Schroder Series Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number	811-07840
Schroder Series Trust
(Exact name of registrant as specified in charter)

875 Third Avenue, 22nd Floor New York, NY				10022
(Address of principal executive offices)				(Zip code)
Carin F. Muhlbaum 875 Third Avenue, 22nd Floor New York, NY 10022
(Name and address of agent for service)
Registrant’s telephone number, including area code:			1-800-464-3108
Date of fiscal year end:	October 31, 2015
Date of reporting period:		April 30, 2015

Item 1.   Reports to Stockholders.

Schroder Mutual Funds
April 30, 2015	Semi-Annual Report
	Domestic Equity
	Schroder North American Equity Fund
	Schroder U.S. Opportunities Fund
	Schroder U.S. Small and Mid Cap Opportunities Fund
	Global & International Equity
	Schroder Emerging Market Equity Fund
	Schroder Emerging Markets Multi-Cap Equity Fund
	Schroder International Alpha Fund
	Schroder International Multi-Cap Value Fund
	Schroder Global Multi-Cap Equity Fund

Table of Contents

Letter to Shareholders	1
Management Discussion and Analysis	3
Schedules of Investments
North American Equity Fund	24
U.S. Opportunities Fund	30
U.S. Small and Mid Cap Opportunities Fund	33
Emerging Market Equity Fund	36
Emerging Markets Multi-Cap Equity Fund	39
International Alpha Fund	47
International Multi-Cap Value Fund	50
Global Multi-Cap Equity Fund	64
Statements of Assets and Liabilities	76
Statements of Operations	80
Statements of Changes in Net Assets	82
Financial Highlights	86
Notes to Financial Statements	92
Disclosure of Fund Expenses	109

Proxy Voting (Unaudited)

A description of the Funds’ proxy voting policies and procedures is available upon request, without charge, by visiting the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov, or by calling 1-800-464-3108 and requesting a copy of the applicable Fund’s Statement of Additional Information or on the Schroder Funds website at http://www.schroderfunds.com, by downloading the Funds’ Statement of Additional Information. Information regarding how the Funds voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request by calling 1-800-464-3108 and on the SEC’s website at http://www.sec.gov.

Form N-Q (Unaudited)

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

June 15, 2015

Dear Shareholder:

The reporting period was dominated by central bank and currency divergence headlines, resulting in significant dislocations across the major asset classes. Overall, equities were the clear winner as investors’ appetite for risk assets propelled most markets higher amid an extraordinarily low bond yield environment.

While the Federal Reserve ended its Quantitative Easing (QE) program, central bankers in other countries saw the need to provide further monetary accommodation in their markets.  The European Central Bank (ECB), along with 21 other central bank authorities, followed their counterparts in the U.S., Japan and U.K. and initiated QE earlier this year. This, in turn, pushed many major currencies lower versus the dollar, namely the euro, which nearly reached parity for the first time since 2003. In addition, commodities were hit hard earlier in the reporting period when oversupply along with lower global growth forecasts caused prices to sell off significantly.

Among the major asset classes, U.S. equities, led by smaller-cap stocks, continued to achieve strong returns as favorable economic and employment data proved to be enough to offset a weak earnings season and the threat of rising interest rates.

International stocks were also led higher as valuations and the prospects of extraordinary QE policies led many investors to rotate among overseas equity assets. The emerging markets (EM), while posting respectable returns in aggregate, experienced the widest dislocation as commodity-producing economies were hard hit relative to the more balanced EM economies.

Bond investors were left reeling as record low, and even negative, foreign bond yields forced income-seeking investors to go further out on the yield curve and down the credit spectrum. As a result, high yield bonds moderately outperformed investment grade bonds, and long-duration bonds generally did well during the reporting period as the threat of interest rate hikes kept shorter-duration bond returns relatively muted.

After several years of complacency, volatility has returned to the global markets with a vengeance, and we believe is likely to persist over the foreseeable future. Typically, this has led to robust opportunities for select asset classes, and challenges for others.

Those investors who continue to stay the course, in our view, have a good chance to weather bumps in the road as well as find those pockets of growth that may become unearthed. During times like these, we encourage you to consult with your financial advisor to help evaluate your long-term objectives and review your current asset allocation to ensure it is appropriate given the prevailing market environment.

Again, we thank you for including Schroders in your financial plan, and we look forward to our continued relationship.

Sincerely,
	Mark A. Hemenetz, CFA
	President

1

IMPORTANT INFORMATION CONCERNING MANAGEMENT DISCUSSION AND ANALYSIS AND PERFORMANCE

Except as otherwise specifically stated, all information and investment team commentary, including portfolio security positions, is as of April 30, 2015. The views expressed in the Management Discussion and Analysis sections (the “MD&As”) are those of the respective Fund’s portfolio manager(s) and are subject to change without notice. They do not necessarily represent the views of Schroder Investment Management North America Inc (“SIMNA”). The MD&As contain some forward-looking statements providing current expectations or forecasts of future events; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. A Fund may buy, sell, or hold any security discussed herein, on the basis of factors described herein or the basis of other factors or other considerations. Fund holdings will change.

Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. Please keep in mind that any double digit returns are highly unusual and cannot be sustained.  Fees and expenses are factored into the net asset value of your shares and any performance numbers we release. Total return figures reflect expense limitations in effect during the periods shown; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Current and month-end performance and other information, which may be lower or higher than that cited, is available by contacting Schroder Investment Management North America Inc. at (212) 641-3800 and is periodically updated on our website: www.schroderfunds.com.

Performance information has not been included in the MD&As for any share class of a Fund that commenced operations during the 6-month period ended April 30, 2015.

2

Schroder North American Equity Fund

MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)

Performance

For the six-month period ended April 30, 2015, the Schroder North American Equity Fund (the “Fund”) rose 3.63% (Investor Shares) and 3.44% (Advisor Shares). For the same six-month period, the S&P 500 Index (the “Index”), a market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ, rose by 4.40%.

Market Background

U.S. equities gained over the six-month period. With the Federal Reserve completing the tapering of its quantitative easing drive, attention switched to the likely timing of the first interest rate rise. Economic data was somewhat mixed over the period, largely due to poor winter weather, although labor market data continued to hold up relatively well. The U.S. dollar strengthened amid expectations of tighter monetary policy in the U.S. while other major central banks — notably in Japan and the eurozone — continued to ease monetary policy. Oil prices fell over the period amid oversupply concerns.

There was a divergence between styles, with growth outpacing value. Reflecting the broader preference for growth, two of the best performing sectors were health care and technology. Both sectors were at the epicenter of a vibrant period for mergers and acquisitions and initial public offerings. Health care’s performance came despite a sell-off in U.S. biotechnology at the end of 2014, triggered by valuation concerns within the sector.

Beneficiaries of the fall in oil prices also did well. With people spending less at the pumps, more was available for restaurants, gifts and home improvements. Consumer stocks, including retailers, benefited accordingly and consumer discretionary was the top performing sector for the period.  At the other end of the performance spectrum, energy was the worst performing sector, followed by utilities. The U.S. dollar’s gains weighed on commodity prices, which were already under pressure from over-supply concerns.

Portfolio Review

The Fund ended the period behind its benchmark. We continue to hold lower allocations to areas of the market where we believe valuations are not justified by business quality. This proved detrimental in an environment dominated by a singular focus on growth. This theme was particularly prominent in the consumer discretionary sector where our lower allocation to retail, including stocks such as Amazon.com and Netflix, detracted from relative returns.

Health care was another area that detracted from relative performance, notably the pharmaceutical sector.  Merger & acquisition activity continued over the period with excitable investors rewarding both the acquirees (an unsurprising response) and the acquirers (more unusual). Resources were also negative in aggregate despite our preference for integrated oil & gas stocks over the more volatile explorers.

On the positive side, the information technology (IT) sector made a positive contribution to relative returns, which we attribute to the Fund’s positioning within IT services and semiconductors. Ongoing uncertainty over the direction of U.S. interest rates meant that stocks that trade as ‘bond surrogates’ remained volatile over the period. The Fund’s negligible weight in U.S. utilities was therefore a positive contributor to relative returns as these unattractive yield replacements sold off in aggregate.

Market Outlook

It is still hard to argue that the U.S. market is cheap. At the beginning of the year, investors had priced in fewer threats to the U.S. economy than elsewhere, but recently some of these favorable dynamics have become less clear.

Within defensive industries, we retain the Fund’s preference for health care in aggregate despite reducing our exposure to pharmaceutical and health care equipment stocks. The Fund’s underweight to the food & drink industry remains as many stocks still currently trade at full valuations, although a select few high quality names have underperformed and are now more interesting. The Fund’s position in utilities is our largest underweight as the sector still looks unattractive and very crowded.

In financials, we believe complex banks continue to offer better opportunities than relatively more expensive simple banks. Real estate remains unattractive overall, and is our second largest underweight, while we remain overweight life & health insurance.

The Fund’s position in technology continues to be elevated. Our focus remains on attractively valued companies that have ‘mature’ business models that are shareholder friendly, such as Microsoft and Cisco, over more ‘exciting’ software stocks like salesforce.com. Within consumer discretionary, the Fund remains underweight leisure and auto stocks. Within industrials, we favor machinery and defense.

The Fund is underweight in materials, particularly expensive chemicals stocks, preferring high quality names trading on depressed valuations. In energy we are seeking to avoid the higher cost producers that we believe are likely to be hit harder by oil price volatility, preferring integrated oils and refiners instead.

3

PERFORMANCE INFORMATION

	One Year Ended		Five Years Ended		Ten Years Ended
	April 30, 2015		April 30, 2015 (a)		April 30, 2015 (a)
Schroder North American Equity Fund —
Investor Shares	11.28	%	13.42	%	8.22	%
Advisor Shares	10.88	%	13.01	%	7.84	%(b)
S&P 500 Index	12.98	%	14.33	%	8.32	%

(a)	Average annual total returns.
(b)	The Advisor Shares commenced operations on March 31, 2006. The performance information provided in the above table for periods prior to March 31, 2006 reflects the performance of the Investor Shares of the Fund, adjusted to reflect the distribution fees paid by Advisor Shares.

