Fund Family and Performance

Schroder Multi-Asset Growth Portfolio

	A Shares	Investor Shares	Advisor Shares	R Shares
Ticker Symbol	SALAX	SALIX	SALVX	SALRX
CUSIP	808090682	808090674	808090658	808090666
Inception Date	12/20/2007	12/20/2007	12/20/2007	12/20/2007
Fund Assets	$2.39 million	$1.10 million	$3.65 million	$433,326

Investment Objective

Schroder Multi-Asset Growth Portfolio seeks long-term capital appreciation through a flexible asset allocation approach across a variety of different asset classes - including traditional asset classes and "alternative" asset classes - in response to changing market, economic, and investment conditions.

Fund Overview

• Fund seeks long term capital appreciation through a flexible asset allocation approach
• Investments include traditional and alternative asset classes such as equity and fixed income as well as investments in real estate, commodities, currencies and private equity
• On-going asset allocation across markets and asset classes in response to changing market and economic conditions

Management Team

• Team based approach with portfolio managers drawing on the expertise and experience available within Risk Management, Economics, Multi-Manager and Structured Investment teams
• Multi-Asset Solutions team is comprised of 60 investment professionals globally

Management

Available Shares

Schroder Multi-Asset Growth Portfolio offers A Shares, Advisor Shares, Investor Shares and R Shares. Shares of the different classes are available to eligible investors as described in the prospectus. Fund facts and daily performance figures for each share class are shown below:

Fund Facts (As of March 1, 2010)

	A Shares	Investor Shares	Advisor Shares	R Shares
Minimum Investment	$2,500	$250,000	$2,500	$1,000
Min. Subsequent Inv	$1,000	$1,000	$1,000	$1,000
Load	4.50%	NONE	NONE	NONE
Distribution Fee	0.25%	NONE	0.25%	0.50%
Total Annual Fund Operating Expenses1	5.91	5.66	5.91	6.16
Less: Fee Waiver and Expense Limitations2	(3.70)	(3.70)	(3.70)	(3.70)
Net Annual Fund Operating Expenses3	2.21	1.96	2.21	2.46

Daily Price (As of July 29, 2010)

	A Shares	Investor Shares	Advisor Shares	R Shares
Share Price/NAV	$8.12	$8.11	$8.10	$8.09
Change	+$0.01	+$0.02	+$0.01	+$0.02

• Fund Performance

• ¹“Other Expenses” are to reflect expenses paid at the Fund level for the fiscal year ended October 31, 2009; as a result of the restatement, the Total Annual Fund Operating Expenses shown differ from the Ratio of Expenses to Average Net Assets included in the “Financial Highlights” section of the full prospectus.
• ²The Fund’s adviser has contractually agreed through February 28, 2011 (i) to reduce its management fee compensation by 0.32% and (ii) if necessary, in order to limit the expenses, to pay or reimburse the Fund to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, other indirect acquired fund expenses, interest, taxes, and extraordinary expenses) for the Fund’s A Shares exceed 1.50% of A Shares’ average daily net assets, for the Fund’s Investor Shares exceed 1.25% of Investor Shares’ average daily net assets, for the Fund’s Advisor Shares exceed 1.50% of Advisor Shares’ average daily net assets and for the Fund’s R Shares exceed 1.75% of R Shares’ average daily net assets. The fee waiver and/or expense limitation may only be terminated during their term by the Board of Trustees.
• ³“Net Annual Fund Operating Expenses” shown above include expenses incurred indirectly by the Fund (e.g., indirect Other Expenses and/or Acquired Fund Fees and Expenses), and thus may be higher than the Ratio of Expenses to Average Net Assets included in the “Financial Highlights” section of the full prospectus. If only the operating expenses of the Fund were included in Net Annual Fund Operating Expenses, and not the indirect expenses incurred by the Fund, the Net Annual Fund Operating Expenses would be 1.50% for A Shares, 1.25% for Investor Shares, 1.50% for Advisor Shares and 1.75% for R Shares.

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 date of purchase. If these fees were reflected, one-month performance for these funds would be lower than that shown.

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, credit risk, inflation/deflation risk, currency risk, mortgage and asset-backed securities risk, U.S. Government securities risk, foreign investment risk, derivatives risk 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. Investments in small- and medium-capitalization companies may involve a higher degree of risk and volatility than investments in larger, more established companies.

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

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