Schroder North American Equity Fund
Schedule of Investments
July 31, 2020 (unaudited)
Shares | Value $ | ||||||
COMMON STOCK – 93.4% | |||||||
Canada – 1.4% | |||||||
14,791 | Alamos Gold Class A | 156,473 | |||||
42,933 | B2Gold | 297,449 | |||||
5,434 | Canadian National Railway | 530,803 | |||||
2,775 | Canadian Utilities Class A | 71,185 | |||||
19,033 | Centerra Gold | 238,721 | |||||
663 | Constellation Software | 784,230 | |||||
72,070 | Crescent Point Energy | 111,378 | |||||
6,726 | Dollarama | 245,951 | |||||
10,574 | Eldorado Gold (1) | 132,861 | |||||
51,531 | IAMGOLD (1) | 257,376 | |||||
8,637 | Kirkland Lake Gold | 471,684 | |||||
8,464 | Manulife Financial | 113,426 | |||||
5,317 | Open Text | 239,324 | |||||
10,525 | Parex Resources (1) | 127,295 | |||||
1,621 | SSR Mining (1) | 38,847 | |||||
29,734 | Wesdome Gold Mines (1) | 304,344 | |||||
4,121,347 | |||||||
Israel – 0.4% | |||||||
8,083 | Check Point Software Technologies (1) | 1,013,204 | |||||
United States – 91.6% | |||||||
Communication Services – 10.2% | |||||||
16,875 | Activision Blizzard | 1,394,381 | |||||
3,682 | Alphabet Class A (1) | 5,478,632 | |||||
3,404 | Alphabet Class C (1) | 5,047,996 | |||||
88,981 | AT&T | 2,632,058 | |||||
37,886 | Comcast Class A | 1,621,521 | |||||
13,534 | Discovery Class A (1) | 285,567 | |||||
19,865 | Facebook Class A (1) | 5,039,154 | |||||
15,346 | Fox | 395,466 | |||||
6,333 | Glu Mobile (1) | 59,784 | |||||
1,805 | Madison Square Garden Entertainment (1) | 127,902 | |||||
2,917 | Netflix (1) | 1,426,063 | |||||
239 | Nexstar Media Group Class A | 20,948 | |||||
5,277 | Omnicom Group | 283,533 | |||||
594 | Take-Two Interactive Software (1) | 97,428 | |||||
65,617 | Verizon Communications | 3,771,665 | |||||
12,388 | ViacomCBS Class B | 322,955 | |||||
13,573 | Walt Disney (1) | 1,587,226 | |||||
29,592,279 | |||||||
Consumer Discretionary – 10.1% | |||||||
4,234 | Amazon.com (1) | 13,399,255 | |||||
11,393 | American Eagle Outfitters | 113,930 | |||||
5,680 | Best Buy | 565,671 | |||||
5,955 | BorgWarner | 217,953 | |||||
1,905 | Capri Holdings (1) | 28,537 | |||||
9,905 | DR Horton | 655,315 | |||||
21,458 | eBay | 1,186,198 | |||||
645 | Etsy (1) | 76,355 | |||||
9,420 | Foot Locker (1) | 276,854 | |||||
19,272 | Ford Motor (1) | 127,388 | |||||
13,268 | Garmin | 1,308,092 |
Shares | Value $ | ||||||
13,918 | General Motors (1) | 346,419 | |||||
47,226 | Gentex | 1,274,630 | |||||
12,629 | H&R Block | 183,121 | |||||
1,875 | Harley-Davidson | 48,806 | |||||
13,710 | Home Depot | 3,639,868 | |||||
2,857 | Lear (1) | 315,356 | |||||
2,126 | Lennar Class A | 153,816 | |||||
14,680 | LKQ (1) | 413,829 | |||||
4,215 | Lowe's | 627,655 | |||||
8,648 | MasterCraft Boat Holdings (1) | 179,014 | |||||
5,141 | McDonald's | 998,794 | |||||
2,888 | Meritage Homes (1) | 286,432 | |||||
9,046 | Nike Class B | 882,980 | |||||
135 | NVR (1) | 530,570 | |||||
2,073 | Office Depot (1) | 45,751 | |||||
1,304 | Ollie's Bargain Outlet Holdings (1) | 137,050 | |||||
9,995 | PulteGroup | 435,782 | |||||
1,337 | Ross Stores (1) | 119,889 | |||||
2,087 | Sally Beauty Holdings (1) | 24,230 | |||||
1,783 | Starbucks | 136,453 | |||||
6,254 | Tapestry (1) | 83,553 | |||||
4,715 | Taylor Morrison Home Class A (1) | 110,567 | |||||
3,988 | Yum China Holdings (1) | 204,345 | |||||
29,134,458 | |||||||
Consumer Staples – 9.1% | |||||||
28,061 | Altria Group | 1,154,710 | |||||
234 | Boston Beer Class A (1) | 189,643 | |||||
4,680 | Brown-Forman Class B | 324,511 | |||||
6,155 | Church & Dwight | 592,911 | |||||
3,878 | Clorox | 917,186 | |||||
61,018 | Coca-Cola | 2,882,490 | |||||
23,231 | Colgate-Palmolive | 1,793,433 | |||||
2,928 | Costco Wholesale | 953,152 | |||||
5,839 | Edgewell Personal Care (1) | 174,528 | |||||
16,534 | General Mills | 1,046,106 | |||||
2,738 | Herbalife (1) | 140,295 | |||||
7,466 | Hershey | 1,085,631 | |||||
17,542 | Hormel Foods | 892,186 | |||||
2,000 | JM Smucker | 218,700 | |||||
12,216 | Kimberly-Clark | 1,857,321 | |||||
1,244 | Medifast | 207,910 | |||||
10,238 | Monster Beverage (1) | 803,478 | |||||
21,545 | PepsiCo | 2,965,885 | |||||
23,843 | Philip Morris International | 1,831,381 | |||||
31,127 | Procter & Gamble | 4,081,372 | |||||
8,225 | Tyson Foods Class A | 505,426 | |||||
12,905 | Walgreens Boots Alliance | 525,363 | |||||
8,223 | Walmart | 1,064,056 | |||||
26,207,674 | |||||||
Energy – 1.7% | |||||||
15,266 | Berry (1) | 71,827 | |||||
14,791 | Bonanza Creek Energy (1) | 269,048 | |||||
20,867 | Chevron | 1,751,576 | |||||
8,183 | CNX Resources (1) | 78,966 | |||||
928 | Concho Resources | 48,757 | |||||
4,145 | ConocoPhillips | 154,982 | |||||
25,254 | ExxonMobil | 1,062,688 |
Schroder North American Equity Fund
Schedule of Investments
July 31, 2020 (unaudited)
Shares | Value $ | ||||||
7,089 | Helmerich & Payne | 126,397 | |||||
2,956 | International Seaways | 51,050 | |||||
27,933 | Marathon Oil (1) | 153,352 | |||||
38,220 | Northern Oil and Gas (1) | 30,633 | |||||
1,427 | Oneok | 39,827 | |||||
13,178 | PDC Energy (1) | 187,918 | |||||
4,391 | Phillips 66 | 272,330 | |||||
5,159 | Renewable Energy Group (1) | 142,285 | |||||
420 | REX American Resources (1) | 28,623 | |||||
28,506 | SM Energy | 84,093 | |||||
11,674 | Talos Energy (1) | 79,500 | |||||
2,379 | Valero Energy | 133,771 | |||||
4,767,623 | |||||||
Financials – 9.4% | |||||||
4,596 | Affiliated Managers Group | 316,159 | |||||
38,760 | Aflac | 1,378,693 | |||||
2,979 | American Financial Group | 181,034 | |||||
7,020 | Ameriprise Financial | 1,078,483 | |||||
1,114 | Aon Class A | 228,615 | |||||
4,091 | Assured Guaranty | 89,306 | |||||
2,847 | Athene Holding Class A (1) | 91,816 | |||||
59,225 | Bank of America | 1,473,518 | |||||
13,920 | Berkshire Hathaway Class B (1) | 2,725,258 | |||||
9,828 | Capital One Financial | 627,026 | |||||
32,439 | Citigroup | 1,622,274 | |||||
8,724 | Eaton Vance | 315,285 | |||||
1,468 | FactSet Research Systems | 508,368 | |||||
32,033 | Federated Investors Class B | 844,390 | |||||
6,857 | Franklin Resources | 144,340 | |||||
15,469 | Globe Life | 1,231,332 | |||||
6,026 | Goldman Sachs Group | 1,192,907 | |||||
9,413 | Houlihan Lokey Class A | 515,832 | |||||
38,806 | JPMorgan Chase | 3,750,212 | |||||
11,944 | Lincoln National | 445,153 | |||||
15,229 | MetLife | 576,418 | |||||
16,771 | MGIC Investment | 138,696 | |||||
20,070 | Morgan Stanley | 981,022 | |||||
234 | MSCI Class A | 87,979 | |||||
