Connect.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all share classes after fees have been deducted

### Fund Characteristics
Fund Currency	USD

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management (Singapore) Ltd
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.00% |
| AX Shares | Up to 3% | None | 1.00% |
| A1 Shares | Up to 2% | 0.50% | 1.00% |
| B Shares | None | 0.50% | 1.00% |
| C Shares | Up to 1% | None | 0.60% |
| CN Shares | Up to 3% | None | 0.60% |
| CX Shares | Up to 1% | None | 0.60% |
| D Shares | None | 1.00% | 1.00% |
| E Shares | Up to 1% | None | 0.30% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.60% |
| Z Shares | None | None | Up to 0.60% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI AC Asia ex Japan (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of Asian companies (excluding Japan).

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of Asian companies (excluding Japan).
The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 30% of its assets (on a net basis) directly or indirectly through derivatives in China A-
Shares through
- Shanghai-Hong Kong Stock Connect and Shenzhen- Hong Kong Stock Connect;
- the Renminbi Qualified Foreign Institutional Investor ("RQFII") scheme, and
- Regulated Markets.

The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the MSCI AC Asia ex Japan (Net TR) index and compared against the Morningstar Asia ex Japan Equities Category. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.

### Fund Characteristics
Fund Currency	USD
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as “Mainstream Equity Fund”.

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The Fund may invest in mainland China through RQFII schemes or Regulated Markets (including the CIBM via Bond Connect). Investors should note that the RQFII status may be suspended or revoked and that this may adversely affect the Fund's performance by requiring the Fund to dispose of its securities holdings. Please refer to Appendix II for more information of the risks regarding RQFII status, RQFII quota, the CIBM and Bond Connect.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking long term growth potential offered through investment in equities.
Investment Manager	Schroder Investment Management (Singapore) Ltd
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
| Performance Fee | None |
| --- | --- |
| Redemption Charge | None |
| PEA / PIR Eligibility | No |
| General Share Class Features |
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors’ discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI AC Asia Ex Japan Small Cap (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of Asian small-sized companies (excluding Japan).

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of small- sized companies in Asia (excluding Japan). Small-sized companies are companies which, at the time of purchase, are considered to be in the bottom 30% by market capitalisation of the Asian (excluding Japan) equities market.
The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 30% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the MSCI AC Asia ex Japan Small Cap (Net TR) index and compared against the Morningstar Asia ex Japan Small Cap Equities Category. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in

### Fund Characteristics
Fund Currency	USD
companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management (Singapore) Ltd
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth and income in excess of the MSCI AC Asia Pacific ex Japan (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of Asia Pacific companies. The Fund is designed to participate in rising markets whilst aiming to mitigate losses in falling markets through the use of derivatives. The mitigation of losses cannot be guaranteed.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in Asia Pacific equity and equity related securities.
The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 30% of its assets (on a net basis) directly or indirectly through derivatives in China A-
Shares through
- Shanghai-Hong Kong Stock Connect and Shenzhen- Hong Kong Stock Connect;
- the Renminbi Qualified Foreign Institutional Investor ("RQFII") scheme, and
- Regulated Markets.

The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. The Fund may buy or sell equity index futures and buy and sell index options on indices or individual stocks. To obtain exposure to equity indices and individual stocks, the Fund may also enter into contracts for difference where the underlying investments are not delivered and settlement is made in cash. Contracts for difference may be used to gain long and short exposure or to hedge exposure on equity and equity related securities. The gross exposure of contracts for difference will not exceed 10% and is expected to remain within the range of 0% to 10% of the Net Asset Value. In certain circumstances this proportion may be higher.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the MSCI AC Asia Pacific ex Japan (Net TR) index and compared against ICE BofA 3 Month US Treasury Bill Index. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and

### Fund Characteristics
Fund Currency	USD
there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as “Specialist Equity Fund”.

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The Fund may invest in mainland China through RQFII schemes or Regulated Markets (including the CIBM via Bond Connect). Investors should note that the RQFII status may be suspended or revoked and that this may adversely affect the Fund's performance by requiring the Fund to dispose of its securities holdings. Please refer to Appendix II for more information of the risks regarding RQFII status, RQFII quota, the CIBM and Bond Connect.
The associated risks involved in investing in derivatives are highlighted in Appendix II.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management (Singapore) Ltd
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors’ discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund BlueOrchard Emerging Markets Climate Bond

### Investment Objective
The Fund aims to provide capital growth in excess of the ICE BofA 3 Month US Treasury Bill Index + 2.5% before fees have been deducted* over a three to five year period by investing in fixed and floating rate securities worldwide. The Fund will invest in securities issued by governments and companies worldwide, including emerging market countries, which help to advance the UN SDG of taking action to combat climate change and which the Investment Manager deems to be sustainable investments.
*For the target return after fees for each Share Class please visit the Schroder website: https://www.schroders.com/en/ lu/private-investor/investing-with-us/historical-ongoing- charges/

### Investment Policy
The Fund is actively managed and invests at least 75% of its assets in (i) sustainable investments that contribute towards combating climate change; and (ii) investments that the Investment Manager deems to be neutral under its sustainability criteria (please see the Fund Characteristics section for more details).
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed on the website www.schroders.com/en/lu/private-investor/gfc which includes investments on the International Finance Corporation Exclusion List.
The Fund invests in companies that do not cause significant environmental or social harm and have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures.
The Fund invests at least two-thirds of its assets in fixed and floating rate securities denominated in various currencies and issued by governments, government agencies, supra- nationals and companies worldwide, including emerging market countries. The Fund will increase its exposure to emerging markets over time. At the Fund’s launch, the exposure to emerging markets will be at least of 50% of its net assets and this exposure will increase progressively with the intention to reach at least 67% of its net assets after three years.
The Fund may invest up to 50% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds).
The Fund may invest in mainland China through RQFII schemes or Regulated Markets (including the CIBM via Bond Connect).
The Fund may also invest up to one third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (Subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to provide capital growth in excess of the ICE BofA 3 Month US Treasury Bill Index + 2.5% over a three to five year period. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The benchmark(s) does/ do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The target benchmark has been selected because the target return of the Fund is to deliver or exceed the return of that benchmark as stated in the investment objective.

### Further Information
The Fund is categorised as “Specialist Bond Fund”.

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a Fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
A detailed description of the risks linked to below- investment grade securities can be found in Appendix II of this Prospectus.
The Fund may invest in mainland China through RQFII schemes or Regulated Markets (including the CIBM via Bond Connect). Investors should note that the RQFII status may be suspended or revoked and that this may adversely affect the Fund's performance by requiring the Fund to dispose of its securities holdings. Please refer to Appendix II for more information of the risks regarding RQFII status, RQFII quota, the CIBM and Bond Connect.
The Fund has the objective of sustainable investment (within the meaning of Article 9 SFDR). A Fund with this objective may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.

### Fund Characteristics
Fund Currency	USD
Investment Manager	BlueOrchard Finance Ltd
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies sustainability criteria when selecting investments for the Fund.
Issuers are assessed via an ESG and impact analysis, which consists of (1) screening against the International Finance Corporation Exclusion List; (2) an assessment of the issuer’s performance on a range of ESG criteria, informed by both internal and external research; (3) an impact assessment of how a company is achieving its sustainable goals based on a proprietary tool and resulting in a rating; and (4) secondary opinion reports produced by third party data providers.
Through this assessment, the Investment Manager selects bonds that it classifies as green or renewable in accordance with (1) the Green Bond Principles; and (2) its own impact assessment process. A green bond is a fixed or floating rate security whose proceeds will be applied exclusively to finance or re-finance in part or in full, new and/or existing eligible projects and areas aligned to the four core components of the Green Bond Principles. A renewable bond is a fixed or floating rate security issued by an issuer that the Investment Manager believes aims to support climate action.
Both the issuer and the bond are considered in the assessment of sustainability.
The sources of information used to perform the analysis include information provided by the companies, such as company sustainability reports and other relevant company material, as well as Schroders’ proprietary sustainability tools and third-party data.
Due to the nature of its investments, and in particular the need for currency hedging, the Fund may also hold a portion of investments that the Investment Manager deems to be neutral under its sustainability criteria. investments. These may include (but are not limited to) derivatives for hedging purposes, cash and Money Market Investments.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of fixed and floating rate securities denominated in various currencies and issued by companies worldwide, including emerging market countries. The universe (for the purpose of this test only) does not include fixed or floating rate securities issued by public or quasi-public issuers.
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.45% |
| AX Shares | Up to 3% | None | 1.45% |
| A1 Shares | Up to 2% | 0.50% | 1.45% |
| B Shares | None | 0.30% | 1.45% |
| C Shares | Up to 1% | None | 0.60% |
| CN Shares | Up to 3% | None | 0.60% |
| CX Shares | Up to 1% | None | 0.60% |
| D Shares | None | 1.00% | 1.45% |
| E Shares | Up to 1% | None | 0.40% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.60% |
| Z Shares | None | None | Up to 0.60% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors’ discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund BRIC (Brazil, Russia, India, China)

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI BRIC (Net TR) 10/40 index after fees have been deducted over a three to five year period, by investing in equity and equity related securities of Brazilian, Russian, Indian and Chinese companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in a range of equity and equity related securities of Brazilian, Russian, Indian and Chinese companies.
The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 20% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund may also invest up to one-third of its asset directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the MSCI BRIC (Net TR) 10/40 index. The Fund’s investment universe is expected to overlap materially, directly or indirectly, with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.

### Fund Characteristics
Fund Currency	USD
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as “Specialist Equity Fund”.

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors’ discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund Carbon Neutral Credit

### Investment Objective
The Fund aims to achieve i) aggregate carbon neutrality by the year 2025 and ii) capital growth by investing in fixed and floating rate securities issued by governments, government agencies, supra-nationals and companies worldwide, which the Investment Manager deems to be sustainable investments, and which contribute towards the objective of carbon emission reduction, in order to support and encourage the transition towards a zero carbon world.
Aggregate carbon neutrality means achieving net zero carbon emissions intensity by balancing investments in (i) issuers that generate carbon emissions, but that have stated goals to reduce such emissions with (ii) issuers that contribute to reducing carbon emissions.

### Investment Policy
The Fund is actively managed and invests at least 75% of its assets in (i) sustainable investments which are investments that contribute towards the objective of carbon emission reduction by aiming for, and being on track to achieve, 80% emission reductions by 2030 and (ii) investments that the Investment Manager deems to be neutral under its sustainability criteria. The Fund will aim to offset residual portfolio emissions with avoided emissions, in order for the portfolio to achieve net zero emissions by 2025. Please see the Fund Characteristics section for more details.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed on the website www.schroders.com/en/lu/private-investor/gfc.
The Fund invests in companies that do not cause significant environmental or social harm and have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Fund may invest in companies that the Investment Manager believes will improve their sustainability practices within a reasonable timeframe, typically up to two years.
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures.
The Fund invests at least two-thirds of its assets in fixed and floating rate securities issued by governments, government agencies, supra-nationals and companies worldwide, including emerging market countries.
The Fund may invest:
- up to 60% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds);
- up to 30% of its assets in convertible bonds including up to 10% of its assets in contingent convertible bonds; and
- up to 20% of its assets in asset-backed securities and mortgage-backed securities.

The Investment Manager believes that over the long term, companies that manage the risks and invest in the opportunities arising from climate change better than peers will not only experience fewer penalties, but capture financial and non-financial rewards by various stakeholders.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund does not have a target benchmark. The Fund’s performance should be compared against the Barclays Multiverse ex Treasury A+ to B-, EUR hedged index. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Fund’s investment universe is expected to overlap to a limited extent with the components of the comparator benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the comparator benchmark. The Investment Manager will invest in companies or sectors not included in the comparator benchmark. The comparator benchmark does not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as “Specialist Bond Fund”.

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The Fund has the objective of sustainable investment (within the meaning of Article 9 SFDR). A Fund with this objective may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.

### Fund Characteristics
Fund Currency	EUR
Investment Manager	Schroder Investment Management (Europe) SA – German Branch Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Fund’s objective includes a reduction in carbon emissions, which means that it aims for low carbon emissions, consistent with the long-term objectives of the Paris Agreement on limiting global warming.
The Investment Manager applies sustainability criteria when selecting investments for the Fund. Issuers are assessed using a methodology that identifies companies that have set targets for, and are on course to reduce carbon emissions intensity by at least 80% by 2030. To complement this, the Investment Manager also targets companies that provide carbon savings, or ‘avoided emissions’.
These are companies that provide products or services which will contribute to reducing the higher emission activities of other companies which use those products or services.
This methodology is data-driven, sourced from established environmental initiatives and data sources such as the CDP and the Science Based Targets initiative (SBTi), MSCI and other credible external and proprietary data sources.
The Investment Manager then screens the resulting universe for issuers it deems to have harmful and controversial practices defined by a specific list of exclusion criteria.
The Investment Manager also conducts its own due diligence to identify issuers do no significant harm to environmental or social objectives. Schroders’ proprietary sustainability tools and external sustainability ratings are utilised to identify issuers with good governance.
The Investment Manager may also engage with companies to encourage carbon emission intensity reduction. This identifies new investment opportunities, and monitors whether a company’s carbon intensity reduction plan is progressing.
Due to the nature of its investments, and in particular the need for currency hedging, the Fund may also hold a portion of investments that the Investment Manager deems to be neutral under its sustainability criteria. These may include (but are not limited to) derivatives for hedging purposes, cash and Money Market Investments.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of fixed and floating rate securities denominated in various currencies and issued by companies worldwide, including emerging market countries. The universe (for the purpose of this test only) does not include fixed or floating rate securities issued by public or quasi-public issuers.
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 0.75% |
| AX Shares | Up to 3% | None | 0.75% |
| A1 Shares | Up to 2% | 0.50% | 0.75% |
| B Shares | None | 0.60% | 0.75% |
| C Shares | Up to 1% | None | 0.45% |
| CN Shares | Up to 3% | None | 0.45% |
| CX Shares | Up to 1% | None | 0.45% |
| D Shares | None | 1.00% | 0.75% |
| E Shares | Up to 1% | None | 0.225% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.45% |
| Z Shares | None | None | Up to 0.45% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors’ discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth by investing in equity and equity related securities of companies worldwide that the Investment Manager believes will benefit from the changing requirements of modern consumers.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of companies worldwide.
The Fund aims to provide investors with exposure to companies participating in evolving consumption patterns across multiple areas of consumers’ lives. The Investment Manager seeks to invest in companies that it believes will enjoy superior growth because they satisfy the tastes and expectations of consumers in a technologically enabled world.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund does not have a target benchmark. The Fund’s performance should be compared against the MSCI All Country World (net TR) index. The comparator benchmark is

### Fund Characteristics
Fund Currency	USD
only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Fund’s investment universe is expected to overlap materially with the components of the comparator benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the comparator benchmark. The Investment Manager will invest in companies or sectors not included in the comparator benchmark.
The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as a “Specialist Equity Fund”.

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long-term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors’ discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI China A Onshore (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of Chinese companies listed and traded on Chinese stock exchanges such as Shenzhen or Shanghai Stock Exchanges.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of Chinese companies listed and traded on Chinese stock exchanges such as Shenzhen or Shanghai Stock Exchanges (China A-Shares).
The Fund may invest up to 100% of its assets (on a net basis) directly or indirectly through derivatives in China A-Shares through:
- Shanghai-Hong Kong Stock Connect and Shenzhen- Hong Kong Stock Connect,
- the Renminbi Qualified Foreign Institutional Investor ("RQFII") scheme, and
- Regulated Markets.

The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives, long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses contracts for difference, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, contracts for difference may be used to gain long or short exposures or to hedge exposure on equity and equity related securities. The gross exposure of contracts for difference will not exceed 30% and is expected to remain within the range of 0% to 30% of the Net Asset Value. In certain circumstances this proportion may be higher.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the MSCI China A Onshore (Net TR) index and compared against the Morningstar China A Shares Category. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The

### Fund Characteristics
Fund Currency	USD
Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The Fund may invest in mainland China through RQFII schemes or Regulated Markets. Investors should note that the RQFII status may be suspended or revoked and that this may adversely affect the Fund's performance by requiring the Fund to dispose of its securities holdings. Please refer to Appendix II for more information of the risks regarding RQFII status and RQFII quota.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management (Hong Kong) Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth and income in excess of the iBoxx ALBI China Onshore index after fees have been deducted over a three to five year period by investing in fixed income securities denominated in onshore RMB (CNY).

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities, convertible bonds and Money Market Investments denominated or hedged back to onshore RMB (CNY).
These instruments may be issued outside or inside of mainland China by governments, government agencies, supra-nationals and companies which may or may not be established or incorporated in mainland China across sectors and credit quality. The Fund may also invest in fixed income securities denominated in offshore RMB (CNH).
The Fund may invest up to 30% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds).
The Fund may invest in instruments traded on the RMB Bond market in Hong Kong and in instruments denominated in RMB traded on other Regulated Markets.
The Fund may invest directly in mainland China through (i) RQFII schemes or QFII related schemes supervised by the China Securities Regulatory Commission provided investment restriction 1.(A) (5) (I) of Appendix I is complied with and/or they qualify as Investment Funds and (ii) Regulated Markets (including the CIBM via Bond Connect).
Investments in mainland China Regulated Markets and interbank bond markets may also be performed indirectly through notes, certificates or other instruments (which qualify as transferable securities and do not embed a derivative element), open-ended Investment Funds and eligible financial derivative instruments.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives (including total return swaps), long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses total return swaps, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps may be used to gain long and short exposure on fixed and floating rate securities. The gross exposure of total return swaps will not exceed 30% and is expected to remain within the range of 0% to 15% of the Net Asset Value. In certain circumstances this proportion may be higher.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the iBoxx ALBI China Onshore index. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Bond Fund".

### Risk Considerations
Risk Management Method
Relative Value-at-Risk (VaR)
VaR Benchmark
iBoxx Asian Local Bond Index – China Onshore Index. This index tracks the total return performance of CNY denominated debt issued onshore in China by the Ministry of Finance of the People’s Republic of China.
Expected Leverage
400% of the total net assets
The expected level of leverage may be higher when volatility decreases sustainably, when interest rates are expected to change or when credit spreads are expected to widen or tighten.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the relative VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the relative VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
The Fund may invest in mainland China through RQFII schemes or Regulated Markets (including the CIBM via Bond Connect). Investors should note that the RQFII status may be suspended or revoked and that this may adversely affect the Fund's performance by requiring the Fund to dispose of its securities holdings. Please refer to Appendix II for more information of the risks regarding RQFII status, RQFII quota, the CIBM and Bond Connect.
It should be noted that the RMB is currently not a freely convertible currency as it is subject to foreign exchange control policies of the People's Republic of China government. As a result of the People's Republic China government restrictions on cross-border RMB fund flows, the availability of offshore RMB may be limited.
Commencing 2005, the exchange rate of the RMB was no longer pegged to the US dollar. The RMB has now moved to a managed floating exchange rate based on market supply and demand with reference to a basket of foreign currencies. As the exchange rates are based primarily on market forces, the exchange rates for RMB against other currencies, including US dollar and Hong Kong dollar, are susceptible to movements based on external factors.
The possibility that the appreciation of the RMB will be accelerated cannot be excluded. On the other hand, there can be no assurance that the RMB will not be subject to devaluation. Any devaluation of the RMB could adversely affect the value of investor's investments in the Fund.
Investors whose base currency is not the RMB may be adversely affected by changes in the exchange rates of the

### Fund Characteristics
Fund Currency	RMB
RMB. Further, the Chinese government's imposition of restrictions on the RMB out of China may limit the depth of the RMB market in Hong Kong and reduce the liquidity in the Fund. The Chinese government's policies on exchange control and repatriation restrictions are subject to change, and the Fund's position may be adversely affected.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management (Hong Kong) Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 0.75% |
| AX Shares | Up to 3% | None | 0.75% |
| A1 Shares | Up to 2% | 0.50% | 0.75% |
| B Shares | None | 0.50% | 0.75% |
| C Shares | Up to 1% | None | 0.375% |
| CN Shares | Up to 3% | None | 0.375% |
| CX Shares | Up to 1% | None | 0.375% |
| D Shares | None | 1.00% | 0.75% |
| E Shares | Up to 1% | None | 0.1875% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.375% |
| Z Shares | None | None | Up to 0.375% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI China (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of Chinese companies.

### Investment Policy
The Fund is actively managed and invests at least two thirds of its assets in equity and equity-related securities of Chinese companies.
The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 30% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through:
- Shanghai-Hong Kong Stock Connect and Shenzhen- Hong Kong Stock Connect;
- The Renminbi Qualified Institutional Investor (RQFII)Scheme; and
- Regulated Markets.

The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.

### Fund Characteristics
Fund Currency	USD
The Fund may invest in mainland China through RQFII schemes or Regulated Markets. Investors should note that the RQFII status may be suspended or revoked and that this may adversely affect the Fund's performance by requiring the Fund to dispose of its securities holdings. Please refer to Appendix II for more information of the risks regarding RQFII status and RQFII quota.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the MSCI China (Net TR) index and compared against the Morningstar China Equity Category. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management (Hong Kong) Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
| Redemption Charge | None |
| --- | --- |
| PEA / PIR Eligibility | No |
| General Share Class Features |
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the Bloomberg Commodity Total return index (BCOMTR Index) after fees have been deducted over a three to five year period by investing in commodity related instruments worldwide.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in a range of commodity related instruments, principally comprising swaps on eligible commodity financial indices, commodities through eligible assets (as described under the definition of "Alternative Asset Classes" in Appendix III of this Prospectus) and to a lesser extent in equity and equity related securities in commodity related industries worldwide.
The Fund may be exposed to a range of commodity sectors from time to time but the Investment Manager anticipates that the Fund will be primarily invested in the energy, agriculture and metals sectors.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. In particular, total return swaps may be used to gain net long exposure to commodity indices, although the swaps may contain both long and short exposures. The gross exposure of total return swaps will not exceed 300% and is expected to remain within the range of 50% to 200% of the Net Asset Value.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the Bloomberg Commodity Total return Index (BCOMTR Index). The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.

### Fund Characteristics
Fund Currency	USD
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is classified as an “Alternative Asset Allocation” fund

### Risk Considerations
Risk Management Method
Absolute Value at Risk
Expected Leverage
250%
As of 21 June 2021 the Expected Leverage section will change to:
450% of the total net assets
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the absolute VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the absolute VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13:00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
| Redemption Charge | None |
| --- | --- |
| PEA / PIR Eligibility | No |
| General Share Class Features |
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 5% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1.00% |
| Z Shares | None | None | Up to 1.00% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund Cross Asset Momentum Component

### Investment Objective
The Fund aims to provide capital growth in excess of 3- month USD T-Bills +3% per annum before fees have been deducted* over a three to five year period by investing in a diversified range of assets and markets worldwide.
*For the target return after fees for each Share Class please visit the Schroder website: https://www.schroders.com/en/ lu/private-investor/investing-with-us/after-fees- performance-targets/

### Investment Policy
The Fund is actively managed and invests in asset classes including, but not limited to, equity and equity related securities, fixed and floating rate securities, currencies and commodities, in order to provide exposure to long and short strategies. The Fund will focus on momentum strategy, which attempts to take advantage of the tendency for recent price trends to continue.
The Fund is managed to maintain a balanced exposure between long and short positions (gained through derivatives). The Fund may invest in sub-investment grade securities (being securities with a credit rating below investment grade as measured by Standard & Poor's or any equivalent grade of other credit rating agencies). The exposure to commodities will be taken through eligible assets as described under the definition of "Alternative Asset Classes” in Appendix III of this Prospectus.
The Fund may use derivatives (including total return swaps) with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses total return swaps and contracts for difference, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps and contracts for difference may be used to gain long and short exposure on equity and equity related securities, fixed and floating rate securities and commodity indices. The gross exposure of total return swaps and contracts for difference will not exceed 250% and is expected to remain within the range of 0% to 250% of the Net Asset Value. In certain circumstances this proportion may be higher.
The Fund's holdings will be sufficiently liquid at all times to cover the Fund's obligations arising from its derivative long and short positions. The investment strategy of the Fund and the use of derivatives may lead to situations where it is considered appropriate that prudent levels of cash and Money Market Investments will be maintained, which may be substantial or even represent (exceptionally) 100% of the Fund's assets. This will be limited to a maximum of six months (otherwise the Fund will be liquidated). During this period, the Fund will not fall within the scope of MMFR.
The Fund may also invest in open-ended Investment Funds.

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to exceed 3-month USD T-Bills +3% per annum, and compared against 3-month USD T-Bills.
The target benchmark has been selected because the target return of the Fund is to deliver or exceed the return of that benchmark as stated in the investment objective. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Asset Allocation Fund".

### Risk Considerations
Risk Management Method
Absolute Value-at-Risk (VaR)
Expected Leverage
250% of the total net assets
In order to implement an efficiently diversified set of strategies and to achieve the risk target that is consistent with the Fund's risk profile, the Fund will rely extensively on derivatives that may generate a high level of leverage. The Fund uses derivatives such as interest rate and equity futures, forward foreign exchange contracts, total return swaps and options for investment purposes, which can increase the Fund's level of risk. These derivatives are also used to invest in strategies that can improve the diversification characteristics of the Fund and manage its risk. This can contribute to enhancing the Fund's return while seeking to maintain its risk within the target range.
Strategies that contain a long and short position in the same asset class are expected to have lower volatility than a long only position in the same asset class. As a result, some of the strategies will create a substantial level of gross leverage, but are expected to improve the portfolio's diversification characteristics.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the absolute VaR approach in line with the UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the absolute VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
Long and short positions gained through index, commodity, and equity total return swaps may increase exposure to credit-related risks.
The Fund uses significant leverage through financial derivative instruments, which will magnify both gains and losses on its investments and result in greater fluctuations of its Net Asset Value. This significantly increases the risk of the Fund compared to an unleveraged fund. Leverage occurs when the overall economic exposure of the Fund exceeds its amount of assets invested.

### Profile of the Typical Investor
The Fund is suitable for Investors with a longer term investment horizon and who are more concerned with longer-term returns than short-term losses. The Fund is not intended for retail Investors; it is intended for institutional, professional and sophisticated Investors. A sophisticated Investor means an Investor who:

### Fund Characteristics
Fund Currency	USD
- understands the Fund’s strategy, characteristics and risks in order to make an informed decision; and
- has knowledge of or investment experience in, financial products that use complex derivatives and/or derivative strategies (such as this Fund) and financial markets generally.

Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on the preceding Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge | Distribution Charge | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.60% |
| CN Shares | Up to 3% | None | 0.60% |
| CX Shares | Up to 1% | None | 0.60% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.

### Investment Objective
The Fund aims to provide capital growth and income in excess of the CRISIL Composite Bond Fund Dollar Index after fees have been deducted over a three to five year period by investing in fixed and floating rate securities issued by the Indian government, Indian government agencies, Indian supra-nationals, Indian local authorities/ public authorities and Indian companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities issued by the Indian government, Indian government agencies, Indian supra-nationals, Indian local authorities/public authorities and Indian companies, foreign exchange forwards, interest rate swaps and cross currency swaps. These financial instruments will be denominated in Indian Rupee or in other currencies which will be hedged back to Indian Rupee.
Indian companies shall mean: (i) companies having their registered office in India, (ii) companies established or located elsewhere but carrying out their business activities predominantly in India or (iii) holding companies the interests of which are predominantly invested in equity of companies having their registered office in India.
The Fund may also invest in fixed and floating rate securities issued by governments, government agencies, supra- nationals and companies worldwide.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.
Fund Characteristics
Fund Currency	USD

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the CRISIL Composite Bond Fund Dollar index. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. However, the Fund will likely reflect certain features of the target benchmark (namely credit quality/duration, currency exposure/exposure to particular issuers). The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Bond Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management (Singapore) Ltd
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
2 Business Days from the relevant Dealing Day for subscription proceeds 5 Business Days from the relevant Dealing Day for redemption proceeds
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.00% |
| AX Shares | Up to 3% | None | 1.00% |
| A1 Shares | Up to 2% | 0.50% | 1.00% |
| B Shares | None | 0.50% | 1.00% |
| C Shares | Up to 1% | None | 0.50% |
| CN Shares | Up to 3% | None | 0.50% |
| CX Shares | Up to 1% | None | 0.50% |
| D Shares | None | 1.00% | 1.00% |
| E Shares | Up to 1% | None | 0.25% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.50% |
| Z Shares | None | None | Up to 0.50% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI Emerging Markets Asia (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of companies in the emerging markets in Asia.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of companies in the emerging markets in Asia.
The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 30% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through:
- Shanghai-Hong Kong Stock Connect and Shenzhen- Hong Kong Stock Connect;
- The Renminbi Qualified Institutional Investor (RQFII)Scheme; and
- Regulated Markets.

The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the MSCI Emerging Markets Asia (Net TR) index and compared against the Morningstar Asia ex Japan Equities Category. The Fund’s investment universe is expected to overlap materially, directly or indirectly, with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.

### Fund Characteristics
Fund Currency	USD
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The Fund may invest in mainland China through RQFII schemes or Regulated Markets. Investors should note that the RQFII status may be suspended or revoked and that this may adversely affect the Fund's performance by requiring the Fund to dispose of its securities holdings. Please refer to Appendix II for more information of the risks regarding RQFII status and RQFII quota.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management (Hong Kong) Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
| Performance Fee | None |
| --- | --- |
| Redemption Charge | None |
| PEA / PIR Eligibility | No |
| General Share Class Features |
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI Emerging Markets Europe 10/40 (Net TR) index after fees have been deducted over a three to five year period, by investing in equity and equity related securities of Central and Eastern European companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of Central and Eastern European companies, including the markets of the former Soviet Union and the Mediterranean emerging markets. The Fund may also invest in equity and equity related securities of North African and Middle Eastern companies.
The Fund typically holds 30-50 companies.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the MSCI Emerging Markets Europe 10/40 (Net TR) index. The Fund’s investment universe is expected to overlap materially, directly or

### Fund Characteristics
Fund Currency	EUR
indirectly, with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth and income in excess of the JP Morgan Emerging Market Blend Equal Weighted index after fees have been deducted over a three to five year period by investing in fixed and floating rate securities issued by governments, government agencies, supra-nationals and companies from the emerging markets.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities denominated in various currencies and issued by governments, government agencies, supra-nationals and companies from the emerging markets.
The Fund may invest:
- up to 20% of its assets in asset-backed securities and mortgage-backed securities; and
- in excess of 50% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds).

The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives (including total return swaps) with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses total return swaps and contracts for difference, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps and contracts for difference may be used to gain long and short exposure on fixed and floating rate securities. The gross exposure of total return swaps and contracts for difference will not exceed 5% and is expected to remain within the range of 0% to 5% of the Net Asset Value. In certain circumstances this proportion may be higher.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the JP Morgan Emerging Market Blend Equal Weighted index. The Fund’s investment

### Fund Characteristics
Fund Currency	USD
universe is expected to overlap to a limited extent with the components of the target benchmark. However, the Fund will likely reflect certain features of the target benchmark (namely credit quality/duration, currency exposure/ exposure to particular issuers). The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Bond Fund".

### Risk Considerations
Specific Risk Considerations
Long and short positions gained through bond total return swaps may increase exposure to credit-related risks. The Fund may invest in mainland China through RQFII schemes or Regulated Markets. Investors should note that the RQFII status may be suspended or revoked and that this may adversely affect the Fund's performance by requiring the Fund to dispose of its securities holdings. Please refer to Appendix II for more information of the risks regarding RQFII status and RQFII quota.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management North America Inc.
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
| Performance Fee | None |
| --- | --- |
| Redemption Charge | None |
| PEA / PIR Eligibility | No |
| General Share Class Features |
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| A Shares | Up to 3% | None | 1.00% |
| AX Shares | Up to 3% | None | 1.00% |
| A1 Shares | Up to 2% | 0.50% | 1.00% |
| B Shares | None | 0.50% | 1.00% |
| C Shares | Up to 1% | None | 0.60% |
| CN Shares | Up to 3% | None | 0.60% |
| CX Shares | Up to 1% | None | 0.60% |
| D Shares | None | 1.00% | 1.00% |
| E Shares | Up to 1% | None | 0.30% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.60% |
| Z Shares | None | None | Up to 0.60% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund Emerging Markets Equity Impact

### Investment Objective
The Fund aims to provide capital growth by investing in equity and equity related securities of emerging and frontier markets companies worldwide, or companies which derive a significant proportion of their revenues or profits from emerging markets or frontier markets countries worldwide, which help to advance the UN SDGs and which the Investment Manager deems to be sustainable investments.

### Investment Policy
The Fund is actively managed and invests at least 75% of its assets in sustainable investments, which are investments that are expected to contribute towards the advancement of some or all of the UN SDGs, to be managed in the interests of all stakeholders, and to deliver returns to shareholders over the long term. The Investment Manager will select companies from a universe of eligible companies that have been determined as meeting the Investment Manager’s impact criteria. The impact criteria include an assessment of the company’s contribution to the UN SDGs. This means that the extent to which companies deliver a direct or indirect positive impact to society in order to advance the UN SDGs together with the impact that these actions could have on a company’s value are considered in the assessment of companies. Please see the Fund Characteristics section for more details.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed on the website www.schroders.com/en/lu/private-investor/gfc.
The Fund invests in companies that do not cause significant environmental or social harm and have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Fund may invest in companies that the Investment Manager believes will improve their sustainability practices within a reasonable timeframe, typically up to two years.
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures.
The Fund invests at least two-thirds of its assets in a concentrated range of equity and equity related securities of emerging and frontier markets companies or companies which derive a significant proportion of their revenues or profits from emerging markets or frontier markets countries. This means typically holding fewer than 50 companies.
Companies held by the Fund are subject to a financial assessment by the Investment Manager to help identify the potential for long term shareholder returns.
The Fund may invest directly in China B-Shares and China H- Shares and may invest up to 30% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. The Fund may buy or sell equity index futures and buy and sell index options on indices or individual stocks. To obtain exposure to equity indices and individual stocks, the Fund may also enter into contracts for difference where the underlying investments are not delivered and settlement is made in cash. Contracts for difference may be used to gain long and short exposure or to hedge exposure on equity and equity related securities. The gross exposure of contracts for difference will not exceed 20% and is expected to remain within the range of 0% to 20% of the Net Asset Value.

### Benchmark
The Fund does not have a target benchmark. The Fund's performance should be compared against its comparator benchmark, being the MSCI Emerging Markets (Net TR) index. The comparator benchmark is only included for performance
comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Fund’s investment universe is expected to overlap materially with the components of the comparator benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the comparator benchmark. The Investment Manager will invest in companies or sectors not included in the comparator benchmark. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund's investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The Fund has the objective of sustainable investment (within the meaning of Article 9 SFDR). A Fund with this objective may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the

### Fund Characteristics
Fund Currency	USD
Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies sustainability criteria when selecting investments for the Fund.
In order for an investment to be eligible for inclusion it must first go through a process of validation by the Impact Assessment Group (IAG). The IAG consists of members from Schroders’ sustainable investments team and portfolio managers from the Emerging Markets team. This review process will use a framework consisting of the following key questions:
- What positive contribution does the company make to society, which of the UN SDGs does this relate to and what is the level of materiality?
- Do any of the activities of the company create significant negative externalities to society?
- What is the level of commitment by management to manage the business sustainably?
- Does the company treat employees, customers and suppliers fairly?
- Does the company respect the environment?

The IAG will then decide whether a company is eligible for inclusion in the Fund’s portfolio.
The sources of information used to perform the analysis include information provided by the companies, such as company sustainability reports and other relevant company material, as well as Schroders’ proprietary sustainability tools and third-party data.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of equity and equity related securities of emerging and frontier markets companies or companies which derive a significant proportion of their revenues or profits from emerging markets or frontier markets countries.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | Up to 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1.00% |
| IE Shares | None | None | Up to 0.50% |
| Z Shares | None | None | Up to 1.00% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund Emerging Markets Hard Currency

### Investment Objective
The Fund aims to provide capital growth and income in excess of the JP Morgan Emerging Market Blend Hard Currency Credit 50-50 index after fees have been deducted over a three to five year period by investing in fixed and floating rate securities denominated in hard currencies issued by governments, government agencies, supra- nationals and companies from the emerging markets.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities denominated in hard currencies and issued by governments, government agencies, supra-nationals and companies from the emerging markets. Hard currency denominated securities refers to securities denominated in US Dollar, Euro, Sterling, Japanese Yen and Swiss Franc.
The Fund may invest:
- up to 20% of its assets in asset-backed securities and mortgage-backed securities;
- in excess of 50% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for nonrated bonds); and
- up to 60% of its assets in securities issued by companies.

The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives (including total return swaps), long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses total return swaps and contracts for difference, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps and contracts for difference may be used to gain long and short exposure on fixed and floating rate securities. The gross exposure of total return swaps and contracts for difference will not exceed 10% and is expected to remain within the range of 0% to 5% of the Net Asset Value. In certain circumstances this proportion may be higher.

### Fund Characteristics
Fund Currency	USD

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the JP Morgan Emerging Market Blend Hard Currency Credit 50-50 index. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark.
However, the Fund will likely reflect certain features of the target benchmark (namely credit quality/duration, currency exposure/exposure to particular issuers). The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Bond Fund".

### Risk Considerations
Specific Risk Considerations
Long and short positions gained through bond total return swaps may increase exposure to credit-related risks. The Fund may invest in mainland China through RQFII schemes or Regulated Markets (including the CIBM via Bond Connect). Investors should note that the RQFII status may be suspended or revoked and that this may adversely affect the Fund's performance by requiring the Fund to dispose of its securities holdings. Please refer to Appendix II for more information of the risks regarding RQFII status, RQFII quota, the CIBM and Bond Connect.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management North America Inc.
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.00% |
| AX Shares | Up to 3% | None | 1.00% |
| A1 Shares | Up to 2% | 0.50% | 1.00% |
| B Shares | None | 0.50% | 1.00% |
| C Shares | Up to 1% | None | 0.60% |
| CN Shares | Up to 3% | None | 0.60% |
| CX Shares | Up to 1% | None | 0.60% |
| D Shares | None | 1.00% | 1.00% |
| E Shares | Up to 1% | None | 0.30% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.60% |
| Z Shares | None | None | Up to 0.60% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI Emerging Markets (Net TR) Index after fees have been deducted over a three to five year period by investing in equity and equity related securities of emerging markets companies that have suffered a severe set back in either share price or profitability.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of emerging markets companies worldwide that the Investment Manager believes have suffered a severe set back in either share price or profitability, but where their long-term prospects are good.
The Fund may invest directly in China B-Shares and China H- Shares and may invest up to 10% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including in other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to exceed the MSCI Emerging Markets (Net TR) index and compared against the MSCI Emerging Markets Value (Net TR) index and the Morningstar Global Emerging Markets Equity Category. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark and the MSCI Emerging Markets Value (Net TR) index. The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark or the MSCI Emerging Markets Value (Net TR) index. The Investment Manager will invest in companies or sectors not included in the target benchmark or the MSCI Emerging Markets Value (Net TR) index in order to take advantage of specific investment opportunities.

### Fund Characteristics
Fund Currency	USD
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest, and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. Any comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The portfolio will exhibit a strongly contrarian investment style and look to take maximum advantage of behavioural biases in emerging markets, and will likely exhibit higher investment volatility than global equity market indices.
However, a value style is believed to exhibit a lower than average investment risk due to the supportive valuations of the stocks in the portfolio.
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
| Redemption Charge | None |
| --- | --- |
| PEA / PIR Eligibility | No |
| General Share Class Features |
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth by investing in equity and equity related securities and fixed and floating rate securities and currencies in emerging and frontier market countries worldwide that have suffered a setback in either price and/or profitability.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in emerging and frontier market countries worldwide. The Fund invests in:
- equity and equity related securities;
- fixed and floating rate securities issued by governments, government agencies, supra-nationals and companies; and
- currencies.

The Fund may invest:
- in excess of 50% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor’s or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds);
- directly in China B-Shares and China H-Shares and less than 15% of its assets (on a net basis) directly or indirectly through derivatives in China A-Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect; and
- up to 10% of its assets in convertible bonds (including contingent convertible bonds.

The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including in other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Fund Characteristics
Fund Currency	USD

### Benchmark
The Fund does not have a target benchmark. The Fund's performance should be compared against the 50% Emerging Markets index, 25% JPM EMBI Global Diversified index and 25% JPM GBI EM Diversified index. The Fund’s investment universe is expected to overlap materially, directly or indirectly, with the components of the comparator benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the comparator benchmark. The Investment Manager will invest in companies or sectors not included in the comparator benchmark.
The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund's investment objective and policy.

### Further Information
The Fund is categorised as “Multi-Asset Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long-term returns than minimising possible short-term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
| Redemption Charge | None |
| --- | --- |
| PEA / PIR Eligibility | No |
| General Share Class Features |
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.90% |
| CN Shares | Up to 3% | None | 0.90% |
| CX Shares | Up to 1% | None | 0.90% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.90% |
| Z Shares | None | None | Up to 0.90% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI Emerging Markets (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of emerging markets companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of companies in emerging markets.
The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 20% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the MSCI Emerging Markets (Net TR) index. The Fund’s investment universe is expected to overlap materially, directly or indirectly, with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.

### Fund Characteristics
Fund Currency	USD
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund Emerging Markets Debt Absolute Return

### Investment Objective
The Fund aims to provide an absolute return of capital growth and income after fees have been deducted by investing in fixed and floating rate securities in emerging markets.
Absolute return means the Fund seeks to provide a positive return over a 12 month period in all market conditions, but this cannot be guaranteed and your capital is at risk.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities, currencies and Money Market Investments in emerging markets. The fixed and floating rate securities are issued by governments, government agencies, supra-nationals and companies. The Fund may also hold cash.
In aiming to deliver an absolute return, the Fund may hold up to 40% of its assets in cash and Money Market Investments in developed markets.
The Fund may invest in excess of 50% of its assets in fixed and floating rate securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies).
The Fund may invest in mainland China through Regulated Markets (including the CIBM via Bond Connect).
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds and warrants (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Fund Characteristics
Fund Currency	USD

### Benchmark
The Fund’s performance should be assessed against its objective of providing a positive return over a 12-month period in all market conditions.
The target benchmark has been selected because the target return of the Fund is to deliver the return of that benchmark as stated in the investment objective.

### Further Information
The Fund is categorised as "Absolute Return Fund" which is managed with a view to generating a positive return (i.e. greater than zero) over a rolling period of no more than 12 months. The Investment Manager will seek to generate such a return even in falling markets (or in expectation of falling markets) by either shorting (on a covered basis) the various sources of return and/or moving into cash and Money Market Investments. There is no guarantee that such objective may be achieved.

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking positive absolute return over the medium to longer term (at least 5 years) by investing in an actively managed portfolio. The Investor must be able to accept temporary capital losses due to the potentially volatile nature of the assets held.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.50% |
| AX Shares | Up to 3% | None | 1.50% |
| A1 Shares | Up to 2% | 0.50% | 1.50% |
| B Shares | None | 0.50% | 1.50% |
| C Shares | Up to 1% | None | 0.90% |
| CN Shares | Up to 3% | None | 0.90% |
| CX Shares | Up to 1% | None | 0.90% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.45% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.90% |
| Z Shares | None | None | Up to 0.90% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI Emerging Markets (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of companies in emerging and frontier markets countries worldwide.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of companies in emerging and frontier market countries worldwide.
'Alpha' funds invest in companies in which the Investment Manager has a high conviction that the current share price does not reflect the future prospects for that business.
The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 20% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the MSCI Emerging Markets (Net TR) index. The Fund’s investment universe is expected to overlap materially, directly or indirectly, with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The

### Fund Characteristics
Fund Currency	USD
Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
Risks related to emerging and frontier markets investments can be found under “Emerging and Less Developed Markets Securities Risk” in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.40% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide an income distribution of 4% to 6% per annum and capital growth over a three to five year period after fees have been deducted by investing in a diversified range of assets and markets worldwide. The Fund aims to provide a volatility (a measure of how much the Fund's returns may vary over a year) of between 8-16% per annum.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets directly in equity and equity related securities, fixed income securities and Alternative Asset Classes of emerging markets countries worldwide or companies which derive a significant proportion of their revenues or profits from emerging markets countries worldwide.
The Fund may actively allocate its assets in Money Market Investments and currencies especially to mitigate losses in falling markets.
The Fund may invest:
- in excess of 50% of its assets in below investment grade (fixed and floating rate) securities (being securities with a credit rating below investment grade as measured by Standard & Poor's or any equivalent grade of other credit rating agencies) and unrated securities;
- in excess of 50% of its assets in emerging market debt (fixed and floating rate) securities;
- up to 20% of its assets in asset backed securities and mortgage-backed securities;
- up to 10% of its assets in Alternative Asset Classes (as defined in Appendix III of this Prospectus) indirectly through Exchange Traded Funds, REITs or open-ended Investment Funds; and
- up to 10% of its assets in open-ended Investment Funds.

The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 25% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. The Fund may also invest in mainland China through Regulated Markets (including the CIBM via Bond Connect).
The Fund may use derivatives (including total return swaps), long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses total return swaps and contracts for difference, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps and contracts for difference may be used to gain long and short

### Fund Characteristics
Fund Currency	USD
exposure on equity and equity related securities, fixed and floating rate securities and commodity indices. The gross exposure of total return swaps and contracts for difference will not exceed 30% and is expected to remain within the range of 0% to 20% of the Net Asset Value. In certain circumstances this proportion may be higher. The Fund may hold cash.

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to provide income of 4%-6% per year and capital growth and the volatility target of 8% – 16% per year.
The income and volatility targets have been selected because the Investment Manager deploys strategies that aim to deliver the level of income stated in the investment objective.
The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund's investment objective and policy.

### Further Information
The Fund is categorised as "Multi-Asset Fund".

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
A detailed description of the risks linked to asset-backed securities and mortgage-backed securities can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.

### Profile of the Typical Investor
The Fund will be suitable for Investors who desire a sustainable level of income with some capital growth, offered through investment in a range of asset classes.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
| Performance Fee | None |
| --- | --- |
| Redemption Charge | None |
| PEA / PIR Eligibility | No |
| General Share Class Features |
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| A Shares | Up to 5% | None | 1.25% |
| AX Shares | Up to 5% | None | 1.25% |
| A1 Shares | Up to 4% | 0.50% | 1.25% |
| B Shares | None | 0.60% | 1.25% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.25% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth and income in excess of the Bloomberg Barclays EURO Aggregate index after fees have been deducted over a three to five year period by investing in fixed and floating rate securities denominated in Euro.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities denominated in Euro issued by governments, government agencies, supra-nationals and companies worldwide.
The Fund may invest up to 30% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds). The Fund may invest up to 10% of its assets in contingent convertible bonds.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives (including total return swaps), long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses total return swaps, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps may be used to gain long and short exposure on fixed and floating rate securities. The gross exposure of total return swaps will not exceed 30% and is expected to remain within the range of 0% to 10% of the Net Asset Value. In certain circumstances this proportion may be higher.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the Bloomberg Barclays EURO Aggregate index. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. However, the Fund will likely reflect certain features of the target benchmark (namely credit quality/duration, currency exposure/exposure to particular issuers). The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.

### Fund Characteristics
Fund Currency	EUR
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Mainstream Bond Fund".

### Risk Considerations
Risk Management Method
Relative Value-at-Risk (VaR)
VaR Benchmark
Barclays EURO Aggregate index. This index tracks fixed-rate, investment-grade Euro-denominated securities.
Expected Leverage
200% of the total net assets
The expected level of leverage may be higher when volatility decreases sustainably, when interest rates are expected to change or when credit spreads are expected to widen or tighten.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the relative VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive.. For further details on the relative VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
Long and short positions gained through bond total return swaps may increase exposure to credit-related risks.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
| Performance Fee | None |
| --- | --- |
| Redemption Charge | None |
| PEA / PIR Eligibility | No |
| General Share Class Features |
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| A Shares | Up to 3% | None | 0.75% |
| AX Shares | Up to 3% | None | 0.75% |
| A1 Shares | Up to 2% | 0.50% | 0.75% |
| B Shares | None | 0.50% | 0.75% |
| C Shares | Up to 1% | None | 0.375% |
| CN Shares | Up to 3% | None | 0.375% |
| CX Shares | Up to 1% | None | 0.375% |
| D Shares | None | 1.00% | 0.75% |
| E Shares | Up to 1% | None | 0.25% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.50% |
| Z Shares | None | None | Up to 0.50% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth and income in excess of the ICE Bank of America Merrill Lynch Euro Corporate index after fees have been deducted over a three to five year period by investing in fixed and floating rate securities denominated in Euro issued by companies worldwide.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities denominated in or hedged to Euro issued by companies and other non-sovereign bond issuers, governments, government agencies, supra-nationals and companies worldwide.
The Fund may invest:
- up to 30% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds);
- up to 20% of its assets in sovereign government bonds;
- up to 20% of its assets in asset-backed securities and mortgage-backed securities; and
- up to 20% of its assets in convertible bonds including up to 10% of its assets in contingent convertible bonds.

The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.
The Fund maintains a higher overall sustainability score than ICE Bank of America Merrill Lynch Euro Corporate index, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the ICE Bank of America Merrill Lynch Euro Corporate index. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. However, the Fund will likely reflect certain features of the target benchmark (namely credit quality/duration or exposure to particular issuers). The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark
in order to take advantage of specific investment opportunities. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Bond Fund".
The duration hedged Share Classes of the Fund are closed to subscriptions or switches in from new Investors of the Fund as well as from existing shareholders.

### Risk Considerations
Risk Management Method
Relative Value-at-Risk (VaR)
VaR Benchmark
ICE Bank of America Merrill Lynch Euro Corporate Index. This index tracks the performance of EUR denominated investment grade corporate debt publicly issued in the Eurobond or Euro member domestic markets.
Expected Leverage
150% of the total net assets
The expected level of leverage may be higher when volatility decreases sustainably, when interest rates are expected to change or when credit spreads are expected to widen or tighten.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the relative VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive.. For further details on the relative VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
A detailed description of the risks linked to contingent convertible bonds, below-investment grade securities, asset- backed securities and mortgage-backed securities can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in

### Fund Characteristics
Fund Currency	EUR
companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management (Europe) S.A. – German Branch Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies governance and sustainability criteria when selecting investments for the Fund.
The strategy aims to identify issuers demonstrating good or improving sustainability credentials, and those that impose a high cost on the environment and society. This involves:
- The exclusion of issuers that the Investment Manager deems to have businesses that are materially damaging to the climate and impose unjustifiable social costs.
- The inclusion of issuers that demonstrate stable and improving sustainability trajectories, and issuers demonstrating good governance based on the Investment Manager’s sustainability rating methodology.

The Investment Manager may also engage with companies to encourage transparency, the transition to a circular economy with lower carbon emissions intensity and responsible social behaviour that promotes sustainable growth and alpha generation.
The primary sources of information used to perform the analysis are the Investment Manager’s proprietary tools and research, third-party research, NGO reports and expert networks. The Investment Manager also performs its own analysis of publically available information provided by the companies, including information provided in company sustainability reports and other relevant company material.
More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
The Investment Manager ensures that at least:
- 90% of fixed or floating rate securities and money market instruments with an investment grade credit rating; sovereign debt issued by developed countries; and equities issued by large companies domiciled in developed countries; and
- 75% of fixed or floating rate securities and money market instruments with a high yield credit rating; sovereign debt issued by emerging countries equities issued by large companies domiciled in emerging countries; equities issued by small and medium companies,held in the Fund’s portfolio are rated against the sustainability criteria. For the purposes of this test, small companies are those with market capitalisation below €5 billion, medium companies are those between €5 billion and €10 billion and large companies are those above €10 billion.

1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 0.75% |
| AX Shares | Up to 3% | None | 0.75% |
| A1 Shares | Up to 2% | 0.50% | 0.75% |
| B Shares | None | 0.50% | 0.75% |
| C Shares | Up to 1% | None | 0.45% |
| CN Shares | Up to 3% | None | 0.45% |
| CX Shares | Up to 1% | None | 0.45% |
| D Shares | None | 1.00% | 0.75% |
| E Shares | Up to 1% | None | 0.225% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.45% |
| Z Shares | None | None | Up to 0.45% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide an absolute return after fees have been deducted by investing in fixed and floating rate securities denominated in Euro issued by companies worldwide.
Absolute return means the Fund seeks to provide a positive return over a 12-month period in all market conditions, but this cannot be guaranteed and your capital is at risk.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets, long (directly or indirectly through derivatives) or short (through derivatives), in fixed and floating rate securities denominated in Euro issued by governments, government agencies, supra-nationals and companies worldwide.
The Fund may invest:
- up to 30% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds);
- up to 20% of its assets in sovereign government bonds;
- up to 40% of its assets in asset-backed securities and mortgage-backed securities; and
- up to 20% of its assets in convertible bonds including up to 10% of its assets in contingent convertible bonds.

The Fund may invest in asset-backed securities, commercial mortgage-backed securities, and/or residential mortgage- backed securities issued worldwide with an investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies).
Underlying assets may include credit card receivables, personal loans, auto loans, small business loans, leases, commercial mortgages and residential mortgages.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may also invest in derivatives to create long and short exposure to the underlying assets of these derivatives. The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its objective of providing a positive return over a 12-month period in all market conditions and compared against 3 Month EURIBOR (or an alternative reference rate).
The target benchmark has been selected because the target return of the Fund is to deliver the return of that benchmark as stated in the investment objective. The comparator
benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.
Schroders is in the process of assessing the potential alternatives to EURIBOR and will notify investors of any decision to move away from EURIBOR in due course.

### Further Information
The Fund is categorised as "Absolute Return Fund" which is managed with a view to generating a positive return (i.e. greater than zero) over a rolling period of no more than 12 months. The Investment Manager will seek to generate such a return even in falling markets (or in expectation of falling markets) by either shorting (on a covered basis) the various sources of return and/or moving into cash and Money Market Investments. There is no guarantee that such objective may be achieved.

### Risk Considerations
Risk Management Method
Absolute Value-at-Risk (VaR)
Expected Leverage
300% of the total net assets
The expected level of leverage may be higher when there is unusually high or low volatility.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the absolute VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the absolute VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all share classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking positive absolute return over the medium to longer term (at least 5 years) by investing in an actively managed portfolio. The Investor must be able to accept temporary capital losses due to the potentially volatile nature of the assets held.
Fund Currency	EUR
Investment Manager	Schroder Investment Management (Europe) S.A. – German Branch Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.20% |
| AX Shares | Up to 3% | None | 1.20% |
| A1 Shares | Up to 2% | 0.50% | 1.20% |
| B Shares | None | 0.30% | 1.20% |
| C Shares | Up to 1% | None | 0.60% |
| CN Shares | Up to 3% | None | 0.60% |
| CX Shares | Up to 1% | None | 0.60% |
| D Shares | None | 1.00% | 1.20% |
| E Shares | Up to 1% | None | 0.30% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.60% |
| Z Shares | None | None | Up to 0.60% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.
The Fund aims to provide capital growth and income in excess of the iBoxx EUR Corporates BBB (TR) index after fees have been deducted over a three to five year period by investing in fixed and floating rate securities denominated in Euro issued by companies worldwide.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities denominated in Euro issued by governments, government agencies, supra-nationals and companies, worldwide.
The Fund may invest:
- up to 30% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds);
- up to 20% of its assets in sovereign government bonds;
- up to 20% of its assets in asset-backed securities and mortgage-backed securities; and
- up to 20% of its assets in convertible bonds including up to 10% of its assets in contingent convertible bonds.

The Fund may also invest up one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may also invest in derivatives to create long and short exposure to the underlying assets of these derivatives. The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the iBoxx EUR Corporates BBB (TR) index. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. However, the Fund will likely reflect certain features of the target benchmark (namely credit quality/duration, exposure to particular issuers). The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.

### Fund Characteristics
Fund Currency	EUR
is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Bond Fund".

### Risk Considerations
Risk Management Method
Relative Value-at-Risk (VaR)
VaR Benchmark
iBoxx Euro Corporate Bond BBB index. This index tracks the performance of EUR denominated investment grade corporate debt publicly issued in the Eurobond or Euro member domestic markets.
Expected Leverage
150% of the total net assets
The expected level of leverage may be higher when volatility decreases sustainably, when interest rates are expected to change or when credit spreads are expected to widen or tighten.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the relative VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the relative VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management (Europe) S.A. – German Branch Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.00% |
| AX Shares | Up to 3% | None | 1.00% |
| A1 Shares | Up to 2% | 0.50% | 1.00% |
| B Shares | None | 0.50% | 1.00% |
| C Shares | Up to 1% | None | 0.50% |
| CN Shares | Up to 3% | None | 0.50% |
| CX Shares | Up to 1% | None | 0.50% |
| D Shares | None | 1.00% | 1.00% |
| E Shares | Up to 1% | None | 0.25% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.50% |
| Z Shares | None | None | Up to 0.50% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.
The Fund aims to provide capital growth in excess of the MSCI European Monetary Union (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of companies in countries participating in the European Monetary Union.

### Investment Policy
The Fund is actively managed and invests at least 75% of its assets in equity and equity related securities of companies that are incorporated in the European Economic Area. The Fund invests at least two-thirds of its assets in equity and equity related securities of companies in countries whose currency is the Euro.
The Fund may also invest up one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.
The Fund maintains a higher overall sustainability score than MSCI European Monetary Union (Net TR) index, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the MSCI European Monetary Union (Net TR) index and compared against the Morningstar Eurozone Large Cap Equity Category. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.

### Fund Characteristics
Fund Currency	EUR
is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.

### Further Information
The Fund is categorised as "Mainstream Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing 75% of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking long term growth potential offered through investment in equities.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
Redemption Charge	None
PEA / PIR Eligibility 
2	
PEA eligible
Sustainability Criteria	The Investment Manager applies governance and sustainability criteria when selecting investments for the Fund.
The sources of information used to perform the analysis include Schroders’ proprietary sustainability tools and third-party data.
Companies in the investment universe are assessed on their governance, environmental and social profile, across a range of factors. This analysis is supported by quantitative analysis gained from Schroders in-house ESG data tools. The Investment Manager assesses a company’s environment and social impact, as well as governance practices, using proprietary sustainability tools. In addition, the Investment Manager also performs its own research and analysis before deciding whether a company is eligible for inclusion in the Fund, based on its overall sustainability profile. Proprietary tools will be key inputs to measure how companies in the portfolio are meeting the sustainability credentials outlined above.
The sources of information used to perform the analysis include information provided by the companies, such as company sustainability reports and other relevant company material, as well as Schroders’ proprietary sustainability tools and third-party data.
More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website https://www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
The Investment Manager ensures that at least:
- 90% of equities issued by large companies domiciled in developed countries; fixed or floating rate securities and money market instruments with an investment grade credit rating; and sovereign debt issued by developed countries; and
- 75% of equities issued by large companies domiciled in emerging countries; equities issued by small and medium companies; fixed or floating rate securities and money market instruments with a high yield credit rating; and sovereign debt issued by emerging countries,held in the Fund’s portfolio are rated against the sustainability criteria. For the purposes of this test, small companies are those with market capitalisation below €5 billion, medium companies are those between €5 billion and €10 billion and large companies are those above €10 billion.


### General Share Class Features
| Share Classes | Initial Charge  3 | Distribution Charge  4 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
2 
To ensure eligibility for the French Plan d'Epargne en Actions (PEA), the Fund invests at least 75% of its assets in equity securities issued by companies which have their head office in the European Union, or in an EEA state that has signed a tax agreement with France, including a clause on combating fraud and tax avoidance.
3 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
4 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.

### Investment Objective
The Fund aims to provide income and capital growth in excess of the ICE BofA Merrill Lynch Euro Direct Government index after fees have been deducted over a three to five year period by investing in fixed and floating rate securities issued by Eurozone governments.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities with an investment grade or sub-investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds) issued by governments of countries whose currency is the Euro.
The Fund may also invest up one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives (including total return swaps), long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses total return swaps, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps may be used to gain long and short exposure on fixed and floating rate securities. The gross exposure of total return swaps will not exceed 30% and is expected to remain within the range of 0% to 10% of the Net Asset Value. In certain circumstances this proportion may be higher.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the ICE BofA Merrill Lynch Euro Direct Government index. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. However, the Fund will likely reflect certain features of the target benchmark (namely credit quality/duration, currency exposure/ exposure to particular issuers). The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Fund Characteristics
Fund Currency	EUR

### Further Information
The Fund is categorised as "Mainstream Bond Fund".

### Risk Considerations
Risk Management Method
Relative Value-at-Risk (VaR)
VaR Benchmark
ICE Bank of American Merrill Lynch Euro Direct Government Index. This index tracks the performance of EUR denominated sovereign debt publicly issued by Euro member countries in either the Eurobond or the issuer's own domestic market.
Expected Leverage
150% of the total net assets
The expected level of leverage may be higher when volatility decreases sustainably, when interest rates are expected to change or when credit spreads are expected to widen or tighten.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the relative VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the relative VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
Long and short positions gained through bond total return swaps may increase exposure to credit-related risks.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 0.40% |
| AX Shares | Up to 3% | None | 0.40% |
| A1 Shares | Up to 2% | 0.50% | 0.40% |
| B Shares | None | 0.50% | 0.40% |
| C Shares | Up to 1% | None | 0.20% |
| CN Shares | Up to 3% | None | 0.20% |
| CX Shares | Up to 1% | None | 0.20% |
| D Shares | None | 1.00% | 0.40% |
| E Shares | Up to 1% | None | 0.10% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.20% |
| Z Shares | None | None | Up to 0.20% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth and income in excess of the ICE BofA Merrill Lynch Euro High Yield Constrained index after fees have been deducted over a three to five year period by investing in sub-investment grade fixed and floating rate securities denominated in Euro issued by companies worldwide.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities denominated in EUR issued by governments, government agencies, supra-nationals and companies worldwide. The Fund also invests at least two-thirds of its assets in sub- investment grade fixed and floating rate securities (being securities with a credit rating below investment grade as measured by Standard & Poor's or any equivalent grade of other credit rating agencies).
The Fund may invest up to 10% of its assets in contingent convertible bonds.
The Fund may also invest up to one-third of its asset directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may also invest in derivatives to create long and short exposure to the underlying assets of these derivatives. The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the ICE BofA Merrill Lynch Euro High Yield Constrained index. The Fund’s

### Fund Characteristics
Fund Currency	EUR
investment universe is expected to overlap to a limited extent with the components of the target benchmark. However, the Fund will likely reflect certain features of the target benchmark (namely credit quality/duration, exposure to particular issuers). The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Bond Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.00% |
| AX Shares | Up to 3% | None | 1.00% |
| A1 Shares | Up to 2% | 0.50% | 1.00% |
| B Shares | None | 0.50% | 1.00% |
| C Shares | Up to 1% | None | 0.60% |
| CN Shares | Up to 3% | None | 0.60% |
| CX Shares | Up to 1% | None | 0.60% |
| D Shares | None | 1.00% | 1.00% |
| E Shares | Up to 1% | None | 0.30% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.60% |
| Z Shares | None | None | Up to 0.60% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth and income in excess of the Bloomberg Barclays Euro Aggregate (1-3 Y) index after fees have been deducted over a three to five year period by investing in short term fixed and floating rate securities denominated in Euro.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in short term fixed and floating rate securities with an investment grade or sub-investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds) denominated in Euro, issued by governments, government agencies, supra-nationals and companies worldwide.
The average duration of the securities held by the Fund does not exceed 3 years and the residual maturity of any such security does not exceed 5 years.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives, long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the Bloomberg Barclays Euro Aggregate (1-3 Y) index. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. However, the Fund will likely reflect certain features of the target benchmark (namely credit quality/duration, currency exposure/ exposure to particular issuers). The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Fund Characteristics
Fund Currency	EUR

### Further Information
The Fund is categorised as "Mainstream Bond Fund".

### Risk Considerations
Risk Management Method
Relative Value-at-Risk (VaR)
VaR Benchmark
Barclays Euro Aggregate 1-3 Year. This index is composed of fixed-rate euro-zone government and corporate bonds with a residual maturity comprised between 1 and 3 years.
Expected Leverage
200% of the total net assets
The expected level of leverage may be higher when volatility decreases sustainably, when interest rates are expected to change or when credit spreads are expected to widen or tighten.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the relative VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the relative VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
| Performance Fee | None |
| --- | --- |
| Redemption Charge | None |
| PEA / PIR Eligibility | No |
| General Share Class Features |
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| A Shares | Up to 3% | None | 0.50% |
| AX Shares | Up to 3% | None | 0.50% |
| A1 Shares | Up to 2% | 0.50% | 0.50% |
| B Shares | None | 0.10% | 0.50% |
| C Shares | Up to 1% | None | 0.20% |
| CN Shares | Up to 3% | None | 0.20% |
| CX Shares | Up to 1% | None | 0.20% |
| D Shares | None | 1.00% | 0.50% |
| E Shares | Up to 1% | None | 0.10% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.20% |
| Z Shares | None | None | Up to 0.20% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund European Alpha Absolute Return

### Investment Objective
The Fund aims to provide an absolute return after fees have been deducted by investing directly, or indirectly through derivatives, in equity and equity related securities of European companies.
Absolute return means the Fund seeks to provide a positive return over a period of 12 months in all market conditions, but this cannot be guaranteed and your capital is at risk.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets directly, or indirectly through derivatives, in equity and equity related securities of European companies.
'Alpha' funds invest in companies in which the Investment Manager has a high conviction that the current share price does not reflect the future prospects for that business. The Fund typically holds 30-60 companies.
The investment strategy of the Fund and the use of derivatives may lead to situations where it is considered appropriate that prudent levels of cash and Money Market Investments will be maintained which may represent (exceptionally) 100% of the Fund's assets. This will be limited to a maximum of six months (otherwise the Fund will be liquidated). During this period, the Fund will not fall within the scope of MMFR.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds and warrants (subject to the restrictions provided in Appendix I).
The Fund may use derivatives (including total return swaps) with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. The Fund may have synthetic long and short positions and may be net long or short when long and short positions are combined. Where the Fund uses total return swaps and contracts for difference, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps and contracts for difference may be used to gain long and short exposure or to hedge exposure on equity and equity related securities. The gross exposure of total return swaps and contracts for difference will not exceed 250% and is expected to remain within the range of 0% to 150% of the Net Asset Value. In certain circumstances this proportion may be higher.

### Benchmark
The Fund’s performance should be assessed against its objective of providing a positive return over a 12-month period in all market conditions, and compared against the MSCI Europe (Net TR) index and 3 month EUR LIBOR (or an alternative reference rate). The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the Investment Manager invests the Fund’s assets. In relation to the MSCI Europe (Net TR) index, the Fund’s investment universe is expected to overlap materially , directly or indirectly, with the components of the comparator benchmark. The Investment
Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the MSCI Europe (Net TR) index. The Investment Manager will invest in companies or sectors not included in the MSCI Europe (Net TR) index.
The target benchmark has been selected because the target return of the Fund is to deliver or exceed the return of that benchmark as stated in the investment objective. Any comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.
Schroders is in the process of assessing the potential alternatives to EUR LIBOR and will notify investors of any decision to move away from EUR LIBOR in due course.

### Further Information
The Fund is categorised as "Absolute Return Fund" which is managed with a view to generating a positive return (i.e. greater than zero) over a rolling period of no more than 12 months. The Investment Manager will seek to generate such a return even in falling markets (or in expectation of falling markets) by either shorting (on a covered basis) the various sources of return and/or moving into cash and Money Market Investments. There is no guarantee that such objective may be achieved.
The Fund bears in its name the word "Alpha", which means that the Investment Manager adopts an active management strategy, by aggressively positioning the portfolio according to prevailing market conditions. This could be on the basis of particular sectors, themes or styles, or on a selected number of investments which the Investment Manager believes have the potential to provide enhanced returns relative to the market.
The reference in the Investment Policy to the Fund investing two-thirds of its assets in a certain way, the percentage is calculated based on the Fund’s global exposure (the remaining percentage of the Fund will also be calculated based on the Fund’s global exposure).

### Risk Considerations
Risk Management Method
Absolute Value-at-Risk (VaR)
Expected Leverage
300% of the total net assets
The expected level of leverage may be higher when volatility decreases sustainably, or when bearish markets are expected.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the absolute VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the absolute VaR approach please see Appendix 1. In addition to this regulatory restriction,
Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.

### Fund Characteristics
Fund Currency	EUR
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking positive absolute return over the medium to longer term (at least 5 years) by investing in an actively managed portfolio. The Investor must be able to accept temporary capital losses due to the potentially volatile nature of the assets held.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	20% of the outperformance over 3 Month EUR London Interbank Offer Rate Act 360 
2
, subject to a High Water Mark as per the methodology in section 3.1. Performance fee will be applied to all Share Classes except the I Shares
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  3 | Distribution Charge  4 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 2.00% |
| AX Shares | Up to 3% | None | 2.00% |
| A1 Shares | Up to 2% | 0.50% | 2.00% |
| B Shares | None | 0.50% | 2.00% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 2.00% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
For the avoidance of doubt, the above mentioned benchmarks are solely used for performance fee calculation purposes, and they should therefore under no circumstances be considered as indicative of a specific investment style. In relation to currency hedged Share Classes, currency hedged versions of the above mentioned benchmarks (including currency equivalent cash benchmarks) are used for performance fee calculation purposes.
3 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
4 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund European Alpha Focus
As of 21 June 2021 this Fund will be renamed as Schroder International Selection Fund European Innovators

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI Europe (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of European companies.

### Investment Policy
The Fund is actively managed and invests at least two thirds of its assets in a concentrated range of equity and equity related securities of European companies. The Fund will typically hold up to 35 companies.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.
As of 21 June 2021 the Investment Objective section and the Investment Policy section will change to:

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI Europe (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of European companies which help to advance the UN SDGs and which the Investment Manager deems to be sustainable investments.

### Investment Policy
The Fund is actively managed and invests at least 75% of its assets in sustainable investments, which are investments in companies that contribute towards the advancement of one or more of the UN SDGs using a science or engineering- driven, innovation-led approach (please see the Fund Characteristics section for more details).
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed on the website www.schroders.com/en/lu/private-investor/gfc.
The Fund invests in companies that do not cause significant environmental or social harm and have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Fund may invest in companies that the Investment Manager believes will improve their sustainability practices within a reasonable timeframe, typically up to two years.
The Investment Manager may engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement
with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures.
The Fund will invest at least two thirds of its assets in a concentrated range of equity and equity related securities of European companies. This means typically holding fewer than 30 companies.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the MSCI Europe (Net TR) index, and compared against the Morningstar Europe Flex Cap Equity Category. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
This Fund makes use of derivatives in a way that is fundamental to its investment objective. It is possible that this will lead to a higher volatility in the price of Shares.
The reference in the Investment Policy to a fund investing two thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
As of 21 June 2021 - The Fund has the objective of sustainable investment (within the meaning of Article 9 SFDR). A Fund with this objective may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria

### Fund Characteristics
Fund Currency	EUR
to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	10% of the outperformance over MSCI Europe Net TR 
2
, subject to a High Water Mark as per the methodology in section 3.1. Performance fee will be applied to all Share Classes except the I Shares
As of 21 June 2021 the performance fee will no longer be applied.
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	As of 21 June 2021 the following section will apply:
The Investment Manager applies sustainability criteria when selecting investments for the Fund.
The Investment Manager seeks to identify science and engineering-led European companies whose business contributes to addressing challenges faced in society such as reducing CO2 emissions, tackling air pollution and managing the use of scarce resources. The Investment Manager also seeks to identify companies that provide solutions to address the needs of growing and aging populations in areas including healthcare, transport, food and access to crucial services. The Investment Manager will assess how a company is helping to solve problems in society by drawing links between the products and services it sells and one, if not several, of the UN SDGs.
Companies held by the Fund are expected to show a commitment to their stakeholders, including customers, employees, suppliers and regulators. The Fund invests in those companies which consider stakeholders fairly and have good governance.
Companies meeting the above criteria are considered as potential holdings in the Fund. The Investment Manager performs its own due diligence on potential holdings including, where possible, meetings with senior management.
This analysis is supported by quantitative analysis gained from Schroders’ proprietary sustainability tools. Such tools are key inputs to measure how companies in the portfolio are meeting the sustainability credentials outlined above.
The Investment Manager aims to ensure that more than 80% of the Fund’s individual holdings have a positive sustainability score relative to the Fund’s target benchmark. All investments should also have or be PEA eligible moving towards above average governance scores, and the Investment Manager aims for more than 75% of holdings to have at least strong governance scores.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of equity and equity related securities of European companies.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
In relation to currency hedged Share Classes, currency hedged versions of the above mentioned benchmarks (including currency equivalent cash benchmarks) are used for performance fee calculation purposes.

### General Share Class Features
| Share Classes | Initial Charge  3 | Distribution Charge  4 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.25% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
3 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
4 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund European Dividend Maximiser

### Investment Objective
The Fund aims to deliver an income of 7% per year by investing in equities or equity related securities of European companies. This is not guaranteed and could change depending on market conditions.

### Investment Policy
The Fund is actively managed and invests at least two thirds of its assets in equities or equity related securities of European companies, which are selected for their income and capital growth potential. To enhance the yield of the Fund, the Investment Manager selectively sells short dated call options over individual securities held by the Fund, generating extra income by agreeing strike prices above which potential capital growth is sold.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.
The Fund maintains a carbon exposure below that of the MSCI Europe (Net TR), and maintains a higher overall sustainability score than MSCI Europe (Net TR) index, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.

### Benchmark
The Fund’s performance should be assessed against the income target of 7% per year, and compared against the MSCI Europe (Net TR) index and the Morningstar Europe Equity Income Category. The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the Investment Manager invests the Fund’s assets. In relation to the MSCI Europe (Net TR) index, the Fund’s investment universe is expected to overlap materially with the components of the comparator benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the MSCI Europe (Net TR) index. The

### Fund Characteristics
Fund Currency	EUR
Investment Manager will invest in companies or sectors not included in the MSCI Europe (Net TR) index. The benchmark
(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
Any comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund's investment objective and policy

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
This Fund makes use of derivatives in a way that is fundamental to its investment objective. It is expected that the strategy will typically underperform a similar portfolio with no derivative overlay in periods when the underlying stock prices are rising, and outperform when the underlying stock prices are falling.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies governance and sustainability criteria when selecting investments for the Fund.
Companies in the investment universe are subject to analysis related to their individual total scope 1 & 2 carbon emissions. The sources of information used to perform the analysis include Schroders’ proprietary sustainability tools and third-party data.
Companies in the investment universe are assessed on their governance, environmental and social profile, across a range of factors. This analysis is supported by quantitative analysis gained from Schroders in-house ESG data tools. The Investment Manager assesses a company’s environment and social impact, as well as governance practices, using proprietary sustainability tools. In addition, the Investment Manager also performs its own research and analysis before deciding whether a company is eligible for inclusion in the Fund, based on its overall sustainability profile. Proprietary tools will be key inputs to measure how companies in the portfolio are meeting the sustainability credentials outlined above.
The sources of information used to perform the analysis include information provided by the companies, such as company sustainability reports and other relevant company material, as well as Schroders’ proprietary sustainability tools and third-party data
More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
The Investment Manager ensures that at least:
- 90% of equities issued by large companies domiciled in developed countries; fixed or floating rate securities and money market instruments with an investment grade credit rating; and sovereign debt issued by developed countries; and
- 75% of equities issued by large companies domiciled in emerging countries; equities issued by small and medium companies; fixed or floating rate securities and money market instruments with a high yield credit rating; and sovereign debt issued by emerging countries,held in the Fund’s portfolio are rated against the sustainability criteria. For the purposes of this test, small companies are those with market capitalisation below €5 billion, medium companies are those between €5 billion and €10 billion and large companies are those above €10 billion.


### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund European Equity Absolute Return

### Investment Objective
The Fund aims to provide an absolute return after fees have been deducted by investing directly, or indirectly through derivatives, in equity and equity related securities of European companies.
Absolute return means the Fund seeks to provide a positive return over a period of 12 months in all market conditions, but this cannot be guaranteed and your capital is at risk.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets directly, or indirectly through derivatives, in equity and equity related securities of European companies.
The investment strategy of the Fund and the use of derivatives may lead to situations where it is considered appropriate that prudent levels of cash, or cash equivalent liquidity through Money Market Investments, will be maintained which may represent (exceptionally) 100% of the Fund's assets. This will be limited to a maximum of six months (otherwise the Fund will be liquidated). During this period, the Fund will not fall within the scope of MMFR.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds and warrants (subject to the restrictions provided in Appendix I).
The Fund may use derivatives (including total return swaps) with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. The Fund may have synthetic long and short positions and may be net long or short when long and short positions are combined. Where the Fund uses total return swaps and contracts for difference, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps and contracts for difference may be used to gain long and short exposure or to hedge exposure on equity and equity related securities. The gross exposure of total return swaps and contracts for difference will not exceed 250% and is expected to remain within the range of 0% to 150% of the Net Asset Value. In certain circumstances this proportion may be higher.

### Benchmark
The Fund’s performance should be assessed against its objective of providing a positive return over a 12-month period in all market conditions, and compared against the MSCI Europe (Net TR) index and 3 month EUR LIBOR (or an alternative reference rate). The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the Investment Manager invests the Fund’s assets. In relation to the MSCI Europe (Net TR) index, the Fund’s investment universe is expected to overlap materially with the components of the comparator benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the MSCI Europe (Net TR) index. The Investment Manager will invest in companies or sectors not included in the MSCI Europe (Net TR) index.
The target benchmark has been selected because the target return of the Fund is to deliver or exceed the return of that benchmark as stated in the investment objective. Any comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.
Schroders is in the process of assessing the potential alternatives to EUR LIBOR and will notify investors of any decision to move away from EUR LIBOR in due course.

### Further Information
The Fund is categorised as "Absolute Return Fund" which is managed with a view to generating a positive return (i.e. greater than zero) over a rolling period of no more than 12 months. The Investment Manager will seek to generate such a return even in falling markets (or in expectation of falling markets) by either shorting (on a covered basis) the various sources of return and/or moving into cash and Money Market Investments. There is no guarantee that such objective may be achieved.

### Risk Considerations
Risk Management Method
Absolute Value-at-Risk (VaR)
Expected Leverage
350% of the total net assets
The expected level of leverage may be higher when volatility decreases sustainably, or when bearish markets are expected.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the absolute VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive.. For further details on the absolute VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
The Fund may be suitable for Investors who are seeking positive absolute return over the medium to longer term (at least 5 years) by investing in an actively managed portfolio. The Investor must be able to accept temporary capital losses due to the potentially volatile nature of the assets held.

### Fund Characteristics
Fund Currency	EUR
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	20% of the outperformance over 3 Month EUR London Interbank Offer Rate Act 360 
2
, subject to a High Water Mark as per the methodology in section 3.1. Performance fee will be applied to all Share Classes except the I Shares
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  3 | Distribution Charge  4 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.50% |
| AX Shares | Up to 3% | None | 1.50% |
| A1 Shares | Up to 2% | 0.50% | 1.50% |
| B Shares | None | 0.50% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
For the avoidance of doubt, the above mentioned benchmarks are solely used for performance fee calculation purposes, and they should therefore under no circumstances be considered as indicative of a specific investment style. In relation to currency hedged Share Classes, currency hedged versions of the above mentioned benchmarks (including currency equivalent cash benchmarks) are used for performance fee calculation purposes.
3 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
4 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide income and capital growth in excess of the MSCI Europe (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of European companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of European companies.
The Fund will invest in a diversified portfolio of equity and equity related securities whose dividend yield in aggregate is greater than the average market yield. Equities with below average dividend yield may be included in the portfolio when the Investment Manager considers that they have the potential to pay above average yield in future.
The Fund will not be managed for yield alone: total return (dividend yield plus capital growth) will be equally important.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to exceed the MSCI Europe (Net TR) index and compared against the MSCI Europe Value (Net TR) index and the Morningstar Europe Equity Income Category. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark and the MSCI Europe Value (Net TR)

### Fund Characteristics
Fund Currency	EUR
index. The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark or the MSCI Europe Value (Net TR) index. The Investment Manager will invest in companies or sectors not included in the target benchmark or the MSCI Europe Value (Net TR) index in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest, and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. Any comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI Europe (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of European large-sized companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of large- sized European companies. These are companies which, at the time of purchase, are considered to be in the top 80% by market capitalisation of the European equities market.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.
The Fund maintains a carbon exposure below that of the MSCI Europe (Net TR), and maintains a higher overall sustainability score than MSCI Europe (Net TR) Index, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the MSCI Europe (Net TR) index, and compared against the Morningstar Europe Large Cap Blend Equity Category. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities. The benchmark(s) does/do not

### Fund Characteristics
Fund Currency	EUR
take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Mainstream Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking long term growth potential offered through investment in equities.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies governance and sustainability criteria when selecting investments for the Fund.
Companies in the investment universe are subject to analysis related to their individual total scope 1 & 2 carbon emissions. The sources of information used to perform the analysis include Schroders’ proprietary sustainability tools and third-party data.
Companies in the investment universe are assessed on their governance, environmental and social profile, across a range of factors. This analysis is supported by quantitative analysis gained from Schroders in-house ESG data tools. The Investment Manager assesses a company’s environment and social impact, as well as governance practices, using proprietary sustainability tools. In addition, the Investment Manager also performs its own research and analysis before deciding whether a company is eligible for inclusion in the Fund, based on its overall sustainability profile. Proprietary tools will be key inputs to measure how companies in the portfolio are meeting the sustainability credentials outlined above.
The sources of information used to perform the analysis include information provided by the companies, such as company sustainability reports and other relevant company material, as well as Schroders’ proprietary sustainability tools and third-party data.
More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website
www.schroders.com/en/lu/private-investor/strategic-capabilities/sustainability/disclosures.
The Investment Manager ensures that at least:
- 90% of equities issued by large companies domiciled in developed countries; fixed or floating rate securities and money market instruments with an investment grade credit rating; and sovereign debt issued by developed countries; and
- 75% of equities issued by large companies domiciled in emerging countries; equities issued by small and medium companies; fixed or floating rate securities and money market instruments with a high yield credit rating; and sovereign debt issued by emerging countries,held in the Fund’s portfolio are rated against the sustainability criteria. For the purposes of this test, small companies are those with market capitalisation below €5 billion, medium companies are those between €5 billion and €10 billion and large companies are those above €10 billion.


### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.25% |
| AX Shares | Up to 5% | None | 1.25% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.25% |
| C Shares | Up to 1% | None | 0.625% |
| CN Shares | Up to 3% | None | 0.625% |
| CX Shares | Up to 1% | None | 0.625% |
| D Shares | None | 1.00% | 1.25% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund Sustainable European Market Neutral

### Investment Objective
The Fund aims to provide a positive return after fees have been deducted over a three year period by investing in equity and equity related securities of European companies which meet the Investment Manager’s sustainability criteria.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of European companies. The Fund may (exceptionally) hold up to 100% of its assets in Money Market Investments or cash. This will be limited to a maximum of six months (otherwise the Fund will be liquidated). During this period, the Fund will not fall within the scope of MMFR.
The Fund adopts a Market Neutral strategy which aims to deliver returns that are not closely correlated to returns of the European equity markets.
The Fund maintains a positive absolute sustainability score, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc.
The Fund invests in companies that have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, and warrants (subject to the restrictions provided in Appendix I).
The Fund may use derivatives, long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses contracts for difference, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. Contracts for difference may be used to gain long and short exposure or to hedge exposure on equity and equity related securities. The gross exposure of contracts for difference will not exceed 250% and is expected to remain within the range of 0% to 230% of the Net Asset Value. In certain circumstances this proportion may be higher.
The Investment Manager will only use derivatives (including short positions) in a way that is consistent with the Fund’s sustainability criteria (please see the Fund Characteristics section for more details).

### Benchmark
The Fund’s performance should be assessed against its objective of providing a positive return over a three year period in all market conditions, and compared against the MSCI Europe (Net TR) index and 3 month EUR LIBOR (or an alternative reference rate). The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the Investment Manager invests the Fund’s assets. In relation to the MSCI Europe (Net TR) index, the Fund’s investment universe is expected to overlap materially with the components of the comparator benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the MSCI Europe (Net TR) index. The Investment Manager will invest in companies or sectors not included in the MSCI Europe (Net TR) index. The benchmark
(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The target benchmark has been selected because the target return of the Fund is to deliver or exceed the return of that benchmark as stated in the investment objective.
Any comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.
Schroders is in the process of assessing the potential alternatives to EUR LIBOR and will notify investors of any decision to move away from EUR LIBOR in due course.

### Further Information
The Fund is categorised as "Absolute Return Fund" which is managed with a view to generating a positive return (i.e. greater than zero) over a rolling period of no more than 12 months. The Investment Manager will seek to generate such a return even in falling markets (or in expectation of falling markets) by either shorting (on a covered basis) the various sources of return and/or moving into cash and Money Market Investments. There is no guarantee that such objective may be achieved.

### Risk Considerations
Risk Management Method
Absolute Value-at-Risk (VaR)
Expected Leverage
350% of the total net assets
The expected level of leverage may be higher when volatility decreases sustainably, or when bearish markets are expected.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the absolute VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For
further details on the absolute VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
The associated risks involved in investing in derivatives are highlighted in Appendix II. Furthermore the use of derivatives has the overall objective of reducing the Fund's volatility, however no guarantee can be given that this will be achieved.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Fund Characteristics
Fund Currency	EUR
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking positive absolute return over the medium to longer term (at least 5 years) by investing in an actively managed portfolio. The Investor must be able to accept temporary capital losses due to the potentially volatile nature of the assets held.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	20% of the outperformance over 3 Month EUR London Interbank Offer Rate Act 360 
2
, subject to a High Water Mark as per the methodology in section 3.1. Performance fee will be applied to all Share Classes except the I Shares
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies sustainability criteria when selecting investments for the Fund.
The Investment Manager targets long positions in companies that have a positive impact on society and/or demonstrate best in class corporate behaviours, and short positions in companies that are having a negative impact on society and/or demonstrate poor corporate behaviours.
Corporate behaviours are assessed based on a company’s relationship with its key stakeholders, specifically employees, regulators, customers, suppliers and local communities. This is combined with an assessment of governance, management quality and environmental impact. Impact on society is assessed using a proprietary tool which rates a company’s overall performance on sustainability issues. This analysis provides the Investment Manager with a framework to examine a company’s overall sustainability profile and identify those companies with high standards of corporate behaviours and a positive impact on society relative to peers.
The Investment Manager also seeks to ensure that the portfolio is low carbon by assessing issuers’ carbon emissions and carbon intensity levels.
The primary inputs into the investment process are internal bottom-up fundamental research, Schroders’ proprietary sustainability tools and third party ESG research.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of equity and equity related securities of European companies.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
For the avoidance of doubt, the above mentioned benchmarks are solely used for performance fee calculation purposes, and they should therefore under no circumstances be considered as indicative of a specific investment style. In relation to currency hedged Share Classes, currency hedged versions of the above mentioned benchmarks (including currency equivalent cash benchmarks) are used for performance fee calculation purposes.
| Share Classes | Initial Charge  3 | Distribution Charge  4 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.25% |
| AX Shares | Up to 5% | None | 1.25% |
| A1 Shares | Up to 4% | 0.50% | 1.25% |
| B Shares | None | 0.60% | 1.25% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.25% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
3 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
4 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI Europe (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of companies listed in Europe.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of companies listed in Europe.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, investment funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the MSCI Europe (Net TR) index and compared against the Morningstar Europe Large Cap Blend Equity Category. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment

### Fund Characteristics
Fund Currency	EUR
Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the Euromoney Smaller Companies (TR) index after fees have been deducted over a three to five year period by investing in equity or equity related securities of small-sized European companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of small- sized European companies. These are companies which, at the time of purchase, are considered to be in the bottom 30% by market capitalisation of the European equities market.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the Euromoney Smaller Companies (TR) index. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a

### Fund Characteristics
Fund Currency	EUR
discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 0.75% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI Europe (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of European companies which meet the Investment Manager’s sustainability criteria.

### Investment Policy
The Fund is actively managed and invests in a select portfolio of securities in special situations, where the Investment Manager believes a special situation to be a company whose future prospects are not fully reflected in its valuation.
The Fund maintains a higher overall sustainability score than MSCI Europe Net TR index, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc
The Fund invests in companies that have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the MSCI Europe (Net TR) index. The Fund’s investment universe is expected to

### Fund Characteristics
Fund Currency	EUR
overlap materially with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	15% of the outperformance over MSCI Europe Net TR 
2
, subject to a High Water Mark as per the methodology in section 3.1. Performance fee will be applied to all Share Classes except the I Shares
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies sustainability criteria when selecting investments for the Fund.
Companies held by the Fund are expected to show a commitment to their stakeholders, including customers, employees, suppliers and regulators. The Fund invests in those companies which consider stakeholders fairly and have good governance.
Companies in the investment universe are assessed on their governance, environmental and social profile, across a range of factors. The Investment Manager performs its own due diligence on all potential holdings including, where possible, meetings with senior management.
This analysis is supported by quantitative analysis gained from Schroders’ proprietary sustainability tools. Such are key inputs to measure how companies in the portfolio are meeting the sustainability credentials outlined above. The Investment Manager aims to ensure that at least 75% of the Fund’s individual holdings have a positive sustainability score relative to the benchmark stated in the investment policy.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of equity and equity related securities issued by European companies.

### General Share Class Features
| Share Classes | Initial Charge  3 | Distribution Charge  4 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 0.75% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
In relation to currency hedged Share Classes, currency hedged versions of the above mentioned benchmarks (including currency equivalent cash benchmarks) are used for performance fee calculation purposes.
3 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
4 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI Europe (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of European companies which meet the Investment Manager’s sustainability criteria.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of European companies.
The Fund maintains a higher overall sustainability score than MSCI Europe (Net TR) index, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc.
The Fund invests in companies that have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to exceed the MSCI Europe (Net TR) index and compared against the MSCI Europe Value (Net TR) index and the Morningstar Europe Large Cap Value Equity Category. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark and the MSCI Europe Value (Net TR)

### Fund Characteristics
Fund Currency	EUR
index. The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark or the MSCI Europe Value (Net TR) index. The Investment Manager will invest in companies or sectors not included in the target benchmark or the MSCI Europe Value (Net TR) index in order to take advantage of specific investment opportunities. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13:00 Luxembourg Time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	Yes
Sustainability Criteria	The Investment Manager applies sustainability criteria when selecting investments for the Fund.
Companies in the investment universe are assessed on their governance, environmental and social profile, across a range of factors. This analysis is supported by quantitative analysis gained from Schroders’ proprietary sustainability tools. The Investment Manager assesses a company’s environment and social impact, as well as governance practices, using proprietary sustainability tools. In addition, the Investment Manager also performs its own research and analysis before deciding whether a company is eligible for inclusion in the Fund, based on its overall sustainability profile.
Proprietary tools will be key inputs to measure how companies in the portfolio are meeting the sustainability credentials outlined above.
The sources of information used to perform the analysis include information provided by the companies, such as company sustainability reports and other relevant company material, as well as Schroders’ proprietary sustainability tools and third-party data.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of equity and equity related securities of European companies.

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.25% |
| AX Shares | Up to 5% | None | 1.25% |
| A1 Shares | Up to 4% | 0.50% | 1.25% |
| B Shares | None | 0.60% | 1.25% |
| C Shares | Up to 1% | None | 0.625% |
| CN Shares | Up to 3% | None | 0.625% |
| CX Shares | Up to 1% | None | 0.625% |
| D Shares | None | 1.00% | 1.25% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.625% |
| Z Shares | None | None | Up to 0.625% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI Europe (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of European companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in a concentrated range of equities of European companies. The Fund typically holds fewer than 50 companies.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to exceed the MSCI Europe (Net TR) index and compared against the MSCI Europe Value (Net TR) index and the Morningstar Europe Flex Cap Equity Category. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark and the MSCI Europe Value (Net TR) index. The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which

### Fund Characteristics
Fund Currency	EUR
the Fund’s portfolio and performance may deviate from the target benchmark or the MSCI Europe Value (Net TR) index. The Investment Manager will invest in companies or sectors not included in the target benchmark or the MSCI Europe Value (Net TR) index in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest, and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. Any comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	15% of the outperformance over MSCI Europe Net TR 
2
, subject to a High Water Mark as per the methodology in section 3.1. Performance fee will be applied to all Share Classes except the I Shares
Redemption Charge	None
PEA / PIR Eligibility	No
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
In relation to currency hedged Share Classes, currency hedged versions of the above mentioned benchmarks (including currency equivalent cash benchmarks) are used for performance fee calculation purposes.

