Schroder Global Series Trust NPORT-P Schroder North American Equity Fund (Jan 2021 report)

Schroder Core Bond Fund

Schedule of Investments

January 31, 2021 (unaudited)

Principal Amount ($)			Value $
��		CORPORATE OBLIGATIONS – 55.4%
		Communication Services – 5.4%
		AT&T
	97,000	4.500%, 05/15/35		114,914
	100,000	4.300%, 02/15/30		117,178
	229,000	3.000%, 06/30/22		236,624
	1,041,000	2.750%, 06/01/31		1,086,479
	250,000	1.650%, 02/01/28		251,341
		Comcast
	400,000	3.950%, 10/15/25		455,772
	245,000	2.650%, 02/01/30		262,759
		Discovery Communications LLC
	379,000	3.625%, 05/15/30		426,589
	124,000	2.950%, 03/20/23		130,288
		T-Mobile USA (1)
	818,000	3.875%, 04/15/30		925,452
	734,000	3.000%, 02/15/41		722,623
		Verizon Communications
	137,000	4.329%, 09/21/28		162,779
	160,000	4.016%, 12/03/29		187,405
	142,000	3.150%, 03/22/30		155,864
	303,000	1.321%, VAR ICE LIBOR USD 3 Month+1.100%, 05/15/25		311,790
		Vodafone Group
	227,000	1.213%, VAR ICE LIBOR USD 3 Month+0.990%, 01/16/24		230,653
				5,778,510
		Consumer Discretionary – 1.3%
		AutoNation
	59,000	4.500%, 10/01/25		66,782
		Cox Communications (1)
	227,000	3.150%, 08/15/24		245,304
		General Motors
	296,000	6.125%, 10/01/25		356,766
		General Motors Financial
	300,000	3.250%, 01/05/23		314,074
		Lehigh University
	340,000	2.553%, 11/15/43		326,536
		Magna International
	71,000	4.150%, 10/01/25		81,057
				1,390,519
		Consumer Staples – 3.8%
		7-Eleven (1)
	890,000	0.641%, VAR ICE LIBOR USD 3 Month+0.450%, 08/10/22		890,535
		Altria Group
	109,000	4.400%, 02/14/26		125,512
		Anheuser-Busch InBev Worldwide
	693,000	4.350%, 06/01/40		826,970
	495,000	4.150%, 01/23/25		559,457
		BAT Capital
	65,000	3.557%, 08/15/27		72,184
	193,000	3.222%, 08/15/24		208,227

 

Principal Amount ($)			Value $
		Boston Scientific
	116,000	3.450%, 03/01/24		125,469
		CVS Health
	105,000	5.050%, 03/25/48		136,974
	138,000	4.300%, 03/25/28		161,972
	100,000	4.250%, 04/01/50		120,000
		Procter & Gamble
	415,000	3.000%, 03/25/30		469,333
		Reynolds American
	21,000	5.850%, 08/15/45		26,471
		RJ Reynolds Tobacco
	401,000	3.750%, 05/20/23		420,913
				4,144,017
		Energy – 3.7%
		BP Capital Markets
	96,000	2.500%, 11/06/22		99,557
		Canadian Natural Resources
	171,000	6.250%, 03/15/38		224,878
		Duke Energy
	379,000	2.450%, 06/01/30		394,329
		Enbridge
	91,000	4.250%, 12/01/26		105,391
		Energy Transfer Partners
	355,000	3.600%, 02/01/23		371,144
		Enterprise Products Operating LLC
	238,000	4.200%, 01/31/50		268,248
		EOG Resources
	183,000	2.625%, 03/15/23		190,558
		Equinor
	505,000	2.375%, 05/22/30		531,204
		Marathon Petroleum
	185,000	4.500%, 05/01/23		200,129
		MPLX
	498,000	5.200%, 03/01/47		590,871
	188,000	4.500%, 04/15/38		210,152
		Phillips 66 Partners
	135,000	3.750%, 03/01/28		146,240
	186,000	3.605%, 02/15/25		201,471
		Plains All American Pipeline
	235,000	3.550%, 12/15/29		244,370
		Williams Partners
	200,000	4.300%, 03/04/24		219,574
				3,998,116
		Financials – 24.2%
		Aflac
	2,000	6.450%, 08/15/40		2,864
		American International Group
	303,000	3.900%, 04/01/26		342,939
	181,000	3.300%, 03/01/21		181,000
		Andrew W Mellon Foundation
	358,000	0.947%, 08/01/27		357,077
		AXA Equitable Holdings
	202,000	5.000%, 04/20/48		259,240
	244,000	4.350%, 04/20/28		285,029

