Schroder International Selection Fund Audited Annual Report A Luxembourg domiciled open-ended investment company 31 December 2009 Switzerland

R.C.S. Luxembourg B 8.202

Schroder International Selection Fund A Luxembourg domiciled open-ended investment company

Audited Annual Report

31 December 2009

No subscriptions can be received on the basis of financial reports. Subscriptions are valid only if made on the basis of the current Prospectus accompanied by the last available Annual Report or Semi-Annual Report if published thereafter.

Annual and Semi-Annual Reports, the current Prospectus, the Simplified Prospectuses and the Articles of Incorporation of the Company are available, free of charge, at the Company `s registered office, 5, rue Höhenhof, L-1736 Senningerberg, Grand Duchy of Luxembourg.

The Prospectus, the Simplified Prospectuses, the Articles of Association, the list of securities purchased and sold by the Management Company on behalf of the Company as well as the Annual and Semi- Annual Reports of the Company are available free of charge from Schroder Investment Management (Switzerland) AG, Central 2, CH-8001 Zurich, the Representative of the Company in Switzerland and from Schroder & Co Bank AG, Central 2, CH-8001 Zurich, the paying agent of the company in Switzerland.

Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 5 Table of Contents

Schroder International Selection Fund ...... 7

Information for Investors in Switzerland ...... 8

Board of Directors ...... 9

Administration ...... 10

Directors’ Report ...... 13

Investment Managers’ Report ...... 15

Notes to the Financial Statements as at 31 December 2009 . . . 16

Independent Auditor’s Report ...... 54

Statement of Net Assets as at 31 December 2009 ...... 55 Statement of Changes in Net Assets for the Year Ended 31 December 2009 ...... 94 Statement of Operations for the Year ended 31 December 2009 ...... 108

Distribution of Investments by Industry (Unaudited) ...... 122

Portfolio of Investments as at 31 December 2009 ...... 135 Mainstream Equity Funds Schroder ISF EURO Equity ...... 135 Schroder ISF European Large Cap ...... 136 Schroder ISF Global Equity ...... 137 Schroder ISF Italian Equity ...... 138 Schroder ISF Japanese Equity ...... 139 Schroder ISF Japanese Large Cap ...... 140 Schroder ISF Pacific Equity ...... 140 Schroder ISF Swiss Equity ...... 141 Schroder ISF UK Equity ...... 142 Schroder ISF US Large Cap ...... 143

Specialist Equity Funds Schroder ISF Asia Pacific Property Securities ...... 144 Schroder ISF Asian Equity Yield ...... 144 Schroder ISF Asian Smaller Companies ...... 145 Schroder ISF Asian Total Return ...... 146 Schroder ISF BRIC (Brazil, Russia, India, China) ...... 147 Schroder ISF China Opportunities ...... 148 Schroder ISF Emerging Asia ...... 149 Schroder ISF Emerging Europe ...... 151 Schroder ISF Emerging Markets ...... 152 Schroder ISF European Dividend Maximiser ...... 154 Schroder ISF European Equity Yield ...... 155 Schroder ISF European Smaller Companies ...... 156 Schroder ISF European Special Situations ...... 157 Schroder ISF Global Climate Change Equity ...... 158 Page 6 Schroder International Selection Fund Audited Annual Report 31 December 2009 Table of Contents

Schroder ISF Global Dividend Maximiser ...... 159 Schroder ISF Global Emerging Market Opportunities ...... 160 Schroder ISF Global Energy ...... 161 Schroder ISF Global Equity Yield ...... 162 Schroder ISF Global Property Securities ...... 163 Schroder ISF Global Smaller Companies ...... 164 Schroder ISF Greater China ...... 169 Schroder ISF Hong Kong Equity ...... 170 Schroder ISF Indian Equity ...... 171 Schroder ISF Japanese Smaller Companies ...... 172 Schroder ISF Korean Equity ...... 173 Schroder ISF Latin American ...... 173 Schroder ISF Middle East ...... 174 Schroder ISF Swiss Equity Opportunities ...... 175 Schroder ISF Swiss Small & Mid Cap Equity ...... 176 Schroder ISF Taiwanese Equity ...... 176 Schroder ISF US Small & Mid-Cap Equity ...... 177 Schroder ISF US Smaller Companies ...... 178

Style Equity Funds Schroder ISF EURO Active Value ...... 179 Schroder ISF EURO Dynamic Growth ...... 180

Alpha Equity Funds Schroder ISF European Equity Alpha ...... 181 Schroder ISF Global Equity Alpha ...... 182 Schroder ISF Japanese Equity Alpha ...... 183 Schroder ISF US All Cap a ...... 184

Quantitative Equity Funds Schroder ISF QEP Global Active Value ...... 185 Schroder ISF QEP Global Core ...... 191 Schroder ISF QEP Global Quality ...... 198 Schroder ISF QEP US Core ...... 203

Asset Allocation Funds Schroder ISF European Allocation b ...... 206

Absolute Return Funds Schroder ISF Asian Bond ...... 207 Schroder ISF Emerging Europe Debt Absolute Return ...... 208 Schroder ISF Emerging Markets Debt Absolute Return ...... 209

Mainstream Bond Funds Schroder ISF EURO Bond ...... 211 Schroder ISF EURO Government Bond c ...... 215 Schroder ISF EURO Short Term Bond ...... 216

a Schroder ISF US All Cap was formely known as Schroder ISF US Large Cap Alpha until 1 October 2009. b Schroder ISF European Allocation was formerly known as Schroder ISF European Absolute Return until 1 June 2009. c Schroder ISF EURO Government Bond was formerly known as Schroder ISF European Bond until 1 June 2009. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 7 Table of Contents

Schroder ISF Global Bond ...... 218 Schroder ISF Global Inflation Linked Bond ...... 222 Schroder ISF Hong Kong Dollar Bond ...... 223 Schroder ISF US Dollar Bond ...... 223

Specialist Bond Funds Schroder ISF Asian Local Currency Bond ...... 226 Schroder ISF EURO Corporate Bond ...... 227 Schroder ISF Global Corporate Bond ...... 232 Schroder ISF Global High Yield ...... 236 Schroder ISF Strategic Bond ...... 239

Specialist Bond Funds (Medium-higher risk) Schroder ISF Asian Convertible Bond ...... 243 Schroder ISF Global Convertible Bond ...... 244 Schroder ISF Global Credit Duration Hedged d ...... 246 Schroder ISF European Defensive ...... 250 Schroder ISF European Defensive 6 Monthly ...... 251 Schroder ISF European Defensive Monthly ...... 251 Schroder ISF World Defensive 3 Monthly ...... 252 Schroder ISF EURO Liquidity ...... 252 Schroder ISF US Dollar Liquidity ...... 254

Appendix Comparative Statement ...... 255 Appendix II

Schroder ISF Performance 31 December 2009 ...... 315

Appendix III Fees and Expenses (Unaudited)

TER (without transaction fees) The Total Expense Ratio and the Portfolio Turnover Ratio were calculated in accordance with the guidelines dated on 16 May 2008 issued by the Swiss Fund Association...... 371

Appendix IV Portfolio Turnover Ratios (Unaudited)

The Total Expense Ratio and the Portfolio Turnover Ratio were calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Fund Association...... 388

d Schroder ISF Global Credit Duration Hedged was formerly known as Schroder ISF Strategic Credit until 1 October 2009.

Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 9 Schroder International Selection Fund

Schroder International Selection Fund (the ‘Company’) is an open-ended ‘umbrella’ company incorporated under Luxembourg law, which enables investors to choose from ‘Funds’ (specific portfolios of assets and liabilities within the Company having their own net asset value and represented by a separate class or classes of Share) offering different investment objectives. The shares of each Fund are listed on the Luxembourg Stock Exchange. Prices are also available on Bloomberg and Reuters.

This report covers the year from 1 January 2009 to 31 December 2009. The financial statements are prepared in accordance with Luxembourg regulations relating to undertakings for collective investment. The last day on which prices were calculated was 31 December 2009, the last working day of the year. At the date of this report, 80 Funds were available for investment. Please refer to the current prospectus for the investment objectives of the Funds as well as details of investment restrictions. The Investment Manager’s report for each Fund can be found in the quarterly investment reports, which can be obtained from the Company’s registered office and are also available on the website of Schroder Investment Management (Luxembourg) S.A. (http://www.schroders.lu).

Hereafter, Schroder International Selection Fund will be referred to as the Company and all names of the Funds will be preceded by Schroder ISF, e.g., Schroder ISF Global Equity Alpha. Page 10 Schroder International Selection Fund Audited Annual Report 31 December 2009 Information for Investors in Switzerland

Representative Agent and Paying The Swiss Federal Banking Commission has approved Schroder Investment Management agent (Switzerland) AG, Zurich, as representative agent of the Company in Switzerland and Schroder & Co Bank AG, Zurich, as paying agent of the Company in Switzerland.

The current Prospectus, the Simplified Prospectuses, the Articles of Incorporation, Annual and Semi-Annual Reports, and the list of total purchases and sales, which took place during the year under review may be obtained free of charge at Schroder Investment Management (Switzerland) AG, Central 2, CH-8001 Zurich.

Use of the Management Fee by the For the purpose of distribution in Switzerland, reimbursements may be paid, out of the Company management fee levied, to institutional investors who, from a commercial perspective, are holding fund units for third parties. In addition, trailer fees may be paid, out of the management fee levied, to sales agents and partners. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 11 Board of Directors

Chairman — Massimo TOSATO Vice Chairman Schroders PLC 31, Gresham Street London EC2V 7QA United Kingdom

Directors — Jacques ELVINGER Partner Elvinger, Hoss & Prussen 2, place Winston Churchill L-2014 Luxembourg Grand Duchy of Luxembourg

— Gavin RALSTON Head of Continental Europe and Middle East Schroder Investment Management Limited 31, Gresham Street London EC2V 7QA United Kingdom

— Daniel DE FERNANDO GARCIA Independent Director Serrano 1 28001 Madrid Spain

— Richard MOUNTFORD Global Head of Retail Schroder Investment Management Limited 31, Gresham Street London EC2V 7QA United Kingdom

— Achim KUESSNER Country Head Schroder Investment Management GmbH Taunustor 2 (Japan Center) 60311 Frankfurt Germany

— Ketil PETERSEN 1 Country Head Schroder Investment Management Store Strandstraede 21 1255 Copenhagen K Denmark

— Georges-Arnaud SAIER 2 Independent Director 10, Rue de la Grange Bateliere F-75009 Paris France

1 Ketil Petersen joined the Board of Directors with effect 26 May 2009. 2 Georges-Arnaud Saier joined the Board of Directors with effect on 1 July 2009. Page 12 Schroder International Selection Fund Audited Annual Report 31 December 2009 Administration

Registered Office 5, rue Höhenhof, L-1736 Senningerberg, Grand Duchy of Luxembourg

Management Company, Domiciliary Schroder Investment Management (Luxembourg) S.A. Agent and Principal Paying Agent 5, rue Höhenhof, L-1736 Senningerberg, Grand Duchy of Luxembourg

Custodian J.P. Morgan Bank Luxembourg S.A. European Bank & Business Centre, 6, route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg

Principal Legal Adviser Elvinger, Hoss & Prussen 2, place Winston Churchill, B.P. 425, L-2014 Luxembourg, Grand Duchy of Luxembourg

Independent Auditor PricewaterhouseCoopers S.àr.l. Réviseur d’entreprises 400, route d'Esch, B.P. 1443, L-1471 Luxembourg, Grand Duchy of Luxembourg

Investment Managers Schroder Investment Management Limited 31, Gresham Street, London EC2V 7QA, United Kingdom

Schroder ISF BRIC (Brazil, Russia, India, China) Schroder ISF Emerging Europe Schroder ISF Emerging Europe Debt Absolute Return Schroder ISF Emerging Markets Schroder ISF Emerging Markets Debt Absolute Return Schroder ISF EURO Active Value Schroder ISF EURO Bond Schroder ISF EURO Corporate Bond Schroder ISF EURO Dynamic Growth Schroder ISF EURO Equity Schroder ISF EURO Equity Secure 2010 Schroder ISF EURO Government Bond 1 Schroder ISF EURO Government Liquidity 2 Schroder ISF EURO Liquidity Schroder ISF EURO Short Term Bond Schroder ISF European Active Value 3 Schroder ISF European Allocation 4 Schroder ISF European Defensive Schroder ISF European Defensive 6 Monthly Schroder ISF European Defensive Monthly Schroder ISF European Dividend Maximiser Schroder ISF European Dynamic Growth 5 Schroder ISF European Equity 6 Schroder ISF European Equity Alpha Schroder ISF European Equity Yield Schroder ISF European Large Cap Schroder ISF European Smaller Companies Schroder ISF European Special Situations Schroder ISF Global Bond Schroder ISF Global Climate Change Equity Schroder ISF Global Corporate Bond Schroder ISF Global Credit Duration Hedged 7 Schroder ISF Global Dividend Maximiser

1 Schroder ISF EURO Government Bond was formerly known as Schroder ISF European Bond until 1 June 2009. 2 Schroder ISF EURO Government Liquidity was formerly known as Schroder ISF Global Government Bond until 1 March 2009. 3 Schroder ISF European Active Value was merged with Schroder ISF EURO Active Value on 29 September 2009. 4 Schroder ISF European Allocation was formerly known as Schroder ISF European Absolute Return until 1 June 2009. 5 Schroder ISF European Dynamic Growth was merged with Schroder ISF European Special Situations on 1 December 2009. 6 Schroder ISF European Equity was merged with Schroder ISF European Large Cap on 23 January 2009. 7 Schroder ISF Global Credit Duration Hedged was formerly known as Schroder ISF Strategic Credit until 1 October 2009. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 13 Administration (cont)

Schroder ISF Global Emerging Markets Commodities 8 Schroder ISF Global Emerging Market Opportunities Schroder ISF Global Energy Schroder ISF Global Equity Schroder ISF Global Equity Alpha Schroder ISF Global Equity Yield Schroder ISF Global Inflation Linked Bond Schroder ISF Global Managed Currency 9 Schroder ISF Global Smaller Companies Schroder ISF Italian Equity Schroder ISF Latin American Schroder ISF Middle East Schroder ISF QEP Global Active Value Schroder ISF QEP Global Core Schroder ISF QEP Global Quality Schroder ISF QEP US Core Schroder ISF Strategic Bond Schroder ISF UK Equity Schroder ISF World Defensive 3 Monthly

Schroder Investment Management (Hong Kong) Limited Suites 3301, Level 33, Two Pacific Place, 88 Queensway, Hong Kong SAR

Schroder ISF Asia Pacific Property Securities Schroder ISF Asian Equity Alpha 10 Schroder ISF China Opportunities Schroder ISF Emerging Asia Schroder ISF Greater China Schroder ISF Hong Kong Dollar Bond Schroder ISF Hong Kong Equity Schroder ISF Taiwanese Equity

Schroder Investment Management (Japan) Limited 21st Floor Marunouchi Trust Tower Main, 1-8-3 Marunouchi, Chiyoda-Ku, Tokyo, Japan

Schroder ISF Japanese Equity Schroder ISF Japanese Equity Alpha Schroder ISF Japanese Large Cap Schroder ISF Japanese Smaller Companies

Schroder Investment Management North America Inc. 875 Third Avenue, 22nd Floor, New York, New York 10022-6225, USA

Schroder ISF Global High Yield Schroder ISF US All Cap 11 Schroder ISF US Dollar Bond Schroder ISF US Dollar Liquidity Schroder ISF US Large Cap Schroder ISF US Small & Mid-Cap Equity Schroder ISF US Smaller Companies

8 Schroder ISF Global Emerging Markets Commodities was liquidated on 29 September 2009. 9 Schroder ISF Global Managed Currency was launched on 2 June 2009. 10 Schroder ISF Asian Equity Alpha was liquidated on 26 May 2009. 11 Schroder ISF US All Cap was formerly known as Schroder ISF US Large Cap Alpha until 1 October 2009. Page 14 Schroder International Selection Fund Audited Annual Report 31 December 2009 Administration (cont)

Schroder Investment Management (Singapore) Limited 65, Chulia Street 46-00, OCBC Cebtre, Singapore 049513, Singapore

Schroder ISF Asian Bond Schroder ISF Asian Equity Yield Schroder ISF Asian Local Currency Bond Schroder ISF Asian Smaller Companies Schroder ISF Asian Total Return Schroder ISF Indian Equity Schroder ISF Korean Equity Schroder ISF Pacific Equity

Schroder Investment Management (Switzerland) AG 12 Central 2, CH-8001 Zurich, Switzerland

Schroder ISF European Equity Opportunities 13 Schroder ISF Swiss Equity Schroder ISF Swiss Equity Opportunities Schroder ISF Swiss Small & Mid Cap Equity

European Investors Inc. 717 Fifth Avenue, New York, New York 10022, United States of America

Schroder ISF Global Property Securities

Fisch Asset Management AG 241 Bellerive, CH-8034, Zurich, Switzerland

Schroder ISF Asian Convertible Bond Schroder ISF Global Convertible Bond

12 Schroder Investment Management (Switzerland) AG was known as Schroder & Co Bank AG until 1 December 2009. 13 Schroder ISF European Equity Opportunities was liquidated on 10 June 2009. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 15 Directors’ Report

The Directors’ report contains information in relation to the Company in general and not only funds registered in Switzerland.

On 31 December 2009, the total net assets of Schroder International Selection Fund (‘the Company’) were EUR 40,304,849,572 compared with EUR 19,143,448,176 on 31 December 2008, an increase of 110.54%.

During the year under review, 1 new Fund was made available for investment within the Company:

2. Juni 2009 Schroder ISF Global Managed Currency 1

During the year under review 3 funds were liquidated:

26 May 2009 Schroder ISF Asian Equity Alpha

10 June 2009 Schroder ISF European Equity Opportunities

29 September 2009 Schroder ISF Global Emerging Markets Commodities

In addition to the 28 share classes launched in new Fund, the following share classes were made available during the year:

19 January 2009 Schroder ISF EURO Corporate Bond A1 Dis shares Schroder ISF Global Corporate Bond A1 Dis shares

27 February 2009 Schroder ISF EURO Corporate Bond X Dis shares

20 March 2009 Schroder ISF Asian Bond D Dis shares

27 March 2009 Schroder ISF Global High Yield A1 Dis shares Schroder ISF Global High Yield B Dis shares

17 April 2009 Schroder ISF Global Corporate Bond A Dis SGD Hedged shares

30 April 2009 Schroder ISF Global Equity Alpha I Acc GBP shares Schroder ISF EURO Corporate Bond A Dis shares

22 May 2009 Schroder ISF EURO Corporate Bond A Acc USD Hedged shares

19 June 2009 Schroder ISF Global Credit Duration Hedged USD I Acc Hedged shares 2 Schroder ISF Global Credit Duration Hedged GBP I Acc Hedged shares2

3 July 2009 Schroder ISF Global Inflation Linked Bond USD Hedged A1 Acc Hedged shares

15 July 2009 Schroder ISF Japanese Smaller Companies GBP I Dis shares

31 July 2009 Schroder ISF Global High Yield GBP C Dis Hedged shares

25 September 2009 Schroder ISF Asian Convertible Bond GBP Hedged C Acc Hedged shares Schroder ISF Global Convertible Bond GBP Hedged C Acc Hedged shares Schroder ISF Global Corporate Bond EUR Hedged I Acc Hedged shares

15 October 2009 Schroder ISF Emerging Markets Debt Absolute Return PLN A1 Acc Hedged shares

16 October 2009 Schroder ISF Asian Convertible Bond GBP C Dis Hedged shares Schroder ISF Global Convertible Bond GBP C Dis Hedged shares

1 This fund was not registered in Switzerland at the date of the report. 2 Schroder ISF Global Credit Duration Hedged was formerly known as Schroder ISF Strategic Credit until 1 October 2009. Page 16 Schroder International Selection Fund Audited Annual Report 31 December 2009 Directors’ Report (cont)

13 November 2009 Schroder ISF China Opportunities HKD A Acc shares Schroder ISF Global Managed Currency 3 EUR A Acc Hedged shares Schroder ISF Global Managed Currency3 EUR C Acc Hedged shares

27 November 2009 Schroder ISF US All Cap GBP A Dis shares 4

4 December 2009 Schroder ISF Strategic Bond EUR A Dis Hedged shares Schroder ISF Strategic Bond EUR A1 Dis Hedged shares Schroder ISF Strategic Bond EUR B Dis Hedged shares

Furthermore, the following changes took effect during the year:

Schroder ISF EURO Government Liquidity3 With effect from 1 March 2009, the name of Schroder ISF Global Government Bond was changed to Schroder ISF EURO Government Liquidity.

Schroder ISF European Allocation With effect from 1 June 2009, the name of Schroder ISF European Absolute Return was changed to Schroder ISF European Allocation.

Schroder ISF EURO Government Bond With effect from 1 June 2009, the name of Schroder ISF European Bond was changed to Schroder ISF EURO Government Bond. The fees were reduced as follow: A, A1, B from 0.75% to 0.50%, C from 0.50% to 0.20%.

Schroder ISF US All Cap With the effect from 1 October 2009, the name Schroder ISF US Large Cap Alpha was changed to Schroder ISF US All Cap. The fees were reduced as follow: A, A1, B from 1.50% to 1.25%, C from 1.00% to 0.75%.

Schroder ISF Global Credit Duration Hedged With the effect from 1 October 2009, the name Schroder ISF Strategic Credit was changed to Schroder ISF Global Credit Duration Hedged. The fees were reduced as follow: A, A1, B from 1.50% to 0.75%, C from 1.00% to 0.50%.

Schroder ISF European Equity On 23 January 2009 Schroder ISF European Equity was merged with Schroder ISF European Large Cap. The total net assets value of the absorbed fund was EUR 11,349,259.59.

Schroder ISF European Active Value On 29 September 2009 Schroder ISF European Active Value was merged with Schroder ISF EURO Active Value. The total net assets value of the absorbed fund was EUR 3,908,983.42.

Schroder ISF European Dynamic Growth On 1 December 2009 Schroder ISF European Dynamic Growth was merged with Schroder ISF European Special Situations. The total net assets value of the absorbed fund was EUR 23,392,580.74.

The Board of Directors Schroder International Selection Fund 31 December 2009

3 This fund was not registered in Switzerland at the date of the report. 4 Schroder ISF US All Cap was formerly known as Schroder ISF US Large Cap Alpha until 1 October 2009. The information contained in this report is historical and not necessarily indicative of future performance. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 17 Investment Managers’ Report

It was an extraordinary year for financial markets. At the start of 2009, the outlook for the global economy was extremely pessimistic and deflation was a genuine threat in a number of economies. Worries about further systemic risk in the financial system were also pervasive. However, investor confidence was restored in March when it became apparent that central banks and governments around the world would do their utmost to stave off another ‘Great Depression.’ Interest rates were cut to historic lows and co-ordinated action in the form of ‘bail out’ packages to prop up the banking system and the injection of liquidity into the financial system were quickly put in place.

In response to this, and as the economic data became ‘less bad’, financial markets staged a remarkable recovery, with strong performances coming from equities, corporate bonds and commodities, on optimism that the worst of the global downturn was behind us.

With the return of risk appetite, those assets that had been hit the hardest in 2008 bounced back the strongest. Within equities, the gains in the less economically challenged emerging markets were particularly impressive. Developed markets, including Europe, the UK and the US also generated strong returns; however, Japan continued to underperform on persistent concerns about deflation.

In the credit markets, the prices of company issued bonds, which carry a higher yield to compensate for higher risk, rose sharply and the spread to government bonds narrowed.

The rally in riskier assets continued for much of the year amid a continuation of the generally improving trend in economic data, attributed to an improvement in the inventory cycle and the growing impetus of fiscal and monetary stimulus. The IMF also released more optimistic assessments of the worldwide economic outlook, and many economies exited recession towards the latter part of the year.

However, there was some pause for breath by October as disappointing data releases – including persistently high unemployment figures and weak consumer confidence surveys out of the US – served as a reminder about the fragility of the global economic recovery. In addition, there were further setbacks towards the end of November with the announcement by the Dubai government of a debt restructuring of its flagship holding company, Dubai World. Heightened worries about sovereign risk, in Greece and Spain in particular, also weighed on investor sentiment.

Looking ahead, we expect the global economy to continue to recover. However, it remains far from out of the woods. There are still questions about when, and how, governments will withdraw stimulus measures and start normalising monetary conditions. The boost from the inventory cycle and the effect from tax cuts are also likely to fade and act as a headwind on economic growth, as will the constraints from the high levels of private and government debt in developed economies further out.

At the same time, however, it is also important to remember that the financial markets have rebounded from very depressed levels, so we believe that there are still attractively valued investment opportunities out there. In fact, we remain confident that our in-depth research is the most reliable means of finding the best investment opportunities across asset classes given our selective approach, and deliver strong returns over the long term.

The Investment Managers Schroder International Selection Fund 31 December 2009

The information contained in this report is historical and not necessarily indicative of future performance. Page 18 Schroder International Selection Fund Audited Annual Report 31 December 2009 Notes to the Financial Statements as at 31 December 2009

The Company

The Company was incorporated in Luxembourg on 5 December 1968 as a ‘société anonyme’. Pursuant to an Extraordinary General Meeting of Shareholders held on 31 January 1989, the form and name of the Company, as well as its establishment period, was changed to a ‘société d’investissement à capital variable’ (‘SICAV’) established for an unlimited period under the name of SCHRODER INTERNATIONAL SELECTION FUND. The company qualifies as an undertaking for collective investment (UCI) regulated by the provisions of Part I of the Luxembourg law dated 20 December 2002 regarding UCI’s. The Company is UCITS III compliant with effect from 26 April 2005.

Classes of Shares

At the date of this report, ten classes of shares are available within the Funds: A, B, C, D, I, J, P, X, A1 & B1 shares.

All Funds offer A, B and C shares, apart from the following Funds: Schroder ISF EURO Equity Secure 2010 (offers only P shares); Schroder ISF European Defensive (offers only A, B & A1 shares); Schroder ISF European Defensive Monthly (offers only A, B & A1 shares); Schroder ISF European Defensive 6 Monthly (offers only A, B & A1 shares); Schroder ISF European Equity Opportunities (offers only A, C & I shares) 1; Schroder ISF EURO Government Liquidity (offers only A, C & I shares) 2; Schroder ISF Japanese Large Cap (offers only A, A1, C & I shares); Schroder ISF QEP Global Core (offers only C & I shares); Schroder ISF QEP US Core (offers only C & I shares); Schroder ISF World Defensive 3 Monthly (offers only A, B & A1 shares).

Shares are generally issued as Accumulation shares. Distribution shares may be issued within any Fund at the Directors’ discretion. A list of available Distribution shares may be obtained upon request at the Management Company.

In accordance with the provisions of the current prospectus, the Directors may also offer classes in multiple currency denominations. The respective Investment Managers have the ability to hedge the shares of such classes in relation to the Fund currency. Where hedging of this kind is undertaken, the respective Investment Managers may engage, for the exclusive account of such share class, in currency forwards, currency futures, currency option transactions and swaps in order to preserve the value of the reference currency against the Fund currency.

Where undertaken, the effects of this hedging will be reflected in the Net Asset Value and, therefore, in the performance of such additional share class. Similarly, any expenses arising from such hedging transactions will be borne by the class in relation to which they have been incurred. The classes of share available for each Fund are set out in detail in the current prospectus.

Initial Charge

A Shares Initial charge of up to 5.26315% of the Net Asset Value per Share A1 Shares Initial charge of up to 4.16667% of the Net Asset Value per Share B, B1, D, I, J and X Shares No initial charge C Shares Initial charge of up to 3.09278% of the Net Asset Value per Share

The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.

Distribution Charge

A, C, I, J and X Shares No distribution charge

B Shares * Equity Funds Distribution charge of 0.60% per annum of the net assets of Funds Absolute Return Funds Distribution charge of 0.50% per annum of the net assets of Funds Bond Funds Distribution charge of 0.50% per annum of the net assets of Funds with the exception of 0.10% per annum of the net assets of Schroder ISF EURO Short Term Bond

Defensive Funds Distribution charge of 0.55% per annum of the net assets of Funds Liquidity Funds Distribution charge of 0.10% per annum of the net assets of Funds Currency Funds Distribution charge of 0.50% per annum of the net assets of Funds Asset Allocation Funds Distribution charge of 0.60% per annum of the net assets of Funds

1 Schroder ISF European Equity Opportunities was liquidated on 10 June 2009. 2 Schroder ISF EURO Government Liquidity was formerly known as Schroder ISF Global Government Bond until 1 March 2009. * Distribution charges in respect of B shares are payable quarterly. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 19 Notes to the Financial Statements as at 31 December 2009 (cont)

Distribution Charge (cont)

D Shares * Distribution charge of 1.00% per annum of the net assets of Funds

A1 Shares * Distribution charge of 0.50% per annum of the net assets of Funds

For Schroder ISF EURO Liquidity and Schroder ISF US Dollar Liquidity the distribution fee was reduced to 0.10% on 1 October 2009

B1 Shares ** Distribution charge of 1.25% per annum of the net assets of Funds (comprising a shareholder servicing fee of 0.25% p.a.)

Minimum Subscription Amount, Minimum Additional Subscription Amount and Minimum Holding Amount

In accordance with the provisions of the current prospectus, minimum amounts for subscription, additional subscription and holding are as follows:

A, A1, B, B1 and D Shares The minimum initial subscription, additional subscription and holding amount is EUR 1,000 or USD 1,000 or their near equivalent in any other freely convertible currency. ***

C Shares The minimum initial subscription and holding amount is EUR 500,000 or USD 500,000 or their near equivalent in any other freely convertible currency. The minimum additional subscription amount is EUR 250,000 or USD 250,000 or their near equivalent in any other freely convertible currency. ***

I & J Shares The minimum initial subscription and holding amount is EUR 5,000,000 or USD 5,000,000 or their near equivalent in any other freely convertible currency. The minimum additional subscription amount is EUR 2,500,000 or USD 2,500,000 or their near equivalent in any other freely convertible currency. ***

I shares will only be offered to investors who, at the time the relevant subscription order is received, are clients of Schroders with an agreement covering the charging structure relevant to the clients’ investments in such shares and who are Institutional Investors.

J Shares will only be offered to and can only be acquired by Japanese Fund of Funds, which are Institutional Investors.

X Shares The minimum initial subscription and holding amount is EUR 25,000,000 or USD 25,000,000 or their near equivalent in any other freely convertible currency. The minimum additional subscription amount is EUR 12,500,000 or USD 12,500,000 or their near equivalent in any other freely convertible currency. ***

X shares will only be offered to investors who, at the time the relevant subscription order is received, are clients of Schroders with an agreement covering the charging structure relevant to the clients’ investments in such shares and who are Institutional Investors.

Further details on specific features of the different classes of shares and the conditions under which initial and distribution fees are calculated can be found in the current prospectus.

Net Asset Value

Calculation of Net Asset Value per Share

The Net Asset Value per share of each class is calculated on each Dealing Day in the currency of the relevant class. It is calculated by dividing the Net Asset Value attributable to each class, being the proportionate value of its assets less its liabilities, by the number of shares of such class then in issue. The resulting sum is rounded to the nearest two decimal places. Further details on rules that apply in valuing total assets can be found in the current prospectus.

* Distribution charges in respect of A1, B1 and D shares are paid at such intervals, as may be agreed upon from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such shares. ** Distribution charges in respect of B shares are payable quarterly. *** Distribution charges in respect of A1, B1 and D shares are paid at such intervals, as may be agreed upon from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such shares. Page 20 Schroder International Selection Fund Audited Annual Report 31 December 2009 Notes to the Financial Statements as at 31 December 2009 (cont)

Net Asset Value (cont)

Valuation of the Assets of the Company

The value of securities, financial derivative instruments and assets is determined on the basis of the last available price on the stock exchange or any other regulated market on which those securities or assets are traded or admitted for trading. Where such securities or other assets are quoted or dealt in on more than one stock exchange or any other regulated market, the Directors shall make regulations for the order of priority in which stock exchanges or other regulated markets shall be used for the provision of prices of securities or other assets.

If a security is not traded on or admitted to any official stock exchange or any other regulated market or, in the case of securities so traded or admitted, the last available price does not reflect their true value, the Directors are required to proceed on the basis of their expected sales price, which shall be valued with prudence and in good faith.

Financial derivative instruments, which are not listed on any official stock exchange or any other regulated market, are valued in accordance with market practice. The swaps are valued at their fair value based on the underlying securities (at close of business or intraday) as well as on the characteristics of the underlying commitments.

Units of shares in undertakings for collective investments are valued on the basis of their last available net asset value. Liquid assets and money market instruments held within the liquidity Funds are usually valued on an amortised cost basis.

The value of any cash in hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received shall be deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such discount as the Company may consider appropriate in such case to reflect the true value thereof.

Any assets or liabilities in currencies other than the base currencies of the Funds will be converted using the relevant spot rate quoted by a bank or other responsible financial institution.

If any of the aforesaid valuation principles do not reflect the valuation method commonly used in specific markets or if any such valuation principles do not seem accurate for the purpose of determining the value of the Company’s assets, the Directors may fix different valuation principles in good faith and in accordance with generally accepted valuation principles and procedures.

The Directors are authorised to apply other appropriate valuation principles for the assets of the Funds and/or the assets of a given class if the aforesaid valuation methods appear impossible or inappropriate due to extraordinary circumstances or events.

As of 31 December 2009 the fair valuation was applied to the following securities:

Security Name Fund

Anglo Irish Bank Schroder ISF QEP Global Core Carrere Schroder ISF Global Smaller Companies Carrere Schroder ISF European Smaller Companies Cattles Schroder ISF QEP Global Active Value Dowa Mining Rights 29/01/2010 Schroder ISF Global Smaller Companies Dualpoint variable perpetual Schroder ISF Asian Bond Hang Fung Gold Technology 9.25% 17/10/2014 Schroder ISF Asian Bond Jurong Technologies Industrial Schroder ISF QEP Global Active Value Lippo Karawaci Finance 8.875% 09/03/2011 Schroder ISF Asian Bond Northern Rock Schroder ISF QEP Global Active Value Paramalat Finanziaria Schroder ISF EURO Equity Paramalat Finanziaria Schroder ISF Italian Equity Paramalat Finanziaria Schroder ISF European Equity Alpha Peace Mark Schroder ISF European Equity Alpha Sphere Medical Schroder ISF European Equity Alpha Teton Advisors Schroder ISF QEP Global Core Timbercorp Schroder ISF QEP Global Active Value Ya Hsin Industrial Schroder ISF QEP Global Active Value Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 21 Notes to the Financial Statements as at 31 December 2009 (cont)

Fair Value Pricing

In accordance with the provisions of the current prospectus, fair value pricing may be implemented to protect the interests of the Company’s shareholders against market timing practices. Accordingly, if a Fund is primarily invested in markets that are closed for business at the time the Fund is valued, the Directors may, during periods of market volatility and by derogation from the provisions above under ‘Calculation of Net Asset Value per share’, cause the Fund Administrator to allow for the Net Asset Value per share to be adjusted to reflect more accurately the fair value of the Fund’s investments at the point of valuation.

The level of adjustment is based upon the movement in a chosen surrogate up until the point of valuation, provided that such movement exceeds the threshold as determined by the Directors for the relevant Fund. The surrogate will usually be in the form of a futures index but might also be a basket of securities, which the Directors believe is strongly correlated to and representative of the performance of the Fund. Where an adjustment is made as per the foregoing, it is applied consistently to all classes of shares in the same Fund.

During the year under review, fair value pricing was applied to twelve Funds, namely: Schroder ISF Global Equity, Schroder ISF QEP Global Active Value, Schroder ISF QEP Global Core, Schroder ISF QEP US Core, Schroder ISF US Large Cap, Schroder ISF US All Cap 1, Schroder ISF US Smaller Companies, Schroder ISF US Small & Mid Cap, Schroder ISF Global Equity Alpha, Schroder ISF Global Smaller Companies, Schroder ISF QEP Global Quality and Schroder ISF Global Climate Change Equity. The Directors, however, reserve the right to extend the implementation of fair value pricing in respect of other Funds whenever they deem it appropriate.

The Funds in relation to which fair value pricing was applied during the year under review as well as details of the relevant reference indices, thresholds and surrogates are shown below:

Fund Threshold Surrogate

Schroder ISF Global Equity 0.50% S&P 500 Futures Schroder ISF QEP Global Active Value 0.50% S&P 500 Futures Schroder ISF QEP Global Core 0.50% S&P 500 Futures Schroder ISF QEP US Core 0.50% S&P 500 Futures Schroder ISF US Large Cap 0.50% S&P 500 Futures Schroder ISF US All Cap 2 0.50% S&P 500 Futures Schroder ISF US Smaller Companies 3 0.50% S&P 500 Futures Schroder ISF US Small & Mid Cap 3 0.50% S&P 500 Futures Schroder ISF Global Equity Alpha 3 0.50% S&P 500 Futures Schroder ISF Global Smaller Companies 3 0.50% S&P 500 Futures Schroder ISF QEP Global Quality 3 0.50% S&P 500 Futures Schroder ISF Global Climate Change Equity 3 0.50% S&P 500 Futures

Swing Pricing Adjustment

A Sub-Fund may suffer dilution of the Net Asset Value per Share due to investors buying or selling Shares in a Sub-Fund at a price that does not reflect the dealing and other costs that arise when security trades are undertaken by the Investment Manager to accommodate cash inflows or outflows.

In order to counter this impact, a Swing Pricing mechanism may be adopted to protect the interests of Shareholders of the Fund. If on any Valuation Date, the aggregate net transactions in Shares of a Sub-Fund exceed a pre-determined threshold, as determined and reviewed for each Sub-Fund on a periodic basis by the Management Company, the Net Asset Value per Share may be adjusted upwards or downwards to reflect net inflows and net outflows respectively.

The net inflows and net outflows will be determined by the Management Company based on the latest available information at the time of calculation of the Net Asset Value per Share. The Swing Pricing mechanism may be applied across all Sub-Funds. The extent of the price adjustment will be set by the Management Company to reflect dealing and other costs. Such adjustment may vary from Sub-Fund to Sub-Fund and will not exceed 2% of the original Net Asset Value per Share.

The mechanism has been implemented in Schroders Funds from 12 January 2009.

The official Net Asset Value per Share as at year end, disclosed in the Statistical Information section of this report may therefore include a Swing Pricing adjustment, which would not be recognised in the Statement of Net Assets, Statement of Changes in Net Assets and in the Statement of Operations. As at year end, a Swing Pricing adjustment has been applied to Schroder ISF Japanese Large Cap.

1 Schroder ISF US All Cap was formerly known as Schroder ISF US Large Cap Alpha until 1 October 2009. 2 Schroder ISF US All Cap was formerly known as Schroder ISF US Large Cap Alpha until 1 October 2009. 3 First fair valuation applied on 17 November 2009. Page 22 Schroder International Selection Fund Audited Annual Report 31 December 2009 Notes to the Financial Statements as at 31 December 2009 (cont)

Taxation

The Company is not subject to any taxes in Luxembourg on income or capital gains. The only tax to which the Company in Luxembourg is subject is the ‘taxe d’abonnement’ to a rate of 0.05% per annum based on the net asset value of each Fund at the end of the relevant quarter, calculated and paid quarterly. In respect of any Class of Shares which comprises only institutional investors (within the meaning of article 129 of the Law of 20 December 2002) and of the Funds EURO Liquidity and US Dollar Liquidity, the tax levied will be at the rate of 0.01% per annum. The tax is payable quarterly in arrears on the basis of the net assets of the respective Funds at the end of the relevant quarter.

Changes in the Funds

A list specifying for each Fund the total purchases and sales, which took place during the year under review, may be obtained free of charge upon request at the Company’s registered office.

Transactions made for a Purpose other than Hedging

In accordance with the provisions of the current prospectus, the Company may, for a purpose other than hedging, purchase and sell futures contracts, options on any kind of financial instruments and equity swaps provided that: a) The aggregate commitments in connection with the purchase and sale of futures contracts, options on any kind of financial instruments and equity swaps together with the amount of the commitments relating to the writing of call and put options on transferable securities do not exceed at any time the value of the net assets of the relevant Fund; and b) The total premiums paid for the acquisition of outstanding call and put options on transferable securities may not together with the total of the premiums paid for the purchase of the call and put options outstanding made for a purpose other than hedging exceed 15% of the net assets of the relevant Fund; and c) The Company will only enter into equity swap transactions with highly rated financial institutions specialised in this type of transactions.

Securities Lending

In accordance with the provisions of the current prospectus, the Directors may, in their sole discretion, allow the Company to lend its securities within the framework of a standardised lending system organised by a recognised securities clearing body or by a highly rated financial institution specialised in this type of transaction. After the deduction of Management Company and agents fees, the Company received 65% of the gross income from the securities lending programme.

On 31 December 2009, the valuation of the securities on loan was EUR 905,808,098.44. The table below shows the valuation of securities on loan at Fund level on 31 December 2009:

Value in EUR

Schroder ISF Asian Equity Yield 18,978,221.01 Schroder ISF Asian Total Return 3,299,184.79 Schroder ISF BRIC (Brazil, Russia, India, China) 29,210,163.66 Schroder ISF China Opportunities 11,380,890.72 Schroder ISF Emerging Europe 5,860,566.26 Schroder ISF Emerging Markets 8,177,666.04 Schroder ISF EURO Bond 24,347,794.30 Schroder ISF EURO Corporate Bond 367,661,691.95 Schroder ISF EURO Government Bond 1 11,600,090.90 Schroder ISF EURO Liquidity 7,321,377.30 Schroder ISF EURO Short Term Bond 216,838,885.31 Schroder ISF European Dividend Maximiser 216,708.78 Schroder ISF Global Bond 3,159,517.24 Schroder ISF Global Climate Change Equity 5,508,912.48 Schroder ISF Global Corporate Bond 26,146,073.57 Schroder ISF Global Dividend Maximiser 476,838.61 Schroder ISF Global Emerging Market Opportunities 2,102,612.44 Schroder ISF Global Energy 1,727,706.05 Schroder ISF Global Equity 471,507.96 Schroder ISF Global Equity Alpha 973,262.40 Schroder ISF Global Equity Yield 1,163,060.28 Schroder ISF Global High Yield 41,901,846.03 Schroder ISF Global Property Securities 3,227,692.15 Schroder ISF Global Smaller Companies 2,545,935.57

1 Schroder ISF EURO Government Bond was formerly known as Schroder ISF European Bond until 1 June 2009. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 23 Notes to the Financial Statements as at 31 December 2009 (cont)

Securities Lending (cont)

(cont) Value in EUR

Schroder ISF Greater China 17,852,159.15 Schroder ISF Hong Kong Equity 21,287,709.51 Schroder ISF Japanese Equity 2,337,393.84 Schroder ISF Japanese Equity Alpha 26,532.53 Schroder ISF Japanese Large Cap 1,628,344.97 Schroder ISF Japanese Smaller Companies 4,476,015.52 Schroder ISF Pacific Equity 1,477,674.39 Schroder ISF QEP Global Active Value 14,128,343.25 Schroder ISF QEP Global Core 3,984,841.34 Schroder ISF QEP US Core 23,115.55 Schroder ISF Strategic Bond 20,071,858.26 Schroder ISF Swiss Equity 14,912,081.92 Schroder ISF Swiss Equity Opportunities 4,085,603.61 Schroder ISF Swiss Small & Mid Cap Equity 5,218,218.80 Total 905,808,098.44

Equalisation

The Company operates equalisation arrangements to ensure that effective yields are paid out by the Funds at year end and to nullify the impact of significant capital changes upon the amount paid per Share as a dividend.

The equalisation amount represents the average amount of income of the fund included in the Net Asset Value of each Share issued or redeemed during the relevant distribution period. Under UK regulations, it is expected that the equalisation amount will not be taxable as an income receipt of the Shareholder but should be applied to reduce the base acquisition cost of the Shares for the purpose of computing capital gains. The tax treatment of equalisation amounts may, however, differ in certain jurisdictions, such as Germany. Further details on equalisation arrangements can be found in the Fund’s current prospectus.

Risk Warning

Those Funds with an investment objective that allows investment in Russian securities may invest directly in Russian securities that are traded on the Russian Trading System Stock Exchange (RTS Stock Exchange) and MICEX – Moscow Interbank Currency Exchange. For details of risk involved in dealing in these exchanges please refer to Appendix II of the current prospectus.

The Funds will limit any direct investment in securities traded on the non Regulated Markets of the Commonwealth of Independent States (together with any other securities not traded on a Regulated Market) to 10% of its net assets.

Investment Restriction

To ensure eligibility for the French Plan d’Epargne en Actions (PEA), the Funds Schroder ISF EURO Equity, Schroder ISF EURO Active Value and Schroder ISF EURO Dynamic Growth invest at least 75% of their assets in equity securities issued by companies which have their head office in the European Union.

Expense Subsidy

The administration fees, custodian fees, and statutory fees are calculated and accrued daily by reference to the Net Asset Value of the Funds and are paid monthly. These fees, as applied to the Funds during the year under review were monitored to ensure the total expenses incurred were not deemed to be significant relative to the Net Asset Value of the Funds by the Board of Directors. During the year, the Management Company has opted to subsidise various expenses of Schroder ISF US Dollar Liquidity, as is reflected in the Statement of Operations. Page 24 Schroder International Selection Fund Audited Annual Report 31 December 2009 Notes to the Financial Statements as at 31 December 2009 (cont)

Information for Residents of the Hong Kong SAR

Registration of Funds

On 31 December 2009, all the Funds of the Company, except for those indicated in the table below were registered for sale in Hong Kong SAR. In relation to the Funds that are registered in Hong Kong SAR, only A, A1, B1 and D shares are available for retail investors.

Funds not registered for sale in Hong Kong SAR

Schroder ISF Asian Convertible Bond Schroder ISF EURO Equity Secure 2010 Schroder ISF EURO Government Liquidity 1 Schroder ISF European Defensive 6 Monthly Schroder ISF European Defensive Monthly Schroder ISF European Dividend Maximiser Schroder ISF European Equity 2 Schroder ISF European Equity Opportunities 3 Schroder ISF European Special Situations Schroder ISF Global Convertible Bond Schroder ISF Global Dividend Maximiser Schroder ISF Global Managed Currency 4 Schroder ISF Global Credit Duration Hedged 5 Schroder ISF Swiss Equity Opportunities Schroder ISF Swiss Small & Mid Cap Equity Schroder ISF US All Cap 6 Schroder ISF World Defensive 3 Monthly

Soft Commission Arrangements

Pursuant to the requirements of the Hong Kong Securities and Futures Commission regulations, the following statement is made:

Soft commission arrangements have been undertaken in respect of the Company. Services which are paid for through or by soft commission were in majority limited to the following areas: a) research, analysis or price information including computer or other information facilities; b) portfolio valuations; or c) performance measurement.

Transactions with Connected Persons

The Company has entered into agreements and arrangements with Schroder Investment Management Limited and its affiliates, under which a management fee, performance fee and a transfer agency fee are payable. These agreements and arrangements have been entered into in the ordinary course of business and on normal commercial terms. The annual management fees are set out on pages 23 to 25. Details on the performance fees are set out on pages 25 to 26.

In addition, the Management Company is entitled to receive the customary charges for its services as administration agent, coordinator, domiciliary agent, global distributor, principal paying agent and registrar and transfer agent. These fees accrue daily at an annual rate of up to 0.4% by reference to the Net Asset Value of the relevant Fund and are paid monthly in arrears.

Further details on fees payable by the Company can be found in the current prospectus. Details of expense subsidy, which were paid by the Management Company during the year under review, are also set out in the Statement of Operations on pages 126 to 140. Details on securities lending are set out on pages 19 and 20 and in the Statement of Operations. No transactions of the Fund were effected through a broker who is a connected person of the Management Company, the Investment Adviser, or the Directors of the Fund.

1 Schroder ISF EURO Government Liquidity was formerly known as Schroder ISF Global Government Bond until 1 March 2009. 2 Schroder ISF European Equity was merged with Schroder ISF European Large Cap on 23 January 2009. 3 Schroder ISF European Equity Opportunities was liquidated on 10 June 2009. 4 Schroder ISF Global Managed Currency was launched on 2 June 2009. 5 Schroder ISF Global Credit Duration Hedged was formerly known as Schroder ISF Strategic Credit until 1 October 2009. 6 Schroder ISF US All Cap was formerly known as Schroder ISF US Large Cap Alpha until 1 October 2009. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 25 Notes to the Financial Statements as at 31 December 2009 (cont)

Annual Management Fees

The Investment Managers are entitled to receive, for their services, management fees, which are calculated and accrued daily by reference to the Net Asset Value of the Funds and are paid monthly. The actual rates payable as at 31 December 2009, which vary from Fund to Fund and from share class to share class, are set out in the following table:

A B C A B C D D P X A1 B1 A1 B1 Acc Acc Acc Dis Dis Dis Acc Dis Dis Dis Acc Acc Dis Dis

Mainstream Equity Funds Schroder ISF EURO Equity 1.50% 1.50% 0.75% 1.50% 1.50% 0.75% - - - - 1.50% 1.50% - - Schroder ISF European Large Cap 1.25% 1.25% 0.75% 1.25% 1.25% 0.75% - - - - 1.50% - - - Schroder ISF Global Equity 1.25% 1.25% 0.75% 1.25% - 0.75% - - - - 1.50% - - - Schroder ISF Italian Equity 1.25% 1.25% 0.75% 1.25% 1.25% 0.75% - - - - 1.50% 1.50% - - Schroder ISF Japanese Equity * 1.24% 1.24% 0.74% 1.24% 1.24% 0.74% - - - - 1.49% 1.49% - - Schroder ISF Japanese Large Cap 1.25% - 0.75% 1.25% - 0.75% - - - - 1.50% - - - Schroder ISF Pacific Equity 1.50% 1.50% 0.75% 1.50% 1.50% 0.75% - - - - 1.50% 1.50% - - Schroder ISF Swiss Equity 1.25% 1.25% 0.75% 1.25% 1.25% 0.75% - - - - 1.50% 1.50% - - Schroder ISF UK Equity 1.23% 1.22% 0.74% 1.23% 1.23% 0.74% - - - - 1.47% 1.47% - - Schroder ISF US All Cap a 1.25% 1.25% 0.75% 1.25% 1.25% 0.75% - - - - 1.50% 1.50% - - Schroder ISF US Large Cap 1.25% 1.25% 0.75% 1.25% 1.25% 0.75% - - - - - 1.50% 1.50% -

Specialist Equity Funds Schroder ISF Asia Pacific Property 1.50% 1.50% 1.00% ------1.50% - - - Securities Schroder ISF Asian Equity Yield 1.50% 1.50% 1.00% 1.50% - 1.00% - - - - 1.50% - 1.50% - Schroder ISF Asian Smaller Companies 1.50% 1.50% 1.00% - - 1.00% - - - - 1.50% - - - Schroder ISF Asian Total Return 1.50% 1.50% 0.75% 1.50% - 0.75% - - - - 1.50% - - - Schroder ISF BRIC (Brazil, Russia, India, 1.50% 1.50% 1.00% 1.50% ------1.50% - - - China) Schroder ISF China Opportunities 1.50% 1.50% 1.00% - - - 1.50% - - - 1.50% - - - Schroder ISF Emerging Asia 1.50% 1.50% 1.00% 1.50% ------1.50% 1.50% - - Schroder ISF Emerging Europe 1.50% 1.50% 1.00% 1.50% 1.50% 1.00% - - - - 1.50% 1.50% - - Schroder ISF Emerging Markets 1.50% 1.50% 1.00% 1.50% 1.50% 1.00% - - - - 1.50% 1.50% - - Schroder ISF European Dividend 1.50% 1.50% 1.00% 1.50% 1.50% 1.00% - - - - 1.50% - - - Maximiser Schroder ISF European Equity Yield 1.50% 1.50% 1.00% 1.50% 1.50% 1.00% - - - - 1.50% - 1.50% - Schroder ISF European Smaller 1.50% 1.50% 1.00% 1.50% 1.50% 1.00% - - - - 1.50% 1.50% - - Companies Schroder ISF European Special Situations 1.50% 1.50% 1.00% - - 1.00% - - - - 1.50% - - - Schroder ISF Global Climate Change 1.50% 1.50% 1.00% - - 1.00% - - - - 1.50% - - - Equity Schroder ISF Global Dividend Maximiser 1.50% 1.50% 1.00% 1.50% 1.50% 1.00% - - - - 1.50% - 1.50% - Schroder ISF Global Emerging Market 1.50% 1.50% 1.00% - - - 1.50% - - - 1.50% - - - Opportunities Schroder ISF Global Energy 1.50% 1.50% 1.00% 1.50% - 1.00% - - - - 1.50% - - - Schroder ISF Global Equity Yield 1.50% 1.50% 1.00% 1.50% - 1.00% - - - - 1.50% - 1.50% - Schroder ISF Global Property Securities 1.50% 1.50% 1.00% - - 1.00% - - - - 1.50% - - - Schroder ISF Global Smaller Companies 1.50% 1.50% 1.00% 1.50% ------1.50% - - - Schroder ISF Greater China 1.50% 1.50% 1.00% 1.50% ------1.50% 1.50% - - Schroder ISF Hong Kong Equity 1.50% 1.50% 1.00% - - - 1.50% - - - 1.50% - - - Schroder ISF Indian Equity 1.50% 1.50% 1.00% - - 1.00% - - - - 1.50% - - - Schroder ISF Japanese Smaller 1.50% 1.50% 1.00% 1.50% 1.50% 1.00% - - - - 1.50% 1.50% - - Companies Schroder ISF Korean Equity 1.50% 1.50% 1.00% 1.50% - 1.00% - - - - 1.50% - - - Schroder ISF Latin American 1.50% 1.50% 1.00% 1.50% 1.50% 1.00% - - - - 1.50% - - - Schroder ISF Middle East 1.50% 1.50% 1.00% ------1.50% - - - Schroder ISF Swiss Equity Opportunities 1.50% 1.50% 1.00% ------1.50% - - - Schroder ISF Swiss Small & Mid Cap 1.50% 1.50% 1.00% ------1.50% - - - Equity Schroder ISF Taiwanese Equity 1.50% 1.50% 1.00% 1.50% 1.50% 1.00% - - - - 1.50% - 1.50% - Schroder ISF US Small & Mid-Cap Equity 1.50% 1.50% 1.00% 1.50% - 1.00% - - - - 1.50% - - - Schroder ISF US Smaller Companies 1.50% 1.50% 1.00% 1.50% 1.50% 1.00% - - - - 1.50% 1.50% - -

* Management fees on these funds are following deduction for management fees on the funds' investment in other Schroder funds. a Schroder ISF US All Cap was was formerly known as Schroder ISF US Large Cap Alpha until 30 September 2009. The same rate of management fees applies to the multi-currency classes as to the base currency equivalent classes. Page 26 Schroder International Selection Fund Audited Annual Report 31 December 2009 Notes to the Financial Statements as at 31 December 2009 (cont)

Annual Management Fees (cont)

A B C A B C D D P X A1 B1 A1 B1 Acc Acc Acc Dis Dis Dis Acc Dis Dis Dis Acc Acc Dis Dis

Style Equity Funds Schroder ISF EURO Active Value 1.50% 1.50% 1.00% 1.50% - 1.00% - - - - 1.50% - - - Schroder ISF EURO Dynamic Growth 1.50% 1.50% 1.00% 1.50% - 1.00% - - - - 1.50% - - -

Alpha Equity Funds Schroder ISF European Equity Alpha 1.50% 1.50% 1.00% 1.50% - 1.00% - - - - 1.50% - - - Schroder ISF Global Equity Alpha 1.50% 1.50% 1.00% 1.50% 1.50% 1.00% - - - - 1.50% 1.50% - - Schroder ISF Japanese Equity Alpha 1.50% 1.50% 1.00% ------1.50% - - -

Quantitative Equity Funds Schroder ISF QEP Global Active Value 1.25% 1.25% 1.00% 1.25% 1.25% 1.00% - - - - 1.50% 1.50% - - Schroder ISF QEP Global Core - - 0.27% - - 0.27% ------Schroder ISF QEP Global Quality 1.25% 1.25% 1.00% - - 1.00% - - - - 1.50% - - - Schroder ISF QEP US Core - - 0.22% - - 0.22% ------

Asset Allocation Schroder ISF European Allocation b 1.25% 1.25% 0.75% 1.25% ------1.50% - - -

Absolute Return Funds Schroder ISF Asian Bond 1.25% 1.25% 0.75% 1.25% 1.25% 0.75% - 1.25% - - 1.25% 1.00% 1.25% 1.00% Schroder ISF Emerging Europe Debt 1.50% 1.50% 0.90% 1.50% 1.50% - - - - - 1.50% 1.00% 1.50% 1.00% Absolute Return Schroder ISF Emerging Markets Debt 1.50% 1.50% 0.90% 1.50% 1.50% 0.90% - - - - 1.50% 1.00% 1.50% 1.00% Absolute Return

Mainstream Bond Funds Schroder ISF EURO Bond 0.75% 0.75% 0.50% 0.75% 0.75% 0.50% - - - - 0.75% 0.75% - - Schroder ISF EURO Government Bond c 0.61% 0.61% 0.29% 0.61% 0.61% 0.20% - - - - 0.64% - - - Schroder ISF EURO Short Term Bond 0.50% 0.50% 0.20% 0.50% 0.50% 0.20% - - - - 0.50% 0.50% - - Schroder ISF Global Bond 0.75% 0.75% 0.50% 0.75% 0.75% 0.50% - - - - 0.75% 0.75% - - Schroder ISF Global Inflation Linked Bond 0.75% 0.75% 0.50% - - 0.50% - - - - 0.75% - - - Schroder ISF Hong Kong Dollar Bond 0.75% 0.75% 0.50% 0.75% ------0.75% - - - Schroder ISF US Dollar Bond 0.75% 0.75% 0.50% 0.75% 0.75% 0.50% - - - - 0.75% 0.75% - -

Specialist Bond Funds Schroder ISF Asian Local Currency Bond 1.00% 1.00% 0.60% 1.00% - 0.60% - - - - 1.00% - - - Schroder ISF EURO Corporate Bond 0.75% 0.75% 0.45% 0.75% - - - - - 0.21% 0.75% 0.75% 0.75% - Schroder ISF Global Corporate Bond 0.75% 0.75% 0.45% 0.75% 0.75% 0.45% - - - - 0.75% 0.75% 0.75% - Schroder ISF Global High Yield 1.00% 1.00% 0.60% 1.00% 1.00% - - - - - 1.00% - 1.00% - Schroder ISF Strategic Bond 1.00% 1.00% 0.60% 1.00% - 0.60% - - - - 1.00% - - -

Specialist Bond Funds (Medium-higher risk) Schroder ISF Asian Convertible Bond 1.25% 1.25% 0.75% ------1.25% - - - Schroder ISF Global Convertible Bond 1.25% 1.25% 0.75% ------1.25% - - - Schroder ISF Global Credit Duration 1.18% 1.12% 0.58% - - 0.87% - - - - 1.31% - - - Hedged d

Defensive Funds Schroder ISF European Defensive 1.25% 1.00% - 1.25% ------1.25% - - - Schroder ISF European Defensive Monthly 1.25% 1.00% ------1.25% - - - Schroder ISF European Defensive 6 1.25% 1.00% ------1.25% - - - Monthly Schroder ISF World Defensive 3 Monthly 1.25% 1.00% ------1.25% - - -

Liquidity Funds Schroder ISF EURO Liquidity 0.50% 0.50% 0.20% ------0.50% - - - Schroder ISF US Dollar Liquidity 0.50% 0.50% 0.20% ------0.50% - - -

b Schroder ISF European Allocation was formerly known as Schroder ISF European Absolute Return until 1 June 2009. c Schroder ISF EURO Government Bond was formerly known as Schroder ISF European Bond until 1 June 2009. d Schroder ISF Global Credit Duration Hedged was formerly known as Schroder ISF Strategic Credit until 1 October 2009. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 27 Notes to the Financial Statements as at 31 December 2009 (cont)

All fees reductions that occurred during the year under review can be found in the Directors’ Report.

Performance Fees

In accordance with the provisions of the current prospectus, performance fees were applied to 16 Funds 1. Accordingly, the Investment Managers of the relevant Funds are entitled to receive a performance fee from the Funds, provided that the increase in the Net Asset Value per share of the Funds over the calendar year outperforms their relevant benchmarks. The performance fee is 15% of the outperformance and is payable annually in January. Further details of the calculation of the performance fees can be found in the current prospectus.

The Funds in relation to which performance fees were calculate during the year under review as well as details of the relevant Investment Managers and benchmarks are set out in the following table:

Fund Investment Manager Benchmark

Schroder ISF Asian Convertible Bond Fisch Asset Management AG UBS Convertible Asia ex Japan Schroder ISF Asian Convertible Bond EUR Hedged Fisch Asset Management AG UBS Convertible Euro Sub BBB & NR USD Schroder ISF Asian Equity Alpha a Schroder Investment Management (Hong Kong) Limited MSCI Daily TR Gross AC Far East (Free) Ex Japan USD Schroder ISF Asian Smaller Companies Schroder Investment Management (Singapore) Limited MSCI Daily TR Gross AC Far East (Free) Ex Japan USD Schroder ISF Asian Total Return b Schroder Investment Management (Singapore) Limited BBA Libor USD 3 Month Act 360 Schroder ISF European Allocation c Schroder Investment Management Limited BBA Libor Eur 3 Month Act 360 Schroder ISF European Active Value d Schroder Investment Management Limited MSCI Europe Schroder ISF European Dynamic Growth e Schroder Investment Management Limited MSCI Europe Schroder ISF European Equity Alpha Schroder Investment Management Limited MSCI Europe Schroder ISF European Equity Opportunities f Schroder Investment Management (Switzerland) AG(g) MSCI Europe Net (Total Return) Schroder ISF European Special Situations Schroder Investment Management Limited MSCI Europe Schroder ISF Global Convertible Bond Fisch Asset Management AG UBS Convertible Global Focus Schroder ISF Global Convertible Bond EUR Hedged Fisch Asset Management AG Convertible Global Focus Hedged (EUR) CB Schroder ISF Global Convertible Bond GBP Hedged h Fisch Asset Management AG UBS Convertible Global Focus Hedged (GBP) CB Schroder ISF Global Equity Alpha Schroder Investment Management Limited MSCI World Schroder ISF Global Smaller Companies Schroder Investment Management Limited S&P/Citigroup Extended Market World Index Schroder ISF Japanese Equity Alpha Schroder Investment Management (Japan) Limited Tokyo Stock Price Index (TOPIX) Schroder ISF Swiss Equity Opportunities Schroder Investment Management (Switzerland) AG g Swiss Performance Index (SPI) Schroder ISF US All Cap i Schroder Investment Management North America Inc. S&P 500 Index (TR)

Dividends

Record Ex-Dividend Payment Gross Dividend Date Date Date Fund Share Class Currency Dividend per Share

28-Jan-2009 29-Jan-2009 06-Feb-2009 Schroder ISF Asian Bond A Distribution USD 625,276.09 0.028416 Schroder ISF Asian Bond B1 Distribution USD 90,657.98 0.031195 Schroder ISF Asian Bond A1 Distribution USD 365,589.02 0.028108 Schroder ISF Asian Bond A1 Distribution EUR 14,416.75 0.021108 Schroder ISF Asian Bond A1 Distribution EUR Hedged 296.79 0.321123 Schroder ISF Asian Local Currency Bond A Distribution USD 2.43 0.157626 Schroder ISF Asian Local Currency Bond C Distribution USD 2.87 0.186268 Schroder ISF Emerging Europe Debt Absolute Return B1 Distribution EUR 2,401.38 0.042513 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution EUR 10,563.63 0.043072 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution USD 10,016.14 0.057216 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution USD 3,380,802.07 0.072728 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution USD 481,708.37 0.082489 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution EUR Hedged 512,474.84 0.101559 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution EUR Hedged 75,474.08 0.105816 Schroder ISF Strategic Bond A Distribution USD 49,435.47 0.324753

1 Performance fees were calculated for Schroder ISF European Absolute Return until 1 June 2009, and for Schroder ISF Asian Total Return until 1 July 2009. a Schroder ISF Asian Equity Alpha was liquidated on 26 May 2009. b Performance fees were removed with the effect from 1 July 2009. c Schroder ISF European Allocation was formerly known as Schroder ISF European Absolute Return until 31 May 2009. Performance fees were removed with the effect from 1 June 2009. d Schroder ISF European Active Value was merged into EURO active value on the 29 September 2009. e Schroder ISF European Dynamic Growth was merged with Schroder ISF European Special Situations on 1 December 2009. f Schroder ISF European Equity Opportunities was liquidated on 10 June 2009. h Schroder ISF Global Convertible Bond GBP Hedged was launched on the 25 September 2009. g Schroder Investment Management (Switzerland) AG was known as Schroder & Co Bank AG until 1 December 2009. i Schroder ISF US All Cap was formerly known as Schroder ISF US Large Cap Alpha until 1 October 2009. Page 28 Schroder International Selection Fund Audited Annual Report 31 December 2009 Notes to the Financial Statements as at 31 December 2009 (cont)

Dividends (cont)

Record Ex-Dividend Payment Gross Dividend Date Date Date Fund Share Class Currency Dividend per Share

25-Feb-2009 26-Feb-2009 06-Mar-2009 Schroder ISF Asian Bond A Distribution USD 568,215.24 0.025631 Schroder ISF Asian Bond B1 Distribution USD 77,451.61 0.028116 Schroder ISF Asian Bond A1 Distribution USD 327,014.56 0.025349 Schroder ISF Asian Bond A1 Distribution EUR 13,311.48 0.019737 Schroder ISF Asian Bond A1 Distribution EUR Hedged 272.35 0.289754 Schroder ISF Asian Local Currency Bond A Distribution USD 2.39 0.154792 Schroder ISF Asian Local Currency Bond C Distribution USD 2.66 0.172279 Schroder ISF Emerging Europe Debt Absolute Return B1 Distribution EUR 2,197.03 0.038895 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution EUR 9,656.84 0.039418 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution USD 8,725.53 0.050508 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution USD 3,102,210.30 0.065504 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution USD 424,674.68 0.074269 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution EUR Hedged 483,535.24 0.091465 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution EUR Hedged 67,614.30 0.095265 Schroder ISF EURO Corporate Bond A1 Distribution EUR 12.70 0.039079 Schroder ISF Global Corporate Bond A1 Distribution USD 114.27 0.018427 Schroder ISF Strategic Bond A Distribution USD 43,719.68 0.301776

25-Feb-2009 26-Feb-2009 06-Mar-2009 Schroder ISF Emerging Markets Debt Absolute Return C Distribution USD 46,527.34 0.026643 Schroder ISF Emerging Markets Debt Absolute Return A Distribution GBP Hedged 3,982.94 0.008061 Schroder ISF Emerging Markets Debt Absolute Return C Distribution GBP Hedged 35,553.57 0.298803

25-Mar-2009 26-Mar-2009 03-Apr-2009 Schroder ISF Asian Bond A Distribution USD 574,008.85 0.025722 Schroder ISF Asian Bond B1 Distribution USD 74,244.44 0.028195 Schroder ISF Asian Bond A1 Distribution USD 322,864.93 0.025433 Schroder ISF Asian Bond A1 Distribution EUR 10,528.22 0.018655 Schroder ISF Asian Bond A1 Distribution EUR Hedged 284.54 0.290738 Schroder ISF Asian Local Currency Bond A Distribution USD 339.37 0.273478 Schroder ISF Asian Local Currency Bond C Distribution USD 6.55 0.423400 Schroder ISF Emerging Europe Debt Absolute Return B1 Distribution EUR 2,113.42 0.039116 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution EUR 9,404.71 0.039654 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution USD 9,247.94 0.053917 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution USD 3,189,842.28 0.066376 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution USD 420,938.36 0.075232 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution EUR Hedged 501,708.62 0.092626 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution EUR Hedged 68,148.26 0.096441 Schroder ISF EURO Corporate Bond A1 Distribution EUR 165.05 0.042993 Schroder ISF Global Corporate Bond A1 Distribution USD 658.99 0.020006 Schroder ISF Strategic Bond A Distribution USD 46,592.35 0.304296 Schroder ISF Asian Equity Yield A Distribution USD 556,286.02 0.045169 Schroder ISF Asian Equity Yield A1 Distribution USD 6.54 0.035381 Schroder ISF Asian Equity Yield C Distribution USD 522,483.12 0.061674 Schroder ISF Emerging Markets Debt Absolute Return A Distribution USD 368,225.96 0.207535 Schroder ISF Emerging Markets Debt Absolute Return A Distribution SGD Hedged 869,771.79 0.146550 Schroder ISF European Dividend Maximiser A Distribution EUR 394.30 0.895378 Schroder ISF European Dividend Maximiser B Distribution EUR 1,436.86 0.887874 Schroder ISF European Dividend Maximiser C Distribution EUR 81,642.41 0.905536 Schroder ISF European Dividend Maximiser A1 Distribution EUR 14.79 0.891016 Schroder ISF European Equity Yield A Distribution EUR 128,357.92 0.063192 Schroder ISF European Equity Yield B Distribution EUR 3,795.49 0.060011 Schroder ISF European Equity Yield C Distribution EUR 122,902.94 0.067518 Schroder ISF European Equity Yield A1 Distribution EUR 6.91 0.066904 Schroder ISF Global Dividend Maximiser A Distribution USD 141,536.90 0.086610 Schroder ISF Global Dividend Maximiser C Distribution USD 10.08 0.087776 Schroder ISF Global Dividend Maximiser B Distribution USD 279.01 0.087942 Schroder ISF Global Dividend Maximiser A1 Distribution USD 1,136.65 0.086143 Schroder ISF Global Dividend Maximiser C Distribution GBP 21,691.67 0.060293 Schroder ISF Global Dividend Maximiser A Distribution SGD 25,185.37 0.094436 Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 29 Notes to the Financial Statements as at 31 December 2009 (cont)

Dividends (cont)

Record Ex-Dividend Payment Gross Dividend Date Date Date Fund Share Class Currency Dividend per Share

25-Mar-2009 26-Mar-2009 03-Apr-2009 (cont) Schroder ISF Global Equity Yield A Distribution USD 26,582.16 0.612544 Schroder ISF Global Equity Yield C Distribution USD 10.37 0.619247 Schroder ISF Global Equity Yield A1 Distribution USD 369.73 0.616002 Schroder ISF Global High Yield A Distribution USD 317,604.21 0.279689 Schroder ISF Hong Kong Dollar Bond A Distribution HKD 357,670.24 0.071650

29-Apr-2009 30-Apr-2009 11-May-2009 Schroder ISF Asian Bond A Distribution USD 746,611.04 0.032891 Schroder ISF Asian Bond B1 Distribution USD 91,575.19 0.036019 Schroder ISF Asian Bond A1 Distribution USD 411,725.25 0.032514 Schroder ISF Asian Bond D Distribution USD 131.67 0.009448 Schroder ISF Asian Bond A1 Distribution EUR 25,358.97 0.024494 Schroder ISF Asian Bond A1 Distribution EUR Hedged 481.57 0.371956 Schroder ISF Asian Local Currency Bond A Distribution USD 457.54 0.235260 Schroder ISF Asian Local Currency Bond C Distribution USD 1.94 0.124839 Schroder ISF Emerging Europe Debt Absolute Return B1 Distribution EUR 2,817.85 0.049871 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution EUR 11,684.26 0.050576 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution USD 11,234.41 0.066983 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution USD 4,204,861.55 0.084212 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution USD 532,016.55 0.095406 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution EUR Hedged 701,200.68 0.117446 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution EUR Hedged 86,719.46 0.122231 Schroder ISF EURO Corporate Bond A1 Distribution EUR 5,412.19 0.034733 Schroder ISF Global Corporate Bond A1 Distribution USD 2,414.06 0.018035 Schroder ISF Strategic Bond A Distribution USD 62,758.68 0.383731

27-May-2009 28-May-2009 08-Jun-2009 Schroder ISF Asian Bond A Distribution USD 595,820.65 0.026385 Schroder ISF Asian Bond B1 Distribution USD 72,047.47 0.028873 Schroder ISF Asian Bond A1 Distribution USD 331,391.42 0.026077 Schroder ISF Asian Bond D Distribution USD 268.47 0.011004 Schroder ISF Asian Bond A1 Distribution EUR 25,796.46 0.018654 Schroder ISF Asian Bond A1 Distribution EUR Hedged 1,344.96 0.298447 Schroder ISF Asian Local Currency Bond A Distribution USD 193.81 0.100383 Schroder ISF Asian Local Currency Bond C Distribution USD 2.02 0.129820 Schroder ISF Emerging Europe Debt Absolute Return B1 Distribution EUR 5,396.29 0.040594 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution EUR 9,281.34 0.041171 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution USD 9,522.24 0.057398 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution USD 3,739,876.08 0.071162 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution USD 452,661.50 0.080594 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution EUR Hedged 630,684.20 0.099154 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution EUR Hedged 72,319.13 0.103158 Schroder ISF European Active Value C Distribution EUR 12.22 0.760896 Schroder ISF European Dynamic Growth C Distribution EUR 17.24 1.366085 Schroder ISF EURO Corporate Bond A1 Distribution EUR 12,220.65 0.033271 Schroder ISF Global Corporate Bond A1 Distribution USD 11,707.11 0.018786 Schroder ISF Global Corporate Bond A Distribution USD 144,286.64 0.069796 Schroder ISF Strategic Bond A Distribution USD 54,774.52 0.307378

18-Jun-2009 19-Jun-2009 30-Jun-2009 Schroder ISF Latin American GBP A Distribution GBP 36.94 0.001866 Schroder ISF Emerging Markets A Distribution USD 3,036.48 0.001597 Schroder ISF Emerging Markets Debt Absolute Return C Distribution USD 336,454.11 0.201265 Schroder ISF Emerging Markets Debt Absolute Return A Distribution GBP Hedged 63,574.69 0.048340 Schroder ISF Emerging Markets Debt Absolute Return C Distribution GBP Hedged 165,375.16 0.229487 Schroder ISF BRIC (Brazil, Russia, India, China) A Distribution GBP 684.33 0.021627 Page 30 Schroder International Selection Fund Audited Annual Report 31 December 2009 Notes to the Financial Statements as at 31 December 2009 (cont)

Dividends (cont)

Record Ex-Dividend Payment Gross Dividend Date Date Date Fund Share Class Currency Dividend per Share

24-Jun-2009 25-Jun-2009 06-Jul-2009 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution USD 3,961,473.08 0.070827 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution USD 436,018.66 0.080187 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution EUR Hedged 650,508.02 0.098652 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution EUR Hedged 70,967.04 0.102599 Schroder ISF Asian Bond A Distribution USD 598,609.66 0.026485 Schroder ISF Asian Bond D Distribution USD 433.46 0.007223 Schroder ISF Asian Bond B1 Distribution USD 69,759.86 0.028960 Schroder ISF Asian Bond A1 Distribution USD 323,919.93 0.026171 Schroder ISF Asian Bond A1 Distribution EUR Hedged 1,370.72 0.299668 Schroder ISF Asian Bond A1 Distribution EUR 23,566.62 0.018544 Schroder ISF Emerging Europe Debt Absolute Return B1 Distribution EUR 5,333.96 0.040125 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution EUR 9,088.16 0.040707 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution USD 9,133.73 0.057292 Schroder ISF Asian Local Currency Bond A Distribution USD 320.43 0.165865 Schroder ISF Asian Local Currency Bond C Distribution USD 2.97 0.190629 Schroder ISF EURO Corporate Bond A1 Distribution EUR 12,500.44 0.032435 Schroder ISF Global Corporate Bond A1 Distribution USD 28,500.90 0.024565 Schroder ISF Global Corporate Bond A Distribution USD 39,566.14 0.016756 Schroder ISF Strategic Bond A Distribution USD 54,317.54 0.306085 Schroder ISF Asian Equity Yield A Distribution USD 192,058.86 0.015912 Schroder ISF Asian Equity Yield A1 Distribution USD 19.35 0.014270 Schroder ISF Asian Equity Yield C Distribution USD 281,354.31 0.035126 Schroder ISF Emerging Markets Debt Absolute Return A Distribution USD 483,471.59 0.234682 Schroder ISF Emerging Markets Debt Absolute Return A Distribution SGD 941,833.70 0.165516 Schroder ISF EURO Corporate Bond A Distribution EUR 9,755.68 0.076901 Schroder ISF European Dividend Maximiser A Distribution EUR 2,473.22 1.047454 Schroder ISF European Dividend Maximiser B Distribution EUR 1,707.30 1.037148 Schroder ISF European Dividend Maximiser C Distribution EUR 97,432.26 1.061009 Schroder ISF European Dividend Maximiser A1 Distribution EUR 17.60 1.041066 Schroder ISF European Equity Yield A Distribution EUR 147,481.85 0.075061 Schroder ISF European Equity Yield B Distribution EUR 4,453.51 0.071173 Schroder ISF European Equity Yield C Distribution EUR 141,672.45 0.080336 Schroder ISF European Equity Yield A1 Distribution EUR 146.02 0.079384 Schroder ISF Global Corporate Bond A Distribution SGD 51,747.17 0.090008 Schroder ISF Global Dividend Maximiser A Distribution USD 158,144.22 0.101097 Schroder ISF Global Dividend Maximiser C Distribution USD 12.01 0.102650 Schroder ISF Global Dividend Maximiser B Distribution USD 325.54 0.102505 Schroder ISF Global Dividend Maximiser A1 Distribution USD 1,350.57 0.100457 Schroder ISF Global Dividend Maximiser C Distribution GBP 31,586.46 0.062481 Schroder ISF Global Dividend Maximiser A Distribution SGD 27,672.27 0.106224 Schroder ISF Global Equity Yield A Distribution USD 27,285.49 0.735522 Schroder ISF Global Equity Yield C Distribution USD 12.59 0.744866 Schroder ISF Global Equity Yield A1 Distribution USD 470.95 0.739082 Schroder ISF Global High Yield A Distribution USD 286,327.18 0.300215 Schroder ISF Global High Yield A1 Distribution USD 104,708.07 0.350174 Schroder ISF Global High Yield B Distribution USD 9,274.25 0.347246 Schroder ISF Hong Kong Dollar Bond A Distribution HKD 431,910.03 0.081796 Schroder ISF US Dollar Bond A Distribution USD 376,419.49 0.196685

29-Jul-2009 30-Jul-2009 07-Aug-2009 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution USD 5,571,603.81 0.091710 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution USD 551,454.96 0.103784 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution EUR Hedged 903,917.16 0.127625 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution EUR Hedged 88,608.10 0.132673 Schroder ISF Asian Bond A Distribution USD 718,249.93 0.033606 Schroder ISF Asian Bond D Distribution USD 444.00 0.012462 Schroder ISF Asian Bond B1 Distribution USD 85,296.81 0.036711 Schroder ISF Asian Bond A1 Distribution USD 370,106.90 0.033198 Schroder ISF Asian Bond A1 Distribution EUR Hedged 1,776.72 0.380244 Schroder ISF Asian Bond A1 Distribution EUR 30,675.37 0.023482 Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 31 Notes to the Financial Statements as at 31 December 2009 (cont)

Dividends (cont)

Record Ex-Dividend Payment Gross Dividend Date Date Date Fund Share Class Currency Dividend per Share

29-Jul-2009 30-Jul-2009 07-Aug-2009 (cont) Schroder ISF Emerging Europe Debt Absolute Return B1 Distribution EUR 6,813.83 0.052557 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution EUR 11,597.47 0.053339 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution USD 11,552.89 0.075205 Schroder ISF Asian Local Currency Bond A Distribution USD 261.61 0.135282 Schroder ISF Asian Local Currency Bond C Distribution USD 2.80 0.179372 Schroder ISF EURO Corporate Bond A1 Distribution EUR 31,964.14 0.034885 Schroder ISF Global Corporate Bond A1 Distribution USD 44,430.75 0.026079 Schroder ISF Global Corporate Bond A Distribution USD 71,164.21 0.022939 Schroder ISF Strategic Bond A Distribution USD 70,411.95 0.389576

26-Aug-2009 27-Aug-2009 04-Sep-2009 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution USD 4,796,217.49 0.074071 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution USD 448,725.75 0.083794 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution EUR Hedged 757,876.54 0.102982 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution EUR Hedged 73,236.03 0.107018 Schroder ISF Asian Bond A Distribution USD 576,792.77 0.027109 Schroder ISF Asian Bond D Distribution USD 241.16 0.005982 Schroder ISF Asian Bond B1 Distribution USD 67,068.34 0.029590 Schroder ISF Asian Bond A1 Distribution USD 297,348.00 0.026775 Schroder ISF Asian Bond A1 Distribution EUR Hedged 1,479.06 0.306740 Schroder ISF Asian Bond A1 Distribution EUR 24,562.82 0.018695 Schroder ISF Emerging Europe Debt Absolute Return B1 Distribution EUR 4,995.78 0.042759 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution EUR 8,922.42 0.043407 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution USD 9,110.04 0.061999 Schroder ISF Asian Local Currency Bond A Distribution USD 321.90 0.207913 Schroder ISF Asian Local Currency Bond C Distribution USD 3.61 0.230818 Schroder ISF EURO Corporate Bond A1 Distribution EUR 45,771.49 0.041882 Schroder ISF Global Corporate Bond A1 Distribution USD 76,176.62 0.020664 Schroder ISF Global Corporate Bond A Distribution USD 80,801.72 0.017488 Schroder ISF Strategic Bond A Distribution USD 56,191.04 0.311160

23-Sep-2009 24-Sep-2009 05-Oct-2009 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution USD 5,239,164.56 0.075904 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution USD 463,190.82 0.085838 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution EUR Hedged 753,435.22 0.105482 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution EUR Hedged 75,808.10 0.109577 Schroder ISF Asian Bond A Distribution USD 557,827.21 0.027040 Schroder ISF Asian Bond D Distribution USD 755.38 0.014048 Schroder ISF Asian Bond B1 Distribution USD 65,868.32 0.029493 Schroder ISF Asian Bond A1 Distribution USD 287,971.07 0.026701 Schroder ISF Asian Bond A1 Distribution EUR Hedged 1,156.74 0.305942 Schroder ISF Asian Bond A1 Distribution EUR 19,086.61 0.018015 Schroder ISF Emerging Europe Debt Absolute Return B1 Distribution EUR 5,307.32 0.043140 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution EUR 8,586.17 0.043809 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution USD 10,343.68 0.064757 Schroder ISF Asian Local Currency Bond A Distribution USD 25.07 0.035621 Schroder ISF Asian Local Currency Bond C Distribution USD 5.33 0.339923 Schroder ISF EURO Corporate Bond A1 Distribution EUR 46,473.74 0.042226 Schroder ISF Global Corporate Bond A1 Distribution USD 109,347.60 0.022670 Schroder ISF Global Corporate Bond A Distribution USD 90,501.88 0.017443 Schroder ISF Strategic Bond A Distribution USD 57,282.30 0.314521 Schroder ISF Asian Equity Yield A Distribution USD 1,295,094.94 0.109059 Schroder ISF Asian Equity Yield A1 Distribution USD 173.18 0.089523 Schroder ISF Asian Equity Yield C Distribution USD 1,733,974.02 0.134452 Schroder ISF Emerging Markets Debt Absolute Return A Distribution USD 594,721.36 0.251646 Schroder ISF Emerging Markets Debt Absolute Return A Distribution SGD 1,199,670.53 0.177368 Schroder ISF EURO Corporate Bond X Distribution EUR 3,722,584.94 2.680189 Schroder ISF European Dividend Maximiser A Distribution EUR 3,103.25 1.152764 Schroder ISF European Dividend Maximiser B Distribution EUR 1,832.08 1.139633 Schroder ISF European Dividend Maximiser C Distribution EUR 109,612.37 1.169579 Page 32 Schroder International Selection Fund Audited Annual Report 31 December 2009 Notes to the Financial Statements as at 31 December 2009 (cont)

Dividends (cont)

Record Ex-Dividend Payment Gross Dividend Date Date Date Fund Share Class Currency Dividend per Share

23-Sep-2009 24-Sep-2009 05-Oct-2009 (cont) Schroder ISF European Dividend Maximiser A1 Distribution EUR 19.75 1.144619 Schroder ISF European Equity Yield A Distribution EUR 158,178.31 0.084578 Schroder ISF European Equity Yield B Distribution EUR 4,602.38 0.080081 Schroder ISF European Equity Yield C Distribution EUR 148,576.34 0.090677 Schroder ISF European Equity Yield A1 Distribution EUR 237.48 0.089392 Schroder ISF Global Dividend Maximiser A Distribution USD 168,176.97 0.114099 Schroder ISF Global Dividend Maximiser C Distribution USD 13.86 0.116085 Schroder ISF Global Dividend Maximiser B Distribution USD 367.29 0.115518 Schroder ISF Global Dividend Maximiser A1 Distribution USD 1,551.57 0.113261 Schroder ISF Global Dividend Maximiser C Distribution GBP 77,454.85 0.071362 Schroder ISF Global Dividend Maximiser A Distribution SGD 30,074.53 0.116557 Schroder ISF Global Equity Yield A Distribution USD 26,841.46 0.862639 Schroder ISF Global Equity Yield C Distribution USD 14.94 0.875119 Schroder ISF Global Equity Yield A1 Distribution USD 606.86 0.865906 Schroder ISF Global High Yield A Distribution USD 568,167.11 0.317483 Schroder ISF Global High Yield A1 Distribution USD 279,129.87 0.393563 Schroder ISF Global High Yield B Distribution USD 19,075.06 0.363587 Schroder ISF Global Managed Currency A Distribution USD 3,126.67 0.769928 Schroder ISF Global Managed Currency A1 Distribution USD 11.53 0.768972 Schroder ISF Global Managed Currency B Distribution USD 11.53 0.768972 Schroder ISF Global Managed Currency A Distribution EUR 112.08 0.742013 Schroder ISF Hong Kong Dollar Bond A Distribution HKD 344,979.43 0.079794 Schroder ISF US Dollar Bond A Distribution USD 179,569.95 0.110390

29-Oct-2009 30-Oct-2009 12-Nov-2009 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution USD 7,525,700.92 0.098197 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution USD 614,064.51 0.110998 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution EUR Hedged 1,002,878.21 0.136392 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution EUR Hedged 98,423.13 0.141624 Schroder ISF Asian Bond A Distribution USD 680,532.93 0.034935 Schroder ISF Asian Bond D Distribution USD 439.62 0.007095 Schroder ISF Asian Bond B1 Distribution USD 86,899.28 0.038066 Schroder ISF Asian Bond A1 Distribution USD 367,793.29 0.034488 Schroder ISF Asian Bond A1 Distribution EUR Hedged 1,564.33 0.395238 Schroder ISF Asian Bond A1 Distribution EUR 10,700.66 0.023257 Schroder ISF Emerging Europe Debt Absolute Return B1 Distribution EUR 6,224.37 0.055393 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution EUR 11,504.12 0.056274 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution USD 9,843.18 0.083220 Schroder ISF Asian Local Currency Bond A Distribution USD 344.11 0.488938 Schroder ISF Asian Local Currency Bond C Distribution USD 3.94 0.250317 Schroder ISF EURO Corporate Bond A1 Distribution EUR 56,858.79 0.049127 Schroder ISF Global Corporate Bond A1 Distribution USD 174,490.55 0.033183 Schroder ISF Global Corporate Bond A Distribution USD 151,315.27 0.025699 Schroder ISF Strategic Bond A Distribution USD 74,586.02 0.403665

25-Nov-2009 26-Nov-2009 07-Dec-2009 Schroder ISF Asian Bond A Distribution USD 516,432.11 0.026278 Schroder ISF Asian Bond D Distribution USD 333.38 0.004441 Schroder ISF Asian Bond B1 Distribution USD 62,973.24 0.028611 Schroder ISF Asian Bond A1 Distribution USD 271,472.13 0.025936 Schroder ISF Asian Bond A1 Distribution EUR 7,621.95 0.017172 Schroder ISF Asian Bond A1 Distribution EUR Hedged 1,189.89 0.297284 Schroder ISF Asian Local Currency Bond A Distribution USD 213.82 0.163043 Schroder ISF Asian Local Currency Bond C Distribution USD 3.09 0.195817 Schroder ISF Emerging Europe Debt Absolute Return B1 Distribution EUR 4,692.96 0.042085 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution EUR 8,542.86 0.042766 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution USD 8,127.11 0.064410 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution USD 6,223,721.72 0.074882 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution USD 458,854.40 0.084616 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution EUR Hedged 784,609.15 0.103976 Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 33 Notes to the Financial Statements as at 31 December 2009 (cont)

Dividends (cont)

Record Ex-Dividend Payment Gross Dividend Date Date Date Fund Share Class Currency Dividend per Share

25-Nov-2009 26-Nov-2009 07-Dec-2009 (cont) Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution EUR Hedged 75,373.41 0.107920 Schroder ISF EURO Corporate Bond A1 Distribution EUR 45,461.28 0.039672 Schroder ISF Global Corporate Bond A1 Distribution USD 149,134.60 0.026008 Schroder ISF Global Corporate Bond A Distribution USD 148,253.75 0.020509 Schroder ISF Strategic Bond A Distribution USD 55,968.05 0.304021

29-Dec-2009 30-Dec-2009 27-Jan-2010 Schroder ISF Asian Bond A Distribution USD 631,149.60 0.032871 Schroder ISF Asian Bond D Distribution USD 915.14 0.008461 Schroder ISF Asian Bond B1 Distribution USD 70,849.43 0.035758 Schroder ISF Asian Bond A1 Distribution USD 336,656.04 0.032436 Schroder ISF Asian Bond A1 Distribution EUR 9,989.71 0.022403 Schroder ISF Asian Bond A1 Distribution EUR Hedged 461.14 0.371911 Schroder ISF Asian Local Currency Bond A Distribution USD 2,760.61 0.361043 Schroder ISF Asian Local Currency Bond C Distribution USD 6.46 0.408602 Schroder ISF Emerging Europe Debt Absolute Return B1 Distribution EUR 5,662.30 0.052212 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution EUR 10,795.59 0.053077 Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution USD 9,740.99 0.076612 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution USD 7,757,152.19 0.091357 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution USD 530,463.54 0.103188 Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution EUR Hedged 994,652.01 0.126771 Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution EUR Hedged 88,292.32 0.131528 Schroder ISF EURO Corporate Bond A1 Distribution EUR 40,482.47 0.048834 Schroder ISF Global Corporate Bond A1 Distribution USD 261,278.71 0.040671 Schroder ISF Global Corporate Bond A Distribution USD 236,847.58 0.031136 Schroder ISF Strategic Bond A Distribution USD 70,462.00 0.387832 Schroder ISF Asian Equity Yield C Distribution USD 112,325.49 0.010513 Schroder ISF Emerging Markets Debt Absolute Return A Distribution USD 735,627.71 0.268790 Schroder ISF Emerging Markets Debt Absolute Return A Distribution SGD Hedged 1,724,312.12 0.189368 Schroder ISF European Dividend Maximiser A Distribution EUR 3,153.10 1.268409 Schroder ISF European Dividend Maximiser B Distribution EUR 2,195.66 1.251915 Schroder ISF European Dividend Maximiser C Distribution EUR 107,028.57 1.289263 Schroder ISF European Dividend Maximiser A1 Distribution EUR 22.16 1.257661 Schroder ISF European Equity Yield A Distribution EUR 147,888.93 0.094633 Schroder ISF European Equity Yield B Distribution EUR 4,895.08 0.089458 Schroder ISF European Equity Yield C Distribution EUR 165,946.53 0.101640 Schroder ISF European Equity Yield A1 Distribution EUR 94.07 0.099913 Schroder ISF Global Dividend Maximiser A Distribution USD 178,759.98 0.124237 Schroder ISF Global Dividend Maximiser C Distribution USD 15.43 0.126548 Schroder ISF Global Dividend Maximiser B Distribution USD 399.76 0.125579 Schroder ISF Global Dividend Maximiser A1 Distribution USD 1,687.98 0.123184 Schroder ISF Global Dividend Maximiser C Distribution GBP 132,181.00 0.079808 Schroder ISF Global Dividend Maximiser A Distribution SGD 32,162.90 0.126025 Schroder ISF Global Equity Yield A Distribution USD 27,535.37 0.960216 Schroder ISF Global Equity Yield C Distribution USD 16.84 0.975666 Schroder ISF Global Equity Yield A1 Distribution USD 483.08 0.962675 Schroder ISF Global High Yield A Distribution USD 618,071.69 0.365810 Schroder ISF Global High Yield A1 Distribution USD 424,705.42 0.445481 Schroder ISF Global High Yield B Distribution USD 27,064.10 0.460904 Schroder ISF Global High Yield C Distribution GBP Hedged 1,730,345.29 3.781547 Schroder ISF Hong Kong Dollar Bond A Distribution HKD 465,482.30 0.089158 Schroder ISF US Dollar Bond A Distribution USD 219,747.04 0.117926 Schroder ISF EURO Corporate Bond A Distribution EUR 977,937.95 0.301535 Schroder ISF Global Corporate Bond A Distribution SGD 220,658.22 0.277321 Schroder ISF Strategic Bond A Distribution EUR 31.99 0.374809 Schroder ISF Strategic Bond A1 Distribution EUR 28.92 0.331385 Schroder ISF Strategic Bond B Distribution EUR 28.57 0.326216 Schroder ISF Asian Bond B Distribution USD 637.90 0.173395 Schroder ISF Asian Bond C Distribution USD 8,266,259.58 0.263809 Schroder ISF Asian Bond A Distribution GBP Hedged 667.46 2.497605 Page 34 Schroder International Selection Fund Audited Annual Report 31 December 2009 Notes to the Financial Statements as at 31 December 2009 (cont)

Dividends (cont)

Record Ex-Dividend Payment Gross Dividend Date Date Date Fund Share Class Currency Dividend per Share

29-Dec-2009 30-Dec-2009 27-Jan-2010 (cont) Schroder ISF Asian Convertible Bond C Distribution GBP Hedged 10.35 0.117373 Schroder ISF Asian Equity Yield A Distribution GBP 231.76 0.099822 Schroder ISF Asian Total Return A Distribution GBP 3,014.49 1.251911 Schroder ISF Asian Total Return C Distribution GBP 213,065.79 2.331905 Schroder ISF BRIC (Brazil, Russia, India, China) A Distribution GBP 19,253.37 0.266924 Schroder ISF Emerging Europe A Distribution EUR 11,652.15 0.063274 Schroder ISF Emerging Europe C Distribution EUR 368.67 0.163200 Schroder ISF Emerging Europe Debt Absolute Return A Distribution EUR 6,658.46 0.034328 Schroder ISF Emerging Europe Debt Absolute Return B Distribution EUR 798.94 0.192202 Schroder ISF Emerging Europe A Distribution GBP 222.20 0.036202 Schroder ISF Emerging Markets A Distribution USD 92,183.28 0.013391 Schroder ISF Emerging Markets C Distribution USD 17,905.53 0.075759 Schroder ISF Emerging Markets Debt Absolute Return B Distribution USD 15,428.03 0.222360 Schroder ISF Emerging Markets Debt Absolute Return C Distribution USD 899,964.52 0.397912 Schroder ISF Emerging Markets Debt Absolute Return I Distribution USD 1,788,405.22 0.997522 Schroder ISF Emerging Markets Debt Absolute Return A Distribution GBP Hedged 1,210,197.23 0.358489 Schroder ISF Emerging Markets Debt Absolute Return C Distribution GBP Hedged 497,232.07 0.291785 Schroder ISF EURO Active Value A Distribution GBP 1,381.18 0.322937 Schroder ISF EURO Active Value C Distribution GBP 915.08 0.441907 Schroder ISF EURO Bond A Distribution EUR 591,530.84 0.267294 Schroder ISF EURO Bond B Distribution EUR 2,418.96 0.277107 Schroder ISF EURO Bond C Distribution EUR 93,498.68 0.379940 Schroder ISF EURO Dynamic Growth A Distribution EUR 31,620.24 0.046107 Schroder ISF EURO Dynamic Growth C Distribution EUR 215.57 0.065455 Schroder ISF EURO Equity A Distribution EUR 823,072.62 0.252264 Schroder ISF EURO Equity B Distribution EUR 8,124.93 0.156982 Schroder ISF EURO Equity C Distribution EUR 24,030.86 0.405756 Schroder ISF EURO Short Term Bond A Distribution EUR 151,385.67 0.137738 Schroder ISF EURO Short Term Bond B Distribution EUR 55,540.45 0.133794 Schroder ISF EURO Short Term Bond C Distribution EUR 6,889.74 0.112552 Schroder ISF European Bond A Distribution EUR 53,652.15 0.169209 Schroder ISF European Bond B Distribution EUR 1,095.07 0.138297 Schroder ISF European Bond C Distribution EUR 20,776.24 0.194840 Schroder ISF European Equity Alpha A Distribution EUR 1,377,620.24 0.436931 Schroder ISF European Equity Alpha C Distribution EUR 29,308.83 0.636871 Schroder ISF European Equity Alpha I Distribution EUR 36.38 1.100423 Schroder ISF European Equity Yield A Distribution GBP 232.84 0.173595 Schroder ISF European Large Cap A Distribution EUR 158,931.60 1.762781 Schroder ISF European Large Cap B Distribution EUR 530.56 1.022825 Schroder ISF European Large Cap C Distribution EUR 39,542.32 1.772129 Schroder ISF European Smaller Companies A Distribution EUR 9,725.03 0.061230 Schroder ISF European Smaller Companies C Distribution EUR 1,936.92 0.151063 Schroder ISF European Special Situations C Distribution EUR 581,975.42 1.169660 Schroder ISF Global Bond A Distribution USD 62,145.11 0.208160 Schroder ISF Global Bond B Distribution USD 6,995.81 0.122791 Schroder ISF Global Bond C Distribution USD 8,723.06 0.199924 Schroder ISF Global Climate Change Equity C Distribution USD 6.29 0.041866 Schroder ISF Global Climate Change Equity C Distribution GBP 3.82 0.044877 Schroder ISF Global Convertible Bond C Distribution GBP Hedged 1.59 0.018282 Schroder ISF Global Corporate Bond B Distribution USD 155,173.26 0.200570 Schroder ISF Global Corporate Bond C Distribution USD 946,534.16 0.266806 Schroder ISF Global Corporate Bond A Distribution EUR Hedged 57,931.79 4.652139 Schroder ISF Global Energy C Distribution USD 6,854.23 0.007958 Schroder ISF Global Energy C Distribution GBP 256.99 0.000866 Schroder ISF Global Equity A Distribution USD 15,122.22 0.024688 Schroder ISF Global Equity C Distribution USD 72,409.46 0.103244 Schroder ISF Global Equity Alpha C Distribution USD 426.74 0.584783 Schroder ISF Global Equity Yield I Distribution USD 59.26 3.510663 Schroder ISF Global Equity Yield A Distribution GBP 88,004.50 1.127198 Schroder ISF Global Inflation Linked Bond C Distribution EUR 40,402.30 0.285066 Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 35 Notes to the Financial Statements as at 31 December 2009 (cont)

Dividends (cont)

Record Ex-Dividend Payment Gross Dividend Date Date Date Fund Share Class Currency Dividend per Share

29-Dec-2009 30-Dec-2009 27-Jan-2010 (cont) Schroder ISF Global Inflation Linked Bond C Distribution GBP Hedged 1,067,711.33 0.281769 Schroder ISF Global Inflation Linked Bond C Distribution USD Hedged 137,663.80 0.324894 Schroder ISF Global Property Securities C Distribution USD 37,031.48 1.152427 Schroder ISF Greater China A Distribution GBP 35,698.32 0.063271 Schroder ISF Italian Equity A Distribution EUR 30,004.55 0.266621 Schroder ISF Italian Equity B Distribution EUR 2,118.42 0.148617 Schroder ISF Italian Equity C Distribution EUR 7,078.22 0.413965 Schroder ISF Japanese Equity A Distribution JPY 1,368,759.34 0.679079 Schroder ISF Japanese Equity C Distribution JPY 4,631,556.23 4.390754 Schroder ISF Japanese Large Cap C Distribution JPY 22,380.00 4.636804 Schroder ISF Japanese Large Cap I Distribution JPY 54,914,142.77 11.577670 Schroder ISF Japanese Smaller Companies I Distribution GBP 67,353.41 0.069095 Schroder ISF Latin American A Distribution USD 407,891.85 0.268632 Schroder ISF Latin American B Distribution USD 15,333.15 0.060376 Schroder ISF Latin American C Distribution USD 76,195.49 0.501044 Schroder ISF Latin American A Distribution GBP 4,441.75 0.166010 Schroder ISF Pacific Equity A Distribution USD 32,060.73 0.009458 Schroder ISF Pacific Equity C Distribution USD 72,764.78 0.079133 Schroder ISF QEP Global Active Value A Distribution USD 35,413.07 1.712330 Schroder ISF QEP Global Active Value B Distribution USD 1,922.84 1.279053 Schroder ISF QEP Global Active Value C Distribution USD 63,370.72 2.158790 Schroder ISF QEP Global Core C Distribution USD 41,952.72 0.225271 Schroder ISF QEP Global Quality C Distribution USD 87,329.03 0.713998 Schroder ISF QEP US Core C Distribution USD 693,405.41 0.943376 Schroder ISF Strategic Bond C Distribution USD 225,410.90 4.278541 Schroder ISF Strategic Bond A Distribution GBP Hedged 209,212.24 3.601654 Schroder ISF Strategic Credit C Distribution EUR 62.83 3.648664 Schroder ISF Swiss Equity C Distribution CHF 5,237.56 0.143560 Schroder ISF Taiwanese Equity A Distribution USD 114,115.28 0.047666 Schroder ISF Taiwanese Equity B Distribution USD 186.43 0.047470 Schroder ISF Taiwanese Equity C Distribution USD 2,013.06 0.097387 Schroder ISF Taiwanese Equity I Distribution USD 5,071.94 0.188347 Schroder ISF UK Equity A Distribution GBP 443,215.41 0.031462 Schroder ISF UK Equity B Distribution GBP 1,120.39 0.020084 Schroder ISF UK Equity C Distribution GBP 210,595.53 0.047154 Schroder ISF US Dollar Bond B Distribution USD 2,422.36 0.374157 Schroder ISF US Dollar Bond C Distribution USD 493,309.55 0.474555 Schroder ISF US Large Cap C Distribution USD 1,473.59 0.140462

Futures Contracts

Futures contracts are valued on 31 December 2009, which reflects the latest available price at close of business. The unrealised profit or loss is shown in the Statement of Net Assets. On 31 December 2009, the following Funds held open futures contracts:

(Short)/ Unrealised Long Market Appreciation/ Maturity Date Quantity Contract Currency position Price (Depreciation)

Schroder ISF EURO Equity Mar 2010 2,846 DJ Euro Stoxx 50 Future EUR 82,014,684 2,972.00 2,568,436 EUR 2,568,436 Schroder ISF Japanese Equity Mar 2010 107 Topix Index Future JPY 961,219,956 904.50 6,595,044 JPY 6,595,044 Schroder ISF Japanese Large Cap Mar 2010 29 Topix Index Future JPY 263,215,000 904.50 ( 910,000 ) JPY ( 910,000 ) Page 36 Schroder International Selection Fund Audited Annual Report 31 December 2009 Notes to the Financial Statements as at 31 December 2009 (cont)

Futures Contracts (cont)

(Short)/ Unrealised Long Market Appreciation/ Maturity Date Quantity Contract Currency position Price (Depreciation)

Schroder ISF Asian Total Return Jan 2010 108 H-SHARES Index Future HKD ( 66,630,600 ) 12,789.00 ( 313,385 ) Mar 2010 18 Nasdaq 100 Future USD ( 3,179,520 ) 1,880.75 ( 205,830 ) Mar 2010 71 SPI 200 Future AUD ( 8,312,325 ) 4,879.00 ( 312,814 ) USD ( 832,029 ) Schroder ISF European Special Situations Mar 2010 150 DJ Euro Stoxx 50 Future EUR 4,322,629 2,972.00 135,371 Mar 2010 385 FTSE 100 Index Future GBP 20,260,107 5,361.50 429,605 EUR 564,976 Schroder ISF Indian Equity Jan 2010 60 SGX CNX Nifty Index Future USD 624,120 5,219.50 2,220 USD 2,220 Schroder ISF Taiwanese Equity Jan 2010 177 MSCI Taiwan Index Future USD 5,049,629 295.60 182,491 USD 182,491 Schroder ISF European Equity Alpha Mar 2010 813 DJ Euro Stoxx 50 Future EUR 23,657,401 2,972.00 504,959 Mar 2010 202 FTSE 100 Index Future GBP 10,672,185 5,361.50 177,895 EUR 682,854 Schroder ISF QEP Global Active Value Mar 2010 122 S&P 500 EMINI Future USD 6,870,888 1,124.60 ( 10,828 ) USD ( 10,828 ) Schroder ISF QEP Global Core Mar 2010 71 S&P 500 EMINI Future USD 3,912,513 1,124.60 79,818 USD 79,818 Schroder ISF QEP Global Quality Mar 2010 111 S&P 500 EMINI Future USD 6,148,050 1,124.60 93,480 USD 93,480 Schroder ISF QEP US Core Mar 2010 12 S&P 500 EMINI Future USD 669,150 1,124.60 5,610 USD 5,610 Schroder ISF European Allocation Mar 2010 2,081 DJ Euro Stoxx 50 Future EUR 59,969,275 2,972.00 1,878,045 Mar 2010 218 Euro-Schatz Future EUR 23,527,650 107.96 7,630 Mar 2010 617 FTSE 100 Index Future GBP 32,468,795 5,361.50 688,484 Mar 2010 277 Swiss Market Index Future CHF 17,617,200 6,490.00 242,650 EUR 2,816,809 Schroder ISF EURO Bond Mar 2010 252 Euro-BOBL Future EUR 29,351,700 115.66 ( 205,380 ) Mar 2010 71 Euro-Bund Future EUR ( 8,735,590 ) 121.19 131,100 Mar 2010 672 Euro-Schatz Future EUR 72,534,925 107.96 14,195 Mar 2010 12 Japan 10 Year Bond Future JPY ( 1,675,920,000 ) 139.70 ( 3,598 ) Mar 2010 278 Long Gilt Future GBP ( 32,643,394 ) 114.45 930,076 Mar 2010 4 US 2 Year Note (CBT) USD ( 869,813 ) 108.10 3,473 Mar 2010 262 US 5 Year Note (CBT) USD ( 30,430,522 ) 114.20 355,129 Mar 2010 430 US 10 Year Note Future (CBT) USD ( 51,050,392 ) 115.22 1,046,135 Mar 2010 61 US Long Bond Future (CBT) USD ( 7,363,844 ) 114.91 246,241 EUR 2,517,371 Schroder ISF EURO Government Bond Mar 2010 25 Euro-BOBL Future EUR 2,905,250 115.66 ( 13,750 ) Mar 2010 60 Euro-Bund Future EUR ( 7,365,120 ) 121.19 93,720 Mar 2010 3 Euro-Schatz Future EUR 325,095 107.96 ( 1,215 ) EUR 78,755 Schroder ISF EURO Short Term Bond Mar 2010 1,364 Euro-BOBL Future EUR ( 158,669,640 ) 115.66 909,400 Mar 2010 2,619 Euro-Schatz Future EUR 282,721,815 107.96 25,425 Mar 2010 192 US 2 Year Note (CBT) USD ( 41,751,000 ) 108.10 166,678 Mar 2010 178 US 5 Year Note (CBT) USD ( 20,733,977 ) 114.20 282,805 EUR 1,384,308 Schroder ISF Global Bond Mar 2010 83 Euro-BOBL Future EUR 9,645,430 115.66 ( 65,732 ) Mar 2010 62 Euro-Bund Future EUR ( 7,617,540 ) 121.19 149,404 Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 37 Notes to the Financial Statements as at 31 December 2009 (cont)

Futures Contracts (cont)

(Short)/ Unrealised Long Market Appreciation/ Maturity Date Quantity Contract Currency position Price (Depreciation)

Schroder ISF Global Bond (cont) Mar 2010 160 Euro-Schatz Future EUR ( 17,267,199 ) 107.96 ( 9,216 ) Mar 2010 13 Japan 10 Year Bond Future JPY 1,815,710,000 139.70 4,209 Mar 2010 27 Long Gilt Future GBP ( 3,173,040 ) 114.45 134,344 Mar 2010 38 US 2 Year Note (CBT) USD 8,255,500 108.10 ( 39,781 ) Mar 2010 178 US 5 Year Note (CBT) USD ( 20,767,563 ) 114.20 440,797 Mar 2010 4 US 10 Year Note Future (CBT) USD ( 474,922 ) 115.22 14,047 Mar 2010 4 US Long Bond Future (CBT) USD 481,031 114.91 ( 21,406 ) USD 606,666 Schroder ISF Global Inflation Linked Bond Mar 2010 311 US 5 Year Note (CBT) USD ( 36,265,016 ) 114.20 521,060 EUR 521,060 Schroder ISF US Dollar Bond Mar 2010 80 CAN 10 Year Bond Future CAD 9,575,200 117.51 ( 166,230 ) Mar 2010 118 US 2 Year Note (CBT) USD 25,650,484 108.10 ( 138,516 ) Mar 2010 110 US 5 Year Note (CBT) USD ( 12,769,453 ) 114.20 207,969 Mar 2010 146 US 10 Year Note Future (CBT) USD ( 17,321,766 ) 115.22 499,828 Mar 2010 6 US Long Bond Future (CBT) USD 727,875 114.91 ( 38,437 ) USD 364,614 Schroder ISF EURO Corporate Bond Mar 2010 2,796 Euro-BOBL Future EUR ( 325,212,420 ) 115.66 1,827,060 Mar 2010 4,496 Euro-Bund Future EUR ( 552,427,180 ) 121.19 7,556,940 Mar 2010 185 Long Gilt Future GBP ( 21,741,200 ) 114.45 639,284 Mar 2010 805 US 5 Year Note (CBT) USD ( 93,621,992 ) 114.20 1,177,002 Mar 2010 161 US 10 Year Note Future (CBT) USD ( 19,126,298 ) 115.22 400,083 EUR 11,600,369 Schroder ISF Global Corporate Bond Mar 2010 124 CAN 10 Year Bond Future CAD 14,841,560 117.51 ( 257,656 ) Mar 2010 347 Euro-BOBL Future EUR 40,351,990 115.66 ( 313,855 ) Mar 2010 36 Euro-Bund Future EUR 4,393,057 121.19 ( 43,510 ) Mar 2010 4 Euro-BUXL 30 Year Bond Future EUR ( 393,520 ) 96.72 9,561 Mar 2010 443 Euro-Schatz Future EUR 47,842,995 107.96 ( 24,068 ) Mar 2010 233 Long Gilt Future GBP ( 27,282,379 ) 114.45 997,618 Mar 2010 619 US 2 Year Note (CBT) USD 134,501,859 108.10 ( 672,125 ) Mar 2010 561 US 5 Year Note (CBT) USD 65,098,484 114.20 ( 1,034,914 ) Mar 2010 2,310 US 10 Year Note Future (CBT) USD ( 273,839,478 ) 115.22 7,684,166 Mar 2010 787 US Long Bond Future (CBT) USD ( 94,242,157 ) 114.91 3,810,938 USD 10,156,155 Schroder ISF Global High Yield Mar 2010 239 Euro-BOBL Future EUR ( 27,834,710 ) 115.66 276,418 Mar 2010 151 Euro-Bund Future EUR ( 18,577,982 ) 121.19 400,713 Mar 2010 106 Long Gilt Future GBP ( 12,444,160 ) 114.45 506,419 Mar 2010 366 US 5 Year Note (CBT) USD ( 42,549,248 ) 114.20 753,764 USD 1,937,314 Schroder ISF Strategic Bond Mar 2010 81 Euro-BOBL Future EUR 9,411,804 115.66 ( 62,412 ) Mar 2010 180 Euro-Bund Future EUR ( 22,120,320 ) 121.19 440,782 Mar 2010 10 Euro-BUXL 30 Year Bond Future EUR ( 983,800 ) 96.72 23,902 Mar 2010 1,011 Euro-Schatz Future EUR ( 109,156,342 ) 107.96 12,646 Mar 2010 741 Long Gilt Future GBP ( 86,980,612 ) 114.45 3,522,152 Mar 2010 585 US 2 Year Note (CBT) USD 127,091,125 108.10 ( 612,297 ) Mar 2010 1,674 US 5 Year Note (CBT) USD ( 195,240,556 ) 114.20 4,077,603 Mar 2010 784 US 10 Year Note Future (CBT) USD ( 93,067,658 ) 115.22 2,736,158 Mar 2010 280 US Long Bond Future (CBT) USD ( 33,634,289 ) 114.91 1,460,539 USD 11,599,073 Schroder ISF Global Credit Duration Hedged Mar 2010 290 Euro-BOBL Future EUR ( 33,722,440 ) 115.66 181,040 Mar 2010 196 Euro-Bund Future EUR ( 24,074,239 ) 121.19 320,999 Mar 2010 16 Euro-BUXL 30 Year Bond Future EUR ( 1,574,080 ) 96.72 26,560 Mar 2010 123 Euro-Schatz Future EUR 13,274,948 107.96 4,132 Mar 2010 327 Long Gilt Future GBP ( 38,381,507 ) 114.45 1,076,474 Mar 2010 196 US 5 Year Note (CBT) USD ( 22,728,313 ) 114.20 240,316 Page 38 Schroder International Selection Fund Audited Annual Report 31 December 2009 Notes to the Financial Statements as at 31 December 2009 (cont)

Futures Contracts (cont)

(Short)/ Unrealised Long Market Appreciation/ Maturity Date Quantity Contract Currency position Price (Depreciation)

Schroder ISF Global Credit Duration Hedged (cont) Mar 2010 1,436 US 10 Year Note Future (CBT) USD ( 170,362,392 ) 115.22 3,408,755 Mar 2010 706 US Long Bond Future (CBT) USD ( 84,604,883 ) 114.91 2,417,578 EUR 7,675,854

Forward Foreign Exchange Contracts

Outstanding forward foreign exchange contracts are valued on 31 December 2009 by reference to the forward rate of exchange applicable to the maturity of the contracts. The unrealised gain or loss is shown in the Statement of Net Assets. On 31 December 2009, the following Funds were committed to outstanding forward foreign exchange contracts:

Unrealised Appreciation/ Currency Bought Currency Sold Maturity Date (Depreciation)

Schroder ISF Japanese Equity EUR 21,007,061 JPY 2,747,662,900 07-Jan-2010 55,067,791 JPY 55,067,791 Schroder ISF US Large Cap EUR 186,095,683 USD 265,208,900 07-Jan-2010 2,749,177 USD 2,749,177 Schroder ISF Asian Equity Yield EUR 9,143,518 USD 13,030,600 07-Jan-2010 135,098 USD 135,098 Schroder ISF Asian Total Return EUR 13,969,363 USD 19,906,900 07-Jan-2010 207,504 USD 207,504 Schroder ISF China Opportunities SGD 1,970,098 USD 1,399,500 07-Jan-2010 5,505 USD 5,505 Schroder ISF Global Climate Change Equity EUR 4,509,933 USD 6,427,400 07-Jan-2010 66,426 USD 66,426 Schroder ISF Global Property Securities EUR 167,784,752 USD 239,111,700 07-Jan-2010 2,480,575 USD 4,940,300 EUR 3,446,080 07-Jan-2010 ( 21,690 ) USD 2,458,885 Schroder ISF Hong Kong Equity EUR 4,913,011 HKD 54,293,000 07-Jan-2010 559,604 HKD 559,604 Schroder ISF US Small & Mid-Cap Equity EUR 61,914,701 USD 88,220,400 07-Jan-2010 930,213 USD 930,213 Schroder ISF QEP Global Active Value EUR 7,972,136 AUD 13,043,236 29-Jan-2010 ( 218,405 ) EUR 11,657,364 CAD 18,067,900 05-Feb-2010 ( 436,757 ) EUR 3,113,525 CHF 4,696,046 15-Jan-2010 ( 73,619 ) EUR 18,990,982 GBP 16,931,980 15-Jan-2010 ( 95,940 ) EUR 4,462,668 HKD 52,053,571 29-Jan-2010 ( 288,750 ) EUR 15,093,984 JPY 1,953,840,813 22-Jan-2010 645,197 EUR 2,515,864 SEK 25,732,466 15-Jan-2010 8,617 EUR 2,579,996 SGD 5,367,313 29-Jan-2010 ( 111,970 ) EUR 50,264,527 USD 74,196,976 05-Feb-2010 ( 1,824,539 ) GBP 3,706,166 EUR 4,090,217 15-Jan-2010 116,946 JPY 181,506,432 EUR 1,398,622 22-Jan-2010 ( 54,800 ) USD ( 2,334,020 ) Schroder ISF QEP Global Core AUD 383,532 USD 352,873 29-Jan-2010 ( 8,924 ) CAD 870,451 USD 821,964 05-Feb-2010 7,705 EUR 1,731,166 USD 2,554,552 15-Jan-2010 ( 61,883 ) Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 39 Notes to the Financial Statements as at 31 December 2009 (cont)

Forward Foreign Exchange Contracts (cont)

Unrealised Appreciation/ Currency Bought Currency Sold Maturity Date (Depreciation)

Schroder ISF QEP Global Core (cont) GBP 1,094,109 USD 1,818,892 15-Jan-2010 ( 45,735 ) JPY 145,137,477 USD 1,653,261 22-Jan-2010 ( 86,770 ) USD 2,770,729 CAD 2,909,362 05-Feb-2010 ( 2,326 ) USD 1,400,845 EUR 968,650 15-Jan-2010 6,107 USD 3,126,463 GBP 1,883,037 15-Jan-2010 74,738 USD 445,467 JPY 40,279,815 22-Jan-2010 10,721 USD ( 106,367 ) Schroder ISF QEP US Core USD 4,680,434 CAD 4,914,619 05-Feb-2010 ( 3,929 ) USD ( 3,929 ) Schroder ISF Asian Bond CNY 860,000,000 USD 128,031,825 10-Sep-2010 ( 344,785 ) EUR 1,675,802 USD 2,387,800 07-Jan-2010 25,177 EUR 168,000,000 USD 245,766,460 22-Feb-2010 ( 3,888,705 ) GBP 26,246 USD 41,900 07-Jan-2010 637 HKD 140,000,000 USD 18,075,245 10-Feb-2010 ( 15,344 ) IDR 30,000,000,000 USD 3,120,125 22-Jan-2010 39,025 KRW 52,000,000,000 USD 44,955,757 12-Feb-2010 ( 26,821 ) SGD 2,149,212 USD 1,526,700 07-Jan-2010 6,043 USD 265,132,800 EUR 178,000,000 22-Feb-2010 8,857,560 USD 1,100 GBP 685 07-Jan-2010 ( 10 ) USD 40,221,052 IDR 380,000,000,000 22-Jan-2010 205,152 USD 254,077,809 KRW 294,000,000,000 12-Feb-2010 56,517 USD 47,258,720 MYR 159,000,000 29-Jan-2010 872,596 USD 63,680,173 SGD 89,000,000 19-Jan-2010 217,535 USD 6,004,577 Schroder ISF Emerging Europe Debt Absolute Return EUR 9,018,287 CZK 237,400,000 04-Feb-2010 52,189 EUR 14,032,402 CZK 363,350,000 09-Mar-2010 316,087 EUR 4,987,503 CZK 131,700,000 29-Mar-2010 19,494 EUR 2,949,734 HUF 810,000,000 26-Jan-2010 ( 32,303 ) EUR 4,970,690 HUF 1,400,000,000 17-Mar-2010 ( 149,035 ) EUR 1,449,089 PLN 6,200,000 27-Jan-2010 ( 59,314 ) EUR 2,277,425 PLN 9,750,000 05-Feb-2010 ( 93,245 ) EUR 4,834,709 PLN 20,270,000 08-Mar-2010 ( 84,552 ) EUR 13,275,035 PLN 56,000,000 17-Mar-2010 ( 306,296 ) EUR 6,325,610 USD 8,873,000 12-Jan-2010 163,310 EUR 3,285,985 USD 4,710,000 07-Apr-2010 14,391 HUF 810,000,000 EUR 3,006,572 26-Jan-2010 ( 24,534 ) PLN 6,200,000 EUR 1,478,143 27-Jan-2010 30,260 PLN 9,750,000 EUR 2,288,783 05-Feb-2010 81,887 PLN 20,270,000 EUR 4,976,676 08-Mar-2010 ( 57,415 ) RUB 307,300,000 USD 8,676,135 12-Jan-2010 1,087,897 RUB 157,300,000 USD 4,239,721 07-Apr-2010 646,045 RUB 101,500,000 USD 3,220,791 04-May-2010 70,249 TRY 8,000,000 EUR 3,590,825 02-Feb-2010 113,034 TRY 10,530,000 EUR 4,673,599 03-Feb-2010 200,802 USD 8,873,000 EUR 6,398,992 12-Jan-2010 ( 236,691 ) USD 4,710,000 EUR 3,489,406 07-Apr-2010 ( 217,812 ) USD 870,000 EUR 658,442 04-May-2010 ( 54,076 ) USD 9,114,829 RUB 307,300,000 12-Jan-2010 ( 783,223 ) USD 3,702,511 RUB 115,000,000 07-Apr-2010 ( 53,533 ) EUR 643,616 Schroder ISF Emerging Markets Debt Absolute Return AED 105,500,000 USD 28,746,594 29-Nov-2010 ( 66,965 ) BRL 130,550,000 USD 68,701,215 22-Jan-2010 6,069,727 BRL 41,200,000 USD 23,471,771 09-Feb-2010 84,536 BRL 21,400,000 USD 11,943,297 15-Mar-2010 180,939 CLP 15,370,000,000 USD 27,983,614 08-Feb-2010 2,345,238 CLP 104,810,000,000 USD 208,454,743 09-Feb-2010 ( 1,628,454 ) CLP 13,300,000,000 USD 26,773,492 18-Mar-2010 ( 485,909 ) Page 40 Schroder International Selection Fund Audited Annual Report 31 December 2009 Notes to the Financial Statements as at 31 December 2009 (cont)

Forward Foreign Exchange Contracts (cont)

Unrealised Appreciation/ Currency Bought Currency Sold Maturity Date (Depreciation)

Schroder ISF Emerging Markets Debt Absolute Return (cont) CNY 253,000,000 USD 37,132,709 02-Apr-2010 ( 27,681 ) CNY 765,000,000 USD 113,703,924 17-May-2010 ( 1,205,276 ) CNY 810,000,000 USD 120,396,864 15-Sep-2010 ( 75,225 ) CNY 156,000,000 USD 23,349,798 13-Oct-2010 ( 113,903 ) CZK 440,000,000 USD 25,436,290 22-Jan-2010 ( 1,503,979 ) CZK 946,000,000 USD 55,898,272 12-Feb-2010 ( 4,461,398 ) EUR 1,484,088,192 USD 2,114,855,600 07-Jan-2010 22,074,240 EUR 32,750,000 USD 48,617,703 15-Jan-2010 ( 1,461,686 ) GBP 383,219,561 USD 611,794,700 07-Jan-2010 9,296,910 HUF 4,100,000,000 USD 22,291,331 08-Jan-2010 ( 496,445 ) HUF 5,900,000,000 USD 32,705,100 02-Feb-2010 ( 1,464,258 ) INR 3,250,000,000 USD 69,470,563 08-Jan-2010 550,954 INR 6,982,000,000 USD 148,621,069 05-Feb-2010 1,483,776 INR 1,360,000,000 USD 29,407,313 25-Feb-2010 ( 210,730 ) INR 2,638,000,000 USD 56,737,284 01-Mar-2010 ( 120,726 ) KRW 27,150,000,000 USD 23,254,818 13-Jan-2010 104,798 KRW 96,200,000,000 USD 83,304,494 19-Jan-2010 ( 417,034 ) KRW 32,000,000,000 USD 27,660,126 10-Feb-2010 ( 6,846 ) KWD 7,850,000 USD 27,514,897 18-Feb-2010 ( 171,552 ) MXN 740,000,000 USD 54,157,712 22-Jan-2010 2,263,826 MYR 235,000,000 USD 68,470,799 08-Jan-2010 150,367 MYR 143,750,000 USD 41,713,996 22-Jan-2010 236,002 PLN 283,500,000 USD 98,077,484 04-Jan-2010 1,392,710 PLN 8,939,470 USD 3,047,800 07-Jan-2010 88,092 PLN 71,000,000 USD 25,185,343 22-Jan-2010 ( 305,127 ) PLN 154,000,000 USD 55,555,055 12-Feb-2010 ( 1,665,089 ) RUB 2,094,000,000 USD 58,678,808 12-Jan-2010 11,116,061 RUB 700,000,000 USD 23,271,277 13-Jan-2010 56,720 RUB 1,070,000,000 USD 32,518,546 21-Jan-2010 3,095,682 RUB 1,600,000,000 USD 54,728,921 10-Feb-2010 ( 1,642,678 ) RUB 1,540,000,000 USD 43,477,272 22-Mar-2010 7,274,760 RUB 1,516,000,000 USD 44,684,158 07-Apr-2010 5,140,576 SGD 91,902,613 USD 65,288,900 07-Jan-2010 252,830 SGD 127,300,000 USD 91,207,891 08-Jan-2010 ( 423,061 ) SGD 149,600,000 USD 107,915,485 12-Feb-2010 ( 1,273,337 ) THB 820,000,000 USD 24,523,805 19-Jan-2010 81,424 THB 3,470,000,000 USD 103,672,812 28-Jan-2010 437,602 THB 730,000,000 USD 21,739,130 29-Jan-2010 162,787 THB 1,130,000,000 USD 33,985,985 22-Feb-2010 ( 57,727 ) THB 1,000,000,000 USD 30,111,412 03-Mar-2010 ( 74,914 ) THB 2,282,000,000 USD 67,491,203 15-Mar-2010 1,032,200 TRY 48,000,000 USD 32,290,616 13-Jan-2010 ( 186,324 ) TRY 90,500,000 USD 59,402,691 02-Feb-2010 926,601 TRY 41,500,000 USD 27,378,282 05-Feb-2010 273,428 TRY 30,000,000 USD 19,465,983 15-Mar-2010 401,911 TRY 30,000,000 USD 19,575,218 16-Mar-2010 289,152 TWD 1,500,000,000 USD 46,993,514 29-Jan-2010 496,966 TWD 1,400,000,000 USD 44,671,347 05-Feb-2010 ( 224,023 ) TWD 2,075,000,000 USD 64,742,590 15-Mar-2010 1,523,473 USD 73,949,774 BRL 130,550,000 22-Jan-2010 ( 821,168 ) USD 23,315,036 BRL 41,200,000 09-Feb-2010 ( 241,271 ) USD 12,019,771 BRL 21,400,000 15-Mar-2010 ( 104,465 ) USD 117,698,068 BRL 214,200,000 19-Mar-2010 ( 3,436,321 ) USD 37,607,558 CNY 253,000,000 02-Apr-2010 502,530 USD 60,044,396 CZK 1,095,084,444 14-Jan-2010 472,794 USD 24,937,876 CZK 440,000,000 22-Jan-2010 1,005,565 USD 54,047,073 CZK 946,000,000 12-Feb-2010 2,610,199 USD 86,785,328 CZK 1,602,000,000 17-Mar-2010 ( 254,369 ) USD 43,647,295 CZK 809,000,000 29-Mar-2010 ( 287,870 ) USD 48,781,125 EUR 32,750,000 15-Jan-2010 1,625,108 USD 230,934,821 EUR 159,300,000 17-Mar-2010 1,592,299 Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 41 Notes to the Financial Statements as at 31 December 2009 (cont)

Forward Foreign Exchange Contracts (cont)

Unrealised Appreciation/ Currency Bought Currency Sold Maturity Date (Depreciation)

Schroder ISF Emerging Markets Debt Absolute Return (cont) USD 73,170,210 EUR 51,000,000 21-Jun-2010 ( 232,526 ) USD 21,817,795 HUF 4,100,000,000 08-Jan-2010 22,908 USD 31,286,457 HUF 5,900,000,000 02-Feb-2010 45,614 USD 115,336,386 HUF 22,500,000,000 17-Mar-2010 ( 3,123,121 ) USD 53,988,677 IDR 524,500,000,000 02-Feb-2010 ( 1,114,768 ) USD 58,363,731 IDR 560,000,000,000 17-Mar-2010 13,411 USD 58,660,410 INR 2,750,000,000 08-Jan-2010 ( 588,566 ) USD 23,088,953 KRW 27,150,000,000 13-Jan-2010 ( 270,662 ) USD 81,810,582 KRW 96,200,000,000 19-Jan-2010 ( 1,076,877 ) USD 26,988,277 KRW 32,000,000,000 10-Feb-2010 ( 665,003 ) USD 30,359,251 KRW 36,000,000,000 17-Mar-2010 ( 669,653 ) USD 55,746,861 MXN 740,000,000 22-Jan-2010 ( 674,677 ) USD 114,480,009 MXN 1,495,000,000 17-Mar-2010 1,206,613 USD 51,966,941 MXN 676,000,000 29-Mar-2010 823,673 USD 60,137,784 MXN 790,000,000 23-Apr-2010 552,754 USD 16,683,232 MYR 58,750,000 22-Jan-2010 ( 461,550 ) USD 97,998,703 PLN 283,500,000 04-Jan-2010 ( 1,471,491 ) USD 24,551,078 PLN 71,000,000 22-Jan-2010 ( 329,137 ) USD 53,865,678 PLN 154,000,000 12-Feb-2010 ( 24,287 ) USD 234,755,688 PLN 685,000,000 17-Mar-2010 ( 4,418,158 ) USD 67,205,509 RUB 2,094,000,000 12-Jan-2010 ( 2,589,360 ) USD 22,672,412 RUB 700,000,000 13-Jan-2010 ( 655,585 ) USD 34,864,777 RUB 1,070,000,000 21-Jan-2010 ( 749,451 ) USD 18,843,405 RUB 580,000,000 10-Feb-2010 ( 400,358 ) USD 91,468,053 SGD 127,300,000 08-Jan-2010 683,223 USD 107,824,842 SGD 149,600,000 12-Feb-2010 1,182,694 USD 173,820,562 SGD 244,600,000 17-Mar-2010 ( 483,413 ) USD 53,527,316 SGD 75,600,000 29-Mar-2010 ( 343,157 ) USD 119,114,129 SGD 167,800,000 23-Apr-2010 ( 439,054 ) USD 53,517,842 SGD 75,600,000 28-Apr-2010 ( 343,617 ) USD 53,507,426 SGD 75,600,000 27-May-2010 ( 344,781 ) USD 19,465,983 TRY 30,000,000 15-Mar-2010 ( 401,911 ) USD 44,436,699 Schroder ISF EURO Bond EUR 41,823,989 GBP 37,168,875 28-Jan-2010 ( 8,436 ) EUR 58,809,173 USD 84,619,619 28-Jan-2010 39,541 GBP 300,000 EUR 337,096 28-Jan-2010 545 USD 3,327,413 EUR 2,325,254 28-Jan-2010 ( 14,314 ) EUR 17,336 Schroder ISF EURO Government Bond EUR 11,273 GBP 10,000 28-Jan-2010 19 EUR 19 Schroder ISF EURO Short Term Bond EUR 13,965,143 USD 20,135,430 28-Jan-2010 ( 19,224 ) EUR 7,249,749 GBP 6,438,729 28-Jan-2010 3,158 EUR ( 16,066 ) Schroder ISF Global Bond AUD 2,395,000 USD 2,132,606 21-Jan-2010 17,021 BRL 5,325,000 USD 3,015,658 21-Jan-2010 34,317 CAD 6,312,000 USD 5,950,813 21-Jan-2010 65,478 CHF 1,960,000 USD 1,891,180 21-Jan-2010 10,742 CNY 24,905,000 USD 3,683,853 21-Jul-2010 ( 4,398 ) CZK 5,600,000 USD 318,487 21-Jan-2010 ( 13,889 ) DKK 9,600,000 USD 1,880,386 21-Jan-2010 ( 23,281 ) EUR 360,000 GBP 332,625 21-Jan-2010 ( 20,694 ) EUR 4,470,000 USD 6,526,294 21-Jan-2010 ( 90,091 ) GBP 1,561,410 EUR 1,690,000 21-Jan-2010 97,015 GBP 7,792,000 USD 12,533,644 21-Jan-2010 93,915 INR 116,800,000 USD 2,508,591 21-Jan-2010 5,353 JPY 1,594,100,000 USD 17,952,771 21-Jan-2010 ( 747,500 ) KRW 7,206,000,000 USD 6,159,011 21-Jan-2010 52,734 Page 42 Schroder International Selection Fund Audited Annual Report 31 December 2009 Notes to the Financial Statements as at 31 December 2009 (cont)

Forward Foreign Exchange Contracts (cont)

Unrealised Appreciation/ Currency Bought Currency Sold Maturity Date (Depreciation)

Schroder ISF Global Bond (cont) NOK 18,000,000 USD 3,143,361 21-Jan-2010 ( 29,751 ) PHP 117,400,000 USD 2,497,348 21-Jan-2010 22,095 PLN 750,000 USD 262,329 21-Jan-2010 508 SEK 27,900,000 USD 3,978,787 21-Jan-2010 ( 60,310 ) TRY 4,290,000 USD 2,865,540 21-Jan-2010 ( 24 ) TWD 97,400,000 USD 3,048,483 21-Jan-2010 23,053 USD 345,651 AUD 387,000 21-Jan-2010 ( 1,700 ) USD 3,042,645 BRL 5,325,000 21-Jan-2010 ( 7,331 ) USD 1,225,587 CAD 1,300,000 21-Jan-2010 ( 13,509 ) USD 3,700,445 CNY 24,905,000 21-Jul-2010 20,990 USD 49,650 CZK 873,000 21-Jan-2010 2,165 USD 239,094 DKK 1,210,000 21-Jan-2010 5,021 USD 264,286 EGP 1,480,000 17-Mar-2010 ( 1,679 ) USD 30,863,468 EUR 20,947,000 21-Jan-2010 702,583 USD 3,479,261 GBP 2,160,000 21-Jan-2010 ( 21,192 ) USD 251,368 GBP 150,000 22-Jan-2010 8,282 USD 6,538,743 HUF 1,227,300,000 21-Jan-2010 27,884 USD 506,873 INR 23,600,000 21-Jan-2010 ( 1,081 ) USD 10,913,328 JPY 969,400,000 21-Jan-2010 450,503 USD 1,444,090 KRW 1,690,000,000 21-Jan-2010 ( 12,730 ) USD 613,287 MXN 8,300,000 21-Jan-2010 ( 19,626 ) USD 270,167 MYR 916,000 21-Jan-2010 2,842 USD 577,898 NOK 3,300,000 21-Jan-2010 7,069 USD 538,182 PHP 25,300,000 21-Jan-2010 ( 4,765 ) USD 1,924,198 PLN 5,600,000 21-Jan-2010 ( 38,322 ) USD 785,522 SEK 5,500,000 21-Jan-2010 13,062 USD 499,203 TRY 745,000 21-Jan-2010 1,578 USD 3,059,442 TWD 97,400,000 21-Jan-2010 ( 12,093 ) USD 78,485 ZAR 590,000 21-Jan-2010 ( 1,096 ) ZAR 3,200,000 USD 425,680 21-Jan-2010 5,943 USD 545,091 Schroder ISF Global Inflation Linked Bond EUR 9,787,194 AUD 15,895,000 17-Mar-2010 ( 66,255 ) EUR 12,515,564 CAD 19,500,000 17-Mar-2010 ( 394,007 ) EUR 57,224,466 GBP 51,610,000 17-Mar-2010 ( 850,310 ) EUR 35,377,829 JPY 4,590,000,000 17-Mar-2010 957,928 EUR 12,645,667 SEK 131,650,000 17-Mar-2010 ( 201,081 ) EUR 336,200 USD 484,094 07-Jan-2010 ( 1 ) EUR 128,447,784 USD 187,860,000 17-Mar-2010 ( 2,038,695 ) GBP 83,269,974 EUR 93,297,600 07-Jan-2010 429,649 USD 42,542,955 EUR 29,853,100 07-Jan-2010 ( 307,209 ) EUR ( 2,469,981 ) Schroder ISF US Dollar Bond EUR 3,430,680 USD 4,890,500 07-Jan-2010 49,316 USD 49,316 Schroder ISF Asian Local Currency Bond CNY 106,000,000 USD 15,856,632 10-Sep-2010 ( 118,462 ) HKD 46,000,000 USD 5,938,779 10-Feb-2010 ( 4,812 ) IDR 37,000,000,000 USD 3,904,783 22-Jan-2010 ( 8,498 ) KRW 5,100,000,000 USD 4,392,084 12-Feb-2010 14,408 MYR 12,600,000 USD 3,715,379 29-Jan-2010 ( 39,498 ) SGD 78,975 USD 56,100 07-Jan-2010 222 TWD 20,000,000 USD 626,684 18-Mar-2010 12,342 USD 13,233,199 CNY 88,500,000 10-Sep-2010 93,312 USD 5,398,539 IDR 51,000,000,000 22-Jan-2010 27,984 USD 8,900,795 KRW 10,300,000,000 12-Feb-2010 1,410 USD 5,261,649 MYR 17,700,000 29-Jan-2010 97,911 USD 1,518,035 PHP 71,000,000 11-Jan-2010 ( 7,530 ) USD 452,694 THB 15,000,000 17-Mar-2010 2,310 USD 71,099 Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 43 Notes to the Financial Statements as at 31 December 2009 (cont)

Forward Foreign Exchange Contracts (cont)

Unrealised Appreciation/ Currency Bought Currency Sold Maturity Date (Depreciation)

Schroder ISF EURO Corporate Bond EUR 20,617,156 GBP 18,310,740 28-Jan-2010 8,982 EUR 69,515,991 USD 99,996,322 28-Jan-2010 67,002 USD 10,306,512 EUR 7,233,300 07-Jan-2010 ( 75,474 ) EUR 510 Schroder ISF Global Corporate Bond EUR 31,013 GBP 27,510 28-Jan-2010 74 EUR 69,689,759 USD 99,311,300 07-Jan-2010 1,034,574 EUR 17,591,789 USD 25,312,244 28-Jan-2010 17,343 GBP 1,500,000 USD 2,400,675 28-Jan-2010 30,090 SGD 9,334,649 USD 6,630,900 07-Jan-2010 26,246 USD 28,570,656 EUR 19,996,890 25-Jan-2010 ( 222,040 ) USD 247,579,978 EUR 172,149,841 28-Jan-2010 ( 290,454 ) USD 154,499,117 GBP 95,463,154 28-Jan-2010 ( 199,879 ) USD 167,200 SGD 234,949 07-Jan-2010 ( 358 ) USD 395,596 Schroder ISF Global High Yield EUR 197,350,844 USD 281,269,500 07-Jan-2010 2,894,817 EUR 13,557,736 USD 19,581,441 28-Jan-2010 ( 60,297 ) GBP 214,390,276 USD 342,265,500 07-Jan-2010 5,201,110 GBP 2,742,871 USD 4,403,506 28-Jan-2010 41,343 USD 428,418,383 EUR 297,747,221 28-Jan-2010 ( 293,789 ) USD 96,514,489 GBP 59,625,768 28-Jan-2010 ( 109,664 ) USD 7,673,520 Schroder ISF Strategic Bond EUR 483,334 GBP 433,287 21-Jan-2010 ( 6,240 ) EUR 13,829,000 GBP 12,449,357 28-Jan-2010 ( 262,583 ) EUR 296,854,455 USD 423,087,400 07-Jan-2010 4,351,580 EUR 2,493,910 USD 3,741,484 28-Jan-2010 ( 150,620 ) GBP 64,845,520 EUR 71,035,000 28-Jan-2010 2,802,870 GBP 21,354,622 USD 34,091,800 07-Jan-2010 518,063 JPY 70,600,000 USD 766,412 28-Jan-2010 ( 4,393 ) PLN 2,884,428 USD 993,900 28-Jan-2010 16,454 USD 4,475,774 EUR 3,010,000 28-Jan-2010 141,817 USD 158,402,323 GBP 96,740,000 28-Jan-2010 1,634,186 USD 576,984 GBP 350,000 25-Feb-2010 9,903 USD 2,099,818 GBP 1,270,000 03-Mar-2010 42,199 USD 30,280,705 HUF 5,528,350,000 28-Jan-2010 984,812 USD 20,403,309 IDR 197,300,000,000 28-Jan-2010 ( 346,929 ) USD 22,344,616 PLN 62,600,000 28-Jan-2010 417,142 USD 10,148,261 Schroder ISF Asian Convertible Bond EUR 75,896,910 USD 108,159,400 07-Jan-2010 1,124,113 GBP 18,353 USD 29,300 07-Jan-2010 444 HKD 20,000,000 USD 2,579,979 26-Feb-2010 269 USD 6,608,900 CNY 45,000,000 26-Feb-2010 15,622 USD 18,075,011 HKD 140,000,000 26-Feb-2010 13,278 USD 15,881,037 SGD 22,000,000 26-Feb-2010 201,367 USD 1,355,093 Schroder ISF Global Convertible Bond CNY 10,000,000 USD 1,469,292 26-Feb-2010 ( 4,119 ) EUR 102,300,234 USD 145,784,100 07-Jan-2010 1,517,404 EUR 1,000,000 USD 1,481,400 26-Feb-2010 ( 41,671 ) GBP 1,096,888 USD 1,751,200 07-Jan-2010 26,548 HKD 5,000,000 USD 644,947 26-Feb-2010 115 JPY 220,000,000 USD 2,494,888 26-Feb-2010 ( 120,015 ) SGD 7,000,000 USD 4,989,486 26-Feb-2010 ( 501 ) USD 1,468,644 CNY 10,000,000 26-Feb-2010 3,472 USD 24,690,600 EUR 16,500,000 26-Feb-2010 935,070 Page 44 Schroder International Selection Fund Audited Annual Report 31 December 2009 Notes to the Financial Statements as at 31 December 2009 (cont)

Forward Foreign Exchange Contracts (cont)

Unrealised Appreciation/ Currency Bought Currency Sold Maturity Date (Depreciation)

Schroder ISF Global Convertible Bond (cont) USD 4,906,074 HKD 38,000,000 26-Feb-2010 3,604 USD 9,234,985 JPY 820,000,000 26-Feb-2010 383,183 USD 5,053,057 SGD 7,000,000 26-Feb-2010 64,071 USD 2,767,161 Schroder ISF Global Credit Duration Hedged EUR 49,013,493 GBP 43,535,877 28-Jan-2010 15,204 EUR 187,475,484 USD 269,755,218 28-Jan-2010 126,320 GBP 223,492,542 EUR 250,406,200 07-Jan-2010 1,153,156 GBP 2,279,156 USD 3,690,000 28-Jan-2010 2,358 USD 31,122,723 EUR 21,842,500 07-Jan-2010 ( 227,908 ) USD 5,435,576 EUR 3,806,811 28-Jan-2010 ( 31,719 ) USD 4,600,000 GBP 2,850,662 28-Jan-2010 ( 13,562 ) EUR 1,023,849

Options Contracts

Options contracts are valued on 31 December 2009 and the market value is shown in the Statement of Net Assets. On 31 December 2009, the following Fund was committed to outstanding options contracts:

Par Value Unrealised Subject to Premium Paid/ Market Appreciation/ Call or Put Contract Currency (Received) Value (Depreciation)

Schroder ISF US Large Cap ( 1,511 ) Call on SLM USD ( 186,835 ) ( 104,259 ) 82,576 Strike Price 13.00 Expiring on 17-Apr-10 ( 1,083 ) Put on SLM USD ( 113,715 ) ( 5,415 ) 108,300 Strike Price 9.00 Expiring on 16-Jan-10 ( 205 ) Put on United Technologies USD ( 37,413 ) ( 6,150 ) 31,263 Strike Price 60.00 Expiring on 20-Feb-10 USD ( 115,824 ) USD 222,139 Schroder ISF Asian Total Return 112 Put on S&P 500 Index Future USD 249,760 36,960 ( 212,800 ) Strike Price 70.00 Expiring on 16-Jan-10 49 Put on S&P 500 Index Future USD 153,615 26,950 ( 126,665 ) Strike Price 90.00 Expiring on 16-Jan-10 USD 63,910 USD ( 339,465 ) Schroder ISF European Dividend Maximiser ( 1,638 ) Call on Akzo Nobel EUR ( 1,425 ) ( 214 ) 1,211 Strike Price 48.18 Expiring on 07-Jan-10 ( 719 ) Call on Allianz EUR ( 1,243 ) ( 25 ) 1,218 Strike Price 92.70 Expiring on 07-Jan-10 ( 3,832 ) Call on AstraZeneca EUR ( 2,307 ) ( 3,325 ) ( 1,018 ) Strike Price 31.98 Expiring on 07-Jan-10 ( 22,653 ) Call on BAE EUR ( 800 ) ( 3,525 ) ( 2,725 ) Strike Price 3.94 Expiring on 07-Jan-10 ( 5,550 ) Call on Banco Santander EUR ( 1,229 ) ( 274 ) 955 Strike Price 12.01 Expiring on 07-Jan-10 ( 6,246 ) Call on BBVA EUR ( 1,542 ) ( 27 ) 1,515 Strike Price 13.63 Expiring on 07-Jan-10 ( 796 ) Call on BNP Paribas EUR ( 1,275 ) ( 30 ) 1,245 Strike Price 59.87 Expiring on 07-Jan-10 Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 45 Notes to the Financial Statements as at 31 December 2009 (cont)

Options Contracts (cont)

Par Value Unrealised Subject to Premium Paid/ Market Appreciation/ Call or Put Contract Currency (Received) Value (Depreciation)

Schroder ISF European Dividend Maximiser (cont) ( 992 ) Call on Bouygues EUR ( 1,082 ) ( 4 ) 1,078 Strike Price 41.09 Expiring on 07-Jan-10 ( 15,467 ) Call on BP EUR ( 918 ) ( 4,637 ) ( 3,719 ) Strike Price 6.54 Expiring on 07-Jan-10 ( 6,045 ) Call on British American Tobacco EUR ( 1,298 ) ( 235 ) 1,063 Strike Price 23.51 Expiring on 07-Jan-10 ( 17,361 ) Call on Compass Group EUR ( 1,482 ) ( 6,393 ) ( 4,911 ) Strike Price 4.68 Expiring on 07-Jan-10 ( 1,282 ) Call on Credit Suisse Registered EUR ( 1,495 ) 0 1,495 Strike Price 42.26 Expiring on 07-Jan-10 ( 1,104 ) Call on Deutsche Boerse EUR ( 1,861 ) ( 33 ) 1,828 Strike Price 62.18 Expiring on 07-Jan-10 ( 10,415 ) Call on Deutsche Telekom EUR ( 1,965 ) ( 2,188 ) ( 223 ) Strike Price 10.25 Expiring on 07-Jan-10 ( 4,020 ) Call on E.ON EUR ( 2,254 ) ( 95 ) 2,159 Strike Price 30.69 Expiring on 07-Jan-10 ( 17,042 ) Call on ENEL EUR ( 734 ) 0 734 Strike Price 4.63 Expiring on 07-Jan-10 ( 6,309 ) Call on ENI EUR ( 1,085 ) ( 6 ) 1,079 Strike Price 19.42 Expiring on 07-Jan-10 ( 4,005 ) Call on France Telecom EUR ( 1,439 ) 0 1,439 Strike Price 19.36 Expiring on 07-Jan-10 ( 2,243 ) Call on GDF Suez EUR ( 1,356 ) ( 3 ) 1,353 Strike Price 32.58 Expiring on 07-Jan-10 ( 12,532 ) Call on GlaxoSmithKline EUR ( 3,374 ) ( 11,798 ) ( 8,424 ) Strike Price 14.10 Expiring on 07-Jan-10 ( 5,515 ) Call on Imperial Tobacco EUR ( 2,164 ) ( 9,054 ) ( 6,890 ) Strike Price 20.70 Expiring on 07-Jan-10 ( 16,439 ) Call on International P EUR ( 1,546 ) ( 2,288 ) ( 742 ) Strike Price 3.39 Expiring on 07-Jan-10 ( 10,482 ) Call on Koninklijke EUR ( 2,462 ) ( 31 ) 2,431 Strike Price 13.00 Expiring on 07-Jan-10 ( 755 ) Call on Muenchener Rueckversicherungs Registered EUR ( 1,698 ) ( 1 ) 1,697 Strike Price 120.91 Expiring on 07-Jan-10 ( 1,170 ) Call on Neopost EUR ( 1,497 ) 0 1,497 Strike Price 68.73 Expiring on 07-Jan-10 ( 4,867 ) Call on Nestlé Registered EUR ( 1,390 ) ( 10,622 ) ( 9,232 ) Strike Price 30.48 Expiring on 07-Jan-10 ( 3,137 ) Call on Nokia EUR ( 927 ) 0 927 Strike Price 11.23 Expiring on 07-Jan-10 ( 5,084 ) Call on Norvatis EUR ( 1,728 ) ( 1,201 ) 527 Strike Price 36.88 Expiring on 07-Jan-10 ( 9,971 ) Call on Pearson EUR ( 855 ) ( 7,968 ) ( 7,113 ) Strike Price 9.38 Expiring on 07-Jan-10 ( 14,000 ) Call on ProSafe EUR ( 1,491 ) ( 6,562 ) ( 5,071 ) Strike Price 4.00 Expiring on 07-Jan-10 Page 46 Schroder International Selection Fund Audited Annual Report 31 December 2009 Notes to the Financial Statements as at 31 December 2009 (cont)

Options Contracts (cont)

Par Value Unrealised Subject to Premium Paid/ Market Appreciation/ Call or Put Contract Currency (Received) Value (Depreciation)

Schroder ISF European Dividend Maximiser (cont) ( 8,156 ) Call on Reed Elsevier EUR ( 1,256 ) ( 2,820 ) ( 1,564 ) Strike Price 8.39 Expiring on 07-Jan-10 ( 4,229 ) Call on Repsol YPF EUR ( 1,565 ) 0 1,565 Strike Price 20.31 Expiring on 07-Jan-10 ( 1,060 ) Call on Roche Holding EUR ( 1,163 ) ( 66 ) 1,097 Strike Price 118.46 Expiring on 07-Jan-10 ( 6,540 ) Call on Royal Dutch Shell EUR ( 1,259 ) ( 3,247 ) ( 1,988 ) Strike Price 20.99 Expiring on 07-Jan-10 ( 39,363 ) Call on Royal Sun Alliance EUR ( 1,134 ) 0 1,134 Strike Price 1.56 Expiring on 07-Jan-10 ( 2,325 ) Call on RWE EUR ( 1,470 ) ( 252 ) 1,218 Strike Price 70.36 Expiring on 07-Jan-10 ( 5,006 ) Call on Sampo EUR ( 1,717 ) ( 16 ) 1,701 Strike Price 18.53 Expiring on 07-Jan-10 ( 2,723 ) Call on Sanofi-Aventis EUR ( 2,808 ) ( 1,616 ) 1,192 Strike Price 55.70 Expiring on 07-Jan-10 ( 5,152 ) Call on Scottish & Southern Energy EUR ( 1,273 ) ( 543 ) 730 Strike Price 13.25 Expiring on 07-Jan-10 ( 949 ) Call on Société Générale EUR ( 1,362 ) ( 5 ) 1,357 Strike Price 54.14 Expiring on 07-Jan-10 ( 11,366 ) Call on Tesco EUR ( 956 ) ( 5,148 ) ( 4,192 ) Strike Price 4.45 Expiring on 07-Jan-10 ( 3,670 ) Call on TNT EUR ( 1,381 ) ( 2,787 ) ( 1,406 ) Strike Price 21.29 Expiring on 07-Jan-10 ( 4,037 ) Call on Total EUR ( 1,620 ) ( 7,277 ) ( 5,657 ) Strike Price 43.75 Expiring on 07-Jan-10 ( 6,260 ) Call on Unilever EUR ( 2,448 ) ( 13,606 ) ( 11,158 ) Strike Price 20.81 Expiring on 07-Jan-10 ( 1,406 ) Call on Vinci EUR ( 1,104 ) ( 1 ) 1,103 Strike Price 43.64 Expiring on 07-Jan-10 ( 5,086 ) Call on Vivendi EUR ( 2,105 ) ( 1 ) 2,104 Strike Price 22.75 Expiring on 07-Jan-10 ( 109,339 ) Call on Vodafone EUR ( 1,608 ) ( 3,052 ) ( 1,444 ) Strike Price 1.62 Expiring on 07-Jan-10 ( 665 ) Call on Zürich Financial Services Registered EUR ( 2,195 ) 0 2,195 Strike Price 178.25 Expiring on 07-Jan-10 EUR ( 110,976 ) EUR ( 36,630 ) Schroder ISF Global Dividend Maximiser ( 2,953 ) Call on Akzo Nobel USD ( 3,840 ) 0 3,840 Strike Price 73.44 Expiring on 08-Jan-10 ( 1,177 ) Call on Allianz Registered USD ( 4,529 ) 0 4,529 Strike Price 141.48 Expiring on 08-Jan-10 ( 9,506 ) Call on Altria USD ( 1,717 ) ( 6,270 ) ( 4,553 ) Strike Price 19.20 Expiring on 08-Jan-10 ( 5,922 ) Call on AstraZeneca USD ( 2,613 ) ( 202 ) 2,411 Strike Price 49.22 Expiring on 08-Jan-10 Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 47 Notes to the Financial Statements as at 31 December 2009 (cont)

Options Contracts (cont)

Par Value Unrealised Subject to Premium Paid/ Market Appreciation/ Call or Put Contract Currency (Received) Value (Depreciation)

Schroder ISF Global Dividend Maximiser (cont) ( 9,345 ) Call on AT&T USD ( 2,398 ) ( 941 ) 1,457 Strike Price 28.35 Expiring on 08-Jan-10 ( 51,289 ) Call on BAE USD ( 2,605 ) ( 6,362 ) ( 3,757 ) Strike Price 5.76 Expiring on 08-Jan-10 ( 13,895 ) Call on Banco Bilbao USD ( 5,033 ) ( 3 ) 5,030 Strike Price 20.37 Expiring on 08-Jan-10 ( 10,888 ) Call on Banco Santander USD ( 3,531 ) ( 229 ) 3,302 Strike Price 17.93 Expiring on 08-Jan-10 ( 1,624 ) Call on BNP Paribas USD ( 3,830 ) ( 50 ) 3,780 Strike Price 88.75 Expiring on 08-Jan-10 ( 18,095 ) Call on BP USD ( 3,125 ) ( 11,299 ) ( 8,174 ) Strike Price 9.14 Expiring on 08-Jan-10 ( 10,195 ) Call on Bristol Myers USD ( 2,291 ) ( 11,604 ) ( 9,313 ) Strike Price 24.57 Expiring on 08-Jan-10 ( 117,000 ) Call on CNOOC 883 USD ( 5,101 ) ( 1,719 ) 3,382 Strike Price 1.61 Expiring on 11-Jan-10 ( 30,640 ) Call on Compass USD ( 3,897 ) ( 7,499 ) ( 3,602 ) Strike Price 7.04 Expiring on 08-Jan-10 ( 6,612 ) Call on Conocophillips USD ( 6,715 ) ( 28 ) 6,687 Strike Price 55.75 Expiring on 08-Jan-10 ( 2,783 ) Call on Credit Suisse Registered USD ( 4,787 ) 0 4,787 Strike Price 63.03 Expiring on 18-Jan-10 ( 1,743 ) Call on Deutsche Boerse USD ( 4,377 ) ( 4 ) 4,373 Strike Price 93.12 Expiring on 08-Jan-10 ( 16,718 ) Call on Deutsche Telekom USD ( 4,596 ) ( 3,645 ) 951 Strike Price 14.85 Expiring on 08-Jan-10 ( 5,910 ) Call on E.ON USD ( 4,862 ) ( 47 ) 4,815 Strike Price 45.90 Expiring on 08-Jan-10 ( 5,378 ) Call on Edison International USD ( 3,560 ) ( 2,593 ) 967 Strike Price 35.22 Expiring on 08-Jan-10 ( 27,110 ) Call on ENEL USD ( 3,454 ) 0 3,454 Strike Price 6.68 Expiring on 08-Jan-10 ( 8,949 ) Call on ENI USD ( 2,261 ) 0 2,261 Strike Price 29.10 Expiring on 08-Jan-10 ( 2,840 ) Call on Entergy USD ( 2,265 ) ( 162 ) 2,103 Strike Price 86.90 Expiring on 08-Jan-10 ( 2,861 ) Call on FPL USD ( 3,038 ) ( 191 ) 2,847 Strike Price 55.92 Expiring on 08-Jan-10 ( 7,358 ) Call on France Telecom USD ( 3,866 ) 0 3,866 Strike Price 28.77 Expiring on 08-Jan-10 ( 15,817 ) Call on GlaxoSmithKline USD ( 3,131 ) ( 1,714 ) 1,417 Strike Price 21.72 Expiring on 08-Jan-10 ( 12,500 ) Call on Hang Seng Bank USD ( 3,588 ) ( 101 ) 3,487 Strike Price 15.28 Expiring on 12-Jan-10 ( 8,962 ) Call on Imperial Tobacco USD ( 2,582 ) ( 4,353 ) ( 1,771 ) Strike Price 31.54 Expiring on 08-Jan-10 Page 48 Schroder International Selection Fund Audited Annual Report 31 December 2009 Notes to the Financial Statements as at 31 December 2009 (cont)

Options Contracts (cont)

Par Value Unrealised Subject to Premium Paid/ Market Appreciation/ Call or Put Contract Currency (Received) Value (Depreciation)

Schroder ISF Global Dividend Maximiser (cont) ( 37,221 ) Call on International P USD ( 5,055 ) ( 6,149 ) ( 1,094 ) Strike Price 4.92 Expiring on 08-Jan-10 ( 3,486 ) Call on Johnson & Johnson USD ( 2,152 ) ( 1,829 ) 323 Strike Price 65.00 Expiring on 08-Jan-10 ( 15,860 ) Call on Koninklijke USD ( 5,483 ) 0 5,483 Strike Price 19.04 Expiring on 08-Jan-10 ( 4,194 ) Call on Korea Tobacco USD ( 2,563 ) 0 2,563 Strike Price 66.60 Expiring on 14-Jan-10 ( 3,053 ) Call on Lorillard USD ( 2,375 ) ( 209 ) 2,166 Strike Price 85.15 Expiring on 08-Jan-10 ( 5,738 ) Call on Marathon Oil USD ( 3,709 ) 0 3,709 Strike Price 36.76 Expiring on 08-Jan-10 ( 7,386 ) Call on Merck & Co. USD ( 4,810 ) ( 13,067 ) ( 8,257 ) Strike Price 35.40 Expiring on 08-Jan-10 ( 1,450 ) Call on Muenchener Rueckversicherungs Registered USD ( 4,846 ) 0 4,846 Strike Price 181.49 Expiring on 08-Jan-10 ( 2,292 ) Call on Neopost USD ( 4,384 ) 0 4,384 Strike Price 103.19 Expiring on 22-Jan-10 ( 4,102 ) Call on Nestlé Registered USD ( 1,717 ) ( 14,800 ) ( 13,083 ) Strike Price 44.81 Expiring on 19-Jan-10 ( 7,549 ) Call on Nokia USD ( 3,317 ) 0 3,317 Strike Price 16.64 Expiring on 08-Jan-10 ( 5,055 ) Call on Novartis USD ( 2,527 ) ( 3,422 ) ( 895 ) Strike Price 54.17 Expiring on 20-Jan-10 ( 11,460 ) Call on Pfizer USD ( 3,878 ) ( 4,450 ) ( 572 ) Strike Price 18.37 Expiring on 08-Jan-10 ( 28,197 ) Call on ProSafe USD ( 4,490 ) ( 12,668 ) ( 8,178 ) Strike Price 5.96 Expiring on 08-Jan-10 ( 15,758 ) Call on Reed Elsevier USD ( 3,522 ) ( 4,314 ) ( 792 ) Strike Price 12.17 Expiring on 23-Jan-10 ( 6,890 ) Call on Repsol YPF USD ( 3,738 ) ( 1 ) 3,737 Strike Price 30.38 Expiring on 08-Jan-10 ( 8,925 ) Call on Royal Dutch Shell USD ( 2,553 ) ( 526 ) 2,027 Strike Price 31.56 Expiring on 08-Jan-10 ( 3,126 ) Call on RWE USD ( 5,817 ) ( 1,123 ) 4,694 Strike Price 101.40 Expiring on 08-Jan-10 ( 2,228 ) Call on Sanofi-Aventis USD ( 3,371 ) ( 831 ) 2,540 Strike Price 81.43 Expiring on 08-Jan-10 ( 331,000 ) Call on Singapore Post USD ( 2,185 ) ( 10,010 ) ( 7,825 ) Strike Price 0.69 Expiring on 16-Jan-10 ( 81,000 ) Call on Singapore Telecommunications USD ( 3,580 ) ( 157 ) 3,423 Strike Price 2.32 Expiring on 17-Jan-10 ( 1,236 ) Call on SK Telecom USD ( 1,920 ) 0 1,920 Strike Price 169.32 Expiring on 15-Jan-10 ( 2,030 ) Call on Société Générale USD ( 4,266 ) ( 6 ) 4,260 Strike Price 79.51 Expiring on 24-Jan-10 Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 49 Notes to the Financial Statements as at 31 December 2009 (cont)

Options Contracts (cont)

Par Value Unrealised Subject to Premium Paid/ Market Appreciation/ Call or Put Contract Currency (Received) Value (Depreciation)

Schroder ISF Global Dividend Maximiser (cont) ( 19,930 ) Call on Suncorp-Metway USD ( 4,909 ) 0 4,909 Strike Price 9.20 Expiring on 09-Jan-10 ( 14,000 ) Call on Swire Pacific USD ( 5,080 ) ( 13 ) 5,067 Strike Price 13.21 Expiring on 13-Jan-10 ( 113,000 ) Call on Taiwan Mobile USD ( 2,113 ) ( 334 ) 1,779 Strike Price 2.03 Expiring on 08-Jan-10 ( 4,594 ) Call on TNT USD ( 3,840 ) ( 3,447 ) 393 Strike Price 30.52 Expiring on 08-Jan-10 ( 6,393 ) Call on Total USD ( 3,803 ) ( 3,179 ) 624 Strike Price 66.43 Expiring on 08-Jan-10 ( 7,686 ) Call on Unilever USD ( 4,535 ) ( 12,842 ) ( 8,307 ) Strike Price 31.10 Expiring on 25-Jan-10 ( 2,609 ) Call on Vinci USD ( 3,020 ) 0 3,020 Strike Price 65.18 Expiring on 08-Jan-10 ( 7,558 ) Call on Vivendi USD ( 4,547 ) ( 1 ) 4,546 Strike Price 33.18 Expiring on 08-Jan-10 ( 135,353 ) Call on Vodafone USD ( 2,856 ) ( 2,088 ) 768 Strike Price 2.36 Expiring on 08-Jan-10 ( 12,351 ) Call on Westpac Banking USD ( 2,917 ) 0 2,917 Strike Price 26.81 Expiring on 10-Jan-10 ( 749 ) Call on Zürich Financial Services Registered USD ( 3,690 ) 0 3,690 Strike Price 265.86 Expiring on 21-Jan-10 USD ( 154,482 ) USD 66,678

Swaptions

The Company may use options on swaps (‘swaptions’). The Company will only enter into these transactions with highly rated financial institutions specialised in this type of transaction. In addition, the use of swaptions must comply with the investment objectives and policies and risk profile of the relevant Fund. The total commitments arising from the use of swaptions together with the total commitments arising from the use of other derivative instruments may not, at anytime, exceed the net assets of the relevant Fund. Swaptions were valued on 31 December 2009 using an independent vendor valuation that derives its valuation from brokers’ quotes available in the market.

On 31 December 2009, the following Funds were committed to outstanding swaptions:

Protection Nominal Interest Paid/ Maturity Market Unrealised Position Description Currency Premium Amount Received % Date Value (Depreciation)

Schroder ISF EURO Bond Buy Call on CDIO ITRAXX Europe Series 12V1 EUR 21,280 13,300,000 0.00 20-Jan-2010 345 ( 20,935 ) Strike price 1.00 Expiring on 20-Jan-10 EUR 345 ( 20,935 ) Schroder ISF Global Corporate Bond Buy Call on CDIO ITRAXX Europe Series 12V1 EUR 66,350 28,800,000 0.00 20-Jan-2010 1,074 ( 65,276 ) Strike price 1.00 Expiring on 20-Jan-10 USD 1,074 ( 65,276 ) Schroder ISF Global Credit Duration Hedged Buy Call on CDIO ITRAXX Europe Series 12V1 EUR 18,560 11,600,000 0.00 20-Jan-2010 300 ( 18,260 ) Strike price 1.00 Expiring on 20-Jan-10 EUR 300 ( 18,260 ) Page 50 Schroder International Selection Fund Audited Annual Report 31 December 2009 Notes to the Financial Statements as at 31 December 2009 (cont)

Interest Rate Swaps

In order to hedge against interest rate fluctuations, the Company may enter into interest rate swaps provided: a) The commitments deriving there from do not exceed the value of the relevant assets to be hedged; and b) The total amount of such transactions does not exceed the level necessary to cover the risk of the fluctuation of the value of the assets concerned.

Such contracts must be denominated in the currencies in which the assets of such Fund are denominated, or in currencies which are likely to fluctuate in a similar manner and must be either listed on an exchange or dealt in on a Regulated Market.

Interest rate swaps were valued on 31 December 2009 at their intrinsic value. The valuation method involves a current value of each interest rate and capital series converted into the currency of the Fund on the closing date. The result of these revaluations together with any interest receivable/ payable in relation to interest rate swaps on 31 December 2009 is shown in the Statement of Net Assets under ‘Unrealised appreciation/ (depreciation) on interest rate swaps’.

On 31 December 2009, the following Funds were committed to interest rate swaps:

Unrealised Maturity Appreciation/ Description Nominal Currency Date (Depreciation)

Schroder ISF Asian Bond Receive fixed rate 3.24% 100,000,000 CNY 23-Jul-2014 ( 159,518 ) Pay floating rate CNY REPO 1 Week Receive fixed rate 3.3% 100,000,000 CNY 19-Aug-2014 ( 154,189 ) Pay floating rate CNY REPO 1 Week Receive fixed rate 3.305% 100,000,000 CNY 19-Aug-2014 ( 150,955 ) Pay floating rate CNY REPO 1 Week Receive fixed rate 2.615% 230,000,000 HKD 17-Jul-2014 250,544 Pay floating rate HKD HIBOR 3 Months Receive fixed rate 2.41% 230,000,000 HKD 22-Dec-2014 ( 378,108 ) Pay floating rate HKD HIBOR 3 Months Receive fixed rate 5.085% 2,500,000,000 INR 18-Dec-2010 125,278 Pay floating rate INR MIBOR 1 Day Pay fixed rate 4.27% 50,000,000,000 KRW 04-Dec-2014 528,345 Receive floating rate KRW KRWCD 3 Months Receive fixed rate 3.82% 160,000,000 MYR 02-Nov-2014 143,235 Pay floating rate MYR KLIBOR 3 Months USD 204,632 Schroder ISF Global Bond Receive fixed rate 4.95% 341,900 AUD 03-Dec-2011 ( 736 ) Pay floating rate AUD BBSW 3 Months Pay fixed rate 6.03% 86,500 AUD 03-Dec-2019 1,553 Receive floating rate AUD BBSW 6 Months Pay fixed rate 5.74% 1,090,000 AUD 22-Dec-2014 7,126 Receive floating rate AUD BBSW 6 Months Receive fixed rate 3.43% 80,900 CAD 02-Dec-2019 ( 2,703 ) Pay floating rate CAD CDOR 3 Months Pay fixed rate 1.17% 325,700 CAD 02-Dec-2011 1,683 Receive floating rate CAD CDOR 3 Months Receive fixed rate 2.695% 3,040,000 CAD 21-Dec-2014 ( 20,086 ) Pay floating rate CAD CDOR 3 Months Receive fixed rate 0.79% 7,540,000 CHF 04-Dec-2011 ( 4,568 ) Pay floating rate CHF LIBOR 6 Months Pay fixed rate 2.4% 1,660,000 CHF 04-Dec-2019 10,004 Receive floating rate CHF LIBOR 6 Months Receive fixed rate 1.6% 619,000 CHF 23-Dec-2014 ( 2,698 ) Pay floating rate CHF LIBOR 6 Months Pay fixed rate 3.54% 2,490,000 EUR 19-Aug-2019 ( 26,011 ) Receive floating rate EUR EURIBOR 6 Months Receive fixed rate 2.817% 10,050,000 EUR 06-Nov-2014 59,109 Pay floating rate EUR EURIBOR 6 Months Pay fixed rate 3.417% 2,594,000 EUR 04-Dec-2019 46,225 Receive floating rate EUR EURIBOR 6 Months Receive fixed rate 1.7% 11,311,000 EUR 04-Dec-2011 ( 32,942 ) Pay floating rate EUR EURIBOR 6 Months Pay fixed rate 2.615% 3,100,000 EUR 23-Dec-2014 38,281 Receive floating rate EUR EURIBOR 6 Months Receive fixed rate 3.75% 757,300 GBP 02-Dec-2019 ( 34,471 ) Pay floating rate GBP LIBOR 6 Months Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 51 Notes to the Financial Statements as at 31 December 2009 (cont)

Interest Rate Swaps (cont)

Unrealised Maturity Appreciation/ Description Nominal Currency Date (Depreciation)

Schroder ISF Global Bond (cont) Pay fixed rate 1.74% 3,269,600 GBP 02-Dec-2011 19,683 Receive floating rate GBP LIBOR 6 Months Pay fixed rate 3.16% 3,720,000 GBP 21-Dec-2014 66,671 Receive floating rate GBP LIBOR 6 Months Receive fixed rate 0.445% 254,300,000 JPY 04-Dec-2011 ( 2,964 ) Pay floating rate JPY LIBOR 6 Months Pay fixed rate 1.35% 53,300,000 JPY 04-Dec-2019 2,246 Receive floating rate JPY LIBOR 6 Months Receive fixed rate 0.66% 620,000,000 JPY 24-Dec-2014 ( 11,280 ) Pay floating rate JPY LIBOR 6 Months Receive fixed rate 5.58% 11,940,000 PLN 19-Aug-2019 ( 35,034 ) Pay floating rate PLN WIBOR 6 Months Pay fixed rate 2.89% 92,970,000 SEK 06-Nov-2014 ( 82,261 ) Receive floating rate SEK STIBOR 3 Months Receive fixed rate 1.55% 1,506,000 SEK 04-Dec-2011 266 Pay floating rate SEK STIBOR 3 Months Pay fixed rate 3.49% 339,000 SEK 04-Dec-2019 288 Receive floating rate SEK STIBOR 3 Months Receive fixed rate 2.76% 9,690,000 SEK 23-Dec-2014 ( 5,774 ) Pay floating rate SEK STIBOR 3 Months Pay fixed rate 1% 18,600,000 USD 04-Dec-2011 101,967 Receive floating rate USD LIBOR 3 Months Receive fixed rate 3.39% 4,100,000 USD 04-Dec-2019 ( 168,382 ) Pay floating rate USD LIBOR 3 Months Pay fixed rate 2.71% 247,000 USD 23-Dec-2014 2,080 Receive floating rate USD LIBOR 3 Months USD ( 72,728 ) Schroder ISF Strategic Bond Receive fixed rate 4.95% 735,000 AUD 03-Dec-2011 ( 1,583 ) Pay floating rate AUD BBSW 3 Months Pay fixed rate 6.03% 186,000 AUD 03-Dec-2019 3,339 Receive floating rate AUD BBSW 6 Months Pay fixed rate 5.74% 2,380,000 AUD 22-Dec-2014 15,561 Receive floating rate AUD BBSW 6 Months Receive fixed rate 3.43% 174,000 CAD 02-Dec-2019 ( 5,814 ) Pay floating rate CAD CDOR 3 Months Pay fixed rate 1.17% 701,000 CAD 02-Dec-2011 3,623 Receive floating rate CAD CDOR 3 Months Receive fixed rate 2.695% 6,670,000 CAD 21-Dec-2014 ( 44,071 ) Pay floating rate CAD CDOR 3 Months Receive fixed rate 0.79% 16,210,000 CHF 04-Dec-2011 ( 9,822 ) Pay floating rate CHF LIBOR 6 Months Pay fixed rate 2.4% 3,570,000 CHF 04-Dec-2019 21,515 Receive floating rate CHF LIBOR 6 Months Receive fixed rate 1.6% 1,360,000 CHF 23-Dec-2014 ( 5,929 ) Pay floating rate CHF LIBOR 6 Months Pay fixed rate 3.54% 10,700,000 EUR 19-Aug-2019 ( 111,776 ) Receive floating rate EUR EURIBOR 6 Months Receive fixed rate 2.817% 42,400,000 EUR 06-Nov-2014 249,375 Pay floating rate EUR EURIBOR 6 Months Receive fixed rate 1.7% 24,360,000 EUR 04-Dec-2011 ( 70,945 ) Pay floating rate EUR EURIBOR 6 Months Pay fixed rate 3.417% 5,590,000 EUR 04-Dec-2019 99,613 Receive floating rate EUR EURIBOR 6 Months Pay fixed rate 2.615% 6,770,000 EUR 23-Dec-2014 83,600 Receive floating rate EUR EURIBOR 6 Months Pay fixed rate 1.74% 7,033,000 GBP 02-Dec-2011 42,340 Receive floating rate GBP LIBOR 6 Months Receive fixed rate 3.75% 1,629,000 GBP 02-Dec-2019 ( 74,150 ) Pay floating rate GBP LIBOR 6 Months Pay fixed rate 3.16% 8,150,000 GBP 21-Dec-2014 146,068 Receive floating rate GBP LIBOR 6 Months Receive fixed rate 0.445% 548,700,000 JPY 04-Dec-2011 ( 6,396 ) Pay floating rate JPY LIBOR 6 Months Pay fixed rate 1.35% 115,000,000 JPY 04-Dec-2019 4,846 Receive floating rate JPY LIBOR 6 Months Page 52 Schroder International Selection Fund Audited Annual Report 31 December 2009 Notes to the Financial Statements as at 31 December 2009 (cont)

Interest Rate Swaps (cont)

Unrealised Maturity Appreciation/ Description Nominal Currency Date (Depreciation)

Schroder ISF Strategic Bond (cont) Receive fixed rate 0.66% 1,358,000,000 JPY 24-Dec-2014 ( 24,706 ) Pay floating rate JPY LIBOR 6 Months Receive fixed rate 5.58% 51,500,000 PLN 19-Aug-2019 ( 151,111 ) Pay floating rate PLN WIBOR 6 Months Pay fixed rate 2.89% 392,500,000 SEK 06-Nov-2014 ( 347,287 ) Receive floating rate SEK STIBOR 3 Months Receive fixed rate 1.55% 3,247,000 SEK 04-Dec-2011 573 Pay floating rate SEK STIBOR 3 Months Pay fixed rate 3.49% 731,000 SEK 04-Dec-2019 621 Receive floating rate SEK STIBOR 3 Months Receive fixed rate 2.76% 21,200,000 SEK 23-Dec-2014 ( 12,632 ) Pay floating rate SEK STIBOR 3 Months Pay fixed rate 1% 40,060,000 USD 04-Dec-2011 219,613 Receive floating rate USD LIBOR 3 Months Receive fixed rate 3.39% 8,830,000 USD 04-Dec-2019 ( 362,636 ) Pay floating rate USD LIBOR 3 Months Pay fixed rate 2.71% 540,000 USD 23-Dec-2014 4,548 Receive floating rate USD LIBOR 3 Months USD ( 333,623 )

Total Return Swaps

The Company may use total return swaps. A total return swap is a bilateral financial contract which allows the Company to enjoy all of the cash flow benefits of an asset without actually owning this asset (the ’Reference Asset’). The Company will have to pay a periodic fee (fixed or floating payment) in exchange of its right to receive the total return of the Reference Asset (coupons or capital gains or losses). The Reference Asset can be almost any asset, index or basket of asset which constitutes an eligible investment for the Company. The Company may use such instruments to seek exposure to an eligible market or for hedging purposes.

The Company will only enter into a total return swap transaction with highly rated financial institutions specialised in this type of transaction.

In addition, the use of total return swap must comply with the investment objectives and policies and risk profile of the relevant Fund. The total commitments arising from the use of total return swaps together with the total commitments arising from the use of other derivative instruments may not, at anytime, exceed the net assets of the relevant Fund.

Credit Default Swaps

The Company may use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolios by buying protection. In addition, the Company may, provided it is in the exclusive interests of its Shareholders, buy protection under credit default swaps without holding the underlying assets provided that the aggregate premiums paid together with the present value of the aggregate premiums still payable in connection with credit default swaps previously purchased and the aggregate premiums paid relating to the purchase of options on transferable securities or on financial instruments for a purpose other than hedging, may not, at any time, exceed 15% of the net assets of the relevant Fund.

Furthermore, provided it is in the exclusive interest of its Shareholders, the Company may also sell protection under credit default swaps in order to acquire a specific credit exposure. Such mechanism is set out in more detail in the Company’s current prospectus.

The aggregate commitments of all credit default swaps will not exceed 20% of the net assets of any Fund, unless otherwise provided for in the investment policy of a specific Fund.

The total commitments arising from the use of credit default swaps together with the total commitments arising from the use of other derivative instruments may not, at anytime, exceed the value of the net assets of the relevant Fund.

The Company will only enter into credit default swap transactions with highly rated financial institutions specialised in this type of transaction and only in accordance with the standard terms laid down by the International Swaps and Derivatives Association. In addition, the use of credit default swaps must comply with the investment objectives and policies and risk profile of the relevant Fund.