5,353 | Principal Financial Group | 227,128 | |||||
3,045 | Prudential Financial | 192,961 | |||||
3,881 | S&P Global | 1,359,320 | |||||
20,638 | Synchrony Financial | 456,719 | |||||
12,925 | T. Rowe Price Group | 1,784,943 | |||||
6,089 | Truist Financial | 228,094 | |||||
2,960 | U.S. Bancorp | 109,046 | |||||
21,917 | Unum Group | 377,630 | |||||
76,244 | Wells Fargo | 1,849,680 | |||||
27,129,637 | |||||||
Healthcare – 16.9% | |||||||
13,867 | Abbott Laboratories | 1,395,575 | |||||
31,772 | AbbVie | 3,015,480 | |||||
2,938 | Alexion Pharmaceuticals (1) | 301,116 | |||||
11,582 | Amgen | 2,833,768 | |||||
3,853 | Anthem | 1,054,952 | |||||
851 | Becton Dickinson | 239,420 | |||||
5,703 | Biogen (1) | 1,566,557 | |||||
46,243 | Bristol-Myers Squibb | 2,712,614 |
Shares | Value $ | ||
896 | Chemed | 441,002 | |
1,628 | Cigna | 281,139 | |
5,920 | CVS Health | 372,605 | |
6,499 | Danaher | 1,324,496 | |
14,736 | Edwards Lifesciences (1) | 1,155,450 | |
17,196 | Eli Lilly | 2,584,387 | |
16,611 | Gilead Sciences | 1,154,963 | |
1,201 | Idexx Laboratories (1) | 477,698 | |
1,277 | Jazz Pharmaceuticals (1) | 138,235 | |
36,883 | Johnson & Johnson | 5,376,066 | |
4,480 | Laboratory Corp. of America Holdings (1) | 864,282 | |
21,821 | Medtronic | 2,105,290 | |
43,320 | Merck | 3,475,997 | |
818 | Mettler-Toledo International (1) | 764,830 | |
38,426 | Mylan (1) | 619,043 | |
95,875 | Pfizer | 3,689,270 | |
11,865 | Premier Class A (1) | 414,919 | |
12,301 | Quest Diagnostics | 1,563,088 | |
2,934 | ResMed | 594,164 | |
6,849 | Stryker | 1,323,912 | |
3,511 | Thermo Fisher Scientific | 1,453,378 | |
14,366 | UnitedHealth Group | 4,349,738 | |
470 | Veeva Systems Class A (1) | 124,348 | |
4,087 | Waters (1) | 871,144 | |
1,081 | West Pharmaceutical Services | 290,649 | |
48,929,575 | |||
Industrials – 5.6% | |||
14,632 | 3M | 2,201,677 | |
3,279 | Acuity Brands | 324,949 | |
7,174 | ADT | 61,768 | |
5,232 | Allegion | 520,375 | |
9,321 | Allison Transmission Holdings Class A | 348,233 | |
8,149 | AMETEK | 759,894 | |
617 | Caterpillar | 81,987 | |
477 | Cintas | 143,992 | |
8,281 | Copart (1) | 772,204 | |
3,329 | Crane | 188,321 | |
2,732 | Cubic | 114,744 | |
4,232 | Curtiss-Wright | 377,156 | |
5,443 | Donaldson | 263,115 | |
4,140 | Dover | 426,130 | |
14,867 | Emerson Electric | 921,903 | |
3,523 | Expeditors International of Washington | 297,729 | |
2,156 | Exponent | 181,233 | |
19,272 | Fastenal | 906,555 | |
7,264 | Graco | 386,735 | |
3,380 | HEICO | 324,885 | |
9,605 | Honeywell International | 1,434,699 | |
2,822 | Hubbell Class B | 380,885 | |
1,382 | IDEX | 227,781 | |
4,472 | Illinois Tool Works | 827,275 | |
3,369 | MasTec (1) | 134,019 | |
1,387 | Norfolk Southern | 266,595 | |
9,692 | Quanta Services | 387,389 | |
4,283 | Raytheon Technologies | 242,760 | |
7,023 | Union Pacific | 1,217,437 | |
1,367 | United Parcel Service Class B | 195,153 |
Schroder North American Equity Fund
Schedule of Investments
July 31, 2020 (unaudited)
Shares | Value $ | ||||||
1,480 | Verisk Analytics Class A | 279,291 | |||||
8,532 | Waste Management | 935,107 | |||||
16,131,976 | |||||||
Information Technology – 26.4% | |||||||
3,590 | Accenture Class A | 806,960 | |||||
4,074 | Adobe (1) | 1,810,160 | |||||
3,412 | Advanced Energy Industries (1) | 251,021 | |||||
18,879 | Amdocs | 1,172,386 | |||||
4,685 | Analog Devices | 538,072 | |||||
40,432 | Apple | 17,185,217 | |||||
11,128 | Automatic Data Processing | 1,479,023 | |||||
6,872 | Avaya Holdings (1) | 87,000 | |||||
6,441 | Broadcom | 2,040,187 | |||||
2,694 | Broadridge Financial Solutions | 361,912 | |||||
2,919 | CDK Global | 132,698 | |||||
71,767 | Cisco Systems | 3,380,226 | |||||
282 | Citrix Systems | 40,258 | |||||
5,762 | Cornerstone OnDemand (1) | 204,609 | |||||
842 | Enphase Energy (1) | 50,823 | |||||
1,304 | EPAM Systems (1) | 378,264 | |||||
6,937 | Fidelity National Information Services | 1,014,953 | |||||
2,441 | First Solar (1) | 145,362 | |||||
16,428 | Fiserv (1) | 1,639,350 | |||||
13,664 | HP | 240,213 | |||||
2,684 | II-VI (1) | 136,133 | |||||
66,058 | Intel | 3,152,949 | |||||
3,655 | International Business Machines | 449,346 | |||||
3,974 | Intuit | 1,217,514 | |||||
577 | Jack Henry & Associates | 102,879 | |||||
4,252 | KBR | 94,565 | |||||
427 | Kla-Tencor | 85,327 | |||||
1,375 | Lam Research | 518,595 | |||||
7,112 | Mastercard Class A | 2,194,265 | |||||
82,790 | Microsoft | 16,972,778 | |||||
2,004 | NetApp | 88,777 | |||||
4,054 | NVIDIA | 1,721,288 | |||||
1,441 | Onto Innovation (1) | 54,499 | |||||
44,037 | Oracle | 2,441,852 | |||||
16,368 | Paychex | 1,177,187 | |||||
13,576 | PayPal Holdings (1) | 2,661,846 | |||||
2,423 | Qorvo (1) | 310,508 | |||||
11,522 | QUALCOMM | 1,216,838 | |||||
2,619 | salesforce.com (1) | 510,312 | |||||
273 | ServiceNow (1) | 119,902 | |||||
2,322 | SolarEdge Technologies (1) | 406,582 | |||||
16,264 | Texas Instruments | 2,074,473 | |||||
20,156 | Visa Class A | 3,837,702 | |||||
1,034 | VMware Class A (1) | 144,977 | |||||
38,491 | Western Union | 934,562 | |||||
7,266 | Xilinx | 780,005 | |||||
76,364,355 | |||||||
Materials – 0.6% | |||||||
5,851 | Celanese Class A | 568,717 | |||||
820 | Ingevity (1) | 47,954 | |||||
6,694 | LyondellBasell Industries Class A | 418,509 | |||||
2,879 | Minerals Technologies | 134,968 | |||||
4,173 | Newmont Mining | 288,772 |
Shares | Value $ | ||||||
2,986 | PPG Industries | 321,443 | |||||
1,114 | Steel Dynamics | 30,535 | |||||
1,810,898 | |||||||
Real Estate – 0.4% | |||||||
1,390 | American Tower Class A REIT | 363,332 | |||||
1,072 | Crown Castle International REIT | 178,702 | |||||
12,663 | Newmark Group Class A | 51,538 | |||||
2,601 | Public Storage REIT | 519,888 | |||||
1,113,460 | |||||||
Utilities – 1.2% | |||||||
10,810 | AES | 164,636 | |||||
6,482 | Centerpoint Energy | 123,223 | |||||
4,435 | Consolidated Edison | 340,741 | |||||
4,673 | Edison International | 260,146 | |||||
13,191 | Exelon | 509,305 | |||||
2,848 | FirstEnergy | 82,592 | |||||
7,793 | MDU Resources Group | 163,497 | |||||
5,402 | National Fuel Gas | 219,159 | |||||
3,090 | NextEra Energy | 867,363 | |||||
5,118 | NRG Energy | 173,040 | |||||
8,175 | PPL | 217,618 | |||||
2,640 | Public Service Enterprise Group | 147,682 | |||||
2,838 | Southern | 154,983 | |||||
3,937 | UGI | 131,260 | |||||
3,555,245 | |||||||
Total United States | 264,737,180 | ||||||
TOTAL COMMON STOCK | |||||||
(Cost $168,214,166) | 269,871,731 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 93.4% | |||||||
