Fund announcements

2024

Fund Name	Action	Effective Date	Notes
Schroder Managed Defensive Fund	Proposed Scheme of Arrangement to merge Schroder Managed Defensive Fund into Schroder Global Multi-Asset Cautious Portfolio. Meeting of Shareholders held on 17th April 2024 – Result of the Extraordinary General Meeting: The changes set out in the Extraordinary Resolution relating to the Proposed Scheme of Arrangement were approved by the required majority at the Extraordinary General Meeting of Shareholders on 17th April 2024.	The Effective Date of the changes will be 12:01 PM 16th May 2024	Circular
Schroder Managed Defensive Fund	Proposed Scheme of Arrangement to merge Schroder Managed Defensive Fund into Schroder Global Multi-Asset Cautious Portfolio. An Extraordinary Resolution of the Shareholders in Schroder Managed Defensive Fund is required to approve the changes set out in the circular (see link to circular). The meeting will be held on a virtual conferencing platform at 9:15 AM UK Time on the 17th April 2024. Results of the Extraordinary General Meeting of Shareholders, to be held on 17th April 2024, will be published here no later than 22nd April 2024.	If the Extraordinary Resolution is passed, the Effective Date of the changes will be 12:01 PM 16th May 2024.	Circular

Fund Name

Action

Effective Date

Notes

Schroder Managed Defensive Fund

Proposed Scheme of Arrangement to merge Schroder Managed Defensive Fund into Schroder Global Multi-Asset Cautious Portfolio. Meeting of Shareholders held on 17th April 2024 – Result of the Extraordinary General Meeting:

The changes set out in the Extraordinary Resolution relating to the Proposed Scheme of Arrangement were approved by the required majority at the Extraordinary General Meeting of Shareholders on 17th April 2024.

The Effective Date of the changes will be 12:01 PM 16th May 2024

Circular

Schroder Managed Defensive Fund

Proposed Scheme of Arrangement to merge Schroder Managed Defensive Fund into Schroder Global Multi-Asset Cautious Portfolio.

An Extraordinary Resolution of the Shareholders in Schroder Managed Defensive Fund is required to approve the changes set out in the circular (see link to circular).

The meeting will be held on a virtual conferencing platform at 9:15 AM UK Time on the 17th April 2024.

Results of the Extraordinary General Meeting of Shareholders, to be held on 17th April 2024, will be published here no later than 22nd April 2024.

If the Extraordinary Resolution is passed, the Effective Date of the changes will be 12:01 PM 16th May 2024.

Circular

2023

Fund Name	Action	Effective Date	Notes
Schroder Emerging Markets Fund (Guernsey)	Proposal to wind up the Schroder Emerging Markets Fund Meeting of Unitholders 10:00 a.m. 15 March 2023 – Result of the Extraordinary Resolution: The proposed winding up set out in the circular was approved by the required majority at the Extraordinary General Meeting of Unitholders held at 10:00 a.m. on 15 March 2023. It was further noted at the meeting that a change of the Net Asset Value calculation date has been agreed by the Manager and the Trustee, moving from 17 March 2023, as outlined in the circular dated 23 February 2023, to 22 March 2023. Subsequently, the payment date of the Interim Distribution will move from on or around 24 March 2023, to on or around 30 March 2023.	15 March 2023. Please see the circular for more information.	Circular
Schroder Emerging Markets Fund (Guernsey)	Proposal to wind up the Schroder Emerging Markets Fund An Extraordinary Resolution of the Unitholders in the Schroder Emerging Markets Fund is required to approve the proposed winding up set out in the circular (see link to circular). Results of the Extraordinary General Meeting of Unitholders, to be held at 10:00am on 15 March 2023, will be published here no later than 17 March 2023.	If the Extraordinary Resolution is passed, the winding up process will commence on 15 March 2023. Please see the circular for more information.	Circular

Fund Name

Action

Effective Date

Notes

Schroder Emerging Markets Fund (Guernsey)

Proposal to wind up the Schroder Emerging Markets Fund

Meeting of Unitholders 10:00 a.m. 15 March 2023 – Result of the Extraordinary Resolution:

The proposed winding up set out in the circular was approved by the required majority at the Extraordinary General Meeting of Unitholders held at 10:00 a.m. on 15 March 2023.

It was further noted at the meeting that a change of the Net Asset Value calculation date has been agreed by the Manager and the Trustee, moving from 17 March 2023, as outlined in the circular dated 23 February 2023, to 22 March 2023. Subsequently, the payment date of the Interim Distribution will move from on or around 24 March 2023, to on or around 30 March 2023.

15 March 2023. Please see the circular for more information.

Circular

Schroder Emerging Markets Fund (Guernsey)

Proposal to wind up the Schroder Emerging Markets Fund

An Extraordinary Resolution of the Unitholders in the Schroder Emerging Markets Fund is required to approve the proposed winding up set out in the circular (see link to circular).

Results of the Extraordinary General Meeting of Unitholders, to be held at 10:00am on 15 March 2023, will be published here no later than 17 March 2023.

If the Extraordinary Resolution is passed, the winding up process will commence on 15 March 2023. Please see the circular for more information.