Credit default swaps were valued on 31 December 2009 at their intrinsic value. The valuation method involves the current value of the interest-rate series and the current value of the credit spread traded on the market at the closing date. The result of these revaluations, together with any interest receivable/payable related to the credit default swaps on 31 December 2009, is shown in the Statement of Net Assets under ‘Unrealised appreciation/depreciation on credit default swaps’. On 31 December 2009, the following Funds were committed to credit default swap agreements: Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 53 Notes to the Financial Statements as at 31 December 2009 (cont)

Credit Default Swaps (cont)

Protection Nominal Interest Paid/ Maturity Market Position Description Currency Amount Received % Date Value

Schroder ISF Asian Bond Buy China Government International 4.75% 29/10/2013 USD 20,000,000 0.84 20-Dec-2014 ( 120,114 ) Buy Indonesia Government International 6.75% 10/03/2014 USD 10,000,000 2.09 20-Dec-2014 ( 98,876 ) Buy Indonesia Government International 6.75% 10/03/2014 USD 10,000,000 2.10 20-Dec-2014 ( 103,432 ) Buy Philippine Government International 10.625% 16/03/2025 USD 10,000,000 1.80 20-Dec-2014 ( 79,884 ) USD ( 402,306 ) Buy ITRAXX Asia ex-Japan Series 12V1 20/12/2014 USD 20,000,000 1.00 20-Dec-2014 ( 41,742 ) Buy ITRAXX Japan Series 12V1 20/12/2014 USD 10,000,000 1.00 20-Dec-2014 ( 20,871 ) Buy ITRAXX Japan Series 12V1 20/12/2014 USD 10,000,000 1.00 20-Dec-2014 ( 20,871 ) USD ( 83,484 ) Total Market Value USD ( 485,790 ) Schroder ISF EURO Bond Buy Allied Domecq Financial Services 6.625% 12/06/2014 EUR 750,000 1.00 20-Jun-2010 ( 2,381 ) Buy Altria 9.7% 10/11/2018 USD 2,000,000 1.00 20-Mar-2011 ( 6,844 ) Buy Bank of America 6.25% 15/04/2012 USD 3,000,000 1.00 20-Dec-2014 ( 2,666 ) Buy Bank of America 6.25% 15/04/2012 USD 2,600,000 1.00 20-Mar-2015 ( 592 ) Buy British Telecommunications 5.75% 07/12/2028 EUR 2,000,000 1.00 20-Dec-2014 5,415 Buy Casino Guichard Perrachon 6% 27/02/2012 EUR 250,000 2.15 20-Jun-2014 ( 12,930 ) Buy Casino Guichard Perrachon 6% 27/02/2012 EUR 300,000 2.27 20-Jun-2014 ( 17,039 ) Buy Citigroup 6.5% 18/01/2011 USD 3,300,000 1.00 20-Mar-2015 63,691 Buy Commerzbank 6.25% 30/09/2014 EUR 1,250,000 1.00 20-Dec-2014 39,139 Buy Deutsche Bank 5.125% 31/01/2013 EUR 300,000 1.00 20-Dec-2014 764 Buy Deutsche Bank 5.125% 31/01/2013 EUR 1,000,000 1.89 20-Dec-2014 ( 38,976 ) Buy Deutsche Bank 5.125% 31/01/2013 EUR 600,000 3.50 20-Dec-2013 ( 59,428 ) Buy Edison 5.125% 10/12/2010 EUR 900,000 1.70 20-Mar-2014 ( 34,029 ) Buy France Telecom 7.25% 28/01/2013 EUR 2,150,000 0.55 20-Jun-2010 ( 4,052 ) Buy Imperial Tobacco Finance 6.25% 04/12/2018 EUR 2,100,000 1.00 20-Dec-2010 ( 13,049 ) Buy Kingfisher 5.625% 15/12/2014 EUR 600,000 1.75 20-Sep-2014 ( 26,902 ) Buy Michelin Luxembourg 6.5% 16/04/2012 EUR 1,600,000 2.10 20-Sep-2014 ( 91,000 ) Buy Portugal Obrigacoes do Tesouro 5.45% 23/09/2013 USD 2,700,000 1.00 20-Mar-2015 ( 8,916 ) Sell PPR 4% 29/01/2013 EUR 1,000,000 1.00 20-Sep-2014 ( 10,234 ) Buy Republic of Ireland International 3.875% 15/07/2010 EUR 500,000 1.00 20-Dec-2014 12,884 Buy Romanian Government International 6.5% 18/06/2018 USD 2,600,000 1.00 20-Mar-2015 152,445 Sell Smurfit Kappa Funding 7.75% 01/04/2015 EUR 500,000 5.00 20-Dec-2014 ( 26,610 ) Buy Spain Government 5.5% 30/07/2017 USD 3,800,000 1.00 20-Mar-2015 15,400 Buy Telecom Italia 5.375% 29/01/2019 EUR 1,600,000 1.84 20-Sep-2010 ( 19,862 ) Buy Telecom Italia 5.375% 29/01/2019 EUR 350,000 2.10 20-Sep-2010 ( 5,033 ) Buy Telecom Italia 5.375% 29/01/2019 EUR 250,000 3.75 20-Mar-2010 ( 2,225 ) Buy UBS 7.5% 15/07/2025 EUR 1,300,000 1.00 20-Mar-2015 9,139 Buy UBS 7.5% 15/07/2025 EUR 1,300,000 1.00 20-Mar-2015 9,139 Buy Valeo 3.75% 24/06/2013 EUR 600,000 7.00 20-Mar-2014 ( 128,580 ) Sell Volvo Treasury 5% 31/05/2017 EUR 1,600,000 1.00 20-Dec-2014 ( 43,537 ) Buy Westvaco 7.95% 15/02/2031 USD 1,200,000 1.00 20-Sep-2014 ( 7,670 ) Total Market Value EUR ( 254,539 ) Schroder ISF Global Bond Buy Ahold Finance USA 6.5% 14/03/2017 EUR 400,000 1.00 20-Dec-2014 ( 6,927 ) Sell Altria 9.7% 10/11/2018 USD 500,000 1.00 20-Sep-2014 ( 684 ) Buy AutoZone 5.5% 15/11/2015 USD 500,000 1.00 20-Dec-2014 ( 10,716 ) Buy Boeing Capital 5.8% 15/01/2013 USD 500,000 1.00 20-Sep-2014 ( 11,438 ) Buy Campbell Soup 4.875% 01/10/2013 USD 700,000 1.00 20-Mar-2015 ( 23,251 ) Sell Carlsberg Finance 6.625% 12/12/2011 EUR 400,000 1.00 20-Dec-2014 ( 4,503 ) Buy Carrefour 4.375% 02/11/2016 EUR 400,000 1.00 20-Dec-2014 ( 12,556 ) Sell Casino Guichard Perrachon 4.875% 10/04/2014 EUR 450,000 1.00 20-Mar-2015 ( 912 ) Buy Casino Guichard Perrachon 6% 27/02/2012 EUR 200,000 2.15 20-Jun-2014 ( 14,895 ) Buy Casino Guichard Perrachon 6% 27/02/2012 EUR 250,000 2.27 20-Jun-2014 ( 20,445 ) Buy Diageo Capital 5.5% 30/09/2016 EUR 400,000 1.00 20-Dec-2014 ( 8,733 ) Sell Dow Chemical 7.375% 01/11/2029 USD 500,000 1.00 20-Mar-2015 1,272 Buy Eastman Chemical 7.6% 01/02/2027 USD 1,000,000 1.00 20-Mar-2015 ( 27,271 ) Buy Edison 5.125% 10/12/2010 EUR 200,000 1.70 20-Mar-2014 ( 10,889 ) Buy Enbw International Finance 4.25% 19/10/2016 EUR 400,000 1.00 20-Dec-2014 ( 12,919 ) Buy France Telecom 7.25% 28/01/2013 EUR 1,500,000 0.55 20-Jun-2010 ( 4,070 ) Sell Hellenic Republic Government 5.9% 22/10/2022 USD 650,000 1.00 20-Mar-2015 ( 52,743 ) Page 54 Schroder International Selection Fund Audited Annual Report 31 December 2009 Notes to the Financial Statements as at 31 December 2009 (cont)

Credit Default Swaps (cont)

Protection Nominal Interest Paid/ Maturity Market Position Description Currency Amount Received % Date Value

Schroder ISF Global Bond (cont) Sell Hellenic Republic Government 5.9% 22/10/2022 USD 650,000 1.00 20-Mar-2015 ( 52,743 ) Buy Home Depot 5.875% 16/12/2036 USD 500,000 1.00 20-Dec-2014 ( 10,707 ) Buy Kellogg 6.6% 01/04/2011 USD 500,000 1.00 20-Dec-2014 ( 14,971 ) Buy Kingfisher 5.625% 15/12/2014 EUR 150,000 1.75 20-Sep-2014 ( 9,684 ) Sell Kohl's 6.25% 15/12/2017 USD 500,000 1.00 20-Sep-2014 7,031 Buy Koninklijke DSM 4% 10/11/2015 EUR 400,000 1.00 20-Dec-2014 ( 17,123 ) Buy Ltd Brands 6.9% 15/07/2017 USD 500,000 1.00 20-Dec-2014 24,522 Sell Macy's Retail Holdings 7.45% 15/07/2017 USD 500,000 1.00 20-Dec-2014 ( 17,642 ) Sell Newell Rubbermaid 5.5% 15/04/2013 USD 500,000 1.00 20-Dec-2014 ( 2,596 ) Sell PPR 4% 29/01/2013 EUR 400,000 5.00 20-Dec-2014 98,842 Buy Sara Lee Corp 6.125% 01/11/2032 USD 500,000 1.00 20-Sep-2014 ( 14,019 ) Buy Sherwin-Williams 7.375% 01/02/2027 USD 500,000 1.00 20-Sep-2014 ( 15,854 ) Sell Staples 7.375% 01/10/2012 USD 500,000 1.00 20-Sep-2014 6,852 Buy Suedzucker International Finance 5.75% 27/02/2012 EUR 400,000 1.00 20-Dec-2014 ( 5,281 ) Sell Tate & Lyle International Finance 6.5% 28/06/2012 EUR 400,000 1.00 20-Dec-2014 ( 1,838 ) Sell Telecom Italia 5.375% 29/01/2019 EUR 400,000 1.00 20-Dec-2014 ( 991 ) Buy Telecom Italia 5.375% 29/01/2019 EUR 365,000 2.10 20-Sep-2010 ( 7,558 ) Buy Telecom Italia 5.375% 29/01/2019 EUR 250,000 3.75 20-Mar-2010 ( 3,204 ) Buy Telefonica Emisiones 4.375% 02/02/2016 EUR 400,000 1.00 20-Dec-2014 ( 8,349 ) Buy Turkey Government International 11.875% 15/01/2030 USD 650,000 1.00 20-Mar-2015 26,531 Buy Turkey Government International 11.875% 15/01/2030 USD 650,000 1.00 20-Mar-2015 26,531 Buy Valeo 3.75% 24/06/2013 EUR 200,000 7.00 20-Mar-2014 ( 61,714 ) Sell Veolia Environnement 5.375% 28/05/2018 EUR 400,000 1.00 20-Dec-2014 6,994 Sell Yum! Brands 6.25% 15/03/2018 USD 700,000 1.00 20-Mar-2015 10,417 USD ( 258,234 ) Buy ITRAXX Europe Series 12V1 20/12/2014 EUR 450,000 1.00 20-Dec-2014 ( 8,155 ) USD ( 8,155 ) Total Market Value USD ( 266,389 ) Schroder ISF Global Corporate Bond Buy Allied Domecq Financial Services 6.625% 12/06/2014 EUR 650,000 1.00 20-Jun-2010 ( 2,971 ) Buy Altria 9.7% 10/11/2018 USD 7,300,000 1.00 20-Mar-2011 ( 35,969 ) Buy Bank of America 6.25% 15/04/2012 USD 2,500,000 1.00 20-Dec-2014 ( 3,199 ) Buy Bank of America 6.25% 15/04/2012 USD 6,000,000 1.00 20-Mar-2015 ( 1,966 ) Buy British Telecommunications 5.75% 07/12/2028 EUR 1,100,000 1.00 20-Dec-2014 4,288 Buy Citigroup 6.5% 18/01/2011 USD 5,500,000 1.00 20-Mar-2015 152,847 Buy Commerzbank 6.25% 30/09/2014 EUR 1,650,000 1.00 20-Dec-2014 74,391 Buy Deutsche Bank 5.125% 31/01/2013 EUR 900,000 1.00 20-Dec-2014 3,302 Buy Deutsche Bank 5.125% 31/01/2013 EUR 1,000,000 1.89 20-Dec-2014 ( 56,121 ) Buy France Telecom 7.25% 28/01/2013 EUR 1,950,000 0.55 20-Jun-2010 ( 5,291 ) Buy Imperial Tobacco Finance 6.25% 04/12/2018 EUR 4,900,000 1.00 20-Dec-2010 ( 43,842 ) Buy Kingfisher 5.625% 15/12/2014 EUR 600,000 1.75 20-Sep-2014 ( 38,737 ) Buy Michelin Luxembourg 6.5% 16/04/2012 EUR 1,700,000 2.10 20-Sep-2014 ( 139,221 ) Buy Portugal Obrigacoes do Tesouro 5.45% 23/09/2013 USD 6,300,000 1.00 20-Mar-2015 ( 29,956 ) Sell PPR 4% 29/01/2013 EUR 2,000,000 1.00 20-Sep-2014 ( 29,471 ) Buy Romanian Government International 6.5% 18/06/2018 USD 6,000,000 1.00 20-Mar-2015 506,552 Sell Smurfit Kappa Funding 7.75% 01/04/2015 EUR 1,200,000 5.00 20-Dec-2014 ( 91,956 ) Sell Société Générale 0.77% 05/03/2012 EUR 1,000,000 1.28 20-Jun-2014 36,716 Buy Spain Government 5.5% 30/07/2017 USD 9,050,000 1.00 20-Mar-2015 52,810 Buy Telecom Italia 5.375% 29/01/2019 EUR 1,900,000 1.84 20-Sep-2010 ( 33,962 ) Buy Telecom Italia 5.375% 29/01/2019 EUR 325,000 2.10 20-Sep-2010 ( 6,730 ) Buy Telecom Italia 5.375% 29/01/2019 EUR 150,000 3.70 20-Dec-2010 ( 7,495 ) Buy UBS 7.5% 15/07/2025 EUR 3,000,000 1.00 20-Mar-2015 30,368 Buy UBS 7.5% 15/07/2025 EUR 3,000,000 1.00 20-Mar-2015 30,368 Sell Volvo Treasury 5% 31/05/2017 EUR 3,600,000 1.00 20-Dec-2014 ( 141,051 ) Buy Westvaco 7.95% 15/02/2031 USD 750,000 1.00 20-Sep-2014 ( 6,903 ) Total Market Value USD 216,801 Schroder ISF Global High Yield Sell AK Steel 7.75% 15/06/2012 USD 10,000,000 5.00 20-Dec-2014 263,128 Total Market Value USD 263,128 Schroder ISF Strategic Bond Buy Ahold Finance USA 6.5% 14/03/2017 EUR 900,000 1.00 20-Dec-2014 ( 15,586 ) Sell Altria 9.7% 10/11/2018 USD 800,000 1.00 20-Sep-2014 ( 1,094 ) Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 55 Notes to the Financial Statements as at 31 December 2009 (cont)

Credit Default Swaps (cont)

Protection Nominal Interest Paid/ Maturity Market Position Description Currency Amount Received % Date Value

Schroder ISF Strategic Bond (cont) Buy AutoZone 5.5% 15/11/2015 USD 1,100,000 1.00 20-Dec-2014 ( 23,575 ) Buy Boeing Capital 5.8% 15/01/2013 USD 800,000 1.00 20-Sep-2014 ( 18,300 ) Buy Campbell Soup 4.875% 01/10/2013 USD 1,400,000 1.00 20-Mar-2015 ( 46,503 ) Sell Carlsberg Finance 6.625% 12/12/2011 EUR 900,000 1.00 20-Dec-2014 ( 10,132 ) Buy Carrefour 4.375% 02/11/2016 EUR 900,000 1.00 20-Dec-2014 ( 28,250 ) Sell Casino Guichard Perrachon 4.875% 10/04/2014 EUR 950,000 1.00 20-Mar-2015 ( 1,926 ) Buy Diageo Capital 5.5% 30/09/2016 EUR 900,000 1.00 20-Dec-2014 ( 19,650 ) Sell Dow Chemical 7.375% 01/11/2029 USD 1,100,000 1.00 20-Mar-2015 2,800 Buy Eastman Chemical 7.6% 01/02/2027 USD 2,200,000 1.00 20-Mar-2015 ( 59,997 ) Buy Enbw International Finance 4.25% 19/10/2016 EUR 800,000 1.00 20-Dec-2014 ( 25,837 ) Sell Hellenic Republic Government 5.9% 22/10/2022 USD 2,800,000 1.00 20-Mar-2015 ( 227,202 ) Sell Hellenic Republic Government 5.9% 22/10/2022 USD 2,800,000 1.00 20-Mar-2015 ( 227,202 ) Buy Home Depot 5.875% 16/12/2036 USD 1,100,000 1.00 20-Dec-2014 ( 23,554 ) Buy Kellogg 6.6% 01/04/2011 USD 1,100,000 1.00 20-Dec-2014 ( 32,937 ) Sell Kohl's 6.25% 15/12/2017 USD 1,000,000 1.00 20-Sep-2014 14,062 Buy Koninklijke DSM 4% 10/11/2015 EUR 800,000 1.00 20-Dec-2014 ( 34,245 ) Buy Ltd Brands 6.9% 15/07/2017 USD 1,100,000 1.00 20-Dec-2014 53,949 Sell Macy's Retail Holdings 7.45% 15/07/2017 USD 1,100,000 1.00 20-Dec-2014 ( 38,812 ) Sell Newell Rubbermaid 5.5% 15/04/2013 USD 1,100,000 1.00 20-Dec-2014 ( 5,711 ) Sell PPR 4% 29/01/2013 EUR 800,000 5.00 20-Dec-2014 197,725 Buy Sara Lee 6.125% 01/11/2032 USD 800,000 1.00 20-Sep-2014 ( 22,431 ) Buy Sherwin-Williams 7.375% 01/02/2027 USD 800,000 1.00 20-Sep-2014 ( 25,367 ) Sell Staples 7.375% 01/10/2012 USD 1,050,000 1.00 20-Sep-2014 14,389 Buy Suedzucker International Finance 5.75% 27/02/2012 EUR 900,000 1.00 20-Dec-2014 ( 11,883 ) Sell Tate & Lyle International Finance 6.5% 28/06/2012 EUR 900,000 1.00 20-Dec-2014 ( 4,098 ) Sell Telecom Italia 5.375% 29/01/2019 EUR 900,000 1.00 20-Dec-2014 ( 2,229 ) Buy Telefonica Emisiones 4.375% 02/02/2016 EUR 900,000 1.00 20-Dec-2014 ( 18,811 ) Buy Turkey Government International 11.875% 15/01/2030 USD 2,800,000 1.00 20-Mar-2015 114,288 Buy Turkey Government International 11.875% 15/01/2030 USD 2,800,000 1.00 20-Mar-2015 114,288 Sell Veolia Environnement 5.375% 28/05/2018 EUR 800,000 1.00 20-Dec-2014 13,988 Sell Yum! Brands 6.25% 15/03/2018 USD 1,400,000 1.00 20-Mar-2015 20,834 USD ( 379,009 ) Buy ITRAXX Europe Series 12V1 20/12/2014 EUR 950,000 1.00 20-Dec-2014 ( 17,216 ) USD ( 17,216 ) Total Market Value USD ( 396,225 ) Schroder ISF Global Credit Duration Hedged Buy Altria 9.7% 10/11/2018 USD 2,900,000 1.00 20-Mar-2011 ( 9,924 ) Buy Bank of America 6.25% 15/04/2012 USD 300,000 1.00 20-Dec-2014 ( 266 ) Buy Bank of America 6.25% 15/04/2012 USD 2,000,000 1.00 20-Mar-2015 ( 455 ) Buy Citigroup 6.5% 18/01/2011 USD 4,500,000 1.00 20-Mar-2015 86,851 Buy Citigroup 6.5% 18/01/2011 USD 2,000,000 1.00 20-Mar-2015 38,600 Buy Deutsche Bank 5.125% 31/01/2013 EUR 3,000,000 1.00 20-Dec-2014 7,643 Buy Imperial Tobacco Finance 6.25% 04/12/2018 EUR 250,000 1.00 20-Dec-2010 ( 1,553 ) Buy Portugal Obrigacoes do Tesouro 5.45% 23/09/2013 USD 2,500,000 1.00 20-Mar-2015 ( 8,256 ) Sell PPR 4% 29/01/2013 EUR 500,000 1.00 20-Sep-2014 ( 5,117 ) Buy Republic of Ireland International 3.875% 15/07/2010 EUR 3,000,000 1.00 20-Dec-2014 77,305 Buy Romanian Government International 6.5% 18/06/2018 USD 2,300,000 1.00 20-Mar-2015 134,855 Sell Smurfit Kappa Funding 7.75% 01/04/2015 EUR 400,000 5.00 20-Dec-2014 ( 21,288 ) Buy Spain Government 5.5% 30/07/2017 USD 3,500,000 1.00 20-Mar-2015 14,184 Buy UBS 7.5% 15/07/2025 EUR 1,150,000 1.00 20-Mar-2015 8,085 Buy UBS 7.5% 15/07/2025 EUR 1,150,000 1.00 20-Mar-2015 8,085 Sell Volvo Treasury 5% 31/05/2017 EUR 1,400,000 1.00 20-Dec-2014 ( 38,095 ) Total Market Value EUR 290,654 Page 56 Schroder International Selection Fund Audited Annual Report 31 December 2009 Independent Auditor’s Report

PricewaterhouseCoopers Société à responsabilité limitée Réviseur d’Entreprises 400, Route d’Esch B.P. 1443 L-1014 Luxembourg Independent Auditor’s Report Telephone +352 494848-1 Facsimile +352 494848-2900 To the Shareholders of www.pwc.com/lu Schroder International Selection Fund [email protected]

We have audited the accompanying financial statements of Schroder International Selection Fund and of each of its sub-funds, which comprise the statement of net assets and the portfolio of investments as at 31 December 2009 and the statement of changes in net assets and the statement of operations for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements.

Board of Directors of the SICAV’s responsibility for the financial statements

The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our auditin accordance with International Standards on Auditing as adopted by the “Institut des Réviseurs d’Entreprises”.

Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the Auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, these financial statements give a true and fair view of the financial position of Schroder International Selection Fund and of each of its sub-funds as of 31 December 2009, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Other matters

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.

PricewaterhouseCoopers S.à r.l. Luxembourg, 7 April 2010 Réviseur d’entreprises Represented by

Valérie Tixier

R.C.S. Luxembourg B 65 477 - TVA LU17564447 Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 57 Statement of Net Assets as at 31 December 2009

Schroder Schroder Schroder ISF Schroder Schroder Schroder ISF ISF European ISF ISF ISF Japanese EURO Large Global Italian Japanese Large Equity Cap Equity Equity Equity Cap EUR EUR USD EUR JPY JPY

ASSETS

Investments

Securities at cost 1,205,951,337 73,610,441 24,273,634 134,746,332 27,820,204,162 7,642,120,973 Unrealised appreciation/(depreciation) 50,536,984 6,808,377 2,384,711 ( 1,555,813 ) ( 4,069,581,162 ) ( 2,479,800,123 )

Securities at Market Value 1,256,488,321 80,418,818 26,658,345 133,190,519 23,750,623,000 5,162,320,850

Unrealised appreciation/(depreciation) on forward foreign exchange contracts - - - - 55,067,791 - on futures contracts 2,568,436 - - - 6,595,044 ( 910,000 ) on interest rate swaps contracts ------on total return swaps contracts ------on credit default swaps contracts ------

1,259,056,757 80,418,818 26,658,345 133,190,519 23,812,285,835 5,161,410,850

Cash at banks 117,351,172 983,849 789,337 161,841 649,593,621 100,813,145 Receivables for securities sold - - - 394,874 934,511 550,488 Receivables for subscriptions 3,980,771 78,182 54,486 210,692 514,828,264 244,881,182 Dividends and interest receivable 24,094 86,210 19,507 163 28,200,445 5,573,378 Sundry receivables and prepayments 885,197 17,075 3,001 - - - Options & Swaptions at market value ------

TOTAL ASSETS 1,381,297,991 81,584,134 27,524,676 133,958,089 25,005,842,676 5,513,229,043

LIABILITIES

Bank overdraft - 286,922 - - - - Payables for securities purchased - - - 196,221 - - Payables for redemptions 834,155 163,019 63,859 274,518 270,298,720 - Dividends and interest payable 855,228 199,004 87,532 39,201 6,000,315 54,936,523 Management fees payable 1,324,554 52,091 23,410 127,395 20,346,521 1,895,996 Performance fees payable ------Other payables and accruals 642,612 37,495 19,835 100,383 13,064,286 1,692,019 Options at market value ------

TOTAL LIABILITIES 3,656,549 738,531 194,636 737,718 309,709,842 58,524,538

TOTAL NET ASSETS 1,377,641,442 80,845,603 27,330,040 133,220,371 24,696,132,834 5,454,704,505

The notes on pages 18 to 56 form an integral part of these financial statements. Page 58 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF US Asia Pacific Pacific Swiss UK US Large Property Equity Equity Equity All Cap a Cap Securities USD CHF GBP USD USD USD

ASSETS

Investments

Securities at cost 554,887,955 196,887,515 144,219,355 6,616,908 479,339,020 134,816,810 Unrealised appreciation/(depreciation) 138,283,899 ( 1,541,961 ) 8,777,325 804,755 57,338,346 ( 477,882 )

Securities at Market Value 693,171,854 195,345,554 152,996,680 7,421,663 536,677,366 134,338,928

Unrealised appreciation/(depreciation) on forward foreign exchange contracts - - - - 2,749,177 - on futures contracts ------on interest rate swaps contracts ------on total return swaps contracts ------on credit default swaps contracts ------

693,171,854 195,345,554 152,996,680 7,421,663 539,426,543 134,338,928

Cash at banks 6,073,906 4,295,312 2,828,723 117,498 6,702,378 5,006,864 Receivables for securities sold 10,939,602 - - - - - Receivables for subscriptions 311,888 292,983 228,929 - 3,503,548 568,507 Dividends and interest receivable 1,144,094 - 489,385 3,924 269,315 430,776 Sundry receivables and prepayments - 36,150 2,719 - - 1,080 Options & Swaptions at market value ------

TOTAL ASSETS 711,641,344 199,969,999 156,546,436 7,543,085 549,901,784 140,346,155

LIABILITIES

Bank overdraft 10,425,494 - - - - - Payables for securities purchased 270 - - - - 697,794 Payables for redemptions 564,877 268,371 19,805 - 915,310 14,773 Dividends and interest payable 104,826 5,688 654,931 - 1,474 - Management fees payable 446,167 201,463 117,865 7,306 455,594 38,430 Performance fees payable - - - 6 - - Other payables and accruals 318,073 113,959 69,638 8,694 259,220 31,727 Options at market value - - - - 115,824 -

TOTAL LIABILITIES 11,859,707 589,481 862,239 16,006 1,747,422 782,724

TOTAL NET ASSETS 699,781,637 199,380,518 155,684,197 7,527,079 548,154,362 139,563,431

a Schroder ISF US All Cap was formerly known as Schroder ISF US Large Cap Alpha until 1 October 2009. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 59 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder Schroder ISF ISF ISF ISF Schroder Schroder Asian Asian Asian BRIC ISF ISF Equity Smaller Total (Brazil, Russia, China Emerging Yield Companies Return India, China) Opportunities Asia USD USD USD USD USD USD

ASSETS

Investments

Securities at cost 659,102,072 55,685,329 152,499,503 3,203,625,933 914,254,867 2,436,985,231 Unrealised appreciation/(depreciation) 107,433,807 9,324,078 37,433,481 719,339,757 118,185,701 604,277,500

Securities at Market Value 766,535,879 65,009,407 189,932,984 3,922,965,690 1,032,440,568 3,041,262,731

Unrealised appreciation/(depreciation) on forward foreign exchange contracts 135,098 - 207,504 - 5,505 - on futures contracts - - ( 832,029 ) - - - on interest rate swaps contracts ------on total return swaps contracts ------on credit default swaps contracts ------

766,670,977 65,009,407 189,308,459 3,922,965,690 1,032,446,073 3,041,262,731

Cash at banks 20,641,341 3,074,804 1,517,940 20,754,065 15,666,205 69,836,565 Receivables for securities sold 8,947,419 669,642 1,038,263 5,311,844 1,012,120 468,316 Receivables for subscriptions 376,353 1,014,826 4,139,424 32,881,597 3,965,360 25,728,242 Dividends and interest receivable 1,446,192 74,259 287,378 3,819,189 683 4,106,826 Sundry receivables and prepayments - 3 - - - - Options & Swaptions at market value - - 63,910 - - -

TOTAL ASSETS 798,082,282 69,842,941 196,355,374 3,985,732,385 1,053,090,441 3,141,402,680

LIABILITIES

Bank overdraft - - 265,337 - - - Payables for securities purchased 2,311,485 1,843,714 - 33,889,278 2,543,731 7,966,373 Payables for redemptions 1,097,386 42,458 25,506 4,369,487 2,501,653 9,545,263 Dividends and interest payable 112,697 - 346,074 30,836 - - Management fees payable 593,412 42,982 99,883 4,194,722 1,256,223 3,333,553 Performance fees payable ------Other payables and accruals 324,696 41,296 75,667 2,264,402 575,548 2,127,100 Options at market value ------

TOTAL LIABILITIES 4,439,676 1,970,450 812,467 44,748,725 6,877,155 22,972,289

TOTAL NET ASSETS 793,642,606 67,872,491 195,542,907 3,940,983,660 1,046,213,286 3,118,430,391

The notes on pages 18 to 56 form an integral part of these financial statements. Page 60 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF European European European European Emerging Emerging Dividend Equity Smaller Special Europe Markets Maximiser Yield Companies Situations EUR USD EUR EUR EUR EUR

ASSETS

Investments

Securities at cost 185,760,256 1,580,227,930 7,077,813 70,319,073 245,306,464 1,049,085,666 Unrealised appreciation/(depreciation) 30,107,844 323,324,177 214,689 4,873,260 ( 5,793,375 ) 93,756,301

Securities at Market Value 215,868,100 1,903,552,107 7,292,502 75,192,333 239,513,089 1,142,841,967

Unrealised appreciation/(depreciation) on forward foreign exchange contracts ------on futures contracts - - - - - 564,976 on interest rate swaps contracts ------on total return swaps contracts ------on credit default swaps contracts ------

215,868,100 1,903,552,107 7,292,502 75,192,333 239,513,089 1,143,406,943

Cash at banks 106,817 9,677,988 145,463 1,921,661 2,395,152 51,825,685 Receivables for securities sold - 1,358,938 - - 4,962 - Receivables for subscriptions 4,492,184 26,372,037 30,499 25,105 3,156,549 2,234,045 Dividends and interest receivable 53,033 2,930,474 10,111 110,616 125,220 1,225,078 Sundry receivables and prepayments 4,418 20,776 817 177,594 127,408 128,527 Options & Swaptions at market value ------

TOTAL ASSETS 220,524,552 1,943,912,320 7,479,392 77,427,309 245,322,380 1,198,820,278

LIABILITIES

Bank overdraft ------Payables for securities purchased 1,916,266 19,759,493 619,935 - Payables for redemptions 1,561,445 2,475,138 - 147,645 169,405 4,859,497 Dividends and interest payable 12,267 110,089 112,399 319,083 11,662 581,975 Management fees payable 250,564 1,406,451 7,053 87,683 121,028 1,140,053 Performance fees payable ------Other payables and accruals 179,617 841,538 10,561 46,282 94,202 478,283 Options at market value - - 110,976 - - -

TOTAL LIABILITIES 3,920,159 24,592,709 240,989 600,693 1,016,232 7,059,808

TOTAL NET ASSETS 216,604,393 1,919,319,611 7,238,403 76,826,616 244,306,148 1,191,760,470

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 61 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder ISF Schroder ISF Schroder Schroder Global ISF Global Schroder ISF ISF Climate Global Emerging ISF Global Global Change Dividend Market Global Equity Property Equity Maximiser Opportunities Energy Yield Securities USD USD USD USD USD USD

ASSETS

Investments

Securities at cost 225,387,466 23,390,321 419,523,609 937,438,701 56,412,901 419,652,191 Unrealised appreciation/(depreciation) 4,226,003 434,212 86,990,536 136,328,379 4,381,729 16,907,053

Securities at Market Value 229,613,469 23,824,533 506,514,145 1,073,767,080 60,794,630 436,559,244

Unrealised appreciation/(depreciation) on forward foreign exchange contracts 66,426 - - - - 2,458,885 on futures contracts ------on interest rate swaps contracts ------on total return swaps contracts ------on credit default swaps contracts ------

229,679,895 23,824,533 506,514,145 1,073,767,080 60,794,630 439,018,129

Cash at banks 7,391,536 478,082 14,008,874 144,768,208 764,710 370,816 Receivables for securities sold 1,111,785 - 1,055,891 1,101,421 - 11,695 Receivables for subscriptions 1,550,086 5,849 8,446,290 20,870,967 103,275 1,289,145 Dividends and interest receivable 100,609 64,427 882,011 252,309 187,266 683,118 Sundry receivables and prepayments 33,308 608 - 1,726 42,833 17,232 Options & Swaptions at market value ------

TOTAL ASSETS 239,867,219 24,373,499 530,907,211 1,240,761,711 61,892,714 441,390,135

LIABILITIES

Bank overdraft ------Payables for securities purchased - 10,895,356 262 Payables for redemptions 234,638 93,636 1,495,999 18,273,015 15,057 7,242,937 Dividends and interest payable 12 415,502 - 7,266 169,043 37,031 Management fees payable 248,308 25,141 601,122 1,065,490 42,045 350,243 Performance fees payable ------Other payables and accruals 132,293 30,367 339,641 566,149 30,449 170,051 Options at market value - 154,482 - - - -

TOTAL LIABILITIES 615,251 719,128 13,332,118 19,911,920 256,594 7,800,524

TOTAL NET ASSETS 239,251,968 23,654,371 517,575,093 1,220,849,791 61,636,120 433,589,611

The notes on pages 18 to 56 form an integral part of these financial statements. Page 62 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder ISF Schroder Schroder Schroder ISF Schroder Global ISF ISF ISF Japanese ISF Smaller Greater Hong Kong Indian Smaller Korean Companies China Equity Equity Companies Equity USD USD HKD USD JPY USD

ASSETS

Investments

Securities at cost 69,153,866 1,222,777,623 4,313,616,413 73,909,927 8,226,360,836 41,294,701 Unrealised appreciation/(depreciation) 6,507,115 236,666,015 727,424,238 19,579,726 ( 715,659,936 ) 4,197,671

Securities at Market Value 75,660,981 1,459,443,638 5,041,040,651 93,489,653 7,510,700,900 45,492,372

Unrealised appreciation/(depreciation) on forward foreign exchange contracts - - 559,604 - - - on futures contracts - - - 2,220 - - on interest rate swaps contracts ------on total return swaps contracts ------on credit default swaps contracts ------

75,660,981 1,459,443,638 5,041,600,255 93,491,873 7,510,700,900 45,492,372

Cash at banks 2,678,816 49,640,763 154,021,516 2,500,816 36,526,078 220,081 Receivables for securities sold 112,337 - - - 14,586,233 965,996 Receivables for subscriptions 38,615 13,013,491 19,814,772 785,710 190,933,842 545,432 Dividends and interest receivable 60,496 609,321 8,447,034 62,982 9,892,094 347,417 Sundry receivables and prepayments 7,418 466 459 - - - Options & Swaptions at market value ------

TOTAL ASSETS 78,558,663 1,522,707,679 5,223,884,036 96,841,381 7,762,639,147 47,571,298

LIABILITIES

Bank overdraft ------Payables for securities purchased 8,179 16,104,060 33,986,517 40,203,618 363,406 Payables for redemptions 19,222 803,019 51,525,360 370,132 130,324,049 1,831,410 Dividends and interest payable - 57,174 - - 9,899,526 - Management fees payable 15,075 1,586,419 5,940,992 85,253 6,914,746 56,591 Performance fees payable ------Other payables and accruals 31,473 751,839 2,829,572 82,411 5,003,941 46,540 Options at market value ------

TOTAL LIABILITIES 73,949 19,302,511 94,282,441 537,796 192,345,880 2,297,947

TOTAL NET ASSETS 78,484,714 1,503,405,168 5,129,601,595 96,303,585 7,570,293,267 45,273,351

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 63 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder Schroder Schroder ISF ISF Schroder ISF ISF ISF Swiss Swiss Small & ISF US Small & Latin Middle Equity Mid Cap Taiwanese Mid-Cap American East Opportunities Equity Equity Equity USD USD CHF CHF USD USD

ASSETS

Investments

Securities at cost 1,067,446,502 189,788,572 71,291,134 137,521,136 206,702,714 1,416,761,801 Unrealised appreciation/(depreciation) 313,356,737 1,116,046 ( 4,051,681 ) ( 14,091,993 ) 25,967,276 210,344,550

Securities at Market Value 1,380,803,239 190,904,618 67,239,453 123,429,143 232,669,990 1,627,106,351

Unrealised appreciation/(depreciation) on forward foreign exchange contracts - - - - - 930,213 on futures contracts - - - - 182,491 - on interest rate swaps contracts ------on total return swaps contracts ------on credit default swaps contracts ------

1,380,803,239 190,904,618 67,239,453 123,429,143 232,852,481 1,628,036,564

Cash at banks - 1,593,070 326,390 766,282 9,476,019 196,121,458 Receivables for securities sold 33,000,001 657,313 280,917 223,032 - 3,516,907 Receivables for subscriptions 16,844,520 278,960 - 38,064 801,244 6,975,149 Dividends and interest receivable 3,130,425 - - - 185 1,084,885 Sundry receivables and prepayments 73,688 - 5,841 15,688 - 1,352 Options & Swaptions at market value ------

TOTAL ASSETS 1,433,851,873 193,433,961 67,852,601 124,472,209 243,129,929 1,835,736,315

LIABILITIES

Bank overdraft 25,382,832 - - - - - Payables for securities purchased 286,643 44,848 - - - 9,284,272 Payables for redemptions 19,736,754 456,933 61,907 41,681 337,409 1,660,298 Dividends and interest payable 506,534 552 474 - 121,387 - Management fees payable 1,542,356 242,760 41,660 85,400 268,459 1,447,004 Performance fees payable ------Other payables and accruals 879,208 191,817 28,765 55,327 161,651 638,666 Options at market value ------

TOTAL LIABILITIES 48,334,327 936,910 132,806 182,408 888,906 13,030,240

TOTAL NET ASSETS 1,385,517,546 192,497,051 67,719,795 124,289,801 242,241,023 1,822,706,075

The notes on pages 18 to 56 form an integral part of these financial statements. Page 64 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF EURO EURO European Global Japanese US Smaller Active Dynamic Equity Equity Equity Companies Value Growth Alpha Alpha Alpha USD EUR EUR EUR USD JPY

ASSETS

Investments

Securities at cost 545,161,268 182,840,710 327,757,363 643,808,281 62,314,466 5,055,928,935 Unrealised appreciation/(depreciation) 77,151,954 19,176,888 ( 5,939,661 ) 12,476,900 5,069,199 ( 285,615,085 )

Securities at Market Value 622,313,222 202,017,598 321,817,702 656,285,181 67,383,665 4,770,313,850

Unrealised appreciation/(depreciation) on forward foreign exchange contracts ------on futures contracts - - - 682,854 - - on interest rate swaps contracts ------on total return swaps contracts ------on credit default swaps contracts ------

622,313,222 202,017,598 321,817,702 656,968,035 67,383,665 4,770,313,850

Cash at banks 73,523,981 613,513 2,505,448 53,947,684 1,853,836 253,429,443 Receivables for securities sold 1,081,133 533,576 - - 15,227 337,470 Receivables for subscriptions 5,566,918 442,291 238,197 2,822,451 647,902 179,932,399 Dividends and interest receivable 296,480 274 40,104 601,418 43,125 4,513,533 Sundry receivables and prepayments - 423,134 761,955 231,588 3,925 - Options & Swaptions at market value ------

TOTAL ASSETS 702,781,734 204,030,386 325,363,406 714,571,176 69,947,680 5,208,526,695

LIABILITIES

Bank overdraft ------Payables for securities purchased 3,661,669 792,029 - 589,612 - 176,370,826 Payables for redemptions 1,817,851 308,278 100,434 1,712,500 37,420 4,516,730 Dividends and interest payable - 2,547 31,836 1,406,965 427 - Management fees payable 721,300 223,327 339,035 651,924 64,053 1,965,376 Performance fees payable - - - - 5,041 - Other payables and accruals 340,740 125,042 162,353 288,109 41,291 1,506,096 Options at market value ------

TOTAL LIABILITIES 6,541,560 1,451,223 633,658 4,649,110 148,232 184,359,028

TOTAL NET ASSETS 696,240,174 202,579,163 324,729,748 709,922,066 69,799,448 5,024,167,667

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 65 Statement of Net Assets as at 31 December 2009 (cont)

Schroder ISF Schroder Schroder Schroder QEP ISF ISF ISF Schroder Schroder Global QEP QEP QEP ISF ISF Active Global Global US European Asian Value Core Quality Core Allocation b Bond USD USD USD USD EUR USD

ASSETS

Investments

Securities at cost 642,498,609 208,065,449 142,104,548 85,676,356 850,969,321 Unrealised appreciation/(depreciation) 33,202,390 21,068,705 11,437,781 6,359,764 - ( 223,394 )

Securities at Market Value 675,700,999 229,134,154 153,542,329 92,036,120 850,745,927

Unrealised appreciation/(depreciation) on forward foreign exchange contracts ( 2,334,020 ) ( 106,367 ) - ( 3,929 ) - 6,004,577 on futures contracts ( 10,828 ) 79,818 93,480 5,610 2,816,809 - on interest rate swaps contracts - - - - - 204,632 on total return swaps contracts ------on credit default swaps contracts - - - - - ( 485,790 )

673,356,151 229,107,605 153,635,809 92,037,801 2,816,809 856,469,346

Cash at banks 2,892,543 5,347,267 6,519,503 784,867 135,006,142 703,410,325 Receivables for securities sold 6,513,300 514 465 - - - Receivables for subscriptions 3,235,942 3,787 1,069,963 - 64,543 3,692,268 Dividends and interest receivable 1,299,959 217,098 146,975 98,549 27,212 7,683,087 Sundry receivables and prepayments 29,224 14,808 11,484 48,619 123,972 188 Options & Swaptions at market value ------

TOTAL ASSETS 687,327,119 234,691,079 161,384,199 92,969,836 138,038,678 1,571,255,214

LIABILITIES

Bank overdraft ------Payables for securities purchased - - - 80,424 - 135,250,625 Payables for redemptions 54,828 1,474,100 8,809 - 133,398 2,833,575 Dividends and interest payable 100,707 41,953 87,329 693,405 - 9,322,627 Management fees payable 166,680 5,583 13,120 15,100 147,742 947,227 Performance fees payable ------Other payables and accruals 164,721 36,339 29,799 31,354 111,295 662,592 Options at market value ------

TOTAL LIABILITIES 486,936 1,557,975 139,057 820,283 392,435 149,016,646

TOTAL NET ASSETS 686,840,183 233,133,104 161,245,142 92,149,553 137,646,243 1,422,238,568

b Schroder ISF European Allocation was formerly known as Schroder ISF European Absolute Return until 1 June 2009. The notes on pages 18 to 56 form an integral part of these financial statements. Page 66 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder ISF ISF Schroder Schroder Emerging Emerging Schroder ISF ISF Schroder Europe Debt Markets Debt ISF EURO EURO ISF Absolute Absolute EURO Government Short Term Global Return Return Bond Bond c Bond Bond EUR USD EUR EUR EUR USD

ASSETS

Investments

Securities at cost 158,893,739 5,546,514,001 307,684,628 106,422,023 1,110,262,821 222,290,605 Unrealised appreciation/(depreciation) 1,436,732 137,269,197 10,208,165 1,066,681 3,980,177 13,227,803

Securities at Market Value 160,330,471 5,683,783,198 317,892,793 107,488,704 1,114,242,998 235,518,408

Unrealised appreciation/(depreciation) on forward foreign exchange contracts 643,616 44,436,699 17,336 19 ( 16,066 ) 545,091 on futures contracts - - 2,517,371 78,755 1,384,308 606,666 on interest rate swaps contracts - - - - - ( 72,728 ) on total return swaps contracts ------on credit default swaps contracts - - ( 254,539 ) - - ( 266,389 )

160,974,087 5,728,219,897 320,172,961 107,567,478 1,115,611,240 236,331,048

Cash at banks 5,007,875 112,487,139 6,273,944 76,884 11,202,700 33,221,524 Receivables for securities sold 1,863 10,517,418 - 163,562 10,160 - Receivables for subscriptions 4,256,165 74,046,252 2,551,145 521,499 34,243,101 1,474,160 Dividends and interest receivable 1,989,311 52,217,679 6,783,134 2,163,412 26,765,028 3,227,028 Sundry receivables and prepayments 24,540 314,479 12,376 6,173 - - Options & Swaptions at market value - - 345 - - -

TOTAL ASSETS 172,253,841 5,977,802,864 335,793,905 110,499,008 1,187,832,229 274,253,760

LIABILITIES

Bank overdraft - - 232,199 178,125 - - Payables for securities purchased 136 9,880,603 3,995,920 - 36,363,050 3,685,894 Payables for redemptions 287,987 7,064,802 649,497 60,098 3,031,775 198,575 Dividends and interest payable 30,662 17,255,042 687,448 75,523 213,816 77,864 Management fees payable 136,809 4,770,453 128,765 33,292 412,058 65,656 Performance fees payable ------Other payables and accruals 92,786 2,877,638 113,263 37,899 310,469 78,696 Options at market value ------

TOTAL LIABILITIES 548,380 41,848,538 5,807,092 384,937 40,331,168 4,106,685

TOTAL NET ASSETS 171,705,461 5,935,954,326 329,986,813 110,114,071 1,147,501,061 270,147,075

c Schroder ISF EURO Government Bond was formerly known as Schroder ISF European Bond until 1 June 2009. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 67 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder ISF Schroder Schroder ISF Schroder Schroder Global ISF ISF Asian ISF ISF Inflation Hong Kong US Local EURO Global Linked Dollar Dollar Currency Corporate Corporate Bond Bond Bond Bond Bond Bond EUR HKD USD USD EUR USD

ASSETS

Investments

Securities at cost 341,359,370 269,991,624 322,961,054 56,839,497 4,739,440,369 1,029,534,338 Unrealised appreciation/(depreciation) 5,535,070 2,214,398 10,818,279 2,357,329 230,340,446 36,976,088

Securities at Market Value 346,894,440 272,206,022 333,779,333 59,196,826 4,969,780,815 1,066,510,426

Unrealised appreciation/(depreciation) on forward foreign exchange contracts ( 2,469,981 ) - 49,316 71,099 510 395,596 on futures contracts 521,060 - 364,614 - 11,600,369 10,156,155 on interest rate swaps contracts ------on total return swaps contracts ------on credit default swaps contracts - - - - - 216,801

344,945,519 272,206,022 334,193,263 59,267,925 4,981,381,694 1,077,278,978

Cash at banks 3,999,573 19,010,750 33,799,866 3,383,973 196,603,738 42,000,199 Receivables for securities sold 1,039,838 - - - - 3,434,156 Receivables for subscriptions 6,170,109 456,483 4,924,760 - 49,966,108 7,816,844 Dividends and interest receivable 2,286,227 2,362,258 2,571,264 521,383 121,558,780 18,606,293 Sundry receivables and prepayments 7,114 - - - 3,108 245 Options & Swaptions at market value - - - - - 1,074

TOTAL ASSETS 358,448,380 294,035,513 375,489,153 63,173,281 5,349,513,428 1,149,137,789

LIABILITIES

Bank overdraft 422,861 - - - - - Payables for securities purchased 5,104,413 - 28,918,424 - - - Payables for redemptions 5,022,890 346,435 977,127 - 13,438,663 8,425,243 Dividends and interest payable 1,320,069 465,482 715,479 2,767 1,018,420 1,840,848 Management fees payable 189,812 120,186 176,079 5,527 2,610,950 407,996 Performance fees payable ------Other payables and accruals 145,550 102,204 116,550 16,329 1,895,222 437,682 Options at market value ------

TOTAL LIABILITIES 12,205,595 1,034,307 30,903,659 24,623 18,963,255 11,111,769

TOTAL NET ASSETS 346,242,785 293,001,206 344,585,494 63,148,658 5,330,550,173 1,138,026,020

The notes on pages 18 to 56 form an integral part of these financial statements. Page 68 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder Schroder ISF Schroder ISF ISF ISF Schroder Global ISF Asian Global Global ISF High Strategic Convertible Convertible Credit Duration European Yield Bond Bond Bond Hedged d Defensive USD USD USD USD EUR EUR

ASSETS

Investments

Securities at cost 2,387,806,808 620,727,951 136,874,068 153,091,883 287,313,863 167,183,325 Unrealised appreciation/(depreciation) 165,201,587 16,681,033 11,490,225 10,858,759 3,891,950 5,289

Securities at Market Value 2,553,008,395 637,408,984 148,364,293 163,950,642 291,205,813 167,188,614

Unrealised appreciation/(depreciation) on forward foreign exchange contracts 7,673,520 10,148,261 1,355,093 2,767,161 1,023,849 - on futures contracts 1,937,314 11,599,073 - - 7,675,854 - on interest rate swaps contracts - ( 333,623 ) - - - - on total return swaps contracts ------on credit default swaps contracts 263,128 ( 396,225 ) - - 290,654 -

2,562,882,357 658,426,470 149,719,386 166,717,803 300,196,170 167,188,614

Cash at banks 53,224,705 21,590,266 13,174,941 23,458,029 15,102,640 9,184,984 Receivables for securities sold - - - 791,875 - - Receivables for subscriptions 25,945,743 10,463,016 677,800 631,210 5,022,950 32,259 Dividends and interest receivable 56,551,720 10,202,934 619,533 857,033 5,453,987 2,356 Sundry receivables and prepayments 669 61,107 - 4,403 - - Options & Swaptions at market value - - - - 300 -

TOTAL ASSETS 2,698,605,194 700,743,793 164,191,660 192,460,353 325,776,047 176,408,213

LIABILITIES

Bank overdraft - 11,402,670 - - - - Payables for securities purchased - 90,641,027 - - - - Payables for redemptions 1,472,510 1,994,402 - 764,957 2,100 756,714 Dividends and interest payable 3,841,162 631,076 17 3 63 - Management fees payable 1,146,907 288,118 127,413 102,709 21,031 181,982 Performance fees payable - - - 41 - - Other payables and accruals 721,027 236,141 79,927 85,921 71,939 66,346 Options at market value ------

TOTAL LIABILITIES 7,181,606 105,193,434 207,357 953,631 95,133 1,005,042

TOTAL NET ASSETS 2,691,423,588 595,550,359 163,984,303 191,506,722 325,680,914 175,403,171

d Schroder ISF Global Credit Duration Hedged was formerly known as Schroder ISF Strategic Credit until 1 October 2009. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 69 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder ISF ISF ISF Schroder Schroder European European World ISF ISF Total of Funds Defensive Defensive Defensive EURO US Dollar registered in Monthly 6 Monthly 3 Monthly Liquidity e Liquidity e Switzerland * EUR EUR EUR EUR USD EUR

ASSETS

Investments

Securities at cost 8,799,306 5,498,968 3,899,568 1,869,730,542 77,572,724 35,045,045,163 Unrealised appreciation/(depreciation) 95 657 166 950,964 84,497 3,067,414,002

Securities at Market Value 8,799,401 5,499,625 3,899,734 1,870,681,506 77,657,221 38,112,459,164

Unrealised appreciation/(depreciation) on forward foreign exchange contracts - - - - - 53,523,454 on futures contracts - - - - - 47,249,418 on interest rate swaps contracts - - - - - ( 140,092 ) on total return swaps contracts ------on credit default swaps contracts - - - - - ( 428,136 )

8,799,401 5,499,625 3,899,734 1,870,681,506 77,657,221 38,212,663,808

Cash at banks 361,296 3,808,420 444,839 1,971,349 4,457,559 1,849,114,263 Receivables for securities sold - - - - 98 67,639,302 Receivables for subscriptions - - - 13,615,086 1,145,493 361,471,738 Dividends and interest receivable 103 125 51 3,529,450 194,661 297,885,860 Sundry receivables and prepayments - - - - 72,090 3,508,065 Options & Swaptions at market value - - - - - 45,776

TOTAL ASSETS 9,160,800 9,308,170 4,344,624 1,889,797,391 83,527,122 40,792,328,812

LIABILITIES

Bank overdraft - - - - - 34,092,073 Payables for securities purchased - - - - 7 316,844,895 Payables for redemptions 16,187 - 33,720 6,216,608 278,997 118,288,987 Dividends and interest payable - - - - - 33,733,016 Management fees payable 9,164 9,404 4,359 563,437 34,933 29,719,824 Performance fees payable - - - - - 3,534 Other payables and accruals 7,613 7,383 4,844 329,886 22,702 17,743,928 Options at market value - - - - - 298,702

TOTAL LIABILITIES 32,964 16,787 42,923 7,109,931 336,639 550,724,959

TOTAL NET ASSETS 9,127,836 9,291,383 4,301,701 1,882,687,460 83,190,483 40,241,603,853

e Schroder ISF EURO Liquidity and Schroder ISF US Dollar Liquidity: the market value represents the amortised cost. * For the total of the Statement of Net Assets, which has been presented in Euro, assets and liabilities stated in currencies other than Euro have been converted at the following exchange rates ruling as at 31 December 2009: 1 Euro = 1.4399 US Dollar 1 Euro = 0.8884 British Pound 1 Euro = 1.4840 Swiss Franc 1 Euro = 133.4211 Japanese Yen 1 Euro = 11.1651 Hong Kong Dollar The notes on pages 18 to 56 form an integral part of these financial statements. Page 70 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder ISF Schroder Schroder Schroder ISF ISF European ISF ISF ISF Japanese EURO Large Global Italian Japanese Large Equity Cap Equity Equity Equity Cap EUR EUR USD EUR JPY JPY

Net Asset Value as at 31 December 2009 1,377,641,442 80,845,603 27,330,040 133,220,371 24,696,132,834 5,454,704,505

Shares Outstanding as at 31 December 2009 Class A Dis 3,261,389 90,160 612,515 112,536 2,015,609 956,805 Class A Dis (EUR) * ------Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis 51,797 519 - 14,254 26,437 - Class B Dis (EUR) ** ------Class C Dis 59,225 22,313 701,342 17,099 1,054,843 4,827 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class D Dis ------Class I Dis - - - - - 4,743,108 Class I Dis (GBP) * ------Class P Dis ------Class P Dis (EUR) ** ------Class X Dis ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 35,887,083 159,332 434,586 1,584,911 16,608,062 650,032 Class A Acc (EUR) * ------Class A Acc (EUR) ** - - - - 151,799 - Class A Acc (GBP) * ------Class A Acc (HKD) * ------Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * - - - - - 937,046 Class A Acc (USD) ** ------Class B Acc 5,731,850 91,356 117,717 2,498,963 5,356,263 - Class B Acc (EUR) * ------Class B Acc (EUR) ** - - - - 39,261 - Class B Acc (USD) ** ------Class C Acc 14,108,664 20,562 25,335 1,201,194 6,940,053 10,518 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** - - - - 75,666 - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 7,004,328 177,566 56,320 45 3,923,298 37,350 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** - - - - 83,489 - Class I Acc (GBP) * ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 734,038 16,169 40,816 427,179 2,599,466 69,543 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** - - - - 7,753 - Class A1 Acc (PLN) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * 413,604 - - - 196,747 - Class A1 Acc (USD) ** ------Class B1 Acc 32,210 - - 216 55,828 - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * - - - - 30,088 -

* Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 71 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder ISF Schroder Schroder Schroder ISF ISF European ISF ISF ISF Japanese EURO Large Global Italian Japanese Large Equity Cap Equity Equity Equity Cap EUR EUR USD EUR JPY JPY

Net Asset Value per Share as at 31 December 2009 Class A Dis 18.51 124.13 13.42 20.42 549.46 738.89 Class A Dis (EUR) * ------Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis 18.1 122.21 - 20.35 500.54 - Class B Dis (EUR) ** ------Class C Dis 18.75 89.25 14.04 21.99 600.86 740.24 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class D Dis ------Class I Dis - - - - - 736.4 Class I Dis (GBP) * ------Class P Dis ------Class P Dis (EUR) ** ------Class X Dis ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 19.86 136.53 13.62 22.86 550.83 742.33 Class A Acc (EUR) * ------Class A Acc (EUR) ** - - - - 57 - Class A Acc (GBP) * ------Class A Acc (HKD) * ------Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * - - - - - 7.99 Class A Acc (USD) ** ------Class B Acc 18.64 127.94 13.27 21.31 500.46 - Class B Acc (EUR) * ------Class B Acc (EUR) ** - - - - 55.65 - Class B Acc (USD) ** ------Class C Acc 21.82 150.9 14.72 26.23 613.69 757.05 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** - - - - 58.61 - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 23.58 163.06 15.38 28.32 661.35 771.51 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** - - - - 60.97 - Class I Acc (GBP) * ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 19.09 129.83 13.25 21.71 516.62 728.1 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** - - - - 55.56 - Class A1 Acc (PLN) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * 27.47 - - - 5.57 - Class A1 Acc (USD) ** ------Class B1 Acc 17.68 - - 20 467.61 - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * - - - - 5.05 -

* Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Page 72 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF US Asia Pacific Pacific Swiss UK US Large Property Equity Equity Equity All Cap b Cap Securities USD CHF GBP USD USD USD

Net Asset Value as at 31 December 2009 699,781,637 199,380,518 155,684,197 7,527,079 548,154,362 139,563,431

Shares Outstanding as at 31 December 2009 Class A Dis 3,389,547 1,151,203 14,087,035 21 203,478 - Class A Dis (EUR) * ------Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis 29,262 13,730 55,785 - 34,117 - Class B Dis (EUR) ** ------Class C Dis 919,522 36,483 4,466,069 - 10,491 - Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class D Dis ------Class I Dis ------Class I Dis (GBP) * ------Class P Dis ------Class P Dis (EUR) ** ------Class X Dis ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 12,543,840 5,461,544 14,117,062 61,629 1,831,161 137,384 Class A Acc (EUR) * 186,199 - - - 46,438 - Class A Acc (EUR) ** - - - - 1,592,793 - Class A Acc (GBP) * ------Class A Acc (HKD) * ------Class A Acc (SGD) * 77,710 - - - - - Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 2,041,076 415,296 4,614,405 4,920 278,418 4,033 Class B Acc (EUR) * 404,002 - - - 77,180 - Class B Acc (EUR) ** - - - - 211,310 - Class B Acc (USD) ** ------Class C Acc 27,460,050 311,470 15,726,855 13,159 576,293 103,788 Class C Acc (AUD) * ------Class C Acc (EUR) * 205,266 - - - 217,613 - Class C Acc (EUR) ** - - - - 248,920 - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 9,999,505 29,955 5,866,955 14 754,594 953,078 Class I Acc (AUD) * ------Class I Acc (EUR) * 6,144,613 - - - 24 - Class I Acc (EUR) ** - - - - 127,611 - Class I Acc (GBP) * ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 669,639 222,054 1,398,910 2,177 278,633 87,126 Class A1 Acc (EUR) * 368,937 - - - 19,142 - Class A1 Acc (EUR) ** - - - - 38,598 - Class A1 Acc (PLN) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class A1 Acc (USD) ** ------Class B1 Acc 15,872 355 44,449 - 4,617 - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

b Schroder ISF US All Cap was formerly known as Schroder ISF US Large Cap Alpha until 1 October 2009. * Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 73 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF US Asia Pacific Pacific Swiss UK US Large Property Equity Equity Equity All Cap b Cap Securities USD CHF GBP USD USD USD

Net Asset Value per Share as at 31 December 2009 Class A Dis 8.9 26.08 2.17 56.38 62.08 - Class A Dis (EUR) * ------Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis 8.3 24.4 2.09 - 56.92 - Class B Dis (EUR) ** ------Class C Dis 9.32 27.95 2.33 - 67.2 - Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class D Dis ------Class I Dis ------Class I Dis (GBP) * ------Class P Dis ------Class P Dis (EUR) ** ------Class X Dis ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 9.79 26.11 2.58 91.67 62.1 103.65 Class A Acc (EUR) * 6.79 - - - 43.04 - Class A Acc (EUR) ** - - - - 83.32 - Class A Acc (GBP) * ------Class A Acc (HKD) * ------Class A Acc (SGD) * 9.03 - - - - - Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 8.79 24.35 2.34 90.19 56.92 101.63 Class B Acc (EUR) * 6.1 - - - 39.52 - Class B Acc (EUR) ** - - - - 81.76 - Class B Acc (USD) ** ------Class C Acc 11.18 28.52 2.9 93.71 69.22 105.93 Class C Acc (AUD) * ------Class C Acc (EUR) * 7.76 - - - 47.81 - Class C Acc (EUR) ** - - - - 85.19 - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 12.07 30.86 3.14 96.75 74.69 110.16 Class I Acc (AUD) * ------Class I Acc (EUR) * 8.38 - - - 51.87 - Class I Acc (EUR) ** - - - - 86.78 - Class I Acc (GBP) * ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 9.52 24.75 2.39 90.69 59.08 102.45 Class A1 Acc (EUR) * 6.61 - - - 40.94 - Class A1 Acc (EUR) ** - - - - 81.62 - Class A1 Acc (PLN) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class A1 Acc (USD) ** ------Class B1 Acc 8.49 22.84 2.19 - 53.86 - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

b Schroder ISF US All Cap was formerly known as Schroder ISF US Large Cap Alpha until 1 October 2009. * Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Page 74 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder Schroder ISF ISF ISF ISF Schroder Schroder Asian Asian Asian BRIC ISF ISF Equity Smaller Total (Brazil, Russia, China Emerging Yield Companies Return India, China) Opportunities Asia USD USD USD USD USD USD

Net Asset Value as at 31 December 2009 793,642,606 67,872,491 195,542,907 3,940,983,660 1,046,213,286 3,118,430,391

Shares Outstanding as at 31 December 2009 Class A Dis 11,911,622 - - - - - Class A Dis (EUR) * ------Class A Dis (EUR) ** ------Class A Dis (GBP) * 2,322 - 2,408 72,132 - 5,537 Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis ------Class B Dis (EUR) ** ------Class C Dis 10,683,925 9 - - - - Class C Dis (GBP) * - - 91,370 - - - Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class D Dis ------Class I Dis ------Class I Dis (GBP) * ------Class P Dis ------Class P Dis (EUR) ** ------Class X Dis ------Class A1 Dis 1,330 - - - - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 5,722,908 92,572 261,124 6,801,083 3,310,896 9,108,818 Class A Acc (EUR) * - - - 2,452,637 - 3,223,581 Class A Acc (EUR) ** - - 97,011 - - - Class A Acc (GBP) * ------Class A Acc (HKD) * - - - - 141,275 - Class A Acc (SGD) * ------Class A Acc (SGD) ** - - - - 132,514 - Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 182,912 27,968 415 539,525 375,268 710,125 Class B Acc (EUR) * - - - 2,257,988 - 637,275 Class B Acc (EUR) ** - - 104 - - - Class B Acc (USD) ** ------Class C Acc 7,597,686 116,649 269,664 3,381,273 581,021 47,682,725 Class C Acc (AUD) * ------Class C Acc (EUR) * - - - 502,287 - 2,117,637 Class C Acc (EUR) ** - - 24,534 - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc - - - - 13,655 - Class D Acc (EUR) * ------Class I Acc 12,528,908 135,389 665,221 1,191,889 15,075 280,987 Class I Acc (AUD) * ------Class I Acc (EUR) * - - - 14,988 - 617,117 Class I Acc (EUR) ** 65,775 - - - - - Class I Acc (GBP) * ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 88,924 20,917 71 1,708,067 177,023 71,720,852 Class A1 Acc (EUR) * - - - 675,871 - 2,360,885 Class A1 Acc (EUR) ** - - 100 - - - Class A1 Acc (PLN) ** ------Class A1 Acc (SGD) ** - - - - 128,855 - Class A1 Acc (USD) * ------Class A1 Acc (USD) ** ------Class B1 Acc - - - - - 299,131 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

* Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 75 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder Schroder ISF ISF ISF ISF Schroder Schroder Asian Asian Asian BRIC ISF ISF Equity Smaller Total (Brazil, Russia, China Emerging Yield Companies Return India, China) Opportunities Asia USD USD USD USD USD USD

Net Asset Value per Share as at 31 December 2009 Class A Dis 13.71 - - - - - Class A Dis (EUR) * ------Class A Dis (EUR) ** ------Class A Dis (GBP) * 8.5 - 143.33 120.2 - 13.07 Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis ------Class B Dis (EUR) ** ------Class C Dis 14.32 162.52 - - - - Class C Dis (GBP) * - - 143.1 - - - Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class D Dis ------Class I Dis ------Class I Dis (GBP) * ------Class P Dis ------Class P Dis (EUR) ** ------Class X Dis ------Class A1 Dis 13.09 - - - - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 16.71 165.96 123.88 199.95 233.27 22.38 Class A Acc (EUR) * - - - 138.84 - 15.54 Class A Acc (EUR) ** - - 115.75 - - - Class A Acc (GBP) * ------Class A Acc (HKD) * - - - - 10.01 - Class A Acc (SGD) * ------Class A Acc (SGD) ** - - - - 7.41 - Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 16.17 159.02 123.9 194.18 227.96 21.58 Class B Acc (EUR) * - - - 134.88 - 15 Class B Acc (EUR) ** - - 114.74 - - - Class B Acc (USD) ** ------Class C Acc 17.25 168.76 126.59 205.92 239.48 23.35 Class C Acc (AUD) * ------Class C Acc (EUR) * - - - 143.04 - 16.19 Class C Acc (EUR) ** - - 117.36 - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc - - - - 228.85 - Class D Acc (EUR) * ------Class I Acc 18.57 184.4 130.63 216.54 251.1 24.75 Class I Acc (AUD) * ------Class I Acc (EUR) * - - - 150.34 - 17.19 Class I Acc (EUR) ** 141.38 - - - - - Class I Acc (GBP) * ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 16.34 163 123.55 198.19 229.71 21.89 Class A1 Acc (EUR) * - - - 137.58 - 15.21 Class A1 Acc (EUR) ** - - 115.06 - - - Class A1 Acc (PLN) ** ------Class A1 Acc (SGD) ** - - - - 7.86 - Class A1 Acc (USD) * ------Class A1 Acc (USD) ** ------Class B1 Acc - - - - - 20.97 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

* Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Page 76 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF European European European European Emerging Emerging Dividend Equity Smaller Special Europe Markets Maximiser Yield Companies Situations EUR USD EUR EUR EUR EUR

Net Asset Value as at 31 December 2009 216,604,393 1,919,319,611 7,238,403 76,826,616 244,306,148 1,191,760,470

Shares Outstanding as at 31 December 2009 Class A Dis 183,186 6,919,186 2,486 1,562,241 155,408 - Class A Dis (EUR) * ------Class A Dis (EUR) ** ------Class A Dis (GBP) * 6,138 - - 1,341 - - Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis 25,427 33,309 1,754 54,719 61,052 - Class B Dis (EUR) ** ------Class C Dis 2,259 236,347 83,015 1,620,621 12,822 497,559 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class D Dis ------Class I Dis ------Class I Dis (GBP) * ------Class P Dis ------Class P Dis (EUR) ** ------Class X Dis ------Class A1 Dis - - 18 942 - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 4,123,943 24,036,117 19,537 3,037,155 1,824,056 6,626,648 Class A Acc (EUR) * - 11,040,168 - - - - Class A Acc (EUR) ** ------Class A Acc (GBP) * ------Class A Acc (HKD) * ------Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 1,777,646 1,990,149 6,610 1,098,705 1,876,716 83,470 Class B Acc (EUR) * - 1,582,443 - - - - Class B Acc (EUR) ** ------Class B Acc (USD) ** ------Class C Acc 276,294 34,802,135 800 358,528 650,221 5,139,615 Class C Acc (AUD) * - 4,691,504 - - - - Class C Acc (EUR) * - 3,238,502 - - - - Class C Acc (EUR) ** ------Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 233,867 20,437,030 15 110 6,920,963 1,190,334 Class I Acc (AUD) * - 17,092,860 - - - - Class I Acc (EUR) * - 829,005 - - - - Class I Acc (EUR) ** ------Class I Acc (GBP) * ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 2,781,482 18,302,826 3,875 70,934 1,443,086 87,258 Class A1 Acc (EUR) * - 1,863,516 - - - - Class A1 Acc (EUR) ** ------Class A1 Acc (PLN) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * 2,576,370 - - 71 154,017 - Class A1 Acc (USD) ** ------Class B1 Acc 88,642 183,823 - - 28,778 - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

* Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 77 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF European European European European Emerging Emerging Dividend Equity Smaller Special Europe Markets Maximiser Yield Companies Situations EUR USD EUR EUR EUR EUR

Net Asset Value per Share as at 31 December 2009 Class A Dis 17.71 11.73 57.7 8.7 16.81 - Class A Dis (EUR) * ------Class A Dis (EUR) ** ------Class A Dis (GBP) * 15.64 - - 7.73 - - Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis 16.96 11.17 56.94 8.22 15.58 - Class B Dis (EUR) ** ------Class C Dis 18.47 11.84 58.65 9.34 17.21 84.41 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class D Dis ------Class I Dis ------Class I Dis (GBP) * ------Class P Dis ------Class P Dis (EUR) ** ------Class X Dis ------Class A1 Dis - - 57.23 9.19 - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 18.21 12.24 69.18 10.56 17.18 86.09 Class A Acc (EUR) * - 8.48 - - - - Class A Acc (EUR) ** ------Class A Acc (GBP) * ------Class A Acc (HKD) * ------Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 17.17 11.3 68.24 9.62 15.61 84.22 Class B Acc (EUR) * - 7.84 - - - - Class B Acc (EUR) ** ------Class B Acc (USD) ** ------Class C Acc 19.49 13.24 70.27 11.88 18.82 88.34 Class C Acc (AUD) * - 14.72 - - - - Class C Acc (EUR) * - 9.21 - - - - Class C Acc (EUR) ** ------Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 20.99 14.58 72.24 12.96 20.33 93.06 Class I Acc (AUD) * - 16.28 - - - - Class I Acc (EUR) * - 10.1 - - - - Class I Acc (EUR) ** ------Class I Acc (GBP) * ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 17.84 11.78 68.55 10.11 16.61 85.1 Class A1 Acc (EUR) * - 8.18 - - - - Class A1 Acc (EUR) ** ------Class A1 Acc (PLN) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * 25.59 - - 14.58 23.89 - Class A1 Acc (USD) ** ------Class B1 Acc 16.76 10.93 - - 14.97 - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

* Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Page 78 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder ISF Schroder ISF Schroder Schroder Global ISF Global Schroder ISF ISF Climate Global Emerging ISF Global Global Change Dividend Market Global Equity Property Equity Maximiser Opportunities Energy Yield Securities USD USD USD USD USD USD

Net Asset Value as at 31 December 2009 239,251,968 23,654,371 517,575,093 1,220,849,791 61,636,120 433,589,611

Shares Outstanding as at 31 December 2009 Class A Dis - 1,438,908 - - 28,676 - Class A Dis (EUR) * ------Class A Dis (EUR) ** ------Class A Dis (GBP) * - - - 708,673 78,074 - Class A Dis (GBP) ** ------Class A Dis (SGD) * - 255,210 - - - - Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis - 3,183 - - - - Class B Dis (EUR) ** ------Class C Dis 150 122 - 861,248 17 32,133 Class C Dis (GBP) * 85 1,656,226 - 296,610 - - Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class D Dis ------Class I Dis - - - - 17 - Class I Dis (GBP) * ------Class P Dis ------Class P Dis (EUR) ** ------Class X Dis ------Class A1 Dis - 13,703 - - 502 - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 7,070,549 391,620 15,170,364 12,268,113 94,209 413,496 Class A Acc (EUR) * 2,819,427 - 3,090,237 271,605 82,530 - Class A Acc (EUR) ** 878,936 - - - - 774,158 Class A Acc (GBP) * ------Class A Acc (HKD) * ------Class A Acc (SGD) * 6,424,019 186,811 14,850,711 - - - Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 781 2,524 603,443 596,101 2,288 22,163 Class B Acc (EUR) * 59,792 - 874,954 - 6,117 - Class B Acc (EUR) ** 388,018 - - - - 55,691 Class B Acc (USD) ** ------Class C Acc 8,555,854 124,850 765,077 4,229,534 32,340 1,019,861 Class C Acc (AUD) * ------Class C Acc (EUR) * 1,731 - 1,370,531 227,995 33,992 - Class C Acc (EUR) ** 83,680 - - - - 379,595 Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc - - 179,991 - - - Class D Acc (EUR) * - - 74,941 - - - Class I Acc 819,377 - 174,853 7,531,557 236,450 307,615 Class I Acc (AUD) * ------Class I Acc (EUR) * 150 - 150 - 16 - Class I Acc (EUR) ** - - - - - 443,685 Class I Acc (GBP) * ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 643,042 37,566 4,323,178 8,034,804 3,033 95,059 Class A1 Acc (EUR) * 73,133 - 457,698 251,204 1,883 - Class A1 Acc (EUR) ** 142,004 - - - - 26,416 Class A1 Acc (PLN) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class A1 Acc (USD) ** ------Class B1 Acc ------Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

* Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 79 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder ISF Schroder ISF Schroder Schroder Global ISF Global Schroder ISF ISF Climate Global Emerging ISF Global Global Change Dividend Market Global Equity Property Equity Maximiser Opportunities Energy Yield Securities USD USD USD USD USD USD

Net Asset Value per Share as at 31 December 2009 Class A Dis - 5.65 - - 88.31 - Class A Dis (EUR) * ------Class A Dis (EUR) ** ------Class A Dis (GBP) * - - - 20.81 55.06 - Class A Dis (GBP) ** ------Class A Dis (SGD) * - 5.73 - - - - Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis - 5.71 - - - - Class B Dis (EUR) ** ------Class C Dis 11.84 5.75 - 34.94 89.75 98.48 Class C Dis (GBP) * 12.98 3.59 - 21.78 - - Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class D Dis ------Class I Dis - - - - 95.37 - Class I Dis (GBP) * ------Class P Dis ------Class P Dis (EUR) ** ------Class X Dis ------Class A1 Dis - 5.6 - - 88.54 - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 8.68 6.9 13.42 34.09 100.93 100.5 Class A Acc (EUR) * 8.14 - 12.05 23.69 70.08 - Class A Acc (EUR) ** 7.93 - - - - 95.99 Class A Acc (GBP) * ------Class A Acc (HKD) * ------Class A Acc (SGD) * 8.24 6.86 12.41 - - - Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 8.75 6.79 13.18 33.39 98.28 98.14 Class B Acc (EUR) * 8.01 - 11.82 - 68.29 - Class B Acc (EUR) ** 7.83 - - - - 93.78 Class B Acc (USD) ** ------Class C Acc 8.83 7.01 13.7 34.92 104.27 103.54 Class C Acc (AUD) * ------Class C Acc (EUR) * 8.25 - 12.26 24.5 72.41 - Class C Acc (EUR) ** 8.06 - - - - 98.61 Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc - - 13.13 - - - Class D Acc (EUR) * - - 11.75 - - - Class I Acc 9.11 - 14.21 36.47 110.04 108.96 Class I Acc (AUD) * ------Class I Acc (EUR) * 8.56 - 12.77 - 76.44 - Class I Acc (EUR) ** - - - - - 103.54 Class I Acc (GBP) * ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 8.6 6.83 13.29 33.63 99.4 98.97 Class A1 Acc (EUR) * 8.07 - 11.93 23.23 69.12 - Class A1 Acc (EUR) ** 7.87 - - - - 94.6 Class A1 Acc (PLN) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class A1 Acc (USD) ** ------Class B1 Acc ------Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

* Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Page 80 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder ISF Schroder Schroder Schroder ISF Schroder Global ISF ISF ISF Japanese ISF Smaller Greater Hong Kong Indian Smaller Korean Companies China Equity Equity Companies Equity USD USD HKD USD JPY USD

Net Asset Value as at 31 December 2009 78,484,714 1,503,405,168 5,129,601,595 96,303,585 7,570,293,267 45,273,351

Shares Outstanding as at 31 December 2009 Class A Dis 769 - - - 1,139,790 4,521 Class A Dis (EUR) * ------Class A Dis (EUR) ** ------Class A Dis (GBP) * - 564,465 - - - - Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis - - - - 32,552 - Class B Dis (EUR) ** ------Class C Dis - - - 9,918 - 66,154 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class D Dis ------Class I Dis ------Class I Dis (GBP) * - - - - 974,793 - Class P Dis ------Class P Dis (EUR) ** ------Class X Dis ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 35,140 26,275,124 14,861,249 242,023 38,469,284 311,273 Class A Acc (EUR) * - 242,630 - - - - Class A Acc (EUR) ** ------Class A Acc (GBP) * ------Class A Acc (HKD) * ------Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 3,280 2,769,649 34,833 180,372 13,627,710 20,174 Class B Acc (EUR) * ------Class B Acc (EUR) ** - - 33,915 - - - Class B Acc (USD) ** ------Class C Acc 40,800 6,360,443 4,095,892 63,825 21,862,262 112,074 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** - - 24,865 - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc - - 114,173 - - - Class D Acc (EUR) * ------Class I Acc 580,858 3,162,408 75,041 183,248 1,630,334 - Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** ------Class I Acc (GBP) * ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 48,548 2,128,520 2,330,078 110,731 41,041,596 620,194 Class A1 Acc (EUR) * 154 - - - 432,491 - Class A1 Acc (EUR) ** ------Class A1 Acc (PLN) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * - - - - 1,882,490 - Class A1 Acc (USD) ** ------Class B1 Acc - 129,097 - - 65,340 - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

* Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 81 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder ISF Schroder Schroder Schroder ISF Schroder Global ISF ISF ISF Japanese ISF Smaller Greater Hong Kong Indian Smaller Korean Companies China Equity Equity Companies Equity USD USD HKD USD JPY USD

Net Asset Value per Share as at 31 December 2009 Class A Dis 104.13 - - - 49.75 39.99 Class A Dis (EUR) * ------Class A Dis (EUR) ** ------Class A Dis (GBP) * - 19.71 - - - - Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis - - - - 45.27 - Class B Dis (EUR) ** ------Class C Dis - - - 123.26 - 41.2 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class D Dis ------Class I Dis ------Class I Dis (GBP) * - - - - 10.83 - Class P Dis ------Class P Dis (EUR) ** ------Class X Dis ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 104.03 35.63 234.17 120.61 49.89 40.23 Class A Acc (EUR) * - 24.75 - - - - Class A Acc (EUR) ** ------Class A Acc (GBP) * ------Class A Acc (HKD) * ------Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 101.36 34.28 223.16 118.34 45.25 38.83 Class B Acc (EUR) * ------Class B Acc (EUR) ** - - 83.67 - - - Class B Acc (USD) ** ------Class C Acc 106.1 37.66 246.59 123.29 54.75 41.59 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** - - 86.02 - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc - - 229.15 - - - Class D Acc (EUR) * ------Class I Acc 112.08 40.33 253.93 128.14 58.14 - Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** ------Class I Acc (GBP) * ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 102.4 34.84 227.85 119.16 48.35 39.34 Class A1 Acc (EUR) * 71.75 - - - 0.36 - Class A1 Acc (EUR) ** ------Class A1 Acc (PLN) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * - - - - 0.52 - Class A1 Acc (USD) ** ------Class B1 Acc - 33.33 - - 43.94 - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

* Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Page 82 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder Schroder Schroder ISF ISF Schroder ISF ISF ISF Swiss Swiss Small & ISF US Small & Latin Middle Equity Mid Cap Taiwanese Mid-Cap American East Opportunities Equity Equity Equity USD USD CHF CHF USD USD

Net Asset Value as at 31 December 2009 1,385,517,546 192,497,051 67,719,795 124,289,801 242,241,023 1,822,706,075

Shares Outstanding as at 31 December 2009 Class A Dis 1,518,344 - - - 2,394,173 689,511 Class A Dis (EUR) * ------Class A Dis (EUR) ** ------Class A Dis (GBP) * 26,785 - - - - - Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis 253,960 - - - 3,927 - Class B Dis (EUR) ** ------Class C Dis 43,973 - - - 20,671 20,846 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class D Dis ------Class I Dis - - - - 26,929 - Class I Dis (GBP) * ------Class P Dis ------Class P Dis (EUR) ** ------Class X Dis ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 4,654,649 13,483,969 239,350 1,810,258 11,266,707 3,652,615 Class A Acc (EUR) * 438,076 1,407,912 - - - 549,166 Class A Acc (EUR) ** - - - - - 254,690 Class A Acc (GBP) * ------Class A Acc (HKD) * ------Class A Acc (SGD) * 268,398 10,667,261 - - - - Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 1,201,021 116,999 27,517 570,659 14,534 120,469 Class B Acc (EUR) * 613,848 30,533 - - - 84,163 Class B Acc (EUR) ** - - - - - 51,498 Class B Acc (USD) ** ------Class C Acc 10,173,629 25,993 38,696 354,645 2,545,922 2,873,680 Class C Acc (AUD) * ------Class C Acc (EUR) * 274,601 23,391 - - - 928,111 Class C Acc (EUR) ** - - - - - 386,149 Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 282,583 8 291,644 2,451,367 922,623 2,896,666 Class I Acc (AUD) * ------Class I Acc (EUR) * 53 150 - - - 212,287 Class I Acc (EUR) ** ------Class I Acc (GBP) * ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * - 2,944,327 - - - - Class A1 Acc 7,203,413 1,312,573 11,114 1,016,030 6,126,887 651,006 Class A1 Acc (EUR) * 445,240 88,875 - - - 41,830 Class A1 Acc (EUR) ** - - - - - 12,851 Class A1 Acc (PLN) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class A1 Acc (USD) ** ------Class B1 Acc ------Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

* Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 83 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder Schroder Schroder ISF ISF Schroder ISF ISF ISF Swiss Swiss Small & ISF US Small & Latin Middle Equity Mid Cap Taiwanese Mid-Cap American East Opportunities Equity Equity Equity USD USD CHF CHF USD USD

Net Asset Value per Share as at 31 December 2009 Class A Dis 46.35 - - - 9.46 130.44 Class A Dis (EUR) * ------Class A Dis (EUR) ** ------Class A Dis (GBP) * 28.6 - - - - - Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis 45.89 - - - 9.47 - Class B Dis (EUR) ** ------Class C Dis 46.66 - - - 9.45 136.79 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class D Dis ------Class I Dis - - - - 9.41 - Class I Dis (GBP) * ------Class P Dis ------Class P Dis (EUR) ** ------Class X Dis ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 49.93 7.33 106.43 18.98 10.48 131.88 Class A Acc (EUR) * 34.46 6.91 - - - 91.04 Class A Acc (EUR) ** - - - - - 87.3 Class A Acc (GBP) * ------Class A Acc (HKD) * ------Class A Acc (SGD) * 69.99 6.33 - - - - Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 46.79 7.23 103.4 18.14 10.36 127.95 Class B Acc (EUR) * 32.47 6.8 - - - 88.8 Class B Acc (EUR) ** - - - - - 86.33 Class B Acc (USD) ** ------Class C Acc 53.53 7.45 109.24 20 10.64 136.52 Class C Acc (AUD) * ------Class C Acc (EUR) * 37.18 7.01 - - - 94.5 Class C Acc (EUR) ** - - - - - 88.55 Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 57.91 7.68 116.64 21.92 10.9 145.54 Class I Acc (AUD) * ------Class I Acc (EUR) * 40.25 7.25 - - - 101.08 Class I Acc (EUR) ** ------Class I Acc (GBP) * ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * - 612.02 - - - - Class A1 Acc 48.66 7.27 104.07 18.46 10.4 129.52 Class A1 Acc (EUR) * 33.68 6.82 - - - 89.7 Class A1 Acc (EUR) ** - - - - - 86.61 Class A1 Acc (PLN) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class A1 Acc (USD) ** ------Class B1 Acc ------Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

* Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Page 84 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF EURO EURO European Global Japanese US Smaller Active Dynamic Equity Equity Equity Companies Value Growth Alpha Alpha Alpha USD EUR EUR EUR USD JPY

Net Asset Value as at 31 December 2009 696,240,174 202,579,163 324,729,748 709,922,066 69,799,448 5,024,167,667

Shares Outstanding as at 31 December 2009 Class A Dis 898,858 - 685,788 3,150,439 - - Class A Dis (EUR) * ------Class A Dis (EUR) ** ------Class A Dis (GBP) * - 4,277 - - 5,670 - Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * - - - - 6,228 - Class B Dis 47,915 - - - 1,244 - Class B Dis (EUR) ** ------Class C Dis 279,077 - 3,293 46,020 730 - Class C Dis (GBP) * - 2,071 - - - - Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class D Dis ------Class I Dis - - - 33 - - Class I Dis (GBP) * ------Class P Dis ------Class P Dis (EUR) ** ------Class X Dis ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 4,913,166 3,734,157 70,702,184 8,878,111 207,720 1,370,421 Class A Acc (EUR) * - - - - 13,791 - Class A Acc (EUR) ** ------Class A Acc (GBP) * ------Class A Acc (HKD) * ------Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * - - - - - 100,768 Class A Acc (USD) ** ------Class B Acc 582,331 1,167,392 6,846,613 752,158 35,410 510 Class B Acc (EUR) * - - - - 19,967 - Class B Acc (EUR) ** ------Class B Acc (USD) ** ------Class C Acc 1,493,677 1,021,578 15,311,751 2,241,089 26,917 943,517 Class C Acc (AUD) * ------Class C Acc (EUR) * - - - - 146,214 924,795 Class C Acc (EUR) ** ------Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 727,532 547,991 11,839,047 3,454,044 12 2,317,367 Class I Acc (AUD) * ------Class I Acc (EUR) * - - - - 90,015 - Class I Acc (EUR) ** ------Class I Acc (GBP) * - - - - 17 - Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 1,474,990 918,584 3,373,510 564,790 20,028 150 Class A1 Acc (EUR) * - - - - 8,446 - Class A1 Acc (EUR) ** ------Class A1 Acc (PLN) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class A1 Acc (USD) ** ------Class B1 Acc 7,673 - - - 56 - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

* Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 85 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF EURO EURO European Global Japanese US Smaller Active Dynamic Equity Equity Equity Companies Value Growth Alpha Alpha Alpha USD EUR EUR EUR USD JPY

Net Asset Value per Share as at 31 December 2009 Class A Dis 65.49 - 2.78 34.74 - - Class A Dis (EUR) * ------Class A Dis (EUR) ** ------Class A Dis (GBP) * - 18.58 - - 73.1 - Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * - - - - 115.79 - Class B Dis 59.35 - - - 114.14 - Class B Dis (EUR) ** ------Class C Dis 71.62 - 2.91 34.97 119.43 - Class C Dis (GBP) * - 18.93 - - - - Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class D Dis ------Class I Dis - - - 38.33 - - Class I Dis (GBP) * ------Class P Dis ------Class P Dis (EUR) ** ------Class X Dis ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 65.48 27.21 2.93 36.15 117.32 834.67 Class A Acc (EUR) * - - - - 81.38 - Class A Acc (EUR) ** ------Class A Acc (GBP) * ------Class A Acc (HKD) * ------Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * - - - - - 9.01 Class A Acc (USD) ** ------Class B Acc 59.34 26.03 2.76 34.67 115.34 805.59 Class B Acc (EUR) * - - - - 80.12 - Class B Acc (EUR) ** ------Class B Acc (USD) ** ------Class C Acc 71.68 28.66 3.14 37.81 121.59 870.93 Class C Acc (AUD) * ------Class C Acc (EUR) * - - - - 83.69 6.4 Class C Acc (EUR) ** ------Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 78.73 30.78 3.32 42.62 128.74 942.56 Class I Acc (AUD) * ------Class I Acc (EUR) * - - - - 89.42 - Class I Acc (EUR) ** ------Class I Acc (GBP) * - - - - 74.17 - Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 63.4 26.46 2.84 35.25 116.23 821.37 Class A1 Acc (EUR) * - - - - 80.8 - Class A1 Acc (EUR) ** ------Class A1 Acc (PLN) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class A1 Acc (USD) ** ------Class B1 Acc 56.76 - - - 112.86 - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

* Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Page 86 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Net Assets as at 31 December 2009 (cont)

Schroder ISF Schroder Schroder Schroder QEP ISF ISF ISF Schroder Schroder Global QEP QEP QEP ISF ISF Active Global Global US European Asian Value Core Quality Core Allocation m Bond USD USD USD USD EUR USD

Net Asset Value as at 31 December 2009 686,840,183 233,133,104 161,245,142 92,149,553 137,646,243 1,422,238,568

Shares Outstanding as at 31 December 2009 Class A Dis 20,681 - - - - 19,197,444 Class A Dis (EUR) * ------Class A Dis (EUR) ** ------Class A Dis (GBP) * - - - - 4,174 - Class A Dis (GBP) ** - - - - - 267 Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis 1,503 - - - - 3,679 Class B Dis (EUR) ** ------Class C Dis 29,355 186,232 122,310 735,025 - 31,334,178 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class D Dis - - - - - 108,194 Class I Dis ------Class I Dis (GBP) * ------Class P Dis ------Class P Dis (EUR) ** ------Class X Dis ------Class A1 Dis - - - - - 10,372,732 Class A1 Dis (EUR) * - - - - - 469,242 Class A1 Dis (EUR) ** - - - - - 1,240 Class A1 Dis (USD) * ------Class B1 Dis - - - - - 1,977,954 Class B1 Dis (EUR) ** ------Class A Acc 224,096 - 14,431 - 2,467,052 20,670,583 Class A Acc (EUR) * 301,873 - 445 - - - Class A Acc (EUR) ** 6,775 - - - - 5,895 Class A Acc (GBP) * ------Class A Acc (HKD) * ------Class A Acc (SGD) * ------Class A Acc (SGD) ** - - - - - 228,058 Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 49,380 - 15 - 3,830,256 625,226 Class B Acc (EUR) * 3,258 - 15 - - - Class B Acc (EUR) ** 6,321 - - - - - Class B Acc (USD) ** ------Class C Acc 138,104 1,389,627 59,709 185,315 26,251 10,960,856 Class C Acc (AUD) * ------Class C Acc (EUR) * 4,306 - 15 - - - Class C Acc (EUR) ** 335,776 - - - - 8,098 Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 2,117,927 12,894,097 1,707,201 132,770 27,226 29,166,662 Class I Acc (AUD) * ------Class I Acc (EUR) * 876,084 - 26,916 - - - Class I Acc (EUR) ** 961,432 - - - - 100 Class I Acc (GBP) * ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** - - - - - 1,500 Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 285,657 - 15 - 957,309 15,598,293 Class A1 Acc (EUR) * 3,807 - 15 - - 84,359 Class A1 Acc (EUR) ** - - - - - 1,667 Class A1 Acc (PLN) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class A1 Acc (USD) ** ------Class B1 Acc 150 - - - - 290,786 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

m Schroder ISF European Allocation was formerly known as Schroder ISF European Absolute Return until 1 June 2009. * Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 87 Statement of Net Assets as at 31 December 2009 (cont)

Schroder ISF Schroder Schroder Schroder QEP ISF ISF ISF Schroder Schroder Global QEP QEP QEP ISF ISF Active Global Global US European Asian Value Core Quality Core Allocation m Bond USD USD USD USD EUR USD

Net Asset Value per Share as at 31 December 2009 Class A Dis 109.32 - - - - 7.02 Class A Dis (EUR) * ------Class A Dis (EUR) ** ------Class A Dis (GBP) * - - - - 16.47 - Class A Dis (GBP) ** - - - - - 95.4 Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis 119.5 - - - - 7.87 Class B Dis (EUR) ** ------Class C Dis 112.74 13.7 79.04 85.71 - 7.8 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class D Dis - - - - - 7.17 Class I Dis ------Class I Dis (GBP) * ------Class P Dis ------Class P Dis (EUR) ** ------Class X Dis ------Class A1 Dis - - - - - 6.92 Class A1 Dis (EUR) * - - - - - 4.79 Class A1 Dis (EUR) ** - - - - - 88.23 Class A1 Dis (USD) * ------Class B1 Dis - - - - - 7.63 Class B1 Dis (EUR) ** ------Class A Acc 124.8 - 80.37 - 19.21 11.5 Class A Acc (EUR) * 85.92 - 79.07 - - - Class A Acc (EUR) ** 72.24 - - - - 97.84 Class A Acc (GBP) * ------Class A Acc (HKD) * ------Class A Acc (SGD) * ------Class A Acc (SGD) ** - - - - - 9.31 Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 121.03 - 79.29 - 18.53 10.88 Class B Acc (EUR) * 83.91 - 78.04 - - - Class B Acc (EUR) ** 71.17 - - - - - Class B Acc (USD) ** ------Class C Acc 128.38 15.12 81.13 89.17 20.37 12.39 Class C Acc (AUD) * ------Class C Acc (EUR) * 89.17 - 79.88 - - - Class C Acc (EUR) ** 73.06 - - - - 99.26 Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 136.82 16.25 83.39 95.07 31.95 13.28 Class I Acc (AUD) * ------Class I Acc (EUR) * 95.05 - 81.53 - - - Class I Acc (EUR) ** 79.15 - - - - 101.43 Class I Acc (GBP) * ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** - - - - - 9.87 Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 121.55 - 79.2 - 18.58 11.3 Class A1 Acc (EUR) * 84.39 - 77.96 - - 7.82 Class A1 Acc (EUR) ** - - - - - 97.21 Class A1 Acc (PLN) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class A1 Acc (USD) ** ------Class B1 Acc 119.88 - - - - 10.66 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

m Schroder ISF European Allocation was formerly known as Schroder ISF European Absolute Return until 1 June 2009. * Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Page 88 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder ISF ISF Schroder Schroder Emerging Emerging Schroder ISF ISF Schroder Europe Debt Markets Debt ISF EURO EURO ISF Absolute Absolute EURO Government Short Term Global Return Return Bond Bond n Bond Bond EUR USD EUR EUR EUR USD

Net Asset Value as at 31 December 2009 171,705,461 5,935,954,326 329,986,813 110,114,071 1,147,501,061 270,147,075

Shares Outstanding as at 31 December 2009 Class A Dis 193,964 2,745,096 2,213,027 317,075 1,099,083 298,545 Class A Dis (EUR) * ------Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** - 3,380,549 - - - - Class A Dis (SGD) * ------Class A Dis (SGD) ** - 9,206,629 - - - - Class A Dis (USD) * ------Class B Dis 4,157 69,383 9,726 7,918 415,119 59,590 Class B Dis (EUR) ** ------Class C Dis - 2,261,714 246,088 106,632 61,213 43,632 Class C Dis (GBP) * ------Class C Dis (GBP) ** - 1,704,100 - - - - Class C Dis (USD) ** ------Class D Dis ------Class I Dis - 1,792,847 - - - - Class I Dis (GBP) * ------Class P Dis ------Class P Dis (EUR) ** ------Class X Dis ------Class A1 Dis 204,165 85,010,581 - - - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** - 7,873,870 - - - - Class A1 Dis (USD) * 127,218 - - - - - Class B1 Dis 108,447 5,137,023 - - - - Class B1 Dis (EUR) ** - 671,280 - - - - Class A Acc 3,699,004 11,374,786 4,727,491 5,123,762 60,916,043 5,333,770 Class A Acc (EUR) * ------Class A Acc (EUR) ** - 13,743,939 - - - - Class A Acc (GBP) * ------Class A Acc (HKD) * ------Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 842,781 2,226,154 2,930,977 1,542,725 69,418,167 707,853 Class B Acc (EUR) * ------Class B Acc (EUR) ** - 2,730,023 - - - - Class B Acc (USD) ** ------Class C Acc 1,028,210 14,234,378 3,562,981 4,866,126 23,453,355 3,549,150 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** - 12,945,951 - - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 2,506,717 19,617,797 6,684,018 500,657 2,902,142 8,389,383 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** - 12,182,438 - - - - Class I Acc (GBP) * ------Class I Acc (GBP) ** - 8,509,080 - - - - Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** - - - - - 433,940 Class J Acc (JPY) * ------Class A1 Acc 529,204 13,172,315 1,979,770 641,115 15,450,926 2,027,676 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** - 3,070,856 - - - - Class A1 Acc (PLN) ** - 90,530 - - - - Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * 129,099 - 705,041 - - - Class A1 Acc (USD) ** ------Class B1 Acc 32,552 167,320 40,098 - 5,115 160,242 Class B1 Acc (EUR) ** - 44,993 - - - - Class B1 Acc (USD) * ------

n Schroder ISF EURO Government Bond was formerly known as Schroder ISF European Bond until 1 June 2009. * Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 89 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder ISF ISF Schroder Schroder Emerging Emerging Schroder ISF ISF Schroder Europe Debt Markets Debt ISF EURO EURO ISF Absolute Absolute EURO Government Short Term Global Return Return Bond Bond n Bond Bond EUR USD EUR EUR EUR USD

Net Asset Value per Share as at 31 December 2009 Class A Dis 14.78 14.06 7.82 5.87 4.48 7.48 Class A Dis (EUR) * ------Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** - 25 - - - - Class A Dis (SGD) * ------Class A Dis (SGD) ** - 9.9 - - - - Class A Dis (USD) * ------Class B Dis 14.19 19.12 10.15 5.78 4.48 6.24 Class B Dis (EUR) ** ------Class C Dis - 19.29 10.23 6.1 3.31 6.38 Class C Dis (GBP) * ------Class C Dis (GBP) ** - 24.6 - - - - Class C Dis (USD) ** ------Class D Dis ------Class I Dis - 28.93 - - - - Class I Dis (GBP) * ------Class P Dis ------Class P Dis (EUR) ** ------Class X Dis ------Class A1 Dis 14.23 13.94 - - - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** - 19.35 - - - - Class A1 Dis (USD) * 20.49 - - - - - Class B1 Dis 14 15.75 - - - - Class B1 Dis (EUR) ** - 20.07 - - - - Class A Acc 17.64 26.13 14.71 8.38 6.64 10.13 Class A Acc (EUR) * ------Class A Acc (EUR) ** - 28.18 - - - - Class A Acc (GBP) * ------Class A Acc (HKD) * ------Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 16.79 24.57 14.03 7.85 6.56 9.11 Class B Acc (EUR) * ------Class B Acc (EUR) ** - 27.32 - - - - Class B Acc (USD) ** ------Class C Acc 18.91 28.46 15.23 8.79 6.88 10.94 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** - 29.63 - - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 20.61 30.96 15.95 9.2 7.01 11.14 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** - 31.79 - - - - Class I Acc (GBP) * ------Class I Acc (GBP) ** - 30.26 - - - - Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** - - - - - 122.88 Class J Acc (JPY) * ------Class A1 Acc 17.45 25.62 14.15 8.05 6.42 9.77 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** - 27.71 - - - - Class A1 Acc (PLN) ** - 98.8 - - - - Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * 25.17 - 20.41 - - - Class A1 Acc (USD) ** ------Class B1 Acc 16.89 24.42 13.18 - 5.98 8.61 Class B1 Acc (EUR) ** - 27.33 - - - - Class B1 Acc (USD) * ------

n Schroder ISF EURO Government Bond was formerly known as Schroder ISF European Bond until 1 June 2009. * Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Page 90 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder ISF Schroder Schroder ISF Schroder Schroder Global ISF ISF Asian ISF ISF Inflation Hong Kong US Local EURO Global Linked Dollar Dollar Currency Corporate Corporate Bond Bond Bond Bond Bond Bond EUR HKD USD USD EUR USD

Net Asset Value as at 31 December 2009 346,242,785 293,001,206 344,585,494 63,148,658 5,330,550,173 1,138,026,020

Shares Outstanding as at 31 December 2009 Class A Dis - 5,227,344 1,864,669 7,646 3,253,252 7,606,849 Class A Dis (EUR) * ------Class A Dis (EUR) ** - - - - - 12,453 Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** - - - - - 796,110 Class A Dis (USD) * ------Class B Dis - - 6,474 - - 773,659 Class B Dis (EUR) ** ------Class C Dis 141,729 - 1,019,022 16 - 3,547,648 Class C Dis (GBP) * ------Class C Dis (GBP) ** 3,801,025 - - - - - Class C Dis (USD) ** 423,718 - - - - - Class D Dis ------Class I Dis ------Class I Dis (GBP) * ------Class P Dis ------Class P Dis (EUR) ** ------Class X Dis - - - - 1,867,373 - Class A1 Dis - - - - 836,447 6,520,761 Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 5,122,726 4,778,984 7,328,214 14,914 145,318,614 19,817,907 Class A Acc (EUR) * ------Class A Acc (EUR) ** - - 10,558 - - 286,678 Class A Acc (GBP) * ------Class A Acc (HKD) * ------Class A Acc (SGD) * ------Class A Acc (SGD) ** - - - 8,000 - - Class A Acc (USD) * ------Class A Acc (USD) ** 1,198,373 - - - 94,180 - Class B Acc 2,039,768 7,181 1,327,814 15 70,882,680 4,612,781 Class B Acc (EUR) * ------Class B Acc (EUR) ** - - 9,280 - - 146,838 Class B Acc (USD) ** 94,718 - - - - - Class C Acc 970,256 1,225,359 3,082,852 73,895 62,380,773 10,514,970 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** - - 8,965 - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** 2,750 - - - - - Class D Acc ------Class D Acc (EUR) * ------Class I Acc 47,235 5,091,280 2,084,746 521,377 36,159,526 47,843,781 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** - - 100 - - 85 Class I Acc (GBP) * ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 1,056,095 188,895 3,581,013 15 8,940,028 24,308,824 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** - - - - - 149,573 Class A1 Acc (PLN) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class A1 Acc (USD) ** 422 - - - - - Class B1 Acc - - 75,166 - 73,813 545,088 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

* Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 91 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder ISF Schroder Schroder ISF Schroder Schroder Global ISF ISF Asian ISF ISF Inflation Hong Kong US Local EURO Global Linked Dollar Dollar Currency Corporate Corporate Bond Bond Bond Bond Bond Bond EUR HKD USD USD EUR USD

Net Asset Value per Share as at 31 December 2009 Class A Dis - 15.08 11.41 95.43 15.07 5.4 Class A Dis (EUR) * ------Class A Dis (EUR) ** - - - - - 97.62 Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** - - - - - 11.42 Class A Dis (USD) * ------Class B Dis - - 11.46 - - 5.48 Class B Dis (EUR) ** ------Class C Dis 23.59 - 11.66 95.7 - 5.91 Class C Dis (GBP) * ------Class C Dis (GBP) ** 21.79 - - - - - Class C Dis (USD) ** 24 - - - - - Class D Dis ------Class I Dis ------Class I Dis (GBP) * ------Class P Dis ------Class P Dis (EUR) ** ------Class X Dis - - - - 111.63 - Class A1 Dis - - - - 14.51 7.56 Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 24.06 18.58 17.45 100.46 15.45 8.1 Class A Acc (EUR) * ------Class A Acc (EUR) ** - - 118.53 - - 119.86 Class A Acc (GBP) * ------Class A Acc (HKD) * ------Class A Acc (SGD) * ------Class A Acc (SGD) ** - - - 9.89 - - Class A Acc (USD) * ------Class A Acc (USD) ** 24.56 - - - 109.4 - Class B Acc 23.4 17.89 16.46 99.44 14.74 7.59 Class B Acc (EUR) * ------Class B Acc (EUR) ** - - 116.94 - - 116.09 Class B Acc (USD) ** 24.15 - - - - - Class C Acc 24.49 19.05 18.18 101.18 16.18 8.63 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** - - 119.52 - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** 24.97 - - - - - Class D Acc ------Class D Acc (EUR) * ------Class I Acc 25.39 19.34 19.01 102.39 17.11 9.07 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** - - 121.44 - - 120.19 Class I Acc (GBP) * ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 23.31 18.01 16.7 99.7 14.97 7.85 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** - - - - - 116.05 Class A1 Acc (PLN) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class A1 Acc (USD) ** 24.49 - - - - - Class B1 Acc - - 15.59 - 14.19 7.25 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

* Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Page 92 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder Schroder ISF ISF Schroder ISF ISF Global Schroder Global ISF Asian Global Credit ISF High Strategic Convertible Convertible Duration European Yield Bond Bond Bond Hedged o Defensive USD USD EUR EUR

Net Asset Value as at 31 December 2009 2,691,423,588 595,550,359 163,984,303 191,506,722 325,680,914 175,403,171

Shares Outstanding as at 31 December 2009 Class A Dis 1,693,093 181,582 - - - 3,245,001 Class A Dis (EUR) * ------Class A Dis (EUR) ** - 85 - - - - Class A Dis (GBP) * ------Class A Dis (GBP) ** - 58,088 - - - - Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis 58,720 - - - - - Class B Dis (EUR) ** - 88 - - - - Class C Dis - 52,684 - - 17 - Class C Dis (GBP) * ------Class C Dis (GBP) ** 457,929 - 88 87 - - Class C Dis (USD) ** ------Class D Dis ------Class I Dis ------Class I Dis (GBP) * ------Class P Dis ------Class P Dis (EUR) ** ------Class X Dis ------Class A1 Dis 953,364 - - - - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** - 87 - - - - Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 6,090,935 164,300 405,392 163,208 57,102 9,077,017 Class A Acc (EUR) * ------Class A Acc (EUR) ** 2,892,160 357,796 196,253 196,008 - - Class A Acc (GBP) * ------Class A Acc (HKD) * ------Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 316,713 57,543 22,256 35,831 299,978 4,874,599 Class B Acc (EUR) * ------Class B Acc (EUR) ** 936,921 365,998 48,855 143,714 - - Class B Acc (USD) ** ------Class C Acc 48,647,745 133,494 79,339 87,144 60,965 - Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** 1,794,313 914,835 406,336 141,448 - - Class C Acc (GBP) ** - 58,357 90 10,460 - - Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 14,073,164 417,298 15 64,655 28,533 - Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** 539,185 489,581 102,812 523,156 - - Class I Acc (GBP) * ------Class I Acc (GBP) ** 1,276,976 65,146 - - 2,107,546 - Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** - - - - 292,605 - Class J Acc (JPY) * ------Class A1 Acc 2,087,658 78,186 44,427 84,197 25,696 429,105 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** 311,172 330,019 11,091 30,302 - - Class A1 Acc (PLN) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class A1 Acc (USD) ** ------Class B1 Acc ------Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

o Schroder ISF Global Credit Duration Hedged was formerly known as Schroder ISF Strategic Credit until 1 October 2009. * Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 93 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder Schroder ISF ISF Schroder ISF ISF Global Schroder Global ISF Asian Global Credit ISF High Strategic Convertible Convertible Duration European Yield Bond Bond Bond Hedged o Defensive USD USD EUR EUR

Net Asset Value per Share as at 31 December 2009 Class A Dis 19.39 103.77 - - - Class A Dis (EUR) * ----- Class A Dis (EUR) ** - 118.38 - - - Class A Dis (GBP) * ----- Class A Dis (GBP) ** - 104.66 - - - Class A Dis (SGD) * ----- Class A Dis (SGD) ** ----- Class A Dis (USD) * ----- Class B Dis 25.19 - - - - Class B Dis (EUR) ** - 115.35 - - - Class C Dis - 107.15 - - 89.74 Class C Dis (GBP) * ----- Class C Dis (GBP) ** 120.19 - 103.23 103.65 - Class C Dis (USD) ** ----- Class D Dis ----- Class I Dis ----- Class I Dis (GBP) * ----- Class P Dis ----- Class P Dis (EUR) ** ----- Class X Dis ----- Class A1 Dis 25.31 - - - - Class A1 Dis (EUR) * ----- Class A1 Dis (EUR) ** - 115.77 - - - Class A1 Dis (USD) * ----- Class B1 Dis ----- Class B1 Dis (EUR) ** ----- Class A Acc 27.16 124.46 98.05 97.94 107.12 Class A Acc (EUR) * ----- Class A Acc (EUR) ** 25.86 118.76 98.72 97.17 - Class A Acc (GBP) * ----- Class A Acc (HKD) * ----- Class A Acc (SGD) * ----- Class A Acc (SGD) ** ----- Class A Acc (USD) * ----- Class A Acc (USD) ** ----- Class B Acc 26.44 121.23 97.24 97.14 105.17 Class B Acc (EUR) * ----- Class B Acc (EUR) ** 25.12 115.68 97.95 96.31 - Class B Acc (USD) ** ----- Class C Acc 28.01 127.65 99.19 99.1 110.69 Class C Acc (AUD) * ----- Class C Acc (EUR) * ----- Class C Acc (EUR) ** 26.52 121.93 99.88 98.24 - Class C Acc (GBP) ** - 122.59 103.35 104 - Class C Acc (USD) ** ----- Class D Acc ----- Class D Acc (EUR) * ----- Class I Acc 29.18 132.71 100.99 100.94 116.29 Class I Acc (AUD) * ----- Class I Acc (EUR) * ----- Class I Acc (EUR) ** 27.69 126.69 101.62 99.99 - Class I Acc (GBP) * ----- Class I Acc (GBP) ** 124.39 122.84 - - 106.82 Class I Acc (JPY) * ----- Class I Acc (SGD) ** ----- Class I Acc (USD) ** - - - - 107.28 Class J Acc (JPY) * ----- Class A1 Acc 26.58 121.6 97.53 97.4 106.34 Class A1 Acc (EUR) * ----- Class A1 Acc (EUR) ** 116.45 116.1 98.18 96.54 - Class A1 Acc (PLN) ** ----- Class A1 Acc (SGD) ** ----- Class A1 Acc (USD) * ----- Class A1 Acc (USD) ** ----- Class B1 Acc ----- Class B1 Acc (EUR) ** ----- Class B1 Acc (USD) * -----

o Schroder ISF Global Credit Duration Hedged was formerly known as Schroder ISF Strategic Credit until 1 October 2009. * Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Page 94 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder ISF ISF ISF Schroder Schroder European European World ISF ISF Defensive Defensive Defensive EURO US Dollar Monthly 6 Monthly 3 Monthly Liquidity r Liquidity r EUR EUR EUR EUR USD

Net Asset Value as at 31 December 2009 9,127,836 9,291,383 4,301,701 1,882,687,460 83,190,483

Shares Outstanding as at 31 December 2009 Class A Dis ----- Class A Dis (EUR) * ----- Class A Dis (EUR) ** ----- Class A Dis (GBP) * ----- Class A Dis (GBP) ** ----- Class A Dis (SGD) * ----- Class A Dis (SGD) ** ----- Class A Dis (USD) * ----- Class B Dis ----- Class B Dis (EUR) ** ----- Class C Dis ----- Class C Dis (GBP) * ----- Class C Dis (GBP) ** ----- Class C Dis (USD) ** ----- Class D Dis ----- Class I Dis ----- Class I Dis (GBP) * ----- Class P Dis ----- Class P Dis (EUR) ** ----- Class X Dis ----- Class A1 Dis ----- Class A1 Dis (EUR) * ----- Class A1 Dis (EUR) ** ----- Class A1 Dis (USD) * ----- Class B1 Dis ----- Class B1 Dis (EUR) ** ----- Class A Acc 41,874 53,537 31,132 4,448,887 258,991 Class A Acc (EUR) * ----- Class A Acc (EUR) ** ----- Class A Acc (GBP) * ----- Class A Acc (HKD) * ----- Class A Acc (SGD) * ----- Class A Acc (SGD) ** ----- Class A Acc (USD) * ----- Class A Acc (USD) ** ----- Class B Acc 38,226 29,952 16,676 3,299,658 353,786 Class B Acc (EUR) * ----- Class B Acc (EUR) ** ----- Class B Acc (USD) ** ----- Class C Acc - - - 5,636,222 22,888 Class C Acc (AUD) * ----- Class C Acc (EUR) * ----- Class C Acc (EUR) ** ----- Class C Acc (GBP) ** ----- Class C Acc (USD) ** ----- Class D Acc ----- Class D Acc (EUR) * ----- Class I Acc - - - 1,275,749 15 Class I Acc (AUD) * ----- Class I Acc (EUR) * ----- Class I Acc (EUR) ** ----- Class I Acc (GBP) * ----- Class I Acc (GBP) ** ----- Class I Acc (JPY) * - - - 1,239 - Class I Acc (SGD) ** ----- Class I Acc (USD) ** ----- Class J Acc (JPY) * ----- Class A1 Acc 22,776 23,556 4,891 736,040 160,714 Class A1 Acc (EUR) * ----- Class A1 Acc (EUR) ** ----- Class A1 Acc (PLN) ** ----- Class A1 Acc (SGD) ** ----- Class A1 Acc (USD) * ----- Class A1 Acc (USD) ** ----- Class B1 Acc ----- Class B1 Acc (EUR) ** ----- Class B1 Acc (USD) * -----

r Schroder ISF EURO Liquidity and Schroder ISF US Dollar Liquidity: the market value represents the amortised cost. * Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 95 Statement of Net Assets as at 31 December 2009 (cont)

Schroder Schroder Schroder ISF ISF ISF Schroder Schroder European European World ISF ISF Defensive Defensive Defensive EURO US Dollar Monthly 6 Monthly 3 Monthly Liquidity r Liquidity r EUR EUR EUR EUR USD

Net Asset Value per Share as at 31 December 2009 Class A Dis - 10.03 - - - Class A Dis (EUR) * ----- Class A Dis (EUR) ** ----- Class A Dis (GBP) * ----- Class A Dis (GBP) ** ----- Class A Dis (SGD) * ----- Class A Dis (SGD) ** ----- Class A Dis (USD) * ----- Class B Dis ----- Class B Dis (EUR) ** ----- Class C Dis ----- Class C Dis (GBP) * ----- Class C Dis (GBP) ** ----- Class C Dis (USD) ** ----- Class D Dis ----- Class I Dis ----- Class I Dis (GBP) * ----- Class P Dis 1,081.25 - - - - Class P Dis (EUR) ** 1,063.25 - - - - Class X Dis ----- Class A1 Dis ----- Class A1 Dis (EUR) * ----- Class A1 Dis (EUR) ** ----- Class A1 Dis (USD) * ----- Class B1 Dis ----- Class B1 Dis (EUR) ** ----- Class A Acc - 10.04 89.23 87.23 81.91 Class A Acc (EUR) * ----- Class A Acc (EUR) ** ----- Class A Acc (GBP) * ----- Class A Acc (HKD) * ----- Class A Acc (SGD) * ----- Class A Acc (SGD) ** ----- Class A Acc (USD) * ----- Class A Acc (USD) ** ----- Class B Acc - 9.74 88.56 86.57 81.34 Class B Acc (EUR) * ----- Class B Acc (EUR) ** ----- Class B Acc (USD) ** ----- Class C Acc ----- Class C Acc (AUD) * ----- Class C Acc (EUR) * ----- Class C Acc (EUR) ** ----- Class C Acc (GBP) ** ----- Class C Acc (USD) ** ----- Class D Acc ----- Class D Acc (EUR) * ----- Class I Acc ----- Class I Acc (AUD) * ----- Class I Acc (EUR) * ----- Class I Acc (EUR) ** ----- Class I Acc (GBP) * ----- Class I Acc (GBP) ** ----- Class I Acc (JPY) * ----- Class I Acc (SGD) ** ----- Class I Acc (USD) ** ----- Class J Acc (JPY) * ----- Class A1 Acc - 9.89 88.08 86.11 80.83 Class A1 Acc (EUR) * ----- Class A1 Acc (EUR) ** ----- Class A1 Acc (PLN) ** ----- Class A1 Acc (SGD) ** ----- Class A1 Acc (USD) * ----- Class A1 Acc (USD) ** ----- Class B1 Acc ----- Class B1 Acc (EUR) ** ----- Class B1 Acc (USD) * -----

r Schroder ISF EURO Liquidity and Schroder ISF US Dollar Liquidity: the market value represents the amortised cost. * Unhedged multicurrency classes. ** Hedged multicurrency classes. For comparative historical data on Net Asset Value per Share and shares outstanding, please refer to the Appendix on pages 257 to 316. The notes on pages 18 to 56 form an integral part of these financial statements. Page 96 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Changes in Net Assets for the Year Ended 31 December 2009

Schroder Schroder Schroder ISF Schroder Schroder Schroder ISF ISF European ISF ISF ISF EURO European Large Global Italian Japanese Equity Equity a Cap Equity Equity Equity EUR EUR EUR USD EUR JPY

NET INVESTMENT INCOME/(LOSS) 15,998,770 ( 11,363 ) 1,392,101 179,296 1,435,296 121,471,463

Net realised gains/(losses) on securities sold ( 41,103,909 ) ( 5,834,357 ) ( 5,732,003 ) ( 6,354,479 ) ( 37,757,178 ) ( 12,588,033,887 ) on options & swaptions contracts ------on futures contracts 23,159,107 3,764 ( 38,305 ) - - 47,398,215 on credit default swaps contracts ------on interest rate swaps contracts ------on total return swaps contracts ------on forward foreign exchange contracts ( 3,505 ) 286 210,527 ( 19,416 ) - 118,530,358 on foreign exchange on other net assets ( 10,324 ) ( 2,522 ) ( 249,763 ) 45,906 155 ( 136,838,926 )

NET REALISED PROFIT/(LOSS) ( 17,958,631 ) ( 5,832,829 ) ( 5,809,544 ) ( 6,327,989 ) ( 37,757,023 ) ( 12,558,944,240 )

Net change in unrealised appreciation/(depreciation) on investments 271,405,652 4,599,213 23,569,932 15,425,791 61,974,812 16,727,997,488 on options & swaptions contracts ------on futures contracts 2,514,472 ( 1,500 ) ( 2,516 ) - - ( 4,758,740 ) on credit default swaps contracts ------on interest rate swaps contracts ------on total return swaps contracts ------on forward foreign exchange contracts - - - - - 68,064,841 on foreign exchange on other net assets 1,270 2,349 1,807 388 ( 4 ) 354,354

NET CHANGE IN UNREALISED APPRECIATION/(DEPRECIATION) 273,921,394 4,600,062 23,569,223 15,426,179 61,974,808 16,791,657,943

NET CHANGE IN TOTAL NET ASSETS AS A RESULT OF OPERATIONS 271,961,533 ( 1,244,130 ) 19,151,780 9,277,486 25,653,081 4,354,185,166

Net proceeds from issue of shares 787,116,637 36,036 25,519,618 5,500,350 39,519,148 25,969,851,760 Payment for shares redeemed ( 396,395,539 ) ( 12,040,428 ) ( 15,041,161 ) ( 16,181,307 ) ( 39,916,333 ) ( 37,776,809,990 )

Dividends declared for the year from net investment income ( 855,228 ) - ( 199,004 ) ( 87,532 ) ( 39,201 ) ( 6,000,315 ) Net equalisation 6,872,229 - 62,397 ( 71,152 ) 113,013 ( 36,704,266 )

Increase/(decrease) in Net Assets for the Year 668,699,632 ( 13,248,522 ) 29,493,630 ( 1,562,155 ) 25,329,708 ( 7,495,477,645 )

Net Assets at the beginning of the year 708,941,810 13,248,522 51,351,973 28,892,195 107,890,663 32,191,610,479

NET ASSETS AT THE END OF THE YEAR 1,377,641,442 - 80,845,603 27,330,040 133,220,371 24,696,132,834

a Schroder ISF European Equity was closed and merged with Schroder ISF European Large Cap on 23 January 2009. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 97 Statement of Changes in Net Assets for the Year Ended 31 December 2009 (cont)

Schroder Schroder ISF Schroder Schroder Schroder Schroder ISF Japanese ISF ISF ISF ISF US Large Pacific Swiss UK US Large Cap Equity Equity Equity All Cap b Cap JPY USD CHF GBP USD USD

NET INVESTMENT INCOME/(LOSS) 92,461,492 7,518,233 344,784 2,860,790 ( 79,657 ) ( 623,588 )

Net realised gains/(losses) on securities sold ( 5,653,009,948 ) ( 94,962,370 ) ( 54,225,548 ) ( 4,501,110 ) 157,512 ( 24,475,879 ) on options & swaptions contracts - - - - 17,719 968,362 on futures contracts 23,500,845 - - 1,135,354 ( 2,155 ) 75,735 on credit default swaps contracts ------on interest rate swaps contracts ------on total return swaps contracts ------on forward foreign exchange contracts ( 2,592,560 ) ( 55,096 ) - 946 6 25,432,307 on foreign exchange on other net assets ( 3,565 ) ( 370,126 ) ( 1,528 ) 5,235 - ( 12,048,590 )

NET REALISED PROFIT/(LOSS) ( 5,632,105,228 ) ( 95,387,592 ) ( 54,227,076 ) ( 3,359,575 ) 173,082 ( 10,048,065 )

Net change in unrealised appreciation/(depreciation) on investments 6,429,193,002 416,557,532 84,597,826 43,551,085 1,797,993 138,350,258 on options & swaptions contracts - - - - - 222,139 on futures contracts ( 17,069,002 ) - - ( 151,917 ) - - on credit default swaps contracts ------on interest rate swaps contracts ------on total return swaps contracts ------on forward foreign exchange contracts - - - - - 3,014,011 on foreign exchange on other net assets 1,974 ( 908 ) - ( 1,033 ) 1 ( 1,259 )

NET CHANGE IN UNREALISED APPRECIATION/(DEPRECIATION) 6,412,125,974 416,556,624 84,597,826 43,398,135 1,797,994 141,585,149

NET CHANGE IN TOTAL NET ASSETS AS A RESULT OF OPERATIONS 872,482,238 328,687,265 30,715,534 42,899,350 1,891,419 130,913,496

Net proceeds from issue of shares 5,130,938,853 192,897,636 71,674,617 102,878,535 3,702,153 681,427,166 Payment for shares redeemed ( 10,009,275,779 ) ( 441,269,959 ) ( 172,119,876 ) ( 102,170,737 ) ( 3,005,718 ) ( 601,126,612 )

Dividends declared for the year from net investment income ( 54,936,523 ) ( 104,826 ) ( 5,238 ) ( 654,931 ) - ( 1,474 ) Net equalisation ( 35,977,313 ) ( 1,737,887 ) ( 585,034 ) ( 143,505 ) ( 2 ) 876,656

Increase/(decrease) in Net Assets for the Year ( 4,096,768,524 ) 78,472,229 ( 70,319,997 ) 42,808,712 2,587,852 212,089,232

Net Assets at the beginning of the year 9,551,473,029 621,309,408 269,700,515 112,875,485 4,939,227 336,065,130

NET ASSETS AT THE END OF THE YEAR 5,454,704,505 699,781,637 199,380,518 155,684,197 7,527,079 548,154,362

b Schroder ISF US All Cap was formerly known as Schroder ISF US Large Cap Alpha until 1 October 2009. The notes on pages 18 to 56 form an integral part of these financial statements. Page 98 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Changes in Net Assets for the Year Ended 31 December 2009 (cont)

Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF Schroder Asia Pacific Asian Asian Asian BRIC ISF Property Equity Smaller Total (Brazil, Russia, China Securities Yield Companies Return India, China) Opportunities USD USD USD USD USD USD

NET INVESTMENT INCOME/(LOSS) 3,987,371 15,021,132 66,636 2,252,139 8,488,884 ( 850,082 )

Net realised gains/(losses) on securities sold ( 6,077,222 ) ( 21,975,798 ) 5,879,262 10,311,383 ( 125,711,239 ) ( 27,122,232 ) on options & swaptions contracts - - - ( 287,297 ) - - on futures contracts - ( 2,174,854 ) ( 579,717 ) ( 5,890,716 ) - 212,676 on credit default swaps contracts ------on interest rate swaps contracts ------on total return swaps contracts ------on forward foreign exchange contracts ( 204,124 ) 1,304,665 7,925 ( 655,512 ) ( 316,093 ) ( 69,001 ) on foreign exchange on other net assets 142,358 1,199,672 ( 21,678 ) 25,382 508,985 ( 96,038 )

NET REALISED PROFIT/(LOSS) ( 6,138,988 ) ( 21,646,315 ) 5,285,792 3,503,240 ( 125,518,347 ) ( 27,074,595 )

Net change in unrealised appreciation/(depreciation) on investments 48,570,971 322,856,175 22,103,884 52,275,001 1,534,846,538 416,870,662 on options & swaptions contracts - - - ( 339,465 ) - - on futures contracts - ( 929,131 ) ( 13,709 ) ( 832,029 ) - - on credit default swaps contracts ------on interest rate swaps contracts ------on total return swaps contracts ------on forward foreign exchange contracts - 187,537 - 207,733 - ( 455 ) on foreign exchange on other net assets 4,020 ( 516,120 ) ( 1,066 ) ( 5,365 ) 243,150 67

NET CHANGE IN UNREALISED APPRECIATION/(DEPRECIATION) 48,574,991 321,598,461 22,089,109 51,305,875 1,535,089,688 416,870,274

NET CHANGE IN TOTAL NET ASSETS AS A RESULT OF OPERATIONS 46,423,374 314,973,278 27,441,537 57,061,254 1,418,060,225 388,945,597

Net proceeds from issue of shares 104,331,929 288,443,141 29,245,217 174,273,608 2,273,928,022 665,425,386 Payment for shares redeemed ( 98,255,350 ) ( 275,950,415 ) ( 14,812,190 ) ( 76,658,729 ) ( 1,019,155,816 ) ( 595,641,410 )

Dividends declared for the year from net investment income - ( 4,694,147 ) - ( 346,074 ) ( 31,950 ) - Net equalisation ( 294,744 ) ( 571,005 ) 1,180 1,661,912 5,424,920 28,746

Increase/(decrease) in Net Assets for the Year 52,205,209 322,200,852 41,875,744 155,991,971 2,678,225,401 458,758,319

Net Assets at the beginning of the year 87,358,222 471,441,754 25,996,747 39,550,936 1,262,758,259 587,454,967

NET ASSETS AT THE END OF THE YEAR 139,563,431 793,642,606 67,872,491 195,542,907 3,940,983,660 1,046,213,286

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 99 Statement of Changes in Net Assets for the Year Ended 31 December 2009 (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF European European European Emerging Emerging Emerging Dividend Equity Equity Asia Europe Markets Maximiser Opportunities c Yield USD EUR USD EUR EUR EUR

NET INVESTMENT INCOME/(LOSS) ( 1,184,240 ) 271,953 7,280,060 193,521 119,265 2,023,387

Net realised gains/(losses) on securities sold ( 111,046,695 ) ( 25,175,368 ) 7,326,793 ( 2,850,981 ) ( 8,337,516 ) ( 21,735,966 ) on options & swaptions contracts - - - 116,983 - - on futures contracts ( 3,303,805 ) - - - - - on credit default swaps contracts ------on interest rate swaps contracts ------on total return swaps contracts ------on forward foreign exchange contracts 15,809 28,518 ( 739,719 ) 1,408 422 ( 3,740 ) on foreign exchange on other net assets 148,243 80,324 127,706 2,343 ( 568 ) 48,387

NET REALISED PROFIT/(LOSS) ( 114,186,448 ) ( 25,066,526 ) 6,714,780 ( 2,730,247 ) ( 8,337,662 ) ( 21,691,319 )

Net change in unrealised appreciation/(depreciation) on investments 1,339,901,385 109,165,647 606,295,005 3,933,088 9,432,998 33,920,393 on options & swaptions contracts - - - ( 188,497 ) - - on futures contracts 839,268 - - - - - on credit default swaps contracts ------on interest rate swaps contracts ------on total return swaps contracts ------on forward foreign exchange contracts ------on foreign exchange on other net assets 7,231 ( 43,432 ) 42,858 2,209 ( 9 ) 21,475

NET CHANGE IN UNREALISED APPRECIATION/(DEPRECIATION) 1,340,747,884 109,122,215 606,337,863 3,746,800 9,432,989 33,941,868

NET CHANGE IN TOTAL NET ASSETS AS A RESULT OF OPERATIONS 1,225,377,196 84,327,642 620,332,703 1,210,074 1,214,592 14,273,936

Net proceeds from issue of shares 1,666,866,930 199,831,006 1,215,421,850 3,647,883 119,432 20,566,478 Payment for shares redeemed ( 1,134,978,489 ) ( 166,234,739 ) ( 553,549,414 ) ( 10,457,398 ) ( 12,329,001 ) ( 55,864,731 )

Dividends declared for the year from net investment income - ( 12,267 ) ( 113,125 ) ( 412,086 ) - ( 1,179,494 ) Net equalisation 1,115,137 125,390 5,561,075 ( 29,538 ) ( 7,949 ) ( 183,010 )

Increase/(decrease) in Net Assets for the Year 1,758,380,774 118,037,032 1,287,653,089 ( 6,041,065 ) ( 11,002,926 ) ( 22,386,821 )

Net Assets at the beginning of the year 1,360,049,617 98,567,361 631,666,522 13,279,468 11,002,926 99,213,437

NET ASSETS AT THE END OF THE YEAR 3,118,430,391 216,604,393 1,919,319,611 7,238,403 - 76,826,616

c Schroder ISF European Equity Opportunities was closed on 10 June 2009. The notes on pages 18 to 56 form an integral part of these financial statements. Page 100 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Changes in Net Assets for the Year Ended 31 December 2009 (cont)

Schroder Schroder Schroder Schroder Schroder ISF Schroder ISF ISF ISF ISF Global ISF Global Global European European Climate Global Emerging Emerging Smaller Special Change Dividend Markets Market Companies Situations Equity Maximiser Commodities d Opportunities EUR EUR USD USD USD USD

NET INVESTMENT INCOME/(LOSS) 3,025,329 6,991,850 ( 55,038 ) 309,383 ( 18,740 ) 1,430,895

Net realised gains/(losses) on securities sold ( 30,739,235 ) ( 48,264,675 ) ( 13,333,108 ) ( 3,198,183 ) ( 919,048 ) 25,889,206 on options & swaptions contracts - - - ( 481,778 ) - - on futures contracts - 6,506,146 - - 5 - on credit default swaps contracts ------on interest rate swaps contracts ------on total return swaps contracts ------on forward foreign exchange contracts 3,643 ( 84,675 ) 219,332 30,488 16,090 ( 463,310 ) on foreign exchange on other net assets 68,437 ( 239,067 ) ( 261,164 ) ( 32,443 ) 17,537 671,774

NET REALISED PROFIT/(LOSS) ( 30,667,155 ) ( 42,082,271 ) ( 13,374,940 ) ( 3,681,916 ) ( 885,416 ) 26,097,670

Net change in unrealised appreciation/(depreciation) on investments 111,068,303 251,222,781 77,993,696 6,952,811 4,837,897 137,643,877 on options & swaptions contracts - - - ( 65,966 ) - - on futures contracts - 481,933 - - - - on credit default swaps contracts ------on interest rate swaps contracts ------on total return swaps contracts ------on forward foreign exchange contracts - - 105,239 - - - on foreign exchange on other net assets 10,927 171,065 16,092 ( 2,870 ) 2,202 ( 180,388 )

NET CHANGE IN UNREALISED APPRECIATION/(DEPRECIATION) 111,079,230 251,875,779 78,115,027 6,883,975 4,840,099 137,463,489

NET CHANGE IN TOTAL NET ASSETS AS A RESULT OF OPERATIONS 83,437,404 216,785,358 64,685,049 3,511,442 3,935,943 164,992,054

Net proceeds from issue of shares 69,339,798 856,647,511 124,335,857 10,569,622 1,189,947 309,523,484 Payment for shares redeemed ( 73,633,485 ) ( 397,226,971 ) ( 87,132,522 ) ( 3,834,794 ) ( 9,895,063 ) ( 165,252,678 )

Dividends declared for the year from net investment income ( 11,662 ) ( 581,975 ) ( 12 ) ( 1,156,969 ) - - Net equalisation ( 81,696 ) 6,931,225 213,297 13,188 135 916,714

Increase/(decrease) in Net Assets for the Year 79,050,359 682,555,148 102,101,669 9,102,489 ( 4,769,038 ) 310,179,574

Net Assets at the beginning of the year 165,255,789 509,205,322 137,150,299 14,551,882 4,769,038 207,395,519

NET ASSETS AT THE END OF THE YEAR 244,306,148 1,191,760,470 239,251,968 23,654,371 - 517,575,093

d Schroder ISF Global Emerging Markets Commodities was closed on 29 September 2009. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 101 Statement of Changes in Net Assets for the Year Ended 31 December 2009 (cont)

Schroder Schroder Schroder Schroder ISF ISF ISF Schroder Schroder ISF Global Global Global ISF ISF Global Equity Property Smaller Greater Hong Kong Energy Yield Securities Companies China Equity USD USD USD USD USD HKD

NET INVESTMENT INCOME/(LOSS) ( 492,615 ) 1,449,321 3,666,206 597,073 5,997,083 30,449,417

Net realised gains/(losses) on securities sold ( 48,046,432 ) ( 5,729,456 ) ( 69,112,526 ) ( 3,721,715 ) ( 71,130,804 ) ( 241,522,863 ) on options & swaptions contracts ------on futures contracts - - - 2,410 ( 3,738,744 ) - on credit default swaps contracts ------on interest rate swaps contracts ------on total return swaps contracts ------on forward foreign exchange contracts ( 685,022 ) ( 92,464 ) 16,421,882 45,369 76,999 1,250,468 on foreign exchange on other net assets ( 1,146,580 ) 46,963 ( 10,800,533 ) ( 51,297 ) ( 319,113 ) 843,420

NET REALISED PROFIT/(LOSS) ( 49,878,034 ) ( 5,774,957 ) ( 63,491,177 ) ( 3,725,233 ) ( 75,111,662 ) ( 239,428,975 )

Net change in unrealised appreciation/(depreciation) on investments 400,390,863 16,479,645 171,475,960 24,451,326 630,085,129 2,207,977,415 on options & swaptions contracts ------on futures contracts ------on credit default swaps contracts ------on interest rate swaps contracts ------on total return swaps contracts ------on forward foreign exchange contracts - - 2,752,627 - - 568,964 on foreign exchange on other net assets ( 14,530 ) 720 4,979 161 ( 1,978 ) 1,346

NET CHANGE IN UNREALISED APPRECIATION/(DEPRECIATION) 400,376,333 16,480,365 174,233,566 24,451,487 630,083,151 2,208,547,725

NET CHANGE IN TOTAL NET ASSETS AS A RESULT OF OPERATIONS 350,005,684 12,154,729 114,408,595 21,323,327 560,968,572 1,999,568,167

Net proceeds from issue of shares 1,348,801,950 32,448,061 353,088,131 26,318,868 603,026,991 2,524,982,074 Payment for shares redeemed ( 766,294,535 ) ( 19,786,155 ) ( 226,602,244 ) ( 7,662,005 ) ( 372,974,943 ) ( 2,244,237,402 )

Dividends declared for the year from net investment income ( 7,266 ) ( 251,237 ) ( 37,031 ) - ( 57,174 ) - Net equalisation 616,102 243,344 2,829,458 120,104 1,150,214 3,920,660

Increase/(decrease) in Net Assets for the Year 933,121,935 24,808,742 243,686,909 40,100,294 792,113,660 2,284,233,499

Net Assets at the beginning of the year 287,727,856 36,827,378 189,902,702 38,384,420 711,291,508 2,845,368,096

NET ASSETS AT THE END OF THE YEAR 1,220,849,791 61,636,120 433,589,611 78,484,714 1,503,405,168 5,129,601,595

The notes on pages 18 to 56 form an integral part of these financial statements. Page 102 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Changes in Net Assets for the Year Ended 31 December 2009 (cont)

Schroder Schroder Schroder ISF Schroder Schroder Schroder ISF ISF Japanese ISF ISF ISF Swiss Indian Smaller Korean Latin Middle Equity Equity Companies Equity American East Opportunities USD JPY USD USD USD CHF

NET INVESTMENT INCOME/(LOSS) ( 354,551 ) ( 15,134,113 ) ( 336,039 ) 10,788,328 2,127,426 ( 20,923 )

Net realised gains/(losses) on securities sold ( 8,285,223 ) ( 1,953,353,020 ) ( 9,043,227 ) 407,673 ( 74,800,591 ) ( 39,039,953 ) on options & swaptions contracts ------on futures contracts 186,980 - - - - - on credit default swaps contracts ------on interest rate swaps contracts ------on total return swaps contracts ------on forward foreign exchange contracts 76 ( 109,092 ) - ( 33,260 ) ( 308,326 ) - on foreign exchange on other net assets ( 9,645 ) ( 5,242 ) 55,522 468,971 ( 210,233 ) ( 448 )

NET REALISED PROFIT/(LOSS) ( 8,107,812 ) ( 1,953,467,354 ) ( 8,987,705 ) 843,384 ( 75,319,150 ) ( 39,040,401 )

Net change in unrealised appreciation/(depreciation) on investments 42,631,845 2,699,652,251 20,615,284 676,830,290 119,662,950 46,508,797 on options & swaptions contracts ------on futures contracts 2,220 - - - - - on credit default swaps contracts ------on interest rate swaps contracts ------on total return swaps contracts ------on forward foreign exchange contracts ------on foreign exchange on other net assets 278 ( 215,521 ) ( 4,603 ) 77,076 18,856 661

NET CHANGE IN UNREALISED APPRECIATION/(DEPRECIATION) 42,634,343 2,699,436,730 20,610,681 676,907,366 119,681,806 46,509,458

NET CHANGE IN TOTAL NET ASSETS AS A RESULT OF OPERATIONS 34,171,980 730,835,263 11,286,937 688,539,078 46,490,082 7,448,134

Net proceeds from issue of shares 89,667,223 6,970,508,385 65,505,708 1,146,378,954 44,075,604 13,894,017 Payment for shares redeemed ( 61,790,863 ) ( 5,372,039,744 ) ( 59,641,765 ) ( 1,120,145,176 ) ( 99,157,393 ) ( 50,469,651 )

Dividends declared for the year from net investment income - ( 9,899,526 ) - ( 506,595 ) - - Net equalisation 9,118 4,267,034 - ( 258,816 ) ( 554,997 ) 54,399

Increase/(decrease) in Net Assets for the Year 62,057,458 2,323,671,412 17,150,880 714,007,445 ( 9,146,704 ) ( 29,073,101 )

Net Assets at the beginning of the year 34,246,127 5,246,621,855 28,122,471 671,510,101 201,643,755 96,792,896

NET ASSETS AT THE END OF THE YEAR 96,303,585 7,570,293,267 45,273,351 1,385,517,546 192,497,051 67,719,795

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 103 Statement of Changes in Net Assets for the Year Ended 31 December 2009 (cont)

Schroder Schroder Schroder Schroder ISF Schroder ISF Schroder ISF ISF Swiss Small & ISF US Small & ISF EURO EURO Mid Cap Taiwanese Mid-Cap US Smaller Active Dynamic Equity Equity Equity Companies Value Growth CHF USD USD USD EUR EUR

NET INVESTMENT INCOME/(LOSS) 266,454 1,242,988 ( 5,780,714 ) ( 6,116,424 ) 4,151,546 7,131,903

Net realised gains/(losses) on securities sold ( 31,267,027 ) ( 32,844,507 ) 3,271,215 ( 64,263,776 ) ( 102,744,222 ) ( 92,166,671 ) on options & swaptions contracts ------on futures contracts - 123,574 3,279,069 550,364 - - on credit default swaps contracts ------on interest rate swaps contracts ------on total return swaps contracts ------on forward foreign exchange contracts - - 5,690,090 ( 20,285 ) ( 6,806 ) 6,382 on foreign exchange on other net assets 31 ( 104,644 ) ( 3,155,311 ) 85,535 ( 6,927 ) ( 36,823 )

NET REALISED PROFIT/(LOSS) ( 31,266,996 ) ( 32,825,577 ) 9,085,063 ( 63,648,162 ) ( 102,757,955 ) ( 92,197,112 )

Net change in unrealised appreciation/(depreciation) on investments 57,321,526 136,884,976 388,252,086 256,361,621 142,165,210 155,882,193 on options & swaptions contracts ------on futures contracts - 182,491 - ( 13,752 ) - - on credit default swaps contracts ------on interest rate swaps contracts ------on total return swaps contracts ------on forward foreign exchange contracts - - 961,058 - - - on foreign exchange on other net assets - 1,851 ( 1,698 ) 142 153 18

NET CHANGE IN UNREALISED APPRECIATION/(DEPRECIATION) 57,321,526 137,069,318 389,211,446 256,348,011 142,165,363 155,882,211

NET CHANGE IN TOTAL NET ASSETS AS A RESULT OF OPERATIONS 26,320,984 105,486,729 392,515,795 186,583,425 43,558,954 70,817,002

Net proceeds from issue of shares 29,292,199 203,241,255 1,525,023,096 575,627,134 42,183,675 60,564,873 Payment for shares redeemed ( 68,150,579 ) ( 193,525,577 ) ( 633,869,822 ) ( 569,241,434 ) ( 70,938,755 ) ( 172,575,715 )

Dividends declared for the year from net investment income - ( 121,387 ) - - ( 2,547 ) ( 31,836 ) Net equalisation ( 50,138 ) 44,442 751,506 ( 33,200 ) ( 476,924 ) ( 1,149,078 )

Increase/(decrease) in Net Assets for the Year ( 12,587,534 ) 115,125,462 1,284,420,575 192,935,925 14,324,403 ( 42,374,754 )

Net Assets at the beginning of the year 136,877,335 127,115,561 538,285,500 503,304,249 188,254,760 367,104,502

NET ASSETS AT THE END OF THE YEAR 124,289,801 242,241,023 1,822,706,075 696,240,174 202,579,163 324,729,748

The notes on pages 18 to 56 form an integral part of these financial statements. Page 104 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Changes in Net Assets for the Year Ended 31 December 2009 (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF European European Asian European Global Japanese Active Dynamic Equity Equity Equity Equity Value e Growth f Alpha g Alpha Alpha Alpha EUR EUR USD EUR USD JPY

NET INVESTMENT INCOME/(LOSS) 30,230 485,111 ( 25,494 ) 9,222,694 ( 29,325 ) 28,650,721

Net realised gains/(losses) on securities sold ( 970,847 ) ( 15,806,867 ) ( 2,511,651 ) ( 64,980,233 ) ( 199,852 ) ( 1,209,579,401 ) on options & swaptions contracts ------on futures contracts - - - 7,473,785 - - on credit default swaps contracts ------on interest rate swaps contracts ------on total return swaps contracts ------on forward foreign exchange contracts 4,901 2,686 ( 2,473 ) ( 173,200 ) ( 117,814 ) 713,400 on foreign exchange on other net assets ( 7,300 ) 2,112 23,716 15,683 208,234 2,873

NET REALISED PROFIT/(LOSS) ( 973,246 ) ( 15,802,069 ) ( 2,490,408 ) ( 57,663,965 ) ( 109,432 ) ( 1,208,863,128 )

Net change in unrealised appreciation/(depreciation) on investments 1,602,247 19,353,031 3,957,190 200,641,395 13,588,900 1,819,992,907 on options & swaptions contracts ------on futures contracts - - - 682,854 - - on credit default swaps contracts ------on interest rate swaps contracts ------on total return swaps contracts ------on forward foreign exchange contracts - - - - 1,127 - on foreign exchange on other net assets 474 1,995 ( 79 ) 74,407 ( 13,310 ) 14,289

NET CHANGE IN UNREALISED APPRECIATION/(DEPRECIATION) 1,602,721 19,355,026 3,957,111 201,398,656 13,576,717 1,820,007,196

NET CHANGE IN TOTAL NET ASSETS AS A RESULT OF OPERATIONS 659,705 4,038,068 1,441,209 152,957,385 13,437,960 639,794,789

Net proceeds from issue of shares 1,139,102 2,500,059 2,192,002 297,603,001 58,930,690 2,714,359,235 Payment for shares redeemed ( 4,436,578 ) ( 47,759,622 ) ( 10,847,844 ) ( 194,878,631 ) ( 26,911,781 ) ( 1,705,311,871 )

Dividends declared for the year from net investment income ( 12 ) ( 17 ) - ( 1,406,965 ) ( 427 ) - Net equalisation 7,448 ( 190,209 ) - 2,114,308 209,153 ( 2,972,717 )

Increase/(decrease) in Net Assets for the Year ( 2,630,335 ) ( 41,411,721 ) ( 7,214,633 ) 256,389,098 45,665,595 1,645,869,436

Net Assets at the beginning of the year 2,630,335 41,411,721 7,214,633 453,532,968 24,133,853 3,378,298,231

NET ASSETS AT THE END OF THE YEAR - - - 709,922,066 69,799,448 5,024,167,667

e Schroder ISF European Active Value was merged into Schroder ISF EURO Active Value on 29 September 2009. f Schroder ISF European Dynamic Growth was merged into Schroder ISF European Special Situations on 1 December 2009. g Schroder ISF Asian Equity Alpha was closed on 26 May 2009. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 105 Statement of Changes in Net Assets for the Year Ended 31 December 2009 (cont)

Schroder ISF Schroder Schroder Schroder QEP ISF ISF ISF Schroder Schroder Global QEP QEP QEP ISF ISF Active Global Global US European Asian Value Core Quality Core Allocation h Bond USD USD USD USD EUR USD

NET INVESTMENT INCOME/(LOSS) 16,990,409 4,550,078 2,288,680 1,294,401 ( 1,750,219 ) 50,450,311

Net realised gains/(losses) on securities sold ( 165,240,972 ) ( 13,214,023 ) ( 17,084,773 ) ( 15,106,879 ) ( 37,816 ) ( 33,596,090 ) on options & swaptions contracts ------on futures contracts 809,129 ( 711,676 ) ( 125,700 ) 634,609 19,596,479 ( 2,365,686 ) on credit default swaps contracts - - - - - 8,836,958 on interest rate swaps contracts - - - - - 3,377,920 on total return swaps contracts ------on forward foreign exchange contracts 7,219,468 ( 26,434 ) ( 49,100 ) ( 446,882 ) 1,427,608 ( 135,451,036 ) on foreign exchange on other net assets ( 482,431 ) ( 60,224 ) ( 18,480 ) ( 141 ) 66,238 15,867,582

NET REALISED PROFIT/(LOSS) ( 157,694,806 ) ( 14,012,357 ) ( 17,278,053 ) ( 14,919,293 ) 21,052,509 ( 143,330,352 )

Net change in unrealised appreciation/(depreciation) on investments 346,163,584 67,997,641 48,257,473 34,258,596 - 153,382,977 on options & swaptions contracts ------on futures contracts ( 31,128 ) 33,468 55,780 5,610 1,916,586 4,258,276 on credit default swaps contracts - - - - - ( 9,454,393 ) on interest rate swaps contracts - - - - - 204,632 on total return swaps contracts ------on forward foreign exchange contracts ( 12,545,738 ) ( 492,975 ) - 22,532 ( 1,427,811 ) ( 3,317,990 ) on foreign exchange on other net assets ( 2,558 ) ( 804 ) 6,716 ( 89 ) 71,292 ( 69,912 )

NET CHANGE IN UNREALISED APPRECIATION/(DEPRECIATION) 333,584,160 67,537,330 48,319,969 34,286,649 560,067 145,003,590

NET CHANGE IN TOTAL NET ASSETS AS A RESULT OF OPERATIONS 192,879,763 58,075,051 33,330,596 20,661,757 19,862,357 52,123,549

Net proceeds from issue of shares 192,495,610 36,218,402 56,471,520 84,938,368 4,713,845 414,373,994 Payment for shares redeemed ( 186,792,085 ) ( 23,116,103 ) ( 34,698,114 ) ( 100,711,953 ) ( 51,998,837 ) ( 735,456,974 )

Dividends declared for the year from net investment income ( 100,707 ) ( 41,953 ) ( 87,329 ) ( 693,405 ) - ( 20,908,208 ) Net equalisation 919,399 111,749 695,287 ( 211,124 ) ( 6,938 ) ( 3,811,776 )

Increase/(decrease) in Net Assets for the Year 199,401,980 71,247,146 55,711,960 3,983,643 ( 27,429,573 ) ( 293,679,415 )

Net Assets at the beginning of the year 487,438,203 161,885,958 105,533,182 88,165,910 165,075,816 1,715,917,983

NET ASSETS AT THE END OF THE YEAR 686,840,183 233,133,104 161,245,142 92,149,553 137,646,243 1,422,238,568

h Schroder ISF European Allocation was formerly known as Schroder ISF European Absolute Return until 1 June 2009. The notes on pages 18 to 56 form an integral part of these financial statements. Page 106 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Changes in Net Assets for the Year Ended 31 December 2009 (cont)

Schroder Schroder ISF ISF Schroder Schroder Emerging Emerging Schroder ISF ISF Schroder Europe Debt Markets Debt ISF EURO EURO ISF Absolute Absolute EURO Government Short Term Global Return Return Bond Bond i Bond Bond EUR USD EUR EUR EUR USD

NET INVESTMENT INCOME/(LOSS) 3,836,221 79,127,744 10,397,580 2,618,784 25,988,977 7,789,982

Net realised gains/(losses) on securities sold 8,663,845 97,638,438 13,984,611 2,005,884 12,627,117 9,099,311 on options & swaptions contracts - - ( 816,511 ) - - ( 52,281 ) on futures contracts - - ( 2,049,162 ) 39,485 ( 2,838,595 ) 1,534,121 on credit default swaps contracts - - ( 1,907,386 ) - ( 212,152 ) on interest rate swaps contracts - - 977,679 1,766,483 2,207,639 268,453 on total return swaps contracts ------on forward foreign exchange contracts 8,050,795 161,921,147 2,873,870 ( 340,662 ) ( 3,267,319 ) ( 663,991 ) on foreign exchange on other net assets 209,824 ( 129,684,787 ) ( 789,559 ) 283,644 101,758 876,708

NET REALISED PROFIT/(LOSS) 16,924,464 129,874,798 12,273,542 3,754,834 8,830,600 10,850,169

Net change in unrealised appreciation/(depreciation) on investments 2,350,777 269,208,919 2,781,951 ( 2,078,399 ) ( 7,120,067 ) 2,656,580 on options & swaptions contracts - - ( 20,935 ) - - - on futures contracts - - 3,256,645 189,334 1,500,633 ( 937,671 ) on credit default swaps contracts - - 1,692,070 - - ( 157,953 ) on interest rate swaps contracts - - ( 85,489 ) ( 1,404,056 ) ( 308,606 ) ( 490,655 ) on total return swaps contracts ------on forward foreign exchange contracts ( 5,443,512 ) 70,334,938 ( 1,339,647 ) 19 1,361,211 534,367 on foreign exchange on other net assets 202,208 ( 632,292 ) ( 26,728 ) ( 220,282 ) 24,997 ( 258,326 )

NET CHANGE IN UNREALISED APPRECIATION/(DEPRECIATION) ( 2,890,527 ) 338,911,565 6,257,867 ( 3,513,384 ) ( 4,541,832 ) 1,346,342

NET CHANGE IN TOTAL NET ASSETS AS A RESULT OF OPERATIONS 17,870,158 547,914,107 28,928,989 2,860,234 30,277,745 19,986,493

Net proceeds from issue of shares 111,556,523 4,797,424,943 251,139,681 92,527,727 1,334,742,647 194,213,680 Payment for shares redeemed ( 95,930,491 ) ( 1,997,671,445 ) ( 170,660,568 ) ( 91,058,705 ) ( 735,082,915 ) ( 184,335,452 )

Dividends declared for the year from net investment income ( 264,359 ) ( 89,846,409 ) ( 687,448 ) ( 75,523 ) ( 213,816 ) ( 77,864 ) Net equalisation 207,929 68,906,449 1,309,188 568,725 8,224,113 27,363

Increase/(decrease) in Net Assets for the Year 33,439,760 3,326,727,645 110,029,842 4,822,458 637,947,774 29,814,220

Net Assets at the beginning of the year 138,265,701 2,609,226,681 219,956,971 105,291,613 509,553,287 240,332,855

NET ASSETS AT THE END OF THE YEAR 171,705,461 5,935,954,326 329,986,813 110,114,071 1,147,501,061 270,147,075

i Schroder ISF EURO Government Bond was formerly known as Schroder ISF European Bond until 1 June 2009. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 107 Statement of Changes in Net Assets for the Year Ended 31 December 2009 (cont)

Schroder Schroder ISF Schroder Schroder ISF Schroder Schroder Global ISF ISF Asian ISF ISF Inflation Hong Kong US Local EURO Global Linked Dollar Dollar Currency Corporate Corporate Bond Bond Bond Bond Bond Bond EUR HKD USD USD EUR USD

NET INVESTMENT INCOME/(LOSS) 2,170,165 8,107,901 11,099,280 2,103,832 114,376,669 30,550,941

Net realised gains/(losses) on securities sold 2,140,504 6,135,020 8,975,598 779,567 72,597,573 52,266,722 on options & swaptions contracts - - ( 74,653 ) - - ( 2,360,132 ) on futures contracts ( 252,964 ) - 146,480 - ( 25,895,757 ) ( 5,861,143 ) on credit default swaps contracts - - - - 87,649 2,066,518 on interest rate swaps contracts - - - - 3,084,583 55,635 on total return swaps contracts ------on forward foreign exchange contracts 9,739,315 - ( 83,057 ) ( 3,333,470 ) 8,647,581 ( 16,025,854 ) on foreign exchange on other net assets 2,016,800 3 ( 25,671 ) 33,385 ( 1,788,725 ) 1,271,702

NET REALISED PROFIT/(LOSS) 13,643,655 6,135,023 8,938,697 ( 2,520,518 ) 56,732,904 31,413,448

Net change in unrealised appreciation/(depreciation) on investments 8,214,498 ( 13,115,333 ) 4,434,303 421,659 230,046,057 37,173,491 on options & swaptions contracts - - - - - ( 65,276 ) on futures contracts 502,232 - ( 1,736,474 ) - 12,059,364 10,149,397 on credit default swaps contracts - - - - 1,257,102 503,212 on interest rate swaps contracts - - - - ( 1,309,937 ) 3,438 on total return swaps contracts ------on forward foreign exchange contracts ( 12,161,966 ) - 51,818 ( 850,180 ) ( 190,749 ) 1,086,848 on foreign exchange on other net assets 87,716 - ( 254,363 ) ( 768 ) ( 64,869 ) ( 87,870 )

NET CHANGE IN UNREALISED APPRECIATION/(DEPRECIATION) ( 3,357,520 ) ( 13,115,333 ) 2,495,284 ( 429,289 ) 241,796,968 48,763,240

NET CHANGE IN TOTAL NET ASSETS AS A RESULT OF OPERATIONS 12,456,300 1,127,591 22,533,261 ( 845,975 ) 412,906,541 110,727,629

Net proceeds from issue of shares 285,658,040 180,136,403 306,950,965 26,398,615 6,300,087,802 1,585,503,440 Payment for shares redeemed ( 104,297,044 ) ( 268,002,816 ) ( 289,799,740 ) ( 14,877,860 ) ( 1,703,467,694 ) ( 604,966,078 )

Dividends declared for the year from net investment income ( 1,320,069 ) ( 1,600,042 ) ( 1,271,468 ) ( 5,287 ) ( 5,007,602 ) ( 3,199,332 ) Net equalisation 2,397,151 ( 909,300 ) 1,791,097 132,039 76,255,414 17,566,390

Increase/(decrease) in Net Assets for the Year 194,894,378 ( 89,248,164 ) 40,204,115 10,801,532 5,080,774,461 1,105,632,049

Net Assets at the beginning of the year 151,348,407 382,249,370 304,381,379 52,347,126 249,775,712 32,393,971

NET ASSETS AT THE END OF THE YEAR 346,242,785 293,001,206 344,585,494 63,148,658 5,330,550,173 1,138,026,020

The notes on pages 18 to 56 form an integral part of these financial statements. Page 108 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Changes in Net Assets for the Year Ended 31 December 2009 (cont)

Schroder Schroder Schroder Schroder ISF Schroder ISF ISF ISF Schroder Global ISF Asian Global Global ISF High Strategic Convertible Convertible Credit Duration European Yield Bond Bond Bond Hedged j Defensive USD USD USD USD EUR EUR

NET INVESTMENT INCOME/(LOSS) 111,295,371 17,642,496 ( 78,746 ) 1,147,508 6,167,467 ( 24,865 )

Net realised gains/(losses) on securities sold 27,605,462 19,215,471 6,419,648 9,390,942 1,743,925 ( 16,418,868 ) on options & swaptions contracts - - - - ( 629,926 ) ( 12,616,729 ) on futures contracts ( 1,364,475 ) ( 10,330,499 ) - ( 144,739 ) ( 9,650,485 ) - on credit default swaps contracts ( 1,733,690 ) 1,306,081 - - ( 227,638 ) - on interest rate swaps contracts - 3,180,357 - - 24,112 - on total return swaps contracts ------on forward foreign exchange contracts 42,518,241 24,204,923 2,267,613 2,820,811 ( 6,908,837 ) - on foreign exchange on other net assets ( 38,102,408 ) ( 35,187,817 ) ( 2,642,536 ) ( 5,914,561 ) ( 3,026,611 ) -

NET REALISED PROFIT/(LOSS) 28,923,130 2,388,516 6,044,725 6,152,453 ( 18,675,460 ) ( 29,035,597 )

Net change in unrealised appreciation/(depreciation) on investments 294,900,438 18,126,892 15,078,264 14,207,367 6,620,835 16,136,825 on options & swaptions contracts - - - - ( 18,260 ) 15,660,857 on futures contracts 2,464,714 15,182,609 - - 7,748,942 - on credit default swaps contracts 7,185,883 ( 571,230 ) - - 378,094 - on interest rate swaps contracts - ( 3,649,190 ) - - 1,858 - on total return swaps contracts ------on forward foreign exchange contracts 13,357,579 9,334,391 1,442,400 3,540,770 258,842 - on foreign exchange on other net assets ( 164,203 ) 1,066,419 ( 14,426 ) ( 215,853 ) 140,419 -

NET CHANGE IN UNREALISED APPRECIATION/(DEPRECIATION) 317,744,411 39,489,891 16,506,238 17,532,284 15,130,730 31,797,682

NET CHANGE IN TOTAL NET ASSETS AS A RESULT OF OPERATIONS 457,962,912 59,520,903 22,472,217 24,832,245 2,622,737 2,737,220

Net proceeds from issue of shares 2,470,824,647 393,335,649 167,218,916 179,454,416 316,633,118 5,083,308 Payment for shares redeemed ( 912,954,215 ) ( 194,305,409 ) ( 44,844,965 ) ( 48,774,719 ) ( 14,173,650 ) ( 121,865,923 )

Dividends declared for the year from net investment income ( 5,425,448 ) ( 1,257,114 ) ( 17 ) ( 3 ) ( 63 ) - Net equalisation 79,084,202 7,825,559 379,790 1,222,888 5,181,147 ( 239,218 )

Increase/(decrease) in Net Assets for the Year 2,089,492,098 265,119,588 145,225,941 156,734,827 310,263,289 ( 114,284,613 )

Net Assets at the beginning of the year 601,931,490 330,430,771 18,758,362 34,771,895 15,417,625 289,687,784

NET ASSETS AT THE END OF THE YEAR 2,691,423,588 595,550,359 163,984,303 191,506,722 325,680,914 175,403,171

j Schroder ISF Global Credit Duration Hedged was formerly known as Schroder ISF Strategic Credit until 1 October 2009. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 109 Statement of Changes in Net Assets for the Year Ended 31 December 2009 (cont)

Schroder Schroder Schroder ISF ISF ISF Schroder Schroder European European World ISF ISF Total of Funds Defensive Defensive Defensive EURO US Dollar registered in Monthly 6 Monthly 3 Monthly Liquidity k Liquidity k Switzerland * EUR EUR EUR EUR USD EUR

NET INVESTMENT INCOME/(LOSS) ( 107,989 ) ( 3,345 ) ( 39,897 ) 25,208,597 ( 36,337 ) 522,576,995

Net realised gains/(losses) on securities sold ( 300,710 ) ( 899,187 ) ( 426,770 ) 368,700 ( 8,834,920 ) ( 1,229,587,976 ) on options & swaptions contracts ( 288,556 ) ( 859,113 ) ( 167,597 ) - - ( 16,837,989 ) on futures contracts - - - 569,120 - ( 1,735,240 ) on credit default swaps contracts - - - - - 5,080,700 on interest rate swaps contracts - - - - - 12,840,248 on total return swaps contracts ------on forward foreign exchange contracts - - - - - 111,723,915 on foreign exchange on other net assets 52 66 75 ( 1 ) - ( 156,246,558 )

NET REALISED PROFIT/(LOSS) ( 589,214 ) ( 1,758,234 ) ( 594,292 ) 937,819 ( 8,834,920 ) ( 1,274,762,901 )

Net change in unrealised appreciation/(depreciation) on investments 296,071 889,670 418,895 5,242,240 8,883,479 8,744,367,974 on options & swaptions contracts 81,163 900,053 395,887 - - 16,637,640 on futures contracts - - - - - 50,432,388 on credit default swaps contracts - - - - - 1,594,867 on interest rate swaps contracts - - - - - ( 5,836,819 ) on total return swaps contracts ------on forward foreign exchange contracts - - - - - 43,932,683 on foreign exchange on other net assets - - - - - ( 201,429 )

NET CHANGE IN UNREALISED APPRECIATION/(DEPRECIATION) 377,234 1,789,723 814,782 5,242,240 8,883,479 8,850,927,304

NET CHANGE IN TOTAL NET ASSETS AS A RESULT OF OPERATIONS ( 319,969 ) 28,144 180,593 31,388,656 12,222 8,098,741,398

Net proceeds from issue of shares 965,613 1,191,723 3,703,870 2,322,601,343 220,462,948 31,471,372,539 Payment for shares redeemed ( 10,774,553 ) ( 5,961,377 ) ( 7,227,247 ) ( 2,100,530,636 ) ( 259,043,499 ) ( 18,146,705,581 )

Dividends declared for the year from net investment income - - - - - ( 104,300,033 ) Net equalisation ( 3,083 ) ( 9,071 ) ( 2,957 ) 2,141,258 ( 8,028 ) 243,327,185

Increase/(decrease) in Net Assets for the Year ( 10,131,992 ) ( 4,750,581 ) ( 3,345,741 ) 255,600,621 ( 38,576,357 ) 21,562,435,508

Net Assets at the beginning of the year 19,259,828 14,041,964 7,647,442 1,627,086,839 121,766,840 18,664,872,675 **

NET ASSETS AT THE END OF THE YEAR 9,127,836 9,291,383 4,301,701 1,882,687,460 83,190,483 40,227,308,183

k Schroder ISF EURO Liquidity and Schroder ISF US Dollar Liquidity: the market value represents the amortised cost. * For the total of the Statement of Changes in Net Assets, which has been presented in Euro, assets and liabilities stated in currencies other than Euro have been converted at the following exchange rates ruling as at 31 December 2009: 1 Euro = 1.4399 US Dollar 1 Euro = 0.8884 British Pound 1 Euro = 1.4840 Swiss Franc 1 Euro = 133.4211 Japanese Yen 1 Euro = 11.1651 Hong Kong Dollar ** The opening balance was combined using the foreign exchange rates as at 31 December 2009. The same net assets combined using the foreign exchange rates as at 31 December 2008 reflected a figure of EUR 19,143,448,176. The notes on pages 18 to 56 form an integral part of these financial statements. Page 110 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Operations for the Year ended 31 December 2009

Schroder Schroder Schroder ISF Schroder Schroder Schroder ISF ISF European ISF ISF ISF EURO European Large Global Italian Japanese Equity Equity a Cap Equity Equity Equity EUR EUR EUR USD EUR JPY

INCOME

Bank interest 632,151 2,169 11,331 1,801 14,363 1,180,529 Bond interest 136,279 - - - - - Net dividends 26,882,220 2,311 2,033,675 561,826 3,054,498 503,251,928 Income from securities lending 3,099,815 - 174,556 21,012 549,799 10,981,688 Interest on swaps ------Other Income - 693 - - - -

Total Income 30,750,465 5,173 2,219,562 584,639 3,618,660 515,414,145

EXPENSES

Administration fees 2,794,990 3,360 180,272 93,902 404,778 83,290,475 Management fees 10,349,337 11,821 517,845 253,684 1,297,936 256,708,431 Performance fees ------Bank and interest charges 1 63 3,243 6 - 648,644 Interest on swaps payables ------Custodian fees 139,337 581 19,588 26,859 47,772 6,700,136 Taxe d'abonnement 407,367 - 23,539 12,701 55,603 9,211,256 Distribution fees 655,009 465 59,855 5,918 323,383 26,381,942 Other Expenses 405,654 246 23,119 12,273 53,892 11,001,798

Total Expenses 14,751,695 16,536 827,461 405,343 2,183,364 393,942,682

Expense subsidy ------

NET INVESTMENT INCOME/(LOSS) 15,998,770 ( 11,363 ) 1,392,101 179,296 1,435,296 121,471,463

a Schroder ISF European Equity was closed and merged with Schroder ISF European Large Cap on 23 January 2009. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 111 Statement of Operations for the Year ended 31 December 2009 (cont)

Schroder Schroder ISF Schroder Schroder Schroder Schroder ISF Japanese ISF ISF ISF ISF US Large Pacific Swiss UK US Large Cap Equity Equity Equity All Cap b Cap JPY USD CHF GBP USD USD

INCOME

Bank interest 61,193 124,570 6,013 101,705 375 31,009 Bond interest - - - 86,796 - - Net dividends 129,523,563 14,237,193 3,268,879 4,420,181 71,225 5,023,627 Income from securities lending 561,545 213,142 798,560 72 1,355 92,823 Interest on swaps ------Other Income ------

Total Income 130,146,301 14,574,905 4,073,452 4,608,754 72,955 5,147,459

EXPENSES

Administration fees 10,087,899 1,359,712 827,926 377,866 49,491 1,247,706 Management fees 22,484,404 4,662,552 2,577,313 1,178,410 82,494 3,865,918 Performance fees - - - - 6 - Bank and interest charges 25,067 - 1,259 - - - Interest on swaps payables ------Custodian fees 2,242,608 395,242 45,552 14,197 11,785 51,866 Taxe d'abonnement 1,125,906 251,611 86,560 62,196 2,989 173,970 Distribution fees 185,950 143,350 87,971 55,357 2,850 265,975 Other Expenses 1,532,975 244,205 102,087 59,938 2,997 165,612

Total Expenses 37,684,809 7,056,672 3,728,668 1,747,964 152,612 5,771,047

Expense subsidy ------

NET INVESTMENT INCOME/(LOSS) 92,461,492 7,518,233 344,784 2,860,790 ( 79,657 ) ( 623,588 )

b Schroder ISF US All Cap was formerly known as Schroder ISF US Large Cap Alpha until 1 October 2009. The notes on pages 18 to 56 form an integral part of these financial statements. Page 112 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Operations for the Year ended 31 December 2009 (cont)

Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF Schroder Asia Pacific Asian Asian Asian BRIC ISF Property Equity Smaller Total (Brazil, Russia, China Securities Yield Companies Return India, China) Opportunities USD USD USD USD USD USD

INCOME

Bank interest 10,952 210,076 11,207 40,583 39,244 105,062 Bond interest ------Net dividends 4,433,219 22,561,082 602,115 3,062,866 53,928,595 15,646,395 Income from securities lending - 233,553 - 24,729 898,715 460,286 Interest on swaps ------Other Income ------

Total Income 4,444,171 23,004,711 613,322 3,128,178 54,866,554 16,211,743

EXPENSES

Administration fees 101,358 1,495,336 101,575 198,184 7,894,536 3,176,447 Management fees 248,989 5,742,529 306,236 557,294 31,882,550 12,223,690 Performance fees ------Bank and interest charges - 1 1 23 9 1 Interest on swaps payables ------Custodian fees 36,806 202,196 83,000 50,200 1,040,883 219,631 Taxe d'abonnement 18,868 275,017 14,859 36,483 1,206,683 427,686 Distribution fees 32,046 21,241 27,451 378 3,213,980 596,188 Other Expenses 18,733 247,259 13,564 33,477 1,139,029 418,182

Total Expenses 456,800 7,983,579 546,686 876,039 46,377,670 17,061,825

Expense subsidy ------

NET INVESTMENT INCOME/(LOSS) 3,987,371 15,021,132 66,636 2,252,139 8,488,884 ( 850,082 )

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 113 Statement of Operations for the Year ended 31 December 2009 (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF European European European Emerging Emerging Emerging Dividend Equity Equity Asia Europe Markets Maximiser Opportunities c Yield USD EUR USD EUR EUR EUR

INCOME

Bank interest 213,409 21,871 23,118 3,561 13,488 29,039 Bond interest - - 1,467 - - - Net dividends 42,736,863 3,286,051 24,367,855 349,314 165,450 3,248,357 Income from securities lending - 39,751 307,251 25,096 12,061 262,371 Interest on swaps ------Other Income ------

Total Income 42,950,272 3,347,673 24,699,691 377,971 190,999 3,539,767

EXPENSES

Administration fees 5,969,850 488,203 2,807,244 38,417 20,829 283,890 Management fees 28,492,474 1,955,725 11,717,609 91,526 44,844 1,069,750 Performance fees ------Bank and interest charges - 1 8,786 - 35 - Interest on swaps payables ------Custodian fees 1,183,803 138,835 836,882 43,689 2,864 21,979 Taxe d'abonnement 1,149,433 65,021 476,124 3,333 871 37,771 Distribution fees 6,275,408 362,879 1,109,214 3,713 - 65,602 Other Expenses 1,063,544 65,056 463,772 3,772 2,291 37,388

Total Expenses 44,134,512 3,075,720 17,419,631 184,450 71,734 1,516,380

Expense subsidy ------

NET INVESTMENT INCOME/(LOSS) ( 1,184,240 ) 271,953 7,280,060 193,521 119,265 2,023,387

c Schroder ISF European Equity Opportunities was closed on 10 June 2009. The notes on pages 18 to 56 form an integral part of these financial statements. Page 114 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Operations for the Year ended 31 December 2009 (cont)

Schroder Schroder Schroder Schroder Schroder ISF Schroder ISF ISF ISF ISF Global ISF Global Global European European Climate Global Emerging Emerging Smaller Special Change Dividend Markets Market Companies Situations Equity Maximiser Commodities d Opportunities EUR EUR USD USD USD USD

INCOME

Bank interest 76,401 465,855 18,598 2,305 553 112,015 Bond interest - - - - - 929,920 Net dividends 4,627,756 17,648,754 2,948,200 691,892 128,523 6,870,951 Income from securities lending 383,018 1,733,647 144,176 32,706 - 74,358 Interest on swaps ------Other Income ------

Total Income 5,087,175 19,848,256 3,110,974 726,903 129,076 7,987,244

EXPENSES

Administration fees 362,535 2,359,306 619,478 86,458 41,060 1,199,618 Management fees 1,279,054 9,567,213 2,289,334 228,139 68,792 4,531,520 Performance fees ------Bank and interest charges - 2,830 4 1,791 687 34,180 Interest on swaps payables ------Custodian fees 54,449 98,357 52,181 82,428 24,691 263,576 Taxe d'abonnement 54,232 412,326 87,711 8,912 1,701 171,880 Distribution fees 255,804 47,095 34,617 1,697 51 205,246 Other Expenses 55,772 369,279 82,687 8,095 10,834 150,329

Total Expenses 2,061,846 12,856,406 3,166,012 417,520 147,816 6,556,349

Expense subsidy ------

NET INVESTMENT INCOME/(LOSS) 3,025,329 6,991,850 ( 55,038 ) 309,383 ( 18,740 ) 1,430,895

d Schroder ISF Global Emerging Markets Commodities was closed on 29 September 2009. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 115 Statement of Operations for the Year ended 31 December 2009 (cont)

Schroder Schroder Schroder Schroder ISF ISF ISF Schroder Schroder ISF Global Global Global ISF ISF Global Equity Property Smaller Greater Hong Kong Energy Yield Securities Companies China Equity USD USD USD USD USD HKD

INCOME

Bank interest 118,476 5,807 45 8,764 65,522 251,606 Bond interest ------Net dividends 8,902,129 1,839,533 7,388,954 832,832 25,152,305 102,867,793 Income from securities lending 670,261 77,423 95,747 34,890 388,910 1,694,988 Interest on swaps ------Other Income ------

Total Income 9,690,866 1,922,763 7,484,746 876,486 25,606,737 104,814,387

EXPENSES

Administration fees 1,783,233 111,823 711,352 60,917 3,608,486 13,796,417 Management fees 7,094,417 293,534 2,747,818 105,731 13,899,603 53,563,955 Performance fees ------Bank and interest charges 5 - - 88 1 1,830 Interest on swaps payables ------Custodian fees 81,163 36,319 56,684 72,792 430,525 1,030,111 Taxe d'abonnement 291,244 13,318 121,855 8,667 496,550 1,899,316 Distribution fees 663,122 6,033 67,133 22,888 693,878 2,222,559 Other Expenses 270,297 12,415 113,698 8,330 480,611 1,850,782

Total Expenses 10,183,481 473,442 3,818,540 279,413 19,609,654 74,364,970

Expense subsidy ------

NET INVESTMENT INCOME/(LOSS) ( 492,615 ) 1,449,321 3,666,206 597,073 5,997,083 30,449,417

The notes on pages 18 to 56 form an integral part of these financial statements. Page 116 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Operations for the Year ended 31 December 2009 (cont)

Schroder Schroder Schroder ISF Schroder Schroder Schroder ISF ISF Japanese ISF ISF ISF Swiss Indian Smaller Korean Latin Middle Equity Equity Companies Equity American East Opportunities USD JPY USD USD USD CHF

INCOME

Bank interest 7,954 207,502 2,056 23,988 139,329 3,660 Bond interest - - - 6,361 5,608 - Net dividends 666,113 109,490,983 335,500 29,544,834 5,903,295 724,548 Income from securities lending - 7,838,653 - 56,453 - 160,654 Interest on swaps ------Other Income ------

Total Income 674,067 117,537,138 337,556 29,631,636 6,048,232 888,862

EXPENSES

Administration fees 168,395 22,435,845 116,687 2,946,312 712,463 191,121 Management fees 573,639 85,036,622 410,062 12,805,491 2,615,115 632,450 Performance fees ------Bank and interest charges - 155,765 - - 1,973 314 Interest on swaps payables ------Custodian fees 124,848 4,359,567 51,480 523,327 371,982 22,088 Taxe d'abonnement 23,201 2,865,955 14,206 507,897 88,312 18,544 Distribution fees 117,081 14,890,935 66,921 1,563,696 42,675 22,031 Other Expenses 21,454 2,926,562 14,239 496,585 88,286 23,237

Total Expenses 1,028,618 132,671,251 673,595 18,843,308 3,920,806 909,785

Expense subsidy ------

NET INVESTMENT INCOME/(LOSS) ( 354,551 ) ( 15,134,113 ) ( 336,039 ) 10,788,328 2,127,426 ( 20,923 )

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 117 Statement of Operations for the Year ended 31 December 2009 (cont)

Schroder Schroder Schroder Schroder ISF Schroder ISF Schroder ISF ISF Swiss Small & ISF US Small & ISF EURO EURO Mid Cap Taiwanese Mid-Cap US Smaller Active Dynamic Equity Equity Equity Companies Value Growth CHF USD USD USD EUR EUR

INCOME

Bank interest 3,032 40,474 321,904 210,504 5,013 45,765 Bond interest ------Net dividends 1,560,854 4,926,204 7,927,594 4,024,858 6,818,564 11,339,028 Income from securities lending 257,658 - 129,072 121,184 794,927 1,275,447 Interest on swaps ------Other Income ------

Total Income 1,821,544 4,966,678 8,378,570 4,356,546 7,618,504 12,660,240

EXPENSES

Administration fees 277,773 633,404 2,583,799 1,873,809 603,734 1,058,242 Management fees 1,020,661 2,510,528 10,230,191 7,413,673 2,364,010 3,990,624 Performance fees ------Bank and interest charges - - 24 - 1,343 484 Interest on swaps payables ------Custodian fees 33,335 162,309 87,874 63,780 59,141 51,890 Taxe d'abonnement 38,782 85,008 449,576 269,717 83,544 139,120 Distribution fees 145,329 248,037 382,404 589,601 271,854 149,016 Other Expenses 39,210 84,404 425,416 262,390 83,332 138,961

Total Expenses 1,555,090 3,723,690 14,159,284 10,472,970 3,466,958 5,528,337

Expense subsidy ------

NET INVESTMENT INCOME/(LOSS) 266,454 1,242,988 ( 5,780,714 ) ( 6,116,424 ) 4,151,546 7,131,903

The notes on pages 18 to 56 form an integral part of these financial statements. Page 118 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Operations for the Year ended 31 December 2009 (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF European European Asian European Global Japanese Active Dynamic Equity Equity Equity Equity Value e Growth f Alpha g Alpha Alpha Alpha EUR EUR USD EUR USD JPY

INCOME

Bank interest 36 4,138 475 217,873 1,203 76,235 Bond interest - - - 295,314 - - Net dividends 93,054 881,527 53,664 14,661,419 655,712 49,001,435 Income from securities lending 10,901 86,709 - 1,205,276 22,636 1,618,200 Interest on swaps ------Other Income ------

Total Income 103,991 972,374 54,139 16,379,882 679,551 50,695,870

EXPENSES

Administration fees 24,507 101,417 24,328 1,378,934 136,606 6,421,243 Management fees 31,552 337,840 29,664 5,118,940 463,157 12,947,819 Performance fees - - - - 5,041 - Bank and interest charges 24 - - 3,347 6 36,060 Interest on swaps payables ------Custodian fees 8,134 14,549 11,280 70,315 24,899 1,208,850 Taxe d'abonnement 715 11,809 865 189,899 21,261 726,256 Distribution fees 6,918 9,819 3,099 208,650 39,713 1,714 Other Expenses 1,911 11,829 10,397 187,103 18,193 703,207

Total Expenses 73,761 487,263 79,633 7,157,188 708,876 22,045,149

Expense subsidy ------

NET INVESTMENT INCOME/(LOSS) 30,230 485,111 ( 25,494 ) 9,222,694 ( 29,325 ) 28,650,721

e Schroder ISF European Active Value was merged into Schroder ISF EURO Active Value on 29 September 2009. f Schroder ISF European Dynamic Growth was merged into Schroder ISF European Special Situations on 1 December 2009. g Schroder ISF Asian Equity Alpha was closed on 26 May 2009. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 119 Statement of Operations for the Year ended 31 December 2009 (cont)

Schroder ISF Schroder Schroder Schroder QEP ISF ISF ISF Schroder Schroder Global QEP QEP QEP ISF ISF Active Global Global US European Asian Value Core Quality Core Allocation h Bond USD USD USD USD EUR USD

INCOME

Bank interest 35,406 23,171 7,581 12,059 1,317,084 1,318,484 Bond interest - - - - - 67,009,129 Net dividends 19,061,596 4,620,156 2,553,882 1,560,120 - - Income from securities lending 705,165 178,131 - 26,509 - - Interest on swaps - - - - - 352,908 Other Income ------

Total Income 19,802,167 4,821,458 2,561,463 1,598,688 1,317,084 68,680,521

EXPENSES

Administration fees 601,432 98,397 75,263 95,577 537,079 3,140,619 Management fees 1,637,755 50,646 124,027 110,827 1,822,054 11,841,270 Performance fees ------Bank and interest charges 38 3,903 50 1 16,371 156 Interest on swaps payables ------Custodian fees 191,724 66,106 42,583 36,173 11,733 306,032 Taxe d'abonnement 111,088 26,380 15,716 33,666 71,245 591,832 Distribution fees 164,913 - 27 - 534,285 1,777,965 Other Expenses 104,808 25,948 15,117 28,043 74,536 572,336

Total Expenses 2,811,758 271,380 272,783 304,287 3,067,303 18,230,210

Expense subsidy ------

NET INVESTMENT INCOME/(LOSS) 16,990,409 4,550,078 2,288,680 1,294,401 ( 1,750,219 ) 50,450,311

h Schroder ISF European Allocation was formerly known as Schroder ISF European Absolute Return until 1 June 2009. The notes on pages 18 to 56 form an integral part of these financial statements. Page 120 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Operations for the Year ended 31 December 2009 (cont)

Schroder Schroder ISF ISF Schroder Schroder Emerging Emerging Schroder ISF ISF Schroder Europe Debt Markets Debt ISF EURO EURO ISF Absolute Absolute EURO Government Short Term Global Return Return Bond Bond i Bond Bond EUR USD EUR EUR EUR USD

INCOME

Bank interest 87,528 1,279,342 99,699 18,928 210,480 106,171 Bond interest 5,511,842 129,995,060 12,258,858 3,323,869 31,537,585 9,151,431 Net dividends - - - - - Income from securities lending - - 36,565 4,725 138,452 18,664 Interest on swaps ------Other Income ------

Total Income 5,599,370 131,274,402 12,395,122 3,347,522 31,886,517 9,276,266

EXPENSES

Administration fees 291,263 6,084,954 227,808 94,201 493,665 179,322 Management fees 1,119,373 33,688,160 1,122,869 421,406 3,743,474 656,195 Performance fees ------Bank and interest charges 14 227,700 7,101 1,352 - 2,248 Interest on swaps payables - - 36,331 - - 213,323 Custodian fees 109,625 1,353,667 90,260 19,894 96,477 145,324 Taxe d'abonnement 45,875 1,364,689 94,344 43,874 418,870 63,707 Distribution fees 152,156 8,114,625 327,080 106,124 734,281 165,873 Other Expenses 44,843 1,312,863 91,749 41,887 410,773 60,292

Total Expenses 1,763,149 52,146,658 1,997,542 728,738 5,897,540 1,486,284

Expense subsidy ------

NET INVESTMENT INCOME/(LOSS) 3,836,221 79,127,744 10,397,580 2,618,784 25,988,977 7,789,982

i Schroder ISF EURO Government Bond was formerly known as Schroder ISF European Bond until 1 June 2009. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 121 Statement of Operations for the Year ended 31 December 2009 (cont)

Schroder Schroder ISF Schroder Schroder ISF Schroder Schroder Global ISF ISF Asian ISF ISF Inflation Hong Kong US Local EURO Global Linked Dollar Dollar Currency Corporate Corporate Bond Bond Bond Bond Bond Bond EUR HKD USD USD EUR USD

INCOME

Bank interest 26,297 44,078 61,622 14,399 660,204 54,274 Bond interest 4,297,915 10,298,685 13,803,102 2,198,528 137,328,862 34,908,756 Net dividends ------Income from securities lending 1,587 - - - 389,061 28,714 Interest on swaps - - - - 2,663,194 110,653 Other Income ------

Total Income 4,325,799 10,342,763 13,864,724 2,212,927 141,041,321 35,102,397

EXPENSES

Administration fees 250,848 532,457 324,490 56,109 4,408,348 736,621 Management fees 1,432,379 1,351,247 1,729,156 11,361 16,651,918 2,440,144 Performance fees ------Bank and interest charges 1,101 363 24,987 181 2,490 25,320 Interest on swaps payables ------Custodian fees 29,411 116,804 41,742 28,868 365,978 169,658 Taxe d'abonnement 100,219 105,097 129,913 6,296 1,270,709 232,938 Distribution fees 235,995 24,165 389,417 30 2,705,836 747,963 Other Expenses 105,681 104,729 125,739 6,250 1,259,373 198,812

Total Expenses 2,155,634 2,234,862 2,765,444 109,095 26,664,652 4,551,456

Expense subsidy ------

NET INVESTMENT INCOME/(LOSS) 2,170,165 8,107,901 11,099,280 2,103,832 114,376,669 30,550,941

The notes on pages 18 to 56 form an integral part of these financial statements. Page 122 Schroder International Selection Fund Audited Annual Report 31 December 2009 Statement of Operations for the Year ended 31 December 2009 (cont)

Schroder Schroder Schroder Schroder ISF Schroder ISF ISF ISF Schroder Global ISF Asian Global Global ISF High Strategic Convertible Convertible Credit Duration European Yield Bond Bond Bond Hedged j Defensive USD USD USD USD EUR EUR

INCOME

Bank interest 206,917 137,827 8,732 18,570 24,605 83,144 Bond interest 119,808,560 22,051,848 1,079,076 2,160,541 6,607,577 3,336,703 Net dividends - - - 41,933 - - Income from securities lending 137,059 130,530 - - - - Interest on swaps 475,553 - - - - - Other Income ------

Total Income 120,628,089 22,320,205 1,087,808 2,221,044 6,632,182 3,419,847

EXPENSES

Administration fees 1,355,368 598,777 242,287 217,485 101,653 151,978 Management fees 6,334,554 2,546,131 771,694 659,426 138,331 2,677,835 Performance fees - - - 41 - - Bank and interest charges 1,538 138,224 57 95 6,838 4,206 Interest on swaps payables - 384,287 - - 68,209 - Custodian fees 102,126 186,731 36,839 56,106 76,790 30,657 Taxe d'abonnement 598,093 170,976 44,512 36,071 15,656 76,601 Distribution fees 433,403 494,067 32,420 70,368 40,899 394,730 Other Expenses 507,636 158,516 38,745 33,944 16,339 108,705

Total Expenses 9,332,718 4,677,709 1,166,554 1,073,536 464,715 3,444,712

Expense subsidy ------

NET INVESTMENT INCOME/(LOSS) 111,295,371 17,642,496 ( 78,746 ) 1,147,508 6,167,467 ( 24,865 )

j Schroder ISF Global Credit Duration Hedged was formerly known as Schroder ISF Strategic Credit until 1 October 2009. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 123 Statement of Operations for the Year ended 31 December 2009 (cont)

Schroder Schroder Schroder ISF ISF ISF Schroder Schroder European European World ISF ISF Total of Funds Defensive Defensive Defensive EURO US Dollar registered in Monthly 6 Monthly 3 Monthly Liquidity k Liquidity k Switzerland * EUR EUR EUR EUR USD EUR

INCOME

Bank interest 16,458 9,288 6,877 160,064 31,144 8,040,943 Bond interest 118,174 184,161 77,517 33,705,162 561,486 520,086,382 Net dividends - - - - - 343,874,922 Income from securities lending - - - 42,454 - 15,093,973 Interest on swaps - - - - - 3,315,402 Other Income - - - - - 693