(Cost $168,214,166) | 269,871,731 | ||||||
OTHER ASSETS LESS LIABILITIES – 6.6% | 19,035,079 | ||||||
NET ASSETS – 100% | $ | 288,906,810 |
(1) | Denotes non-income producing security. |
Schroder North American Equity Fund
Schedule of Investments
July 31, 2020 (unaudited)
The open futures contracts held by the Fund at July 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 | 90 | Sep-2020 | $ | 14,059,156 | $ | 14,685,750 | $ | 626,594 |
A summary of the outstanding forward foreign currency contracts held by the Fund at July 31, 2020, is as follows:
Counterparty | Settlement Date | Currency to Deliver | Currency to Receive | Unrealized Depreciation | ||||||
JPMorgan Chase Bank | 08/26/20 | CAD | 5,239,535 | USD | 3,849,869 | $ | (62,065 | ) |
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 July 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 | $ | 269,871,731 | $ | — | $ | — | $ | 269,871,731 | ||||||||
Total Investments in Securities | $ | 269,871,731 | $ | — | $ | — | $ | 269,871,731 |
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures — Unrealized Appreciation | $ | 626,594 | $ | — | $ | — | $ | 626,594 | ||||||||
Forwards — Unrealized Depreciation | — | (62,065 | ) | — | (62,065 | ) | ||||||||||
Total Other Financial Instruments | $ | 626,594 | $ | (62,065 | ) | $ | — | $ | 564,529 |
(1) | For the period ended July 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-002-0800
Schroder Core Bond Fund
Schedule of Investments
July 31, 2020 (unaudited)
Principal Amount ($) | Value $ | ||||||
CORPORATE OBLIGATIONS – 56.0% | |||||||
Communication Services – 4.9% | |||||||
AT&T | |||||||
97,000 | 4.500%, 05/15/35 | 116,440 | |||||
100,000 | 4.300%, 02/15/30 | 120,122 | |||||
450,000 | 3.400%, 05/15/25 | 500,555 | |||||
229,000 | 3.000%, 06/30/22 | 239,120 | |||||
1,041,000 | 2.750%, 06/01/31 | 1,114,518 | |||||
250,000 | 1.650%, 02/01/28 | 254,424 | |||||
Comcast | |||||||
95,000 | 4.700%, 10/15/48 | 136,157 | |||||
400,000 | 3.950%, 10/15/25 | 463,425 | |||||
245,000 | 2.650%, 02/01/30 | 271,263 | |||||
Discovery Communications LLC | |||||||
379,000 | 3.625%, 05/15/30 | 420,530 | |||||
124,000 | 2.950%, 03/20/23 | 130,495 | |||||
T-Mobile USA (1) | |||||||
818,000 | 3.875%, 04/15/30 | 936,814 | |||||
Verizon Communications | |||||||
137,000 | 4.329%, 09/21/28 | 169,134 | |||||
160,000 | 4.016%, 12/03/29 | 195,304 | |||||
142,000 | 3.150%, 03/22/30 | 162,999 | |||||
303,000 | 1.492%, VAR ICE LIBOR USD 3 Month+1.100%, 05/15/25 | 310,096 | |||||
Vodafone Group | |||||||
227,000 | 1.261%, VAR ICE LIBOR USD 3 Month+0.990%, 01/16/24 | 227,890 | |||||
5,769,286 | |||||||
Consumer Discretionary – 2.1% | |||||||
Amazon.com | |||||||
900,000 | 1.500%, 06/03/30 | 931,772 | |||||
AutoNation | |||||||
59,000 | 4.500%, 10/01/25 | 64,863 | |||||
Cox Communications (1) | |||||||
227,000 | 3.150%, 08/15/24 | 246,405 | |||||
Ford Motor | |||||||
77,000 | 9.000%, 04/22/25 | 90,716 | |||||
General Motors | |||||||
296,000 | 6.125%, 10/01/25 | 345,985 | |||||
General Motors Financial | |||||||
300,000 | 3.250%, 01/05/23 | 310,341 | |||||
Magna International | |||||||
71,000 | 4.150%, 10/01/25 | 80,498 | |||||
McDonald's MTN | |||||||
209,000 | 3.625%, 09/01/49 | 247,957 | |||||
Scientific Games International (1) | |||||||
105,000 | 5.000%, 10/15/25 | 104,081 | |||||
2,422,618 | |||||||
Consumer Staples – 4.2% | |||||||
Albertsons (1) | |||||||
133,000 | 5.875%, 02/15/28 | 145,635 | |||||
Altria Group | |||||||
109,000 | 4.400%, 02/14/26 | 126,771 |
Principal Amount ($) | Value $ | ||||||
Anheuser-Busch InBev Worldwide | |||||||
495,000 | 4.150%, 01/23/25 | 564,864 | |||||
Archer-Daniels-Midland | |||||||
510,000 | 3.250%, 03/27/30 | 595,385 | |||||
BAT Capital | |||||||
65,000 | 3.557%, 08/15/27 | 71,574 | |||||
193,000 | 3.222%, 08/15/24 | 208,555 | |||||
317,000 | 2.764%, 08/15/22 | 329,597 | |||||
Boston Scientific | |||||||
116,000 | 3.450%, 03/01/24 | 126,509 | |||||
CVS Health | |||||||
105,000 | 5.050%, 03/25/48 | 144,637 | |||||
243,000 | 4.300%, 03/25/28 | 288,684 | |||||
100,000 | 4.250%, 04/01/50 | 127,121 | |||||
Kimberly-Clark | |||||||
170,000 | 3.100%, 03/26/30 | 198,014 | |||||
PepsiCo | |||||||
320,000 | 2.625%, 07/29/29 | 363,186 | |||||
Pfizer | |||||||
250,000 | 2.625%, 04/01/30 | 282,745 | |||||
Procter & Gamble | |||||||
715,000 | 3.000%, 03/25/30 | 843,316 | |||||
Reynolds American | |||||||
21,000 | 5.850%, 08/15/45 | 27,768 | |||||
RJ Reynolds Tobacco | |||||||
401,000 | 3.750%, 05/20/23 | 413,529 | |||||
Tyson Foods | |||||||
7,000 | 3.550%, 06/02/27 | 7,973 | |||||
4,865,863 | |||||||
Energy – 3.5% | |||||||
BP Capital Markets | |||||||
96,000 | 2.500%, 11/06/22 | 100,239 | |||||
Canadian Natural Resources | |||||||
171,000 | 6.250%, 03/15/38 | 215,789 | |||||
Duke Energy | |||||||
379,000 | 2.450%, 06/01/30 | 409,897 | |||||
Enbridge | |||||||
91,000 | 4.250%, 12/01/26 | 105,245 | |||||
Energy Transfer Operating | |||||||
205,000 | 3.750%, 05/15/30 | 202,742 | |||||
Energy Transfer Partners | |||||||
176,000 | 5.250%, 04/15/29 | 191,178 | |||||
355,000 | 3.600%, 02/01/23 | 365,509 | |||||
Engie Energia Chile (1) | |||||||
200,000 | 3.400%, 01/28/30 | 213,300 | |||||
Enterprise Products Operating LLC | |||||||
238,000 | 4.200%, 01/31/50 | 276,610 | |||||
EOG Resources | |||||||
183,000 | 2.625%, 03/15/23 | 192,576 | |||||
Equinor | |||||||
505,000 | 2.375%, 05/22/30 | 542,607 | |||||
Marathon Petroleum | |||||||
185,000 | 4.500%, 05/01/23 | 200,470 |
Schroder Core Bond Fund
Schedule of Investments
July 31, 2020 (unaudited)
Principal Amount ($) | Value $ | ||||||
MPLX | |||||||
188,000 | 4.500%, 04/15/38 | 200,565 | |||||
Phillips 66 Partners | |||||||
135,000 | 3.750%, 03/01/28 | 143,169 | |||||
186,000 | 3.605%, 02/15/25 | 199,607 | |||||
Plains All American Pipeline | |||||||
235,000 | 3.550%, 12/15/29 | 232,136 | |||||
Sabine Pass Liquefaction LLC (1) | |||||||
72,000 | 4.500%, 05/15/30 | 83,057 | |||||
Williams Partners | |||||||
200,000 | 4.300%, 03/04/24 | 218,837 | |||||
4,093,533 | |||||||
Financials – 24.6% | |||||||
Aflac | |||||||
2,000 | 6.450%, 08/15/40 | 2,962 | |||||
AIB Group MTN (1) | |||||||
400,000 | 4.263%, VAR ICE LIBOR USD 3 Month+1.874%, 04/10/25 | 431,609 | |||||
American International Group | |||||||
303,000 | 3.900%, 04/01/26 | 348,991 | |||||
181,000 | 3.300%, 03/01/21 | 183,732 | |||||
Andrew W Mellon Foundation | |||||||
358,000 | 0.947%, 08/01/27 | 359,466 | |||||
AXA Equitable Holdings | |||||||
