Schroder Dynamic Investment Fund Company Interim Report and Accounts August 2020 Schroder Dynamic Investment Fund Company

August 2020 Contents

Schroder Dynamic Investment Fund Company Statement of Change in Net Assets Attributable to Shareholders (unaudited) ______19 Company Information1 ______3 Balance Sheet (unaudited) ______20 Statement of the Authorised Corporate Director’s Responsibilities ______4 Notes to the Accounts (unaudited)______21 Statement of Cross Holdings ______5 Basis of preparation ______6 Schroder Dynamic Planner Portfolio 6 ______22 Accounting policies ______6 Fund Information1 ______22 Review of Investment Activities1 ______23 Schroder Dynamic Planner Portfolio 3 ______7 Statement of Total Return (unaudited)______24 Fund Information1 ______7 Statement of Change in Net Assets Attributable to Shareholders (unaudited) ______24 Review of Investment Activities1______8 Balance Sheet (unaudited) ______25 Statement of Total Return (unaudited) ______9 Notes to the Accounts (unaudited)______26 Statement of Change in Net Assets Attributable to Shareholders (unaudited) ______9 Balance Sheet (unaudited) ______10 Schroder Dynamic Planner Portfolio 7 ______27 Notes to the Accounts (unaudited)______11 Fund Information1 ______27 Review of Investment Activities1 ______28 Schroder Dynamic Planner Portfolio 4 ______12 Statement of Total Return (unaudited)______29 Fund Information1 ______12 Statement of Change in Net Assets Attributable to Shareholders (unaudited) ______29 Review of Investment Activities1 ______13 Balance Sheet (unaudited) ______30 Statement of Total Return (unaudited)______14 Notes to the Accounts (unaudited)______31 Statement of Change in Net Assets Attributable to Shareholders (unaudited) ______14 General Information ______32 Balance Sheet (unaudited) ______15 Notes to the Accounts (unaudited)______16

Schroder Dynamic Planner Portfolio 5 ______17 Fund Information1 ______17 Review of Investment Activities1 ______18 Statement of Total Return (unaudited)______19

1 Collectively these comprise the Authorised Corporate Director’s report.

2 Schroder Dynamic Investment Fund Company Company Information

General information Schroder Dynamic Investment Fund Company (SDIFCo or the Company) is an umbrella company comprising ﬁve sub funds. As at 15 August 2020 the Company had the following sub funds: Schroder Dynamic Planner Portfolio 3 Schroder Dynamic Planner Portfolio 4 Schroder Dynamic Planner Portfolio 5 Schroder Dynamic Planner Portfolio 6 Schroder Dynamic Planner Portfolio 7 Liabilities of the Company The sub funds are segregated portfolios of assets and, accordingly, the assets of each sub fund belong exclusively to that sub fund and shall not be used to discharge directly or indirectly the liabilities of, or claims against, any other person or body, including the Company, or any other sub fund, and shall not be available for any such purpose. Subject to the above, each sub fund will be charged with the liabilities, expenses, costs and charges attributable to that sub fund and within each sub fund charges will be allocated as far as possible according to the net asset value of that particular share class. Any assets, liabilities, expenses, costs or charges not attributable to a particular sub fund may be allocated by the Authorised Corporate Director in a manner which it believes is fair to the shareholders generally. This will normally be pro rata to the net asset value of the relevant sub funds. Shareholders are not liable for the debts of the Company. Shareholders are not liable to make any further payments to the Company after they have paid the purchase price of the share. Significant events On 30 April 2020, Schroder Dynamic Investment Fund Company was closed. The last dealing of shares in Schroder Dynamic Investment Fund Company was on 30 April 2020.

