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Schroder Flexible Retirement FundAnnual Report and Accounts

20 July 2021

Contents

2Schroder Flexible Retirement Fund Annual Report and Accounts20 July 2021

Fund Information{

1} 3

Review of Investment Activities{

1} 4

Risk Profile{

1} 5

Statement of the Manager’s Responsibilities 6Report of the Trustee 7Independent auditors’ report to the Unitholders of Schroder Flexible Retirement Fund 8Comparative Table 10Portfolio Statement{

1} 11

Financial Statements 13Notes to the Accounts 14Securities Financing Transactions 21Distribution Table 23Remuneration 24General Information{

1} 25

1 Collectively these comprise the Manager's report.


Fund Information

Investment objective and policy The Schroder Flexible Retirement Fund (the ‘Fund’) aims to provide capital growth in line with the ICE BofA Sterling 3-Month Government Bill Index plus 2% per annum (before fees have been deducted*) over a three to five year period whilst also seeking to mitigate the risk of incurring a loss greater than 8% over any investment period. This cannot be guaranteed and your capital is at risk. The Fund seeks to achieve its objective by investing in a diversified range of assets and markets worldwide.* For the target return after fees for each unit class please visit the Schroder website: https://www.schroders.com/en/uk/private-investor/investing-with-us/historical-ongoing-charges/The Fund is actively managed and allocates directly or indirectly (through collective investment schemes (including Schroder funds), exchange traded funds, structured investments or derivatives) between:(A) equities and equity related securities;(B) bonds and other fixed or floating rate securities issued by governments, government agencies, supra-national or corporate issuers;(C) alternative asset classes (such as commodities); and(D) cash, deposits and money market funds.The Fund may use derivative instruments such as interest rate swaps, credit default swaps, total return swaps, futures or forwards for investment purposes (including for hedging) as well as for efficient management (for more information please refer to section 6 of Appendix I of the Prospectus). The Fund’s risk management process may result in greater allocations to cash, deposits and/or money market funds at times of market stress.With effect from 17 August 2020 the fund’s investment objective and policy changed, previously it was:The Fund aims to provide capital growth over the medium to long term by investing globally in shares, bonds and alternative assets. The Fund seeks to provide investors with a total return of Consumer Price Index (CPI) plus 2% (before fees have been deducted*) per annum over a three to five year period whilst also seeking to mitigate the risk of incurring a loss greater than 8% over any investment period. There is no guarantee that this objective will be met. There is a risk to an investor’s capital. Unitholders may not get back the amount originally invested. *For the target return after fees for each unit class please visit the Schroder website: https://www.schroders.com/en/uk/private -investor/investing-with-us/ historical-ongoing The Fund is actively managed and allocates directly or indirectly (through collective investment schemes, exchange traded funds, structured investments or derivatives) between: (A) equities and equity related securities; (B) bonds and other fixed or floating rate securities issued by governments, government agencies, supra-national or corporate issuers; (C) alternative asset classes (such as commodities); and (D) cash, deposits and money market funds. The Fund may use derivative instruments such as interest rate swaps, credit default swaps, total return swaps, futures or forwards for investment purposes (including for hedging) as well as for efficient management (for more information please refer to section 6 of Appendix I of the Prospectus). The Fund’s risk management process may result in greater allocations to cash, deposits and/or money market funds at times of market stress.

Fund characteristicsThe Fund’s performance should be assessed against its target benchmark of the ICE BofA Sterling 3-Month Government Bill Index plus 2% per annum. The target benchmark has been selected because the target return of the Fund is to deliver or exceed the return of that benchmark as stated in the investment objective.

Significant eventsEffective from 1 March 2021 a transparent “all in one” fund management fee was introduced. This is a single percentage based fee to cover certain elements of the separate charges and fees, which were previously charged and are now replaced with a single charge named “Schroders Annual Charge”. Previously all expenses were directly charged to each Fund as incurred. This structure consisted of the Annual Management Charge, plus other fees and expenses, including the Trustee fee, Custody fee, Transfer Agent fee, Audit fee and certain costs and administrative expenses paid by the Manager in relation to the management and operation of the funds, as disclosed in the Prospectus.

Review of Investment Activities

4 Schroder Flexible Retirement Fund Annual Report and Accounts20 July 2021

From 20 July 2020 to 20 July 2021, the price of I Accumulation units on a dealing price basis rose 4.85%. In the same period, the ICE BofA Sterling 3-Month Government Bill Index plus 2% per annum1 generated a total return of 2.00%2.Initially, the reduction in risk budget in the Fund resulted in the systematic downside risk management reducing exposure to the core Multi-Asset portfolio in order to mitigate the risk of incurring a loss greater than 8% over any investment period, as per the Fund’s investment objective. As markets steadily recovered and the NAV retraced back to its high watermark, the systematic downside risk management re-risked, gradually increasing exposure back to 100% which it achieved at the end of November 2020 where it remained for the remainder of the reporting period.Within the Multi-Asset portfolio, in the first half of the reporting period, we rotated to the cyclical side of the market within equities as we expected a gradual, post-COVID normalisation to continue and for government policies to remain stimulative. In fixed income, we believed market inflation expectations were too low and will rise given better growth prospects from a vaccinated recovery. To the extent that we own duration, we had a preference for TIPS over nominals given supportive Fed policy. Elsewhere in the portfolio, we took profit from gold in October before the US presidential election given expectations of higher real yields.As we moved towards the end of 2020 and into 2021, so far we remained overweight equities relative to neutral given the expectations of an earnings recovery. Given concerns that we have reached peak acceleration in central bank liquidity and with our cyclical models firmly in the recovery phase, we expect real yields to rise and therefore remain underweight bonds relative to our neutral starting point. We further increased our allocation to credit over the reporting period to add spread returns to the portfolio and added to broad commodities to increase our allocation to real inflationary assets which stand to diversify our equity risk as we move from the recovery stage of the cycle to the expansion phase over the medium term.

