Schroder Absolute Return EMD and Currency Fund

Mutual funds

Fund Information

	Advisor Shares	Investor Shares
Ticker Symbol	SARVX	SARNX
CUSIP	808090641	808090633
Inception Date	12/15/2011	12/15/2011
Fund Assets	N/A	N/A

Investment Objective

Schroder Absolute Return EMD and Currency Fund seeks a positive absolute return from capital growth and income.

Fund Overview

The EMD Fund focuses on absolute returns as the primary goal
Principles of both risk control and return maximization operate concurrently
Portfolio construction emphasizes fundamental, quantitative, technical and sentiment analysis
Extensive in-house research is applied across all EMD countries and debt sectors within those countries
Tactically managed with the ability to hold up to 40% in cash

Management Team

Highly focused, dedicated team of EMD specialists based in London
Head of team has 25 years investment experience The strategy is managed by a team of four key investment professionals with an average of 17 years investment experience
The team manages $8.2 billion in EMD assets globally*

Geoff Blanning
Head of Emerging Markets Debt and Commodities - Since Inception 2011

Mr. Blanning is Head of Emerging Markets Debt and Commodities at SIMNA Ltd. He has been an employee of SIMNA Ltd. Since 1998. He formerly headed the Emerging Markets Fixed Income team at Nikko and managed Global and Emerging Market Debt funds at NM Rothschild, Bankers Trust and Morgan Grenfell.

Abdallah Guezour
Portfolio Manager - Since Inception 2011

Mr. Guezour is an Emerging Markets Debt Fund Manager (London) and Portfolio Manager at SIMNA Ltd. He has been an employee of SIMNA Ltd. since 2000.

Guillermo Besaccia
Portfolio Manager - Since Inception 2011

Mr. Besaccia is an Emerging Markets Debt Fund Manager (Buenos Aires) and Portfolio Manager at SIMNA Ltd. He has been an employee of SIMNA Ltd. since 1998.

Nick Brown
Portfolio Manager - Since Inception 2011

Mr. Brown is an Emerging Markets Debt Fund Manager (London) and Portfolio Manager at SIMNA Ltd. He has been an employee of SIMNA Ltd. since 1998.

Fund Facts (As of December 15, 2011)

	Advisor Shares	Investor Shares
Minimum Investment	$2,500	$250,000
Min. Subsequent Inv	$1,000	$1,000
Management Fees	0.90%	0.90%
Distribution (12b-1) Fees	0.25%	NONE
Other Expenses¹	1.38%	1.38%
Total Annual Fund Operating Expenses	2.53%	2.28%
Less: Expense Reimbursement²	(1.13)%	(1.13)%
Net Annual Fund Operating Expenses	1.40%	1.15%

Daily Price (As of N/A)

	Advisor Shares	Investor Shares
Share Price/NAV	N/A	N/A
Change	N/A	N/A

Fund Performance >>

Quick links

*As of September 30, 2011

¹"Other Expenses" are based on estimated amounts for the current fiscal year.

²In order to limit the Fund's expenses, the Fund’s adviser has contractually agreed through February 28, 2013 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 ("Excluded Costs") for the Fund’s Investor Shares exceed 1.15% of Investor Shares’ average daily net assets and for the Funds Advisor Shares exceed 1.40% of Advisor Shares’ average daily net assets. If Excluded Costs had been included, the Expense Reimbursement amount would have been higher. The expense limitation may only be terminated during its term by the Board of Trustees. For further information please refer to the full prospectus.

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. Current performance may be lower or higher than the performance 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. Fluctuations may be more pronounced if the Fund invests substantially in one country or group of countries or in companies with smaller market capitalizations. Other principal risks of investing in the Fund include: Emerging Market Securities, Foreign Investment, Currency, Interest Rate, Credit/High-Yield, Non-Diversification, Valuation Risk, Inflation/Deflation Risk, Derivatives, Liquidity Risk and Convertible Securities.

Please see “Principal Risks of Investing in the Fund” in the Fund’s full Prospectus for a more detailed description of the Fund’s risks. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

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.

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

There can be no guarantee these strategies will be successful.

Schroder Investment Management North America Inc. is an indirect wholly owned subsidiary of Schroders plc and is an 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 LLC, a member of FINRA.