202,000 | 5.000%, 04/20/48 | 254,661 | |||||
244,000 | 4.350%, 04/20/28 | 282,013 | |||||
Bank of America | |||||||
10,000 | 5.875%, 01/05/21 | 10,234 | |||||
464,000 | 3.004%, VAR ICE LIBOR USD 3 Month+0.790%, 12/20/23 | 489,001 | |||||
Bank of America MTN | |||||||
449,000 | 3.500%, 04/19/26 | 509,269 | |||||
493,000 | 3.248%, 10/21/27 | 551,616 | |||||
304,000 | 2.884%, VAR ICE LIBOR USD 3 Month+0.012%, 10/22/30 | 334,338 | |||||
40,000 | 2.456%, VAR ICE LIBOR USD 3 Month+0.870%, 10/22/25 | 42,448 | |||||
Bank of Ireland Group (1) | |||||||
510,000 | 4.500%, 11/25/23 | 551,499 | |||||
Bank of New York Mellon MTN | |||||||
518,000 | 1.950%, 08/23/22 | 534,985 | |||||
Banque Federative du Credit Mutuel MTN (1) | |||||||
210,000 | 2.700%, 07/20/22 | 218,162 | |||||
Barclays | |||||||
200,000 | 4.337%, 01/10/28 | 227,221 | |||||
Barclays Bank | |||||||
650,000 | 10.179%, 06/12/21 (1) | 698,139 | |||||
1,090,000 | 2.852%, VAR ICE LIBOR USD 3 Month+2.452%, 05/07/26 | 1,155,587 | |||||
BNP Paribas (1) | |||||||
605,000 | 2.219%, VAR United States Secured Overnight Financing Rate+2.074%, 06/09/26 | 630,141 |
Principal Amount ($) | Value $ | ||||||
Camden Property Trust | |||||||
56,000 | 3.150%, 07/01/29 | 63,583 | |||||
Capital One Financial | |||||||
58,000 | 3.750%, 03/09/27 | 65,195 | |||||
500,000 | 2.150%, 09/06/22 | 514,808 | |||||
Citigroup | |||||||
335,000 | 4.300%, 11/20/26 | 386,041 | |||||
1,425,000 | 3.200%, 10/21/26 | 1,582,275 | |||||
9,000 | 2.700%, 03/30/21 | 9,140 | |||||
Cooperatieve Rabobank UA MTN | |||||||
389,000 | 3.875%, 02/08/22 | 409,343 | |||||
Credit Agricole MTN (1) | |||||||
280,000 | 1.284%, VAR ICE LIBOR USD 3 Month+1.020%, 04/24/23 | 281,999 | |||||
Credit Suisse Group (1) | |||||||
522,000 | 3.869%, VAR ICE LIBOR USD 3 Month+1.410%, 01/12/29 | 586,996 | |||||
265,000 | 2.997%, VAR ICE LIBOR USD 3 Month+1.200%, 12/14/23 | 276,433 | |||||
Fifth Third Bancorp | |||||||
408,000 | 3.650%, 01/25/24 | 447,318 | |||||
545,000 | 2.375%, 01/28/25 | 578,584 | |||||
GE Capital International Funding Unlimited | |||||||
672,000 | 3.373%, 11/15/25 | 709,978 | |||||
Goldman Sachs Group | |||||||
121,000 | 4.750%, 10/21/45 | 167,221 | |||||
303,000 | 3.814%, VAR ICE LIBOR USD 3 Month+1.158%, 04/23/29 | 350,018 | |||||
120,000 | 3.500%, 11/16/26 | 133,885 | |||||
65,000 | 2.875%, 02/25/21 | 65,786 | |||||
64,000 | 2.625%, 04/25/21 | 64,938 | |||||
HCP | |||||||
169,000 | 3.250%, 07/15/26 | 188,453 | |||||
Healthcare Realty Trust | |||||||
200,000 | 2.400%, 03/15/30 | 197,656 | |||||
HSBC Holdings | |||||||
200,000 | 4.950%, 03/31/30 | 244,817 | |||||
1,171,000 | 2.633%, VAR ICE LIBOR USD 3 Month+1.140%, 11/07/25 | 1,225,391 | |||||
667,000 | 2.099%, VAR United States Secured Overnight Financing Rate+1.929%, 06/04/26 | 682,742 | |||||
JPMorgan Chase | |||||||
426,000 | 4.625%, 05/10/21 | 440,078 | |||||
50,000 | 4.500%, 01/24/22 | 53,010 | |||||
360,000 | 3.220%, VAR ICE LIBOR USD 3 Month+1.155%, 03/01/25 | 389,705 | |||||
174,000 | 2.950%, 10/01/26 | 193,388 | |||||
195,000 | 2.700%, 05/18/23 | 206,252 | |||||
915,000 | 2.005%, VAR United States Secured Overnight Financing Rate+1.585%, 03/13/26 | 954,748 | |||||
Liberty Mutual Group Inc (1) | |||||||
188,000 | 3.950%, 05/15/60 | 220,836 |
Schroder Core Bond Fund
Schedule of Investments
July 31, 2020 (unaudited)
Principal Amount ($) | Value $ | ||||||
Lloyds Banking Group | |||||||
530,000 | 2.438%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+1.000%, 02/05/26 | 556,492 | |||||
Mastercard | |||||||
110,000 | 3.850%, 03/26/50 | 146,574 | |||||
Metropolitan Life Global Funding I (1) | |||||||
1,150,000 | 2.950%, 04/09/30 | 1,321,028 | |||||
Moody's | |||||||
119,000 | 4.875%, 02/15/24 | 135,212 | |||||
Morgan Stanley | |||||||
397,000 | 3.625%, 01/20/27 | 457,043 | |||||
Morgan Stanley MTN | |||||||
200,000 | 3.950%, 04/23/27 | 228,653 | |||||
300,000 | 3.750%, 02/25/23 | 324,178 | |||||
543,000 | 2.750%, 05/19/22 | 564,595 | |||||
169,000 | 2.500%, 04/21/21 | 171,769 | |||||
Natwest Group | |||||||
560,000 | 3.073%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+2.550%, 05/22/28 | 601,205 | |||||
Prudential | |||||||
475,000 | 3.125%, 04/14/30 | 528,083 | |||||
Royal Bank of Scotland Group | |||||||
325,000 | 6.125%, 12/15/22 | 355,905 | |||||
State Street (1) | |||||||
206,000 | 3.152%, VAR United States Secured Overnight Financing Rate+2.650%, 03/30/31 | 237,648 | |||||
Truist Bank | |||||||
1,334,000 | 2.250%, 03/11/30 | 1,405,328 | |||||
US Bancorp MTN | |||||||
262,000 | 2.625%, 01/24/22 | 270,353 | |||||
Wells Fargo MTN | |||||||
296,000 | 2.879%, VAR ICE LIBOR USD 3 Month+1.170%, 10/30/30 | 321,363 | |||||
360,000 | 2.406%, VAR ICE LIBOR USD 3 Month+0.825%, 10/30/25 | 378,836 | |||||
783,000 | 2.393%, VAR United States Secured Overnight Financing Rate+2.100%, 06/02/28 | 820,271 | |||||
Wells Fargo | |||||||
215,000 | 3.069%, 01/24/23 | 222,581 | |||||
281,000 | 3.000%, 04/22/26 | 307,777 | |||||
28,861,585 | |||||||
Healthcare – 4.3% | |||||||
Abbott Laboratories | |||||||
494,000 | 3.400%, 11/30/23 | 539,059 | |||||
452,000 | 1.400%, 06/30/30 | 464,449 |
Principal Amount ($) | Value $ | ||
AbbVie | |||
143,000 | 3.850%, 06/15/24 (1) | 158,184 | |
140,000 | 3.800%, 03/15/25 (1) | 156,850 | |
274,000 | 3.600%, 05/14/25 | 306,434 | |
88,000 | 3.450%, 03/15/22 (1) | 91,527 | |
28,000 | 3.200%, 11/06/22 | 29,511 | |
607,000 | 3.200%, 11/21/29 (1) | 682,274 | |
Aetna | |||
299,000 | 2.800%, 06/15/23 | 316,439 | |
Anthem | |||
15,000 | 4.101%, 03/01/28 | 17,904 | |
Bayer US Finance II LLC (1) | |||
712,000 | 3.875%, 12/15/23 | 778,632 | |
Becton Dickinson | |||
153,000 | 3.734%, 12/15/24 | 170,264 | |
Cardinal Health | |||
212,000 | 3.079%, 06/15/24 | 228,254 | |
CommonSpirit Health | |||
210,000 | 3.347%, 10/01/29 | 221,455 | |
Merck | |||
257,000 | 2.750%, 02/10/25 | 280,695 | |
Shire Acquisitions Investments Ireland DAC | |||
195,000 | 2.400%, 09/23/21 | 198,888 | |
UnitedHealth Group | |||
325,000 | 3.875%, 12/15/28 | 392,524 | |
5,033,343 | |||
Industrials – 1.8% | |||
3M | |||
163,000 | 3.050%, 04/15/30 | 189,423 | |
CSX | |||
80,000 | 3.800%, 04/15/50 | 101,737 | |
Deere | |||
350,000 | 3.100%, 04/15/30 | 407,699 | |
DuPont de Nemours | |||
420,000 | 2.169%, 05/01/23 | 428,585 | |
General Electric MTN | |||
65,000 | 3.100%, 01/09/23 | 68,524 | |
Lockheed Martin | |||
18,000 | 3.550%, 01/15/26 | 20,676 | |
Novelis (1) | |||
131,000 | 4.750%, 01/30/30 | 136,668 | |
