Schroder North American Equity Fund
Schedule of Investments
January 31, 2020 (unaudited)
Shares | Value $ | ||||||
COMMON STOCK – 97.5% | |||||||
Canada – 1.0% | |||||||
29,500 | Canadian National Railway | 2,756,736 | |||||
4,400 | Canadian Pacific Railway | 1,168,823 | |||||
134,800 | Crew Energy (1) | 44,818 | |||||
23,800 | Enerflex | 181,998 | |||||
12,300 | Gildan Activewear | 340,820 | |||||
37,300 | Husky Energy | 242,673 | |||||
23,300 | Imperial Oil | 552,481 | |||||
33,000 | Magna International Class A | 1,672,941 | |||||
85,900 | Manulife Financial | 1,673,343 | |||||
13,100 | Open Text | 589,569 | |||||
36,300 | Teck Resources Class B | 469,042 | |||||
31,700 | TransAlta Renewables | 396,430 | |||||
10,089,674 | |||||||
Israel – 0.5% | |||||||
43,849 | Check Point Software Technologies (1) | 5,012,379 | |||||
United States – 96.0% | |||||||
Communication Services – 9.5% | |||||||
12,549 | Alphabet Class A (1) | 17,979,956 | |||||
12,476 | Alphabet Class C (1) | 17,893,453 | |||||
12,000 | AMC Networks Class A (1) | 439,080 | |||||
221,127 | AT&T | 8,318,798 | |||||
108,500 | Comcast Class A | 4,686,115 | |||||
24,000 | Discovery Class A (1) | 702,240 | |||||
80,461 | Facebook Class A (1) | 16,245,881 | |||||
50,700 | Fox | 1,879,956 | |||||
5,000 | Netflix (1) | 1,725,450 | |||||
66,998 | Omnicom Group | 5,045,619 | |||||
184,630 | Verizon Communications | 10,974,407 | |||||
37,715 | ViacomCBS Class B | 1,287,213 | |||||
66,125 | Walt Disney | 9,145,749 | |||||
96,323,917 | |||||||
Consumer Discretionary – 9.4% | |||||||
14,206 | Amazon.com (1) | 28,535,877 | |||||
1,900 | AutoZone (1) | 2,010,124 | |||||
7,000 | Best Buy | 592,830 | |||||
288 | Booking Holdings (1) | 527,198 | |||||
16,994 | BorgWarner | 582,724 | |||||
28,600 | Buckle | 698,126 | |||||
30,400 | Capri Holdings (1) | 910,784 | |||||
10,914 | Carnival | 475,086 | |||||
9,871 | Choice Hotels International | 989,074 | |||||
152,166 | eBay | 5,106,691 | |||||
24,400 | Foot Locker | 926,468 | |||||
20,000 | GameStop Class A (1) | 76,800 | |||||
24,600 | Gap | 428,286 | |||||
36,318 | Garmin | 3,521,030 | |||||
25,500 | General Motors | 851,445 | |||||
79,400 | Gentex | 2,363,738 | |||||
198,652 | H&R Block | 4,608,726 | |||||
12,600 | Hasbro | 1,283,562 | |||||
45,493 | Home Depot | 10,376,953 |
Shares | Value $ | ||||||
3,628 | Kontoor Brands | 138,372 | |||||
11,632 | Lear | 1,432,830 | |||||
7,400 | Lowe's | 860,176 | |||||
22,400 | MasterCraft Boat Holdings (1) | 393,568 | |||||
33,181 | McDonald's | 7,099,739 | |||||
7,480 | Meritage Homes (1) | 530,781 | |||||
39,300 | Michaels (1) | 193,749 | |||||
58,659 | Nike Class B | 5,648,862 | |||||
350 | NVR (1) | 1,335,940 | |||||
1,897 | O'Reilly Automotive (1) | 770,372 | |||||
13,292 | PulteGroup | 593,488 | |||||
22,500 | Ross Stores | 2,524,275 | |||||
3,740 | Stamps.com (1) | 278,593 | |||||
29,070 | Starbucks | 2,466,008 | |||||
16,200 | Tapestry | 417,474 | |||||
54,800 | TJX | 3,235,392 | |||||
25,400 | VF | 2,107,438 | |||||
5,300 | Whirlpool | 774,701 | |||||
95,667,280 | |||||||
Consumer Staples – 8.3% | |||||||
74,014 | Altria Group | 3,517,886 | |||||
11,900 | Brown-Forman Class B | 804,916 | |||||
46,700 | Church & Dwight | 3,466,074 | |||||
20,467 | Clorox | 3,219,664 | |||||
198,616 | Coca-Cola | 11,599,174 | |||||
75,875 | Colgate-Palmolive | 5,598,057 | |||||
1,300 | Costco Wholesale | 397,176 | |||||
3,214 | Estee Lauder Class A | 627,244 | |||||
26,200 | Hershey | 4,065,454 | |||||
33,882 | Hormel Foods | 1,601,263 | |||||
10,600 | Ingredion | 932,800 | |||||
48,000 | Kimberly-Clark | 6,875,520 | |||||
24,200 | Lamb Weston Holdings | 2,209,702 | |||||
6,200 | Lancaster Colony | 958,830 | |||||
33,433 | Monster Beverage (1) | 2,226,638 | |||||
81,020 | PepsiCo | 11,506,460 | |||||
64,891 | Philip Morris International | 5,366,486 | |||||
129,961 | Procter & Gamble | 16,195,740 | |||||
15,900 | Walgreens Boots Alliance | 808,515 | |||||
20,723 | Walmart | 2,372,576 | |||||
1,900 | WD-40 | 354,958 | |||||
84,705,133 | |||||||
Energy – 3.1% | |||||||
46,300 | Cabot Oil & Gas | 652,367 | |||||
90,200 | Callon Petroleum (1) | 270,600 | |||||
68,163 | Chevron | 7,302,984 | |||||
62,500 | ConocoPhillips | 3,714,375 | |||||
91,300 | Diamond Offshore Drilling (1) | 422,719 | |||||
8,500 | Diamondback Energy | 632,400 | |||||
18,800 | EOG Resources | 1,370,708 | |||||
154,890 | ExxonMobil | 9,621,767 | |||||
61,100 | Gulfport Energy (1) | 94,705 | |||||
18,000 | HollyFrontier | 808,560 | |||||
33,800 | Marathon Petroleum | 1,842,100 | |||||
99,000 | Northern Oil and Gas (1) | 164,340 | |||||
21,700 | Phillips 66 | 1,982,729 | |||||
27,129 | Valero Energy | 2,287,246 |
1
Schroder North American Equity Fund
Schedule of Investments
January 31, 2020 (unaudited)
Shares | Value $ | ||||||
26,300 | Whiting Petroleum (1) | 119,402 | |||||
31,287,002 | |||||||
Financials – 12.7% | |||||||
20,200 | Affiliated Managers Group | 1,612,970 | |||||
123,564 | Aflac | 6,372,195 | |||||
11,500 | American Equity Investment Life Holding | 303,715 | |||||
9,627 | American Express | 1,250,258 | |||||
43,300 | American Financial Group | 4,710,607 | |||||
17,100 | American International Group | 859,446 | |||||
3,800 | American National Insurance | 418,608 | |||||
14,190 | Ameriprise Financial | 2,347,168 | |||||
10,597 | Assured Guaranty | 485,767 | |||||
16,600 | Athene Holding Class A (1) | 723,096 | |||||
239,250 | Bank of America | 7,854,577 | |||||
57,200 | Berkshire Hathaway Class B (1) | 12,837,396 | |||||
1,700 | BlackRock Class A | 896,495 | |||||
32,985 | Capital One Financial | 3,291,903 | |||||
7,991 | CBOE Holdings | 984,651 | |||||
97,342 | Citigroup | 7,243,218 | |||||
16,600 | Eaton Vance | 759,450 | |||||
7,480 | FactSet Research Systems | 2,140,103 | |||||
37,700 | Federated Investors Class B | 1,365,871 | |||||
27,688 | Fidelity National Information Services | 3,977,658 | |||||
17,925 | First American Financial | 1,110,992 | |||||
1,100 | First Citizens BancShares Class A | 579,502 | |||||
4,800 | First Interstate BancSystem Class A | 184,800 | |||||
72,000 | Franklin Resources | 1,821,600 | |||||
16,433 | Goldman Sachs Group | 3,906,946 | |||||
10,500 | International Bancshares | 413,700 | |||||
50,000 | Invesco | 865,000 | |||||
23,688 | Jefferies Financial Group | 512,608 | |||||
130,191 | JPMorgan Chase | 17,232,081 | |||||
30,939 | Lincoln National | 1,685,557 | |||||
19,400 | Loews | 998,130 | |||||
56,200 | MetLife | 2,793,702 | |||||
43,351 | Morgan Stanley | 2,265,523 | |||||
29,981 | PNC Financial Services Group | 4,453,678 | |||||
5,100 | Popular | 285,396 | |||||
57,800 | Principal Financial Group | 3,060,510 | |||||
31,443 | Prosperity Bancshares | 2,207,299 | |||||
17,700 | Prudential Financial | 1,611,762 | |||||
24,800 | Raymond James Financial | 2,267,464 | |||||
5,500 | S&P Global | 1,615,515 | |||||
31,701 | Sterling Bancorp | 634,020 | |||||
95,403 | Synchrony Financial | 3,092,011 | |||||
28,360 | T. Rowe Price Group | 3,786,911 | |||||
42,500 | Truist Financial | 2,191,725 | |||||
23,861 | U.S. Bancorp | 1,269,882 | |||||
73,400 | Unum Group | 1,959,046 | |||||
112,554 | Wells Fargo | 5,283,285 | |||||
128,523,797 | |||||||
Healthcare – 15.2% | |||||||
41,300 | Abbott Laboratories | 3,598,882 | |||||
108,981 | AbbVie | 8,829,640 | |||||
17,700 | Alexion Pharmaceuticals (1) | 1,759,203 | |||||
3,100 | Allergan | 578,584 | |||||
44,482 | Amgen | 9,610,336 |
Shares | Value $ | ||||||
10,597 | Arena Pharmaceuticals (1) | 484,177 | |||||
28,300 | Baxter International | 2,524,926 | |||||
15,662 | Biogen (1) | 4,210,729 | |||||
136,171 | Bristol-Myers Squibb | 8,571,964 | |||||
10,068 | Cerner | 723,184 | |||||
4,000 | Cooper | 1,387,560 | |||||
32,100 | Danaher | 5,163,927 | |||||
5,679 | Edwards Lifesciences (1) | 1,248,585 | |||||
54,261 | Eli Lilly | 7,577,006 | |||||