Co-Fund Manager:Mike Hodgson

Head of Risk Managed Investments and StructuringPhD in Physics, Cambridge University BSc(Hons) in Physics, Imperial College, London

Co-Fund Manager:Ugo Montrucchio

Portfolio manager for the Strategic Beta portfolios BSc in Economics, Turin (Italy). MSc finance, Greenwich (UK) CFA and CAIA Charterholder

1 On the 17th of August 2020 the Fund changed its benchmark to ICE BofA Sterling 3-Month Government Bill Index plus 2% per annum. For the purposes of performance assessment this benchmark has been used throughout the period under review.2 Source: B-One.Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall.


Risk Profile

Risk and reward indicatorLower risk Higher riskPotentially lower reward Potentially higher reward

< >1 2 3 4 5 6 7

The risk category is based upon the Fund’s risk target and there is no guarantee that the Fund will achieve it. The Fund’s risk category is not guaranteed to remain fixed and may change over time. A Fund in the lowest category does not mean a risk-free investment. For specific risks, including the risk and reward profile, please refer to the Key Investor Information Document available on the following website www.schroders.com.

Statement of the Manager’s Responsibilities


The Financial Conduct Authority’s Collective Investment Schemes sourcebook requires the Manager to prepare accounts for each annual and half yearly accounting period, in accordance with United Kingdom Generally Accepted Accounting Practice, which give a true and fair view of the financial position of the Fund and of its net revenue and the net capital gains on the property of the Fund for the year. In preparing the accounts the Manager is required to: ¯ select suitable accounting policies and then apply them consistently; ¯ comply with the disclosure requirements of the Statement of Recommended Practice for UK Authorised Funds issued by the Investment Management

Association (now the Investment Association) in May 2014; ¯ follow generally accepted accounting principles and applicable accounting standards; ¯ prepare the accounts on the basis that the Fund will continue in operation unless it is inappropriate to do so; ¯ keep proper accounting records which enable it to demonstrate that the accounts as prepared comply with the above requirements; ¯ make judgements and estimates that are prudent and reasonable.

The Manager is responsible for the management of the Fund in accordance with its Trust Deed, the Prospectus and the Collective Investment Schemes sourcebook, and for taking reasonable steps for the prevention and detection of fraud, error and non-compliance with law or regulations.The Manager's report and accounts for the year ended 20 July 2021 were signed on 16 November 2021 on behalf of the Manager by:

P. Chislett J. Rainbow Directors


Report of the Trustee

Statement of the Trustee’s responsibilities in respect of the Scheme and report of the Trustee to the unitholders of the Schroder Flexible Retirement Fund (‘the Fund’) for the year ended 20 July 2021.The Trustee of the Schroder Flexible Retirement Fund must ensure that the Fund is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, the Financial Services and Markets Act 2000, as amended, (together ‘the regulations’), the Trust Deed and Prospectus (together ‘the Scheme documents’) as detailed below. The Trustee must in the context of its role act honestly, fairly, professionally, independently and in the interests of the Fund and its investors. The Trustee is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the Fund in accordance with the regulations. The Trustee must ensure that: - the Fund’s cash flows are properly monitored and that cash of the Fund is booked in cash accounts in accordance with the regulations; - the sale, issue, repurchase, redemption and cancellation of units are carried out in accordance with the regulations; - the value of units of the Fund are calculated in accordance with the regulations; - any consideration relating to transactions in the Fund’s assets is remitted to the Fund within the usual time limits; - the Fund’s income is applied in accordance with the regulations; and - the instructions of the Authorised Fund Manager (‘the Manager’), which is the UCITS Management Company, are carried out (unless they conflict with the regulations). The Trustee also has a duty to take reasonable care to ensure that the Fund is managed in accordance with the regulations and the Scheme documents of the Fund in relation to the investment and borrowing powers applicable to the Fund. Having carried out such procedures as we considered necessary to discharge our responsibilities as Trustee of the Fund, it is our opinion, based on the information available to us and the explanations provided, that, in all material respects the Fund, acting through the Manager: (i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Fund’s units and the application of the Fund’s income in accordance with the regulations and the Scheme documents of the Fund; and (ii) has observed the investment and borrowing powers and restrictions applicable to the Fund in accordance with the regulations and the Scheme documents of the Fund.

J.P. Morgan Europe Limited Trustee Bournemouth 10 August 2021

Independent auditors’ report to the Unitholders ofSchroder Flexible Retirement Fund


Report on the audit of the financial statementsOpinionIn our opinion, the financial statements of Schroder Flexible Retirement Fund (the “Fund”): ¯ give a true and fair view of the financial position of the Fund as at 20 July 2021 and of the net revenue and the net capital gains on its scheme property

for the year then ended; and ¯ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards,

comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law), the Statement of Recommended Practice for UK Authorised Funds, the Collective Investment Schemes sourcebook and the Trust Deed.

We have audited the financial statements, included within the Annual Report and Accounts (the “Annual Report”), which comprise: the Balance Sheet as at 20 July 2021; the Statement of Total Return and the Statement of Change in Net Assets Attributable to Unitholders for the year then ended; the Distribution Table; and the Notes to the Accounts, which include a description of the significant accounting policies.

Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

IndependenceWe remained independent of the Fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concernBased on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Fund’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.In auditing the financial statements, we have concluded that the Manager’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Fund’s ability to continue as a going concern.Our responsibilities and the responsibilities of the Manager with respect to going concern are described in the relevant sections of this report.

Reporting on other information The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The Manager is responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

Manager’s ReportIn our opinion, the information given in the Manager’s Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

Responsibilities for the financial statements and the auditResponsibilities of the Manager for the financial statementsAs explained more fully in the Statement of the Manager’s Responsibilities, the Manager is responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The Manager is also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, the Manager is responsible for assessing the Fund’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the Manager either intends to wind up or terminate the Fund, or has no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.