Schroder Dynamic Investment Fund Company 3 Statement of the Authorised Corporate Director’s Responsibilities

The Financial Conduct Authority’s Collective Investment Schemes sourcebook requires the Authorised Corporate Director to prepare accounts for each annual and half yearly accounting period, in accordance with United Kingdom Generally Accepted Accounting Practice, which give a true and fair view of the ﬁnancial position of the Company and of its net expense and the net capital losses on the property of the Company for the period. In preparing the accounts the Authorised Corporate Director is required to: – select suitable accounting policies and then apply them consistently; – comply with the disclosure requirements of the Statement of Recommended Practice for UK Authorised Funds issued by the Investment Management Association (now the Investment Association) in May 2014; – follow generally accepted accounting principles and applicable accounting standards; – prepare the accounts on the basis that the Company will continue in operation unless it is inappropriate to do so; – keep proper accounting records which enable it to demonstrate that the accounts as prepared comply with the above requirements; – make judgements and estimates that are prudent and reasonable. The Authorised Corporate Director is responsible for the management of the Company in accordance with The Open Ended Investment Companies Regulations 2001 (SI 2001/1228) (‘the OEIC Regulations’), the Company’s Instrument of Incorporation, Prospectus and the Collective Investment Schemes sourcebook, and for taking reasonable steps for the prevention and detection of fraud, error and non- compliance with law or regulations. The Authorised Corporate Director report and accounts for the period ended 15 August 2020 were signed on 7 October 2020 on behalf of the Authorised Corporate Director by:

J. Rainbow P. Truscott Directors

4 Schroder Dynamic Investment Fund Company Statement of Cross Holdings

As at 15 August 2020 there were no sub fund cross holdings within the Company.

Schroder Dynamic Investment Fund Company 5 Accounting policies

The accounting policies applied are consistent with those of the annual accounts for the year ended 15 February 2020 and are described in those annual accounts.

Basis of preparation The accounts have been prepared under the historical cost basis, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice for UK Authorised Funds issued by the Investment Management Association in May 2014 and in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 (The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)). The Schroder Dynamic Investment Fund (the `Company') was closed on 30 April 2020 and has commenced winding up. Accordingly, the going concern basis of preparation is no longer appropriate, and the Report and Accounts have been prepared on a basis other than going concern. In applying this basis of preparation, the assets and liabilities of the Company continue to be stated at their fair values which materially equate to their residual values. No adjustments were necessary in the financial statements to reduce assets to their realisable values or to provide for liabilities arising from the decision. The comparative financial statements of the company continue to be prepared on a going concern basis.

6 Schroder Dynamic Investment Fund Company Schroder Dynamic Planner Portfolio 3 Fund Information

Significant events On 30 April 2020, Schroder Dynamic Planner Portfolio 3 Fund was closed. The last dealing of shares in Schroder Dynamic Planner Portfolio 3 Fund was on 30 April 2020.

Schroder Dynamic Planner Portfolio 3 7 Review of Investment Activities

From 14 February 2020 to 30 April 2020, the price of Z Accumulation Co-Fund Manager: shares on a dealing price to dealing price basis fell 2.91%. Robin McDonald Our central view coming into 2020 was that global economy was gaining steam, with the positive growth differential that the US had enjoyed in the previous 18 months closing as activity in export-oriented nations such as Europe, Japan and China picked up. We expected this to stave off the deﬂationary fears that gripped markets in 2019, which given dislocated valuations across and within asset classes, presented an attractive risk/reward opportunity in some of the more cyclical segments of the market. Joined Schroders in July 2013 following the acquisition of Within equities, our exposure was steered away from funds holding Cazenove Capital expensive stocks and towards those invested in lesser favoured, more Previous to the acquisition he was a Fund Manager at attractively valued shares. In stylistic terms, this meant a preference for ‘value’ Cazenove Capital, which he joined in October 2007, over ‘growth’. Within bonds, our exposure was concentrated in lower duration responsible for co-managing the multi manager fund range assets, with hedging employed to mitigate interest rate risk. Concerns over as well as a few segregated mandates valuations across the bond market meant that we maintained a sizeable Prior to this Robin was a Multi Manager Analyst at Gartmore, a allocation to cash. Finally, our alternatives allocation was invested in a position he held from September 2003 combination of (predominantly) market neutral strategies and gold. Up to this time he worked as a Multi Manager Analyst for However, the Covid-19 global pandemic created panic within markets and the Insight Investment Management, following its acquisition of level of volatility seen through almost this entire period was unprecedented in Rothschild Asset Management in 2003, whom he joined in 2001 scale. The policy response arrived at a speed and scale that we have never seen before, and achieved its aim of reassuring investors. It has also gone a Robin began his career in September 1999 when he joined long way to altering the investment implications for everyone. Time will tell Bank of New York (Europe) Limited as a Client Relationship what the lasting impact will be. Executive Robin is a CFA charterholder Through this volatility we made no signiﬁcant changes, but took advantage of attractive valuations on existing holdings as and when they presented themselves. The latter part of April saw the fund begin to disinvest as it prepared for liquidation. Co-Fund Manager: Throughout this period, until disinvestment began, the fund remained within the Dynamic Planner 3 risk parameters. Joe Le Jéhan

