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