Schroder Core Bond Fund

Schedule of Investments

January 31, 2021 (unaudited)

Principal Amount ($)			Value $
		Bank of America MTN
	449,000	3.500%, 04/19/26		505,259
	493,000	3.248%, 10/21/27		546,168
	304,000	2.884%, VAR ICE LIBOR USD 3 Month+0.012%, 10/22/30		326,718
	40,000	2.456%, VAR ICE LIBOR USD 3 Month+0.870%, 10/22/25		42,362
		Bank of America
	464,000	3.004%, VAR ICE LIBOR USD 3 Month+0.790%, 12/20/23		486,065
		Bank of Ireland Group (1)
	510,000	4.500%, 11/25/23		558,499
		Banque Federative du Credit Mutuel MTN (1)
	210,000	2.700%, 07/20/22		217,301
		Barclays
	838,000	3.564%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.900%, 09/23/35		878,509
		Barclays Bank
	1,090,000	2.852%, VAR ICE LIBOR USD 3 Month+2.452%, 05/07/26		1,159,894
		Belrose Funding Trust (1)
	397,000	2.330%, 08/15/30		405,223
		BNP Paribas (1)
	605,000	2.219%, VAR United States Secured Overnight Financing Rate+2.074%, 06/09/26		632,171
		Capital One Financial
	58,000	3.750%, 03/09/27		66,073
	500,000	2.150%, 09/06/22		513,591
		Citigroup
	335,000	4.300%, 11/20/26		385,315
	975,000	3.200%, 10/21/26		1,074,512
	9,000	2.700%, 03/30/21		9,037
		Credit Agricole MTN (1)
	280,000	1.238%, VAR ICE LIBOR USD 3 Month+1.020%, 04/24/23		284,157
		Credit Suisse Group (1)
	272,000	3.869%, VAR ICE LIBOR USD 3 Month+1.410%, 01/12/29		304,639
		Danske Bank (1)
	916,000	1.621%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+1.350%, 09/11/26		920,737
		Equitable Financial Life Global Funding (1)
	270,000	1.400%, 08/27/27		270,940
		Fifth Third Bancorp
	408,000	3.650%, 01/25/24		443,293
	545,000	2.375%, 01/28/25		576,854
		GE Capital International Funding Unlimited
	672,000	3.373%, 11/15/25		742,858
		Goldman Sachs Group
	303,000	3.814%, VAR ICE LIBOR USD 3 Month+1.158%, 04/23/29		346,726

 

Principal Amount ($)			Value $
	120,000	3.500%, 11/16/26		133,458
	64,000	2.625%, 04/25/21		64,225
		HCP
	169,000	3.250%, 07/15/26		188,035
		Healthcare Realty Trust
	200,000	2.400%, 03/15/30		204,983
		HSBC Holdings
	200,000	4.950%, 03/31/30		245,957
	1,171,000	2.633%, VAR ICE LIBOR USD 3 Month+1.140%, 11/07/25		1,240,142
	667,000	2.099%, VAR United States Secured Overnight Financing Rate+1.929%, 06/04/26		692,166
		JPMorgan Chase
	360,000	3.220%, VAR ICE LIBOR USD 3 Month+1.155%, 03/01/25		387,768
	174,000	2.950%, 10/01/26		191,745
	195,000	2.700%, 05/18/23		204,531
	915,000	2.005%, VAR United States Secured Overnight Financing Rate+1.585%, 03/13/26		953,846
		Lloyds Banking Group
	530,000	2.438%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+1.000%, 02/05/26		557,433
		Metropolitan Life Global Funding I (1)
	937,000	2.950%, 04/09/30		1,038,138
		Moody's
	119,000	4.875%, 02/15/24		133,663
		Morgan Stanley
	397,000	3.625%, 01/20/27		450,391
		Morgan Stanley MTN
	200,000	3.950%, 04/23/27		228,844
	300,000	3.750%, 02/25/23		320,276
	543,000	2.750%, 05/19/22		559,955
	169,000	2.500%, 04/21/21		169,853
		Natwest Group
	560,000	3.073%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+2.550%, 05/22/28		603,976
		Prudential
	475,000	3.125%, 04/14/30		528,969
		Realty Income
	151,000	1.800%, 03/15/33		147,874
		Royal Bank of Scotland Group
	325,000	6.125%, 12/15/22		355,512
		State Street
	206,000	3.152%, VAR United States Secured Overnight Financing Rate+2.650%, 03/30/31		231,967
		Truist Bank
	1,036,000	2.250%, 03/11/30		1,062,484
		Wells Fargo
	215,000	3.069%, 01/24/23		220,770
	281,000	3.000%, 04/22/26		306,712

