Fund Family and Performance

Schroder U.S. Opportunities Fund

	Investor Shares	Advisor Shares
Ticker Symbol	SCUIX	SCUVX
CUSIP	808088405	808088694
Inception Date	8/6/1993	5/15/2006
Fund Assets	$179.48 million	$2.96 million

(Closed to new investors)

Investment Objective

Schroder U.S. Opportunities Fund seeks capital appreciation by investing primarily in securities of companies in the United States with market capitalizations of $3 billion or less.

Fund Overview

• Core investment style uses a bottom-up, fundamental, research-based approach to small-cap stock evaluation
• Seeks to identify companies with compelling business models, strong management teams and attractive valuation levels
• Sources of research include: company managements, competitors, media and suppliers
• Portfolio composed of 100 - 150 stocks with typical allocation of:
  • 50-60% invested in mispriced growth opportunities
  • 20-40% in "steady eddies" (companies with dependable earnings and revenue)
  • 5-20% in "turnarounds" (companies that consensus deems out of favor, but we believe have potential)

Management Team

• Team managed by Jenny B. Jones
• 29 years investment experience managing small-cap equities
• Joined Schroders in 2002 as Head of US Small Cap Core Equity team
• Team: six research analysts dedicated to small-cap companies; one product manager

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	1.27	1.55
Less Fee Waivers and Expense Limitations2	N/A	N/A
Total Net Expenses1	1.27	1.55

Daily Price (As of March 11, 2010)

	Investor Shares	Advisor Shares
Share Price/NAV	$20.74	$20.57
Change	+$0.03	+$0.03

• Fund Performance

• ¹The amounts shown are those reported in the current prospectus, and include Acquired Fund Fees and Expenses (the indirect expenses resulting from the Fund's investments in other funds, including ETFs) of 0.02%. 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%.
  
  If only the Operating Expenses of the Fund were included in Net Expenses, and not the Indirect Expenses incurred by the Fund, the Net Expenses for Investor Shares would be 1.25% and 1.50% for Advisor Shares.
• ²In order to limit the expenses of the Schroder US Opportunities 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 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. Investments in small capitalization companies generally carry greater risk than is customarily associated with larger capitalization companies, which may include, for example, less public information, more limited financial resources and product lines, greater volatility, higher risk of failure than larger companies, and less liquidity.

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

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