7/27/2019 fsm-8802_72_04-20130531-en

1/2

-40,0

-20,0

0,0

20,0

40,0

60,0

80,0

May 2008 Feb 2009 Nov 2009 Jul 2010 Mar 2011 Dec 2011 Sep 2012

Running Yield

7,00 %

June 2013 www.schroders.chAll data expressed as at 31 May 2013

Schroder International Selection FundGlobal High Yield

To provide a return of capital growth and income primarily through investment in a portfolio of bondsand other fixed and floating rate securities denominated in various currencies and issued bygovernments, government agencies, supranational and corporate issuers worldwide. A minimum of70% of the net assets of the Fund will be invested in securities with a credit rating below investmentgrade (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies).

Morningstar Ratings are sourced from Morningstar.

The Running Yield reflects the income related to theCoupons of the instruments held in the portfolio as apercentage of their market value. The figure shown isa market value weighted average for the wholeportfolio. It does not include any preliminary charge

and investors may be subject to tax on distributions.

Past performance is no indication of future fund performance. This depends on the trends in markets,investment returns and exchange rates (if relevant), and how successful the asset manager is inimplementing the investment policy. The performance data does not allow for the charges and costsincurred on issue and redemption of units. Prices of shares and the income from them may fall as well asrise and investors may not get back the amount originally invested.

Some performance differences between the fund and the benchmark may arise because the fund performance iscalculated at a different valuation point from the benchmark.

Source : SchrodersIn August 2005 the Barclays Global High Yield Corporate 2% Cap Index replaced the Barclays Global High YieldCorporate Index. The full track record of the previous index has been kept and chain linked to the new one.

Performance Analysis

Fund Benchmark

C Accumulation EUR Hedged Share Class

Investments in debt securities are primarily subject to interest rate, credit and default risks and,potentially, to currency exchange rate risk. This fund may use financial derivative instruments as apart of the investment process. This may increase the fund's price volatility by amplifying marketevents.

Investment Objective and Policy

Risk Considerations

Note: 100% of assets will be currency hedged.

All fund performance data are on a NAV to NAV basis, net income reinvested. Data is not available for the timeperiods with no % growth stated. In case a share class is created after the fund's launch date, a simulated pastperformance is used, based upon the performance of an existing share class within the fund, taking into accounthe difference in the Total Expense Ratio and including the impact of any performance fees if applicable.

Performance (%) 1 month 3 months 6 months YTD 1 year 3 years 5 years Since Launch

Benchmark -0,4 2,5 5,9 4,1 16,0 39,8 66,4 106,6

Fund Manager

Wesley Sparks

Fund Launch Date

16 April 2004

Total Fund Size (Million)

USD 3.806,8

Total number of holdings

432

Share Price End of Month (EUR)

35,82

Benchmark

Performance over 5 years (%)

Annual Performance (%) 2012 2011 2010 2009 2008

Fund 16,0 -0,6 13,3 41,7 -22,7

Managed fund since

16 April 2004

Fund -0,1 2,2 5,3 3,3 14,3 32,8 47,7 79,1

Effective Duration of Fund in Years

3,80

Effective Duration of Index in Years

3,94

Effective Yield

5,55 %

Option Adjusted Spread of Fund410 bp

Option Adjusted Spread of Index

437 bp

Average Credit Rating

B+

Annual Volatility over 3 years (%)

6,86

Barclays Capital Global High Yield Corp.EUR Hedged 2% cap

Benchmark 17,6 3,4 14,2 62,6 -28,0

http://www.schroders.ch/

7/27/2019 fsm-8802_72_04-20130531-en

2/2

Schroder Investment Management(Luxembourg) S.A.

Tel.: (352) 341 342 212Fax: (352) 341 342 342For your security, all telephone calls arerecorded.

