Schroder All Maturities Corporate Bond Fund Final Report and Accounts 31 October 2020

Contents

1 Fund Information{ } 3 1 Review of Investment Activities{ } 4 1 Risk Profile{ } 5 Statement of the Manager’s Responsibilities 6 Report of the Trustee 7 Independent auditors’ report to the Unitholders of Schroder All Maturities Corporate Bond Fund 8 Comparative Table 10 1 Portfolio Statement{ } 13 Financial Statements 21 Notes to the Accounts 22 Distribution Table 30 Remuneration 32 1 General Information{ } 33

1 Collectively these comprise the Manager's report.

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 2 31 October 2020 Fund Information

Investment objective and policy The Schroder All Maturities Corporate Bond Fund (the ‘Fund’) aims to provide capital growth and income in excess of the Bank of America Merrill Lynch Non-Gilts (Gross Total Return) index (after fees have been deducted) over a three to five year period by investing in fixed and floating rate securities issued by companies worldwide. The Fund is actively managed and invests at least 80% of its assets in fixed and floating rate investment grade securities (as measured by Standard & Poor’s or any other equivalent credit rating agencies) denominated in sterling (or in other currencies and hedged back into sterling) and issued by companies worldwide. The Fund may also invest directly or indirectly in other securities (including in other asset classes), countries, regions, industries or currencies, collective investment schemes (including Schroder funds), warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently (for more information please refer to section 6 of Appendix I of the Prospectus). The Fund may use leverage and take short positions. Fund characteristics The Fund’s performance should be assessed against its target benchmark, being to exceed the Bank of America Merrill Lynch Non-Gilts (Gross Total Return) index. The Investment Manager invests on a discretionary basis and is not limited to investing in accordance with the composition of the benchmark. The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest, and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide.

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 3 31 October 2020 Review of Investment Activities

From 31 October 2019 to 30 October 2020, the price of I Accumulation units Fund Manager: on a dealing price basis rose 6.39%1. In the same period, the Bank of America Alix Stewart Merrill Lynch Sterling Non-Gilts generated a total return of 4.42%2. Government yields fell over the period as the Covid-19 pandemic led investors to seek lower risk assets and central banks launched further supportive policy measures. The UK 10-year yield was almost 40 basis points lower at 0.26%. Following the Covid crisis, central banks and governments unleashed vast policy support measures. The began to discuss the possibility of negative interest rates and Brexit uncertainty resurfaced. The economy began to recover, but remained well below Pre-Covid levels. Sterling investment grade credit returned 6.4% (local currency), while high yield gained 2.5%, driven by returns from income. The portfolio generated a positive absolute return, modestly outperforming the benchmark. The first quarter 2020 was positive, when our underweight to European indices through credit default swaps (CDS) added to performance as European credit markets fell. Our preference for real estate and utilities was generally rewarded. In the third quarter, we started to trim our overweights to defensive sectors since valuations had recovered well. With lockdowns being eased we added to our overweight in leisure and moved overweight in transportation. Investment career started in 1994 Covid-19 will result in deep, long-term changes. Our process is built around identifying these Joined Schroders in August 2012 as a Credit Portfolio changes and themes shaping the world. In particular, we look to identify the companies Manager which stand to gain or lose. We continue to search for the most attractive valuations and Prior to joining Schroders Alix worked for the following new issue premium in strong companies. A selective approach, with a strong focus on companies: valuations and fundamentals is vital at a time of such heightened uncertainty. 2011 – UBS Global AM, Head of UK Fixed Interest 2009 – UBS Global AM, Fund Manager – UK Corporate Bonds 2008 – UBS Global AM, Fund Manager – Global Corporate Bonds 2006 – SWIP, Fund Manager – High Alpha UK Retail Corporate Bonds 2003 – Gartmore, Fund Manager – High Alpha UK Retail Corporate Bonds 1999 – Standard Life Investments, Fund Manager – Corporate Bonds 1994 – Scottish Mutual (ANFIS), Fund Manager – Corporate Bonds 1991 – Scottish Mutual (ANFIS), Actuarial Trainee BSc (Hons) in Economics and Mathematics from University of Leeds

1 Source: Thomson Reuters 2 Source: ICE BofAML Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall.

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 4 31 October 2020 Risk Profile

Risk and reward indicator Lower risk Higher risk Potentially lower reward Potentially higher reward

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The risk category was calculated using historical performance data and may not be a reliable indicator of the Fund’s future risk profile. 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. The risk and reward indicator changed from 3 to 4 with effect from 26 June 2020. For specific risks, including the risk and reward profile, please refer to the Key Investor Information Document available on the following website www.schroders.com.

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 5 31 October 2020 Statement of the Manager’s Responsibilities

The Financial Conduct Authority’s Collective Investment Schemes sourcebook requires the Manager to prepare accounts for each annual and half yearly accounting period, in accordance with 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 year. 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 for UK Authorised Funds issued by the Association (now the Investment Association) 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 Collective Investment Schemes sourcebook, 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 year ended 31 October 2020 were signed on 11 February 2021 on behalf of the Manager by:

S. Reedy J. Rainbow Directors

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 6 31 October 2020 Report of the Trustee

Statement of the Trustee’s responsibilities in respect of the Scheme and report of the Trustee to the unitholders of the Schroder All Maturities Corporate Bond Fund (‘the Fund’) for the year ended 31 October 2020 The Trustee of the Schroder All Maturities Corporate Bond Fund must ensure that the Fund is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, the Financial Services and Markets Act 2000, as amended, (together ‘the regulations’), the Trust Deed and Prospectus (together ‘the Scheme documents’) as detailed below. The Trustee must in the context of its role act honestly, fairly, professionally, independently and in the interests of the Fund and its investors. The Trustee is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the Fund in accordance with the regulations. The Trustee must ensure that: ¯¯ the Fund’s cash flows are properly monitored and that cash of the Fund is booked in cash accounts in accordance with the regulations; ¯¯ the sale, issue, repurchase, redemption and cancellation of units are carried out in accordance with the regulations; ¯¯ the value of units of the Fund are calculated in accordance with the regulations; ¯¯ any consideration relating to transactions in the Fund’s assets is remitted to the Fund within the usual time limits; ¯¯ the Fund’s income is applied in accordance with the regulations; and ¯¯ the instructions of the Authorised Fund Manager (‘the Manager’), which is the UCITS Management Company, are carried out (unless they conflict with the regulations). The Trustee also has a duty to take reasonable care to ensure that the Fund is managed in accordance with the regulations and the Scheme documents of the Fund in relation to the investment and borrowing powers applicable to the Fund. Having carried out such procedures as we considered necessary to discharge our responsibilities as Trustee of the Fund, it is our opinion, based on the information available to us and the explanations provided, that, in all material respects the Fund, acting through the Manager: (i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Fund’s units and the application of the Fund’s income in accordance with the regulations and the Scheme documents of the Fund; and (ii) has observed the investment and borrowing powers and restrictions applicable to the Fund in accordance with the regulations and the Scheme documents of the Fund.

J.P. Morgan Europe Limited Trustee Bournemouth 23 November 2020

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 7 31 October 2020 Independent auditors’ report to the Unitholders of Schroder All Maturities Corporate Bond Fund

Report on the audit of the financial statements Opinion In our opinion, the financial statements of Schroder All Maturities Corporate Bond Fund (the “Fund”): ¯¯ give a true and fair view of the financial position of the Fund as at 31 October 2020 and of the net revenue and the net capital gains on its scheme property for the year then ended; and ¯¯ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law, the Statement of Recommended Practice for UK Authorised Funds, the Collective Investment Schemes sourcebook and the Trust Deed. We have audited the financial statements, included within the Final Report and Accounts (the “Annual Report”), which comprise: the Balance Sheet as at 31 October 2020; the Statement of Total Return and the Statement of Change in Net Assets Attributable to Unitholders for the year then ended; the Distribution Tables; and the Notes to the Accounts, which include a description of the significant accounting policies. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence We remained independent of the Fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which ISAs (UK) require us to report to you where: ¯¯ the Manager’s use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or ¯¯ the Manager has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Fund’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Fund’s ability to continue as a going concern. Reporting on other information The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The Manager is responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

Manager’s Report In our opinion, the information given in the Manager’s Report for the financial year for which the financial statements are prepared is consistent with the financial statements. Responsibilities for the financial statements and the audit Responsibilities of the Manager for the financial statements As explained more fully in the Statement of the Manager’s Responsibilities set out on page 6, the Manager is responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The Manager is also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Manager is responsible for assessing the Fund’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the Manager either intend to wind up or terminate the Fund, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org. uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report This report, including the opinions, has been prepared for and only for the Fund’s unitholders as a body in accordance with paragraph 4.5.12 of the Collective Investment Schemes sourcebook and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 8 31 October 2020 Independent auditors’ report to the Unitholders of Schroder All Maturities Corporate Bond Fund (continued) Other required reporting Opinion on matter required by the Collective Investment Schemes sourcebook In our opinion, we have obtained all the information and explanations we consider necessary for the purposes of the audit. Collective Investment Schemes sourcebook exception reporting Under the Collective Investment Schemes sourcebook we are also required to report to you if, in our opinion: ¯¯ proper accounting records have not been kept; or ¯¯ the financial statements are not in agreement with the accounting records and returns. We have no exceptions to report arising from this responsibility.

PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Edinburgh 11 February 2021

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 9 31 October 2020 Comparative Table

A Accumulation units A Income units 2020 2019 2018 2020 2019 2018 Financial year to 31 October p per unit p per unit p per unit p per unit p per unit p per unit Change in

Opening net asset value 91.01 82.98 83.49 59.68 56.49 59.07 Return before operating charges* 5.46 9.00 0.42 3.55 6.06 0.31 Operating charges (1.04) (0.97) (0.93) (0.68) (0.65) (0.65) Return after operating charges* 4.42 8.03 (0.51) 2.87 5.41 (0.34)

Distributions1 (3.21) (3.29) (3.19) (2.08) (2.22) (2.24) Retained distributions1 3.21 3.29 3.19 – – – Closing net asset value 95.43 91.01 82.98 60.47 59.68 56.49

*after direct transaction costs of – 0.10 – – 0.07 – – – – – – – Performance

Return after charges (%) 4.86 9.68 (0.61) 4.81 9.58 (0.58) – – – – – – Other information

Closing net asset value (£000's) 265 281 416 246 355 528 Closing number of units 277,313 308,862 501,561 406,324 595,296 934,746 Operating charges (%) 1.11 1.12 1.12 1.11 1.12 1.12 – – – – – – Prices

Highest dealing price 97.04p 92.26p 85.34p 62.86p 61.64p 60.39p Lowest dealing price 84.75p 81.97p 82.04p 55.57p 55.80p 56.93p

I Accumulation units I Income units 2020 2019 2018 2020 2019 2018 Financial year to 31 October p per unit p per unit p per unit p per unit p per unit p per unit Change in net asset value

Opening net asset value 311.14 281.28 280.62 57.86 54.35 56.41 Return before operating charges* 18.72 30.64 1.41 3.47 5.86 0.29 Operating charges (0.84) (0.78) (0.75) (0.16) (0.15) (0.15) Return after operating charges* 17.88 29.86 0.66 3.31 5.71 0.14

Distributions1 (11.33) (11.48) (11.05) (2.09) (2.20) (2.20) Retained distributions1 11.33 11.48 11.05 – – – Closing net asset value 329.02 311.14 281.28 59.08 57.86 54.35

*after direct transaction costs of – 0.36 – – 0.07 – – – – – – – Performance

Return after charges (%) 5.75 10.62 0.24 5.72 10.51 0.25 – – – – – – Other information

Closing net asset value (£000's) 368,766 322,716 270,488 4,457 4,301 3,971 Closing number of units 112,078,725 103,720,103 96,161,899 7,543,999 7,433,131 7,304,855 Operating charges (%) 0.26 0.26 0.27 0.26 0.26 0.27 – – – – – – Prices

Highest dealing price 333.88p 315.00p 287.30p 61.13p 59.71p 57.76p Lowest dealing price 290.66p 278.10p 277.90p 54.06p 53.73p 54.78p

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 10 31 October 2020 Comparative Table (continued)

X Accumulation units Z Accumulation units 2020 2019 2018 2020 2019 2018 Financial year to 31 October p per unit p per unit p per unit p per unit p per unit p per unit Change in net asset value

Opening net asset value 164.06 147.94 147.22 98.14 88.99 89.05 Return before operating charges* 9.88 16.14 0.75 5.90 9.68 0.45 Operating charges (0.02) (0.02) (0.03) (0.57) (0.53) (0.51) Return after operating charges* 9.86 16.12 0.72 5.33 9.15 (0.06)

Distributions1 (5.98) (6.05) (5.81) (3.47) (3.53) (3.41) Retained distributions1 5.98 6.05 5.81 3.47 3.53 3.41 Closing net asset value 173.92 164.06 147.94 103.47 98.14 88.99

*after direct transaction costs of – 0.19 – – 0.11 – – – – – – – Performance

Return after charges (%) 6.01 10.90 0.49 5.43 10.28 (0.07) – – – – – – Other information

Closing net asset value (£000's) 809,307 695,149 466,625 16,101 8,039 7,368 Closing number of units 465,336,397 423,725,225 315,406,840 15,560,569 8,191,553 8,279,747 Operating charges (%) 0.01 0.02 0.02 0.56 0.57 0.57 – – – – – – Prices

Highest dealing price 176.38p 166.00p 150.80p 105.08p 99.40p 91.12p Lowest dealing price 153.41p 146.30p 146.20p 91.58p 87.95p 87.95p

Z Income units 2020 2019 2018 Financial year to 31 October p per unit p per unit p per unit Change in net asset value

Opening net asset value 64.36 60.58 62.99 Return before operating charges* 3.83 6.51 0.34 Operating charges (0.37) (0.35) (0.36) Return after operating charges* 3.46 6.16 (0.02)

Distributions1 (2.25) (2.38) (2.39) Closing net asset value 65.57 64.36 60.58

*after direct transaction costs of – 0.08 – – – – Performance

Return after charges (%) 5.38 10.17 (0.03) – – – Other information

Closing net asset value (£000's) 37,447 20,393 22,766 Closing number of units 57,106,724 31,687,978 37,583,319 Operating charges (%) 0.56 0.57 0.57 – – – Prices

Highest dealing price 67.92p 66.41p 64.46p Lowest dealing price 60.05p 59.87p 61.02p

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 11 31 October 2020 Comparative Table (continued)

1 These figures have been rounded to 2 decimal places. The Operating charges are represented by the Ongoing Charges Figure (OCF) which is the European standard method of disclosing the charges of a unit class of a Fund based on the financial year’s expenses and may vary from year to year. It includes charges such as the Fund’s Annual management charge, Registrar fees, Safe custody fees, Trustee’s fees and Audit fee but ordinarily excludes the costs of buying or selling assets for the Fund (unless these assets are shares of another Fund). Where published, the Key Investor Information Document (KIID) contains the current OCF. For a more detailed breakdown please visit www.schroders.com. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall.

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 12 31 October 2020 Portfolio Statement

Holding at Market Value % of net Holding at Market Value % of net 31.10.20 £000's assets 31.10.20 £000’s assets

Corporate Bonds 86.67% (87.41%) Orange 5.375% 22/11/2050 2,450,000 4,128 0.33 Austria 0.06% (0.07%) FRN 5.625% UNIQA Insurance 16/01/2054 2,451,000 3,020 0.24 Group FRN 6.875% Electricite de France 31/07/2043 700,000 715 0.06 6% 22/01/2114 6,407,000 6,723 0.54 715 0.06 AXA FRN 5.453% Perpetual 2,547,000 2,865 0.23 Belgium 0.16% (0.18%) AXA FRN 6.686% Elia Group FRN Perpetual 1,894,000 2,278 0.18 2.75% Perpetual 2,100,000 1,952 0.16 Electricite de France 1,952 0.16 FRN 6% Perpetual 6,600,000 7,144 0.58 Bermuda 0.05% (0.06%) Orange FRN 5.75% Perpetual 5,732,000 6,241 0.51 Hiscox FRN 6.125% 24/11/2045 558,000 615 0.05 Orange FRN 2.375% Perpetual 1,000,000 927 0.08 615 0.05 80,983 6.55 Cayman Islands 0.24% (0.28%) Guernsey 0.18% (0.21%) Southern Water Services Finance Group 6.64% 31/03/2026 1,726,000 2,154 0.18 Funding Guernsey 3% 27/05/2022 2,100,000 2,175 0.18 Southern Water Services Finance 2,175 0.18 4.5% 31/03/2052 471,000 756 0.06 Ireland 0.43% (0.05%) 2,910 0.24 Ryanair 2.875% Denmark 0.85% (0.96%) 15/09/2025 2,904,000 2,603 0.21 Orsted 2.125% Bank of Ireland 17/05/2027 2,160,000 2,327 0.19 Group FRN 3.125% 19/09/2027 2,735,000 2,735 0.22 Orsted 4.875% 12/01/2032 2,341,000 3,236 0.26 5,338 0.43 Orsted 5.75% Isle of Man 0.18% (0.00%) 09/04/2040 2,983,000 5,007 0.40 AngloGold Ashanti 10,570 0.85 Holdings 3.75% 01/10/2030 2,737,000 2,246 0.18 France 6.55% (5.86%) Casino Guichard 2,246 0.18 Perrachon 5.976% Italy 1.63% (1.00%) 26/05/2021 1,100,000 997 0.08 Autostrade per BPCE 3% 22/05/2022 3,144,000 2,516 0.20 l'Italia 6.25% LVMH Moet 09/06/2022 650,000 685 0.06 Hennessy Louis Enel 5.75% Vuitton 1% 22/06/2037 2,409,000 3,607 0.29 11/02/2023 12,000,000 12,081 0.98 Superstrada La Financiere Pedemontana Atalian 6.625% Veneta, STEP 1.438% 15/05/2025 3,557,000 3,085 0.25 30/06/2047 3,000,000 2,676 0.22 Banque Federative Enel FRN 8.75% du Credit Mutuel 24/09/2073 1,436,000 1,289 0.10 1.5% 07/10/2026 800,000 831 0.07 UnipolSai LVMH Moet Assicurazioni FRN Hennessy Louis 6.375% 31/12/2164 10,118,000 8,912 0.72 Vuitton 1.125% 11/02/2027 10,700,000 10,784 0.87 FRN 6.269% Engie 7% Perpetual 2,100,000 2,268 0.18 30/10/2028 650,000 948 0.08 Assicurazioni Electricite de France Generali FRN 6.416% 5.875% 18/07/2031 270,000 380 0.03 Perpetual 650,000 671 0.06 SNCF Reseau 5.25% 31/01/2035 3,810,000 5,760 0.47 20,108 1.63 Electricite de France Jersey 3.11% (4.07%) 5.5% 27/03/2037 1,600,000 2,319 0.19 Heathrow Funding Electricite de France 5.225% 15/02/2023 1,438,000 1,536 0.13 5.5% 17/10/2041 5,400,000 7,956 0.64 Heathrow Funding 6.75% 03/12/2028 3,758,000 4,621 0.37