75,388 | Gilead Sciences | 4,764,522 | |||||
5,400 | Idexx Laboratories (1) | 1,463,454 | |||||
9,500 | Jazz Pharmaceuticals (1) | 1,361,825 | |||||
134,784 | Johnson & Johnson | 20,065,294 | |||||
6,700 | McKesson | 955,487 | |||||
21,700 | MEDNAX (1) | 500,619 | |||||
87,034 | Medtronic | 10,047,205 | |||||
156,459 | Merck | 13,367,857 | |||||
1,851 | Mettler-Toledo International (1) | 1,401,540 | |||||
95,700 | Mylan (1) | 2,049,894 | |||||
324,747 | Pfizer | 12,093,578 | |||||
10,687 | Premier Class A (1) | 371,587 | |||||
22,411 | Quest Diagnostics | 2,480,225 | |||||
6,924 | STERIS | 1,043,377 | |||||
24,212 | Stryker | 5,101,468 | |||||
18,395 | Thermo Fisher Scientific | 5,761,130 | |||||
38,220 | UnitedHealth Group | 10,413,039 | |||||
15,664 | Varian Medical Systems (1) | 2,201,889 | |||||
12,308 | Waters (1) | 2,754,407 | |||||
2,800 | West Pharmaceutical Services | 436,660 | |||||
154,903,760 | |||||||
Industrials – 10.3% | |||||||
44,021 | 3M | 6,984,372 | |||||
24,300 | Allegion | 3,142,476 | |||||
49,300 | Allison Transmission Holdings Class A | 2,179,060 | |||||
36,600 | AMETEK | 3,555,690 | |||||
6,956 | Boeing | 2,213,886 | |||||
11,900 | Brady Class A | 658,903 | |||||
9,350 | Carlisle | 1,460,750 | |||||
24,400 | Caterpillar | 3,204,940 | |||||
32,216 | CH Robinson Worldwide | 2,326,640 | |||||
10,663 | Cintas | 2,974,657 | |||||
15,000 | Copart (1) | 1,521,900 | |||||
4,000 | CSW Industrials | 303,520 | |||||
22,049 | Cummins | 3,527,179 | |||||
26,900 | Delta Air Lines | 1,499,406 | |||||
27,100 | Deluxe | 1,306,220 | |||||
14,100 | Donaldson | 731,085 | |||||
32,222 | Dover | 3,668,475 | |||||
26,100 | Eaton | 2,465,667 | |||||
48,971 | Emerson Electric | 3,507,793 | |||||
9,600 | Ennis | 200,256 | |||||
42,500 | Expeditors International of Washington | 3,104,200 | |||||
98,323 | Fastenal | 3,429,506 | |||||
12,339 | Graco | 655,818 | |||||
41,600 | GrafTech International | 446,368 | |||||
28,991 | Honeywell International | 5,021,821 | |||||
28,896 | Hubbell Class B | 4,138,774 |
2
Schroder North American Equity Fund
Schedule of Investments
January 31, 2020 (unaudited)
Shares | Value $ | ||||||
9,932 | IDEX | 1,627,358 | |||||
22,400 | Illinois Tool Works | 3,919,552 | |||||
21,700 | Landstar System | 2,403,275 | |||||
5,984 | Lincoln Electric Holdings | 533,653 | |||||
8,727 | MasTec (1) | 503,984 | |||||
3,400 | MSA Safety | 461,040 | |||||
19,600 | MSC Industrial Direct Class A | 1,334,172 | |||||
8,578 | Norfolk Southern | 1,786,025 | |||||
2,500 | Old Dominion Freight Line | 490,575 | |||||
9,200 | Parker Hannifin | 1,800,348 | |||||
10,500 | Regal-Beloit | 823,830 | |||||
27,408 | Robert Half International | 1,594,323 | |||||
7,495 | Roper Technologies | 2,860,542 | |||||
28,100 | Snap-on | 4,485,603 | |||||
28,222 | Toro | 2,258,324 | |||||
37,500 | Union Pacific | 6,728,250 | |||||
11,095 | United Technologies | 1,666,469 | |||||
15,000 | Verisk Analytics Class A | 2,437,050 | |||||
22,100 | Waste Management | 2,689,570 | |||||
104,633,305 | |||||||
Information Technology – 23.5% | |||||||
23,052 | Accenture Class A | 4,730,501 | |||||
10,800 | Adobe (1) | 3,792,312 | |||||
65,619 | Amdocs | 4,721,287 | |||||
18,200 | Amphenol Class A | 1,810,354 | |||||
11,105 | Analog Devices | 1,218,774 | |||||
4,936 | ANSYS (1) | 1,354,093 | |||||
153,373 | Apple | 47,470,477 | |||||
31,400 | Automatic Data Processing | 5,381,646 | |||||
7,200 | Broadcom | 2,197,152 | |||||
26,800 | Broadridge Financial Solutions | 3,193,220 | |||||
254,885 | Cisco Systems | 11,717,063 | |||||
11,329 | Citrix Systems | 1,373,301 | |||||
62,523 | Cognizant Technology Solutions Class A | 3,837,662 | |||||
20,900 | DXC Technology | 666,292 | |||||
32,100 | Fiserv (1) | 3,807,381 | |||||
104,800 | HP | 2,234,336 | |||||
229,974 | Intel | 14,702,238 | |||||
68,194 | International Business Machines | 9,801,524 | |||||
14,100 | Intuit | 3,953,358 | |||||
12,040 | Jack Henry & Associates | 1,800,462 | |||||
7,900 | Lam Research | 2,355,859 | |||||
25,656 | Mastercard Class A | 8,105,757 | |||||
40,600 | Maxim Integrated Products | 2,440,872 | |||||
300,152 | Microsoft | 51,094,875 | |||||
6,600 | NVIDIA | 1,560,438 | |||||
180,564 | Oracle | 9,470,582 | |||||
45,134 | Paychex | 3,871,143 | |||||
40,700 | PayPal Holdings (1) | 4,635,323 | |||||
9,351 | Progress Software | 422,011 | |||||
12,277 | QUALCOMM | 1,047,351 | |||||
9,400 | salesforce.com (1) | 1,713,714 | |||||
52,385 | Texas Instruments | 6,320,250 | |||||
62,355 | Visa Class A | 12,406,774 | |||||
80,747 | Western Union | 2,172,094 | |||||
8,021 | Xilinx | 677,614 |
Shares | Value $ | ||||||
17,300 | Xperi | 278,357 | |||||
238,336,447 | |||||||
Materials – 1.2% | |||||||
5,161 | Air Products & Chemicals | 1,231,982 | |||||
14,839 | Celanese Class A | 1,535,837 | |||||
6,400 | Eastman Chemical | 456,128 | |||||
9,073 | Ecolab | 1,779,306 | |||||
27,859 | LyondellBasell Industries Class A | 2,169,102 | |||||
15,400 | Packaging Corp. of America | 1,474,550 | |||||
8,290 | PPG Industries | 993,474 | |||||
14,961 | Reliance Steel & Aluminum | 1,717,523 | |||||
13,900 | Steel Dynamics | 415,332 | |||||
11,773,234 | |||||||
Real Estate – 1.9% | |||||||
117,600 | Apple Hospitality REIT | 1,766,352 | |||||
5,700 | Essex Property Trust REIT | 1,765,632 | |||||
24,061 | Highwoods Properties REIT | 1,205,697 | |||||
127,800 | Host Hotels & Resorts REIT | 2,088,252 | |||||
49,400 | Kimco Realty REIT | 941,070 | |||||
9,319 | LTC Properties REIT | 430,165 | |||||
6,857 | National Health Investors REIT | 578,594 | |||||
32,800 | Newmark Group Class A | 386,056 | |||||
11,200 | Omega Healthcare Investors REIT | 469,840 | |||||
2,600 | PS Business Parks REIT | 435,656 | |||||
12,500 | Public Storage REIT | 2,797,000 | |||||
35,700 | Regency Centers REIT | 2,214,828 | |||||
31,100 | RLJ Lodging Trust REIT | 483,916 | |||||
21,800 | Simon Property Group REIT | 2,902,670 | |||||
25,700 | Weingarten Realty Investors REIT | 747,870 | |||||
19,213,598 | |||||||
Utilities – 0.9% | |||||||
28,000 | AES | 556,080 | |||||
3,700 | Ameren | 303,585 | |||||
3,700 | American Electric Power | 385,614 | |||||
3,600 | American Water Works | 490,320 | |||||
18,000 | Centerpoint Energy | 476,640 | |||||
13,199 | Consolidated Edison | 1,240,706 | |||||
6,000 | Dominion Resources | 514,500 | |||||
2,300 | DTE Energy | 305,003 | |||||
40,300 | Exelon | 1,917,877 | |||||
8,200 | NextEra Energy | 2,199,240 | |||||
27,200 | PPL | 984,368 | |||||
9,373,933 | |||||||
Total United States | 974,741,406 | ||||||
TOTAL COMMON STOCK | |||||||
(Cost $602,885,096) | 989,843,459 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 97.5% | |||||||
(Cost $602,885,096) | 989,843,459 | ||||||
OTHER ASSETS LESS LIABILITIES – 2.5% | 25,816,280 | ||||||
NET ASSETS – 100% | $ | 1,015,659,739 |
(1) | Denotes non-income producing security. |
3
Schroder North American Equity Fund
Schedule of Investments
January 31, 2020 (unaudited)
The open futures contracts held by the Fund at January 31, 2020, are as follows:
Type of Contract | Number of Contracts Long | Expiration Date | Notional Amount | Value | Unrealized Appreciation | ||||||||||||
S&P 500 Index E-MINI | 102 | Mar-2020 | $ | 16,419,450 | $ | 16,442,400 | $ | 22,950 |
A summary of the outstanding forward foreign currency contracts held by the Fund at January 31, 2020, is as follows:
Counterparty | Settlement Date | Currency to Deliver | Currency to Receive | Unrealized Appreciation | |||||||||||
Bank of America | 02/19/20 | CAD | 11,943,635 | USD | 9,182,665 | $ | 157,962 |
CAD — Canadian Dollar |
REIT — Real Estate Investment Trust |
S&P — Standard & Poor's |
USD — United States Dollar |
The following is a summary of the inputs used as of January 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities(1)(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 989,843,459 | $ | — | $ | — | $ | 989,843,459 | ||||||||