Independent auditors’ report to the Unitholders ofSchroder Flexible Retirement Fund (continued)

Based on our understanding of the Fund and its industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of the Collective Investment Schemes sourcebook, and we considered the extent to which non-compliance might have a material effect on the financial statements, in particular those parts of the sourcebook which may directly impact on the determination of amounts and disclosures in the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or to increase the net asset value of the Fund. Audit procedures performed included: ¯ Discussions with the Manager, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; ¯ Reviewing relevant meeting minutes, including those of the Manager’s board of directors; ¯ Identifying and testing journal entries, specifically any journals posted as part of the financial year end close process; and ¯ Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this reportThis report, including the opinions, has been prepared for and only for the Fund’s unitholders as a body in accordance with paragraph 4.5.12 of the Collective Investment Schemes sourcebook and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reportingOpinion on matter required by the Collective Investment Schemes sourcebookIn our opinion, we have obtained all the information and explanations we consider necessary for the purposes of the audit.

Collective Investment Schemes sourcebook exception reportingUnder the Collective Investment Schemes sourcebook we are also required to report to you if, in our opinion: ¯ proper accounting records have not been kept; or ¯ the financial statements are not in agreement with the accounting records and returns.

We have no exceptions to report arising from this responsibility.

PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Edinburgh 16 November 2021

Comparative Table


I Accumulation units X Accumulation units

Financial year to 20 July2021

pence per unit

2020 pence per

unit

2019 pence per

unit

2021 pence per

unit

2020 pence per

unit

2019 pence per

unitChange in net asset value

Opening net asset value 54.32 54.95 53.01 54.97 55.45 53.35Return before operating charges* 2.85 (0.47) 2.09 2.89 (0.47) 2.11Operating charges (0.15) (0.16) (0.15) (0.01) (0.01) (0.01)Return after operating charges* 2.70 (0.63) 1.94 2.88 (0.48) 2.10

Distributions1 – (0.22) (1.46) (0.03) (0.37) (0.57)Retained distributions1 – 0.22 1.46 0.03 0.37 0.57Closing net asset value 57.02 54.32 54.95 57.85 54.97 55.45

*after direct transaction costs of – – – – – –– – – – – –

Performance

Return after charges (%) 4.97 (1.15) 3.66 5.24 (0.87) 3.94 – – – – – –Other information

Closing net asset value (£000's) 5 7 8 58,873 72,967 59,221Closing number of units 8,189 12,103 14,122 101,763,253 132,740,601 106,794,009Operating charges (%) 0.30 0.28 0.29 0.02 0.02 0.02

– – – – – –Prices

Highest dealing price 57.14p 57.10p 55.24p 57.97p 57.71p 55.74pLowest dealing price 54.01p 53.32p 51.18p 54.70p 53.90p 51.58p

1 These figures have been rounded to 2 decimal places.The Operating charges are represented by the Ongoing Charges Figure (OCF) which is the European standard method of disclosing the charges of a unit class of a Fund based on the financial year’s expenses and may vary from year to year. It includes charges such as the Fund’s Annual management charge, Registrar fees, Safe custody fees, Trustee’s fees and Audit fee but ordinarily excludes the costs of buying or selling assets for the Fund (unless these assets are units of another Fund). Where published, the Key Investor Information Document (KIID) contains the current OCF. For a more detailed breakdown please visit www.schroders.com.Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall.


Portfolio Statement

Holding at 20.7.21

Market Value £000's

% of net assets

Government Bonds 91.26% (94.25%)

Canada 3.20% (3.39%)Canada Government Bond 0.5% 01/12/2030 1,729,000 941 1.60Canada Government Bond 1.5% 01/06/2031 1,584,000 941 1.60 1,882 3.20

Italy 0.00% (2.44%)Japan 0.00% (3.18%)Spain 0.00% (0.17%)United Kingdom 83.01% (77.53%)UK Treasury Bill 0% 26/07/2021 8,419,938 8,420 14.30UK Treasury Bill 0% 09/08/2021 2,200,000 2,200 3.74UK Treasury Bill 0% 16/08/2021 5,630,000 5,630 9.56UK Treasury Bill 0% 31/08/2021 3,000,000 3,000 5.09UK Treasury Bill 0% 06/09/2021 2,320,000 2,320 3.94UK Treasury Bill 0% 20/09/2021 3,500,000 3,500 5.94UK Treasury Bill 0% 11/10/2021 5,600,000 5,599 9.51UK Treasury Bill 0% 18/10/2021 3,700,000 3,700 6.28UK Treasury Bill 0% 08/11/2021 1,700,000 1,700 2.89UK Treasury Bill 0% 22/11/2021 670,000 670 1.14UK Treasury Bill 0% 20/12/2021 5,160,000 5,159 8.76UK Treasury Bill 0% 10/01/2022 3,150,000 3,149 5.35UK Treasury 0.375% 22/10/2030 1,395,774 1,370 2.33UK Treasury 0.25% 31/07/2031 1,428,715 1,374 2.33UK Treasury Bill 0.125% 10/08/2031 789,337 1,087 1.85 48,878 83.01

United States of America 5.05% (7.54%)US Treasury 0.625% 15/05/2030 2,120,400 1,490 2.53US Treasury 1.125% 15/02/2031 2,032,900 1,484 2.52 2,974 5.05

Government Bonds total 53,734 91.26

Swaps 0.23% (0.00%)

Commodity Index Swap J.P.Morgan Pay 0.07% Receive BCOM Index Excess Return 06/10/2021 805,454 5 0.01

Holding at

20.7.21Market Value

£000’s% of net

assets

Total Return Swap J.P.Morgan Pay 0.08% Receive GBIYDU.I 23/09/2021 708,000 8 0.01Total Return Swap J.P.Morgan Pay 0.08% Receive GBIYDU.I 23/09/2021 2,746,301 54 0.09Total Return Swap J.P.Morgan Pay 0.13% Receive USIBOXIG.I 23/09/2021 2,638,138 36 0.06Total Return Swap J.P.Morgan Pay 0.13% Receive USIBOXIG.I 23/09/2021 498,000 6 0.01Total Return Swap J.P.Morgan Pay (0.54)% Receive Markit iBoxx EUR Corporates Total Return Index 23/09/2021 2,197,168 18 0.03Total Return Swap J.P.Morgan Pay (0.54)% Receive Markit iBoxx EUR Corporates Total Return Index 23/09/2021 1,191,000 9 0.02 Swaps total a 136 0.23