Joined Schroders in July 2013 following the acquisition of Cazenove Capital Previous to the acquisition he was a Fund Manager in the Multi Manager team at Cazenove Capital from January 2013, a ﬁrm he joined in March 2008 as an Analyst Prior to this, Joe was a Fund Analyst at Brewin Dolphin, a position he held from January 2005 Joe began his career in September 2000, as an Associate on Retail Funds in the Assurance and Business Advisory Division at PricewaterhouseCoopers Joe is a CFA charterholder

1 FTSE International Limited (“FTSE”) © FTSE. “FTSE®” is a trade mark of London Stock Exchange plc and The Financial Times Limited and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. 2 Source: Thomson Reuters Datastream/Lipper for Investment Management/MSCI/Oﬃce for National Statistics/Bloomberg/Frank Russell Company is the source and owner of the trademarks, service marks and copyrights, related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall.

8 Schroder Dynamic Planner Portfolio 3 Statement of Total Return (unaudited)

For the period ended 15 August 2020 15.8.20 15.8.19

£000’s £000’s £000’s £000’s

Income

Net capital (losses)/gains (36) 48

Revenue 2 15

Expenses (8) (3)

Net (expense)/revenue before taxation (6) 12

Taxation 0 (2)

Net (expense)/revenue after taxation (6) 10

Total return before distributions (42) 58

Distributions 0 (10)

Change in net assets attributable to shareholders from investment activities (42) 48

Statement of Change in Net Assets Attributable to Shareholders (unaudited)

For the period ended 15 August 2020 15.8.20 15.8.19

£000’s £000’s £000’s £000’s

Opening net assets attributable to shareholders 1,253^ 1,075

Amounts receivable from shareholders 4 0

Amounts receivable on issue of shares 53 56

Amounts payable on cancellation of shares (1,268) (3)

(1,215) 53

Change in net assets attributable to shareholders from investment activities (42) 48

Retained distribution on Accumulation shares 0 10

Closing net assets attributable to shareholders 0 1,186^

^ The opening net assets attributable to shareholders for the current period do not equal the closing net assets attributable to shareholders for the comparative period as they are not consecutive periods.

Schroder Dynamic Planner Portfolio 3 9 Balance Sheet (unaudited)

As at 15 August 2020 15.8.20 15.2.20

£000’s £000’s

Assets

Investments 0 1,040

Current assets

Debtors 9 3

Cash and bank balances 0 67

Cash equivalents 0 146

Total assets 9 1,256

Liabilities

Creditors

Bank overdrafts (5) 0

Other creditors (4) (3)

Total liabilities (9) (3)

Net assets attributable to shareholders 0 1,253

10 Schroder Dynamic Planner Portfolio 3 Notes to the Accounts (unaudited)

Accounting policies The applicable accounting policies adopted by Schroder Dynamic Planner Portfolio 3 are disclosed on page 6.

Schroder Dynamic Planner Portfolio 3 11 Schroder Dynamic Planner Portfolio 4 Fund Information

Significant events On 30 April 2020, Schroder Dynamic Planner Portfolio 4 Fund was closed. The last dealing of shares in Schroder Dynamic Planner Portfolio 4 Fund was on 30 April 2020.

