Fund Family and Performance

Schroder Emerging Market Equity Fund

	Investor Shares	Advisor Shares
Ticker Symbol	SEMNX	SEMVX
CUSIP	808090757	808090740
Inception Date	3/31/2006	3/31/2006
Fund Assets	$55.74 million	$71.22 million

Investment Objective

Schroder Emerging Market Equity Fund seeks capital appreciation through investment principally in equity securities of companies in emerging market countries in regions such as Asia, Latin America, Eastern Europe, the Middle East, and Africa.

Fund Overview

• Provides exposure to a range of developing countries around the world, which tend to have a stronger growth potential than mature economies and therefore offer the opportunity for premium returns, but with higher risk attached
• Primary investment universe consists of the MSCI Emerging Markets Index, which covers 25 countries and over 900 stocks, although we also aim to find good investments in the wider emerging markets universe
• Targets 50% value added from stock selection, 50% from country decisions

Management Team

• Team Managed by Allan Conway
• Over 28 years investment industry experience
• Joined Schroders in 2004 as Head of Emerging Market Equities
• Team: 29 investment professionals - 6 fund managers, 20 analysts, an emerging markets strategist fund manager, a dedicated product manager and general research assistant

Management

Fund Facts (As of March 11, 2010)

	Investor Shares	Advisor Shares
Minimum Investment	$250,000	$2,500
Min. Subsequent Inv	$1,000	$1,000
Load	NONE	NONE
Distribution Fee	NONE	0.25%
Total Annual Operating Expenses1	2.51	2.73
Less Fee Waivers and Expense Limitations2	(1.26)	(1.23)
Total Net Expenses1	1.25	1.50

Daily Price (As of March 11, 2010)

	Investor Shares	Advisor Shares
Share Price/NAV	$12.21	$12.18
Change	-$0.02	-$0.02

• Fund Performance

• ¹The amounts shown are those reported in the current prospectus. The "Net Expenses" shown for certain funds reflect the effect of contractually imposed fee waivers and/or expense limitations on the Total Annual Fund Operating Expenses of the fund. For Advisor Shares, the amounts shown include the distribution (12b-1) fee of 0.25%.
• ²In order to limit the expenses of the Schroder Emerging Market Equity Fund, the fund's adviser has contractually agreed to reduce its compensation (and, if necessary, to pay other fund expenses) until February 28, 2010.

Performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed may be worth more or less than their original cost. Performance data does not reflect a 2.00% redemption fee on shares redeemed two months or less from their original date of purchase. If this fee were reflected, one month performance for these funds would be lower than that shown. Current performance may be lower or higher than the data quoted.

For performance data current to the most recent month end, please click the following link: performance. Please consider a fund's investment objectives, risks, charges and expenses carefully before investing. For access to the prospectus, please click the following link: prospectuses. To obtain any further information on any Schroders fund, please read the prospectus, call your financial advisor or call Schroder Mutual Funds at (800) 464-3108 for Individual Investors or (800) 730-2932 for Intermediaries/Financial Consultants. Read the prospectus carefully before investing.

All investments, domestic and foreign, involve risks including the risk of possible loss of principal. The market value of a fund's portfolio may decline as a result of a number of factors, including adverse economic and market conditions, prospects of stocks in the portfolio, changing interest rates, and real or perceived adverse competitive industry conditions. Investing overseas involves special risks including among others, risks related to political or economic instability, foreign currency (such as exchange, valuation, and fluctuation) risk, market entry or exit restrictions, illiquidity and taxation. Emerging markets pose greater risks than investments in developed markets.

Please see the prospectus for a full description of the risks associated with the fund.