Total Investments in Securities | $ | 989,843,459 | $ | — | $ | — | $ | 989,843,459 |
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures — Unrealized Appreciation | $ | 22,950 | $ | — | $ | — | $ | 22,950 | ||||||||
Forwards — Unrealized Appreciation | — | 157,962 | — | 157,962 | ||||||||||||
Total Other Financial Instruments | $ | 22,950 | $ | 157,962 | $ | — | $ | 180,912 |
(1) | For the period ended January 31, 2020, there were no transfers in or out of Level 3. |
(2) | All securities in this category are Level 1 securities. For a detailed break-out by classification, please refer to the Schedule of Investments. |
For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
SCH-QH-002-0700
4
Schroder Core Bond Fund
Schedule of Investments
January 31, 2020 (unaudited)
Principal Amount ($) | Value $ | ||||||
CORPORATE OBLIGATIONS – 35.9% | |||||||
Communication Services – 3.2% | |||||||
AT&T | |||||||
97,000 | 4.500%, 05/15/35 | 111,634 | |||||
100,000 | 4.300%, 02/15/30 | 113,108 | |||||
250,000 | 3.400%, 05/15/25 | 265,262 | |||||
229,000 | 3.000%, 06/30/22 | 234,709 | |||||
Comcast | |||||||
95,000 | 4.700%, 10/15/48 | 122,019 | |||||
221,000 | 3.950%, 10/15/25 | 244,336 | |||||
245,000 | 2.650%, 02/01/30 | 252,649 | |||||
Discovery Communications LLC | |||||||
235,000 | 2.950%, 03/20/23 | 241,720 | |||||
Verizon Communications | |||||||
137,000 | 4.329%, 09/21/28 | 158,469 | |||||
160,000 | 4.016%, 12/03/29 | 181,867 | |||||
153,000 | 3.010%, VAR ICE LIBOR USD 3 Month+1.100%, 05/15/25 | 157,486 | |||||
Vodafone Group | |||||||
227,000 | 2.833%, VAR ICE LIBOR USD 3 Month+0.990%, 01/16/24 | 230,071 | |||||
2,313,330 | |||||||
Consumer Discretionary – 0.5% | |||||||
AutoNation | |||||||
59,000 | 4.500%, 10/01/25 | 64,583 | |||||
Cox Communications (1) | |||||||
227,000 | 3.150%, 08/15/24 | 237,469 | |||||
Magna International | |||||||
71,000 | 4.150%, 10/01/25 | 78,414 | |||||
380,466 | |||||||
Consumer Staples – 2.3% | |||||||
Altria Group | |||||||
247,000 | 4.800%, 02/14/29 | 279,946 | |||||
11,000 | 4.400%, 02/14/26 | 12,151 | |||||
Anheuser-Busch InBev Worldwide | |||||||
292,000 | 4.150%, 01/23/25 | 322,060 | |||||
BAT Capital | |||||||
56,000 | 3.222%, 08/15/24 | 58,218 | |||||
CVS Health | |||||||
136,000 | 5.050%, 03/25/48 | 164,851 | |||||
PepsiCo | |||||||
320,000 | 2.625%, 07/29/29 | 334,977 | |||||
Reynolds American | |||||||
21,000 | 5.850%, 08/15/45 | 25,016 | |||||
33,000 | 5.700%, 08/15/35 | 39,474 | |||||
RJ Reynolds Tobacco | |||||||
401,000 | 3.750%, 05/20/23 | 410,016 | |||||
Tyson Foods | |||||||
7,000 | 3.550%, 06/02/27 | 7,576 | |||||
1,654,285 | |||||||
Energy – 3.4% | |||||||
Apache | |||||||
319,000 | 4.375%, 10/15/28 | 338,145 |
Principal Amount ($) | Value $ | ||||||
BP Capital Markets | |||||||
96,000 | 2.500%, 11/06/22 | 98,053 | |||||
Enbridge | |||||||
91,000 | 4.250%, 12/01/26 | 101,931 | |||||
Energy Transfer Partners | |||||||
176,000 | 5.250%, 04/15/29 | 199,352 | |||||
355,000 | 3.600%, 02/01/23 | 367,347 | |||||
Enterprise Products Operating LLC | |||||||
238,000 | 4.200%, 01/31/50 | 256,329 | |||||
EOG Resources | |||||||
183,000 | 2.625%, 03/15/23 | 187,617 | |||||
EQT | |||||||
222,000 | 3.900%, 10/01/27 | 177,467 | |||||
49,000 | 3.000%, 10/01/22 | 47,197 | |||||
MPLX | |||||||
188,000 | 4.500%, 04/15/38 | 194,252 | |||||
Noble Energy | |||||||
142,000 | 3.850%, 01/15/28 | 150,024 | |||||
Phillips 66 Partners | |||||||
135,000 | 3.750%, 03/01/28 | 143,556 | |||||
186,000 | 3.605%, 02/15/25 | 196,173 | |||||
2,457,443 | |||||||
Financials – 15.1% | |||||||
Aflac | |||||||
2,000 | 6.450%, 08/15/40 | 2,873 | |||||
American International Group | |||||||
303,000 | 3.900%, 04/01/26 | 329,898 | |||||
181,000 | 3.300%, 03/01/21 | 183,823 | |||||
AXA Equitable Holdings | |||||||
202,000 | 5.000%, 04/20/48 | 232,357 | |||||
Bank of America | |||||||
10,000 | 5.875%, 01/05/21 | 10,376 | |||||
464,000 | 3.004%, VAR ICE LIBOR USD 3 Month+0.790%, 12/20/23 | 477,935 | |||||
Bank of America MTN | |||||||
632,000 | 3.500%, 04/19/26 | 681,982 | |||||
493,000 | 3.248%, 10/21/27 | 524,350 | |||||
Bank of Ireland Group (1) | |||||||
245,000 | 4.500%, 11/25/23 | 263,519 | |||||
Bank of New York Mellon MTN | |||||||
284,000 | 1.950%, 08/23/22 | 286,339 | |||||
Barclays | |||||||
200,000 | 4.337%, 01/10/28 | 220,823 | |||||
Capital One Financial | |||||||
58,000 | 3.750%, 03/09/27 | 62,862 | |||||
250,000 | 2.150%, 09/06/22 | 251,942 | |||||
Citigroup | |||||||
1,130,000 | 3.200%, 10/21/26 | 1,196,537 | |||||
9,000 | 2.700%, 03/30/21 | 9,107 | |||||
Cooperatieve Rabobank UA MTN | |||||||
389,000 | 3.875%, 02/08/22 | 405,860 | |||||
Credit Suisse Group (1) | |||||||
272,000 | 3.869%, VAR ICE LIBOR USD 3 Month+1.410%, 01/12/29 | 295,911 |
5
Schroder Core Bond Fund
Schedule of Investments
January 31, 2020 (unaudited)
Principal Amount ($) | Value $ | ||||||
Fifth Third Bancorp | |||||||
264,000 | 3.650%, 01/25/24 | 280,879 | |||||
288,000 | 2.375%, 01/28/25 | 293,843 | |||||
GE Capital International Funding Unlimited Co | |||||||
325,000 | 3.373%, 11/15/25 | 344,764 | |||||
Goldman Sachs Group | |||||||
121,000 | 4.750%, 10/21/45 | 154,146 | |||||
303,000 | 3.814%, VAR ICE LIBOR USD 3 Month+1.158%, 04/23/29 | 333,296 | |||||
120,000 | 3.500%, 11/16/26 | 128,194 | |||||
64,000 | 2.625%, 04/25/21 | 64,623 | |||||
HCP | |||||||
104,000 | 3.250%, 07/15/26 | 110,189 | |||||
HSBC Holdings | |||||||
535,000 | 2.633%, VAR ICE LIBOR USD 3 Month+1.140%, 11/07/25 | 543,968 | |||||
JPMorgan Chase | |||||||
426,000 | 4.625%, 05/10/21 | 441,694 | |||||
50,000 | 4.500%, 01/24/22 | 52,674 | |||||
174,000 | 2.950%, 10/01/26 | 182,918 | |||||
Lloyds Banking Group | |||||||
325,000 | 2.438%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+1.000%, 02/05/26 | 327,159 | |||||
Moody's | |||||||
119,000 | 4.875%, 02/15/24 | 131,795 | |||||
Morgan Stanley | |||||||
397,000 | 3.625%, 01/20/27 | 430,723 | |||||
Morgan Stanley MTN | |||||||
543,000 | 2.750%, 05/19/22 | 554,598 | |||||
169,000 | 2.500%, 04/21/21 | 170,641 | |||||
US Bancorp MTN | |||||||
262,000 | 2.625%, 01/24/22 | 266,875 | |||||
Wells Fargo MTN | |||||||
296,000 | 2.879%, VAR ICE LIBOR USD 3 Month+1.170%, 10/30/30 | 305,269 | |||||
Wells Fargo | |||||||
281,000 | 3.000%, 04/22/26 | 293,692 | |||||
10,848,434 | |||||||
Healthcare – 5.0% | |||||||
Abbott Laboratories | |||||||
494,000 | 3.400%, 11/30/23 | 525,032 | |||||
AbbVie | |||||||
143,000 | 4.050%, 11/21/39 (1) | 155,596 | |||||
274,000 | 3.600%, 05/14/25 | 292,848 | |||||
28,000 | 3.200%, 11/06/22 | 28,911 | |||||
346,000 | 3.200%, 11/21/29 (1) | 359,316 | |||||
Aetna | |||||||
299,000 | 2.800%, 06/15/23 | 307,088 | |||||
Allergan Funding SCS | |||||||
143,000 | 3.850%, 06/15/24 | 152,470 | |||||
140,000 | 3.800%, 03/15/25 | 150,323 | |||||
88,000 | 3.450%, 03/15/22 | 90,587 |
Principal Amount ($) | Value $ | ||||||
Anthem | |||||||
15,000 | 4.101%, 03/01/28 | 16,583 | |||||
Bayer US Finance II LLC (1) | |||||||
487,000 | 3.875%, 12/15/23 | 520,129 | |||||
Becton Dickinson | |||||||
153,000 | 3.734%, 12/15/24 | 164,236 | |||||
Cardinal Health | |||||||
82,000 | 3.079%, 06/15/24 | 85,050 | |||||
CommonSpirit Health | |||||||
115,000 | 3.347%, 10/01/29 | 119,498 | |||||
Merck | |||||||
257,000 | 2.750%, 02/10/25 | 269,703 | |||||
UnitedHealth Group | |||||||
325,000 | 3.875%, 12/15/28 | 365,802 | |||||
3,603,172 | |||||||
Industrials – 0.8% | |||||||
Air Lease | |||||||
164,000 | 2.250%, 01/15/23 | 165,413 | |||||
Lockheed Martin | |||||||
18,000 | 3.550%, 01/15/26 | 19,644 | |||||
Rockwell Collins | |||||||
257,000 | 3.200%, 03/15/24 | 271,146 | |||||
United Technologies | |||||||
105,000 | 3.950%, 08/16/25 | 115,871 | |||||
572,074 | |||||||
Information Technology – 1.9% | |||||||
Microsoft | |||||||