Raytheon Technologies (1) | |||
257,000 | 3.200%, 03/15/24 | 278,756 | |
Titan Acquisition (1) | |||
102,000 | 7.750%, 04/15/26 | 100,725 | |
United Technologies | |||
205,000 | 3.950%, 08/16/25 | 237,460 | |
Xylem | |||
135,000 | 1.950%, 01/30/28 | 140,336 | |
2,110,589 |
Schroder Core Bond Fund
Schedule of Investments
July 31, 2020 (unaudited)
Principal Amount ($) | Value $ | ||||||
Information Technology – 5.8% | |||||||
Apple | |||||||
315,000 | 3.000%, 06/20/27 | 357,122 | |||||
705,000 | 1.650%, 05/11/30 | 740,701 | |||||
Broadcom (1) | |||||||
1,120,000 | 4.700%, 04/15/25 | 1,280,894 | |||||
Intel | |||||||
877,000 | 3.900%, 03/25/30 | 1,070,047 | |||||
Microsoft | |||||||
127,000 | 4.100%, 02/06/37 | 170,112 | |||||
74,000 | 2.525%, 06/01/50 | 81,231 | |||||
663,000 | 2.400%, 08/08/26 | 730,101 | |||||
NVIDIA | |||||||
292,000 | 3.500%, 04/01/40 | 350,740 | |||||
Oracle | |||||||
915,000 | 3.600%, 04/01/40 | 1,083,401 | |||||
424,000 | 3.600%, 04/01/50 | 507,414 | |||||
salesforce.com | |||||||
406,000 | 3.700%, 04/11/28 | 482,252 | |||||
6,854,015 | |||||||
Real Estate – 2.8% | |||||||
American Tower REIT | |||||||
96,000 | 3.700%, 10/15/49 | 117,030 | |||||
185,000 | 2.400%, 03/15/25 | 197,961 | |||||
Boston Properties REIT | |||||||
425,000 | 3.400%, 06/21/29 | 475,945 | |||||
Crown Castle International REIT | |||||||
8,000 | 3.800%, 02/15/28 | 9,319 | |||||
210,000 | 3.200%, 09/01/24 | 228,921 | |||||
ERP Operating REIT | |||||||
351,000 | 3.000%, 07/01/29 | 396,476 | |||||
Kimco Realty | |||||||
1,358,000 | 2.700%, 10/01/30 | 1,402,664 | |||||
Simon Property Group REIT | |||||||
237,000 | 2.000%, 09/13/24 | 244,774 | |||||
Ventas Realty REIT | |||||||
250,000 | 3.125%, 06/15/23 | 258,618 | |||||
3,331,708 | |||||||
Utilities – 2.0% | |||||||
Entergy | |||||||
480,000 | 2.800%, 06/15/30 | 529,920 | |||||
Exelon | |||||||
31,000 | 2.450%, 04/15/21 | 31,385 | |||||
Mexico Generadora de Energia (1) | |||||||
159,774 | 5.500%, 12/06/32 | 175,333 | |||||
Pacific Gas and Electric | |||||||
1,140,000 | 2.500%, 02/01/31 | 1,144,068 | |||||
Southern | |||||||
403,000 | 2.950%, 07/01/23 | 428,181 | |||||
2,308,887 | |||||||
TOTAL CORPORATE OBLIGATIONS | |||||||
(Cost $60,075,616) | 65,651,427 |
Principal Amount ($) | Value $ | ||||||
U.S. TREASURY OBLIGATIONS – 18.1% | |||||||
United States Treasury Bill (2) | |||||||
985,000 | 0.125%, 09/10/20 | 984,904 | |||||
United States Treasury Bonds | |||||||
288,200 | 3.375%, 11/15/48 | 441,824 | |||||
43,000 | 3.125%, 05/15/48 | 62,926 | |||||
614,200 | 3.000%, 05/15/47 | 873,340 | |||||
53,600 | 3.000%, 08/15/48 | 76,983 | |||||
177,800 | 2.750%, 08/15/47 | 242,725 | |||||
28,900 | 2.750%, 11/15/47 | 39,523 | |||||
525,700 | 2.375%, 11/15/49 | 680,289 | |||||
131,300 | 2.250%, 08/15/49 | 165,484 | |||||
390,000 | 2.000%, 02/15/50 | 468,564 | |||||
3,626,000 | 1.250%, 05/15/50 | 3,673,733 | |||||
634,000 | 1.125%, 05/15/40 | 650,766 | |||||
United States Treasury Inflation Indexed Bonds | |||||||
803,245 | 0.750%, 07/15/28 | 925,130 | |||||
United States Treasury Notes | |||||||
3,090,000 | 1.500%, 11/30/21 | 3,146,248 | |||||
2,294,000 | 1.500%, 08/15/22 | 2,358,519 | |||||
6,500 | 1.500%, 02/15/30 | 7,094 | |||||
304,700 | 0.625%, 05/15/30 | 307,223 | |||||
25,300 | 0.500%, 03/15/23 | 25,553 | |||||
517,400 | 0.500%, 06/30/27 | 521,361 | |||||
4,999,500 | 0.375%, 03/31/22 | 5,019,615 | |||||
296,000 | 0.250%, 06/15/23 | 297,098 | |||||
203,000 | 0.125%, 05/15/23 | 203,024 | |||||
TOTAL U.S. TREASURY OBLIGATIONS | |||||||
(Cost $19,933,934) | 21,171,926 | ||||||
U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS – 13.5% | |||||||
Federal Home Loan Mortgage Corporation – 4.9% | |||||||
FHLMC | |||||||
725,424 | 4.500%, 08/01/48 | 779,846 | |||||
580,777 | 4.500%, 12/01/48 | 624,244 | |||||
529,800 | 4.000%, 11/01/48 | 562,991 | |||||
390,780 | 4.000%, 01/01/49 | 414,497 | |||||
304,558 | 3.500%, 05/01/46 | 325,381 | |||||
2,824,000 | 2.000%, 08/01/50 | 2,923,233 | |||||
FHLMC Gold | |||||||
9,721 | 4.500%, 10/01/24 | 10,213 | |||||
106,681 | 3.000%, 01/01/43 | 117,145 | |||||
5,757,550 | |||||||
Federal National Mortgage Association – 7.2% | |||||||
FNMA | |||||||
23,873 | 5.000%, 10/01/29 | 26,325 | |||||
148,939 | 4.500%, 12/01/47 | 160,221 | |||||
263,627 | 4.500%, 08/01/48 | 283,149 | |||||
622,755 | 4.500%, 10/01/48 | 669,773 |
Schroder Core Bond Fund
Schedule of Investments
Schedule of Investments
July 31, 2020 (unaudited)
Principal Amount ($) | Value $ | ||||||
548,321 | 4.500%, 11/01/48 | 589,227 | |||||
412,602 | 4.000%, 12/01/47 | 439,981 | |||||
41,274 | 4.000%, 12/01/48 | 43,769 | |||||
804,405 | 4.000%, 08/01/49 | 854,076 | |||||
1,518,861 | 3.500%, 11/01/47 | 1,605,870 | |||||
1,151,664 | 3.500%, 02/01/50 | 1,213,225 | |||||
204,424 | 3.000%, 06/01/43 | 222,310 | |||||
80,640 | 3.000%, 07/01/43 | 86,759 | |||||
909,089 | 3.000%, 01/01/50 | 962,480 | |||||
1,216,349 | 3.000%, 02/01/50 | 1,287,785 | |||||
8,444,950 | |||||||
Government National Mortgage Association – 1.4% | |||||||
GNMA | |||||||
427,525 | 5.000%, 08/20/48 | 464,752 | |||||
524,572 | 5.000%, 10/20/48 | 572,438 | |||||
240,994 | 4.500%, 10/20/48 | 259,340 | |||||
GNMA, Series 147, Class AK | |||||||
212,144 | 2.601%, 04/16/54 (3) | 222,866 | |||||
GNMA IO, Series 123, Class IO | |||||||
1,657,189 | 0.748%, 12/16/51 (3) | 67,066 | |||||
1,586,462 | |||||||
TOTAL U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS | |||||||
(Cost $15,322,366) | 15,788,962 | ||||||
TAXABLE MUNICIPAL BONDS – 6.1% | |||||||
California – 1.6% | |||||||
California State University RB, Series B | |||||||
175,000 | 3.065%, 11/01/42 | 186,890 | |||||
200,000 | 2.965%, 11/01/39 | 212,274 | |||||
State Health Facilities Financing Authority RB | |||||||
235,000 | 2.864%, 06/01/31 | 252,023 | |||||
180,000 | 2.704%, 06/01/30 | 193,342 | |||||
115,000 | 2.584%, 06/01/29 | 123,696 | |||||
State of California Department of Water Resources RB | |||||||
155,000 | 1.409%, 12/01/29 | 156,328 | |||||
205,000 | 1.319%, 12/01/28 | 206,507 | |||||
University of California RB, Series BG | |||||||
485,000 | 1.614%, 05/15/30 | 495,103 | |||||
1,826,163 | |||||||
Connecticut – 0.1% | |||||||
State of Connecticut GO, Series A | |||||||
65,000 | 2.677%, 07/01/30 | 70,548 | |||||
65,000 | 2.627%, 07/01/29 | 70,337 | |||||
140,885 | |||||||
Massachusetts – 0.4% | |||||||
Commonwealth of Massachusetts GO, Series C | |||||||
443,000 | 2.514%, 07/01/41 | 467,653 | |||||
Principal Amount ($) | Value $ | ||||||
