Sustainable, Responsible &/or ESG Policy:

Objectives

The fund aims to provide capital growth by investing in equities of companies worldwide that the investment manager assesses as helping enable the world to meet the global need for food and water in a more sustainable way. These are companies that, through their activities linked to food and/or water, are assessed as providing a positive contribution to at least one of six key sustainability outcomes (food security; climate change and greenhouse gas emissions; biodiversity; water intensity and management; pollution and waste; and wellbeing and health). Such companies either (1) generate at least 50% of their revenue from such activities; or (2) meet the investment manager's criteria for performance of a 'critical role' in enabling the world to meet the global need for food and water in a more sustainable way.

Investment Policy

The fund is actively managed and invests at least 90% of its assets in a concentrated range of equities of companies worldwide that the investment manager assesses as helping enable the world to meet the global need for food and water in a more sustainable way. The investment manager takes into account both outputs and the processes of a company.

A company is considered to be sustainable if the investment manager determines that it makes a positive contribution to at least one the following outcomes:

•  food security – includes companies in the food supply chain that provide or produce affordable food, or enable its production through the more efficient useof resources (such as land) through the application of technology.
• climate change and greenhouse gas (GHG) emissions – includes companies that enable the reduction of GHG emissions, or GHG emission intensity, of the
  food and water system.
• biodiversity – includes companies encouraging the protection, preservation, restoration and sustainable use of diverse species of flora and fauna in various
  ecosystems, through their products, operations or sourcing policies.
• water intensity and management – includes companies involved in the efficient use, management, production, treatment and recycling of water in human economic activities such as agriculture, industry and consumer usage.
• pollution and waste – includes companies involved in the prevention, reduction, collection and treatment of pollutants and waste materials.
• wellbeing and health – includes companies involved in the provision, innovation, and promotion of products that are nutritionally healthy, and deemed necessary for human physical, mental, and social health.

A company can demonstrate this by either:

• generating at least 50% of its revenue from activities that provide a positive contribution to at least one of six key sustainability outcomes, based on revenue data from a third-party provider or the company itself; or
• meeting the investment manager's criteria for performance of a 'critical role' in the transition. The critical roles assessment takes into account market share, capital expenditure and operating expenditure associated with enabling the world to meet the global need for food and water in a more sustainable way.

This is typically relevant, for example, where a company is one of the largest and/or one of the most important participants in a particular sustainable industry. Particularly, if that industry is relatively small and the company also has much wider operations, meaning it may be generating more significant revenue from other areas of its business. No more than 15% of the fund's assets invested in such companies may contribute to the minimum 90% referred to above. The investment manager's assessment of whether a company plays a 'critical role' is reviewed by Schroders' Sustainable Investment Panel (the Panel), which is independent from the investment team.

The fund is not permitted to invest in any assets that conflict with the sustainability objective. The investment manager also engages with selected companies held by the fund on sustainability issues. Please see the fund's Consumer Facing Disclosure, available via https://www.schroders.com/en-gb/uk/individual/fund-centre for more details on the investment manager's approach to sustainability.

The fund typically holds 35 to 60 companies. The fund may also invest directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, warrants and money market instruments, and hold cash.

(Source: KIID, as at Janaury 2026)

SDR Labelling:

Sustainability Focus label

SDR Literature:

• Consumer Facing Disclosure