Futures 0.03% (0.55%)

Australia 10 Year Bond September 2021 36 73 0.12E-mini S&P Real Estate Equity Index September 2021 32 36 0.06Euro-Bobl September 2021 57 47 0.08Euro-Schatz September 2021 91 10 0.02EURO STOXX 50 Index September 2021 77 (103) (0.18)FTSE 100 Index September 2021 10 (20) (0.03)Korea 10 Year Bond September 2021 15 19 0.03Long Gilt September 2021 (27) (73) (0.12)MSCI Emerging Markets Index September 2021 34 (74) (0.13)S&P 500 Emini Index September 2021 58 163 0.28SPI 200 Index September 2021 7 (2) 0.00TOPIX Mini Index September 2021 118 (60) (0.10)


Portfolio Statement (continued)

Holding at

20.7.21Market Value

£000’s% of net

assets

US 2 Year Note September 2021 11 (1) 0.00Futures total 15 0.03

Collective Investment Scheme 0.00% (0.59%)

Commodity Funds 0.00% (0.59%)

Forward Foreign Currency Contracts (0.05)% (0.06%)

Buy CAD 3,195,000 Sell GBP 1,824,463 23/07/2021 14 0.02Buy CAD 2,799,000 Sell GBP 1,636,566 23/07/2021 (26) (0.04)Buy USD 4,016,000 Sell GBP 2,929,710 23/07/2021 19 0.03

Holding at

20.7.21Market Value

£000’s% of net

assets

Sell CAD 5,994,000 Buy GBP 3,477,523 23/07/2021 29 0.05Sell CAD 3,195,000 Buy GBP 1,824,305 24/08/2021 (14) (0.02)Sell USD 4,016,000 Buy GBP 2,915,385 23/07/2021 (34) (0.06)Sell USD 4,016,000 Buy GBP 2,929,484 24/08/2021 (19) (0.03)Forward Foreign Currency Contracts total (31) (0.05)

Portfolio of investments 53,854 91.47

Net other assets 5,024 8.53

Net assets attributable to unitholders 58,878 100.00

The comparative percentage figures in brackets are as at 20 July 2020.Unless otherwise stated, all securities are admitted to official stock exchange listings.


Statement of Total ReturnFor the year ended 20 July 2021

2021 2020Notes £000's £000's £000's £000's

Income

Net capital gains/(losses) 2 – 3,684 – (1,149)Revenue 3 53 – 446 –

Expenses 4 (12) – (8) –Interest payable and similar charges 5 (3) – – –Net revenue before taxation 38 – 438 –

Taxation 6 – – – –

Net revenue after taxation 38 438

Total return before distributions 3,722 (711)

Distributions 7 (38) (438)

Change in net assets attributable to unitholders from investment activities 3,684 (1,149)

Statement of Change in Net Assets Attributable to Unitholders

For the year ended 20 July 20212021 2020

£000's £000's £000's £000'sOpening net assets attributable to unitholders 72,974 59,229Amounts receivable on issue of units 20,968 – 21,307 –Amounts payable on cancellation of units (38,784) – (6,908) –

(17,816) 14,399

Dilution adjustment 6 –Change in net assets attributable to unitholders from investment activities 3,684 (1,149)Retained distribution on Accumulation units 30 495Closing net assets attributable to unitholders 58,878 72,974

Balance Sheet As at 20 July 2021

2021 2020Notes £000's £000's

AssetsInvestments 54,280 69,665

Current assetsDebtors 9 332 451Cash and bank balances 10 4,933 3,124

Total assets 59,545 73,240 – –

Liabilities – –Investment liabilities (426) (8)

CreditorsBank overdrafts 11 (231) (233)Other creditors 12 (10) (25)

Total liabilities (667) (266) – –

Net assets attributable to unitholders 58,878 72,974

Notes to the AccountsFor the year ended 20 July 2021


1 Accounting policies Basis of preparationThe accounts have been prepared under the historical cost basis, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice for UK Authorised Funds issued by the Investment Management Association in May 2014 and in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 (The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)).

RevenueDividends receivable from equity investments are recognised net of attributable tax credits and are credited to revenue when they are first quoted ex-dividend. Interest receivable from bank balances, futures clearing houses and brokers is accounted for on an accruals basis. Interest receivable from debt securities is accounted for on an effective yield basis.

Interest on debt securities bought or soldInterest on debt securities bought or sold is excluded from the capital cost of securities, and is dealt with as part of the revenue of the Fund.

ExpensesExpenses of the Fund are charged against revenue except for costs associated with the purchase and sale of investments which are allocated to the capital of the Fund. All expenses except for professional fee are accounted for on an accruals basis.It has been agreed that certain expenses may be borne by the Manager to ensure that the Ongoing charges figure for I Accumulation units and X Accumulation units does not exceed 0.30% and 0.02% respectively.

TaxationThe Fund satisfied the qualifying investments test of Statutory Instrument 2006/964 Authorised Investment Funds (Tax) Regulations 2006 Regulation 19 throughout the year. All distributions made are therefore made as interest distributions. Deferred taxation is provided for on all timing differences that have originated but not reversed by the balance sheet date, other than those differences regarded as permanent. Any liability to deferred taxation is provided for at the average rate of taxation expected to apply. Deferred tax assets and liabilities are not discounted to reflect the time value of money.