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 13 31 October 2020 Portfolio Statement (continued)

Holding at Market Value % of net Holding at Market Value % of net 31.10.20 £000’s assets 31.10.20 £000’s assets Gatwick Funding Petrobras Global 5.75% 23/01/2039 2,788,000 3,467 0.28 Finance 6.625% Gatwick Funding 16/01/2034 489,000 545 0.04 6.5% 02/03/2043 794,000 1,089 0.09 E.ON International AA Bond 6.269% Finance 5.875% 02/07/2043 3,540,000 3,750 0.30 30/10/2037 4,700,000 7,336 0.59 AA Bond 4.875% E.ON International 31/07/2043 5,810,000 5,829 0.47 Finance 6.75% 27/01/2039 3,500,000 6,032 0.49 AA Bond 2.875% 31/07/2043 1,408,000 1,393 0.11 Enel Finance International 5.75% Heathrow Funding 14/09/2040 9,719,000 14,897 1.21 4.625% 31/10/2046 5,320,000 6,450 0.52 Allianz Finance II AA Bond 5.5% 4.5% 13/03/2043 1,700,000 2,658 0.22 31/07/2050 2,562,000 2,602 0.21 Telefonica Europe Gatwick Funding FRN 4.375% 2.875% 05/07/2051 4,443,000 3,790 0.31 Perpetual 4,400,000 4,108 0.33 69,561 5.62 Capital Funding FRN 7.754% Perpetual 3,859,000 3,995 0.32 Panama 0.19% (0.00%) 38,522 3.11 Carnival 11.5% 01/04/2023 2,714,000 2,304 0.19 Luxembourg 0.75% (0.64%) 2,304 0.19 Gazprom 4.25% 06/04/2024 1,178,000 1,246 0.10 Spain 0.11% (0.00%) Hidrovias Iberdrola Finanzas International 6% 01/07/2022 1,200,000 1,307 0.11 Finance 5.95% 24/01/2025 2,869,000 2,233 0.18 1,307 0.11 Logicor Financing Sweden 0.52% (0.58%) 2.75% 15/01/2030 2,237,000 2,281 0.18 Vattenfall 6.875% DH Europe Finance 15/04/2039 3,530,000 6,418 0.52 II 1.8% 18/09/2049 3,689,000 3,553 0.29 6,418 0.52 9,313 0.75 Switzerland 0.23% (0.26%) Mexico 0.19% (0.25%) Credit Suisse Petroleos Mexicanos Group FRN 2.125% 8.25% 02/06/2022 563,000 592 0.05 12/09/2025 2,732,000 2,825 0.23 Petroleos Mexicanos 2,825 0.23 4.875% 21/02/2028 2,225,000 1,778 0.14 2,370 0.19 United Kingdom 56.95% (60.42%) 4.5% Netherlands 5.62% (5.99%) 05/05/2022 5,658,000 5,881 0.48 Volkswagen Matalan Finance Financial Services 6.75% 31/01/2023 2,848,000 1,853 0.15 1.875% 07/09/2021 3,000,000 3,024 0.24 9.625% Volkswagen 06/04/2023 4,181,000 4,992 0.40 Financial Services EnQuest 7% 1.625% 30/11/2022 4,900,000 4,960 0.40 15/04/2023 767,352 405 0.03 NIBC Bank 3.125% Anglian Water 15/11/2023 3,400,000 3,526 0.29 Osprey Financing innogy Finance 5% 30/04/2023 2,100,000 2,130 0.17 5.625% 06/12/2023 14,000 16 – Lloyds Bank Volkswagen Corporate Markets Financial Services 1.5% 23/06/2023 3,737,000 3,787 0.31 1.875% 03/12/2024 2,300,000 2,352 0.19 HSBC Holdings FRN Volkswagen 2.175% 27/06/2023 3,401,000 3,459 0.28 Financial Services Anglian Water 4.25% 09/10/2025 7,000,000 7,941 0.64 Services Financing, ING Groep 3% STEP 6.875% 18/02/2026 4,800,000 5,231 0.42 21/08/2023 1,861,000 2,184 0.18 Q-Park Holding I 2% FRN 2.375% 01/03/2027 5,596,000 4,288 0.35 06/10/2023 7,942,000 8,109 0.66 Koninklijke KPN Coventry Building 5.75% 17/09/2029 2,191,000 2,647 0.21 Society 1.875% 24/10/2023 4,847,000 4,987 0.40

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 14 31 October 2020 Portfolio Statement (continued)

Holding at Market Value % of net Holding at Market Value % of net 31.10.20 £000’s assets 31.10.20 £000’s assets Barclays 3.125% Yorkshire Building 17/01/2024 3,305,000 3,473 0.28 Society 3.5% Heathrow Finance 21/04/2026 5,500,000 6,135 0.50 4.75% 01/03/2024 6,324,000 6,121 0.49 TSB Banking Unique Pub Finance Group FRN 5.75% 7.395% 28/03/2024 5,390,000 5,525 0.45 06/05/2026 3,465,000 3,500 0.28 Lloyds Bank 7.5% Santander UK 15/04/2024 6,579,000 8,051 0.65 Group Holdings FRN 2.92% 08/05/2026 9,068,000 9,585 0.78 RSA Insurance Group 1.625% 3.125% 28/08/2024 6,506,000 6,610 0.53 05/07/2026 6,110,000 6,143 0.50 Lloyds Banking Virgin Money UK Group 2.25% FRN 4% 25/09/2026 4,480,000 4,680 0.38 16/10/2024 5,617,000 5,834 0.47 Western Power Western Power Distribution 3.5% Distribution West 16/10/2026 8,144,000 8,939 0.72 Midlands 3.875% Close Brothers 17/10/2024 2,504,000 2,784 0.23 Finance 2.75% Liberty Living 19/10/2026 3,700,000 3,934 0.32 Finance 2.625% HSBC Holdings FRN 28/11/2024 2,799,000 2,863 0.23 2.256% 13/11/2026 4,000,000 4,128 0.33 Heathrow Finance Motability 5.75% 03/03/2025 3,356,000 3,373 0.27 Operations Group Lloyds Bank 5.125% 4.375% 08/02/2027 300,000 364 0.03 07/03/2025 3,640,000 4,372 0.35 Scotland Gas Yorkshire Building Networks 3.25% Society FRN 3% 08/03/2027 1,654,000 1,868 0.15 18/04/2025 1,652,000 1,738 0.14 Thames Water Corporate Utilities Finance Treasury Services 2.875% 03/05/2027 2,100,000 2,102 0.17 2.5% 02/05/2025 1,004,000 1,063 0.09 Marks & Spencer Virgin Money 4.5% 10/07/2027 4,823,000 4,775 0.39 UK FRN 3.125% Virgin Money UK 22/06/2025 2,230,000 2,245 0.18 FRN 4% 03/09/2027 7,139,000 7,492 0.61 Annington Funding Shaftesbury 2.646% 12/07/2025 821,000 877 0.07 Chinatown 2.348% Tesco Personal 30/09/2027 6,634,000 6,485 0.52 Finance Group 3.5% Anglian Water 25/07/2025 3,481,000 3,640 0.29 Services Financing Next Group 3% 4.5% 05/10/2027 3,828,000 4,618 0.37 26/08/2025 2,231,000 2,340 0.19 Rolls-Royce 5.75% Pinewood Finance 15/10/2027 2,582,000 2,584 0.21 3.25% 30/09/2025 2,968,000 2,942 0.24 Thames Water Hurricane Finance Utilities Finance 8% 15/10/2025 3,000,000 3,115 0.25 3.5% 25/02/2028 2,000,000 2,265 0.18 Group & Quadrant 3.375% 16/10/2025 9,936,000 9,834 0.80 Housing Trust 2.625% 28/02/2028 5,103,000 5,499 0.44 Barclays FRN 2.625% 11/11/2025 2,842,000 2,561 0.21 Informa 1.25% 22/04/2028 3,636,000 3,012 0.24 Mitchells & Butlers Finance 5.965% Grainger 3.375% 15/12/2025 229,651 230 0.02 24/04/2028 7,176,000 7,732 0.63 Next Group 3.625% Utilities Finance 18/05/2028 2,364,000 2,468 0.20 3.625% 16/01/2026 6,789,000 7,741 0.63 UNITE USAF II Anglian Water 3.374% 30/06/2028 3,554,000 3,682 0.30 Services Financing Assura Financing 4.5% 22/02/2026 553,000 614 0.05 REIT 3% 19/07/2028 3,558,000 3,996 0.32 Santander UK 5.75% HSBC Holdings 02/03/2026 5,069,000 6,448 0.52 2.625% 16/08/2028 4,400,000 4,684 0.38 Anglian Water Yorkshire Building Osprey Financing Society FRN 3.375% 4% 08/03/2026 3,850,000 3,753 0.30 13/09/2028 3,003,000 3,163 0.26