### General Share Class Features
| Share Classes | Initial Charge  3 | Distribution Charge  4 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
3 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
4 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.
As of 21 June 2021 this fund will be renamed as Schroder International Selection Fund Sustainable Conservative

### Investment Objective
The Fund aims to provide capital growth and income in line with 3 month EURIBOR (or an alternative reference rate) plus 2% per annum before fees have been deducted* over a three to five year period whilst also seeking to limit losses to a maximum of 8% of the value of the Fund, over any investment period. The Fund aims to provide this return with a volatility (a measure of how much the fund’s returns vary over rolling 3 year periods) of 3-5% per annum. The Fund aims to achieve the objective by investing in a diversified range of assets and markets worldwide. The limitation of losses cannot be guaranteed.
*For the target return after fees for each Share Class please visit the Schroder website: https://www.schroders.com/en/lu/private-investor/ investing-with-us/after-fees-performance-targets/

### Investment policy
The Fund is actively managed and invests at least two-thirds of its assets directly or indirectly through derivatives in equity and equity-related securities, fixed and floating rate securities issued by governments, government agencies, supra-nationals and companies worldwide and Alternative Asset Classes.
The Fund may invest in sub-investment grade fixed and floating rate securities (being securities with a credit rating below investment grade as measured by Standard & Poor's or any equivalent grade of other credit rating agencies).
The exposure to Alternative Asset Classes is taken through eligible assets as described in Appendix III of this Prospectus.
The Fund may use derivatives (including total return swaps), long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses total return swaps and contracts for difference, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps and contracts for difference may be used to gain long and short exposure on equity and equity related securities, fixed and floating rate securities and commodity indices. The gross exposure of total return swaps and contracts for difference will not exceed 40% and is expected to remain within the range of 0% to 15% of the Net Asset Value. In certain circumstances this proportion may be higher.
The Fund may (exceptionally) hold up to 100% of its assets in cash and Money Market Investments. This will be limited to a maximum of six months (otherwise the Fund will be liquidated). During this period, the Fund will not fall within the scope of MMFR. The Fund may invest up to 10% of its assets in open-ended Investment Funds.
As of 21 June 2021 the Investment Objective section and the Investment Policy section will change to:

### Investment Objective
The Fund aims to provide capital growth and income of 3 month Euribor +2% per annum before fees have been deducted over a three to five year period. The Fund aims to provide this return with a volatility (a measure of how much the fund’s returns vary over rolling 3 year periods) of 3-5% per annum. The Fund aims to achieve the objective by investing in a diversified range of assets and markets worldwide that meet the Investment Manager’s sustainability criteria.
*For the target return after fees for each Share Class please visit the Schroder website: https://www.schroders.com/en/ lu/private-investor/investing-with-us/after-fees- performance-targets/

### Investment policy
The Fund is actively managed and invests at least two-thirds of its assets directly or indirectly through derivatives in equity and equity-related securities, fixed and floating rate securities issued by governments, government agencies, supra-nationals and companies worldwide and Alternative Asset Classes.
The Fund may invest in sub-investment grade fixed and floating rate securities (being securities with a credit rating below investment grade as measured by Standard & Poor's or any equivalent grade of other credit rating agencies). The exposure to Alternative Asset Classes is taken through eligible assets as described in Appendix III of this Prospectus.
The Fund maintains a higher overall sustainability score than a bespoke asset-weighted blend* of MSCI World Index (hedged to EUR), MSCI Emerging Market Index (hedged to EUR), Barclays Global Aggregate Corporate Bond Index (hedged to EUR), Barclays Global High Yield excl CMBS & EMD 2% Index (hedged to EUR), ICE BofA US Treasury Index (hedged to EUR), JPM GBI Emerging Market Index - EM Local (hedged to EUR), JPM EMBI Index EM Hard Currency (hedged to EUR), Thomson Reuters Global Convertible Bonds Index (hedged to EUR), based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.*The blend will evolve over time in line with the actual asset allocation of the Fund.
The Fund invests in companies that have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures.
The Fund may use derivatives (including total return swaps), long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses total return swaps and contracts for difference, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps and
contracts for difference may be used to gain long and short exposure on equity and equity related securities, fixed and floating rate securities and commodity indices. The gross exposure of total return swaps and contracts for difference will not exceed 40% and is expected to remain within the range of 0% to 15% of the Net Asset Value. In certain circumstances this proportion may be higher.
The Fund may (exceptionally) hold up to 100% of its assets in cash and Money Market Investments. This will be limited to a maximum of six months (otherwise the Fund will be liquidated). During this period, the Fund will not fall within the scope of MMFR. The Fund may invest up to 10% of its assets in open-ended Investment Funds.

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being 3 month EURIBOR (or an alternative reference rate) plus 2% per annum, and its volatility objective of 3-5% per annum. The Investment Manager invests on a discretionary basis and is not limited to investing in accordance with the composition of a benchmark. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The target benchmark has been selected because the target return of the Fund is to deliver or exceed the return of that benchmark as stated in the investment objective.
Schroders is in the process of assessing the potential alternatives to EURIBOR and will notify investors of any decision to move away from EURIBOR in due course.

### Further Information
The Fund is categorised as "Multi-Asset Fund".

### Risk Considerations
As of 21 June 2021 the following sections will apply:
Risk Management Method
Absolute Value-at-Risk (VaR)
Expected Leverage
180% of the total net assets
The expected level of leverage may be higher when volatility decreases sustainably, when interest rates are expected to change or when credit spreads are expected to widen or tighten.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the relative VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial

### Fund Characteristics
Fund Currency	EUR
instrument as further described in the MIFID Directive. For further details on the relative VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
Long and short positions gained through indices, bond and equity total return swaps may increase exposure to credit- related risks.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
As the Fund’s performance is calculated by reference to an IBOR it may be necessary, as a result of these industry initiatives, for the Fund to choose a successor or substitute alternative reference rate as the Fund’s benchmark. As described further under the heading “IBOR Reform” in Appendix II, even with spreads or other adjustments, IBOR- equivalent alternative reference rates may be only an approximation of the relevant IBOR and may not result in a rate that is the economic equivalent of the specific IBOR. This may result in the Fund not constituting an economically equivalent investment to that which an investor had anticipated at the time it invested in the Fund. Schroders is in the process of assessing the potential alternatives to IBORs and will notify investors in the Fund of the decision in due course.
As of 21 June 2021 - The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund is a low risk fund aiming to provide capital growth. It may be suitable for investors seeking capital growth opportunities whilst also seeking to limit losses to a maximum of 8% over any investment period. It may be suitable for investors who are members of a defined contribution pension plan who wish to have flexibility to take their pension savings as a single lump sum or who wish to drawdown their savings over a period of time. Investors should regard their investment as medium to long-term and should read the risk warnings set out in Appendix II and the Fund's Key Investor Information Document before investing.
Investment Manager	Schroder Investment Management Limited
As of 21 June 2021 the Investment Manager will change to:
Schroder Investment Management (Europe) SA – German Branch
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	As of 21 June 2021 - The Investment Manager applies sustainability criteria when selecting
investments for the Fund. The Investment Manager uses both negative and positive screening.
Firstly, a company is given an ESG score, which takes into account issues such as climate change, environmental performance, labour standards and board composition. The Investment Manager will decide whether an investment is eligible for inclusion taking into account this ESG score and will generally exclude companies with the lowest scores across each industrial group. The multi-asset nature of the Fund means that the Investment Manager will analyse the ESG scores across asset classes as an input into the asset allocation of the Fund.
Within the investment universe established by this screening, the Investment Manager will assess companies against a variety of environmental and social metrics and may then select investments based which it deems to contribute to one or more environmental or social objectives, provided that they do no significant harm to any other environmental or social objectives.
The sources of information used to perform the analysis include information provided by the companies, such as company sustainability reports and other relevant company material, as well as Schroders’ proprietary sustainability tools and third-party data.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of equity and equity-related securities and fixed and floating rate securities issued by companies worldwide and Alternative Asset Classes. However, the universe (for the purpose of this test only) shall not include debt issued by public or quasi-public issuers.

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 0.75% |
| AX Shares | Up to 3% | None | 0.75% |
| A1 Shares | Up to 2% | 0.50% | 0.75% |
| B Shares | N/A | N/A | N/A |
| C Shares | Up to 1% | None | 0.30% |
| CN Shares | Up to 3% | None | 0.30% |
| CX Shares | Up to 1% | None | 0.30% |
| D Shares | N/A | N/A | N/A |
| E Shares | N/A | N/A | N/A |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.30% |
| Z Shares | None | None | Up to 0.30% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI Frontier Markets (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of frontier markets companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of frontier markets companies worldwide.
The Fund typically holds 50-70 companies.
'Frontier markets' are countries included in the MSCI Frontier Markets Index or any other recognised frontier markets financial index, or additional countries that the Investment Manager deems to be frontier market countries.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the MSCI Frontier Markets Net TR index. The Fund’s investment universe is expected to overlap materially, directly or indirectly, with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The

### Fund Characteristics
Fund Currency	USD
Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Equity Fund".
Frontier markets are countries included in the MSCI Frontier Markets Index or any other recognised Frontier Markets financial index, or additional countries that the Investment Manager deems to be frontier market countries.

### Risk Considerations
Specific Risk Considerations
Risks related to emerging and frontier markets investments can be found under “Emerging and Less Developed Markets Securities Risk” in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	15% of the outperformance over MSCI Frontier Markets Net TR 
2 
subject to a High Water Mark as per the methodology in section 3.1. The performance fee will be applied to all Share Class except the I shares
Redemption Charge	None
PEA / PIR Eligibility	No
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
For the avoidance of doubt the above mentioned benchmarks are solely used for performance fee calculation purposes, and they should therefore under no circumstances be considered as indicative of a specific investment style. In relation to currency hedged Share Classes, currency hedged versions of the above mentioned benchmarks (including currency equivalent cash benchmarks) are used for performance fee calculation purposes.

### General Share Class Features
| Share Classes | Initial Charge  3 | Distribution Charge  4 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
3 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
4 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth and income in excess of the Bloomberg Barclays Global Aggregate Bond index after fees have been deducted over a three to five year period by investing in fixed and floating rate securities.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities with an investment grade or sub-investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies) issued by governments, government agencies, supra-nationals and companies worldwide in various currencies.
The Fund may invest:
- up to 10% of its assets in contingent convertible bonds;
- up to 30% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds); and
- up to 40% of its assets in asset-backed securities, commercial mortgage-backed securities, and/or residential mortgage-backed securities issued worldwide with an investment grade or sub-investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies). Underlying assets may include credit card receivables, personal loans, auto loans, small business loans, leases, commercial mortgages and residential mortgages.

The Fund may invest in mainland China through Regulated Markets (including the CIBM via Bond Connect).
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives (including total return swaps) with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses total return swaps, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps may be used to gain long and short exposure on fixed and floating rate securities. The gross exposure of total return swaps will not exceed 30% and is expected to remain within the range of 0% to 10% of the Net Asset Value. In certain circumstances this proportion may be higher.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the Bloomberg Barclays Global Aggregate Bond index. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. However, the Fund will likely reflect certain features of the target benchmark (namely credit quality/duration, currency exposure/
exposure to particular issuers). The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Mainstream Bond Fund".
The Investment Manager of the Fund undertakes the hedging of the Shares of the hedged Share Classes by considering the relevant underlying currency exposures within the benchmark of the Fund. Performance of these hedged Share Classes may therefore vary significantly from equivalent Share Classes in the Fund Currency.

### Risk Considerations
Risk Management Method
Relative Value-at-Risk (VaR)
VaR Benchmark
Barclays Global Aggregate Bond Index. This USD un-hedged index provides a broad-based measure of the global investment grade fixed-rate debt markets.
Expected Leverage
400% of the total net assets
The expected level of leverage may be higher when volatility decreases sustainably, when interest rates are expected to change or when credit spreads are expected to widen or tighten.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the relative VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the relative VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
Long and short positions gained through bond total return swaps may increase exposure to credit-related risks.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Fund Characteristics
Fund Currency	USD

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 0.75% |
| AX Shares | Up to 3% | None | 0.75% |
| A1 Shares | Up to 2% | 0.50% | 0.75% |
| B Shares | None | 0.50% | 0.75% |
| C Shares | Up to 1% | None | 0.50% |
| CN Shares | Up to 3% | None | 0.50% |
| CX Shares | Up to 1% | None | 0.50% |
| D Shares | None | 1.00% | 0.75% |
| E Shares | Up to 1% | None | 0.25% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.50% |
| Z Shares | None | None | Up to 0.50% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.
As of 21 June 2021 this Fund will be renamed as Schroder International Selection Fund Global Cities

### Investment Objective
The Fund aims to provide capital growth and income in excess of the FTSE EPRA NAREIT Developed index (NET TR, USD) after fees have been deducted over a three to five year period by investing in equity and equity related securities of real estate companies worldwide and which the Investment Manager deems to be sustainable investments.

### Investment Policy
The Fund is actively managed and invests at least 75% of its assets in sustainable investments, which are investments that contribute towards more environmentally resilient and innovative cities and infrastructure (please see the Fund Characteristics section for more details).
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc
The Fund invests in companies that do not cause significant environmental or social harm and have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Fund may invest in companies that the Investment Manager believes will improve their sustainability practices within a reasonable timeframe, typically up to two years.
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website https://www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures.
The Fund invests at least two-thirds of its assets in equity and equity related securities of real estate companies worldwide with a focus on companies that invest in cities that the Investment Manager believes will exhibit continued economic growth, supported by factors such as strong infrastructure and supportive planning regimes.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Fund Characteristics
Fund Currency	USD

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to exceed the FTSE EPRA NAREIT Developed index (Net TR, USD). The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
The Fund has the objective of sustainable investment (within the meaning of Article 9 SFDR). A Fund with this objective may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies sustainability criteria when selecting investments for the Fund. The investment universe is analysed in two distinct phases. Each phase leads to companies being excluded based on weak sustainability metrics:
- Stage 1 analyses cities on a range of environmental and social metrics. Companies are then scored based on their exposure to the superior/ inferior locations. Companies in the bottom quartile are removed from the Fund’s investment universe.
- Stage 2 focusses on determining the quantum to be invested in each company, using both internal (i.e. Schroders’ proprietary sustainability tools and external sustainability measurement tools. The analysis awards a sustainability score to each company. The process excludes the bottom quartile of companies (based on their sustainability score) from investment by the Fund.

The Investment Manager may also engage with companies in the portfolio, which are expected to demonstrate a clear commitment to sustainability both in their relationships with stakeholders and in their efforts to mitigate their impact on the natural environment.
The Investment Manager performs its analysis using its own research and Schroders’ sustainable proprietary tools. Third party research is used as a secondary consideration and generally provides a source of challenge or endorsement for its proprietary view.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth by investing in equity and equity related securities of companies worldwide which the Investment Manager believes will benefit from efforts to accommodate or limit the impact of global climate change and which meet the Investment Manager’s sustainability criteria.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of companies worldwide.
The Fund maintains a higher overall level of avoided emissions than MSCI World (Net TR) index, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc.
The Fund invests in companies that have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund does not have a target benchmark. The Fund's performance should be compared against the MSCI All Country World (Net TR) index. The comparator benchmark is

### Fund Characteristics
Fund Currency	USD
only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Fund’s investment universe is expected to overlap materially with the components of the comparator benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the comparator benchmark. The Investment Manager will invest in companies or sectors not included in the comparator benchmark. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund's investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies sustainability criteria when selecting investments for the Fund.
When assessing the significance of climate change on the long-term business outlook for a company, a company is assessed on a number of factors which include but are not limited to:
If the company has significant direct industry exposure to climate change trends (mitigation – reducing greenhouse gas emissions through energy efficiency, renewable power, and cleaner vehicles; or adaptation - those that are preparing for the impacts of climate change, for example water stress, coastal flooding, community health issues, or supply chain disruptions, among other issues).
The proportion of business segments that are potentially exposed to climate change trends.
If the company has significant investment and research and development spending related to the transition to a lower carbon economy.
A product portfolio that takes into account the physical and transition risks posed by climate change.
The impact on the company of rising carbon costs in the context of its industry and competitive environment.
The Investment Manager will then decide on a case by case basis whether a company is eligible for inclusion in the Fund’s investment universe, based on this assessment. In addition, the Investment Manager’s ESG analysis seeks to evaluate the materiality and impact of a range of ESG factors on the sustainability of future earnings growth and as potential risk factors that may affect a company’s valuation. The Investment Manager’s decision will focus on ratings in the areas that are most relevant to the particular business of that company.
The Investment Manager performs its own analysis of information provided by the companies, including information provided in company sustainability reports and other relevant company material. The research draws information from a wide variety of publicly available corporate information and company meetings, broker reports and outputs from industry bodies, research organisations, think tanks, legislators, consultants, NGOs and academics. Third party research is used as a secondary consideration, and generally provides a source of challenge or endorsement for the Investment Manager’s proprietary view.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of equity and equity related securities of companies worldwide.
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund Global Conservative Convertible Bond

### Investment Objective
The Fund aims to provide capital growth in excess of the Thomson Reuters Global Focus Investment Grade Hedged index (USD) after fees have been deducted over a three to five year period by investing in convertible securities issued by companies worldwide.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in a diversified range of convertible securities and other similar transferable securities, such as convertible preference securities, exchangeable bonds or exchangeable notes, issued by companies worldwide. The Fund may also invest in fixed and floating rate securities, equity and equity related securities of companies worldwide.
The Fund is designed to participate in rising markets whilst aiming to mitigate losses in falling markets. The mitigation of losses cannot be guaranteed. The Fund may invest in securities with an investment grade or sub-investment grade credit rating while aims to achieve an average credit quality equivalent to investment grade (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds).
Convertible bonds are typically corporate bonds that can be converted into equities at a given price. As such, the Investment Manager believes investors can gain exposure to global equity markets with the defensive benefits and less volatile characteristics of a bond investment.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Fund Characteristics
Fund Currency	USD

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the Thomson Reuters Global Focus Investment Grade Hedged index (USD). The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Bond Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management (Switzerland) AG
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.20% |
| AX Shares | Up to 3% | None | 1.20% |
| A1 Shares | Up to 2% | 0.50% | 1.20% |
| B Shares | None | 0.50% | 1.20% |
| C Shares | Up to 1% | None | 0.60% |
| CN Shares | Up to 3% | None | 0.60% |
| CX Shares | Up to 1% | None | 0.60% |
| D Shares | None | 1.00% | 1.20% |
| E Shares | Up to 1% | None | 0.30% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.60% |
| Z Shares | None | None | Up to 0.60% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the Thomson Reuters Global Focus Hedged Convertible Bond index (USD) after fees have been deducted over a three to five year period by investing in convertible securities issued by companies worldwide.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in a diversified range of convertible securities and other similar transferable securities, such as convertible preference securities, exchangeable bonds or exchangeable notes issued by companies worldwide. The Fund may also invest in fixed and floating rate securities, equity and equity related securities of companies worldwide.
Convertible bonds are typically corporate bonds that can be converted into shares at a given price. As such, the Investment Manager believes investors can gain exposure to global equity markets with the defensive benefits and less volatile characteristics of a bond investment.
The Fund may invest in excess of 50% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds).
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Fund Characteristics
Fund Currency	USD

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the Thomson Reuters Global Focus Hedged Convertible Bond index (USD). The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Bond Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management (Switzerland) AG
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.25% |
| AX Shares | Up to 3% | None | 1.25% |
| A1 Shares | Up to 2% | 0.50% | 1.25% |
| B Shares | None | 0.50% | 1.25% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.25% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide income and capital growth in excess of the Bloomberg Barclays Global Aggregate – Corporate index hedged to USD after fees have been deducted over a three to five year period by investing in fixed and floating rate securities issued by companies worldwide.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities denominated in various currencies and issued by companies worldwide.
The Fund invests in the full credit spectrum of fixed income investments. The Fund may invest:
- up to 40% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds);
- up to 20% of its assets in securities issued by governments and government agencies; and
- up to 10% of its assets in contingent convertible bonds.

The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives, long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. The Fund may use leverage.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the Bloomberg Barclays Global Aggregate – Corporate index Hedged to USD and compared against the Morningstar Global Corporate Bond Category Hedged to USD. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in

### Fund Characteristics
Fund Currency	USD
relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund's investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Bond Fund".

### Risk Considerations
Risk Management Method
Relative Value-at-Risk (VaR)
VaR Benchmark
Barclays Global Aggregate Credit Component USD hedged Index. This USD hedged index provides a broad-based measure of the global investment-grade fixed income markets. This index excludes sovereign and securitised securities.
Expected Leverage
200% of the total net assets
The expected level of leverage may be higher when volatility decreases sustainably, when interest rates are expected to change or when credit spreads are expected to widen or tighten.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the relative VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the relative VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management North America Inc.
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 0.75% |
| AX Shares | Up to 3% | None | 0.75% |
| A1 Shares | Up to 2% | 0.50% | 0.75% |
| B Shares | None | 0.50% | 0.75% |
| C Shares | Up to 1% | None | 0.45% |
| CN Shares | Up to 3% | None | 0.45% |
| CX Shares | Up to 1% | None | 0.45% |
| D Shares | None | 1.00% | 0.75% |
| E Shares | Up to 1% | None | 0.225% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.45% |
| Z Shares | None | None | Up to 0.45% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide income and capital growth by investing in fixed and floating rate securities issued by governments and companies worldwide. The Fund aims to mitigate losses in falling markets. The mitigation of losses cannot be guaranteed.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate investment grade and high yield securities issued by governments, government agencies, supra-nationals and companies worldwide, including emerging market countries.
The Fund may invest:
- in excess of 50% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds);
- up to 20% of its assets in asset-backed securities and mortgage-backed securities;
- up to 10% of its assets in convertible bonds (including contingent convertible bonds); and
- up to 10% of its assets in open-ended Investment Funds.

The Investment Manager aims to mitigate losses by diversifying the Fund’s asset allocation away from areas of the market identified as having a high risk of material negative return.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives, long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.
The Fund maintains a higher overall sustainability score than Bloomberg Barclays Multiverse ex Treasury A+ to B- USD Hedged index, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.

### Benchmark
The Fund does not have a target benchmark. The Fund's performance should be compared against the Bloomberg Barclays Multiverse ex Treasury A+ to B- USD Hedged index, the Bloomberg Barclays Global Aggregate Corporate USD index, the Bloomberg Barclays Global High Yield USD index, and the JP Morgan EMBI Global Total Return index. The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the Investment Manager invests the Fund’s assets. The Fund’s investment universe is expected to overlap materially with the components of the comparator benchmarks. The Investment Manager invests on a discretionary basis and
there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the comparator benchmarks. The Investment Manager will invest in companies or sectors not included in the comparator benchmarks. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.Any comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund's investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Bond Fund".

### Risk Considerations
Risk Management Method
Absolute Value-at-Risk (VaR)
Expected Leverage
500% of the total net assets
The expected level of leverage may be higher when there is unusually high or low volatility.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the absolute VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the absolute VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking income, combined with capital growth opportunities in the relative stability of the debt markets over the long term.

### Fund Characteristics
Fund Currency	USD
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies governance and sustainability criteria when selecting investments for the Fund.
The strategy aims to identify issuers demonstrating good or improving sustainability credentials, and those that impose a high cost on the environment and society. This involves:
- The exclusion of issuers that the Investment Manager deems to have businesses that are materially damaging to the climate and impose unjustifiable social costs.
- The inclusion of issuers that demonstrate stable and improving sustainability trajectories, and issuers demonstrating good governance based on the Investment Manager’s sustainability rating methodology.

The Investment Manager may also engage with companies to encourage transparency, the transition to a circular economy with lower carbon emissions intensity and responsible social behaviour that promotes sustainable growth and alpha generation.
The primary sources of information used to perform the analysis are the Investment Manager’s proprietary tools and research, third-party research, NGO reports and expert networks. The Investment Manager also performs its own analysis of publically available information provided by the companies, including information provided in company sustainability reports and other relevant company material.
More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
The Investment Manager ensures that at least:
- 90% of fixed or floating rate securities and money market instruments with an investment grade credit rating; sovereign debt issued by developed countries; and equities issued by large companies domiciled in developed countries; and
- 75% of fixed or floating rate securities and money market instruments with a high yield credit rating; sovereign debt issued by emerging countries equities issued by large companies domiciled in emerging countries; equities issued by small and medium companies,held in the Fund’s portfolio are rated against the sustainability criteria. For the purposes of this test, small companies are those with market capitalisation below €5 billion, medium companies are those between €5 billion and €10 billion and large companies are those above €10 billion.

1 
Different subscription and redemption procedures may apply if applications are made through Distributors.

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.10% |
| AX Shares | Up to 3% | None | 1.10% |
| A1 Shares | Up to 2% | 0.50% | 1.10% |
| B Shares | None | 0.50% | 1.10% |
| C Shares | Up to 1% | None | 0.55% |
| CN Shares | Up to 3% | None | 0.55% |
| CX Shares | Up to 1% | None | 0.55% |
| D Shares | None | 1.00% | 1.10% |
| E Shares | Up to 1% | None | 0.275% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.55% |
| Z Shares | None | None | Up to 0.55% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund Global Credit Income Short Duration

### Investment Objective
The Fund aims to provide capital growth and income by investing in fixed and floating rate securities issued by governments and companies worldwide. The Fund aims to reduce interest rate risk (as defined by duration) by focussing on fixed and floating rate securities with a duration of less than four years.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate investment grade and high yield securities issued by governments, government agencies, supra-nationals and companies worldwide, including emerging market countries. The Fund’s strategy will have an overall duration of less than four years but this does not preclude the fund from investing in securities with a duration above four years. The Investment Manager believes the short duration strategy should limit the overall level of interest rate risk.
The Fund may invest:
- in excess of 50% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds);
- up to 20% of its assets in asset-backed securities and mortgage-backed securities;
- up to 10% of its assets in convertible bonds (including contingent convertible bonds); and
- up to 10% of its assets in open-ended Investment Funds.

The Investment Manager also aims to mitigate losses by diversifying the Fund’s asset allocation away from areas of the market identified as having a high risk of material negative return or principal risk.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives, long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.
The Fund maintains a higher overall sustainability score than Bloomberg Barclays Multiverse 1-5 year TR ex-Treasury A+ to B- EUR hedged index, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund does not directly invest in certain activities, industries or groups of issuers listed on the website www. schroders.com/en/lu/private-investor/gfc.

### Benchmark
The Fund does not have a target benchmark. The Fund's performance should be compared against 3 month EURIBOR (or alternative reference rate) and Bloomberg Barclays Multiverse 1-5 year TR ex-Treasury A+ to B- EUR hedged index. The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the Investment Manager invests the Fund’s assets. In relation to the Bloomberg Barclays Multiverse 1-5 year TR ex-Treasury A+ to B- EUR hedged index, the Fund’s investment universe is expected to overlap to a limited extent with the components of the comparator benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the Bloomberg Barclays Multiverse 1-5 year TR ex-Treasury A+ to B- EUR hedged index. The Investment Manager will invest in companies or sectors not included in the Bloomberg Barclays Multiverse 1-5 year TR ex-Treasury A+ to B- EUR hedged index. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
Any comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund's investment objective and policy.
Schroders is in the process of assessing the potential alternatives to EURIBOR and will notify investors of any decision to move away from EURIBOR in due course.

### Further Information
The Fund is categorised as "Specialist Bond Fund".

### Risk Considerations
Risk Management Method
Absolute Value at Risk (VaR)
Expected Leverage
300% of the total net assets
The expected level of leverage may be higher when there is unusually high or low volatility.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the absolute VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the absolute VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds

### Fund Characteristics
Fund Currency	EUR
that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking income, combined with capital growth opportunities in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13:00 on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainablility Criteria	The Investment Manager applies governance and sustainability criteria when selecting investments for the Fund.
The strategy aims to identify issuers demonstrating good or improving sustainability credentials, and those that impose a high cost on the environment and society. This involves:
- The exclusion of issuers that the Investment Manager deems to have businesses that are materially damaging to the climate and impose unjustifiable social costs.
- The inclusion of issuers that demonstrate stable and improving sustainability trajectories, and issuers demonstrating good governance based on the Investment Manager’s sustainability rating methodology.

The Investment Manager may also engage with companies to encourage transparency, the transition to a circular economy with lower carbon emissions intensity and responsible social behaviour that promotes sustainable growth and alpha generation.
The primary sources of information used to perform the analysis are the Investment Manager’s proprietary tools and research, third-party research, NGO reports and expert networks. The Investment Manager also performs its own analysis of publically available information provided by the companies, including information provided in company sustainability reports and other relevant company material.
More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
The Investment Manager ensures that at least:
- 90% of fixed or floating rate securities and money market instruments with an investment grade credit rating; sovereign debt issued by developed countries; and equities issued by large companies domiciled in developed countries; and
- 75% of fixed or floating rate securities and money market instruments with a high yield credit rating; sovereign debt issued by emerging countries equities issued by large companies domiciled in emerging countries; equities issued by small and medium companies,held in the Fund’s portfolio are rated against the sustainability criteria. For the purposes of this test, small companies are those with market capitalisation below €5 billion, medium companies are those between €5 billion and €10 billion and large companies are those above €10 billion.

| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.00% |
| AX Shares | Up to 3% | None | 1.00% |
| A1 Shares | Up to 2% | 0.50% | 1.00% |
| B Shares | None | 0.50% | 1.00% |
| C Shares | Up to 1% | None | 0.40% |
| CN Shares | Up to 3% | None | 0.40% |
| CX Shares | Up to 1% | None | 0.40% |
| D Shares | None | 1.00% | 1.00% |
| E Shares | Up to 1% | None | 0.275% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.40% |
| Z Shares | None | None | Up to 0.40% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth by investing in equity and equity related securities of companies worldwide which benefit from disruption.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of companies worldwide.
Disruption typically means innovation (whether due to technology or otherwise) which changes a particular industry by creating new markets, products or service models. Disruption can be observed in many industries such as e-commerce, media & communications and banking & payments. The Investment Manager believes that companies benefitting from disruptive innovation, either as the disruptor or otherwise, can experience a rapid acceleration in, and durability of, growth. The Investment Manager seeks to invest in companies benefiting from disruption before this is fully reflected in market expectations.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Fund Characteristics
Fund Currency	USD

### Benchmark
The Fund does not have a target benchmark. The Fund's performance should be compared against the MSCI AC World (Net TR) index. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Fund’s investment universe is expected to overlap materially with the components of the comparator benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the comparator benchmark. The Investment Manager will invest in companies or sectors not included in the comparator benchmark.
The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund's investment objective and policy.

### Further Information
The Fund is categorised as a “Specialist Equity Fund”

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.

### Profile of the Typical Investor
The Fund may be suitable for investors who are more concerned with maximising long term returns that minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13:00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide long term capital growth and income of the Harmonised Index of Consumer Prices (HICP)
+5% per annum after fees have been deducted over a five to seven year period by investing in a diversified range of assets and markets worldwide. The Fund aims to provide a volatility (a measure of how much the Fund's returns may vary over a year) of up to two-thirds that of global equities over the same period.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets either directly or indirectly through derivatives or open-ended Investment Funds (including other Schroder Funds) and Exchange Traded Funds in a wide range of assets including equity and fixed income securities and Alternative Asset Classes.
The Fund may invest in sub-investment grade securities (being securities with a credit rating below investment grade as measured by Standard & Poor's or any equivalent grade of other credit rating agencies). The Fund may invest up to 20% of its assets in asset-backed securities and mortgage-backed securities. The exposure to Alternative Asset Classes is taken through eligible assets as described in Appendix III of this Prospectus.
The Fund may use derivatives (including total return swaps), long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses total return swaps and contracts for difference, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps and contracts for difference may be used to gain long and short exposure on equity and equity related securities, fixed and floating rate securities and commodity indices. The gross exposure of total return swaps and contracts for difference will not exceed 75% and is expected to remain within the range of 0% to 25% of the Net Asset Value. In certain circumstances this proportion may be higher.
The Fund may invest up to 10% of its assets in open-ended Investment Funds (including other Schroder Funds). The Fund may invest in another fund that charges a performance fee.
The Fund may invest in Money Market Investments and hold cash.

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to deliver the Harmonised Index of Consumer Prices (HICP) +5% and compared against the Harmonised Index of Consumer Prices and the MSCI AC World (Net TR) Hedged to EUR index. The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the

### Fund Characteristics
Fund Currency	EUR
Investment Manager invests the Fund’s assets. In relation to the MSCI AC World (Net TR) Hedged to EUR index, the Fund’s investment universe is expected to overlap to a limited extent with the components of the comparator benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the MSCI AC World (Net TR) Hedged to EUR index. The Investment Manager will invest in companies or sectors not included in the MSCI AC World (Net TR) Hedged to EUR index.
The target benchmark has been selected because the target return of the Fund is to deliver or exceed the return of that benchmark as stated in the investment objective. Any comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Multi-Asset Fund".

### Risk Considerations
Specific Risk Considerations
Long and short positions gained through index and equity total return swaps may increase exposure to credit-related risks.
The Fund may seek exposure to each of real estate, private equity and commodities through investment in transferable securities, Investment Trusts and REITs, derivatives on Financial Indices, Investment Funds and ETFs which invest in such asset classes. The exposure to commodities will be taken through eligible assets as described under the definition of "Alternative Asset Classes" in Appendix III of this Prospectus.
A detailed description of the risks linked to asset-backed securities and mortgage-backed securities can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund will be suitable for Investors who are more concerned with maximising long-term returns than minimising possible short-term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on the Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to deliver an income of 7% per year by investing in equities or equity related securities of companies worldwide. This is not guaranteed and could change depending on market conditions.

### Investment Policy
The Fund is actively managed and invests at least two thirds of its assets (excluding cash) in equities or equity related securities worldwide, which are selected for their income and capital growth potential. To enhance the yield of the Fund the Investment Manager selectively sells short dated call options over individual securities held by the Fund, generating extra income by agreeing strike prices above which potential capital growth is sold.
The Fund may invest directly in China B-Shares and China H- Shares and may invest up to 10% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against the income target of 7% per year, and compared against the MSCI World (Net TR) index, MSCI World Value (Net TR) index and Morningstar Global Equity Income Category. The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the Investment Manager invests the Fund’s assets. In relation to the MSCI World (Net TR) index and MSCI World Value (Net TR) index, the Fund’s investment universe is expected to overlap materially with the components of the comparator benchmarks. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the MSCI World (Net TR) index and the MSCI

### Fund Characteristics
Fund Currency	USD
World Value (Net TR) index. The Investment Manager will invest in companies or sectors not included in the MSCI World (Net TR) index and the MSCI World Value (Net TR) index.
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. Any comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
This Fund makes use of derivatives in a way that is fundamental to its investment objective. It is expected that the strategy will typically underperform a similar portfolio with no derivative overlay in periods when the underlying stock prices are rising, and outperform when the underlying stock prices are falling.
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
| Performance Fee | None |
| --- | --- |
| Redemption Charge | None |
| PEA / PIR Eligibility | No |
| General Share Class Features |
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund Global Emerging Market Opportunities

### Investment Objective
The Fund aims to provide capital growth and income in excess of the MSCI Emerging Markets (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of companies in emerging market countries worldwide.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of companies in emerging market countries worldwide.
The Fund may invest up to 40% of its assets in cash and global bonds in order to protect returns when the Investment Manager believes stock markets are expected to be particularly weak.
The Fund may invest directly in China-B Share and China H- Shares and may invest less than 20% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the MSCI Emerging Markets (Net TR) index. The Fund’s investment universe is expected to overlap materially, directly or indirectly, with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and

### Fund Characteristics
Fund Currency	USD
performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund Global Emerging Markets Smaller Companies

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI Emerging Markets Small Cap (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of small- sized companies in global emerging market countries.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of small- sized companies of global emerging market countries, including companies outside these countries which have a substantial business exposure to global emerging markets. Small-sized companies are companies which, at the time of purchase, are considered to be in the bottom 30% by market capitalisation of the global emerging market companies.
The Fund typically holds 60-120 companies.
The Fund may invest directly in China B-Shares and China H- Shares and may invest up to 30% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I) .
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the MSCI Emerging Markets Small Cap (Net TR) index. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no

### Fund Characteristics
Fund Currency	USD
restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI World SMID Energy index after fees have been deducted over a three to five year period by investing in equity and equity related securities of companies in the energy sector.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in a concentrated range of equities of small and mid-sized companies in the energy sector. These are companies which, at the time of purchase, are considered to be in the bottom 80% by market capitalisation of the energy sector.The Fund typically holds fewer than 50 companies.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the MSCI World SMID Energy index. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a

### Fund Characteristics
Fund Currency	USD
discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth by investing in equity and equity related securities of companies worldwide that the Investment Manager believes are associated with the global transition towards lower-carbon sources of energy and which the Investment Manager deems to be sustainable investments.

### Investment Policy
The Fund is actively managed and invests at least 75% of its assets in sustainable investments, which are investments that contribute towards the global transition towards lower- carbon sources of energy, such as lower-carbon energy production, distribution, storage, transport and associated supply chain, material provider and technology companies.
The Fund will only invest in companies that generate at least 50% of their revenue from activities contributing to the transition, or those which play critical roles in the transition and are increasing their exposure to such activities. Please see the Fund Characteristics section for more details.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc which includes companies that generate any revenue from fossil fuel and nuclear power.
The Fund invests in companies that do not cause significant environmental or social harm and have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Fund may invest in companies that the Investment Manager believes will improve their sustainability practices within a reasonable timeframe, typically up to two years.
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures.
The Fund invests at least two-thirds of its assets in a concentrated range of equity and equity related securities of companies worldwide. The Fund typically holds fewer than 60 companies.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).

### Fund Characteristics
Fund Currency	USD
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund does not have a target benchmark. The Fund's performance should be compared against the MSCI Global Alternative Energy (Net TR) index and the MSCI AC World (Net TR) index. The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the Investment Manager invests the Fund’s assets. The Fund’s investment universe is expected to overlap to a limited extent with the components of the comparator benchmarks. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the comparator benchmarks. The Investment Manager will invest in companies or sectors not included in the comparator benchmarks. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
Any comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as “Specialist Equity Fund”

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The Fund has the objective of sustainable investment (within the meaning of Article 9 SFDR). A Fund with this objective may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies sustainability criteria when selecting investments for the Fund.
Companies are assessed against eight ESG criteria: (1) management quality; (2) balance sheet sustainability; (3) corporate governance; (4) regulatory risk management; (5) supply chain management; (6) customer management; (7) employee management; and (8) environmental management. The company will receive an overall score out of ten and is placed within one of the following categories based on this score:
- ‘Lagging’ (score of 1 – 3): Companies that show poor corporate governance, unconvincing management, weak balance sheets, poor stakeholder relations, and fail to demonstrate an awareness of ESG issues they face.
- ‘Neutral’ (score of 4 – 6): Companies that show adequate corporate governance, suitable management, reasonably robust balance sheets, have reasonable relationships with stakeholders and some awareness of ESG issues. These companies do not exhibit ESG risks necessarily, but at the same time are not best in class companies with the potential to maintain market leading growth.
- ‘Best-in-class’ (score of 7 – 10): Companies that have strong corporate governance, quality management, strong balance sheets, good relationships with stakeholders and a good awareness and management of ESG issues. These companies should be able to attract the best employees, to continue to lead the industry in terms of productivity, have strong supply chain links, acting as the ‘supplier of choice’ for customers, and are mindful of their environmental impact.

The Fund will generally only invest in companies that are rated as ‘neutral’ or ’best-in-class’.
The Investment Manager performs its own analysis of information provided by the companies, including information provided in company sustainability reports and other relevant company material. Third party research is used by the team as a secondary consideration, and generally provides a source of challenge or endorsement for their own view.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. The Fund will invest at least 75% of its assets in companies that generate at least 50% of their revenue from activities supporting the energy and ecological transition.

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI All Country (AC) World (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of companies worldwide.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of companies worldwide.
The Investment Manager seeks to identify companies that it believes will deliver future earnings growth above the level expected by the market typically on a three to five year horizon (we refer to this as ‘a positive growth gap’).
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the MSCI All Country (AC) World (Net TR) index. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a

### Fund Characteristics
Fund Currency	USD
discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest, and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Mainstream Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking long term growth potential offered through investment in equities.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.25% |
| AX Shares | Up to 5% | None | 1.25% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.25% |
| C Shares | Up to 1% | None | 0.45% |
| CN Shares | Up to 3% | None | 0.45% |
| CX Shares | Up to 1% | None | 0.45% |
| D Shares | None | 1.00% | 1.25% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.45% |
| Z Shares | None | None | Up to 0.45% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI World (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of companies worldwide.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of companies worldwide.
‘Alpha’ funds invest in companies in which the Investment Manager has a high conviction that the current share price does not reflect the future prospects for that business.
The Investment Manager seeks to identify companies which it believes will deliver future earnings growth above the level expected by the market typically on a three to five year horizon (we term this as ‘a positive growth gap’).
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark, being to exceed the MSCI World (Net TR) index. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment

### Fund Characteristics
Fund Currency	USD
Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest, and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Alpha Equity Fund".
The Fund bears in its name the word "Alpha", which means that the Investment Manager adopts an active management strategy, by aggressively positioning the portfolio according to prevailing market conditions. This could be on the basis of particular sectors, themes or styles, or on a selected number of investments which the Investment Manager believes have the potential to provide enhanced returns relative to the market.

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.65% |
| CN Shares | Up to 3% | None | 0.65% |
| CX Shares | Up to 1% | None | 0.65% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.65% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide income and capital growth in excess of the MSCI World (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of companies worldwide.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of companies worldwide.
The Fund will invest in a diversified portfolio of equity and equity related securities whose dividend yield in aggregate is greater than the average market yield. Equities with below average dividend yield may be included in the portfolio when the Investment Manager considers that they have the potential to pay above average yield in future.
The Fund will not be managed for yield alone: total return (dividend yield plus capital growth) will be equally important.
The Fund may invest directly in China B-Shares and China H- Shares and may invest up to 10% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to exceed the MSCI World (Net TR) index and compared against the MSCI World Value (Net TR) index and the Morningstar Global Income Equity Category. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark and the MSCI World Value (Net TR) index. The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the Investment Manager invests the Fund’s assets. The

### Fund Characteristics
Fund Currency	USD
Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark or the MSCI World Value (Net TR) index. The Investment Manager will invest in companies or sectors not included in the target benchmark or the MSCI World Value (Net TR) index in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest, and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. Any comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
| Performance Fee | None |
| --- | --- |
| Redemption Charge | None |
| PEA / PIR Eligibility | No |
| General Share Class Features |
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the FTSE Gold Mines index after fees have been deducted over a three to five year period by investing in equity and equity related securities of companies in the gold industry.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of companies worldwide involved in the gold industry. It will also invest in gold and other precious metals through eligible assets (as described under the definition of "Alternative Asset Classes" in Appendix III of this Prospectus, excluding Alternative Investment Funds) and gold and other precious metals transferable securities.
The Fund may hold up to 40% of its assets in cash and Money Market Investments. The Fund will not be exposed to any physical commodities directly, nor enter into any contracts relating to physical commodities.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds and warrants (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the FTSE Gold Mines index. The Fund’s investment universe is expected to

### Fund Characteristics
Fund Currency	USD
overlap to a limited extent with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth and income by investing in fixed and floating rate securities issued by governments and companies worldwide. The Fund aims to mitigate losses in falling markets. The mitigation of losses cannot be guaranteed.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate investment grade and high yield securities issued by governments, government agencies, supra-nationals and companies worldwide, including emerging market countries.
The Fund may invest:
- in excess of 50% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds);
- up to 20% of its assets in asset-backed securities and mortgage-backed securities;
- up to 10% of its assets in convertible bonds (including contingent convertible bonds);
- up to 10% of its assets in open-ended Investment Funds; and
- in Money Market Investments and hold cash.

The Investment Manager aims to mitigate losses by diversifying the Fund’s asset allocation away from areas of the market identified as having a high risk of material negative return.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, and warrants (subject to the restrictions provided in Appendix I).
The Fund may use derivatives, long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund does not have a target benchmark. The Fund's performance should be compared against the Barclays Bloomberg Multiverse ex Treasury BBB to CCC USD, EUR, GBP index, the Bloomberg Barclays Global High Yield USD index, and the JP Morgan EMBI Global Total Return index. The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the Investment Manager invests the Fund’s assets. The Fund’s investment universe is expected to overlap to a limited extent with the components of the comparator benchmarks. However, the Fund will likely reflect certain features of the comparator benchmark (namely credit quality/duration, currency exposure/ exposure to particular issuers). The Investment Manager

### Fund Characteristics
Fund Currency	USD
invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the comparator benchmarks. The Investment Manager will invest in companies or sectors not included in the comparator benchmarks.
Any comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund's investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Bond Fund".

### Risk Considerations
Risk Management Method
Absolute Value at Risk (VaR)
Expected Leverage
500% of the total net assets
The expected level of leverage may be higher when there is unusually high or low volatility.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the absolute VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the absolute VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
A detailed description of the risks linked to contingent convertible bonds, below-investment grade securities, asset- backed securities and mortgage-backed securities can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.00%  3 |
| AX Shares | Up to 3% | None | 1.00%  3 |
| A1 Shares | Up to 2% | 0.50% | 1.00%  3 |
| B Shares | None | 0.50% | 1.00%  3 |
| C Shares | Up to 1% | None | 0.60% |
| CN Shares | Up to 3% | None | 0.60% |
| CX Shares | Up to 1% | None | 0.60% |
| D Shares | None | 1.00% | 1.00%  3 |
| E Shares | Up to 1% | None | 0.30% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.60% |
| Z Shares | None | None | Up to 0.60% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Effective from 1 March 2020 the management fee for the A, B and D and share classes will increase to 1.20%.

### Investment Objective
The Fund aims to provide income and capital growth in excess of the Bloomberg Barclays Global HYxCMBSxEMG index USD Hedged 2% cap after fees have been deducted over a three to five year period by investing in below investment grade fixed and floating rate securities issued worldwide.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies). The securities may be denominated in various currencies and issued by governments, government agencies, supra-nationals and companies worldwide.
The Fund may invest up to 10% of its assets in contingent convertible bonds.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives, long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. The Fund may use leverage.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the Bloomberg Barclays Global HYxCMBSxEMG index USD Hedged 2% cap and compared against the Morningstar Global High Yield Category. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities. The Bloomberg Barclays Global High Yield xCMBS xEMG 2% Issuer Capped Bond Index measures the market of non-investment grade, fixed-rate, taxable corporate bonds. The index follows the same rules as the uncapped index but limits the exposure of each issuer to 2% of the total market value and redistributes any excess market value index-wide on a pro-rata basis.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The

### Fund Characteristics
Fund Currency	USD
comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund's investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Bond Fund".

### Risk Considerations
Risk Management Method
Relative Value-at-Risk (VaR)
VaR Benchmark
Barclays Global High Yield ex CMBS ex EMG 2% Cap Index USD hedged. This USD hedged index provides a broad- based measure of the global non-investment grade debt market, caps issuers at 2% and excludes emerging markets as well as CMBS.
Expected Leverage
100% of the total net assets
The expected level of leverage may be higher when volatility decreases sustainably, when interest rates are expected to change or when credit spreads are expected to widen or tighten.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the relative VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive.. For further details on the relative VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management North America Inc.
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.00% |
| AX Shares | Up to 3% | None | 1.00% |
| A1 Shares | Up to 2% | 0.50% | 1.00% |
| B Shares | None | 0.50% | 1.00% |
| C Shares | Up to 1% | None | 0.60% |
| CN Shares | Up to 3% | None | 0.60% |
| CX Shares | Up to 1% | None | 0.60% |
| D Shares | None | 1.00% | 1.00% |
| E Shares | Up to 1% | None | 0.30% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.60% |
| Z Shares | None | None | Up to 0.60% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth and income in excess of the ICE BofA Merrill Lynch Global Governments Inflation-Linked EUR Hedged index after fees have been deducted over a three to five year period by investing in inflation-linked fixed income securities.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in inflation-linked fixed income securities with an investment grade or sub-investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds) issued by governments, government agencies, supra-nationals and companies worldwide.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives (including total return swaps), long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses total return swaps, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps may be used to gain long and short exposure on fixed income securities. The gross exposure of total return swaps will not exceed 30% and is expected to remain within the range of 0% to 10% of the Net Asset Value. In certain circumstances this proportion may be higher.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the ICE BofA Merrill Lynch Global Governments Inflation-Linked EUR Hedged index. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. However, the Fund will likely reflect certain features of the target benchmark namely credit quality and duration, as well as currency exposure. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Fund Characteristics
Fund Currency	EUR

### Further Information
The Fund is categorised as "Mainstream Bond Fund".

### Risk Considerations
Risk Management Method
Relative Value-at-Risk (VaR)
VaR Benchmark
ICE Bank of America Global Governments Inflation-Linked EUR Hedged Index. This EUR hedged index tracks the performance of investment grade inflation-linked sovereign debt publicly issued and denominated in the issuer's own domestic market and currency.
Expected Leverage
300% of the total net assets
The expected level of leverage may be higher when volatility decreases sustainably, when interest rates are expected to change or when credit spreads are expected to widen or tighten.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the relative VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the relative VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
Long and short positions gained through bond total return swaps may increase exposure to credit-related risks.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 0.75% |
| AX Shares | Up to 3% | None | 0.75% |
| A1 Shares | Up to 2% | 0.50% | 0.75% |
| B Shares | None | 0.50% | 0.75% |
| C Shares | Up to 1% | None | 0.375% |
| CN Shares | Up to 3% | None | 0.375% |
| CX Shares | Up to 1% | None | 0.375% |
| D Shares | None | 1.00% | 0.75% |
| E Shares | Up to 1% | None | 0.25% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.50% |
| Z Shares | None | None | Up to 0.50% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.
excess of 60% MSCI AC World (Net TR) index unhedged to USD/ 40% Barclays Global Treasury index (CA, IT, FR, DE, UK, US) hedged to USD before fees have been deducted* over a five to seven year period by investing in a diversified range of assets and markets worldwide.
*For the target return after fees for each Share Class please visit the Schroder website https://www.schroders.com/en/lu/private-investor/ investing-with-us/after-fees-performance-targets/

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets directly or indirectly (through open-ended Investment Funds) in equity and equity-related securities and fixed income securities. The Fund may also invest indirectly in real estate, infrastructure and commodities including precious metals (and will not invest in Alternative Investment Funds and private equity). The exposure to real estate, infrastructure and commodities including precious metals is taken through eligible assets as described in Appendix III of this Prospectus. The Fund will not be exposed to any physical commodities directly, nor enter into any contracts relating to physical commodities.
Fixed income securities include fixed or floating rate securities such as government bonds, corporate bonds, emerging market debt, sub-investment grade (fixed and floating rate) securities (being securities with a credit rating below investment grade as measured by Standard & Poor's or any equivalent grade of other credit rating agencies), convertible bonds and inflation linked bonds.
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently. The Fund may hold up to 100% of its assets in open-ended investment Funds (including other Schroder funds). The Fund may also invest in Money Market Investments and hold cash.

### Fund Characteristics
Fund Currency	USD
target benchmark, being to exceed 60% MSCI AC World (net TR) index unhedged to USD Index / 40% Barclays Global Treasury Index (CA, IT, FR, DE, UK, US) hedged to USD. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as a "Multi Asset Fund”.

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long-term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.00% |
| AX Shares | Up to 5% | None | 1.00% |
| A1 Shares | Up to 4% | 0.50% | 1.00% |
| B Shares | None | 0.60% | 1.00% |
| C Shares | Up to 1% | None | 0.50% |
| CN Shares | Up to 3% | None | 0.50% |
| CX Shares | Up to 1% | None | 0.50% |
| D Shares | None | 1.00% | 1.00% |
| E Shares | Up to 1% | None | 0.25% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.50% |
| Z Shares | None | None | Up to 0.50% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.
excess of 3 month Euribor (or an alternative reference rate)
+3% per annum before fees have been deducted* over a three to five year period by investing in a diversified range of assets and markets worldwide. The Fund aims to provide a volatility (a measure of how much the Fund’s returns vary over a year) of 4-7% per annum. The Fund is designed to participate in rising markets whilst aiming to limit losses to a maximum of 10% of the value of the Fund, over a rolling 12- month period. The limitation of losses cannot be guaranteed.
*For the target return after fees for each Share Class please visit the Schroder website: https://www.schroders.com/en/lu/private-investor/ investing-with-us/after-fees-performance-targets/

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets directly or indirectly through derivatives in equity and equity-related securities, fixed income securities and Alternative Asset Classes.
Fixed income securities include fixed or floating rate securities such as government bonds, corporate bonds, emerging market debt, sub-investment grade (fixed and floating rate) securities (being securities with a credit rating below investment grade as measured by Standard & Poor's or any equivalent grade of other credit rating agencies), convertible bonds and inflation linked bonds.
The exposure to Alternative Asset Classes is taken through eligible assets as described in Appendix III of this Prospectus.
The Fund may use derivatives (including total return swaps), long and short, with the aim of achieving investment gains, reducing risk, mitigating losses in falling markets or managing the Fund more efficiently. Where the Fund uses total return swaps and contracts for difference, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps and contracts for difference may be used to gain long and short exposure on equity and equity related securities, fixed and floating rate securities and commodity indices. The gross exposure of total return swaps and contracts for difference will not exceed 60% and is expected to remain within the range of 0% to 30% of the Net Asset Value. In certain circumstances this proportion may be higher.
The Fund may (exceptionally) hold up to 100% of its assets in cash and Money Market Investments. This will be limited to a maximum of six months (otherwise the Fund will be liquidated). During this period, the Fund will not fall within the scope of MMFR. The Fund may invest up to 10% of its assets in open-ended Investment Funds.

### Fund Characteristics
Fund Currency	EUR
target benchmark, being 3 month Euribor (or an alternative reference rate) +3% and its volatility objective of 4-7% per annum. The Investment Manager invests on a discretionary basis and is not limited to investing in accordance with the composition of a benchmark.
The target benchmark has been selected because the target return of the Fund is to deliver or exceed the return of that benchmark as stated in the investment objective.
Schroders is in the process of assessing the potential alternatives to EURIBOR and will notify investors of any decision to move away from EURIBOR in due course.

### Further Information
The Fund is categorised as "Multi-Asset Fund".

### Risk Considerations
Specific Risk Considerations
Long and short positions gained through index, bond and equity total return swaps may increase exposure to credit- related risks.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
As the Fund’s performance is calculated by reference to an IBOR it may be necessary, as a result of these industry initiatives, for the Fund to choose a successor or substitute alternative reference rate as the Fund’s benchmark. As described further under the heading “IBOR Reform” in Appendix II, even with spreads or other adjustments, IBOR- equivalent alternative reference rates may be only an approximation of the relevant IBOR and may not result in a rate that is the economic equivalent of the specific IBOR. This may result in the Fund not constituting an economically equivalent investment to that which an investor had anticipated at the time it invested in the Fund. Schroders is in the process of assessing the potential alternatives to IBORs and will notify investors in the Fund of the decision in due course.

### Profile of the Typical Investor
The Fund is a medium risk vehicle that will be suitable for Investors who are seeking long term growth potential through investment in a diversified portfolio offering exposure to a range of asset classes.
Investment Manager	Schroder Investment Management (Europe) S.A. – German Branch Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 4% | None | 1.25% |
| AX Shares | Up to 4% | None | 1.25% |
| A1 Shares | Up to 3% | 0.50% | 1.25% |
| B Shares | None | 0.60% | 1.25% |
| C Shares | Up to 1% | None | 0.60% |
| CN Shares | Up to 3% | None | 0.60% |
| CX Shares | Up to 1% | None | 0.60% |
| D Shares | None | 1.00% | 1.25% |
| E Shares | Up to 1% | None | 0.30% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.60% |
| Z Shares | None | None | Up to 0.60% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 4% is equivalent to 4.166 67% of the Net Asset Value per Share; up to 3% is equivalent to 3.09278% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide an income distribution of 5% per annum and capital growth over a three to five year period after fees have been deducted by investing in a diversified range of assets and markets worldwide. The Fund aims to provide a volatility (a measure of how much the Fund's returns may vary over a year) of between 5-7% per annum.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets directly or indirectly through derivatives in equity and equity-related securities, fixed income securities and Alternative Asset Classes.
The Fund may invest:
- up to 50% of its assets in below investment grade (fixed and floating rate) securities (being securities with a credit rating below investment grade as measured by Standard & Poor's or any equivalent grade of other credit rating agencies) and unrated securities.
- in excess of 50% of its assets in emerging market debt (fixed and floating rate) securities.
- up to 20% of its assets in asset-backed securities and mortgage-backed securitiesThe exposure to Alternative Asset Classes is taken through eligible assets as described in Appendix III of this Prospectus.

The Fund may use derivatives (including total return swaps), long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses total return swaps and contracts for difference, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps and contracts for difference may be used to gain long and short exposure on equity and equity related securities, fixed and floating rate securities and commodity indices.

### Fund Characteristics
Fund Currency	USD
The gross exposure of total return swaps and contracts for difference will not exceed 30% and is expected to remain within the range of 0% to 20% of the Net Asset Value. In certain circumstances this proportion may be higher. The Fund may invest up to 10% of its assets in open-ended Investment Funds. The Fund may invest in Money Market Investments and hold cash.

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to provide income of 5% per year and capital growth and the volatility target of 5%-7% per year.
The income and volatility targets have been selected because the Investment Manager deploys strategies that aim to deliver the level of income stated in the investment objective.

### Further Information
The Fund is categorised as "Multi-Asset Fund".

### Risk Considerations
Specific Risk Considerations
A detailed description of the risks linked to asset-backed securities and mortgage-backed securities can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.

### Profile of the Typical Investor
The Fund will be suitable for Investors who desire a sustainable level of income with some capital growth, offered through investment in a range of asset classes.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.25% |
| AX Shares | Up to 5% | None | 1.25% |
| A1 Shares | Up to 4% | 0.50% | 1.25% |
| B Shares | None | 0.60% | 1.25% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.25% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the Bloomberg Barclays Multiverse (TR) ex Treasury A+ to B- USD Hedged index after fees have been deducted over a three to five year period by investing in fixed and floating rate securities.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in investment grade and sub-investment grade fixed and floating rate securities (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies) issued by governments, government agencies, supra-nationals and companies worldwide, including emerging market countries.
The Fund may invest:
- in excess of 50% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds);
- up to 20% of its assets in asset-backed and mortgage- backed securities; and
- up to 30% of its assets in convertible bonds including up to 10% of its assets in contingent convertible bonds (CoCos).

The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may also invest in derivatives to create long and short exposure to the underlying assets of these derivatives. The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.
The Fund maintains a higher overall sustainability score than Bloomberg Barclays Multiverse (TR) ex Treasury A+ to B- index, USD Hedged, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund does not directly invest in certain activities, industries or groups of issuers listed on the website www.schroders.com/en/lu/private-investor/gfc.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the Bloomberg Barclays Multiverse (TR) ex Treasury A+ to B- index, USD Hedged. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in
companies or sectors not included in the benchmark in order to take advantage of specific investment opportunities.
The index is a customised benchmark which has been selected as it provides a more accurate investment universe against which to compare performance. This is a focussed credit fund so the index excludes Treasuries, which tend to be included in broad market indices. The benchmark includes corporate bonds rated A+ to B- as we also excluded securities rated AAA, AA and CCC and below. The index is hedged, but on an unhedged basis local currencies are excluded. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Bond Fund".

### Risk Considerations
Risk Management Method
Absolute Value-at-Risk (VaR)
Expected Leverage
500% of the total net assets
The expected level of leverage may be higher when there is unusually high or low volatility.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the absolute VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the absolute VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
The Fund will make use of credit derivative instruments to seek exposure to global credit markets. This may lead to a higher volatility in the price of the Shares and may imply increased counterparty risk.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in

### Fund Characteristics
Fund Currency	USD
companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management (Europe) S.A. – German Branch Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies governance and sustainability criteria when selecting investments for the Fund.
The strategy aims to identify issuers demonstrating good or improving sustainability credentials, and those that impose a high cost on the environment and society. This involves:
- The exclusion of issuers that the Investment Manager deems to have businesses that are materially damaging to the climate and impose unjustifiable social costs.
- The inclusion of issuers that demonstrate stable and improving sustainability trajectories, and issuers demonstrating good governance based on the Investment Manager’s sustainability rating methodology.

The Investment Manager may also engage with companies to encourage transparency, the transition to a circular economy with lower carbon emissions intensity and responsible social behaviour that promotes sustainable growth and alpha generation.
The primary sources of information used to perform the analysis are the Investment Manager’s proprietary tools and research, third-party research, NGO reports and expert networks. The Investment Manager also performs its own analysis of publically available information provided by the companies, including information provided in company sustainability reports and other relevant company material.
More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
The Investment Manager ensures that at least:
- 90% of fixed or floating rate securities and money market instruments with an investment grade credit rating; sovereign debt issued by developed countries; and equities issued by large companies domiciled in developed countries; and
- 75% of fixed or floating rate securities and money market instruments with a high yield credit rating; sovereign debt issued by emerging countries equities issued by large companies domiciled in emerging countries; equities issued by small and medium companies,held in the Fund’s portfolio are rated against the sustainability criteria. For the purposes of this test, small companies are those with market capitalisation below €5 billion, medium companies are those between €5 billion and €10 billion and large companies are those above €10 billion.


### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.20% |
| AX Shares | Up to 3% | None | 1.20% |
| A1 Shares | Up to 2% | 0.50% | 1.20% |
| B Shares | None | 0.30% | 1.20% |
| C Shares | Up to 1% | None | 0.60% |
| CN Shares | Up to 3% | None | 0.60% |
| CX Shares | Up to 1% | None | 0.60% |
| D Shares | None | 1.00% | 1.20% |
| E Shares | Up to 1% | None | 0.30% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.60% |
| Z Shares | None | None | Up to 0.60% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI World (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of companies worldwide that have suffered a severe set back in either share price or profitability.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equities of companies worldwide.
The Fund may invest directly in China B-Shares and China H- Shares and may invest up to 10% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to exceed the MSCI World (TR) index and compared against the MSCI World Value (Net TR) index and the Morningstar Global Flex-Cap Equity Category. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark and the MSCI World Value (Net TR) index. The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark or the MSCI World Value (Net TR) index. The Investment Manager will invest in companies or sectors not included in the target benchmark or the MSCI World Value (Net TR) index in order to take advantage of specific investment opportunities.

### Fund Characteristics
Fund Currency	USD
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest, and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. Any comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The portfolio will exhibit a strongly contrarian investment style and look to take maximum advantage of behavioural biases in global investment markets, and will likely exhibit higher investment volatility than global equity market indices. However, a recovery style is believed to exhibit a lower than average investment risk due to the supportive valuations of the stocks in the portfolio.
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
| Performance Fee | None |
| --- | --- |
| Redemption Charge | None |
| PEA / PIR Eligibility | No |
| General Share Class Features |
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.65% |
| CN Shares | Up to 3% | None | 0.65% |
| CX Shares | Up to 1% | None | 0.65% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the S&P Developed Small Cap (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of small-sized companies worldwide.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of small- sized companies worldwide. Small-sized companies are companies which, at the time of purchase, are considered to be in the bottom 30% by market capitalisation of each relevant equity market.
The Fund may also invest directly in China B-Shares and China H-Shares and may invest less than 30% of its assets (on a net basis) directly or indirectly through derivatives in China A-Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the S&P Developed Small Cap (Net TR) index. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment

### Fund Characteristics
Fund Currency	USD
Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market
access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund Global Sustainable Convertible Bond

### Investment Objective
The Fund aims to provide capital growth by investing in convertible securities issued by companies worldwide which meet the Investment Manager’s sustainability criteria.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in a diversified range of convertible securities issued by companies worldwide. The Fund may also invest in equity and equity related securities of companies worldwide.
Convertible bonds are typically corporate bonds that can be converted into equities at a given price. As such, the Investment Manager believes investors can gain exposure to global equity markets with the defensive benefits and less volatile characteristics of a bond investment.
The Fund may invest in excess of 50% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for nonrated bonds).
The Fund maintains a higher overall sustainability score than Thomson Reuters Global, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc.
The Fund invests in companies that have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Fund Characteristics
Fund Currency	EUR

### Benchmark
The Fund does not have a target benchmark. The Fund's performance should be compared against the 2/3 Thomson Reuters Global Focus Hedged Convertible Bond index (EUR)
+ 1/3 Thomson Reuters Global Focus Investment Hedged Grade index (EUR). The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Fund’s investment universe is expected to overlap materially with the components of the comparator benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the comparator benchmark. The Investment Manager will invest in companies or sectors not included in the comparator benchmark. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund's investment objective and policy.

### Further Information
The Fund is categorised as a ”Specialist Bond Fund”

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management (Switzerland) AG
Dealing Cut-off Time	13:00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days following the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies sustainability criteria when selecting investments for the Fund.
The Investment Manager applies a best in class approach – a company is given a rating based on a variety of ESG criteria using a proprietary tool.
The lowest scoring 20% of companies are excluded.
Fund holdings will mainly be allocated to companies with ESG scores within the 60% to 100% quintiles, unless there are compelling reasons to include companies which fall outside these quintiles. The sustainability characteristics of a company can also impact the sizing of positions in the Fund.
The measures above aim to ensure that the Fund’s portfolio has an overall ESG score of more than 50% at any time.
The sources of information used to perform the analysis include information provided by the companies, such as company sustainability reports and other relevant company material, as well as Schroders’ proprietary sustainability tools and third-party data.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of convertible securities issued by companies worldwide. However, the universe (for the purpose of this test only) shall not include debt issued by public or quasi-public issuers.

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.20% |
| AX Shares | Up to 3% | None | 1.20% |
| A1 Shares | Up to 2% | 0.50% | 1.20% |
| B Shares | None | 0.50% | 1.20% |
| C Shares | Up to 1% | None | 0.60% |
| CN Shares | Up to 3% | None | 0.60% |
| CX Shares | Up to 1% | None | 0.60% |
| D Shares | None | 1.00% | 1.20% |
| E Shares | Up to 1% | None | 0.30% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.60% |
| Z Shares | None | None | Up to 0.60% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth by investing in equity and equity related securities of companies worldwide which meet the Investment Manager’s sustainability criteria.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of companies worldwide.
The Fund typically holds fewer than 50 companies.
The Fund maintains a higher overall sustainability score than MSCI AC World (Net TR) index, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc. The Fund invests in companies that have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund does not have a target benchmark. The Fund's performance should be compared against the MSCI AC World (Net TR) index. The comparator benchmark is only

### Fund Characteristics
Fund Currency	USD
included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Fund’s investment universe is expected to overlap materially with the components of the comparator benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the comparator benchmark. The Investment Manager will invest in companies or sectors not included in the comparator benchmark. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund's investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies sustainability criteria when selecting investments for the Fund.
Companies are assessed and rated against a set of questions covering issues such as respect for the environment; fair and equitable treatment of employees, suppliers and customers; corporate citizenship; capital allocation and governance.
The Investment Manager will decide on a case by case basis whether a company is eligible for inclusion in the investible universe, taking into account these ratings. While all companies are assessed against all questions, the Investment Manager’s decision will focus on those areas that are most relevant to the particular business of that company. In these areas, the company should generally be appraised as at least “strong“ in order to be accepted into the investible universe. The eligibility of each company in the Fund’s portfolio is then reviewed at least annually.
The primary sources of information used to perform the analysis are Schroders’ proprietary sustainability tools, third-party research, unconventional data sourced by our Data Insights Unit, NGO reports and expert networks. The Investment Manager also scrutinises company sustainability reports and other disclosures, which may be complemented by direct engagement with the company during the assessment process.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of equity and equity related securities of companies worldwide.

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.30% |
| AX Shares | Up to 5% | None | 1.30% |
| A1 Shares | Up to 4% | 0.50% | 1.30% |
| B Shares | None | 0.60% | 1.30% |
| C Shares | Up to 1% | None | 0.65% |
| CN Shares | Up to 3% | None | 0.65% |
| CX Shares | Up to 1% | None | 0.65% |
| D Shares | None | 1.00% | 1.30% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.65% |
| Z Shares | None | None | Up to 0.65% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth and income of ICE BofA 3 Month US Treasury Bill Index +5% per annum before fees have been deducted*over rolling three year periods by investing in a broad range of asset classes worldwide. There is no guarantee that the objective will be attained and your capital is at risk.
*For the target return after fees for each Share Class please visit the Schroder website: https://www.schroders.com/en/lu/private-investor/ investing-with-us/after-fees-performance-targets/

### Investment Policy
The Fund is actively managed and invests directly or indirectly (through open-ended Investment Funds and derivatives) in equities and equity related securities, fixed and floating rate securities (issued by governments, government agencies, supra-nationals and companies), mortgage-backed and asset-backed securities, convertible bonds, currencies and Alternative Asset Classes (as defined in Appendix III of this Prospectus) such as real estate, infrastructure and commodity related transferable securities.
The Fund may hold up to 40% of its assets in open-ended Investment Funds. However as the Fund grows the Investment Manager expects the Fund to hold less than 10% in open-ended Investment Funds.
The Fund may invest in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies).
The Fund may use derivatives (including total return swaps) with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses

### Fund Characteristics
Fund Currency	USD
total return swaps and contracts for difference, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps and contracts for difference may be used to gain long and short exposure on equity and equity related securities, fixed and floating rate securities and commodity indices. The gross exposure of total return swaps and contracts for difference will not exceed 40% and is expected to remain within the range of 0% to 20% of the Net Asset Value. In certain circumstances this proportion may be higher. The Fund may also invest in Money Market Investments and hold cash.

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to achieve a return of ICE BofA 3 Month US Treasury Bill Index (or an alternative reference rate) plus 5% before fees have been deducted. The Investment Manager invests on a discretionary basis and is not limited to investing in accordance with the composition of the benchmark.
The target benchmark has been selected because the target return of the Fund is to deliver or exceed the return of that benchmark as stated in the investment objective.

### Further Information
The Fund is categorised as "Multi-Asset Fund". The Fund may invest more than 10% of its assets in Investment Funds.

### Profile of the Typical Investor
The Fund is a medium risk vehicle that will be suitable for Investors who are seeking long term growth potential through investment in a diversified portfolio offering exposure to a range of asset classes.
Investment Manager	Schroder Investment Management Australia Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 4% | None | 1.25% |
| AX Shares | Up to 4% | None | 1.25% |
| A1 Shares | Up to 3% | 0.50% | 1.25% |
| B Shares | None | 0.60% | 1.25% |
| C Shares | Up to 1% | None | 0.625% |
| CN Shares | Up to 3% | None | 0.625% |
| CX Shares | Up to 1% | None | 0.625% |
| D Shares | None | 1.00% | 1.25% |
| E Shares | Up to 1% | None | 0.3125% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.625% |
| Z Shares | None | None | Up to 0.625% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 4% is equivalent to 4.166 67% of the Net Asset Value per Share; up to 3% is equivalent to 3.09278% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide an absolute return after fees have been deducted by investing in fixed and floating rate securities. Absolute return means the Fund seeks to provide a positive return over a 12-month period in all market conditions, but this cannot be guaranteed and your capital is at risk.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities in various currencies issued by governments, government agencies, supra-nationals and companies worldwide.
The Fund invests in derivatives (including total return swaps) to take long or short exposures to credit markets, interest rates, foreign exchange, volatility and to various sectors within these markets. The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses total return swaps, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return
swaps may be used to gain long and short exposure on fixed and floating rate securities. The gross exposure of total return swaps will not exceed 30% and is expected to remain within the range of 0% to 10% of the Net Asset Value. In certain circumstances this proportion may be higher.
The Fund may invest:
- up to 50% of its assets in non-investment grade instruments (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies);
- up to 40% of its assets in asset-backed securities and mortgage-backed securities; and
- up to 10% of its assets in contingent convertible bonds.

The Fund may invest in mainland China through Regulated Markets (including the CIBM via Bond Connect).
The Fund may invest in asset-backed securities, commercial mortgage-backed securities, and/or residential mortgage- backed securities issued worldwide with an investment grade or sub-investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies). Underlying assets may include credit card receivables, personal loans, auto loans, small business loans, leases, commercial mortgages and residential mortgages.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies,

### Fund Characteristics
Fund Currency	EUR
Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).

### Benchmark
The Fund’s performance should be assessed against its objective of providing a positive return over a 12-month period in all market conditions.
The target benchmark has been selected because the target return of the Fund is to deliver the return of that benchmark as stated in the investment objective.

### Further Information
The Fund is categorised as "Specialist Bond Fund".

### Risk Considerations
Risk Management Method
Absolute Value-at-Risk (VaR)
Expected Leverage
500% of the total net assets. The expected level of leverage may be higher when volatility decreases sustainably, when interest rates are expected to change or when credit spreads are expected to widen or tighten.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the absolute VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the absolute VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
Long and short positions gained through bond total return swaps may increase exposure to credit-related risks.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 0.50% |
| AX Shares | Up to 3% | None | 0.50% |
| A1 Shares | Up to 2% | 0.50% | 0.50% |
| B Shares | None | 0.50% | 0.50% |
| C Shares | Up to 1% | None | 0.30% |
| CN Shares | Up to 3% | None | 0.30% |
| CX Shares | Up to 1% | None | 0.30% |
| D Shares | None | 1.00% | 0.50% |
| E Shares | Up to 1% | None | 0.25% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.30% |
| Z Shares | None | None | Up to 0.30% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI Golden Dragon (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of People's Republic of China, Hong Kong SAR and Taiwan companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of companies in People's Republic of China, Hong Kong SAR and Taiwan.
The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 30% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through:
- Shanghai-Hong Kong Stock Connect and Shenzhen- Hong Kong Stock Connect,
- The Renminbi Qualified Institutional Investor (RQFII)Scheme, and
- Regulated Markets.

The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the MSCI Golden Dragon (Net TR) index and compared against the Morningstar Greater China Equity Category. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.

### Fund Characteristics
Fund Currency	USD
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The Fund may invest in mainland China through RQFII schemes or Regulated Markets. Investors should note that the RQFII status may be suspended or revoked and that this may adversely affect the Fund's performance by requiring the Fund to dispose of its securities holdings. Please refer to Appendix II for more information of the risks regarding RQFII status and RQFII quota.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management (Hong Kong) Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
| Redemption Charge | None |
| --- | --- |
| PEA / PIR Eligibility | No |
| General Share Class Features |
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth by investing in equity and equity related securities of healthcare and medical related companies worldwide which the Investment Manager deems to be sustainable investments.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of companies worldwide, which are engaged in healthcare provision, medical services and related products.
The Fund invests at least 75% of its assets in sustainable investments, which are investments in companies that contribute towards the advancement of one or more of the UN SDGs by promoting growth in healthcare provision and medical treatments and improving healthcare standards using an innovation-led approach (please see the Fund Characteristics section for more details).
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc
The Fund invests in companies that do not cause significant environmental or social harm and have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Fund may invest in companies that the Investment Manager believes will improve their sustainability practices within a reasonable timeframe, typically up to two years.
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Fund Characteristics
Fund Currency	USD

### Benchmark
The Fund does not have a target benchmark. The Fund's performance should be compared against its comparator benchmark, being the MSCI AC World (Net TR) index. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Fund’s investment universe is expected to overlap materially with the components of the comparator benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the comparator benchmark. The Investment Manager will invest in companies or sectors not included in the comparator benchmark. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund's investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The Fund has the objective of sustainable investment (within the meaning of Article 9 SFDR). A Fund with this objective may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies sustainability criteria when selecting investments for the Fund.
The Investment Manager selects companies that are engaged in healthcare provision, medical services and related products, including in areas such as biotechnology, generics drug manufacture and supply, pharmaceuticals, health insurance and hospital supplies. Investment ideas are identified using proprietary fundamental stock analysis and top down assessment of the thematic drivers affecting healthcare demand and provision. The Investment Manager’s analysis seeks to identify companies that are well placed to develop products or services that address both the rising demand for healthcare and the need to ensure that healthcare systems are more efficiently managed to ease rising cost pressures.
The Investment Manager also uses a proprietary tool to assess the ESG performance of companies before they are selected for the Fund’s portfolio. Individual names with poor ESG performance may be included in the portfolio if the Investment Manager believes that a company is on track to improve its ESG performance.
Other sources of information are also used for this analysis including information provided by the companies, such as company sustainability reports and other relevant company material, as well as Schroders’ other proprietary tools and third-party data.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of equity and equity related securities of companies worldwide.

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.
The Fund aims to provide capital growth and income in excess of 50% 3 month HIBOR + 50% iBoxx ALBI Hong Kong index after fees have been deducted over a three to five year period by investing in fixed and floating rate securities denominated in HKD.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities denominated in HKD issued by governments, government agencies, supra-nationals and companies worldwide and derivatives related to the above instruments.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives, long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’ s performance should be assessed against its target benchmark being to exceed 50% 3 month HIBOR + 50% iBoxx ALBI Hong Kong index. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.

### Fund Characteristics
Fund Currency	HKD
is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Mainstream Bond Fund".

### Risk Considerations
Specific Risk Considerations
The Fund may invest in mainland China through RQFII schemes or Regulated Markets (including the CIBM via Bond Connect). Investors should note that the RQFII status may be suspended or revoked and that this may adversely affect the Fund's performance by requiring the Fund to dispose of its securities holdings. Please refer to Appendix II for more information of the risks regarding RQFII status, RQFII quota, the CIBM and Bond Connect.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management (Hong Kong) Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 0.75% |
| AX Shares | Up to 3% | None | 0.75% |
| A1 Shares | Up to 2% | 0.50% | 0.75% |
| B Shares | None | 0.50% | 0.75% |
| C Shares | Up to 1% | None | 0.50% |
| CN Shares | Up to 3% | None | 0.50% |
| CX Shares | Up to 1% | None | 0.50% |
| D Shares | None | 1.00% | 0.75% |
| E Shares | Up to 1% | None | 0.25% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.50% |
| Z Shares | None | None | Up to 0.50% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.
The Fund aims to provide capital growth in excess of the FTSE Hong Kong (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of companies listed on the Hong Kong Stock Exchange.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of companies listed on the Hong Kong Stock Exchange.
The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 30% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the FTSE Hong Kong (Net TR) index and compared against the Morningstar Hong Kong Equity Category. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and is not limited to investing in accordance with the composition of the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.

### Fund Characteristics
Fund Currency	HKD
is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management (Hong Kong) Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI India (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of Indian companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of Indian companies.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the MSCI India (Net TR) index and compared against the Morningstar India Equity Category. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may

### Fund Characteristics
Fund Currency	USD
deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management (Singapore) Ltd
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of MSCI India (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of Indian companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of Indian companies or companies which have their principal business activities in India.
Typically the Fund holds between 30-70 companies.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the MSCI India (Net TR) index and compared against the Morningstar India Equity Category. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the

### Fund Characteristics
Fund Currency	USD
extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management (Singapore) Ltd
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the FTSE Italia All-Share (TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of Italian companies.

### Investment Policy
The Fund is actively managed and invests at least 70% of its assets in a concentrated range (typically fewer than 50 companies) of equity and equity related securities of Italian companies. The Fund invests at least 25% of these assets (which corresponds to 17.5% of the Fund’s assets) in equity and equity related securities of Italian companies that are not included in FTSE MIB index or other equivalent indices and at least 5% of these assets (which corresponds to 3.5% of the Fund’s assets) in equity and equity related securities of Italian companies that are not included in the FTSE MIB and FTSE MID CAP indexes or other equivalent indices.
The Fund may invest up to 10% of its assets in securities issued by, or entered into with, the same company or companies belonging to the same group.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the FTSE Italia All-Share (TR) index and compared against the Morningstar Italy Equity Category. The Fund’s investment universe is expected to overlap materially with the components of the target

### Fund Characteristics
Fund Currency	EUR
benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and is not limited to investing in accordance with the composition of the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Mainstream Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing 70% of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking long term growth potential offered through investment in equities.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility 
2	
PIR eligible
1 
Different subscription and/or redemption procedures may apply if applications are made through Distributors.
2 
The Fund complies with the conditions of eligibility allowing its shares to be held in a “Piano Individuale di Risparmio a lungo termine” (PIR) under the Italian 2017 Budget Law (Law No 232 of 11 December 2016).
| Share Classes | Initial Charge  3 | Distribution Charge  4 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.25% |
| AX Shares | Up to 5% | None | 1.25% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.25% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.25% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
3 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
4 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth of 3-month TIBOR (Tokyo interbank interest rates) +4% per annum before fees have been deducted* by investing in a diversified range of assets and markets worldwide. The Fund aims to provide a volatility (a measure of how much the returns of a fund varies over a year) of 5-7% per annum.
*For the target return after fees for each Share Class please visit the Schroder website: https://www.schroders.com/en/lu/private-investor/ investing-with-us/after-fees-performance-targets/

### Investment Policy
The Fund is actively managed and invests indirectly through open-ended Investment Funds and Exchange Traded Funds in equity and fixed income securities, Money Market Investments and/or currencies worldwide. The Fund may also invest directly in those assets including sub-investment grade bonds (being securities with a credit rating below investment grade as measured by Standard & Poor's or any equivalent grade of other credit rating agencies).
The Fund has a maximum exposure of 30% to equities and at least 70% of its assets denominated in or hedged back into Japanese yen at all times. The Fund may invest indirectly in real estate and commodities through transferable securities (including REITs), derivatives (including total return swaps), open-ended Investment Funds, Exchange Traded Funds and Investment Trusts which invest in such asset classes.
The Fund may use derivatives (including total return swaps), long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses total return swaps and contracts for difference, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps and contracts for difference may be used to gain long and short

### Fund Characteristics
Fund Currency	JPY
exposure on equity and equity related securities, fixed and floating rate securities and commodity indices. The gross exposure of total return swaps and contracts for difference will not exceed 40% and is expected to remain within the range of 0% to 20% of the Net Asset Value. In certain circumstances this proportion may be higher. The Fund may invest in Money Market Investments and hold cash.

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to achieve 3-month TIBOR (Tokyo interbank interest rates) +4% per annum, and its volatility objective of 5-7% per annum. The Investment Manager invests on a discretionary basis and is not limited to investing in accordance with the composition of a benchmark.
The target benchmark has been selected because the target return of the Fund is to deliver or exceed the return of that benchmark as stated in the investment objective.

### Further Information
The Fund is categorised as "Multi-Asset Fund". The Fund may invest more than 10% of its assets in Investment Funds. The Fund may invest in another fund that charges a performance fee.

### Risk Considerations
Specific Risk Considerations
Long and short positions gained through index, bond and equity total return swaps may increase exposure to credit- related risks.

### Profile of the Typical Investor
The Fund will be suitable for Investors who are more concerned with maximising long-term returns than minimising possible short-term losses.
Investment Manager	Schroder Investment Management (Hong Kong) Limited
Dealing Cut-off Time	13.00 Luxembourg time on the preceding Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
2
2 Business Days from the relevant Dealing Day for subscription proceeds 4 Business Days from the relevant Dealing Day for redemption proceeds
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
1 
DGF means Diversified Growth Fund
2 
Different subscription and redemption procedures may apply if applications are made through Distributors.
| Share Classes | Initial Charge  3 | Distribution Charge  4 | Management Fee |
| --- | --- | --- | --- |
| A Shares | N/A | N/A | N/A |
| AX Shares | N/A | N/A | N/A |
| A1 Shares | N/A | N/A | N/A |
| B Shares | N/A | N/A | N/A |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | N/A | N/A | N/A |
| E Shares | N/A | N/A | N/A |
| IZ, IA, IB, IC, ID Shares | N/A | N/A | N/A |
| Z Shares | N/A | N/A | N/A |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
3 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
4 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the Tokyo Stock Exchange 1st Section index (TOPIX) (Net TR) after fees have been deducted over a three to five year period by investing in equity and equity related securities of Japanese companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of Japanese companies.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.
The Fund maintains a higher overall sustainability score than the Tokyo Stock Exchange 1st Section index (TOPIX) (Net TR), based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the Tokyo Stock Exchange 1st Section Index (TOPIX) (Net TR). The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage

### Fund Characteristics
Fund Currency	JPY
of specific investment opportunities. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Mainstream Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking long term growth potential offered through investment in equities.
Investment Manager	Schroder Investment Management (Japan) Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies governance and sustainability criteria when selecting investments for the Fund. The investable universe is assessed using a number of proprietary tools, as well as external rating services.
The Investment Manager performs due diligence on all potential holdings, including meetings with management, and assesses the company’s governance, environmental and social profile across a range of factors. This process is supported by quantitative analysis provided by Schroders’ proprietary sustainability tools, which are key inputs to assess how existing and potential investments for the portfolio are meeting the Fund’s sustainability criteria. In some cases, companies which fall below our sustainability criteria may still be eligible for investment if, as a result of proprietary analysis and ongoing engagement with management, the Investment Manager believes the company will meet our sustainability criteria within a realistic time horizon.
For a company to be eligible to be held in the Fund, it is expected to show a commitment to its stakeholders, including customers, employees, suppliers , shareholders and regulators. The Fund selects companies whose businesses demonstrate good governance and aim to treat stakeholders equitably.
More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website
www.schroders.com/en/lu/private-investor/strategic-capabilities/sustainability/disclosures.
The Investment Manager ensures that at least:
- 90% of equities issued by large companies domiciled in developed countries; fixed or floating rate securities and money market instruments with an investment grade credit rating; and sovereign debt issued by developed countries; and
- 75% of equities issued by large companies domiciled in emerging countries; equities issued by small and medium companies; fixed or floating rate securities and money market instruments with a high yield credit rating; and sovereign debt issued by emerging countries,held in the Fund’s portfolio are rated against the sustainability criteria. For the purposes of this test, small companies are those with market capitalisation below €5 billion, medium companies are those between €5 billion and €10 billion and large companies are those above €10 billion.


### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.25% |
| AX Shares | Up to 5% | None | 1.25% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.25% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.25% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the Tokyo Stock Exchange 1st Section index (TOPIX) (Net TR) after fees have been deducted over a three to five year period by investing in equity and equity related securities of Japanese companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of Japanese companies.
The Fund seeks to identify and invest in undervalued stocks by estimating their fair value based on predicted returns over the medium to long term.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the Tokyo Stock Exchange 1st Section Index (TOPIX) (Net TR). The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment

### Fund Characteristics
Fund Currency	JPY
Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management (Japan) Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.
Russell Nomura Small Cap (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of small-sized Japanese companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of small- sized Japanese companies. These are companies which, at the time of purchase, are considered to be in the bottom 30% by market capitalisation of the Japanese equities market.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the Russell Nomura Small Cap (Net TR) index. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a

### Fund Characteristics
Fund Currency	JPY
Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management (Japan) Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.
MSCI Emerging Markets Latin America 10/40 (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of Latin American companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of Latin American companies.
The Fund typically holds 40-70 companies.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the MSCI Emerging Markets Latin America 10/40 (Net TR) index. The Fund’s investment universe is expected to overlap materially, directly or indirectly, with the components of the target benchmark. The Investment Manager invests on a

### Fund Characteristics
Fund Currency	USD
Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI Arabian Markets and Turkey (Net TR) index with Saudi Arabia capped at 20% after fees have been deducted over a three to five year period by investing in equity and equity related securities of Middle Eastern companies, including companies in emerging Mediterranean markets and North Africa.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of Middle Eastern companies, including companies in emerging Mediterranean markets and North Africa.
The Fund typically holds 30-70 companies.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the MSCI Arabian Markets and Turkey (Net TR) index with Saudi Arabia capped at 20%. The Fund’s investment universe is expected to overlap materially, directly or indirectly, with the

### Fund Characteristics
Fund Currency	USD
components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund Multi-Asset Growth and Income

### Investment Objective
The Fund aims to provide capital growth and income over a three to five year period after fees have been deducted by investing in a diversified range of assets and markets worldwide. The Fund aims to provide a volatility (a measure of how much the Fund’s returns vary over a year) of 6-12% per annum.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets directly or indirectly through derivatives in equity and equity-related securities, fixed and floating rate securities issued by governments, government agencies, supra-nationals and companies worldwide in various currencies and Alternative Asset Classes.
The Fund may invest:
- up to 50% in sub-investment grade securities (being securities with a credit rating below investment grade as measured by Standard & Poor's or any equivalent grade of other credit rating agencies).
- up to 20% of its assets in asset-backed securities, commercial mortgage-backed securities, and/or residential mortgage-backed securities issued worldwide with an investment grade or sub-investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies). Underlying assets may include credit card receivables, personal loans, auto loans, small business loans, leases, commercial mortgages and residential mortgages.

The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 15% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. The Fund may also invest in mainland China through Regulated Markets (including the CIBM via Bond Connect).
The exposure to Alternative Asset Classes is taken through eligible assets as described in Appendix III of this Prospectus.
The Fund may use derivatives (including total return swaps), long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses total return swaps and contracts for difference, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps and contracts for difference may be used to gain long and short exposure on equity and equity related securities, fixed and floating rate securities and commodity indices. The gross exposure of total return swaps and contracts for difference

### Fund Characteristics
Fund Currency	USD
will not exceed 30% and is expected to remain within the range of 0% to 20% of the Net Asset Value. In certain circumstances this proportion may be higher.
The Fund may invest in Money Market Investments and hold cash. The Fund may invest up to 10% of its assets in open- ended Investment Funds.

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to provide capital growth and income and the volatility target of 6% - 12% per year.
The target benchmark has been selected because the target return of the Fund is to deliver the return of that benchmark as stated in the investment objective. The volatility target has been selected because the Investment Manager deploys strategies that aim to deliver the level of volatility stated in the investment objective.

### Further Information
The Fund is categorised as "Multi-Asset Fund".

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
Long and short positions gained through index, bond and equity total return swaps may increase exposure to credit- related risks.
A detailed description of the risks linked to asset-backed securities and mortgage-backed securities can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.

### Profile of the Typical Investor
The Fund is a medium risk vehicle that will be suitable for Investors who are seeking long term growth potential and income through investment in a diversified portfolio offering exposure to a range of asset classes.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 4% | None | 1.25% |
| AX Shares | Up to 4% | None | 1.25% |
| A1 Shares | Up to 3% | 0.50% | 1.25% |
| B Shares | None | 0.60% | 1.25% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.25% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 4% is equivalent to 4.166 67% of the Net Asset Value per Share; up to 3% is equivalent to 3.09278% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth and income of ICE BofA 3 Month US Treasury Bill Index + 4% per annum before fees have been deducted* over rolling three year periods by investing in a diversified range of assets and markets worldwide.
*For the target return after fees for each Share Class please visit the Schroder website: https://www.schroders.com/en/lu/private-investor/ investing-with-us/after-fees-performance-targets/

### Investment Policy
The Fund is actively managed and invests directly or indirectly (through Investment Funds and derivatives) in equity and equity related securities, fixed and floating rate securities, commodities and currencies worldwide.
The Fund may invest in sub-investment grade securities (being securities with a credit rating below investment grade as measured by Standard & Poor's or any equivalent grade of other credit rating agencies). The Fund may invest up to 20% of its assets in asset-backed securities and mortgage-backed securities.
The Fund may use derivatives (including total return swaps), long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses total return swaps and contracts for difference, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps and contracts for difference may be used to gain long and short exposure on equity and equity related securities, fixed and floating rate securities and commodity indices. The gross exposure of total return swaps and contracts for difference will not exceed 75% and is expected to remain within the range of 0% to 25% of the Net Asset Value. In certain circumstances this proportion may be higher.
The investment strategy of the Fund and its use of derivatives may lead to situations when it is considered appropriate that prudent levels of cash or cash equivalent liquidity will be maintained, which may be substantial or even represent (exceptionally) 100% of the Fund’s assets. This will be limited to a maximum of six months (otherwise the Fund will be liquidated). During this period, the Fund will not fall within the scope of MMFR. The Fund may also invest in Money Market Investments.
The Fund may invest up to 10% of its assets in open-ended Investment Funds (including other Schroder Funds).

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to deliver ICE BofA 3 Month US Treasury Bill Index +4% per annum and compared against ICE BofA 3Month US Treasury Bill Index. The Investment Manager invests on a discretionary basis and is not limited to investing in accordance with the composition of a benchmark.
The target benchmark has been selected because the target return of the Fund is to deliver or exceed the return of that benchmark as stated in the investment objective. The
comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Multi-Asset Fund".

### Risk Considerations
Risk Management Method
Absolute Value-at-Risk (VaR)
Expected Leverage
350% of the total net assets
The expected level of leverage may be higher when market volatility decreases sustainably.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the absolute VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the absolute VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
A detailed description of the risks linked to asset-backed securities and mortgage-backed securities can be found in Appendix II of this Prospectus.
Long and short positions gained through index, bond and equity total return swaps may increase exposure to credit- related risks.
As the Fund’s performance is calculated by reference to an IBOR it may be necessary, as a result of these industry initiatives, for the Fund to choose a successor or substitute alternative reference rate as the Fund’s benchmark. As described further under the heading “IBOR Reform” in Appendix II, even with spreads or other adjustments, IBOR- equivalent alternative reference rates may be only an approximation of the relevant IBOR and may not result in a rate that is the economic equivalent of the specific IBOR. This may result in the Fund not constituting an economically equivalent investment to that which an investor had anticipated at the time it invested in the Fund. Schroders is in the process of assessing the potential alternatives to IBORs and will notify investors in the Fund of the decision in due course.

