Schroder Dynamic Multi Asset Fund Interim Report and Accounts April 2018

Schroder Dynamic Multi Asset Fund Interim Report and Accounts April 2018

Schroder Dynamic Multi Asset Fund April 2018 Contents Fund Information 1 3 Investment objective and policy 3 Financial highlights 3 Fund information 3 Ongoing charges figure 4 Total purchases and sales 4 Review of Investment Activities 1 5 Risk Profile 1 6 Risk and reward indicator 6 Specific risks 6 Net Asset Value and Comparative Tables 1 8 Unit price range 8 Net revenue 8 Net asset value 9 Fund performance 10 Portfolio Statement 1 11 Summary of Portfolio Transactions 1 21 Largest purchases 21 Largest sales 21 Statement of the Manager s Responsibilities 22 Statement of Total Return (unaudited) 23 Statement of Change in Net Assets Attributable to Unitholders (unaudited) 23 Balance Sheet (unaudited) 24 Notes to the Accounts (unaudited) 25 Basis of preparation 25 Accounting policies 25 General Information 1 26 Authorisation 26 Other information 26 1 Collectively these comprise the Manager s report. 2 Schroder Dynamic Multi Asset Fund

Fund Information Investment objective and policy The Schroder Dynamic Multi Asset Fund s (the fund ) investment objective is to deliver positive returns over a market cycle based on long term capital growth and income through investment in collective investment schemes as well as directly held transferable securities, derivatives, cash, deposits, warrants and money market instruments. The fund may gain exposure to alternative asset classes including but not limited to property, commodities, hedge funds and private equity directly where permitted or through investment in transferable securities and other permitted assets which themselves invest in these asset classes. Financial highlights Dealing price 30.4.18 31.10.17 % change A Income units 70.06p 70.67p (0.86) A Accumulation units 71.97p 71.70p 0.38 X Accumulation units 57.55p 57.04p 0.89 Z Income units 72.83p 73.50p (0.91) Z Accumulation units 78.92p 78.32p 0.77 Z Accumulation EUR Hedged units 111.40 111.20 0.18 The performance of a hedged unit class may differ from other unit classes of the fund because the return on unhedged unit classes is based on both the performance of the fund s investments and the performance of the portfolio currencies relative to sterling whereas the return on a hedged unit class is based only on the performance of the fund s investments. Fund information Launch date 2 May 2008 Launch price 50.00p per A Income unit 50.00p per A Accumulation unit 50.00p per Z Income unit 50.00p per Z Accumulation unit Launch date 11 September 2015 Launch price 50.00p per X Accumulation unit Launch date 24 June 2016 Launch price 100.00 per Z Accumulation EUR Hedged unit Interim Final Accounting dates 30 April 31 October Revenue allocation date 31 December Schroder Dynamic Multi Asset Fund 3

Fund Information (continued) Ongoing charges figure For the period For the year For the year to 30.4.18 to 31.10.17 to 31.10.17 A Income units 1.39% 1 1.40% 1.40% 2 A Accumulation units 1.39% 1 1.40% 1.40% 2 X Accumulation units 3 0.05% 1 2 0.05% 0.05% 2 Z Income units 0.40% 1 2 0.40% 0.40% 2 Z Accumulation units 0.40% 1 2 0.40% 0.40% 2 Z Accumulation EUR Hedged units 0.50% 1 2 4 0.50% 5 0.40% 1 2 1 The Ongoing charges figure is annualised based on the fees incurred during the accounting period. 2 The expenses of the fund have been capped during the period/year. 3 The Annual management charge for X Accumulation units is invoiced directly to unitholders and is therefore not included in the Ongoing charges figure for that unit class. 4 The Ongoing charges figure includes the hedging programme cost of 0.10%. 5 The Ongoing charges figure includes the hedging programme cost of 0.10%. This has been disclosed for comparative purposes, previously this cost was charged to the unit class but was excluded from the Ongoing charges figure since the launch of the unit class. Total purchases and sales For the period For the year to 30.4.18 to 31.10.17 000 s 000 s Total purchases 521,415 942,357 Total sales 467,376 630,789 4 Schroder Dynamic Multi Asset Fund