“Total Return” shown above is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

Top 5 Holdings

Security	% of Net Assets
Apple	4.2	%
Microsoft	2.4
ExxonMobil	2.3
Johnson & Johnson	1.7
Wells Fargo	1.6

Sector Allocation

Sector	% of Net Assets
Information Technology	21.3	%
Financials	16.0
Healthcare	15.6
Consumer Discretionary	11.7
Industrials	11.1
Consumer Staples	9.1
Energy	8.5
Materials	2.6
Telecommunication Services	2.4
Utilities	1.1
Other Assets less Liabilities	0.6

4

Schroder U.S. Opportunities Fund

MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)

Performance

For the six-month period ended April 30, 2015, the Schroder U.S. Opportunities Fund (the “Fund”) gained 5.03% (Investor Shares) and 4.93% (Advisor Shares) compared to the Russell 2000 Index (the “Index”), a broad-based basket of stocks with characteristics similar to the Fund’s portfolio, which rose 4.65%.

Market Background

Perhaps the biggest story in recent months was the fall in the price of oil, which began mid-year 2014.  For the six-month period under review, the spot price of West Texas Intermediate oil fell by 27% from $80.54 to $58.58.  This accounted for approximately half of the 58% decline in the price of oil that occurred between July 2014 and March 2015.  As a result, the energy sector was the worst performing sector in the Index, declining -12.8% for the six months.  The next weakest sector was producer durables, which returned +1.1% and felt the effects of another large macro story during recent months — the strengthening U.S. dollar.  During the six- month period, the U.S. dollar gained 15% versus the euro, and this had a negative impact on companies with meaningful overseas sales.

At the other end of the spectrum, health care was the leading sector in the Index (+13.3%), driven by strong returns in the biotechnology (+18.5%) and pharmaceutical sectors (+12.9%), where a frenzy of offerings and deals drove the returns.

The current environment is one of nominally higher-than-average valuations, which we believe are made possible by the artificially low interest rate environment.  Said differently, 21.5x earnings in a 2% rate world are not the same as 21.5x earnings in a 6% rate world.  The common wisdom is that the Federal Reserve Board (the “Fed”) will begin to raise the Fed Funds rate this year; the question is when, and while there are many answers to that question, the truth seems to be that no one really knows.  When the rate does increase, we expect it to have an impact on valuations.

Portfolio Review

Stock selection was the main driver of the Fund’s outperformance during the period.  Our strongest selection occurred in technology and consumer discretionary.  We also benefited from underweighting the energy and real estate investment trust (REIT) sectors.  In the technology area, we particularly benefitted from holdings in both Sapient, which was acquired by the French firm Publicis Groupe, and Fortinet, which provides sought-after threat management and network security solutions and released a strong earnings report.  In the consumer discretionary sector, we had noteworthy contributions in the restaurant industry (Red Robin Gourmet Burgers and Domino’s Pizza) and in the entertainment industry (AMC Entertainment Holdings).  We also did well in specialty retail (American Eagle Outfitters).

In the producer durables sector, notable holdings included ServiceMaster Global Holdings, which provides residential and commercial services, including pest and termite control services, and Hexcel, which is in the aerospace industry and makes composite materials used in aircraft production.

In contrast, we detracted value in our health care holdings due to underweights in the biotechnology and pharmaceutical industries.  This is partly due to our bias towards companies with positive trailing 12-month earnings, a trait not present for many companies in the biotechnology industry.  The Fund had an average cash exposure of 7.3%, which detracted from relative returns.

Market Outlook

Although we are finally beginning to see modest signs of wage recovery, the overall economic recovery has been slower than anyone anticipated.  In the end, this should enable moderate income families to participate in the recovery, which we view as a positive outcome, given that U.S. Gross Domestic Product (GDP) is over 70% driven by the consumer.

We believe there are also some positive signs in the housing market.  While we are not seeing a roaring recovery in new home starts, the modest increases we have seen that we believe point to a more long-lived recovery in the housing market, which is important due to its multiplier effect on the broader economy.

One area of concern has been the biotechnology group. We feel that we have reached a level of “frothiness” that has the feel of a bubble.  Additionally, we are noticing an increasing number of low quality biotech companies entering the IPO market.  Historically, this is rarely a good sign.

While the market has been anticipating a rise in short-term rates since 2014, only recently have we seen longer-term yields increases with the recent move on the 10-year U.S. Treasury.  After hitting a low of 1.64% in late January, rates moved up to 2.02% by the end of April and up to 2.44% as of this writing.  Notably, this is still quite low relative to the past 20 years.  We will continue to monitor the rate situation closely as we believe a rise in short-term rates is likely to impact certain sectors, such as utilities, differently than others, such as financials, which have historically done well during rising rate periods. More importantly, since the stock market generally does not like uncertainty, we believe domestic stocks are likely to continue exhibiting volatility until there is clear guidance by the Fed.

5

PERFORMANCE INFORMATION

	One Year Ended April 30, 2015		Five Years Ended April 30, 2015 (a)		Ten Years Ended April 30, 2015 (a)
Schroder U.S. Opportunities Fund (b) —
Investor Shares	11.17	%	12.10	%	10.40	%
Advisor Shares	10.84	%	11.79	%	10.12	%(c)
Russell 2000 Index	9.71	%	12.73	%	9.18	%

(a)	Average annual total returns.
(b)	Effective May 1, 2006, the management fees of the Fund increased to 1.00% per annum. If the Fund had paid such higher fees during prior periods, the returns of the Fund would have been lower.
(c)	The Advisor Shares commenced operations on May 15, 2006. The performance information provided in the above table for periods prior to May 15, 2006 reflects the performance of the Investor Shares of the Fund, adjusted to reflect the distribution fees paid by Advisor Shares.

“Total Return” shown above is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

Top 5 Holdings

Security	% of Net Assets
SPDR Barclays 1-3 Month T-Bill ETF	4.5	%
CoreLogic	1.8
Brown & Brown	1.6
VWR	1.5
NorthWestern	1.5

Sector Allocation

Sector	% of Net Assets
Financial Services	21.8	%
Healthcare	15.0
Technology	12.8
Producer Durables	12.7
Consumer Discretionary	11.9
Materials & Processing	10.6
Investment Company	4.5
Utilities	3.7
Other Energy	2.4
Consumer Staples	0.6
Other Assets less Liabilities	4.0

6

Schroder U.S. Small and Mid Cap Opportunities Fund

MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)

Performance

For the six-month period ended April 30, 2015, the Schroder U.S. Small and Mid Cap Opportunities Fund (the “Fund”) gained  7.90% (Investor Shares) and 7.78% (Advisor Shares) compared to the Russell 2500 Index (the “Index”), a broad-based basket of stocks with characteristics similar to the Fund’s portfolio, which rose 5.64%.

Market Background

Perhaps the biggest story over the six months was the fall in the price of oil, which began mid-year 2014 and continued into early 2015.  For the six-month period under review, the spot price of West Texas Intermediate oil fell by 27% from $80.54 to $58.58.  This was approximately half of the 58% decline in the price of oil which occurred between July 2014 and March 2015.  As a result, the energy sector was the worst performing sector in the Index, declining -12.8% for the six months.  The next weakest sector was producer durables with a return of +1.1%.  This sector felt the effects another large macro story — the strengthening U.S. dollar.  During the six-month period, the U.S. dollar gained 15% versus the euro, which had a negative impact on companies with meaningful overseas sales.

Health care was the leading sector (+14.9%) driven by strong returns in the biotechnology (+18.1%) and pharmaceutical sectors (+21.6%) as a frenzy of offerings and deals drove returns.  In general we have difficulty investing in biotech given our bias towards companies with positive trailing 12-month earnings.

The current environment is one of nominally higher-than-average valuations, which we believe are made possible by the artificially low interest rate environment.  Said differently, 21.5x earnings in a 2% rate world are not the same as 21.5x earnings in a 6% rate world.  The common wisdom is that the Federal Reserve Board (the “Fed”) will begin to raise the Fed Funds rate this year; the question is when, and while there are many answers to that question, the truth seems to be that no one really knows.  When the rate does increase, we expect it to have an impact on valuations.

Portfolio Review

Stock selection was the main driver of the Fund’s outperformance during the period.  Our strongest selection occurred in financial services (especially in the life insurance and financial data & systems industries) and producer durables.  Two holdings in the financial data industry are worthy of note. CoreLogic is a database company with extensive information on property, financial and consumer information.  Data items provided on real estate properties range from historical pricing to esoteric items, such as earthquake activity in that locale.  Their data services are used by mortgage originators, financial institutions and government organizations.  A second stock, Vantiv, is an electronic payment processor.  Effectively they occupy the space between the merchant swiping a credit card and the issuing bank or financial institution.  We believe that this is an interesting and profitable niche in the payments industry.

In the producer durables sector, notable holdings include Rollins, Inc. (pest and termite control services) and several air transport companies (Alaska Air and Spirit Airlines — the latter of which the Fund subsequently sold).  We became interested in “low-cost” airlines because we believe they are following a rational business model of charging appropriately for each of their services, which we do not believe has been true of the airline industry for a long time.

In contrast, we detracted value in our health care holdings due to underweights in the biotechnology and pharmaceutical industries.  This is partly due to our bias towards companies with positive trailing 12-month earnings, a trait not present for many companies in the biotechnology industry.  The Fund had an average cash exposure of 6.8%, which detracted from relative returns.

Market Outlook

Although we are finally beginning to see modest signs of wage recovery, the overall economic recovery has been slower than anyone anticipated.  In the end, this should enable moderate income families to participate in the recovery, which we view as a positive outcome, given that U.S. Gross Domestic Product (GDP) is over 70% driven by the consumer.