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 15 31 October 2020 Portfolio Statement (continued)

Holding at Market Value % of net Holding at Market Value % of net 31.10.20 £000’s assets 31.10.20 £000’s assets InterContinental Motability Hotels Group Operations Group 3.375% 08/10/2028 3,833,000 3,841 0.31 5.625% 29/11/2030 800,000 1,137 0.09 UNITE Group REIT Virgin Money 3.5% 15/10/2028 8,405,000 8,749 0.71 UK FRN 5.125% Rl Finance Bonds 11/12/2030 3,101,000 3,085 0.25 No. 3 6.125% Mitchells & Butlers 13/11/2028 1,807,000 2,185 0.18 Finance 6.013% National Express 15/12/2030 2,175,348 2,201 0.18 Group 2.375% Mitchells & Butlers 20/11/2028 1,473,000 1,441 0.12 Finance 5.574% LCR Finance 4.5% 15/12/2030 655,797 698 0.06 07/12/2028 114,000 150 0.01 Yorkshire Water Anglian Water Finance 6.601% Services Financing, 17/04/2031 459,000 680 0.05 STEP 6.625% 15/01/2029 978,000 1,372 0.11 Holdings 5.625% Clarion Funding 28/04/2031 5,078,000 5,798 0.47 2.625% 18/01/2029 3,116,000 3,454 0.28 Western Power Notting Hill Genesis Distribution East 2.875% 31/01/2029 1,337,000 1,450 0.12 Midlands 1.75% 09/09/2031 3,096,000 3,207 0.26 Lloyds Bank 6% 08/02/2029 4,287,000 6,073 0.49 Greene King Finance 5.318% 15/09/2031 498,882 536 0.04 London Power Networks 2.625% South Eastern 01/03/2029 2,226,000 2,464 0.20 Power Networks 6.375% 12/11/2031 706,000 1,069 0.09 Southern Gas Networks 4.875% Thames Water 21/03/2029 3,826,000 4,953 0.40 Utilities Finance 6.5% 09/02/2032 600,000 883 0.07 Leeds Building Society FRN 3.75% Finance 25/04/2029 4,682,000 4,855 0.39 3.25% 07/04/2032 4,143,000 4,887 0.40 Severn Trent Western Power Utilities Finance Distribution West 6.25% 07/06/2029 3,217,000 4,553 0.37 Midlands 5.75% 16/04/2032 2,029,000 2,926 0.24 Heathrow Finance 4.125% 01/09/2029 6,673,000 5,972 0.48 Direct Line Insurance Group 4% Santander UK 05/06/2032 1,111,000 1,211 0.10 3.875% 15/10/2029 7,079,000 8,576 0.69 Southern Electric Liberty Living Power Distribution Finance 3.375% 5.5% 07/06/2032 2,090,000 2,981 0.24 28/11/2029 7,082,000 7,264 0.59 Mitchells & Butlers Wales & West Finance 6.469% Utilities Finance 15/09/2032 2,246,000 2,247 0.18 5.75% 29/03/2030 706,000 984 0.08 Telereal Secured Tesco Corporate Finance 4.01% Treasury Services 10/12/2033 530,858 574 0.05 2.75% 27/04/2030 1,723,000 1,827 0.15 Telereal Pearson Funding Securitisation 3.75% 04/06/2030 1,794,000 1,923 0.16 6.165% 10/12/2033 2,183,800 2,712 0.22 UNITE USAF II Telereal 3.921% 30/06/2030 2,650,000 2,867 0.23 Securitisation FRN Grainger 3% 4.09% 10/12/2033 4,043,000 4,119 0.33 03/07/2030 4,599,000 4,831 0.39 Greene King Finance Natwest Group FRN 5.106% 15/03/2034 620,000 662 0.05 3.622% 14/08/2030 2,681,000 2,813 0.23 Manchester Airport South Eastern Group Funding Power Networks 4.75% 31/03/2034 493,000 570 0.05 5.625% 30/09/2030 650,000 906 0.07 John Lewis 4.25% HSBC Bank FRN 18/12/2034 1,750,000 1,545 0.12 5.375% 04/11/2030 2,632,000 3,085 0.25 Scotland Gas Barclays FRN 3.75% Networks 4.875% 22/11/2030 4,000,000 4,195 0.34 21/12/2034 700,000 986 0.08 Greene King Finance 4.064% 15/03/2035 1,866,059 1,864 0.15

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 16 31 October 2020 Portfolio Statement (continued)

Holding at Market Value % of net Holding at Market Value % of net 31.10.20 £000’s assets 31.10.20 £000’s assets White City Property National Grid Finance 5.12% Electricity 17/04/2035 784,224 1,016 0.08 Transmission 2% Northern Electric 17/04/2040 2,689,000 2,824 0.23 Finance 5.125% Group 3.75% 04/05/2035 400,000 574 0.05 05/06/2040 3,612,000 3,864 0.31 Northern Powergrid Eversholt Funding Yorkshire 5.125% 2.742% 30/06/2040 6,795,000 7,088 0.57 04/05/2035 500,000 718 0.06 Lloyds Bank 6.5% Optivo Finance 17/09/2040 355,000 628 0.05 2.857% 07/10/2035 3,624,000 4,176 0.34 Tesco Property Longstone Finance Finance 4 5.801% 4.791% 19/04/2036 762,275 891 0.07 13/10/2040 6,410,899 8,551 0.69 Longstone Finance Western Power 4.896% 19/04/2036 495,000 583 0.05 Distribution East Wellcome Trust Midlands 6.25% Finance 4.625% 10/12/2040 750,000 1,284 0.10 25/07/2036 1,204,000 1,868 0.15 FRN 6.625% Eastern Power 03/06/2041 4,702,000 4,844 0.39 Networks 6.25% Northumbrian 12/11/2036 882,000 1,449 0.12 Water Finance Aviva FRN 6.125% 5.125% 23/01/2042 882,000 1,385 0.11 14/11/2036 2,070,000 2,486 0.20 Severn Trent Arqiva Financing Utilities Finance 5.34% 30/12/2037 1,250,000 1,538 0.12 4.875% 24/01/2042 700,000 1,079 0.09 Home Group 3.125% Water Finance 27/03/2043 2,746,000 3,232 0.26 1.75% 10/02/2038 4,677,000 4,805 0.39 LiveWest Treasury Wales & West 2.25% 10/10/2043 1,622,000 1,761 0.14 Utilities Finance 3% RL Finance Bonds 03/08/2038 5,009,000 6,014 0.49 No. 2 FRN 6.125% SSE 6.25% 30/11/2043 7,294,000 8,134 0.66 27/08/2038 1,875,000 3,076 0.25 Futures Treasury Cadent Finance 3.375% 08/02/2044 1,789,000 2,341 0.19 2.625% 22/09/2038 3,954,000 4,249 0.34 Tesco Property High Speed Rail Finance 6 5.411% Finance 1 4.375% 13/07/2044 6,437,010 8,339 0.67 01/11/2038 6,994,000 9,199 0.74 Manchester Airport Connect Plus M25 Group Funding Issuer 2.607% 2.875% 30/09/2044 4,950,000 4,361 0.35 31/03/2039 6,771,814 7,625 0.62 WPP Finance 2013 Motability 2.875% 14/09/2046 1,489,000 1,378 0.11 Operations Group Cadent Finance 2.375% 03/07/2039 3,554,000 3,991 0.32 2.75% 22/09/2046 6,368,000 6,888 0.56 Yorkshire Water Catalyst Housing Finance 6.375% 3.125% 31/10/2047 7,611,000 9,335 0.75 19/08/2039 1,652,000 2,828 0.23 Karbon Homes Northern Gas 3.375% 15/11/2047 7,494,000 10,001 0.81 Networks Finance British 9,182,000 10,492 0.85 5.625% 23/03/2040 1,843,000 2,933 0.24 Optivo Finance Western Power 3.283% 22/03/2048 5,184,000 6,498 0.53 Distribution South West 5.75% Clarion Funding 23/03/2040 450,000 725 0.06 3.125% 19/04/2048 3,535,000 4,364 0.35 Aspire Defence Bromford Housing Finance 4.674% Group 3.125% 31/03/2040 2,445,428 3,360 0.27 03/05/2048 4,947,000 6,333 0.51 Aspire Defence Notting Hill Genesis Finance 4.674% 3.25% 12/10/2048 8,323,000 9,714 0.79 31/03/2040 2,071,482 2,846 0.23 Citizen Treasury Tesco Property 3.25% 20/10/2048 8,159,000 10,406 0.84 Finance 3 5.744% Sovereign Housing 13/04/2040 4,032,889 5,337 0.43 Capital 2.375% 04/11/2048 3,417,000 3,863 0.31 Accent Capital 2.625% 18/07/2049 2,178,000 2,597 0.21

