0001104659-13-022938.txt : 20130321 0001104659-13-022938.hdr.sgml : 20130321 20130321150144 ACCESSION NUMBER: 0001104659-13-022938 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130321 DATE AS OF CHANGE: 20130321 EFFECTIVENESS DATE: 20130321 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCHRODER SERIES TRUST CENTRAL INDEX KEY: 0000908802 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-65632 FILM NUMBER: 13707498 BUSINESS ADDRESS: STREET 1: 875 THIRD AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2126413800 MAIL ADDRESS: STREET 1: 875 THIRD AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: WSIS SERIES TRUST DATE OF NAME CHANGE: 19930707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCHRODER SERIES TRUST CENTRAL INDEX KEY: 0000908802 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07840 FILM NUMBER: 13707499 BUSINESS ADDRESS: STREET 1: 875 THIRD AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2126413800 MAIL ADDRESS: STREET 1: 875 THIRD AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: WSIS SERIES TRUST DATE OF NAME CHANGE: 19930707 0000908802 S000008370 SCHRODER TOTAL RETURN FIXED INCOME FUND C000022905 SCHRODER TOTAL RETURN FIXED INCOME FUND - INVESTOR CLASS SBBIX C000022906 SCHRODER TOTAL RETURN FIXED INCOME FUND - ADVISOR CLASS SBBVX 0000908802 S000010692 SCHRODER EMERGING MARKETS EQUITY FUND C000029572 SCHRODER EMERGING MARKET EQUITY FUND - INVESTOR CLASS SEMNX C000029573 SCHRODER EMERGING MARKET EQUITY FUND - ADVISOR CLASS SEMVX 0000908802 S000010694 SCHRODER US SMALL & MID-CAP OPPORTUNITIES FUND C000029576 SCHRODER US SMALL & MID CAP OPPORTUNITIES FUND - INVESTOR CLASS SMDIX C000029577 SCHRODER US SMALL & MID CAP OPPORTUNITIES FUND - ADVISOR CLASS SMDVX 0000908802 S000012861 Schroder International Multi-Cap Value Fund C000034780 Schroder International Multi-Cap Value Fund Investor Shares SIDNX C000034781 Schroder International Multi-Cap Value Fund Advisor Shares SIDVX 0000908802 S000034886 Schroder Absolute Return EMD and Currency Fund C000107283 Advisor Class SARVX C000107284 Investor Class SARNX 485BPOS 1 a13-2920_10485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

 

As filed with the Securities and Exchange Commission on March 21, 2013

 

Investment Company Act File No. 811-7840; Securities Act File No. 33-65632

 

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933  x

 

POST-EFFECTIVE AMENDMENT No. 64  x

 

and/or

 

REGISTRATION STATEMENT UNDER INVESTMENT COMPANY ACT OF 1940  x

 

Amendment No. 67  x

 

SCHRODER SERIES TRUST

875 Third Avenue, 22nd Floor, New York, New York 10022
(212) 641-3800

 

Carin F. Muhlbaum, Esq.
Schroder Investment Management North America Inc.
875 Third Avenue, 22nd Floor,
New York, New York 10022

 

Copies to:

 

Timothy W. Diggins, Esq.
Ropes & Gray LLP
Prudential Tower

800 Boylston Street

Boston, MA 02199-3600

 

It is proposed that this filing will become effective (check appropriate box):

x                                  Immediately upon filing pursuant to paragraph (b)

o                                    60 days after filing pursuant to paragraph (a)(1)

o                                    75 days after filing pursuant to paragraph (a)(2)

o                                    On (date) pursuant to paragraph (b)

o                                    On (date) pursuant to paragraph (a)(1)

o                                    On (date) pursuant to paragraph (a)(2) of Rule 485.

 

If appropriate, check the following box:

 

o                                    This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

This post-effective amendment is being filed pursuant to the annual update of the registration statement of all existing series of the Trust. The Registrant has registered an indefinite amount of its shares of beneficial interest under the Securities Act of 1933, pursuant to Rule 24f-2 under the Investment Company Act of 1940. In reliance upon Rule 24f-2, no filing fee is being paid at this time.

 

 

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of New York and the State of New York, on this 21st day of March, 2013.

 

SCHRODER SERIES TRUST

 

 

 

By:

/s/ Mark A. Hemenetz

 

 

Name:

Mark A. Hemenetz

 

 

Title:

President and Principal Executive
Officer

 

 

Pursuant to the requirements of the Securities Act of 1933, as amended, this amendment to the Registration Statement has been signed below by the following persons in the capacities indicated on March 21, 2013.

 

Principal Executive Officer

 

 

 

By:

/s/ Mark A. Hemenetz

 

 

Name:

Mark A. Hemenetz

 

 

Title:

President and Principal Executive
Officer

 

 

 

Principal Financial and Accounting Officer

 

 

 

 

 

By:

/s/ Alan M. Mandel

 

 

Name:

Alan M. Mandel

 

 

Title:

Treasurer & Principal Financial and
Accounting Officer

 

 

*Jay S. Calhoun, Trustee

*Margaret M. Cannella, Trustee

*Mark D. Gersten, Trustee

*Catherine A. Mazza, Trustee

 

 

By:

/s/ Alan M. Mandel

 

 

Alan M. Mandel, Attorney-in-Fact*

 

 

*     Pursuant to powers of attorney previously filed as exhibits to this Registration Statement.

 



 

Exhibit Index

 

Exhibit Number

 

Description

 

 

 

EX-101.INS

 

XBRL Instance Document

 

 

 

EX-101.SCH

 

XBRL Taxonomy Extension Schema Document

 

 

 

EX-101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase

 

 

 

EX-101.DEF

 

XBRL Taxonomy Extension Definition Linkbase

 

 

 

EX-101.LAB

 

XBRL Taxonomy Extension Labels Linkbase

 

 

 

EX-101.PRE

 

XBRL Taxomony Extension Presentation Linkbase

 