### Profile of the Typical Investor
The Fund is a medium risk vehicle that will be suitable for Investors who are seeking long term growth potential through investment in a diversified portfolio offering exposure to a range of asset classes.
Fund Currency	USD
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 4% | None | 1.30% |
| AX Shares | Up to 4% | None | 1.30% |
| A1 Shares | Up to 3% | 0.50% | 1.30% |
| B Shares | None | 0.60% | 1.30% |
| C Shares | Up to 1% | None | 0.65% |
| CN Shares | Up to 3% | None | 0.65% |
| CX Shares | Up to 1% | None | 0.65% |
| D Shares | None | 1.00% | 1.30% |
| E Shares | Up to 1% | None | 0.325% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.65% |
| Z Shares | None | None | Up to 0.65% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 4% is equivalent to 4.166 67% of the Net Asset Value per Share; up to 3% is equivalent to 3.09278% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth and income in excess of the MSCI AC World (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity-related securities of companies worldwide.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in a diversified portfolio of equity and equity- related securities of companies worldwide.
The Fund focuses on companies that have certain "Value" characteristics. Value is assessed by looking at indicators such as cash flows, dividends and earnings to identify securities which the Investment Manager believes have been undervalued by the market.
The Fund may invest directly in China-B shares and China-H shares and may invest less than 10% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.
As of 21 June 2021 the Investment Policy section will change to:

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in a diversified portfolio of equity and equity- related securities of companies worldwide.
The Fund focuses on companies that have certain "Value" characteristics. Value is assessed by looking at indicators such as cash flows, dividends and earnings to identify securities which the Investment Manager believes have been undervalued by the market.
The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 10% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to exceed the MSCI AC World (Net TR) index and compared against the MSCI AC World Value (Net TR) index and the MSCI World (Net TR) index. The Fund’s investment universe is expected to overlap materially with the components of the target and comparator benchmarks. The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target or comparator benchmarks. The Investment Manager will invest in companies or sectors not included in the target or comparator benchmarks in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest, and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. Any comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Quantitative Equity Fund". QEP stands for Quantitative Equity Products.
The Investment Manager of the Fund undertakes the hedging of the Shares of the hedged Share Classes by considering the relevant proportionate underlying currency exposures of the Fund. Performance of these hedged Share Classes may therefore vary significantly from equivalent Share Classes in the Fund Currency.

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
The Fund may be suitable for Investors who are seeking long term growth potential offered through investment in equities.

### Fund Characteristics
Fund Currency	USD
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.25% |
| AX Shares | Up to 5% | None | 1.25% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.25% |
| C Shares | Up to 1% | None | 0.65% |
| CN Shares | Up to 3% | None | 0.65% |
| CX Shares | Up to 1% | None | 0.65% |
| D Shares | None | 1.00% | 1.25% |
| E Shares | N/A | N/A | N/A |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.65% |
| Z Shares | None | None | Up to 0.65% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth and income in excess of the MSCI World (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity-related securities of companies worldwide.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in a diversified portfolio of equity and equity- related securities of companies worldwide.
The Fund’s weight in a single country, region or sector will typically be within 3% of the target index whilst the weight of each security will typically be within 0.75% of the benchmark.
The Fund focuses on companies that have certain "Value" and/or "Quality" characteristics. Value is assessed by looking at indicators such as cash flows, dividends and earnings to identify securities which the Investment Manager believes have been undervalued by the market. Quality is assessed by looking at indicators such as a company's profitability, stability, financial strength, governance and growth.
The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 10% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.
The Fund maintains a higher overall sustainability score than MSCI World (Net TR) index, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.

### Benchmark
The Fund's performance should be assessed against its constraining benchmark, being the MSCI World (Net TR) index. The Fund’s investment universe is expected to overlap materially with the components of the constraining benchmark. The Investment Manager will use discretion to vary the weightings in the benchmark's securities.
The constraining benchmark has been selected because the Investment Manager is constrained by reference to the value, price or components of that benchmark as stated in the investment objective and policy. The benchmark(s)

### Fund Characteristics
Fund Currency	USD
does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
Where a Fund states that it will typically be within a certain percentage of specific weightings (e.g. sector or security) of a particular benchmark, the Investment Manager does not actively take the Fund outside of such a percentage and if the Fund moves passively outside of a percentage the Investment Manager looks to bring the Fund back in line with the percentage at the next appropriate occasion, provided the Investment Manager believes this to be in the best interests of investors.

### Further Information
The Fund is categorised as "Quantitative Equity Fund". QEP stands for Quantitative Equity Products.

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking long term growth potential offered through investment in equities.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	15% of the outperformance over MSCI World Net TR 
2
, subject to a High Water Mark as per the
methodology in section 3.1. Performance fee will be applied to P Share Classes only
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies governance and sustainability criteria when selecting investments for the Fund. Companies in the investment universe are assessed on their governance, environmental and social profile, across a wide range of underlying measures. The Investment Manager will take into account an assessment of the sustainability profile of companies when determining position sizing within the portfolio.
Within governance, criteria assessed include risk to shareholders, business oversight, accounting risk and dividend policy. Environmental considerations include climate change related risks alongside broader environmental impact and opportunities. Social criteria reflects areas such as business involvement, safety, employee welfare, supply chain management and data privacy.
The primary sources of information include fundamental accounting data, Schroders’ proprietary sustainability tools and third-party ESG data.
More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
The Investment Manager ensures that at least:
- 90% of equities issued by large companies domiciled in developed countries; fixed or floating rate securities and money market instruments with an investment grade credit rating; and sovereign debt issued by developed countries; and
- 75% of equities issued by large companies domiciled in emerging countries; equities issued by small and medium companies; fixed or floating rate securities and money market instruments with a high yield credit rating; and sovereign debt issued by emerging countries,held in the Fund’s portfolio are rated against the sustainability criteria. For the purposes of this test, small companies are those with market capitalisation below €5 billion, medium companies are those between €5 billion and €10 billion and large companies are those above €10 billion.

1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
In relation to currency hedged Share Classes, currency hedged versions of the above mentioned benchmarks (including currency equivalent cash benchmarks) are used for performance fee calculation purposes.
| Share Classes | Initial Charge  3 | Distribution Charge  4 | Management Fee |
| --- | --- | --- | --- |
| A Shares | N/A | N/A | N/A |
| AX Shares | N/A | N/A | N/A |
| A1 Shares | N/A | N/A | N/A |
| B Shares | N/A | N/A | N/A |
| C Shares | Up to 1% | None | 0.275% |
| CN Shares | Up to 3% | None | 0.275% |
| CX Shares | Up to 1% | None | 0.275% |
| D Shares | N/A | N/A | N/A |
| E Shares | N/A | N/A | N/A |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.275% |
| P Shares | None | None | 0.10% |
| Z Shares | None | None | Up to 0.275% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
3 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
4 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth and income in excess of the MSCI Emerging Markets (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity-related securities of companies in emerging market countries .

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in a diversified portfolio of equity and equity- related securities of companies in emerging market countries or companies who derive a significant proportion of their revenues or profits from emerging markets.
The Fund focuses on companies that have certain "Value" and/or "Quality" characteristics. Value is assessed by looking at indicators such as cash flows, dividends and earnings to identify securities which the Investment Manager believes have been undervalued by the market. Quality is assessed by looking at indicators such as a company's profitability, stability, financial strength, governance and growth.
The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 20% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark, being to exceed the MSCI Emerging Markets (Net TR) index. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a

### Fund Characteristics
Fund Currency	USD
discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Quantitative Equity Fund". QEP stands for Quantitative Equity Products.

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking long term growth potential offered through investment in equities.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth and income in excess of the MSCI AC World (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity-related securities of companies worldwide which meet the Investment Manager’s sustainability criteria.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in a diversified portfolio of equity and equity- related securities of companies worldwide.
The Fund focuses on companies that have certain "Value" and/or "Quality" characteristics. Value is assessed by looking at indicators such as cash flows, dividends and earnings to identify securities which the Investment Manager believes have been undervalued by the market. Quality is assessed by looking at indicators such as a company's profitability, stability, financial strength and governance
The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 10% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund maintains a higher overall sustainability score than MSCI AC World (Net TR) index, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc.
The Fund invests in companies that have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to exceed the MSCI AC World (Net TR) index and compared against the MSCI World (Net TR) index. The Fund’s investment universe is expected to overlap materially with the components of the target and comparator benchmarks. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target or comparator benchmarks. The Investment Manager will invest in companies or sectors not included in the target or comparator benchmarks in order to take advantage of specific investment opportunities. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest, and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Quantitative Equity Fund". QEP stands for Quantitative Equity Products.

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability
1 
ESG means Environmental, Social and Governance
criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Fund Characteristics
Fund Currency	USD

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking long term growth potential offered through investment in equities.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
2
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies sustainability criteria when selecting investments for the Fund.
Companies in the investment universe are assessed on their governance, environmental and social profile, across a wide range of underlying measures. The Investment Manager will then decide whether a company is eligible for inclusion in the Fund, based on its sustainability profile. The sustainability characteristics of a company can also impact the sizing of positions in the Fund.
Within governance, criteria assessed include risk to shareholders, business oversight, accounting risk and dividend policy. Environmental considerations include climate change related risks alongside broader environmental impact and opportunities. Social criteria reflects areas such as business involvement, safety, employee welfare, supply chain management and data privacy.
The primary sources of information include fundamental accounting data, Schroders’ proprietary sustainability tools and third-party ESG data.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of equity and equity-related securities of companies worldwide.
2 
Different subscription and redemption procedures may apply if applications are made through Distributors.

### General Share Class Features
| Share Classes | Initial Charge  3 | Distribution Charge  4 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.30% |
| AX Shares | N/A | N/A | N/A |
| A1 Shares | N/A | N/A | N/A |
| B Shares | N/A | N/A | N/A |
| C Shares | Up to 1% | None | 0.65% |
| CN Shares | Up to 3% | None | 0.65% |
| CX Shares | Up to 1% | None | 0.65% |
| D Shares | N/A | N/A | N/A |
| E Shares | N/A | N/A | N/A |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.65% |
| Z Shares | None | None | Up to 0.65% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
3 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
4 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund QEP Global ESG ex Fossil Fuels

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI AC World ex Energy (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of companies worldwide which meet the Investment Manager’s sustainability criteria, excluding companies that derive any revenues from fossil fuels and excluding companies with fossil fuel reserves.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in a diversified portfolio of equity and equity- related securities of companies worldwide, excluding companies that derive any revenues from fossil fuels (including but not limited to fossil fuel production, refining and transportation and power generation) and companies with fossil fuel reserves
The Fund focuses on companies that have certain "Value" and/or "Quality" characteristics. Value is assessed by looking at indicators such as cash flows, dividends and earnings to identify securities which the Investment Manager believes have been undervalued by the market. Quality is assessed by looking at indicators such as a company's profitability, stability, financial strength and governance.
The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 10% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund maintains a higher overall sustainability score than MSCI AC World ex Energy (Net TR) index, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed on the website www.schroders.com/en/lu/private-investor/gfc which includes companies that generate any revenue from fossil fuel.
The Fund invests in companies that have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.
As of 21 June 2021 the Investment Policy section will change to:

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in a diversified portfolio of equity and equity related securities of companies worldwide, excluding companies that derive any revenues from fossil fuels (including but not limited to fossil fuel production, refining and transportation and power generation) and companies with fossil fuel reserves.
The Fund focuses on companies that have certain "Value" and/or "Quality" characteristics. Value is assessed by looking at indicators such as cash flows, dividends and earnings to identify securities which the Investment Manager believes have been undervalued by the market. Quality is assessed by looking at indicators such as a company's profitability, stability, financial strength and governance.
The Fund may invest directly in China B-Shares and China H Shares and may invest less than 10% of its assets (on a net basis) directly or indirectly through derivatives in China A Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund maintains a higher overall sustainability score than MSCI AC World ex Energy (Net TR) index, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed on the website www.schroders.com/en/lu/private-investor/gfc which includes companies that generate any revenue from fossil fuel.
The Fund invests in companies that have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark, being to exceed the MSCI AC World ex Energy (Net TR) index. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Quantitative Equity Fund". QEP stands for Quantitative Equity Products.

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China

### Fund Characteristics
Fund Currency	USD
Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking long term growth potential offered through investment in equities.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13:00 Luxembourg time on dealing day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies sustainability criteria when selecting investments for the Fund.
Companies in the investment universe are assessed on their governance, environmental and social profile, across a wide range of underlying measures. The Investment Manager will then decide whether a company is eligible for inclusion in the Fund, based on its sustainability profile. The sustainability characteristics of a company can also impact the sizing of positions in the Fund.
Within governance, criteria assessed include risk to shareholders, business oversight, accounting risk and dividend policy. Environmental considerations include climate change related risks alongside broader environmental impact and opportunities. Social criteria reflects areas such as business involvement, safety, employee welfare, supply chain management and data privacy.
The primary sources of information include fundamental accounting data, Schroders’ proprietary sustainability tools and third-party ESG data.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of equity and equity-related securities of companies worldwide.

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.30% |
| AX Shares | N/A | N/A | N/A |
| A1 Shares | N/A | N/A | N/A |
| B Shares | N/A | N/A | N/A |
| C Shares | Up to 1% | None | 0.65% |
| CN Shares | Up to 3% | None | 0.65% |
| CX Shares | Up to 1% | None | 0.65% |
| D Shares | N/A | N/A | N/A |
| IE Shares | None | None | Up to 0.65% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.65% |
| Z Shares | None | None | Up to 0.65% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund QEP Global Quality

### Investment Objective
The Fund aims to provide capital growth and income in excess of the MSCI AC World (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity-related securities of companies worldwide.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in a diversified portfolio of equity and equity- related securities of companies worldwide.
The Fund focuses on companies that have certain "Quality" characteristics. Quality is assessed by looking at indicators such as a company's profitability, stability, financial strength, governance and growth.
The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 10% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.
The Fund maintains a higher overall sustainability score than MSCI AC World (Net TR) index, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to exceed the MSCI AC World (Net TR) index and compared against the MSCI World (Net TR) index. The Fund’s investment universe is expected to overlap materially with the components of the target and comparator benchmarks. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target or comparator benchmarks. The Investment Manager will invest in companies or sectors not included in the target or comparator benchmarks in order to take advantage of specific investment opportunities. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.

### Fund Characteristics
Fund Currency	USD
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest, and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Quantitative Equity Fund". QEP stands for Quantitative Equity Products.

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking long term growth potential offered through investment in equities.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies governance and sustainability criteria when selecting investments for the Fund. Companies in the investment universe are assessed on their governance, environmental and social profile, across a wide range of underlying measures. The Investment Manager will take into account an assessment of the sustainability profile of companies when determining position sizing within the portfolio.
Within governance, criteria assessed include risk to shareholders, business oversight, accounting risk and dividend policy. Environmental considerations include climate change related risks alongside broader environmental impact and opportunities. Social criteria reflects areas such as business involvement, safety, employee welfare, supply chain management and data privacy.
The primary sources of information include fundamental accounting data, Schroders’ proprietary sustainability tools and third-party ESG data.
More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
The Investment Manager ensures that at least:
- 90% of equities issued by large companies domiciled in developed countries; fixed or floating rate securities and money market instruments with an investment grade credit rating; and sovereign debt issued by developed countries; and
- 75% of equities issued by large companies domiciled in emerging countries; equities issued by small and medium companies; fixed or floating rate securities and money market instruments with a high yield credit rating; and sovereign debt issued by emerging countries,held in the Fund’s portfolio are rated against the sustainability criteria. For the purposes of this test, small companies are those with market capitalisation below €5 billion, medium companies are those between €5 billion and €10 billion and large companies are those above €10 billion.


### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.25% |
| AX Shares | Up to 5% | None | 1.25% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.25% |
| C Shares | Up to 1% | None | 0.65% |
| CN Shares | Up to 3% | None | 0.65% |
| CX Shares | Up to 1% | None | 0.65% |
| D Shares | None | 1.00% | 1.25% |
| E Shares | N/A | N/A | N/A |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.65% |
| Z Shares | None | None | Up to 0.65% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.

### Investment Objective
The Fund aims to provide capital growth and income in excess of the MSCI AC World (Net TR) index after fees have been deducted over a three to five year period by investing directly and indirectly in equity and equity-related securities of companies worldwide.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets, directly or indirectly through the use of derivatives, in a diversified portfolio of equity and equity- related securities of companies worldwide.
The Fund has the flexibility to have long and short exposure via derivatives. The Fund's long exposure focuses on companies that have certain "Value" characteristics. Value is assessed by looking at indicators such as cash flows, dividends and earnings to identify securities which the Investment Manager believes have been undervalued by the market. The Fund's short exposure focuses on companies with poor "Quality" characteristics. Quality is assessed by looking at indicators such as a company's profitability, stability, financial strength and governance.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives (including total return swaps), long and short, with the aim of achieving investment gains, reducing risk or managing the fund more efficiently. Where the Fund uses equity total return swaps and contracts for difference, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps and contracts for difference may be used to gain long and short exposure or to hedge exposure on equity and equity related securities. The gross exposure of total return swaps and contracts for difference will not exceed 210% and is expected to remain within the range of 50% to 150% of the Net Asset Value. In certain circumstances this proportion may be higher.

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to exceed the MSCI AC World (Net TR) index and compared against the MSCI World (Net TR) index. The Fund’s investment universe is expected to overlap materially with the components of the target and comparator benchmarks. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target or comparator benchmarks. The Investment Manager will invest in companies or sectors not included in the target or comparator benchmarks in order to take advantage of specific investment opportunities.

### Fund Characteristics
Fund Currency	USD
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest, and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Quantitative Equity Fund". QEP stands for Quantitative Equity Products.

### Risk Considerations
Risk Management Method
Relative Value-at-Risk (VaR)
VaR Benchmark
MSCI All Country World Net Dividends Reinvested Index. The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets across 44 country indices.
Expected Leverage
200% of the total net assets.
The expected level of leverage may be higher when markets are more volatile, impacting the value of the derivative positions held by the Fund.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the relative VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the relative VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking long term growth potential offered through investment in equities.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on the preceding Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.75% |
| AX Shares | Up to 5% | None | 1.75% |
| A1 Shares | Up to 4% | 0.50% | 1.75% |
| B Shares | None | 0.60% | 1.75% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.75% |
| E Shares | N/A | N/A | N/A |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide income and capital growth of ICE BofA 3 Month US Treasury Bill Index +2%, before fees have been deducted* over a three to five year period by investing in securitised assets issued by entities worldwide.
*For the target return after fees for each Share Class please visit the Schroder website: https://www.schroders.com/en/lu/private-investor/investing-with-us/after-fees-performance-targets/

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securitised investments including but not limited to asset-backed securities (ABS), residential mortgage-backed securities (MBS) and commercial mortgage-backed securities (CMBS). The Fund may also invest in collateralised loan obligations (CLOs).
The Fund may invest up to 100% of its assets in ABS, MBS and CMBS issued worldwide with an investment grade and sub-investment grade credit rating (as measured Standard & Poor’s or any equivalent grade of other credit rating agencies for rated securities and implied Schroders ratings for non-rated securities). Underlying assets of the asset- backed securities may include credit card receivables, personal loans, auto loans, transportation finance and small business loans.
The Fund may invest up to 30% of its assets in securities with a sub-investment grade credit rating (as measured Standard & Poor’s or any equivalent grade of other credit rating agencies for rated securities and implied Schroders ratings for non-rated securities).
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Fund Characteristics
Fund Currency	USD

### Benchmark
The Fund’s performance should be assessed against its target benchmark of ICE BofA 3 Month US Treasury Bill Index +2% and compared against the ICE BofA Merrill Lynch US Floating Rate Asset Backed Securities index. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets.
Whilst the Fund’s investments are generally expected to deviate significantly from the components of the comparator benchmark, dependent on the Investment Manager’s views, the Fund’s investments may overlap with them. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the comparator benchmark. The Investment Manager will invest in companies or sectors not included in the comparator benchmark.
The target benchmark has been selected because the target return of the Fund is to deliver or exceed the return of that benchmark as stated in the investment objective. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Bond Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management North America Inc.
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 0.70% |
| AX Shares | Up to 3% | None | 0.70% |
| A1 Shares | Up to 2% | 0.50% | 0.70% |
| B Shares | N/A | N/A | N/A |
| C Shares | Up to 1% | None | 0.35% |
| CN Shares | Up to 3% | None | 0.35% |
| CX Shares | Up to 1% | None | 0.35% |
| D Shares | N/A | N/A | N/A |
| E Shares | Up to 1% | None | 0.20% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.35% |
| Z Shares | None | None | Up to 0.35% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth by investing in equity and equity related securities of companies worldwide which the Investment Manager believes will benefit from the latest industrial innovation techniques.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of companies worldwide.
Smart Manufacturing typically means the application of the latest industrial innovation techniques to address the market needs and supply chain challenges of manufacturing and related sectors such as distribution, logistics and transportation. The Investment Manager seeks to invest in companies that it believes will enjoy superior growth through their exposure to these innovations.
The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 10% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund does not have a target benchmark. The Fund's performance should be compared against the MSCI AC World (Net TR) index. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager

### Fund Characteristics
Fund Currency	USD
invests the Fund’s assets. The Fund’s investment universe is expected to overlap materially with the components of the comparator benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the comparator benchmark. The Investment Manager will invest in companies or sectors not included in the comparator benchmark.
The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund's investment objective and policy.

### Further Information
The Fund is categorised as a "Specialist Equity Fund”.
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long-term returns than minimising possible short term losses.

### Fund Characteristics
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide an absolute return after fees have been deducted by investing in fixed and floating rate securities. Absolute return means the Fund seeks to provide a positive return over a 12-month period in all market conditions, but this cannot be guaranteed and your capital is at risk.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities in various currencies issued by governments, government agencies, supra-nationals and companies worldwide.
The Fund may invest:
- up to 10% of its assets in contingent convertible bonds;
- up to 50% of its assets in securities with a non- investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies); and
- up to 100% of its assets in asset-backed securities, commercial mortgage-backed securities, and/or residential mortgage-backed securities issued worldwide with an investment grade or sub-investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies). Underlying assets may include credit card receivables, personal loans, auto loans, small business loans, leases, commercial mortgages and residential mortgages.

The Fund may invest in mainland China through Regulated Markets (including the CIBM via Bond Connect).
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives (including total return swaps), long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses total return swaps, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps may be used to gain long and short exposure on fixed and floating rate securities. The gross exposure of total return swaps will not exceed 30% and is expected to remain within the range of 0% to 10% of the Net Asset Value. In certain circumstances this proportion may be higher.

### Benchmark
The Fund’s performance should be assessed against its objective of providing a positive return over a 12-month period in all market conditions.
The target benchmark has been selected because the target return of the Fund is to deliver the return of that benchmark as stated in the investment objective.

### Further Information
The Fund is categorised as "Specialist Bond Fund".

### Risk Considerations
Risk Management Method
Absolute Value-at-Risk (VaR)
Expected Leverage
900% of the total net assets
In order to implement an efficiently diversified set of strategies (such as country, yield curve, credit and currency strategies) and to achieve a risk target that is consistent with the Fund's risk profile, the Fund will use derivatives that may generate a higher level of leverage.
Although the Fund uses derivatives for investment purposes, which can increase the Fund's level of risk, it also uses derivatives within a portfolio construction process that is focused on diversifying strategies and managing risk correlation, which can contribute to reducing the Fund's level of risk. In general the Fund uses derivatives for investment purposes and managing risk correlation, in equal measure.
Some of the strategies will rely on instruments that require a substantial level of gross leverage to generate a limited amount of risk, such as short-dated interest rate contracts. Also, derivatives used within the long and short strategies may generate a high level of gross leverage but a reduced level of net leverage.
The expected level of leverage may be higher when volatility decreases sustainably, when interest rates are expected to change or when credit spreads are expected to widen or tighten.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the absolute VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the absolute VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
Long and short positions gained through bond total return swaps may increase exposure to credit-related risks.
The Fund uses significant leverage through financial derivative instruments, which will magnify both gains and losses on its investments and result in greater fluctuations of its Net Asset Value. This significantly increases the risk of the Fund compared to an unleveraged fund. Leverage occurs when the overall economic exposure of the Fund exceeds its amount of assets invested.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Fund Characteristics
Fund Currency	USD

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.00% |
| AX Shares | Up to 3% | None | 1.00% |
| A1 Shares | Up to 2% | 0.50% | 1.00% |
| B Shares | None | 0.50% | 1.00% |
| C Shares | Up to 1% | None | 0.60% |
| CN Shares | Up to 3% | None | 0.60% |
| CX Shares | Up to 1% | None | 0.60% |
| D Shares | None | 1.00% | 1.00% |
| E Shares | Up to 1% | None | 0.30% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.60% |
| Z Shares | None | None | Up to 0.60% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth and income in excess of ICE BofA Sterling 3-Month Government Bill Index after fees have been deducted over a three to five year period by investing in fixed and floating rate securities issued by companies in Europe.
As of 21 June 2021 the Investment Objective section and Investment Policy will change to:

### Investment Objective
The Fund aims to provide capital growth and income in excess of ICE BofA Sterling 3-Month Government Bill Index after fees have been deducted over a three to five year period by investing in fixed and floating rate securities issued by companies worldwide.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities issued by governments, government agencies, supra-nationals and companies worldwide.
The Fund may invest up to 100% of its assets in securities with a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies).
The Fund may also seek up to 25% exposure to convertible bonds and bonds with warrants. The exposure to convertible bonds includes up to 10% in contingent convertible bonds.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may also invest in derivatives to create long and short exposure to the underlying assets of these derivatives. The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to exceed ICE BofA Sterling 3- Month Government Bill Index. The Investment Manager invests on a discretionary basis and is not limited to investing in accordance with the composition of a benchmark.

### Fund Characteristics
Fund Currency	GBP
The target benchmark has been selected because the target return of the Fund is to deliver or exceed the return of that benchmark as stated in the investment objective.

### Further Information
The Fund is categorised as "Specialist Bond Fund".

### Risk Considerations
Risk Management Method
Absolute Value-at-Risk (VaR)
Expected Leverage
150% of the total net assets
The expected level of leverage may be higher when there is unusually high or low volatility.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the absolute VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the absolute VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
The Fund will make use of credit derivative instruments to seek exposure to global credit markets. This may lead to a higher volatility in the price of the Shares and may imply increased counterparty risk.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 1.00% |
| AX Shares | Up to 3% | None | 1.00% |
| A1 Shares | Up to 2% | 0.50% | 1.00% |
| B Shares | None | 0.50% | 1.00% |
| C Shares | Up to 1% | None | 0.60% |
| CN Shares | Up to 3% | None | 0.60% |
| CX Shares | Up to 1% | None | 0.60% |
| D Shares | None | 1.00% | 1.00% |
| E Shares | Up to 1% | None | 0.30% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.60% |
| Z Shares | None | None | Up to 0.60% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund Sustainable Global Emerging Markets

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI Emerging Markets (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of emerging markets companies which meet the Investment Manager’s sustainability criteria.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in a diversified range of equity and equity related securities of companies in emerging markets or companies which derive a significant proportion of their revenues or profits from emerging markets.
The Fund maintains a higher overall sustainability score than MSCI Emerging Markets (Net TR) index, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed on the website www.schroders.com/en/lu/private-investor/gfc.
The Fund invests in companies that have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures.
The Fund may invest directly in China B-Shares and China H- Shares and may invest up to 20% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the MSCI Emerging Markets (Net TR) index. The Fund’s investment universe is expected to overlap materially, directly or indirectly, with the components of the target benchmark. The Investment
Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.

### Fund Characteristics
Fund Currency	USD
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies sustainability criteria when selecting investments for the Fund.
The Investment Manager will assess companies on the basis of their treatment of different stakeholders, including employees, customers, suppliers, regulators and communities and the company’s record in relation to the environment, governance and management quality. This will be done using an internal proprietary tool. The Investment Manager will generally avoid any company that has a negative assessment unless there is evidence of positive transition based on engagement with that company. By assessing companies against this framework, the Investment Manager will ensure that the portfolio has a positive sustainability score relative to the benchmark named in the investment policy, which will be determined using another proprietary tool.
The primary sources of information used to perform the analysis are Schroders’ proprietary sustainability tools and third-party research. The Investment Manager will also do its own analysis of information provided by the companies, including information provided in company sustainability reports and other relevant company material. The Investment Manager will also scrutinise company sustainability reports and other disclosures, including third party reports, and will engage with the company during the assessment process.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of equity and equity related securities of companies in emerging markets or companies which derive a significant proportion of their revenues or profits from emerging markets.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | Up to 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| IE Shares | None | None | Up to 0.375% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund Sustainable EURO Credit

### Investment Objective
The Fund aims to provide capital growth and income in excess of the ICE Bank of America Merrill Lynch Euro Corporate index after fees have been deducted over a three to five year period by investing in fixed and floating rate securities denominated in Euro issued by companies worldwide, which meet the Investment Manager’s sustainability criteria.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities denominated in or hedged to Euro issued by companies and other non-sovereign bond issuers, governments, government agencies and supra-nationals worldwide.
In security analysis, the Fund compares issuers in the context of their sector and country peers.
The Fund maintains a higher overall sustainability score than ICE Bank of America Merrill Lynch Euro Corporate index, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund invests at least 10% of its assets in green, social and/or sustainable bonds (please see the Fund Characteristics section for more details).
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc.
The Fund invests in companies that have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www.schroders.com/en/lu/private-investor/strategic-capabilities/sustainability/disclosures.
The Fund may invest:
- up to 30% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds);
- up to 20% of its assets in sovereign government bonds;
- up to 20% of its assets in asset-backed securities and mortgage-backed securities; and
- up to 20% of its assets in convertible bonds including up to 10% of its assets in contingent convertible bonds.

The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies,
Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be compared against its target benchmark being to exceed the ICE Bank of America Merrill Lynch Euro Corporate Index. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Bond Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
A detailed description of the risks linked to contingent convertible bonds, below-investment grade securities, asset- backed securities and mortgage-backed securities can be found in Appendix II of this Prospectus.
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.

### Fund Characteristics
Fund Currency	EUR
Investment Manager	Schroder Investment Management (Europe) S.A. – German Branch Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies sustainability criteria when selecting investments for the Fund.
The strategy applies screens to combine best-in-class companies with investments in issuers demonstrating good or improving sustainability credentials. This is achieved by:
- The exclusion of issuers that the Investment Manager deems to have businesses that are environmentally destructive, socially costly, violate human rights and/or have demonstrated gross misconduct.
- The inclusion of issuers that demonstrate stable and improving sustainability trajectories relative to their industry peers. As part of the selection process, the Investment Manager also considers companies’ commitment to sustainable themes such as responsible finance, waste management, climate change mitigation, education, health and wellbeing, and circular packaging.

The selection of green, social and sustainable bonds entails assessing the overall sustainability of the issuer, analysing the use of proceeds and the expected impact on the bond’s objectives. A green bond is a fixed or floating rate security that finances an environmental objective. A social bond is a fixed or floating rate security that finances a social objective. A sustainable bond is a fixed or floating rate security that finances both environmental and social objectives.
The Investment Manager may also engage with companies to encourage transparency, the transition to a circular economy with lower carbon emissions intensity and responsible social behaviour that promotes sustainable growth and alpha generation.
The primary sources of information used to perform the analysis are Schroders’ proprietary sustainability tools and research, and the Investment Manager’s third-party research, NGO reports and expert networks. The Investment Manager also performs its own analysis of information provided by the companies, including information provided in company sustainability reports and other relevant company material.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of fixed and floating rate securities denominated in various currencies and issued by companies worldwide. The universe (for the purpose of this test only) does not include fixed or floating rate securities issued by public or quasi-public issuers.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 0.75% |
| AX Shares | Up to 3% | None | 0.75% |
| A1 Shares | Up to 2% | 0.50% | 0.75% |
| B Shares | None | 0.50% | 0.75% |
| C Shares | Up to 1% | None | 0.45% |
| CN Shares | Up to 3% | None | 0.45% |
| CX Shares | Up to 1% | None | 0.45% |
| D Shares | None | 1.00% | 0.75% |
| E Shares | Up to 1% | None | 0.225% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.45% |
| Z Shares | None | None | Up to 0.45% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund Sustainable Global Growth and Income

### Investment Objective
The Fund aims to provide an annual yield in excess of the MSCI All Country World (Net TR) Index and capital growth by investing in equity and equity related securities of companies worldwide which meet the Investment Manager’s sustainability criteria.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of companies worldwide. To enhance the dividend yield of the Fund, the Investment Manager may, from time to time, sell short dated call options over individual securities held by the Fund. This may at times adversely affect the capital growth of fund.
The Fund maintains a higher overall sustainability score than MSCI All Country World (Net TR) index, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed on the website www.schroders.com/en/lu/private-investor/gfc.
The Fund invests in companies that have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures.
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’ s performance should be assessed against its target benchmark being to provide an income in excess of MSCI All Country World (Net TR) Index. The Fund’s

### Fund Characteristics
Fund Currency	USD
investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Equity Fund”.

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies sustainability criteria when selecting investments for the Fund.
The Investment Manager uses a proprietary screening tool to exclude companies ranked on ESG performance in the bottom quartile of the broader investable universe. Individual names identified by this screen may be included in the investible universe by exception, if the Investment Manager believes that the company is on track to improve its ESG performance. A negative screen augments this process to ensure the exclusion of specified industries from the universe.
Another proprietary screening tool is then used in order to select issuers with a positive sustainability score. Whilst not every investment selected will exhibit a positive score, the Investment Manager will ensure that in aggregate, the portfolio demonstrates a positive score relative to the benchmark specified in the investment policy. Any investment being considered for the portfolio with a negative score will be appraised in light of the Investment Manager’s analysis of the company’s overall ESG performance and stated sustainability policy and objectives.
The sources of information used to perform the analysis include information provided by the companies, such as company sustainability reports and other relevant company material, as well as Schroders’ proprietary sustainability tools and third-party data.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of equity and equity related securities of companies worldwide.

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.30% |
| AX Shares | Up to 5% | None | 1.30% |
| A1 Shares | Up to 4% | 0.50% | 1.30% |
| B Shares | None | 0.60% | 1.30% |
| C Shares | Up to 1% | None | 0.65% |
| CN Shares | Up to 3% | None | 0.65% |
| CX Shares | Up to 1% | None | 0.65% |
| D Shares | None | 1.00% | 1.30% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.65% |
| Z Shares | None | None | Up to 0.65% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund Sustainable Multi-Asset

### Investment Objective
The Fund aims to provide capital growth and income in excess of 50% MSCI World EUR Hedged and 30% FTSE World Government Bond Index EUR Hedged and 20% Bloomberg Barclays Global Aggregate Corporate Index EUR Hedged after fees have been deducted over a five to seven year period by investing in a diversified range of assets and markets worldwide that meet the Investment Manager’s sustainability criteria.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets directly or indirectly through derivatives in equity and equity related securities, fixed income securities and Alternative Asset Classes. The exposure to Alternative Asset Classes is taken through eligible assets as described in Appendix III of this Prospectus.
The Fund maintains a higher overall sustainability score than 50% MSCI World EUR Hedged and 30% FTSE World Government Bond Index EUR Hedged and 20% Bloomberg Barclays Global Aggregate Corporate Index EUR Hedged, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc.
The Fund invests in companies that have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures
The Fund aims to achieve its target return in excess of 50% MSCI World EUR Hedged and 30% FTSE World Government Bond Index EUR Hedged and 20% Bloomberg Barclays Global Aggregate Corporate Index EUR Hedged over a five to seven year period with approximately two thirds of the level of global equity market volatility (a measure of how much the Fund’s returns may vary) over the same period.
The Fund may use derivatives (including total return swaps), long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses total return swaps and contracts for difference, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps and contracts for difference may be used to gain long and short exposure on equity and equity related securities, fixed and floating rate securities and commodity indices. The gross exposure of total return swaps and contracts for difference will not exceed 30% and is expected to remain within the range of 0% to 30% of the Net Asset Value. Due to short- term market movements, this proportion may be higher at times.
The Fund may (exceptionally) hold up to 100% of its assets in cash and Money Market Investments. This will be limited to a maximum of six months (otherwise the Fund will be liquidated). During this period, the Fund will not fall within the scope of MMFR. The Fund may also invest up to 10% of its assets in open-ended Investment Funds.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed 50% MSCI World EUR Hedged and 30% FTSE World Government Bond Index EUR Hedged and 20% Bloomberg Barclays Global Aggregate Corporate Index EUR Hedged, and compared against EURIBOR (or an alternative reference rate). The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The target benchmark has been selected because the target return of the Fund is to deliver or exceed the return of that benchmark as stated in the investment objective. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.
Schroders is in the process of assessing the potential alternatives to EURIBOR and will notify investors of any decision to move away from EURIBOR in due course.

### Further Information
The Fund is categorised as "Multi Asset Fund”.
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in
companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Fund Characteristics
Fund Currency	EUR

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking long-term capital growth potential through investment in a diversified portfolio offering exposure to a range of asset classes.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies sustainability criteria when selecting investments for the Fund. The Investment Manager uses both negative and positive screening.
Firstly, a company is given an ESG score, which takes into account issues such as climate change, environmental performance, labour standards and board composition. The Investment Manager will decide whether an investment is eligible for inclusion taking into account this ESG score and will generally exclude companies with the lowest scores across each industrial group. The multi-asset nature of the Fund means that the Investment Manager will analyse the ESG scores across asset classes as an input into the asset allocation of the Fund.
Within the Fund’s investment universe established by this screening, the Investment Manager will assess companies against a variety of environmental and social metrics, and may then select investments based on which it deems to contribute to one or more environmental or social objectives, provided that they do no significant harm to any other environmental or social objectives.
The sources of information used to perform the analysis include information provided by the companies, such as company sustainability reports and other relevant company material, as well as Schroders’ proprietary sustainability tools and third-party data.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of equity and equity related securities and fixed income securities issued by companies worldwide and Alternative Asset Classes. However, the universe (for the purpose of this test only) shall not include fixed income securities issued by public or quasi-public issuers.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 4% | None | 1.20% |
| AX Shares | Up to 4% | None | 1.20% |
| A1 Shares | Up to 3% | 0.50% | 1.20% |
| B Shares | None | 0.60% | 1.20% |
| C Shares | Up to 1% | None | 0.60% |
| CN Shares | Up to 3% | None | 0.60% |
| CX Shares | Up to 1% | None | 0.60% |
| D Shares | None | 1.00% | 1.20% |
| E Shares | Up to 1% | None | 0.30% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.60% |
| Z Shares | None | None | Up to 0.60% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund Sustainable Multi-Asset Income

### Investment Objective
The Fund aims to provide an income of 3-5% per year by investing in a diversified range of assets and markets worldwide which meet the Investment Manager’s sustainability criteria. This is not guaranteed and could change depending on market conditions.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets directly or indirectly through derivatives in equity and equity-related securities, fixed income securities and Alternative Asset Classes. The exposure to Alternative Asset Classes is taken through eligible assets as described in Appendix III of this Prospectus.
The Fund may invest:
- up to 50% of its assets in below investment grade (fixed and floating rate) securities (being securities with a credit rating below investment grade as measured by Standard & Poor's or any equivalent grade of other credit rating agencies) and unrated securities.
- in excess of 50% of its assets in emerging market debt (fixed and floating rate) securities.
- up to 20% of its assets in asset-backed securities and mortgage-backed securitiesThe Fund maintains a higher overall sustainability score than 30% MSCI AC World Index (hedged to EUR), 40% Barclays Global Aggregate Corporate Bond Index (hedged to EUR) and 30% Barclays Global High Yield excl CMBS & EMG 2% (hedged to EUR), based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.

The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc
The Fund invests in companies that have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures..
The Fund aims to provide a risk profile comparable to a portfolio of 30% equities and 70% fixed income.
The Fund may use derivatives (including total return swaps), long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. Where the Fund uses total return swaps and contracts for difference, the underlying consists of instruments in which the Fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps and contracts for difference may be used to gain long and short exposure on equity and equity related securities, fixed and
floating rate securities and commodity indices. The gross exposure of total return swaps and contracts for difference will not exceed 30% and is expected to remain within the range of 0% to 10% of the Net Asset Value. In certain circumstances this proportion may be higher.
The Fund may (exceptionally) hold up to 100% of its assets in cash and Money Market Investments. This will be limited to a maximum of six months (otherwise the Fund will be liquidated). During this period, the Fund will not fall within the scope of MMFR. The Fund may also invest up to 10% of its assets in open-ended Investment Funds.

### Benchmark
The Fund’s performance should be assessed against the income target of 3-5% per year and the volatility compared against 30% MSCI AC World Index hedged to EUR, 40% Barclays Global Aggregate Corporate Bond Index hedged to EUR and 30% Barclays Global High Yield excl CMBS & EMD 2% Index hedged to EUR. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Fund’s investment universe is expected to overlap to a limited extent with the components of the comparator benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the comparator benchmark. The Investment Manager will invest in companies or sectors not included in the comparator benchmark. The benchmark
(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
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 benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Multi-Asset Fund".

### Risk Considerations
Specific Risk Considerations
A detailed description of the risks linked to emerging market securities, below-investment grade securities, asset-backed securities and mortgage-backed securities can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As
Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Fund Characteristics
Fund Currency	EUR

### Profile of the Typical Investor
The Fund will be suitable for Investors who desire a sustainable level of income with some capital growth, offered through investment in a range of asset classes.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies sustainability criteria when selecting investments for the Fund. The Investment Manager uses both negative and positive screening.
Firstly, a company is given an ESG score, which takes into account issues such as climate change, environmental performance, labour standards and board composition. The Investment Manager will decide whether an investment is eligible for inclusion taking into account this ESG score and will generally exclude companies with the lowest scores across each industrial group. The multi-asset nature of the Fund means that the Investment Manager will analyse the ESG scores across asset classes as an input into the asset allocation of the Fund.
Within the Fund’s investment universe established by this screening, the Investment Manager will assess companies against a variety of environmental and social metrics and may then select investments based on which it deems to contribute to one or more environmental or social objectives, provided that they do no significant harm to any other environmental or social objectives.
The sources of information used to perform the analysis include information provided by the companies, such as company sustainability reports and other relevant company material, as well as Schroders’ proprietary sustainability tools and third-party data.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of equity and equity related securities and fixed income securities issued by companies worldwide and Alternative Asset Classes. However, the universe (for the purpose of this test only) shall not include debt issued by public or quasi-public issuers.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.25% |
| AX Shares | Up to 5% | None | 1.25% |
| A1 Shares | Up to 4% | 0.50% | 1.25% |
| B Shares | None | 0.60% | 1.25% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.25% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund Sustainable Multi-Factor Equity

### Investment Objective
The Fund aims to provide capital growth in excess of the MSCI AC World (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity-related securities of companies worldwide which meet the Investment Managers sustainability criteria.

### Investment Policy
The Fund is actively managed and invests at least two thirds of its assets in equity and equity-related securities of companies worldwide that meet the Investment Manager’s sustainability criteria and which also focus on a range of equity factors (also commonly known as investment styles). Companies will be simultaneously assessed on these equity factors using a fully integrated systematic, bottom-up investment approach.
Relevant equity factors may include the following:
- Low volatility – involves evaluating indicators such as share price movement and historical performance to determine those securities that the Investment Manager believes will experience smaller price movements than the global equity markets on average.
- Momentum – involves evaluating trends in stocks, sectors or countries within the relevant equity market.
- Quality – involves evaluating indicators such as a company’s profitability, stability and financial strength.
- Value – involves evaluating indicators such as cash flows, dividends and earnings to identify securities that the Investment Manager believes have been undervalued by the market.
- Small cap – involves investing in small-sized companies being companies that, at the time of purchase, are considered to be in the bottom 30% by market capitalisation of the global equity market and exhibit attractive characteristics based on the styles described above.
- Sustainability – involves evaluating challenges and opportunities companies face from social, environmental and governance considerations.

The Fund follows a systematic approach, which scores all companies in a broad universe, including the MSCI AC World (Net TR) index, against the above equity factors to create a portfolio of typically 300 – 400 securities. The systematic process seeks to maximise the Fund’s expected exposure to the aggregated score against the equity factors, subject to consideration of active risk and transaction costs, while applying additional controls to manage concentration risk across securities, sectors and industries, and unexpected bias towards or away from the benchmark. The Investment Manager reviews the systematic output on regular basis and adjusts to ensure that the desired risk characteristics have been delivered and that the portfolio is appropriate against the equity factors.
The Fund maintains i) a higher overall sustainability score; and ii) at least a 50% lower carbon intensity score, relative to the MSCI AC World (Net TR) index, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc
The Fund invests in companies that have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Fund may invest in companies that the Investment Manager believes will improve their sustainability practices within a reasonable timeframe, typically up to two years.
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark being to exceed the MSCI AC World (Net TR) index. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As

### Fund Characteristics
Fund Currency	USD
Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking long term growth potential offered through investment in equities.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13:00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies sustainability criteria when selecting investments for the Fund.
The Investment Manager generally excludes companies with some exposure to business segments it views as harmful to society, such as tobacco, gambling and weapons. To reduce the Fund’s carbon risk, the Investment Manager also generally excludes companies with some exposure to thermal coal and oil from tar sands.
The Investment Manager also uses a quantitative assessment to identify companies with sustainable business practices. Sustainability is assessed by considering the overall environmental and social benefits and costs of a company’s operations and the strength of its governance practices.
The sources of information used to perform the analysis include information provided by the companies, such as company sustainability reports and other relevant company material, as well as Schroders’ proprietary sustainability tools and third-party data.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. The Fund’s sustainability criteria ensures that the portfolio’ overall sustainability profile is improved when compared to the Fund’s benchmark. For example, in terms of carbon intensity, the Fund’s overall carbon intensity will be at least 50% lower than that of the Fund’s benchmark.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of equity and equity-related securities of companies worldwide.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | N/A | N/A | N/A |
| AX Shares | N/A | N/A | N/A |
| A1 Shares | N/A | N/A | N/A |
| B Shares | N/A | N/A | N/A |
| C Shares | Up to 1% | None | 0.20% |
| CN Shares | Up to 3% | None | 0.20% |
| CX Shares | Up to 1% | None | 0.20% |
| D Shares | N/A | N/A | N/A |
| E Shares | Up to 1% | None | 0.10% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.20% |
| Z Shares | N/A | N/A | N/A |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Schroder International Selection Fund Sustainable Emerging Markets Synergy

### Investment Objective
The Fund aims to provide capital growth and income in excess of the MSCI Emerging Markets (NDR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of companies in emerging market countries which meet the Investment Manager’s sustainability criteria.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in a diversified portfolio of equity and equity- related securities of companies in emerging market countries which the Investment Manager believes are sustainable investments.
The Fund primarily focuses on companies with strong fundamentals based on bottom-up research as well as those with certain "Value" and/or "Quality" characteristics. Value is assessed by looking at indicators such as cash flows, dividends and earnings to identify securities which the Investment Manager believes have been undervalued by the market. Quality is assessed by looking at indicators such as a company's profitability, stability, financial strength, governance and expected growth.
The Fund may invest directly in China B-Shares and China H- Shares and may invest less than 20% of its assets (on a net basis) directly or indirectly through derivatives in China A- Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
The Fund maintains a higher overall sustainability score than MSCI Emerging Markets (NDR) index, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed on the website www.schroders.com/en/lu/private-investor/gfc.
The Fund invests in companies that have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark, being to exceed the MSCI Emerging Markets (NDR) index. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is managed by the QEP investment team in collaboration with the Global Emerging Markets team. QEP stands for Quantitative Equity Products.

### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.
The Fund may be suitable for Investors who are seeking long term growth potential offered through investment in equities.

### Fund Characteristics
Fund Currency	USD
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies sustainability criteria when selecting investments for the Fund.
Companies in the investment universe are assessed on their governance, environmental and social profile, across a wide range of underlying measures. The Investment Manager will then decide whether a company is eligible for inclusion in the Fund, based on its sustainability profile. The sustainability characteristics of a company can also impact the sizing of positions in the Fund.
Within governance, criteria assessed include risk to shareholders, business oversight, accounting risk and dividend policy. Environmental considerations include climate change related risks alongside broader environmental impact and opportunities. Social criteria reflects areas such as business involvement, safety, employee welfare, supply chain management and data privacy.
The primary sources of information include fundamental accounting data, Schroders’ proprietary sustainability tools and third-party ESG data.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of equity and equity related securities of emerging and frontier markets companies or companies which derive a significant proportion of their revenues or profits from emerging markets or frontier markets countries.

### General Share Class Features
| Share Classes | Initial Charge | Distribution Charge | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.

### Investment Objective
The Fund aims to provide capital growth in excess of the Swiss Performance Index after fees have been deducted over a three to five year period by investing in equity and equity related securities of Swiss companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in a concentrated range of equity and equity related securities of Swiss companies. This means typically holding fewer than 50 companies.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the Swiss Performance Index. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may

### Fund Characteristics
Fund Currency	CHF
deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Mainstream Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking long term growth potential offered through investment in equities.
Investment Manager	Schroder Investment Management (Switzerland) AG
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.25% |
| AX Shares | Up to 5% | None | 1.25% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.25% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.25% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the Swiss Performance Index after fees have been deducted over a three to five year period by investing in equity and equity related securities of Swiss companies which meet the Investment Manager's sustainability criteria.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in a concentrated range of equity and equity related securities of Swiss companies.
The Fund maintains a higher overall sustainability score than the Swiss Leaders Index, based on the Investment Manager’s rating system. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc.
The Fund invests in companies that have good governance practices, as determined by the Investment Manager’s rating criteria (please see the Fund Characteristics section for more details).
The Investment Manager may also engage with companies held by the Fund to challenge identified areas of weakness on sustainability issues. More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www. schroders.com/en/lu/private-investor/strategic-capabilities/ sustainability/disclosures.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the Swiss Performance Index and compared against the Swiss Leaders Index. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The

### Fund Characteristics
Fund Currency	CHF
comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the Fund.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria. Therefore, the Fund may underperform other funds that do not apply similar criteria to their investments. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor. Please refer to Appendix II for more details on sustainability risks.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management (Switzerland) AG
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
Sustainability Criteria	The Investment Manager applies sustainability criteria when selecting investments for the Fund. A company is assessed on a variety of ESG factors including how it treats its shareholders, governance, management quality and the environment, and a final overall ESG rating is allocated.
The Investment Manager will consider these in determining whether a company is eligible for inclusion in the Fund’s portfolio, giving more weight to the overall ratings.
The sources of information used to perform the analysis include information provided by the companies, such as company sustainability reports and other relevant company material, as well as Schroders’ proprietary sustainability tools and third-party data.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of equity and equity related securities of Swiss companies.

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the Swiss Performance Index Extra after fees have been deducted over a three to five year period by investing in equity and equity related securities of small and mid-sized Swiss companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of small and mid-sized Swiss companies. These are companies which, at the time of purchase, are considered to be in the bottom 30% by market capitalisation of the Swiss equities market.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the Swiss Performance Index Extra and compared against the Morningstar Switzerland Small/Mid Cap Equity Category. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and

### Fund Characteristics
Fund Currency	CHF
there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management (Switzerland) AG
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the TAIEX Total Return index after fees have been deducted over a three to five year period by investing in equity and equity related securities of Taiwanese companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in the equity and equity related securities of Taiwanese companies.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the TAIEX Total Return index and compared against the Morningstar Taiwan Equity Category. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may

### Fund Characteristics
Fund Currency	USD
deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management (Hong Kong) Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 1.00% |
| CN Shares | Up to 3% | None | 1.00% |
| CX Shares | Up to 1% | None | 1.00% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide income and capital growth in excess of the FTSE All Share Total Return index after fees have been deducted over a three to five year period by investing in equity and equity related securities of UK companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equities of UK companies. These are companies that are incorporated, headquartered or have their principal business activities in the UK.
‘Alpha' funds invest in companies in which the Investment Manager has a high conviction that the current share price does not reflect the future prospects for that business.
The Fund may also invest in equity and equity related securities of companies worldwide and fixed and floating rate securities issued by governments, government agencies, supra-nationals and companies worldwide.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I). The Fund may invest up to 10% of its assets in open-ended Investment Funds (including other Schroder Funds).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the FTSE All Share Total Return Index. The Fund’s investment universe is expected to

### Fund Characteristics
Fund Currency	GBP
overlap materially with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility 
2	
No
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
To ensure eligibility for the French Plan d'Epargne en Actions (PEA), the Fund invests at least 75% of its assets in equity securities issued by companies which have their head office in the European Union, or in an EEA state that has signed a tax agreement with France, including a clause on combating fraud and tax avoidance. Following the UK’s departure from the EU on 31 January 2020 a transition period came into effect, which is due to expire on 31 December 2020. During the transition period companies incorporated in the UK have continued to be eligible to be held through a PEA but from 1 January 2021 this is unlikely to be the case. As a result it has been decided to remove the PEA status from the Fund from 1 January 2021.
| Share Classes | Initial Charge  3 | Distribution Charge  4 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
3 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
4 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the FTSE All Share Total Return index after fees have been deducted over a three to five year period by investing in equity and equity related securities of UK companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of UK companies.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the FTSE All Share Total Return Index. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may

### Fund Characteristics
Fund Currency	GBP
deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Mainstream Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking long term growth potential offered through investment in equities.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility 
2	
No
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
To ensure eligibility for the French Plan d'Epargne en Actions (PEA), the Fund invests at least 75% of its assets in equity securities issued by companies which have their head office in the European Union, or in an EEA state that has signed a tax agreement with France, including a clause on combating fraud and tax avoidance. Following the UK’s departure from the EU on 31 January 2020 a transition period came into effect, which is due to expire on 31 December 2020. During the transition period companies incorporated in the UK have continued to be eligible to be held through a PEA but from 1 January 2021 this is unlikely to be the case. As a result it has been decided to remove the PEA status from the Fund from 1 January 2021.
| Share Classes | Initial Charge  3 | Distribution Charge  4 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.25% |
| AX Shares | Up to 5% | None | 1.25% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.25% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.25% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
3 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
4 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide income and capital growth in excess of the Bloomberg Barclays US Aggregate Bond (TR) index after fees have been deducted over a three to five year period by investing in fixed and floating rate securities denominated in USD.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities, including asset-backed securities and mortgage-backed securities, denominated in USD, issued by governments, government agencies and companies worldwide.
The Fund invests in the full credit spectrum of fixed income investments. The Fund may invest:
- up to 40% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds); and
- up to 70% of its assets in asset-backed securities, commercial mortgage-backed securities, and/or residential mortgage-backed securities issued worldwide with an investment grade or sub-investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies). Underlying assets may include credit card receivables, personal loans, auto loans, small business loans, leases, commercial mortgages and residential mortgages.

The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives, long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. The Fund may use leverage.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the Bloomberg Barclays US Aggregate Bond (TR) index and compared against the Morningstar USD Diversified Bond Category. The Fund’s investment universe is expected to overlap to a limited extent with the components of the target benchmark.
However, the Fund will likely reflect certain features of the target benchmark (namely currency exposure). The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund's investment objective and policy.

### Further Information
The Fund is categorised as "Mainstream Bond Fund".

### Risk Considerations
Risk Management Method
Relative Value-at-Risk (VaR)
VaR Benchmark
Barclays US Aggregate Bond Index. This index measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government- related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS and CMBS.
Expected Leverage
200% of the total net assets
The expected level of leverage may be higher when volatility decreases sustainably, when interest rates are expected to change or when credit spreads are expected to widen or tighten.
This Fund is not a leveraged financial instrument
The Fund utilises financial derivative instruments for investment purposes and the global exposure is monitored under the relative VaR approach in line with UCITS Risk Measurement Rules. Whilst these instruments generate leverage, the Fund itself is not a leveraged financial instrument as further described in the MIFID Directive. For further details on the relative VaR approach please see Appendix 1. In addition to this regulatory restriction, Schroders implements internal controls on global exposure to constrain and/or highlight global exposure as appropriate.
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking to combine capital growth opportunities with income in the relative stability of the debt markets over the long term.
Fund Currency	USD
Investment Manager	Schroder Investment Management North America Inc.
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No

### General Share Class Features
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 3% | None | 0.75% |
| AX Shares | Up to 3% | None | 0.75% |
| A1 Shares | Up to 2% | 0.50% | 0.75% |
| B Shares | None | 0.50% | 0.75% |
| C Shares | Up to 1% | None | 0.50% |
| CN Shares | Up to 3% | None | 0.50% |
| CX Shares | Up to 1% | None | 0.50% |
| D Shares | None | 1.00% | 0.75% |
| E Shares | Up to 1% | None | 0.25% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.50% |
| Z Shares | None | None | Up to 0.50% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 3% is equivalent to 3.092 78% of the Net Asset Value per Share; up to 2% is equivalent to 2.04081% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the Standard & Poors 500 (Net TR) Lagged index after fees have been deducted over a three to five year period by investing in equity and equity related securities of large-sized US companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in the equity and equity related securities of large-sized US companies. Large-sized companies are companies which, at the time of purchase, are considered to be in the top 85% by market capitalisation of the US equities market.
The Fund may invest in the equity securities of non-US companies provided they are listed on one of the major North American stock exchanges.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund's performance should be assessed against its target benchmark, being to exceed the Standard & Poors 500 (Net TR) Lagged index. The Fund’s investment universe is expected to overlap materially with the components of the

### Fund Characteristics
Fund Currency	USD
target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest, and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

### Further Information
The Fund is categorised as "Mainstream Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are seeking long term growth potential offered through investment in equities.
Investment Manager	Schroder Investment Management Limited.
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.25% |
| AX Shares | Up to 5% | None | 1.25% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.25% |
| C Shares | Up to 1% | None | 0.55% |
| CN Shares | Up to 3% | None | 0.55% |
| CX Shares | Up to 1% | None | 0.55% |
| D Shares | None | 1.00% | 1.25% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the Russell 2500 Lagged (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of small and mid-sized US companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of small and mid-sized US companies. These are companies which, at the time of purchase, are considered to be in the bottom 40% by market capitalisation of the US equities market.
The Fund invests in a broad range of small and mid-sized US companies. The investment approach focuses on three types of US companies: companies that the Investment Manager believes demonstrate strong growth trends and improving levels of cash; companies which the Investment Manager believes generate dependable earnings and revenues; and companies that the Investment Manager believes are undergoing positive change that is not being recognised by the market. By doing so, the Investment Manager believes that we can reduce overall risk and improve returns for our investors over the medium to long term.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with aim of reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the Russell 2500 Lagged (Net TR) index and compared against the Morningstar US Mid-Cap Equity Category. The Fund’s investment universe is

### Fund Characteristics
Fund Currency	USD
expected to overlap materially with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management North America Inc.
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.85% |
| CN Shares | Up to 3% | None | 0.85% |
| CX Shares | Up to 1% | None | 0.85% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth in excess of the Russell 2000 Lagged (Net TR) index after fees have been deducted over a three to five year period by investing in equity and equity related securities of small-sized US companies.

### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in equity and equity related securities of small- sized US companies. These are companies which, at the time of purchase, are considered to be in the bottom 30% by market capitalisation of the US equities market.
The Fund invests in a broad range of smaller companies in the US in the belief that they will offer better growth prospects than their larger peers over the medium to long term. The investment approach focuses on three types of companies: companies that the Investment Manager believes demonstrate strong growth trends and improving levels of cash; companies that the Investment Manager believes generate dependable earnings and revenues; and companies that the Investment Manager believes are undergoing positive change that is not being recognised by the market. By doing so, the Investment Manager believes that it can reduce overall risk and improve returns for investors over the medium to long term.
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the Russell 2000 Lagged (Net TR) index and compared against the Morningstar US

### Fund Characteristics
Fund Currency	USD
Small-Cap Equity Category. The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy.

### Further Information
The Fund is categorised as "Specialist Equity Fund".

### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund may be suitable for Investors who are more concerned with maximising long term returns than minimising possible short term losses.
Investment Manager	Schroder Investment Management North America Inc.
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 5% | None | 1.50% |
| AX Shares | Up to 5% | None | 1.50% |
| A1 Shares | Up to 4% | 0.50% | 1.50% |
| B Shares | None | 0.60% | 1.50% |
| C Shares | Up to 1% | None | 0.85% |
| CN Shares | Up to 3% | None | 0.85% |
| CX Shares | Up to 1% | None | 0.85% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.50% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 1% |
| Z Shares | None | None | Up to 1% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 5% is equivalent to 5.263 15% of the Net Asset Value per Share; up to 4% is equivalent to 4.16667% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

### Investment Objective
The Fund aims to provide capital growth above inflation (as measured by the Eurozone Harmonized Consumer Price Index) after fees have been deducted over rolling three to five year periods by investing in a broad range of asset classes worldwide. There is no guarantee that the objective will be attained and your capital is at risk.

### Investment Policy
The Fund is actively managed and may invest worldwide in commodities, equity and equity related securities of companies, fixed and floating rate securities and other Alternative Asset Classes in any currency, either directly or indirectly through open-ended Investment Funds and Exchange Traded Funds.
The exposure to commodities and other Alternative Asset Classes will be taken through eligible assets as described under the definition of "Alternative Asset Classes" in Appendix III of this Prospectus.
The Fund may invest in excess of 50% of its assets in fixed and floating rate securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies).
The Fund may exceptionally invest up to 100% of its assets in cash and Money Market Investments. This will be limited to a maximum of six months (otherwise the Fund will be liquidated). During this period, the Fund will not fall within the scope of MMFR.

### Fund Characteristics
Fund Currency	EUR
The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

### Benchmark
The Fund’s performance should be assessed against its target benchmark, being to exceed the Eurozone Harmonized Consumer Price Index. The Investment Manager invests on a discretionary basis and is not limited to investing in accordance with the composition of a benchmark.
The target benchmark has been selected because the target return of the Fund is to deliver or exceed the return of that benchmark as stated in the investment objective.

### Further Information
The Fund is categorised as "Multi-Asset Fund". The Fund may invest more than 10% of its assets in Investment Funds. The Fund may invest in another fund that charges a performance fee.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted.

### Profile of the Typical Investor
The Fund will be suitable for investors who seek real value (a positive rate of return after inflation) offered through investment in a range of asset classes.
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | Up to 4% | None | 1.50% |
| AX Shares | Up to 4% | None | 1.50% |
| A1 Shares | Up to 3% | 0.50% | 1.50% |
| B Shares | None | 0.50% | 1.50% |
| C Shares | Up to 1% | None | 0.75% |
| CN Shares | Up to 3% | None | 0.75% |
| CX Shares | Up to 1% | None | 0.75% |
| D Shares | None | 1.00% | 1.50% |
| E Shares | Up to 1% | None | 0.375% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.75% |
| Z Shares | None | None | Up to 0.75% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 4% is equivalent to 4.166 67% of the Net Asset Value per Share; up to 3% is equivalent to 3.09278% of the Net Asset Value per Share; up to 1% is equivalent to 1.0101% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Specific investment objectives and investment policies of the Money Market Funds
This section contains additional information applicable to the Funds which qualify as Money Market Funds. The general provisions of the Prospectus also apply to the Money Market Funds, unless otherwise provided below.
This Fund qualifies as a Standard Variable Net Asset Value Money Market Fund in accordance with the provisions of the MMFR. This Fund has been rated by external credit rating agencies. Such ratings were solicited and financed by the Investment Manager.

### Investment Objective
The Fund aims to provide income by investing in Money Market Instruments denominated in Euro. The Fund is designed to provide liquidity and aims to preserve the value of the investment in falling markets. The preservation of value or provision of liquidity cannot be guaranteed.

### Investment Policy
The Fund is actively managed and invests in Money Market Instruments (at least rated investment grade as measured by Standard & Poor's or any equivalent grade of other credit rating agencies in addition to receiving a favourable assessment of their credit quality pursuant to the Management Company’s internal credit quality assessment procedure) that are denominated in Euro and issued by government, government agencies and companies worldwide provided that (i) at the time of acquisition, the residual maturity of all such securities held in the portfolio does not exceed 12 months, taking into account any financial instruments connected therewith, or (ii) the terms and conditions governing those securities provide that the applicable interest rate is adjusted at least annually on the basis of market conditions and the residual maturity of all such securities does not exceed 2 years.

### Fund Characteristics
Fund Currency	EUR
The Fund may use derivatives with the aim of hedging currency and interest rate risk. The Fund may also hold cash and make deposits with a credit institution.

### Benchmark
The Fund does not have a target benchmark. The Fund's performance should be compared against the FTSE EUR 1m Eurodeposit LC (TR) index. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Fund’s investment universe is expected to overlap materially with the components of the comparator benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the comparator benchmark. The Investment Manager will invest in companies or sectors not included in the comparator benchmark.
The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund's investment objective and policy.

### Profile of the Typical Investor
The Fund invests in fixed income securities which are near to maturity. It is designed to be a short term investment for investors who seek to limit losses in falling markets. It is not designed to be a long term investment. For full details of the risks applicable to investing in the Fund, please refer to Appendix II, "Risks of Investment".
Investment Manager	Schroder Investment Management Limited
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Settlement Period of Subscription and Redemption Proceeds 
1
3 Business Days from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
1 
Different subscription and redemption procedures may apply if applications are made through Distributors.
| Share Classes | Initial Charge  2 | Distribution Charge  3 | Management Fee |
| --- | --- | --- | --- |
| A Shares | None | None | 0.20% |
| AX Shares | None | None | 0.20% |
| A1 Shares | None | None | 0.20% |
| B Shares | None | None | 0.20% |
| C Shares | None | None | 0.20% |
| CN Shares | Up to 3% | None | 0.20% |
| CX Shares | Up to 1% | None | 0.20% |
| D Shares | N/A | N/A | N/A |
| E Shares | Up to 1% | None | 0.10% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.20% |
| Z Shares | None | None | Up to 0.20% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 1% is equivalent to 1.010 1% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.
This Fund qualifies as a Standard Variable Net Asset Value Money Market Fund in accordance with the provisions of the MMFR.

### Investment Objective
The Fund aims to provide income by investing in Money Market Instruments denominated in US Dollar. The Fund is designed to provide liquidity and aims to preserve the value of the investment in falling markets. The preservation of value or provision of liquidity cannot be guaranteed.

### Investment Policy
The Fund is actively managed and invests in Money Market Instruments (rated at least investment grade as measured by Standard & Poor's or any equivalent grade of other credit rating agencies in addition to receiving a favourable assessment of their credit quality pursuant to the Management Company’s internal credit quality assessment procedure) that are denominated in US Dollar and issued by government, government agencies and companies worldwide provided that (i) at the time of acquisition, the residual maturity of all such securities held in the portfolio does not exceed 12 months, taking into account any financial instruments connected therewith, or (ii) the terms and conditions governing those securities provide that the

### Fund Characteristics
Fund Currency	USD
applicable interest rate is adjusted at least annually on the basis of market conditions and the residual maturity of all such securities does not exceed 2 years.
The Fund may use derivatives with the aim of hedging currency and interest rate risk. The Fund may also hold cash and make deposits with a credit institution.

### Benchmark
The Fund does not have a target benchmark. The Fund's performance should be compared against the ICE BofA Merrill Lynch US Treasury Bill (0-3m) index. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the Investment Manager invests the Fund’s assets. The Fund’s investment universe is expected to overlap materially with the components of the comparator benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the comparator benchmark. The Investment Manager will invest in companies or sectors not included in the comparator benchmark.
The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund's investment objective and policy.
Investment Manager	Schroder Investment Management North America Inc.
Dealing Cut-off Time	13.00 Luxembourg time on Dealing Day
Dealing Frequency	Daily on Dealing Day
Dealing Currency	Relevant Share Class's currency only 
1
Settlement Period of Subscription and Redemption Proceeds 
2
1 Business Day from the relevant Dealing Day
Performance Fee	None
Redemption Charge	None
PEA / PIR Eligibility	No
1 
The currency exchange service as described in Section 2 will not be available for this Fund
2 
Different subscription and redemption procedures may apply if applications are made through Distributors.
| Share Classes | Initial Charge  3 | Distribution Charge  4 | Management Fee |
| --- | --- | --- | --- |
| A Shares | None | None | 0.20% |
| AX Shares | None | None | 0.20% |
| A1 Shares | None | None | 0.20% |
| B Shares | None | None | 0.20% |
| C Shares | None | None | 0.20% |
| CN Shares | Up to 3% | None | 0.20% |
| CX Shares | Up to 1% | None | 0.20% |
| D Shares | None | 1.00% | 0.20% |
| E Shares | Up to 1% | None | 0.10% |
| IZ, IA, IB, IC, ID Shares | None | None | Up to 0.20% |
| Z Shares | None | None | Up to 0.20% |

Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
3 
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 1% is equivalent to 1.010 1% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
4 
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.

## Additional Information for Money Market Funds

### Additional information to Shareholders
Shareholders’ attention is drawn to the fact that:
- Money Market Funds are not a guaranteed investment;
- an investment in a Money Market Fund is different from an investment in deposits as the principal invested in a Money Market Fund is capable of fluctuation;
- the Company does not rely on external support for guaranteeing the liquidity of the Funds which qualify as Money Market Funds or stabilising the Net Asset Value per Share of those Funds; and
- the risk of loss of the principal is borne by the Shareholders.

In addition to the information made available to Shareholders in accordance with the main part of the Prospectus, the following information will be made available at the registered office of the Company and on the internet site of the Management Company (www.schroders.lu) on a weekly basis:
- the maturity breakdown of the portfolio of the relevant Fund;
- the credit profile of the relevant Fund;
- the Weighted Average Maturity and the Weighted Average Life of the relevant Fund;
- details of the 10 largest holdings in the Fund, including the name, country, maturity and asset type, the counterparty in the case of repurchase and reverse repurchase agreements;
- the total value of the relevant Fund; and
- the net yield of the relevant Fund.

In addition, the Net Asset Value per Share of the Share Classes of the Funds shall be made available on the abovementioned internet site on a daily basis.

### Specific provisions relating to the calculation of the Net Asset Value per Share
The Net Asset Value per Share shall be rounded to the nearest basis point or its equivalent when the Net Asset Value is published in a currency unit.
By derogation to the section 2.4. “Calculation of Net Asset Value” above, the assets of Funds qualifying as Money Market Funds will be valued using the following valuation principles:
- Liquid assets and Money Market Instruments will be valued at Mark-to-Market or Mark-to-Model where the use of Mark-to-Market is not possible or the market data is not of sufficient quality;
- Shares or units of Money Market Funds shall be valued at their last available net asset value as reported by such money market funds;
- The value of any cash on hand or on deposit and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid, and not yet received shall be deemed to be the full amount thereof, unless, however, the same is unlikely to be paid or received in full, in which case the value thereof shall be determined conservatively by using Mark-to-Model;
- Any assets or liabilities in currencies other than the Fund Currency (as defined in this Appendix ) will be converted using the relevant spot rate quoted by a bank or other recognised financial institutionThe assets of Funds qualifying as Money Market Funds shall be valued on at least a daily basis.

The Net Asset Value per Share shall be calculated as the difference between the sum of all assets of the Fund and the sum of all liabilities of the Fund valued in accordance with Mark-to-Market or Mark-to-Model, or both, divided by the number of outstanding Shares of the Fund.
Shares of a Fund shall be issued or redeemed at a price that is equal to the relevant Net Asset Value per Share calculated on the Dealing Day (plus any applicable initial charge or less any applicable redemption charge).

### Investment restrictions and portfolio rules
Specific investment restrictions
The Directors have adopted the following restrictions in relation to the investments of the Funds qualifying as Standard Variable Net Asset Value Money Market Funds. These restrictions and policies may be amended from time to time by the Directors should they deem it to be in the best interest of the Company. In this case, the Prospectus will be updated.
- Each Fund may exclusively invest in the following eligible assets:
	- Money Market Instruments that fulfil all of the following requirements:
		- It falls within the following categories:
			- Money Market Instruments admitted to or dealt in on a Regulated Market, admitted to official listing on a stock exchange; and/or
			- Money Market Instruments other than those dealt in on a Regulated Market, if the issue or the issuer of such instruments are themselves regulated for the purpose of protecting investors and savings, and provided that such instruments are:
				- issued or guaranteed by a central, regional or local authority or by a central bank of an EU Member State, the European Central Bank, the EU or the European Investment Bank, a non- EU Member State or, in case of a Federal State, by one of the members making up the federation, or by a public international body to which one or more EU Member States belong; or
				- issued by an undertaking, any securities of which are dealt in on Regulated Markets referred to in (1) (I)
					- above; or





- issued or guaranteed by an establishment subject to prudential supervision, in accordance with criteria defined by EU law, or by an establishment which is subject to and complies with prudential rules considered by the CSSF to be at least as stringent as those laid down by EU law; or
- issued by other bodies belonging to the categories approved by the CSSF provided that investments in such instruments are subject to investor protection equivalent to that laid down in (i), (ii) and (iii) above and provided that the issuer is a company whose capital and reserves amount to at least EUR 10,000,000 and which presents and publishes its annual accounts in accordance with Directive 2013/34/EU, is an entity which, within a group of companies which includes one or several listed companies, is dedicated to the financing of the group or is an entity which is dedicated to the financing of securitisation vehicles which benefit from a banking liquidity line.
- it displays one of the following alternative characteristics:
- it has a legal maturity at issuance of 397 days or less;
- it has a residual maturity of 397 days or less;
- it has a residual maturity until the legal redemption date of less than or equal to 2 years provided that the time remaining to the next interest rate reset date is 397 days or less. For that purpose, floating-rate Money Market Instruments and fixed-rate Money Market Instruments hedged by a swap arrangement shall be reset to a money market rate or index.
- the issuer of the Money Market Instrument and the quality of the Money Market Instrument have received a favourable assessment pursuant to the internal credit quality assessment procedure established by the Management Company;This requirement shall not apply to Money Market Instruments issued or guaranteed by the EU, a central authority or central bank of an EU Member State, the European Central Bank, the European Investment Bank, the European Stability Mechanism or the European Financial Stability Facility.
- where the Funds invest in a securitisation or ABCP, it is subject to the requirements laid down in (A) (2) below.
- (I)	
- Eligible securitisations and ABCPs provided that the securitisation or ABCP is sufficiently liquid, has received a favourable assessment pursuant to the internal credit quality assessment procedure established by the Management Company, and is any of the following:
- a securitisation referred to in Article 13 of Commission Delegated Regulation (EU) 2015/61 
- 5
- ;
- an ABCP issued by an ABCP programme which:
	- is fully supported by a regulated credit institution that covers all liquidity, credit and material dilution risks, as well as ongoing transaction costs and ongoing programme-wide costs related to the ABCP, if necessary to guarantee the investor the full payment of any amount under the ABCP;
	- is not a re-securitisation and the exposures underlying the securitisation at the level of each ABCP transaction do not include any securitisation position;
	- does not include a synthetic securitisation as defined in point (11) of Article 242 of Regulation (EU) No 575/2013 
	- 6 
	- ;

- a simple, transparent and standardised (STS) securitisation, as determined in accordance with the criteria and conditions laid down in Articles 20, 21 and 22 of Regulation (EU) 2017/2402 of the European Parliament and of the Council, or an STS ABCP as determined in accordance with the criteria and conditions laid down in Articles 24, 25 and 26 of that Regulation.

(II) 
The Fund may invest in the securitisations or ABCPs provided any of the following conditions is fulfilled, as applicable:
(a) The legal maturity at issuance or residual maturity of the securitisations and ABCPs referred to in (I) (a) (b) and (c) above is two years or less and the time remaining until the next interest rate reset date is 397 days or less;
(b) The securitisations referred to in points (I)
(a) and (c) above are amortising instruments and have a WAL of two years or less.
- Deposits with credit institutions provided that all of the following conditions are fulfilled:
	- the deposit is repayable on demand or is able to be withdrawn at any time;
	- the deposit matures in no more than 12 months;5 Commission Delegated Regulation (EU) 2015/61 of 10 October 2014 to supplement Regulation (EU) No 575/2013 of the European Parliament and the Council with regard to liquidity coverage requirement for Credit Institutions.


6 
Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012.
- the credit institution has its registered office in a EU Member State or, where the credit institution has its registered office in a third country, it is subject to prudential rules considered equivalent to those laid down in EU Law in accordance with the procedure laid down in Article 107(4) of Regulation (EU) No 575/2013.
- Repurchase agreements provided that all the following conditions are fulfilled:
- It is used on a temporary basis, for no more than seven working days, only for liquidity management purposes and not for investment purposes other than as referred to in point (III) below.
- The counterparty receiving assets transferred by the relevant Fund as collateral under the repurchase agreement is prohibited from selling, investing, pledging or otherwise transferring those assets without the prior consent of the Company;
- The cash received by the relevant Fund as part of the repurchase agreement is able to be:
	- placed on deposits in accordance with (3) above; or
	- invested in liquid transferable securities or Money Market Instruments other than those referred to in (A) (1) above provided that those assets comply with one of the following conditions:
		- they are issued or guaranteed by the Union, a central authority or central bank of a Member State of the EU, the European Central Bank, the European Investment Bank, the European Stability Mechanism or the European Financial Stability Facility provided that a favourable assessment has been received pursuant to the internal credit rating assessment procedure established by the Management Company;
		- they are issued or guaranteed by a central authority or central bank of a non-EU Member State, provided that a favourable assessment has been received pursuant to the internal credit rating assessment procedure of the Management Company.



Cash received by the relevant Fund as part of the repurchase agreement shall not otherwise be invested in other assets, transferred or otherwise reused.
- Cash received by the relevant Fund as part of the repurchase agreement does not exceed 10% of its assets.
- The Company has the right to terminate the agreement at any time upon giving prior notice of no more than two working days.
- Reverse repurchase agreements provided that all of the following conditions are fulfilled:
- the Fund has the right to terminate the agreement at any time upon giving prior notice of no more than two working days;
- the assets received by the Fund as part of a reverse repurchase agreement shall:
	- be Money Market Instruments that fulfil the requirements set out in (A) (1) above
	- not include securitisations and ABCPs;
	- have a market value which is at all times at least equal to the cash paid out;
	- not be sold, reinvested, pledged or otherwise transferred;
	- be sufficiently diversified with a maximum exposure to a given issuer of 15% of the Fund’s Net Asset Value except where those assets take the form of Money Market Instruments that fulfil the requirements of(C) (1) (VIII) below.

- be issued by an entity that is independent from the counterparty and is expected not to display a high correlation with the performance of the counterparty;By way of derogation from (a) above, the Fund may receive as part of a reverse repurchase agreement liquid transferable securities or Money Market Instruments other than those referred to in (A) (1) above provided that those assets comply with one of the following conditions:
- they are issued or guaranteed by the Union, a central authority or central bank of a Member State of the EU, the European Central Bank, the European Investment Bank, the European Stability Mechanism or the European Financial Stability Facility provided that a favourable assessment has been received pursuant to the internal credit rating assessment procedure established by the Management Company;
- they are issued or guaranteed by a central authority or central bank of a non-EU Member State, provided that a favourable assessment has been received pursuant to the internal credit rating assessment procedure of the Management Company;The assets received as part of a reverse repurchase agreement in accordance with the above shall fulfil the diversification requirements described under (C) (1) (VIII).
- The Company shall ensure that it is able to recall the full amount of cash at any time on either an accrued basis or a Mark-to-Market basis. When the cash is recallable at any time on a Mark-to-Market basis, the Mark-to-Market value of the reverse repurchase agreement shall be used for the calculation of the Net Asset Value per Share of the relevant Fund.
- Units or shares of any other standard or short-term Money Market Fund (“targeted MMF”) provided that all of the following conditions are fulfilled:
	- no more than 10 % of the assets of the targeted MMF are able, according to its fund rules or instruments of incorporation, to be invested in aggregate in units or shares of targeted MMFs.
	- the targeted MMF does not hold units or shares of the acquiring Fund.
	- the targeted MMF is authorised under the MMF Regulation.

- Financial derivative instruments provided that they are dealt in on a stock exchange or a Regulated Market or OTC provided that all of the following conditions are fulfilled:
	- the underlying of the financial derivative instrument consists of interest rates, foreign exchange rates, currencies or indices representing one of those categories;
	- the financial derivative instrument serves only the purpose of hedging the interest rate or exchange rate risks inherent in other investments of the Fund;
	- the counterparties to OTC derivative transactions are institutions subject to prudential regulation and supervision and belonging to the categories approved by the CSSF;
	- the OTC derivatives are subject to reliable and verifiable valuation on a daily basis and can be sold, liquidated or closed by an offsetting transaction at any time at their fair value at the Company's initiative.

- The Company may hold ancillary liquid assets in accordance with Article 41(2) of the Law.
- (1) 
- (I)	
- The Company will invest no more than 5% of the assets of any Fund in Money Market Instruments, securitisations and ABCPs issued by the same body.

The Company may not invest more than 10% of the assets of such Fund in deposits made with the same credit institution, unless the structure of the Luxembourg banking sector is such that there are insufficient viable credit institutions to meet that diversification requirement and it is not economically feasible for the Fund to make deposits in another Member State of the EU, in which case up to 15 % of its assets may be deposited with the same credit institution.
- By way of derogation from (C) (1) (I) above, a Fund may invest up to 10% of its assets in Money Market Instruments, securitisations and ABCPs issued by the same body provided that the total value of such Money Market Instruments, securitisations and ABCPs held by the relevant Fund in each issuing body in which it invests more than 5 % of its assets does not exceed 40 % of the value of its assets.
- The aggregate of all of a Fund's exposures to securitisations and ABCPs shall not exceed 20% of its assets, whereby up to 15% of that Fund's assets may be invested in securitisations and ABCPs that do not comply with the criteria for the identification of STS securitisations and ABCPs.
- The aggregate risk exposure to the same counterparty of a Fund stemming from OTC derivative transactions which fulfil the conditions set out in (A) (7) above shall not exceed 5% of the assets of the relevant Fund.
- The aggregate amount of cash provided to the same counterparty of the Company acting on behalf of a Fund in reverse repurchase agreements shall not exceed 15 % of the assets of that Fund.
- Notwithstanding the individual limits laid down in paragraphs (C) (1) (I) and (IV), the Company shall not combine, where to do so would result in an investment of more than 15 % of a Fund’s assets in a single body, any of the following:
	- investments in Money Market Instruments, securitisations and ABCPs issued by that body, and/or
	- deposits made with that body, and/or
	- OTC financial derivative instruments giving counterparty risk exposure to that body.

- The limit of 15% laid down in (C) (1) (VI) above would be increased to a maximum of 20% in Money Market Instruments, deposits and OTC financial derivative instruments of that single body to the extent the structure of the Luxembourg financial market would be such that there are insufficient viable financial institutions to meet that diversification requirement and it is not economically feasible for the Company to use financial institutions in other Member States of the EU.
- Notwithstanding the provisions outlined in(C) (1) (I), the Company is authorised to invest more than 5% and up to 100% of the assets of any Fund, in accordance with the principle of risk spreading, in Money Market Instruments issued or guaranteed separately or jointly by the EU, the national, regional and local administrations of the Member States of the EU or their central banks, the European Central Bank, the European Investment Bank, the European Investment Fund, the European Stability Mechanism, the European Financial Stability Facility, a central authority or central bank of a member state of the OECD, Group of Twenty or Singapore, the International Monetary Fund, the International Bank for Reconstruction and Development, the Council of Europe Development Bank, the European Bank for Reconstruction and Development, the Bank for International Settlements, or any other relevant international financial institution or organisation to which one or more Member States of the EU belong, provided that suchFund must hold Money Market Instruments from at least six different issues by the issuer and that the Fund limits the investments in Money Market Instruments from the same issue to a maximum of 30% of the assets of such Fund.
- The limit laid down in the first paragraph of (C)
- (I) may be of a maximum of 10% for certain bonds when they are issued by a single credit institution which has its registered office in a Member State of the EU and is subject by law, to special public supervision designed to protect bondholders. In particular, sums deriving from the issue of these bonds must be invested in accordance with the law in assets which, during the whole period of validity of the bonds, are capable of covering claims attached to the bonds and which, in case of failure of the issuer, would be used on a priority basis for the repayment of the principal and payment of accrued interest.
- If a Fund invests more than 5% of its assets in the bonds referred to in the above paragraph and issued by a single issuer, the total value of such investments shall not exceed 40% of the value of the assets of the Fund.
- Notwithstanding the individual limits laid down in (C) (1) (I) the Fund may invest no more than 20 % of its assets in bonds issued by a single credit institution where the requirements set out in point (f) of Article 10(1) or point (c) of Article 11(1) of Delegated Regulation (EU) 2015/ 61 are met, including any possible investment in assets referred to in (C) (1) (IX) and (X) above.

Where a Fund invests more than 5 % of its assets in the bonds referred to in the above paragraph issued by a single issuer, the total value of those investments shall not exceed 60
% of the value of the assets of the relevant Fund, including any possible investment in assets referred to in (C) (1) (IX) and (X) above, respecting the limits set out therein.
Companies which are part of the same group for the purposes of the establishment of consolidated accounts, as defined in accordance with Directive 2013/34/EU or in accordance with recognised international accounting rules, are regarded as a single body for the purpose of calculating the limits contained in section (C) (1) (I) to (VII).
- (1) The Company may not acquire on behalf of any Fund more than 10% of Money Market Instruments, securitisations and ABCPs issued by a single body.
- Paragraph (D)(1) above is waived as regards Money Market Instruments issued or guaranteed by the EU, national, regional and local administrations of the Member States of the EU or their central banks, the European Central Bank, the European Investment Bank, the European Investment Fund, the European Stability Mechanism, the European Financial Stability Facility, a central authority or central bank of a third country, the International Monetary Fund, the International Bank for Reconstruction and Development, the Council ofEurope Development Bank, the European Bank for Reconstruction and Development, the Bank for International Settlements, or any other relevant international financial institution or organisation to which one or more Member States of the EU belong.
- (1) Unless explicitly otherwise mentioned in its investment policy, a Fund may not invest more than 10% of its assets in units or shares of targeted MMFs as defined under paragraph (A) (6).
- A Fund may acquire units or shares of another targeted MMF provided that it represents no more than 5% of a Fund’s assets.
- Any Fund which is allowed to derogate from item(E) (1) above may not invest in aggregate more than 17.5% of its assets in units or shares of other targeted MMFs.
- By derogation to (2) and (3) above, any Fund may either:
	- be a feeder MMF investing at least 85% of its assets in one other single targeted MMF UCITS in accordance with Article 58 of the UCITS Directive; or
	- invest up to 20% of its assets in another single targeted MMF with a maximum of 30% in aggregate of its assets in targeted MMFs which are not UCITS in accordance with Article 55 of the UCITS Directive,provided that the following conditions are met:

- the relevant Fund is marketed solely through an employee savings scheme governed by national law and which has only natural persons as investors;
- the employee savings scheme referred to above only allows investors to redeem their investment subject to restrictive redemption terms which are laid down in national law, whereby redemptions may only take place in certain circumstances that are not linked to market developments.
- Where the target MMF is managed, whether directly or under a delegation, by the Management Company or by any other company to which the Management Company is linked by common management or control, or by a substantial direct or indirect holding, the Management Company or that other company, is prohibited from charging subscription or redemption fees on account of the investment by the acquiring Fund in the units or shares of the targeted MMF.

In respect of a Fund's investments of more than 10% of its assets in the target MMF, (i) if the target MMF is linked to the Management Company as described in the preceding paragraph, there shall be no management fee charged to that portion of the assets of the relevant Fund and (ii) in the other cases, the maximum level of management fees that may be charged both to the Fund itself and to the target MMF will not exceed 1%. The Company will indicate in its annual report the total management
fees charged both to the relevant Fund and to the target MMF in which such Fund has invested during the relevant period.
- The underlying investments held by the targeted MMF in which a Fund invests do not have to be considered for the purpose of the investment restrictions set forth under (C) (1) (I) above.
- Any Fund may act as a master fund for other funds.

Notwithstanding the foregoing, a Fund may subscribe, acquire and/or hold securities to be issued or issued by one or more Fund(s) qualifying as Money Market Funds without the Company being subject to the requirements of the Law of 10 August 1915 on commercial companies, as amended, with respect to the subscription, acquisition and/or the holding by a company of its own shares, under the condition however that:
- the target Money Market Fund does not, in turn, invest in the relevant Fund invested in this target Money Market Fund; and
- no more than 10% of the assets that the target Money Market Funds whose acquisition is contemplated may be invested in units of other Money Market Funds; and
- voting rights, if any, attaching to the shares of the target Money Market Fund are suspended for as long as they are held by the Fund concerned and without prejudice to the appropriate processing in the accounts and the periodic reports; and
- in any event, for as long as these securities are held by the Fund, their value will not be taken into consideration for the calculation of the net assets of the Fund for the purposes of verifying the minimum threshold of the net assets imposed by the Luxembourg Law.
- In addition the Company will not:
	- invest in assets other than those referred to under(A) and (B) above;

- short sale Money Market Instruments, securitisations, ABCPs and units or shares of other Money Market Funds ;
- take direct or indirect exposure to equity or commodities, including via derivatives, certificates representing them, indices based on them, or any other means or instrument that would give an exposure to them.
- enter into securities lending agreements or securities borrowing agreements, or any other agreement that would encumber the assets of the Fund.
- borrowing and lending cash.
- The Company will in addition comply with such further restrictions as may be required by the regulatory authorities in which the Shares are marketed.

Portfolio rules
Standard Variable Net Asset Value Money Market Funds shall also comply on an ongoing basis with all of the following requirements:
- its portfolio is to have at all times a Weighted Average Maturity of no more than 6 months;
- its portfolio is to have at all times a Weighted Average Life of no more than 12 months, subject to the provisions of the MMFR;
- at least 7.5 % of its assets are to be comprised of daily maturing assets, reverse repurchase agreements (if any) which can be terminated by giving prior notice of one working day or cash which can be withdrawn by giving prior notice of one working day. A Fund is not to acquire any asset other than a daily maturing asset when such acquisition would result in that Fund investing less than 7.5 % of its assets in daily maturing assets;
- at least 15 % of its assets are to be comprised of weekly maturing assets, reverse repurchase agreements (if any) which can be terminated by giving prior notice of five working days or cash which can be withdrawn by giving prior notice of five working days. A Fund is not to acquire any asset other than a weekly maturing asset when such acquisition would result in that Fund investing less than 15 % of its assets in weekly maturing assets. Money Market Instruments or units or shares of other Money Market Funds may be included within the weekly maturing assets limit up to 7.5% of its assets provided they are able to be redeemed and settled within five working days.

If the abovementioned limits are exceeded for reasons beyond the control of the Company or as a result of the exercise of subscription or redemption rights, the Company shall adopt as a priority objective the correction of that situation, taking due account of the interest of its Shareholders.
Repurchase and reverse repurchase agreements
The Company will comply with the Regulations and in particular the MMFR, the CSSF circular 14/592 relating to ESMA guidelines on ETFs and other UCITS issues and Regulation (EU) 2015/2365 of 25 November 2015 on transparency of securities financing transactions and of reuse.
Internal Credit Quality Assessment Procedure
In accordance with the MMFR, and relevant delegated acts supplementing the MMFR, the Management Company has established, implemented and consistently applies a customized internal credit quality assessment procedure based on prudent, systematic and continuous assessment methodologies for systematically determining the credit quality of the instruments held in the portfolio of the Funds that qualify as Money Market Funds within the meaning of the MMFR.
An effective process has been established by the Management Company to ensure that relevant information on the issuer and the instrument's characteristics are obtained and kept up-to-date. This information includes, but is not limited to, detail on each issuer’s financial accounts, business profile, and the quality of management in addition to industry and market trends.
Determination of credit risk of an issuer or guarantor will be made based on an independent analysis of the issuer’s or guarantor’s ability to repay its debt obligations which uses a mixture of quantitative and qualitative information. The persons in charge of the implementation of internal credit quality assessment procedure constitute a team of credit analysts under the responsibility of the Management Company. The determination of credit risk shall include the following elements, where applicable:
- Financial condition and analysis of recent financial statements;
- Assessment of the issuer's liquidity profile including sources of liquidity;
- Ability to react to future market-wide and issuer- or guarantor-specific events, including the ability to repay in a highly adverse situation;
- Strength of the issuer’s or guarantor within the economy and relative to economic trends and competitive position;
- Credit quality direction (which is an absolute view of how an issuer's credit quality is expected to evolve in the market);
- Sector rankings (they are made on a relative risk basis, linking a credit quality direction with an analyst's view of what is forecast to happen to an issue in the market);
- The rating and outlook provided by external credit rating agencies.