Review of Investment Activities From 31 October 2017 to 30 April 2018, the price of Z Accumulation units on a dealing price to dealing price basis rose 0.77%. In comparison, the Consumer Price Index +4% increased by 0.83% 1. Co-Fund Manager: Johanna Kyrklund 1 Source: Office for National Statistics. Gains over the period mostly came from equities, despite difficulties in the first quarter of 2018. Within equities, our preference for emerging markets and the broad US market helped us. Fixed income positions lost value as yields rose, although this was partially offset by long emerging market debt positions. Currency was negative over the period, as sterling strengthened and the cost of hedging the US dollar rose. All in all, we are very conscious that we are in the late stages of the cycle and market prices have moved to reflect a lot of our views: US and emerging market equities have outperformed, the dollar has weakened and the Japanese yen and emerging market currencies have strengthened. We cannot afford to be complacent and have therefore increased diversification in our portfolio. Based on our indicators, the traffic light is still green but expensive valuations pose a speed limit to returns and we have shifted our strategy down a gear. Joined Schroders in March 2007 and is based in London Johanna leads the Multi-Asset Investments division, is a member of the Group Management Committee (GMC) and Chairs Global Asset Allocation Committee Responsible for investments on behalf of Multi-Asset clients globally and is the lead portfolio manager of the Schroder Diversified Growth Strategy Prior to joining Schroders, Johanna specialised in tactical asset allocation strategies From 2005 she worked at Insight Investment where she managed an unconstrained global macro absolute return fund. From 1997 to 2005 she worked at Deutsche Asset Management where she was Head of Asset Allocation in the UK and fund manager of the Deutsche tactical asset allocation fund CFA Charterholder Degree in Philosophy, Politics & Economics from Oxford University Johanna is a member of the Cambridge University Investment Board Co-Fund Manager: Remi Olu-Pitan Joined Schroders in 2006 Responsible for investments on behalf of Multi-Asset clients globally and is a co-portfolio manager of the Schroder Life Diversified Growth Fund Member of the Global Asset Allocation Committee Member of the risk premium team of the Strategic Investment Group Multi-Asset (SIGMA) specialising in equity research Investment career commenced in 2006 upon joining Schroders CFA Charterholder Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money. Masters in Statistics, London School of Economics. Bachelors in Business Finance, Durham University Schroder Dynamic Multi Asset Fund 5

Risk Profile Risk and reward indicator Lower risk Potentially lower reward Higher risk Potentially higher reward 1 2 3 4 5 6 7 The risk category is based upon the fund s risk target and there is no guarantee that the fund will achieve it. The fund is in this category because it can take higher risks in search of higher rewards and its price may rise and fall accordingly. The fund s risk category is not guaranteed to remain fixed and may change over time. A fund in the lowest category does not mean a risk free investment. Specific risks The fund is authorised as a non-ucits retail scheme. The investment and borrowing powers of these types of scheme are wider than those for UCITS funds whilst still aiming to provide a prudent spread of risk. The fund invests in assets which are exposed to currencies other than sterling. Exchange rates may cause the value of overseas investments and the revenue from them to rise or fall. For non-hedged unit classes exchange rates may cause the value of overseas investments and the revenue from them to rise or fall. There is no guarantee that the hedging strategy applied in hedged unit classes will entirely eliminate the adverse effects of changes in exchange rates between the base currency and the portfolio currencies. In addition, it should be noted that hedging transactions will be entered into whether or not the currency of a hedged unit class is declining or increasing in value in relation to the base currency or portfolio currencies. Hedged unit classes aim to provide investors with a return correlated to the portfolio currencies performance of the fund by reducing the effect of exchange rate fluctuations between the base currency and the portfolio currencies. The fund invests in less developed markets which are generally less well regulated than the UK. They may be less liquid and may have less reliable custody arrangements. The fund invests in emerging markets and the Far East. This involves a high degree of risk and should be seen as long term in nature. The fund is index unconstrained and has the potential for greater volatility. The fund may invest in unregulated collective investment schemes, which involves a higher degree of risk as they are not regulated by the Financial Conduct Authority (FCA). The funds may not be readily realisable and priced less frequently than listed shares or authorised unit trusts, and therefore price swings may be more volatile. More than 35% of the property of the fund may be invested in Government securities. The fund may invest in higher yielding bonds (non-investment grade). The risk of default is higher with non-investment grade bonds than with investment grade bonds. Higher yielding bonds may also have an increased potential to erode your capital sum than lower yielding bonds. The fund may invest in a wide range of derivatives and alternative investments (including commodities, hedge funds, real estate funds and private equity) in order to meet its investment objectives. One of the aims of the Manager is to achieve volatility targets for the portfolio and in order to do this leverage will be used. The use of leverage can increase gains as well as losses and expose the fund to increased risk. Whilst it is intended that the additional risk that leverage exposes the fund to is controlled by value at risk methodology, there can be no guarantee that this risk control may be achieved especially under extreme or changing market conditions. 6 Schroder Dynamic Multi Asset Fund

Risk Profile (continued) The fund may use derivatives for specific investment purposes. This involves a higher degree of risk and may lead to a higher volatility in the unit prices of the fund. For these reasons, the purchase of units should not normally be regarded as a short term investment. Schroder Dynamic Multi Asset Fund 7