We believe there are also some positive signs in the housing market.  While we are not seeing a roaring recovery in new home starts, the modest increases we have seen which we believe point to a more long-lived recovery in the housing market, which is important due to its multiplier effect on the broader economy.

One area of concern has been the biotechnology group. We feel that we have reached a level of “frothiness” that has the feel of a bubble.  Additionally, we are noticing an increasing number of low quality biotech companies entering the IPO market.  Historically, this is rarely a good sign.

7

While the market has been anticipating a rise in short-term rates since 2014, only recently have we seen longer-term yields increases with the recent move on the 10-year U.S. Treasury.  After hitting a low of 1.64% in late January, rates moved up to 2.02% by the end of April and up to 2.44% as of this writing.  Notably, this is still quite low relative to the past 20 years of history.  We will continue to monitor the rate situation closely as we believe a rise in short-term rates is likely to impact certain sectors, such as utilities, differently than others, such as financials, which have historically done well during rising rate periods. More importantly, since the stock market generally does not like uncertainty, we believe domestic stocks are likely to continue exhibiting volatility until there is clear guidance by the Fed.

PERFORMANCE INFORMATION

	One Year Ended April 30, 2015		Five Years Ended April 30, 2015 (a)		Annualized Since Inception (b)
Schroder U.S. Small and Mid Cap Opportunities Fund (d) —
Investor Shares	15.56	%	13.62	%	9.15	%
Advisor Shares	15.17	%	13.31	%	8.88	%
R6 Shares	15.65	%(c)	13.64	%(c)	9.16	%(c)
Russell 2500 Index	10.70	%	14.01	%	7.83	%

(a)	Average annual total returns.
(b)	From commencement of fund operations on March 31, 2006.
(c)	The R6 Shares commenced operations on December 30, 2014. The performance information provided in the above table for periods prior to December 30, 2014 reflects the performance of the Investor Shares of the Fund.
(d)	Effective December 19, 2014, SIMNA has contractually agreed through February 29, 2016 to limit the management fee paid by the Fund to 0.80% per annum. If the Fund had paid such lower fees during the period prior to December 19, 2014, the returns of the Fund would have been higher.

“Total Return” shown above is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

Top 5 Holdings

Security	% of Net Assets
SPDR Barclays 1-3 Month T-Bill ETF	2.9	%
Aramark	2.2
CoreLogic	1.8
Snap-on	1.7
Hexcel	1.5

Sector Allocation

Sector	% of Net Assets
Financial Services	21.9	%
Consumer Discretionary	16.4
Healthcare	13.6
Technology	11.9
Materials & Processing	11.3
Producer Durables	11.2
Utilities	3.1
Investment Company	2.9
Other Energy	2.6
Auto & Transportation	1.4
Consumer Staples	0.8
Other Assets less Liabilities	2.9

8

Schroder Emerging Market Equity Fund

MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)

Performance

For the six-month period ended April 30, 2015, the Schroder Emerging Market Equity Fund (the “Fund”) rose 3.10% (Investor Shares) and 3.02% (Advisor Shares). For the same six-month period, the Morgan Stanley Capital International (MSCI) Emerging Markets Index (the “Index”), a broad-based basket of emerging market stocks covering over 800 securities across 21 markets, rose by 3.92%.

Market Background

Global equities registered solid gains over the six-month period. U.S. equities were positive but marginally lagged the wider market amid some disappointing economic data in the second half of the period. The Federal Reserve, in its March Federal Open Market Committee statement, removed the term “patient” from its policy stance and thereby opened the door for a rate increase. However, the Federal Reserve also lowered its key rate expectations and expressed concern over the strong U.S. dollar. European equities registered a stronger return, as a period of protracted weakness in macro data prompted the European Central Bank to launch sovereign quantitative easing in March - pledging to purchase $60 billion of assets per month. Meanwhile, following sharp energy price falls towards the end of 2014, there was some recovery with the price of oil rebounding 16.5% over the four months ending April 2015. Emerging markets posted gains, a large portion of which were attributable to a liquidity driven rally in China from the end of March. The Index outperformed the MSCI World.

Emerging Asia was the best performing region over the period. China was the stand-out market as a series of weak macro releases prompted the authorities to cut interest rates and reduce reserve requirements. Local equities were driven higher by expectations for further stimulus measures to support the slowing economy, and the local securities regulator’s move at the end of March to permit investors to invest in Hong Kong stocks. A liquidity driven rally has ensued. First quarter Gross Domestic Product (GDP) growth was in line with expectations at 7.0% Year over Year (YoY) but trade and industrial production data disappointed and the Purchasing Managers Index remains weak. The Philippines outperformed as GDP growth continued to be firm and lower oil prices supported a decrease in inflation. Taiwan finished ahead of the Index, with technology stocks underpinning outperformance. Korea recorded a positive return and outperformed. First quarter growth of 2.4% was slightly ahead of consensus expectations; however macro data remains generally weak and that prompted its central bank to cut rates in March. Thai equities fell as growth remained lackluster. During the period the military-led government voted to impeach former Prime Minster Yingluck Shinawatra and brought criminal charges against her. In India, reform continued to progress whilst easing inflation provided headroom for its central bank to cut rates. Although macro data remained relatively firm, rains in the north and west have weighed on market sentiment amid concerns could spur food price gains, increase inflation and prevent the central bank from implementing further interest rate cuts. Indonesian equities declined in value as corporate earnings disappointed and the outlook for growth appeared to deteriorate. Malaysia was the regional laggard, negatively impacted by the sharp decline in the oil price.

Emerging EMEA (Europe, Middle East, and Africa) equities experienced some divergent returns through the period. Hungary was the strongest regional market with large index stock OTP Bank leading the local market higher. South Africa generated a positive return with media company and large index stock Naspers supporting gains. The company has a stake in Chinese peer Tencent, which rallied strongly over the period. Poland and the Czech Republic both lagged the Index, although macro data remained firm. Egypt also lagged amid uncertainty over capital gains tax whilst the UAE and Qatar declined on the back of negative sentiment linked to lower energy prices. After experiencing some heavy declines at the end of 2014, Russian equities and the ruble have rebounded in 2015, largely due to some recovery in the price of crude oil and the reversal of emergency rate hikes implemented last year. However, this was not enough to recoup all of the losses and the market was down over the six-month period. After performing well through the first half of the period, as inflation fell, Turkish equities came under pressure as perceived political interference undermined the credibility and independence of its central bank, increasing volatility in the lira. Parliamentary elections scheduled for June have also weighed on the market. Greece was the worst performing Index market as radical left party Syriza won an early election with a mandate to end austerity. Negotiations to reach an improved debt agreement with European partners are ongoing, and the market has experienced significant volatility on the back of short term news flow.

All of the Latin America markets underperformed the benchmark over the period. Peru was the only market to finish in positive territory, and only slightly lagged the Index. Performance was primarily supported by gains in miners Southern Copper and Minas Buenaventura. The Chilean market was broadly flat. After a slowdown in growth through 2014, expectations for 2015 have improved whilst the central bank has supported the economy by lowering rates. In Mexico, the declining oil price was a headwind to the local market as energy reform was seen as a major contributor to the longer term growth outlook for the country. Following the re-election of President Rousseff in October, Brazilian equities remained weak as the economy has deteriorated. This has forced the government to adopt more orthodox economic policy. The real sold off sharply, partly due to its central bank’s abandonment of its currency intervention program in March. The appointment of Joaquim Levy as finance minister has been positive, whilst the central bank has also moved to raise rates to combat high inflation. A further drag on the market has been a corruption scandal at Petrobras which has resulted in the delay in publication of its third quarter earnings results. Although the publication of results in April removes some short-

9

term financing pressures, the company’s difficulties are far from over. Colombia was the worst regional market due to its high reliance on oil revenues, which has resulted in heavy falls in the peso.

Portfolio Review

The Fund’s performance was behind the Index over the six-month period ending April 30, 2015 as country allocation was positive while stock selection was negative, on a relative basis.

The overweight to China, which outperformed, added value, as did underweights to Mexico and Malaysia, which underperformed. This was somewhat offset by overweights to Turkey and India, which underperformed and therefore detracted from relative performance.

The main drag on performance was due to stock selection in China, where the liquidity driven rally supported gains in lower quality companies with generally weaker balance sheets; companies the portfolio will typically be underweight or have no exposure to. The rally has also been focused on companies perceived to benefit from potential mainland retail investor inflows following the loosening of Shanghai-Hong Kong Stock Connect regulations. Key stock detractors to performance were the Fund’s overweight positions in AIA Group, Brilliance China, AAC Technologies, Baidu and Sinopec, all of which lagged the liquidity-driven rally. Other negative stock effects included Korea (overweight Naver, Samsung C&T and Hana Financial) and Brazil (underweight Petrobras and overweight Kroton). This was somewhat offset by positive selection in Taiwan (overweight Catcher Technology, Advanced Semiconductor and Mediatek) and India (overweight Axis Bank, Lupin and HDFC Bank).

Market Outlook

Our outlook for global emerging markets (GEMs) remains little changed. The global macro backdrop is generally unsupportive with a “low growth for longer” scenario so far continuing to play out. This, in turn, has served to dampen risk appetite and to weigh on emerging export sectors in particular. Recent soft growth in the U.S. has led to increased U.S. dollar volatility. However, the prospect of ongoing divergent monetary policy between the U.S. and the eurozone and Japan, together with expectations of a rebound in U.S. growth, we believe will likely keep the U.S. dollar supported. Historically, a strong U.S. dollar has weighed on GEMs relative performance, meaning that the positive outlook for the U.S. dollar could continue to be a headwind for GEMs. Meanwhile, country specific challenges in emerging markets are serving to heighten market volatility; for example, concerns over the sustainability of the recent Chinese market rally and political uncertainty in Greece, Russia and more recently Turkey. The increasing importance of China in the Index also bears close monitoring, with MSCI’s decision on whether to include local A-shares in the Index due shortly. Overall GEMs appears to face a difficult environment. We are wary of the challenges facing GEMs and for the short-term, we have allowed cash to slightly increase in the portfolio.  However, there is a case to be made that many of the challenges facing GEMs have been priced in, at least to some extent, and the degree of investor negativity towards GEMs looks overdone. Notably, the Index is trading on around 12X Price to Earnings versus the MSCI U.S. index, which is trading on over 17X Price to Earnings.  In addition, IBES consensus earnings growth expectations are for around 9% for GEMs compared to 7% for the U.S., where U.S. dollar strength could weigh on the earnings of companies’ overseas operations.