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ck0000908802:S000008370Member ck0000908802:C000022906Member 2012-10-31 2012-10-31 0000908802 ck0000908802:S000008370_358Member ck0000908802:S000008370Member rr:AfterTaxesOnDistributionsMember ck0000908802:C000022905Member 2012-10-31 2012-10-31 0000908802 ck0000908802:S000008370_358Member ck0000908802:S000008370Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000908802:C000022905Member 2012-10-31 2012-10-31 0000908802 ck0000908802:S000008370_358Member ck0000908802:S000008370Member ck0000908802:index_Barclays_Capital_US_Aggregate_Bond_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 0000908802 ck0000908802:S000034886_410Member ck0000908802:S000034886Member 2012-10-31 2012-10-31 0000908802 ck0000908802:S000034886_410Member ck0000908802:S000034886Member ck0000908802:C000107283Member 2012-10-31 2012-10-31 0000908802 ck0000908802:S000034886_410Member ck0000908802:S000034886Member ck0000908802:C000107284Member 2012-10-31 2012-10-31 0000908802 ck0000908802:S000034886_410Member ck0000908802:S000034886Member rr:AfterTaxesOnDistributionsMember ck0000908802:C000107284Member 2012-10-31 2012-10-31 0000908802 ck0000908802:S000034886_410Member ck0000908802:S000034886Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000908802:C000107284Member 2012-10-31 2012-10-31 0000908802 ck0000908802:S000034886_410Member ck0000908802:S000034886Member ck0000908802:index_BBA_LIBOR_USD_3_Month_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 iso4217:USD xbrli:pure In order to limit the Fund's expenses, the Fund's adviser has contractually agreed through February 28, 2014 to pay or reimburse the Fund to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, other indirect acquired fund expenses, interest, taxes, and extraordinary expenses), for the Fund's Investor Shares, exceed 1.25% of Investor Shares' average daily net assets and, for the Fund's Advisor Shares, exceed 1.50% of Advisor Shares' average daily net assets. The expense limitation may only be terminated during its term by the Board of Trustees. "Net Annual Fund Operating Expenses" shown above include expenses incurred indirectly by the Fund (e.g., indirect Other Expenses and/or Acquired Fund Fees and Expenses), and thus may be higher than the Ratio of Expenses to Average Net Assets included in the "Financial Highlights" section of the full prospectus. If only the operating expenses of the Fund were included in Net Annual Fund Operating Expenses, and not the indirect expenses incurred by the Fund, the Net Annual Fund Operating Expenses would be 1.25% for Investor Shares, and 1.50% for Advisor Shares. "Other Expenses" are based on estimated amounts for the current fiscal year. The Fund's adviser has contractually agreed through February 28, 2014, if necessary, to pay or reimburse the Fund to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, other indirect acquired fund expenses, interest, taxes, and extraordinary expenses), for the Fund's Investor Shares, exceed 0.95% of Investor Shares' average daily net assets and, for the Fund's Advisor Shares, exceed 1.30% of Advisor Shares' average daily net assets. The expense limitation may only be terminated during its term by the Board of Trustees. "Net Annual Fund Operating Expenses" shown above include expenses incurred indirectly by the Fund (e.g., indirect Other Expenses and/or Acquired Fund Fees and Expenses), and thus may be higher than the Ratio of Expenses to Average Net Assets included in the "Financial Highlights" section of the full prospectus. If only the operating expenses of the Fund were included in Net Annual Fund Operating Expenses, and not the indirect expenses incurred by the Fund, the Net Annual Fund Operating Expenses would be 0.95% for Investor Shares, and 1.30% for Advisor Shares. In order to limit the Fund's expenses, the Fund's adviser has contractually agreed through February 28, 2014 to pay or reimburse the Fund to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, other indirect acquired fund expenses, interest, taxes, and extraordinary expenses), for the Fund's Investor Shares, exceed 1.05% of Investor Shares' average daily net assets and, for the Fund's Advisor Shares, exceed 1.30% of Advisor Shares' average daily net assets. The expense limitation may only be terminated during its term by the Board of Trustees. "Net Annual Fund Operating Expenses" shown above include expenses incurred indirectly by the Fund (e.g., indirect Other Expenses and/or Acquired Fund Fees and Expenses), and thus may be higher than the Ratio of Expenses to Average Net Assets included in the "Financial Highlights" section of the full prospectus. If only the operating expenses of the Fund were included in Net Annual Fund Operating Expenses, and not the indirect expenses incurred by the Fund, the Net Annual Fund Operating Expenses would be 1.05% for Investor Shares and 1.30% for Advisor Shares. In order to limit the Fund's expenses, the Fund's adviser has contractually agreed through February 28, 2014 to pay or reimburse the Fund to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, other indirect acquired fund expenses, interest, taxes, and extraordinary expenses), for the Fund's Investor Shares, exceed 0.40% of Investor Shares' average daily net assets and, for the Fund's Advisor Shares, exceed 0.65% of Advisor Shares' average daily net assets. The expense limitation may only be terminated during its term by the Board of Trustees. "Net Annual Fund Operating Expenses" shown above include expenses incurred indirectly by the Fund (e.g., indirect Other Expenses and/or Acquired Fund Fees and Expenses), and thus may be higher than the Ratio of Expenses to Average Net Assets included in the "Financial Highlights" section of the full prospectus. If only the operating expenses of the Fund were included in Net Annual Fund Operating Expenses, and not the indirect expenses incurred by the Fund, the Net Annual Fund Operating Expenses would be 0.40% for Investor Shares and 0.65% for Advisor Shares. In order to limit the Fund's expenses, the Fund's adviser has contractually agreed through February 28, 2014 to pay or reimburse the Fund to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, other indirect acquired fund expenses, interest, taxes, and extraordinary expenses), for the Fund's Investor Shares, exceed 1.15% of Investor Shares' average daily net assets and, for the Fund's Advisor Shares, exceed 1.40% of Advisor Shares' average daily net assets. If there are Acquired Fund Fees and Expenses, other indirect acquired fund expenses, interest, taxes, or extraordinary expenses other than estimated amounts included in Total Annual Fund Operating Expenses above, the Net Annual Fund Operating Expenses of the Fund will be higher than shown. The expense limitation may only be terminated during its term by the Board of Trustees. "Net Annual Fund Operating Expenses" shown above include expenses incurred indirectly by the Fund (e.g., indirect Other Expenses and/or Acquired Fund Fees and Expenses), and thus may be higher than the Ratio of Expenses to Average Net Assets included in the "Financial Highlights" section of the full prospectus. If only the operating expenses of the Fund were included in Net Annual Fund Operating Expenses, and not the indirect expenses incurred by the Fund, the Net Annual Fund Operating Expenses would be 1.15% for Investor Shares, and 1.40% for Advisor Shares. SCHRODER SERIES TRUST 485BPOS false 0000908802 2012-10-31 2013-02-28 2013-03-01 2013-03-01 SCHRODER EMERGING MARKET EQUITY FUND SEMNX SEMVX Example. <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year, and the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, the Example shows what your costs would be based on these assumptions. The Example is based, for the first year, on the Net Annual Fund Operating Expenses and, for all other periods, on Total Annual Fund Operating Expenses.</font> </p> 128 128 402 402 696 696 1533 1533 154 154 479 479 828 828 1812 1812 ~ http://schroder.com/20130228/role/ScheduleExpenseExampleTransposed20003 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000010692_72Member column dei_LegalEntityAxis compact ck0000908802_S000010692Member row primary compact * ~ ~ http://schroder.com/20130228/role/ScheduleExpenseExampleNoRedemptionTransposed20004 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000010692_72Member column dei_LegalEntityAxis compact ck0000908802_S000010692Member row primary compact * ~ Advisor Shares - Investor Shares (whether or not shares are redeemed) Advisor Shares - Investor Shares (whether or not shares are redeemed) Fees and Expenses of the Fund: <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </p> -0.0200 -0.0200 0.0100 0.0100 0.0000 0.0025 0.0026 0.0026 0.0001 0.0001 0.0127 0.0152 -0.0001 -0.0001 0.0126 0.0151 ~ http://schroder.com/20130228/role/ScheduleShareholderFees20001 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000010692_72Member column dei_LegalEntityAxis compact ck0000908802_S000010692Member row primary compact * ~ ~ http://schroder.com/20130228/role/ScheduleAnnualFundOperatingExpenses20002 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000010692_72Member column dei_LegalEntityAxis compact ck0000908802_S000010692Member row primary compact * ~ 2014-02-28 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) "Net Annual Fund Operating Expenses" shown above include expenses incurred indirectly by the Fund (e.g., indirect Other Expenses and/or Acquired Fund Fees and Expenses), and thus may be higher than the Ratio of Expenses to Average Net Assets included in the "Financial Highlights" section of the full prospectus. If only the operating expenses of the Fund were included in Net Annual Fund Operating Expenses, and not the indirect expenses incurred by the Fund, the Net Annual Fund Operating Expenses would be 1.25% for Investor Shares, and 1.50% for Advisor Shares. Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies. <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund normally invests at least 80% of its net assets in equity securities of "emerging market" companies. The Fund's sub-adviser currently considers "emerging market" companies to be issuers domiciled in or deriving a substantial portion of their revenues from countries included in the MSCI Emerging Market Index, which covers 21 countries and over 800 stocks in regions such as Asia, Latin America, Eastern Europe, the Middle East and Africa, though the sub-adviser may at times determine to invest in the wider emerging markets universe. The Fund will typically seek to allocate its investments among a number of different emerging market countries. Although there is no percentage limit on investments in any one emerging market country, the sub-adviser will refer to the country allocation of the Fund's benchmark index as a guide in making allocation decisions. The Fund invests in countries and companies that its sub-adviser believes offer the potential for capital growth. The sub-adviser considers factors such as a company's potential for above average earnings growth, a security's attractive relative valuation, and whether a company has proprietary advantages. The Fund may invest in common and preferred stocks (or units of ordinary and preference shares), convertible securities, warrants and depositary receipts of companies of any size market capitalization. The Fund may also invest in securities issued in initial public offerings (IPOs), closed-end funds or exchange-traded funds, and may use structured notes, swap transactions, index futures, and other derivative instruments in pursuing its principal strategy. The Fund may hedge some of its foreign currency exposure back into the U.S. dollar, although it does not normally expect to do so.