Important Information

Intermediate Municipal

Investment Objective
Schroders' Municipal Bond strategy seeks capital preservation with a high level of after-tax yield and income.

Key Features
Focus on high-quality, higher-yielding issues Duration-neutral approach Diversified portfolios Relative-value security selection Research-driven process Experienced, specialist portfolio managers and analysts

Investment Options
Separate Accounts*

*	These strategies are subject to the ability to meet investment minimums. Some strategies may be offered only in offshore, private placement and/or discretionary accounts.

	Investment Risks: All investments involve risks including the risk of possible loss of principal. The market value of the portfolio may decline as a result of a number of factors, including volatility of the municipal bond market, interest rate risk, credit risk, and inflation/deflation risk. The portfolio may invest up to 20% of its net assets in taxable municipal bonds, which are substantially similar to municipal bonds except that the interest from taxable municipal bonds is not exempt from federal income tax and may also be subject to federal AMT. Some investors may be subject to state and/or local taxes. For more information consult your tax advisor.

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Strategy Detail

Schroder Investment Management North America Inc. ("SIMNA, Inc.") is an investment advisor registered with the U.S. SEC. It provides asset management products and services to clients in the U.S. and Canada including Schroder Capital Funds (Delaware), Schroder Series Trust and Schroder Global Series Trust, investment companies registered with the SEC (the "Schroder Funds"). Shares of the Schroder Funds are distributed by Schroder Fund Advisors Inc., a member of the FINRA. SIMNA, Inc. and Schroder Fund Advisors Inc. are indirect, wholly-owned subsidiaries of Schroders plc, a UK public company with shares listed on the London Stock Exchange. Schroder Investment Management Ltd. is the UK based investment subsidiary of Schroders plc.