Schroder Core Bond Fund

Schedule of Investments

January 31, 2021 (unaudited)

Principal Amount ($)			Value $
		Wells Fargo MTN
	296,000	2.879%, VAR ICE LIBOR USD 3 Month+1.170%, 10/30/30		317,648
	360,000	2.406%, VAR ICE LIBOR USD 3 Month+0.825%, 10/30/25		380,226
	783,000	2.393%, VAR United States Secured Overnight Financing Rate+2.100%, 06/02/28		825,678
				26,072,275
		Healthcare – 5.8%
		Abbott Laboratories
	494,000	3.400%, 11/30/23		532,965
	452,000	1.400%, 06/30/30		448,627
		AbbVie
	143,000	3.850%, 06/15/24		157,134
	140,000	3.800%, 03/15/25		155,698
	274,000	3.600%, 05/14/25		303,692
	88,000	3.450%, 03/15/22		90,552
	28,000	3.200%, 11/06/22		29,216
	607,000	3.200%, 11/21/29		671,274
		Aetna
	299,000	2.800%, 06/15/23		314,493
		Anthem
	15,000	4.101%, 03/01/28		17,518
		Bayer US Finance II LLC (1)
	712,000	3.875%, 12/15/23		775,669
		Becton Dickinson
	153,000	3.734%, 12/15/24		169,138
		Cardinal Health
	212,000	3.079%, 06/15/24		227,573
		CommonSpirit Health
	210,000	3.347%, 10/01/29		232,377
		Hackensack Meridian Health
	1,230,000	2.675%, 09/01/41		1,236,527
		Merck
	257,000	2.750%, 02/10/25		277,513
		New York and Presbyterian Hospital
	228,000	2.256%, 08/01/40		218,924
		UnitedHealth Group
	325,000	3.875%, 12/15/28		383,607
				6,242,497
		Industrials – 2.1%
		Boeing
	449,000	5.705%, 05/01/40		568,330
	740,000	4.875%, 05/01/25		834,922
		CSX
	80,000	3.800%, 04/15/50		94,201
		DuPont de Nemours
	123,000	2.169%, 05/01/23		123,770
		Lockheed Martin
	18,000	3.550%, 01/15/26		20,338
		Raytheon Technologies
	257,000	3.200%, 03/15/24		276,973

 

Principal Amount ($)			Value $
		United Technologies
	205,000	3.950%, 08/16/25		233,274
		Xylem
	135,000	1.950%, 01/30/28		140,633
				2,292,441
		Information Technology – 4.2%
		Broadcom
	1,120,000	4.700%, 04/15/25		1,275,207
	1,077,000	2.600%, 02/15/33 (1)		1,064,807
		Intel
	877,000	3.900%, 03/25/30		1,038,724
		Oracle
	590,000	3.600%, 04/01/40		662,437
		salesforce.com
	406,000	3.700%, 04/11/28		472,981
				4,514,156
		Real Estate – 2.4%
		American Tower REIT
	96,000	3.700%, 10/15/49		104,953
	185,000	2.400%, 03/15/25		195,441
		Boston Properties REIT
	425,000	3.400%, 06/21/29		469,977
		Crown Castle International REIT
	8,000	3.800%, 02/15/28		9,024
	210,000	3.200%, 09/01/24		226,953
		ERP Operating REIT
	351,000	3.000%, 07/01/29		384,627
		Kimco Realty
	656,000	2.700%, 10/01/30		690,398
		Simon Property Group REIT
	237,000	2.000%, 09/13/24		247,250
		Ventas Realty REIT
	250,000	3.125%, 06/15/23		263,525
				2,592,148
		Utilities – 2.5%
		Entergy
	480,000	2.800%, 06/15/30		512,215
		Exelon
	31,000	2.450%, 04/15/21		31,077
		Pacific Gas and Electric
	1,140,000	2.500%, 02/01/31		1,132,708
		Public Service Enterprise Group
	607,000	1.600%, 08/15/30		589,050
		Southern
	403,000	2.950%, 07/01/23		425,229
				2,690,279
		TOTAL CORPORATE OBLIGATIONS
		(Cost $55,838,635)		59,714,958

 

Schroder Core Bond Fund

Schedule of Investments

January 31, 2021 (unaudited)

