Schroder Global Multi-Factor Equity Fund Interim Report and Accounts December 2020

Contents

1 Fund Information{ } 3 1 Fund Performance{ } 3 1 Review of Activities{ } 4 1 Risk Profile{ } 5 Statement of the Manager’s Responsibilities 6 1 Portfolio Statement{ } 7 Financial Statements (unaudited) 12 Notes to the Accounts (unaudited) 13 1 General Information{ } 14

1 Collectively these comprise the Manager's report.

Schroder Global Multi-Factor Equity Fund Interim Report and Accounts 2 31 December 2020 Fund Information

Investment objective and policy The Schroder Global Multi-Factor Equity Fund (the ‘Fund’) aims to achieve capital growth in excess of the MSCI ACWI World (Net Total Return) index (after fees have been deducted) over a three to five year period by investing in equity and equity related securities of companies worldwide. The Fund is actively managed and invests at least 80% of its assets in equity and equity-related securities of companies worldwide. Companies will be simultaneously assessed on all targeted equity factors using a fully integrated systematic, bottom-up investment approach. The Fund will focus on a range of equity factors (also commonly known as investment styles) that may include the following: ¯¯ Low volatility - involves evaluating indicators such as share price movement and historical performance to determine those securities that the Investment Manager believes will experience smaller price movements than the global equity markets on average. ¯¯ Momentum - involves evaluating trends in stocks, sectors or countries within the relevant equity market. ¯¯ Quality - involves evaluating indicators such as a company’s profitability, stability and financial strength. ¯¯ Value - involves evaluating indicators such as cash flows, dividends and earnings to identify securities that the Investment Manager believes have been undervalued by the market. ¯¯ Small cap - involves investing in small-sized companies being companies that, at the time of purchase, are considered to be in the bottom 30% by market capitalisation of the global equity market and exhibit attractive characteristics based on the styles described above. The Fund may also invest directly or indirectly in other securities (including in other asset classes), countries, regions, industries or currencies, collective investment schemes (including Schroder funds), warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently (for more information, please refer to section 6 of Appendix I of the Prospectus). Fund characteristics The Fund’s performance should be assessed against its target benchmark, being to exceed the MSCI ACWI World (Net Total Return) index. The Investment Manager invests on a discretionary basis and is not limited to investing in accordance with the composition of the benchmark. The target benchmark has been selected because it is representative of the type of in which the Fund is likely to invest, and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. Total purchases and sales For the period For the year to 31.12.20 to 30.6.20 £000's £000's Total purchases 95,633 364,973 Total sales 143,625 433,076

Fund Performance{1}

Number of Net asset Net asset units in issue value per unit value per unit 31.12.20 31.12.20 30.6.20 I Accumulation units 361,218,171 61.09p 56.00p X Accumulation units 85,292,625 61.43p 56.26p

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 Global Multi-Factor Equity Fund Interim Report and Accounts 3 31 December 2020 Review of Investment Activities

From 30 June 2020 to 31 December 2020, the price of I Accumulation units on Fund Manager: a dealing price basis rose 9.76%. In the same period, the MSCI All Countries Systematic Investment Team led by Ashley Lester, 1 World Index generated a net return of 12.09% in sterling terms. PhD Global equities rose thanks to government support measures and as a number of vaccine The Systematic Investment Team was established breakthroughs in the fourth quarter fostered hopes of a return to economic normality. in 2011 and manages £18 billion (as at 31 October 2020) Market breadth – the ratio of winning stocks to losing stocks – remained persistently low across a range of quantitative equity strategies compared to history, making it difficult for diversified strategies such as ours to outperform. Value and Governance had a difficult start to the period as the largest detractors in the third The investment team consists of 13 members based in quarter. Profitability also detracted, giving back some of its strong relative performance London from the first half of 2020. Momentum and Volatility were marginally negative, with the remaining factor exposures roughly flat, rounding off a difficult third quarter for the Fund. In the fourth quarter markets rallied amid positive news around a coronavirus vaccine. As in previous sudden Covid-recovery events, Profitability and Momentum sold off, while Value and Governance rebounded. The net effect on the Fund was unfortunately negative, as the selloff in Profitability and Momentum exceeded the rally in Value and Governance. The Fund rounded the year off well. In December, most targeted factors made positive contributions to relative performance. Only Low Volatility was negative. This was not enough to offset earlier losses, leaving the portfolio behind the benchmark overall. In November, we made a change to our Low Volatility factor definition. This change shifts the focus of our Low Volatility factor from the total volatility of stock returns to the stock- specific risk component.