10

PERFORMANCE INFORMATION

	One Year Ended April 30, 2015		Five Years Ended April 30, 2015 (a)		Annualized Since Inception (b)
Schroder Emerging Market Equity Fund —
Investor Shares	6.60	%	2.95	%	5.81	%
Advisor Shares	6.37	%	2.70	%	5.59	%
R6 Shares	6.60	%(c)	2.95	%(c)	5.81	%(c)
MSCI Emerging Markets Index	7.80	%	3.02	%	5.65	%

(a)	Average annual total returns.
(b)	From commencement of fund operations on March 31, 2006.
(c)	The R6 Shares commenced operations on December 30, 2014. The performance information provided in the above table for periods prior to December 30, 2014 reflects the performance of the Investor Shares of the Fund.

“Total Return” shown above is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

Top 5 Holdings

Security	% of Net Assets
Samsung Electronics	5.4	%
Tencent Holdings	5.0
China Construction Bank Class H	3.8
Taiwan Semiconductor Manufacturing	3.7
China Petroleum & Chemical Class H	3.0

Geographic Allocation

	% of Net Assets
Asia/Far East	73.8	%
Europe	9.4
Latin America	9.0
Africa	3.4
Middle East	3.0
Other Assets less Liabilities	1.4

11

Schroder Emerging Markets Multi-Cap Equity Fund

MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)

Performance

For the six-month period ended April 30, 2015, the Schroder Emerging Markets Multi-Cap Equity Fund (the “Fund”) rose 1.47% (Investor Shares) and 1.35% (Advisor Shares). For the same six-month period, the Morgan Stanley Capital International (MSCI) Emerging Markets Index (the “Index”), a broad-based basket of emerging market stocks covering over 800 securities across 21 markets, rose by 3.92%.

Market Background

Emerging market equities lagged their developed market peers over the period. The sell-off in emerging markets that commenced in autumn 2014 intensified towards the end of the year as investors grew increasingly nervous in the face of a number of headwinds, principally the potential fragility of Russia, sluggish growth in China and the prospect of rising U.S. interest rates. However, after a poor end to 2014, emerging markets broadly tracked developed equities during the early part of 2015 and outperformed in April.

The export-heavy but resource-light Asian markets were the best performers over the six months, benefiting from continued weakness in commodity prices and the expectation of firmer overseas demand. China was one of the strongest equity markets during the period as the index rose to a seven-year high in the wake of monetary policy easing from the People’s Bank of China. Further policy easing appears to be in the cards given the recent weakness in Chinese economic data and the downward drift in inflation. Moves by the authorities to enable more widespread access to the market also drove returns.

Europe, Middle East and Africa (EMEA) markets registered a slightly negative return for the period. The Greek market was particularly weak. The left-wing anti-bailout party Syriza formed a new government following national elections in January but has struggled to gain concessions from its eurozone partners since then. The country now runs the risk of soon having insufficient funds to repay its creditors unless it can unlock more bailout funds.

The resource-laden Latin American markets were the weakest performers, dragged down by falls in commodity prices. The Brazilian market was particularly weak; Brazil’s economy stagnated last year, and we expect more of the same for 2015 on the back of weaker commodity exports even as inflation remains stubbornly high.

As in developed markets, investors exhibited a marked preference for “growth” over “value” during the period. From a sector perspective, technology and health care were two of the better performing sectors whilst materials and utilities were among the worst. Energy was the weakest sector overall due to the oil price drop.

Portfolio Review

The Fund lagged the Index over the period. The Fund’s positioning within China detracted from relative returns. This was in part due to our underweight allocation to Chinese financials, which performed strongly and now constitute over 10% of the entire Index, an all-time high. Our underweight allocation to software stock Tencent was another negative as the stock was a key beneficiary of investors searching for growth. Elsewhere in Asian markets, new government regulations on cement prices in Indonesia aimed at supporting the local construction industry hurt our exposure to two cement producers. However, stock selection was positive in Taiwan, notably within the technology hardware subsector. Our positioning within Malaysia also supported Fund performance.

Within EMEA, our overweight allocation to the region was negative but was offset by good stock selection. Stock picking successes were notable in Turkey and Greece where we avoided lower quality banks. However, stock selection was negative in South Africa, largely due to our avoidance of media stock Naspers which, like Tencent, benefited from the market’s hunt for growth stocks.

Our underweight allocation to Latin America made a positive contribution to returns for the period, particularly our low weighting in the Mexican market, which we continue to view as expensive. However, stock selection in Brazil had a negative impact.

Market Outlook

In terms of portfolio positioning, the low allocations to Chinese financials and to Samsung continue to drive an underweight in the Asian region. The strength of the Chinese equity market has encouraged us to trim areas that are no longer offering what we view to be attractive valuations, further reducing the allocation to Asia. This has occurred across most sectors but particularly within consumer discretionary, technology and telecoms. Whilst we continue to struggle to find any significant opportunities in Korea, in recent weeks, we have increased the Fund’s allocation to Korean consumer discretionary stocks. Elsewhere in Asia, we remain overweight Thailand (particularly the energy, technology and telecoms sectors) and Indonesian construction materials and machinery stocks. Our exposure to Taiwan is driven by being overweight its technology sector.

12

In the EMEA region, we have a long-running preference for South Africa across most sectors outside of media (Naspers). We have been increasing the Fund’s allocation to investments in Turkey (except financials) this year but are still only modestly overweight, and we remain underweight the former Frontier Markets (Qatar and UAE). We are broadly neutral Russia relative to the Index despite its cheapness, as we believe that there are few high quality opportunities. The exposure is also hampered by sanctions, higher transaction costs and American depository receipt (ADR) premiums.

We are underweight Latin America in aggregate, although overweight Brazil — we have continued to increase our exposure here. We are underweight Mexico and, although some limited opportunities have emerged (staples and telecoms) due to recent underperformance, it remains one of our least favored markets as valuations appear to be rich outside of its energy sector.

We continue to believe that performance within emerging markets will remain both diverse and volatile, particularly against the backdrop of a less supportive market environment in the form of a strong dollar and probable policy tightening of U.S. monetary policy. One encouraging factor, we believe, is that the combination of more competitive emerging market currencies and an inflation dividend for the commodity importing countries is boosting the prospect of a positive growth surprise later this year, albeit from a low base.

13

PERFORMANCE INFORMATION

	One Year Ended April 30, 2015		Annualized Since Inception (a)
Schroder Emerging Markets Multi-Cap Equity Fund (c) —
Investor Shares	4.55	%	9.21	%
Advisor Shares	4.29	%	8.96	%
R6 Shares	4.59	%(b)	9.23	%(b)
MSCI Emerging Markets Index	7.80	%	11.96	%

(a)	From commencement of fund operations on June 25, 2013.
(b)	The R6 Shares commenced operations on December 30, 2014. The performance information provided in the above table for periods prior to December 30, 2014 reflects the performance of the Investor Shares of the Fund, adjusted to reflect the lower fees paid by R6 Shares.
(c)	Effective December 19, 2014, SIMNA has contractually agreed through February 29, 2016 to limit the management fee paid by the Fund to 0.80% per annum. If the Fund had paid such lower fees during the period prior to December 19, 2014, the returns of the Fund would have been higher.

“Total Return” shown above is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

Top 5 Holdings

Security	% of Net Assets
Sasol	1.0	%
Taiwan Semiconductor Manufacturing ADR	1.0
Samsung Electronics GDR	1.0
Zhejiang Expressway Class H	1.0
Taiwan Semiconductor Manufacturing	1.0

Geographic Allocation

	% of Net Assets
Asia/Far East	52.0	%
Latin America	13.2
Africa	11.2
Europe	10.8
Short-Term Investments	7.2
Middle East	1.8
United Kingdom	0.7
Other Assets less Liabilities	3.1

14

Schroder International Alpha Fund

MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)

Performance

For the six-month period ended April 30, 2015, the Schroder International Alpha Fund (the “Fund”) gained 5.50% (Investor Shares) and 5.37% (Advisor Shares) compared to the Morgan Stanley Capital International (MSCI) EAFE Index (the “Index”), a broad-based basket of international stocks, which gained 6.81% during this same period.

Market Background

International equities gained over the six-month period, with monetary policy once again in the spotlight. Japan was the best regional performer as the stock market was boosted by further monetary policy easing from the central bank. Elsewhere, European equities were supported by the launch of the central bank’s quantitative easing program in March. Both the yen and euro weakened in response to the easing drive in these countries, while the U.S. dollar strengthened amid expectations that the Federal Reserve may increase interest rates in 2015.

The period was also characterized by a divergence between investment styles, with growth outpacing value. As a result, two of the best performing sectors were health care and technology. The consumer sector also gained strongly over the period as the continued fall in oil prices had a positive impact on disposable income. However, weaker energy prices had a negative impact on energy- and utilities-related stocks, which were the two worst performing sectors over the period.

Portfolio Review

The Fund underperformed the Index over the period as stock selection, particularly in the industrials and technology sectors, weighed on returns. Offsetting this, to some extent, was a positive contribution from our holdings in the consumer discretionary sector. By region, stock selection in Europe and Japan detracted from performance, although this was counteracted by the positive impact of our holdings in Asia Pacific.

