Schroder International Selection Fund Hong Kong Equity A Accumulation USD

The fund aims to provide income and capital growth in excess of the Bloomberg Global HYxCMBSxEMG Index USD Hedged 2% cap after fees have been deducted over a three to five year period by investing in below investment grade bonds issued worldwide. Investment policy The fund is actively managed and invests at least two-thirds of its assets in bonds that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies). The bonds may be denominated in various currencies and issued by governments, government agencies, supra-nationals and companies worldwide. The fund may invest up to 10% of its assets in contingent convertible bonds. The fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, investment funds, warrants and money market investments, and hold cash (subject to the restrictions provided in the prospectus). The fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the fund more efficiently. The fund may use leverage and take short positions. Benchmark The fund's performance should be assessed against its target benchmark being to exceed the Bloomberg Global HYxCMBSxEMG index USD Hedged 2% cap and compared against the Morningstar Global High Yield Category. The fund's investment universe is expected to overlap materially with the components of the target benchmark. The comparator benchmark is only included for performance comparison purposes and does not have any bearing on how the investment manager invests the fund's assets. The investment manager invests on a discretionary basis and there are no restrictions on the extent to which the fund's portfolio and performance may deviate from the target benchmark. The investment manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities. The Bloomberg Global HYxCMBS xEMG index USD Hedged 2% cap Issuer Capped Bond Index measures the market of noninvestment grade, fixed-rate, taxable corporate bonds. The index follows the same rules as the uncapped index but limits the exposure of each issuer to 2% of the total market value and redistributes any excess market value index-wide on a pro-rata basis. The target benchmark has been selected because it is representative of the type of investments in which the fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the fund aims to provide. The comparator benchmark has been selected because the investment manager believes that the benchmark is a suitable comparison for performance purposes given the fund's investment objective and policy. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the fund. Other Information The fund maintains a higher overall sustainability score than the Bloomberg Global HYxCMBSxEMG index USD Hedged 2% cap, based on the investment manager's rating criteria. The fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability-Related Disclosure” on the fund's webpage https://www.schroders.com/en/lu/private-investor/gfc. Dealing frequency You may redeem your investment upon demand. This fund deals daily. Distribution policy This share class accumulates income received from the fund's investments, meaning it is kept in the fund and its value is reflected in the price of the share class.