Table Of Content

Schroder International Selection Fund Audited Annual Report 31 December 2017 Luxembourg R.C.S Luxembourg B 8.202 Schroder International Selection Fund Société d’Investissement à Capital Variable (SICAV) Audited Annual Report 31 December 2017 No subscriptions can be received on the basis of periodical reports. Subscriptions are valid only if made on the basis of the current prospectus, the current Key Investors Information Documents, accompanied by the last available audited annual report or unaudited semi-annual report if published thereafter. This report is based on the current prospectus. Audited annual and unaudited semi-annual reports, the current prospectus, KIID 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. Schroder International Selection Fund Audited Annual Report 31 December 2017 Page 5 Table of contents Schroder International Selection Fund . . . . . . . . . . . . . . . . . . . . . .9 Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11 Directors’ Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14 Investment Managers’ Report . . . . . . . . . . . . . . . . . . . . . . . . . . . .17 Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . .19 Audit Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .173 Statement of Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .175 Statement of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . .275 Statement of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .295 Distribution of Investments by Industry . . . . . . . . . . . . . . . . . . .315 Portfolio of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .335 Mainstream Equity Funds Schroder ISF Asian Opportunities . . . . . . . . . . . . . . . . . . . . . . . .335 Schroder ISF EURO Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . .336 Schroder ISF European Large Cap . . . . . . . . . . . . . . . . . . . . . . .337 Schroder ISF Global Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . .338 Schroder ISF Italian Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . .339 Schroder ISF Japanese Equity . . . . . . . . . . . . . . . . . . . . . . . . . .340 Schroder ISF Swiss Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . .341 Schroder ISF UK Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .341 Schroder ISF US Large Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . .342 Specialist Equity Funds Schroder ISF Asia Pacific Cities Real Estate . . . . . . . . . . . . . . . .342 Schroder ISF Asia Pacific ex-Japan Equity * . . . . . . . . . . . . . . . . .343 Schroder ISF Asian Dividend Maximiser . . . . . . . . . . . . . . . . . . . .344 Schroder ISF Asian Equity Yield . . . . . . . . . . . . . . . . . . . . . . . . .345 Schroder ISF Asian Smaller Companies . . . . . . . . . . . . . . . . . . .346 Schroder ISF Asian Total Return . . . . . . . . . . . . . . . . . . . . . . . . .347 Schroder ISF BRIC (Brazil, Russia, India, China) . . . . . . . . . . . . .348 Schroder ISF China A * . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .349 Schroder ISF China Opportunities . . . . . . . . . . . . . . . . . . . . . . . .349 Schroder ISF Emerging Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . .350 Schroder ISF Emerging Europe . . . . . . . . . . . . . . . . . . . . . . . . . .351 Schroder ISF Emerging Markets Equity Alpha * . . . . . . . . . . . . . .352 Schroder ISF Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . .353 Schroder ISF European Alpha Focus . . . . . . . . . . . . . . . . . . . . . .355 Schroder ISF European Dividend Maximiser . . . . . . . . . . . . . . . .355 Schroder ISF European Equity (Ex UK) . . . . . . . . . . . . . . . . . . . .356 Schroder ISF European Equity Yield . . . . . . . . . . . . . . . . . . . . . .357 * Please refer to the Directors’ Report for details of all corporate actions that occurred during the year under review. Page 6 Schroder International Selection Fund Audited Annual Report 31 December 2017 Table of contents Specialist Equity Funds (cont) Schroder ISF European Opportunities . . . . . . . . . . . . . . . . . . . . .358 Schroder ISF European Smaller Companies . . . . . . . . . . . . . . . .359 Schroder ISF European Special Situations . . . . . . . . . . . . . . . . . .360 Schroder ISF European Total Return . . . . . . . . . . . . . . . . . . . . . .361 Schroder ISF European Value . . . . . . . . . . . . . . . . . . . . . . . . . . .362 Schroder ISF