At the stock level, the largest detractor was Nokia. Shares sold off sharply at the end of April as the company announced weak quarterly results and its intention to acquire telecommunications and network equipment manufacturer, Alcatel Lucent. We believe this announcement, while not necessarily negative, changes the strategic direction of the company, impacts our initial investment thesis, and therefore changes the fundamental risk of owning the name. The stock is currently under review as we fully assess the fundamental case for this major acquisition.

The Fund benefited from our underweight exposure to the energy sector but several of our energy holdings, including BG Group and Shell, were among the weaker performers.  Ongoing weakness in oil prices contributed to a poor performance from Shell. Earnings disappointment, in combination with concerns about potential losses in its U.S. upstream business at current oil prices, weighed on the stock. We believe it remains among the best positioned of the oil majors. Its recent bid to acquire BG Group is further evidence of how the strength of Shell’s balance sheet is enabling the company to be opportunistic in the current environment.

On the positive side, improving sentiment in the auto-related sector meant that a few of our auto-exposed holdings performed well. Favorable currency exposures, lower raw material prices and falling oil prices benefited both Bridgestone and Continental. Furthermore, we were encouraged by Bridgestone’s announcement of a 30% increase in dividend payments, which was announced this year, and reflects the strong financial position of the company and improving cashflow. At Continental, evidence of positive pricing and mix in their earnings results was beneficial for the share price. Elsewhere, life sciences company Lonza continued to perform strongly. We believe Lonza’s management team is executing well and should continue to improve the returns over the coming years. We are also encouraged by the company’s expectation that it can grow sales and profits this year, despite a considerable currency headwind.

Market Outlook

The rally across Asian markets seen in recent months serves to demonstrate the power of central bank liquidity. Despite slowing economic growth overall, the Chinese A share market has doubled in 12 months, and we believe that mainland China shares now exhibit many of the classic signs of a frenzied market. Stocks are being bought on margin by amateur investors, with little consideration for valuation, and the fear of being left behind appears to be a major factor driving investors to participate. In our view, with the A share market on an ex-financials price/earnings ratio of over 30x earnings, valuations are very high and stocks are vulnerable to a major correction. Hong Kong-listed stocks (both Hong Kong and China focused companies) appear to be more reasonably valued, and we would thus expect to continue to see money flow from China into Hong Kong through the stock connect mechanism.

European and Japanese stocks markets have seen some of the best earnings revisions of recent months, and have generally survived Q1 results season in good shape. 10-year bond yields across both regions are being kept exceptionally low by the respective quantitative easing programs, and this appears to be supporting a continued demand for income generating equities.

15

By contrast, the U.S. market has continued to underperform in early 2015, a reversal of its multi-year leadership. Currency benefits have translated into a significant number of companies surprising on top-line revenue growth in Europe and Asia, whereas in the U.S. it has been the opposite. The softer performance has in part been driven by negative earnings revisions resulting from the strength of the U.S. dollar. However, a weakening of the U.S. dollar over recent weeks brings into question the persistence of the dollar strength that consensus anticipates will keep forward earnings expectations under pressure. This could begin to rebalance U.S. market leadership away from domestic earnings towards foreign-exposed multinationals.

Commodity prices too have been adversely affected by a stronger dollar. The sharp movement in currency in Q4 2014 was instrumental in the collapse of oil price, along with concerns about the deterioration in the supply/demand balance. Easing concerns regarding the latter, along with recent weakness in the U.S. dollar, has supported global energy prices lately and relieved some of the huge pressure on commodity-related shares. We believe there is little evidence to suggest that this is much more than a relief rally at this stage, with most commodities remaining well supplied for the next 1-2 years.

However, after another weak start for the U.S. and global economy in Q1, consensus expectations for global economic growth for the next 12 months have in fact been inching upward recently. If sustained, that environment would support improving demand and could fundamentally improve the outlook for more industrial cyclicals, including the commodity areas, so we are keeping a close eye on signs of a confirmation of a positive inflection.

The outlook for global equities remains finely balanced, with a stable mid-cycle growth outlook and generally supportive central bank liquidity offset by relatively full valuations and ever-present geopolitical risk. However, we believe that equities remain attractive relative to other asset classes although we expect that volatility will remain elevated. It is important to stress that we see a more positive outlook for individual stocks relative to broader market returns over coming years. This reflects an environment in which we expect stock returns to be more disparate and less correlated than observed at any time since 2011, driving the potential for good stock pickers to add significant value relative to the broader market (Index) returns.

16

PERFORMANCE INFORMATION

	One Year Ended April 30, 2015		Five Years Ended April 30, 2015 (a)		Ten Years Ended April 30, 2015 (a)
Schroder International Alpha Fund (b) —
Investor Shares	2.47	%	7.60	%	6.77	%
Advisor Shares	2.29	%	7.33	%	6.50	%(c)
R6 Shares	2.47	%(d)	7.60	%(d)	6.77	%(d)
MSCI EAFE Index	1.65	%	7.40	%	5.62	%

(a)Average annual total returns.

(b)Effective April 1, 2006, the management fees of the Fund increased to 0.975% per annum. If the Fund had paid such higher fees during the period prior to April 1, 2006, the returns would have been lower. Effective March 21, 2012, the management fees of the Fund decreased to 0.80% per annum. If the Fund had paid such lower fees during periods prior to March 21, 2012, the returns of the Fund would have been higher. Effective December 19, 2014, SIMNA has contractually agreed through February 29, 2016 to limit the management fee paid by the Fund to 0.70% per annum. If the Fund had paid such lower fees during the period prior to December 19, 2014, the returns of the Fund would have been higher.

(c)The Advisor Shares commenced operations on May 15, 2006. The performance information provided in the above table for periods prior to May 15, 2006 reflects the performance of the Investor Shares of the Fund, adjusted to reflect the distribution fees paid by Advisor Shares.

(d)The R6 Shares commenced operations on December 30, 2014. The performance information provided in the above table for periods prior to December 30, 2014 reflects the performance of the Investor Shares of the Fund.

“Total Return” shown above is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

Top 5 Holdings

Security	% of Net Assets
Sumitomo Mitsui Financial Group	3.0	%
Nestle	2.8
AIA Group	2.7
HSBC Holdings	2.5
Vodafone Group	2.2

Geographic Allocation

	% of Net Assets
Continental Europe	41.3	%
United Kingdom	22.7
Japan	17.5
Pacific ex-Japan	7.8
Emerging Markets	6.5
North America	1.9
Middle East	1.7
Other Assets less Liabilities	0.6

17

Schroder International Multi-Cap Value Fund

MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)

Performance

For the six-month period ended April 30, 2015, the Schroder International Multi-Cap Value Fund (the “Fund”) gained 4.43% (Investor Shares) and 4.29% (Advisor Shares) compared to the Morgan Stanley Capital International (MSCI) EAFE Index, a broad-based basket of international stocks, which returned 6.81% during this same period, and the MSCI All Country World ex-U.S. Index, a broad measure of stock performance throughout the world, with the exception of U.S.-based companies, including both developed and emerging markets (collectively, the “Indices”), which rose 5.56%.

Market Background

International equities gained over the six-month period. By region, Japan was the best performer. Japanese stocks were boosted by further monetary policy easing from the central bank. This contributed to a weaker yen over the period, benefiting the country’s exporters. Japan also delayed a planned increase to the consumption tax. Within emerging markets, emerging Asia was the strongest performing region. Chinese equities were supported by accommodative monetary policy, while some lackluster economic data led to speculation over further easing measures.

Elsewhere, continental European equities were supported by a long-awaited announcement from the European Central Bank that it would begin a quantitative easing drive. The worst performing region for the six-month period was emerging Latin America, with oil-exporting nations hit hard as oil prices fell due to oversupply concerns.

There was a divergence between styles, with growth outpacing value. Reflecting the broader preference for growth over value, two of the best performing sectors were health care and technology. Both sectors were at the epicenter of a vibrant period for mergers and acquisitions and initial public offerings. Health care’s performance came despite a sell-off in U.S. biotechnology at the end of 2014, triggered by valuation concerns within the sector.

Beneficiaries of the fall in oil prices also did well. With people spending less at the pumps, more was available for restaurants, gifts and home improvements. Consumer stocks, including retailers, benefited accordingly and consumer discretionary was the top performing sector for the period.  However, at the other end of the performance spectrum, energy was the worst performing sector, followed by utilities. The U.S. dollar’s gains weighed on commodity prices, which were already under pressure from over-supply concerns.

Portfolio Review

The Fund delivered a positive absolute return for the period but lagged the Indices. While we continue to focus on valuations and business quality, we believe the market has been ignoring the fundamental strength of many stocks and has been rewarding lower volatility areas and growth. In our view, these two areas of the market have become more expensive as the market repeatedly bids up previous stock price winners. This current market preference for growth stocks has made it difficult for more contrarian strategies to outperform.

Emerging markets struggled to keep pace with developed markets as investor skittishness resulted in a challenging period. Concerns included the direction of U.S. interest rates, U.S. dollar strength, geopolitical tensions in and around Russia, falling commodity prices, and once again the economic slowdown in China. Against this backdrop, the Fund’s exposure to emerging markets was a further drag on performance, as even high quality, cheap stocks in the Fund’s portfolio suffered.

On a sector basis, materials was the main drag on relative performance due to the Fund’s allocation to value opportunities, such as larger, lower cost, diversified miners. Stock selection remained positive within financials, adding to the considerable gains made in the sector since we implemented our quality-based approach. The Fund benefited in particular from our positioning in European banks, and we also avoided the falls in Canadian banks. Our exposure to Japanese regional banks, which we have been slowly building up, was rewarded over the period. Indeed, Japan and Canada were the leading regional contributors to relative returns. Pacific ex Japan was the largest detractor from Fund performance on a regional basis, owing in part to our positioning within industrials.

Market Outlook

The cumulative underperformance of the emerging markets compared to the developed markets since they peaked at the end of 2010 is more than 50%. Emerging market equities currently trade at more than a 30% discount to those in the developed markets on a price-to-book basis, a level not seen for over 10 years. Using price-to-earnings multiples the discount is similar, with the valuation case most convincing for Asia and EMEA (Europe, Middle East, and Africa).