Circular

2022

Fund name	Action	Effective date
Schroder UK Dynamic Absolute Return Fund	Fund name and Investment Manager change for the Schroder UK Dynamic Absolute Return Fund. The Fund’s Investment Manager will change from BennBridge Ltd to Tellworth Investments LLP and the Fund’s name will be changed from “Schroder UK Dynamic Absolute Return Fund” to “Schroder Tellworth UK Dynamic Absolute Return”. Please note the effective date for these changes has moved from 1 October 2022, as originally planned, to 5 December 2022. Shareholders in the Fund will receive a formal communication letter regarding this postponement. Please find details of the changes in the link to the original shareholder letter dated 1 September 2022 and details of the postponement in the update shareholder letter dated 30 September 2022. Original shareholder letter Update shareholder letter	5 December 2022
SISF	De-registration of share classes from Ireland Circular	October the 28th 2022
SISF	List of share classes de-registered Circular	October the 28th 2022
Banking FAQ	FAQ: New bank details for Standing Settlement Instructions (SSis) Circular	August the 22nd 2022
Banking FAQ	New bank details for Standing Settlement Instructions (SSIs) Circular	August the 22nd 2022
The Global Growth Fund	Proposed changes to The Global Growth Fund (amending the investment objective and policy, changing the benchmarks, charging fees to income instead of capital, and changing asset class ranges for equities and alternatives). Meeting of Unitholders 9:15 GMT 27 May 2022 – Result of the Extraordinary Resolution: The proposed changes set out in the circular were approved by the required majority at the Extraordinary General Meeting of Unitholders held at 9:15 GMT on 27 May 2022. Circular	10 June 2022
Broombriggs Fund	Proposed changes to the Broombriggs Fund (amending the investment objective and policy, changing the benchmarks, charging fees to capital rather than income, and changing the name of the Fund). The proposed changes set out in the circular were approved by the Written Resolution of Unitholders. Circular	10 June 2022
Broombriggs Fund	Proposed changes to the Broombriggs Fund (amending the investment objective and policy, changing the benchmarks, charging fees to capital rather than income , and changing the name of the Fund). A Written Resolution of the Unitholders in the Broombriggs Fund is required to approve the changes set out in the circular (see link to circular). Results of the Written Resolution will be published here no later than 30 May 2022. Circular	If the Written Resolution is passed, the Effective Date of the changes will be 10 June 2022.
The Global Growth Fund	Proposed changes to The Global Growth Fund (amending the investment objective and policy, changing the benchmarks, charging fees to income instead of capital, and changing asset class ranges for equities and alternatives). An Extraordinary Resolution of the Unitholders in The Global Growth Fund is required to approve the changes set out in the circular (see link to circular). Results of the Extraordinary General Meeting of Unitholders, to be held at 9:15 GMT on 27 May 2022, will be published here no later than 30 May 2022. Circular	If the Extraordinary Resolution is passed, the Effective Date of the changes will be 10 June 2022.
Schroder Moorgate I Fund	Proposed Scheme of Arrangement of Schroder Moorgate I Fund into Schroder Income Fund and an optional Scheme of Election into SUTL Cazenove GBP Equity Focus Fund. Meeting of Unitholders 9:00 GMT 8 April 2022 – Result of the Extraordinary Resolution: The proposed changes set out in the Proposed Scheme of Arrangement were approved by the required majority at the Extraordinary General Meeting of Unitholders held at 9:00 GMT on 8 April 2022. Circular	12:01 GMT on 22 April 2022
Schroder Moorgate I Fund	Proposed Scheme of Arrangement of Schroder Moorgate I Fund into Schroder Income Fund and an optional Scheme of Election into SUTL Cazenove GBP Equity Focus Fund. An Extraordinary Resolution of the Unitholders in Schroder Moorgate I Fund is required to approve the changes set out in the circular (see link to circular). Results of the Extraordinary General Meeting of Unitholders, to be held at 9:00 GMT on 8 April 2022, will be published here no later than 11 April 2022. Circular	If the Extraordinary Resolution is passed, the Effective Date of the changes will be 12:01 GMT on 22 April 2022.
Russian securities in Schroders Funds	Statement regarding the pricing of Russian securities in Schroders funds Statement	12:01 GMT on 7 March 2022
Schroder UK Opportunities Fund	Scheme of Arrangement to merge Schroder UK Opportunities Fund into Schroder UK Alpha Plus Fund. Please note there was an operational delay in calculating the net asset value of other Schroder funds due to the current disruption in markets, which meant certain information relating to the merger was unavailable to enable the merger to be processed at 12:01 GMT on 28 February 2022 as originally planned. We anticipate that the new effective date and time of the mergers will be 12:01 GMT on 2 March 2022, however we will communicate if this needs to be further amended. Please see details in the link to the unitholder letter. Unitholder letter	12:01 GMT on 2 March 2022
Schroder UK Equity Fund	Scheme of Arrangement to merge Schroder UK Equity Fund into Schroder UK Alpha Plus Fund. Please note there was an operational delay in calculating the net asset value of other Schroder funds due to the current disruption in markets, which meant certain information relating to the merger was unavailable to enable the merger to be processed at 12:01 GMT on 28 February 2022 as originally planned. We anticipate that the new effective date and time of the mergers will be 12:01 GMT on 2 March 2022, however we will communicate if this needs to be further amended. Please see details in the link to the unitholder letter. Unitholder letter	12:01 GMT on 2 March 2022
Schroder UK Opportunities Fund	Proposed Scheme of Arrangement to merge Schroder UK Opportunities Fund into Schroder UK Alpha Plus Fund Meeting of Unitholders 9:15 a.m. 18 February 2022 – Result of the Extraordinary Resolution: The proposed changes set out in the Proposed Scheme of Arrangement were approved by the required majority at the Extraordinary General Meeting of Unitholders held at 9:15 a.m. on 18 February 2022. Circular	12:01 a.m. on 28 February 2022
Schroder UK Equity Fund	Proposed Scheme of Arrangement to merge Schroder UK Equity Fund into Schroder UK Alpha Plus Fund Meeting of Unitholders 9:00 a.m. 18 February 2022 – Result of the Extraordinary Resolution: The proposed changes set out in the Proposed Scheme of Arrangement were approved by the required majority at the Extraordinary General Meeting of Unitholders held at 9:00 a.m. on 18 February 2022. Circular	12:01 a.m. on 28 February 2022
Schroder Absolute Return Bond Fund	Proposed Changes: i) amending the Fund’s investment objective and policy; ii) changing the Fund’s name; and iii) a reduction in fees. Meeting of Unitholders 9:00 a.m. 11 February 2022 – Result of the Extraordinary Resolution: The proposed changes set out in the circular were approved by the required majority at the Extraordinary General Meeting of Unitholders held at 9:00 a.m. on 11 February 2022. Circular	12:00 a.m. on 21 February 2022
Schroder UK Opportunities Fund	Proposed Scheme of Arrangement to merge Schroder UK Opportunities Fund into Schroder UK Alpha Plus Fund. An Extraordinary Resolution of the Unitholders in Schroder UK Opportunities Fund is required to approve the changes set out in the circular (see link to circular). Results of the Extraordinary General Meeting of Unitholders, to be held at 9:15 a.m. on 18 February 2022, will be published here no later than 21 February 2022. Circular	If the Extraordinary Resolution is passed, the Effective Date of the changes will be 12:01 a.m. on 28 February 2022.
Schroder UK Equity Fund	Proposed Scheme of Arrangement to merge Schroder UK Equity Fund into Schroder UK Alpha Plus Fund. An Extraordinary Resolution of the Unitholders in Schroder UK Equity Fund is required to approve the changes set out in the circular (see link to circular). Results of the Extraordinary General Meeting of Unitholders, to be held at 9:00 a.m. on 18 February 2022, will be published here no later than 21 February 2022. Circular	If the Extraordinary Resolution is passed, the Effective Date of the changes will be 12:01 a.m. on 28 February 2022.
Schroder Global Cities Real Estate Income	The proposed changes are: i) amending the Fund’s investment objective and policy; ii) changing the Fund’s name; and iii) changing the Fund’s distribution frequency. Meeting of Unitholders 9:15 a.m. on 19 January 2022 – Result of the Extraordinary Resolution: The proposed changes set out in the circular were approved by the required majority at the Extraordinary General Meeting of Unitholders held at 9:15 a.m. on 19 January 2022. Circular	12:00 a.m. on 7 February 2022
Schroder Absolute Return Bond Fund	A proposal for certain changes (including to the name and the investment objective and policy) to Schroder Absolute Return Bond Fund. An Extraordinary Resolution of the Unitholders in Schroder Absolute Return Bond Fund is required to approve the changes set out in the circular (see link to circular). Results of the Extraordinary General Meeting of Unitholders, to be held at 9:00 a.m. on 11 February 2022, will be published here no later than 14 February 2022. Circular	If the Extraordinary Resolution is passed, the Effective Date of the changes will be 12:00 a.m. on 21 February 2022.