Frontier Markets Equity . . . . . . . . . . . . . . . . . . . . .363 Schroder ISF Global Cities Real Estate . . . . . . . . . . . . . . . . . . . .364 Schroder ISF Global Climate Change Equity . . . . . . . . . . . . . . . .365 Schroder ISF Global Dividend Maximiser . . . . . . . . . . . . . . . . . . .366 Schroder ISF Global Emerging Market Opportunities . . . . . . . . . .367 Schroder ISF Global Emerging Markets Smaller Companies . . . . .368 Schroder ISF Global Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . .369 Schroder ISF Global Equity Yield . . . . . . . . . . . . . . . . . . . . . . . . .369 Schroder ISF Global Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .370 Schroder ISF Global Recovery . . . . . . . . . . . . . . . . . . . . . . . . . .371 Schroder ISF Global Smaller Companies . . . . . . . . . . . . . . . . . . .372 Schroder ISF Global Sustainable Growth * . . . . . . . . . . . . . . . . . .375 Schroder ISF Greater China . . . . . . . . . . . . . . . . . . . . . . . . . . . .376 Schroder ISF Hong Kong Equity . . . . . . . . . . . . . . . . . . . . . . . . .377 Schroder ISF Indian Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . .378 Schroder ISF Indian Opportunities . . . . . . . . . . . . . . . . . . . . . . . .379 Schroder ISF Japanese Opportunities . . . . . . . . . . . . . . . . . . . . .379 Schroder ISF Japanese Smaller Companies . . . . . . . . . . . . . . . .380 Schroder ISF Korean Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . .381 Schroder ISF Latin American . . . . . . . . . . . . . . . . . . . . . . . . . . .382 Schroder ISF Middle East . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .383 Schroder ISF Swiss Equity Opportunities . . . . . . . . . . . . . . . . . . .384 Schroder ISF Swiss Small & Mid Cap Equity . . . . . . . . . . . . . . . .384 Schroder ISF Taiwanese Equity . . . . . . . . . . . . . . . . . . . . . . . . . .385 Schroder ISF UK Opportunities . . . . . . . . . . . . . . . . . . . . . . . . . .385 Schroder ISF US Small & Mid Cap Equity . . . . . . . . . . . . . . . . . .386 Schroder ISF US Smaller Companies . . . . . . . . . . . . . . . . . . . . .387 Alpha Equity Funds Schroder ISF Global Equity Alpha . . . . . . . . . . . . . . . . . . . . . . . .388 Quantitative Equity Funds Schroder ISF QEP Global Active Value . . . . . . . . . . . . . . . . . . . .389 Schroder ISF QEP Global Blend . . . . . . . . . . . . . . . . . . . . . . . . .395 Schroder ISF QEP Global Core . . . . . . . . . . . . . . . . . . . . . . . . . .399 Schroder ISF QEP Global Emerging Markets . . . . . . . . . . . . . . . .405 Schroder ISF QEP Global ESG . . . . . . . . . . . . . . . . . . . . . . . . . .409 Schroder ISF QEP Global Quality . . . . . . . . . . . . . . . . . . . . . . . .413 Schroder ISF QEP Global Value Plus . . . . . . . . . . . . . . . . . . . . . .417 * Please refer to the Directors’ Report for details of all corporate actions that occurred during the year under review. Schroder International Selection Fund Audited Annual Report 31 December 2017 Page 7 Table of contents Asset Allocation Funds Schroder ISF Multi-Asset Strategies * . . . . . . . . . . . . . . . . . . . . . .420 Multi-Asset Funds Schroder ISF Emerging Multi-Asset Income * . . . . . . . . . . . . . . . .420 Schroder ISF Global Diversified Growth . . . . . . . . . . . . . . . . . . . .426 Schroder ISF Global Multi-Asset Balanced . . . . . . . . . . . . . . . . .428 Schroder ISF Global Multi-Asset Conservative . . . . . . . . . . . . . . .435 Schroder ISF Global Multi-Asset Flexible . . . . . . . . . . . . . . . . . . .437 Schroder ISF Global Multi-Asset Income . . . . . . . . . . . . . . . . . . .443 Schroder ISF Global Target Return . . . . . . . . . . . . . . . . . . . . . . .459 Schroder ISF Japan DGF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .461 Schroder ISF Multi-Asset PIR Italia * . . . . . . . . . . . . . . . . . . . . . . .462 Schroder ISF Multi-Asset Total Return . . . . . . . . . . . . . . . . . . . . .463 Schroder ISF Strategic Beta * . . . . . . . . . . . . . . . . . . . . . . . . . . .464 Schroder ISF Wealth Preservation . . . . . . . . . . . . . . . . . . . . . . . .464 Multi-Manager Funds Schroder ISF Multi-Manager Diversity . . . . . . . . . . . . . . . . . . . . .465 Absolute Return Funds Schroder ISF Asian Bond Absolute Return * . . . . . . . . . . . . . . . . .466 Schroder ISF Emerging Markets Debt Absolute