In order to quantify the credit risk of an issuer or guarantor and the relative risk of default of an issuer or guarantor and of an instrument, the following quantitative criteria will be used in the credit quality assessment methodology:
- Bond pricing information, including credit spreads and pricing of comparable fixed income instruments and related securities;
- Pricing of money market instruments relevant to the issuer or guarantor, instrument or industry sector;
- Credit default-swap pricing information, including credit default-swap spreads for comparable instruments;
- Default statistics relating to the issuer or guarantor, instrument, or industry sector;
- Financial indices relevant to the geographic location, industry sector or asset class of the issuer or instrument;
- Financial information relating to the issuer or guarantor, including profitability ratios, interest coverage leverage metrics, pricing of new issues including the existence of more junior securities.

Specific criteria for the qualitative assessment of the issuer or guarantor and of an instrument as designated by the Management Company will include:
- Credit Assessment of the issuer or guarantor of the instrument
	- The financial condition of the issuer
		- Analysis of the sovereign including explicit and contingent liabilities, the size of foreign exchange reserves and any foreign exchange liabilities etc.
		- Analysis of the industry and market in which the issuer operates, and its position within it.

	- The financial condition of the guarantor
	- The condition of government support
		- The level of government ownership or the point at which intervention will take place
		- Debt protection or business/financial support
		- National policy and the level of economic/ systematic importance


- The liquidity of the instrument
	- The amount of the issue outstanding
	- The instruments liquidity as measured by both internal and external liquidity risk applications

- The issuer’s rating from external credit rating agencies
	- External credit ratings are not relied upon, but are used as an initial threshold for suitability using a minimum rating by internationally recognized statistical rating organizations determined by the Management Company.


There will be no mechanistic over-reliance on external ratings given, amongst other factors, the external rating is not forward-looking in nature. Independent, fundamental analysis will therefore be undertaken in order to come to an informed view.
The qualitative and quantitative inputs on which the credit quality assessment methodology is based will be of a reliable nature and well-documented.
Based on the analysis completed, a global favorable or unfavorable assessment on the issuer and on the instrument will be delivered. Unfavorable assessments result automatically in the impossibility of a transaction. Favorable assessments permit the issuer’s inclusion on the approved list of issuers, making transactions possible but do not systematically end with a transaction. Each approved issuer is assigned a maximum maturity for which its issues can be held.
The credit quality of individual issuers is reviewed and updated on a continuous basis. Proactive monitoring of public information that may impact an issuer’s credit quality is key part of the dynamic research process.
In case an issuer's credit quality declines the instruments of which are held in the portfolio of a Fund, the issuer may be designated "do not roll". In these instances, the instruments are either (i) sold or (ii) allowed to expire. In this latter case, the assessment of the credit quality of the instrument must remain favorable and further issues of the same issuer will not be purchased until such a point it recovers a credit quality sufficient to conclude to a favorable assessment of the instruments it issues.
The credit quality assessment methodologies are reviewed at least on annual basis by the Management Company and more often if necessary.
In case there is a material change, within the meaning of the MMFR, that could have an impact on the existing assessment of an instrument or on the credit quality methodologies, a new credit quality assessment will be performed and/or credit quality methodologies will be updated.
Stress scenario analysis is performed at both an individual issuer and a total portfolio level. In the case of individual issuers, stress scenario analysis forms an integral part of the credit research process. It is performed in order to test the robustness of the assumptions used in the credit research process and to ensure that individual issuers are suitably resilient under potentially challenging conditions. Key factors involved in historical scenarios are used to inform forward-looking assumptions of potential future scenarios. Stress scenario analysis is performed on-desk by a dedicated team of credit analysts using proprietary systems, and is performed as frequently as may be necessary.

Translation (ENFR, 2021-05-01):
# Annexe III
## Informations détaillées sur les Compartiments
Les Compartiments suivis d’un astérisque (*) ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Ces Compartiments seront lancés à la discrétion des Administrateurs et une mise à jour correspondante du Prospectus sera effectuée.
La Société vise à offrir aux Investisseurs la possibilité de choisir entre plusieurs portefeuilles ayant des objectifs d’investissement et des niveaux de risque variés.
Les objectifs et politiques d’investissement décrits ci- dessous ont force obligatoire pour le Gestionnaire d’investissement de chaque Compartiment, mais il ne saurait être garanti que l’objectif d’investissement sera atteint.
- Les objectifs et politiques d’investissement propres à chaque Compartiment doivent être interprétés comme suit : chaque Compartiment sera géré activement et investira, conformément à sa dénomination ou à sa politique d’investissement, directement ou (s’il en est fait mention) par le biais d’instruments dérivés dans des investissements correspondant à la devise, au titre, au pays, à la région ou au secteur indiqué dans l’objectif ou la politique d’investissement.

Lorsqu’il est précisé qu’un Compartiment investit au moins deux tiers de ses actifs d’une certaine manière, (i) le pourcentage n’est donné qu’à titre indicatif et le Gestionnaire d’investissement peut, par exemple, ajuster l’exposition du Compartiment à certaines catégories d’actifs en réponse à des conditions de marché et/ou économiques et/ou une volatilité anticipée défavorables s’il estime que cet ajustement est dans le meilleur intérêt du Compartiment et de ses actionnaires ; et (ii) ces actifs excluent les espèces et autres liquidités qui ne sont pas utilisées comme outils de sauvegarde pour les instruments dérivés, sauf indication contraire. Lorsqu’il est précisé qu’un Compartiment investit jusqu’à un pourcentage maximum de ses actifs (p. ex. 80 %) d’une certaine façon, ces actifs comprennent les espèces et autres liquidités qui ne sont pas utilisées comme outils de sauvegarde pour les instruments dérivés.
Le tiers restant des actifs du Compartiment (hors liquidités qui ne sont pas utilisées comme outils de sauvegarde pour les instruments dérivés) peut être investi dans d’autres devises, titres, pays, régions ou secteurs directement, via des instruments dérivés ou de toute autre manière indiquée.
Un Compartiment ne détiendra pas plus de 5 % de ses actifs dans des titres en difficulté, des titres adossés à des actifs/des titres adossés à des créances hypothécaires, des instruments liés aux matières premières ou des obligations catastrophes, sauf mention contraire dans la politique d’investissement.
Si la politique d’investissement d’un Compartiment se réfère à des investissements dans des sociétés d’un pays ou d’une région en particulier, il s’agira (sauf
mention contraire) d’investissements dans des sociétés constituées, ayant leur siège social, cotées ou exerçant leurs activités principales dans ce pays ou cette région.
- Les Gestionnaires d’investissement peuvent investir directement dans des titres russes négociés sur la Bourse de Moscou. Pour plus de détails concernant les risques liés à ces bourses, veuillez consulter l’Annexe II. Les Compartiments peuvent en outre acquérir une exposition au marché russe en investissant dans des certificats américains d’actions étrangères (American Depositary Receipts, ADR) et des certificats internationaux d’actions étrangères (Global Depositary Receipts, GDR).
- Un compartiment ne détiendra pas plus de 5 % de ses actifs en valeurs mobilières négociées sur le CIBM (y compris via Bond Connect) ou sur tout autre Marché réglementé chinois ou en Actions A chinoises par le biais des programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect, sauf indication contraire dans son « Objectif d’investissement » et sa « Politique d’investissement ».
- Sauf mention contraire dans l’Annexe III, chaque Compartiment en obligations (y compris le Compartiment en obligations classique et le Compartiment en obligations spécialisé) et le Compartiment multi-actif peuvent investir jusqu’à 5 % dans des obligations convertibles contingentes. Pour plus de détails concernant les risques applicables aux investissements dans ces Compartiments, veuillez consulter l’Annexe II « Risques d’investissement ».
- Niveau attendu d’effet de levierLes Compartiments évaluant leur exposition globale grâce à l’approche de la Valeur exposée au risque (VaR) publient leur niveau attendu d’effet de levier.

Le niveau attendu d’effet de levier n’est qu’un indicateur et non un plafond réglementaire. L’effet de levier du Compartiment peut être supérieur au niveau attendu sous réserve que le Compartiment reste conforme à son profil de risque et respecte sa limite de VaR.
Le niveau réel d’effet de levier au cours de la période écoulée et une description plus détaillée de ce chiffre figurent dans le rapport annuel.
Le niveau d’effet de levier constitue une mesure (i) de l’utilisation d’instruments dérivés et (ii) du réinvestissement de garanties grâce à des techniques de gestion efficace de portefeuille. Il ne tient pas compte des autres avoirs physiques détenus directement dans le portefeuille des Compartiments concernés. Il ne représente pas non plus le niveau des moins-values susceptibles d’être encourues par un Compartiment.
Le niveau d’effet de levier est calculé par (i) la somme des valeurs notionnelles de tous les instruments dérivés contractés par le Compartiment exprimée en pourcentage de la Valeur liquidative du Compartiment et (ii) tout effet de levier supplémentaire généré par le réinvestissement de garanties grâce à des techniques de gestion efficace de portefeuille.
Cette méthodologie :
- ne fait pas de distinction entre les instruments dérivés utilisés à des fins d’investissement et à des fins de couverture. En conséquence, les stratégies qui visent à réduire le risque contribueront à augmenter le niveau d’effet de levier pour le Compartiment.
- n’autorise pas les opérations de compensation des instruments dérivés. En conséquence, les refinancements d’instruments dérivés et stratégies qui reposent sur une combinaison de positions longues et courtes peuvent contribuer à une forte augmentation du niveau d’effet de levier voire une augmentation (modérée ou significative) du risque global pour le Compartiment.
- ne prend pas en compte la volatilité des actifs sous- jacents dérivés ni ne fait de distinction entre les actifs à maturité courte ou longue. En conséquence, un Compartiment qui affiche un haut niveau d’effet de levier n’est pas forcément plus risqué qu’un Compartiment avec un faible niveau d’effet de levier.
- Toute exposition aux matières premières incluant des métaux précieux pour un Compartiment peut s’effectuer indirectement par le biais (i) de valeurs mobilières liées, (ii) de parts de sociétés d’investissement de type fermé, (iii) d’instruments financiers liés à la performance de cette catégorie d’actifs ou garantis par celle-ci et (iv) d’OPCVM ou autres OPC, conformément au Règlement grand-ducal du 8 février 2008 et (v) d’indices financiers conformes à l’article 9 du Règlement grand-ducal du 8 février 2008 et à la circulaire CSSF 14/592 et (vi) d’instruments dérivés sur les actifs éligibles tels que décrits sous les points (i) à (v).
- Les instruments dérivés devront être négociés sur un Marché réglementé ou de gré à gré.

Les valeurs mobilières, les Instruments du Marché monétaire, les parts de sociétés d’investissement de type fermé, les instruments financiers liés à ou garantis par d’autres actifs devront être négociés sur un Marché réglementé. Sinon, ils seront limités à 10 % de la Valeur liquidative d’un Compartiment, conjointement avec tout autre investissement réalisé conformément à la restriction d’investissement 1. A(7) de l’Annexe I.
- Utilisation d’instruments dérivés L’utilisation d’instruments dérivés à des finsd’investissement peut accroître la volatilité du cours desActions, ce qui peut se traduire par des pertes plus importantes pour l’Investisseur. Pour plus de détails concernant les risques applicables aux investissements dans ces Compartiments, veuillez consulter l’Annexe II« Risques d’investissement ».

Compartiments en actions (Compartiments en actions traditionnels, Compartiments en actions spécialisés, Compartiments en actions Alpha, Compartiments en actions quantitatifs)
Chaque Compartiment d’actions peut utiliser des instruments dérivés afin de générer des plus-values d’investissement, de réduire les risques ou à des fins de gestion efficace du Compartiment, conformément à sa politique d’investissement et à son profil de risque ci-
après. Les instruments dérivés peuvent être utilisés, par exemple, pour créer une exposition aux marchés au travers d’instruments dérivés liés à des actions, des devises, à la volatilité ou à des indices et inclure des options de gré à gré et/ou négociées en Bourse, des contrats à terme normalisés, des contrats de différence, des warrants, des swaps, des contrats à terme de gré à gré et/ou une combinaison de ces instruments.
Compartiments d’allocation d’actifs
Chaque Compartiment d’allocation d’actifs peut utiliser des instruments dérivés à des fins de couverture et d’investissement en fonction de son profil de risque, tel que décrit ci-dessous. Les instruments dérivés peuvent servir par exemple à générer des expositions supplémentaires, par le biais de positions longues ou courtes couvertes, à des catégories d’actifs telles que, mais sans s’y limiter, les actions, les titres à revenu fixe, le crédit, les devises, ainsi que les indices immobiliers et de matières premières. Ils peuvent servir à générer du revenu supplémentaire par le biais d’instruments dérivés liés à l’inflation ou à la volatilité. Les instruments dérivés peuvent également être utilisés pour créer des instruments synthétiques. Ces instruments dérivés comprennent des options de gré à gré et/ou négociées en Bourse, des contrats à terme standardisés, des warrants, des swaps, des contrats à terme de gré à gré et/ou une combinaison de ces instruments.
Compartiments multi-actifs
Un Compartiment multi-actifs peut utiliser des instruments dérivés à des fins de couverture et d’investissement. Ces instruments dérivés peuvent être utilisés pour obtenir une exposition à un large éventail de catégories d’actifs, y compris, mais sans s’y limiter, des devises, de l’immobilier, des infrastructures et des matières premières. Ces instruments dérivés comprennent notamment, mais sans s’y limiter, des options de gré à gré et/ou négociées en Bourse, des contrats à terme, des warrants, des swaps et/ou une combinaison de ces instruments.
Compartiments multigestionnaires
Chaque Compartiment multi-gestionnaires peut utiliser des instruments dérivés pour obtenir une exposition à un large éventail de catégories d’actifs, notamment des Catégories d’actifs alternatives.
Compartiments à performance absolue et Compartiments en obligations (Compartiments en obligations traditionnels et Compartiments en obligations spécialisés)
Chaque Compartiment à performance absolue et chaque Compartiment en obligations peut utiliser des instruments dérivés à des fins de couverture et d’investissement en fonction de son profil de risque, tel que décrit ci-après. Des instruments dérivés peuvent être utilisés par exemple pour gérer un revenu supplémentaire découlant de l’exposition au risque de crédit en achetant ou en vendant des protections par le biais de swaps de défaut de crédit, en ajustant la duration du Compartiment grâce à un recours stratégique à des instruments dérivés liés à des taux d’intérêt, en générant un revenu supplémentaire par le biais d’instruments dérivés liés à l’inflation ou à la volatilité, ou encore en augmentant son exposition aux devises par le biais d’instruments dérivés liés à des devises. Les instruments dérivés peuvent également
être utilisés pour créer des instruments synthétiques. Ces instruments dérivés comprennent des options de gré à gré et/ou négociées en Bourse, des contrats à terme standardisés, des warrants, des swaps, des contrats à terme de gré à gré et/ou une combinaison de ces instruments.
Fonds du Marché monétaire
Les Fonds du Marché monétaire peuvent utiliser des instruments dérivés à des fins de couverture du risque de change et de taux d’intérêt uniquement.
- Si la politique d’investissement d’un Compartiment fait référence aux « Catégories d’actifs alternatives », elle pourra s’appliquer : à l’immobilier, aux infrastructures, au capital-investissement, aux matières premières, aux métaux précieux et aux Fonds d’investissement alternatifs.

Immobilier, infrastructures, capital investissement
L’investissement dans ces catégories d’actifs s’effectuera essentiellement indirectement par le biais
(i) de valeurs mobilières et d’Instruments du Marché monétaire, (ii) de parts de sociétés d’investissement de type fermé et (iii) d’OPCVM ou autres OPC, conformément au Règlement grand-ducal du
8 février 2008. L’investissement dans l’immobilier peut être obtenu par le biais de REIT.
Matières premières, métaux précieux inclus
L’investissement dans ces catégories d’actifs s’effectuera essentiellement par le biais (i) de valeurs mobilières et d’Instruments du Marché monétaire, (ii) de parts de sociétés d’investissement de type fermé, (iii) d’instruments financiers liés à la performance de cette catégorie d’actifs ou garantis par celle-ci et (iv) d’OPCVM ou autres OPC, conformément au Règlement grand-ducal du 8 février 2008 et (v) d’indices financiers conformes à l’article 9 du Règlement grand-ducal du
8 février 2008 et à la Circulaire CSSF 14/592 et (vi) d’instruments dérivés sur les actifs éligibles tels que décrits sous les points (i) à (v).
Fonds de placement alternatif
Les Fonds de placement alternatif désignent les stratégies de « hedge funds », telles que les stratégies longues/courtes, event driven, tactical trading et de rendements relatif. L’exposition sera principalement obtenue indirectement par le biais (i) de parts de sociétés d’investissement de type fermé, (ii) d’instruments financiers liés à ou garantis par la performance de ces stratégies, (iii) d’OPCVM ou autres OPC, conformément au Règlement grand-ducal du
8 février 2008 et (iv) d’indices financiers conformes à l’article 9 du Règlement grand-ducal du 8 février 2008 et à la Circulaire CSSF 14/592.
Les valeurs mobilières (y compris les parts de sociétés d’investissement de type fermé, les instruments financiers liés à d’autres actifs ou garantis par ceux-ci) et les Instruments du Marché monétaire devront être négociés sur un Marché réglementé. Sinon, ils seront limités à 10 % de la Valeur liquidative d’un Compartiment, conjointement avec tout autre investissement réalisé conformément à la restriction d’investissement 1. A(9) de l’Annexe I.
Si une valeur mobilière comporte un instrument dérivé, les règles énoncées à la section 3. « Instruments dérivés » de l’Annexe I, s’appliquent.
Indices de référence des Compartiments
Lorsque la politique d’investissement d’un Compartiment comprend un indice de référence, ce dernier a été choisi pour les raisons suivantes :
- dans le cas d’un indice de référence comparateur, l’indice de référence a été choisi parce qu’il constitue une comparaison appropriée aux fins du rendement ;
- dans le cas d’un indice de référence cible qui est un indice de référence financier, l’indice de référence a été choisi parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer ;
- dans le cas d’un indice de référence cible qui n’est pas un indice financier, l’indice de référence a été choisi parce que le rendement cible du Compartiment consiste à égaler ou surpasser le rendement de cet indice de référence conformément à l’objectif d’investissement. Le Compartiment peut également présenter un indice de référence comparateur lorsque le gestionnaire d’investissement pense qu’il s’agit d’une comparaison appropriée aux fins du rendement ;
- dans le cas d’un indice de référence contraignant, l’indice de référence a été choisi parce que le Gestionnaire d’investissement est contraint par rapport à la valeur, au prix ou aux composantes de cet indice de référence conformément à l’objectif et à la politique d’investissement.

Si la politique d’investissement d’un Compartiment stipule que le Compartiment atteindra un certain score de durabilité (global ou par rapport à une mesure particulière telle que l’intensité carbone) par rapport à un indice de référence donné, cela ne signifie pas que le Compartiment est limité ou cherche à générer un rendement financier par rapport à cet indice de référence, sauf indication contraire. Tout indice de référence donné dans ce contexte ne doit pas être considéré comme un indice de référence pour le Compartiment. Pour tout Compartiment ayant pour objectif l’investissement durable ou présentant des caractéristiques environnementales ou sociales, les informations détaillées précisant la manière dont le Compartiment atteint cet objectif ou ces caractéristiques sont indiquées dans la politique d’investissement du Compartiment et dans la section « Critères en matière de durabilité » dans la section Caractéristiques du Compartiment concernée.

## Catégories d’actions
Chaque Compartiment est composé d’Actions de Catégories A, AX, A1, B, C, CB, CI, CN, CX, D, E, F, I, IZ, IA, IB, IC, ID, IE, J,
K, P, PI, R, S, U, X, X1, X2, X3, X4, X5, X6, X7, X8, X9, Y et Z.
Certaines Catégories d’Actions peuvent être assorties d’une commission de surperformance telle que celle indiquée dans la section des informations détaillées de chaque Compartiment.
Les Administrateurs peuvent décider de créer au sein de chaque Compartiment différentes Catégories d’Actions dont les actifs seront investis en commun conformément à la politique d’investissement spécifique du Compartiment concerné, mais qui pourront avoir un barème de frais et de
commissions particulier, une devise de libellé propre ou d’autres caractéristiques spécifiques. La Valeur liquidative par Action pouvant différer en raison de ces facteurs variables, elle sera calculée séparément pour chacune des catégories d’actions.
Veuillez noter que toutes les Catégories d’Actions ne sont pas disponibles auprès de tous les Distributeurs.
Les Actions sont généralement émises sous la forme d’Actions de capitalisation. Des Actions de distribution peuvent être émises au sein d’un Compartiment, à la discrétion des Administrateurs uniquement. Les Investisseurs peuvent obtenir la liste des Catégories d’Actions et Compartiments proposant des Actions de distribution auprès de la Société de gestion ou de leur Distributeur. Les Catégories d’Actions de distribution peuvent être émises avec des fréquences ou des caractéristiques de distribution différentes au sein d’un même Compartiment, désignées comme suit :
Fréquence de distribution : M = mensuelle, T = trimestrielle,
S = semestrielle, A = annuelle
Type de distribution : F = fixe ou V = variable Carry sur devises 
1 
: C
Taux de distribution fixes : Un suffixe numérique sera ajouté pour distinguer les taux de distribution fixes (par exemple, 2, 3). Le pourcentage ou le montant fixe réel ne sera pas indiqué dans la dénomination de la Catégorie d’actions.
À la discrétion de la Société de gestion, les caractéristiques particulières de chaque Catégorie d’Actions sont les suivantes :
- 
#### Catégories d’Actions générales

Actions A et B
Les Actions A et B seront disponibles pour tous les investisseurs. Les commissions des Actions A et B pour chaque Compartiment sont indiquées séparément dans les informations détaillées de chaque Compartiment.
Actions AX et A1
Les Actions AX et A1 seront exclusivement réservées aux Investisseurs qui, au moment où l’ordre de souscription correspondant est reçu, sont clients de certains Distributeurs spécifiquement désignés pour distribuer ces Actions AX et A1 et uniquement pour les Compartiments pour lesquels des accords de distribution ont été conclus avec ces Distributeurs. Les commissions des Actions AX et A1 pour chaque Compartiment sont indiquées séparément dans les informations détaillées de chaque Compartiment.
Actions C, CB, CN et CX
Les Actions C, CB, CN et CX sont disponibles pour les clients institutionnels tels que les fonds de pension, les fonds d’investissement souverains et les établissements officiels. Les Actions C, CB, CN et CX sont également disponibles pour les fonds communs de placement ainsi que pour les distributeurs qui, conformément aux exigences réglementaires, ou sur la base des modalités relatives aux commissions individuelles conclues avec leurs clients, ne sont pas autorisés à accepter et tracer les commissions.
Les actions CX possèderont des caractéristiques différentes des Actions C, y compris une politique de distribution différente.
Les commissions des Actions C, CN et CX pour chaque Compartiment sont indiquées séparément dans les informations détaillées de chaque Compartiment. Les Actions CB auront une commission de distribution, une commission d’entrée et une commission de gestion identiques aux Actions C.
Actions CI
Les Actions CI sont disponibles pour les clients institutionnels tels que les fonds de pension, les fonds d’investissement souverains et les établissements officiels.
La Société ne pourra émettre ou convertir des Actions CI au profit d’un Investisseur ne pouvant pas être considéré comme un investisseur institutionnel, tel qu’il peut être défini en tant que de besoin par les directives ou recommandations émises par la CSSF. Les Administrateurs peuvent, à leur discrétion, retarder l’acceptation de toute souscription d’Actions CI réservées aux investisseurs institutionnels jusqu’à réception par l’Agent de transfert de preuves suffisantes établissant que l’investisseur concerné est bien un investisseur institutionnel. S’il apparaît, à un moment quelconque, qu’un détenteur d’Actions CI n’est pas un investisseur institutionnel, les Administrateurs donneront instruction à l’Agent de transfert de proposer audit détenteur de convertir ses Actions en Actions d’une Catégorie du Compartiment concerné qui n’est pas réservée aux investisseurs institutionnels (sous réserve que ladite Catégorie d’Actions présentant des caractéristiques similaires existe en termes d’investissement sous-jacent, mais pas nécessairement en termes de commissions et frais payables par ladite Catégorie d’Actions). Si l’Actionnaire refuse cette conversion, les Administrateurs donneront instruction, à leur discrétion, à l’Agent de transfert de racheter les Actions en question conformément aux dispositions visées à la section « Rachat et conversion d’Actions ».
Les commissions des Actions CI pour chaque Compartiment sont indiquées séparément dans les informations détaillées de chaque Compartiment.
Actions D
Les Actions D seront exclusivement réservées aux Investisseurs qui, au moment où l’ordre de souscription correspondant est reçu, sont clients de certains Distributeurs spécifiquement désignés pour la distribution des Actions D et uniquement pour les Compartiments pour lesquels des accords de distribution ont été conclus avec ces Distributeurs.
Quel que soit le Compartiment considéré, aucune commission d’entrée ne sera réclamée à l’Investisseur lors de l’acquisition d’Actions D. Cependant certaines commissions, telles que les commissions de rachat ou les charges administratives, peuvent être déduites des produits de rachat par le Distributeur, tel que convenu séparément entre les Actionnaires et le Distributeur. Il est recommandé aux Actionnaires de vérifier auprès des Distributeurs respectifs les détails de cette modalité.
1 
Il s’agit de la prime ou de la décote qui peut s’appliquer à la distribution. Les distributions peuvent inclure une prime lorsque le taux d’intérêt d’une catégorie d’actions couverte contre le risque de change est supérieur au taux d’intérêt de la devise de base du compartiment. En conséquence, lorsque le taux d’intérêt d’une catégorie d’actions couverte contre le risque de change est inférieur au taux d’intérêt de la devise de base du compartiment, le dividende peut être réduit. Le niveau de prime ou de décote est déterminé en fonction des écarts entre les taux d’intérêt et n’entre pas en compte dans l’objectif ou la politique d’investissement du compartiment.
Les Investisseurs détenant des Actions D ne seront pas autorisés à convertir ces Actions en Actions d’autres Catégories ou à transférer ces Actions d’un Distributeur à un autre.
Les commissions des Actions D pour chaque Compartiment sont indiquées séparément dans les informations détaillées de chaque Compartiment.
Actions E
Les Actions E sont exclusivement disponibles pour les clients institutionnels tels que les fonds de pension, les fonds d’investissement souverains et les établissements officiels. Les Actions E peuvent également être disponibles pour les fonds communs de placement ainsi que pour les distributeurs qui, conformément aux exigences réglementaires, ou sur la base des modalités relatives aux commissions individuelles conclues avec leurs clients, ne sont pas autorisés à accepter et tracer les commissions.
Les Actions E seront exclusivement proposées jusqu’à ce que la Valeur liquidative totale de toutes les Catégories d’Actions disponibles dans un même Compartiment atteigne ou soit supérieure à 100 000 000 EUR ou 100 000 000 USD ou à un montant équivalent dans une autre devise, ou à tout autre montant tel que spécifiquement déterminé par la Société de gestion.
Habituellement, lorsque la Valeur liquidative totale des Catégories d’Actions disponibles pour un Compartiment atteint ou est supérieure à 100 000 000 EUR ou
100 000 000 USD, ou un montant équivalent dans une autre devise, ou tout autre montant spécifiquement déterminé par la Société de gestion, les Actions de la Catégorie E dans ce Compartiment seront fermées aux souscriptions pour les Investisseurs. La Société de gestion peut rouvrir la Catégorie d’Actions E à sa discrétion, sans notification aux Actionnaires.
Les commissions des Actions E pour chaque Compartiment sont indiquées séparément dans les informations détaillées de chaque Compartiment.
Actions IZ, IA, IB, IC, ID
Les Actions IZ, IA, IB, IC et ID seront uniquement disponibles dans certaines circonstances limitées à certains investisseurs qui :
- ont l’accord de la Société de gestion, et,
- possèdent un investissement significatif dans le Compartiment concerné tel que déterminé par la Société de gestion, et
- sont des Investisseurs institutionnels tels que les fonds de pension, les fonds d’investissement souverains et les établissements officiels, ou
- sont des organismes de placement collectif et des gestionnaires discrétionnaires.
- Ces Investisseurs doivent également répondre à la définition de l’Investisseur institutionnel telle que définie périodiquement dans les directives ou les recommandations édictées par la CSSF.

Lorsque les actifs des Investisseurs en Actions IZ, IA, IB, IC et ID subissent une chute importante, la Société de gestion peut refuser les souscriptions supplémentaires dans la Catégorie d’actions concernée. Le niveau de l’importance sera déterminé par la Société de gestion.
Quel que soit le Compartiment considéré, aucune commission de distribution ne sera réclamée à l’Investisseur lors de l’acquisition d’Actions IZ, IA, IB, IC et ID.
La Société ne pourra pas émettre ou convertir des Actions IZ, IA, IB, IC et ID au profit d’un Investisseur ne pouvant pas être considéré comme un investisseur institutionnel, tel que défini périodiquement par les
directives ou les recommandations édictées par la CSSF. Les Administrateurs peuvent, à leur discrétion, reporter l’acceptation de toute souscription d’Actions IZ, IA, IB, IC et ID réservées aux investisseurs institutionnels jusqu’à réception par l’Agent de transfert de preuves suffisantes établissant que l’Investisseur concerné est bien un investisseur institutionnel. S’il apparaît, à un moment quelconque, qu’un détenteur d’Actions IZ, IA, IB, IC et ID n’est pas un investisseur institutionnel, les Administrateurs donneront instruction à l’Agent de transfert de proposer audit détenteur de convertir ses Actions en Actions d’une Catégorie du Compartiment concerné qui n’est pas réservée aux investisseurs institutionnels (sous réserve que ladite Catégorie d’Actions présentant des caractéristiques similaires existe en termes d’investissement sous-jacent, mais pas nécessairement en termes de commissions et frais payables par ladite Catégorie d’Actions). Si l’Actionnaire refuse cette conversion, les Administrateurs donneront instruction, à leur discrétion, à l’Agent de transfert de racheter les Actions en question conformément aux dispositions visées à la section « Rachat et conversion d’Actions ».
Les commissions des Actions IZ, IA, IB, IC et ID pour chaque Compartiment sont indiquées séparément dans les informations détaillées de chaque Compartiment.
Actions IE
Les Actions IE seront exclusivement proposées aux Investisseurs qui sont des investisseurs institutionnels tels que les fonds de pension, les fonds d’investissement souverains, les fondations, les organismes caritatifs et les établissements officiels.
La Société ne pourra pas émettre ou convertir des Actions IE au profit d’un Investisseur ne pouvant pas être considéré comme un investisseur institutionnel. Les Administrateurs peuvent, à leur discrétion, retarder l’acceptation de toute souscription d’Actions IE réservées aux investisseurs institutionnels jusqu’à réception par l’Agent de transfert de preuves suffisantes établissant que l’investisseur concerné est bien un investisseur institutionnel. S’il apparaît, à un moment quelconque, qu’un détenteur d’Actions IE n’est pas un investisseur institutionnel, les Administrateurs donneront instruction à l’Agent de transfert de proposer audit détenteur de convertir ses Actions en Actions d’une Catégorie du Compartiment concerné qui n’est pas réservée aux investisseurs institutionnels (sous réserve que ladite Catégorie d’Actions présentant des caractéristiques similaires existe en termes d’investissement sous-jacent, mais pas nécessairement en termes de commissions et frais payables par ladite Catégorie d’Actions). Si l’Actionnaire refuse cette conversion, les Administrateurs donneront instruction, à leur discrétion, à l’Agent de transfert de racheter les Actions en question conformément aux dispositions visées à la section « Rachat et conversion d’Actions ».
Quel que soit le Compartiment considéré, aucune commission d’entrée ou de distribution ne sera réclamée à l’Investisseur lors de l’acquisition d’Actions IE.
Les Actions IE seront exclusivement proposées jusqu’à ce que la Valeur liquidative totale de toutes les Catégories d’Actions disponibles dans un même Compartiment atteigne ou soit supérieure à 100 000 000 EUR ou 100 000 000 USD ou à un montant équivalent dans une autre devise, ou à tout autre montant tel que spécifiquement déterminé par la Société de gestion.
Habituellement, lorsque la Valeur liquidative totale des Catégories d’Actions disponibles pour un Compartiment atteint ou est supérieure à 100 000 000 EUR ou
100 000 000 USD, ou un montant équivalent dans une autre devise, ou tout autre montant spécifiquement déterminé par la Société de gestion, les Actions de Catégorie IE dans ce Compartiment seront fermées aux souscriptions pour les investisseurs. La Société de gestion peut rouvrir la Catégorie d’Actions IE à sa discrétion, sans notification aux Actionnaires.
Actions P et PI
Les Actions P imputeront des commissions de surperformance et seront disponibles pour tous les Investisseurs.
Les Actions PI imputeront des commissions de surperformance et seront exclusivement disponibles, sur accord préalable de la Société de gestion, pour les investisseurs institutionnels tels que les fonds de pension, les fonds d’investissement souverains, les fondations, les organismes caritatifs et les établissements officiels.
La Société ne pourra émettre ou convertir des Actions PI au profit d’un Investisseur ne pouvant pas être considéré comme un investisseur institutionnel, tel que défini périodiquement par les directives ou recommandations émises par la CSSF. Les Administrateurs peuvent, à leur discrétion, retarder l’acceptation de toute souscription d’Actions PI réservées aux investisseurs institutionnels jusqu’à réception par l’Agent de transfert de preuves suffisantes établissant que l’investisseur concerné est bien un investisseur institutionnel. S’il apparaît, à un moment quelconque, qu’un détenteur d’Actions PI n’est pas un investisseur institutionnel, les Administrateurs donneront instruction à l’Agent de transfert de proposer audit détenteur de convertir ses Actions en Actions d’une Catégorie du Compartiment concerné qui n’est pas réservée aux investisseurs institutionnels (sous réserve que ladite Catégorie d’Actions présentant des caractéristiques similaires existe en termes d’investissement sous-jacent, mais pas nécessairement en termes de commissions et frais payables par ladite Catégorie d’Actions). Si l’Actionnaire refuse cette conversion, les Administrateurs donneront instruction, à leur discrétion, à l’Agent de transfert de racheter les Actions en question conformément aux dispositions visées à la section « Rachat et conversion d’Actions ».
Les commissions des Actions P et PI pour chaque Compartiment sont indiquées séparément dans les informations détaillées de chaque Compartiment.
Actions Z
Avec l’accord préalable de la Société de gestion, les
Actions Z peuvent être offertes dans certaines circonstances limitées (i) pour la distribution dans certains pays et via certains Distributeurs ayant conclu des arrangements de frais distincts avec leurs clients et/ou (ii) à des investisseurs professionnels.
Les commissions des Actions Z pour chaque Compartiment sont indiquées séparément dans les informations détaillées de chaque Compartiment.
- 
#### Catégories d’Actions sur mesure

Actions F
Les Actions F ne seront accessibles qu’aux Investisseurs qui, à la réception de l’ordre de souscription concerné, sont des Investisseurs de Singapour utilisant le Fonds central de prévoyance (Central Provident Fund, « CPF ») pour investir dans la Société. Cette Catégorie d’Actions peut aussi être accessible aux fonds de fonds de Singapour et compartiments de produits d’assurance liés à des investissements inclus dans le programme d’investissement du CPF de Singapour.
Des frais administratifs peuvent être prélevés par les agents administratifs des CPF concernés. Il est recommandé aux Actionnaires de vérifier auprès de leurs agents administratifs de CPF les détails de cette modalité.
Les Investisseurs détenant des Actions F ne seront pas autorisés à convertir ces Actions en Actions d’autres Catégories ni à les convertir contre des Actions d’autres Compartiments.
Quel que soit le Compartiment considéré, aucune commission de distribution ne sera réclamée à l’Investisseur lors de l’acquisition d’Actions F. La commission d’entrée pour les Actions F s’élèvera à un maximum de 1,5 % du montant total de souscription (soit 1,52284 % de la Valeur liquidative par Action). Aucune commission d’entrée ne sera réclamée à compter du 1
er 
octobre 2020.
La commission de gestion des Actions F s’élèvera à un maximum de 1,5 % par an.
Actions I
Les Actions I seront exclusivement proposées aux Investisseurs :
- qui, au moment où l’ordre de souscription correspondant est reçu, sont clients de Schroders et ont conclu un accord relatif aux commissions applicables aux investissements réalisés par les clients dans ces Actions, et
- qui sont des investisseurs institutionnels, tels que définis périodiquement par les directives ou les recommandations édictées par la CSSF.

La Société ne pourra émettre ou convertir des Actions I au profit d’un Investisseur ne pouvant pas être considéré comme un investisseur institutionnel. Les Administrateurs peuvent, à leur discrétion, reporter l’acceptation de toute souscription d’Actions I réservées aux investisseurs institutionnels jusqu’à réception par l’Agent de transfert de preuves suffisantes établissant que l’investisseur concerné est bien un investisseur institutionnel. S’il apparaît, à un moment quelconque, qu’un détenteur d’Actions I n’est pas un investisseur institutionnel, les Administrateurs donneront instruction à l’Agent de transfert de proposer audit détenteur de convertir ses Actions en Actions d’une Catégorie du Compartiment concerné qui n’est pas réservée aux investisseurs institutionnels (sous réserve que ladite Catégorie d’Actions présentant des caractéristiques similaires existe en termes d’investissement sous-jacent, mais pas nécessairement en termes de commissions et frais payables par ladite Catégorie d’Actions). Si l’Actionnaire refuse cette conversion, les Administrateurs donneront
instruction, à leur discrétion, à la Société de gestion de racheter les Actions en question conformément aux dispositions visées à la section « Rachat et conversion d’Actions ».
Les Actions I relèvent, entre autres, d’un régime de commissions alternatif dans le cadre duquel l’investisseur est un client de Schroders et se voit directement facturer les commissions de gestion par Schroders. Par conséquent, aucune commission de gestion ne sera prélevée sur l’actif net du Compartiment concerné au titre des Actions I. Les Actions I supporteront la part qui leur est imputable des commissions dues au Dépositaire et à la Société de gestion, ainsi que d’autres frais et dépenses.
Quel que soit le Compartiment considéré, aucune commission d’entrée ou de distribution ne sera réclamée à l’Investisseur lors de l’acquisition d’Actions I.
Actions J
Les Actions J seront exclusivement proposées et peuvent uniquement être acquises par des Fonds de fonds japonais, qui sont des investisseurs institutionnels, tels que définis périodiquement par les directives ou les recommandations édictées par la CSSF. On entend par « Fonds de fonds japonais » un fonds ou une société d’investissement constitué(e) en vertu de la Loi japonaise n° 198 de 1951 relative aux fonds et sociétés d’investissement, telle que modifiée (un « fonds d’investissement »), dont l’objet est d’investir ses actifs uniquement dans des participations dans d’autres fonds d’investissement ou dans des actions de sociétés d’investissement ou organismes de placement collectif similaires, constitués en vertu des lois de tout pays autre que le Japon.
La Société ne pourra émettre des Actions J pour un Investisseur qui n’est pas un Fonds de fonds japonais ou autoriser la conversion d’Actions J en Actions d’une autre Catégorie d’Actions de la Société. Les Administrateurs peuvent, à leur discrétion, rejeter toute demande de souscription d’Actions J tant qu’ils n’auront pas reçu, de la part de l’Agent de transfert, la confirmation que le souscripteur est bien un Fonds de fonds japonais.
Les Actions J relèvent, entre autres, d’un régime de commissions alternatif dans le cadre duquel l’Investisseur est un client de Schroders et se voit directement facturer les commissions de gestion par Schroders. Par conséquent, aucune commission de gestion ne sera prélevée sur l’actif net du Compartiment concerné au titre des Actions J. Les Actions J supporteront la part qui leur est imputable des commissions dues au Dépositaire et à la Société de gestion, ainsi que d’autres frais et dépenses.
Quel que soit le Compartiment considéré, aucune commission d’entrée ou de distribution ne sera réclamée à l’Investisseur lors de l’acquisition d’Actions J.
Actions K1
Ces Actions seront uniquement disponibles dans certaines circonstances limitées à certains distributeurs qui :
- ont conclu un accord avec la Société de gestion concernant lesdites actions,
- possèdent un investissement significatif dans le Compartiment concerné tel que déterminé par la Société de gestion, et
- conformément aux exigences réglementaires, ou sur la base des modalités relatives aux commissions individuelles conclues avec leurs clients, ne sont pas autorisés à accepter et tracer les commissions.

Lorsque les actifs d’un Investisseur en Actions K1 subissent une chute importante, la Société de gestion peut refuser les souscriptions supplémentaires dans la Catégorie d’actions concernée. Le niveau de l’importance sera déterminé par la Société de gestion. Quel que soit le Compartiment considéré, aucune commission de distribution ne sera réclamée à l’investisseur lors de l’acquisition d’Actions K1. Les Actions K1 peuvent réclamer une commission de gestion allant jusqu’à 1,5 % par an et une commission d’entrée allant jusqu’à 1 %.
Actions K2
Ces Actions seront uniquement disponibles dans certaines circonstances limitées à certains investisseurs et distributeurs qui :
- ont conclu un accord avec la Société de gestion concernant lesdites actions,
- possèdent un investissement significatif dans le compartiment concerné tel que déterminé par la Société de gestion, et
- sont des clients institutionnels tels que les fonds de pension, les fonds d’investissement souverains et les établissements officiels, ou
- sont des organismes de placement collectif et des gestionnaires discrétionnaires.

Ces investisseurs doivent également répondre à la définition de l’investisseur institutionnel telle que définie périodiquement dans les directives ou les recommandations édictées par la CSSF.
Lorsque les actifs d’un Investisseur en Actions K2 subissent une chute importante, la Société de gestion peut refuser les souscriptions supplémentaires dans la Catégorie d’actions concernée. Le niveau de l’importance sera déterminé par la Société de gestion. Quel que soit le Compartiment considéré, aucune commission de distribution ne sera réclamée à l’investisseur lors de l’acquisition d’Actions K2. Les Actions K2 peuvent réclamer une commission de gestion allant jusqu’à 1,5 % par an et une commission d’entrée allant jusqu’à 1 %.
Actions R
Les Actions R ne sont pas éligibles au statut de Fonds déclarant à des fins fiscales en vertu des règles britanniques applicables aux fonds offshore (voir section 3.4). À la discrétion de la Société de gestion, les Actions R sont uniquement à la disposition des Investisseurs qui ont reçu des Actions à la suite d’une fusion ou d’une activité analogue avec un autre fonds, dans le cadre de laquelle les parts de l’Investisseur dans ledit fonds ne possèdent pas le statut de Fonds déclarant selon les règles britanniques applicables aux fonds offshore. Les Actions R ne peuvent être émises dans ces circonstances que par la Société de gestion dans le cadre d’une fusion ou autre activité analogue. Les détenteurs d’Actions R n’ont pas le droit d’augmenter leur investissement dans des Actions R, ni même de convertir des Actions R en Actions d’autres Catégories. Les Actions R sont interdites aux Investisseurs (nouveaux et préexistants) dans toutes circonstances autres que celles susvisées.
Quel que soit le Compartiment considéré, aucune commission d’entrée ou de distribution ne sera réclamée à l’Investisseur lors de l’acquisition d’Actions R. La commission de gestion des Actions R s’élèvera à un maximum de 1,5 % par an.
Actions S
Les Actions S sont uniquement à la disposition, à la discrétion de la Société de gestion, de certains clients de la division de gestion de patrimoine du Groupe Schroder.
Avant que la Société de gestion ne puisse accepter une souscription d’Actions S, une convention juridique doit être établie entre l’Investisseur et la division de gestion de patrimoine du Groupe Schroder, contenant des dispositions propres à l’investissement en Actions S.
Dès qu’un Actionnaire d’Actions de Catégorie S cesse d’être client de la division de gestion de patrimoine du Groupe Schroder, ledit Actionnaire perd le droit de détenir des Actions de Catégorie S et la Société de gestion procède à la conversion forcée de ses Actions S dans la Catégorie d’Actions du même Compartiment la plus appropriée. En d’autres termes, la conversion d’Actions de Catégorie S est automatique, les Actionnaires n’ayant pas à soumettre de demande de conversion à l’Agent de transfert. Par conséquent, en souscrivant des Actions de Catégorie S, les Actionnaires autorisent irrévocablement la Société de gestion à convertir leurs Actions de Catégorie S en leur nom au cas où ils perdraient le droit d’investir dans des Actions de Catégorie S.
Quel que soit le Compartiment considéré, aucune commission d’entrée ou de distribution ne sera réclamée à l’Investisseur lors de l’acquisition d’Actions S. La commission de gestion des Actions S s’élèvera à un maximum de 1,5 % par an.
Les demandes de souscription d’Actions de Catégorie S seront acceptées à la discrétion de la Société de gestion.
Actions U
Les Actions U seront exclusivement proposées avec l’accord préalable de la Société de gestion par le biais de certains Distributeurs. Les Actions U seront exclusivement distribuées dans des pays non membres de l’EEE.
Quel que soit le Compartiment considéré, aucune commission d’entrée ne sera réclamée à l’Investisseur lors de l’acquisition d’Actions U. En lieu et place, une commission de vente différée et conditionnelle pourra être versée à la Société de gestion ou à toute autre partie désignée en tant que de besoin par la Société de gestion. Si les Actions U sont rachetées dans les trois années suivant leur date d’émission, le produit du rachat sera soumis à une commission de vente différée et conditionnelle dont les taux sont précisés dans le tableau figurant ci-dessous :
2
e 
année	2 %
3
e 
année	1 %
Le taux de commission de vente différée et conditionnelle applicable est déterminé en fonction de la durée totale pendant laquelle les Actions rachetées (y compris les Actions U dont elles sont dérivées, le cas échéant, à la suite d’une conversion à partir d’un autre Compartiment) ont été
détenues. Dans le cas où un Actionnaire détient des Actions U qui ont été souscrites et émises à des périodes différentes, le taux de commission de vente différée et conditionnelle applicable dépendra des actions devant être rachetées selon les instructions de l’Actionnaire. Les dividendes versés au titre des Actions de distribution de Catégorie U ne peuvent être réinvestis automatiquement et seront distribués en numéraire.
Le montant de la commission de vente différée et conditionnelle est calculé en multipliant le pourcentage correspondant déterminé de la manière décrite ci-dessus par le montant le plus bas a) de la Valeur liquidative par Action des Actions devant être rachetées le Jour de transaction concerné ou, b) du coût payé lors de la première émission des Actions devant être rachetées ou pour les Actions U d’un autre Compartiment à partir duquel ces Actions ont été converties, ces montants étant tous deux calculés dans la devise de transaction correspondante des Actions devant être rachetées.
Les Investisseurs détenant des Actions U ne seront pas autorisés à convertir ces Actions en Actions d’autres Catégories ou à transférer ces Actions d’un Distributeur à un autre. Toutefois, les Actions U seront automatiquement converties en Actions A ou AX (le cas échéant) du même Compartiment sans aucun frais, à la date de conversion prévue (à déterminer par la Société de gestion) de chaque mois correspondant au troisième anniversaire de l’émission desdites Actions sur la base de la Valeur liquidative par Action respective des Actions U et A ou des Actions AX concernées (le cas échéant). Cette conversion peut donner lieu à une imposition pour les Investisseurs dans certaines juridictions. Les Investisseurs sont invités à consulter leur conseiller financier afin de déterminer leur situation fiscale. Les Investisseurs détenant des Actions d’autres Catégories ne seront pas autorisés à convertir ces Actions en Actions U.
Dans tous les cas de conversion d’Actions U dans une autre Catégorie d’Actions U, l’ancienneté des anciennes Actions U sera prise en considération pour les nouvelles Actions U. Aucune commission de vente différée et conditionnelle ou de conversion n’est payable lors de la conversion
d’Actions U en Actions U d’un autre Compartiment.
Toutes les commissions du Compartiment seront les mêmes que celles de l’Action A, à l’exception du fait que les
Actions U ne seront pas soumises à une commission d’entrée, mais seront soumises à la commission de vente différée et conditionnelle (le cas échéant) et à une commission de distribution annuelle de 1 %, calculée et cumulée quotidiennement par référence à la Valeur liquidative par Action desdites Actions, et payée mensuellement à la Société de gestion ou à toute autre partie pouvant être désignée en tant que de besoin par cette dernière.
Actions X, X1, X2, X3, X4, X5, X6, X7, X8, X9
Les Actions X, X1, X2, X3, X4, X5, X6, X7, X8 et X9 sont exclusivement proposées, avec l’accord préalable de la Société de gestion, aux investisseurs institutionnels, tels que définis périodiquement par les directives ou les recommandations édictées par la CSSF.
La Société ne pourra émettre ou convertir des Actions X, X1, X2, X3, X4, X5, X6, X7, X8 et X9 au profit d’un Investisseur ne pouvant pas être considéré comme un investisseur institutionnel. Les Administrateurs de la Société peuvent, à leur discrétion, reporter l’acceptation de toute souscription d’Actions X, X1, X2, X3, X4, X5, X6, X7, X8 et X9 réservées aux investisseurs institutionnels jusqu’à réception par l’Agent de
transfert de preuves suffisantes établissant que l’Investisseur concerné est bien un investisseur institutionnel. S’il apparaît, à un moment quelconque, qu’un détenteur d’Actions X, X1, X2, X3, X4, X5, X6, X7, X8, X9 n’est pas un investisseur institutionnel, les Administrateurs donneront instruction à l’Agent de transfert de proposer audit détenteur de convertir ses Actions en Actions d’une Catégorie du Compartiment concerné qui n’est pas réservée aux investisseurs institutionnels (sous réserve que ladite Catégorie d’Actions présentant des caractéristiques similaires existe en termes d’investissement sous-jacent, mais pas nécessairement en termes de commissions et frais payables par ladite Catégorie d’Actions). Si l’Actionnaire refuse cette conversion, les Administrateurs donneront instruction, à leur discrétion, à l’Agent de transfert de racheter les Actions en question conformément aux dispositions visées à la section « Rachat et conversion d’Actions ».
Quel que soit le Compartiment considéré, aucune commission d’entrée ou commission de distribution ne sera réclamée à l’Investisseur lors de l’acquisition d’Actions X, X1, X2, X3, X4, X5, X6, X7, X8, X9. La commission de gestion des Actions X, X1, X2, s’élèvera à un maximum de 1 %, 1,3 %, et
1,4 %, respectivement, par an. La commission de gestion des Actions X3, X4, X5, X6, X7, X8, X9 s’élèvera à un maximum de 1,5 % par an.
Actions Y, Y1, Y2, Y3, Y4, Y5, Y6, Y7, Y8, Y9
Les Actions Y, Y1, Y2, Y3, Y4, Y5, Y6, Y7, Y8, Y9 ne sont accessibles qu’à certains clients de Schroders, à la discrétion de la Société de gestion. Avant que la Société de gestion ne puisse accepter une souscription d’Actions Y, une convention juridique doit être établie entre l’Investisseur et Schroders, contenant des dispositions propres à l’investissement en Actions Y, Y1, Y2, Y3, Y4, Y5, Y6, Y7, Y8, Y9.
Quel que soit le Compartiment considéré, aucune commission d’entrée ou commission de distribution ne sera réclamée à l’Investisseur lors de l’acquisition d’Actions Y, Y1, Y2, Y3, Y4, Y5, Y6, Y7, Y8, Y9. La commission de gestion des Actions Y, Y1, Y2, Y3, Y4, Y5, Y6, Y7, Y8, Y9 s’élèvera au maximum à la commission de gestion des Actions A équivalentes du compartiment concerné.
Les demandes de souscription d’Actions Y seront acceptées à la discrétion de la Société de gestion.
- 
#### Montant minimum de souscription, montant minimum de souscription ultérieure et montant minimum des positions

Le montant minimum de souscription, le montant minimum de souscription ultérieure et le montant minimum des positions par Catégorie d’Actions sont indiqués ci-dessous en USD, EUR ou leur équivalent proche dans toute autre devise librement convertible.
|  | USD | EUR | USD | EUR | USD | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| A | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| AX | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| A1 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| B | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| C | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| CB | 500 | 500 | 500 | 500 | 500 | 500 |
| CI | 5 000 000 | 5 000 000 | 2 500 000 | 2 500 000 | 5 000 000 | 5 000 000 |
| NC | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| CX | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| D | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| E | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| F | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| I | 5 000 000 | 5 000 000 | 2 500 000 | 2 500 000 | 5 000 000 | 5 000 000 |
| IE | 5 000 000 | 5 000 000 | 2 500 000 | 2 500 000 | 5 000 000 | 5 000 000 |
| IZ | 100 000 000 | 100 000 000 | 20 000 000 | 20 000 000 | 100 000 000 | 100 000 000 |
| IA | 250 000 000 | 250 000 000 | 20 000 000 | 20 000 000 | 250 000 000 | 250 000 000 |
| IB | 300 000 000 | 300 000 000 | 20 000 000 | 20 000 000 | 300 000 000 | 300 000 000 |
| IC | 350 000 000 | 350 000 000 | 20 000 000 | 20 000 000 | 350 000 000 | 350 000 000 |
| ID | 400 000 000 | 400 000 000 | 20 000 000 | 20 000 000 | 400 000 000 | 400 000 000 |
| J | 5 000 000 | - | 2 500 000 | - | 5 000 000 | - |

K1	Il n’y a pas de montant minimum de souscription initiale, de souscription ultérieure ou de montant minimum des positions
| K2	Il n’y a pas de montant minimum de souscription initiale, de souscription ultérieure ou de montant minimum des positions |
| --- |
| P | 100 000 000 | 100 000 000 | 20 000 000 | 20 000 000 | 100 000 000 | 100 000 000 |
| PI | 100 000 000 | 100 000 000 | 20 000 000 | 20 000 000 | 100 000 000 | 100 000 000 |
| - Il n’y a pas de montant minimum de souscription initiale, de souscription ultérieure ou de montant minimum des positions
- Il n’y a pas de montant minimum de souscription initiale, de souscription ultérieure ou de montant minimum des positions
 |
| U | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| X | - | 25 000 000 | - | 12 500 000 | - | 25 000 000 |
| X1 | - | 22 500 000 | - | 12 500 000 | - | 22 500 000 |
| X2 | - | 20 000 000 | - | 12 500 000 | - | 20 000 000 |
| X3 | - | 17 500 000 | - | 12 500 000 | - | 17 500 000 |
| X4 | - | 25 000 000 | - | 12 500 000 | - | 25 000 000 |
| X5 | - | 25 000 000 | - | 12 500 000 | - | 25 000 000 |
| X6 | - | 25 000 000 | - | 12 500 000 | - | 25 000 000 |
| X7 | - | 25 000 000 | - | 12 500 000 | - | 25 000 000 |
| X8 | - | 25 000 000 | - | 12 500 000 | - | 25 000 000 |
| X9 | - | 25 000 000 | - | 12 500 000 | - | 25 000 000 |
| Y | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| Y1 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| Y2 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| Y3 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| Y4 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| Y5 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| Y6 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| Y7 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| Y8 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| Y9 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| Z | 100 000 000 | 100 000 000 | 20 000 000 | 20 000 000 | 100 000 000 | 100 000 000 |

L’application de ces minima peut être ponctuellement suspendue à la discrétion des Administrateurs.
- 
#### Politique monétaire et de couverture

Les Catégories d’Actions ci-dessus, lorsqu’elles sont disponibles, peuvent être proposées dans différentes devises (chacune, une « Devise de référence ») à la discrétion des Administrateurs. Les Catégories d’Actions peuvent être des Catégories d’Actions libellées dans une devise ou couvertes contre le risque de change, et seront désignées comme telles. Les Catégories d’actions couvertes contre le risque de change sont proposées dans une devise différente de la Devise du compartiment, à l’exception de la Catégorie d’Actions couvertes en BRL qui est libellée dans la Devise du compartiment.
L’objectif d’une Catégorie d’actions couverte est de fournir aux Investisseurs les rendements des investissements du Compartiment en réduisant les effets des fluctuations de change entre la Devise du Compartiment et la Devise de référence. Les risques de change ou les opérations de couverture de change du portefeuille du Compartiment ne seront alors pas pris en compte. La Société de gestion contrôlera les positions couvertes à chaque point
d’évaluation afin de s’assurer que (i) les positions surcouvertes n’excèdent pas 105 % de la Valeur liquidative des Catégories couvertes et (ii) les positions sous-couvertes ne représentent pas moins de 95 % de la part de la Valeur liquidative des Catégories couvertes devant être couverte contre le risque de change.
En raison du contrôle des changes au Brésil, la Catégorie d’actions couverte en BRL recourt à un modèle de couverture différent de celui des autres Catégories d’actions couvertes. La Catégorie d’Actions couvertes en BRL sera libellée dans la Devise du compartiment mais offrira une couverture du risque de change en BRL en réalisant une couverture par « currency overlay », de sorte que la Valeur liquidative de la Catégorie d’Actions soit convertie en BRL. À ce titre, la Valeur liquidative de la Catégorie d’Actions couvertes en BRL sera affectée par les variations de taux de change entre le BRL et la Devise du compartiment et, par conséquent, peut varier de façon significative par rapport à d’autres catégories d’actions au sein du Compartiment.
Les Catégories d’Actions couvertes en BRL sont conçues pour offrir une solution de couverture du risque de change aux investisseurs sous-jacents des compartiments domiciliés au Brésil et seront réservées aux Investisseurs expressément approuvés par le Société de gestion. Ces compartiments brésiliens combinent l’utilisation d’instruments dérivés financiers au sein des Catégories d’Actions couvertes en BRL et l’utilisation de contrats de change au comptant à leur propre niveau pour offrir aux investisseurs un investissement totalement couvert par rapport au BRL. Toute plus-value ou moins-value ainsi que les frais et dépenses résultant de ces transactions de couverture seront reflétés exclusivement dans la Valeur liquidative de la Catégorie d’Actions couverte en BRL.
Une confirmation de tous les Compartiments et Catégories d’Actions disponibles, y compris la devise de dénomination et la couverture, ainsi qu’une liste actualisée des Catégories d’Actions présentant un risque de contagion, peuvent être obtenues auprès de la Société de gestion sur simple demande.
Bien que la Société ait pris des mesures pour s’assurer que le risque de contagion entre les Catégories d’Actions soit atténué afin de s’assurer que le risque supplémentaire introduit dans un Compartiment par le recours à des dérivés est uniquement supporté par les Actionnaires de la Catégorie d’Actions concernée, ce risque ne peut pas être totalement éliminé.
La performance des Catégories d’Actions couvertes vise à être similaire à celle de Catégories d’Actions équivalentes libellées dans la Devise du Compartiment. Toutefois, aucune garantie ne peut être donnée que les stratégies de couverture mises en œuvre permettront de produire des écarts de performance reflétant uniquement les différences de taux d’intérêt ajustées des commissions.
Lorsqu’une telle couverture est mise en place, ses effets se refléteront sur la Valeur liquidative et, de ce fait, sur la performance de cette Catégorie d’Actions supplémentaire. De même, toute dépense encourue dans le cadre de ces opérations de couverture (y compris des frais de couverture pouvant aller jusqu’à 0,03 %) sera supportée par la Catégorie d’Actions pour laquelle elle a été engagée.
Les garanties reçues au regard des opérations de couverture de change (et en particulier les contrats à terme sur devises) pour le compte des Catégories d’Actions couvertes contre le risque de change peuvent être réinvesties, conformément à la politique d’investissement et aux restrictions applicables du Compartiment.
Il convient de noter, le cas échéant, que ces opérations de couverture peuvent être effectuées en cas de dépréciation ou d’appréciation de la Devise de référence par rapport à la Devise du Compartiment concerné. De ce fait, lorsqu’une telle couverture est mise en place, elle peut offrir aux Investisseurs de la Catégorie d’actions concernée une protection efficace en cas de dépréciation de la Devise du Compartiment par rapport à la Devise de référence, mais elle peut également les empêcher de tirer profit d’une appréciation de la Devise du Compartiment.
De plus, le Gestionnaire d’investissement peut couvrir la Devise du Compartiment par rapport aux devises dans lesquelles les actifs sous-jacents du Compartiment sont libellés ou dans lesquelles les actifs sous-jacents non couverts d’un Compartiment cible sont libellés.
Il ne peut pas être garanti que les opérations de couverture du risque de change utilisées élimineront totalement l’exposition au risque de change par rapport à la Devise de référence, ou, pour la Catégorie d’Actions couverte en BRL, que la couverture du risque de change utilisée éliminera totalement l’exposition au risque de change par rapport au BRL.
Le Fund EURO Corporate Bond a émis des Catégories d’Actions couvertes contre la duration. Les Catégories d’Actions couvertes contre la duration emploient des stratégies de couverture afin de chercher à réduire leur sensibilité aux variations des taux d’intérêt. Il ne saurait être garanti que ces stratégies de couverture auront l’effet escompté. Les effets de cette couverture, sous réserve qu’elle soit mise en œuvre, se refléteront sur la Valeur liquidative et, par conséquent, sur la performance de la Catégorie d’Actions. De la même manière, les frais découlant de ces opérations de couverture seront à la charge de la Catégorie d’Actions couverte contre la duration. Selon les variations des taux d’intérêt, la performance des Catégories d’Actions couvertes contre la duration peut être plus volatile que celle d’autres Catégories d’Actions non couvertes et sous-performer d’autre Catégories d’Actions du Fund EURO Corporate Bond. Les Catégories d’Actions couvertes contre la duration ne sont pas émises depuis janvier 2017.
La Société de gestion déléguera tout ou partie de ses activités liées à sa politique monétaire et de couverture décrites dans le présent Prospectus à HSBC Bank Plc, qui est son prestataire de services de couverture de change
« overlay ».
Les objectifs d’investissement et politiques d’investissement spécifiques aux différents Compartiments sont les suivants :

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital en investissant dans des titres à taux fixe et variable émis par des sociétés de Chine continentale, de Hong Kong et de Macao.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe et variable notés « investment grade » et à rendement élevé émis par des sociétés établies en Chine continentale, à Hong Kong et à Macao.
Le Compartiment peut investir :
- plus de 50 % de son actif dans des titres ayant une notation inférieure à « investment grade » (telle que mesurée par Standard & Poor’s ou toute notation équivalente émise par d’autres agences de notation pour les obligations notées et les notations internes de Schroders pour les obligations non notées) ;
- jusqu’à 20 % de son actif dans des titres adossés à des actifs et des titres adossés à des créances hypothécaires ;
- jusqu’à 20 % de son actif dans des obligations convertibles (y compris des obligations convertibles contingentes) ;
- jusqu’à 10 % de son actif dans des fonds d’investissement à capital variable ; et
- jusqu’à 30 % dans des certificats de dépôt négociables ;Le Gestionnaire d’investissement vise à atténuer les pertes en diversifiant l’allocation d’actifs du Compartiment hors des zones du marché identifiées comme présentant un risque élevé de rendement négatif significatif.

Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés, longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Le Compartiment n’a pas d’indice de référence cible. Les performances du Compartiment seront comparées par rapport aux indices JP Morgan Asian Credit - China et iBoxx

### Caractéristiques du Compartiment
Devise du Compartiment	USD
ChinaBond Corporates IG. Les indices de référence comparateurs ne sont inclus qu’à des fins de comparaison des performances et n’ont aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Concernant les indices JP Morgan Asian Credit - China et iBoxx ChinaBond Corporates IG, l’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence comparateur. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter des indices de référence comparateurs. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans les indices de référence comparateurs.
Tout indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que cet indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».
Risques spécifiques
Le Compartiment peut investir en Chine continentale via des régimes RQFII ou des Marchés réglementés (y compris le CIBM par le biais de Bond Connect). Les investisseurs sont invités à noter que le statut RQFII peut être suspendu ou révoqué, ce qui pourrait affecter la performance du Compartiment en lui imposant de se défaire des titres qu’il détient. Veuillez vous reporter à l’Annexe II pour plus d’informations sur les risques liés au statut RQFII, au quota RQFII, au CIBM et à Bond Connect.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner le revenu avec des opportunités de croissance du capital dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management (Hong Kong) Limited Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,10 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,10 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,10 % |
| Actions B | Néant | 0,50 % | 1,10 % |
| Actions C | Jusqu’à 1 % | Néant | 0,55 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,55 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,55 % |
| Actions D | Néant | 1,00 % | 1,10 % |
| Actions E | Jusqu’à 1 % | Néant | 0,30 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,55 % |
| Actions Z | Néant | Néant | Jusqu’à 0,55 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI China All Shares Net TR après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés chinoises (quel que soit l’endroit où les sociétés sont cotées).

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés chinoises.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir jusqu’à 70 % de son actif (sur une base nette) en Actions A chinoises directement ou indirectement par le biais d’instruments dérivés à l’aide :
- programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect,
- des régimes RQFII (Renminbi Qualified Foreign Institutional Investor, à savoir des investissements réalisés par des investisseurs institutionnels étrangers éligibles) et
- des Marchés réglementés.

Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI China All Shares Net TR et comparées par rapport au secteur Morningstar China Equity. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
Le Compartiment peut investir en Chine continentale via des régimes RQFII ou des Marchés réglementés. Les investisseurs sont invités à noter que le statut RQFII peut être suspendu ou révoqué, ce qui pourrait affecter la performance du Compartiment en lui imposant de se défaire des titres qu’il détient. Veuillez vous reporter à l’Annexe II pour plus d’informations sur les risques liés au statut RQFII et au quota RQFII.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management (Hong Kong) Limited Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction
Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | Jusqu’à 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital correspondant à l’indice ICE BofA 3 Month US Treasury Bill +3,5 %, avant déduction des frais*, sur une période de trois à cinq ans en investissant dans des actifs titrisés émis par des entités du monde entier.
* Pour connaître le rendement cible après déduction des frais pour chaque Catégorie d’Actions, veuillez consulter le site Internet de Schroder : https://www.schroders.com/en/lu/private-investor/ investing-with-us/after-fees-performance-targets/

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des investissements titrisés à taux fixe et variable, y compris, mais sans s’y limiter, dans des titres adossés à des actifs (ABS), des titres adossés à des créances hypothécaires résidentielles (MBS) émis par des agences ou non, y compris les titres à règlement à terme tels que les opérations à annoncer (TBA), les titres adossés à des créances hypothécaires commerciales (CMBS), les obligations de prêts garantis (CLO) et les titres de transfert de risque de crédit (CRT). Les actifs sous-jacents des titres adossés à des actifs peuvent inclure des créances sur cartes de crédit, des prêts personnels, des prêts automobiles, des titres de financement de transports et des prêts aux petites entreprises.
Le Compartiment peut également investir dans des titres à taux fixe et variable émis par des gouvernements, leurs agences, des organisations supranationales et des sociétés du monde entier.
La stratégie du Compartiment aura une duration globale comprise entre zéro et quatre ans, mais cela ne l’empêche pas d’investir dans des titres dont la duration est supérieure à quatre ans.
Le Compartiment peut investir jusqu’à 100 % de son actif dans des titres à taux fixe et variable émis dans le monde entier ayant une note de crédit inférieure à « investment grade » (note attribuée par l’agence Standard & Poor’s ou note équivalente d’une autre agence de notation pour les titres notés et les notations internes de Schroders pour les titres non notés).
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés, longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.
Le Compartiment peut également investir dans des contrats de mise et de prise en pension. Lorsque le Compartiment emploie des contrats de mise et de prise en pension, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif et à sa Politique d’investissement. L’exposition brute des
contrats de mise et de prise en pension ne dépassera pas 100 % et devrait rester comprise entre 0 % et 50 % de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dégager un rendement correspondant à l’indice ICE BofA 3 Month US Treasury Bill (ou un taux de référence équivalent) +3,5 % et comparées à l’indice ICE BofA Merrill Lynch US Floating Rate Asset Backed Securities. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Bien qu’il soit généralement prévu que les investissements du Compartiment s’écartent sensiblement des composantes de l’indice de référence comparateur, en fonction de l’avis du Gestionnaire d’investissement, il peut y avoir un recoupement entre les deux. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence comparateur. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence comparateur.
L’indice de référence cible a été sélectionné parce que l’objectif de rendement du Compartiment vise à égaler celui de cet indice de référence, comme indiqué dans l’objectif d’investissement. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le Compartiment aura recours à des instruments dérivés de crédit pour viser une exposition aux marchés de crédit du monde entier. Il peut en découler une plus grande volatilité du prix des Actions et un risque de contrepartie accru.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Gestionnaire d’investissement	Schroder Investment Management North America Inc.
Heure de clôture des transactions	13h00 (heure de Luxembourg) 5 jours ouvrables précédant le jour de transaction concerné Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 4 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée | Commission de distribution | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,00 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,00 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,00 % |
| Actions B | Néant | 0,50 % | 1,00 % |
| Actions C | Jusqu’à 1 % | Néant | 0,50 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,50 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,50 % |
| Actions D | S/O | S/O | S/O |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,50 % |
| Actions Z | Néant | Néant | Jusqu’à 0,50 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
À compter du 21 juin 2021, le présent Compartiment sera renommé Schroder International Selection Fund Sustainable Asian Equity

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI AC Asia Pacific ex Japan (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés de la région Asie-Pacifique (hors Japon).

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés de la région Asie- Pacifique (hors Japon).
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 30 % de son actif (sur une base nette) en Actions A chinoises, directement ou indirectement, par le biais d’instruments dérivés à l’aide des programmes Shanghai- Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.
À compter du 21 juin 2021, l’Objectif et la Politique d’investissement seront modifiés comme suit :

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI Asia Pacific ex Japan (Net TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés de marchés de la région Asie-Pacifique qui respectent les critères de durabilité du Gestionnaire d’investissement.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et titres assimilés à des actions de sociétés de marchés de la région Asie-Pacifique (hors Japon) ou de sociétés qui tirent une part importante de leurs revenus ou bénéfices de la région Asie- Pacifique.
Le Compartiment maintient un score global de durabilité supérieur que l’indice MSCI Asia Pacific ex Japan (Net TR), selon le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs au-delà des limites figurant sur le site Internet www.schroders.com/en/ lu/private-investor/gfc.
Le Compartiment investit dans des sociétés qui appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 30 % de son actif en Actions A chinoises par l’intermédiaire :
- des programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect ;
- des régimes RQFII (Renminbi Qualified Foreign Institutional Investor, à savoir des investissements réalisés par des investisseurs institutionnels étrangers éligibles) ; et
- des Marchés réglementés.

Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI AC Asia Pacific ex Japan (Net TR) et comparées par rapport à la catégorie Morningstar Asia Pacific ex Japan. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue,
par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
À compter du 21 juin 2021, l’indice de référence cible sera modifié comme suit :
MSCI Asia Pacific ex Japan (Net TR) et comparé à la Catégorie Morningstar Asia Pacific ex Japan.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
À compter du 21 juin 2021 - Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous- performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier.
Veuillez vous reporter à l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management (Hong Kong) Limited Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	À compter du 21 juin 2021, la section suivante s’appliquera :
Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des investissements pour le Compartiment.
L’univers d’investissement est évalué à l’aide d’un certain nombre d’outils exclusifs, ainsi que de services de notation externes. Les sociétés envisagées pour l’investissement sont évaluées selon une approche fondée sur les parties prenantes au regard de critères, notamment (1) les bonnes pratiques de gouvernance ; (2) l’impact sur l’environnement et les communautés locales ; et (3) le traitement juste et équitable des collaborateurs, des fournisseurs et des clients.
Dans le processus de construction du portefeuille, les sociétés classées dans le quintile inférieur sur la base du score global de durabilité du Gestionnaire d’investissement ne seront pas éligibles à l’inclusion a priori. Toutefois, si, à l’issue d’une analyse exclusive et d’un engagement continu avec une société, le Gestionnaire d’investissement estime que la société prend des mesures concrètes pour quitter les segments d’activité qui n’ont pas satisfait aux critères de durabilité ou pour améliorer ses points faibles identifiés, la société pourra être considérée comme éligible à l’investissement.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers est composé d’actions et de titres assimilés à des actions de sociétés de marchés de la région Asie-Pacifique ou de sociétés qui tirent une part importante de leurs revenus ou bénéfices de la région Asie-Pacifique.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,25 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,25 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,25 % |
| Actions B | Néant | 0,60 % | 1,25 % |
| Actions C | Jusqu’à 1 % | Néant | 0,50 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,50 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,50 % |
| Actions D | Néant | 1,00 % | 1,25 % |
| Actions E | Jusqu’à 1 % | Néant | 0,25 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,50 % |
| Actions Z | Néant | Néant | Jusqu’à 0,50 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.
Le Compartiment vise à générer une croissance de capital et un revenu en investissant dans des titres à taux fixe et variable émis par des gouvernements, leurs agences, des organisations supranationales et des sociétés en Asie.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe et variable, des instruments dérivés liés à ces titres et des devises. Les titres à taux fixe et variable sont émis par des gouvernements, leurs agences, des organisations supranationales et des sociétés en Asie. Aux fins du présent Compartiment, l’Asie inclut les pays d’Asie occidentale suivants : Bahreïn, Israël, Liban, Oman, Qatar, Arabie saoudite, Turquie et Émirats arabes unis.
Le Compartiment est conçu pour participer aux marchés haussiers tout en s’efforçant d’atténuer les pertes liées aux marchés baissiers par le biais de l’utilisation d’instruments dérivés. L’atténuation des pertes ne peut être garantie.
Le Compartimentpeut investir en Chine continentale dans le cadre du programme pour les investisseurs institutionnels étrangers en renminbi qualifiés (« RQFII », Renminbi Qualified Foreign Institutional Investor) ou sur des Marchés réglementés (y compris le CIBM par le biais de Bond Connect).
Le Compartiment peut investir jusqu’à 50 % de ses actifs dans des titres dont la notation de crédit est inférieure à
« investment grade » (notation attribuée par l’agence Standard & Poor’s ou toute notation équivalente d’une autre agence de notation pour les obligations notées et les notations implicites de Schroders pour les obligations non notées).
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut (à titre exceptionnel) détenir 100 % de son actif en instruments du marché monétaire ou en liquidités. Cela se limitera à une période maximale de
six mois (faute de quoi le Compartiment sera liquidé). Au cours de cette période, le Compartiment n’entrera pas dans le champ du Règlement sur les fonds monétaires.
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total), longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Lorsque le Compartiment emploie des swaps de rendement total, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. Les swaps de rendement total peuvent être utilisés pour acquérir une exposition longue et courte aux titres de créance à taux fixe et variable.
L’exposition brute des swaps de rendement total ne dépassera pas 60% et devrait rester comprise entre 0 et 30% de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.
Le Compartiment n’a pas d’indice de référence cible. Les performances du Compartiment seront comparées par rapport à 50 % de l’indice Markit iBoxx Asian Local Currency
+ 50 % de l’indice JP Morgan Asian Credit. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes des indices de référence comparateurs. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence comparateur. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence comparateur.
L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Ce Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés »

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) absolue
Effet de levier attendu
250 % de l’actif net total
Le niveau attendu d’effet de levier est susceptible d’augmenter quand la volatilité diminue de manière durable, en cas de prévision de changement des taux d’intérêt ou lorsqu’un élargissement ou un resserrement des spreads de crédit est attendu.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR absolue conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR absolue, veuillez vous reporter à l’Annexe I. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
Les positions longues et courtes obtenues par le biais de swaps de rendement total sur obligations peuvent accroître l’exposition au risque de crédit. Le Compartiment peut investir en Chine continentale via des régimes RQFII ou des Marchés réglementés (y compris le CIBM par le biais de
Bond Connect). Les investisseurs sont invités à noter que le statut RQFII peut être suspendu ou révoqué, ce qui pourrait affecter la performance du Compartiment en lui imposant de se défaire des titres qu’il détient. Veuillez vous reporter à l’Annexe II pour plus d’informations sur les risques liés au statut RQFII, au quota RQFII, au CIBM et à Bond Connect.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.

### Caractéristiques du Compartiment
Devise du Compartiment	USD

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management (Singapore) Ltd
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,00 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,00 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,00 % |
| Actions B | Néant | 0,50 % | 1,00 % |
| Actions C | Jusqu’à 1 % | Néant | 0,60 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,60 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,60 % |
| Actions D | Néant | 1,00 % | 1,00 % |
| Actions E | S/O | S/O | S/O |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,60 % |
| Actions Z | Néant | Néant | Jusqu’à 0,60 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice Thomson Reuters Asia ex Japan Hedged Convertible Bond (USD) après déduction des frais sur une période de trois à cinq ans en investissant dans des titres convertibles émis par des sociétés asiatiques (à l’exclusion du Japon).

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans une gamme diversifiée de titres convertibles et autres valeurs mobilières similaires, comme des titres privilégiés convertibles, des obligations échangeables ou des billets échangeables émis par des sociétés asiatiques (hors Japon). Le Compartiment peut également investir dans des titres à taux fixe et variable, des actions et des titres assimilés à des actions de sociétés asiatiques (hors Japon).
Les obligations convertibles sont généralement des obligations de sociétés qui peuvent être converties en actions à un prix donné. Par conséquent, le Gestionnaire d’investissement estime que les investisseurs peuvent être exposés aux marchés d’actions asiatiques (hors Japon), tout en bénéficiant des avantages défensifs et des caractéristiques moins volatiles d’un investissement obligataire.
Le Compartiment peut investir plus de 50 % de son actif dans des titres ayant une notation inférieure à « investment grade » (telle que mesurée par Standard & Poor’s ou toute notation équivalente émise par d’autres agences de notation pour les obligations notées et les notations implicites de Schroders pour les obligations non notées).
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice Thomson Reuters Asia ex Japan Hedged Convertible Bond (USD). L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management (Switzerland) AG
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,25 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,25 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,25 % |
| Actions B | Néant | 0,50 % | 1,25 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,25 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice JP Morgan Asian Credit après déduction des frais sur une période de trois à cinq ans en investissant dans des titres à taux fixe et variable émis par des sociétés asiatiques.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe et variable libellés dans diverses devises et émis par des sociétés, des États, des organismes gouvernementaux et des entités supranationales en Asie. Aux fins du présent Compartiment, l’Asie inclut les pays d’Asie occidentale suivants : Bahreïn, Israël, Liban, Oman, Qatar, Arabie saoudite, Turquie et Émirats arabes unis.
Le Compartiment peut investir :
- jusqu’à 20% de son actif dans des titres adossés à des actifs et des titres adossés à des créances hypothécaires ; et
- jusqu’à 50 % de son actif dans des titres ayant une notation inférieure à « investment grade » (telle que mesurée par Standard & Poor’s ou toute notation équivalente émise par d’autres agences de notation pour les obligations notées et les notations internes de Schroders pour les obligations non notées).

Le Compartiment peut investir en Chine continentale dans le cadre du programme pour les investisseurs institutionnels étrangers en renminbi qualifiés (« RQFII », Renminbi Qualified Foreign Institutional Investor) ou sur des Marchés réglementés (y compris le CIBM par le biais de Bond Connect).
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total), longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Lorsque le Compartiment emploie des swaps de rendement total, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. Les swaps de rendement total peuvent être utilisés pour acquérir une exposition longue et courte aux titres de créance à taux fixe et variable.
L’exposition brute des swaps de rendement total ne dépassera pas 15% et devrait rester comprise entre 0 et 10% de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice JP Morgan Asian Credit. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. Toutefois, le Compartiment reflétera probablement
certaines caractéristiques de l’indice de référence cible (à savoir la qualité/duration de crédit, l’exposition au risque de change et l’exposition à des émetteurs particuliers). Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) absolue
Effet de levier attendu
200 % de l’actif net total
Le niveau attendu d’effet de levier est susceptible d’augmenter quand la volatilité diminue de manière durable, en cas de prévision de changement des taux d’intérêt ou lorsqu’un élargissement ou un resserrement des spreads de crédit est attendu.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR absolue conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR absolue, veuillez vous reporter à l’Annexe I. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Gestionnaire d’investissement	Schroder Investment Management (Singapore) Ltd
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,00 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,00 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,00 % |
| Actions B | Néant | 0,50 % | 1,00 % |
| Actions C | Jusqu’à 1 % | Néant | 0,50 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,50 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,50 % |
| Actions D | Néant | 1,00 % | 1,00 % |
| Actions E | Jusqu’à 1 % | Néant | 0,25 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,50 % |
| Actions Z | Néant | Néant | Jusqu’à 0,50 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus de 7 % par an en investissant dans des actions ou des titres assimilés à des actions de sociétés de la région Asie-Pacifique (hors Japon). Cet objectif n’est pas garanti et peut évoluer en fonction des conditions de marché.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif (à l’exclusion des liquidités) dans des actions ou des titres assimilés à des actions de sociétés de la région Asie-Pacifique (hors Japon), qui sont sélectionnées pour leur potentiel de revenu et de croissance du capital. Pour optimiser le rendement du Compartiment, le Gestionnaire d’investissement vendra, de manière sélective, des options d’achat à court terme sur des titres individuels détenus par le Compartiment, afin de générer du revenu supplémentaire en convenant de prix d’exercice au- delà desquels un potentiel haussier est vendu.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir jusqu’à 10 % de son actif (sur une base nette) en Actions A chinoises directement ou indirectement par le biais d’instruments dérivés à l’aide des programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son objectif de revenu de 7 % par an, et comparées à l’indice MSCI AC Asia Pacific ex Japan (Net TR). L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence comparateur. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence

### Caractéristiques du Compartiment
Devise du Compartiment	USD
comparateur. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence comparateur.
L’objectif de revenu a été sélectionné parce que le Gestionnaire d’investissement déploie des stratégies qui visent à fournir le niveau de revenu stipulé dans l’objectif d’investissement. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
Ce Compartiment utilise des instruments dérivés de manière déterminante pour son objectif d’investissement. Il est prévu que la stratégie génère une sous-performance d’un portefeuille similaire sans recours à des instruments dérivés pendant les périodes où les cours des actions sous-jacentes augmentent, et génère une surperformance lorsque les cours des actions sous-jacentes chutent.
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice MSCI AC Asia Pacific ex Japan (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés de la région Asie-Pacifique (hors Japon).

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés de la région Asie- Pacifique (hors Japon).
Le Compartiment investit dans les actions de sociétés de la région Asie-Pacifique (hors Japon) qui versent des dividendes immédiatement mais conservent aussi suffisamment de liquidités pour les réinvestir dans la société et réaliser une croissance future.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 30 % de son actif (sur une base nette) en Actions A chinoises directement ou indirectement par le biais d’instruments dérivés à l’aide
- des programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect ;
- des régimes RQFII (Renminbi Qualified Foreign Institutional Investor, à savoir des investissements réalisés par des investisseurs institutionnels étrangers éligibles) et
- des Marchés réglementés.

Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI AC Asia Pacific ex Japan (Net TR) et comparées par rapport à l’indice MSCI AC Asia Pacific ex Japan High Dividend Yield, aux Catégories Morningstar Asia Pacific ex Japan Income et Morningstar Asia Pacific ex Japan Equity.
L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes des indices de référence cible et comparateur. Les indices de référence comparateurs ne sont inclus qu’à des fins de comparaison des performances et n’ont aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent
s’écarter de l’indice de référence cible et des indices de référence comparateurs. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans les indices de référence cible ou comparateur afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. Tout indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
Le Compartiment peut investir en Chine continentale via des régimes RQFII ou des Marchés réglementés (y compris le CIBM par le biais de Bond Connect). Les investisseurs sont invités à noter que le statut RQFII peut être suspendu ou révoqué, ce qui pourrait affecter la performance du Compartiment en lui imposant de se défaire des titres qu’il détient. Veuillez vous reporter à l’Annexe II pour plus d’informations sur les risques liés au statut RQFII, au quota RQFII, au CIBM et à Bond Connect.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Gestionnaire d’investissement	Schroder Investment Management (Singapore) Ltd
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice MSCI AC Asia Pacific ex Japan (Net TR), après déduction des frais, sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés asiatiques considérées comme sous-évaluées par rapport au marché.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés asiatiques. De manière générale, le Compartiment détient entre 16 et 50 sociétés en portefeuille. Le Compartiment peut investir jusqu’à 100 % de son actif dans un seul pays. Le compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 30 % de son actif (sur une base nette) en Actions A chinoises directement ou indirectement par le biais d’instruments dérivés à l’aide des programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment investit dans des sociétés qui se négocient à une décote par rapport au marché lorsque le prix ne correspond pas nécessairement aux perspectives à long terme de la société.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I). Le Compartiment peut détenir (à titre exceptionnel) jusqu’à 75 % de ses actifs en liquidités.
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI AC Asia Pacific ex Japan (Net TR) et comparées à l’indice MSCI AC Asia Pacific ex Japan Value (Net TR).
L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes des indices de référence cible et comparateur. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et

### Caractéristiques du Compartiment
Devise du Compartiment	USD
la performance du Compartiment peuvent s’écarter de l’indice de référence cible ou des indices de référence comparateurs. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans les indices de référence cible ou comparateur afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Méthode de gestion des risques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
La référence dans la Politique d’investissement à un compartiment investissant deux tiers de son actif d’une certaine façon s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management (Hong Kong) Limited Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 Jours ouvrables suivant le jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
| Catégories | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 3 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, | Néant | Néant | Jusqu’à 1,00 % |
| Actions Z | Néant | Néant | Jusqu’à 1,00 % |


### Caractéristiques générales des catégories d’actions
d’actions
IB, IC, ID
Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice iBoxx Asian Local Currency Bond après déduction des frais sur une période de trois à cinq ans en investissant dans des titres asiatiques à revenu fixe libellés en devises locales.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à revenu fixe dont la notation est inférieure ou égale à « investment grade » (telle que mesurée par Standard & Poor’s ou toute notation équivalente émise par d’autres agences de notation pour les obligations notées et les notations internes de Schroders pour les obligations non notées) libellés dans des devises locales émis par des gouvernements, leurs agences, des organisations supranationales et des sociétés asiatiques (hors Japon) ainsi que dans des instruments dérivés liés aux instruments susmentionnés. Aux fins du présent Compartiment, l’Asie inclut les pays d’Asie occidentale suivants : Bahreïn, Israël, Liban, Oman, Qatar, Arabie saoudite, Turquie et Émirats arabes unis.
Le Compartiment peut investir directement en Chine continentale via (i) des régimes RQFII (Renminbi Qualified Foreign Institutional Investor, à savoir des investissements réalisés par des investisseurs institutionnels étrangers éligibles) ou des régimes QFII liés (Qualified Foreign Institutional Investor, un investisseur institutionnel étranger éligible) supervisés par l’autorité chinoise de réglementation des valeurs mobilières (China Securities Regulatory Commission) à condition que la restriction
d’investissement 1. (A) (5) (I) de l’Annexe I soit appliquée et/ ou que ces derniers aient le statut de Fonds d’investissement et (ii) des Marchés réglementés (y compris le CIBM par le biais de Bond Connect).
Les investissements sur les Marchés réglementés de Chine continentale et sur les marchés obligataires interbancaires peuvent également se faire indirectement via des obligations à court terme (notes), des certificats ou d’autres instruments (ayant le statut de valeurs mobilières et qui n’intègrent pas d’élément dérivé), des Fonds d’investissement à capital variable et des transactions dérivées éligibles.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total et des contrats de change à terme de gré à gré, longs et courts) dans le but de dégager des rendements financiers, de réduire le risque ou de gérer ses actifs plus efficacement. Lorsque le Compartiment emploie des swaps de rendement total, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. En particulier, les swaps de rendement total peuvent être utilisés pour acquérir une exposition longue et courte aux titres de créance à revenu fixe. L’exposition brute des swaps de rendement total ne
dépassera pas 60% et devrait rester comprise entre 0 et 30% de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice iBoxx Asian Local Currency Bond. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) relative
Indice de référence de la VaR
Indice iBoxx Asian Local Currency Bond. Cet indice mesure le rendement total d’un portefeuille obligataire composé d’obligations liquides et de haute qualité libellées en devises locales, issues de la région Asie hors Japon. L’indice iBoxx Asian local Currency Bond comprend des obligations des pays/régions suivants : Corée, RAS de Hong Kong, Inde, Singapour, Taïwan, Malaisie, Thaïlande, Philippines, Indonésie et Chine.
Effet de levier attendu
300 % de l’actif net total
Le niveau attendu d’effet de levier est susceptible d’augmenter quand la volatilité diminue de manière durable, en cas de prévision de changement des taux d’intérêt ou lorsqu’un élargissement ou un resserrement des spreads de crédit est attendu.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR relative conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR relative, veuillez vous reporter à l’Annexe 1. En plus de cette restriction réglementaire, Schroders met en œuvre des
contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
Les positions longues et courtes obtenues par le biais de swaps de rendement total sur obligations peuvent accroître l’exposition au risque de crédit. Le Compartiment peut investir en Chine continentale via des régimes RQFII ou des Marchés réglementés (y compris le CIBM par le biais de Bond Connect). Les investisseurs sont invités à noter que le statut RQFII peut être suspendu ou révoqué, ce qui pourrait affecter la performance du Compartiment en lui imposant de se défaire des titres qu’il détient. Veuillez vous reporter à l’Annexe II pour plus d’informations sur les risques liés au statut RQFII, au quota RQFII, au CIBM et à Bond Connect.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management (Singapore) Ltd
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,00 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,00 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,00 % |
| Actions B | Néant | 0,50 % | 1,00 % |
| Actions C | Jusqu’à 1 % | Néant | 0,60 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,60 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,60 % |
| Actions D | Néant | 1,00 % | 1,00 % |
| Actions E | Jusqu’à 1 % | Néant | 0,30 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,60 % |
| Actions Z | Néant | Néant | Jusqu’à 0,60 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.

### Objectif d’investissement
Le compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI AC Asia ex Japan (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés asiatiques (hors Japon).

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés asiatiques (hors Japon).
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 30 % de son actif (sur une base nette) en Actions A chinoises directement ou indirectement par le biais d’instruments dérivés à l’aide
- des programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect ;
- des régimes RQFII (Renminbi Qualified Foreign Institutional Investor, à savoir des investissements réalisés par des investisseurs institutionnels étrangers éligibles) et
- des Marchés réglementés.

Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI AC Asia ex Japan (Net TR) et comparées à la catégorie Morningstar Asia ex Japan Equities. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions traditionnels ».

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
Le Compartiment peut investir en Chine continentale via des régimes RQFII ou des Marchés réglementés (y compris le CIBM par le biais de Bond Connect). Les investisseurs sont invités à noter que le statut RQFII peut être suspendu ou révoqué, ce qui pourrait affecter la performance du Compartiment en lui imposant de se défaire des titres qu’il détient. Veuillez vous reporter à l’Annexe II pour plus d’informations sur les risques liés au statut RQFII, au quota RQFII, au CIBM et à Bond Connect.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui visent un potentiel de croissance sur le long terme au travers d’investissements en actions.
Gestionnaire d’investissement	Schroder Investment Management (Singapore) Ltd
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI AC Asia ex Japan Small Cap (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés asiatiques de petite capitalisation (hors Japon).

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés asiatiques de petite capitalisation (hors Japon). Les sociétés de petite capitalisation sont des sociétés sélectionnées qui, au moment de l’achat, font partie de la tranche inférieure de 30 % des marchés d’actions asiatiques (hors Japon).
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 30 % de son actif (sur une base nette) en Actions A chinoises, directement ou indirectement, par le biais d’instruments dérivés à l’aide des programmes Shanghai- Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI AC Asia ex Japan Small Cap (Net TR) et comparées à la catégorie Morningstar Asia ex Japan Small Cap Equities. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement

### Caractéristiques du Compartiment
Devise du Compartiment	USD
investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management (Singapore) Ltd
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice MSCI AC Asia Pacific ex Japan (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés de la région Asie-Pacifique. Le Compartiment est conçu pour participer aux marchés haussiers tout en s’efforçant d’atténuer les pertes liées aux marchés baissiers par le biais de l’utilisation d’instruments dérivés. L’atténuation des pertes ne peut être garantie.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de la région Asie-Pacifique.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 30 % de son actif (sur une base nette) en Actions A chinoises directement ou indirectement par le biais d’instruments dérivés à l’aide
- des programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect ;
- des régimes RQFII (Renminbi Qualified Foreign Institutional Investor, à savoir des investissements réalisés par des investisseurs institutionnels étrangers éligibles) et
- des Marchés réglementés.

Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Le Compartiment peut acheter ou vendre des futures sur indices boursiers et acheter et vendre des options sur indices ou valeurs individuelles. Pour obtenir une exposition aux indices boursiers et aux valeurs individuelles, le Compartiment peut également conclure des contrats de différence dans le cadre desquels les investissements sous-jacents ne sont pas livrés et le règlement est effectué au comptant. Les contrats de différence peuvent être utilisés afin d’obtenir une exposition longue et courte ou pour couvrir une exposition à des actions ou des titres assimilés à des actions. L’exposition brute des contrats de différence ne dépassera pas 10 % et devrait rester comprise entre 0 % et 10 % de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI AC Asia Pacific ex Japan (Net TR) et comparées à l’indice ICE BofA 3 Month US Treasury Bill. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est
inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
Le Compartiment peut investir en Chine continentale via des régimes RQFII ou des Marchés réglementés (y compris le CIBM par le biais de Bond Connect). Les investisseurs sont invités à noter que le statut RQFII peut être suspendu ou révoqué, ce qui pourrait affecter la performance du Compartiment en lui imposant de se défaire des titres qu’il détient. Veuillez vous reporter à l’Annexe II pour plus d’informations sur les risques liés au statut RQFII, au quota RQFII, au CIBM et à Bond Connect.
Les risques associés à un investissement dans des instruments dérivés sont présentés dans l’Annexe II.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Gestionnaire d’investissement	Schroder Investment Management (Singapore) Ltd
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund BlueOrchard Emerging Markets Climate Bond

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice ICE BofA 3 Month US Treasury Bill
+2,5 % après déduction des frais* sur une période de trois à cinq ans en investissant dans des titres à taux fixe et variable émis dans le monde entier. Le Compartiment investira dans des titres émis par des gouvernements et des sociétés du monde entier, y compris des pays émergents, qui contribuent aux ODD des Nations Unies dans la lutte contre le changement climatique et qui, selon le Gestionnaire d’investissement, constituent des investissements durables.
* Pour connaître le rendement cible après déduction des frais pour chaque Catégorie d’Actions, veuillez consulter le site Internet de Schroder : https://www.schroders.com/en/ lu/private-investor/investing-with-us/historical-ongoing- charges/

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins 75 % de son actif dans (i) des investissements durables qui contribuent à la lutte contre le changement climatique ; et (ii) des investissements qui, selon le Gestionnaire d’investissement, sont neutres au regard des critères de durabilité (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs au-delà des limites figurant sur le site Internet www.schroders.com/en/ lu/private-investor/gfc, ce qui inclut les investissements visés par la Liste des exclusions de la Société financière internationale.
Le Compartiment investit dans des sociétés qui ne causent pas de préjudice environnemental ou social important et appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment investit au moins les deux tiers de son actif dans des titres à taux fixe et variable libellés dans diverses devises et émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés du monde entier, y compris des pays émergents. Le Compartiment augmentera son exposition aux marchés émergents au fil du temps. Au lancement du Compartiment, l’exposition aux marchés émergents sera d’au moins 50 % de son actif net et cette exposition augmentera progressivement avec l’intention d’atteindre au moins 67 % de son actif net après trois ans.
Le Compartiment peut investir jusqu’à 50 % de ses actifs dans des titres dont la notation de crédit est inférieure à
« investment grade » (notation attribuée par l’agence Standard & Poor’s ou toute notation équivalente d’une autre agence de notation pour les obligations notées et les notations implicites de Schroders pour les obligations non notées).
Le Compartiment peut investir en Chine continentale via des régimes RQFII ou des Marchés réglementés (y compris le CIBM par le biais de Bond Connect).
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
La performance du Compartiment doit être évaluée par rapport à son indice de référence cible, à savoir fournir une croissance du capital supérieure à l’indice ICE BofA 3 Month US Treasury Bill +2,5 % sur une période de trois à cinq ans. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence est sélectionné car le rendement cible du Compartiment vise à égaler ou dépasser le rendement de cet indice de référence, comme décrit dans l’objectif d’investissement.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Une description détaillée des risques liés aux titres de qualité inférieure à « investment grade » figure à l’Annexe II du présent Prospectus.
Le Compartiment peut investir en Chine continentale via des régimes RQFII ou des Marchés réglementés (y compris le CIBM par le biais de Bond Connect). Les investisseurs sont invités à noter que le statut RQFII peut être suspendu ou révoqué, ce qui pourrait affecter la performance du Compartiment en lui imposant de se défaire des titres qu’il
détient. Veuillez vous reporter à l’Annexe II pour plus d’informations sur les risques liés au statut RQFII, au quota RQFII, au CIBM et à Bond Connect.
Le Compartiment a pour objectif l’investissement durable (au sens de l’Article 9 du Règlement SFDR). Un Compartiment ayant cet objectif peut par conséquent avoir une exposition limitée à certaines sociétés, industries ou certains secteurs et le Compartiment peut renoncer à certaines opportunités d’investissement ou céder certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous- performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Gestionnaire d’investissement	BlueOrchard Finance Ltd
partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier.
Veuillez vous reporter à l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des
investissements pour le Compartiment.
Les émetteurs sont évalués par le biais d’une analyse ESG et une analyse de l’impact, qui consiste en
(1) un filtrage fondé sur la Liste des exclusions de la Société financière internationale ; (2) une évaluation de la performance de l’émetteur au regard d’un ensemble de critères ESG, étayée par des recherches internes et externes ; (3) une évaluation de l’impact concernant la manière dont une société atteint ses objectifs de durabilité conduite au moyen d’un outil exclusif et qui aboutit à une notation ; et (4) des rapports d’appréciation secondaires émanant de fournisseurs de données externes.
Cette évaluation permet au Gestionnaire d’investissement de sélectionner les obligations qu’il classe comme vertes ou renouvelables conformément (1) aux Principes applicables aux obligations vertes et
(2) à son propre processus d’évaluation de l’impact. Une obligation verte est un titre à taux fixe ou variable dont le produit est utilisé exclusivement pour financer ou refinancer, partiellement ou en totalité, des projets et domaines éligibles nouveaux et/ou existants conformément aux quatre principes fondamentaux des Principes applicables aux obligations vertes. Une obligation renouvelable est un titre à taux fixe ou variable émis par un émetteur qui, selon le Gestionnaire d’investissement, a pour objectif de contribuer à la lutte contre le changement climatique. L’évaluation relative à la durabilité concerne à la fois l’émetteur et l’obligation.
Les sources d’information utilisées pour conduire l’analyse comprennent les informations fournies par les sociétés, telles que les rapports en matière de durabilité et autres documents pertinents établis par ces sociétés, ainsi que les outils exclusifs de Schroders en matière de durabilité et des données de tierces parties.
En raison de la nature de ses investissements, et en particulier de la nécessité de couvrir les risques de change, le Compartiment peut également détenir une part d’investissements qui, selon le Gestionnaire d’investissement, sont neutres au regard des critères de durabilité. Il peut s’agir, sans s’y limiter, d’instruments dérivés à des fins de couverture, de liquidités et de Placements du marché monétaire.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers est composé de titres à taux fixe et variable libellés dans différentes devises et émis par des sociétés du monde entier, y compris des pays émergents.
L’univers (aux fins de cette analyse uniquement) ne comprend pas les titres à taux fixe ou variable émis par des émetteurs publics ou quasi publics.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,45 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,45 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,45 % |
| Actions B | Néant | 0,30 % | 1,45 % |
| Actions C | Jusqu’à 1 % | Néant | 0,60 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,60 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,60 % |
| Actions D | Néant | 1,00 % | 1,45 % |
| Actions E | Jusqu’à 1 % | Néant | 0,40 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,60 % |
| Actions Z | Néant | Néant | Jusqu’à 0,60 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund BRIC (Brazil, Russia, India, China)

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI BRIC (Net TR) 10/40, après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés brésiliennes, russes, indiennes et chinoises.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans une gamme d’actions et de titres assimilés à des actions de sociétés brésiliennes, russes, indiennes et chinoises.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 20 % de son actif (sur une base nette) en Actions A chinoises, directement ou indirectement, par le biais d’instruments dérivés à l’aide des programmes Shanghai- Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI BRIC (Net TR) 10/40. L’univers d’investissement du Compartiment devrait se recouper de manière significative, directement ou indirectement, avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire

### Caractéristiques du Compartiment
Devise du Compartiment	USD
d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund Carbon Neutral Credit

### Objectif d’investissement
Le Compartiment vise à atteindre i) la neutralité carbone globale d’ici 2025 et ii) la croissance du capital en investissant dans des titres à taux fixe et variable émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés du monde entier qui, selon le Gestionnaire d’investissement, constituent des investissements durables, et qui contribuent à l’objectif de réduction des émissions de carbone, afin de soutenir et de promouvoir la transition vers un monde zéro carbone.
La neutralité carbone globale signifie atteindre une intensité des émissions de carbone égale à zéro émission nette en équilibrant les investissements entre (i) des émetteurs qui génèrent des émissions de carbone, mais qui ont défini des objectifs de réduction de ces émissions et (ii) des émetteurs qui contribuent à la réduction des émissions de carbone.

### Politique d’investissement
Le Compartiment est géré activement et investit au moins 75 % de ses actifs dans (i) des investissements durables qui contribuent à l’objectif de réduction des émissions de carbone en visant, et en étant sur la bonne voie pour atteindre, une réduction de 80 % des émissions d’ici 2030 et
(ii) des investissements qui, selon le Gestionnaire d’investissement, sont neutres au regard des critères de durabilité. Le Compartiment visera à compenser les émissions résiduelles du portefeuille par des émissions évitées, afin que le portefeuille atteigne des émissions nettes égales à zéro d’ici 2025. Pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs au-delà des limites figurant sur le site Internet www.schroders.com/en/ lu/private-investor/gfc.
Le Compartiment investit dans des sociétés qui ne causent pas de préjudice environnemental ou social important et appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Compartiment peut investir dans des sociétés qui, selon le Gestionnaire d’investissement, amélioreront leurs pratiques de durabilité dans un délai raisonnable, allant habituellement jusqu’à deux ans.
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment investit au moins les deux tiers de son actif dans des titres à taux fixe et variable émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés du monde entier, y compris des pays émergents.
Le Compartiment peut investir :
- jusqu’à 60 % de son actif dans des titres ayant une notation inférieure à « investment grade » (attribuée par Standard & Poor’s ou tout équivalent d’autres agences de notation concernant les obligations notées et notations internes de Schroders concernant les obligations non notées) ;
- jusqu’à 30 % de son actif dans des obligations convertibles, y compris dans des obligations contingentes convertibles, dans la limite de 10 % de son actif ; et
- jusqu’à 20 % de son actif dans des titres adossés à des actifs et des titres adossés à des créances hypothécaires.

Le Gestionnaire d’investissement estime qu’à long terme, les sociétés qui gèrent les risques et investissent dans les opportunités liées à la lutte contre le changement climatique mieux que leurs pairs seront non seulement moins pénalisées, mais obtiendront en outre des avantages financiers et non financiers octroyés par différentes parties prenantes.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Le Compartiment n’a pas d’indice de référence cible. Les performances du Compartiment seront comparées par rapport à l’indice Barclays Multiverse ex Treasury A+ to B-, couvert en EUR. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment.
L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence comparateur. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence comparateur. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence comparateur. L’indice de référence comparateur ne prend pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le Compartiment a pour objectif l’investissement durable (au sens de l’Article 9 du Règlement SFDR). Un Compartiment ayant cet objectif peut par conséquent avoir une exposition limitée à certaines sociétés, industries ou certains secteurs et le Compartiment peut renoncer à certaines opportunités d’investissement ou céder certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier.
Veuillez vous reporter à l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management (Europe) SA – succursale allemande Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction
Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	L’objectif du Compartiment comprend une réduction des émissions de carbone, ce qui signifie qu’il vise des émissions de carbone faibles, conformément aux objectifs à long terme de l’Accord de Paris sur la limitation du réchauffement climatique.
Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des investissements pour le Compartiment. Les émetteurs sont évalués à l’aide d’une méthodologie identifiant les sociétés qui ont défini des objectifs et adopté des mesures visant à réduire d’au moins 80 % l’intensité des émissions de carbone d’ici 2030. En complément, le Gestionnaire d’investissement cible également les sociétés qui réduisent les émissions de carbone sous la forme « d’émissions évitées ». Il s’agit de sociétés fournissant des produits ou des services qui contribuent à réduire les émissions plus élevées des sociétés qui utilisent ces produits ou services.
Cette méthodologie est axée sur les données et s’appuie sur les données issues d’initiatives environnementales et de sources reconnues telles que le projet Carbon Disclosure Project (CDP), l’initiative Science Based Targets (SBTI), MSCI et d’autres sources de données fiables, externes ou exclusives.
Dans l’univers ainsi obtenu, le Gestionnaire d’investissement exclut les émetteurs qui, selon lui, observent des pratiques préjudiciables et controversées répertoriées sur une liste spécifique de critères d’exclusion.
Le Gestionnaire d’investissement exerce également sa propre diligence raisonnable afin d’identifier les émetteurs qui ne desservent pas de manière significative les objectifs environnementaux ou sociaux. Les outils exclusifs de Schroders en matière de durabilité et les notations externes de durabilité sont utilisés pour identifier les émetteurs qui pratiquent une bonne gouvernance.
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés pour les inciter à réduire l’intensité de leurs émissions de carbone. Cela permet d’identifier de nouvelles opportunités d’investissement et de suivre les progrès accomplis par une société dans son programme de réduction de l’intensité en carbone.
En raison de la nature de ses investissements, et en particulier de la nécessité de disposer d’une couverture de change, le Compartiment peut également détenir une part d’investissements qui, selon le Gestionnaire d’investissement, sont neutres au regard des critères de durabilité. Il peut s’agir, sans s’y limiter, d’instruments dérivés à des fins de couverture, de liquidités et de Placements du marché monétaire.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers est composé de titres à taux fixe et variable libellés dans différentes devises et émis par des sociétés du monde entier, y compris des pays émergents.
L’univers (aux fins de cette analyse uniquement) ne comprend pas les titres à taux fixe ou variable émis par des émetteurs publics ou quasi publics.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 0,75 % |
| Actions AX | Jusqu’à 3 % | Néant | 0,75 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 0,75 % |
| Actions B | Néant | 0,60 % | 0,75 % |
| Actions C | Jusqu’à 1 % | Néant | 0,45 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,45 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,45 % |
| Actions D | Néant | 1,00 % | 0,75 % |
| Actions E | Jusqu’à 1 % | Néant | 0,225 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,45 % |
| Actions Z | Néant | Néant | Jusqu’à 0,45 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise la croissance du capital en investissant dans des actions et des titres assimilés à des actions de sociétés du monde entier dont le Gestionnaire estime qu’elles bénéficieront de l’évolution des exigences des consommateurs modernes.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés du monde entier.
Le Compartiment vise à fournir aux investisseurs une exposition aux sociétés participant à l’évolution des habitudes de consommation concernant de nombreux aspects de la vie des consommateurs. Le Gestionnaire d’investissement vise à investir dans des sociétés qui, selon lui, connaîtront une croissance supérieure parce qu’elles répondent aux goûts et aux attentes des consommateurs dans un monde axé sur la technologie.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Le Compartiment n’a pas d’indice de référence cible. Les performances du Compartiment seront comparées par rapport à l’indice MSCI All Country World (net TR). L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur

### Caractéristiques du Compartiment
Devise du Compartiment	USD
la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence comparateur. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence comparateur. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence comparateur.
L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI China A Onshore (Net TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés chinoises cotées et négociées sur les bourses de valeurs chinoises telles que les bourses de Shenzhen ou Shanghai.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés chinoises cotées et négociées sur des bourses de valeurs chinoises telles que les bourses de Shenzhen ou Shanghaï (Actions A chinoises).
Le Compartiment peut investir jusqu’à 100 % de son actif en Actions A chinoises (sur une base nette) en Actions A chinoises directement ou indirectement par le biais d’instruments dérivés à l’aide :
- programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect,
- des régimes RQFII (Renminbi Qualified Foreign Institutional Investor, à savoir des investissements réalisés par des investisseurs institutionnels étrangers éligibles) et
- des Marchés réglementés.

Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés, longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Lorsque le Compartiment a recours à des contrats de différence, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. En particulier, les contrats de différence peuvent être utilisés afin d’obtenir des expositions longues et courtes ou pour couvrir une exposition à des actions ou des titres assimilés à des actions. L’exposition brute des contrats de différence ne dépassera pas 30 % et devrait rester comprise entre 0 % et 30 % de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI China A Onshore (Net TR) et comparées à la catégorie Morningstar China A Shares. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière
discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
Le Compartiment peut investir en Chine continentale via des régimes RQFII ou des Marchés réglementés. Les investisseurs sont invités à noter que le statut RQFII peut être suspendu ou révoqué, ce qui pourrait affecter la performance du Compartiment en lui imposant de se défaire des titres qu’il détient. Veuillez vous reporter à l’Annexe II pour plus d’informations sur les risques liés au statut RQFII et au quota RQFII.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Devise du Compartiment	USD
Gestionnaire d’investissement	Schroder Investment Management (Hong Kong) Limited Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice iBoxx ALBI China Onshore après déduction des frais sur une période de trois à cinq ans en investissant dans des titres à revenu fixe libellés en RMB onshore (CNY).

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe ou variable, des obligations convertibles et des instruments du marché monétaire libellés ou couverts en RMB onshore (CNY).
Ces instruments peuvent être émis à l’extérieur ou à l’intérieur de la Chine continentale par des États, des organismes gouvernementaux, des entités supranationales et des sociétés qui peuvent être établies ou avoir été constituées en Chine continentale, appartenir à n’importe quel secteur et afficher une qualité de crédit quelconque. Le Compartiment peut également investir dans des titres à revenu fixe libellés en RMB offshore (CNH).
Le Compartiment peut investir jusqu’à 30 % de ses actifs dans des titres dont la notation de crédit est inférieure à
« investment grade » (notation attribuée par l’agence Standard & Poor’s ou toute notation équivalente d’une autre agence de notation pour les obligations notées et les notations implicites de Schroders pour les obligations non notées).
Le Compartiment peut investir dans des instruments négociés sur le marché obligataire en RMB de Hong Kong et en instruments libellés en RMB négociés sur d’autres Marchés réglementés.
Le Compartiment peut investir directement en Chine continentale via (i) des régimes RQFII (Renminbi Qualified Foreign Institutional Investor, à savoir des investissements réalisés par des investisseurs institutionnels étrangers éligibles) ou des régimes QFII liés (Qualified Foreign Institutional Investor, un investisseur institutionnel étranger éligible) supervisés par l’autorité chinoise de réglementation des valeurs mobilières (China Securities Regulatory Commission) à condition que la restriction
d’investissement 1. (A) (5) (I) de l’Annexe I soit appliquée et/ ou que ces derniers aient le statut de Fonds d’investissement et (ii) des Marchés réglementés (y compris le CIBM par le biais de Bond Connect).
Les investissements sur les Marchés réglementés de Chine continentale et sur les marchés obligataires interbancaires peuvent également se faire indirectement via des obligations à court terme (notes), des certificats ou d’autres instruments (ayant le statut de valeurs mobilières et qui n’intègrent pas d’élément dérivé), des Fonds d’investissement à capital variable et des instruments financiers dérivés éligibles.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total), longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Lorsque le Compartiment emploie des swaps de rendement total, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. Les swaps de rendement total peuvent être utilisés pour acquérir une exposition longue et courte aux titres de créance à taux fixe et variable.
L’exposition brute des swaps de rendement total ne dépassera pas 30% et devrait rester comprise entre 0 et 15% de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice iBoxx ALBI China Onshore. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) relative
Indice de référence de la VaR
Indice iBoxx Asian Local Bond – China Onshore. Cet indice suit la performance du rendement total de la dette libellée en CNY émise sur le territoire chinois par le ministère des Finances de la République populaire de Chine.
Effet de levier attendu
400 % de l’actif net total
Le niveau attendu d’effet de levier est susceptible d’augmenter quand la volatilité diminue de manière durable, en cas de prévision de changement des taux d’intérêt ou lorsqu’un élargissement ou un resserrement des spreads de crédit est attendu.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR relative
conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR relative, veuillez vous reporter à l’Annexe 1. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
Le Compartiment peut investir en Chine continentale via des régimes RQFII ou des Marchés réglementés (y compris le CIBM par le biais de Bond Connect). Les investisseurs sont invités à noter que le statut RQFII peut être suspendu ou révoqué, ce qui pourrait affecter la performance du Compartiment en lui imposant de se défaire des titres qu’il détient. Veuillez vous reporter à l’Annexe II pour plus d’informations sur les risques liés au statut RQFII, au quota RQFII, au CIBM et à Bond Connect.
Il convient de noter que le renminbi est actuellement une devise non librement convertible et qu’il est sujet à des politiques de contrôle des changes de la part du gouvernement de la République populaire de Chine. En conséquence de ces restrictions imposées par le gouvernement de la République populaire de Chine sur les flux financiers transfrontaliers en RMB, la disponibilité du RMB offshore peut être limitée.
Depuis 2005, le taux de change du RMB n’est plus indexé sur l’USD. Le renminbi a à présent évolué vers un système de taux de change flottant géré reposant sur l’offre et la demande du marché par référence à un panier de devises étrangères. Puisque les taux de change sont essentiellement fonction des forces du marché, les taux de change du

### Caractéristiques du Compartiment
Devise du Compartiment	RMB
renminbi face à d’autres devises, y compris le dollar américain et le dollar de Hong Kong, sont susceptibles de fluctuer en raison de facteurs externes.
La possibilité que l’appréciation du RMB s’accélère à l’avenir ne peut être exclue. D’un autre côté, il ne saurait être garanti que le renminbi ne fasse pas l’objet d’une dévaluation. Toute dévaluation du renminbi pourrait affecter défavorablement la valeur des investissements de l’investisseur dans le Compartiment. Les investisseurs dont la devise de base n’est pas le renminbi peuvent être affectés défavorablement par des évolutions des taux d’intérêt du renminbi. En outre, l’imposition de restrictions par le gouvernement chinois eu égard au RMB hors de Chine peut limiter la profondeur du marché RMB à Hong Kong et réduire la liquidité du Compartiment. Les politiques du gouvernement chinois quant aux contrôles de change et restrictions de rapatriement peuvent changer, ce qui est susceptible de nuire à la position du Compartiment.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management (Hong Kong) Limited Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 0,75 % |
| Actions AX | Jusqu’à 3 % | Néant | 0,75 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 0,75 % |
| Actions B | Néant | 0,50 % | 0,75 % |
| Actions C | Jusqu’à 1 % | Néant | 0,375 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,375 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,375 % |
| Actions D | Néant | 1,00 % | 0,75 % |
| Actions E | Jusqu’à 1 % | Néant | 0,1875 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,375 % |
| Actions Z | Néant | Néant | Jusqu’à 0,375 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI China (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés chinoises.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés chinoises.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 30 % de son actif (sur une base nette) en Actions A chinoises directement ou indirectement par le biais d’instruments dérivés à l’aide :
- des programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect ;
- des régimes RQFII (Renminbi Qualified Foreign Institutional Investor, à savoir des investissements réalisés par des investisseurs institutionnels étrangers éligibles) ; et
- des Marchés réglementés.

Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Le Compartiment peut investir en Chine continentale via des régimes RQFII ou des Marchés réglementés. Les investisseurs sont invités à noter que le statut RQFII peut être suspendu ou révoqué, ce qui pourrait affecter la performance du Compartiment en lui imposant de se défaire des titres qu’il détient. Veuillez vous reporter à l’Annexe II pour plus d’informations sur les risques liés au statut RQFII et au quota RQFII.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI China (Net TR) et comparées par rapport à la catégorie Morningstar China Equity. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management (Hong Kong) Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice Bloomberg Commodity Total return (indice BCOMTR) après déduction des frais sur une période de trois à cinq ans en investissant dans des instruments liés aux matières premières du monde entier.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans une gamme d’instruments liés aux matières premières, comprenant principalement des swaps sur indices financiers de matières premières éligibles, des matières premières par le biais d’actifs éligibles (tels que décrits dans la définition de
« Catégories d’actifs alternatives » à l’Annexe III du présent Prospectus) et, dans une moindre mesure, dans des actions et des titres assimilés à des actions dans des secteurs liés aux matières premières du monde entier.
Le Compartiment peut être ponctuellement exposé à un éventail de secteurs de matières premières, mais le Gestionnaire d’investissement prévoit que le Compartiment sera principalement investi dans les secteurs de l’énergie, de l’agriculture et des métaux.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. En particulier, les swaps de rendement total peuvent être utilisés pour obtenir une exposition longue nette aux indices de matières premières, bien que les swaps puissent contenir des expositions longues et courtes. L’exposition brute des swaps de rendement total ne dépassera pas 300 % et devrait rester comprise entre 50 % et 200 % de la Valeur liquidative.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice Bloomberg Commodity Total return (indice BCOMTR). L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des compartiments « d’allocation d’actifs alternatifs »

### Risques
Méthode de gestion des risques
Valeur à risque absolue
Effet de levier attendu
250 %
À compter du 21 juin 2021, la section Effet de levier attendu sera modifiée comme suit :
450 % de l’actif net total
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR absolue conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR absolue, veuillez vous reporter à l’Annexe I. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction
Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 5 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1,00 % |
| Actions Z | Néant | Néant | Jusqu’à 1,00 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund Cross Asset Momentum Component

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure au taux des Bons du Trésor américain à 3 mois
+3 % par an, avant déduction des frais*, sur une période de trois à cinq ans en investissant dans une gamme diversifiée d’actifs et de marchés du monde entier.
*Pour connaître le rendement cible après déduction des frais pour chaque Catégorie d’Actions, veuillez consulter le site Internet de Schroder : https://www.schroders.com/en/ lu/private-investor/investing-with-us/after-fees- performance-targets/

### Politique d’investissement
Le Compartiment est géré de façon active et investit dans des catégories d’actifs incluant, sans toutefois s’y limiter, des actions et des titres assimilés à des actions, des titres à taux fixe et variable, des devises et des matières premières, afin de fournir une exposition aux stratégies de positions longues et courtes. Le Compartiment se concentrera sur une stratégie dynamique, qui cherche à tirer parti de la propension des évolutions des cours à se poursuivre à court terme.
Le Compartiment est géré de façon à maintenir une exposition équilibrée entre les positions longues et courtes (obtenue par le biais de dérivés). Le Compartiment peut investir dans des titres de créance dont la notation de crédit est inférieure à investment grade (telle que mesurée par Standard & Poor’s, ou par toute notation équivalente d’autres agences de notation). L’exposition aux matières premières s’effectuera par le biais d’actifs éligibles tels que décrits dans la définition des « Catégories d’actifs alternatives » en Annexe III au présent Prospectus.
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total) dans le but de dégager des rendements financiers, de réduire le risque ou de gérer ses actifs plus efficacement. Lorsque le Compartiment emploie des swaps de rendement total et des contrats de différence, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. En particulier, les swaps de rendement total et les contrats de différence peuvent être utilisés pour obtenir une exposition longue et courte à des actions et des titres assimilés à des actions, des titres à taux fixe et variable et des indices de matières premières. L’exposition brute des swaps de rendement total et des contrats de différence ne dépassera pas 250 % et devrait rester comprise entre 0 % et 250 % de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.
Les positions du Compartiment seront suffisamment liquides pour couvrir à tout moment les obligations du Compartiment découlant de ses positions dérivées courtes et longues. La stratégie d’investissement du Compartiment et l’utilisation d’instruments dérivés peuvent conduire à juger approprié de préserver des niveaux de liquidité et d’instruments du marché monétaire prudents, qui peuvent être importants, voire représenter (exceptionnellement) 100 % des actifs du Compartiment. Cela se limitera à une période maximale de six mois (faute de quoi le
Compartiment sera liquidé). Au cours de cette période, le Compartiment n’entrera pas dans le champ du Règlement sur les fonds monétaires.
Le Compartiment peut également investir dans des Compartiment d’investissement de type ouvert.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser le taux des Bons du Trésor américain à 3 mois +3 % par an, et comparées au taux des Bons du Trésor américain à 3 mois.
L’indice de référence est sélectionné car le rendement cible du Compartiment vise à égaler ou dépasser le rendement de cet indice de référence, comme décrit dans l’objectif d’investissement. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments d’allocation d’actifs ».

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) absolue
Effet de levier attendu
250 % de l’actif net total
Afin de mettre en œuvre un panel de stratégies efficacement diversifiées et pour atteindre la cible de risque qui soit cohérente avec le profil de risque du Compartiment, ce dernier recourra fortement aux instruments dérivés pouvant générer un niveau d’effet de levier élevé. Le Compartiment emploie des instruments dérivés, tels que des contrats à terme sur taux d’intérêts et actions, des contrats de change à terme, des swaps de rendement total et des options à des fins d’investissement, lesquels peuvent augmenter le niveau de risque du Compartiment. Ces instruments dérivés sont également utilisés pour investir dans des stratégies qui peuvent améliorer les caractéristiques de diversification du Compartiment et gérer son risque. Cela permet d’améliorer le rendement du Compartiment tout en cherchant à maintenir son risque dans l’intervalle prévu. Les stratégies qui comprennent des positions longues et courtes dans la même catégorie d’actif sont appelées à présenter une volatilité inférieure à celle des positions longues uniquement dans la même catégorie d’actifs. Par conséquent, certaines stratégies créeront un niveau substantiel d’effet de levier brut mais devraient améliorer les caractéristiques de diversification du portefeuille.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR absolue
conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR absolue, veuillez vous reporter à l’Annexe I. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
Les positions longues et courtes obtenues par le biais de swaps de rendement total sur indices, matières premières et actions peuvent accroître l’exposition au risque de crédit.
Le Compartiment recourt à un effet de levier important par le biais d’instruments dérivés financiers, ce qui amplifiera les gains comme les pertes découlant de ses investissements et se traduira par des fluctuations plus marquées de sa Valeur liquidative. Il en résulte une hausse significative des risques pour le Compartiment par rapport à

### Caractéristiques du Compartiment
Devise du Compartiment	USD
un compartiment sans effet de levier. L’effet de levier se produit lorsque l’exposition économique globale du Compartiment dépasse le montant des actifs investi.

### Profil de l’investisseur type
Le Compartiment peut convenir aux investisseurs qui s’intéressent plus à la maximisation des rendements sur le plus long terme qu’à la minimisation des pertes éventuelles sur le court terme. Le Compartiment n’est pas destiné aux Investisseurs particuliers ; il est destiné aux Investisseurs institutionnels, professionnels et avertis. Un Investisseur averti désigne un Investisseur qui :
- comprend la stratégie, les caractéristiques et les risques du Compartiment pour prendre une décision en connaissance de cause ; et
- a une connaissance ou une expérience de l’investissement dans, des produits financiers qui utilisent des dérivés complexes et/ou des stratégies de instruments dérivés (comme le présent Compartiment) et des marchés financiers de manière générale.

Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) le Jour de transaction précédent Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée | Commission de distribution | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,60 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,60 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,60 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice CRISIL Composite Bond Fund Dollar après déduction des frais sur une période de trois à cinq ans en investissant dans des titres à taux fixe et variable émis par le gouvernement indien, des organismes gouvernementaux indiens, des entités supranationales indiennes, des autorités locales ou publiques indiennes et des sociétés indiennes.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe ou variable émis par le gouvernement indien, des organismes gouvernementaux indiens, des entités supranationales indiennes, des autorités locales ou publiques indiennes et des sociétés indiennes, des contrats de change à terme, des swaps de taux d’intérêt et des swaps de devises. Ces instruments financiers seront libellés en roupie indienne ou dans d’autres devises qui seront couvertes en roupie indienne.
Sociétés indiennes désigne : (i) des sociétés dont le siège social se trouve en Inde, (ii) des sociétés établies ou se trouvant ailleurs, mais qui exercent la plus grande partie de leurs activités commerciales en Inde ou (iii) des sociétés de holding dont les intérêts sont majoritairement investis dans des actions de société dont le siège social se trouve en Inde.
Le Compartiment peut également investir dans des titres à taux fixe et variable émis par des gouvernements, leurs agences, des organisations supranationales et des sociétés du monde entier.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice CRISIL Composite Bond Fund Dollar. L’univers
Caractéristiques du Compartiment
Devise du Compartiment	USD
d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. Toutefois, le Compartiment reflétera probablement certaines caractéristiques de l’indice de référence cible (à savoir la qualité/duration de crédit, l’exposition/exposition de change à des émetteurs particuliers). Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management (Singapore) Ltd
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 2 jours ouvrables suivant le Jour de transaction, pour les produits de souscription Dans les 5 jours ouvrables suivant le Jour de transaction, pour les produits de rachat
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,00 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,00 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,00 % |
| Actions B | Néant | 0,50 % | 1,00 % |
| Actions C | Jusqu’à 1 % | Néant | 0,50 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,50 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,50 % |
| Actions D | Néant | 1,00 % | 1,00 % |
| Actions E | Jusqu’à 1 % | Néant | 0,25 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,50 % |
| Actions Z | Néant | Néant | Jusqu’à 0,50 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI Emerging Markets Asia (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés de marchés émergents en Asie.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés des marchés émergents en Asie.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 30 % de son actif (sur une base nette) en Actions A chinoises directement ou indirectement par le biais d’instruments dérivés à l’aide :
- des programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect ;
- des régimes RQFII (Renminbi Qualified Foreign Institutional Investor, à savoir des investissements réalisés par des investisseurs institutionnels étrangers éligibles) ; et
- des Marchés réglementés.

Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI Emerging Markets Asia (Net TR) et comparées à la catégorie Morningstar Asia ex Japan Equities. L’univers d’investissement du Compartiment devrait se recouper de manière significative, directement ou indirectement, avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
Le Compartiment peut investir en Chine continentale via des régimes RQFII ou des Marchés réglementés. Les investisseurs sont invités à noter que le statut RQFII peut être suspendu ou révoqué, ce qui pourrait affecter la performance du Compartiment en lui imposant de se défaire des titres qu’il détient. Veuillez vous reporter à l’Annexe II pour plus d’informations sur les risques liés au statut RQFII et au quota RQFII.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management (Hong Kong) Limited Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction
Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI Emerging Markets Europe 10/40 (Net TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et titres assimilés à des actions de sociétés d’Europe centrale et d’Europe de l’Est.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés d’Europe centrale et orientale, dont les marchés de l’ex-Union soviétique et les marchés émergents méditerranéens. Le Compartiment peut également investir dans des actions et des titres assimilés à des actions de sociétés d’Afrique du Nord et du Moyen- Orient.
De manière générale, le Compartiment détient entre 30 et 50 sociétés en portefeuille.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI Emerging Markets Europe 10/40 (Net TR). L’univers d’investissement du Compartiment devrait se recouper de manière significative, directement ou indirectement, avec les composantes de l’indice de

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice JP Morgan Emerging Market Blend Equal Weighted après déduction des frais sur une période de trois à cinq ans en investissant dans des titres à taux fixe et variable émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés de marchés émergents.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe et variable libellés dans diverses devises et émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés de marchés émergents.
Le Compartiment peut investir :
- jusqu’à 20% de son actif dans des titres adossés à des actifs et des titres adossés à des créances hypothécaires ; et
- plus de 50 % de son actif dans des titres ayant une notation inférieure à « investment grade » (telle que mesurée par Standard & Poor’s ou toute notation équivalente émise par d’autres agences de notation pour les obligations notées et les notations internes de Schroders pour les obligations non notées).

Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total) dans le but de dégager des rendements financiers, de réduire le risque ou de gérer ses actifs plus efficacement. Lorsque le Compartiment emploie des swaps de rendement total et des contrats de différence, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. Les swaps de rendement total et les contrats de différence peuvent notamment être utilisés pour acquérir une exposition longue et courte aux titres à taux fixe et variable. L’exposition brute des swaps de rendement total et des contrats de différence ne dépassera pas 5 % et devrait rester comprise entre 0 % et 5 % de la Valeur liquidative.
Dans certaines circonstances, cette proportion peut être plus élevée.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice JP Morgan Emerging Market Blend Equal Weighted.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. Toutefois, le Compartiment reflétera probablement certaines caractéristiques de l’indice de référence cible (à savoir la qualité/duration de crédit, l’exposition/exposition de change à des émetteurs particuliers). Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Risques spécifiques
Les positions longues et courtes obtenues par le biais de swaps de rendement total sur obligations peuvent accroître l’exposition au risque de crédit. Le Compartiment peut investir en Chine continentale via des régimes RQFII ou des Marchés réglementés. Les investisseurs sont invités à noter que le statut RQFII peut être suspendu ou révoqué, ce qui pourrait affecter la performance du Compartiment en lui imposant de se défaire des titres qu’il détient. Veuillez vous reporter à l’Annexe II pour plus d’informations sur les risques liés au statut RQFII et au quota RQFII.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management North America Inc. Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction
Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,00 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,00 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,00 % |
| Actions B | Néant | 0,50 % | 1,00 % |
| Actions C | Jusqu’à 1 % | Néant | 0,60 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,60 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,60 % |
| Actions D | Néant | 1,00 % | 1,00 % |
| Actions E | Jusqu’à 1 % | Néant | 0,30 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,60 % |
| Actions Z | Néant | Néant | Jusqu’à 0,60 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund Emerging Markets Equity Impact

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital en investissant dans des actions et titres assimilés à des actions de sociétés de marchés émergents et de marchés frontières du monde entier, ou de sociétés qui tirent une part importante de leurs revenus ou bénéfices de marchés émergents ou de marchés frontières du monde entier, qui contribuent aux ODD des Nations Unies et qui, selon le Gestionnaire d’investissement, constituent des investissements durables.

### Politique d’investissement
Le Compartiment est géré activement et investit au moins 75 % de ses actifs dans des investissements durables, à savoir des investissements dont on attend qu’ils contribuent à la promotion de tout ou partie des ODD des
Nations Unies, qu’ils soient gérés dans l’intérêt de toutes les parties prenantes et qu’ils offrent aux actionnaires des rendements sur le long terme. Le Gestionnaire d’investissement sélectionnera des sociétés appartenant à un univers de sociétés éligibles dont il a été établi qu’elles respectent les critères d’impact du Gestionnaire d’investissement. Les critères d’impact incluent une évaluation de la contribution de la société aux ODD des Nations Unies. Cela signifie que la mesure dans laquelle les sociétés exercent un impact positif, direct ou indirect, sur la société pour contribuer aux ODD des Nations Unies, ainsi que l’impact que ces mesures pourraient avoir sur la valeur d’une société, sont pris en compte dans l’évaluation des sociétés. Pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs au-delà des limites figurant sur le site Internet www.schroders.com/en/ lu/private-investor/gfc.
Le Compartiment investit dans des sociétés qui ne causent pas de préjudice environnemental ou social important et appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Compartiment peut investir dans des sociétés qui, selon le Gestionnaire d’investissement, amélioreront leurs pratiques de durabilité dans un délai raisonnable, allant habituellement jusqu’à deux ans.
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment investit au moins deux tiers de ses actifs dans une gamme concentrée d’actions et de titres assimilés à des actions de sociétés de marchés émergents et de marchés frontières ou de sociétés qui tirent une part
importante de leurs revenus ou bénéfices de marchés émergents ou de marchés frontières. Le Compartiment investit généralement dans moins de 50 entreprises.
Les sociétés détenues par le Compartiment font l’objet d’une évaluation financière de la part du Gestionnaire d’investissement qui vise à identifier le potentiel de rendement sur le long terme pour les actionnaires.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir jusqu’à 30 % de son actif (sur une base nette) en Actions A chinoises directement ou indirectement par le biais d’instruments dérivés à l’aide des programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Le Compartiment peut acheter ou vendre des futures sur indices boursiers et acheter et vendre des options sur indices ou valeurs individuelles. Pour obtenir une exposition aux indices boursiers et aux valeurs individuelles, le Compartiment peut également conclure des contrats de différence dans le cadre desquels les investissements sous-jacents ne sont pas livrés et le règlement est effectué au comptant. Les contrats de différence peuvent être utilisés afin d’obtenir une exposition longue et courte ou pour couvrir une exposition à des actions ou des titres assimilés à des actions. L’exposition brute des contrats de différence ne dépassera pas 20 % et devrait rester comprise entre 0 % et 20 % de la Valeur liquidative.

### Indice de référence
Le Compartiment n’a pas d’indice de référence cible. Les performances du Compartiment seront comparées par rapport à son indice de référence comparateur, à savoir l’indice MSCI Emerging Markets (Net TR). L’indice de référence comparateur n’est inclus qu’à des fins de comparaison
des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence comparateur. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence comparateur. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence comparateur. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le Compartiment a pour objectif l’investissement durable (au sens de l’Article 9 du Règlement SFDR). Un Compartiment ayant cet objectif peut par conséquent avoir

### Caractéristiques du Compartiment
Devise du Compartiment	USD
une exposition limitée à certaines sociétés, industries ou certains secteurs et le Compartiment peut renoncer à certaines opportunités d’investissement ou céder certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous- performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier.
Veuillez vous reporter à l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des
investissements pour le Compartiment.
Les investissements éligibles à l’inclusion sont identifiés grâce au processus de validation du Groupe d’évaluation de l’impact (Impact Assessment Group, IAG). L’IAG est composé de membres de l’équipe d’investissement durable de Schroders et de gestionnaires de portefeuille de l’équipe des Marchés émergents. Ce processus d’examen applique un cadre comprenant les questions clés suivantes :
- quelle est la contribution positive de la société à la société ; quel est l’ODD des Nations Unies concerné ; et quelle est l’importance de cette contribution ?
- L’une des activités de la société crée-t-elle des externalités négatives importantes pour la société ?
- Quel est le niveau d’engagement de la direction pour assurer la gestion durable de la société ?
- La société assure-t-elle un traitement équitable des collaborateurs, des clients et des fournisseurs ?
- La société est-elle respectueuse de l’environnement ?

L’IAG détermine ensuite si une société est éligible à l’inclusion dans le portefeuille du Compartiment.
Les sources d’information utilisées pour conduire l’analyse comprennent les informations fournies par les sociétés, telles que les rapports en matière de durabilité et autres documents pertinents établis par ces sociétés, ainsi que les outils exclusifs de Schroders en matière de durabilité et des données de tierces parties.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers est composé d’actions et de titres assimilés à des actions de sociétés de marchés émergents et de marchés frontières ou de sociétés qui tirent une part importante de leurs revenus ou bénéfices de marchés émergents ou de marchés frontières.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | Jusqu’à 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1,00 % |
| Actions IE | Néant | Néant | Jusqu’à 0,50 % |
| Actions Z | Néant | Néant | Jusqu’à 1,00 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund Emerging Markets Hard Currency

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital et des revenus supérieurs à l’indice JP Morgan Emerging Market Blend Hard Currency Credit 50-50 après déduction des frais sur une période de trois à cinq ans en investissant dans des titres à taux fixe et variable libellés dans des devises fortes et émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés de marchés émergents.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe et variable libellés dans des devises fortes et émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés de marchés émergents. Les titres libellés en devise forte désignent les titres libellés en dollars US, en euros, en livres sterling, en yens japonais et en francs suisses.
Le Compartiment peut investir :
- jusqu’à 20 % de son actif dans des titres adossés à des actifs et des titres adossés à des créances hypothécaires ;
- plus de 50 % de son actif dans des titres ayant une notation inférieure à « investment grade » (telle que mesurée par Standard & Poor’s ou toute notation équivalente émise par d’autres agences de notation pour les obligations notées et les notations internes de Schroders pour les obligations non notées) ; et
- jusqu’à 60 % de son actif en titres émis par des sociétés.

Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total), longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Lorsque le Compartiment emploie des swaps de rendement total et des contrats de différence, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. Les swaps de rendement total et les contrats de différence peuvent notamment être utilisés pour acquérir une exposition longue et courte aux titres à taux fixe et variable. L’exposition brute des swaps de rendement total et des contrats de différence ne dépassera pas 10 % et devrait rester comprise entre 0 % et 5 % de la Valeur liquidative.
Dans certaines circonstances, cette proportion peut être plus élevée.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice JP Morgan Emerging Market Blend Hard Currency
Credit 50-50. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. Toutefois, le Compartiment reflétera probablement certaines caractéristiques de l’indice de référence cible (à savoir la qualité/duration de crédit, l’exposition/exposition de change à des émetteurs particuliers). Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Risques spécifiques
Les positions longues et courtes obtenues par le biais de swaps de rendement total sur obligations peuvent accroître l’exposition au risque de crédit. Le Compartiment peut investir en Chine continentale via des régimes RQFII ou des Marchés réglementés (y compris le CIBM par le biais de Bond Connect). Les investisseurs sont invités à noter que le statut RQFII peut être suspendu ou révoqué, ce qui pourrait affecter la performance du Compartiment en lui imposant de se défaire des titres qu’il détient. Veuillez vous reporter à l’Annexe II pour plus d’informations sur les risques liés au statut RQFII, au quota RQFII, au CIBM et à Bond Connect.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Gestionnaire d’investissement	Schroder Investment Management North America Inc. Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,00 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,00 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,00 % |
| Actions B | Néant | 0,50 % | 1,00 % |
| Actions C | Jusqu’à 1 % | Néant | 0,60 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,60 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,60 % |
| Actions D | Néant | 1,00 % | 1,00 % |
| Actions E | Jusqu’à 1 % | Néant | 0,30 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,60 % |
| Actions Z | Néant | Néant | Jusqu’à 0,60 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI Emerging Markets (Net TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés des marchés émergents ayant subi des revers importants au niveau de leur cours boursier ou de leur rentabilité.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés des marchés émergents du monde entier qui, selon le Gestionnaire d’investissement, ont subi des revers importants au niveau de leur cours boursier ou de leur rentabilité, mais qui possèdent de bonnes perspectives à long terme.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir jusqu’à 10 % de son actif (sur une base nette) en Actions A chinoises directement ou indirectement par le biais d’instruments dérivés à l’aide des programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris dans d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI Emerging Markets (Net TR) et comparées à l’indice MSCI Emerging Markets Value (Net TR) et à la Catégorie Morningstar Global Emerging Markets Equity. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible et de l’indice MSCI Emerging Markets Value (Net TR). Les indices de référence comparateurs ne sont inclus qu’à des fins de comparaison des performances et n’ont aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence ou de l’indice MSCI Emerging Markets Value (Net TR). Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible ou l’indice MSCI Emerging Markets Value (Net TR) afin de tirer parti de certaines opportunités d’investissement.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. Tout indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
Le portefeuille affichera un style d’investissement fortement anti-conventionnel ainsi qu’une approche visant à tirer au maximum parti des biais comportementaux des marchés émergents et affichera probablement une volatilité d’investissement supérieure à celle des indices des marchés d’actions mondiaux. Toutefois, il est prévu qu’un style axé sur les valeurs de sociétés appelées à se redresser présente un risque d’investissement inférieur à la moyenne en raison de valorisations favorables des titres du portefeuille.
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction
Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital en investissant dans des actions et des titres assimilés à des actions, ainsi que dans des titres à taux fixe et variable et dans des devises de pays émergents et frontières du monde entier qui ont subi un revers en termes de prix et/ou de rentabilité.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des marchés émergents et frontières du monde entier. Le Compartiment investit dans :
- des actions et titres assimilés à des actions ;
- des titres à taux fixe et variable émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés ; et
- des devises.

Le Compartiment peut investir :
- plus de 50 % de son actif dans des titres ayant une notation inférieure à « investment grade » (telle que mesurée par Standard & Poor’s ou toute notation équivalente émise par d’autres agences de notation pour les obligations notées et les notations internes de Schroders pour les obligations non notées) ;
- directement en Actions B chinoises et en Actions H chinoises et moins de 15 % de son actif (sur une base nette) en Actions A chinoises, directement ou indirectement, par le biais d’instruments dérivés à l’aide des programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect ; et
- jusqu’à 10 % de son actif dans des obligations convertibles (y compris des obligations convertibles contingentes).

Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris dans d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Le Compartiment n’a pas d’indice de référence cible. Les performances du Compartiment seront comparées par rapport à 50 % de l’indice Emerging Markets, 25 % de

### Caractéristiques du Compartiment
Devise du Compartiment	USD
l’indice JPM EMBI Global Diversified et 25 % de l’indice JPM GBI EM Diversified. L’univers d’investissement du Compartiment devrait se recouper, directement ou indirectement, de manière significative, avec les composantes de l’indice de référence comparateur. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence comparateur. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence comparateur.
L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments multi-actifs ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,90 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,90 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,90 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,90 % |
| Actions Z | Néant | Néant | Jusqu’à 0,90 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI Emerging Markets (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés des marchés émergents.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés des marchés émergents.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 20 % de son actif (sur une base nette) en Actions A chinoises, directement ou indirectement, par le biais d’instruments dérivés à l’aide des programmes Shanghai- Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son objectif de référence cible, à savoir dépasser l’indice MSCI Emerging Markets (Net TR). L’univers d’investissement du Compartiment devrait se recouper de manière significative, directement ou indirectement, avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
La référence dans la Politique d’investissement à un compartiment investissant deux tiers de ses actifs d’une certaine façon s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund Emerging Markets Debt Absolute Return

### Objectif d’investissement
Le Compartiment vise à fournir un rendement absolu composé de croissance du capital et de revenus après déduction des frais en investissant dans des titres à taux fixe ou variable de marchés émergents.
Une performance absolue signifie que le Compartiment cherche à fournir un rendement positif sur une période de 12 mois, quelles que soient les conditions de marché, mais il ne saurait être garanti et votre capital est à risque.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe ou variable, des devises et des placements du marché monétaire sur des marchés émergents. Les titres à taux fixe et variable sont émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés. Le Compartiment peut également détenir des liquidités.
En visant à dégager un rendement absolu, le Compartiment peut détenir jusqu’à 40 % de son actif en liquidités et en placements du marché monétaire au sein des économies développées.
Le Compartiment peut investir plus de 50 % de son actif dans des titres à taux fixe et variable dont la notation est inférieure à « investment grade » (telle que mesurée par Standard & Poor’s, ou par toute notation équivalente d’autres agences de notation).
Le Compartiment peut investir en Chine continentale via des Marchés réglementés (y compris le CIBM par le biais de Bond Connect).
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement et warrants (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Caractéristiques du Compartiment
Devise du Compartiment	USD

### Indice de référence
La performance du Compartiment doit être évaluée par rapport à son objectif de fournir un rendement positif sur une période de 12 mois, quelles que soient les conditions du marché.
L’indice de référence cible a été sélectionné parce que l’objectif de rendement du Compartiment vise à égaler celui de cet indice de référence, comme indiqué dans l’objectif d’investissement.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments à performance absolue », qui est gérée dans le but de générer une performance positive (c’est-à- dire supérieure à zéro) sur une période continue de 12 mois maximum. Le Gestionnaire d’investissement cherchera à réaliser une telle performance même en période de repli des marchés (ou d’anticipation de repli des marchés) en prenant des positions courtes (couvertes) sur les diverses sources de rendement et/ou en privilégiant les liquidités et les placements du marché monétaire. Il ne saurait être garanti que cet objectif pourra être atteint.

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir à des Investisseurs qui recherchent un rendement absolu positif sur le moyen/long terme (au moins 5 ans) en investissant dans un portefeuille activement géré. L’Investisseur doit être en mesure d’accepter des pertes de capital temporaires dues à la nature potentiellement volatile des actifs détenus.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,50 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,90 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,90 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,90 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,45 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,90 % |
| Actions Z | Néant | Néant | Jusqu’à 0,90 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI Emerging Markets (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés des marchés émergents et frontières du monde entier.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés situées sur des marchés émergents et frontières du monde entier.
Les compartiments « Alpha » investissent dans des sociétés dont le cours boursier ne reflète pas leurs perspectives, de l’avis du Gestionnaire d’investissement.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 20 % de son actif (sur une base nette) en Actions A chinoises, directement ou indirectement, par le biais d’instruments dérivés à l’aide des programmes Shanghai- Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son objectif de référence cible, à savoir dépasser l’indice MSCI Emerging Markets (Net TR). L’univers d’investissement du Compartiment devrait se recouper de manière significative, directement ou indirectement, avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
Les risques liés aux placements sur les marchés émergents et frontières sont expliqués à la section « Risque inhérent aux marchés émergents et moins développés » à l’Annexe II du présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,40 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à obtenir une distribution du revenu entre 4 % et 6 % par an, ainsi qu’une croissance du capital après déduction des frais sur une période de trois à cinq ans, en investissant dans une gamme diversifiée d’actifs et de marchés du monde entier. Le Compartiment vise une volatilité (mesure de la variation des rendements du Compartiment sur une année) comprise entre 8 % et 16 % par an.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif directement en actions et titres assimilés à des actions, titres à revenu fixe et Classes d’actifs alternatifs de pays émergents du monde entier ou de sociétés qui tirent une part importante de leurs revenus ou bénéfices de pays émergents du monde entier.
Le Compartiment peut appliquer une allocation active de son actif à des placements du marché monétaire et des devises, en particulier dans le but d’atténuer ses pertes en cas de baisse des marchés.
Le Compartiment peut investir :
- plus de 50 % de son actif dans des titres de qualité inférieure à « investment grade » (titres assortis d’une notation inférieure à « investment grade » selon Standard & Poor’s ou de toute notation équivalente attribuée par d’autres agences de notation) et des titres non notés ;
- plus de 50 % de son actif dans des titres de créance (à taux fixe et variable) des marchés émergents ;
- jusqu’à 20 % de son actif dans des titres adossés à des actifs et des titres adossés à des créances hypothécaires ;
- jusqu’à 10 % de son actif dans des Catégories d’actifs alternatives (telles que définies à l’Annexe III du présent Prospectus) indirectement par le biais de Fonds négociés en bourse, de REIT ou de fonds d’investissement à capital variable ; et
- jusqu’à 10 % de son actif dans des Fonds d’investissement à capital variable.

Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 25 % de son actif (sur une base nette) en Actions A chinoises, directement ou indirectement, par le biais d’instruments dérivés à l’aide des programmes Shanghai- Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect. Le Compartiment peut également investir en Chine continentale via des Marchés réglementés (y compris le CIBM par le biais de Bond Connect).
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total), longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Lorsque le Compartiment emploie des swaps de rendement total et des contrats de différence, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. En
particulier, les swaps de rendement total et les contrats de différence peuvent être utilisés pour obtenir une exposition longue et courte à des actions et des titres assimilés à des actions, des titres à taux fixe et variable et des indices de matières premières. L’exposition brute des swaps de rendement total et des contrats de différence ne dépassera pas 30 % et devrait rester comprise entre 0 % et 20 % de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée. Le Compartiment peut détenir des liquidités.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir fournir un revenu de 4 % à 6 % par an et une croissance du capital, avec un objectif de volatilité de 8 % à 16 % par an.
Les objectifs de revenu et de volatilité ont été sélectionnés parce que le Gestionnaire d’investissement déploie des stratégies qui visent à fournir le niveau de revenu stipulé dans l’objectif d’investissement.
L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments multi-actifs ».

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
Une description détaillée des risques liés aux titres adossés à des actifs et aux titres adossés à des créances hypothécaires figure à l’Annexe II du présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.

### Profil de l’investisseur type
Le Compartiment conviendra aux investisseurs qui recherchent un revenu stable combiné à une croissance du capital au travers d’investissements dans un éventail de catégories d’actifs.
Devise du Compartiment	USD
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,25 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,25 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,25 % |
| Actions B | Néant | 0,60 % | 1,25 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,25 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice Bloomberg Barclays EURO Aggregate après déduction des frais sur une période de trois à cinq ans en investissant dans des titres à taux fixe et variable libellés en EUR.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe et variable libellés en EUR et émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés du monde entier.
Le Compartiment peut investir jusqu’à 30 % de ses actifs dans des titres dont la notation de crédit est inférieure à
« investment grade » (notation attribuée par l’agence Standard & Poor’s ou toute notation équivalente d’une autre agence de notation pour les obligations notées et les notations implicites de Schroders pour les obligations non notées). Le Compartiment peut investir jusqu’à 10 % de son actif dans des obligations convertibles conditionnelles.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total), longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Lorsque le Compartiment emploie des swaps de rendement total, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. Les swaps de rendement total peuvent être utilisés pour acquérir une exposition longue et courte aux titres de créance à taux fixe et variable.
L’exposition brute des swaps de rendement total ne dépassera pas 30% et devrait rester comprise entre 0 et 10% de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice Bloomberg Barclays EURO Aggregate. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. Toutefois, le Compartiment reflétera probablement certaines caractéristiques de l’indice de référence cible (à savoir la qualité/duration de crédit, l’exposition/exposition de change à des émetteurs particuliers). Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations traditionnels ».

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) relative
Indice de référence de la VaR
Indice Barclays EURO Aggregate. Cet indice suit des titres à taux fixe de qualité investment grade libellés en euros.
Effet de levier attendu
200 % de l’actif net total
Le niveau attendu d’effet de levier est susceptible d’augmenter quand la volatilité diminue de manière durable, en cas de prévision de changement des taux d’intérêt ou lorsqu’un élargissement ou un resserrement des spreads de crédit est attendu.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR relative conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR relative, veuillez vous reporter à l’Annexe 1. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
Les positions longues et courtes obtenues par le biais de swaps de rendement total sur obligations peuvent accroître l’exposition au risque de crédit.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 0,75 % |
| Actions AX | Jusqu’à 3 % | Néant | 0,75 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 0,75 % |
| Actions B | Néant | 0,50 % | 0,75 % |
| Actions C | Jusqu’à 1 % | Néant | 0,375 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,375 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,375 % |
| Actions D | Néant | 1,00 % | 0,75 % |
| Actions E | Jusqu’à 1 % | Néant | 0,25 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,50 % |
| Actions Z | Néant | Néant | Jusqu’à 0,50 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice ICE Bank of America Merrill Lynch Euro Corporate, après déduction des frais sur une période de trois à cinq ans en investissant dans des titres à taux fixe et variable libellés en euros émis par des sociétés du monde entier.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe et variable libellés ou couverts en euros émis par des sociétés et d’autres émetteurs d’obligations non souveraines, des États, des organismes gouvernementaux et des entités supranationales du monde entier.
Le Compartiment peut investir :
- jusqu’à 30 % de son actif dans des titres ayant une notation inférieure à « investment grade » (attribuée par Standard & Poor’s ou tout équivalent d’autres agences de notation concernant les obligations notées et notations internes de Schroders concernant les obligations non notées) ;
- jusqu’à 20 % de son actif dans des obligations souveraines ;
- jusqu’à 20% de son actif dans des titres adossés à des actifs et des titres adossés à des créances hypothécaires ; et
- jusqu’à 20 % de son actif dans des obligations convertibles, y compris dans des obligations contingentes convertibles, dans la limite de 10 % de son actif.

Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.
Le Compartiment conserve un score global de durabilité supérieur à celui de l’indice ICE Bank of America Merrill Lynch Euro Corporate, suivant le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs au-delà des limites définies à la section « Informations relatives à la durabilité » sur la page Internet du Compartiment, consultable sur le site Internet www.schroders.com/en/lu/private-investor/gfc.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice ICE Bank of America Merrill Lynch Euro Corporate.
L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. Toutefois, le Compartiment reflétera probablement certaines caractéristiques de l’indice de référence cible (à savoir la qualité/duration de crédit ou l’exposition à des émetteurs particuliers). Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».
Les Catégories d’actions couvertes contre la duration du Compartiment sont fermées aux souscriptions ou aux conversions de nouveaux investisseurs du Compartiment ainsi que d’actionnaires existants.

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) relative
Indice de référence de la VaR
Indice ICE Bank of America Merrill Lynch Euro Corporate. Cet indice mesure les performances d’obligations d’entreprises de qualité « investment grade » libellées en euros et émises sur le marché des euro-obligations ou sur les marchés intérieurs des États membres de la zone euro.
Effet de levier attendu
150 % de l’actif net total
Le niveau attendu d’effet de levier est susceptible d’augmenter quand la volatilité diminue de manière durable, en cas de prévision de changement des taux d’intérêt ou lorsqu’un élargissement ou un resserrement des spreads de crédit est attendu.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR relative conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR relative, veuillez vous reporter à l’Annexe 1. En plus de cette restriction réglementaire, Schroders met en œuvre des
contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
Une description détaillée des risques liés aux obligations convertibles contingentes, aux titres de qualité inférieure à
« Investment grade », aux titres adossés à des actifs et aux titres adossés à des créances hypothécaires figure à l’Annexe II du présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management (Europe) S.A. - succursale allemande Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction
Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de gouvernance et de durabilité lors de la sélection des investissements pour le Compartiment.
La stratégie vise à identifier les émetteurs qui présentent des caractéristiques satisfaisantes ou une amélioration en matière de durabilité, ainsi que ceux qui imposent un coût environnemental et social élevé. Cela implique :
- l’exclusion des émetteurs détenant des entreprises qui sont lourdement préjudiciables au climat et imposent des coûts sociaux injustifiables, de l’avis du Gestionnaire d’investissement.
- L’inclusion d’émetteurs inscrits sur des trajectoires stables ou en amélioration en matière de durabilité ainsi que d’émetteurs appliquant une bonne gouvernance au regard de la méthodologie de notation de la durabilité du Gestionnaire d’investissement.

Le Gestionnaire d’investissement peut également prendre contact avec des sociétés pour encourager la transparence, la transition vers une économie circulaire à émissions de carbone réduites, ainsi qu’un comportement social responsable qui favorise une croissance durable et la génération d’alpha.
Les principales sources d’information utilisées pour conduire l’analyse sont les outils et recherches exclusifs du Gestionnaire d’investissement, des travaux de recherche de tierces parties, des rapports d’ONG et des réseaux d’experts. Le Gestionnaire d’investissement effectue en outre sa propre analyse des informations accessibles au public fournies par les sociétés, ce qui inclut les informations figurant dans les rapports en matière de durabilité et dans d’autres documents pertinents établis par ces sociétés.
Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic-capabilities/sustainability/disclosures.
Le Gestionnaire d’investissement s’assure qu’au moins :
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
- 90 % des titres à taux fixe ou variable et des instruments du marché monétaire ayant une notation investment grade ; et des créances souveraines émises par des pays développés ; et des actions émises par de grandes sociétés domiciliées dans des pays développés ; et
- 75 % des titres à taux fixe ou variable et des instruments du marché monétaire assortis d’une notation haut rendement ; des titres souverains émis par des pays émergents ; des actions émises par de grandes sociétés domiciliées dans des pays émergents ; des actions émises par des petites et moyennes entreprises,détenus dans le portefeuille du Compartiment sont notés par rapport aux critères de durabilité. Aux fins de ce test, les petites entreprises sont celles dont la capitalisation boursière est inférieure à5 milliards d’euros, les moyennes entreprises sont celles dont la capitalisation boursière se situe entre 5 et 10 milliards d’euros et les grandes entreprises sont celles dont la capitalisation boursière est supérieure à 10 milliards d’euros.


### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 0,75 % |
| Actions AX | Jusqu’à 3 % | Néant | 0,75 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 0,75 % |
| Actions B | Néant | 0,50 % | 0,75 % |
| Actions C | Jusqu’à 1 % | Néant | 0,45 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,45 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,45 % |
| Actions D | Néant | 1,00 % | 0,75 % |
| Actions E | Jusqu’à 1 % | Néant | 0,225 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,45 % |
| Actions Z | Néant | Néant | Jusqu’à 0,45 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à fournir une performance absolue après déduction des frais en investissant dans des titres à taux fixe et variable libellés en euros et émis par des entreprises du monde entier.
Une performance absolue signifie que le Compartiment cherche à fournir un rendement positif sur une période de 12 mois, quelles que soient les conditions de marché, mais il ne saurait être garanti et votre capital est à risque.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de ses actifs en prenant des positions acheteuses (« long », directement ou indirectement par le biais d’instruments dérivés) ou des positions de vente à découvert (« short », par le biais d’instruments dérivés), dans des titres à taux fixe et variable libellés en euros et émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés du monde entier.
Le Compartiment peut investir :
- jusqu’à 30 % de son actif dans des titres ayant une notation inférieure à « investment grade » (attribuée par Standard & Poor’s ou tout équivalent d’autres agences de notation concernant les obligations notées et notations internes de Schroders concernant les obligations non notées) ;
- jusqu’à 20 % de son actif dans des obligations souveraines ;
- jusqu’à 40% de son actif dans des titres adossés à des actifs et des titres adossés à des créances hypothécaires ; et
- jusqu’à 20 % de son actif dans des obligations convertibles, y compris dans des obligations contingentes convertibles, dans la limite de 10 % de son actif.

Le Compartiment peut investir dans des titres adossés à des actifs, des titres adossés à des créances hypothécaires commerciales et/ou résidentielles émis par des émetteurs du monde entier ayant une notation investment grade (attribuée par Standard & Poor’s ou tout équivalent d’autres agences de notation). Les actifs sous-jacents peuvent inclure des créances titrisées sur cartes de crédit, des prêts personnels, des prêts automobiles, des prêts à des petites entreprises, des crédits-baux, des créances commerciales et des créances résidentielles.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut également investir dans des instruments dérivés, afin d’obtenir une exposition longue et courte aux actifs sous-jacents de ces instruments dérivés. Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son objectif de fournir un rendement positif sur des périodes continues de 12 mois dans toutes les conditions du marché et comparées au taux EURIBOR à 3 mois (ou un taux de référence équivalent).
L’indice de référence cible a été sélectionné parce que l’objectif de rendement du Compartiment vise à égaler celui de cet indice de référence, comme indiqué dans l’objectif d’investissement. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.
Schroders est en train d’évaluer les alternatives potentielles à l’EURIBOR et informera les investisseurs de toute décision de s’éloigner de l’EURIBOR en temps voulu.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments à performance absolue », qui est gérée dans le but de générer une performance positive (c’est-à- dire supérieure à zéro) sur une période continue de 12 mois maximum. Le Gestionnaire d’investissement cherchera à réaliser une telle performance même en période de repli des marchés (ou d’anticipation de repli des marchés) en prenant des positions courtes (couvertes) sur les diverses sources de rendement et/ou en privilégiant les liquidités et les placements du marché monétaire. Il ne saurait être garanti que cet objectif pourra être atteint.

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) absolue
Effet de levier attendu
300 % de l’actif net total
Le niveau attendu d’effet de levier peut être supérieur lorsque la volatilité est inhabituellement forte ou faible.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR absolue conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR absolue, veuillez vous reporter à l’Annexe I. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Caractéristiques du Compartiment
Devise du Compartiment	EUR

### Profil de l’investisseur type
Le Compartiment peut convenir à des Investisseurs qui recherchent un rendement absolu positif sur le moyen/long terme (au moins 5 ans) en investissant dans un portefeuille activement géré. L’Investisseur doit être en mesure d’accepter des pertes de capital temporaires dues à la nature potentiellement volatile des actifs détenus.
Gestionnaire d’investissement	Schroder Investment Management (Europe) S.A. - succursale allemande Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction
Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,20 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,20 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,20 % |
| Actions B | Néant | 0,30 % | 1,20 % |
| Actions C | Jusqu’à 1 % | Néant | 0,60 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,60 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,60 % |
| Actions D | Néant | 1,00 % | 1,20 % |
| Actions E | Jusqu’à 1 % | Néant | 0,30 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,60 % |
| Actions Z | Néant | Néant | Jusqu’à 0,60 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice iBoxx EUR Corporates BBB (TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des titres à taux fixe et variable libellés en EUR et émis par des sociétés du monde entier.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe et variable libellés en EUR et émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés du monde entier.
Le Compartiment peut investir :
- jusqu’à 30 % de son actif dans des titres ayant une notation inférieure à « investment grade » (attribuée par Standard & Poor’s ou tout équivalent d’autres agences de notation concernant les obligations notées et notations internes de Schroders concernant les obligations non notées) ;
- jusqu’à 20 % de son actif dans des obligations souveraines ;
- jusqu’à 20% de son actif dans des titres adossés à des actifs et des titres adossés à des créances hypothécaires ; et
- jusqu’à 20 % de son actif dans des obligations convertibles, y compris dans des obligations contingentes convertibles, dans la limite de 10 % de son actif.

Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut également investir dans des instruments dérivés, afin d’obtenir une exposition longue et courte aux actifs sous-jacents de ces instruments dérivés. Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice iBoxx EUR Corporates BBB (TR). L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. Toutefois, le Compartiment reflétera probablement certaines caractéristiques de l’indice de référence cible (à savoir la qualité/duration du crédit, l’exposition à des émetteurs particuliers). Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire
d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) relative
Indice de référence de la VaR
Indice iBoxx Euro Corporate Bond BBB. Cet indice mesure les performances d’obligations d’entreprises de qualité
« investment grade » libellées en euros et émises sur le marché des euro-obligations ou sur les marchés intérieurs des États membres de la zone euro.
Effet de levier attendu
150 % de l’actif net total
Le niveau attendu d’effet de levier est susceptible d’augmenter quand la volatilité diminue de manière durable, en cas de prévision de changement des taux d’intérêt ou lorsqu’un élargissement ou un resserrement des spreads de crédit est attendu.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR relative conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR relative, veuillez vous reporter à l’Annexe 1. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
Gestionnaire d’investissement	Schroder Investment Management (Europe) S.A. - succursale allemande Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction
Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,00 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,00 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,00 % |
| Actions B | Néant | 0,50 % | 1,00 % |
| Actions C | Jusqu’à 1 % | Néant | 0,50 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,50 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,50 % |
| Actions D | Néant | 1,00 % | 1,00 % |
| Actions E | Jusqu’à 1 % | Néant | 0,25 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,50 % |
| Actions Z | Néant | Néant | Jusqu’à 0,50 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI European Monetary Union (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés des pays participant à l’Union monétaire européenne.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins 75 % de son actif dans des actions et des titres assimilés à des actions de sociétés qui sont domiciliées dans l’Espace économique européen (EEE). Le Compartiment investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés situées dans des pays dont la devise est l’euro.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.
Le Compartiment conserve un score global de durabilité supérieur à celui de l’indice MSCI European Monetary Union (Net TR), suivant le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI European Monetary Union (Net TR) et comparées par rapport à la Catégorie Morningstar Eurozone Large Cap Equity. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue,

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions traditionnels ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un compartiment investissant 75 % de ses actifs d’une certaine façon s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui visent un potentiel de croissance sur le long terme au travers d’investissements en actions.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR 
2	
Éligible au PEA
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de gouvernance et de durabilité lors de la sélection des investissements pour le Compartiment.
Les sources d’information utilisées pour conduire l’analyse comprennent les outils exclusifs de Schroders en matière de durabilité et des données de tierces parties.
Les sociétés de l’univers d’investissement sont évaluées au regard de leur profil environnemental, social et de gouvernance, à l’aune d’une gamme de facteurs. Cette analyse est étayée par une analyse quantitative obtenue à partir des outils internes de Schroders concernant les données ESG. Le Gestionnaire d’investissement évalue l’impact environnemental et social d’une société, ainsi que ses pratiques de gouvernance, à l’aide d’outils exclusifs en matière de durabilité. En outre, le Gestionnaire d’investissement effectue également ses propres recherches et analyses avant de décider si une société est éligible à l’inclusion dans le Compartiment, en fonction de son profil global de durabilité. Les outils exclusifs constitueront des éléments déterminants pour évaluer dans quelle mesure les sociétés du portefeuille répondent aux critères de durabilité décrits ci-dessus.
Les sources d’information utilisées pour conduire l’analyse comprennent les informations fournies par les sociétés, telles que les rapports en matière de durabilité et autres documents pertinents établis par ces sociétés, ainsi que les outils exclusifs de Schroders en matière de durabilité et des données de tierces parties.
Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet https://www.schroders.com/en/lu/private-investor/strategic-capabilities/sustainability/disclosures.
Le Gestionnaire d’investissement s’assure qu’au moins :
- 90 % des actions émises par de grandes sociétés domiciliées dans des pays développés ; des titres à taux fixe ou variable et des instruments du marché monétaire ayant une notation « investment grade » ; et des titres de créances émis par des pays développés ; et
- 75 % des actions émises par de grandes sociétés domiciliées dans des pays émergents ; des actions émises par des petites et moyennes entreprises ; des titres à taux fixe ou variable et des instruments du marché monétaire ayant une notation à rendement élevé ; et des titres de créances émis par des pays émergents,détenus dans le portefeuille du Compartiment sont notés par rapport aux critères de durabilité. Aux fins de ce test, les petites entreprises sont celles dont la capitalisation boursière est inférieure à5 milliards d’euros, les moyennes entreprises sont celles dont la capitalisation boursière se situe entre 5 et 10 milliards d’euros et les grandes entreprises sont celles dont la capitalisation boursière est supérieure à 10 milliards d’euros.

1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Afin de garantir l’éligibilité au Plan d’épargne en actions (PEA) français, le Compartiment investit au moins 75 % de ses actifs dans des titres de capital émis par des sociétés ayant leur siège social dans l’Union européenne, ou dans un État de l’EEE qui a signé un accord fiscal avec la France, y compris une clause sur la lutte contre la fraude et l’évasion fiscale.
| Catégories d’actions | Commission d’entrée  3 | Commission de distribution  4 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
3 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
4 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice ICE BofA Merrill Lynch Euro Direct Government après déduction des frais sur une période de trois à cinq ans en investissant dans des titres à taux fixe et variable émis par des gouvernements de la zone euro.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe et variable dont la notation est inférieure ou égale à
« investment grade » (telle que mesurée par Standard & Poor’s, ou toute notation équivalente par d’autres agences de notation pour les obligations notées et les notations internes de Schroders pour des obligations non notées) émis par des gouvernements dont la devise est l’euro.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total), longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Lorsque le Compartiment emploie des swaps de rendement total, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. Les swaps de rendement total peuvent être utilisés pour acquérir une exposition longue et courte aux titres de créance à taux fixe et variable.
L’exposition brute des swaps de rendement total ne dépassera pas 30% et devrait rester comprise entre 0 et 10% de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice ICE BofA Merrill Lynch Euro Direct Government. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. Toutefois, le Compartiment reflétera probablement certaines caractéristiques de l’indice de référence cible (à savoir la qualité/duration de crédit, l’exposition/exposition de change à des émetteurs particuliers). Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations traditionnels ».

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) relative
Indice de référence de la VaR
Indice ICE Bank of American Merrill Lynch Euro Direct Government. Cet indice mesure la performance de la dette souveraine libellée en euros émise par les États membres de la zone euro sur le marché des euro-obligations ou sur le marché intérieur de l’émetteur.
Effet de levier attendu
150 % de l’actif net total
Le niveau attendu d’effet de levier est susceptible d’augmenter quand la volatilité diminue de manière durable, en cas de prévision de changement des taux d’intérêt ou lorsqu’un élargissement ou un resserrement des spreads de crédit est attendu.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR relative conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR relative, veuillez vous reporter à l’Annexe 1. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
Les positions longues et courtes obtenues par le biais de swaps de rendement total sur obligations peuvent accroître l’exposition au risque de crédit.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Devise du Compartiment	EUR
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 0,40 % |
| Actions AX | Jusqu’à 3 % | Néant | 0,40 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 0,40 % |
| Actions B | Néant | 0,50 % | 0,40 % |
| Actions C | Jusqu’à 1 % | Néant | 0,20 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,20 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,20 % |
| Actions D | Néant | 1,00 % | 0,40 % |
| Actions E | Jusqu’à 1 % | Néant | 0,10 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,20 % |
| Actions Z | Néant | Néant | Jusqu’à 0,20 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice ICE BofA Merrill Lynch Euro High Yield Constrained après déduction des frais sur une période de trois à cinq ans en investissant dans des titres à taux fixe et variable de qualité inférieure à
« investment grade » libellés en EUR et émis par des sociétés du monde entier.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe et variable libellés en EUR et émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés du monde entier. Le Compartiment investit aussi au moins deux tiers de son actif dans des titres à taux fixe et variable de qualité inférieure à « investment grade » (titres assortis d’une notation inférieure à « investment grade » selon Standard & Poor’s ou de toute notation équivalente attribuée par d’autres agences de notation).
Le Compartiment peut investir jusqu’à 10 % de son actif dans des obligations convertibles conditionnelles.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut également investir dans des instruments dérivés, afin d’obtenir une exposition longue et courte aux actifs sous-jacents de ces instruments dérivés. Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice ICE BofA Merrill Lynch Euro High Yield Constrained. L’univers d’investissement du Compartiment devrait se

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. Toutefois, le Compartiment reflétera probablement certaines caractéristiques de l’indice de référence cible (à savoir la qualité/duration du crédit, l’exposition à des émetteurs particuliers). Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,00 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,00 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,00 % |
| Actions B | Néant | 0,50 % | 1,00 % |
| Actions C | Jusqu’à 1 % | Néant | 0,60 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,60 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,60 % |
| Actions D | Néant | 1,00 % | 1,00 % |
| Actions E | Jusqu’à 1 % | Néant | 0,30 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,60 % |
| Actions Z | Néant | Néant | Jusqu’à 0,60 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice Bloomberg Barclays Euro Aggregate (1-3 Y) après déduction des frais sur une période de trois à cinq ans en investissant dans des titres à taux fixe et variable à court terme libellés en EUR.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe et variable à court terme dont la notation est inférieure ou égale à « investment grade » (telle que mesurée par Standard & Poor’s, ou toute notation équivalente par d’autres agences de notation pour les obligations notées et les notations internes de Schroders pour des obligations non notées) libellés en EUR et émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés du monde entier.
La duration moyenne des titres détenus par le Compartiment ne doit pas dépasser 3 ans et leur échéance résiduelle ne doit pas être supérieure à 5 ans.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés, longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice Bloomberg Barclays Euro Aggregate (1-3 Y).
L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. Toutefois, le Compartiment reflétera probablement certaines caractéristiques de l’indice de référence cible (à savoir la qualité/duration de crédit, l’exposition/exposition de change à des émetteurs particuliers). Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Caractéristiques du Compartiment
Devise du Compartiment	EUR

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations traditionnels ».

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) relative
Indice de référence de la VaR
Barclays Euro Aggregate 1-3 Year. Cet indice est composé d’obligations d’État et d’entreprises à taux fixe de la zone euro dont l’échéance résiduelle est comprise entre 1 et
3 ans.
Effet de levier attendu
200 % de l’actif net total
Le niveau attendu d’effet de levier est susceptible d’augmenter quand la volatilité diminue de manière durable, en cas de prévision de changement des taux d’intérêt ou lorsqu’un élargissement ou un resserrement des spreads de crédit est attendu.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR relative conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR relative, veuillez vous reporter à l’Annexe 1. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 0,50 % |
| Actions AX | Jusqu’à 3 % | Néant | 0,50 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 0,50 % |
| Actions B | Néant | 0,10 % | 0,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,20 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,20 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,20 % |
| Actions D | Néant | 1,00 % | 0,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,10 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,20 % |
| Actions Z | Néant | Néant | Jusqu’à 0,20 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund European Alpha Absolute Return

### Objectif d’investissement
Le Compartiment vise à dégager un rendement absolu après déduction des frais en investissant directement, ou indirectement par le biais d’instruments dérivés, dans des actions et des titres assimilés à des actions de sociétés européennes.
Une performance absolue signifie que le Compartiment cherche à fournir un rendement positif sur une période de 12 mois, quelles que soient les conditions de marché, mais il ne saurait être garanti et votre capital est à risque.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif directement, ou indirectement par le biais d’instruments dérivés, dans des actions et des titres assimilés à des actions de sociétés européennes.
Les compartiments « Alpha » investissent dans des sociétés dont le cours boursier ne reflète pas leurs perspectives, de l’avis du Gestionnaire d’investissement. De manière générale, le Compartiment détient entre 30 et 60 sociétés en portefeuille.
La stratégie d’investissement du Compartiment et l’utilisation d’instruments dérivés peuvent conduire à juger approprié de préserver des niveaux de liquidité et de placements du marché monétaire prudents, qui peuvent représenter (exceptionnellement) 100 % des actifs du Compartiment. Cela se limitera à une période maximale de six mois (faute de quoi le Compartiment sera liquidé). Au cours de cette période, le Compartiment n’entrera pas dans le champ du Règlement sur les fonds monétaires.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement et warrants (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total) dans le but de dégager des rendements financiers, de réduire le risque ou de gérer ses actifs plus efficacement. Le Compartiment peut également détenir des positions synthétiques longues et courtes et peut être net vendeur ou net acheteur s’il combine des positions longues et des positions courtes. Lorsque le Compartiment emploie des swaps de rendement total et des contrats de différence, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. Les swaps de rendement total et les contrats de différence peuvent notamment être utilisés pour acquérir une exposition longue et courte ou couvrir l’exposition aux actions et titres assimilés à des actions.
L’exposition brute des swaps de rendement total et des contrats de différence ne dépassera pas 250 % et devrait rester comprise entre 0 % et 150 % de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son objectif de fournir un rendement positif sur une période continue de 12 mois dans toutes les conditions du marché et comparées à l’indice MSCI Europe (Net TR) et au taux LIBOR à 3 mois en EUR (ou un taux de référence équivalent). Les indices de référence comparateurs ne sont inclus qu’à des fins de comparaison des performances et n’ont aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment.
Concernant l’indice MSCI AC Europe (Net TR), l’univers d’investissement du Compartiment devrait se recouper, directement ou indirectement, de manière significative, avec les composantes de l’indice de référence comparateur. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice MSCI Europe (Net TR). Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice MSCI Europe (Net TR).
L’indice de référence est sélectionné car le rendement cible du Compartiment vise à égaler ou dépasser le rendement de cet indice de référence, comme décrit dans l’objectif d’investissement. Tout indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.
Schroders est en train d’évaluer les alternatives potentielles à l’EUR LIBOR et informera les investisseurs de toute décision de s’éloigner de l’EUR LIBOR en temps voulu.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments à performance absolue », qui est gérée dans le but de générer une performance positive (c’est-à- dire supérieure à zéro) sur une période continue de 12 mois maximum. Le Gestionnaire d’investissement cherchera à réaliser une telle performance même en période de repli des marchés (ou d’anticipation de repli des marchés) en prenant des positions courtes (couvertes) sur les diverses sources de rendement et/ou en privilégiant les liquidités et les placements du marché monétaire. Il ne saurait être garanti que cet objectif pourra être atteint.
Le nom du Compartiment comporte le terme « Alpha », ce qui signifie que le Gestionnaire d’investissement adopte une stratégie de gestion active en positionnant le portefeuille de manière dynamique en fonction des conditions prévalant sur le marché. L’accent peut être mis sur des secteurs, des thèmes ou des styles particuliers ou sur un certain nombre d’investissements qui, selon le Gestionnaire d’investissement, sont à même de surperformer le marché.
La référence dans la politique d’investissement au Compartiment investissant deux tiers de ses actifs d’une certaine manière, le pourcentage est calculé en fonction de l’exposition globale du Compartiment (le pourcentage restant du Compartiment sera également calculé en fonction de l’exposition globale du Compartiment).

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) absolue
Effet de levier attendu
300 % de l’actif net total
Le niveau attendu d’effet de levier peut être supérieur si la volatilité diminue de manière durable ou si l’on prévoit des marchés baissiers.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR absolue conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR absolue, veuillez vous reporter à l’Annexe I. En plus de cette restriction réglementaire, Schroders met en œuvre des

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir à des Investisseurs qui recherchent un rendement absolu positif sur le moyen/long terme (au moins 5 ans) en investissant dans un portefeuille activement géré. L’Investisseur doit être en mesure d’accepter des pertes de capital temporaires dues à la nature potentiellement volatile des actifs détenus.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	20 % de la surperformance par rapport au 3 Month EUR London Interbank Offer Rate Act 360 
2
, assujettis à une High Water Mark, conformément à la méthodologie indiquée dans la section 3.1. La commission de surperformance sera appliquée à toutes les Catégories d’Actions à l’exception des Actions I
Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Pour éviter toute ambiguïté, les indices de référence mentionnés ci-dessus sont uniquement utilisés à des fins de calcul de la commission de surperformance et ne doivent en aucun cas être considérés comme représentatifs d’un style d’investissement spécifique. Concernant les Catégories d’Actions couvertes contre le risque de change, des versions couvertes des indices de référence ci-dessus (y compris des indices de référence en liquidités équivalents dans une autre devise) peuvent être utilisées pour le calcul de la commission de surperformance.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  3 | Commission de distribution  4 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 2,00 % |
| Actions AX | Jusqu’à 3 % | Néant | 2,00 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 2,00 % |
| Actions B | Néant | 0,50 % | 2,00 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 2,00 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
3 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
4 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund European Alpha Focus
À compter du 21 juin 2021, le présent Compartiment sera renommé Schroder International Selection Fund European Innovators

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI Europe (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés européennes.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans un portefeuille concentré d’actions et de titres assimilés à des actions de sociétés européennes. De manière générale, le Compartiment détiendra jusqu’à 35 sociétés en portefeuille.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.
À compter du 21 juin 2021, l’Objectif et la Politique d’investissement seront modifiés comme suit :

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI Europe (Net TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés européennes qui contribuent aux ODD des
Nations Unies et qui, selon le Gestionnaire d’investissement, constituent des investissements durables.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins 75 % de son actif dans des investissements durables, à savoir des investissements dans des sociétés qui contribuent à l’atteinte d’un ou de plusieurs ODD des Nations Unies, en utilisant une approche axée sur la science ou l’ingénierie et motivée par l’innovation (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs au-delà des limites figurant sur le site Internet www.schroders.com/en/ lu/private-investor/gfc.
Le Compartiment investit dans des sociétés qui ne causent pas de préjudice environnemental ou social important et appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Compartiment peut investir dans des sociétés qui, selon le Gestionnaire d’investissement, amélioreront leurs pratiques de durabilité dans un délai raisonnable, allant habituellement jusqu’à deux ans.
Le Gestionnaire d’investissement peut prendre contact avec des sociétés détenues par le Compartiment pour remettre en cause les points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private- investor/strategic-capabilities/sustainability/disclosures.
Le Compartiment investira au moins deux tiers de son actif dans une gamme concentrée d’actions et de titres assimilés à des actions de sociétés européennes. Le Compartiment investit généralement dans moins de 30 entreprises.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI Europe (Net TR) et comparées par rapport à la Catégorie Morningstar Europe Flex Cap Equity. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
Ce Compartiment utilise des instruments dérivés de manière déterminante pour son objectif d’investissement. Il peut en découler une plus grande volatilité du prix des Actions.
La référence dans la Politique d’investissement à un compartiment investissant deux tiers de son actif d’une certaine façon s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
À compter du 21 juin 2021 - Le Compartiment a pour objectif l’investissement durable (au sens de l’Article 9 du Règlement SFDR). Un Compartiment ayant cet objectif peut

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
par conséquent avoir une exposition limitée à certaines sociétés, industries ou certains secteurs et le Compartiment peut renoncer à certaines opportunités d’investissement ou céder certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier.
Veuillez vous reporter à l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	10 % de la surperformance par rapport au MSCI Europe Net TR 
2
, assujettis à une High Water Mark, conformément à la méthodologie indiquée dans la section 3.1. La commission de surperformance sera appliquée à toutes les Catégories d’Actions à l’exception des Actions I
À compter du 21 juin 2021, la commission de surperformance ne sera plus appliquée.
Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	À compter du 21 juin 2021, la section suivante s’appliquera :
Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des investissements pour le Compartiment.
Le Gestionnaire d’investissement cherche à identifier des sociétés européennes axées sur la science et l’ingénierie dont l’activité contribue à relever différents défis auxquels la société est confrontée, tels que la réduction des émissions de CO2, la lutte contre la pollution de l’air et la gestion de l’utilisation des ressources rares. Le Gestionnaire d’investissement cherche également à identifier les sociétés qui fournissent des solutions répondant aux besoins liés à l’expansion et au vieillissement démographiques dans des domaines tels que la santé, les transports, l’alimentation et l’accès aux services essentiels. Le Gestionnaire d’investissement évalue de quelle manière une société contribue à résoudre les problèmes de la société en établissant des liens entre les produits et services de cette société et un ou plusieurs ODD des Nations Unies.
Les sociétés détenues par le Compartiment doivent montrer un engagement envers leurs parties prenantes, y compris leurs clients, salariés et fournisseurs ainsi que les régulateurs. Le Compartiment investit dans des sociétés qui appliquent un traitement équitable à l’égard des parties prenantes et pratiquent une bonne gouvernance.
Les sociétés répondant aux critères ci-dessus sont considérées comme des participations potentielles pour le Compartiment. Le Gestionnaire d’investissement exerce sa propre diligence raisonnable au titre des participations potentielles, y compris, dans la mesure du possible, au moyen de réunions avec la direction générale.
Cette analyse est étayée par une analyse quantitative obtenue à partir des outils exclusifs de Schroders en matière de durabilité. Ces outils constituent des éléments déterminants pour évaluer dans quelle mesure les sociétés du portefeuille répondent aux critères de durabilité décrits ci-dessus.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Concernant les Catégories d’actions couvertes contre le risque de change, des versions couvertes des indices de référence ci-dessus (y compris des indices de référence en liquidités équivalents dans une autre devise) peuvent être utilisées pour le calcul de la commission de surperformance.
Le Gestionnaire d’investissement vise à assurer que plus de 80 % des participations individuelles du Compartiment présentent un score de durabilité positif par rapport à l’indice de référence cible du Compartiment. Tous les investissements devraient également présenter des scores de gouvernance supérieurs à la moyenne, ou être éligibles à un PEA et en progression vers de tels scores, et le Gestionnaire d’investissement vise à ce que plus de 75 % des participations présentent au moins de solides scores en matière de gouvernance.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers est composé d’actions et de titres assimilés à des actions de sociétés européennes.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  3 | Commission de distribution  4 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,25 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
3 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
4 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund European Dividend Maximiser

### Objectif d’investissement
Le Compartiment vise à dégager des revenus de 7 % par an en investissant dans des actions ou des titres assimilés à des actions de sociétés européennes. Cet objectif n’est pas garanti et peut évoluer en fonction des conditions de marché.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions ou des titres assimilés à des actions de sociétés européennes, qui sont sélectionnées pour leur potentiel de revenu et de croissance du capital. Pour optimiser le rendement du Compartiment, le Gestionnaire d’investissement vendra, de manière sélective, des options d’achat à court terme sur des titres individuels détenus par le Compartiment, afin de générer du revenu supplémentaire en convenant de prix d’exercice au- delà desquels un potentiel haussier est vendu.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.
Le Compartiment conserve une exposition au carbone inférieure à celle de l’indice MSCI Europe (Net TR) et conserve un score global de durabilité supérieur à celui de l’indice MSCI Europe (Net TR), suivant le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son objectif de revenu de 7 % par an, et comparées à l’indice MSCI Europe (Net TR) ainsi qu’à la catégorie Morningstar Europe Equity Income. Les indices de référence comparateurs ne sont inclus qu’à des fins de comparaison des performances et n’ont aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Concernant l’indice MSCI Europe (Net TR), l’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence comparateur. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice MSCI Europe (Net TR). Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
l’indice MSCI Europe (Net TR). L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
Tout indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
Ce Compartiment utilise des instruments dérivés de manière déterminante pour son objectif d’investissement. Il est prévu que la stratégie génère une sous-performance d’un portefeuille similaire sans recours à des dérivés pendant les périodes où les cours des actions sous-jacentes augmentent, et génère une surperformance lorsque les cours des actions sous-jacentes chutent.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de gouvernance et de durabilité lors de la sélection des investissements pour le Compartiment.
Les sociétés de l’univers d’investissement font l’objet d’analyses concernant leurs émissions individuelles totales de carbone des périmètres 1 et 2. Les sources d’information utilisées pour conduire l’analyse comprennent les outils exclusifs de Schroders en matière de durabilité et des données de tierces parties.
Les sociétés de l’univers d’investissement sont évaluées au regard de leur profil environnemental, social et de gouvernance, à l’aune d’une gamme de facteurs. Cette analyse est étayée par une analyse quantitative obtenue à partir des outils internes de Schroders concernant les données ESG. Le Gestionnaire d’investissement évalue l’impact environnemental et social d’une société, ainsi que ses pratiques de gouvernance, à l’aide d’outils exclusifs en matière de durabilité. En outre, le Gestionnaire d’investissement effectue également ses propres recherches et analyses avant de décider si une société est éligible à l’inclusion dans le Compartiment, en fonction de son profil global de durabilité. Les outils exclusifs constitueront des éléments déterminants pour évaluer dans quelle mesure les sociétés du portefeuille répondent aux critères de durabilité décrits ci-dessus.
Les sources d’information utilisées pour conduire l’analyse comprennent les informations fournies par les sociétés, telles que les rapports en matière de durabilité et autres documents pertinents établis par ces sociétés, ainsi que les outils exclusifs de Schroders en matière de durabilité et des données de tierces parties.
Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic-capabilities/sustainability/disclosures.
Le Gestionnaire d’investissement s’assure qu’au moins :
- 90 % des actions émises par de grandes sociétés domiciliées dans des pays développés ; des titres à taux fixe ou variable et des instruments du marché monétaire ayant une notation « investment grade » ; et des titres de créances émis par des pays développés ; et
- 75 % des actions émises par de grandes sociétés domiciliées dans des pays émergents ; des actions émises par des petites et moyennes entreprises ; des titres à taux fixe ou variable et des instruments du marché monétaire ayant une notation à rendement élevé ; et des titres de créances émis par des pays émergents,détenus dans le portefeuille du Compartiment sont notés par rapport aux critères de durabilité. Aux fins de ce test, les petites entreprises sont celles dont la capitalisation boursière est inférieure à5 milliards d’euros, les moyennes entreprises sont celles dont la capitalisation boursière se situe entre 5 et 10 milliards d’euros et les grandes entreprises sont celles dont la capitalisation boursière est supérieure à 10 milliards d’euros.

