International Multi-Cap Value

Risks

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. Investing overseas involves special risks including among others, risks related to political or economic instability, foreign currency (such as exchange, valuation, and fluctuation) risk, market entry or exit restrictions, illiquidity and taxation. Emerging markets pose greater risks than investments in developed markets. Investments in small and medium 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.

Please consider a fund's investment objectives, risks, charges and expenses carefully before investing. For a free Prospectus, which contains this and other information on any Schroders fund, visit www.schroderfunds.com, call your financial advisor or call (800) 464-3108. Read the prospectus carefully before investing.

Important Information

Portfolio characteristics for the Fund are subject to change and should not be viewed as an investment recommendation.

Lipper: Lipper Leaders rankings and methodology are available at www.lipperweb.com. The Lipper Fund Award criteria are as follows: Funds registered for sale in the respective country as of the end of the calendar year of the respective evaluation year. At least 36 months of performance history (for the 3 year award) or 60 months of performance history (for the 5 year award) as of the end of the calendar year of the respective evaluation year. Lipper Global classifi cations with at least ten distinct portfolios based on the primary share class defi nition, excluding residual classifications, institutional, private, closed-end, exchange traded, insurance and linked funds. Asset classes: equity, bond, and mixed-asset except for Absolute Return funds where money market and other fund asset types are considered as well.

The 2011 Lipper Fund Award is as of December 31, 2010 and the 2012 Lipper Fund Award is as of December 31, 2011. The Schroder International Multi-Cap Value Fund Investor Shares was the #1 ranking fund out of the 73 in the in the International Multi-Cap Value funds category as of December 31, 2010 and was the #1 raking fund out of the 76 in the International Multi-Cap Value funds category as of December 31, 2011. Lipper, a wholly-owned subsidiary of Reuters, provides independent insight on global collective investments including mutual funds, retirement funds, hedge funds, fund fees and expenses to the asset management and media communities. Lipper ranks the performance of mutual funds within a classification of funds that have similar investment objectives. Rankings are historical with capital gains and dividends reinvested and do not include the effect of loads. If an expense waiver was in effect, it may have had a material effect on the total return or yield and, therefore, the raking for the period.

The MSCI EAFE Index is a market weighted index composed of companies representative of the market structure of certain developed companies located in Europe, Australasia and the Far East, and reflects the dividends net of nonrecoverable withholding tax. The MSCI EAFE Value Index is a variation of the MSCI EAFE Index that monitors the performance of value stocks. Investors may not invest directly in an index.