The Schroder BIC Fund (the "Fund") invests substantially into the Schroder ISF BIC (Brazil, India, China) (the "Underlying Fund"), whose investment objective is to aim to provide capital growth in excess of the MSCI BIC (Net TR) 10/40 index after fees have been deducted over a three to five year period, by investing in equity and equity related securities of Brazilian, Indian and Chinese companies. The net asset value ("NAV") of the Fund is likely to have high volatility due to its investment policy or portfolio management techniques.