DistributionsThe revenue available for distribution is the total revenue earned by the Fund, less deductible expenses and taxation charged to revenue. For Accumulation units this revenue is not distributed but automatically reinvested in the Fund and is reflected in the value of these units. For the purpose of calculating the distribution, revenue on debt securities is calculated on a coupon basis where this exceeds the amount determined on an effective yield basis. As a consequence, the capital value of the Fund may be eroded.

ValuationWith the exception of forward foreign currency contracts which have been valued at the Fund’s valuation point (12:00) on the last working day of the accounting period, all other investments held by the Fund have been valued at market value at 18:00 on the last working day of the accounting period. Market value is defined by the Statement of Recommended Practice as fair value which generally is the bid value of each security and the offer value for short positions.

Foreign currenciesTransactions in foreign currencies are translated into sterling at the exchange rate prevailing on the date of the transaction. Assets and liabilities valued in foreign currencies have been translated into sterling at the exchange rates prevailing at the balance sheet date.

Total return swapsAny revenue is calculated by reference to the quoted yield of the index upon which the total return swap is based compared to the London Interbank Offer Rate and may be revenue or an expense in relation to whether the Fund held a net long or short position over the period. The revenue and expense position would be reversed if the London Interbank Offer Rate exceeds the quoted yield of the relevant index.

2 Net capital gains/(losses)The net capital gains/(losses) during the year comprise:

2021 2020£000's £000's

Non-derivative securities (414) 1,325Derivative contracts 3,652 (2,376)Forward foreign currency contracts 553 (12)Foreign currency losses (104) (80)Transaction costs (3) (6)Net capital gains/(losses) 3,684 (1,149)


Notes to the AccountsFor the year ended 20 July 2021 (continued)

3 Revenue 2021 2020

£000's £000'sInterest on debt securities 5 400Bank interest – 4Net revenue return from derivative contracts 48 42Total revenue 53 446

4 Expenses2021 2020

£000's £000's

Payable to the Manager, associates of the Manager and agents of either of them:Schroders Annual Charge1,2 5 –Payable to the Trustee, associates of the Trustee and agents of either of them:

Trustee's fees 5 7Safe custody fees 1 1

6 8Other expenses:

Audit fee2 8 13Professional fee 3 –Other expenses cap3 (10) (13)Total expenses 12 8

1 Fees such as the Trustee fee and Audit fee were paid separately to 28 February 2021. From 1 March 2021 these fees were replaced with the Schroders Annual Charge.

2 Audit fees including VAT for the financial year ending 2021 were £12,150 (2020 – £13,135).3 The Other expenses charge has been reduced by £9,915 (2020 – £13,305) to ensure the Fund does not exceed the expenses cap.

5 Interest payable and similar charges

2021 2020£000's £000's

Interest payable 3 –Total interest payable and similar charges 3 –

6 TaxationCorporation tax has not been provided for as expenses and interest distributions payable by the Fund exceed the revenue liable to corporation tax.

(a) Factors affecting the current tax charge for the year The tax assessed for the year is different from that calculated when the standard rate of corporation tax for authorised unit trusts of 20% (2020 – 20%) is applied to the net revenue before taxation. The differences are explained below.

2021 2020£000’s £000’s

Net revenue before taxation 38 438

Net revenue for the year before taxation multiplied by the standard rate of corporation tax 8 88Effects of:

Interest distributions deductible for tax purposes (8) (88)Current tax charge for the year – –



7 DistributionsThe distributions, which are on an effective yield basis, take account of revenue received on the issue of units and revenue deducted on the cancellation of units, and comprise:

2021 2020£000’s £000’s

Final Interest distribution 30 495Add: Revenue deducted on cancellation of units 18 27Deduct: Revenue received on issue of units (10) (84)Distributions 38 438

Details of the distributions per unit are set out in the Distribution Table on page 23. 8 Fair value hierarchyInstruments held at the year end are presented in line with amendments to FRS 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland Fair value hierarchy disclosures.

2021 2020

Basis of valuationAssets £000’s

Liabilities £000’s

Assets £000’s

Liabilities £000’s

Level 1: Quoted prices 49,226 (333) 62,919 (1)Level 2: Observable market data 5,054 (93) 6,746 (7)Level 3: Unobservable data – – – –Total 54,280 (426) 69,665 (8)

Level 1: Unadjusted quoted price in an active market for an identical instrument.Level 2: Valuation techniques using observable inputs other than quoted prices within level 1.Level 3: Valuation techniques using unobservable inputs. Unobservable dataUnobservable data has been used only where relevant observable market data is not available. Where there was no reputable price source for an investment, the Manager has assessed information available from internal and external sources in order to arrive at an estimated fair value. The fair value is established by using measures of value such as the price of recent transactions, earnings multiple and net assets. The Manager of the Fund also makes judgements and estimates based on their knowledge of recent investment performance, historical experience and other assumptions that are considered reasonable under the circumstances. The estimates and the assumptions used are under continuous review by the Manager with particular attention paid to the carrying value of the investments.

9 Debtors2021 2020

£000's £000'sAmounts receivable for issue of units 277 335Accrued revenue 15 86Prepaid expenses 40 30Total debtors 332 451

10 Cash and bank balances2021 2020

£000's £000'sCash and bank balances 3,579 2,446Amounts held at futures clearing houses and brokers 1,354 678Total cash and bank balances 4,933 3,124



11 Bank overdrafts2021 2020

£000's £000'sAmounts overdrawn at futures clearing houses and brokers 231 233Total bank overdrafts 231 233

12 Other creditors2021 2020

£000's £000'sAmounts payable for cancellation of units – 10Accrued expenses 10 15Total other creditors 10 25

13 Contingent liabilitiesThere were no contingent liabilities at the balance sheet date (2020 – Nil).

14 Related party transactionsThe Manager exercises control over the Fund and is therefore a related party by virtue of its controlling influence. Amounts paid during the year or due to the Manager at the balance sheet date are disclosed under Expenses and Other creditors in the Notes to the Accounts. The Manager acts as principal on all transactions of units in the Fund. The aggregate monies paid through the issue and cancellation of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and Distributions in the Notes to the Accounts. Amounts due from or to the Manager in respect of unit transactions at the balance sheet date are included under Debtors and Other creditors in the Notes to the Accounts. Units held or managed by the Manager or associates of the Manager as a percentage of the Fund's net asset value at the balance sheet date were 99.99% (2020 – 99.99%).

