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Schroder Short Term Municipal Bond Fund - Advisor Shares

For important information regarding the closure of the Schroder Short-Term Municipal Bond Fund, please see the links below or call 800-730-2932 for more information.
> Fund data and Performance (Data as of March 31, 2009)
> Fund Commentary (Data as of December 31, 2008)
> Shareholder Letter (Posted October 14, 2008)
> Frequently Asked Questions (Updated May 14, 2009)
> Mid-Month Liquidation Update (Updated June 15, 2009)
> Liquidating Distribution Information (Updated June 25, 2009)
> 2008 Dividend Information (Data as of December 31, 2008)
> 2009 Dividend and Liquidating Distribution Calendar (Updated July 1, 2009)
> Important Tax Information (Updated February 11, 2009)

Management


Susan Beck Susan Beck
Schroder Municipal Bond Fund — Since Inception (December 2003)
Ms. Beck is Head of US Tax-Exempt Fixed Income of Schroders. Employed as an investment fund professional at Schroders since fall 2003. Ms. Beck is a Portfolio Manager of the Short-Term Municipal Bond Fund. Previously, she was a Vice President and Portfolio Manager of Deutsche Asset Management (formerly Morgan Grenfell) since 1998.

Dennis Darling Dennis Darling
Schroder Municipal Bond Fund - Since 2008
Mr. Darling is a Fund Manager, Fixed Income of Schroders. Formerly, Vice President Sales and Trading, Municipals with W.H. Mell from 2004-2008, and, Research, Sales and Trading, Municipals, with Emmet & Company from 1992-2004.

Whitney Sweeney Whitney Sweeney
Schroder Short-Term Municipal Bond Fund — Since 2006
Ms. Sweeney is a Portfolio Manager of the Municipal Bond Fund. She has been an employee of Schroders since 2006.


Fund Facts
As of Jul 2, 2009
Ticker Symbol STMVX
CUSIP 808090849
Inception Date Dec 31, 2003
Closure Date October 14, 2008
Fund Assets1 $21.04 million


Current Valuation Estimates
As of Jul 2, 2009
Share Price/NAV $1.47
Change +$0.00

Monthly Performance Quarterly Performance
1 Represents all share classes.



Performance data quoted represents past performance. Past performance is no guarantee of future results or the value that may be realized during liquidation. Investment return and principal value of an investment will fluctuate so that an investor’s shares, of your liquidation distributions, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

For performance data current to the most recent month end and to access Fund prospectuses, which contain this and other information, click the following link for
prospectuses. To obtain further information, please call Schroder Mutual Funds at 800-464-3108 for Individual Investors or 800-730-2932 for Intermediaries/Financial Consultants.

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©2008 Schroder Investment Management North America Inc.

Schroder Investment Management North America Inc. is an indirect wholly owned subsidiary of Schroders plc and is a SEC registered investment adviser providing asset management products and services to clients in the US and Canada. Our mutual funds are distributed by Schroder Fund Advisors Inc., a member of the FINRA.