Total Income 134,632 193,449 84,394 33,907,680 592,630 890,412,314

EXPENSES

Administration fees 24,102 22,243 21,580 829,364 72,987 59,804,258 Management fees 152,292 127,079 71,968 6,294,835 477,563 246,449,529 Performance fees - - - - - 3,534 Bank and interest charges - 333 - - - 386,780 Interest on swaps payables - - - - - 519,576 Custodian fees 10,843 8,111 10,133 177,910 15,787 8,661,345 Taxe d'abonnement 6,585 5,411 3,201 311,005 17,360 11,449,808 Distribution fees 42,516 28,423 14,451 882,831 105,760 29,463,739 Other Expenses 6,283 5,194 2,958 203,138 11,600 10,940,297

Total Expenses 242,621 196,794 124,291 8,699,083 701,057 367,678,866

Expense subsidy - - - - 72,090 50,065

NET INVESTMENT INCOME/(LOSS) ( 107,989 ) ( 3,345 ) ( 39,897 ) 25,208,597 ( 36,337 ) 522,783,513

k Schroder ISF EURO Liquidity and Schroder ISF US Dollar Liquidity: the market value represents the amortised cost. * For the total of the Statement of Operations, which has been presented in Euro, assets and liabilities stated in currencies other than Euro have been converted at the following exchange rates ruling as at 31 December 2009: 1 Euro = 1.4399 US Dollar 1 Euro = 0.8884 British Pound 1 Euro = 1.4840 Swiss Franc 1 Euro = 133.4211 Japanese Yen 1 Euro = 11.1651 Hong Kong Dollar The notes on pages 18 to 56 form an integral part of these financial statements. Page 124 Schroder International Selection Fund Audited Annual Report 31 December 2009 Distribution of Investments by Industry (Unaudited)

Schroder Schroder Schroder ISF Schroder Schroder Schroder ISF ISF European ISF ISF ISF Japanese EURO Large Global Italian Japanese Large Equity Cap Equity Equity Equity Cap %%%%%% Bonds, Commercial Papers, Assets and Mortgage Backed Securities ------Money Markets Instruments - Assimilated to Cash ------

Other Securities Advertising 0.50 - - - - - Advertising Services ------Aerospace & Military Technology - - 0.91 1.16 - - Agricultural Operations ------Airport Services ------Appliances & Household Durables - - - 0.28 1.14 - Application Software 0.61 0.91 2.24 - 1.01 0.49 Automobiles 0.61 3.53 1.95 - 10.84 5.45 Banking 17.49 16.68 12.22 13.82 7.84 9.56 Beverages & Tobacco 3.10 0.96 - 4.03 - - Broadcasting & Cable TV 2.44 3.08 0.77 - 2.64 1.54 Building Materials & Components 1.64 2.12 1.97 3.27 - 2.64 Business & Public Services ------Chemicals 6.02 6.51 3.06 - 4.42 6.13 Commercial Services 1.11 1.12 2.14 - - 1.62 Computer Software & Services 1.25 1.05 0.90 - 2.26 1.05 Computer Storage & Peripherals - - 1.62 - 2.66 0.82 Construction & Housing ------Consumer Electronics ------Consumer Finance ------Data Processing & Reproduction 0.56 - - - - - Department Stores ------Diversified Metals & Mining - 3.31 1.25 - - - Drug Retail - - - 3.62 - - Electrical & Electronics 2.50 1.60 2.41 1.84 7.34 2.77 Electronic Components & Instruments - 0.64 0.50 - 1.83 - Energy Equipment & Services - - - - 0.84 - Energy Sources - 0.45 - 1.05 - - Financial Services - 2.28 3.24 5.71 4.36 6.42 Food & Household Products 3.93 6.28 3.80 - 1.89 - Food Retail - 1.29 2.57 - - - Forest Products & Paper ------Gold Mines - - 0.93 - - - Health & Personal Care - 4.15 6.31 3.98 - - Heavy Electrical Equipment ------Hotels ------Industrial Components - 0.59 0.71 - - - Insurance 6.35 5.26 4.94 9.86 2.13 5.38 Internet Software & Services - - 2.48 1.79 - - Investment Funds ------IT Consulting & Services ------Leisure & Tourism - 1.18 - - 0.71 3.96 Machinery & Engineering 5.97 2.26 4.14 4.83 6.98 2.78 Meat Poultry & Fish ------Merchandising ------Metals - Steel 2.51 1.38 1.97 2.92 0.97 1.22 Misc. Materials & Commodities 0.65 0.95 - 0.57 - - Multi - Industry 0.77 - - 1.01 - - Multi - Utilities ------Office Supplies & Forms - - 0.99 - 4.99 2.06 Oil & Gas Drilling - - 2.02 2.19 - - Oil & Gas Exploration & Production 7.00 9.77 9.96 11.93 1.17 2.03 Packaging & Containers ------Pharmaceuticals 5.07 6.57 4.16 - 4.94 6.07 Photo Equipment & Supplies - - - - - 3.54 Publishing & Printing 0.36 - 1.33 - - - Real Estate - - 1.08 - 4.43 2.09 Recreation - - - - 0.32 - Restaurants - 1.35 - - - - Retail 0.50 0.81 4.40 - 3.61 1.99 Semiconductors - - 1.05 0.21 - - Soft Drinks ------Systems Software - - 2.23 - - - Telecommunications 10.61 8.24 2.88 4.43 3.63 4.54 Textile & Apparel 1.32 - - 0.53 1.81 - Trading Companies & Distributors - - 1.19 5.07 7.38 14.64 Transportation - Airlines ------Transportation - Road & Rail - 2.65 - - 3.18 3.82 Transportation - Shipping - 0.89 - - 0.55 - Utilities - Electrical & Gas 8.34 1.61 3.22 15.88 0.30 2.03

Investments portfolio as a percentage of Net Assets 91.21 99.47 97.54 99.98 96.17 94.64

Other Net Assets/(Liabilities) 8.79 0.53 2.46 0.02 3.83 5.36

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00

The notes on pages18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 125 Distribution of Investments by Industry (Unaudited) (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF US Asia Pacific Pacific Swiss UK US Large Property Equity Equity Equity All Cap a Cap Securities %%%%%% Bonds, Commercial Papers, Assets and Mortgage Backed Securities - - 0.48 - - - Money Markets Instruments - Assimilated to Cash ------

Other Securities Advertising ------Advertising Services ------Aerospace & Military Technology - - 1.45 1.26 2.00 - Agricultural Operations 1.79 - - - - - Airport Services ------Appliances & Household Durables - - - 1.53 2.38 - Application Software - - 0.71 1.66 1.60 - Automobiles 0.84 - - 1.95 2.01 - Banking 13.94 15.94 9.10 5.27 6.83 - Beverages & Tobacco 0.14 - 1.84 1.73 2.45 - Broadcasting & Cable TV - - 3.27 1.82 2.28 - Building Materials & Components 3.41 9.08 1.85 - 0.74 0.98 Business & Public Services ------Chemicals - 8.45 4.54 1.98 1.95 - Commercial Services - - 4.27 2.67 - - Computer Software & Services - 2.64 - 4.47 3.46 - Computer Storage & Peripherals 0.60 - - 1.93 2.78 - Construction & Housing 1.58 - - - - - Consumer Electronics ------Consumer Finance ------Data Processing & Reproduction - - 1.05 1.04 0.82 - Department Stores 1.36 - - - - - Diversified Metals & Mining 1.24 - 6.48 0.84 1.24 - Drug Retail ------Electrical & Electronics 5.61 2.29 0.93 0.25 - - Electronic Components & Instruments 1.53 - 0.72 0.68 0.96 - Energy Equipment & Services 0.71 - - - - - Energy Sources 1.99 - 0.98 1.03 1.47 - Financial Services 1.74 4.26 - 2.72 2.41 3.13 Food & Household Products 3.86 12.93 2.51 2.84 4.05 - Food Retail ------Forest Products & Paper ------Gold Mines - - - 0.29 - - Health & Personal Care - 1.63 2.94 13.63 14.23 - Heavy Electrical Equipment ------Hotels 0.81 - - - - 2.05 Industrial Components 3.14 - 0.95 - - 3.52 Insurance 7.24 7.27 5.67 5.18 4.51 - Internet Software & Services 0.98 - 1.30 4.45 4.61 - Investment Funds - - 3.57 - - 2.60 IT Consulting & Services ------Leisure & Tourism 0.42 - 1.46 0.72 - - Machinery & Engineering 0.57 9.51 1.44 5.53 5.81 - Meat Poultry & Fish ------Merchandising ------Metals - Steel 0.95 - - 1.54 1.59 - Misc. Materials & Commodities ------Multi - Industry ------Multi - Utilities - - - 1.67 - - Office Supplies & Forms ------Oil & Gas Drilling - - - 1.03 1.37 - Oil & Gas Exploration & Production 7.50 1.07 16.54 7.82 8.48 - Packaging & Containers - - 1.19 0.46 - - Pharmaceuticals 1.30 20.53 8.92 0.98 - - Photo Equipment & Supplies ------Publishing & Printing - - 0.15 - - - Real Estate 10.57 0.66 0.88 - - 83.98 Recreation - - - 0.70 - - Restaurants - - - 1.13 - - Retail 4.68 - 1.20 4.19 5.54 - Semiconductors 8.97 1.07 0.19 0.75 - - Soft Drinks ------Systems Software - - - 2.55 3.26 - Telecommunications 10.03 - 6.84 5.81 4.36 - Textile & Apparel - - - 1.00 0.84 - Trading Companies & Distributors - - 0.90 - - - Transportation - Airlines - 0.65 - 1.00 1.41 - Transportation - Road & Rail - - - 1.01 1.05 - Transportation - Shipping ------Utilities - Electrical & Gas 1.56 - 3.95 1.49 1.42 -

Investments portfolio as a percentage of Net Assets 99.06 97.98 98.27 98.60 97.91 96.26

Other Net Assets/(Liabilities) 0.94 2.02 1.73 1.40 2.09 3.74

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00

a Schroder ISF US All Cap was formerly known as Schroder ISF US Large Cap Alpha until 1 October 2009. The notes on pages18 to 56 form an integral part of these financial statements. Page 126 Schroder International Selection Fund Audited Annual Report 31 December 2009 Distribution of Investments by Industry (Unaudited) (cont)

Schroder Schroder Schroder Schroder ISF ISF ISF ISF Schroder Schroder Asian Asian Asian BRIC ISF ISF Equity Smaller Total (Brazil, Russia, China Emerging Yield Companies Return India, China) Opportunities Asia %%%%%% Bonds, Commercial Papers, Assets and Mortgage Backed Securities ------Money Markets Instruments - Assimilated to Cash ------

Other Securities Advertising - - - - 0.16 - Advertising Services ------Aerospace & Military Technology ------Agricultural Operations - 4.36 - - - 0.63 Airport Services - - - - 0.57 - Appliances & Household Durables - 0.87 - - - - Application Software 1.70 - - - - - Automobiles - 5.65 - 0.58 0.57 1.68 Banking 15.10 5.62 12.19 20.72 19.10 11.08 Beverages & Tobacco 1.31 1.33 - 0.83 0.72 2.10 Broadcasting & Cable TV - - 1.24 - - - Building Materials & Components - 1.16 1.36 0.26 1.22 2.93 Business & Public Services - 1.15 - 0.46 - - Chemicals 0.94 1.77 0.60 1.05 - 0.40 Commercial Services 0.87 2.65 - - 1.87 - Computer Software & Services - 1.63 - 1.82 0.34 0.77 Computer Storage & Peripherals - 1.35 - - - - Construction & Housing - - - - 2.29 - Consumer Electronics ------Consumer Finance ------Data Processing & Reproduction - - - 0.72 - - Department Stores - 2.25 - - 2.36 0.72 Diversified Metals & Mining 4.95 5.39 1.11 3.98 0.95 2.24 Drug Retail ------Electrical & Electronics 0.94 0.91 2.62 1.07 3.27 6.11 Electronic Components & Instruments - 5.24 - - 0.42 1.78 Energy Equipment & Services - - - - 0.61 - Energy Sources - 1.89 0.44 7.98 3.31 3.04 Financial Services 1.83 1.77 1.95 3.05 - 4.15 Food & Household Products 4.02 5.19 8.92 2.65 6.84 5.00 Food Retail - - 1.40 1.33 - - Forest Products & Paper - 2.09 - - 1.05 - Gold Mines 1.37 - - 2.50 1.34 0.68 Health & Personal Care 2.02 1.62 2.04 - - 0.76 Heavy Electrical Equipment - 1.62 - - - - Hotels - 3.77 - - - - Industrial Components 13.06 - 12.68 - - 1.28 Insurance 2.53 1.38 3.54 5.85 10.81 9.28 Internet Software & Services - 1.99 - 1.21 1.15 1.49 Investment Funds 1.94 1.46 2.75 0.27 0.79 0.10 IT Consulting & Services ------Leisure & Tourism - - 2.66 - - - Machinery & Engineering - 1.41 3.65 1.03 0.29 0.20 Meat Poultry & Fish ------Merchandising ------Metals - Steel 0.98 4.38 1.04 3.72 1.11 2.92 Misc. Materials & Commodities - 0.07 - - - - Multi - Industry - - 1.56 - - - Multi - Utilities ------Office Supplies & Forms ------Oil & Gas Drilling ------Oil & Gas Exploration & Production 4.07 1.29 5.94 24.29 14.95 7.00 Packaging & Containers - 0.75 - - 0.47 - Pharmaceuticals 2.51 1.84 0.90 - 0.91 2.25 Photo Equipment & Supplies ------Publishing & Printing ------Real Estate 15.49 5.75 15.08 1.71 5.63 4.68 Recreation ------Restaurants ------Retail - 1.79 1.39 1.68 2.91 4.10 Semiconductors 5.81 0.65 4.11 - - 8.36 Soft Drinks ------Systems Software ------Telecommunications 11.70 3.22 1.31 7.07 7.13 9.64 Textile & Apparel - 3.47 2.45 - 0.59 - Trading Companies & Distributors - 3.32 2.17 - 0.29 - Transportation - Airlines - 1.81 - - 0.50 0.61 Transportation - Road & Rail - 1.16 - - 2.47 1.03 Transportation - Shipping - 0.76 - 0.79 0.58 - Utilities - Electrical & Gas 3.44 - 2.03 2.92 1.11 0.52

Investments portfolio as a percentage of Net Assets 96.58 95.78 97.13 99.54 98.68 97.53

Other Net Assets/(Liabilities) 3.42 4.22 2.87 0.46 1.32 2.47

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00

The notes on pages18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 127 Distribution of Investments by Industry (Unaudited) (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF European European European European Emerging Emerging Dividend Equity Smaller Special Europe Markets Maximiser Yield Companies Situations %%%%%% Bonds, Commercial Papers, Assets and Mortgage Backed Securities ------Money Markets Instruments - Assimilated to Cash ------

Other Securities Advertising ------Advertising Services - - - - 0.50 - Aerospace & Military Technology - - 1.69 2.27 3.32 - Agricultural Operations - 1.03 - - - - Airport Services ------Appliances & Household Durables - - - - 0.62 - Application Software - - - - 3.08 - Automobiles - 1.71 - - 1.01 - Banking 31.06 21.82 7.44 8.03 2.83 12.14 Beverages & Tobacco 0.91 - 5.22 5.58 2.41 4.31 Broadcasting & Cable TV - 0.87 4.18 2.80 0.96 - Building Materials & Components - 1.15 2.23 2.30 6.50 4.40 Business & Public Services - 0.75 - - 1.36 - Chemicals 1.93 1.51 1.68 1.33 2.17 8.35 Commercial Services - - - - 5.49 6.55 Computer Software & Services - 1.10 - - - 3.43 Computer Storage & Peripherals - 0.65 - - 0.91 - Construction & Housing - 2.88 - - - - Consumer Electronics ------Consumer Finance ------Data Processing & Reproduction - 0.27 - - 0.61 - Department Stores - 0.01 - - - - Diversified Metals & Mining 5.33 3.58 - - - - Drug Retail ------Electrical & Electronics 4.06 3.16 1.50 1.65 4.56 3.09 Electronic Components & Instruments - 1.10 - - 1.74 - Energy Equipment & Services - - - - 1.62 - Energy Sources - 5.26 - - - - Financial Services 1.44 4.29 1.77 1.23 7.41 1.56 Food & Household Products - 1.86 8.10 8.02 - 3.46 Food Retail - 0.73 1.21 1.62 0.06 - Forest Products & Paper ------Gold Mines - 1.56 - - - - Health & Personal Care - - - - 1.65 7.49 Heavy Electrical Equipment ------Hotels - 0.40 - - - - Industrial Components - - - - 0.67 - Insurance - 3.69 11.46 11.32 4.28 2.77 Internet Software & Services - 1.41 - - 1.84 - Investment Funds - 0.06 - - 1.25 - IT Consulting & Services ------Leisure & Tourism - - - - 0.97 - Machinery & Engineering - 0.30 - - 7.48 3.46 Meat Poultry & Fish ------Merchandising - - - - 0.75 - Metals - Steel 3.69 4.80 - - - - Misc. Materials & Commodities - - - - 2.15 - Multi - Industry 0.29 - - - 1.42 - Multi - Utilities ------Office Supplies & Forms - - 1.49 1.07 - 1.72 Oil & Gas Drilling - - 1.70 1.72 2.36 - Oil & Gas Exploration & Production 36.11 14.44 12.45 14.76 2.68 11.71 Packaging & Containers - - - - 2.38 - Pharmaceuticals - 1.80 16.08 16.01 6.07 6.57 Photo Equipment & Supplies ------Publishing & Printing - - 0.97 0.96 2.55 - Real Estate 0.39 1.66 - - 0.46 - Recreation - - - - 0.30 - Restaurants ------Retail 0.95 2.04 - - 4.73 1.56 Semiconductors - 4.16 - - - - Soft Drinks ------Systems Software ------Telecommunications 13.50 7.14 10.30 10.84 1.53 10.34 Textile & Apparel - 0.17 - - - - Trading Companies & Distributors - - - - 0.28 - Transportation - Airlines - - - - 2.18 - Transportation - Road & Rail - 0.38 1.74 - 0.45 1.71 Transportation - Shipping - - - - 0.79 1.28 Utilities - Electrical & Gas - 1.44 9.54 6.36 1.66 -

Investments portfolio as a percentage of Net Assets 99.66 99.18 100.75 97.87 98.04 95.90

Other Net Assets/(Liabilities) 0.34 0.82 ( 0.75 ) 2.13 1.96 4.10

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00

The notes on pages18 to 56 form an integral part of these financial statements. Page 128 Schroder International Selection Fund Audited Annual Report 31 December 2009 Distribution of Investments by Industry (Unaudited) (cont)

Schroder Schroder ISF Schroder ISF Schroder Schroder Global ISF Global Schroder ISF ISF Climate Global Emerging ISF Global Global Change Dividend Market Global Equity Property Equity Maximiser Opportunities Energy Yield Securities %%%%%% Bonds, Commercial Papers, Assets and Mortgage Backed Securities ------Money Markets Instruments - Assimilated to Cash - - - - - 6.79

Other Securities Advertising ------Advertising Services ------Aerospace & Military Technology - 1.81 - - 1.61 - Agricultural Operations 0.38 - - - - - Airport Services ------Appliances & Household Durables 2.30 - - - - - Application Software ------Automobiles 7.48 - 3.46 - - - Banking - 11.98 18.87 - 8.68 - Beverages & Tobacco - 7.16 - - 6.04 - Broadcasting & Cable TV - 1.65 1.74 - 1.20 - Building Materials & Components 3.62 1.08 3.97 - 1.22 - Business & Public Services ------Chemicals 8.97 1.44 - 0.24 1.17 - Commercial Services - - 1.05 - - - Computer Software & Services ------Computer Storage & Peripherals ------Construction & Housing 0.58 - 3.57 2.05 - 2.28 Consumer Electronics ------Consumer Finance ------Data Processing & Reproduction ------Department Stores ------Diversified Metals & Mining 3.61 - 2.81 - - - Drug Retail ------Electrical & Electronics 6.29 - - - - - Electronic Components & Instruments 8.45 - - - - - Energy Equipment & Services - - - 1.12 - - Energy Sources 2.46 - 2.09 2.19 - - Financial Services 0.83 1.33 8.42 - 1.19 - Food & Household Products 1.03 4.66 - - 4.95 - Food Retail 3.96 - 1.84 - - - Forest Products & Paper 4.08 - - - - - Gold Mines ------Health & Personal Care - 1.37 - - 1.24 - Heavy Electrical Equipment ------Hotels - - - - - 3.48 Industrial Components 2.62 - - - - - Insurance 1.90 5.62 3.48 - 8.53 - Internet Software & Services ------Investment Funds ------IT Consulting & Services ------Leisure & Tourism 1.25 - - - - - Machinery & Engineering 6.67 - - - 1.17 - Meat Poultry & Fish ------Merchandising ------Metals - Steel - - 0.89 - - - Misc. Materials & Commodities 1.02 - - - - - Multi - Industry ------Multi - Utilities ------Office Supplies & Forms - 1.39 - - 1.18 - Oil & Gas Drilling - 1.64 - 11.71 1.48 - Oil & Gas Exploration & Production 9.12 14.63 12.75 70.64 16.21 - Packaging & Containers 1.57 - - - - - Pharmaceuticals - 11.85 2.46 - 12.61 - Photo Equipment & Supplies ------Publishing & Printing - 1.82 - - 0.72 - Real Estate - 2.93 10.69 - 4.62 82.58 Recreation ------Restaurants ------Retail 3.41 - 2.59 - - 5.55 Semiconductors 1.79 - 1.70 - - - Soft Drinks ------Systems Software ------Telecommunications 2.16 14.08 8.76 - 14.12 - Textile & Apparel ------Trading Companies & Distributors - - 2.19 - - - Transportation - Airlines - - 1.23 - - - Transportation - Road & Rail 2.39 2.72 - - - - Transportation - Shipping - 1.22 - - 1.54 - Utilities - Electrical & Gas 8.03 10.34 3.30 - 9.15 -

Investments portfolio as a percentage of Net Assets 95.97 100.72 97.86 87.95 98.63 100.68

Other Net Assets/(Liabilities) 4.03 ( 0.72 ) 2.14 12.05 1.37 ( 0.68 )

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00

The notes on pages18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 129 Distribution of Investments by Industry (Unaudited) (cont)

Schroder Schroder ISF Schroder Schroder Schroder ISF Schroder Global ISF ISF ISF Japanese ISF Smaller Greater Hong Kong Indian Smaller Korean Companies China Equity Equity Companies Equity %%%%%% Bonds, Commercial Papers, Assets and Mortgage Backed Securities ------Money Markets Instruments - Assimilated to Cash ------

Other Securities Advertising - - 1.97 - - 2.39 Advertising Services 0.31 - - - - - Aerospace & Military Technology 0.56 - - - - - Agricultural Operations ------Airport Services 0.20 - - - - - Appliances & Household Durables 0.41 - - - - - Application Software 2.96 - - 3.42 1.91 - Automobiles 2.21 0.52 0.86 0.73 11.49 9.64 Banking 3.55 9.34 17.18 15.63 1.75 - Beverages & Tobacco 0.80 1.19 - 2.28 - - Broadcasting & Cable TV 0.80 0.40 1.02 - - - Building Materials & Components 2.77 1.63 - 4.19 1.32 - Business & Public Services 0.71 - - - 1.91 1.13 Chemicals 2.85 - - 0.99 6.69 2.71 Commercial Services 6.50 0.25 - - 1.04 0.42 Computer Software & Services 2.10 1.01 - 11.14 - - Computer Storage & Peripherals - - - 2.05 - - Construction & Housing 0.31 1.67 - - - 4.97 Consumer Electronics ------Consumer Finance ------Data Processing & Reproduction 1.06 - - - 0.67 - Department Stores 0.25 0.90 1.45 - - - Diversified Metals & Mining 1.46 - - 0.27 1.83 - Drug Retail ------Electrical & Electronics 2.63 6.71 3.49 5.78 3.62 6.97 Electronic Components & Instruments 1.75 0.50 - - 7.94 5.80 Energy Equipment & Services 0.43 1.18 - - - - Energy Sources 0.94 2.86 0.61 - - - Financial Services 4.29 2.80 2.54 5.13 4.01 7.76 Food & Household Products 1.05 5.89 4.96 - - - Food Retail 0.14 0.67 - - - 1.10 Forest Products & Paper 0.59 0.64 0.58 - - - Gold Mines 0.28 1.53 - - - - Health & Personal Care 6.60 0.84 - 2.38 1.23 3.78 Heavy Electrical Equipment 0.08 - - - 0.99 - Hotels 0.09 1.15 2.14 1.26 - - Industrial Components 0.16 1.64 13.16 - - - Insurance 3.93 8.49 5.53 - - 1.83 Internet Software & Services 2.55 - 0.74 - 0.58 3.52 Investment Funds 0.77 0.54 1.62 - - - IT Consulting & Services ------Leisure & Tourism 1.61 0.21 - - 1.45 1.06 Machinery & Engineering 5.31 2.69 0.65 3.03 11.93 1.38 Meat Poultry & Fish 0.25 - - - - - Merchandising 0.21 - - - - - Metals - Steel 0.39 2.15 - 3.93 4.53 8.47 Misc. Materials & Commodities 2.06 - - - 5.50 1.61 Multi - Industry 0.66 - - - - - Multi - Utilities 2.00 - - - - - Office Supplies & Forms 0.13 - - - - - Oil & Gas Drilling 0.40 - - - - - Oil & Gas Exploration & Production 2.53 7.23 5.91 14.84 - 2.23 Packaging & Containers 1.46 - - - - - Pharmaceuticals 4.04 1.55 - 7.67 4.58 2.19 Photo Equipment & Supplies 0.15 - - - - - Publishing & Printing 0.41 - - - - - Real Estate 3.09 9.92 25.52 0.51 8.05 - Recreation 0.91 - - - - - Restaurants 1.03 - - - - - Retail 2.74 3.18 2.16 - 4.89 7.09 Semiconductors 1.64 4.99 - - 1.91 13.66 Soft Drinks ------Systems Software - - - 0.84 - - Telecommunications 2.91 8.49 3.82 0.44 - 3.51 Textile & Apparel 1.11 1.43 1.35 - 2.52 1.91 Trading Companies & Distributors 0.80 - 1.01 - 2.90 2.75 Transportation - Airlines 0.85 0.50 - - - 2.60 Transportation - Road & Rail 0.82 - - - 3.97 - Transportation - Shipping 0.24 0.65 - - - - Utilities - Electrical & Gas 2.56 1.74 - 10.57 - -

Investments portfolio as a percentage of Net Assets 96.40 97.08 98.27 97.08 99.21 100.48

Other Net Assets/(Liabilities) 3.60 2.92 1.73 2.92 0.79 ( 0.48 )

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00

The notes on pages18 to 56 form an integral part of these financial statements. Page 130 Schroder International Selection Fund Audited Annual Report 31 December 2009 Distribution of Investments by Industry (Unaudited) (cont)

Schroder Schroder Schroder Schroder Schroder ISF ISF Schroder ISF ISF ISF Swiss Swiss Small & ISF US Small & Latin Middle Equity Mid Cap Taiwanese Mid-Cap American East Opportunities Equity Equity Equity %%%%%% Bonds, Commercial Papers, Assets and Mortgage Backed Securities - 19.51 - - - - Money Markets Instruments - Assimilated to Cash ------

Other Securities Advertising ------Advertising Services - - - - - 0.42 Aerospace & Military Technology ------Agricultural Operations ------Airport Services ------Appliances & Household Durables - - 2.21 1.93 - 0.50 Application Software - - - - - 2.06 Automobiles 1.46 1.15 - - - 1.35 Banking 16.20 33.69 6.30 4.43 6.16 3.36 Beverages & Tobacco 4.20 - - - - - Broadcasting & Cable TV 0.93 - 1.15 1.31 - 0.86 Building Materials & Components 3.06 2.04 9.30 11.21 4.64 - Business & Public Services 1.61 - - - - - Chemicals 1.75 3.79 5.86 1.48 6.02 1.53 Commercial Services - 1.59 - - - 10.41 Computer Software & Services - - 4.07 4.70 1.37 3.19 Computer Storage & Peripherals - - - - 1.58 - Construction & Housing - 0.45 - - - - Consumer Electronics ------Consumer Finance ------Data Processing & Reproduction - - - - 2.78 1.07 Department Stores - - - - 3.11 - Diversified Metals & Mining 8.95 - - - - 0.22 Drug Retail ------Electrical & Electronics 1.21 1.70 4.05 7.11 9.07 0.65 Electronic Components & Instruments - - - 1.97 8.17 0.91 Energy Equipment & Services 0.48 - - - - - Energy Sources 5.31 - - - - - Financial Services 6.97 3.18 5.77 9.90 7.56 3.12 Food & Household Products 3.09 - 8.39 9.29 6.37 - Food Retail 3.20 1.13 - - - 0.40 Forest Products & Paper 0.87 - - - - 0.41 Gold Mines 4.01 - - - - 0.72 Health & Personal Care - - 4.47 2.35 - 9.52 Heavy Electrical Equipment ------Hotels ------Industrial Components ------Insurance - - 10.88 3.50 6.81 5.27 Internet Software & Services - - - 4.62 - 2.90 Investment Funds 2.40 - 2.45 0.47 - 1.99 IT Consulting & Services ------Leisure & Tourism - - - - 2.18 1.94 Machinery & Engineering - 1.62 11.02 19.40 1.38 2.68 Meat Poultry & Fish ------Merchandising ------Metals - Steel 6.26 - - - 2.07 0.65 Misc. Materials & Commodities - - - 2.49 1.85 0.68 Multi - Industry - 1.50 - - - - Multi - Utilities - - - - - 3.39 Office Supplies & Forms ------Oil & Gas Drilling ------Oil & Gas Exploration & Production 7.23 3.61 2.28 2.54 - 2.94 Packaging & Containers - - - - - 1.40 Pharmaceuticals - - 17.51 5.49 - 2.68 Photo Equipment & Supplies - - - - 0.45 - Publishing & Printing - - 2.28 - - - Real Estate 3.03 9.25 - - - 1.10 Recreation - - - - - 1.87 Restaurants - - - - - 2.80 Retail 2.23 - - - - 0.61 Semiconductors - - - 1.56 9.54 3.15 Soft Drinks ------Systems Software ------Telecommunications 8.53 12.46 - 2.35 7.11 6.99 Textile & Apparel - - - - 6.26 1.24 Trading Companies & Distributors 1.82 - - - - - Transportation - Airlines 0.59 1.71 1.30 1.21 - - Transportation - Road & Rail 2.08 - - - - 0.69 Transportation - Shipping - - - - 1.57 - Utilities - Electrical & Gas 2.19 0.79 - - - 3.60

Investments portfolio as a percentage of Net Assets 99.66 99.17 99.29 99.31 96.05 89.27

Other Net Assets/(Liabilities) 0.34 0.83 0.71 0.69 3.95 10.73

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00

The notes on pages18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 131 Distribution of Investments by Industry (Unaudited) (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF EURO EURO European Global Japanese US Smaller Active Dynamic Equity Equity Equity Companies Value Growth Alpha Alpha Alpha %%%%%% Bonds, Commercial Papers, Assets and Mortgage Backed Securities ------Money Markets Instruments - Assimilated to Cash ------

Other Securities Advertising ------Advertising Services 0.97 - - - - - Aerospace & Military Technology - 0.70 1.84 - - - Agricultural Operations ------Airport Services 1.18 - - - - - Appliances & Household Durables 0.27 0.21 - - - 2.35 Application Software 1.90 - - - - - Automobiles 1.04 - 2.12 - 3.46 6.11 Banking 3.25 17.35 15.59 17.24 13.47 - Beverages & Tobacco 0.53 3.11 - 2.50 - - Broadcasting & Cable TV - 0.40 3.01 1.95 1.03 3.63 Building Materials & Components 1.01 2.93 2.25 - 3.19 - Business & Public Services 0.61 - - - - - Chemicals 1.21 1.90 10.54 5.94 4.66 8.71 Commercial Services 8.95 1.03 - 2.12 0.97 - Computer Software & Services 1.42 0.82 0.15 1.98 - 6.14 Computer Storage & Peripherals - - - - 2.47 - Construction & Housing 0.27 0.85 - - - - Consumer Electronics ------Consumer Finance ------Data Processing & Reproduction 0.77 0.79 - - - - Department Stores 1.44 - - - - - Diversified Metals & Mining 0.52 - - 1.78 1.57 - Drug Retail ------Electrical & Electronics 2.30 1.69 4.73 1.96 1.68 7.23 Electronic Components & Instruments 1.48 - - - 1.44 - Energy Equipment & Services - - 0.93 - - - Energy Sources 1.18 2.47 - - - - Financial Services 3.27 - 2.17 0.45 4.57 6.17 Food & Household Products 2.87 5.20 5.35 5.90 5.68 - Food Retail - - - 2.20 1.70 - Forest Products & Paper 0.44 - - - - - Gold Mines 0.40 - - - 1.70 - Health & Personal Care 12.25 - - 0.16 4.02 - Heavy Electrical Equipment ------Hotels 0.55 - - - - - Industrial Components ------Insurance 2.87 12.21 9.39 3.64 4.51 1.26 Internet Software & Services 3.85 - 0.43 - 1.00 - Investment Funds 1.49 - - - - - IT Consulting & Services ------Leisure & Tourism 3.18 - - - - 2.19 Machinery & Engineering 1.02 2.42 4.30 2.62 3.10 12.47 Meat Poultry & Fish 1.50 - - - - - Merchandising - 0.59 - - - - Metals - Steel - 1.52 1.60 1.61 2.01 6.87 Misc. Materials & Commodities 1.62 0.96 1.42 1.89 - - Multi - Industry 0.45 2.21 - - - - Multi - Utilities 2.53 - - - - - Office Supplies & Forms - - 0.36 - - - Oil & Gas Drilling - - 0.59 1.58 1.94 - Oil & Gas Exploration & Production 2.83 10.37 7.81 10.66 9.14 - Packaging & Containers 0.91 1.33 0.53 - - - Pharmaceuticals 3.27 6.11 5.25 12.97 5.38 2.11 Photo Equipment & Supplies 0.28 - - - - - Publishing & Printing ------Real Estate 3.21 - - - 1.44 2.96 Recreation - - - 0.59 - - Restaurants ------Retail - 1.62 - 1.27 5.96 12.73 Semiconductors 2.38 - - - 1.75 - Soft Drinks ------Systems Software - - - - 3.28 - Telecommunications 0.92 4.62 10.36 7.37 3.04 3.67 Textile & Apparel 1.36 - - - - - Trading Companies & Distributors 0.34 1.30 - - - 3.59 Transportation - Airlines 0.59 - 1.22 - - - Transportation - Road & Rail 0.62 - - - 0.45 3.77 Transportation - Shipping - - - - - 2.99 Utilities - Electrical & Gas 4.08 15.01 7.16 4.06 1.93 -

Investments portfolio as a percentage of Net Assets 89.38 99.72 99.10 92.44 96.54 94.95

Other Net Assets/(Liabilities) 10.62 0.28 0.90 7.56 3.46 5.05

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00

The notes on pages18 to 56 form an integral part of these financial statements. Page 132 Schroder International Selection Fund Audited Annual Report 31 December 2009 Distribution of Investments by Industry (Unaudited) (cont)

Schroder ISF Schroder Schroder QEP ISF ISF Schroder Schroder Global QEP QEP Schroder ISF ISF Active Global Global ISF European Asian Value Core Quality QEP US Core Allocation b Bond %%%%%% Bonds, Commercial Papers, Assets and Mortgage Backed Securities - - - - - 59.82 Money Markets Instruments - Assimilated to Cash ------

Other Securities Advertising - 0.15 0.36 0.27 - - Advertising Services - 0.17 0.31 - - - Aerospace & Military Technology - 1.25 2.35 2.35 - - Agricultural Operations 0.72 0.32 - 0.45 - - Airport Services 0.01 0.03 0.29 0.07 - - Appliances & Household Durables 0.07 0.45 0.25 0.13 - - Application Software 0.17 0.34 1.14 0.31 - - Automobiles 0.51 1.39 0.45 0.11 - - Banking 5.61 10.95 4.53 6.67 - - Beverages & Tobacco 1.58 3.33 2.82 4.33 - - Broadcasting & Cable TV 1.04 1.13 1.28 2.43 - - Building Materials & Components 2.29 1.52 2.02 0.27 - - Business & Public Services 0.23 0.05 1.35 0.10 - - Chemicals 2.30 2.34 2.42 1.61 - - Commercial Services 1.31 0.50 1.30 0.63 - - Computer Software & Services 1.27 1.61 1.09 2.64 - - Computer Storage & Peripherals 0.22 1.09 1.32 1.86 - - Construction & Housing 0.63 0.59 - 0.49 - - Consumer Electronics 0.02 - - - - - Consumer Finance - 0.17 0.41 0.12 - - Data Processing & Reproduction 1.21 2.74 1.92 4.15 - - Department Stores 0.99 0.32 0.29 0.60 - - Diversified Metals & Mining 1.46 2.57 1.57 0.54 - - Drug Retail 0.26 0.28 0.92 0.41 - - Electrical & Electronics 2.55 1.08 1.10 0.65 - - Electronic Components & Instruments 0.86 1.21 0.86 1.66 - - Energy Equipment & Services 0.25 0.69 0.45 0.62 - - Energy Sources 2.83 3.71 3.87 7.26 - - Financial Services 2.72 2.86 5.67 3.28 - - Food & Household Products 3.70 3.61 5.62 2.34 - - Food Retail 3.31 0.97 1.86 0.06 - - Forest Products & Paper 0.50 0.10 0.31 0.05 - - Gold Mines 0.20 0.78 - 0.45 - - Health & Personal Care 2.26 5.46 8.95 9.48 - - Heavy Electrical Equipment - 0.04 - 0.06 - - Hotels ------Industrial Components 0.20 0.25 0.14 - - - Insurance 8.98 4.46 3.72 2.36 - - Internet Software & Services 0.05 1.46 0.36 2.03 - - Investment Funds 0.08 0.05 0.34 - - - IT Consulting & Services - 0.22 0.49 0.25 - - Leisure & Tourism 0.07 0.76 0.51 0.36 - - Machinery & Engineering 1.34 1.57 1.55 1.84 - - Meat Poultry & Fish 0.45 - - - - - Merchandising 0.13 0.55 0.12 0.48 - - Metals - Steel 0.86 0.55 0.31 0.19 - - Misc. Materials & Commodities 0.50 0.80 0.42 1.99 - - Multi - Industry 0.32 0.73 0.79 0.56 - - Multi - Utilities 0.51 - - 0.22 - - Office Supplies & Forms 0.74 0.09 0.08 0.06 - - Oil & Gas Drilling 0.05 0.31 1.15 0.46 - - Oil & Gas Exploration & Production 8.69 6.41 4.93 4.23 - - Packaging & Containers - - 0.32 - - - Pharmaceuticals 4.66 5.77 4.56 5.12 - - Photo Equipment & Supplies 0.07 0.08 - - - - Publishing & Printing 0.06 0.12 0.04 - - - Real Estate 1.77 1.72 1.52 1.22 - - Recreation 0.27 0.18 0.54 0.08 - - Restaurants - 0.09 - - - - Retail 2.02 2.64 2.66 3.91 - - Semiconductors 0.01 1.06 0.31 2.05 - - Soft Drinks - 0.10 - - - - Systems Software 0.02 1.84 1.00 3.96 - - Telecommunications 12.11 5.77 3.93 5.77 - - Textile & Apparel 0.77 1.59 3.08 2.05 - - Trading Companies & Distributors 2.24 1.28 1.73 0.53 - - Transportation - Airlines 0.43 - - - - - Transportation - Road & Rail 0.81 1.76 2.70 1.88 - - Transportation - Shipping 1.11 0.28 0.29 0.04 - - Utilities - Electrical & Gas 7.98 1.99 0.55 1.79 - -

Investments portfolio as a percentage of Net Assets 98.38 98.28 95.22 99.88 - 59.82

Other Net Assets/(Liabilities) 1.62 1.72 4.78 0.12 100.00 40.18

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00

b Schroder ISF European Allocation was formerly known as Schroder ISF European Absolute Return until 1 June 2009. The notes on pages18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 133 Distribution of Investments by Industry (Unaudited) (cont)

Schroder Schroder ISF ISF Schroder Schroder Emerging Emerging Schroder ISF ISF Schroder Europe Debt Markets Debt ISF EURO EURO ISF Absolute Absolute EURO Government Short Term Global Return Return Bond Bond c Bond Bond %%%%%% Bonds, Commercial Papers, Assets and Mortgage Backed Securities 93.38 95.75 96.33 97.62 97.10 87.18 Money Markets Instruments - Assimilated to Cash ------

Other Securities Advertising ------Advertising Services ------Aerospace & Military Technology ------Agricultural Operations ------Airport Services ------Appliances & Household Durables ------Application Software ------Automobiles ------Banking ------Beverages & Tobacco ------Broadcasting & Cable TV ------Building Materials & Components ------Business & Public Services ------Chemicals ------Commercial Services ------Computer Software & Services ------Computer Storage & Peripherals ------Construction & Housing ------Consumer Electronics ------Consumer Finance ------Data Processing & Reproduction ------Department Stores ------Diversified Metals & Mining ------Drug Retail ------Electrical & Electronics ------Electronic Components & Instruments ------Energy Equipment & Services ------Energy Sources ------Financial Services ------Food & Household Products ------Food Retail ------Forest Products & Paper ------Gold Mines ------Health & Personal Care ------Heavy Electrical Equipment ------Hotels ------Industrial Components ------Insurance ------Internet Software & Services ------Investment Funds ------IT Consulting & Services ------Leisure & Tourism ------Machinery & Engineering ------Meat Poultry & Fish ------Merchandising ------Metals - Steel ------Misc. Materials & Commodities ------Multi - Industry ------Multi - Utilities ------Office Supplies & Forms ------Oil & Gas Drilling ------Oil & Gas Exploration & Production ------Packaging & Containers ------Pharmaceuticals ------Photo Equipment & Supplies ------Publishing & Printing ------Real Estate ------Recreation ------Restaurants ------Retail ------Semiconductors ------Soft Drinks ------Systems Software ------Telecommunications ------Textile & Apparel ------Trading Companies & Distributors ------Transportation - Airlines ------Transportation - Road & Rail ------Transportation - Shipping ------Utilities - Electrical & Gas ------

Investments portfolio as a percentage of Net Assets 93.38 95.75 96.33 97.62 97.10 87.18

Other Net Assets/(Liabilities) 6.62 4.25 3.67 2.38 2.90 12.82

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00

c Schroder ISF EURO Government Bond was formerly known as Schroder ISF European Bond until 1 June 2009. The notes on pages18 to 56 form an integral part of these financial statements. Page 134 Schroder International Selection Fund Audited Annual Report 31 December 2009 Distribution of Investments by Industry (Unaudited) (cont)

Schroder Schroder ISF Schroder Schroder ISF Schroder Schroder Global ISF ISF Asian ISF ISF Inflation Hong Kong US Local EURO Global Linked Dollar Dollar Currency Corporate Corporate Bond Bond Bond Bond Bond Bond %%%%%% Bonds, Commercial Papers, Assets and Mortgage Backed Securities 100.19 92.90 96.86 93.74 93.23 92.45 Money Markets Instruments - Assimilated to Cash - - - - - 1.27

Other Securities Advertising ------Advertising Services ------Aerospace & Military Technology ------Agricultural Operations ------Airport Services ------Appliances & Household Durables ------Application Software ------Automobiles ------Banking ------Beverages & Tobacco ------Broadcasting & Cable TV ------Building Materials & Components ------Business & Public Services ------Chemicals ------Commercial Services ------Computer Software & Services ------Computer Storage & Peripherals ------Construction & Housing ------Consumer Electronics ------Consumer Finance ------Data Processing & Reproduction ------Department Stores ------Diversified Metals & Mining ------Drug Retail ------Electrical & Electronics ------Electronic Components & Instruments ------Energy Equipment & Services ------Energy Sources ------Financial Services ------Food & Household Products ------Food Retail ------Forest Products & Paper ------Gold Mines ------Health & Personal Care ------Heavy Electrical Equipment ------Hotels ------Industrial Components ------Insurance ------Internet Software & Services ------Investment Funds ------IT Consulting & Services ------Leisure & Tourism ------Machinery & Engineering ------Meat Poultry & Fish ------Merchandising ------Metals - Steel ------Misc. Materials & Commodities ------Multi - Industry ------Multi - Utilities ------Office Supplies & Forms ------Oil & Gas Drilling ------Oil & Gas Exploration & Production ------Packaging & Containers ------Pharmaceuticals ------Photo Equipment & Supplies ------Publishing & Printing ------Real Estate ------Recreation ------Restaurants ------Retail ------Semiconductors ------Soft Drinks ------Systems Software ------Telecommunications ------Textile & Apparel ------Trading Companies & Distributors ------Transportation - Airlines ------Transportation - Road & Rail ------Transportation - Shipping ------Utilities - Electrical & Gas ------

Investments portfolio as a percentage of Net Assets 100.19 92.90 96.86 93.74 93.23 93.72

Other Net Assets/(Liabilities) ( 0.19 ) 7.10 3.14 6.26 6.77 6.28

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00

The notes on pages18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 135 Distribution of Investments by Industry (Unaudited) (cont)

Schroder Schroder Schroder Schroder ISF ISF Schroder ISF ISF Global Schroder Global ISF Asian Global Credit ISF High Strategic Convertible Convertible Duration European Yield Bond Bond Bond Hedged d Defensive %%%%%% Bonds, Commercial Papers, Assets and Mortgage Backed Securities 94.86 107.03 90.47 85.61 87.41 - Money Markets Instruments - Assimilated to Cash - - - - 2.00 95.32

Other Securities Advertising ------Advertising Services ------Aerospace & Military Technology ------Agricultural Operations ------Airport Services ------Appliances & Household Durables ------Application Software ------Automobiles ------Banking ------Beverages & Tobacco ------Broadcasting & Cable TV ------Building Materials & Components ------Business & Public Services ------Chemicals ------Commercial Services ------Computer Software & Services ------Computer Storage & Peripherals ------Construction & Housing ------Consumer Electronics ------Consumer Finance ------Data Processing & Reproduction ------Department Stores ------Diversified Metals & Mining ------Drug Retail ------Electrical & Electronics ------Electronic Components & Instruments ------Energy Equipment & Services ------Energy Sources ------Financial Services ------Food & Household Products ------Food Retail ------Forest Products & Paper ------Gold Mines ------Health & Personal Care ------Heavy Electrical Equipment ------Hotels ------Industrial Components ------Insurance ------Internet Software & Services ------Investment Funds ------IT Consulting & Services ------Leisure & Tourism ------Machinery & Engineering ------Meat Poultry & Fish ------Merchandising ------Metals - Steel ------Misc. Materials & Commodities ------Multi - Industry ------Multi - Utilities ------Office Supplies & Forms ------Oil & Gas Drilling ------Oil & Gas Exploration & Production ------Packaging & Containers ------Pharmaceuticals ------Photo Equipment & Supplies ------Publishing & Printing ------Real Estate ------Recreation ------Restaurants ------Retail ------Semiconductors ------Soft Drinks ------Systems Software ------Telecommunications ------Textile & Apparel ------Trading Companies & Distributors ------Transportation - Airlines ------Transportation - Road & Rail ------Transportation - Shipping ------Utilities - Electrical & Gas ------

Investments portfolio as a percentage of Net Assets 94.86 107.03 90.47 85.61 89.41 95.32

Other Net Assets/(Liabilities) 5.14 ( 7.03 ) 9.53 14.39 10.59 4.68

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00

d Schroder ISF Global Credit Duration Hedged was formerly known as Schroder ISF Strategic Credit until 1 October 2009. The notes on pages18 to 56 form an integral part of these financial statements. Page 136 Schroder International Selection Fund Audited Annual Report 31 December 2009 Distribution of Investments by Industry (Unaudited) (cont)

Schroder Schroder Schroder Schroder ISF ISF ISF Schroder ISF European European World ISF US Defensive Defensive Defensive EURO Dollar Monthly 6 Monthly 3 Monthly Liquidity Liquidity %%%%% Bonds, Commercial Papers, Assets and Mortgage Backed Securities - - - 50.14 93.35 Money Markets Instruments - Assimilated to Cash 96.40 59.19 90.66 49.22 -

Other Securities Advertising ----- Advertising Services - - - - - Aerospace & Military Technology - - - - - Agricultural Operations - - - - - Airport Services ----- Appliances & Household Durables - - - - - Application Software - - - - - Automobiles ----- Banking ----- Beverages & Tobacco - - - - - Broadcasting & Cable TV - - - - - Building Materials & Components - - - - - Business & Public Services - - - - - Chemicals ----- Commercial Services - - - - - Computer Software & Services - - - - - Computer Storage & Peripherals - - - - - Construction & Housing - - - - - Consumer Electronics - - - - - Consumer Finance - - - - - Data Processing & Reproduction - - - - - Department Stores - - - - - Diversified Metals & Mining - - - - - Drug Retail ----- Electrical & Electronics - - - - - Electronic Components & Instruments - - - - - Energy Equipment & Services - - - - - Energy Sources ----- Financial Services ----- Food & Household Products - - - - - Food Retail ----- Forest Products & Paper - - - - - Gold Mines ----- Health & Personal Care - - - - - Heavy Electrical Equipment - - - - - Hotels ----- Industrial Components - - - - - Insurance ----- Internet Software & Services - - - - - Investment Funds ----- IT Consulting & Services - - - - - Leisure & Tourism ----- Machinery & Engineering - - - - - Meat Poultry & Fish - - - - - Merchandising ----- Metals - Steel ----- Misc. Materials & Commodities - - - - - Multi - Industry ----- Multi - Utilities ----- Office Supplies & Forms - - - - - Oil & Gas Drilling ----- Oil & Gas Exploration & Production - - - - - Packaging & Containers - - - - - Pharmaceuticals ----- Photo Equipment & Supplies - - - - - Publishing & Printing - - - - - Real Estate ----- Recreation ----- Restaurants ----- Retail ----- Semiconductors ----- Soft Drinks ----- Systems Software - - - - - Telecommunications - - - - - Textile & Apparel ----- Trading Companies & Distributors - - - - - Transportation - Airlines - - - - - Transportation - Road & Rail - - - - - Transportation - Shipping - - - - - Utilities - Electrical & Gas - - - - -

Investments portfolio as a percentage of Net Assets 96.40 59.19 90.66 99.36 93.35

Other Net Assets/(Liabilities) 3.60 40.81 9.34 0.64 6.65

Total Net Assets 100.00 100.00 100.00 100.00 100.00

The notes on pages18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 137 Portfolio of Investments as at 31 December 2009 Schroder ISF EURO Equity Schroder ISF EURO Equity (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing EUR Assets Amount to an Official Exchange Listing EUR Assets

Austria 27,507,895 2.00 Netherlands (cont) 606,960 EVN 7,981,524 0.58 1,073,719 ArcelorMittal 34,552,277 2.51 552,037 RHI 8,965,081 0.65 413,073 Exact 7,683,158 0.56 391,594 Semperit 10,561,290 0.77 679,671 Heineken 19,870,182 1.44 4,760,528 ING Groep 32,847,643 2.38 Belgium 43,785,902 3.18 1,663,983 Koninklijke KPN 19,701,559 1.43 629,108 Anheuser-Busch InBev 22,896,386 1.66 1,639,910 Unilever 37,307,952 2.71 121,992 Anheuser-Busch InBev Strip VVPR 610 - 7,963,560 Fortis 20,888,418 1.52 Portugal 10,252,059 0.74 61,015 Groupe Bruxelles Lambert Strip VVPR 488 - 12,132,614 Banco Comercial Portugues 10,252,059 0.74

Finland 24,131,847 1.75 Spain 161,932,268 11.75 2,705,364 Nokia 24,131,847 1.75 3,325,712 Banco Bilbao Vizcaya Argentaria 42,336,314 3.07 4,835,548 Banco Santander 55,850,579 4.05 France 366,954,019 26.64 158,452 Red Electrica 6,151,107 0.45 593,142 Alstom 29,099,546 2.11 2,950,526 Telefónica 57,594,268 4.18 563,232 AXA 9,315,857 0.68 557,774 BNP Paribas 31,179,567 2.26 Total Transferable Securities and 418,723 Bureau Veritas 15,243,611 1.11 Money Market Instruments Admitted 253,267 Christian Dior 18,174,440 1.32 to an Official Exchange Listing 1,256,488,321 91.21 231,397 Danone 9,910,733 0.72 Number of shares Market % 1,763,681 France Telecom 30,740,960 2.23 or Principal Other Transferable Securities not dealt Value Net 1,135,206 GDF Suez 34,379,714 2.50 Amount on another Regulated Market EUR Assets 190,979 Lafarge 11,040,496 0.80 1,114,416 Sanofi-Aventis 61,359,745 4.45 Italy -- 368,640 Société Générale 18,044,928 1.31 7,571,884 Paramalat Finanziaria - - 304,414 Téléperformance 6,904,109 0.50 1,287,570 Total 57,947,088 4.21 Total Other Transferable Securities not dealt 1,616,409 Vivendi 33,613,225 2.44 on another Regulated Market - -

Germany 296,865,729 21.55 Total Investments 1,256,488,321 91.21 340,123 Allianz 29,641,719 2.15 66,792 Axel Springer 5,012,740 0.36 Other Net Assets 121,153,121 8.79 318,091 BASF 13,824,235 1.00 Net Asset Value 1,377,641,442 100.00 181,628 Bayer 10,163,903 0.74 58,484 Bijou Brigitte 6,871,870 0.50 225,144 Daimler 8,382,111 0.61 256,784 Deutsche Bank 12,690,265 0.92 1,361,585 E.ON 39,799,130 2.89 169,467 Fresenius Preference 8,475,045 0.62 323,160 Linde 27,197,146 1.97 144,736 Muenchener Rueckversicherungs 15,728,461 1.14 380,050 Rheinmetall 17,003,437 1.24 290,316 RWE 19,729,875 1.43 253,872 SAP 8,377,776 0.61 563,982 Siemens 36,213,284 2.63 1,374,077 Symrise 20,583,673 1.49 360,358 Wincor Nixdorf 17,171,059 1.25

Greece 13,445,766 0.98 742,860 National Bank of Greece 13,445,766 0.98

Ireland 6,922,266 0.50 2,382,880 Glanbia 6,922,266 0.50

Italy 141,416,453 10.27 922,153 ACEA 6,897,704 0.50 8,460,170 Enel 34,242,538 2.49 2,160,624 ENI 38,459,107 2.79 3,720,203 Intesa Sanpaolo 11,718,639 0.85 517,540 Italmobiliare 'RSP' 11,499,739 0.84 18,200,797 Telecom Italia 'RSP' 14,069,216 1.02 10,471,509 UniCredit 24,529,510 1.78

Netherlands 163,274,117 11.85 243,779 Akzo Nobel 11,311,346 0.82

The notes on pages 18 to 56 form an integral part of these financial statements. Page 138 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF European Large Cap Schroder ISF European Large Cap (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing EUR Assets Amount to an Official Exchange Listing EUR Assets

Denmark 1,269,588 1.57 Switzerland (cont) 146 AP Moller-Maersk 718,063 0.89 86,859 Nestlé Registered 2,938,157 3.63 34,782 Danske Bank 551,525 0.68 58,001 Novartis Registered 2,208,210 2.73 15,346 Roche 1,817,902 2.25 Finland 829,837 1.03 6,821 Syngenta Registered 1,336,133 1.65 93,031 Nokia 829,837 1.03 116,331 UBS Registered 1,258,134 1.56 France 14,817,752 18.33 5,687 Zürich Financial Services 867,976 1.07 24,953 Accor 954,452 1.18 United Kingdom 25,081,076 31.02 13,670 Air Liquide 1,135,020 1.41 60,079 Anglo American 1,833,310 2.27 24,694 Alstom 1,211,488 1.50 172,027 BG 2,172,567 2.69 25,961 BNP Paribas 1,451,220 1.80 37,480 BHP Billiton 841,640 1.04 24,267 Cie Generale d’Optique Essilor 1,013,147 1.25 641,505 BT 974,804 1.21 International 257,220 Cairn Energy 962,965 1.19 9,709 Compagnie Generale des Etablissements 520,208 0.64 Michelin 548,496 Game 654,430 0.81 42,710 GDF Suez 1,293,472 1.60 144,784 HSBC 1,155,122 1.43 13,440 GDF Suez Strip VVPR 13 - 35,262 Imperial Tobacco 777,941 0.96 9,978 L'Oréal 778,284 0.96 64,354 Intertek 909,082 1.12 23,362 Sanofi-Aventis 1,286,312 1.59 105,236 John Wood 365,785 0.45 12,265 Société Générale 600,372 0.74 871,304 Legal & General 790,476 0.98 46,275 Total 2,082,606 2.58 2,964,232 Lloyds Banking 1,691,290 2.09 119,796 Vivendi 2,491,158 3.08 711,862 National Express 1,537,639 1.90 102,446 Prudential 738,004 0.91 Germany 13,762,137 17.02 606,930 Royal Bank of Scotland 199,483 0.25 15,664 Allianz 1,365,118 1.69 106,901 Royal Dutch Shell 2,255,611 2.79 26,948 Bayer 1,508,010 1.87 511,259 SIG 645,105 0.80 37,554 Daimler 1,398,135 1.73 95,420 Unilever 2,141,649 2.65 12,436 Deutsche Boerse 721,288 0.89 1,805,040 Vodafone 2,919,627 3.61 188,135 Deutsche Telekom 1,935,909 2.39 70,702 Wellstream 422,581 0.52 44,613 E.ON 1,304,038 1.61 68,754 Whitbread 1,091,965 1.35 28,475 Fresenius Medical Care KGaA 1,051,867 1.30 82,559 GEA 1,284,618 1.59 Total Transferable Securities and 8,767 MAN 477,275 0.59 Money Market Instruments Admitted 24,472 Metro 1,041,773 1.29 to an Official Exchange Listing 80,418,818 99.47 21,473 Porsche Automobil Preference 939,229 1.16 22,269 SAP 734,877 0.91 Total Investments 80,418,818 99.47

Greece 546,208 0.68 Other Net Assets 426,785 0.53 69,937 EFG Eurobank Ergasias 546,208 0.68 Net Asset Value 80,845,603 100.00 Ireland 1,066,716 1.32 55,849 CRH 1,066,716 1.32

Netherlands 2,720,906 3.37 34,613 ArcelorMittal 1,113,846 1.38 28,966 Delta Lloyd 490,394 0.61 32,762 QIAGEN 511,742 0.63 28,136 TNT 604,924 0.75

Norway 1,399,884 1.73 185,561 DnB NOR 1,399,884 1.73

Spain 4,288,232 5.30 130,358 Banco Bilbao Vizcaya Argentaria 1,659,457 2.05 109,645 Banco Santander 1,266,400 1.56 43,800 Gamesa Corp Tecnologica 516,183 0.64 51,409 Indra Sistemas 846,192 1.05

Sweden 1,854,717 2.29 79,335 Alfa Laval 766,013 0.95 59,768 Atlas Copco 613,809 0.76 45,507 Kinnevik Investment 474,895 0.58

Switzerland 12,781,765 15.81 33,164 Credit Suisse Registered 1,144,177 1.42 76,126 GAM 645,826 0.80 23,058 Julius Baer 565,250 0.70

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 139 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Equity Schroder ISF Global Equity (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Australia 307,498 1.13 Netherlands (cont) 14,947 Australia & New Zealand Banking 307,498 1.13 13,728 SBM Offshore 272,290 1.00 14,263 Unilever 467,223 1.71 Brazil 1,166,651 4.27 6,165 Anhanguera Educacional Participações 87,890 0.32 Norway 145,462 0.53 13,778 Itau Unibanco ADR Preference 311,934 1.14 13,391 DnB NOR 145,462 0.53 22,272 Redecard 370,242 1.36 Spain 438,404 1.60 2,096 Totvs 141,776 0.52 16,427 Banco Bilbao Vizcaya Argentaria 301,106 1.10 8,866 Vale ADR 254,809 0.93 8,091 Gamesa Corp Tecnologica 137,298 0.50 Canada 640,248 2.34 Switzerland 1,395,024 5.10 8,933 Suncor Energy 319,805 1.17 6,109 Novartis Registered 334,894 1.23 6,266 Ultra Petroleum 320,443 1.17 2,357 Roche 402,038 1.47 Cayman Islands 83,246 0.30 203 SGS Registered 266,097 0.97 200 Baidu ADR 83,246 0.30 503 Syngenta Registered 141,874 0.52 10,209 Tyco Electronics 250,121 0.91 China 865,008 3.17 29,600 China Pacific Insurance Group 'H' 117,956 0.43 United Kingdom 2,585,816 9.46 37,000 Dongfang Electric 'H' 198,503 0.73 25,920 BG 471,350 1.72 285,000 Industrial & Commercial Bank of China 'H' 236,702 0.87 21,142 Bunzl 231,295 0.85 13,000 Ping An Insurance Group Co of China ‘H’ 114,005 0.42 62,430 Cairn Energy 336,536 1.23 282,000 Want Want China 197,842 0.72 51,866 Centrica 236,298 0.86 33,241 HSBC 381,868 1.40 France 1,652,342 6.05 6,226 Rio Tinto 342,078 1.25 4,332 BNP Paribas 348,684 1.28 52,798 Tesco 366,250 1.34 3,356 Cie Generale d’Optique Essilor 201,749 0.74 94,521 Vodafone 220,141 0.81 International 6,072 Danone 374,466 1.37 United States of America 10,763,846 39.38 7,483 GDF Suez 326,314 1.19 4,746 AGCO 153,865 0.56 6,190 Total 401,129 1.47 3,757 AON 145,546 0.53 20,437 Applied Materials 287,549 1.05 Germany 742,054 2.72 6,834 Baker Hughes 279,306 1.02 2,092 Linde 253,513 0.93 20,326 Bank of America 306,313 1.12 2,355 Siemens 217,734 0.80 5,234 Baxter International 308,754 1.13 7,124 ThyssenKrupp 270,807 0.99 10,391 Cisco Systems 251,254 0.92 Hong Kong SAR 489,987 1.79 7,160 Cognizant Technology Solutions 325,637 1.19 11,000 Jardine Strategic 193,600 0.71 3,095 Colgate-Palmolive 256,421 0.94 4,000 Sun Hung Kai Properties 59,994 0.22 12,338 Comcast 210,610 0.77 19,500 Swire Pacific 236,393 0.86 6,335 ConocoPhillips 323,022 1.18 4,328 Cummins 200,776 0.74 Indonesia 144,671 0.53 3,753 Danaher 284,402 1.04 3,597 Telekomunikasi Indonesia ADR 144,671 0.53 16,579 Dell 245,203 0.90 Ireland 454,721 1.66 4,129 EOG Resources 407,986 1.49 9,397 Covidien 454,721 1.66 4,576 Exelon 226,054 0.83 4,090 FPL 219,633 0.80 Israel 558,635 2.04 725 Google 451,479 1.65 32,386 Makhteshim-Agan Industries 159,037 0.58 8,348 Hewlett-Packard 441,860 1.62 7,151 Teva Pharmaceutical Industries ADR 399,598 1.46 5,643 Illinois Tool Works 274,419 1.01 Japan 1,934,144 7.08 9,227 Intuit 286,591 1.05 16,000 Bridgestone 280,768 1.03 14,982 JPMorgan Chase & Co. 622,202 2.28 6,400 Canon 270,063 0.99 16,391 Kroger 335,852 1.23 7,500 Honda Motor 251,727 0.92 3,264 Lockheed Martin 248,456 0.91 13,100 Mitsubishi 325,874 1.19 14,983 Lowe's 352,550 1.29 44,100 Mitsubishi UFJ Financial 215,122 0.79 4,551 Marathon Oil 143,220 0.52 30,100 Nomura 221,218 0.81 19,664 Microsoft 608,797 2.23 46,000 Sekisui Chemical 285,949 1.05 3,420 Monsanto 282,526 1.03 5,000 Ushio 83,423 0.30 9,698 News 156,235 0.57 8,990 Principal Financial 218,907 0.80 Mexico 251,478 0.92 3,683 State Street 161,647 0.59 7,427 Desarrolladora Homex ADR 251,478 0.92 15,060 TD Ameritrade 295,327 1.08 Netherlands 1,765,552 6.47 4,031 Travelers 202,598 0.74 5,787 ArcelorMittal 268,146 0.98 10,065 Virgin Media 169,897 0.62 55,507 ING Groep 551,479 2.02 6,689 Wal-Mart Stores 363,213 1.33 16,667 Reed Elsevier 206,414 0.76 4,523 WellPoint 265,771 0.97

The notes on pages 18 to 56 form an integral part of these financial statements. Page 140 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Equity (cont) Schroder ISF Italian Equity

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing EUR Assets

United States of America (cont) Austria 1,397,771 1.05 6,033 Yum! Brands 212,422 0.78 45,530 OMV 1,397,771 1.05 3,975 Zimmer 237,546 0.87 France 1,346,910 1.01 Total Transferable Securities and 29,928 Total 1,346,910 1.01 Money Market Instruments Admitted Italy 124,975,938 93.81 to an Official Exchange Listing 26,384,787 96.54 364,161 A2A 533,860 0.40 Number of shares Market % 698,009 Assicurazioni Generali 13,136,529 9.86 or Principal Value Net 750,851 Astaldi 4,493,843 3.37 Amount Derivatives USD Assets 348,334 Azimut 3,267,373 2.45 111,552 Danieli & C Officine Meccaniche 1,939,889 1.46 India 273,558 1.00 735,284 Davide Campari-Milano 5,363,897 4.03 28,231 Shriram Transport Finance Warrants 18/ 273,558 1.00 119,032 De'Longhi 376,439 0.28 01/2013 213,012 DiaSorin 5,299,739 3.98 Total Derivatives 273,558 1.00 3,198,975 Enel 12,947,851 9.72 743,832 ENI 13,240,210 9.94 Total Investments 26,658,345 97.54 357,878 Esprinet 3,251,322 2.44 98,942 Exor 1,343,632 1.01 Other Net Assets 671,695 2.46 138,099 Finmeccanica 1,545,328 1.16 Net Asset Value 27,330,040 100.00 154,300 Gruppo Coin 706,694 0.53 422,230 Gruppo MutuiOnline 2,385,599 1.79 2,062,235 Intesa Sanpaolo 6,496,040 4.88 3,267,146 Iride 4,345,304 3.26 35,467 Italmobiliare 1,097,704 0.82 589,662 MARR 3,508,489 2.63 522,728 Mediobanca 4,346,483 3.26 83,971 Nice 251,913 0.19 136,271 Prysmian 1,661,143 1.25 927,052 Recordati 4,820,670 3.62 121,056 Saipem 2,917,450 2.19 1,113,416 Snam Rete Gas 3,863,554 2.90 5,427,134 Telecom Italia 5,904,722 4.43 295,586 Trevi Finanziaria 3,260,314 2.45 5,085,794 UniCredit 11,913,472 8.94 193,968 Zignago Vetro 756,475 0.57

Luxembourg 3,885,614 2.92 258,696 Tenaris 3,885,614 2.92

Netherlands 279,584 0.21 44,238 STMicroelectronics 279,584 0.21

Spain 1,304,702 0.98 69,677 Repsol YPF 1,304,702 0.98

Total Transferable Securities and Money Market Instruments Admitted to an Official Exchange Listing 133,190,519 99.98

Number of shares Market % or Principal Other Transferable Securities not dealt Value Net Amount on another Regulated Market EUR Assets

Italy -- 697,708 Paramalat Finanziaria - -

Other Transferable Securities not dealt on another Regulated Market - -

Total Investments 133,190,519 99.98

Other Net Assets 29,852 0.02

Net Asset Value 133,220,371 100.00

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 141 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Japanese Equity Schroder ISF Japanese Equity (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing JPY Assets Amount to an Official Exchange Listing JPY Assets

Japan 23,750,623,000 96.17 Japan (cont) 60,300 ABC-Mart 156,478,500 0.63 71,400 Square Enix 139,515,600 0.56 306,000 Air Water 334,764,000 1.36 536,700 Sumitomo 506,108,100 2.05 192,800 Arnest One 181,232,000 0.73 105,100 Sumitomo Electric Industries 120,865,000 0.49 538,000 Asics 447,078,000 1.81 946,000 Sumitomo Heavy Industries 442,728,000 1.79 41,200 Astellas Pharma 142,552,000 0.58 963,000 Sumitomo Metal Industries 239,787,000 0.97 151,500 Bridgestone 246,339,000 1.00 231,100 Sumitomo Mitsui Financial 611,259,500 2.48 182,900 Canon 715,139,000 2.90 561,000 Suruga Bank 452,166,000 1.83 816 Central Japan Railway 507,552,000 2.06 116,300 TDK 657,095,000 2.66 888,000 Chiba Bank 491,952,000 1.99 165,600 Tohokushinsha Film 78,825,600 0.32 25,000 Doshisha 51,875,000 0.21 540,000 Tokai Tokyo Financial 196,020,000 0.79 342 EPS 124,830,000 0.51 131,800 Tokyu Community 268,213,000 1.09 2,592,500 Haseko 171,105,000 0.69 100,000 Toyo Suisan Kaisha 213,500,000 0.86 412,000 Hitachi 117,008,000 0.47 182,400 Toyota Motor 707,712,000 2.87 255,900 Honda Motor 795,849,000 3.22 290,500 Toyota Tsusho 397,113,500 1.61 217,100 Hoya 534,066,000 2.16 53,300 Tsumura & Co. 159,900,000 0.65 1,482,000 Isuzu Motors 256,386,000 1.04 88,900 Unicharm Petcare 252,920,500 1.02 70,000 IT 74,130,000 0.30 1,768 Works Applications 86,897,200 0.35 56,800 JFE 207,320,000 0.84 62,750 Yamada Denki 392,815,000 1.59 133,000 JGC 226,898,000 0.92 Total Transferable Securities and 7,069 Jupiter Telecommunications 651,761,800 2.64 Money Market Instruments Admitted 406,000 Kamigumi 275,674,000 1.12 to an Official Exchange Listing 23,750,623,000 96.17 1,355 KDDI 668,015,000 2.71 110,000 Kissei Pharmaceutical 202,290,000 0.82 Total Investments 23,750,623,000 96.17 71,600 Kobayashi Pharmaceutical 266,352,000 1.08 152,400 Komatsu 294,741,600 1.19 Other Net Assets 945,509,834 3.83 112,200 K's 313,038,000 1.27 210,000 Kuroda Electric 283,500,000 1.15 Net Asset Value 24,696,132,834 100.00 792,000 Mazda Motor 167,904,000 0.68 71,300 Meiko Electronics 167,911,500 0.68 320,000 Mitsubishi Electric 219,200,000 0.89 843,600 Mitsubishi UFJ Financial 381,307,200 1.54 542,200 Mitsui & Co. 710,824,200 2.88 279,000 Mitsui OSK Lines 136,431,000 0.55 126,200 Nafco 186,397,400 0.75 140,400 NEC Networks & System Integration 158,230,800 0.64 128,300 Nichi-iko Pharmaceutical 322,674,500 1.31 66,000 Nidec 563,640,000 2.28 79,800 Nifco 147,231,000 0.60 203,000 Nippon Electric Glass 258,013,000 1.04 670,000 Nippon Oil 288,100,000 1.17 46,000 Nippon Seiki 48,806,000 0.20 304,000 Nippon Shokubai 242,896,000 0.98 62,900 Nippon Telegraph & Telephone 229,585,000 0.93 172,000 Nippon Thompson 79,292,000 0.32 377,800 Nissan Motor 306,018,000 1.24 577,200 Nomura 393,073,200 1.59 260 Nomura Real Estate Residential Fund 87,620,000 0.35 48,100 Nomura Research Institute 88,071,100 0.36 9,900 Obic 150,579,000 0.61 77,970 ORIX 488,871,900 1.98 450 Orix JREIT 207,900,000 0.84 58,000 Otsuka 268,540,000 1.09 140,000 Relo 177,100,000 0.72 224,000 Ricoh 294,336,000 1.19 38,000 Sankyo 176,320,000 0.71 148,900 Seiko Epson 222,754,400 0.90 98,400 Shin-Etsu Chemical 514,632,000 2.08 556,300 Shinko Plantech 522,365,700 2.12 124,000 Shizuoka Gas 74,276,000 0.30 701,000 Sompo Japan Insurance 415,693,000 1.68 105,700 Sony 282,219,000 1.14 456 Sony Financial 110,443,200 0.45

The notes on pages 18 to 56 form an integral part of these financial statements. Page 142 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Japanese Large Cap Schroder ISF Pacific Equity

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing JPY Assets Amount to an Official Exchange Listing USD Assets

Japan 5,162,320,850 94.42 Bermuda 11,384,920 1.63 31,800 ABC-Mart 82,521,000 1.51 570,349 Esprit 3,806,470 0.55 164,000 Asahi Glass 143,992,000 2.63 1,531,000 Hongkong Land 7,578,450 1.08 32,900 Astellas Pharma 113,834,000 2.08 China 170,981,718 24.44 28,800 Canon 112,608,000 2.06 18,486,000 China Construction Bank 'H' 15,901,577 2.27 240 Central Japan Railway 149,280,000 2.73 3,045,000 China High Speed Transmission 7,445,554 1.06 133,000 Chiba Bank 73,682,000 1.35 Equipment 57,200 Credit Saison 59,716,800 1.09 3,421,000 China Life Insurance 'H' 16,919,590 2.42 10,000 East Japan Railway 58,700,000 1.07 5,240,000 China Mengniu Dairy 18,752,781 2.68 152,000 Fukuoka Financial 48,944,000 0.90 3,175,000 China Mobile 29,829,412 4.26 1,407,500 Haseko 92,895,000 1.70 2,312,000 China Shenhua Energy 'H' 11,330,337 1.62 23,100 Hoya 56,826,000 1.04 8,017,000 CNOOC 12,613,718 1.80 455,000 ITOCHU 310,310,000 5.67 16,902,000 Industrial & Commercial Bank of China 'H' 14,037,681 2.01 34,900 JSR 65,612,000 1.20 2,688,500 Longfor Properties RegS 3,033,818 0.43 912 Jupiter Telecommunications 84,086,400 1.54 27,496,000 PCD Stores 10,673,514 1.53 502 KDDI 247,486,000 4.53 9,754,000 PetroChina 'H' 11,723,845 1.68 203,000 Konica Minolta 193,256,000 3.53 949,000 Ping An Insurance Group Co of China ‘H’ 8,322,361 1.19 32,100 Makita 101,757,000 1.86 1,635,600 Sinopharm 'H' 5,811,257 0.83 575,000 Mazda Motor 121,900,000 2.23 740,879 ZTE 'H' 4,586,273 0.66 71,300 Mitsubishi UFJ Financial 32,227,600 0.59 49,000 Mitsui & Co. 64,239,000 1.17 Hong Kong SAR 107,966,155 15.43 2,000 Nidec 17,080,000 0.31 495,500 Beijing Enterprises 3,594,493 0.51 61,000 Nippon Electric Glass 77,531,000 1.42 4,358,000 Belle International 5,091,982 0.73 279,000 Nippon Mining 110,763,000 2.03 4,326,000 BOC Hong Kong 9,819,075 1.40 18,600 NOK 23,789,400 0.44 1,982,800 China Overseas Land & Investment 4,193,669 0.60 86,600 Nomura 58,974,600 1.08 2,209,800 China Taiping Insurance 7,153,163 1.02 14,700 Nomura Research Institute 26,915,700 0.49 24,142,000 GOME Electrical Appliances 8,779,985 1.26 9,020 ORIX 56,555,400 1.03 1,929,000 Hang Lung 9,615,085 1.37 12,400 Otsuka 57,412,000 1.05 621,000 Hutchison Whampoa 4,276,655 0.61 27,400 Ryohin Keikaku 92,612,000 1.69 586,400 Jardine Matheson 17,697,552 2.53 46,500 Sankyo 215,760,000 3.95 1,086,500 Kerry Properties 5,534,753 0.79 20,000 Secom 88,400,000 1.62 2,698,000 Link REIT 6,896,314 0.99 89 Seven Bank 16,465,000 0.30 3,024,000 Shangri-La Asia 5,693,850 0.81 5,600 Shimamura 49,616,000 0.91 124,000 Sun Hung Kai Properties 1,859,828 0.27 35,900 Shin-Etsu Chemical 187,757,000 3.43 1,465,000 Swire Pacific 17,759,751 2.54 184,500 Shizuoka Gas 110,515,500 2.02 India 65,738,460 9.39 463,300 Sojitz 81,077,500 1.48 202,423 Bharat Heavy Electricals 10,484,552 1.50 272,000 Sompo Japan Insurance 161,296,000 2.95 1,251,043 Cairn India 7,607,366 1.09 167,700 Sumitomo 158,141,100 2.89 133,969 Dr Reddy's Laboratories 3,310,536 0.47 106,000 Sumitomo Heavy Industries 49,608,000 0.91 403,500 GAIL India 3,594,107 0.51 67,200 Sumitomo Mitsui Financial 177,744,000 3.25 142,390 HDFC Bank 5,223,780 0.75 85,000 Sumitomo Trust & Banking 38,505,000 0.70 422,200 ICICI Bank 7,979,944 1.14 166,000 Suruga Bank 133,796,000 2.45 2,302,573 Jaiprakash Associates 7,287,346 1.04 69,550 T&D 132,075,450 2.42 945,901 NTPC 4,803,913 0.69 56,700 Takeda Pharmaceutical 217,161,000 3.97 151,914 Oil & Natural Gas 3,856,782 0.55 7,900 TDK 44,635,000 0.82 270,500 Reliance Communication 1,004,756 0.14 484,000 Tokai Tokyo Financial 175,692,000 3.21 345,526 Reliance Industries 8,120,978 1.16 63,800 Tokyo Steel Manufacturing 66,671,000 1.22 82,774 Tata Power 2,464,400 0.35 60,000 Tokyo Tatemono 21,240,000 0.39 39,000 Toyota Motor 151,320,000 2.77 Indonesia 23,981,506 3.43 66,200 Toyota Tsusho 90,495,400 1.66 21,660,500 Delta Dunia Makmur 3,869,582 0.55 9,400 Yamada Denki 58,844,000 1.08 4,340,000 Indocement Tunggal Prakarsa 6,285,201 0.90 3,867,500 Perusahaan Perkebunan London Sumatra 3,413,702 0.49 Total Transferable Securities and Indonesia Money Market Instruments Admitted 1,423,000 Tambang Batubara Bukit Asam 2,594,794 0.37 to an Official Exchange Listing 5,162,320,850 94.42 7,826,500 Telekomunikasi Indonesia 7,818,227 1.12

Total Investments 5,162,320,850 94.42 Malaysia 16,179,171 2.31 1,179,500 CIMB 4,423,125 0.63 Other Net Assets 304,929,475 5.58 3,556,000 Genting Malaysia 2,918,329 0.42 3,054,800 IJM 3,996,935 0.57 Net Asset Value 5,467,250,325 100.00 1,888,200 IOI 3,016,488 0.43 1,163,200 Maxis 1,824,294 0.26

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 143 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Pacific Equity (cont) Schroder ISF Swiss Equity

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing CHF Assets

Philippines 6,155,710 0.88 Austria 2,129,009 1.07 6,360,900 Metropolitan Bank & Trust 6,155,710 0.88 93,996 Austriamicrosystems 2,129,009 1.07

Singapore 51,807,806 7.40 Israel 3,252,860 1.63 762,000 CapitaLand 2,282,495 0.33 404,082 Oridion Systems 3,252,860 1.63 704,000 City Developments 5,804,115 0.83 Switzerland 189,963,685 95.28 1,218,500 DBS 13,382,948 1.91 380,182 ABB Registered 7,580,829 3.80 2,269,820 SembCorp Industries 5,989,612 0.85 26,721 Acino Registered 4,302,081 2.16 2,069,000 Singapore Telecommunications 4,589,088 0.66 103,950 Actelion Registered 5,738,040 2.88 305,000 United Overseas Bank 4,285,205 0.61 3,028 Alpiq Registered 1,301,283 0.65 3,233,000 UOL 9,384,381 1.34 66,148 Aryzta 2,550,005 1.28 1,328,000 Wilmar International 6,089,962 0.87 45,800 Bank Sarasin & Cie Registered 1,790,780 0.90 South Korea 118,531,127 16.94 8,829 Banque Cantonale Vaudoise Registered 3,628,719 1.82 216,150 Hana Financial 6,105,460 0.87 7,527 Barry Callebaut Registered 4,915,131 2.46 181,205 Hyundai Engineering & Construction 11,030,208 1.58 10,000 Basilea Pharmaceutica Registered 644,500 0.32 56,748 Hyundai Motor 5,895,263 0.84 40,587 BKW FMB Energie 3,267,253 1.64 67,067 Hyundai Steel 4,980,722 0.71 166,300 Credit Suisse Registered 8,514,560 4.27 468,440 Korea Exchange Bank 5,831,620 0.83 100,000 EFG International Registered 1,430,000 0.72 18,182 KT&G 1,005,298 0.15 8,465 Forbo Registered 2,878,100 1.44 520,630 LG Telecom 3,794,933 0.54 192,500 GAM 2,423,575 1.22 41,751 NHN 6,882,328 0.98 36,780 Gategroup 1,287,300 0.65 12,595 POSCO 6,682,730 0.95 4,860 Givaudan Registered 4,016,790 2.01 164,753 Samsung C&T 7,935,302 1.14 6,600 Helvetia Registered 2,116,950 1.06 59,864 Samsung Electronics 41,065,753 5.87 119,736 Holcim Registered 9,638,748 4.83 34,227 Samsung Fire & Marine Insurance 5,862,448 0.84 13,520 Komax Registered 973,440 0.49 17,739 Shinsegae 8,178,444 1.17 42,400 Lonza Registered 3,095,200 1.55 32,520 SK Energy 3,280,618 0.47 364,800 Nestlé Registered 18,312,960 9.18 326,800 Novartis Registered 18,464,200 9.26 Taiwan 107,339,704 15.34 38,329 Partners Group 5,005,767 2.51 1,398,080 Acer 4,205,606 0.60 112,250 Petroplus 2,136,117 1.07 1,326,000 Asustek Computer 2,562,439 0.37 58,300 Roche 10,249,140 5.14 2,266,000 AU Optronics 2,749,243 0.39 60,219 Santhera Pharmaceutical Registered 1,526,552 0.77 6,629,360 Cathay Financial 12,375,634 1.77 56,896 Schindler Registered 4,457,802 2.24 8,655,401 Chinatrust Financial 5,399,476 0.77 5,323 Schweiter Technologies 2,890,389 1.45 5,207,839 Chunghwa Telecom 9,689,381 1.39 3,463 Sika 5,592,745 2.81 4,977,250 Far Eastern Department Stores 5,711,853 0.82 73,000 Swiss Reinsurance Registered 3,643,430 1.83 3,964,183 Hon Hai Precision Industry 18,779,666 2.68 33,500 Syngenta Registered 9,738,450 4.88 10,258,000 KGI Securities 6,094,497 0.87 195,974 Temenos Registered 5,261,902 2.64 2,508,098 Siliconware Precision Industries 3,399,814 0.49 1,023,170 UBS Registered 16,421,879 8.24 4,031,000 Taiwan Cement 4,285,616 0.61 13,510 VZ 1,061,211 0.53 2,848,987 Taiwan Mobile 5,558,999 0.79 74,751 Winterthur Technologie Registered 3,049,841 1.53 9,066,925 Taiwan Semiconductor Manufacturing 18,286,950 2.61 324,720 Zueblin Immobilien Registered 1,315,116 0.66 6,680,156 Uni-President Enterprises 8,240,530 1.18 38,600 Zürich Financial Services 8,742,900 4.39 Thailand 13,105,577 1.87 Total Transferable Securities and 562,900 Advanced Info Service (Foreign) 1,461,310 0.21 Money Market Instruments Admitted 278,900 Banpu 4,821,321 0.69 to an Official Exchange Listing 195,345,554 97.98 355,100 Kasikornbank (Foreign) 927,182 0.13 385,900 PTT Exploration & Production (Foreign) 1,702,500 0.24 Total Investments 195,345,554 97.98 1,610,600 Siam Commercial Bank (Foreign) 4,193,264 0.60 Other Net Assets 4,034,964 2.02 Total Transferable Securities and Money Market Instruments Admitted Net Asset Value 199,380,518 100.00 to an Official Exchange Listing 693,171,854 99.06

Total Investments 693,171,854 99.06

Other Net Assets 6,609,783 0.94

Net Asset Value 699,781,637 100.00

The notes on pages 18 to 56 form an integral part of these financial statements. Page 144 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF UK Equity Schroder ISF UK Equity (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing GBP Assets Amount to an Official Exchange Listing GBP Assets

Belgium 1,475,822 0.95 United Kingdom (cont) 1,353,965 Hansen Transmissions International 1,475,822 0.95 507,924 Smith & Nephew 3,248,174 2.09 121,037 Smiths 1,227,315 0.79 Canada 1,405,896 0.90 81,983 Spirax-Sarco Engineering 1,016,589 0.65 29,654 First Quantum Minerals 1,405,896 0.90 201,900 Standard Chartered 3,179,925 2.04 Luxembourg 399,513 0.26 544,060 SVG Capital 690,956 0.44 301,519 Colt Telecom 399,513 0.26 GBP 1,050,000 SVG Capital 8.25% 05/06/2016 745,938 0.48 231,687 Telecity 887,361 0.57 United Kingdom 145,700,364 93.58 134,350 Unilever 2,678,939 1.72 108,777 Anglo American 2,948,945 1.89 4,606,883 Vodafone 6,620,091 4.25 207,795 AstraZeneca 6,047,874 3.87 167,653 Wellstream 890,238 0.57 301,619 BAE Systems 1,084,320 0.70 305,538 WSP 841,757 0.54 1,118,799 Barclays 3,087,885 1.98 791,490 Xchanging 1,632,052 1.05 593,331 BG 6,657,174 4.28 893,633 Yule Catto & Co. 1,358,322 0.87 155,977 BHP Billiton 3,111,741 2.00 452,832 Bodycote 720,456 0.46 Total Transferable Securities and 2,664,578 Booker 1,225,706 0.79 Money Market Instruments Admitted 879,376 BP 5,276,256 3.39 to an Official Exchange Listing 148,981,595 95.69 114,693 British American Tobacco 2,312,784 1.49 Number of shares Market % 2,687,521 BT 3,628,153 2.33 or Principal Open-ended Collective Value Net 328,912 Bunzl 2,220,156 1.43 Amount Investment Schemes GBP Assets 821,780 Cairn Energy 2,733,240 1.76 53,840 Caledonia Investments 860,363 0.55 United Kingdom 4,015,085 2.58 673,501 Carillion 2,046,096 1.31 43,785 Schroder Recovery Fund Class A 4,015,085 2.58 106,109 Carnival 2,265,427 1.46 Total Open-ended Collective 493,614 Centaur Media 231,999 0.15 Investment Schemes 4,015,085 2.58 1,699,501 Centrica 4,777,297 3.07 49,249 Chemring 1,446,443 0.93 619,509 Chloride 1,115,116 0.72 Total Investments 152,996,680 98.27 71,387 CSR 292,044 0.19 Other Net Assets 2,687,517 1.73 675,968 Daily Mail & General Trust 2,826,898 1.82 193,685 Dana Petroleum 2,277,736 1.46 Net Asset Value 155,684,197 100.00 1,475,408 Elementis 781,966 0.50 1,492,717 Filtrona 2,821,235 1.81 594,761 GlaxoSmithKline 7,847,871 5.04 1,064,751 Grainger 1,362,881 0.88 467,644 Headlam 1,404,101 0.90 714,653 HSBC 5,065,461 3.25 300,825 IG 1,142,533 0.73 28,222 Imperial Tobacco 553,151 0.36 1,070,425 Intec Telecom Systems 1,107,890 0.71 442,604 International Power 1,368,089 0.88 1,043,128 ITE 1,335,204 0.86 494,716 John Wood 1,527,683 0.98 138,288 Johnson Matthey 2,117,189 1.36 3,292,851 Leed Petroleum 200,205 0.13 4,265,808 Legal & General 3,438,241 2.21 5,605,933 Lloyds Banking 2,841,648 1.83 650,264 Melrose 1,170,475 0.75 413,831 Michael Page International 1,568,006 1.01 1,303,288 Old Mutual 1,423,191 0.91 212,333 Pearson 1,891,887 1.22 457,730 Prudential 2,929,472 1.88 446,464 PZ Cussons 1,205,453 0.77 415,554 Renovo 119,472 0.08 1,319,709 Rentokil Initial 1,525,584 0.98 409,088 Resolution 365,725 0.23 637,517 Rexam 1,852,624 1.19 56,199 Rio Tinto 1,905,146 1.22 300,023 Royal Dutch Shell 'A' 5,646,433 3.63 113,844 Royal Dutch Shell 'B' 2,062,284 1.32 864,712 RSA Insurance 1,042,843 0.67 112,668 Signet Jewelers 1,864,655 1.20

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 145 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF US Large Cap Schroder ISF US Large Cap (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Canada 13,710,528 2.50 United States of America (cont) 195,091 Suncor Energy 6,939,387 1.27 152,914 State Street 6,711,396 1.23 132,404 Ultra Petroleum 6,771,141 1.23 157,041 United States Steel 8,717,346 1.59 155,698 United Technologies 10,975,152 2.00 Ireland 16,759,596 3.06 290,696 Unum 5,784,850 1.06 177,580 Covidien 8,593,096 1.57 289,507 Verizon Communications 9,675,324 1.77 226,031 Ingersoll-Rand 8,166,500 1.49 228,111 Wal-Mart Stores 12,386,427 2.26 Switzerland 16,623,141 3.03 56,474 Whirlpool 4,615,620 0.84 180,554 ACE 9,121,588 1.66 480,786 Yahoo! 8,163,746 1.49 183,054 Noble 7,501,553 1.37 130,649 Zimmer 7,807,584 1.42

United States of America 489,584,101 89.32 Total Transferable Securities and 230,536 Altera 5,258,526 0.96 Money Market Instruments Admitted 155,326 Amgen 8,937,458 1.63 to an Official Exchange Listing 536,677,366 97.91 70,419 Apple 14,903,477 2.72 180,616 Assurant 5,362,489 0.98 Total Investments 536,677,366 97.91 710,415 Bank of America 10,705,954 1.95 Other Net Assets 11,476,996 2.09 79,565 Bank of America Preference 1,191,088 0.22 191,171 Baxter International 11,277,177 2.06 Net Asset Value 548,154,362 100.00 222,250 BorgWarner 7,527,608 1.37 349,119 Calpine 3,861,256 0.71 319,842 CBS 4,573,741 0.83 587,509 Cisco Systems 14,205,968 2.59 1,785,822 Citigroup 5,928,929 1.08 125,266 Coach 4,631,084 0.84 193,037 Cognizant Technology Solutions 8,779,323 1.60 462,716 Comcast 7,898,562 1.44 184,546 ConocoPhillips 9,410,001 1.72 171,745 Cummins 7,967,251 1.45 397,254 Dean Foods 7,182,352 1.31 222,928 Electronic Arts 4,061,748 0.74 96,962 EOG Resources 9,580,815 1.75 117,518 Exxon Mobil 8,081,713 1.47 90,983 FedEx 7,749,022 1.41 485,583 Fifth Third Bancorp 4,758,713 0.87 73,261 FPL 3,934,116 0.72 83,986 Freeport-McMoRan Copper & Gold 6,792,788 1.24 241,914 Goodyear Tire & Rubber 3,490,819 0.64 27,493 Google 17,120,716 3.12 287,940 Hewlett-Packard 15,240,664 2.78 170,979 Hospira 8,738,737 1.59 190,924 Illinois Tool Works 9,284,634 1.69 261,954 Johnson & Johnson 17,003,434 3.10 339,397 JPMorgan Chase & Co. 14,095,157 2.57 118,057 Kellogg 6,373,898 1.16 315,490 Lennar 4,072,976 0.74 455,589 Lowe's 10,720,009 1.96 227,492 Marathon Oil 7,159,173 1.31 137,358 McDonald's 8,638,445 1.58 124,972 MetLife 4,430,257 0.81 576,360 Microsoft 17,844,106 3.26 129,500 Monsanto 10,697,995 1.95 173,495 NASDAQ OMX 3,499,394 0.64 130,213 NetApp 4,497,557 0.82 107,804 Norfolk Southern 5,739,485 1.05 118,818 Parker Hannifin 6,457,758 1.18 218,892 PepsiCo 13,420,269 2.45 210,144 Procter & Gamble 12,896,537 2.35 431,877 Quicksilver Resources 6,612,037 1.21 325,681 SLM 3,758,359 0.69 73,799 St Jude Medical 2,732,777 0.50 161,245 Stanley Works 8,404,089 1.53 290,481 Staples 7,256,215 1.32

The notes on pages 18 to 56 form an integral part of these financial statements. Page 146 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Asia Pacific Property Schroder ISF Asian Equity Yield Securities Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Australia 19,043,647 13.65 Australia 186,203,067 23.46 5,714,400 Dexus Property 4,367,387 3.13 1,237,410 Australia & New Zealand Banking 25,456,682 3.21 1,519,820 Macquarie CountryWide Trust 799,430 0.57 380,792 BHP Billiton 14,763,819 1.86 638,990 Stockland 2,269,464 1.63 2,782,540 BlueScope Steel 7,780,974 0.98 1,029,447 Westfield 11,607,366 8.32 1,311,260 Computershare 13,499,772 1.70 681,927 CSL 19,921,395 2.51 Hong Kong SAR 47,302,783 33.89 2,347,356 Incitec Pivot 7,492,719 0.94 542,880 China Overseas Land & Investment 1,148,204 0.82 343,440 Newcrest Mining 10,910,048 1.38 1,251,000 Hang Lung 6,235,599 4.47 469,019 Orica 10,985,765 1.38 588,000 Hang Lung Properties 2,320,439 1.66 872,722 QBE Insurance 20,088,524 2.53 93,000 Henderson Land Development 700,434 0.50 765,132 Santos 9,693,475 1.22 1,512,000 Hongkong Land 7,484,400 5.36 1,069,702 Suncorp-Metway 8,358,238 1.05 279,500 Jardine Strategic 4,919,200 3.52 5,012,390 Telstra 15,458,634 1.95 529,500 Kerry Properties 2,697,332 1.93 865,620 Woolworths 21,793,022 2.75 1,909,500 Link REIT 4,880,842 3.50 720,500 Longfor Properties 813,043 0.58 China 39,098,217 4.93 1,516,000 Shangri-La Asia 2,854,457 2.05 17,504,000 China Construction Bank 'H' 15,056,865 1.90 403,000 Sun Hung Kai Properties 6,044,441 4.33 2,828,000 China Mengniu Dairy 10,120,776 1.28 295,500 Swire Pacific 3,582,257 2.57 16,761,000 Industrial & Commercial Bank of China 'H' 13,920,576 1.75 627,625 Wharf 3,622,135 2.60 Hong Kong SAR 203,307,899 25.62 Japan 33,916,168 24.30 1,944,000 Beijing Enterprises 14,102,308 1.78 206,400 Daibiru 1,483,514 1.06 5,404,000 CNOOC 8,502,499 1.07 636 Japan Prime Realty Investment 1,321,969 0.95 3,053,000 HongKong Electric 16,615,395 2.09 330 Japan Real Estate Investment 2,436,003 1.75 5,339,000 Hongkong Land 26,428,050 3.33 777,000 Mitsubishi Estate 12,393,762 8.88 11,274,300 Hopewell Highway Infrastructure 6,877,366 0.87 612,000 Mitsui Fudosan 10,290,266 7.37 1,302,000 Hutchison Whampoa 8,966,514 1.13 374 Nippon Building Fund 2,849,601 2.04 1,348,654 Jardine Matheson 40,702,378 5.13 130,000 Sumitomo Realty & Development 2,439,780 1.75 2,289,500 Jardine Strategic 40,295,200 5.08 190,000 Tokyu Land 701,273 0.50 10,604,000 Link REIT 27,104,710 3.41 6,255,000 Swire Pacific 13,713,479 1.73 Philippines 3,245,037 2.32 6,551,000 Robinsons Land 1,831,462 1.31 Indonesia 18,953,848 2.39 6,707,268 SM Prime 1,413,575 1.01 25,885,500 Perusahaan Gas Negara 10,671,612 1.35 8,291,000 Telekomunikasi Indonesia 8,282,236 1.04 Singapore 29,468,921 21.12 3,011,333 Ascendas Real Estate Investment Trust 4,767,792 3.42 Malaysia 9,114,571 1.15 4,422,000 Cambridge Industrial Trust 1,419,178 1.02 5,811,600 Maxis 9,114,571 1.15 3,207,000 CapitaCommercial Trust 2,676,026 1.92 New Zealand 16,000,569 2.02 2,666,500 CapitaLand 7,987,234 5.72 6,527,280 Fisher & Paykel Healthcare 16,000,569 2.02 3,387,100 CapitaMall Trust 4,348,165 3.11 10,464,000 Fortune Real Estate Investment Trust 4,223,898 3.03 Singapore 99,607,341 12.55 2,565,000 Suntec Real Estate Investment Trust 2,469,600 1.77 16,491,000 Ascendas Real Estate Investment Trust 26,109,917 3.29 1,019,000 Yanlord Land 1,577,028 1.13 21,853,000 Cambridge Industrial Trust 7,013,408 0.88 1,843,500 DBS 20,247,406 2.55 Thailand 1,362,372 0.98 62,807,000 Fortune Real Estate Investment Trust 25,352,675 3.20 6,826,200 Land and Houses (Foreign) 1,362,372 0.98 20,011,000 Hyflux Water Trust 9,990,158 1.26 Total Transferable Securities and 3,753,000 UOL 10,893,777 1.37 Money Market Instruments Admitted South Korea 46,173,727 5.81 to an Official Exchange Listing 134,338,928 96.26 855,500 Korea Exchange Bank 10,650,140 1.34 188,520 KT&G 10,423,428 1.31 Total Investments 134,338,928 96.26 36,590 Samsung Electronics 25,100,159 3.16 Other Net Assets 5,224,503 3.74 Taiwan 95,512,636 12.03 Net Asset Value 139,563,431 100.00 827,773 Chunghwa Telecom ADR 15,288,967 1.93 6,354,190 Far EasTone Telecommunications 7,580,123 0.95 24,436,540 KGI Securities 14,518,270 1.83 19,041,628 Taiwan Mobile 37,154,396 4.68 10,397,655 Taiwan Semiconductor Manufacturing 20,970,880 2.64

Thailand 27,964,838 3.52 784,700 Banpu 13,565,042 1.71 2,538,700 Kasikornbank 6,476,276 0.82 10,353,400 Kiatnakin Bank (Foreign) 7,923,520 0.99

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 147 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Asian Equity Yield (cont) Schroder ISF Asian Smaller Companies

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

United Kingdom 24,599,166 3.10 China 12,078,779 17.80 49,900 Gold Bullion Securities 5,380,238 0.68 681,000 China Dongxiang 526,950 0.78 466,800 Standard Chartered 11,721,095 1.48 1,102,000 China Foods 989,150 1.45 1,524,500 Tanjong 7,497,833 0.94 1,704,000 China Lilang 1,186,683 1.75 1,480,000 China Southern Airlines 'H' 461,901 0.68 Total Transferable Securities and 3,164,000 China Tontine Wines 693,676 1.02 Money Market Instruments Admitted 846,000 China Vanadium Titano - Magnetite Mining 554,250 0.82 to an Official Exchange Listing 766,535,879 96.58 2,412,000 Chongqing Iron & Steel 'H' 905,194 1.33 81,100 Concord Medical Services ADR 700,704 1.03 Total Investments 766,535,879 96.58 1,652,000 Guangzhou Pharmaceutical 'H' 1,246,342 1.84 Other Net Assets 27,106,727 3.42 116,400 Inner Mongolia Yitai Coal 1,006,744 1.48 1,770,000 PCD Stores 687,086 1.01 Net Asset Value 793,642,606 100.00 2,394,000 Regent Manner International 1,185,569 1.75 37,300 Shanda Games ADR 384,190 0.57 658,000 Yingde Gases 678,022 1.00 445,000 Zhengzhou Gas 'H' 872,318 1.29

Hong Kong SAR 22,785,587 33.57 372,000 AAC Acoustic Technology 615,039 0.91 355,000 Anta Sports Products 527,415 0.78 3,838,000 Beijing Enterprises Water 1,281,965 1.89 973,000 China Agri-Industries 1,279,925 1.89 1,270,000 China Everbright International 655,142 0.97 500,000 China Haidian 47,072 0.07 1,432,000 China Haisheng Juice 206,839 0.30 289,600 China Taiping Insurance 937,440 1.38 3,471,741 Citic 1616 1,177,537 1.73 302,000 Coslight Technology International 443,221 0.65 887,200 Dah Sing Banking 1,327,245 1.96 798,000 Daphne International 643,212 0.95 2,770,000 Franshion Properties China 978,818 1.44 1,435,000 Geely Automobile 790,226 1.16 2,712,000 Global Bio-Chem Technology 668,028 0.98 170,000 Hysan Development 483,425 0.71 7,325,000 Inspur International 1,048,581 1.54 853,000 Intime Department Store 789,851 1.16 724,000 Ju Teng International 721,754 1.06 2,054,400 Lee & Man Paper Manufacturing 1,417,458 2.09 322,000 Mingfa Group International 92,605 0.14 3,960,000 Orange Sky Golden Harvest Entertainment 597,520 0.89 110,000 Orient Overseas International 514,957 0.76 1,186,000 Pacific Andes International 240,135 0.35 1,753,000 SJM 967,603 1.43 576,000 Skyworth Digital 592,784 0.87 4,612,000 SMI 181,410 0.27 4,314,000 Solomon Systech International 439,520 0.65 392,000 TCL Multimedia Technology 429,205 0.63 1,243,500 Techtronic Industries 1,040,787 1.53 1,056,000 Xinyi Glass 957,394 1.41 1,964,000 Xiwang Sugar 691,474 1.02

Indonesia 2,449,910 3.61 3,440,500 Aneka Tambang 800,116 1.18 323,000 Indo Tambangraya Megah 1,085,772 1.60 639,000 Perusahaan Perkebunan London Sumatra 564,022 0.83 Indonesia

Malaysia 764,652 1.13 667,900 SP Setia 764,652 1.13

Singapore 4,858,557 7.15 709,000 Biosensors International 401,993 0.59 5,670,000 GMG Global 444,817 0.66 981,000 Goodpack 790,593 1.16 986,000 Hi-P International 509,824 0.75

The notes on pages 18 to 56 form an integral part of these financial statements. Page 148 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Asian Smaller Schroder ISF Asian Total Return Companies (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Singapore (cont) Australia 20,834,183 10.65 487,000 Hotel Properties 767,586 1.13 170,411 Australia & New Zealand Banking 3,505,789 1.79 422,000 Olam International 800,571 1.18 724,957 BlueScope Steel 2,027,238 1.04 585,000 Singapore Airport Terminal Services 1,143,173 1.68 60,221 CSL 1,759,259 0.90 365,981 Incitec Pivot 1,168,205 0.60 South Korea 9,959,839 14.67 92,578 Orica 2,168,441 1.11 11,060 Daelim Industrial 790,034 1.16 108,649 QBE Insurance 2,500,909 1.28 34,062 Daewoo International 967,978 1.43 148,226 Santos 1,877,879 0.96 68,060 Doosan Infracore 955,382 1.41 186,719 Suncorp-Metway 1,458,950 0.74 37,060 Hankook Tire 811,359 1.20 20,380 Woodside Petroleum 864,925 0.44 66,760 Industrial Bank of Korea 802,438 1.18 139,123 Woolworths 3,502,588 1.79 37,120 Kia Motors 638,983 0.94 4,386 Korea Zinc 768,185 1.13 China 10,530,273 5.39 7,682 LG Innotek 653,605 0.96 1,558,000 China Mengniu Dairy 5,575,731 2.85 32,660 Namhae Chemical 522,953 0.77 2,354,500 China Vanke 2,954,493 1.51 110,250 Nexen Tire 639,871 0.94 1,664,000 PetroChina 'H' 2,000,049 1.03 223,925 SK Broadband 921,846 1.36 Hong Kong SAR 73,801,652 37.75 31,900 Sung Kwang Bend 775,076 1.14 1,432,000 AAC Acoustic Technology 2,367,568 1.21 47,128 Suprema 712,129 1.05 627,000 Beijing Enterprises 4,548,430 2.33 Taiwan 9,833,121 14.49 982,000 Cafe de Coral 2,246,656 1.15 1,180,585 Cando 993,050 1.46 4,922,000 Chen Hsong 1,396,483 0.71 2,078,000 Cathay Real Estate Development 857,711 1.26 1,046,000 China Overseas Land & Investment 2,212,315 1.13 1,746,000 Eva Airways 769,812 1.13 1,364,800 China Taiping Insurance 4,417,882 2.26 639,630 Far Eastern Department Stores 734,034 1.08 725,000 Hang Lung 3,613,757 1.85 2,273,823 Far Eastern International Bank 853,217 1.26 277,000 Hang Seng Bank 4,097,459 2.10 64,000 Formosa International Hotels 821,513 1.21 730,500 Hongkong Electric 3,975,613 2.03 450,000 Hung Poo Real Estate Development 723,265 1.07 1,016,000 Hongkong Land 5,029,200 2.57 2,023,600 KGI Securities 1,202,264 1.77 338,000 Jardine Matheson 10,200,840 5.22 254,000 Silitech Technology 913,383 1.35 556,000 Jardine Strategic 9,785,600 5.00 2,000,000 Tatung 490,306 0.72 1,931,000 Link REIT 4,935,797 2.52 681,000 Tung Ho Steel Enterprise 737,856 1.09 9,477,000 Pou Sheng International 1,417,752 0.73 400,000 TXC 736,710 1.09 2,197,500 Swire Pacific 4,817,805 2.46 3,848,000 Techtronic Industries 3,220,707 1.65 United States of America 431,325 0.64 3,608,000 Texwinca 3,373,463 1.73 7,500 Sohu.com 431,325 0.64 866,000 Tingyi Cayman Islands 2,144,325 1.10 Total Transferable Securities and Indonesia 7,844,614 4.01 Money Market Instruments Admitted 5,086,500 Bank Central Asia 2,607,772 1.33 to an Official Exchange Listing 63,161,770 93.06 1,838,500 Indocement Tunggal Prakarsa 2,662,521 1.36 Number of shares Derivatives Market % 1,571,166 United Tractors 2,574,321 1.32 or Principal Value Net Singapore 30,011,981 15.35 Amount USD Assets 2,960,333 Ascendas Real Estate Investment Trust 4,687,044 2.40 China 1,847,637 2.72 342,000 DBS 3,756,231 1.92 324,600 Bank of Ningbo Warrants 25/06/2014 834,222 1.23 15,020,000 Fortune Real Estate Investment Trust 6,062,974 3.10 519,700 Telling Telecommunication Warrants 15/ 1,013,415 1.49 220,000 Jardine Cycle & Carriage 4,236,351 2.17 12/2014 519,000 Keppel 3,046,300 1.56 1,287,844 Noble 2,985,054 1.53 Total Derivatives 1,847,637 2.72 1,197,000 SembCorp Marine 3,158,649 1.61 148,000 United Overseas Bank 2,079,378 1.06 Total Investments 65,009,407 95.78 South Korea 2,916,804 1.49 Other Net Assets 2,863,084 4.22 4,252 Samsung Electronics 2,916,804 1.49 Net Asset Value 67,872,491 100.00 Supranational 2,384,719 1.22 3,800 Gold Bullion Securities 410,096 0.21 18,314 Gold Bullion Securities (GBP) 1,974,623 1.01

Taiwan 18,808,626 9.61 1,374,984 Chunghwa Telecom 2,558,210 1.31 1,056,000 Giant Manufacturing 2,958,649 1.51 584,000 Hon Hai Precision Industry 2,766,604 1.41 4,036,280 KGI Securities 2,398,040 1.23 1,890,000 Siliconware Precision Industries 2,561,961 1.31 1,274,739 Taiwan Semiconductor Manufacturing 2,571,003 1.31

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 149 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Asian Total Return (cont) Schroder ISF BRIC (Brazil, Russia, India, China) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Taiwan (cont) Brazil 1,372,078,622 34.82 4,066,000 Uni-President China 2,994,159 1.53 3,947,618 Banco Bradesco ADR 85,071,168 2.16 7,341,345 BM&FBOVESPA 51,551,434 1.31 Thailand 5,156,733 2.64 1,876,500 Bradespar Preference 41,445,426 1.05 3,670,200 CP ALL (Foreign) 2,731,721 1.40 1,873,234 BRF - Brasil Foods 48,718,043 1.24 1,386,800 Tisco Financial 1,007,220 0.51 698,790 Companhia Brasileira de Distribuicao 52,402,262 1.33 1,952,100 Tisco Financial (Foreign) 1,417,792 0.73 Grupo Pao de Acucar ADR Preference United Kingdom 8,504,168 4.35 322,371 Companhia de Bebidas das Americas 32,775,460 0.83 ADR Preference 590,460 Cairn Energy 3,182,942 1.63 9 Companhia de Bebidas das Americas 900 - 193,796 HSBC 2,226,304 1.14 Preference 121,242 Standard Chartered 3,094,922 1.58 792,280 Companhia de Concessoes Rodoviarias 18,116,394 0.46 United States of America 9,139,231 4.67 380,100 Companhia Energetica de Minas Gerais 6,948,228 0.18 ADR 150,446 News 2,422,749 1.24 2,192,021 Companhia Energetica de Minas Gerais 39,706,428 1.01 748,284 ResMed 3,989,820 2.04 Preference 77,440 Yum! Brands 2,726,662 1.39 1,136,839 Companhia Siderurgica Nacional ADR 36,947,268 0.94 Total Transferable Securities and 1,122,380 Eletropaulo Metropolitana Eletricidade de 22,196,681 0.56 Sao Paulo Preference Money Market Instruments Admitted 113,000 Gafisa 1,829,246 0.05 to an Official Exchange Listing 189,932,984 97.13 8,559,092 Itau Unibanco ADR Preference 193,777,843 4.92 4,750,000 OGX Petroleo e Gas Participações 46,560,619 1.18 Total Investments 189,932,984 97.13 2,412,278 PDG Realty Empreendimentos e 23,991,415 0.61 Other Net Assets 5,609,923 2.87 Participações 1,345,500 Petroleo Brasileiro 32,123,861 0.82 Net Asset Value 195,542,907 100.00 1,713,499 Petroleo Brasileiro ADR 81,699,632 2.07 4,607,328 Petroleo Brasileiro ADR Preference 195,765,367 4.97 981,757 Tele Norte Leste Participações ADR 21,078,323 0.53 338,900 Tele Norte Leste Participações Preference 7,207,332 0.18 466,261 Ultrapar Participações Preference 21,411,389 0.54 1,305,888 Usinas Siderurgicas de Minas Gerais 36,972,088 0.94 Preference 3,008,000 Vale ADR 86,449,920 2.19 5,467,854 Vale ADR Preference 134,290,494 3.41 491,200 Vale Preference 11,882,281 0.30 1,310,800 Vivo Participações ADR Preference 41,159,120 1.04

China 1,022,984,079 25.95 204,024,000 Bank of China 'H' 110,510,095 2.80 27,025,000 China Coal Energy 'H' 49,630,322 1.26 194,747,000 China Construction Bank 'H' 167,520,520 4.25 24,133,000 China Life Insurance 'H' 119,357,052 3.03 15,557,000 China Mengniu Dairy 55,675,002 1.41 3,903,200 China Pacific Insurance 'H' 15,554,308 0.39 23,737,500 China Shenhua Energy 'H' 116,329,531 2.95 85,820,000 China Shipping Container Lines 'H' 30,989,741 0.79 19,523,000 Golden Eagle Retail 39,881,652 1.01 27,571,000 Hidili Industry International Development 34,739,094 0.88 80,811,000 Industrial & Commercial Bank of China 'H' 67,116,261 1.70 60,242,000 PetroChina 'H' 72,408,024 1.84 10,904,000 Ping An Insurance Co of China ‘H’ 95,623,835 2.43 2,192,700 Tencent 47,648,642 1.21

Hong Kong SAR 428,401,316 10.87 7,416,000 Beijing Enterprises 53,797,693 1.36 7,961,500 China Mobile 74,799,011 1.90 1,500,000 China Overseas Land & Investment 3,172,536 0.08 11,453,000 China Shanshui Cement 8,360,016 0.21 54,178,000 China Unicom Hong Kong 71,826,960 1.82 88,712,000 CNOOC 139,576,918 3.54 113,696,000 Franshion Properties China 40,176,042 1.02 14,870,500 Parkson Retail 26,235,121 0.67 2,045,000 Shangai Industrial 10,457,019 0.27

The notes on pages 18 to 56 form an integral part of these financial statements. Page 150 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF BRIC (Brazil, Russia, India, Schroder ISF China Opportunities China) (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

India 543,160,835 13.78 Australia 9,898,625 0.95 817,577 Bharat Heavy Electricals 42,346,612 1.07 5,983,081 Alumina 9,898,625 0.95 4,755,656 Cairn India 28,918,283 0.73 China 622,029,029 59.45 1,524,971 HDFC Bank 55,945,730 1.42 221,100 AirMedia ADR 1,640,562 0.15 470,028 Housing Development Finance 27,105,623 0.69 59,763,000 Bank of China 'H' 32,370,774 3.09 2,334,570 ICICI Bank 44,125,386 1.12 7,062,000 Bank of Communications 'H' 8,205,856 0.78 59,700 ICICI Bank ADR 2,257,257 0.06 11,611,500 BBMG 'H' 12,713,567 1.22 1,282,376 Infosys Technologies 71,887,677 1.82 81,935,000 China Construction Bank 'H' 70,480,130 6.74 507,600 Infosys Technologies ADR 28,278,396 0.72 14,642,000 China Eastern Airlines 'H' 5,230,601 0.50 1,125,164 Larsen & Toubro 40,680,498 1.03 10,003,000 China High Speed Transmission 24,459,074 2.34 682,009 Maruti Suzuki India 22,931,083 0.58 Equipment 3,606,063 Reliance Industries 84,754,138 2.15 10,652,500 China Huiyuan Juice 7,583,366 0.73 174 Reliance Industries GDR 144A 8,091 - 3,900,500 China International Marine Containers 4,909,548 0.47 122,726 Reliance Industries GDR 144A 5,706,759 0.15 14,250,000 China Life Insurance 'H' 70,477,686 6.74 (Luxembourg) 5,333,000 China Longyuan Power 'H' 6,905,207 0.66 968,319 Reliance Infrastructure 23,931,461 0.61 9,936,000 China Mengniu Dairy 35,558,708 3.40 296,793 Tata Power 8,836,308 0.22 24,726,000 China Petroleum & Chemical 'H' 22,034,506 2.11 467,728 Tata Power GDR 13,887,332 0.35 5,665,000 China Shenhua Energy 'H' 27,762,266 2.65 3,121,893 Tata Steel 41,560,201 1.06 23,665,000 China South Locomotive and Rolling 17,396,135 1.66 Russia 466,065,757 11.83 Stock 'H' 6,700,922 Gazprom OAO ADR 170,873,511 4.35 47,324,000 China Telecom 'H' 19,774,152 1.89 1,447,037 Lukoil OAO ADR 82,915,220 2.10 17,757,000 China Vanadium Titano - Magnetite Mining 11,633,348 1.11 704,700 Mechel ADR 13,459,770 0.34 5,896,000 Chongqing Changan Automobile 5,999,373 0.57 1,567,959 MMC Norilsk Nickel ADR 22,500,212 0.57 27,872,000 Dalian Port PDA 'H' 10,783,526 1.03 1,231,155 Mobile Telesystems ADR 60,289,660 1.53 4,948,000 Hainan Meilan International Airport 'H' 6,011,073 0.57 229,700 NovaTek OAO GDR 15,160,200 0.38 78,856,000 Industrial & Commercial Bank of China 'H' 65,492,567 6.26 7,079,550 Rosneft Oil GDR 60,884,130 1.55 6,515,000 Lianhua Supermarket 'H' 19,660,822 1.88 1,872,100 Severstal GDR 17,784,950 0.45 46,862,000 PCD Stores 18,191,090 1.74 954,000 Uralkali GDR 20,034,000 0.51 31,428,000 PetroChina 'H' 37,774,964 3.61 116,100 Vimpel-Communications ADR 2,164,104 0.05 2,678,500 Ping An Insurance Group Co of China ‘H’ 23,489,402 2.24 2,398,000 Sany Heavy Equipment International 3,033,818 0.29 Total Transferable Securities and 343,600 Shanda Games ADR 3,539,080 0.34 Money Market Instruments Admitted 5,466,000 Shandong Chenming Paper 'H' 4,088,547 0.39 to an Official Exchange Listing 3,832,690,609 97.25 3,458,000 Shanghai Lujiazui Finance & Trade Zone 6,670,482 0.64 Development Number of shares Market % 9,058,000 Shenguan 8,247,236 0.79 or Principal Value Net 2,678,000 Sinopharm 'H' 9,514,886 0.91 Amount Derivatives USD Assets 388,400 Suntech Power ADR 6,396,948 0.61 Russia 90,275,081 2.29 14,630,000 Zijin Mining 13,999,729 1.34 32,012,440 Sberbank of Russian Federation Warrants 90,275,081 2.29 Hong Kong SAR 306,222,594 29.27 28/02/2018 5,908,000 AAC Acoustic Technology 9,767,871 0.94 Total Derivatives 90,275,081 2.29 51,040,000 Apac Resources 3,060,800 0.29 2,195,600 Bank of East Asia 8,735,340 0.83 Total Investments 3,922,965,690 99.54 3,808,500 Beijing Enterprises 27,627,901 2.64 4,355,000 BOC Hong Kong 9,884,899 0.94 Other Net Assets 18,017,970 0.46 7,558,000 China High Precision Automation 4,386,224 0.42 Net Asset Value 3,940,983,660 100.00 5,836,000 China Mobile 54,829,747 5.24 6,058,720 China Overseas Land & Investment 12,814,337 1.22 5,829,200 China Resources Power 11,607,205 1.11 5,922,200 China Taiping Insurance 19,170,268 1.83 31,486,000 CNOOC 49,539,170 4.74 14,616,000 Cnpc Hong Kong 19,452,689 1.86 33,561,420 GOME Electrical Appliances 12,205,648 1.17 11,788,000 Guangdong Investment 6,886,677 0.66 1,619,500 Li Ning 6,161,329 0.59 21,086,000 Longfor Properties 23,794,340 2.27 15,906,000 Minmetals Land 4,656,485 0.45 1,290,500 Orient Overseas International 6,041,378 0.58 12,445,000 Poly Hong Kong Investment 15,600,286 1.49

Taiwan 8,046,966 0.77 6,523,244 Uni-President Enterprises 8,046,966 0.77

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 151 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF China Opportunities (cont) Schroder ISF Emerging Asia

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

United States of America 20,798,850 1.99 Australia 80,573,494 2.58 115,000 New Oriental Education & Technology 8,737,700 0.84 382,340 Cochlear 23,744,954 0.76 ADR 1,189,527 CSL 34,750,108 1.11 231,500 Shanda Interactive Entertainment ADR 12,061,150 1.15 3,921,240 Incitec Pivot 12,516,529 0.40 142,000 Rio Tinto 9,561,903 0.31 Total Transferable Securities and Money Market Instruments Admitted China 676,583,208 21.70 to an Official Exchange Listing 966,996,064 92.43 27,576,000 Aupu 4,089,785 0.13

Number of shares Market % 24,232,000 China Coal Energy 'H' 44,501,090 1.43 or Principal Value Net 29,995,000 China Construction Bank 'H' 25,801,568 0.83 Amount Derivatives USD Assets 21,160,000 China High Speed Transmission 51,739,878 1.66 Equipment China 65,444,504 6.25 34,499,000 China Huiyuan Juice 24,559,357 0.79 6,332,100 Changsha Zoomlion Heavy Industry 23,998,659 2.29 16,026,000 China Life Insurance 'H' 79,261,431 2.54 Science and Technology Development 19,914,000 China Longyuan Power Group 'H' 25,784,791 0.83 Warrants 12/06/2014 17,150,000 China Mengniu Dairy 61,375,991 1.97 1,793,814 CITIC Securities Warrants 08/09/2014 8,305,359 0.79 35,960,000 China Telecom 'H' 15,025,748 0.48 3,864,700 Dashang Warants 10/09/2014 24,656,786 2.36 50,181,000 China Vanadium Titano - Magnetite Mining 32,875,656 1.05 5,655,800 Daqin Railway Warrants 06/11/2014 8,483,700 0.81 72,381,000 Industrial & Commercial Bank of China 'H' 60,114,861 1.93 Total Derivatives 65,444,504 6.25 133,260,000 PCD Stores 51,729,432 1.66 37,212,000 PetroChina 'H' 44,727,057 1.43 6,965,500 Ping An Insurance Co of China ‘H’ 61,084,723 1.96 Total Investments 1,032,440,568 98.68 49,006,000 Shenguan 44,619,568 1.43 Other Net Assets 13,772,718 1.32 7,934,800 Sinopharm 'H' 28,192,202 0.90 22,050,000 Zijin Mining 21,100,070 0.68 Net Asset Value 1,046,213,286 100.00 Hong Kong SAR 548,244,418 17.58 27,292,000 AAC Acoustic Technology 45,122,670 1.45 14,252,000 Ausnutria Dairy 11,818,387 0.38 25,196,500 BOC Hong Kong 57,190,552 1.83 21,869,000 China High Precision Automation 12,691,497 0.41 11,573,000 China Mobile 108,729,380 3.49 6,696,200 China Taiping Insurance 21,675,720 0.70 21,914,000 CNOOC 34,478,859 1.10 24,772,000 Cnpc Hong Kong 32,969,486 1.06 87,697,000 GOME Electrical Appliances 31,893,725 1.02 4,637,000 Hongkong Land 22,953,150 0.74 2,272,500 Jardine Strategic 39,996,000 1.28 14,325,000 Link REIT 36,615,898 1.17 32,082,500 Longfor Properties 36,203,258 1.16 8,839,000 Lonking 6,144,171 0.20 10,297,000 Poly Hong Kong Investment 12,907,686 0.41 636,880 Standard Chartered 16,257,516 0.52 1,699,000 Swire Pacific 20,596,463 0.66

India 279,006,747 8.95 4,742,806 Bharti Airtel 33,705,609 1.08 6,751,530 Cairn India 41,054,832 1.32 286,421 Dr Reddy's Laboratories 7,077,809 0.23 1,305,410 HDFC Bank 47,890,823 1.54 429,850 Infosys Technologies 24,096,613 0.77 4,346,962 ITC 23,496,079 0.75 5,150,640 Jaiprakash Associates 16,301,110 0.52 3,789,700 Reliance Communication 14,076,612 0.45 2,343,760 Reliance Industries 55,085,937 1.77 656,350 Reliance Infrastructure 16,221,323 0.52

Indonesia 102,497,023 3.29 95,298,000 Bumi Resources 24,428,927 0.78 79,347,500 Delta Dunia Makmur 14,175,188 0.46 8,590,500 Indo Tambangraya Megah 28,877,156 0.93 12,547,500 Indocement Tunggal Prakarsa 18,171,327 0.58 33,724,500 Indosat 16,844,425 0.54

The notes on pages 18 to 56 form an integral part of these financial statements. Page 152 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Emerging Asia (cont) Schroder ISF Emerging Asia (cont)

Number of shares Transferable Securities and Market % Number of shares Derivatives Market % or Principal Money Market Instruments Admitted Value Net or Principal Value Net Amount to an Official Exchange Listing USD Assets Amount USD Assets

Malaysia 52,774,244 1.69 Total Derivatives 61,773,764 1.99 12,209,066 IOI 19,504,553 0.62 21,213,300 Maxis 33,269,691 1.07 Total Investments 3,041,262,731 97.53

Singapore 106,725,785 3.42 Other Net Assets 77,167,660 2.47 4,446,000 CapitaLand 13,317,548 0.43 Net Asset Value 3,118,430,391 100.00 3,895,000 CapitaRetail China Trust 3,555,682 0.11 5,107,000 DBS 56,090,861 1.80 5,611,000 SembCorp Industries 14,806,333 0.47 1,779,000 Singapore Airlines 18,955,361 0.61

South Korea 557,056,384 17.86 330,040 Glovis 32,161,013 1.03 388,700 Hana Financial 10,979,378 0.35 119,460 Hite Brewery 17,435,673 0.56 179,678 Hyundai Department Store 17,354,604 0.56 503,630 Hyundai Motor 52,319,579 1.68 281,530 NHN 46,408,036 1.49 91,770 POSCO 48,691,874 1.56 890,910 Samsung C&T 42,910,540 1.37 547,580 Samsung Card 27,032,282 0.87 259,670 Samsung Electronics 178,129,496 5.71 218,430 Samsung Fire & Marine Insurance 37,412,994 1.20 252,370 Shinhan Financial 9,360,278 0.30 58,271 Shinsegae 26,865,445 0.86 99,080 SK Energy 9,995,192 0.32

Taiwan 500,498,759 16.05 5,860,000 Asustek Computer 11,324,203 0.35 39,953,842 Cathay Financial 74,585,502 2.39 53,660,759 Chinatrust Financial 33,475,051 1.07 31,795,318 Chunghwa Telecom 59,156,392 1.90 19,463,910 Far Eastern Department Stores 22,336,632 0.72 16,527,776 Far EasTone Telecommunications 19,716,531 0.63 16,492,065 Hon Hai Precision Industry 78,128,451 2.51 68,667,560 KGI Securities 40,796,862 1.31 67,600 Quanta Computer 147,122 - 37,712,000 Taiwan Cement 40,094,059 1.29 40,896,066 Taiwan Semiconductor Manufacturing 82,482,685 2.65 31,011,496 Uni-President Enterprises 38,255,269 1.23

Thailand 75,528,905 2.42 7,938,700 Bangkok Bank (Foreign) 27,756,859 0.89 1,510,600 Banpu 26,113,613 0.84 37,800 Banpu (Foreign) 655,714 0.02 8,043,800 Kasikornbank (Foreign) 21,002,719 0.67

Total Transferable Securities and Money Market Instruments Admitted to an Official Exchange Listing 2,979,488,967 95.54

Number of shares Derivatives Market % or Principal Value Net Amount USD Assets

China 61,573,636 1.97 2,935,600 Anhui Conch Cement Warrants 05/08/ 20,960,184 0.67 2013 305,900 Anhui Conch Cement Warrants 10/09/ 2,223,893 0.07 2014 3,285,000 China Life Insurance Warrants 24/06/2013 15,143,850 0.48 4,388,600 CITIC Securities Warrants 12/04/2012 20,143,674 0.65 669,986 CITIC Securities Warrants 08/09/2014 3,102,035 0.10

Malaysia 200,128 0.02 496,550 IJM Land Warrants 11/09/2013 200,128 0.02

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 153 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Emerging Europe Schroder ISF Emerging Europe (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing EUR Assets Amount to an Official Exchange Listing EUR Assets

Czech Republic 5,692,677 2.63 Total Transferable Securities and 71,642 CEZ 2,338,920 1.08 Money Market Instruments Admitted 12,477 Komercni Banka 1,852,364 0.86 to an Official Exchange Listing 194,005,623 89.57 95,057 Telefonica O2 Czech Republic 1,501,393 0.69 Number of shares Market % Egypt 838,447 0.39 or Principal Value Net 961,040 Talaat Moustafa 838,447 0.39 Amount Derivatives EUR Assets

Hungary 15,282,831 7.06 Russia 21,862,477 10.09 920,517 Magyar Telekom Telecommunications 2,485,759 1.15 11,163,043 Sberbank of Russian Federation Warrants 21,862,477 10.09 28/02/2018 65,491 MOL Hungarian Oil and Gas 4,112,826 1.90 430,556 OTP Bank 8,684,246 4.01 Total Derivatives 21,862,477 10.09

Kazakhstan 3,034,898 1.40 Total Investments 215,868,100 99.66 175,500 KazMunaiGas Exploration Production 3,034,898 1.40 GDR Other Net Assets 736,293 0.34

Poland 19,689,747 9.09 Net Asset Value 216,604,393 100.00 53,205 Bank Pekao 2,096,380 0.97 77,675 Bank Zachodni 3,596,188 1.66 91,414 KGHM Polska Miedz 2,361,164 1.09 211,765 Polski Koncern Naftowy Orlen 1,751,869 0.81 809,229 Powszechna Kasa Oszczednosci Bank 7,493,119 3.46 Polski 618,301 Telekomunikacja Polska 2,391,027 1.10

Russia 108,733,721 50.20 1,156,100 Comstar United Telesystems GDR 4,415,966 2.04 1,215,765 Gazprom OAO ADR 21,530,667 9.94 479,560 Lukoil OAO ADR 19,083,817 8.81 186,950 Magnit OAO GDR 2,057,891 0.95 270,230 Mechel ADR 3,584,550 1.65 723,697 MMC Norilsk Nickel ADR 7,212,343 3.33 277,522 Mobile Telesystems ADR 9,438,331 4.36 84,300 NovaTek OAO GDR 3,864,018 1.78 39,100 Polyus Gold ADR 753,542 0.35 2,307,033 Rosneft Oil GDR 13,779,071 6.36 765,719 RusHydro ADR 2,036,741 0.94 447,700 RusHydro ADR (London) 1,190,840 0.55 667,700 Severstal GDR 4,405,271 2.03 1,588,000 Surgutneftegaz ADR Preference 5,238,558 2.42 133,188 Tatneft ADR 2,695,394 1.24 112,350 Uralkali GDR 1,638,551 0.76 174,700 Uralkali GDR (London) 2,547,885 1.18 251,850 Vimpel-Communications ADR 3,260,285 1.51

Turkey 37,552,707 17.33 498,151 Akenerji Elektrik Uretim 3,221,163 1.48 236,701 Haci Omer Sabanci 627,642 0.29 226,035 Tupras Turkiye Petrol Rafine 3,128,237 1.45 263,580 Turk Telekomunikasyon 559,132 0.26 1,055,638 Turkcell Iletisim Hizmet 5,205,445 2.40 2,690,352 Turkiye Garanti Bankasi 7,947,303 3.67 850,308 Turkiye Halk Bankasi 4,667,617 2.15 1,858,500 Turkiye Is Bankasi 5,446,783 2.52 3,755,421 Turkiye Sinai Kalkinma Bankasi 3,127,149 1.44 1,836,428 Turkiye Vakiflar Bankasi Tao 3,622,236 1.67

United Kingdom 1,214,413 0.56 117,913 Eurasian Natural Resources 1,214,413 0.56

United States of America 1,966,182 0.91 98,200 Central European Distribution 1,966,182 0.91

The notes on pages 18 to 56 form an integral part of these financial statements. Page 154 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Emerging Markets Schroder ISF Emerging Markets (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Brazil 305,803,614 15.93 Hong Kong SAR (cont) 787,000 All America Latina Logistica 7,353,454 0.38 12,866,000 China Unicom Hong Kong 17,057,213 0.89 178,477 B2W Companhia Global Do Varejo 4,890,341 0.25 11,022,000 CNOOC 17,341,699 0.90 896,866 Banco Bradesco ADR 19,327,462 1.01 134,954 CNOOC ADR 20,869,287 1.09 1,388,846 BM&FBOVESPA 9,752,573 0.51 2,304,500 Parkson Retail 4,065,690 0.21 385,300 Bradespar Preference 8,509,951 0.44 235,000 Shangai Industrial 1,201,662 0.06 419,766 BRF - Brasil Foods 10,917,044 0.57 Hungary 40,588,321 2.11 17,600 BRF - Brasil Foods ADR 929,280 0.05 2,885,262 Magyar Telekom Telecommunications 11,218,758 0.58 186,300 Companhia Brasileira de Distribuicao 13,970,637 0.72 Grupo Pao de Acucar ADR Preference 82,945 MOL Hungarian Oil and Gas 7,500,346 0.39 73,327 Companhia Energetica de Minas Gerais 1,340,418 0.07 753,006 OTP Bank 21,869,217 1.14 ADR Preference India 143,752,068 7.49 259,636 Companhia Energetica de Minas Gerais 4,703,065 0.25 Preference 290,343 Bharat Heavy Electricals 15,038,391 0.78 251,951 Companhia Siderurgica Nacional ADR 8,188,408 0.42 1,396,161 Cairn India 8,489,802 0.44 258,792 EDP - Energias do Brasil 4,977,055 0.26 392,319 HDFC Bank 14,392,781 0.75 1,383,850 Itau Unibanco ADR Preference 31,330,364 1.63 123,049 Housing Development Finance 7,096,002 0.37 1,270,000 OGX Petroleo e Gas Participações 12,448,839 0.65 698,202 ICICI Bank 13,196,620 0.69 874,200 PDG Realty SA Empreendimentos e 8,694,394 0.45 377,599 Infosys Technologies 21,167,516 1.10 Participações 91,500 Infosys Technologies ADR 5,097,465 0.27 350,700 Petroleo Brasileiro 8,372,975 0.43 189,370 Maruti Suzuki India 6,367,158 0.33 424,700 Petroleo Brasileiro ADR 20,249,696 1.06 1,017,285 Reliance Industries 23,909,486 1.25 1,014,324 Petroleo Brasileiro ADR Preference 43,098,627 2.25 353,129 Reliance Infrastructure 8,727,385 0.45 434,598 Tele Norte Leste Participações ADR 9,330,819 0.49 267,769 Tata Power 7,972,187 0.42 Preference 923,739 Tata Steel 12,297,275 0.64 100,015 Ultrapar Participações Preference 4,592,836 0.24 233,871 Usinas Siderurgicas de Minas Gerais 6,621,318 0.34 Indonesia 35,737,193 1.86 Preference 17,385,500 Bank Mandiri 8,637,616 0.45 71,100 Vale 2,017,455 0.11 6,701,500 Indocement Tunggal Prakarsa 9,705,132 0.50 492,100 Vale ADR 14,142,954 0.74 4,700,500 Perusahaan Perkebunan London Sumatra 4,148,961 0.22 1,517,002 Vale ADR Preference 37,257,569 1.94 Indonesia 407,200 Vivo Participações ADR Preference 12,786,080 0.67 13,259,500 Telekomunikasi Indonesia 13,245,484 0.69

China 280,081,908 14.60 Israel 53,171,251 2.77 52,999,000 Bank of China 'H' 28,707,037 1.50 2,022,325 Bank Hapoalim 8,792,485 0.46 7,488,000 China Coal Energy 'H' 13,751,410 0.72 2,115,309 Bezeq Israeli Telecommunication 5,252,492 0.27 50,734,000 China Construction Bank 'H' 43,641,166 2.28 925,455 Makhteshim-Agan Industries 4,544,601 0.24 5,358,000 China Life Insurance 'H' 26,499,610 1.38 618,856 Teva Pharmaceutical Industries ADR 34,581,673 1.80 4,247,000 China Mengniu Dairy 15,199,057 0.79 Malaysia 49,898,662 2.60 1,253,800 China Pacific Insurance 'H' 4,996,411 0.26 5,613,100 CIMB 21,049,125 1.10 16,814,000 China Shanshui Cement 12,273,230 0.64 3,538,600 Genting 7,585,667 0.40 6,223,500 China Shenhua Energy 'H' 30,499,288 1.59 4,333,000 IJM 5,669,346 0.29 38,186,960 Franshion Properties China 13,493,887 0.70 3,236,100 Kuala Lumpur Kepong 15,594,524 0.81 5,966,000 Golden Eagle Retail 12,187,365 0.63 10,807,000 Hidili Industry International Development 13,616,676 0.71 Russia 143,324,602 7.48 16,659,000 Industrial & Commercial Bank of China 'H' 13,835,861 0.72 2,067,700 Gazprom OAO ADR 52,726,350 2.75 2,908,000 Jiangsu Expressway 'H' 2,595,206 0.14 460,908 Lukoil OAO ADR 26,410,028 1.38 7,638,000 PetroChina 'H' 9,180,513 0.48 237,633 Mechel ADR 4,538,790 0.24 2,742,000 Ping An Insurance Co of China ‘H’ 24,046,273 1.25 461,157 MMC Norilsk Nickel ADR 6,617,603 0.35 2,320,540 Shanghai Lujiazui Finance & Trade Zone 4,476,322 0.23 353,877 Mobile Telesystems ADR 17,329,357 0.90 Development 74,250 NovaTek OAO GDR 4,900,500 0.26 510,000 Tencent 11,082,596 0.58 2,169,372 Rosneft Oil GDR 18,656,599 0.97 562,250 Severstal GDR 5,341,375 0.28 Czech Republic 7,819,308 0.41 324,000 Uralkali GDR 6,804,000 0.35 36,578 Komercni Banka 7,819,308 0.41 South Africa 132,094,778 6.88 Egypt 9,246,762 0.48 1,004,078 ABSA 17,460,926 0.91 530,273 Commercial International Bank 5,286,584 0.27 457,995 African Rainbow Minerals 10,770,410 0.56 3,152,451 Talaat Moustafa 3,960,178 0.21 1,824,591 Aveng 9,852,243 0.51 Hong Kong SAR 105,446,598 5.49 1,196,889 Gold Fields 15,870,405 0.83 1,794,000 Beijing Enterprises 13,014,167 0.68 439,278 Impala Platinum 12,067,319 0.63 3,978,000 China Merchants International 12,953,811 0.67 1,905,768 JD 12,792,293 0.67 292,000 China Mobile 2,743,366 0.14 858,858 MTN 13,703,512 0.71 325,344 China Mobile ADR 14,913,769 0.78 411,220 Naspers 16,695,222 0.87 608,000 China Overseas Land & Investment 1,285,934 0.07 1,447,149 Raubex 4,698,294 0.24

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 155 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Emerging Markets (cont) Schroder ISF Emerging Markets (cont)

Number of shares Transferable Securities and Market % Number of shares Market % or Principal Money Market Instruments Admitted Value Net or Principal Value Net Amount to an Official Exchange Listing USD Assets Amount Derivatives USD Assets

South Africa (cont) Russia 27,712,402 1.45 1,317,335 Standard Bank 18,184,154 0.95 9,827,093 Sberbank of Russian Federation Warrants 27,712,402 1.45 28/02/2018 South Korea 289,418,852 15.08 723,440 Daegu Bank 10,683,123 0.56 Total Derivatives 27,712,402 1.45 166,320 GS Engineering & Construction 15,493,213 0.81 533,530 Hana Financial 15,070,304 0.79 Total Investments 1,903,552,107 99.18 104,002 Hyundai Department Store 10,045,267 0.52 Other Net Assets 15,767,504 0.82 304,811 Hyundai Engineering & Construction 18,554,282 0.97 255,281 Hyundai Motor 26,519,855 1.38 Net Asset Value 1,919,319,611 100.00 228,582 KB Financial 11,716,115 0.61 293,060 LG.Philips 9,875,600 0.51 57,691 MegaStudy 11,837,861 0.62 68,058 NHN 11,218,833 0.58 80,744 POSCO 42,841,633 2.23 103,604 Samsung Electronics 71,070,698 3.70 520,320 Shinhan Financial 19,298,411 1.00 75,307 SK Energy 7,596,972 0.40 52,202 SK Telecom 7,596,685 0.40

Taiwan 120,550,942 6.28 4,128,010 Acer 12,417,591 0.64 426,900 AU Optronics ADR 5,084,379 0.27 8,174,177 Cathay Financial 15,259,486 0.80 12,007,018 China Steel 12,389,981 0.64 8,702 Chunghwa Telecom ADR 160,720 0.01 146,160 Far Eastern Department Stores 167,732 0.01 2,613,000 Far Eastern New Century 3,268,293 0.17 6,789,364 Hon Hai Precision Industry 32,163,497 1.68 513,986 KGI Securities GDR 6,107,401 0.32 4,398,432 Taiwan Semiconductor Manufacturing 8,871,134 0.46 1,414,424 Taiwan Semiconductor Manufacturing 15,954,703 0.83 ADR 7,057,508 Uni-President Enterprises 8,706,025 0.45

Thailand 68,991,715 3.59 4,971,600 Bangkok Bank (Foreign) 17,382,695 0.90 9,691,400 Kasikornbank 24,722,959 1.29 60,291,100 Land and Houses 11,399,578 0.59 128,600 PTT 949,448 0.05 1,969,000 PTT (Foreign) 14,537,035 0.76

Turkey 73,146,466 3.81 376,180 Akenerji Elektrik Uretim 3,502,513 0.18 505,546 Tupras Turkiye Petrol Rafine 10,074,348 0.52 1,641,489 Turkcell Iletisim Hizmet 11,655,023 0.61 5,558,857 Turkiye Garanti Bankasi 23,644,412 1.23 1,447,419 Turkiye Halk Bankasi 11,440,515 0.60 3,040,221 Turkiye Is Bankasi 12,829,655 0.67

Total Transferable Securities and Money Market Instruments Admitted to an Official Exchange Listing 1,859,073,040 96.86

Number of shares Market % or Principal Other Transferable Securities not dealt Value Net Amount on another Regulated Market USD Assets

Brazil 16,766,665 0.87 755,995 Itau Unibanco Preference 16,766,665 0.87

Total Other Transferable Securities not dealt on another Regulated Market 16,766,665 0.87

The notes on pages 18 to 56 form an integral part of these financial statements. Page 156 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF European Dividend Maximiser Schroder ISF European Dividend Maximiser (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing EUR Assets Amount to an Official Exchange Listing EUR Assets

Cyprus 123,174 1.70 United Kingdom (cont) 27,803 ProSafe 123,174 1.70 8,244 Scottish & Southern Energy 107,734 1.49 18,186 Tesco 87,612 1.21 Finland 164,312 2.27 145,786 Vodafone 235,807 3.26 3,137 Nokia 27,982 0.39 8,010 Sampo 136,330 1.88 Total Transferable Securities and Money Market Instruments Admitted France 1,359,900 18.79 to an Official Exchange Listing 7,292,502 100.75 1,751 BNP Paribas 97,881 1.35 1,984 Bouygues 72,267 1.00 Total Investments 7,292,502 100.75 6,408 France Telecom 111,691 1.54 3,589 GDF Suez 108,693 1.50 Other Net Liabilities ( 54,099 ) ( 0.75 ) 1,873 Neopost 108,016 1.49 Net Asset Value 7,238,403 100.00 4,358 Sanofi-Aventis 239,951 3.31 2,474 Société Générale 121,102 1.68 5,383 Total 242,262 3.35 2,250 Vinci 88,807 1.23 8,138 Vivendi 169,230 2.34

Germany 929,942 12.85 1,151 Allianz 100,310 1.38 2,208 Deutsche Boerse 128,064 1.77 16,664 Deutsche Telekom 171,473 2.37 6,433 E.ON 188,037 2.60 1,209 Muenchener Rueckversicherungs 131,382 1.82 3,100 RWE 210,676 2.91

Italy 218,712 3.02 17,042 Enel 68,978 0.95 8,412 ENI 149,734 2.07

Netherlands 829,570 11.46 2,622 Akzo Nobel 121,661 1.68 5,022 Delta Lloyd 85,022 1.18 16,772 Koninklijke KPN 198,580 2.74 8,156 Reed Elsevier 70,150 0.97 5,873 TNT 126,270 1.74 10,017 Unilever 227,887 3.15

Norway 106,261 1.47 6,104 Statoil 106,261 1.47

Spain 310,120 4.28 9,995 Banco Bilbao Vizcaya Argentaria 127,236 1.76 8,978 Banco Santander 103,696 1.43 4,229 Repsol YPF 79,188 1.09

Switzerland 896,169 12.38 2,565 Credit Suisse Registered 88,494 1.22 6,490 Nestlé Registered 219,536 3.03 6,779 Novartis Registered 258,090 3.57 1,414 Roche 167,504 2.31 1,065 Zürich Financial Services 162,545 2.25

United Kingdom 2,354,342 32.53 9,575 Admiral 128,146 1.77 6,132 AstraZeneca 200,888 2.78 30,205 BAE Systems 122,225 1.69 20,623 BP 139,279 1.93 8,061 British American Tobacco 182,966 2.53 27,779 Compass 139,205 1.92 20,052 GlaxoSmithKline 297,818 4.11 8,825 Imperial Tobacco 194,695 2.69 32,878 International Power 114,390 1.58 13,295 Pearson 133,337 1.84 8,721 Royal Dutch Shell 184,744 2.55 62,982 RSA Insurance 85,496 1.18

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 157 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF European Equity Yield Schroder ISF European Equity Yield (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing EUR Assets Amount to an Official Exchange Listing EUR Assets

Cyprus 1,323,522 1.72 Total Transferable Securities and 298,746 ProSafe 1,323,522 1.72 Money Market Instruments Admitted to an Official Exchange Listing 75,192,333 97.87 Finland 1,410,056 1.84 82,847 Sampo 1,410,056 1.84 Total Investments 75,192,333 97.87 France 15,395,876 20.04 Other Net Assets 1,634,283 2.13 23,743 BNP Paribas 1,327,234 1.73 21,822 Bouygues 794,866 1.04 Net Asset Value 76,826,616 100.00 69,303 France Telecom 1,207,951 1.57 41,857 GDF Suez 1,267,639 1.65 14,304 Neopost 824,912 1.07 51,414 Sanofi-Aventis 2,830,855 3.69 26,591 Société Générale 1,301,629 1.69 61,116 Total 2,750,526 3.58 4,382 Total Gabon 1,143,702 1.49 24,697 Vinci 974,791 1.27 46,731 Vivendi 971,771 1.26

Germany 9,083,339 11.82 15,952 Allianz 1,390,217 1.81 16,235 Deutsche Boerse 941,630 1.23 193,746 Deutsche Telekom 1,993,646 2.59 55,888 E.ON 1,633,606 2.13 12,817 Muenchener Rueckversicherungs 1,392,823 1.81 25,477 RWE 1,731,417 2.25

Italy 2,296,663 2.99 129,026 ENI 2,296,663 2.99

Netherlands 7,405,280 9.64 21,979 Akzo Nobel 1,019,826 1.33 51,559 Delta Lloyd 872,894 1.13 209,421 Koninklijke KPN 2,479,545 3.23 100,921 Unilever 2,295,953 2.99 48,174 Wolters Kluwer 737,062 0.96

Norway 1,720,791 2.24 98,848 Statoil 1,720,791 2.24

Spain 2,580,077 3.36 93,323 Banco Bilbao Vizcaya Argentaria 1,188,002 1.55 120,526 Banco Santander 1,392,075 1.81

Switzerland 9,555,388 12.44 27,824 Credit Suisse Registered 959,944 1.25 79,671 Nestlé Registered 2,695,010 3.51 71,626 Novartis Registered 2,726,940 3.55 16,249 Roche 1,924,872 2.50 8,181 Zürich Financial Services 1,248,622 1.63

United Kingdom 24,421,341 31.78 107,747 Admiral 1,442,018 1.88 57,958 AstraZeneca 1,898,736 2.47 431,468 BAE Systems 1,745,948 2.27 260,391 BP 1,758,575 2.29 89,812 British American Tobacco 2,038,526 2.65 233,867 Compass 1,171,947 1.53 196,385 GlaxoSmithKline 2,916,765 3.80 101,993 Imperial Tobacco 2,250,143 2.93 437,848 International Power 1,523,372 1.98 117,883 Pearson 1,182,259 1.54 78,546 Royal Dutch Shell 1,663,901 2.16 685,885 RSA Insurance 931,070 1.21 258,979 Tesco 1,247,648 1.62 1,638,613 Vodafone 2,650,433 3.45

The notes on pages 18 to 56 form an integral part of these financial statements. Page 158 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF European Smaller Companies Schroder ISF European Smaller Companies (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing EUR Assets Amount to an Official Exchange Listing EUR Assets

Austria 13,931,638 5.70 Italy (cont) 125,000 Andritz 5,065,000 2.07 2,860,000 CIR-Compagnie Industriali Riunite 5,190,900 2.13 122,000 Kapsch TrafficCom 3,084,160 1.26 64,000 DiaSorin 1,592,320 0.65 18,100 Mayr Melnhof Karton 1,303,200 0.53 678,900 Natuzzi ADR 1,513,486 0.62 85,000 Rosenbauer International 2,466,700 1.01 142,000 Trevi Finanziaria 1,566,260 0.64 59,916 Schoeller-Bleckmann Oilfield Equipment 2,012,578 0.83 153,000 Zignago Vetro 596,700 0.24

Belgium 6,760,750 2.77 Netherlands 25,536,196 10.45 16,000 Bekaert 1,736,000 0.71 25,000 Accell 729,250 0.30 61,000 EVS Broadcast Equipment 2,732,800 1.12 178,000 Delta Lloyd 3,013,540 1.23 115,000 Telenet 2,291,950 0.94 89,000 Dockwise 1,925,990 0.79 80,000 Exact 1,488,000 0.61 Denmark 4,707,189 1.93 112,500 Fugro 4,529,250 1.86 15,717 Solar 715,975 0.29 105,000 Imtech 1,977,675 0.81 19,000 Topdanmark 1,794,888 0.74 250,000 SBM Offshore 3,443,750 1.41 47,686 TrygVesta 2,196,326 0.90 178,000 Smartrac 2,670,000 1.09 Finland 1,260,840 0.52 18,343 Smit Internationale 1,105,166 0.45 79,000 Elisa 1,260,840 0.52 252,500 Ten Cate 4,653,575 1.90

France 34,389,307 14.08 Norway 2,173,075 0.89 124,000 Alten 2,418,000 0.99 1,027,000 Pronova BioPharma 2,173,075 0.89 150,000 Bourbon 3,952,500 1.62 Spain 6,487,062 2.66 212,917 Carrere - - 6,829 Baron de Ley 220,508 0.09 76,500 Ipsen 2,965,140 1.21 207,719 Codere 1,346,019 0.55 58,000 IPSOS 1,227,280 0.50 143,000 Enagas 2,205,775 0.91 118,000 Meetic 2,242,000 0.92 110,000 Laboratorios Farmaceuticos Rovi 851,400 0.35 47,915 Outremer Telecom 175,848 0.07 48,000 Red Electrica 1,863,360 0.76 73,381 Rubis 4,527,608 1.85 115,310 Saft 3,892,866 1.59 Sweden 5,110,992 2.09 70,000 SeLoger.com 1,576,400 0.65 334,000 Swedish Match 5,110,992 2.09 210,000 Store Electronic 2,356,200 0.97 Switzerland 38,485,554 15.75 208,000 Sword 5,098,080 2.09 45,000 Acino Registered 4,881,967 2.00 54,412 Virbac 3,957,385 1.62 210,000 Bank Sarasin & Cie Registered 5,532,896 2.26 Germany 35,065,712 14.35 5,000 Banque Cantonale Vaudoise Registered 1,384,740 0.57 120,200 Air Berlin 451,952 0.18 34,000 BKW FMB Energie 1,844,299 0.75 100,000 Bilfinger Berger 5,392,000 2.21 11,000 Bucher Industries Registered 832,394 0.34 91,000 Demag Cranes 2,122,120 0.86 13,419 Compagnie Financiere Tradition 1,113,101 0.45 72,500 GFK 1,749,425 0.72 Registered 87,261 Grenkeleasing 2,574,200 1.05 25,500 Dufry Registered 1,204,522 0.49 24,000 Hawesko 552,000 0.22 305,000 GAM 2,587,510 1.06 136,000 KUKA 1,625,200 0.67 90,000 Gategroup 2,122,594 0.87 91,898 Medion 680,045 0.28 4,100 Gurit 1,602,390 0.66 78,000 Morphosys 1,329,120 0.54 16,000 Helvetia Registered 3,458,144 1.42 170,000 MTU Aero Engines 6,492,300 2.66 64,664 Implenia Registered 1,263,622 0.52 150,000 Rheinmetall 6,711,000 2.75 19,684 Lonza Registered 968,262 0.40 54,000 Tipp24 1,566,000 0.64 406,412 Mobilezone 2,136,080 0.87 132,000 Tognum 1,531,200 0.63 16,675 Newave Energy 471,923 0.19 167,000 Wirecard 1,611,550 0.66 31,000 Partners Group Registered 2,728,107 1.12 22,000 XING 677,600 0.28 2,500 Sika 2,720,627 1.11 9,500 Valora Registered 1,632,376 0.67 Greece 2,408,234 0.99 189,700 Aegean Airlines 677,229 0.28 United Kingdom 39,430,044 16.13 134,500 Eurobank Properties Real Estate 1,115,005 0.46 240,000 Atkins WS 1,650,578 0.67 Investment 1,124,204 Carillion 3,844,294 1.57 70,000 JUMBO 616,000 0.25 200,000 Charter International 1,625,365 0.67 1,186,667 Crawshaw 146,928 0.06 Ireland 3,462,100 1.42 3,741,521 Dart 2,084,669 0.85 178,000 DCC 3,462,100 1.42 600,000 Domino Printing Sciences 2,223,959 0.91 Israel 2,440,984 1.00 1,089,251 Eco Animal Health 1,900,393 0.78 450,000 Oridion Systems 2,440,984 1.00 2,018,824 Evolution 3,060,904 1.25 4,700,352 Findel 1,838,522 0.75 Italy 17,863,412 7.31 900,000 Gulfsands Petroleum 2,329,990 0.95 630,000 Azimut 5,909,400 2.42 314,728 Holidaybreak 794,422 0.33 206,544 Buzzi Unicem Preference 1,494,346 0.61 280,000 Homeserve 5,323,183 2.18

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 159 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF European Smaller Schroder ISF European Special Situations Companies (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing EUR Assets Amount to an Official Exchange Listing EUR Assets

United Kingdom (cont) Denmark 27,136,541 2.28 290,000 Informa 1,044,556 0.43 525,890 Carlsberg 27,136,541 2.28 1,069,492 PV Crystalox Solar 739,145 0.30 France 309,644,267 25.98 189,121 Rensburg Sheppards 1,282,568 0.52 413,346 Alstom 20,278,755 1.70 3,000,000 Shanks 4,508,024 1.85 562,979 BNP Paribas 31,470,526 2.64 683,311 SIG 862,199 0.35 842,841 Bureau Veritas 30,683,627 2.57 300,000 Victrex 2,735,206 1.12 733,866 Cie Generale d'Optique Essilor 30,638,906 2.57 300,000 Wetherspoon (J.D.) 1,435,139 0.59 International Total Transferable Securities and 816,838 Cie Générale de Géophysique-Veritas 12,195,391 1.02 Money Market Instruments Admitted 1,011,491 Eutelsat Communications 22,718,088 1.91 to an Official Exchange Listing 239,513,089 98.04 426,512 GDF Suez 12,916,916 1.08 597,245 Imerys 25,093,249 2.11 Total Investments 239,513,089 98.04 354,711 Neopost 20,456,183 1.72 553,370 Sanofi-Aventis 30,468,552 2.56 Other Net Assets 4,793,059 1.96 590,272 Société Générale 28,893,814 2.42 392,377 Total 17,658,927 1.48 Net Asset Value 244,306,148 100.00 663,069 Vinci 26,171,333 2.20

Germany 99,433,402 8.34 320,887 Deutsche Boerse 18,611,446 1.56 362,926 Fielmann 18,639,879 1.56 373,594 Fresenius Medical Care 13,800,562 1.16 1,823,404 Symrise 27,314,592 2.29 442,118 Wincor Nixdorf 21,066,923 1.77

Italy 40,346,810 3.39 921,474 ENI 16,402,237 1.38 1,964,280 Prysmian 23,944,573 2.01

Netherlands 110,675,450 9.29 794,056 Fugro 31,968,695 2.68 1,168,613 ING Groep 8,063,430 0.68 2,957,983 Koninklijke KPN 35,022,519 2.94 274,219 Koninklijke Vopak 15,219,155 1.28 948,914 TNT 20,401,651 1.71

Norway 52,416,795 4.40 5,010,338 DnB NOR 37,798,309 3.17 547,719 Fred Olsen Energy 14,618,486 1.23

Portugal 12,713,152 1.07 1,492,154 Portugal Telecom 12,713,152 1.07

Spain 46,916,894 3.94 1,206,059 Indra Sistemas 19,851,731 1.67 1,386,535 Telefónica 27,065,163 2.27

Sweden 52,793,062 4.43 2,309,033 Getinge 30,694,589 2.58 2,032,540 Hexagon 20,963,090 1.76 194,024 Systemair 1,135,383 0.09

Switzerland 215,932,082 18.12 924,224 Actelion Registered 34,377,380 2.89 462,745 Aryzta 11,927,252 1.00 809,189 Credit Suisse Registered 27,917,491 2.34 865,989 Nestlé Registered 29,293,587 2.46 113,541 Roche 13,450,178 1.13 166,860 Sonova Registered 14,110,826 1.18 210,997 Syngenta Registered 41,331,177 3.47 1,721,618 UBS Registered 18,619,512 1.56 163,176 Zürich Financial Services 24,904,679 2.09

United Kingdom 174,833,512 14.66 9,732,970 Cairn Energy 36,437,731 3.06 2,300,451 Croda International 20,715,083 1.74

The notes on pages 18 to 56 form an integral part of these financial statements. Page 160 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF European Special Schroder ISF Global Climate Change Equity Situations (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing EUR Assets Amount to an Official Exchange Listing USD Assets

United Kingdom (cont) Australia 7,151,564 2.99 1,497,066 De La Rue 16,648,748 1.40 2,801,329 Gunns 2,367,686 0.99 1,986,507 Diageo 24,238,352 2.03 1,576,453 Infigen Energy 1,977,367 0.83 2,176,344 Intertek 30,743,618 2.58 746,721 Paladin Energy 2,806,511 1.17 590,695 Johnson Matthey 10,179,400 0.85 Belgium 6,272,815 2.62 500,024 Royal Dutch Shell 10,195,602 0.85 3,550,749 Hansen Transmissions International 6,272,815 2.62 15,873,387 Vodafone 25,674,978 2.15 Brazil 4,049,901 1.69 Total Transferable Securities and 168,226 Cosan Industria e Comercio 2,468,665 1.03 Money Market Instruments Admitted 128,122 Tractebel Energia 1,581,236 0.66 to an Official Exchange Listing 1,142,841,967 95.90 Canada 19,334,394 8.08 Total Investments 1,142,841,967 95.90 86,497 Cameco 2,794,880 1.17 60,281 Canadian Pacific Railway 3,271,026 1.36 Other Net Assets 48,918,503 4.10 39,353 Niko Resources 3,672,547 1.54 Net Asset Value 1,191,760,470 100.00 228,456 Progress Energy Resources 3,074,678 1.29 127,816 Sino-Forest 2,354,938 0.98 81,469 Ultra Petroleum 4,166,325 1.74

China 5,750,941 2.40 4,916,000 China Forestry 1,388,441 0.58 3,240,000 Denway Motors 2,064,160 0.86 428,400 Dongfang Electric 'H' 2,298,340 0.96

Denmark 1,433,008 0.60 23,363 Vestas Wind Systems 1,433,008 0.60

France 11,954,804 5.00 45,093 Bouygues 2,365,054 0.99 50,061 Carrefour 2,419,100 1.01 66,366 GDF Suez 2,894,047 1.21 87,976 Saft 4,276,603 1.79

Germany 16,038,528 6.70 78,508 Envitec Biogas 1,433,394 0.60 28,088 Linde 3,403,760 1.42 28,983 Muenchener Rueckversicherungs 4,535,084 1.89 44,306 Roth & Rau 1,927,921 0.81 51,250 Siemens 4,738,369 1.98

Hong Kong SAR 5,047,582 2.11 8,640,000 Guangdong Investment 5,047,582 2.11

India 2,441,283 1.02 129,851 Jain Irrigation Systems 2,441,283 1.02

Israel 3,593,165 1.50 731,706 Makhteshim-Agan Industries 3,593,165 1.50

Japan 23,622,150 9.87 365 Central Japan Railway 2,450,140 1.02 160,300 Honda Motor 5,380,240 2.25 301,100 JTEKT 3,850,674 1.61 825,000 Sekisui Chemical 5,128,426 2.14 254,000 Sharp 3,198,986 1.34 86,300 Toyota Motor 3,613,684 1.51

Netherlands 4,111,299 1.72 138,069 Koninklijke Philips Electronics 4,111,299 1.72

Russia 904,481 0.38 281,252 Black Earth Farming 904,481 0.38

Spain 8,083,296 3.38 347,637 Gamesa Corp Tecnologica 5,899,129 2.47 456,894 Iberdrola Renovables 2,184,167 0.91

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 161 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Climate Change Schroder ISF Global Dividend Maximiser Equity (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Switzerland 3,501,713 1.46 Australia 751,065 3.18 12,415 Syngenta Registered 3,501,713 1.46 43,636 Suncorp-Metway 340,955 1.44 18,028 Westpac Banking 410,110 1.74 Taiwan 2,995,632 1.25 1,069,200 Giant Manufacturing 2,995,632 1.25 Bermuda 289,752 1.22 20,951 Ship Finance International 289,752 1.22 United Kingdom 21,645,837 9.05 321,590 BG 5,848,055 2.44 Cyprus 387,545 1.64 790,439 Centrica 3,601,183 1.51 60,752 ProSafe 387,545 1.64 796,577 Rexam 3,751,798 1.57 Finland 96,959 0.41 647,823 SIG 1,177,004 0.49 7,549 Nokia 96,959 0.41 168,062 Spirax-Sarco Engineering 3,377,592 1.41 560,806 Tesco 3,890,205 1.63 France 2,897,080 12.25 3,844 BNP Paribas 309,405 1.31 United States of America 81,681,076 34.15 12,684 France Telecom 318,336 1.35 80,625 A123 Systems 1,841,475 0.77 3,951 Neopost 328,087 1.39 95,884 AGCO 3,108,559 1.30 3,842 Sanofi-Aventis 304,597 1.29 305,220 Applied Materials 4,294,445 1.80 5,617 Société Générale 395,904 1.67 88,240 BorgWarner 2,988,689 1.25 9,183 Total 595,083 2.51 213,263 Cisco Systems 5,156,699 2.16 4,498 Vinci 255,634 1.08 26,369 Cree 1,475,346 0.61 13,026 Vivendi 390,034 1.65 43,846 Danaher 3,322,650 1.39 52,373 Dresser-Rand 1,684,316 0.70 Germany 2,406,347 10.17 101,153 EI Du Pont de Nemours & Co. 3,444,260 1.44 2,538 Allianz 318,487 1.35 289,209 Ener1 1,926,132 0.81 3,755 Deutsche Boerse 313,596 1.33 46,623 Exelon 2,303,176 0.96 28,815 Deutsche Telekom 426,940 1.80 16,634 First Solar 2,275,365 0.95 10,188 E.ON 428,795 1.81 83,764 FPL 4,498,127 1.88 2,500 Muenchener Rueckversicherungs 391,185 1.65 175,405 Intersil 2,652,124 1.11 5,389 RWE 527,344 2.23 52,070 Itron 3,579,812 1.50 Hong Kong SAR 1,102,444 4.66 154,488 Kroger 3,165,459 1.32 255,000 CNOOC 401,210 1.70 34,758 Lindsay 1,402,138 0.59 22,000 Hang Seng Bank 325,430 1.37 216,294 Lowe's 5,089,398 2.13 31,000 Swire Pacific 375,804 1.59 55,984 Monsanto 4,624,838 1.93 27,078 Ormat Technologies 1,032,213 0.43 Italy 487,448 2.06 85,783 PG&E 3,894,548 1.63 27,110 Enel 157,997 0.67 217,407 Polycom 5,502,571 2.30 12,854 ENI 329,451 1.39 35,955 Praxair 2,922,063 1.22 220,551 Quicksilver Resources 3,376,636 1.41 Netherlands 1,965,992 8.31 119,656 RTI International Metals 3,045,245 1.27 5,092 Akzo Nobel 340,203 1.44 56,626 Wal-Mart Stores 3,074,792 1.29 27,338 Koninklijke KPN 466,070 1.97 15,758 Reed Elsevier 195,156 0.83 Total Transferable Securities and 9,530 TNT 295,028 1.25 Money Market Instruments Admitted 13,249 Unilever 434,007 1.83 to an Official Exchange Listing 229,613,469 95.97 10,691 Wolters Kluwer 235,528 0.99

Norway 354,991 1.50 Total Investments 229,613,469 95.97 14,162 Statoil 354,991 1.50 Other Net Assets 9,638,499 4.03 Singapore 983,090 4.16 Net Asset Value 239,251,968 100.00 786,000 Fortune Real Estate Investment Trust 317,277 1.34 484,000 Singapore Post 348,636 1.48 143,000 Singapore Telecommunications 317,177 1.34

South Korea 602,344 2.55 6,146 KT&G 339,817 1.44 1,804 SK Telecom 262,527 1.11

Spain 947,374 4.01 23,950 Banco Bilbao Vizcaya Argentaria 439,002 1.86 18,965 Banco Santander 315,404 1.33 7,157 Repsol YPF 192,968 0.82

Switzerland 1,266,828 5.36 5,995 Credit Suisse Registered 297,816 1.26 5,893 Nestlé Registered 287,031 1.22 7,261 Novartis Registered 398,046 1.68

The notes on pages 18 to 56 form an integral part of these financial statements. Page 162 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Dividend Schroder ISF Global Emerging Market Maximiser (cont) Opportunities Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Switzerland (cont) Brazil 51,397,746 9.93 1,292 Zürich Financial Services 283,935 1.20 1,320,200 BM&FBOVESPA 9,270,536 1.79 127,000 Companhia Brasileira de Distribuicao 9,523,730 1.84 Taiwan 608,474 2.57 Grupo Pao de Acucar ADR 154,000 Chunghwa Telecom 286,523 1.21 391,800 Eletropaulo Metropolitana Eletricidade de 7,748,409 1.50 165,000 Taiwan Mobile 321,951 1.36 Sao Paulo Preference 386,400 Localiza Rent a Car 4,279,305 0.82 United Kingdom 3,990,944 16.87 929,800 PDG Realty SA Empreendimentos e 9,247,366 1.79 17,419 Admiral 335,677 1.42 Participações 8,506 AstraZeneca 401,244 1.70 508,000 Tam ADR Preference 11,328,400 2.19 73,671 BAE Systems 429,251 1.82 31,190 BP 303,307 1.28 China 67,145,611 12.97 52,813 Compass 381,076 1.61 16,860,000 Bank of China 'H' 9,132,260 1.76 22,718 GlaxoSmithKline 485,843 2.05 5,900,000 China Coal Energy 'H' 10,835,112 2.09 12,873 Imperial Tobacco 408,933 1.73 10,743,000 China Construction Bank 'H' 9,241,082 1.79 80,196 International Power 401,761 1.70 1,632,000 China National Building Material 'H' 3,380,159 0.65 12,820 Royal Dutch Shell 391,042 1.65 14,074,000 Dalian Port PDA 'H' 5,445,154 1.05 194,421 Vodafone 452,810 1.91 28,286,000 Franshion Properties China 9,995,246 1.93 1,043,000 Ping An Insurance Co of China ‘H’ 9,146,704 1.77 United States of America 4,685,856 19.80 10,767,000 Sino-Ocean Land 9,969,894 1.93 13,655 Altria 270,506 1.14 13,423 AT&T 380,139 1.61 Egypt 12,853,046 2.48 14,645 Bristol-Myers Squibb 375,058 1.59 821,270 Ghabbour Auto 3,691,051 0.71 11,398 ConocoPhillips 581,184 2.46 7,293,294 Talaat Moustafa 9,161,995 1.77 9,272 Edison International 327,580 1.39 Hong Kong SAR 8,985,993 1.74 4,080 Entergy 338,966 1.43 6,778,000 China Unicom Hong Kong 8,985,993 1.74 4,932 FPL 264,848 1.12 5,009 Johnson & Johnson 325,134 1.37 Hungary 21,883,752 4.23 4,385 Lorillard 353,563 1.49 34,881 Egis Gyogyszergyar 3,460,269 0.67 9,892 Marathon Oil 311,301 1.32 2,311,542 Magyar Telekom Telecommunications 8,987,964 1.74 12,732 Merck & Co. 471,848 1.99 324,886 OTP Bank 9,435,519 1.82 19,754 Pfizer 365,449 1.54 India 18,743,926 3.62 6,582 Philip Morris International 320,280 1.35 1,552,248 Cairn India 9,438,939 1.82 Total Transferable Securities and 376,500 Reliance Infrastructure 9,304,987 1.80 Money Market Instruments Admitted Indonesia 15,073,936 2.91 to an Official Exchange Listing 23,824,533 100.72 26,011,500 Delta Dunia Petroindo 4,646,875 0.90 7,200,000 Indocement Tunggal Prakarsa 10,427,061 2.01 Total Investments 23,824,533 100.72 Israel 18,436,248 3.56 Other Net Liabilities ( 170,162 ) ( 0.72 ) 2,105,609 Bank Hapoalim 9,154,580 1.77 Net Asset Value 23,654,371 100.00 166,100 Teva Pharmaceutical Industries ADR 9,281,668 1.79

Kazakhstan 9,255,330 1.79 371,700 KazMunaiGas Exploration Production 9,255,330 1.79 GDR

Mexico 9,532,789 1.84 4,268,100 Urbi Desarrollos Urbanos 9,532,789 1.84

Russia 47,538,818 9.18 380,700 Gazprom OAO ADR 9,707,850 1.87 165,650 Lukoil OAO ADR 9,491,745 1.83 190,975 Mobile Telesystems ADR 9,352,046 1.81 1,112,850 Rosneft Oil GDR 9,570,510 1.85 485,400 Severstal GDR 4,611,300 0.89 17,027 Sberbank of Russian Federation GDR 4,805,367 0.93

South Africa 29,406,471 5.68 267,490 ABSA 4,651,654 0.90 880,658 Aveng 4,755,289 0.92 652,721 JD 4,381,330 0.85 222,314 Naspers 9,025,781 1.74 2,030,569 Raubex 6,592,417 1.27

South Korea 72,510,611 14.01 304,320 Hana Financial 8,595,946 1.66

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 163 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Emerging Market Schroder ISF Global Energy Opportunities (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

South Korea (cont) Bermuda 57,110,199 4.68 93,445 Hyundai Department Store 9,025,596 1.74 3,724,884 GeoPark 23,242,857 1.90 158,426 Hyundai Engineering & Construction 9,643,617 1.86 10,638,300 TransAtlantic Petroleum 33,867,342 2.78 95,558 Hyundai Motor 9,927,038 1.92 Canada 180,259,575 14.77 12,793 Samsung Electronics 8,775,795 1.70 5,122,126 Bankers Petroleum 30,708,833 2.52 240,730 Shinhan Financial 8,928,556 1.73 15,096,000 Enhanced Oil Resources 2,877,758 0.24 90,346 SK Energy 9,114,106 1.76 339,012 Niko Resources 31,637,673 2.59 58,409 SK Telecom 8,499,957 1.64 2,013,427 Progress Energy Resources 27,097,736 2.22 Taiwan 14,318,199 2.77 1,564,923 Suncor Energy 56,024,885 4.59 498,050 Cathay Financial GDR 8,840,388 1.71 624,026 Ultra Petroleum 31,912,690 2.61 461,001 KGI Securities GDR 5,477,811 1.06 Cyprus 41,303,197 3.38 Thailand 47,091,135 9.10 4,330,729 ProSafe 27,626,282 2.26 2,480,900 Bangkok Bank (Foreign) 8,674,215 1.68 6,345,924 Prosafe Production Public 13,676,915 1.12 571,600 Banpu (Foreign) 9,915,510 1.91 France 99,545,954 8.15 1,749,400 Kasikornbank 4,462,755 0.86 1,536,139 Total 99,545,954 8.15 1,523,450 Kasikornbank (Foreign) 3,977,796 0.77 21,503,300 Land and Houses 4,065,750 0.79 Ireland 27,830,580 2.28 84,189,800 Quality Houses (Foreign) 6,721,034 1.30 4,419,928 Dragon Oil 27,830,580 2.28 3,562,100 Siam Commercial Bank (Foreign) 9,274,075 1.79 Netherlands 26,765,217 2.19 Turkey 48,527,226 9.38 1,349,419 SBM Offshore 26,765,217 2.19 473,298 Tupras Turkiye Petrol Rafine 9,431,720 1.83 Norway 25,050,879 2.05 1,342,346 Turkcell Iletisim Hizmet 9,531,025 1.84 1,917,961 Aker Solutions 25,050,879 2.05 1,133,313 Turkiye Garanti Bankasi 4,820,509 0.93 1,309,619 Turkiye Halk Bankasi 10,351,332 2.00 Portugal 23,815,367 1.95 2,290,672 Turkiye Is Bankasi 9,666,578 1.87 1,369,172 Galp Energia 23,815,367 1.95 3,941,641 Turkiye Sinai Kalkinma Bankasi 4,726,062 0.91 Switzerland 31,097,632 2.55 United Arab Emirates 13,813,308 2.67 758,849 Noble 31,097,632 2.55 25,469,651 Air Arabia 6,379,287 1.23 7,074,164 Emaar Properties 7,434,021 1.44 United Kingdom 167,639,958 13.73 3,449,065 BG 62,720,609 5.14 Total Transferable Securities and 4,998,336 Cairn Energy 26,944,103 2.21 Money Market Instruments Admitted 7,062,462 Gulfsands Petroleum 26,326,916 2.15 to an Official Exchange Listing 506,514,145 97.86 5,340,019 John Wood 26,726,133 2.19 2,895,848 Wellstream 24,922,197 2.04 Total Investments 506,514,145 97.86 United States of America 393,348,522 32.22 Other Net Assets 11,060,948 2.14 761,015 Baker Hughes 31,102,683 2.55 1,284,537 ConocoPhillips 65,498,542 5.36 Net Asset Value 517,575,093 100.00 600,161 Devon Energy 44,459,927 3.64 414,727 EOG Resources 40,979,175 3.36 1,346,149 EXCO Resources 28,969,126 2.37 1,222,362 Marathon Oil 38,467,732 3.15 784,666 National Oilwell Varco 34,996,104 2.87 1,821,811 Quicksilver Resources 27,891,926 2.29 623,564 Range Resources 31,614,695 2.59 1,050,396 XTO Energy 49,368,612 4.04

Total Transferable Securities and Money Market Instruments Admitted to an Official Exchange Listing 1,073,767,080 87.95

Number of shares Market % or Principal Value Net Amount Derivatives USD Assets

Canada -- 1,500,000 Enhanced Oil Resources Warrants 03/06/ -- 2010 6,048,000 Enhanced Oil Resources Warrants 30/06/ -- 2010

The notes on pages 18 to 56 form an integral part of these financial statements. Page 164 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Energy (cont) Schroder ISF Global Equity Yield

Number of shares Market % Number of shares Transferable Securities and Market % or Principal Value Net or Principal Money Market Instruments Admitted Value Net Amount Derivatives USD Assets Amount to an Official Exchange Listing USD Assets

Total Derivatives - - Australia 3,160,044 5.13 36,277 QBE Insurance 835,033 1.36 Total Investments 1,073,767,080 87.95 99,900 Suncorp-Metway 780,580 1.27 262,711 Telstra 810,223 1.31 Other Net Assets 147,082,711 12.05 32,275 Westpac Banking 734,208 1.19 Net Asset Value 1,220,849,791 100.00 Bermuda 949,194 1.54 68,633 Ship Finance International 949,194 1.54

Cyprus 909,504 1.48 142,575 ProSafe 909,504 1.48

France 7,239,195 11.75 10,042 BNP Paribas 808,285 1.31 28,428 France Telecom 713,471 1.16 8,739 Neopost 725,678 1.18 15,352 Sanofi-Aventis 1,217,120 1.98 11,053 Société Générale 779,050 1.26 23,237 Total 1,505,820 2.44 13,242 Vinci 752,581 1.22 24,620 Vivendi 737,190 1.20

Germany 5,975,701 9.70 9,207 Allianz 1,155,361 1.88 8,809 Deutsche Boerse 735,677 1.19 69,425 Deutsche Telekom 1,028,640 1.67 26,521 E.ON 1,116,223 1.81 5,474 Muenchener Rueckversicherungs 856,538 1.39 11,070 RWE 1,083,262 1.76

Hong Kong SAR 1,709,994 2.77 660,000 CNOOC 1,038,425 1.68 45,400 Hang Seng Bank 671,569 1.09

Italy 1,315,087 2.13 51,310 ENI 1,315,087 2.13

Netherlands 3,999,211 6.49 10,815 Akzo Nobel 722,565 1.17 27,808 Delta Lloyd 677,890 1.10 57,483 Koninklijke KPN 979,994 1.59 35,776 Unilever 1,171,940 1.90 20,282 Wolters Kluwer 446,822 0.73

Norway 1,123,778 1.82 44,832 Statoil 1,123,778 1.82

Singapore 4,228,937 6.85 569,000 Ascendas Real Estate Investment Trust 900,888 1.46 2,721,000 Fortune Real Estate Investment Trust 1,098,359 1.78 274,000 SembCorp Marine 723,032 1.17 295,550 Singapore Telecommunications 655,537 1.06 884,000 Suntec Real Estate Investment Trust 851,121 1.38

South Korea 1,863,967 3.02 18,207 KT&G 1,006,680 1.63 5,891 SK Telecom 857,287 1.39

Spain 1,574,979 2.56 41,338 Banco Bilbao Vizcaya Argentaria 757,723 1.23 49,141 Banco Santander 817,256 1.33

Switzerland 3,358,337 5.45 21,256 Nestlé Registered 1,035,319 1.68 24,913 Novartis Registered 1,365,725 2.22 4,356 Zürich Financial Services 957,293 1.55

Taiwan 1,649,080 2.67 424,900 Chunghwa Telecom 790,543 1.28

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 165 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Equity Yield (cont) Schroder ISF Global Property Securities

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Taiwan (cont) Australia 11,700,255 2.70 440,000 Taiwan Mobile 858,537 1.39 1,890,350 CFS Retail Property Trust 3,229,446 0.75 2,385,040 Stockland 8,470,809 1.95 United Kingdom 9,723,595 15.78 40,373 Admiral 778,017 1.26 China 4,505,034 1.04 18,418 AstraZeneca 868,813 1.41 2,549,800 Guangzhou R&F Properties ‘H’ 4,505,034 1.04 170,669 BAE Systems 994,419 1.61 France 40,693,659 9.39 89,080 BP 866,258 1.41 107,684 Eurosic 3,566,247 0.83 116,678 Compass 841,899 1.37 72,669 ICADE 6,984,459 1.61 51,847 GlaxoSmithKline 1,108,789 1.80 223,056 Klepierre 9,118,253 2.10 27,103 Imperial Tobacco 860,973 1.40 95,000 Unibail-Rodamco 21,024,700 4.85 166,673 International Power 834,988 1.35 43,290 Royal Dutch Shell 1,320,454 2.14 Hong Kong SAR 79,253,665 18.28 536,271 Vodafone 1,248,985 2.03 5,587,600 China Overseas Land & Investment 11,817,907 2.73 3,243,000 Hang Lung Properties 12,797,931 2.95 United States of America 12,014,027 19.49 2,513,000 Hongkong Land 12,439,350 2.87 30,966 American Electric Power 1,091,861 1.77 4,033,803 Hysan Development 11,470,826 2.64 26,691 AT&T 755,889 1.23 2,388,082 Kerry Properties 12,165,158 2.81 31,492 Bristol-Myers Squibb 806,510 1.31 5,894,400 Lifestyle International 11,022,472 2.54 35,531 ConocoPhillips 1,811,726 2.94 4,004,500 Shangri-La Asia 7,540,021 1.74 21,786 Edison International 769,699 1.25 8,889 Entergy 738,498 1.20 Italy 3,567,914 0.82 11,789 Johnson & Johnson 765,224 1.24 1,589,410 Immobiliare Grande Distribuzione 3,567,914 0.82 11,696 Lorillard 943,048 1.53 Japan 37,943,987 8.75 32,175 Marathon Oil 1,012,547 1.64 483,700 Aeon Mall 9,364,967 2.16 33,155 Merck & Co. 1,228,724 1.99 920,000 Daiwa House Industry 9,869,199 2.28 63,669 Pfizer 1,177,877 1.91 414,000 Mitsubishi Estate 6,603,626 1.52 18,751 Philip Morris International 912,424 1.48 720,000 Mitsui Fudosan 12,106,195 2.79 Total Transferable Securities and Netherlands 3,797,386 0.88 Money Market Instruments Admitted 55,300 Corio 3,797,386 0.88 to an Official Exchange Listing 60,794,630 98.63 Singapore 29,114,768 6.71 Total Investments 60,794,630 98.63 3,818,850 CapitaLand 11,438,983 2.64 1,495,000 City Developments 12,325,500 2.84 Other Net Assets 841,490 1.37 4,099,400 Wing Tai 5,350,285 1.23 Net Asset Value 61,636,120 100.00 Spain 7,558,366 1.74 889,700 Sol Melia 7,558,366 1.74

United Kingdom 29,614,755 6.83 340,333 British Land 2,647,655 0.61 346,400 Derwent London 7,410,847 1.71 1,247,011 Great Portland Estates 5,802,558 1.34 544,200 Land Securities 6,041,783 1.39 407,800 Shaftesbury 2,601,467 0.60 1,052,800 Unite 5,110,445 1.18

United States of America 159,363,586 36.75 142,700 AMB Property 3,714,481 0.86 240,800 American Campus Communities 6,850,760 1.58 190,500 Boston Properties 13,203,555 3.04 42,900 Digital Realty Trust 2,136,420 0.49 384,600 Douglas Emmett 5,572,854 1.29 118,200 Essex Property Trust 10,035,180 2.31 192,900 Federal Realty Investment Trust 13,213,650 3.05 287,200 HCP 8,977,872 2.07 159,700 Highwoods Properties 5,383,487 1.24 745,067 Host Hotels & Resorts 8,970,607 2.07 158,500 Kilroy Realty 4,875,460 1.12 152,000 Nationwide Health Properties 5,409,680 1.25 157,500 Public Storage 13,048,875 3.01 311,311 Simon Property 25,362,507 5.85 104,900 Tanger Factory Outlet Centers 4,154,040 0.96 137,700 Taubman Centers 4,987,494 1.15

The notes on pages 18 to 56 form an integral part of these financial statements. Page 166 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Property Schroder ISF Global Smaller Companies Securities (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