15 Unit classesThe Fund currently has two unit classes. Following the introduction of the Schroders Annual Charge on 1 March 2021, as detailed on page 3, the Annual Management Charge from this date is included within the “all in one” fund management fee. Details of the Schroders Annual Charge and the amount for each unit class are disclosed in the Prospectus. Up to 1 March 2021, the Annual Management Charge was based on the average value of the Fund, calculated on a daily basis, and covered the remuneration of the Manager, the Investment Adviser and their overhead expenses and for each unit class was as follows:

I Accumulation units 0.28%X Accumulation units 0.00%

The Fund may invest up to 10% of its net asset value in shares of collective investment schemes. The maximum level of Management fee that may be charged to the Fund for these underlying Funds is 3% of its net asset value. The closing net asset value of each unit class, the closing net asset value per unit and the closing number of units in issue are given in the Comparative Table on page 10. The distributions per unit class are given in the Distribution Table on page 23. Both classes have the same rights on winding up.

16 Derivative and other financial instrumentsThe main risks arising from the Fund’s financial instruments are market price, foreign currency, liquidity, credit and interest rate risks. The Manager's policies for managing these risks are summarised below and have been applied throughout the year and the prior year.

Market price riskThe Fund’s investment portfolio is exposed to market price fluctuations which are monitored by the Manager in pursuance of the investment objective and policy. Adherence to investment guidelines and to investment and borrowing powers set out in the Trust Deed, the Prospectus and in the Collective Investment Schemes sourcebook mitigates the risk of excessive exposure to any particular type of security or issuer.

Foreign currency riskWhere a portion of the net assets of the Fund are denominated in currencies other than sterling the balance sheet and total return can be affected by currency movements. Therefore the Manager may decide that a proportion of the investments that are not priced in sterling, may be covered by forward currency contracts, so that the Fund’s exposure to currency risk is reduced.



Revenue received in other currencies is translated to sterling on or near the date of receipt. The Fund does not hedge or otherwise seek to avoid currency movement risk on accrued revenue.

Liquidity riskThe primary source of this risk to the Fund is the liability to unitholders for any cancellation of units. This risk is minimised by holding cash, readily realisable securities and access to overdraft facilities up to the amount prescribed by the Collective Investment Schemes sourcebook.

Credit riskCertain transactions in securities that the Fund enters into expose it to the risk that the counterparty will not deliver the investment for a purchase, or cash for a sale after the Fund has fulfilled its responsibilities. The Fund only buys and sells investments through brokers which have been approved by the Manager as an acceptable counterparty. In addition, limits are set to the exposure to any individual broker that may exist at any time and changes in brokers’ financial ratings are reviewed.

Interest rate riskInterest rate risk is the risk that the value of the Fund’s investment holdings will fluctuate as a result of changes in interest rates. The Fund may invest in fixed rate securities. The revenue of the Fund may be affected by changes to interest rates relevant to particular securities or as a result of the Manager being unable to secure similar returns on the expiry of contracts or sale of securities. The value of interest bearing securities may be affected by interest rate movements or the expectation of such movements in the future. Interest receivable on bank deposits or payable on bank overdraft positions will be affected by fluctuations in interest rates.

Floating rate financial assets and financial liabilitiesSterling denominated bank balances and bank overdrafts bear interest at rates based on the Sterling Overnight Index Average Rate. Foreign currency bank balances and amounts held or overdrawn at futures clearing houses and brokers bear interest at rates based on the London Interbank Offer Rate or its international equivalent.

Fair value of financial assets and financial liabilitiesThere is no material difference between the value of the financial assets and liabilities, as shown in the balance sheet, and their fair value.

DerivativesDuring the year the Fund entered into derivative contracts for specific investment purposes in addition to being used for efficient management.

Global risk exposure Absolute VaR approachThe approach used for the Funds managed with an absolute return target, an absolute volatility limit or a target of outperforming an interest rate benchmark.

Regulatory VaR limit utilisation

2021 2020Lowest Highest Average Lowest Highest Average

7.20% 30.35% 15.98% 1.50% 11.00% 7.97%

Information on VaR model

2021 2020

Model type

Length of data history

Confidence level

Holding period

Length of data history

Confidence level

Holding period

Parametric VaRAll available

history 99% 20 daysAll available

history 99% 20 days

LeverageInformation on the limit usage and level of leverageThe level of leverage is an indication of the derivative usage and of any leverage generated by the reinvestment of cash received as collateral when using efficient portfolio management techniques. It does not take into account other physical assets directly held in the portfolio of the Fund. The figure is not representative of the maximum amount that a Fund could lose, as it includes the derivatives used to protect the Net Asset Value of a Fund as well as the derivatives backed by risk free assets and derivatives which do not generate any incremental exposure, leverage or market risk from an economic perspective. The reported leverage figure is therefore not a true representation of the economic leverage1 in the Fund.The level of leverage disclosed is based on the total notional value2 of all derivative instruments held by a Fund and is expressed as a percentage of the Fund’s Net Asset Value. For the purpose of this calculation the holdings and offset derivative positions (long and short positions) do not cancel each other out and the figure is a sum of the total holdings.



Leverage

2021 2020

Lowest Highest AverageLeverage

20 July Lowest Highest AverageLeverage

20 July

30.50% 122.70% 75.06% 109.84% 10.20% 157.60% 72.50% 30.60%

1 Where economic leverage is the sum of derivative commitments (calculated in line with European Securities and Markets Authority 10/788) and excludes derivatives used within hedging arrangements, derivatives whose commitments is covered by risk free assets and derivatives which are not considered to generate any incremental exposure and leverage or market risk.2 Delta adjusted in line with European Securities and Markets Authority 10/788 when appropriate.