Principal Amount ($)			Value $
		U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS – 19.5%
		Federal Home Loan Mortgage Corporation – 8.5%
		FHLMC
	2,565,322	2.000%, 10/01/50		2,647,993
	3,410,000	2.000%, 02/01/51		3,518,243
	3,022,566	1.500%, 11/01/50		3,034,391
				9,200,627
		Federal National Mortgage Association – 11.0%
		FNMA
	2,211,149	2.000%, 12/01/35		2,310,713
	3,317,913	2.000%, 12/01/50		3,423,233
	3,035,717	1.500%, 11/01/50		3,047,593
	3,066,780	1.500%, 12/01/50		3,078,778
				11,860,317
		TOTAL U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS
		(Cost $21,115,745)		21,060,944
		U.S. TREASURY OBLIGATIONS – 13.8%
		United States Treasury Bonds
	628,000	1.625%, 11/15/50		594,539
	326,000	1.375%, 11/15/40		309,853
		United States Treasury Notes
	533,000	1.625%, 12/31/21		540,371
	2,297,000	0.875%, 11/15/30		2,250,701
	2,444,000	0.625%, 11/30/27		2,422,615
	2,846,000	0.375%, 11/30/25		2,839,774
	3,159,000	0.125%, 11/30/22		3,159,617
	2,742,000	0.125%, 12/15/23		2,737,716
		TOTAL U.S. TREASURY OBLIGATIONS
		(Cost $14,873,065)		14,855,186
		TAXABLE MUNICIPAL BONDS – 6.7%
		California – 1.7%
		California State University RB, Series B
	175,000	3.065%, 11/01/42		181,897
	200,000	2.965%, 11/01/39		207,286
		State Health Facilities Financing Authority RB
	235,000	2.864%, 06/01/31		253,610
	180,000	2.704%, 06/01/30		194,474
	115,000	2.584%, 06/01/29		125,144
		State of California Department of Water Resources RB
	155,000	1.409%, 12/01/29		156,429
	205,000	1.319%, 12/01/28		207,464
		University of California RB, Series BG
	485,000	1.614%, 05/15/30		488,347
				1,814,651

 

Principal Amount ($)			Value $
		Connecticut – 0.1%
		State of Connecticut GO, Series A
	65,000	2.677%, 07/01/30		71,372
	65,000	2.627%, 07/01/29		71,068
				142,440
		Florida – 1.1%
		State Board of Administration Finance RB, Series A
	1,125,000	2.154%, 07/01/30		1,175,884
		Massachusetts – 0.4%
		Commonwealth of Massachusetts GO, Series C
	440,000	2.514%, 07/01/41		451,836
		New Jersey – 0.2%
		State Economic Development Authority RB, Series A, NATL
	205,000	7.425%, 02/15/29		269,005
		New York – 0.5%
		Port Authority of New York & New Jersey RB, Series AAA
	505,000	1.086%, 07/01/23		513,332
		Ohio – 0.3%
		American Municipal Power RB, Series B
	40,000	8.084%, 02/15/50		74,452
		Northeast Ohio Regional Sewer District RB
	210,000	3.200%, 11/15/44		224,983
				299,435
		Pennsylvania – 0.4%
		Philadelphia Authority for Industrial Development RB
	350,000	3.964%, 04/15/26		379,347
		Texas – 1.2%
		Cities of Dallas and Fort Worth RB, Series C
	510,000	3.089%, 11/01/40		528,870
		State Transportation Commission GO
	780,000	2.562%, 04/01/42		802,815
				1,331,685
		Washington – 0.8%
		Pierce County School District No. 10 Tacoma GO
	845,000	2.357%, 12/01/39		879,299
		TOTAL TAXABLE MUNICIPAL BONDS
		(Cost $6,951,147)		7,256,914

 

Schroder Core Bond Fund

Schedule of Investments

January 31, 2021 (unaudited)

Principal Amount ($)			Value $
		ASSET-BACKED SECURITIES – 3.7%
		Cedar Funding VI CLO, Series 2018-6A, Class AR (1)
	645,000	1.314%, VAR ICE LIBOR USD 3 Month+1.090%, 10/20/28		644,634
		Dewolf Park CLO, Series 2017-1A, Class A (1)
	500,000	1.451%, VAR ICE LIBOR USD 3 Month+1.210%, 10/15/30		500,323
		Goldentree Loan Management, Series 2017-2A, Class A (1)
	606,000	1.374%, VAR ICE LIBOR USD 3 Month+1.150%, 11/28/30		607,317
		Madison Park Funding XVIII, Series 2017-18A, Class A1R (1)
	800,000	1.414%, VAR ICE LIBOR USD 3 Month+1.190%, 10/21/30		799,984
		Madison Park Funding XXVI, Series 2017-26A, Class AR (1)
	600,000	1.412%, VAR ICE LIBOR USD 3 Month+1.200%, 07/29/30		599,435
		Octagon Investment Partners 30, Series 2017-1A, Class A1 (1)
	250,000	1.544%, VAR ICE LIBOR USD 3 Month+1.320%, 03/17/30		249,858
		Octagon Investment Partners 30, Series 2021-1A, Class A1R (1)(2)
	250,000	0.000%, 03/17/30		250,000
		Towd Point Mortgage Trust, Series 2015-6, Class A1 (1) (2)
	17,890	3.500%, 04/25/55		18,121
		Towd Point Mortgage Trust, Series 2017-2, Class A1 (1) (2)
	34,965	2.750%, 04/25/57		35,631
		Towd Point Mortgage Trust, Series 2017-3, Class A1 (1) (2)
	162,428	2.750%, 07/25/57		165,945
		Towd Point Mortgage Trust, Series 2017-4, Class A1 (1) (2)
	93,545	2.750%, 06/25/57		96,636
		TOTAL ASSET-BACKED SECURITIES
		(Cost $3,970,369)		3,967,884
		SOVEREIGN GOVERNMENTS – 0.4%
		Mexico Government International Bond
	380,000	3.250%, 04/16/30		402,135
		Peruvian Government International Bond
	65,000	2.392%, 01/23/26		68,738
		TOTAL SOVEREIGN GOVERNMENTS
		(Cost $443,184)		470,873