Net Asset Value and Comparative Tables Unit price range Financial year to 31 October A Income units A Accumulation units Highest Lowest Highest Lowest dealing dealing dealing dealing p p p p 2015 68.15 62.27 69.18 62.94 2016 67.77 59.73 67.75 60.65 2017 70.78 64.93 71.82 66.12 Financial period to 30 April 2018 73.10 69.32 75.09 71.23 Financial year to 31 October X Accumulation units Z Income units Highest Lowest Highest Lowest dealing dealing dealing dealing p p p p 2015 51.22 49.05 70.70 64.33 2016 53.23 47.49 69.14 61.76 2017 57.12 52.09 73.62 67.32 Financial period to 30 April 2018 59.89 56.73 75.84 71.88 Financial year to 31 October Z Accumulation units Z Accumulation EUR Hedged units Highest Lowest Highest Lowest dealing dealing dealing dealing p p 2015 74.40 67.70 2016 73.32 65.49 105.20 100.00 2017 78.44 71.72 111.30 102.60 Financial period to 30 April 2018 82.18 77.89 116.30 110.30 Net revenue A Income units A Accumulation units Financial year to 31 October pence per unit pence per unit 2015 Nil 0.0681 2016 1.1040 Nil 2017 0.8734 0.8040 Financial period to 30 April 2018 Nil Nil 8 Schroder Dynamic Multi Asset Fund

Net Asset Value and Comparative Tables (continued) X Accumulation units Z Income units Financial year to 31 October pence per unit pence per unit 2015 Nil 1 0.5199 2016 0.6238 0.3313 2017 1.1078 1.2304 Financial period to 30 April 2018 Nil Nil Z Accumulation Z Accumulation units EUR Hedged units Financial year to 31 October pence per unit pence per unit 2015 0.5419 2016 0.3441 Nil 1 2017 1.3134 Nil 1 Financial period to 30 April 2018 Nil Nil 1 There was no distribution as the total amount distributable was below de minimis. Net asset value Net asset Net asset value value per unit Number of As at 31 October 000 s p units in issue 2015 Income units 226 64.68 349,628 A Accumulation units 3,447 65.47 5,264,831 X Accumulation units 1 51.15 2,000 Z Income units 1,135 66.55 1,705,260 Z Accumulation units 208,783 70.58 295,814,842 2016 A Income units 25 66.06 37,244 A Accumulation units 1,700 67.30 2,526,391 X Accumulation units 59,030 52.99 111,406,372 Z Income units 1,233 68.47 1,800,646 Z Accumulation units 396,894 72.96 543,987,762 Z Accumulation EUR Hedged units 9 94.05 10,000 Schroder Dynamic Multi Asset Fund 9

Net Asset Value and Comparative Tables (continued) Net asset Net asset value value per unit Number of As at 31 October 000 s p units in issue 2017 A Income units 34 69.68 48,727 A Accumulation units 9,362 71.65 13,066,349 X Accumulation units 88,049 57.00 154,472,434 Z Income units 1,275 72.23 1,765,392 Z Accumulation units 710,078 78.27 907,222,528 Z Accumulation EUR Hedged units 10 97.81 10,000 2018 at 30 April A Income units 29 69.78 42,112 A Accumulation units 9,428 71.67 13,153,921 X Accumulation units 89,925 57.32 156,881,917 Z Income units 1,458 72.54 2,009,755 Z Accumulation units 724,316 78.60 921,517,068 Z Accumulation EUR Hedged units 41 97.77 41,780 Fund performance Net asset Net asset value per unit value per unit p p as at 30.4.18 as at 31.10.17 % change A Income units 69.78 69.68 0.14 A Accumulation units 71.67 71.65 0.03 X Accumulation units 57.32 57.00 0.56 Z Income units 72.54 72.23 0.43 Z Accumulation units 78.60 78.27 0.42 Z Accumulation EUR Hedged units 97.77 97.81 (0.04) Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money. 10 Schroder Dynamic Multi Asset Fund

Portfolio Statement Collective Investment Schemes 52.66% (54.72%) Absolute Return Funds 7.05% (0.00%) Holding at Market Value % of net 30.4.18 000 s assets Schroder Multi-Asset Strategies Fund I Accumulation USD^ 718,312 58,163 7.05 58,163 7.05 Cash Funds 17.99% (18.32%) Schroder Offshore Cash Fund B Accumulation^ 27,384,292 50,122 6.07 Schroder Sterling Liquidity Plus Fund I Accumulation GBP 1 821,191 98,379 11.92 148,501 17.99 Exchange Traded Funds 0.41% (1.60%) SPDR Gold Shares 37,213 3,373 0.41 3,373 0.41 Global Corporate Bond Funds 3.00% (2.00%) Schroder Global Corporate Bond Fund I Accumulation USD^ 2,543,250 24,738 3.00 24,738 3.00 Global Emerging Markets Equity Funds 3.65% (3.64%) Schroder QEP Global Emerging Markets Fund X Accumulation GBP^ 43,588,696 30,138 3.65 30,138 3.65 Global Equity Funds 13.50% (19.78%) Schroder Advanced Beta Global Equity Quality Fund X Accumulation GBP^ 30,505,771 20,698 2.51 Schroder Advanced Beta Global Equity Small and Mid-Cap Fund X Accumulation GBP^ 31,948,448 23,041 2.79 Schroder QEP Global Core Fund X Accumulation GBP^ 50,426,582 67,637 8.20 111,376 13.50 Schroder Dynamic Multi Asset Fund 11