United States of America (cont) Australia 3,300,511 4.21 206,500 Ventas 9,137,625 2.11 61,014 Amcor 341,782 0.43 200,771 Vornado Realty Trust 14,329,039 3.30 37,214 Ansell 365,728 0.47 50,956 Computershare 524,606 0.67 Total Transferable Securities and 37,540 Crane 319,314 0.41 Money Market Instruments Admitted 104,503 Elders 146,584 0.19 to an Official Exchange Listing 407,113,375 93.89 125,437 Fairfax Media 196,249 0.25 Number of shares Market % 116,251 Iluka Resources 374,207 0.48 or Principal Value Net 193,323 Mirvac 272,907 0.35 Amount Deposit USD Assets 33,212 Sandfire Resources 110,491 0.14 34,801 Sonic Healthcare 480,948 0.61 United States of America 29,445,869 6.79 137,641 Transpacific Industries 167,695 0.21 29,445,869 JPMorgan Chase Nassau 29,445,869 6.79 Austria 1,187,321 1.51 Total Deposit 29,445,869 6.79 5,950 Andritz 347,151 0.44 2,800 Kapsch TrafficCom 101,922 0.13 Total Investments 436,559,244 100.68 1,200 Mayr Melnhof Karton 124,407 0.16 9,250 Rosenbauer International 386,520 0.49 Other Net Liabilities ( 2,969,633 ) ( 0.68 ) 4,700 Schoeller-Bleckmann Oilfield Equipment 227,321 0.29 Net Asset Value 433,589,611 100.00 Belgium 530,826 0.68 1,000 Bekaert 156,229 0.20 4,250 EVS Broadcast Equipment 274,157 0.35 3,500 Telenet 100,440 0.13

Bermuda 1,337,146 1.70 25,000 Aquarius Platinum 164,911 0.21 4,397 Argo Group International 129,580 0.16 646,000 Beijing Enterprises Water 215,776 0.27 6,000 Dockwise 186,960 0.24 8,100 Genpact 123,201 0.16 68,000 Great Eagle 177,146 0.23 9,200 Lazard 339,572 0.43

Canada 738,246 0.94 6,100 IESI-BFC 97,661 0.13 4,100 Magna International 207,173 0.26 5,500 PAN American Silver 130,625 0.17 27,600 Ram Power 103,387 0.13 4,792 Sino-Forest 88,290 0.11 9,894 Yamana Gold 111,110 0.14

China 1,168,705 1.49 232,000 China Dongxiang 179,519 0.23 726,000 China Southern Airlines 'H' 226,581 0.29 13,000 Concord Medical Services ADR 112,320 0.14 392,000 Guangzhou Pharmaceutical 'H' 295,742 0.38 2,100 Home Inns & Hotels Management ADR 73,353 0.09 27,300 Shanda Games ADR 281,190 0.36

Denmark 506,661 0.65 1,500 Solar 98,390 0.13 1,100 Topdanmark 149,627 0.19 3,900 TrygVesta 258,644 0.33

Finland 144,779 0.18 6,300 Elisa 144,779 0.18

France 2,968,583 3.78 7,100 Alten 199,354 0.25 8,920 Bourbon 338,437 0.43 4,288 Carrere - - 5,200 Ipsen 290,215 0.37 5,903 Maximiles 69,188 0.09 7,000 Meetic 191,507 0.24 1,200 Neopost 99,647 0.13

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 167 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Smaller Schroder ISF Global Smaller Companies (cont) Companies (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

France (cont) Japan (cont) 3,944 Rubis 350,392 0.44 8,000 Hisaka Works 79,430 0.10 6,107 Saft 296,867 0.38 2,900 Icom 62,594 0.08 5,000 SeLoger.com 162,133 0.21 13,500 JSP 142,780 0.18 13,000 Store Electronic 210,024 0.27 12,100 Kuroda Electric 176,290 0.22 12,000 Sword 423,503 0.54 6,800 Lintec 137,233 0.17 3,221 Virbac 337,316 0.43 6,900 Miura 174,622 0.22 10,700 Modec 205,547 0.26 Germany 3,044,913 3.88 9,000 Moshi Moshi Hotline 162,012 0.21 6,570 Air Berlin 35,570 0.05 11,900 Musashi Seimitsu Industry 276,117 0.35 5,181 Bilfinger Berger 402,250 0.51 21,000 Nabtesco 239,780 0.31 6,000 Demag Cranes 201,471 0.26 11,100 NEC Networks & System Integration 135,006 0.17 5,150 GFK 178,936 0.23 9,100 Nichi-iko Pharmaceutical 246,994 0.31 4,471 Grenkeleasing 189,915 0.24 12,000 Nidec Copal 165,767 0.21 2,400 Hawesko 79,482 0.10 12,500 Nifco 248,894 0.32 7,300 KUKA 125,610 0.16 11,000 Nihon Parkerizing 131,178 0.17 6,194 Medion 65,999 0.08 50,000 Nippon Thompson 248,759 0.32 5,250 Morphosys 128,813 0.16 6,200 Nishimatsuya Chain 54,666 0.07 8,000 MTU Aero Engines 439,918 0.56 16,300 Nitta 216,196 0.28 7,300 Rheinmetall 470,274 0.60 1,070 Obic 175,639 0.22 8,000 SFC Smart Fuel Cell 76,833 0.10 69 Seven Bank 137,762 0.18 4,500 Tipp24 187,907 0.24 14,000 Shinko Plantech 141,873 0.18 9,000 Tognum 150,326 0.19 58,000 Shinmaywa Industries 177,142 0.23 17,000 Wirecard 236,216 0.30 19,700 Sumida 149,674 0.19 1,700 XING 75,393 0.10 31,000 Takasago International 149,212 0.19 Greece 281,103 0.36 55,000 Tokai Tokyo Financial 215,465 0.27 22,300 Aegean Airlines 114,632 0.15 5,500 Tokyo Tomin Bank 75,086 0.10 9,700 Eurobank Properties Real Estate 115,787 0.15 12,400 Trusco Nakayama 173,434 0.22 Investment 5,000 Tsumura & Co. 161,882 0.21 4,000 JUMBO 50,684 0.06 4,300 Tsuruha 154,069 0.20 6,700 Tsutsumi Jewelry 135,215 0.17 Hong Kong SAR 1,987,299 2.53 4,700 Union Tool 124,018 0.16 100,000 China Taiping Insurance 323,702 0.41 2,500 Yushin Precision Equipment 33,995 0.04 114,000 Citic 1616 38,666 0.05 209,600 Dah Sing Banking 313,560 0.40 New Zealand 602,496 0.77 1,100,000 Franshion Properties China 388,700 0.50 68,215 Fisher & Paykel Healthcare 167,218 0.21 1,765,000 Inspur International 252,661 0.32 74,894 Fletcher Building 435,278 0.56 475,200 Lee & Man Paper Manufacturing 327,870 0.42 Netherlands 2,327,846 2.97 192,000 Lenovo 120,340 0.15 2,100 Accell 88,204 0.11 265,000 Techtronic Industries 221,800 0.28 12,200 Delta Lloyd 297,406 0.38 Ireland 287,062 0.37 4,900 Exact 131,232 0.17 10,250 DCC 287,062 0.37 5,900 Fugro 342,025 0.43 6,250 Imtech 169,503 0.22 Italy 1,436,626 1.83 28,914 James Hardie Industries 220,983 0.28 38,000 Azimut 513,238 0.65 15,700 SBM Offshore 311,404 0.40 11,000 Buzzi Unicem 114,594 0.15 9,625 Smartrac 207,886 0.26 123,000 CIR-Compagnie Industriali Riunite 321,450 0.41 2,041 Smit Internationale 177,065 0.23 2,500 DiaSorin 89,562 0.12 14,400 Ten Cate 382,138 0.49 49,500 Natuzzi ADR 158,895 0.20 8,500 Trevi Finanziaria 134,998 0.17 Norway 149,291 0.19 18,500 Zignago Vetro 103,889 0.13 49,000 Pronova BioPharma 149,291 0.19

Japan 6,590,540 8.40 Singapore 1,077,232 1.37 12,700 Aica Kogyo 129,385 0.17 256,000 Goodpack 206,312 0.26 16,500 Arcs 217,780 0.28 141,000 Keppel Land 351,959 0.45 34,000 Chugoku Marine Paints 238,506 0.30 55,000 Olam International 104,340 0.13 33,000 Daido Steel 122,512 0.16 69,000 SembCorp Industries 182,078 0.23 21,000 Daihatsu Diesel Manufacturing 76,603 0.10 119,000 Singapore Airport Terminal Services 232,543 0.30 10,300 DC 25,011 0.03 South Korea 1,068,854 1.35 20,000 Dowa 110,943 0.14 15,790 Doosan Infracore 221,650 0.28 6,800 Exedy 140,976 0.18 1,450 GS Engineering & Construction 135,072 0.17 18,100 Fujikura Kasei 89,660 0.11 30,880 Industrial Bank of Korea 371,170 0.47 8,400 Glory 186,747 0.24 697 Samsung C&T 33,571 0.04 7,900 HIS 144,086 0.18

The notes on pages 18 to 56 form an integral part of these financial statements. Page 168 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Smaller Schroder ISF Global Smaller Companies (cont) Companies (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

South Korea (cont) United Kingdom (cont) 2,411 Samsung SDI 307,391 0.39 200,000 Inchcape 96,759 0.12 90,000 Intec Telecom Systems 150,973 0.19 Spain 835,757 1.06 15,000 Investec 103,347 0.13 1,179 Baron de Ley 54,817 0.07 15,000 John Wood 75,073 0.10 15,838 Codere 147,777 0.19 6,845 Keller 71,612 0.09 10,500 Enagas 233,210 0.29 6,000 Kier 100,162 0.13 7,800 Laboratorios Farmaceuticos Rovi 86,930 0.11 110,000 LMS Capital 92,707 0.12 5,600 Red Electrica 313,023 0.40 30,000 Mitie 111,735 0.14 Sweden 418,644 0.53 71,848 Nestor Healthcare 47,744 0.06 19,000 Swedish Match 418,644 0.53 6,024 Premier Oil 107,886 0.14 8,000 Provident Financial 120,324 0.15 Switzerland 3,595,596 4.58 25,000 Ricardo 105,146 0.13 2,240 Acino Registered 349,915 0.45 35,000 RM 89,627 0.11 10,000 Bank Sarasin & Cie Registered 379,372 0.48 90,000 Shanks 194,733 0.25 480 Banque Cantonale Vaudoise Registered 191,413 0.25 33,766 SIG 61,348 0.08 2,330 BKW FMB Energie 181,987 0.23 35,000 Stagecoach 96,151 0.12 750 Bucher Industries Registered 81,720 0.11 3,186 Ultra Electronics 71,001 0.09 1,530 Compagnie Financiere Tradition 182,742 0.23 9,000 Victrex 118,153 0.15 1,300 Dufry Registered 88,420 0.11 12,373 Vitec 78,008 0.10 21,000 GAM 256,527 0.33 15,000 VT 126,175 0.16 6,300 Gategroup 213,943 0.27 15,000 Wellstream 129,093 0.16 280 Gurit 157,570 0.20 14,000 WH Smith 112,091 0.14 730 Helvetia Registered 227,184 0.29 40,000 William Hill 120,389 0.15 4,095 Implenia Registered 115,223 0.15 1,130 Lonza Registered 80,037 0.10 United States of America 33,454,853 42.63 42,000 Mobilezone 317,858 0.40 600 AboveNet 38,982 0.05 1,900 Newave Energy 77,427 0.10 4,000 ADTRAN 91,040 0.12 1,750 Partners Group 221,753 0.28 7,600 Aecom Technology 210,900 0.27 154 Sika 241,314 0.31 1,800 Affymax 45,774 0.06 700 Valora Registered 173,192 0.22 4,600 Airgas 221,996 0.28 761 VZ 57,999 0.07 1,900 Alexion Pharmaceuticals 92,435 0.12 8,500 Ambassadors 115,345 0.15 Taiwan 225,016 0.30 31,900 Amdocs 915,530 1.17 140,000 Hung Poo Real Estate Development 225,016 0.30 2,900 Amedisys 143,550 0.18 United Kingdom 5,540,891 7.06 3,400 AMERIGROUP 92,820 0.12 32,995 Albemarle & Bond 140,911 0.18 15,700 Anadigics 66,882 0.08 40,000 Anglo Pacific 146,678 0.19 2,200 Apogee Enterprises 30,910 0.04 42,870 AssetCo 46,553 0.06 7,500 Arbitron 180,750 0.23 8,000 Aveva 130,568 0.17 10,000 Ariba 125,500 0.16 8,248 Babcock International 79,673 0.10 2,000 Aspen Technology 19,700 0.02 40,000 Bodycote 103,145 0.13 1,800 ATC Technology 43,920 0.06 156,402 Booker 116,605 0.15 700 athenahealth 32,333 0.04 16,497 BSS 64,170 0.08 2,100 Atlas Air Worldwide 78,960 0.10 15,000 Burberry 145,624 0.19 21,800 Atmel 100,716 0.13 40,000 Chloride 116,694 0.15 5,913 Bank of Hawaii 281,754 0.36 10,000 Close Brothers 111,832 0.14 1,300 Berkshire Hills Bancorp 26,572 0.03 20,622 Consort Medical 132,021 0.17 2,600 BorgWarner 88,062 0.11 20,000 CSR 132,610 0.17 1,500 Boston Beer 71,460 0.09 15,000 Dechra Pharmaceuticals 119,611 0.15 9,000 Brookline Bancorp 89,190 0.11 84,861 E2V Technologies 81,835 0.10 2,500 Bruker 30,400 0.04 50,000 eaga 116,370 0.15 42,700 Burger King 811,300 1.03 15,667 Eco Animal Health 39,358 0.05 10,200 Cabot 272,748 0.35 200,000 Elementis 171,800 0.22 1,000 Capella Education 76,590 0.10 40,000 Fenner 108,590 0.14 3,300 Centene 71,379 0.09 7,000 Fidessa 133,307 0.17 8,300 Central Garden and Pet 89,723 0.11 285,780 Findel 160,954 0.21 2,833 Cepheid 35,441 0.04 6,500 Forth Ports 119,044 0.15 300 Chattem 27,954 0.04 90,000 Grainger 186,710 0.24 3,500 Childrens Place Retail Stores 114,905 0.15 20,000 Hamworthy 86,062 0.11 28,200 Chimera Investment 110,544 0.14 3,581 Homeserve 98,028 0.13 4,000 Cimarex Energy 215,800 0.27 12,500 Hunting 118,011 0.15 4,700 Citrix Systems 198,246 0.25 25,000 IG 153,890 0.20 1,000 Clean Harbors 59,460 0.08

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 169 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Smaller Schroder ISF Global Smaller Companies (cont) Companies (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

United States of America (cont) United States of America (cont) 9,359 Clear Channel Outdoor 97,895 0.12 7,300 LKQ 146,000 0.19 11,300 Cleco 316,287 0.40 3,500 Luminex 52,745 0.07 5,100 Comerica 153,204 0.19 1,400 Manhattan Associates 34,832 0.04 2,000 Commvault Systems 48,120 0.06 2,200 Masimo 68,376 0.09 3,500 comScore 60,445 0.08 6,800 Men's Wearhouse 145,384 0.19 1,200 Comstock Resources 49,716 0.06 24,800 MetroPCS Communications 189,224 0.24 593 Comverse Technology 5,728 0.01 800 Michael Baker 32,800 0.04 5,700 Concho Resources/Midland 256,386 0.33 3,600 Microchip Technology 105,984 0.14 3,700 Cooper 141,599 0.18 16,700 Monster Worldwide 294,087 0.37 4,400 Copart 162,052 0.21 4,500 Nash Finch 166,545 0.21 11,400 Corrections Corp of America 284,316 0.36 4,900 National Penn Bancshares 28,861 0.04 8,700 Crown 223,155 0.28 2,800 National Retail Properties 59,640 0.08 7,000 Cullen/Frost Bankers 352,240 0.45 17,500 National Semiconductor 271,250 0.35 6,067 CVB Financial 53,693 0.07 16,800 NBTY 731,136 0.93 11,600 DaVita 688,228 0.88 6,800 Netscout Systems 102,000 0.13 9,100 DENTSPLY International Inc 323,596 0.41 10,300 NeuStar 240,711 0.31 14,700 DeVry 845,397 1.08 8,500 NII 290,955 0.37 2,200 Diamond Foods 79,508 0.10 6,800 Northeast Utilities 178,976 0.23 6,300 Dick's Sporting Goods 158,634 0.20 4,300 NorthWestern 114,380 0.15 900 Digital Realty Trust 44,820 0.06 11,100 NV Energy 139,527 0.18 12,200 Digital River 329,156 0.42 7,500 Ocwen Financial 71,400 0.09 4,400 Dover 185,592 0.24 4,200 Olin 75,264 0.10 4,100 Dun & Bradstreet 347,024 0.44 6,100 Omnicare 150,731 0.19 9,000 Emdeon 136,890 0.17 3,500 Onyx Pharmaceuticals 103,320 0.13 5,300 Emergency Medical Services 285,087 0.36 5,800 Pactiv 141,056 0.18 6,000 Endo Pharmaceuticals 123,900 0.16 33,627 Parametric Technology 557,536 0.71 7,800 Energen 370,968 0.47 2,200 Pebblebrook Hotel Trust 48,884 0.06 3,400 EnPro Industries 91,052 0.12 11,700 People's United Financial 196,443 0.25 1,400 ESCO Technologies 51,492 0.07 1,000 Perrigo 39,690 0.05 2,424 Euronet Worldwide 53,740 0.07 6,400 Pharmaceutical Product Development 150,784 0.19 4,384 F5 Networks 232,220 0.30 8,700 Pike Electric 82,998 0.11 5,900 Federated Investors 164,433 0.21 16,926 Pinnacle Entertainment 152,673 0.19 1,900 FEI 44,992 0.06 11,900 Plains Exploration & Production 335,223 0.43 10,406 Gartner 191,783 0.24 3,400 PMC-Sierra 29,614 0.04 2,700 Gen-Probe 116,640 0.15 6,400 Polycom 161,984 0.21 7,800 Geo 170,976 0.22 18,500 Portland General Electric 382,025 0.49 5,000 Global Payments 270,750 0.34 9,800 PSS World Medical 223,538 0.28 3,800 Goodrich Petroleum 95,114 0.12 11,100 Psychiatric Solutions 240,759 0.31 1,700 Haemonetics 95,438 0.12 11,600 QLogic 221,212 0.28 7,400 Harmonic 46,768 0.06 9,100 Quanta Services 191,100 0.24 15,300 HCC Insurance 434,367 0.55 5,400 Redwood Trust 79,272 0.10 5,635 Health Care REIT 258,816 0.33 14,336 Reinsurance Group of America 690,422 0.88 8,900 Health Management Associates 64,970 0.08 4,200 Reliance Steel & Aluminum 184,968 0.24 6,300 Healthcare Services 137,088 0.17 3,800 Rent-A-Center 69,084 0.09 3,500 Hilltop 40,915 0.05 32,600 Republic Services 930,404 1.19 2,100 HMS 103,572 0.13 3,400 Rofin-Sinar Technologies 81,872 0.10 4,000 Hospira 204,440 0.26 6,300 Ross Stores 273,168 0.35 1,760 Hudson Valley 42,170 0.05 15,700 Rovi 506,796 0.65 16,006 IDEX 503,549 0.64 2,300 Royal Gold 107,341 0.14 3,916 Informatica 102,756 0.13 4,100 Ruddick 108,240 0.14 6,600 Inspire Pharmaceuticals 37,026 0.05 4,400 Ryder System 185,812 0.24 30,400 Integrated Device Technology 197,904 0.25 22,200 SAIC 422,688 0.54 8,900 Internap Network Services 42,097 0.05 4,600 Sanderson Farms 194,534 0.25 30,700 Interpublic 223,496 0.28 1,700 Scansource 45,543 0.06 11,400 Investment Technology 227,202 0.29 43,606 Scientific Games 634,031 0.81 6,900 Investors Real Estate Trust 62,928 0.08 3,800 Seattle Genetics 39,482 0.05 2,298 Kansas City Southern 77,741 0.10 3,300 Shuffle Master 27,423 0.03 5,600 Key Energy Services 50,400 0.06 1,900 Simmons First National 53,257 0.07 4,700 Lamar Advertising 148,144 0.19 5,900 Skilled Healthcare 44,958 0.06 10,713 Lexicon Pharmaceuticals 18,533 0.02 9,300 Skyworks Solutions 132,990 0.17 7,400 Life Technologies 387,982 0.49 8,100 SLM 93,474 0.12 10,500 LifePoint Hospitals 348,075 0.44 2,700 Sohu.com 155,277 0.20

The notes on pages 18 to 56 form an integral part of these financial statements. Page 170 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Smaller Schroder ISF Global Smaller Companies (cont) Companies (cont) Number of shares Transferable Securities and Market % Number of shares Market % or Principal Money Market Instruments Admitted Value Net or Principal Value Net Amount to an Official Exchange Listing USD Assets Amount Derivatives USD Assets

United States of America (cont) Total Derivatives 3,599 - 9,816 SonicWALL 75,092 0.10 4,100 Sonoco Products 122,508 0.16 Total Investments 75,660,981 96.40 6,676 St. Mary Land & Exploration 231,524 0.29 Other Net Assets 2,823,733 3.60 2,800 Standard Microsystems 59,024 0.07 5,568 Standard Parking 90,257 0.11 Net Asset Value 78,484,714 100.00 3,100 Stericycle 171,523 0.22 7,400 STR Holdings 115,810 0.15 9,900 Sun Healthcare 92,268 0.12 4,200 Superior Energy Services 103,656 0.13 2,300 Syniverse 40,618 0.05 3,000 Team Health 42,120 0.05 800 Techne 55,600 0.07 1,400 Thor Industries 44,170 0.06 6,661 Towers Watson & Co. 317,930 0.40 7,800 TriQuint Semiconductor 47,502 0.06 2,800 Tutor Perini 52,136 0.07 8,500 tw telecom 146,710 0.19 2,400 UIL 68,664 0.09 3,200 Unisource Energy 105,952 0.13 1,700 United Natural Foods 45,934 0.06 14,800 VeriSign 364,376 0.46 3,500 Verisk Analytics 108,500 0.14 5,800 Vivus 53,998 0.07 2,000 Volcano 35,740 0.05 3,618 Volterra Semiconductor 70,370 0.09 23,400 W.R. Berkley 575,172 0.73 3,200 Wabtec 132,160 0.17 9,703 Waste Connections 323,886 0.41 4,100 Wausau Paper 47,601 0.06 7,000 Websense 123,900 0.16 6,600 West Pharmaceutical Services 263,010 0.33 6,295 Westamerica Bancorporation 350,065 0.45 1,000 World Acceptance 35,990 0.05 5,200 Zebra Technologies 147,628 0.19

Total Transferable Securities and Money Market Instruments Admitted to an Official Exchange Listing 74,806,797 95.32

Number of shares Market % or Principal Open-ended Collective Value Net Amount Investment Schemes USD Assets

United States of America 510,574 0.65 6,100 iShares Russell 2000 Index Fund 385,459 0.49 1,500 iShares Russell Midcap Index Fund 125,115 0.16

Total Open-ended Collective Investment Schemes 510,574 0.65

Number of shares Market % or Principal Other Transferable Securities not dealt Value Net Amount on another Regulated Market USD Assets

United States of America 340,011 0.43 44,100 Brocade Communications Systems 340,011 0.43

Total Other Transferable Securities not dealt on another Regulated Market 340,011 0.43

Number of shares Market % or Principal Value Net Amount Derivatives USD Assets

Japan 3,599 - 13,000 Dowa Mining Rights 29/01/2010 3,599 -

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 171 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Greater China Schroder ISF Greater China (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Australia 10,051,975 0.67 Hong Kong SAR (cont) 344,088 CSL 10,051,975 0.67 19,517,777 Kingway Brewery 4,530,793 0.30 1,900,000 Li Ning 7,228,481 0.48 China 531,186,253 35.33 8,105,000 Link REIT 20,717,058 1.38 34,068,000 Advanced Semiconductor Manufacturing 1,340,040 0.09 15,572,500 Longfor Properties 17,572,672 1.17 'H' 5,223,000 Lonking 3,630,615 0.24 350,000 Anhui Conch Cement 'H' 2,252,371 0.15 19,936,500 Lung Kee (Bermuda) 10,798,654 0.72 5,645,000 Ausnutria Dairy 4,681,083 0.31 16,958,000 Poly Hong Kong Investment 21,257,505 1.41 12,294,000 Beijing Jingkelong 'H' 10,020,322 0.67 7,780,000 Public Financial 4,454,859 0.30 11,973,000 China Coal Energy 'H' 21,987,932 1.46 1,591,000 Shangai Industrial 8,135,510 0.54 29,508,000 China Construction Bank 'H' 25,382,653 1.69 9,184,000 Shangri-La Asia 17,292,434 1.15 21,180,000 China Eastern Airlines 'H' 7,566,188 0.50 1,350,000 Sun Hung Kai Properties 20,248,128 1.35 9,497,000 China High Speed Transmission 23,221,816 1.54 Equipment 2,092,000 Swire Pacific 25,360,682 1.69 12,086,000 China Huiyuan Juice 8,603,855 0.57 1,260,000 Television Broadcasts 6,069,215 0.40 9,526,000 China Life Insurance 'H' 47,113,715 3.13 1,345,500 Wing Hang Bank 12,580,361 0.84 9,398,000 China Longyuan Power 'H' 12,168,598 0.81 Taiwan 308,859,963 20.55 7,853,000 China Mengniu Dairy 28,104,120 1.87 945,000 Asustek Computer 1,826,173 0.12 1,818,000 China Shenhua Energy 'H' 8,909,409 0.59 17,971,221 Cathay Financial 33,548,527 2.23 6,506,000 China Shipping Development 'H' 9,783,269 0.65 6,515,720 China Steel 6,723,538 0.45 16,018,000 China Telecom 'H' 6,693,060 0.44 19,803,080 Chinatrust Financial 12,353,704 0.82 22,698,000 China Vanadium Titano - Magnetite Mining 14,870,402 0.99 15,077,172 Chunghwa Telecom 28,051,649 1.87 7,724,000 Chongqing Changan Automobile 7,859,423 0.52 11,727,580 Far Eastern Department Stores 13,458,480 0.90 13,746,000 Chongqing Machinery & Electric 'H' 3,261,862 0.22 953,000 Foxconn Technology 3,695,184 0.25 17,176,623 Guangdong Electric Power Development 10,189,832 0.68 9,427,277 Hon Hai Precision Industry 44,660,177 2.97 6,287,473 Hangzhou Steam Turbine 14,084,692 0.94 33,245,620 KGI Securities 19,751,932 1.31 26,210,000 Huadian Power International 'H' 6,963,148 0.46 9,861,577 LES Enphants 10,977,866 0.73 2,267,998 Huangshan Tourism Development 3,086,745 0.21 12,000,000 President Securities 8,255,159 0.55 45,750,000 Industrial & Commercial Bank of China 'H' 37,996,918 2.53 4,780,460 Siliconware Precision Industries 6,480,079 0.43 367,400 Mindray Medical International ADR 12,664,278 0.84 11,245,000 Taiwan Cement 11,955,285 0.80 65,198,000 PCD Stores 25,308,836 1.68 3,400,611 Taiwan Mobile 6,635,339 0.44 35,242,000 PetroChina 'H' 42,359,211 2.82 33,322,430 Taiwan Semiconductor Manufacturing 67,207,528 4.47 2,701,500 Ping An Insurance Co of China ‘H’ 23,691,103 1.58 19,831,000 Uni-President China 14,603,338 0.97 10,671,000 Sany Heavy Equipment International 13,500,366 0.90 15,139,636 Uni-President Enterprises 18,676,005 1.24 1,120,300 Shanda Games ADR 11,539,090 0.77 12,787,000 Shandong Chenming Paper 'H' 9,564,628 0.64 Total Transferable Securities and 24,722,000 Shenguan 22,509,182 1.50 Money Market Instruments Admitted 3,734,000 Sinopharm 'H' 13,266,835 0.88 to an Official Exchange Listing 1,416,918,158 94.25 1,075,500 Suntech Power ADR 17,713,485 1.18 Number of shares Market % 23,960,000 Zijin Mining 'H' 22,927,786 1.52 or Principal Other Transferable Securities not dealt Value Net Hong Kong SAR 566,819,967 37.70 Amount on another Regulated Market USD Assets 13,129,000 361 Degrees International 7,720,899 0.51 Hong Kong SAR 943,878 0.06 18,850,000 AAC Acoustic Technology 31,165,262 2.07 8,654,000 Fubon Bank Preference 943,878 0.06 1,719,500 Beijing Enterprises 12,473,723 0.83 17,434,500 BOC Hong Kong 39,572,507 2.63 Total Other Transferable Securities not dealt 21,046,000 Chen Hsong 5,971,228 0.40 on another Regulated Market 943,878 0.06 1,946,000 Cheung Kong 25,171,852 1.67 Number of shares Market % 12,843,000 China High Precision Automation 7,453,331 0.50 or Principal Value Net 9,188,000 China Mobile 86,322,090 5.74 Amount Derivatives USD Assets 14,064,000 China Shanshui Cement 10,265,892 0.68 5,003,000 China Taiping Insurance 16,194,801 1.08 China 28,256,341 1.88 20,656,000 China Ting 3,329,873 0.22 1,636,750 Anhui Conch Cement Warrants 05/08/ 11,686,395 0.78 1,338,000 CLP 9,050,509 0.60 2013 23,008,000 CNOOC 36,200,128 2.41 1,517,000 China Life Insurance Warrants 24/06/2013 6,993,370 0.46 13,236,000 Cnpc Hong Kong 17,616,023 1.17 2,086,400 Citic Securities Warrants 12/04/2012 9,576,576 0.64 14,756,000 Dynasty Fine Wines 4,795,574 0.32 Hong Kong SAR 13,325,261 0.89 40,766,560 GOME Electrical Appliances 14,826,020 0.99 3,515,900 Changsha Zoomlion Heavy Industry 13,325,261 0.89 59,919,000 G-Resources 3,786,448 0.25 Science and Technology Development 786,600 Hang Seng Bank 11,635,599 0.77 Warrants 12/06/2014 1,590,000 Hongkong Land 7,870,500 0.52 1,234,000 Hopewell 3,994,480 0.27 Total Derivatives 41,581,602 2.77 814,630 Jardine Matheson 24,585,533 1.64 1,362,500 Kerry Properties 6,940,728 0.46

The notes on pages 18 to 56 form an integral part of these financial statements. Page 172 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Greater China (cont) Schroder ISF Hong Kong Equity

Number of shares Market % Number of shares Transferable Securities and Market % or Principal Value Net or Principal Money Market Instruments Admitted Value Net Amount Derivatives USD Assets Amount to an Official Exchange Listing HKD Assets

China 614,716,674 11.98 Total Investments 1,459,443,638 97.08 2,209,000 China Coal Energy 'H' 31,456,160 0.61 Other Net Assets 43,961,530 2.92 16,165,000 China Construction Bank 'H' 107,820,550 2.10 4,532,000 China High Speed Transmission 85,926,720 1.68 Net Asset Value 1,503,405,168 100.00 Equipment 5,680,000 China Mengniu Dairy 157,620,000 3.07 751,400 China Pacific Insurance 'H' 23,218,260 0.45 67,300 Ctrip.com International ADR 38,094,872 0.74 297,600 E-House China ADR 41,906,112 0.82 1,453,000 Ping An Insurance Co of China ‘H’ 98,804,000 1.93 5,150,000 Shandong Chenming Paper 'H' 29,870,000 0.58

Hong Kong SAR 4,305,488,010 83.93 7,242,000 AAC Acoustic Technology 92,842,440 1.81 1,828,500 Beijing Enterprises 102,853,125 2.01 9,459,000 Belle International 85,698,540 1.67 7,944,500 BOC Hong Kong 139,823,200 2.73 15,198,000 Chen Hsong 33,435,600 0.65 492,000 Cheung Kong 49,347,600 0.96 2,688,500 China Mobile 195,857,225 3.82 4,312,480 China Overseas Land & Investment 70,724,672 1.38 6,443,800 China Taiping Insurance 161,739,380 3.15 11,980,000 CNOOC 146,156,000 2.85 5,210,000 Cnpc Hong Kong 53,767,200 1.05 5,880,800 Dah Sing Banking 68,217,280 1.33 656,400 Dah Sing Financial 28,225,200 0.55 8,936,000 Denway Motors 44,143,840 0.86 1,435,301 Esprit 74,276,827 1.45 21,372,400 First Pacific 101,305,176 1.97 23,478,000 Franshion Properties China 64,329,720 1.25 908,000 Guoco 75,137,000 1.46 5,182,000 Hang Lung 200,284,300 3.90 1,019,800 Hang Seng Bank 116,971,060 2.28 4,064,000 Hongkong Land 155,986,673 3.04 2,822,732 HSBC 252,352,241 4.92 3,752,000 Hutchison Whampoa 200,356,800 3.91 46,725,000 Inspur International 51,864,750 1.01 906,818 Jardine Matheson 212,211,035 4.14 1,177,500 Jardine Strategic 160,694,932 3.13 2,446,500 Kerry Properties 96,636,750 1.88 7,471,000 Link REIT 148,075,220 2.89 5,603,500 Longfor Properties 49,030,625 0.96 3,102,000 Mandarin Oriental International 35,839,064 0.70 1,841,000 Parkson Retail 25,184,880 0.49 6,300,000 Poly Hong Kong Investment 61,236,000 1.19 12,478,000 Public Financial 55,402,320 1.08 5,070,000 Shangri-La Asia 74,022,000 1.44 693,300 Standard Chartered 134,985,510 2.63 1,420,000 Sun Hung Kai Properties 165,146,000 3.22 1,793,500 Swire Pacific 168,589,000 3.29 5,972,000 Swire Pacific 'B' 101,524,000 1.98 14,922,500 Techtronic Industries 96,847,025 1.89 1,398,000 Television Broadcasts 52,215,300 1.02 9,530,000 Texwinca 69,092,500 1.35 456,000 Wing Hang Bank 33,060,000 0.64

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 173 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Hong Kong Equity (cont) Schroder ISF Indian Equity

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing HKD Assets Amount to an Official Exchange Listing USD Assets

Singapore 120,835,967 2.36 India 93,489,653 97.08 5,324,000 CapitaRetail China Trust 37,686,182 0.74 24,660 Asian Paints 955,150 1.00 4,626,405 Noble 83,149,785 1.62 64,575 Aurobindo Pharma 1,269,024 1.33 103,353 Axis Bank 2,203,379 2.30 Total Transferable Securities and 88,077 Bharat Heavy Electricals 4,561,971 4.75 Money Market Instruments Admitted 369,162 Cairn India 2,244,807 2.33 to an Official Exchange Listing 5,041,040,651 98.27 428,594 Cipla 3,094,837 3.21 391,155 Dabur India 1,338,694 1.39 Total Investments 5,041,040,651 98.27 66,917 Dr Reddy's Laboratories 1,653,600 1.72 Other Net Assets 88,560,944 1.73 369,310 GAIL India 3,289,565 3.42 147,859 Glenmark Pharmaceuticals 879,028 0.91 Net Asset Value 5,129,601,595 100.00 118,131 HDFC Bank 4,333,804 4.50 75,254 Hindalco Industries 260,875 0.27 166,951 Hindustan Unilever 952,772 0.99 58,790 Hindustan Petroleum 494,520 0.51 35,542 Housing Development Finance 2,049,640 2.13 341,394 ICICI Bank 6,452,641 6.70 99,145 Indiabulls Real Estate 486,537 0.51 547,990 Indian Hotels 1,211,719 1.26 114,061 Infosys Technologies 6,394,053 6.64 185,880 Infrastructure Development Finance 618,131 0.64 405,746 ITC 2,193,127 2.28 547,483 Jaiprakash Associates 1,732,713 1.80 85,320 Jindal Steel & Power 1,293,223 1.34 270,215 Jyoti Structures 1,004,862 1.04 200,453 KSK Energy Ventures 867,262 0.90 66,084 Larsen & Toubro 2,389,278 2.48 15,596 Lupin 495,476 0.51 21,050 Maruti Suzuki India 707,761 0.73 106,460 McNally Bharat Engineering 530,579 0.55 176,502 Nagarjuna Construction 630,500 0.65 207,924 NIIT Technologies 805,257 0.84 637,953 NTPC 3,239,949 3.36 115,766 Oil & Natural Gas 2,939,059 3.05 231,158 Power Finance 1,302,506 1.35 115,328 Reliance Communication 428,379 0.44 366,366 Reliance Industries 8,610,785 8.94 57,917 Reliance Infrastructure 1,431,386 1.49 184,751 Rural Electrification 966,757 1.00 16,040 State Bank of India 784,370 0.81 106,050 Sterlite Industries India 1,973,696 2.05 203,596 Tata Consultancy Services 3,291,981 3.42 45,415 Tata Power 1,352,124 1.40 186,882 Tata Steel 2,487,867 2.58 20,522 Ultratech Cement 404,336 0.42 224,880 Union Bank Of India 1,280,217 1.33 712,389 Unitech 1,263,569 1.31 295,997 Wipro 4,337,887 4.50

Total Transferable Securities and Money Market Instruments Admitted to an Official Exchange Listing 93,489,653 97.08

Total Investments 93,489,653 97.08

Other Net Assets 2,813,932 2.92

Net Asset Value 96,303,585 100.00

The notes on pages 18 to 56 form an integral part of these financial statements. Page 174 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Japanese Smaller Companies Schroder ISF Japanese Smaller Companies (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing JPY Assets Amount to an Official Exchange Listing JPY Assets

Japan 7,510,700,900 99.21 Japan (cont) 81,400 Aica Kogyo 76,841,600 1.02 80,800 Relo 102,212,000 1.35 115,400 Arcs 141,134,200 1.86 26,400 Roland 21,753,600 0.29 175,300 Arnest One 164,782,000 2.18 11,900 Ryosan 26,061,000 0.34 37,700 As One 61,375,600 0.81 253,300 Sankei Building 146,914,000 1.94 141,000 Asics 117,171,000 1.55 439,000 Sanyo Special Steel 177,795,000 2.35 143,000 Chugoku Marine Paints 92,950,000 1.23 93,100 Shinko Plantech 87,420,900 1.16 38,900 CMK 25,985,200 0.34 2,008 SHIP HEALTHCARE 102,006,400 1.35 87,200 Daibiru 58,075,200 0.77 186,600 Sumida 131,366,400 1.74 122,000 Daihatsu Diesel Manufacturing 41,236,000 0.54 5,800 Sysmex 28,130,000 0.37 13,300 DC 2,992,500 0.04 49,400 T&K Toka 52,117,000 0.69 20,600 Disco 118,862,000 1.57 58,300 THK 95,495,400 1.26 9,000 Doshisha 18,675,000 0.25 534,000 Tokai Tokyo Financial 193,842,000 2.56 270,000 Dowa 138,780,000 1.83 67,600 Tokyo Steel Manufacturing 70,642,000 0.93 205 EPS 74,825,000 0.99 19,500 Tokyu Community 39,682,500 0.52 79,700 Exedy 153,103,700 2.02 40,900 Trancom 58,487,000 0.77 48,600 Ferrotec 53,654,400 0.71 55,300 Trusco Nakayama 71,668,800 0.95 79,900 Fuji Seal International 152,289,400 2.01 56,300 Tsuruha 186,916,000 2.47 337,400 Fujikura Kasei 154,866,600 2.05 57,100 Union Tool 139,609,500 1.84 20,500 Fujimi 31,488,000 0.42 2,226 Works Applications 109,407,900 1.45 33,400 Hakuto 27,054,000 0.36 36,900 Yamatake 76,014,000 1.00 578,500 Haseko 38,181,000 0.50 23,600 Yushin Precision Equipment 29,736,000 0.39 36,800 HI-LEX 31,648,000 0.42 82,600 Zuken 50,881,600 0.67 52,100 HIS 88,049,000 1.16 Total Transferable Securities and 106,000 Hitachi Metal 94,340,000 1.25 Money Market Instruments Admitted 123,100 Hitachi Transport System 146,242,800 1.93 to an Official Exchange Listing 7,510,700,900 99.21 99,800 Hulic 59,680,400 0.79 37,500 Icom 75,000,000 0.99 Number of shares Market % 34,600 Iriso Electronics 55,706,000 0.74 or Principal Value Net 32,900 IT 34,841,100 0.46 Amount Derivatives JPY Assets 63,000 JCR Pharmaceuticals 64,764,000 0.86 54,600 JP 78,514,800 1.04 Japan -- 488 kabu.com Securities 43,822,400 0.58 620,000 Dowa Mining Rights 29/01/2010 - - 186,000 Keiyo Bank 76,632,000 1.01 Total Derivatives - - 40,000 Kintetsu World Express 96,400,000 1.27 60,000 Kissei Pharmaceutical 110,340,000 1.46 Total Investments 7,510,700,900 99.21 46,600 Kuroda Electric 62,910,000 0.83 42,800 Lintec 80,036,000 1.06 Other Net Assets 59,592,367 0.79 82,200 Meiko Electronics 193,581,000 2.56 Net Asset Value 7,570,293,267 100.00 106,900 Mimasu Semiconductor Industry 119,086,600 1.57 172,000 Minato Bank 17,716,000 0.23 161,000 Mitsui Home 71,967,000 0.95 89,900 Modec 160,022,000 2.11 86,600 Moshi Moshi Hotline 144,448,800 1.91 109,600 Musashi Seimitsu Industry 235,640,000 3.11 17,200 Musashino Bank 37,840,000 0.50 176,000 Nabtesco 186,208,000 2.46 28,900 Nafco 42,685,300 0.56 53,900 Nichi-iko Pharmaceutical 135,558,500 1.79 43,400 Nichiha 24,955,000 0.33 43,400 Nidec Copal 55,552,000 0.73 95,900 Nifco 176,935,500 2.34 45,000 Nihon Parkerizing 49,725,000 0.66 101,000 Nippon Chemiphar 25,755,000 0.34 304,000 Nippon Thompson 140,144,000 1.85 90,300 Nishimatsuya Chain 73,775,100 0.97 72,400 Nishio Rent All 44,815,600 0.59 76,800 Nissin Kogyo 110,822,400 1.46 70,600 Nitta 86,767,400 1.15 112,000 Ohara 176,960,000 2.34 245,000 Okasan Securities 110,005,000 1.45 37,800 Piolax 59,761,800 0.79 509,000 Press Kogyo 88,566,000 1.17

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 175 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Korean Equity Schroder ISF Latin American

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

South Korea 45,492,372 100.48 Brazil 864,463,092 62.39 1,200 Amorepacific 962,267 2.13 3,078,590 All America Latina Logistica 28,765,272 2.07 15,000 Cheil Industries 727,624 1.61 1,782,929 Banco Bradesco ADR 38,422,120 2.77 4,000 Cheil Worldwide 1,081,777 2.39 2,343,500 Banco Santander Brasil ADR 32,668,390 2.36 10,000 CJ CGV 188,882 0.42 5,339,473 BM&FBOVESPA 37,494,150 2.71 20,000 Daewoo Securities 339,129 0.75 1,065,663 BR Malls Participações 13,133,709 0.95 10,000 Daum Communications 603,563 1.33 1,471,139 Bradespar Preference 32,492,396 2.35 4,080 Dong-A Pharmaceutical 450,122 0.99 1,471,065 Brasil Brokers Participações 5,464,317 0.39 9,000 Doosan Heavy Industries and 626,658 1.38 873,700 BRF - Brasil Foods 22,722,711 1.64 Construction 132,019 BRF - Brasil Foods ADR 6,970,603 0.50 5,000 Green Cross Corp/South Korea 540,889 1.19 409,500 Companhia Brasileira de Distribuicao 30,708,405 2.22 10,000 GS Engineering & Construction 931,530 2.06 Grupo Pao de Acucar ADR 47,740 Hana Financial 1,348,483 2.98 42,230 Companhia de Bebidas das Americas 3,570,608 0.26 86,730 Hynix Semiconductor 1,723,803 3.81 89,552 Companhia de Bebidas das Americas 9,104,752 0.66 16,000 Hyundai Department Store 1,545,396 3.41 ADR Preference 6,000 Hyundai H&S 419,317 0.93 15,450 Companhia de Bebidas das Americas 1,545,443 0.11 Preference 7,000 Hyundai Engineering & Construction 426,100 0.94 974,295 Companhia de Concessoes Rodoviarias 22,278,376 1.61 6,000 Hyundai Heavy Industries 893,754 1.97 453,698 Companhia Energetica de Minas Gerais 6,345,790 0.46 25,000 Hyundai Marine & Fire Insurance 401,374 0.89 495,052 Companhia Energetica de Minas Gerais 9,049,551 0.65 17,000 Hyundai Mobis 2,495,815 5.51 ADR Preference 18,006 Hyundai Motor 1,870,553 4.13 791,995 Companhia Siderurgica Nacional ADR 25,739,838 1.86 30,133 KB Financial 1,544,486 3.41 1,222,212 Duratex 11,349,862 0.82 2,000 KCC 637,905 1.41 662,365 Eletropaulo Metropolitana Eletricidade de 13,099,222 0.94 20,007 Korea Electric Power 585,738 1.29 Sao Paulo Preference 25,000 Korean Air Lines 1,178,364 2.60 380,812 Gerdau ADR Preference 6,515,693 0.47 30,000 KT 1,007,083 2.22 4,887,410 Investimentos Itau Preference 33,199,088 2.40 3,000 LG Chem 588,538 1.30 3,043,034 Itau Unibanco ADR Preference 68,894,290 4.97 30,000 LG.Display 1,010,947 2.23 1,225,400 Localiza Rent a Car 13,571,068 0.98 20,000 LG Electronics 2,086,285 4.61 4,060,900 OGX Petroleo e Gas Participações 39,805,899 2.87 32,000 LG Fashion 866,795 1.91 1,112,941 PDG Realty SA Empreendimentos e 11,068,803 0.80 3,000 LG Household & Health Care 749,517 1.66 Participações 48,000 LG International 1,246,619 2.75 1,137,300 Petroleo Brasileiro ADR 54,226,464 3.91 5,410 LS 538,794 1.19 1,423,321 Petroleo Brasileiro ADR Preference 60,476,909 4.36 2,500 MegaStudy 512,986 1.13 1,029,049 Suzano Papel e Celulose Preference 12,092,579 0.87 5,000 Mirae Asset Securities 279,030 0.62 1,128,147 Tam ADR Preference 25,157,678 1.82 20,000 Modetour Network 479,073 1.06 336,458 Ultrapar Participações Preference 15,450,645 1.12 6,000 NHN 989,053 2.18 230,215 Usinas Siderurgicas de Minas Gerais 6,610,186 0.48 2,000 Orion 496,244 1.10 461,827 Usinas Siderurgicas de Minas Gerais 13,075,171 0.94 6,500 POSCO 3,448,809 7.62 Preference 10,000 Samsung Electro-Mechanics 922,945 2.04 124,400 Vale 3,529,837 0.25 6,500 Samsung Electronics 4,458,897 9.85 1,830,283 Vale ADR 52,602,333 3.80 2,500 Samsung Fire & Marine Insurance 428,203 0.95 2,830,025 Vale ADR Preference 69,505,414 5.02 5,000 Samsung SDI 637,476 1.41 121,800 Vale Preference 2,946,380 0.21 2,700 Shinsegae 1,244,816 2.75 790,100 Vivo Participações ADR 24,809,140 1.79 10,000 SK Energy 1,008,800 2.23 Chile 99,012,167 7.15 4,000 SK Telecom 582,099 1.29 204,271 Banco Santander Chile ADR 13,038,618 0.94 6,000 Taewoong 385,834 0.85 205,808 CAP 6,062,718 0.44 Total Transferable Securities and 4,032,163 Centros Comerciales Sudamericanos 13,641,820 0.99 Money Market Instruments Admitted 6,185,831 Empresa Nacional de Electricidad 10,482,393 0.76 to an Official Exchange Listing 45,492,372 100.48 162,200 Empresa Nacional de Electricidad ADR 8,223,540 0.59 1,299,556 Empresas COPEC 19,435,724 1.40 481,600 Lan Airlines ADR 8,110,144 0.59 Total Investments 45,492,372 100.48 1,909,588 SACI Falabella 11,269,391 0.81 Other Net Liabilities ( 219,021 ) ( 0.48 ) 230,327 Sociedad Quimica y Minera de Chile ADR 8,747,819 0.63

Net Asset Value 45,273,351 100.00 Colombia 13,702,414 0.99 304,769 BanColombia ADR 13,702,414 0.99

Mexico 283,979,852 20.50 1,988,580 America Movil ADR 93,343,945 6.74 678,800 Banco Compartamos 3,477,222 0.25 2,317,600 Bolsa Mexicana de Valores 2,815,738 0.20 1,399,232 Cemex ADR 16,790,784 1.21 2,101,388 Corp Moctezuma 4,977,652 0.36

The notes on pages 18 to 56 form an integral part of these financial statements. Page 176 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Latin American (cont) Schroder ISF Middle East

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Mexico (cont) Egypt 17,942,795 9.32 1,644,987 Desarrolladora Homex 9,263,744 0.67 439,831 Commercial International Bank 4,384,918 2.28 682,820 Fomento Economico Mexicano ADR 32,618,311 2.35 183,140 Egyptian Financial Group-Hermes 839,451 0.44 1,945,640 Grupo Bimbo 13,103,645 0.95 72,620 ElSwedy Cables 899,557 0.47 6,537,760 Grupo Financiero Banorte 23,778,941 1.72 493,224 Ghabbour Auto 2,216,707 1.15 12,038,350 Grupo Mexico 27,577,518 1.99 18,937 Orascom Construction Industries 862,069 0.45 2,042,800 Grupo Modelo 11,337,009 0.82 71,718 Orascom Construction Industries GDR 3,245,957 1.68 617,420 Grupo Televisa ADR 12,873,207 0.93 421,271 Orascom Telecom 1,929,427 1.00 29 Teléfonos de Mexico ADR 485 - 2,837,643 Talaat Moustafa 3,564,709 1.85 5,547,400 Urbi Desarrollos Urbanos 12,390,102 0.89 Kuwait 26,433,362 13.73 4,274,876 Wal-Mart de Mexico 19,631,549 1.42 434,063 Agility 862,738 0.45 Peru 14,717,736 1.06 728,459 Commercial Bank of Kuwait 2,362,323 1.23 445,992 Companhia de Minas Buenaventura ADR 14,717,736 1.06 906,203 Kuwait Finance House 3,475,916 1.80 1,281,100 Mabanee 3,127,031 1.62 United States of America 23,439,395 1.69 2,439,015 Mobile Telecommunications 8,674,926 4.51 710,500 Southern Copper 23,439,395 1.69 1,635,302 National Bank of Kuwait 6,386,562 3.32 Total Transferable Securities and 287,500 National Mobile Telecommunication 1,543,866 0.80 Money Market Instruments Admitted Lebanon 4,319,560 2.24 to an Official Exchange Listing 1,299,314,656 93.78 13,652 Banque Audi sal- Audi Saradar 1,132,433 0.59 Number of shares Market % 20,392 BLOM Bank SAL GDR 1,831,202 0.95 or Principal Other Transferable Securities not dealt Value Net 56,544 Solidere 1,355,925 0.70 Amount on another Regulated Market USD Assets Oman 3,872,279 2.01 Brazil 81,488,583 5.88 535,869 Bank Dhofar SAOG 1,017,482 0.53 453,600 Iochpe-Maxion 6,617,438 0.47 810,979 Bank Muscat SAOG 1,735,751 0.90 2,445,791 Itau Unibanco Preference 54,243,424 3.92 117,175 Oman Cables Industry 442,537 0.23 1,030,500 Metalurgica Gerdau Preference 20,627,721 1.49 348,194 Oman Cement 676,509 0.35

Total Other Transferable Securities not dealt Qatar 17,948,043 9.32 on another Regulated Market 81,488,583 5.88 280,090 Commercial Bank of Qatar 4,753,415 2.47 233,046 Industries Qatar 7,302,087 3.79 Total Investments 1,380,803,239 99.66 227,833 Qatar Gas Transport Co Nakilat 1,501,577 0.78 57,669 Qatar National Bank 2,361,238 1.23 Other Net Assets 4,714,307 0.34 50,939 Qatar Telecom Q-Tel 2,029,726 1.05

Net Asset Value 1,385,517,546 100.00 Turkey 60,385,840 31.38 206,532 Akenerji Elektrik Uretim 1,922,965 1.00 47,443 BIM Birlesik Magazalar 2,176,868 1.13 529,980 Haci Omer Sabanci 2,023,502 1.05 348,586 Tupras Turkiye Petrol Rafine 6,946,502 3.61 1,380,881 Turkcell Iletisim Hizmet 9,804,634 5.09 3,953,032 Turkiye Garanti Bankasi 16,814,089 8.74 992,693 Turkiye Halk Bankasi 7,846,324 4.08 2,618,274 Turkiye Is Bankasi 11,049,050 5.74 1,502,830 Turkiye Sinai Kalkinma Bankasi 1,801,906 0.94

United Arab Emirates 22,443,093 11.66 13,174,963 Air Arabia 3,299,883 1.71 4,335,858 Aldar Properties 5,878,489 3.05 7,122,150 DP World 3,062,525 1.59 6,676,496 Emaar Properties 7,016,124 3.65 488,397 First Gulf Bank 2,134,073 1.11 311,625 National Bank of Abu Dhabi 1,051,999 0.55

United Kingdom 37,559,646 19.51 USD 10,273 Credit Suisse International 19/12/2010 - 331,405 0.17 Saudi Arabian Fertilizer USD 5,010 Credit Suisse International 19/12/2010 - 23,108 0.01 Saudi Arabian Mining USD 106,071 Credit Suisse International 19/12/2010 - 944,538 0.49 Yanbu National Petrochemical USD 49,926 Credit Suisse International 19/12/2010 - 2,196,275 1.14 Almarai USD 179,831 Credit Suisse International 19/12/2010 - Al 3,416,052 1.78 Rajhi Bank

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 177 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Middle East (cont) Schroder ISF Swiss Equity Opportunities

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing CHF Assets

United Kingdom (cont) Israel 3,029,843 4.47 USD 409,816 Credit Suisse International 19/12/2010 - 9,014,026 4.68 376,378 Oridion Systems 3,029,843 4.47 Saudi Basic Industries USD 31,476 Credit Suisse International 19/01/2011 - 309,658 0.16 Liechtenstein 1,352,401 2.00 Fawaz Abdulaziz Alhokair & Co. 13,430 Verwaltungs- und Privat-Bank 1,352,401 2.00 USD 4,176 Credit Suisse International 22/01/2011 - 48,320 0.03 Etihad Etisalat Switzerland 62,857,209 92.82 USD 57,944 Credit Suisse International 23/03/2011 - 681,277 0.35 14,850 Acino Registered 2,390,850 3.53 Saudi Telecom 24,000 Actelion Registered 1,324,800 1.96 USD 400,744 Credit Suisse International 27/04/2011 - 1,944,530 1.01 6,382 Alpiq Registered 2,742,664 4.05 Udi Kayan Petrochemical 2,547 Barry Callebaut Registered 1,663,191 2.46 USD 174,686 HSBC Bank 22/08/2011 - Saudi Basic 3,824,811 1.98 12,300 Bucher Industries Registered 1,381,290 2.04 Industries 6,650 Compagnie Financiere Tradition 818,615 1.21 USD 100,832 HSBC Bank 05/09/2011 - Al Rajhi Bank 1,918,757 1.00 4,900 Forbo Registered 1,666,000 2.46 USD 240,098 HSBC Bank 05/09/2011 - Fawaz 2,371,208 1.23 118,000 GAM 1,485,620 2.19 Abdulaziz Alhokair & Co. 25,100 Gategroup 878,500 1.30 USD 604,991 HSBC Bank 05/09/2011 - Saudi Arabian 2,794,453 1.45 Mining 103,200 Genolier Swiss Medical Network 1,542,840 2.28 USD 9,705 HSBC Bank 15/09/2011 - Saudi Telecom 114,236 0.06 1,564 Givaudan Registered 1,292,646 1.91 USD 84,287 HSBC Bank 23/09/2011 - Arab National 951,680 0.50 29,851 Goldbach Media 780,604 1.15 Bank 37,500 Holcim Registered 3,018,750 4.46 USD 58,809 HSBC Bank 13/10/2011 - Saudi Arabian 1,901,086 0.99 600 Metall Zug Registered 1,494,000 2.21 Fertilizer 80,000 Nestlé Registered 4,016,000 5.93 USD 14,604 HSBC Bank 07/11/2011 - Almarai 640,979 0.33 71,000 Novartis Registered 4,011,500 5.92 USD 127,282 HSBC Bank 11/11/2011 - Yanbu National 1,131,722 0.59 12,300 Partners Group 1,606,380 2.37 Petrochemical 81,250 Petroplus 1,546,187 2.28 USD 164,367 HSBC Bank 23/01/2012 - Etihad Etisalat 1,899,680 0.99 48,715 Private Equity Registered 1,656,310 2.45 USD 226,766 HSBC Bank 04/04/2012 - Saudi Kayan 1,101,845 0.57 23,500 Roche 4,131,300 6.10 Petrochemical 3,464 Schweiter Technologies 1,880,952 2.78 Total Transferable Securities and 1,000 Sika 1,615,000 2.38 Money Market Instruments Admitted 60,000 Swiss Reinsurance Registered 2,994,600 4.42 to an Official Exchange Listing 190,904,618 99.17 9,200 Syngenta Registered 2,674,440 3.95 102,668 Temenos Registered 2,756,636 4.07 Total Investments 190,904,618 99.17 194,589 Tornos Registered 1,402,987 2.07 181,500 UBS Registered 2,913,075 4.30 Other Net Assets 1,592,433 0.83 68,628 Winterthur Technologie Registered 2,800,022 4.13 Net Asset Value 192,497,051 100.00 19,300 Zürich Financial Services 4,371,450 6.46

Total Transferable Securities and Money Market Instruments Admitted to an Official Exchange Listing 67,239,453 99.29

Total Investments 67,239,453 99.29

Other Net Assets 480,342 0.71

Net Asset Value 67,719,795 100.00

The notes on pages 18 to 56 form an integral part of these financial statements. Page 178 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Swiss Small & Mid Cap Schroder ISF Taiwanese Equity Equity Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing CHF Assets Amount to an Official Exchange Listing USD Assets

Austria 1,938,840 1.56 Taiwan 232,669,990 96.05 85,600 Austriamicrosystems 1,938,840 1.56 770,880 Acer 2,318,907 0.96 1,179,000 Asustek Computer 2,278,368 0.94 Israel 2,920,009 2.35 6,092,305 AU Optronics 7,391,540 3.05 362,734 Oridion Systems 2,920,009 2.35 2,963,844 Awea Mechantronic 3,336,410 1.38 Italy 819,528 0.66 8,838,173 Cathay Financial 16,499,028 6.81 43,825 Newron Pharmaceuticals 819,528 0.66 4,867,165 China Steel 5,022,403 2.08 1,826,771 China Steel Chemical 4,969,640 2.05 Liechtenstein 1,812,600 1.46 13,277,091 Chinatrust Financial 8,282,613 3.42 18,000 Verwaltungs- und Privat-Bank 1,812,600 1.46 1,923,913 Chroma ATE 4,373,623 1.81 Switzerland 115,938,166 93.28 20,213,000 Chunghwa Picture Tubes 2,597,731 1.07 30,138 Acino Registered 4,852,218 3.90 5,553,020 Chunghwa Telecom 10,331,604 4.27 26,028 Advanced Digital Broadcast Registered 1,340,442 1.08 2,037,834 Clevo 3,313,551 1.37 4,556 Alpiq Registered 1,957,941 1.57 6,571,960 Far Eastern Department Stores 7,541,930 3.11 115,658 Aryzta 4,458,616 3.59 12,551,868 Far Eastern International Bank 4,709,894 1.95 162,000 Ascom Registered 1,579,500 1.27 2,555,700 Far Eastern New Century 3,196,623 1.32 8,986 Banque Cantonale Vaudoise Registered 3,693,246 2.97 3,091,199 Far EasTone Telecommunications 3,687,594 1.52 5,495 Barry Callebaut Registered 3,588,235 2.89 4,566,660 Formosa Plastics 9,610,263 3.97 12,138 Basilea Pharmaceutica Registered 782,294 0.63 4,107,000 Fubon Financial 5,047,064 2.08 29,002 Bucher Industries Registered 3,256,924 2.62 1,880,400 Giant Manufacturing 5,268,413 2.18 11,789 Compagnie Financiere Tradition 1,451,226 1.17 3,608,286 Hon Hai Precision Industry 17,093,663 7.06 11,464 Crealogix Registered 705,036 0.57 132,000 HTC 1,512,758 0.62 35,401 Daetwyler 2,053,258 1.65 6,592,900 KGI Securities 3,916,982 1.62 67,841 Day Software Registered 5,037,194 4.05 83,080 Largan Precision 1,093,705 0.45 7,634 Forbo Registered 2,595,560 2.09 6,623,807 LES Enphants 7,373,594 3.04 381,100 GAM 4,798,049 3.86 61,655 MediaTek 1,075,781 0.44 43,000 Gategroup 1,505,000 1.21 3,324,000 Mega Financial 1,922,889 0.79 26,800 Geberit Registered 4,917,800 3.96 4,134,000 Nien Hsing Textile 2,262,195 0.93 62,083 Goldbach Media 1,623,470 1.30 5,364,055 Polaris Securities 3,195,286 1.32 13,573 Helvetia Registered 4,353,540 3.50 8,956,544 President Securities 6,161,475 2.54 5,407 Huegli 2,703,500 2.18 3,097,840 Quanta Computer 6,742,016 2.78 22,846 Inficon Registered 2,684,405 2.16 1,185,620 Siliconware Precision Industries 1,607,149 0.66 355 Lindt & Sprüngli 'PC' 788,100 0.63 4,586,820 Standard Foods 6,339,507 2.62 34,100 Looser 1,841,400 1.48 5,835,000 Tainan Spinning 2,326,337 0.96 963 Metall Zug Registered 2,397,870 1.93 5,851,560 Taiwan Cement 6,221,171 2.57 58,166 Newave Energy 2,442,972 1.97 5,033,000 Taiwan Chi Cheng Enterprise 4,469,581 1.85 30,693 Partners Group 4,008,506 3.23 6,133,000 Taiwan Glass Industrial 5,024,534 2.08 165,625 Petroplus 3,151,844 2.54 1,641,978 Taiwan Mobile 3,203,860 1.32 17,296 Private Equity Registered 588,064 0.47 9,612,565 Taiwan Semiconductor Manufacturing 19,387,443 8.00 10,268 Raetia Energie 3,686,212 2.97 2,377,544 Tripod Technology 8,029,229 3.31 620 Romande Energie 1,137,700 0.92 815,000 U-Ming Marine Transport 1,656,504 0.68 14,708 Santhera Pharmaceutical Registered 372,848 0.30 7,372,587 Uni-President Enterprises 9,094,702 3.75 72,789 Schindler 5,797,644 4.66 4,003,000 Wan Hai Lines 2,146,699 0.89 6,044 Schweiter Technologies 3,281,892 2.64 408,922 Youngtek Electronics 1,035,731 0.43 3,976 Sika 6,421,240 5.17 Total Transferable Securities and 38,200 Sulzer Registered 3,098,020 2.49 Money Market Instruments Admitted 217,552 Temenos Registered 5,841,271 4.70 to an Official Exchange Listing 232,669,990 96.05 270,868 Tornos Registered 1,952,958 1.57 26,122 VZ 2,051,883 1.65 Total Investments 232,669,990 96.05 100,022 Winterthur Technologie Registered 4,080,898 3.28 2,201 Zehnder 3,059,390 2.46 Other Net Assets 9,571,033 3.95

Total Transferable Securities and Net Asset Value 242,241,023 100.00 Money Market Instruments Admitted to an Official Exchange Listing 123,429,143 99.31

Total Investments 123,429,143 99.31

Other Net Assets 860,658 0.69

Net Asset Value 124,289,801 100.00

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 179 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF US Small & Mid-Cap Equity Schroder ISF US Small & Mid-Cap Equity (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Canada 33,003,525 1.81 United States of America (cont) 273,100 Magna International 13,799,743 0.76 408,600 Pactiv 9,937,152 0.54 170,100 Pan American Silver 4,039,875 0.22 1,562,020 Parametric Technology 25,898,291 1.42 402,453 Sino-Forest 7,414,971 0.41 791,700 People's United Financial 13,292,643 0.73 690,021 Yamana Gold 7,748,936 0.42 432,200 Pharmaceutical Product Development 10,182,632 0.56 768,400 Pinnacle Entertainment 6,930,968 0.38 United States of America 1,535,412,219 84.24 793,500 Plains Exploration & Production 22,352,895 1.23 291,800 ADTRAN 6,641,368 0.36 358,800 Polycom 9,081,228 0.50 501,500 Aecom Technology 13,916,625 0.76 936,500 Portland General Electric 19,338,725 1.06 311,100 Airgas 15,013,686 0.82 733,900 Psychiatric Solutions 15,918,291 0.87 130,700 Alexion Pharmaceuticals 6,358,555 0.35 484,300 QLogic 9,235,601 0.51 2,144,500 Amdocs 61,547,150 3.38 608,200 Quanta Services 12,772,200 0.70 268,900 Bank of Hawaii 12,813,085 0.70 607,600 Reinsurance Group of America 29,262,016 1.61 2,687,100 Burger King 51,054,900 2.80 268,500 Reliance Steel & Aluminum 11,824,740 0.65 482,100 Cabot 12,891,354 0.71 2,164,150 Republic Services 61,764,841 3.39 1,908,900 Chimera Investment 7,482,888 0.41 413,400 Ross Stores 17,925,024 0.98 265,200 Cimarex Energy 14,307,540 0.78 1,057,800 Rovi 34,145,784 1.87 335,500 Citrix Systems 14,151,390 0.78 116,900 Royal Gold 5,455,723 0.30 424,700 Cleco 11,887,353 0.65 278,000 Ruddick 7,339,200 0.40 345,300 Comerica 10,372,812 0.57 299,800 Ryder System 12,660,554 0.69 374,400 Concho Resources/Midland 16,840,512 0.92 1,493,500 SAIC 28,436,240 1.56 293,500 Copart 10,809,605 0.59 1,959,600 Scientific Games 28,492,584 1.56 818,400 Corrections Corp of America 20,410,896 1.12 626,700 Skyworks Solutions 8,961,810 0.49 602,700 Crown 15,459,255 0.85 581,300 SLM 6,708,202 0.37 474,000 Cullen/Frost Bankers 23,851,680 1.31 209,000 Stericycle 11,563,970 0.63 758,700 DaVita 45,013,671 2.47 313,200 Towers Watson 14,949,036 0.82 618,100 DENTSPLY International 21,979,636 1.21 595,700 tw telecom 10,281,782 0.56 960,100 DeVry 55,215,351 3.03 1,003,800 VeriSign 24,713,556 1.36 439,300 Dick's Sporting Goods 11,061,574 0.61 238,300 Verisk Analytics 7,387,300 0.41 625,300 Digital River 16,870,594 0.93 1,518,300 W.R. Berkley 37,319,814 2.05 295,900 Dover 12,481,062 0.68 212,300 Wabtec 8,767,990 0.48 276,900 Dun & Bradstreet 23,436,816 1.29 251,300 West Pharmaceutical Services 10,014,305 0.55 645,500 Emdeon 9,818,055 0.54 254,800 Westamerica Bancorporation 14,169,428 0.78 194,400 Emergency Medical Services 10,456,776 0.57 358,700 Zebra Technologies 10,183,493 0.56 406,300 Endo Pharmaceuticals 8,390,095 0.46 510,400 Energen 24,274,624 1.33 Total Transferable Securities and 209,500 F5 Networks 11,097,215 0.61 Money Market Instruments Admitted 402,000 Federated Investors 11,203,740 0.61 to an Official Exchange Listing 1,568,415,744 86.05 189,600 Gen-Probe 8,190,720 0.45 Number of shares Market % 339,900 Global Payments 18,405,585 1.01 or Principal Open-ended Collective Value Net 1,038,600 HCC Insurance 29,485,854 1.62 Amount Investment Schemes USD Assets 273,200 Health Care REIT 12,548,076 0.69 272,000 Hospira 13,901,920 0.76 United States of America 36,309,248 1.99 834,000 IDEX 26,237,640 1.44 192,600 iShares Russell 2000 Index Fund 12,170,394 0.67 2,105,100 Integrated Device Technology 13,704,201 0.75 289,400 iShares Russell Midcap Index Fund 24,138,854 1.32 2,144,600 Interpublic 15,612,688 0.86 549,000 Investment Technology 10,941,570 0.60 Total Open-ended Collective 244,300 Lamar Advertising 7,700,336 0.42 Investment Schemes 36,309,248 1.99 397,600 Lazard 14,675,416 0.81 Number of shares Market % 492,600 Life Technologies 25,827,018 1.42 or Principal Other Transferable Securities not dealt Value Net 732,300 LifePoint Hospitals 24,275,745 1.33 Amount on another Regulated Market USD Assets 221,300 Men's Wearhouse 4,731,394 0.26 1,738,700 MetroPCS Communications 13,266,281 0.73 United States of America 22,381,359 1.23 245,400 Microchip Technology 7,224,576 0.40 2,902,900 Brocade Communications Systems 22,381,359 1.23 1,110,700 Monster Worldwide 19,559,427 1.07 Total Other Transferable Securities not dealt 1,177,900 National Semiconductor 18,257,450 1.00 on another Regulated Market 22,381,359 1.23 821,800 NBTY 35,764,736 1.96 681,700 NeuStar 15,931,329 0.87 Total Investments 1,627,106,351 89.27 578,100 NII 19,788,363 1.09 462,600 Northeast Utilities 12,175,632 0.67 Other Net Assets 195,599,724 10.73 777,200 NV Energy 9,769,404 0.54 Net Asset Value 1,822,706,075 100.00 338,300 Omnicare 8,359,393 0.46 159,200 Onyx Pharmaceuticals 4,699,584 0.26

The notes on pages 18 to 56 form an integral part of these financial statements. Page 180 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF US Smaller Companies Schroder ISF US Smaller Companies (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Bermuda 7,245,141 1.04 United States of America (cont) 245,848 Argo Group International 7,245,141 1.04 325,800 Healthcare Services 7,089,408 1.02 198,700 Hilltop 2,322,803 0.33 Canada 14,131,884 2.03 109,200 HMS 5,385,744 0.77 319,500 IESI-BFC 5,115,195 0.73 97,460 Hudson Valley 2,335,142 0.34 151,900 Pan American Silver 3,607,625 0.52 224,806 IDEX 7,072,397 1.02 1,444,000 Ram Power 5,409,064 0.78 205,139 Informatica 5,382,847 0.77 China 3,824,835 0.55 350,800 Inspire Pharmaceuticals 1,967,988 0.28 109,500 Home Inns & Hotels Management ADR 3,824,835 0.55 460,300 Internap Network Services 2,177,219 0.31 227,600 Investment Technology 4,536,068 0.65 United States of America 586,703,969 84.27 326,400 Investors Real Estate Trust 2,976,768 0.43 33,100 AboveNet 2,150,507 0.31 128,050 Kansas City Southern 4,331,932 0.62 97,200 Affymax 2,471,796 0.36 315,500 Key Energy Services 2,839,500 0.41 459,000 Ambassadors 6,228,630 0.89 56,800 Lamar Advertising 1,790,336 0.26 159,000 Amedisys 7,870,500 1.13 168,100 Lazard 6,204,571 0.89 188,500 AMERIGROUP 5,146,050 0.74 599,903 Lexicon Pharmaceuticals 1,037,832 0.15 927,300 Anadigics 3,950,298 0.56 384,700 LKQ 7,694,000 1.11 118,000 Apogee Enterprises 1,657,900 0.24 172,300 Luminex 2,596,561 0.37 395,800 Arbitron 9,538,780 1.37 67,900 Manhattan Associates 1,689,352 0.24 512,100 Ariba 6,426,855 0.92 118,100 Masimo 3,670,548 0.53 102,000 Aspen Technology 1,004,700 0.14 159,300 Men's Wearhouse 3,405,834 0.49 96,600 ATC Technology 2,357,040 0.34 46,200 Michael Baker 1,894,200 0.27 32,300 athenahealth 1,491,937 0.21 251,000 Nash Finch 9,289,510 1.33 109,900 Atlas Air Worldwide 4,132,240 0.59 272,900 National Penn Bancshares 1,607,381 0.23 1,092,400 Atmel 5,046,888 0.72 145,900 National Retail Properties 3,107,670 0.45 99,171 Bank of Hawaii 4,725,498 0.68 265,300 NBTY 11,545,856 1.66 66,000 Berkshire Hills Bancorp 1,349,040 0.19 341,000 Netscout Systems 5,115,000 0.73 145,100 BorgWarner 4,914,537 0.70 248,500 NorthWestern 6,610,100 0.95 77,600 Boston Beer 3,696,864 0.53 412,400 Ocwen Financial 3,926,048 0.56 498,800 Brookline Bancorp 4,943,108 0.71 236,300 Olin 4,234,496 0.61 123,800 Bruker 1,505,408 0.22 57,700 Omnicare 1,425,767 0.20 157,000 Cabot 4,198,180 0.60 70,200 Onyx Pharmaceuticals 2,072,304 0.30 55,900 Capella Education 4,281,381 0.61 535,352 Parametric Technology 8,876,136 1.27 174,500 Centene 3,774,435 0.54 117,600 Pebblebrook Hotel Trust 2,613,072 0.38 404,100 Central Garden and Pet 4,368,321 0.63 48,300 Perrigo 1,917,027 0.28 140,900 Cepheid 1,762,659 0.25 479,000 Pike Electric 4,569,660 0.66 18,000 Chattem 1,677,240 0.24 354,887 Pinnacle Entertainment 3,201,081 0.47 184,900 Childrens Place Retail Stores 6,070,267 0.87 172,900 PMC-Sierra 1,505,959 0.22 52,200 Clean Harbors 3,103,812 0.44 75,200 Polycom 1,903,312 0.27 476,481 Clear Channel Outdoor 4,983,991 0.72 270,300 Portland General Electric 5,581,695 0.80 256,900 Cleco 7,190,631 1.03 504,200 PSS World Medical 11,500,802 1.65 96,100 Commvault Systems 2,312,166 0.33 230,500 QLogic 4,395,635 0.63 195,900 comScore 3,383,193 0.49 301,600 Redwood Trust 4,427,488 0.64 76,800 Comstock Resources 3,181,824 0.46 263,954 Reinsurance Group of America 12,712,025 1.83 213,700 Cooper 8,178,299 1.17 198,600 Rent-A-Center 3,610,548 0.52 315,170 CVB Financial 2,789,254 0.40 176,900 Rofin-Sinar Technologies 4,259,752 0.61 109,200 Diamond Foods 3,946,488 0.57 59,800 Royal Gold 2,790,866 0.40 52,800 Digital Realty Trust 2,629,440 0.38 247,500 Sanderson Farms 10,466,775 1.50 182,000 Digital River 4,910,360 0.71 89,200 Scansource 2,389,668 0.34 129,200 Emergency Medical Services 6,949,668 1.00 766,270 Scientific Games 11,141,566 1.60 183,300 EnPro Industries 4,908,774 0.71 186,300 Seattle Genetics 1,935,657 0.28 77,300 ESCO Technologies 2,843,094 0.41 185,900 Shuffle Master 1,544,829 0.22 136,312 Euronet Worldwide 3,022,037 0.43 98,900 Simmons First National 2,772,167 0.40 68,888 F5 Networks 3,648,997 0.52 384,700 Skilled Healthcare 2,931,414 0.42 96,600 FEI 2,287,488 0.33 500,100 SonicWALL 3,825,765 0.55 524,065 Gartner 9,658,518 1.39 211,400 Sonoco Products 6,316,632 0.91 399,400 Genpact 6,074,874 0.87 341,036 St. Mary Land & Exploration 11,827,128 1.70 390,000 Geo 8,548,800 1.23 150,500 Standard Microsystems 3,172,540 0.46 186,500 Goodrich Petroleum 4,668,095 0.67 307,621 Standard Parking 4,986,536 0.72 95,600 Haemonetics 5,366,984 0.77 409,100 STR 6,402,415 0.92 411,000 Harmonic 2,597,520 0.37 540,900 Sun Healthcare 5,041,188 0.72 91,681 Health Care REIT 4,210,908 0.60 223,700 Superior Energy Services 5,520,916 0.79 523,400 Health Management Associates 3,820,820 0.55 117,000 Syniverse 2,066,220 0.30

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 181 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF US Smaller Companies (cont) Schroder ISF EURO Active Value

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing EUR Assets

United States of America (cont) Austria 6,923,294 3.42 157,300 Team Health 2,208,492 0.32 163,270 OMV 5,012,389 2.48 43,600 Techne 3,030,200 0.44 70,853 Semperit 1,910,905 0.94 72,900 Thor Industries 2,299,995 0.33 Belgium 4,268,911 2.11 431,800 TriQuint Semiconductor 2,629,662 0.38 45,086 Anheuser-Busch InBev 1,640,905 0.81 166,900 Tutor Perini 3,107,678 0.45 9,416 D'ieteren 2,628,006 1.30 122,900 UIL 3,516,169 0.51 215,900 Unisource Energy 7,148,449 1.03 Finland 11,580,010 5.72 88,500 United Natural Foods 2,391,270 0.34 120,987 Elisa 1,930,953 0.95 289,600 Vivus 2,696,176 0.39 116,085 Fortum 2,202,133 1.09 100,100 Volcano 1,788,787 0.26 277,598 Huhtamaki 2,692,701 1.33 198,719 Volterra Semiconductor 3,865,085 0.56 440,110 Sponda 1,201,500 0.60 527,678 Waste Connections 17,613,892 2.53 110,684 Tieto 1,604,918 0.79 54,235 Towers Watson & Co 2,588,637 0.37 69,391 Wartsila 1,947,805 0.96 262,800 Wausau Paper 3,051,108 0.44 France 50,912,479 25.13 378,900 Websense 6,706,530 0.96 368,650 AXA 6,097,471 3.01 158,600 West Pharmaceutical Services 6,320,210 0.91 111,324 BNP Paribas 6,223,012 3.07 151,379 Westamerica Bancorporation 8,418,186 1.21 141,226 Bouygues 5,144,157 2.54 50,700 World Acceptance 1,824,693 0.26 60,659 Crédit Agricole 749,745 0.37 Total Transferable Securities and 150,105 France Telecom 2,616,330 1.29 Money Market Instruments Admitted 112,806 GDF Suez 3,416,330 1.69 to an Official Exchange Listing 611,905,829 87.89 124,089 GDF Suez Strip VVPR 124 - 157,128 Sanofi-Aventis 8,651,468 4.27 Number of shares Market % 228,290 SCOR 3,995,075 1.97 or Principal Open-ended Collective Value Net 16,506 Société Générale 807,969 0.40 Amount Investment Schemes USD Assets 34,883 Technip 1,723,220 0.85 United States of America 10,407,393 1.49 237,387 Total 10,683,602 5.27 164,700 iShares Russell 2000 Index Fund 10,407,393 1.49 38,662 Vivendi 803,976 0.40

Total Open-ended Collective Germany 35,401,770 17.47 Investment Schemes 10,407,393 1.49 82,976 Allianz 7,231,358 3.57 37,471 Bayer 2,096,877 1.03 Total Investments 622,313,222 89.38 127,363 Deutsche Bank 6,294,280 3.11 255,997 E.ON 7,482,792 3.69 Other Net Assets 73,926,952 10.62 86,341 GFK 2,083,408 1.03 Net Asset Value 696,240,174 100.00 48,002 Henkel KGaA Preference 1,748,713 0.86 37,106 MTU Aero Engines 1,417,078 0.70 49,632 Muenchener Rueckversicherungs 5,393,510 2.66 21,646 Software 1,653,754 0.82

Greece 6,214,018 3.07 248,131 Folli - Follie 3,275,329 1.62 226,053 Public Power 2,938,689 1.45

Ireland 6,568,447 3.24 131,756 DCC 2,562,654 1.27 1,439,344 Greencore 1,997,090 0.98 91,471 Kerry 2,008,703 0.99

Italy 26,521,901 13.09 615,196 Astaldi 3,681,948 1.82 70,378 Danieli & C Officine Meccaniche 1,223,873 0.60 638,641 Davide Campari-Milano 4,658,886 2.30 1,200,088 Enel 4,857,356 2.40 298,639 ENI 5,315,774 2.62 2,498,483 Iride 3,322,982 1.64 2,453,243 Telecom Italia 2,669,128 1.32 71,800 Trevi Finanziaria 791,954 0.39

Netherlands 15,357,415 7.58 95,830 ArcelorMittal 3,083,809 1.52 122,672 CSM 2,254,098 1.11 293,148 ING Groep 2,022,721 1.00 461,356 Koninklijke Ahold 4,272,157 2.11

The notes on pages 18 to 56 form an integral part of these financial statements. Page 182 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF EURO Active Value (cont) Schroder ISF EURO Dynamic Growth

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing EUR Assets Amount to an Official Exchange Listing EUR Assets

Netherlands (cont) Austria 1,720,800 0.53 288,955 Mediq 3,724,630 1.84 23,900 Mayr Melnhof Karton 1,720,800 0.53

Portugal 4,769,444 2.35 France 112,290,862 34.58 1,534,570 EDP - Energias de Portugal 4,769,444 2.35 550,000 AXA 9,097,000 2.80 255,000 BNP Paribas 14,254,500 4.39 Spain 33,499,909 16.54 115,000 Bourbon 3,030,250 0.93 583,194 Banco Bilbao Vizcaya Argentaria 7,424,060 3.66 420,000 France Telecom 7,320,600 2.25 1,181,903 Banco Santander 13,650,980 6.74 300,000 GDF Suez 9,085,500 2.80 725,831 Iberdrola 4,841,293 2.39 85,000 Ipsen 3,294,600 1.01 267,956 Repsol YPF 5,017,476 2.48 60,000 Lafarge 3,468,600 1.07 109,685 Telefónica 2,141,051 1.06 20,000 Neopost 1,153,400 0.36 22,549 Vidrala 425,049 0.21 40,000 Saft 1,350,400 0.42 Total Transferable Securities and 250,000 Sanofi-Aventis 13,765,000 4.24 Money Market Instruments Admitted 60,000 Schneider Electric 4,906,800 1.51 to an Official Exchange Listing 202,017,598 99.72 62,200 SeLoger.com 1,400,744 0.43 230,000 Société Générale 11,258,500 3.47 Total Investments 202,017,598 99.72 81,500 Thales 2,929,518 0.90 360,000 Total 16,201,800 4.99 Other Net Assets 561,565 0.28 470,000 Vivendi 9,773,650 3.01

Net Asset Value 202,579,163 100.00 Germany 87,602,600 26.98 150,000 Allianz 13,072,500 4.03 170,000 BASF 7,388,200 2.28 220,000 Bayer 12,311,200 3.79 185,000 Daimler 6,887,550 2.12 100,000 Deutsche Bank 4,942,000 1.52 850,000 Deutsche Telekom 8,746,500 2.70 330,000 E.ON 9,645,900 2.97 90,000 Linde 7,574,400 2.33 80,000 MTU Aero Engines 3,055,200 0.94 90,000 Rheinmetall 4,026,600 1.24 155,000 Siemens 9,952,550 3.06

Ireland 7,792,000 2.40 200,000 CRH 3,820,000 1.18 1,200,000 Ryanair 3,972,000 1.22

Italy 13,359,750 4.11 750,000 Azimut 7,035,000 2.16 2,700,000 UniCredit 6,324,750 1.95

Netherlands 47,201,580 14.53 150,000 Akzo Nobel 6,960,000 2.14 161,000 ArcelorMittal 5,180,980 1.59 280,000 Delta Lloyd 4,740,400 1.46 70,000 Fugro 2,818,200 0.87 520,000 ING Groep 3,588,000 1.11 550,000 Koninklijke Ahold 5,093,000 1.57 140,000 SBM Offshore 1,928,500 0.59 250,000 Ten Cate 4,607,500 1.42 540,000 Unilever 12,285,000 3.78

Spain 45,520,110 14.02 1,200,000 Banco Santander 13,860,000 4.27 430,000 Enagas 6,632,750 2.04 28,661 Indra Sistemas 471,760 0.15 180,000 Red Electrica 6,987,600 2.15 900,000 Telefónica 17,568,000 5.41

United Kingdom 6,330,000 1.95 300,000 Royal Dutch Shell 6,330,000 1.95

Total Transferable Securities and Money Market Instruments Admitted to an Official Exchange Listing 321,817,702 99.10

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 183 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF EURO Dynamic Growth (cont) Schroder ISF European Equity Alpha

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing EUR Assets Amount to an Official Exchange Listing EUR Assets

Austria 2,971,368 0.42 Total Investments 321,817,702 99.10 182,966 RHI 2,971,368 0.42 Other Net Assets 2,912,046 0.90 Belgium 14,033,635 1.98 Net Asset Value 324,729,748 100.00 4,373,177 Fortis 11,470,843 1.62 674,419 TiGenix 2,562,792 0.36

Cyprus 11,202,893 1.58 2,528,722 ProSafe 11,202,893 1.58

Denmark 13,657,903 1.92 100,375 Carlsberg 5,179,468 0.73 534,694 Danske Bank 8,478,435 1.19

France 94,745,026 13.35 260,238 BNP Paribas 14,547,304 2.05 628,166 France Telecom 10,948,933 1.54 459,070 GDF Suez 13,902,935 1.96 348,056 Sanofi-Aventis 19,163,963 2.70 140,304 Société Générale 6,867,881 0.97 343,378 Total 15,453,727 2.18 666,520 Vivendi 13,860,283 1.95

Germany 67,758,375 9.54 538,664 E.ON 15,745,149 2.22 157,852 Linde 13,284,824 1.87 204,663 Rheinmetall 9,156,623 1.29 146,800 Siemens 9,426,028 1.33 763,106 Symrise 11,431,328 1.61 182,884 Wincor Nixdorf 8,714,423 1.22

Greece 4,856,918 0.68 268,338 National Bank of Greece 4,856,918 0.68

Hong Kong SAR - - 3,236,000 Peace Mark - -

Italy 32,671,066 4.60 3,231,546 Enel 13,079,682 1.84 487,748 ENI 8,681,914 1.22 4,657,191 UniCredit 10,909,470 1.54

Netherlands 43,535,900 6.13 356,088 ArcelorMittal 11,458,912 1.61 429,033 Heineken 12,542,780 1.77 1,938,705 ING Groep 13,377,065 1.88 520,029 Koninklijke KPN 6,157,143 0.87

Norway 10,226,559 1.44 1,355,577 DnB NOR 10,226,559 1.44

Portugal 3,204,565 0.45 3,860,922 Sonae Capital 3,204,565 0.45

Spain 47,497,517 6.69 1,190,616 Banco Bilbao Vizcaya Argentaria 15,156,542 2.13 1,318,219 Banco Santander 15,225,429 2.15 876,821 Telefónica 17,115,546 2.41

Switzerland 111,440,631 15.70 150,306 Credit Suisse Registered 5,185,644 0.73 827,770 Nestlé Registered 28,000,762 3.94 599,725 Novartis Registered 22,832,689 3.22 197,545 Roche 23,401,375 3.30 191,150 Sulzer Registered 10,446,038 1.47 21,451 Swatch 3,785,642 0.53 294,041 Temenos Registered 5,319,963 0.75 81,694 Zürich Financial Services 12,468,518 1.76

The notes on pages 18 to 56 form an integral part of these financial statements. Page 184 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF European Equity Alpha (cont) Schroder ISF Global Equity Alpha

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing EUR Assets Amount to an Official Exchange Listing USD Assets

United Kingdom 197,292,999 27.79 Australia 949,650 1.36 371,325 AstraZeneca 12,164,815 1.71 46,161 Australia & New Zealand Banking 949,650 1.36 673,136 BG 8,501,183 1.20 Brazil 4,653,912 6.67 2,338,742 BP 15,794,914 2.22 47,454 Anhanguera Educacional Participações 676,515 0.97 2,783,340 Cairn Energy 10,420,108 1.47 42,061 Itau Unibanco ADR Preference 952,261 1.37 5,897,676 Cape 15,069,209 2.12 68,511 Redecard 1,138,905 1.63 8,206,350 Filtrona 17,458,042 2.46 10,346 Totvs 699,815 1.00 802,134 GlaxoSmithKline 11,913,518 1.68 41,281 Vale ADR 1,186,416 1.70 1,746,332 HSBC 13,932,666 1.96 6,859,381 Punch Taverns 5,250,220 0.74 Canada 2,471,825 3.54 16,783,830 Royal Bank of Scotland 5,516,424 0.78 31,230 Suncor Energy 1,118,047 1.60 824,543 Royal Dutch Shell 16,812,618 2.37 26,472 Ultra Petroleum 1,353,778 1.94 3,240,945 Tesco 15,613,459 2.20 China 1,348,844 1.93 619,153 Unilever 13,896,545 1.96 124,400 China Pacific Insurance 'H' 495,736 0.71 430,866 Vedanta Resources 12,662,889 1.78 1,216,000 Want Want China 853,108 1.22 11,193,863 Vodafone 18,105,914 2.55 2,000,000 William Hill 4,180,475 0.59 France 1,317,044 1.89 21,356 Danone 1,317,044 1.89 Total Transferable Securities and Money Market Instruments Admitted Germany 3,546,949 5.08 to an Official Exchange Listing 655,095,355 92.27 8,314 Linde 1,007,507 1.44

Number of shares Market % 12,309 Siemens 1,138,041 1.63 or Principal Other Transferable Securities not dealt Value Net 36,866 ThyssenKrupp 1,401,401 2.01 Amount on another Regulated Market EUR Assets Hong Kong SAR 1,006,184 1.44 83,000 Swire Pacific 1,006,184 1.44 Italy -- 150,900 Paramalat Finanziaria - - Ireland 1,594,402 2.28 32,949 Covidien 1,594,402 2.28 United Kingdom 1,189,826 0.17 621,800 Sphere Medical 1,189,826 0.17 Israel 1,173,871 1.68 21,007 Teva Pharmaceutical Industries ADR 1,173,871 1.68 Total Other Transferable Securities not dealt on another Regulated Market 1,189,826 0.17 Japan 5,312,471 7.61 60,800 Bridgestone 1,066,920 1.53 Total Investments 656,285,181 92.44 40,100 Honda Motor 1,345,899 1.93 176,700 Mitsubishi UFJ Financial 861,951 1.23 Other Net Assets 53,636,885 7.56 117,400 Nomura 862,825 1.24 Net Asset Value 709,922,066 100.00 189,000 Sekisui Chemical 1,174,876 1.68

Mexico 1,053,012 1.51 31,099 Desarrolladora Homex ADR 1,053,012 1.51

Netherlands 3,365,863 4.82 158,189 ING Groep 1,571,657 2.25 54,772 Unilever 1,794,206 2.57

Norway 1,114,263 1.60 102,577 DnB NOR 1,114,263 1.60

Spain 2,301,773 3.30 70,723 Banco Bilbao Vizcaya Argentaria 1,296,347 1.86 59,250 Gamesa Corp Tecnologica 1,005,426 1.44

Switzerland 4,666,335 6.69 24,472 Novartis Registered 1,341,549 1.92 7,277 Roche 1,241,252 1.78 3,230 Syngenta Registered 911,038 1.31 47,857 Tyco Electronics 1,172,496 1.68

United Kingdom 6,286,054 9.00 75,360 BG 1,370,408 1.96 211,243 Cairn Energy 1,138,730 1.63 137,814 HSBC 1,583,190 2.27 20,002 Rio Tinto 1,098,978 1.57 470,047 Vodafone 1,094,748 1.57

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 185 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Equity Alpha (cont) Schroder ISF Japanese Equity Alpha

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing JPY Assets

United States of America 24,303,457 34.82 Japan 4,770,313,850 94.95 86,631 Applied Materials 1,218,898 1.75 76,300 Don Quijote 171,675,000 3.42 33,178 Baker Hughes 1,355,985 1.94 19,600 Fanuc 169,148,000 3.37 70,004 Bank of America 1,054,960 1.51 2,253,000 Haseko 148,698,000 2.96 42,000 Comcast 716,940 1.03 89,100 Hoshizaki Electric 118,235,700 2.35 22,125 Cummins 1,026,379 1.47 71,900 Iriso Electronics 115,759,000 2.30 14,176 EOG Resources 1,400,731 2.01 520,000 JFE Shoji 172,640,000 3.44 25,144 FPL 1,350,233 1.93 82,000 JGC 139,892,000 2.78 32,613 Hewlett-Packard 1,726,206 2.47 114,400 JTEKT 135,564,000 2.70 38,304 JPMorgan Chase & Co. 1,590,765 2.28 1,980 Jupiter Telecommunications 182,556,000 3.63 58,055 Kroger 1,189,547 1.70 374 KDDI 184,382,000 3.67 47,121 Lowe's 1,108,757 1.59 78,600 Kintetsu World Express 189,426,000 3.77 73,955 Microsoft 2,289,647 3.28 83,000 Kyokuto Kaihatsu Kogyo 28,303,000 0.56 16,109 Monsanto 1,330,764 1.91 81,000 Lintec 151,470,000 3.01 44,303 Principal Financial 1,078,778 1.54 475,000 Makino Milling Machine 168,150,000 3.35 60,470 TD Ameritrade 1,185,817 1.70 60,400 Mitsubishi UFJ Lease & Finance 168,818,000 3.36 60,627 Virgin Media 1,023,384 1.47 137,500 Mitsui & Co. 180,262,500 3.59 25,461 Wal-Mart Stores 1,382,532 1.98 307,000 Mitsui OSK Lines 150,123,000 2.99 20,663 WellPoint 1,214,158 1.74 14,400 Nidec 122,976,000 2.45 30,076 Yum! Brands 1,058,976 1.52 98,000 Nippon Electric Glass 124,558,000 2.48 . 207,300 Nomura 141,171,300 2.81 500 NTT Data 144,550,000 2.88 Total Transferable Securities and 99,000 Rohto Pharmaceutical 106,029,000 2.11 Money Market Instruments Admitted 85,900 Saizeriya 130,911,600 2.61 to an Official Exchange Listing 66,465,909 95.22 23,700 Sankyo 109,968,000 2.19 Number of shares Market % 16,200 Shimamura 143,532,000 2.86 or Principal Value Net 22,400 Shin-Etsu Chemical 117,152,000 2.33 Amount Derivatives USD Assets 84,000 Square Enix 164,136,000 3.27 319,000 Sumitomo Heavy Industries 149,292,000 2.97 India 917,756 1.32 693,000 Sumitomo Metal Industries 172,557,000 3.43 62,601 Shriram Transport Finance Warrants 18/ 606,604 0.87 33,450 T&D 63,521,550 1.26 01/2013 367,000 Tokai Carbon 168,820,000 3.36 30,034 Shriram Transport Finance Warrants 24/ 311,152 0.45 09/2014 832,000 Toyo Tire & Rubber 143,104,000 2.85 30,820 Yamada Denki 192,933,200 3.84 Total Derivatives 917,756 1.32 Total Transferable Securities and Money Market Instruments Admitted Total Investments 67,383,665 96.54 to an Official Exchange Listing 4,770,313,850 94.95 Other Net Assets 2,415,783 3.46 Total Investments 4,770,313,850 94.95 Net Asset Value 69,799,448 100.00 Other Net Assets 253,853,817 5.05

Net Asset Value 5,024,167,667 100.00

The notes on pages 18 to 56 form an integral part of these financial statements. Page 186 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF US All Cap Schroder ISF US All Cap (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Canada 177,657 2.36 United States of America (cont) 665 Magna International 33,602 0.45 2,133 Illinois Tool Works 103,728 1.38 1,889 Suncor Energy 67,192 0.89 2,815 Integrated Device Technology 18,326 0.24 1,503 Ultra Petroleum 76,863 1.02 4,240 Interpublic 30,867 0.41 2,641 Johnson & Johnson 171,427 2.28 Ireland 168,060 2.23 3,151 JPMorgan Chase & Co. 130,861 1.74 1,867 Covidien 90,344 1.20 1,140 Kellogg 61,549 0.82 2,151 Ingersoll-Rand 77,716 1.03 478 Lazard 17,643 0.23 United States of America 7,034,235 93.46 828 Life Technologies 43,412 0.58 1,381 ACE 69,768 0.93 1,316 LifePoint Hospitals 43,625 0.58 1,239 Aecom Technology 34,382 0.46 3,646 Lowe's 85,790 1.14 671 Airgas 32,382 0.43 2,366 Marathon Oil 74,458 0.99 2,259 Altera 51,528 0.68 1,315 McDonald's 82,700 1.10 3,596 Amdocs 103,205 1.37 1,135 MetLife 40,236 0.53 1,497 Amgen 86,137 1.14 1,593 MetroPCS Communications 12,155 0.16 937 Apple 198,307 2.63 6,197 Microsoft 191,859 2.55 1,761 Assurant 52,284 0.69 1,069 Monsanto 88,310 1.17 8,000 Bank of America 120,560 1.60 1,791 Monster Worldwide 31,539 0.42 1,680 Baxter International 99,103 1.32 1,664 NASDAQ OMX 33,563 0.45 1,767 BorgWarner 59,848 0.79 2,471 National Semiconductor 38,301 0.51 4,463 Burger King 84,797 1.13 1,693 NBTY 73,679 0.98 1,055 Cabot 28,211 0.37 1,363 NetApp 47,078 0.63 3,032 CBS 43,358 0.58 1,493 NeuStar 34,891 0.46 848 Cimarex Energy 45,750 0.61 1,156 NII 39,570 0.53 5,507 Cisco Systems 133,159 1.77 1,899 Noble 77,821 1.03 20,152 Citigroup 66,905 0.89 1,047 Norfolk Southern 55,742 0.74 667 Cleco 18,669 0.25 724 Northeast Utilities 19,056 0.25 1,157 Coach 42,774 0.57 813 Pactiv 19,772 0.26 1,975 Cognizant Technology Solutions 89,823 1.19 2,370 Parametric Technology 39,295 0.52 3,646 Comcast 62,237 0.83 1,342 Parker Hannifin 72,938 0.97 671 Concho Resources/Midland 30,182 0.40 1,234 People's United Financial 20,719 0.28 2,094 ConocoPhillips 106,773 1.42 2,123 PepsiCo 130,161 1.73 610 Copart 22,466 0.30 1,759 Pinnacle Entertainment 15,866 0.21 1,315 Corrections Corp of America 32,796 0.44 1,133 Plains Exploration & Production 31,917 0.42 588 Crown 15,082 0.20 1,156 Portland General Electric 23,871 0.32 656 Cullen/Frost Bankers 33,010 0.44 2,032 Procter & Gamble 124,704 1.66 1,910 Cummins 88,605 1.18 1,288 Psychiatric Solutions 27,937 0.37 1,241 DaVita 73,629 0.98 4,349 Quicksilver Resources 66,583 0.88 3,840 Dean Foods 69,427 0.92 1,002 Reinsurance Group of America 48,256 0.64 1,169 DENTSPLY International 41,570 0.55 436 Reliance Steel & Aluminum 19,201 0.26 1,577 DeVry 90,693 1.20 4,402 Republic Services 125,633 1.67 895 Dick's Sporting Goods 22,536 0.30 752 Ross Stores 32,607 0.43 1,026 Digital River 27,681 0.37 1,628 Rovi 52,552 0.70 417 Dun & Bradstreet 35,295 0.47 460 Royal Gold 21,468 0.29 2,220 Electronic Arts 40,448 0.54 489 Ryder System 20,650 0.27 1,085 Emdeon 16,503 0.22 3,107 SAIC 59,157 0.79 820 Energen 38,999 0.52 2,651 Scientific Games 38,546 0.51 903 EOG Resources 89,225 1.18 4,037 SLM 46,587 0.62 1,128 Exxon Mobil 77,573 1.03 1,252 Stanley Works 65,254 0.87 542 F5 Networks 28,710 0.38 2,725 Staples 68,071 0.90 688 Federated Investors 19,175 0.25 1,367 State Street 59,998 0.80 885 FedEx 75,375 1.00 849 Travelers 42,671 0.57 3,192 Fifth Third Bancorp 31,282 0.42 1,291 tw telecom 22,283 0.30 555 FPL 29,804 0.40 1,743 United States Steel 96,754 1.29 784 Freeport-McMoRan Copper & Gold 63,410 0.84 1,343 United Technologies 94,668 1.26 470 Gen-Probe 20,304 0.27 2,278 Unum 45,332 0.60 342 Global Payments 18,519 0.25 1,606 VeriSign 39,540 0.53 2,160 Goodyear Tire & Rubber 31,169 0.41 2,749 Verizon Communications 91,872 1.22 276 Google 171,873 2.28 1,846 W.R. Berkley 45,375 0.60 1,619 HCC Insurance 45,963 0.61 2,561 Wal-Mart Stores 139,062 1.85 2,746 Hewlett-Packard 145,346 1.93 476 West Pharmaceutical Services 18,969 0.25 2,018 Hospira 103,140 1.37 373 Westamerica Bancorporation 20,743 0.28 1,231 IDEX 38,727 0.51 612 Whirlpool 50,019 0.66

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 187 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF US All Cap (cont) Schroder ISF QEP Global Active Value

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

United States of America (cont) Australia 12,889,230 1.88 3,951 Yahoo! 67,088 0.89 210,128 Ausdrill 391,099 0.06 1,363 Zimmer 81,453 1.08 169,717 Emeco 120,555 0.02 940,625 Macquarie CountryWide Trust 494,771 0.07 Total Transferable Securities and 721,370 Metcash 2,899,331 0.42 Money Market Instruments Admitted 51,368 National Australia Bank 1,265,539 0.19 to an Official Exchange Listing 7,379,952 98.05 115,082 Origin Energy 1,740,466 0.25 Number of shares Market % 119,973 Sonic Healthcare 1,658,019 0.24 or Principal Other Transferable Securities not dealt Value Net 305,055 Suncorp-Metway 2,383,582 0.35 Amount on another Regulated Market USD Assets 627,696 Telstra 1,935,868 0.28 2,830 Timbercorp - - United States of America 41,711 0.55 5,410 Brocade Communications Systems 41,711 0.55 Austria 5,508,379 0.80 33,036 Oesterreichische Post 904,754 0.13 Total Other Transferable Securities not dealt 40,681 OMV 1,798,301 0.26 on another Regulated Market 41,711 0.55 65,561 Telekom Austria 939,293 0.14 616 Vienna Insurance 31,931 - Total Investments 7,421,663 98.60 49,563 Voestalpine 1,834,100 0.27

Other Net Assets 105,416 1.40 Belgium 7,593,947 1.11 68,355 Belgacom 2,492,105 0.36 Net Asset Value 7,527,079 100.00 41,579 Delhaize 3,210,208 0.47 43,385 Euronav 955,792 0.14 13,570 Mobistar 935,842 0.14

Bermuda 5,336,454 0.78 15,200 Aspen Insurance 391,400 0.07 15,000 Axis Capital 427,350 0.06 37,100 Endurance Specialty 1,396,815 0.20 101,000 Great Eagle 263,114 0.04 25,100 PartnerRe 1,887,018 0.27 36,200 Ship Finance International 500,646 0.07 31,700 Tsakos Energy Navigation 470,111 0.07

Brazil 10,182,379 1.48 72,900 Bradespar Preference 1,610,110 0.24 19,100 Centrais Eletricas Brasileiras Preference 347,293 0.05 22,500 Companhia de Saneamento Basico do 443,422 0.06 Estado de Sao Paulo 22,800 Companhia de Saneamento Basico do 897,408 0.13 Estado de Sao Paulo ADR 72,250 Companhia Energetica de Minas Gerais 1,320,730 0.19 ADR 7,200 Cremer 61,496 0.01 32,000 EDP - Energias do Brasil 615,420 0.09 38,000 Eletropaulo Metropolitana Eletricidade de 751,505 0.11 Sao Paulo Preference 56,300 Ferbasa-Ferro Ligas DA Bahia Preference 377,592 0.05 74,800 Light 1,113,960 0.16 41,400 Tele Norte Leste Participações ADR 888,858 0.13 53,400 Tele Norte Leste Participações Preference 1,135,649 0.17 24,600 Telecomunicações de Sao Paulo ADR 618,936 0.09

Canada 29,373,445 4.28 14,100 AGF Management 227,261 0.03 72,000 Alimentation Couche Tard 1,390,383 0.20 21,600 Bank of Nova Scotia 1,023,640 0.15 79,279 BCE 2,170,226 0.32 55,152 Cenovus Energy 1,366,775 0.20 46,700 Empire 2,106,764 0.31 98,252 EnCana 3,208,420 0.47 162,700 Grande Cache Coal 845,175 0.12 22,250 Industrial Alliance Insurance and Financial 682,250 0.10 Services 14,080 Laurentian Bank of Canada 569,293 0.08 39,300 Manitoba Telecom Services 1,249,254 0.18

The notes on pages 18 to 56 form an integral part of these financial statements. Page 188 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF QEP Global Active Schroder ISF QEP Global Active Value (cont) Value (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Canada (cont) Germany (cont) 40,800 National Bank of Canada 2,332,929 0.34 61,304 Aurubis 2,667,569 0.39 57,800 Power Corp of Canada 1,587,758 0.23 37,800 BASF 2,365,450 0.34 39,100 Rogers Communications 1,216,063 0.18 116,255 Deutsche Lufthansa 1,966,898 0.29 333,700 Sherritt International 2,070,616 0.30 113,780 Deutsche Telekom 1,685,829 0.25 33,400 TELUS 1,078,261 0.16 2,904 Fraport Frankfurt Airport Services 151,704 0.02 81,500 TMX 2,531,654 0.37 Worldwide 35,000 Toronto-Dominion Bank 2,181,766 0.32 37,776 Gildemeister 616,280 0.09 24,400 Weston George 1,534,957 0.22 10,128 Indus 175,000 0.03 24,937 Metro 1,528,552 0.22 Cayman Islands 3,000,704 0.44 18,529 Muenchener Rueckversicherungs 2,899,306 0.42 95,200 Garmin 3,000,704 0.44 10,973 Volkswagen 1,216,602 0.18 Chile 1,314,517 0.19 9,013 Volkswagen Preference 853,162 0.12 2,881,716 Enersis 1,314,517 0.19 20,270 Wincor Nixdorf 1,390,750 0.20

China 1,111,796 0.16 Greece 4,909,624 0.71 891,000 Bank of China 'H' 482,612 0.07 6,433 Eurobank Properties Real Estate 76,789 0.01 Investment 290,000 Harbin Power Equipment 'H' 259,555 0.04 85,024 Hellenic Telecommunications Organization 1,258,540 0.18 517,000 People's Food 230,450 0.03 22,992 Motor Oil Hellas Corinth Refineries 352,250 0.05 568,000 Qingling Motors 'H' 139,179 0.02 222,161 Mytilineos 1,593,050 0.23 Czech Republic 1,826,768 0.27 73,750 OPAP 1,628,995 0.24 12,542 CEZ 589,586 0.09 Guernsey 39,530 0.01 54,399 Telefonica O2 Czech Republic 1,237,182 0.18 5,190 Gottex Fund Management 39,530 0.01 Denmark 723,043 0.11 Hong Kong SAR 8,032,456 1.17 14,309 D/S Norden 580,035 0.09 3,801,180 Champion Technology 125,006 0.02 14,492 Torm 143,008 0.02 217,500 China Mobile 2,043,432 0.29 Finland 9,342,471 1.36 180,000 AMVIG 74,052 0.01 22,670 Kesko 753,390 0.11 1,716,000 China Pharmaceutical 953,819 0.14 18,541 Metso 657,552 0.10 636,000 CNOOC 1,000,664 0.15 12,617 Neste Oil 225,637 0.03 1,492,000 Pacific Basin Shipping 1,083,300 0.16 62,901 Orion 1,363,096 0.20 118,000 Road King Infrastructure 91,764 0.01 173,130 Pohjola Bank 1,882,139 0.27 12,300,000 Shenzhen International 935,898 0.14 96,375 Sampo 2,361,872 0.34 822,000 Silver Grant International 308,487 0.04 51,927 Wartsila 2,098,785 0.31 488,000 Yue Yuen Industrial 1,416,034 0.21

France 38,201,343 5.56 Hungary 1,628,256 0.24 3,483 ABC Arbitrage 33,000 0.01 418,758 Magyar Telekom Telecommunications 1,628,256 0.24 130,798 AXA 3,115,078 0.45 Indonesia 1,892,681 0.28 26,145 Bouygues 1,371,262 0.20 4,501,500 Bumi Resources 1,153,926 0.17 53,772 Carrefour 2,598,427 0.38 2,852,500 Medco Energi Internasional 738,755 0.11 7,319 Ciments Français 779,858 0.11 15,587 CNP Assurances 1,520,787 0.22 Ireland 38,810 0.01 114,805 Crédit Agricole 2,043,203 0.30 12,654 United Drug 38,810 0.01 9,742 Eiffage 553,385 0.08 Israel 4,831,437 0.70 1,781 Esso SA Francaise 222,082 0.03 880,671 Bezeq Israeli Telecommunication 2,186,781 0.32 2,800 Foncière Des Regions 287,784 0.04 59,647 Cellcom Israel 1,902,789 0.28 111,910 France Telecom 2,808,656 0.41 266,513 Israel Discount Bank 651,843 0.09 66,820 GDF Suez 2,913,845 0.43 4,400 Partner Communications ADR 90,024 0.01 45,649 Nexity 1,673,486 0.24 7,087 PPR 859,633 0.13 Italy 9,665,246 1.41 8,001 Rallye 282,256 0.04 20,014 ACEA 215,560 0.03 37,604 Sanofi-Aventis 2,981,279 0.43 40,212 Autostrada Torino-Milano 597,541 0.09 18,907 Schneider Electric 2,226,394 0.33 604,851 Banca Monte dei Paschi di Siena 1,069,496 0.16 119,445 SCOR 3,009,805 0.44 30,827 Banca Popolare dell'Emilia Romagna 464,296 0.07 39,565 Total 2,563,919 0.37 93,823 Buzzi Unicem 1,523,880 0.22 256 Total Gabon 96,208 0.01 18,661 Fondiaria-Sai 298,525 0.04 7,545 Vallourec 1,380,277 0.20 55,967 Italcementi 771,619 0.11 49,370 Vinci 2,805,838 0.41 115,238 Milano Assicurazioni 340,159 0.05 69,295 Vivendi 2,074,881 0.30 53,232 Piccolo Credito Valtellinese 429,233 0.06 224,728 Recordati 1,682,646 0.25 Germany 20,459,277 2.98 1,153,458 Telecom Italia 1,807,020 0.26 23,446 Allianz 2,942,175 0.43 32,184 Unione di Banche Italiane 465,271 0.07

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 189 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF QEP Global Active Schroder ISF QEP Global Active Value (cont) Value (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Japan 54,754,156 7.96 Japan (cont) 700 Alconix 25,761 - 7,600 Pal 132,463 0.02 7,600 Alpen 113,434 0.02 138,000 Rengo 822,102 0.12 4,900 AOKI 48,863 0.01 127,000 Ricoh 1,800,971 0.26 2,700 Arcs 35,637 0.01 2,700 Right On 20,951 - 80,000 Astellas Pharma 2,987,265 0.43 12,000 San-In Godo Bank 93,762 0.01 5,800 Bank of the Ryukyus 66,350 0.01 2,900 Sanshin Electronics 19,936 - 78,500 Capcom 1,297,038 0.19 1,700 Senshu Electric 15,136 - 109 Central Japan Railway 731,686 0.11 132,200 Seven & I 2,706,490 0.39 37,200 Circle K Sunkus 460,483 0.07 23,000 Shinko Plantech 233,078 0.03 17,000 COMSYS 178,696 0.03 137,800 Sojitz 260,253 0.04 4,000 Cosmos Pharmaceutical 101,014 0.01 296,800 Sumitomo 3,020,531 0.44 83 DA Office Investment 177,179 0.03 700 Sumitomo Densetsu 3,483 - 13,900 Daiichikosho 157,661 0.02 6,900 Taikisha 92,635 0.01 4,000 Daimei Telecom Engineering 30,520 - 69,600 Takeda Pharmaceutical 2,876,840 0.42 7,500 Excel 86,040 0.01 2,990 Token 67,603 0.01 6,700 FUJI SOFT 107,883 0.02 67 Tokyu REIT 360,091 0.05 104,000 Fujitsu 668,940 0.10 226,000 TonenGeneral Sekiyu KK 1,890,244 0.28 4,500 Fukuda Denshi 110,242 0.02 7,800 Toppan Forms 81,232 0.01 19 Global One Real Estate Investment 128,977 0.02 129,300 Toyota Tsusho 1,907,545 0.28 68,400 Hitachi Capital 831,932 0.12 4,800 Tsuruha 171,984 0.03 29,000 Hokuhoku Financial 59,152 0.01 43,000 UNY 302,104 0.04 47,400 Hosiden 505,921 0.07 10,700 Yamato Kogyo 349,892 0.05 4,900 Idemitsu Kosan 285,560 0.04 8,000 Yokogawa Bridge 61,904 0.01 1,400 Inaba Denki Sangyo 32,107 - Jersey 431,106 0.06 76,900 IT 878,881 0.13 266,258 Beazley 431,106 0.06 278,000 ITOCHU 2,046,147 0.30 11,600 Itochu Enex 47,697 0.01 Malaysia 1,503,849 0.22 31 Japan Excellent 138,172 0.02 2,323,700 KNM 522,561 0.08 79 JAPAN OFFICE Investment 77,585 0.01 130,800 OSK 65,324 0.01 458 Japan Prime Realty Investment 951,984 0.14 165,900 TA Enterprise 34,159 - 13,000 Japan Radio 23,991 - 986,700 Telekom Malaysia 881,805 0.13 103 Japan Retail Fund Investment 463,533 0.07 Marshall Islands 568,914 0.08 222,000 JFE Shoji 795,424 0.12 47,400 Paragon Shipping 219,936 0.03 72 Joint Reit Investment 141,498 0.02 14,700 Teekay 348,978 0.05 49,900 Kansai Electric Power 1,130,909 0.16 34,000 Kanto Natural Gas Development 177,229 0.03 Mexico 71,671 0.01 19,000 Kawasaki Kinkai Kisen Kaisha 49,622 0.01 194,600 Sare 71,671 0.01 385 KDDI 2,048,403 0.30 160 Kenedix Realty Investment 438,593 0.06 Netherlands 14,735,191 2.15 89,000 Kyowa Exeo 754,954 0.11 2,931 Accell 123,108 0.02 390,000 Marubeni 2,150,766 0.31 57,211 Arcadis 1,304,046 0.19 41 MID Reit 86,858 0.01 273,401 Brit Insurance 873,379 0.13 52,200 Mitsubishi 1,298,521 0.19 9,417 CSM 249,157 0.04 104,000 Mitsui & Co. 1,471,444 0.21 39,387 Fugro 2,283,279 0.33 32,000 Mitsui-Soko 116,037 0.02 35,564 Heineken 1,497,084 0.22 125 Money Partners 46,339 0.01 53,407 Imtech 1,448,425 0.21 18,600 Namura Shipbuilding 95,549 0.01 95,484 Koninklijke Ahold 1,273,133 0.18 3,300 NEC Mobiling 81,022 0.01 32,905 Koninklijke BAM 343,504 0.05 13,200 NEC Networks & System Integration 160,548 0.02 31,667 Koninklijke DSM 1,571,283 0.23 25,400 Nihon Unisys 181,742 0.03 162,425 Koninklijke KPN 2,769,089 0.40 424,500 Nippon Coke & Engineering 481,033 0.07 7,123 Nutreco 402,923 0.06 295 Nippon Commercial Investment 431,389 0.06 6,879 Smit Internationale 596,781 0.09 366,000 Nippon Oil 1,698,468 0.25 New Zealand 67,246 0.01 356 Nippon Residential Investment 871,366 0.13 76,403 Air New Zealand 67,246 0.01 67,400 Nippon Telegraph & Telephone 2,654,975 0.39 294 NTT Data 917,283 0.13 Norway 6,684,152 0.97 1,777 NTT DoCoMo 2,485,422 0.36 222,200 Aker Solutions 2,902,199 0.42 37,000 Okabe 120,991 0.02 20,550 Fred Olsen Energy 789,748 0.12 66 Orix JREIT 329,074 0.05 59,520 SpareBank 1 SMN 556,392 0.08 514,000 Osaka Gas 1,741,809 0.25 64,342 Sparebank 1 SR Bank 556,914 0.08 33,600 Osaka Steel 566,406 0.08 2,000 Sparebanken More 79,631 0.01 121 Pacific Golf Group International 82,921 0.01 71,780 Statoil 1,799,268 0.26

The notes on pages 18 to 56 form an integral part of these financial statements. Page 190 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF QEP Global Active Schroder ISF QEP Global Active Value (cont) Value (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Philippines 1,833,104 0.27 Spain (cont) 24,070 Globe Telecom 473,635 0.07 179,860 Iberdrola 1,727,399 0.25 216,400 Metropolitan Bank & Trust 209,419 0.03 373,532 Mapfre 1,574,283 0.23 20,500 Philippine Long Distance Telephone ADR 1,150,050 0.17 104,634 Repsol YPF 2,821,155 0.41 103,258 Telefónica 2,902,257 0.42 Poland 3,215,563 0.47 63,108 KGHM Polska Miedz 2,347,092 0.34 Sweden 9,072,168 1.32 155,969 Telekomunikacja Polska 868,471 0.13 31,138 Axfood 916,100 0.13 79,900 Kungsleden 552,052 0.08 Portugal 1,444,979 0.21 28,394 NCC 471,515 0.07 95,325 Banco Espirito Santo 627,271 0.09 194,094 Svenska Cellulosa 2,601,694 0.38 66,654 Portugal Telecom 817,708 0.12 55,965 Svenska Handelsbanken 1,604,872 0.23 Puerto Rico 356,644 0.05 401,835 TeliaSonera 2,925,935 0.43 32,600 Oriental Financial 356,644 0.05 Switzerland 12,068,206 1.76 Russia 1,601,319 0.23 36,653 Baloise Registered 3,060,196 0.45 32,700 Mobile Telesystems ADR 1,601,319 0.23 287 Compagnie Financiere Tradition 34,279 - 5,081 Galenica Registered 1,848,712 0.27 Singapore 6,802,453 0.99 4,601 Helvetia Registered 1,431,884 0.21 744,000 Beyonics Technology 103,470 0.01 55,228 Novartis Registered 3,027,587 0.44 857,000 Cosco Corp Singapore 727,333 0.11 8,850 Roche 1,509,562 0.22 58,000 Jurong Technologies Industrial - - 144 Valora Registered 35,628 0.01 338,000 Starhill Global REIT 126,556 0.02 5,098 Zürich Financial Services 1,120,358 0.16 664,100 MobileOne 895,160 0.13 1,078,000 SembCorp Industries 2,844,631 0.41 Taiwan 9,842,836 1.44 1,373,000 StarHub 2,105,303 0.31 161,000 Advanced International Multitech 321,698 0.05 226,742 Altek 462,276 0.07 South Africa 3,492,360 0.51 642,000 Asustek Computer 1,240,638 0.18 93,280 Exxaro Resources 1,319,172 0.19 206,000 Cameo Communications 119,812 0.02 77,372 Grindrod 186,171 0.03 486,000 Coretronic 705,141 0.10 29,398 Massmart 355,674 0.05 730,164 Far EasTone Telecommunications 871,037 0.13 61,420 Metropolitan 111,547 0.02 293,000 Gigabyte Technology 287,228 0.04 63,902 Nedbank 1,072,773 0.16 20,900 Himax Technologies ADR 59,147 0.01 4,018 Sasol 162,040 0.02 2,982,404 Inventec 1,790,562 0.26 29,622 Spar 284,983 0.04 363,751 Lite-On Technology 546,536 0.08 South Korea 9,499,677 1.38 438,922 Promate Electronic 339,005 0.05 9,630 CJ 518,395 0.07 716,601 Quanta Computer 1,559,582 0.23 77,124 Dae Won Kang Up 130,775 0.02 181,000 Radiant Opto-Electronics 263,463 0.04 18,570 Daishin Securities 250,310 0.04 20,000 Senao International 30,081 - 17,000 Global & Yuasa Battery 368,534 0.05 200,075 Shih Wei Navigation 287,475 0.04 3,240 GS 94,022 0.01 305,000 Sincere Navigation 405,331 0.06 5,756 GS Home Shopping 424,009 0.06 875,620 Sinon 397,013 0.06 64,730 Hanwha Chemical 750,251 0.11 214,308 Zenitron 156,811 0.02 5,551 Hyundai Heavy Industries 826,871 0.12 Thailand 7,354,685 1.07 5,751 INTOPS 86,901 0.01 390,800 Advanced Info Service (Foreign) 1,014,532 0.15 26,100 Jinheung Mutual Savings Bank 98,148 0.01 1,025,800 Bangchak Petroleum (Foreign 458,716 0.07 31,950 Kolon Engineering & Construction 182,689 0.03 83,800 Bangkok Bank 291,741 0.04 21,970 Korea Gas 916,713 0.13 297,700 Bangkok Bank (Foreign) 1,040,878 0.15 25,010 Kumho Industrial 178,865 0.03 98,500 Bangkok Expressway (Foreign) 61,489 0.01 22,833 LG 1,423,203 0.21 4,555,000 Charoen Pokphand Foods (Foreign) 1,558,433 0.23 25,910 LG Display 873,121 0.13 42,300 Electricity Generating (Foreign) 100,609 0.01 62,720 LG Telecom 457,173 0.07 863,000 KGI Securities Thailand (Foreign) 31,080 - 5,640 S&T 78,686 0.01 1,106,400 Lanna Resources (Foreign) 534,605 0.08 14,020 Sam Lip General Foods 110,980 0.02 134,900 Padaeng Industry 84,616 0.01 8,199 SK 626,496 0.09 286,200 Precious Shipping (Foreign) 161,481 0.02 68,500 SK Telecom ADR 1,103,535 0.16 720,400 Property Perfect (Foreign) 83,456 0.01 Spain 18,912,162 2.75 121,400 PTT (Foreign) 896,291 0.14 60,103 Almirall 790,997 0.12 386,700 Samart (Foreign) 67,313 0.01 156,241 Banco Bilbao Vizcaya Argentaria 2,863,886 0.42 755,600 Thai Oil (Foreign) 969,445 0.14 139,726 Banco Santander 2,323,761 0.34 Turkey 3,333,566 0.49 9,386 Bolsas y Mercados Espanoles 304,085 0.04 424,819 Anadolu Sigorta 387,001 0.06 1,926 Construcciones y Auxiliar de Ferrocarriles 1,043,018 0.15 16,030 Ford Otomotiv Sanayi 96,637 0.01 539,854 Criteria Caixacorp 2,561,321 0.37 12,610 Pinar SUT Mamulleri Sanayii 63,772 0.01

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 191 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF QEP Global Active Schroder ISF QEP Global Active Value (cont) Value (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Turkey (cont) United States of America (cont) 76,436 Tofas Turk Otomobil Fabrikasi 241,662 0.04 37,100 Amerigas Partners 1,471,757 0.21 42,271 Tupras Turkiye Petrol Rafine 842,362 0.12 9,700 Andersons 257,147 0.04 205,649 Turk Hava Yollari 778,295 0.11 28,200 Anixter International 1,344,576 0.20 223,528 Turk Telekomunikasyon 682,757 0.10 34,200 Annaly Capital Management 600,894 0.09 14,000 Turkcell Iletisim Hizmet ADR 241,080 0.04 71,400 Apogee Enterprises 1,003,170 0.15 97,700 Archer-Daniels-Midland 3,100,021 0.45 United Kingdom 53,055,790 7.71 132,300 Ares Capital 1,664,334 0.24 123,236 Arriva 992,881 0.13 35,800 Arrow Electronics 1,073,284 0.16 62,099 AstraZeneca 2,929,330 0.43 30,400 Ashland 1,219,648 0.18 494,071 Aviva 3,186,246 0.46 87,400 Assurant 2,594,906 0.38 485,852 Balfour Beatty 2,035,544 0.30 90,100 AT&T 2,551,632 0.37 236,353 Barclays 1,057,271 0.15 69,800 Atmos Energy 2,085,624 0.30 314,101 BP 3,054,475 0.44 95,600 Avista 2,108,936 0.31 177,881 Britvic 1,176,267 0.17 45,800 Barnes & Noble 865,620 0.14 278,011 Catlin 1,531,994 0.22 68,800 BB&T 1,758,528 0.26 87,957 Cattles - - 12,600 BGC Partners 56,952 0.01 486,128 Chaucer 362,430 0.05 19,300 BJ's Wholesale Club 637,672 0.10 57,604 Chesnara 182,989 0.03 20,200 Black Box 587,012 0.09 16,117 Computacenter 65,382 0.01 48,400 Brink's 1,183,864 0.17 70,018 Dairy Crest 411,485 0.06 125,400 Bristol-Myers Squibb 3,211,494 0.47 114,840 Davis Service 743,763 0.11 85,000 Cabot 2,272,900 0.33 23,510 Delta 53,345 0.01 15,700 CACI International 779,976 0.11 202,088 Drax 1,358,612 0.20 57,000 Cal Dive International 428,070 0.06 7,800 Ensco International ADR 316,446 0.05 81,256 CenturyTel 2,969,094 0.43 282,452 Filtrona 865,212 0.13 7,400 Chevron 574,610 0.08 144,457 GlaxoSmithKline 3,089,328 0.45 17,700 Chubb 879,513 0.13 5,495 Go-Ahead 118,806 0.02 21,700 CIGNA 777,294 0.11 171,893 Hiscox 883,148 0.13 57,700 Cincinnati Financial 1,524,434 0.22 303,370 Home Retail 1,389,016 0.20 93,100 CMS Energy 1,493,324 0.22 133,104 ICAP 927,632 0.14 101,100 Coca-Cola Enterprises 2,166,573 0.32 37,436 IG 230,441 0.03 147,200 Commercial Metals 2,344,896 0.34 404,332 International Power 2,025,598 0.29 23,200 Community Bank System 456,112 0.07 25,650 Interserve 80,359 0.01 54,400 Computer Sciences 3,161,184 0.46 270,683 Investec 1,864,954 0.27 29,500 ConocoPhillips 1,504,205 0.22 339,543 J Sainsbury 1,780,267 0.26 80,000 Consolidated Communications 1,396,000 0.20 110,757 John Wood 554,325 0.08 45,700 Consolidated Edison 2,108,141 0.31 45,723 Keller 478,351 0.07 24,200 Cooper Tire & Rubber 491,260 0.07 740,104 Legal & General 966,816 0.14 129,100 Del Monte Foods 1,496,269 0.22 291,500 Man 1,457,504 0.21 166,400 Dell 2,461,056 0.36 306,045 Marston's 436,500 0.06 38,700 Diebold 1,124,235 0.16 316,763 National Express 985,202 0.14 49,500 DTE Energy 2,195,325 0.32 42,467 Norseman Gold 37,167 0.01 37,000 Duke Energy 644,540 0.09 56,758 Pearson 819,636 0.12 214,100 Earthlink 1,796,299 0.26 144,264 Prudential 1,496,422 0.22 86,300 Eli Lilly & Co. 3,121,471 0.45 51,785 Royal Dutch Shell 1,573,326 0.23 87,000 EMCOR 2,394,240 0.35 68,370 Royal Dutch Shell 'A' 2,085,457 0.30 68,200 Endeavour International 71,610 0.01 74,276 Royal Dutch Shell 'B' 2,180,735 0.32 31,600 Energy Transfer Partners 1,419,472 0.21 512,258 RSA Insurance 1,001,272 0.15 29,000 Entertainment Properties Trust 1,039,940 0.15 426,457 Tesco 2,958,251 0.43 62,400 Exelon 3,082,560 0.45 35,840 Tullett Prebon 162,007 0.02 107,000 Federated Investors 2,982,090 0.43 581,407 Vodafone 1,354,107 0.20 42,100 FirstEnergy 1,999,329 0.29 181,758 WPP 1,795,491 0.26 16,300 Flowers Foods 389,244 0.06 United States of America 262,073,378 38.15 112,100 FNB 774,611 0.11 21,100 Abbott Laboratories 1,150,794 0.18 59,800 Foot Locker 678,132 0.10 82,500 Advance America Cash Advance Centers 459,525 0.07 38,400 FPL 2,062,080 0.30 27,700 Aflac 1,298,576 0.19 174,438 Frontier Communications 1,355,383 0.20 56,900 AGL Resources 2,112,697 0.31 40,716 General Maritime 287,455 0.04 1,500 Agree Realty 35,235 0.01 78,200 Genuine Parts 3,006,008 0.44 46,600 Allstate 1,422,698 0.21 8,000 Gladstone Capital 62,080 0.01 94,600 Altria 1,874,026 0.27 49,144 Great Plains Energy 972,068 0.14 78,100 Ameren 2,218,821 0.32 5,800 Great Southern Bancorp 123,946 0.02 106,300 American Financial 2,683,012 0.39 45,000 Harris 2,154,150 0.31

The notes on pages 18 to 56 form an integral part of these financial statements. Page 192 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF QEP Global Active Schroder ISF QEP Global Active Value (cont) Value (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

United States of America (cont) United States of America (cont) 23,902 Hercules Technology Growth Capital 251,927 0.04 135,000 Safeway 2,909,250 0.42 18,500 Hewlett-Packard 979,205 0.14 245,400 Sara Lee 3,025,782 0.44 11,200 HickoryTech 102,480 0.01 15,800 Scansource 423,282 0.06 28,200 Horace Mann Educators 359,268 0.05 4,100 SEACOR 310,534 0.05 11,500 Horizon Lines 62,790 0.01 7,800 Selective Insurance 131,820 0.02 45,400 Hornbeck Offshore Services 1,075,072 0.16 54,000 Sempra Energy 3,071,520 0.45 83,018 Host Hotels & Resorts 999,537 0.15 73,000 Snap-On 3,126,590 0.46 62,400 Hubbell 2,976,480 0.43 25,000 Southern 842,000 0.12 156,700 Hudson City Bancorp 2,162,460 0.31 94,700 Southern Union 2,180,941 0.32 58,800 Humana 2,609,544 0.38 38,400 Spartan Motors 228,096 0.03 216,300 Huntsman 2,476,635 0.36 64,100 Spartan Stores 912,143 0.13 24,300 Ingles Markets 370,089 0.05 37,100 StanCorp Financial 1,515,164 0.22 112,400 Ingram Micro 2,011,960 0.29 9,500 Stanley Works 495,140 0.07 53,500 Integrys Energy 2,284,985 0.33 54,200 Suburban Propane Partners 2,563,118 0.37 36,200 International Bancshares 689,972 0.10 31,900 Sunoco Logistics Partners 2,143,680 0.31 4,200 International Shipholding 128,646 0.02 151,300 SUPERVALU 1,915,458 0.28 58,400 Iowa Telecommunications Services 988,128 0.14 103,800 Sysco 2,937,540 0.43 68,100 J.C. Penney 1,831,209 0.27 52,400 TC Pipelines 1,938,276 0.28 53,000 Jabil Circuit 936,510 0.14 48,300 Tech Data 2,287,488 0.33 47,700 Johnson & Johnson 3,096,207 0.45 5,800 Telephone & Data Systems 200,274 0.03 7,400 JPMorgan Chase & Co. 307,322 0.04 1,400 Terra Nitrogen 146,692 0.02 113,400 Kraft Foods 3,117,366 0.45 86,200 Tesoro 1,168,872 0.17 148,600 Kroger 3,044,814 0.44 23,300 Tidewater 1,121,429 0.16 40,900 Laclede 1,420,457 0.21 35,500 Travelers 1,784,230 0.26 27,700 Lubrizol 2,052,016 0.30 91,500 Trustmark 2,086,200 0.30 35,400 M&F Worldwide 1,448,214 0.21 245,300 Tyson Foods 3,066,250 0.45 24,000 M&T Bank 1,609,920 0.23 125,200 UGI 3,088,684 0.45 80,500 Marathon Oil 2,533,335 0.37 45,500 Unisys 1,790,880 0.26 2,800 Mcgrath Rentcorp 64,064 0.01 18,400 United Bankshares 379,040 0.06 37,100 McGraw-Hill 1,265,110 0.18 60,000 UnitedHealth 1,860,600 0.27 87,800 Merck & Co. 3,253,868 0.47 2,100 Unitil 48,132 0.01 27,500 MetLife 974,875 0.14 9,200 Unitrin 208,656 0.03 8,400 Natural Resource Partners 205,380 0.03 40,600 Universal 1,895,208 0.28 62,800 Nicor 2,704,168 0.39 11,200 Universal Insurance 64,960 0.01 900 North European Oil Royalty Trust 27,864 - 39,300 Unum 782,070 0.11 37,700 Northeast Utilities 992,264 0.14 62,700 Vectren 1,571,262 0.23 28,833 NorthStar Realty Finance 99,186 0.01 71,897 Verizon Communications 2,402,798 0.35 76,400 NorthWestern 2,032,240 0.30 40,600 VF 3,014,144 0.44 77,200 NRG Energy 1,846,624 0.27 55,700 Wal-Mart Stores 3,024,510 0.44 24,800 NuStar Energy 1,383,592 0.20 3,100 Weis Markets 112,375 0.02 97,300 Old Republic International 991,487 0.14 61,700 WGL 2,116,310 0.31 17,186 One Liberty Properties 152,612 0.02 6,800 Wilshire Bancorp 57,256 0.01 24,800 Overseas Shipholding 1,105,088 0.16 194,267 Windstream 2,148,593 0.31 17,200 Owens & Minor 743,900 0.11 100,500 Xcel Energy 2,155,725 0.31 85,400 Penn Virginia 1,412,516 0.21 177,200 Xerox 1,534,552 0.22 83,700 Penn Virginia Resource Partners 1,806,246 0.26 Total Transferable Securities and 161,700 Pfizer 2,991,450 0.44 Money Market Instruments Admitted 41,700 PG&E 1,893,180 0.28 to an Official Exchange Listing 660,676,968 96.19 97,600 Pharmaceutical Product Development 2,299,456 0.33 22,300 Piedmont Natural Gas 610,574 0.09 Number of shares Market % 76,700 Pitney Bowes 1,765,634 0.26 or Principal Other Transferable Securities not dealt Value Net 38,900 Plains All American Pipeline 2,059,755 0.30 Amount on another Regulated Market USD Assets 59,100 Prologis 836,856 0.12 96,300 Protective Life 1,605,321 0.23 Canada 14,989,163 2.19 526,900 Qwest Communications International 2,234,056 0.33 14,500 AltaGas Income Trust 259,277 0.04 55,200 R.R. Donnelley & Sons 1,245,312 0.18 16,200 Avenir Diversified Income Trust 75,352 0.01 13,100 Republic Airways 94,582 0.01 22,500 Davis & Henderson Income Fund 359,648 0.05 2,900 Republic Bancorp 56,840 0.01 250,900 Daylight Resources Trust 2,436,897 0.35 58,800 Resource Capital 294,588 0.04 26,700 Enerplus Resources Fund 618,160 0.09 33,500 Reynolds American 1,791,245 0.26 34,718 Enerplus Resources Fund 797,820 0.12 85,953 Ruddick 2,269,159 0.33 54,571 NAL Oil & Gas Trust 715,719 0.10 16,300 Safety Insurance 596,580 0.09 13,700 Noranda Income Fund 32,645 -

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 193 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF QEP Global Active Schroder ISF QEP Global Core Value (cont) Number of shares Market % Number of shares Transferable Securities and Market % or Principal Other Transferable Securities not dealt Value Net or Principal Money Market Instruments Admitted Value Net Amount on another Regulated Market USD Assets Amount to an Official Exchange Listing USD Assets

Canada (cont) Australia 8,446,786 3.62 3,100 North West 56,141 0.01 6,309 AGL Energy 79,759 0.03 265,800 Paramount Energy Trust 1,322,476 0.19 21,337 Ausdrill 39,713 0.02 36,505 Parkland Income Fund 465,555 0.07 33,407 Australia & New Zealand Banking 687,267 0.29 293,200 Pengrowth Energy Trust 2,864,509 0.42 20,356 Avoca Resources 33,129 0.01 19,576 Pengrowth Energy Trust (New York) 189,887 0.03 53,132 AWE 133,766 0.06 110,500 Penn West Energy Trust 1,982,186 0.29 19,785 BHP Billiton 767,091 0.33 187,557 Peyto Energy Trust 2,509,937 0.37 2,211 Campbell Brothers 59,760 0.02 12,800 Wajax Income Fund 266,334 0.04 4,054 Cochlear 251,771 0.11 2,000 Zargon Energy Trust 36,620 0.01 17,502 Commonwealth Bank of Australia 863,170 0.37 12,310 Corporate Express Australia 43,831 0.02 Taiwan -- 6,991 CSL 204,231 0.09 406,000 Ya Hsin Industrial - - 8,184 Dominion Mining 26,344 0.01 United Kingdom - - 23,134 Downer EDI 194,489 0.08 173,140 Northern Rock - - 59,867 Emeco 42,525 0.02 14,612 Fleetwood 104,976 0.05 Total Other Transferable Securities not dealt 5,327 JB Hi-Fi 108,249 0.05 on another Regulated Market 14,989,163 2.19 4,841 Leighton 165,885 0.07 Number of shares Market % 4,904 Macquarie 213,416 0.09 or Principal Value Net 6,223 McPherson's 19,024 0.01 Amount Derivatives USD Assets 30,502 Metcash 122,594 0.05 7,561 Monadelphous 97,354 0.04 Belgium -- 33,583 National Australia Bank 827,375 0.35 75,475 Fortis Rights 31/12/2049 - - 31,491 Navitas 116,092 0.05 32,785 NRW 58,957 0.03 France 2,375 - 3,369 Qantas Airways 9,057 - 2,800 Fonciere Des Regions Warrants 31/12/ 2,375 - 2010 15,159 QBE Insurance 348,933 0.15 15,763 Ramsay Health Care 154,347 0.07 Italy 32,493 - 4,486 Rio Tinto 302,075 0.13 193,780 Mediobanca Warrants 18/03/2011 30,218 - 21,759 Santos 275,665 0.12 32,184 Unione di Banche Italiane Warrants 30/06/ 2,275 - 7,107 Sims Metal Management 141,864 0.06 2011 11,416 Sonic Healthcare 157,768 0.07 Total Derivatives 34,868 - 137,035 St Barbara 36,348 0.02 24,095 Stockland 85,577 0.04 Total Investments 675,700,999 98.38 12,785 Suncorp-Metway 99,897 0.04 43,339 Telstra 133,661 0.06 Other Net Assets 11,139,184 1.62 13,845 Washington H. Soul Pattinson & Co. 169,054 0.07 Net Asset Value 686,840,183 100.00 38,043 Westpac Banking 865,421 0.37 10,182 Woolworths 256,344 0.11 5,737 WorleyParsons 150,007 0.06

Austria 889,985 0.38 1,838 Andritz 107,238 0.05 4,648 Ersrte Group Bank 174,411 0.07 4,658 OMV 205,906 0.09 2,542 Raiffeisen International Bank 144,579 0.06 2,909 Semperit 112,968 0.05 2,795 Vienna Insurance 144,883 0.06

Belgium 1,929,250 0.83 14,173 Anheuser-Busch InBev 742,738 0.32 4,924 Belgacom 179,521 0.08 3,429 Delhaize 264,744 0.12 3,277 Euronav 72,194 0.03 1,833 Mobistar 126,411 0.05 2,182 Solvay 237,368 0.10 2,858 Tessenderlo Chemie 94,856 0.04 5,396 Umicore 181,811 0.08 606 Warehouses De Pauw 29,607 0.01

Bermuda 837,535 0.36 37,253 Aquarius Platinum 246,196 0.11 4,200 Bunge 268,758 0.12 7,700 Seadrill 197,277 0.08

The notes on pages 18 to 56 form an integral part of these financial statements. Page 194 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF QEP Global Core (cont) Schroder ISF QEP Global Core (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Bermuda (cont) Finland 1,346,720 0.58 4,600 Validus 125,304 0.05 15,003 Fortum 409,805 0.18 5,962 Konecranes 163,796 0.07 Brazil 266,832 0.11 5,913 Metso 209,703 0.09 7,500 Banco do Brasil 127,687 0.05 7,142 Nokia 91,731 0.04 6,300 Bradespar Preference 139,145 0.06 8,192 Orion 177,525 0.08 Canada 12,367,267 5.30 10,975 Pohjola Bank 119,312 0.05 3,400 AGF Management 54,801 0.02 4,326 Wartsila 174,848 0.07 1,600 Agnico-Eagle Mines 86,638 0.04 France 11,007,260 4.72 5,800 Agrium 363,816 0.16 26,594 AXA 633,361 0.27 15,000 Alimentation Couche Tard 289,663 0.12 9,640 BNP Paribas 775,928 0.33 8,100 Bank of Montreal 426,946 0.18 3,397 Bourbon 128,887 0.06 15,600 Bank of Nova Scotia 739,296 0.32 2,739 Bouygues 143,656 0.06 10,100 Barrick Gold 401,439 0.17 22,188 Canal + 181,467 0.08 94,700 Bombardier 433,265 0.19 9,817 Carrefour 474,387 0.20 11,800 Brookfield Properties 148,688 0.06 1,885 Christian Dior 194,772 0.08 9,300 CAE 77,651 0.03 4,169 Cie Generale d’Optique Essilor 250,623 0.11 8,000 Canadian National Railway 435,324 0.19 International 11,100 Canadian Natural Resources 803,974 0.34 1,248 Ciments Français 132,978 0.06 12,500 Cenovus Energy 309,775 0.13 2,161 CNP Assurances 210,844 0.09 7,700 Enbridge 355,368 0.15 21,771 Crédit Agricole 387,462 0.17 12,500 EnCana 408,188 0.18 11,063 Etablissements Maurel et Prom 201,908 0.09 1,700 Goldcorp 66,629 0.03 29,700 France Telecom 745,394 0.32 11,900 Great-West Lifeco 303,753 0.13 3,829 GDF Suez 166,973 0.07 7,500 Husky Energy 214,316 0.09 1,272 Imerys 76,953 0.03 10,000 IGM Financial 401,372 0.17 2,430 Lafarge 202,275 0.09 5,500 Imperial Oil 212,315 0.09 5,948 LVMH Moet Hennessy Louis Vuitton 671,287 0.29 4,100 Industrial Alliance Insurance and Financial 125,718 0.05 9,581 Publicis 393,177 0.17 Services 13,109 Sanofi-Aventis 1,039,293 0.45 5,000 Loblaw 159,367 0.07 5,931 SCOR 149,451 0.06 6,100 Manulife Financial 111,749 0.05 1,843 SEB 105,353 0.05 8,100 National Bank of Canada 463,155 0.20 4,907 Société Générale 345,861 0.15 13,500 Nexen 324,005 0.14 2,750 Stallergenes 233,030 0.10 43,100 OceanaGold 69,837 0.03 6,643 Technip 472,524 0.20 10,700 Power Corp of Canada 293,927 0.13 24,470 Total 1,585,722 0.68 6,500 Power Financial 189,644 0.08 1,625 Unibail-Rodamco 359,633 0.15 5,200 Research In Motion 352,152 0.15 1,709 Vallourec 312,643 0.13 18,700 Royal Bank of Canada 1,000,637 0.43 7,591 Vinci 431,418 0.18 9,100 Shaw Communications 185,270 0.08 17,700 Sherritt International 109,829 0.05 Germany 6,087,907 2.61 4,100 Shoppers Drug Mart 174,489 0.07 5,513 Allianz 691,811 0.30 4,700 Sun Life Financial 134,439 0.06 1,069 Axel Springer 115,521 0.05 15,895 Teck Resources 572,078 0.25 13,936 BASF 872,088 0.37 12,400 Tim Hortons 375,224 0.16 4,029 Bayer 324,644 0.14 3,400 TMX 105,615 0.05 3,026 Deutsche Bank 215,330 0.09 13,400 Toronto-Dominion Bank 835,305 0.36 26,916 Deutsche Telekom 398,803 0.17 4,400 TransCanada 150,686 0.06 8,788 E.ON 369,872 0.16 8,987 Yamana Gold 100,924 0.04 330 Generali Deutschland 34,991 0.03 2,719 Hugo Boss Preference 96,115 0.04 Cayman Islands 479,468 0.21 3,324 K+S 191,401 0.08 10,300 Garmin 324,656 0.14 3,643 Lanxess 138,168 0.06 3,800 Herbalife 154,812 0.07 3,338 MAN 261,660 0.11 China 864,814 0.37 4,316 Metro 264,556 0.11 102,000 Agile Property 149,960 0.06 2,664 MTU Aero Engines 146,493 0.06 225,000 Bank of China 'H' 121,872 0.05 3,300 Muenchener Rueckversicherungs 516,364 0.22 180,000 Lingbao Gold 'H' 68,712 0.03 1,360 Porsche Automobil Preference 85,654 0.04 13,400 Tencent 291,190 0.13 554 RWE 54,212 0.02 13,000 Weichai Power 'H' 105,119 0.05 12,091 SAP 574,524 0.25 138,000 Zhejiang Expressway 'H' 127,961 0.05 3,565 Siemens 329,606 0.14 6,480 Symrise 139,772 0.06 Denmark 779,112 0.33 7,006 ThyssenKrupp 266,322 0.11 8,532 Novo Nordisk 548,087 0.23 3,042 William Demant 231,025 0.10

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 195 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF QEP Global Core (cont) Schroder ISF QEP Global Core (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Greece 701,882 0.30 Japan (cont) 14,750 Coca Cola Hellenic Bottling 339,816 0.14 41,000 Denki Kagaku Kogyo KK 183,628 0.08 10,824 JUMBO 137,152 0.06 3,500 Denso 105,008 0.06 6,157 OPAP 135,996 0.06 3,300 DTS 31,269 0.01 3,042 Titan Cement 88,918 0.04 69 Fuji Media 95,986 0.04 6,400 FUJIFILM 192,704 0.08 Hong Kong SAR 1,215,095 0.51 25,000 H2O Retailing 144,615 0.06 17,000 Cheung Kong 219,898 0.10 1,700 Hirose Electric 178,146 0.08 120,000 Cnpc Hong Kong 159,710 0.07 124,000 Hitachi 380,056 0.16 212,000 Kingboard Laminates 146,819 0.06 5,900 Hitachi High-Technologies 117,096 0.05 282,000 Sinolink Worldwide 53,825 0.02 5,500 Honda Motor 184,600 0.08 269,500 Sinotrans Shipping 125,122 0.05 6,900 Hosiden 73,647 0.03 23,500 Swire Pacific 284,883 0.12 19,000 Hyakugo Bank 84,071 0.04 56,000 Texwinca 52,360 0.02 18 Japan Real Estate Investment 132,873 0.06 18,000 Vtech 172,478 0.07 20 Japan Retail Fund Investment 90,006 0.04 India 323,118 0.14 92 Japan Tobacco 310,771 0.13 5,800 Infosys Technologies ADR 323,118 0.14 11,800 JFE 464,818 0.20 8,000 Kanto Natural Gas Development 41,701 0.02 Indonesia 139,387 0.06 95 KDDI 505,450 0.22 38,000 Astra International 139,387 0.06 11,800 Konami 210,887 0.09 Ireland 1,283,495 0.55 29,000 Kubota 266,026 0.11 11,600 Accenture 483,604 0.21 2,900 Kyocera 255,698 0.11 24,987 Allied Irish Banks 43,174 0.02 6,000 Kyushu Electric Power 123,937 0.05 5,300 Cooper Industries 227,052 0.10 77,000 Marubeni 424,638 0.18 4,936 CRH 135,111 0.06 4,800 Maruichi Steel Tube 96,197 0.04 3,892 DCC 109,000 0.04 11,000 MEDIPAL 136,639 0.06 5,139 Kerry 162,496 0.07 6,800 Miraca 186,769 0.08 3,504 Paddy Power 123,058 0.05 24,700 Mitsubishi 614,434 0.26 84,500 Mitsubishi Chemical 359,303 0.15 Israel 272,837 0.12 6,000 Mitsubishi Estate 95,705 0.04 3,700 Cellcom Israel 118,622 0.05 41,000 Mitsubishi Gas Chemical 206,195 0.09 4,500 Check Point Software Technologies 154,215 0.07 25,000 Mitsubishi Paper Mills 29,409 0.01 Italy 2,992,674 1.28 130,600 Mitsubishi UFJ Financial 637,073 0.27 4,545 Assicurazioni Generali 123,165 0.05 4,900 Mitsubishi UFJ Lease & Finance 147,804 0.06 104,462 Banca Monte dei Paschi di Siena 184,709 0.08 22,000 Mitsui & Co. 311,267 0.13 7,159 Banca Popolare dell'Emilia Romagna 107,824 0.05 42,000 Mitsui OSK Lines 221,649 0.10 5,798 Buzzi Unicem 94,171 0.04 77,000 Mizuho Financial 137,945 0.06 16,436 Davide Campari-Milano 172,645 0.07 19,000 Mochida Pharmaceutical 170,602 0.07 33,004 ENI 845,900 0.36 11,200 Namco Bandai 107,334 0.05 6,173 Fondiaria-Sai 98,751 0.04 10,800 Nihon Eslead 92,661 0.04 35,123 Intesa Sanpaolo 159,307 0.07 2,100 Nintendo 499,504 0.21 33,424 Mediaset 276,010 0.12 36,000 Nippon Carbon 102,569 0.04 11,477 Mediobanca 137,411 0.06 67,000 Nippon Oil 310,922 0.13 66,808 Parmalat 187,872 0.08 4,000 Nippon Paper 102,741 0.04 18,501 Recordati 138,526 0.06 8,900 Nippon Telegraph & Telephone 350,583 0.15 138,271 UniCredit 466,383 0.20 40,000 Nippon Yusen KK 123,030 0.05 52,000 Nishi-Nippon City Bank 127,390 0.05 Japan 21,545,271 9.24 50,700 Nissan Motor 443,201 0.20 22,000 77 Bank 117,052 0.05 13,000 Nissan Shatai 116,167 0.05 5,600 ADEKA 49,316 0.02 30,000 Nittetsu Mining 140,514 0.06 12,400 Aeon Credit Service 119,771 0.05 20 Nomura Real Estate Office Fund 108,785 0.05 13,900 Asahi Breweries 256,818 0.11 7,000 NTN 31,502 0.01 13,500 Astellas Pharma 504,101 0.22 129 NTT Data 402,481 0.17 10,000 Bank of Kyoto 80,941 0.03 419 NTT DoCoMo 586,039 0.25 3,900 Canon 164,569 0.07 31,000 OJI Paper 130,142 0.06 11,400 Capcom 188,360 0.08 1,800 Okinawa Electric Power 96,158 0.04 2,100 Cawachi 37,644 0.02 8,100 Ono Pharmaceutical 347,917 0.15 30,000 Chiba Bank 179,365 0.08 14 Orix JREIT 69,804 0.03 13,300 Chugoku Electric Power 254,776 0.11 42,000 Osaka Gas 142,327 0.06 34,000 Chuo Mitsui Trust 114,116 0.05 10,000 PanaHome 64,537 0.03 20,000 Daishi Bank 66,911 0.03 17,900 Resona 181,202 0.08 4,100 Daito Trust Construction 194,690 0.08 2,400 Roland 21,343 0.01 18,000 Daiwa Securities 90,330 0.04 6,000 San-In Godo Bank 46,881 0.02

The notes on pages 18 to 56 form an integral part of these financial statements. Page 196 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF QEP Global Core (cont) Schroder ISF QEP Global Core (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Japan (cont) Philippines 47,423 0.02 21,000 Sekisui House 190,147 0.08 2,410 Globe Telecom 47,423 0.02 11,500 Seven & I 235,436 0.10 Portugal 331,664 0.14 15,000 Shimizu 53,907 0.02 27,035 Portugal Telecom 331,664 0.14 89,000 Shinsei Bank 97,011 0.04 20,000 Shionogi & Co. 433,844 0.19 Puerto Rico 122,528 0.05 22,200 Sony 639,694 0.27 11,200 Oriental Financial 122,528 0.05 8,700 Star Micronics 71,733 0.03 Russia 74,560 0.03 39,200 Sumitomo 398,938 0.17 4,000 Vimpel-Communications ADR 74,560 0.03 32,000 Sumitomo Bakelite 157,824 0.07 4,800 Sumitomo Mitsui Financial 137,017 0.06 Singapore 1,469,549 0.63 38,000 Sumitomo Trust & Banking 185,776 0.08 37,000 Ho Bee Investment 45,651 0.02 37,000 Taisei 63,490 0.03 11,000 Jardine Cycle & Carriage 211,818 0.09 24,000 Taisho Pharmaceutical 413,900 0.18 83,000 Keppel 487,173 0.21 10,700 Takata 248,851 0.11 61,500 Mapletree Logistics Trust 34,431 0.01 14,200 Takeda Pharmaceutical 586,942 0.25 104,000 SembCorp Industries 274,436 0.12 8,700 Tokyo Steel Manufacturing 98,117 0.04 61,000 SembCorp Marine 160,967 0.07 100,000 Tokyu 399,309 0.17 115,000 Singapore Telecommunications 255,073 0.11 18,000 Toshiba TEC 68,185 0.03 23,500 Toyota Motor 984,028 0.42 South Korea 584,626 0.25 4,000 Trend Micro 152,385 0.07 1,287 GS Engineering & Construction 119,888 0.05 5,300 Watabe Wedding 58,171 0.03 6,950 Hyundai Marine & Fire Insurance 111,582 0.05 13,700 Yamaha Motor 172,396 0.07 1,368 Hyundai Mobis 200,840 0.09 6,000 Yamanashi Chuo Bank 23,894 0.01 4,520 LG Display 152,316 0.06 10,200 Yamatake 226,765 0.10 Spain 6,157,208 2.64 13,000 Yamato 180,704 0.08 3,664 Abertis Infraestructuras 82,935 0.03 4,700 Yamato Kogyo 153,691 0.07 1,370 ACS Actividades Construccion y Servicios 68,668 0.03 Jersey 110,188 0.05 16,580 Almirall 218,204 0.09 663 Randgold Resources 53,728 0.02 53,895 Banco Bilbao Vizcaya Argentaria 987,891 0.42 38,072 Regus 56,460 0.02 21,108 Banco de Sabadell 117,774 0.05 23,014 Banco Popular Espanol 169,997 0.07 Luxembourg 72,408 0.03 67,129 Banco Santander 1,116,412 0.48 3,348 Tenaris 72,408 0.03 10,393 Bankinter 106,999 0.05 3,614 Bolsas y Mercados Espanoles 117,085 0.05 Malaysia 255,297 0.11 418 Construcciones y Auxiliar de Ferrocarriles 226,366 0.10 6,000 Digi.Com 38,481 0.02 76,517 Criteria Caixacorp 363,033 0.16 20,300 Kuala Lumpur Kepong 97,824 0.04 17,104 Duro Felguera 177,322 0.08 107,000 Telekom Malaysia 95,625 0.04 10,513 Gestevision Telecinco 153,950 0.07 12,600 UMW 23,367 0.01 11,656 Iberdrola 111,946 0.05 Mexico 152,005 0.07 46,737 Mapfre 196,977 0.08 33,100 Wal-Mart de Mexico 152,005 0.07 3,444 Red Electrica 192,509 0.08 7,538 Repsol YPF 203,241 0.09 Netherlands 2,450,186 1.05 2,181 Tecnicas Reunidas 126,025 0.05 7,459 Arcadis 170,018 0.07 50,517 Telefónica 1,419,874 0.61 29,232 Brit Insurance 93,382 0.04 2,859 Corio 196,324 0.08 Sweden 2,204,445 0.95 3,896 Fugro 225,853 0.10 4,906 Axfood 144,338 0.06 54,889 ING Groep 545,339 0.23 12,328 Fabege 78,253 0.03 4,436 Koninklijke DSM 220,110 0.10 7,000 Getinge 133,987 0.06 23,401 Koninklijke KPN 398,950 0.17 4,247 Hoganas 97,812 0.04 2,032 Nutreco 114,943 0.05 8,600 Kungsleden 59,420 0.03 1,809 Smit Internationale 156,938 0.07 4,271 Ratos 110,961 0.05 8,862 Unilever 290,299 0.12 21,596 SKF 374,852 0.16 2,244 Vastned Offices/Industrial 38,030 0.02 15,225 SSAB 261,060 0.11 9,669 Svenska Handelsbanken 277,272 0.12 Norway 882,438 0.39 13,562 Tele2 209,881 0.09 4,800 Aker Solutions 62,694 0.03 43,956 TeliaSonera 320,063 0.14 3,520 Fred Olsen Energy 135,276 0.06 7,552 Wallenstam 136,546 0.06 17,350 Statoil 434,903 0.19 5,467 Yara International 249,565 0.11 Switzerland 9,233,147 3.97 10,600 ACE 535,512 0.23 Panama 465,450 0.20 2,700 Alcon 448,200 0.19 14,500 Carnival 465,450 0.20 1,318 Baloise Registered 110,041 0.05

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 197 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF QEP Global Core (cont) Schroder ISF QEP Global Core (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Switzerland (cont) United Kingdom (cont) 12,292 Compagnie Financiere Richemont 414,206 0.18 21,560 Kalahari Minerals 60,801 0.03 7,291 Credit Suisse Registered 362,198 0.16 11,615 Kazakhmys 249,996 0.11 1,593 EMS-Chemie Registered 191,349 0.08 629,579 Lloyds Banking 517,236 0.22 434 Helvetia Registered 135,066 0.06 5,622 Lonmin 178,501 0.08 207 Kaba Registered 50,030 0.02 56,577 Man 282,886 0.12 42,631 Nestlé Registered 2,076,434 0.89 52,565 Marks & Spencer 342,483 0.15 25,952 Novartis Registered 1,422,683 0.61 52,963 PZ Cussons 231,767 0.10 1,162 Partners Group 147,244 0.06 9,326 Reckitt Benckiser 507,263 0.22 8,225 Roche 1,402,954 0.60 3,877 Rio Tinto 213,016 0.09 2,013 Schindler 155,567 0.07 42,417 Royal Dutch Shell 'A' 1,293,825 0.55 89 Sika 139,461 0.06 33,772 Royal Dutch Shell 'B' 991,542 0.43 735 Sonova Registered 89,499 0.04 85,279 RSA Insurance 166,688 0.07 605 Swisscom Registered 232,220 0.10 16,593 SABMiller 491,068 0.21 1,873 Syngenta Registered 528,289 0.23 33,209 Standard Chartered 847,720 0.36 26,626 UBS Registered 414,639 0.18 11,162 Tate & Lyle 78,279 0.03 1,718 Zürich Financial Services 377,555 0.16 79,455 Tesco 551,164 0.24 18,381 Tullett Prebon 83,087 0.04 Taiwan 1,020,034 0.44 19,577 Unilever 632,685 0.27 172,000 Compal Electronics 238,530 0.10 6,663 Vedanta Resources 281,963 0.12 29,000 Dynapack International Technology 102,470 0.04 366,669 Vodafone 853,979 0.37 74,000 Powertech Technology 251,063 0.11 20,586 Weir 239,392 0.10 88,750 Quanta Computer 193,152 0.08 8,700 WH Smith 69,657 0.03 57,400 Shih Wei Navigation 82,474 0.04 29,604 Xstrata 537,863 0.23 105,000 Unimicron Technology 152,345 0.07 United States of America 103,541,845 44.42 Turkey 406,988 0.17 3,300 3M 276,870 0.12 67,290 Tofas Turk Otomobil Fabrikasi 212,746 0.09 21,600 Abbott Laboratories 1,178,064 0.51 27,357 Turkcell Iletisim Hizmet 194,242 0.08 1,700 Advance Auto Parts 69,717 0.03 United Kingdom 23,692,813 10.16 18,200 Advanta 546 - 12,707 Anglo American 558,327 0.24 24,100 AES 329,447 0.14 35,467 Beazley 57,426 0.02 9,300 Aetna 298,995 0.13 4,063 Petrofac 68,683 0.03 900 Affiliated Computer Services 54,612 0.02 12,914 Anglo Pacific 47,355 0.02 9,700 Aflac 454,736 0.20 22,042 Antofagasta 354,388 0.15 1,600 Air Products & Chemicals 131,584 0.06 44,374 Ashmore 195,620 0.08 1,700 Alliance Data Systems 110,585 0.05 29,884 Associated British Foods 398,132 0.17 3,815 Alliant Energy 117,349 0.05 21,944 AstraZeneca 1,035,141 0.44 11,500 Allstate 351,095 0.15 39,070 Aviva 251,961 0.11 16,684 Altria 330,510 0.14 102,747 Barclays 459,615 0.20 6,000 Amazon.com 819,000 0.35 38,623 BG 702,352 0.30 6,000 Ambassadors 81,420 0.03 35,600 BHP Billiton 1,151,089 0.49 16,300 American Express 665,040 0.29 250,931 Booker 187,080 0.08 3,450 American Financial 87,078 0.04 211,343 BP 2,055,205 0.88 4,600 Amerigas Partners 182,482 0.08 31,831 British American Tobacco 1,040,314 0.45 10,400 AmerisourceBergen 273,624 0.12 41,231 Chaucer 30,740 0.01 10,694 Amgen 615,333 0.26 28,719 Cineworld 69,819 0.03 10,200 Amphenol 479,094 0.20 10,242 Close Brothers 114,538 0.05 2,488 Anadarko Petroleum 158,087 0.07 8,857 Dana Petroleum 168,815 0.07 1,600 Anixter International 76,288 0.03 19,643 Devro 42,342 0.02 13,500 Annaly Capital Management 237,195 0.10 9,271 Diageo 162,882 0.07 700 Apache 72,954 0.03 4,300 Ensco International 174,451 0.07 10,666 Apple 2,257,352 0.97 3,951 Eurasian Natural Resources 58,593 0.03 12,300 Archer-Daniels-Midland 390,279 0.17 16,511 Filtrona 50,577 0.02 56,995 AT&T 1,614,098 0.69 21,141 Fresnillo 271,373 0.12 9,300 Automatic Data Processing 402,318 0.17 61,886 GlaxoSmithKline 1,323,481 0.57 1,400 AutoZone 223,258 0.10 166,111 HSBC 1,908,263 0.82 2,400 AvalonBay Communities 201,240 0.09 27,044 ICAP 188,476 0.08 2,800 AZZ 93,128 0.04 8,667 Inmarsat 97,206 0.04 4,000 Baker Hughes 163,480 0.07 57,366 J Sainsbury 300,777 0.13 106,436 Bank of America 1,603,990 0.69 15,973 JKX Oil & Gas 73,134 0.03 4,600 Bank of New York Mellon 128,892 0.06 29,195 John Wood 146,117 0.06 7,400 Baxter International 436,526 0.19 9,901 Johnson Matthey 245,680 0.11 20,400 BB&T 521,424 0.22

The notes on pages 18 to 56 form an integral part of these financial statements. Page 198 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF QEP Global Core (cont) Schroder ISF QEP Global Core (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

United States of America (cont) United States of America (cont) 3,800 Becton Dickinson & Co. 302,822 0.13 3,600 Express Scripts 316,188 0.14 8,200 Berry Petroleum 245,098 0.10 46,722 Exxon Mobil 3,213,072 1.38 9,400 Best Buy 379,196 0.16 10,900 Fastenal 457,691 0.20 4,400 BJ Services 82,764 0.04 6,100 Federated Investors 170,007 0.07 2,500 BJ's Wholesale Club 82,600 0.03 8,200 Fiserv 402,702 0.17 6,700 Books-A-Million 44,689 0.02 3,900 Flowers Foods 93,132 0.04 2,800 BRE Properties 94,808 0.04 8,000 Fluor 362,000 0.16 3,700 Bristol-Myers Squibb 94,757 0.04 4,100 Fossil 139,523 0.06 7,400 Broadridge Financial Solutions 168,276 0.07 1,500 FPL 80,550 0.03 2,800 Brown-Forman 151,284 0.06 20,600 Gap 437,956 0.19 2,300 Buckeye Partners 125,810 0.05 8,400 General Dynamics 577,080 0.25 13,200 CA 298,188 0.13 83,468 General Electric 1,281,234 0.55 15,900 Cal Dive International 119,409 0.05 5,200 Genzyme 258,700 0.11 5,600 Capstead Mortgage 77,952 0.03 2,182 Gilead Sciences 95,572 0.04 6,192 Caterpillar 359,446 0.15 6,800 Global Cash Access 51,068 0.02 15,500 Centerpoint Energy 227,695 0.10 3,600 Goldman Sachs 600,120 0.26 3,600 CH Robinson Worldwide 214,992 0.09 6,000 Goodrich 387,720 0.17 23,900 Charles Schwab 455,056 0.19 2,800 Google 1,743,644 0.75 18,816 Chevron 1,461,062 0.63 4,200 Graco 122,808 0.05 10,800 Chubb 536,652 0.23 2,700 Gymboree 117,801 0.05 49,006 Cisco Systems 1,184,965 0.51 12,200 Hackett 34,648 0.01 166,500 Citigroup 552,780 0.24 3,394 Halliburton 101,718 0.04 300 CME 101,499 0.04 3,000 Harris 143,610 0.06 14,800 CMS Energy 237,392 0.10 3,000 Hasbro 97,290 0.04 13,500 Coach 499,095 0.21 7,400 HCP 231,324 0.10 21,182 Coca-Cola 1,221,778 0.52 4,300 Health Care REIT 197,499 0.08 18,900 Coca-Cola Enterprises 405,027 0.17 11,200 Hershey 408,688 0.18 5,500 Colgate-Palmolive 455,675 0.20 30,916 Hewlett-Packard 1,636,384 0.70 7,500 Comcast 128,025 0.05 9,000 HJ Heinz 389,070 0.17 7,500 Computer Sciences 435,825 0.19 13,800 Home Depot 401,994 0.17 13,500 Compuware 98,820 0.04 2,200 Home Properties 107,580 0.05 5,720 ConocoPhillips 291,663 0.12 15,100 Honeywell International 601,131 0.26 5,000 Costco Wholesale 300,250 0.13 4,200 Hormel Foods 162,708 0.07 1,900 CR Bard 150,594 0.06 4,500 Hubbell 214,650 0.09 11,000 CSX 540,320 0.23 4,100 Inergy 146,370 0.06 4,800 Cummins 222,672 0.10 67,177 Intel 1,383,846 0.59 10,400 CVS Caremark 340,184 0.15 16,141 International Business Machines 2,139,812 0.92 6,000 Darden Restaurants 211,380 0.09 17,700 International Game Technology 333,999 0.14 3,200 DaVita 189,856 0.08 18,100 Interpublic 131,768 0.06 28,700 Dell 424,473 0.18 5,100 ITT 258,468 0.11 2,008 Devon Energy 148,753 0.06 3,700 JM Smucker 231,250 0.10 1,900 Diamond Offshore Drilling 188,936 0.08 1,700 John Wiley & Sons 71,706 0.03 9,900 DIRECTV 331,155 0.14 30,064 Johnson & Johnson 1,951,454 0.84 27,658 Discover Financial Services 409,615 0.18 3,400 Joy Global 178,602 0.08 7,400 Discovery Communications 194,620 0.08 36,466 JPMorgan Chase & Co. 1,514,433 0.65 1,400 Dorchester Minerals 30,170 0.01 5,400 Kellogg 291,546 0.13 6,200 Dover 261,516 0.11 5,400 Kinder Morgan Energy Partners 329,346 0.14 4,200 DPL 117,768 0.05 900 Kirby 32,049 0.01 4,800 Dress Barn 111,648 0.05 5,300 Kohl's 292,242 0.13 2,700 Eastman Chemical 165,321 0.07 5,700 Kroger 116,793 0.05 2,300 Eaton 147,384 0.06 2,350 Lender Processing Services 98,583 0.04 25,300 eBay 602,140 0.26 3,900 Liberty Property Trust 125,463 0.05 14,600 Eli Lilly & Co. 528,082 0.23 5,300 Lockheed Martin 403,436 0.17 4,800 Embridge Energy Partners 258,000 0.11 4,100 Lorillard 330,583 0.14 40,400 EMC 713,868 0.31 2,700 Lubrizol 200,016 0.09 6,100 EMCOR 167,872 0.07 800 Mantech International 39,736 0.02 16,700 Emerson Electric 723,778 0.31 5,100 Marathon Oil 160,497 0.07 5,300 Energen 252,068 0.11 3,500 Massey Energy 148,715 0.06 5,900 Energy Transfer Partners 265,028 0.11 8,100 Mattel 164,025 0.07 4,719 Enterprise Products Partners 149,073 0.06 11,800 McDonald's 742,102 0.32 1,200 Equinix 128,208 0.05 4,048 McGraw-Hill 138,037 0.06 2,600 Exelon 128,440 0.06 6,400 McKesson 405,952 0.17

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 199 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF QEP Global Core (cont) Schroder ISF QEP Global Core (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

United States of America (cont) United States of America (cont) 14,624 Medtronic 650,768 0.28 1,800 State Street 79,002 0.03 14,098 Merck & Co. 522,472 0.22 2,100 Stryker 106,659 0.05 5,900 Meredith 182,782 0.08 3,000 Suburban Propane Partners 141,870 0.06 16,800 MetLife 595,560 0.26 4,600 Sybase 201,526 0.09 9,100 Micrel 75,075 0.03 11,200 Sysco 316,960 0.14 93,151 Microsoft 2,883,955 1.24 4,600 T Rowe Price 247,390 0.11 2,200 Monsanto 181,742 0.08 14,300 Target 696,410 0.30 22,300 Morgan Stanley 657,627 0.28 2,500 TC Pipelines 92,475 0.04 3,200 MSC Industrial Direct 151,360 0.06 10,200 TD Ameritrade 200,022 0.09 1,600 MTS Systems 46,656 0.02 8,900 TECO Energy 147,117 0.06 3,600 Murphy Oil 196,488 0.08 3,600 TeleTech 73,548 0.03 2,800 National Retail Properties 59,640 0.03 13,500 Teradata 421,065 0.18 1,600 Nationwide Health Properties 56,944 0.02 1,700 Terra Industries 55,250 0.02 2,800 Newmont Mining 133,252 0.06 21,982 Texas Instruments 571,092 0.24 3,500 NIKE 231,490 0.10 11,300 TJX 416,518 0.18 4,000 Noble Energy 287,600 0.12 3,000 Toro 128,820 0.06 7,700 Nordstrom 293,909 0.13 11,100 Travelers 557,886 0.24 9,600 Norfolk Southern 511,104 0.22 1,800 Tupperware Brands 85,788 0.04 8,775 NorthStar Realty Finance 30,186 0.01 7,200 UGI 177,624 0.08 2,400 NuStar Energy 133,896 0.06 11,100 Union Pacific 720,390 0.31 18,200 NV Energy 228,774 0.10 5,100 Unisys 200,736 0.09 5,800 Occidental Petroleum 477,746 0.20 10,000 United Parcel Service 581,800 0.25 8,796 Omnicom 350,433 0.15 7,616 United Technologies 536,852 0.23 55,927 Oracle 1,394,260 0.60 16,480 UnitedHealth 511,045 0.22 4,900 Parker Hannifin 266,315 0.11 18,700 Unum 372,130 0.16 7,300 Patterson-UTI Energy 114,391 0.05 8,300 US Bancorp 186,335 0.08 6,200 Pepsi Bottling 233,802 0.10 3,600 US Physical Therapy 61,920 0.03 15,995 PepsiCo 980,653 0.42 9,200 Valero Energy 155,112 0.07 58,973 Pfizer 1,091,001 0.47 1,300 Valmont Industries 103,779 0.04 6,900 PG&E 313,260 0.13 4,400 Varian Medical Systems 208,340 0.09 2,600 Pharmaceutical Product Development 61,256 0.03 4,100 Vectren 102,746 0.04 12,306 Philip Morris International 598,810 0.26 33,948 Verizon Communications 1,134,542 0.49 4,300 Pinnacle West Capital 159,874 0.07 5,500 VF 408,320 0.18 19,800 PMC-Sierra 172,458 0.07 17,700 Viacom 529,230 0.23 2,000 Polaris Industries 86,000 0.04 8,400 Walgreen 311,892 0.13 2,000 Polo Ralph Lauren 165,080 0.07 25,818 Wal-Mart Stores 1,401,917 0.60 3,600 Precision Castparts 402,300 0.17 19,900 Walt Disney 642,372 0.28 6,300 Principal Financial 153,405 0.07 9,200 Waste Management 312,708 0.13 31,130 Procter & Gamble 1,910,448 0.82 7,000 Weingarten Realty Investors 140,980 0.06 3,600 Progress Energy 149,580 0.06 42,808 Wells Fargo & Co. 1,148,111 0.49 3,300 Protective Life 55,011 0.02 10,800 Western Digital 482,760 0.21 2,600 Prudential Financial 131,404 0.06 15,200 Western Union 289,104 0.12 2,600 PSS World Medical 59,306 0.03 5,100 Wolverine World Wide 140,454 0.06 20,208 QUALCOMM 946,947 0.41 2,100 WW Grainger 205,212 0.09 4,300 Quest Diagnostics 263,547 0.11 12,700 Xcel Energy 272,415 0.12 4,200 Reynolds American 224,574 0.10 13,700 XTO Energy 643,900 0.28 2,400 Rockwell Collins 134,976 0.06 15,500 Yum! Brands 545,755 0.23 4,800 Ross Stores 208,128 0.09 6,300 Zimmer 376,488 0.16 6,200 Rowan 142,910 0.06 Total Transferable Securities and 21,100 Safeway 454,705 0.20 Money Market Instruments Admitted 11,200 SAIC 213,248 0.09 to an Official Exchange Listing 227,051,497 97.39 8,200 Sapient 68,962 0.03 7,800 Schlumberger 511,368 0.22 Number of shares Market % 4,800 Sherwin-Williams 297,648 0.13 or Principal Other Transferable Securities not dealt Value Net 12,900 Skyworks Solutions 184,470 0.08 Amount on another Regulated Market USD Assets 7,400 Smith International 201,724 0.09 12,700 Southern 427,736 0.18 Canada 1,120,447 0.48 10,900 Southern Union 251,027 0.11 6,900 Canadian Oil Sands Trust 194,014 0.08 7,400 St Jude Medical 274,022 0.12 6,400 CML Healthcare Income Fund 83,938 0.03 6,000 StanCorp Financial 245,040 0.11 5,600 Davis & Henderson Income Fund 89,512 0.04 2,400 Stanley Works 125,088 0.05 6,622 Enerplus Resources Fund 152,174 0.07 18,400 Staples 459,632 0.20 2,200 Genivar Income Fund 56,722 0.02

The notes on pages 18 to 56 form an integral part of these financial statements. Page 200 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF QEP Global Core (cont) Schroder ISF QEP Global Quality

Number of shares Market % Number of shares Transferable Securities and Market % or Principal Other Transferable Securities not dealt Value Net or Principal Money Market Instruments Admitted Value Net Amount on another Regulated Market USD Assets Amount to an Official Exchange Listing USD Assets

Canada (cont) Australia 4,572,861 2.84 8,900 Penn West Energy Trust 159,651 0.07 12,877 BHP Billiton 499,259 0.31 15,424 Penn West Energy Trust (New York) 274,701 0.12 2,793 Campbell Brothers 75,490 0.05 8,200 Peyto Energy Trust 109,735 0.05 4,114 Cochlear 255,497 0.16 1,741 Corporate Express Australia 6,199 - Ireland -- 5,627 CSL 164,384 0.10 20,062 Anglo Irish Bank - - 4,118 Leighton 141,110 0.09 Sweden 960,182 0.41 9,894 Macquarie 430,576 0.27 5,496 Hennes & Mauritz 306,720 0.13 5,515 Monadelphous 71,010 0.04 63,830 Nordea Bank 653,462 0.28 46,703 Origin Energy 706,322 0.44 20,743 QBE Insurance 477,467 0.30 United States of America 157 - 1,903 Reece Australia 41,921 0.03 11 Teton Advisors 157 - 52,174 Tower Australia 134,169 0.08 Total Other Transferable Securities not dealt 27,005 Washington H. Soul Pattinson & Co. 329,743 0.20 on another Regulated Market 2,080,786 0.89 8,948 West Australian Newspapers 64,928 0.04 27,503 Woolworths 692,421 0.43 Number of shares Market % 18,448 WorleyParsons 482,365 0.30 or Principal Value Net Amount Derivatives USD Assets Austria 624,333 0.39 2,090 Mayr Melnhof Karton 216,676 0.14 Australia 166 - 7,203 Oesterreichische Post 197,268 0.12 11,512 Beach Energy Warrants 30/06/2010 166 - 4,918 Verbund - Oesterreichische 210,389 0.13 Elektrizitaetswirtschafts Belgium -- 38,290 Fortis Rights 31/12/2049 - - Belgium 1,355,881 0.84 5,078 Ackermans & van Haaren 380,141 0.24 Italy 1,705 - 15,908 Belgacom 579,978 0.36 10,932 Mediobanca Warrants 18/03/2011 1,705 - 947 Colruyt 229,628 0.14 Total Derivatives 1,871 - 2,409 Mobistar 166,134 0.10

Bermuda 488,582 0.30 Total Investments 229,134,154 98.28 36,000 Cafe de Coral 82,362 0.05 Other Net Assets 3,998,950 1.72 7,600 RenaissanceRe 406,220 0.25

Net Asset Value 233,133,104 100.00 Brazil 2,402,811 1.49 8,800 AES Tiete Preference 100,888 0.06 22,800 Banco Bradesco ADR 491,340 0.31 20,600 Banco Bradesco Preference 429,595 0.27 10,100 Bradespar Preference 223,074 0.14 7,300 Companhia de Concessoes Rodoviarias 166,923 0.10 11,500 Natura Cosmeticos 239,361 0.15 9,300 Petroleo Brasileiro ADR 443,424 0.27 5,900 Souza Cruz 195,348 0.12 10,700 Weg 112,858 0.07

Canada 6,536,128 4.05 19,000 Alimentation Couche Tard 366,907 0.23 7,900 Atco 344,493 0.21 9,200 Canadian Natural Resources 666,357 0.41 10,400 Cenovus Energy 257,732 0.16 8,500 CGI 114,883 0.07 10,400 EnCana 339,612 0.21 16,300 IGM Financial 654,237 0.41 11,300 National Bank of Canada 646,130 0.40 2,400 Reitmans Canada 37,608 0.02 17,900 Rogers Communications 556,714 0.35 9,400 Royal Bank of Canada 502,994 0.31 19,300 Shaw Communications 392,935 0.24 8,500 ShawCor 238,355 0.15 8,100 Shoppers Drug Mart 344,722 0.21 10,700 TMX 332,377 0.21 11,300 Toromont Industries 297,485 0.19 7,100 Toronto-Dominion Bank 442,587 0.27

Chile 365,741 0.23 15,647 Aguas Andinas 6,629 0.01

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 201 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF QEP Global Quality (cont) Schroder ISF QEP Global Quality (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Chile (cont) Hong Kong SAR 3,222,621 2.00 1,709,325 Banco de Chile 153,149 0.09 16,000 Cheung Kong 206,963 0.13 10,844 Cia Cervecerias Unidas 85,256 0.05 37,000 China Mobile 347,618 0.22 35,267 Embotelladora Andina Preference 120,707 0.08 432,000 CNOOC 679,696 0.42 59,400 Dairy Farm International 354,024 0.22 China 1,305,671 0.81 35,967 Esprit 240,041 0.15 732,000 Bank of China 'H' 396,490 0.25 19,000 Hang Seng Bank 281,053 0.17 361,000 China Construction Bank 'H' 310,531 0.19 25,200 Hong Kong Aircraft Engineerg 327,591 0.20 28,500 China Shenhua Energy 'H' 139,669 0.09 79,500 Hopewell 257,343 0.16 31,000 China Shineway Pharmaceutical 58,130 0.04 30,000 Television Broadcasts 144,505 0.09 40,000 Hengan International 297,135 0.18 226,000 Texwinca 211,309 0.13 79,000 Shenzhou International 103,716 0.06 18,000 Vtech 172,478 0.11 Czech Republic 523,405 0.32 India 506,961 0.31 4,550 CEZ 213,890 0.13 9,100 Infosys Technologies ADR 506,961 0.31 384 Komercni Banka 82,088 0.05 10,000 Telefonica O2 Czech Republic 227,427 0.14 Indonesia 945,954 0.59 277,000 Bank Central Asia 142,014 0.09 Denmark 2,121,784 1.32 1,172,000 Bumi Resources 300,433 0.19 4,971 Coloplast 454,952 0.28 111,000 Indo Tambangraya Megah 373,129 0.23 18,091 Novo Nordisk 1,162,148 0.72 71,500 Tambang Batubara Bukit Asam 130,378 0.08 2,050 Novozymes 214,194 0.14 3,825 William Demant 290,490 0.18 Ireland 909,106 0.56 16,100 Accenture 671,209 0.41 Finland 630,299 0.39 6,774 Paddy Power 237,897 0.15 8,823 Konecranes 242,397 0.15 17,900 Orion 387,902 0.24 Israel 448,341 0.28 36,643 Bezeq Israeli Telecommunication 90,988 0.06 France 7,640,213 4.74 11,841 Osem Investment 170,749 0.11 3,959 Air Liquide 473,318 0.29 9,075 Partner Communications 186,604 0.11 4,429 BioMerieux 520,899 0.32 4,819 Christian Dior 497,934 0.31 Italy 783,925 0.49 8,780 Cie Generale d’Optique Essilor 527,817 0.33 16,036 Geox 111,353 0.07 International 44,450 Recordati 332,818 0.21 5,132 Dassault Systèmes 293,735 0.18 4,549 Tod's 339,754 0.21 14,837 France Telecom 372,371 0.23 1,873 Hermes International 251,651 0.16 Japan 12,836,417 7.96 2,036 ICADE 195,687 0.12 15,700 Astellas Pharma 586,251 0.36 1,369 Iliad 164,637 0.10 7,200 Capcom 118,964 0.07 6,927 Ipsen 386,599 0.24 9,400 Daito Trust Construction 446,363 0.28 5,230 L'Oréal 587,393 0.36 10,300 Duskin 183,746 0.11 4,085 LVMH Moet Hennessy Louis Vuitton 461,030 0.29 8,500 Hisamitsu Pharmaceutical 275,200 0.17 1,564 Neopost 129,873 0.08 20,600 Hitachi Transport System 264,114 0.16 12,271 Publicis 503,567 0.31 92 Inpex 696,007 0.43 2,655 Sa des Ciments Vicat 224,789 0.14 20 Japan Real Estate Investment 147,637 0.09 17,244 SCOR 434,519 0.27 46,000 Kamigumi 337,082 0.21 3,916 Société Des Autoroutes Paris-Rhin-Rhone 301,329 0.19 19,000 Kansai Paint 159,324 0.10 7,463 Sodexo 428,388 0.26 133 KDDI 707,630 0.44 3,251 Téléperformance 106,168 0.07 9,500 Lawson 420,354 0.26 108 Total Gabon 40,588 0.03 5,600 Miraca 153,810 0.10 1,220 Vallourec 223,186 0.14 16,000 Mochida Pharmaceutical 143,665 0.09 9,057 Vinci 514,735 0.32 39,000 Namco Bandai 373,753 0.23 1,700 Nintendo 404,360 0.25 Germany 1,466,900 0.91 32 Nippon Building Fund 243,816 0.15 1,356 Fuchs Petrolub Preference 126,522 0.08 3,500 Nippon Telegraph & Telephone 137,870 0.09 2,765 K+S 159,213 0.10 20,000 Nisshin Seifun 271,099 0.17 5,396 MTU Aero Engines 296,725 0.18 2,650 Nitori 198,192 0.12 1,346 Rational 229,665 0.14 13,500 Nomura Research Institute 266,766 0.16 9,513 SAP 452,026 0.28 146 NTT Data 455,521 0.28 3,879 Takkt 39,935 0.03 483 NTT DoCoMo 675,554 0.42 2,373 Wincor Nixdorf 162,814 0.10 5,700 Oracle Corp Japan 237,449 0.15 2,500 Otsuka 124,919 0.08 Greece 917,941 0.57 4,090 Point 229,527 0.14 12,954 Hellenic Telecommunications Organization 191,747 0.12 8,000 Rohto Pharmaceutical 92,467 0.06 18,438 JUMBO 233,630 0.14 5,800 Ryohin Keikaku 211,569 0.13 22,300 OPAP 492,564 0.31