2021

Fund name	Action	Effective date
Schroder Global Cities Real Estate Income	A proposal for certain changes (including to the name and the investment objective and policy) to Schroder Global Cities Real Estate Income. An Extraordinary Resolution of the Unitholders in Schroder Global Cities Real Estate Income is required to approve the changes set out in the circular (see link to circular). Results of the Extraordinary General Meeting of Unitholders, to be held at 9:15 a.m. on 19 January 2022, will be published here no later than 21 January 2022. Circular	If the Extraordinary Resolution is passed, the Effective Date of the changes will be 7 February 2022.
Schroder European Alpha Income Fund	Proposed Changes: i) amending the Fund’s investment objective and policy; and ii) changing the Fund’s name. Meeting of Shareholders 9:00 a.m. on 8 December 2021 – Result of the Extraordinary Resolution: The proposed changes set out in the circular were approved by the required majority at the Extraordinary General Meeting of Shareholders held at 9:00 a.m. on 8 December 2021. Circular	12:00 a.m. on 15 December 2021
Schroder European Alpha Income Fund	A proposal for certain changes (to the name and the investment objective and policy) to the Schroder European Alpha Income Fund. An Extraordinary Resolution of the Shareholders in the Schroder European Alpha Income Fund is required to approve the changes set out in the circular (see link to circular). Results of the Extraordinary General Meeting of Shareholders, to be held at 9:00 a.m. on 8 December 2021, will be published here no later than 10 December 2021. Circular	If the Extraordinary Resolution is passed, the Effective Date of the changes will be 15 December 2021.
Schroder MM Diversity Balanced Fund	Proposed Scheme of Arrangement to merge Schroder MM Diversity Balanced Fund into Schroder Blended Portfolio 6 Meeting of Unitholders 9:15 a.m. on 3 November 2021 – Result of the Proposed Extraordinary Resolution: The changes as detailed in the Proposed Scheme of Arrangement, notified to unitholders on 4 October 2021, were approved by the required majority at the Extraordinary General Meeting of Shareholders held at 9:15am on 3 November 2021. Circular	12:01 p.m. on 10 December 2021
Schroder MM International Fund	Proposed Scheme of Arrangement to merge Schroder MM International Fund into Schroder Global Equity Fund Meeting of Unitholders 9:00 a.m. on 3 November 2021 – Results of the Proposed Extraordinary Resolution: The changes as detailed in the Proposed Scheme of Arrangement, notified to unitholders on 4 October 2021, were approved by the required majority at the Extraordinary General Meeting of Shareholders held at 9:00am on 3 November 2021. Circular	4:01 p.m. 7 December 2021
Schroder MM Diversity Tactical Fund	Proposed Scheme of Arrangement to merge Schroder MM Diversity Tactical Fund into Schroder Blended Portfolio 7 Meeting of Unitholders 9:30 a.m. on 3 November 2021 – Results of the Proposed Extraordinary Resolution: The changes as detailed in the Proposed Scheme of Arrangement, notified to unitholders on 4 October 2021, were approved by the required majority at the Extraordinary General Meeting of Shareholders held at 9:30am on 3 November 2021. Circular	12:01 p.m. 26 November 2021
Schroder MM Diversity Income Fund	Meeting of Shareholders 9:45 a.m. on 3 November 2021 – Result of the Extraordinary Resolution: The changes as detailed in the Proposal were approved by the required majority at the Extraordinary General Meeting of Shareholders held at 9:45am on 3 November 2021. Please note that the change at iv) above does not form part of the vote at this meeting and will be effective from 10 December 2021. Circular	12:00am on 12 November 2021
Schroder MM Diversity Tactical Fund	Proposed Scheme of Arrangement to merge Schroder MM Diversity Tactical Fund into Schroder Blended Portfolio 7 An extraordinary resolution of the Unitholders in the Schroder MM Diversity Tactical Fund is required to approve the proposal set out in the circular (see link to circular). Results of the Unitholder extraordinary general meeting, to be held at 9:30 a.m. on 3 November 2021, will be published here no later than 5 November 2021. Circular	If the extraordinary resolution is passed the effective date of the changes will be 26 November 2021.
Schroder MM Diversity Income Fund	A proposal for certain changes (including to the name and the investment objective and policy) to the Schroder MM Diversity Income Fund. An extraordinary resolution of the Unitholders in the Schroder MM Diversity Income Fund is required to approve the changes set out in the circular (see link to circular). Results of the Unitholder extraordinary general meeting, to be held at 9:45 a.m. on 3 November 2021, will be published here no later than 5 November 2021. Circular	If the extraordinary resolution is passed the effective date of the changes will be 12 November 2021.
Schroder MM Diversity Balanced Fund	Proposed Scheme of Arrangement to merge Schroder MM Diversity Balanced Fund into Schroder Blended Portfolio 6 An extraordinary resolution of the Unitholders in the Schroder MM Diversity Balanced Fund is required to approve the proposal set out in the circular (see link to circular). Results of the Unitholder extraordinary general meeting, to be held at 9:15 a.m. on 3 November 2021, will be published here no later than 5 November 2021. Circular	If the extraordinary resolution is passed the effective date of the changes will be 10 December 2021.
Schroder MM International Fund	Proposed Scheme of Arrangement to merge Schroder MM International Fund into Schroder Global Equity Fund An extraordinary resolution of the Unitholders in the Schroder MM International Fund is required to approve the proposal set out in the circular (see link to circular). Results of the Unitholder extraordinary general meeting, to be held at 9:00 a.m. on 3 November 2021, will be published here no later than 5 November 2021. Circular	If the extraordinary resolution is passed the effective date of the changes will be 7 December 2021.
Schroder MM UK Growth Fund	Proposed Changes: i) amending the Fund’s investment objective, investment policy and fees; and ii) changing the Fund’s name. Meeting of Shareholders 9:00 a.m. on 27 August 2021 – Result of the Extraordinary Resolution: The changes as detailed in the Proposal were approved by the required majority at the Extraordinary General Meeting of Shareholders held at 9:00am on 27 August 2021. Circular	12:00am on 6 September 2021.
Schroder MM UK Growth Fund	A proposal for certain changes (including to the name and the investment objective and policy) to the Schroder MM UK Growth Fund. An extraordinary resolution of the Unitholders in the Schroder MM UK Growth Fund is required to approve the changes set out in the circular (see link to circular). Results of the Unitholder extraordinary general meeting, to be held at 9:00 a.m. on 27 August 2021, will be published here no later than 1 September 2021. Circular	If the extraordinary resolution is passed the effective date of the changes will be 6 September 2021.
Schroder Responsible Value UK Equity Fund	Proposed Changes: i) amending the Fund’s investment objective and policy; and ii) changing the Fund’s name; Meeting of Shareholders 10:15 a.m. on 09 August 2021 – Result of the Extraordinary Resolution; The changes as detailed in the Proposal were approved by the required majority at the Extraordinary General Meeting of Shareholders held at 10:15am on 09 August 2021. Circular	12:00am on 16 August 2021
Schroder Responsible Value UK Equity Fund	A proposal for certain changes (including to the name and the investment objective and policy) to Schroder Responsible Value UK Equity Fund. An extraordinary resolution of the Unitholders in the Schroder Responsible Value UK Equity Fund is required to approve the changes set out in the circular (see link to circular). Results of the Unitholder extraordinary general meeting, to be held at 10:15 a.m. on 9 August 2021, will be published here no later than 11 August 2021. Circular	16 August 2021 (subject to EGM approval)16 August 2021 (subject to EGM approval)
Schroder Core UK Equity Fund	Proposed Changes: i) amending the Fund’s investment objective and policy; and ii) changing the Fund’s name;  Meeting of Shareholders 09:00 a.m. on 11 May 2021 – Result of the Extraordinary Resolution; The changes as detailed in the Proposal were approved by the required majority at the Extraordinary General Meeting of Shareholders held at 09:00am on 11 May 2021. Circular	12:00am on 18 May 2021
Schroder Global Multi-Factor Equity Fund	Proposed Scheme of Arrangement to merge Schroder Global Multi-Factor Equity Fund into Schroder Sustainable Multi-Factor Equity Fund Meeting of Shareholders 09:00 a.m. on 12 May 2021 – Result of the Proposed Extraordinary Resolution; The changes as detailed in the proposed Scheme of Arrangement, notified to unitholders on 14 April 2021, were approved by the required majority at the Extraordinary General Meeting of Shareholders held at 09:00am on 12 May 2021. Circular	12:01pm on 25 May 2021