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 17 31 October 2020 Portfolio Statement (continued)

Holding at Market Value % of net Holding at Market Value % of net 31.10.20 £000’s assets 31.10.20 £000’s assets M&G FRN 3.875% Goldman Sachs 20/07/2049 2,538,000 2,644 0.21 Group 7.125% Sanctuary Capital 07/08/2025 1,015,000 1,298 0.11 2.375% 14/04/2050 3,166,000 3,519 0.28 Bank of America Channel Link 4.25% 10/12/2026 5,447,000 6,481 0.52 Enterprises Finance Morgan Stanley 3.848% 30/06/2050 4,193,000 4,834 0.39 2.625% 09/03/2027 3,711,000 4,054 0.33 LCR Finance 5.1% Goldman Sachs 07/03/2051 2,590,000 5,256 0.43 Group 7.25% M&G FRN 5.625% 10/04/2028 400,000 563 0.05 20/10/2051 5,660,000 6,457 0.52 MPT Operating London & Quadrant Partnership REIT Housing Trust 3.692% 05/06/2028 3,723,000 3,773 0.31 3.125% 28/02/2053 14,358,000 17,562 1.42 Bank of America 7% Notting Hill Genesis 31/07/2028 950,000 1,345 0.11 4.375% 20/02/2054 4,076,000 5,866 0.47 Comcast 1.5% M&G FRN 5.56% 20/02/2029 5,547,000 5,686 0.46 20/07/2055 4,909,000 5,507 0.45 Goldman Sachs Platform HG Group 3.125% Financing 1.625% 25/07/2029 2,044,000 2,312 0.19 10/08/2055 6,393,000 6,096 0.49 AT&T 4.375% Thames Water 14/09/2029 1,684,000 2,038 0.16 Utilities Finance Fidelity National 7.738% 09/04/2058 2,400,000 5,056 0.41 Information Northern Powergrid Services 3.36% Yorkshire 2.25% 21/05/2031 4,835,000 5,616 0.45 09/10/2059 6,452,000 7,300 0.59 Comcast 1.875% M&G FRN 6.34% 20/02/2036 4,956,000 5,097 0.41 19/12/2063 2,878,000 3,494 0.28 Verizon M&G FRN 6.25% Communications 20/10/2068 2,213,000 2,629 0.21 3.375% 27/10/2036 3,180,000 3,857 0.31 NGG Finance FRN 7.375% 5.625% 18/06/2073 1,928,000 2,168 0.18 01/09/2039 4,804,000 8,862 0.72 SSE FRN 3.625% AT&T 7% 30/04/2040 9,650,000 15,606 1.26 16/09/2077 2,900,000 2,961 0.24 AT&T 4.875% Bank of Scotland 01/06/2044 5,157,000 6,876 0.56 FRN 7.281% Alphabet 2.05% Perpetual 836,000 969 0.08 15/08/2050 9,534,000 6,701 0.54 Barclays Bank FRN Alphabet 2.25% 5.33% Perpetual 5,818,000 5,910 0.48 15/08/2060 7,372,000 5,131 0.42 BP Capital Markets American FRN 4.25% International Perpetual 6,511,000 6,764 0.55 Group FRN 1.765% SSE FRN 3.74% 15/03/2067 800,000 670 0.05 Perpetual 8,071,000 8,293 0.67 Enterprise Products Operating FRN 704,284 56.95 5.375% 15/02/2078 2,709,000 1,870 0.15 United States of America 8.67% (6.53%) 107,197 8.67 Ford Motor 8.5% 21/04/2023 6,798,000 5,824 0.47 Corporate Bonds total 1,071,713 86.67 MPT Operating Supranationals 5.55% (6.43%) Partnership REIT 2.55% 05/12/2023 3,544,000 3,543 0.29 European Bank for Reconstruction & Bank of America Development 1.25% FRN 3.004% 15/12/2022 7,715,000 7,893 0.64 20/12/2023 831,000 674 0.05 European Digital Stout Investment Bank Holding REIT 4.25% 0.75% 15/11/2024 4,945,000 5,062 0.41 17/01/2025 4,071,000 4,623 0.37 European Ford Motor Credit Investment Bank 5.125% 16/06/2025 2,855,000 2,296 0.19 5.5% 15/04/2025 2,925,000 3,614 0.29 Wells Fargo 2% European 28/07/2025 2,300,000 2,401 0.19 Investment Bank 6% 07/12/2028 18,477,000 26,633 2.15

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 18 31 October 2020 Portfolio Statement (continued)

Holding at Market Value % of net Holding at Market Value % of net 31.10.20 £000’s assets 31.10.20 £000’s assets

European Swaps (0.01)% ((1.04)%) Investment Bank 0% Credit Default 07/12/2028 7,453,000 7,107 0.57 Swap BNP Paribas European Buy Mondelez Investment Bank International 4.5% 07/06/2029 2,424,000 3,232 0.26 6.5% 11/08/2017 European 20/12/2020 2,155,000 (4) 0.00 Investment Bank 5.63% 07/06/2032 5,145,000 7,980 0.65 Credit Default Swap J.P. Morgan European Buy Mondelez Investment Bank International 4.5% 07/03/2044 4,127,000 7,159 0.58 6.5% 11/08/2017 68,680 5.55 20/12/2020 2,265,000 (4) 0.00 Supranationals total 68,680 5.55 Credit Default Swap Barclays Government Bonds 2.28% (3.19%) Bank Buy Wendel 3.75% 21/01/2021 Argentina 0.04% (0.06%) 20/06/2021 4,750,000 (156) (0.02) Argentina Government Bond Credit Default 0.5% 09/07/2029 38,094 13 0.00 Swap Citigroup Buy Shell International Argentina Finance 0% Government Bond, STEP 0.125% 15/09/2019 09/01/2038 1,582,519 485 0.04 20/12/2021 3,530,000 (33) 0.00 498 0.04 Credit Default Swap BNP Paribas Buy Mexico 0.38% (0.46%) Air France-KLM Mexico Government 3.875% 18/06/2021 Bond 5.625% 20/12/2021 2,860,000 292 0.02 19/03/2114 4,398,000 4,694 0.38 Credit Default 4,694 0.38 Swap Citigroup Buy Total Capital United Kingdom 1.86% (2.67%) 4.875% 28/01/2019 UK Treasury 4% 20/12/2021 3,530,000 (33) 0.00 07/03/2022 1,913,436 2,017 0.16 Credit Default UK Treasury 0.75% Swap BNP Paribas 22/07/2023 20,560,422 21,022 1.70 Buy Standard 23,039 1.86 Chartered Bank 5.875% 26/09/2017 Government Bonds total 28,231 2.28 20/12/2021 5,150,000 (42) 0.00 Forward Foreign Currency Contracts (0.01)% (0.01%) Credit Default Swap Citigroup Buy USD 4,138,000 Buy Standard Sell GBP 3,160,166 18/11/2020 27 0.00 Chartered Bank Sell EUR 54,406,977 5.875% 26/09/2017 Buy GBP 49,073,491 18/11/2020 152 0.01 20/06/2022 452,489 (5) 0.00 Sell USD 60,349,118 Buy GBP 46,216,026 18/11/2020 (258) (0.02) Credit Default Swap J.P. Morgan Forward Foreign Currency Contracts Buy Standard total (79) (0.01) Chartered Bank Futures (0.15)% ((0.14)%) 5.875% 26/09/2017 20/06/2022 5,550,000 (57) 0.00 Euro-Buxl 30 Year Bond December Credit Default Swap 2020 (232) (1,253) (0.10) Morgan Stanley Buy Standard Long Gilt December Chartered Bank 2020 712 (146) (0.01) 5.875% 26/09/2017 US 5 Year Note 20/06/2022 493,894 (5) 0.00 December 2020 477 (3) 0.00 Credit Default US 10 Year Note Swap J.P. Morgan December 2020 (24) 26 0.00 Buy Volvo Treasury US Ultra Bond 2.375% 26/11/2019 December 2020 73 (510) (0.04) 20/12/2023 4,571,447 (93) (0.01) Futures total (1,886) (0.15)

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 19 31 October 2020 Portfolio Statement (continued)

Holding at Market Value % of net Holding at Market Value % of net 31.10.20 £000’s assets 31.10.20 £000’s assets Credit Default Swap Credit Default BNP Paribas Buy Swap Citigroup HSBC Holdings Sell Next Group 6% 10/06/2019 5.375% 26/10/2021 20/12/2023 1,514,572 (10) 0.00 20/06/2022 3,750,000 17 0.00 Credit Default Swap Swaps total a (174) (0.01) J.P. Morgan Buy HSBC Holdings Portfolio of investments 1,166,485 94.33 6% 10/06/2019 Net other assets 70,104 5.67 20/12/2023 7,331,400 (51) 0.00 Net assets attributable to Credit Default unitholders 1,236,589 100.00 Swap Citigroup Sell Iberdrola International 2.875% 11/11/2020 20/06/2021 1,807,480 10 0.00

The comparative percentage figures in brackets are as at 31 October 2019. Unless otherwise stated, all securities are admitted to official stock exchange listings.