201,000 | 4.100%, 02/06/37 | 243,075 | |||||
663,000 | 2.400%, 08/08/26 | 687,421 | |||||
salesforce.com | |||||||
406,000 | 3.700%, 04/11/28 | 453,968 | |||||
1,384,464 | |||||||
Real Estate – 3.1% | |||||||
American Tower REIT | |||||||
282,000 | 3.700%, 10/15/49 | 293,962 | |||||
318,000 | 3.300%, 02/15/21 | 322,371 | |||||
185,000 | 2.400%, 03/15/25 | 187,427 | |||||
Boston Properties REIT | |||||||
425,000 | 3.400%, 06/21/29 | 457,776 | |||||
Crown Castle International REIT | |||||||
8,000 | 3.800%, 02/15/28 | 8,716 | |||||
75,000 | 3.200%, 09/01/24 | 78,730 | |||||
ERP Operating REIT | |||||||
351,000 | 3.000%, 07/01/29 | 372,829 | |||||
Simon Property Group REIT | |||||||
237,000 | 2.000%, 09/13/24 | 238,828 | |||||
Ventas Realty REIT | |||||||
250,000 | 3.125%, 06/15/23 | 258,471 | |||||
2,219,110 | |||||||
Utilities – 0.6% | |||||||
Exelon | |||||||
31,000 | 2.450%, 04/15/21 | 31,210 |
6
Schroder Core Bond Fund
Schedule of Investments
January 31, 2020 (unaudited)
Principal Amount ($) | Value $ | ||||||
Southern | |||||||
403,000 | 2.950%, 07/01/23 | 417,017 | |||||
448,227 | |||||||
TOTAL CORPORATE OBLIGATIONS | |||||||
(Cost $24,497,345) | 25,881,005 | ||||||
U.S. TREASURY OBLIGATIONS – 30.9% | |||||||
United States Treasury Bill (2) | |||||||
755,000 | 1.509%, 04/30/20 | 752,226 | |||||
United States Treasury Bonds | |||||||
999,100 | 4.625%, 02/15/40 | 1,464,306 | |||||
1,507,600 | 4.500%, 02/15/36 | 2,097,036 | |||||
7,400 | 4.375%, 05/15/40 | 10,535 | |||||
620,200 | 3.375%, 11/15/48 | 805,776 | |||||
43,000 | 3.125%, 05/15/48 | 53,291 | |||||
799,000 | 3.000%, 05/15/47 | 964,075 | |||||
540,000 | 3.000%, 08/15/48 | 655,467 | |||||
125,300 | 2.875%, 05/15/43 | 145,666 | |||||
369,000 | 2.750%, 08/15/47 | 426,008 | |||||
238,900 | 2.750%, 11/15/47 | 275,995 | |||||
159,000 | 2.500%, 02/15/46 | 174,149 | |||||
767,000 | 2.375%, 11/15/49 | 829,379 | |||||
1,231,000 | 2.250%, 08/15/49 | 1,295,916 | |||||
United States Treasury Notes | |||||||
6,100 | 2.625%, 02/15/29 | 6,678 | |||||
566,000 | 2.500%, 02/28/21 | 571,970 | |||||
207,000 | 2.375%, 05/15/29 | 222,501 | |||||
1,803,000 | 1.750%, 12/31/26 | 1,840,609 | |||||
112,000 | 1.750%, 11/15/29 | 114,332 | |||||
42,000 | 1.625%, 12/15/22 | 42,372 | |||||
277,800 | 1.625%, 08/15/29 | 280,502 | |||||
3,170,000 | 1.500%, 11/30/21 | 3,178,173 | |||||
3,647,000 | 1.500%, 08/15/22 | 3,663,383 | |||||
2,377,900 | 1.500%, 09/30/24 | 2,396,384 | |||||
TOTAL U.S. TREASURY OBLIGATIONS | |||||||
(Cost $21,264,246) | 22,266,729 | ||||||
U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS – 25.8% | |||||||
Federal Home Loan Mortgage Corporation – 6.9% | |||||||
FHLMC | |||||||
1,104,954 | 4.500%, 08/01/48 | 1,169,486 | |||||
392,576 | 4.500%, 09/01/48 | 416,317 | |||||
478,744 | 4.500%, 12/01/48 | 506,350 | |||||
700,778 | 4.000%, 11/01/48 | 735,727 | |||||
607,477 | 4.000%, 01/01/49 | 634,954 | |||||
794,800 | 3.500%, 11/01/49 | 821,326 | |||||
FHLMC Multifamily Structured Pass Through Certificates, Series K081, Class A2 | |||||||
630,000 | 3.900%, 08/25/28 (3) | 726,267 | |||||
5,010,427 |
Principal Amount ($) | Value $ | ||||||
Federal National Mortgage Association – 16.9% | |||||||
FNMA | |||||||
178,883 | 4.500%, 12/01/47 | 189,785 | |||||
374,828 | 4.500%, 08/01/48 | 397,805 | |||||
628,798 | 4.500%, 10/01/48 | 666,320 | |||||
875,119 | 4.500%, 11/01/48 | 926,338 | |||||
960,598 | 4.000%, 12/01/47 | 1,010,891 | |||||
60,969 | 4.000%, 12/01/48 | 63,714 | |||||
1,118,729 | 4.000%, 08/01/49 | 1,168,939 | |||||
1,819,955 | 3.500%, 11/01/47 | 1,893,539 | |||||
205,066 | 3.500%, 12/01/47 | 213,783 | |||||
1,296,406 | 3.500%, 01/01/48 | 1,350,948 | |||||
835,616 | 3.500%, 11/01/48 | 861,235 | |||||
796,394 | 3.500%, 08/01/49 | 822,399 | |||||
1,269,000 | 3.500%, 02/01/50 | 1,314,869 | |||||
1,310,000 | 3.000%, 02/01/50 | 1,340,196 | |||||
12,220,761 | |||||||
Government National Mortgage Association – 2.0% | |||||||
GNMA | |||||||
553,934 | 5.000%, 08/20/48 | 590,845 | |||||
386,230 | 5.000%, 10/20/48 | 408,467 | |||||
319,827 | 4.500%, 10/20/48 | 337,662 | |||||
72,083 | 4.000%, 05/20/49 | 74,713 | |||||
1,411,687 | |||||||
TOTAL U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS | |||||||
(Cost $18,309,652) | 18,642,875 | ||||||
COMMERCIAL MORTGAGE-BACKED OBLIGATIONS – 3.1% | |||||||
BANK, Series BN25, Class A5 | |||||||
938,630 | 2.649%, 01/15/63 | 970,817 | |||||
Benchmark Mortgage Trust, Series B8, Class A5 | |||||||
550,000 | 4.232%, 01/15/52 | 638,122 | |||||
BX Commercial Mortgage Trust, Series 2018-IND, Class B (1) | |||||||
164,500 | 2.576%, VAR ICE LIBOR USD 1 Month+0.900%, 11/15/35 | 164,500 | |||||
BX Commercial Mortgage Trust, Series 2018-IND, Class C (1) | |||||||
98,000 | 2.776%, VAR ICE LIBOR USD 1 Month+1.100%, 11/15/35 | 98,031 | |||||
COMM Mortgage Trust, Series COR3, Class A3 | |||||||
340,000 | 4.228%, 05/10/51 | 389,938 | |||||
TOTAL COMMERCIAL MORTGAGE-BACKED OBLIGATIONS | |||||||
(Cost $2,245,427) | 2,261,408 |
7
Schroder Core Bond Fund
Schedule of Investments
January 31, 2020 (unaudited)
Principal Amount ($) | Value $ | ||||||
TAXABLE MUNICIPAL BONDS – 2.0% | |||||||
California – 0.5% | |||||||
State Health Facilities Financing Authority RB | |||||||
145,000 | 2.864%, 06/01/31 | 152,037 | |||||
110,000 | 2.704%, 06/01/30 | 114,639 | |||||
70,000 | 2.584%, 06/01/29 | 72,797 | |||||
339,473 | |||||||
New Jersey – 0.2% | |||||||
State Economic Development Authority RB, Series A, NATL | |||||||
115,000 | 7.425%, 02/15/29 | 149,402 | |||||
Ohio – 1.3% | |||||||
JobsOhio Beverage System RB, Series A | |||||||
265,000 | 2.833%, 01/01/38 | 271,524 | |||||
Northeast Ohio Regional Sewer District RB | |||||||
210,000 | 3.200%, 11/15/44 | 214,889 | |||||
State Turnpike & Infrastructure Commission RB | |||||||
430,000 | 3.216%, 02/15/48 | 434,636 | |||||
921,049 | |||||||
TOTAL TAXABLE MUNICIPAL BONDS | |||||||
(Cost $1,371,189) | 1,409,924 | ||||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 1.7% | |||||||
JPMorgan Mortgage Trust, Series 2015-6, Class A5 (1) (3) | |||||||
519,044 | 3.500%, 10/25/45 | 523,836 | |||||
JPMorgan Mortgage Trust, Series 2017-1, Class A4 (1) (3) | |||||||
553,183 | 3.500%, 01/25/47 | 560,783 | |||||
JPMorgan Mortgage Trust, Series 2018-8, Class A15 (1) (3) | |||||||
149,303 | 4.000%, 01/25/49 | 149,468 | |||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | |||||||
(Cost $1,216,480) | 1,234,087 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 99.4% | |||||||
(Cost $68,904,339) | 71,696,028 | ||||||
OTHER ASSETS LESS LIABILITIES – 0.6% | 440,166 | ||||||
NET ASSETS – 100% | $ | 72,136,194 |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration normally to qualified institutions. On January 31, 2020, the value of these securities amounted to $3,328,558, representing 4.6% of the net assets of the Fund. |
(2) | Zero Coupon Security — Rate disclosed is the effective yield at time of purchase. |
(3) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
FHLMC — Federal Home Loan Mortgage Corporation |
FNMA — Federal National Mortgage Association |
GNMA — Government National Mortgage Association |
ICE — Intercontinental Exchange |
LIBOR — London Interbank Offered Rate |
LLC — Limited Liability Corporation |
MTN — Medium Term Note |
NATL — National Public Finance Guarantee Corporation |
RB — Revenue Bond |
REIT — Real Estate Investment Trust |
USD — United States Dollar |
VAR — Variable Rate |
8
Schroder Core Bond Fund
Schedule of Investments
January 31, 2020 (unaudited)
The following is a summary of the inputs used as of January 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities (1) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Obligations | $ | — | $ | 25,881,005 | $ | — | $ | 25,881,005 | ||||||||
U.S. Treasury Obligations | — | 22,266,729 | — | 22,266,729 | ||||||||||||