12 Schroder Dynamic Planner Portfolio 4 Review of Investment Activities

From 14 February 2020 to 30 April 2020, the price of Z Accumulation Co-Fund Manager: shares on a dealing price to dealing price basis fell 5.64%. Robin McDonald Our central view coming into 2020 was that global economy was gaining steam, with the positive growth differential that the US had enjoyed in the previous 18 months closing as activity in export-oriented nations such as Europe, Japan and China picked up. We expected this to stave off the deﬂationary fears that gripped markets in 2019, which given dislocated valuations across and within asset classes, presented an attractive risk/reward opportunity in some of the more cyclical segments of the market. Joined Schroders in July 2013 following the acquisition of Within equities, our exposure was steered away from funds holding Cazenove Capital expensive stocks and towards those invested in lesser favoured, more Previous to the acquisition he was a Fund Manager at attractively valued shares. In stylistic terms, this meant a preference for ‘value’ Cazenove Capital, which he joined in October 2007, over ‘growth’. Within bonds, our exposure was concentrated in lower duration responsible for co-managing the multi manager fund range assets, with hedging employed to mitigate interest rate risk. Concerns over as well as a few segregated mandates valuations across the bond market meant that we maintained a sizeable Prior to this Robin was a Multi Manager Analyst at Gartmore, a allocation to cash. Finally, our alternatives allocation was invested in a position he held from September 2003 combination of (predominantly) market neutral strategies and gold. Up to this time he worked as a Multi Manager Analyst for However, the Covid-19 global pandemic created panic within markets and the Insight Investment Management, following its acquisition of Rothschild Asset Management in 2003, whom he joined in level of volatility seen through almost this entire period was unprecedented in 2001 scale. The policy response arrived at a speed and scale that we have never seen before, and achieved its aim of reassuring investors. It has also gone a Robin began his career in September 1999 when he joined long way to altering the investment implications for everyone. Time will tell Bank of New York (Europe) Limited as a Client Relationship Executive what the lasting impact will be. Robin is a CFA charterholder Through this volatility we made no signiﬁcant changes, but took advantage of attractive valuations on existing holdings as and when they presented themselves. The latter part of April saw the fund begin to disinvest as it prepared for liquidation. Co-Fund Manager: Throughout this period, until disinvestment began, the fund remained within the Dynamic Planner 4 risk parameters. Joe Le Jéhan

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

Schroder Dynamic Planner Portfolio 4 13 Statement of Total Return (unaudited)

For the period ended 15 August 2020 15.8.20 15.8.19

£000’s £000’s £000’s £000’s

Income

Net capital (losses)/gains (142) 80

Revenue 2 26

Expenses (9) (6)

Net (expense)/revenue before taxation (7) 20

Taxation 0 (2)

Net (expense)/revenue after taxation (7) 18

Total return before distributions (149) 98

Distributions 0 (18)

Change in net assets attributable to shareholders from investment activities (149) 80

Statement of Change in Net Assets Attributable to Shareholders (unaudited)

For the period ended 15 August 2020 15.8.20 15.8.19

£000’s £000’s £000’s £000’s

Opening net assets attributable to shareholders 2,173^ 1,696

Amounts receivable from shareholders 3 0

Amounts receivable on issue of shares 1 787

Amounts payable on cancellation of shares (2,028) (14)

(2,027) 773

Change in net assets attributable to shareholders from investment activities (149) 80

Retained distribution on Accumulation shares 0 18

Closing net assets attributable to shareholders 0 2,567^

14 Schroder Dynamic Planner Portfolio 4 Balance Sheet (unaudited)

As at 15 August 2020 15.8.20 15.2.20

£000’s £000’s

Assets

Investments 0 1,990

Current assets

Debtors 10 36

Cash and bank balances 0 117

Cash equivalents 0 109

Total assets 10 2,252

Liabilities

Creditors

Bank overdrafts (5) 0

Other creditors (5) (79)

Total liabilities (10) (79)

Net assets attributable to shareholders 0 2,173

Schroder Dynamic Planner Portfolio 4 15 Notes to the Accounts (unaudited)

Accounting policies The applicable accounting policies adopted by Schroder Dynamic Planner Portfolio 4 are disclosed on page 6.