 

Principal Amount ($)			Value $
		COLLATERALIZED MORTGAGE OBLIGATION – 0.0%
		Sequoia Mortgage Trust, Series 2015-2,
		Class A10 (1) (2)
	29,748	3.500%, 05/25/45
		(Cost $30,476)		29,680
		TOTAL INVESTMENTS IN SECURITIES – 99.5%
		(Cost $103,222,621)		107,356,439
		OTHER ASSETS LESS LIABILITIES – 0.5%		544,633
		NET ASSETS – 100%	$	107,901,072

 

(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, 2021, the value of these securities amounted to $13,253,759, representing 12.3% 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.

CLO — Collateralized Loan Obligation

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GO — General Obligation

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

Schroder Core Bond Fund

Schedule of Investments

January 31, 2021 (unaudited)

The following is a summary of the inputs used as of January 31, 2021, in valuing the Fund’s investments carried at value:

Investments in Securities (1)	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	59,714,958	$	—	$	59,714,958
U.S. Government Mortgage-Backed Obligations		—		21,060,944		—		21,060,944
U.S. Treasury Obligations		—		14,855,186		—		14,855,186
Taxable Municipal Bonds		—		7,256,914		—		7,256,914
Asset-Backed Securities		—		3,967,884		—		3,967,884
Sovereign Governments		—		470,873		—		470,873
Collateralized Mortgage Obligation		—		29,680		—		29,680
Total Investments in Securities	$	—	$	107,356,439	$	—	$	107,356,439

(1) For the period ended January 31, 2021, 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

January 31, 2021 (unaudited)

Principal Amount ($)			Value $
		CORPORATE OBLIGATIONS – 53.6%
		Communication Services – 8.2%
		AT&T
	775,000	4.500%, 05/15/35		918,127
	922,000	4.500%, 03/09/48		1,052,253
	814,000	3.650%, 06/01/51		811,136
	179,000	3.650%, 09/15/59 (1)		171,196
		Comcast
	1,136,000	4.700%, 10/15/48		1,503,606
	70,000	3.969%, 11/01/47		83,265
	236,000	3.450%, 02/01/50		262,350
		Discovery Communications
	288,000	5.300%, 05/15/49		369,310
	514,000	4.650%, 05/15/50		616,385
	183,000	4.125%, 05/15/29		211,369
		Fox
	311,000	5.476%, 01/25/39		414,323
		Telefonica Emisiones
	475,000	5.213%, 03/08/47		599,197
		T-Mobile USA (1)
	1,628,000	3.000%, 02/15/41		1,602,766
		Verizon Communications
	469,000	5.250%, 03/16/37		620,498
	596,000	4.000%, 03/22/50		686,402
		Vodafone Group
	425,000	5.000%, 05/30/38		541,328
		Walt Disney
	245,000	4.750%, 09/15/44		321,251
	425,000	3.600%, 01/13/51		482,937
				11,267,699
		Consumer Discretionary – 2.3%
		Cox Communications (1)
	147,000	4.600%, 08/15/47		183,826
		General Motors
	171,000	5.200%, 04/01/45		209,146
		Home Depot
	375,000	3.125%, 12/15/49		404,509
	805,000	2.950%, 06/15/29		895,577
		Lehigh University
	380,000	2.553%, 11/15/43		364,952
		Lowe's
	500,000	3.000%, 10/15/50		507,832
		McDonald's MTN
	252,000	4.200%, 04/01/50		309,031
	221,000	3.625%, 09/01/49		248,370
				3,123,243
		Consumer Staples – 7.6%
		Altria Group
	583,000	5.375%, 01/31/44		725,898
		Anheuser-Busch
	969,000	4.900%, 02/01/46		1,207,984
		Anheuser-Busch InBev Worldwide
	238,000	4.900%, 01/23/31		299,233