New Jersey – 0.2% | |||||||
State Economic Development Authority RB, Series A, NATL | |||||||
205,000 | 7.425%, 02/15/29 | 255,162 | |||||
New York – 1.0% | |||||||
Port Authority of New York & New Jersey RB, Series AAA | |||||||
1,160,000 | 1.086%, 07/01/23 | 1,174,778 | |||||
Ohio – 0.6% | |||||||
American Municipal Power RB, Series B | |||||||
40,000 | 8.084%, 02/15/50 | 76,519 | |||||
Northeast Ohio Regional Sewer District RB | |||||||
210,000 | 3.200%, 11/15/44 | 219,956 | |||||
State Turnpike & Infrastructure Commission RB | |||||||
430,000 | 3.216%, 02/15/48 | 452,966 | |||||
749,441 | |||||||
Pennsylvania – 0.3% | |||||||
Philadelphia Authority for Industrial Development RB | |||||||
350,000 | 3.964%, 04/15/26 | 379,624 | |||||
Texas – 1.1% | |||||||
Cities of Dallas and Fort Worth RB | |||||||
510,000 | 3.089%, 11/01/40 | 517,380 | |||||
State Transportation Commission GO | |||||||
780,000 | 2.562%, 04/01/42 | 812,237 | |||||
1,329,617 | |||||||
Washington – 0.8% | |||||||
Pierce County School District No. 10 Tacoma GO | |||||||
845,000 | 2.357%, 12/01/39 | 875,006 | |||||
TOTAL TAXABLE MUNICIPAL BONDS | |||||||
(Cost $6,918,397) | 7,198,329 | ||||||
ASSET-BACKED SECURITIES – 2.5% | |||||||
Cedar Funding VI CLO, Series 2018-6A, Class AR (1) | |||||||
645,000 | 1.362%, VAR ICE LIBOR USD 3 Month+1.090%, 10/20/28 | 637,066 | |||||
Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB4, Class AF1 | |||||||
19,158 | 5.000%, 03/25/31 | 19,413 | |||||
Dewolf Park CLO, Series 2017-1A, Class A (1) | |||||||
500,000 | 1.485%, VAR ICE LIBOR USD 3 Month+1.210%, 10/15/30 | 493,526 |
Schroder Core Bond Fund
Schedule of Investments
July 31, 2020 (unaudited)
Principal Amount ($) | Value $ | ||||||
Goldentree Loan Management, Series 2017-2A, Class A (1) | |||||||
606,000 | 1.422%, VAR ICE LIBOR USD 3 Month+1.150%, 11/28/30 | 596,344 | |||||
Madison Park Funding XXVI, Series 2017-26A, Class AR (1) | |||||||
600,000 | 1.470%, VAR ICE LIBOR USD 3 Month+1.200%, 07/29/30 | 586,632 | |||||
Octagon Investment Partners 30, Series 2017-1A, Class A1 (1) | |||||||
250,000 | 1.592%, VAR ICE LIBOR USD 3 Month+1.320%, 03/17/30 | 245,207 | |||||
Towd Point Mortgage Trust, Series 2015-6, Class A1 (1) (3) | |||||||
27,553 | 3.500%, 04/25/55 | 28,204 | |||||
Towd Point Mortgage Trust, Series 2017-3, Class A1 (1) (3) | |||||||
202,278 | 2.750%, 07/25/57 | 207,498 | |||||
Towd Point Mortgage Trust, Series 2017-4, Class A1 (1) (3) | |||||||
110,535 | 2.750%, 06/25/57 | 114,457 | |||||
TOTAL ASSET-BACKED SECURITIES | |||||||
(Cost $2,965,634) | 2,928,347 | ||||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 2.5% | |||||||
CAL Funding III, Series 2017-1A, Class A (1) | |||||||
285,658 | 3.620%, 06/25/42 | 285,640 | |||||
Flagstar Mortgage Trust, Series 2017-2, Class A5 (1) (3) | |||||||
244,513 | 3.500%, 10/25/47 | 246,064 | |||||
Impac Secured Assets Trust, Series 2006-1, Class 2A2 | |||||||
47,983 | 0.582%, VAR ICE LIBOR USD 1 Month+0.410%, 05/25/36 | 45,149 | |||||
Impac Secured Assets Trust, Series 2006-2, Class 2M1 | |||||||
130,000 | 0.672%, VAR ICE LIBOR USD 1 Month+0.500%, 08/25/36 | 129,011 | |||||
JPMorgan Mortgage Trust, Series 2015-3, Class A5 (1) (3) | |||||||
28,814 | 3.500%, 05/25/45 | 28,894 | |||||
JPMorgan Mortgage Trust, Series 2016-3, Class 1A3 (1) (3) | |||||||
278,568 | 3.492%, 10/25/46 | 281,341 | |||||
JPMorgan Mortgage Trust, Series 2017-1, Class A4 (1) (3) | |||||||
391,454 | 3.500%, 01/25/47 | 396,809 | |||||
JPMorgan Mortgage Trust, Series 2017-3, Class 1A5 (1) (3) | |||||||
159,320 | 3.500%, 08/25/47 | 160,135 | |||||
JPMorgan Mortgage Trust, Series 2018-8, Class A15 (1) (3) | |||||||
1,996 | 4.000%, 01/25/49 | 1,993 |
Principal Amount ($) | Value $ | ||||||
Madison Park Funding XVIII, Series 2017-18A, Class A1R (1) | |||||||
800,000 | 1.461%, VAR ICE LIBOR USD 3 Month+1.190%, 10/21/30 | 788,407 | |||||
Sequoia Mortgage Trust, Series 2015-2, Class A10 (1) (3) | |||||||
103,933 | 3.500%, 05/25/45 | 105,266 | |||||
Sequoia Mortgage Trust, Series 2015-3, Class A4 (1) (3) | |||||||
109,072 | 3.500%, 07/25/45 | 110,005 | |||||
Textainer Marine Containers V, Series 2017-1A, Class A (1) | |||||||
70,797 | 3.720%, 05/20/42 | 70,558 | |||||
Textainer Marine Containers V, Series 2017-2A, Class A (1) | |||||||
167,695 | 3.520%, 06/20/42 | 167,292 | |||||
Towd Point Mortgage Trust, Series 2017-2, Class A1 (1) (3) | |||||||
100,102 | 2.750%, 04/25/57 | 102,176 | |||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | |||||||
(Cost $2,929,779) | 2,918,740 | ||||||
SOVEREIGN GOVERNMENTS – 0.5% | |||||||
Mexico Government International Bond | |||||||
380,000 | 3.250%, 04/16/30 | 388,930 | |||||
Peruvian Government International Bond | |||||||
175,000 | 2.783%, 01/23/31 | 194,863 | |||||
65,000 | 2.392%, 01/23/26 | 69,095 | |||||
TOTAL SOVEREIGN GOVERNMENTS | |||||||
(Cost $618,099) | 652,888 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 99.2% | |||||||
(Cost $108,763,825) | 116,310,619 | ||||||
OTHER ASSETS LESS LIABILITIES – 0.8% | 886,234 | ||||||
NET ASSETS – 100% | $ | 117,196,853 |
(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 July 31, 2020, the value of these securities amounted to $16,677,139, representing 14.2% 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. |
Schroder Core Bond Fund
Schedule of Investments
July 31, 2020 (unaudited)
CLO — Collateralized Loan Obligation |
FHLMC — Federal Home Loan Mortgage Corporation |
DAC — Designated Activity Company |
FNMA — Federal National Mortgage Association |
GNMA — Government National Mortgage Association |
GO — General Obligation |
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 July 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities (1) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Obligations | $ | — | $ | 65,651,427 | $ | — | $ | 65,651,427 | ||||||||
U.S. Treasury Obligations | — | 21,171,926 | — | 21,171,926 | ||||||||||||
U.S. Government Mortgage-Backed Obligations | — | 15,788,962 | — | 15,788,962 | ||||||||||||
Taxable Municipal Bonds | — | 7,198,329 | — | 7,198,329 | ||||||||||||
Asset-Backed Securities | — | 2,928,347 | — | 2,928,347 | ||||||||||||
Collateralized Mortgage Obligations | — | 2,918,740 | — | 2,918,740 | ||||||||||||
Sovereign Governments | — | 652,888 | — | 652,888 | ||||||||||||
Total Investments in Securities | $ | — | $ | 116,310,619 | $ | — | $ | 116,310,619 |
(1) | For the period ended July 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.