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 20 31 October 2020 Statement of Total Return For the year ended 31 October 2020

2020 2019 Notes £000's £000's £000's £000's Income Net capital gains 2 – 29,929 – 52,317 Revenue 3 36,497 – 30,042 – Expenses 4 (1,302) – (1,065) – Net revenue before taxation 35,195 – 28,977 – Taxation 5 – – – – Net revenue after taxation 35,195 28,977 Total return before distributions 65,124 81,294 Distributions 6 (40,267) (32,783) Change in net assets attributable to unitholders from investment activities 24,857 48,511

Statement of Change in Net Assets Attributable to Unitholders For the year ended 31 October 2020 2020 2019 £000's £000's £000's £000's Opening net assets attributable to unitholders 1,051,234 772,162 Amounts receivable on issue of units 239,618 – 270,047 – Amounts payable on cancellation of units (120,590) – (74,556) – 119,028 195,491 Dilution adjustment 1,050 1,081 Change in net assets attributable to unitholders from investment 24,857 48,511 activities Retained distribution on Accumulation units 40,420 33,989 Closing net assets attributable to unitholders 1,236,589 1,051,234

Balance Sheet As at 31 October 2020

2020 2019 Notes £000's £000's Assets Investments 1,169,148 1,024,341 Current assets Debtors 8 15,112 16,726 Cash and bank balances 9 70,689 28,965 Total assets 1,254,949 1,070,032 – – Liabilities – – Investment liabilities (2,663) (16,637) Creditors Bank overdrafts 10 (8,586) – Distributions payable (693) (475) Other creditors 11 (6,418) (1,686) Total liabilities (18,360) (18,798) – – Net assets attributable to unitholders 1,236,589 1,051,234

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 21 31 October 2020 Notes to the Accounts For the year ended 31 October 2020

1 Accounting policies 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 Statement of Recommended Practice for UK Authorised Funds issued by the Investment Management Association 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)).

Revenue Interest receivable from bank balances, futures clearing houses and brokers is accounted for on an accruals basis. Interest receivable from debt securities is accounted for on an effective yield basis.

Interest on debt securities bought or sold Interest on debt securities bought or sold is excluded from the capital cost of securities, and is dealt with as part of the revenue of the Fund.

Expenses Expenses of the Fund are charged against revenue except for costs associated with the purchase and sale of investments which are allocated to the capital of the Fund. All expenses except for professional fee are accounted for on an accruals basis. For A Income units, A Accumulation units, I Income units, I Accumulation units, Z Income units and Z Accumulation units the Annual management charge is initially charged to revenue but ultimately borne by the capital of the fund.

Taxation The Fund satisfied the qualifying investments test of Statutory Instrument 2006/964 Authorised Investment Funds (Tax) Regulations 2006 Regulation 19 throughout the year. All distributions made are therefore made as interest distributions.

Distributions The revenue available for distribution is the total revenue earned by the Fund, less deductible expenses and taxation charged to revenue. For Accumulation units this revenue is not distributed but automatically reinvested in the Fund and is reflected in the value of these units. For the purpose of calculating the distribution, revenue on debt securities is calculated on a coupon basis where this exceeds the amount determined on an effective yield basis. As a consequence, the capital value of the Fund may be eroded.

Dilution Adjustment In certain circumstances the Manager may apply a dilution adjustment on subscriptions and redemptions of units. If applied, the dilution adjustment is paid to the Fund. See Prospectus for further details.

Valuation All investments held by the Fund have been valued at market value at 18:00 on the last working day of the accounting period. Market value is defined by the Statement of Recommended Practice as fair value which generally is the bid value of each security and the offer value for short positions. Non-exchange traded derivatives, including swaps, are priced at fair value using valuation models and data sourced from market data providers and/or information provided by the relevant third party brokers. All investments are valued net of any accrued interest which is included in the balance sheet as a revenue related item.

Foreign currencies Transactions in foreign currencies are translated into sterling at the exchange rate prevailing on the date of the transaction. Assets and liabilities valued in foreign currencies have been translated into sterling at the exchange rates prevailing at the balance sheet date.

Credit default swaps The upfront fees received on a mark to market basis are split between capital and revenue as appropriate. For sell protections, periodic premiums are accounted for on an accruals basis and are included under Net revenue return from derivative contracts. 2 Net capital gains The net capital gains during the year comprise:

2020 2019 £000's £000's Non-derivative securities 22,129 47,503 Derivative contracts 7,924 3,381 Forward foreign currency contracts (1,170) 1,610 Foreign currency gains/(losses) 1,053 (167) Transaction costs (7) (10) Net capital gains 29,929 52,317

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 22 31 October 2020 Notes to the Accounts For the year ended 31 October 2020 (continued)

3 Revenue

2020 2019 £000's £000's Interest on debt securities 34,613 28,038 Bank interest 33 197 Net revenue return from derivative contracts 1,851 1,807 Total revenue 36,497 30,042

4 Expenses 2020 2019 £000's £000's Payable to the Manager, associates of the Manager and agents of either of them: Annual management charge 1,047 860 Administration charge 44 29 1,091 889 Payable to the Trustee, associates of the Trustee and agents of either of them:

Trustee's fees 86 74 Safe custody fees 43 30 129 104 Other expenses:

Audit fee 14 11 Professional fee – 1 Interest payable 68 60 82 72 Total expenses 1,302 1,065

5 Taxation Corporation tax has not been provided for as expenses and interest distributions payable by the Fund exceed the revenue liable to corporation tax.

(a) Factors affecting the current tax charge for the year The tax assessed for the year is different from that calculated when the standard rate of corporation tax for authorised unit trusts of 20% (2019 – 20%) is applied to the net revenue before taxation. The differences are explained below.

2020 2019 £000’s £000’s Net revenue before taxation 35,195 28,977

Net revenue for the year before taxation multiplied by the standard rate of corporation tax 7,039 5,795 Effects of:

Interest distributions deductible for tax purposes (7,039) (5,795) Current tax charge for the year – –

6 Distributions The distributions, which is on an effective coupon basis, take account of revenue received on the issue of units and revenue deducted on the cancellation of units, and comprise:

2020 2019 £000’s £000’s Interim Interest distribution 21,372 14,959 Final Interest distribution 20,517 19,971 41,889 34,930 Add: Revenue deducted on cancellation of units 1,645 767 Deduct: Revenue received on issue of units (3,267) (2,914) Distributions 40,267 32,783

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 23 31 October 2020 Notes to the Accounts For the year ended 31 October 2020 (continued)

2020 2019 £000’s £000’s Net revenue after taxation 35,195 28,977 Expenses taken to capital 1,047 861 Adjustment for coupon distributions 4,025 2,945 Distributions 40,267 32,783

Details of the distributions per unit are set out in the Distribution Table on pages 30 to 31. 7 Fair value hierarchy Instruments held at the year end are presented in line with amendments to FRS 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland Fair value hierarchy disclosures.

2020 2019 Assets Liabilities Assets Liabilities Basis of valuation £000’s £000’s £000’s £000’s Level 1: Quoted prices 26 (1,912) 24,254 (2,801) Level 2: Observable market data 1,169,122 (751) 1,000,087 (13,836) Level 3: Unobservable data – – – – Total 1,169,148 (2,663) 1,024,341 (16,637)

Level 1: Unadjusted quoted price in an active market for an identical instrument. Level 2: Valuation techniques using observable inputs other than quoted prices within level 1. Level 3: Valuation techniques using unobservable inputs.

Unobservable data Unobservable data has been used only where relevant observable market data is not available. Where there was no reputable price source for an investment, the Manager has assessed information available from internal and external sources in order to arrive at an estimated fair value. The fair value is established by using measures of value such as the price of recent transactions, earnings multiple and net assets. The Manager of the Fund also makes judgements and estimates based on their knowledge of recent investment performance, historical experience and other assumptions that are considered reasonable under the circumstances. The estimates and the assumptions used are under continuous review by the Manager with particular attention paid to the carrying value of the investments.

8 Debtors

2020 2019 £000's £000's Amounts receivable for issue of units 345 15 Sales awaiting settlement – 3,050 Amounts receivable on derivative contracts 5 185 Accrued revenue 14,762 13,476 Total debtors 15,112 16,726

9 Cash and bank balances

2020 2019 £000's £000's

Cash and bank balances 54,183 23,753 Amounts held at futures clearing houses and brokers 16,506 5,212 Total cash and bank balances 70,689 28,965

10 Bank Overdrafts

2020 2019 £000's £000's Amounts overdrawn at futures clearing houses and brokers 8,586 – Total bank overdrafts 8,586 –

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 24 31 October 2020 Notes to the Accounts For the year ended 31 October 2020 (continued)

11 Other creditors

2020 2019 £000's £000's Amounts payable for cancellation of units 71 12 Purchases awaiting settlement 6,207 1,555 Accrued expenses 140 119 Total other creditors 6,418 1,686

12 Contingent liabilities There were no contingent liabilities at the balance sheet date (2019 – Nil). 13 Related party transactions The Manager exercises control over the Fund and is therefore a related party by virtue of its controlling influence. Amounts paid during the year or due to the Manager at the balance sheet date are disclosed under Expenses and Other creditors in the Notes to the Accounts. The Manager acts as principal on all transactions of units in the Fund. The aggregate monies paid through the issue and cancellation of units are disclosed in the Statement of Change in Net Assets Attributable to Shareholders and Distributions in the Notes to the Accounts. Amounts due from or to the Manager in respect of unit transactions at the balance sheet date are included under Debtors and Other creditors in the Notes to the Accounts. Units held or managed by the Manager or associates of the Manager as a percentage of the Funds net asset value at the balance sheet date were 62.38% (2019 – 59.20%). 14 Unit classes The Fund currently has seven unit classes. The Annual Management charges is based on the average value of the Fund, calculated on a daily basis, and covers the remuneration of the Manager, the Investment Adviser and their overhead expenses and for each unit class is as follows:

A Accumulation units 1.00% A Income units 1.00% I Accumulation units 0.25% I Income units 0.25% X Accumulation units 0.00% Z Accumulation units 0.45% Z Income units 0.45%

The closing net asset value of each unit class, the closing net asset value per unit and the closing number of units in issue are given in the Comparative Table on pages 10 to 12. The distributions per unit class are given in the Distribution Table on pages 30 to 31. All classes have the same rights on winding up. 15 Derivative and other financial instruments The main risks arising from the Fund’s financial instruments are market price, foreign currency, liquidity, credit and interest rate risks. The Manager's policies for managing these risks are summarised below and have been applied throughout the year and the prior year.