The notes on pages 18 to 56 form an integral part of these financial statements. Page 202 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF QEP Global Quality (cont) Schroder ISF QEP Global Quality (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Japan (cont) South Africa (cont) 7,500 Santen Pharmaceutical 241,204 0.15 10,840 Shoprite 95,677 0.06 16,200 Seven & I 331,658 0.21 8,031 Spar 77,264 0.05 74 Seven Bank 147,744 0.09 52,290 Woolworths/South Africa 126,315 0.08 1,400 Shimamura 133,866 0.08 South Korea 737,873 0.46 6,300 Shin-Etsu Chemical 355,590 0.22 5,320 Dongbu Insurance 147,987 0.09 197 Sony Financial 514,930 0.32 2,119 Samsung Fire & Marine Insurance 362,945 0.23 5,200 Sundrug 115,886 0.07 1,485 Yuhan 226,941 0.14 3,300 Sysmex 172,728 0.11 13,300 Takeda Pharmaceutical 549,741 0.34 Spain 3,828,227 2.37 4,400 Terumo 265,918 0.16 21,163 Banco Bilbao Vizcaya Argentaria 387,916 0.24 26,600 Toppan Forms 277,024 0.17 570 Construcciones y Auxiliar de Ferrocarriles 308,681 0.19 4,500 Trend Micro 171,433 0.11 8,237 Corp Financiera Alba 433,500 0.27 2,200 Unicharm 206,799 0.13 130,314 Criteria Caixacorp 618,271 0.38 2,100 Unicharm Petcare 64,478 0.04 14,507 Duro Felguera 150,398 0.09 3,080 USS 188,137 0.12 8,223 Inditex 513,751 0.32 838 Yahoo! Japan 251,780 0.16 8,133 Indra Sistemas 192,758 0.12 8,700 Yamato Kogyo 284,492 0.18 42,234 Mapfre 177,999 0.11 3,918 Prosegur Cia de Seguridad 193,053 0.12 Luxembourg 575,375 0.36 7,158 Tecnicas Reunidas 413,612 0.26 25,363 SES 575,375 0.36 22,365 Zardoya Otis 438,288 0.27 Malaysia 804,063 0.50 Sweden 1,621,446 1.01 76,714 Berjaya Sports Toto 97,461 0.06 9,970 Axfood 293,324 0.18 15,300 British American Tobacco Malaysia 191,250 0.12 2,300 Clas Ohlson 46,511 0.03 99,800 Hong Leong Bank 236,967 0.15 27,045 Kinnevik Investment 406,386 0.25 4,900 Nestlé Malaysia 47,369 0.03 2,500 Oriflame Cosmetics 150,438 0.10 70,000 Public Bank 231,016 0.14 99,539 TeliaSonera 724,787 0.45 Mexico 592,144 0.37 Switzerland 6,098,099 3.78 3,800 America Movil ADR 178,372 0.11 6,900 Alcon 1,145,400 0.71 3,500 Grupo Televisa ADR 72,975 0.05 503 Alpiq Registered 209,736 0.13 27,500 Kimberly-Clark de Mexico 120,825 0.07 2,971 Geberit Registered 528,966 0.33 47,900 Wal-Mart de Mexico 219,972 0.14 5,480 Kuehne & Nagel Registered 534,362 0.33 Netherlands 984,767 0.61 7 Lindt & Sprüngli Registered 172,546 0.11 9,955 Arcadis 226,910 0.14 16,050 Nestlé Registered 781,749 0.48 7,984 Fugro 462,835 0.29 3,000 Noble 122,940 0.08 8,530 Sligro Food 295,022 0.18 2,465 Roche 420,460 0.26 509 SGS Registered 667,209 0.41 Norway 795,717 0.49 4,860 Sonova Registered 591,792 0.37 11,050 Fred Olsen Energy 424,658 0.26 1,308 Straumann Registered 371,212 0.23 10,800 Petroleum Geo-Services 124,328 0.08 1,713 Sulzer Registered 134,793 0.08 13,600 TGS Nopec Geophysical 246,731 0.15 3,176 Synthes 416,934 0.26 Philippines 235,125 0.15 Taiwan 1,315,997 0.81 5,180 Globe Telecom 101,929 0.07 114,000 Chicony Electronics 276,623 0.17 632,000 SM Prime 133,196 0.08 31,416 Delta Electronics 98,236 0.06 Poland 78,717 0.05 24,550 HTC 281,350 0.17 5,904 Powszechna Kasa Oszczednosci Bank 78,717 0.05 23,100 Powertech Technology 78,372 0.05 Polski 4,000 Simplo Technology 23,765 0.01 25,486 Taiwan Semiconductor Manufacturing 287,482 0.18 Singapore 3,018,222 1.87 ADR 115,000 Keppel 674,999 0.42 72,000 Transcend Information 270,169 0.17 171,000 MobileOne 230,496 0.14 196,000 SembCorp Industries 517,206 0.32 Thailand 398,382 0.25 165,000 SIA Engineering 393,039 0.24 90,300 PTT Exploration & Production (Foreign) 398,382 0.25 373,000 Singapore Post 268,680 0.17 Turkey 366,115 0.22 263,000 Singapore Technologies Engineering 609,600 0.38 131,720 Turk Ekonomi Bankasi 248,811 0.15 238,000 SMRT 324,202 0.20 16,521 Turkcell Iletisim Hizmet 117,304 0.07 South Africa 821,183 0.51 United Kingdom 12,082,416 7.49 10,685 Discovery 46,200 0.03 22,975 Admiral 442,745 0.27 18,032 Northam Platinum 117,231 0.07 10,557 Aggreko 159,125 0.10 24,202 Remgro 292,155 0.18 102,369 Alliance Trust 544,697 0.34 1,645 Sasol 66,341 0.04 21,437 AstraZeneca 1,011,225 0.63

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 203 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF QEP Global Quality (cont) Schroder ISF QEP Global Quality (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

United Kingdom (cont) United States of America (cont) 38,816 BG 705,862 0.44 12,100 Coca-Cola 697,928 0.43 16,818 BHP Billiton 543,793 0.34 8,600 Cognizant Technology Solutions 391,128 0.24 29,409 British American Tobacco 961,157 0.60 9,200 Colgate-Palmolive 762,220 0.47 57,269 Capita 697,069 0.43 11,800 Consol Energy 596,608 0.37 6,189 De La Rue 99,105 0.06 2,200 Corporate Executive Board 50,490 0.03 15,033 Diageo 264,114 0.16 6,300 Costco Wholesale 378,315 0.24 158,541 Dimension Data 192,203 0.12 8,500 CR Bard 673,710 0.42 13,500 Ensco International 547,695 0.34 6,000 Cullen/Frost Bankers 301,920 0.19 27,420 Fresnillo 351,972 0.22 7,000 Diamond Offshore Drilling 696,080 0.43 21,436 GlaxoSmithKline 458,426 0.28 34,900 Discover Financial Services 516,869 0.32 5,430 Greggs 38,283 0.02 3,900 Dollar Tree Stores 189,852 0.12 71,196 Hays 120,122 0.07 8,700 Donaldson 374,274 0.23 21,224 Inmarsat 238,040 0.15 10,900 Dresser-Rand 350,544 0.22 10,979 Intertek 223,317 0.14 5,000 Dril-Quip 283,700 0.18 69,768 John Wood 349,180 0.22 7,700 Ecolab 348,117 0.22 32,564 Mitie 121,284 0.07 12,300 Emerson Electric 533,082 0.33 29,647 Petrofac 501,165 0.31 5,100 Energen 242,556 0.15 20,581 Provident Financial 309,550 0.19 15,000 Expeditors International of Washington 531,300 0.33 10,470 Reckitt Benckiser 569,488 0.35 8,600 Exxon Mobil 591,422 0.37 10,543 Rotork 202,659 0.13 5,500 Factset Research Systems 365,475 0.23 47,940 Sage 170,937 0.11 12,500 Fastenal 524,875 0.33 6,960 Spirax-Sarco Engineering 139,877 0.09 14,700 Federated Investors 409,689 0.25 19,145 ST Jame's Place 76,332 0.05 2,200 FMC 124,146 0.08 12,974 Standard Chartered 331,185 0.21 9,500 FMC Technologies 554,515 0.34 176,977 Tesco 1,227,656 0.76 6,700 Franklin Resources 706,180 0.44 3,721 Victrex 48,850 0.03 16,600 Gap 352,916 0.22 24,193 Weir 281,338 0.17 10,100 General Dynamics 693,870 0.43 19,230 WH Smith 153,965 0.09 15,700 Gilead Sciences 687,660 0.43 4,100 Goldman Sachs 683,470 0.42 United States of America 66,282,228 41.11 9,800 Goodrich 633,276 0.39 5,400 3M 453,060 0.28 3,900 Greenhill & Co. 314,691 0.20 7,700 Abbott Laboratories 419,958 0.26 3,500 Gymboree 152,705 0.09 5,400 Advance Auto Parts 221,454 0.14 7,700 Hanover Insurance 346,808 0.22 6,900 Aeropostale 238,395 0.15 15,500 Hasbro 502,665 0.31 15,100 Aflac 707,888 0.44 15,000 HCC Insurance 425,850 0.26 9,400 Airgas 453,644 0.28 4,300 Health Care REIT 197,499 0.12 5,800 Alliance Resource Partners 255,084 0.16 17,600 Hershey 642,224 0.40 16,600 American Express 677,280 0.42 9,800 Hewitt Associates 418,852 0.26 16,900 American Financial 426,556 0.27 13,400 Hewlett-Packard 709,262 0.44 8,746 Amerigas Partners 346,954 0.22 3,500 Hittite Microwave 143,850 0.09 11,000 Amphenol 516,670 0.32 26,300 HJ Heinz 1,136,949 0.71 4,500 Aptargroup 163,440 0.10 4,200 Honeywell International 167,202 0.10 11,200 Assurant 332,528 0.21 16,100 Hormel Foods 623,714 0.39 7,200 Atwood Oceanics 261,792 0.16 7,500 Hubbell 357,750 0.22 7,900 Automatic Data Processing 341,754 0.21 5,400 IDEXX Laboratories 294,894 0.18 3,200 AutoZone 510,304 0.32 12,600 Interactive Data 322,812 0.20 6,200 Bank of Hawaii 295,430 0.18 4,900 International Business Machines 649,593 0.40 9,000 Baxter International 530,910 0.33 11,600 Intuit 360,296 0.22 6,400 Becton Dickinson & Co. 510,016 0.32 5,700 Investment Technology 113,601 0.07 7,000 BJ's Wholesale Club 231,280 0.14 5,500 ITT 278,740 0.17 2,800 Blackrock 664,356 0.41 12,500 Jack Henry & Associates 294,375 0.18 14,100 BMC Software 571,050 0.36 10,000 JB Hunt Transport Services 331,300 0.21 3,100 BP Prudhoe Bay Royalty Trust 255,471 0.16 16,400 Johnson & Johnson 1,064,524 0.66 8,200 Brown-Forman 443,046 0.27 11,000 JPMorgan Chase & Co. 456,830 0.28 2,400 Buckle 70,800 0.04 9,600 Kellogg 518,304 0.32 3,400 CARBO Ceramics 234,566 0.15 17,400 Kimberly-Clark 1,120,386 0.69 2,700 CF Industries 248,967 0.15 6,300 Kirby 224,343 0.14 11,200 CH Robinson Worldwide 668,864 0.41 12,900 Knight Capital 201,240 0.12 36,500 Charles Schwab 694,960 0.43 3,700 L-3 Communications 327,450 0.20 6,100 Chevron 473,665 0.29 9,700 Laboratory Corp of America 730,507 0.45 3,800 Church & Dwight 232,750 0.14 1,200 Landstar System 47,580 0.03 19,800 Cisco Systems 478,764 0.30 6,400 Lockheed Martin 487,168 0.30

The notes on pages 18 to 56 form an integral part of these financial statements. Page 204 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF QEP Global Quality (cont) Schroder ISF QEP Global Quality (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

United States of America (cont) United States of America (cont) 11,341 Lorillard 914,425 0.57 11,700 XTO Energy 549,900 0.34 6,700 McDonald's 421,363 0.26 19,600 Yum! Brands 690,116 0.43 11,200 McGraw-Hill 381,920 0.24 Total Transferable Securities and 2,700 Meridian Bioscience 58,482 0.04 Money Market Instruments Admitted 2,000 Mettler Toledo International 211,940 0.13 to an Official Exchange Listing 151,241,971 93.80 21,000 Microsoft 650,160 0.40 5,200 MSC Industrial Direct 245,960 0.15 Number of shares Market % 5,200 Nationwide Health Properties 185,068 0.12 or Principal Other Transferable Securities not dealt Value Net 1,800 NewMarket 211,374 0.13 Amount on another Regulated Market USD Assets 7,000 NIKE 462,980 0.29 2,600 Northern Trust 136,786 0.09 Canada 1,358,365 0.84 5,700 Oceaneering International 333,906 0.21 11,600 Baytex Energy Trust 329,707 0.21 11,900 Omnicom 474,096 0.29 18,700 CML Healthcare Income Fund 245,258 0.15 23,100 Oracle 575,883 0.36 5,200 Labrador Iron Ore Royalty Income Fund 213,472 0.13 15,400 Paychex 475,860 0.30 10,500 Vermilion Energy Trust 324,463 0.20 10,900 PepsiCo 668,279 0.41 18,200 Westshore Terminals Income Fund 245,465 0.15 5,600 Pharmaceutical Product Development 131,936 0.08 Sweden 941,993 0.58 5,700 Praxair 463,239 0.29 7,967 Hennes & Mauritz 444,622 0.27 4,400 Precision Castparts 491,700 0.30 48,583 Nordea Bank 497,371 0.31 4,400 ProAssurance 240,240 0.15 8,600 Procter & Gamble 527,782 0.33 Total Other Transferable Securities not dealt 4,700 Public Storage 389,395 0.24 on another Regulated Market 2,300,358 1.42 2,300 Quality Systems 146,418 0.09 4,400 Quest Diagnostics 269,676 0.17 Total Investments 153,542,329 95.22 9,000 Rayonier 385,920 0.24 Other Net Assets 7,702,813 4.78 11,500 Rockwell Collins 646,760 0.40 15,900 Rollins 312,594 0.19 Net Asset Value 161,245,142 100.00 11,800 Ross Stores 511,648 0.32 10,500 Schlumberger 688,380 0.43 3,400 Scripps Networks Interactive 142,834 0.09 16,200 SEI Investments 288,036 0.18 8,500 Sherwin-Williams 527,085 0.33 6,600 Sigma-Aldrich 339,240 0.21 5,200 Silgan 302,276 0.19 7,100 StanCorp Financial 289,964 0.18 23,100 Stryker 1,173,249 0.73 5,100 Syntel 196,146 0.12 24,400 Sysco 690,520 0.43 9,500 T Rowe Price 510,910 0.32 6,500 Techne 451,750 0.28 7,400 TeleTech 151,182 0.09 10,400 Teradata 324,376 0.20 1,696 Terra Nitrogen 177,707 0.11 10,500 Tidewater 505,365 0.31 18,000 TJX 663,480 0.41 2,600 Towers Watson & Co 124,098 0.08 1,500 Tractor Supply 80,715 0.05 8,100 UGI 199,827 0.12 2,000 UMB Financial 78,720 0.05 9,400 United Parcel Service 546,892 0.34 7,700 United Technologies 542,773 0.34 2,900 Valmont Industries 231,507 0.14 10,400 Varian Medical Systems 492,440 0.31 5,100 VCA Antech 126,735 0.08 11,200 Waddell & Reed Financial 344,288 0.21 18,600 Walgreen 690,618 0.43 8,700 Wal-Mart Stores 472,410 0.29 4,200 Waters 261,366 0.16 12,000 Western Digital 536,400 0.33 4,200 Wolverine World Wide 115,668 0.07 1,900 WP Carey & Co. 52,934 0.03 6,700 WW Grainger 654,724 0.41

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 205 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF QEP US Core Schroder ISF QEP US Core (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Bahamas 64,224 0.07 Switzerland 215,800 0.23 1,600 Steiner Leisure 64,224 0.07 1,300 Alcon 215,800 0.23

Bermuda 318,168 0.35 United States of America 85,725,300 93.03 1,500 Allied World Assurance 69,555 0.08 3,824 3M 320,834 0.35 3,300 Aspen Insurance 84,975 0.09 11,541 Abbott Laboratories 629,446 0.68 900 Credicorp 68,850 0.08 2,200 ADTRAN 50,072 0.05 3,400 Textainer 57,562 0.06 18,300 Advance America Cash Advance Centers 101,931 0.11 1,400 Willis 37,226 0.04 11,500 AES 157,205 0.17 6,300 Aetna 202,545 0.22 Canada 3,348,443 3.63 1,600 Aflac 75,008 0.08 2,100 AG Growth International 69,897 0.08 1,400 Agree Realty 32,886 0.04 7,600 AGF Management 122,495 0.13 3,921 Allstate 119,708 0.13 4,200 Alimentation Couche Tard 81,106 0.09 6,000 Altera 136,860 0.15 2,100 Bank of Montreal 110,690 0.12 1,100 Amazon.com 150,150 0.16 2,800 Bank of Nova Scotia 132,694 0.14 6,200 American Eagle Outfitters 104,842 0.11 900 BCE 24,637 0.03 10,267 American Express 418,894 0.45 7,100 Brookfield Properties 89,465 0.10 3,600 American Financial 90,864 0.10 12,200 CAE 101,865 0.11 900 Amerigas Partners 35,703 0.04 3,500 Canadian National Railway 190,454 0.21 8,000 AmerisourceBergen 210,480 0.23 2,500 Canadian Natural Resources 181,075 0.20 4,800 Amdocs 137,760 0.15 3,100 Cenovus Energy 76,824 0.08 8,286 Amgen 476,776 0.52 5,700 CGI 77,039 0.08 4,600 Amphenol 216,062 0.23 4,500 Crescent Point Energy 168,222 0.18 2,500 Analog Devices 79,400 0.09 1,600 Enbridge 73,843 0.08 1,800 Andersons 47,718 0.05 700 Goldcorp 27,436 0.03 545 AOL 12,802 0.01 4,000 Home Capital 156,317 0.17 3,500 Apogee Enterprises 49,175 0.05 2,800 IGM Financial 112,384 0.12 9,104 Apple 1,926,771 2.09 2,800 Industrial Alliance Insurance & Financial 85,856 0.09 11,700 Archer-Daniels-Midland 371,241 0.40 Services 700 Arrow Financial 17,563 0.02 2,200 Major Drilling Group International 60,140 0.07 4,300 Assurant 127,667 0.14 2,500 Mosaid Technologies 45,132 0.05 52,264 AT&T 1,480,116 1.61 3,500 Mullen 54,911 0.06 700 Atlantic Tele-Network 39,249 0.04 2,300 National Bank of Canada 131,513 0.14 7,600 Automatic Data Processing 328,776 0.36 16,800 Northgate Minerals 50,921 0.06 8,000 Avon Products 254,560 0.28 32,000 OceanaGold 51,852 0.06 14,500 AXT 46,980 0.05 2,500 Power Corp of Canada 68,675 0.07 1,700 AZZ 56,542 0.06 2,300 Power Financial 67,105 0.07 5,700 Baker Hughes 232,959 0.25 2,900 Reitmans Canada 45,443 0.05 99,607 Bank of America 1,501,077 1.63 2,100 Rogers Communications 65,313 0.07 5,700 Baxter International 336,243 0.37 2,400 Royal Bank of Canada 128,424 0.14 9,800 BB&T 250,488 0.27 6,400 Sherritt International 39,712 0.04 4,300 Best Buy 173,462 0.19 4,200 Sun Life Financial 120,137 0.13 17,400 BGC Partners 78,648 0.09 8,900 Talisman Energy 167,286 0.18 3,600 Big 5 Sporting Goods 62,856 0.07 5,200 Teck Resources 187,153 0.20 6,734 BJ Services 126,667 0.14 2,000 Toronto-Dominion Bank 124,672 0.14 800 Boeing 43,968 0.05 800 TransCanada 27,397 0.03 2,000 BOK Financial 95,020 0.10 9,800 Western Coal 30,358 0.03 4,100 Books-A-Million 27,347 0.03 Cayman Islands 232,540 0.25 1,200 BP Prudhoe Bay Royalty Trust 98,892 0.11 3,500 Garmin 110,320 0.12 18,500 Bristol-Myers Squibb 473,785 0.51 3,000 Herbalife 122,220 0.13 4,000 Broadridge Financial Solutions 90,960 0.10 2,000 Buckeye Partners 109,400 0.12 Ireland 498,883 0.54 3,200 Buckle 94,400 0.10 3,200 Accenture 133,408 0.14 2,700 Campbell Soup 92,340 0.10 3,900 Cooper Industries 167,076 0.18 2,300 Capstead Mortgage 32,016 0.03 4,100 Covidien 198,399 0.22 5,600 Cardinal Health 182,672 0.20 Israel 75,394 0.08 1,600 Casey's General Stores 51,568 0.06 2,200 Check Point Software Technologies 75,394 0.08 1,000 Cash America International 35,030 0.04 1,200 Catalyst Health Solutions 43,932 0.05 Luxembourg 81,499 0.09 7,292 Caterpillar 423,301 0.46 1,100 Millicom International Cellular 81,499 0.09 5,200 CBL & Associates Properties 51,480 0.06 Panama 256,800 0.28 600 Celgene 33,852 0.04 8,000 Carnival 256,800 0.28 3,600 CenturyTel 131,544 0.14

The notes on pages 18 to 56 form an integral part of these financial statements. Page 206 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF QEP US Core (cont) Schroder ISF QEP US Core (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

United States of America (cont) United States of America (cont) 2,100 Cerner 175,539 0.19 10,600 Gap 225,356 0.24 1,300 CF Industries 119,873 0.13 6,500 General Dynamics 446,550 0.48 4,200 CH Robinson Worldwide 250,824 0.27 108,841 General Electric 1,670,709 1.81 9,900 Charles Schwab 188,496 0.20 3,100 General Mills 222,611 0.24 18,854 Chevron 1,464,013 1.59 2,500 Genzyme 124,375 0.13 5,800 Chubb 288,202 0.31 12,668 Gilead Sciences 554,858 0.60 49,113 Cisco Systems 1,187,552 1.29 5,504 Goldman Sachs 917,517 1.00 130,014 Citigroup 431,646 0.47 4,100 Goodrich 264,942 0.29 4,700 CMS Energy 75,388 0.08 2,300 Google 1,432,279 1.55 7,100 Coach 262,487 0.29 3,600 Graham 75,600 0.08 23,795 Coca-Cola 1,372,496 1.49 2,300 GSI Technology 10,810 0.01 10,900 Coca-Cola Enterprises 233,587 0.25 2,400 Guess? 102,480 0.11 2,400 Colgate-Palmolive 198,840 0.22 1,900 Gymboree 82,897 0.09 27,020 Comcast 461,231 0.50 13,639 Halliburton 408,761 0.44 2,900 Commercial Metals 46,197 0.05 3,000 Harris 143,610 0.16 1,200 Computer Programs & Systems 55,296 0.06 3,200 Hawkins 69,440 0.08 4,600 Computer Sciences 267,306 0.29 1,300 Henry Schein 69,199 0.08 6,346 ConocoPhillips 323,583 0.35 800 Hewitt Associates 34,192 0.04 2,000 Consol Energy 101,120 0.11 24,938 Hewlett-Packard 1,319,968 1.43 4,000 Consolidated Edison 184,520 0.20 5,100 HJ Heinz 220,473 0.24 4,000 Costco Wholesale 240,200 0.26 2,700 Home Depot 78,651 0.09 4,700 CSX 230,864 0.25 12,001 Honeywell International 477,760 0.52 2,700 Cullen/Frost Bankers 135,864 0.15 5,300 Horace Mann Educators 67,522 0.07 18,645 CVS Caremark 609,878 0.66 2,900 Hormel Foods 112,346 0.12 1,000 DaVita 59,330 0.06 5,000 Hospira 255,550 0.28 7,300 Deere & Co. 399,821 0.43 7,972 Host Hotels & Resorts 95,983 0.10 8,400 Del Monte Foods 97,356 0.11 4,700 HRPT Properties Trust 31,302 0.03 24,819 Dell 367,073 0.40 1,300 Hubbell 62,010 0.07 2,000 Delphi Financial 45,640 0.05 7,200 Hudson City Bancorp 99,360 0.11 6,000 DIRECTV 200,700 0.22 600 Hughes Communications 15,636 0.02 12,303 Discover Financial Services 182,207 0.20 11,700 Huntsman 133,965 0.15 4,900 Discovery Communications 128,870 0.14 3,700 Inergy 132,090 0.14 4,100 Discovery Communications 'A' 126,116 0.14 60,751 Intel 1,251,471 1.36 2,200 Dover 92,796 0.10 3,800 Interactive Data 97,356 0.11 3,600 Dress Barn 83,736 0.09 1,700 InterDigital 46,070 0.05 15,900 eBay 378,420 0.41 13,374 International Business Machines 1,772,991 1.92 14,000 EI Du Pont de Nemours & Co. 476,700 0.52 3,800 ITT 192,584 0.21 10,837 Eli Lilly & Co. 391,974 0.43 1,400 J&J Snack Foods 56,056 0.06 27,000 EMC 477,090 0.52 2,200 JM Smucker 137,500 0.15 3,100 EMCOR 85,312 0.09 4,000 John Bean Technologies 69,040 0.08 11,224 Emerson Electric 486,448 0.53 28,835 Johnson & Johnson 1,871,680 2.03 3,400 Enbridge Energy Partners 182,750 0.20 1,200 JOS A Bank Clothiers 51,156 0.06 800 Energen 38,048 0.04 2,800 Joy Global 147,084 0.16 4,700 Ensco International 190,679 0.21 39,144 JPMorgan Chase & Co. 1,625,650 1.76 900 Entergy 74,772 0.08 600 Kaiser Aluminum 25,422 0.03 5,300 Enterprise Products Partners 167,427 0.18 1,100 Kinder Morgan Energy Partners 67,089 0.07 2,300 EOG Resources 227,263 0.25 2,000 Kirkland's 34,960 0.04 5,100 Equity Residential 178,347 0.19 5,000 Kohl's 275,700 0.30 9,800 Exelon 484,120 0.53 9,900 Kopin 41,679 0.05 400 Express Scripts 35,132 0.04 2,200 Koppers 67,518 0.07 45,893 Exxon Mobil 3,156,062 3.43 2,000 Laboratory Corp of America 150,620 0.16 600 F5 Networks 31,782 0.03 3,750 Lender Processing Services 157,313 0.17 1,700 Fair Isaac 36,567 0.04 2,900 Life Time Fitness 73,486 0.08 4,300 Federated Investors 119,841 0.13 3,700 Lorillard 298,331 0.32 1,700 Ferrellgas Partners 36,091 0.04 1,400 Lubrizol 103,712 0.11 2,600 Fiserv 127,686 0.14 600 Lufkin Industries 44,484 0.05 2,200 Flowserve 210,980 0.23 2 Macerich 63 - 5,400 Fluor 244,350 0.27 900 Manhattan Associates 22,392 0.02 6,400 Ford Motor 63,936 0.07 400 Mantech International 19,868 0.02 1,400 Fossil 47,642 0.05 12,100 Marathon Oil 380,787 0.41 800 FPL 42,960 0.05 3,900 MarkWest Energy Partners 114,777 0.12 2,700 Franklin Resources 284,580 0.31 200 Mastercard 51,596 0.06

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 207 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF QEP US Core (cont) Schroder ISF QEP US Core (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

United States of America (cont) United States of America (cont) 3,600 Mattel 72,900 0.08 3,500 Scripps Networks Interactive 147,035 0.16 2,400 McCormick & Co. 87,432 0.10 3,600 Sempra Energy 204,768 0.22 8,527 McDonald's 536,263 0.58 6,900 Service Corp International 56,304 0.06 4,800 McKesson 304,464 0.33 4,738 Simon Property 386,017 0.42 6,700 Medco Health Solutions 434,294 0.47 7,600 Smith International 207,176 0.23 14,185 Medtronic 631,233 0.69 1,600 Snap-On 68,528 0.07 34,070 Merck & Co. 1,262,634 1.37 9,400 Southern 316,592 0.34 77,813 Microsoft 2,409,090 2.61 2,500 Southern Union 57,575 0.06 900 MicroStrategy 84,348 0.09 5,100 St Jude Medical 188,853 0.21 4,900 Molson Coors Brewing 221,431 0.24 2,400 StanCorp Financial 98,016 0.11 2,000 Monsanto 165,220 0.18 1,600 Stanley Works 83,392 0.09 2,706 Morgan Stanley 79,800 0.09 11,100 Staples 277,278 0.30 1,700 Mosaic 101,592 0.11 4,000 State Street 175,560 0.19 2,700 Multi-Fineline Electronix 78,462 0.09 900 Steven Madden 37,584 0.04 4,100 Murphy Oil 223,778 0.24 3,200 Stillwater Mining 28,416 0.03 7,700 National Oilwell Varco 343,420 0.37 6,200 Stryker 314,898 0.34 100 National Presto Industries 10,925 0.01 600 Sunoco Logistics Partners 40,320 0.04 2,600 NBTY 113,152 0.12 2,000 Sybase 87,620 0.10 2,100 Newmont Mining 99,939 0.11 11,500 Sysco 325,451 0.35 7,900 News 109,889 0.12 9,100 Target 443,171 0.48 5,500 NIKE 363,770 0.40 2,500 TC Pipelines 92,475 0.10 4,226 Nordstrom 161,306 0.18 1,900 Tech Data 89,984 0.10 5,200 Norfolk Southern 276,848 0.30 6,300 TECO Energy 104,139 0.11 2,800 North American Galvanizing & Coating 13,804 0.01 5,100 TeleTech 104,193 0.11 1,600 Northern Trust 84,176 0.09 5,100 Teradata 159,069 0.17 9,297 NorthStar Realty Finance 31,982 0.03 2,100 Terra Industries 68,250 0.07 3,800 Nu Skin Enterprises 103,854 0.11 2,400 Tessera Technologies 53,880 0.06 1,400 NuStar Energy 78,106 0.09 17,299 Texas Instruments 449,428 0.49 2,918 Occidental Petroleum 240,356 0.26 4,400 Tim Hortons 133,144 0.14 6,166 Omnicom 245,653 0.27 5,996 Time Warner 175,383 0.19 800 ONEOK Partners 49,792 0.05 7,100 TJX 261,706 0.28 42,445 Oracle 1,058,154 1.15 2,500 TNS 63,200 0.07 5,700 Oriental Financial 62,358 0.07 1,300 Torchmark 57,486 0.06 3,600 Penn Virginia Resource Partners 77,688 0.08 2,300 Toro 98,762 0.11 13,107 PepsiCo 803,590 0.87 4,700 Total System Services 82,015 0.09 61,007 Pfizer 1,128,630 1.23 2,000 Travelers 100,520 0.11 5,000 PG&E 227,000 0.25 2,800 TreeHouse Foods 110,404 0.12 21,772 Philip Morris International 1,059,426 1.15 4,700 Trustmark 107,160 0.12 1,421 PNC Financial Services 75,668 0.08 800 Tupperware Brands 38,128 0.04 900 Polaris Industries 38,700 0.04 4,800 tw telecom 82,848 0.09 2,200 Polo Ralph Lauren 181,588 0.20 800 Unifirst 38,816 0.04 2,800 PPG Industries 165,928 0.18 7,000 Union Pacific 454,300 0.49 3,000 Precision Castparts 335,250 0.36 2,600 Unisys 102,336 0.11 400 priceline.com 89,444 0.10 5,831 United Parcel Service 339,248 0.37 7,700 Principal Financial 187,495 0.20 11,658 United Technologies 821,772 0.89 28,768 Procter & Gamble 1,765,492 1.92 1,600 Unitrin 36,288 0.04 2,600 Progress Energy 108,030 0.12 8,600 Unum 171,140 0.19 7,800 Protective Life 130,026 0.14 2,769 US Bancorp 62,164 0.07 1,500 Quaker Chemical 31,845 0.03 2,700 Valero Energy 45,522 0.05 11,625 QUALCOMM 544,748 0.59 600 Valmont Industries 47,898 0.05 1,600 Quality Systems 101,856 0.11 2,900 Valspar 79,576 0.09 1,600 Quest Diagnostics 98,064 0.11 1,600 Varian Medical Systems 75,760 0.08 4,600 Quest Software 85,698 0.09 4,500 Ventas 199,125 0.22 2,500 Questar 105,575 0.11 28,325 Verizon Communications 946,622 1.03 4,400 Raymond James Financial 105,952 0.11 2,600 VF 193,024 0.21 900 Reinsurance Group of America 43,344 0.05 10,000 Viacom 299,000 0.32 2,400 Reliance Steel & Aluminum 105,696 0.11 800 VMware 34,320 0.04 800 ResMed 42,208 0.05 900 VSE 41,148 0.04 2,000 Ross Stores 86,720 0.09 2,200 Waddell & Reed Financial 67,628 0.07 4,100 RPM International 85,198 0.09 10,100 Walgreen 375,013 0.41 1,900 SAIC 36,176 0.04 21,876 Wal-Mart Stores 1,187,867 1.29 8,584 Schlumberger 562,767 0.61 22,707 Walt Disney 732,982 0.80

The notes on pages 18 to 56 form an integral part of these financial statements. Page 208 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF QEP US Core (cont) Schroder ISF European Allocation

Number of shares Transferable Securities and Market % Number of shares Market % or Principal Money Market Instruments Admitted Value Net or Principal Value Net Amount to an Official Exchange Listing USD Assets Amount EUR Assets

United States of America (cont) Total Investments - - 6,200 Waste Management 210,738 0.23 Other Net Assets 137,646,243 100.00 3,600 Waters 224,028 0.24 41,058 Wells Fargo & Co. 1,101,176 1.19 Net Asset Value 137,646,243 100.00 5,300 Western Digital 236,910 0.26 1,200 Wolverine World Wide 33,048 0.04 2,700 Woodward Governor 70,470 0.08 3,800 World Fuel Services 102,410 0.11 5,600 World Wrestling Entertainment 87,360 0.09 3,000 Wright Express 96,090 0.10 2,000 WW Grainger 195,440 0.21 7,400 Xcel Energy 158,730 0.17 6,100 Xerox 52,826 0.06 9,900 XTO Energy 465,300 0.51 7,354 Yum! Brands 258,934 0.28

Total Transferable Securities and Money Market Instruments Admitted to an Official Exchange Listing 90,817,051 98.55

Number of shares Market % or Principal Other Transferable Securities not dealt Value Net Amount on another Regulated Market USD Assets

Canada 1,219,069 1.33 4,300 AltaGas Income Trust 76,889 0.08 3,600 Baytex Energy Trust 102,323 0.11 3,900 Bell Aliant Regional Communications 103,898 0.11 Income Fund 1,900 Bird Construction Income Fund 61,809 0.07 6,100 Canadian Oil Sands Trust 171,520 0.19 5,300 Canfor Pulp Income Fund 44,354 0.05 7,600 Daylight Resources Trust 73,816 0.08 4,700 Freehold Royalty Trust 67,600 0.07 9,900 Inter Pipeline Fund 102,477 0.11 600 Labrador Iron Ore Royalty Income Fund 24,631 0.03 9,000 Penn West Energy Trust 161,445 0.18 7,500 Peyto Energy Trust 100,367 0.11 2,700 Vermilion Energy Trust 83,433 0.09 3,300 Westshore Terminals Income Fund 44,507 0.05

Total Other Transferable Securities not dealt on another Regulated Market 1,219,069 1.33

Total Investments 92,036,120 99.88

Other Net Assets 113,433 0.12

Net Asset Value 92,149,553 100.00

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 209 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Asian Bond Schroder ISF Asian Bond (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

British Virgin Islands 9,621,986 0.68 Singapore 21,223,586 1.49 USD 10,000,000 Henson Finance 5.5% 17/09/2019 9,621,986 0.68 USD 22,000,000 BW RegS 6.625% 28/06/2017 19,281,086 1.35 USD 3,500,000 Davomas International Finance RegS 1,942,500 0.14 China 102,553,330 7.21 step coupon 08/12/2014 USD 14,700,000 Agile Property RegS 9% 22/09/2013 14,919,192 1.05 CNY 81,000,000 Country Garden 2.5% 22/02/2013 12,248,297 0.86 South Korea 155,690,128 10.95 USD 6,400,000 CMHI Finance BVI 7.125% 18/06/ 6,992,422 0.49 USD 14,000,000 Hynix Semiconductor 4.5% 14/12/ 13,913,200 0.98 2018 2012 USD 5,400,000 Galaxy Entertainment Finance RegS 5,523,102 0.39 USD 2,100,000 Hynix Semiconductor RegS 7.875% 1,845,610 0.13 9.875% 15/12/2012 27/06/2017 USD 3,500,000 Galaxy Entertainment Finance RegS 3,465,000 0.24 EUR 6,900,000 Korea Expressway EMTN 4.375% 27/ 9,906,686 0.70 FRN 15/12/2010 09/2016 USD 9,700,000 GITI Tire 12.25% 26/01/2012 8,524,641 0.60 KRW 50,000,000,000 Korea Treasury Bond 4% 10/06/2012 42,611,657 2.99 CNY 26,500,000 Hopson Development 0% 02/02/2010 3,937,484 0.28 KRW 101,000,000,000 Korea Treasury Bond 4.75% 10/12/ 87,412,975 6.15 2011 USD 5,000,000 Hopson Development RegS 8.125% 4,357,720 0.31 09/11/2012 United Kingdom 4,070,000 0.29 USD 10,100,000 Parkson Retail 7.125% 30/05/2012 10,272,942 0.72 USD 4,000,000 Vedanta Resources RegS 8.75% 15/ 4,070,000 0.29 USD 3,800,000 Shimao Property RegS 8% 01/12/ 3,457,780 0.24 01/2014 2016 USD 15,800,000 Shimao Property RegS FRN 01/12/ 14,148,900 1.00 Total Transferable Securities and 2011 Money Market Instruments Admitted USD 13,430,000 Sino-Forest RegS 10.25% 28/07/2014 14,705,850 1.03 to an Official Exchange Listing 464,923,782 32.69

Hong Kong SAR 60,694,284 4.27 Number of shares Transferable Securities and Market % USD 15,000,000 Hang Fung Gold Technology 9.25% 2,025,000 0.14 or Principal Money Market Instruments dealt Value Net 17/10/2014 Amount on another Regulated Market USD Assets USD 18,200,000 HKCG Finance RegS 6.25% 07/08/ 19,564,654 1.38 2018 Malaysia 47,000,047 3.30 USD 26,800,000 Hutchison Whampoa International 09 30,574,600 2.15 MYR 160,000,000 Malaysia Government 4.378% 29/11/ 47,000,047 3.30 RegS 7.625% 09/04/2019 2019 USD 9,810,000 Wing Hang Bank EMTN variable 8,530,030 0.60 perpetual Philippines 14,122,067 0.99 USD 14,942,500 Quezon Power Philippines 8.86% 15/ 14,122,067 0.99 India 21,177,994 1.49 06/2017 USD 14,200,000 ICICI Bank RegS variable perpetual 11,711,109 0.82 Singapore 90,196,584 6.34 USD 4,500,000 Reliance Industries RegS 9.375% 24/ 5,010,345 0.35 06/2026 USD 4,690,000 Chartered Semiconductor 4,706,318 0.33 Manufacturing 6.25% 04/04/2013 USD 4,400,000 Vedanta Resources RegS 9.5% 18/ 4,456,540 0.32 07/2018 USD 3,200,000 Prime Dig RegS 11.75% 03/11/2014 3,235,858 0.23 SGD 45,000,000 Singapore Government 2.25% 01/07/ 33,575,395 2.36 Indonesia 72,174,151 5.07 2013 USD 5,800,000 Adaro Indonesia RegS 7.625% 22/10/ 5,725,468 0.40 SGD 42,500,000 Singapore Government 3.5% 01/03/ 30,974,639 2.18 2019 2027 USD 6,700,000 Bank CIMB Niaga/Cayman Islands 6,717,541 0.47 USD 7,950,000 STATS ChipPAC 6.75% 15/11/2011 8,004,002 0.56 EMTN variable 22/11/2016 USD 9,500,000 STATS ChipPAC 7.5% 19/07/2010 9,700,372 0.68 IDR 110,000,000,000 Bank Danamon Indonesia 10.6% 19/ 11,655,116 0.82 04/2012 South Korea 76,561,765 5.38 IDR 100,000,000,000 Indonesia Government 9.5% 15/06/ 10,829,366 0.76 KRW 85,500,000,000 Korea Treasury Bond 5.75% 10/09/ 76,561,765 5.38 2015 2018 IDR 140,000,000,000 Indonesia Recapitalization Bond 16,190,097 1.14 13.15% 15/01/2012 United States of America 134,334,375 9.45 USD 21,500,000 Lippo Karawaci Finance 8.875% 09/ 21,056,563 1.48 USD 140,000,000 US Treasury 3.375% 15/11/2019 134,334,375 9.45 03/2011 Total Transferable Securities and Kazakhstan 5,467,768 0.38 Money Market Instruments dealt USD 3,200,000 CenterCredit International RegS 2,982,768 0.21 on another Regulated Market 362,214,838 25.46 8.625% 30/01/2014 USD 7,000,000 TuranAlem Finance RegS 7.75% 25/ 2,485,000 0.17 Number of shares Other Transferable Securities not dealt Market % 04/2013 or Principal on another Regulated Market Value Net Amount USD Assets Netherlands 2,820,982 0.20 USD 2,800,000 Indo Integrated Energy II RegS 9.75% 2,820,982 0.20 Indonesia 14,611,624 1.03 05/11/2016 USD 10,000,000 Dualpoint variable perpetual 2,085,600 0.15

Philippines 9,429,573 0.66 USD 22,849,815 Indah Kiat Finance 144A FRN 28/04/ 1,942,234 0.14 2018 USD 1,715,000 CE Casecnan Water & Energy 11.95% 1,676,413 0.12 15/11/2010 USD 10,479,000 Paiton Energy Funding RegS 9.34% 10,583,790 0.74 15/02/2014 EUR 5,165,000 Philippine Government 6.25% 15/03/ 7,753,160 0.54 2016 Malaysia 2,373,051 0.17 MYR 8,300,000 Public Bank variable 22/12/2036 2,373,051 0.17

The notes on pages 18 to 56 form an integral part of these financial statements. Page 210 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Asian Bond (cont) Schroder ISF Emerging Europe Debt Absolute Return Number of shares Other Transferable Securities not dealt Market % Number of shares Transferable Securities and Market % or Principal on another Regulated Market Value Net or Principal Money Market Instruments Admitted Value Net Amount USD Assets Amount to an Official Exchange Listing EUR Assets

Philippines 6,622,632 0.47 Croatia 584,194 0.34 PHP 305,000,000 National Power 5.25% 20/12/2011 6,622,632 0.47 USD 845,536 Croatia FRN 30/07/2010 584,194 0.34

Total Other Transferable Securities not dealt Czech Republic 31,894,609 18.58 on another Regulated Market 23,607,307 1.67 CZK 398,000,000 Czech Republic 2.55% 18/10/2010 15,163,757 8.83 CZK 346,000,000 Czech Republic 4.1% 11/04/2011 13,440,775 7.83 Total Investments 850,745,927 59.82 CZK 86,000,000 Czech Republic 6.4% 14/04/2010 3,290,077 1.92

Other Net Assets 571,492,641 40.18 Hungary 18,659,776 10.87 HUF 1,420,000,000 Hungary Government 5.5% 12/02/ 4,892,867 2.85 Net Asset Value 1,422,238,568 100.00 2014 HUF 1,153,000,000 Hungary Government 6.5% 24/06/ 3,868,517 2.25 2019 HUF 238,000,000 Hungary Government 6.75% 12/02/ 868,076 0.51 2013 HUF 1,994,000,000 Hungary Government 6.75% 24/02/ 7,009,906 4.08 2017 HUF 566,500,000 Hungary Government 7.5% 12/11/ 2,020,410 1.18 2020

Jersey 2,952,453 1.72 EUR 4,300,000 Magnolia Finance variable perpetual 2,952,453 1.72

Luxembourg 184,215 0.11 EUR 180,000 Gaz Capital EMTN 6.605% 13/02/2018 184,215 0.11

Poland 31,208,246 18.17 PLN 33,400,000 Poland Government 5.5% 25/10/2019 7,696,344 4.48 PLN 42,080,000 Poland Government 5.75% 24/03/2010 10,299,393 6.00 PLN 53,350,000 Poland Government 6% 24/11/2010 13,212,509 7.69

Russia 662,394 0.39 USD 564,000 Russia Foreign Bond - Eurobond RegS 662,394 0.39 12.75% 24/06/2028

Supranational 1,118,331 0.65 RUB 56,200,000 European Bank for Reconstruction & 1,118,331 0.65 Development EMTN 0% 27/04/2012

Total Transferable Securities and Money Market Instruments Admitted to an Official Exchange Listing 87,264,218 50.83

Number of shares Transferable Securities and Market % or Principal Money Market Instruments dealt Value Net Amount on another Regulated Market EUR Assets

Supranational 175,554 0.10 USD 300,000 International Bank for Reconstruction & 175,554 0.10 Development 0% 15/07/2010

Total Transferable Securities and Money Market Instruments dealt on another Regulated Market 175,554 0.10

Number of shares Money Market Instruments Market % or Principal other than those dealt Value Net Amount in on a Regulated Market* EUR Assets

France 72,890,699 42.45 EUR 9,900,000 France Treasury Bill BTF 0% 11/02/ 9,895,412 5.77 2010 EUR 8,600,000 France Treasury Bill BTF 0% 25/03/ 8,590,146 5.00 2010 EUR 7,500,000 France Treasury Bill BTF 0% 08/04/ 7,489,695 4.36 2010 EUR 12,000,000 France Treasury Bill BTF 0% 22/04/ 11,980,673 6.98 2010 EUR 9,000,000 France Treasury Bill BTF 0% 06/05/ 8,985,159 5.23 2010

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 211 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Emerging Europe Debt Schroder ISF Emerging Markets Debt Absolute Return (cont) Absolute Return Number of shares Money Market Instruments Market % Number of shares Transferable Securities and Market % or Principal other than those dealt Value Net or Principal Money Market Instruments Admitted Value Net Amount in on a Regulated Market* EUR Assets Amount to an Official Exchange Listing USD Assets

France (cont) Bermuda 13,087,403 0.22 EUR 12,000,000 France Treasury Bill BTF 0% 03/06/ 11,972,692 6.97 CNY 76,100,000 GOME Electrical Appliances 3% 25/ 13,087,403 0.22 2010 09/2014 EUR 14,000,000 France Treasury Bill BTF 0% 20/05/ 13,976,922 8.14 2010 Brazil 129,928,867 2.19 BRL 144,857,000 Brazilian Government 10.25% 10/01/ 83,659,173 1.41 Total Money Market Instruments 2028 other than those dealt BRL 41,600,000 Brazilian Government 12.5% 05/01/ 27,081,135 0.46 in on a Regulated Market * 72,890,699 42.45 2016 BRL 29,820,000 Brazilian Government 12.5% 05/01/ 19,188,559 0.32 2022 Total Investments 160,330,471 93.38 Cayman Islands 19,374,338 0.33 Other Net Assets 11,374,990 6.62 GBP 15,100,000 Dubai Holding Commercial Operations 13,827,429 0.23 Net Asset Value 171,705,461 100.00 EMTN 6% 01/02/2017 USD 9,220,000 TMB Bank/Cayman Islands variable 5,546,909 0.10 perpetual

China 32,676,775 0.55 EUR 21,600,000 Peoples's Republic of China 4.25% 32,676,775 0.55 28/10/2014

Congo 4,712,710 0.08 USD 9,869,550 Republic of Congo step coupon 30/ 4,712,710 0.08 06/2029

Czech Republic 255,878,354 4.31 CZK 2,108,000,000 Czech Republic 2.55% 18/10/2010 115,644,952 1.95 CZK 1,410,000,000 Czech Republic 4.1% 11/04/2011 78,867,788 1.33 CZK 1,114,000,000 Czech Republic 6.4% 14/04/2010 61,365,614 1.03

Hungary 308,127,527 5.19 EUR 21,260,000 Hungary Government 4.5% 29/01/ 31,049,264 0.52 2014 HUF 10,127,000,000 Hungary Government 5.5% 12/02/ 50,244,464 0.85 2014 HUF 13,040,920,000 Hungary Government 6.5% 24/06/ 63,002,211 1.06 2019 HUF 1,300,000,000 Hungary Government 6.75% 12/02/ 6,827,420 0.12 2013 HUF 11,149,550,000 Hungary Government 6.75% 24/02/ 56,438,666 0.95 2017 HUF 11,428,900,000 Hungary Government 7.5% 12/11/ 58,691,657 0.99 2020 EUR 24,000,000 Hungary Government FRN 02/11/ 32,387,037 0.54 2012 EUR 6,100,000 Republic of Hungary EMTN 6.750% 9,486,808 0.16 28/07/2014

India 12,325,538 0.21 USD 15,500,000 GTL Infrastructure 0% 29/11/2012 12,325,538 0.21

Indonesia 317,729,276 5.35 IDR 273,500,000,000 Indonesia Government 9.5% 15/07/ 27,105,035 0.46 2023 IDR 134,000,000,000 Indonesia Government 10% 15/10/ 14,658,920 0.25 2011 IDR 189,200,000,000 Indonesia Government 10% 15/07/ 20,602,860 0.35 2017 IDR 63,600,000,000 Indonesia Government 10.25% 15/07/ 6,726,608 0.11 2022 IDR 50,000,000,000 Indonesia Government 11% 15/12/ 5,649,699 0.09 2012 IDR 538,700,000,000 Indonesia Government 11% 15/11/ 60,507,456 1.02 2020 IDR 503,300,000,000 Indonesia Government 11.5% 15/09/ 58,607,689 0.99 2019 IDR 150,000,000,000 Indonesia Government 12% 15/09/ 16,893,457 0.28 2011

* Money Market Instruments that fall under Article 41.1 h of the law dated 20 December 2002.

The notes on pages 18 to 56 form an integral part of these financial statements. Page 212 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Emerging Markets Debt Schroder ISF Emerging Markets Debt Absolute Return (cont) Absolute Return (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Indonesia (cont) Taiwan 101,986,698 1.72 IDR 466,575,000,000 Indonesia Government 12.8% 15/06/ 58,195,959 0.98 USD 27,385,000 Compal Electronics 0% 19/08/2010 42,062,730 0.71 2021 TWD 1,900,000,000 Taiwan Government 2% 20/07/2010 59,923,968 1.01 IDR 186,600,000,000 Indonesia Government 12.9% 15/06/ 23,381,808 0.39 2022 Thailand 8,151,591 0.14 IDR 52,600,000,000 Indonesia Recapitalization Bond 6,082,851 0.10 USD 8,220,000 Advance Agro RegS 11% 19/12/2012 8,151,591 0.14 13.15% 15/01/2012 IDR 103,795,000,000 Indonesia Recapitalization Bond 11,671,122 0.20 United Kingdom 16,983,710 0.29 13.4% 15/02/2011 USD 12,700,000 Vedanta Resources Jersey 5.5% 13/ 16,983,710 0.29 IDR 66,650,000,000 Indonesia Recapitalization Bond 7,645,812 0.13 07/2016 13.45% 15/08/2011 Total Transferable Securities and Ivory Coast 10,935,740 0.18 Money Market Instruments Admitted EUR 4,560,000 Ivory Coast Government 2.9% 31/03/ 460,447 - to an Official Exchange Listing 2,234,636,872 37.65 2018 Number of shares Transferable Securities and Market % EUR 10,000,000 Ivory Coast Government 4% 30/03/ 1,081,093 0.02 2018 or Principal Money Market Instruments dealt Value Net USD 18,420,000 Ivory Coast Government 4% 31/03/ 9,394,200 0.16 Amount on another Regulated Market USD Assets 2018 Malaysia 141,693,533 2.39 Jersey 124,945,715 2.10 MYR 76,000,000 Malaysia Government 3.756% 28/04/ 22,590,822 0.38 USD 31,490,000 Aldar Funding 5.767% 10/11/2011 31,922,408 0.53 2011 EUR 47,400,000 Magnolia Finance variable perpetual 46,862,472 0.79 MYR 405,600,000 Malaysia Government 3.869% 13/04/ 119,102,711 2.01 USD 43,242,000 Vedanta Finance Jersey 4.6% 21/02/ 46,160,835 0.78 2010 2026 Mexico 67,157,303 1.12 Luxembourg 7,102,836 0.12 MXN 529,500,000 Mexican Bonos 7.75% 14/12/2017 40,231,092 0.67 EUR 4,820,000 Gaz Capital EMTN 6.605% 13/02/ 7,102,836 0.12 MXN 340,700,000 Mexican Bonos 8% 19/12/2013 26,926,211 0.45 2018 Singapore 441,749,906 7.44 Malaysia 27,249,264 0.46 SGD 89,200,000 Singapore Government 2.625% 01/ 63,945,105 1.07 USD 23,100,000 Rafflesia Capital variable 04/10/2011 27,249,264 0.46 04/2010 SGD 142,300,000 Singapore Government 3.125% 01/ 104,326,304 1.76 Mexico 185,184,546 3.12 02/2011 MXN 1,019,000,000 Mexican Bonos 8.5% 13/12/2018 80,537,526 1.36 SGD 284,000,000 Singapore Government 3.625% 01/ 211,837,689 3.57 MXN 775,000,000 Mexican Bonos 10% 20/11/2036 67,532,914 1.14 07/2011 EUR 19,500,000 United Mexican States 5.375% 10/06/ 29,834,332 0.50 SGD 84,700,000 Singapore Government 4.625% 01/ 61,640,808 1.04 2013 07/2010 EUR 5,000,000 United Mexican States RegS 7.5% 08/ 7,279,774 0.12 03/2010 South Korea 62,151,755 1.05 KRW 69,000,000,000 Korea Treasury Bond 5.75% 10/09/ 62,151,755 1.05 Pakistan 15,047,930 0.25 2013 USD 20,350,000 Pakistan Government RegS 7.875% 15,047,930 0.25 31/03/2036 Supranational 4,465,780 0.08 USD 5,300,000 International Bank for Reconstruction 4,465,780 0.08 Poland 548,335,238 9.24 & Development 0% 15/07/2010 EUR 21,500,000 Poland Government EMTN 4.5% 05/ 32,041,174 0.54 02/2013 Total Transferable Securities and EUR 31,500,000 Poland Government 5.5% 12/03/2012 48,341,331 0.82 Money Market Instruments dealt PLN 272,220,000 Poland Government 5.5% 25/10/2019 90,321,337 1.52 on another Regulated Market 717,218,277 12.08 PLN 305,500,000 Poland Government 5.75% 24/03/ 107,666,213 1.81 Number of shares Money Market Instruments Market % 2010 or Principal other than those dealt Value Net PLN 757,050,000 Poland Government 6% 24/11/2010 269,965,183 4.55 Amount in on a Regulated Market * USD Assets Russia 10,686,061 0.18 France 28,759,356 0.48 USD 6,319,000 Russia Foreign Bond - Eurobond 10,686,061 0.18 RegS 12.75% 24/06/2028 EUR 20,000,000 France Treasury Bill BTF 0% 08/04/ 28,759,356 0.48 2010 Singapore 6,847,655 0.12 United States of America 2,702,180,693 45.52 SGD 9,600,000 Keppel Land 2.5% 23/06/2013 6,847,655 0.12 USD 202,000,000 US Cash Management Bill 0% 10/06/ 201,865,443 3.40 South Korea 64,041,353 1.08 2010 KRW 24,000,000,000 Korea Treasury Bond 5.25% 10/09/ 21,297,568 0.36 USD 155,000,000 US Cash Management Bill 0% 17/06/ 154,878,349 2.61 2012 2010 USD 19,000,000 SK Telecom 1.75% 07/04/2014 21,635,458 0.36 USD 210,000,000 US Treasury Bill 0% 14/01/2010 209,983,923 3.54 USD 27,356,000 Woori Bank RegS variable 02/05/2037 21,108,327 0.36 USD 148,000,000 US Treasury Bill 0% 21/01/2010 147,980,326 2.49 USD 149,500,000 US Treasury Bill 0% 28/01/2010 149,484,060 2.52 Supranational 13,297,747 0.22 USD 107,000,000 US Treasury Bill 0% 04/02/2010 106,985,013 1.80 RUB 464,100,000 European Bank for Reconstruction & 13,297,747 0.22 USD 140,000,000 US Treasury Bill 0% 18/02/2010 139,975,633 2.36 Development EMTN 0% 27/04/2012

* Money Market Instruments that fall under Article 41.1 h of the law dated 20 December 2002.

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 213 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Emerging Markets Debt Schroder ISF EURO Bond Absolute Return (cont) Number of shares Money Market Instruments Market % Number of shares Transferable Securities and Market % or Principal other than those dealt Value Net or Principal Money Market Instruments Admitted Value Net Amount in on a Regulated Market * USD Assets Amount to an Official Exchange Listing EUR Assets

United States of America (cont) Australia 521,424 0.16 USD 253,000,000 US Treasury Bill 0% 11/03/2010 252,912,629 4.26 GBP 450,000 QBE Insurance RegS 6.125% 28/09/2015 521,424 0.16 USD 140,000,000 US Treasury Bill 0% 25/03/2010 139,966,236 2.36 Belgium 1,581,307 0.48 USD 150,000,000 US Treasury Bill 0% 15/04/2010 149,932,067 2.53 GBP 800,000 Anheuser-Busch InBev EMTN 6.5% 23/ 973,247 0.30 USD 440,000,000 US Treasury Bill 0% 22/04/2010 439,780,838 7.41 06/2017 USD 258,500,000 US Treasury Bill 0% 29/04/2010 258,380,139 4.35 GBP 400,000 Anheuser-Busch InBev EMTN 9.75% 30/ 608,060 0.18 USD 150,000,000 US Treasury Bill 0% 20/05/2010 149,921,932 2.52 07/2024 USD 175,250,000 US Treasury Bill 0% 27/05/2010 175,157,988 2.95 USD 25,000,000 US Treasury Bill 0% 01/07/2010 24,976,117 0.42 Bermuda 1,361,076 0.41 USD 1,020,000 Petroplus Finance 144A 9.375% 15/09/ 708,382 0.21 Total Money Market Instruments 2019 other than those dealt USD 835,000 Qtel International Finance RegS 7.875% 652,694 0.20 in on a Regulated Market * 2,730,940,049 46.00 10/06/2019

Number of shares Market % Cayman Islands 2,968,585 0.90 or Principal Other Transferable Securities not dealt Value Net EUR 1,650,000 Hutchison Whampoa Finance 09 4.75% 1,668,685 0.51 14/11/2016 Amount on another Regulated Market USD Assets EUR 1,200,000 Thames Water Utilities Cayman Finance 1,299,900 0.39 Ivory Coast 988,000 0.02 EMTN 6.125% 04/02/2013 USD 1,900,000 Ivory Coast Government 3% 30/03/ 988,000 0.02 Denmark 4,432,005 1.34 2018 EUR 1,230,000 AP Moller-Maersk 4.875% 30/10/2014 1,241,345 0.37 Total Other Transferable Securities not dealt EUR 650,000 Danske Bank EMTN 4.5% 01/07/2016 682,957 0.21 on another Regulated Market 988,000 0.02 EUR 400,000 Dong Energy 4.875% 16/12/2021 397,588 0.12 EUR 1,750,000 Dong Energy variable 29/06/3005 1,672,490 0.51 Total Investments 5,683,783,198 95.75 EUR 450,000 ISS RegS 8.875% 15/05/2016 437,625 0.13

Other Net Assets 252,171,128 4.25 Finland 2,304,465 0.70 EUR 10,000 Finland Government 3.125% 15/09/2014 10,289 - Net Asset Value 5,935,954,326 100.00 EUR 1,960,000 Nokia EMTN 6.75% 04/02/2019 2,294,176 0.70

France 75,076,247 22.75 EUR 1,300,000 BNP Paribas EMTN variable perpetual 1,346,149 0.41 GBP 350,000 BNP Paribas variable perpetual 372,373 0.11 EUR 800,000 BNP Paribas variable perpetual 637,571 0.19 EUR 1,800,000 Caisse d'Amortissement de la Dette 1,844,935 0.56 Sociale EMTN 3.625% 25/04/2016 EUR 1,200,000 Caisse des Depots et Consignations 1,233,716 0.37 EMTN 4.375% 09/04/2018 EUR 2,500,000 Caisse Refinancement de l'Habitat 4.1% 2,604,931 0.79 25/10/2015 EUR 150,000 Caisse Refinancement de l'Habitat EMTN 158,003 0.05 4.5% 25/10/2017 EUR 1,750,000 Casino Guichard Perrachon EMTN 5.5% 1,869,159 0.57 30/01/2015 EUR 150,000 Casino Guichard Perrachon EMTN 164,336 0.05 6.375% 04/04/2013 EUR 1,500,000 Compagnie de Financement Foncier 1,569,632 0.48 EMTN 4.5% 16/05/2018 EUR 3,070,000 Compagnie de Financement Foncier 3,243,317 0.98 EMTN 4.875% 25/05/2021 EUR 2,850,000 Credit Agricole Covered Bonds EMTN 3,027,402 0.92 4.5% 29/01/2016 EUR 1,000,000 Credit Agricole variable perpetual 752,501 0.23 GBP 650,000 Credit Agricole variable perpetual 710,157 0.21 EUR 3,100,000 Dexia Municipal Agency EMTN 4.875% 3,265,780 0.99 02/06/2021 EUR 2,000,000 France BTAN 3% 12/01/2011 2,044,045 0.62 EUR 11,400,000 France BTAN 3% 12/07/2014 11,651,689 3.53 EUR 1,200,000 France Government Bond OAT 4% 25/04/ 1,151,033 0.35 2055 EUR 5,270,000 France Government Bond OAT 5% 25/10/ 5,898,089 1.79 2016 EUR 11,500,000 France Government Bond OAT 5.5% 25/ 13,449,031 4.08 04/2029 EUR 1,200,000 France Telecom EMTN 5.625% 22/05/ 1,320,694 0.40 2018

* Money Market Instruments that fall under Article 41.1 h of the law dated 20 December 2002.

The notes on pages 18 to 56 form an integral part of these financial statements. Page 214 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF EURO Bond (cont) Schroder ISF EURO Bond (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing EUR Assets Amount to an Official Exchange Listing EUR Assets

France (cont) Italy (cont) EUR 1,150,000 GDF Suez EMTN 6.375% 18/01/2021 1,348,578 0.41 EUR 1,750,000 Lottomatica 5.375% 05/12/2016 1,776,233 0.54 EUR 600,000 Havas 5.5% 04/11/2014 606,803 0.18 EUR 400,000 Telecom Italia EMTN 5.25% 17/03/2055 333,692 0.10 EUR 1,500,000 Pernod-Ricard EMTN 7% 15/01/2015 1,625,265 0.49 GBP 1,450,000 Telecom Italia EMTN 7.375% 15/12/2017 1,831,261 0.56 EUR 500,000 PPR EMTN 5.25% 29/03/2011 518,442 0.16 EUR 2,900,000 UniCredit EMTN 4.375% 31/01/2022 2,881,779 0.87 EUR 500,000 Rhodia RegS FRN 15/10/2013 468,750 0.14 GBP 1,100,000 UniCredit EMTN variable 16/10/2018 1,259,107 0.38 EUR 2,150,000 SCOR variable perpetual 1,741,500 0.53 EUR 2,000,000 Unione di Banche Italiane 4% 16/12/2019 1,960,780 0.59 EUR 1,600,000 Société Générale Société de Credit 1,654,329 0.50 EUR 810,000 Unione di Banche Italiane EMTN 3.625% 808,514 0.25 Foncière EMTN 4% 07/07/2016 23/09/2016 EUR 1,000,000 Société Générale variable perpetual 724,821 0.22 EUR 1,050,000 Wind Acquisition Finance RegS 12.25% 1,026,949 0.31 EUR 1,450,000 Société Générale variable perpetual 1,649,977 0.50 15/07/2017 EUR 1,550,000 Société Nationale des Chemins de Fer 1,607,076 0.49 Jersey 4,569,727 1.38 Francais EMTN 4.625% 02/02/2024 GBP 700,000 HSBC Bank Funding Sterling variable 647,641 0.19 EUR 800,000 Veolia Environnement EMTN 4.375% 11/ 778,348 0.24 perpetual 12/2020 EUR 1,000,000 HSBC Capital Funding/Jersey Channel 850,536 0.26 EUR 400,000 Veolia Environnement EMTN 5.125% 24/ 405,922 0.12 Islands variable perpetual 05/2022 EUR 1,245,000 HSBC Capital Funding/Jersey Channel 1,061,584 0.32 EUR 100,000 Veolia Environnement EMTN 6.125% 25/ 108,867 0.03 Islands variable perpetual 11/2033 GBP 800,000 United Business Media 6.5% 23/11/2016 915,424 0.28 EUR 1,340,000 Veolia Environnement EMTN 6.75% 24/ 1,566,832 0.47 04/2019 EUR 1,000,000 WPP EMTN 6.625% 12/05/2016 1,094,542 0.33 EUR 800,000 Vivendi EMTN 4.875% 02/12/2019 800,712 0.24 Luxembourg 900,850 0.27 EUR 1,000,000 Vivendi EMTN 7.75% 23/01/2014 1,155,482 0.35 EUR 860,000 Fiat Finance & Trade EMTN 7.625% 15/ 900,850 0.27 09/2014 Germany 63,053,096 19.11 EUR 1,500,000 Allianz EMTN variable perpetual 1,395,117 0.42 Netherlands 12,925,579 3.92 EUR 4,500,000 Bundesobligation 4% 13/04/2012 4,755,949 1.44 EUR 1,050,000 Allianz Finance II variable 31/05/2022 1,090,205 0.33 EUR 10,000,000 Bundesschatzanweisungen 1.25% 16/12/ 9,984,000 3.03 EUR 1,000,000 ASML 5.75% 13/06/2017 1,003,168 0.30 2011 EUR 900,000 E.ON International Finance EMTN 5.5% 992,903 0.30 EUR 300,000 Cognis RegS 9.5% 15/05/2014 310,500 0.09 19/01/2016 EUR 500,000 Cognis RegS FRN 15/09/2013 475,000 0.14 EUR 1,300,000 ELM for Elsevier Finance 6.5% 02/04/ 1,435,124 0.44 EUR 19,200,000 Germany (Bund) 3.25% 04/01/2020 18,981,600 5.75 2013 EUR 4,850,000 Germany (Bund) 3.75% 04/01/2015 5,126,758 1.55 GBP 700,000 ELM for Swiss Reinsurance EMTN variable 620,377 0.19 EUR 2,075,000 Germany (Bund) 4.25% 04/07/2039 2,127,820 0.65 perpetual EUR 5,920,000 Germany (Bund) 4.75% 04/07/2040 6,585,861 2.00 EUR 1,600,000 ELM for Swiss Reinsurance variable 1,333,199 0.40 perpetual EUR 2,000,000 Germany (Bund) 5% 04/01/2012 2,142,934 0.65 EUR 400,000 Impress RegS FRN 15/09/2013 380,000 0.12 EUR 1,320,000 Germany (Bund) 6.25% 04/01/2024 1,663,872 0.50 EUR 850,000 ING Bank EMTN variable 29/05/2023 866,439 0.26 EUR 1,130,000 HeidelbergCement 8.5% 31/10/2019 1,200,602 0.36 GBP 1,762,000 ING Bank EMTN variable 29/05/2023 1,970,006 0.60 EUR 330,000 Hella KG Hueck & Co. 7.25% 20/10/2014 334,950 0.10 EUR 300,000 Koninklijke KPN GMTN 5.625% 30/09/ 316,906 0.10 EUR 3,550,000 Kreditanstalt fuer Wiederaufbau 3.875% 3,619,092 1.10 2024 21/01/2019 EUR 2,150,000 Nomura Europe Finance EMTN 5.125% 2,173,607 0.66 EUR 600,000 Muenchener Rueckversicherungs variable 641,785 0.20 09/12/2014 21/06/2023 EUR 75,000 Wolters Kluwer 5.125% 27/01/2014 79,426 0.02 GBP 1,150,000 Muenchener Rueckversicherungs variable 1,409,569 0.43 21/06/2028 EUR 600,000 Wolters Kluwer 6.375% 10/04/2018 664,219 0.20 EUR 1,750,000 Muenchener Rueckversicherungs variable 1,581,125 0.48 Norway 1,885,524 0.57 perpetual EUR 1,800,000 Telenor EMTN 4.875% 29/05/2017 1,885,524 0.57 EUR 450,000 UPC Germany RegS 8.125% 01/12/2017 461,250 0.14 EUR 250,000 UPC Germany RegS 9.625% 01/12/2019 255,312 0.08 Spain 3,486,880 1.06 GBP 1,400,000 Santander Issuances Unipersonal EMTN 1,577,738 0.48 Ireland 1,840,754 0.56 variable 31/01/2018 EUR 1,050,000 Cloverie for Zurich Insurance EMTN 1,149,254 0.35 GBP 1,600,000 Santander Issuances Unipersonal variable 1,909,142 0.58 variable 24/07/2039 27/07/2019 EUR 500,000 Smurfit Kappa Acquisitions RegS 7.25% 492,500 0.15 15/11/2017 Supranational 13,105,807 3.97 EUR 200,000 Smurfit Kappa Acquisitions RegS 7.75% 199,000 0.06 EUR 2,800,000 European Investment Bank EMTN 3.5% 2,855,454 0.87 15/11/2019 15/04/2016 EUR 5,500,000 European Investment Bank EMTN 4.25% 5,749,670 1.74 Italy 20,189,637 6.12 15/04/2019 EUR 1,900,000 Banca Carige 3.75% 25/11/2016 1,889,993 0.57 EUR 2,550,000 European Investment Bank EMTN 4.75% 2,774,524 0.84 EUR 1,500,000 Banca Popolare di Milano EMTN 3.5% 17/ 1,484,845 0.45 15/10/2017 10/2016 EUR 1,700,000 International Bank for Reconstruction & 1,726,159 0.52 EUR 1,400,000 Banco Popolare EMTN 5.473% 12/11/ 1,399,476 0.42 Development 3.875% 20/05/2019 2016 GBP 790,000 Intesa Sanpaolo EMTN variable 19/12/ 911,449 0.28 Sweden 9,287,367 2.81 2016 EUR 350,000 Nordea Bank EMTN variable 10/09/2018 375,506 0.11 EUR 1,150,000 Intesa Sanpaolo variable perpetual 1,148,562 0.35 USD 2,050,000 Nordea Bank EMTN variable perpetual 1,485,641 0.45 EUR 1,400,000 Intesa Sanpaolo variable perpetual 1,476,997 0.45 EUR 2,200,000 Stadshypotek 3% 01/10/2014 2,193,003 0.66

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 215 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF EURO Bond (cont) Schroder ISF EURO Bond (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing EUR Assets Amount to an Official Exchange Listing EUR Assets

Sweden (cont) United Kingdom (cont) EUR 1,500,000 Svenska Handelsbanken EMTN variable 1,506,221 0.46 EUR 600,000 United Utilities Water EMTN 4.25% 24/01/ 583,894 0.18 20/04/2016 2020 EUR 2,300,000 Swedbank Hypotek 3.625% 05/10/2016 2,284,587 0.69 USD 750,000 Vedanta Resources RegS 9.5% 18/07/ 527,563 0.16 EUR 1,250,000 Vattenfall EMTN 6.25% 17/03/2021 1,442,409 0.44 2018 GBP 650,000 William Hill EMTN 7.125% 11/11/2016 744,443 0.23 Switzerland 9,589,866 2.91 GBP 1,300,000 Zurich Finance UK EMTN variable 1,407,562 0.43 GBP 1,250,000 Credit Suisse/London EMTN variable 16/ 1,503,230 0.46 perpetual 01/2023 EUR 3,900,000 UBS/London 3% 06/10/2014 3,891,631 1.18 United States of America 11,690,771 3.54 EUR 3,600,000 UBS/London 3.875% 02/12/2019 3,539,448 1.07 EUR 1,000,000 Cellco Partnership/Verizon Wireless 1,268,718 0.38 Capital 8.75% 18/12/2015 EUR 600,000 UBS/London EMTN 6.25% 03/09/2013 655,557 0.20 USD 470,000 Chesapeake Energy 9.5% 15/02/2015 359,297 0.11 United Kingdom 36,241,976 10.99 USD 1,400,000 Cincinnati Bell 8.25% 15/10/2017 981,598 0.30 GBP 500,000 Aviva variable perpetual 482,831 0.15 USD 1,350,000 Crown Castle International 7.125% 01/11/ 926,020 0.28 EUR 800,000 Aviva variable perpetual 628,620 0.19 2019 GBP 828,000 Aviva variable perpetual 724,158 0.22 USD 700,000 Dynegy 8.375% 01/05/2016 462,583 0.14 GBP 550,000 Barclays Bank EMTN 5.75% 14/09/2026 574,278 0.17 USD 2,500,000 Goldman Sachs 7.5% 15/02/2019 2,013,720 0.61 GBP 250,000 Barclays Bank EMTN 10% 21/05/2021 346,645 0.11 EUR 850,000 Goldman Sachs EMTN 5.125% 23/10/ 861,478 0.26 2019 GBP 470,000 Barclays Bank EMTN variable 16/01/2023 529,867 0.16 USD 600,000 Iron Mountain 8.375% 15/08/2021 426,819 0.13 EUR 1,000,000 Barclays Bank EMTN variable perpetual 578,930 0.17 USD 420,000 MarkWest Energy Partners/MarkWest 300,092 0.09 GBP 900,000 Barclays Bank variable perpetual 768,139 0.23 Energy Finance 8.75% 15/04/2018 GBP 1,050,000 Barclays Bank variable perpetual 808,536 0.25 USD 600,000 Massey Energy 6.875% 15/12/2013 414,000 0.13 EUR 365,000 BAT International Finance EMTN 5.375% 389,402 0.12 EUR 350,000 Morgan Stanley GMTN 5% 02/05/2019 345,401 0.10 29/06/2017 EUR 750,000 Morgan Stanley GMTN 6.5% 28/12/2018 814,372 0.25 GBP 400,000 BAT International Finance EMTN 7.25% 506,295 0.15 12/03/2024 USD 600,000 Qwest 7.625% 15/06/2015 431,169 0.13 USD 660,000 BAT International Finance RegS 9.5% 15/ 589,187 0.18 EUR 590,000 SES Global Americas EMTN 4.875% 09/ 616,674 0.19 11/2018 07/2014 USD 2,180,000 British Telecommunications 9.625% 15/ 1,931,354 0.58 USD 200,000 Time Warner Cable 8.75% 14/02/2019 168,499 0.05 12/2030 EUR 860,000 Unicredito Italiano Capital Trust III variable 577,233 0.17 EUR 1,600,000 Hammerson 4.875% 19/06/2015 1,572,899 0.48 perpetual GBP 600,000 HSBC Bank EMTN variable 20/03/2023 623,961 0.19 USD 510,000 Ventas Realty/Ventas Capital 6.75% 01/ 341,017 0.10 04/2017 GBP 1,000,000 Imperial Tobacco Finance EMTN 7.75% 1,265,899 0.38 24/06/2019 EUR 370,000 Zurich Finance USA EMTN variable 02/10/ 382,081 0.12 2023 EUR 1,500,000 Imperial Tobacco Finance EMTN 8.375% 1,820,300 0.55 17/02/2016 Total Transferable Securities and GBP 1,100,000 Imperial Tobacco Finance EMTN 9% 17/ 1,536,053 0.47 Money Market Instruments Admitted 02/2022 to an Official Exchange Listing 277,012,943 83.95 USD 100,000 Inmarsat Finance 144A 7.375% 01/12/ 70,257 0.02 2017 Number of shares Transferable Securities and Market % EUR 150,000 ISS Financing RegS 11% 15/06/2014 162,375 0.05 or Principal Money Market Instruments dealt Value Net EUR 1,680,000 Kingfisher EMTN 4.125% 23/11/2012 1,719,122 0.52 Amount on another Regulated Market EUR Assets GBP 850,000 Legal & General EMTN variable 23/07/ 1,112,475 0.34 2041 Bermuda 1,888,085 0.57 GBP 550,000 Marks & Spencer EMTN 6.125% 02/12/ 621,104 0.19 USD 1,460,000 Digicel 144A 8.25% 01/09/2017 984,585 0.30 2019 USD 1,180,000 Global Crossing 144A 12% 15/09/2015 903,500 0.27 GBP 1,650,000 Nationwide Building Society step coupon 1,371,225 0.41 perpetual Canada 1,243,663 0.38 GBP 700,000 Next 5.875% 12/10/2016 815,441 0.25 USD 1,250,000 Cascades 144A 7.75% 15/12/2017 881,138 0.27 GBP 1,350,000 Old Mutual EMTN 7.125% 19/10/2016 1,507,185 0.46 USD 435,000 Teck Resources 10.75% 15/05/2019 362,525 0.11 EUR 1,400,000 Rentokil Initial EMTN 4.625% 27/03/2014 1,418,395 0.43 France 844,630 0.26 EUR 850,000 Rexam variable 29/06/2067 711,858 0.21 USD 1,150,000 Credit Agricole 144A variable perpetual 844,630 0.26 GBP 800,000 RSA Insurance variable 20/05/2039 1,063,939 0.32 GBP 888,000 RSA Insurance variable perpetual 903,558 0.27 Luxembourg 3,187,033 0.97 GBP 590,000 Segro 6.75% 23/11/2021 664,029 0.20 USD 2,800,000 Enel Finance International 144A 6% 07/ 1,940,071 0.59 EUR 80,000 Severn Trent Utilities Finance EMTN 85,298 0.03 10/2039 5.25% 11/03/2016 USD 1,800,000 Expro Finance Luxembourg 144A 8.5% 1,246,962 0.38 GBP 500,000 Standard Chartered Bank 7.75% 03/04/ 625,046 0.19 15/12/2016 2018 GBP 301,000 Standard Chartered Bank variable 357,147 0.11 Netherlands 1,808,165 0.55 perpetual USD 1,600,000 Rabobank Nederland 144A variable 1,386,207 0.42 USD 1,806,000 Standard Chartered Bank variable 1,385,574 0.42 perpetual perpetual EUR 410,000 UPC RegS 9.75% 15/04/2018 421,958 0.13 GBP 1,900,000 Tate & Lyle International Finance 6.75% 2,185,882 0.66 25/11/2019 United Kingdom 2,403,804 0.72 EUR 500,000 TVN Finance RegS 10.75% 15/11/2017 521,250 0.16 USD 1,750,000 BAT International Finance 144A 9.5% 15/ 1,575,589 0.47 11/2018

The notes on pages 18 to 56 form an integral part of these financial statements. Page 216 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF EURO Bond (cont) Schroder ISF EURO Bond (cont)

Number of shares Transferable Securities and Market % Number of shares Market % or Principal Money Market Instruments dealt Value Net or Principal Other Transferable Securities not dealt Value Net Amount on another Regulated Market EUR Assets Amount on another Regulated Market EUR Assets

United Kingdom (cont) United States of America 979,325 0.30 USD 400,000 Virgin Media Finance 8.375% 15/10/2019 287,173 0.09 USD 1,150,000 Anheuser-Busch InBev Worldwide RegS 979,325 0.30 USD 729,000 Virgin Media Finance 9.5% 15/08/2016 541,042 0.16 8% 15/11/2039

United States of America 28,525,145 8.63 Total Other Transferable Securities not dealt USD 1,050,000 Alliance One International 144A 10% 15/ 769,324 0.23 on another Regulated Market 979,325 0.30 07/2016 USD 1,580,000 Altria 9.7% 10/11/2018 1,352,440 0.41 Total Investments 317,892,793 96.33 USD 280,000 Altria 9.95% 10/11/2038 255,070 0.08 Other Net Assets 12,094,020 3.67 USD 810,000 AMC Entertainment 8.75% 01/06/2019 571,752 0.17 USD 1,025,000 American Tower 144A 7.25% 15/05/2019 797,278 0.24 Net Asset Value 329,986,813 100.00 USD 775,000 Atlas Energy Operating/Atlas Energy 597,437 0.18 Finance 10.75% 01/02/2018 USD 4,500,000 Bank of America MTNL 5.65% 01/05/ 3,150,845 0.96 2018 USD 1,360,000 Bank of America 7.625% 01/06/2019 1,084,827 0.33 USD 1,375,000 Berry Plastics Escrow 144A 8.25% 15/11/ 964,477 0.29 2015 USD 700,000 Biomet 15/10/2017 525,712 0.16 USD 750,000 Blockbuster 144A 11.75% 01/10/2014 494,826 0.15 USD 800,000 Cablevision Systems 144A 8.625% 15/09/ 581,290 0.18 2017 USD 675,000 Case New Holland 144A 7.75% 01/09/ 477,223 0.14 2013 USD 200,000 CEDC Finance International 144A 9.125% 143,760 0.04 01/12/2016 EUR 200,000 CEDC Finance International RegS 8.875% 201,250 0.06 01/12/2016 USD 150,000 Cequel Communications Holdings I and 104,820 0.03 Cequel Capital 144A 8.625% 15/11/2017 USD 2,150,000 Citigroup 8.5% 22/05/2019 1,713,069 0.52 USD 900,000 Complete Production Services 8% 15/12/ 619,574 0.19 2016 USD 300,000 CSC 144A 8.5% 15/06/2015 222,932 0.07 USD 135,000 Encore Acquisition 9.5% 01/05/2016 99,148 0.03 USD 1,150,000 Frontier Communications 8.125% 01/10/ 803,016 0.24 2018 USD 400,000 HCA 144A 7.875% 15/02/2020 288,738 0.09 USD 650,000 HCA 9.25% 15/11/2016 485,694 0.15 USD 360,000 Helix Energy Solutions 144A 9.5% 15/01/ 257,518 0.08 2016 USD 690,000 Intelsat 9.25% 15/06/2016 491,349 0.15 USD 2,500,000 JPMorgan Chase Bank 6% 01/10/2017 1,839,273 0.56 USD 955,000 Mirant Americas Generation 8.5% 01/10/ 622,422 0.19 2021 USD 1,800,000 Morgan Stanley 7.3% 13/05/2019 1,397,617 0.42 USD 3,710,000 Morgan Stanley MTN 5.625% 23/09/2019 2,584,172 0.78 USD 400,000 Nextel Communications 6.875% 31/10/ 268,038 0.08 2013 USD 590,000 Peninsula Gaming 144A 8.375% 15/08/ 410,775 0.12 2015 USD 675,000 Pinnacle Entertainment 144A 8.625% 01/ 472,331 0.14 08/2017 USD 1,200,000 Sabine Pass 7.5% 30/11/2016 694,050 0.21 USD 1,165,000 Sinclair Television 144A 9.25% 01/11/ 845,493 0.26 2017 USD 810,000 Sprint Nextel 8.375% 15/08/2017 572,293 0.17 USD 1,125,000 Talecris Biotherapeutics 144A 7.75% 15/ 796,930 0.24 11/2016 USD 845,000 Terra Capital 144A 7.75% 01/11/2019 630,860 0.19 USD 440,000 Univision Communications 144A 12% 01/ 337,522 0.10 07/2014

Total Transferable Securities and Money Market Instruments dealt on another Regulated Market 39,900,525 12.08

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 217 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF EURO Government Bond Schroder ISF EURO Government Bond (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing EUR Assets Amount to an Official Exchange Listing EUR Assets

Belgium 5,468,290 4.97 Netherlands (cont) EUR 3,470,000 Belgium Government 4% 28/03/2017 3,622,807 3.29 EUR 3,635,000 Netherlands Government 4% 15/07/2018 3,796,430 3.45 EUR 1,700,000 Belgium Government 5% 28/09/2012 1,845,483 1.68 EUR 930,000 Netherlands Government 4% 15/01/2037 898,937 0.81

Finland 3,981,779 3.62 Total Transferable Securities and EUR 3,870,000 Finland Government 3.125% 15/09/2014 3,981,779 3.62 Money Market Instruments Admitted to an Official Exchange Listing 107,488,704 97.62 France 17,618,363 16.00 EUR 5,190,000 France BTAN 2.5% 12/01/2014 5,230,503 4.75 Total Investments 107,488,704 97.62 EUR 4,930,000 France BTAN 3% 12/01/2011 5,038,571 4.57 EUR 2,520,000 France Government Bond OAT 3.75% 25/ 2,517,674 2.29 Other Net Assets 2,625,367 2.38 04/2021 EUR 1,160,000 France Government Bond OAT 4% 25/04/ 1,112,665 1.01 Net Asset Value 110,114,071 100.00 2055 EUR 3,180,000 France Government Bond OAT 5.5% 25/ 3,718,950 3.38 04/2029

Germany 45,293,028 41.13 EUR 10,200,000 Bundesobligation 2.25% 11/04/2014 10,214,137 9.27 EUR 4,200,000 Bundesobligation 2.5% 10/10/2014 4,213,121 3.82 EUR 2,100,000 Bundesobligation 3.5% 08/04/2011 2,166,928 1.97 EUR 7,210,000 Bundesobligation 4.25% 12/10/2012 7,717,029 7.01 EUR 3,000,000 Bundesschatzanweisungen 1.25% 16/12/ 2,995,200 2.72 2011 EUR 2,400,000 Germany (Bund) 3.25% 04/07/2015 2,475,110 2.25 EUR 3,130,000 Germany (Bund) 3.5% 04/01/2016 3,257,621 2.96 EUR 4,100,000 Germany (Bund) 3.5% 04/07/2019 4,152,357 3.77 EUR 1,060,000 Germany (Bund) 3.75% 04/01/2019 1,097,773 1.00 EUR 4,005,000 Germany (Bund) 4.25% 04/07/2039 4,106,949 3.73 EUR 1,100,000 Germany (Bund) 4.75% 04/07/2028 1,190,680 1.08 EUR 710,000 Germany (Bund) 5% 04/01/2012 760,741 0.69 EUR 750,000 Germany (Bund) 6.25% 04/01/2024 945,382 0.86

Greece 4,621,892 4.20 EUR 560,000 Hellenic Republic Government 4.6% 20/ 432,420 0.39 09/2040 EUR 720,000 Hellenic Republic Government 4.7% 20/ 622,543 0.57 03/2024 EUR 1,800,000 Hellenic Republic Government 5.5% 20/ 1,838,401 1.67 08/2014 EUR 1,700,000 Hellenic Republic Government 6% 19/07/ 1,728,528 1.57 2019

Ireland 4,632,371 4.21 EUR 1,130,000 Ireland Government 4.4% 18/06/2019 1,103,176 1.00 EUR 1,000,000 Ireland Government 5.4% 13/03/2025 988,078 0.90 EUR 2,350,000 Ireland Government 5.9% 18/10/2019 2,541,117 2.31

Italy 21,177,614 19.23 EUR 1,070,000 Italy Buoni Poliennali Del Tesoro 3.75% 1,039,187 0.94 01/08/2021 EUR 3,850,000 Italy Buoni Poliennali Del Tesoro 4% 01/ 4,002,171 3.64 02/2017 EUR 2,270,000 Italy Buoni Poliennali Del Tesoro 4% 01/ 2,028,688 1.84 02/2037 EUR 1,400,000 Italy Buoni Poliennali Del Tesoro 4.25% 1,488,166 1.35 01/08/2014 EUR 4,950,000 Italy Buoni Poliennali Del Tesoro 4.25% 5,014,209 4.55 01/03/2020 EUR 3,500,000 Italy Buoni Poliennali Del Tesoro 5% 01/ 3,728,713 3.39 02/2012 EUR 1,400,000 Italy Buoni Poliennali Del Tesoro 5% 01/ 1,453,931 1.32 08/2034 EUR 660,000 Italy Buoni Poliennali Del Tesoro 5.25% 709,540 0.64 01/11/2029 EUR 1,400,000 Italy Buoni Poliennali Del Tesoro 6.5% 01/ 1,713,009 1.56 11/2027

Netherlands 4,695,367 4.26

The notes on pages 18 to 56 form an integral part of these financial statements. Page 218 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF EURO Short Term Bond Schroder ISF EURO Short Term Bond (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing EUR Assets Amount to an Official Exchange Listing EUR Assets

Cayman Islands 6,661,987 0.58 Germany (cont) EUR 6,150,000 Thames Water Utilities Cayman Finance 6,661,987 0.58 EUR 5,300,000 Kreditanstalt fuer Wiederaufbau EMTN 5,431,896 0.47 EMTN 6.125% 04/02/2013 4.875% 02/08/2010 EUR 1,400,000 Metro EMTN 3.625% 24/06/2011 1,418,059 0.13 Denmark 834,609 0.07 EUR 5,500,000 Muenchener Rueckversicherungs variable 5,883,031 0.51 EUR 790,000 Dong Energy EMTN 4.875% 07/05/2014 834,609 0.07 21/06/2023

Finland 4,228,522 0.37 Italy 9,238,956 0.81 EUR 3,900,000 Nokia EMTN 5.5% 04/02/2014 4,228,522 0.37 EUR 3,200,000 Banco Popolare EMTN 3.75% 07/08/ 3,239,347 0.28 2012 France 402,588,394 35.08 EUR 5,150,000 Banco Popolare EMTN 4.125% 22/10/ 5,154,292 0.45 EUR 500,000 BNP Paribas 4.5% 27/06/2011 517,631 0.05 2014 EUR 5,150,000 BNP Paribas Home Loan Covered Bonds 5,153,824 0.45 EUR 800,000 Intesa Sanpaolo EMTN variable 28/05/ 845,317 0.08 2.25% 01/10/2012 2018 EUR 3,800,000 BNP Paribas Home Loan Covered Bonds 3,991,778 0.35 EMTN 4.125% 15/01/2014 Jersey 6,290,151 0.55 EUR 4,000,000 BNP Paribas Home Loan Covered Bonds 4,288,844 0.37 EUR 6,200,000 WPP 4.375% 05/12/2013 6,290,151 0.55 EMTN 4.75% 28/05/2013 EUR 10,000,000 Caisse Refinancement de l'Habitat 5% 25/ 10,815,305 0.94 Luxembourg 9,255,502 0.81 10/2013 EUR 8,300,000 Dexia LDG Banque EMTN 2.625% 09/11/ 8,336,620 0.73 EUR 3,000,000 Casino Guichard Perrachon EMTN 3,286,722 0.29 2012 6.375% 04/04/2013 EUR 900,000 SES EMTN 4% 15/03/2011 918,882 0.08 EUR 1,750,000 Casino Guichard Perrachon EMTN 1,962,773 0.17 7.875% 09/08/2012 Netherlands 46,232,607 4.03 EUR 9,000,000 Compagnie de Financement Foncier 9,485,770 0.83 EUR 3,500,000 Allianz Finance II variable 31/05/2022 3,634,017 0.32 EMTN 4.25% 29/01/2014 EUR 1,000,000 BASF Finance Europe EMTN 6% 04/12/ 1,110,954 0.10 EUR 500,000 Credit Agricole/London EMTN 4.875% 08/ 520,788 0.05 2013 04/2011 EUR 3,500,000 British American Tobacco The 3,626,735 0.32 EUR 4,700,000 Credit Agricole/London EMTN 6% 24/06/ 5,191,893 0.45 Netherlands EMTN 4.375% 15/09/2014 2013 EUR 1,950,000 Deutsche Telekom International Finance 2,030,170 0.18 EUR 2,000,000 EDF EMTN 5.625% 23/01/2013 2,181,396 0.19 EMTN 4.375% 02/06/2014 EUR 44,300,000 France BTAN 3% 12/01/2011 45,275,597 3.95 EUR 3,650,000 E.ON International Finance EMTN 4.875% 3,919,054 0.34 28/01/2014 EUR 37,000,000 France BTAN 3.5% 12/07/2011 38,330,316 3.34 EUR 3,300,000 ELM for Elsevier Finance 6.5% 02/04/ 3,643,007 0.32 EUR 38,000,000 France BTAN 3.75% 12/09/2010 38,834,100 3.38 2013 EUR 49,000,000 France BTAN 3.75% 12/01/2012 51,317,528 4.47 EUR 500,000 ING Bank EMTN 5.875% 23/02/2011 518,119 0.04 EUR 17,000,000 France Government Bond OAT 5% 25/10/ 18,139,697 1.58 EUR 5,400,000 ING Bank EMTN variable 15/03/2019 5,243,278 0.46 2011 EUR 250,000 Koninklijke KPN EMTN 4.5% 21/07/2011 259,790 0.02 EUR 75,000,000 France Government Bond OAT 5% 25/04/ 80,936,325 7.05 2012 EUR 550,000 Koninklijke KPN GMTN 6.25% 16/09/ 608,798 0.05 2013 EUR 37,000,000 France Government Bond OAT 5.5% 25/ 38,418,950 3.35 10/2010 EUR 2,200,000 Koninklijke KPN GMTN 6.25% 04/02/ 2,437,754 0.21 2014 EUR 750,000 France Telecom EMTN 3% 14/10/2010 759,585 0.07 EUR 7,225,000 Nomura Europe Finance EMTN 5.125% 7,304,330 0.64 EUR 6,350,000 France Telecom EMTN 5% 22/01/2014 6,790,258 0.59 09/12/2014 GBP 400,000 France Telecom RegS 7.5% 14/03/2011 480,422 0.04 EUR 6,150,000 Rabobank Nederland EMTN 4.375% 22/ 6,495,655 0.56 EUR 3,850,000 GDF Suez EMTN 4.375% 16/01/2012 4,026,752 0.35 01/2014 EUR 2,357,000 PPR EMTN 5.25% 29/03/2011 2,443,936 0.21 EUR 5,100,000 Wolters Kluwer 5.125% 27/01/2014 5,400,946 0.47 EUR 4,200,000 PPR EMTN 8.625% 03/04/2014 4,959,641 0.43 USD 11,560,000 Société Financement de l'Economie 7,968,524 0.69 Norway 6,538,741 0.57 Francaise RegS 2.875% 22/09/2014 EUR 3,800,000 DnB NOR Bank EMTN 4.5% 29/05/2014 4,001,486 0.35 EUR 7,500,000 Société Financement de l'Economie 7,695,326 0.67 EUR 2,500,000 DnB NOR Bank EMTN FRN 28/02/2012 2,537,255 0.22 Francaise 3.25% 16/01/2014 Spain 1,042,509 0.09 EUR 3,900,000 Veolia Environnement EMTN 5.25% 24/ 4,192,783 0.37 04/2014 EUR 1,000,000 Santander International Debt EMTN 1,042,509 0.09 5.125% 11/04/2011 EUR 4,000,000 Vivendi EMTN 7.75% 23/01/2014 4,621,930 0.40 Supranational 23,515,234 2.05 Germany 445,447,977 38.81 EUR 22,500,000 European Investment Bank EMTN 4.75% 23,515,234 2.05 EUR 41,000,000 Bundesobligation 2.5% 08/10/2010 41,563,750 3.62 15/04/2011 EUR 61,000,000 Bundesobligation 3.5% 08/04/2011 62,944,100 5.49 EUR 48,000,000 Bundesobligation 3.5% 14/10/2011 49,896,768 4.35 Sweden 27,849,841 2.43 EUR 51,250,000 Bundesobligation 4% 13/04/2012 54,164,972 4.72 EUR 14,250,000 Nordea Bank EMTN 4.5% 12/05/2014 14,995,988 1.30 EUR 48,800,000 Bundesobligation 4.25% 12/10/2012 52,231,762 4.55 EUR 6,300,000 Stadshypotek 3% 01/10/2014 6,279,963 0.55 EUR 9,823,000 Germany (Bund) 4.5% 04/01/2013 10,583,511 0.92 EUR 3,650,000 Svenska Handelsbanken EMTN 5.375% 3,855,687 0.34 EUR 42,000,000 Germany (Bund) 5% 04/07/2011 44,429,196 3.87 02/09/2011 EUR 42,000,000 Germany (Bund) 5% 04/01/2012 45,001,614 3.92 EUR 2,600,000 Vattenfall Treasury EMTN 4.25% 19/05/ 2,718,203 0.24 2014 EUR 54,000,000 Germany (Bund) 5.25% 04/01/2011 56,368,926 4.91 EUR 15,000,000 Kreditanstalt fuer Wiederaufbau EMTN 4% 15,530,392 1.35 Switzerland 10,238,203 0.89 08/04/2011 EUR 250,000 Credit Suisse/London EMTN 4.75% 24/ 255,355 0.02 09/2010

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 219 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF EURO Short Term Schroder ISF EURO Short Term Bond (cont) Bond (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments dealt Value Net Amount to an Official Exchange Listing EUR Assets Amount on another Regulated Market EUR Assets

Switzerland (cont) Total Transferable Securities and EUR 250,000 Credit Suisse/London EMTN 5.125% 04/ 260,671 0.02 Money Market Instruments dealt 04/2011 on another Regulated Market 7,144,024 0.62 EUR 4,350,000 Credit Suisse/London EMTN 5.125% 30/ 4,609,630 0.40 03/2012 Total Investments 1,114,242,998 97.10 EUR 150,000 Credit Suisse/London EMTN 6.125% 16/ 167,060 0.01 05/2014 Other Net Assets 33,258,063 2.90 EUR 650,000 UBS/London 3% 06/10/2014 648,605 0.06 EUR 1,400,000 UBS/London EMTN 4.625% 06/07/2012 1,453,806 0.13 Net Asset Value 1,147,501,061 100.00 EUR 2,650,000 UBS/London EMTN 5.625% 19/05/2014 2,843,076 0.25

United Kingdom 65,476,332 5.71 GBP 5,000,000 Barclays Bank EMTN FRN 13/02/2012 5,723,170 0.50 EUR 2,000,000 BAT International Finance EMTN 3.625% 2,055,536 0.18 29/06/2012 EUR 2,150,000 GlaxoSmithKline Capital EMTN 5.125% 2,316,814 0.20 13/12/2012 EUR 1,000,000 Imperial Tobacco Finance EMTN 4.375% 1,030,786 0.09 22/11/2013 EUR 6,050,000 Imperial Tobacco Finance EMTN 7.25% 6,900,328 0.60 15/09/2014 EUR 4,400,000 Kingfisher EMTN 4.125% 23/11/2012 4,502,463 0.39 EUR 3,250,000 National Grid Electricity Transmission 3,660,478 0.32 EMTN 6.625% 28/01/2014 EUR 1,000,000 National Grid EMTN 4.125% 21/03/2013 1,033,240 0.09 EUR 600,000 Rentokil Initial EMTN 4.625% 27/03/2014 607,883 0.05 EUR 26,400,000 Royal Bank of Scotland EMTN 3.75% 14/ 27,380,536 2.39 11/2011 EUR 7,420,000 Standard Chartered EMTN 5.75% 30/04/ 8,045,079 0.70 2014 EUR 1,950,000 Vodafone EMTN 6.875% 04/12/2013 2,220,019 0.20

United States of America 41,659,409 3.63 EUR 8,455,000 Goldman Sachs 4.75% 28/01/2014 8,725,205 0.76 EUR 210,000 Goldman Sachs EMTN 5.375% 15/02/ 222,487 0.02 2013 EUR 200,000 International Business Machines EMTN 227,778 0.02 6.625% 30/01/2014 EUR 250,000 JPMorgan Chase & Co. EMTN 5.25% 08/ 268,457 0.02 05/2013 EUR 6,800,000 JPMorgan Chase & Co. EMTN 6.125% 7,563,446 0.66 01/04/2014 EUR 5,000,000 Morgan Stanley EMTN 3.75% 01/03/2013 5,006,078 0.43 EUR 3,050,000 Morgan Stanley GMTN 4.5% 29/10/2014 3,075,106 0.27 EUR 1,800,000 Pfizer 3.625% 03/06/2013 1,859,665 0.16 EUR 1,600,000 Philip Morris International EMTN 4.25% 1,664,398 0.15 23/03/2012 EUR 2,740,000 SES Global Americas EMTN 4.875% 09/ 2,863,874 0.25 07/2014 EUR 3,800,000 Zurich Finance USA EMTN 4.875% 14/04/ 3,987,006 0.35 2012 EUR 6,000,000 Zurich Finance USA EMTN variable 02/10/ 6,195,909 0.54 2023

Total Transferable Securities and Money Market Instruments Admitted to an Official Exchange Listing 1,107,098,974 96.48

Number of shares Transferable Securities and Market % or Principal Money Market Instruments dealt Value Net Amount on another Regulated Market EUR Assets

United Kingdom 3,157,228 0.28 USD 4,300,000 Barclays Bank 5.2% 10/07/2014 3,157,228 0.28

United States of America 3,986,796 0.34 USD 5,080,000 Bank of America 7.375% 15/05/2014 3,986,796 0.34

The notes on pages 18 to 56 form an integral part of these financial statements. Page 220 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Bond Schroder ISF Global Bond (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Belgium 453,717 0.17 France (cont) EUR 250,000 Anheuser-Busch InBev EMTN 8.625% 453,717 0.17 EUR 250,000 Société Générale variable perpetual 409,621 0.15 30/01/2017 EUR 500,000 Société Nationale des Chemins de Fer 746,461 0.28 Francais EMTN 4.625% 02/02/2024 Canada 183,097 0.07 EUR 200,000 Veolia Environnement EMTN 5.125% 292,244 0.11 USD 155,000 Talisman Energy 7.75% 01/06/2019 183,097 0.07 24/05/2022 Cayman Islands 2,069,931 0.77 EUR 140,000 Veolia Environnement EMTN 6.75% 24/ 235,710 0.09 04/2019 USD 365,000 Embraer Overseas 6.375% 15/01/2020 362,480 0.13 EUR 100,000 Vivendi EMTN 4.875% 02/12/2019 144,118 0.05 EUR 350,000 Hutchison Whampoa Finance 09 509,672 0.19 4.75% 14/11/2016 EUR 150,000 Vivendi EMTN 7.75% 23/01/2014 249,567 0.09 USD 320,000 Petrobras International Finance 5.75% 322,545 0.12 Germany 20,889,357 7.73 20/01/2020 EUR 250,000 Allianz EMTN variable perpetual 334,805 0.12 EUR 250,000 Thames Water Utilities Cayman Finance 389,943 0.15 EUR 1,700,000 Bundesobligation 3.5% 14/10/2011 2,544,558 0.94 EMTN 6.125% 04/02/2013 EUR 3,800,000 Bundesobligation 4% 13/04/2012 5,782,832 2.14 USD 480,000 Vale Overseas 6.875% 10/11/2039 485,291 0.18 EUR 1,500,000 Germany (Bund) 3.25% 04/01/2020 2,135,282 0.79 Denmark 2,877,131 1.07 EUR 2,000,000 Germany (Bund) 3.75% 04/01/2015 3,044,131 1.13 USD 2,065,000 Danske Bank 144A 2.5% 10/05/2012 2,094,236 0.78 EUR 370,000 Germany (Bund) 4.25% 04/07/2039 546,325 0.20 EUR 150,000 Danske Bank EMTN 4.5% 01/07/2016 226,936 0.08 EUR 1,750,000 Germany (Bund) 4.75% 04/07/2040 2,803,246 1.04 EUR 100,000 Dong Energy 4.875% 16/12/2021 143,122 0.05 EUR 2,100,000 Kreditanstalt fuer Wiederaufbau 3,082,640 1.14 EUR 300,000 Dong Energy variable perpetual 412,837 0.16 3.875% 21/01/2019 EUR 150,000 Landwirtschaftliche Rentenbank EMTN 225,253 0.08 Finland 842,700 0.31 3.875% 14/03/2012 EUR 500,000 Nokia EMTN 6.75% 04/02/2019 842,700 0.31 EUR 300,000 Muenchener Rueckversicherungs 390,285 0.15 variable perpetual France 24,449,813 9.05 EUR 250,000 BNP Paribas EMTN variable perpetual 372,754 0.14 Hungary 6,496,657 2.40 EUR 500,000 BNP Paribas Home Loan Covered 756,284 0.28 HUF 1,193,970,000 Hungary Government 8% 12/02/2015 6,496,657 2.40 Bonds EMTN 4.125% 15/01/2014 EUR 950,000 BNP Paribas Home Loan Covered 1,466,683 0.54 Ireland 551,604 0.20 Bonds EMTN 4.75% 28/05/2013 EUR 350,000 Cloverie for Zurich Insurance EMTN 551,604 0.20 EUR 350,000 Caisse d'Amortissement de la Dette 516,546 0.19 variable 24/07/2039 Sociale EMTN 3.625% 25/04/2016 Italy 4,376,516 1.62 EUR 350,000 Caisse des Depots et Consignations 518,125 0.19 EUR 600,000 Banca Carige 3.75% 25/11/2016 859,390 0.32 EMTN 4.375% 09/04/2018 EUR 300,000 Banca Popolare di Milano EMTN 3.5% 427,606 0.16 EUR 600,000 Caisse Refinancement de l'Habitat 4% 875,701 0.32 17/10/2016 25/04/2018 EUR 200,000 Banco Popolare EMTN 3.75% 07/08/ 291,521 0.11 EUR 1,000,000 Caisse Refinancement de l'Habitat 1,500,336 0.56 2012 4.1% 25/10/2015 EUR 200,000 Banco Popolare EMTN 5.473% 12/11/ 287,872 0.11 EUR 250,000 Casino Guichard Perrachon EMTN 384,486 0.14 2016 5.5% 30/01/2015 EUR 100,000 Intesa Sanpaolo variable perpetual 143,810 0.05 EUR 450,000 Casino Guichard Perrachon EMTN 709,883 0.26 6.375% 04/04/2013 EUR 300,000 Intesa Sanpaolo variable perpetual 455,727 0.17 EUR 100,000 Cie Financiere et Industrielle des 147,130 0.06 EUR 250,000 Lottomatica 5.375% 05/12/2016 365,371 0.14 Autoroutes 5% 24/05/2021 EUR 100,000 Telecom Italia EMTN 5.25% perpetual 120,121 0.04 EUR 350,000 Compagnie de Financement Foncier 527,360 0.20 EUR 500,000 UniCredit EMTN 4.375% 31/01/2022 715,427 0.26 EMTN 4.5% 16/05/2018 EUR 350,000 Unione di Banche Italiane 4% 16/12/ 494,082 0.18 EUR 675,000 Compagnie de Financement Foncier 1,026,803 0.38 2019 EMTN 4.875% 25/05/2021 EUR 150,000 Unione di Banche Italiane EMTN 215,589 0.08 EUR 550,000 Credit Agricole Covered Bonds EMTN 841,241 0.31 3.625% 23/09/2016 4.5% 29/01/2016 EUR 500,000 Dexia Municipal Agency EMTN 4.875% 758,451 0.28 Japan 21,398,045 7.92 02/06/2021 JPY 637,200,000 Japan Government Five Year Bond 6,980,579 2.58 EUR 380,000 France Government Bond OAT 3.75% 546,657 0.20 1.4% 20/03/2011 25/04/2021 JPY 1,195,400,000 Japan Government Ten Year Bond 13,801,052 5.11 EUR 230,000 France Government Bond OAT 4% 317,663 0.12 1.8% 20/03/2016 perpetual JPY 71,050,000 Japan Government Thirty Year Bond 616,414 0.23 EUR 1,950,000 France Government Bond OAT 5.5% 3,283,675 1.22 1.1% 20/03/2033 25/04/2029 Jersey 286,071 0.11 EUR 1,250,000 France Telecom EMTN 5.625% 22/05/ 1,980,904 0.73 2018 EUR 233,000 HSBC Capital Funding/Jersey Channel 286,071 0.11 Islands variable perpetual EUR 280,000 GDF Suez EMTN 6.875% 24/01/2019 486,441 0.18 EUR 250,000 Pernod-Ricard EMTN 7% 15/01/2015 390,036 0.15 Luxembourg 1,822,057 0.67 EUR 250,000 PPR EMTN 5.25% 29/03/2011 373,252 0.14 EUR 500,000 Dexia LDG Banque EMTN 2.625% 09/ 723,126 0.26 EUR 450,000 SCOR variable perpetual 524,844 0.19 11/2012 EUR 2,400,000 Société Financement de l'Economie 3,545,760 1.31 EUR 550,000 Enel Finance International EMTN 5% 814,479 0.30 Francaise 3.25% 16/01/2014 14/09/2022 EUR 350,000 Société Generale Societe de Credit 521,077 0.19 EUR 140,000 Fiat Finance & Trade EMTN 7.625% 211,161 0.08 Fonciere EMTN 4% 07/07/2016 15/09/2014

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 221 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Bond (cont) Schroder ISF Global Bond (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Luxembourg (cont) United Kingdom (cont) EUR 50,000 Finmeccanica Finance 5.25% 21/01/ 73,291 0.03 USD 615,000 Royal Bank of Scotland 144A 4.875% 619,872 0.23 2022 25/08/2014 EUR 1,750,000 Royal Bank of Scotland EMTN 3.75% 2,613,415 0.97 Netherlands 4,681,063 1.73 14/11/2011 USD 650,000 Achmea Hypotheekbank 144A 3.2% 647,720 0.24 EUR 300,000 Standard Chartered Bank EMTN 453,647 0.17 03/11/2014 5.875% 26/09/2017 EUR 200,000 Allianz Finance II variable 31/05/2022 299,007 0.11 EUR 220,000 Standard Chartered EMTN 5.75% 30/ 343,464 0.13 EUR 150,000 ASML 5.75% 13/06/2017 216,669 0.08 04/2014 EUR 200,000 E.ON International Finance EMTN 309,208 0.11 GBP 765,000 UK Treasury 4.25% 07/03/2036 1,200,340 0.44 4.875% 28/01/2014 GBP 450,000 UK Treasury 4.75% 07/09/2015 791,217 0.29 EUR 300,000 E.ON International Finance EMTN 5.5% 476,560 0.18 EUR 300,000 Vodafone EMTN 3.625% 29/11/2012 445,065 0.17 19/01/2016 EUR 250,000 ELM for Elsevier Finance 6.5% 02/04/ 397,391 0.15 United States of America 9,928,103 3.68 2013 USD 285,000 Atmos Energy 8.5% 15/03/2019 348,123 0.13 EUR 250,000 ELM for Swiss Reinsurance variable 299,949 0.11 USD 215,000 CBS 8.875% 15/05/2019 258,671 0.10 perpetual EUR 500,000 Cellco Partnership/Verizon Wireless 913,414 0.34 EUR 250,000 ING Bank EMTN variable 29/05/2023 366,937 0.13 Capital 8.75% 18/12/2015 EUR 200,000 KBC Internationale 291,961 0.11 USD 165,000 Chubb 6.5% 15/05/2038 179,894 0.07 Financieringsmaatschappij EMTN 4.5% USD 565,000 CVS Caremark 5.75% 01/06/2017 591,766 0.22 17/09/2014 USD 365,000 CVS Caremark 6.125% 15/09/2039 359,759 0.13 EUR 50,000 Koninklijke KPN GMTN 5.625% 30/09/ 76,052 0.03 2024 USD 90,000 Darden Restaurants 6.8% 15/10/2037 93,975 0.04 EUR 350,000 Nomura Europe Finance EMTN 5.125% 509,499 0.19 USD 125,000 Dow Chemical 8.55% 15/05/2019 147,595 0.05 09/12/2014 USD 150,000 Eli Lilly & Co. 5.95% 15/11/2037 156,956 0.06 EUR 100,000 RWE Finance 6.5% 10/08/2021 169,791 0.06 USD 200,000 General Electric Capital GMTN 6% 07/ 207,068 0.08 EUR 250,000 Wolters Kluwer 5.125% 27/01/2014 381,217 0.14 08/2019 EUR 150,000 Wolters Kluwer 6.375% 10/04/2018 239,102 0.09 EUR 270,000 Goldman Sachs 4.75% 28/01/2014 401,197 0.15 USD 545,000 Goldman Sachs 7.5% 15/02/2019 632,103 0.23 Norway 927,130 0.34 EUR 200,000 Goldman Sachs EMTN 5.125% 23/10/ 291,869 0.11 EUR 300,000 DnB NOR Bank EMTN 5.875% 20/06/ 474,636 0.17 2019 2013 EUR 190,000 Goldman Sachs EMTN 5.375% 15/02/ 289,849 0.11 EUR 300,000 Telenor EMTN 4.875% 29/05/2017 452,494 0.17 2013 USD 305,000 HCP MTN 6.7% 30/01/2018 296,411 0.11 Poland 3,747,629 1.39 EUR 300,000 International Business Machines EMTN 491,967 0.18 PLN 11,295,000 Poland Government 5.5% 25/10/2019 3,747,629 1.39 6.625% 30/01/2014 Supranational 6,424,169 2.38 USD 45,000 Kraft Foods 6.125% 23/08/2018 47,517 0.02 JPY 520,700,000 European Investment Bank 1.4% 20/ 5,766,244 2.14 USD 370,000 Kroger 5% 15/04/2013 392,479 0.15 06/2017 USD 285,000 Lorillard Tobacco 8.125% 23/06/2019 310,878 0.12 EUR 450,000 International Bank for Reconstruction & 657,925 0.24 USD 60,000 Magellan Midstream Partners 6.55% 65,387 0.02 Development 3.875% 20/05/2019 15/07/2019 USD 100,000 McKesson 7.5% 15/02/2019 119,282 0.04 Sweden 4,183,945 1.55 EUR 350,000 Morgan Stanley GMTN 4.5% 29/10/ 508,113 0.19 EUR 300,000 Nordea Bank EMTN 4.5% 12/05/2014 454,584 0.17 2014 EUR 100,000 Nordea Bank EMTN variable 10/09/ 154,483 0.05 USD 130,000 Nordstrom 6.75% 01/06/2014 144,815 0.05 2018 USD 130,000 Norfolk Southern 5.9% 15/06/2019 139,157 0.05 EUR 350,000 Stadshypotek 3% 01/10/2014 502,362 0.19 USD 245,000 Pemex Project Funding Master Trust 245,427 0.09 EUR 300,000 Svenska Handelsbanken EMTN 433,761 0.16 5.75% 01/03/2018 variable 20/04/2016 USD 155,000 Reynolds American 7.625% 01/06/ 169,844 0.06 USD 1,090,000 Swedbank 144A 2.9% 14/01/2013 1,105,314 0.41 2016 EUR 770,000 Swedbank Hypotek 3.625% 05/10/ 1,101,293 0.41 EUR 80,000 SES Global Americas EMTN 4.875% 120,400 0.04 2016 09/07/2014 EUR 250,000 Volvo Treasury EMTN 9.875% 27/02/ 432,148 0.16 USD 210,000 Verizon Communications 8.75% 01/11/ 263,619 0.10 2014 2018 USD 900,000 Wachovia Bank FRN 03/11/2014 848,533 0.31 Switzerland 2,560,471 0.95 USD 85,000 Yum! Brands 5.3% 15/09/2019 85,028 0.03 EUR 200,000 Credit Suisse/London EMTN 5.125% 305,168 0.11 30/03/2012 USD 400,000 Yum! Brands 6.875% 15/11/2037 435,278 0.16 EUR 650,000 UBS/London 3% 06/10/2014 933,926 0.35 EUR 250,000 Zurich Finance USA EMTN variable 02/ 371,729 0.14 10/2023 EUR 600,000 UBS/London 3.875% 02/12/2019 849,409 0.31 EUR 300,000 UBS/London EMTN 6.25% 03/09/2013 471,968 0.18 Total Transferable Securities and Money Market Instruments Admitted United Kingdom 8,786,532 3.25 to an Official Exchange Listing 127,935,738 47.36 EUR 350,000 Hammerson 4.875% 19/06/2015 495,429 0.18 USD 625,000 HSBC 6.8% 01/06/2038 676,964 0.25 EUR 530,000 Imperial Tobacco Finance EMTN 926,104 0.34 8.375% 17/02/2016 EUR 150,000 Kingfisher EMTN 4.125% 23/11/2012 221,015 0.08

The notes on pages 18 to 56 form an integral part of these financial statements. Page 222 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Bond (cont) Schroder ISF Global Bond (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments dealt Value Net or Principal Money Market Instruments dealt Value Net Amount on another Regulated Market USD Assets Amount on another Regulated Market USD Assets

Canada 843,687 0.31 United States of America (cont) USD 240,000 Cenovus Energy 144A 6.75% 15/11/ 261,298 0.10 USD 50,000 CVS Caremark 6.6% 15/03/2019 54,511 0.02 2039 USD 160,000 DirecTV/DirecTV Financing 144A 161,658 0.06 USD 195,000 EnCana 6.5% 15/05/2019 219,450 0.08 5.875% 01/10/2019 USD 75,000 Nexen 6.2% 30/07/2019 79,844 0.03 USD 245,000 Enterprise Products Operating 6.125% 238,437 0.09 USD 245,000 Nexen 7.5% 30/07/2039 283,095 0.10 15/10/2039 USD 180,000 EQT 8.125% 01/06/2019 209,159 0.08 Cayman Islands 89,969 0.03 USD 37,836 FHLMC (Gold) Pool N° C00690 6% 01/ 40,653 0.02 USD 90,000 Vale Overseas 5.625% 15/09/2019 89,969 0.03 12/2028 USD 3,769,746 FHLMC (Gold) Pool N° C01598 5% 01/ 3,889,474 1.44 France 993,864 0.37 08/2033 USD 1,000,000 BNP Paribas 2.125% 21/12/2012 993,864 0.37 USD 46,965 FHLMC (Gold) Pool N° G01433 6.5% 50,296 0.02 01/07/2032 Luxembourg 298,479 0.11 USD 2,379,556 FHLMC (Gold) Pool N° G03072 5% 01/ 2,449,926 0.91 USD 275,000 Telecom Italia Capital 6.175% 18/06/ 298,479 0.11 11/2036 2014 USD 1,497,477 FHLMC (Non Gold) Pool N° 1J1593 1,591,124 0.59 Malaysia 1,275,192 0.47 FRN 01/04/2037 MYR 4,290,000 Malaysia Government 3.756% 28/04/ 1,275,192 0.47 USD 932,000 FHLMC REMICS 3152 DB 6% 15/11/ 991,693 0.37 2011 2030 USD 99,400 First Union National Bank Commercial 99,533 0.04 Mexico 2,995,300 1.11 Mortgage 2000-C1 A2 7.841% 17/05/ USD 220,000 America Movil 144A 5% 16/10/2019 216,494 0.08 2032 MXN 33,350,000 Mexican Bonos 9.5% 18/12/2014 2,778,806 1.03 USD 354,006 FNMA Pool N° 254477 5.5% 01/10/ 370,821 0.14 2032 Netherlands 1,163,783 0.43 USD 74,262 FNMA Pool N° 486203 6% 01/02/2029 78,741 0.03 USD 360,000 ArcelorMittal 7% 15/10/2039 377,580 0.14 USD 78,352 FNMA Pool N° 535126 6% 01/12/2028 84,160 0.03 USD 760,000 Rabobank Nederland 144A 4.2% 13/ 786,203 0.29 USD 36,936 FNMA Pool N° 545259 7.5% 01/12/ 40,445 0.01 05/2014 2029 USD 1,442,336 FNMA Pool N° 555592 5.5% 01/07/ 1,518,809 0.56 Switzerland 800,071 0.30 2033 USD 545,000 Credit Suisse/New York 5.3% 13/08/ 557,031 0.21 USD 2,648,496 FNMA Pool N° 735581 5% 01/06/2035 2,732,199 1.01 2019 USD 1,336,299 FNMA Pool N° 735894 5.5% 01/09/ 1,399,773 0.52 USD 225,000 Credit Suisse/New York 5.5% 01/05/ 243,040 0.09 2035 2014 USD 3,596,608 FNMA Pool N° 889579 6% 01/05/2038 3,823,306 1.41 United Kingdom 1,965,229 0.73 USD 4,181,023 FNMA Pool N° 889839 5.5% 01/12/ 4,379,622 1.62 USD 1,010,000 Barclays Bank 6.75% 22/05/2019 1,124,591 0.42 2035 USD 410,000 BAT International Finance 144A 9.5% 531,590 0.20 USD 273,343 FNMA Pool N° 890116 7% 01/02/ 294,185 0.11 15/11/2018 2023 USD 275,000 WPP Finance 8% 15/09/2014 309,048 0.11 USD 61,528,901 FNMA Pool N° 990906 5.5% 01/10/ 6,445,153 2.39 2035 United States of America 84,950,602 31.44 USD 634,942 FNMA REMICS 2006-112 DA 5.5% 25/ 673,319 0.25 USD 105,000 Aflac 6.9% 17/12/2039 103,236 0.04 07/2034 USD 90,000 AmerisourceBergen 4.875% 15/11/ 88,155 0.03 USD 810,000 FNMA REMICS 2006-22 CE 4.5% 25/ 818,034 0.30 2019 08/2023 USD 90,000 Anadarko Petroleum 5.75% 15/06/ 97,899 0.03 USD 396,000 FNMA REMICS 2007-14 GB 5.5% 25/ 419,019 0.15 2014 04/2027 USD 715,000 Anheuser-Busch InBev Worldwide 758,269 0.28 USD 275,000 Freddie Mac REMICS 2716 GH 5% 15/ 285,672 0.11 144A 5.375% 15/11/2014 04/2032 USD 255,000 Anheuser-Busch InBev Worldwide 295,283 0.11 USD 351,168 GE Capital Commercial Mortgage 363,962 0.13 144A 7.75% 15/01/2019 2002-2A A2 4.97% 11/08/2036 USD 942,000 Banc of America Commercial Mortgage 987,497 0.36 USD 710,000 Geokinetics 144A 9.75% 15/12/2014 701,125 0.26 2002-PB2 A4 6.168% 11/06/2035 USD 790,000 GNMA 2004-58 VB 5.5% 16/04/2028 831,942 0.31 USD 310,000 Bank of America 6% 01/09/2017 319,025 0.12 USD 76,047 GNMA 2005-58 NJ 4.5% 20/08/2035 78,995 0.03 USD 2,100,000 Bank of America 6.1% 15/06/2017 2,145,795 0.79 USD 664,000 GNMA 2009-106 PA 4.5% 20/11/2032 703,428 0.26 USD 350,000 Bank of New York Mellon 4.3% 15/05/ 368,961 0.14 USD 630,000 GNMA 2009-122 MB 4.5% 20/02/ 662,583 0.24 2014 2034 USD 770,000 Bear Stearns Commercial Mortgage 809,257 0.30 USD 1,207,787 GNMA 2009-45 AB 5% 20/12/2029 1,261,994 0.47 Securities 2002-TOP6 A2 6.46% 15/ USD 437,468 GNMA 2009-45 PA 4.5% 16/01/2031 458,252 0.17 10/2036 USD 381,349 GNMA I Pool N° 605618 5.5% 15/07/ 402,821 0.15 USD 1,290,000 Bear Stearns Commercial Mortgage 1,269,604 0.47 2034 Securities 2005-T20 A4A variable USD 1,385,511 GNMA I Pool N° 781746 5% 15/05/ 1,437,746 0.53 perpetual 2034 USD 140,000 CareFusion 144A 6.375% 01/08/2019 146,283 0.05 USD 1,394,440 GNMA I Pool N° 782248 5.5% 15/10/ 1,461,984 0.54 USD 730,000 CenturyTel 7.6% 15/09/2039 754,662 0.28 2034 USD 235,000 Citigroup 8.5% 22/05/2019 269,610 0.10 USD 839,656 GNMA I Pool N° 782455 5.5% 15/11/ 880,326 0.33 USD 320,000 CNA Financial 7.35% 15/11/2019 319,212 0.12 2038 USD 565,000 COX Communications 5.45% 15/12/ 599,521 0.22 USD 310,000 Hess 6% 15/01/2040 308,419 0.11 2014

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 223 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Bond (cont) Schroder ISF Global Bond (cont)

Number of shares Transferable Securities and Market % Number of shares Money Market Instruments Market % or Principal Money Market Instruments dealt Value Net or Principal other than those dealt Value Net Amount on another Regulated Market USD Assets Amount in on a Regulated Market* USD Assets

United States of America (cont) Total Money Market Instruments (cont) (cont) (cont) USD 1,540,000 JPMorgan Chase Bank 6% 01/10/ 1,631,396 0.60 2017 USD 230,000 JPMorgan Chase Capital XXVII 7% 01/ 231,679 0.09 11/2039 USD 580,000 LB-UBS Commercial Mortgage Trust 609,949 0.23 Number of shares Market % 2001-C7 A5 6.133% 15/12/2030 or Principal Other Transferable Securities not dealt Value Net USD 330,000 LB-UBS Commercial Mortgage Trust 339,286 0.13 Amount on another Regulated Market USD Assets 2002-C7 A4 4.96% 15/12/2031 USD 425,000 Marathon Oil 7.5% 15/02/2019 489,939 0.18 Australia 353,013 0.14 USD 805,000 Midamerican Energy 5.75% 01/04/ 853,153 0.32 USD 355,000 Westpac Banking 144A 1.9% 14/12/ 353,013 0.14 2018 2012 USD 220,000 Morgan Stanley 6% 13/05/2014 235,597 0.09 Luxembourg 115,224 0.04 USD 255,000 Morgan Stanley 7.3% 13/05/2019 285,094 0.11 USD 110,000 Holcim US Finance Sarl & Cie 144A 6% 115,224 0.04 USD 1,150,000 Morgan Stanley Capital I 2003-T11 A4 1,182,244 0.44 30/12/2019 5.15% 13/06/2041 USD 470,000 Newmont Mining 6.25% 01/10/2039 465,442 0.17 United Kingdom 2,335,033 0.86 USD 235,000 News America 6.65% 15/11/2037 250,018 0.09 USD 2,300,000 Royal Bank of Scotland 144A 2.625% 2,335,033 0.86 USD 130,000 Nisource Finance 6.125% 01/03/2022 129,273 0.05 11/05/2012 USD 320,000 Plains All American Pipeline/PAA 378,392 0.14 Total Other Transferable Securities not dealt Finance 8.75% 01/05/2019 on another Regulated Market 2,803,270 1.04 USD 520,000 PNC Bank 6.875% 01/04/2018 557,735 0.21 USD 435,000 ProLogis 7.375% 30/10/2019 416,430 0.15 Number of shares Market % USD 305,000 Republic Services 144A 5.25% 15/11/ 302,088 0.11 or Principal Value Net 2021 Amount Derivatives USD Assets USD 55,000 Safeway 5% 15/08/2019 54,454 0.02 USD 4,876 Salomon Brothers Mortgage Securities 4,529 - United States of America 3,664,295 1.36 VII 2001-CPB1 A FRN 25/12/2030 USD 729,000 FHLMC TBA 4.5% 15/01/2024 749,845 0.28 USD 9,690,000 United States Treasury Inflation Indexed 11,341,186 4.20 USD 350,000 FNMA TBA 4.5% 25/01/2039 350,055 0.13 Bonds 1.875% 15/07/2015 USD 2,390,000 FNMA TBA 6.5% 25/01/2039 2,564,395 0.95 USD 1,130,000 United States Treasury Inflation Indexed 1,214,716 0.45 Bonds 2.5% 15/01/2029 Total Derivatives 3,664,295 1.36 USD 240,000 US Bancorp 4.2% 15/05/2014 250,076 0.09 USD 800,000 US Bank 4.95% 30/10/2014 849,732 0.31 Total Investments 235,518,408 87.18 USD 3,240,000 US Treasury 1.125% 15/12/2012 3,186,084 1.18 USD 3,725,000 US Treasury 2.125% 30/11/2014 3,632,457 1.34 Other Net Assets 34,628,667 12.82 USD 785,000 US Treasury 3.375% 15/11/2019 753,232 0.28 Net Asset Value 270,147,075 100.00 USD 765,000 US Treasury 4.5% 15/08/2039 741,452 0.27 USD 175,000 USB Capital XIII Trust 6.625% 15/12/ 176,819 0.06 2039 USD 155,000 Virginia Electric and Power 5% 30/06/ 156,298 0.06 2019 USD 986,000 Wachovia Bank Commercial Mortgage 990,646 0.37 Trust 2005-C19 A5 4.661% 15/05/ 2044 USD 255,000 Watson Pharmaceuticals 6.125% 15/ 261,469 0.10 08/2019 USD 955,000 Wells Fargo & Co 3.75% 01/10/2014 954,169 0.35

Total Transferable Securities and Money Market Instruments dealt on another Regulated Market 95,376,176 35.30

Number of shares Money Market Instruments Market % or Principal other than those dealt Value Net Amount in on a Regulated Market* USD Assets

Egypt 1,251,734 0.46 EGP 7,000,000 Egypt Treasury Bill 0% 16/03/2010 1,251,734 0.46

United States of America 4,487,195 1.66 USD 4,500,000 Freddie Mac Discount Notes 0% 16/ 4,487,195 1.66 07/2010

Total Money Market Instruments other than those dealt in on a Regulated Market* * 5,738,929 2.12

* Money Market Instruments that fall under Article 41.1 h of the law dated 20 December 2002.

The notes on pages 18 to 56 form an integral part of these financial statements. Page 224 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Inflation Linked Bond Schroder ISF Global Inflation Linked Bond (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments dealt Value Net Amount to an Official Exchange Listing EUR Assets Amount on another Regulated Market EUR Assets

Germany 18,263,432 5.27 United States of America (cont) EUR 16,410,000 Deutsche Bundesrepublik Inflation 18,263,432 5.27 USD 8,650,000 US Treasury Inflation Indexed Bonds 6,748,364 1.95 Linked 1.5% 15/04/2016 2.375% 15/01/2027 USD 26,475,000 US Treasury Inflation Indexed Bonds 30,958,874 8.94 Greece 14,974,582 4.32 3.875% 15/04/2029 EUR 15,600,000 Hellenic Republic Government Bond 11,599,719 3.35 2.3% 25/07/2030 Total Transferable Securities and EUR 3,555,000 Hellenic Republic Government Bond 3,374,863 0.97 Money Market Instruments dealt 2.9% 25/07/2025 on another Regulated Market 175,350,311 50.65

Italy 57,754,268 16.68 EUR 39,039,000 Italy Buoni Poliennali Del Tesoro 2.15% 46,351,429 13.39 Total Investments 346,894,440 100.19 15/09/2014 Other Net Liabilities ( 651,655 ) ( 0.19 ) EUR 5,569,000 Italy Buoni Poliennali Del Tesoro 2.35% 5,945,197 1.72 15/09/2019 Net Asset Value 346,242,785 100.00 EUR 5,155,000 Italy Buoni Poliennali Del Tesoro 2.55% 5,457,642 1.57 15/09/2041

Sweden 12,537,040 3.62 SEK 96,210,000 Swedish Government 3.5% 01/12/ 12,537,040 3.62 2015

United Kingdom 55,862,085 16.14 GBP 5,780,000 UK Treasury 1.25% 22/11/2017 7,547,423 2.18 GBP 2,740,000 UK Treasury 1.25% 22/11/2027 3,618,889 1.05 GBP 2,420,000 UK Treasury 1.25% 22/11/2055 4,115,573 1.19 GBP 3,700,000 UK Treasury 2% 26/01/2035 6,626,688 1.91 GBP 7,855,000 UK Treasury 2.5% 17/07/2024 23,043,810 6.66 GBP 3,840,000 UK Treasury 4.125% 22/07/2030 10,909,702 3.15

United States of America 12,152,722 3.51 USD 11,695,000 US Treasury Inflation Indexed Bonds 12,152,722 3.51 3.375% 15/04/2032

Total Transferable Securities and Money Market Instruments Admitted to an Official Exchange Listing 171,544,129 49.54

Number of shares Transferable Securities and Market % or Principal Money Market Instruments dealt Value Net Amount on another Regulated Market EUR Assets

Australia 9,869,739 2.85 AUD 15,520,000 Australia Government Bond 3% 20/09/ 9,869,739 2.85 2025

Canada 12,937,589 3.74 CAD 3,660,000 Canadian Government 4% 01/12/2031 4,436,959 1.28 CAD 7,065,000 Canadian Government 4.25% 01/12/ 8,500,630 2.46 2021

Japan 35,556,197 10.27 JPY 1,736,400,000 Japan Government 0.5% 10/06/2015 12,396,516 3.58 JPY 3,191,000,000 Japan Government 1.1% 10/09/2016 23,159,681 6.69

United States of America 116,986,786 33.79 USD 6,930,000 US Treasury Inflation Indexed Bonds 5,675,118 1.64 1.625% 15/01/2015 USD 24,205,000 US Treasury Inflation Indexed Bonds 17,744,178 5.13 1.625% 15/01/2018 USD 6,020,000 US Treasury Inflation Indexed Bonds 5,186,801 1.50 1.875% 15/07/2013 USD 19,100,000 US Treasury Inflation Indexed Bonds 16,418,370 4.74 2% 15/01/2014 USD 13,975,000 US Treasury Inflation Indexed Bonds 11,160,333 3.22 2% 15/01/2016 USD 22,095,000 US Treasury Inflation Indexed Bonds 17,751,603 5.13 2.375% 15/01/2017 USD 6,375,000 US Treasury Inflation Indexed Bonds 5,343,145 1.54 2.375% 15/01/2025

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 225 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Hong Kong Dollar Bond Schroder ISF US Dollar Bond

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing HKD Assets Amount to an Official Exchange Listing USD Assets

Hong Kong SAR 145,998,267 49.83 Canada 502,039 0.15 HKD 15,000,000 BP Capital Markets EMTN 3.66% 16/06/ 15,036,000 5.13 USD 425,000 Talisman Energy 7.75% 01/06/2019 502,039 0.15 2016 HKD 5,000,000 Cheung Kong Finance Cayman 8.38% 12/ 5,006,800 1.71 Cayman Islands 3,356,007 0.97 01/2010 USD 1,005,000 Embraer Overseas 6.375% 15/01/2020 998,062 0.29 HKD 22,000,000 Hong Kong Government 0.92% 05/09/ 22,090,750 7.54 USD 910,000 Petrobras International Finance 5.75% 20/ 917,237 0.26 2011 01/2020 HKD 15,000,000 Hong Kong Government 1.67% 24/03/ 15,052,950 5.14 USD 1,425,000 Vale Overseas 6.875% 10/11/2039 1,440,708 0.42 2014 HKD 13,000,000 Hong Kong Government 2.03% 18/03/ 13,332,657 4.55 Denmark 5,978,459 1.73 2013 USD 5,895,000 Danske Bank 144A 2.5% 10/05/2012 5,978,459 1.73 HKD 23,000,000 Hong Kong Government 2.64% 10/06/ 23,273,470 7.94 2019 Netherlands 2,644,621 0.77 HKD 20,000,000 Kowloon Canton Railway EMTN 4.65% 21,565,520 7.36 USD 1,890,000 Achmea Hypotheekbank 144A 3.2% 03/ 1,883,371 0.55 10/06/2013 11/2014 HKD 20,000,000 Swire Pacific Financing EMTN 4.93% 28/ 21,157,120 7.22 USD 725,000 Majapahit 144A 7.75%144A 20/01/2020 761,250 0.22 03/2013 Sweden 3,128,344 0.91 HKD 10,000,000 Westpac Banking EMTN 4.08% 10/12/ 9,483,000 3.24 USD 3,085,000 Swedbank 144A 2.9% 14/01/2013 3,128,344 0.91 2019 United Kingdom 3,411,331 0.99 Total Transferable Securities and USD 1,250,000 HSBC 6.8% 01/06/2038 1,353,929 0.39 Money Market Instruments Admitted USD 335,000 Inmarsat Finance 144A 7.375% 01/12/ 338,894 0.10 to an Official Exchange Listing 145,998,267 49.83 2017 Number of shares Transferable Securities and Market % USD 1,705,000 Royal Bank of Scotland 144A 4.875% 25/ 1,718,508 0.50 or Principal Money Market Instruments dealt Value Net 08/2014 Amount on another Regulated Market HKD Assets United States of America 26,332,447 7.64 USD 840,000 Atmos Energy 8.5% 15/03/2019 1,026,047 0.30 Hong Kong SAR 126,207,755 43.07 USD 585,000 CBS 8.875% 15/05/2019 703,826 0.20 HKD 10,000,000 Airport Authority 2% 18/06/2012 10,083,000 3.44 USD 530,000 Chubb 6.5% 15/05/2038 577,840 0.17 HKD 10,000,000 CK Bond Finance 5.1% 07/04/2016 10,766,000 3.67 USD 575,000 Cincinnati Bell 8.25% 15/10/2017 580,505 0.17 HKD 5,000,000 CLP Power Hong Kong Financing 3.93% 4,863,500 1.66 20/09/2021 USD 840,000 Crown Castle International 7.125% 01/11/ 829,657 0.24 2019 HKD 10,000,000 CLP Power Hong Kong Financing EMTN 10,616,450 3.62 4.75% 18/01/2016 USD 1,230,000 CVS Caremark 5.75% 01/06/2017 1,288,269 0.37 HKD 10,000,000 CLP Power Hong Kong Financing MTN 10,793,500 3.68 USD 1,020,000 CVS Caremark 6.125% 15/09/2039 1,005,353 0.29 5% 30/09/2013 USD 280,000 Darden Restaurants 6.8% 15/10/2037 292,365 0.08 HKD 5,000,000 Hong Kong Mortgage 3.6% 10/01/2011 5,141,500 1.76 USD 355,000 Dow Chemical 8.55% 15/05/2019 419,170 0.12 HKD 9,000,000 Hong Kong Mortgage 3.68% 13/12/2010 9,252,900 3.16 USD 470,000 Dynegy 8.375% 01/05/2016 447,220 0.13 HKD 10,000,000 Hong Kong Mortgage 4.85% 09/07/2018 10,839,550 3.70 USD 390,000 Eli Lilly & Co. 5.95% 15/11/2037 408,086 0.12 HKD 25,000,000 Hong Kong Mortgage MTN 5.2% 16/07/ 27,699,125 9.45 USD 1,025,000 Energy Transfer Partners 9% 15/04/2019 1,226,040 0.36 2018 USD 565,000 General Electric Capital GMTN 6% 07/08/ 584,968 0.17 HKD 10,000,000 Sun Hung Kai Properties 3.94% 16/01/ 10,444,000 3.57 2019 2013 USD 1,245,000 Goldman Sachs 7.5% 15/02/2019 1,443,979 0.42 HKD 10,000,000 Sun Hung Kai Properties 4.9% 02/11/ 10,669,730 3.64 USD 855,000 HCP MTN 6.7% 30/01/2018 830,924 0.24 2015 USD 465,000 Iron Mountain 8.375% 15/08/2021 476,297 0.14 HKD 5,000,000 Urban Renewal Authority MTN 2.08% 27/ 5,038,500 1.72 07/2012 USD 125,000 Kraft Foods 6.125% 23/08/2018 131,992 0.04 USD 805,000 Lorillard Tobacco 8.125% 23/06/2019 878,094 0.26 Total Transferable Securities and USD 170,000 Magellan Midstream Partners 6.55% 15/ 185,263 0.05 Money Market Instruments dealt 07/2019 on another Regulated Market 126,207,755 43.07 USD 600,000 Massey Energy 6.875% 15/12/2013 596,118 0.17 USD 280,000 McKesson 7.5% 15/02/2019 333,989 0.10 Total Investments 272,206,022 92.90 USD 1,100,000 Nevada Power 5.875% 15/01/2015 1,181,993 0.34 USD 360,000 Nordstrom 6.75% 01/06/2014 401,025 0.12 Other Net Assets 20,795,184 7.10 USD 370,000 Norfolk Southern 5.9% 15/06/2019 396,063 0.12 Net Asset Value 293,001,206 100.00 USD 770,000 Pemex Project Funding Master Trust 771,342 0.22 5.75% 01/03/2018 USD 710,000 Qwest 7.625% 15/06/2015 734,661 0.21 USD 485,000 Reynolds American 7.625% 01/06/2016 531,446 0.15 USD 885,000 Valassis Communications 8.25% 01/03/ 887,213 0.26 2015 USD 815,000 Ventas Realty /Ventas Capital 6.75% 01/ 784,685 0.23 04/2017 USD 590,000 Verizon Communications 8.75% 01/11/ 740,645 0.22 2018 USD 865,000 Virginia Electric and Power 8.875% 15/11/ 1,208,607 0.35 2038 USD 3,000,000 Wachovia Bank FRN 03/11/2014 2,828,442 0.82

The notes on pages 18 to 56 form an integral part of these financial statements. Page 226 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF US Dollar Bond (cont) Schroder ISF US Dollar Bond (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments dealt Value Net Amount to an Official Exchange Listing USD Assets Amount on another Regulated Market USD Assets

United States of America (cont) United States of America (cont) USD 240,000 Yum! Brands 5.3% 15/09/2019 240,078 0.07 USD 485,000 Atlas Energy Operating/Atlas Energy 538,350 0.16 USD 1,250,000 Yum! Brands 6.875% 15/11/2037 1,360,245 0.39 Finance 10.75% 01/02/2018 USD 590,000 Ball 7.125% 01/09/2016 609,425 0.18 Total Transferable Securities and USD 2,614,000 Banc of America Commercial Mortgage 2,740,251 0.80 Money Market Instruments Admitted 2002-PB2 A4 6.186% 11/06/2035 to an Official Exchange Listing 45,353,248 13.16 USD 950,000 Bank of America 6% 01/09/2017 977,658 0.28 USD 5,280,000 Bank of America 6.1% 15/06/2017 5,395,141 1.57 Number of shares Transferable Securities and Market % USD 1,075,000 Bank of New York Mellon 4.3% 15/05/ 1,133,236 0.33 or Principal Money Market Instruments dealt Value Net 2014 Amount on another Regulated Market USD Assets USD 470,000 Basic Energy Services 11.625% 01/08/ 505,250 0.15 2014 Bermuda 1,441,715 0.41 USD 2,380,000 Bear Stearns Commercial Mortgage 2,501,340 0.73 USD 900,000 Digicel 144A 8.25% 01/09/2017 873,927 0.25 Securities 2002-TOP6 A2 6.46% 15/10/ USD 515,000 Global Crossing 144A 12% 15/09/2015 567,788 0.16 2036 USD 5,726,000 Bear Stearns Commercial Mortgage 5,635,467 1.64 Canada 3,987,014 1.15 Securities 2005-T20 A4A variable USD 875,000 Cascades 144A 7.75% 15/12/2017 888,125 0.26 perpetual USD 680,000 Cenovus Energy 144A 6.75% 15/11/2039 740,344 0.21 USD 875,000 Belo 8% 15/11/2016 903,438 0.26 USD 585,000 EnCana 6.5% 15/05/2019 658,349 0.19 USD 830,000 Berry Plastics Escrow 144A 8.25% 15/11/ 838,300 0.24 USD 205,000 Nexen 6.2% 30/07/2019 218,240 0.06 2015 USD 675,000 Nexen 7.5% 30/07/2039 779,956 0.23 USD 885,000 Biomet 10% 15/10/17 958,536 0.28 USD 585,000 Teck Resources 10.75% 15/05/2019 702,000 0.20 USD 470,000 Boise Paper/Boise Finance 144A 9% 01/ 483,388 0.14 11/2017 Cayman Islands 244,915 0.07 USD 690,000 Cablevision Systems 144A 8.625% 15/09/ 721,913 0.21 USD 245,000 Vale Overseas 5.625% 15/09/2019 244,915 0.07 2017 USD 395,000 CareFusion 144A 6.375% 01/08/2019 412,727 0.12 France 3,279,750 0.95 USD 700,000 Case New Holland 144A 7.75% 01/09/ 712,603 0.21 USD 3,300,000 BNP Paribas/BNP Paribas US Medium- 3,279,750 0.95 2013 Term Note Program 2.125% 21/12/2012 USD 735,000 CEDC Finance Corp International 144A 760,725 0.22 9.125% 01/12/2016 Luxembourg 922,688 0.27 USD 2,320,000 CenturyTel 7.6% 15/09/2039 2,398,379 0.70 USD 925,000 Expro Finance Luxembourg 144A 8.5% 922,688 0.27 15/12/2016 USD 900,000 Cequel Communications I and Cequel 905,585 0.26 Capital 144A 8.625% 15/11/2017 Marshall Islands 881,969 0.26 USD 660,000 Citigroup 8.5% 22/05/2019 757,203 0.22 USD 845,000 Navios Maritime Finance 144A 8.875% 881,969 0.26 USD 470,000 Clean Harbors 7.625% 15/08/2016 478,813 0.14 01/11/2017 USD 575,000 Cloud Peak Energy Resources/Cloud 577,875 0.17 Peak Energy Finance 144A 8.25% 15/12/ Mexico 585,517 0.17 2017 USD 595,000 America Movil 144A 5% 16/10/2019 585,517 0.17 USD 930,000 CNA Financial 7.35% 15/11/2019 927,710 0.27 Netherlands 1,420,677 0.41 USD 750,000 Complete Production Services 8% 15/12/ 743,438 0.21 2016 USD 1,015,000 ArcelorMittal 7% 15/10/2039 1,064,567 0.31 USD 1,600,000 COX Communications 5.45% 15/12/2014 1,697,757 0.49 USD 290,000 Rabobank Nederland 144A variable 356,110 0.10 perpetual USD 780,000 Delta Air Lines 144A 9.5% 15/09/2014 815,100 0.24 USD 450,000 DirecTV/DirecTV Financing 144A 5.875% 454,663 0.13 Switzerland 2,293,764 0.67 01/10/2019 USD 1,515,000 Credit Suisse/New York 5.3% 13/08/2019 1,548,443 0.45 USD 930,000 DuPont Fabros Technology 144A 8.5% 947,438 0.27 USD 690,000 Credit Suisse/New York 5.5% 01/05/2014 745,321 0.22 15/12/2017 USD 670,000 Enterprise Products Operating 6.125% 652,053 0.19 United Kingdom 5,416,199 1.57 15/10/2039 USD 1,825,000 Barclays Bank 6.75% 22/05/2019 2,032,058 0.59 USD 525,000 EQT 8.125% 01/06/2019 610,047 0.18 USD 1,350,000 BAT International Finance 144A 9.5% 15/ 1,750,133 0.51 USD 11,248,477 FHLMC (Gold) Pool N° C01598 5% 01/ 11,605,732 3.37 11/2018 08/2033 USD 700,000 Global Aviation 144A 14% 15/08/2013 695,625 0.20 USD 2,440,570 FHLMC (Gold) Pool N° G03072 5% 01/ 2,512,745 0.73 USD 835,000 WPP Finance UK 8% 15/09/2014 938,383 0.27 11/2036 USD 281,063 First Union National Bank Commercial 281,437 0.08 United States of America 228,776,544 66.40 Mortgage 2000-C1 A2 7.841% 17/05/ USD 870,000 ACCO Brands 144A 10.625% 15/03/ 961,350 0.28 2032 2015 USD 1,359,545 FNMA Pool N° 254477 5.5% 01/10/2032 1,424,123 0.41 USD 335,000 Aflac 6.95% 17/12/2039 329,371 0.10 USD 369,235 FNMA Pool N° 535126 6% 01/12/2028 396,604 0.11 USD 680,000 Alliance One International 144A 10% 15/ 717,400 0.21 USD 104,711 FNMA Pool N° 545259 7.5% 01/12/2029 114,659 0.03 07/2016 USD 9,011,138 FNMA Pool N° 555592 5.5% 01/07/2033 9,488,915 2.75 USD 440,000 American Tower 144A 7.25% 15/05/2019 492,800 0.14 USD 15,700,588 FNMA Pool N° 735581 5% 01/06/2035 16,196,791 4.70 USD 260,000 AmerisourceBergen 4.875% 15/11/2019 254,671 0.07 USD 15,654,084 FNMA Pool N° 889579 6% 01/05/2038 16,640,780 4.83 USD 260,000 Anadarko Petroleum 5.75% 15/06/2014 282,819 0.08 USD 809,571 FNMA Pool N° 889839 5.5% 01/12/2035 848,025 0.25 USD 2,080,000 Anheuser-Busch InBev Worldwide 144A 2,205,872 0.64 USD 788,966 FNMA Pool N° 890116 7% 02/01/2023 849,125 0.25 5.375% 15/11/2014 USD 12,981,298 FNMA Pool N° 990906 5.5% 01/10/2035 13,597,909 3.95

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 227 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF US Dollar Bond (cont) Schroder ISF US Dollar Bond (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments dealt Value Net or Principal Money Market Instruments dealt Value Net Amount on another Regulated Market USD Assets Amount on another Regulated Market USD Assets

United States of America (cont) United States of America (cont) USD 1,796,320 FNMA REMICS 2006-112 DA 5.5% 25/ 1,904,892 0.55 USD 885,000 Nextel Communications 6.875% 31/10/ 853,908 0.25 07/2034 2013 USD 1,940,000 FNMA REMICS 2006-22 CE 4.5% 25/08/ 1,959,241 0.57 USD 400,000 Nisource Finance 6.125% 01/03/2022 397,764 0.12 2023 USD 440,000 Peninsula Gaming 144A 8.375% 15/08/ 441,100 0.13 USD 1,722,000 FNMA REMICS 2007-14 GB 5.5% 25/04/ 1,822,098 0.53 2015 2027 USD 475,000 Pinnacle Entertainment 144A 8.625% 01/ 478,596 0.14 USD 1,107,179 FNMA Series 3G039 ZQ 6.5% 25/12/ 1,206,825 0.35 08/2017 2023 USD 960,000 Plains All American Pipeline 8.75% 01/05/ 1,135,177 0.33 USD 4,038,764 Freddie Mac Non Gold Pool N° 1J1593 4,291,335 1.25 2019 FRN 01/04/2037 USD 1,515,000 PNC Bank 6.875% 01/04/2018 1,624,939 0.47 USD 778,000 Freddie Mac REMICS 2716 GH 5% 15/ 808,191 0.23 USD 1,230,000 ProLogis 7.375% 30/10/2019 1,177,493 0.34 04/2032 USD 530,000 QVC 144A 7.5% 01/10/2019 543,250 0.16 USD 2,583,000 Freddie Mac REMICS 3152 DB 6% 15/ 2,748,437 0.80 USD 895,000 Republic Services 144A 5.25% 15/11/ 886,455 0.26 11/2030 2021 USD 940,000 Freedom 144A 10.25% 01/08/2015 1,003,450 0.29 USD 935,000 Sabine Pass 7.5% 30/11/2016 778,670 0.23 USD 725,000 Frontier Communications 8.125% 01/10/ 728,948 0.21 USD 145,000 Safeway 5% 15/08/2019 143,561 0.04 2018 USD 17,581 Salomon Brothers Mortgage Securities VII 16,329 - USD 972,354 GE Capital Commercial Mortgage 2002- 1,007,781 0.29 2001-CPB1 A FRN 25/12/2030 2A A2 4.97% 11/08/2036 USD 445,000 SBA Telecommunications 144A 8% 15/ 460,261 0.13 USD 720,000 Geo 144A 7.75% 15/10/2017 739,800 0.21 08/2016 USD 885,000 Geokinetics 144A 9.75% 15/12/2014 873,938 0.25 USD 720,000 Sinclair Television 144A 9.25% 01/11/ 752,400 0.22 USD 5,956,967 GNMA 2004-58 VB 5.5% 16/04/2028 6,273,227 1.82 2017 USD 233,800 GNMA 2005-58 NJ 4.5% 20/08/2035 242,862 0.07 USD 600,000 Spirit Aerosystems 144A 7.5% 01/10/ 594,750 0.17 USD 2,773,000 GNMA 2009-106 PA 4.5% 20/11/2032 2,937,661 0.85 2017 USD 4,370,000 GNMA 2009-106 PB 4.5% 20/01/2034 4,577,575 1.33 USD 200,000 Sprint Nextel 8.375% 15/08/2017 203,468 0.06 USD 2,848,000 GNMA 2009-122 MB 4.50% 20/02/2034 2,995,295 0.87 USD 740,000 Talecris Biotherapeutics 144A 7.75% 15/ 754,800 0.22 USD 1,604,367 GNMA 2009-45 PA 4.5% 16/01/2031 1,680,591 0.49 11/2016 USD 3,823,017 GNMA 2009-45 AB 5% 20/12/2029 3,994,598 1.16 USD 580,000 Terra Capital 144A 7.75% 01/11/2019 623,500 0.18 USD 59,069 GNMA I Pool N° 351158 7% 15/08/2023 64,127 0.02 USD 3,550,000 United States Treasury Inflation Indexed 3,816,142 1.11 Bonds 2.5% 15/01/2029 USD 73,889 GNMA I Pool N° 352079 7% 15/09/2023 80,216 0.02 USD 475,000 Univision Communications 144A 12% 01/ 524,656 0.15 USD 1,463,554 GNMA I pool N° 605618 5.5% 15/07/ 1,545,960 0.45 07/2014 2034 USD 700,000 US Bancorp 4.2% 15/05/2014 729,389 0.21 USD 3,151,101 GNMA I Pool N° 782248 5.5% 15/10/ 3,303,733 0.96 2034 USD 1,330,000 US Bank 4.95% 30/10/2014 1,412,679 0.41 USD 1,561,142 GNMA I Pool N° 782455 5.5% 15/11/ 1,636,759 0.47 USD 6,880,000 US Treasury 2.125% 30/11/2014 6,709,075 1.95 2038 USD 145,000 US Treasury 3.375% 15/11/2019 139,132 0.04 USD 900,000 GXS Worldwide 144A 9.75% 15/06/2015 888,750 0.26 USD 2,080,000 US Treasury 4.5% 15/08/2039 2,015,975 0.59 USD 885,000 Hanesbrands 8% 15/12/2016 897,214 0.26 USD 685,000 USB Capital XIII Trust 6.625% 15/12/2039 692,119 0.20 USD 810,000 HCA 9.25% 15/11/2016 871,499 0.25 USD 440,000 Virginia Electric and Power 5% 30/06/ 443,686 0.13 USD 825,000 Helix Energy Solutions 144A 9.5% 15/01/ 849,750 0.25 2019 2016 USD 378,000 Vitamin Shoppe Industries FRN 15/11/ 380,363 0.11 USD 965,000 Hess 6% Perpetual 960,079 0.28 2012 USD 920,000 Host Hotels & Resorts 144A 9% 15/05/ 990,853 0.29 USD 4,435,000 Wachovia Bank Commercial Mortgage 4,455,897 1.29 2017 Trust 2005-C19 A5 4.661% 15/05/2044 USD 620,000 Hughes Network Systems/HNS Finance 643,250 0.19 USD 805,000 Watson Pharmaceuticals 6.125% 15/08/ 825,421 0.24 9.5% 15/04/2014 2019 USD 700,000 Huntsman International 144A 5.50% 30/ 624,750 0.18 USD 2,600,000 Wells Fargo & Co 3.75% 01/10/2014 2,597,738 0.75 06/2016 USD 925,000 Windstream 144A 7.875% 01/11/2017 910,697 0.26 USD 650,000 Intelsat 9.25% 15/06/2016 666,479 0.19 USD 780,000 WMG Acquisition 144A 9.5% 15/06/2016 835,930 0.24 USD 875,000 JDA Software 144A 8% 15/12/2014 901,250 0.26 USD 825,000 Yonkers Racing 144A 11.375% 15/07/ 870,375 0.25 USD 3,250,000 JPMorgan Chase Bank 6% 01/10/2017 3,442,880 1.00 2016 USD 640,000 JPMorgan Chase Capital XXVII 7% 01/11/ 644,673 0.19 Total Transferable Securities and 2039 Money Market Instruments dealt USD 2,010,000 LB-UBS Commercial Mortgage Trust 2,113,789 0.61 2001-C7 A5 6.133% 15/12/2030 on another Regulated Market 249,250,752 72.33 USD 920,000 LB-UBS Commercial Mortgage Trust 945,889 0.27 Number of shares Market % 2002-C7 A4 4.96% 15/12/2031 or Principal Other Transferable Securities not dealt Value Net USD 1,160,000 Marathon Oil 7.5% 15/02/2019 1,337,245 0.39 Amount on another Regulated Market USD Assets USD 740,000 Mirant Americas Generation 8.5% 01/10/ 694,458 0.20 2021 Luxembourg 314,246 0.09 USD 565,000 Morgan Stanley 6% 13/05/2014 605,056 0.18 USD 300,000 Holcim US Finance Sarl & Cie 144A 6% 314,246 0.09 USD 745,000 Morgan Stanley 7.3% 13/05/2019 832,922 0.24 30/12/2019 USD 3,110,000 Morgan Stanley Capital I 2003-T11 A4 3,197,200 0.93 5.15% perpetual Sweden 1,967,496 0.57 USD 1,315,000 Newmont Mining 6.25% 01/10/2039 1,302,249 0.38 USD 1,870,000 Svenska Handelsbanken 144A 4.875% 1,967,496 0.57 10/06/2014 USD 675,000 News America 6.65% 15/11/2037 718,137 0.21

The notes on pages 18 to 56 form an integral part of these financial statements. Page 228 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF US Dollar Bond (cont) Schroder ISF Asian Local Currency Bond

Number of shares Market % Number of shares Transferable Securities and Market % or Principal Other Transferable Securities not dealt Value Net or Principal Money Market Instruments Admitted Value Net Amount on another Regulated Market USD Assets Amount to an Official Exchange Listing USD Assets

United Kingdom 7,182,765 2.08 Hong Kong SAR 10,830,903 17.15 USD 7,075,000 Royal Bank of Scotland 144A 2.625% 11/ 7,182,765 2.08 HKD 15,000,000 Hong Kong Government 1.67% 24/ 1,941,302 3.07 05/2012 03/2014 HKD 9,000,000 Hong Kong Government 2.03% 18/ 1,190,385 1.89 United States of America 994,700 0.30 03/2013 USD 980,000 Georgia Gulf 144A 9% 15/01/2017 994,700 0.30 HKD 35,000,000 Hong Kong Government 2.07% 03/ 4,567,258 7.23 11/2014 Total Other Transferable Securities not dealt HKD 24,000,000 Hong Kong Government 2.64% 10/ 3,131,958 4.96 on another Regulated Market 10,459,207 3.04 06/2019

Number of shares Market % Indonesia 6,682,853 10.58 or Principal Value Net IDR 15,000,000,000 Indonesia Government 9.5% 15/06/ 1,624,405 2.57 Amount Derivatives USD Assets 2015 IDR 8,500,000,000 Indonesia Government 11% 15/11/ 954,731 1.51 United States of America 28,716,126 8.33 2020 USD 3,563,000 FHLMC TBA 4.5% 15/01/2024 3,664,880 1.06 IDR 10,000,000,000 Indonesia Government 11.5% 15/09/ 1,164,468 1.84 USD 560,000 FNMA TBA 4.5% 25/01/2024 576,537 0.17 2019 USD 730,000 FNMA TBA 4.5% 25/01/2039 730,114 0.21 IDR 25,000,000,000 Indonesia Government 12.5% 15/03/ 2,939,249 4.66 USD 11,000,000 FNMA TBA 5.5% 25/01/2039 11,531,091 3.35 2013 USD 4,200,000 FNMA TBA 6% 25/01/2039 4,455,940 1.29 South Korea 9,370,154 14.84 USD 7,230,000 FNMA TBA 6.5% 25/01/2039 7,757,564 2.25 KRW 2,800,000,000 Korea Treasury Bond 4% 10/06/2012 2,386,253 3.78 Total Derivatives 28,716,126 8.33 KRW 3,000,000,000 Korea Treasury Bond 4.75% 10/12/ 2,596,425 4.11 2011 KRW 3,000,000,000 Korea Treasury Bond 5.5% 10/09/ 2,628,245 4.16 Total Investments 333,779,333 96.86 2017 Other Net Assets 10,806,161 3.14 KRW 2,000,000,000 Korea Treasury Bond 5.75% 10/12/ 1,759,231 2.79 2010 Net Asset Value 344,585,494 100.00 Taiwan 6,514,788 10.32 TWD 50,000,000 Taiwan Government 2% 20/07/2013 1,635,258 2.59 TWD 100,000,000 Taiwan Government 2.125% 24/09/ 3,313,558 5.25 2018 TWD 50,000,000 Taiwan Government 2.125% 13/08/ 1,565,972 2.48 2029

Thailand 4,002,494 6.34 THB 41,000,000 Thailand Government 3.875% 13/06/ 1,195,944 1.89 2019 THB 90,000,000 Thailand Government 4.25% 13/03/ 2,806,550 4.45 2013

Total Transferable Securities and Money Market Instruments Admitted to an Official Exchange Listing 37,401,192 59.23

Number of shares Transferable Securities and Market % or Principal Money Market Instruments dealt Value Net Amount on another Regulated Market USD Assets

Malaysia 5,697,231 9.02 MYR 11,500,000 Malaysia Government 3.741% 27/02/ 3,347,229 5.30 2015 MYR 8,000,000 Malaysia Government 4.378% 29/11/ 2,350,002 3.72 2019

Philippines 3,039,886 4.81 PHP 110,000,000 Philippine Government 8.75% 03/03/ 2,568,268 4.07 2013 PHP 20,000,000 Philippine Government 9.125% 04/09/ 471,618 0.74 2016

Singapore 9,160,826 14.51 SGD 1,900,000 Singapore Government 2.25% 01/07/ 1,417,628 2.25 2013 SGD 3,900,000 Singapore Government 2.875% 01/ 2,969,936 4.70 07/2015 SGD 1,200,000 Singapore Government 3.25% 01/09/ 881,047 1.40 2020 SGD 1,000,000 Singapore Government 3.5% 01/03/ 728,815 1.15 2027

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 229 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Asian Local Currency Schroder ISF EURO Corporate Bond Bond (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments dealt Value Net or Principal Money Market Instruments Admitted Value Net Amount on another Regulated Market USD Assets Amount to an Official Exchange Listing EUR Assets

Singapore (cont) Belgium 19,722,500 0.37 SGD 2,500,000 Singapore Government 3.625% 01/ 1,973,972 3.13 EUR 20,125,000 Barry Callebaut Services 6% 13/07/2017 19,722,500 0.37 07/2014 SGD 1,500,000 Singapore Government 4% 01/09/ 1,189,428 1.88 Bermuda 2,083,478 0.04 2018 USD 3,000,000 Petroplus Finance 144A 9.375% 15/09/ 2,083,478 0.04 2019 South Korea 2,686,378 4.25 KRW 3,000,000,000 Korea Treasury Bond 5.75% 10/09/ 2,686,378 4.25 Cayman Islands 54,162,309 1.02 2018 EUR 48,950,000 Hutchison Whampoa Finance 09 4.75% 49,504,334 0.93 14/11/2016 Total Transferable Securities and EUR 4,300,000 Thames Water Utilities Cayman Finance 4,657,975 0.09 Money Market Instruments dealt EMTN 6.125% 04/02/2013 on another Regulated Market 20,584,321 32.59 Denmark 158,329,067 2.97 Number of shares Money Market Instruments Market % EUR 28,710,000 AP Moller-Maersk 4.875% 30/10/2014 28,974,821 0.54 or Principal other than those dealt Value Net EUR 1,750,000 Danske Bank EMTN 4.75% 29/06/2012 1,845,587 0.03 Amount in on a Regulated Market* USD Assets EUR 2,750,000 Danske Bank EMTN variable 16/03/2018 2,552,824 0.05 EUR 12,000,000 Danske Bank EMTN variable 18/08/2014 12,167,976 0.23 Singapore 1,211,313 1.92 EUR 2,750,000 Danske Bank EMTN variable perpetual 2,134,290 0.04 SGD 1,700,000 Singapore Treasury Bill 0% 11/03/ 1,211,313 1.92 EUR 6,090,000 Dong Energy EMTN 4.875% 07/05/2014 6,433,884 0.12 2010 EUR 6,750,000 Dong Energy EMTN 6.5% 07/05/2019 7,711,625 0.15 Total Money Market Instruments EUR 60,000,000 Dong Energy variable perpetual 57,342,510 1.08 other than those dealt EUR 9,500,000 ISS RegS 8.875% 15/05/2016 9,238,750 0.17 in on a Regulated Market * 1,211,313 1.92 EUR 27,710,000 Nordic Telephone RegS 8.25% 01/05/ 29,926,800 0.56 2016

Total Investments 59,196,826 93.74 Finland 32,543,506 0.61 Other Net Assets 3,951,832 6.26 EUR 2,400,000 Nokia EMTN 5.5% 04/02/2014 2,602,167 0.05 EUR 25,580,000 Nokia EMTN 6.75% 04/02/2019 29,941,339 0.56 Net Asset Value 63,148,658 100.00 France 1,010,566,718 18.96 EUR 12,800,000 Autoroutes du Sud de la France EMTN 15,604,109 0.29 7.375% 20/03/2019 EUR 37,850,000 BNP Paribas EMTN 3.25% 27/03/2012 38,807,454 0.73 EUR 2,750,000 BNP Paribas EMTN 5.25% 17/12/2012 2,949,771 0.05 EUR 3,300,000 BNP Paribas EMTN 5.431% 07/09/2017 3,598,884 0.07 EUR 40,000,000 BNP Paribas EMTN FRN 21/06/2012 40,058,725 0.75 EUR 32,250,000 BNP Paribas EMTN variable perpetual 33,394,843 0.63 EUR 5,000,000 BNP Paribas variable perpetual 5,285,235 0.10 EUR 22,000,000 BNP Paribas variable perpetual 17,533,197 0.33 EUR 8,000,000 Carrefour EMTN 4.375% 02/11/2016 8,288,976 0.16 EUR 6,200,000 Carrefour EMTN 5.125% 10/10/2014 6,710,248 0.13 EUR 14,050,000 Carrefour EMTN 5.375% 12/06/2015 15,382,340 0.29 EUR 5,250,000 Carrefour EMTN 6.625% 02/12/2013 5,980,451 0.11 EUR 4,000,000 Casino Guichard Perrachon EMTN 4,182,086 0.08 4.875% 10/04/2014 EUR 10,600,000 Casino Guichard Perrachon EMTN 5.5% 11,321,765 0.21 30/01/2015 EUR 38,000,000 Casino Guichard Perrachon EMTN 5.5% 40,587,458 0.76 30/01/2015 EUR 14,350,000 Casino Guichard Perrachon EMTN 15,721,487 0.29 6.375% 04/04/2013 EUR 7,750,000 Cie Financiere et Industrielle des 7,919,004 0.15 Autoroutes 5% 24/05/2021 EUR 9,200,000 Credit Agricole EMTN 5.875% 11/06/ 10,109,747 0.19 2019 EUR 32,850,000 Credit Agricole EMTN 5.971% 01/02/ 36,244,144 0.68 2018 EUR 7,500,000 Credit Agricole variable perpetual 8,156,250 0.15 EUR 15,050,000 Credit Agricole variable perpetual 16,110,935 0.30 EUR 37,850,000 Credit Agricole variable perpetual 28,482,163 0.53 EUR 4,900,000 Crédit Agricole/London EMTN FRN 27/04/ 4,844,424 0.09 2012 EUR 7,500,000 Credit Agricole/London EMTN 6% 24/06/ 8,284,935 0.16 2013 EUR 2,750,000 EDF 5% 05/02/2018 2,947,482 0.06

* Money Market Instruments that fall under Article 41.1 h of the law dated 20 December 2002.