Return . . . . . . . .468 Schroder ISF EURO Credit Absolute Return . . . . . . . . . . . . . . . .469 Schroder ISF European Alpha Absolute Return . . . . . . . . . . . . . .474 Schroder ISF European Equity Absolute Return . . . . . . . . . . . . . .474 Schroder ISF QEP Global Absolute . . . . . . . . . . . . . . . . . . . . . . .475 Mainstream Bond Funds Schroder ISF EURO Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . .478 Schroder ISF EURO Government Bond . . . . . . . . . . . . . . . . . . . .482 Schroder ISF EURO Short Term Bond . . . . . . . . . . . . . . . . . . . .483 Schroder ISF Global Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . .485 Schroder ISF Global Inflation Linked Bond . . . . . . . . . . . . . . . . . .493 Schroder ISF Hong Kong Dollar Bond . . . . . . . . . . . . . . . . . . . . .494 Schroder ISF US Dollar Bond . . . . . . . . . . . . . . . . . . . . . . . . . . .498 Specialist Bond Funds Schroder ISF Asian Convertible Bond . . . . . . . . . . . . . . . . . . . . .503 Schroder ISF Asian Local Currency Bond . . . . . . . . . . . . . . . . . .504 Schroder ISF Emerging Market Bond . . . . . . . . . . . . . . . . . . . . .506 Schroder ISF Emerging Market Corporate Bond . . . . . . . . . . . . .508 Schroder ISF EURO Corporate Bond . . . . . . . . . . . . . . . . . . . . .512 Schroder ISF EURO Credit Conviction . . . . . . . . . . . . . . . . . . . . .518 Schroder ISF EURO High Yield . . . . . . . . . . . . . . . . . . . . . . . . . .523 Schroder ISF Global Conservative Convertible Bond . . . . . . . . . .528 Schroder ISF Global Convertible Bond . . . . . . . . . . . . . . . . . . . .530 * Please refer to the Directors’ Report for details of all corporate actions that occurred during the year under review. Page 8 Schroder International Selection Fund Audited Annual Report 31 December 2017 Table of contents Specialist Bond Funds (cont) Schroder ISF Global Corporate Bond . . . . . . . . . . . . . . . . . . . . .532 Schroder ISF Global Credit Duration Hedged . . . . . . . . . . . . . . .539 Schroder ISF Global Credit Income . . . . . . . . . . . . . . . . . . . . . . .544 Schroder ISF Global Credit Value * . . . . . . . . . . . . . . . . . . . . . . . .552 Schroder ISF Global High Income Bond . . . . . . . . . . . . . . . . . . .553 Schroder ISF Global High Yield . . . . . . . . . . . . . . . . . . . . . . . . . .556 Schroder ISF Global Multi Credit . . . . . . . . . . . . . . . . . . . . . . . . .564 Schroder ISF Global Unconstrained Bond . . . . . . . . . . . . . . . . . .571 Schroder ISF RMB Fixed Income . . . . . . . . . . . . . . . . . . . . . . . .575 Schroder ISF Securitised Credit * . . . . . . . . . . . . . . . . . . . . . . . . .576 Schroder ISF Strategic Bond * . . . . . . . . . . . . . . . . . . . . . . . . . . .577 Schroder ISF Strategic Credit . . . . . . . . . . . . . . . . . . . . . . . . . . .583 Schroder ISF EURO Liquidity . . . . . . . . . . . . . . . . . . . . . . . . . . .588 Schroder ISF US Dollar Liquidity . . . . . . . . . . . . . . . . . . . . . . . . .590 Appendix I - Comparative Statement . . . . . . . . . . . . . . . . . . . . .591 Appendix II - Audited TER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .751 Appendix III - Global exposure and leverage (Unaudited) . . . . .755 Appendix IV - Securities Financing Transactions (Unaudited) . .759 Appendix V – Remuneration Disclosures . . . . . . . . . . . . . . . . . .781 Appendix VI – Unaudited Collateral Exposure . . . . . . . . . . . . . .782 * Please refer to the Directors’ Report for details of all corporate actions that occurred during the year under review. Schroder International Selection Fund Audited Annual Report 31 December 2017 Page 9 Schroder International Selection Fund The Company Schroder International Selection Fund (the “Company”) organised as a "société anonyme" is an open-ended ‘umbrella’ company incorporated under Luxembourg law, which enables investors to choose from ‘Sub-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 shares) offering different investment objectives. The shares of each Sub-Fund are listed on the Luxembourg Stock Exchange. Prices are also available on Bloomberg and Reuters. This report covers the year from 1 January 2017 to 31 December 2017. 