1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund European Equity Absolute Return

### Objectif d’investissement
Le Compartiment vise à dégager un rendement absolu après déduction des frais en investissant directement, ou indirectement par le biais d’instruments dérivés, dans des actions et des titres assimilés à des actions de sociétés européennes.
Une performance absolue signifie que le Compartiment cherche à fournir un rendement positif sur une période de 12 mois, quelles que soient les conditions de marché, mais il ne saurait être garanti et votre capital est à risque.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif directement, ou indirectement par le biais d’instruments dérivés, dans des actions et des titres assimilés à des actions de sociétés européennes.
La stratégie d’investissement du Compartiment et l’utilisation d’instruments dérivés financiers peuvent conduire à juger approprié de préserver des niveaux de liquidité ou de quasi-espèces prudents par le biais de Placements du marché monétaire, qui peuvent être importants, voire représenter (exceptionnellement) 100 % des actifs du Compartiment. Cela se limitera à une période maximale de six mois (faute de quoi le Compartiment sera liquidé). Au cours de cette période, le Compartiment n’entrera pas dans le champ du Règlement sur les fonds monétaires.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement et warrants (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total) dans le but de dégager des rendements financiers, de réduire le risque ou de gérer ses actifs plus efficacement. Le Compartiment peut également détenir des positions synthétiques longues et courtes et peut être net vendeur ou net acheteur s’il combine des positions longues et des positions courtes. Lorsque le Compartiment emploie des swaps de rendement total et des contrats de différence, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. Les swaps de rendement total et les contrats de différence peuvent notamment être utilisés pour acquérir une exposition longue et courte ou couvrir l’exposition aux actions et titres assimilés à des actions.
L’exposition brute des swaps de rendement total et des contrats de différence ne dépassera pas 250 % et devrait rester comprise entre 0 % et 150 % de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son objectif de fournir un rendement positif sur une période continue de 12 mois dans toutes les conditions du marché et comparées à l’indice MSCI Europe (Net TR) et au taux LIBOR à 3 mois en EUR (ou un taux de référence équivalent). Les indices de référence comparateurs ne sont
inclus qu’à des fins de comparaison des performances et n’ont aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment.
Concernant l’indice MSCI Europe (Net TR), l’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence comparateur. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice MSCI Europe (Net TR). Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice MSCI Europe (Net TR).
L’indice de référence est sélectionné car le rendement cible du Compartiment vise à égaler ou dépasser le rendement de cet indice de référence, comme décrit dans l’objectif d’investissement. Tout indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.
Schroders est en train d’évaluer les alternatives potentielles à l’EUR LIBOR et informera les investisseurs de toute décision de s’éloigner de l’EUR LIBOR en temps voulu.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments à performance absolue », qui est gérée dans le but de générer une performance positive (c’est-à- dire supérieure à zéro) sur une période continue de 12 mois maximum. Le Gestionnaire d’investissement cherchera à réaliser une telle performance même en période de repli des marchés (ou d’anticipation de repli des marchés) en prenant des positions courtes (couvertes) sur les diverses sources de rendement et/ou en privilégiant les liquidités et les placements du marché monétaire. Il ne saurait être garanti que cet objectif pourra être atteint.

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) absolue
Effet de levier attendu
350 % de l’actif net total
Le niveau attendu d’effet de levier peut être supérieur si la volatilité diminue de manière durable ou si l’on prévoit des marchés baissiers.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR absolue conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR absolue, veuillez vous reporter à l’Annexe I. En plus de
cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir à des Investisseurs qui recherchent un rendement absolu positif sur le moyen/long terme (au moins 5 ans) en investissant dans un portefeuille activement géré. L’Investisseur doit être en mesure d’accepter des pertes de capital temporaires dues à la nature potentiellement volatile des actifs détenus.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	20 % de la surperformance par rapport au 3 Month EUR London Interbank Offer Rate Act 360 
2
, assujettis à une High Water Mark, conformément à la méthodologie indiquée dans la section 3.1. La commission de surperformance sera appliquée à toutes les Catégories d’Actions à l’exception des Actions I
Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  3 | Commission de distribution  4 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,50 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Pour éviter toute ambiguïté, les indices de référence mentionnés ci-dessus sont uniquement utilisés à des fins de calcul de la commission de surperformance et ne doivent en aucun cas être considérés comme représentatifs d’un style d’investissement spécifique. Concernant les Catégories d’Actions couvertes contre le risque de change, des versions couvertes des indices de référence ci-dessus (y compris des indices de référence en liquidités équivalents dans une autre devise) peuvent être utilisées pour le calcul de la commission de surperformance.
3 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
4 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice MSCI Europe (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés européennes.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés européennes.
Le Compartiment investira dans un portefeuille diversifié d’actions et titres assimilés à des actions dont le rendement en dividendes global est supérieur au rendement moyen sur le marché. Les actions ayant un rendement en dividendes inférieur à la moyenne peuvent être incluses dans le portefeuille lorsque le Gestionnaire d’investissement considère qu’elles ont le potentiel de rapporter plus que le rendement moyen à l’avenir.
Le Compartiment ne sera pas géré pour le rendement uniquement : le rendement total (rendement en dividendes plus croissance de capital) sera tout aussi important.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI Europe Value(Net TR) et comparées à l’indice MSCI Europe Value (Net TR) et à la catégorie Morningstar Europe Equity Income. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible et l’indice MSCI Europe Value (Net TR). Les indices de référence comparateurs ne sont inclus qu’à des fins de comparaison des performances et n’ont aucune influence

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice MSCI Europe Value (Net TR). Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible ou l’indice MSCI Europe Value (Net TR) afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. Tout indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI Europe (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés européennes de grande capitalisation.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés européennes de grande capitalisation. Il s’agit de sociétés qui, au moment de l’achat, sont considérées comme faisant partie de la tranche supérieure de 80 % du marché des actions européen en termes de capitalisation boursière.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.
Le Compartiment conserve une exposition au carbone inférieure à celle de l’indice MSCI Europe (Net TR) et conserve un score global de durabilité supérieur à celui de l’indice MSCI Europe (Net TR), suivant le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI Europe (Net TR) et comparées à la catégorie Morningstar Europe Large Cap Blend Equity. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions traditionnels ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui visent un potentiel de croissance sur le long terme au travers d’investissements en actions.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de gouvernance et de durabilité lors de la sélection des investissements pour le Compartiment.
Les sociétés de l’univers d’investissement font l’objet d’analyses concernant leurs émissions individuelles totales de carbone des périmètres 1 et 2. Les sources d’information utilisées pour conduire l’analyse comprennent les outils exclusifs de Schroders en matière de durabilité et des données de tierces parties.
Les sociétés de l’univers d’investissement sont évaluées au regard de leur profil environnemental, social et de gouvernance, à l’aune d’une gamme de facteurs. Cette analyse est étayée par une analyse quantitative obtenue à partir des outils internes de Schroders concernant les données ESG. Le Gestionnaire d’investissement évalue l’impact environnemental et social d’une société, ainsi que ses pratiques de gouvernance, à l’aide d’outils exclusifs en matière de durabilité. En outre, le Gestionnaire d’investissement effectue également ses propres recherches et analyses avant de décider si une société est éligible à l’inclusion dans le Compartiment, en fonction de son profil global de durabilité. Les outils exclusifs constitueront des éléments déterminants pour évaluer dans quelle mesure les sociétés du portefeuille répondent aux critères de durabilité décrits ci-dessus.
Les sources d’information utilisées pour conduire l’analyse comprennent les informations fournies par les sociétés, telles que les rapports en matière de durabilité et autres documents pertinents établis par ces sociétés, ainsi que les outils exclusifs de Schroders en matière de durabilité et des données de tierces parties.
Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet : www.schroders.com/en/lu/private-investor/strategic-capabilities/sustainability/disclosures.
Le Gestionnaire d’investissement s’assure qu’au moins :
- 90 % des actions émises par de grandes sociétés domiciliées dans des pays développés ; des titres à taux fixe ou variable et des instruments du marché monétaire ayant une notation « investment grade » ; et des titres de créances émis par des pays développés ; et
- 75 % des actions émises par de grandes sociétés domiciliées dans des pays émergents ; des actions émises par des petites et moyennes entreprises ; des titres à taux fixe ou variable et des instruments du marché monétaire ayant une notation à rendement élevé ; et des titres de créances émis par des pays émergents,détenus dans le portefeuille du Compartiment sont notés par rapport aux critères de durabilité. Aux fins de ce test, les petites entreprises sont celles dont la capitalisation boursière est inférieure à5 milliards d’euros, les moyennes entreprises sont celles dont la capitalisation boursière se situe entre 5 et 10 milliards d’euros et les grandes entreprises sont celles dont la capitalisation boursière est supérieure à 10 milliards d’euros.

1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,25 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,25 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,25 % |
| Actions C | Jusqu’à 1 % | Néant | 0,625 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,625 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,625 % |
| Actions D | Néant | 1,00 % | 1,25 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund Sustainable European Market Neutral

### Objectif d’investissement
Le Compartiment vise à dégager un rendement positif après déduction des frais sur une période de trois ans en investissant dans des actions et des titres assimilés à des actions de sociétés européennes qui respectent les critères de durabilité du Gestionnaire d’investissement.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés européennes. Le Compartiment peut (à titre exceptionnel) détenir jusqu’à 100 % de son actif en Placements du marché monétaire ou en liquidités. Cela se limitera à une période maximale de six mois (faute de quoi le Compartiment sera liquidé). Au cours de cette période, le Compartiment n’entrera pas dans le champ du Règlement sur les fonds monétaires.
Le Compartiment adopte une stratégie Market Neutral (neutre au marché) visant à dégager des rendements qui ne soient pas étroitement corrélés aux rendements des marchés européens des actions.
Le Compartiment maintient une note de durabilité absolue positive, sur la base du système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs au-delà des limites définies à la section « Informations relatives à la durabilité » sur la page Internet du Compartiment, consultable sur le site Internet www.schroders.com/en/lu/ private-investor/gfc.
Le Compartiment investit dans des sociétés qui appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement et warrants (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés, longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Lorsque le Compartiment a recours à des contrats de différence, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. Les
contrats de différence peuvent être utilisés afin d’obtenir une exposition longue et courte ou pour couvrir une exposition à des actions ou des titres assimilés à des actions. L’exposition brute des contrats de différence ne dépassera pas 250 % et devrait rester comprise entre 0 % et 230 % de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.
Lorsqu’il utilise des instruments dérivés (y compris des positions courtes), le Gestionnaire d’investissement respecte à tout moment les critères de durabilité du Compartiment (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son objectif de fournir un rendement positif sur une période continue de trois ans dans toutes les conditions du marché et comparées à l’indice MSCI Europe (Net TR) et au LIBOR à 3 mois en EUR (ou un taux de référence équivalent). Les indices de référence comparateurs ne sont inclus qu’à des fins de comparaison des performances et n’ont aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment.
Concernant l’indice MSCI Europe (Net TR), l’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence comparateur. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice MSCI Europe (Net TR). Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice MSCI Europe (Net TR).
L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence est sélectionné car le rendement cible du Compartiment vise à égaler ou dépasser le rendement de cet indice de référence, comme décrit dans l’objectif d’investissement.
Tout indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.
Schroders est en train d’évaluer les alternatives potentielles à l’EUR LIBOR et informera les investisseurs de toute décision de s’éloigner de l’EUR LIBOR en temps voulu.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments à performance absolue », qui est gérée dans le but de générer une performance positive (c’est-à- dire supérieure à zéro) sur une période continue de 12 mois maximum. Le Gestionnaire d’investissement cherchera à réaliser une telle performance même en période de repli des marchés (ou d’anticipation de repli des marchés) en prenant des positions courtes (couvertes) sur les diverses
sources de rendement et/ou en privilégiant les liquidités et les placements du marché monétaire. Il ne saurait être garanti que cet objectif pourra être atteint.

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) absolue
Effet de levier attendu
350 % de l’actif net total
Le niveau attendu d’effet de levier peut être supérieur si la volatilité diminue de manière durable ou si l’on prévoit des marchés baissiers.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR absolue conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR absolue, veuillez vous reporter à l’Annexe I. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
Les risques associés à un investissement dans des instruments dérivés sont présentés dans l’Annexe II. L’utilisation d’instruments dérivés financiers a par ailleurs pour objectif global de réduire la volatilité du Compartiment, mais il est impossible de garantir que cet objectif sera atteint.

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir à des Investisseurs qui recherchent un rendement absolu positif sur le moyen/long terme (au moins 5 ans) en investissant dans un portefeuille activement géré. L’Investisseur doit être en mesure d’accepter des pertes de capital temporaires dues à la nature potentiellement volatile des actifs détenus.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	20 % de la surperformance par rapport au 3 Month EUR London Interbank Offer Rate Act 360 
2
, assujettis à une High Water Mark, conformément à la méthodologie indiquée dans la section 3.1. La commission de surperformance sera appliquée à toutes les Catégories d’Actions à l’exception des Actions I
Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des
investissements pour le Compartiment.
Le Gestionnaire d’investissement cible des positions longues dans des entreprises qui ont un impact positif sur la société et/ou dont le comportement correspond aux meilleures pratiques de leur catégorie, et des positions courtes dans des entreprises qui ont un impact négatif sur la société et/ou qui présentent des comportements médiocres.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Pour éviter toute ambiguïté, les indices de référence mentionnés ci-dessus sont uniquement utilisés à des fins de calcul de la commission de surperformance et ne doivent en aucun cas être considérés comme représentatifs d’un style d’investissement spécifique. Concernant les Catégories d’Actions couvertes contre le risque de change, des versions couvertes des indices de référence ci-dessus (y compris des indices de référence en liquidités équivalents dans une autre devise) peuvent être utilisées pour le calcul de la commission de surperformance.
Le comportement d’une entreprise est évalué sur le fondement de ses relations avec ses principales parties prenantes, en particulier leurs salariés, clients et fournisseurs ainsi que les régulateurs et les communautés locales. À cela s’ajoute une évaluation de la gouvernance, de la qualité de la gestion et de l’impact environnemental. L’impact sur la société est évalué à l’aide d’un outil exclusif qui évalue la performance globale d’une entreprise en matière de durabilité. Cette analyse fournit au Gestionnaire d’investissement un cadre pour l’examen du profil global de durabilité d’une entreprise et l’identification des sociétés qui suivent des normes élevées de comportement d’entreprise et produisent un impact positif sur la société par comparaison avec leurs pairs.
Le Gestionnaire d’investissement cherche également à s’assurer que le portefeuille présente une faible intensité en carbone, en évaluant les émissions de carbone et les niveaux d’intensité en carbone des émetteurs.
Les principales informations qui étayent le processus d’investissement sont la recherche fondamentale ascendante interne, les outils exclusifs de Schroders en matière de durabilité et les recherches ESG menées par des tierces parties.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers est composé d’actions et de titres assimilés à des actions de sociétés européennes.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  3 | Commission de distribution  4 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,25 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,25 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,25 % |
| Actions B | Néant | 0,60 % | 1,25 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,25 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
3 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
4 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI Europe (Net TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés cotées en Europe.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés cotées en Europe.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI Europe (Net TR), et comparées à la catégorie Morningstar Europe Large Cap Blend Equity. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice Euromoney Smaller Companies (TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés européennes de petite capitalisation.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés européennes de petite capitalisation. Il s’agit de sociétés qui, au moment de l’achat, font partie de la tranche inférieure de 30 % du marché européen des actions concerné en termes de capitalisation boursière.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice Euromoney Smaller Companies (TR). L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 0,75 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI Europe (Net TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés européennes qui respectent les critères de durabilité du Gestionnaire d’investissement.

### Politique d’investissement
Le Compartiment est géré de façon active et investit dans un portefeuille composé d’une sélection de titres en « situation spéciale », terme employé par le Gestionnaire d’investissement pour faire référence aux sociétés dont le cours ne reflète pas correctement les perspectives futures.
Le Compartiment conserve un score global de durabilité supérieur à celui de l’indice MSCI Europe Net TR, suivant le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certaines activités, secteurs ou groupes d’émetteurs au-delà des limites énumérées sous « Informations sur la durabilité » sur la page web du Compartiment, accessible via www. schroders.com/en/lu/private-investor/gfc.
Le Compartiment investit dans des sociétés qui appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI Europe (Net TR). L’univers d’investissement du

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction
Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	15 % de la surperformance par rapport au MSCI Europe Net TR 
2
, assujettis à une High Water Mark, conformément à la méthodologie indiquée dans la section 3.1. La commission de surperformance sera appliquée à toutes les Catégories d’Actions à l’exception des Actions I
Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des
investissements pour le Compartiment.
Les sociétés détenues par le Compartiment doivent montrer un engagement envers leurs parties prenantes, y compris leurs clients, salariés et fournisseurs ainsi que les régulateurs. Le Compartiment investit dans des sociétés qui appliquent un traitement équitable à l’égard des parties prenantes et pratiquent une bonne gouvernance.
Les sociétés de l’univers d’investissement sont évaluées au regard de leur profil environnemental, social et de gouvernance, à l’aune d’une gamme de facteurs. Le Gestionnaire d’investissement exerce sa propre diligence raisonnable au titre de toutes les participations potentielles, y compris, dans la mesure du possible, au moyen de réunions avec la direction générale.
Cette analyse est étayée par une analyse quantitative obtenue à partir des outils exclusifs de Schroders en matière de durabilité. Ces outils constituent des éléments déterminants pour évaluer dans quelle mesure les sociétés du portefeuille répondent aux critères de durabilité décrits ci-dessus. Le Gestionnaire d’investissement vise à assurer qu’au moins 75 % des participations individuelles du Compartiment présentent un score de durabilité positif par rapport à l’indice de référence cité dans la politique d’investissement.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers est composé d’actions et de titres assimilés à des actions émis par des sociétés européennes.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Concernant les Catégories d’actions couvertes contre le risque de change, des versions couvertes des indices de référence ci-dessus (y compris des indices de référence en liquidités équivalents dans une autre devise) peuvent être utilisées pour le calcul de la commission de surperformance.
| Catégories d’actions | Commission d’entrée  3 | Commission de distribution  4 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 0,75 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
3 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
4 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund European Sustainable Equity

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI Europe (Net TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés européennes qui respectent les critères de durabilité du Gestionnaire d’investissement.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés européennes.
Le Compartiment conserve un score global de durabilité supérieur à celui de l’indice MSCI Europe (Net TR), suivant le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs au-delà des limites définies à la section « Informations relatives à la durabilité » sur la page Internet du Compartiment, consultable sur le site Internet www.schroders.com/en/lu/ private-investor/gfc.
Le Compartiment investit dans des sociétés qui appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI Europe (Net TR) et comparées à l’indice MSCI Europe Value (Net TR) et à la catégorie Morningstar Europe Large Cap Value Equity. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible et l’indice MSCI Europe Value (Net TR). Les indices de référence comparateurs ne sont inclus qu’à des fins de comparaison des performances et n’ont aucune influence
sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice MSCI Europe Value (Net TR). Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible ou l’indice MSCI Europe Value (Net TR) afin de tirer parti de certaines opportunités d’investissement. L’indice/ Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Devise du Compartiment	EUR
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Oui
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des
investissements pour le Compartiment.
Les sociétés de l’univers d’investissement sont évaluées au regard de leur profil environnemental, social et de gouvernance, à l’aune d’une gamme de facteurs. Cette analyse est étayée par une analyse quantitative obtenue à partir des outils exclusifs de Schroders en matière de durabilité. Le Gestionnaire d’investissement évalue l’impact environnemental et social d’une société, ainsi que ses pratiques de gouvernance, à l’aide d’outils exclusifs en matière de durabilité. En outre, le Gestionnaire d’investissement effectue également ses propres recherches et analyses avant de décider si une société est éligible à l’inclusion dans le Compartiment, en fonction de son profil global de durabilité. Les outils exclusifs constitueront des éléments déterminants pour évaluer dans quelle mesure les sociétés du portefeuille répondent aux critères de durabilité décrits ci-dessus.
Les sources d’information utilisées pour conduire l’analyse comprennent les informations fournies par les sociétés, telles que les rapports en matière de durabilité et autres documents pertinents établis par ces sociétés, ainsi que les outils exclusifs de Schroders en matière de durabilité et des données de tierces parties.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers est composé d’actions et de titres assimilés à des actions de sociétés européennes.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,25 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,25 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,25 % |
| Actions B | Néant | 0,60 % | 1,25 % |
| Actions C | Jusqu’à 1 % | Néant | 0,625 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,625 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,625 % |
| Actions D | Néant | 1,00 % | 1,25 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,625 % |
| Actions Z | Néant | Néant | Jusqu’à 0,625 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI Europe (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés européennes.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans une gamme concentrée d’actions de sociétés européennes. Le Compartiment investit habituellement dans moins de 50 sociétés.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI Europe (Net TR) et comparées à l’indice MSCI Europe Value (Net TR) et à la Catégorie Morningstar Europe Flex Cap Equity. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible et l’indice MSCI Europe Value (Net TR). Les indices de référence comparateurs ne sont inclus qu’à des fins de comparaison des performances et n’ont aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice MSCI Europe Value (Net TR). Le

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible ou l’indice MSCI Europe Value (Net TR) afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. Tout indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	15 % de la surperformance par rapport au MSCI Europe Net TR 
2
, assujettis à une High Water Mark, conformément à la méthodologie indiquée dans la section 3.1. La commission de surperformance sera appliquée à toutes les Catégories d’Actions à l’exception des Actions I
Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Concernant les Catégories d’actions couvertes contre le risque de change, des versions couvertes des indices de référence ci-dessus (y compris des indices de référence en liquidités équivalents dans une autre devise) peuvent être utilisées pour le calcul de la commission de surperformance.
| Catégories d’actions | Commission d’entrée  3 | Commission de distribution  4 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
3 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
4 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.
À compter du 21 juin 2021, le présent Compartiment sera renommé Schroder International Selection Fund Sustainable Conservative

### Objectif d’investissement
Le Compartiment vise à générer une croissance du capital et un revenu correspondant à un taux EURIBOR à 3 mois (ou un taux de référence équivalent) plus 2 % par an avant déduction des frais* sur une période de trois à cinq ans tout en cherchant à limiter les pertes à un seuil maximum de 8 % de la valeur du Compartiment sur une période d’investissement quelconque. Le Compartiment vise à générer ce rendement avec une volatilité (mesure de la variation des rendements du compartiment sur des périodes continues de 3 ans) comprise entre 3 % et 5 % par an. Le Compartiment vise à atteindre cet objectif en investissant dans une gamme diversifiée d’actifs et de marchés du monde entier. La limitation des pertes ne peut être garantie.
*Pour connaître le rendement cible après déduction des frais pour chaque Catégorie d’actions, veuillez consulter le site Internet de Schroder : https://www.schroders.com/en/lu/private-investor/ investing-with-us/after-fees-performance-targets/

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif directement ou indirectement par le biais d’instruments dérivés dans des actions et des titres assimilés à des actions, des titres à taux fixe et variable émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés du monde entier ainsi que des Catégories d’actifs alternatives.
Le Compartiment peut investir dans des titres à taux fixe et variable dont la notation de crédit est inférieure à
« investment grade » (titres assortis d’une notation inférieure à « investment grade » selon Standard & Poor’s ou de toute notation équivalente attribuée par d’autres agences de notation).
L’exposition à des Catégories d’actifs alternatives est assurée au moyen d’actifs éligibles comme décrit à l’Annexe III du présent Prospectus.
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total), longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Lorsque le Compartiment emploie des swaps de rendement total et des contrats de différence, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. En particulier, les swaps de rendement total et les contrats de différence peuvent être utilisés pour obtenir une exposition longue et courte à des actions et des titres assimilés à des actions, des titres à taux fixe et variable et des indices de matières premières. L’exposition brute des swaps de rendement total et des contrats de différence ne dépassera pas 40 % et devrait rester comprise entre 0 % et 15 % de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.
Le Compartiment peut (à titre exceptionnel) détenir jusqu’à 100 % de son actif en liquidités et Placements du marché monétaire. Cela se limitera à une période maximale de
six mois (faute de quoi le Compartiment sera liquidé). Au cours de cette période, le Compartiment n’entrera pas dans le champ du Règlement sur les fonds monétaires. Le Compartiment peut investir jusqu’à 10 % de son actif dans des Fonds d’investissement de type ouvert.
À compter du 21 juin 2021, l’Objectif et la Politique d’investissement seront modifiés comme suit :

### Objectif d’investissement
Le Compartiment vise à générer une croissance du capital et un revenu correspondant à un taux Euribor à 3 mois +2 % par an avant déduction des frais sur une période de trois à cinq ans. Le Compartiment vise à générer ce rendement avec une volatilité (mesure de la variation des rendements du compartiment sur des périodes continues de 3 ans) comprise entre 3 % et 5 % par an. Le Compartiment vise à atteindre cet objectif en investissant dans une gamme diversifiée d’actifs et de marchés du monde entier qui respectent les critères de durabilité du Gestionnaire d’investissement.
*Pour connaître le rendement cible après déduction des frais pour chaque Catégorie d’Actions, veuillez consulter le site Internet de Schroder : https://www.schroders.com/en/ lu/private-investor/investing-with-us/after-fees- performance-targets/

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif directement ou indirectement par le biais d’instruments dérivés dans des actions et des titres assimilés à des actions, des titres à taux fixe et variable émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés du monde entier ainsi que des Catégories d’actifs alternatives.
Le Compartiment peut investir dans des titres à taux fixe et variable dont la notation de crédit est inférieure à
« investment grade » (titres assortis d’une notation inférieure à « investment grade » selon Standard & Poor’s ou de toute notation équivalente attribuée par d’autres agences de notation). L’exposition à des Catégories d’actifs alternatives est assurée au moyen d’actifs éligibles comme décrit à l’Annexe III du présent Prospectus.
Le Compartiment maintient un score global de durabilité supérieur que celui d’une combinaison sur mesure pondérée sur les actifs* de l’indice MSCI World (couvert en EUR), de l’indice MSCI Emerging Market (couvert en EUR), de l’indice Barclays Global Aggregate Corporate Bond (couvert en EUR), de l’indice Barclays Global High Yield excl CMBS & EMD 2% (couvert en EUR), de l’indice ICE BofA US Treasury (couvert en EUR), de l’indice JPM GBI Emerging Market Index - EM Local (couvert en EUR), de l’indice JPM EMBI Index EM Hard Currency (couvert en EUR) et de l’indice Thomson Reuters Global Convertible Bonds (couvert en EUR), selon le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé à cette fin dans la section Caractéristiques du Compartiment.*La combinaison évoluera au fil du temps en fonction de l’allocation d’actifs réelle du Compartiment.
Le Compartiment investit dans des sociétés qui appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total), longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Lorsque le Compartiment emploie des swaps de rendement total et des contrats de différence, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. En particulier, les swaps de rendement total et les contrats de différence peuvent être utilisés pour obtenir une exposition longue et courte à des actions et des titres assimilés à des actions, des titres à taux fixe et variable et des indices de matières premières. L’exposition brute des swaps de rendement total et des contrats de différence ne dépassera pas 40 % et devrait rester comprise entre 0 % et 15 % de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.
Le Compartiment peut (à titre exceptionnel) détenir jusqu’à 100 % de son actif en liquidités et Placements du marché monétaire. Cela se limitera à une période maximale de
six mois (faute de quoi le Compartiment sera liquidé). Au cours de cette période, le Compartiment n’entrera pas dans le champ du Règlement sur les fonds monétaires. Le Compartiment peut investir jusqu’à 10 % de son actif dans des Fonds d’investissement de type ouvert.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible qui correspond à l’EURIBOR à 3 mois (ou un taux de référence équivalent) plus 2 % par an et à son objectif de volatilité de 3 à 5 % par an. Le Gestionnaire d’investissement investit de manière discrétionnaire et ses investissements ne se limitent pas aux placements respectant la composition d’un indice de référence. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence est sélectionné car le rendement cible du Compartiment vise à égaler ou dépasser le rendement de cet indice de référence, comme décrit dans l’objectif d’investissement.
Schroders est en train d’évaluer les alternatives potentielles à l’EURIBOR et informera les investisseurs de toute décision de s’éloigner de l’EURIBOR en temps voulu.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments multi-actifs ».

### Risques
À compter du 21 juin 2021, les sections suivantes s’appliqueront :
Méthode de gestion des risques
Valeur exposée au risque (VaR) absolue
Effet de levier attendu
180 % de l’actif net total
Le niveau attendu d’effet de levier est susceptible d’augmenter quand la volatilité diminue de manière durable, en cas de prévision de changement des taux d’intérêt ou lorsqu’un élargissement ou un resserrement des spreads de crédit est attendu.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR relative conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR relative, veuillez vous reporter à l’Annexe 1. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
Les positions longues et courtes obtenues par le biais de swaps de rendement total sur indices, obligations et actions peuvent accroître l’exposition au risque de crédit.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Comme la performance du Compartiment est calculée par référence à un IBOR, il peut être nécessaire, à la suite de ces initiatives du secteur, que le Compartiment choisisse un successeur ou un autre taux de référence comme indice de référence pour le Compartiment. Comme décrit plus en détail dans la rubrique « Réforme des IBOR » de l’Annexe II, même avec des spreads ou d’autres ajustements, les taux de référence alternatifs équivalents à des IBOR ne peuvent constituer qu’une approximation de l’IBOR concerné et ne peuvent aboutir à un taux qui soit l’équivalent économique des IBOR spécifiques. Le Compartiment peut donc ne pas constituer un investissement économiquement équivalent à celui qu’un investisseur avait anticipé au moment de son investissement dans le Compartiment. Schroders est en train d’évaluer les alternatives potentielles aux IBOR et informera les investisseurs du Compartiment de sa décision en temps voulu.
À compter du 21 juin 2021 - Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de
durabilité. Par conséquent, le Compartiment peut sous- performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier.
Veuillez vous reporter à l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment est un véhicule assorti d’un niveau de risque faible ayant pour objectif la croissance du capital. Il peut convenir aux investisseurs recherchant des

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
opportunités de croissance du capital tout en visant à limiter les pertes à un seuil maximum de 8 % sur une période d’investissement quelconque. Il peut convenir aux investisseurs qui participent à un régime de retraite à cotisations déterminées et qui souhaitent toucher leur épargne-retraite sous forme d’un montant forfaitaire unique ou qui souhaitent que leur épargne leur soit versée sur une période de temps définie. Les investisseurs doivent considérer leur investissement sur le moyen/long terme et doivent lire les avertissements relatifs aux risques stipulés en Annexe II ainsi que le Document d’informations clés pour l’investisseur avant tout investissement.
Gestionnaire d’investissement	Schroder Investment Management Limited
À compter du 21 juin 2021, le Gestionnaire d’investissement sera modifié comme suit :
Schroder Investment Management (Europe) SA – succursale allemande Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction
Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	À compter du 21 juin 2021 - Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des investissements pour le Compartiment. Le Gestionnaire d’investissement applique des filtrages négatif et positif.
En premier lieu, une entreprise reçoit un score ESG qui tient compte d’enjeux tels que le changement climatique, la performance environnementale, les normes du travail et la composition du conseil d’administration. Sur le fondement de ce score ESG, le Gestionnaire d’investissement détermine si un investissement peut être inclus dans l’univers éligible, en excluant, en règle générale, les sociétés qui obtiennent les plus faibles notes de chaque secteur d’activité. Le Compartiment étant un compartiment multi-actifs, le Gestionnaire d’investissement utilise les scores ESG des différentes catégories d’actifs comme un élément d’analyse pour définir l’allocation d’actifs du Compartiment.
Au sein de l’univers d’investissement délimité par ce filtrage, le Gestionnaire d’investissement évalue les sociétés au regard d’un ensemble d’indicateurs environnementaux et sociaux, puis sélectionne des investissements dont il estime qu’ils contribuent à un ou plusieurs objectifs environnementaux ou sociaux, sous réserve qu’ils ne desservent pas de manière significative d’autres objectifs environnementaux ou sociaux.
Les sources d’information utilisées pour conduire l’analyse comprennent les informations fournies par les sociétés, telles que les rapports en matière de durabilité et autres documents pertinents établis par ces sociétés, ainsi que les outils exclusifs de Schroders en matière de durabilité et des données de tierces parties.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers est composé d’actions, de titres assimilés à des actions et de titres à taux fixe et variable émis par des sociétés du monde entier ainsi que de Catégories d’actifs alternatives. Toutefois (aux fins de cette analyse uniquement), l’univers ne comprendra pas de titres de créance émis par des émetteurs publics ou quasi publics.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 0,75 % |
| Actions AX | Jusqu’à 3 % | Néant | 0,75 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 0,75 % |
| Actions B | S/O | S/O | S/O |
| Actions C | Jusqu’à 1 % | Néant | 0,30 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,30 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,30 % |
| Actions D | S/O | S/O | S/O |
| Actions E | S/O | S/O | S/O |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,30 % |
| Actions Z | Néant | Néant | Jusqu’à 0,30 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI Frontier Markets (Net TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés des marchés frontières.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés des marchés frontières du monde entier.
De manière générale, le Compartiment détient entre 50 et 70 sociétés en portefeuille.
Les marchés frontières sont les pays entrant dans la composition de l’indice MSCI Frontier Markets ou de tout autre indice financier reconnu se rapportant aux marchés frontières, ou d’autres pays qui, de l’avis du Gestionnaire d’investissement, constituent des marchés frontières.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI Frontier Markets (Net TR). L’univers d’investissement du Compartiment devrait se recouper de manière significative, directement ou indirectement, avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire

### Caractéristiques du Compartiment
Devise du Compartiment	USD
d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».
Les marchés frontières sont les pays entrant dans la composition de l’indice MSCI Frontier Markets ou de tout autre indice financier reconnu se rapportant aux Marchés frontières, ou d’autres pays qui, de l’avis du Gestionnaire d’investissement, constituent des marchés frontières.

### Risques
Risques spécifiques
Les risques liés aux placements sur les marchés émergents et frontières sont expliqués à la section « Risque inhérent aux marchés émergents et moins développés » à l’Annexe II du présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
Commission de surperformance	15 % de la surperformance par rapport au MSCI Frontier Markets Net TR 
2
, assujettis à une High Water Mark, conformément à la méthodologie indiquée dans la section 3.1. La commission de surperformance sera appliquée à toutes les Catégories d’actions à l’exception des Actions I
Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  3 | Commission de distribution  4 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Pour éviter toute ambiguïté, les indices de référence mentionnés ci-dessus sont uniquement utilisés à des fins de calcul de la commission de surperformance et ne doivent en aucun cas être considérés comme représentatifs d’un style d’investissement spécifique. Concernant les Catégories d’Actions couvertes contre le risque de change, des versions couvertes des indices de référence ci-dessus (y compris des indices de référence en liquidités équivalents dans une autre devise) peuvent être utilisées pour le calcul de la commission de surperformance.
3 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
4 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice Bloomberg Barclays Global Aggregate Bond après déduction des frais sur une période de trois à cinq ans en investissant dans des titres à taux fixe ou variable.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe et variable dont la notation est inférieure ou égale à
« investment grade » (telle que mesurée par Standard & Poor’s, ou toute notation équivalente par d’autres agences de notation) émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés du monde entier dans diverses devises.
Le Compartiment peut investir :
- jusqu’à 10 % de ses actifs dans des obligations convertibles conditionnelles ;
- jusqu’à 30 % de ses actifs dans des titres ayant une notation inférieure à investment grade (attribuée par Standard & Poor’s ou tout équivalent d’autres agences de notation concernant les obligations notées et notations internes de Schroders concernant les obligations non notées) ; et
- jusqu’à 40 % de ses actifs dans des titres adossés à des actifs, des titres adossés à des créances hypothécaires commerciales et/ou résidentielles émis par des émetteurs du monde entier ayant une notation investment grade ou inférieure à investment grade (attribuée par Standard & Poor’s ou tout équivalent d’autres agences de notation). Les actifs sous-jacents peuvent inclure des créances titrisées sur cartes de crédit, des prêts personnels, des prêts automobiles, des prêts à des petites entreprises, des crédits-baux, des créances commerciales et des créances résidentielles.

Le Compartiment peut investir en Chine continentale via des Marchés réglementés (y compris le CIBM par le biais de Bond Connect).
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total) dans le but de dégager des rendements financiers, de réduire le risque ou de gérer ses actifs plus efficacement. Lorsque le Compartiment emploie des swaps de rendement total, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. Les swaps de rendement total peuvent être utilisés pour acquérir une exposition longue et courte aux titres de créance à taux fixe et variable.
L’exposition brute des swaps de rendement total ne dépassera pas 30% et devrait rester comprise entre 0 et 10% de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice Bloomberg Barclays Global Aggregate Bond.
L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. Toutefois, le Compartiment reflétera probablement certaines caractéristiques de l’indice de référence cible (à savoir la qualité/duration de crédit, l’exposition/exposition de change à des émetteurs particuliers). Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations traditionnels ».
Le Gestionnaire d’investissement du Compartiment met en place une couverture des Actions des Catégories d’actions couvertes en tenant compte des risques de change sous- jacents de l’indice de référence du Compartiment. De ce fait, la performance de ces Catégories d’actions couvertes diffère de manière importante de celle des Catégories d’actions équivalentes en Devise du Compartiment.

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) relative
Indice de référence de la VaR
Indice Barclays Global Aggregate Bond Cet indice non couvert en USD offre une mesure globale des marchés internationaux d’obligations à taux fixe de qualité investment grade.
Effet de levier attendu
400 % de l’actif net total
Le niveau attendu d’effet de levier est susceptible d’augmenter quand la volatilité diminue de manière durable, en cas de prévision de changement des taux d’intérêt ou lorsqu’un élargissement ou un resserrement des spreads de crédit est attendu.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR relative conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument
financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR relative, veuillez vous reporter à l’Annexe 1. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
Les positions longues et courtes obtenues par le biais de swaps de rendement total sur obligations peuvent accroître l’exposition au risque de crédit.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 0,75 % |
| Actions AX | Jusqu’à 3 % | Néant | 0,75 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 0,75 % |
| Actions B | Néant | 0,50 % | 0,75 % |
| Actions C | Jusqu’à 1 % | Néant | 0,50 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,50 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,50 % |
| Actions D | Néant | 1,00 % | 0,75 % |
| Actions E | Jusqu’à 1 % | Néant | 0,25 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,50 % |
| Actions Z | Néant | Néant | Jusqu’à 0,50 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.

## Schroder International Selection Fund Global Cities Real Estate
À compter du 21 juin 2021, le présent Compartiment sera renommé Schroder International Selection Fund Global Cities

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice FTSE EPRA NAREIT Developed (NET TR, USD) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés immobilières du monde entier qui, selon le Gestionnaire d’investissement, constituent des investissements durables.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins 75 % de son actif dans des investissements durables, à savoir des investissements qui contribuent à la transition vers des infrastructures et des villes plus résilientes et innovantes sur le plan environnemental (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Compartiment n’investit pas directement dans certaines activités, secteurs ou groupes d’émetteurs au-delà des limites énumérées sous « Informations sur la durabilité » sur la page web du Compartiment, accessible via www. schroders.com/en/lu/private-investor/gfc.
Le Compartiment investit dans des sociétés qui ne causent pas de préjudice environnemental ou social important et appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Compartiment peut investir dans des sociétés qui, selon le Gestionnaire d’investissement, amélioreront leurs pratiques de durabilité dans un délai raisonnable, allant habituellement jusqu’à deux ans.
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet https://www.schroders.com/en/lu/private-investor/ strategic-capabilities/sustainability/disclosures.
Le Compartiment investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés immobilières du monde entier, en privilégiant les sociétés investissant dans des villes qui, selon le Gestionnaire d’investissement, afficheront une croissance économique continue, appuyée par des facteurs tels qu’une infrastructure solide et des plans d’urbanisme opportuns.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice FTSE EPRA NAREIT Developed (Net TR, USD).
L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Le Compartiment a pour objectif l’investissement durable (au sens de l’Article 9 du Règlement SFDR). Un Compartiment ayant cet objectif peut par conséquent avoir une exposition limitée à certaines sociétés, industries ou certains secteurs et le Compartiment peut renoncer à certaines opportunités d’investissement ou céder certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous- performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier.
Veuillez vous reporter à l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des
investissements pour le Compartiment. L’analyse de l’univers d’investissement est conduite en deux étapes distinctes Chacune entraîne l’exclusion d’entreprises ayant obtenu de faibles notations en matière de durabilité :
- la phase 1 permet d’analyser les villes en fonction de divers indicateurs environnementaux et sociaux. Les sociétés sont ensuite notées en fonction de leur exposition aux emplacements qui obtiennent les notations les plus élevées/les plus faibles. Les sociétés du quartile inférieur sont exclues de l’univers d’investissement du Compartiment.
- la phase 2 s’attache à déterminer le montant à investir dans chaque entreprise, en utilisant à la fois les outils de durabilité internes et exclusifs de Schroders et les outils externes de mesure de la durabilité. L’analyse attribue un score de durabilité à chaque société. Le processus exclut de l’univers d’investissement du Compartiment le quartile inférieur des sociétés (sur la base de leur score de durabilité).

Le Gestionnaire d’investissement peut également prendre contact avec des sociétés du portefeuille, qui doivent démontrer un engagement clair en faveur de la durabilité tant dans leurs relations avec les parties prenantes que dans leurs efforts pour atténuer leurs effets sur l’environnement naturel.
Le Gestionnaire d’investissement conduit son analyse à l’aide de ses propres recherches et des outils exclusifs de Schroders en matière de durabilité. Les recherches émanant de tierces parties constituent des éléments d’appréciation secondaires utilisés le plus souvent pour remettre en question ou corroborer le point de vue exclusif du Gestionnaire d’investissement.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund Global Climate Change Equity

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital en investissant dans des actions et des titres assimilés à des actions de sociétés du monde entier dont le Gestionnaire d’investissement estime qu’elles récolteront les bénéfices de leurs efforts pour s’adapter aux effets du changement climatique mondial ou pour limiter ces effets, et qui respectent les critères de durabilité du Gestionnaire d’investissement.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés du monde entier.
Le Compartiment conserve un niveau global d’émissions évitées supérieur à celui de l’indice MSCI World (Net TR), suivant le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs au-delà des limites définies à la section « Informations relatives à la durabilité » sur la page Internet du Compartiment, consultable sur le site Internet www.schroders.com/en/lu/ private-investor/gfc.
Le Compartiment investit dans des sociétés qui appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Le Compartiment n’a pas d’indice de référence cible. Les performances du Compartiment seront comparées par rapport à l’indice MSCI All Country World (Net TR). L’indice de référence comparateur n’est inclus qu’à des fins de

### Caractéristiques du Compartiment
Devise du Compartiment	USD
comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence comparateur. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence comparateur. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence comparateur. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des
investissements pour le Compartiment.
L’importance du changement climatique sur les perspectives commerciales à long terme d’une société est évaluée en fonction de différents facteurs qui incluent, sans s’y limiter :
Le fait que l’entreprise soit exposée directement aux évolutions sectorielles liées au changement climatique (atténuation – réduction des émissions de gaz à effet de serre grâce à l’efficacité énergétique, aux énergies renouvelables et aux véhicules plus propres ; ou adaptation – stratégies visant à se préparer aux impacts du changement climatique, tels que le stress hydrique, les inondations côtières, les questions de santé publique ou les perturbations des chaînes d’approvisionnement, entre autres).
La proportion des segments d’activité potentiellement exposés aux évolutions liées au changement climatique.
Le fait que l’entreprise consacre des investissements et des dépenses de recherche et développement élevés en faveur de la transition vers une économie à plus faibles émissions de carbone.
La présence d’un portefeuille de produits qui prenne en compte les risques matériels et de transition posés par le changement climatique.
L’impact pour l’entreprise de la hausse des coûts du carbone au sein de son secteur et dans son environnement concurrentiel.
Sur le fondement de cette évaluation, le Gestionnaire d’investissement décide ensuite, au cas par cas, si une société est éligible à l’inclusion dans l’univers d’investissement du Compartiment. En outre, l’analyse du Gestionnaire d’investissement en matière d’ESG vise à évaluer l’importance et l’impact d’un ensemble de facteurs ESG sur le caractère durable de la croissance future des bénéfices et en tant que facteurs de risque potentiels pouvant affecter la valorisation d’une société. La décision du Gestionnaire d’investissement se fondera en premier lieu sur les notations obtenues par chaque société dans les domaines les plus pertinents pour son activité.
Le Gestionnaire d’investissement effectue en outre sa propre analyse des informations fournies par les sociétés, notamment des informations figurant dans les rapports en matière de durabilité et dans d’autres documents pertinents établis par ces sociétés. Les recherches sont étayées par un vaste ensemble de données incluant des informations accessibles au public ou issues d’assemblées générales, des rapports de courtiers et des rapports émanant d’organisations sectorielles, d’organismes de recherche, de groupes de réflexion, de législateurs, de consultants, d’ONG et de chercheurs universitaires. Les recherches émanant de tierces parties constituent des éléments d’appréciation secondaires utilisés le plus souvent pour remettre en question ou corroborer le point de vue exclusif du Gestionnaire d’investissement.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers est composé d’actions et de titres assimilés à des actions de sociétés du monde entier.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund Global Conservative Convertible Bond

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice Thomson Reuters Global Focus Investment Grade Hedged (USD) après déduction des frais sur une période de trois à cinq ans en investissant dans des titres convertibles émis par des sociétés du monde entier.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans une gamme diversifiée de titres convertibles et autres valeurs mobilières similaires, tels que des titres privilégiés convertibles, des obligations échangeables ou des billets échangeables, émis par des sociétés du monde entier. Le Compartiment peut également investir dans des titres à taux fixe et variable, des actions et des titres assimilés à des actions de sociétés du monde entier.
Le Compartiment est conçu pour participer aux marchés haussiers tout en s’efforçant d’atténuer les pertes liées aux marchés baissiers. L’atténuation des pertes ne peut être garantie. Le Compartiment peut investir dans des titres dont la notation est égale ou inférieure à « investment grade » tout en visant à obtenir à une qualité de crédit moyenne équivalente à « investment grade » (telle que mesurée par Standard & Poor’s ou toute notation équivalente émise par d’autres agences de notation pour les obligations notées et les notations internes de Schroders pour les obligations non notées).
Les obligations convertibles sont généralement des obligations de sociétés qui peuvent être converties en actions à un prix donné. Par conséquent, le Gestionnaire d’investissement estime que les investisseurs peuvent acquérir une exposition aux marchés mondiaux des actions tout en bénéficiant du caractère défensif et de la volatilité moindre des placements obligataires.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Caractéristiques du Compartiment
Devise du Compartiment	USD

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice Thomson Reuters Global Focus Investment Grade Hedged (USD). L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management (Switzerland) AG
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,20 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,20 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,20 % |
| Actions B | Néant | 0,50 % | 1,20 % |
| Actions C | Jusqu’à 1 % | Néant | 0,60 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,60 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,60 % |
| Actions D | Néant | 1,00 % | 1,20 % |
| Actions E | Jusqu’à 1 % | Néant | 0,30 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,60 % |
| Actions Z | Néant | Néant | Jusqu’à 0,60 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice Thomson Reuters Global Focus Hedged Convertible Bond (USD) après déduction des frais sur une période de trois à cinq ans en investissant dans des titres convertibles émis par des sociétés du monde entier.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans une gamme diversifiée de titres convertibles et autres valeurs mobilières similaires, tels que des titres privilégiés convertibles, des obligations échangeables ou des billets échangeables, émis par des sociétés du monde entier. Le Compartiment peut également investir dans des titres à taux fixe et variable, des actions et des titres assimilés à des actions de sociétés du monde entier.
Les obligations convertibles sont généralement des obligations de sociétés qui peuvent être converties en actions à un prix donné. Par conséquent, le Gestionnaire d’investissement estime que les investisseurs peuvent acquérir une exposition aux marchés mondiaux des actions tout en bénéficiant du caractère défensif et de la volatilité moindre des placements obligataires.
Le Compartiment peut investir plus de 50 % de son actif dans des titres ayant une notation inférieure à « investment grade » (telle que mesurée par Standard & Poor’s ou toute notation équivalente émise par d’autres agences de notation pour les obligations notées et les notations implicites de Schroders pour les obligations non notées) ;
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Caractéristiques du Compartiment
Devise du Compartiment	USD

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice Thomson Reuters Global Focus Hedged Convertible Bond (USD). L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management (Switzerland) AG
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,25 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,25 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,25 % |
| Actions B | Néant | 0,50 % | 1,25 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,25 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice Bloomberg Barclays Global Aggregate – Corporate couvert en USD après déduction des frais sur une période de trois à cinq ans en investissant dans des titres à taux fixe et variable émis par des sociétés du monde entier.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe et variable dans différentes devises et émis par des sociétés du monde entier.
Le Compartiment investit dans l’ensemble de l’éventail des titres de créance à revenu fixe. Le Compartiment peut investir :
- jusqu’à 40 % de son actif dans des titres ayant une notation inférieure à « investment grade » (attribuée par Standard & Poor’s ou tout équivalent d’autres agences de notation concernant les obligations notées et notations internes de Schroders concernant les obligations non notées) ;
- jusqu’à 20 % de ses actifs dans des titres émis par des gouvernements et des agences gouvernementales ; et
- jusqu’à 10 % de son actif dans des obligations convertibles conditionnelles.

Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés, longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Le Compartiment peut utiliser un effet de levier.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice Bloomberg Barclays Global Aggregate – Corporate couvert en USD et comparées à la catégorie Morningstar Global Corporate Bond couverte en USD. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) relative
Indice de référence de la VaR
Indice Barclays Global Aggregate Credit Component USD hedged. Cet indice couvert en USD offre une mesure globale des marchés internationaux de titres à revenu fixe de qualité investment grade. Il ne tient pas compte des dettes souveraines et des valeurs titrisées.
Effet de levier attendu
200 % de l’actif net total
Le niveau attendu d’effet de levier est susceptible d’augmenter quand la volatilité diminue de manière durable, en cas de prévision de changement des taux d’intérêt ou lorsqu’un élargissement ou un resserrement des spreads de crédit est attendu.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR relative conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR relative, veuillez vous reporter à l’Annexe 1. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Gestionnaire d’investissement	Schroder Investment Management North America Inc. Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 0,75 % |
| Actions AX | Jusqu’à 3 % | Néant | 0,75 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 0,75 % |
| Actions B | Néant | 0,50 % | 0,75 % |
| Actions C | Jusqu’à 1 % | Néant | 0,45 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,45 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,45 % |
| Actions D | Néant | 1,00 % | 0,75 % |
| Actions E | Jusqu’à 1 % | Néant | 0,225 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,45 % |
| Actions Z | Néant | Néant | Jusqu’à 0,45 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital en investissant dans des titres à taux fixe et variable émis par des gouvernements et des sociétés du monde entier. Le Compartiment vise à atténuer les pertes dans les marchés en baisse. L’atténuation des pertes ne peut être garantie.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à haut rendement et « investment grade » à taux fixe et variable émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés du monde entier, y compris des pays émergents.
Le Compartiment peut investir :
- plus de 50 % de son actif dans des titres ayant une notation inférieure à « investment grade » (telle que mesurée par Standard & Poor’s ou toute notation équivalente émise par d’autres agences de notation pour les obligations notées et les notations internes de Schroders pour les obligations non notées) ;
- jusqu’à 20 % de son actif dans des titres adossés à des actifs et des titres adossés à des créances hypothécaires ;
- jusqu’à 10 % de son actif dans des obligations convertibles (y compris des obligations convertibles contingentes) ; et
- jusqu’à 10 % de son actif dans des Fonds d’investissement à capital variable.

Le Gestionnaire d’investissement vise à atténuer les pertes en diversifiant l’allocation d’actifs du Compartiment hors des zones du marché identifiées comme présentant un risque élevé de rendement négatif significatif.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés, longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.
Le Compartiment conserve un score global de durabilité supérieur à celui de l’indice Bloomberg Barclays Multiverse ex Treasury A+ to B- USD Hedged, suivant le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.

### Indice de référence
Le Compartiment n’a pas d’indice de référence cible. Les performances du Compartiment seront comparées par rapport aux indices Bloomberg Barclays Multiverse ex Treasury A+ to B- couvert en USD, Bloomberg Barclays Global Aggregate Corporate USD, Bloomberg Barclays Global High Yield USD et JP Morgan EMBI Global Total
Return. Les indices de référence comparateurs ne sont inclus qu’à des fins de comparaison des performances et n’ont aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment.
L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes des indices de référence comparateurs. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter des indices de référence comparateurs. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans les indices de référence comparateurs. Le ou les indices de référence ne tiennent pas compte des caractéristiques environnementales et sociales ou de l’objectif durable (le cas échéant) du Compartiment. Tout indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) absolue
Effet de levier attendu
500 % de l’actif net total
Le niveau attendu d’effet de levier peut être supérieur lorsque la volatilité est inhabituellement forte ou faible.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR absolue conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR absolue, veuillez vous reporter à l’Annexe I. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit
Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de gouvernance et de durabilité lors de la sélection des investissements pour le Compartiment.
La stratégie vise à identifier les émetteurs qui présentent des caractéristiques satisfaisantes ou une amélioration en matière de durabilité, ainsi que ceux qui imposent un coût environnemental et social élevé. Cela implique :
- L’exclusion des émetteurs dont le Gestionnaire d’investissement estime qu’ils conduisent des activités gravement préjudiciables au climat ou imposant des coûts sociaux injustifiables.
- L’inclusion d’émetteurs inscrits sur des trajectoires stables ou en amélioration en matière de durabilité ainsi que d’émetteurs appliquant une bonne gouvernance au regard de la méthodologie de notation de la durabilité du Gestionnaire d’investissement.

Le Gestionnaire d’investissement peut également prendre contact avec des sociétés pour encourager la transparence, la transition vers une économie circulaire à émissions de carbone réduites, ainsi qu’un comportement social responsable qui favorise une croissance durable et la génération d’alpha.
Les principales sources d’information utilisées pour conduire l’analyse sont les outils et recherches exclusifs du Gestionnaire d’investissement, des travaux de recherche de tierces parties, des rapports d’ONG et des réseaux d’experts. Le Gestionnaire d’investissement effectue en outre sa propre analyse des informations accessibles au public fournies par les sociétés, ce qui inclut les informations figurant dans les rapports en matière de durabilité et dans d’autres documents pertinents établis par ces sociétés.
Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic-capabilities/sustainability/disclosures.
Le Gestionnaire d’investissement s’assure qu’au moins :
- 90 % des titres à taux fixe ou variable et des instruments du marché monétaire ayant une notation investment grade ; et des créances souveraines émises par des pays développés ; et des actions émises par de grandes sociétés domiciliées dans des pays développés ; et
- 75 % des titres à taux fixe ou variable et des instruments du marché monétaire assortis d’une notation haut rendement ; des titres souverains émis par des pays émergents ; des actions émises par de grandes sociétés domiciliées dans des pays émergents ; des actions émises par des petites et moyennes entreprises,détenus dans le portefeuille du Compartiment sont notés par rapport aux critères de durabilité. Aux fins de ce test, les petites entreprises sont celles dont la capitalisation boursière est inférieure à5 milliards d’euros, les moyennes entreprises sont celles dont la capitalisation boursière se situe entre 5 et 10 milliards d’euros et les grandes entreprises sont celles dont la capitalisation boursière est supérieure à 10 milliards d’euros.

1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,10 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,10 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,10 % |
| Actions B | Néant | 0,50 % | 1,10 % |
| Actions C | Jusqu’à 1 % | Néant | 0,55 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,55 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,55 % |
| Actions D | Néant | 1,00 % | 1,10 % |
| Actions E | Jusqu’à 1 % | Néant | 0,275 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,55 % |
| Actions Z | Néant | Néant | Jusqu’à 0,55 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund Global Credit Income Short Duration

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital et des revenus en investissant dans des titres à taux fixe et variable émis par des gouvernements et des sociétés du monde entier. Le Compartiment vise à réduire le risque de taux d’intérêt (tel que défini par la duration) en privilégiant les titres à taux fixe et variable ayant une duration de moins de quatre ans.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à haut rendement et « investment grade » à taux fixe et variable émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés du monde entier, y compris des pays émergents. La stratégie du Compartiment aura une duration globale inférieure à quatre ans, mais cela ne l’empêche pas d’investir dans des titres dont la duration est supérieure à quatre ans. Le Gestionnaire d’investissement estime que la stratégie de duration courte devrait limiter le niveau global de risque de taux d’intérêt.
Le Compartiment peut investir :
- plus de 50 % de son actif dans des titres ayant une notation inférieure à « investment grade » (telle que mesurée par Standard & Poor’s ou toute notation équivalente émise par d’autres agences de notation pour les obligations notées et les notations internes de Schroders pour les obligations non notées) ;
- jusqu’à 20 % de son actif dans des titres adossés à des actifs et des titres adossés à des créances hypothécaires ;
- jusqu’à 10 % de son actif dans des obligations convertibles (y compris des obligations convertibles contingentes) ; et
- jusqu’à 10 % de son actif dans des Fonds d’investissement à capital variable.

Le Gestionnaire d’investissement vise également à atténuer les pertes en diversifiant l’allocation d’actifs du Compartiment hors des zones du marché identifiées comme présentant un risque de rendement négatif significatif ou un risque en principal élevés.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés, longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.
Le Compartiment conserve un score global de durabilité supérieur à celui de l’indice Bloomberg Barclays Multiverse 1-5 year TR ex-Treasury A+ to B- couvert en EUR, suivant le système de notation du Gestionnaire d’investissement. Vous
trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs dont la liste est consultable sur le site Internet www.schroders.com/en/lu/ private-investor/gfc.

### Indice de référence
Le Compartiment n’a pas d’indice de référence cible. Les performances du Compartiment seront comparées par rapport à l’EURIBOR à 3 mois (ou un taux de référence alternatif) et à l’indice Bloomberg Barclays Multiverse 1-5 Year TR ex Treasury A+ to B- couvert en EUR. Les indices de référence comparateurs ne sont inclus qu’à des fins de comparaison des performances et n’ont aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Concernant l’indice Bloomberg Barclays Multiverse 1-5 Year TR ex-Treasury A+ to B- couvert en EUR, l’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence du comparateur. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice Bloomberg Barclays Multiverse 1-5 year TR ex-Treasury A+ to B- couvert en EUR. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs non inclus dans l’indice Bloomberg Barclays Multiverse 1-5 Year TR ex-Treasury A+ to B- couvert en EUR. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
Tout indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que cet indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.
Schroders est en train d’évaluer les alternatives potentielles à l’EURIBOR et informera les investisseurs de toute décision de s’éloigner de l’EURIBOR en temps voulu.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Méthode de gestion des risques
Valeur à risque absolue (VaR)
Effet de levier attendu
300 % de l’actif net total
Le niveau attendu d’effet de levier peut être supérieur lorsque la volatilité est inhabituellement forte ou faible.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR absolue conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR absolue, veuillez vous reporter à l’Annexe I. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
La référence dans la Politique d’investissement à un compartiment investissant deux tiers de son actif d’une certaine façon s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management Limited Heure de clôture des transactions	13h00, le Jour de transaction
Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de gouvernance et de durabilité lors de la sélection des investissements pour le Compartiment.
La stratégie vise à identifier les émetteurs qui présentent des caractéristiques satisfaisantes ou une amélioration en matière de durabilité, ainsi que ceux qui imposent un coût environnemental et social élevé. Cela implique :
- L’exclusion des émetteurs dont le Gestionnaire d’investissement estime qu’ils conduisent des activités gravement préjudiciables au climat ou imposant des coûts sociaux injustifiables.
- L’inclusion d’émetteurs inscrits sur des trajectoires stables ou en amélioration en matière de durabilité ainsi que d’émetteurs appliquant une bonne gouvernance au regard de la méthodologie de notation de la durabilité du Gestionnaire d’investissement.

Le Gestionnaire d’investissement peut également prendre contact avec des sociétés pour encourager la transparence, la transition vers une économie circulaire à émissions de carbone réduites, ainsi qu’un comportement social responsable qui favorise une croissance durable et la génération d’alpha.
Les principales sources d’information utilisées pour conduire l’analyse sont les outils et recherches exclusifs du Gestionnaire d’investissement, des travaux de recherche de tierces parties, des rapports d’ONG et des réseaux d’experts. Le Gestionnaire d’investissement effectue en outre sa propre analyse des informations accessibles au public fournies par les sociétés, ce qui inclut les informations figurant dans les rapports en matière de durabilité et dans d’autres documents pertinents établis par ces sociétés.
Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic-capabilities/sustainability/disclosures.
Le Gestionnaire d’investissement s’assure qu’au moins :
- 90 % des titres à taux fixe ou variable et des instruments du marché monétaire ayant une notation investment grade ; et des créances souveraines émises par des pays développés ; et des actions émises par de grandes sociétés domiciliées dans des pays développés ; et
- 75 % des titres à taux fixe ou variable et des instruments du marché monétaire assortis d’une notation haut rendement ; des titres souverains émis par des pays émergents ; des actions émises par de grandes sociétés domiciliées dans des pays émergents ; des actions émises par des petites et moyennes entreprises,détenus dans le portefeuille du Compartiment sont notés par rapport aux critères de durabilité. Aux fins de ce test, les petites entreprises sont celles dont la capitalisation boursière est inférieure à5 milliards d’euros, les moyennes entreprises sont celles dont la capitalisation boursière se situe entre 5 et 10 milliards d’euros et les grandes entreprises sont celles dont la capitalisation boursière est supérieure à 10 milliards d’euros.


### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,00 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,00 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,00 % |
| Actions B | Néant | 0,50 % | 1,00 % |
| Actions C | Jusqu’à 1 % | Néant | 0,40 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,40 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,40 % |
| Actions D | Néant | 1,00 % | 1,00 % |
| Actions E | Jusqu’à 1 % | Néant | 0,275 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,40 % |
| Actions Z | Néant | Néant | Jusqu’à 0,40 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à générer une croissance du capital en investissant dans des actions et des titres assimilés à des actions de sociétés du monde entier qui tirent parti de la rupture.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés du monde entier.
Une rupture désigne généralement une innovation (qu’elle soit due à la technologie ou autre) qui modifie un secteur particulier en créant de nouveaux marchés, produits ou modèles de service. Une rupture peut être observée dans de nombreux secteurs tels que le commerce électronique, les médias et communications, ainsi que les services bancaires et les paiements. Le Gestionnaire d’investissement estime que les sociétés qui tirent profit d’innovations de rupture, en tant qu’innovateur ou autrement, peuvent connaître une rapide accélération de leur croissance, qui peut s’avérer durable. Le Gestionnaire d’investissement cherche à investir dans des sociétés qui tirent profit des innovations de rupture avant qu’elles ne se reflètent totalement dans les attentes du marché.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Le Compartiment n’a pas d’indice de référence cible. Les performances du Compartiment seront comparées par rapport à l’indice MSCI AC World (Net TR). L’indice de

### Caractéristiques du Compartiment
Devise du Compartiment	USD
référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence comparateur. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence comparateur. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence comparateur.
L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à générer des revenus et une croissance du capital équivalents à l’indice Harmonised Index of Consumer Prices (HICP) +5% par an après déduction des frais sur une période de cinq à sept ans, en investissant dans une gamme diversifiée d’actifs et de marchés du monde entier. Le Compartiment vise à fournir une volatilité (un indicateur de la variation des rendements du Compartiment sur une année) allant jusqu’aux deux tiers de celle des marchés d’actions mondiaux sur la même période.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de ses actifs directement ou par le biais d’instruments dérivés ou de Fonds d’investissement à capital variable (dont d’autres fonds Schroder) et des ETF dans un large éventail d’actifs, dont des actions et des obligations, ainsi que des Catégories d’actifs alternatives.
Le Compartiment peut investir dans des titres de créance dont la notation de crédit est inférieure à investment grade (telle que mesurée par Standard & Poor’s, ou par toute notation équivalente d’autres agences de notation). Le Compartiment peut investir jusqu’à 20 % de ses actifs dans des titres adossés à des actifs et des titres adossés à des créances hypothécaires. L’exposition à des Catégories d’actifs alternatives est assurée au moyen d’actifs éligibles comme décrit à l’Annexe III du présent Prospectus.
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total), longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Lorsque le Compartiment emploie des swaps de rendement total et des contrats de différence, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. En particulier, les swaps de rendement total et les contrats de différence peuvent être utilisés pour obtenir une exposition longue et courte à des actions et des titres assimilés à des actions, des titres à taux fixe et variable et des indices de matières premières. L’exposition brute des swaps de rendement total et des contrats de différence ne dépassera pas 75 % et devrait rester comprise entre 0 % et 25 % de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.
Le Compartiment peut investir jusqu’à 10 % de ses actifs dans des Fonds d’investissement à capital variable (y compris d’autres Compartiments Schroder). Le Compartiment peut investir dans un autre compartiment qui impute une commission de surperformance.
Le Compartiment peut investir dans des Instruments du marché monétaire et détenir des liquidités.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir atteindre le rendement de l’indice Harmonised Index of Consumer Prices (HICP) +5% et comparées à l’indice Harmonised Index of Consumer Prices (HICP) et aux indices Consumer Prices et MSCI AC World (Net TR) couvert en EUR. Les indices de référence comparateurs ne sont inclus qu’à des fins de comparaison des performances et n’ont aucune influence
sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Concernant l’indice MSCI AC World (Net TR) couvert en EUR, l’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence comparateur. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice MSCI AC World (Net TR) couvert en EUR. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice MSCI AC World (Net TR) couvert en EUR.
L’indice de référence est sélectionné car le rendement cible du Compartiment vise à égaler ou dépasser le rendement de cet indice de référence, comme décrit dans l’objectif d’investissement. Tout indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments multi-actifs ».

### Risques
Risques spécifiques
Les positions longues et courtes obtenues par le biais de swaps rendement total sur indices et actions peuvent accroître l’exposition au risque de crédit.
Le Compartiment peut viser une exposition à l’immobilier, au capital-risque et aux matières premières via des investissements dans des valeurs mobilières, des Trusts d’investissement et des REIT, des instruments dérivés financiers sur Indices financiers, des Fonds d’investissement et des Fonds indiciels négociés (ETF) qui investissent dans ces catégories d’actifs. L’exposition aux matières premières s’effectuera par le biais d’actifs éligibles tels que décrits dans la définition des « Catégories d’actifs alternatives » en Annexe III au présent Prospectus.
Une description détaillée des risques liés aux titres adossés à des actifs et aux titres adossés à des créances hypothécaires figure à l’Annexe II du présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment conviendra aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Devise du Compartiment	EUR
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13h00 (heure du Luxembourg) le Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus de 7 % par an en investissant dans des actions ou des titres assimilés à des actions de sociétés du monde entier. Cet objectif n’est pas garanti et peut évoluer en fonction des conditions de marché.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif (à l’exclusion des liquidités) dans des actions ou des titres assimilés à des actions de sociétés du monde entier, qui sont sélectionnées pour leur potentiel de revenu et de croissance du capital. Pour optimiser le rendement du Compartiment, le Gestionnaire d’investissement vendra, de manière sélective, des options d’achat à court terme sur des titres individuels détenus par le Compartiment, générant du revenu supplémentaire en convenant de prix d’exercice au-delà desquels une hausse du capital est vendue.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir jusqu’à 10 % de son actif (sur une base nette) en Actions A chinoises directement ou indirectement par le biais d’instruments dérivés à l’aide des programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son objectif de revenu de 7 % par an, et comparées aux indices MSCI World (Net TR) et MSCI World Value (Net TR) et à la catégorie Morningstar Europe Equity Income. Les indices de référence comparateurs ne sont inclus qu’à des fins de comparaison des performances et n’ont aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment.
Concernant les indices MSCI World (Net TR) et MSCI World Value (Net TR), l’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes des indices de référence comparateurs. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Compartiment peuvent s’écarter des indices MSCI World (Net TR) et MSCI World Value (Net TR). Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs non inclus dans les indices MSCI World (Net TR) et MSCI World Value (Net TR).
L’objectif de revenu a été sélectionné parce que le Gestionnaire d’investissement déploie des stratégies qui visent à fournir le niveau de revenu stipulé dans l’objectif d’investissement. Tout indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
Ce Compartiment utilise des instruments dérivés de manière déterminante pour son objectif d’investissement. Il est prévu que la stratégie génère une sous-performance d’un portefeuille similaire sans recours à des dérivés pendant les périodes où les cours des actions sous-jacentes augmentent, et génère une surperformance lorsque les cours des actions sous-jacentes chutent.
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund Global Emerging Market Opportunities

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice MSCI Emerging Markets (Net TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés de pays émergents du monde entier.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés de pays émergents et frontières du monde entier.
Le Compartiment peut investir jusqu’à 40 % de ses actifs dans des liquidités et des obligations mondiales afin de protéger les rendements lorsque le Gestionnaire d’investissement estime que les marchés boursiers devraient être particulièrement faibles.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 20 % de son actif (sur une base nette) en Actions A chinoises, directement ou indirectement, par le biais d’instruments dérivés à l’aide des programmes Shanghai- Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son objectif de référence cible, à savoir dépasser l’indice MSCI Emerging Markets (Net TR). L’univers d’investissement du Compartiment devrait se recouper de manière significative, directement ou indirectement, avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle

### Caractéristiques du Compartiment
Devise du Compartiment	USD
le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund Global Emerging Markets Smaller Companies

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI Emerging Markets Small Cap (Net TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés de petite capitalisation de pays émergents du monde entier.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés de petite capitalisation de pays émergents du monde entier, y compris des sociétés en dehors de ces pays qui ont une exposition commerciale importante aux marchés émergents du monde entier. Les sociétés de petite capitalisation sont des sociétés sélectionnées qui, au moment de l’achat, font partie de la tranche inférieure de 30 % des marchés émergents du monde entier en termes de capitalisation boursière.
De manière générale, le Compartiment détient entre 60 et 120 sociétés en portefeuille.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir jusqu’à 30 % de son actif (sur une base nette) en Actions A chinoises directement ou indirectement par le biais d’instruments dérivés à l’aide des programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI Emerging Markets Small Cap (Net TR).
L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il

### Caractéristiques du Compartiment
Devise du Compartiment	USD
n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI World SMID Energy après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés du secteur de l’énergie.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans une gamme concentrée d’actions de sociétés de petite et moyenne capitalisation du secteur de l’énergie. Il s’agit de sociétés qui, au moment de l’achat, font partie de la tranche inférieure de 80 % du secteur de l’énergie en termes de capitalisation boursière. De manière générale, le Compartiment détient moins de
50 sociétés en portefeuille.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI World SMID Energy. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital en investissant dans des actions et des titres assimilés à des actions de sociétés du monde entier que le Gestionnaire d’investissement estime associées à la transition mondiale vers des sources d’énergie ayant une empreinte carbone réduite et constituer des investissements durables.

### Politique d’investissement
Le Compartiment est géré de façon active et peut investir au moins 75 % de ses actifs dans des investissements durables, c’est-à-dire des investissements qui contribuent à la transition mondiale vers des sources d’énergie ayant une empreinte carbone réduite, telles que la production, la distribution, le stockage et le transport d’énergie avec une empreinte carbone plus faible, ainsi que la chaîne d’approvisionnement, les fournisseurs de matériaux et les sociétés technologiques associés.
Le Compartiment investit exclusivement dans des sociétés qui tirent au moins 50 % de leurs recettes d’activités contribuant à cette transition, ou qui jouent un rôle essentiel dans cette transition et augmentent leur exposition à de telles activités. Pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs au-delà des limites définies à la section « Informations relatives à la durabilité » sur la page Internet du Compartiment, consultable sur le site Internet www.schroders.com/en/lu/private-investor/gfc, ce qui inclut les sociétés qui génèrent des recettes à partir des combustibles fossiles ou de l’énergie nucléaire.
Le Compartiment investit dans des sociétés qui ne causent pas de préjudice environnemental ou social important et appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Compartiment peut investir dans des sociétés qui, selon le Gestionnaire d’investissement, amélioreront leurs pratiques de durabilité dans un délai raisonnable, allant habituellement jusqu’à deux ans.
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment investit au moins deux tiers de son actif dans une gamme concentrée d’actions et de titres assimilés à des actions de sociétés du monde entier. Le Compartiment investit habituellement dans moins de 60 sociétés.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions,
secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Le Compartiment n’a pas d’indice de référence cible. Les performances du Compartiment seront comparées par rapport aux indices MSCI Global Alternative Energy (Net TR) et MSCI AC World (Net TR). Les indices de référence comparateurs ne sont inclus qu’à des fins de comparaison des performances et n’ont aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes des indices de référence comparateurs. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter des indices de référence comparateurs. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans les indices de référence comparateurs. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
Tout indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le Compartiment a pour objectif l’investissement durable (au sens de l’Article 9 du Règlement SFDR). Un Compartiment ayant cet objectif peut par conséquent avoir une exposition limitée à certaines sociétés, industries ou certains secteurs et le Compartiment peut renoncer à certaines opportunités d’investissement ou céder certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous- performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier.
Veuillez vous reporter à l’Annexe II pour plus de détails sur les risques en matière de durabilité.
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des
investissements pour le Compartiment.
Les sociétés sont évaluées selon huit critères ESG : (1) qualité de la gestion ; (2) viabilité du bilan ; (3) gouvernance d’entreprise ; (4) gestion des risques réglementaires ; (5) gestion de la chaîne d’approvisionnement ; (6) gestion de la clientèle ; (7) gestion du personnel ; et (8) gestion environnementale. La société reçoit une note globale allant de un à dix et est classée, selon son score, dans l’une des catégories suivantes :
- « Retardataire » (scores allant de 1 à 3) : Sociétés caractérisées par une gouvernance d’entreprise, une gestion et des bilans peu convaincants, des relations médiocres avec les parties prenantes, et dont rien n’indique qu’elles ont pris conscience des enjeux ESG auxquels elles sont confrontées.
- « Neutre » (scores allant de 4 à 6) : Sociétés caractérisées par une gouvernance d’entreprise et une gestion appropriées, des bilans raisonnablement solides, des relations raisonnables avec les parties prenantes et une certaine sensibilisation aux enjeux ESG. Ces sociétés, qui ne présentent pas nécessairement de risques ESG, ne sont pas, néanmoins, les meilleures de leur catégorie, à même de conserver une croissance de premier plan sur le marché.
- « Meilleure de sa catégorie » (scores allant de 7 à 10) : Sociétés caractérisées par une gouvernance d’entreprise et une gestion de qualité, des bilans solides, de bonnes relations avec les parties prenantes, ainsi que par une prise de conscience avérée des enjeux ESG et une gestion appropriée dans ce domaine. Ces sociétés réunissent les conditions leur permettant d’attirer les employés les plus performants, de rester à la tête de leur secteur en termes de productivité, de tisser des liens solides dans la chaîne d’approvisionnement, de représenter un « fournisseur de référence » pour leurs clients, tout en étant pleinement conscientes de leur impact environnemental.

En règle générale, le Compartiment n’investit que dans des sociétés classées comme « Neutre » ou
« Meilleure de sa catégorie ».
Le Gestionnaire d’investissement effectue en outre sa propre analyse des informations fournies par les sociétés, notamment des informations figurant dans les rapports en matière de durabilité et dans d’autres documents pertinents établis par ces sociétés. Les recherches émanant de tierces parties constituent des éléments d’appréciation secondaires utilisés le plus souvent par l’équipe pour remettre en question ou corroborer son point de vue.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. Le Compartiment investit au moins 75 % de son actif dans des sociétés qui tirent au moins 50 % de leurs recettes d’activités qui contribuent à la transition énergétique et écologique.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI All Country (AC) World (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés du monde entier.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés du monde entier.
Le Gestionnaire d’investissement s’efforce d’identifier les sociétés qui selon lui présentent des perspectives de croissance des revenus supérieure à celle attendue par le marché, habituellement sur un horizon de trois à cinq ans (nous appelons cela un « écart de croissance positive »).
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI All Country (AC) World (Net TR). L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction

### Caractéristiques du Compartiment
Devise du Compartiment	USD
quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions traditionnels ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui visent un potentiel de croissance sur le long terme au travers d’investissements en actions.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,25 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,25 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,25 % |
| Actions C | Jusqu’à 1 % | Néant | 0,45 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,45 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,45 % |
| Actions D | Néant | 1,00 % | 1,25 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,45 % |
| Actions Z | Néant | Néant | Jusqu’à 0,45 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI World (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés du monde entier.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés du monde entier.
Les compartiments « Alpha » investissent dans des sociétés dont le cours boursier ne reflète pas leurs perspectives, de l’avis du Gestionnaire d’investissement.
Le Gestionnaire d’investissement s’efforce d’identifier les sociétés qui selon lui présentent des perspectives de croissance des revenus supérieure à celle attendue par le marché, habituellement sur un horizon de trois à cinq ans (nous appelons cela un « écart de croissance positive »).
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI World (Net TR). L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des

### Caractéristiques du Compartiment
Devise du Compartiment	USD
sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions Alpha ».
Le nom du Compartiment comporte le terme « Alpha », ce qui signifie que le Gestionnaire d’investissement adopte une stratégie de gestion active en positionnant le portefeuille de manière dynamique en fonction des conditions prévalant sur le marché. L’accent peut être mis sur des secteurs, des thèmes ou des styles particuliers ou sur un certain nombre d’investissements qui, selon le Gestionnaire d’investissement, sont à même de surperformer le marché.

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,65 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,65 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,65 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,65 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice MSCI World (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés du monde entier.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés du monde entier.
Le Compartiment investira dans un portefeuille diversifié d’actions et titres assimilés à des actions dont le rendement en dividendes global est supérieur au rendement moyen sur le marché. Les actions ayant un rendement en dividendes inférieur à la moyenne peuvent être incluses dans le portefeuille lorsque le Gestionnaire d’investissement considère qu’elles ont le potentiel de rapporter plus que le rendement moyen à l’avenir.
Le Compartiment ne sera pas géré pour le rendement uniquement : le rendement total (rendement en dividendes plus croissance de capital) sera tout aussi important.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir jusqu’à 10 % de son actif (sur une base nette) en Actions A chinoises directement ou indirectement par le biais d’instruments dérivés à l’aide des programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI World (Net TR) et comparées à l’indice MSCI World Value (Net TR) et à la catégorie Morningstar Global Income Equity. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible et de l’indice MSCI World Value (Net TR). Les indices de référence comparateurs ne sont inclus qu’à des fins de comparaison des performances et n’ont aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction

### Caractéristiques du Compartiment
Devise du Compartiment	USD
quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence comparateur ou de l’indice MSCI World Value (Net TR). Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible ou dans l’indice MSCI World Value (Net TR) afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. Tout indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice FTSE Gold Mines après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés du secteur de l’or.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés du monde entier impliquées dans le secteur de l’or. Il investira également dans l’or et dans d’autres métaux précieux par le biais d’actifs éligibles (tels que décrits dans la définition des
« Catégories d’actifs alternatives » en Annexe III au présent Prospectus, à l’exclusion des Fonds d’investissement alternatifs) et de valeurs mobilières du secteur de l’or et d’autres métaux précieux.
Le Compartiment peut détenir jusqu’à 40 % de son actif en liquidités et Placements du marché monétaire. Il ne sera directement exposé à aucune matière première physique et ne conclura aucun contrat relatif à des matières premières physiques.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement et warrants (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice FTSE Gold Mines. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital et des revenus en investissant dans des titres à taux fixe et variable émis par des gouvernements et des sociétés du monde entier. Le Compartiment vise à atténuer les pertes dans les marchés en baisse. L’atténuation des pertes ne peut être garantie.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à haut rendement et « investment grade » à taux fixe et variable émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés du monde entier, y compris des pays émergents.
Le Compartiment peut investir :
- plus de 50 % de son actif dans des titres ayant une notation inférieure à « investment grade » (telle que mesurée par Standard & Poor’s ou toute notation équivalente émise par d’autres agences de notation pour les obligations notées et les notations internes de Schroders pour les obligations non notées) ;
- jusqu’à 20 % de son actif dans des titres adossés à des actifs et des titres adossés à des créances hypothécaires ;
- jusqu’à 10 % de son actif dans des obligations convertibles (y compris des obligations convertibles contingentes) ;
- jusqu’à 10 % de son actif dans des fonds d’investissement à capital variable ; et
- dans des placements du marché monétaire et détenir des liquidités.

Le Gestionnaire d’investissement vise à atténuer les pertes en diversifiant l’allocation d’actifs du Compartiment hors des zones du marché identifiées comme présentant un risque élevé de rendement négatif significatif.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises et warrants (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés, longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Le Compartiment n’a pas d’indice de référence cible. Les performances du Compartiment seront comparées par rapport aux indices Barclays Bloomberg Multiverse ex Treasury BBB to CCC USD, EUR, GBP, Bloomberg Barclays Global High Yield USD et JP Morgan EMBI Global Total Return. Les indices de référence comparateurs ne sont inclus qu’à des fins de comparaison des performances et n’ont aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment.
L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes des indices de référence comparateurs. Toutefois, le
Compartiment reflétera probablement certaines caractéristiques de l’indice de référence du comparateur (à savoir la qualité/duration du crédit, l’exposition/exposition de change à des émetteurs particuliers). Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter des indices de référence comparateurs. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans les indices de référence comparateurs.
Tout indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que cet indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Méthode de gestion des risques
Valeur à risque absolue (VaR)
Effet de levier attendu
500 % de l’actif net total
Le niveau attendu d’effet de levier peut être supérieur lorsque la volatilité est inhabituellement forte ou faible.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR absolue conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR absolue, veuillez vous reporter à l’Annexe I. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
Une description détaillée des risques liés aux obligations convertibles contingentes, aux titres de qualité inférieure à
« Investment grade », aux titres adossés à des actifs et aux titres adossés à des créances hypothécaires figure à l’Annexe II du présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Caractéristiques du Compartiment
Devise du Compartiment	USD

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,00 %  3 |
| Actions AX | Jusqu’à 3 % | Néant | 1,00 %  3 |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,00 %  3 |
| Actions B | Néant | 0,50 % | 1,00 %  3 |
| Actions C | Jusqu’à 1 % | Néant | 0,60 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,60 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,60 % |
| Actions D | Néant | 1,00 % | 1,00 %  3 |
| Actions E | Jusqu’à 1 % | Néant | 0,30 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,60 % |
| Actions Z | Néant | Néant | Jusqu’à 0,60 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
À compter du 1
er 
mars 2020, la commission de gestion pour les catégories A, B et D et les catégories d’actions passera à 1,20 %.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à la limite de 2 % de l’indice Bloomberg Barclays Global HYxCMBSxEMG couvert en USD, après déduction des frais sur une période de trois à cinq ans, en investissant dans des titres à taux fixe et variable de qualité inférieure à « investment grade » émis dans le monde entier.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe et variable dont la notation est inférieure à « investment grade » (telle que mesurée par Standard & Poor’s, ou toute notation équivalente d’autres agences de notation). Les titres peuvent être libellés dans diverses devises et émis par
des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés du monde entier.
Le Compartiment peut investir jusqu’à 10 % de son actif dans des obligations convertibles conditionnelles.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés, longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Le Compartiment peut utiliser un effet de levier.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice Bloomberg Barclays Global HYxCMBSxEMG index USD Hedged 2 % cap et comparées à la catégorie Morningstar Global High Yield. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement. L’indice Bloomberg Barclays Global High Yield xCMBS xEMG 2 % Issuer Capped Bond mesure le marché des obligations d’entreprises imposables à taux fixe de qualité « non-investment grade ». L’indice suit les mêmes règles que l’indice non plafonné, mais limite l’exposition de chaque émetteur à 2 % de la valeur de marché totale et redistribue toute valeur de marché excédentaire à l’échelle de l’indice au prorata.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au
rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) relative
Indice de référence de la VaR
Barclays Global High Yield ex CMBS ex EMG 2 % Cap couvert en USD. Cet indice couvert en USD offre une mesure globale du marché mondial des obligations de type « non- investment grade », plafonne le niveau d’exposition aux émetteurs à 2 % et exclut les marchés émergents ainsi que les titres adossés à des créances hypothécaires commerciales.
Effet de levier attendu
100 % de l’actif net total
Le niveau attendu d’effet de levier est susceptible d’augmenter quand la volatilité diminue de manière durable, en cas de prévision de changement des taux d’intérêt ou lorsqu’un élargissement ou un resserrement des spreads de crédit est attendu.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR relative conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR relative, veuillez vous reporter à l’Annexe 1. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Gestionnaire d’investissement	Schroder Investment Management North America Inc. Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,00 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,00 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,00 % |
| Actions B | Néant | 0,50 % | 1,00 % |
| Actions C | Jusqu’à 1 % | Néant | 0,60 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,60 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,60 % |
| Actions D | Néant | 1,00 % | 1,00 % |
| Actions E | Jusqu’à 1 % | Néant | 0,30 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,60 % |
| Actions Z | Néant | Néant | Jusqu’à 0,60 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice ICE BofA Merrill Lynch Global Governments Inflation-Linked couvert en EUR, après déduction des frais sur une période de trois à cinq ans en investissant dans des titres à revenu fixe indexés sur l’inflation.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à revenu fixe indexés sur l’inflation dont la notation est inférieure ou égale à « investment grade » (telle que mesurée par Standard & Poor’s ou toute notation équivalente émise par d’autres agences de notation pour les obligations notées et les notations internes de Schroders pour les obligations non notées) émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés du monde entier.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total), longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Lorsque le Compartiment emploie des swaps de rendement total, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. En particulier, les swaps de rendement total peuvent être utilisés pour acquérir une exposition longue et courte aux titres de créance à revenu fixe. L’exposition brute des swaps de rendement total ne dépassera pas 30% et devrait rester comprise entre 0 et 10% de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice ICE BofA Merrill Lynch Global Governments Inflation- Linked couvert en EUR. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. Toutefois, le Compartiment reflétera probablement certaines caractéristiques de l’indice de référence cible, à savoir la qualité de crédit et la duration, ainsi que l’exposition au risque de change. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations traditionnels ».

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) relative
Indice de référence de la VaR
Indice ICE Bank of America Global Governments Inflation- Linked couvert en EUR. Cet indice couvert en EUR mesure les performances de titres de dette souveraine de haute qualité indexés sur l’inflation, émis publiquement sur le marché intérieur de l’émetteur et libellés dans la devise de ce dernier.
Effet de levier attendu
300 % de l’actif net total
Le niveau attendu d’effet de levier est susceptible d’augmenter quand la volatilité diminue de manière durable, en cas de prévision de changement des taux d’intérêt ou lorsqu’un élargissement ou un resserrement des spreads de crédit est attendu.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR relative conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR relative, veuillez vous reporter à l’Annexe 1. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
Les positions longues et courtes obtenues par le biais de swaps de rendement total sur obligations peuvent accroître l’exposition au risque de crédit.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Devise du Compartiment	EUR
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 0,75 % |
| Actions AX | Jusqu’à 3 % | Néant | 0,75 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 0,75 % |
| Actions B | Néant | 0,50 % | 0,75 % |
| Actions C | Jusqu’à 1 % | Néant | 0,375 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,375 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,375 % |
| Actions D | Néant | 1,00 % | 0,75 % |
| Actions E | Jusqu’à 1 % | Néant | 0,25 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,50 % |
| Actions Z | Néant | Néant | Jusqu’à 0,50 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager, sur une période de cinq à sept ans, des revenus et une croissance du capital supérieurs à 60 % de l’Indice MSCI AC World (Net TR) non couvert en USD et 40 % de l’Indice Barclays Global Treasury (CA, IT, FR, DE, UK, US) couvert en USD, après déduction des frais*, en investissant dans une gamme diversifiée d’actifs et de marchés du monde entier.
*Pour connaître le rendement cible après déduction des frais pour chaque catégorie d’actions, veuillez consulter le site Internet de Schroder : https://www.schroders.com/en/lu/private-investor/ investing-with-us/after-fees-performance-targets/

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif directement ou indirectement (par le biais de Fonds d’investissement à capital variable) dans des actions et des titres assimilés à des actions et des titres à revenu fixe. Le Compartiment peut également investir indirectement dans l’immobilier, les infrastructures et les matières premières, y compris les métaux précieux (et n’investira pas dans des Fonds d’investissement alternatifs et des fonds de capital-investissement). L’exposition à l’immobilier, aux infrastructures et aux matières premières, y compris les métaux précieux, est prise par le biais d’actifs éligibles tels que décrits à l’Annexe III du présent Prospectus. Il ne sera directement exposé à aucune matière première physique et ne conclura aucun contrat relatif à des matières premières physiques.
Les titres à revenu fixe incluent des titres à taux fixe ou variable tels que des obligations d’État, des obligations d’entreprises, des titres de créance de marchés émergents, des titres (à taux fixe et variable) ayant une notation de crédit inférieure à investment grade (attribuée par Standard & Poor’s ou tout équivalent d’autres agences de notation), des obligations convertibles et des obligations indexées sur l’inflation.
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace. Le Compartiment peut détenir jusqu’à 100 % de son actif dans des fonds d’investissement à capital variable (y

### Caractéristiques du Compartiment
Devise du Compartiment	USD
compris d’autres fonds Schroder). Le Compartiment peut également investir dans des Placements du marché monétaire et détenir des liquidités.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser 60 % de l’indice MSCI AC World (net TR) non couvert en USD et 40 % de l’indice Barclays Global Treasury (CA, IT, FR, DE, UK, US) couvert en USD. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments multi-actifs ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,00 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,00 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,00 % |
| Actions B | Néant | 0,60 % | 1,00 % |
| Actions C | Jusqu’à 1 % | Néant | 0,50 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,50 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,50 % |
| Actions D | Néant | 1,00 % | 1,00 % |
| Actions E | Jusqu’à 1 % | Néant | 0,25 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,50 % |
| Actions Z | Néant | Néant | Jusqu’à 0,50 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager sur une période de trois à cinq ans des revenus et une croissance du capital supérieurs à l’Euribor à 3 mois (ou à un taux de référence équivalent)
+3 % par an après déduction* des frais, en investissant dans une gamme diversifiée d’actifs et de marchés du monde entier. Le Compartiment vise à fournir une volatilité (mesure de la variation possible des rendements du Compartiment sur une année) comprise entre 4 % et 7 % par an. Le Compartiment est conçu pour participer à la hausse des marchés tout en visant à limiter les pertes à un maximum de 10 % de la valeur du Compartiment, sur une période glissante de 12 mois. La limitation des pertes ne peut être garantie.
*Pour connaître le rendement cible après déduction des frais pour chaque Catégorie d’Actions, veuillez consulter le site Internet de Schroder : https://www.schroders.com/en/lu/private-investor/ investing-with-us/after-fees-performance-targets/

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif directement ou indirectement par le biais d’instruments dérivés dans des actions et des titres assimilés à des actions, des titres à revenu fixe et des Catégories d’actifs alternatives.
Les titres à revenu fixe incluent des titres à taux fixe ou variable tels que des obligations d’État, des obligations d’entreprises, des titres de créance de marchés émergents, des titres (à taux fixe et variable) ayant une notation de crédit inférieure à investment grade (attribuée par Standard & Poor’s ou tout équivalent d’autres agences de notation), des obligations convertibles et des obligations indexées sur l’inflation.
L’exposition à des Catégories d’actifs alternatives est assurée au moyen d’actifs éligibles comme décrit à l’Annexe III du présent Prospectus.
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total), longs et courts, dans le but de dégager des rendements financiers, de réduire les risques, d’atténuer les pertes dans un contexte de marché orienté à la baisse ou de gérer le Compartiment de manière plus efficace. Lorsque le Compartiment emploie des swaps de rendement total et des contrats de différence, le sous- jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. En particulier, les swaps de rendement total et les contrats de différence peuvent être utilisés pour obtenir une exposition longue et courte à des actions et des titres assimilés à des actions, des titres à taux fixe et variable et des indices de matières premières. L’exposition brute des swaps de rendement total et des contrats de différence ne dépassera pas 60 % et devrait rester comprise entre 0 % et 30 % de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.
Le Compartiment peut (à titre exceptionnel) détenir jusqu’à 100 % de son actif en liquidités et Placements du marché monétaire. Cela se limitera à une période maximale de
six mois (faute de quoi le Compartiment sera liquidé). Au cours de cette période, le Compartiment n’entrera pas dans
le champ du Règlement sur les fonds monétaires. Le Compartiment peut investir jusqu’à 10 % de son actif dans des Fonds d’investissement de type ouvert.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, le taux Euribor à 3 mois (ou à un taux de référence équivalent) plus 3 % et à son objectif de volatilité de 4 à 7 % par an. Le Gestionnaire d’investissement investit de manière discrétionnaire et ses investissements ne se limitent pas aux placements respectant la composition d’un indice de référence.
L’indice de référence est sélectionné car le rendement cible du Compartiment vise à égaler ou dépasser le rendement de cet indice de référence, comme décrit dans l’objectif d’investissement.
Schroders est en train d’évaluer les alternatives potentielles à l’EURIBOR et informera les investisseurs de toute décision de s’éloigner de l’EURIBOR en temps voulu.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments multi-actifs ».