U.S. Government Mortgage-Backed Obligations | — | 18,642,875 | — | 18,642,875 | ||||||||||||
Commercial Mortgage-Backed Obligations | — | 2,261,408 | — | 2,261,408 | ||||||||||||
Taxable Municipal Bonds | — | 1,409,924 | — | 1,409,924 | ||||||||||||
Collateralized Mortgage Obligations | — | 1,234,087 | — | 1,234,087 | ||||||||||||
Total Investments in Securities | $ | — | $ | 71,696,028 | $ | — | $ | 71,696,028 |
(1) | For the period ended January 31, 2020, there were no transfers in or out of Level 3. |
For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
9
Schroder Long Duration Investment-Grade Bond Fund
Schedule of Investments
January 31, 2020 (unaudited)
Principal Amount ($) | Value $ | ||||||
U.S. TREASURY OBLIGATIONS – 48.0% | |||||||
United States Treasury Bill (1) | |||||||
244,000 | 1.509%, 04/30/20 | 243,103 | |||||
United States Treasury Bonds | |||||||
3,359,700 | 4.625%, 02/15/40 | 4,924,060 | |||||
5,211,900 | 4.500%, 02/15/36 | 7,249,631 | |||||
834,000 | 4.500%, 08/15/39 | 1,200,015 | |||||
164,000 | 4.375%, 11/15/39 | 232,957 | |||||
2,484,400 | 4.375%, 05/15/40 | 3,536,970 | |||||
411,000 | 3.375%, 11/15/48 | 533,979 | |||||
1,756,000 | 3.125%, 05/15/48 | 2,176,274 | |||||
2,541,900 | 3.000%, 11/15/45 | 3,040,947 | |||||
143,100 | 3.000%, 05/15/47 | 172,665 | |||||
3,098,000 | 3.000%, 08/15/48 | 3,760,439 | |||||
11,378,100 | 2.875%, 05/15/43 | 13,227,486 | |||||
7,459,600 | 2.750%, 08/15/47 | 8,612,050 | |||||
3,487,700 | 2.750%, 11/15/47 | 4,029,247 | |||||
3,037,000 | 2.677%, 05/15/48 (1)(2) | 1,698,203 | |||||
2,963,000 | 2.375%, 11/15/49 | 3,203,975 | |||||
818,000 | 2.250%, 08/15/49 | 861,137 | |||||
TOTAL U.S. TREASURY OBLIGATIONS | |||||||
(Cost $50,705,774) | 58,703,138 | ||||||
CORPORATE OBLIGATIONS – 41.5% | |||||||
Communication Services – 5.8% | |||||||
AT&T | |||||||
775,000 | 4.500%, 05/15/35 | 891,923 | |||||
1,068,000 | 4.500%, 03/09/48 | 1,203,435 | |||||
Comcast | |||||||
1,306,000 | 4.700%, 10/15/48 | 1,677,443 | |||||
70,000 | 3.969%, 11/01/47 | 80,252 | |||||
335,000 | 3.450%, 02/01/50 | 359,779 | |||||
Discovery Communications | |||||||
262,000 | 5.300%, 05/15/49 | 313,001 | |||||
183,000 | 4.125%, 05/15/29 | 199,959 | |||||
Fox (2) | |||||||
311,000 | 5.476%, 01/25/39 | 393,490 | |||||
Verizon Communications | |||||||
897,000 | 5.250%, 03/16/37 | 1,165,453 | |||||
Vodafone Group | |||||||
425,000 | 5.000%, 05/30/38 | 511,187 | |||||
Walt Disney | |||||||
245,000 | 4.750%, 09/15/44 | 319,468 | |||||
7,115,390 | |||||||
Consumer Discretionary – 1.3% | |||||||
Cox Communications (3) | |||||||
147,000 | 4.600%, 08/15/47 | 171,675 | |||||
Home Depot | |||||||
805,000 | 2.950%, 06/15/29 | 857,010 | |||||
McDonald's MTN | |||||||
426,000 | 4.875%, 12/09/45 | 542,463 | |||||
1,571,148 |
Principal Amount ($) | Value $ | ||||||
Consumer Staples – 5.6% | |||||||
Altria Group | |||||||
659,000 | 5.375%, 01/31/44 | 767,752 | |||||
Anheuser-Busch | |||||||
969,000 | 4.900%, 02/01/46 | 1,204,293 | |||||
Anheuser-Busch InBev Worldwide | |||||||
238,000 | 4.900%, 01/23/31 | 289,476 | |||||
BAT Capital | |||||||
539,000 | 4.540%, 08/15/47 | 557,203 | |||||
CVS Health | |||||||
259,000 | 5.125%, 07/20/45 | 312,232 | |||||
766,000 | 5.050%, 03/25/48 | 928,501 | |||||
Georgetown University | |||||||
477,000 | 5.215%, 10/01/18 | 648,178 | |||||
Molson Coors Brewing | |||||||
365,000 | 4.200%, 07/15/46 | 375,320 | |||||
Reynolds American | |||||||
140,000 | 8.125%, 05/01/40 | 192,662 | |||||
327,000 | 5.850%, 08/15/45 | 389,536 | |||||
Walmart | |||||||
923,000 | 3.950%, 06/28/38 | 1,104,336 | |||||
32,000 | 3.625%, 12/15/47 | 36,566 | |||||
6,806,055 | |||||||
Energy – 7.0% | |||||||
Apache | |||||||
1,322,000 | 4.250%, 01/15/30 | 1,390,504 | |||||
Enbridge | |||||||
254,000 | 5.500%, 12/01/46 | 332,929 | |||||
Energy Transfer Operating | |||||||
432,000 | 5.250%, 04/15/29 | 489,318 | |||||
Energy Transfer Partners | |||||||
69,000 | 6.500%, 02/01/42 | 83,465 | |||||
Enterprise Products Operating LLC | |||||||
202,000 | 5.100%, 02/15/45 | 241,954 | |||||
662,000 | 4.250%, 02/15/48 | 721,583 | |||||
157,000 | 4.200%, 01/31/50 | 169,091 | |||||
Halliburton | |||||||
180,000 | 5.000%, 11/15/45 | 206,854 | |||||
Marathon Petroleum | |||||||
228,000 | 4.750%, 09/15/44 | 255,975 | |||||
MidAmerican Energy | |||||||
354,000 | 4.250%, 07/15/49 | 439,440 | |||||
MPLX | |||||||
820,000 | 4.700%, 04/15/48 | 843,025 | |||||
Noble Energy | |||||||
597,000 | 5.050%, 11/15/44 | 652,397 | |||||
Phillips 66 Partners | |||||||
361,000 | 4.680%, 02/15/45 | 396,593 | |||||
Plains All American Pipeline | |||||||
581,000 | 3.550%, 12/15/29 | 577,776 | |||||
Shell International Finance BV | |||||||
325,000 | 4.000%, 05/10/46 | 380,633 |
10
Schroder Long Duration Investment-Grade Bond Fund
Schedule of Investments
January 31, 2020 (unaudited)
Principal Amount ($) | Value $ | ||||||
Suncor Energy | |||||||
620,000 | 6.500%, 06/15/38 | 872,422 | |||||
Sunoco Logistics Partners Operations | |||||||
421,000 | 5.400%, 10/01/47 | 455,596 | |||||
8,509,555 | |||||||
Financials – 7.3% | |||||||
Aflac | |||||||
150,000 | 6.450%, 08/15/40 | 215,459 | |||||
American International Group | |||||||
227,000 | 4.375%, 01/15/55 | 258,158 | |||||
AXA Equitable Holdings | |||||||
1,439,000 | 5.000%, 04/20/48 | 1,655,254 | |||||
Bank of America MTN | |||||||
691,000 | 5.000%, 01/21/44 | 919,393 | |||||
159,000 | 4.443%, VAR ICE LIBOR USD 3 Month+1.990%, 01/20/48 | 199,304 | |||||
Bank of America | |||||||
574,000 | 6.000%, 10/15/36 | 803,013 | |||||
Citigroup | |||||||
815,000 | 4.281%, VAR ICE LIBOR USD 3 Month+1.839%, 04/24/48 | 1,006,363 | |||||
405,000 | 3.200%, 10/21/26 | 428,847 | |||||
HSBC Holdings | |||||||
356,000 | 4.583%, VAR ICE LIBOR USD 3 Month+1.535%, 06/19/29 | 406,532 | |||||
790,000 | 3.973%, VAR ICE LIBOR USD 3 Month+1.610%, 05/22/30 | 868,829 | |||||
JPMorgan Chase | |||||||
295,000 | 5.600%, 07/15/41 | 417,012 | |||||
151,000 | 4.260%, VAR ICE LIBOR USD 3 Month+1.580%, 02/22/48 | 184,852 | |||||
Morgan Stanley MTN | |||||||
338,000 | 4.300%, 01/27/45 | 414,191 | |||||
Prudential Financial | |||||||
204,000 | 3.935%, 12/07/49 | 231,923 | |||||
Unum Group | |||||||
98,000 | 5.750%, 08/15/42 | 114,134 | |||||
265,000 | 4.000%, 06/15/29 | 288,296 | |||||
Wells Fargo | |||||||
487,000 | 3.900%, 05/01/45 | 570,622 | |||||
8,982,182 | |||||||
Healthcare – 1.8% | |||||||
AbbVie (3) | |||||||
548,000 | 4.250%, 11/21/49 | 595,585 | |||||
Amgen | |||||||
170,000 | 4.663%, 06/15/51 | 205,634 | |||||
Anthem | |||||||
330,000 | 4.625%, 05/15/42 | 383,748 | |||||
Bayer US Finance II (3) | |||||||
185,000 | 4.700%, 07/15/64 | 197,715 | |||||
Cigna | |||||||
207,000 | 4.900%, 12/15/48 | 252,930 |
Principal Amount ($) | Value $ | ||||||
CommonSpirit Health | |||||||
265,000 | 4.187%, 10/01/49 | 284,687 | |||||
UnitedHealth Group | |||||||
201,000 | 4.450%, 12/15/48 | 244,502 | |||||
2,164,801 | |||||||
Industrials – 2.0% | |||||||
Burlington Northern Santa Fe | �� | ||||||
207,000 | 4.900%, 04/01/44 | 268,872 | |||||
569,000 | 4.150%, 04/01/45 | 672,051 | |||||
33,000 | 4.150%, 12/15/48 | 39,554 | |||||
GE Capital International Funding Unlimited | |||||||
500,000 | 4.418%, 11/15/35 | 563,175 | |||||
General Electric Capital MTN | |||||||
275,000 | 6.750%, 03/15/32 | 366,855 | |||||
Johnson Controls International | |||||||
77,000 | 4.500%, 02/15/47 | 89,360 | |||||
Waste Management | |||||||
393,000 | 4.150%, 07/15/49 | 475,104 | |||||
2,474,971 | |||||||
Information Technology – 3.1% | |||||||
California Institute of Technology | |||||||
435,000 | 3.650%, 09/01/19 | 470,900 | |||||
Fiserv | |||||||
961,000 | 3.500%, 07/01/29 | 1,035,543 | |||||
Microsoft | |||||||
462,000 | 4.500%, 02/06/57 | 626,210 | |||||
257,000 | 4.450%, 11/03/45 | 335,417 | |||||
564,000 | 3.700%, 08/08/46 | 663,590 | |||||
Oracle | |||||||
606,000 | 4.000%, 11/15/47 | 710,264 | |||||