We remain underweight defensives as the market continues to place high valuations on these sectors, particularly in the food & drink industry. We have been adding to positions in telecoms, where dividends are well covered by cash flows in both developed and emerging markets. Within utilities, we have added to a number of positions that currently offer attractive yields, with strong cash flows coupled with what we view to be reasonable balance sheets.

18

We have reduced our exposure to technology, after strong performance reduced the attractiveness of some valuations in the sector. Within consumer discretionary, we rotated out of several positions where we view valuations to no longer be compelling, although we continue to maintain exposure across a broad range of industries, in particular auto component makers and media. Our allocation to industrials continues to focus on companies with a track record of producing strong cash flows and that have lagged the overall market.

We have maintained our overweight position in materials, preferring high quality companies trading on depressed valuations. Mining stocks form the highest exposure within materials; we like the larger, lower cost diversified miners best. Similarly, within energy we are avoiding the higher cost producers (e.g. Canadian oil sands) that are more likely to be impacted by falling oil prices.

The Fund’s exposure to financials is driven by valuation and the relative quality (risk) of any opportunity. This leads us to have a low weight to simple banks, driven by our lack of exposure to Australian and Canadian banks, which make up nearly 4% of the MSCI All Country World ex-U.S. Index as of the date of this report. These companies are trading at steep premiums to book value while investors generally focus solely on the dividend yields. We prefer complex banks in the U.K., Asia and Japan over those in the continental European region which we believe still face asset quality risks, although in many instances valuations have now been adjusted accordingly. Our real estate exposure is focused on Asia, which continues to represent a value opportunity.

19

PERFORMANCE INFORMATION

	One Year Ended April 30, 2015		Five Years Ended April 30, 2015 (a)		Annualized Since Inception (b)
Schroder International Multi-Cap Value Fund (c) —
Investor Shares	0.79	%	7.94	%	5.57	%
Advisor Shares	0.42	%	7.66	%	5.31	%
R6 Shares	0.71	%(d)	7.92	%(d)	5.56	%(d)
MSCI EAFE Index	1.65	%	7.40	%	3.05	%
MSCI All Country World ex-U.S. Index	2.63	%	6.04	%	3.51	%

(a)Average annual total returns.

(b)From commencement of fund operations on August 30, 2006.

(c)Effective March 21, 2012, the management fee of the Fund decreased to 0.80% per annum. If the Fund had paid such lower fees during prior periods, the returns of the Fund would have been higher. Effective December 19, 2014, SIMNA has contractually agreed through February 29, 2016 to limit the management fee paid by the Fund to 0.65% per annum. If the Fund had paid such lower fees during the period prior to December 19, 2014, the returns of the Fund would have been higher.

(d)R6 Shares commenced operations on December 30, 2014. The performance information provided in the above table for periods prior to December 30, 2014, reflects the performance of the Investor Shares of the Fund.

“Total Return” shown above is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

Top 5 Holdings

Security	% of Net Assets
Statoil	0.9	%
Roche Holding	0.8
Telstra	0.8
Sanofi	0.8
KDDI	0.8

Geographic Allocation

	% of Net Assets
Continental Europe	32.4	%
Emerging Markets	16.2
United Kingdom	15.1
Japan	14.6
Pacific ex-Japan	12.4
North America	4.4
Middle East	1.5
Other Assets less Liabilities	3.4

20

Schroder Global Multi-Cap Equity Fund

MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)

Performance

For the six-month period ended April 30, 2015, the Schroder Global Multi-Cap Equity Fund (the “Fund”) gained 2.80% (R6 Shares, formerly referred to as Institutional Shares) and 2.78% (Investor Shares, formerly referred to as Institutional Service Shares) compared to both the Morgan Stanley Capital International World Index, a market-capitalization-weighted index that provides a broad measure of stock performance throughout the world, which rose 5.09%, and the MSCI All Country World Index, a broad measure of stock performance throughout the world (collectively, the “Indices”), which rose 4.97%.

Market Background

Global equities gained over the six-month period. By region, Japan was the best performer. Japanese stocks were boosted by further monetary policy easing from the central bank. This contributed to a weaker yen over the period, benefiting the country’s exporters. Japan also delayed a planned increase to the consumption tax. Within emerging markets, emerging Asia was the strongest performing region. Chinese equities were supported by accommodative monetary policy, while some lackluster economic data led to speculation over further easing measures.

Elsewhere, continental European equities were supported by a long-awaited announcement from the European Central Bank that it would begin a quantitative easing drive. North American equities delivered a positive return; poor winter weather was a drag on economic activity in the U.S. although labor market data held up well. The U.S. dollar strengthened amid expectations that the Federal Reserve would increase interest rates in 2015 while other central banks are continuing to loosen monetary policy. The worst performing region for the six-month period was emerging Latin America, with oil-exporting nations hit hard as oil prices fell due to oversupply concerns.

There was a divergence between styles, with growth outpacing value. Reflecting the broader preference for growth over value, two of the best performing sectors over the year were healthcare and technology. Both sectors were at the epicenter of a vibrant year for mergers and acquisitions and initial public offerings. Healthcare’s performance came despite an end-of-year sell-off in U.S. biotechnology, triggered by valuation concerns within the sector.

Beneficiaries of the fall in oil prices also did well. With people spending less at the pumps, more was available for restaurants, gifts and home improvements. Consumer stocks, including retailers, benefited accordingly and consumer discretionary was the top performing sector for the period.  However, at the other end of the performance spectrum, energy was the worst performing sector, followed by utilities. The U.S. dollar’s gains weighed on commodity prices, already under pressure from over-supply concerns.

Portfolio Review

The Fund delivered a positive absolute return for the period but lagged the Indices. Stock selection was the main detractor from relative returns, particularly within North America. The more expensive growth and momentum areas of the U.S. market, such as software and retail, performed strongly over the period. This is entirely consistent with growth-led markets, where investors tend to favor recent winners and shun more attractively valued opportunities. This herd mentality and the associated dominance of momentum investing has been a recurring theme. The Fund’s low allocation to these areas of the U.S. market led to underperformance. We continue to focus on valuations and business quality.

The portfolio’s exposure to Emerging Markets (EM) was another drag on relative returns. EM struggled to keep pace with developed markets as investor skittishness resulted in a challenging period. Concerns included the direction of U.S. interest rates, U.S. dollar strength, geopolitical tensions in and around Russia, falling commodity prices, and once again the economic slowdown in China. Against this backdrop, the Fund’s EM exposure was a further drag on performance, as even high quality, cheap stocks in the Fund’s portfolio suffered.

Stock selection remained positive within financials, adding to the considerable gains made in the sector since we implemented our quality-based approach. The Fund benefited in particular from our positioning in European banks and within North America as we avoided the falls in Canadian banks.

Uncertainty over the direction of U.S. interest rates meant that stocks that trade as ‘bond surrogates’ remained volatile over the period. The Fund’s negligible weight to these companies, such as U.S. utilities, was a positive contributor to relative returns as these unattractive yield replacements sold off in aggregate.

Market Outlook

It is still hard to argue that the U.S. market is cheap. At the beginning of 2015, investors had priced in fewer threats to the U.S. economy than elsewhere, but recently some of these favorable dynamics have become less clear. The cumulative underperformance of the EM compared to the developed markets since they peaked at the end of 2010 is more than 50%. EM equities currently trade at more than a 30% discount to those in the developed markets on a price-to-book basis, a level not seen for over 10 years. Using price-

21

to-earnings multiples the discount is similar, with the valuation case most convincing for Asia and EMEA (Europe, Middle East, and Africa).

In defensive sectors, we retain our preference for health care stocks, with a focus on the pharmaceutical and health care equipment industry. In utilities and telecoms we retain our preference for European and emerging market stocks. U.S. utilities remain unattractive in our view, and we have negligible exposure here. Within consumer staples we have been adding to a number of stocks over the past few months that no longer trade at demanding valuations. However, we are still underweight the expensive food & drink industry overall.

The Fund’s exposure to financials is driven by valuation and the relative quality (risk) of any opportunity. We believe complex banks continue to offer better opportunities than higher priced simple banks. Continental European banks, in our view, still face asset quality risks, although further weakness would offer some more compelling deep value opportunities. We believe that there are some attractively-priced, high quality companies in the area of insurance, particularly within the U.S. market, and we maintain our focus on long-term business strength and diversity.

In resources, our preference remains for high quality companies trading on depressed valuations. Mining stocks form the highest exposure within materials: we prefer the larger, lower cost, diversified miners. Within energy, we believe large integrated oil & gas stocks tend to offer attractive dividend yields and strong balance sheets.

Our exposure to a broad range of technology stocks remains at the higher end of the historic range, dominated by traditional companies such as Intel and Microsoft rather than the ‘exciting’ stocks such as software. Within the consumer discretionary sector, we have maintained exposure across a broad range of industries.

22

PERFORMANCE INFORMATION

	One Year Ended April 30, 2015		Annualized Since Inception
Schroder Global Multi-Cap Equity Fund —
Investor Shares (formerly Institutional Service Shares)	4.82	%(b)	9.78	%(b)
Advisor Shares	4.60	%(c)	9.52	%(c)
R6 Shares (formerly Institutional Shares)	4.91	%(a)	9.84	%(a)
MSCI World Index	7.41	%	10.32	%
MSCI All Country World Index	7.45	%	9.03	%

(a)R6 shares (formerly Institutional Shares) commenced operations on November 9, 2010. Rate shown is annualized since inception.

(b)Investor Shares (formerly Institutional Service Shares) commenced operations on September 28, 2012. The performance information provided in the above table for periods prior to September 28, 2012, reflects the performance of the R6 Shares of the Fund.