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 29 December 2017, the last working day of the year and 28 December 2017 for Schroder ISF Japan DGF and Schroder ISF Korean Equity. At the date of this report, 116 Sub-Funds were available for investment. Please refer to the current prospectus for the investment objectives of the Sub- Funds as well as details of investment restrictions. The monthly factsheets for each Sub-Fund 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, names of the Funds will be preceded by “Schroder ISF”, e.g. Schroder ISF Global Equity Alpha. Schroders is a FATCA compliant organisation. The FATCA classification of this entity and its GIIN is as follows: FATCA entity classification: FFI; Sponsoring entity: Schroder Investment Management (Luxembourg) S.A.; Sponsoring entity GIIN: 4RIMT7.00000.SP.442 Corporate Governance The Company is subject to corporate governance based on: 1. Its obligations as defined by the UCITS Directive 2009/65/EC dated 13 July 2009, as implemented in Luxembourg law which is available for inspection at the registered office of the Company at 5, rue Höhenhof, 1736 Senningerberg, Grand Duchy of Luxembourg. 2. Its articles of incorporation which are available for inspection at the registered office of the Company and at the Luxembourg corporate and trade register, Registre de Commerce et des Sociétés (“RCSL”). 3. Its obligations in respect of the management of the Company, for which the Company has appointed Schroder Investment Management (Luxembourg) S.A. (the “Management Company”), which is subject to the requirements of the Management Company Directive 2010/43/EC, as implemented in Luxembourg law. 4. The Association of the Luxembourg Fund Industry (“ALFI”) code of conduct, the principles of which the Company has voluntarily adopted. Internal Control and Risk Management Systems The Board of Directors is responsible for establishing and maintaining adequate internal control and risk management systems of the Company in relation to the financial reporting process. Such systems are designed to manage rather than eliminate the risk of error or fraud in achieving the Company's financial reporting objectives and can only provide reasonable and not absolute assurance against material misstatement or loss. The Board of Directors has contracted with the Management Company to put procedures in place to ensure all relevant accounting records are properly maintained and are readily available, including the production of annual and semi-annual reports. The annual and semi- annual reports of the Company are required to be approved by the Board of Directors of the Company and filed with the Commission de Surveillance du Secteur Financier (“CSSF”) and, in the case of annual reports, with the RCSL. The annual statutory financial statements are required to be audited by independent auditors who report to the Board of Directors on their findings. The Board meets at least four times a year and ensures that the Company maintains high standards of integrity and control in its operations and that it possesses adequate governance and means of control as law and regulation demand. Page 10 Schroder International Selection Fund Audited Annual Report 31 December 2017 Board of Directors Chairman — Richard Mountford 1 Global Head of Product Schroder Investment Management Limited 31, Gresham Street, London EC2V 7QA United Kingdom Directors — Eric Bertrand 2 Head of Schroders GAIA Shackleton Residence Ta’Xbiex Seafront, XBX 1027 Ta’Xbiex Malta — Mike Champion Head of Product Development Schroder Investment Management Limited 31, Gresham Street, London EC2V 7QA United Kingdom — Marie-Jeanne Chevremont-Lorenzini Independent Director 12 rue de la Sapiniere, 8150 Bridel Grand Duchy of Luxembourg — Daniel De Fernando Garcia Independent Director Serano 1, 28001 Madrid Spain — Bernard Herman Independent Director 11-13, rue de Fischbach, 3372 Leudelange Grand Duchy of Luxembourg — Achim Kuessner Country Head Germany, Austria & CEE Schroder Investment Management GmbH Taunustor 1 (TaunusTurm), 60310 Frankfurt am Main Germany — Ketil Petersen 3 Country Head Nordic Region Schroders Denmark Filial af Schroder Investment Management (Luxembourg) S.A. Store Strandstraede 21, 1255 Copenhagen K Denmark 1 Richard Mountford was appointed Director and Chairman of the Board of Directors on 2 February 2017. 2 Eric Bertrand was appointed Director of the Board of Directors on 9 March 2017. 3 Ketil Petersen resigned from the Board of Directors on 7 April 2017.

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