3,841,924 | |||||||
Materials – 0.9% | |||||||
Barrick North America Finance LLC | |||||||
316,000 | 5.700%, 05/30/41 | 413,309 | |||||
Dow Chemical | |||||||
148,000 | 9.400%, 05/15/39 | 249,733 | |||||
122,000 | 4.625%, 10/01/44 | 139,318 | |||||
International Paper | |||||||
177,000 | 7.300%, 11/15/39 | 256,661 | |||||
1,059,021 | |||||||
Real Estate – 1.1% | |||||||
American Tower REIT | |||||||
379,000 | 3.700%, 10/15/49 | 395,077 | |||||
Camden Property Trust REIT | |||||||
517,000 | 3.350%, 11/01/49 | 551,346 | |||||
Simon Property Group REIT | |||||||
439,000 | 3.250%, 09/13/49 | 448,594 | |||||
1,395,017 |
11
Schroder Long Duration Investment-Grade Bond Fund
Schedule of Investments
January 31, 2020 (unaudited)
Principal Amount ($) | Value $ | ||||||
Utilities – 5.6% | |||||||
Commonwealth Edison | |||||||
82,000 | 4.600%, 08/15/43 | 101,584 | |||||
840,000 | 4.000%, 03/01/49 | 988,597 | |||||
Duke Energy Carolinas | |||||||
222,000 | 3.875%, 03/15/46 | 260,061 | |||||
138,000 | 3.700%, 12/01/47 | 156,564 | |||||
Duke Energy Indiana | |||||||
112,000 | 6.120%, 10/15/35 | 153,382 | |||||
Duke Energy Ohio | |||||||
822,000 | 4.300%, 02/01/49 | 1,020,817 | |||||
Duke Energy Progress | |||||||
185,000 | 4.200%, 08/15/45 | 220,986 | |||||
Florida Power & Light | |||||||
175,000 | 4.050%, 10/01/44 | 211,270 | |||||
400,000 | 3.990%, 03/01/49 | 481,510 | |||||
PacifiCorp | |||||||
761,000 | 4.150%, 02/15/50 | 914,510 | |||||
PPL Electric Utilities | |||||||
80,000 | 3.950%, 06/01/47 | 92,845 | |||||
Public Service of Colorado | |||||||
183,000 | 4.300%, 03/15/44 | 225,424 | |||||
267,000 | 3.800%, 06/15/47 | 306,613 | |||||
140,000 | 3.550%, 06/15/46 | 152,495 | |||||
Sempra Energy | |||||||
487,000 | 6.000%, 10/15/39 | 661,038 | |||||
162,000 | 4.000%, 02/01/48 | 178,981 | |||||
Southern | |||||||
55,000 | 4.400%, 07/01/46 | 63,865 | |||||
Southwestern Public Service | |||||||
520,000 | 4.400%, 11/15/48 | 650,962 | |||||
6,841,504 | |||||||
TOTAL CORPORATE OBLIGATIONS | |||||||
(Cost $42,905,127) | 50,761,568 | ||||||
COMMERCIAL MORTGAGE-BACKED OBLIGATIONS – 3.0% | |||||||
BANK, Series 2020-BN25, Class A5 | |||||||
1,102,000 | 2.649%, 01/15/63 | 1,138,107 | |||||
Benchmark Mortgage Trust, Series 2018-B8, Class A5 | |||||||
960,000 | 4.232%, 01/15/52 | 1,113,813 | |||||
COMM Mortgage Trust, Series 2018-COR3, Class A3 | |||||||
1,230,000 | 4.228%, 05/10/51 | 1,410,656 | |||||
TOTAL COMMERCIAL MORTGAGE-BACKED OBLIGATIONS | |||||||
(Cost $3,614,168) | 3,662,576 |
Principal Amount ($) | Value $ | ||||||
U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS – 2.7% | |||||||
FHLMC Multifamily Structured Pass Through Certificates, Series K081, Class A2 | |||||||
1,060,000 | 3.900%, 08/25/28 (4) | 1,221,973 | |||||
FHLMC Multifamily Structured Pass Through Certificates, Series K101, Class A2 | |||||||
1,900,000 | 2.524%, 10/25/29 | 1,993,060 | |||||
TOTAL U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS | |||||||
(Cost $3,156,164) | 3,215,033 | ||||||
TAXABLE MUNICIPAL BONDS – 2.5% | |||||||
California – 1.2% | |||||||
California Health Facilities Financing Authority RB | |||||||
95,000 | 3.034%, 06/01/34 | 98,698 | |||||
155,000 | 2.984%, 06/01/33 | 162,144 | |||||
220,000 | 2.934%, 06/01/32 | 230,595 | |||||
University of California RB, Series AD | |||||||
739,000 | 4.858%, 05/15/12 | 1,016,879 | |||||
1,508,316 | |||||||
Ohio – 1.0% | |||||||
JobsOhio Beverage System RB, Series A | |||||||
440,000 | 2.833%, 01/01/38 | 450,833 | |||||
Ohio Turnpike & Infrastructure Commission RB | |||||||
760,000 | 3.216%, 02/15/48 | 768,193 | |||||
1,219,026 | |||||||
Wisconsin – 0.3% | |||||||
State of Wisconsin RB | |||||||
350,000 | 2.429%, 05/01/31 | 356,482 | |||||
TOTAL TAXABLE MUNICIPAL BONDS | |||||||
(Cost $2,773,027) | 3,083,824 | ||||||
SOVEREIGN GOVERNMENTS – 1.5% | |||||||
Colombia Government International Bond | |||||||
486,000 | 5.200%, 05/15/49 | 611,145 |
12
Schroder Long Duration Investment-Grade Bond Fund
Schedule of Investments
January 31, 2020 (unaudited)
Principal Amount ($) | Value $ | ||||||
Mexico Government International Bond | |||||||
1,075,000 | 4.500%, 01/31/50 | 1,206,688 | |||||
TOTAL SOVEREIGN GOVERNMENTS | |||||||
(Cost $1,750,622) | 1,817,833 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 99.2% | |||||||
(Cost $104,904,882) | 121,243,972 | ||||||
OTHER ASSETS LESS LIABILITIES – 0.8% | 993,500 | ||||||
NET ASSETS – 100% | $ | 122,237,472 |
(1) | Zero Coupon Security — Rate disclosed is the effective yield at time of purchase. |
(2) | United States Treasury PO STRIPS — Rate disclosed is the effective yield at the time of purchase. |
(3) | Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration normally to qualified institutions. On January 31, 2020, the value of these securities amounted to $1,358,465, representing 1.1% of the net assets of the Fund. |
(4) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
FHLMC — Federal Home Loan Mortgage Corporation |
ICE — Intercontinental Exchange |
LIBOR — London Interbank Offered Rate |
LLC — Limited Liability Corporation |
MTN — Medium Term Note |
PO — Principal Only |
RB — Revenue Bond |
REIT — Real Estate Investment Trust |
STRIPS — Separately Traded Registered Interest and Principal Securities |
USD — United States Dollar |
VAR — Variable |
The following is a summary of the inputs used as of January 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities (1) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
U.S. Treasury Obligations | $ | — | $ | 58,703,138 | $ | — | $ | 58,703,138 | ||||||||
Corporate Obligations | — | 50,761,568 | — | 50,761,568 | ||||||||||||
Commercial Mortgage-Backed Obligations | — | 3,662,576 | — | 3,662,576 | ||||||||||||
U.S. Government Mortgage-Backed Obligations | — | 3,215,033 | — | 3,215,033 | ||||||||||||
Taxable Municipal Bond | — | 3,083,824 | — | 3,083,824 | ||||||||||||
Sovereign Governments | — | 1,817,833 | — | 1,817,833 | ||||||||||||
Total Investments in Securities | $ | — | $ | 121,243,972 | $ | — | $ | 121,243,972 |
(1) | For the period ended January 31, 2020, there were no transfers in or out of Level 3. |
For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
13
Schroder Total Return Fixed Income Fund
Schedule of Investments
January 31, 2020 (unaudited)
Principal Amount ($) | Value $ | ||||||
CORPORATE OBLIGATIONS – 35.9% | |||||||
Communication Services – 1.9% | |||||||
AT&T | |||||||
200,000 | 3.400%, 05/15/25 | 212,210 | |||||
Comcast | |||||||
179,000 | 3.950%, 10/15/25 | 197,901 | |||||
Verizon Communications | |||||||
150,000 | 3.010%, VAR ICE LIBOR USD 3 Month+1.100%, 05/15/25 | 154,398 | |||||
Vodafone Group | |||||||
260,000 | 2.833%, VAR ICE LIBOR USD 3 Month+0.990%, 01/16/24 | 263,518 | |||||
828,027 | |||||||
Consumer Discretionary – 2.4% | |||||||
Ford Motor Credit LLC | |||||||
208,000 | 4.063%, 11/01/24 | 214,662 | |||||
General Motors Financial | |||||||
315,000 | 3.700%, 11/24/20 | 318,735 | |||||
300,000 | 3.250%, 01/05/23 | 309,009 | |||||
L Brands | |||||||
205,000 | 6.875%, 11/01/35 | 205,513 | |||||
1,047,919 | |||||||
Consumer Staples – 3.3% | |||||||
Albertsons (1) | |||||||
17,000 | 5.875%, 02/15/28 | 18,147 | |||||
Altria Group | |||||||
146,000 | 4.800%, 02/14/29 | 165,474 | |||||
98,000 | 4.400%, 02/14/26 | 108,256 | |||||
Anheuser-Busch InBev Worldwide | |||||||
203,000 | 4.150%, 01/23/25 | 223,898 | |||||
BAT Capital | |||||||
65,000 | 3.557%, 08/15/27 | 67,978 | |||||
137,000 | 3.222%, 08/15/24 | 142,425 | |||||
317,000 | 2.764%, 08/15/22 | 323,346 | |||||
Boston Scientific | |||||||
116,000 | 3.450%, 03/01/24 | 122,655 | |||||
CVS Health | |||||||
243,000 | 4.300%, 03/25/28 | 269,265 | |||||
1,441,444 | |||||||
Energy – 3.8% | |||||||
Apache | |||||||
200,000 | 4.375%, 10/15/28 | 212,003 | |||||
Canadian Natural Resources | |||||||