17 Debt security credit analysis2021

£000’s2020

£000’s

Investment grade securities 53,734 68,777Total debt securities 53,734 68,777

18 Direct transaction costs No transaction costs on the purchase or sale of investments were incurred by the Fund during the year or prior year. The total purchases for the year amounted to £172,037,957 (2020 – £159,218,983) and the total sales amounted to £186,946,902 (2020 – £149,772,111).In the case of shares, broker commissions and transfer taxes/stamp duty are paid by the Fund on each transaction. In addition, there is a dealing spread between buying and selling prices of the underlying investments. Unlike shares, other types of investments (such as bonds, money market instruments, derivatives) have no separately identifiable transaction costs; these costs form part of the dealing spread. Dealing spreads vary considerably depending on the transaction value and market sentiment. Average portfolio dealing spreadAs at the balance sheet date the average portfolio dealing spread was 0.01% (2020 – 0.01%).This spread represents the difference between the values determined respectively by reference to the bid and offer prices of investments expressed as a percentage of the value determined by reference to the offer price.

19 Units in issue reconciliationNumber of units in issue 20.7.20

Number of units

issued

Number of units

cancelled

Number of units

converted

Number of units in issue 20.7.21

I Accumulation units 12,103 189 (4,103) – 8,189

X Accumulation units 132,740,601 37,453,691 (68,431,039) – 101,763,253



20 Counterparty exposureThe type of derivative held at the balance sheet were forward foreign currency contracts and total return swaps. Details of individual contracts are disclosed in the Portfolio Statement and the total position by counterparty at the balance sheet date was as follows:

Counterparty

Forward foreign

currency contracts

£000's

Credit default

swaps £000's

Commodity index

swaps £000's

Contract for

difference £000's

Interest rate

swaps £000's

Total return swaps £000's

Inflation linked swaps £000's

Options contracts

£000's

Swaption contracts

£000'sTotal

£000'sBank of America

2021 – – – – – – – – – –2020 4 – – – – – – – – 4BNP Paribas

2021 – – – – – – – – – –2020 37 – – – – – – – – 37Canadian Imperial Bank of Commerce

2021 (14) – – – – – – – – (14)2020 – – – – – – – – – –Deutsche Bank

2021 (20) – – – – – – – – (20)2020 – – – – – – – – – –J.P. Morgan

2021 – – 5 – – 131 – – – 1362020 (7) – – – – – – – – (7)State Street

2021 3 – – – – – – – – 32020 11 – – – – – – – – 11

At the balance sheet date no collateral was held or pledged by the Fund or on behalf of the counterparties in respect of the above.

21 Non-adjusting post balance sheet eventsAs a result of market movements and foreign exchange rates, since the balance sheet date on 20 July 2021, the price of each unit class has changed as follows:

Dealing price 12.11.21

Dealing price 20.7.21 % change

I Accumulation units 57.95p 56.90p 1.85

X Accumulation units 58.85p 57.72p 1.96


Securities Financing Transactions

The Fund engaged in Securities Financing Transactions (as defined in Article 3 of Regulation (EU) 2015/2365, these include repurchase transactions, securities or commodities lending and securities or commodities borrowing, buy-sell back transactions or sell-buy back transactions, margin lending transactions and Total Return Swaps). In accordance with Article 13 of the Regulation, the Fund’s involvement in and exposures related to Securities Financing Transactions (SFTs) for the accounting year ended 20 July 2021 are detailed below.

Global dataAmount of assets engaged in each type of SFTs and Total Return SwapsThe following table represents the fair value of assets engaged in each type of SFTs (including Total Return Swaps) in the fund currency.

Amount of assets % of AUM£000’s

Total Return Swaps 9,416 15.99%

Concentration data Ten largest collateral issuersAs at 20 July 2021, there are no collateral securities and commodities received in respect of Total Return Swaps.

Top ten counterpartiesThe following table provides details of the top ten counterparties (based on gross volume of outstanding transactions), in respect of SFTs and Total Return Swaps, as at the reporting date.

Counterparty Outstanding Transactions£000’s

Total Return Swaps

J.P. Morgan 9,416

Aggregate transaction dataType and quality of collateralAs at the balance sheet date, no collateral was received in respect of Total Return Swaps.Maturity tenor of collateralAs at the balance sheet date, no collateral was received in respect of Total Return Swaps.Currency of collateralAs at the balance sheet date, no collateral was received in respect of Total Return Swaps.

Maturity tenor of SFTs and Total Return SwapsThe following table provides an analysis of the maturity tenor in respect to SFTs and Total Return Swaps, as at the reporting date.

MaturityLess than 1

day1 to 7 days

1 to 4 weeks

1 to 3 months

3 to 12 months

More than 1 year

Open maturity Total

£000’s £000’s £000’s £000’s £000’s £000’s £000’s £000’s

Total Return Swaps – – – 9,416 – – – 9,416

Country in which counterparties are establishedThe following table provides details of the country of incorporation of counterparties across all SFTs and Total Return Swaps, as at the reporting date.

Counterparty Country of Incorporation

J.P. Morgan United Kingdom

Settlement and clearing

Type Settlement Total Value outstanding £000’s

Total Return Swaps Bilateral 9,416


Securities Financing Transactions (continued)

Safekeeping of collateralCollateral receivedAs at the balance sheet date, no collateral was received in respect of Total Return Swaps.Collateral grantedAs at the balance sheet date, no collateral was granted in respect of Total Return Swaps.

Return and costGross ReturnAll returns from Total Return Swaps transactions accrue to the Fund and are not subject to any returns sharing arrangements with the Fund’s Manager or any other third party.

Total Return Swaps

return* £000’s

% of overall

returnsNet interest on Total Return Swaps 8 5.13Net realised losses 12 7.69Net change in unrealised gains 136 87.18Total 156 100.00

*Expressed in absolute terms.