Schroder Long Duration Investment-Grade Bond Fund
Schedule of Investments
July 31, 2020 (unaudited)
Principal Amount ($) | Value $ | ||||||
CORPORATE OBLIGATIONS – 61.2% | |||||||
Communication Services – 6.7% | |||||||
AT&T | |||||||
775,000 | 4.500%, 05/15/35 | 930,321 | |||||
1,078,000 | 4.500%, 03/09/48 | 1,320,301 | |||||
717,000 | 3.650%, 06/01/51 | 786,330 | |||||
Comcast | |||||||
1,136,000 | 4.700%, 10/15/48 | 1,628,156 | |||||
70,000 | 3.969%, 11/01/47 | 89,639 | |||||
146,000 | 3.450%, 02/01/50 | 177,091 | |||||
Discovery Communications | |||||||
288,000 | 5.300%, 05/15/49 | 372,431 | |||||
464,000 | 4.650%, 05/15/50 | 556,614 | |||||
183,000 | 4.125%, 05/15/29 | 211,227 | |||||
Fox | |||||||
311,000 | 5.476%, 01/25/39 | 429,758 | |||||
Verizon Communications | |||||||
469,000 | 5.250%, 03/16/37 | 661,754 | |||||
522,000 | 4.000%, 03/22/50 | 694,670 | |||||
Vodafone Group | |||||||
425,000 | 5.000%, 05/30/38 | 550,976 | |||||
Walt Disney | |||||||
245,000 | 4.750%, 09/15/44 | 322,784 | |||||
8,732,052 | |||||||
Consumer Discretionary – 4.9% | |||||||
Amazon.com | |||||||
570,000 | 2.700%, 06/03/60 | 630,785 | |||||
895,000 | 2.500%, 06/03/50 | 976,000 | |||||
Brown University | |||||||
2,023,000 | 2.924%, 09/01/50 | 2,297,647 | |||||
Cox Communications (1) | |||||||
147,000 | 4.600%, 08/15/47 | 197,053 | |||||
Home Depot | |||||||
375,000 | 3.125%, 12/15/49 | 444,553 | |||||
805,000 | 2.950%, 06/15/29 | 924,353 | |||||
McDonald's MTN | |||||||
426,000 | 4.875%, 12/09/45 | 585,726 | |||||
343,000 | 3.625%, 09/01/49 | 406,934 | |||||
6,463,051 | |||||||
Consumer Staples – 7.5% | |||||||
Altria Group | |||||||
583,000 | 5.375%, 01/31/44 | 754,812 | |||||
Anheuser-Busch | |||||||
969,000 | 4.900%, 02/01/46 | 1,237,700 | |||||
Anheuser-Busch InBev Worldwide | |||||||
238,000 | 4.900%, 01/23/31 | 305,478 | |||||
BAT Capital | |||||||
274,000 | 4.540%, 08/15/47 | 313,693 | |||||
Coca-Cola | |||||||
246,000 | 4.200%, 03/25/50 | 345,503 |
Principal Amount ($) | Value $ | ||||||
CVS Health | |||||||
259,000 | 5.125%, 07/20/45 | 352,318 | |||||
632,000 | 5.050%, 03/25/48 | 870,574 | |||||
105,000 | 4.250%, 04/01/50 | 133,477 | |||||
Diageo Capital | |||||||
635,000 | 2.125%, 04/29/32 | 680,966 | |||||
Georgetown University | |||||||
477,000 | 5.215%, 10/01/18 | 688,557 | |||||
Kroger | |||||||
177,000 | 5.400%, 01/15/49 | 257,100 | |||||
Massachusetts Mutual Life Insurance (1) | |||||||
502,000 | 3.375%, 04/15/50 | 556,561 | |||||
Molson Coors Brewing | |||||||
328,000 | 4.200%, 07/15/46 | 343,666 | |||||
New York Life Insurance (1) | |||||||
574,000 | 3.750%, 05/15/50 | 697,913 | |||||
PepsiCo | |||||||
678,000 | 3.500%, 03/19/40 | 846,560 | |||||
Tyson Foods | |||||||
177,000 | 5.100%, 09/28/48 | 247,093 | |||||
Walmart | |||||||
923,000 | 3.950%, 06/28/38 | 1,227,932 | |||||
32,000 | 3.625%, 12/15/47 | 42,442 | |||||
9,902,345 | |||||||
Energy – 4.6% | |||||||
Chevron | |||||||
490,000 | 3.078%, 05/11/50 | 566,405 | |||||
Enbridge | |||||||
254,000 | 5.500%, 12/01/46 | 340,457 | |||||
Energy Transfer Operating | |||||||
432,000 | 5.250%, 04/15/29 | 469,256 | |||||
Enterprise Products Operating LLC | |||||||
202,000 | 5.100%, 02/15/45 | 249,029 | |||||
662,000 | 4.250%, 02/15/48 | 756,844 | |||||
Halliburton | |||||||
180,000 | 5.000%, 11/15/45 | 192,301 | |||||
Marathon Petroleum | |||||||
228,000 | 4.750%, 09/15/44 | 260,429 | |||||
MidAmerican Energy | |||||||
354,000 | 4.250%, 07/15/49 | 498,528 | |||||
MPLX | |||||||
820,000 | 4.700%, 04/15/48 | 883,671 | |||||
Phillips 66 Partners | |||||||
361,000 | 4.680%, 02/15/45 | 386,023 | |||||
Plains All American Pipeline | |||||||
581,000 | 3.550%, 12/15/29 | 573,919 | |||||
Shell International Finance BV | |||||||
325,000 | 4.000%, 05/10/46 | 405,688 | |||||
Sunoco Logistics Partners Operations | |||||||
421,000 | 5.400%, 10/01/47 | 421,520 | |||||
6,004,070 |
Schroder Long Duration Investment-Grade Bond Fund
Schedule of Investments
July 31, 2020 (unaudited)
Principal Amount ($) | Value $ | ||||||
Financials – 13.4% | |||||||
Aflac | |||||||
150,000 | 6.450%, 08/15/40 | 222,168 | |||||
American International Group | |||||||
227,000 | 4.375%, 01/15/55 | 280,924 | |||||
AXA Equitable Holdings | |||||||
1,024,000 | 5.000%, 04/20/48 | 1,290,955 | |||||
Bank of America MTN | |||||||
338,000 | 5.000%, 01/21/44 | 486,953 | |||||
Bank of America | |||||||
574,000 | 6.000%, 10/15/36 | 849,177 | |||||
Citigroup | |||||||
815,000 | 4.281%, VAR ICE LIBOR USD 3 Month+1.839%, 04/24/48 | 1,077,291 | |||||
405,000 | 3.200%, 10/21/26 | 449,699 | |||||
Goldman Sachs Group | |||||||
328,000 | 4.750%, 10/21/45 | 453,295 | |||||
HSBC Holdings | |||||||
356,000 | 4.583%, VAR ICE LIBOR USD 3 Month+1.535%, 06/19/29 | 415,425 | |||||
790,000 | 3.973%, VAR ICE LIBOR USD 3 Month+1.610%, 05/22/30 | 893,507 | |||||
370,000 | 2.848%, VAR United States Secured Overnight Financing Rate+2.387%, 06/04/31 | 388,784 | |||||
JPMorgan Chase | |||||||
188,000 | 5.600%, 07/15/41 | 289,382 | |||||
1,378,000 | 3.109%, 04/22/51 (2) | 1,562,500 | |||||
Liberty Mutual Group Inc (1) | |||||||
559,000 | 3.950%, 05/15/60 | 656,634 | |||||
Lincoln National | |||||||
451,000 | 4.375%, 06/15/50 | 543,971 | |||||
Morgan Stanley MTN | |||||||
338,000 | 4.300%, 01/27/45 | 455,684 | |||||
Northern Trust | |||||||
2,120,000 | 1.950%, 05/01/30 | 2,247,201 | |||||
Prudential | |||||||
630,000 | 3.125%, 04/14/30 | 700,405 | |||||
Prudential Financial | |||||||
204,000 | 3.935%, 12/07/49 | 251,413 | |||||
Total Capital International | |||||||
1,229,000 | 3.127%, 05/29/50 | 1,383,792 | |||||
Wells Fargo | |||||||
366,000 | 3.900%, 05/01/45 | 455,160 | |||||
2,046,000 | 3.068%, VAR United States Secured Overnight Financing Rate+2.530%, 04/30/41 | 2,234,856 | |||||
17,589,176 | |||||||
Healthcare – 1.7% | |||||||
Amgen | |||||||
170,000 | 4.663%, 06/15/51 | 240,709 | |||||
1,085,000 | 3.375%, 02/21/50 | 1,272,496 | |||||
Bayer US Finance II (1) | |||||||
142,000 | 4.700%, 07/15/64 | 173,402 |
Principal Amount ($) | Value $ | ||
Cigna | |||
207,000 | 4.900%, 12/15/48 | 291,660 | |
UnitedHealth Group | |||
201,000 | 4.450%, 12/15/48 | 282,157 | |
2,260,424 | |||
Industrials – 4.1% | |||
3M | |||
248,000 | 3.700%, 04/15/50 | 325,158 | |
Burlington Northern Santa Fe | |||
207,000 | 4.900%, 04/01/44 | 298,101 | |
569,000 | 4.150%, 04/01/45 | 755,873 | |
33,000 | 4.150%, 12/15/48 | 45,088 | |
174,000 | 3.050%, 02/15/51 | 203,255 | |
Caterpillar | |||
672,000 | 3.250%, 04/09/50 | 807,731 | |
CSX | |||
140,000 | 3.800%, 04/15/50 | 178,040 | |
Deere | |||
267,000 | 3.750%, 04/15/50 | 347,784 | |
GE Capital International Funding Unlimited | |||
500,000 | 4.418%, 11/15/35 | 516,273 | |
General Electric | |||
968,000 | 4.350%, 05/01/50 | 1,003,943 | |
General Electric Capital MTN | |||
275,000 | 6.750%, 03/15/32 | 348,053 | |
Johnson Controls International | |||
77,000 | 4.500%, 02/15/47 | 94,295 | |
Waste Management | |||
341,000 | 4.150%, 07/15/49 | 454,392 | |
5,377,986 | |||
Information Technology – 7.4% | |||
Apple | |||
1,275,000 | 2.650%, 05/11/50 | 1,406,982 | |
California Institute of Technology | |||
435,000 | 3.650%, 09/01/19 | 513,225 | |
Fiserv | |||
800,000 | 3.500%, 07/01/29 | 925,838 | |
Intel | |||
1,191,000 | 4.750%, 03/25/50 | 1,727,259 | |
63,000 | 3.250%, 11/15/49 | 74,887 | |
Mastercard | |||
206,000 | 3.850%, 03/26/50 | 274,493 | |
Microsoft | |||
424,000 | 3.700%, 08/08/46 | 552,192 | |