1 Source: Thomson Reuters Datastream 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 Global Multi-Factor Equity Fund Interim Report and Accounts 4 31 December 2020 Risk Profile

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

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The risk category was calculated using simulated historical performance data and may not be a reliable indicator of the Fund’s future risk profile. The Fund’s risk category is not guaranteed to remain fixed and may change over time. A Fund in the lowest category does not mean a risk-free investment. For specific risks, including the risk and reward profile, please refer to the Key Investor Information Document available on the following website www.schroders.com.

Schroder Global Multi-Factor Equity Fund Interim Report and Accounts 5 31 December 2020 Statement of the Manager’s Responsibilities

The Financial Conduct Authority’s Collective Investment Schemes sourcebook requires the Manager to prepare accounts for each annual and half yearly accounting period, in accordance with United Kingdom Generally Accepted Accounting Practice, which give a true and fair view of the financial position of the Fund and of its net revenue and the net capital gains on the property of the Fund for the period. In preparing the accounts the Manager is required to: ¯¯ select suitable accounting policies and then apply them consistently; ¯¯ comply with the disclosure requirements of the Statement of Recommended Practice for UK Authorised Funds issued by the Association (now the Investment Association) in May 2014; ¯¯ follow generally accepted accounting principles and applicable accounting standards; ¯¯ prepare the accounts on the basis that the Fund will continue in operation unless it is inappropriate to do so; ¯¯ keep proper accounting records which enable it to demonstrate that the accounts as prepared comply with the above requirements; ¯¯ make judgements and estimates that are prudent and reasonable. The Manager is responsible for the management of the Fund in accordance with its Trust Deed, the Prospectus and the Collective Investment Schemes sourcebook, and for taking reasonable steps for the prevention and detection of fraud, error and non-compliance with law or regulations. The Manager's report and accounts for the period ended 31 December 2020 were signed on 22 February 2021 on behalf of the Manager by:

J. Rainbow P. Truscott Directors

Schroder Global Multi-Factor Equity Fund Interim Report and Accounts 6 31 December 2020 Portfolio Statement

Holding at Market Value % of net Holding at Market Value % of net 31.12.20 £000's assets 31.12.20 £000’s assets

Equities 99.53% (99.57%) Tencent Holdings 60,400 3,215 1.18 1.89% (2.35%) Topsports International AGL Energy 54,398 367 0.13 Holdings 212,000 231 0.08 Alumina 282,160 292 0.11 Vipshop Holdings Commonwealth ADR 49,021 992 0.36 Bank of Australia 8,567 397 0.15 Yadea Group Evolution Mining 185,287 522 0.19 Holdings 244,000 368 0.14 Fortescue Metals 7,377 2.70 Group 125,599 1,661 0.61 JB Hi-Fi 13,040 357 0.13 1.52% (1.38%) Medibank 114,981 195 0.07 Anhui Conch Cement H 116,500 534 0.19 REA Group 4,743 398 0.15 Bank of China H 1,984,000 496 0.18 Wesfarmers 33,722 957 0.35 Bank of 5,146 1.89 Communications H 340,000 131 0.05 Austria 0.00% (0.05%) BYD H 11,000 211 0.08 Belgium 0.23% (0.48%) China Construction Bank H 2,295,000 1,275 0.47 Galapagos 8,852 640 0.23 China National 640 0.23 Building Material H 582,000 512 0.19 Bermuda 0.10% (0.13%) China Pacific Insurance Group H 205,800 589 0.22 Triton International 7,755 276 0.10 China Vanke H 157,600 396 0.14 276 0.10 4,144 1.52 1.68% (1.59%) Curacao 0.52% (0.00%) BB Seguridade Participacoes 79,328 331 0.12 Schlumberger 88,908 1,421 0.52 CVC Brasil 1,421 0.52 Operadora e Agencia de Viagens 65,541 190 0.07 Denmark 1.80% (1.56%) Itausa Preference 533,590 882 0.32 AP Moller - Maersk B 515 844 0.31 Qualicorp Consultoria e Coloplast B 6,775 759 0.28 Corretora de Novo Nordisk B 37,125 1,913 0.70 Seguros 75,919 375 0.14 Novozymes B 9,238 387 0.14 Vale 135,203 1,667 0.61 Pandora 10,523 864 0.32 WEG 106,173 1,134 0.42 Royal Unibrew 1,708 145 0.05 4,579 1.68 4,912 1.80