2020

Fund name	Action	Effective date
UK SUTL Funds (excluding Schroders Real Estate Fund)	On 23 December 2020 we wrote to investors notifying them that on 1 December we began applying scale discounts to our largest funds (with retail classes) and we also provided 60 days’ notice that we will be simplifying our fee structure. More information can be found on our Charges page. FAQs_Private Investors  FAQs_Inst Investors	1 December 2020 and 1 March 2021
Multiple Funds	On 27 November 2020 we wrote to certain unitholders and shareholders across our fund range notifying them that on the giving of 60 days’ notice their holdings would be converted into another unit/share class of the same fund. Attached are copies of the investor communication letters and a spreadsheet setting out the annual management charge and ongoing charge figure for the relevant unit/share classes. A class into Z class units/shares letter AMC and OCF	27 November 2020
Schroder Absolute Return Fund Company SUTL – Institutional SUTL – Intermediary Schroder Multi-Manager Funds SUTL (Non-UCITS Retail) SUTL Cazenove Charity Non-UCITS Fund SUTL Cazenove Charity UCITS Fund Schroder Investment Fund Company Schroder Dynamic Investment Fund Company Schroder Fusion Investment Fund Company Schroder Investment Trusts (ISA investments only)	Schroders is changing the provider of its UK registrar services from DST (formerly IFDS) to HSBC on 22 June 2020. The transfer of these services will not affect the investment management of funds or ownership of units/shares. When the change is made, Schroders will use HSBC to administer investments, including transaction processing, register maintenance and investor servicing. 3 June 2020 letter FAQs Unit Trust Fund ISNS Registration instructions: HSBC Investor Insight Click here to register for HSBC Investor Insight 6 January 2020 letter

Fund name

Action

Effective date

UK SUTL Funds (excluding Schroders Real Estate Fund)

On 23 December 2020 we wrote to investors notifying them that on 1 December we began applying scale discounts to our largest funds (with retail classes) and we also provided 60 days’ notice that we will be simplifying our fee structure. More information can be found on our Charges page.

FAQs_Private Investors 

FAQs_Inst Investors

1 December 2020
and 1 March 2021

Multiple Funds

On 27 November 2020 we wrote to certain unitholders and shareholders across our fund range notifying them that on the giving of 60 days’ notice their holdings would be converted into another unit/share class of the same fund.
Attached are copies of the investor communication letters and a spreadsheet setting out the annual management charge and ongoing charge figure for the relevant unit/share classes.

A class into Z class units/shares letter

AMC and OCF

27 November 2020

Schroder Absolute Return Fund Company

SUTL – Institutional
SUTL – Intermediary
Schroder Multi-Manager Funds
SUTL (Non-UCITS Retail)
SUTL Cazenove Charity Non-UCITS Fund
SUTL Cazenove Charity UCITS Fund
Schroder Investment Fund Company
Schroder Dynamic Investment Fund Company
Schroder Fusion Investment Fund Company
Schroder Investment Trusts (ISA investments only)

Schroders is changing the provider of its UK registrar services from DST (formerly IFDS) to HSBC on 22 June 2020. The transfer of these services will not affect the investment management of funds or ownership of units/shares. When the change is made, Schroders will use HSBC to administer investments, including transaction processing, register maintenance and investor servicing.

3 June 2020 letter

FAQs

Unit Trust Fund ISNS

Registration instructions: HSBC Investor Insight

Click here to register for HSBC Investor Insight

6 January 2020 letter

2019

Fund name	Action	Effective date
Schroder Mixed Distribution Fund	The name of the Schroder Mixed Distribution Fund was changed to Schroder Monthly Income Fund on 2 September 2019. Unitholder communication	2 September 2019
Multiple funds	On 5 August we wrote to unitholders/shareholders of our UK fund range noting that we were making changes to each fund’s objective and policy which may include: the introduction of a formal target return benchmark which we believe better reflects the performance aims of the fund. a revised investment policy with updated language on how the fund seeks to meet its objectives and a new disclosure on how the fund manager might invest in securities outside of the fund’s primary focus. We have also introduced comparator benchmarks for most funds which can be used for performance comparison purposes during the life of the fund but is not set as a performance target. The comparator benchmarks will be set out in the fund prospectus and key investor information documents. For a very limited number of funds we have added a constraining benchmark, where the manager’s discretion is restricted to invest to a certain degree in components of the benchmark.  The constraining benchmark will be set out in the fund prospectus and key investor information documents. The investment objective and policy changes were effected on 7 August and all relevant fund prospectuses and key investor information documents have been updated accordingly. The amendments do not alter the way that each fund is managed and the fund’s allowable investments and risk profile are unchanged. Unitholders/shareholders do not need to take any action in response to these changes. Investor letter	7 August 2019
Multiple funds	On 15 July 2019 we wrote to certain unitholders and shareholders across our fund range notifying them that on the giving of 60 days’ notice their holdings would be converted into another unit/share class of the same fund. Attached are copies of the investor communication letters and a spreadsheet setting out the annual management charge and ongoing charge figure for the relevant unit/share classes. P1 class to P2 class shares letter A class into Z class units/shares letter AMC and OCF	15 July 2019
Schroder Global Alpha Plus Fund	Unitholders in Schroder Global Alpha Plus Fund  (the Fund) approved the Fund’s merger into Schroder Global Equity Fund at a Unitholder meeting held on 10 July 2019. The Fund merger was effected on 12 July 2019. Unitholders will be notified of their new unitholding in Schroder Global Equity Fund within 14 days of the merger date.	12 July 2019
Schroder Global Alpha Plus Fund	It is proposed that Schroder Global Alpha Plus Fund is merged into Schroder Global Equity Fund by way of a Scheme of Arrangement. A unitholder meeting to consider the proposal will be held on 10 July 2019.  If you are a unitholder seven days before 7 June 2019 and remain a unitholder at the time of the meeting, you will be entitled to vote either in person or by completing the enclosed form of proxy. The unitholder circular and form of proxy are viewable via the links below. Unitholder circular Form of proxy	10 July 2019
Schroder ISF EURO Liquidity	Investment objective and policy change to comply with and reflect authorisation under the Money Market Funds Regulation. Shareholder letter	21 March 2019
Schroder ISF US Dollar Liquidity	Investment objective and policy change to comply with and reflect authorisation under the Money Market Funds Regulation. Shareholder letter	21 March 2019
Schroder SSF Sterling Liquidity Plus	Investment objective and policy change to comply with and reflect authorisation under the Money Market Funds Regulation. Shareholder letter	21 March 2019