The notes on pages 18 to 56 form an integral part of these financial statements. Page 230 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF EURO Corporate Bond (cont) Schroder ISF EURO Corporate Bond (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing EUR Assets Amount to an Official Exchange Listing EUR Assets

France (cont) Germany (cont) EUR 2,750,000 EDF EMTN 5.375% 29/05/2020 2,994,270 0.06 EUR 13,000,000 Daimler EMTN 4.625% 02/09/2014 13,536,828 0.25 EUR 6,300,000 EDF EMTN 5.625% 23/01/2013 6,871,397 0.13 EUR 40,000,000 Deutsche Bundesrepublik Inflation Linked 44,517,812 0.84 EUR 22,900,000 EDF EMTN 6.25% 25/01/2021 26,535,867 0.50 1.5% 15/04/2016 EUR 39,500,000 France (OAT) 1.6% 25/07/2015 45,623,058 0.86 EUR 26,150,000 Deutsche Lufthansa EMTN 6.5% 07/07/ 27,999,982 0.53 2016 EUR 4,280,000 France Telecom EMTN 4.375% 21/02/ 4,470,948 0.08 2012 EUR 11,030,000 HeidelbergCement 7.5% 31/10/2014 11,553,925 0.22 EUR 2,750,000 France Telecom EMTN 4.75% 21/02/ 2,877,084 0.05 EUR 5,900,000 HeidelbergCement 8% 31/01/2017 6,136,000 0.12 2017 EUR 2,080,000 HeidelbergCement 8.5% 31/10/2019 2,209,958 0.04 EUR 7,150,000 France Telecom EMTN 5% 22/01/2014 7,645,724 0.14 EUR 6,030,000 Hella KG Hueck & Co 7.25% 20/10/2014 6,120,450 0.11 EUR 16,850,000 France Telecom EMTN 5.625% 22/05/ 18,544,748 0.35 EUR 33,700,000 Landesbank Berlin EMTN 5.875% 25/11/ 33,333,142 0.63 2018 2019 EUR 7,050,000 France Telecom EMTN 7.25% 28/01/ 7,956,344 0.15 EUR 7,600,000 Metro EMTN 3.625% 24/06/2011 7,698,032 0.14 2013 EUR 43,500,000 Metro EMTN 7.625% 05/03/2015 50,812,720 0.95 EUR 1,750,000 GDF Suez EMTN 4.375% 16/01/2012 1,830,342 0.03 EUR 37,500,000 Muenchener Rueckversicherungs variable 40,111,575 0.75 EUR 9,750,000 GDF Suez EMTN 6.375% 18/01/2021 11,433,596 0.21 21/06/2023 EUR 1,580,000 GDF Suez EMTN 6.875% 24/01/2019 1,906,327 0.04 EUR 42,750,000 Muenchener Rueckversicherungs variable 38,624,625 0.72 EUR 3,500,000 Groupe Auchan EMTN 4.75% 15/04/2015 3,721,597 0.07 perpetual EUR 8,700,000 Groupe Auchan EMTN 6% 15/04/2019 9,858,836 0.18 EUR 19,150,000 UPC Germany RegS 8.125% 01/12/2017 19,628,750 0.37 EUR 18,200,000 Havas 5.5% 04/11/2014 18,406,374 0.35 EUR 7,600,000 UPC Germany RegS 9.625% 01/12/2019 7,761,500 0.15 EUR 3,500,000 Lafarge EMTN 5.375% 26/06/2017 3,535,758 0.07 Ireland 58,404,076 1.09 EUR 21,850,000 Lafarge EMTN 5.5% 16/12/2019 21,613,911 0.41 EUR 3,000,000 Ardagh Glass Finance RegS 7.125% 15/ 2,700,000 0.05 EUR 8,300,000 Lafarge EMTN 6.125% 28/05/2015 8,864,259 0.17 06/2017 EUR 7,000,000 Compagnie Generale des Etablissements 6,864,371 0.13 EUR 17,390,000 Ardagh Glass Finance RegS 9.25% 01/ 18,955,100 0.36 Michelin variable 03/12/2033 07/2016 EUR 11,150,000 Nexans EMTN 5.75% 02/05/2017 10,225,386 0.19 EUR 6,400,000 Cloverie for Zurich Insurance EMTN 7,004,976 0.13 EUR 4,000,000 Pernod-Ricard 4.625% 06/12/2013 4,089,880 0.08 variable 24/07/2039 EUR 12,550,000 Pernod-Ricard EMTN 7% 15/01/2015 13,598,050 0.25 EUR 9,650,000 Smurfit Kappa Acquisitions RegS 7.25% 9,505,250 0.18 EUR 32,701,000 PPR EMTN 8.625% 03/04/2014 38,615,532 0.72 15/11/2017 EUR 15,250,000 Remy Cointreau RegS 5.2% 15/01/2012 15,373,906 0.29 EUR 14,150,000 Smurfit Kappa Acquisitions RegS 7.75% 14,079,250 0.26 15/11/2019 EUR 14,800,000 Rexel 8.25% 15/12/2016 15,219,994 0.29 EUR 6,350,000 Smurfit Kappa Funding 7.75% 01/04/ 6,159,500 0.11 EUR 33,450,000 Rhodia RegS FRN 15/10/2013 31,359,375 0.59 2015 EUR 2,200,000 Société Générale EMTN 5.25% 28/03/ 2,374,817 0.04 2013 Italy 529,203,946 9.93 EUR 5,000,000 Société Générale EMTN FRN 05/03/2012 4,962,745 0.09 EUR 8,350,000 Atlantia EMTN 5.625% 06/05/2016 9,094,027 0.17 EUR 5,000,000 Société Générale EMTN 4.2% 05/03/2012 5,215,497 0.10 EUR 25,000,000 Banca Carige 3.75% 25/11/2016 24,868,325 0.47 EUR 1,250,000 Société Générale EMTN 5.62% 13/02/ 1,332,186 0.02 EUR 41,750,000 Banco Popolare EMTN 3.75% 07/08/ 42,263,358 0.79 2012 2012 EUR 3,000,000 Société Générale EMTN 6.125% 20/08/ 3,348,861 0.06 EUR 9,850,000 Banco Popolare EMTN 4.125% 22/10/ 9,858,210 0.19 2018 2014 EUR 25,000,000 Société Générale EMTN FRN 21/12/2011 24,991,401 0.47 EUR 27,500,000 Banco Popolare EMTN 5.473% 12/11/ 27,489,715 0.52 EUR 11,242,000 Société Générale variable perpetual 8,148,438 0.15 2016 EUR 14,150,000 Société Générale variable perpetual 16,101,497 0.30 EUR 9,813,000 Enel EMTN 5.625% 21/06/2027 10,394,543 0.19 EUR 24,250,000 Société Générale variable perpetual 22,843,500 0.43 EUR 50,000,000 Intesa Sanpaolo EMTN 2.625% 04/12/ 50,049,500 0.94 2012 EUR 43,492,000 Sodexo EMTN 6.25% 30/01/2015 48,671,027 0.91 EUR 2,400,000 Intesa Sanpaolo EMTN 5% 28/04/2011 2,502,238 0.05 EUR 34,241,000 Veolia Environnement EMTN 4.375% 11/ 33,314,284 0.62 12/2020 EUR 50,800,000 Intesa Sanpaolo EMTN 5% 23/09/2019 51,737,158 0.97 EUR 3,100,000 Veolia Environnement EMTN 4.375% 16/ 3,138,803 0.06 EUR 5,000,000 Intesa Sanpaolo EMTN 5.375% 19/12/ 5,427,802 0.10 01/2017 2013 EUR 24,805,000 Veolia Environnement EMTN 5.125% 24/ 25,172,238 0.47 EUR 11,200,000 Intesa Sanpaolo EMTN 6.625% 08/05/ 11,552,229 0.22 05/2022 2018 EUR 13,472,000 Veolia Environnement EMTN 6.125% 25/ 14,666,582 0.28 EUR 15,000,000 Intesa Sanpaolo EMTN FRN 17/12/2012 14,975,025 0.28 11/2033 EUR 6,000,000 Intesa Sanpaolo EMTN variable 26/06/ 6,091,845 0.11 EUR 8,924,000 Veolia Environnement EMTN 6.75% 24/ 10,434,632 0.20 2018 04/2019 EUR 31,600,000 Intesa Sanpaolo EMTN variable 28/05/ 33,390,014 0.63 EUR 12,750,000 Vivendi 3.875% 15/02/2012 13,087,199 0.25 2018 EUR 11,850,000 Vivendi EMTN 4.25% 01/12/2016 11,907,354 0.22 EUR 20,100,000 Intesa Sanpaolo variable perpetual 20,074,875 0.38 EUR 23,800,000 Vivendi EMTN 7.75% 23/01/2014 27,500,483 0.52 EUR 29,450,000 Intesa Sanpaolo variable perpetual 31,069,691 0.58 EUR 4,670,000 WPP Finance 5.25% 30/01/2015 4,812,127 0.09 EUR 38,000,000 Italy Buoni Poliennali Del Tesoro 2.15% 45,117,813 0.85 15/09/2014 Germany 419,241,463 7.86 EUR 17,150,000 Lottomatica 5.375% 05/12/2016 17,407,078 0.33 EUR 9,450,000 Allianz EMTN variable perpetual 8,789,237 0.16 EUR 21,800,000 Lottomatica RegS variable 31/03/2066 20,900,750 0.39 EUR 2,750,000 Bayer EMTN 4.5% 23/05/2013 2,912,550 0.05 EUR 34,700,000 Telecom Italia EMTN 5.25% 17/03/2055 28,947,816 0.54 EUR 2,750,000 Bayer EMTN 6% 10/04/2012 2,978,053 0.06 EUR 1,500,000 Telecom Italia EMTN 6.75% 21/03/2013 1,660,144 0.03 EUR 74,450,000 Bayer variable perpetual 68,402,724 1.28 EUR 8,050,000 Telecom Italia EMTN 7.875% 22/01/2014 9,320,258 0.18 EUR 27,488,000 Cognis RegS FRN 15/09/2013 26,113,600 0.49 EUR 2,500,000 Telecom Italia EMTN 8.25% 21/03/2016 3,034,244 0.06

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 231 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF EURO Corporate Bond (cont) Schroder ISF EURO Corporate Bond (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing EUR Assets Amount to an Official Exchange Listing EUR Assets

Italy (cont) Netherlands (cont) EUR 5,200,000 UniCredit EMTN 4.125% 27/04/2012 5,389,345 0.10 EUR 6,350,000 E.ON International Finance EMTN 4.875% 6,818,081 0.13 EUR 2,750,000 UniCredit EMTN 4.375% 10/02/2014 2,874,538 0.05 28/01/2014 EUR 2,750,000 UniCredit EMTN 4.375% 29/01/2020 2,758,785 0.05 EUR 2,750,000 E.ON International Finance EMTN 5.125% 2,951,311 0.05 02/10/2012 EUR 2,750,000 Unicredit EMTN 4.875% 12/02/2013 2,915,751 0.05 EUR 2,750,000 E.ON International Finance EMTN 5.125% 2,964,101 0.06 EUR 3,000,000 UniCredit EMTN 5.25% 14/01/2014 3,236,319 0.06 07/05/2013 EUR 33,036,000 UniCredit EMTN 5.75% 26/09/2017 34,802,550 0.65 EUR 2,750,000 E.ON International Finance EMTN 5.5% 3,031,446 0.06 02/10/2017 Jersey 64,460,460 1.21 EUR 2,900,000 E.ON International Finance EMTN 5.5% 3,199,354 0.06 EUR 11,890,000 HSBC Capital Funding/Jersey Channel 10,138,341 0.19 19/01/2016 Islands variable perpetual EUR 10,500,000 E.ON International Finance EMTN 5.75% 11,782,711 0.22 EUR 49,630,000 WPP EMTN 6.625% 12/05/2016 54,322,119 1.02 07/05/2020 Luxembourg 187,441,549 3.52 EUR 37,250,000 ELM for Elsevier Finance 6.5% 02/04/ 41,121,821 0.77 2013 EUR 2,750,000 Codere Finance Luxembourg RegS 8.25% 2,447,500 0.05 15/06/2015 EUR 21,750,000 ELM for Swiss Reinsurance variable 18,123,174 0.34 perpetual EUR 7,000,000 Enel Finance International EMTN 4% 14/ 7,123,998 0.13 09/2016 EUR 1,000,000 Fresenius Finance RegS 5% 31/01/2013 1,034,799 0.02 EUR 26,600,000 Fiat Finance & Trade EMTN 7.625% 15/ 27,863,500 0.52 EUR 11,300,000 Fresenius Finance RegS 5.5% 31/01/2016 11,575,544 0.22 09/2014 EUR 10,900,000 HeidelbergCement Finance EMTN 5.625% 10,028,000 0.19 EUR 3,050,000 Fiat Finance & Trade GMTN 6.875% 13/ 3,121,156 0.06 04/01/2018 02/2015 EUR 6,650,000 Impress RegS 9.25% 15/09/2014 6,949,250 0.13 EUR 35,966,000 Finmeccanica Finance 5.25% 21/01/2022 36,613,514 0.69 EUR 25,600,000 Impress RegS FRN 15/09/2013 24,320,000 0.46 EUR 9,000,000 Finmeccanica Finance EMTN 5.75% 12/ 9,768,956 0.18 EUR 1,500,000 ING Bank EMTN 5.5% 04/01/2012 1,559,619 0.03 12/2018 EUR 13,500,000 ING Bank EMTN variable 15/03/2019 13,108,196 0.25 EUR 5,000,000 Michelin Luxembourg EMTN 8.625% 24/ 5,902,347 0.11 EUR 48,900,000 ING Bank EMTN variable 16/09/2020 43,592,590 0.82 04/2014 EUR 24,180,000 ING Bank EMTN variable 29/05/2023 24,647,641 0.46 EUR 6,450,000 SES EMTN 4% 15/03/2011 6,585,321 0.12 EUR 73,850,000 KBC Internationale 74,870,829 1.40 EUR 6,000,000 SES EMTN 4.375% 21/10/2013 6,176,706 0.12 Financieringsmaatschappij EMTN 4.5% EUR 5,500,000 Syngenta Finance EMTN 4.125% 22/04/ 5,700,401 0.11 17/09/2014 2015 EUR 3,900,000 Koninklijke KPN GMTN 4.75% 17/01/ 4,024,049 0.07 EUR 45,000,000 UniCredit International Bank Luxembourg 45,411,750 0.85 2017 variable perpetual EUR 2,600,000 Koninklijke KPN GMTN 6.25% 04/02/ 2,880,982 0.05 EUR 7,850,000 Wind Acquisition Finance RegS 11.75% 8,576,125 0.16 2014 15/07/2017 EUR 1,800,000 Koninklijke KPN GMTN 6.25% 16/09/ 1,992,430 0.04 EUR 20,415,000 Wind Acquisition Finance RegS 9.75% 01/ 22,150,275 0.42 2013 12/2015 EUR 3,830,000 Koninklijke KPN GMTN 7.5% 04/02/2019 4,648,189 0.09 Netherlands 799,798,216 15.00 EUR 2,599,000 Linde Finance EMTN 4.75% 24/04/2017 2,708,100 0.05 EUR 9,000,000 Allianz Finance II EMTN 4% 23/11/2016 9,147,798 0.17 EUR 6,700,000 Linde Finance EMTN 6.75% 08/12/2015 7,777,668 0.15 EUR 31,300,000 Allianz Finance II EMTN 4.75% 22/07/ 32,439,696 0.61 EUR 49,300,000 Linde Finance variable 14/07/2066 51,136,425 0.96 2019 EUR 6,750,000 Linde Finance variable perpetual 6,648,750 0.12 EUR 2,750,000 Allianz Finance II EMTN 5% 06/03/2013 2,947,454 0.05 EUR 2,000,000 Metro Finance EMTN 4.625% 26/05/2011 2,073,509 0.04 EUR 3,000,000 Allianz Finance II variable 13/01/2025 3,179,557 0.06 EUR 28,300,000 Nomura Europe Finance EMTN 5.125% 28,610,734 0.54 EUR 6,000,000 Allianz Finance II variable 31/05/2022 6,229,743 0.12 09/12/2014 EUR 45,356,000 Allianz Finance II variable perpetual 37,352,548 0.70 EUR 23,000,000 Rabobank Nederland EMTN 5.875% 20/ 25,334,604 0.47 05/2019 EUR 45,500,000 ASML 5.75% 13/06/2017 45,644,121 0.86 EUR 7,000,000 RWE Finance 6.5% 10/08/2021 8,254,320 0.15 EUR 31,500,000 BASF Finance Europe EMTN 5.125% 09/ 34,059,532 0.64 06/2015 EUR 1,750,000 RWE Finance EMTN 5% 10/02/2015 1,888,121 0.04 EUR 52,950,000 Daimler International Finance EMTN 58,858,955 1.10 EUR 2,750,000 RWE Finance EMTN 6.125% 26/10/2012 3,036,887 0.06 6.125% 08/09/2015 EUR 2,750,000 RWE Finance EMTN 6.625% 31/01/2019 3,260,140 0.06 EUR 5,000,000 Deutsche Bahn Finance 4.875% 12/03/ 5,340,298 0.10 EUR 2,750,000 Telefonica Europe EMTN 5.125% 14/02/ 2,933,388 0.05 2019 2013 EUR 2,750,000 Deutsche Telekom International Finance 3,096,248 0.06 EUR 5,400,000 UPC RegS 7.75% 15/01/2014 5,292,000 0.10 8.125% 29/05/2012 EUR 3,850,000 UPC RegS 8% 01/11/2016 3,694,625 0.07 EUR 2,750,000 Deutsche Telekom International Finance 2,804,630 0.05 EUR 52,160,000 Wolters Kluwer 6.375% 10/04/2018 57,742,789 1.08 EMTN 4% 19/01/2015 EUR 2,200,000 Deutsche Telekom International Finance 2,290,449 0.04 Norway 72,435,634 1.36 EMTN 4.375% 02/06/2014 EUR 28,750,000 DnB NOR Bank EMTN 4.5% 29/05/2014 30,274,397 0.57 EUR 2,750,000 Deutsche Telekom International Finance 2,899,743 0.05 EUR 6,150,000 DnB NOR Bank EMTN 5.875% 20/06/ 6,757,448 0.13 EMTN 4.5% 25/10/2013 2013 EUR 2,750,000 Deutsche Telekom International Finance 3,022,547 0.06 EUR 20,000,000 DnB NOR Bank EMTN FRN 28/02/2012 20,298,040 0.38 EMTN 5.75% 14/04/2015 EUR 10,000,000 DnB NOR Bank variable perpetual 9,868,182 0.18 EUR 17,320,000 Deutsche Telekom International Finance 19,248,469 0.36 EUR 5,000,000 Telenor EMTN 4.875% 29/05/2017 5,237,567 0.10 EMTN 6% 20/01/2017 EUR 2,750,000 E.ON International Finance 5.25% 08/09/ 3,002,091 0.06 Portugal 6,496,705 0.12 2015 EUR 6,500,000 Banco Espirito Santo EMTN FRN 25/02/ 6,496,705 0.12 EUR 2,500,000 E.ON International Finance EMTN 4.125% 2,618,160 0.05 2013 26/03/2013

The notes on pages 18 to 56 form an integral part of these financial statements. Page 232 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF EURO Corporate Bond (cont) Schroder ISF EURO Corporate Bond (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing EUR Assets Amount to an Official Exchange Listing EUR Assets

Spain 206,943,543 3.88 Switzerland (cont) EUR 12,450,000 Abengoa 9.625% 25/02/2015 13,192,045 0.25 EUR 28,700,000 Credit Suisse/London EMTN 6.125% 05/ 31,676,276 0.59 EUR 14,500,000 Banco Bilbao Vizcaya Argentaria variable 14,794,241 0.28 08/2013 20/10/2019 EUR 6,600,000 Credit Suisse/London EMTN 6.125% 16/ 7,350,641 0.14 EUR 38,800,000 BBVA International Preferred Unipersonal 40,788,500 0.76 05/2014 variable perpetual EUR 2,000,000 Credit Suisse/London EMTN FRN 04/06/ 1,985,784 0.04 EUR 6,000,000 BBVA Senior Finance GMTN 3.625% 14/ 6,175,773 0.12 2012 05/2012 EUR 40,000,000 Credit Suisse/London EMTN FRN 07/01/ 40,052,038 0.75 EUR 18,000,000 BBVA Senior Finance EMTN FRN 29/06/ 17,706,204 0.33 13 2012 EUR 6,820,000 UBS /Jersey EMTN variable 25/09/2018 6,674,417 0.13 EUR 2,750,000 BBVA Senior Finance GMTN 4% 22/04/ 2,863,866 0.05 EUR 4,950,000 UBS /Jersey EMTN variable perpetual 4,294,125 0.08 2013 EUR 14,050,000 UBS /London EMTN 4.625% 06/07/2012 14,589,984 0.27 EUR 3,550,000 BBVA Senior Finance GMTN 4.875% 23/ 3,801,290 0.07 EUR 1,800,000 UBS/London EMTN 4.875% 21/01/2013 1,886,584 0.04 01/2014 EUR 6,650,000 UBS/London EMTN 5.625% 19/05/2014 7,134,512 0.13 EUR 3,470,000 Campofrio Food RegS 8.25% 31/10/2016 3,448,736 0.06 EUR 9,000,000 UBS/London EMTN 6% 18/04/2018 9,783,922 0.18 EUR 7,800,000 Iberdrola Finanzas EMTN 7.5% 25/11/ 9,397,491 0.18 EUR 7,450,000 UBS/London EMTN 6.25% 03/09/2013 8,139,836 0.15 2015 EUR 7,500,000 Santander International Debt EMTN FRN 7,449,637 0.14 United Kingdom 637,928,307 11.97 30/01/2012 EUR 1,000,000 Abbey National 4.625% 11/02/2011 1,019,624 0.02 EUR 1,350,000 Santander International Debt EMTN 1,407,386 0.03 EUR 4,000,000 Anglian Water Services Financing EMTN 4,466,836 0.08 5.125% 11/04/2011 6.25% 27/06/2016 EUR 5,250,000 Santander International Debt EMTN 5,617,978 0.11 EUR 32,500,000 Aviva EMTN Variable 22/05/2038 31,985,411 0.60 5.625% 14/02/2012 EUR 15,000,000 Aviva variable perpetual 13,306,245 0.25 EUR 10,200,000 Santander Issuances EMTN variable 24/ 10,654,293 0.20 10/2017 EUR 3,500,000 Bank of Scotland EMTN 5.5% 29/10/ 3,561,491 0.07 2012 EUR 25,850,000 Santander Issuances Unipersonal variable 28,060,951 0.53 27/07/2019 EUR 7,250,000 Bank of Scotland EMTN 5.625% 23/05/ 7,673,574 0.14 2013 EUR 6,500,000 Telefonica Emisiones EMTN 4.375% 02/ 6,661,353 0.12 02/2016 EUR 2,750,000 Bank of Scotland EMTN 6.125% 05/02/ 2,891,818 0.05 2013 EUR 2,750,000 Telefonica Emisiones EMTN 4.674% 07/ 2,887,596 0.05 02/2014 EUR 40,120,000 Barclays Bank EMTN 6% 23/01/2018 42,252,880 0.79 EUR 18,000,000 Telefonica Emisiones EMTN 4.693% 11/ 18,154,890 0.34 EUR 1,000,000 Barclays Bank EMTN variable perpetual 578,930 0.01 11/2019 EUR 11,540,000 Carnival 4.25% 27/11/2013 11,596,777 0.22 EUR 7,000,000 Telefonica Emisiones EMTN 5.431% 03/ 7,546,508 0.14 EUR 46,557,000 Centrica EMTN 7.125% 09/12/2013 53,313,934 1.00 02/2014 EUR 16,685,000 Diageo Finance EMTN 6.625% 05/12/ 19,008,386 0.36 EUR 3,100,000 Telefonica Emisiones EMTN 5.496% 01/ 3,354,402 0.06 2014 04/2016 GBP 12,920,000 GKN 6.75% 28/10/2019 13,758,885 0.26 EUR 2,750,000 Telefonica Emisiones EMTN 5.58% 12/06/ 2,980,403 0.06 EUR 19,630,000 Hammerson 4.875% 19/06/2015 19,297,507 0.36 2013 EUR 25,000,000 HSBC Bank EMTN 3.75% 30/11/2016 25,088,375 0.47 Sweden 205,691,968 3.86 EUR 30,600,000 HSBC EMTN 6% 10/06/2019 33,318,198 0.63 EUR 17,000,000 Nordea Bank EMTN 3% 06/08/2012 17,243,729 0.32 EUR 11,250,000 HSBC EMTN 6.25% 19/03/2018 12,425,344 0.23 EUR 22,100,000 Nordea Bank EMTN 4.5% 12/05/2014 23,256,935 0.44 USD 5,250,000 Inmarsat Finance 144A 7.375% 01/12/ 3,688,471 0.07 2017 EUR 2,100,000 Nordea Bank EMTN variable 10/09/2018 2,253,037 0.04 EUR 8,650,000 ISS Financing RegS 11% 15/06/2014 9,363,625 0.18 EUR 10,300,000 Securitas EMTN 6.5% 02/04/2013 11,288,702 0.21 EUR 42,500,000 Kingfisher EMTN 4.125% 23/11/2012 43,489,698 0.82 EUR 25,000,000 Svenska Handelsbanken 3% 20/08/2012 25,283,013 0.47 EUR 1,000,000 Lloyds Banking 5.875% 08/07/2014 996,416 0.02 EUR 9,750,000 Svenska Handelsbanken EMTN 4.875% 10,404,020 0.20 25/03/2014 EUR 475,000 Lloyds TSB Bank EMTN 4.75% 18/03/ 478,550 0.01 2011 EUR 3,000,000 Svenska Handelsbanken EMTN FRN 18/ 3,019,914 0.06 10/2010 EUR 20,300,000 Lloyds TSB Bank EMTN 5.375% 03/09/ 20,346,792 0.38 2019 EUR 3,750,000 Svenska Handelsbanken EMTN variable 3,765,551 0.07 20/04/2016 EUR 10,250,000 Lloyds TSB Bank EMTN 6.25% 15/04/ 11,129,307 0.21 2014 EUR 19,430,000 Svenska Handelsbanken EMTN variable 17,004,728 0.32 perpetual EUR 27,800,000 Lloyds TSB Bank EMTN 6.375% 17/06/ 30,167,768 0.56 2016 EUR 2,750,000 Vattenfall EMTN 4.125% 18/03/2013 2,874,186 0.05 EUR 550,000 Lloyds TSB Bank EMTN variable 05/03/ 522,636 0.01 EUR 5,275,000 Vattenfall EMTN 6.25% 17/03/2021 6,086,965 0.11 2018 EUR 19,300,000 Vattenfall Treasury EMTN 4.25% 19/05/ 20,177,426 0.38 EUR 10,195,000 Lloyds TSB Bank variable perpetual 7,289,425 0.14 2014 EUR 5,600,000 National Grid Electricity Transmission 6,307,286 0.12 EUR 3,000,000 Vattenfall Treasury EMTN 5.75% 05/12/ 3,301,164 0.06 EMTN 6.625% 28/01/2014 2013 EUR 8,950,000 Nationwide Building Society EMTN 8,953,491 0.17 EUR 1,100,000 Vattenfall Treasury EMTN 6.75% 31/01/ 1,303,112 0.03 3.125% 26/01/2010 2019 EUR 4,500,000 Nationwide Building Society EMTN 4,337,438 0.08 EUR 59,600,000 Volvo Treasury EMTN 5% 31/05/2017 58,429,486 1.10 variable 17/08/2015 Switzerland 141,731,892 2.66 EUR 2,750,000 OTE EMTN 5% 05/08/2013 2,849,912 0.05 EUR 4,950,000 Credit Suisse/London EMTN 5.125% 30/ 5,245,441 0.10 EUR 2,750,000 OTE GMTN 4.625% 20/05/2016 2,741,318 0.05 03/2012 EUR 40,000,000 Rentokil Initial EMTN 4.625% 27/03/2014 40,525,560 0.76 EUR 2,750,000 Credit Suisse/London EMTN 5.125% 18/ 2,918,332 0.06 EUR 28,250,000 Rexam variable 29/06/2067 23,658,810 0.44 09/2017

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 233 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF EURO Corporate Bond (cont) Schroder ISF EURO Corporate Bond (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments dealt Value Net Amount to an Official Exchange Listing EUR Assets Amount on another Regulated Market EUR Assets

United Kingdom (cont) France 10,375,400 0.19 EUR 2,750,000 Royal Bank of Scotland EMTN 4.35% 23/ 2,245,110 0.04 EUR 10,540,000 Novasep RegS 9.625% 15/12/2016 10,375,400 0.19 01/2017 EUR 10,650,000 Royal Bank of Scotland EMTN 5.25% 15/ 11,010,955 0.21 Luxembourg 28,264,463 0.53 05/2013 USD 40,800,000 Expro Finance Luxembourg 144A 8.5% 28,264,463 0.53 EUR 29,750,000 Royal Bank of Scotland EMTN 6.934% 27,700,448 0.52 15/12/2016 09/04/2018 Netherlands 7,286,500 0.14 EUR 2,750,000 Royal Bank of Scotland EMTN variable 22/ 2,116,456 0.04 09/2021 EUR 7,080,000 UPC RegS 9.75% 15/04/2018 7,286,500 0.14 EUR 8,600,000 Royal Bank of Scotland EMTN 5.375% 8,423,674 0.16 United Kingdom 7,195,675 0.13 /2019 USD 8,150,000 Virgin Media Finance 8.375% 15/10/2019 5,851,144 0.11 EUR 6,000,000 Severn Trent Utilities Finance EMTN 6,397,338 0.12 5.25% 11/03/2016 EUR 1,250,000 Virgin Media Finance 9.5% 15/08/2016 1,344,531 0.02 EUR 7,600,000 Standard Chartered Bank EMTN 5.875% 7,981,376 0.15 United States of America 47,602,623 0.90 26/09/2017 USD 5,700,000 CEDC Finance Corp International 144A 4,097,159 0.09 EUR 28,350,000 Standard Chartered EMTN 5.75% 30/04/ 30,738,275 0.58 9.125% 01/12/2016 2014 EUR 13,100,000 CEDC Finance International RegS 8.875% 13,181,875 0.25 EUR 9,000,000 TVN Finance RegS 10.75% 15/11/2017 9,382,500 0.18 01/12/2016 EUR 8,700,000 Vodafone EMTN 6.25% 15/01/2016 9,749,168 0.18 EUR 11,150,000 Cemex Finance RegS 4.625% 14/12/ 11,565,742 0.22 GBP 8,550,000 William Hill EMTN 7.125% 11/11/2016 9,792,289 0.18 2017 USD 8,250,000 Crown Americas/Crown Americas Capital 5,973,071 0.11 United States of America 261,870,817 4.91 II 144A 7.625% 15/05/2017 EUR 4,146,000 Ahold Finance USA EMTN 5.875% 14/03/ 4,457,904 0.08 USD 15,550,000 HCA 144A 8.5% 15/04/2019 11,549,099 0.21 2012 EUR 1,250,000 Wells Fargo & Co 4.125% 03/11/2016 1,235,677 0.02 EUR 2,750,000 AT&T 4.375% 15/03/2013 2,881,726 0.05 EUR 2,750,000 AT&T 6.125% 02/04/2015 3,090,480 0.06 Total Transferable Securities and EUR 15,700,000 Cellco Partnership/Verizon Wireless 19,918,873 0.37 Money Market Instruments dealt Capital 8.75% 18/12/2015 on another Regulated Market 100,724,661 1.89 EUR 1,210,000 Fresenius US Finance II RegS 8.75% 15/ 1,383,398 0.03 07/2015 Total Investments 4,969,780,815 93.23 EUR 2,750,000 International Business Machines EMTN 3,131,952 0.06 6.625% 30/01/2014 Other Net Assets 360,769,358 6.77 USD 12,550,000 Iron Mountain 8.375% 15/08/2021 8,927,637 0.17 EUR 7,190,000 Iron Mountain EMTN 6.75% 15/10/2018 6,758,600 0.13 Net Asset Value 5,330,550,173 100.00 EUR 6,200,000 JPMorgan Chase & Co. EMTN 5.25% 14/ 6,687,323 0.13 01/2015 EUR 5,000,000 JPMorgan Chase & Co. EMTN 6.125% 5,561,357 0.10 01/04/2014 EUR 24,900,000 JPMorgan Chase Bank variable 30/11/ 24,103,088 0.45 2021 EUR 16,322,000 Kraft Foods 6.25% 20/03/2015 17,991,161 0.34 EUR 54,000,000 Pemex Project Funding Master Trust 48,600,000 0.91 RegS 5.5% 24/02/2025 EUR 2,750,000 Pemex Project Funding Master Trust 2,909,041 0.06 RegS 6.375% 05/08/2016 EUR 2,750,000 Procter & Gamble EMTN 3.375% 07/12/ 2,836,335 0.05 2012 EUR 30,280,000 SES Global Americas EMTN 4.875% 09/ 31,648,944 0.59 07/2014 EUR 1,250,000 Wachovia Bank EMTN 6% 23/05/2013 1,348,603 0.03 EUR 8,000,000 Zurich Finance USA EMTN 4.5% 17/09/ 8,310,908 0.16 2014 EUR 2,750,000 Zurich Finance USA EMTN 4.875% 14/04/ 2,885,333 0.05 2012 EUR 9,070,000 Zurich Finance USA EMTN 6.5% 14/10/ 10,264,338 0.19 2015 EUR 2,750,000 Zurich Finance USA EMTN variable 02/10/ 2,839,792 0.05 2023 EUR 48,350,000 Zurich Finance USA EMTN variable 15/06/ 45,334,024 0.85 2025

Total Transferable Securities and Money Market Instruments Admitted to an Official Exchange Listing 4,869,056,154 91.34

The notes on pages 18 to 56 form an integral part of these financial statements. Page 234 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Corporate Bond Schroder ISF Global Corporate Bond (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Australia 1,334,753 0.12 Germany (cont) GBP 800,000 QBE Insurance RegS 6.125% 28/09/2015 1,334,753 0.12 EUR 700,000 Cognis RegS 9.5% 15/05/2014 1,043,208 0.09 EUR 1,200,000 Cognis RegS FRN 15/09/2013 1,641,486 0.14 Belgium 5,477,081 0.48 EUR 3,040,000 HeidelbergCement 8.5% 31/10/2019 4,650,789 0.41 EUR 1,450,000 Anheuser-Busch InBev EMTN 8.625% 30/ 2,631,559 0.23 EUR 720,000 Hella KG Hueck & Co 7.25% 20/10/2014 1,052,279 0.09 01/2017 USD 15,000,000 Kreditanstalt fuer Wiederaufbau 4.875% 15,821,327 1.39 GBP 1,300,000 Anheuser-Busch InBev EMTN 9.75% 30/ 2,845,522 0.25 17/06/2019 07/2024 EUR 1,150,000 Muenchener Rueckversicherungs variable 1,771,204 0.16 Bermuda 4,234,776 0.37 21/06/2023 USD 2,040,000 Petroplus Finance 144A 9.375% 15/09/ 2,040,000 0.18 GBP 2,150,000 Muenchener Rueckversicherungs variable 3,794,541 0.33 2019 21/06/2028 USD 1,950,000 Qtel International Finance RegS 7.875% 2,194,776 0.19 EUR 4,650,000 Muenchener Rueckversicherungs variable 6,049,416 0.53 10/06/2019 perpetual EUR 1,050,000 UPC Germany RegS 8.125% 01/12/2017 1,549,692 0.14 Canada 5,567,767 0.49 EUR 550,000 UPC Germany RegS 9.625% 01/12/2019 808,774 0.07 USD 1,200,000 EnCana 5.9% 01/12/2017 1,297,483 0.11 USD 3,615,000 Talisman Energy 7.75% 01/06/2019 4,270,284 0.38 Ireland 4,096,059 0.36 EUR 1,200,000 Cloverie for Zurich Insurance EMTN 1,891,212 0.16 Cayman Islands 19,562,710 1.71 variable 24/07/2039 USD 3,455,000 Embraer Overseas 6.375% 15/01/2020 3,431,148 0.30 EUR 1,100,000 Smurfit Kappa Acquisitions RegS 7.25% 1,560,132 0.14 EUR 4,200,000 Hutchison Whampoa Finance 09 4.75% 6,116,066 0.54 15/11/2017 14/11/2016 EUR 450,000 Smurfit Kappa Acquisitions RegS 7.75% 644,715 0.06 USD 3,250,000 Petrobras International Finance 5.75% 20/ 3,275,845 0.28 15/11/2019 01/2020 EUR 1,650,000 Thames Water Utilities Cayman Finance 2,573,623 0.23 Italy 30,912,348 2.72 EMTN 6.125% 04/02/2013 EUR 1,400,000 Banco Popolare EMTN 3.75% 07/08/ 2,040,647 0.18 USD 3,205,000 Vale Overseas 6.875% 10/11/2039 3,240,330 0.28 2012 GBP 550,000 Yorkshire Water Services Bradford 925,698 0.08 GBP 2,300,000 Intesa Sanpaolo EMTN variable 12/11/ 3,893,599 0.34 Finance EMTN 6% 21/08/2019 2017 GBP 2,730,000 Intesa Sanpaolo EMTN variable 19/12/ 4,535,242 0.40 Denmark 13,705,102 1.20 2016 EUR 3,700,000 AP Moller-Maersk 4.875% 30/10/2014 5,376,772 0.47 EUR 3,150,000 Intesa Sanpaolo variable perpetual 4,530,015 0.40 GBP 430,000 Carlsberg Breweries EMTN 7.25% 28/11/ 765,703 0.06 EUR 4,000,000 Lottomatica 5.375% 05/12/2016 5,845,936 0.51 2016 EUR 100,000 Telecom Italia EMTN 5.25% perpetual 120,121 0.01 GBP 3,100,000 Carlsberg Finance 7% 26/02/2013 5,432,803 0.48 GBP 1,300,000 Telecom Italia EMTN 7.375% 15/12/2017 2,364,057 0.21 EUR 950,000 Dong Energy 4.875% 16/12/2021 1,359,657 0.12 GBP 2,550,000 UniCredit EMTN variable 16/10/2018 4,202,835 0.37 EUR 550,000 ISS RegS 8.875% 15/05/2016 770,167 0.07 EUR 2,400,000 Wind Acquisition Holdings Finance RegS 3,379,896 0.30 12.25% 15/07/2017 France 55,966,824 4.92 USD 2,745,000 BNP Paribas 144A variable perpetual 2,269,610 0.20 Jersey 17,353,576 1.52 EUR 3,050,000 BNP Paribas EMTN variable perpetual 4,547,596 0.40 GBP 2,150,000 HSBC Bank Funding Sterling variable 2,864,226 0.25 GBP 250,000 BNP Paribas variable perpetual 382,986 0.03 perpetual EUR 1,600,000 BNP Paribas variable perpetual 1,836,076 0.16 EUR 2,400,000 HSBC Capital Funding/Jersey Channel 2,939,247 0.26 Islands variable perpetual EUR 250,000 Casino Guichard Perrachon EMTN 5.5% 384,486 0.04 30/01/2015 EUR 2,722,000 HSBC Capital Funding/Jersey Channel 3,341,993 0.29 Islands variable perpetual EUR 4,000,000 Casino Guichard Perrachon EMTN 5.5% 6,151,777 0.54 30/01/2015 GBP 1,600,000 United Business Media 6.5% 23/11/2016 2,636,239 0.23 GBP 500,000 Credit Agricole GMTN 7.375% 18/12/ 895,938 0.08 EUR 200,000 WPP 4.375% 05/12/2013 292,167 0.03 2023 EUR 3,350,000 WPP EMTN 6.625% 12/05/2016 5,279,704 0.46 EUR 2,400,000 Credit Agricole variable perpetual 2,600,463 0.23 Luxembourg 8,138,480 0.72 GBP 1,700,000 Credit Agricole variable perpetual 2,674,373 0.24 GBP 3,400,000 Enel Finance International EMTN 5.625% 5,423,549 0.48 GBP 500,000 France Telecom EMTN 7.25% 10/11/ 933,673 0.08 14/08/2024 2020 EUR 1,800,000 Fiat Finance & Trade EMTN 7.625% 15/ 2,714,931 0.24 EUR 1,350,000 Havas 5.5% 04/11/2014 1,965,907 0.17 09/2014 EUR 1,850,000 Pernod-Ricard EMTN 7% 15/01/2015 2,886,270 0.25 EUR 1,200,000 Rhodia RegS FRN 15/10/2013 1,619,888 0.14 Netherlands 58,091,206 5.10 EUR 4,750,000 SCOR variable perpetual 5,540,015 0.49 EUR 3,050,000 Allianz Finance II variable 31/05/2022 4,559,855 0.40 EUR 2,400,000 Société Générale variable perpetual 2,504,807 0.22 EUR 2,925,000 ASML 5.75% 13/06/2017 4,225,048 0.37 EUR 2,800,000 Société Générale variable perpetual 4,587,755 0.40 USD 10,850,000 Deutsche Telekom International Finance 13,999,983 1.23 8.75% 15/06/2030 EUR 4,100,000 Veolia Environnement EMTN 5.125% 24/ 5,990,993 0.53 05/2022 GBP 600,000 ELM for Swiss Reinsurance EMTN variable 765,669 0.07 perpetual EUR 1,030,000 Veolia Environnement EMTN 6.75% 24/ 1,734,152 0.15 04/2019 EUR 5,650,000 ELM for Swiss Reinsurance variable 6,778,846 0.59 perpetual EUR 1,250,000 Vivendi EMTN 4.875% 02/12/2019 1,801,477 0.16 EUR 900,000 Impress RegS FRN 15/09/2013 1,231,115 0.11 EUR 2,800,000 Vivendi EMTN 7.75% 23/01/2014 4,658,582 0.41 EUR 1,150,000 ING Bank EMTN variable 29/05/2023 1,687,910 0.15 Germany 42,602,140 3.74 GBP 4,231,000 ING Bank EMTN variable 29/05/2023 6,811,411 0.60 EUR 3,300,000 Allianz EMTN variable perpetual 4,419,424 0.39

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 235 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Corporate Bond (cont) Schroder ISF Global Corporate Bond (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Netherlands (cont) United Kingdom (cont) GBP 2,140,000 Koninklijke KPN GMTN 5.75% 17/09/ 3,427,429 0.30 GBP 3,500,000 Imperial Tobacco Finance EMTN 7.75% 6,379,687 0.56 2029 24/06/2019 USD 2,625,000 Majapahit Holding 144A 7.75% 20/01/ 2,756,250 0.24 GBP 250,000 Imperial Tobacco Finance EMTN 9% 17/ 502,673 0.04 2020 02/2022 EUR 5,675,000 Nomura Europe Finance EMTN 5.125% 8,261,155 0.73 USD 1,345,000 Inmarsat Finance 144A 7.375% 01/12/ 1,360,635 0.12 09/12/2014 2017 EUR 2,250,000 Wolters Kluwer 6.375% 10/04/2018 3,586,535 0.31 EUR 200,000 ISS Financing RegS 11% 15/06/2014 311,738 0.03 EUR 3,230,000 Kingfisher EMTN 4.125% 23/11/2012 4,759,182 0.42 Norway 5,731,596 0.50 GBP 1,375,000 Kingfisher EMTN 5.625% 15/12/2014 2,306,063 0.20 EUR 3,800,000 Telenor EMTN 4.875% 29/05/2017 5,731,596 0.50 GBP 2,000,000 Legal & General EMTN variable 23/07/ 3,769,065 0.33 Philippines 19,550 - 2041 USD 20,000 CE Casecnan Water & Energy 11.95% 15/ 19,550 - GBP 1,150,000 Marks & Spencer EMTN 6.125% 02/12/ 1,869,958 0.16 11/2010 2019 GBP 1,450,000 Nationwide Building Society EMTN 2,390,373 0.21 Spain 16,177,159 1.43 5.625% 09/09/2019 GBP 2,600,000 Santander Issuances EMTN variable 31/ 4,219,030 0.37 GBP 3,550,000 Nationwide Building Society step coupon 4,248,010 0.37 01/2018 perpetual GBP 2,950,000 Santander Issuances variable 27/07/2019 5,068,420 0.45 GBP 1,550,000 Next 5.875% 12/10/2016 2,599,911 0.23 USD 6,540,000 Telefonica Emisiones 4.949% 15/01/2015 6,889,709 0.61 GBP 3,000,000 Reed Elsevier Investments 7% 11/12/ 5,372,120 0.47 2017 Supranational 16,289,250 1.43 EUR 3,520,000 Rentokil Initial EMTN 4.625% 27/03/2014 5,135,042 0.45 USD 15,000,000 European Investment Bank 5.125% 30/ 16,289,250 1.43 GBP 750,000 Rentokil Initial EMTN 5.75% 31/03/2016 1,199,206 0.11 05/2017 EUR 1,600,000 Rexam variable perpetual 1,929,420 0.17 Sweden 6,211,356 0.55 GBP 800,000 RSA Insurance variable 20/05/2039 1,531,966 0.13 USD 4,050,000 Nordea Bank EMTN variable perpetual 4,226,175 0.37 GBP 250,000 RSA Insurance variable perpetual 429,160 0.04 EUR 1,373,000 Svenska Handelsbanken EMTN variable 1,985,181 0.18 GBP 3,805,000 RSA Insurance variable perpetual 5,574,809 0.49 20/04/2016 EUR 170,000 Severn Trent Utilities Finance EMTN 260,993 0.02 5.25% 11/03/2016 Switzerland 15,108,674 1.33 GBP 300,000 Severn Trent Utilities Finance EMTN 6% 510,225 0.05 GBP 5,300,000 Credit Suisse/London EMTN variable 16/ 9,177,482 0.81 22/01/2018 01/2023 GBP 250,000 Southern Water Services Finance EMTN 387,652 0.03 EUR 700,000 UBS/London EMTN 6.25% 03/09/2013 1,101,260 0.10 5% 31/03/2021 USD 3,920,000 Weatherford International 9.625% 01/03/ 4,829,932 0.42 GBP 1,000,000 Standard Chartered Bank 7.75% 03/04/ 1,800,007 0.16 2019 2018 GBP 250,000 Standard Chartered Bank variable 427,123 0.04 United Kingdom 129,605,854 11.39 perpetual GBP 500,000 Allied Domecq Financial Services EMTN 840,075 0.07 USD 3,912,000 Standard Chartered Bank variable 4,321,586 0.38 6.625% 12/06/2014 perpetual GBP 600,000 Allied Domecq Financial Services EMTN 1,009,111 0.09 GBP 3,700,000 Tate & Lyle International Finance 6.75% 6,129,247 0.54 6.625% 18/04/2011 25/11/2019 EUR 1,700,000 Aviva variable perpetual 1,923,442 0.17 EUR 1,050,000 TVN Finance RegS 10.75% 15/11/2017 1,576,151 0.14 EUR 2,200,000 Aviva variable perpetual 2,810,084 0.25 USD 2,000,000 Vedanta Resources RegS 9.5% 18/07/ 2,025,700 0.18 GBP 1,800,000 Aviva variable perpetual 2,502,822 0.22 2018 GBP 494,000 Aviva variable perpetual 622,103 0.06 GBP 200,000 Vodafone EMTN 8.125% 26/11/2018 387,059 0.03 USD 5,100,000 Barclays Bank 144A 10.179% 12/06/ 6,614,119 0.58 GBP 2,150,000 Zurich Finance UK EMTN variable 3,351,931 0.30 2021 perpetual GBP 250,000 Barclays Bank EMTN 10% 21/05/2021 499,134 0.04 United States of America 203,803,242 17.91 GBP 450,000 Barclays Bank EMTN variable 16/01/2023 730,489 0.06 USD 13,645,000 AT&T 6.55% 15/02/2039 14,370,181 1.26 EUR 2,400,000 Barclays Bank EMTN variable perpetual 2,000,643 0.18 USD 4,335,000 Atmos Energy 8.5% 15/03/2019 5,295,133 0.47 GBP 5,000,000 Barclays Bank variable perpetual 6,144,685 0.54 USD 4,000,000 Browning-Ferris Industries 7.4% 15/09/ 4,446,232 0.39 GBP 850,000 Barclays Bank variable perpetual 942,457 0.08 2035 USD 160,000 BAT International Finance RegS 9.5% 15/ 205,666 0.02 USD 5,905,000 CBS 8.875% 15/05/2019 7,104,435 0.62 11/2018 USD 110,000 Chesapeake Energy 9.5% 15/02/2015 121,082 0.01 GBP 2,300,000 British Telecommunications 8.5% 07/12/ 4,291,665 0.38 2016 USD 2,950,000 Cincinnati Bell 8.25% 15/10/2017 2,978,241 0.26 USD 5,090,000 British Telecommunications 9.625% 15/ 6,493,150 0.57 USD 2,950,000 Crown Castle International 7.125% 01/11/ 2,913,675 0.26 12/2030 2019 EUR 4,250,000 Hammerson 4.875% 19/06/2015 6,015,922 0.53 USD 1,050,000 CVS Caremark 5.75% 01/06/2017 1,099,742 0.10 GBP 950,000 Hammerson 6% 23/02/2026 1,459,233 0.13 USD 3,280,000 CVS Caremark 6.125% 15/09/2039 3,232,900 0.28 USD 5,690,000 HSBC 6.8% 01/06/2038 6,163,083 0.54 USD 9,575,000 Daimler Finance North America 8.5% 18/ 11,772,635 1.04 01/2031 GBP 650,000 HSBC Bank EMTN 6.5% 07/07/2023 1,098,840 0.10 USD 1,825,000 Darden Restaurants 6.8% 15/10/2037 1,905,596 0.17 GBP 700,000 HSBC Bank EMTN step coupon 27/06/ 1,177,890 0.10 2017 USD 5,970,000 Dow Chemical 8.55% 15/05/2019 7,049,146 0.62 GBP 1,050,000 HSBC Bank EMTN variable 20/03/2023 1,572,271 0.14 USD 1,425,000 Duke Energy 6.3% 01/02/2014 1,569,988 0.14 EUR 1,000,000 Imperial Tobacco Finance EMTN 7.25% 1,642,278 0.14 USD 2,150,000 Dynegy 8.375% 01/05/2016 2,045,794 0.18 15/09/2014 USD 23,155,000 Goldman Sachs 7.5% 15/02/2019 26,855,681 2.36

The notes on pages 18 to 56 form an integral part of these financial statements. Page 236 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Corporate Bond (cont) Schroder ISF Global Corporate Bond (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments dealt Value Net Amount to an Official Exchange Listing USD Assets Amount on another Regulated Market USD Assets

United States of America (cont) Finland 2,475,810 0.22 USD 3,070,000 HCP MTN 6.7% 30/01/2018 2,983,551 0.26 USD 2,300,000 Nokia 6.625% 15/05/2039 2,475,810 0.22 USD 4,400,000 Kohl's 6.875% 15/12/2037 5,011,274 0.44 France 3,479,340 0.31 USD 155,000 Kraft Foods 6.875% 26/01/2039 163,377 0.01 USD 3,290,000 Credit Agricole 144A variable perpetual 3,479,340 0.31 USD 2,100,000 Kraft Foods 6.125% 23/08/2018 2,217,465 0.20 USD 205,000 Kroger 5% 15/04/2013 217,455 0.02 Luxembourg 8,713,059 0.77 USD 850,000 Kroger 6.15% 15/01/2020 905,311 0.08 USD 2,600,000 ArcelorMittal 7% 15/10/2039 2,726,970 0.24 USD 625,000 Kroger 6.75% 15/04/2012 683,974 0.06 USD 6,000,000 Enel Finance International 144A 6% 07/ 5,986,089 0.53 USD 6,135,000 Lorillard Tobacco 8.125% 23/06/2019 6,692,062 0.59 10/2039 USD 3,265,000 Magellan Midstream Partners 6.55% 15/ 3,558,145 0.31 Mexico 4,177,343 0.37 07/2019 USD 4,245,000 America Movil 144A 5% 16/10/2019 4,177,343 0.37 USD 110,000 MarkWest Energy Partners/MarkWest 113,170 0.01 Energy Finance 8.75% 15/04/2018 Netherlands 17,435,528 1.53 USD 1,250,000 Massey Energy 6.875% 15/12/2013 1,241,914 0.11 USD 6,050,000 Koninklijke KPN 8.375% 01/10/2030 7,554,621 0.66 USD 1,470,000 McKesson 7.5% 15/02/2019 1,753,442 0.15 USD 6,210,000 Rabobank Nederland 144A variable 7,746,975 0.68 EUR 350,000 Morgan Stanley GMTN 5% 02/05/2019 497,343 0.04 perpetual EUR 4,900,000 Morgan Stanley GMTN 6.5% 28/12/2018 7,661,077 0.67 EUR 1,440,000 UPC RegS 9.75% 15/04/2018 2,133,932 0.19 USD 190,000 Nevada Power 5.875% 15/01/2015 204,162 0.02 USD 2,700,000 Nevada Power 7.125% 15/03/2019 2,951,949 0.26 United Kingdom 13,982,159 1.23 USD 4,870,000 Nordstrom 6.75% 01/06/2014 5,424,980 0.48 USD 3,050,000 Barclays Bank 6.75% 22/05/2019 3,396,041 0.30 USD 3,855,000 ONEOK Partners 8.625% 01/03/2019 4,685,243 0.41 USD 7,020,000 BAT International Finance 144A 9.5% 15/ 9,100,693 0.80 11/2018 USD 50,000 Qwest 7.625% 15/06/2015 51,737 - USD 1,390,000 Virgin Media Finance 9.5% 15/08/2016 1,485,425 0.13 USD 2,220,000 Safeway 6.25% 15/03/2014 2,446,891 0.22 USD 600,000 Safeway 7.25% 01/02/2031 679,769 0.06 United States of America 290,124,108 25.48 USD 7,265,000 Time Warner Cable 5.85% 01/05/2017 7,559,405 0.66 USD 1,095,000 Aflac 6.95% 17/12/2039 1,076,599 0.09 USD 5,600,000 Time Warner Cable 8.75% 14/02/2019 6,793,403 0.60 USD 2,250,000 Alliance One International 144A 10% 15/ 2,373,750 0.21 EUR 1,800,000 Unicredito Italiano Capital Trust III variable 1,739,632 0.15 07/2016 perpetual USD 5,700,000 Altria 9.7% 10/11/2018 7,025,350 0.62 USD 2,355,000 UnitedHealth Group 6.5% 15/06/2037 2,338,484 0.21 USD 2,250,000 AMC Entertainment 8.75% 01/06/2019 2,286,848 0.20 USD 1,020,000 Ventas Realty/Ventas Capital 6.75% 01/ 982,059 0.09 USD 915,000 AmerisourceBergen 4.875% 15/11/2019 896,245 0.08 04/2017 USD 5,105,000 Anadarko Petroleum 5.75% 15/06/2014 5,553,050 0.49 USD 9,175,000 Verizon Communications 8.75% 01/11/ 11,517,653 1.01 USD 955,000 Anheuser-Busch InBev Worldwide 144A 1,012,792 0.09 2018 5.375% 15/11/2014 USD 5,760,000 Viacom 5.625% 15/09/2019 5,922,535 0.52 USD 2,385,000 Anheuser-Busch InBev Worldwide 144A 2,761,761 0.24 USD 395,000 Virginia Electric and Power 8.875% 15/11/ 551,907 0.05 7.75% 15/01/2019 2038 USD 2,700,000 Atlas Energy Operating/Atlas Energy 2,997,000 0.26 USD 3,065,000 Wal-Mart Stores 6.2% 15/04/2038 3,356,059 0.30 Finance 10.75% 01/02/2018 USD 6,500,000 XTO Energy 6.5% 15/12/2018 7,426,564 0.65 USD 6,000,000 Bank of America 5.65% 01/05/2018 6,049,203 0.53 USD 380,000 Yum! Brands 5.3% 15/09/2019 380,124 0.03 USD 3,510,000 Bank of America 6% 01/09/2017 3,612,188 0.32 USD 5,610,000 Yum! Brands 6.875% 15/11/2037 6,104,780 0.54 USD 24,370,000 Bank of America 6.1% 15/06/2017 24,901,437 2.19 EUR 1,100,000 Zurich Finance USA EMTN variable 02/10/ 1,635,606 0.14 USD 3,000,000 Berry Plastics Escrow 144A 8.25% 15/11/ 3,030,000 0.27 2023 2015 EUR 3,400,000 Zurich Finance USA EMTN variable 15/06/ 4,590,279 0.40 USD 1,475,000 Biomet 15/10/2017 1,595,051 0.14 2025 USD 1,600,000 Blockbuster 144A 11.75% 01/10/2014 1,520,000 0.13 Total Transferable Securities and USD 1,925,000 Cablevision Systems 144A 8.625% 15/09/ 2,014,031 0.18 2017 Money Market Instruments Admitted USD 475,000 CareFusion 144A 6.375% 01/08/2019 496,318 0.04 to an Official Exchange Listing 659,989,503 57.99 USD 2,475,000 Case New Holland 144A 7.75% 01/09/ 2,519,562 0.22 Number of shares Transferable Securities and Market % 2013 or Principal Money Market Instruments dealt Value Net USD 850,000 CEDC Finance Corp International 144A 879,750 0.08 9.125% 01/12/2016 Amount on another Regulated Market USD Assets EUR 950,000 CEDC Finance International RegS 8.875% 1,376,454 0.12 Bermuda 6,110,651 0.54 01/12/2016 USD 3,375,000 Digicel 144A 8.25% 01/09/2017 3,277,226 0.29 USD 5,510,000 Cello Partnership/Verizon Wireless Capital 6,872,386 0.60 8.5% 15/11/2018 USD 2,570,000 Global Crossing 144A 12% 15/09/2015 2,833,425 0.25 USD 350,000 CenterPoint Energy Resources 7.875% 389,429 0.03 Canada 17,342,509 1.52 01/04/2013 USD 5,330,000 Cenovus Energy 144A 6.75% 15/11/2039 5,802,990 0.51 USD 10,795,000 CenturyTel 7.6% 15/09/2039 11,159,698 0.98 USD 5,215,000 EnCana 6.5% 15/05/2019 5,868,872 0.51 USD 3,200,000 Cequel Communications I/Cequel Capital 3,219,857 0.28 144A 8.625% 15/11/2017 USD 310,000 Nexen 6.2% 30/07/2019 330,022 0.03 USD 625,000 Cinemark USA 144A 8.625% 15/06/2019 653,125 0.06 USD 4,030,000 Nexen 7.5% 30/07/2039 4,656,625 0.41 USD 4,400,000 Citigroup 8.5% 22/05/2019 5,048,023 0.44 USD 570,000 Teck Resources 10.75% 15/05/2019 684,000 0.06 USD 2,300,000 Cloud Peak Energy Resources/Cloud 2,311,500 0.20 Cayman Islands 5,962,931 0.53 Peak Energy Finance 144A 8.25% 15/12/ 2017 USD 5,965,000 Vale Overseas 5.625% 15/09/2019 5,962,931 0.53 USD 3,200,000 CNA Financial 7.35% 15/11/2019 3,192,119 0.28

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 237 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Corporate Bond (cont) Schroder ISF Global Corporate Bond (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments dealt Value Net or Principal Money Market Instruments dealt Value Net Amount on another Regulated Market USD Assets Amount on another Regulated Market USD Assets

United States of America (cont) United States of America (cont) USD 1,925,000 Complete Production Services 8% 15/12/ 1,908,156 0.17 USD 950,000 Univision Communications 144A 12% 01/ 1,049,313 0.09 2016 07/2014 USD 3,000,000 COX Communications 144A 8.375% 01/ 3,761,310 0.33 USD 5,110,000 US Treasury 3.375% 15/11/2019 4,903,205 0.43 03/2039 USD 570,000 US Treasury 4.5% 15/08/2039 552,455 0.05 USD 6,305,000 COX Communications 5.45% 15/12/2014 6,690,225 0.59 USD 1,820,000 USB Capital XIII Trust 6.625% 15/12/2039 1,838,915 0.16 USD 25,000 CSC 144A 8.5% 15/06/2015 26,750 - USD 1,121,000 Vitamin Shoppe Industries FRN 15/11/ 1,128,006 0.10 USD 410,000 CVS Caremark 6.6% 15/03/2019 446,986 0.04 2012 USD 3,555,000 Delhaize America 9% 15/04/2031 4,578,484 0.40 USD 7,675,000 Wells Fargo Bank 5.95% 26/08/2036 7,545,346 0.66 USD 5,700,000 DirecTV/DirectTV Financing 144A 5.875% 5,759,070 0.51 USD 2,900,000 Windstream 144A 7.875% 01/11/2017 2,855,159 0.25 01/10/2019 USD 3,000,000 Discovery Communications 5.625% 15/ 3,052,677 0.27 Total Transferable Securities and 08/2019 Money Market Instruments dealt USD 300,000 Encore Acquisition 9.5% 01/05/2016 317,250 0.03 on another Regulated Market 369,803,438 32.50 USD 2,365,000 Enterprise Products Operating 6.125% 2,301,649 0.20 15/10/2039 Number of shares Money Market Instruments Market % USD 2,400,000 EQT 8.125% 01/06/2019 2,788,786 0.25 or Principal other than those dealt Value Net USD 2,100,000 Frontier Communications 8.125% 01/10/ 2,111,435 0.19 Amount in on a Regulated Market* USD Assets 2018 France 14,399,000 1.27 USD 2,500,000 GXS Worldwide 144A 9.75% 15/06/2015 2,468,750 0.22 EUR 10,000,000 BNP Paribas 0.28% 25/01/2010 14,399,000 1.27 USD 500,000 HCA 144A 7.875% 15/02/2020 519,693 0.05 USD 555,000 HCA 9.25% 15/11/2016 597,138 0.05 Netherlands 14,395,707 1.26 USD 790,000 Helix Energy Solutions 144A 9.5% 15/01/ 813,700 0.07 EUR 10,000,000 Rabobank Nederland 0% 25/01/2010 14,395,707 1.26 2016 USD 2,220,000 Hughes Network Systems/HNS Finance 2,303,250 0.20 Total Money Market Instruments 9.5% 15/04/2014 other than those dealt USD 900,000 Ingles Markets 8.875% 15/05/2017 933,347 0.08 in on a Regulated Market * 28,794,707 2.53 USD 1,135,000 Intelsat 9.25% 15/06/2016 1,163,775 0.10 Number of shares Market % USD 20,280,000 JPMorgan Chase Bank 6% 01/10/2017 21,483,572 1.89 or Principal Other Transferable Securities not dealt Value Net USD 5,820,000 JPMorgan Chase Capital XXVII 7% 01/11/ 5,862,494 0.52 2039 Amount on another Regulated Market USD Assets USD 2,400,000 Kroger 6.9% 15/04/2038 2,690,270 0.24 France 326,897 0.03 USD 5,765,000 Marathon Oil 7.5% 15/02/2019 6,645,875 0.58 USD 300,000 Vivendi 144A 6.625% 04/04/2018 326,897 0.03 USD 1,875,000 Mirant Americas Generation 8.5% 01/10/ 1,759,605 0.15 2021 Luxembourg 1,078,913 0.09 USD 15,645,000 Morgan Stanley 7.3% 13/05/2019 17,491,364 1.54 USD 1,030,000 Holcim US Finance Sarl & Cie 144A 6% 1,078,913 0.09 USD 4,000,000 Morgan Stanley MTN 5.625% 23/09/2019 4,011,805 0.35 30/12/2019 USD 5,325,000 Newmont Mining 6.25% 01/10/2039 5,273,364 0.46 United kingdom 672,368 0.06 USD 2,800,000 NewPage 144A 11.375% 31/12/2014 2,828,142 0.25 USD 665,000 Barclays Bank 144A 6.05% 04/12/2017 672,368 0.06 USD 11,060,000 News America 6.65% 15/11/2037 11,766,800 1.03 USD 1,200,000 Nextel Communications 6.875% 31/10/ 1,157,842 0.10 United States of America 5,844,600 0.52 2013 USD 4,645,000 BNP Paribas US Medium-Term Note 4,775,085 0.43 USD 1,370,000 Nisource Finance 6.125% 01/03/2022 1,362,343 0.12 Program 144A 5.125% 15/01/2015 USD 3,250,000 Peninsula Gaming 144A 10.75% 15/08/ 3,260,386 0.29 USD 1,000,000 Norfolk Southern 5.75% 15/01/2016 1,069,515 0.09 2017 USD 2,900,000 Pinnacle Entertainment 144A 8.625% 01/ 2,921,953 0.26 Total Other Transferable Securities not dealt 08/2017 on another Regulated Market 7,922,778 0.70 USD 4,435,000 Plains All American Pipeline 8.75% 01/05/ 5,244,281 0.46 2019 Total Investments 1,066,510,426 93.72 USD 4,880,000 PNC Bank 6.875% 01/04/2018 5,234,128 0.46 USD 4,400,000 ProLogis 7.375% 30/10/2019 4,212,169 0.37 Other Net Assets 71,515,594 6.28 USD 2,250,000 QVC 144A 7.5% 01/10/2019 2,306,250 0.20 Net Asset Value 1,138,026,020 100.00 USD 500,000 Qwest 8.375% 01/05/2016 538,750 0.05 USD 3,875,000 Sabine Pass 7.5% 30/11/2016 3,227,110 0.28 USD 1,000,000 SBA Telecommunications 144A 8% 15/ 1,034,295 0.09 08/2016 USD 2,500,000 Sinclair Television 144A 9.25% 01/11/ 2,612,500 0.23 2017 USD 2,200,000 Spirit Aerosystems 144A 7.5% 01/10/ 2,180,750 0.19 2017 USD 1,295,000 Sprint Nextel 8.375% 15/08/2017 1,317,454 0.12 USD 2,425,000 Talecris Biotherapeutics 144A 7.75% 15/ 2,473,500 0.22 11/2016 USD 1,850,000 Terra Capital 144A 7.75% 01/11/2019 1,988,750 0.17

* Money Market Instruments that fall under Article 41.1 h of the law dated 20 December 2002.

The notes on pages 18 to 56 form an integral part of these financial statements. Page 238 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global High Yield Schroder ISF Global High Yield (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Belgium 3,386,645 0.13 Philippines 61,094 - EUR 2,400,000 Barry Callebaut Services 6% 13/07/2017 3,386,645 0.13 USD 62,500 CE Casecnan Water & Energy 11.95% 15/ 61,094 - 11/2010 Canada 7,537,782 0.28 USD 7,000,000 Sino-Forest RegS 10.25% 28/07/2014 7,537,782 0.28 South Korea 8,195,388 0.30 USD 9,325,000 Hynix Semiconductor RegS 7.875% 27/ 8,195,388 0.30 Denmark 15,543,361 0.58 06/2017 EUR 11,100,000 ISS RegS 8.875% 15/05/2016 15,543,361 0.58 Spain 15,167,860 0.56 France 72,884,702 2.71 EUR 6,950,000 Abengoa 9.625% 25/02/2015 10,603,760 0.39 EUR 500,000 BNP Paribas EMTN variable perpetual 745,507 0.03 EUR 1,200,000 BBVA International Preferred Unipersonal 1,816,434 0.07 GBP 4,950,000 BNP Paribas variable perpetual 7,081,777 0.26 variable perpetual GBP 1,000,000 Credit Agricole EMTN variable perpetual 1,272,812 0.05 EUR 1,920,000 Campofrio Food RegS 8.25% 31/10/2016 2,747,666 0.10 GBP 400,000 Credit Agricole variable perpetual 674,639 0.02 Switzerland 687,012 0.03 EUR 1,000,000 Credit Agricole variable perpetual 1,565,891 0.06 EUR 550,000 UBS /Jersey EMTN variable perpetual 687,012 0.03 EUR 3,650,000 Credit Agricole variable perpetual 3,954,871 0.15 EUR 8,500,000 Nexans EMTN 5.75% 02/05/2017 11,224,218 0.42 Netherlands 45,131,956 1.68 EUR 8,900,000 Rexel 8.25% 15/12/2016 13,178,777 0.49 GBP 1,000,000 Cable & Wireless International Finance 1,687,752 0.06 EUR 18,300,000 Rhodia RegS FRN 15/10/2013 24,703,284 0.92 8.625% 25/03/2019 EUR 350,000 Société Générale variable perpetual 365,284 0.01 EUR 1,500,000 ELM for Swiss Reinsurance variable 1,799,694 0.07 perpetual EUR 3,750,000 Société Générale variable perpetual 5,086,447 0.19 EUR 10,400,000 HeidelbergCement Finance EMTN 5.625% 13,776,963 0.51 EUR 1,850,000 Société Générale variable perpetual 3,031,195 0.11 04/01/2018 Germany 73,927,044 2.75 EUR 5,900,000 Impress RegS 9.25% 15/09/2014 8,877,703 0.33 EUR 2,800,000 Allianz EMTN variable perpetual 3,749,814 0.14 USD 8,000,000 Indo Integrated Energy 9% 01/06/2012 8,080,624 0.30 EUR 3,200,000 Bayer variable perpetual 4,233,417 0.16 EUR 650,000 Linde Finance variable 14/07/2066 970,799 0.04 EUR 15,250,000 Cognis RegS FRN 15/09/2013 20,860,551 0.77 EUR 2,000,000 UPC RegS 7.75% 15/01/2014 2,822,204 0.11 EUR 9,850,000 HeidelbergCement 8% 31/01/2017 14,750,336 0.55 EUR 5,150,000 UPC RegS 8% 01/11/2016 7,116,217 0.26 EUR 3,370,000 HeidelbergCement 8.5% 31/10/2019 5,155,645 0.19 United Kingdom 139,905,924 5.20 EUR 2,380,000 Hella KG Hueck & Co 7.25% 20/10/2014 3,478,366 0.13 EUR 2,800,000 Aviva EMTN variable 22/05/2038 3,967,884 0.15 EUR 2,800,000 Muenchener Rueckversicherungs variable 3,642,659 0.14 GBP 750,000 Bank of Scotland variable perpetual 869,127 0.03 perpetual GBP 3,750,000 Bank of Scotland variable perpetual 4,370,069 0.16 EUR 7,900,000 UPC Germany RegS 8.125% 01/12/2017 11,659,590 0.43 GBP 575,000 Barclays Bank variable perpetual 1,194,103 0.04 EUR 4,350,000 UPC Germany RegS 9.625% 01/12/2019 6,396,666 0.24 GBP 4,764,000 Barclays Bank variable perpetual 5,282,194 0.20 Ireland 42,290,583 1.57 GBP 2,250,000 Daily Mail & General Trust 5.75% 07/12/ 3,117,918 0.12 EUR 13,000,000 Ardagh Glass Finance RegS 7.125% 15/ 16,846,830 0.63 2018 06/2017 GBP 7,500,000 GKN 6.75% 28/10/2019 11,500,437 0.43 EUR 800,000 Ardagh Glass Finance RegS 9.25% 01/ 1,255,593 0.05 EUR 6,650,000 ISS Financing RegS 11% 15/06/2014 10,365,300 0.38 07/2016 GBP 900,000 Legal & General EMTN variable 23/07/ 1,696,079 0.06 EUR 5,400,000 Smurfit Kappa Acquisitions RegS 7.25% 7,658,828 0.28 2041 15/11/2017 GBP 1,777,000 Legal & General EMTN variable perpetual 2,302,450 0.08 EUR 9,100,000 Smurfit Kappa Acquisitions RegS 7.75% 13,037,575 0.48 EUR 7,614,000 Lloyds TSB Bank variable perpetual 7,838,830 0.29 15/11/2019 GBP 3,261,000 Nationwide Building Society variable 5,133,248 0.19 EUR 2,500,000 Smurfit Kappa Funding 7.75% 01/04/ 3,491,757 0.13 perpetual 2015 GBP 6,230,000 Provident Financial 8% 23/10/2019 10,097,177 0.37 Italy 63,231,595 2.35 EUR 15,550,000 Rexam variable 29/06/2067 18,751,550 0.70 EUR 2,850,000 Intesa Sanpaolo variable perpetual 4,329,411 0.16 GBP 5,100,000 Royal Bank of Scotland EMTN variable 5,257,073 0.20 perpetual EUR 4,550,000 Intesa Sanpaolo variable perpetual 6,543,356 0.24 GBP 5,600,000 Royal Bank of Scotland EMTN variable 5,654,473 0.21 EUR 19,673,000 Lottomatica RegS variable 31/03/2066 27,158,658 1.01 perpetual EUR 3,100,000 Telecom Italia EMTN 5.25% 17/03/2055 3,723,749 0.14 GBP 1,230,000 Royal Bank of Scotland EMTN variable 1,305,767 0.05 EUR 15,250,000 Wind Acquisition Finance RegS 12.25% 21,476,421 0.80 perpetual 15/07/2017 EUR 5,150,000 TVN Finance RegS 10.75% 15/11/2017 7,730,643 0.29 Jersey 4,414,905 0.16 USD 14,500,000 Vedanta Resources RegS 9.5% 18/07/ 14,686,325 0.55 2018 GBP 3,314,000 HSBC Bank Funding Sterling variable 4,414,905 0.16 perpetual GBP 4,150,000 Virgin Media Finance 8.875% 15/10/2019 6,880,477 0.26 GBP 4,950,000 William Hill EMTN 7.125% 11/11/2016 8,163,110 0.30 Liberia 10,212,001 0.38 GBP 2,400,000 Zurich Finance UK EMTN variable 3,741,690 0.14 USD 8,000,000 Royal Caribbean Cruises 7% 15/06/2013 7,892,001 0.29 perpetual USD 2,000,000 Royal Caribbean Cruises 11.875% 15/07/ 2,320,000 0.09 2015 United States of America 216,753,161 8.05 USD 15,000,000 Allis-Chalmers Energy 9% 15/01/2014 14,264,688 0.53 Luxembourg 6,661,518 0.25 USD 12,000,000 Allis-Charlmers Energy 8.500% 01/03/ 10,410,728 0.39 EUR 3,050,000 Codere Finance Luxembourg RegS 8.25% 3,908,609 0.15 2017 15/06/2015 USD 2,000,000 Capital One Capital V 10.25% 15/08/2039 2,331,030 0.09 EUR 1,750,000 Wind Acquisition Finance RegS 11.75% 2,752,909 0.10 USD 4,800,000 Chesapeake Energy 9.5% 15/02/2015 5,283,599 0.20 15/07/2017 USD 10,000,000 Dynegy 7.75% 01/06/2019 8,614,895 0.32

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 239 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global High Yield (cont) Schroder ISF Global High Yield (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments dealt Value Net Amount to an Official Exchange Listing USD Assets Amount on another Regulated Market USD Assets

United States of America (cont) France 16,896,766 0.63 USD 21,735,000 Dynegy 8.375% 01/05/2016 20,681,554 0.77 USD 7,500,000 Credit Agricole 144A variable perpetual 7,931,625 0.30 USD 3,525,000 El Paso 6.875% 15/06/2014 3,504,388 0.13 EUR 6,325,000 Novasep 9.625% 15/12/2016 8,965,141 0.33 USD 7,000,000 Encore Acquisition 6% 15/07/2015 6,964,168 0.26 Luxembourg 34,314,000 1.27 USD 6,608,000 Frontier Communications 6.25% 15/01/ 6,575,461 0.24 2013 USD 34,400,000 Expro Finance Luxembourg 144A 8.5% 34,314,000 1.27 15/12/2016 USD 5,000,000 Frontier Communications 9% 15/08/2031 4,919,021 0.18 USD 9,000,000 Goodyear Tire & Rubber 10.5% 15/05/ 9,921,163 0.37 Marshall Islands 14,438,250 0.54 2016 USD 13,800,000 General Maritime 144A 12% 15/11/2017 14,438,250 0.54 USD 5,000,000 Interpublic Group of Companies 6.25% 4,795,017 0.18 15/11/2014 Netherlands 18,135,003 0.67 EUR 2,250,000 Iron Mountain EMTN 6.75% 15/10/2018 3,045,388 0.11 USD 9,000,000 UPC 144A 9.875% 15/04/2018 9,540,000 0.35 USD 6,500,000 Kansas City Southern Railway 13% 15/12/ 7,521,262 0.28 EUR 5,800,000 UPC RegS 9.75% 15/04/2018 8,595,003 0.32 2013 USD 7,000,000 Markwest Energy Partners/Mark Energy 7,157,500 0.26 United Kingdom 49,306,647 1.83 Finance 8.5% 15/07/2016 USD 13,000,000 CEVA Group 144A 11.625% 01/10/2016 13,255,152 0.49 USD 6,000,000 MarkWest Energy Partners/MarkWest 6,172,898 0.23 USD 17,500,000 Global Aviation 144A 14% 15/08/2013 17,390,625 0.65 Energy Finance 8.75% 15/04/2018 USD 4,800,000 Virgin Media Finance 8.375% 15/10/2019 4,962,000 0.18 USD 9,160,000 Massey Energy 6.875% 15/12/2013 9,100,743 0.34 EUR 220,000 Virgin Media Finance 9.5% 15/08/2016 340,734 0.01 USD 28,000,000 MGM Mirage 8.5% 15/09/2010 27,875,847 1.04 USD 12,500,000 Virgin Media Finance 9.5% 15/08/2016 13,358,136 0.50 USD 8,000,000 Plains Exploration & Production 10% 01/ 8,724,536 0.32 03/2016 United States of America 1,511,717,942 56.17 USD 10,000,000 Quicksilver Resources 8.25% 01/08/2015 10,233,654 0.38 USD 5,500,000 ACCO Brands 144A 10.625% 15/03/ 6,077,500 0.23 USD 6,900,000 Qwest 7.625% 15/06/2015 7,139,662 0.26 2015 USD 8,000,000 RRI Energy 7.875% 15/06/2017 7,781,057 0.29 USD 8,500,000 Advanced Micro Devices 144A 8.125% 8,510,625 0.32 15/12/2017 USD 7,000,000 Sprint Capital 7.625% 30/01/2011 7,193,652 0.27 USD 15,580,000 AEP Industries 7.875% 15/03/2013 15,477,209 0.57 USD 16,500,000 Valassis Communications 8.25% 01/03/ 16,541,250 0.61 2015 USD 10,000,000 AES 144A 9.75% 15/04/2016 11,000,000 0.41 USD 10,500,000 AES 8% 01/06/2020 10,653,037 0.40 Total Transferable Securities and USD 5,250,000 Affinia 144A 10.75% 15/08/2016 5,715,938 0.21 Money Market Instruments Admitted USD 16,950,000 Alliance One International 144A 10% 15/ 17,882,250 0.66 to an Official Exchange Listing 725,992,531 26.98 07/2016 USD 12,000,000 AMC Entertainment 8.75% 01/06/2019 12,196,521 0.45 Number of shares Transferable Securities and Market % USD 2,000,000 American Axle & Manufacturing 144A 2,040,000 0.08 or Principal Money Market Instruments dealt Value Net 9.25% 15/01/2017 Amount on another Regulated Market USD Assets USD 21,275,000 Atlas Energy Operating /Atlas Energy 23,615,250 0.88 Finance 10.75% 01/02/2018 Austria 9,423,837 0.34 USD 5,560,000 Atlas Pipeline Partners 8.75% 15/06/2018 4,948,400 0.18 USD 8,500,000 PE Paper Escrow 144A 12% 01/08/2014 9,423,837 0.34 USD 18,250,000 Basic Energy Services 11.625% 01/08/ 19,618,750 0.73 Bermuda 102,996,680 3.83 2014 USD 9,000,000 Digicel 144A 12% 01/04/2014 10,136,250 0.38 USD 3,500,000 Belo 8% 15/11/2016 3,613,750 0.13 USD 12,500,000 Digicel 144A 8.25% 01/09/2017 12,137,875 0.45 USD 1,150,000 Berry Plastics Escrow 144A 8.25% 15/11/ 1,161,500 0.04 2015 USD 8,000,000 Digicel 144A 8.875% 15/01/2015 7,800,000 0.29 USD 15,000,000 Berry Plastics Escrow 144A 8.875% 15/ 14,662,500 0.54 USD 16,015,000 Global Crossing 144A 12% 15/09/2015 17,656,538 0.66 09/2014 USD 20,000,000 Intelsat Bermuda 144A 04/02/2017 19,750,000 0.73 USD 7,000,000 Biomet 15/10/2017 7,569,731 0.28 USD 33,000,000 Intelsat Bermuda 144A step coupon 04/ 33,247,500 1.24 USD 18,000,000 Blockbuster 144A 11.75% 01/10/2014 17,100,000 0.64 02/2017 USD 19,000,000 Bon-Ton Department Stores 10.25% 15/ 17,289,904 0.64 USD 300,000 Petroplus Finance 144A 6.75% 01/05/ 281,025 0.01 03/2014 2014 USD 10,100,000 Cablevision Systems 144A 8.625% 15/09/ 10,567,125 0.39 USD 2,220,000 Petroplus Finance 144A 7% 01/05/2017 1,987,492 0.07 2017 Canada 13,691,875 0.51 USD 11,500,000 Case New Holland 144A 7.75% 01/09/ 11,707,054 0.43 2013 USD 6,000,000 Teck Resources 10.75% 15/05/2019 7,200,000 0.27 USD 8,500,000 CEDC Finance International 144A 9.125% 8,805,625 0.33 USD 5,875,000 Telesat Canada/Telesat 12.50% 01/11/ 6,491,875 0.24 01/12/2016 2017 EUR 7,400,000 CEDC Finance International RegS 8.875% 10,721,855 0.40 Cayman Islands 5,522,383 0.21 01/12/2016 USD 5,000,000 Seagate Technology International/Cayman 5,522,383 0.21 USD 9,750,000 Cellu Tissue 144A 11.5% 01/06/2014 10,771,604 0.40 Islands 144A 10% 01/05/2014 EUR 6,700,000 Cemex Finance RegS 9.625% 14/12/ 10,007,043 0.37 2017 Indonesia 20,224,111 0.75 USD 35,475,000 Cengage Learning Acquisitions 144A 34,056,000 1.27 USD 20,000,000 Prime Dig RegS 11.75% 03/11/2014 20,224,111 0.75 10.5% 15/01/2015 USD 6,830,000 Cequel Communications Holdings I and 6,872,383 0.26 Italy 9,900,000 0.37 Cequel Capital 144A 8.625% 15/11/2017 USD 10,000,000 Wind Acquisition Finance 144A 12.25% 9,900,000 0.37 USD 4,000,000 Cinemark USA 144A 8.625% 15/06/2019 4,180,000 0.16 15/07/2017 USD 1,480,000 Clear Channel Worldwide 144A 9.25% 15/ 1,517,000 0.06 12/2017

The notes on pages 18 to 56 form an integral part of these financial statements. Page 240 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global High Yield (cont) Schroder ISF Global High Yield (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments dealt Value Net or Principal Money Market Instruments dealt Value Net Amount on another Regulated Market USD Assets Amount on another Regulated Market USD Assets

United States of America (cont) United States of America (cont) USD 5,920,000 Clear Channel Worldwide 144A 9.25% 15/ 6,127,200 0.23 USD 20,000,000 K Hovnanian Enterprises 144A 10.625% 20,756,027 0.77 12/2017 15/10/2016 USD 13,500,000 Cloud Peak Energy Resources/Cloud 13,837,500 0.51 USD 24,750,000 Landry's Restaurants 144A 11.625% 01/ 26,358,750 0.98 Peak Energy Finance 144A 8.5% 15/12/ 12/2015 2019 USD 22,750,000 Level 3 Financing 12.25% 5/03/2013 24,053,668 0.89 USD 10,000,000 Colt Finance 144A 8.75% 15/11/2017 10,375,000 0.39 USD 13,000,000 Linn Energy 144A 11.75% 15/05/2017 14,657,500 0.54 USD 6,500,000 Complete Production Services 8% 15/12/ 6,443,125 0.24 USD 13,000,000 Lions Gate Entertainment 144A 10.25% 12,951,250 0.48 2016 01/11/2016 USD 6,500,000 Concho Resources/Midland TX 8.625% 6,857,500 0.25 USD 4,869,000 Louisiana-Pacific 144A 13% 15/03/2017 5,234,175 0.19 01/10/2017 USD 11,750,000 Michaels Stores 10% 01/11/2014 12,116,252 0.45 USD 3,000,000 Cott Beverages Ser144A 8.375% 15/11/ 3,105,000 0.12 USD 5,350,000 Michaels Stores 11.375% 01/11/2016 5,587,684 0.21 2017 USD 18,000,000 Mirant Americas Generation 8.5% 01/10/ 16,892,211 0.63 USD 7,980,000 CSC 144A 8.5% 15/06/2015 8,538,600 0.32 2021 USD 12,550,000 Delta Air Lines 144A 9.5% 15/09/2014 13,114,750 0.49 USD 22,000,000 Momentive Performance Materials 9.75% 21,285,000 0.79 USD 10,000,000 Domtar 10.75% 01/06/2017 11,710,195 0.43 01/12/2014 USD 9,850,000 Duane Reade 11.75% 01/08/2015 10,736,500 0.40 USD 6,000,000 MTR Gaming 144A 12.625% 15/07/2014 5,805,000 0.22 USD 13,250,000 DuPont Fabros Technology 144A 8.5% 13,498,438 0.50 USD 18,000,000 Murray Energy 144A 10.25% 15/10/2015 17,977,500 0.67 15/12/2017 USD 21,000,000 Neiman-Marcus 10.375% 15/10/2015 20,403,885 0.76 USD 27,500,000 Edgen Murray 144A 12.25% 15/01/2015 27,396,875 1.02 USD 30,000,000 NewPage 144A 11.375% 31/12/2014 30,301,526 1.13 USD 38,470,000 Edison Mission Energy 7% 15/05/2017 30,644,064 1.14 USD 25,500,000 Nextel Communications 6.875% 31/10/ 24,604,142 0.91 USD 5,512,030 Elwood Energy 8.159% 05/07/2026 5,112,865 0.19 2013 USD 1,490,000 Encore Acquisition 9.5% 01/05/2016 1,575,675 0.06 USD 8,000,000 NRG Energy 8.5% 15/06/2019 8,118,616 0.30 USD 12,770,000 Energy Future 10.875% 01/11/2017 10,407,550 0.39 USD 23,500,000 PAETEC Holding 9.5% 15/07/2015 22,736,250 0.84 USD 15,000,000 First Data 11.25% 31/03/2016 12,878,211 0.48 USD 16,000,000 Peninsula Gaming 144A 10.75% 15/08/ 16,051,133 0.60 USD 37,000,000 First Data 9.875% 24/09/2015 34,349,873 1.28 2017 USD 20,000,000 Ford Motor Credit 7.50% 01/08/2012 20,220,739 0.75 USD 6,000,000 Peninsula Gaming 144A 8.375% 15/08/ 6,015,000 0.22 USD 20,300,000 Ford Motor Credit 8% 01/06/2014 20,908,451 0.78 2015 USD 5,000,000 Ford Motor Credit 8.70% 01/10/2014 5,236,185 0.19 USD 6,500,000 PetroHawk Energy 7.875% 01/06/2015 6,575,223 0.24 USD 3,000,000 Freedom 144A 10.25% 01/08/2015 3,202,500 0.12 USD 9,000,000 Petroleum Development 12% 15/02/2018 9,326,250 0.35 USD 8,725,000 Freescale Semiconductor 10.125% 15/12/ 7,122,214 0.26 USD 11,250,000 Plastipak 144A 8.5% 15/12/2015 11,587,500 0.43 2016 USD 18,910,000 Ply Gem Industries 11.75% 15/06/2013 18,655,733 0.69 USD 2,750,000 GeoEye 144A 9.625% 01/10/2015 2,842,813 0.11 USD 6,500,000 Psychiatric Solutions 144A 7.75% 15/07/ 6,158,750 0.23 USD 10,500,000 Geokinetics 144A 9.75% 15/12/2014 10,368,750 0.39 2015 USD 9,000,000 Goodman Global 144A 0% 15/12/2014 5,130,000 0.19 USD 8,000,000 Qwest 8.375% 01/05/2016 8,620,000 0.32 USD 9,000,000 GXS Worldwide 144A 9.75% 15/06/2015 8,887,500 0.33 USD 7,075,000 Qwest Communications International 7.5% 7,128,063 0.26 15/02/2014 USD 8,000,000 Hanesbrands 8% 15/12/2016 8,110,409 0.30 USD 5,000,000 Qwest Communications International 5,162,500 0.19 USD 10,000,000 Harrah's Operating 144A 11.25% 01/06/ 10,500,000 0.39 144A 8% 01/10/2015 2017 USD 10,799,000 RailAmerica 9.25% 01/07/2017 11,541,431 0.43 USD 20,000,000 Harrahs Operating Escrow/Harrahs 20,878,593 0.78 Escrow 144A 11.25% 01/06/2017 USD 7,900,000 Regency Energy Partners/Regency Energy 8,443,125 0.31 Finance 144A 9.375% 01/06/2016 USD 6,000,000 HCA 144A 7.875% 15/02/2020 6,236,318 0.23 USD 30,000,000 Sabine Pass 7.5% 30/11/2016 24,984,078 0.93 USD 5,000,000 HCA 144A 8.5% 15/04/2019 5,347,121 0.20 USD 6,300,000 Salem Communications 144A 9.625% 15/ 6,630,750 0.25 USD 8,000,000 HCA 144A 9.875% 15/02/2017 8,777,299 0.33 12/2016 USD 11,800,000 HCA 9.25% 15/11/2016 12,695,918 0.47 USD 9,000,000 Select Medical 7.625% 01/02/2015 8,729,562 0.32 USD 7,000,000 Healthsouth 10.75% 15/06/2016 7,598,935 0.28 USD 1,000,000 Sinclair Broadcast 8% 15/03/2012 978,797 0.04 USD 18,000,000 Healthsouth 8.125% 15/02/2020 17,797,500 0.66 USD 9,100,000 Sinclair Television 144A 9.25% 01/11/ 9,509,500 0.35 USD 21,050,000 Helix Energy Solutions 144A 9.5% 15/01/ 21,681,500 0.81 2017 2016 USD 11,200,000 Sirius XM Radio 144A 9.75% 01/09/2015 11,844,000 0.44 USD 21,000,000 Hexion US Finance/Hexion Nova Scotia 20,628,496 0.77 USD 16,200,000 Sprint Nextel 8.375% 15/08/2017 16,480,889 0.61 Finance 9.75% 15/11/2014 USD 32,000,000 Sungard Data Systems 10.25% 15/08/ 34,147,941 1.27 USD 10,000,000 Host Hotels & Resorts 144A 9% 15/05/ 10,770,143 0.40 2015 2017 USD 22,500,000 Targa Resources Partners/Targa 24,862,500 0.92 USD 14,150,000 Hughes Network Systems/HNS Finance 14,680,625 0.55 Resources Partners Finance 144A 9.5% 15/04/2014 11.25% 15/07/2017 USD 6,000,000 Huntsman International 144A 5.50% 30/ 5,355,000 0.20 USD 15,000,000 Texas Competitive Electric 10.25% 01/11/ 12,150,000 0.45 06/2016 2015 USD 13,150,000 Huntsman International 7.875% 15/11/ 12,825,387 0.48 USD 6,000,000 Toys R US 7.625% 01/08/2011 6,101,696 0.23 2014 USD 6,500,000 Travelport 9.875% 01/09/2014 6,734,433 0.25 USD 2,500,000 Inergy/Inergy Finance 8.25% 01/03/2016 2,535,158 0.09 USD 15,000,000 TRW Automotive 144A 7.25% 15/03/ 14,470,148 0.54 USD 3,600,000 Ingles Markets 8.875% 15/05/2017 3,733,390 0.14 2017 USD 12,000,000 Intelsat 9.25% 15/08/2014 12,297,238 0.46 USD 5,000,000 TRW Automotive 144A 8.875% 01/12/ 5,225,000 0.19 USD 10,400,000 Intelsat 9.25% 15/06/2016 10,663,666 0.40 2017 USD 6,000,000 Interpublic 10% 15/07/2017 6,649,477 0.25 USD 5,110,000 Tube City IMS 9.75% 01/02/2015 4,956,700 0.18 USD 7,750,000 Invista 144A 9.25% 01/05/2012 7,905,000 0.29 USD 18,762,500 Umbrella Acquisition 144A 15/03/2015 16,923,657 0.63

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 241 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global High Yield (cont) Schroder ISF Strategic Bond

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments dealt Value Net or Principal Money Market Instruments Admitted Value Net Amount on another Regulated Market USD Assets Amount to an Official Exchange Listing USD Assets

United States of America (cont) Belgium 3,406,123 0.57 USD 10,000,000 Universal City Development Partners 144A 9,837,500 0.37 GBP 1,300,000 Anheuser-Busch InBev EMTN 6.5% 2,277,241 0.38 8.875% 15/11/2015 23/06/2017 USD 3,000,000 Univision Communications 144A 12% 01/ 3,313,619 0.12 EUR 800,000 Barry Callebaut Services 6% 13/07/ 1,128,882 0.19 07/2014 2017 USD 4,323,000 Vitamin Shoppe Industries FRN 15/11/ 4,350,019 0.16 2012 Bermuda 1,350,000 0.23 USD 1,500,000 Windstream 144A 7.875% 01/11/2017 1,476,806 0.05 USD 1,350,000 Petroplus Finance 144A 9.375% 15/ 1,350,000 0.23 09/2019 USD 7,000,000 Windstream 7% 15/03/2019 6,511,104 0.24 USD 5,600,000 WMG Acquisition 144A 9.5% 15/06/2016 6,001,549 0.22 Brazil 4,802,441 0.81 USD 3,000,000 XM Satellite Radio 144A 11.25% 15/06/ 3,240,000 0.12 USD 1,600,000 Centrais Eletricas Brasileiras RegS 1,732,787 0.29 2013 6.875% 30/07/2019 USD 19,450,000 Yonkers Racing 144A 11.375% 15/07/ 20,519,750 0.76 USD 3,000,000 Gerdau RegS 7% 20/01/2020 3,069,654 0.52 2016 Canada 702,854 0.12 Total Transferable Securities and USD 595,000 Talisman Energy 7.75% 01/06/2019 702,854 0.12 Money Market Instruments dealt on another Regulated Market 1,806,567,494 67.12 Cayman Islands 15,580,999 2.62 USD 1,715,000 Embraer Overseas 6.375% 15/01/2020 1,703,160 0.29 Number of shares Market % USD 3,750,000 Hutchison Whampoa International 09 3,793,441 0.64 or Principal Other Transferable Securities not dealt Value Net RegS 5.75% 11/09/2019 Amount on another Regulated Market USD Assets USD 1,550,000 Petrobras International Finance 5.75% 1,562,326 0.26 20/01/2020 Mexico 8,662,500 0.32 USD 2,200,000 Petrobras International Finance 7.875% 2,529,980 0.42 USD 7,500,000 Kansas City Southern de Mexico 12.5% 8,662,500 0.32 15/03/2019 01/04/2016 USD 2,200,000 Swire Pacific MTN Financing EMTN 2,257,211 0.38 5.5% 19/08/2019 The Netherlands 2,233,110 0.08 USD 1,530,000 Vale Overseas 6.875% 10/11/2039 1,546,866 0.26 USD 2,211,000 Paiton Energy Funding RegS 9.34% 15/ 2,233,110 0.08 02/2014 GBP 1,300,000 Yorkshire Water Services Bradford 2,188,015 0.37 Finance EMTN 6% 21/08/2019 United Kingdom 9,552,760 0.36 Colombia 4,965,534 0.83 USD 9,350,000 Global Crossing UK Finance 10.75% 15/ 9,552,760 0.36 12/2014 USD 4,400,000 Colombia Government 6.125% 4,102,120 0.69 perpetual Total Other Transferable Securities not dealt USD 785,000 Ecopetrol 7.625% 23/07/2019 863,414 0.14 on another Regulated Market 20,448,370 0.76 Denmark 6,522,307 1.10 EUR 1,320,000 AP Moller-Maersk 4.875% 30/10/2014 1,918,200 0.32 Total Investments 2,553,008,395 94.86 EUR 1,600,000 Carlsberg Breweries EMTN 6% 28/05/ 2,501,303 0.42 Other Net Assets 138,415,193 5.14 2014 EUR 600,000 Dong Energy 4.875% 16/12/2021 858,730 0.15 Net Asset Value 2,691,423,588 100.00 EUR 800,000 Nordic Telephone RegS 8.25% 01/05/ 1,244,074 0.21 2016

France 21,335,356 3.58 EUR 300,000 Casino Guichard Perrachon EMTN 461,383 0.08 5.5% 30/01/2015 EUR 700,000 Casino Guichard Perrachon EMTN 1,104,262 0.19 6.375% 04/04/2013 EUR 1,450,000 Cie de Saint-Gobain EMTN 8.25% 28/ 2,447,632 0.41 07/2014 EUR 1,000,000 Havas 5.5% 04/11/2014 1,456,227 0.24 EUR 950,000 Lafarge EMTN 5.5% 16/12/2019 1,353,125 0.23 GBP 650,000 Lafarge EMTN 8.75% 30/05/2017 1,209,254 0.20 EUR 1,350,000 Pernod-Ricard EMTN 7% 15/01/2015 2,106,197 0.35 EUR 924,000 PPR EMTN 8.625% 03/04/2014 1,571,105 0.26 EUR 900,000 Rexel 8.25% 15/12/2016 1,332,685 0.22 EUR 1,000,000 Rhodia RegS FRN 15/10/2013 1,349,906 0.23 EUR 2,100,000 Vivendi 4.5% 03/10/2013 3,145,460 0.53 EUR 1,400,000 Vivendi EMTN 4.875% 02/12/2019 2,017,654 0.34 EUR 1,200,000 WPP Finance 5.25% 30/01/2015 1,780,466 0.30

Germany 10,748,178 1.80 GBP 1,500,000 Bayer EMTN 5.625% 23/05/2018 2,500,944 0.42 EUR 950,000 Cognis RegS FRN 15/09/2013 1,299,510 0.22 EUR 630,000 HeidelbergCement 8% 31/01/2017 943,422 0.16 EUR 940,000 HeidelbergCement 8.5% 31/10/2019 1,438,073 0.24 EUR 895,000 Hella KG Hueck & Co 7.25% 20/10/ 1,308,041 0.22 2014

The notes on pages 18 to 56 form an integral part of these financial statements. Page 242 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Strategic Bond (cont) Schroder ISF Strategic Bond (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

Germany (cont) Netherlands (cont) EUR 1,500,000 Metro EMTN 7.625% 05/03/2015 2,522,939 0.42 EUR 700,000 Koninklijke KPN GMTN 5.625% 30/09/ 1,064,729 0.18 EUR 500,000 UPC Germany RegS 9.625% 01/12/ 735,249 0.12 2024 2019 GBP 1,500,000 Koninklijke KPN GMTN 5.75% 17/09/ 2,402,404 0.41 2029 Hungary 35,364,118 5.94 USD 800,000 Majapahit RegS 7.75% 20/01/2020 835,900 0.14 GBP 1,500,000 Hungary Government 5.5% 06/05/ 2,390,161 0.40 USD 1,575,000 Majapahit RegS 8% 07/08/2019 1,665,739 0.28 2014 EUR 1,500,000 Wolters Kluwer 6.375% 10/04/2018 2,391,023 0.40 HUF 5,145,400,000 Hungary Government 8% 12/02/2015 27,997,271 4.70 EUR 3,200,000 Hungary Government EMTN 6.750% 4,976,686 0.84 Peru 2,593,125 0.44 28/07/2014 USD 2,250,000 Peruvian Government 7.350% 21/07/ 2,593,125 0.44 2025 Indonesia 25,206,991 4.23 USD 1,850,000 Adaro Indonesia RegS 7.625% 22/10/ 1,826,227 0.31 Philippines 357,276 0.06 2019 USD 365,500 CE Casecnan Water & Energy 11.95% 357,276 0.06 IDR 205,349,000,000 Indonesia Government 10.75% 15/05/ 23,380,764 3.92 15/11/2010 2016 Poland 24,170,419 4.06 Ireland 3,649,426 0.61 PLN 62,505,000 Poland Government 5.5% 25/10/2019 20,738,870 3.48 EUR 800,000 Ardagh Glass Finance RegS 9.25% 01/ 1,255,593 0.21 USD 3,140,000 Poland Government 6.375% 15/07/ 3,431,549 0.58 07/2016 2019 EUR 900,000 Smurfit Kappa Acquisitions RegS 1,276,471 0.21 7.25% 15/11/2017 Qatar 2,723,490 0.45 EUR 800,000 Smurfit Kappa Funding 7.75% 01/04/ 1,117,362 0.19 USD 1,800,000 Qatar Government RegS 5.25% 20/01/ 1,813,410 0.30 2015 2020 USD 900,000 Qatar Government RegS 6.4% 20/01/ 910,080 0.15 Italy 6,592,337 1.11 2040 EUR 1,650,000 Lottomatica 5.375% 05/12/2016 2,411,449 0.41 EUR 1,500,000 Telecom Italia EMTN 5.25% 17/03/ 1,801,814 0.30 South Africa 2,493,908 0.42 2055 USD 2,220,000 South Africa Government 6.875% 27/ 2,493,908 0.42 GBP 650,000 Telecom Italia EMTN 7.375% 15/12/ 1,182,028 0.20 05/2019 2017 South Korea 11,660,548 1.96 EUR 850,000 Wind Acquisition Holdings Finance 1,197,046 0.20 RegS 12.25% 15/07/2017 USD 2,700,000 Korea Expressway RegS 4.5% 23/03/ 2,741,588 0.46 2015 Jersey 2,429,221 0.41 USD 2,700,000 Korea Hydro & Nuclear Power RegS 2,940,996 0.50 GBP 800,000 United Business Media 6.5% 23/11/ 1,318,119 0.22 6.25% 17/06/2014 2016 USD 3,125,000 Korea National Housing 4.875% 10/09/ 3,226,522 0.54 EUR 705,000 WPP EMTN 6.625% 12/05/2016 1,111,102 0.19 2014 USD 2,600,000 Korea National Oil RegS 5.375% 30/ 2,751,442 0.46 Luxembourg 10,544,793 1.77 07/2014 EUR 690,000 ArcelorMittal 9.375% 03/06/2016 1,208,479 0.20 Spain 2,708,485 0.45 GBP 1,700,000 Enel Finance International EMTN 5.75% 2,787,681 0.47 perpetual EUR 900,000 Campofrio Food RegS 8.25% 31/10/ 1,287,969 0.21 2016 EUR 370,000 Fiat Finance & Trade EMTN 7.625% 558,069 0.09 15/09/2014 GBP 900,000 Telefonica Emisiones SAU EMTN 1,420,516 0.24 5.375% 02/02/2026 EUR 700,000 Fiat Finance & Trade GMTN 9% 30/07/ 1,094,783 0.18 2012 Sweden 3,296,228 0.55 EUR 800,000 Finmeccanica Finance 5.25% 21/01/ 1,172,659 0.20 EUR 600,000 TeliaSonera EMTN 4.75% 16/11/201 876,199 0.15 2022 EUR 1,400,000 Volvo Treasury EMTN 9.875% 27/02/ 2,420,029 0.40 EUR 1,450,000 Michelin Luxembourg EMTN 8.625% 2,464,649 0.42 2014 24/04/2014 EUR 800,000 Wind Acquisition Finance RegS 1,258,473 0.21 United Kingdom 51,154,026 8.59 11.75% 15/07/2017 GBP 850,000 Allied Domecq Financial Services EMTN 1,428,128 0.24 6.625% 12/06/2014 Malaysia 5,440,797 0.91 EUR 600,000 BAT International Finance EMTN 921,699 0.15 USD 5,405,000 Petronas Capital RegS 5.25% 12/08/ 5,440,797 0.91 5.375% 29/06/2017 2019 GBP 275,000 BAT International Finance EMTN 6% 449,092 0.08 Mexico 2,534,710 0.43 24/11/2034 EUR 900,000 Petroleos Mexicanos EMTN 5.5% 09/ 1,296,234 0.22 GBP 780,000 BMW UK Capital EMTN 5% 02/10/ 1,254,219 0.21 01/2017 2017 GBP 710,000 Petroleos Mexicanos EMTN 8.25% 02/ 1,238,476 0.21 GBP 1,300,000 British Sky Broadcasting EMTN 6% 21/ 2,120,089 0.36 06/2022 05/2027 GBP 1,500,000 BSKYB Finance UK RegS 5.75% 20/ 2,526,832 0.42 Netherlands 17,007,980 2.86 10/2017 EUR 1,500,000 Akzo Nobel 7.25% 27/03/2015 2,482,796 0.42 GBP 1,900,000 Cadbury Schweppes Finance EMTN 3,416,257 0.57 EUR 1,700,000 ASML 5.75% 13/06/2017 2,455,584 0.41 7.25% 18/07/2018 GBP 750,000 Cable & Wireless International Finance 1,265,814 0.21 GBP 1,950,000 Centrica EMTN 7% 19/09/2033 3,685,644 0.62 8.625% 25/03/2019 GBP 742,000 Daily Mail & General Trust 5.75% 07/ 1,028,220 0.17 GBP 1,400,000 Deutsche Telekom International Finance 2,443,991 0.41 12/2018 EMTN 6.5% 08/04/2022

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 243 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Strategic Bond (cont) Schroder ISF Strategic Bond (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets Amount to an Official Exchange Listing USD Assets

United Kingdom (cont) United States of America (cont) GBP 210,000 Daily Mail & General Trust 7.5% 29/03/ 346,450 0.06 USD 1,425,000 Ventas Realty /Ventas Capital 6.75% 1,371,995 0.23 2013 01/04/2017 EUR 900,000 FCE Bank EMTN 9.375% 17/01/2014 1,306,925 0.22 USD 2,040,000 Verizon Communications 8.75% 01/11/ 2,560,873 0.43 EUR 1,700,000 Hammerson 4.875% 19/06/2015 2,406,369 0.40 2018 GBP 1,300,000 Imperial Tobacco Finance EMTN 2,369,598 0.40 USD 1,165,000 Viacom 5.625% 15/09/2019 1,197,874 0.20 7.75% 24/06/2019 EUR 600,000 Wal-Mart Stores 4.875% 21/09/2029 850,563 0.14 USD 575,000 Inmarsat Finance 144A 7.375% 01/12/ 581,684 0.10 USD 410,000 Yum! Brands 5.3% 15/09/2019 410,133 0.07 2017 GBP 1,270,000 Intercontinental Hotels EMTN 6% 09/ 2,033,828 0.34 Total Transferable Securities and 12/2016 Money Market Instruments Admitted EUR 450,000 ISS Financing RegS 11% 15/06/2014 701,411 0.12 to an Official Exchange Listing 325,663,341 54.68 GBP 630,000 John Lewis EMTN 8.375% 08/04/2019 1,192,613 0.20 Number of shares Transferable Securities and Market % EUR 1,500,000 Kingfisher EMTN 4.125% 23/11/2012 2,210,146 0.37 or Principal Money Market Instruments dealt Value Net GBP 1,800,000 Marks & Spencer EMTN 6.125% 02/ 2,926,891 0.49 12/2019 Amount on another Regulated Market USD Assets GBP 1,400,000 Next 5.875% 12/10/2016 2,348,307 0.39 Bermuda 3,318,200 0.56 GBP 700,000 Reed Elsevier Investments 7% 11/12/ 1,253,495 0.21 USD 1,650,000 Digicel 144A 8.25% 01/09/2017 1,602,200 0.27 2017 USD 300,000 Digicel 144A 12% 01/04/2014 337,875 0.06 GBP 1,400,000 Reed Elsevier Investments EMTN 2,304,331 0.39 5.625% 20/10/2016 USD 1,250,000 Global Crossing 144A 12% 15/09/ 1,378,125 0.23 GBP 600,000 Rentokil Initial EMTN 5.75% 31/03/ 959,365 0.16 2015 2016 EUR 1,500,000 Rexam variable perpetual 1,808,831 0.30 Brazil 2,079,466 0.35 GBP 1,100,000 Stagecoach 5.75% 16/12/2016 1,773,335 0.30 USD 2,200,000 TAM Capital 2 RegS 9.5% 29/01/2020 2,079,466 0.35 GBP 1,600,000 Tate & Lyle International Finance 6.75% 2,650,485 0.45 Canada 4,317,943 0.73 25/11/2019 USD 1,350,000 Cascades 144A 7.75% 15/12/2017 1,370,250 0.23 EUR 900,000 TVN Finance RegS 10.75% 15/11/ 1,350,986 0.23 2017 USD 1,150,000 Cenovus Energy 144A 6.75% 15/11/ 1,252,052 0.21 2039 USD 800,000 Vedanta Resources RegS 9.5% 18/07/ 810,280 0.14 2018 USD 350,000 Nexen 6.2% 30/07/2019 372,605 0.07 GBP 410,000 Virgin Media Finance 8.875% 15/10/ 679,758 0.11 USD 1,145,000 Nexen 7.5% 30/07/2039 1,323,036 0.22 2019 Cayman Islands 414,856 0.07 GBP 1,400,000 William Hill EMTN 7.125% 11/11/2016 2,308,758 0.39 USD 415,000 Vale Overseas 5.625% 15/09/2019 414,856 0.07 United States of America 46,321,671 7.77 France 4,850,956 0.81 GBP 1,400,000 Ahold Finance USA EMTN 6.5% 14/03/ 2,439,608 0.41 2017 USD 2,320,000 France Telecom 5.375% 08/07/2019 2,441,353 0.41 USD 1,500,000 Allis-Chalmers Energy 9% 15/01/2014 1,426,469 0.24 EUR 1,700,000 Novasep RegS 9.625% 15/12/2016 2,409,603 0.40 USD 1,935,000 AT&T 5.8% 15/02/2019 2,055,649 0.35 Luxembourg 2,880,107 0.48 USD 1,725,000 AT&T 6.55% 15/02/2039 1,816,677 0.31 USD 1,500,000 Expro Finance Luxembourg 144A 8.5% 1,496,250 0.25 USD 880,000 Atmos Energy 8.5% 15/03/2019 1,074,906 0.18 15/12/2016 USD 1,810,000 CBS 8.875% 15/05/2019 2,177,651 0.37 USD 1,275,000 Telecom Italia Capital 6.175% 18/06/ 1,383,857 0.23 GBP 700,000 Cellco Partnership/Verizon Wireless 1,424,761 0.24 2014 Capital 8.875% 18/12/2018 Malaysia 5,513,944 0.93 USD 1,420,000 Cincinnati Bell 8.25% 15/10/2017 1,433,594 0.24 MYR 18,550,000 Malaysia Government 3.756% 28/04/ 5,513,944 0.93 USD 3,230,000 Consumers Energy 6.7% 15/09/2019 3,639,053 0.61 2011 USD 1,400,000 Crown Castle International 7.125% 01/ 1,382,761 0.23 11/2019 Mexico 15,219,555 2.56 USD 1,755,000 CVS Caremark 6.125% 15/09/2039 1,729,799 0.29 USD 1,690,000 Alestra RegS 11.75% 11/08/2014 1,891,693 0.32 USD 940,000 Darden Restaurants 6.8% 15/10/2037 981,512 0.16 USD 2,055,000 America Movil 144A 5% 16/10/2019 2,022,247 0.34 USD 615,000 Dow Chemical 8.55% 15/05/2019 726,168 0.12 MXN 135,685,000 Mexican Bonos 9.5% 18/12/2014 11,305,615 1.90 USD 1,250,000 Dynegy 8.375% 01/05/2016 1,189,415 0.20 USD 1,320,000 Lorillard Tobacco 8.125% 23/06/2019 1,439,857 0.24 Netherlands 1,037,328 0.17 USD 290,000 Magellan Midstream Partners 6.55% 316,037 0.05 EUR 700,000 UPC RegS 9.75% 15/04/2018 1,037,328 0.17 15/07/2019 Philippines 3,104,181 0.52 USD 1,270,000 Massey Energy 6.875% 15/12/2013 1,261,784 0.21 USD 3,000,000 Power Sector Assets & Liabilities 3,104,181 0.52 USD 1,385,000 McDonald's MTN 5% 01/02/2019 1,436,123 0.24 Management RegS 7.39% 02/12/2024 USD 1,935,000 ONEOK Partners 8.625% 01/03/2019 2,351,737 0.40 USD 2,190,000 PepsiCo 5% 01/06/2018 2,286,536 0.38 United Kingdom 3,251,437 0.55 USD 1,340,000 Safeway 6.25% 15/03/2014 1,476,952 0.25 USD 1,140,000 BAT International Finance 144A 9.5% 1,478,078 0.25 15/11/2018 EUR 790,000 SES Global Americas EMTN 4.875% 1,188,948 0.20 09/07/2014 USD 500,000 Virgin Media Finance 9.5% 15/08/2016 534,325 0.09 USD 3,100,000 Time Warner Cable 5.85% 01/05/2017 3,225,624 0.54 EUR 800,000 Virgin Media Finance 9.5% 15/08/2016 1,239,034 0.21 USD 1,445,000 Valassis Communications 8.25% 01/ 1,448,612 0.24 03/2015

The notes on pages 18 to 56 form an integral part of these financial statements. Page 244 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Strategic Bond (cont) Schroder ISF Strategic Bond (cont)

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments dealt Value Net or Principal Money Market Instruments dealt Value Net Amount on another Regulated Market USD Assets Amount on another Regulated Market USD Assets

United States of America 169,876,642 28.52 United States of America (cont) USD 1,175,000 ACCO Brands 144A 10.625% 15/03/ 1,298,375 0.22 USD 1,904,798 FNMA REMICS G93-39 ZQ 6.5% 25/ 2,076,230 0.35 2015 12/2023 USD 1,115,000 Alliance One International 144A 10% 1,176,325 0.20 USD 925,000 Geo 144A 7.75% 15/10/2017 950,438 0.16 15/07/2016 USD 1,450,000 Geokinetics 144A 9.75% 15/12/2014 1,431,875 0.24 USD 1,250,000 AMC Entertainment 8.75% 01/06/2019 1,270,471 0.21 USD 1,336,000 GNMA 2004-58 VB 5.5% 16/04/2028 1,406,929 0.24 USD 1,075,000 American Tower 144A 7.25% 15/05/ 1,204,000 0.20 USD 273,876 GNMA 2005-58 NJ 4.5% 20/08/2035 284,491 0.05 2019 USD 15,695,017 GNMA I Pool N° 782248 5.5% 15/10/ 16,455,244 2.76 USD 445,000 AmerisourceBergen 4.875% 15/11/ 435,879 0.07 2034 2019 USD 853,904 GNMA I Pool N° 782455 5.5% 15/11/ 895,265 0.15 USD 835,000 Anheuser-Busch InBev Worldwide 885,530 0.15 2038 144A 5.375% 15/11/2014 USD 1,425,000 GXS Worldwide 144A 9.75% 15/06/ 1,407,188 0.24 GBP 450,000 AT&T EMTN 7% perpetual 880,922 0.15 2015 USD 1,275,000 Atlas Energy Operating /Atlas Energy 1,415,250 0.24 USD 1,250,000 HCA 9.25% 15/11/2016 1,344,907 0.23 Finance 10.75% 01/02/2018 USD 1,540,000 Helix Energy Solutions 144A 9.5% 15/ 1,586,200 0.27 USD 1,250,000 Basic Energy Services 11.625% 01/08/ 1,343,750 0.23 01/2016 2014 USD 1,440,000 Hess 6% perpetual 1,432,656 0.24 USD 1,445,000 Berry Plastics Escrow 144A 8.25% 15/ 1,459,450 0.24 USD 1,075,000 Hughes Network Systems/HNS 1,115,313 0.19 11/2015 Finance 9.5% 15/04/2014 USD 1,500,000 Biomet 10% 15/10/17 1,624,637 0.27 USD 1,100,000 Huntsman International 144A 5.50% 981,750 0.16 USD 740,000 Biomet 10.375% 15/10/2017 800,229 0.13 30/06/2016 USD 800,000 Blockbuster 144A 11.75% 01/10/2014 760,000 0.13 USD 1,500,000 Landry's Restaurants 144A 11.625% 1,597,500 0.27 USD 1,200,000 Cablevision Systems 144A 8.625% 15/ 1,255,500 0.21 01/12/2015 09/2017 USD 735,000 Linn Energy 144A 11.75% 15/05/2017 828,713 0.14 USD 1,220,000 Case New Holland 144A 7.75% 01/09/ 1,241,966 0.21 USD 1,225,000 Lions Gate Entertainment 144A 1,220,406 0.20 2013 10.25% 01/11/2016 USD 1,450,000 CEDC Finance Corp International 144A 1,500,750 0.25 USD 1,010,000 Mirant Americas Generation 8.5% 01/ 947,841 0.16 9.125% 01/12/2016 10/2021 EUR 800,000 CEDC Finance International RegS 1,159,120 0.19 USD 2,230,000 Newmont Mining 6.25% 01/10/2039 2,208,376 0.37 8.875% 01/12/2016 USD 1,375,000 NewPage 144A 11.375% 31/12/2014 1,388,820 0.23 USD 1,400,000 Cello Partnership/Verizon Wireless 1,746,160 0.29 USD 1,980,000 News America 6.65% 15/11/2037 2,106,534 0.35 Capital 8.5% 15/11/2018 USD 1,250,000 Nextel Communications 6.875% 31/10/ 1,206,085 0.20 USD 2,400,000 CenturyTel 7.6% 15/09/2039 2,481,082 0.42 2013 USD 1,550,000 Cequel Communications Holdings I/ 1,559,618 0.26 USD 690,000 Nisource Finance 6.125% 01/03/2022 686,143 0.12 Cequel Capital 144A 8.625% 15/11/ 2017 USD 1,250,000 Peninsula Gaming 144A 10.75% 15/ 1,253,995 0.21 08/2017 USD 1,275,000 Cloud Peak Energy Resources/Cloud 1,281,375 0.22 Peak Energy Finance 144A 8.25% 15/ USD 1,250,000 Petroleum Development 12% 15/02/ 1,295,313 0.22 12/2017 2018 USD 1,270,000 Complete Production Services 8% 15/ 1,258,888 0.21 USD 710,000 Pinnacle Entertainment 144A 8.625% 715,375 0.12 12/2016 01/08/2017 USD 1,200,000 COX Communications 5.45% 15/12/ 1,273,318 0.21 USD 1,075,000 QVC 144A 7.5% 01/10/2019 1,101,875 0.19 2014 USD 1,075,000 Qwest Communications International 1,109,938 0.19 USD 1,270,000 DirecTV/DirecTV Financing 144A 1,283,161 0.22 144A 8% 01/10/2015 5.875% 01/10/2019 USD 1,550,000 Republic Services 144A 5.25% 15/11/ 1,535,202 0.26 USD 1,750,000 Discovery Communications 5.625% 15/ 1,780,728 0.30 2021 08/2019 USD 1,600,000 Sabine Pass 7.5% 30/11/2016 1,332,484 0.22 USD 1,500,000 DuPont Fabros Technology 144A 8.5% 1,528,125 0.26 USD 260,000 Safeway 5% 15/08/2019 257,419 0.04 15/12/2017 USD 1,220,000 Sinclair Television 144A 9.25% 01/11/ 1,274,900 0.21 USD 1,500,000 Edgen Murray 144A 12.25% 15/01/ 1,494,375 0.25 2017 2015 USD 1,250,000 Spirit Aerosystems 144A 7.5% 01/10/ 1,239,063 0.21 USD 1,250,000 Edison Mission Energy 7% 15/05/2017 995,713 0.17 2017 USD 493,464 Elwood Energy 8.159% 05/07/2026 457,729 0.08 USD 1,450,000 Sungard Data Systems 10.25% 15/08/ 1,547,329 0.26 USD 1,155,000 Enterprise Products Operating 6.125% 1,124,061 0.19 2015 15/10/2039 USD 1,175,000 Talecris Biotherapeutics 144A 7.75% 1,198,500 0.20 USD 128,311 Federal Farm Credit Bank 2007-IA4 1 134,098 0.02 15/11/2016 5.77% 21/02/2014 USD 885,000 Terra Capital 144A 7.75% 01/11/2019 951,375 0.16 USD 1,349,442 FHMLC 3003 BJ 4.75% 15/12/2034 1,404,658 0.24 USD 480,000 Univision Communications 144A 12% 530,179 0.09 USD 2,072,000 FHMLC REMICS 3306 PD 5.5% 15/04/ 2,046,821 0.34 01/07/2014 2035 USD 47,475,000 US Treasury 1.875% 15/07/2015 55,564,787 9.33 USD 131,140 FNMA Pool N° 725221 5.5% 01/01/ 138,094 0.02 USD 715,000 Virginia Electric and Power 5% 30/06/ 720,990 0.12 2034 2019 USD 2,044,712 FNMA Pool N° 735894 5.5% 01/09/ 2,141,835 0.36 USD 833,000 Vitamin Shoppe Industries FRN 15/11/ 838,206 0.14 2035 2012 USD 3,377,726 FNMA REMICS 2006-112 DA 5.5% 25/ 3,581,881 0.60 USD 1,475,000 Windstream 144A 7.875% 01/11/2017 1,452,193 0.24 07/2034 USD 750,000 WMG Acquisition 144A 9.5% 15/06/ 803,779 0.13 USD 4,130,000 FNMA REMICS 2006-22 CE 4.5% 25/ 4,170,962 0.70 2016 08/2023 Total Transferable Securities and

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 245 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Strategic Bond (cont) Schroder ISF Asian Convertible Bond

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments dealt Value Net or Principal Money Market Instruments Admitted Value Net Amount on another Regulated Market USD Assets Amount to an Official Exchange Listing USD Assets Money Market Instruments dealt China 6,900,697 4.21 on another Regulated Market 215,864,615 36.25 CNY 15,000,000 China High Speed Transmission 2,601,287 1.59 Number of shares Money Market Instruments Market % Equipment 0% 14/05/2011 or Principal other than those dealt Value Net CNY 25,000,000 GOME Electrical Appliances 3% 25/09/ 4,299,410 2.62 2014 Amount in on a Regulated Market * USD Assets Hong Kong SAR 28,337,151 17.28 Egypt 5,362,235 0.90 HKD 25,000,000 Champion Path 0% 28/10/2015 3,282,807 2.00 EGP 30,000,000 Egypt Treasury Bill 0% 16/03/2010 5,362,235 0.90 USD 3,000,000 China Overseas Finance Investment 3,780,000 2.30 Total Money Market Instruments Cayman 0% 14/05/2014 other than those dealt HKD 33,000,000 Fair Vantage 1% 03/06/2013 4,834,422 2.95 in on a Regulated Market * 5,362,235 0.90 HKD 9,000,000 Gainlead International 0% 22/02/2012 1,306,661 0.80 USD 2,600,000 Hongkong Land CB 2005 RegS 2.75% 3,432,000 2.09 Number of shares Market % 21/12/2012 or Principal Other Transferable Securities not dealt Value Net USD 3,900,000 Lonking 0% 24/08/2014 4,132,830 2.52 Amount on another Regulated Market USD Assets HKD 20,000,000 Power Regal Group 2.25% 02/06/2014 3,588,479 2.19 HKD 31,000,000 Sherson 0% 04/06/2014 3,979,952 2.43 Cayman Islands 27 - USD 2,717,666 Sharp SP I Net Interest Margin Trust 27 - India 41,983,115 25.60 2006-HE3N NA 6.4% 25/06/2036 USD 1,400,000 Jaiprakash Associates 0% 12/09/2012 1,666,000 1.02 USD 4,000,000 Larsen & Toubro 3.5% 22/10/2014 4,609,180 2.81 Luxembourg 534,219 0.09 USD 2,700,000 Mahindra & Mahindra 0% 14/04/2011 3,429,678 2.09 USD 510,000 Holcim US Finance Sarl & Cie 44A 6% 534,219 0.09 /2019 USD 1,500,000 Ranbaxy Laboratories 0% 18/03/2011 1,744,572 1.06 USD 5,000,000 Sesa Goa 5% 31/10/2014 5,889,235 3.59 United States of America 171,531 0.03 USD 3,100,000 Suzlon Energy 0% 11/10/2012 2,980,449 1.82 USD 1,149,024 Morgan Stanley ABS Capital I 2003- 74,300 0.01 USD 800,000 Suzlon Energy 0% 12/06/2012 761,373 0.46 NC10 B3 FRN 25/10/2033 USD 7,000,000 Tata Motors 4% 16/10/2014 8,960,000 5.46 USD 632,205 New Century Home Equity Loan Trust 74,790 0.01 2003-3 M5 FRN 25/07/2033 USD 8,100,000 Tata Steel 4.5% 21/11/2014 8,813,618 5.38 USD 827,096 Park Place Securities 2004-WCW1 M8 22,441 0.01 USD 3,000,000 Welspun-Gujarat Stahl 4.5% 17/10/2014 3,129,010 1.91 FRN 25/09/2034 Malaysia 5,774,837 3.52 Total Other Transferable Securities not dealt USD 2,500,000 IOI Capital 0% 18/12/2011 3,040,605 1.85 on another Regulated Market 705,777 0.12 USD 2,700,000 Paka Capital 0% 12/03/2013 2,734,232 1.67

Number of shares Market % Man Island 1,016,182 0.62 or Principal Value Net USD 900,000 AngloGold Ashanti Finance RegS 3.5% 1,016,182 0.62 Amount Derivatives USD Assets 22/05/2014

United States of America 89,813,016 15.08 Philippines 1,403,354 0.86 USD 4,326,000 FHLMC TBA 4.5% 15/01/2024 4,449,697 0.75 USD 1,300,000 SM Investments 0% 20/03/2012 1,403,354 0.86 USD 18,000,000 FHLMC TBA 5% 15/01/2039 18,486,562 3.10 Singapore 39,070,117 23.82 USD 6,500,000 FNMA TBA 5% 25/01/2034 6,803,672 1.14 SGD 16,000,000 CapitaLand RegS 2.875% 03/09/2016 12,147,060 7.41 USD 3,690,000 FNMA TBA 5% 25/01/2039 3,792,628 0.64 USD 3,500,000 Enercoal Resources Pte 5% 25/11/2016 3,349,978 2.04 USD 22,600,000 FNMA TBA 5.5% 25/01/2039 23,691,151 3.98 USD 3,500,000 Ezra 4% 25/11/2014 3,696,779 2.25 USD 18,850,000 FNMA TBA 6% 25/01/2039 19,998,681 3.36 USD 4,600,000 First Resources 5.625% 22/09/2014 4,770,583 2.91 USD 12,000,000 GNMA I TBA 5.5% 15/01/2039 12,590,625 2.11 SGD 2,900,000 Genting Singapore 0% 26/04/2012 2,727,059 1.66 Total Derivatives 89,813,016 15.08 USD 6,000,000 Olam International 6% 15/10/2016 6,470,928 3.95 USD 3,500,000 Wilmar International 0% 18/12/2012 4,527,065 2.76 SGD 750,000 Yanlord Land 5.85% 13/07/2014 578,920 0.35 Total Investments 637,408,984 107.03 SGD 1,000,000 Yanlord Land RegS 0% 06/02/2012 801,745 0.49 Other Net Liabilities ( 41,858,625 ) ( 7.03 ) South Korea 7,622,250 4.65 Net Asset Value 595,550,359 100.00 USD 4,000,000 Daewoo International 3.25% 06/07/2014 4,676,000 2.85 USD 3,000,000 STX Pan Ocean 4.5% 20/11/2014 2,946,250 1.80

Taiwan 3,767,368 2.30 USD 1,400,000 Compal Electronics 0% 19/08/2010 2,150,368 1.31 USD 1,500,000 United Microelectronics 0% 02/12/2014 1,617,000 0.99

Vietnam 3,386,000 2.06 USD 4,000,000 Vincom JSC RegS 6% 15/12/2014 3,386,000 2.06

Total Transferable Securities and Money Market Instruments Admitted to an Official Exchange Listing 139,261,071 84.92

* * Money Market Instruments that fall under Article 41.1 h of the law dated 20 December 2002.

The notes on pages 18 to 56 form an integral part of these financial statements. Page 246 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Asian Convertible Bond (cont) Schroder ISF Global Convertible Bond

Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments dealt Value Net or Principal Money Market Instruments Admitted Value Net Amount on another Regulated Market USD Assets Amount to an Official Exchange Listing USD Assets

India 7,507,972 4.58 Belgium 965,597 0.50 USD 2,300,000 JSW Steel 0% 28/06/2012 2,749,222 1.68 EUR 500,000 Nyrstar 7% 10/07/2014 965,597 0.50 USD 4,500,000 Sterlite Industries India 4% 30/10/2014 4,758,750 2.90 Bermuda 2,281,782 1.19 Taiwan 1,595,250 0.97 USD 2,000,000 Aquarius Platinum 4% 18/12/2015 2,281,782 1.19 USD 1,500,000 United Microelectronics 0% 02/12/2014 1,595,250 0.97 British Virgin Islands 1,969,684 1.03 Total Transferable Securities and HKD 15,000,000 Champion Path 0% 28/10/2015 1,969,684 1.03 Money Market Instruments dealt Canada 2,287,961 1.19 on another Regulated Market 9,103,222 5.55 USD 1,500,000 First Quantum Minerals 6% 19/06/2014 2,287,961 1.19

Total Investments 148,364,293 90.47 Cayman Islands 3,287,200 1.72 USD 40,000 Vale Capital II 6.75% 15/06/2012 3,287,200 1.72 Other Net Assets 15,620,010 9.53 China 867,096 0.45 Net Asset Value 163,984,303 100.00 CNY 5,000,000 China High Speed Transmission 867,096 0.45 Equipment 0% 14/05/2011

France 10,421,996 5.44 EUR 12,000,000 Faurecia 4.5% 01/01/2015 3,230,272 1.69 EUR 8,000,000 Peugeot 4.45% 01/01/2016 3,640,067 1.90 EUR 9,000,000 SOITEC 6.25% 09/09/2014 1,417,725 0.74 EUR 2,500,000 TEM 4.25% 01/01/2015 2,133,932 1.11

Germany 4,008,898 2.09 EUR 2,300,000 Kreditanstalt fuer Wiederaufbau 1.5% 4,008,898 2.09 30/07/2014

Hong Kong SAR 2,633,664 1.38 USD 500,000 Hongkong Land CB 2005 RegS 2.75% 660,000 0.35 21/12/2012 HKD 11,000,000 Power Regal 2.25% 02/06/2014 1,973,664 1.03

India 20,288,382 10.59 USD 2,500,000 Larsen & Toubro 3.5% 22/10/2014 2,880,738 1.50 USD 1,200,000 Mahindra & Mahindra 0% 14/04/2011 1,524,301 0.80 USD 2,500,000 Sesa Goa 5% 31/10/2014 2,944,618 1.54 USD 4,000,000 Tata Motors 4% 16/10/2014 5,120,000 2.67 USD 4,310,000 Tata Steel 4.5% 21/11/2014 4,689,715 2.45 USD 3,000,000 Welspun-Gujarat Stahl 4.5% 17/10/ 3,129,010 1.63 2014

Japan 6,714,980 3.51 JPY 100,000,000 Hitachi 0.1% 12/12/2014 1,216,814 0.64 JPY 200,000,000 ORIX 1% 31/03/2014 2,360,781 1.23 JPY 100,000,000 Softbank 1.75% 31/03/2014 1,322,808 0.69 JPY 150,000,000 Toshiba 0% 21/07/2011 1,814,577 0.95

Luxembourg 1,844,008 0.96 EUR 35,000 ArcelorMittal 7.25% 01/04/2014 1,844,008 0.96

Malaysia 1,216,242 0.64 USD 1,000,000 IOI Capital 0% 18/12/2011 1,216,242 0.64

Man Island 3,726,000 1.95 USD 3,300,000 AngloGold Ashanti Finance RegS 3.5% 3,726,000 1.95 22/05/2014

Netherlands 4,021,100 2.10 EUR 600,000 Air Berlin Finance 9% 25/08/2014 875,279 0.46 EUR 1,800,000 ASM International 6.5% 06/11/2014 3,145,821 1.64

Singapore 18,756,964 9.79 SGD 5,000,000 CapitaLand RegS 2.875% 03/09/2016 3,795,956 1.98 USD 2,500,000 Enercoal Resources Pte 5% 25/11/ 2,392,842 1.25 2016 USD 2,000,000 Ezra 4% 25/11/2014 2,112,445 1.10 USD 2,400,000 First Resources 5.625% 22/09/2014 2,489,000 1.30 SGD 1,500,000 Genting Singapore 0% 26/04/2012 1,410,548 0.74 USD 4,400,000 Olam International 6% 15/10/2016 4,745,347 2.48

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 247 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Convertible Schroder ISF Global Convertible Bond (cont) Bond (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments dealt Value Net Amount to an Official Exchange Listing USD Assets Amount on another Regulated Market USD Assets

Singapore (cont) United States of America (cont) USD 1,400,000 Wilmar International 0% 18/12/2012 1,810,826 0.94 USD 900,000 SBA Communications 1.875% 01/05/ 930,375 0.49 2013 South Korea 3,062,842 1.60 USD 2,500,000 Sotheby's 3.125% 15/06/2013 2,484,375 1.30 USD 2,200,000 Daewoo International 3.25% 06/07/ 2,571,800 1.34 USD 1,000,000 Steel Dynamics 5.125% 15/06/2014 1,276,250 0.67 2014 USD 800,000 Sybase 144A 3.5% 15/08/2029 958,000 0.50 USD 500,000 STX Pan Ocean 4.5% 20/11/2014 491,042 0.26 USD 1,000,000 Xilinx 3.125% 15/03/2037 936,250 0.49 United Kingdom 8,208,428 4.29 Total Transferable Securities and USD 900,000 Anglo American 4% 07/05/2014 1,571,940 0.82 Money Market Instruments dealt GBP 200,000 British Airways 5.8% 13/08/2014 392,238 0.21 on another Regulated Market 65,694,818 34.30 USD 2,500,000 Hochschild Mining 5.75% 20/10/2014 2,901,000 1.51 USD 2,500,000 Vedanta Resources Jersey 5.5% 13/ 3,343,250 1.75 07/2016 Total Investments 163,950,642 85.61

Vietnam 1,693,000 0.89 Other Net Assets 27,556,080 14.39 USD 2,000,000 Vincom JSC RegS 6% 15/12/2014 1,693,000 0.89 Net Asset Value 191,506,722 100.00 Total Transferable Securities and Money Market Instruments Admitted to an Official Exchange Listing 98,255,824 51.31

Number of shares Transferable Securities and Market % or Principal Money Market Instruments dealt Value Net Amount on another Regulated Market USD Assets

Bermuda 6,065,465 3.17 USD 1,200,000 Seadrill 3.625% 08/11/2012 1,206,409 0.63 USD 4,000,000 Seadrill 4.875% 29/09/2014 4,859,056 2.54

Canada 8,544,375 4.46 USD 6,000,000 Goldcorp 144A 2% 01/08/2014 6,885,000 3.59 USD 1,500,000 Jaguar Mining 144A 4.5% 01/11/2014 1,659,375 0.87

Cayman Islands 3,061,800 1.60 USD 2,700,000 Subsea 7 3.5% 13/10/2014 3,061,800 1.60

France 2,232,598 1.17 EUR 32,370,000 Altran Technologies 6.72% 01/01/2015 2,232,598 1.17

India 3,671,955 1.92 USD 3,500,000 Sterlite Industries India 4% 30/10/2014 3,671,955 1.92

Israel 1,233,750 0.64 USD 1,000,000 Teva Pharmaceutical Finance 1.75% 1,233,750 0.64 01/02/2026

United States of America 40,884,875 21.34 USD 1,400,000 Allergan United States 1.5% 01/04/ 1,627,500 0.84 2026 USD 800,000 AMR 6.25% 15/10/2014 836,000 0.44 USD 2,500,000 Archer-Daniels-Midland 0.875% 15/02/ 2,662,500 1.39 2014 USD 1,000,000 Cameron International 2.5% 15/06/ 1,346,250 0.70 2026 USD 4,500,000 Ford Motor 4.25% 15/11/2016 5,675,625 2.96 USD 1,500,000 Health Care REIT 4.75% 01/12/2026 1,696,875 0.89 USD 1,000,000 Kilroy Realty 144A 4.25% 15/11/2014 1,006,250 0.52 USD 900,000 Life Technologies 1.5% 15/02/2024 1,037,250 0.54 USD 1,300,000 Medtronic 1.625% 15/04/2013 1,368,250 0.71 USD 2,000,000 Microchip Technology 2.125% 15/12/ 2,060,000 1.08 2037 USD 2,000,000 Micron Technology 1.875% 01/06/ 1,955,000 1.02 2014 USD 2,000,000 NetApp 1.75% 01/06/2013 2,500,000 1.30 USD 4,000,000 Newmont Mining 1.25% 15/07/2014 5,030,000 2.63 USD 1,500,000 ON Semiconductor 2.625% 15/12/ 1,674,375 0.87 2026 USD 2,500,000 Peabody Energy 4.75% 15/12/2041 2,565,625 1.34 USD 1,500,000 Saks 2% 15/03/2024 1,258,125 0.66

The notes on pages 18 to 56 form an integral part of these financial statements. Page 248 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Credit Duration Schroder ISF Global Credit Duration Hedged Hedged (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing EUR Assets Amount to an Official Exchange Listing EUR Assets

Australia 347,616 0.11 Germany 6,836,332 2.10 GBP 300,000 QBE Insurance RegS 6.125% 28/09/2015 347,616 0.11 EUR 1,100,000 Allianz EMTN variable perpetual 1,023,086 0.31 EUR 300,000 Cognis RegS 9.5% 15/05/2014 310,500 0.10 Belgium 441,144 0.14 EUR 400,000 Cognis RegS FRN 15/09/2013 380,000 0.12 EUR 350,000 Anheuser-Busch InBev EMTN 8.625% 30/ 441,144 0.14 EUR 1,130,000 HeidelbergCement 8.5% 31/10/2019 1,200,602 0.37 01/2017 EUR 240,000 Hella KG Hueck & Co 7.25% 20/10/2014 243,600 0.08 Bermuda 1,147,498 0.35 EUR 500,000 Muenchener Rueckversicherungs variable 534,821 0.16 USD 780,000 Petroplus Finance 144A 9.375% 15/09/ 541,704 0.17 21/06/2023 2019 GBP 700,000 Muenchener Rueckversicherungs variable 857,998 0.26 USD 775,000 Qtel International Finance RegS 7.875% 605,794 0.18 21/06/2028 10/06/2019 EUR 1,850,000 Muenchener Rueckversicherungs variable 1,671,475 0.51 perpetual Canada 1,329,019 0.41 EUR 400,000 UPC Germany RegS 8.125% 01/12/2017 410,000 0.13 USD 1,620,000 Talisman Energy 7.75% 01/06/2019 1,329,019 0.41 EUR 200,000 UPC Germany RegS 9.625% 01/12/2019 204,250 0.06 Cayman Islands 4,859,007 1.49 Ireland 767,632 0.25 USD 1,215,000 Embraer Overseas 6.375% 15/01/2020 837,983 0.26 EUR 250,000 Cloverie for Zurich Insurance EMTN 273,632 0.09 EUR 1,950,000 Hutchison Whampoa Finance 09 4.75% 1,972,083 0.60 variable 24/07/2039 14/11/2016 EUR 350,000 Smurfit Kappa Acquisitions RegS 7.25% 344,750 0.11 USD 1,080,000 Petrobras International Finance 5.75% 20/ 756,017 0.23 15/11/2017 01/2020 EUR 150,000 Smurfit Kappa Acquisitions RegS 7.75% 149,250 0.05 EUR 500,000 Thames Water Utilities Cayman Finance 541,625 0.17 15/11/2019 EMTN 6.125% 04/02/2013 USD 1,070,000 Vale Overseas 6.875% 10/11/2039 751,299 0.23 Italy 7,491,839 2.30 EUR 450,000 Banco Popolare EMTN 3.75% 07/08/ 455,533 0.14 Denmark 5,322,622 1.63 2012 EUR 1,220,000 AP Moller-Maersk 4.875% 30/10/2014 1,231,253 0.38 GBP 900,000 Intesa Sanpaolo EMTN variable 12/11/ 1,058,117 0.32 GBP 1,350,000 Carlsberg Breweries EMTN 7.25% 28/11/ 1,669,526 0.51 2017 2016 GBP 50,000 Intesa Sanpaolo EMTN variable 19/12/ 57,687 0.02 GBP 50,000 Carlsberg Finance 7% 26/02/2013 60,855 0.02 2016 EUR 400,000 Dong Energy 4.875% 16/12/2021 397,588 0.12 EUR 900,000 Intesa Sanpaolo variable perpetual 949,498 0.29 EUR 1,800,000 Dong Energy variable perpetual 1,720,275 0.53 EUR 1,250,000 Intesa Sanpaolo variable perpetual 1,248,438 0.38 EUR 250,000 ISS RegS 8.875% 15/05/2016 243,125 0.07 EUR 1,500,000 Lottomatica 5.375% 05/12/2016 1,522,485 0.47 GBP 100,000 Telecom Italia EMTN 7.375% 15/12/2017 126,294 0.04 Finland 1,170,498 0.36 GBP 1,000,000 UniCredit EMTN variable 16/10/2018 1,144,642 0.35 EUR 1,000,000 Nokia EMTN 6.75% 04/02/2019 1,170,498 0.36 EUR 950,000 Wind Acquisition Finance RegS 12.25% 929,145 0.29 15/07/2017 France 13,366,314 4.10 USD 1,070,000 BNP Paribas 144A variable perpetual 614,413 0.19 Jersey 5,158,444 1.58 EUR 950,000 BNP Paribas EMTN variable perpetual 983,724 0.30 EUR 900,000 HSBC Capital Funding/Jersey Channel 765,482 0.23 GBP 250,000 BNP Paribas variable perpetual 265,981 0.08 Islands variable perpetual EUR 700,000 BNP Paribas variable perpetual 557,874 0.17 EUR 1,584,000 HSBC Capital Funding/Jersey Channel 1,350,642 0.41 EUR 100,000 Casino Guichard Perrachon EMTN 5.5% 106,809 0.03 Islands variable perpetual 30/01/2015 GBP 650,000 United Business Media 6.5% 23/11/2016 743,782 0.23 EUR 1,600,000 Casino Guichard Perrachon EMTN 5.5% 1,708,946 0.52 EUR 2,100,000 WPP EMTN 6.625% 12/05/2016 2,298,538 0.71 30/01/2015 GBP 50,000 Credit Agricole GMTN 7.375% 18/12/ 62,222 0.02 Luxembourg 1,930,911 0.59 2023 GBP 1,100,000 Enel Finance International EMTN 5.625% 1,218,611 0.37 EUR 900,000 Credit Agricole variable perpetual 677,251 0.21 14/08/2024 GBP 450,000 Credit Agricole variable perpetual 491,647 0.15 EUR 680,000 Fiat Finance & Trade EMTN 7.625% 15/ 712,300 0.22 09/2014 EUR 450,000 Havas 5.5% 04/11/2014 455,103 0.14 EUR 100,000 Pernod-Ricard EMTN 7% 15/01/2015 108,351 0.03 Netherlands 16,012,831 4.91 EUR 350,000 PPR EMTN 8.625% 03/04/2014 413,303 0.13 EUR 1,100,000 Allianz Finance II variable 31/05/2022 1,142,120 0.35 EUR 400,000 Rhodia RegS FRN 15/10/2013 375,000 0.12 EUR 1,025,000 ASML 5.75% 13/06/2017 1,028,247 0.32 EUR 2,000,000 SCOR variable perpetual 1,620,000 0.50 USD 2,040,000 Deutsche Telekom International Finance 1,828,082 0.56 EUR 900,000 Société Générale variable perpetual 652,339 0.20 8.75% 15/06/2030 EUR 1,150,000 Société Générale variable perpetual 1,308,602 0.40 GBP 400,000 ELM for Swiss Reinsurance EMTN variable 354,501 0.11 perpetual EUR 1,000,000 Veolia Environnement EMTN 4.375% 11/ 972,936 0.30 12/2020 EUR 2,000,000 ELM for Swiss Reinsurance variable 1,666,499 0.51 perpetual EUR 50,000 Veolia Environnement EMTN 5.125% 24/ 50,740 0.02 05/2022 EUR 300,000 Impress RegS FRN 15/09/2013 285,000 0.09 EUR 100,000 Veolia Environnement EMTN 6.125% 25/ 108,867 0.03 EUR 1,200,000 ING Bank EMTN variable 29/05/2023 1,223,208 0.38 11/2033 GBP 1,671,000 ING Bank EMTN variable 29/05/2023 1,868,264 0.57 EUR 220,000 Veolia Environnement EMTN 6.75% 24/ 257,241 0.08 EUR 250,000 Koninklijke KPN GMTN 5.625% 30/09/ 264,088 0.08 04/2019 2024 EUR 650,000 Vivendi EMTN 4.875% 02/12/2019 650,579 0.20 GBP 460,000 Koninklijke KPN GMTN 5.75% 17/09/ 511,659 0.16 EUR 800,000 Vivendi EMTN 7.75% 23/01/2014 924,386 0.28 2029

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 249 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Credit Duration Schroder ISF Global Credit Duration Hedged (cont) Hedged (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing EUR Assets Amount to an Official Exchange Listing EUR Assets

Netherlands (cont) United Kingdom (cont) USD 1,000,000 Majapahit Holding Ser144A 7.75% 729,217 0.22 GBP 1,350,000 Imperial Tobacco Finance EMTN 8.125% 1,751,665 0.54 Ser144A 20/01/2020 15/03/2024 EUR 1,975,000 Nomura Europe Finance EMTN 5.125% 1,996,686 0.61 EUR 50,000 Imperial Tobacco Finance EMTN 8.375% 60,677 0.02 09/12/2014 17/02/2016 EUR 1,750,000 RWE Finance 6.5% 10/08/2021 2,063,580 0.63 GBP 50,000 Imperial Tobacco Finance EMTN 9% 17/ 69,821 0.02 EUR 950,000 Wolters Kluwer 6.375% 10/04/2018 1,051,680 0.32 02/2022 USD 500,000 Inmarsat Finance 144A 7.375% 01/12/ 351,283 0.11 Norway 1,676,022 0.51 2017 EUR 1,600,000 Telenor EMTN 4.875% 29/05/2017 1,676,022 0.51 EUR 300,000 ISS Financing RegS 11% 15/06/2014 324,750 0.10 EUR 1,300,000 Kingfisher EMTN 4.125% 23/11/2012 1,330,273 0.41 Philippines 42,769 0.01 GBP 1,350,000 Kingfisher EMTN 5.625% 15/12/2014 1,572,425 0.48 USD 63,000 CE Casecnan Water & Energy 11.95% 15/ 42,769 0.01 11/2010 GBP 800,000 Legal & General EMTN variable 23/07/ 1,047,035 0.32 2041 Spain 1,484,920 0.46 GBP 500,000 Marks & Spencer EMTN 6.125% 02/12/ 564,640 0.17 GBP 1,000,000 Santander Issuances Unipersonal EMTN 1,126,956 0.35 2019 variable 31/01/2018 GBP 1,200,000 National Grid Gas EMTN 6% 07/06/2017 1,438,792 0.44 GBP 300,000 Santander Issuances Unipersonal variable 357,964 0.11 GBP 700,000 Nationwide Building Society EMTN 801,426 0.25 27/07/2019 5.625% 09/09/2019 GBP 980,000 Nationwide Building Society step coupon 814,425 0.25 Sweden 3,078,453 0.95 perpetual USD 1,500,000 Nordea Bank EMTN variable perpetual 1,087,055 0.33 GBP 550,000 Next 5.875% 12/10/2016 640,704 0.20 GBP 1,200,000 Svenska Handelsbanken 5.5% 26/05/ 1,395,415 0.43 GBP 1,000,000 Old Mutual EMTN 7.125% 19/10/2016 1,116,433 0.34 2016 GBP 1,200,000 Reed Elsevier Investments 7% 11/12/ 1,492,359 0.46 EUR 200,000 Svenska Handelsbanken EMTN variable 200,829 0.06 2017 20/04/2016 EUR 1,250,000 Rentokil Initial EMTN 4.625% 27/03/2014 1,266,424 0.39 GBP 100,000 Vattenfall EMTN 6.125% 16/12/2019 120,797 0.04 GBP 250,000 Rentokil Initial EMTN 5.75% 31/03/2016 277,613 0.09 GBP 200,000 Vattenfall EMTN 6.875% 15/04/2039 274,357 0.09 EUR 750,000 Rexam variable perpetual 628,110 0.19 Switzerland 6,510,910 2.00 GBP 450,000 RSA Insurance variable 20/05/2039 598,466 0.18 GBP 1,950,000 Credit Suisse/London EMTN variable 16/ 2,345,038 0.72 GBP 100,000 RSA Insurance variable perpetual 101,752 0.03 01/2023 GBP 1,220,000 RSA Insurance variable perpetual 1,454,478 0.45 EUR 1,150,000 UBS/London EMTN 6.25% 03/09/2013 1,256,485 0.39 GBP 450,000 Safeway 6.125% 17/12/2018 538,757 0.17 USD 3,400,000 Weatherford International 9.625% 01/03/ 2,909,387 0.89 GBP 510,000 Segro 6.75% 23/11/2021 573,991 0.18 2019 GBP 700,000 Severn Trent Utilities Finance EMTN 6% 826,811 0.25 22/01/2018 United Kingdom 45,898,797 14.09 GBP 1,800,000 Standard Chartered Bank 7.75% 03/04/ 2,250,164 0.69 GBP 730,000 Allied Domecq Financial Services EMTN 852,665 0.26 2018 6.625% 18/04/2011 GBP 200,000 Standard Chartered Bank variable 237,307 0.07 GBP 200,000 Aviva variable perpetual 193,132 0.06 perpetual EUR 600,000 Aviva variable perpetual 471,465 0.14 USD 1,378,000 Standard Chartered Bank variable 1,057,210 0.32 GBP 672,000 Aviva variable perpetual 587,722 0.18 perpetual EUR 1,050,000 Aviva variable perpetual 931,437 0.29 GBP 1,650,000 Tate & Lyle International Finance 6.75% 1,898,266 0.58 GBP 400,000 AWG step coupon 15/01/2029 493,803 0.15 25/11/2019 USD 450,000 Barclays Bank 144A 10.179% 12/06/ 405,305 0.12 EUR 350,000 TVN Finance RegS 10.75% 15/11/2017 364,875 0.11 2021 GBP 250,000 United Utilities Water EMTN 6.125% 29/ 303,851 0.09 GBP 700,000 Barclays Bank EMTN 10% 21/05/2021 970,606 0.30 12/2015 EUR 900,000 Barclays Bank EMTN variable perpetual 521,037 0.16 USD 500,000 Vedanta Resources RegS 9.5% 18/07/ 351,708 0.11 2018 GBP 1,100,000 Barclays Bank variable perpetual 938,836 0.29 EUR 500,000 Vodafone EMTN 5.375% 06/06/2022 525,527 0.16 GBP 700,000 Barclays Bank variable perpetual 539,024 0.17 GBP 450,000 William Hill EMTN 7.125% 11/11/2016 515,384 0.16 USD 95,000 BAT International Finance 144A 9.5% 15/ 85,532 0.03 11/2018 GBP 250,000 Woolwich 9.5% 07/08/2021 331,104 0.10 GBP 1,600,000 BAT International Finance EMTN 7.25% 2,025,181 0.62 GBP 1,200,000 Zurich Finance UK EMTN variable 1,299,288 0.40 12/03/2024 perpetual USD 10,000 BAT International Finance RegS 9.5% 15/ 8,927 - United States of America 53,310,264 16.37 11/2018 USD 2,700,000 Anadarko Petroleum 6.45% 15/09/2036 1,972,354 0.61 USD 1,720,000 British Telecommunications 9.625% 15/ 1,523,820 0.47 12/2030 USD 150,000 AT&T 5.8% 15/02/2019 110,669 0.03 GBP 400,000 Centrica EMTN 5.5% 24/10/2016 466,742 0.14 USD 3,160,000 AT&T 6.55% 15/02/2039 2,311,231 0.71 GBP 300,000 Centrica EMTN 7% 19/09/2018 379,753 0.12 USD 70,000 Atmos Energy 8.5% 15/03/2019 59,382 0.02 EUR 2,450,000 Hammerson 4.875% 19/06/2015 2,408,502 0.74 EUR 350,000 Bank of America EMTN 7% 15/06/2016 393,808 0.12 USD 2,850,000 HSBC 6.8% 01/06/2038 2,143,869 0.66 USD 1,600,000 Browning-Ferris Industries 7.4% 15/09/ 1,235,150 0.38 2035 GBP 450,000 HSBC Bank EMTN 6.5% 07/07/2023 528,325 0.16 USD 1,920,000 CBS 8.875% 15/05/2019 1,604,274 0.49 GBP 450,000 HSBC Bank EMTN variable 20/03/2023 467,970 0.14 EUR 450,000 Cellco Partnership/Verizon Wireless 570,923 0.17 EUR 100,000 Imperial Tobacco Finance EMTN 7.25% 114,055 0.04 Capital 8.75% 18/12/2015 15/09/2014 USD 200,000 Chesapeake Energy 9.5% 15/02/2015 152,893 0.05 GBP 50,000 Imperial Tobacco Finance EMTN 7.75% 63,295 0.02 24/06/2019 USD 1,030,000 Cincinnati Bell 8.25% 15/10/2017 722,175 0.22

The notes on pages 18 to 56 form an integral part of these financial statements. Page 250 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Credit Duration Schroder ISF Global Credit Duration Hedged (cont) Hedged (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments dealt Value Net Amount to an Official Exchange Listing EUR Assets Amount on another Regulated Market EUR Assets

United States of America (cont) Bermuda 1,510,652 0.46 USD 955,000 Consumers Energy 6.7% 15/09/2019 747,235 0.23 USD 1,275,000 Digicel 144A 8.25% 01/09/2017 859,826 0.26 USD 975,000 Crown Castle International 7.125% 01/11/ 668,792 0.21 USD 850,000 Global Crossing 144A 12% 15/09/2015 650,826 0.20 2019 USD 1,290,000 CVS Caremark 6.125% 15/09/2039 883,031 0.27 Canada 6,794,915 2.09 USD 2,200,000 Daimler Finance North America 8.5% 18/ 1,878,561 0.58 USD 2,350,000 Cenovus Energy 144A 6.75% 15/11/2039 1,776,888 0.55 01/2031 USD 3,050,000 EnCana 6.5% 15/05/2019 2,383,789 0.73 USD 2,085,000 Darden Restaurants 6.8% 15/10/2037 1,511,965 0.46 USD 40,000 Nexen 6.2% 30/07/2019 29,574 0.01 USD 1,545,000 Dow Chemical 8.55% 15/05/2019 1,266,947 0.39 USD 3,225,000 Nexen 7.5% 30/07/2039 2,587,996 0.79 USD 650,000 Dynegy 8.375% 01/05/2016 429,541 0.13 USD 20,000 Teck Resources 10.75% 15/05/2019 16,668 0.01 USD 250,000 General Mills 5.65% 15/02/2019 183,495 0.06 Cayman Islands 3,492,086 1.06 USD 4,290,000 Goldman Sachs 7.5% 15/02/2019 3,455,543 1.06 USD 5,030,000 Vale Overseas 5.625% 15/09/2019 3,492,086 1.06 EUR 450,000 Goldman Sachs EMTN 5.125% 23/10/ 456,076 0.14 2019 Finland 635,442 0.20 EUR 50,000 Goldman Sachs EMTN 5.375% 15/02/ 52,973 0.02 USD 850,000 Nokia 6.625% 15/05/2039 635,442 0.20 2013 USD 1,025,000 HCP MTN 6.7% 30/01/2018 691,810 0.21 France 3,912,148 1.20 EUR 50,000 International Business Machines EMTN 56,945 0.02 USD 1,625,000 Credit Agricole 144A variable perpetual 1,193,499 0.37 6.625% 30/01/2014 USD 3,720,000 France Telecom 5.375% 08/07/2019 2,718,649 0.83 USD 2,000,000 International Paper 7.5% 15/08/2021 1,550,180 0.48 USD 1,000,000 Iron Mountain 8.375% 15/08/2021 711,365 0.22 Luxembourg 2,776,846 0.85 USD 2,800,000 Kohl's 6.875% 15/12/2037 2,214,732 0.68 USD 2,100,000 ArcelorMittal 7% 15/10/2039 1,529,657 0.47 USD 3,180,000 Lorillard Tobacco 8.125% 23/06/2019 2,409,019 0.74 USD 1,800,000 Enel Finance International 144A 6% 07/ 1,247,189 0.38 10/2039 USD 1,045,000 Magellan Midstream Partners 6.55% 15/ 790,905 0.24 07/2019 Mexico 994,382 0.31 USD 25,000 MarkWest Energy Partners/MarkWest 17,863 0.01 USD 1,455,000 America Movil 144A 5% 16/10/2019 994,382 0.31 Energy Finance 8.75% 15/04/2018 USD 45,000 Massey Energy 6.875% 15/12/2013 31,050 0.01 Netherlands 3,690,215 1.13 USD 90,000 McDonald's MTN 5% 01/02/2019 64,811 0.02 USD 1,650,000 Koninklijke KPN 8.375% 01/10/2030 1,430,899 0.44 EUR 950,000 Morgan Stanley GMTN 5% 02/05/2019 937,516 0.29 USD 1,800,000 Rabobank Nederland 144A variable 1,559,483 0.48 EUR 500,000 Morgan Stanley GMTN 6.5% 28/12/2018 542,915 0.17 perpetual USD 85,000 Nevada Power 5.875% 15/01/2015 63,432 0.02 EUR 680,000 UPC RegS 9.75% 15/04/2018 699,833 0.21 USD 1,450,000 Nordstrom 6.75% 01/06/2014 1,121,773 0.34 United Kingdom 1,719,542 0.53 USD 600,000 Norfolk Southern 5.9% 15/06/2019 446,048 0.14 USD 300,000 Virgin Media Finance 8.375% 15/10/2019 215,380 0.07 USD 3,030,000 ONEOK Partners 8.625% 01/03/2019 2,557,514 0.78 USD 338,000 Virgin Media Finance 9.5% 15/08/2016 250,853 0.08 USD 35,000 Qwest 7.625% 15/06/2015 25,151 0.01 USD 1,750,000 Vodafone 5.45% 10/06/2019 1,253,309 0.38 USD 50,000 Reed Elsevier Capital 8.625% 15/01/2019 42,508 0.01 USD 105,000 Safeway 6.25% 15/03/2014 80,375 0.02 United States of America 76,784,310 23.58 EUR 410,000 SES Global Americas EMTN 4.875% 09/ 428,536 0.13 USD 825,000 ACCO Brands 144A 10.625% 15/03/ 633,117 0.19 07/2014 2015 USD 3,600,000 Time Warner Cable 5.85% 01/05/2017 2,601,490 0.80 USD 430,000 Aflac 6.9% 17/12/2039 293,614 0.09 USD 500,000 Time Warner Cable 8.75% 14/02/2019 421,247 0.13 USD 1,100,000 Alliance One International 144A 10% 15/ 805,959 0.25 EUR 774,000 Unicredito Italiano Capital Trust III variable 519,510 0.16 07/2016 perpetual USD 2,710,000 Altria 9.7% 10/11/2018 2,319,691 0.71 USD 675,000 UnitedHealth 6.5% 15/06/2037 465,495 0.14 USD 110,000 Altria 9.95% 10/11/2038 100,206 0.03 USD 470,000 Ventas Realty/Ventas Capital 6.75% 01/ 314,270 0.10 USD 1,000,000 AMC Entertainment 8.75% 01/06/2019 705,866 0.22 04/2017 USD 2,315,000 AmerisourceBergen 4.875% 15/11/2019 1,574,796 0.48 USD 3,375,000 Verizon Communications 8.75% 01/11/ 2,942,384 0.90 USD 85,000 Amgen 6.375% 01/06/2037 64,914 0.02 2018 USD 300,000 Anadarko Petroleum 5.75% 15/06/2014 226,634 0.07 USD 1,670,000 Viacom 5.625% 15/09/2019 1,192,530 0.37 USD 335,000 Anheuser-Busch InBev Worldwide 144A 246,734 0.08 USD 2,500,000 Virginia Electric and Power 8.875% 15/11/ 2,425,921 0.74 5.375% 15/11/2014 2038 USD 2,365,000 Anheuser-Busch InBev Worldwide 144A 1,901,939 0.58 USD 1,260,000 Wal-Mart Stores 6.2% 15/04/2038 958,158 0.29 7.75% 15/01/2019 USD 2,995,000 XTO Energy 6.5% 15/12/2018 2,376,507 0.73 USD 600,000 Atlas Energy Operating/Atlas Energy 462,532 0.14 USD 200,000 XTO Energy 6.75% 01/08/2037 162,807 0.05 Finance 10.75% 01/02/2018 USD 315,000 Yum! Brands 5.3% 15/09/2019 218,836 0.07 USD 3,250,000 Bank of America 5.65% 01/05/2018 2,275,611 0.70 USD 2,650,000 Yum! Brands 6.875% 15/11/2037 2,002,722 0.61 USD 85,000 Bank of America 6% 01/09/2017 60,750 0.02 EUR 400,000 Zurich Finance USA EMTN variable 02/10/ 413,061 0.13 USD 2,500,000 Bank of America 6.1% 15/06/2017 1,774,094 0.54 2023 USD 40,000 Bank of America 7.375% 15/05/2014 31,392 0.01 EUR 900,000 Zurich Finance USA EMTN variable 15/06/ 843,860 0.26 USD 975,000 Berry Plastics Escrow/Berry Plastics 683,902 0.21 2025 Escrow 144A 8.25% 15/11/2015 USD 525,000 Biomet 10.375% 15/10/2017 394,284 0.12 Total Transferable Securities and USD 575,000 Blockbuster 144A 11.75% 01/10/2014 379,367 0.12 Money Market Instruments Admitted USD 875,000 Cablevision Systems 144A 8.625% 15/09/ 635,786 0.20 to an Official Exchange Listing 178,183,842 54.71 2017

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 251 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Credit Duration Schroder ISF Global Credit Duration Hedged (cont) Hedged (cont) Number of shares Transferable Securities and Market % Number of shares Transferable Securities and Market % or Principal Money Market Instruments dealt Value Net or Principal Money Market Instruments dealt Value Net Amount on another Regulated Market EUR Assets Amount on another Regulated Market EUR Assets

United States of America (cont) United States of America (cont) USD 875,000 Case New Holland 144A 7.75% 01/09/ 618,622 0.19 USD 1,010,000 Pinnacle Entertainment 144A 8.625% 01/ 706,747 0.22 2013 08/2017 USD 1,475,000 CEDC Finance Corp International 144A 1,060,230 0.33 USD 2,075,000 Plains All American Pipeline 8.75% 01/05/ 1,704,033 0.52 9.125% 01/12/2016 2019 EUR 350,000 CEDC Finance International RegS 8.875% 352,188 0.11 USD 1,670,000 PNC Bank 6.875% 01/04/2018 1,243,966 0.38 01/12/2016 USD 1,455,000 ProLogis 7.375% 30/10/2019 967,350 0.30 USD 1,100,000 Cello Partnership/Verizon Wireless Capital 952,832 0.29 USD 750,000 Qwest Communications International 537,798 0.17 8.5% 15/11/2018 144A 8% 01/10/2015 USD 3,510,000 CenturyTel 7.6% 15/09/2039 2,520,023 0.77 USD 1,215,000 Republic Services 144A 5.25% 15/11/ 835,753 0.26 USD 1,100,000 Cequel Communications Holdings I and 768,682 0.24 2021 Cequel Capital 144A 8.625% 15/11/2017 USD 1,750,000 Sabine Pass 7.5% 30/11/2016 1,012,157 0.31 USD 500,000 Cinemark USA 144A 8.625% 15/06/2019 362,872 0.11 USD 1,295,000 Safeway 5% 15/08/2019 890,441 0.27 USD 850,000 Cloud Peak Energy Resources/Cloud 593,270 0.18 USD 865,000 Sinclair Television 144A 9.25% 01/11/ 627,769 0.19 Peak Energy Finance 144A 8.25% 15/12/ 2017 2017 USD 800,000 Spirit Aerosystems 144A 7.5% 01/10/ 550,733 0.17 USD 1,610,000 CNA Financial 7.35% 15/11/2019 1,115,379 0.34 2017 USD 675,000 Complete Production Services 8% 15/12/ 464,681 0.14 USD 760,000 Sprint Nextel 8.375% 15/08/2017 536,966 0.16 2016 USD 800,000 Talecris Biotherapeutics 144A 7.75% 15/ 566,706 0.17 USD 750,000 COX Communications 144A 8.375% 01/ 653,051 0.20 11/2016 03/2039 USD 610,000 Terra Capital 144A 7.75% 01/11/2019 455,414 0.14 USD 3,100,000 COX Communications 5.45% 15/12/2014 2,284,467 0.70 USD 340,000 Univision Communications 144A 12% 01/ 260,812 0.08 USD 20,000 CSC 144A 8.5% 15/06/2015 14,862 - 07/2014 USD 365,000 CVS Caremark 6.6% 15/03/2019 276,357 0.08 USD 4,395,000 US Treasury 3.375% 15/11/2019 2,928,773 0.90 USD 1,200,000 Delhaize America 9% 15/04/2031 1,073,325 0.33 USD 725,000 USB Capital XIII Trust 6.625% 15/12/2039 508,740 0.16 USD 1,810,000 DirecTV/DirecTV Financing 144A 5.875% 1,270,059 0.39 USD 25,000 Virginia Electric and Power 5% 30/06/ 17,508 0.01 01/10/2019 2019 USD 1,290,000 Discovery Communications 5.625% 15/ 911,627 0.28 USD 609,000 Vitamin Shoppe Industries FRN 15/11/ 425,589 0.13 08/2019 2012 USD 2,485,000 Enterprise Products Operating 6.125% 1,679,585 0.52 USD 1,400,000 Windstream 144A 7.875% 01/11/2017 957,256 0.29 15/10/2039 USD 3,000,000 EQT 8.125% 01/06/2019 2,420,989 0.74 Total Transferable Securities and USD 900,000 Frontier Communications 8.125% 01/10/ 628,447 0.19 Money Market Instruments dealt 2018 on another Regulated Market 102,310,538 31.41 USD 1,075,000 Geokinetics 144A 9.75% 15/12/2014 737,247 0.23 USD 1,100,000 GXS Worldwide 144A 9.75% 15/06/2015 754,393 0.23 Number of shares Money Market Instruments Market % USD 1,000,000 HCA 144A 7.875% 15/02/2020 721,846 0.22 or Principal other than those dealt Value Net * USD 45,000 HCA 9.25% 15/11/2016 33,625 0.01 Amount in on a Regulated Market EUR Assets USD 1,000,000 Helix Energy Solutions 144A 9.5% 15/01/ 715,327 0.22 United Kingdom 6,500,000 2.00 2016 EUR 6,500,000 BNP Paribas 0.28% 29/01/2010 6,500,000 2.00 USD 1,120,000 Hess 6% 15/01/2040 773,865 0.24 USD 755,000 Hughes Network Systems/HNS Finance 544,005 0.17 Total Money Market Instruments 9.5% 15/04/2014 other than those dealt USD 775,000 Huntsman International 144A 5.5% 30/06/ 480,372 0.15 in on a Regulated Market * 6,500,000 2.00 2016 USD 50,000 Intelsat 9.25% 15/06/2016 35,605 0.01 Number of shares Market % USD 5,300,000 JPMorgan Chase Bank 6% 01/10/2017 3,899,259 1.20 or Principal Other Transferable Securities not dealt Value Net USD 770,000 JPMorgan Chase Capital XXVII 7% 01/11/ 538,664 0.17 Amount on Another Regulated Market EUR Assets 2039 USD 3,000,000 Kinder Morgan Energy Partners 6.5% 01/ 2,077,602 0.64 France 785,884 0.24 09/2039 USD 900,000 EDF 144A 6.95% 26/01/2039 740,479 0.23 USD 300,000 Kroger 6.9% 15/04/2038 233,547 0.07 USD 60,000 Vivendi 144A 6.625% 04/04/2018 45,405 0.01 USD 2,755,000 Marathon Oil 7.5% 15/02/2019 2,205,678 0.68 Luxembourg 2,298,814 0.71 USD 790,000 Mirant Americas Generation 8.5% 01/10/ 514,883 0.16 2021 USD 3,160,000 Holcim US Finance Sarl & Cie SCS 144A 2,298,814 0.71 6% 30/12/2019 USD 4,100,000 Morgan Stanley 7.3% 13/05/2019 3,183,462 0.98 USD 1,630,000 Newmont Mining 6.25% 01/10/2039 1,121,046 0.34 United States of America 1,126,735 0.34 USD 1,000,000 NewPage 144A 11.375% 31/12/2014 701,473 0.22 USD 130,000 Anheuser-Busch InBev Worldwide RegS 110,706 0.03 USD 3,550,000 News America 6.65% 15/11/2037 2,623,006 0.81 8% 15/11/2039 USD 250,000 Nextel Communications 6.875% 31/10/ 167,523 0.05 USD 793,257 Asset Backed Securities Home Equity 27,216 0.01 2013 2003-HE5 M5 FRN 15/09/2033 USD 535,000 Nisource Finance 6.125% 01/03/2022 369,477 0.11 USD 1,285,000 BNP Paribas US Medium-Term Note 917,416 0.28 USD 3,000,000 Nisource Finance 6.8% 15/01/2019 2,234,938 0.69 Program 144A 5.125% 15/01/2015 USD 1,135,000 Peninsula Gaming 144A 8.375% 15/08/ 790,220 0.24 USD 14,469 Home Equity Asset Trust 2003-8 B3 FRN 34 - 2015 25/04/2034

* Money Market Instruments that fall under Article 41.1 h of the law dated 20 December 2002.

The notes on pages 18 to 56 form an integral part of these financial statements. Page 252 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF Global Credit Duration Schroder ISF European Defensive Hedged (cont) Number of shares Market % Number of shares Money Market Instruments Market % or Principal Other Transferable Securities not dealt Value Net or Principal other than those dealt Value Net Amount on Another Regulated Market EUR Assets Amount in on a Regulated Market * EUR Assets

United States of America (cont) Certificates of Deposit 167,188,614 95.32 USD 638,347 Morgan Stanley ABS Capital I 2003-NC10 28,667 0.01 EUR 10,000,000 ABN Amro Bank 0% 06/01/2010 9,999,319 5.70 B3 FRN 25/10/2033 EUR 9,950,000 Banca Monte dei Paschi di Siena 0% 06/ 9,949,323 5.67 USD 344,672 Morgan Stanley ABS Capital I 2003-NC6 10,408 - 01/2010 B3 FRN 25/06/2033 EUR 9,500,000 Banco BPI 0% 06/01/2010 9,499,353 5.42 USD 57,960 Morgan Stanley Dean Witter Capital I 253 - EUR 9,950,000 Banco Espirito Santo 0% 06/01/2010 9,949,323 5.67 2003-NC1 B1 FRN 25/11/2032 EUR 9,500,000 Bank of Scotland 0% 06/01/2010 9,499,353 5.42 USD 59,075 New Century Home Equity Loan Trust 4,854 - EUR 10,000,000 BFCM 0% 06/01/2010 9,999,319 5.70 2003-3 M5 FRN 25/07/2033 EUR 10,000,000 Clydesdale Bank 0% 06/01/2010 9,999,319 5.70 USD 511,944 New Century Home Equity Loan Trust 27,181 0.01 2003-6 M6 FRN 25/01/2034 EUR 9,950,000 Co-Operative Bank 0% 06/01/2010 9,949,323 5.67 EUR 9,950,000 DZ Bank 0% 06/01/2010 9,949,322 5.67 Total Other Transferable Securities not dealt EUR 9,950,000 Fortis Bank 0% 06/01/2010 9,949,322 5.67 on Another Regulated Market 4,211,433 1.29 EUR 10,000,000 ING Bank 0% 06/01/2010 9,999,319 5.70 EUR 9,550,000 KBC 0% 06/01/2010 9,549,350 5.45 Total Investments 291,205,813 89.41 EUR 9,950,000 Landesbank Hessen-Thuringen 0% 06/01/ 9,949,322 5.67 2010 Other Net Assets 34,475,101 10.59 EUR 9,500,000 Lloyds TSB Bank 0% 06/01/2010 9,499,353 5.42 Net Asset Value 325,680,914 100.00 EUR 9,950,000 Nationwide Building Society 0% 06/01/ 9,949,322 5.67 2010 EUR 9,500,000 Pohjola Bank 0% 06/01/2010 9,499,353 5.42 EUR 10,000,000 Unicredito Italiano London 0% 06/01/2010 9,999,319 5.70

Total Money Market Instruments other than those dealt in on a Regulated Market * 167,188,614 95.32

Total Investments 167,188,614 95.32

Other Net Assets 8,214,557 4.68

Net Asset Value 175,403,171 100.00

* Money Market Instruments that fall under Article 41.1 h of the law dated 20 December 2002.

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 253 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF European Defensive 6 Schroder ISF European Defensive Monthly Monthly Number of shares Money Market Instruments Market % Number of shares Money Market Instruments Market % or Principal other than those dealt Value Net or Principal other than those dealt Value Net Amount in on a Regulated Market * EUR Assets Amount in on a Regulated Market * EUR Assets

Certificates of Deposit 5,499,625 59.19 Certificates of Deposit 8,799,401 96.40 EUR 1,000,000 Banco BPI 0% 06/01/2010 999,931 10.77 EUR 400,000 ABN Amro Bank 0% 06/01/2010 399,973 4.38 EUR 1,000,000 Banco Espirito Santo 0% 06/01/2010 999,932 10.76 EUR 450,000 Banca Monte dei Paschi di Siena 0% 06/ 449,970 4.93 EUR 1,000,000 Banco Popolare Di Verona Novaro 0% 06/ 999,932 10.76 01/2010 01/2010 EUR 900,000 Banco BPI 0% 06/01/2010 899,939 9.86 EUR 500,000 Banque Federative Credit Mutuel 0% 06/ 499,966 5.38 EUR 450,000 Banco Espirito Santo 0% 06/01/2010 449,969 4.93 01/2010 EUR 900,000 Bank of Scotland 0% 06/01/2010 899,939 9.86 EUR 500,000 Landesbank Hessen-Thuringen 0% 06/01/ 499,966 5.38 EUR 400,000 BFCM 0% 06/01/2010 399,973 4.38 2010 EUR 400,000 Clydesdale Bank 0% 06/01/2010 399,973 4.38 EUR 1,000,000 Nationwide Building Society 0% 06/01/ 999,932 10.76 EUR 450,000 Co-Operative Bank 0% 06/01/2010 449,969 4.93 2010 EUR 450,000 DZ Bank 0% 06/01/2010 449,969 4.93 EUR 500,000 Unicredito Italiano London 0% 06/01/2010 499,966 5.38 EUR 450,000 Fortis Bank 0% 06/01/2010 449,969 4.93 Total Money Market Instruments EUR 400,000 ING Bank 0% 06/01/2010 399,973 4.38 other than those dealt EUR 450,000 KBC 0% 06/01/2010 449,969 4.93 in on a Regulated Market * 5,499,625 59.19 EUR 450,000 Landesbank Hessen-Thuringen 0% 06/01/ 449,969 4.93 2010 Total Investments 5,499,625 59.19 EUR 900,000 Lloyds TSB Bank 0% 06/01/2010 899,939 9.86 EUR 450,000 Nationwide Building Society 0% 06/01/ 449,969 4.93 Other Net Assets 3,791,758 40.81 2010 EUR 900,000 Pohjola Bank 0% 06/01/2010 899,939 9.86 Net Asset Value 9,291,383 100.00 Total Money Market Instruments other than those dealt in on a Regulated Market * 8,799,401 96.40

Total Investments 8,799,401 96.40

Other Net Assets 328,435 3.60

Net Asset Value 9,127,836 100.00

* Money Market Instruments that fall under Article 41.1 h of the law dated 20 December 2002.

The notes on pages 18 to 56 form an integral part of these financial statements. Page 254 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF World Defensive 3 Monthly Schroder ISF EURO Liquidity

Number of shares Money Market Instruments Market % Number of shares Transferable Securities and Market % or Principal other than those dealt Value Net or Principal Money Market Instruments Admitted Value Net Amount in on a Regulated Market * EUR Assets Amount to an Official Exchange Listing EUR Assets

Certificates of Deposit 3,899,734 90.66 Austria 2,976,429 0.16 EUR 700,000 ABN Amro Bank 0% 06/01/2010 699,952 16.27 EUR 3,000,000 Erste Bank EMTN FRN 23/11/2010 2,976,429 0.16 EUR 300,000 Banca Monte dei Paschi di Siena 0% 06/ 299,979 6.98 01/2010 Belgium 10,069,660 0.53 EUR 700,000 Banco BPI 0% 06/01/2010 699,952 16.27 EUR 10,000,000 Fortis Bank EMTN FRN 14/05/2010 10,069,660 0.53 EUR 700,000 Banco Espirito Santo 0% 06/01/2010 699,952 16.27 Canada 4,994,955 0.27 EUR 300,000 Co-Operative Bank 0% 06/01/2010 299,979 6.98 EUR 5,000,000 Royal Bank of Canada EMTN FRN 23/03/ 4,994,955 0.27 EUR 300,000 DZ Bank 0% 06/01/2010 299,980 6.98 2011 EUR 300,000 Fortis Bank 0% 06/01/2010 299,980 6.97 France 98,356,383 5.22 EUR 300,000 ING Bank 0% 06/01/2010 299,980 6.97 EUR 17,000,000 BNP Paribas EMTN FRN 14/04/2010 17,020,944 0.90 EUR 300,000 Landesbank Hessen-Thuringen 0% 06/01/ 299,980 6.97 2010 EUR 4,000,000 BNP Paribas EMTN FRN 21/06/2012 4,005,872 0.21 EUR 4,000,000 BPCE EMTN FRN 06/08/2010 3,978,676 0.21 Total Money Market Instruments EUR 13,500,000 Crédit Agricole/London EMTN FRN 15/04/ 13,512,164 0.72 other than those dealt 2010 in on a Regulated Market * 3,899,734 90.66 EUR 2,750,000 Credit Agricole/London EMTN FRN 08/10/ 2,760,648 0.15 2010 Total Investments 3,899,734 90.66 EUR 4,000,000 Crédit Agricole/London EMTN FRN 27/04/ 3,954,632 0.21 2012 Other Net Assets 401,967 9.34 EUR 8,500,000 Dexia Credit Local EMTN FRN 06/02/ 8,482,354 0.45 2012 Net Asset Value 4,301,701 100.00 EUR 24,500,000 Société Financement de l'Economie 24,747,818 1.31 Francaise EMTN FRN 16/07/2012 EUR 5,000,000 Société Générale EMTN FRN 15/04/2010 5,008,285 0.27 EUR 9,800,000 Société Générale EMTN FRN 18/08/2011 9,886,710 0.52 EUR 5,000,000 Société Générale EMTN FRN 21/12/2011 4,998,280 0.27

Italy 69,389,674 3.69 EUR 15,000,000 Intesa Sanpaolo EMTN FRN 17/12/2012 14,975,025 0.79 EUR 43,000,000 Italy Buoni Poliennali Del Tesoro 2.75% 43,406,350 2.31 15/06/2010 EUR 7,500,000 UniCredit EMTN FRN 28/05/2010 7,512,810 0.40 EUR 3,500,000 UniCredit EMTN FRN 05/07/2010 3,495,489 0.19

Netherlands 34,535,098 1.83 EUR 14,000,000 ING Bank EMTN FRN 21/05/2010 14,044,156 0.75 EUR 1,000,000 KBC Internationale 999,892 0.05 Financieringsmaatschappij EMTN FRN 08/ 01/2010 EUR 19,500,000 Rabobank Nederland GMTN FRN 07/02/ 19,491,050 1.03 2011

Norway 13,080,373 0.69 EUR 11,000,000 DnB NOR Bank EMTN FRN 07/04/2011 11,082,203 0.59 EUR 2,000,000 DnB NOR Bank EMTN FRN 22/11/2011 1,998,170 0.10

Portugal 4,994,460 0.27 EUR 5,000,000 Banco Espirito Santo EMTN FRN 31/05/ 4,994,460 0.27 2010

Spain 29,821,011 1.58 EUR 3,000,000 BBVA Senior Finance EMTN FRN 11/01/ 2,999,964 0.16 2010 EUR 10,000,000 Santander International Debt EMTN FRN 10,012,590 0.53 28/04/2010 EUR 2,000,000 Santander International Debt EMTN FRN 1,995,818 0.10 10/11/2010 EUR 14,800,000 Spain Government FRN 29/10/2012 14,812,639 0.79

Sweden 19,937,850 1.06 EUR 9,450,000 Nordea Bank EMTN FRN 27/05/2010 9,468,815 0.50 EUR 10,400,000 Svenska Handelsbanken EMTN FRN 18/ 10,469,035 0.56 10/2010

Switzerland 29,543,543 1.57 EUR 5,000,000 Credit Suisse/London EMTN FRN 07/01/ 5,006,505 0.27 2013

* Money Market Instruments that fall under Article 41.1 h of the law dated 20 December 2002.

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 255 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF EURO Liquidity (cont) Schroder ISF EURO Liquidity (cont)

Number of shares Transferable Securities and Market % Number of shares Money Market Instruments Market % or Principal Money Market Instruments Admitted Value Net or Principal other than those dealt Value Net Amount to an Official Exchange Listing EUR Assets Amount in on a Regulated Market * EUR Assets

Switzerland (cont) Switzerland 100,000,000 5.31 EUR 17,000,000 Credit Suisse/London EMTN FRN 08/04/ 17,026,928 0.90 EUR 10,000,000 UBS 0.655% 09/03/2010 10,000,000 0.53 2010 EUR 40,000,000 UBS 0.88% 19/02/2010 40,000,000 2.12 EUR 7,500,000 Roche EMTN FRN 04/03/2010 7,510,110 0.40 EUR 50,000,000 UBS 0.97% 08/02/2010 50,000,000 2.66

United Kingdom 50,149,708 2.67 United Kingdom 697,904,832 37.07 EUR 1,000,000 Bank of Scotland EMTN FRN 29/03/2010 998,198 0.05 EUR 45,000,000 Barclays Bank 1.1% 20/01/2010 45,000,000 2.39 EUR 12,000,000 Bank of Scotland EMTN FRN 18/08/2010 12,018,648 0.64 EUR 35,000,000 Barclays Bank 2.9% 11/01/2010 35,000,000 1.86 EUR 1,850,000 Bank of Scotland EMTN FRN 05/07/2011 1,822,718 0.10 EUR 35,000,000 Clydesdale Bank 1.23% 09/09/2010 35,000,000 1.86 EUR 13,850,000 Barclays Bank EMTN FRN 25/10/2010 13,971,894 0.74 EUR 30,250,000 Clydesdale Bank 1.27% 25/11/2010 30,250,000 1.61 EUR 11,800,000 Barclays Bank EMTN FRN 28/01/2013 11,812,543 0.63 EUR 29,000,000 Clydesdale Bank 1.3% 15/12/2010 29,000,000 1.54 EUR 9,500,000 HSBC Bank EMTN FRN 04/02/2011 9,525,707 0.51 EUR 50,000,000 HSBC Bank 0.34% 04/01/2010 50,000,000 2.66 EUR 33,000,000 HSBC Bank 0.42% 06/01/2010 32,999,937 1.74 Total Transferable Securities and EUR 7,500,000 Lloyds TSB Bank 0% 12/11/2010 7,423,478 0.39 Money Market Instruments Admitted EUR 12,750,000 Lloyds TSB Bank 0.96% 14/04/2010 12,750,000 0.68 to an Official Exchange Listing 367,849,144 19.54 EUR 54,000,000 Lloyds TSB Bank 1.245% 10/09/2010 54,000,000 2.87 Number of shares Money Market Instruments Market % EUR 3,000,000 Nationwide Building Society 0% 05/02/ 2,996,954 0.16 or Principal other than those dealt Value Net 2010 Amount in on a Regulated Market * EUR Assets EUR 40,000,000 Nationwide Building Society 0% 10/05/ 39,865,194 2.12 2010 Belgium 92,877,413 4.93 EUR 2,500,000 Nationwide Building Society 0% 12/04/ 2,494,059 0.13 EUR 80,000,000 KBC Bank 0% 26/02/2010 79,877,413 4.24 2010 EUR 13,000,000 KBC Bank 0.82% 25/05/2010 13,000,000 0.69 EUR 22,000,000 Nationwide Building Society 1.06% 25/02/ 22,000,000 1.17 2010 France 154,881,289 8.23 EUR 30,000,000 Nationwide Building Society 1.185% 13/ 30,000,000 1.59 EUR 70,000,000 BNP Paribas 0.42% 08/01/2010 70,000,000 3.72 01/2010 EUR 2,000,000 BNP Paribas 0.46% 19/01/2010 2,000,000 0.11 EUR 300,000 Royal Bank of Scotland 1.15% 15/01/ 300,000 0.02 EUR 13,200,000 France Treasury Bill BTF 0% 28/01/2010 13,196,932 0.70 2010 EUR 40,000,000 Société Générale 0% 01/02/2010 39,935,789 2.12 EUR 96,000,000 Royal Bank of Scotland 1.35% 03/11/ 96,000,000 5.10 2010 EUR 1,750,000 Société Générale 0% 01/03/2010 1,748,568 0.09 EUR 10,000,000 Société Générale/London 0.4% 05/01/ 10,000,000 0.53 EUR 28,000,000 Société Générale 0.45% 03/02/2010 28,000,000 1.49 2010 Germany 6,484,558 0.34 EUR 93,000,000 Standard Chartered Bank 0% 08/04/2010 92,825,210 4.93 EUR 6,500,000 Allianz 0% 24/05/2010 6,484,558 0.34 EUR 52,000,000 Unicredit/London 0.70% 06/04/2010 52,000,000 2.76 EUR 11,500,000 Unicredit/London 0.72% 13/05/2010 11,500,000 0.61 Ireland 9,984,949 0.53 EUR 6,500,000 Unicredit/London 2.33% 29/01/2010 6,500,000 0.35 EUR 10,000,000 UniCredit 0% 10/03/2010 9,984,949 0.53 Total Money Market Instruments Italy 49,411,436 2.62 other than those dealt EUR 49,500,000 Italy Buoni Ordinari Del Tesoro 0% 15/04/ 49,411,436 2.62 in on a Regulated Market * 1,502,832,362 79.82 2010

Netherlands 102,145,398 5.43 Total Investments 1,870,681,506 99.36 EUR 6,500,000 ING Bank 0% 30/04/2010 6,479,686 0.35 Other Net Assets 12,005,954 0.64 EUR 70,000,000 ING Bank 0% 21/12/2010 69,170,466 3.67 EUR 26,500,000 Rabobank Nederland 0% 18/01/2010 26,495,246 1.41 Net Asset Value 1,882,687,460 100.00

Portugal 74,766,189 3.97 EUR 50,000,000 Banco Espirito Santo 0% 12/04/2010 49,855,568 2.65 EUR 25,000,000 Banco Espirito Santo 0% 11/05/2010 24,910,621 1.32

Spain 93,927,268 4.99 EUR 10,000,000 Banco Bilbao Vizcaya Argentari 0% 04/01/ 9,999,601 0.53 2010 EUR 65,000,000 Banco Bilbao Vizcaya Argentari 0% 12/02/ 64,947,106 3.45 2010 EUR 4,000,000 Banco Bilbao Vizcaya Argentari 0% 09/03/ 3,996,358 0.21 2010 EUR 15,000,000 Banco Bilbao Vizcaya Argentari 0% 15/03/ 14,984,203 0.80 2010

Sweden 120,449,030 6.40 EUR 38,000,000 Nordea Bank 0% 18/02/2010 37,975,199 2.02 EUR 80,000,000 Svenska Handelsbanken 0% 25/01/2010 79,975,496 4.25 EUR 2,500,000 Svenska Handelsbanken 0% 19/02/2010 2,498,335 0.13

* Money Market Instruments that fall under Article 41.1 h of the law dated 20 December 2002.

The notes on pages 18 to 56 form an integral part of these financial statements. Page 256 Schroder International Selection Fund Audited Annual Report 31 December 2009 Portfolio of Investments as at 31 December 2009 (cont) Schroder ISF US Dollar Liquidity

Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets

Supranational 10,517,792 12.64 USD 5,200,000 Inter-American Development Bank FRN 5,198,320 6.25 16/03/2011 USD 5,300,000 International Bank for Reconstruction & 5,319,472 6.39 Development FRN 04/03/2011

United Kingdom 3,333,930 4.01 USD 3,335,000 Barclays Bank 144A FRN 05/03/2012 3,333,930 4.01

Total Transferable Securities and Money Market Instruments Admitted to an Official Exchange Listing 13,851,722 16.65

Number of shares Transferable Securities and Market % or Principal Money Market Instruments dealt Value Net Amount on another Regulated Market USD Assets

United States of America 29,093,911 34.97 USD 5,700,000 Federal National Mortgage Association 5,706,954 6.86 FRN 05/08/2010 USD 3,700,000 Morgan Stanley FRN 20/06/2012 3,737,655 4.49 USD 1,390,000 Union Bank FRN 16/03/2012 1,398,052 1.68 USD 8,000,000 US Treasury 1.25% 30/11/2010 8,057,500 9.69 USD 10,000,000 US Treasury 3.875% 15/07/2010 10,193,750 12.25

Total Transferable Securities and Money Market Instruments dealt on another Regulated Market 29,093,911 34.97

Number of shares Money Market Instruments Market % or Principal other than those dealt Value Net Amount in on a Regulated Market * USD Assets

United States of America 34,711,588 41.73 USD 5,000,000 Freddie Mac Discount Notes 0% 16/07/ 4,985,844 5.99 2010 USD 15,000,000 US Cash Management Bill 0% 10/06/ 14,964,166 17.99 2010 USD 4,800,000 US Treasury Bill 0% 01/07/2010 4,788,428 5.76 USD 10,000,000 US Treasury Bill 0% 29/07/2010 9,973,150 11.99

Total Money Market Instruments other than those dealt in on a Regulated Market * 34,711,588 41.73

Total Investments 77,657,221 93.35

Other Net Assets 5,533,262 6.65

Net Asset Value 83,190,483 100.00

* Money Market Instruments that fall under Article 41.1 h of the law dated 20 December 2002.