Canada 1.82% (1.20%) Finland 0.59% (0.38%) Canadian National Kone B 23,135 1,378 0.50 Railway 16,092 1,302 0.48 Valmet 11,207 235 0.09 Constellation Software 806 767 0.28 1,613 0.59 Magna International 22,003 1,154 0.42 France 0.52% (0.51%) National Bank of BNP Paribas 6,972 269 0.10 Canada 8,951 370 0.14 Bouygues 19,800 596 0.22 Royal Bank of Canada 22,498 1,360 0.50 Hermes International 614 484 0.18 Topicus.com 1,499 4 0.00 Unibail-Rodam- 4,957 1.82 co-Westfield REIT 1,010 58 0.02 Cayman Islands 2.70% (3.25%) 1,407 0.52 Alibaba Group Germany 2.06% (0.74%) Holding ADR 6,336 1,075 0.39 Allianz 10,174 1,839 0.67 CK Asset Holdings 137,500 516 0.19 Bayer 3,296 143 0.05 CK Hutchison Holdings 83,000 424 0.16 Daimler 19,002 990 0.36 Longfor Group Deutsche Post 44,203 1,610 0.59 Holdings 83,000 353 0.13 Fresenius 6,809 233 0.09 Shimao Group Fresenius Medical Holdings 88,000 203 0.07 Care 2,768 170 0.06

Schroder Global Multi-Factor Equity Fund Interim Report and Accounts 7 31 December 2020 Portfolio Statement (continued)