2018

Fund name	Action	Effective date
Schroder Moorgate II Fund	Fund Merger Schroder Moorgate II Fund was successfully merged into SUTL Cazenove GBP Balanced Fund, or if the unitholders so elected SUTL Cazenove GBP Growth Fund or Schroder Managed Wealth Portfolio, on 23 November 2018. The merger was approved by unitholders of Schroder Moorgate II Fund at an EGM held on 21 November 2018.	23 November 2018
Schroder Absolute Return Bond Fund Schroder Asian Income Fund Schroder European Smaller Companies Fund Schroder European Alpha Plus  Fund Schroder Gilt And Fixed Interest Fund Schroder Global Emerging Markets Fund Schroder Global Healthcare Fund Schroder High Yield Opportunities Fund Schroder Income Fund Schroder Income Maximiser Schroder Managed Wealth Portfolio Schroder Recovery Fund Schroder Tokyo Fund Schroder UK Alpha Plus Fund Schroder UK Equity Fund Schroder UK Mid 250 Fund Schroder UK Smaller Companies Fund Schroder US Mid Cap Fund Schroder US Smaller Companies  Fund	Change to funds' unit pricing From 17 September 2018, the pricing of units in the funds listed will be based on a single mid-market price. The pricing of units in these funds is currently carried out on a dual pricing basis. Please see the attached unitholder notification letter.	17 September 2018
Distribution share class naming convention	Distribution share class names will incorporate some additional characters at the end of the existing name which will enable users to identify certain characteristics of the share class that are not currently distinguished within the name, for example, distribution frequency. Distribution Letter	11 September 2018
Schroder UK Growth Fund plc Investment Trust ISA	Change of Alternative Investment Fund Manager On 29 June 2018, Schroder Unit Trusts Limited (SUTL) was replaced by Baillie Gifford as the Alternative Investment Fund Manager of Schroder UK Growth Fund plc (the Company). Subsequently on 2 July 2018, the name of the Company was changed to Baillie Gifford UK Growth Fund plc. At this time, SUTL still remains as the ISA plan manager in relation to the Company’s ISA but going forward SUTL is no longer able to hold the Company within the Schroders ISA. Investment Trust ISA holders should review the attached documents to assess the options available to them. Trust holder letter Schroders Form of Instruction Comparison Factsheet IT ISA terms and conditions Schroder UK Equity Fund (Acc) KIID Schroder UK Equity Fund (Inc) KIID Hargreaves Lansdown Factsheet Hargreaves Lansdown Stock and Shares ISA Transfer Form	2 July 2018
Schroder Strategic Credit Fund	Change to fund's target return objective With effect from 25 May 2018, the Fund’s target return objective will change from income and capital growth in excess of 3 Month Treasury Bills to income and capital growth in excess of 3 Month LIBOR.  The change is being made because the reference index used by the Fund to track its performance target has been discontinued by the vendor and we consider that 3 Month LIBOR is a suitable replacement Investor letter	25 May 2018
Schroder European Opportunities Fund	Change to fund's name and investment policy The fund is a sub-fund of Schroder Investment Fund Company From 14 May 2018 the fund will be managed by a different portfolio manager from our European investment team and it will be renamed Schroder European Recovery Fund. The fund’s investment policy will be amended to reflect a change of investment style. The fund will from the date above adopt a “recovery” investment style which focuses on companies that the investment manager believes are undervalued relative to their long-term earnings potential. Shareholder Letter	14 May 2018
Schroder Strategic Beta Fund	Fund closure Schroder Strategic Beta Fund will close on 26 April 2018 as it is not economically viable due to its size. The fund is now closed to new dealing.	26 April 2018
*Hedged share classes for all Schroder ISF funds** *International Selection Fund	Information regarding the charge for holders of I, IA, IZ, P and X hedged share classes can be found here. Information regarding the charge for holders of A, A1, AX, B, C, CN, D, E, R, S and Z hedged share classes can be found here.	30 March 2018
Schroder Global Multi-Asset Income Fund	Fund closure Schroder Global Multi-Asset Income Fund will close on 20 February 2018 as it is no longer economically viable due to its size. Closure letter	20 February 2018
Schroder Specialist Value UK Equity Fund	Name change and investment objective approved at EGM More information	14 February 2018
All	Terms of Business amends Please note that from 2 February 2018 our Terms of Business are being amended. Download the communication setting out the changes and the revised Terms of Business. From the effective date the Terms of Business can also be accessed here.	02 February 2018

2017

Fund name	Action	Effective date
Corporate Bond Fund Schroder Core UK Equity Fund Schroder European Alpha Income Fund Schroder European Alpha Plus Fund Schroder European Equity Absolute Return Fund Schroder European Opportunities Fund Schroder European Smaller Companies Fund Schroder Global Alpha Plus Fund Schroder Global Emerging Markets Fund Schroder Global Healthcare Fund Schroder Income Fund Schroder Institutional Pacific Fund Schroder Institutional UK Smaller Companies Fund Schroder Long Dated Corporate Bond Fund Schroder Prime UK Equity Fund Schroder QEP Global Active Value Fund Schroder Small Cap Discovery Fund Schroder Strategic Credit Fund Schroder Tokyo Fund Schroder UK Alpha Income Fund Schroder UK Alpha Plus Fund Schroder UK Dynamic Smaller Companies Fund Schroder UK Opportunities Fund Schroder UK Smaller Companies Fund Schroder US Mid Cap Fund Schroder US Smaller Companies Fund	Fund objective and policy changes We have been reviewing our fund documentation to ensure that it continues to reflect best practice in the market. As a part of this process, we have made changes to the investment objective and policy wording for the UK funds listed to the left. What’s changed? The amendments aim to make the language used consistent across our UK fund range. There are no changes to the way each fund is managed and these changes do not impact any existing holdings. Do I need to do anything? No, you will simply see updated wording in your fund documentation. Which funds are affected? The objective and policy wording for the following funds was revised on 23 October 2017 and the Schroder Institutional, Schroder Intermediary and Schroder Investment Fund Company prospectuses have been updated accordingly. The Schroder Investment Fund Company, Schroder Institutional and Schroder Intermediary prospectuses have been revised.	23 October 2017
Schroder Specialist Value UK Equity Fund	Change to fund's name, investment objective, benchmark and policy. From 14 February 2018 it has been proposed that: The Fund’s investment objective and policy will be amended, and the Fund’s benchmark from the FTSE All-Share Index to a custom responsibly-screened FTSE All-Share Index will be changed; and The Fund’s name will change to Schroder Responsible Value UK Equity Fund. Unitholder circular	Proposed date: 14 February 2018
Schroder UK Corporate Bond Fund	Change to fund's name, investment objective and policy. From 2 October the fund will change its name to Schroder Sterling Corporate Bond Fund. The fund's new benchmark will be the Bank of America Merrill Lynch Sterling Corporate & Collateralised Index. It's new objective is to provide income and capital growth by investing in fixed and floating rate securities issued by UK companies and companies worldwide. Unitholder letter	2 October 2017
Schroder Absolute Return Bond Fund	Reduction in AMC A share class = 1.00% to 0.90% Z share class = 0.50% to 0.40% L share class = 0.60% to 0.50%	2 October 2017
Schroder Real Estate Securities Income Fund	Change to fund's name From 2 October the fund will change its name to Schroder Global Real Estate Income. Unitholder letter	2 October 2017
Schroder All Maturities Corporate Bond Fund	Change of benchmark: On 1 July 2017 the benchmark of the Schroder All Maturities Corporate Bond Fund changed from the Bank of America Merrill Lynch Sterling Non Gilts - All Stocks (GBP) to the Bank of America Merrill Lynch Sterling Non Gilts (GBP). Why has it changed? The previous benchmark was discontinued by Merrill Lynch.	1 July 2017
Schroder Long Dated Corporate Bond Fund	Change of benchmark: On 1 July 2017 the benchmark of the Schroder Long Dated Corporate Bond Fund changed from the Bank of America Merrill Lynch Sterling Non Gilts - All Stocks (15+ Y) (GBP) to the Bank of America Merrill Lynch 15+ Year Sterling Non-Gilt Index (GBP). Why has it changed? The previous benchmark was discontinued by Merrill Lynch.	1 July 2017
*SARFCO UK Dynamic Absolute Return Fund**	Paul Marriage and John Warren, the managers of the fund, have decided to leave Schroders’ employment to pursue a personal ambition to start their own business. They are expected to leave Schroders in the fourth quarter of 2017, with our agreement. Paul and John are setting up Tellworth Investments LLP with BennBridge, a boutique fund manager platform. BennBridge will become the investment manager of the fund when Paul and John leave Schroders, subject to regulatory approval and due diligence. Paul and John will continue to manage the fund. The investment objectives of the fund will not change as a result. Schroders is delighted that it will be able to continue the successful relationship with Paul and John while enabling them to pursue their personal ambition of starting their own company. This will enable our clients to remain fully invested in the fund with no substantive change of manager or investment process. We remain fully committed to our clients and look forward to working with John, Paul and the team at BennBridge in the future. *Schroder Absolute Return Fund Company	Q4 2017
Schroder UK Dynamic Smaller Companies Fund	Paul Marriage and John Warren have decided to leave Schroders’ employment to pursue a personal ambition to start their own business. They are expected to leave Schroders in the fourth quarter of 2017. The Schroder UK Dynamic Smaller Companies Fund will continue to be managed by Schroders. Schroders has a deep pool of talent across the UK and European Equities business and replacement managers will be announced shortly. In the interim the fund will continue to be managed by Paul and John.	Q4 2017
All UK Bond Funds	Changes to Tax Treatment of Interest Distributions from 6 April 2017 What’s changed? With effect from 6th April 2017, UK bond funds will now pay or accumulate interest distributions gross (i.e. without deduction of income tax) to all investors. Prior to this date there was a requirement to determine whether investors were entitled to receive distributions gross or net of tax. What does this mean for me? If you are an investor in a UK bond fund and you are a non-taxpayer, this should make things easier for you as you will no longer have to reclaim tax withheld on interest distributions from HMRC. Investors who are entitled to the Personal Savings Allowance (£1,000 for basic rate taxpayers and £500 for higher rate taxpayers) will not owe any tax on interest distributions up to this amount (taken in aggregate with other sources of interest) and may not need to file a tax return simply to declare their interest income, although if you currently file a self assessment tax return for other purposes, you should continue to do so. If you do not currently file a tax return and tax is due, get in touch with HMRC and register for a personal tax account. HMRC can also collect any unpaid tax via PAYE coding adjustments. Do I need to do anything? No, this has all happened automatically. Where can I find out more? If you would like to know more, visit www.gov.uk/hmrc. We are unable to provide any advice on your individual circumstances. Should you need any advice, we recommend that you speak to your financial or tax adviser.	6 April 2017
Schroder Absolute Return Bond Fund Schroder All Maturities Index Linked Bond Fund Schroder Asian Alpha Plus Schroder Asian Income Fund Schroder Asian Income Maximiser Schroder European Fund Schroder Global Equity Fund Schroder Global Equity Income Fund Schroder Global Multi-Asset Income Fund Schroder Institutional Growth Fund Schroder Managed Wealth Portfolio Schroder Recovery Fund Schroder Strategic Bond Fund Schroder UK Equity Fund Schroder UK Mid 250 Fund	Fund Objective and Policy Changes: We are currently reviewing our fund documentation to ensure that it continues to reflect best practice in the market. As a part of this process, we are making changes to our UK funds’ investment objective and policy wording of. The review process is likely to be completed over the next six months. What’s changing? The amendments aim to make the language used consistent across our UK fund range. There will no changes to the way each fund is managed and these changes will not impact any existing holdings. Do I need to do anything? No, you will simply see updated wording in your fund documentation. Which funds are affected? The objective and policy wording for the funds listed to the left were revised on 5 April 2017 and the Schroder Institutional and Intermediary prospectuses have been updated accordingly and can be viewed here: Intermediary Institutional Further updates to our funds’ objectives and policies will be made over the course of the next few months.	5 April 2017
Schroder Institutional Sterling Bond Fund	Fund Closure: Schroder Institutional Sterling Bond Fund will close on 9 March 2017 as it is no longer economically viable due to its size.	9 March 2017
Schroder Institutional Long Dated Sterling Bond Fund	Fund Closure: Schroder Institutional Long Dated Sterling Bond Fund will close on 9 March 2017 as it is no longer economically viable due to its size. Unitholder letter	9 March 2017
Schroder Institutional Index Linked Bond Fund	Fund Closure: Schroder Institutional Index Linked Bond Fund will close on 9 March 2017 as it is no longer economically viable due to its size. Unitholder letter	9 March 2017
Schroder Monthly High Income	Change to fund's name, objective and policy Unitholder letter	17 February 2017
All Funds	Removal of provision of short report In its recent paper discussing smarter consumer communications, the FCA have removed the requirement to produce the half-yearly short report from November 22, 2016, deeming the short report to be an ineffective method of communicating to unitholders. Following this ruling, we will cease to produce short reports for all accounting periods ending after January 1, 2017. The long form report and accounts will continue to be available on request or can be downloaded from the website at www.schroders.co.uk. The Prospectus, Key Investor Information Document and Fund Factsheet contain additional useful unitholder information and are also available upon request or can be downloaded from the website.	1 January 2017

