Notification of changes to the underlying funds of various Schroder funds

21 April 2021

- J37 Schroder Latin American

- J39 Schroder US Smaller Companies

- J71 Schroder Japanese Opportunities

- L37 Schroder Global Multi-Asset Income (GBP HDG)

- L38 Schroder Frontier Markets Equity

- L41 Schroder Global Multi-Asset Income (USD)

- L69 Schroder ISF Global Equity Yield

- M83 Schroder Asian Bond Total Return

- P82 Schroder Global Cities Real Estate (USD)

- P83 Schroder Global Cities Real Estate (EUR)

- P84 Schroder Global Cites Real Estate (GBP)

- P90 Schroder Global Corporate Bond (USD)

- P92 Schroder Strategic Bond (USD)

- R32 Schroder Global Equity Yield (USD)

- R33 Schroder Global Equity Yield (EUR)

- R34 Schroder Global Climate Change Equity

- R52 Schroder Middle East

We have been notified by Schroder International Selection Fund (the “Company”) of the following upcoming enhancement of disclosures on dilution adjustment and sub-investment manager changes of the underlying funds of above named mirror funds. These changes will take effect from 27 April 2021 (the “Effective Date”).

Enhancement of disclosures on Dilution Adjustment of the underlying funds of the above named mirror funds

Please see the extract overleaf which has been taken from the shareholder circular of the underlying funds of the above named mirror funds:

“With effect from 27 April 2021 (the “Effective Date”) the following change will apply, which enhances the flexibility of the Management Company to make a dilution adjustment in unusual or exceptional market conditions:

- While dilution adjustments are not expected to exceed 2% of a Fund’s net asset value, under unusual or exceptional market conditions (such as significant market volatility, market disruption or significant economic contraction, a terrorist attack or war (or other hostilities), a pandemic or other health crisis, or a natural disaster), the Management Company may decide, on a temporary basis, to adjust the net asset value of a Fund by more than 2% when such a decision is justified as being in the best interests of the shareholders;

In addition, the following clarifications have been added:

- Schroders’ Group Pricing Committee provides recommendations to the Management Company on the appropriate level of dilution adjustment and level of threshold that should trigger the application of swing pricing in a Fund. The Management Company remains ultimately responsible for such pricing arrangements;

- The dilution adjustment is applied to all subscriptions, redemptions and/or switches in and out of a Fund on any given Dealing Day once the total level of such dealing in the Fund on that Dealing Day has exceeded the applicable threshold; and

- The Company applies a dilution adjustment to all of its Funds.

All other key features of the Company's sub-funds including the fees chargeable and the risk profile in respect of the sub-funds will remain the same. Save for the changes as mentioned above, there is no change in the operation and/or manner in which the sub-funds are being managed. These changes do not materially prejudice the rights or interests of existing Shareholders.”

Sub-Investment Manager change of the underlying funds of P90 Schroder Global Corporate Bond (USD) & P92 Schroder Strategic Bond (USD)

We have been informed by the Company that the following changes to the sub-investment manager will occur for the underlying funds of P90 Schroder Global Corporate Bond (USD) & P92 Schroder Strategic Bond (USD). These changes will take effect from the Effective Date.

Please see the table below for more details.

Affected Investment-linked Fund Name & Code	Investment Manager of the underlying funds of P90 Schroder Global Corporate Bond (USD) & P92 Schroder Strategic Bond (USD)	Sub-Investment Managers of the underlying funds of P90 Schroder Global Corporate Bond (USD) & P92 Schroder Strategic Bond (USD) from the Effective Date
P90 Schroder Global Corporate Bond (USD	Schroder Investment Management North America Inc.	Schroder Investment Management Limited Schroder Investment Management (Hong Kong) Limited
P92 Schroder Strategic Bond (USD)	Schroder Investment Management Limited	Schroder Investment Management Limited Schroder Investment Management North America Inc. Schroder Investment Management (Singapore) Ltd

Should you have any questions regarding these changes, please contact International Funds & Investments.