Distribution Table

Final distribution for the year ended 20 July 2021Group 1 Units purchased prior to 21 July 2020Group 2 Units purchased on or after 21 July 2020

Net revenue

2021 per unit

Equalisation 2021

per unit

Distribution payable

20.9.21 per unit

Distribution paid

20.9.20 per unit

I Accumulation units

Group 1 – – – 0.2198p

Group 2 – – – 0.2198p

X Accumulation units

Group 1 0.0295p – 0.0295p 0.3730p

Group 2 0.0012p 0.0283p 0.0295p 0.3730p

Equalisation Equalisation applies to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of Group 2 units and is refunded to the holders of these units as a return of capital.Being capital it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes.

Remuneration


UCITS remuneration disclosures for Schroder Unit Trusts Limited (‘SUTL’) for the year to 31 December 2020These disclosures form part of the non-audited section of this annual report and accounts and should be read in conjunction with the Schroders plc Remuneration Report on pages 75 to 102 of the 2020 Annual Report & Accounts (available on the Group’s website –https://www.schroders.com/en/investor-relations/results-and-reports/annual-report-and-accounts-2020/), which provides more information on the activities of our Remuneration Committee and our remuneration principles and policies.The UCITS Material Risk Takers (‘UCITS MRTs’) of SUTL are individuals whose roles within the Schroders Group can materially affect the risk of SUTL or any UCITS fund that it manages. These roles are identified in line with the requirements of the UCITS Directive and guidance issued by the European Securities and Markets Authority.The Remuneration Committee of Schroders plc has established a remuneration policy to ensure the requirements of the UCITS Directive are met for all UCITS MRTs. The Remuneration Committee and the Board of Schroders plc review remuneration strategy at least annually. The directors of SUTL are responsible for the adoption of the remuneration policy, for reviewing its general principles at least annually, for overseeing its implementation and for ensuring compliance with relevant local legislation and regulation. During 2020 the Remuneration Policy was reviewed to ensure compliance with the UCITS/AIFMD remuneration requirements and no significant changes were made.The implementation of the remuneration policy is, at least annually, subject to independent internal review for compliance with the policies and procedures for remuneration adopted by the Board of SUTL and the Remuneration Committee. The most recent review found no fundamental issues but resulted in a range of more minor recommendations, principally improvements to process and policy documentation.The total spend on remuneration is determined based on a profit share ratio, measuring variable remuneration charge against pre-bonus profit, and from a total compensation ratio, measuring total remuneration expense against net income. This ensures that the interests of employees are aligned with Schroders financial performance. In determining the remuneration spend each year, the underlying strength and sustainability of the business is taken into account, along with reports on risk, legal, compliance and internal audit matters from the heads of those areas.The remuneration data that follows reflects amounts paid in respect of performance during 2020. ¯ The total amount of remuneration paid by SUTL to its staff was nil as SUTL has no employees. SUTL has two independent Non Executive Directors who

receive fees in respect of their role on the Board of SUTL1. Employees of other Schroders Group entities who serve as Directors of SUTL receive no additional fees in respect of their role on the Board of SUTL.

¯ The following disclosures relate to UCITS MRTs of SUTL. Most of those UCITS MRTs were employed by and provided services to other Schroders group companies and clients. In the interests of transparency, the aggregate remuneration figures that follow reflect the full remuneration for each SUTL UCITS MRT. The aggregate total remuneration paid to the 151 UCITS MRTs of SUTL in respect of the financial year ended 31 December 2020 is £107.41 million, of which £40.88 million was paid to senior management, and £66.53 million was paid to MRTs deemed to be taking risk on behalf of SUTL or the UCITS funds that it manages and Control Function MRTs.

For additional qualitative information on remuneration policies and practices see www.schroders.com/rem-disclosures.

1 The fees are not disclosed due to confidentiality and data protection considerations. The amount is not material to SUTL.

General Information


Manager Schroder Unit Trusts Limited 1 London Wall Place London EC2Y 5AU Authorised and regulated by the Financial Conduct Authority

Investment Adviser Schroder Investment Management Limited 1 London Wall Place London EC2Y 5AU Authorised and regulated by the Financial Conduct Authority

Trustee J.P. Morgan Europe Limited Chaseside Bournemouth BH7 7DA Authorised by the Prudential Regulation Authority and regulatedby the Financial Conduct Authority and Prudential Regulation Authority

Registrar Schroder Unit Trusts Limited 1 London Wall Place London EC2Y 5AU Authorised and regulated by the Financial Conduct Authority The Manager is responsible for maintaining the register for eachFund. It has delegated certain registrar functions to HSBC Bank Plc,8 Canada Square, London, E14 8HQ.

Administration Details Schroders Investor Services PO BOX 1402 Sunderland SR43 4AF

Independent Auditors PricewaterhouseCoopers LLP Atria One 144 Morrison Street Edinburgh EH3 8EX

Authorisation The Fund is an authorised unit trust and is constituted pursuant to the Collective Investment Schemes sourcebook and is structured as a Trust. The Fund is a UCITS scheme for the purpose of the categorisation of the Collective Investment Schemes sourcebook.

Value Assessment A statement on the Assessment of Value is published on the Global Fund Centre in the Fund Literature section at www.Schroders.com within 4 months of the annual 'reference date' 31 December.

Other information The Prospectus, the Key Investor Information Document and details of investment charges and costs are available on request or can be downloaded from our website www.schroders.com.

For further literature please contact Schroder Investor Services on 0800 182 2399 or [email protected] for Retail Clients, or 0345 030 7277 or [email protected] for Institutional Clients, or visit our website at www.schroders.com.Issued in November 2021 by Schroder Unit Trusts Limited, 1 London Wall Place, London EC2Y 5AU. Registered Number 4191730 England. Schroder Unit Trusts Limited is an authorised corporate director, authorised unit trust manager and an ISA plan manager, and is authorised and regulated by the Financial Conduct Authority. For your security, communications may be taped and monitored.

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