2016

Fund name	Action	Effective date
SVG Capital plc	Tender offer by HarbourVest Structured Solutions III L.P. Subject to shareholder approval, the Company has signed an asset transfer deed for the sale of 100% of its investment portfolio to HarbourVest Structured Solutions III L.P. Unitholder letter	15 December 2016
Schroder Absolute UK Dynamic Fund	Change to fund's name, objective and policy Unitholder letter	1 October
Schroder European Absolute Target Fund	Change to fund's name, objective and policy Unitholder letter	1 October
Schroder Global Real Estate Securities Fund	Change to fund name, objective and policy Unitholder letter	1 August 2016
Schroder Income Maximiser	Change in fund management team The team of people responsible for managing the yield and structuring the call option overlay of Schroder Income Maximiser has been integrated with Schroders’ existing Portfolio Solutions Team. Mike Hodgson, Head of Risk Managed Investments and Structuring, has taken responsibility for the team and the funds under their management. As a result of these changes, the role of Head of Structured Fund Management at Schroders is no longer required and Thomas See will be leaving Schroders. The investment philosophy, process and management of the Maximiser funds has not changed and the underlying income portfolio will continue to be managed by Nick Kirrage and Kevin Murphy.	26 July 2016
Schroder Asian Income Maximiser	Change in fund management team The team of people responsible for managing the yield and structuring the call option overlay of Schroder Asian Income Maximiser has been integrated with Schroders’ existing Portfolio Solutions Team. Mike Hodgson, Head of Risk Managed Investments and Structuring, has taken responsibility for the team and the funds under their management. As a result of these changes, the role of Head of Structured Fund Management at Schroders is no longer required and Thomas See will be leaving Schroders. The investment philosophy, process and management of the Maximiser funds has not changed and the underlying income portfolio will continue to be managed by Richard Sennitt.	26 July 2016
Schroder Asian Alpha Plus Fund	Conversion from a non-UCITS retail fund to a UCITS fund As from 1 April 2016, Schroder Asian Alpha Plus Fund will be authorised by the Financial Conduct Authority as a ‘UCITS scheme’ instead of being authorised as a ‘non-UCITS retail scheme’ (NURS). (A UCITS scheme is an open-ended collective investment fund which complies with the requirements of the UCITS Directive). The main difference between a NURS fund and a UCITS fund is that an investment manager has slightly wider investment powers under the rules applying to NURS funds. The Fund has not used these additional powers. Consequently, there are no changes to the Fund’s investment objective or policy, and the way it is managed will not change. Unitholder letter	1 April 2016
Schroder Core UK Equity Fund	Schroder Core UK Equity Fund, a sub-fund of Schroder Investment Fund Company, currently aims to achieve long term capital and income growth through investment primarily in the United Kingdom. The fund has followed an investment approach based around the business cycle, where the managers attempt to identify turning points in the cycle and then focus on the types of companies they believe will benefit from it. The investment team has decided that the fund will now move away from business cycle investing and towards a core bottom up investment approach. The change does not require an amendment to the fund’s investment objective and policy but the Key investor information document has been revised to reflect this change in approach.	22 February 2016
Schroder Global Property Securities Fund	Proposal to change the name and the investment objective and policy of Schroder Global Property Income Maximiser (the Fund). Amending the Fund’s investment objective and policy; and changing the Fund’s name to Schroder Global Real Estate Securities Income. Communication to unit holders - circular	19 February 2016
Schroder Global Property Income Maximiser	Japan Alpha Plus Fund merger into Schroder Tokyo Fund - 29th January 2016 The proposal to merge Schroder Japan Alpha Plus Fund into Schroder Tokyo Fund was approved by unitholders at unitholder meeting held on 22 January 2016. Schroder Japan Alpha Plus Fund will be merged into Schroder Tokyo Fund by way of a scheme of arrangement on 29 January 2016. Schroder Japan Alpha Plus Fund will then be wound up. The merger will provide unitholders with the benefit of economies of scale brought about through the management of a larger pool of assets. Communication to unit holders - circular	Proposed date 19 February 2016
Schroder Japan Alpha Plus Fund	Schroder Institutional International Bond Fund: Closure 29 January 2016 Schroder Institutional International Bond Fund was closed on 29 January 2016 as it was no longer economically viable due to its size.	29 January 2016
Schroder Institutional International Bond Fund	Name change 19th February 2016 The fund’s name will change from Schroder Global Property Securities Fund to Schroder Global Real Estate Securities Fund on 19 February 2016. The adoption of “Real Estate” in the fund’s name is because this term is now more widely recognised and used in the sector than “Property". Unitholder letter	29 January 2016