### Risques
Risques spécifiques
Les positions longues et courtes obtenues par le biais de swaps rendement total sur indices, obligations et actions peuvent accroître l’exposition au risque de crédit.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Comme la performance du Compartiment est calculée par référence à un IBOR, il peut être nécessaire, à la suite de ces initiatives du secteur, que le Compartiment choisisse un successeur ou un autre taux de référence comme indice de référence pour le Compartiment. Comme décrit plus en détail dans la rubrique « Réforme des IBOR » de l’Annexe II, même avec des spreads ou d’autres ajustements, les taux de référence alternatifs équivalents à des IBOR ne peuvent constituer qu’une approximation de l’IBOR concerné et ne peuvent aboutir à un taux qui soit l’équivalent économique des IBOR spécifiques. Le Compartiment peut donc ne pas constituer un investissement économiquement équivalent à celui qu’un investisseur avait anticipé au moment de son investissement dans le Compartiment. Schroders est en train d’évaluer les alternatives potentielles aux IBOR et informera les investisseurs du Compartiment de sa décision en temps voulu.

### Profil de l’investisseur type
Le Compartiment est un véhicule assorti d’un niveau de risque moyen qui conviendra aux Investisseurs visant un potentiel de croissance sur le long terme au travers d’investissements dans un portefeuille diversifié offrant une exposition à un éventail de catégories d’actifs.
Devise du Compartiment	EUR
Gestionnaire d’investissement	Schroder Investment Management (Europe) S.A. - succursale allemande Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction
Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 4 % | Néant | 1,25 % |
| Actions AX | Jusqu’à 4 % | Néant | 1,25 % |
| Actions A1 | Jusqu’à 3 % | 0,50 % | 1,25 % |
| Actions B | Néant | 0,60 % | 1,25 % |
| Actions C | Jusqu’à 1 % | Néant | 0,60 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,60 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,60 % |
| Actions D | Néant | 1,00 % | 1,25 % |
| Actions E | Jusqu’à 1 % | Néant | 0,30 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,60 % |
| Actions Z | Néant | Néant | Jusqu’à 0,60 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à obtenir une distribution du revenu de 5 % par an, ainsi qu’une croissance du capital après déduction des frais sur une période de trois à cinq ans, en investissant dans une gamme diversifiée d’actifs et de marchés du monde entier. Le Compartiment vise à fournir une volatilité (mesure de la variation des rendements du Compartiment sur une année) comprise entre 5 % et 7 % par an.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif directement ou indirectement par le biais d’instruments dérivés dans des actions et des titres assimilés à des actions, des titres à revenu fixe et des Catégories d’actifs alternatives.
Le Compartiment peut investir :
- jusqu’à 50 % de son actif dans des titres(à taux fixe et variable) de qualité inférieure à « investment grade » (titres assortis d’une notation inférieure à « investment grade » selon Standard & Poor’s ou de toute notation équivalente attribuée par d’autres agences de notation) et des titres non notés.
- plus de 50 % de son actif dans des titres de créance (à taux fixe et variable) des marchés émergents.
- jusqu’à 20 % de son actif dans des titres adossés à des actifs et des titres adossés à des créances hypothécaires.

L’exposition à des Catégories d’actifs alternatives est assurée au moyen d’actifs éligibles comme décrit à l’Annexe III du présent Prospectus.
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total), longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Lorsque le Compartiment emploie des swaps de rendement total et des contrats de différence, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. En particulier, les swaps de rendement total et les contrats de différence peuvent être utilisés pour obtenir une exposition

### Caractéristiques du Compartiment
Devise du Compartiment	USD
longue et courte à des actions et des titres assimilés à des actions, des titres à taux fixe et variable et des indices de matières premières.
L’exposition brute des swaps de rendement total et des contrats de différence ne dépassera pas 30 % et devrait rester comprise entre 0 % et 20 % de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée. Le Compartiment peut investir jusqu’à 10 % de son actif dans des Fonds d’investissement de type ouvert. Le Compartiment peut investir dans des Instruments du marché monétaire et détenir des liquidités.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir fournir un revenu de 5 % par an et une croissance du capital, avec un objectif de volatilité de 5 % à 7 % par an.
Les objectifs de revenu et de volatilité ont été sélectionnés parce que le Gestionnaire d’investissement déploie des stratégies qui visent à fournir le niveau de revenu stipulé dans l’objectif d’investissement.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments multi-actifs ».

### Risques
Risques spécifiques
Une description détaillée des risques liés aux titres adossés à des actifs et aux titres adossés à des créances hypothécaires figure à l’Annexe II du présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.

### Profil de l’investisseur type
Le Compartiment conviendra aux investisseurs qui recherchent un revenu stable combiné à une croissance du capital au travers d’investissements dans un éventail de catégories d’actifs.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,25 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,25 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,25 % |
| Actions B | Néant | 0,60 % | 1,25 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,25 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice Bloomberg Barclays Multiverse (TR) ex Treasury A+ to B- USD Hedged après déduction des frais sur une période de trois à cinq ans en investissant dans des titres à taux fixe et variable.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe et variable dont la notation est inférieure ou égale à
« investment grade » (telle que mesurée par Standard & Poor’s, ou toute notation équivalente par d’autres agences de notation) émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés du monde entier, y compris des pays des marchés émergents.
Le Compartiment peut investir :
- plus de 50 % de son actif dans des titres ayant une notation inférieure à « investment grade » (telle que mesurée par Standard & Poor’s ou toute notation équivalente émise par d’autres agences de notation pour les obligations notées et les notations internes de Schroders pour les obligations non notées) ;
- jusqu’à 20 % de son actif dans des titres adossés à des actifs et des titres adossés à des créances hypothécaires ; et
- jusqu’à 30 % de ses actifs dans des obligations convertibles, y compris dans des obligations contingentes convertibles (CoCos), dans la limite de 10 % de ses actifs.

Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut également investir dans des instruments dérivés, afin d’obtenir une exposition longue et courte aux actifs sous-jacents de ces instruments dérivés. Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.
Le Compartiment conserve un score global de durabilité supérieur à celui de l’indice Bloomberg Barclays Multiverse (TR) ex Treasury A+ to B- USD Hedged, suivant le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs dont la liste est consultable sur le site Internet www.schroders.com/en/lu/private-investor/gfc.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence, à savoir dépasser l’indice Bloomberg Barclays Multiverse (TR) ex Treasury A+ to B-, couvert en USD. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence afin de tirer parti de certaines opportunités d’investissement.
L’indice est un indice de référence personnalisé qui a été sélectionné, car il offre un univers d’investissement plus précis par rapport auquel comparer la performance. Il s’agit d’un fonds de crédit ciblé, de sorte que l’indice exclut les bons du Trésor, qui ont tendance à être inclus dans les indices de marché généraux. L’indice de référence inclut des obligations d’entreprises notées A+ à B-, car nous excluons également les titres notés AAA, AA et CCC et inférieurs.
L’indice est couvert, mais les devises locales sont exclues sans couverture. L’indice/Les indices de référence ne prend/ ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) absolue
Effet de levier attendu
500 % de l’actif net total
Le niveau attendu d’effet de levier peut être supérieur lorsque la volatilité est inhabituellement forte ou faible.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR absolue conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR absolue, veuillez vous reporter à l’Annexe I. En plus de cette restriction réglementaire, Schroders met en œuvre des
contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
Le Compartiment aura recours à des instruments dérivés de crédit pour viser une exposition aux marchés de crédit du monde entier. Il peut en découler une plus grande volatilité du prix des Actions et un risque de contrepartie accru.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant

### Caractéristiques du Compartiment
Devise du Compartiment	USD
ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management (Europe) S.A. - succursale allemande Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction
Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de gouvernance et de durabilité lors de la sélection des investissements pour le Compartiment.
La stratégie vise à identifier les émetteurs qui présentent des caractéristiques satisfaisantes ou une amélioration en matière de durabilité, ainsi que ceux qui imposent un coût environnemental et social élevé. Cela implique :
- L’exclusion des émetteurs dont le Gestionnaire d’investissement estime qu’ils conduisent des activités gravement préjudiciables au climat ou imposant des coûts sociaux injustifiables.
- L’inclusion d’émetteurs inscrits sur des trajectoires stables ou en amélioration en matière de durabilité ainsi que d’émetteurs appliquant une bonne gouvernance au regard de la méthodologie de notation de la durabilité du Gestionnaire d’investissement.

Le Gestionnaire d’investissement peut également prendre contact avec des sociétés pour encourager la transparence, la transition vers une économie circulaire à émissions de carbone réduites, ainsi qu’un comportement social responsable qui favorise une croissance durable et la génération d’alpha.
Les principales sources d’information utilisées pour conduire l’analyse sont les outils et recherches exclusifs du Gestionnaire d’investissement, des travaux de recherche de tierces parties, des rapports d’ONG et des réseaux d’experts. Le Gestionnaire d’investissement effectue en outre sa propre analyse des informations accessibles au public fournies par les sociétés, ce qui inclut les informations figurant dans les rapports en matière de durabilité et dans d’autres documents pertinents établis par ces sociétés.
Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic-capabilities/sustainability/disclosures.
Le Gestionnaire d’investissement s’assure qu’au moins :
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
- 90 % des titres à taux fixe ou variable et des instruments du marché monétaire ayant une notation investment grade ; et des créances souveraines émises par des pays développés ; et des actions émises par de grandes sociétés domiciliées dans des pays développés ; et
- 75 % des titres à taux fixe ou variable et des instruments du marché monétaire assortis d’une notation haut rendement ; des titres souverains émis par des pays émergents ; des actions émises par de grandes sociétés domiciliées dans des pays émergents ; des actions émises par des petites et moyennes entreprises,détenus dans le portefeuille du Compartiment sont notés par rapport aux critères de durabilité. Aux fins de ce test, les petites entreprises sont celles dont la capitalisation boursière est inférieure à5 milliards d’euros, les moyennes entreprises sont celles dont la capitalisation boursière se situe entre 5 et 10 milliards d’euros et les grandes entreprises sont celles dont la capitalisation boursière est supérieure à 10 milliards d’euros.


### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,20 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,20 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,20 % |
| Actions B | Néant | 0,30 % | 1,20 % |
| Actions C | Jusqu’à 1 % | Néant | 0,60 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,60 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,60 % |
| Actions D | Néant | 1,00 % | 1,20 % |
| Actions E | Jusqu’à 1 % | Néant | 0,30 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,60 % |
| Actions Z | Néant | Néant | Jusqu’à 0,60 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI World (Net TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés du monde entier ayant subi des revers importants au niveau de leur cours boursier ou de leur rentabilité.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions de sociétés du monde entier.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir jusqu’à 10 % de son actif (sur une base nette) en Actions A chinoises directement ou indirectement par le biais d’instruments dérivés à l’aide des programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI World (TR) et comparées à l’indice MSCI World Value (Net TR) et la catégorie Morningstar Global Flex-Cap Equity. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible et de l’indice MSCI World Value (Net TR). Les indices de référence comparateurs ne sont inclus qu’à des fins de comparaison des performances et n’ont aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence comparateur ou de l’indice MSCI World Value (Net TR). Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible ou dans l’indice MSCI World Value (Net TR) afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue,

### Caractéristiques du Compartiment
Devise du Compartiment	USD
par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. Tout indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
Le portefeuille affichera un style d’investissement fortement anti-conventionnel ainsi qu’une approche visant à tirer au maximum parti des biais comportementaux des marchés d’investissement mondiaux et affichera probablement une volatilité d’investissement supérieure à celle des indices des marchés d’actions mondiaux. Toutefois, il est prévu qu’un style axé sur les valeurs de sociétés appelées à se redresser affiche un risque d’investissement inférieur à la moyenne en raison de valorisations favorables des titres du portefeuille.
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,65 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,65 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,65 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice S&P Developed Small Cap (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés de petite capitalisation du monde entier.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés de petite capitalisation du monde entier. Les sociétés de petite capitalisation sont des sociétés sélectionnées qui, au moment de l’achat, font partie de la tranche inférieure de 30 % de chacun des marchés d’actions concernés en termes de capitalisation boursière.
Le Compartiment peut également investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 30 % de son actif (sur une base nette) en Actions A chinoises directement ou indirectement par le biais d’instruments dérivés à l’aide des programmes Shanghai- Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice S&P Developed Small Cap (Net TR). L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement

### Caractéristiques du Compartiment
Devise du Compartiment	USD
investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers
de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund Global Sustainable Convertible Bond

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital en investissant dans des obligations convertibles émises par des sociétés du monde entier qui respectent les critères de durabilité du Gestionnaire d’investissement.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans une gamme diversifiée de titres convertibles émis par des sociétés du monde entier. Le Compartiment peut également investir dans des actions et des titres assimilés à des actions de sociétés du monde entier.
Les obligations convertibles sont généralement des obligations de sociétés qui peuvent être converties en actions à un prix donné. Par conséquent, le Gestionnaire d’investissement estime que les investisseurs peuvent acquérir une exposition aux marchés mondiaux des actions tout en bénéficiant du caractère défensif et de la volatilité moindre des placements obligataires.
Le Compartiment peut investir plus de 50 % de son actif dans des titres ayant une notation inférieure à « investment grade » (telle que mesurée par Standard & Poor’s ou toute notation équivalente émise par d’autres agences de notation pour les obligations notées et les notations internes de Schroders pour les obligations non notées).
Le Compartiment conserve un score global de durabilité supérieur à celui de l’indice Thomson Reuters Global, suivant le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs au-delà des limites définies à la section « Informations relatives à la durabilité » sur la page Internet du Compartiment, consultable sur le site Internet www.schroders.com/en/lu/ private-investor/gfc.
Le Compartiment investit dans des sociétés qui appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Le Compartiment n’a pas d’indice de référence cible. Les performances du Compartiment seront comparées par rapport à 2/3 de l’indice Thomson Reuters Global Focus Hedged Convertible Bond (EUR) + 1/3 de l’indice Thomson Reuters Global Focus Investment Hedged Grade (EUR).
L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence comparateur. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence comparateur. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence comparateur. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
Gestionnaire d’investissement	Schroder Investment Management (Switzerland) AG
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 Jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des
investissements pour le Compartiment.
L’approche du Gestionnaire d’investissement vise à recenser les sociétés qui se distinguent parmi leurs homologues (approche « best-in-class ») : chaque société reçoit une notation basée sur différents critères ESG à l’aide d’un outil interne exclusif.
Le quintile inférieur du classement, à savoir les 20 % de sociétés ayant obtenu les notes les plus faibles, est exclu.
Les participations du Compartiment seront principalement allouées à des sociétés dont les scores ESG se situent dans les quintiles de 60 % à 100 %, sauf s’il existe des raisons impérieuses d’inclure des sociétés classées hors de ces quintiles. Les caractéristiques de durabilité d’une société peuvent également avoir une incidence sur la taille des positions au sein du Compartiment.
Les mesures ci-dessus visent à garantir que le portefeuille du Compartiment présente à tout moment un score global ESG supérieur à 50 %.
Les sources d’information utilisées pour conduire l’analyse comprennent les informations fournies par les sociétés, telles que les rapports en matière de durabilité et autres documents pertinents établis par ces sociétés, ainsi que les outils exclusifs de Schroders en matière de durabilité et des données de tierces parties.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers est composé de titres convertibles émis par des sociétés du monde entier. Toutefois (aux fins de cette analyse uniquement), l’univers ne comprendra pas de titres de créance émis par des émetteurs publics ou quasi publics.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,20 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,20 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,20 % |
| Actions B | Néant | 0,50 % | 1,20 % |
| Actions C | Jusqu’à 1 % | Néant | 0,60 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,60 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,60 % |
| Actions D | Néant | 1,00 % | 1,20 % |
| Actions E | Jusqu’à 1 % | Néant | 0,30 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,60 % |
| Actions Z | Néant | Néant | Jusqu’à 0,60 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund Global Sustainable Growth

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital en investissant dans des actions et des titres assimilés à des actions de sociétés du monde entier qui respectent les critères de durabilité du Gestionnaire d’investissement.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés du monde entier.
Le Compartiment investit habituellement dans moins de 50 sociétés.
Le Compartiment conserve un score global de durabilité supérieur à celui de l’indice MSCI AC World (Net TR), suivant le système de notation du Gestionnaire d’investissement.
Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs au-delà des limites définies à la section « Informations relatives à la durabilité » sur la page Internet du Compartiment, consultable sur le site Internet www.schroders.com/en/lu/ private-investor/gfc. Le Compartiment investit dans des sociétés qui appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Le Compartiment n’a pas d’indice de référence cible. Les performances du Compartiment seront comparées par rapport à l’indice MSCI AC World (Net TR). L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur

### Caractéristiques du Compartiment
Devise du Compartiment	USD
la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence comparateur. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence comparateur. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence comparateur. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction
Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des
investissements pour le Compartiment.
Les sociétés sont évaluées et notées en fonction d’un ensemble de questions couvrant des dimensions telles que le respect de l’environnement, le traitement juste et équitable des salariés, des fournisseurs et des clients, la responsabilité citoyenne de l’entreprise, l’allocation du capital et la gouvernance.
Sur le fondement de ces notations, le Gestionnaire d’investissement détermine, au cas par cas, si une société est éligible à l’inclusion dans l’univers d’investissement. Bien que toutes les sociétés soient évaluées au regard de toutes les questions, la décision du Gestionnaire d’investissement est fondée en premier lieu sur les notations obtenues par chaque société dans les domaines les plus pertinents pour son activité. Dans ces domaines, la société doit généralement être évaluée au moins comme étant « forte » afin de rejoindre l’univers d’investissement. L’éligibilité de chaque société au portefeuille du Compartiment est ensuite réexaminée au moins une fois par an.
Les principales sources d’information utilisées pour conduire l’analyse sont les outils exclusifs de Schroders en matière de durabilité, les recherches émanant de tierces parties, les données non conventionnelles fournies par notre unité Data Insights, les rapports d’ONG et les réseaux d’experts. Le Gestionnaire d’investissement examine également les rapports relatifs à la durabilité et autres communications rendus publics par la société, ce qu’il peut compléter par un échange direct avec la société au cours du processus d’évaluation.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers est composé d’actions et de titres assimilés à des actions de sociétés du monde entier.
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,30 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,30 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,30 % |
| Actions B | Néant | 0,60 % | 1,30 % |
| Actions C | Jusqu’à 1 % | Néant | 0,65 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,65 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,65 % |
| Actions D | Néant | 1,00 % | 1,30 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,65 % |
| Actions Z | Néant | Néant | Jusqu’à 0,65 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital et un revenu équivalents à l’indice ICE BofA 3 Month US Treasury Bill +5 % par an avant déduction des frais* sur des périodes continues de trois ans, en investissant dans un large éventail de catégories d’actifs dans le monde entier. Il n’y a aucune garantie que l’objectif sera atteint et votre capital est à risque.
*Pour connaître le rendement cible après déduction des frais pour chaque Catégorie d’Actions, veuillez consulter le site Internet de Schroder : https://www.schroders.com/en/lu/private-investor/ investing-with-us/after-fees-performance-targets/

### Politique d’investissement
Le Compartiment est activement géré et investit directement ou indirectement (par le biais de Fonds d’investissement à capital variable et d’instruments dérivés) dans des actions et des titres assimilés à des actions, des titres à taux fixe et variable (émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés), des titres adossés à des créances hypothécaires et à des actifs, des obligations convertibles, des devises et des Catégories d’actifs alternatives (tel que défini à l’Annexe III du présent Prospectus), telles que les valeurs mobilières liées à l’immobilier, aux infrastructures et aux matières premières.
Le Compartiment peut investir jusqu’à 40 % de ses actifs dans des fonds d’investissement à capital variable.
Toutefois, au fur et à mesure de la croissance du Compartiment, le Gestionnaire d’investissement prévoit que le Compartiment détiendra moins de 10 % de ses actifs dans des fonds d’investissement à capital variable.
Le Compartiment peut investir dans des titres dont la notation est inférieure à « investment grade » (telle que mesurée par Standard & Poor’s, ou par toute notation équivalente d’autres agences de notation).
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total) dans le but de dégager des rendements financiers, de réduire le risque ou de gérer ses actifs plus efficacement. Lorsque le Compartiment emploie

### Caractéristiques du Compartiment
Devise du Compartiment	USD
des swaps de rendement total et des contrats de différence, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. En particulier, les swaps de rendement total et les contrats de différence peuvent être utilisés pour obtenir une exposition longue et courte à des actions et des titres assimilés à des actions, des titres à taux fixe et variable et des indices de matières premières. L’exposition brute des swaps de rendement total et des contrats de différence ne dépassera pas 40 % et devrait rester comprise entre 0 % et 20 % de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée. Le Compartiment peut également investir dans des Placements du marché monétaire et détenir des liquidités.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir obtenir un rendement correspondant à l’indice ICE BofA 3 Month US Treasury Bill (ou un taux de référence équivalent) plus 5 % avant déduction des frais. Le Gestionnaire d’investissement investit de manière discrétionnaire et ses investissements ne se limitent pas aux placements conformes à la composition d’un indice de référence.
L’indice de référence est sélectionné car le rendement cible du Compartiment vise à égaler ou dépasser le rendement de cet indice de référence, comme décrit dans l’objectif d’investissement.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments multi-actifs ». Le Compartiment peut investir plus de 10 % de ses actifs dans des Fonds d’investissement.

### Profil de l’investisseur type
Le Compartiment est un véhicule assorti d’un niveau de risque moyen qui conviendra aux Investisseurs visant un potentiel de croissance sur le long terme au travers d’investissements dans un portefeuille diversifié offrant une exposition à un éventail de catégories d’actifs.
Gestionnaire d’investissement	Schroder Investment Management Australia Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 4 % | Néant | 1,25 % |
| Actions AX | Jusqu’à 4 % | Néant | 1,25 % |
| Actions A1 | Jusqu’à 3 % | 0,50 % | 1,25 % |
| Actions B | Néant | 0,60 % | 1,25 % |
| Actions C | Jusqu’à 1 % | Néant | 0,625 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,625 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,625 % |
| Actions D | Néant | 1,00 % | 1,25 % |
| Actions E | Jusqu’à 1 % | Néant | 0,3125 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,625 % |
| Actions Z | Néant | Néant | Jusqu’à 0,625 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à atteindre un rendement absolu après déduction des frais en investissant dans des titres à taux fixe et variable. Une performance absolue signifie que le Compartiment cherche à fournir un rendement positif sur une période de 12 mois, quelles que soient les conditions de marché, mais il ne saurait être garanti et votre capital est à risque.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe et variable libellés dans diverses devises et émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés du monde entier.
Le Compartiment investit dans des instruments dérivés (y compris des swaps de rendement total) afin de prendre des expositions longues ou courtes aux marchés du crédit, aux taux d’intérêt, aux changes, à la volatilité et à divers secteurs de ces marchés. Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.
Lorsque le Compartiment emploie des swaps de rendement total, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. En particulier, les
swaps de rendement total peuvent être utilisés pour acquérir une exposition longue et courte aux titres de créance à taux fixe et variable. L’exposition brute des swaps de rendement total ne dépassera pas 30% et devrait rester comprise entre 0 et 10% de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.
Le Compartiment peut investir :
- jusqu’à 50 % de son actif dans des instruments de qualité « non-investment grade » (telle que mesurée par Standard & Poor’s ou toute autre agence de notation de crédit).
- jusqu’à 40% de son actif dans des titres adossés à des actifs et des titres adossés à des créances hypothécaires ; et
- jusqu’à 10 % de son actif dans des obligations convertibles conditionnelles.

Le Compartiment peut investir en Chine continentale via des Marchés réglementés (y compris le CIBM par le biais de Bond Connect).
Le Compartiment peut investir dans des titres adossés à des actifs, des titres adossés à des créances hypothécaires commerciales et/ou résidentielles émis par des émetteurs du monde entier ayant une notation investment grade ou sub-investment grade (attribuée par Standard & Poor’s ou tout équivalent d’autres agences de notation). Les actifs sous-jacents peuvent inclure des créances titrisées sur cartes de crédit, des prêts personnels, des prêts automobiles, des prêts à des petites entreprises, des crédits- baux, des créances commerciales et des créances résidentielles.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).

### Indice de référence
La performance du Compartiment doit être évaluée par rapport à son objectif de fournir un rendement positif sur une période de 12 mois, quelles que soient les conditions du marché.
L’indice de référence cible a été sélectionné parce que l’objectif de rendement du Compartiment vise à égaler celui de cet indice de référence, comme indiqué dans l’objectif d’investissement.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) absolue
Effet de levier attendu
500 % de l’actif net total. Le niveau attendu d’effet de levier est susceptible d’augmenter quand la volatilité diminue de manière durable, en cas de prévision de changement des taux d’intérêt ou lorsqu’un élargissement ou un resserrement des spreads de crédit est attendu.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR absolue conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR absolue, veuillez vous reporter à l’Annexe I. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
Les positions longues et courtes obtenues par le biais de swaps de rendement total sur obligations peuvent accroître l’exposition au risque de crédit.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 0,50 % |
| Actions AX | Jusqu’à 3 % | Néant | 0,50 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 0,50 % |
| Actions B | Néant | 0,50 % | 0,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,30 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,30 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,30 % |
| Actions D | Néant | 1,00 % | 0,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,25 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,30 % |
| Actions Z | Néant | Néant | Jusqu’à 0,30 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI Golden Dragon (Net TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés sises en République populaire de Chine, dans la RAS de Hong Kong et à Taïwan.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés en République populaire de Chine, dans la RAS de Hong Kong et à Taïwan.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 30 % de son actif (sur une base nette) en Actions A chinoises directement ou indirectement par le biais d’instruments dérivés à l’aide :
- programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect,
- des régimes RQFII (Renminbi Qualified Foreign Institutional Investor, à savoir des investissements réalisés par des investisseurs institutionnels étrangers éligibles), et
- des Marchés réglementés.

Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI Golden Dragon (Net TR) et comparées à la catégorie Morningstar Greater China Equity. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
Le Compartiment peut investir en Chine continentale via des régimes RQFII ou des Marchés réglementés. Les investisseurs sont invités à noter que le statut RQFII peut être suspendu ou révoqué, ce qui pourrait affecter la performance du Compartiment en lui imposant de se défaire des titres qu’il détient. Veuillez vous reporter à l’Annexe II pour plus d’informations sur les risques liés au statut RQFII et au quota RQFII.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management (Hong Kong) Limited Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction
Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital en investissant dans des actions et des titres assimilés à des actions de sociétés du monde entier spécialisées dans la santé et les services médicaux qui, selon le Gestionnaire d’investissement, constituent des investissements durables.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés du monde entier, qui sont impliquées dans la fourniture de soins de santé, de services médicaux et de produits connexes.
Le Compartiment investit au moins 75 % de son actif dans des investissements durables, à savoir des investissements dans des sociétés qui contribuent à l’atteinte d’un ou de plusieurs ODD des Nations unies en favorisant le développement de l’offre de soins de santé et de traitements médicaux et en améliorant les normes de santé selon une approche axée sur l’innovation (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Compartiment n’investit pas directement dans certaines activités, secteurs ou groupes d’émetteurs au-delà des limites énumérées sous « Informations sur la durabilité » sur la page web du Compartiment, accessible via www. schroders.com/en/lu/private-investor/gfc.
Le Compartiment investit dans des sociétés qui ne causent pas de préjudice environnemental ou social important et appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Compartiment peut investir dans des sociétés qui, selon le Gestionnaire d’investissement, amélioreront leurs pratiques de durabilité dans un délai raisonnable, allant habituellement jusqu’à deux ans.
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Le Compartiment n’a pas d’indice de référence cible. Les performances du Compartiment seront comparées par rapport à son indice de référence comparateur, à savoir
l’indice MSCI AC World (Net TR). L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence comparateur. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence comparateur. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence comparateur. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le Compartiment a pour objectif l’investissement durable (au sens de l’Article 9 du Règlement SFDR). Un Compartiment ayant cet objectif peut par conséquent avoir une exposition limitée à certaines sociétés, industries ou certains secteurs et le Compartiment peut renoncer à certaines opportunités d’investissement ou céder certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous- performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier.
Veuillez vous reporter à l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des
investissements pour le Compartiment.
Le Gestionnaire d’investissement sélectionne des sociétés qui interviennent dans la fourniture de soins de santé, de services médicaux et de produits connexes, y compris dans des domaines tels que les biotechnologies, la fabrication et la distribution de médicaments génériques, les produits pharmaceutiques, l’assurance maladie et les fournitures hospitalières. Les idées d’investissement sont identifiées au moyen d’une analyse fondamentale exclusive des titres et d’une évaluation descendante des facteurs thématiques qui affectent la demande et l’offre de soins de santé. L’analyse du Gestionnaire d’investissement vise à recenser les sociétés qui disposent des atouts nécessaires pour développer des produits ou des services qui répondent à la demande croissante de soins de santé tout en assurant une gestion plus efficace des systèmes de santé, face à une pression croissante sur les coûts.
Le Gestionnaire d’investissement utilise également un outil exclusif d’évaluation de la
performance ESG des sociétés avant qu’elles ne soient sélectionnées dans l’univers d’investissement du Compartiment. Des titres individuels présentant une performance ESG médiocre peuvent être inclus dans le portefeuille si le Gestionnaire d’investissement estime que la société concernée est en bonne voie d’améliorer sa performance ESG.
D’autres sources d’information sont également utilisées pour conduire l’analyse, notamment les informations fournies par les sociétés, telles que les rapports en matière de durabilité et autres documents pertinents établis par ces sociétés, ainsi que les outils exclusifs de Schroders en matière de durabilité et des données de tierces parties.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers est composé d’actions et de titres assimilés à des actions de sociétés du monde entier.
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à 50 % du l’HIBOR à 3 mois et à 50 % de l’indice iBoxx ALBI Hong Kong, après déduction des frais sur une période de trois à cinq ans en investissant dans des titres à taux fixe et variable libellés en HKD.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe et variable libellés en HKD et émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés du monde entier et des instruments dérivés liés aux instruments précités.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés, longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser 50 % de l’HIBOR à 3 mois et 50 % de l’indice iBoxx ALBI Hong Kong. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire
d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.

### Caractéristiques du Compartiment
Devise du Compartiment	HKD
Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations traditionnels ».

### Risques
Risques spécifiques
Le Compartiment peut investir en Chine continentale via des régimes RQFII ou des Marchés réglementés (y compris le CIBM par le biais de Bond Connect). Les investisseurs sont invités à noter que le statut RQFII peut être suspendu ou révoqué, ce qui pourrait affecter la performance du Compartiment en lui imposant de se défaire des titres qu’il détient. Veuillez vous reporter à l’Annexe II pour plus d’informations sur les risques liés au statut RQFII, au quota RQFII, au CIBM et à Bond Connect.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management (Hong Kong) Limited Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 0,75 % |
| Actions AX | Jusqu’à 3 % | Néant | 0,75 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 0,75 % |
| Actions B | Néant | 0,50 % | 0,75 % |
| Actions C | Jusqu’à 1 % | Néant | 0,50 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,50 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,50 % |
| Actions D | Néant | 1,00 % | 0,75 % |
| Actions E | Jusqu’à 1 % | Néant | 0,25 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,50 % |
| Actions Z | Néant | Néant | Jusqu’à 0,50 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice FTSE Hong Kong (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés cotées à la Hong Kong Stock Exchange.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés cotées à la Hong Kong Stock Exchange.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 30 % de son actif (sur une base nette) en Actions A chinoises, directement ou indirectement, par le biais d’instruments dérivés à l’aide des programmes Shanghai- Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice FTSE Hong Kong (Net TR) et comparées à la catégorie Morningstar Hong Kong Equity. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et ses investissements ne se limitent pas aux placements conformes à la composition d’un indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.

### Caractéristiques du Compartiment
Devise du Compartiment	HKD
Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management (Hong Kong) Limited Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI India (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés indiennes.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés indiennes.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI India (Net TR), et comparées à la catégorie Morningstar India Equity. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire

### Caractéristiques du Compartiment
Devise du Compartiment	USD
d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management (Singapore) Ltd
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI India (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés indiennes.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés indiennes ou de sociétés ayant leurs principales activités en Inde.
En règle générale, le Compartiment détient entre 30 et 70 sociétés.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI India (Net TR), et comparées à la catégorie Morningstar India Equity. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent

### Caractéristiques du Compartiment
Devise du Compartiment	USD
s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management (Singapore) Ltd
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice FTSE Italia All-Share (TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés italiennes.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins 70 % de son actif dans un portefeuille concentré d’actions et de titres assimilés à des actions provenant de sociétés italiennes (généralement moins de 50 sociétés). Le Compartiment investit au moins 25 % de cet actif (soit
17,5 % de l’actif du Compartiment) dans des actions et des titres assimilés à des actions provenant de sociétés italiennes qui ne sont pas comprises dans l’indice FTSE MIB ou dans tout autre indice équivalent ; et au moins 5 % de cet actif (soit 3,5 % de l’actif du Compartiment) dans des actions et des titres assimilés à des actions provenant de sociétés italiennes qui ne sont pas comprises dans l’indice FTSE MIB, l’indice FTSE MID CAP ou dans tout autre indice équivalent.
Le Compartiment peut investir jusqu’à 10 % de son actif dans des titres émis, ou pour lesquels un accord a été conclu, par la même société ou par des sociétés appartenant au même groupe.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice FTSE Italia All-Share (TR) et comparées à la catégorie Morningstar Italy Equity. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. L’indice

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et ses investissements ne se limitent pas aux placements conformes à la composition d’un indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions traditionnels ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un compartiment investissant 70 % de ses actifs d’une certaine façon s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui visent un potentiel de croissance sur le long terme au travers d’investissements en actions.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR 
2	
Éligible au PIR
1 
Des procédures de souscription et/ou de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Le Compartiment se conforme aux conditions d’éligibilité permettant à ses actions d’être détenues dans le cadre d’un « Piano Individuale di Risparmio a lungo termine (PIR) » ou plan d’épargne individuel à long terme en vertu de la Loi budgétaire italienne de 2017 (Loi n° 232 du 11 décembre 2016).
| Catégories d’actions | Commission d’entrée  3 | Commission de distribution  4 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,25 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,25 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,25 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,25 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
3 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
4 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital équivalente au TIBOR (taux d’intérêt interbancaire de Tokyo) à 3 mois de + 4 % par an avant déduction des frais* en investissant dans une gamme diversifiée d’actifs et de marchés du monde entier. Le Compartiment vise une volatilité (mesure de la variation possible des rendements d’un compartiment sur une année) comprise entre 5 % et 7 % par an.
*Pour connaître le rendement cible après déduction des frais pour chaque Catégorie d’actions, veuillez consulter le site Internet de Schroder : https://www.schroders.com/en/lu/private-investor/ investing-with-us/after-fees-performance-targets/

### Politique d’investissement
Le Compartiment est géré de façon active et investit indirectement par le biais de Fonds d’investissement à capital variable et de Fonds négociés en bourse dans des actions et des titres à revenu fixe, des Investissements du marché monétaire et/ou des devises du monde entier. Le Compartiment peut également investir dans ces actifs, y compris des obligations de qualité inférieure à « investment grade » (telle que mesurée par Standard & Poor’s, ou par toute notation équivalente d’autres agences de notation).
Le Compartiment est exposé à hauteur de 30 % maximum aux actions et au moins 70 % de ses actifs sont libellés ou couverts en yen japonais à tout moment. Le Compartiment peut investir indirectement dans des biens immobiliers et des matières premières par le biais de valeurs mobilières (dont des sociétés civiles de placement immobilier (SCPI)), d’instruments dérivés (dont des swaps de rendement total), de Fonds d’investissement à capital variable, de Fonds négociés en bourse et de Sociétés de placement investissant dans de telles catégories d’actifs.
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total), longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Lorsque le Compartiment emploie des swaps de rendement total et des contrats de différence, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. En particulier, les swaps de rendement total et les contrats de différence peuvent être utilisés pour obtenir une exposition

### Caractéristiques du Compartiment
Devise du Compartiment	JPY
longue et courte à des actions et des titres assimilés à des actions, des titres à taux fixe et variable et des indices de matières premières. L’exposition brute des swaps de rendement total et des contrats de différence ne dépassera pas 40 % et devrait rester comprise entre 0 % et 20 % de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée. Le Compartiment peut investir dans des Instruments du marché monétaire et détenir des liquidités.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir obtenir un rendement équivalent au TIBOR à 3 mois (taux d’intérêt interbancaires de Tokyo) plus 4 % par an, et par rapport à son objectif de volatilité de 5 à 7 % par an. Le Gestionnaire d’investissement investit de manière discrétionnaire et ses investissements ne se limitent pas aux placements respectant la composition d’un indice de référence.
L’indice de référence est sélectionné car le rendement cible du Compartiment vise à égaler ou dépasser le rendement de cet indice de référence, comme décrit dans l’objectif d’investissement.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments multi-actifs ». Le Compartiment peut investir plus de 10 % de ses actifs dans des Fonds d’investissement. Le Compartiment peut investir dans un autre compartiment qui impute une commission de surperformance.

### Risques
Risques spécifiques
Les positions longues et courtes obtenues par le biais de swaps rendement total sur indices, obligations et actions peuvent accroître l’exposition au risque de crédit.

### Profil de l’investisseur type
Le Compartiment conviendra aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management (Hong Kong) Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) le Jour de transaction précédent Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
2
Dans les 2 jours ouvrables suivant le Jour de transaction, pour les produits de souscription Dans les 4 jours ouvrables suivant le Jour de transaction, pour les produits de rachat
1 
DGF désigne le Diversified Growth Fund
2 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  3 | Commission de distribution  4 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | S/O | S/O | S/O |
| Actions AX | S/O | S/O | S/O |
| Actions A1 | S/O | S/O | S/O |
| Actions B | S/O | S/O | S/O |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | S/O | S/O | S/O |
| Actions E | S/O | S/O | S/O |
| Actions IZ, IA, IB, IC, ID | S/O | S/O | S/O |
| Actions Z | S/O | S/O | S/O |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
3 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
4 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice Tokyo Stock Exchange 1st Section (TOPIX) (Net TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et titres assimilés à des actions de sociétés japonaises.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et titres assimilés à des actions de sociétés japonaises.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.
Le Compartiment conserve un score global de durabilité supérieur à celui de l’indice Tokyo Stock Exchange
1st Section (TOPIX) (Net TR), suivant le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs au-delà des limites définies à la section « Informations relatives à la durabilité » sur la page Internet du Compartiment, consultable sur le site Internet www.schroders.com/en/lu/private-investor/gfc.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice Tokyo Stock Exchange 1st Section (TOPIX) (Net TR). L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement. L’indice/Les indices

### Caractéristiques du Compartiment
Devise du Compartiment	JPY
de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions traditionnels ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui visent un potentiel de croissance sur le long terme au travers d’investissements en actions.
Gestionnaire d’investissement	Schroder Investment Management (Japan) Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de gouvernance et de durabilité lors de la sélection des investissements pour le Compartiment. L’univers d’investissement est évalué à l’aide d’un certain nombre d’outils exclusifs, ainsi que de services de notation externes.
Le Gestionnaire d’investissement exerce une diligence raisonnable au titre de toutes les participations potentielles, y compris au moyen de réunions avec la direction, et évalue la société au regard de son profil environnemental, social et de gouvernance à l’aune d’une gamme de facteurs. Ce processus est étayé par une analyse quantitative fournie par les outils exclusifs de Schroders en matière de durabilité, qui constituent des éléments déterminants pour évaluer dans quelle mesure les participations actuelles ou potentielles du portefeuille répondent aux critères de durabilité du Compartiment. Dans certains cas, des sociétés qui ne remplissent pas nos critères de durabilité peuvent néanmoins constituer un investissement éligible si, à l’issue d’une analyse exclusive et d’échanges continus avec la direction, le Gestionnaire d’investissement estime que la société répondra à nos critères de durabilité dans un délai réaliste.
Afin de constituer un investissement éligible pour le Compartiment, une société doit montrer un engagement envers ses parties prenantes, y compris ses clients, salariés, fournisseurs et actionnaires ainsi que les régulateurs. Le Compartiment sélectionne des sociétés dont les activités dénotent une bonne gouvernance et qui s’attachent à appliquer un traitement équitable à leurs parties prenantes.
Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet : www.schroders.com/en/lu/private-investor/strategic-capabilities/sustainability/disclosures.
Le Gestionnaire d’investissement s’assure qu’au moins :
- 90 % des actions émises par de grandes sociétés domiciliées dans des pays développés ; des titres à taux fixe ou variable et des instruments du marché monétaire ayant une notation « investment grade » ; et des titres de créances émis par des pays développés ; et
- 75 % des actions émises par de grandes sociétés domiciliées dans des pays émergents ; des actions émises par des petites et moyennes entreprises ; des titres à taux fixe ou variable et des instruments du marché monétaire ayant une notation à rendement élevé ; et des titres de créances émis par des pays émergents,détenus dans le portefeuille du Compartiment sont notés par rapport aux critères de durabilité. Aux fins de ce test, les petites entreprises sont celles dont la capitalisation boursière est inférieure à5 milliards d’euros, les moyennes entreprises sont celles dont la capitalisation boursière se situe entre 5 et 10 milliards d’euros et les grandes entreprises sont celles dont la capitalisation boursière est supérieure à 10 milliards d’euros.

| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,25 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,25 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,25 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,25 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice Tokyo Stock Exchange 1st Section (TOPIX) (Net TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et titres assimilés à des actions de sociétés japonaises.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et titres assimilés à des actions de sociétés japonaises.
Le Compartiment cherche à identifier et à investir dans des actions sous-évaluées en estimant leur juste valeur sur la base des rendements prévus à moyen et long terme.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice Tokyo Stock Exchange 1st Section (TOPIX) (Net TR). L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et

### Caractéristiques du Compartiment
Devise du Compartiment	JPY
la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management (Japan) Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.
supérieure à l’indice Russell Nomura Small Cap (Net TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et titres assimilés à des actions de sociétés japonaises de petite capitalisation.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés japonaises de petite capitalisation. Il s’agit de sociétés qui, au moment de l’achat, font partie de la tranche inférieure de 30 % du marché d’actions japonaises en termes de capitalisation boursière.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice Russell Nomura Small Cap (Net TR). L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la

### Caractéristiques du Compartiment
Devise du Compartiment	JPY
pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management (Japan) Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.
supérieure à l’indice MSCI Emerging Markets Latin America 10/40 (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés d’Amérique latine.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres et des titres assimilés à des actions de sociétés latino-américaines.
De manière générale, le Compartiment détient entre 40 et 70 sociétés en portefeuille.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI Emerging Markets Latin America 10/40 (Net TR). L’univers d’investissement du Compartiment devrait se recouper de manière significative, directement ou indirectement, avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la

### Caractéristiques du Compartiment
Devise du Compartiment	USD
pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI Arabian Markets and Turkey (Net TR), l’Arabie saoudite étant plafonnée à 20 % après déduction des frais sur une période de trois à cinq ans, en investissant dans des actions et des titres assimilés à des actions de sociétés du Moyen-Orient, y compris les sociétés des marchés émergents méditerranéens et d’Afrique du Nord.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés du Moyen-Orient, dont des sociétés des marchés émergents méditerranéens et en Afrique du Nord.
De manière générale, le Compartiment détient entre 30 et 70 sociétés en portefeuille.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI Arabian Markets and Turkey (Net TR), l’Arabie saoudite étant plafonnée à 20 %. L’univers d’investissement du Compartiment devrait se recouper de manière significative, directement ou indirectement, avec les composantes de l’indice de référence cible. Le Gestionnaire

### Caractéristiques du Compartiment
Devise du Compartiment	USD
d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund – Multi-Asset Growth and Income

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital après déduction des frais en investissant dans une gamme diversifiée d’actifs et de marchés dans le monde entier. Le Compartiment vise une volatilité (mesure de la variation possible des rendements du Compartiment sur une année) comprise entre 6 % et 12 % par an.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif directement ou indirectement par le biais d’instruments dérivés dans des actions et des titres assimilés à des actions, des titres à taux fixe et variable émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés du monde entier, dans diverses devises et catégories d’actifs alternatives.
Le Compartiment peut investir :
- jusqu’à 50 % de son actif dans des titres de créance de qualité inférieure à « investment grade » (attribuée par Standard & Poor’s ou tout équivalent d’autres agences de notation).
- jusqu’à 20 % de ses actifs dans des titres adossés à des actifs, des titres adossés à des créances hypothécaires commerciales et/ou résidentielles émis par des émetteurs du monde entier ayant une notation investment grade ou inférieure à investment grade (attribuée par Standard & Poor’s ou tout équivalent d’autres agences de notation). Les actifs sous-jacents peuvent inclure des créances titrisées sur cartes de crédit, des prêts personnels, des prêts automobiles, des prêts à des petites entreprises, des crédits-baux, des créances commerciales et des créances résidentielles.

Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 15 % de son actif (sur une base nette) en Actions A chinoises, directement ou indirectement, par le biais d’instruments dérivés à l’aide des programmes Shanghai- Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect. Le Compartiment peut également investir en Chine continentale via des Marchés réglementés (y compris le CIBM par le biais de Bond Connect).
L’exposition à des Catégories d’actifs alternatives est assurée au moyen d’actifs éligibles comme décrit à l’Annexe III du présent Prospectus.
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total), longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Lorsque le Compartiment emploie des swaps de rendement total et des contrats de différence, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. En particulier, les swaps de rendement total et les contrats de différence peuvent être utilisés pour obtenir une exposition longue et courte à des actions et des titres assimilés à des actions, des titres à taux fixe et variable et des indices de matières premières. L’exposition brute des swaps de
rendement total et des contrats de différence ne dépassera pas 30 % et devrait rester comprise entre 0 % et 20 % de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.
Le Compartiment peut investir dans des Instruments du marché monétaire et détenir des liquidités. Le Compartiment peut investir jusqu’à 10 % de son actif dans des Fonds d’investissement de type ouvert.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dégager des revenus et une croissance du capital, avec un objectif de volatilité de 6 % à 12 % par an.
L’indice de référence cible a été sélectionné parce que l’objectif de rendement du Compartiment vise à égaler celui de cet indice de référence, comme indiqué dans l’objectif d’investissement. L’objectif de volatilité a été sélectionné parce que le Gestionnaire déploie des stratégies qui visent à dégager le niveau de revenu stipulé dans l’objectif d’investissement.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments multi-actifs ».

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
Les positions longues et courtes obtenues par le biais de swaps rendement total sur indices, obligations et actions peuvent accroître l’exposition au risque de crédit.
Une description détaillée des risques liés aux titres adossés à des actifs et aux titres adossés à des créances hypothécaires figure à l’Annexe II du présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.

### Profil de l’investisseur type
Le Compartiment est un véhicule assorti d’un niveau de risque moyen qui conviendra aux Investisseurs visant un potentiel de croissance et de revenu sur le long terme au travers d’investissements dans un portefeuille diversifié offrant une exposition à un éventail de catégories d’actifs.
Devise du Compartiment	USD
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 4 % | Néant | 1,25 % |
| Actions AX | Jusqu’à 4 % | Néant | 1,25 % |
| Actions A1 | Jusqu’à 3 % | 0,50 % | 1,25 % |
| Actions B | Néant | 0,60 % | 1,25 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,25 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital et un revenu équivalents à l’indice ICE BofA 3 Month US Treasury Bill +4 % par an avant déduction des frais* sur des périodes continues de trois ans, en investissant dans une gamme diversifiée d’actifs et de marchés dans le monde entier.
*Pour connaître le rendement cible après déduction des frais pour chaque Catégorie d’Actions, veuillez consulter le site Internet de Schroder : https://www.schroders.com/en/lu/private-investor/ investing-with-us/after-fees-performance-targets/

### Politique d’investissement
Le Compartiment est géré de façon active et investit directement ou indirectement (par le biais de fonds d’investissement et d’instruments dérivés) dans des actions et des titres assimilés à des actions, des titres à taux fixe et variable, des matières premières et des devises du monde entier.
Le Compartiment peut investir dans des titres de créance dont la notation de crédit est inférieure à investment grade (telle que mesurée par Standard & Poor’s, ou par toute notation équivalente d’autres agences de notation). Le Compartiment peut investir jusqu’à 20 % de ses actifs dans des titres adossés à des actifs et des titres adossés à des créances hypothécaires.
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total), longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Lorsque le Compartiment emploie des swaps de rendement total et des contrats de différence, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. En particulier, les swaps de rendement total et les contrats de différence peuvent être utilisés pour obtenir une exposition longue et courte à des actions et des titres assimilés à des actions, des titres à taux fixe et variable et des indices de matières premières. L’exposition brute des swaps de rendement total et des contrats de différence ne dépassera pas 75 % et devrait rester comprise entre 0 % et 25 % de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.
La stratégie d’investissement du Compartiment et son utilisation d’instruments dérivés peuvent conduire à juger approprié de préserver des niveaux de liquidité ou de quasi- espèces prudents, lesquels peuvent être importants, voire représenter (exceptionnellement) 100 % des actifs du Compartiment. Cela se limitera à une période maximale de six mois (faute de quoi le Compartiment sera liquidé). Au cours de cette période, le Compartiment n’entrera pas dans le champ du Règlement sur les fonds monétaires. Le Compartiment peut également investir dans des instruments du marché monétaire et détenir des liquidités.
Le Compartiment peut investir jusqu’à 10 % de ses actifs dans des Fonds d’investissement à capital variable (y compris d’autres Compartiments Schroder).

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir fournir un rendement correspondant à l’indice ICE BofA 3 Month US Treasury Bill +4 % par an, et comparées à l’indice ICE BofA 3Month US Treasury Bill. Le Gestionnaire d’investissement investit de manière discrétionnaire et ses investissements ne se limitent pas aux placements respectant la composition d’un indice de référence.
L’indice de référence est sélectionné car le rendement cible du Compartiment vise à égaler ou dépasser le rendement de cet indice de référence, comme décrit dans l’objectif d’investissement. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments multi-actifs ».

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) absolue
Effet de levier attendu
350 % de l’actif net total
Le niveau attendu d’effet de levier est susceptible d’augmenter quand la volatilité de marché diminue de manière durable.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR absolue conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR absolue, veuillez vous reporter à l’Annexe I. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
Une description détaillée des risques liés aux titres adossés à des actifs et aux titres adossés à des créances hypothécaires figure à l’Annexe II du présent Prospectus.
Les positions longues et courtes obtenues par le biais de swaps rendement total sur indices, obligations et actions peuvent accroître l’exposition au risque de crédit.
Comme la performance du Compartiment est calculée par référence à un IBOR, il peut être nécessaire, à la suite de ces initiatives du secteur, que le Compartiment choisisse un successeur ou un autre taux de référence comme indice de
référence pour le Compartiment. Comme décrit plus en détail dans la rubrique « Réforme des IBOR » de l’Annexe II, même avec des spreads ou d’autres ajustements, les taux de référence alternatifs équivalents à des IBOR ne peuvent constituer qu’une approximation de l’IBOR concerné et ne peuvent aboutir à un taux qui soit l’équivalent économique des IBOR spécifiques. Le Compartiment peut donc ne pas constituer un investissement économiquement équivalent à celui qu’un investisseur avait anticipé au moment de son investissement dans le Compartiment. Schroders est en

### Caractéristiques du Compartiment
Devise du Compartiment	USD
train d’évaluer les alternatives potentielles aux IBOR et informera les investisseurs du Compartiment de sa décision en temps voulu.

### Profil de l’investisseur type
Le Compartiment est un véhicule assorti d’un niveau de risque moyen qui conviendra aux Investisseurs visant un potentiel de croissance sur le long terme au travers d’investissements dans un portefeuille diversifié offrant une exposition à un éventail de catégories d’actifs.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 4 % | Néant | 1,30 % |
| Actions AX | Jusqu’à 4 % | Néant | 1,30 % |
| Actions A1 | Jusqu’à 3 % | 0,50 % | 1,30 % |
| Actions B | Néant | 0,60 % | 1,30 % |
| Actions C | Jusqu’à 1 % | Néant | 0,65 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,65 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,65 % |
| Actions D | Néant | 1,00 % | 1,30 % |
| Actions E | Jusqu’à 1 % | Néant | 0,325 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,65 % |
| Actions Z | Néant | Néant | Jusqu’à 0,65 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice MSCI AC World (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés du monde entier.

### Politique d’investissement
Le Compartiment est activement géré et investit au moins deux tiers de son actif dans un portefeuille diversifié d’actions et de titres assimilés à des actions de sociétés du monde entier.
Le Compartiment se focalise sur les sociétés qui affichent certaines caractéristiques en termes de « valeur ». La valeur est évaluée à partir d’indicateurs tels que les flux de trésorerie, les dividendes et les bénéfices, afin d’identifier les titres qui, selon le Gestionnaire d’investissement, ont été sous-évalués par le marché.
Le Compartiment peut investir directement en actions B chinoises et en actions H chinoises et peut investir moins de 10 % de son actif (sur une base nette) en Actions A chinoises, directement ou indirectement, par le biais d’instruments dérivés à l’aide des programmes Shanghai- Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.
À compter du 21 juin 2021, la Politique d’investissement sera modifiée comme suit :

### Politique d’investissement
Le Compartiment est activement géré et investit au moins deux tiers de son actif dans un portefeuille diversifié d’actions et de titres assimilés à des actions de sociétés du monde entier.
Le Compartiment se focalise sur les sociétés qui affichent certaines caractéristiques en termes de « valeur ». La valeur est évaluée à partir d’indicateurs tels que les flux de trésorerie, les dividendes et les bénéfices, afin d’identifier les titres qui, selon le Gestionnaire d’investissement, ont été sous-évalués par le marché.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 10 % de son actif (sur une base nette) en Actions A chinoises, directement ou indirectement, par le biais d’instruments dérivés à l’aide des programmes Shanghai- Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions,
secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI AC World (Net TR) et comparées aux indices MSCI AC World Value (Net TR) et MSCI World (Net TR).
L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes des indices de référence cible et comparateur. Les indices de référence comparateurs ne sont inclus qu’à des fins de comparaison des performances et n’ont aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible ou des indices de référence comparateurs. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans les indices de référence cible ou comparateur afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. Tout indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions quantitatifs ». QEP désigne les produits en actions quantitatifs (quantitative equity products).
Le Gestionnaire d’investissement du Compartiment met en place une couverture des Actions des Catégories d’actions couvertes proportionnellement aux risques de change sous- jacents du Compartiment. De ce fait, la performance de ces Catégories d’actions couvertes diffère de manière importante de celle des Catégories d’actions équivalentes en Devise du Compartiment.

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong
Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui visent un potentiel de croissance sur le long terme au travers d’investissements en actions.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,25 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,25 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,25 % |
| Actions C | Jusqu’à 1 % | Néant | 0,65 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,65 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,65 % |
| Actions D | Néant | 1,00 % | 1,25 % |
| Actions E | S/O | S/O | S/O |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,65 % |
| Actions Z | Néant | Néant | Jusqu’à 0,65 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice MSCI World (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés du monde entier.

### Politique d’investissement
Le Compartiment est activement géré et investit au moins deux tiers de son actif dans un portefeuille diversifié d’actions et de titres assimilés à des actions de sociétés du monde entier.
La pondération du Compartiment dans un seul pays, une seule région ou un seul secteur sera généralement dans les 3 % de l’indice cible, tandis que la pondération de chaque titre sera généralement dans un pourcentage de 0,75 % de l’indice de référence.
Le Compartiment est axé sur des sociétés qui affichent certaines caractéristiques en matière de « Valeur » et/ou de
« Qualité ». La valeur est évaluée à partir d’indicateurs tels que les flux de trésorerie, les dividendes et les bénéfices, afin d’identifier les titres qui, selon le Gestionnaire d’investissement, ont été sous-évalués par le marché. La qualité est évaluée à partir d’indicateurs tels que la rentabilité, la stabilité, la solidité financière, la gouvernance et la croissance d’une société.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 10 % de son actif (sur une base nette) en Actions A chinoises, directement ou indirectement, par le biais d’instruments dérivés à l’aide des programmes Shanghai- Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.
Le Compartiment conserve un score global de durabilité supérieur à celui de l’indice MSCI World (Net TR), suivant le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence contraignant, à savoir l’indice MSCI World (Net TR). L’univers d’investissement du Compartiment devrait se recouper, de manière significative, avec les composantes de l’indice de référence contraignant. Le Gestionnaire d’investissement pourra, à sa discrétion, modifier les pondérations des titres qui composent l’indice de référence.
L’indice de référence contraignant a été sélectionné car le Gestionnaire d’investissement est limité par rapport à la valeur, au prix ou aux composantes de cet indice de référence, comme décrit dans l’objectif et la politique d’investissement. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
Lorsqu’un Compartiment indique qu’il se situera généralement dans un certain pourcentage de pondérations spécifiques (par exemple, secteur ou titre) d’un indice de référence particulier, le Gestionnaire d’investissement ne le fait pas sortir activement de ce pourcentage et si le Compartiment sort passivement de ce pourcentage, le Gestionnaire d’investissement cherche à ramener le Compartiment au niveau de ce pourcentage à la première occasion appropriée, à condition qu’il estime que cela est dans l’intérêt des investisseurs.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions quantitatifs ». QEP désigne les produits en actions quantitatifs (quantitative equity products).

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui
ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Caractéristiques du Compartiment
Devise du Compartiment	USD

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui visent un potentiel de croissance sur le long terme au travers d’investissements en actions.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	15 % de la surperformance par rapport au MSCI World Net TR 
2
, assujettis à une fourchette haute, conformément à la méthodologie indiquée dans la section 3.1. La commission de surperformance sera appliquée aux Catégories d’Actions P uniquement
Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de gouvernance et de durabilité lors de la sélection des investissements pour le Compartiment. Les sociétés de l’univers d’investissement sont évaluées au regard de leur profil environnemental, social et de gouvernance, à l’aune d’un large éventail de critères sous-jacents. Le Gestionnaire d’investissement tient compte de l’évaluation du profil de durabilité des sociétés lorsqu’il détermine la taille des positions au sein du portefeuille.
En matière de gouvernance, les critères d’évaluation sont notamment le risque pour les actionnaires, la supervision des activités, le risque comptable et la politique de dividendes. Les considérations environnementales englobent les risques liés au changement climatique et les opportunités et impacts environnementaux plus larges. Les critères sociaux recouvrent des questions telles que l’implication de l’entreprise, la sécurité, le bien-être du personnel, la gestion de la chaîne d’approvisionnement et la protection des données.
Les principales sources d’information utilisées sont les données comptables clés, les outils exclusifs de Schroders en matière de durabilité et les données ESG fournies par des tiers.
Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic-capabilities/sustainability/disclosures.
Le Gestionnaire d’investissement s’assure qu’au moins :
- 90 % des actions émises par de grandes sociétés domiciliées dans des pays développés ; des titres à taux fixe ou variable et des instruments du marché monétaire ayant une notation « investment grade » ; et des titres de créances émis par des pays développés ; et
- 75 % des actions émises par de grandes sociétés domiciliées dans des pays émergents ; des actions émises par des petites et moyennes entreprises ; des titres à taux fixe ou variable et des instruments du marché monétaire ayant une notation à rendement élevé ; et des titres de créances émis par des pays émergents,détenus dans le portefeuille du Compartiment sont notés par rapport aux critères de durabilité. Aux fins de ce test, les petites entreprises sont celles dont la capitalisation boursière est inférieure à5 milliards d’euros, les moyennes entreprises sont celles dont la capitalisation boursière se situe entre 5 et 10 milliards d’euros et les grandes entreprises sont celles dont la capitalisation boursière est supérieure à 10 milliards d’euros.

1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Concernant les Catégories d’actions couvertes contre le risque de change, des versions couvertes des indices de référence ci-dessus (y compris des indices de référence en liquidités équivalents dans une autre devise) peuvent être utilisées pour le calcul de la commission de surperformance.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  3 | Commission de distribution  4 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | S/O | S/O | S/O |
| Actions AX | S/O | S/O | S/O |
| Actions A1 | S/O | S/O | S/O |
| Actions B | S/O | S/O | S/O |
| Actions C | Jusqu’à 1 % | Néant | 0,275 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,275 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,275 % |
| Actions D | S/O | S/O | S/O |
| Actions E | S/O | S/O | S/O |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,275 % |
| Actions P | Néant | Néant | 0,10 % |
| Actions Z | Néant | Néant | Jusqu’à 0,275 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
3 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
4 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice MSCI Emerging Markets (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés de marchés émergents.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans un portefeuille diversifié d’actions et de titres assimilés à des actions de sociétés de marchés émergents ou de sociétés qui tirent une part importante de leurs revenus ou bénéfices de marchés émergents.
Le Compartiment est axé sur des sociétés qui affichent certaines caractéristiques en matière de « Valeur » et/ou de
« Qualité ». La valeur est évaluée à partir d’indicateurs tels que les flux de trésorerie, les dividendes et les bénéfices, afin d’identifier les titres qui, selon le Gestionnaire d’investissement, ont été sous-évalués par le marché. La qualité est évaluée à partir d’indicateurs tels que la rentabilité, la stabilité, la solidité financière, la gouvernance et la croissance d’une société.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 20 % de son actif (sur une base nette) en Actions A chinoises, directement ou indirectement, par le biais d’instruments dérivés à l’aide des programmes Shanghai- Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI Emerging Markets (Net TR). L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de

### Caractéristiques du Compartiment
Devise du Compartiment	USD
manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions quantitatifs ». QEP désigne les produits en actions quantitatifs (quantitative equity products).

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui visent un potentiel de croissance sur le long terme au travers d’investissements en actions.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice MSCI AC World (Net TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés du monde entier qui respectent les critères de durabilité du Gestionnaire d’investissement.

### Politique d’investissement
Le Compartiment est activement géré et investit au moins deux tiers de son actif dans un portefeuille diversifié d’actions et de titres assimilés à des actions de sociétés du monde entier.
Le Compartiment est axé sur des sociétés qui affichent certaines caractéristiques en matière de « Valeur » et/ou de
« Qualité ». La valeur est évaluée à partir d’indicateurs tels que les flux de trésorerie, les dividendes et les bénéfices, afin d’identifier les titres qui, selon le Gestionnaire d’investissement, ont été sous-évalués par le marché. La qualité est évaluée à partir d’indicateurs tels que la rentabilité, la stabilité, la solidité financière et la gouvernance d’une société.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 10 % de son actif (sur une base nette) en Actions A chinoises, directement ou indirectement, par le biais d’instruments dérivés à l’aide des programmes Shanghai- Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment conserve un score global de durabilité supérieur à celui de l’indice MSCI AC World (Net TR), suivant le système de notation du Gestionnaire d’investissement.
Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs au-delà des limites définies à la section « Informations relatives à la durabilité » sur la page Internet du Compartiment, consultable sur le site Internet www.schroders.com/en/lu/ private-investor/gfc.
Le Compartiment investit dans des sociétés qui appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI AC World (Net TR) et comparées à l’indice MSCI World (Net TR). L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes des indices de référence cible et comparateur. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible ou des indices de référence comparateurs. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans les indices de référence cible ou comparateur afin de tirer parti de certaines opportunités d’investissement. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions quantitatifs ». QEP désigne les produits en actions quantitatifs (quantitative equity products).

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong
1 
ESG signifie Environnemental, Social et Gouvernance
Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui visent un potentiel de croissance sur le long terme au travers d’investissements en actions.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
2
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des
investissements pour le Compartiment.
Les sociétés de l’univers d’investissement sont évaluées au regard de leur profil environnemental, social et de gouvernance, à l’aune d’un large éventail de critères sous-jacents. Le Gestionnaire d’investissement détermine ensuite si une société est éligible à l’inclusion dans le Compartiment, en fonction de son profil de durabilité. Les caractéristiques de durabilité d’une société peuvent également avoir une incidence sur la taille des positions au sein du Compartiment.
En matière de gouvernance, les critères d’évaluation sont notamment le risque pour les actionnaires, la supervision des activités, le risque comptable et la politique de dividendes. Les considérations environnementales englobent les risques liés au changement climatique et les opportunités et impacts environnementaux plus larges. Les critères sociaux recouvrent des questions telles que l’implication de l’entreprise, la sécurité, le bien-être du personnel, la gestion de la chaîne d’approvisionnement et la protection des données.
Les principales sources d’information utilisées sont les données comptables clés, les outils exclusifs de Schroders en matière de durabilité et les données ESG fournies par des tiers.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers comprend des actions et des titres assimilés à des actions de sociétés du monde entier.
2 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  3 | Commission de distribution  4 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,30 % |
| Actions AX | S/O | S/O | S/O |
| Actions A1 | S/O | S/O | S/O |
| Actions B | S/O | S/O | S/O |
| Actions C | Jusqu’à 1 % | Néant | 0,65 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,65 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,65 % |
| Actions D | S/O | S/O | S/O |
| Actions E | S/O | S/O | S/O |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,65 % |
| Actions Z | Néant | Néant | Jusqu’à 0,65 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
3 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
4 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund QEP Global ESG ex Fossil Fuels

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI AC World ex Energy (Net TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et titres assimilés à des actions de sociétés du monde entier qui respectent les critères de durabilité du Gestionnaire d’investissement, à l’exclusion des sociétés qui tirent des recettes des combustibles fossiles et des sociétés disposant de réserves de combustibles fossiles.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans un portefeuille diversifié d’actions et titres assimilés à des actions de sociétés du monde entier, à l’exclusion des sociétés qui tirent des recettes des combustibles fossiles (y compris, sans toutefois s’y limiter, la production, le raffinage et le transport de combustibles fossiles et la production d’énergie) et des sociétés disposant de réserves de combustibles fossiles.
Le Compartiment est axé sur des sociétés qui affichent certaines caractéristiques en matière de « Valeur » et/ou de
« Qualité ». La valeur est évaluée à partir d’indicateurs tels que les flux de trésorerie, les dividendes et les bénéfices, afin d’identifier les titres qui, selon le Gestionnaire d’investissement, ont été sous-évalués par le marché. La qualité est évaluée à partir d’indicateurs tels que la rentabilité, la stabilité, la solidité financière et la gouvernance d’une société.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 10 % de son actif (sur une base nette) en Actions A chinoises, directement ou indirectement, par le biais d’instruments dérivés à l’aide des programmes Shanghai- Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment conserve un score global de durabilité supérieur à celui de l’indice MSCI AC World ex Energy (Net TR), suivant le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs au-delà des limites figurant sur le site Internet www.schroders.com/en/ lu/private-investor/gfc, ce qui inclut des sociétés qui génèrent des recettes à partir des combustibles fossiles.
Le Compartiment investit dans des sociétés qui appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.
À compter du 21 juin 2021, la Politique d’investissement sera modifiée comme suit :

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans un portefeuille diversifié d’actions et titres assimilés à des actions de sociétés du monde entier, à l’exclusion des sociétés qui tirent des recettes des combustibles fossiles (y compris, sans toutefois s’y limiter, la production, le raffinage et le transport de combustibles fossiles et la production d’énergie) et des sociétés disposant de réserves de combustibles fossiles.
Le Compartiment est axé sur des sociétés qui affichent certaines caractéristiques en matière de « Valeur » et/ou de
« Qualité ». La valeur est évaluée à partir d’indicateurs tels que les flux de trésorerie, les dividendes et les bénéfices, afin d’identifier les titres qui, selon le Gestionnaire d’investissement, ont été sous-évalués par le marché. La qualité est évaluée à partir d’indicateurs tels que la rentabilité, la stabilité, la solidité financière et la gouvernance d’une société.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 10 % de son actif (sur une base nette) en Actions A chinoises, directement ou indirectement, par le biais d’instruments dérivés à l’aide des programmes Shanghai- Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment conserve un score global de durabilité supérieur à celui de l’indice MSCI AC World ex Energy (Net TR), suivant le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs au-delà des limites figurant sur le site Internet www.schroders.com/en/ lu/private-investor/gfc, ce qui inclut des sociétés qui génèrent des recettes à partir des combustibles fossiles.
Le Compartiment investit dans des sociétés qui appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges
engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI AC World ex Energy (Net TR). L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions quantitatifs ». QEP désigne les produits en actions quantitatifs (quantitative equity products).

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point

### Caractéristiques du Compartiment
Devise du Compartiment	USD
par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui visent un potentiel de croissance sur le long terme au travers d’investissements en actions.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours suivant le jour de transaction concerné
Commission de surperformance	Néant
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des
investissements pour le Compartiment.
Les sociétés de l’univers d’investissement sont évaluées au regard de leur profil environnemental, social et de gouvernance, à l’aune d’un large éventail de critères sous-jacents. Le Gestionnaire d’investissement détermine ensuite si une société est éligible à l’inclusion dans le Compartiment, en fonction de son profil de durabilité. Les caractéristiques de durabilité d’une société peuvent également avoir une incidence sur la taille des positions au sein du Compartiment.
En matière de gouvernance, les critères d’évaluation sont notamment le risque pour les actionnaires, la supervision des activités, le risque comptable et la politique de dividendes. Les considérations environnementales englobent les risques liés au changement climatique et les opportunités et impacts environnementaux plus larges. Les critères sociaux recouvrent des questions telles que l’implication de l’entreprise, la sécurité, le bien-être du personnel, la gestion de la chaîne d’approvisionnement et la protection des données.
Les principales sources d’information utilisées sont les données comptables clés, les outils exclusifs de Schroders en matière de durabilité et les données ESG fournies par des tiers.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers comprend des actions et des titres assimilés à des actions de sociétés du monde entier.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,30 % |
| Actions AX | S/O | S/O | S/O |
| Actions A1 | S/O | S/O | S/O |
| Actions B | S/O | S/O | S/O |
| Actions C | Jusqu’à 1 % | Néant | 0,65 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,65 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,65 % |
| Actions D | S/O | S/O | S/O |
| Actions IE | Néant | Néant | Jusqu’à 0,65 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,65 % |
| Actions Z | Néant | Néant | Jusqu’à 0,65 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund QEP Global Quality

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice MSCI AC World (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés du monde entier.

### Politique d’investissement
Le Compartiment est activement géré et investit au moins deux tiers de son actif dans un portefeuille diversifié d’actions et de titres assimilés à des actions de sociétés du monde entier.
Le Compartiment est axé sur des sociétés qui affichent certaines caractéristiques en matière de « Qualité ». La qualité est évaluée à partir d’indicateurs tels que la rentabilité, la stabilité, la solidité financière, la gouvernance et la croissance d’une société.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 10 % de son actif (sur une base nette) en Actions A chinoises, directement ou indirectement, par le biais d’instruments dérivés à l’aide des programmes Shanghai- Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.
Le Compartiment conserve un score global de durabilité supérieur à celui de l’indice MSCI AC World (Net TR), suivant le système de notation du Gestionnaire d’investissement.
Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI AC World (Net TR) et comparées à l’indice MSCI World (Net TR). L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes des indices de référence cible et comparateur. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible ou des indices de référence comparateurs. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans les indices de référence cible ou comparateur afin de tirer parti de certaines opportunités d’investissement. L’indice/Les indices
de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions quantitatifs ». QEP désigne les produits en actions quantitatifs (quantitative equity products).

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui visent un potentiel de croissance sur le long terme au travers d’investissements en actions.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de gouvernance et de durabilité lors de la sélection des investissements pour le Compartiment. Les sociétés de l’univers d’investissement sont évaluées au regard de leur profil environnemental, social et de gouvernance, à l’aune d’un large éventail de critères sous-jacents. Le Gestionnaire d’investissement tient compte de l’évaluation du profil de durabilité des sociétés lorsqu’il détermine la taille des positions au sein du portefeuille.
En matière de gouvernance, les critères d’évaluation sont notamment le risque pour les actionnaires, la supervision des activités, le risque comptable et la politique de dividendes. Les considérations environnementales englobent les risques liés au changement climatique et les opportunités et impacts environnementaux plus larges. Les critères sociaux recouvrent des questions telles que l’implication de l’entreprise, la sécurité, le bien-être du personnel, la gestion de la chaîne d’approvisionnement et la protection des données.
Les principales sources d’information utilisées sont les données comptables clés, les outils exclusifs de Schroders en matière de durabilité et les données ESG fournies par des tiers.
Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic-capabilities/sustainability/disclosures.
Le Gestionnaire d’investissement s’assure qu’au moins :
- 90 % des actions émises par de grandes sociétés domiciliées dans des pays développés ; des titres à taux fixe ou variable et des instruments du marché monétaire ayant une notation « investment grade » ; et des titres de créances émis par des pays développés ; et
- 75 % des actions émises par de grandes sociétés domiciliées dans des pays émergents ; des actions émises par des petites et moyennes entreprises ; des titres à taux fixe ou variable et des instruments du marché monétaire ayant une notation à rendement élevé ; et des titres de créances émis par des pays émergents,détenus dans le portefeuille du Compartiment sont notés par rapport aux critères de durabilité. Aux fins de ce test, les petites entreprises sont celles dont la capitalisation boursière est inférieure à5 milliards d’euros, les moyennes entreprises sont celles dont la capitalisation boursière se situe entre 5 et 10 milliards d’euros et les grandes entreprises sont celles dont la capitalisation boursière est supérieure à 10 milliards d’euros.

1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,25 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,25 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,25 % |
| Actions C | Jusqu’à 1 % | Néant | 0,65 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,65 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,65 % |
| Actions D | Néant | 1,00 % | 1,25 % |
| Actions E | S/O | S/O | S/O |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,65 % |
| Actions Z | Néant | Néant | Jusqu’à 0,65 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice MSCI AC World (Net TR), après déduction des frais sur une période de trois à cinq ans en investissant directement et indirectement dans des actions et des titres assimilés à des actions de sociétés du monde entier.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de ses actifs, directement et indirectement par le biais de produits dérivés, dans un portefeuille diversifié d’actions et de titres assimilés à des actions de Sociétés du monde entier.
Le Compartiment dispose de la souplesse nécessaire pour avoir une exposition à couvert et à découvert par le biais de produits dérivés. L’exposition à couvert du Compartiment est axée sur des sociétés affichant certaines caractéristiques en termes de « valeur ». La valeur est évaluée à partir d’indicateurs tels que les flux de trésorerie, les dividendes et les bénéfices, afin d’identifier les titres qui, selon le Gestionnaire d’investissement, ont été sous-évalués par le marché. L’exposition à découvert du Compartiment est axée sur des sociétés affichant des caractéristiques de « qualité » médiocres. La qualité est évaluée à partir d’indicateurs tels que la rentabilité, la stabilité, la solidité financière et la gouvernance d’une société.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total), longs et courts, dans le but de dégager des rendements financiers, de réduire le risque ou de gérer ses actifs plus efficacement. Lorsque le Compartiment emploie des swaps de rendement total sur actions et des contrats de différence, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif et à sa Politique d’investissement. Les swaps de rendement total et les contrats de différence peuvent notamment être utilisés pour acquérir une exposition longue et courte ou couvrir l’exposition aux actions et titres assimilés à des actions.
L’exposition brute des swaps de rendement total et des contrats de différence ne dépassera pas 210 % et devrait rester comprise entre 50 et 150 % de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI AC World (Net TR) et comparées à l’indice MSCI World (Net TR). L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes des indices de référence cible et comparateur. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière
discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible ou des indices de référence comparateurs. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans les indices de référence cible ou comparateur afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions quantitatifs ». QEP désigne les produits en actions quantitatifs (quantitative equity products).

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) relative
Indice de référence de la VaR
Indice MSCI All Country World Net Dividends Reinvested. Le MSCI All Country World est un indice pondéré par la capitalisation boursière ajustée du flottant visant à mesurer la performance des marchés d.actions développés et émergents parmi 44 indices de pays.
Effet de levier attendu
200 % de l’actif net total.
Le niveau attendu d’effet de levier peut être supérieur lorsque les marchés sont plus volatils, ce qui peut influer sur la valeur des positions dérivées détenues par le Compartiment.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR relative conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR relative, veuillez vous reporter à l’Annexe 1. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui visent un potentiel de croissance sur le long terme au travers d’investissements en actions.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) le Jour de transaction précédent Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,75 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,75 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,75 % |
| Actions B | Néant | 0,60 % | 1,75 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,75 % |
| Actions E | S/O | S/O | S/O |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital correspondant à l’indice ICE BofA 3 Month US Treasury Bill +2 %, avant déduction des frais*, sur une période de trois à cinq ans en investissant dans des actifs titrisés émis par des entités du monde entier.
*Pour connaître le rendement cible après déduction des frais pour chaque Catégorie d’actions, veuillez consulter le site Internet de Schroder : https://www.schroders.com/en/lu/private-investor/investing-with-us/after-fees-performance-targets/

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des investissements titrisés à taux fixe et variable, y compris de façon non limitative des titres adossés à des actifs (ABS), des titres adossés à des créances hypothécaires résidentielles (MBS) et des titres adossés à des créances hypothécaires commerciales (CMBS). Le Compartiment peut également investir dans des obligations adossées à des prêts garantis (CLO).
Le Compartiment peut également investir jusqu’à 100 % de son actif dans des ABS, des MBS et des CMBS émis dans le monde entier, de qualité « investment grade » ou inférieure (telle que mesurée par Standard & Poor’s ou toute notation équivalente émise par d’autres agences de notation pour les titres notés et les notations internes de Schroders pour les titres non notés). Les actifs sous-jacents des titres adossés à des actifs peuvent inclure des créances sur cartes de crédit, des prêts personnels, des prêts automobiles, des titres de financement de transports et des prêts aux petites entreprises.
Le Compartiment peut investir jusqu’à 30 % de ses actifs dans des titres ayant une notation inférieure à « investment grade » (telle que mesurée par Standard & Poor’s ou toute notation équivalente émise par d’autres agences de notation pour les titres notés et les notations internes de Schroders pour les titres non notés).
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Caractéristiques du Compartiment
Devise du Compartiment	USD

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir l’indice ICE BofA 3 Month US Treasury Bill +2 % et comparées à l’indice ICE BofA Merrill Lynch US Floating Rate Asset Backed Securities. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Bien qu’il soit généralement prévu que les investissements du Compartiment s’écartent sensiblement des composantes de l’indice de référence comparateur, en fonction de l’avis du Gestionnaire d’investissement, il peut y avoir un recoupement entre les deux. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence comparateur. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence comparateur.
L’indice de référence est sélectionné car le rendement cible du Compartiment vise à égaler ou dépasser le rendement de cet indice de référence, comme décrit dans l’objectif d’investissement. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management North America Inc. Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 0,70 % |
| Actions AX | Jusqu’à 3 % | Néant | 0,70 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 0,70 % |
| Actions B | S/O | S/O | S/O |
| Actions C | Jusqu’à 1 % | Néant | 0,35 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,35 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,35 % |
| Actions D | S/O | S/O | S/O |
| Actions E | Jusqu’à 1 % | Néant | 0,20 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,35 % |
| Actions Z | Néant | Néant | Jusqu’à 0,35 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise la croissance du capital en investissant dans des actions et des titres assimilés à des actions de sociétés du monde entier dont le Gestionnaire estime qu’elles bénéficieront des toutes dernières techniques industrielles innovantes.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés du monde entier.
La fabrication intelligente désigne généralement la mise en œuvre de techniques industrielles innovantes pour satisfaire les besoins du marché et relever les défis de la chaîne d’approvisionnement relatifs à la fabrication et aux secteurs connexes, tels que la distribution, la logistique et le transport. Le Gestionnaire d’investissement vise à investir dans des sociétés qui, à son avis, enregistreront une croissance supérieure grâce à leur exposition à ces innovations.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 10 % de son actif (sur une base nette) en Actions A chinoises, directement ou indirectement, par le biais d’instruments dérivés à l’aide des programmes Shanghai- Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Le Compartiment n’a pas d’indice de référence cible. Les performances du Compartiment seront comparées par rapport à l’indice MSCI AC World (Net TR). L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les

### Caractéristiques du Compartiment
Devise du Compartiment	USD
actifs du Compartiment. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence comparateur. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence comparateur. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence comparateur.
L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.

### Caractéristiques du Compartiment
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à atteindre un rendement absolu après déduction des frais en investissant dans des titres à taux fixe et variable. Une performance absolue signifie que le Compartiment cherche à fournir un rendement positif sur une période de 12 mois, quelles que soient les conditions de marché, mais il ne saurait être garanti et votre capital est à risque.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe et variable libellés dans diverses devises et émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés du monde entier.
Le Compartiment peut investir :
- jusqu’à 10 % de ses actifs dans des obligations convertibles conditionnelles ;
- jusqu’à 50 % de ses actifs dans des titres ayant une notation « non-investment grade » (attribuée par Standard & Poor’s ou toute autre agence de notation de crédit) ; et
- jusqu’à 100 % de ses actifs dans des titres adossés à des actifs, des titres adossés à des créances hypothécaires commerciales et/ou résidentielles émis par des émetteurs du monde entier ayant une notation investment grade ou inférieure à investment grade (attribuée par Standard & Poor’s ou tout équivalent d’autres agences de notation). Les actifs sous-jacents peuvent inclure des créances titrisées sur cartes de crédit, des prêts personnels, des prêts automobiles, des prêts à des petites entreprises, des crédits-baux, des créances commerciales et des créances résidentielles.

Le Compartiment peut investir en Chine continentale via des Marchés réglementés (y compris le CIBM par le biais de Bond Connect).
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total), longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Lorsque le Compartiment emploie des swaps de rendement total, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. Les swaps de rendement total peuvent être utilisés pour acquérir une exposition longue et courte aux titres de créance à taux fixe et variable.
L’exposition brute des swaps de rendement total ne dépassera pas 30% et devrait rester comprise entre 0 et 10% de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.

### Indice de référence
La performance du Compartiment doit être évaluée par rapport à son objectif de fournir un rendement positif sur une période de 12 mois, quelles que soient les conditions du marché.
L’indice de référence cible a été sélectionné parce que l’objectif de rendement du Compartiment vise à égaler celui de cet indice de référence, comme indiqué dans l’objectif d’investissement.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) absolue
Effet de levier attendu
900 % de l’actif net total
Afin de mettre en œuvre un panel de stratégies efficacement diversifiées (telles que des stratégies pays, de courbe des taux, de crédit et de devises) et pour atteindre un objectif de risque cohérent avec le profil de risque du Compartiment, ce dernier aura recours aux instruments dérivés qui peuvent générer un niveau d’effet de levier plus élevé.
Bien que le Compartiment utilise des instruments dérivés à des fins d’investissement, ce qui peut augmenter son niveau de risque, il a également recours à des instruments dérivés dans un objectif de construction d’un portefeuille donnant priorité à la diversification des stratégies et à la gestion des risques, ce qui peut également contribuer à réduire le niveau de risque du Compartiment. En général, le Compartiment emploie des instruments dérivés à des fins d’investissement et de gestion de corrélation du risque, dans des proportions égales.
Certaines de ces stratégies reposeront sur des instruments qui exigent un niveau important d’effet de levier brut pour générer un niveau limité de risque, tels que les contrats avec un taux d’intérêt à maturité courte. En outre, les instruments dérivés utilisés dans le cadre de stratégies longues et courtes peuvent générer un niveau élevé d’effet de levier brut mais un niveau limité d’effet de levier net.
Le niveau attendu d’effet de levier est susceptible d’augmenter quand la volatilité diminue de manière durable, en cas de prévision de changement des taux d’intérêt ou lorsqu’un élargissement ou un resserrement des spreads de crédit est attendu.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR absolue conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la
VaR absolue, veuillez vous reporter à l’Annexe I. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
Les positions longues et courtes obtenues par le biais de swaps de rendement total sur obligations peuvent accroître l’exposition au risque de crédit.
Le Compartiment recourt à un effet de levier important par le biais d’instruments dérivés financiers, ce qui amplifiera les gains comme les pertes découlant de ses investissements et se traduira par des fluctuations plus marquées de sa Valeur liquidative. Il en résulte une hausse significative des risques pour le Compartiment par rapport à un compartiment sans effet de levier. L’effet de levier se produit lorsque l’exposition économique globale du Compartiment dépasse le montant des actifs investi.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,00 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,00 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,00 % |
| Actions B | Néant | 0,50 % | 1,00 % |
| Actions C | Jusqu’à 1 % | Néant | 0,60 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,60 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,60 % |
| Actions D | Néant | 1,00 % | 1,00 % |
| Actions E | Jusqu’à 1 % | Néant | 0,30 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,60 % |
| Actions Z | Néant | Néant | Jusqu’à 0,60 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.

## Schroder International Selection Fund Strategic Credit

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice ICE BofA Sterling 3-Month Government Bill après déduction des frais sur une période de trois à cinq ans en investissant dans des titres à taux fixe et variable émis par des sociétés en Europe.
À compter du 21 juin 2021, l’Objectif et la Politique d’investissement seront modifiés comme suit :

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice ICE BofA Sterling 3-Month Government Bill après déduction des frais sur une période de trois à cinq ans en investissant dans des titres à taux fixe et variable et émis par des sociétés du monde entier.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe et variable émis par des gouvernements, des organismes gouvernementaux, des entités supranationales et des sociétés du monde entier.
Le Compartiment peut investir jusqu’à 100 % de son actif dans des titres ayant une notation inférieure à « investment grade » (attribuée par Standard & Poor’s ou toute notation équivalente par d’autres agences de notation).
Le Compartiment peut également rechercher une exposition jusqu’à 25 % aux obligations convertibles et aux obligations assorties de warrants. L’exposition aux obligations convertibles comprend un maximum de 10 % d’obligations convertibles contingentes.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut également investir dans des instruments dérivés, afin d’obtenir une exposition longue et courte aux actifs sous-jacents de ces instruments dérivés. Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice ICE BofA Sterling 3-Month Government Bill. Le Gestionnaire d’investissement investit de manière discrétionnaire et ses investissements ne se limitent pas aux placements respectant la composition d’un indice de référence.

### Caractéristiques du Compartiment
Devise du Compartiment	GBP
L’indice de référence est sélectionné car le rendement cible du Compartiment vise à égaler ou dépasser le rendement de cet indice de référence, comme décrit dans l’objectif d’investissement.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) absolue
Effet de levier attendu
150 % de l’actif net total
Le niveau attendu d’effet de levier peut être supérieur lorsque la volatilité est inhabituellement forte ou faible.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR absolue conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR absolue, veuillez vous reporter à l’Annexe I. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
Le Compartiment aura recours à des instruments dérivés de crédit pour viser une exposition aux marchés de crédit du monde entier. Il peut en découler une plus grande volatilité du prix des Actions et un risque de contrepartie accru.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 1,00 % |
| Actions AX | Jusqu’à 3 % | Néant | 1,00 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 1,00 % |
| Actions B | Néant | 0,50 % | 1,00 % |
| Actions C | Jusqu’à 1 % | Néant | 0,60 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,60 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,60 % |
| Actions D | Néant | 1,00 % | 1,00 % |
| Actions E | Jusqu’à 1 % | Néant | 0,30 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,60 % |
| Actions Z | Néant | Néant | Jusqu’à 0,60 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund Sustainable Global Emerging Markets

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI Emerging Markets (Net TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés de marchés émergents qui respectent les critères de durabilité du Gestionnaire d’investissement.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans une gamme diversifiée d’actions et de titres assimilés à des actions de sociétés de marchés émergents ou de sociétés qui tirent une part importante de leurs revenus ou bénéfices de marchés émergents.
Le Compartiment conserve un score global de durabilité supérieur à celui de l’indice MSCI Emerging Markets (Net TR), suivant le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs au-delà des limites figurant sur le site Internet www.schroders.com/en/ lu/private-investor/gfc.
Le Compartiment investit dans des sociétés qui appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir jusqu’à 20 % de son actif (sur une base nette) en Actions A chinoises directement ou indirectement par le biais d’instruments dérivés à l’aide des programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son objectif de référence cible, à savoir dépasser l’indice MSCI Emerging Markets (Net TR). L’univers d’investissement du Compartiment devrait se recouper de manière significative, directement ou indirectement, avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par
conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Caractéristiques du Compartiment
Devise du Compartiment	USD

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des
investissements pour le Compartiment.
Le Gestionnaire d’investissement évaluera les sociétés sur le fondement de leur traitement des différentes parties prenantes, y compris les collaborateurs, les clients, les fournisseurs, les organismes de réglementation et les communautés locales, ainsi que des références de la société en matière d’environnement, de gouvernance et de qualité de gestion. Cette évaluation sera effectuée à l’aide d’un outil interne exclusif. Le Gestionnaire d’investissement écartera généralement toute société présentant une évaluation négative, à moins que les échanges engagés avec cette société n’apportent les preuves d’une évolution positive. Lorsqu’il évalue les sociétés au regard de ce cadre, le Gestionnaire d’investissement s’assurera que le portefeuille présente un score de durabilité positif par rapport à l’indice de référence cité dans la politique d’investissement, ce score étant établi à l’aide d’un autre outil exclusif.
Les principales sources d’information utilisées pour conduire l’analyse sont les outils exclusifs de Schroders en matière de durabilité et des recherches émanant de tierces parties. Le Gestionnaire d’investissement effectuera en outre sa propre analyse des informations fournies par les sociétés, notamment des informations figurant dans les rapports en matière de durabilité et dans d’autres documents pertinents établis par ces sociétés. Le Gestionnaire d’investissement examinera également les rapports relatifs à la durabilité et autres communications rendus publics par les sociétés, ou émanant de tiers, et prendra contact avec la société au cours du processus d’évaluation.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers est composé d’actions et de titres assimilés à des actions de sociétés de marchés émergents ou de sociétés qui tirent une part importante de leurs revenus ou bénéfices de marchés émergents.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | Jusqu’à 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions IE | Néant | Néant | Jusqu’à 0,375 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund Sustainable EURO Credit

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice ICE Bank of America Merrill Lynch Euro Corporate, après déduction des frais sur une période de trois à cinq ans en investissant dans des titres à taux fixe et variable libellés en euros émis par des sociétés du monde entier qui respectent les critères de durabilité du Gestionnaire d’investissement.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe et variable libellés ou couverts en euros émis par des sociétés et d’autres émetteurs d’obligations non souveraines, des États, des organismes gouvernementaux et des entités supranationales du monde entier.
Pour l’analyse des titres, le Compartiment compare les émetteurs dans le contexte de leurs homologues du secteur et du pays.
Le Compartiment conserve un score global de durabilité supérieur à celui de l’indice ICE Bank of America Merrill Lynch Euro Corporate, suivant le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.
Le Compartiment investit au moins 10 % de son actif dans des obligations vertes, sociales et/ou durables (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs au-delà des limites définies à la section « Informations relatives à la durabilité » sur la page Internet du Compartiment, consultable sur le site Internet www.schroders.com/en/lu/ private-investor/gfc.
Le Compartiment investit dans des sociétés qui appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Des informations complémentaires relatives à l’approche du Gestionnaire d’investissement en matière de durabilité et son engagement auprès des sociétés sont disponibles sur le site Internet :
www.schroders.com/en/lu/private-investor/strategic-capabilities/sustainability/disclosures.
Le Compartiment peut investir :
- jusqu’à 30 % de son actif dans des titres ayant une notation inférieure à « investment grade » (attribuée par Standard & Poor’s ou tout équivalent d’autres agences de notation concernant les obligations notées et notations internes de Schroders concernant les obligations non notées) ;
- jusqu’à 20 % de son actif dans des obligations souveraines ;
- jusqu’à 20% de son actif dans des titres adossés à des actifs et des titres adossés à des créances hypothécaires ; et
- jusqu’à 20 % de son actif dans des obligations convertibles, y compris dans des obligations contingentes convertibles, dans la limite de 10 % de son actif.

Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son objectif de référence, à savoir dépasser l’indice ICE Bank of America Merrill Lynch Euro Corporate. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Une description détaillée des risques liés aux obligations convertibles contingentes, aux titres de qualité inférieure à
« Investment grade », aux titres adossés à des actifs et aux titres adossés à des créances hypothécaires figure à l’Annexe II du présent Prospectus.
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management (Europe) S.A. - succursale allemande Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction
Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des
investissements pour le Compartiment.
La stratégie applique des filtres afin de recouper les sociétés qui sont meilleures de leur catégorie et les investissements dans des émetteurs qui présentent des caractéristiques satisfaisantes ou une amélioration en matière de durabilité. La démarche est la suivante :
- excluant les émetteurs dont le Gestionnaire d’investissement pense qu’ils ont des activités nuisibles à l’environnement, au coût social élevé, contraire aux droits de l’homme et/ou qui ont commis une faute grave ;
- incluant les émetteurs qui affichent des trajectoires stables et en amélioration en matière de durabilité par rapport à leurs pairs. Aux fins du processus de sélection, le Gestionnaire d’investissement tient également compte de l’engagement des sociétés en faveur d’enjeux durables tels que la finance responsable, la gestion des déchets, l’atténuation du changement climatique, l’éducation, la santé et le bien-être, et l’économie circulaire des emballages.