</font> </p> Portfolio Turnover. <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 47% of the average value of its portfolio.</font> </p> 0.47 Principal Risks. <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"/><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>It is possible to lose money on an investment in the Fund.</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund's investment team and there is no guarantee that the Fund will achieve its investment objective. The values of investments held by the Fund may fluctuate in response to actual or perceived issuer, political, market, and economic factors influencing the financial markets generally, or relevant industries or sectors within them. Fluctuations may be more pronounced if the Fund invests substantially in one country or group of countries or in companies with smaller market capitalizations. Other principal risks of investing in the Fund include:</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Emerging Markets Securities Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, and certain special risks associated with smaller capitalization companies;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Foreign Securities/Currencies Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">investments in non-U.S. issuers, directly or through use of depositary receipts, may be affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding taxes;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Securities Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">equity securities may react more strongly to changes in overall market conditions, or to a particular issuer's financial condition or prospects, than other securities of the same issuer or relative to other asset classes; in a liquidation or bankruptcy, claims of bond owners take priority over those of preferred stockholders, whose claims take priority over those of common stockholders;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Convertible Securities Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">debt securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Warrants Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">warrants involve the market risk related to the underlying securities, the counterparty risk with respect to the issuing broker, and risk of illiquidity within the trading market for warrants;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Investments in Pooled Vehicles Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">investing in another investment company subjects the Fund to that company's risks, and, in general, to a pro rata portion of that company's fees and expenses;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>IPO Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">securities issued in IPOs have little to no trading history, limited issuer information, increased volatility and may not be available to the extent desired;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Derivatives Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">investing in derivative instruments may be considered speculative and involves leverage, liquidity, and valuation risks and the risk of losing more than the principal amount invested;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Liquidity Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">illiquid securities may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times. Investments in foreign securities, including emerging market securities, tend to have greater exposure to liquidity risk;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Valuation Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">certain securities may be difficult to value, and to the extent the Fund sells a security at a price lower than that used to value the security, its net asset value will be adversely affected; and</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Portfolio Turnover Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">if the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may lower investment performance.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Please see "Principal Risks of Investing in the Funds" in the Fund's full prospectus for a more detailed description of the Fund's risks. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information. <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in its total return from year to year and by comparing the Fund's average annual total returns with those of a broad-based market index. The bar chart shows the performance of the Fund's Investor Shares. The performance of Advisor Shares would be lower because of the lower expenses paid by Investor Shares.</font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Past performance (before and after taxes) is not necessarily predictive of future performance.</i></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Visit www.schroderfunds.com for more current performance information.</font> </p> Calendar Year Total Returns Calendar Year End (through 12/31) 0.3984 -0.5093 0.7686 0.1349 -0.1670 0.2173 ~ http://schroder.com/20130228/role/ScheduleAnnualTotalReturnsBarChart20005 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000010692_72Member column dei_LegalEntityAxis compact ck0000908802_S000010692Member row primary compact * ~ Highest 0.3348 2009-06-30 Lowest -0.2754 2008-09-30 <p style="margin:0pt 0pt 0pt 0pt;" align="left"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;Highest and Lowest<br /> &#160;&#160;Quarter Returns</font> </p> <br/><p style="margin:0pt 0pt 3pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;(for periods shown in<br /> &#160;&#160;the bar chart)</font> </p> <br/><table border="0" cellspacing="0" cellpadding="0"> <tr> <td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Highest</font> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Lowest</font> </p> </td> <td colspan="1"> &#160; </td> </tr> <tr> <td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">6/30/09</font> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">9/30/08</font> </p> </td> <td colspan="1"> &#160; </td> </tr> <tr> <td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">33.48</font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">%</font> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">-27.54</font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">%</font> </td> <td colspan="1"> &#160; </td> </tr> </table> 0.2173 -0.0003 0.0770 0.2178 0.0004 0.0722 0.1453 0.0014 0.0664 0.2137 -0.0020 0.0749 0.1822 -0.0091 0.0691 2006-03-31 2006-03-31 2006-03-31 ~ http://schroder.com/20130228/role/ScheduleAverageAnnualReturnsTransposed20006 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000010692_72Member column dei_LegalEntityAxis compact ck0000908802_S000010692Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:9pt 0pt 6pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">After-tax returns are shown only for Investor Shares and are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their shares in the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns for Advisor Shares will vary.</font> </p> After-tax returns are shown only for Investor Shares and are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in its total return from year to year and by comparing the Fund's average annual total returns with those of a broad-based market index. Past performance (before and after taxes) is not necessarily predictive of future performance. After-tax returns are shown only for Investor Shares and are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. (reflects no deduction for fees, expenses or taxes) In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. www.schroderfunds.com Average Annual Total Returns for Periods Ended December 31, 2012 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their shares in the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Investment Objective: <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks capital appreciation.</font> </p> Schroder International Multi-Cap Value Fund SIDNX SIDVX Example. <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year, and the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, the Example shows what your costs would be based on these assumptions. The Example is based, for the first year, on the Net Annual Fund Operating Expenses and, for all other periods, on Total Annual Fund Operating Expenses.</font> </p> 98 98 585 585 1100 1100 2513 2513 133 133 758 758 1408 1408 3154 3154 ~ http://schroder.com/20130228/role/ScheduleExpenseExampleTransposed20011 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000012861_169Member column dei_LegalEntityAxis compact ck0000908802_S000012861Member row primary compact * ~ ~ http://schroder.com/20130228/role/ScheduleExpenseExampleNoRedemptionTransposed20012 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000012861_169Member column dei_LegalEntityAxis compact ck0000908802_S000012861Member row primary compact * ~ Advisor Shares - Investor Shares (whether or not shares are redeemed) Advisor Shares - Investor Shares (whether or not shares are redeemed) Fees and Expenses of the Fund: <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </p> -0.0200 -0.0200 0.0080 0.0080 0.0000 0.0025 0.0147 0.0189 0.0001 0.0001 0.0228 0.0295 -0.0132 -0.0164 0.0096 0.0131 ~ http://schroder.com/20130228/role/ScheduleShareholderFees20009 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000012861_169Member column dei_LegalEntityAxis compact ck0000908802_S000012861Member row primary compact * ~ ~ http://schroder.com/20130228/role/ScheduleAnnualFundOperatingExpenses20010 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000012861_169Member column dei_LegalEntityAxis compact ck0000908802_S000012861Member row primary compact * ~ 2014-02-28 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) "Net Annual Fund Operating Expenses" shown above include expenses incurred indirectly by the Fund (e.g., indirect Other Expenses and/or Acquired Fund Fees and Expenses), and thus may be higher than the Ratio of Expenses to Average Net Assets included in the "Financial Highlights" section of the full prospectus. If only the operating expenses of the Fund were included in Net Annual Fund Operating Expenses, and not the indirect expenses incurred by the Fund, the Net Annual Fund Operating Expenses would be 0.95% for Investor Shares, and 1.30% for Advisor Shares. "Other Expenses" are based on estimated amounts for the current fiscal year. Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies. <p align="left" style="margin:0pt 0pt 5pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund normally invests at least 65% of its total assets in a diversified portfolio of equity securities of companies located outside of the United States that the Fund's sub-adviser considers to offer attractive valuations. The Fund invests in a variety of countries throughout the world including emerging market countries and may, from time to time, invest more than 25% of its assets in any one country or group of countries. The Fund normally invests a substantial portion of its assets in countries included in the MSCI EAFE Index. The Fund may invest in companies of any size market capitalization. The sub-adviser applies a proprietary quantitative investment analysis that seeks to capture the historically high returns from value stocks and provide a dividend yield typically above the Index. The sub-adviser does not consider benchmark weights when it constructs the Fund's portfolio. The sub-adviser believes that indices weighted by market-capitalization reflect a natural bias toward expensive stocks and geographic regions, and that, by contrast, a "bottom-up" approach to portfolio construction, not constrained by reference to a specific benchmark or index, may uncover less expensive stocks offering better investment value. The sub-adviser seeks to select relatively inexpensive stocks anywhere in the world based on an evaluation of a number of valuation metrics including: dividends, cash-flow, earnings, sales and asset-based measures. There is also a focus on high quality companies within this universe defined using metrics including: profitability, stability, financial strength, and management quality. Geographic and sector allocations are principally the result of this selection. The Fund may invest in common and preferred stocks, convertible securities and warrants. The Fund may also invest in real estate investment trusts (REITs), closed-end funds or exchange-traded funds. The Fund may use options, swap transactions, futures contracts, and other derivative instruments, including over-the-counter transactions for efficient portfolio management purposes, such as increasing or decreasing its exposure to securities markets pending the purchase or sale of cash investments (and not with the intention of creating investment leverage). The Fund may, but is not required to, enter into foreign currency exchange transactions, for risk management or hedging purposes.</font> </p> Portfolio Turnover. <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 66% of the average value of its portfolio.</font> </p> 0.66 Principal Risks. <p align="left" style="margin:0pt 0pt 5pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"/><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>It is possible to lose money on an investment in the Fund.</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund's investment team and there is no guarantee that the Fund will achieve its investment objective. The values of investments held by the Fund may fluctuate in response to actual or perceived issuer, political, market, and economic factors influencing the financial markets generally, or relevant industries or sectors within them. Fluctuations may be more pronounced if the Fund invests substantially in one country or group of countries or in companies with smaller market capitalizations. Other principal risks of investing in the Fund include:</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Foreign Securities/Currencies Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">investments in non-U.S. issuers, directly or through use of depositary receipts, may be affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding taxes;</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Emerging Markets Securities Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, and certain special risks associated with smaller capitalization companies;</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Securities Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">equity securities may react more strongly to changes in overall market conditions, or to a particular issuer's financial condition or prospects, than other securities of the same issuer or relative to other asset classes; in a liquidation or bankruptcy, claims of bond owners take priority over those of preferred stockholders, whose claims take priority over those of common stockholders;</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Convertible Securities Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">debt securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities;</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Warrants Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">warrants involve the market risk related to the underlying securities, the counterparty risk with respect to the issuing broker, and risk of illiquidity within the trading market for warrants;</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Derivatives Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">investing in derivative instruments may be considered speculative and involves leverage, liquidity, and valuation risks and the risk of losing more than the principal amount invested;</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Small and Mid Cap Companies Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">investments in securities issued by smaller companies tend to be more vulnerable to adverse developments than larger companies, and may present increased liquidity risk;</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Investments in Pooled Vehicles Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">investing in another investment company subjects the Fund to that company's risks, and, in general, to a pro rata portion of that company's fees and expenses;</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>REIT Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">REITs involve risks similar to those associated with direct ownership of real estate. Some REITs have limited diversification and some have expenses that may be indirectly incurred by shareholders of the Fund;</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Liquidity Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">illiquid securities may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times. Investments in foreign securities, including emerging market securities, tend to have greater exposure to liquidity risk;</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Valuation Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">certain securities may be difficult to value, and to the extent the Fund sells a security at a price lower than that used to value the security, its net asset value will be adversely affected; and</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Portfolio Turnover Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">if the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may lower investment performance.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Please see "Principal Risks of Investing in the Funds" in the Fund's full prospectus for a more detailed description of the Fund's risks. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information. <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in its total return from year to year and by comparing the Fund's average annual total returns with those of a broad-based market index. The bar chart shows the performance of the Fund's Investor Shares. The performance of Advisor Shares would be lower because of the lower expenses paid by Investor Shares.</font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Past performance (before and after taxes) is not necessarily predictive of future performance.</i></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Visit www.schroderfunds.com for more current performance information.</font> </p> Calendar Year Total Returns Calendar Year End (through 12/31) 0.1071 -0.4439 0.5126 0.1682 -0.1240 0.1945 ~ http://schroder.com/20130228/role/ScheduleAnnualTotalReturnsBarChart20013 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000012861_169Member column dei_LegalEntityAxis compact ck0000908802_S000012861Member row primary compact * ~ Highest 0.3608 2009-06-30 Lowest -0.2312 2008-12-31 <p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:8pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> <b></b></font><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Highest and Lowest<br/> Quarter Returns<b><br/> </b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">(for periods shown in<br/> the bar chart)</font> </p> <br/><table border="0" cellpadding="0" cellspacing="0"> <tr> <td align="left" colspan="3" style="padding:0pt .7pt 0pt 0pt;" valign="bottom" width="80"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Highest</font> </td> <td colspan="1"> </td> <td align="left" colspan="3" style="padding:0pt .7pt 0pt 0pt;" valign="bottom" width="80"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Lowest</font> </p> </td> <td colspan="1"> </td> </tr> <tr> <td align="left" colspan="3" style="padding:0pt .7pt 0pt 0pt;" valign="bottom" width="80"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">6/30/09</font> </td> <td colspan="1"> </td> <td align="left" colspan="3" style="padding:0pt .7pt 0pt 0pt;" valign="bottom" width="80"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">12/31/08</font> </p> </td> <td colspan="1"> </td> </tr> <tr> <td align="left" colspan="3" style="padding:0pt .7pt 0pt 0pt;" valign="bottom" width="80"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">36.08</font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">%</font> </td> <td colspan="1"> </td> <td align="left" colspan="3" style="padding:0pt .7pt 0pt 0pt;" valign="bottom" width="80"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">-23.12</font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">%</font> </td> <td colspan="1"> </td> </tr> </table> 0.1945 0.0056 0.0414 0.1931 0.0044 0.0323 0.1325 0.0075 0.0343 0.1923 0.0035 0.0391 0.1732 -0.0369 0.0029 2006-08-30 2006-08-30 2006-08-30 ~ http://schroder.com/20130228/role/ScheduleAverageAnnualReturnsTransposed20014 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000012861_169Member column dei_LegalEntityAxis compact ck0000908802_S000012861Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:0pt 0pt 6pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">After-tax returns are shown only for Investor Shares and are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their shares in the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns for Advisor Shares will vary.