Holding at Market Value % of net Holding at Market Value % of net 31.12.20 £000’s assets 31.12.20 £000’s assets Gerresheimer 2,215 175 0.07 Sumitomo Mitsui HUGO BOSS 9,219 227 0.08 Financial Group 5,500 124 0.05 ProSiebenSat.1 Sumitomo Rubber Media 20,123 247 0.09 Industries 19,000 119 0.04 Taiko 5,634 2.06 Pharmaceutical 21,400 245 0.09 Hong Kong 1.11% (1.16%) Tohoku Electric AIA Group 234,400 2,101 0.77 Power 19,200 116 0.04 BOC Hong Kong 11,713 4.29 Holdings 75,000 166 0.06 Jersey 0.09% (0.47%) China Unicom Hong Kong 888,000 373 0.14 Centamin 201,024 249 0.09 CLP Holdings 52,500 355 0.13 249 0.09 CNOOC 42,000 29 0.01 Malaysia 0.57% (0.16%) 3,024 1.11 Supermax 686,217 749 0.27 India 1.03% (0.61%) Top Glove 725,300 807 0.30 Dr Reddy's 1,556 0.57 Laboratories ADR 15,130 782 0.29 Malta 0.07% (0.00%) Infosys ADR 138,446 1,715 0.63 Kindred Group SDR 28,198 202 0.07 Vedanta ADR 48,727 313 0.11 202 0.07 2,810 1.03 0.21% (0.47%) Indonesia 0.00% (0.10%) Wal-Mart de Mexico 277,962 580 0.21 Ireland 1.29% (1.43%) 580 0.21 Accenture A 11,357 2,149 0.79 Seagate Technology 30,404 1,377 0.50 Netherlands 1.10% (1.51%) 3,526 1.29 Adyen 88 150 0.05 ING Groep 23,527 161 0.06 Israel 0.00% (0.08%) Koninklijke Ahold 1.14% (1.26%) Delhaize 56,722 1,173 0.43 127,418 149 0.05 LyondellBasell Assicurazioni Industries A 15,469 1,047 0.38 Generali 83,263 1,063 0.39 Randstad 10,095 481 0.18 Azimut Holding 15,037 239 0.09 3,012 1.10 225,496 1,671 0.61 Norway 0.00% (0.05%) 3,122 1.14 Panama 0.00% (0.29%) Japan 4.29% (4.54%) Russia 1.31% (1.30%) Bridgestone 34,700 833 0.30 LUKOIL ADR 8,837 441 0.16 Daito Trust MMC Norilsk Nickel Construction 7,400 506 0.19 ADR 62,199 1,423 0.52 Denso 28,800 1,252 0.46 Novolipetskiy Fujitsu 13,400 1,415 0.52 Metallurgicheskiy ITOCHU 69,400 1,456 0.53 Kombinat GDR 14,883 302 0.11 Japan Tobacco 23,700 353 0.13 Sberbank of Russia ADR 103,102 1,095 0.40 JGC Holdings 25,300 173 0.06 Severstal GDR 24,943 320 0.12 Kakaku.com 17,900 359 0.13 3,581 1.31 Lawson 7,100 241 0.09 Marubeni 128,500 626 0.23 0.60% (0.85%) Mitsubishi Chemical DBS Group Holdings 85,700 1,188 0.44 Holdings 96,200 426 0.16 Singapore Exchange 26,600 137 0.05 Mitsubishi Heavy Yangzijiang Industries 28,500 638 0.23 Shipbuilding Nissan Motor 317,100 1,257 0.46 Holdings 595,000 314 0.11 Nomura Research 1,639 0.60 Institute 8,600 225 0.08 South Africa 0.10% (0.26%) Obayashi 46,000 290 0.11 Mr Price Group 31,634 269 0.10 Sekisui House 56,500 841 0.31 269 0.10 Seven Bank 141,600 218 0.08

Schroder Global Multi-Factor Equity Fund Interim Report and Accounts 8 31 December 2020 Portfolio Statement (continued)

Holding at Market Value % of net Holding at Market Value % of net 31.12.20 £000’s assets 31.12.20 £000’s assets

South Korea 1.40% (0.80%) Koza Anadolu Metal Madencilik Daea TI 118,919 462 0.17 Isletmeleri 178,115 272 0.10 Samsung Electronics 61,520 3,355 1.23 Migros Ticaret 39,434 166 0.06 3,817 1.40 MLP Saglik Spain 1.15% (1.46%) Hizmetleri 161,513 316 0.11 Endesa 17,972 360 0.13 Turkcell Iletisim Hizmetleri 407,430 646 0.24 Industria de Diseno Textil 47,717 1,112 0.41 Vestel Elektronik Sanayi ve Ticaret 80,296 166 0.06 Naturgy Energy Group 19,794 336 0.12 2,266 0.83 Pharma Mar 5,921 375 0.14 United Kingdom 3.70% (4.69%) Telefonica 329,902 958 0.35 Auto Trader Group 49,142 293 0.11 3,141 1.15 Avast 28,909 155 0.06