171,000 | 6.250%, 03/15/38 | 223,063 | |||||
Energy Transfer Operating | |||||||
205,000 | 3.750%, 05/15/30 | 209,018 | |||||
Engie Energia Chile (1) | |||||||
200,000 | 3.400%, 01/28/30 | 202,200 | |||||
Equities | |||||||
431,000 | 7.000%, 02/01/30 | 379,413 | |||||
Plains All American Pipeline | |||||||
235,000 | 3.550%, 12/15/29 | 233,696 |
Principal Amount ($) | Value $ | ||||||
Williams Partners | |||||||
200,000 | 4.300%, 03/04/24 | 214,795 | |||||
1,674,188 | |||||||
Financials – 18.7% | |||||||
AIB Group MTN (1) | |||||||
400,000 | 4.263%, VAR ICE LIBOR USD 3 Month+1.874%, 04/10/25 | 428,244 | |||||
AXA Equitable Holdings | |||||||
244,000 | 4.350%, 04/20/28 | 269,876 | |||||
Bank of America MTN | |||||||
304,000 | 2.884%, VAR ICE LIBOR USD 3 Month+0.012%, 10/22/30 | 315,390 | |||||
40,000 | 2.456%, VAR ICE LIBOR USD 3 Month+0.870%, 10/22/25 | 40,863 | |||||
Bank of Ireland Group (1) | |||||||
265,000 | 4.500%, 11/25/23 | 285,031 | |||||
Bank of New York Mellon MTN | |||||||
234,000 | 1.950%, 08/23/22 | 235,927 | |||||
Banque Federative du Credit Mutuel MTN (1) | |||||||
210,000 | 2.700%, 07/20/22 | 214,476 | |||||
Barclays Bank (1) | |||||||
650,000 | 10.179%, 06/12/21 | 719,285 | |||||
Camden Property Trust | |||||||
56,000 | 3.150%, 07/01/29 | 60,105 | |||||
Capital One Financial | |||||||
250,000 | 2.150%, 09/06/22 | 251,942 | |||||
Citigroup | |||||||
335,000 | 4.300%, 11/20/26 | 371,382 | |||||
295,000 | 3.200%, 10/21/26 | 312,370 | |||||
Credit Agricole MTN (1) | |||||||
280,000 | 2.821%, VAR ICE LIBOR USD 3 Month+1.020%, 04/24/23 | 283,545 | |||||
Credit Suisse Group (1) | |||||||
250,000 | 3.869%, VAR ICE LIBOR USD 3 Month+1.410%, 01/12/29 | 271,978 | |||||
265,000 | 2.997%, VAR ICE LIBOR USD 3 Month+1.200%, 12/14/23 | 271,645 | |||||
Fifth Third Bancorp | |||||||
144,000 | 3.650%, 01/25/24 | 153,207 | |||||
257,000 | 2.375%, 01/28/25 | 262,214 | |||||
GE Capital International Funding Unlimited Co | |||||||
347,000 | 3.373%, 11/15/25 | 368,102 | |||||
Goldman Sachs Group | |||||||
65,000 | 2.875%, 02/25/21 | 65,689 | |||||
HCP | |||||||
65,000 | 3.250%, 07/15/26 | 68,868 | |||||
HSBC Holdings | |||||||
636,000 | 2.633%, VAR ICE LIBOR USD 3 Month+1.140%, 11/07/25 | 646,660 |
14
Schroder Total Return Fixed Income Fund
Schedule of Investments
January 31, 2020 (unaudited)
Principal Amount ($) | Value $ | ||||||
JPMorgan Chase | |||||||
360,000 | 3.220%, VAR ICE LIBOR USD 3 Month+1.155%, 03/01/25 | 378,087 | |||||
195,000 | 2.700%, 05/18/23 | 200,431 | |||||
Lloyds Banking Group | |||||||
205,000 | 2.438%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+1.000%, 02/05/26 | 206,362 | |||||
Morgan Stanley MTN | |||||||
200,000 | 3.950%, 04/23/27 | 217,909 | |||||
300,000 | 3.750%, 02/25/23 | 316,750 | |||||
Royal Bank of Scotland Group | |||||||
325,000 | 6.125%, 12/15/22 | 356,113 | |||||
Wells Fargo | |||||||
215,000 | 3.069%, 01/24/23 | 219,802 | |||||
360,000 | 2.406%, VAR ICE LIBOR USD 3 Month+0.825%, 10/30/25 | 365,597 | |||||
8,157,850 | |||||||
Healthcare – 2.6% | |||||||
AbbVie (1) | |||||||
124,000 | 4.050%, 11/21/39 | 134,922 | |||||
324,000 | 3.200%, 11/21/29 | 336,469 | |||||
Bayer US Finance II LLC (1) | |||||||
225,000 | 3.875%, 12/15/23 | 240,306 | |||||
Cardinal Health | |||||||
130,000 | 3.079%, 06/15/24 | 134,835 | |||||
CommonSpirit Health | |||||||
95,000 | 3.347%, 10/01/29 | 98,716 | |||||
Shire Acquisitions Investments Ireland DAC | |||||||
195,000 | 2.400%, 09/23/21 | 196,725 | |||||
1,141,973 | |||||||
Industrials – 1.3% | |||||||
Fly Leasing | |||||||
230,000 | 6.375%, 10/15/21 | 234,025 | |||||
General Electric MTN | |||||||
65,000 | 3.100%, 01/09/23 | 67,104 | |||||
TransDigm (1) | |||||||
160,000 | 6.250%, 03/15/26 | 172,560 | |||||
United Technologies | |||||||
100,000 | 3.950%, 08/16/25 | 110,354 | |||||
584,043 | |||||||
Information Technology – 0.8% | |||||||
Apple | |||||||
315,000 | 3.000%, 06/20/27 | 336,617 | |||||
Real Estate – 0.7% | |||||||
American Tower REIT | |||||||
179,000 | 3.700%, 10/15/49 | 186,593 | |||||
Crown Castle International REIT | |||||||
135,000 | 3.200%, 09/01/24 | 141,713 | |||||
328,306 |
Principal Amount ($) | Value $ | ||||||
Utilities – 0.4% | |||||||
Mexico Generadora de Energia (1) | |||||||
164,064 | 5.500%, 12/06/32 | 182,726 | |||||
TOTAL CORPORATE OBLIGATIONS | |||||||
(Cost $15,062,456) | 15,723,093 | ||||||
U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS – 26.1% | |||||||
Federal Home Loan Mortgage Corporation – 9.1% | |||||||
FHLMC | |||||||
552,381 | 4.500%, 08/01/48 | 584,257 | |||||
375,842 | 4.500%, 09/01/48 | 398,571 | |||||
359,801 | 4.500%, 12/01/48 | 380,549 | |||||
659,797 | 4.000%, 11/01/48 | 692,702 | |||||
368,249 | 3.500%, 05/01/46 | 384,839 | |||||
1,000,000 | 3.500%, 02/01/50 | 1,035,851 | |||||
369,767 | 3.000%, 06/01/49 | 378,796 | |||||
FHLMC Gold | |||||||
12,684 | 4.500%, 10/01/24 | 13,130 | |||||
115,795 | 3.000%, 01/01/43 | 120,917 | |||||
3,989,612 | |||||||
Federal National Mortgage Association – 11.7% | |||||||
FNMA | |||||||
26,960 | 5.000%, 10/01/29 | 29,077 | |||||
361,083 | 4.500%, 08/01/48 | 383,216 | |||||
591,369 | 4.500%, 10/01/48 | 626,658 | |||||
733,711 | 4.500%, 11/01/48 | 776,747 | |||||
587,416 | 4.000%, 12/01/47 | 618,171 | |||||
445,598 | 3.500%, 11/01/47 | 462,650 | |||||
658,851 | 3.500%, 11/01/48 | 679,051 | |||||
92,611 | 3.241%, VAR ICE LIBOR USD 12 Month+1.757%, 06/01/42 | 95,498 | |||||
71,410 | 3.000%, 05/01/43 | 74,338 | |||||
224,845 | 3.000%, 06/01/43 | 234,065 | |||||
87,859 | 3.000%, 07/01/43 | 91,217 | |||||
997,157 | 3.000%, 01/01/50 | 1,020,042 | |||||
5,090,730 | |||||||
Government National Mortgage Association – 5.3% | |||||||
GNMA | |||||||
304,632 | 5.000%, 10/20/48 | 322,172 | |||||
307,940 | 4.500%, 10/20/48 | 325,112 | |||||
773,714 | 4.000%, 06/20/49 | 802,151 | |||||
546,275 | 3.500%, 04/20/43 | 574,332 | |||||
215,297 | 2.600%, 04/16/54 (2) | 220,729 |
15
Schroder Total Return Fixed Income Fund
Schedule of Investments
January 31, 2020 (unaudited)
Principal Amount ($) | Value $ | ||||||
GNMA IO | |||||||
1,834,172 | 0.782%, 12/16/51 (2) | 85,084 | |||||
2,329,580 | |||||||
TOTAL U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS | |||||||
(Cost $11,196,290) | 11,409,922 | ||||||
U.S. TREASURY OBLIGATIONS – 12.9% | |||||||
United States Treasury Bonds | |||||||
95,900 | 4.625%, 02/15/40 | 140,554 | |||||
340,300 | 4.375%, 05/15/40 | 484,476 | |||||
231,000 | 3.125%, 05/15/48 | 286,287 | |||||
188,000 | 3.000%, 02/15/47 | 226,731 | |||||
200,000 | 3.000%, 05/15/47 | 241,320 | |||||
20,000 | 2.875%, 11/15/46 | 23,541 | |||||
90,000 | 2.750%, 08/15/47 | 103,904 | |||||
260,000 | 2.750%, 11/15/47 | 300,371 | |||||
80,000 | 2.375%, 11/15/49 | 86,506 | |||||
553,000 | 2.250%, 08/15/49 | 582,162 | |||||
United States Treasury Inflation Indexed Bonds | |||||||
805,800 | 0.750%, 07/15/28 | 869,034 | |||||
United States Treasury Notes | |||||||
24,000 | 3.125%, 11/15/28 | 27,213 | |||||
100 | 2.750%, 08/31/25 | 107 | |||||
1,526,000 | 2.625%, 07/31/20 | 1,533,749 | |||||
536,000 | 2.500%, 02/28/21 | 541,653 | |||||
206,000 | 2.500%, 02/15/22 | 210,732 | |||||
TOTAL U.S. TREASURY OBLIGATIONS | |||||||
(Cost $5,238,544) | 5,658,340 | ||||||
ASSET-BACKED SECURITIES – 10.3% | |||||||
CAL Funding III, Series 2017-1A, Class A (1) | |||||||
306,308 | 3.620%, 06/25/42 | 306,472 | |||||
Cedar Funding VI CLO, Series 2018-6A, Class AR (1) | |||||||
645,000 | 2.909%, VAR ICE LIBOR USD 3 Month+1.090%, 10/20/28 | 645,324 | |||||
Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB4, Class AF1 | |||||||
19,158 | 5.000%, 03/25/31 | 19,588 | |||||
Dewolf Park CLO, Series 2017-1A, Class A (1) | |||||||
500,000 | 3.041%, VAR ICE LIBOR USD 3 Month+1.210%, 10/15/30 | 499,944 | |||||
Goldentree Loan Management, Series 2017-2A, Class A (1) | |||||||