 

Principal Amount ($)			Value $
	1,220,000	4.350%, 06/01/40		1,455,850
		BAT Capital
	274,000	4.540%, 08/15/47		298,319
		CVS Health
	259,000	5.125%, 07/20/45		337,842
	632,000	5.050%, 03/25/48		824,453
	105,000	4.250%, 04/01/50		126,000
		Diageo Capital
	635,000	2.125%, 04/29/32		652,250
		Georgetown University
	477,000	5.215%, 10/01/18		671,872
		Kroger
	177,000	5.400%, 01/15/49		248,646
		Massachusetts Mutual Life Insurance (1)
	502,000	3.375%, 04/15/50		535,643
		Molson Coors Brewing
	902,000	4.200%, 07/15/46		1,008,336
		New York Life Insurance (1)
	574,000	3.750%, 05/15/50		662,014
		PepsiCo
	115,000	3.500%, 03/19/40		133,702
		Walmart
	923,000	3.950%, 06/28/38		1,133,446
	32,000	3.625%, 12/15/47		38,376
				10,359,864
		Energy – 4.5%
		Chevron
	490,000	3.078%, 05/11/50		508,861
		Energy Transfer Operating
	432,000	5.250%, 04/15/29		497,881
		Enterprise Products Operating LLC
	202,000	5.100%, 02/15/45		250,997
	662,000	4.250%, 02/15/48		742,815
	106,000	4.200%, 01/31/50		119,472
		Kinder Morgan
	583,000	3.250%, 08/01/50		547,114
		Marathon Petroleum
	228,000	4.750%, 09/15/44		261,862
		MidAmerican Energy
	354,000	4.250%, 07/15/49		456,626
		MPLX
	851,000	4.700%, 04/15/48		952,397
		Phillips 66 Partners
	361,000	4.680%, 02/15/45		386,093
		Plains All American Pipeline
	581,000	3.550%, 12/15/29		604,167
		Shell International Finance BV
	325,000	4.000%, 05/10/46		385,121
		Spectra Energy Partners
	328,000	4.500%, 03/15/45		376,248
		Valero Energy
	116,000	6.625%, 06/15/37		152,181
				6,241,835

 

Schroder Long Duration Investment-Grade Bond Fund

Schedule of Investments

January 31, 2021 (unaudited)

Principal Amount ($)			Value $
		Financials – 10.5%
		Aflac
	150,000	6.450%, 08/15/40		214,764
		American International Group
	227,000	4.375%, 01/15/55		277,973
		AXA Equitable Holdings
	501,000	5.000%, 04/20/48		642,965
		Bank of America
	574,000	6.000%, 10/15/36		837,031
		Bank of America MTN
	338,000	5.000%, 01/21/44		458,586
	105,000	4.083%, VAR ICE LIBOR USD 3 Month+3.150%, 03/20/51		127,105
		Barclays
	1,181,000	3.564%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.900%, 09/23/35		1,238,090
		Belrose Funding Trust (1)
	303,000	2.330%, 08/15/30		309,276
		Berkshire Hathaway Finance
	685,000	2.850%, 10/15/50		701,669
		Citigroup
	282,000	8.125%, 07/15/39		491,627
	134,000	4.281%, VAR ICE LIBOR USD 3 Month+1.839%, 04/24/48		167,576
	370,000	2.572%, VAR United States Secured Overnight Financing Rate+2.107%, 06/03/31		384,819
		Goldman Sachs Group
	424,000	2.600%, 02/07/30		448,280
		HSBC Holdings
	356,000	4.583%, VAR ICE LIBOR USD 3 Month+1.535%, 06/19/29		417,033
	790,000	3.973%, VAR ICE LIBOR USD 3 Month+1.610%, 05/22/30		896,910
	370,000	2.848%, VAR United States Secured Overnight Financing Rate+2.387%, 06/04/31		389,993
		JPMorgan Chase
	188,000	5.600%, 07/15/41		270,521
	524,000	3.109%, VAR United States Secured Overnight Financing Rate+2.440%, 04/22/51		555,734
		Liberty Mutual Group Inc (1)
	559,000	3.950%, 05/15/60		651,127
		Lincoln National
	451,000	4.375%, 06/15/50		559,167
		Morgan Stanley MTN
	459,000	1.794%, VAR United States Secured Overnight Financing Rate+1.034%, 02/13/32		451,918
		Prudential
	630,000	3.125%, 04/14/30		701,580

 