16 Schroder Dynamic Planner Portfolio 4 Schroder Dynamic Planner Portfolio 5 Fund Information

Significant events On 30 April 2020, Schroder Dynamic Planner Portfolio 5 Fund was closed. The last dealing of shares in Schroder Dynamic Planner Portfolio 5 Fund was on 30 April 2020.

Schroder Dynamic Planner Portfolio 5 17 Review of Investment Activities

From 14 February 2020 to 30 April 2020, the price of Z Accumulation Co-Fund Manager: shares on a dealing price to dealing price basis fell 12.71%. Robin McDonald Our central view coming into 2020 was that global economy was gaining steam, with the positive growth differential that the US had enjoyed in the previous 18 months closing as activity in export-oriented nations such as Europe, Japan and China picked up. We expected this to stave off the deﬂationary fears that gripped markets in 2019, which given dislocated valuations across and within asset classes, presented an attractive risk/reward opportunity in some of the more cyclical segments of the market. Joined Schroders in July 2013 following the acquisition of Within equities, our exposure was steered away from funds holding Cazenove Capital expensive stocks and towards those invested in lesser favoured, more Previous to the acquisition he was a Fund Manager at attractively valued shares. In stylistic terms, this meant a preference for ‘value’ Cazenove Capital, which he joined in October 2007, over ‘growth’. Within bonds, our exposure was concentrated in lower duration responsible for co-managing the multi manager fund range assets, with hedging employed to mitigate interest rate risk. Concerns over as well as a few segregated mandates valuations across the bond market meant that we maintained a sizeable Prior to this Robin was a Multi Manager Analyst at Gartmore, a allocation to cash. Finally, our alternatives allocation was invested in a position he held from September 2003 combination of (predominantly) market neutral strategies and gold. Up to this time he worked as a Multi Manager Analyst for However, the Covid-19 global pandemic created panic within markets and the Insight Investment Management, following its acquisition of level of volatility seen through almost this entire period was unprecedented in Rothschild Asset Management in 2003, whom he joined in 2001 scale. The policy response arrived at a speed and scale that we have never seen before, and achieved its aim of reassuring investors. It has also gone a Robin began his career in September 1999 when he joined long way to altering the investment implications for everyone. Time will tell Bank of New York (Europe) Limited as a Client Relationship what the lasting impact will be. Executive Robin is a CFA charterholder Through this volatility we made no signiﬁcant changes, but took advantage of attractive valuations on existing holdings as and when they presented themselves. The latter part of April saw the fund begin to disinvest as it prepared for liquidation. Co-Fund Manager: Throughout this period, until disinvestment began, the fund remained within the Dynamic Planner 5 risk parameters. Joe Le Jéhan

18 Schroder Dynamic Planner Portfolio 5 Statement of Total Return (unaudited)

For the period ended 15 August 2020 15.8.20 15.8.19

£000’s £000’s £000’s £000’s

Income

Net capital (losses)/gains (197) 61

Revenue 6 30

Expenses (9) (6)

Net (expense)/revenue before taxation (3) 24

Taxation 0 (1)

Net (expense)/revenue after taxation (3) 23

Total return before distributions (200) 84

Distributions (4) (23)

Change in net assets attributable to shareholders from investment activities (204) 61

Statement of Change in Net Assets Attributable to Shareholders (unaudited)

For the period ended 15 August 2020 15.8.20 15.8.19

£000’s £000’s £000’s £000’s

Opening net assets attributable to shareholders 1,874^ 1,612

Amounts payable to shareholders (29) 0

Amounts receivable on issue of shares 24 1,244

Amounts payable on cancellation of shares (1,668) (87)