2015

Fund name	Action	Effective date
Schroder Asian Alpha Plus Fund	Change of benchmark As from 1 October 2015, Schroder Asian Alpha Plus Fund’s benchmark will be changed from the MSCI AC Far East ex Japan (NDR) Index to the MSCI AC Asia ex Japan (NDR) Index.  The Fund’s benchmark provides a standard against which the performance of a fund can be measured. We believe that the new benchmark is a better comparator for the Fund’s performance as it includes India, the second biggest market economy in the region. The adoption of the benchmark does not impact the way in which the Fund is managed.	01/10/2015
Schroder Managed Balanced Fund	Conversion from a non-UCITS retail fund to a UCITS fund As from 1 December 2015, Schroder Managed Balanced Fund will be authorised by the Financial Conduct Authority as a ‘UCITS scheme’ instead of being authorised as a ‘non-UCITS retail scheme’ (NURS). (A UCITS scheme is an open-ended collective investment fund which complies with the requirements of the UCITS Directive). The main difference between a NURS fund and a UCITS fund is that an investment manager has slightly wider investment powers under the rules applying to NURS funds. The Fund has not used these additional powers. Consequently, there are no changes to the Fund’s investment objective or policy, and the way it is managed will not change.  Unitholder letter	01/12/2015
Schroder Asian Alpha Plus Fund	The maximum permitted gross leverage and the maximum permitted commitment leverage for the Schroder Asian Alpha Plus Fund were raised from 1.2 to 2.0 and 1.2 to 1.3 respectively	14/09/2015
Schroder Strategic Beta Fund	The maximum permitted commitment leverage for the Schroder Strategic Beta Fund was raised from 3.5 to 7.0	31/07/2015
Schroder Managed Monthly High Income Fund	The Schroder Managed Monthly High Income Fund has been renamed the Schroder Mixed Distribution Fund. There will be no change to the investment objective or policy of the fund and the fund will continue to be run in the same way. Unitholder letter	03/08/2015
Schroder Absolute UK Dynamic Fund	A change from daily dealing to weekly dealing with the dealing day being each Thursday; and A requirement that subscription and redemption instructions for dealing each Thursday are provided before 12:00 noon on the previous day.  Shareholder letter	24/04/2015
Schroder UK Absolute Target Fund	Changes to the fund approved at EGM - circular Amending the fund’s investment objective and policy Changing the fund’s name to Schroder European Absolute Target Fund The introduction of a Hurdle Rate on the performance fee A change to the Fund’s P1 and P2 share class hedging strategy	01/04/2015
Schroder All Maturities Corporate Bond Fund	The levying of an administration charge of 0.10 per cent. on Z income and Z accumulation unit classes. Unitholder letter	19/02/2015
Schroder Recovery Fund	The levying of an administration charge of 0.15 per cent. on A income and A accumulation unit classes. Unitholder letter	19/02/2015
Schroder Absolute UK Dynamic Fund	Fund re-opened to subscriptions	17/02/2015
Schroder European Alpha Plus Fund	The investment objective and policy for the Schroder European Alpha Plus Fund was amended  from 2 January 2015.  The change clarified how the fund is managed. The change did not impact existing holdings in the fund.  Shareholder letter	02/01/2015
Schroder European Alpha Income Fund	The investment objective and policy for the Schroder European Alpha Income Fund, a sub-fund of Schroder Investment Fund Company, was amended  from 2 January 2015.  The change clarified how the fund is managed. The change did not impact existing holdings in the fund.  Unitholder letter	02/01/2015

2014

Fund name	Action	Effective date
Schroder Charity Fixed Interest Fund	Merger approved at EGM Merger into Schroder Income Trust for Charities communication to unit holders - circular	16/01/2015
Schroder Multi-Managed Cautious Managed Fund	Merger approved at EGM  MM Diversity Income Fund Communication to unit holders - circular	24/10/2014
Schroder Multi-Manager High Alpha Fund	Merger approved at EGM MM Diversity Tactical Fund Communication to unit holders - circular	24/10/2014
Schroder UK Dynamic Smaller Companies Fund	Re-opening of the Schroder UK Dynamic Smaller Companies Fund to Share Subscriptions October 2014 The Schroder UK Dynamic Smaller Companies Fund was closed to further subscription for shares from 22nd January 2014. The decision to close the Fund to new subscriptions was taken following significant inflows throughout 2013. There is now sufficient capacity in the Fund for us to accept new share subscriptions and we will, therefore, be re-opening the Fund to subscriptions effective from 20th October 2014. Fund moved to limited issue	20/10/2014
Schroder MM Managed Portfolio Fund	Merger approved at EGM  Merger into Schroder MM Diversity Balanced Fund Communication to unit holders -  circular	17/10/2014
Schroder MM Strategic Balanced Fund	Merger approved at EGM  Merger into Schroder MM Diversity Balanced Fund Communication to unit holders -  circular	17/10/2014
Schroder Global Real Estate Securities Limited	Name change and amended investment objective approved at EGM on 14 October 2014. Results of the EGM can be read here	14/10/2014
Schroder Corporate Bond Fund	Merger approved at EGM Merger into Schroder UK Corporate Bond Fund Communication to unit holders -  circular	26/09/2014
Schroder UK Growth Fund plc	Philip Matthews is now Fund Manager for the fund with immediate effect	30/10/2014
Schroder UK Absolute Target Fund	Steve Cordell lead manager of the Schroder UK Absolute Target Fund Following the announced departure of Julie Dean from Schroders, Steve Cordell will continue to manage the Schroder UK Absolute Target Fund as lead manager. Steve is a senior member of the Pan-European equity team with over 20 years investment experience. In addition to being the manager of the Schroder UK Absolute Target Fund manages Schroder ISF* European Equity Absolute Return, Schroder ISF* European Opportunities and Schroder ISF* European Equity ex UK. *International Selection Fund	08/09/2014
Schroder Global Climate Change Fund	Merger approved at EGM Merger into Schroder QEP Global Core Fund Communication to unit holders - circular	01/09/2014