Sweden 0.82% (1.31%) Aviva 162,426 528 0.19 Atlas Copco A 3,594 136 0.05 BHP Group 105,749 2,036 0.74 Epiroc A 34,748 465 0.17 Centrica 308,719 144 0.05 Essity B 25,052 593 0.22 Evraz 49,782 235 0.09 Lundin Energy 14,509 287 0.10 Games Workshop Group 2,135 239 0.09 Scandic Hotels Group 52,953 164 0.06 GlaxoSmithKline 95,519 1,282 0.47 Swedish Match 10,495 599 0.22 Imperial Brands 30,340 466 0.17 Intertek Group 2,328 131 0.05 2,244 0.82 Legal & General 4.70% (4.20%) Group 412,689 1,098 0.40 Dufry 13,934 641 0.23 M&G 167,158 331 0.12 EMS-Chemie Rio Tinto 34,521 1,888 0.69 Holding 457 323 0.12 Royal Dutch Shell B 102,175 1,287 0.47 Geberit 2,199 1,008 0.37 10,113 3.70 Kuehne + Nagel International 5,375 893 0.33 United States of America 56.50% (56.29%) Nestle 32,024 2,763 1.01 3M 14,296 1,820 0.67 Novartis 27,704 1,918 0.70 AbbVie 7,684 599 0.22 Partners Group Adobe 2,183 794 0.29 Holding 1,742 1,499 0.55 Advanced Micro Roche Holding 9,670 2,473 0.91 Devices 3,522 236 0.09 Tecan Group 953 342 0.13 Alliance Data Zurich Insurance Systems 19,433 1,067 0.39 Group 3,118 964 0.35 Alphabet A 4,774 6,103 2.23 12,824 4.70 Altria Group 55,321 1,633 0.60 Amazon.com 3,200 7,610 2.79 2.09% (1.79%) American Tower Cheng Loong 145,000 128 0.05 REIT 4,146 673 0.25 International Games Amgen 9,178 1,529 0.56 System 26,000 513 0.19 Apple 122,220 11,849 4.34 Pegavision 26,000 191 0.07 Arrow Electronics 6,787 484 0.18 Taiwan Semiconductor Artisan Partners Manufacturing 255,000 3,511 1.28 A 9,764 359 0.13 United Microelectronics 1,108,000 1,358 0.50 Asbury Automotive Group 1,256 134 0.05 5,701 2.09 Autodesk 7,790 1,728 0.63 Thailand 0.00% (0.11%) Bank of America 7,292 161 0.06 0.83% (0.76%) Berkshire Hathaway BIM Birlesik B 1,365 230 0.08 Magazalar 68,546 509 0.19 Best Buy 16,600 1,218 0.45 Is Yatirim Menkul Biogen 6,863 1,217 0.45 Degerler 110,524 191 0.07 Bristol-Myers Squibb 8,189 367 0.13

Schroder Global Multi-Factor Equity Fund Interim Report and Accounts 9 31 December 2020 Portfolio Statement (continued)