</font> </p> After-tax returns are shown only for Investor Shares and are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in its total return from year to year and by comparing the Fund's average annual total returns with those of a broad-based market index. Past performance (before and after taxes) is not necessarily predictive of future performance. (reflects no deduction for fees, expenses or taxes) In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. www.schroderfunds.com Average Annual Total Returns for Periods Ended December 31, 2012 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their shares in the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Investment Objective: <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks long-term capital appreciation.</font> </p> SCHRODER US SMALL & MID-CAP OPPORTUNITIES FUND SMDIX SMDVX Example. <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year, and the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, the Example shows what your costs would be based on these assumptions. The Example is based, for the first year, on the Net Annual Fund Operating Expenses and, for all other periods, on Total Annual Fund Operating Expenses.</font> </p> 109 109 387 387 686 686 1537 1537 134 134 467 467 823 823 1826 1826 ~ http://schroder.com/20130228/role/ScheduleExpenseExampleTransposed20019 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000010694_312Member column dei_LegalEntityAxis compact ck0000908802_S000010694Member row primary compact * ~ ~ http://schroder.com/20130228/role/ScheduleExpenseExampleNoRedemptionTransposed20020 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000010694_312Member column dei_LegalEntityAxis compact ck0000908802_S000010694Member row primary compact * ~ Advisor Shares - Investor Shares (whether or not shares are redeemed) Advisor Shares - Investor Shares (whether or not shares are redeemed) Fees and Expenses of the Fund: <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </p> -0.0200 -0.0200 0.0100 0.0100 0.0000 0.0025 0.0027 0.0028 0.0002 0.0002 0.0129 0.0155 -0.0022 -0.0023 0.0107 0.0132 ~ http://schroder.com/20130228/role/ScheduleShareholderFees20017 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000010694_312Member column dei_LegalEntityAxis compact ck0000908802_S000010694Member row primary compact * ~ ~ http://schroder.com/20130228/role/ScheduleAnnualFundOperatingExpenses20018 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000010694_312Member column dei_LegalEntityAxis compact ck0000908802_S000010694Member row primary compact * ~ 2014-02-28 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) "Net Annual Fund Operating Expenses" shown above include expenses incurred indirectly by the Fund (e.g., indirect Other Expenses and/or Acquired Fund Fees and Expenses), and thus may be higher than the Ratio of Expenses to Average Net Assets included in the "Financial Highlights" section of the full prospectus. If only the operating expenses of the Fund were included in Net Annual Fund Operating Expenses, and not the indirect expenses incurred by the Fund, the Net Annual Fund Operating Expenses would be 1.05% for Investor Shares and 1.30% for Advisor Shares. Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies. <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund normally invests at least 80% of its net assets in securities of companies considered by the Fund's adviser at the time to be small or mid cap companies located in the United States. The adviser currently considers a company to be a small or mid cap company if it has a market capitalization of between approximately $750 million and $11 billion, measured at the time of investment. The Fund may also invest in equity securities of micro-cap companies or larger companies if the adviser believes they offer the potential for capital appreciation. The adviser seeks to identify securities that it believes offer the potential for capital appreciation, based on novel, superior or niche products or services, operating characteristics, quality of management, an entrepreneurial management team, their having gone public in recent years, opportunities provided by mergers, divestitures or new management, or other factors. The Fund may invest in common and preferred stocks, convertible securities and warrants, as well as in over-the-counter securities. The Fund may also invest in securities issued in initial public offerings (IPOs), real estate investment trusts (REITs), closed-end funds or exchange-traded funds, and may use options and other derivative instruments (though not for leverage) in pursuing its principal strategy. The Fund may also invest, though not normally more than 10% of its total assets, in fixed income securities, including but not limited to corporate bonds and convertible bonds.</font> </p> Portfolio Turnover. <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 76% of the average value of its portfolio.</font> </p> 0.76 Principal Risks. <p align="left" style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>It is possible to lose money on an investment in the Fund.</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund's investment team and there is no guarantee that the Fund will achieve its investment objective. The values of investments held by the Fund may fluctuate in response to actual or perceived issuer, political, market, and economic factors influencing the financial markets generally, or relevant industries or sectors within them. Fluctuations may be more pronounced if the Fund invests substantially in one country or group of countries or in companies with smaller market capitalizations. Other principal risks of investing in the Fund include:</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Small and Mid Cap Companies Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">investments in securities issued by smaller companies tend to be more vulnerable to adverse developments than larger companies, and may present increased liquidity risk;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Securities Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">equity securities may react more strongly to changes in overall market conditions, or to a particular issuer's financial condition or prospects, than other securities of the same issuer or relative to other asset classes; in a liquidation or bankruptcy, claims of bond owners take priority over those of preferred stockholders, whose claims take priority over those of common stockholders;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Convertible Securities Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">debt securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Warrants Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">warrants involve the market risk related to the underlying securities, the counterparty risk with respect to the issuing broker, and risk of illiquidity within the trading market for warrants;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>REIT Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">REITs involve risks similar to those associated with direct ownership of real estate. Some REITs have limited diversification and some have expenses that may be indirectly incurred by shareholders of the Fund;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>IPO Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">securities issued in IPOs have little to no trading history, limited issuer information, increased volatility and may not be available to the extent desired;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Over-the-Counter Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">securities traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility, and the prices paid by the Fund for such securities may include an undisclosed dealer markup;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Liquidity Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">illiquid securities may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Derivatives Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">investing in derivative instruments may be considered speculative and involves leverage, liquidity, and valuation risks and the risk of losing more than the principal amount invested;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Debt Securities Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">investing in fixed income securities (bonds), may expose the Fund to "Credit Risk," "Interest Rate Risk," "Extension Risk," "Valuation Risk," "Inflation/Deflation Risk," and "High-Yield/Junk Bonds Risk," among other risks;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Valuation Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">certain securities may be difficult to value, and to the extent the Fund sells a security at a price lower than that used to value the security, its net asset value will be adversely affected; and</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Portfolio Turnover Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">if the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may lower investment performance.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Please see "Principal Risks of Investing in the Funds" in the Fund's full prospectus for a more detailed description of the Fund's risks. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information. <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in its total return from year to year and by comparing the Fund's average annual total returns with those of a broad-based market index. The bar chart shows the performance of the Fund's Investor Shares. The performance of Advisor Shares would be lower because of the lower expenses paid by Investor Shares.</font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Past performance (before and after taxes) is not necessarily predictive of future performance.</i></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Visit www.schroderfunds.com for more current performance information.