Portfolio Statement (continued) Global High Yield Bond Funds 7.06% (4.45%) Holding at Market Value % of net 30.4.18 000 s assets Schroder Global High Yield Fund I Accumulation USD^ 1,501,288 58,275 7.06 58,275 7.06 Multi-Asset Strategy Funds 0.00% (4.93%) Collective Investment Schemes total 434,564 52.66 Government Bonds 45.11% (38.51%) Argentina 0.04% (0.10%) Argentina Government Bond 18.2% 03/10/2021 AR$8,851,822 304 0.04 304 0.04 Brazil 0.71% (0.86%) Brazil Letras do Tesouro Nacional 0% 01/04/2019 BRL6,054 1,207 0.15 Brazil Letras do Tesouro Nacional 0% 01/07/2020 BRL11,787 2,125 0.26 Brazil Notas do Tesouro Nacional 10% 01/01/2023 BRL5,683 1,283 0.15 Brazil Notas do Tesouro Nacional 10% 01/01/2027 BRL5,561 1,233 0.15 5,848 0.71 Colombia 0.38% (0.50%) Colombia Government Bond 7.75% 14/04/2021 COP3,460,000,000 938 0.11 Colombia Government Bond 9.85% 28/06/2027 COP6,749,000,000 2,211 0.27 3,149 0.38 Hungary 0.24% (0.43%) Hungary Government Bond 7% 24/06/2022 HUF336,670,000 1,167 0.14 12 Schroder Dynamic Multi Asset Fund

Portfolio Statement (continued) Holding at Market Value % of net 30.4.18 000 s assets Hungary (continued) Hungary Government Bond 5.5% 24/06/2025 HUF243,780,000 837 0.10 2,004 0.24 Indonesia 0.69% (0.83%) Indonesia Government Bond 8.25% 15/07/2021 IDR36,624,000,000 2,007 0.24 Indonesia Government Bond 7% 15/05/2027 IDR41,719,000,000 2,194 0.27 Indonesia Government Bond 8.25% 15/05/2036 IDR27,277,000,000 1,525 0.18 5,726 0.69 Malaysia 0.69% (0.86%) Malaysia Government Bond 4.16% 15/07/2021 MYR14,529,000 2,719 0.33 Malaysia Government Bond 3.955% 15/09/2025 MYR9,794,000 1,786 0.22 Malaysia Government Bond 4.232% 30/06/2031 MYR4,987,000 895 0.11 Malaysia Government Bond 4.736% 15/03/2046 MYR1,658,000 297 0.03 5,697 0.69 Mexico 0.69% (0.84%) Mexican Bonos 6.5% 10/06/2021 MX$682,293 2,594 0.31 Mexican Bonos 8% 07/12/2023 MX$246,714 989 0.12 Mexican Bonos 7.75% 29/05/2031 MX$332,837 1,313 0.16 Mexican Bonos 7.75% 13/11/2042 MX$208,463 819 0.10 5,715 0.69 Peru 0.16% (0.11%) Peru Government Bond 8.2% 12/08/2026 PEN2,652,000 724 0.09 Schroder Dynamic Multi Asset Fund 13

Portfolio Statement (continued) Holding at Market Value % of net 30.4.18 000 s assets Peru (continued) Peru Government Bond 6.9% 12/08/2037 PEN2,490,000 615 0.07 1,339 0.16 Philippines 0.33% (0.38%) Philippine Government Bond 4.95% 15/01/2021 48,000,000 679 0.08 Philippine Government Bond 3.9% 26/11/2022 72,000,000 968 0.12 Philippine Government Bond 6.25% 14/01/2036 70,000,000 1,074 0.13 2,721 0.33 Poland 0.66% (0.87%) Poland Government Bond 2% 25/04/2021 PLN17,313,000 3,607 0.44 Poland Government Bond 3.25% 25/07/2025 PLN6,390,000 1,358 0.17 Poland Government Bond 5.75% 25/04/2029 PLN1,668,000 431 0.05 5,396 0.66 Romania 0.16% (0.31%) Romania Government Bond 2.25% 26/02/2020 RON1,675,000 311 0.04 Romania Government Bond 5.95% 11/06/2021 RON3,720,000 746 0.09 Romania Government Bond 4.75% 24/02/2025 RON1,325,000 254 0.03 1,311 0.16 Russia 0.40% (0.55%) Russian Federal Bond OFZ 6.7% 15/05/2019 RUB41,497,000 479 0.06 Russian Federal Bond OFZ 7.6% 20/07/2022 RUB88,257,000 1,048 0.13 Russian Federal Bond OFZ 8.15% 03/02/2027 RUB129,021,000 1,584 0.19 14 Schroder Dynamic Multi Asset Fund