Holding at Market Value % of net Holding at Market Value % of net 31.12.20 £000’s assets 31.12.20 £000’s assets Brunswick 16,434 932 0.34 Lennox Camping World International 5,613 1,118 0.41 Holdings A 47,586 929 0.34 LHC Group 732 113 0.04 Cardinal Health 29,310 1,135 0.42 Lowe's 3,277 383 0.14 CH Robinson Macy's 156,780 1,322 0.48 Worldwide 1,962 134 0.05 Manhattan Chemed 1,570 604 0.22 Associates 6,297 489 0.18 Cisco Systems 67,089 2,176 0.80 MarineMax 6,991 179 0.07 Citrix Systems 11,153 1,049 0.38 Masco 3,086 123 0.04 Clorox 9,919 1,456 0.53 Mastercard A 10,556 2,748 1.01 Colgate-Palmolive 26,571 1,646 0.60 Medifast 3,423 487 0.18 Commercial Metals 20,353 305 0.11 MEDNAX 29,268 516 0.19 Corcept Medpace Holdings 5,083 515 0.19 Therapeutics 15,763 302 0.11 Merck 2,219 131 0.05 Crown Castle MGIC Investment 83,219 758 0.28 International REIT 834 96 0.03 Microsoft 53,691 8,655 3.17 Cummins 8,311 1,377 0.50 Mid-America CVS Health 23,189 1,146 0.42 Apartment DaVita 16,811 1,433 0.52 Communities REIT 325 30 0.01 Dicerna Moelis A 9,286 318 0.12 Pharmaceuticals 12,023 193 0.07 Moody's 6,860 1,448 0.53 Domino's Pizza 4,175 1,166 0.43 Mr Cooper Group 27,296 620 0.23 DXC Technology 46,147 849 0.31 MSCI 5,202 1,686 0.62 Equinix REIT 51 26 0.01 Newell Brands 51,447 800 0.29 Erie Indemnity A 1,029 184 0.07 NRG Energy 41,621 1,129 0.41 Essex Property Trust NVIDIA 533 203 0.07 REIT 165 28 0.01 O-I Glass 15,051 132 0.05 Extra Space Storage REIT 350 29 0.01 Old Dominion Freight Line 9,008 1,280 0.47 Facebook A 21,292 4,236 1.55 Oracle 38,878 1,827 0.67 FactSet Research Systems 4,082 987 0.36 Paychex 19,145 1,295 0.47 Fastenal 40,316 1,434 0.52 Philip Morris International 31,782 1,899 0.69 Ford Motor 223,115 1,439 0.53 Polaris 1,782 125 0.05 Fortinet 13,934 1,509 0.55 Prestige Consumer GameStop A 11,190 162 0.06 Healthcare 6,518 165 0.06 Gentex 26,264 653 0.24 Procter & Gamble 27,286 2,748 1.01 G-III Apparel Group 16,530 290 0.11 Progressive 20,797 1,488 0.54 Gilead Sciences 34,604 1,449 0.53 Prologis REIT 806 58 0.02 GrafTech Prudential Financial 2,286 130 0.05 International 34,746 269 0.10 Public Storage REIT 2,461 408 0.15 Halliburton 101,995 1,416 0.52 QUALCOMM 18,437 2,049 0.75 HCA Healthcare 13,385 1,603 0.59 Radian Group 34,524 508 0.19 Home Depot 13,622 2,641 0.97 Revolve Group 7,536 173 0.06 Honeywell International 5,760 892 0.33 Robert Half International 22,666 1,031 0.38 Humana 4,392 1,307 0.48 Rockwell IDEXX Laboratories 398 144 0.05 Automation 7,765 1,418 0.52 Illinois Tool Works 11,020 1,633 0.60 Ryder System 10,590 485 0.18 Intel 62,570 2,266 0.83 SBA International Communications Business Machines 20,094 1,834 0.67 REIT 1,997 407 0.15 Intuit 4,723 1,305 0.48 Select Medical Johnson & Johnson 27,370 3,125 1.14 Holdings 9,833 198 0.07 JPMorgan Chase 4,747 438 0.16 Simon Property Group REIT 6,149 379 0.14 Kimberly-Clark 15,515 1,517 0.56 Sinclair Broadcast Kontoor Brands 11,961 358 0.13 Group A 19,260 458 0.17 Landstar System 5,549 548 0.20 Sleep Number 8,724 532 0.19

Schroder Global Multi-Factor Equity Fund Interim Report and Accounts 10 31 December 2020 Portfolio Statement (continued)

Holding at Market Value % of net Holding at Market Value % of net 31.12.20 £000’s assets 31.12.20 £000’s assets Spectrum Brands Vistra 59,113 844 0.31 Holdings 6,480 373 0.14 Walmart 1,226 128 0.05 Sportsman's Watsco 702 116 0.04 Warehouse Holdings 14,096 183 0.07 WEX 1,032 154 0.06 Sterling Bancorp 10,651 141 0.05 Weyerhaeuser REIT 1,408 34 0.01 T Rowe Price Group 13,241 1,458 0.53 YETI Holdings 24,943 1,262 0.46 Target 13,583 1,750 0.64 154,281 56.50 Tenet Healthcare 24,490 719 0.26 Equities total 271,776 99.53 Tesla 1,859 973 0.36 Futures 0.00% (0.00%) Texas Instruments 16,699 2,000 0.73 EURO STOXX 50 T-Mobile US 714 70 0.03 Index March 2021 3 1 0.00 TRI Pointe Group 21,931 279 0.10 FTSE 100 Index Union Pacific 12,237 1,858 0.68 March 2021 1 (1) 0.00 United Parcel S&P 500 Emini Index Service B 15,171 1,856 0.68 March 2021 2 7 0.00 United Therapeutics 5,508 605 0.22 Futures total 7 0.00 UnitedHealth Group 10,798 2,744 1.00 Forward Foreign Currency Contracts 0.00% (0.01%) Ventas REIT 9,510 336 0.12 VeriSign 9,565 1,503 0.55 Portfolio of investments 271,783 99.53 Visa A 9,235 1,470 0.54 Net other assets 1,285 0.47 Net assets attributable to unitholders 273,068 100.00