The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 257 Appendix Comparative Statement

Schroder Schroder Schroder ISF Schroder Schroder Schroder ISF ISF European ISF ISF ISF EURO European Large Global Italian Japanese Equity Equity a Cap Equity Equity Equity EUR EUR EUR USD EUR JPY

Net Asset Value as at 31 December 2008 708,941,810 13,248,522 51,351,973 28,892,195 107,890,663 32,191,610,479 as at 31 December 2007 2,779,375,669 32,391,473 130,785,013 58,227,677 359,888,634 110,759,001,437

Shares Outstanding as at 31 December 2008 Class A Dis 3,215,743 964,743 35,381 483,162 125,105 2,250,191 Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis 50,958 - 632 - 16,573 37,225 Class C Dis 83,410 167,805 1,603 1,274,440 21,018 1,255,997 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis - - - 124 - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 14,646,862 159,540 166,465 727,693 1,667,051 21,617,389 Class A Acc (EUR) * ------Class A Acc (EUR) ** - - - - - 173,006 Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 5,850,823 111,808 72,941 41,337 2,652,982 6,293,712 Class B Acc (EUR) * ------Class B Acc (EUR) ** - - - - - 45,220 Class B Acc (USD) ** ------Class C Acc 10,477,344 5,743 10,918 348,534 1,168,444 7,255,299 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** - - - - - 90,986 Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 8,230,033 123 169,364 29,992 45 17,506,317 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** - - - - - 100 Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 872,288 37,230 9,453 43,396 372,021 3,330,885 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** - - - - - 8,252 Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * 383,832 - - - - 210,957 Class B1 Acc 44,350 - - - 1,975 67,825 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * - - - - - 37,251

a Schroder ISF European Equity was closed and merged with Schroder ISF European Large Cap on 23 January 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 258 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder ISF Schroder Schroder Schroder ISF ISF European ISF ISF ISF EURO European Large Global Italian Japanese Equity Equity a Cap Equity Equity Equity EUR EUR EUR USD EUR JPY

Shares Outstanding (cont) (cont) as at 31 December 2007 Class A Dis 4,136,028 1,395,569 39,889 320,451 161,049 3,915,197 Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class B Dis 60,554 - 606 - 15,607 66,708 Class C Dis 165,009 219,035 2,024 1,538,143 20,687 1,463,207 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis - - - 121 - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 40,793,966 198,949 298,307 482,221 6,040,530 38,325,155 Class A Acc (EUR) * ------Class A Acc (EUR) ** - - - - - 186,290 Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 10,908,073 148,327 95,829 24,667 3,640,452 10,658,606 Class B Acc (EUR) * ------Class B Acc (EUR) ** - - - - - 73,283 Class B Acc (USD) ** ------Class C Acc 27,163,975 3,136 16,859 824,359 130,742 17,627,407 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** - - - - - 66,514 Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 12,181,371 123 213,520 106,070 160,881 31,827,124 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** - - - - - 100 Class I Acc (GBP) ** ------Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 1,750,287 47,392 16,101 49,182 489,609 5,256,282 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** - - - - - 11,267 Class A1 Acc (USD) * 744,801 - - - - 2,747,572 Class A1 Acc (SGD) ** ------Class B1 Acc 95,738 - - - 216 139,762 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * - - - - - 42,570

a Schroder ISF European Equity was closed and merged with Schroder ISF European Large Cap on 23 January 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 259 Appendix Comparative Statement (cont)

Schroder Schroder Schroder ISF Schroder Schroder Schroder ISF ISF European ISF ISF ISF EURO European Large Global Italian Japanese Equity Equity a Cap Equity Equity Equity EUR EUR EUR USD EUR JPY

Net Asset Value per Share as at 31 December 2008 Class A Dis 14.69 9.08 96.75 9.48 16.29 477.31 Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis 14.39 - 95.28 - 16.24 436.94 Class C Dis 14.86 9.22 69.47 9.9 17.52 521.62 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis - - - 10.14 - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 15.56 9.44 104.93 9.6 18.01 477.9 Class A Acc (EUR) * ------Class A Acc (EUR) ** - - - - - 50.09 Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 14.68 9.25 98.92 9.41 16.88 436.87 Class B Acc (EUR) * ------Class B Acc (EUR) ** - - - - - 49.2 Class B Acc (USD) ** ------Class C Acc 16.93 9.88 115.17 10.3 20.52 528.84 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** - - - - - 51.14 Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 18.11 10.28 123.21 10.66 21.93 564.27 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** - - - - - 52.68 Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 15.01 9.27 100.43 9.4 17.22 451.2 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** - - - - - 49.15 Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * 20.82 - - - - 4.97 Class B1 Acc 14 - - - 15.97 411.39 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * - - - - - 4.54

a Schroder ISF European Equity was closed and merged with Schroder ISF European Large Cap on 23 January 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 260 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder ISF Schroder Schroder Schroder ISF ISF European ISF ISF ISF EURO European Large Global Italian Japanese Equity Equity a Cap Equity Equity Equity EUR EUR EUR USD EUR JPY

Net Asset Value per Share (cont) as at 31 December 2007 Class A Dis 26.63 16.04 174.99 16.68 31.9 895.69 Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class B Dis 26.01 - 172.06 - 31.69 822.27 Class C Dis 27.02 16.35 126 17.48 34.41 981.97 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis - - - 17.99 - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 27.5 16.28 184.34 16.78 34.37 894.42 Class A Acc (EUR) * ------Class A Acc (EUR) ** - - - - - 96.37 Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 26.11 16.03 174.83 16.54 32.42 822.21 Class B Acc (EUR) * ------Class B Acc (EUR) ** - - - - - 95.23 Class B Acc (USD) ** ------Class C Acc 29.65 16.9 200.93 17.88 38.89 982.61 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** - - - - - 97.75 Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 31.4 17.38 212.88 18.32 41.17 1,039.03 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** - - - - - 99.68 Class I Acc (GBP) ** ------Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 26.64 16.04 177.6 16.53 33.07 853.19 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** - - - - - 95.18 Class A1 Acc (USD) * 39.23 - - - - 7.63 Class A1 Acc (SGD) ** ------Class B1 Acc 25.02 - - - 30.92 780.3 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * - - - - - 6.98

a Schroder ISF European Equity was closed and merged with Schroder ISF European Large Cap on 23 January 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 261 Appendix Comparative Statement (cont)

Schroder Schroder ISF Schroder Schroder Schroder Schroder ISF Japanese ISF ISF ISF ISF US Large Pacific Swiss UK US Large Cap Equity Equity Equity All Cap b Cap JPY USD CHF GBP USD USD

Net Asset Value as at 31 December 2008 9,551,473,029 621,309,408 269,700,515 112,875,485 4,939,227 336,065,130 as at 31 December 2007 25,236,441,474 1,868,543,504 788,163,230 144,560,287 7,453,945 242,726,523

Shares Outstanding as at 31 December 2008 Class A Dis 1,270,966 4,089,136 1,539,309 8,644,241 - 170,655 Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis - 32,229 13,790 102,624 - 2,702 Class C Dis 6,749 978,741 42,178 2,561,074 15 7,417 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis 12,748,149 - - - - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 291,425 13,722,929 8,946,856 8,310,338 54,621 3,645,816 Class A Acc (EUR) * - 110,862 - - - 33,502 Class A Acc (EUR) ** - - - - - 200,457 Class A Acc (SGD) * - 126,232 - - - - Class A Acc (SGD) ** ------Class A Acc (USD) * 998,962 - - - - - Class A Acc (USD) ** ------Class B Acc - 2,342,199 536,299 2,090,120 4,029 252,395 Class B Acc (EUR) * - 347,237 - - - 82,703 Class B Acc (EUR) ** - - - - - 24,754 Class B Acc (USD) ** ------Class C Acc 124 49,603,253 476,970 27,046,099 13,159 564,423 Class C Acc (AUD) * ------Class C Acc (EUR) * - 166,904 - - - 109,502 Class C Acc (EUR) ** - - - - - 141,042 Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 123 15,181,632 349,784 6,029,254 14 995,941 Class I Acc (AUD) * ------Class I Acc (EUR) * - 6,144,613 - - - 24 Class I Acc (EUR) ** - - - - - 103,622 Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 13,828 725,904 269,653 362,252 1,077 202,499 Class A1 Acc (EUR) * - 191,966 - - - 19,356 Class A1 Acc (EUR) ** - - - - - 13,630 Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class B1 Acc - 40,815 355 92,427 - 380 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

b Schroder ISF US All Cap was formerly known as Schroder ISF US Large Cap Alpha until 1 October 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 262 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder ISF Schroder Schroder Schroder Schroder ISF Japanese ISF ISF ISF ISF US Large Pacific Swiss UK US Large Cap Equity Equity Equity All Cap b Cap JPY USD CHF GBP USD USD

Shares Outstanding (cont) (cont) as at 31 December 2007 Class A Dis 4,001,683 6,916,682 1,970,185 9,548,015 - 46,659 Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class B Dis - 39,477 14,458 110,800 - 1,275 Class C Dis 789,322 1,031,576 48,623 3,445,302 20,000 5,983 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis 14,820,285 - - - - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 263,175 18,978,721 16,033,225 19,742,051 30,474 596,978 Class A Acc (EUR) * - 257,635 - - - 12,761 Class A Acc (EUR) ** - - - - - 25,413 Class A Acc (SGD) * - 231,727 - - - - Class A Acc (SGD) ** ------Class A Acc (USD) * 792,361 - - - - - Class A Acc (USD) ** ------Class B Acc - 3,628,134 824,763 2,301,452 1,023 282,635 Class B Acc (EUR) * - 342,094 - - - 137,754 Class B Acc (EUR) ** - - - - - 22,578 Class B Acc (USD) ** ------Class C Acc - 72,230,543 640,992 7,585,681 16,225 565,888 Class C Acc (AUD) * ------Class C Acc (EUR) * - 1,073,915 - - - 25 Class C Acc (EUR) ** - - - - - 37,193 Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc - 23,798,353 1,841,218 6,797,576 14 1,001,503 Class I Acc (AUD) * ------Class I Acc (EUR) * - 6,144,613 - - - 24 Class I Acc (EUR) ** ------Class I Acc (GBP) ** ------Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 4,660 1,417,351 354,019 557,638 78 122,839 Class A1 Acc (EUR) * - 255,057 - - - 9,277 Class A1 Acc (EUR) ** - - - - - 11,801 Class A1 Acc (USD) * ------Class A1 Acc (SGD) ** ------Class B1 Acc - 117,225 355 114,694 - 1,353 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

b Schroder ISF US All Cap was formerly known as Schroder ISF US Large Cap Alpha until 1 October 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 263 Appendix Comparative Statement (cont)

Schroder Schroder ISF Schroder Schroder Schroder Schroder ISF Japanese ISF ISF ISF ISF US Large Pacific Swiss UK US Large Cap Equity Equity Equity All Cap b Cap JPY USD CHF GBP USD USD

Net Asset Value per Share as at 31 December 2008 Class A Dis 625.16 5.43 22.03 1.66 - 46.48 Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis - 5.09 20.74 1.61 - 42.87 Class C Dis 625.95 5.68 23.57 1.78 68.75 50.07 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis 622.43 - - - - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 627.95 5.97 22.06 1.95 67.59 46.5 Class A Acc (EUR) * - 4.3 - - - 33.43 Class A Acc (EUR) ** - - - - - 63.37 Class A Acc (SGD) * - 5.66 - - - - Class A Acc (SGD) ** ------Class A Acc (USD) * 6.91 - - - - - Class A Acc (USD) ** ------Class B Acc - 5.39 20.69 1.78 66.86 42.87 Class B Acc (EUR) * - 3.88 - - - 30.87 Class B Acc (EUR) ** - - - - - 62.53 Class B Acc (USD) ** ------Class C Acc 636.18 6.76 23.94 2.18 68.67 51.47 Class C Acc (AUD) * ------Class C Acc (EUR) * - 4.87 - - - 36.91 Class C Acc (EUR) ** - - - - - 64.34 Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 641.79 7.22 25.65 2.33 70.15 54.97 Class I Acc (AUD) * ------Class I Acc (EUR) * - 5.2 - - - 39.62 Class I Acc (EUR) ** - - - - - 64.88 Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 620.19 5.83 21.05 1.82 67.11 44.53 Class A1 Acc (EUR) * - 4.2 - - - 32.05 Class A1 Acc (EUR) ** - - - - - 62.48 Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class B1 Acc - 5.24 19.57 1.68 - 40.87 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

b Schroder ISF US All Cap was formerly known as Schroder ISF US Large Cap Alpha until 1 October 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 264 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder ISF Schroder Schroder Schroder Schroder ISF Japanese ISF ISF ISF ISF US Large Pacific Swiss UK US Large Cap Equity Equity Equity All Cap b Cap JPY USD CHF GBP USD USD

Net Asset Value per Share (cont) (cont) as at 31 December 2007 Class A Dis 1,216.6 11.54 35.84 2.51 - 76.63 Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class B Dis - 10.75 33.91 2.42 - 71.08 Class C Dis 1,223.02 12.12 38.44 2.69 110.43 82.49 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis 1,222.2 - - - - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 1,216.11 12.47 35.85 2.86 109.39 76.65 Class A Acc (EUR) * - 8.46 - - - 52.04 Class A Acc (EUR) ** - - - - - 106.31 Class A Acc (SGD) * - 11.79 - - - - Class A Acc (SGD) ** ------Class A Acc (USD) * 10.87 - - - - - Class A Acc (USD) ** ------Class B Acc - 11.33 33.84 2.62 108.86 71.08 Class B Acc (EUR) * - 7.69 - - - 48.26 Class B Acc (EUR) ** - - - - - 105.57 Class B Acc (USD) ** ------Class C Acc - 13.98 38.64 3.17 110.35 84.24 Class C Acc (AUD) * ------Class C Acc (EUR) * - 9.49 - - - 57.19 Class C Acc (EUR) ** - - - - - 107.21 Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc - 14.79 40.99 3.36 111.38 89.1 Class I Acc (AUD) * ------Class I Acc (EUR) * - 10.04 - - - 60.49 Class I Acc (EUR) ** ------Class I Acc (GBP) ** ------Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 1,208.91 12.21 34.44 2.68 109.09 73.86 Class A1 Acc (EUR) * - 8.29 - - - 50.15 Class A1 Acc (EUR) ** - - - - - 105.51 Class A1 Acc (USD) * ------Class A1 Acc (SGD) ** ------Class B1 Acc - 11.05 32.25 2.49 - 68.35 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

b Schroder ISF US All Cap was formerly known as Schroder ISF US Large Cap Alpha until 1 October 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 265 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF Schroder Asia Pacific Asian Asian Asian BRIC ISF Property Equity Smaller Total (Brazil, Russia, China Securities Yield Companies Return India, China) Opportunities USD USD USD USD USD USD

Net Asset Value as at 31 December 2008 87,358,222 471,441,754 25,996,747 39,550,936 1,262,758,259 587,454,967 as at 31 December 2007 106,837,162 844,892,794 145,121,907 13,538,542 3,655,874,775 1,218,346,879

Shares Outstanding as at 31 December 2008 Class A Dis - 12,599,779 - - - - Class A Dis (EUR) ** ------Class A Dis (GBP) * - 14,619 - 58 33,982 - Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis ------Class C Dis - 8,452,825 9 - - - Class C Dis (GBP) * - - - 1,287 - - Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis - 183 - - - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 97,591 7,508,246 63,026 3,547 5,448,051 2,814,767 Class A Acc (EUR) * - - - - 1,615,489 - Class A Acc (EUR) ** - - - 100 - - Class A Acc (SGD) * ------Class A Acc (SGD) ** - - - - - 103,044 Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 746 205,102 14,286 15 473,026 351,632 Class B Acc (EUR) * - - - - 1,382,370 - Class B Acc (EUR) ** - - - 100 - - Class B Acc (USD) ** ------Class C Acc 36,782 1,932,452 52,256 523,566 943,498 562,496 Class C Acc (AUD) * ------Class C Acc (EUR) * - - - - 44,429 - Class C Acc (EUR) ** - - - 100 - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc - - - - - 5,794 Class D Acc (EUR) * ------Class I Acc 1,031,393 14,078,551 154,311 27,570 478,644 22,307 Class I Acc (AUD) * ------Class I Acc (EUR) * - - - - 25,752 - Class I Acc (EUR) ** - 66,989 - - - - Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 37,668 109,552 17,610 71 767,029 165,635 Class A1 Acc (EUR) * - - - - 405,656 - Class A1 Acc (EUR) ** - - - 100 - - Class A1 Acc (SGD) ** - - - - - 166,093 Class A1 Acc (USD) * ------Class B1 Acc ------Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 266 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF Schroder Asia Pacific Asian Asian Asian BRIC ISF Property Equity Smaller Total (Brazil, Russia, China Securities Yield Companies Return India, China) Opportunities USD USD USD USD USD USD

Shares Outstanding (cont) (cont) as at 31 December 2007 Class A Dis - 14,625,926 - - - - Class A Dis (EUR) ** ------Class A Dis (GBP) * - 11,365 - - 48,284 - Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class B Dis ------Class C Dis - 8,508,170 9 - - - Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis - 175 - - - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 89,413 9,723,086 127,357 15 6,085,994 2,975,332 Class A Acc (EUR) * - - - - 2,241,334 - Class A Acc (EUR) ** ------Class A Acc (SGD) * ------Class A Acc (SGD) ** - - - - - 2,000 Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 15 300,265 274,590 15 582,596 496,461 Class B Acc (EUR) * - - - - 2,077,954 - Class B Acc (EUR) ** ------Class B Acc (USD) ** ------Class C Acc 103,396 1,875,414 124,336 110,070 1,171,060 331,760 Class C Acc (AUD) * ------Class C Acc (EUR) * - - - - 98,257 - Class C Acc (EUR) ** ------Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 618,309 8,721,868 150,611 23,015 608,923 70,946 Class I Acc (AUD) * ------Class I Acc (EUR) * - - - - 59,648 - Class I Acc (EUR) ** - 59,766 - - - - Class I Acc (GBP) ** ------Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 7,140 459,438 29,955 15 671,431 250,888 Class A1 Acc (EUR) * - - - - 497,086 - Class A1 Acc (EUR) ** ------Class A1 Acc (USD) * ------Class A1 Acc (SGD) ** - - - - - 154,751 Class B1 Acc ------Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 267 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF Schroder Asia Pacific Asian Asian Asian BRIC ISF Property Equity Smaller Total (Brazil, Russia, China Securities Yield Companies Return India, China) Opportunities USD USD USD USD USD USD

Net Asset Value per Share as at 31 December 2008 Class A Dis - 8.97 - - - - Class A Dis (EUR) ** ------Class A Dis (GBP) * - 6.16 - 90.86 72.8 - Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis ------Class C Dis - 9.36 80.24 - - - Class C Dis (GBP) * - - - 90.52 - - Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis - 8.58 - - - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 69.98 10.77 82.5 69.98 108.65 149.36 Class A Acc (EUR) * - - - - 78.29 - Class A Acc (EUR) ** - - - 66.19 - - Class A Acc (SGD) * ------Class A Acc (SGD) ** - - - - - 4.79 Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 69.05 10.48 79.51 70.42 106.15 146.83 Class B Acc (EUR) * - - - - 76.5 - Class B Acc (EUR) ** - - - 66 - - Class B Acc (USD) ** ------Class C Acc 71.05 11.04 83.33 70.84 111.13 152.28 Class C Acc (AUD) * ------Class C Acc (EUR) * - - - - 80.12 - Class C Acc (EUR) ** - - - 66.49 - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc - - - - - 148 Class D Acc (EUR) * ------Class I Acc 72.96 11.74 89.91 72.37 115.42 157.68 Class I Acc (AUD) * ------Class I Acc (EUR) * - - - - 83.16 - Class I Acc (EUR) ** - 90.58 - - - - Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 69.47 10.58 81.35 70.07 108.14 147.68 Class A1 Acc (EUR) * - - - - 77.91 - Class A1 Acc (EUR) ** - - - 66.07 - - Class A1 Acc (SGD) ** - - - - - 5.1 Class A1 Acc (USD) * ------Class B1 Acc ------Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 268 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF Schroder Asia Pacific Asian Asian Asian BRIC ISF Property Equity Smaller Total (Brazil, Russia, China Securities Yield Companies Return India, China) Opportunities USD USD USD USD USD USD

Net Asset Value per Share (cont) (cont) as at 31 December 2007 Class A Dis - 17.13 - - - - Class A Dis (EUR) ** ------Class A Dis (GBP) * - 8.53 - - 125.68 - Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class B Dis ------Class C Dis - 17.74 204.48 - - - Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis - 16.45 - - - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 128.25 19.74 204.74 101.57 258.48 295.1 Class A Acc (EUR) * - - - - 175.5 - Class A Acc (EUR) ** ------Class A Acc (SGD) * ------Class A Acc (SGD) ** - - - - - 9.88 Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 127.36 19.34 198.38 101.52 254.18 291.85 Class B Acc (EUR) * - - - - 172.58 - Class B Acc (EUR) ** ------Class B Acc (USD) ** ------Class C Acc 129.29 20.22 205.36 101.66 262.57 298.8 Class C Acc (AUD) * ------Class C Acc (EUR) * - - - - 178.27 - Class C Acc (EUR) ** ------Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 131.14 21.11 218.89 101.87 269.36 305.6 Class I Acc (AUD) * ------Class I Acc (EUR) * - - - - 182.89 - Class I Acc (EUR) ** - 165.44 - - - - Class I Acc (GBP) ** ------Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 127.79 19.46 202.69 101.49 258.08 292.88 Class A1 Acc (EUR) * - - - - 175.22 - Class A1 Acc (EUR) ** ------Class A1 Acc (USD) * ------Class A1 Acc (SGD) ** - - - - - 10.56 Class B1 Acc ------Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 269 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF European European European Emerging Emerging Emerging Dividend Equity Equity Asia Europe Markets Maximiser Opportunities c Yield USD EUR USD EUR EUR EUR

Net Asset Value as at 31 December 2008 1,360,049,617 98,567,361 631,666,522 13,279,468 11,002,926 99,213,437 as at 31 December 2007 2,786,273,727 415,094,466 1,244,042,018 16,868,909 31,138,889 257,611,241

Shares Outstanding as at 31 December 2008 Class A Dis - 171,451 1,789,634 303 - 2,121,587 Class A Dis (EUR) ** ------Class A Dis (GBP) * 2,735 4,861 - - - 1,606 Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis - 25,798 40,094 1,545 - 54,536 Class C Dis - 3,095 4,062,310 169,591 - 1,859,376 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis - - - 16 - 102 Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * - - - - - 74 Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 3,850,260 4,299,028 16,031,085 60,333 15 4,705,518 Class A Acc (EUR) * 126,673 - 7,491,480 - - - Class A Acc (EUR) ** ------Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 743,544 1,659,888 1,859,600 5,087 - 1,254,375 Class B Acc (EUR) * 220,211 - 623,348 - - - Class B Acc (EUR) ** ------Class B Acc (USD) ** ------Class C Acc 33,808,097 673,694 17,842,206 6,600 208,875 1,837,559 Class C Acc (AUD) * - - 4,691,504 - - - Class C Acc (EUR) * 1,562,879 - 698,063 - - - Class C Acc (EUR) ** ------Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 956,435 483,731 7,422,545 15 11,670 110 Class I Acc (AUD) * - - 4,251,288 - - - Class I Acc (EUR) * 117 - 186 - - - Class I Acc (EUR) ** ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 63,839,436 2,177,900 18,255,754 4,190 - 86,958 Class A1 Acc (EUR) * 2,055,067 - 2,071,161 - - - Class A1 Acc (EUR) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * - 546,803 - - - 71 Class B1 Acc 393,983 95,339 299,485 - - - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

c Schroder ISF European Equity Opportunities was closed on 10 June 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 270 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF European European European Emerging Emerging Emerging Dividend Equity Equity Asia Europe Markets Maximiser Opportunities c Yield USD EUR USD EUR EUR EUR

Shares Outstanding (cont) (cont) as at 31 December 2007 Class A Dis - 216,198 1,701,256 15 - 3,774,620 Class A Dis (EUR) ** ------Class A Dis (GBP) * 2,956 2,218 - - - 1,729 Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class B Dis - 33,063 122,078 15 - 62,182 Class C Dis - 4,080 4,067,915 184,500 100,000 2,494,899 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis - - - 15 - 98 Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * - - - - - 71 Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 4,710,831 6,947,524 15,890,698 1,193 15 9,309,840 Class A Acc (EUR) * 152,542 - 804,033 - - - Class A Acc (EUR) ** ------Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 873,887 2,458,922 3,302,779 15 - 1,572,812 Class B Acc (EUR) * 311,934 - 743,252 - - - Class B Acc (EUR) ** ------Class B Acc (USD) ** ------Class C Acc 5,743,150 1,148,745 9,259,843 665 211,337 734,485 Class C Acc (AUD) * - - 4,691,504 - - - Class C Acc (EUR) * 2,378,458 - 1,480 - - - Class C Acc (EUR) ** ------Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 4,075,167 416,794 8,607,103 15 18,170 110 Class I Acc (AUD) * - - 632,884 - - - Class I Acc (EUR) * 117 - 328,004 - - - Class I Acc (EUR) ** ------Class I Acc (GBP) ** ------Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 90,530,637 3,184,255 28,886,814 15 - 132,717 Class A1 Acc (EUR) * 3,984,034 - 3,945,912 - - - Class A1 Acc (EUR) ** ------Class A1 Acc (USD) * - 562,734 - - - 71 Class A1 Acc (SGD) ** ------Class B1 Acc 638,710 194,428 735,608 - - - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

c Schroder ISF European Equity Opportunities was closed on 10 June 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 271 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF European European European Emerging Emerging Emerging Dividend Equity Equity Asia Europe Markets Maximiser Opportunities c Yield USD EUR USD EUR EUR EUR

Net Asset Value per Share as at 31 December 2008 Class A Dis - 9.52 6.73 51.61 - 7.36 Class A Dis (EUR) ** ------Class A Dis (GBP) * 8.21 9 - - - 6.88 Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis - 9.14 6.44 51.25 - 7 Class C Dis - 9.92 6.78 52.1 - 7.86 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis - - - 51.41 - 7.8 Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * - - - - - 10.83 Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 12.63 9.75 7.02 57.04 49.28 8.58 Class A Acc (EUR) * 9.09 - 5.04 - - - Class A Acc (EUR) ** ------Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 12.25 9.25 6.52 56.61 - 7.87 Class B Acc (EUR) * 8.83 - 4.69 - - - Class B Acc (EUR) ** ------Class B Acc (USD) ** ------Class C Acc 13.08 10.37 7.54 57.54 49.83 9.59 Class C Acc (AUD) * - - 10.94 - - - Class C Acc (EUR) * 9.42 - 5.43 - - - Class C Acc (EUR) ** ------Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 13.7 11.03 8.2 58.43 50.89 10.33 Class I Acc (AUD) * - - 11.96 - - - Class I Acc (EUR) * 9.87 - 5.89 - - - Class I Acc (EUR) ** ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 12.4 9.6 6.78 56.76 - 8.25 Class A1 Acc (EUR) * 8.94 - 4.89 - - - Class A1 Acc (EUR) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * - 13.29 - - - 11.47 Class B1 Acc 11.96 9.07 6.33 - - - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

c Schroder ISF European Equity Opportunities was closed on 10 June 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 272 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF European European European Emerging Emerging Emerging Dividend Equity Equity Asia Europe Markets Maximiser Opportunities c Yield USD EUR USD EUR EUR EUR

Net Asset Value per Share (cont) (cont) as at 31 December 2007 Class A Dis - 26.98 14.16 90.3 - 13.16 Class A Dis (EUR) ** ------Class A Dis (GBP) * 11.91 19.78 - - - 9.65 Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class B Dis - 25.91 13.59 90.19 - 12.59 Class C Dis - 28.35 14.33 90.46 94.15 13.94 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis - - - 90.23 - 13.99 Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * - - - - - 20.63 Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 24.76 27.49 14.71 91.99 94.17 14.72 Class A Acc (EUR) * 16.81 - 9.99 - - - Class A Acc (EUR) ** ------Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 24.16 26.23 13.75 91.87 - 13.58 Class B Acc (EUR) * 16.41 - 9.34 - - - Class B Acc (EUR) ** ------Class B Acc (USD) ** ------Class C Acc 25.47 29.03 15.69 92.14 94.59 16.34 Class C Acc (AUD) * - - 17.84 - - - Class C Acc (EUR) * 17.29 - 10.65 - - - Class C Acc (EUR) ** ------Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 26.35 30.5 16.86 92.41 95.39 17.38 Class I Acc (AUD) * - - 19.16 - - - Class I Acc (EUR) * 17.89 - 11.44 - - - Class I Acc (EUR) ** ------Class I Acc (GBP) ** ------Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 24.42 27.14 14.27 91.91 - 14.21 Class A1 Acc (EUR) * 16.58 - 9.69 - - - Class A1 Acc (EUR) ** ------Class A1 Acc (USD) * - 39.97 - - - 20.96 Class A1 Acc (SGD) ** ------Class B1 Acc 23.72 25.83 13.42 - - - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

c Schroder ISF European Equity Opportunities was closed on 10 June 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 273 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder Schroder ISF Schroder ISF ISF ISF ISF Global ISF Global Global European European Climate Global Emerging Emerging Smaller Special Change Dividend Markets Market Companies Situations Equity Maximiser Commodities d Opportunities EUR EUR USD USD USD USD

Net Asset Value as at 31 December 2008 165,255,789 509,205,322 137,150,299 14,551,882 4,769,038 207,395,519 as at 31 December 2007 486,202,629 514,932,874 251,469,506 56,559,420 - 537,619,313

Shares Outstanding as at 31 December 2008 Class A Dis 190,382 - - 1,745,231 - - Class A Dis (EUR) ** ------Class A Dis (GBP) * - - - - 8 - Class A Dis (GBP) ** ------Class A Dis (SGD) * - - - 268,915 - - Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis 53,416 - - 3,169 - - Class C Dis 271,000 188,022 150 112 - - Class C Dis (GBP) * - - 85 290,506 8 - Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis - - - 12,898 - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 1,837,461 4,390,448 8,263,387 371,221 104,061 12,815,970 Class A Acc (EUR) * - - 2,238,186 - 15 1,964,232 Class A Acc (EUR) ** - - 327,335 - - - Class A Acc (SGD) * - - 8,082,680 243,028 - 14,143,159 Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 1,825,726 53,091 731 3,429 15 477,295 Class B Acc (EUR) * - - 62,841 - 15 442,975 Class B Acc (EUR) ** - - 166,627 - - - Class B Acc (USD) ** ------Class C Acc 811,646 2,775,774 3,624,837 150 15,276 468,535 Class C Acc (AUD) * ------Class C Acc (EUR) * - - 1,863 - 19 20,130 Class C Acc (EUR) ** - - 856,343 - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc - - - - - 107,686 Class D Acc (EUR) * - - - - - 42,357 Class I Acc 6,908,845 130,623 150 - 15 130,928 Class I Acc (AUD) * ------Class I Acc (EUR) * - - 150 - 15 150 Class I Acc (EUR) ** ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 1,302,131 11,137 204,060 38,592 15 181,946 Class A1 Acc (EUR) * - - 21,003 - 15 252,428 Class A1 Acc (EUR) ** - - 48,436 - - - Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * 77,854 - - - - - Class B1 Acc 35,101 - - - - - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

d Schroder ISF Global Emerging Markets Commodities was closed on 29 September 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 274 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder Schroder ISF Schroder ISF ISF ISF ISF Global ISF Global Global European European Climate Global Emerging Emerging Smaller Special Change Dividend Markets Market Companies Situations Equity Maximiser Commodities d Opportunities EUR EUR USD USD USD USD

Shares Outstanding (cont) (cont) as at 31 December 2007 Class A Dis 274,256 - - 2,910,643 - - Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * - - - 262,473 - - Class B Dis 60,290 - - 157 - - Class C Dis 276,472 136,615 - 2,409,903 - - Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis - - - 152 - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 3,032,702 2,522,584 11,324,512 533,174 - 22,559,973 Class A Acc (EUR) * - - 1,427,581 - - 3,225,543 Class A Acc (EUR) ** - - 2,600 - - - Class A Acc (SGD) * - - 9,504,043 392,728 - 16,117,667 Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 3,179,043 78,999 - 150 - 273,811 Class B Acc (EUR) * - - 110,695 - - 536,528 Class B Acc (EUR) ** - - 5,311 - - - Class B Acc (USD) ** ------Class C Acc 1,502,575 1,717,890 2,859,049 150 - 356,193 Class C Acc (AUD) * ------Class C Acc (EUR) * - - 1,622 - - 267,975 Class C Acc (EUR) ** - - 178,128 - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc - - - - - 72,395 Class D Acc (EUR) * - - - - - 25,269 Class I Acc 8,791,458 115,644 150 - - 268,249 Class I Acc (AUD) * ------Class I Acc (EUR) * - - 150 - - 150 Class I Acc (EUR) ** ------Class I Acc (GBP) ** ------Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 2,322,318 24,884 748 150 - 153,877 Class A1 Acc (EUR) * - - 150 - - 340,842 Class A1 Acc (EUR) ** - - 1,000 - - - Class A1 Acc (USD) * 197,969 - - - - - Class A1 Acc (SGD) ** ------Class B1 Acc 93,508 - - - - - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

d Schroder ISF Global Emerging Markets Commodities was closed on 29 September 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 275 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder Schroder ISF Schroder ISF ISF ISF ISF Global ISF Global Global European European Climate Global Emerging Emerging Smaller Special Change Dividend Markets Market Companies Situations Equity Maximiser Commodities d Opportunities EUR EUR USD USD USD USD

Net Asset Value per Share as at 31 December 2008 Class A Dis 11.36 - - 5 - - Class A Dis (EUR) ** ------Class A Dis (GBP) * - - - - 55.42 - Class A Dis (GBP) ** ------Class A Dis (SGD) * - - - 5.21 - - Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis 10.56 - - 5.08 - - Class C Dis 11.62 66.09 8.26 5.06 - - Class C Dis (GBP) * - - 10.07 3.5 55.34 - Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis - - - 4.98 - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 11.56 66.95 6.08 5.63 39.88 7.68 Class A Acc (EUR) * - - 5.91 - 44.16 7.15 Class A Acc (EUR) ** - - 5.7 - - - Class A Acc (SGD) * - - 5.93 5.75 - 7.29 Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 10.57 65.89 6.16 5.58 39.74 7.58 Class B Acc (EUR) * - - 5.85 - 44.02 7.06 Class B Acc (EUR) ** - - 5.66 - - - Class B Acc (USD) ** ------Class C Acc 12.58 68.22 6.14 5.69 40.02 7.78 Class C Acc (AUD) * ------Class C Acc (EUR) * - - 5.95 - 44.3 7.22 Class C Acc (EUR) ** - - 5.75 - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc - - - - - 7.58 Class D Acc (EUR) * - - - - - 7.05 Class I Acc 13.43 70.96 6.26 - 40.31 7.96 Class I Acc (AUD) * ------Class I Acc (EUR) * - - 6.1 - 44.62 7.43 Class I Acc (EUR) ** ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 11.23 66.45 6.04 5.59 39.78 7.63 Class A1 Acc (EUR) * - - 5.89 - 44.04 7.11 Class A1 Acc (EUR) ** - - 5.67 - - - Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * 15.57 - - - - - Class B1 Acc 10.19 - - - - - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

d Schroder ISF Global Emerging Markets Commodities was closed on 29 September 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 276 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder Schroder ISF Schroder ISF ISF ISF ISF Global ISF Global Global European European Climate Global Emerging Emerging Smaller Special Change Dividend Markets Market Companies Situations Equity Maximiser Commodities d Opportunities EUR EUR USD USD USD USD

Net Asset Value per Share (cont) (cont) as at 31 December 2007 Class A Dis 23.29 - - 8.89 - - Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * - - - 9.24 - - Class B Dis 21.56 - - 9.09 - - Class C Dis 23.91 111.74 - 8.92 - - Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis - - - 8.87 - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 23.44 111.43 10.95 9.23 - 13.44 Class A Acc (EUR) * - - 10.04 - - 11.8 Class A Acc (EUR) ** - - 10.06 - - - Class A Acc (SGD) * - - 10.66 9.4 - 12.74 Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 21.56 110.33 - 9.2 - 13.36 Class B Acc (EUR) * - - 10 - - 11.73 Class B Acc (EUR) ** - - 10.05 - - - Class B Acc (USD) ** ------Class C Acc 25.32 112.75 10.99 9.25 - 13.53 Class C Acc (AUD) * ------Class C Acc (EUR) * - - 10.09 - - 11.81 Class C Acc (EUR) ** - - 10.08 - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc - - - - - 13.41 Class D Acc (EUR) * - - - - - 11.75 Class I Acc 26.69 115.86 11.06 - - 13.68 Class I Acc (AUD) * ------Class I Acc (EUR) * - - 10.15 - - 12.04 Class I Acc (EUR) ** ------Class I Acc (GBP) ** ------Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 22.86 111.01 10.93 9.21 - 13.4 Class A1 Acc (EUR) * - - 10.04 - - 11.77 Class A1 Acc (EUR) ** - - 10.05 - - - Class A1 Acc (USD) * 33.67 - - - - - Class A1 Acc (SGD) ** ------Class B1 Acc 20.89 - - - - - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

d Schroder ISF Global Emerging Markets Commodities was closed on 29 September 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 277 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder ISF ISF ISF Schroder Schroder ISF Global Global Global ISF ISF Global Equity Property Smaller Global Greater Energy Yield Securities Companies Technology e China USD USD USD USD USD USD

Net Asset Value as at 31 December 2008 287,727,856 36,827,378 189,902,702 38,384,420 - 711,291,508 as at 31 December 2007 401,908,284 80,376,957 351,910,471 71,374,570 31,648,077 1,677,788,866

Shares Outstanding as at 31 December 2008 Class A Dis - 49,729 - 739 - - Class A Dis (EUR) ** ------Class A Dis (GBP) * 452,907 1,648 - - - 28,782 Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis ------Class C Dis 235,283 16 13,226 15 - - Class C Dis (GBP) * 163,677 - - - - 136 Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis - 16 - - - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis - 573 - - - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 5,312,551 116,166 271,065 18,302 - 24,719,846 Class A Acc (EUR) * 30,574 11,200 - - - 1,871 Class A Acc (EUR) ** - - 391,769 - - - Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 428,344 1,703 20,626 2,577 - 2,428,324 Class B Acc (EUR) * - 4,134 - - - - Class B Acc (EUR) ** - - 21,852 - - - Class B Acc (USD) ** ------Class C Acc 2,287,958 32,271 673,060 15 - 2,910,586 Class C Acc (AUD) * ------Class C Acc (EUR) * 26,206 6,325 - - - - Class C Acc (EUR) ** - - 600,549 - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 4,095,222 230,655 280,732 431,557 - 2,343,731 Class I Acc (AUD) * ------Class I Acc (EUR) * - 16 - - - - Class I Acc (EUR) ** - - 85 - - - Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 1,662,493 3,582 37,320 57,220 - 1,329,611 Class A1 Acc (EUR) * 37,446 1,737 - 21 - - Class A1 Acc (EUR) ** - - 5,739 - - - Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class B1 Acc - - - - - 152,903 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

e Schroder ISF Global Technology was merged into Schroder ISF Global Equity Alpha on 26 September 2008. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 278 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder ISF ISF ISF Schroder Schroder ISF Global Global Global ISF ISF Global Equity Property Smaller Global Greater Energy Yield Securities Companies Technology e China USD USD USD USD USD USD

Shares Outstanding (cont) (cont) as at 31 December 2007 Class A Dis - 75,868 - 15 67,336 - Class A Dis (EUR) ** ------Class A Dis (GBP) * - 2,107 - - - 86,163 Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class B Dis - - - - 106,631 - Class C Dis 181,951 16 8,887 15 737,162 - Class C Dis (GBP) * - - - - - 133 Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis - 15 - - - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis - 16 - - - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 4,480,230 178,312 373,900 3,432 1,012,622 25,814,198 Class A Acc (EUR) * - 8,306 - - - - Class A Acc (EUR) ** - - 338,137 - - - Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 422,262 3,020 17,506 2,309 673,522 4,085,158 Class B Acc (EUR) * - 4,475 - - - - Class B Acc (EUR) ** - - 42,042 - - - Class B Acc (USD) ** ------Class C Acc 869,801 34,482 885,991 76 68,852 4,692,633 Class C Acc (AUD) * ------Class C Acc (EUR) * - 6,325 - - - - Class C Acc (EUR) ** - - 325,599 - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 2,583,975 275,727 109,416 459,902 - 3,859,113 Class I Acc (AUD) * ------Class I Acc (EUR) * - 16 - - - - Class I Acc (EUR) ** - - 101,679 - - - Class I Acc (GBP) ** ------Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 682,887 5,642 69,807 82,652 517,916 1,842,799 Class A1 Acc (EUR) * 24,634 1,007 - 17 - - Class A1 Acc (EUR) ** - - 6,577 - - - Class A1 Acc (USD) * ------Class A1 Acc (SGD) ** ------Class B1 Acc - - - - 5,617 231,858 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

e Schroder ISF Global Technology was merged into Schroder ISF Global Equity Alpha on 26 September 2008. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 279 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder ISF ISF ISF Schroder Schroder ISF Global Global Global ISF ISF Global Equity Property Smaller Global Greater Energy Yield Securities Companies Technology e China USD USD USD USD USD USD

Net Asset Value per Share as at 31 December 2008 Class A Dis - 71.11 - 71.94 - - Class A Dis (EUR) ** ------Class A Dis (GBP) * 13.07 48.32 - - - 12.83 Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis ------Class C Dis 19.59 71.78 70.7 72.03 - - Class C Dis (GBP) * 13.49 - - - - 13.01 Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis - 75 - - - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis - 71.58 - - - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 19.24 78.04 71.8 71.86 - 20.8 Class A Acc (EUR) * 13.88 56.18 - - - 15 Class A Acc (EUR) ** - - 66.01 - - - Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 18.95 76.43 70.54 70.44 - 20.13 Class B Acc (EUR) * - 55.12 - - - - Class B Acc (EUR) ** - - 64.88 - - - Class B Acc (USD) ** ------Class C Acc 19.57 80.06 73.47 72.81 - 21.83 Class C Acc (AUD) * ------Class C Acc (EUR) * 14.24 57.7 - - - - Class C Acc (EUR) ** - - 67.36 - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 20.19 83.44 76.35 75.93 - 23.08 Class I Acc (AUD) * ------Class I Acc (EUR) * - 60.14 - - - - Class I Acc (EUR) ** - - 69.83 - - - Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 19.06 77.17 71.01 71.03 - 20.42 Class A1 Acc (EUR) * 13.69 55.69 - 51.28 - - Class A1 Acc (EUR) ** - - 65.32 - - - Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class B1 Acc - - - - - 19.67 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

e Schroder ISF Global Technology was merged into Schroder ISF Global Equity Alpha on 26 September 2008. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 280 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder ISF ISF ISF Schroder Schroder ISF Global Global Global ISF ISF Global Equity Property Smaller Global Greater Energy Yield Securities Companies Technology e China USD USD USD USD USD USD

Net Asset Value per Share (cont) (cont) as at 31 December 2007 Class A Dis - 124.88 - 125.72 9.91 - Class A Dis (EUR) ** ------Class A Dis (GBP) * - 62.17 - - - 18.7 Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class B Dis - - - - 9.45 - Class C Dis 43.58 126.42 136.42 127.13 10.56 - Class C Dis (GBP) * - - - - - 19.22 Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis - 134.23 - - - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis - 126.03 - - - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 43.11 132.92 136.2 126.35 9.9 40.92 Class A Acc (EUR) * - 90.25 - - - - Class A Acc (EUR) ** - - 123.82 - - - Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 42.72 131.01 134.58 124.68 9.45 39.84 Class B Acc (EUR) * - 88.95 - - - - Class B Acc (EUR) ** - - 122.43 - - - Class B Acc (USD) ** ------Class C Acc 43.55 135.43 138.37 127.23 10.57 42.65 Class C Acc (AUD) * ------Class C Acc (EUR) * - 91.95 - - - - Class C Acc (EUR) ** - - 125.46 - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 44.35 139.41 142.06 131.05 - 44.55 Class I Acc (AUD) * ------Class I Acc (EUR) * - 94.65 - - - - Class I Acc (EUR) ** - - 128.45 - - - Class I Acc (GBP) ** ------Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 42.86 131.93 135.19 125.44 9.68 40.33 Class A1 Acc (EUR) * 29.1 89.58 - 85.17 - - Class A1 Acc (EUR) ** - - 123 - - - Class A1 Acc (USD) * ------Class A1 Acc (SGD) ** ------Class B1 Acc - - - - 9.2 39.13 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

e Schroder ISF Global Technology was merged into Schroder ISF Global Equity Alpha on 26 September 2008. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 281 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder ISF ISF Schroder Schroder ISF ISF Japanese Japanese ISF ISF Hong Kong Indian Equity Smaller Korean Latin Equity Equity Select f Companies Equity American HKD USD JPY JPY USD USD

Net Asset Value as at 31 December 2008 2,845,368,096 34,246,127 - 5,246,621,855 28,122,471 671,510,101 as at 31 December 2007 4,967,921,301 73,894,206 509,046,506 18,585,410,682 92,809,289 2,111,468,877

Shares Outstanding as at 31 December 2008 Class A Dis - - - 984,351 2,800 1,517,205 Class A Dis (EUR) ** ------Class A Dis (GBP) * - - - - - 17,453 Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis - - - 25,968 - 40,918 Class C Dis - 8,091 - 3,269 64,842 215,644 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 15,206,079 95,762 - 45,855,192 545,980 4,351,901 Class A Acc (EUR) * - - - - - 305,549 Class A Acc (EUR) ** ------Class A Acc (SGD) * - - - - - 232,381 Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 37,968 145,667 - 15,365,133 21,232 1,177,425 Class B Acc (EUR) * - - - - - 410,079 Class B Acc (EUR) ** 1,352 - - - - - Class B Acc (USD) ** ------Class C Acc 3,607,811 85,116 - 6,412,471 212,200 11,462,378 Class C Acc (AUD) * ------Class C Acc (EUR) * - - - - - 412,981 Class C Acc (EUR) ** 1,465 - - - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc 106,156 - - - - - Class D Acc (EUR) * ------Class I Acc 73 159,463 - 538,076 - 24,258 Class I Acc (AUD) * ------Class I Acc (EUR) * - - - - - 293,017 Class I Acc (EUR) ** ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 1,836,518 31,483 - 51,533,222 272,587 5,299,955 Class A1 Acc (EUR) * - - - 306,233 - 309,423 Class A1 Acc (EUR) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * - - - 1,184,245 - - Class B1 Acc - - - 65,340 - - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

f Schroder ISF Japanese Equity Select was closed on 6 June 2008. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 282 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder ISF ISF Schroder Schroder ISF ISF Japanese Japanese ISF ISF Hong Kong Indian Equity Smaller Korean Latin Equity Equity Select f Companies Equity American HKD USD JPY JPY USD USD

Shares Outstanding (cont) (cont) as at 31 December 2007 Class A Dis - - - 1,049,292 12,051 1,988,878 Class A Dis (EUR) ** ------Class A Dis (GBP) * - - - - - 14,458 Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class B Dis - - - 32,468 - 77,967 Class C Dis - 8,091 56,000 3,032,809 108,526 346,930 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 14,565,684 148,472 15 69,072,445 402,541 12,198,956 Class A Acc (EUR) * - - - - - 323,038 Class A Acc (EUR) ** ------Class A Acc (SGD) * - - - - - 273,660 Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 103,223 146,844 15 21,538,855 46,680 1,644,137 Class B Acc (EUR) * - - - - - 529,188 Class B Acc (EUR) ** 100 - - - - - Class B Acc (USD) ** ------Class C Acc 1,511,966 29,533 15 42,006,562 318,798 11,023,524 Class C Acc (AUD) * ------Class C Acc (EUR) * - - - - - 140,073 Class C Acc (EUR) ** 100 - - - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc 54,570 - - - - - Class D Acc (EUR) * ------Class I Acc 73 69,202 15 33,934,761 - 1,250,777 Class I Acc (AUD) * ------Class I Acc (EUR) * - - - - - 294,949 Class I Acc (EUR) ** ------Class I Acc (GBP) ** ------Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 1,762,430 34,994 15 80,082,580 792,031 6,848,969 Class A1 Acc (EUR) * - - - 475,909 - 468,026 Class A1 Acc (EUR) ** ------Class A1 Acc (USD) * - - - 1,470,918 - - Class A1 Acc (SGD) ** ------Class B1 Acc - - - 65,340 - - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

f Schroder ISF Japanese Equity Select was closed on 6 June 2008. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 283 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder ISF ISF Schroder Schroder ISF ISF Japanese Japanese ISF ISF Hong Kong Indian Equity Smaller Korean Latin Equity Equity Select f Companies Equity American HKD USD JPY JPY USD USD

Net Asset Value per Share as at 31 December 2008 Class A Dis - - - 43.55 24.94 23.61 Class A Dis (EUR) ** ------Class A Dis (GBP) * - - - - - 16.2 Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis - - - 39.87 - 23.42 Class C Dis - 65.39 - 47.05 25.52 23.73 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 135.97 64.43 - 43.67 25.09 25.29 Class A Acc (EUR) * - - - - - 18.12 Class A Acc (EUR) ** ------Class A Acc (SGD) * - - - - - 36.44 Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 130.35 63.59 - 39.85 24.36 23.84 Class B Acc (EUR) * - - - - - 17.17 Class B Acc (EUR) ** 49.71 - - - - - Class B Acc (USD) ** ------Class C Acc 142.21 65.41 - 47.6 25.77 26.93 Class C Acc (AUD) * ------Class C Acc (EUR) * - - - - - 19.41 Class C Acc (EUR) ** 50.39 - - - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc 134.4 - - - - - Class D Acc (EUR) * ------Class I Acc 144.62 67.13 - 49.91 - 28.77 Class I Acc (AUD) * ------Class I Acc (EUR) * - - - - - 20.75 Class I Acc (EUR) ** ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 132.85 63.91 - 42.5 24.63 24.75 Class A1 Acc (EUR) * - - - 0.34 - 17.8 Class A1 Acc (EUR) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * - - - 0.47 - - Class B1 Acc - - - 38.9 - - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

f Schroder ISF Japanese Equity Select was closed on 6 June 2008. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 284 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder ISF ISF Schroder Schroder ISF ISF Japanese Japanese ISF ISF Hong Kong Indian Equity Smaller Korean Latin Equity Equity Select f Companies Equity American HKD USD JPY JPY USD USD

Net Asset Value per Share (cont) (cont) as at 31 December 2007 Class A Dis - - - 72.34 55.06 52.84 Class A Dis (EUR) ** ------Class A Dis (GBP) * - - - - - 26.3 Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class B Dis - - - 66.45 - 52.06 Class C Dis - 170.13 9,078.01 78.29 55.95 53.38 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 275.7 168.8 9,010.8 72.34 55.4 55.75 Class A Acc (EUR) * - - - - - 37.85 Class A Acc (EUR) ** ------Class A Acc (SGD) * - - - - - 80.12 Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 265.87 167.61 8,954.4 66.42 54.1 52.88 Class B Acc (EUR) * - - - - - 35.9 Class B Acc (EUR) ** 102.74 - - - - - Class B Acc (USD) ** ------Class C Acc 286.3 170.15 9,076.87 78.29 56.5 58.94 Class C Acc (AUD) * ------Class C Acc (EUR) * - - - - - 40.01 Class C Acc (EUR) ** 102.8 - - - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc 275.23 - - - - - Class D Acc (EUR) * ------Class I Acc 287.6 172.5 9,191.13 81.1 - 62.22 Class I Acc (AUD) * ------Class I Acc (EUR) * - - - - - 42.25 Class I Acc (EUR) ** ------Class I Acc (GBP) ** ------Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 270.37 168.07 8,978.13 70.68 54.59 54.76 Class A1 Acc (EUR) * - - - 0.43 - 37.18 Class A1 Acc (EUR) ** ------Class A1 Acc (USD) * - - - 0.63 - - Class A1 Acc (SGD) ** ------Class B1 Acc - - - 65.19 - - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

f Schroder ISF Japanese Equity Select was closed on 6 June 2008. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 285 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder ISF ISF Schroder ISF Schroder ISF Swiss Swiss Small & ISF US Small & ISF Middle Equity Mid Cap Taiwanese Mid-Cap US Smaller East Opportunities Equity Equity Equity Companies USD CHF CHF USD USD USD

Net Asset Value as at 31 December 2008 201,643,755 96,792,896 136,877,335 127,115,561 538,285,500 503,304,249 as at 31 December 2007 224,472,092 350,651,599 314,834,762 - 539,230,349 876,972,521

Shares Outstanding as at 31 December 2008 Class A Dis - - - 2,774,747 226,839 890,815 Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis - - - 374 - 47,155 Class C Dis - - - 150 18,699 342,497 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis - - - 14,461 - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis - - - 150 - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 16,938,651 739,136 2,307,957 11,154,143 1,220,688 4,735,033 Class A Acc (EUR) * 1,820,001 - - - 103,516 - Class A Acc (EUR) ** - - - - 49,031 - Class A Acc (SGD) * 13,430,569 - - - - - Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 95,759 30,968 709,286 155 165,405 486,481 Class B Acc (EUR) * 188,815 - - - 47,029 - Class B Acc (EUR) ** - - - - 1,380 - Class B Acc (USD) ** ------Class C Acc 1,828,683 67,052 1,871,001 544,109 1,371,102 1,278,137 Class C Acc (AUD) * ------Class C Acc (EUR) * 256,789 - - - 120,983 - Class C Acc (EUR) ** - - - - 5,567 - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 690,910 239,263 2,755,525 1,162,054 1,657,507 811,995 Class I Acc (AUD) * ------Class I Acc (EUR) * 150 - - - 14 - Class I Acc (EUR) ** ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * 3,749,281 - - - - - Class A1 Acc 909,690 19,251 1,215,026 6,683,664 387,811 1,636,240 Class A1 Acc (EUR) * 27,617 - - - 5,607 - Class A1 Acc (EUR) ** - - - - 534 - Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class B1 Acc - - - - - 10,591 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 286 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder ISF ISF Schroder ISF Schroder ISF Swiss Swiss Small & ISF US Small & ISF Middle Equity Mid Cap Taiwanese Mid-Cap US Smaller East Opportunities Equity Equity Equity Companies USD CHF CHF USD USD USD

Shares Outstanding (cont) (cont) as at 31 December 2007 Class A Dis - - - - 193,443 1,006,949 Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class B Dis - - - - - 84,016 Class C Dis - - - - 1,284 396,503 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 13,303,874 1,930,931 3,868,590 - 728,852 5,570,298 Class A Acc (EUR) * 1,229,403 - - - 1,941 - Class A Acc (EUR) ** - - - - 100 - Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 150 50,495 1,718,975 - 163,182 864,825 Class B Acc (EUR) * 650 - - - 32,916 - Class B Acc (EUR) ** - - - - 100 - Class B Acc (USD) ** ------Class C Acc 406,287 128,205 2,436,864 - 515,885 1,144,731 Class C Acc (AUD) * ------Class C Acc (EUR) * 188,093 - - - 148,769 - Class C Acc (EUR) ** - - - - 100 - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 150 251,771 1,785,071 - 1,587,736 895,175 Class I Acc (AUD) * ------Class I Acc (EUR) * 150 - - - 14 - Class I Acc (EUR) ** ------Class I Acc (GBP) ** ------Class I Acc (USD) ** ------Class J Acc 2,676,468 - - - - - Class A1 Acc 170,618 32,736 2,202,652 - 134,668 1,648,105 Class A1 Acc (EUR) * 150 - - - 2,299 - Class A1 Acc (EUR) ** - - - - 100 - Class A1 Acc (USD) * ------Class A1 Acc (SGD) ** ------Class B1 Acc - - - - - 15,692 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 287 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder ISF ISF Schroder ISF Schroder ISF Swiss Swiss Small & ISF US Small & ISF Middle Equity Mid Cap Taiwanese Mid-Cap US Smaller East Opportunities Equity Equity Equity Companies USD CHF CHF USD USD USD

Net Asset Value per Share as at 31 December 2008 Class A Dis - - - 5.22 96.07 48.26 Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis - - - 5.26 - 43.99 Class C Dis - - - 5.21 100.05 52.41 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis - - - 5.17 - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis - - - 5.2 - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 5.73 86.9 14.79 5.76 97.12 48.25 Class A Acc (EUR) * 5.61 - - - 69.52 - Class A Acc (EUR) ** - - - - 64.8 - Class A Acc (SGD) * 5.09 - - - - - Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 5.68 84.94 14.22 5.73 94.79 43.99 Class B Acc (EUR) * 5.55 - - - 68.28 - Class B Acc (EUR) ** - - - - 64.47 - Class B Acc (USD) ** ------Class C Acc 5.78 88.58 15.47 5.8 99.85 52.46 Class C Acc (AUD) * ------Class C Acc (EUR) * 5.65 - - - 71.75 - Class C Acc (EUR) ** - - - - 65.28 - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 5.88 93.4 16.75 5.87 105.12 56.9 Class I Acc (AUD) * ------Class I Acc (EUR) * 5.76 - - - 75.76 - Class I Acc (EUR) ** ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * 459.35 - - - - - Class A1 Acc 5.7 85.33 14.44 5.74 95.78 46.91 Class A1 Acc (EUR) * 5.56 - - - 68.86 - Class A1 Acc (EUR) ** - - - - 64.55 - Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class B1 Acc - - - - - 42.3 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 288 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder ISF ISF Schroder ISF Schroder ISF Swiss Swiss Small & ISF US Small & ISF Middle Equity Mid Cap Taiwanese Mid-Cap US Smaller East Opportunities Equity Equity Equity Companies USD CHF CHF USD USD USD

Net Asset Value per Share (cont) (cont) as at 31 December 2007 Class A Dis - - - - 147.5 74.53 Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class B Dis - - - - - 68.35 Class C Dis - - - - 152.56 80.38 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 12.38 145.62 25.79 - 149.12 74.51 Class A Acc (EUR) * 11.42 - - - 101.25 - Class A Acc (EUR) ** - - - - 100.26 - Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 12.36 143.2 24.94 - 146.42 68.35 Class B Acc (EUR) * 11.41 - - - 99.41 - Class B Acc (EUR) ** - - - - 100.24 - Class B Acc (USD) ** ------Class C Acc 12.41 147.39 26.8 - 152.2 80.45 Class C Acc (AUD) * ------Class C Acc (EUR) * 11.43 - - - 103.34 - Class C Acc (EUR) ** - - - - 100.3 - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 12.46 153.53 28.66 - 158.32 86.19 Class I Acc (AUD) * ------Class I Acc (EUR) * 11.5 - - - 107.49 - Class I Acc (EUR) ** ------Class I Acc (GBP) ** ------Class I Acc (USD) ** ------Class J Acc 1,200.3 - - - - - Class A1 Acc 12.37 143.52 25.29 - 147.63 72.73 Class A1 Acc (EUR) * 11.42 - - - 100.24 - Class A1 Acc (EUR) ** - - - - 100.25 - Class A1 Acc (USD) * ------Class A1 Acc (SGD) ** ------Class B1 Acc - - - - - 66.07 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 289 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF EURO EURO European European Asian EURO Active Dynamic Active Dynamic Equity Equity Value Growth Value g Growth h Alpha i Alpha j EUR EUR EUR EUR USD EUR

Net Asset Value as at 31 December 2008 188,254,760 367,104,502 2,630,335 41,411,721 7,214,633 - as at 31 December 2007 850,756,674 980,947,168 11,796,415 190,238,542 44,457,652 5,401,903

Shares Outstanding as at 31 December 2008 Class A Dis - 1,178,994 - - - - Class A Dis (EUR) ** ------Class A Dis (GBP) * 7,952 - - - 1,443 - Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis ------Class C Dis - 9,193 15 12 - - Class C Dis (GBP) * 3,116 - - - 809 - Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis - - - 12 - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 3,798,416 98,471,311 21,735 310,241 391,943 - Class A Acc (EUR) * ------Class A Acc (EUR) ** ------Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 1,323,539 9,826,711 20,278 22,250 104,477 - Class B Acc (EUR) * ------Class B Acc (EUR) ** ------Class B Acc (USD) ** ------Class C Acc 1,246,867 29,651,761 34 198,231 9,023 - Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** ------Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 1,244,951 13,498,313 15 28,022 83,182 - Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 986,643 3,401,703 10,446 10,786 23,853 - Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class B1 Acc 58 - - - - - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

g Schroder ISF European Active Value was merged into Schroder ISF EURO Active Value on 29 September 2009. h Schroder ISF European Dynamic Growth was merged into Schroder ISF European Special Situations on 1 December 2009. i Schroder ISF Asian Equity Alpha was closed on 26 May 2009. j Schroder ISF EURO Equity Alpha was closed on 18 July 2008. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 290 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF EURO EURO European European Asian EURO Active Dynamic Active Dynamic Equity Equity Value Growth Value g Growth h Alpha i Alpha j EUR EUR EUR EUR USD EUR

Shares Outstanding (cont) (cont) as at 31 December 2007 Class A Dis - 2,874,511 - - - - Class A Dis (EUR) ** ------Class A Dis (GBP) * 29,606 - - - 1,430 - Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class B Dis ------Class C Dis - 256,438 24,754 12 - 50,000 Class C Dis (GBP) * 14,311 - - - 24,360 - Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis - - - 12 - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 11,131,142 121,418,460 45,854 1,146,500 1,154,643 6,826 Class A Acc (EUR) * ------Class A Acc (EUR) ** ------Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 2,973,808 32,372,041 32,770 96,551 109,242 15 Class B Acc (EUR) * ------Class B Acc (EUR) ** ------Class B Acc (USD) ** ------Class C Acc 1,569,228 48,873,176 34 126,942 30,903 1,498 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** ------Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 1,749,222 16,438,048 15 124,115 368,590 15 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** ------Class I Acc (GBP) ** ------Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 1,773,625 7,155,079 14,489 12,591 44,369 15 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** ------Class A1 Acc (USD) * ------Class A1 Acc (SGD) ** ------Class B1 Acc 58 - - - - - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

g Schroder ISF European Active Value was merged into Schroder ISF EURO Active Value on 29 September 2009. h Schroder ISF European Dynamic Growth was merged into Schroder ISF European Special Situations on 1 December 2009. i Schroder ISF Asian Equity Alpha was closed on 26 May 2009. j Schroder ISF EURO Equity Alpha was closed on 18 July 2008. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 291 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF EURO EURO European European Asian EURO Active Dynamic Active Dynamic Equity Equity Value Growth Value g Growth h Alpha i Alpha j EUR EUR EUR EUR USD EUR

Net Asset Value per Share as at 31 December 2008 Class A Dis - 2.23 - - - - Class A Dis (EUR) ** ------Class A Dis (GBP) * 16.06 - - - 7.31 - Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis ------Class C Dis - 2.33 48.31 70.17 - - Class C Dis (GBP) * 16.35 - - - 7.38 - Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis - - - 70.81 - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 21.56 2.31 50.54 71.98 11.63 - Class A Acc (EUR) * ------Class A Acc (EUR) ** ------Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 20.75 2.19 49.64 70.53 11.35 - Class B Acc (EUR) * ------Class B Acc (EUR) ** ------Class B Acc (USD) ** ------Class C Acc 22.55 2.46 51.43 73.51 12.07 - Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** ------Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 23.93 2.57 53.23 77.49 12.78 - Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** ------Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 21.05 2.25 49.98 71.02 11.48 - Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class B1 Acc 20.27 - - - - - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

g Schroder ISF European Active Value was merged into Schroder ISF EURO Active Value on 29 September 2009. h Schroder ISF European Dynamic Growth was merged into Schroder ISF European Special Situations on 1 December 2009. i Schroder ISF Asian Equity Alpha was closed on 26 May 2009. j Schroder ISF EURO Equity Alpha was closed on 18 July 2008. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 292 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF EURO EURO European European Asian EURO Active Dynamic Active Dynamic Equity Equity Value Growth Value g Growth h Alpha i Alpha j EUR EUR EUR EUR USD EUR

Net Asset Value per Share (cont) (cont) as at 31 December 2007 Class A Dis - 4.19 - - - - Class A Dis (EUR) ** ------Class A Dis (GBP) * 26.09 - - - 11.8 - Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class B Dis ------Class C Dis - 4.38 99.25 125.75 - 92.53 Class C Dis (GBP) * 26.7 - - - 11.95 - Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis - - - 127.49 - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 44.04 4.23 100.78 125.65 25.27 92.5 Class A Acc (EUR) * ------Class A Acc (EUR) ** ------Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 42.64 4.03 99.59 123.91 24.8 92.18 Class B Acc (EUR) * ------Class B Acc (EUR) ** ------Class B Acc (USD) ** ------Class C Acc 45.74 4.47 101.81 127.42 26.03 93.14 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** ------Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 47.95 4.61 104.19 132.7 27.24 94 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** ------Class I Acc (GBP) ** ------Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 43.17 4.13 100.05 124.44 25.03 92.37 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** ------Class A1 Acc (USD) * ------Class A1 Acc (SGD) ** ------Class B1 Acc 41.86 - - - - - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

g Schroder ISF European Active Value was merged into Schroder ISF EURO Active Value on 29 September 2009. h Schroder ISF European Dynamic Growth was merged into Schroder ISF European Special Situations on 1 December 2009. i Schroder ISF Asian Equity Alpha was closed on 26 May 2009. j Schroder ISF EURO Equity Alpha was closed on 18 July 2008. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 293 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder ISF Schroder Schroder ISF ISF ISF QEP ISF ISF European Global Japanese Global QEP QEP Equity Equity Equity Active Global Global Alpha Alpha Alpha Value Core Quality EUR USD JPY USD USD USD

Net Asset Value as at 31 December 2008 453,532,968 24,133,853 3,378,298,231 487,438,203 161,885,958 105,533,182 as at 31 December 2007 1,657,626,592 9,716,496 11,490,478,235 670,192,214 391,395,366 60,937,165

Shares Outstanding as at 31 December 2008 Class A Dis 939,112 - - 23,463 - - Class A Dis (EUR) ** ------Class A Dis (GBP) * - 164 - - - - Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * - 2,135 - - - - Class B Dis - 1,244 - 1,515 - - Class C Dis 6,409 1,144 - 117,184 74,143 109,457 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis 31 15 - - - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 7,632,229 46,495 667,870 240,411 - 33 Class A Acc (EUR) * - 1,896 - 335,254 - 15 Class A Acc (EUR) ** - - - 8,000 - - Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * - - 111,675 - - - Class A Acc (USD) ** ------Class B Acc 898,728 41,650 157 66,167 - 15 Class B Acc (EUR) * - 7,702 - 10,496 - 15 Class B Acc (EUR) ** - - - 6,303 - - Class B Acc (USD) ** ------Class C Acc 1,755,144 29,101 696,013 251,776 879,345 234,110 Class C Acc (AUD) * ------Class C Acc (EUR) * - 142,385 26,903 89 - 15 Class C Acc (EUR) ** - - - 603,496 - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 4,821,973 12 3,144,874 1,821,674 12,494,602 1,366,919 Class I Acc (AUD) * ------Class I Acc (EUR) * - 15 - 854,555 - 26,195 Class I Acc (EUR) ** - - - 923,332 - - Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 464,554 23,414 150 276,887 - 15 Class A1 Acc (EUR) * - 1,557 - 4,444 - 15 Class A1 Acc (EUR) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class B1 Acc - 376 - 306 - - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 294 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder ISF Schroder Schroder ISF ISF ISF QEP ISF ISF European Global Japanese Global QEP QEP Equity Equity Equity Active Global Global Alpha Alpha Alpha Value Core Quality EUR USD JPY USD USD USD

Shares Outstanding (cont) (cont) as at 31 December 2007 Class A Dis 1,445,805 - - 787 263,834 - Class A Dis (EUR) ** ------Class A Dis (GBP) * - 17 - - - - Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class B Dis - - - - 12,305 - Class C Dis 15,146 50,753 - 42,971 8,862 16 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis 281,681 15 - - - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 19,975,804 1,706 1,910,709 222,340 2,289,740 15 Class A Acc (EUR) * - 1,777 - 5,029 - 15 Class A Acc (EUR) ** - - - 1,038 - - Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * - - 112,816 - - - Class A Acc (USD) ** ------Class B Acc 2,000,161 1,501 302 10,549 1,010,130 15 Class B Acc (EUR) * - 6,108 - 11,692 - 15 Class B Acc (EUR) ** - - - 10,405 - - Class B Acc (USD) ** ------Class C Acc 3,040,781 15 2,757,580 158,154 983,932 15 Class C Acc (AUD) * ------Class C Acc (EUR) * - 16 150 145 - 15 Class C Acc (EUR) ** - - - 100 - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 6,581,799 12 3,538,872 2,264,463 14,756,054 621,609 Class I Acc (AUD) * ------Class I Acc (EUR) * - 15 - 85,065 - 15 Class I Acc (EUR) ** - - - 1,003,659 - - Class I Acc (GBP) ** ------Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 986,864 4,913 150 453,811 773,675 15 Class A1 Acc (EUR) * - 1,686 - 4,565 - 15 Class A1 Acc (EUR) ** ------Class A1 Acc (USD) * ------Class A1 Acc (SGD) ** ------Class B1 Acc - - - - 7,217 - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 295 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder ISF Schroder Schroder ISF ISF ISF QEP ISF ISF European Global Japanese Global QEP QEP Equity Equity Equity Active Global Global Alpha Alpha Alpha Value Core Quality EUR USD JPY USD USD USD

Net Asset Value per Share as at 31 December 2008 Class A Dis 25.55 - - 77.82 - - Class A Dis (EUR) ** ------Class A Dis (GBP) * - 55.33 - - - - Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * - 79.73 - - - - Class B Dis - 78.93 - 85.16 - - Class C Dis 25.69 81.05 - 80.19 10.42 58.73 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis 28.1 82.8 - - - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 26.26 79.81 674 87.47 - 59.44 Class A Acc (EUR) * - 57.44 - 62.49 - 60.69 Class A Acc (EUR) ** - - - 53.67 - - Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * - - 7.43 - - - Class A Acc (USD) ** ------Class B Acc 25.33 78.93 654.5 85.33 - 58.99 Class B Acc (EUR) * - 56.89 - 61.41 - 60.26 Class B Acc (EUR) ** - - - 53.18 - - Class B Acc (USD) ** ------Class C Acc 27.28 82.14 699.06 89.6 11.31 59.74 Class C Acc (AUD) * ------Class C Acc (EUR) * - 58.69 5.44 64.57 - 61.03 Class C Acc (EUR) ** - - - 54.03 - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 30.36 85.93 746.52 94.28 12.1 60.63 Class I Acc (AUD) * ------Class I Acc (EUR) * - 61.91 - 67.97 - 61.51 Class I Acc (EUR) ** - - - 57.81 - - Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 25.71 79.39 666.01 85.76 - 58.96 Class A1 Acc (EUR) * - 57.24 - 61.76 - 60.23 Class A1 Acc (EUR) ** ------Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class B1 Acc - 78.62 - 85.19 - - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 296 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder ISF Schroder Schroder ISF ISF ISF QEP ISF ISF European Global Japanese Global QEP QEP Equity Equity Equity Active Global Global Alpha Alpha Alpha Value Core Quality EUR USD JPY USD USD USD

Net Asset Value per Share (cont) (cont) as at 31 December 2007 Class A Dis 46.8 - - 150.81 17.29 - Class A Dis (EUR) ** ------Class A Dis (GBP) * - 69.57 - - - - Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class B Dis - - - - 16.06 - Class C Dis 47.19 142.59 - 149.1 17.99 97.66 Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis 51.9 146.45 - - - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 47.02 139.91 1,319.27 154.94 17.5 97.67 Class A Acc (EUR) * - 94.99 - 105.2 - 93.99 Class A Acc (EUR) ** - - - 91.08 - - Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * - - 11.79 - - - Class A Acc (USD) ** ------Class B Acc 45.64 139.06 1,288.98 152.1 16.08 97.57 Class B Acc (EUR) * - 94.41 - 103.27 - 93.89 Class B Acc (EUR) ** - - - 90.79 - - Class B Acc (USD) ** ------Class C Acc 48.5 142.91 1,358.75 157.98 19.06 97.77 Class C Acc (AUD) * ------Class C Acc (EUR) * - 97.03 8.03 107.26 - 94.09 Class C Acc (EUR) ** - - - 91.28 - - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 53.33 147.65 1,433.58 164.22 20.21 98 Class I Acc (AUD) * ------Class I Acc (EUR) * - 100.25 - 111.5 - 94.33 Class I Acc (EUR) ** - - - 96.47 - - Class I Acc (GBP) ** ------Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 46.21 139.64 1,309.25 152.84 16.87 97.55 Class A1 Acc (EUR) * - 94.81 - 103.77 - 93.87 Class A1 Acc (EUR) ** ------Class A1 Acc (USD) * ------Class A1 Acc (SGD) ** ------Class B1 Acc - - - - 15.4 - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 297 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder ISF ISF ISF ISF Absolute Schroder Schroder Emerging QEP Absolute Return ISF ISF Europe Debt US Return Bond European Asian Absolute Core Bond k R1 l Allocation m Bond Return USD USD USD EUR USD EUR

Net Asset Value as at 31 December 2008 88,165,910 - - 165,075,816 1,715,917,983 138,265,701 as at 31 December 2007 161,347,043 159,023,587 10,166,352 713,666,173 1,952,374,497 233,166,463

Shares Outstanding as at 31 December 2008 Class A Dis - - - - 21,957,112 20,042 Class A Dis (EUR) ** ------Class A Dis (GBP) * - - - 69 - - Class A Dis (GBP) ** - - - - 202 - Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis - - - - 3,879 448 Class C Dis 136,829 - - - 33,258,315 - Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis - - - - 13,073,525 247,906 Class A1 Dis (EUR) * - - - - 681,718 - Class A1 Dis (EUR) ** - - - - 919 - Class A1 Dis (USD) * - - - - - 178,905 Class B1 Dis - - - - 2,990,249 56,982 Class B1 Dis (EUR) ** ------Class A Acc - - - 3,355,374 25,143,652 1,391,801 Class A Acc (EUR) * ------Class A Acc (EUR) ** - - - - 1,145 - Class A Acc (SGD) * ------Class A Acc (SGD) ** - - - - 177,282 - Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc - - - 5,358,988 575,749 740,403 Class B Acc (EUR) * ------Class B Acc (EUR) ** ------Class B Acc (USD) ** ------Class C Acc 18,165 - - 82,549 13,773,202 674,295 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** - - - - 100 - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 1,040,459 - - 53 38,932,320 4,314,947 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** - - - - 100 - Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** - - - - 1,500 - Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc - - - 1,384,399 21,172,289 482,766 Class A1 Acc (EUR) * - - - - 106,204 - Class A1 Acc (EUR) ** - - - - 773 - Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * - - - - - 136,600 Class B1 Acc - - - - 711,458 76,943 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

k Schroder ISF Absolute Return Bond was merged into Schroder ISF Strategic Bond on 18 December 2008. l Schroder ISF Absolute Return Bond R1 was closed on 30 September 2008. m Schroder ISF European Allocation was formerly known as Schroder ISF European Absolute Return until 1 June 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 298 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder ISF ISF ISF ISF Absolute Schroder Schroder Emerging QEP Absolute Return ISF ISF Europe Debt US Return Bond European Asian Absolute Core Bond k R1 l Allocation m Bond Return USD USD USD EUR USD EUR

Shares Outstanding (cont) (cont) as at 31 December 2007 Class A Dis 133,102 - - - 17,964,784 23,162 Class A Dis (EUR) ** ------Class A Dis (GBP) * - - - 84 - - Class A Dis (GBP) ** - - - - 149 - Class A Dis (SGD) * ------Class B Dis - - - - 3,679 448 Class C Dis 170,413 15 - - 33,285,109 - Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis - - - - - 3,473,917 Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis - - - - 12,031,806 442,108 Class A1 Dis (EUR) * - - - - 368,642 - Class A1 Dis (EUR) ** - - - - 100 - Class A1 Dis (USD) * - - - - - 60,594 Class B1 Dis - - - - 5,316,108 56,857 Class B1 Dis (EUR) ** ------Class A Acc 43,711 6,853 15 14,511,060 26,343,546 2,093,259 Class A Acc (EUR) * ------Class A Acc (EUR) ** - 78,050 100 - 100 - Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 22,630 16,044 15 11,529,805 949,752 2,286,474 Class B Acc (EUR) * ------Class B Acc (EUR) ** - 77,739 100 - - - Class B Acc (USD) ** ------Class C Acc 55,250 3,449 15 263,936 8,661,841 658,095 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** - 151,267 100 - 100 - Class C Acc (GBP) ** - 100 - - - - Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 981,139 15 100,015 53 51,676,173 5,428,719 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** - 229,580 100 - 100 - Class I Acc (GBP) ** - 335,100 - - - - Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 3,627 8,738 15 2,991,793 21,873,255 475,663 Class A1 Acc (EUR) * - - - - 83,549 - Class A1 Acc (EUR) ** - 21,865 100 - 100 - Class A1 Acc (USD) * - - - - - 157,709 Class A1 Acc (SGD) ** ------Class B1 Acc 147 - - - 1,447,356 190,889 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

k Schroder ISF Absolute Return Bond was merged into Schroder ISF Strategic Bond on 18 December 2008. l Schroder ISF Absolute Return Bond R1 was closed on 30 September 2008. m Schroder ISF European Allocation was formerly known as Schroder ISF European Absolute Return until 1 June 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 299 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder ISF ISF ISF ISF Absolute Schroder Schroder Emerging QEP Absolute Return ISF ISF Europe Debt US Return Bond European Asian Absolute Core Bond k R1 l Allocation m Bond Return USD USD USD EUR USD EUR

Net Asset Value per Share as at 31 December 2008 Class A Dis - - - - 7.12 13.08 Class A Dis (EUR) ** ------Class A Dis (GBP) * - - - 15.22 - - Class A Dis (GBP) ** - - - - 94.8 - Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis - - - - 7.81 12.77 Class C Dis 68.27 - - - 7.74 - Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis - - - - 7.05 13.12 Class A1 Dis (EUR) * - - - - 5.07 - Class A1 Dis (EUR) ** - - - - 89.49 - Class A1 Dis (USD) * - - - - - 18.21 Class B1 Dis - - - - 7.83 12.95 Class B1 Dis (EUR) ** ------Class A Acc - - - 16.53 11.11 15.58 Class A Acc (EUR) * ------Class A Acc (EUR) ** - - - - 94.62 - Class A Acc (SGD) * ------Class A Acc (SGD) ** - - - - 9 - Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc - - - 16.04 10.56 14.91 Class B Acc (EUR) * ------Class B Acc (EUR) ** ------Class B Acc (USD) ** ------Class C Acc 70.24 - - 17.4 11.88 16.57 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** - - - - 95.34 - Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 74.53 - - 27.02 12.61 17.85 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** - - - - 96.44 - Class I Acc (GBP) ** ------Class I Acc (JPY) * ------Class I Acc (SGD) ** - - - - 9.38 - Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc - - - 16.06 10.94 15.46 Class A1 Acc (EUR) * - - - - 7.86 - Class A1 Acc (EUR) ** - - - - 94.26 - Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * - - - - - 21.49 Class B1 Acc - - - - 10.37 14.98 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

k Schroder ISF Absolute Return Bond was merged into Schroder ISF Strategic Bond on 18 December 2008. l Schroder ISF Absolute Return Bond R1 was closed on 30 September 2008. m Schroder ISF European Allocation was formerly known as Schroder ISF European Absolute Return until 1 June 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 300 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder Schroder ISF ISF ISF ISF Absolute Schroder Schroder Emerging QEP Absolute Return ISF ISF Europe Debt US Return Bond European Asian Absolute Core Bond k R1 l Allocation m Bond Return USD USD USD EUR USD EUR

Net Asset Value per Share (cont) (cont) as at 31 December 2007 Class A Dis 101.73 - - - 7.96 12.7 Class A Dis (EUR) ** ------Class A Dis (GBP) * - - - 17.85 - - Class A Dis (GBP) ** - - - - 104.06 - Class A Dis (SGD) * ------Class B Dis - - - - 8.56 12.4 Class C Dis 110.48 99.62 - - 8.49 - Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis - - - - - 14.34 Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis - - - - 7.89 12.97 Class A1 Dis (EUR) * - - - - 5.36 - Class A1 Dis (EUR) ** - - - - 99.65 - Class A1 Dis (USD) * - - - - - 19.1 Class B1 Dis - - - - 8.83 12.87 Class B1 Dis (EUR) ** ------Class A Acc 101.74 103.97 100.68 24.64 11.79 14.77 Class A Acc (EUR) * ------Class A Acc (EUR) ** - 101.72 100.4 - 100.23 - Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 98.62 103.25 100.53 24.05 11.27 14.2 Class B Acc (EUR) * ------Class B Acc (EUR) ** - 101.03 100.27 - - - Class B Acc (USD) ** ------Class C Acc 112.09 104.73 100.72 25.75 12.53 15.59 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** - 102.4 100.45 - 100.33 - Class C Acc (GBP) ** - 104.64 - - - - Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 117.96 105.57 100.85 39.62 13.17 16.6 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** - 103.34 100.58 - 100.47 - Class I Acc (GBP) ** - 105.61 - - - - Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 98.38 103.25 100.53 24.08 11.65 14.68 Class A1 Acc (EUR) * - - - - 7.91 - Class A1 Acc (EUR) ** - 101.03 100.28 - 100.2 - Class A1 Acc (USD) * - - - - - 21.61 Class A1 Acc (SGD) ** ------Class B1 Acc 94.73 - - - 11.09 14.25 Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

k Schroder ISF Absolute Return Bond was merged into Schroder ISF Strategic Bond on 18 December 2008. l Schroder ISF Absolute Return Bond R1 was closed on 30 September 2008. m Schroder ISF European Allocation was formerly known as Schroder ISF European Absolute Return until 1 June 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 301 Appendix Comparative Statement (cont)

Schroder Schroder ISF Schroder Schroder ISF Emerging Schroder ISF ISF Schroder Global Markets Debt ISF EURO EURO ISF Inflation Absolute EURO Government Short Term Global Linked Return Bond Bond n Bond Bond Bond USD EUR EUR EUR USD EUR

Net Asset Value as at 31 December 2008 2,609,226,681 219,956,971 105,291,613 509,553,287 240,332,855 151,348,407 as at 31 December 2007 3,060,412,778 337,567,321 95,268,477 989,691,426 205,451,523 232,938,532

Shares Outstanding as at 31 December 2008 Class A Dis 1,733,999 1,365,217 368,225 1,170,451 510,958 - Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** 457,449 - - - - - Class A Dis (SGD) * ------Class A Dis (SGD) ** 5,695,872 - - - - - Class A Dis (USD) * ------Class B Dis 3,195 10,526 7,911 269,591 166,212 - Class C Dis 2,276,800 284,004 253 188,557 412,607 264,757 Class C Dis (GBP) * ------Class C Dis (GBP) ** 60,838 - - - - 238,829 Class C Dis (USD) ** - - - - - 427,063 Class I Dis 1,748,728 - - - - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis 44,553,976 - - - - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** 5,359,179 - - - - - Class A1 Dis (USD) * ------Class B1 Dis 5,851,318 - - - - - Class B1 Dis (EUR) ** 729,182 - - - - - Class A Acc 5,718,377 1,528,943 3,764,459 26,131,302 2,886,347 3,234,044 Class A Acc (EUR) * ------Class A Acc (EUR) ** 5,694,690 - - - - - Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** - - - - - 418,715 Class B Acc 1,002,585 1,859,104 2,080,993 29,799,501 712,402 1,236,161 Class B Acc (EUR) * ------Class B Acc (EUR) ** 1,509,552 - - - - - Class B Acc (USD) ** - - - - - 56,645 Class C Acc 1,726,444 2,248,882 2,482,735 11,502,587 2,668,645 649,757 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** 2,250,060 - - - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** - - - - - 20,750 Class D Acc ------Class D Acc (EUR) * ------Class I Acc 14,962,648 7,080,890 2,547,647 2,379,165 3,887,515 485 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** 11,662,980 - - - - - Class I Acc (GBP) ** 2,215,461 - - - - - Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** - - - - 907,413 - Class J Acc (JPY) * ------Class A1 Acc 8,288,047 1,568,508 1,712,663 9,055,631 3,544,362 449,790 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** 1,406,624 - - - - - Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * - 832,068 - - - - Class B1 Acc 272,222 35,122 - 99,906 22,846 - Class B1 Acc (EUR) ** 104,699 - - - - - Class B1 Acc (USD) * ------

n Schroder ISF EURO Government Bond was formerly known as Schroder ISF European Bond until 1 June 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 302 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder ISF Schroder Schroder ISF Emerging Schroder ISF ISF Schroder Global Markets Debt ISF EURO EURO ISF Inflation Absolute EURO Government Short Term Global Linked Return Bond Bond n Bond Bond Bond USD EUR EUR EUR USD EUR

Shares Outstanding (cont) (cont) as at 31 December 2007 Class A Dis 2,075,569 2,085,693 374,646 3,785,275 887,794 - Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** 164,315 - - - - - Class A Dis (SGD) * ------Class B Dis 24,597 8,014 8,261 238,566 95,397 - Class C Dis 2,835,340 282,831 1,677 340,317 412,450 391,222 Class C Dis (GBP) * ------Class C Dis (GBP) ** 1,703,138 - - - - 1,313,404 Class C Dis (USD) ** - - - - - 1,226,750 Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis 27,924,098 - - - - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** 8,585,539 - - - - - Class A1 Dis (USD) * ------Class B1 Dis 4,900,729 - - - - - Class B1 Dis (EUR) ** 886,251 - - - - - Class A Acc 7,259,434 7,289,453 8,677,637 97,358,776 3,326,907 4,928,343 Class A Acc (EUR) * ------Class A Acc (EUR) ** 3,479,416 - - - - - Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** - - - - - 230,761 Class B Acc 1,739,771 1,941,700 2,359,798 37,425,450 627,943 1,024,986 Class B Acc (EUR) * ------Class B Acc (EUR) ** 1,655,246 - - - - - Class B Acc (USD) ** - - - - - 36,540 Class C Acc 5,265,617 1,045,664 143,346 12,789,705 1,415,149 954,665 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** 6,593,456 - - - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** - - - - - 3,115 Class D Acc ------Class D Acc (EUR) * ------Class I Acc 15,962,701 11,616,757 102,057 4,380,749 2,352,306 485 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** 13,014,115 - - - - - Class I Acc (GBP) ** 4,739,137 - - - - - Class I Acc (USD) ** - - - - 1,011,990 - Class J Acc ------Class A1 Acc 7,012,315 1,795,122 899,954 8,206,029 1,738,513 244,709 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** 1,288,594 - - - - - Class A1 Acc (USD) * - 1,094,775 - - - - Class A1 Acc (SGD) ** ------Class B1 Acc 375,226 57,435 - 80,286 28,047 - Class B1 Acc (EUR) ** 157,277 - - - - - Class B1 Acc (USD) * ------

n Schroder ISF EURO Government Bond was formerly known as Schroder ISF European Bond until 1 June 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 303 Appendix Comparative Statement (cont)

Schroder Schroder ISF Schroder Schroder ISF Emerging Schroder ISF ISF Schroder Global Markets Debt ISF EURO EURO ISF Inflation Absolute EURO Government Short Term Global Linked Return Bond Bond n Bond Bond Bond USD EUR EUR EUR USD EUR

Net Asset Value per Share as at 31 December 2008 Class A Dis 12.85 7.3 5.83 4.43 7 - Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** 21.77 - - - - - Class A Dis (SGD) * ------Class A Dis (SGD) ** 9.09 - - - - - Class A Dis (USD) * ------Class B Dis 16.55 9.46 5.74 4.44 5.83 - Class C Dis 16.86 9.55 6.06 3.27 5.97 22.33 Class C Dis (GBP) * ------Class C Dis (GBP) ** 21.68 - - - - 20.68 Class C Dis (USD) ** - - - - - 22.75 Class I Dis 25.01 - - - - - Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis 12.78 - - - - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** 17.83 - - - - - Class A1 Dis (USD) * ------Class B1 Dis 14.5 - - - - - Class B1 Dis (EUR) ** 18.59 - - - - - Class A Acc 22.26 13.28 8.09 6.37 9.22 22.56 Class A Acc (EUR) * ------Class A Acc (EUR) ** 24.15 - - - - - Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** - - - - - 23.04 Class B Acc 21.04 12.73 7.62 6.3 8.34 22.06 Class B Acc (EUR) * ------Class B Acc (EUR) ** 23.52 - - - - - Class B Acc (USD) ** - - - - - 22.78 Class C Acc 24.05 13.71 8.45 6.58 9.94 22.9 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** 25.19 - - - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** - - - - - 23.36 Class D Acc ------Class D Acc (EUR) * ------Class I Acc 25.87 14.28 8.81 6.69 10.05 23.6 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** 26.72 - - - - - Class I Acc (GBP) ** 25.42 - - - - - Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** - - - - 113.8 - Class J Acc (JPY) * ------Class A1 Acc 21.89 12.84 7.82 6.19 8.95 21.98 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** 23.8 - - - - - Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * - 17.86 - - - - Class B1 Acc 20.9 12.05 - 5.81 7.94 - Class B1 Acc (EUR) ** 23.52 - - - - - Class B1 Acc (USD) * ------

n Schroder ISF EURO Government Bond was formerly known as Schroder ISF European Bond until 1 June 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 304 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder ISF Schroder Schroder ISF Emerging Schroder ISF ISF Schroder Global Markets Debt ISF EURO EURO ISF Inflation Absolute EURO Government Short Term Global Linked Return Bond Bond n Bond Bond Bond USD EUR EUR EUR USD EUR

Net Asset Value per Share (cont) (cont) as at 31 December 2007 Class A Dis 14.11 7.14 5.75 4.34 6.94 - Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** 22.54 - - - - - Class A Dis (SGD) * ------Class B Dis 17.21 9.26 5.66 4.35 5.78 - Class C Dis 17.55 9.34 5.97 3.23 5.92 22.8 Class C Dis (GBP) * ------Class C Dis (GBP) ** 22.64 - - - - 21.01 Class C Dis (USD) ** - - - - - 23.37 Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis 14.05 - - - - - Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** 19.62 - - - - - Class A1 Dis (USD) * ------Class B1 Dis 16.02 - - - - - Class B1 Dis (EUR) ** 20.55 - - - - - Class A Acc 22.76 12.56 7.73 6.06 8.95 22.77 Class A Acc (EUR) * ------Class A Acc (EUR) ** 24.7 - - - - - Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** - - - - - 23.4 Class B Acc 21.62 12.1 7.31 6 8.13 22.37 Class B Acc (EUR) * ------Class B Acc (EUR) ** 24.18 - - - - - Class B Acc (USD) ** - - - - - 23.25 Class C Acc 24.4 12.92 8.04 6.24 9.61 23.04 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** 25.56 - - - - - Class C Acc (GBP) ** ------Class C Acc (USD) ** - - - - - 23.65 Class D Acc ------Class D Acc (EUR) * ------Class I Acc 25.94 13.38 8.35 6.33 9.67 23.61 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** 26.81 - - - - - Class I Acc (GBP) ** 25.22 - - - - - Class I Acc (USD) ** - - - - 108.37 - Class J Acc ------Class A1 Acc 22.43 12.21 7.51 5.92 8.73 22.31 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** 24.4 - - - - - Class A1 Acc (USD) * - 17.99 - - - - Class A1 Acc (SGD) ** ------Class B1 Acc 21.47 11.54 - 5.6 7.8 - Class B1 Acc (EUR) ** 24.17 - - - - - Class B1 Acc (USD) * ------

n Schroder ISF EURO Government Bond was formerly known as Schroder ISF European Bond until 1 June 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 305 Appendix Comparative Statement (cont)

Schroder Schroder Schroder ISF Schroder Schroder Schroder ISF ISF Asian ISF ISF ISF Hong Kong US Local EURO Global Global Dollar Dollar Currency Corporate Corporate High Bond Bond Bond Bond Bond Yield HKD USD USD EUR USD USD

Net Asset Value as at 31 December 2008 382,249,370 304,381,379 52,347,126 249,775,712 32,393,971 601,931,490 as at 31 December 2007 247,335,833 489,575,563 - 98,069,338 42,382,085 332,789,357

Shares Outstanding as at 31 December 2008 Class A Dis 2,548,797 1,991,818 15 - 62,805 1,022,297 Class A Dis (EUR) ** - - - - 33,813 - Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis - 8,172 - - 700 - Class C Dis - 896,126 15 - 150,772 - Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 3,832,281 4,635,370 15 5,186,410 1,316,583 337,646 Class A Acc (EUR) * ------Class A Acc (EUR) ** - 674 - - 5,640 222,869 Class A Acc (SGD) * ------Class A Acc (SGD) ** - - 2,000 - - - Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 6,891 1,253,240 15 1,278,435 429,217 104,782 Class B Acc (EUR) * ------Class B Acc (EUR) ** - 1,767 - - 7,157 271,727 Class B Acc (USD) ** ------Class C Acc 2,249,000 3,728,297 2,533 8,718,370 697,434 3,538,450 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** - 100 - - - 413,858 Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 11,826,327 2,886,680 497,476 2,292,908 250,162 15,784,474 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** - 100 - - - 356,195 Class I Acc (GBP) ** - - - - - 1,096,978 Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 160,097 4,110,111 15 805,904 823,791 50,952 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** - - - - 8,318 114,143 Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class B1 Acc - 148,598 - 10,778 293 - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 306 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder ISF Schroder Schroder Schroder ISF ISF Asian ISF ISF ISF Hong Kong US Local EURO Global Global Dollar Dollar Currency Corporate Corporate High Bond Bond Bond Bond Bond Yield HKD USD USD EUR USD USD

Shares Outstanding (cont) (cont) as at 31 December 2007 Class A Dis 1,968,222 1,485,406 - - 120,336 407,636 Class A Dis (EUR) ** - - - - 33,809 - Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class B Dis - 6,305 - - 700 - Class C Dis - 941,664 - - 1,172,340 - Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 4,265,692 13,865,979 - 4,349,899 1,898,859 867,979 Class A Acc (EUR) * ------Class A Acc (EUR) ** - 393 - - 12,515 530,054 Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 6,891 1,576,707 - 1,524,163 777,665 179,147 Class B Acc (EUR) * ------Class B Acc (EUR) ** - 100 - - 4,972 595,166 Class B Acc (USD) ** ------Class C Acc 3,509,714 6,892,037 - 232,102 603,382 141,589 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** - 100 - - - 953,528 Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 4,545,120 3,334,560 - 131,960 120,056 1,400,415 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** - 100 - - - 692,253 Class I Acc (GBP) ** - - - - - 591,879 Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 58,481 4,261,142 - 1,158,359 490,058 70,972 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** - - - - 5,719 159,779 Class A1 Acc (USD) * ------Class A1 Acc (SGD) ** ------Class B1 Acc - 15,375 - 30,752 293 - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 307 Appendix Comparative Statement (cont)

Schroder Schroder Schroder ISF Schroder Schroder Schroder ISF ISF Asian ISF ISF ISF Hong Kong US Local EURO Global Global Dollar Dollar Currency Corporate Corporate High Bond Bond Bond Bond Bond Yield HKD USD USD EUR USD USD

Net Asset Value per Share as at 31 December 2008 Class A Dis 15.39 10.93 101.25 - 4.77 14.73 Class A Dis (EUR) ** - - - - 87.06 - Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis - 10.97 - - 4.85 - Class C Dis - 11.16 101.53 - 5.22 - Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 18.56 16.1 103.9 13.28 6.86 19.24 Class A Acc (EUR) * ------Class A Acc (EUR) ** - 109.25 - - 101.73 18.35 Class A Acc (SGD) * ------Class A Acc (SGD) ** - - 10.24 - - - Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 17.97 15.26 103.53 12.72 6.47 18.82 Class B Acc (EUR) * ------Class B Acc (EUR) ** - 108.31 - - 99.02 17.91 Class B Acc (USD) ** ------Class C Acc 18.96 16.73 104.15 13.85 7.29 19.74 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** - 109.83 - - - 18.72 Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 19.13 17.37 104.65 14.55 7.61 20.4 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** - 110.92 - - - 19.4 Class I Acc (GBP) ** - - - - - 87.39 Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 18.07 15.5 103.59 12.92 6.68 18.91 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** - - - - 98.94 82.99 Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class B1 Acc - 14.57 - 12.34 6.22 - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 308 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder ISF Schroder Schroder Schroder ISF ISF Asian ISF ISF ISF Hong Kong US Local EURO Global Global Dollar Dollar Currency Corporate Corporate High Bond Bond Bond Bond Bond Yield HKD USD USD EUR USD USD

Net Asset Value per Share (cont) (cont) as at 31 December 2007 Class A Dis 14.73 10.79 - - 5.04 20.67 Class A Dis (EUR) ** - - - - 91.39 - Class A Dis (GBP) * ------Class A Dis (GBP) ** ------Class A Dis (SGD) * ------Class B Dis - 10.82 - - 5.12 - Class C Dis - 11.01 - - 5.51 - Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 17.41 15.32 - 13.32 7.02 25.08 Class A Acc (EUR) * ------Class A Acc (EUR) ** - 103.23 - - 103.29 23.85 Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 16.94 14.6 - 12.83 6.65 24.66 Class B Acc (EUR) * ------Class B Acc (EUR) ** - 102.86 - - 101 23.41 Class B Acc (USD) ** ------Class C Acc 17.72 15.88 - 13.83 7.42 25.63 Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** - 103.46 - - - 24.22 Class C Acc (GBP) ** ------Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 17.77 16.4 - 14.44 7.7 26.29 Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** - 103.88 - - - 24.93 Class I Acc (GBP) ** - - - - - 110.92 Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 17.02 14.83 - 13.02 6.86 24.76 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** - - - - 100.92 108.42 Class A1 Acc (USD) * ------Class A1 Acc (SGD) ** ------Class B1 Acc - 14.05 - 12.52 6.44 - Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 309 Appendix Comparative Statement (cont)

Schroder Schroder Schroder ISF Schroder Schroder ISF ISF Global Schroder ISF ISF Asian Global Credit ISF European Strategic Convertible Convertible Duration European Defensive Bond Bond Bond Hedged o Defensive Monthly USD EUR EUR EUR

Net Asset Value as at 31 December 2008 330,430,771 18,758,362 34,771,895 15,417,625 289,687,784 19,259,828 as at 31 December 2007 796,265,949 - - 29,698,973 922,398,975 23,028,042

Shares Outstanding as at 31 December 2008 Class A Dis 156,907 - - - 4,512,777 - Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** 11,868 - - - - - Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis ------Class C Dis 6,771 - - 17 - - Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 153,383 9,336 19,410 63,313 16,063,282 84,625 Class A Acc (EUR) * ------Class A Acc (EUR) ** 358,073 9,684 877 - - - Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 64,319 15 161 42,503 8,382,372 79,295 Class B Acc (EUR) * ------Class B Acc (EUR) ** 310,937 304 306 - - - Class B Acc (USD) ** ------Class C Acc 152,401 75,677 430 1,365 - - Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** 213,884 40,536 77,229 - - - Class C Acc (GBP) ** 10,702 - - - - - Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 212,485 100,015 154,098 28,533 - - Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** 485,895 100 106,405 - - - Class I Acc (GBP) ** 183 - - - - - Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 66,391 15 2,276 28,223 715,500 50,305 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** 219,126 100 100 - - - Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class B1 Acc ------Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

o Schroder ISF Global Credit Duration Hedged was formerly known as Schroder ISF Strategic Credit until 1 October 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 310 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder ISF Schroder Schroder ISF ISF Global Schroder ISF ISF Asian Global Credit ISF European Strategic Convertible Convertible Duration European Defensive Bond Bond Bond Hedged o Defensive Monthly USD EUR EUR EUR

Shares Outstanding (cont) (cont) as at 31 December 2007 Class A Dis 218,732 - - - 10,331,377 - Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** 9,924 - - - - - Class A Dis (SGD) * ------Class B Dis ------Class C Dis 28,728 - - 16 - - Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 342,979 - - 111,665 45,723,502 91,063 Class A Acc (EUR) * ------Class A Acc (EUR) ** 1,087,383 - - - - - Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 53,908 - - 111,204 18,200,292 82,990 Class B Acc (EUR) * ------Class B Acc (EUR) ** 464,549 - - - - - Class B Acc (USD) ** ------Class C Acc 120,258 - - 3,002 - - Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** 1,046,724 - - - - - Class C Acc (GBP) ** 350,455 - - - - - Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 391,467 - - 28,533 - - Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** 608,929 - - - - - Class I Acc (GBP) ** 60,318 - - - - - Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 75,176 - - 48,056 1,427,503 61,906 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** 249,899 - - - - - Class A1 Acc (USD) * ------Class A1 Acc (SGD) ** ------Class B1 Acc ------Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

o Schroder ISF Global Credit Duration Hedged was formerly known as Schroder ISF Strategic Credit until 1 October 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 311 Appendix Comparative Statement (cont)

Schroder Schroder Schroder ISF Schroder Schroder ISF ISF Global Schroder ISF ISF Asian Global Credit ISF European Strategic Convertible Convertible Duration European Defensive Bond Bond Bond Hedged o Defensive Monthly USD EUR EUR EUR

Net Asset Value per Share as at 31 December 2008 Class A Dis 96.78 - - - 9.83 - Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** 97.06 - - - - - Class A Dis (SGD) * ------Class A Dis (SGD) ** ------Class A Dis (USD) * ------Class B Dis ------Class C Dis 99.34 - - 80.89 - - Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 111.51 72.84 79.62 93.36 9.84 90.23 Class A Acc (EUR) * ------Class A Acc (EUR) ** 106.43 72.79 79.35 - - - Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 109.16 72.6 79.38 92.08 9.58 89.81 Class B Acc (EUR) * ------Class B Acc (EUR) ** 104.19 72.56 79.05 - - - Class B Acc (USD) ** ------Class C Acc 113.81 73.27 80.1 95.83 - - Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** 108.72 73.19 79.76 - - - Class C Acc (GBP) ** 109.33 - - - - - Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 117.42 73.85 80.76 99.53 - - Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** 112.12 73.75 80.36 - - - Class I Acc (GBP) ** 108.72 - - - - - Class I Acc (JPY) * ------Class I Acc (SGD) ** ------Class I Acc (USD) ** ------Class J Acc (JPY) * ------Class A1 Acc 109.44 72.69 79.48 92.88 9.74 89.51 Class A1 Acc (EUR) * ------Class A1 Acc (EUR) ** 104.52 72.62 79.12 - - - Class A1 Acc (SGD) ** ------Class A1 Acc (USD) * ------Class B1 Acc ------Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

o Schroder ISF Global Credit Duration Hedged was formerly known as Schroder ISF Strategic Credit until 1 October 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 312 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder Schroder ISF Schroder Schroder ISF ISF Global Schroder ISF ISF Asian Global Credit ISF European Strategic Convertible Convertible Duration European Defensive Bond Bond Bond Hedged o Defensive Monthly USD EUR EUR EUR

Net Asset Value per Share (cont) (cont) as at 31 December 2007 Class A Dis 104.34 - - - 12.25 - Class A Dis (EUR) ** ------Class A Dis (GBP) * ------Class A Dis (GBP) ** 100.92 - - - - - Class A Dis (SGD) * ------Class B Dis ------Class C Dis 104.55 - - 88.03 - - Class C Dis (GBP) * ------Class C Dis (GBP) ** ------Class C Dis (USD) ** ------Class I Dis ------Class P Dis ------Class P Dis (EUR) ** ------Class A1 Dis ------Class A1 Dis (EUR) * ------Class A1 Dis (EUR) ** ------Class A1 Dis (USD) * ------Class B1 Dis ------Class B1 Dis (EUR) ** ------Class A Acc 115.44 - - 98.15 12.26 97.73 Class A Acc (EUR) * ------Class A Acc (EUR) ** 109.33 - - - - - Class A Acc (SGD) * ------Class A Acc (SGD) ** ------Class A Acc (USD) * ------Class A Acc (USD) ** ------Class B Acc 113.59 - - 97.2 11.97 97.57 Class B Acc (EUR) * ------Class B Acc (EUR) ** 107.57 - - - - - Class B Acc (USD) ** ------Class C Acc 117.24 - - 99.92 - - Class C Acc (AUD) * ------Class C Acc (EUR) * ------Class C Acc (EUR) ** 111.12 - - - - - Class C Acc (GBP) ** 110.85 - - - - - Class C Acc (USD) ** ------Class D Acc ------Class D Acc (EUR) * ------Class I Acc 120.1 - - 102.65 - - Class I Acc (AUD) * ------Class I Acc (EUR) * ------Class I Acc (EUR) ** 113.77 - - - - - Class I Acc (GBP) ** 109.47 - - - - - Class I Acc (USD) ** ------Class J Acc ------Class A1 Acc 113.83 - - 97.8 - 97.43 Class A1 Acc (EUR) * - - - - 12.2 - Class A1 Acc (EUR) ** 107.84 - - - - - Class A1 Acc (USD) * ------Class A1 Acc (SGD) ** ------Class B1 Acc ------Class B1 Acc (EUR) ** ------Class B1 Acc (USD) * ------

o Schroder ISF Global Credit Duration Hedged was formerly known as Schroder ISF Strategic Credit until 1 October 2009. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 313 Appendix Comparative Statement (cont)

Schroder Schroder ISF ISF Schroder Schroder European World ISF ISF Defensive Defensive EURO US Dollar 6 Monthly 3 Monthly Liquidity r Liquidity r EUR EUR EUR USD

Net Asset Value as at 31 December 2008 14,041,964 7,647,442 1,627,086,839 121,766,840 as at 31 December 2007 12,301,188 17,155,063 1,551,680,118 313,628,992

Shares Outstanding as at 31 December 2008 Class A Dis ---- Class A Dis (EUR) ** ---- Class A Dis (GBP) * ---- Class A Dis (GBP) ** ---- Class A Dis (SGD) * ---- Class A Dis (SGD) ** ---- Class A Dis (USD) * ---- Class B Dis ---- Class C Dis ---- Class C Dis (GBP) * ---- Class C Dis (GBP) ** ---- Class C Dis (USD) ** ---- Class I Dis ---- Class P Dis ---- Class P Dis (EUR) ** ---- Class A1 Dis ---- Class A1 Dis (EUR) * ---- Class A1 Dis (EUR) ** ---- Class A1 Dis (USD) * ---- Class B1 Dis ---- Class B1 Dis (EUR) ** ---- Class A Acc 76,870 48,550 4,092,426 498,134 Class A Acc (EUR) * ---- Class A Acc (EUR) ** ---- Class A Acc (SGD) * ---- Class A Acc (SGD) ** ---- Class A Acc (USD) * ---- Class A Acc (USD) ** ---- Class B Acc 57,201 33,988 2,774,406 458,716 Class B Acc (EUR) * ---- Class B Acc (EUR) ** ---- Class B Acc (USD) ** ---- Class C Acc - - 3,301,800 32,841 Class C Acc (AUD) * ---- Class C Acc (EUR) * ---- Class C Acc (EUR) ** ---- Class C Acc (GBP) ** ---- Class C Acc (USD) ** ---- Class D Acc ---- Class D Acc (EUR) * ---- Class I Acc - - 2,346,794 15 Class I Acc (AUD) * ---- Class I Acc (EUR) * ---- Class I Acc (EUR) ** ---- Class I Acc (GBP) ** ---- Class I Acc (JPY) * - - 1,239 - Class I Acc (SGD) ** ---- Class I Acc (USD) ** ---- Class J Acc (JPY) * ---- Class A1 Acc 29,139 13,767 1,041,982 174,214 Class A1 Acc (EUR) * ---- Class A1 Acc (EUR) ** ---- Class A1 Acc (SGD) ** ---- Class A1 Acc (USD) * ---- Class B1 Acc - - 20 9 Class B1 Acc (EUR) ** ---- Class B1 Acc (USD) * ----

r Schroder ISF EURO Liquidity and Schroder ISF US Dollar Liquidity: the market value represents the amortised cost. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 314 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder ISF ISF Schroder Schroder European World ISF ISF Defensive Defensive EURO US Dollar 6 Monthly 3 Monthly Liquidity r Liquidity r EUR EUR EUR USD

Shares Outstanding (cont) as at 31 December 2007 Class A Dis ---- Class A Dis (EUR) ** ---- Class A Dis (GBP) * ---- Class A Dis (GBP) ** ---- Class A Dis (SGD) * ---- Class B Dis ---- Class C Dis ---- Class C Dis (GBP) * ---- Class C Dis (GBP) ** ---- Class C Dis (USD) ** ---- Class I Dis ---- Class P Dis ---- Class P Dis (EUR) ** ---- Class A1 Dis ---- Class A1 Dis (EUR) * ---- Class A1 Dis (EUR) ** ---- Class A1 Dis (USD) * ---- Class B1 Dis ---- Class B1 Dis (EUR) ** ---- Class A Acc 69,659 78,454 6,364,180 825,118 Class A Acc (EUR) * ---- Class A Acc (EUR) ** ---- Class A Acc (SGD) * ---- Class A Acc (SGD) ** ---- Class A Acc (USD) * ---- Class A Acc (USD) ** ---- Class B Acc 29,728 70,760 2,012,604 751,986 Class B Acc (EUR) * ---- Class B Acc (EUR) ** ---- Class B Acc (USD) ** ---- Class C Acc - - 3,318,854 1,003,673 Class C Acc (AUD) * ---- Class C Acc (EUR) * ---- Class C Acc (EUR) ** ---- Class C Acc (GBP) ** ---- Class C Acc (USD) ** ---- Class D Acc ---- Class D Acc (EUR) * ---- Class I Acc - - 1,154,018 15 Class I Acc (AUD) * ---- Class I Acc (EUR) * ---- Class I Acc (EUR) ** ---- Class I Acc (GBP) ** ---- Class I Acc (USD) ** ---- Class J Acc ---- Class A1 Acc 28,333 26,289 587,158 157,351 Class A1 Acc (EUR) * ---- Class A1 Acc (EUR) ** ---- Class A1 Acc (USD) * ---- Class A1 Acc (SGD) ** ---- Class B1 Acc - - 20 9 Class B1 Acc (EUR) ** ---- Class B1 Acc (USD) * ----

r Schroder ISF EURO Liquidity and Schroder ISF US Dollar Liquidity: the market value represents the amortised cost. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 315 Appendix Comparative Statement (cont)

Schroder Schroder ISF ISF Schroder Schroder European World ISF ISF Defensive Defensive EURO US Dollar 6 Monthly 3 Monthly Liquidity r Liquidity r EUR EUR EUR USD

Net Asset Value per Share as at 31 December 2008 Class A Dis ---- Class A Dis (EUR) ** ---- Class A Dis (GBP) * ---- Class A Dis (GBP) ** ---- Class A Dis (SGD) * ---- Class A Dis (SGD) ** ---- Class A Dis (USD) * ---- Class B Dis ---- Class C Dis ---- Class C Dis (GBP) * ---- Class C Dis (GBP) ** ---- Class C Dis (USD) ** ---- Class I Dis ---- Class P Dis ---- Class P Dis (EUR) ** ---- Class A1 Dis ---- Class A1 Dis (EUR) * ---- Class A1 Dis (EUR) ** ---- Class A1 Dis (USD) * ---- Class B1 Dis ---- Class B1 Dis (EUR) ** ---- Class A Acc 86.3 79.61 119.07 105.23 Class A Acc (EUR) * ---- Class A Acc (EUR) ** ---- Class A Acc (SGD) * ---- Class A Acc (SGD) ** ---- Class A Acc (USD) * ---- Class A Acc (USD) ** ---- Class B Acc 85.9 79.29 118.22 104.59 Class B Acc (EUR) * ---- Class B Acc (EUR) ** ---- Class B Acc (USD) ** ---- Class C Acc - - 121.88 107.76 Class C Acc (AUD) * ---- Class C Acc (EUR) * ---- Class C Acc (EUR) ** ---- Class C Acc (GBP) ** ---- Class C Acc (USD) ** ---- Class D Acc ---- Class D Acc (EUR) * ---- Class I Acc - - 123.44 109.48 Class I Acc (AUD) * ---- Class I Acc (EUR) * ---- Class I Acc (EUR) ** ---- Class I Acc (GBP) ** ---- Class I Acc (JPY) * - - 764.9 - Class I Acc (SGD) ** ---- Class I Acc (USD) ** ---- Class J Acc (JPY) * ---- Class A1 Acc 85.62 78.99 114.86 102.36 Class A1 Acc (EUR) * ---- Class A1 Acc (EUR) ** ---- Class A1 Acc (SGD) ** ---- Class A1 Acc (USD) * ---- Class B1 Acc - - 109.06 100.01 Class B1 Acc (EUR) ** ---- Class B1 Acc (USD) * ----

r Schroder ISF EURO Liquidity and Schroder ISF US Dollar Liquidity: the market value represents the amortised cost. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Page 316 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix Comparative Statement (cont)

Schroder Schroder ISF ISF Schroder Schroder European World ISF ISF Defensive Defensive EURO US Dollar 6 Monthly 3 Monthly Liquidity r Liquidity r EUR EUR EUR USD

Net Asset Value per Share (cont) as at 31 December 2007 Class A Dis ---- Class A Dis (EUR) ** ---- Class A Dis (GBP) * ---- Class A Dis (GBP) ** ---- Class A Dis (SGD) * ---- Class B Dis ---- Class C Dis ---- Class C Dis (GBP) * ---- Class C Dis (GBP) ** ---- Class C Dis (USD) ** ---- Class I Dis ---- Class P Dis ---- Class P Dis (EUR) ** ---- Class A1 Dis ---- Class A1 Dis (EUR) * ---- Class A1 Dis (EUR) ** ---- Class A1 Dis (USD) * ---- Class B1 Dis ---- Class B1 Dis (EUR) ** ---- Class A Acc 96.41 97.84 114.85 113.98 Class A Acc (EUR) * ---- Class A Acc (EUR) ** ---- Class A Acc (SGD) * ---- Class A Acc (SGD) ** ---- Class A Acc (USD) * ---- Class A Acc (USD) ** ---- Class B Acc 96.25 97.71 114.15 113.4 Class B Acc (EUR) * ---- Class B Acc (EUR) ** ---- Class B Acc (USD) ** ---- Class C Acc - - 117.19 116.35 Class C Acc (AUD) * ---- Class C Acc (EUR) * ---- Class C Acc (EUR) ** ---- Class C Acc (GBP) ** ---- Class C Acc (USD) ** ---- Class D Acc ---- Class D Acc (EUR) * ---- Class I Acc - - 118.44 117.94 Class I Acc (AUD) * ---- Class I Acc (EUR) * ---- Class I Acc (EUR) ** ---- Class I Acc (GBP) ** ---- Class I Acc (USD) ** ---- Class J Acc ---- Class A1 Acc 96.13 97.55 111.35 111.42 Class A1 Acc (EUR) * ---- Class A1 Acc (EUR) ** ---- Class A1 Acc (USD) * ---- Class A1 Acc (SGD) ** ---- Class B1 Acc - - 106.5 109.55 Class B1 Acc (EUR) ** ---- Class B1 Acc (USD) * ----

r Schroder ISF EURO Liquidity and Schroder ISF US Dollar Liquidity: the market value represents the amortised cost. ** Hedged multicurrency classes. * Unhedged multicurrency classes. The notes on pages 18 to 56 form an integral part of these financial statements. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 317 Appendix II

Schroder ISF Performance 31 December 2009

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

Asian Bond Total NAV (Base Currency): USD 1,422,238,567.80 Subfund Launch: 16/10/1998

Asian Bond EUR A1 Acc EUR Citi Treasury / Agency TR -0.51% -5.27% -5.44% 10.03% Asian Bond EUR A1 Dis EUR Citi Treasury / Agency TR -0.68% -5.27% -5.33% 10.03% Asian Bond EUR Hedged A Acc EUR Citi Treasury / Agency (TR) (EUR Hedged)* 3.40% -2.54% 3.52% 20.50% Asian Bond EUR Hedged C Acc EUR Citi Treasury / Agency (TR) (EUR Hedged)* 4.11% -2.54% 5.73% 20.50% Asian Bond EUR Hedged A1 Acc EUR Citi Treasury / Agency (TR) (EUR Hedged)* 3.13% -2.54% 2.66% 20.50% Asian Bond EUR Hedged I Acc EUR Citi Treasury / Agency (TR) (EUR Hedged)* 5.17% -2.54% 8.87% 20.50% Asian Bond EUR Hedged A1 Dis EUR Citi Treasury / Agency (TR) (EUR Hedged)* 3.14% -2.54% 2.81% 20.50% Asian Bond GBP Hedged A Dis GBP Citi Treasury / Agency (TR) (GBP Hedged)* 3.26% -2.53% 5.50% 23.39% Asian Bond SGD Hedged A Acc SGD Citi Treasury / Agency (TR) (SGD Hedged)* 3.44% -2.32% -1.54% 14.12% Asian Bond SGD Hedged I Acc SGD Citi Treasury / Agency (TR) (SGD Hedged)* 5.22% -2.32% 4.00% 14.12% Asian Bond A Dis USD Citi Treasury / Agency TR 3.66% -2.75% 4.59% 19.55% Asian Bond B Dis USD Citi Treasury / Agency TR 2.98% -2.75% 3.04% 19.55% Asian Bond C Dis USD Citi Treasury / Agency TR 4.17% -2.75% 6.76% 19.55% Asian Bond A Acc USD Citi Treasury / Agency TR 3.51% -2.75% 4.55% 19.55% Asian Bond B Acc USD Citi Treasury / Agency TR 3.03% -2.75% 3.03% 19.55% Asian Bond C Acc USD Citi Treasury / Agency TR 4.29% -2.75% 6.81% 19.55% Asian Bond A1 USD Citi Treasury / Agency TR 3.29% -2.75% 3.76% 19.55% Asian Bond B1 USD Citi Treasury / Agency TR 2.80% -2.75% 2.30% 19.55% Asian Bond I USD Citi Treasury / Agency TR 5.31% -2.75% 9.93% 19.55% Asian Bond A1 Dis USD Citi Treasury / Agency TR 3.20% -2.75% 3.75% 19.55% Asian Bond B1 Dis USD Citi Treasury / Agency TR 2.46% -2.75% 1.55% 19.55% Asian Bond D Dis USD Citi Treasury / Agency TR 2.45% -2.75% 1.27% 19.55%

Asian Convertible Bond Total NAV (Base Currency): USD 163,984,303.22 Subfund Launch: 14/03/2008

Asian Convertible Bond EUR Hedged A Acc EUR - 35.62% - - - Asian Convertible Bond EUR Hedged A1 Acc EUR - 35.20% - - - Asian Convertible Bond EUR Hedged B Acc EUR - 34.99% - - - Asian Convertible Bond EUR Hedged C Acc EUR - 36.47% - - - Asian Convertible Bond EUR Hedged I Acc EUR - 37.79% - - - Asian Convertible Bond GBP Hedged C Acc GBP - 35.89% - - - Asian Convertible Bond GBP Hedged C Dis GBP - 36.01% - - - Asian Convertible Bond A Acc USD - 34.61% - - - Asian Convertible Bond A1 Acc USD - 34.17% - - - Asian Convertible Bond B Acc USD - 33.94% - - - Asian Convertible Bond C Acc USD - 35.38% - - - Asian Convertible Bond I Acc USD - 36.75% - - -

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 318 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

Asian Bond Total NAV (Base Currency): USD 1,422,238,567.80 Subfund Launch: 16/10/1998

Asian Bond EUR A1 Acc EUR Citi Treasury / Agency TR 3.40% 20.14% 98.57% 51.38% Asian Bond EUR A1 Dis EUR Citi Treasury / Agency TR 2.76% 20.14% 97.35% 51.38% Asian Bond EUR Hedged A Acc EUR Citi Treasury / Agency (TR) (EUR Hedged)* 7.14% 23.78% 131.27% 71.25% Asian Bond EUR Hedged C Acc EUR Citi Treasury / Agency (TR) (EUR Hedged)* 10.91% 23.78% 148.72% 71.25% Asian Bond EUR Hedged A1 Acc EUR Citi Treasury / Agency (TR) (EUR Hedged)* 5.78% 23.78% 123.73% 71.25% Asian Bond EUR Hedged I Acc EUR Citi Treasury / Agency (TR) (EUR Hedged)* 16.46% 23.78% 173.30% 71.25% Asian Bond EUR Hedged A1 Dis EUR Citi Treasury / Agency (TR) (EUR Hedged)* 5.94% 23.78% 124.07% 71.25% Asian Bond GBP Hedged A Dis GBP Citi Treasury / Agency (TR) (GBP Hedged)* 12.96% 32.16% 170.73% 102.26% Asian Bond SGD Hedged A Acc SGD Citi Treasury / Agency (TR) (SGD Hedged)* -0.08% 14.93% 96.79% 45.10% Asian Bond SGD Hedged I Acc SGD Citi Treasury / Agency (TR) (SGD Hedged)* 9.07% 14.93% 133.55% 45.10% Asian Bond A Dis USD Citi Treasury / Agency TR 11.95% 27.00% 144.47% 77.76% Asian Bond B Dis USD Citi Treasury / Agency TR 9.25% 27.00% 131.30% 77.76% Asian Bond C Dis USD Citi Treasury / Agency TR 15.82% 27.00% 162.76% 77.76% Asian Bond A Acc USD Citi Treasury / Agency TR 11.87% 27.00% 144.36% 77.76% Asian Bond B Acc USD Citi Treasury / Agency TR 9.13% 27.00% 132.74% 77.76% Asian Bond C Acc USD Citi Treasury / Agency TR 15.90% 27.00% 163.29% 77.76% Asian Bond A1 USD Citi Treasury / Agency TR 10.57% 27.00% 135.88% 77.76% Asian Bond B1 USD Citi Treasury / Agency TR 7.89% 27.00% 120.61% 77.76% Asian Bond I USD Citi Treasury / Agency TR 21.61% 27.00% 188.73% 77.76% Asian Bond A1 Dis USD Citi Treasury / Agency TR 10.61% 27.00% 136.20% 77.76% Asian Bond B1 Dis USD Citi Treasury / Agency TR 6.53% 27.00% 114.64% 77.76% Asian Bond D Dis USD Citi Treasury / Agency TR 6.30% 27.00% 114.56% 77.76%

Asian Convertible Bond Total NAV (Base Currency): USD 163,984,303.22 Subfund Launch: 14/03/2008

Asian Convertible Bond EUR Hedged A Acc EUR - - - -0.73% - Asian Convertible Bond EUR Hedged A1 Acc EUR - - - -1.27% - Asian Convertible Bond EUR Hedged B Acc EUR - - - -1.51% - Asian Convertible Bond EUR Hedged C Acc EUR - - - 0.47% - Asian Convertible Bond EUR Hedged I Acc EUR - - - 2.28% - Asian Convertible Bond GBP Hedged C Acc GBP - - - 1.64% - Asian Convertible Bond GBP Hedged C Dis GBP - - - 1.73% - Asian Convertible Bond A Acc USD - - - -1.95% - Asian Convertible Bond A1 Acc USD - - - -2.47% - Asian Convertible Bond B Acc USD - - - -2.76% - Asian Convertible Bond C Acc USD - - - -0.81% - Asian Convertible Bond I Acc USD - - - 0.99% -

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 319 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

Asian Equity Yield Total NAV (Base Currency): USD 793,642,606.02 Subfund Launch: 11/06/2004

Asian Equity Yield EUR Hedged I Acc EUR MSCI AC Pacific ex-Japan Gross TR (EUR Hedged)* 56.08% 69.35% 6.40% 13.91% Asian Equity Yield GBP A Dis GBP MSCI AC Pacific ex-Japan Gross TR 39.59% 54.82% 24.40% 39.01% Asian Equity Yield A Acc USD MSCI AC Pacific ex-Japan Gross TR 55.15% 71.53% 4.96% 14.71% Asian Equity Yield B Acc USD MSCI AC Pacific ex-Japan Gross TR 54.29% 71.53% 3.06% 14.71% Asian Equity Yield C Acc USD MSCI AC Pacific ex-Japan Gross TR 56.25% 71.53% 6.55% 14.71% Asian Equity Yield A1 Acc USD MSCI AC Pacific ex-Japan Gross TR 54.44% 71.53% 3.75% 14.71% Asian Equity Yield I Acc USD MSCI AC Pacific ex-Japan Gross TR 58.18% 71.53% 11.20% 14.71% Asian Equity Yield A Dis USD MSCI AC Pacific ex-Japan Gross TR 55.15% 71.53% 4.96% 14.71% Asian Equity Yield C Dis USD MSCI AC Pacific ex-Japan Gross TR 56.15% 71.53% 7.17% 14.71% Asian Equity Yield A1 Dis USD MSCI AC Pacific ex-Japan Gross TR 54.53% 71.53% 3.67% 14.71%

Asian Local Currency Bond Total NAV (Base Currency): USD 63,148,658.45 Subfund Launch: 09/05/2008

Asian Local Currency Bond SGD Hedged A Acc SGD HSBC Asian Local Bond Index (ex-China, ex-India) SGD hedged -3.42% 0.23% - - Asian Local Currency Bond A Acc USD HSBC Asian Local Bond Index (ex-China, ex-India) -3.31% 6.38% - - Asian Local Currency Bond C Acc USD HSBC Asian Local Bond Index (ex-China, ex-India) -2.85% 6.38% - - Asian Local Currency Bond I Acc USD HSBC Asian Local Bond Index (ex-China, ex-India) -2.16% 6.38% - - Asian Local Currency Bond A Dis USD HSBC Asian Local Bond Index (ex-China, ex-India) -3.27% 6.38% - - Asian Local Currency Bond C Dis USD HSBC Asian Local Bond Index (ex-China, ex-India) -2.91% 6.38% - - Asian Local Currency Bond A1 Acc USD HSBC Asian Local Bond Index (ex-China, ex-India) -3.76% 6.38% - - Asian Local Currency Bond B Ac USD HSBC Asian Local Bond Index (ex-China, ex-India) -3.95% 6.38% - -

Asian Smaller Companies Total NAV (Base Currency): USD 67,872,490.85 Subfund Launch: 16/09/2005

Asian Smaller Companies A Acc USD MSCI AC FE ex-Japan Gross TR 101.16% 69.39% 3.22% 15.06% Asian Smaller Companies B Acc USD MSCI AC FE ex-Japan Gross TR 100.00% 69.39% 1.26% 15.06% Asian Smaller Companies C Acc USD MSCI AC FE ex-Japan Gross TR 102.52% 69.39% 4.27% 15.06% Asian Smaller Companies A1 Acc USD MSCI AC FE ex-Japan Gross TR 100.37% 69.39% 1.77% 15.06% Asian Smaller Companies I Acc USD MSCI AC FE ex-Japan Gross TR 105.09% 69.39% 9.24% 15.06% Asian Smaller Companies C Dis USD MSCI AC FE ex-Japan Gross TR 102.54% 69.39% 4.82% 15.06%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 320 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

Asian Equity Yield Total NAV (Base Currency): USD 793,642,606.02 Subfund Launch: 11/06/2004

Asian Equity Yield EUR Hedged I Acc EUR MSCI AC Pacific ex-Japan Gross TR (EUR Hedged)* 41.44% 74.72% 175.57% 212.72% Asian Equity Yield GBP A Dis GBP MSCI AC Pacific ex-Japan Gross TR 58.79% 115.87% 141.82% 213.53% Asian Equity Yield A Acc USD MSCI AC Pacific ex-Japan Gross TR 38.79% 81.95% 156.19% 220.33% Asian Equity Yield B Acc USD MSCI AC Pacific ex-Japan Gross TR 34.75% 81.95% 145.75% 220.33% Asian Equity Yield C Acc USD MSCI AC Pacific ex-Japan Gross TR 42.80% 81.95% 167.21% 220.33% Asian Equity Yield A1 Acc USD MSCI AC Pacific ex-Japan Gross TR 36.05% 81.95% 149.15% 220.33% Asian Equity Yield I Acc USD MSCI AC Pacific ex-Japan Gross TR 52.71% 81.95% 192.67% 220.33% Asian Equity Yield A Dis USD MSCI AC Pacific ex-Japan Gross TR 38.74% 81.95% 156.03% 220.33% Asian Equity Yield C Dis USD MSCI AC Pacific ex-Japan Gross TR 43.60% 81.95% 169.04% 220.33% Asian Equity Yield A1 Dis USD MSCI AC Pacific ex-Japan Gross TR 36.19% 81.95% 150.31% 220.33%

Asian Local Currency Bond Total NAV (Base Currency): USD 63,148,658.45 Subfund Launch: 09/05/2008

Asian Local Currency Bond SGD Hedged A Acc SGD HSBC Asian Local Bond Index (ex-China, ex-India) SGD hedged - - -1.10% 6.32% Asian Local Currency Bond A Acc USD HSBC Asian Local Bond Index (ex-China, ex-India) - - 0.46% 8.48% Asian Local Currency Bond C Acc USD HSBC Asian Local Bond Index (ex-China, ex-India) - - 1.18% 8.48% Asian Local Currency Bond I Acc USD HSBC Asian Local Bond Index (ex-China, ex-India) - - 2.39% 8.48% Asian Local Currency Bond A Dis USD HSBC Asian Local Bond Index (ex-China, ex-India) - - -0.04% 8.48% Asian Local Currency Bond C Dis USD HSBC Asian Local Bond Index (ex-China, ex-India) - - 0.61% 8.48% Asian Local Currency Bond A1 Acc USD HSBC Asian Local Bond Index (ex-China, ex-India) - - -0.32% 8.48% Asian Local Currency Bond B Ac USD HSBC Asian Local Bond Index (ex-China, ex-India) - - -0.59% 8.48%

Asian Smaller Companies Total NAV (Base Currency): USD 67,872,490.85 Subfund Launch: 16/09/2005

Asian Smaller Companies A Acc USD MSCI AC FE ex-Japan Gross TR - - 65.96% 64.61% Asian Smaller Companies B Acc USD MSCI AC FE ex-Japan Gross TR - - 59.02% 64.61% Asian Smaller Companies C Acc USD MSCI AC FE ex-Japan Gross TR - - 68.76% 64.61% Asian Smaller Companies A1 Acc USD MSCI AC FE ex-Japan Gross TR - - 63.00% 64.61% Asian Smaller Companies I Acc USD MSCI AC FE ex-Japan Gross TR - - 84.40% 64.61% Asian Smaller Companies C Dis USD MSCI AC FE ex-Japan Gross TR - - 70.28% 64.61%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 321 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

Asian Total Return Total NAV (Base Currency): USD 195,542,906.53 Subfund Launch: 16/11/2007

Asian Total Return EUR Hedged A Acc EUR MSCI AC Asia Pacific ex Japan (EUR Hedged)* 74.88% 30.69% - - Asian Total Return EUR Hedged A1 Acc EUR MSCI AC Asia Pacific ex Japan (EUR Hedged)* 74.15% 30.69% - - Asian Total Return EUR Hedged B Acc EUR MSCI AC Asia Pacific ex Japan (EUR Hedged)* 73.85% 30.69% - - Asian Total Return EUR Hedged C Acc EUR MSCI AC Asia Pacific ex Japan (EUR Hedged)* 76.51% 30.69% - - Asian Total Return GBP A Dis GBP MSCI AC Asia Pacific ex Japan 59.11% 17.94% - - Asian Total Return GBP C Dis GBP MSCI AC Asia Pacific ex Japan 60.63% 17.94% - - Asian Total Return A Acc USD MSCI AC Asia Pacific ex Japan 77.02% 30.67% - - Asian Total Return B Acc USD MSCI AC Asia Pacific ex Japan 75.94% 30.67% - - Asian Total Return C Acc USD MSCI AC Asia Pacific ex Japan 78.70% 30.67% - - Asian Total Return A1 Acc USD MSCI AC Asia Pacific ex Japan 76.32% 30.67% - - Asian Total Return I Acc USD MSCI AC Asia Pacific ex Japan 80.50% 30.67% - -

Asia Pacific Property Securities Total NAV (Base Currency): USD 139,563,430.97 Subfund Launch: 27/10/2006

Asia Pacific Property Securities A Acc USD GPR General Asia Net 48.11% 40.96% -4.16% -18.60% Asia Pacific Property Securities B Acc USD GPR General Asia Net 47.18% 40.96% -5.93% -18.60% Asia Pacific Property Securities C Acc USD GPR General Asia Net 49.09% 40.96% -2.18% -18.60% Asia Pacific Property Securities A1 Acc USD GPR General Asia Net 47.47% 40.96% -5.22% -18.60% Asia Pacific Property Securities I Acc USD GPR General Asia Net 50.99% 40.96% 1.53% -18.60%

BRIC (Brazil, Russia, India, China) Total NAV (Base Currency): USD 3,940,983,660.30 Subfund Launch: 31/10/2005

BRIC (Brazil, Russia, India, China) EUR A Acc EUR MSCI BRIC Net TR 77.34% 88.11% 9.29% 14.66% BRIC (Brazil, Russia, India, China) EUR B Acc EUR MSCI BRIC Net TR 76.31% 88.11% 7.25% 14.66% BRIC (Brazil, Russia, India, China) EUR C Acc EUR MSCI BRIC Net TR 78.53% 88.11% 11.45% 14.66% BRIC (Brazil, Russia, India, China) EUR I Acc EUR MSCI BRIC Net TR 80.78% 88.11% 15.79% 14.66% BRIC (Brazil, Russia, India, China) EUR A1 Acc EUR MSCI BRIC Net TR 76.59% 88.11% 8.21% 14.66% BRIC (Brazil, Russia, India, China) GBP A Dis GBP MSCI BRIC Net TR 65.52% 74.31% 44.23% 50.97% BRIC (Brazil, Russia, India, China) A Acc USD MSCI BRIC Net TR 84.03% 93.12% 19.49% 24.58% BRIC (Brazil, Russia, India, China) A1 Acc USD MSCI BRIC Net TR 83.27% 93.12% 18.34% 24.58% BRIC (Brazil, Russia, India, China) B Acc USD MSCI BRIC Net TR 82.93% 93.12% 17.21% 24.58% BRIC (Brazil, Russia, India, China) C Acc USD MSCI BRIC Net TR 85.30% 93.12% 21.80% 24.58% BRIC (Brazil, Russia, India, China) I Acc USD MSCI BRIC Net TR 87.61% 93.12% 26.60% 24.58%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 322 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

Asian Total Return Total NAV (Base Currency): USD 195,542,906.53 Subfund Launch: 16/11/2007

Asian Total Return EUR Hedged A Acc EUR MSCI AC Asia Pacific ex Japan (EUR Hedged)* - - 20.94% 37.30% Asian Total Return EUR Hedged A1 Acc EUR MSCI AC Asia Pacific ex Japan (EUR Hedged)* - - 20.55% 37.30% Asian Total Return EUR Hedged B Acc EUR MSCI AC Asia Pacific ex Japan (EUR Hedged)* - - 20.68% 37.30% Asian Total Return EUR Hedged C Acc EUR MSCI AC Asia Pacific ex Japan (EUR Hedged)* - - 23.48% 37.30% Asian Total Return GBP A Dis GBP MSCI AC Asia Pacific ex Japan - - 56.42% 71.86% Asian Total Return GBP C Dis GBP MSCI AC Asia Pacific ex Japan - - 59.24% 71.86% Asian Total Return A Acc USD MSCI AC Asia Pacific ex Japan - - 23.88% 35.25% Asian Total Return B Acc USD MSCI AC Asia Pacific ex Japan - - 23.90% 35.25% Asian Total Return C Acc USD MSCI AC Asia Pacific ex Japan - - 26.59% 35.25% Asian Total Return A1 Acc USD MSCI AC Asia Pacific ex Japan - - 23.55% 35.25% Asian Total Return I Acc USD MSCI AC Asia Pacific ex Japan - - 30.63% 35.25%

Asia Pacific Property Securities Total NAV (Base Currency): USD 139,563,430.97 Subfund Launch: 27/10/2006

Asia Pacific Property Securities A Acc USD GPR General Asia Net - - 3.65% -10.77% Asia Pacific Property Securities B Acc USD GPR General Asia Net - - 1.63% -10.77% Asia Pacific Property Securities C Acc USD GPR General Asia Net - - 5.93% -10.77% Asia Pacific Property Securities A1 Acc USD GPR General Asia Net - - 2.45% -10.77% Asia Pacific Property Securities I Acc USD GPR General Asia Net - - 10.16% -10.77%

BRIC (Brazil, Russia, India, China) Total NAV (Base Currency): USD 3,940,983,660.30 Subfund Launch: 31/10/2005

BRIC (Brazil, Russia, India, China) EUR A Acc EUR MSCI BRIC Net TR - - 66.71% 82.38% BRIC (Brazil, Russia, India, China) EUR B Acc EUR MSCI BRIC Net TR - - 61.96% 82.38% BRIC (Brazil, Russia, India, China) EUR C Acc EUR MSCI BRIC Net TR - - 71.76% 82.38% BRIC (Brazil, Russia, India, China) EUR I Acc EUR MSCI BRIC Net TR - - 80.52% 82.38% BRIC (Brazil, Russia, India, China) EUR A1 Acc EUR MSCI BRIC Net TR - - 65.09% 82.38% BRIC (Brazil, Russia, India, China) GBP A Dis GBP MSCI BRIC Net TR - - 118.71% 138.81% BRIC (Brazil, Russia, India, China) A Acc USD MSCI BRIC Net TR - - 99.95% 118.02% BRIC (Brazil, Russia, India, China) A1 Acc USD MSCI BRIC Net TR - - 98.19% 118.02% BRIC (Brazil, Russia, India, China) B Acc USD MSCI BRIC Net TR - - 94.18% 118.02% BRIC (Brazil, Russia, India, China) C Acc USD MSCI BRIC Net TR - - 105.92% 118.02% BRIC (Brazil, Russia, India, China) I Acc USD MSCI BRIC Net TR - - 116.54% 118.02%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 323 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

China Opportunities Total NAV (Base Currency): USD 1,046,213,286.11 Subfund Launch: 17/02/2006

China Opportunities HKD A Acc HKD MSCI TR China Gross 56.20% 62.76% 43.56% 32.55% China Opportunities SGD Hedged A Acc SGD MSCI TR China Gross (SGD hedged)* 54.70% 63.22% 31.71% 26.81% China Opportunities SGD Hedged A1 Acc SGD MSCI TR China Gross (SGD hedged)* 54.12% 63.22% 30.42% 26.81% China Opportunities A Acc USD MSCI TR China Gross 56.18% 62.63% 44.07% 32.94% China Opportunities B Acc USD MSCI TR China Gross 55.25% 62.63% 41.48% 32.94% China Opportunities C Acc USD MSCI TR China Gross 57.26% 62.63% 47.06% 32.94% China Opportunities A1 Acc USD MSCI TR China Gross 55.55% 62.63% 42.42% 32.94% China Opportunities I Acc USD MSCI TR China Gross 59.25% 62.63% 52.61% 32.94% China Opportunities D Acc USD MSCI TR China Gross 54.63% 62.63% 40.06% 32.94%

Emerging Asia Total NAV (Base Currency): USD 3,118,430,391.38 Subfund Launch: 09/01/2004

Emerging Asia EUR A Acc EUR MSCI EM Asia USD 70.96% 65.89% 10.84% 9.17% Emerging Asia EUR B Acc EUR MSCI EM Asia USD 69.88% 65.89% 9.01% 9.17% Emerging Asia EUR C Acc EUR MSCI EM Asia USD 71.87% 65.89% 13.06% 9.17% Emerging Asia EUR A1 Acc EUR MSCI EM Asia USD 70.13% 65.89% 9.66% 9.17% Emerging Asia EUR I Acc EUR MSCI EM Asia USD 74.16% 65.89% 17.50% 9.17% Emerging Asia GBP A Dis GBP MSCI EM Asia USD 59.20% 53.72% 46.45% 43.74% Emerging Asia A Acc USD MSCI EM Asia USD 77.20% 70.31% 21.17% 18.61% Emerging Asia B Acc USD MSCI EM Asia USD 76.16% 70.31% 19.03% 18.61% Emerging Asia C Acc USD MSCI EM Asia USD 78.52% 70.31% 23.81% 18.61% Emerging Asia A1 Acc USD MSCI EM Asia USD 76.53% 70.31% 19.81% 18.61% Emerging Asia B1 Acc USD MSCI EM Asia USD 75.33% 70.31% 17.28% 18.61% Emerging Asia I Acc USD MSCI EM Asia USD 80.66% 70.31% 28.44% 18.61%

Emerging Europe Total NAV (Base Currency): EUR 216,604,393.07 Subfund Launch: 28/01/2000

Emerging Europe A Acc EUR MSCI EM Europe 10/40 Net (TR) 86.77% 84.14% -22.08% -22.27% Emerging Europe B Acc EUR MSCI EM Europe 10/40 Net (TR) 85.62% 84.14% -23.45% -22.27% Emerging Europe C Acc EUR MSCI EM Europe 10/40 Net (TR) 87.95% 84.14% -20.45% -22.27% Emerging Europe A Dis EUR MSCI EM Europe 10/40 Net (TR) 86.71% 84.14% -22.08% -22.27% Emerging Europe B Dis EUR MSCI EM Europe 10/40 Net (TR) 85.56% 84.14% -23.47% -22.27% Emerging Europe C Dis EUR MSCI EM Europe 10/40 Net (TR) 87.87% 84.14% -20.44% -22.27% Emerging Europe A1 EUR MSCI EM Europe 10/40 Net (TR) 85.83% 84.14% -22.90% -22.27% Emerging Europe B1 Acc EUR MSCI EM Europe 10/40 Net (TR) 84.79% 84.14% -24.44% -22.27% Emerging Europe I EUR MSCI EM Europe 10/40 Net (TR) 90.30% 84.14% -17.49% -22.27% Emerging Europe GBP A Dis GBP MSCI EM Europe 10/40 Net (TR) 74.18% 70.63% 2.84% 2.35% Emerging Europe USD A1 Acc USD MSCI EM Europe 10/40 Net (TR) 92.55% 89.05% -16.04% -15.55%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 324 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

China Opportunities Total NAV (Base Currency): USD 1,046,213,286.11 Subfund Launch: 17/02/2006

China Opportunities HKD A Acc HKD MSCI TR China Gross - - 132.95% 110.67% China Opportunities SGD Hedged A Acc SGD MSCI TR China Gross (SGD hedged)* - - 106.76% 94.98% China Opportunities SGD Hedged A1 Acc SGD MSCI TR China Gross (SGD hedged)* - - 103.96% 94.98% China Opportunities A Acc USD MSCI TR China Gross - - 133.27% 110.82% China Opportunities B Acc USD MSCI TR China Gross - - 127.96% 110.82% China Opportunities C Acc USD MSCI TR China Gross - - 139.48% 110.82% China Opportunities A1 Acc USD MSCI TR China Gross - - 129.71% 110.82% China Opportunities I Acc USD MSCI TR China Gross - - 151.10% 110.82% China Opportunities D Acc USD MSCI TR China Gross - - 125.14% 110.82%

Emerging Asia Total NAV (Base Currency): USD 3,118,430,391.38 Subfund Launch: 09/01/2004

Emerging Asia EUR A Acc EUR MSCI EM Asia USD 92.34% 90.59% 144.64% 51.17% Emerging Asia EUR B Acc EUR MSCI EM Asia USD 86.81% 90.59% 124.97% 51.17% Emerging Asia EUR C Acc EUR MSCI EM Asia USD 98.88% 90.59% 169.68% 51.17% Emerging Asia EUR A1 Acc EUR MSCI EM Asia USD 88.97% 90.59% 132.83% 51.17% Emerging Asia EUR I Acc EUR MSCI EM Asia USD 111.74% 90.59% 223.17% 51.17% Emerging Asia GBP A Dis GBP MSCI EM Asia USD 141.11% 139.02% 163.68% 63.00% Emerging Asia A Acc USD MSCI EM Asia USD 104.38% 101.47% 171.70% 67.01% Emerging Asia B Acc USD MSCI EM Asia USD 98.35% 101.47% 149.64% 67.01% Emerging Asia C Acc USD MSCI EM Asia USD 111.70% 101.47% 200.01% 67.01% Emerging Asia A1 Acc USD MSCI EM Asia USD 100.64% 101.47% 158.37% 67.01% Emerging Asia B1 Acc USD MSCI EM Asia USD 93.63% 101.47% 133.07% 67.01% Emerging Asia I Acc USD MSCI EM Asia USD 125.03% 101.47% 258.97% 67.01%

Emerging Europe Total NAV (Base Currency): EUR 216,604,393.07 Subfund Launch: 28/01/2000

Emerging Europe A Acc EUR MSCI EM Europe 10/40 Net (TR) 63.03% 67.89% 82.10% 73.97% Emerging Europe B Acc EUR MSCI EM Europe 10/40 Net (TR) 58.39% 67.89% 71.70% 73.97% Emerging Europe C Acc EUR MSCI EM Europe 10/40 Net (TR) 68.89% 67.89% 94.90% 73.97% Emerging Europe A Dis EUR MSCI EM Europe 10/40 Net (TR) 63.08% 67.89% 82.93% 73.97% Emerging Europe B Dis EUR MSCI EM Europe 10/40 Net (TR) 58.10% 67.89% 71.69% 73.97% Emerging Europe C Dis EUR MSCI EM Europe 10/40 Net (TR) 72.22% 67.89% 97.75% 73.97% Emerging Europe A1 EUR MSCI EM Europe 10/40 Net (TR) 60.29% 67.89% 75.65% 73.97% Emerging Europe B1 Acc EUR MSCI EM Europe 10/40 Net (TR) 54.90% 67.89% 64.81% 73.97% Emerging Europe I EUR MSCI EM Europe 10/40 Net (TR) 79.40% 67.89% 118.68% 73.97% Emerging Europe GBP A Dis GBP MSCI EM Europe 10/40 Net (TR) 103.88% 110.56% 168.22% 156.98% Emerging Europe USD A1 Acc USD MSCI EM Europe 10/40 Net (TR) 70.02% 77.48% 158.84% 155.48%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 325 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

Emerging Europe Debt Absolute Return Total NAV (Base Currency): EUR 171,705,460.52 Subfund Launch: 31/03/2000

Emerging Europe Debt Absolute Return A Acc EUR Citi EUR 3m Eurodeposit TR 13.22% 1.44% 21.24% 10.84% Emerging Europe Debt Absolute Return B Acc EUR Citi EUR 3m Eurodeposit TR 12.61% 1.44% 19.42% 10.84% Emerging Europe Debt Absolute Return C Acc EUR Citi EUR 3m Eurodeposit TR 14.12% 1.44% 24.16% 10.84% Emerging Europe Debt Absolute Return A Dis EUR Citi EUR 3m Eurodeposit TR 13.26% 1.44% 21.37% 10.84% Emerging Europe Debt Absolute Return B Dis EUR Citi EUR 3m Eurodeposit TR 12.63% 1.44% 19.46% 10.84% Emerging Europe Debt Absolute Return A1 Acc EUR Citi EUR 3m Eurodeposit TR 12.87% 1.44% 20.59% 10.84% Emerging Europe Debt Absolute Return B1 Acc EUR Citi EUR 3m Eurodeposit TR 12.75% 1.44% 19.87% 10.84% Emerging Europe Debt Absolute Return I Acc EUR Citi EUR 3m Eurodeposit TR 15.46% 1.44% 28.49% 10.84% Emerging Europe Debt Absolute Return A1 Dis EUR Citi EUR 3m Eurodeposit TR 12.89% 1.44% 20.53% 10.84% Emerging Europe Debt Absolute Return B1 Dis EUR Citi EUR 3m Eurodeposit TR 12.53% 1.44% 18.91% 10.84% Emerging Europe Debt Absolute Return USD A1 Acc USD Citi EUR 3m Eurodeposit TR 17.12% 4.15% 32.06% 20.43% Emerging Europe Debt Absolute Return USD A1 Dis USD Citi EUR 3m Eurodeposit TR 17.14% 4.15% 31.80% 20.43%

Emerging Markets Total NAV (Base Currency): USD 1,919,319,611.03 Subfund Launch: 09/03/1994

Emerging Markets AUD I Acc AUD MSCI EM Net TR 36.12% 40.11% 8.17% 1.96% Emerging Markets AUD C Acc AUD MSCI EM Net TR 34.55% 40.11% 3.81% 1.96% Emerging Markets EUR A Acc EUR MSCI EM Net TR 68.25% 73.87% 5.74% 6.87% Emerging Markets EUR B Acc EUR MSCI EM Net TR 67.16% 73.87% 3.84% 6.87% Emerging Markets EUR C Acc EUR MSCI EM Net TR 69.61% 73.87% 8.35% 6.87% Emerging Markets EUR A1 Acc EUR MSCI EM Net TR 67.28% 73.87% 4.74% 6.87% Emerging Markets EUR I Acc EUR MSCI EM Net TR 71.48% 73.87% 11.97% 6.87% Emerging Markets A Dis USD MSCI EM Net TR 74.53% 78.51% 15.84% 16.12% Emerging Markets B Dis USD MSCI EM Net TR 73.45% 78.51% 13.75% 16.12% Emerging Markets C Dis USD MSCI EM Net TR 75.76% 78.51% 18.26% 16.12% Emerging Markets A Acc USD MSCI EM Net TR 74.36% 78.51% 15.80% 16.12% Emerging Markets B Acc USD MSCI EM Net TR 73.31% 78.51% 13.68% 16.12% Emerging Markets C Acc USD MSCI EM Net TR 75.60% 78.51% 18.32% 16.12% Emerging Markets A1 USD MSCI EM Net TR 73.75% 78.51% 14.48% 16.12% Emerging Markets B1 USD MSCI EM Net TR 72.67% 78.51% 12.22% 16.12% Emerging Markets I USD MSCI EM Net TR 77.80% 78.51% 22.73% 16.12%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 326 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

Emerging Europe Debt Absolute Return Total NAV (Base Currency): EUR 171,705,460.52 Subfund Launch: 31/03/2000

Emerging Europe Debt Absolute Return A Acc EUR Citi EUR 3m Eurodeposit TR 25.28% 16.58% 76.40% 36.24% Emerging Europe Debt Absolute Return B Acc EUR Citi EUR 3m Eurodeposit TR 22.11% 16.58% 67.90% 36.24% Emerging Europe Debt Absolute Return C Acc EUR Citi EUR 3m Eurodeposit TR 30.32% 16.58% 89.10% 36.24% Emerging Europe Debt Absolute Return A Dis EUR Citi EUR 3m Eurodeposit TR 25.77% 16.58% 77.07% 36.24% Emerging Europe Debt Absolute Return B Dis EUR Citi EUR 3m Eurodeposit TR 22.12% 16.58% 67.88% 36.24% Emerging Europe Debt Absolute Return A1 Acc EUR Citi EUR 3m Eurodeposit TR 24.29% 16.58% 72.58% 36.24% Emerging Europe Debt Absolute Return B1 Acc EUR Citi EUR 3m Eurodeposit TR 22.84% 16.58% 65.86% 36.24% Emerging Europe Debt Absolute Return I Acc EUR Citi EUR 3m Eurodeposit TR 37.95% 16.58% 108.39% 36.24% Emerging Europe Debt Absolute Return A1 Dis EUR Citi EUR 3m Eurodeposit TR 23.73% 16.58% 69.24% 36.24% Emerging Europe Debt Absolute Return B1 Dis EUR Citi EUR 3m Eurodeposit TR 21.38% 16.58% 62.53% 36.24% Emerging Europe Debt Absolute Return USD A1 Acc USD Citi EUR 3m Eurodeposit TR 32.60% 23.24% 160.69% 103.90% Emerging Europe Debt Absolute Return USD A1 Dis USD Citi EUR 3m Eurodeposit TR 29.65% 23.24% 154.89% 103.90%

Emerging Markets Total NAV (Base Currency): USD 1,919,319,611.03 Subfund Launch: 09/03/1994

Emerging Markets AUD I Acc AUD MSCI EM Net TR 92.50% 79.37% 159.08% 107.29% Emerging Markets AUD C Acc AUD MSCI EM Net TR 80.29% 79.37% 112.36% 107.29% Emerging Markets EUR A Acc EUR MSCI EM Net TR 87.91% 94.54% 94.97% 105.92% Emerging Markets EUR B Acc EUR MSCI EM Net TR 82.59% 94.54% 79.86% 105.92% Emerging Markets EUR C Acc EUR MSCI EM Net TR 95.57% 94.54% 110.99% 105.92% Emerging Markets EUR A1 Acc EUR MSCI EM Net TR 84.94% 94.54% 79.20% 105.92% Emerging Markets EUR I Acc EUR MSCI EM Net TR 107.00% 94.54% 155.17% 105.92% Emerging Markets A Dis USD MSCI EM Net TR 100.01% 105.65% 147.86% 159.98% Emerging Markets B Dis USD MSCI EM Net TR 94.25% 105.65% 128.53% 159.98% Emerging Markets C Dis USD MSCI EM Net TR 107.44% 105.65% 167.29% 159.98% Emerging Markets A Acc USD MSCI EM Net TR 100.00% 105.65% 144.90% 159.98% Emerging Markets B Acc USD MSCI EM Net TR 94.16% 105.65% 130.56% 159.98% Emerging Markets C Acc USD MSCI EM Net TR 107.20% 105.65% 166.73% 159.98% Emerging Markets A1 USD MSCI EM Net TR 96.66% 105.65% 127.58% 159.98% Emerging Markets B1 USD MSCI EM Net TR 89.76% 105.65% 103.82% 159.98% Emerging Markets I USD MSCI EM Net TR 120.57% 105.65% 224.74% 159.98%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 327 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

Emerging Markets Debt Absolute Return Total NAV (Base Currency): USD 5,935,954,325.67 Subfund Launch: 29/08/1997

Emerging Markets Debt Absolute Return EUR Hedged B Acc EUR - 16.16% - 17.51% - Emerging Markets Debt Absolute Return EUR Hedged C Acc EUR - 17.63% - 22.14% - Emerging Markets Debt Absolute Return EUR Hedged I Acc EUR - 18.97% - 26.35% - Emerging Markets Debt Absolute Return EUR Hedged A Acc EUR - 16.69% - 19.26% - Emerging Markets Debt Absolute Return EUR Hedged A1 Acc EUR - 16.43% - 18.47% - Emerging Markets Debt Absolute Return EUR Hedged A1 Dis EUR - 16.42% - 18.44% - Emerging Markets Debt Absolute Return EUR Hedged B1 Acc EUR - 16.20% - 17.65% - Emerging Markets Debt Absolute Return EUR Hedged B1 Dis EUR - 15.81% - 16.72% - Emerging Markets Debt Absolute Return GBP Hedged A Dis GBP - 16.78% - 22.59% - Emerging Markets Debt Absolute Return GBP Hedged C Dis GBP - 17.68% - 25.58% - Emerging Markets Debt Absolute Return GBP Hedged I Acc GBP - 19.04% - 29.98% - Emerging Markets Debt Absolute Return PLN Hedged A1 Acc PLN - ---- Emerging Markets Debt Absolute Return SGD Hedged A Dis SGD - 16.90% - 14.77% - Emerging Markets Debt Absolute Return A Dis USD - 17.44% - 21.92% - Emerging Markets Debt Absolute Return B Dis USD - 16.88% - 20.13% - Emerging Markets Debt Absolute Return C Dis USD - 18.29% - 24.74% - Emerging Markets Debt Absolute Return A Acc USD - 17.39% - 21.82% - Emerging Markets Debt Absolute Return B Acc USD - 16.78% - 20.03% - Emerging Markets Debt Absolute Return C Acc USD - 18.34% - 24.82% - Emerging Markets Debt Absolute Return A1 Acc USD - 17.04% - 20.96% - Emerging Markets Debt Absolute Return B1 Acc USD - 16.84% - 20.18% - Emerging Markets Debt Absolute Return I Acc USD - 19.68% - 29.11% - Emerging Markets Debt Absolute Return A1 Dis USD - 17.01% - 20.95% - Emerging Markets Debt Absolute Return B1 Dis USD - 16.52% - 19.31% - Emerging Markets Debt Absolute Return I Dis USD - 19.67% - 29.10% -

EURO Active Value Total NAV (Base Currency): EUR 202,579,162.91 Subfund Launch: 09/08/2002

EURO Active Value A Acc EUR MSCI EMU Net TR 26.21% 27.32% -38.67% -24.29% EURO Active Value B Acc EUR MSCI EMU Net TR 25.45% 27.32% -39.77% -24.29% EURO Active Value C Acc EUR MSCI EMU Net TR 27.10% 27.32% -37.37% -24.29% EURO Active Value A1 EUR MSCI EMU Net TR 25.70% 27.32% -39.40% -24.29% EURO Active Value I Acc EUR MSCI EMU Net TR 28.63% 27.32% -35.05% -24.29% EURO Active Value GBP A Dis GBP MSCI EMU Net TR 17.67% 17.98% -19.06% -0.32% EURO Active Value GBP C Dis GBP MSCI EMU Net TR 18.44% 17.98% -17.20% -0.32%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 328 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

Emerging Markets Debt Absolute Return Total NAV (Base Currency): USD 5,935,954,325.67 Subfund Launch: 29/08/1997

Emerging Markets Debt Absolute Return EUR Hedged B Acc EUR - 24.24% - 154.21% - Emerging Markets Debt Absolute Return EUR Hedged C Acc EUR - 32.51% - 194.43% - Emerging Markets Debt Absolute Return EUR Hedged I Acc EUR - 40.17% - 228.61% - Emerging Markets Debt Absolute Return EUR Hedged A Acc EUR - 27.34% - 170.18% - Emerging Markets Debt Absolute Return EUR Hedged A1 Acc EUR - 25.95% - 160.84% - Emerging Markets Debt Absolute Return EUR Hedged A1 Dis EUR - 25.98% - 161.81% - Emerging Markets Debt Absolute Return EUR Hedged B1 Acc EUR - 24.51% - 146.66% - Emerging Markets Debt Absolute Return EUR Hedged B1 Dis EUR - 22.95% - 143.12% - Emerging Markets Debt Absolute Return GBP Hedged A Dis GBP - 36.70% - 236.51% - Emerging Markets Debt Absolute Return GBP Hedged C Dis GBP - 42.30% - 266.61% - Emerging Markets Debt Absolute Return GBP Hedged I Acc GBP - 50.52% - 309.23% - Emerging Markets Debt Absolute Return PLN Hedged A1 Acc PLN - - - -1.20% - Emerging Markets Debt Absolute Return SGD Hedged A Dis SGD - 20.57% - 129.70% - Emerging Markets Debt Absolute Return A Dis USD - 35.08% - 198.20% - Emerging Markets Debt Absolute Return B Dis USD - 31.80% - 180.59% - Emerging Markets Debt Absolute Return C Dis USD - 40.53% - 224.67% - Emerging Markets Debt Absolute Return A Acc USD - 35.04% - 197.94% - Emerging Markets Debt Absolute Return B Acc USD - 31.67% - 183.34% - Emerging Markets Debt Absolute Return C Acc USD - 40.54% - 225.13% - Emerging Markets Debt Absolute Return A1 Acc USD - 33.51% - 186.53% - Emerging Markets Debt Absolute Return B1 Acc USD - 32.00% - 170.31% - Emerging Markets Debt Absolute Return I Acc USD - 48.70% - 262.55% - Emerging Markets Debt Absolute Return A1 Dis USD - 33.54% - 187.03% - Emerging Markets Debt Absolute Return B1 Dis USD - 30.34% - 161.98% - Emerging Markets Debt Absolute Return I Dis USD - 48.71% - 264.00% -

EURO Active Value Total NAV (Base Currency): EUR 202,579,162.91 Subfund Launch: 09/08/2002

EURO Active Value A Acc EUR MSCI EMU Net TR -7.98% 15.72% 36.05% 37.66% EURO Active Value B Acc EUR MSCI EMU Net TR -10.70% 15.72% 30.15% 37.66% EURO Active Value C Acc EUR MSCI EMU Net TR -4.69% 15.72% 43.30% 37.66% EURO Active Value A1 EUR MSCI EMU Net TR -9.72% 15.72% 32.30% 37.66% EURO Active Value I Acc EUR MSCI EMU Net TR 1.18% 15.72% 56.36% 37.66% EURO Active Value GBP A Dis GBP MSCI EMU Net TR 14.99% 45.13% 88.02% 91.64% EURO Active Value GBP C Dis GBP MSCI EMU Net TR 19.63% 45.13% 99.11% 91.64%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 329 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

EURO Bond Total NAV (Base Currency): EUR 329,986,812.51 Subfund Launch: 18/12/1998

EURO Bond A Dis EUR Barclays Capital EURO Aggregate 10.78% 6.95% 14.61% 15.29% EURO Bond B Dis EUR Barclays Capital EURO Aggregate 10.22% 6.95% 12.94% 15.29% EURO Bond C Dis EUR Barclays Capital EURO Aggregate 11.09% 6.95% 15.71% 15.29% EURO Bond A Acc EUR Barclays Capital EURO Aggregate 10.77% 6.95% 14.65% 15.29% EURO Bond B Acc EUR Barclays Capital EURO Aggregate 10.21% 6.95% 12.96% 15.29% EURO Bond C Acc EUR Barclays Capital EURO Aggregate 11.09% 6.95% 15.73% 15.29% EURO Bond A1 EUR Barclays Capital EURO Aggregate 10.20% 6.95% 12.84% 15.29% EURO Bond B1 EUR Barclays Capital EURO Aggregate 9.38% 6.95% 10.39% 15.29% EURO Bond I EUR Barclays Capital EURO Aggregate 11.69% 6.95% 17.71% 15.29% EURO Bond (USD denominated) A1 USD Barclays Capital EURO Aggregate 14.28% 9.80% 23.55% 25.26%

EURO Corporate Bond Total NAV (Base Currency): EUR 5,330,550,173.10 Subfund Launch: 30/06/2000

EURO Corporate Bond A Acc EUR Merrill Lynch EMU Corporate 16.34% 14.90% 14.87% 11.32% EURO Corporate Bond B Acc EUR Merrill Lynch EMU Corporate 15.88% 14.90% 13.21% 11.32% EURO Corporate Bond C Acc EUR Merrill Lynch EMU Corporate 16.82% 14.90% 16.40% 11.32% EURO Corporate Bond A1 EUR Merrill Lynch EMU Corporate 15.87% 14.90% 13.32% 11.32% EURO Corporate Bond B1 Acc EUR Merrill Lynch EMU Corporate 14.99% 14.90% 10.86% 11.32% EURO Corporate Bond I EUR Merrill Lynch EMU Corporate 17.59% 14.90% 18.74% 11.32% EURO Corporate Bond A1 Dis EUR Merrill Lynch EMU Corporate 15.83% 14.90% 13.88% 11.32% EURO Corporate Bond X Dis EUR Merrill Lynch EMU Corporate - - - - EURO Corporate Bond A Dis EUR Merrill Lynch EMU Corporate 16.38% 14.90% 15.32% 11.32% EURO Corporate Bond USD Hedged A Acc USD Merrill Lynch EMU Corporate (USD Hedged)* 16.21% 14.29% 14.05% 10.02%

EURO Dynamic Growth Total NAV (Base Currency): EUR 324,729,748.42 Subfund Launch: 01/03/2002

EURO Dynamic Growth A Acc EUR MSCI EMU Net TR 26.84% 27.32% -31.54% -24.29% EURO Dynamic Growth B Acc EUR MSCI EMU Net TR 26.03% 27.32% -32.68% -24.29% EURO Dynamic Growth C Acc EUR MSCI EMU Net TR 27.64% 27.32% -30.07% -24.29% EURO Dynamic Growth A1 EUR MSCI EMU Net TR 26.22% 27.32% -32.22% -24.29% EURO Dynamic Growth I Acc EUR MSCI EMU Net TR 29.18% 27.32% -27.51% -24.29% EURO Dynamic Growth C Dis EUR MSCI EMU Net TR 27.70% 27.32% -29.99% -24.29% EURO Dynamic Growth A Dis EUR MSCI EMU Net TR 26.73% 27.32% -31.56% -24.29%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 330 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

EURO Bond Total NAV (Base Currency): EUR 329,986,812.51 Subfund Launch: 18/12/1998

EURO Bond A Dis EUR Barclays Capital EURO Aggregate 18.63% 20.78% 52.08% 64.94% EURO Bond B Dis EUR Barclays Capital EURO Aggregate 15.61% 20.78% 43.93% 64.94% EURO Bond C Dis EUR Barclays Capital EURO Aggregate 20.49% 20.78% 57.67% 64.94% EURO Bond A Acc EUR Barclays Capital EURO Aggregate 18.63% 20.78% 52.02% 64.94% EURO Bond B Acc EUR Barclays Capital EURO Aggregate 15.76% 20.78% 43.98% 64.94% EURO Bond C Acc EUR Barclays Capital EURO Aggregate 20.40% 20.78% 57.59% 64.94% EURO Bond A1 EUR Barclays Capital EURO Aggregate 15.51% 20.78% 44.25% 64.94% EURO Bond B1 EUR Barclays Capital EURO Aggregate 11.32% 20.78% 32.46% 64.94% EURO Bond I EUR Barclays Capital EURO Aggregate 23.93% 20.78% 68.04% 64.94% EURO Bond (USD denominated) A1 USD Barclays Capital EURO Aggregate 22.14% 27.68% 74.39% 99.74%

EURO Corporate Bond Total NAV (Base Currency): EUR 5,330,550,173.10 Subfund Launch: 30/06/2000

EURO Corporate Bond A Acc EUR Merrill Lynch EMU Corporate 17.94% 16.41% 54.50% 61.17% EURO Corporate Bond B Acc EUR Merrill Lynch EMU Corporate 15.07% 16.41% 47.40% 61.17% EURO Corporate Bond C Acc EUR Merrill Lynch EMU Corporate 20.75% 16.41% 61.80% 61.17% EURO Corporate Bond A1 EUR Merrill Lynch EMU Corporate 15.33% 16.41% 47.82% 61.17% EURO Corporate Bond B1 Acc EUR Merrill Lynch EMU Corporate 11.29% 16.41% 38.38% 61.17% EURO Corporate Bond I EUR Merrill Lynch EMU Corporate 24.98% 16.41% 72.50% 61.17% EURO Corporate Bond A1 Dis EUR Merrill Lynch EMU Corporate 16.51% 16.41% 51.65% 61.17% EURO Corporate Bond X Dis EUR Merrill Lynch EMU Corporate - - 14.37% 15.09% EURO Corporate Bond A Dis EUR Merrill Lynch EMU Corporate 18.90% 16.41% 57.52% 61.17% EURO Corporate Bond USD Hedged A Acc USD Merrill Lynch EMU Corporate (USD Hedged)* 21.10% 18.98% 54.46% 60.55%

EURO Dynamic Growth Total NAV (Base Currency): EUR 324,729,748.42 Subfund Launch: 01/03/2002

EURO Dynamic Growth A Acc EUR MSCI EMU Net TR 7.33% 15.72% -2.01% 5.77% EURO Dynamic Growth B Acc EUR MSCI EMU Net TR 4.15% 15.72% -6.12% 6.39% EURO Dynamic Growth C Acc EUR MSCI EMU Net TR 11.35% 15.72% 4.67% 6.39% EURO Dynamic Growth A1 EUR MSCI EMU Net TR 5.19% 15.72% -3.87% 6.39% EURO Dynamic Growth I Acc EUR MSCI EMU Net TR 17.90% 15.72% 13.05% 6.39% EURO Dynamic Growth C Dis EUR MSCI EMU Net TR 11.50% 15.72% 4.36% 6.39% EURO Dynamic Growth A Dis EUR MSCI EMU Net TR 7.41% 15.72% -0.77% 6.39%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 331 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

EURO Equity Total NAV (Base Currency): EUR 1,377,641,442.20 Subfund Launch: 21/09/1998

EURO Equity A Dis EUR MSCI EMU Net TR 27.72% 27.32% -25.55% -24.29% EURO Equity B Dis EUR MSCI EMU Net TR 26.87% 27.32% -26.89% -24.29% EURO Equity C Dis EUR MSCI EMU Net TR 28.91% 27.32% -23.37% -24.29% EURO Equity A Acc EUR MSCI EMU Net TR 27.63% 27.32% -25.56% -24.29% EURO Equity B Acc EUR MSCI EMU Net TR 26.98% 27.32% -26.87% -24.29% EURO Equity C Acc EUR MSCI EMU Net TR 28.88% 27.32% -23.44% -24.29% EURO Equity A1 EUR MSCI EMU Net TR 27.18% 27.32% -26.44% -24.29% EURO Equity B1 EUR MSCI EMU Net TR 26.29% 27.32% -27.98% -24.29% EURO Equity I EUR MSCI EMU Net TR 30.20% 27.32% -21.11% -24.29% EURO Equity (USD denominated) A1 USD MSCI EMU Net TR 31.94% 30.71% -19.63% -17.74%

EURO Government Bond Total NAV (Base Currency): EUR 110,114,071.35 Subfund Launch: 13/09/1994

EURO Government Bond A Dis EUR Merrill Lynch EMU Direct Government Index 3.58% 4.32% 7.66% 11.57% EURO Government Bond C Dis EUR Merrill Lynch EMU Direct Government Index 3.87% 4.32% 8.69% 11.57% EURO Government Bond B Dis EUR Merrill Lynch EMU Direct Government Index 3.10% 4.32% 6.06% 11.57% EURO Government Bond A Acc EUR Merrill Lynch EMU Direct Government Index 3.58% 4.32% 7.71% 11.57% EURO Government Bond B Acc EUR Merrill Lynch EMU Direct Government Index 3.02% 4.32% 6.08% 11.57% EURO Government Bond C Acc EUR Merrill Lynch EMU Direct Government Index 4.02% 4.32% 8.79% 11.57% EURO Government Bond A1 Acc EUR Merrill Lynch EMU Direct Government Index 2.94% 4.32% 5.78% 11.57% EURO Government Bond I Acc EUR Merrill Lynch EMU Direct Government Index 4.43% 4.32% 10.31% 11.57%

EURO Liquidity Total NAV (Base Currency): EUR 1,882,687,459.91 Subfund Launch: 20/09/2001

EURO Liquidity A1 EUR Citi EUR 1m Eurodeposit LC TR 1.30% 0.79% 7.61% 9.63% EURO Liquidity A Acc EUR Citi EUR 1m Eurodeposit LC TR 1.70% 0.79% 9.14% 9.63% EURO Liquidity B Acc EUR Citi EUR 1m Eurodeposit LC TR 1.61% 0.79% 8.81% 9.63% EURO Liquidity C Acc EUR Citi EUR 1m Eurodeposit LC TR 2.03% 0.79% 10.19% 9.63% EURO Liquidity I EUR Citi EUR 1m Eurodeposit LC TR 2.24% 0.79% 10.89% 9.63% EURO Liquidity JPY I Acc JPY Citi EUR 1m Eurodeposit LC TR 8.34% 6.16% -6.03% -6.84%

European Allocation Total NAV (Base Currency): EUR 137,646,243.29 Subfund Launch: 29/11/2002

European Allocation A Acc EUR 50% MSCI Europe TR Net Local + 50% Merrill Lynch EMU Direct 16.21% 11.23% -27.40% 21.18% Governments 1-3 Yrs* European Allocation B Acc EUR 50% MSCI Europe TR Net Local + 50% Merrill Lynch EMU Direct 15.52% 11.23% -28.70% 21.18% Governments 1-3 Yrs* European Allocation C Acc EUR 50% MSCI Europe TR Net Local + 50% Merrill Lynch EMU Direct 17.07% 11.23% -25.74% 21.18% Governments 1-3 Yrs* European Allocation A1 Acc EUR 50% MSCI Europe TR Net Local + 50% Merrill Lynch EMU Direct 15.69% 11.23% -28.59% 21.18% Governments 1-3 Yrs* European Allocation I Acc EUR 50% MSCI Europe TR Net Local + 50% Merrill Lynch EMU Direct 18.25% 11.23% -23.64% 21.18% Governments 1-3 Yrs* European Allocation GBP A Dis GBP 50% MSCI Europe TR Net Local + 50% Merrill Lynch EMU Direct 8.21% 3.07% -4.19% 59.56% Governments 1-3 Yrs*

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 332 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

EURO Equity Total NAV (Base Currency): EUR 1,377,641,442.20 Subfund Launch: 21/09/1998

EURO Equity A Dis EUR MSCI EMU Net TR 10.87% 15.72% 98.34% 25.11% EURO Equity B Dis EUR MSCI EMU Net TR 7.55% 15.72% 85.44% 25.11% EURO Equity C Dis EUR MSCI EMU Net TR 16.20% 15.72% 118.43% 25.11% EURO Equity A Acc EUR MSCI EMU Net TR 10.83% 15.72% 98.28% 25.11% EURO Equity B Acc EUR MSCI EMU Net TR 7.56% 15.72% 85.41% 25.11% EURO Equity C Acc EUR MSCI EMU Net TR 16.06% 15.72% 118.20% 25.11% EURO Equity A1 EUR MSCI EMU Net TR 8.59% 15.72% 86.54% 25.11% EURO Equity B1 EUR MSCI EMU Net TR 4.74% 15.72% 71.49% 25.11% EURO Equity I EUR MSCI EMU Net TR 21.99% 15.72% 141.40% 25.11% EURO Equity (USD denominated) A1 USD MSCI EMU Net TR 14.55% 22.33% 128.23% 53.68%

EURO Government Bond Total NAV (Base Currency): EUR 110,114,071.35 Subfund Launch: 13/09/1994

EURO Government Bond A Dis EUR Merrill Lynch EMU Direct Government Index 12.11% 18.36% 118.35% 166.60% EURO Government Bond C Dis EUR Merrill Lynch EMU Direct Government Index 13.82% 18.36% 129.65% 166.60% EURO Government Bond B Dis EUR Merrill Lynch EMU Direct Government Index 9.34% 18.36% 104.71% 166.60% EURO Government Bond A Acc EUR Merrill Lynch EMU Direct Government Index 12.18% 18.36% 118.26% 166.60% EURO Government Bond B Acc EUR Merrill Lynch EMU Direct Government Index 9.33% 18.36% 107.55% 166.60% EURO Government Bond C Acc EUR Merrill Lynch EMU Direct Government Index 14.01% 18.36% 129.98% 166.60% EURO Government Bond A1 Acc EUR Merrill Lynch EMU Direct Government Index 9.08% 18.36% 101.89% 166.60% EURO Government Bond I Acc EUR Merrill Lynch EMU Direct Government Index 17.20% 18.36% 150.90% 166.60%

EURO Liquidity Total NAV (Base Currency): EUR 1,882,687,459.91 Subfund Launch: 20/09/2001

EURO Liquidity A1 EUR Citi EUR 1m Eurodeposit LC TR 10.82% 15.24% 16.35% 25.74% EURO Liquidity A Acc EUR Citi EUR 1m Eurodeposit LC TR 13.52% 15.24% 21.10% 25.74% EURO Liquidity B Acc EUR Citi EUR 1m Eurodeposit LC TR 12.94% 15.24% 20.12% 25.74% EURO Liquidity C Acc EUR Citi EUR 1m Eurodeposit LC TR 15.35% 15.24% 24.35% 25.74% EURO Liquidity I EUR Citi EUR 1m Eurodeposit LC TR 16.53% 15.24% 26.32% 25.74% EURO Liquidity JPY I Acc JPY Citi EUR 1m Eurodeposit LC TR 11.65% 10.72% 56.53% 56.23%

European Allocation Total NAV (Base Currency): EUR 137,646,243.29 Subfund Launch: 29/11/2002

European Allocation A Acc EUR 50% MSCI Europe TR Net Local + 50% Merrill Lynch EMU Direct -10.15% 27.62% -3.95% 33.69% Governments 1-3 Yrs* European Allocation B Acc EUR 50% MSCI Europe TR Net Local + 50% Merrill Lynch EMU Direct -12.80% 27.62% -7.35% 33.69% Governments 1-3 Yrs* European Allocation C Acc EUR 50% MSCI Europe TR Net Local + 50% Merrill Lynch EMU Direct -6.43% 27.62% 1.85% 33.69% Governments 1-3 Yrs* European Allocation A1 Acc EUR 50% MSCI Europe TR Net Local + 50% Merrill Lynch EMU Direct -12.61% 27.62% -7.10% 33.69% Governments 1-3 Yrs* European Allocation I Acc EUR 50% MSCI Europe TR Net Local + 50% Merrill Lynch EMU Direct 0.57% 27.62% 59.75% 33.69% Governments 1-3 Yrs* European Allocation GBP A Dis GBP 50% MSCI Europe TR Net Local + 50% Merrill Lynch EMU Direct 12.38% 60.06% 33.04% 85.68% Governments 1-3 Yrs*

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 333 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

European Defensive Total NAV (Base Currency): EUR 175,403,170.98 Subfund Launch: 13/10/1998

European Defensive A Dis EUR Citi EUR 3m Eurodeposit TR 2.03% 1.44% -15.86% 10.84% European Defensive A Acc EUR Citi EUR 3m Eurodeposit TR 2.03% 1.44% -15.77% 10.84% European Defensive B Acc EUR Citi EUR 3m Eurodeposit TR 1.67% 1.44% -16.61% 10.84% European Defensive A1 Acc EUR Citi EUR 3m Eurodeposit TR 1.54% 1.44% -17.03% 10.84%

European Defensive 6 Monthly Total NAV (Base Currency): EUR 9,291,382.82 Subfund Launch: 23/05/2007

European Defensive 6 Monthly A Acc EUR Citi EUR 6 Month 1.08% 2.21% - - European Defensive 6 Monthly B Acc EUR Citi EUR 6 Month 0.78% 2.21% - - European Defensive 6 Monthly A1 Acc EUR Citi EUR 6 Month 0.57% 2.21% - -

European Defensive Monthly Total NAV (Base Currency): EUR 9,127,836.26 Subfund Launch: 23/05/2007

European Defensive Monthly A Acc EUR Citi EUR 1m Eurodeposit LC TR -1.11% 0.79% - - European Defensive Monthly B Acc EUR Citi EUR 1m Eurodeposit LC TR -1.39% 0.79% - - European Defensive Monthly A1 Acc EUR Citi EUR 1m Eurodeposit LC TR -1.60% 0.79% - -

European Dividend Maximiser Total NAV (Base Currency): EUR 7,238,403.20 Subfund Launch: 05/10/2007

European Dividend Maximiser A Acc EUR MSCI EUROPE - NET RETURN 21.28% 31.60% - - European Dividend Maximiser B Acc EUR MSCI EUROPE - NET RETURN 20.54% 31.60% - - European Dividend Maximiser C Acc EUR MSCI EUROPE - NET RETURN 22.12% 31.60% - - European Dividend Maximiser A1 Acc EUR MSCI EUROPE - NET RETURN 20.77% 31.60% - - European Dividend Maximiser I Acc EUR MSCI EUROPE - NET RETURN 23.64% 31.60% - - European Dividend Maximiser A Dis EUR MSCI EUROPE - NET RETURN 21.29% 31.60% - - European Dividend Maximiser B Dis EUR MSCI EUROPE - NET RETURN 20.53% 31.60% - - European Dividend Maximiser C Dis EUR MSCI EUROPE - NET RETURN 22.12% 31.60% - - European Dividend Maximiser A1 Dis EUR MSCI EUROPE - NET RETURN 20.76% 31.60% - -

European Equity Alpha Total NAV (Base Currency): EUR 709,922,066.41 Subfund Launch: 31/01/2003

European Equity Alpha A1 EUR MSCI EUROPE - NET RETURN 37.11% 31.60% -24.16% -23.84% European Equity Alpha A Acc EUR MSCI EUROPE - NET RETURN 37.66% 31.60% -23.25% -23.84% European Equity Alpha B Acc EUR MSCI EUROPE - NET RETURN 36.87% 31.60% -24.65% -23.84% European Equity Alpha C Acc EUR MSCI EUROPE - NET RETURN 38.60% 31.60% -21.57% -23.84% European Equity Alpha I EUR MSCI EUROPE - NET RETURN 40.38% 31.60% -18.70% -23.84% European Equity Alpha A Dis EUR MSCI EUROPE - NET RETURN 37.68% 31.60% -23.24% -23.84% European Equity Alpha C Dis EUR MSCI EUROPE - NET RETURN 38.61% 31.60% -21.57% -23.84% European Equity Alpha I Dis EUR MSCI EUROPE - NET RETURN 40.33% 31.60% -18.72% -23.84%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 334 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

European Defensive Total NAV (Base Currency): EUR 175,403,170.98 Subfund Launch: 13/10/1998

European Defensive A Dis EUR Citi EUR 3m Eurodeposit TR 4.05% 16.59% 1.28% 42.90% European Defensive A Acc EUR Citi EUR 3m Eurodeposit TR 4.15% 16.59% 1.38% 42.90% European Defensive B Acc EUR Citi EUR 3m Eurodeposit TR 2.53% 16.59% -2.06% 42.90% European Defensive A1 Acc EUR Citi EUR 3m Eurodeposit TR 1.57% 16.59% -3.75% 42.90%

European Defensive 6 Monthly Total NAV (Base Currency): EUR 9,291,382.82 Subfund Launch: 23/05/2007

European Defensive 6 Monthly A Acc EUR Citi EUR 6 Month - - -12.77% 9.96% European Defensive 6 Monthly B Acc EUR Citi EUR 6 Month - - -13.43% 9.96% European Defensive 6 Monthly A1 Acc EUR Citi EUR 6 Month - - -13.89% 9.96%

European Defensive Monthly Total NAV (Base Currency): EUR 9,127,836.26 Subfund Launch: 23/05/2007

European Defensive Monthly A Acc EUR Citi EUR 1m Eurodeposit LC TR - - -10.77% 8.04% European Defensive Monthly B Acc EUR Citi EUR 1m Eurodeposit LC TR - - -11.44% 8.04% European Defensive Monthly A1 Acc EUR Citi EUR 1m Eurodeposit LC TR - - -11.92% 8.04%

European Dividend Maximiser Total NAV (Base Currency): EUR 7,238,403.20 Subfund Launch: 05/10/2007

European Dividend Maximiser A Acc EUR MSCI EUROPE - NET RETURN - - -30.82% -29.82% European Dividend Maximiser B Acc EUR MSCI EUROPE - NET RETURN - - -31.76% -29.82% European Dividend Maximiser C Acc EUR MSCI EUROPE - NET RETURN - - -29.73% -29.82% European Dividend Maximiser A1 Acc EUR MSCI EUROPE - NET RETURN - - -31.45% -29.82% European Dividend Maximiser I Acc EUR MSCI EUROPE - NET RETURN - - -27.76% -29.82% European Dividend Maximiser A Dis EUR MSCI EUROPE - NET RETURN - - -30.85% -29.82% European Dividend Maximiser B Dis EUR MSCI EUROPE - NET RETURN - - -31.76% -29.82% European Dividend Maximiser C Dis EUR MSCI EUROPE - NET RETURN - - -29.71% -29.82% European Dividend Maximiser A1 Dis EUR MSCI EUROPE - NET RETURN - - -31.42% -29.82%

European Equity Alpha Total NAV (Base Currency): EUR 709,922,066.41 Subfund Launch: 31/01/2003

European Equity Alpha A1 EUR MSCI EUROPE - NET RETURN 12.62% 14.85% 76.25% 59.46% European Equity Alpha A Acc EUR MSCI EUROPE - NET RETURN 14.65% 14.85% 80.75% 59.46% European Equity Alpha B Acc EUR MSCI EUROPE - NET RETURN 11.30% 14.85% 73.35% 59.46% European Equity Alpha C Acc EUR MSCI EUROPE - NET RETURN 18.68% 14.85% 89.05% 59.46% European Equity Alpha I EUR MSCI EUROPE - NET RETURN 27.00% 14.85% 113.10% 59.46% European Equity Alpha A Dis EUR MSCI EUROPE - NET RETURN 14.59% 14.85% 82.29% 59.46% European Equity Alpha C Dis EUR MSCI EUROPE - NET RETURN 18.44% 14.85% 89.46% 59.46% European Equity Alpha I Dis EUR MSCI EUROPE - NET RETURN 26.21% 14.85% 107.00% 59.46%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 335 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

European Equity Yield Total NAV (Base Currency): EUR 76,826,616.40 Subfund Launch: 02/08/1993

European Equity Yield A Dis EUR MSCI EUROPE - NET RETURN 23.11% 31.60% -35.28% -23.84% European Equity Yield B Dis EUR MSCI EUROPE - NET RETURN 22.30% 31.60% -36.45% -23.84% European Equity Yield C Dis EUR MSCI EUROPE - NET RETURN 23.75% 31.60% -33.94% -23.84% European Equity Yield A Acc EUR MSCI EUROPE - NET RETURN 23.08% 31.60% -35.25% -23.84% European Equity Yield B Acc EUR MSCI EUROPE - NET RETURN 22.24% 31.60% -36.42% -23.84% European Equity Yield C Acc EUR MSCI EUROPE - NET RETURN 23.88% 31.60% -33.89% -23.84% European Equity Yield A1 Acc EUR MSCI EUROPE - NET RETURN 22.55% 31.60% -36.01% -23.84% European Equity Yield I Acc EUR MSCI EUROPE - NET RETURN 25.46% 31.60% -31.32% -23.84% European Equity Yield A1 Dis EUR MSCI EUROPE - NET RETURN 22.70% 31.60% -36.01% -23.84% European Equity Yield GBP A Dis GBP MSCI EUROPE - NET RETURN 14.85% 21.95% -16.85% 0.27% European Equity Yield USD A1 Acc USD MSCI EUROPE - NET RETURN 27.11% 35.11% -30.17% -17.26%

European Large Cap Total NAV (Base Currency): EUR 80,845,602.61 Subfund Launch: 04/12/1995

European Large Cap A Dis EUR MSCI EUROPE - NET RETURN 30.13% 31.60% -24.29% -23.84% European Large Cap C Dis EUR MSCI EUROPE - NET RETURN 31.03% 31.60% -22.67% -23.84% European Large Cap B Dis EUR MSCI EUROPE - NET RETURN 29.34% 31.60% -25.64% -23.84% European Large Cap A Acc EUR MSCI EUROPE - NET RETURN 30.12% 31.60% -24.29% -23.84% European Large Cap B Acc EUR MSCI EUROPE - NET RETURN 29.34% 31.60% -25.64% -23.84% European Large Cap C Acc EUR MSCI EUROPE - NET RETURN 31.02% 31.60% -22.68% -23.84% European Large Cap A1 Acc EUR MSCI EUROPE - NET RETURN 29.27% 31.60% -25.74% -23.84% European Large Cap I Acc EUR MSCI EUROPE - NET RETURN 32.34% 31.60% -20.37% -23.84%

European Smaller Companies Total NAV (Base Currency): EUR 244,306,147.81 Subfund Launch: 07/10/1994

European Smaller Companies A Dis EUR HSBC European Smaller TR 48.52% 59.10% -33.58% -26.97% European Smaller Companies B Dis EUR HSBC European Smaller TR 47.54% 59.10% -34.75% -26.97% European Smaller Companies C Dis EUR HSBC European Smaller TR 49.41% 59.10% -32.19% -26.97% European Smaller Companies A Acc EUR HSBC European Smaller TR 48.62% 59.10% -33.54% -26.97% European Smaller Companies B Acc EUR HSBC European Smaller TR 47.68% 59.10% -34.74% -26.97% European Smaller Companies C Acc EUR HSBC European Smaller TR 49.60% 59.10% -32.13% -26.97% European Smaller Companies A1 EUR HSBC European Smaller TR 47.91% 59.10% -34.37% -26.97% European Smaller Companies B1 EUR HSBC European Smaller TR 46.91% 59.10% -35.75% -26.97% European Smaller Companies I EUR HSBC European Smaller TR 51.38% 59.10% -29.58% -26.97% European Smaller Companies USD A1 Acc USD HSBC European Smaller TR 53.44% 63.34% -28.34% -20.65%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 336 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

