Pricing of Russian securities in Schroders strategies

Statement regarding the pricing of Russian securities in Schroders funds

March 7, 2022

Note:  The following is a general statement outlining Schroders approach to and reasoning behind how we are valuing Russian and Belarusian securities that may be held in our products.  This statement may not apply to all strategies or a particular account held by anyone investor.  For more detailed information about your account please contact us.

We are closely monitoring the situation with respect to securities of Russian issuers held in our funds which continue to be impacted by a range of actions taken by governments, stock exchanges and counterparties, including sanctions regimes, leading to severe valuation and liquidity issues. Russian markets have been suspended, and we will not be investing in Russian or Belarusian equities for the foreseeable future. We will continue to apply appropriate valuation principles in accordance with our pricing processes. Because of these issues and due to our inability to transact or transfer these assets, the value of Russian securities in our funds has become de minimis and we expect this to be reflected until further notice in the NAV of any relevant funds. We are currently valuing Russian equities positions at zero.