Portfolio Statement (continued) Holding at Market Value % of net 30.4.18 000 s assets Russia (continued) Russian Federal Bond OFZ 7.7% 23/03/2033 RUB16,444,000 195 0.02 3,306 0.40 South Africa 0.64% (0.34%) South Africa Government Bond 10.5% 21/12/2026 ZAR35,374,962 2,347 0.28 South Africa Government Bond 8.5% 31/01/2037 ZAR33,255,367 1,856 0.23 South Africa Government Bond 8.75% 28/02/2048 ZAR19,175,764 1,082 0.13 5,285 0.64 Thailand 0.69% (0.76%) Thailand Government Bond 3.875% 13/06/2019 THB24,056,000 568 0.07 Thailand Government Bond 1.875% 17/06/2022 THB68,399,000 1,576 0.19 Thailand Government Bond 2.125% 17/12/2026 THB68,925,000 1,544 0.19 Thailand Government Bond 3.4% 17/06/2036 THB41,421,000 987 0.12 Thailand Government Bond 2.875% 17/06/2046 THB50,289,000 1,045 0.12 5,720 0.69 Turkey 0.38% (0.76%) Turkey Government Bond 7.4% 05/02/2020 6,643,185 1,070 0.13 Turkey Government Bond 8.5% 14/09/2022 8,159,234 1,243 0.15 Turkey Government Bond 10.6% 11/02/2026 4,997,134 817 0.10 3,130 0.38 United Kingdom 32.65% (27.25%) UK Treasury Bill 0% 08/05/2018 27,770,000 27,767 3.36 UK Treasury Bill 0% 16/07/2018 52,000,000 51,951 6.30 Schroder Dynamic Multi Asset Fund 15

Portfolio Statement (continued) Holding at Market Value % of net 30.4.18 000 s assets United Kingdom (continued) UK Treasury Bill 0% 03/09/2018 34,050,000 33,993 4.12 UK Treasury Bill 0% 17/09/2018 27,250,638 27,199 3.30 UK Treasury Bill 0% 01/10/2018 54,000,000 53,882 6.53 UK Treasury Bill 0% 08/10/2018 37,000,000 36,906 4.47 UK Treasury Bill 0% 15/10/2018 15,800,000 15,755 1.91 UK Treasury Bill 0% 29/10/2018 22,000,000 21,934 2.66 269,387 32.65 United States of America 5.60% (2.76%) US Treasury Inflation Indexed 0.65% 15/01/2026 US$28,388,000 21,429 2.60 US Treasury Inflation Indexed FRN 0.5% 15/01/2028 US$34,676,900 24,795 3.00 46,224 5.60 Government Bonds total 372,262 45.11 Swaps 0.09% (0.00%) Commodity Index Swap J.P.Morgan Pay 0.25% Receive USJMAB126E.CI 14/05/2018 USD 58,811,046 649 0.08 Commodity Index Swap J.P.Morgan Pay 0.25% Receive USJMAB126E.CI 14/05/2018 USD 9,071,821 (9) 0.00 Commodity Index Swap J.P.Morgan Pay 0.10% Receive USBCOMF3.CI 15/06/2018 USD 4,760,945 92 0.01 Swaps total 732 0.09 Forward Foreign Currency Contracts (1.15)% ((0.04)%) Buy AUD 310,000 Sell GBP 168,202 24/05/2018 AUD 310,000 2 0.00 Buy BRL 27,238,000 Sell USD 8,187,328 03/05/2018 BRL 27,238,000 (227) (0.03) Buy BRL 27,238,000 Sell USD 7,760,556 04/06/2018 BRL 27,238,000 65 0.01 Buy CAD 330,000 Sell GBP 183,647 24/05/2018 CAD 330,000 3 0.00 16 Schroder Dynamic Multi Asset Fund