Fund name	New fund name	Effective date
Cazenove UK Opportunities Fund	Schroder UK Opportunities Fund	24/03/2014
Cazenove European Fund	Schroder European Opportunities Fund	24/03/2014
Cazenove Strategic Bond Fund	Schroder Strategic Credit Fund	24/03/2014
Cazenove UK Growth and Income Fund	Schroder Core UK Equity Fund	24/03/2014
*Cazenove UK Smaller Companies Fund	Schroder UK Dynamic Smaller Companies Fund	24/03/2014
Cazenove UK Corporate Bond Fund	Schroder UK Corporate Bond Fund	24/03/2014
Cazenove UK Equity Income Fund	Schroder UK Alpha Income Fund	24/03/2014
Cazenove European Income Fund	Schroder European Alpha Income Fund	24/03/2014
**Cazenove Absolute UK Dynamic Fund	Schroder Absolute UK Dynamic Fund	24/03/2014
Cazenove UK Absolute Target Fund	Schroder UK Absolute Target Fund	24/03/2014
Cazenove Multi-Manager Diversity Fund	Schroder MM Diversity Fund	24/03/2014
Cazenove Multi-Manager Global Fund	Schroder MM International Fund	24/03/2014
Cazenove Multi-Manager UK Growth Fund	Schroder MM UK Growth Fund	24/03/2014
Cazenove Diversity Income Fund	Schroder MM Diversity Income Fund	24/03/2014
Cazenove Multi-Manager Diversity Tactical Fund	Schroder MM Diversity Tactical Fund	24/03/2014
Cazenove Multi-Manager Diversity Balanced Fund	Schroder MM Diversity Balanced Fund	24/03/2014

In order to integrate the two firms, we are making a number of changes to our combined business and fund range. The purpose of this brochure is to describe to you what those changes are and how they may impact you as an investor. These include changes to fund names, fees and share/unit classes.

Fund name	Action	Effective date
Schroder Secure Distribution 2032 Fund	Fund closed	30/06/2014
Schroder Moorgate II Fund	The valuation point changed from 12.05pm to 12.00pm	24/03/2014
Former Cazenove Multi-Manager Fund range	The valuation point for changed from 12.05pm to 12.00pm	24/03/2014
Former Cazenove Multi-Manager Fund range	These funds have been renamed with the prefix "Schroder MM". Full details of the fund name changes are shown above.	24/03/2014
*Cazenove UK Smaller Companies Fund	Fund closed	22/01/2014
**Cazenove Absolute UK Dynamic Fund	Fund closed	06/11/2013

Action	Effective date
The ISA Plan Manager for Schroders has changed from Schroder Investments Limited to Schroder Unit Trusts Limited (whose registered office is 31 Gresham Street, London EC2V 7QA) as part of a bulk transfer in accordance with the ISA Regulations. We can assure you that the change of your ISA Plan Manager has no impact on the way your investment will be managed and is part of a process to simplify operations. There are no changes to investors' terms & conditions or to the Schroders contact details.	24/03/2014

Action

Effective date

The ISA Plan Manager for Schroders has changed from Schroder Investments Limited to Schroder Unit Trusts Limited (whose registered office is 31 Gresham Street, London EC2V 7QA) as part of a bulk transfer in accordance with the ISA Regulations. We can assure you that the change of your ISA Plan Manager has no impact on the way your investment will be managed and is part of a process to simplify operations. There are no changes to investors' terms & conditions or to the Schroders contact details.

24/03/2014

2013

Schroder UK Fund	Action	Effective date
Schroder US Alpha Plus Fund	Fund closed	27/11/2013
Schroder Absolute Return Bond Fund	Change of Investment Objective	12/11/2013
Schroder European Alpha Plus Fund	Launch of hedged unit class	01/07/2013
Schroder European Fund	Launch of hedged unit class	01/07/2013
Schroder Japan Alpha Plus Fund	Launch of hedged unit class	01/07/2013
Schroder Tokyo Fund	Launch of hedged unit class	01/07/2013

2012

Schroder UK Fund	Action	Effective date
All Funds	Removal of initial charge across on all A unit classes	31/12/2012
Managed Wealth Portfolio	Change of sub-investment adviser from Schroder Investment Management Limited to Schroder & Co	21/12/2012
Medical Discovery	Name change to Global Healthcare	07/12/2012
All Funds	Introduction of a de minimis distribution amount. This means that if the income amount calculated to be distributed is below £250 per unit class, the income may be withheld and carried forward to the next distribution date.	07/12/2012
Bond funds	Corporate Bond, Gilt & Fixed Interest and Monthly High Income adopted full UCITS derivative powers.	20/09/2012
Bond funds	Introduction of VaR monitoring across all bond funds, including All Maturities Corporate Bond.	01/06/2012
All Funds	Introduction of Key Investor Information Documents (KIIDs) and Supplementary Information Documents replacing Simplified Prospectuses and Fund Information pages.	14/05/2012
All Funds	Reduction in initial charges on A units from 5.25% to 3.25%. All UK funds will have an initial charge of 3.25% going forward.	01/03/2012
Global Property Securities	Renaming of C units to be called Z and reducing fees / increasing investment minima	27/02/2012
Monthly High Income	Renaming of C units to be called Z and reducing fees / increasing investment minima	27/02/2012
All Maturities Corporate Bond	Renaming of C units to be called Z and reducing fees / increasing investment minima	27/02/2012
Asian Income Maximiser	Renaming of C units to be called Z	23/01/2012
Global Alpha Plus	Renaming of C units to be called Z	23/01/2012
Global Climate Change	Renaming of C units to be called Z	23/01/2012
Global Property Income Maximiser	Renaming of C units to be called Z	23/01/2012
Dynamic Multi Asset Fund	Renaming of D1 units to be called Z	23/01/2012
QEP Global Core	Reduction in distribution frequency from semi-annual to annual	23/01/2012

2011

All Funds	Action	Effective date
Diversified Growth Fund (SUTL)	Introduction of Value at Risk (VaR) monitoring - letter	31/08/2011
Diversified Target Return Fund	Fund name change to Schroder Dynamic Multi Asset Fund Communication to unit holders - letter	25/07/2011
Equitised Global Asset Allocation	Fund closed Communication to unit holders - letter	14/06/2011
Strategic Bond	1. Fund name changed to Absolute Return Bond 2. Investment objective changed Communication to unit holders - letter and circular	13/06/2011
Pacific	Merged into Asian Alpha Plus Communication to unit holders - letter and circular	13/05/2011
European	Fund merged into Institutional European Communication to unit holders - letter and circular	25/03/2011
Institutional European	Fund name changed to European Fund and valuation point changed to 12 noon Communication to unit holders - letter	25/03/2011
Global Asset Allocation	Reduction in investment limits from a maximum of 100% in other collective investment schemes to 10%	23/03/2011
Asian Alpha Plus	Reduction in investment limits from a maximum of 100% in other collective investment schemes to 10%	23/02/2011
Global Equity Income	Benchmark changed from MSCI All Countries World TR Net to MSCI World TR Net	01/01/2011

2010

All Funds	Action	Effective date
Multi-Manager Cautious Managed	Change in payment out of fund - All fees/charges charged wholly out of capital	01/08/2010
Corporate Bond	Clarification of investment objective	01/02/2010

2009

All Funds	Action	Effective date
UK Alpha Income	Liquidated	26/12/2009
Far East Income	Name changed to Schroder Asian Income	14/12/2009
US Small & Mid Cap	Name changed to Schroder US Mid Cap	01/06/2009
UK Income Defensive	Liquidated	24/04/2009
UK Select Growth	Fund merged into Schroder UK Equity	20/03/2009

2008

All Funds	Action	Effective date
UK Large Cap	Merged into Schroder UK Alpha Plus	31/10/2008

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