(1,644) 1,157

Change in net assets attributable to shareholders from investment activities (204) 61

Retained distribution on Accumulation shares 3 24

Closing net assets attributable to shareholders 0 2,854^

Schroder Dynamic Planner Portfolio 5 19 Balance Sheet (unaudited)

As at 15 August 2020 15.8.20 15.2.20

£000’s £000’s

Assets

Investments 0 1,763

Current assets

Debtors 8 16

Cash and bank balances 0 58

Cash equivalents 0 40

Total assets 8 1,877

Liabilities

Creditors

Bank overdrafts (4) 0

Other creditors (4) (3)

Total liabilities (8) (3)

Net assets attributable to shareholders 0 1,874

20 Schroder Dynamic Planner Portfolio 5 Notes to the Accounts (unaudited)

Accounting policies The applicable accounting policies adopted by Schroder Dynamic Planner Portfolio 5 are disclosed on page 6.

Schroder Dynamic Planner Portfolio 5 21 Schroder Dynamic Planner Portfolio 6 Fund Information

Significant events On 30 April 2020, Schroder Dynamic Planner Portfolio 6 Fund was closed. The last dealing of shares in Schroder Dynamic Planner Portfolio 6 Fund was on 30 April 2020.

22 Schroder Dynamic Planner Portfolio 6 Review of Investment Activities

From 14 February 2020 to 30 April 2020, the price of Z Accumulation Co-Fund Manager: shares on a dealing price to dealing price basis fell 18.01%. Robin McDonald Our central view coming into 2020 was that global economy was gaining steam, with the positive growth differential that the US had enjoyed in the previous 18 months closing as activity in export-oriented nations such as Europe, Japan and China picked up. We expected this to stave off the deﬂationary fears that gripped markets in 2019, which given dislocated valuations across and within asset classes, presented an attractive risk/reward opportunity in some of the more cyclical segments of the market. Joined Schroders in July 2013 following the acquisition of Within equities, our exposure was steered away from funds holding Cazenove Capital expensive stocks and towards those invested in lesser favoured, more Previous to the acquisition he was a Fund Manager at attractively valued shares. In stylistic terms, this meant a preference for ‘value’ Cazenove Capital, which he joined in October 2007, over ‘growth’. Within bonds, our exposure was concentrated in lower duration responsible for co-managing the multi manager fund range assets, with hedging employed to mitigate interest rate risk. Concerns over as well as a few segregated mandates valuations across the bond market meant that we maintained a sizeable Prior to this Robin was a Multi Manager Analyst at Gartmore, a allocation to cash. Finally, our alternatives allocation was invested in a position he held from September 2003 combination of (predominantly) market neutral strategies and gold. Up to this time he worked as a Multi Manager Analyst for However, the Covid-19 global pandemic created panic within markets and the Insight Investment Management, following its acquisition of level of volatility seen through almost this entire period was unprecedented in Rothschild Asset Management in 2003, whom he joined in 2001 scale. The policy response arrived at a speed and scale that we have never seen before, and achieved its aim of reassuring investors. It has also gone a Robin began his career in September 1999 when he joined long way to altering the investment implications for everyone. Time will tell Bank of New York (Europe) Limited as a Client Relationship what the lasting impact will be. Executive Robin is a CFA charterholder Through this volatility we made no signiﬁcant changes, but took advantage of attractive valuations on existing holdings as and when they presented themselves. The latter part of April saw the fund begin to disinvest as it prepared for liquidation. Co-Fund Manager: Throughout this period, until disinvestment began, the fund remained within the Dynamic Planner 6 risk parameters. Joe Le Jéhan

Schroder Dynamic Planner Portfolio 6 23 Statement of Total Return (unaudited)

For the period ended 15 August 2020 15.8.20 15.8.19

£000’s £000’s £000’s £000’s

Income

Net capital (losses)/gains (192) 17

Revenue 7 23

Expenses (9) (4)

Net expense/(revenue) before taxation (2) 19

Taxation 0 (1)