Principal Amount ($)			Value $
		Prudential Financial
	204,000	3.935%, 12/07/49		237,812
		Total Capital International
	1,194,000	3.127%, 05/29/50		1,223,309
		Wells Fargo
	1,691,000	3.068%, VAR United States Secured Overnight Financing Rate+2.530%, 04/30/41		1,762,953
				14,417,818
		Healthcare – 3.9%
		AbbVie
	384,000	4.250%, 11/21/49		462,972
		Amgen
	170,000	4.663%, 06/15/51		224,997
	1,085,000	3.375%, 02/21/50		1,164,276
		Bayer US Finance II (1)
	142,000	4.700%, 07/15/64		167,308
		Catholic Health Services of Long Island Obligated Group
	1,330,000	3.368%, 07/01/50		1,375,758
		Cigna
	207,000	4.900%, 12/15/48		274,744
		Hackensack Meridian Health
	1,155,000	2.875%, 09/01/50		1,177,437
		New York and Presbyterian Hospital
	253,000	2.256%, 08/01/40		242,929
		UnitedHealth Group
	201,000	4.450%, 12/15/48		262,253
				5,352,674
		Industrials – 3.7%
		3M
	197,000	3.700%, 04/15/50		233,272
		Boeing
	1,211,000	5.705%, 05/01/40		1,532,846
		Burlington Northern Santa Fe
	207,000	4.900%, 04/01/44		282,534
	569,000	4.150%, 04/01/45		704,252
	33,000	4.150%, 12/15/48		41,626
	174,000	3.050%, 02/15/51		187,646
		CSX
	140,000	3.800%, 04/15/50		164,851
		GE Capital International Funding Unlimited
	500,000	4.418%, 11/15/35		584,544
		General Electric
	266,000	4.350%, 05/01/50		306,382
		General Electric Capital MTN
	275,000	6.750%, 03/15/32		379,193
		Johnson Controls International
	77,000	4.500%, 02/15/47		98,303

 

Schroder Long Duration Investment-Grade Bond Fund

Schedule of Investments

January 31, 2021 (unaudited)

Principal Amount ($)			Value $
		Waste Management
	412,000	4.150%, 07/15/49		511,038
				5,026,487
		Information Technology – 4.1%
		Broadcom
	445,000	3.750%, 02/15/51		454,495
	1,152,000	3.500%, 02/15/41		1,161,644
		California Institute of Technology
	435,000	3.650%, 09/01/19		483,496
		Fiserv
	800,000	3.500%, 07/01/29		900,650
		Intel
	988,000	4.750%, 03/25/50		1,323,138
		Oracle
	506,000	4.000%, 11/15/47		595,624
	624,000	3.600%, 04/01/50		691,659
				5,610,706
		Materials – 0.8%
		Barrick North America Finance LLC
	316,000	5.700%, 05/30/41		444,165
		Dow Chemical
	148,000	9.400%, 05/15/39		260,837
	122,000	4.625%, 10/01/44		150,056
		International Paper
	177,000	7.300%, 11/15/39		281,223
				1,136,281
		Real Estate – 1.3%
		American Tower REIT
	420,000	3.700%, 10/15/49		459,168
		Camden Property Trust REIT
	517,000	3.350%, 11/01/49		573,312
		Realty Income
	267,000	1.800%, 03/15/33		261,472
		Simon Property Group REIT
	439,000	3.250%, 09/13/49		434,084
				1,728,036
		Utilities – 6.7%
		Berkshire Hathaway Energy (1)
	146,000	4.250%, 10/15/50		181,433
		Commonwealth Edison
	78,000	4.600%, 08/15/43		100,089
	795,000	4.000%, 03/01/49		975,607
		Duke Energy Carolinas
	222,000	3.875%, 03/15/46		262,221
		Duke Energy Indiana
	112,000	6.120%, 10/15/35		155,111
		Duke Energy Ohio
	822,000	4.300%, 02/01/49		1,026,019
		Duke Energy Progress
	185,000	4.200%, 08/15/45		226,986
		Entergy
	625,000	3.750%, 06/15/50		687,370

 