Market price risk The Fund’s investment portfolio is exposed to market price fluctuations which are monitored by the Manager in pursuance of the investment objective and policy. Adherence to investment guidelines and to investment and borrowing powers set out in the Trust Deed, the Prospectus and in the Collective Investment Schemes sourcebook mitigates the risk of excessive exposure to any particular type of security or issuer.

Foreign currency risk Where a portion of the net assets of the Fund are denominated in currencies other than sterling the balance sheet and total return can be affected by currency movements. Therefore the Manager may decide that a proportion of the investments that are not priced in sterling, may be covered by forward currency contracts, so that the Fund’s exposure to currency risk is reduced. Revenue received in other currencies is translated to sterling on or near the date of receipt. The Fund does not hedge or otherwise seek to avoid currency movement risk on accrued revenue.

Liquidity risk The primary source of this risk to the Fund is the liability to unitholders for any cancellation of units. This risk is minimised by holding cash, readily realisable securities and access to overdraft facilities up to the amount prescribed by the Collective Investment Schemes sourcebook.

Credit risk Certain transactions in securities that the Fund enters into expose it to the risk that the counterparty will not deliver the investment for a purchase, or cash for a sale after the Fund has fulfilled its responsibilities. The Fund only buys and sells investments through brokers which have been approved by the Manager as an acceptable counterparty. In addition, limits are set to the exposure to any individual broker that may exist at any time and changes in brokers’ financial ratings are reviewed.

Interest rate risk Interest rate risk is the risk that the value of the Fund’s investment holdings will fluctuate as a result of changes in interest rates.

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 25 31 October 2020 Notes to the Accounts For the year ended 31 October 2020 (continued)

The Fund may invest in fixed and floating rate securities. The revenue of the Fund may be affected by changes to interest rates relevant to particular securities or as a result of the Manager being unable to secure similar returns on the expiry of contracts or sale of securities. The value of interest bearing securities may be affected by interest rate movements or the expectation of such movements in the future. Interest receivable on bank deposits or payable on bank overdraft positions will be affected by fluctuations in interest rates.

Floating rate financial assets and financial liabilities Sterling denominated bank balances and bank overdrafts bear interest at rates based on the Sterling Overnight Index Average Rate. Sterling denominated floating rate bonds and foreign currency bank balances and amounts held or overdrawn at futures clearing houses and brokers bear interest at rates based on the London Interbank Offer Rate or its international equivalent.

Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the balance sheet, and their fair value.

Derivatives During the year the Fund entered into derivative contracts for specific investment purposes in addition to being used for efficient management.Although the Fund may enter into derivative contacts for specific investment purposes in addition to being used for efficient management it is not the current intention to use derivatives for specific investment purposes.

Global risk exposure Relative VaR approach This approach is used for the funds whose risk can be managed in relation to a defined benchmark.

Regulatory VaR limit utilisation

2020 2019 Lowest Highest Average Lowest Highest Average 51.89% 62.02% 56.85% 47.00% 58.26% 52.79%

VaR Benchmark used

2020 2019 Bank of America Merrill Lynch Bank of America Merrill Lynch Sterling Non-Gilts (GBP). Index Sterling Non-Gilts (GBP). Index

Information on VaR Model

2020 2019

Length Length of data Confidence Holding of data Confidence Holding Model type history level period history level period

All available Parametric VaR history 99% 20 days - - -

All available Monte Carlo simulation - - - history 99% 20 days Leverage Information on limit usage and level of leverage The level of leverage is an indication of the derivative usage and of any leverage generated by the reinvestment of cash received as collateral when using efficient portfolio management techniques. It does not take into account other physical assets directly held in the portfolio of the Fund. The figure is not representative of the maximum amount that a Fund could lose, as it includes the derivatives used to protect the Net Asset Value of a Fund as well as the derivatives backed by risk free assets and derivatives which do not generate any incremental exposure, leverage or market risk from an economic perspective. The reported leverage figure is therefore not a true representation of the economic leverage1 in the Fund. The level of leverage disclosed is based on the total notional value2 of all derivative instruments held by a Fund and is expressed as a percentage of the Fund’s Net Asset Value. For the purpose of this calculation the holdings and offset derivative positions (long and short positions) do not cancel each other out and the figure is a sum of the total holdings.

Leverage

2020 2019 Leverage Leverage Lowest Highest Average 31 October Lowest Highest Average 31 October 14.57% 87.66% 46.64% 22.77% 34.68% 69.99% 51.25% 52.06%

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 26 31 October 2020 Notes to the Accounts For the year ended 31 October 2020 (continued)

1 Where economic leverage is the sum of derivative commitments (calculated in line with European Securities and Markets Authority 10/788) and excludes derivatives used within hedging arrangements, derivatives whose commitments is covered by risk free assets and derivatives which are not considered to generate any incremental exposure and leverage or market risk. 2 Delta adjusted in line with European Securities and Markets Authority 10/788 when appropriate. 16 Debt security credit analysis 2020 2019 £000’s £000’s

Investment grade securities 1,039,410 901,074 Below investment grade securities 115,947 102,249 Unrated securities 13,267 16,703 Total debt securities 1,168,624 1,020,026

17 Direct transaction costs No transaction costs on the purchase or sale of investments were incurred by the Fund during the year or prior year. The total purchases for the year amounted to £279,809,542 (2019 – £351,080,237) and the total sales amounted to £149,189,641 (2019 – £128,021,232). Average portfolio dealing spread As at the balance sheet date the average portfolio dealing spread was 0.97% (2019 – 0.80%). This spread represents the difference between the values determined respectively by reference to the bid and offer prices of investments expressed as a percentage of the value determined by reference to the offer price. 18 Units in issue reconciliation Number Number of units Number Number Number of units in issue of units of units of units in issue 31.10.19 issued cancelled converted 31.10.20 A Accumulation units 308,862 20,218 (51,767) – 277,313 A Income units 595,296 11,771 (32,543) (168,200) 406,324 I Accumulation units 103,720,103 33,777,095 (25,418,473) – 112,078,725 I Income units 7,433,131 31,799,993 (291,420) (31,397,705) 7,543,999 X Accumulation units 423,725,225 51,966,530 (16,512,292) 6,156,934 465,336,397 Z Accumulation units 8,191,553 16,864,601 (9,495,585) – 15,560,569 Z Income units 31,687,978 16,190,209 (2,901,277) 12,129,814 57,106,724

19 Counterparty exposure The types of derivatives held at the balance sheet date were forward foreign currency contracts, credit default swaps and swaption contracts. Details of individual contracts are disclosed in the Portfolio Statement and the total position by counterparty at the balance sheet date was as follows:

Forward foreign Credit Contract Interest Total Inflation currency default for rate return linked Options Swaption contracts swaps difference swaps swaps swaps contracts contracts Total Counterparty £000's £000's £000's £000's £000's £000's £000's £000's £000's Barclays 2020 (258) (156) – – – – – – (414) 2019 – (353) – – – – – – (353) BNP Paribas 2020 104 236 – – – – – – 340 2019 – (362) – – – – – – (362) Citibank 2020 – (44) – – – – – – (44) 2019 40 827 – – – – – – 867 Goldman Sachs 2020 – – – – – – – – – 2019 – (170) – – – – – – (170) HSBC 2020 – – – – – – – – – 2019 – (1,310) – – – – – – (1,310)

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 27 31 October 2020 Notes to the Accounts For the year ended 31 October 2020 (continued)

Forward foreign Credit Contract Interest Total Inflation currency default for rate return linked Options Swaption contracts swaps difference swaps swaps swaps contracts contracts Total Counterparty £000’s £000’s £000’s £000’s £000’s £000’s £000’s £000’s £000’s J.P. Morgan 2020 – (205) – – – – – – (205) 2019 – (412) – – – – – – (412) Morgan Stanley 2020 – (5) – – – – – – (5) 2019 – (9,196) – – – – – (13) (9,209) RBC 2020 27 – – – – – – – 27 2019 – – – – – – – – – State Street 2020 48 – – – – – – – 48 2019 46 – – – – – – – 46