Net expense/(revenue) after taxation (2) 18

Total return before distributions (194) 35

Distributions (5) (18)

Change in net assets attributable to shareholders from investment activities (199) 17

Statement of Change in Net Assets Attributable to Shareholders (unaudited)

For the period ended 15 August 2020 15.8.20 15.8.19

£000’s £000’s £000’s £000’s

Opening net assets attributable to shareholders 1,438^ 1,219

Amount payable to shareholders (60) 0

Amounts receivable on issue of shares 5 225

Amounts payable on cancellation of shares (1,189) (63)

(1,184) 162

Change in net assets attributable to shareholders from investment activities (199) 17

Retained distribution on Accumulation shares 5 18

Closing net assets attributable to shareholders 0 1,416^

24 Schroder Dynamic Planner Portfolio 6 Balance Sheet (unaudited)

As at 15 August 2020 15.8.20 15.2.20

£000’s £000’s

Assets

Investments 0 1,343

Current assets

Debtors 5 4

Cash and bank balances 0 63

Cash equivalents 0 30

Total assets 5 1,440

Liabilities

Creditors

Bank overdrafts (2) 0

Other creditors (3) (2)

Total liabilities (5) (2)

Net assets attributable to shareholders 0 1,438

Schroder Dynamic Planner Portfolio 6 25 Notes to the Accounts (unaudited)

Accounting policies The applicable accounting policies adopted by Schroder Dynamic Planner Portfolio 6 are disclosed on page 6.

26 Schroder Dynamic Planner Portfolio 6 Schroder Dynamic Planner Portfolio 7 Fund Information

Significant events On 30 April 2020, Schroder Dynamic Planner Portfolio 7 Fund was closed. The last dealing of shares in Schroder Dynamic Planner Portfolio 7 Fund was on 30 April 2020.

Schroder Dynamic Planner Portfolio 7 27 Review of Investment Activities

From 14 February 2020 to 30 April 2020, the price of Z Accumulation Co-Fund Manager: shares on a dealing price to dealing price basis fell 21.27%. Robin McDonald Our central view coming into 2020 was that global economy was gaining steam, with the positive growth differential that the US had enjoyed in the previous 18 months closing as activity in export-oriented nations such as Europe, Japan and China picked up. We expected this to stave off the deﬂationary fears that gripped markets in 2019, which given dislocated valuations across and within asset classes, presented an attractive risk/reward opportunity in some of the more cyclical segments of the market. Joined Schroders in July 2013 following the acquisition of Within equities, our exposure was steered away from funds holding Cazenove Capital expensive stocks and towards those invested in lesser favoured, more Previous to the acquisition he was a Fund Manager at attractively valued shares. In stylistic terms, this meant a preference for ‘value’ Cazenove Capital, which he joined in October 2007, over ‘growth’. Within bonds, our exposure was concentrated in lower duration responsible for co-managing the multi manager fund range assets, with hedging employed to mitigate interest rate risk. Concerns over as well as a few segregated mandates valuations across the bond market meant that we maintained a sizeable Prior to this Robin was a Multi Manager Analyst at Gartmore, a allocation to cash. Finally, our alternatives allocation was invested in a position he held from September 2003 combination of (predominantly) market neutral strategies and gold. Up to this time he worked as a Multi Manager Analyst for However, the Covid-19 global pandemic created panic within markets and the Insight Investment Management, following its acquisition of Rothschild Asset Management in 2003, whom he joined in level of volatility seen through almost this entire period was unprecedented in 2001 scale. The policy response arrived at a speed and scale that we have never seen before, and achieved its aim of reassuring investors. It has also gone a Robin began his career in September 1999 when he joined long way to altering the investment implications for everyone. Time will tell Bank of New York (Europe) Limited as a Client Relationship Executive what the lasting impact will be. Robin is a CFA charterholder Through this volatility we made no signiﬁcant changes, but took advantage of attractive valuations on existing holdings as and when they presented themselves. The latter part of April saw the fund begin to disinvest as it prepared for liquidation. Co-Fund Manager: Throughout this period, until disinvestment began, the fund remained within the Dynamic Planner 7 risk parameters. Joe Le Jéhan