606,000 | 2.969%, VAR ICE LIBOR USD 3 Month+1.150%, 11/28/30 | 605,949 |
Principal Amount ($) | Value $ | ||||||
Madison Park Funding XVIII, Series 2017-18A, Class A1R (1) | |||||||
800,000 | 3.009%, VAR ICE LIBOR USD 3 Month+1.190%, 10/21/30 | 800,223 | |||||
Madison Park Funding XXVI, Series 2017-26A, Class AR (1) | |||||||
600,000 | 2.975%, VAR ICE LIBOR USD 3 Month+1.200%, 07/29/30 | 599,797 | |||||
Octagon Investment Partners 30, Series 2017-1A, Class A1 (1) | |||||||
250,000 | 3.139%, VAR ICE LIBOR USD 3 Month+1.320%, 03/17/30 | 249,868 | |||||
Textainer Marine Containers V, Series 2017-1A, Class A (1) | |||||||
75,212 | 3.720%, 05/20/42 | 76,208 | |||||
Textainer Marine Containers V, Series 2017-2A, Class A (1) | |||||||
177,097 | 3.520%, 06/20/42 | 178,460 | |||||
Towd Point Mortgage Trust, Series 2015-6, Class A1 (1) (2) | |||||||
34,856 | 3.500%, 04/25/55 | 35,428 | |||||
Towd Point Mortgage Trust, Series 2017-2, Class A1 (1) (2) | |||||||
116,738 | 2.750%, 04/25/57 | 117,966 | |||||
Towd Point Mortgage Trust, Series 2017-3, Class A1 (1) (2) | |||||||
230,920 | 2.750%, 07/25/57 | 234,215 | |||||
Towd Point Mortgage Trust, Series 2017-4, Class A1 (1) (2) | |||||||
123,070 | 2.750%, 06/25/57 | 125,356 | |||||
TOTAL ASSET-BACKED SECURITIES | |||||||
(Cost $4,495,810) | 4,494,798 | ||||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 4.9% | |||||||
Flagstar Mortgage Trust, Series 2017-2, Class A5 (1) (2) | |||||||
481,692 | 3.500%, 10/25/47 | 485,748 | |||||
Impac Secured Assets Trust, Series 2006-1, Class 2A2 | |||||||
52,363 | 2.071%, VAR ICE LIBOR USD 1 Month+0.410%, 05/25/36 | 51,460 | |||||
Impac Secured Assets Trust, Series 2006-2, Class 2M1 | |||||||
130,000 | 2.161%, VAR ICE LIBOR USD 1 Month+0.500%, 08/25/36 | 130,090 | |||||
JPMorgan Mortgage Trust, Series 2015-3, Class A5 (1) (2) | |||||||
63,764 | 3.500%, 05/25/45 | 64,182 | |||||
JPMorgan Mortgage Trust, Series 2016-3, Class 1A3 (1) (2) | |||||||
376,048 | 3.500%, 10/25/46 | 385,434 |
16
Schroder Total Return Fixed Income Fund
Schedule of Investments
January 31, 2020 (unaudited)
Principal Amount ($) | Value $ | ||||||
JPMorgan Mortgage Trust, Series 2017-1, Class A4 (1) (2) | |||||||
78,610 | 3.500%, 01/25/47 | 79,690 | |||||
JPMorgan Mortgage Trust, Series 2017-3, Class 1A5 (1) (2) | |||||||
306,298 | 3.500%, 08/25/47 | 311,842 | |||||
JPMorgan Mortgage Trust, Series 2017-4, Class A5 (1) (2) | |||||||
272,301 | 3.500%, 11/25/48 | 277,219 | |||||
Sequoia Mortgage Trust, Series 2015-2, Class A10 (1) (2) | |||||||
153,109 | 3.500%, 05/25/45 | 154,946 | |||||
Sequoia Mortgage Trust, Series 2015-3, Class A4 (1) (2) | |||||||
191,665 | 3.500%, 07/25/45 | 193,549 | |||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | |||||||
(Cost $2,131,011) | 2,134,160 | ||||||
COMMERCIAL MORTGAGE-BACKED OBLIGATIONS – 2.8% | |||||||
BANK, Series BN25, Class A5 | |||||||
332,683 | 2.649%, 01/15/63 | 344,091 | |||||
Benchmark Mortgage Trust, Series B8, Class A5 | |||||||
360,000 | 4.232%, 01/15/52 | 417,680 | |||||
BX Commercial Mortgage Trust, Series 2018-IND, Class B (1) | |||||||
175,000 | 2.576%, VAR ICE LIBOR USD 1 Month+0.900%, 11/15/35 | 175,000 | |||||
BX Commercial Mortgage Trust, Series 2018-IND, Class C (1) | |||||||
105,000 | 2.776%, VAR ICE LIBOR USD 1 Month+1.100%, 11/15/35 | 105,033 | |||||
One Market Plaza Trust, Series 2017-1MKT, Class E (1) | |||||||
195,000 | 4.142%, 02/10/32 | 199,517 | |||||
TOTAL COMMERCIAL MORTGAGE-BACKED OBLIGATIONS | |||||||
(Cost $1,223,582) | 1,241,321 | ||||||
SOVEREIGN GOVERNMENTS – 2.0% | |||||||
Argentine Republic Government International Bond | |||||||
124,000 | 5.875%, 01/11/28 | 54,250 | |||||
Colombia Government International Bond | |||||||
216,000 | 3.000%, 01/30/30 | 217,836 | |||||
Mexico Government International Bond | |||||||
380,000 | 3.250%, 04/16/30 | 386,650 |
Principal Amount ($) | Value $ | ||||||
South Africa Government International Bond | |||||||
200,000 | 4.850%, 09/27/27 | 209,056 | |||||
TOTAL SOVEREIGN GOVERNMENTS | |||||||
(Cost $902,850) | 867,792 | ||||||
TAXABLE MUNICIPAL BONDS – 1.8% | |||||||
California – 0.5% | |||||||
State Health Facilities Financing Authority RB | |||||||
90,000 | 2.864%, 06/01/31 | 94,368 | |||||
70,000 | 2.704%, 06/01/30 | 72,952 | |||||
45,000 | 2.584%, 06/01/29 | 46,798 | |||||
214,118 | |||||||
New Jersey – 0.3% | |||||||
State Economic Development Authority RB, Series A, NATL | |||||||
90,000 | 7.425%, 02/15/29 | 116,923 | |||||
Ohio – 0.2% | |||||||
American Municipal Power RB, Series B | |||||||
40,000 | 8.084%, 02/15/50 | 73,289 | |||||
Pennsylvania – 0.8% | |||||||
Philadelphia Authority for Industrial Development RB | |||||||
350,000 | 3.964%, 04/15/26 | 375,263 | |||||
TOTAL TAXABLE MUNICIPAL BONDS | |||||||
(Cost $722,760) | 779,593 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 96.7% | |||||||
(Cost $40,973,303) | 42,309,019 | ||||||
OTHER ASSETS LESS LIABILITIES – 3.3% | 1,422,340 | ||||||
NET ASSETS – 100% | $ | 43,731,359 |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration normally to qualified institutions. On January 31, 2020, the value of these securities amounted to $10,668,905, representing 24.4% of the net assets of the Fund. |
(2) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
17
Schroder Total Return Fixed Income Fund
Schedule of Investments
January 31, 2020 (unaudited)
The open futures contracts held by the Fund at January 31, 2020, are as follows:
Type of Contract | Number of Contracts Long | Expiration Date | Notional Amount | Value | Unrealized Appreciation | ||||||||||||
U.S. 2-Year Treasury Note | 22 | Apr-2020 | $ | 4,741,331 | $ | 4,759,906 | $ | 18,575 | |||||||||
U.S. 5-Year Treasury Note | 32 | Apr-2020 | 3,805,073 | 3,850,250 | 45,177 | ||||||||||||
U.S. 10-Year Treasury Note | 22 | Mar-2020 | 2,854,200 | 2,896,438 | 42,238 | ||||||||||||
U.S. Long Treasury Bond | 9 | Mar-2020 | 1,438,692 | 1,471,781 | 33,089 | ||||||||||||
U.S. Ultra Long Treasury Bond | 3 | Mar-2020 | 566,769 | 581,063 | 14,294 | ||||||||||||
$ | 13,406,065 | $ | 13,559,438 | $ | 153,373 |
CLO — Collateralized Loan Obligation |
FHLMC — Federal Home Loan Mortgage Corporation |
FNMA — Federal National Mortgage Association |
GNMA — Government National Mortgage Association |
ICE — Intercontinental Exchange |
IO — Interest Only |
LIBOR — London Interbank Offered Rate |
LLC — Limited Liability Corporation |
MTN — Medium Term Note |
NATL — National Public Finance Guarantee Corporation |
RB — Revenue Bond |
REIT — Real Estate Investment Trust |
USD — United States Dollar |
VAR — Variable Rate |
The following is a summary of the inputs used as of January 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities (1) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Obligations | $ | — | $ | 15,723,093 | $ | — | $ | 15,723,093 | ||||||||
U.S. Government Mortgage-Backed Obligations | — | 11,409,922 | — | 11,409,922 | ||||||||||||
U.S. Treasury Obligations | — | 5,658,340 | — | 5,658,340 | ||||||||||||
Asset-Backed Securities | — | 4,494,798 | — | 4,494,798 | ||||||||||||
Collateralized Mortgage Obligations | — | 2,134,160 | — | 2,134,160 | ||||||||||||
Commercial Mortgage-Backed Obligations | — | 1,241,321 | — | 1,241,321 | ||||||||||||
Sovereign Governments | — | 867,792 | — | 867,792 | ||||||||||||
Update Asset Type Global Rule for Taxable Municipal Bond | — | 779,593 | — | 779,593 | ||||||||||||
Total Investments in Securities | $ | — | $ | 42,309,019 | $ | — | $ | 42,309,019 |
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures — Unrealized Appreciation | $ | 153,373 | $ | — | $ | — | $ | 153,373 | ||||||||
Total Other Financial Instruments | $ | 153,373 | $ | — | $ | — | $ | 153,373 |
(1) | For the period ended January 31, 2020, there were no transfers in or out of Level 3. |
For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
SCH-QH-001-0700
18