Portfolio Statement (continued) Forward Foreign Currency Contracts (continued) Holding at Market Value % of net 30.4.18 000 s assets Buy CHF 720,000 Sell GBP 525,711 24/05/2018 CHF 720,000 5 0.00 Buy CLP 4,954,000,000 Sell USD 8,309,989 24/05/2018 CLP 4,954,000,000 (98) (0.01) Buy COP 22,931,400,000 Sell USD 8,292,854 24/05/2018 COP 22,931,400,000 (82) (0.01) Buy DKK 3,250,000 Sell GBP 381,933 24/05/2018 DKK 3,250,000 3 0.00 Buy EUR 1,210,000 Sell GBP 1,059,097 24/05/2018 EUR 1,210,000 8 0.00 Buy EUR 46,441 Sell GBP 40,712 31/05/2018 EUR 46,441 0 0.00 Buy EUR 18,951,328 Sell PLN 79,100,000 24/05/2018 EUR 18,951,328 222 0.03 Buy HKD 7,550,000 Sell GBP 689,118 24/05/2018 HKD 7,550,000 11 0.00 Buy HUF 2,081,660,000 Sell USD 8,320,017 24/05/2018 HUF 2,081,660,000 (202) (0.02) Buy IDR 113,046,000,000 Sell USD 8,118,205 24/05/2018 IDR 113,046,000,000 (3) 0.00 Buy JPY 55,100,000 Sell GBP 362,286 24/05/2018 JPY 55,100,000 5 0.00 Buy PHP 428,337,000 Sell USD 8,195,798 24/05/2018 PHP 428,337,000 55 0.01 Buy PLN 56,103,000 Sell USD 16,679,500 24/05/2018 PLN 56,103,000 (444) (0.05) Buy RUB 473,700,000 Sell USD 7,688,687 24/05/2018 RUB 473,700,000 (128) (0.02) Buy TRY 65,389,000 Sell USD 16,050,201 24/05/2018 TRY 65,389,000 (10) 0.00 Buy TWD 239,200,000 Sell USD 8,159,367 24/05/2018 TWD 239,200,000 (51) (0.01) Buy USD 16,653,668 Sell AUD 21,414,000 24/05/2018 USD 16,653,668 355 0.04 Buy USD 8,187,328 Sell BRL 27,238,000 03/05/2018 USD 8,187,328 227 0.03 Buy USD 7,760,556 Sell BRL 27,238,000 04/06/2018 USD 7,760,556 (65) (0.01) Buy USD 8,398,176 Sell CAD 10,588,000 24/05/2018 USD 8,398,176 117 0.01 Buy USD 136,974,695 Sell GBP 98,113,360 24/05/2018 USD 136,974,695 1,561 0.19 Schroder Dynamic Multi Asset Fund 17

Portfolio Statement (continued) Forward Foreign Currency Contracts (continued) Holding at Market Value % of net 30.4.18 000 s assets Buy USD 8,220,154 Sell ILS 28,840,000 24/05/2018 USD 8,220,154 123 0.01 Buy USD 8,160,952 Sell KRW 8,640,000,000 03/05/2018 USD 8,160,952 58 0.01 Buy USD 7,985,582 Sell KRW 8,640,000,000 24/05/2018 USD 7,985,582 (68) (0.01) Buy USD 8,209,561 Sell MXN 150,846,000 24/05/2018 USD 8,209,561 126 0.02 Buy USD 8,146,655 Sell MYR 31,719,000 24/05/2018 USD 8,146,655 50 0.01 Buy USD 8,288,503 Sell NZD 11,359,000 24/05/2018 USD 8,288,503 204 0.02 Buy USD 7,644,863 Sell RUB 471,000,000 24/05/2018 USD 7,644,863 127 0.02 Buy USD 16,417,168 Sell SEK 137,282,000 24/05/2018 USD 16,417,168 421 0.05 Buy USD 8,133,170 Sell TWD 238,432,000 24/05/2018 USD 8,133,170 51 0.01 Buy USD 8,131,727 Sell ZAR 97,573,000 24/05/2018 USD 8,131,727 221 0.03 Buy ZAR 97,100,000 Sell USD 8,092,307 24/05/2018 ZAR 97,100,000 (220) (0.03) Sell AUD 4,293,000 Buy GBP 2,343,304 24/05/2018 AUD (4,293,000) (15) 0.00 Sell CAD 5,326,000 Buy GBP 2,965,627 24/05/2018 CAD (5,326,000) (50) (0.01) Sell CHF 5,330,000 Buy GBP 3,876,175 24/05/2018 CHF (5,330,000) (51) (0.01) Sell DKK 9,815,000 Buy GBP 1,147,379 24/05/2018 DKK (9,815,000) (14) 0.00 Sell EUR 12,196,000 Buy GBP 10,617,325 24/05/2018 EUR (12,196,000) (136) (0.02) Sell HKD 102,814,000 Buy GBP 9,196,210 24/05/2018 HKD (102,814,000) (342) (0.04) Sell JPY 1,390,400,000 Buy GBP 9,104,568 24/05/2018 JPY (1,390,400,000) (169) (0.02) Sell NOK 2,749,000 Buy GBP 249,501 24/05/2018 NOK (2,749,000) (1) 0.00 Sell SEK 14,456,000 Buy GBP 1,213,716 24/05/2018 SEK (14,456,000) 0 0.00 18 Schroder Dynamic Multi Asset Fund