28 Schroder Dynamic Planner Portfolio 7 Statement of Total Return (unaudited)

For the period ended 15 August 2020 15.8.20 15.8.19

£000’s £000’s £000’s £000’s

Income

Net capital (losses)/gains (206) 10

Revenue 7 22

Expenses (9) (3)

Net revenue before taxation (2) 19

Taxation 0 0

Net revenue after taxation (2) 19

Total return before distributions (208) 29

Distributions (5) (19)

Change in net assets attributable to shareholders from investment activities (213) 10

Statement of Change in Net Assets Attributable to Shareholders (unaudited)

For the period ended 15 August 2020 15.8.20 15.8.19

£000’s £000’s £000’s £000’s

Opening net assets attributable to shareholders 1,340^ 1,139

Amount payable to shareholders (67) 0

Amounts receivable on issue of shares 9 121

Amounts payable on cancellation of shares (1,074) (25)

(1,065) 96

Change in net assets attributable to shareholders from investment activities (213) 10

Retained distribution on Accumulation shares 5 19

Closing net assets attributable to shareholders 0 1,264^

Schroder Dynamic Planner Portfolio 7 29 Balance Sheet (unaudited)

As at 15 August 2020 15.8.20 15.2.20

£000’s £000’s

Assets

Investments 0 1,292

Current assets

Debtors 5 3

Cash and bank balances 0 25

Cash equivalents 0 21

Total assets 5 1,341

Liabilities

Creditors

Bank overdrafts (3) 0

Other creditors (2) (1)

Total liabilities (5) (1)

Net assets attributable to shareholders 0 1,340

30 Schroder Dynamic Planner Portfolio 7 Notes to the Accounts (unaudited)

Accounting policies The applicable accounting policies adopted by Schroder Dynamic Planner Portfolio 7 are disclosed on page 6.

Schroder Dynamic Planner Portfolio 7 31 General Information

Authorised Corporate Director Registrar Schroder Unit Trusts Limited Schroder Unit Trusts Limited 1 London Wall Place 1 London Wall Place London EC2Y 5AU London EC2Y 5AU Authorised and regulated by the Financial Conduct Authority Authorised and regulated by the Financial Conduct Authority The Manager is responsible for maintaining the register for each Directors Fund. It has delegated certain registrar functions to HSBC Bank P. Chislett Plc, 8 Canada Square, London, E14 8HQ. C. Minio Paluello J. Rainbow Administration Details S. Reedy Schroders Investor Services C. Thomson PO BOX 1402 P. Truscott Sunderland H. Williams SR43 4AF

Investment Adviser Independent Auditors Schroder Investment Management Limited PricewaterhouseCoopers LLP 1 London Wall Place Atria One London EC2Y 5AU 144 Morrison Street Authorised and regulated by the Financial Conduct Authority Edinburgh EH3 8EX

Depositary J.P. Morgan Europe Limited Chaseside Bournemouth BH7 7DA Authorised and regulated by the Financial Conduct Authority

Value Assessment A statement on the Assessment of Value is published on the Global Fund Centre in the Fund Literature section at www.Schroders.com within 4 months of the annual ‘reference date’ 31 December.

32 Schroder Dynamic Investment Fund Company schroders.com @schroders

For further literature please contact Schroder Investor Services on 0800 182 2399 or [email protected] for Retail Clients, or 0345 030 7277 or [email protected] for Institutional Clients, or visit our website at www.schroders.com. Issued in October 2020 by Schroder Unit Trusts Limited, 1 London Wall Place, London EC2Y 5AU. Registered Number 4191730 England. Schroder Unit Trusts Limited is an authorised corporate director, authorised unit trust manager and an ISA plan manager, and is authorised and regulated by the Financial Conduct Authority. For your security, communications may be taped and monitored.