Principal Amount ($)			Value $
		Entergy Louisiana
	269,000	2.900%, 03/15/51		275,064
		Florida Power & Light
	79,000	4.050%, 10/01/44		98,360
	181,000	3.990%, 03/01/49		227,665
		Pacific Gas and Electric
	630,000	3.500%, 08/01/50		601,601
		PacifiCorp
	370,000	4.150%, 02/15/50		461,444
	270,000	3.300%, 03/15/51		296,542
		PPL Electric Utilities
	80,000	3.950%, 06/01/47		96,323
		Public Service Electric & Gas MTN
	310,000	3.150%, 01/01/50		339,759
		Public Service Enterprise Group
	578,000	1.600%, 08/15/30		560,907
		Public Service of Colorado
	183,000	4.300%, 03/15/44		232,051
	267,000	3.800%, 06/15/47		321,527
		Sempra Energy
	487,000	6.000%, 10/15/39		681,466
	162,000	4.000%, 02/01/48		184,733
		Southern California Edison
	565,000	3.650%, 02/01/50		606,123
		Southwestern Public Service
	520,000	4.400%, 11/15/48		659,019
				9,257,420
		TOTAL CORPORATE OBLIGATIONS
		(Cost $65,227,095)		73,522,063
		U.S. TREASURY OBLIGATIONS – 38.9%
		United States Treasury Bill (2)
	2,533,000	0.069%, 03/04/21		2,532,880
		United States Treasury Bonds
	13,085,000	1.625%, 11/15/50		12,387,815
	13,284,000	1.375%, 11/15/40		12,626,027
	10,515,100	1.375%, 08/15/50		9,360,082
	11,143,700	1.125%, 08/15/40		10,140,767
		United States Treasury Notes
	3,210,000	1.625%, 12/31/21		3,254,388
	2,437,500	0.875%, 11/15/30		2,388,369
	571,000	0.375%, 11/30/25		569,751
		TOTAL U.S. TREASURY OBLIGATIONS
		(Cost $55,166,137)		53,260,079
		TAXABLE MUNICIPAL BONDS – 4.2%
		California – 3.1%
		California Health Facilities Financing Authority RB
	95,000	3.034%, 06/01/34		100,713
	155,000	2.984%, 06/01/33		166,152
	220,000	2.934%, 06/01/32		236,817

 

Schroder Long Duration Investment-Grade Bond Fund

Schedule of Investments

January 31, 2021 (unaudited)

Principal Amount ($)			Value $
		City of Pomona California RB, Series BJ-REV
	90,000	3.716%, 08/01/40		94,781
		University of California RB, Series AD
	739,000	4.858%, 05/15/12		1,066,192
		University of California RB, Series B
	2,450,000	2.975%, 11/01/51		2,630,149
				4,294,804
		Pennsylvania – 0.6%
		Pennsylvania State University RB, Series D
	845,000	2.840%, 09/01/50		876,586
		Texas – 0.2%
		Dallas RB, Series C
	225,000	2.919%, 11/01/50		230,353
		Wisconsin – 0.3%
		State of Wisconsin RB, Series A
	350,000	2.429%, 05/01/31		377,762
		TOTAL TAXABLE MUNICIPAL BONDS
		(Cost $5,191,876)		5,779,505
		SOVEREIGN GOVERNMENTS – 2.5%
		Colombia Government International Bond
	1,111,000	3.125%, 04/15/31		1,147,674
		Indonesia Government International Bond
	200,000	4.200%, 10/15/50		239,382
		Mexico Government International Bond
	1,075,000	4.500%, 01/31/50		1,178,479
		Panama Government International Bond
	230,000	4.500%, 04/01/56		281,407
		Philippine Government International Bond
	347,000	2.950%, 05/05/45		358,748
		Uruguay Government International Bond
	191,000	5.100%, 06/18/50		256,658
		TOTAL SOVEREIGN GOVERNMENTS
		(Cost $3,477,144)		3,462,348
		TOTAL INVESTMENTS IN SECURITIES – 99.2%
		(Cost $129,062,252)		136,023,995
		OTHER ASSETS LESS LIABILITIES – 0.8%		1,048,866
		NET ASSETS – 100%	$	137,072,861

 

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

LLC — Limited Liability Corporation

MTN — Medium Term Note

RB — Revenue Bond

REIT — Real Estate Investment Trust

USD — United States Dollar

VAR — Variable

 

(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, 2021, the value of these securities amounted to $6,080,728, representing 4.4% of the net assets of the Fund.
(2)	Zero Coupon Security — Rate disclosed is the effective yield at time of purchase.

 

Schroder Long Duration Investment-Grade Bond Fund

Schedule of Investments

January 31, 2021 (unaudited)

The following is a summary of the inputs used as of January 31, 2021, in valuing the Fund’s investments carried at value:

Investments in Securities (1)	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	73,522,063	$	—	$	73,522,063
U.S. Treasury Obligations		—		53,260,079		—		53,260,079
Taxable Municipal Bonds		—		5,779,505		—		5,779,505
Sovereign Governments		—		3,462,348		—		3,462,348
Total Investments in Securities	$	—	$	136,023,995	$	—	$	136,023,995

(1) For the period ended January 31, 2021, 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-001-0900