</font> </p> Calendar Year Total Returns Calendar Year End (through 12/31) 0.1263 -0.3235 0.3426 0.1826 -0.0121 0.1029 ~ http://schroder.com/20130228/role/ScheduleAnnualTotalReturnsBarChart20021 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000010694_312Member column dei_LegalEntityAxis compact ck0000908802_S000010694Member row primary compact * ~ Highest 0.1871 2009-06-30 Lowest -0.2110 2008-12-31 <p style="margin:0pt 0pt 0pt 0pt;" align="left"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;Highest and Lowest<br /> &#160;&#160;Quarter Returns</font> </p> <br/><p style="margin:0pt 0pt 3pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;(for periods shown in<br /> &#160;&#160;the bar chart)</font> </p> <br/><table border="0" cellspacing="0" cellpadding="0"> <tr> <td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Highest</font> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Lowest</font> </p> </td> <td colspan="1"> &#160; </td> </tr> <tr> <td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">6/30/09</font> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">12/31/08</font> </p> </td> <td colspan="1"> &#160; </td> </tr> <tr> <td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">18.71</font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">%</font> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">-21.10</font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">%</font> </td> <td colspan="1"> &#160; </td> </tr> </table> 0.1029 0.0319 0.0515 0.0930 0.0289 0.0469 0.0798 0.0272 0.0436 0.0997 0.0293 0.0488 0.1788 0.0434 0.0408 2006-03-31 2006-03-31 2006-03-31 ~ http://schroder.com/20130228/role/ScheduleAverageAnnualReturnsTransposed20022 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000010694_312Member column dei_LegalEntityAxis compact ck0000908802_S000010694Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:9pt 0pt 6pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">After-tax returns are shown only for Investor Shares and are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their shares in the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns for Advisor Shares will vary.</font> </p> After-tax returns are shown only for Investor Shares and are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in its total return from year to year and by comparing the Fund's average annual total returns with those of a broad-based market index. Past performance (before and after taxes) is not necessarily predictive of future performance. (reflects no deduction for fees, expenses or taxes) In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. www.schroderfunds.com Average Annual Total Returns for Periods Ended December 31, 2012 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their shares in the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Investment Objective: <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks capital appreciation.</font> </p> SCHRODER TOTAL RETURN FIXED INCOME FUND SBBIX SBBVX Example. <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year, and the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, the Example shows what your costs would be based on these assumptions. The Example is based, for the first year, on the Net Annual Fund Operating Expenses and, for all other periods, on Total Annual Fund Operating Expenses.</font> </p> 42 42 208 208 388 388 909 909 67 67 293 293 537 537 1237 1237 ~ http://schroder.com/20130228/role/ScheduleExpenseExampleTransposed20027 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000008370_358Member column dei_LegalEntityAxis compact ck0000908802_S000008370Member row primary compact * ~ ~ http://schroder.com/20130228/role/ScheduleExpenseExampleNoRedemptionTransposed20028 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000008370_358Member column dei_LegalEntityAxis compact ck0000908802_S000008370Member row primary compact * ~ Advisor Shares - Investor Shares (whether or not shares are redeemed) Advisor Shares - Investor Shares (whether or not shares are redeemed) Fees and Expenses of the Fund: <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </p> 0.0000 0.0000 0.0025 0.0025 0.0000 0.0025 0.0050 0.0053 0.0001 0.0001 0.0076 0.0104 -0.0035 -0.0038 0.0041 0.0066 ~ http://schroder.com/20130228/role/ScheduleShareholderFees20025 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000008370_358Member column dei_LegalEntityAxis compact ck0000908802_S000008370Member row primary compact * ~ ~ http://schroder.com/20130228/role/ScheduleAnnualFundOperatingExpenses20026 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000008370_358Member column dei_LegalEntityAxis compact ck0000908802_S000008370Member row primary compact * ~ 2014-02-28 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) "Net Annual Fund Operating Expenses" shown above include expenses incurred indirectly by the Fund (e.g., indirect Other Expenses and/or Acquired Fund Fees and Expenses), and thus may be higher than the Ratio of Expenses to Average Net Assets included in the "Financial Highlights" section of the full prospectus. If only the operating expenses of the Fund were included in Net Annual Fund Operating Expenses, and not the indirect expenses incurred by the Fund, the Net Annual Fund Operating Expenses would be 0.40% for Investor Shares and 0.65% for Advisor Shares. Shareholder Fees (fees paid directly from your investment): Principal Investment Strategies. <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's adviser seeks to invest the Fund's assets in a portfolio of securities that offer high total return &#8211; from current income, increases in market value, or both. The Fund normally invests at least 80% of its net assets in fixed income obligations. The adviser currently considers fixed income obligations to include U.S. and foreign government securities, debt securities of domestic and foreign corporations, mortgage-backed and other asset-backed securities, municipal bonds, obligations of international agencies or supranational entities, zero-coupon securities, convertible securities, inflation-indexed bonds, structured notes, including hybrid or "indexed" securities, event-linked bonds, and loan participations, delayed funding loans and revolving credit facilities, and short-term investments, such as repurchase agreements, bank certificates of deposit, fixed time deposits, and bankers' acceptances. The Fund invests in securities that pay interest at fixed, floating or variable rates. The Fund may invest in securities of issuers located anywhere in the world, but will normally not invest more than 20% of its total assets in securities that are not denominated in the U.S. dollar. The adviser currently expects that a substantial portion of the Fund's assets will be invested in mortgage-backed securities (including collateralized mortgage obligations) and asset-backed securities. The Fund invests principally in securities that, at the time of purchase, are rated "investment grade" (or considered by the adviser to be of comparable quality) although the Fund may invest up to 20% of its total assets in securities below "investment grade," which are sometimes referred to as "junk bonds." The Fund intends to maintain a dollar weighted average portfolio duration of three to seven years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of the security's price to changes in interest rates. The adviser generally relies on detailed proprietary research, and focuses on sectors and securities it believes are undervalued relative to the market. The adviser seeks to exploit inefficiencies in the valuation of risk and reward and looks to capitalize on shifting market risks and dynamics caused by economic and technical factors. The adviser considers the liquidity of securities and the portfolio overall as an important factor in portfolio construction. The adviser may trade the Fund's portfolio securities more frequently than many other mutual funds. The Fund may enter into derivatives transactions such as interest rate futures and options, interest rate swap agreements, forward contracts, and credit default swaps for hedging purposes, or otherwise to increase total return, or to gain long or short exposure to securities or market sectors as a substitute for cash investments (not for leverage) or pending the sale of securities by the Fund and reinvest of the proceeds. The Fund may, but is not required to, enter into foreign currency exchange transactions, for hedging purposes or to adjust the exposure of the Fund to changes in the values of various foreign currencies. The Fund may hedge some of its foreign currency exposure back into the U.S. dollar, although it does not normally expect to do so.</font> </p> Portfolio Turnover. <p align="left" style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not <font style="font-size: 11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 524% of the average value of its portfolio.</font><br/> </font> </p> 5.24 Principal Risks. <p align="left" style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>It is possible to lose money on an investment in the Fund.</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund's investment team and there is no guarantee that the Fund will achieve its investment objective. The values of investments held by the Fund may fluctuate in response to actual or perceived issuer, political, market, and economic factors influencing the financial markets generally, or relevant industries or sectors within them. Fluctuations may be more pronounced if the Fund invests substantially in one country or group of countries or in companies with smaller market capitalizations. Other principal risks of investing in the Fund include:</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Interest Rate Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">fixed income, or debt, securities may decline in value due to changes in interest rates, extended duration of principal payments at below-market interest rate, or prepayment;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Credit/High-Yield Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">the ability, or perceived ability, of the issuer of a debt security to make timely payments of interest and principal will affect the security's value, especially for speculative securities below investment grade ("high-yield bonds" or "junk bonds");</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Valuation Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">certain securities may be difficult to value, and to the extent the Fund sells a security at a price lower than that used to value the security, its net asset value will be adversely affected;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Inflation/Deflation Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">the value of the Fund's investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Mortgage-Backed and Asset-Backed Securities Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">investing in mortgage- and asset-backed securities involves interest rate, credit, valuation, extension and liquidity risks and the risk that payments on the underlying assets are delayed, prepaid, subordinated or defaulted on;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>U.S. Government Securities Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">securities issued or guaranteed by certain