398,000 | 2.675%, 06/01/60 | 439,655 | |
257,000 | 2.525%, 06/01/50 | 282,114 | |
NVIDIA | |||
259,000 | 3.700%, 04/01/60 | 322,981 | |
Oracle | |||
606,000 | 4.000%, 11/15/47 | 763,475 | |
1,371,000 | 3.850%, 04/01/60 | 1,720,713 | |
624,000 | 3.600%, 04/01/50 | 746,760 | |
9,750,574 |
Schroder Long Duration Investment-Grade Bond Fund
Schedule of Investments
July 31, 2020 (unaudited)
Principal Amount ($) | Value $ | ||||||
Materials – 0.9% | |||||||
Barrick North America Finance LLC | |||||||
316,000 | 5.700%, 05/30/41 | 452,930 | |||||
Dow Chemical | |||||||
148,000 | 9.400%, 05/15/39 | 257,613 | |||||
122,000 | 4.625%, 10/01/44 | 146,376 | |||||
International Paper | |||||||
177,000 | 7.300%, 11/15/39 | 260,521 | |||||
1,117,440 | |||||||
Real Estate – 1.1% | |||||||
American Tower REIT | |||||||
379,000 | 3.700%, 10/15/49 | 462,027 | |||||
Camden Property Trust REIT | |||||||
517,000 | 3.350%, 11/01/49 | 597,531 | |||||
Simon Property Group REIT | |||||||
439,000 | 3.250%, 09/13/49 | 438,611 | |||||
1,498,169 | |||||||
Utilities – 8.9% | |||||||
Berkshire Hathaway Energy (1) | |||||||
276,000 | 4.250%, 10/15/50 | 377,700 | |||||
Commonwealth Edison | |||||||
82,000 | 4.600%, 08/15/43 | 112,272 | |||||
840,000 | 4.000%, 03/01/49 | 1,119,686 | |||||
Duke Energy Carolinas | |||||||
222,000 | 3.875%, 03/15/46 | 287,149 | |||||
138,000 | 3.700%, 12/01/47 | 175,147 | |||||
Duke Energy Indiana | |||||||
112,000 | 6.120%, 10/15/35 | 153,661 | |||||
Duke Energy Ohio | |||||||
822,000 | 4.300%, 02/01/49 | 1,127,156 | |||||
Duke Energy Progress | |||||||
185,000 | 4.200%, 08/15/45 | 247,279 | |||||
Entergy | |||||||
625,000 | 3.750%, 06/15/50 | 772,540 | |||||
Entergy Louisiana | |||||||
269,000 | 2.900%, 03/15/51 | 307,078 | |||||
Entergy Texas | |||||||
544,000 | 3.550%, 09/30/49 | 655,405 | |||||
Florida Power & Light | |||||||
175,000 | 4.050%, 10/01/44 | 235,468 | |||||
400,000 | 3.990%, 03/01/49 | 552,522 | |||||
Pacific Gas and Electric | |||||||
630,000 | 3.500%, 08/01/50 | 648,868 | |||||
PacifiCorp | |||||||
761,000 | 4.150%, 02/15/50 | 1,031,254 | |||||
270,000 | 3.300%, 03/15/51 | 331,874 | |||||
PPL Electric Utilities | |||||||
80,000 | 3.950%, 06/01/47 | 104,840 | |||||
Public Service Electric & Gas MTN | |||||||
310,000 | 3.150%, 01/01/50 | 373,089 |
Principal Amount ($) | Value $ | ||||||
Public Service of Colorado | |||||||
183,000 | 4.300%, 03/15/44 | 245,896 | |||||
267,000 | 3.800%, 06/15/47 | 343,379 | |||||
140,000 | 3.550%, 06/15/46 | 164,914 | |||||
Sempra Energy | |||||||
487,000 | 6.000%, 10/15/39 | 723,591 | |||||
162,000 | 4.000%, 02/01/48 | 198,026 | |||||
Southern | |||||||
55,000 | 4.400%, 07/01/46 | 69,620 | |||||
Southern California Edison | |||||||
565,000 | 3.650%, 02/01/50 | 655,499 | |||||
Southwestern Public Service | |||||||
520,000 | 4.400%, 11/15/48 | 707,380 | |||||
11,721,293 | |||||||
TOTAL CORPORATE OBLIGATIONS | |||||||
(Cost $65,900,530) | 80,416,580 | ||||||
U.S. TREASURY OBLIGATIONS – 29.0% | |||||||
United States Treasury Bills (3) | |||||||
884,000 | 0.131%, 12/17/20 | 883,653 | |||||
380,000 | 0.125%, 09/10/20 | 379,963 | |||||
653,000 | 0.087%, 10/29/20 | 652,842 | |||||
United States Treasury Bonds | |||||||
231,200 | 4.625%, 02/15/40 | 384,794 | |||||
3,750,900 | 4.500%, 02/15/36 | 5,847,741 | |||||
834,000 | 4.500%, 08/15/39 | 1,362,287 | |||||
268,000 | 4.375%, 11/15/39 | 432,548 | |||||
932,100 | 4.375%, 05/15/40 | 1,512,951 | |||||
1,223,000 | 3.125%, 05/15/48 | 1,789,736 | |||||
790,900 | 3.000%, 11/15/45 | 1,110,813 | |||||
6,801,600 | 2.750%, 08/15/47 | 9,285,247 | |||||
597,700 | 2.750%, 11/15/47 | 817,401 | |||||
3,037,000 | 2.720%, 05/15/48 (4) | 2,148,941 | |||||
211,500 | 2.250%, 08/15/49 | 266,564 | |||||
5,380,000 | 1.250%, 05/15/50 | 5,450,823 | |||||
1,706,000 | 1.125%, 05/15/40 | 1,751,116 | |||||
United States Treasury Notes | |||||||
600,000 | 2.750%, 09/30/20 | 602,509 | |||||
877,600 | 1.500%, 02/15/30 | 957,784 | |||||
2,478,000 | 0.625%, 03/31/27 | 2,519,042 | |||||
TOTAL U.S. TREASURY OBLIGATIONS | |||||||
(Cost $31,517,745) | 38,156,755 | ||||||
TAXABLE MUNICIPAL BONDS – 6.3% | |||||||
California – 3.3% | |||||||
California Health Facilities Financing Authority RB | |||||||
95,000 | 3.034%, 06/01/34 | 100,816 | |||||
155,000 | 2.984%, 06/01/33 | 165,112 | |||||
220,000 | 2.934%, 06/01/32 | 235,235 | |||||
University of California RB | |||||||
2,450,000 | 2.975%, 11/01/51 | 2,718,324 |
Schroder Long Duration Investment-Grade Bond Fund
Schedule of Investments
July 31, 2020 (unaudited)
Principal Amount ($) | Value $ | ||||||
University of California RB, Series AD | |||||||
739,000 | 4.858%, 05/15/2112 | 1,135,902 | |||||
4,355,389 | |||||||
Ohio – 0.6% | |||||||
Ohio Turnpike & Infrastructure Commission RB | |||||||
760,000 | 3.216%, 02/15/48 | 800,592 | |||||
Pennsylvania – 0.7% | |||||||
Pennsylvania State University RB, Series D | |||||||
845,000 | 2.840%, 09/01/50 | 931,122 | |||||
Texas – 1.4% | |||||||
Dallas RB, Series C | |||||||
225,000 | 2.919%, 11/01/50 | 228,256 | |||||
Grand Parkway Transportation RB, Series Sub | |||||||
1,535,000 | 3.236%, 10/01/52 | 1,631,152 | |||||
1,859,408 | |||||||
Wisconsin – 0.3% | |||||||
State of Wisconsin RB, Series A | |||||||
350,000 | 2.429%, 05/01/31 | 377,024 | |||||
TOTAL TAXABLE MUNICIPAL BONDS | |||||||
(Cost $7,396,942) | 8,323,535 | ||||||
SOVEREIGN GOVERNMENTS – 2.3% | |||||||
Indonesia Government International Bond | |||||||
200,000 | 4.200%, 10/15/50 | 239,004 | |||||
Mexico Government International Bond | |||||||
1,075,000 | 4.500%, 01/31/50 | 1,194,325 | |||||
Panama Government International Bond | |||||||
230,000 | 4.500%, 04/01/56 | 310,500 | |||||
Peruvian Government International Bond | |||||||
520,000 | 2.783%, 01/23/31 | 579,020 | |||||
Philippine Government International Bond | |||||||
347,000 | 2.950%, 05/05/45 | 388,626 | |||||
Uruguay Government International Bond | |||||||
191,000 | 5.100%, 06/18/50 | 267,161 | |||||
TOTAL SOVEREIGN GOVERNMENTS | |||||||
(Cost $2,857,878) | 2,978,636 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 98.8% | |||||||
(Cost $107,673,095) | 129,875,506 | ||||||
OTHER ASSETS LESS LIABILITIES – 1.2% | 1,519,864 | ||||||
NET ASSETS – 100% | $ | 131,395,370 |
(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 July 31, 2020, the value of these securities amounted to $2,659,263, representing 2.0% 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. |
(3) | Zero Coupon Security — Rate disclosed is the effective yield at time of purchase. |
(4) | United States Treasury PO STRIPS — Rate disclosed is the effective yield at time of purchase. |
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 |
Schroder Long Duration Investment-Grade Bond Fund
Schedule of Investments
July 31, 2020 (unaudited)
The following is a summary of the inputs used as of July 31, 2020, in valuing the Fund’s investments carried at value:
Investments in Securities (1) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Obligations | $ | — | $ | 80,416,580 | $ | — | $ | 80,416,580 | ||||||||
U.S. Treasury Obligations | — | 38,156,755 | — | 38,156,755 | ||||||||||||
Taxable Municipal Bonds | — | 8,323,535 | — | 8,323,535 | ||||||||||||
Sovereign Governments | — | 2,978,636 | — | 2,978,636 | ||||||||||||
Total Investments in Securities | $ | — | $ | 129,875,506 | $ | — | $ | 129,875,506 |
(1) | For the period ended July 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-001-0800