Portfolio Statement (continued) Forward Foreign Currency Contracts (continued) Holding at Market Value % of net 30.4.18 000 s assets Sell USD 482,615,807 Buy GBP 340,040,203 24/05/2018 USD (482,615,807) (11,152) (1.35) Forward Currency Contracts total (9,508) (1.15) Futures (0.70)% (1.74%) Hang Seng Mini Index May 2018 143 57 0.01 OMXS30 Index May 2018 (174) (66) (0.01) Australia 10 Year Bond June 2018 1,458 (723) (0.09) Canada 10 Year Bond June 2018 65 (48) (0.01) E-mini Russell 2000 Equity Index June 2018 1,131 (450) (0.05) EURO STOXX 50 Index June 2018 (78) (144) (0.02) Euro-Bobl June 2018 59 (7) 0.00 Euro-Bund June 2018 36 (14) 0.00 Euro-Buxl June 2018 14 (19) 0.00 FTSE 100 Index June 2018 (32) (160) (0.02) Japan 10 Year Bond Mini June 2018 67 (2) 0.00 Long Gilt June 2018 (18) (24) 0.00 MSCI Emerging Market Equity Index June 2018 809 (1,373) (0.17) NASDAQ 100 Emini Index June 2018 49 (118) (0.01) S&P 500 Emini Index June 2018 1,082 (3,773) (0.46) SPI 200 Index June 2018 52 50 0.01 TOPIX Index June 2018 213 1,051 0.13 TOPIX Mini Index June 2018 233 115 0.01 US 5 Year Note June 2018 (28) 12 0.00 US 10 Year Note June 2018 500 (192) (0.02) US 10 Year Ultra Note June 2018 (228) 18 0.00 US Long Bond June 2018 (22) (5) 0.00 Futures total (5,815) (0.70) Schroder Dynamic Multi Asset Fund 19

Portfolio Statement (continued) Market Value 000 s % of net assets Portfolio of investments 792,235 96.01 Net other assets 32,962 3.99 Net assets attributable to unitholders 825,197 100.00 The comparative percentage figures in brackets are as at 31 October 2017. Unless otherwise stated, all securities are admitted to official stock exchange listings or are permitted collective investments schemes. ^ Unlisted, suspended or delisted security. A related party to the Fund. 1 Cash equivalents. 20 Schroder Dynamic Multi Asset Fund

Summary of Portfolio Transactions Largest purchases For the six months ended 30 April 2018 Cost 000 s Schroder Global High Yield Fund I Accumulation USD 57,027 Schroder Multi-Asset Strategies Fund I Accumulation USD 56,524 UK Treasury Bill 0% 01/10/2018 53,858 UK Treasury Bill 0% 16/07/2018 51,883 UK Treasury Bill 0% 08/10/2018 36,892 UK Treasury Bill 0% 03/09/2018 33,967 UK Treasury Bill 0% 08/05/2018 27,715 UK Treasury Bill 0% 17/09/2018 27,182 US Treasury Inflation Indexed FRN 0.5% 15/01/2028 24,895 UK Treasury Bill 0% 29/10/2018 21,936 Largest sales For the six months ended 30 April 2018 Proceeds 000 s Schroder Global High Yield I Accumulation GBP Hedged 57,162 Schroder Multi-Asset Strategies I Accumulation GBP Hedged 56,691 UK Treasury Bill 0% 15/01/2018 55,794 UK Treasury Bill 0% 03/04/2018 44,650 UK Treasury Bill 0% 19/03/2018 36,100 UK Treasury Bill 0% 09/04/2018 31,650 Schroder Advanced Beta Global Equity Value Fund X Accumulation GBP 29,287 UK Treasury Bill 0% 29/01/2018 21,993 UK Treasury Bill 0% 16/04/2018 15,800 Schroder Advanced Beta Global Equity Quality Fund X Accumulation GBP 15,416 A related party to the fund. Schroder Dynamic Multi Asset Fund 21