agencies and instrumentalities of the U.S. Government may not be supported by the full faith and credit of the United States and investing in such securities involves interest rate, extension and mortgage and asset-backed securities risks;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Foreign Securities/Currencies Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">investments in non-U.S. issuers, directly or through use of depositary receipts, may be affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding taxes;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Emerging Markets Securities Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, and certain special risks associated with smaller capitalization companies;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Derivatives Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">investing in derivative instruments may be considered speculative and involves leverage, liquidity, and valuation risks and the risk of losing more than the principal amount invested;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Liquidity Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">illiquid securities may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times. Investments in foreign securities, including emerging market securities, tend to have greater exposure to liquidity risk;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Convertible Securities Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">debt securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities; and</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Portfolio Turnover Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">if the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may lower investment performance.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Please see "Principal Risks of Investing in the Funds" in the Fund's full prospectus for a more detailed description of the Fund's risks. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information. <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in its total return from year to year and by comparing the Fund's average annual total returns with those of a broad-based market index. The bar chart shows the performance of the Fund's Investor Shares. The performance of Advisor Shares would be lower because of the lower expenses paid by Investor Shares.</font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Past performance (before and after taxes) is not necessarily predictive of future performance.</i></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Visit www.schroderfunds.com for more current performance information.</font> </p> Calendar Year Total Returns Calendar Year End (through 12/31) 0.0308 0.0395 0.0627 0.0702 0.0797 0.0684 0.0728 0.0679 ~ http://schroder.com/20130228/role/ScheduleAnnualTotalReturnsBarChart20029 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000008370_358Member column dei_LegalEntityAxis compact ck0000908802_S000008370Member row primary compact * ~ Highest 0.0515 2008-12-31 Lowest -0.0177 2008-06-30 <p style="margin:0pt 0pt 0pt 0pt;" align="left"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;Highest and Lowest<br /> &#160;&#160;Quarter Returns</font> </p> <br/><p style="margin:0pt 0pt 3pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;(for periods shown in<br /> &#160;&#160;the bar chart)</font> </p> <br/><table border="0" cellspacing="0" cellpadding="0"> <tr> <td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Highest</font> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Lowest</font> </p> </td> <td colspan="1"> &#160; </td> </tr> <tr> <td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">12/31/08</font> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">6/30/08</font> </p> </td> <td colspan="1"> &#160; </td> </tr> <tr> <td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> &#160; </td> <td colspan="1" width="48" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">5.15</font> </td> <td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">%</font> </p> </td> <td colspan="1" width="8"> &#160; </td> <td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> &#160; </td> <td colspan="1" width="48" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">-1.77</font> </p> </td> <td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">%</font> </p> </td> <td colspan="1" width="8"> &#160; </td> </tr> </table> 0.0679 0.0718 0.0614 0.0460 0.0502 0.0415 0.0455 0.0491 0.0410 0.0652 0.0693 0.0586 0.0421 0.0595 0.0542 2004-12-31 2004-12-31 2004-12-31 ~ http://schroder.com/20130228/role/ScheduleAverageAnnualReturnsTransposed20030 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000008370_358Member column dei_LegalEntityAxis compact ck0000908802_S000008370Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:9pt 0pt 6pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">After-tax returns are shown only for Investor Shares and are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their shares in the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns for Advisor Shares will vary.</font> </p> After-tax returns are shown only for Investor Shares and are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in its total return from year to year and by comparing the Fund's average annual total returns with those of a broad-based market index. Past performance (before and after taxes) is not necessarily predictive of future performance. (reflects no deduction for fees, expenses or taxes) In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. www.schroderfunds.com Average Annual Total Returns for Periods Ended December 31, 2012 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their shares in the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Investment Objective: <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks a high level of total return.</font> </p> Schroder Absolute Return EMD and Currency Fund SARVX SARNX Example. <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year, and the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, the Example shows what your costs would be based on these assumptions. The Example is based, for the first year, on the Net Annual Fund Operating Expenses and, for all other periods, on Total Annual Fund Operating Expenses.</font> </p> 118 118 489 489 885 885 1994 1994 144 144 573 573 1028 1028 2290 2290 ~ http://schroder.com/20130228/role/ScheduleExpenseExampleTransposed20035 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000034886_410Member column dei_LegalEntityAxis compact ck0000908802_S000034886Member row primary compact * ~ ~ http://schroder.com/20130228/role/ScheduleExpenseExampleNoRedemptionTransposed20036 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000034886_410Member column dei_LegalEntityAxis compact ck0000908802_S000034886Member row primary compact * ~ Advisor Shares - Investor Shares (whether or not shares are redeemed) Advisor Shares - Investor Shares (whether or not shares are redeemed) Fees and Expenses of the Fund: <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </p> 0.0000 0.0000 0.0090 0.0090 0.0000 0.0025 0.0082 0.0085 0.0001 0.0001 0.0173 0.0201 -0.0057 -0.0060 0.0116 0.0141 ~ http://schroder.com/20130228/role/ScheduleShareholderFees20033 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000034886_410Member column dei_LegalEntityAxis compact ck0000908802_S000034886Member row primary compact * ~ ~ http://schroder.com/20130228/role/ScheduleAnnualFundOperatingExpenses20034 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000034886_410Member column dei_LegalEntityAxis compact ck0000908802_S000034886Member row primary compact * ~ 2014-02-28 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) "Net Annual Fund Operating Expenses" shown above include expenses incurred indirectly by the Fund (e.g., indirect Other Expenses and/or Acquired Fund Fees and Expenses), and thus may be higher than the Ratio of Expenses to Average Net Assets included in the "Financial Highlights" section of the full prospectus. If only the operating expenses of the Fund were included in Net Annual Fund Operating Expenses, and not the indirect expenses incurred by the Fund, the Net Annual Fund Operating Expenses would be 1.15% for Investor Shares, and 1.40% for Advisor Shares. Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies. <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to achieve a positive absolute return through investments principally in emerging market debt ("EMD") securities and in currencies of countries anywhere in the world (including the U.S. dollar) and other investments providing exposures to those currencies. EMD securities include debt securities issued by emerging market country sovereign issuers; debt securities issued by government agencies and instrumentalities and regional and local governmental issuers in emerging market countries; and debt securities of companies organized in emerging market countries or that the Fund's sub-adviser determines to have at least 50% of their assets in one or more emerging market countries or to derive at least 50% of their revenues or profits from one or more emerging market countries. EMD securities may be denominated in local emerging market currencies or in non-emerging market currencies, including the U.S. dollar. The Fund's sub-adviser will seek to achieve a positive absolute return in all market conditions and will not manage the Fund to outperform a specific securities benchmark.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In seeking to identify investments for the Fund, the sub-adviser performs fundamental research on global and regional market conditions, specific countries, and specific issuers. Based on this analysis, the sub-adviser seeks not only to identify investments presenting the potential for attractive returns, but also to understand in detail the risk posed by each investment. The sub-adviser will allocate the Fund's assets actively among different EMD securities, other debt securities, and emerging market and non-emerging market currency and cash positions in response to changing market conditions. The Fund's currency investments may result in the Fund holding substantial cash investments (in any currency, including the U.S. dollar). The sub-adviser will use cash strategically, potentially building the Fund's cash position when the sub-adviser believes that attractive investments for the Fund are not available or when the sub-adviser believes a relatively large cash position will help ensure that the Fund will be able to invest in attractive new opportunities as they become available. The Fund may gain currency exposures by holding cash positions or through notional or derivative transactions (such as currency futures contracts, forward contracts, options and swaps). The Fund may also seek to gain exposure to a currency by investments in debt securities denominated in such a currency, if the Fund's sub-adviser determines that those securities provide an effective substitute for investment directly in the currency. The Fund may have a substantial exposure to the U.S. dollar (up to 100% of the Fund's assets).