The collateral held/(pledged) by the fund on behalf of the counterparties at the balance sheet date was as follows:

2020 2019 Counterparty £000’s £000’s

Barclays (280) (380) BNP Paribas – (410) Citibank (190) – HSBC – (810) J.P. Morgan (180) (260) Morgan Stanley 22 (11,636) Total (628) (13,496)

The nature of collateral held/(pledged) by the Fund on behalf of the counterparties at the balance sheet date was as follows:

2020 2019 £000’s £000’s

Cash (628) (13,496) Total (628) (13,496)

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 28 31 October 2020 Notes to the Accounts For the year ended 31 October 2020 (continued)

20 Non-adjusting post balance sheet events As a result of market movements and foreign exchange rates, since the balance sheet date on 31 October 2020, the price of each unit class has changed as follows:

Dealing price Dealing price 8.2.21 30.10.20 % change A Accumulation units 97.95p 96.14p 1.88 A Income units 62.08p 61.93p 0.24 I Accumulation units 338.50p 331.50p 2.11 I Income units 60.79p 60.53p 0.43 X Accumulation units 179.10p 175.20p 2.23 Z Accumulation units 106.40p 104.20p 2.11 Z Income units 67.42p 67.15p 0.40

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 29 31 October 2020 Distribution Table

Interim distribution for the six months ended 30 April 2020 Group 1 Units purchased prior to 1 November 2019 Group 2 Units purchased on or after 1 November 2019

Net Distribution Distribution revenue paid paid 2020 Equalisation2020 30.6.20 30.6.19 per unit per unit per unit per unit A Accumulation units Group 1 1.6650p – 1.6650p 1.5978p Group 2 0.3623p 1.3027p 1.6650p 1.5978p A Income units Group 1 1.0918p – 1.0918p 1.0878p Group 2 0.5960p 0.4958p 1.0918p 1.0878p I Accumulation units Group 1 5.8606p – 5.8606p 5.5689p Group 2 1.1238p 4.7368p 5.8606p 5.5689p I Income units Group 1 1.0901p – 1.0901p 1.0762p Group 2 0.1604p 0.9297p 1.0901p 1.0762p X Accumulation units Group 1 3.0920p – 3.0920p 2.9308p Group 2 0.4228p 2.6692p 3.0920p 2.9308p Z Accumulation units Group 1 1.7981p – 1.7981p 1.7159p Group 2 0.2790p 1.5191p 1.7981p 1.7159p Z Income units Group 1 1.1792p – 1.1792p 1.1680p Group 2 0.4016p 0.7776p 1.1792p 1.1680p

Final distribution for the six months ended 31 October 2020 Group 1 Units purchased prior to 1 May 2020 Group 2 Units purchased on or after 1 May 2020

Net Distribution Distribution revenue payable paid 2020 Equalisation2020 31.12.20 31.12.19 per unit per unit per unit per unit A Accumulation units Group 1 1.5407p – 1.5407p 1.6884p Group 2 1.5407p – 1.5407p 1.6884p A Income units Group 1 0.9926p – 0.9926p 1.1282p Group 2 0.9554p 0.0372p 0.9926p 1.1282p I Accumulation units Group 1 5.4652p – 5.4652p 5.9147p Group 2 1.6432p 3.8220p 5.4652p 5.9147p I Income units Group 1 0.9980p – 0.9980p 1.1214p Group 2 0.4068p 0.5912p 0.9980p 1.1214p X Accumulation units Group 1 2.8870p – 2.8870p 3.1168p

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 30 31 October 2020 Distribution Table (continued)

Net Distribution Distribution revenue payable paid 2020 Equalisation2020 31.12.20 31.12.19 per unit per unit per unit per unit X Accumulation units (continued) Group 2 0.4708p 2.4162p 2.8870p 3.1168p Z Accumulation units Group 1 1.6684p – 1.6684p 1.8185p Group 2 0.8751p 0.7933p 1.6684p 1.8185p Z Income units Group 1 1.0749p – 1.0749p 1.2151p Group 2 0.5692p 0.5057p 1.0749p 1.2151p

Equalisation Equalisation applies to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of Group 2 units and is refunded to the holders of these units as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes.

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 31 31 October 2020 Remuneration

UCITS remuneration disclosures for Schroder Unit Trusts Limited (‘SUTL’) for the year to 31 December 2019 These disclosures form part of the non-audited section of this annual report and accounts and should be read in conjunction with the Schroders plc Remuneration Report on pages 72 to 108 of the 2019 Annual Report & Accounts (available on the Group’s website – www.schroders.com/annualreport2019), which provides more information on the activities of our Remuneration Committee and our remuneration principles and policies. The UCITS Material Risk Takers (‘UCITS MRTs’) of SUTL are individuals whose roles within the Schroders Group can materially affect the risk of SUTL or any UCITS fund that it manages. These roles are identified in line with the requirements of the UCITS Directive and guidance issued by the European Securities and Markets Authority. The Remuneration Committee of Schroders plc has established a remuneration policy to ensure the requirements of the UCITS Directive are met for all UCITS MRTs. The Remuneration Committee and the Board of Schroders plc review remuneration strategy at least annually. The directors of SUTL are responsible for the adoption of the remuneration policy, for reviewing its general principles at least annually, for overseeing its implementation and for ensuring compliance with relevant local legislation and regulation. During 2019 the Remuneration Policy was reviewed to ensure compliance with the UCITS/AIFMD remuneration requirements and no significant changes were made. The implementation of the remuneration policy is, at least annually, subject to independent internal review for compliance with the policies and procedures for remuneration adopted by the Board of SUTL and the Remuneration Committee. The most recent review found no fundamental issues but resulted in a range of more minor recommendations, principally improvements to process and policy documentation. The total spend on remuneration is determined based on a profit share ratio, measuring variable remuneration charge against pre-bonus profit, and from a total compensation ratio, measuring total remuneration expense against net income. This ensures that the interests of employees are aligned with Schroders financial performance. In determining the remuneration spend each year, the underlying strength and sustainability of the business is taken into account, along with reports on risk, legal, compliance and internal audit matters from the heads of those areas. The remuneration data that follows reflects amounts paid in respect of performance during 2019. ¯¯ The total amount of remuneration paid by SUTL to its staff was nil as SUTL has no employees. SUTL has two independent Non Executive Directors who receive fees in respect of their role on the Board of SUTL1. Employees of other Schroders Group entities who serve as Directors of SUTL receive no additional fees in respect of their role on the Board of SUTL. ¯¯ The following disclosures relate to UCITS MRTs of SUTL. Most of those UCITS MRTs were employed by and provided services to other Schroders group companies and clients. As a result, only a portion of remuneration for those individuals is included in the aggregate remuneration figures that follow, based on an objective apportionment to reflect the balance of each role using relevant regulated AUM as a proportion of the total AUM within the scope of each role. The aggregate total remuneration paid to the 176 UCITS MRTs of SUTL in respect of the financial year ended 31 December 2019, and attributed to SUTL or the UCITS funds that it manages, is £17.10 million, of which £3.29 million was paid to senior management, and £13.81 million was paid to MRTs deemed to be taking risk on behalf of SUTL or the UCITS funds that it manages and Control Function MRTs. For additional qualitative information on remuneration policies and practices see www.schroders.com/rem-disclosures.

1 The fees are not disclosed due to confidentiality and data protection considerations. The amount is not material to SUTL.

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 32 31 October 2020 General Information

Manager Registrar Schroder Unit Trusts Limited Schroder Unit Trusts Limited 1 London Wall Place 1 London Wall Place London EC2Y 5AU London EC2Y 5AU Authorised and regulated by the Financial Conduct Authority Authorised and regulated by the Financial Conduct Authority The Manager is responsible for maintaining the register for each Investment Adviser Fund. It has delegated certain registrar functions to HSBC Bank Schroder Investment Management Limited Plc, 8 Canada Square, London, E14 8HQ. 1 London Wall Place London EC2Y 5AU Administration Details Authorised and regulated by the Financial Conduct Authority Schroders Investor Services PO BOX 1402 Trustee Sunderland J.P. Morgan Europe Limited SR43 4AF Chaseside Bournemouth BH7 7DA Independent Auditors Authorised by the Prudential Regulation Authority and regulated PricewaterhouseCoopers LLP by the Financial Conduct Authority and Prudential Regulation Atria One Authority 144 Morrison Street Edinburgh EH3 8EX

Authorisation The Fund is an authorised and is constituted pursuant to the Collective Investment Schemes sourcebook and is structured as a Trust. The Fund is a UCITS scheme for the purpose of the categorisation of the Collective Investment Schemes sourcebook. Value Assessment A statement on the Assessment of Value is published on the Global Fund Centre in the Fund Literature section at www.Schroders.com within 4 months of the annual 'reference date' 31 December. 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.com.

Schroder All Maturities Corporate Bond Fund Final Report and Accounts 33 31 October 2020

For further literature please contact Schroder Investor Services on 0800 182 2399 or [email protected] for Retail Clients, or 0345 030 7277 or [email protected] for Institutional Clients, or visit our website at www.schroders.com. Issued in February 2021 by Schroder Unit Trusts Limited, 1 London Wall Place, London EC2Y 5AU. 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.