New Funds - On the way to a store near you!

SCHRODER ALTERNATIVE SOLUTIONS COMMODITY FUND & SCHRODER ALTERNATIVE SOLUTIONS AGRICULTURE FUND

Investment objective and policy:

The investment objective of SAS Commodity Fund is to generate a total return in the long term through investment in commodity related instruments globally. The investment objective of SAS Agricultural Fund is to generate a total return in the long term through investment in agricultural commodity related instruments globally.

Investment approach:

The SAS Commodity Fund will be exposed to a range of commodity sectors globally, while the SAS Agricultural Fund will be exposed to a range of agricultural commodities globally. Although it is anticipated that the SAS Commodity Fund will be primarily invested in the energy, agriculture and metals sectors, the Fund may however invest in any sector of the commodity market at the discretion of the Investment Manager. The SAS Agricultural Fund may invest in any sector of the agricultural commodity market at the discretion of the Investment Manager.

The Funds will be actively managed and will invest predominantly in a range of commodity related derivative instruments (in the case of SAS Commodity Fund) or agricultural commodity related derivative instruments (in the case of SAS Agriculture Fund), principally comprising futures and other commodity linked derivative instruments such as swaps on physical commodities and futures on commodity indices, and structured notes. The Funds will not acquire any physical commodities directly nor will they enter into any contracts relating to physical commodities other than commodity futures, warrants, swaps, and options contracts. Any commodity futures or options contracts and any other derivativeinstruments that call for physical delivery of the underlying commodity will be liquidated prior to delivery and the Investment Manager has put in place procedures to ensure that this occurs.

The Funds will typically seek to gain exposure to the commodity markets by investing in commodity futures and commodity related total return swaps. A swap allows the Funds to create exposure to a specific commodity. Each Fund will pay a replication fee during the lifetime of a swap. At maturity of the swap, the relevant Fund will receive an amount linked to the rise in the price of the commodity over the term of the swap. However, if the price of the commodity falls, that Fund will have to pay this amount to the counterparty.

To implement their investment policy, the Funds may use standardized and non-standardized (customized) derivative financial instruments. It may conduct such transactions on a stock exchange or another regulated market open to the public, or directly with a bank or financial institution specializing in these types of business as counterparty (Over The Counter trading). Even in extraordinary circumstances, the use of these instruments will not result in the Fund being leveraged nor will they be used to engage in short selling.

To a lesser extent, the Funds will also invest in equities, warrants of issuers in commodity related equities, and may also for purposes of hedging only invest in foreign currency such as forward currency contracts, currency options and swaps on currencies, and cash or cash equivalents including certificates of deposit, treasury bills and floating rate notes. At least two-thirds of the total assets of each Fund, without taking into account any cash or cash equivalents which comprise bank credit balances and money market instruments with maturities of up to twelve months, will be invested in commodity futures, other commodity related derivatives or commodity-related equity securities or equity warrants.