(c)Advisor Shares commenced operations on December 30, 2014. The performance information provided in the above table for periods prior to December 30, 2014, reflects the performance of the R6 Shares of the Fund, adjusted to reflect the distribution fees paid by Advisor Shares.

“Total Return” shown above is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the period reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

Top 5 Holdings

Security	% of Net Assets
Microsoft	0.9	%
Statoil	0.8
Roche Holding	0.8
Apple	0.8
ExxonMobil	0.8

Geographic Allocation

	% of Net Assets
North America	44.4	%
Continental Europe	13.7
United Kingdom	12.3
Emerging Markets	9.5
Japan	8.6
Pacific ex-Japan	5.9
Middle East	0.8
Central America	0.2
South America	0.1
Other Assets less Liabilities	4.5

23

Schroder North American Equity Fund

Schedule of Investments

April 30, 2015 (unaudited)

Shares		Value $
	COMMON STOCK — 99.4%
	Bermuda — 0.7%
8,800	Arch Capital Group (1)	533,984
22,200	Assured Guaranty	576,978
13,800	Axis Capital Holdings	718,428
4,600	Everest Re Group	822,986
39,300	Invesco	1,627,806
25,100	Marvell Technology Group	351,651
6,800	RenaissanceRe Holdings	696,932
		5,328,765
	Canada — 1.2%
21,900	Alimentation Couche Tard Class B	838,244
12,800	Barrick Gold	166,352
12,200	BCE	537,852
15,200	Cardinal Energy	201,827
4,500	CCL Industries Class B	517,360
14,900	Centerra Gold	77,063
12,800	CGI Group Class A (1)	538,735
16,700	Cominar REIT	264,653
26,400	Emera	889,701
13,300	Enbridge Income Fund Holdings	428,488
16,600	Genworth MI Canada	483,622
15,200	Magna International Class A	765,984
28,400	Medical Facilities	385,101
9,100	Morguard REIT	130,636
24,700	Nevsun Resources	97,449
9,800	North West	201,117
37,700	Rogers Communications Class B	1,346,763
25,400	Shaw Communications Class B	580,632
31,800	Teck Resources Class B	482,074
33,200	Transcontinental Class A	511,277
		9,444,930
	Ireland — 0.9%
38,752	Accenture Class A	3,590,373
10,100	Actavis (1)	2,856,886
9,600	Seagate Technology	563,712
		7,010,971
	Netherlands — 0.1%
6,400	LyondellBasell Industries Class A	662,528
	Panama — 0.1%
5,600	Copa Holdings Class A	620,984
	Puerto Rico (1) — 0.1%
14,100	Popular	457,263
	Singapore — 0.1%
3,400	Avago Technologies Class A	397,392
	Switzerland — 0.6%
22,000	ACE	2,353,780
16,400	Allied World Assurance Holdings	674,696
27,500	TE Connectivity	1,830,125
		4,858,601
	United Kingdom — 0.2%
23,000	Delphi Automotive	1,909,000
	United States — 95.4%
	Consumer Discretionary — 11.3%
12,506	Amazon.com (1)	5,274,781
2,300	AutoZone (1)	1,547,118
17,000	Bed Bath & Beyond (1)	1,197,820
25,400	Best Buy	880,110
7,400	Brinker International	409,738
4,200	Buckle	188,160
5,200	Cato Class A	204,568
7,200	CBS Class B	447,336
19,700	Chico’s FAS	332,142
27,113	Coach	1,035,988
119,000	Comcast Class A	6,873,440
4,400	Cooper Tire & Rubber	186,956
3,500	Core-Mark Holding	184,485
3,000	Cracker Barrel Old Country Store	397,440
2,500	Dillard’s Class A	328,975
29,456	DIRECTV (1)	2,671,806
5,100	Dollar General	370,821
17,200	Dollar Tree (1)	1,314,252
8,500	Foot Locker	505,325
108,600	Ford Motor	1,715,880
12,800	GameStop Class A	493,312
23,200	Gannett	796,224
28,600	Gap	1,133,704
14,700	Garmin	664,293
17,100	General Motors	599,526
20,400	Gentex	353,940
16,300	Genuine Parts	1,464,555
28,900	Hillenbrand	849,371
64,293	Home Depot	6,878,065
9,600	John Wiley & Sons Class A	546,048
8,400	Johnson Controls	423,192
12,800	Kohl’s	917,120
18,200	L Brands	1,626,352
4,800	Lear	532,944
51,900	Lowe’s	3,573,834
5,500	Macy’s	355,465

The accompanying notes are an integral part of the financial statements.

24

Shares		Value $
48,681	McDonald’s	4,700,151
1,400	McGraw-Hill	146,020
6,200	Meredith	322,648
500	Netflix (1)	278,250
20,800	Newell Rubbermaid	793,104
17,300	Nike Class B	1,709,932
14,900	Nordstrom	1,125,844
20,300	Omnicom Group	1,537,928
5,500	O’Reilly Automotive (1)	1,198,065
2,200	Outerwall	146,146
8,700	PetMed Express	137,721
2,232	Priceline Group (1)	2,762,792
5,200	Ralph Lauren Class A	693,732
15,300	Ross Stores	1,512,864
12,200	Scripps Networks Interactive Class A	852,292
1,300	Sherwin-Williams	361,400
45,400	Starbucks	2,250,932
20,000	Target	1,576,600
5,400	Thor Industries	324,918
25,845	Time Warner	2,181,576
20,900	TJX	1,348,886
8,600	Tupperware Brands	574,996
72,800	Twenty-First Century Fox Class A	2,481,024
6,400	VF	463,552
27,300	Viacom Class B	1,895,985
61,872	Walt Disney	6,726,724
4,700	Whirlpool	825,320
10,600	Yum! Brands	911,176
		87,115,664
	Consumer Staples — 9.0%
94,200	Altria Group	4,714,710
42,500	Campbell Soup	1,900,175
21,900	Clorox	2,323,590
145,416	Coca-Cola	5,898,073
16,982	Colgate-Palmolive	1,142,549
13,473	Costco Wholesale	1,927,313
41,717	CVS Health	4,142,081
33,300	Dr. Pepper Snapple Group	2,483,514
8,900	Energizer Holdings	1,215,918
55,500	General Mills	3,071,370
29,900	Kellogg	1,893,567
25,900	Kimberly-Clark	2,840,971
12,900	Kroger	888,939
19,100	Mondelez International Class A	732,867
83,524	PepsiCo	7,944,803
62,591	Philip Morris International	5,224,471
130,211	Procter & Gamble	10,353,077
18,800	Reynolds American	1,378,040
16,700	Sysco	618,401
27,841	Walgreens Boots Alliance	2,308,854
83,723	Wal-Mart Stores	6,534,580
		69,537,863
	Energy — 8.4%
52,193	California Resources	485,395
92,263	Chevron	10,246,729
5,300	Cimarex Energy	659,320
73,759	ConocoPhillips	5,009,711
12,200	Delek U.S. Holdings	450,424
31,500	Devon Energy	2,148,615
6,500	Enterprise Products Partners LP	222,625
3,800	EOG Resources	376,010
205,390	ExxonMobil	17,944,925
8,337	Halliburton	408,096
19,600	Helmerich & Payne	1,528,212
34,200	Kinder Morgan	1,468,890
2,000	Magellan Midstream Partners	167,000
76,400	Marathon Oil	2,376,040
13,700	Marathon Petroleum	1,350,409
16,300	Murphy Oil	776,043
39,700	National Oilwell Varco	2,160,077
26,000	Noble Energy	1,318,720
51,033	Occidental Petroleum	4,087,743
12,000	Oceaneering International	661,320
10,479	Phillips 66	831,089
3,300	Pioneer Natural Resources	570,174
63,272	Schlumberger	5,986,164
11,600	Spectra Energy	432,100
15,900	Tesoro	1,364,697
2,457	Transocean Partners LLC	38,919
38,600	Valero Energy	2,196,340
		65,265,787
	Financials — 14.8%
42,500	Aflac	2,679,200
4,700	Agree Realty REIT	144,666
18,400	AllianceBernstein Holding LP	576,840
17,800	Ally Financial (1)	389,642
14,200	American Equity Investment Life Holding	382,690
23,927	American Express	1,853,146
12,800	American Financial Group	808,960
78,200	American International Group	4,401,878
1,800	American Tower Class A REIT	170,154
2,300	AvalonBay Communities REIT	377,982
519,750	Bank of America	8,279,618
64,100	Berkshire Hathaway Class B (1)	9,051,561
2,600	BlackRock Class A	946,244
9,000	Broadridge Financial Solutions	485,280
12,100	Capital One Financial	978,285
8,400	Cash America International	217,728
164,742	Citigroup	8,784,043
3,700	CME Group Class A	336,367

The accompanying notes are an integral part of the financial statements.