Statement of the Manager s Responsibilities The FCA s Collective Investment Schemes sourcebook (COLL) requires the Manager to prepare accounts for each annual and half yearly accounting period, in accordance with United Kingdom Generally Accepted Accounting Practice, which give a true and fair view of the financial position of the fund and of its net revenue and the net capital gains on the property of the fund for the period. In preparing the accounts the Manager is required to: select suitable accounting policies and then apply them consistently; comply with the disclosure requirements of the Statement of Recommended Practice (SORP) for UK Authorised Funds issued by the Investment Management Association (IMA (now the Investment Association (IA))) in May 2014; follow generally accepted accounting principles and applicable accounting standards; prepare the accounts on the basis that the fund will continue in operation unless it is inappropriate to do so; keep proper accounting records which enable it to demonstrate that the accounts as prepared comply with the above requirements; make judgements and estimates that are prudent and reasonable. The Manager is responsible for the management of the fund in accordance with its Trust Deed, the Prospectus and the COLL, and for taking reasonable steps for the prevention and detection of fraud, error and non-compliance with law or regulations. The Manager s report and accounts for the period ended 30 April 2018 were signed on 20 June 2018 on behalf of the Manager by: J.A. Walker-Hazell Directors R.E. Stoakley 22 Schroder Dynamic Multi Asset Fund

Statement of Total Return (unaudited) For the six months ended 30 April 2018 30.4.18 30.4.17 000 s 000 s 000 s 000 s Income Net capital gains 1,084 17,261 Revenue 3,778 3,387 Expenses (1,326) (828) Net revenue before taxation 2,452 2,559 Taxation (475) (504) Net revenue after taxation 1,977 2,055 Total return before distributions 3,061 19,316 Distributions 100 77 Change in net assets attributable to unitholders from investment activities 3,161 19,393 Statement of Change in Net Assets Attributable to Unitholders (unaudited) For the six months ended 30 April 2018 30.4.18 30.4.17 000 s 000 s 000 s 000 s Opening net assets attributable to unitholders 808,808 1 458,891 Amounts receivable on issue of units 100,095 105,996 Amounts payable on cancellation of units (86,896) (4,042) 13,199 101,954 Dilution adjustment 29 21 Change in net assets attributable to unitholders from investment activities 3,161 19,393 Closing net assets attributable to unitholders 825,197 580,259 1 1 The Opening net assets attributable to unitholders for the current period do not equal the Closing net assets attributable to unitholders for the comparative period as they are not consecutive periods. Schroder Dynamic Multi Asset Fund 23

Balance Sheet (unaudited) As at 30 April 2018 30.4.18 31.10.17 000 s 000 s Assets Investments 714,511 624,475 Current assets Debtors 17,690 5,235 Cash and bank balances 63,710 47,355 Cash equivalents 98,379 148,210 Total assets 894,290 825,275 Liabilities Investment liabilities (20,655) (4,868) Creditors Bank overdrafts (412) (8,862) Distributions payable 0 (22) Other creditors (48,026) (2,715) Total liabilities (69,093) (16,467) Net assets attributable to unitholders 825,197 808,808 24 Schroder Dynamic Multi Asset Fund

Notes to the Accounts (unaudited) Basis of preparation The accounts have been prepared under the historical cost basis, as modified by the revaluation of investments, and in accordance with the SORP for UK Authorised Funds issued by the IMA in May 2014 and in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 (The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)). Accounting policies The accounting policies applied are consistent with those of the annual accounts for the year ended 31 October 2017 and are described in those annual accounts. Schroder Dynamic Multi Asset Fund 25

General Information Manager Schroder Unit Trusts Limited 31 Gresham Street London EC2V 7QA Authorised and regulated by the Financial Conduct Authority Investment Adviser Schroder Investment Management Limited 31 Gresham Street London EC2V 7QA Authorised and regulated by the Financial Conduct Authority Trustee J.P. Morgan Europe Limited Chaseside Bournemouth BH7 7DA Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority Registrar Schroder Unit Trusts Limited 31 Gresham Street London EC2V 7QA Authorised and regulated by the Financial Conduct Authority Administration Details Schroders FREEPOST RLTZ-CHSY-HBUT PO Box 1102 Chelmsford Essex CM99 2XX Investor Services 0800 718 777 investorservices@schroders.com Dealing 0800 718 788 Fax 0870 043 4080 Independent Auditors PricewaterhouseCoopers LLP Atria One 144 Morrison Street Edinburgh EH3 8EX Authorisation The fund is an authorised unit trust and is constituted pursuant to the COLL and is structured as a trust. The fund is a non-ucits retail scheme for the purpose of the categorisation of the COLL. Other information The Prospectus, the Key Investor Information Document and details of investment charges and costs are available on request or can be downloaded from our website www.schroders.co.uk. 26 Schroder Dynamic Multi Asset Fund

schroders.com @schroders For further literature please contact Schroder Investor Services on 0800 718 777 or at investorservices@schroders.com, or visit our website at www.schroders.co.uk. Issued in June 2018 by Schroder Unit Trusts Limited, 31 Gresham Street, London, EC2V 7QA. Registered Number 4191730 England. Schroder Unit Trusts Limited is an authorised corporate director, authorised unit trust manager and an ISA plan manager, and is authorised and regulated by the Financial Conduct Authority. For your security, communications may be taped and monitored.