European Equity Yield Total NAV (Base Currency): EUR 76,826,616.40 Subfund Launch: 02/08/1993

European Equity Yield A Dis EUR MSCI EUROPE - NET RETURN - - -18.05% -3.59% European Equity Yield B Dis EUR MSCI EUROPE - NET RETURN - - -20.21% -3.59% European Equity Yield C Dis EUR MSCI EUROPE - NET RETURN - - -15.60% -3.59% European Equity Yield A Acc EUR MSCI EUROPE - NET RETURN - - -18.01% -3.59% European Equity Yield B Acc EUR MSCI EUROPE - NET RETURN - - -20.17% -3.59% European Equity Yield C Acc EUR MSCI EUROPE - NET RETURN - - -15.57% -3.59% European Equity Yield A1 Acc EUR MSCI EUROPE - NET RETURN - - -19.44% -3.59% European Equity Yield I Acc EUR MSCI EUROPE - NET RETURN - - -10.87% -3.59% European Equity Yield A1 Dis EUR MSCI EUROPE - NET RETURN - - -19.45% -3.59% European Equity Yield GBP A Dis GBP MSCI EUROPE - NET RETURN - - 4.13% 26.83% European Equity Yield USD A1 Acc USD MSCI EUROPE - NET RETURN - - -5.61% 12.48%

European Large Cap Total NAV (Base Currency): EUR 80,845,602.61 Subfund Launch: 04/12/1995

European Large Cap A Dis EUR MSCI EUROPE - NET RETURN 9.58% 14.85% 112.36% 157.33% European Large Cap C Dis EUR MSCI EUROPE - NET RETURN 13.51% 14.85% 135.25% 157.33% European Large Cap B Dis EUR MSCI EUROPE - NET RETURN 6.36% 14.85% 97.90% 157.33% European Large Cap A Acc EUR MSCI EUROPE - NET RETURN 9.58% 14.85% 111.00% 157.33% European Large Cap B Acc EUR MSCI EUROPE - NET RETURN 6.35% 14.85% 98.76% 157.33% European Large Cap C Acc EUR MSCI EUROPE - NET RETURN 13.49% 14.85% 134.66% 157.33% European Large Cap A1 Acc EUR MSCI EUROPE - NET RETURN 6.11% 14.85% 91.94% 157.33% European Large Cap I Acc EUR MSCI EUROPE - NET RETURN 19.14% 14.85% 164.70% 157.33%

European Smaller Companies Total NAV (Base Currency): EUR 244,306,147.81 Subfund Launch: 07/10/1994

European Smaller Companies A Dis EUR HSBC European Smaller TR 12.19% 33.06% 243.67% 245.96% European Smaller Companies B Dis EUR HSBC European Smaller TR 8.91% 33.06% 211.58% 245.96% European Smaller Companies C Dis EUR HSBC European Smaller TR 16.21% 33.06% 275.66% 245.96% European Smaller Companies A Acc EUR HSBC European Smaller TR 12.29% 33.06% 237.72% 245.96% European Smaller Companies B Acc EUR HSBC European Smaller TR 8.93% 33.06% 218.07% 245.96% European Smaller Companies C Acc EUR HSBC European Smaller TR 16.32% 33.06% 275.04% 245.96% European Smaller Companies A1 EUR HSBC European Smaller TR 10.07% 33.06% 215.67% 245.96% European Smaller Companies B1 EUR HSBC European Smaller TR 6.17% 33.06% 183.36% 245.96% European Smaller Companies I EUR HSBC European Smaller TR 23.59% 33.06% 347.52% 245.96% European Smaller Companies USD A1 Acc USD HSBC European Smaller TR 17.10% 40.66% 267.28% 299.97%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 337 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

European Special Situations Total NAV (Base Currency): EUR 1,191,760,470.37 Subfund Launch: 31/03/2006

European Special Situations A Acc EUR MSCI EUROPE - NET RETURN 28.59% 31.60% -23.10% -23.84% European Special Situations B Acc EUR MSCI EUROPE - NET RETURN 27.82% 31.60% -24.56% -23.84% European Special Situations C Acc EUR MSCI EUROPE - NET RETURN 29.49% 31.60% -21.51% -23.84% European Special Situations A1 Acc EUR MSCI EUROPE - NET RETURN 28.07% 31.60% -24.07% -23.84% European Special Situations I Acc EUR MSCI EUROPE - NET RETURN 31.14% 31.60% -18.45% -23.84% European Special Situations C Dis EUR MSCI EUROPE - NET RETURN 29.49% 31.60% -21.69% -23.84%

EURO Short Term Bond Total NAV (Base Currency): EUR 1,147,501,060.97 Subfund Launch: 17/03/1998

EURO Short Term Bond A Dis EUR Citi EMU Gov Bond 1-3y EUR TR 4.24% 4.18% 12.42% 15.60% EURO Short Term Bond B Dis EUR Citi EMU Gov Bond 1-3y EUR TR 3.91% 4.18% 11.82% 15.60% EURO Short Term Bond C Dis EUR Citi EMU Gov Bond 1-3y EUR TR 4.67% 4.18% 13.38% 15.60% EURO Short Term Bond A Acc EUR Citi EMU Gov Bond 1-3y EUR TR 4.24% 4.18% 12.35% 15.60% EURO Short Term Bond B Acc EUR Citi EMU Gov Bond 1-3y EUR TR 4.13% 4.18% 11.95% 15.60% EURO Short Term Bond C Acc EUR Citi EMU Gov Bond 1-3y EUR TR 4.56% 4.18% 13.34% 15.60% EURO Short Term Bond A1 EUR Citi EMU Gov Bond 1-3y EUR TR 3.72% 4.18% 10.69% 15.60% EURO Short Term Bond B1 EUR Citi EMU Gov Bond 1-3y EUR TR 2.93% 4.18% 8.14% 15.60% EURO Short Term Bond I EUR Citi EMU Gov Bond 1-3y EUR TR 4.78% 4.18% 14.17% 15.60%

Global Bond Total NAV (Base Currency): USD 270,147,075.06 Subfund Launch: 03/06/1993

Global Bond A Dis USD Barclays Capital Global Aggregate Bond Index 9.84% 6.93% 22.59% 22.67% Global Bond B Dis USD Barclays Capital Global Aggregate Bond Index 9.14% 6.93% 20.48% 22.67% Global Bond C Dis USD Barclays Capital Global Aggregate Bond Index 10.23% 6.93% 23.65% 22.67% Global Bond A Acc USD Barclays Capital Global Aggregate Bond Index 9.87% 6.93% 22.49% 22.67% Global Bond B Acc USD Barclays Capital Global Aggregate Bond Index 9.23% 6.93% 20.66% 22.67% Global Bond C Acc USD Barclays Capital Global Aggregate Bond Index 10.06% 6.93% 23.48% 22.67% Global Bond A1 USD Barclays Capital Global Aggregate Bond Index 9.16% 6.93% 20.47% 22.67% Global Bond B1 USD Barclays Capital Global Aggregate Bond Index 8.44% 6.93% 17.95% 22.67% Global Bond I USD Barclays Capital Global Aggregate Bond Index 10.85% 6.93% 25.73% 22.67% Global Bond USD Hedged I Acc USD Barclays Capital Global Aggregate Bond Index 7.98% 6.93% 18.76% 22.67%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 338 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

European Special Situations Total NAV (Base Currency): EUR 1,191,760,470.37 Subfund Launch: 31/03/2006

European Special Situations A Acc EUR MSCI EUROPE - NET RETURN - - -13.91% -15.62% European Special Situations B Acc EUR MSCI EUROPE - NET RETURN - - -15.78% -15.62% European Special Situations C Acc EUR MSCI EUROPE - NET RETURN - - -11.66% -15.62% European Special Situations A1 Acc EUR MSCI EUROPE - NET RETURN - - -14.90% -15.62% European Special Situations I Acc EUR MSCI EUROPE - NET RETURN - - -6.94% -15.62% European Special Situations C Dis EUR MSCI EUROPE - NET RETURN - - -11.89% -15.62%

EURO Short Term Bond Total NAV (Base Currency): EUR 1,147,501,060.97 Subfund Launch: 17/03/1998

EURO Short Term Bond A Dis EUR Citi EMU Gov Bond 1-3y EUR TR 15.30% 20.10% 45.50% 57.28% EURO Short Term Bond B Dis EUR Citi EMU Gov Bond 1-3y EUR TR 14.54% 20.10% 43.47% 57.28% EURO Short Term Bond C Dis EUR Citi EMU Gov Bond 1-3y EUR TR 17.05% 20.10% 50.41% 57.28% EURO Short Term Bond A Acc EUR Citi EMU Gov Bond 1-3y EUR TR 15.28% 20.10% 45.50% 57.28% EURO Short Term Bond B Acc EUR Citi EMU Gov Bond 1-3y EUR TR 14.69% 20.10% 44.07% 57.28% EURO Short Term Bond C Acc EUR Citi EMU Gov Bond 1-3y EUR TR 17.21% 20.10% 51.04% 57.28% EURO Short Term Bond A1 EUR Citi EMU Gov Bond 1-3y EUR TR 12.43% 20.10% 38.01% 57.28% EURO Short Term Bond B1 EUR Citi EMU Gov Bond 1-3y EUR TR 8.33% 20.10% 25.66% 57.28% EURO Short Term Bond I EUR Citi EMU Gov Bond 1-3y EUR TR 18.61% 20.10% 55.07% 57.28%

Global Bond Total NAV (Base Currency): USD 270,147,075.06 Subfund Launch: 03/06/1993

Global Bond A Dis USD Barclays Capital Global Aggregate Bond Index 24.64% 24.95% 108.65% 162.53% Global Bond B Dis USD Barclays Capital Global Aggregate Bond Index 21.23% 24.95% 86.65% 162.53% Global Bond C Dis USD Barclays Capital Global Aggregate Bond Index 26.54% 24.95% 120.41% 162.53% Global Bond A Acc USD Barclays Capital Global Aggregate Bond Index 24.45% 24.95% 107.82% 162.53% Global Bond B Acc USD Barclays Capital Global Aggregate Bond Index 21.47% 24.95% 97.78% 162.53% Global Bond C Acc USD Barclays Capital Global Aggregate Bond Index 26.33% 24.95% 126.08% 162.53% Global Bond A1 USD Barclays Capital Global Aggregate Bond Index 21.22% 24.95% 91.34% 162.53% Global Bond B1 USD Barclays Capital Global Aggregate Bond Index 16.82% 24.95% 68.78% 162.53% Global Bond I USD Barclays Capital Global Aggregate Bond Index 30.14% 24.95% 142.01% 162.53% Global Bond USD Hedged I Acc USD Barclays Capital Global Aggregate Bond Index 20.15% 24.95% 123.43% 162.53%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 339 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

Global Climate Change Equity Total NAV (Base Currency): USD 239,251,968.33 Subfund Launch: 29/06/2007

Global Climate Change Equity EUR A Acc EUR MSCI World - Net Return - USD 37.73% 26.61% - - Global Climate Change Equity EUR B Acc EUR MSCI World - Net Return - USD 36.92% 26.61% - - Global Climate Change Equity EUR C Acc EUR MSCI World - Net Return - USD 38.66% 26.61% - - Global Climate Change Equity EUR A1 Acc EUR MSCI World - Net Return - USD 37.01% 26.61% - - Global Climate Change Equity EUR I Acc EUR MSCI World - Net Return - USD 40.33% 26.61% - - Global Climate Change Equity EUR Hg A Acc EUR MSCI World Hedged to EUR 39.12% 24.95% - - Global Climate Change Equity EUR Hg B Acc EUR MSCI World Hedged to EUR 38.34% 24.95% - - Global Climate Change Equity EUR Hg C Acc EUR MSCI World Hedged to EUR 40.17% 24.95% - - Global Climate Change Equity EUR Hg A1 Acc EUR MSCI World Hedged to EUR 38.80% 24.95% - - Global Climate Change Equity GBP C Dis GBP MSCI World - Net Return - USD 29.34% 17.33% - - Global Climate Change Equity SGD A Acc SGD MSCI World - Net Return - USD 38.95% 27.38% - - Global Climate Change Equity A Acc USD MSCI World - Net Return - USD 42.76% 29.99% - - Global Climate Change Equity C Acc USD MSCI World - Net Return - USD 43.81% 29.99% - - Global Climate Change Equity A1 Acc USD MSCI World - Net Return - USD 42.38% 29.99% - - Global Climate Change Equity I Acc USD MSCI World - Net Return - USD 45.53% 29.99% - - Global Climate Change Equity C Dis USD MSCI World - Net Return - USD 43.85% 29.99% - - Global Climate Change Equity B Acc USD MSCI World - Net Return - USD 42.05% 29.99% - -

Global Convertible Bond Total NAV (Base Currency): USD 191,506,721.86 Subfund Launch: 14/03/2008

Global Convertible Bond EUR Hedged A Acc EUR - 22.46% - - - Global Convertible Bond EUR Hedged A1 Acc EUR - 22.02% - - - Global Convertible Bond EUR Hedged B Acc EUR - 21.83% - - - Global Convertible Bond EUR Hedged C Acc EUR - 23.17% - - - Global Convertible Bond EUR Hedged I Acc EUR - 24.43% - - - Global Convertible Bond GBP Hedged C Acc GBP - 24.06% - - - Global Convertible Bond GBP Hedged C Dis GBP - 23.85% - - - Global Convertible Bond A Acc USD - 23.01% - - - Global Convertible Bond A1 Acc USD - 22.55% - - - Global Convertible Bond B Acc USD - 22.37% - - - Global Convertible Bond C Acc USD - 23.72% - - - Global Convertible Bond I Acc USD - 24.99% - - -

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 340 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

Global Climate Change Equity Total NAV (Base Currency): USD 239,251,968.33 Subfund Launch: 29/06/2007

Global Climate Change Equity EUR A Acc EUR MSCI World - Net Return - USD - - -18.60% -27.27% Global Climate Change Equity EUR B Acc EUR MSCI World - Net Return - USD - - -19.90% -27.27% Global Climate Change Equity EUR C Acc EUR MSCI World - Net Return - USD - - -17.50% -27.27% Global Climate Change Equity EUR A1 Acc EUR MSCI World - Net Return - USD - - -19.30% -27.27% Global Climate Change Equity EUR I Acc EUR MSCI World - Net Return - USD - - -14.40% -27.27% Global Climate Change Equity EUR Hg A Acc EUR MSCI World Hedged to EUR - - -16.07% -26.81% Global Climate Change Equity EUR Hg B Acc EUR MSCI World Hedged to EUR - - -21.15% -26.81% Global Climate Change Equity EUR Hg C Acc EUR MSCI World Hedged to EUR - - -14.53% -26.81% Global Climate Change Equity EUR Hg A1 Acc EUR MSCI World Hedged to EUR - - -16.78% -26.81% Global Climate Change Equity GBP C Dis GBP MSCI World - Net Return - USD - - 9.54% -4.33% Global Climate Change Equity SGD A Acc SGD MSCI World - Net Return - USD - - -20.73% -29.29% Global Climate Change Equity A Acc USD MSCI World - Net Return - USD - - -13.20% -23.03% Global Climate Change Equity C Acc USD MSCI World - Net Return - USD - - -11.70% -23.03% Global Climate Change Equity A1 Acc USD MSCI World - Net Return - USD - - -14.00% -23.03% Global Climate Change Equity I Acc USD MSCI World - Net Return - USD - - -8.90% -23.03% Global Climate Change Equity C Dis USD MSCI World - Net Return - USD - - -11.58% -23.03% Global Climate Change Equity B Acc USD MSCI World - Net Return - USD - - -14.44% -23.03%

Global Convertible Bond Total NAV (Base Currency): USD 191,506,721.86 Subfund Launch: 14/03/2008

Global Convertible Bond EUR Hedged A Acc EUR - - - -2.69% - Global Convertible Bond EUR Hedged A1 Acc EUR - - - -3.32% - Global Convertible Bond EUR Hedged B Acc EUR - - - -3.56% - Global Convertible Bond EUR Hedged C Acc EUR - - - -1.59% - Global Convertible Bond EUR Hedged I Acc EUR - - - 0.22% - Global Convertible Bond GBP Hedged C Acc GBP - - - 1.43% - Global Convertible Bond GBP Hedged C Dis GBP - - - 1.27% - Global Convertible Bond A Acc USD - - - -2.06% - Global Convertible Bond A1 Acc USD - - - -2.60% - Global Convertible Bond B Acc USD - - - -2.86% - Global Convertible Bond C Acc USD - - - -0.90% - Global Convertible Bond I Acc USD - - - 0.94% -

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 341 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

Global Corporate Bond Total NAV (Base Currency): USD 1,138,026,020.02 Subfund Launch: 20/09/1994

Global Corporate Bond EUR Hedged A Acc EUR Barclays Capital Global Aggregate Credit Component EUR 17.82% 14.04% 14.64% 13.12% Hedged Global Corporate Bond EUR Hedged A Dis EUR Barclays Capital Global Aggregate Credit Component EUR 17.47% 14.04% 14.43% 13.12% Hedged Global Corporate Bond EUR Hedged B Acc EUR Barclays Capital Global Aggregate Credit Component EUR 17.24% 14.04% 13.00% 13.12% Hedged Global Corporate Bond EUR Hedged A1 Acc EUR Barclays Capital Global Aggregate Credit Component EUR 17.29% 14.04% 13.13% 13.12% Hedged Global Corporate Bond EUR Hedged I Acc EUR Barclays Capital Global Aggregate Credit Component EUR 19.67% 14.04% 20.55% 13.12% Hedged Global Corporate Bond SGD Hedged A Dis SGD Barclays Capital Global Aggregate Credit Component SGD 18.06% 14.38% 9.72% 10.18% Hedged Global Corporate Bond A Dis USD Barclays Capital Global Aggregate Credit Component USD 18.18% 14.09% 15.67% 14.86% Hedged Global Corporate Bond C Dis USD Barclays Capital Global Aggregate Credit Component USD 18.33% 14.09% 17.09% 14.86% Hedged Global Corporate Bond B Dis USD Barclays Capital Global Aggregate Credit Component USD 17.13% 14.09% 13.68% 14.86% Hedged Global Corporate Bond A Acc USD Barclays Capital Global Aggregate Credit Component USD 18.08% 14.09% 15.55% 14.86% Hedged Global Corporate Bond B Acc USD Barclays Capital Global Aggregate Credit Component USD 17.31% 14.09% 13.62% 14.86% Hedged Global Corporate Bond C Acc USD Barclays Capital Global Aggregate Credit Component USD 18.38% 14.09% 16.94% 14.86% Hedged Global Corporate Bond A1 USD Barclays Capital Global Aggregate Credit Component USD 17.51% 14.09% 13.93% 14.86% Hedged Global Corporate Bond B1 USD Barclays Capital Global Aggregate Credit Component USD 16.56% 14.09% 11.54% 14.86% Hedged Global Corporate Bond I USD Barclays Capital Global Aggregate Credit Component USD 19.19% 14.09% 19.34% 14.86% Hedged Global Corporate Bond A1 Dis USD Barclays Capital Global Aggregate Credit Component USD 17.60% 14.09% 14.21% 14.86% Hedged

Global Credit Duration Hedged Total NAV (Base Currency): EUR 325,680,914.25 Subfund Launch: 30/09/2005

Global Credit Duration Hedged A Acc EUR 3 Month Euribor 14.74% 7.23% 2.77% 3.96% Global Credit Duration Hedged A1 Acc EUR 3 Month Euribor 14.49% 7.23% 2.07% 3.96% Global Credit Duration Hedged B Acc EUR 3 Month Euribor 14.22% 7.23% 1.29% 3.96% Global Credit Duration Hedged C Acc EUR 3 Month Euribor 15.51% 7.23% 4.99% 3.96% Global Credit Duration Hedged I Acc EUR 3 Month Euribor 16.84% 7.23% 8.72% 3.96% Global Credit Duration Hedged C Dis EUR 3 Month Euribor 15.46% 7.23% 4.85% 3.96% Global Credit Duration Hedged GBP Hedged I Acc GBP 3 Month Sterling Libor 16.47% 6.82% 11.19% 6.64% Global Credit Duration Hedged USD Hedged I Acc USD 3 Month US Dollar Libor 16.61% 6.82% 7.85% 4.49%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 342 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

Global Corporate Bond Total NAV (Base Currency): USD 1,138,026,020.02 Subfund Launch: 20/09/1994

Global Corporate Bond EUR Hedged A Acc EUR Barclays Capital Global Aggregate Credit Component EUR 13.32% 17.59% 54.01% 42.22% Hedged Global Corporate Bond EUR Hedged A Dis EUR Barclays Capital Global Aggregate Credit Component EUR 13.05% 17.59% 53.65% 42.22% Hedged Global Corporate Bond EUR Hedged B Acc EUR Barclays Capital Global Aggregate Credit Component EUR 10.52% 17.59% 48.59% 42.22% Hedged Global Corporate Bond EUR Hedged A1 Acc EUR Barclays Capital Global Aggregate Credit Component EUR 11.11% 17.59% 51.12% 42.22% Hedged Global Corporate Bond EUR Hedged I Acc EUR Barclays Capital Global Aggregate Credit Component EUR 22.87% 17.59% 74.51% 42.22% Hedged Global Corporate Bond SGD Hedged A Dis SGD Barclays Capital Global Aggregate Credit Component SGD 7.08% 15.22% 43.88% 34.58% Hedged Global Corporate Bond A Dis USD Barclays Capital Global Aggregate Credit Component USD 19.16% 18.45% 58.80% 59.64% Hedged Global Corporate Bond C Dis USD Barclays Capital Global Aggregate Credit Component USD 21.83% 18.45% 64.96% 59.64% Hedged Global Corporate Bond B Dis USD Barclays Capital Global Aggregate Credit Component USD 15.70% 18.45% 52.80% 59.64% Hedged Global Corporate Bond A Acc USD Barclays Capital Global Aggregate Credit Component USD 18.94% 18.45% 58.82% 59.64% Hedged Global Corporate Bond B Acc USD Barclays Capital Global Aggregate Credit Component USD 15.88% 18.45% 53.02% 59.64% Hedged Global Corporate Bond C Acc USD Barclays Capital Global Aggregate Credit Component USD 21.72% 18.45% 64.69% 59.64% Hedged Global Corporate Bond A1 USD Barclays Capital Global Aggregate Credit Component USD 16.30% 18.45% 54.53% 59.64% Hedged Global Corporate Bond B1 USD Barclays Capital Global Aggregate Credit Component USD 12.06% 18.45% 47.06% 59.64% Hedged Global Corporate Bond I USD Barclays Capital Global Aggregate Credit Component USD 25.80% 18.45% 74.55% 59.64% Hedged Global Corporate Bond A1 Dis USD Barclays Capital Global Aggregate Credit Component USD 16.93% 18.45% 55.78% 59.64% Hedged

Global Credit Duration Hedged Total NAV (Base Currency): EUR 325,680,914.25 Subfund Launch: 30/09/2005

Global Credit Duration Hedged A Acc EUR 3 Month Euribor - - 7.12% 3.84% Global Credit Duration Hedged A1 Acc EUR 3 Month Euribor - - 6.34% 3.84% Global Credit Duration Hedged B Acc EUR 3 Month Euribor - - 5.17% 3.84% Global Credit Duration Hedged C Acc EUR 3 Month Euribor - - 10.69% 3.84% Global Credit Duration Hedged I Acc EUR 3 Month Euribor - - 16.29% 3.84% Global Credit Duration Hedged C Dis EUR 3 Month Euribor - - 10.52% 3.84% Global Credit Duration Hedged GBP Hedged I Acc GBP 3 Month Sterling Libor - - 21.63% 9.11% Global Credit Duration Hedged USD Hedged I Acc USD 3 Month US Dollar Libor - - 18.29% 7.25%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 343 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

Global Dividend Maximiser Total NAV (Base Currency): USD 23,654,370.58 Subfund Launch: 13/07/2007

Global Dividend Maximiser GBP C Dis GBP MSCI AC World TR Net 11.18% 21.51% - - Global Dividend Maximiser SGD A Acc SGD MSCI AC World TR Net 19.30% 31.92% - - Global Dividend Maximiser SGD A Dis SGD MSCI AC World TR Net 19.31% 31.92% - - Global Dividend Maximiser A Acc USD MSCI AC World TR Net 22.56% 34.63% - - Global Dividend Maximiser B Acc USD MSCI AC World TR Net 21.68% 34.63% - - Global Dividend Maximiser C Acc USD MSCI AC World TR Net 23.20% 34.63% - - Global Dividend Maximiser A Dis USD MSCI AC World TR Net 22.61% 34.63% - - Global Dividend Maximiser C Dis USD MSCI AC World TR Net 23.30% 34.63% - - Global Dividend Maximiser A1 Acc USD MSCI AC World TR Net 22.18% 34.63% - - Global Dividend Maximiser A1 Dis USD MSCI AC World TR Net 22.01% 34.63% - - Global Dividend Maximiser B Dis USD MSCI AC World TR Net 21.96% 34.63% - -

Global Emerging Market Opportunities Total NAV (Base Currency): USD 517,575,092.89 Subfund Launch: 19/01/2007

Global Emerging Markets Opportunities EUR A Acc EUR MSCI EM Net TR 68.53% 73.87% - - Global Emerging Markets Opportunities EUR B Acc EUR MSCI EM Net TR 67.42% 73.87% - - Global Emerging Markets Opportunities EUR C Acc EUR MSCI EM Net TR 69.81% 73.87% - - Global Emerging Markets Opportunities EUR A1 Acc EUR MSCI EM Net TR 67.79% 73.87% - - Global Emerging Markets Opportunities EUR I Acc EUR MSCI EM Net TR 71.87% 73.87% - - Global Emerging Markets Opportunities EUR D Acc EUR MSCI EM Net TR 66.67% 73.87% - - Global Emerging Markets Opportunities SGD A Acc SGD MSCI EM Net TR 70.23% 74.92% - - Global Emerging Markets Opportunities A Acc USD MSCI EM Net TR 74.74% 78.51% - - Global Emerging Markets Opportunities B Acc USD MSCI EM Net TR 73.88% 78.51% - - Global Emerging Markets Opportunities C Acc USD MSCI EM Net TR 76.09% 78.51% - - Global Emerging Markets Opportunities A1 Acc USD MSCI EM Net TR 74.18% 78.51% - - Global Emerging Markets Opportunities I Acc USD MSCI EM Net TR 78.52% 78.51% - - Global Emerging Markets Opportunities D Acc USD MSCI EM Net TR 73.22% 78.51% - -

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 344 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

Global Dividend Maximiser Total NAV (Base Currency): USD 23,654,370.58 Subfund Launch: 13/07/2007

Global Dividend Maximiser GBP C Dis GBP MSCI AC World TR Net - - -11.32% -3.95% Global Dividend Maximiser SGD A Acc SGD MSCI AC World TR Net - - -31.40% -28.67% Global Dividend Maximiser SGD A Dis SGD MSCI AC World TR Net - - -31.42% -28.67% Global Dividend Maximiser A Acc USD MSCI AC World TR Net - - -31.00% -23.79% Global Dividend Maximiser B Acc USD MSCI AC World TR Net - - -32.10% -23.79% Global Dividend Maximiser C Acc USD MSCI AC World TR Net - - -29.90% -23.79% Global Dividend Maximiser A Dis USD MSCI AC World TR Net - - -30.96% -23.79% Global Dividend Maximiser C Dis USD MSCI AC World TR Net - - -29.79% -23.79% Global Dividend Maximiser A1 Acc USD MSCI AC World TR Net - - -31.70% -23.79% Global Dividend Maximiser A1 Dis USD MSCI AC World TR Net - - -31.62% -23.79% Global Dividend Maximiser B Dis USD MSCI AC World TR Net - - -31.92% -23.79%

Global Emerging Market Opportunities Total NAV (Base Currency): USD 517,575,092.89 Subfund Launch: 19/01/2007

Global Emerging Markets Opportunities EUR A Acc EUR MSCI EM Net TR - - 20.50% 6.83% Global Emerging Markets Opportunities EUR B Acc EUR MSCI EM Net TR - - 18.20% 6.83% Global Emerging Markets Opportunities EUR C Acc EUR MSCI EM Net TR - - 22.60% 6.83% Global Emerging Markets Opportunities EUR A1 Acc EUR MSCI EM Net TR - - 19.30% 6.83% Global Emerging Markets Opportunities EUR I Acc EUR MSCI EM Net TR - - 27.70% 6.83% Global Emerging Markets Opportunities EUR D Acc EUR MSCI EM Net TR - - 16.77% 6.83% Global Emerging Markets Opportunities SGD A Acc SGD MSCI EM Net TR - - 21.82% 7.92% Global Emerging Markets Opportunities A Acc USD MSCI EM Net TR - - 34.20% 18.06% Global Emerging Markets Opportunities B Acc USD MSCI EM Net TR - - 31.80% 18.06% Global Emerging Markets Opportunities C Acc USD MSCI EM Net TR - - 37.00% 18.06% Global Emerging Markets Opportunities A1 Acc USD MSCI EM Net TR - - 32.90% 18.06% Global Emerging Markets Opportunities I Acc USD MSCI EM Net TR - - 42.10% 18.06% Global Emerging Markets Opportunities D Acc USD MSCI EM Net TR - - 30.30% 18.06%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 345 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

Global Energy Total NAV (Base Currency): USD 1,220,849,791.40 Subfund Launch: 30/06/2006

Global Energy EUR A1 Acc EUR MSCI World Energy Sector Net TR USD 69.69% 22.95% 3.57% -5.60% Global Energy EUR A Acc EUR MSCI World Energy Sector Net TR USD 70.68% 22.95% 5.02% -5.60% Global Energy EUR C Acc EUR MSCI World Energy Sector Net TR USD 72.05% 22.95% 8.23% -5.60% Global Energy GBP A Dis GBP MSCI World Energy Sector Net TR USD 59.22% 13.93% 37.61% 24.29% Global Energy GBP C Dis GBP MSCI World Energy Sector Net TR USD 61.46% 13.93% 43.43% 24.29% Global Energy A Acc USD MSCI World Energy Sector Net TR USD 77.18% 26.23% 15.13% 2.56% Global Energy B Acc USD MSCI World Energy Sector Net TR USD 76.20% 26.23% 13.11% 2.56% Global Energy C Acc USD MSCI World Energy Sector Net TR USD 78.44% 26.23% 17.54% 2.56% Global Energy A1 Acc USD MSCI World Energy Sector Net TR USD 76.44% 26.23% 13.81% 2.56% Global Energy I Acc USD MSCI World Energy Sector Net TR USD 80.63% 26.23% 22.05% 2.56% Global Energy C Dis USD MSCI World Energy Sector Net TR USD 78.40% 26.23% 17.63% 2.56%

Global Equity Total NAV (Base Currency): USD 27,330,040.34 Subfund Launch: 03/06/2005

Global Equity A Acc USD MSCI World - Net Return - USD 41.88% 29.99% -13.08% -15.97% Global Equity B Acc USD MSCI World - Net Return - USD 41.02% 29.99% -14.55% -15.97% Global Equity C Acc USD MSCI World - Net Return - USD 42.91% 29.99% -11.22% -15.97% Global Equity I Acc USD MSCI World - Net Return - USD 44.28% 29.99% -8.62% -15.97% Global Equity A Dis USD MSCI World - Net Return - USD 41.82% 29.99% -13.06% -15.97% Global Equity C Dis USD MSCI World - Net Return - USD 42.87% 29.99% -11.18% -15.97% Global Equity A1 Acc USD MSCI World - Net Return - USD 40.96% 29.99% -14.68% -15.97%

Global Equity Alpha Total NAV (Base Currency): USD 69,799,447.99 Subfund Launch: 29/07/2005

Global Equity Alpha EUR I Acc EUR MSCI World - Net Return - USD 44.44% 26.61% -11.32% -22.66% Global Equity Alpha EUR A1 Acc EUR MSCI World - Net Return - USD 41.16% 26.61% -17.28% -22.66% Global Equity Alpha EUR C Acc EUR MSCI World - Net Return - USD 42.60% 26.61% -15.49% -22.66% Global Equity Alpha EUR B Acc EUR MSCI World - Net Return - USD 40.83% 26.61% -17.91% -22.66% Global Equity Alpha EUR A Acc EUR MSCI World - Net Return - USD 41.68% 26.61% -16.87% -22.66% Global Equity Alpha GBP A Dis GBP MSCI World - Net Return - USD 32.12% 17.33% 11.74% 1.83% Global Equity Alpha GBP I Acc GBP MSCI World - Net Return - USD 35.02% 17.33% 17.26% 1.83% Global Equity Alpha A Acc USD MSCI World - Net Return - USD 47.00% 29.99% -9.03% -15.97% Global Equity Alpha B Acc USD MSCI World - Net Return - USD 46.13% 29.99% -10.28% -15.97% Global Equity Alpha C Acc USD MSCI World - Net Return - USD 48.03% 29.99% -6.79% -15.97% Global Equity Alpha A1 Acc USD MSCI World - Net Return - USD 46.40% 29.99% -9.67% -15.97% Global Equity Alpha I Acc USD MSCI World - Net Return - USD 49.82% 29.99% -3.09% -15.97% Global Equity Alpha C Dis USD MSCI World - Net Return - USD 48.08% 29.99% -6.78% -15.97% Global Equity Alpha A Dis USD MSCI World - Net Return - USD 45.23% 29.99% -10.30% -15.97% Global Equity Alpha B Dis USD MSCI World - Net Return - USD 44.61% 29.99% -11.72% -15.97% Global Equity Alpha B1 Acc USD MSCI World - Net Return - USD 43.55% 29.99% -13.05% -15.97%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 346 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

Global Energy Total NAV (Base Currency): USD 1,220,849,791.40 Subfund Launch: 30/06/2006

Global Energy EUR A1 Acc EUR MSCI World Energy Sector Net TR USD 64.36% 47.41% 353.19% - Global Energy EUR A Acc EUR MSCI World Energy Sector Net TR USD 67.85% 47.41% 390.62% - Global Energy EUR C Acc EUR MSCI World Energy Sector Net TR USD 75.37% 47.41% 477.71% - Global Energy GBP A Dis GBP MSCI World Energy Sector Net TR USD 109.50% 84.87% 567.50% - Global Energy GBP C Dis GBP MSCI World Energy Sector Net TR USD 121.37% 84.87% 694.92% - Global Energy A Acc USD MSCI World Energy Sector Net TR USD 79.03% 55.83% 572.59% - Global Energy B Acc USD MSCI World Energy Sector Net TR USD 73.82% 55.83% 490.20% - Global Energy C Acc USD MSCI World Energy Sector Net TR USD 85.30% 55.83% 684.54% - Global Energy A1 Acc USD MSCI World Energy Sector Net TR USD 75.72% 55.83% 522.77% - Global Energy I Acc USD MSCI World Energy Sector Net TR USD 97.06% 55.83% 928.28% - Global Energy C Dis USD MSCI World Energy Sector Net TR USD 85.49% 55.83% 685.37% -

Global Equity Total NAV (Base Currency): USD 27,330,040.34 Subfund Launch: 03/06/2005

Global Equity A Acc USD MSCI World - Net Return - USD 13.50% 10.46% -8.57% 4.07% Global Equity B Acc USD MSCI World - Net Return - USD 10.31% 10.46% -13.77% 4.07% Global Equity C Acc USD MSCI World - Net Return - USD 17.67% 10.46% -1.80% 4.07% Global Equity I Acc USD MSCI World - Net Return - USD 23.45% 10.46% 8.22% 4.07% Global Equity A Dis USD MSCI World - Net Return - USD 13.59% 10.46% -8.50% 4.07% Global Equity C Dis USD MSCI World - Net Return - USD 17.66% 10.46% -1.81% 4.07% Global Equity A1 Acc USD MSCI World - Net Return - USD 10.14% 10.46% -13.90% 4.07%

Global Equity Alpha Total NAV (Base Currency): USD 69,799,447.99 Subfund Launch: 29/07/2005

Global Equity Alpha EUR I Acc EUR MSCI World - Net Return - USD - - 8.51% -9.04% Global Equity Alpha EUR A1 Acc EUR MSCI World - Net Return - USD - - -1.96% -9.04% Global Equity Alpha EUR C Acc EUR MSCI World - Net Return - USD - - 1.55% -9.04% Global Equity Alpha EUR B Acc EUR MSCI World - Net Return - USD - - -2.79% -9.04% Global Equity Alpha EUR A Acc EUR MSCI World - Net Return - USD - - -1.25% -9.04% Global Equity Alpha GBP A Dis GBP MSCI World - Net Return - USD - - 29.54% 17.06% Global Equity Alpha GBP I Acc GBP MSCI World - Net Return - USD - - 39.99% 17.06% Global Equity Alpha A Acc USD MSCI World - Net Return - USD - - 17.32% 7.48% Global Equity Alpha B Acc USD MSCI World - Net Return - USD - - 15.34% 7.48% Global Equity Alpha C Acc USD MSCI World - Net Return - USD - - 21.59% 7.48% Global Equity Alpha A1 Acc USD MSCI World - Net Return - USD - - 16.23% 7.48% Global Equity Alpha I Acc USD MSCI World - Net Return - USD - - 28.74% 7.48% Global Equity Alpha C Dis USD MSCI World - Net Return - USD - - 21.54% 7.48% Global Equity Alpha A Dis USD MSCI World - Net Return - USD - - 15.31% 7.48% Global Equity Alpha B Dis USD MSCI World - Net Return - USD - - 12.55% 7.48% Global Equity Alpha B1 Acc USD MSCI World - Net Return - USD - - 10.24% 7.48%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 347 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

Global Equity Yield Total NAV (Base Currency): USD 61,636,120.43 Subfund Launch: 29/07/2005

Global Equity Yield EUR A Acc EUR MSCI AC World TR Net 24.74% 31.13% -31.25% -20.02% Global Equity Yield EUR B Acc EUR MSCI AC World TR Net 23.89% 31.13% -32.45% -20.02% Global Equity Yield EUR C Acc EUR MSCI AC World TR Net 25.49% 31.13% -29.76% -20.02% Global Equity Yield EUR A1 Acc EUR MSCI AC World TR Net 24.12% 31.13% -31.90% -20.02% Global Equity Yield EUR I Acc EUR MSCI AC World TR Net 27.10% 31.13% -27.07% -20.02% Global Equity Yield GBP A Dis GBP MSCI AC World TR Net 16.25% 21.51% -8.60% 5.31% Global Equity Yield A Acc USD MSCI AC World TR Net 29.33% 34.63% -24.83% -13.10% Global Equity Yield B Acc USD MSCI AC World TR Net 28.59% 34.63% -26.19% -13.10% Global Equity Yield C Acc USD MSCI AC World TR Net 30.24% 34.63% -23.22% -13.10% Global Equity Yield A1 Acc USD MSCI AC World TR Net 28.81% 34.63% -25.66% -13.10% Global Equity Yield I Acc USD MSCI AC World TR Net 31.88% 34.63% -20.31% -13.10% Global Equity Yield A Dis USD MSCI AC World TR Net 29.33% 34.63% -24.83% -13.10% Global Equity Yield C Dis USD MSCI AC World TR Net 30.21% 34.63% -23.19% -13.10% Global Equity Yield A1 Dis USD MSCI AC World TR Net 28.82% 34.63% -25.61% -13.10% Global Equity Yield I Dis USD MSCI AC World TR Net 31.87% 34.63% -20.30% -13.10%

Global High Yield Total NAV (Base Currency): USD 2,691,423,588.49 Subfund Launch: 16/04/2004

Global High Yield EUR Hedged A Acc EUR Barclays Capital Global High Yield Corp. EUR Hedged 2% cap 40.93% 62.57% 7.57% 17.66% Global High Yield EUR Hedged B Acc EUR Barclays Capital Global High Yield Corp. EUR Hedged 2% cap 40.26% 62.57% 5.95% 17.66% Global High Yield EUR Hedged C Acc EUR Barclays Capital Global High Yield Corp. EUR Hedged 2% cap 41.67% 62.57% 9.23% 17.66% Global High Yield EUR Hedged I Acc EUR Barclays Capital Global High Yield Corp. EUR Hedged 2% cap 42.73% 62.57% 11.61% 17.66% Global High Yield EUR Hedged A1 Acc EUR Barclays Capital Global High Yield Corp. EUR Hedged 2% cap 40.32% 62.57% 6.12% 17.66% Global High Yield EUR Hedged I Acc GBP Barclays Capital Global High Yield Corp. GBP Hedged 2% cap 42.34% 61.35% 14.51% 20.21% Global High Yield EUR Hedged C Dis GBP Barclays Capital Global High Yield Corp. GBP Hedged 2% cap 42.39% 61.35% 14.40% 20.21% Global High Yield A Acc USD Barclays Capital Global High Yield Corp. USD Hedged 2% cap 41.16% 62.33% 8.86% 21.53% Global High Yield B Acc USD Barclays Capital Global High Yield Corp. USD Hedged 2% cap 40.49% 62.33% 7.26% 21.53% Global High Yield C Acc USD Barclays Capital Global High Yield Corp. USD Hedged 2% cap 41.89% 62.33% 10.45% 21.53% Global High Yield A1 Acc USD Barclays Capital Global High Yield Corp. USD Hedged 2% cap 40.56% 62.33% 7.48% 21.53% Global High Yield I Acc USD Barclays Capital Global High Yield Corp. USD Hedged 2% cap 43.04% 62.33% 12.97% 21.53% Global High Yield A Dis USD Barclays Capital Global High Yield Corp. USD Hedged 2% cap 41.27% 62.33% 8.93% 21.53% Global High Yield A1 Dis USD Barclays Capital Global High Yield Corp. USD Hedged 2% cap 40.51% 62.33% 7.34% 21.53% Global High Yield B Dis USD Barclays Capital Global High Yield Corp. USD Hedged 2% cap 40.44% 62.33% 7.19% 21.53%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 348 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

Global Equity Yield Total NAV (Base Currency): USD 61,636,120.43 Subfund Launch: 29/07/2005

Global Equity Yield EUR A Acc EUR MSCI AC World TR Net - - -15.05% -4.61% Global Equity Yield EUR B Acc EUR MSCI AC World TR Net - - -17.22% -4.61% Global Equity Yield EUR C Acc EUR MSCI AC World TR Net - - -12.22% -4.61% Global Equity Yield EUR A1 Acc EUR MSCI AC World TR Net - - -16.21% -4.61% Global Equity Yield EUR I Acc EUR MSCI AC World TR Net - - -7.34% -4.61% Global Equity Yield GBP A Dis GBP MSCI AC World TR Net - - 8.62% 22.77% Global Equity Yield A Acc USD MSCI AC World TR Net - - 0.93% 12.72% Global Equity Yield B Acc USD MSCI AC World TR Net - - -1.72% 12.72% Global Equity Yield C Acc USD MSCI AC World TR Net - - 4.27% 12.72% Global Equity Yield A1 Acc USD MSCI AC World TR Net - - -0.60% 12.72% Global Equity Yield I Acc USD MSCI AC World TR Net - - 10.04% 12.72% Global Equity Yield A Dis USD MSCI AC World TR Net - - 1.09% 12.72% Global Equity Yield C Dis USD MSCI AC World TR Net - - 4.13% 12.72% Global Equity Yield A1 Dis USD MSCI AC World TR Net - - -0.68% 12.72% Global Equity Yield I Dis USD MSCI AC World TR Net - - 10.08% 12.72%

Global High Yield Total NAV (Base Currency): USD 2,691,423,588.49 Subfund Launch: 16/04/2004

Global High Yield EUR Hedged A Acc EUR Barclays Capital Global High Yield Corp. EUR Hedged 2% cap 18.14% 30.78% 29.30% 42.88% Global High Yield EUR Hedged B Acc EUR Barclays Capital Global High Yield Corp. EUR Hedged 2% cap 15.18% 30.78% 25.60% 42.88% Global High Yield EUR Hedged C Acc EUR Barclays Capital Global High Yield Corp. EUR Hedged 2% cap 20.93% 30.78% 32.60% 42.88% Global High Yield EUR Hedged I Acc EUR Barclays Capital Global High Yield Corp. EUR Hedged 2% cap 25.64% 30.78% 38.45% 42.88% Global High Yield EUR Hedged A1 Acc EUR Barclays Capital Global High Yield Corp. EUR Hedged 2% cap 15.53% 30.78% 26.35% 42.88% Global High Yield EUR Hedged I Acc GBP Barclays Capital Global High Yield Corp. GBP Hedged 2% cap 34.17% 39.15% 51.75% 55.19% Global High Yield EUR Hedged C Dis GBP Barclays Capital Global High Yield Corp. GBP Hedged 2% cap 32.72% 39.15% 49.29% 55.19% Global High Yield A Acc USD Barclays Capital Global High Yield Corp. USD Hedged 2% cap 23.96% 39.76% 35.80% 52.25% Global High Yield B Acc USD Barclays Capital Global High Yield Corp. USD Hedged 2% cap 20.84% 39.76% 32.20% 52.25% Global High Yield C Acc USD Barclays Capital Global High Yield Corp. USD Hedged 2% cap 27.09% 39.76% 40.05% 52.25% Global High Yield A1 Acc USD Barclays Capital Global High Yield Corp. USD Hedged 2% cap 21.31% 39.76% 32.90% 52.25% Global High Yield I Acc USD Barclays Capital Global High Yield Corp. USD Hedged 2% cap 31.68% 39.76% 45.90% 52.25% Global High Yield A Dis USD Barclays Capital Global High Yield Corp. USD Hedged 2% cap 24.05% 39.76% 35.89% 52.25% Global High Yield A1 Dis USD Barclays Capital Global High Yield Corp. USD Hedged 2% cap 21.41% 39.76% 32.69% 52.25% Global High Yield B Dis USD Barclays Capital Global High Yield Corp. USD Hedged 2% cap 21.11% 39.76% 32.33% 52.25%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 349 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

Global Inflation Linked Bond Total NAV (Base Currency): EUR 346,242,785.10 Subfund Launch: 28/11/2003

Global Inflation Linked Bond A Acc EUR Merrill Lynch Global Governments Inflation-Linked EUR Hedged 6.65% 8.63% 10.57% 15.21% Global Inflation Linked Bond B Acc EUR Merrill Lynch Global Governments Inflation-Linked EUR Hedged 6.07% 8.63% 8.94% 15.21% Global Inflation Linked Bond C Acc EUR Merrill Lynch Global Governments Inflation-Linked EUR Hedged 6.94% 8.63% 11.57% 15.21% Global Inflation Linked Bond A1 Acc EUR Merrill Lynch Global Governments Inflation-Linked EUR Hedged 6.05% 8.63% 8.82% 15.21% Global Inflation Linked Bond I Acc EUR Merrill Lynch Global Governments Inflation-Linked EUR Hedged 7.58% 8.63% 13.55% 15.21% Global Inflation Linked Bond C Dis EUR Merrill Lynch Global Governments Inflation-Linked EUR Hedged 6.92% 8.63% 11.53% 15.21% Global Inflation Linked Bond GBP Hedged C Dis GBP Merrill Lynch Global Governments Inflation-Linked GBP Hedged 6.73% 8.90% 13.60% 20.13% Global Inflation Linked Bond USD Hedged A Acc USD Merrill Lynch Global Governments Inflation-Linked USD Hedged 6.60% 8.83% 11.38% 17.97% Global Inflation Linked Bond USD Hedged C Acc USD Merrill Lynch Global Governments Inflation-Linked USD Hedged 6.89% 8.83% 12.38% 17.97% Global Inflation Linked Bond USD Hedged B Acc USD Merrill Lynch Global Governments Inflation-Linked USD Hedged 6.01% 8.83% 9.67% 17.97% Global Inflation Linked Bond USD Hedged C Dis USD Merrill Lynch Global Governments Inflation-Linked USD Hedged 6.92% 8.83% 12.33% 17.97% Global Inflation Linked Bond USD Hedged A1 Acc USD Merrill Lynch Global Governments Inflation-Linked USD Hedged 5.74% 8.83% 7.85% 17.97%

Global Property Securities Total NAV (Base Currency): USD 433,589,611.08 Subfund Launch: 31/10/2005

Global Property Securities EUR Hedged A Acc EUR FTSE EPRA NAREIT Developed Real Estate (EUR Hedged)* 45.42% 52.15% -35.78% -28.36% Global Property Securities EUR Hedged B Acc EUR FTSE EPRA NAREIT Developed Real Estate (EUR Hedged)* 44.54% 52.15% -36.92% -28.36% Global Property Securities EUR Hedged C Acc EUR FTSE EPRA NAREIT Developed Real Estate (EUR Hedged)* 46.39% 52.15% -34.43% -28.36% Global Property Securities EUR Hedged A1 Acc EUR FTSE EPRA NAREIT Developed Real Estate (EUR Hedged)* 44.83% 52.15% -36.51% -28.36% Global Property Securities EUR Hedged I Acc EUR FTSE EPRA NAREIT Developed Real Estate (EUR Hedged)* 48.27% 52.15% -31.92% -28.36% Global Property Securities A Acc USD FTSE EPRA NAREIT Developed Real Estate Index 39.97% 38.26% -34.60% -32.75% Global Property Securities B Acc USD FTSE EPRA NAREIT Developed Real Estate Index 39.13% 38.26% -35.75% -32.75% Global Property Securities C Acc USD FTSE EPRA NAREIT Developed Real Estate Index 40.93% 38.26% -33.21% -32.75% Global Property Securities A1 Acc USD FTSE EPRA NAREIT Developed Real Estate Index 39.37% 38.26% -35.34% -32.75% Global Property Securities I Acc USD FTSE EPRA NAREIT Developed Real Estate Index 42.71% 38.26% -30.70% -32.75% Global Property Securities C Dis USD FTSE EPRA NAREIT Developed Real Estate Index 40.94% 38.26% -33.21% -32.75%

Global Smaller Companies Total NAV (Base Currency): USD 78,484,714.01 Subfund Launch: 24/02/2006

Global Smaller Companies EUR A1 Acc EUR S&P Developed SmallCap TR 39.92% 35.82% -18.31% -23.43% Global Smaller Companies A Acc USD S&P Developed SmallCap TR 44.77% 39.43% -10.33% -16.81% Global Smaller Companies B Acc USD S&P Developed SmallCap TR 43.90% 39.43% -12.27% -16.81% Global Smaller Companies C Acc USD S&P Developed SmallCap TR 45.72% 39.43% -8.97% -16.81% Global Smaller Companies A1 Acc USD S&P Developed SmallCap TR 44.16% 39.43% -11.53% -16.81% Global Smaller Companies I Acc USD S&P Developed SmallCap TR 47.61% 39.43% -5.15% -16.81% Global Smaller Companies A Dis USD S&P Developed SmallCap TR 44.75% 39.43% -10.10% -16.81%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 350 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

Global Inflation Linked Bond Total NAV (Base Currency): EUR 346,242,785.10 Subfund Launch: 28/11/2003

Global Inflation Linked Bond A Acc EUR Merrill Lynch Global Governments Inflation-Linked EUR Hedged 12.22% 19.49% 20.30% 32.25% Global Inflation Linked Bond B Acc EUR Merrill Lynch Global Governments Inflation-Linked EUR Hedged 9.86% 19.49% 17.00% 32.25% Global Inflation Linked Bond C Acc EUR Merrill Lynch Global Governments Inflation-Linked EUR Hedged 13.91% 19.49% 22.45% 32.25% Global Inflation Linked Bond A1 Acc EUR Merrill Lynch Global Governments Inflation-Linked EUR Hedged 9.33% 19.49% 16.55% 32.25% Global Inflation Linked Bond I Acc EUR Merrill Lynch Global Governments Inflation-Linked EUR Hedged 17.27% 19.49% 26.95% 32.25% Global Inflation Linked Bond C Dis EUR Merrill Lynch Global Governments Inflation-Linked EUR Hedged 13.98% 19.49% 22.75% 32.25% Global Inflation Linked Bond GBP Hedged C Dis GBP Merrill Lynch Global Governments Inflation-Linked GBP Hedged 20.93% 30.06% 33.45% 47.60% Global Inflation Linked Bond USD Hedged A Acc USD Merrill Lynch Global Governments Inflation-Linked USD Hedged 16.90% 24.71% 24.13% 48.44% Global Inflation Linked Bond USD Hedged C Acc USD Merrill Lynch Global Governments Inflation-Linked USD Hedged 18.57% 24.71% 26.20% 48.44% Global Inflation Linked Bond USD Hedged B Acc USD Merrill Lynch Global Governments Inflation-Linked USD Hedged 13.97% 24.71% 20.28% 48.44% Global Inflation Linked Bond USD Hedged C Dis USD Merrill Lynch Global Governments Inflation-Linked USD Hedged 18.60% 24.71% 26.77% 48.44% Global Inflation Linked Bond USD Hedged A1 Acc USD Merrill Lynch Global Governments Inflation-Linked USD Hedged 12.06% 24.71% 18.78% 48.44%

Global Property Securities Total NAV (Base Currency): USD 433,589,611.08 Subfund Launch: 31/10/2005

Global Property Securities EUR Hedged A Acc EUR FTSE EPRA NAREIT Developed Real Estate (EUR Hedged)* - - -4.01% 7.47% Global Property Securities EUR Hedged B Acc EUR FTSE EPRA NAREIT Developed Real Estate (EUR Hedged)* - - -6.22% 7.47% Global Property Securities EUR Hedged C Acc EUR FTSE EPRA NAREIT Developed Real Estate (EUR Hedged)* - - -1.39% 7.47% Global Property Securities EUR Hedged A1 Acc EUR FTSE EPRA NAREIT Developed Real Estate (EUR Hedged)* - - -5.40% 7.47% Global Property Securities EUR Hedged I Acc EUR FTSE EPRA NAREIT Developed Real Estate (EUR Hedged)* - - 3.54% 7.47% Global Property Securities A Acc USD FTSE EPRA NAREIT Developed Real Estate Index - - 0.50% 3.27% Global Property Securities B Acc USD FTSE EPRA NAREIT Developed Real Estate Index - - -1.86% 3.27% Global Property Securities C Acc USD FTSE EPRA NAREIT Developed Real Estate Index - - 3.54% 3.27% Global Property Securities A1 Acc USD FTSE EPRA NAREIT Developed Real Estate Index - - -1.03% 3.27% Global Property Securities I Acc USD FTSE EPRA NAREIT Developed Real Estate Index - - 8.96% 3.27% Global Property Securities C Dis USD FTSE EPRA NAREIT Developed Real Estate Index - - 3.41% 3.27%

Global Smaller Companies Total NAV (Base Currency): USD 78,484,714.01 Subfund Launch: 24/02/2006

Global Smaller Companies EUR A1 Acc EUR S&P Developed SmallCap TR - - -14.86% -21.31% Global Smaller Companies A Acc USD S&P Developed SmallCap TR - - 4.03% -5.06% Global Smaller Companies B Acc USD S&P Developed SmallCap TR - - 1.36% -5.06% Global Smaller Companies C Acc USD S&P Developed SmallCap TR - - 6.10% -5.06% Global Smaller Companies A1 Acc USD S&P Developed SmallCap TR - - 2.40% -5.06% Global Smaller Companies I Acc USD S&P Developed SmallCap TR - - 12.08% -5.06% Global Smaller Companies A Dis USD S&P Developed SmallCap TR - - 4.13% -5.06%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 351 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

Greater China Total NAV (Base Currency): USD 1,503,405,168.14 Subfund Launch: 28/03/2002

Greater China EUR A Acc EUR MSCI Golden Dragon Index 65.00% 62.78% 16.69% 7.44% Greater China GBP A Dis GBP MSCI Golden Dragon Index 54.11% 50.84% 53.73% 41.46% Greater China A Acc USD MSCI Golden Dragon Index 71.30% 67.12% 27.57% 16.73% Greater China B Acc USD MSCI Golden Dragon Index 70.29% 67.12% 25.29% 16.73% Greater China C Acc USD MSCI Golden Dragon Index 72.51% 67.12% 30.31% 16.73% Greater China A1 USD MSCI Golden Dragon Index 70.62% 67.12% 26.14% 16.73% Greater China B1 Acc USD MSCI Golden Dragon Index 69.45% 67.12% 23.44% 16.73% Greater China I USD MSCI Golden Dragon Index 74.74% 67.12% 35.20% 16.73%

Hong Kong Dollar Bond Total NAV (Base Currency): HKD 293,001,206.49 Subfund Launch: 09/08/2002

Hong Kong Dollar Bond A Dis HKD HSBC Hong Kong Dollar Bond 0.09% -0.53% 10.68% 14.65% Hong Kong Dollar Bond A Acc HKD HSBC Hong Kong Dollar Bond 0.11% -0.53% 10.73% 14.65% Hong Kong Dollar Bond B Acc HKD HSBC Hong Kong Dollar Bond -0.45% -0.53% 9.02% 14.65% Hong Kong Dollar Bond C Acc HKD HSBC Hong Kong Dollar Bond 0.47% -0.53% 11.93% 14.65% Hong Kong Dollar Bond A1 HKD HSBC Hong Kong Dollar Bond -0.33% -0.53% 9.35% 14.65% Hong Kong Dollar Bond I Acc HKD HSBC Hong Kong Dollar Bond 1.10% -0.53% 13.98% 14.65%

Hong Kong Equity Total NAV (Base Currency): HKD 5,129,601,595.22 Subfund Launch: 09/08/2002

Hong Kong Equity EUR Hedged B Acc EUR 90% FTSE AW HK - Hong Kong, 10% HSBC (EUR Hedged)* 68.32% 62.98% 26.56% 23.89% Hong Kong Equity EUR Hedged C Acc EUR 90% FTSE AW HK - Hong Kong, 10% HSBC (EUR Hedged)* 70.71% 62.98% 31.75% 23.89% Hong Kong Equity A Acc HKD 90% FTSE AW HK - Hong Kong, 10% HSBC 72.22% 61.96% 33.05% 20.81% Hong Kong Equity B Acc HKD 90% FTSE AW HK - Hong Kong, 10% HSBC 71.20% 61.96% 30.69% 20.81% Hong Kong Equity C Acc HKD 90% FTSE AW HK - Hong Kong, 10% HSBC 73.40% 61.96% 35.87% 20.81% Hong Kong Equity A1 HKD 90% FTSE AW HK - Hong Kong, 10% HSBC 71.51% 61.96% 31.54% 20.81% Hong Kong Equity I Acc HKD 90% FTSE AW HK - Hong Kong, 10% HSBC 75.58% 61.96% 40.98% 20.81% Hong Kong Equity D Acc HKD 90% FTSE AW HK - Hong Kong, 10% HSBC 70.50% 61.96% 29.13% 20.81%

Indian Equity Total NAV (Base Currency): USD 96,303,585.14 Subfund Launch: 10/11/2006

Indian Equity A Acc USD MSCI India Gross TR 87.20% 102.81% 14.49% 24.17% Indian Equity B Acc USD MSCI India Gross TR 86.10% 102.81% 12.44% 24.17% Indian Equity C Acc USD MSCI India Gross TR 88.49% 102.81% 16.92% 24.17% Indian Equity A1 Acc USD MSCI India Gross TR 86.45% 102.81% 13.17% 24.17% Indian Equity I Acc USD MSCI India Gross TR 90.88% 102.81% 21.31% 24.17% Indian Equity C Dis USD MSCI India Gross TR 88.50% 102.81% 16.88% 24.17%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 352 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

Greater China Total NAV (Base Currency): USD 1,503,405,168.14 Subfund Launch: 28/03/2002

Greater China EUR A Acc EUR MSCI Golden Dragon Index 109.76% 69.86% 75.21% 31.33% Greater China GBP A Dis GBP MSCI Golden Dragon Index 164.17% 113.03% 120.06% 65.65% Greater China A Acc USD MSCI Golden Dragon Index 123.11% 79.56% 121.17% 64.75% Greater China B Acc USD MSCI Golden Dragon Index 116.55% 79.56% 106.80% 64.75% Greater China C Acc USD MSCI Golden Dragon Index 131.04% 79.56% 141.74% 64.75% Greater China A1 USD MSCI Golden Dragon Index 119.12% 79.56% 113.61% 64.75% Greater China B1 Acc USD MSCI Golden Dragon Index 111.22% 79.56% 92.88% 64.75% Greater China I USD MSCI Golden Dragon Index 145.62% 79.56% 180.65% 64.75%

Hong Kong Dollar Bond Total NAV (Base Currency): HKD 293,001,206.49 Subfund Launch: 09/08/2002

Hong Kong Dollar Bond A Dis HKD HSBC Hong Kong Dollar Bond 13.87% 23.17% 95.65% 87.15% Hong Kong Dollar Bond A Acc HKD HSBC Hong Kong Dollar Bond 13.85% 23.17% 95.79% 87.15% Hong Kong Dollar Bond B Acc HKD HSBC Hong Kong Dollar Bond 10.98% 23.17% 82.08% 87.15% Hong Kong Dollar Bond C Acc HKD HSBC Hong Kong Dollar Bond 15.88% 23.17% 105.70% 87.15% Hong Kong Dollar Bond A1 HKD HSBC Hong Kong Dollar Bond 11.59% 23.17% 84.10% 87.15% Hong Kong Dollar Bond I Acc HKD HSBC Hong Kong Dollar Bond 19.40% 23.17% 124.35% 87.15%

Hong Kong Equity Total NAV (Base Currency): HKD 5,129,601,595.22 Subfund Launch: 09/08/2002

Hong Kong Equity EUR Hedged B Acc EUR 90% FTSE AW HK - Hong Kong, 10% HSBC (EUR Hedged)* 112.04% 85.27% - - Hong Kong Equity EUR Hedged C Acc EUR 90% FTSE AW HK - Hong Kong, 10% HSBC (EUR Hedged)* 126.33% 85.27% - - Hong Kong Equity A Acc HKD 90% FTSE AW HK - Hong Kong, 10% HSBC 129.96% 84.20% 2,519.35% - Hong Kong Equity B Acc HKD 90% FTSE AW HK - Hong Kong, 10% HSBC 123.36% 84.20% 2,192.49% - Hong Kong Equity C Acc HKD 90% FTSE AW HK - Hong Kong, 10% HSBC 138.11% 84.20% 2,948.23% - Hong Kong Equity A1 HKD 90% FTSE AW HK - Hong Kong, 10% HSBC 125.73% 84.20% 2,322.62% - Hong Kong Equity I Acc HKD 90% FTSE AW HK - Hong Kong, 10% HSBC 153.55% 84.20% 4,009.17% - Hong Kong Equity D Acc HKD 90% FTSE AW HK - Hong Kong, 10% HSBC 119.30% 84.20% 2,083.69% -

Indian Equity Total NAV (Base Currency): USD 96,303,585.14 Subfund Launch: 10/11/2006

Indian Equity A Acc USD MSCI India Gross TR - - 20.61% 30.80% Indian Equity B Acc USD MSCI India Gross TR - - 18.34% 30.80% Indian Equity C Acc USD MSCI India Gross TR - - 23.29% 30.80% Indian Equity A1 Acc USD MSCI India Gross TR - - 19.16% 30.80% Indian Equity I Acc USD MSCI India Gross TR - - 28.14% 30.80% Indian Equity C Dis USD MSCI India Gross TR - - 23.26% 30.80%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 353 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

Italian Equity Total NAV (Base Currency): EUR 133,220,371.28 Subfund Launch: 03/05/1996

Italian Equity A Dis EUR FTSE Italia All-Share 26.99% 20.32% -43.26% -43.05% Italian Equity B Dis EUR FTSE Italia All-Share 26.22% 20.32% -44.28% -43.05% Italian Equity C Dis EUR FTSE Italia All-Share 27.88% 20.32% -42.07% -43.05% Italian Equity A Acc EUR FTSE Italia All-Share 26.93% 20.32% -43.26% -43.05% Italian Equity B Acc EUR FTSE Italia All-Share 26.24% 20.32% -44.27% -43.05% Italian Equity C Acc EUR FTSE Italia All-Share 27.83% 20.32% -42.06% -43.05% Italian Equity A1 EUR FTSE Italia All-Share 26.07% 20.32% -44.35% -43.05% Italian Equity B1 EUR FTSE Italia All-Share 25.23% 20.32% -45.56% -43.05% Italian Equity I EUR FTSE Italia All-Share 29.14% 20.32% -40.32% -43.05%

Japanese Equity Total NAV (Base Currency): JPY 24,696,132,833.53 Subfund Launch: 02/08/1993

Japanese Equity EUR Hedged A Acc EUR Tokyo Stock Exchange 1st Section Index (TR) (EUR Hedged)* 13.80% 6.02% -46.84% -40.05% Japanese Equity EUR Hedged B Acc EUR Tokyo Stock Exchange 1st Section Index (TR) (EUR Hedged)* 13.11% 6.02% -47.79% -40.05% Japanese Equity EUR Hedged C Acc EUR Tokyo Stock Exchange 1st Section Index (TR) (EUR Hedged)* 14.61% 6.02% -45.73% -40.05% Japanese Equity EUR Hedged A1 Acc EUR Tokyo Stock Exchange 1st Section Index (TR) (EUR Hedged)* 13.04% 6.02% -47.86% -40.05% Japanese Equity EUR Hedged I Acc EUR Tokyo Stock Exchange 1st Section Index (TR) (EUR Hedged)* 15.74% 6.02% -44.11% -40.05% Japanese Equity A Dis JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) 15.26% 7.62% -45.90% -43.19% Japanese Equity B Dis JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) 14.56% 7.62% -46.88% -43.19% Japanese Equity C Dis JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) 16.03% 7.62% -44.78% -43.19% Japanese Equity A Acc JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) 15.26% 7.62% -45.99% -43.19% Japanese Equity B Acc JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) 14.56% 7.62% -46.88% -43.19% Japanese Equity C Acc JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) 16.04% 7.62% -44.78% -43.19% Japanese Equity A1 JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) 14.50% 7.62% -47.55% -43.19% Japanese Equity B1 JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) 13.67% 7.62% -48.13% -43.19% Japanese Equity I JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) 17.20% 7.62% -43.17% -43.19% Japanese Equity USD A1 Acc USD Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) 12.07% 4.90% -32.65% -27.36% Japanese Equity USD B1 Acc USD Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) 11.23% 4.90% -33.29% -27.36%

Japanese Equity Alpha Total NAV (Base Currency): JPY 5,024,167,667.00 Subfund Launch: 27/02/2004

Japanese Equity Alpha EUR C Acc EUR Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) 17.65% 2.18% -32.77% -33.14% Japanese Equity Alpha A Acc JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) 23.84% 7.62% -44.02% -43.19% Japanese Equity Alpha B Acc JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) 23.08% 7.62% -44.92% -43.19% Japanese Equity Alpha C Acc JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) 24.59% 7.62% -42.63% -43.19% Japanese Equity Alpha A1 Acc JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) 23.33% 7.62% -44.57% -43.19% Japanese Equity Alpha I Acc JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) 26.26% 7.62% -40.56% -43.19% Japanese Equity Alpha USD A Acc USD Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) 21.27% 4.90% -28.04% -27.36%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 354 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

Italian Equity Total NAV (Base Currency): EUR 133,220,371.28 Subfund Launch: 03/05/1996

Italian Equity A Dis EUR FTSE Italia All-Share -13.11% -22.82% 342.71% 72.45% Italian Equity B Dis EUR FTSE Italia All-Share -15.71% -22.82% 311.59% 72.45% Italian Equity C Dis EUR FTSE Italia All-Share -10.04% -22.82% 409.66% 72.45% Italian Equity A Acc EUR FTSE Italia All-Share -13.15% -22.82% 340.32% 72.45% Italian Equity B Acc EUR FTSE Italia All-Share -15.70% -22.82% 314.87% 72.45% Italian Equity C Acc EUR FTSE Italia All-Share -10.05% -22.82% 388.63% 72.45% Italian Equity A1 EUR FTSE Italia All-Share -15.85% -22.82% 301.89% 72.45% Italian Equity B1 EUR FTSE Italia All-Share -18.86% -22.82% 270.47% 72.45% Italian Equity I EUR FTSE Italia All-Share -5.44% -22.82% 449.65% 72.45%

Japanese Equity Total NAV (Base Currency): JPY 24,696,132,833.53 Subfund Launch: 02/08/1993

Japanese Equity EUR Hedged A Acc EUR Tokyo Stock Exchange 1st Section Index (TR) (EUR Hedged)* -23.05% -5.86% 18.48% 7.05% Japanese Equity EUR Hedged B Acc EUR Tokyo Stock Exchange 1st Section Index (TR) (EUR Hedged)* -25.31% -5.86% 7.23% 7.05% Japanese Equity EUR Hedged C Acc EUR Tokyo Stock Exchange 1st Section Index (TR) (EUR Hedged)* -20.36% -5.86% 32.45% 7.05% Japanese Equity EUR Hedged A1 Acc EUR Tokyo Stock Exchange 1st Section Index (TR) (EUR Hedged)* -25.45% -5.86% 4.53% 7.05% Japanese Equity EUR Hedged I Acc EUR Tokyo Stock Exchange 1st Section Index (TR) (EUR Hedged)* -16.41% -5.86% 51.64% 7.05% Japanese Equity A Dis JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) -24.82% -15.00% -21.84% -34.71% Japanese Equity B Dis JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) -27.05% -15.00% -29.29% -34.71% Japanese Equity C Dis JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) -22.20% -15.00% -12.63% -34.71% Japanese Equity A Acc JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) -24.94% -15.00% -23.01% -34.71% Japanese Equity B Acc JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) -27.06% -15.00% -27.36% -34.71% Japanese Equity C Acc JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) -22.22% -15.00% -12.70% -34.71% Japanese Equity A1 JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) -28.13% -15.00% -31.96% -34.71% Japanese Equity B1 JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) -29.96% -15.00% -39.12% -34.71% Japanese Equity I JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) -18.43% -15.00% -0.08% -34.71% Japanese Equity USD A1 Acc USD Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) -20.54% -6.47% -24.45% -27.17% Japanese Equity USD B1 Acc USD Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) -22.43% -6.47% -31.47% -27.17%

Japanese Equity Alpha Total NAV (Base Currency): JPY 5,024,167,667.00 Subfund Launch: 27/02/2004

Japanese Equity Alpha EUR C Acc EUR Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) -17.33% -11.53% -11.43% -6.84% Japanese Equity Alpha A Acc JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) -23.13% -15.00% -16.53% -8.78% Japanese Equity Alpha B Acc JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) -25.47% -15.00% -19.44% -8.78% Japanese Equity Alpha C Acc JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) -20.23% -15.00% -12.91% -8.78% Japanese Equity Alpha A1 Acc JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) -24.41% -15.00% -17.86% -8.78% Japanese Equity Alpha I Acc JPY Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) -15.22% -15.00% -5.74% -8.78% Japanese Equity Alpha USD A Acc USD Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) -14.92% -6.47% -7.92% 6.95%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 355 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

Japanese Large Cap Total NAV (Base Currency): JPY 5,467,250,325.36 Subfund Launch: 01/12/2006

Japanese Large Cap A Acc JPY FTSE Japan 18.21% 8.66% -47.36% -43.78% Japanese Large Cap C Acc JPY FTSE Japan 19.00% 8.66% -46.19% -43.78% Japanese Large Cap A1 Acc JPY FTSE Japan 17.40% 8.66% -48.35% -43.78% Japanese Large Cap I Acc JPY FTSE Japan 20.21% 8.66% -44.58% -43.78% Japanese Large Cap C Dis JPY FTSE Japan 19.00% 8.66% -46.24% -43.78% Japanese Large Cap A Dis JPY FTSE Japan 18.19% 8.66% -47.33% -43.78% Japanese Large Cap I Dis JPY FTSE Japan 20.17% 8.66% -44.64% -43.78% Japanese Large Cap USD A Acc USD FTSE Japan 15.63% 5.91% -32.57% -28.12%

Japanese Smaller Companies Total NAV (Base Currency): JPY 7,570,293,266.93 Subfund Launch: 13/10/1993

Japanese Smaller Companies EUR A1 Acc EUR Russell Nomura Small Cap Index 5.88% 3.29% -35.71% -28.16% Japanese Smaller Companies GBP I Dis GBP Russell Nomura Small Cap Index 1.95% -4.29% -8.83% -5.41% Japanese Smaller Companies A Dis JPY Russell Nomura Small Cap Index 14.24% 8.79% -44.19% -38.95% Japanese Smaller Companies B Dis JPY Russell Nomura Small Cap Index 13.54% 8.79% -45.18% -38.95% Japanese Smaller Companies A Acc JPY Russell Nomura Small Cap Index 14.24% 8.79% -44.18% -38.95% Japanese Smaller Companies B Acc JPY Russell Nomura Small Cap Index 13.55% 8.79% -45.20% -38.95% Japanese Smaller Companies C Acc JPY Russell Nomura Small Cap Index 15.02% 8.79% -42.99% -38.95% Japanese Smaller Companies A1 JPY Russell Nomura Small Cap Index 13.76% 8.79% -44.88% -38.95% Japanese Smaller Companies B1 JPY Russell Nomura Small Cap Index 12.96% 8.79% -46.07% -38.95% Japanese Smaller Companies I JPY Russell Nomura Small Cap Index 16.49% 8.79% -40.85% -38.95% Japanese Smaller Companies USD A1 Acc USD Russell Nomura Small Cap Index 10.64% 6.04% -29.73% -21.95%

Korean Equity Total NAV (Base Currency): USD 45,273,351.33 Subfund Launch: 10/09/2004

Korean Equity A Acc USD Korea Stock Price Index 60.34% 62.04% -5.81% -5.87% Korean Equity B Acc USD Korea Stock Price Index 59.40% 62.04% -7.48% -5.87% Korean Equity C Acc USD Korea Stock Price Index 61.39% 62.04% -3.86% -5.87% Korean Equity A1 Acc USD Korea Stock Price Index 59.72% 62.04% -6.84% -5.87% Korean Equity A Dis USD Korea Stock Price Index 60.34% 62.04% -5.79% -5.87% Korean Equity C Dis USD Korea Stock Price Index 61.44% 62.04% -3.82% -5.87%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 356 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

Japanese Large Cap Total NAV (Base Currency): JPY 5,467,250,325.36 Subfund Launch: 01/12/2006

Japanese Large Cap A Acc JPY FTSE Japan -22.60% -13.72% -27.77% -28.74% Japanese Large Cap C Acc JPY FTSE Japan -19.62% -13.72% -18.44% -28.74% Japanese Large Cap A1 Acc JPY FTSE Japan -24.97% -13.72% -34.43% -28.74% Japanese Large Cap I Acc JPY FTSE Japan -15.61% -13.72% -5.10% -28.74% Japanese Large Cap C Dis JPY FTSE Japan -19.85% -13.72% -19.50% -28.74% Japanese Large Cap A Dis JPY FTSE Japan -22.56% -13.72% -27.73% -28.74% Japanese Large Cap I Dis JPY FTSE Japan -15.87% -13.72% -6.37% -28.74% Japanese Large Cap USD A Acc USD FTSE Japan -14.68% -5.06% -20.25% -21.46%

Japanese Smaller Companies Total NAV (Base Currency): JPY 7,570,293,266.93 Subfund Launch: 13/10/1993

Japanese Smaller Companies EUR A1 Acc EUR Russell Nomura Small Cap Index -27.86% -13.35% -57.58% -35.25% Japanese Smaller Companies GBP I Dis GBP Russell Nomura Small Cap Index 1.78% 8.67% -29.97% -26.20% Japanese Smaller Companies A Dis JPY Russell Nomura Small Cap Index -28.84% -16.75% -50.12% -31.13% Japanese Smaller Companies B Dis JPY Russell Nomura Small Cap Index -30.91% -16.75% -54.73% -31.13% Japanese Smaller Companies A Acc JPY Russell Nomura Small Cap Index -28.82% -16.75% -51.25% -31.13% Japanese Smaller Companies B Acc JPY Russell Nomura Small Cap Index -30.95% -16.75% -54.09% -31.13% Japanese Smaller Companies C Acc JPY Russell Nomura Small Cap Index -26.28% -16.75% -45.50% -31.13% Japanese Smaller Companies A1 JPY Russell Nomura Small Cap Index -30.23% -16.75% -54.59% -31.13% Japanese Smaller Companies B1 JPY Russell Nomura Small Cap Index -32.74% -16.75% -59.69% -31.13% Japanese Smaller Companies I JPY Russell Nomura Small Cap Index -21.63% -16.75% -34.31% -31.13% Japanese Smaller Companies USD A1 Acc USD Russell Nomura Small Cap Index -22.93% -8.40% -48.18% -21.73%

Korean Equity Total NAV (Base Currency): USD 45,273,351.33 Subfund Launch: 10/09/2004

Korean Equity A Acc USD Korea Stock Price Index 72.44% 67.72% 808.29% 248.53% Korean Equity B Acc USD Korea Stock Price Index 66.80% 67.72% 691.95% 248.53% Korean Equity C Acc USD Korea Stock Price Index 77.89% 67.72% 958.00% 248.53% Korean Equity A1 Acc USD Korea Stock Price Index 68.84% 67.72% 739.84% 248.53% Korean Equity A Dis USD Korea Stock Price Index 72.16% 67.72% 807.62% 248.53% Korean Equity C Dis USD Korea Stock Price Index 78.62% 67.72% 962.37% 248.53%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 357 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

Latin American Total NAV (Base Currency): USD 1,385,517,545.62 Subfund Launch: 15/07/1998

Latin American EUR A Acc EUR MSCI EM Latin America 10/40 Net Div Reinv 90.18% 97.46% 14.90% 43.23% Latin American EUR B Acc EUR MSCI EM Latin America 10/40 Net Div Reinv 89.11% 97.46% 13.41% 43.23% Latin American EUR C Acc EUR MSCI EM Latin America 10/40 Net Div Reinv 91.55% 97.46% 18.11% 43.23% Latin American EUR A1 Acc EUR MSCI EM Latin America 10/40 Net Div Reinv 89.21% 97.46% 13.94% 43.23% Latin American EUR I Acc EUR MSCI EM Latin America 10/40 Net Div Reinv 93.98% 97.46% 22.60% 43.23% Latin American GBP A Dis GBP MSCI EM Latin America 10/40 Net Div Reinv 77.57% 82.97% 52.90% 88.59% Latin American SGD A Acc SGD MSCI EM Latin America 10/40 Net Div Reinv 92.07% 98.65% 15.55% 42.57% Latin American A Dis USD MSCI EM Latin America 10/40 Net Div Reinv 97.46% 102.72% 26.39% 55.62% Latin American B Dis USD MSCI EM Latin America 10/40 Net Div Reinv 96.20% 102.72% 24.14% 55.62% Latin American C Dis USD MSCI EM Latin America 10/40 Net Div Reinv 98.76% 102.72% 29.08% 55.62% Latin American A Acc USD MSCI EM Latin America 10/40 Net Div Reinv 97.43% 102.72% 26.41% 55.62% Latin American B Acc USD MSCI EM Latin America 10/40 Net Div Reinv 96.27% 102.72% 24.05% 55.62% Latin American C Acc USD MSCI EM Latin America 10/40 Net Div Reinv 98.77% 102.72% 29.08% 55.62% Latin American A1 USD MSCI EM Latin America 10/40 Net Div Reinv 96.61% 102.72% 24.96% 55.62% Latin American I USD MSCI EM Latin America 10/40 Net Div Reinv 101.29% 102.72% 33.90% 55.62%

Middle East Total NAV (Base Currency): USD 192,497,051.24 Subfund Launch: 03/09/2007

Middle East EUR A Acc EUR MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% 23.17% 27.91% - - Middle East EUR B Acc EUR MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% 22.52% 27.91% - - Middle East EUR C Acc EUR MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% 24.07% 27.91% - - Middle East EUR A1 Acc EUR MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% 22.66% 27.91% - - Middle East EUR I Acc EUR MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% 25.87% 27.91% - - Middle East JPY J Acc JPY MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% 33.24% 34.73% - - Middle East SGD A Acc SGD MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% 24.36% 28.68% - - Middle East A Acc USD MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% 27.92% 31.32% - - Middle East B Acc USD MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% 27.29% 31.32% - - Middle East C Acc USD MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% 28.89% 31.32% - - Middle East A1 Acc USD MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% 27.54% 31.32% - - Middle East I Acc USD MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% 30.61% 31.32% - -

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 358 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

Latin American Total NAV (Base Currency): USD 1,385,517,545.62 Subfund Launch: 15/07/1998

Latin American EUR A Acc EUR MSCI EM Latin America 10/40 Net Div Reinv 166.25% 214.83% 281.86% 451.80% Latin American EUR B Acc EUR MSCI EM Latin America 10/40 Net Div Reinv 159.46% 214.83% 259.05% 451.80% Latin American EUR C Acc EUR MSCI EM Latin America 10/40 Net Div Reinv 177.43% 214.83% 312.06% 451.80% Latin American EUR A1 Acc EUR MSCI EM Latin America 10/40 Net Div Reinv 162.13% 214.83% 265.43% 451.80% Latin American EUR I Acc EUR MSCI EM Latin America 10/40 Net Div Reinv 194.99% 214.83% 372.37% 451.80% Latin American GBP A Dis GBP MSCI EM Latin America 10/40 Net Div Reinv 236.65% 294.84% 408.44% 628.77% Latin American SGD A Acc SGD MSCI EM Latin America 10/40 Net Div Reinv 144.04% 186.59% 316.39% 497.58% Latin American A Dis USD MSCI EM Latin America 10/40 Net Div Reinv 184.28% 232.80% 403.52% 620.38% Latin American B Dis USD MSCI EM Latin America 10/40 Net Div Reinv 175.77% 232.80% 371.30% 620.38% Latin American C Dis USD MSCI EM Latin America 10/40 Net Div Reinv 194.34% 232.80% 439.90% 620.38% Latin American A Acc USD MSCI EM Latin America 10/40 Net Div Reinv 184.18% 232.80% 403.42% 620.38% Latin American B Acc USD MSCI EM Latin America 10/40 Net Div Reinv 175.56% 232.80% 369.76% 620.38% Latin American C Acc USD MSCI EM Latin America 10/40 Net Div Reinv 194.28% 232.80% 439.57% 620.38% Latin American A1 USD MSCI EM Latin America 10/40 Net Div Reinv 179.01% 232.80% 380.36% 620.38% Latin American I USD MSCI EM Latin America 10/40 Net Div Reinv 212.69% 232.80% 518.39% 620.38%

Middle East Total NAV (Base Currency): USD 192,497,051.24 Subfund Launch: 03/09/2007

Middle East EUR A Acc EUR MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% - - -30.90% -22.07% Middle East EUR B Acc EUR MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% - - -32.00% -22.07% Middle East EUR C Acc EUR MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% - - -29.90% -22.07% Middle East EUR A1 Acc EUR MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% - - -31.80% -22.07% Middle East EUR I Acc EUR MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% - - -27.50% -22.07% Middle East JPY J Acc JPY MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% - - -38.80% -34.08% Middle East SGD A Acc SGD MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% - - -32.70% -24.36% Middle East A Acc USD MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% - - -26.70% -18.03% Middle East B Acc USD MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% - - -27.70% -18.03% Middle East C Acc USD MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% - - -25.50% -18.03% Middle East A1 Acc USD MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% - - -27.30% -18.03% Middle East I Acc USD MSCI Arab Markets and Turkey with Saudi Arabia capped at 20% - - -23.20% -18.03%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 359 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

Pacific Equity Total NAV (Base Currency): USD 699,781,636.55 Subfund Launch: 29/10/1993

Pacific Equity (EUR denominated) I EUR MSCI AC Asia x Japan Gross (TR) 61.15% 68.06% 0.96% 6.60% Pacific Equity EUR A1 Acc EUR MSCI AC Asia x Japan Gross (TR) 57.38% 68.06% -5.71% 6.60% Pacific Equity EUR C Acc EUR MSCI AC Asia x Japan Gross (TR) 59.34% 68.06% -2.02% 6.60% Pacific Equity EUR B Acc EUR MSCI AC Asia x Japan Gross (TR) 57.22% 68.06% -6.44% 6.60% Pacific Equity EUR A Acc EUR MSCI AC Asia x Japan Gross (TR) 57.91% 68.06% -4.77% 6.60% Pacific Equity SGD A Acc SGD MSCI AC Asia x Japan Gross (TR) 59.54% 69.07% -5.09% 6.12% Pacific Equity A Dis USD MSCI AC Asia x Japan Gross (TR) 64.08% 72.53% 4.16% 15.83% Pacific Equity B Dis USD MSCI AC Asia x Japan Gross (TR) 63.06% 72.53% 2.33% 15.83% Pacific Equity C Dis USD MSCI AC Asia x Japan Gross (TR) 65.49% 72.53% 7.25% 15.83% Pacific Equity A Acc USD MSCI AC Asia x Japan Gross (TR) 63.99% 72.53% 4.26% 15.83% Pacific Equity B Acc USD MSCI AC Asia x Japan Gross (TR) 63.08% 72.53% 2.33% 15.83% Pacific Equity C Acc USD MSCI AC Asia x Japan Gross (TR) 65.38% 72.53% 7.19% 15.83% Pacific Equity A1 USD MSCI AC Asia x Japan Gross (TR) 63.29% 72.53% 3.14% 15.83% Pacific Equity B1 USD MSCI AC Asia x Japan Gross (TR) 62.02% 72.53% 0.83% 15.83% Pacific Equity I USD MSCI AC Asia x Japan Gross (TR) 67.17% 72.53% 10.43% 15.83%

QEP Global Active Value Total NAV (Base Currency): USD 686,840,183.24 Subfund Launch: 29/10/2004

QEP Global Active Value EUR I Acc EUR MSCI World - Net Return - USD 39.84% 26.61% -20.16% -22.66% QEP Global Active Value EUR A1 Acc EUR MSCI World - Net Return - USD 36.64% 26.61% -25.56% -22.66% QEP Global Active Value EUR C Acc EUR MSCI World - Net Return - USD 38.10% 26.61% -23.10% -22.66% QEP Global Active Value EUR B Acc EUR MSCI World - Net Return - USD 36.64% 26.61% -25.66% -22.66% QEP Global Active Value EUR A Acc EUR MSCI World - Net Return - USD 37.49% 26.61% -24.81% -22.66% QEP Global Active Value EUR Hedged I Acc EUR MSCI World Hedged to EUR 36.91% 24.95% -17.60% -21.03% QEP Global Active Value EUR Hedged A Acc EUR MSCI World Hedged to EUR 34.60% 24.95% -21.09% -21.03% QEP Global Active Value EUR Hedged B Acc EUR MSCI World Hedged to EUR 33.83% 24.95% -22.47% -21.03% QEP Global Active Value EUR Hedged C Acc EUR MSCI World Hedged to EUR 35.22% 24.95% -20.00% -21.03% QEP Global Active Value A Acc USD MSCI World - Net Return - USD 42.68% 29.99% -17.09% -15.97% QEP Global Active Value B Acc USD MSCI World - Net Return - USD 41.84% 29.99% -18.60% -15.97% QEP Global Active Value C Acc USD MSCI World - Net Return - USD 43.28% 29.99% -15.95% -15.97% QEP Global Active Value A1 Acc USD MSCI World - Net Return - USD 41.73% 29.99% -18.61% -15.97% QEP Global Active Value I Acc USD MSCI World - Net Return - USD 45.12% 29.99% -12.76% -15.97% QEP Global Active Value A Dis USD MSCI World - Net Return - USD 42.69% 29.99% -17.05% -15.97% QEP Global Active Value C Dis USD MSCI World - Net Return - USD 43.29% 29.99% -15.94% -15.97% QEP Global Active Value B1 Acc USD MSCI World - Net Return - USD 40.72% 29.99% -20.19% -15.97% QEP Global Active Value B Dis USD MSCI World - Net Return - USD 41.83% 29.99% -18.53% -15.97%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 360 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

Pacific Equity Total NAV (Base Currency): USD 699,781,636.55 Subfund Launch: 29/10/1993

Pacific Equity (EUR denominated) I EUR MSCI AC Asia x Japan Gross (TR) 75.68% 78.87% 112.36% 51.82% Pacific Equity EUR A1 Acc EUR MSCI AC Asia x Japan Gross (TR) 56.14% 78.87% 46.83% 51.82% Pacific Equity EUR C Acc EUR MSCI AC Asia x Japan Gross (TR) 66.17% 78.87% 83.65% 51.82% Pacific Equity EUR B Acc EUR MSCI AC Asia x Japan Gross (TR) 54.24% 78.87% 43.80% 51.82% Pacific Equity EUR A Acc EUR MSCI AC Asia x Japan Gross (TR) 58.60% 78.87% 60.61% 51.82% Pacific Equity SGD A Acc SGD MSCI AC Asia x Japan Gross (TR) 44.21% 62.83% 79.50% 69.87% Pacific Equity A Dis USD MSCI AC Asia x Japan Gross (TR) 68.39% 89.09% 103.74% 91.76% Pacific Equity B Dis USD MSCI AC Asia x Japan Gross (TR) 63.43% 89.09% 82.06% 91.76% Pacific Equity C Dis USD MSCI AC Asia x Japan Gross (TR) 76.67% 89.09% 133.30% 91.76% Pacific Equity A Acc USD MSCI AC Asia x Japan Gross (TR) 68.50% 89.09% 99.00% 91.76% Pacific Equity B Acc USD MSCI AC Asia x Japan Gross (TR) 63.69% 89.09% 87.59% 91.76% Pacific Equity C Acc USD MSCI AC Asia x Japan Gross (TR) 76.62% 89.09% 134.52% 91.76% Pacific Equity A1 USD MSCI AC Asia x Japan Gross (TR) 65.57% 89.09% 86.04% 91.76% Pacific Equity B1 USD MSCI AC Asia x Japan Gross (TR) 59.59% 89.09% 65.10% 91.76% Pacific Equity I USD MSCI AC Asia x Japan Gross (TR) 85.41% 89.09% 167.47% 91.76%

QEP Global Active Value Total NAV (Base Currency): USD 686,840,183.24 Subfund Launch: 29/10/2004

QEP Global Active Value EUR I Acc EUR MSCI World - Net Return - USD 16.28% 4.49% 21.33% 7.47% QEP Global Active Value EUR A1 Acc EUR MSCI World - Net Return - USD 3.65% 4.49% 7.74% 7.47% QEP Global Active Value EUR C Acc EUR MSCI World - Net Return - USD 9.31% 4.49% 13.83% 7.47% QEP Global Active Value EUR B Acc EUR MSCI World - Net Return - USD 3.09% 4.49% 7.12% 7.47% QEP Global Active Value EUR A Acc EUR MSCI World - Net Return - USD 5.46% 4.49% 9.69% 7.47% QEP Global Active Value EUR Hedged I Acc EUR MSCI World Hedged to EUR 12.70% 0.92% 24.91% 10.23% QEP Global Active Value EUR Hedged A Acc EUR MSCI World Hedged to EUR 3.93% 0.92% 14.81% 10.23% QEP Global Active Value EUR Hedged B Acc EUR MSCI World Hedged to EUR 0.96% 0.92% 11.42% 10.23% QEP Global Active Value EUR Hedged C Acc EUR MSCI World Hedged to EUR 6.79% 0.92% 18.11% 10.23% QEP Global Active Value A Acc USD MSCI World - Net Return - USD 12.93% 10.46% 24.80% 20.70% QEP Global Active Value B Acc USD MSCI World - Net Return - USD 9.63% 10.46% 21.03% 20.70% QEP Global Active Value C Acc USD MSCI World - Net Return - USD 16.03% 10.46% 28.38% 20.70% QEP Global Active Value A1 Acc USD MSCI World - Net Return - USD 10.06% 10.46% 21.55% 20.70% QEP Global Active Value I Acc USD MSCI World - Net Return - USD 23.41% 10.46% 36.82% 20.70% QEP Global Active Value A Dis USD MSCI World - Net Return - USD 12.97% 10.46% 24.82% 20.70% QEP Global Active Value C Dis USD MSCI World - Net Return - USD 16.07% 10.46% 28.40% 20.70% QEP Global Active Value B1 Acc USD MSCI World - Net Return - USD 6.81% 10.46% 17.87% 20.70% QEP Global Active Value B Dis USD MSCI World - Net Return - USD 10.41% 10.46% 21.98% 20.70%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 361 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

QEP Global Core Total NAV (Base Currency): USD 233,133,104.00 Subfund Launch: 03/06/1993

QEP Global Core C Dis USD MSCI World - Net Return - USD TR 33.65% 29.99% -15.06% -15.97% QEP Global Core C Acc USD MSCI World - Net Return - USD TR 33.69% 29.99% -15.06% -15.97% QEP Global Core I Acc USD MSCI World - Net Return - USD TR 34.30% 29.99% -13.10% -15.97%

QEP Global Quality Total NAV (Base Currency): USD 161,245,142.24 Subfund Launch: 17/10/2007

QEP Global Quality EUR A Acc EUR MSCI World - Net Return - USD 30.29% 26.61% - - QEP Global Quality EUR B Acc EUR MSCI World - Net Return - USD 29.51% 26.61% - - QEP Global Quality EUR C Acc EUR MSCI World - Net Return - USD 30.89% 26.61% - - QEP Global Quality EUR A1 Acc EUR MSCI World - Net Return - USD 29.44% 26.61% - - QEP Global Quality EUR I Acc EUR MSCI World - Net Return - USD 32.55% 26.61% - - QEP Global Quality C Acc USD MSCI World - Net Return - USD 35.81% 29.99% - - QEP Global Quality I Acc USD MSCI World - Net Return - USD 37.54% 29.99% - - QEP Global Quality C Dis USD MSCI World - Net Return - USD 35.80% 29.99% - - QEP Global Quality A Acc USD MSCI World - Net Return - USD 35.21% 29.99% - - QEP Global Quality B Acc USD MSCI World - Net Return - USD 34.41% 29.99% - - QEP Global Quality A1 Acc USD MSCI World - Net Return - USD 34.33% 29.99% - -

QEP US Core Total NAV (Base Currency): USD 92,149,553.02 Subfund Launch: 30/08/2002

QEP US Core C Acc USD Standard & Poors 500 Net TR Lagged 26.95% 28.63% -16.49% -17.15% QEP US Core I Acc USD Standard & Poors 500 Net TR Lagged 27.56% 28.63% -14.57% -17.15% QEP US Core C Dis USD Standard & Poors 500 Net TR Lagged 26.93% 28.63% -16.51% -17.15%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 362 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

QEP Global Core Total NAV (Base Currency): USD 233,133,104.00 Subfund Launch: 03/06/1993

QEP Global Core C Dis USD MSCI World - Net Return - USD TR 10.93% 10.46% 130.21% - QEP Global Core C Acc USD MSCI World - Net Return - USD TR 10.85% 10.46% 130.77% - QEP Global Core I Acc USD MSCI World - Net Return - USD TR 15.74% 10.46% 163.61% -

QEP Global Quality Total NAV (Base Currency): USD 161,245,142.24 Subfund Launch: 17/10/2007

QEP Global Quality EUR A Acc EUR MSCI World - Net Return - USD - - -20.93% -26.42% QEP Global Quality EUR B Acc EUR MSCI World - Net Return - USD - - -21.96% -26.42% QEP Global Quality EUR C Acc EUR MSCI World - Net Return - USD - - -20.12% -26.42% QEP Global Quality EUR A1 Acc EUR MSCI World - Net Return - USD - - -22.04% -26.42% QEP Global Quality EUR I Acc EUR MSCI World - Net Return - USD - - -18.47% -26.42% QEP Global Quality C Acc USD MSCI World - Net Return - USD - - -18.87% -25.72% QEP Global Quality I Acc USD MSCI World - Net Return - USD - - -16.61% -25.72% QEP Global Quality C Dis USD MSCI World - Net Return - USD - - -18.87% -25.72% QEP Global Quality A Acc USD MSCI World - Net Return - USD - - -19.63% -25.72% QEP Global Quality B Acc USD MSCI World - Net Return - USD - - -20.71% -25.72% QEP Global Quality A1 Acc USD MSCI World - Net Return - USD - - -20.80% -25.72%

QEP US Core Total NAV (Base Currency): USD 92,149,553.02 Subfund Launch: 30/08/2002

QEP US Core C Acc USD Standard & Poors 500 Net TR Lagged -1.17% -0.16% -7.96% -7.05% QEP US Core I Acc USD Standard & Poors 500 Net TR Lagged 3.10% -0.16% 0.02% -7.05% QEP US Core C Dis USD Standard & Poors 500 Net TR Lagged -1.21% -0.16% -8.03% -7.05%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 363 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

Strategic Bond Total NAV (Base Currency): USD 595,550,359.45 Subfund Launch: 30/09/2004

Strategic Bond EUR Hedged A Acc EUR EUR LIBOR 3 Months 11.59% 1.21% 11.78% 10.26% Strategic Bond EUR Hedged B Acc EUR EUR LIBOR 3 Months 11.03% 1.21% 10.11% 10.26% Strategic Bond EUR Hedged C Acc EUR EUR LIBOR 3 Months 12.15% 1.21% 13.49% 10.26% Strategic Bond EUR Hedged A1 Acc EUR EUR LIBOR 3 Months 11.08% 1.21% 10.32% 10.26% Strategic Bond EUR Hedged I Acc EUR EUR LIBOR 3 Months 13.00% 1.21% 16.01% 10.26% Strategic Bond GBP Hedged C Acc GBP GBP LIBOR 3 Months 12.13% 1.21% 16.23% 13.16% Strategic Bond GBP Hedged A Dis GBP GBP LIBOR 3 Months 11.54% 1.21% 14.39% 13.16% Strategic Bond GBP Hedged I Acc GBP GBP LIBOR 3 Months 12.99% 1.21% 18.79% 13.16% Strategic Bond A Acc USD USD LIBOR 3 Months 11.61% 0.70% 12.46% 9.19% Strategic Bond B Acc USD USD LIBOR 3 Months 11.06% 0.70% 10.76% 9.19% Strategic Bond C Acc USD USD LIBOR 3 Months 12.16% 0.70% 14.14% 9.19% Strategic Bond A1 Acc USD USD LIBOR 3 Months 11.11% 0.70% 10.97% 9.19% Strategic Bond I Acc USD USD LIBOR 3 Months 13.02% 0.70% 16.70% 9.19% Strategic Bond C Dis USD USD LIBOR 3 Months 12.17% 0.70% 14.12% 9.19% Strategic Bond A Dis USD USD LIBOR 3 Months 11.61% 0.70% 12.44% 9.19%

Swiss Equity Total NAV (Base Currency): CHF 199,380,518.35 Subfund Launch: 18/12/1995

Swiss Equity A Dis CHF Swiss Performance Index 18.38% 23.18% -29.21% -18.80% Swiss Equity B Dis CHF Swiss Performance Index 17.65% 23.18% -30.48% -18.80% Swiss Equity C Dis CHF Swiss Performance Index 19.19% 23.18% -27.71% -18.80% Swiss Equity A Acc CHF Swiss Performance Index 18.36% 23.18% -29.20% -18.80% Swiss Equity B Acc CHF Swiss Performance Index 17.69% 23.18% -30.47% -18.80% Swiss Equity C Acc CHF Swiss Performance Index 19.13% 23.18% -27.74% -18.80% Swiss Equity A1 CHF Swiss Performance Index 17.58% 23.18% -30.58% -18.80% Swiss Equity B1 CHF Swiss Performance Index 16.71% 23.18% -32.10% -18.80% Swiss Equity I CHF Swiss Performance Index 20.31% 23.18% -25.57% -18.80%

Swiss Equity Opportunities Total NAV (Base Currency): CHF 67,719,795.06 Subfund Launch: 31/08/2005

Swiss Equity Opportunities A Acc CHF Swiss Performance Index 22.47% 23.18% -24.74% -18.80% Swiss Equity Opportunities B Acc CHF Swiss Performance Index 21.73% 23.18% -26.17% -18.80% Swiss Equity Opportunities C Acc CHF Swiss Performance Index 23.32% 23.18% -23.08% -18.80% Swiss Equity Opportunities A1 Acc CHF Swiss Performance Index 21.96% 23.18% -25.77% -18.80% Swiss Equity Opportunities I Acc CHF Swiss Performance Index 24.88% 23.18% -19.69% -18.80%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 364 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

Strategic Bond Total NAV (Base Currency): USD 595,550,359.45 Subfund Launch: 30/09/2004

Strategic Bond EUR Hedged A Acc EUR EUR LIBOR 3 Months 17.74% 16.12% 18.76% 16.75% Strategic Bond EUR Hedged B Acc EUR EUR LIBOR 3 Months 14.83% 16.12% 15.68% 16.75% Strategic Bond EUR Hedged C Acc EUR EUR LIBOR 3 Months 20.73% 16.12% 21.93% 16.75% Strategic Bond EUR Hedged A1 Acc EUR EUR LIBOR 3 Months 15.22% 16.12% 16.10% 16.75% Strategic Bond EUR Hedged I Acc EUR EUR LIBOR 3 Months 25.21% 16.12% 26.69% 16.75% Strategic Bond GBP Hedged C Acc GBP GBP LIBOR 3 Months 29.06% 24.26% 31.62% 25.77% Strategic Bond GBP Hedged A Dis GBP GBP LIBOR 3 Months 25.73% 24.26% 28.09% 25.77% Strategic Bond GBP Hedged I Acc GBP GBP LIBOR 3 Months 33.86% 24.26% 36.76% 25.77% Strategic Bond A Acc USD USD LIBOR 3 Months 22.94% 19.06% 24.46% 19.75% Strategic Bond B Acc USD USD LIBOR 3 Months 19.91% 19.06% 21.23% 19.75% Strategic Bond C Acc USD USD LIBOR 3 Months 25.96% 19.06% 27.65% 19.75% Strategic Bond A1 Acc USD USD LIBOR 3 Months 20.28% 19.06% 21.60% 19.75% Strategic Bond I Acc USD USD LIBOR 3 Months 30.71% 19.06% 32.71% 19.75% Strategic Bond C Dis USD USD LIBOR 3 Months 26.00% 19.06% 27.72% 19.75% Strategic Bond A Dis USD USD LIBOR 3 Months 22.92% 19.06% 24.45% 19.75%

Swiss Equity Total NAV (Base Currency): CHF 199,380,518.35 Subfund Launch: 18/12/1995

Swiss Equity A Dis CHF Swiss Performance Index 14.30% 32.87% 161.82% 168.52% Swiss Equity B Dis CHF Swiss Performance Index 10.96% 32.87% 143.35% 168.52% Swiss Equity C Dis CHF Swiss Performance Index 18.41% 32.87% 186.18% 168.52% Swiss Equity A Acc CHF Swiss Performance Index 14.32% 32.87% 160.19% 168.52% Swiss Equity B Acc CHF Swiss Performance Index 10.93% 32.87% 145.09% 168.52% Swiss Equity C Acc CHF Swiss Performance Index 18.34% 32.87% 189.33% 168.52% Swiss Equity A1 CHF Swiss Performance Index 10.74% 32.87% 136.52% 168.52% Swiss Equity B1 CHF Swiss Performance Index 6.73% 32.87% 113.54% 168.52% Swiss Equity I CHF Swiss Performance Index 24.29% 32.87% 227.05% 168.52%

Swiss Equity Opportunities Total NAV (Base Currency): CHF 67,719,795.06 Subfund Launch: 31/08/2005

Swiss Equity Opportunities A Acc CHF Swiss Performance Index - - 6.43% 13.04% Swiss Equity Opportunities B Acc CHF Swiss Performance Index - - 3.40% 13.04% Swiss Equity Opportunities C Acc CHF Swiss Performance Index - - 9.24% 13.04% Swiss Equity Opportunities A1 Acc CHF Swiss Performance Index - - 4.07% 13.04% Swiss Equity Opportunities I Acc CHF Swiss Performance Index - - 16.64% 13.04%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 365 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

Swiss Small & Mid Cap Equity Total NAV (Base Currency): CHF 124,289,800.50 Subfund Launch: 28/06/2002

Swiss Small & Mid Cap Equity A Acc CHF SPI Extra TR chain linked 28.33% 29.65% -20.45% -17.00% Swiss Small & Mid Cap Equity B Acc CHF SPI Extra TR chain linked 27.57% 29.65% -21.84% -17.00% Swiss Small & Mid Cap Equity C Acc CHF SPI Extra TR chain linked 29.28% 29.65% -18.77% -17.00% Swiss Small & Mid Cap Equity I CHF SPI Extra TR chain linked 30.87% 29.65% -15.72% -17.00% Swiss Small & Mid Cap Equity A1 CHF SPI Extra TR chain linked 27.84% 29.65% -21.38% -17.00%

Taiwanese Equity Total NAV (Base Currency): USD 242,241,023.09 Subfund Launch: 06/07/1994

Taiwanese Equity A Acc USD TAIEX Total Return Index 81.94% 88.00% 7.22% 19.57% Taiwanese Equity B Acc USD TAIEX Total Return Index 80.80% 88.00% 5.34% 19.57% Taiwanese Equity C Acc USD TAIEX Total Return Index 83.45% 88.00% 9.65% 19.57% Taiwanese Equity A1 Acc USD TAIEX Total Return Index 81.18% 88.00% 6.02% 19.57% Taiwanese Equity I Acc USD TAIEX Total Return Index 85.69% 88.00% 13.77% 19.57% Taiwanese Equity C Dis USD TAIEX Total Return Index 83.28% 88.00% 9.47% 19.57% Taiwanese Equity A Dis USD TAIEX Total Return Index 82.15% 88.00% 7.27% 19.57% Taiwanese Equity B Dis USD TAIEX Total Return Index 80.96% 88.00% 5.48% 19.57% Taiwanese Equity I Dis USD TAIEX Total Return Index 85.71% 88.00% 13.65% 19.57%

UK Equity Total NAV (Base Currency): GBP 155,684,197.34 Subfund Launch: 13/04/1993

UK Equity A Dis GBP FTSE All Share Total Return 32.62% 30.12% -6.90% -3.98% UK Equity B Dis GBP FTSE All Share Total Return 31.06% 30.12% -8.64% -3.98% UK Equity C Dis GBP FTSE All Share Total Return 33.55% 30.12% -4.80% -3.98% UK Equity A Acc GBP FTSE All Share Total Return 32.31% 30.12% -6.86% -3.98% UK Equity B Acc GBP FTSE All Share Total Return 31.46% 30.12% -8.59% -3.98% UK Equity C Acc GBP FTSE All Share Total Return 33.03% 30.12% -4.92% -3.98% UK Equity A1 GBP FTSE All Share Total Return 31.32% 30.12% -8.78% -3.98% UK Equity B1 GBP FTSE All Share Total Return 30.36% 30.12% -10.61% -3.98% UK Equity I GBP FTSE All Share Total Return 34.76% 30.12% -1.88% -3.98%

US All Cap Total NAV (Base Currency): USD 7,527,079.11 Subfund Launch: 31/08/2006

US All Cap GBP A Dis GBP S&P 500 (Composite) lagged 20.97% 16.94% 3.41% 2.43% US All Cap A Acc USD S&P 500 (Composite) lagged 35.63% 29.56% -13.65% -15.48% US All Cap B Acc USD S&P 500 (Composite) lagged 34.89% 29.56% -15.14% -15.48% US All Cap C Acc USD S&P 500 (Composite) lagged 36.46% 29.56% -11.89% -15.48% US All Cap A1 Acc USD S&P 500 (Composite) lagged 35.14% 29.56% -14.63% -15.48% US All Cap I Acc USD S&P 500 (Composite) lagged 37.92% 29.56% -8.82% -15.48%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 366 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

Swiss Small & Mid Cap Equity Total NAV (Base Currency): CHF 124,289,800.50 Subfund Launch: 28/06/2002

Swiss Small & Mid Cap Equity A Acc CHF SPI Extra TR chain linked 49.10% 57.12% 89.80% 100.04% Swiss Small & Mid Cap Equity B Acc CHF SPI Extra TR chain linked 44.77% 57.12% 81.40% 100.04% Swiss Small & Mid Cap Equity C Acc CHF SPI Extra TR chain linked 54.44% 57.12% 100.00% 100.04% Swiss Small & Mid Cap Equity I CHF SPI Extra TR chain linked 64.19% 57.12% 119.20% 100.04% Swiss Small & Mid Cap Equity A1 CHF SPI Extra TR chain linked 46.28% 57.12% 84.60% 100.04%

Taiwanese Equity Total NAV (Base Currency): USD 242,241,023.09 Subfund Launch: 06/07/1994

Taiwanese Equity A Acc USD TAIEX Total Return Index 59.61% 60.96% 90.44% 43.32% Taiwanese Equity B Acc USD TAIEX Total Return Index 54.99% 60.96% 73.90% 43.32% Taiwanese Equity C Acc USD TAIEX Total Return Index 65.47% 60.96% 112.21% 43.32% Taiwanese Equity A1 Acc USD TAIEX Total Return Index 56.74% 60.96% 80.43% 43.32% Taiwanese Equity I Acc USD TAIEX Total Return Index 75.89% 60.96% 156.10% 43.32% Taiwanese Equity C Dis USD TAIEX Total Return Index 65.20% 60.96% 111.87% 43.32% Taiwanese Equity A Dis USD TAIEX Total Return Index 59.67% 60.96% 90.52% 43.32% Taiwanese Equity B Dis USD TAIEX Total Return Index 55.20% 60.96% 74.14% 43.32% Taiwanese Equity I Dis USD TAIEX Total Return Index 75.71% 60.96% 155.84% 43.32%

UK Equity Total NAV (Base Currency): GBP 155,684,197.34 Subfund Launch: 13/04/1993

UK Equity A Dis GBP FTSE All Share Total Return 30.00% 36.82% 192.79% 246.33% UK Equity B Dis GBP FTSE All Share Total Return 25.64% 36.82% 167.50% 246.33% UK Equity C Dis GBP FTSE All Share Total Return 34.81% 36.82% 238.23% 246.33% UK Equity A Acc GBP FTSE All Share Total Return 30.30% 36.82% 191.86% 246.33% UK Equity B Acc GBP FTSE All Share Total Return 26.49% 36.82% 174.42% 246.33% UK Equity C Acc GBP FTSE All Share Total Return 34.26% 36.82% 229.77% 246.33% UK Equity A1 GBP FTSE All Share Total Return 25.79% 36.82% 154.85% 246.33% UK Equity B1 GBP FTSE All Share Total Return 20.99% 36.82% 130.24% 246.33% UK Equity I GBP FTSE All Share Total Return 41.44% 36.82% 277.49% 246.33%

US All Cap Total NAV (Base Currency): USD 7,527,079.11 Subfund Launch: 31/08/2006

US All Cap GBP A Dis GBP S&P 500 (Composite) lagged - - 6.32% 3.76% US All Cap A Acc USD S&P 500 (Composite) lagged - - -8.33% -7.10% US All Cap B Acc USD S&P 500 (Composite) lagged - - -10.08% -7.10% US All Cap C Acc USD S&P 500 (Composite) lagged - - -6.24% -7.10% US All Cap A1 Acc USD S&P 500 (Composite) lagged - - -9.47% -7.10% US All Cap I Acc USD S&P 500 (Composite) lagged - - -2.59% -7.10%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 367 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

US Dollar Bond Total NAV (Base Currency): USD 344,585,493.83 Subfund Launch: 15/12/1997

US Dollar Bond EUR Hedged A Acc EUR Barclays Capital US Aggregate Bond Index EUR hedged 8.49% 6.17% 19.59% 20.22% US Dollar Bond EUR Hedged B Acc EUR Barclays Capital US Aggregate Bond Index EUR hedged 7.97% 6.17% 17.87% 20.22% US Dollar Bond EUR Hedged C Acc EUR Barclays Capital US Aggregate Bond Index EUR hedged 8.82% 6.17% 20.77% 20.22% US Dollar Bond EUR Hedged I Acc EUR Barclays Capital US Aggregate Bond Index EUR hedged 9.48% 6.17% 22.90% 20.22% US Dollar Bond A Dis USD Barclays Capital US Aggregate Bond Index 8.40% 5.93% 20.28% 19.25% US Dollar Bond B Dis USD Barclays Capital US Aggregate Bond Index 7.88% 5.93% 18.66% 19.25% US Dollar Bond C Dis USD Barclays Capital US Aggregate Bond Index 8.73% 5.93% 21.44% 19.25% US Dollar Bond A Acc USD Barclays Capital US Aggregate Bond Index 8.39% 5.93% 20.34% 19.25% US Dollar Bond B Acc USD Barclays Capital US Aggregate Bond Index 7.86% 5.93% 18.59% 19.25% US Dollar Bond C Acc USD Barclays Capital US Aggregate Bond Index 8.67% 5.93% 21.36% 19.25% US Dollar Bond A1 USD Barclays Capital US Aggregate Bond Index 7.74% 5.93% 18.44% 19.25% US Dollar Bond B1 USD Barclays Capital US Aggregate Bond Index 7.00% 5.93% 15.82% 19.25% US Dollar Bond I USD Barclays Capital US Aggregate Bond Index 9.44% 5.93% 23.68% 19.25%

US Dollar Liquidity Total NAV (Base Currency): USD 83,190,483.45 Subfund Launch: 20/09/2001

US Dollar Liquidity A1 USD Citi USD 1m Eurodeposit LC -0.29% 0.30% -5.87% 8.91% US Dollar Liquidity A Acc USD Citi USD 1m Eurodeposit LC 0.10% 0.30% -4.55% 8.91% US Dollar Liquidity B Acc USD Citi USD 1m Eurodeposit LC 0.08% 0.30% -4.77% 8.91% US Dollar Liquidity C Acc USD Citi USD 1m Eurodeposit LC 0.36% 0.30% -3.69% 8.91% US Dollar Liquidity I USD Citi USD 1m Eurodeposit LC 0.61% 0.30% -2.99% 8.91%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 368 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

US Dollar Bond Total NAV (Base Currency): USD 344,585,493.83 Subfund Launch: 15/12/1997

US Dollar Bond EUR Hedged A Acc EUR Barclays Capital US Aggregate Bond Index EUR hedged 22.46% 24.23% 77.88% 90.86% US Dollar Bond EUR Hedged B Acc EUR Barclays Capital US Aggregate Bond Index EUR hedged 19.36% 24.23% 67.65% 90.86% US Dollar Bond EUR Hedged C Acc EUR Barclays Capital US Aggregate Bond Index EUR hedged 24.31% 24.23% 85.14% 90.86% US Dollar Bond EUR Hedged I Acc EUR Barclays Capital US Aggregate Bond Index EUR hedged 27.91% 24.23% 97.91% 90.86% US Dollar Bond A Dis USD Barclays Capital US Aggregate Bond Index 27.38% 27.44% 89.30% 95.63% US Dollar Bond B Dis USD Barclays Capital US Aggregate Bond Index 24.26% 27.44% 78.58% 95.63% US Dollar Bond C Dis USD Barclays Capital US Aggregate Bond Index 29.26% 27.44% 96.97% 95.63% US Dollar Bond A Acc USD Barclays Capital US Aggregate Bond Index 27.37% 27.44% 89.05% 95.63% US Dollar Bond B Acc USD Barclays Capital US Aggregate Bond Index 24.23% 27.44% 80.05% 95.63% US Dollar Bond C Acc USD Barclays Capital US Aggregate Bond Index 29.21% 27.44% 96.91% 95.63% US Dollar Bond A1 USD Barclays Capital US Aggregate Bond Index 23.98% 27.44% 77.51% 95.63% US Dollar Bond B1 USD Barclays Capital US Aggregate Bond Index 19.46% 27.44% 62.73% 95.63% US Dollar Bond I USD Barclays Capital US Aggregate Bond Index 33.12% 27.44% 110.74% 95.63%

US Dollar Liquidity Total NAV (Base Currency): USD 83,190,483.45 Subfund Launch: 20/09/2001

US Dollar Liquidity A1 USD Citi USD 1m Eurodeposit LC 0.34% 18.34% 2.06% 24.33% US Dollar Liquidity A Acc USD Citi USD 1m Eurodeposit LC 2.77% 18.34% 5.34% 24.33% US Dollar Liquidity B Acc USD Citi USD 1m Eurodeposit LC 2.34% 18.34% 4.67% 24.33% US Dollar Liquidity C Acc USD Citi USD 1m Eurodeposit LC 4.36% 18.34% 8.15% 24.33% US Dollar Liquidity I USD Citi USD 1m Eurodeposit LC 5.69% 18.34% 10.26% 24.33%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 369 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

US Large Cap Total NAV (Base Currency): USD 548,154,361.87 Subfund Launch: 02/08/1993

US Large Cap EUR I Acc EUR S&P 500 (Composite) lagged 30.92% 26.20% -18.22% -22.21% US Large Cap EUR A Acc EUR S&P 500 (Composite) lagged 28.75% 26.20% -22.44% -22.21% US Large Cap EUR A1 Acc EUR S&P 500 (Composite) lagged 27.74% 26.20% -23.93% -22.21% US Large Cap EUR B Acc EUR S&P 500 (Composite) lagged 28.02% 26.20% -23.68% -22.21% US Large Cap EUR C Acc EUR S&P 500 (Composite) lagged 29.53% 26.20% -21.05% -22.21% US Large Cap EUR Hedged A Acc EUR S&P 500 (Composite) (EUR Hedged)* 31.48% 28.78% -19.04% -16.58% US Large Cap EUR Hedged B Acc EUR S&P 500 (Composite) (EUR Hedged)* 30.75% 28.78% -20.47% -16.58% US Large Cap EUR Hedged C Acc EUR S&P 500 (Composite) (EUR Hedged)* 32.41% 28.78% -17.33% -16.58% US Large Cap EUR Hedged A1 Acc EUR S&P 500 (Composite) (EUR Hedged)* 30.63% 28.78% -20.59% -16.58% US Large Cap EUR Hedged I Acc EUR S&P 500 (Composite) (EUR Hedged)* 33.75% 28.78% -14.01% -16.58% US Large Cap A Dis USD S&P 500 (Composite) lagged 33.56% 29.56% -15.03% -15.48% US Large Cap B Dis USD S&P 500 (Composite) lagged 32.77% 29.56% -16.54% -15.48% US Large Cap C Dis USD S&P 500 (Composite) lagged 34.49% 29.56% -13.23% -15.48% US Large Cap A Acc USD S&P 500 (Composite) lagged 33.55% 29.56% -15.04% -15.48% US Large Cap B Acc USD S&P 500 (Composite) lagged 32.77% 29.56% -16.55% -15.48% US Large Cap C Acc USD S&P 500 (Composite) lagged 34.49% 29.56% -13.24% -15.48% US Large Cap A1 Acc USD S&P 500 (Composite) lagged 32.67% 29.56% -16.67% -15.48% US Large Cap B1 Acc USD S&P 500 (Composite) lagged 31.78% 29.56% -18.52% -15.48% US Large Cap I Acc USD S&P 500 (Composite) lagged 35.87% 29.56% -10.62% -15.48%

US Smaller Companies Total NAV (Base Currency): USD 696,240,173.63 Subfund Launch: 20/07/1989

US Smaller Companies A Dis USD Russell 2000 Total Return 35.70% 33.26% -3.78% -16.77% US Smaller Companies B Dis USD Russell 2000 Total Return 34.92% 33.26% -5.48% -16.77% US Smaller Companies C Dis USD Russell 2000 Total Return 36.65% 33.26% -1.74% -16.77% US Smaller Companies A Acc USD Russell 2000 Total Return 35.71% 33.26% -3.76% -16.77% US Smaller Companies B Acc USD Russell 2000 Total Return 34.89% 33.26% -5.48% -16.77% US Smaller Companies C Acc USD Russell 2000 Total Return 36.64% 33.26% -1.74% -16.77% US Smaller Companies A1 USD Russell 2000 Total Return 35.15% 33.26% -4.89% -16.77% US Smaller Companies B1 USD Russell 2000 Total Return 34.18% 33.26% -6.97% -16.77% US Smaller Companies I USD Russell 2000 Total Return 38.37% 33.26% 1.98% -16.77%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 370 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

US Large Cap Total NAV (Base Currency): USD 548,154,361.87 Subfund Launch: 02/08/1993

US Large Cap EUR I Acc EUR S&P 500 (Composite) lagged 3.34% -2.56% -37.09% -27.29% US Large Cap EUR A Acc EUR S&P 500 (Composite) lagged -5.17% -2.56% -45.71% -27.29% US Large Cap EUR A1 Acc EUR S&P 500 (Composite) lagged -8.18% -2.56% -48.66% -27.29% US Large Cap EUR B Acc EUR S&P 500 (Composite) lagged -7.82% -2.56% -48.41% -27.29% US Large Cap EUR C Acc EUR S&P 500 (Composite) lagged -2.15% -2.56% -42.37% -27.29% US Large Cap EUR Hedged A Acc EUR S&P 500 (Composite) (EUR Hedged)* -7.30% -2.79% -16.61% 11.72% US Large Cap EUR Hedged B Acc EUR S&P 500 (Composite) (EUR Hedged)* -10.01% -2.79% -20.87% 11.72% US Large Cap EUR Hedged C Acc EUR S&P 500 (Composite) (EUR Hedged)* -4.02% -2.79% -11.18% 11.72% US Large Cap EUR Hedged A1 Acc EUR S&P 500 (Composite) (EUR Hedged)* -10.22% -2.79% -21.13% 11.72% US Large Cap EUR Hedged I Acc EUR S&P 500 (Composite) (EUR Hedged)* 2.02% -2.79% -2.43% 11.72% US Large Cap A Dis USD S&P 500 (Composite) lagged 0.84% 3.01% -12.57% 16.42% US Large Cap B Dis USD S&P 500 (Composite) lagged -2.12% 3.01% -17.07% 16.42% US Large Cap C Dis USD S&P 500 (Composite) lagged 4.43% 3.01% -6.74% 16.42% US Large Cap A Acc USD S&P 500 (Composite) lagged 0.83% 3.01% -12.57% 16.42% US Large Cap B Acc USD S&P 500 (Composite) lagged -2.17% 3.01% -17.07% 16.42% US Large Cap C Acc USD S&P 500 (Composite) lagged 4.40% 3.01% -6.86% 16.42% US Large Cap A1 Acc USD S&P 500 (Composite) lagged -2.36% 3.01% -17.31% 16.42% US Large Cap B1 Acc USD S&P 500 (Composite) lagged -5.94% 3.01% -22.56% 16.42% US Large Cap I Acc USD S&P 500 (Composite) lagged 9.66% 3.01% 1.11% 16.42%

US Smaller Companies Total NAV (Base Currency): USD 696,240,173.63 Subfund Launch: 20/07/1989

US Smaller Companies A Dis USD Russell 2000 Total Return 22.37% 3.65% 1,209.80% 392.66% US Smaller Companies B Dis USD Russell 2000 Total Return 18.77% 3.65% 1,056.63% 392.66% US Smaller Companies C Dis USD Russell 2000 Total Return 26.71% 3.65% 1,344.80% 392.66% US Smaller Companies A Acc USD Russell 2000 Total Return 22.37% 3.65% 1,150.67% 392.66% US Smaller Companies B Acc USD Russell 2000 Total Return 18.75% 3.65% 1,078.34% 392.66% US Smaller Companies C Acc USD Russell 2000 Total Return 26.71% 3.65% 1,338.95% 392.66% US Smaller Companies A1 USD Russell 2000 Total Return 20.03% 3.65% 1,041.21% 392.66% US Smaller Companies B1 USD Russell 2000 Total Return 15.65% 3.65% 881.84% 392.66% US Smaller Companies I USD Russell 2000 Total Return 34.72% 3.65% 1,719.97% 392.66%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 371 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 1Y BM 1Y SC 3Y BM 3Y

US Small & Mid-Cap Equity Total NAV (Base Currency): USD 1,822,706,074.96 Subfund Launch: 10/12/2004

US Small & Mid-Cap Equity EUR I Acc EUR Russell 2500 TR Lagged 33.42% 36.38% -4.52% -20.35% US Small & Mid-Cap Equity EUR A1 Acc EUR Russell 2500 TR Lagged 30.26% 36.38% -11.21% -20.35% US Small & Mid-Cap Equity EUR C Acc EUR Russell 2500 TR Lagged 31.71% 36.38% -8.39% -20.35% US Small & Mid-Cap Equity EUR B Acc EUR Russell 2500 TR Lagged 30.05% 36.38% -11.58% -20.35% US Small & Mid-Cap Equity EUR A Acc EUR Russell 2500 TR Lagged 30.96% 36.38% -10.45% -20.35% US Small & Mid-Cap Equity EUR Hedged A Acc EUR Russell 2500 TR Lagged (EUR Hedged)* 34.72% 40.80% -4.12% -12.48% US Small & Mid-Cap Equity EUR Hedged B Acc EUR Russell 2500 TR Lagged (EUR Hedged)* 33.91% 40.80% -5.73% -12.48% US Small & Mid-Cap Equity EUR Hedged C Acc EUR Russell 2500 TR Lagged (EUR Hedged)* 35.65% 40.80% -2.19% -12.48% US Small & Mid-Cap Equity EUR Hedged A1 Acc EUR Russell 2500 TR Lagged (EUR Hedged)* 34.18% 40.80% -5.22% -12.48% US Small & Mid-Cap Equity A Acc USD Russell 2500 TR Lagged 35.79% 40.01% -1.52% -13.46% US Small & Mid-Cap Equity B Acc USD Russell 2500 TR Lagged 34.98% 40.01% -3.29% -13.46% US Small & Mid-Cap Equity C Acc USD Russell 2500 TR Lagged 36.73% 40.01% 0.48% -13.46% US Small & Mid-Cap Equity A1 Acc USD Russell 2500 TR Lagged 35.23% 40.01% -2.68% -13.46% US Small & Mid-Cap Equity I Acc USD Russell 2500 TR Lagged 38.45% 40.01% 4.36% -13.46% US Small & Mid-Cap Equity A Dis USD Russell 2500 TR Lagged 35.78% 40.01% -1.52% -13.46% US Small & Mid-Cap Equity C Dis USD Russell 2500 TR Lagged 36.72% 40.01% 0.55% -13.46%

World Defensive 3 Monthly Total NAV (Base Currency): EUR 4,301,701.33 Subfund Launch: 23/05/2007

World Defensive 3 Monthly A Acc EUR Citi EUR 3m Eurodeposit TR 2.89% 1.44% - - World Defensive 3 Monthly B Acc EUR Citi EUR 3m Eurodeposit TR 2.59% 1.44% - - World Defensive 3 Monthly A1 Acc EUR Citi EUR 3m Eurodeposit TR 2.33% 1.44% - -

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Page 372 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix II (cont)

SC Share Class (SC) Currency Benchmark (BM) SC 5Y BM 5Y SC SL BM SL

US Small & Mid-Cap Equity Total NAV (Base Currency): USD 1,822,706,074.96 Subfund Launch: 10/12/2004

US Small & Mid-Cap Equity EUR I Acc EUR Russell 2500 TR Lagged 33.28% 3.40% 33.81% 4.91% US Small & Mid-Cap Equity EUR A1 Acc EUR Russell 2500 TR Lagged 18.44% 3.40% 18.75% 4.91% US Small & Mid-Cap Equity EUR C Acc EUR Russell 2500 TR Lagged 24.69% 3.40% 25.11% 4.91% US Small & Mid-Cap Equity EUR B Acc EUR Russell 2500 TR Lagged 17.27% 3.40% 17.56% 4.91% US Small & Mid-Cap Equity EUR A Acc EUR Russell 2500 TR Lagged 20.16% 3.40% 20.52% 4.91% US Small & Mid-Cap Equity EUR Hedged A Acc EUR Russell 2500 TR Lagged (EUR Hedged)* 20.83% 6.90% 24.14% 11.11% US Small & Mid-Cap Equity EUR Hedged B Acc EUR Russell 2500 TR Lagged (EUR Hedged)* 17.40% 6.90% 20.57% 11.11% US Small & Mid-Cap Equity EUR Hedged C Acc EUR Russell 2500 TR Lagged (EUR Hedged)* 25.01% 6.90% 28.48% 11.11% US Small & Mid-Cap Equity EUR Hedged A1 Acc EUR Russell 2500 TR Lagged (EUR Hedged)* 18.73% 6.90% 21.95% 11.11% US Small & Mid-Cap Equity A Acc USD Russell 2500 TR Lagged 28.34% 9.31% 31.88% 13.63% US Small & Mid-Cap Equity B Acc USD Russell 2500 TR Lagged 24.56% 9.31% 27.95% 13.63% US Small & Mid-Cap Equity C Acc USD Russell 2500 TR Lagged 32.80% 9.31% 36.52% 13.63% US Small & Mid-Cap Equity A1 Acc USD Russell 2500 TR Lagged 26.08% 9.31% 29.52% 13.63% US Small & Mid-Cap Equity I Acc USD Russell 2500 TR Lagged 41.48% 9.31% 45.54% 13.63% US Small & Mid-Cap Equity A Dis USD Russell 2500 TR Lagged 26.95% 9.31% 30.44% 13.63% US Small & Mid-Cap Equity C Dis USD Russell 2500 TR Lagged 33.06% 9.31% 36.79% 13.63%

World Defensive 3 Monthly Total NAV (Base Currency): EUR 4,301,701.33 Subfund Launch: 23/05/2007

World Defensive 3 Monthly A Acc EUR Citi EUR 3m Eurodeposit TR - - -18.09% 9.23% World Defensive 3 Monthly B Acc EUR Citi EUR 3m Eurodeposit TR - - -18.66% 9.23% World Defensive 3 Monthly A1 Acc EUR Citi EUR 3m Eurodeposit TR - - -19.17% 9.23%

NAV to NAV (Bid to Bid ), adjusted for dividends, gross of taxes; Since Launch numbers since sub fund launch Past performance is not an indication of current or future performance. The performance data do not take the commissions on the issue and redemption of units into account. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 373 Appendix III Fees and Expenses (Unaudited)

TER (without transaction fees) The Total Expense Ratio and the Portfolio Turnover Ratio were calculated in accordance with the guidelines dated on 16 May 2008 issued by the Swiss Fund Association.

Name Type Currency TER w/o trans. Fees PERF FEES

Schroder ISF Asia Pacific Property Securities A ACC USD 2.03% 0.00% A1 ACC USD 2.44% 0.00% B ACC USD 2.63% 0.00% C ACC USD 1.34% 0.00% I ACC USD 0.08% 0.00%

Schroder ISF Asian Bond A ACC USD 1.77% 0.00% A ACC (EUR HEDGED) USD 1.76% 0.00% A ACC (SGD HEDGED) USD 1.77% 0.00% A DIS USD 1.77% 0.00% A DIS (GBP HEDGED) USD 1.77% 0.00% A1 ACC USD 2.03% 0.00% A1 ACC (EUR HEDGED) USD 2.03% 0.00% A1 ACC (EUR) USD 2.03% 0.00% A1 DIS USD 2.03% 0.00% A1 DIS (EUR HEDGED) USD 2.03% 0.00% A1 DIS (EUR) USD 2.03% 0.00% B ACC USD 2.27% 0.00% B DIS USD 2.27% 0.00% B1 ACC USD 2.51% 0.00% B1 DIS USD 2.76% 0.00% C ACC USD 1.08% 0.00% C ACC (EUR HEDGED) USD 1.08% 0.00% C DIS USD 1.08% 0.00% D DIS USD 2.76% 0.00% I ACC USD 0.07% 0.00% I ACC (EUR HEDGED) USD 0.07% 0.00% I ACC (SGD HEDGED) USD 0.07% 0.00%

Schroder ISF Asian Convertible Bond A ACC USD 1.71% 0.00% A ACC (EUR HEDGED) USD 1.71% 0.00% A1 ACC USD 2.06% 0.00% A1 ACC (EUR HEDGED) USD 2.06% 0.00% B ACC USD 2.21% 0.00% B ACC (EUR HEDGED) USD 2.21% 0.00% C ACC USD 1.11% 0.00% C ACC (EUR HEDGED) USD 1.11% 0.00% C ACC (GBP HEDGED) USD 1.11% 0.00% C DIS (GBP HEDGED) USD 1.11% 0.00% I ACC USD 0.10% 0.00% I ACC (EUR HEDGED) USD 0.10% 0.00%

Schroder ISF Asian Equity Alpha A ACC USD 2.63% 0.00% A DIS (GBP) USD 2.63% 0.00% A1 ACC USD 3.03% 0.00% B ACC USD 3.23% 0.00% C ACC USD 1.93% 0.00% C DIS (GBP) USD 1.93% 0.00% I ACC USD 0.67% 0.00%

Schroder ISF Asian Equity Yield A ACC USD 2.03% 0.00% A DIS USD 2.03% 0.00% A DIS (GBP) USD 2.03% 0.00% A1 ACC USD 2.44% 0.00% A1 DIS USD 2.44% 0.00% B ACC USD 2.63% 0.00% C ACC USD 1.34% 0.00% C DIS USD 1.34% 0.00% I ACC USD 0.09% 0.00% I ACC (EUR HEDGED) USD 0.09% 0.00%

All changes that occurred in the Funds during the year under review can be found in the Directors' Report. Page 374 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix III Fees and Expenses (Unaudited) (cont)

TER (without transaction fees) The Total Expense Ratio and the Portfolio Turnover Ratio were calculated in accordance with the guidelines dated on 16 May 2008 issued by the Swiss Fund Association. (cont)

Name Type Currency TER w/o trans. Fees PERF FEES

Schroder ISF Asian Local Currency Bond A ACC USD 1.32% 0.00% A ACC (SGD HEDGED) USD 1.32% 0.00% A DIS USD 1.32% 0.00% A1 ACC USD 1.82% 0.00% B ACC USD 1.92% 0.00% C ACC USD 0.92% 0.00% C DIS USD 0.92% 0.00% I ACC USD 0.16% 0.00%

Schroder ISF Asian Smaller Companies A ACC USD 2.08% 0.00% A1 ACC USD 2.50% 0.00% B ACC USD 2.68% 0.00% C ACC USD 1.40% 0.00% C DIS USD 1.40% 0.00% I ACC USD 0.14% 0.00%

Schroder ISF Asian Total Return A ACC USD 2.05% 0.00% A ACC (EUR HEDGED) USD 2.05% 0.00% A DIS (GBP) USD 2.05% 0.00% A1 ACC USD 2.47% 0.00% A1 ACC (EUR HEDGED) USD 2.47% 0.00% B ACC USD 2.65% 0.00% B ACC (EUR HEDGED) USD 2.66% 0.00% C ACC USD 1.12% 0.00% C ACC (EUR HEDGED) USD 1.12% 0.00% C DIS (GBP) USD 1.12% 0.00% I ACC USD 0.11% 0.00%

Schroder ISF BRIC (Brazil, Russia, India, China) A ACC USD 2.03% 0.00% A ACC (EUR) USD 2.03% 0.00% A DIS (GBP) USD 2.03% 0.00% A1 ACC USD 2.44% 0.00% A1 ACC (EUR) USD 2.44% 0.00% B ACC USD 2.63% 0.00% B ACC (EUR) USD 2.63% 0.00% C ACC USD 1.35% 0.00% C ACC (EUR) USD 1.35% 0.00% I ACC USD 0.09% 0.00% I ACC (EUR) USD 0.09% 0.00%

Schroder ISF China Opportunities A ACC USD 2.02% 0.00% A Acc (HKD) USD 2.02% 0.00% A ACC (SGD HEDGED) USD 2.02% 0.00% A1 ACC USD 2.44% 0.00% A1 ACC (SGD HEDGED) USD 2.44% 0.00% B ACC USD 2.62% 0.00% C ACC USD 1.34% 0.00% D ACC USD 3.02% 0.00% I ACC USD 0.08% 0.00%

All changes that occurred in the Funds during the year under review can be found in the Directors' Report. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 375 Appendix III Fees and Expenses (Unaudited) (cont)

TER (without transaction fees) The Total Expense Ratio and the Portfolio Turnover Ratio were calculated in accordance with the guidelines dated on 16 May 2008 issued by the Swiss Fund Association. (cont)

Name Type Currency TER w/o trans. Fees PERF FEES

Schroder ISF Emerging Asia A ACC USD 2.04% 0.00% A ACC (EUR) USD 2.04% 0.00% A DIS (GBP) USD 2.04% 0.00% A1 ACC USD 2.46% 0.00% A1 ACC (EUR) USD 2.46% 0.00% B ACC USD 2.64% 0.00% B ACC (EUR) USD 2.64% 0.00% B1 ACC USD 3.16% 0.00% C ACC USD 1.36% 0.00% C ACC (EUR) USD 1.36% 0.00% I ACC USD 0.10% 0.00% I ACC (EUR) USD 0.10% 0.00%

Schroder ISF Emerging Europe A ACC EUR 2.07% 0.00% A DIS EUR 2.07% 0.00% A DIS (GBP) EUR 2.07% 0.00% A1 ACC EUR 2.48% 0.00% A1 ACC (USD) EUR 2.49% 0.00% B ACC EUR 2.67% 0.00% B DIS EUR 2.67% 0.00% B1 ACC EUR 3.10% 0.00% C ACC EUR 1.38% 0.00% C DIS EUR 1.38% 0.00% I ACC EUR 0.13% 0.00%

Schroder ISF Emerging Europe Debt Absolute Return A ACC EUR 2.08% 0.00% A DIS EUR 2.08% 0.00% A1 ACC EUR 2.34% 0.00% A1 ACC (USD) EUR 2.34% 0.00% A1 DIS EUR 2.34% 0.00% A1 DIS (USD) EUR 2.34% 0.00% B ACC EUR 2.58% 0.00% B DIS EUR 2.57% 0.00% B1 ACC EUR 2.47% 0.00% B1 DIS EUR 2.73% 0.00% C ACC EUR 1.29% 0.00% I ACC EUR 0.13% 0.00%

Schroder ISF Emerging Markets A ACC USD 2.05% 0.00% A ACC (EUR) USD 2.05% 0.00% A DIS USD 2.05% 0.00% A1 ACC USD 2.47% 0.00% A1 ACC (EUR) USD 2.47% 0.00% B ACC USD 2.65% 0.00% B ACC (EUR) USD 2.65% 0.00% B DIS USD 2.65% 0.00% B1 ACC USD 3.13% 0.00% C ACC USD 1.37% 0.00% C ACC (AUD) USD 1.37% 0.00% C ACC (EUR) USD 1.37% 0.00% C DIS USD 1.36% 0.00% I ACC USD 0.11% 0.00% I ACC (AUD) USD 0.11% 0.00% I ACC (EUR) USD 0.11% 0.00%

All changes that occurred in the Funds during the year under review can be found in the Directors' Report. Page 376 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix III Fees and Expenses (Unaudited) (cont)

TER (without transaction fees) The Total Expense Ratio and the Portfolio Turnover Ratio were calculated in accordance with the guidelines dated on 16 May 2008 issued by the Swiss Fund Association. (cont)

Name Type Currency TER w/o trans. Fees PERF FEES

Schroder ISF Emerging Markets Debt Absolute Return A ACC USD 2.02% 0.00% A ACC (EUR HEDGED) USD 2.02% 0.00% A DIS USD 2.02% 0.00% A DIS (GBP HEDGED) USD 2.02% 0.00% A DIS (SGD HEDGED) USD 2.02% 0.00% A1 ACC USD 2.29% 0.00% A1 ACC (EUR HEDGED) USD 2.29% 0.00% A1 ACC (PLN HEDGED) USD 2.29% 0.00% A1 DIS USD 2.29% 0.00% A1 DIS (EUR HEDGED) USD 2.29% 0.00% B ACC USD 2.52% 0.00% B ACC (EUR HEDGED) USD 2.52% 0.00% B DIS USD 2.52% 0.00% B1 ACC USD 2.49% 0.00% B1 ACC (EUR HEDGED) USD 2.49% 0.00% B1 DIS USD 2.75% 0.00% B1 DIS (EUR HEDGED) USD 2.75% 0.00% C ACC USD 1.24% 0.00% C ACC (EUR HEDGED) USD 1.24% 0.00% C DIS USD 1.24% 0.00% C DIS (GBP HEDGED) USD 1.24% 0.00% I ACC USD 0.08% 0.00% I ACC (EUR HEDGED) USD 0.08% 0.00% I ACC (GBP HEDGED) USD 0.08% 0.00% I DIS USD 0.08% 0.00%

Schroder ISF EURO Active Value A ACC EUR 2.01% 0.00% A DIS (GBP) EUR 2.01% 0.00% A1 ACC EUR 2.43% 0.00% B ACC EUR 2.61% 0.00% B1 ACC EUR 3.17% 0.00% C ACC EUR 1.33% 0.00% C DIS (GBP) EUR 1.33% 0.00% I ACC EUR 0.08% 0.00%

Schroder ISF EURO Bond A ACC EUR 0.98% 0.00% A DIS EUR 0.97% 0.00% A1 ACC EUR 1.52% 0.00% A1 ACC (USD) EUR 1.52% 0.00% B ACC EUR 1.47% 0.00% B DIS EUR 1.47% 0.00% B1 ACC EUR 2.25% 0.00% C ACC EUR 0.67% 0.00% C DIS EUR 0.67% 0.00% I ACC EUR 0.07% 0.00%

Schroder ISF EURO Corporate Bond A ACC EUR 1.06% 0.00% A ACC (USD HEDGED) EUR 1.06% 0.00% A DIS EUR 1.06% 0.00% A1 ACC EUR 1.51% 0.00% A1 DIS EUR 1.51% 0.00% B ACC EUR 1.56% 0.00% B1 ACC EUR 2.24% 0.00% C ACC EUR 0.66% 0.00% I ACC EUR 0.05% 0.00% X DIS EUR 0.30% 0.00%

All changes that occurred in the Funds during the year under review can be found in the Directors' Report. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 377 Appendix III Fees and Expenses (Unaudited) (cont)

TER (without transaction fees) The Total Expense Ratio and the Portfolio Turnover Ratio were calculated in accordance with the guidelines dated on 16 May 2008 issued by the Swiss Fund Association. (cont)

Name Type Currency TER w/o trans. Fees PERF FEES

Schroder ISF EURO Dynamic Growth A ACC EUR 2.01% 0.00% A DIS EUR 2.01% 0.00% A1 ACC EUR 2.43% 0.00% B ACC EUR 2.61% 0.00% C ACC EUR 1.33% 0.00% C DIS EUR 1.33% 0.00% I ACC EUR 0.07% 0.00%

Schroder ISF EURO Equity A ACC EUR 2.01% 0.00% A DIS EUR 2.01% 0.00% A1 ACC EUR 2.42% 0.00% A1 ACC (USD) EUR 2.42% 0.00% B ACC EUR 2.61% 0.00% B DIS EUR 2.61% 0.00% B1 ACC EUR 3.14% 0.00% C ACC EUR 1.07% 0.00% C DIS EUR 1.07% 0.00% I ACC EUR 0.06% 0.00%

Schroder ISF EURO Liquidity A ACC EUR 0.59% 0.00% A1 ACC EUR 1.00% 0.00% B ACC EUR 0.69% 0.00% B1 ACC EUR 1.86% 0.00% C ACC EUR 0.27% 0.00% I ACC EUR 0.06% 0.00% I ACC (JPY) EUR 0.06% 0.00%

Schroder ISF EURO Short Term Bond A ACC EUR 0.67% 0.00% A DIS EUR 0.67% 0.00% A1 ACC EUR 1.17% 0.00% B ACC EUR 0.77% 0.00% B DIS EUR 0.77% 0.00% B1 ACC EUR 1.90% 0.00% C ACC EUR 0.35% 0.00% C DIS EUR 0.35% 0.00% I ACC EUR 0.06% 0.00%

Schroder ISF European (ex UK) Equity A ACC EUR 2.19% 0.00% A DIS EUR 2.19% 0.00% A1 ACC EUR 2.59% 0.00% B ACC EUR 2.79% 0.00% C ACC EUR 1.49% 0.00% C DIS EUR 1.49% 0.00% I ACC EUR 0.25% 0.00%

Schroder ISF European Active Value A ACC EUR 2.69% 0.00% A1 ACC EUR 3.10% 0.00% B ACC EUR 3.29% 0.00% C ACC EUR 2.00% 0.00% C DIS EUR 2.00% 0.00% I ACC EUR 0.75% 0.00%

Schroder ISF European Allocation A ACC EUR 1.76% 0.00% A DIS (GBP) EUR 1.75% 0.00% A1 ACC EUR 2.27% 0.00% B ACC EUR 2.36% 0.00% C ACC EUR 1.07% 0.00% I ACC EUR 0.06% 0.00%

All changes that occurred in the Funds during the year under review can be found in the Directors' Report. Page 378 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix III Fees and Expenses (Unaudited) (cont)

TER (without transaction fees) The Total Expense Ratio and the Portfolio Turnover Ratio were calculated in accordance with the guidelines dated on 16 May 2008 issued by the Swiss Fund Association. (cont)

Name Type Currency TER w/o trans. Fees PERF FEES

Schroder ISF European Allocation (cont) A ACC EUR Schroder ISF European Bond A ACC EUR 0.84% 0.00% A DIS EUR 0.84% 0.00% A1 ACC EUR 1.42% 0.00% B ACC EUR 1.35% 0.00% B DIS EUR 1.34% 0.00% C ACC EUR 0.47% 0.00% C DIS EUR 0.38% 0.00% I ACC EUR 0.07% 0.00%

Schroder ISF European Defensive A ACC EUR 1.42% 0.00% A DIS EUR 1.42% 0.00% A1 ACC EUR 1.92% 0.00% B ACC EUR 1.72% 0.00%

Schroder ISF European Defensive 6 Monthly A ACC EUR 1.56% 0.00% A1 ACC EUR 2.06% 0.00% B ACC EUR 1.86% 0.00%

Schroder ISF European Defensive Monthly A ACC EUR 1.53% 0.00% A1 ACC EUR 2.03% 0.00% B ACC EUR 1.83% 0.00%

Schroder ISF European Dividend Maximiser A ACC EUR 2.22% 0.00% A DIS EUR 2.21% 0.00% A1 ACC EUR 2.63% 0.00% A1 DIS EUR 2.63% 0.00% B ACC EUR 2.81% 0.00% B DIS EUR 2.81% 0.00% C ACC EUR 1.52% 0.00% C DIS EUR 1.52% 0.00% I ACC EUR 0.27% 0.00%

Schroder ISF European Dynamic Growth A ACC EUR 2.06% 0.00% A1 ACC EUR 2.47% 0.00% B ACC EUR 2.66% 0.00% C ACC EUR 1.37% 0.00% C DIS EUR 1.37% 0.00% I ACC EUR 0.12% 0.00% I DIS EUR 0.12% 0.00%

Schroder ISF European Equity Alpha A ACC EUR 2.01% 0.00% A DIS EUR 2.01% 0.00% A1 ACC EUR 2.42% 0.00% B ACC EUR 2.61% 0.00% C ACC EUR 1.32% 0.00% C DIS EUR 1.32% 0.00% I ACC EUR 0.07% 0.00% I DIS EUR 0.07% 0.00%

Schroder ISF European Equity Opportunities A ACC EUR 2.21% 0.00% C ACC EUR 1.52% 0.00% I ACC EUR 0.26% 0.00%

All changes that occurred in the Funds during the year under review can be found in the Directors' Report. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 379 Appendix III Fees and Expenses (Unaudited) (cont)

TER (without transaction fees) The Total Expense Ratio and the Portfolio Turnover Ratio were calculated in accordance with the guidelines dated on 16 May 2008 issued by the Swiss Fund Association. (cont)

Name Type Currency TER w/o trans. Fees PERF FEES

Schroder ISF European Equity Yield A ACC EUR 2.02% 0.00% A DIS EUR 2.02% 0.00% A DIS (GBP) EUR 2.02% 0.00% A1 ACC EUR 2.43% 0.00% A1 ACC (USD) EUR 2.43% 0.00% A1 DIS EUR 2.43% 0.00% A1 DIS (USD) EUR 2.42% 0.00% B ACC EUR 2.62% 0.00% B DIS EUR 2.62% 0.00% C ACC EUR 1.33% 0.00% C DIS EUR 1.33% 0.00% I ACC EUR 0.07% 0.00%

Schroder ISF European Large Cap A ACC EUR 1.77% 0.00% A DIS EUR 1.77% 0.00% A1 ACC EUR 2.44% 0.00% B ACC EUR 2.37% 0.00% B DIS EUR 2.37% 0.00% C ACC EUR 1.09% 0.00% C DIS EUR 1.09% 0.00% I ACC EUR 0.08% 0.00%

Schroder ISF European Smaller Companies A ACC EUR 2.01% 0.00% A DIS EUR 2.01% 0.00% A1 ACC EUR 2.43% 0.00% A1 ACC (USD) EUR 2.43% 0.00% B ACC EUR 2.61% 0.00% B DIS EUR 2.61% 0.00% B1 ACC EUR 3.15% 0.00% C ACC EUR 1.33% 0.00% C DIS EUR 1.33% 0.00% I ACC EUR 0.07% 0.00%

Schroder ISF European Special Situations A ACC EUR 2.01% 0.00% A1 ACC EUR 2.42% 0.00% B ACC EUR 2.61% 0.00% C ACC EUR 1.32% 0.00% C DIS EUR 1.32% 0.00% I ACC EUR 0.06% 0.00%

Schroder ISF Global Bond A ACC USD 0.98% 0.00% A DIS USD 0.98% 0.00% A1 ACC USD 1.53% 0.00% B ACC USD 1.48% 0.00% B DIS USD 1.48% 0.00% B1 ACC USD 2.26% 0.00% C ACC USD 0.68% 0.00% C DIS USD 0.68% 0.00% I ACC USD 0.08% 0.00% I ACC (USD HEDGED) USD 0.08% 0.00%

All changes that occurred in the Funds during the year under review can be found in the Directors' Report. Page 380 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix III Fees and Expenses (Unaudited) (cont)

TER (without transaction fees) The Total Expense Ratio and the Portfolio Turnover Ratio were calculated in accordance with the guidelines dated on 16 May 2008 issued by the Swiss Fund Association. (cont)

Name Type Currency TER w/o trans. Fees PERF FEES

Schroder ISF Global Climate Change Equity A ACC USD 2.03% 0.00% A ACC (EUR HEDGED) USD 2.03% 0.00% A ACC (EUR) USD 2.03% 0.00% A ACC (SGD) USD 2.03% 0.00% A1 ACC USD 2.45% 0.00% A1 ACC (EUR HEDGED) USD 2.45% 0.00% A1 ACC (EUR) USD 2.45% 0.00% B ACC USD 2.63% 0.00% B ACC (EUR HEDGED) USD 2.63% 0.00% B ACC (EUR) USD 2.63% 0.00% C ACC USD 1.35% 0.00% C ACC (EUR HEDGED) USD 1.34% 0.00% C ACC (EUR) USD 1.35% 0.00% C DIS USD 1.35% 0.00% C DIS (GBP) USD 1.35% 0.00% I ACC USD 0.09% 0.00% I ACC (EUR) USD 0.09% 0.00%

Schroder ISF Global Convertible Bond A ACC USD 1.70% 0.00% A ACC (EUR HEDGED) USD 1.70% 0.00% A1 ACC USD 2.05% 0.00% A1 ACC (EUR HEDGED) USD 2.05% 0.00% B ACC USD 2.20% 0.00% B ACC (EUR HEDGED) USD 2.20% 0.00% C ACC USD 1.10% 0.00% C ACC (EUR HEDGED) USD 1.10% 0.00% C ACC (GBP HEDGED) USD 1.10% 0.00% C DIS (GBP HEDGED) USD 2.45% 1.36% I ACC USD 0.09% 0.00% I ACC (EUR HEDGED) USD 0.09% 0.00%

Schroder ISF Global Corporate Bond A ACC USD 1.08% 0.00% A ACC (EUR HEDGED) USD 1.08% 0.00% A DIS USD 1.08% 0.00% A DIS (EUR HEDGED) USD 1.07% 0.00% A DIS (SGD HEDGED) USD 1.08% 0.00% A1 ACC USD 1.53% 0.00% A1 ACC (EUR HEDGED) USD 1.53% 0.00% A1 DIS USD 1.53% 0.00% B ACC USD 1.58% 0.00% B ACC (EUR HEDGED) USD 1.58% 0.00% B DIS USD 1.58% 0.00% B1 ACC USD 2.25% 0.00% C ACC USD 0.68% 0.00% C DIS USD 0.68% 0.00% I ACC USD 0.07% 0.00% I ACC (EUR HEDGED) USD 0.07% 0.00%

Schroder ISF Global Credit Duration Hedged A ACC EUR 1.70% 0.00% A1 ACC EUR 2.10% 0.00% B ACC EUR 2.14% 0.00% C ACC EUR 0.92% 0.00% C DIS EUR 1.21% 0.00% I ACC EUR 0.08% 0.00% I ACC (GBP HEDGED) EUR 0.08% 0.00% I ACC (USD HEDGED) EUR 0.08% 0.00%

All changes that occurred in the Funds during the year under review can be found in the Directors' Report. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 381 Appendix III Fees and Expenses (Unaudited) (cont)

TER (without transaction fees) The Total Expense Ratio and the Portfolio Turnover Ratio were calculated in accordance with the guidelines dated on 16 May 2008 issued by the Swiss Fund Association. (cont)

Name Type Currency TER w/o trans. Fees PERF FEES

Schroder ISF Global Dividend Maximiser A ACC USD 2.16% 0.00% A ACC (SGD) USD 2.16% 0.00% A DIS USD 2.16% 0.00% A DIS (SGD) USD 2.16% 0.00% A1 ACC USD 2.57% 0.00% A1 DIS USD 2.57% 0.00% B ACC USD 2.76% 0.00% B DIS USD 2.76% 0.00% C ACC USD 1.47% 0.00% C DIS USD 1.47% 0.00% C DIS (GBP) USD 1.47% 0.00%

Schroder ISF Global Emerging Market Opportunities A ACC USD 2.07% 0.00% A ACC (EUR) USD 2.07% 0.00% A ACC (SGD) USD 2.07% 0.00% A1 ACC USD 2.49% 0.00% A1 ACC (EUR) USD 2.49% 0.00% B ACC USD 2.67% 0.00% B ACC (EUR) USD 2.67% 0.00% C ACC USD 1.39% 0.00% C ACC (EUR) USD 1.39% 0.00% D ACC USD 3.07% 0.00% D ACC (EUR) USD 3.07% 0.00% I ACC USD 0.13% 0.00% I ACC (EUR) USD 0.13% 0.00%

Schroder ISF Global Emerging Markets Commodities A ACC USD 2.42% 0.00% A ACC (EUR) USD 2.42% 0.00% A DIS (GBP) USD 2.42% 0.00% A1 ACC USD 2.92% 0.00% A1 ACC (EUR) USD 2.92% 0.00% B ACC USD 3.02% 0.00% B ACC (EUR) USD 3.02% 0.00% C ACC USD 1.82% 0.00% C ACC (EUR) USD 1.82% 0.00% C DIS (GBP) USD 1.82% 0.00% I ACC USD 0.56% 0.00% I ACC (EUR) USD 0.56% 0.00%

Schroder ISF Global Energy A ACC USD 2.01% 0.00% A ACC (EUR) USD 2.00% 0.00% A DIS (GBP) USD 2.01% 0.00% A1 ACC USD 2.42% 0.00% A1 ACC (EUR) USD 2.42% 0.00% B ACC USD 2.61% 0.00% C ACC USD 1.32% 0.00% C ACC (EUR) USD 1.32% 0.00% C DIS USD 1.32% 0.00% C DIS (GBP) USD 1.32% 0.00% I ACC USD 0.06% 0.00%

Schroder ISF Global Equity A ACC USD 1.84% 0.00% A DIS USD 1.84% 0.00% A1 ACC USD 2.50% 0.00% B ACC USD 2.44% 0.00% C ACC USD 1.15% 0.00% C DIS USD 1.15% 0.00% I ACC USD 0.15% 0.00% I DIS USD 0.16% 0.00%

All changes that occurred in the Funds during the year under review can be found in the Directors' Report. Page 382 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix III Fees and Expenses (Unaudited) (cont)

TER (without transaction fees) The Total Expense Ratio and the Portfolio Turnover Ratio were calculated in accordance with the guidelines dated on 16 May 2008 issued by the Swiss Fund Association. (cont)

Name Type Currency TER w/o trans. Fees PERF FEES

Schroder ISF Global Equity Alpha A ACC USD 2.08% 0.00% A ACC (EUR) USD 2.08% 0.00% A DIS (GBP) USD 2.08% 0.00% A DIS (USD) USD 3.26% 1.18% A1 ACC USD 2.50% 0.00% A1 ACC (EUR) USD 2.50% 0.00% B ACC USD 2.68% 0.00% B ACC (EUR) USD 2.68% 0.00% B DIS USD 4.00% 1.32% B1 ACC USD 3.17% 0.00% C ACC USD 1.40% 0.00% C ACC (EUR) USD 1.40% 0.00% C DIS USD 1.50% 0.10% I ACC USD 0.14% 0.00% I ACC (EUR) USD 0.14% 0.00% I ACC (GBP) USD 0.14% 0.00% I DIS USD 0.14% 0.00%

Schroder ISF Global Equity Yield A ACC USD 2.07% 0.00% A ACC (EUR) USD 2.07% 0.00% A DIS USD 2.07% 0.00% A DIS (GBP) USD 2.07% 0.00% A1 ACC USD 2.48% 0.00% A1 ACC (EUR) USD 2.48% 0.00% A1 DIS USD 2.48% 0.00% B ACC USD 2.67% 0.00% B ACC (EUR) USD 2.67% 0.00% C ACC USD 1.38% 0.00% C ACC (EUR) USD 1.38% 0.00% C DIS USD 1.38% 0.00% I ACC USD 0.13% 0.00% I ACC (EUR) USD 0.13% 0.00% I DIS USD 0.13% 0.00%

Schroder ISF Global Government Bond A ACC EUR 0.86% 0.00% C ACC EUR 0.51% 0.00% I ACC EUR 0.14% 0.00%

Schroder ISF Global High Yield A ACC USD 1.32% 0.00% A ACC (EUR HEDGED) USD 1.32% 0.00% A DIS USD 1.32% 0.00% A1 ACC USD 1.77% 0.00% A1 ACC (EUR HEDGED) USD 1.77% 0.00% A1 DIS USD 1.77% 0.00% B ACC USD 1.82% 0.00% B ACC (EUR HEDGED) USD 1.82% 0.00% B DIS USD 1.82% 0.00% C ACC USD 0.82% 0.00% C ACC (EUR HEDGED) USD 0.82% 0.00% C DIS (GBP HEDGED) USD 0.82% 0.00% I ACC USD 0.06% 0.00% I ACC (EUR HEDGED) USD 0.06% 0.00% I ACC (GBP HEDGED) USD 0.06% 0.00%

All changes that occurred in the Funds during the year under review can be found in the Directors' Report. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 383 Appendix III Fees and Expenses (Unaudited) (cont)

TER (without transaction fees) The Total Expense Ratio and the Portfolio Turnover Ratio were calculated in accordance with the guidelines dated on 16 May 2008 issued by the Swiss Fund Association. (cont)

Name Type Currency TER w/o trans. Fees PERF FEES

Schroder ISF Global Inflation Linked Bond A ACC EUR 0.98% 0.00% A ACC (USD HEDGED) EUR 0.98% 0.00% A1 ACC EUR 1.53% 0.00% A1 ACC (USD HEDGED) EUR 1.56% 0.00% B ACC EUR 1.48% 0.00% B ACC (USD HEDGED) EUR 1.48% 0.00% C ACC EUR 0.68% 0.00% C ACC (USD HEDGED) EUR 0.68% 0.00% C DIS EUR 0.68% 0.00% C DIS (GBP HEDGED) EUR 0.68% 0.00% C DIS (USD HEDGED) EUR 0.68% 0.00% I ACC EUR 0.07% 0.00%

Schroder ISF Global Property Securities A ACC USD 2.02% 0.00% A ACC (EUR HEDGED) USD 2.02% 0.00% A1 ACC USD 2.43% 0.00% A1 ACC (EUR HEDGED) USD 2.43% 0.00% B ACC USD 2.62% 0.00% B ACC (EUR HEDGED) USD 2.62% 0.00% C ACC USD 1.33% 0.00% C ACC (EUR HEDGED) USD 1.33% 0.00% C DIS USD 1.33% 0.00% I ACC USD 0.07% 0.00% I ACC (EUR HEDGED) USD 0.07% 0.00%

Schroder ISF Global Smaller Companies A ACC USD 2.04% 0.00% A DIS USD 2.04% 0.00% A1 ACC USD 2.46% 0.00% A1 ACC (EUR) USD 2.46% 0.00% B ACC USD 2.64% 0.00% C ACC USD 1.36% 0.00% C DIS USD 1.35% 0.00% I ACC USD 0.10% 0.00%

Schroder ISF Greater China A ACC USD 2.03% 0.00% A ACC (EUR) USD 2.03% 0.00% A DIS (GBP) USD 2.03% 0.00% A1 ACC USD 2.45% 0.00% B ACC USD 2.63% 0.00% B1 ACC USD 3.15% 0.00% C ACC USD 1.35% 0.00% C DIS (GBP) USD 1.33% 0.00% I ACC USD 0.09% 0.00%

Schroder ISF Hong Kong Dollar Bond A ACC HKD 1.13% 0.00% A DIS HKD 1.13% 0.00% A1 ACC HKD 1.58% 0.00% B ACC HKD 1.63% 0.00% C ACC HKD 0.78% 0.00% I ACC HKD 0.12% 0.00%

Schroder ISF Hong Kong Equity A ACC HKD 2.03% 0.00% A1 ACC HKD 2.44% 0.00% B ACC HKD 2.63% 0.00% B ACC (EUR HEDGED) HKD 2.63% 0.00% C ACC HKD 1.34% 0.00% C ACC (EUR HEDGED) HKD 1.34% 0.00% D ACC HKD 3.03% 0.00% I ACC HKD 0.08% 0.00%

All changes that occurred in the Funds during the year under review can be found in the Directors' Report. Page 384 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix III Fees and Expenses (Unaudited) (cont)

TER (without transaction fees) The Total Expense Ratio and the Portfolio Turnover Ratio were calculated in accordance with the guidelines dated on 16 May 2008 issued by the Swiss Fund Association. (cont)

Name Type Currency TER w/o trans. Fees PERF FEES

Schroder ISF Indian Equity A ACC USD 2.15% 0.00% A1 ACC USD 2.57% 0.00% B ACC USD 2.75% 0.00% C ACC USD 1.46% 0.00% C DIS USD 1.47% 0.00% I ACC USD 0.21% 0.00%

Schroder ISF Italian Equity A ACC EUR 1.77% 0.00% A DIS EUR 1.77% 0.00% A1 ACC EUR 2.43% 0.00% B ACC EUR 2.37% 0.00% B DIS EUR 2.37% 0.00% B1 ACC EUR 3.15% 0.00% C ACC EUR 1.08% 0.00% C DIS EUR 1.08% 0.00% I ACC EUR 0.07% 0.00%

Schroder ISF Japanese Equity A ACC JPY 1.76% 0.00% A ACC (EUR HEDGED) JPY 1.76% 0.00% A DIS JPY 1.76% 0.00% A1 ACC JPY 2.42% 0.00% A1 ACC (EUR HEDGED) JPY 2.42% 0.00% A1 ACC (USD) JPY 2.42% 0.00% B ACC JPY 2.36% 0.00% B ACC (EUR HEDGED) JPY 2.36% 0.00% B DIS JPY 2.36% 0.00% B1 ACC JPY 3.15% 0.00% B1 ACC (USD) JPY 3.15% 0.00% C ACC JPY 1.08% 0.00% C ACC (EUR HEDGED) JPY 1.08% 0.00% C DIS JPY 1.08% 0.00% I ACC JPY 0.07% 0.00% I ACC (EUR HEDGED) JPY 0.07% 0.00%

Schroder ISF Japanese Equity Alpha A ACC JPY 2.08% 0.00% A ACC (USD) JPY 2.08% 0.00% A1 ACC JPY 2.49% 0.00% B ACC JPY 2.68% 0.00% C ACC JPY 1.39% 0.00% C ACC (EUR) JPY 1.39% 0.00% I ACC JPY 0.13% 0.00%

Schroder ISF Japanese Large Cap A ACC JPY 1.78% 0.00% A ACC (USD) JPY 1.78% 0.00% A DIS JPY 1.78% 0.00% A1 ACC JPY 2.45% 0.00% C ACC JPY 1.10% 0.00% C DIS JPY 1.10% 0.00% I ACC JPY 0.09% 0.00% I DIS JPY 0.09% 0.00%

All changes that occurred in the Funds during the year under review can be found in the Directors' Report. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 385 Appendix III Fees and Expenses (Unaudited) (cont)

TER (without transaction fees) The Total Expense Ratio and the Portfolio Turnover Ratio were calculated in accordance with the guidelines dated on 16 May 2008 issued by the Swiss Fund Association. (cont)

Name Type Currency TER w/o trans. Fees PERF FEES

Schroder ISF Japanese Smaller Companies A ACC JPY 2.03% 0.00% A DIS JPY 2.03% 0.00% A1 ACC JPY 2.45% 0.00% A1 ACC (EUR) JPY 2.45% 0.00% A1 ACC (USD) JPY 2.45% 0.00% B ACC JPY 2.63% 0.00% B DIS JPY 2.63% 0.00% B1 ACC JPY 3.17% 0.00% C ACC JPY 1.35% 0.00% C DIS JPY 1.33% 0.00% I ACC JPY 0.09% 0.00% I DIS (GBP) JPY 0.09% 0.00%

Schroder ISF Korean Equity A ACC USD 2.12% 0.00% A DIS USD 2.11% 0.00% A1 ACC USD 2.53% 0.00% B ACC USD 2.72% 0.00% C ACC USD 1.43% 0.00% C DIS USD 1.43% 0.00%

Schroder ISF Latin American A ACC USD 2.04% 0.00% A ACC (EUR) USD 2.04% 0.00% A ACC (SGD) USD 2.04% 0.00% A DIS USD 2.04% 0.00% A DIS (GBP) USD 2.04% 0.00% A1 ACC USD 2.45% 0.00% A1 ACC (EUR) USD 2.45% 0.00% B ACC USD 2.64% 0.00% B ACC (EUR) USD 2.64% 0.00% B DIS USD 2.64% 0.00% C ACC USD 1.35% 0.00% C ACC (EUR) USD 1.35% 0.00% C DIS USD 1.35% 0.00% I ACC USD 0.10% 0.00% I ACC (EUR) USD 0.10% 0.00%

Schroder ISF Middle East A ACC USD 2.20% 0.00% A ACC (EUR) USD 2.20% 0.00% A ACC (SGD) USD 2.20% 0.00% A1 ACC USD 2.62% 0.00% A1 ACC (EUR) USD 2.62% 0.00% B ACC USD 2.80% 0.00% B ACC (EUR) USD 2.81% 0.00% C ACC USD 1.52% 0.00% C ACC (EUR) USD 1.52% 0.00% I ACC USD 0.26% 0.00% I ACC (EUR) USD 0.26% 0.00% J ACC (JPY) USD 0.26% 0.00%

All changes that occurred in the Funds during the year under review can be found in the Directors' Report. Page 386 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix III Fees and Expenses (Unaudited) (cont)

TER (without transaction fees) The Total Expense Ratio and the Portfolio Turnover Ratio were calculated in accordance with the guidelines dated on 16 May 2008 issued by the Swiss Fund Association. (cont)

Name Type Currency TER w/o trans. Fees PERF FEES

Schroder ISF Pacific Equity A ACC USD 2.05% 0.00% A ACC (EUR) USD 2.05% 0.00% A ACC (SGD) USD 2.05% 0.00% A DIS USD 2.05% 0.00% A1 ACC USD 2.46% 0.00% A1 ACC (EUR) USD 2.46% 0.00% B ACC USD 2.65% 0.00% B ACC (EUR) USD 2.65% 0.00% B DIS USD 2.65% 0.00% B1 ACC USD 3.14% 0.00% C ACC USD 1.11% 0.00% C ACC (EUR) USD 1.11% 0.00% C DIS USD 1.11% 0.00% I ACC USD 0.10% 0.00% I ACC (EUR) USD 0.10% 0.00%

Schroder ISF QEP Global Active Value A ACC USD 1.77% 0.00% A ACC (EUR HEDGED) USD 1.77% 0.00% A ACC (EUR) USD 1.77% 0.00% A DIS USD 1.77% 0.00% A1 ACC USD 2.43% 0.00% A1 ACC (EUR) USD 2.43% 0.00% B ACC USD 2.37% 0.00% B ACC (EUR HEDGED) USD 2.37% 0.00% B ACC (EUR) USD 2.37% 0.00% B DIS USD 2.37% 0.00% B1 ACC USD 3.17% 0.00% C ACC USD 1.33% 0.00% C ACC (EUR HEDGED) USD 1.33% 0.00% C ACC (EUR) USD 1.33% 0.00% C DIS USD 1.33% 0.00% I ACC USD 0.08% 0.00% I ACC (EUR HEDGED) USD 0.08% 0.00% I ACC (EUR) USD 0.08% 0.00%

Schroder ISF QEP Global Core C ACC USD 0.55% 0.00% C DIS USD 0.56% 0.00% I ACC USD 0.07% 0.00%

Schroder ISF QEP Global Quality A ACC USD 1.77% 0.00% A ACC (EUR) USD 1.77% 0.00% A1 ACC USD 2.44% 0.00% A1 ACC (EUR) USD 2.44% 0.00% B ACC USD 2.38% 0.00% B ACC (EUR) USD 2.38% 0.00% C ACC USD 1.34% 0.00% C ACC (EUR) USD 1.34% 0.00% C DIS USD 1.34% 0.00% I ACC USD 0.08% 0.00% I ACC (EUR) USD 0.08% 0.00%

Schroder ISF QEP US Core C ACC USD 0.49% 0.00% C DIS USD 0.49% 0.00% I ACC USD 0.07% 0.00%

All changes that occurred in the Funds during the year under review can be found in the Directors' Report. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 387 Appendix III Fees and Expenses (Unaudited) (cont)

TER (without transaction fees) The Total Expense Ratio and the Portfolio Turnover Ratio were calculated in accordance with the guidelines dated on 16 May 2008 issued by the Swiss Fund Association. (cont)

Name Type Currency TER w/o trans. Fees PERF FEES

Schroder ISF Strategic Bond A ACC USD 1.34% 0.00% A ACC (EUR HEDGED) USD 1.34% 0.00% A DIS USD 1.34% 0.00% A DIS (EUR HEDGED) USD 1.34% 0.00% A DIS (GBP HEDGED) USD 1.34% 0.00% A1 ACC USD 1.79% 0.00% A1 ACC (EUR HEDGED) USD 1.79% 0.00% A1 DIS (EUR HEDGED) USD 1.79% 0.00% B ACC USD 1.84% 0.00% B ACC (EUR HEDGED) USD 1.84% 0.00% B DIS (EUR HEDGED) USD 1.84% 0.00% C ACC USD 0.84% 0.00% C ACC (EUR HEDGED) USD 0.84% 0.00% C ACC (GBP HEDGED) USD 0.84% 0.00% C DIS USD 0.84% 0.00% I ACC USD 0.08% 0.00% I ACC (EUR HEDGED) USD 0.08% 0.00% I ACC (GBP HEDGED) USD 0.08% 0.00%

Schroder ISF Swiss Equity A ACC CHF 1.77% 0.00% A DIS CHF 1.77% 0.00% A1 ACC CHF 2.43% 0.00% B ACC CHF 2.37% 0.00% B DIS CHF 2.37% 0.00% B1 ACC CHF 3.15% 0.00% C ACC CHF 1.08% 0.00% C DIS CHF 1.08% 0.00% I ACC CHF 0.07% 0.00%

Schroder ISF Swiss Equity Opportunities A ACC CHF 2.04% 0.00% A1 ACC CHF 2.45% 0.00% B ACC CHF 2.64% 0.00% C ACC CHF 1.35% 0.00% I ACC CHF 0.09% 0.00%

Schroder ISF Swiss Small & Mid Cap Equity A ACC CHF 2.02% 0.00% A1 ACC CHF 2.43% 0.00% B ACC CHF 2.62% 0.00% C ACC CHF 1.33% 0.00% I ACC CHF 0.08% 0.00%

Schroder ISF Taiwanese Equity A ACC USD 2.07% 0.00% A DIS USD 2.07% 0.00% A1 ACC USD 2.49% 0.00% A1 DIS USD 2.46% 0.00% B ACC USD 2.67% 0.00% B DIS USD 2.67% 0.00% C ACC USD 1.39% 0.00% C DIS USD 1.39% 0.00% I ACC USD 0.13% 0.00% I DIS USD 0.13% 0.00%

Schroder ISF UK Equity A ACC GBP 1.73% 0.00% A DIS GBP 1.73% 0.00% A1 ACC GBP 2.39% 0.00% B ACC GBP 2.33% 0.00% B DIS GBP 2.34% 0.00% B1 ACC GBP 3.14% 0.00% C ACC GBP 1.06% 0.00% C DIS GBP 1.06% 0.00% I ACC GBP 0.06% 0.00%

All changes that occurred in the Funds during the year under review can be found in the Directors' Report. Page 388 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix III Fees and Expenses (Unaudited) (cont)

TER (without transaction fees) The Total Expense Ratio and the Portfolio Turnover Ratio were calculated in accordance with the guidelines dated on 16 May 2008 issued by the Swiss Fund Association. (cont)

Name Type Currency TER w/o trans. Fees PERF FEES

Schroder ISF US All Cap A ACC USD 2.33% 0.00% A Dis (GBP) USD 5.57% 3.42% A1 ACC USD 2.72% 0.00% B ACC USD 2.92% 0.00% C ACC USD 1.64% 0.00% C DIS USD 1.71% 0.00% I ACC USD 0.46% 0.00%

Schroder ISF US Dollar Bond A ACC USD 0.98% 0.00% A ACC (EUR HEDGED) USD 0.98% 0.00% A DIS USD 0.98% 0.00% A1 ACC USD 1.53% 0.00% B ACC USD 1.48% 0.00% B ACC (EUR HEDGED) USD 1.48% 0.00% B DIS USD 1.48% 0.00% B1 ACC USD 2.25% 0.00% C ACC USD 0.68% 0.00% C ACC (EUR HEDGED) USD 0.68% 0.00% C DIS USD 0.68% 0.00% I ACC USD 0.07% 0.00% I ACC (EUR HEDGED) USD 0.07% 0.00%

Schroder ISF US Dollar Liquidity A ACC USD 0.60% 0.00% A1 ACC USD 1.01% 0.00% B ACC USD 0.70% 0.00% B1 ACC USD 1.82% 0.00% C ACC USD 0.28% 0.00% I ACC USD 0.07% 0.00%

Schroder ISF US Large Cap A ACC USD 1.76% 0.00% A ACC (EUR HEDGED) USD 1.76% 0.00% A ACC (EUR) USD 1.76% 0.00% A DIS USD 1.76% 0.00% A1 ACC USD 2.43% 0.00% A1 ACC (EUR HEDGED) USD 2.43% 0.00% A1 ACC (EUR) USD 2.43% 0.00% B ACC USD 2.36% 0.00% B ACC (EUR HEDGED) USD 2.36% 0.00% B ACC (EUR) USD 2.36% 0.00% B DIS USD 2.36% 0.00% B1 ACC USD 3.16% 0.00% C ACC USD 1.07% 0.00% C ACC (EUR HEDGED) USD 1.08% 0.00% C ACC (EUR) USD 1.08% 0.00% C DIS USD 1.07% 0.00% I ACC USD 0.07% 0.00% I ACC (EUR HEDGED) USD 0.07% 0.00% I ACC (EUR) USD 0.07% 0.00%

All changes that occurred in the Funds during the year under review can be found in the Directors' Report. Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 389 Appendix III Fees and Expenses (Unaudited) (cont)

TER (without transaction fees) The Total Expense Ratio and the Portfolio Turnover Ratio were calculated in accordance with the guidelines dated on 16 May 2008 issued by the Swiss Fund Association. (cont)

Name Type Currency TER w/o trans. Fees PERF FEES

Schroder ISF US Small & Mid Cap Equity A ACC USD 2.00% 0.00% A ACC (EUR HEDGED) USD 2.00% 0.00% A ACC (EUR) USD 2.00% 0.00% A DIS USD 2.00% 0.00% A1 ACC USD 2.42% 0.00% A1 ACC (EUR HEDGED) USD 2.42% 0.00% A1 ACC (EUR) USD 2.42% 0.00% B ACC USD 2.60% 0.00% B ACC (EUR HEDGED) USD 2.60% 0.00% B ACC (EUR) USD 2.60% 0.00% C ACC USD 1.32% 0.00% C ACC (EUR HEDGED) USD 1.32% 0.00% C ACC (EUR) USD 1.32% 0.00% C DIS USD 1.32% 0.00% I ACC USD 0.06% 0.00% I ACC (EUR) USD 0.06% 0.00%

Schroder ISF US Smaller Companies A ACC USD 2.00% 0.00% A DIS USD 2.00% 0.00% A1 ACC USD 2.42% 0.00% B ACC USD 2.60% 0.00% B DIS USD 2.61% 0.00% B1 ACC USD 3.15% 0.00% C ACC USD 1.32% 0.00% C DIS USD 1.32% 0.00% I ACC USD 0.06% 0.00%

Schroder ISF World Defensive 3 Monthly A ACC EUR 1.68% 0.00% A1 ACC EUR 2.18% 0.00% B ACC EUR 1.98% 0.00%

All changes that occurred in the Funds during the year under review can be found in the Directors' Report. Page 390 Schroder International Selection Fund Audited Annual Report 31 December 2009 Appendix IV Portfolio Turnover Ratios (Unaudited)

The Total Expense Ratio and the Portfolio Turnover Ratio were calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Fund Association.

Funds PTR

Schroder ISF Asia Pacific Property Securities -99.48% Schroder ISF Asian Bond 115.25% Schroder ISF Asian Convertible Bond 20.66% Schroder ISF Asian Equity Alpha 8.62% Schroder ISF Asian Equity Yield 24.31% Schroder ISF Asian Local Currency Bond 19.12% Schroder ISF Asian Smaller Companies 565.67% Schroder ISF Asian Total Return -50.90% Schroder ISF Brazil, Russia, India, China 8.41% Schroder ISF China Opportunities -30.44% Schroder ISF Emerging Asia 32.33% Schroder ISF Emerging Europe -50.67% Schroder ISF Emerging Europe Debt Absolute Return 81.56% Schroder ISF Emerging Markets 52.47% Schroder ISF Emerging Markets Debt Absolute Return 30.84% Schroder ISF EURO Active Value 233.56% Schroder ISF EURO Bond 247.03% Schroder ISF EURO Corporate Bond -54.10% Schroder ISF EURO Dynamic Growth 14.88% Schroder ISF EURO Equity -48.04% Schroder ISF EURO Government Bond 67.29% Schroder ISF EURO Liquidity 12.01% Schroder ISF EURO Short Term Bond -5.15% Schroder ISF European Allocation -39.62% Schroder ISF European Defensive 381.40% Schroder ISF European Defensive 6 Monthly 152.70% Schroder ISF European Defensive Monthly 913.20% Schroder ISF European Dividend Maximiser -17.27% Schroder ISF European Dynamic Growth -52.56% Schroder ISF European Equity Alpha 0.38% Schroder ISF European Equity Yield 56.58% Schroder ISF European Large Cap 94.40% Schroder ISF European Smaller Companies 3.25% Schroder ISF European Special Situations -90.41% Schroder ISF Global Bond 207.82% Schroder ISF Global Climate Change Equity -1.57% Schroder ISF Global Convertible Bond 157.87% Schroder ISF Global Corporate Bond 206.55% Schroder ISF Global Credit Duration Hedged 511.48% Schroder ISF Global Dividend Maximiser 64.03% Schroder ISF Global Emerging Market Opportunities 102.59% Schroder ISF Global Emerging Markets Commodities -61.10% Schroder ISF Global Energy -186.19% Schroder ISF Global Equity 98.52% Schroder ISF Global Equity Alpha 85.59% Schroder ISF Global Equity Yield 39.97% Schroder ISF Global High Yield -4.00% Schroder ISF Global Inflation Linked Bond -27.39% Schroder ISF Global Property Securities -111.97% Schroder ISF Global Smaller Companies 62.10% Schroder ISF Greater China 34.81% Schroder ISF Hong Kong Dollar Bond -63.97% Schroder ISF Hong Kong Equity -46.51% Schroder ISF Indian Equity -117.44% Schroder ISF Italian Equity 119.75% Schroder ISF Japanese Equity -110.55% Schroder ISF Japanese Equity Alpha -0.82% Schroder ISF Japanese Large Cap -121.25% Schroder ISF Japanese Smaller Companies -59.34% Schroder ISF Korean Equity -36.76% Schroder ISF Latin American -46.96% Schroder ISF Middle East 169.23% Schroder International Selection Fund Audited Annual Report 31 December 2009 Page 391 Appendix IV Portfolio Turnover Ratios (Unaudited) (cont) The Total Expense Ratio and the Portfolio Turnover Ratio were calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Fund Association. (cont)

Funds PTR

Schroder ISF Pacific Equity 36.43% Schroder ISF QEP Global Active Value 161.53% Schroder ISF QEP Global Core 79.89% Schroder ISF QEP Global Quality 104.01% Schroder ISF QEP US Core -47.89% Schroder ISF Strategic Bond 396.56% Schroder ISF Swiss Equity -22.45% Schroder ISF Swiss Equity Opportunities 46.40% Schroder ISF Swiss Small & Mid Cap Equity -30.18% Schroder ISF Taiwanese Equity -24.44% Schroder ISF UK Equity -92.06% Schroder ISF US All Cap 238.94% Schroder ISF US Dollar Bond 563.70% Schroder ISF US Dollar Liquidity -293.48% Schroder ISF US Large Cap -148.91% Schroder ISF US Small & Mid-Cap Equity -38.12% Schroder ISF US Smaller Companies -67.20% Schroder ISF World Defensive 3 Monthly 284.84% All changes that occurred in the Funds during the year under review can be found in the Directors' Report. Schroder Investment Management (Luxembourg) S.A. 5, rue Höhenhof L-1736 Senningerberg Großherzogtum Luxemburg Tel.: (+352) 341 342 212 Fax: (+352) 341 342 342

SISF 31 December 2009 CHEN