La sélection d’obligations vertes, sociales et durables suppose de conduire une évaluation globale de la durabilité de l’émetteur, d’analyser l’utilisation des produits tirés de l’émission et l’impact attendu sur les objectifs de l’obligation. Une obligation verte est un titre à taux fixe ou variable dont le produit est affecté à un objectif environnemental. Une obligation sociale est un titre à taux fixe ou variable dont le produit est affecté à un objectif social. Une obligation durable est un titre à taux fixe ou variable dont le produit est affecté à des objectifs à la fois environnementaux et sociaux.
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés pour encourager la transparence, la transition vers une économie circulaire à émissions de carbone réduites, ainsi qu’un comportement social responsable qui favorise une croissance durable et la génération d’alpha.
Les principales sources d’information utilisées pour conduire l’analyse sont les recherches et outils exclusifs de Schroders en matière de durabilité, les recherches menées par le Gestionnaire d’investissement auprès de tierces parties, les rapports d’ONG et les réseaux d’experts. Le Gestionnaire d’investissement effectue en outre sa propre analyse des informations fournies par les sociétés, notamment des informations figurant dans les rapports en matière de durabilité et dans d’autres documents pertinents établis par ces sociétés.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers est composé de titres à taux fixe et variable libellés dans différentes devises et émis par des sociétés du monde entier. L’univers (aux fins de cette analyse uniquement) ne comprend pas les titres à taux fixe ou variable émis par des émetteurs publics ou quasi publics.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 0,75 % |
| Actions AX | Jusqu’à 3 % | Néant | 0,75 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 0,75 % |
| Actions B | Néant | 0,50 % | 0,75 % |
| Actions C | Jusqu’à 1 % | Néant | 0,45 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,45 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,45 % |
| Actions D | Néant | 1,00 % | 0,75 % |
| Actions E | Jusqu’à 1 % | Néant | 0,225 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,45 % |
| Actions Z | Néant | Néant | Jusqu’à 0,45 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund Sustainable Global Growth and Income

### Objectif d’investissement
Le Compartiment vise à dégager un rendement annuel supérieur à l’indice MSCI All Country World (Net TR) et une croissance du capital en investissant dans des actions et titres assimilés à des actions de sociétés du monde entier qui respectent les critères du Gestionnaire d’investissement en matière de durabilité.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés du monde entier. Afin d’améliorer le rendement en dividendes du Compartiment, le Gestionnaire d’investissement peut, en tant que de besoin, vendre des options d’achat à court terme sur des titres individuels détenus par le Compartiment. Ces ventes sont parfois susceptibles d’avoir un effet négatif sur la croissance du capital du Compartiment.
Le Compartiment conserve un score global de durabilité supérieur à celui de l’indice MSCI All Country World (Net TR), suivant le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs au-delà des limites figurant sur le site Internet www.schroders.com/en/ lu/private-investor/gfc.
Le Compartiment investit dans des sociétés qui appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dégager des revenus supérieurs à l’indice MSCI All Country World (Net TR). L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de

### Caractéristiques du Compartiment
Devise du Compartiment	USD
l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction
Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des
investissements pour le Compartiment.
Le Gestionnaire d’investissement utilise un outil de filtrage exclusif pour exclure les sociétés dont les performances ESG sont classées dans le quartile inférieur de l’univers d’investissement potentiel. À titre d’exception, des titres individuels identifiés par ce filtrage peuvent être inclus dans l’univers d’investissement si, de l’avis du Gestionnaire d’investissement, la société concernée est en bonne voie d’améliorer sa performance ESG. Un filtrage négatif renforce ce processus pour assurer l’exclusion de certains secteurs de l’univers d’investissement.
Un autre outil de sélection exclusif est ensuite utilisé pour sélectionner les émetteurs présentant un score de durabilité positif. Bien que tous les investissements sélectionnés ne présentent pas un score positif, le Gestionnaire d’investissement s’assurera que, dans l’ensemble, le portefeuille affiche un score positif par rapport à l’indice de référence visé dans la politique d’investissement. Tout investissement présentant un score négatif dont l’inclusion dans le portefeuille est envisagée fait l’objet d’une analyse par le Gestionnaire d’investissement de la performance ESG globale de la société ainsi que de la politique et des objectifs de durabilité déclarés.
Les sources d’information utilisées pour conduire l’analyse comprennent les informations fournies par les sociétés, telles que les rapports en matière de durabilité et autres documents pertinents établis par ces sociétés, ainsi que les outils exclusifs de Schroders en matière de durabilité et des données de tierces parties.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers est composé d’actions et de titres assimilés à des actions de sociétés du monde entier.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,30 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,30 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,30 % |
| Actions B | Néant | 0,60 % | 1,30 % |
| Actions C | Jusqu’à 1 % | Néant | 0,65 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,65 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,65 % |
| Actions D | Néant | 1,00 % | 1,30 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,65 % |
| Actions Z | Néant | Néant | Jusqu’à 0,65 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund Sustainable Multi-Asset

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital et des revenus supérieurs à 50 % de l’indice MSCI World couvert en EUR, 30 % de l’indice FTSE World Government Bond couvert en EUR et 20 % de l’indice Bloomberg Barclays Global Aggregate Corporate couvert en EUR après déduction des frais sur une période de cinq à sept ans en investissant dans une gamme diversifiée d’actifs et de marchés dans le monde entier qui respectent les critères du Gestionnaire d’investissement en matière de durabilité.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif directement ou indirectement par le biais d’instruments dérivés dans des actions et des titres assimilés à des actions, des titres à revenu fixe et des Catégories d’actifs alternatives. L’exposition à des Catégories d’actifs alternatives est assurée au moyen d’actifs éligibles comme décrit à l’Annexe III du présent Prospectus.
Le Compartiment conserve un score global de durabilité supérieur à 50 % de l’indice MSCI World couvert en EUR, 30 % de l’indice FTSE World Government Bond couvert en EUR et 20 % de l’indice Bloomberg Barclays Global
Aggregate Corporate couvert en EUR, suivant le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs au-delà des limites définies à la section « Informations relatives à la durabilité » sur la page Internet du Compartiment, consultable sur le site Internet www.schroders.com/en/lu/ private-investor/gfc.
Le Compartiment investit dans des sociétés qui appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment vise un objectif de rendement supérieur à 50 % de l’indice MSCI World couvert en EUR, 30 % de l’indice FTSE World Government Bond couvert en EUR et 20 % de l’indice Bloomberg Barclays Global Aggregate Corporate Index couvert en EUR sur une période de cinq à sept ans, avec environ deux tiers du niveau de volatilité des marchés d’actions mondiaux (une mesure de la variation des rendements du Compartiment) sur cette même période.
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total), longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Lorsque le Compartiment emploie
des swaps de rendement total et des contrats de différence, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. En particulier, les swaps de rendement total et les contrats de différence peuvent être utilisés pour obtenir une exposition longue et courte à des actions et des titres assimilés à des actions, des titres à taux fixe et variable et des indices de matières premières. L’exposition brute des swaps de rendement total et des contrats de différence ne dépassera pas 30 % et devrait rester comprise entre 0 % et 30 % de la Valeur liquidative. En raison des mouvements de marché à court terme, cette proportion peut parfois être plus élevée.
Le Compartiment peut (à titre exceptionnel) détenir jusqu’à 100 % de son actif en liquidités et Placements du marché monétaire. Cela se limitera à une période maximale de
six mois (faute de quoi le Compartiment sera liquidé). Au cours de cette période, le Compartiment n’entrera pas dans le champ du Règlement sur les fonds monétaires. Le Compartiment peut également investir jusqu’à 10 % de son actif dans des Fonds d’investissement à capital variable.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser 50 % de l’indice MSCI World couvert en EUR et 30 % de l’indice FTSE World Government Bond couvert en EUR et 20 % de l’indice Bloomberg Barclays Global Aggregate Corporate couvert en EUR, et comparées à l’EURIBOR (ou
tout autre taux de référence). L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence est sélectionné car le rendement cible du Compartiment vise à égaler ou dépasser le rendement de cet indice de référence, comme décrit dans l’objectif d’investissement. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.
Schroders est en train d’évaluer les alternatives potentielles à l’EURIBOR et informera les investisseurs de toute décision de s’éloigner de l’EURIBOR en temps voulu.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments multi-actifs ».
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment conviendra aux investisseurs qui visent un potentiel de croissance sur le long terme au travers d’investissements dans un portefeuille diversifié offrant une exposition à un éventail de catégories d’actifs.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des
investissements pour le Compartiment. Le Gestionnaire d’investissement applique des filtrages négatif et positif.
En premier lieu, une entreprise reçoit un score ESG qui tient compte d’enjeux tels que le changement climatique, la performance environnementale, les normes du travail et la composition du conseil d’administration. Sur le fondement de ce score ESG, le Gestionnaire d’investissement détermine si un investissement peut être inclus dans l’univers éligible, en excluant, en règle générale, les sociétés qui obtiennent les plus faibles notes de chaque secteur d’activité. Le Compartiment étant un compartiment multi-actifs, le Gestionnaire d’investissement utilise les scores ESG des différentes catégories d’actifs comme un élément d’analyse pour définir l’allocation d’actifs du Compartiment.
Au sein de l’univers d’investissement du Compartiment établi par ce filtrage, le Gestionnaire d’investissement évaluera les sociétés par rapport à une variété d’indicateurs environnementaux et sociaux et pourra ensuite sélectionner des investissements sur la base desquels il estime contribuer à un ou plusieurs objectif(s) environnemental/aux ou social/aux, à condition qu’ils ne nuisent pas de manière significative à d’autres objectifs environnementaux ou sociaux.
Les sources d’information utilisées pour conduire l’analyse comprennent les informations fournies par les sociétés, telles que les rapports en matière de durabilité et autres documents pertinents établis par ces sociétés, ainsi que les outils exclusifs de Schroders en matière de durabilité et des données de tierces parties.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers est composé d’actions, de titres assimilés à des actions et de titres à revenu fixe émis par des sociétés du monde entier et de Catégories d’actifs alternatives.
Toutefois (aux fins de cette analyse uniquement), l’univers ne comprendra pas de titres à revenu fixe émis par des émetteurs publics ou quasi publics.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 4 % | Néant | 1,20 % |
| Actions AX | Jusqu’à 4 % | Néant | 1,20 % |
| Actions A1 | Jusqu’à 3 % | 0,50 % | 1,20 % |
| Actions B | Néant | 0,60 % | 1,20 % |
| Actions C | Jusqu’à 1 % | Néant | 0,60 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,60 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,60 % |
| Actions D | Néant | 1,00 % | 1,20 % |
| Actions E | Jusqu’à 1 % | Néant | 0,30 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,60 % |
| Actions Z | Néant | Néant | Jusqu’à 0,60 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund Sustainable Multi-Asset Income

### Objectif d’investissement
Le Compartiment vise à dégager un revenu annuel de 3 à 5 % en investissant dans une gamme diversifiée d’actifs et de marchés du monde entier qui respectent les critères de durabilité du Gestionnaire d’investissement. Cet objectif
n’est pas garanti et peut évoluer en fonction des conditions de marché.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif directement ou indirectement par le biais d’instruments dérivés dans des actions et des titres assimilés à des actions, des titres à revenu fixe et des Catégories d’actifs alternatives. L’exposition à des Catégories d’actifs alternatives est assurée au moyen d’actifs éligibles comme décrit à l’Annexe III du présent Prospectus.
Le Compartiment peut investir :
- jusqu’à 50 % de son actif dans des titres(à taux fixe et variable) de qualité inférieure à « investment grade » (titres assortis d’une notation inférieure à « investment grade » selon Standard & Poor’s ou de toute notation équivalente attribuée par d’autres agences de notation) et des titres non notés.
- plus de 50 % de son actif dans des titres de créance (à taux fixe et variable) des marchés émergents.
- jusqu’à 20 % de son actif dans des titres adossés à des actifs et des titres adossés à des créances hypothécaires.

Le Compartiment maintient un score global de durabilité supérieur à 30 % de l’indice MSCI AC World (couvert en EUR), 40 % de l’indice Barclays Global Aggregate Corporate Bond (couvert en EUR) et 30 % de l’indice Barclays Global High Yield excl CMBS & EMG 2 % (couvert en EUR), selon le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certaines activités, secteurs ou groupes d’émetteurs au-delà des limites énumérées sous « Informations sur la durabilité » sur la page web du Compartiment, accessible via www. schroders.com/en/lu/private-investor/gfc.
Le Compartiment investit dans des sociétés qui appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment vise à fournir un profil de risque comparable à un portefeuille composé à 30 % d’actions et à 70 % de titres à revenu fixe.
Le Compartiment peut utiliser des instruments dérivés (dont des swaps de rendement total), longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Lorsque le Compartiment emploie des swaps de rendement total et des contrats de différence, le sous-jacent consiste en instruments dans lesquels le Compartiment peut investir conformément à son Objectif d’investissement et à sa Politique d’investissement. En particulier, les swaps de rendement total et les contrats de différence peuvent être utilisés pour obtenir une exposition longue et courte à des actions et des titres assimilés à des actions, des titres à taux fixe et variable et des indices de matières premières. L’exposition brute des swaps de rendement total et des contrats de différence ne dépassera pas 30 % et devrait rester comprise entre 0 % et 10 % de la Valeur liquidative. Dans certaines circonstances, cette proportion peut être plus élevée.
Le Compartiment peut (à titre exceptionnel) détenir jusqu’à 100 % de son actif en liquidités et Placements du marché monétaire. Cela se limitera à une période maximale de
six mois (faute de quoi le Compartiment sera liquidé). Au cours de cette période, le Compartiment n’entrera pas dans le champ du Règlement sur les fonds monétaires. Le Compartiment peut également investir jusqu’à 10 % de son actif dans des Fonds d’investissement à capital variable.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son objectif de revenu de 3 à 5 % par an et la volatilité comparée à 30 % de l’indice MSCI AC World couvert en EUR, 40 % de l’indice Barclays Global Aggregate Corporate Bond couvert en EUR et 30 % de l’indice Barclays Global High Yield excl CMBS et EMD 2 % couvert en EUR. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence comparateur. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence comparateur. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence comparateur. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’objectif de revenu a été sélectionné parce que le Gestionnaire d’investissement déploie des stratégies qui visent à fournir le niveau de revenu stipulé dans l’objectif d’investissement. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments multi-actifs ».

### Risques
Risques spécifiques
Une description détaillée des risques liés aux titres des marchés émergents, aux titres adossés à des actifs de qualité inférieure à « investment grade » et aux titres adossés à des créances hypothécaires figure à l’Annexe II du présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant

### Caractéristiques du Compartiment
Devise du Compartiment	EUR
ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment conviendra aux investisseurs qui recherchent un revenu stable combiné à une croissance du capital au travers d’investissements dans un éventail de catégories d’actifs.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des
investissements pour le Compartiment. Le Gestionnaire d’investissement applique des filtrages négatif et positif.
En premier lieu, une entreprise reçoit un score ESG qui tient compte d’enjeux tels que le changement climatique, la performance environnementale, les normes du travail et la composition du conseil d’administration. Sur le fondement de ce score ESG, le Gestionnaire d’investissement détermine si un investissement peut être inclus dans l’univers éligible, en excluant, en règle générale, les sociétés qui obtiennent les plus faibles notes de chaque secteur d’activité. Le Compartiment étant un compartiment multi-actifs, le Gestionnaire d’investissement utilise les scores ESG des différentes catégories d’actifs comme un élément d’analyse pour définir l’allocation d’actifs du Compartiment.
Au sein de l’univers d’investissement du Compartiment délimité par ce filtrage, le Gestionnaire d’investissement évalue les sociétés au regard d’un ensemble d’indicateurs environnementaux et sociaux, puis sélectionne des investissements dont il estime qu’ils contribuent à un ou plusieurs objectifs environnementaux ou sociaux, sous réserve qu’ils ne desservent pas de manière significative d’autres objectifs environnementaux ou sociaux.
Les sources d’information utilisées pour conduire l’analyse comprennent les informations fournies par les sociétés, telles que les rapports en matière de durabilité et autres documents pertinents établis par ces sociétés, ainsi que les outils exclusifs de Schroders en matière de durabilité et des données de tierces parties.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers est composé d’actions, de titres assimilés à des actions et de titres à revenu fixe émis par des sociétés du monde entier et de Catégories d’actifs alternatives.
Toutefois (aux fins de cette analyse uniquement), l’univers ne comprendra pas de titres de créance émis par des émetteurs publics ou quasi publics.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,25 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,25 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,25 % |
| Actions B | Néant | 0,60 % | 1,25 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,25 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund Sustainable Multi-Factor Equity

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice MSCI AC World (Net TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés du monde entier qui respectent les critères de durabilité du Gestionnaire d’investissement.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés du monde entier qui respectent les critères de durabilité du Gestionnaire d’investissement et qui mettent également l’accent sur un ensemble de facteurs liés aux actions (aussi communément appelés styles d’investissement). Les sociétés seront évaluées simultanément sur la base de ces facteurs liés aux actions au moyen d’une approche d’investissement systématique ascendante totalement intégrée.
Les facteurs pertinents liés aux actions peuvent comprendre les éléments suivants :
- Faible volatilité – consiste à évaluer des indicateurs tels que la fluctuation du cours des actions et le rendement historique afin de déterminer les titres qui, selon le Gestionnaire d’investissement, connaîtront en moyenne des fluctuations de cours plus faibles que les marchés mondiaux des actions.
- Dynamique – consiste à évaluer les tendances des actions, des secteurs ou des pays au sein du marché des actions concerné.
- Qualité – consiste à évaluer des indicateurs tels que la rentabilité, la stabilité et la solidité financière d’une société.
- Valeur – consiste à évaluer des indicateurs tels que les flux de trésorerie, les dividendes et les bénéfices afin d’identifier les titres qui, selon le Gestionnaire d’investissement, ont été sous-évalués par le marché.
- Petites capitalisations – implique d’investir dans des sociétés de petite capitalisation, à savoir des sociétés qui, au moment de l’achat, sont considérées comme faisant partie de la tranche inférieure de 30 % des marchés mondiaux des actions en termes de capitalisation boursière et présentent des caractéristiques attrayantes en fonction des styles décrits ci-dessus.
- Durabilité – consiste à évaluer les défis et opportunités rencontrés par les sociétés en matière sociale, environnementale et de gouvernance.

Le Compartiment applique une approche systématique, qui attribue des scores à toutes les sociétés d’un vaste univers, y compris l’indice MSCI AC World (Net TR), en fonction des facteurs liés aux actions mentionnés ci-dessus pour créer un portefeuille habituellement composé de 300 à 400 titres. Ce processus systématique vise à maximiser l’exposition attendue du Compartiment en fonction du score agrégée à l’égard des facteurs liés aux actions, sous réserve de la prise en compte du risque actif et des coûts de transaction, tout en appliquant des contrôles supplémentaires pour gérer le risque de concentration au niveau des titres, des secteurs et
des industries, ainsi qu’un biais imprévu visant à se rapprocher ou à s’éloigner de l’indice de référence. Le Gestionnaire d’investissement passe régulièrement en revue les résultats systématiques et procède à des ajustements pour s’assurer que les caractéristiques de risque souhaitées ont été atteintes et que le portefeuille correspond aux facteurs liés aux actions.
Le Compartiment conserve i) un score global de durabilité supérieur ; et ii) un score d’intensité en carbone inférieur d’au moins 50 % à ceux de l’indice MSCI AC World (Net TR), suivant le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certaines activités, secteurs ou groupes d’émetteurs au-delà des limites énumérées sous « Informations sur la durabilité » sur la page web du Compartiment, accessible via www. schroders.com/en/lu/private-investor/gfc.
Le Compartiment investit dans des sociétés qui appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Compartiment peut investir dans des sociétés qui, selon le Gestionnaire d’investissement, amélioreront leurs pratiques de durabilité dans un délai raisonnable, allant habituellement jusqu’à deux ans.
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI AC World (Net TR). L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement. L’indice/Les indices de référence ne
prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui visent un potentiel de croissance sur le long terme au travers d’investissements en actions.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des
investissements pour le Compartiment.
Le Gestionnaire d’investissement exclut en règle générale les sociétés exposées à des secteurs d’activité qu’il considère comme préjudiciables pour la société, tels que le tabac, les jeux de hasard ou les armes. Pour réduire le risque carbone du Compartiment, le Gestionnaire d’investissement exclut aussi, en règle générale, les sociétés exposées au charbon thermique et au pétrole extrait de sables bitumineux.
Le Gestionnaire d’investissement utilise également une évaluation quantitative afin d’identifier les sociétés qui appliquent des pratiques commerciales durables. La durabilité est évaluée au regard des avantages et des coûts environnementaux et sociaux d’ensemble liés aux activités d’une entreprise et de la qualité de ses pratiques de gouvernance.
Les sources d’information utilisées pour conduire l’analyse comprennent les informations fournies par les sociétés, telles que les rapports en matière de durabilité et autres documents pertinents établis par ces sociétés, ainsi que les outils exclusifs de Schroders en matière de durabilité et des données de tierces parties.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. Les critères de durabilité du Compartiment permettent d’améliorer le profil global de durabilité du portefeuille par rapport à l’indice de référence du Compartiment. Concernant l’intensité en carbone, par exemple, l’intensité en carbone globale du Compartiment sera inférieure d’au moins 50 % à celle de l’indice de référence du Compartiment.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers comprend des actions et des titres assimilés à des actions de sociétés du monde entier.

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | S/O | S/O | S/O |
| Actions AX | S/O | S/O | S/O |
| Actions A1 | S/O | S/O | S/O |
| Actions B | S/O | S/O | S/O |
| Actions C | Jusqu’à 1 % | Néant | 0,20 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,20 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,20 % |
| Actions D | S/O | S/O | S/O |
| Actions E | Jusqu’à 1 % | Néant | 0,10 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,20 % |
| Actions Z | S/O | S/O | S/O |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Schroder International Selection Fund Sustainable Emerging Markets Synergy

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice MSCI Emerging Markets (NDR), après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés de marchés émergents qui respectent les critères du Gestionnaire d’investissement en matière de durabilité.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans un portefeuille diversifié d’actions et de titres assimilés à des actions de sociétés des marchés émergents qui, de l’avis du Gestionnaire d’investissement, sont des placements durables.
Le Compartiment est axé principalement sur des sociétés présentant des fondamentaux solides identifiées par une recherche ascendante ainsi que sur des sociétés présentant certaines caractéristiques en matière de « Valeur » et/ou de
« Qualité ». La Valeur est évaluée à partir d’indicateurs tels que les flux de trésorerie, les dividendes et les bénéfices, afin d’identifier les titres qui, selon le Gestionnaire d’investissement, ont été sous-évalués par le marché. La Qualité est évaluée à partir d’indicateurs tels que la rentabilité, la stabilité, la solidité financière, la gouvernance et la croissance attendue d’une société.
Le Compartiment peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir moins de 20 % de son actif (sur une base nette) en Actions A chinoises, directement ou indirectement, par le biais d’instruments dérivés à l’aide des programmes Shanghai- Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect.
Le Compartiment conserve un score global de durabilité supérieur à celui de l’indice MSCI Emerging Markets (NDR), suivant le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs au-delà des limites figurant sur le site Internet www.schroders.com/en/ lu/private-investor/gfc.
Le Compartiment investit dans des sociétés qui appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice MSCI Emerging Markets (NDR). L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment est géré par l’équipe QEP Investment en collaboration avec l’équipe Global Emerging Markets. QEP désigne les produits en actions quantitatifs (quantitative equity products).

### Risques
Risques spécifiques
Les programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect sont des programmes de négociation et de compensation de titres mis au point par The Stock Exchange of Hong Kong Limited, les Bourses de Shanghai/Shenzhen, Hong Kong Securities Clearing Company Limited et China Securities Depository and Clearing Corporation Limited, dans le but de permettre un accès réciproque aux marchés boursiers de RPC (hors Hong Kong, Macao et Taïwan) et de Hong Kong. Une description détaillée des programmes et des risques y afférents est jointe en Annexe II au présent Prospectus.
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des

### Caractéristiques du Compartiment
Devise du Compartiment	USD
critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui visent un potentiel de croissance sur le long terme au travers d’investissements en actions.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des
investissements pour le Compartiment.
Les sociétés de l’univers d’investissement sont évaluées au regard de leur profil environnemental, social et de gouvernance, à l’aune d’un large éventail de critères sous-jacents. Le Gestionnaire d’investissement détermine ensuite si une société est éligible à l’inclusion dans le Compartiment, en fonction de son profil de durabilité. Les caractéristiques de durabilité d’une société peuvent également avoir une incidence sur la taille des positions au sein du Compartiment.
En matière de gouvernance, les critères d’évaluation sont notamment le risque pour les actionnaires, la supervision des activités, le risque comptable et la politique de dividendes. Les considérations environnementales englobent les risques liés au changement climatique et les opportunités et impacts environnementaux plus larges. Les critères sociaux recouvrent des questions telles que l’implication de l’entreprise, la sécurité, le bien-être du personnel, la gestion de la chaîne d’approvisionnement et la protection des données.
Les principales sources d’information utilisées sont les données comptables clés, les outils exclusifs de Schroders en matière de durabilité et les données ESG fournies par des tiers.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers est composé d’actions et de titres assimilés à des actions de sociétés de marchés émergents et de marchés frontières ou de sociétés qui tirent une part importante de leurs revenus ou bénéfices de marchés émergents ou de marchés frontières.
| Catégories d’actions | Commission d’entrée | Commission de distribution | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice Swiss Performance après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés suisses.

### Politique d’investissement
Le Compartiment est activement géré et investit au moins deux tiers de son actif dans une gamme concentrée d’actions et de titres assimilés à des actions de sociétés suisses. Le Compartiment investit généralement dans moins de 50 entreprises.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice Swiss Performance. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence

### Caractéristiques du Compartiment
Devise du Compartiment	CHF
cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions traditionnels ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui visent un potentiel de croissance sur le long terme au travers d’investissements en actions.
Gestionnaire d’investissement	Schroder Investment Management (Switzerland) AG
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,25 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,25 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,25 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,25 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice Swiss Perfomance après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés suisses qui respectent les critères de durabilité du Gestionnaire d’investissement.

### Politique d’investissement
Le Compartiment est activement géré et investit au moins deux tiers de son actif dans une gamme concentrée d’actions et de titres assimilés à des actions de sociétés suisses.
Le Compartiment conserve un score global de durabilité supérieur à celui de l’indice Swiss Leaders, suivant le système de notation du Gestionnaire d’investissement. Vous trouverez de plus amples détails sur le processus d’investissement utilisé pour y parvenir dans la section Caractéristiques du Compartiment.
Le Compartiment n’investit pas directement dans certains secteurs, activités ou groupes d’émetteurs au-delà des limites définies à la section « Informations relatives à la durabilité » sur la page Internet du Compartiment, consultable sur le site Internet www.schroders.com/en/lu/ private-investor/gfc.
Le Compartiment investit dans des sociétés qui appliquent des pratiques de bonne gouvernance au regard des critères de notation du Gestionnaire d’investissement (pour de plus amples informations, veuillez vous reporter à la section Caractéristiques du Compartiment).
Le Gestionnaire d’investissement peut également prendre contact avec des sociétés détenues par le Compartiment pour susciter la remise en question des points faibles identifiés en matière de durabilité. Pour de plus amples informations concernant l’approche du Gestionnaire d’investissement en matière de durabilité et les échanges engagés avec les sociétés, veuillez consulter le site Internet www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice Swiss Performance et comparées à l’indice Swiss Leaders. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de
comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement. L’indice/Les indices de référence ne prend/ne prennent pas en compte les caractéristiques environnementales et sociales ou l’objectif en matière de durabilité (le cas échéant) du Compartiment.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.
Le Compartiment présente des caractéristiques environnementales et/ou sociales (au sens de l’Article 8 du Règlement SFDR). De ce fait, un Compartiment présentant ces caractéristiques peut avoir une exposition limitée à certaines sociétés, industries ou secteurs, et ledit Compartiment peut renoncer à certaines opportunités d’investissement ou se défaire de certaines participations qui ne correspondent pas à ses critères de durabilité. Par conséquent, le Compartiment peut sous-performer par rapport à d’autres compartiments n’appliquant pas des critères similaires à leurs investissements. Étant donné que les investisseurs ne partagent pas tous le même point de vue sur la définition de la durabilité, il est possible que le Compartiment investisse également dans des sociétés qui ne reflètent pas les convictions et les valeurs d’un Investisseur en particulier. Veuillez vous reporter à
l’Annexe II pour plus de détails sur les risques en matière de durabilité.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Devise du Compartiment	CHF
Gestionnaire d’investissement	Schroder Investment Management (Switzerland) AG
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
Critères de durabilité	Le Gestionnaire d’investissement applique des critères de durabilité lors de la sélection des
investissements pour le Compartiment. Une société est évaluée au regard d’un ensemble de facteurs ESG, notamment les relations qu’elle entretient avec ses actionnaires, la gouvernance, la qualité de la gestion et l’impact environnemental, de manière à établir sa notation ESG globale.
Le Gestionnaire d’investissement prend en compte ces éléments pour déterminer si une société constitue un investissement éligible pour le Compartiment, une importance accrue étant accordée aux notations globales.
Les sources d’information utilisées pour conduire l’analyse comprennent les informations fournies par les sociétés, telles que les rapports en matière de durabilité et autres documents pertinents établis par ces sociétés, ainsi que les outils exclusifs de Schroders en matière de durabilité et des données de tierces parties.
Le Gestionnaire d’investissement veille à ce qu’au moins 90 % des sociétés du portefeuille du Compartiment fassent l’objet d’une notation au regard des critères de durabilité. L’application des critères de durabilité a pour effet d’exclure de la sélection des investissements au moins 20 % de l’univers d’investissement potentiel du Compartiment.
Aux fins de cette analyse, l’univers d’investissement potentiel est l’univers de référence des émetteurs que le Gestionnaire d’investissement peut sélectionner pour le Compartiment avant l’application des critères de durabilité, dans le respect des autres limites applicables à l’Objectif et à la Politique d’investissement. Cet univers est composé d’actions et de titres assimilés à des actions de sociétés suisses.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice Swiss Performance Index Extra après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés suisses de petites et moyennes capitalisations.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés suisses de petites et moyennes capitalisations. Il s’agit de sociétés qui, au moment de l’achat, font partie de la tranche inférieure
de 30 % du marché suisse des actions en termes de capitalisation boursière.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice Swiss Performance Index Extra et comparées à la catégorie Morningstar Switzerland Small/Mid Cap Equity. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la

### Caractéristiques du Compartiment
Devise du Compartiment	CHF
performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management (Switzerland) AG
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice TAIEX Total Return après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés taïwanaises.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans une gamme concentrée d’actions et de titres assimilés à des actions de sociétés taïwanaises.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice TAIEX Total Return et comparées à la catégorie Morningstar Taiwan Equity. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire

### Caractéristiques du Compartiment
Devise du Compartiment	USD
d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management (Hong Kong) Limited Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 1,00 % |
| Actions CN | Jusqu’à 3 % | Néant | 1,00 % |
| Actions CX | Jusqu’à 1 % | Néant | 1,00 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice FTSE All Share Total Return après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés britanniques.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions de sociétés britanniques. Il s’agit de sociétés constituées, ayant leur siège social ou exerçant leur activité commerciale principale au Royaume-Uni.
Les compartiments « Alpha » investissent dans des sociétés dont le cours boursier ne reflète pas leurs perspectives, de l’avis du Gestionnaire d’investissement.
Le Compartiment peut également investir des actions et titres assimilés à des actions de sociétés du monde entier et dans des titres à taux fixe et variable émis par des gouvernements, des organismes gouvernementaux, des organisations supranationales et des sociétés du monde entier.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I). Le Compartiment peut investir jusqu’à 10 % de ses actifs dans des Fonds d’investissement à capital variable (y compris d’autres Compartiments Schroder).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
La performance du Compartiment devrait être évaluée par rapport à l’indice de référence cible, à savoir dépasser l’indice FTSE All Share Total Return. L’univers

### Caractéristiques du Compartiment
Devise du Compartiment	GBP
d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR 
2	
Non
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Afin de garantir l’éligibilité au Plan d’épargne en actions (PEA) français, le Compartiment investit au moins 75 % de ses actifs dans des titres de capital émis par des sociétés ayant leur siège social dans l’Union européenne, ou dans un État de l’EEE qui a signé un accord fiscal avec la France, y compris une clause sur la lutte contre la fraude et l’évasion fiscale. À la suite du départ du Royaume-Uni de l’UE le 31 janvier 2020, une période de transition est entrée en vigueur et arrive à échéance le 31 décembre 2020. Au cours de la période de transition, les sociétés constituées au Royaume-Uni continuent d’être éligibles pour un PEA, mais il est peu probable que cela soit toujours le cas à compter du
1er janvier 2021. Par conséquent, il a été décidé de supprimer le statut PEA du Compartiment à partir du 1
er 
janvier 2021.
| Catégories d’actions | Commission d’entrée  3 | Commission de distribution  4 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
3 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
4 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice FTSE All Share Total Return après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés britanniques.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés britanniques.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
La performance du Compartiment devrait être évaluée par rapport à l’indice de référence cible, à savoir dépasser l’indice FTSE All Share Total Return. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement

### Caractéristiques du Compartiment
Devise du Compartiment	GBP
investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions traditionnels ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui visent un potentiel de croissance sur le long terme au travers d’investissements en actions.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR 
2	
Non
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Afin de garantir l’éligibilité au Plan d’épargne en actions (PEA) français, le Compartiment investit au moins 75 % de ses actifs dans des titres de capital émis par des sociétés ayant leur siège social dans l’Union européenne, ou dans un État de l’EEE qui a signé un accord fiscal avec la France, y compris une clause sur la lutte contre la fraude et l’évasion fiscale. À la suite du départ du Royaume-Uni de l’UE le 31 janvier 2020, une période de transition est entrée en vigueur et arrive à échéance le 31 décembre 2020. Au cours de la période de transition, les sociétés constituées au Royaume-Uni continuent d’être éligibles pour un PEA, mais il est peu probable que cela soit toujours le cas à compter du
1er janvier 2021. Par conséquent, il a été décidé de supprimer le statut PEA du Compartiment à partir du 1
er 
janvier 2021.
| Catégories d’actions | Commission d’entrée  3 | Commission de distribution  4 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,25 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,25 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,25 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,25 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
3 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
4 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus et une croissance du capital supérieurs à l’indice Bloomberg Barclays US Aggregate Bond (TR), après déduction des frais sur une période de trois à cinq ans, en investissant dans des titres à taux fixe et variable libellés en USD.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des titres à taux fixe et variable, y compris des titres adossés à des actifs et des titres adossés à des créances hypothécaires, libellés en dollars USD et émis par des gouvernements, des organismes gouvernementaux et des sociétés du monde entier.
Le Compartiment investit dans l’ensemble de l’éventail des titres de créance à revenu fixe. Le Compartiment peut investir :
- jusqu’à 40 % de ses actifs dans des titres ayant une notation inférieure à investment grade (attribuée par Standard & Poor’s ou tout équivalent d’autres agences de notation concernant les obligations notées et notations internes de Schroders concernant les obligations non notées) ; et
- jusqu’à 70 % de ses actifs dans des titres adossés à des actifs, des titres adossés à des créances hypothécaires commerciales et/ou résidentielles émis par des émetteurs du monde entier ayant une notation investment grade ou inférieure à investment grade (attribuée par Standard & Poor’s ou tout équivalent d’autres agences de notation). Les actifs sous-jacents peuvent inclure des créances titrisées sur cartes de crédit, des prêts personnels, des prêts automobiles, des prêts à des petites entreprises, des crédits-baux, des créances commerciales et des créances résidentielles.

Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés, longs et courts, afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace. Le Compartiment peut utiliser un effet de levier.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice Bloomberg Barclays US Aggregate Bond (TR) et comparées à la catégorie Morningstar USD Diversified Bond. L’univers d’investissement du Compartiment devrait se recouper, dans une mesure limitée, avec les composantes de l’indice de référence cible. Toutefois, le Compartiment reflétera probablement certaines caractéristiques de l’indice de référence cible (à savoir l’exposition au risque de change). L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière
discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en obligations traditionnels ».

### Risques
Méthode de gestion des risques
Valeur exposée au risque (VaR) relative
Indice de référence de la VaR
sIndice Barclays US Aggregate Bond. Cet indice mesure les performances du marché des obligations imposables à taux fixe de qualité « investment grade » libellées en USD, y compris les bons du Trésor, les obligations d’entreprises et les emprunts d’État, les titres adossés à des créances hypothécaires (titres adossés à des créances hypothécaires à taux fixe et à taux variable hybride à transmission directe des flux garantis par des organismes publics), les titres adossés à des actifs et les titres adossés à des créances hypothécaires commerciales.
Effet de levier attendu
200 % de l’actif net total
Le niveau attendu d’effet de levier est susceptible d’augmenter quand la volatilité diminue de manière durable, en cas de prévision de changement des taux d’intérêt ou lorsqu’un élargissement ou un resserrement des spreads de crédit est attendu.
Ce Compartiment n’est pas un instrument financier à effet de levier
Le Compartiment utilise des instruments financiers dérivés à des fins d’investissement et l’exposition globale est surveillée selon l’approche par la VaR relative conformément aux Règles d’évaluation des risques des OPCVM. Bien que ces instruments génèrent un effet de levier, le Compartiment lui-même n’est pas un instrument financier à effet de levier tel que décrit plus en détail dans la Directive MiFID. Pour plus de détails sur l’approche par la VaR relative, veuillez vous reporter à l’Annexe 1. En plus de cette restriction réglementaire, Schroders met en œuvre des contrôles internes sur l’exposition globale afin de limiter et/ ou de mettre en évidence l’exposition globale, le cas échéant.
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Caractéristiques du Compartiment
Devise du Compartiment	USD

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui cherchent à combiner opportunités de croissance du capital et revenu dans le cadre de la relative stabilité des marchés obligataires sur le long terme.
Gestionnaire d’investissement	Schroder Investment Management North America Inc. Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 3 % | Néant | 0,75 % |
| Actions AX | Jusqu’à 3 % | Néant | 0,75 % |
| Actions A1 | Jusqu’à 2 % | 0,50 % | 0,75 % |
| Actions B | Néant | 0,50 % | 0,75 % |
| Actions C | Jusqu’à 1 % | Néant | 0,50 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,50 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,50 % |
| Actions D | Néant | 1,00 % | 0,75 % |
| Actions E | Jusqu’à 1 % | Néant | 0,25 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,50 % |
| Actions Z | Néant | Néant | Jusqu’à 0,50 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 2 % équivaut à 2,04081 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice Standard & Poors 500 (Net TR) Lagged après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés américaines de grande capitalisation.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés américaines de grande capitalisation. Il s’agit de sociétés qui, au moment de l’achat, sont considérées comme représentant les 85 % supérieurs du marché américain des actions en termes de capitalisation boursière.
Le Compartiment peut investir dans des actions de sociétés non américaines, pourvu qu’elles soient inscrites à la cote de l’une des principales bourses nord-américaines.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice Standard & Poors 500 (Net TR) Lagged. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de

### Caractéristiques du Compartiment
Devise du Compartiment	USD
manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions traditionnels ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui visent un potentiel de croissance sur le long terme au travers d’investissements en actions.
Gestionnaire d’investissement	Schroder Investment Management Limited.
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,25 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,25 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,25 % |
| Actions C | Jusqu’à 1 % | Néant | 0,55 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,55 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,55 % |
| Actions D | Néant | 1,00 % | 1,25 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice Russell 2500 Lagged (Net TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés américaines de petites et moyennes capitalisations.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés américaines de petite et moyenne capitalisation. Il s’agit de sociétés qui, au moment de l’achat, font partie de la tranche inférieure de 40 % du marché américain des actions en termes de capitalisation boursière.
Le Compartiment investit dans un large éventail de petites et moyennes sociétés américaines. L’approche d’investissement cible trois types de sociétés américaines : les sociétés dont le Gestionnaire d’investissement estime qu’elles présentent des tendances de croissance solides et une amélioration de leurs niveaux de trésorerie, les sociétés dont le Gestionnaire d’investissement estime qu’elles génèrent des résultats et revenus fiables, et les sociétés dont le Gestionnaire d’investissement estime qu’elles opèrent un changement positif non reconnu par le marché. Ainsi, le Gestionnaire d’investissement pense pouvoir réduire le risque global et améliorer les performances pour nos investisseurs à moyen-long terme.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés dans le but de réduire les risques ou de gérer le Compartiment de manière plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice Russell 2500 Lagged (Net TR) et comparées à la Catégorie Morningstar US Mid-Cap Equity. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de

### Caractéristiques du Compartiment
Devise du Compartiment	USD
référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management North America Inc. Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,85 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,85 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,85 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’indice Russell 2000 Lagged (Net TR) après déduction des frais sur une période de trois à cinq ans en investissant dans des actions et des titres assimilés à des actions de sociétés américaines de petite capitalisation.

### Politique d’investissement
Le Compartiment est géré de façon active et investit au moins deux tiers de son actif dans des actions et des titres assimilés à des actions de sociétés américaines de petite capitalisation. Il s’agit de sociétés qui, au moment de l’achat, font partie de la tranche inférieure de 30 % du marché américain des actions en termes de capitalisation boursière.
Le Compartiment investit dans un large éventail de sociétés américaines de petite capitalisation selon la conviction qu’elles offriront de meilleures perspectives de croissance que leurs homologues de plus grande capitalisation à moyen-long terme. L’approche d’investissement cible trois types de sociétés : les sociétés dont le Gestionnaire d’investissement estime qu’elles présentent des tendances de croissance solides et une amélioration de leurs niveaux de trésorerie, les sociétés dont le Gestionnaire d’investissement estime qu’elles génèrent des résultats et revenus fiables, et les sociétés dont le Gestionnaire d’investissement estime qu’elles opèrent un changement positif non reconnu par le marché. Ainsi, le Gestionnaire d’investissement pense pouvoir réduire le risque global et améliorer les rendements pour nos investisseurs à moyen- long terme.
Le Compartiment peut également investir, directement ou indirectement, jusqu’à un tiers de ses actifs dans d’autres titres (y compris d’autres catégories d’actifs), pays, régions, secteurs ou devises, Fonds d’investissement, warrants et Placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans l’Annexe I).
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice Russell 2000 Lagged (Net TR) et comparées à la catégorie Morningstar US Small-Cap Equity. L’univers d’investissement du Compartiment devrait se recouper de

### Caractéristiques du Compartiment
Devise du Compartiment	USD
manière significative avec les composantes de l’indice de référence cible. L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments en actions spécialisés ».

### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un Compartiment investissant deux tiers de ses actifs d’une certaine manière s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment peut convenir aux Investisseurs qui s’intéressent davantage à la maximisation des rendements sur le long terme qu’à la minimisation des pertes éventuelles sur le court terme.
Gestionnaire d’investissement	Schroder Investment Management North America Inc. Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 5 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 5 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 4 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,60 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,85 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,85 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,85 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,50 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 1 % |
| Actions Z | Néant | Néant | Jusqu’à 1 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 5 % équivaut à 5,26315 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

### Objectif d’investissement
Le Compartiment vise à dégager une croissance du capital supérieure à l’inflation (mesurée par l’Indice des prix à la consommation harmonisé de la zone euro) nette de frais sur des périodes continues de trois à cinq ans, en investissant dans un large éventail de catégories d’actifs dans le monde entier. Il n’y a aucune garantie que l’objectif sera atteint et votre capital est à risque.

### Politique d’investissement
Le Compartiment est géré de façon active et peut investir dans le monde entier dans des matières premières, des actions et des titres assimilés à des actions de sociétés, des titres à taux fixe et variable et d’autres catégories d’actifs alternatives, dans n’importe quelle devise, soit directement ou indirectement par le biais de Fonds d’investissement à capital variable et de Fonds négociés en bourse.
L’exposition aux matières premières et autres Catégories d’actifs alternatives s’effectuera par le biais d’actifs éligibles tels que décrits dans la définition des « Catégories d’actifs alternatives » en Annexe III au présent Prospectus.
Le Compartiment peut investir plus de 50 % de son actif dans des titres à taux fixe et variable dont la notation est inférieure à « investment grade » (telle que mesurée par Standard & Poor’s, ou par toute notation équivalente d’autres agences de notation).
Le Compartiment peut, à titre exceptionnel, investir jusqu’à 100 % de ses actifs en liquidités et Placements du marché monétaire. Cela se limitera à une période maximale de
six mois (faute de quoi le Compartiment sera liquidé). Au cours de cette période, le Compartiment n’entrera pas dans le champ du Règlement sur les fonds monétaires.
Le Compartiment peut utiliser des instruments dérivés afin de générer des plus-values, de réduire les risques ou à des fins de gestion plus efficace.

### Caractéristiques du Compartiment
Devise du Compartiment	EUR

### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice Eurozone Harmonized Consumer Price. Le Gestionnaire d’investissement investit de manière discrétionnaire et ses investissements ne se limitent pas aux placements respectant la composition d’un indice de référence.
L’indice de référence est sélectionné car le rendement cible du Compartiment vise à égaler ou dépasser le rendement de cet indice de référence, comme décrit dans l’objectif d’investissement.

### Informations supplémentaires
Le Compartiment appartient à la catégorie des
« Compartiments multi-actifs ». Le Compartiment peut investir plus de 10 % de ses actifs dans des Fonds d’investissement. Le Compartiment peut investir dans un autre compartiment qui impute une commission de surperformance.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais.

### Profil de l’investisseur type
Le Compartiment conviendra aux investisseurs qui visent une valeur réelle (taux de rendement positif après inflation) par le biais d’investissements dans différentes catégories d’actifs.
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non

### Caractéristiques générales des catégories d’actions
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Jusqu’à 4 % | Néant | 1,50 % |
| Actions AX | Jusqu’à 4 % | Néant | 1,50 % |
| Actions A1 | Jusqu’à 3 % | 0,50 % | 1,50 % |
| Actions B | Néant | 0,50 % | 1,50 % |
| Actions C | Jusqu’à 1 % | Néant | 0,75 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,75 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,75 % |
| Actions D | Néant | 1,00 % | 1,50 % |
| Actions E | Jusqu’à 1 % | Néant | 0,375 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,75 % |
| Actions Z | Néant | Néant | Jusqu’à 0,75 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu.à 4 % équivaut à 4,16667 % de la Valeur liquidative par Action ; une commission d.entrée allant jusqu.à 3 % équivaut à 3,09278 % de la Valeur liquidative par Action ; une commission d. entrée allant jusqu.à 1 % équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Objectifs et politiques d’investissement spécifiques des Fonds du marché monétaire
La présente section contient des informations supplémentaires applicables aux Compartiments qui remplissent les conditions pour être considérés comme des Fonds du marché monétaire (MMF). Les dispositions générales du Prospectus s’appliquent également aux MMF, sauf disposition contraire ci-dessous.
Le Compartiment remplit les conditions pour être considéré comme un Fonds du marché monétaire à valeur liquidative variable standard conformément aux dispositions du MMFR. Ce Compartiment a été noté par des agences de notation de crédit externes. Ces notations ont été sollicitées et financées par le Gestionnaire d’investissement.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus en investissant dans des Instruments du marché monétaire libellés en euro. Le Compartiment est conçu pour fournir des liquidités et cherche à préserver la valeur de l’investissement dans un contexte de baisse des marchés. La préservation de la valeur ou la fourniture de liquidités ne peut pas être garantie.

### Politique d’investissement
Le Compartiment investit dans des Instruments du marché monétaire (ayant une notation minimale « investment grade » telle que mesurée par Standard & Poor’s ou toute autre notation équivalente attribuée par une autre agence de notation, en plus de recevoir une évaluation favorable de leur qualité de crédit conformément à la procédure interne d’évaluation de la qualité de crédit de la Société de gestion) libellés en euros et émis par des gouvernements, des organismes gouvernementaux et des sociétés du monde entier, sous réserve que (i) au moment de leur acquisition,
l’échéance résiduelle de tous les titres de ce type détenus en portefeuille ne dépasse pas 12 mois, en tenant compte des instruments financiers qui y sont liés, ou que (ii) les dispositions légales régissant ces titres prévoient que le taux d’intérêt applicable soit révisé au moins une fois par an en fonction des conditions de marché et que l’échéance résiduelle de tous ces titres ne dépasse pas deux ans.
Le Compartiment peut utiliser des instruments dérivés dans le but de couvrir le risque de change et de taux d’intérêt. Le Compartiment peut également détenir des liquidités et effectuer des dépôts auprès d’un établissement de crédit.

### Caractéristiques du Compartiment
Devise du Compartiment	EUR

### Indice de référence
Le Compartiment n’a pas d’indice de référence cible. Les performances du Compartiment seront comparées par rapport à l’indice FTSE EUR 1m Eurodeposit LC (TR). L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment. L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence comparateur. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence comparateur. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence comparateur.
L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.

### Profil de l’investisseur type
Le Compartiment investit dans des titres à revenu fixe arrivant bientôt à échéance. Il s’agit d’un investissement à court terme destiné aux investisseurs qui cherchent à limiter les pertes en cas de baisse des marchés. Il n’est pas conçu pour être un investissement à long terme. Pour plus de détails concernant les risques applicables aux investissements dans le Compartiment, veuillez consulter l’Annexe II, « Risques d’investissement ».
Gestionnaire d’investissement	Schroder Investment Management Limited
Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Délai de paiement des montants dus au titre des souscriptions et rachats 
1
Dans les 3 jours ouvrables suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
1 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
| Catégories d’actions | Commission d’entrée  2 | Commission de distribution  3 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Néant | Néant | 0,20 % |
| Actions AX | Néant | Néant | 0,20 % |
| Actions A1 | Néant | Néant | 0,20 % |
| Actions B | Néant | Néant | 0,20 % |
| Actions C | Néant | Néant | 0,20 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,20 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,20 % |
| Actions D | S/O | S/O | S/O |
| Actions E | Jusqu’à 1 % | Néant | 0,10 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,20 % |
| Actions Z | Néant | Néant | Jusqu’à 0,20 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu’à 1 % maximum équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.
Le Compartiment remplit les conditions pour être considéré comme un Fonds du marché monétaire à valeur liquidative variable standard conformément aux dispositions du MMFR.

### Objectif d’investissement
Le Compartiment vise à dégager des revenus en investissant dans des Instruments du marché monétaire libellés en dollars américains. Le Compartiment est conçu pour fournir des liquidités et cherche à préserver la valeur de l’investissement dans un contexte de baisse des marchés. La préservation de la valeur ou la fourniture de liquidités ne peut pas être garantie.

### Politique d’investissement
Le Compartiment investit dans des Instruments du marché monétaire (ayant une notation minimale « investment grade » telle que mesurée par Standard & Poor’s ou toute autre notation équivalente attribuée par une autre agence de notation, en plus de recevoir une évaluation favorable de leur qualité de crédit conformément à la procédure interne d’évaluation de la qualité de crédit de la Société de gestion) libellés en dollars américains et émis par des gouvernements, des organismes gouvernementaux et des sociétés du monde entier, sous réserve que (i) au moment
de leur acquisition, l’échéance résiduelle de tous les titres de ce type détenus en portefeuille ne dépasse pas 12 mois, en tenant compte des instruments financiers qui y sont liés, ou que (ii) les dispositions légales régissant ces titres prévoient que le taux d’intérêt applicable soit révisé au moins une fois par an en fonction des conditions de marché et que l’échéance résiduelle de tous ces titres ne dépasse pas deux ans.

### Caractéristiques du Compartiment
Devise du Compartiment	USD
Le Compartiment peut utiliser des instruments dérivés dans le but de couvrir le risque de change et de taux d’intérêt. Le Compartiment peut également détenir des liquidités et effectuer des dépôts auprès d’un établissement de crédit.

### Indice de référence
Le Compartiment n’a pas d’indice de référence cible. Les performances du Compartiment seront comparées par rapport à l’indice ICE BofA Merrill Lynch US Treasury Bill (0- 3m). L’indice de référence comparateur n’est inclus qu’à des fins de comparaison des performances et n’a aucune influence sur la manière dont le Gestionnaire d’investissement investit les actifs du Compartiment.
L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence comparateur. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence comparateur. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence comparateur.
L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment.
Gestionnaire d’investissement	Schroder Investment Management North America Inc. Heure de clôture des transactions	13 h 00 (heure du Luxembourg) chaque Jour de transaction Fréquence des transactions	Quotidiennement, le Jour de transaction
Devise de transaction	La devise de la Catégorie d’actions concernée uniquement 
1
Délai de paiement des montants dus au titre des souscriptions et rachats 
2
Dans le Jour ouvrable suivant le Jour de transaction concerné
Commission de surperformance	Néant Commission de rachat	Néant
Éligibilité au PEA / PIR	Non
1 
Le service de change tel que décrit à la Section 2 ne sera pas disponible pour ce Compartiment
2 
Des procédures de souscription et de rachat différentes peuvent être appliquées lorsque les demandes se font par l’intermédiaire de Distributeurs.
| Catégories d’actions | Commission d’entrée  3 | Commission de distribution  4 | Commission de gestion |
| --- | --- | --- | --- |
| Actions A | Néant | Néant | 0,20 % |
| Actions AX | Néant | Néant | 0,20 % |
| Actions A1 | Néant | Néant | 0,20 % |
| Actions B | Néant | Néant | 0,20 % |
| Actions C | Néant | Néant | 0,20 % |
| Actions CN | Jusqu’à 3 % | Néant | 0,20 % |
| Actions CX | Jusqu’à 1 % | Néant | 0,20 % |
| Actions D | Néant | 1,00 % | 0,20 % |
| Actions E | Jusqu’à 1 % | Néant | 0,10 % |
| Actions IZ, IA, IB, IC, ID | Néant | Néant | Jusqu’à 0,20 % |
| Actions Z | Néant | Néant | Jusqu’à 0,20 % |

Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
3 
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu’à 1 % maximum équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
4 
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.

## Informations supplémentaires pour les Fonds du marché monétaire

### Informations supplémentaires à l’attention des Actionnaires
L’attention des actionnaires est attirée sur le fait que : –	les Fonds du marché monétaire ne sont pas un
investissement garanti ;
- un investissement dans un Fonds du marché monétaire (MMF) diffère d’un investissement sous forme de dépôt étant donné que le principal investi dans un Fonds du marché monétaire peut fluctuer ;
- la Société ne compte pas sur un soutien externe pour garantir la liquidité des Compartiments qui remplissent les conditions pour être considérés comme des Fonds du marché monétaire ou pour stabiliser la Valeur liquidative par Action de ces Compartiments ; et
- le risque de perte du principal est supporté par les Actionnaires.

Outre les informations mises à la disposition des Actionnaires conformément à la partie principale du Prospectus, les informations suivantes seront mises à disposition chaque semaine au siège social de la Société et sur le site Internet de la Société de gestion ( www.schroders.lu) :
- la ventilation par échéance du portefeuille du Compartiment concerné ;
- le profil de crédit du Compartiment concerné ;
- l’Échéance moyenne pondérée (WAM, Weighted Average Maturity) et la Durée de vie moyenne pondérée (WAL, Weighed Average Life) du Compartiment concerné ;
- les détails des 10 plus grandes participations du Compartiment, y compris le nom, le pays, l’échéance et le type d’actif, ainsi que la contrepartie dans le cas d’accords de mise et de prise en pension ;
- la valeur totale du Compartiment concerné ; et
- le rendement net du Compartiment concerné.

En outre, la Valeur liquidative par Action des Catégories d’actions des Compartiments sera mise à disposition quotidiennement sur le site Internet susmentionné.

### Dispositions spécifiques relatives au calcul de la Valeur liquidative par Action
La Valeur liquidative par Action sera arrondie au point de base le plus proche ou à son équivalent lorsqu’elle sera publiée dans une unité monétaire.
- Par dérogation à la section 2.4. « Calcul de la Valeur liquidative » ci-dessus, les actifs des Compartiments qui remplissent les conditions pour être considérés comme des Fonds du marché monétaire seront évalués selon les principes d’évaluation suivants :
- les actifs liquides et les Instruments du marché monétaire seront évalués soit sur la base de la valeur de marché, soit sur la base de la valeur par rapport au modèle lorsque l’utilisation de la valeur de marché n’est pas possible ou que les données du marché ne sont pas de qualité suffisante ;
- Les actions ou parts de Fonds du marché monétaire seront évaluées à leur dernière valeur liquidative disponible telle que déclarée par ces Fonds du marché monétaire ;
- La valeur des espèces en caisse ou en dépôt et des montants à recevoir, des dépenses payées d’avance, des dividendes en espèces et des intérêts déclarés ou courus tels que susmentionnés et non encore reçus sera réputée être leur valeur nominale, sauf, toutefois, s’il apparaît improbable que cette valeur puisse être payée ou reçue en entier, auquel cas la valeur de ces actifs sera déterminée de manière prudente en utilisant une évaluation par rapport à un modèle ;
- Les éléments d’actif ou de passif libellés dans des devises autres que la Devise du Compartiment (telle que définie dans le présent Annexe) seront convertis en appliquant le taux de change au comptant publié par une banque ou un autre établissement financier reconnuLes actifs des Compartiments qui remplissent les conditions pour être considérés comme des Fonds du marché monétaire seront évalués au moins une fois par jour.

La Valeur liquidative par Action sera calculée comme la différence entre la somme de tous les actifs du Compartiment et la somme de tous ses passifs évalués selon la méthode d’évaluation par rapport au marché ou par rapport à un modèle, ou les deux, divisée par le nombre d’Actions en circulation du Compartiment.
Les actions d’un Compartiment seront émises ou rachetées à un prix égal à la Valeur liquidative par Action calculée le Jour de transaction (majorée de toute commission d’entrée applicable ou minorée de toute commission de rachat applicable).

### Restrictions d’investissement et règles du portefeuille
Restrictions d’investissement spécifiques
Les Administrateurs ont adopté les restrictions suivantes en ce qui concerne les investissements des Compartiments qui remplissent les conditions pour pouvoir être considérés comme des Fonds du marché monétaire standard à Valeur liquidative variable. Ces restrictions et politiques peuvent être modifiées en tant que de besoin par les Administrateurs s’ils estiment qu’il en va de l’intérêt de la Société. Si tel devait être le cas, le Prospectus serait mis à jour en conséquence.
- Chaque Compartiment peut investir exclusivement dans les actifs éligibles suivants :
	- instruments du marché monétaire qui remplissent toutes les exigences suivantes :
		- il se situe dans les catégories suivantes :
			- instruments du marché monétaire admis ou négociés sur un Marché réglementé, admis à la cote officielle d’une bourse de valeurs ; et/ou



- instruments du marché monétaire autres que ceux négociés sur un Marché réglementé, pour autant que l’émission ou l’émetteur de ces instruments soient eux- mêmes soumis à une réglementation visant à protéger les Investisseurs et l’épargne et que ces instruments soient :
	- émis ou garantis par une administration centrale, régionale ou locale ou une banque centrale d’un État membre de l’UE, par la Banque centrale européenne, par l’UE ou par la Banque européenne d’investissement, par un État tiers à l’UE ou, dans le cas d’un État fédéral, par un des membres composant la fédération, ou par un organisme public international dont font partie un ou plusieurs État(s) membre(s) de l’UE ; ou
	- émis par une entreprise dont des titres sont négociés sur des Marchés réglementés mentionnés au (1) (I) (a) ; ou
	- émis ou garantis par un établissement soumis à une surveillance prudentielle selon les critères définis par la législation communautaire, ou par un établissement soumis et se conformant à des règles prudentielles considérées par la CSSF comme au moins aussi strictes que celles prévues par la législation communautaire ; ou
	- émis par d’autres entités appartenant aux catégories approuvées par la CSSF pour autant que les investissements dans ces instruments soient soumis à des règles de protection des investisseurs qui soient équivalentes à celles prévues aux points (i), (ii) et (iii) ci-dessus, et que l’émetteur soit une société dont le capital et les réserves s’élèvent au moins à 10 000 000 EUR et qui présente et publie ses comptes annuels conformément à laDirective 2013/34/UE, soit une entité qui, au sein d’un groupe de sociétés incluant une ou plusieurs société(s) cotée(s), se consacre au financement du groupe, soit une entité qui se consacre au financement de véhicules de titrisation bénéficiant d’une ligne de financement bancaire.

- il affiche l’une des caractéristiques alternatives suivantes :
	- il a une échéance légale à l’émission inférieure ou égale à 397 jours ;
	- il a une échéance résiduelle inférieure ou égale à 397 jours ;
	- il a une échéance résiduelle jusqu’à la date de rachat légale inférieure ou égale à deux ans, sous réserve que le temps restant jusqu’à la prochaine date de réinitialisation des taux d’intérêt soit inférieur ou égal à 397 jours. À cette fin, les Instruments du marché monétaire à taux variable et les Instruments du marché monétaire à taux fixe couverts par un accord de swap seront réinitialisés sur un taux ou un indice du marché monétaire.

- l’émetteur et la qualité de l’Instrument du marché monétaire ont fait l’objet d’une évaluation favorable conformément à la procédure interne d’évaluation de la qualité de crédit établie par la Société de gestion ;Cette exigence ne s’applique pas aux Instruments du marché monétaire émis ou garantis par l’UE, une autorité centrale ou une banque centrale d’un État membre de l’UE, la Banque centrale européenne, la Banque européenne d’investissement, le Mécanisme européen de stabilité ou le Fonds européen de stabilité financière.
- lorsque les Compartiments investissent dans une titrisation ou un ABCP (Asset-Backed Commercial Paper/papier commercial adossé à un actif), cela est soumis aux exigences énoncées au (A) (2) ci-dessous.
- (I)	
- Titrisations éligibles et ABCP à condition que la titrisation ou l’ABCP soit suffisamment liquide, ait reçu une évaluation favorable conformément à la procédure interne d’évaluation de la qualité de crédit établie par la Société de gestion et soit l’un(e) des suivants (suivantes) :
- une titrisation visée à l’Article 13 du Règlement délégué (UE) 2015/61 de la Commission 
- 5 
- ;
- un ABCP émis par un programme ABCP qui :
	- bénéficie du soutien intégral d’un établissement de crédit réglementé couvrant tous les risques de liquidité, de crédit et de dilution importante, ainsi que les coûts de transaction en cours et les coûts de programme en cours liés à l’ABCP, si nécessaire pour garantir à l’investisseur le paiement intégral de tout montant en vertu de l’ABCP ;
	- n’est pas une retitrisation et les expositions sous-jacentes à la titrisation au niveau de chaque transaction ABCP n’incluent pas de position de titrisation ;5 Règlement délégué (UE) 2015/61 de la Commission du 10 octobre 2014 complétant le Règlement (UE) n° 575/2013 du Parlement européen et du Conseil concernant les exigences prudentielles applicables aux établissements de crédit.

- n’inclut pas de titrisation synthétique telle que définie au point (11) de l’Article 242 du Règlement (UE) n° 575/ 2013 
- 6 
- ;
- une titrisation simple, transparente et standardisée (STS), telle que déterminée conformément aux critères et conditions fixés dans les Articles 20, 21 et 22 du Règlement (UE) 2017/2402 du Parlement européen et du Conseil, ou un ABCP STS tel que déterminé conformément aux critères et conditions fixés dans les Articles 24, 25 et 26 dudit Règlement.

(II) 
Le Compartiment peut investir dans des titrisations ou des ABCP à condition que l’une des conditions suivantes soit remplie, le cas échéant :
(a) l’échéance légale à l’émission ou l’échéance résiduelle des titrisations et ABCP visés aux points (I) (a) (b) et (c) ci- dessus est inférieure ou égale à deux ans et le temps restant jusqu’à la prochaine date de réinitialisation des taux d’intérêt est inférieur ou égal à 397 jours ;
(b) les titrisations visées aux points (I) (a) et (c) ci-dessus sont des instruments d’amortissement et ont une WAL inférieure ou égale à deux ans.
- Dépôts auprès d’établissements de crédit à condition que toutes les conditions suivantes soient remplies :
	- le dépôt est remboursable sur demande ou peut être retiré à tout moment ;
	- le dépôt arrive à échéance dans un délai maximum de 12 mois ;
	- l’établissement de crédit a son siège social dans un État membre de l’UE ou, lorsque l’établissement de crédit a son siège social dans un pays tiers, il est soumis à des règles prudentielles considérées comme équivalentes à celles prévues par la législation communautaire conformément à la procédure prévue à l’Article 107 (4), du Règlement (UE) n° 575/2013.

- Les accords de mise en pension sous réserve que toutes les conditions suivantes soient remplies :
	- il est utilisé sur une base temporaire, pendant un maximum de sept jours ouvrables, uniquement à des fins de gestion des liquidités et non à des fins d’investissement autres que celles visées au point (III) ci-dessous ;
	- la contrepartie recevant des actifs transférés par le Compartiment concerné en tant que garantie en vertu de l’accord de mise en pension n’est pas autorisée à vendre, investir, nantir ou transférer de toute autre manière ces actifs sans l’accord préalable de la Société ;
	- les liquidités reçues par le Compartiment concerné dans le cadre de l’accord de mise en pension peuvent être :
		- placées sur des dépôts conformément au paragraphe (3) ci-dessus ; ou
		- investies dans des valeurs mobilières liquides ou des Instruments du marché monétaire autres que ceux visés aupoint (A) (1) ci-dessus, à condition que ces actifs respectent l’une des conditions suivantes :


- ils sont émis ou garantis par l’Union européenne, une autorité centrale ou une banque centrale d’un État membre de l’UE, la Banque centrale européenne, la Banque européenne d’investissement, le Mécanisme européen de stabilité ou le Fonds européen de stabilité financière sous réserve qu’une évaluation favorable ait été reçue conformément à la procédure interne d’évaluation de la notation de crédit établie par la Société de gestion ;
- ils sont émis ou garantis par une autorité centrale ou une banque centrale d’un État non membre de l’UE, sous réserve qu’une évaluation favorable ait été reçue conformément à la procédure interne d’évaluation de la notation de crédit de la Société de gestion.

Les liquidités reçues par le Compartiment concerné dans le cadre de l’accord de mise en pension ne seront autrement pas investies dans d’autres actifs, transférées ou réutilisées de toute autre manière.
- Les liquidités reçues par le Compartiment concerné dans le cadre de l’accord de mise en pension ne dépassent pas 10 % de ses actifs.
- La Société a le droit de résilier le contrat à tout moment moyennant un préavis de deux jours ouvrables au maximum.
- Les accords de prise en pension à condition que toutes les conditions suivantes soient remplies :
- le Compartiment a le droit de résilier l’accord à tout moment moyennant un préavis de deux jours ouvrables au maximum ;
- les actifs reçus par le Compartiment dans le cadre d’un accord de prise en pension doivent :
	- être des Instruments du marché monétaire qui répondent aux exigences énoncées au point (A) (1) ci-dessus ;
	- ne pas inclure de titrisations et d’ABCP ;
	- avoir une valeur de marché au moins égale à tout moment aux liquidités versées ;6 Règlement (UE) n° 575/2013 du Parlement européen et du Conseil du 26 juin 2013 relatif aux exigences prudentielles applicables aux établissements de crédit et aux entreprises d’investissement et modifiant le Règlement (UE) n° 648/2012.

- ne pas être vendus, réinvestis, mis en gage ou autrement transférés ;
- être suffisamment diversifiés avec une exposition maximale à un émetteur donné de 15 % de la Valeur liquidative du Compartiment, sauf si ces actifs prennent la forme d’Instruments du marché monétaire qui répondent aux exigences du point (C) (1) (VIII) ci-dessous ;
- être émis par une entité indépendante de la contrepartie et qui ne devrait pas afficher une forte corrélation avec la performance de celle-ci ;Par dérogation au point (a) ci-dessus, le Compartiment peut recevoir, dans le cadre d’un accord de prise en pension, des valeurs mobilières liquides ou des Instruments du marché monétaire autres que ceux visés au point (A) (1) ci-dessus, sous réserve que ces actifs respectent l’une des conditions suivantes :
- ils sont émis ou garantis par l’Union européenne, une autorité centrale ou une banque centrale d’un État membre de l’UE, la Banque centrale européenne, la Banque européenne d’investissement, le Mécanisme européen de stabilité ou le Fonds européen de stabilité financière sous réserve qu’une évaluation favorable ait été reçue conformément à la procédure interne d’évaluation de la notation de crédit établie par la Société de gestion ;
- ils sont émis ou garantis par une autorité centrale ou une banque centrale d’un État non membre de l’UE, sous réserve qu’une évaluation favorable ait été reçue conformément à la procédure interne d’évaluation de la notation de crédit de la Société de gestion ;Les actifs reçus dans le cadre d’un accord de prise en pension conformément à ce qui précède doivent satisfaire aux exigences de diversification décrites au point (C) (1) (VIII).
- La Société doit s’assurer qu’elle est en mesure de récupérer le montant total des liquidités à tout moment, soit sur une base cumulée, soit sur une base de la valeur de marché. Lorsque les liquidités peuvent être rappelées à tout moment sur une base de valeur de marché, la valeur de marché de l’accord de prise en pension sera utilisée pour le calcul de la Valeur liquidative par Action du Compartiment concerné.
- Parts ou actions de tout autre Fonds du marché monétaire standard ou à court terme (« MMF ciblé ») sous réserve que toutes les conditions suivantes soient remplies :
- pas plus de 10 % des actifs du MMF ciblé ne peuvent, conformément aux règles du compartiment ou aux instruments d’incorporation, être investis globalement dans des parts ou actions de MMF ciblés ;
- le MMF ciblé ne détient pas de parts ou d’actions du Compartiment repreneur ;
- le MMF est autorisé en vertu du Règlement MMF (MMFR).
- Instruments financiers dérivés à condition qu’ils soient négociés sur une bourse de valeurs, un Marché réglementé ou un marché de gré à gré, sous réserve que toutes les conditions suivantes soient remplies :
- le sous-jacent de l’instrument financier dérivé se compose de taux d’intérêt, de taux de change, de devises ou d’indices représentant l’une de ces catégories ;
- l’instrument financier dérivé sert uniquement à couvrir les risques de taux d’intérêt ou de change inhérents aux autres investissements du Compartiment ;
- les contreparties aux transactions sur instruments dérivés de gré à gré sont des établissements soumis à une surveillance et une réglementation prudentielles et appartiennent aux catégories agréées par la CSSF ;
- les instruments dérivés de gré à gré fassent l’objet d’une évaluation fiable et vérifiable sur une base journalière et puissent, à l’initiative de la Société, être vendus, liquidés ou clôturés par une transaction symétrique, à tout moment et à leur juste valeur.
- La Société peut détenir des liquidités accessoires conformément à l’Article 41(2) de la Loi.
- (1) 
- (I)	
- La Société n’investira pas plus de 5 % des actifs d’un Compartiment dans des Instruments du marché monétaire, des titrisations et des ABCP émis par le même organisme.

La Société ne peut investir plus de 10 % des actifs d’un tel Compartiment dans des dépôts effectués auprès du même établissement de crédit, à moins que la structure du secteur bancaire luxembourgeois ne soit telle qu’il n’y ait pas suffisamment d’établissements de crédit viables pour répondre à cette exigence de diversification et qu’il soit économiquement impossible pour le Compartiment d’effectuer des dépôts dans un autre État membre de l’UE, auquel cas jusqu’à 15 % de ses actifs peuvent être déposés auprès du même établissement de crédit.
- Par dérogation au point (C) (1) (i) ci-dessus, un Compartiment peut investir jusqu’à 10 % de ses actifs dans des Instruments du marché monétaire, des titrisations et des ABCP émis par le même organisme, à condition que la valeur totale de ces Instruments du marché monétaire, titrisations et ABCP détenus par le Compartiment concerné dans chaqueorganisme émetteur dans lequel il investit plus de 5 % de ses actifs ne dépasse pas 40 % de la valeur de ses actifs.
- Le total de toutes les expositions d’un Compartiment à des titrisations et ABCP ne dépassera pas 20 % de ses actifs et jusqu’à 15 % des actifs de ce Compartiment peuvent être investis dans des titrisations et des ABCP qui ne respectent pas les critères d’identification des titrisations et ABCP STS.
- L’exposition totale d’un Compartiment au risque de la même contrepartie découlant de transactions sur instruments dérivés de gré à gré qui remplissent les conditions énoncées au point (A) (7) ci-dessus ne doit pas dépasser 5 % des actifs du Compartiment concerné.
- Le montant total des liquidités fournies à la même contrepartie par la Société agissant pour le compte d’un Compartiment dans le cadre d’accords de prise en pension ne doit pas dépasser 15 % des actifs de ce Compartiment.
- Nonobstant les limites individuelles fixées aux paragraphes (C) (1) (i) et (IV), la Société ne peut combiner, lorsque cela entraînerait un investissement de plus de 15 % des actifs d’un Compartiment dans une seule entité, l’un des éléments suivants :
	- des investissements dans des Instruments du marché monétaire, des titrisations et des ABCP émis par cet organisme, et/ou
	- des dépôts réalisés auprès de cette entité ; et/ou
	- des instruments financiers dérivés de gré à gré donnant une exposition au risque de contrepartie à cet organisme.

- La limite de 15 % prévue au point (C) (1) (VI) ci- dessus serait portée à un maximum de 20 % en Instruments du marché monétaire, dépôts et instruments financiers dérivés de gré à gré de cette seule entité dans la mesure où la structure du marché financier luxembourgeois serait telle qu’il n’y ait pas suffisamment d’institutions financières viables pour satisfaire à cette exigence de diversification et qu’il ne soit pas économiquement faisable pour la Société d’utiliser des institutions financières dans d’autres États membres de l’UE.
- Nonobstant les dispositions dupoint (C) (1) (I), la Société est autorisée à investir plus de 5 % et jusqu’à 100 % des actifs d’un Compartiment, conformément au principe de répartition des risques, dans des Instruments du marché monétaire émis ou garantis séparément ou conjointement par l’UE, les administrations nationales, régionales et locales des États membres de l’UE ou leurs banques centrales, la Banque centrale européenne, la Banque européenne d’investissement, le Fonds européen d’investissement, le Mécanisme européen de stabilité, le Fonds européen de stabilité financière, une autorité centrale ou une banque centrale d’un État membre del’OCDE, le Groupe des vingt ou Singapour, le Fonds monétaire international, la Banque internationale pour la reconstruction et le développement, la Banque de développement du Conseil de l’Europe, la Banque européenne pour la reconstruction et le développement, la Banque des règlements internationaux, ou toute autre institution ou organisation financière internationale pertinente à laquelle appartient un ou plusieurs État(s) membre(s) de l’UE, à condition que ce Compartiment soit tenu de détenir des Instruments du marché monétaire d’au moins six émissions différentes de l’émetteur et qu’il limite les investissements en Instruments du marché monétaire de la même émission à un maximum de 30 % de ses actifs.
- La limite prévue au premier paragraphe du point (C) (1) (I) peut être d’un maximum de 10 % pour certaines obligations lorsqu’ellessont émises par un seul établissement de crédit dont le siège social est situé dans un État membre de l’UE et qui est légalement soumis à un contrôle public spécial destiné à protéger les détenteurs d’obligations. En particulier, les sommes découlant de l’émission de ces obligations doivent être investies conformément à la loi dans des actifs qui, pendant toute la durée de validité des obligations, sont capables de couvrir les créances rattachées aux obligations et qui, en cas de défaillance de l’émetteur, seraient utilisés en priorité pour le remboursement du principal et le paiement des intérêts courus.
- Lorsqu’un Compartiment investit plus de 5 % de ses actifs dans les obligations mentionnées au paragraphe précédent et émises par un seul émetteur, la valeur totale de ces investissements ne peut dépasser 40 % de la valeur des actifs du Compartiment.
- Nonobstant les limites individuelles prévues au point (C) (1) (I), le Compartiment ne peut pas investir plus de 20 % de ses actifs dans des obligations émises par un seul établissement de crédit lorsque les exigences énoncées au point (f) de l’Article 10(1) ou au point (c) de l’Article 11(1) du Règlement délégué (UE) 2015/ 61 sont respectées, y compris tout investissement éventuel dans les actifs visés aux points (C) (1) (IX) et (X) ci-dessus.

Lorsqu’un Compartiment investit plus de 5 % de ses actifs dans les obligations visées au paragraphe ci-dessus émises par un seul émetteur, la valeur totale de ces investissements ne dépassera pas 60 % de la valeur des actifs du Compartiment concerné, y compris tout investissement éventuel dans les actifs visés aux points (C) (1) (IX) et (X) ci- dessus, dans le respect des limites qui y sont fixées.
Les sociétés qui sont regroupées aux fins de l’établissement de comptes consolidés, au sens de la Directive 2013/34/UE ou conformément aux règles comptables internationalement
reconnues, sont considérées comme une seule entité lors du calcul des limites prévues dans la section (C) (1) (I) à (VII).
- (1) La Société ne peut acquérir pour le compte d’un Compartiment plus de 10 % des Instruments du marché monétaire, titrisations et ABCP émis par une seule et même entité.

(2) Le paragraphe (D)(1) ci-dessus est supprimé en ce qui concerne les Instruments du marché monétaire émis ou garantis par l’UE, les administrations nationales, régionales et locales des États membres de l’UE ou leurs banques centrales, la Banque centrale européenne, la Banque européenne d’investissement, le Fonds européen d’investissement, le Mécanisme européen de stabilité, le Fonds européen de stabilité financière, une autorité centrale ou une banque centrale d’un pays tiers, le Fonds monétaire international, la Banque internationale pour la reconstruction et le développement, la Banque de développement du Conseil de l’Europe, la Banque européenne pour la reconstruction et le développement, la Banque des règlements internationaux, ou toute autre institution ou organisation financière internationale pertinente à laquelle appartient un ou plusieurs État(s) membre(s) de l’UE.
- (1) Sauf mention contraire explicite dans sa politique d’investissement, un Compartiment ne peut investir plus de 10 % de ses actifs dans des parts ou actions de MMF ciblés, tel que définis au paragraphe (A) (6).
- Un Compartiment peut acquérir des parts ou actions d’un autre MMF ciblé à condition que ce dernier ne représente pas plus de 5 % de ses actifs.
- Tout Compartiment autorisé à déroger aupoint (E) (1) ci-dessus ne peut investir au total plus de 17,5 % de ses actifs dans des parts ou actions d’autres Fonds du marché monétaire ciblés.
- Par dérogation aux points (2) et (3) ci-dessus, tout Compartiment peut :
	- être un MMF nourricier investissant au moins 85 % de ses actifs dans un autre OPCVM MMF ciblé conformément à l’Article 58 de la Directive OPCVM ; ou
	- investir jusqu’à 20 % de ses actifs dans un autre MMF ciblé unique avec un maximum de 30 % au total de ses actifs dans des MMF ciblés qui ne sont pas des OPCVM conformément à l’Article 55 de la Directive OPCVM,à condition que les conditions suivantes soient remplies :

- le Compartiment concerné est commercialisé uniquement par le biais de dispositifs d’épargne salariale régis par le droit national et qui ne disposent que de personnes physiques en tant qu’investisseurs ;
- les dispositifs d’épargne salariale mentionnés ci-dessus ne permettent aux investisseurs de racheter leur investissement que sous réserve des conditions de rachat restrictives prévues par la législation nationale, selon laquelleles rachats ne peuvent avoir lieu que dans certaines circonstances non liées à l’évolution du marché.
- Lorsque le MMF cible est géré, directement ou par délégation, par la Société de gestion ou par toute autre société à laquelle la Société de gestion est liée par une gestion ou un contrôle commun(e), ou par une participation directe ou indirecte substantielle, la Société de gestion ou cette autre société n’est pas en droit de facturer des commissions de souscription ou de rachat au titre de l’investissement par le Compartiment repreneur dans les parts ou actions du MMF ciblé.

S’agissant des investissements d’un Compartiment de plus de 10 % de ses actifs dans le MMF cible, (i) si le MMF cible est lié à la Société de gestion comme décrit au paragraphe précédent, aucune commission de gestion ne sera prélevée sur cette partie des actifs du Compartiment concerné et (ii) dans les autres cas, le niveau maximal des commissions de gestion pouvant être facturées à la fois au Compartiment lui-même et au MMF cible ne dépassera pas 1 %. La Société indiquera dans son rapport annuel le montant total des commissions de gestion imputé à la fois au Compartiment concerné et au MMF cible dans lequel ledit Compartiment a investi durant la période considérée.
- Les investissements sous-jacents détenus par le MMF ciblé dans lequel un Compartiment investit ne doivent pas être pris en compte pour le calcul des restrictions d’investissement visées aupoint (C) (1) (I) ci-dessus.
- Tout Compartiment peut agir en tant que compartiment maître pour d’autres compartiments.

Nonobstant ce qui précède, un Compartiment peut souscrire, acquérir et/ou détenir des titres à émettre ou émis par un ou plusieurs Compartiment
(s) remplissant les conditions pour être considérés comme des Fonds du marché monétaire sans que la Société n’ait à se soumettre aux exigences de la Loi du 10 août 1915 sur les sociétés commerciales, telle qu’amendée, au titre de la souscription, acquisition et/ou détention par une société de ses propres actions, sous réserve toutefois que :
- le Fonds du marché monétaire cible n’investisse pas, à son tour, dans le Compartiment concerné qui a investi dans ce Fonds du marché monétaire cible ; et
- la proportion des actifs des Fonds du marché monétaire cibles dont l’acquisition est envisagée pouvant être investie dans des parts ou actions d’autres Fonds du marché monétaire cibles ne dépasse pas 10 % ; et
- les droits de vote, le cas échéant, attachés aux actions du Fonds du marché monétaire cible soient suspendus pendant la durée de détention par le Compartiment concerné, sans préjudice de leur traitement approprié dans les comptes et les rapports périodiques ; et
- dans tous les cas, tant que ces titres sont détenus par le Compartiment, leur valeur ne sera pas prise en compte dans le calcul del’actif net du Compartiment aux fins de vérification du seuil minimal de l’actif net imposé par la législation luxembourgeoise.
- En outre, la Société :
	- n’investira dans aucun autre actif que ceux visés aux points (A) et (B) ci-dessus ;
	- ne vendra pas à découvert des Instruments du marché monétaire, titrisations, ABCP et parts ou actions d’autres Fonds du marché monétaire ;
	- ne prendra pas d’exposition directe ou indirecte à des actions ou matières premières, y compris par le biais d’instruments dérivés, de certificats les représentant, d’indices basés sur ces actions ou matières premières ou de tout autre moyen ou instrument qui lui donnerait une exposition à ces actions ou matières premières ;
	- ne conclura pas de conventions de prêt ou d’emprunt de titres, ni tout autre accord qui grèverait les actifs du Compartiment ;
	- n’empruntera pas de liquidités et n’en prêtera pas.

- La Société se conformera, en outre, aux restrictions supplémentaires qui pourraient être imposées par les autorités réglementaires d’un pays dans lequel les Actions sont commercialisées.

Règles du portefeuille
Les Fonds du marché monétaire standard à Valeur liquidative variable doivent également se conformer en permanence à l’ensemble des exigences suivantes :
- leur portefeuille doit avoir à tout moment une WAM ne dépassant pas six mois ;
- leur portefeuille doit avoir à tout moment une WAL de 12 mois au plus, sous réserve des dispositions du MMFR ;
- au moins 7,5 % de leurs actifs doivent être composés d’actifs à échéance quotidienne, d’accords de prise en pension (le cas échéant) pouvant être résiliés moyennant un préavis d’un jour ouvrable ou de liquidités pouvant être retirées moyennant un préavis d’un jour ouvrable. Un Compartiment ne doit pas acquérir d’actifs autres qu’un actif à échéance quotidienne lorsque cette acquisition entraînerait un investissement de moins de 7,5 % de ses actifs dans des actifs à échéance quotidienne ;
- au moins 15 % de leurs actifs doivent être composés d’actifs à échéance hebdomadaire, d’accords de prise en pension (le cas échéant) pouvant être résiliés moyennant un préavis de cinq jours ouvrables ou de liquidités pouvant être retirées moyennant un préavis de cinq jours ouvrables. Un Compartiment ne doit pas acquérir d’actifs autres qu’un actif à échéance hebdomadaire lorsque cette acquisition entraînerait un investissement de moins de 15 % de ses actifs dans des actifs à échéance hebdomadaire. Les Instruments du marché monétaire ou les parts ou actions d’autres Fonds du marché monétaire peuvent être inclus dans la limite des actifs à échéance hebdomadaire qui va jusqu’à 7,5 % des actifs du Compartiment, à condition qu’ils puissent être remboursés et réglés dans un délai de cinq jours ouvrables.

Si les limites susmentionnées sont dépassées pour des raisons indépendantes de la volonté de la Société ou à la suite de l’exercice de droits de souscription ou de rachat, la Société adoptera comme objectif prioritaire la correction de cette situation, en tenant dûment compte des intérêts de ses actionnaires.
Accords de prise et de mise en pension
La Société se conformera aux réglementations et en particulier au MMFR, à la circulaire CSSF 14/592 relative aux directives ESMA sur les ETF et autres publications relatives aux OPCVM et au Règlement (UE) 2015/2365 du
25 novembre 2015 sur la transparence des opérations de financement sur titres et de la réutilisation.
Procédure interne d’évaluation de la qualité de crédit
Conformément au MMFR et aux actes délégués pertinents le complétant, la Société de gestion a mis en place, mis en œuvre et applique de manière cohérente une procédure d’évaluation interne personnalisée de la qualité de crédit fondée sur des méthodologies d’évaluation prudentes, systématiques et continues permettant de déterminer systématiquement la qualité de crédit des instruments détenus dans le portefeuille des Compartiments qui remplissent les conditions pour être considérés comme des Fonds du marché monétaire au sens du MMFR.
Un processus efficace a été mis en place par la Société de gestion pour s’assurer que les informations pertinentes sur l’émetteur et les caractéristiques de l’instrument sont obtenues et mises à jour. Ces informations comprennent, sans s’y limiter, des détails sur les comptes financiers, le profil d’entreprise et la qualité de gestion de chaque émetteur, ainsi que sur les tendances du secteur et du marché.
La détermination du risque de crédit d’un émetteur ou d’un garant se fera sur la base d’une analyse indépendante de la capacité de l’émetteur ou du garant à rembourser ses dettes utilisant à la fois des informations quantitatives et qualitatives. Les personnes en charge de la mise en œuvre de la procédure interne d’évaluation de la qualité de crédit forment une équipe d’analystes de crédit sous la responsabilité de la Société de gestion. La détermination du risque de crédit comprendra, le cas échéant, les éléments suivants :
- situation financière et analyse des états financiers récents ;
- évaluation du profil de liquidité de l’émetteur, y compris ses sources de liquidité ;
- capacité à réagir aux événements futurs propres à l’ensemble du marché et à l’émetteur ou au garant, y compris la capacité à rembourser dans une situation très défavorable ;
- solidité de l’émetteur ou du garant au sein de l’économie et par rapport aux tendances économiques et à la position concurrentielle ;
- orientation de la qualité de crédit (qui est une vision absolue de l’évolution de la qualité de crédit d’un émetteur sur le marché) ;
- classements sectoriels (ils sont effectués sur la base d’un risque relatif, en associant l’orientation de la qualité de crédit à l’opinion d’un analyste sur ce qui devrait se produire si un problème surgit sur le marché) ;
- notation et perspective fournies par les agences de notation de crédit externes.

Afin de quantifier le risque de crédit d’un émetteur ou d’un garant et le risque relatif de défaillance d’un émetteur ou d’un garant et d’un instrument, les critères quantitatifs suivants seront utilisés dans la méthodologie d’évaluation de la qualité de crédit :
- informations sur la fixation du prix des obligations, y compris les spreads de crédit et la fixation du prix d’instruments à revenu fixe comparables et de titres connexes ;
- fixation du prix des instruments du marché monétaire pertinents pour l’émetteur ou le garant, l’instrument ou le secteur d’activité ;
- informations sur la fixation du prix des swaps de défaut de crédit, y compris les spreads de swaps de défaut de crédit pour des instruments comparables ;
- statistiques de défaillance relatives à l’émetteur ou au garant, à l’instrument ou au secteur d’activité ;
- indices financiers relatifs à la situation géographique, au secteur d’activité ou à la catégorie d’actifs de l’émetteur ou de l’instrument ;
- informations financières relatives à l’émetteur ou au garant, y compris les ratios de rentabilité, les indicateurs de levier de couverture des intérêts, le prix des nouvelles émissions, y compris l’existence de titres de plus petits émetteurs.

Les critères spécifiques pour l’évaluation qualitative de l’émetteur ou du garant et d’un instrument désigné par la Société de gestion comprendront :
- l’évaluation de crédit de l’émetteur ou du garant de l’instrument
	- la situation financière de l’émetteur
		- l’analyse de la dette souveraine, y compris le passif explicite et éventuel, la taille des réserves de change et les éventuels engagements en devises etc.
		- l’analyse de l’industrie et du marché dans lesquels l’émetteur exerce ses activités et de sa position au sein de ceux-ci

	- la situation financière du garant
	- la condition du soutien du gouvernement
		- le niveau de propriété du gouvernement ou le point auquel une intervention aura lieu
		- la protection de la dette ou le soutien financier/ commercial
		- la politique nationale et le niveau d’importance économique/systématique


- la liquidité de l’instrument
	- le montant de l’émission en cours
	- la liquidité des instruments telle que mesurée par des applications de risque de liquidité à la fois internes et externes

- la notation de l’émetteur par des agences de notation de crédit externes
	- Les notations de crédit externes ne sont pas prises en compte, mais elles sont utilisées comme un seuil initial de pertinence utilisant une notation minimale par des organismes de notation statistique reconnus au niveau international et définis par la Société de gestion.


Il n’y aura pas de confiance excessive mécanique vis-à-vis des notations externes étant donné, entre autres facteurs, que la notation externe n’est pas de nature prospective. Une analyse indépendante et fondamentale sera donc entreprise afin de parvenir à un point de vue éclairé.
Les données qualitatives et quantitatives sur lesquelles repose la méthodologie d’évaluation de la qualité de crédit seront fiables et bien documentées.
Sur la base de l’analyse réalisée, une évaluation globale favorable ou défavorable de l’émetteur et de l’instrument sera effectuée. Des évaluations défavorables entraînent automatiquement l’impossibilité d’une transaction. Les évaluations favorables permettent l’inscription de l’émetteur sur la liste des émetteurs approuvés, ce qui rend possibles les transactions, mais ne donnent pas systématiquement lieu à une transaction. Chaque émetteur approuvé se voit attribuer une échéance maximale pendant laquelle ses émissions peuvent être détenues.
La qualité de crédit des émetteurs individuels est révisée et mise à jour en permanence. La surveillance proactive des informations publiques susceptibles d’avoir un impact sur la qualité de crédit d’un émetteur est un élément clé du processus de recherche dynamique.
En cas de baisse de la qualité de crédit d’un émetteur dont les instruments sont détenus dans le portefeuille d’un Compartiment, l’émetteur peut être désigné comme ne devant pas faire l’objet d’un roulement. Dans ces cas, les instruments sont (i) vendus ou (ii) autorisés à expirer. Dans ce dernier cas, l’évaluation de la qualité de crédit de l’instrument doit rester favorable et d’autres émissions du même émetteur ne seront pas acquises tant qu’il n’aura pas récupéré une qualité de crédit suffisante pour aboutir à une évaluation favorable des instruments qu’il émet.
Les méthodologies d’évaluation de la qualité de crédit sont révisées au moins une fois par an, et plus souvent si nécessaire, par la Société de gestion.
En cas de changement important, au sens du MMFR, qui pourrait avoir un impact sur l’évaluation existante d’un instrument ou sur les méthodologies de qualité de crédit, une nouvelle évaluation de la qualité de crédit sera effectuée et/ou les méthodologies de qualité de crédit seront mises à jour.
L’analyse des scénarios de crise est réalisée au niveau à la fois d’un émetteur individuel et du portefeuille global. Dans le cas d’émetteurs individuels, l’analyse des scénarios de crise fait partie intégrante du processus de recherche de crédit. Elle est réalisée afin de tester la robustesse des hypothèses utilisées dans le processus de recherche de crédit et de s’assurer que les émetteurs individuels sont suffisamment résilients dans des conditions potentiellement difficiles. Les facteurs clés impliqués dans les scénarios historiques sont utilisés pour étayer les hypothèses prospectives de scénarios futurs potentiels. L’analyse des
scénarios de crise est réalisée sur place aussi souvent que nécessaire par une équipe dédiée d’analystes de crédit utilisant des systèmes exclusifs.