Schroder International Selection Fund Global High Yield

Holdings Analysis Top 10 Holdings Sector % NAV1. Schroder ISF EURO High Yield Not Classified 3,7

2. HCA Holdings 7.75% 15/05/2021 Industrial 0,9

3. Nara Cable Funding 8.875% 01/12/2018 Industrial 0,8

4. Niska Gas Storage US/Canada 8.875% 15/03/2018 Utility 0,8

5. Biomet 6.5% 01/08/2020 Industrial 0,7

6. CCO Holdings Capital 5.25% 30/09/2022 Industrial 0,7

7. United Rentals 7.375% 15/05/2020 Industrial 0,7

8. DISH DBS 5% 15/03/2023 Industrial 0,79. Landry's Restaurants 9.375% 01/05/2020 Industrial 0,7

10. Sprint Capital 7% 15/08/2020 Industrial 0,7

Total 10,5

Asset Allocation (%)

0,0

2,8

0,0

0,4

0,0

- 0,2

0,0

0,1

0,0

0,9

0,0

1,0

6,6

6,6

14,4

13,0

79,0

75,4

Cash

Cash Equivalents

Derivatives

Sovereign

Agencies

Treasuries

Utility

Financial Institutions

Industrial

Fund

Credit ratings are calculated usingasset ratings from different ratingagencies. Non-rated assets arerated as the government issuing orguaranteeing them.

Source: Schroders

ValorennummerWertpapierkennnummer

Third party data is owned or licensed by the data provider and may not be reproduced or extracted and used for any other purpose without the data provider's consent. Third party data is provided withoutany warranties of any kind. The data provider and issuer of the document shall have no liability in connection with the third party data. The Prospectus and/orwww.schroders.com contain additionaldisclaimers which apply to the third party data.

This document does not constitute an offer to anyone, or a solicitation by anyone, to subscribe for shares of Schroder International Selection Fund (the "Company"). Nothing in this document should beconstrued as advice and is therefore not a recommendation to buy or sell shares. Subscriptions for shares of the Company can only be made on the basis of its latest prospectus and the Key InvestorInformation Document together with the latest audited annual report (and subsequent unaudited semi-annual report, if published). The prospectus and Key Investor Information Document for Switzerland,he articles of association, the annual and semi-annual reports can be obtained, free of charge, at the offices of the Swiss representative, Schroder Investment Management (Switzerland) AG, Central 2,Postfach 1828, CH-8021 Zurich (authorised and regulated by FINMA) and Swiss paying agent, Schroder & Co. Bank AG, Central 2, Postfach 1820, CH-8021 Zurich. An investment in the Companyentails risks, which are fully described in the prospectus.

This document is issued by Schroder Investment Management (Luxembourg) S.A., 5, rue Hhenhof, L-1736 Senningerberg, Luxembourg. R.C.S. Luxembourg: B 37.799

Sector

Information

Fund Base Currenc USD

Dealing Frequency Daily (13:00 CET)

Annual Management Fee 0,60 %

Minimum Investment Amount EUR 500 000 or USD 500 000 or their near equivalent in any other freelyconvertible currency. The minimum subscription amount may be waived at theDirectors' discretion.

SCHYEHC:LX

0,0

0,4

0,0

- 0,2

0,1

0,0

0,3

0,6

3,3

6,1

18,6

14,4

77,7

78,6

Cash Equivalents

Derivatives

Swedish Krona

Swiss Franc

UK Sterling

Euro

US Dollar

Currency

Fixed Income Rating Duration

1843370A0CAMK

Bloomberg

Contribution to Duration (in years)

0,41,1

0,10,00,70,0

13,714,2

37,145,1

47,133,4

1,02,60,0

0,00,0

3,00,00,7

Not Rated

C

CC

CC

B

BB

BBB

A

AA

AAA

0,2

0,1

0,6

0,7

1,2

1,2

1,4

1,30,6

0,4

0,0

0,1

10+ years

7-10 years

5-7 years

3-5 years

1-3 years

0-1 year

1,8

0,7

7,1

9,0

20,1

21,2

35,3

33,527,2

19,8

8,4

15,7

10+ years

7-10 years

5-7 years

3-5 years

1-3 years

0-1 year

ISIN LU0189895658

Accumulation

Schroder Investment Management (Switzerland) AG, Central 2, Postfach 1828, CH-8021 Zurich, Switzerland

5, rue Hhenhof1736 Senningerberg

Luxembourg

Benchmark

Reuters LU0189895658.LUF

http://www.schroders.com/