The comparative percentage figures in brackets are as at 30 June 2020. Unless otherwise stated, all securities are admitted to official stock exchange listings.

Schroder Global Multi-Factor Equity Fund Interim Report and Accounts 11 31 December 2020 Statement of Total Return (unaudited) For the six months ended 31 December 2020

31.12.20 31.12.19 £000's £000's £000's £000's Income Net capital gains – 23,376 – 5,817 Revenue 3,312 – 4,884 – Expenses (284) – (279) – Net revenue before taxation 3,028 – 4,605 – Taxation (362) – (529) – Net revenue after taxation 2,666 4,076 Total return before distributions 26,042 9,893 Distributions (325) (943) Change in net assets attributable to unitholders from investment activities 25,717 8,950

Statement of Change in Net Assets Attributable to Unitholders (unaudited) For the six months ended 31 December 2020 31.12.20 31.12.19 £000's £000's £000's £000's Opening net assets attributable to unitholders 297,627^ 369,343 Amounts receivable on issue of units 594 – 15,031 – Amounts payable on cancellation of units (50,894) – (110,005) – (50,300) (94,974) Dilution adjustment 24 79 Change in net assets attributable to unitholders from investment activities 25,717 8,950 Closing net assets attributable to unitholders 273,068 283,398^ ^ The Opening net assets attributable to unitholders for the current period do not equal the Closing net assets attributable to unitholders for the comparative period as they are not consecutive periods.

Balance Sheet (unaudited) As at 31 December 2020

31.12.20 30.6.20 £000's £000's Assets Investments 271,784 296,383 Current assets Debtors 695 1,942 Cash and bank balances 652 762 Total assets 273,131 299,087 – – Liabilities – – Investment liabilities (1) (9) Provisions for liabilities – (1) Creditors Bank overdrafts – (43) Other creditors (62) (1,407) Total liabilities (63) (1,460) – – Net assets attributable to unitholders 273,068 297,627

Schroder Global Multi-Factor Equity Fund Interim Report and Accounts 12 31 December 2020 Notes to the Accounts (unaudited)

Basis of preparation The accounts have been prepared under the historical cost basis, as modified by the revaluation of investments, and in accordance with the 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)). Accounting Policies The accounting policies applied are consistent with those of the annual accounts for the year ended 30 June 2020 and are described in those annual accounts.

Schroder Global Multi-Factor Equity Fund Interim Report and Accounts 13 31 December 2020 General Information

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

Authorisation The Fund is an authorised and is constituted pursuant to the Collective Investment Schemes sourcebook and is structured as a Trust. The Fund is a UCITS scheme for the purpose of the categorisation of the Collective Investment Schemes sourcebook. Other information The Prospectus, the Key Investor Information Document and details of investment charges and costs are available on request or can be downloaded from our website www.schroders.com. 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.

Schroder Global Multi-Factor Equity Fund Interim Report and Accounts 14 31 December 2020

For further literature please contact Schroder Investor Services on 0800 182 2399 or [email protected] for Retail Clients, or 0345 030 7277 or [email protected] for Institutional Clients, or visit our website at www.schroders.com. Issued in February 2021 by Schroder Unit Trusts Limited, 1 London Wall Place, London EC2Y 5AU. Registered Number 4191730 England. Schroder Unit Trusts Limited is an authorised corporate director, authorised unit trust manager and an ISA plan manager, and is authorised and regulated by the Financial Conduct Authority. For your security, communications may be taped and monitored.