</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund, under normal circumstances, will invest at least 80% of its net assets (plus any borrowings for investment purposes) in EMD securities and in investments intended to provide exposure to currencies around the world, including currencies of emerging market countries and of countries other than emerging market countries, including the United States. (For purposes of this 80% requirement and the 60% calculation described below, the Fund will include among its investments in currencies its exposures to currencies under derivatives contracts, such as forward foreign currency contracts or similar instruments.) The Fund may invest in debt obligations of governmental or private issuers located anywhere in the world. The Fund's sub-adviser currently expects that the Fund will normally invest at least 60% of its assets in EMD securities and investments providing exposure to emerging market currencies. The Fund is a non-diversified mutual fund.</font> </p> Portfolio Turnover. <p align="left" style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction <font style="font-size: 11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 62% of the average value of its portfolio. The Fund commenced investment activities on December 15, 2011, and the portfolio turnover rate is not annualized.</font><br/> </font> </p> 0.62 Principal Risks. <p align="left" style="margin: 0pt 0pt 6pt 0pt;"><font style="font-size: 11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><strong>It is possible to lose money on an investment in the Fund.</strong></font> <font style="font-size: 11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund will be affected by the investment decisions, techniques, and risk analyses of the Fund's investment team, and there is no guarantee that the Fund will achieve its investment objective. The values of investments held by the Fund may fluctuate in response to actual or perceived issuer, political, market, and economic <font style="font-size: 11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">factors influencing the financial markets generally, or relevant industries or sectors within them. Fluctuations may be more pronounced if the Fund invests substantially in one country or group of countries or in companies with smaller market capitalizations. Other principal risks of investing in the Fund include:</font><br/> </font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Emerging Markets Securities Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, and certain special risks associated with smaller capitalization companies;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Foreign Securities Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">investments in non-U.S. issuers, directly or through use of depositary receipts, may be affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding taxes;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Currency Strategy Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">the values of foreign currencies relative to the U.S. dollar may be extremely volatile and may fluctuate in response to, among other factors, interest rate changes, intervention (or failure to intervene) by the U.S. or foreign governments, central banks, or supranational entities such as the International Monetary Fund; the imposition of currency controls; and political and regulatory developments in the United States or abroad. Officials in foreign countries may from time to time take actions in respect of their currencies which could adversely affect the values of a Fund's assets denominated in those currencies or the liquidity of such investments. Foreign-currency values can decrease significantly both in the short term and over the long term in response to these and other developments. If the Fund purchases securities denominated in foreign currencies, a change in the value of any such currency against the U.S. dollar will result in a change in the U.S. dollar value of the Fund's assets and potentially the Fund's income available for distribution;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Interest Rate Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">fixed income, or debt, securities may decline in value due to changes in interest rates, extended duration of principal payments at below-market interest rate, or prepayment;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Credit/High-Yield Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">the ability, or perceived ability, of the issuer of a debt security to make timely payments of interest and principal will affect the security's value, especially for speculative securities below investment grade ("high-yield bonds" or "junk bonds");</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Non-Diversification Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">a non-diversified fund is able to invest its assets in a more limited number of issuers than a diversified fund, so a decline in the market value of a particular security may affect the Fund's value more than if the Fund were a diversified fund;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Valuation Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">certain securities may be difficult to value, and to the extent the Fund sells a security at a price lower than that used to value the security, its net asset value will be adversely affected;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Inflation/Deflation Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">the value of the Fund's investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Derivatives Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">investing in derivative instruments may be considered speculative and involves leverage, liquidity, and valuation risks and the risk of losing more than the principal amount invested;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Liquidity Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">illiquid securities may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times. Investments in foreign securities, including emerging market securities, tend to have greater exposure to liquidity risk;</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Convertible Securities Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">debt securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities; and</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;</font><font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Portfolio Turnover Risk:</b></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">if the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may lower investment performance.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Please see "Principal Risks of Investing in the Funds" in the Fund's full prospectus for a more detailed description of the Fund's risks. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> It is possible to lose money on an investment in the Fund. a non-diversified fund is able to invest its assets in a more limited number of issuers than a diversified fund, so a decline in the market value of a particular security may affect the Fund's value more than if the Fund were a diversified fund; An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information. <p align="left" style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and table provide some indication of the risks of investing in the Fund by showing its total return for one year and since inception and by comparing the Fund's average annual total returns with those of a broad-based market index. The bar chart shows the performance of the Fund's Investor Shares. The performance of Advisor Shares would be lower because of the lower expenses paid by Investor Shares.</font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Past performance (before and after taxes) is not necessarily predictive of future performance.</i></font> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Visit www.schroderfunds.com for more current performance information.</font> </p> Calendar Year Total Returns Calendar Year End (through 12/31) 0.0390 ~ http://schroder.com/20130228/role/ScheduleAnnualTotalReturnsBarChart20037 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000034886_410Member column dei_LegalEntityAxis compact ck0000908802_S000034886Member row primary compact * ~ Highest 0.0442 2012-12-31 Lowest -0.0101 2012-06-30 <p style="margin:0pt 0pt 0pt 0pt;" align="left"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;Highest and Lowest<br /> &#160;&#160;Quarter Returns</font> </p> <br/><p style="margin:0pt 0pt 3pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;(for periods shown in<br /> &#160;&#160;the bar chart)</font> </p> <br/><table border="0" cellspacing="0" cellpadding="0"> <tr> <td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Highest</font> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Lowest</font> </p> </td> <td colspan="1"> &#160; </td> </tr> <tr> <td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">12/31/12</font> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">6/30/12</font> </p> </td> <td colspan="1"> &#160; </td> </tr> <tr> <td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">4.42</font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">%</font> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">-1.01</font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">%</font> </td> <td colspan="1"> &#160; </td> </tr> </table> 0.0390 0.0384 0.0354 0.0350 0.0260 0.0309 0.0357 0.0351 0.0044 0.0044 2011-12-15 2011-12-15 2011-12-15 ~ http://schroder.com/20130228/role/ScheduleAverageAnnualReturnsTransposed20038 column dei_DocumentInformationDocumentAxis compact ck0000908802_S000034886_410Member column dei_LegalEntityAxis compact ck0000908802_S000034886Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:9pt 0pt 6pt 0pt;" align="left"> <font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">After-tax returns are shown only for Investor Shares and are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their shares in the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns for Advisor Shares will vary.</font> </p> After-tax returns are shown only for Investor Shares and are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and table provide some indication of the risks of investing in the Fund by showing its total return for one year and since inception and by comparing the Fund's average annual total returns with those of a broad-based market index. 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