25

Shares		Value $
22,300	CNA Financial	898,690
31,000	Comerica	1,469,710
12,600	Corrections Corp. of America REIT	463,554
46,718	Discover Financial Services	2,708,243
7,800	Eaton Vance	320,424
7,686	Enova International (1)	142,268
7,500	EPR Properties REIT	432,525
3,200	FactSet Research Systems	503,648
3,244	FBL Financial Group Class A	189,028
147,900	Fifth Third Bancorp	2,958,000
37,400	Franklin Resources	1,928,344
4,500	GEO Group REIT	175,500
10,300	Getty Realty REIT	178,911
29,104	Goldman Sachs Group	5,716,608
4,300	HCI Group	187,394
42,700	HCP REIT	1,720,383
12,900	Horace Mann Educators	438,213
31,300	International Bancshares	813,174
7,000	Jack Henry & Associates	465,570
196,363	JPMorgan Chase	12,421,923
55,100	KeyCorp	796,195
29,600	Lincoln National	1,672,104
6,800	M&T Bank	813,756
10,500	Medallion Financial	110,775
27,700	MetLife	1,420,733
93,000	Morgan Stanley	3,469,830
18,900	OFG Bancorp	266,301
7,000	Omega Healthcare Investors REIT	252,630
31,200	Paychex	1,509,768
46,400	PNC Financial Services Group	4,256,272
38,600	Principal Financial Group	1,973,232
3,500	Prudential Financial	285,600
900	Public Storage REIT	169,119
15,100	Raymond James Financial	853,603
16,200	Select Income REIT	375,678
7,563	Simon Property Group REIT	1,372,609
20,200	Summit Hotel Properties REIT	266,034
14,100	Symetra Financial	334,875
21,800	T. Rowe Price Group	1,769,724
40,751	U.S. Bancorp	1,746,995
8,300	Universal Insurance Holdings	199,366
12,500	Unum Group	427,000
17,800	Validus Holdings	744,574
11,900	Waddell & Reed Financial Class A	586,908
227,172	Wells Fargo	12,517,177
2,500	World Acceptance (1)	211,550
34,600	Zions Bancorporation	980,391
		114,379,193
	Healthcare — 15.2%
28,833	Abbott Laboratories	1,338,428
89,381	AbbVie	5,779,375
36,224	Aetna	3,871,259
2,300	Alexion Pharmaceuticals (1)	389,229
24,000	AmerisourceBergen Class A	2,743,200
44,317	Amgen	6,998,098
7,600	Amsurg Class A (1)	476,672
4,500	Anthem	679,185
38,772	Baxter International	2,665,187
15,000	Becton Dickinson	2,113,050
11,362	Biogen (1)	4,248,593
50,871	Bristol-Myers Squibb	3,242,009
39,300	Cardinal Health	3,314,562
36,600	Celgene (1)	3,954,996
600	CIGNA	74,784
6,100	CR Bard	1,016,138
8,500	Edwards Lifesciences (1)	1,076,525
64,861	Eli Lilly	4,661,560
15,224	Express Scripts Holding (1)	1,315,354
86,104	Gilead Sciences	8,654,313
5,000	HCA Holdings (1)	370,050
6,300	Health Net (1)	331,695
5,300	Humana	877,680
800	Illumina (1)	147,400
133,784	Johnson & Johnson	13,271,373
11,000	Laboratory Corp. of America Holdings (1)	1,315,160
13,800	McKesson	3,082,920
67,769	Medtronic	5,045,402
148,307	Merck	8,833,165
26,700	Meridian Bioscience	473,124
320,647	Pfizer	10,879,552
24,000	Quality Systems	374,280
8,000	Quest Diagnostics	571,360
10,800	ResMed	690,552
18,200	St. Jude Medical	1,274,910
25,899	Stryker	2,388,924
9,500	Thermo Fisher Scientific	1,193,960
4,200	United Therapeutics (1)	670,698
57,400	UnitedHealth Group	6,394,360
6,108	Waters (1)	764,661
		117,563,743
	Industrials — 11.0%
34,235	3M	5,354,011
27,900	ADT	1,049,040
23,300	Boeing	3,339,822
22,008	Caterpillar	1,912,055
22,900	CH Robinson Worldwide	1,474,531
19,400	Cintas	1,551,030
4,700	Crane	287,217
18,800	Cummins	2,599,288
6,600	Danaher	540,408
12,200	Deluxe	789,950

The accompanying notes are an integral part of the financial statements.

26

Shares		Value $
25,500	Dover	1,930,860
8,000	Dun & Bradstreet	1,021,360
4,000	Expeditors International of Washington	183,320
2,100	Fastenal	89,502
5,300	FedEx	898,721
23,000	Flowserve	1,346,190
12,147	General Dynamics	1,668,026
364,989	General Electric	9,883,902
9,200	HNI	429,088
43,491	Honeywell International	4,389,112
9,600	Hubbell Class B	1,044,768
5,100	Huntington Ingalls Industries	671,109
30,300	Illinois Tool Works	2,835,474
14,800	Kla-Tencor	870,240
12,600	Lincoln Electric Holdings	842,436
16,100	Lockheed Martin	3,004,260
8,300	Matson	336,150
10,600	MSC Industrial Direct Class A	753,236
4,800	Multi-Color	301,344
28,193	Norfolk Southern	2,843,264
12,600	Northrop Grumman	1,940,904
18,100	Parker Hannifin	2,160,416
15,552	Performant Financial (1)	46,189
33,100	Pitney Bowes	740,447
1,600	Precision Castparts	330,704
20,100	Raven Industries	400,794
21,600	Raytheon	2,246,400
18,400	Rockwell Automation	2,182,240
5,700	Snap-on	852,435
18,800	Southwest Airlines	762,528
20,300	Stanley Black & Decker	2,003,610
46,800	Union Pacific	4,971,564
18,864	United Parcel Service Class B	1,896,398
47,095	United Technologies	5,357,056
55,900	Waste Management	2,768,727
6,200	Watsco	745,798
6,300	WW Grainger	1,565,109
		85,211,033
	Information Technology — 20.3%
10,900	Adobe Systems (1)	829,054
12,000	Akamai Technologies (1)	885,360
19,400	Altera	808,592
11,100	Amdocs	611,277
6,600	Amphenol Class A	365,442
6,200	Analog Devices	383,408
6,100	ANSYS (1)	523,624
257,473	Apple	32,222,746
24,700	Automatic Data Processing	2,088,138
36,000	Broadcom Class A	1,591,380
38,300	Brocade Communications Systems	432,790
36,700	CA	1,165,959
252,185	Cisco Systems	7,270,494
11,500	Citrix Systems (1)	772,340
45,000	Cognizant Technology Solutions Class A (1)	2,634,300
94,700	Corning	1,982,071
14,800	eBay (1)	862,248
4,100	Ebix	111,889
124,600	EMC	3,352,986
3,800	F5 Networks (1)	463,676
78,600	Facebook Class A (1)	6,191,322
4,200	FLIR Systems	129,738
11,849	Google Class A (1)	6,502,376
11,595	Google Class C (1)	6,230,321
11,200	Harris	898,688
112,133	Hewlett-Packard	3,697,025
239,874	Intel	7,807,899
45,994	International Business Machines	7,878,312
20,700	Intuit	2,076,831
5,500	j2 Global	381,535
9,500	Lexmark International Class A	421,705
24,200	Linear Technology	1,116,346
32,700	MasterCard Class A	2,949,867
17,100	Maxim Integrated Products	561,393
5,600	MAXIMUS	358,456
21,200	Microchip Technology	1,010,286
384,050	Microsoft	18,680,192
29,300	NetApp	1,062,125
4,900	NetScout Systems (1)	201,390
177,681	Oracle	7,750,445
12,400	Progress Software (1)	327,360
90,077	QUALCOMM	6,125,236
4,071	Science Applications International	203,957
3,300	Skyworks Solutions	304,425
52,700	Symantec	1,313,547
9,600	Synopsys (1)	450,048
64,122	Texas Instruments	3,476,053
21,100	Total System Services	834,716
70,800	Visa Class A	4,676,340
19,300	Western Digital	1,886,382
61,300	Western Union	1,243,164
32,600	Xilinx	1,413,536
		157,518,790
	Materials — 2.3%
2,600	Air Products & Chemicals	372,918
4,982	CF Industries Holdings	1,432,176
6,400	Compass Minerals International	565,312
22,100	Dow Chemical	1,127,100
50,600	E.I. du Pont de Nemours	3,703,920
18,300	Eastman Chemical	1,394,826
29,700	Freeport-McMoRan	691,119

The accompanying notes are an integral part of the financial statements.

27

Shares		Value $
4,800	Innospec	209,760
4,300	International Flavors & Fragrances	493,425
38,400	International Paper	2,062,848
11,540	Monsanto	1,315,098
600	NewMarket	268,140
44,800	Newmont Mining	1,186,752
14,000	Packaging Corp. of America	968,660
3,700	Praxair	451,141
3,400	Schweitzer-Mauduit International	150,314
6,500	Scotts Miracle-Gro Class A	419,315
7,900	Silgan Holdings	425,573
1,500	Terra Nitrogen LP	200,640
8,500	Westlake Chemical	662,830
		18,101,867
	Telecommunication Services — 2.1%
173,039	AT&T	5,994,071
209,230	Verizon Communications	10,553,561
		16,547,632
	Utilities — 1.0%
54,771	Emerson Electric	3,222,178
5,000	Energen	355,850
8,800	NeuStar Class A (1)	264,000
8,500	NextEra Energy	857,905
54,900	Public Service Enterprise Group	2,280,546
9,908	Southern	438,924
		7,419,403
	Total United States	738,660,975
	TOTAL COMMON STOCK (Cost $553,089,858)	769,351,409
	TOTAL INVESTMENTS — 99.4% (Cost $553,089,858)	769,351,409
	OTHER ASSETS LESS LIABILITIES — 0.6%	4,390,710
	NET ASSETS — 100%	$	773,742,119

(1)   Denotes non-income producing security.

A summary of the outstanding forward foreign currency contracts held by the Fund at April 30, 2015, is as follows:

						Unrealized
						Appreciation
Counterparty	Settlement Date	Currency to Deliver		Currency to Receive		(Depreciation)
Royal Bank of Canada	5/27/15	CAD	14,390,335	USD	11,481,040	$	(441,764	)

The accompanying notes are an integral part of the financial statements.

28

CAD — Canadian Dollar

LLC — Limited Liability Corporation

LP — Limited Partnership

REIT — Real Estate Investment Trust

USD — United States Dollar

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund’s investments carried at value:

Investments in Securities (1)	Level 1		Level 2		Level 3		Total
Common Stock (2)	$	769,351,409	$	—	$	—	$	769,351,409
Total Investments in Securities	$	769,351,409	$	—	$	—	$	769,351,409

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Forwards — Unrealized Depreciation	$	—	$	(441,764	)	$	—	$	(441,764	)
Total Other Financial Instruments	$	—	$	(441,764	)	$	—	$	(441,764	)

(1)There were no transfers between levels during the reporting period, based on the input levels assigned under the hierarchy at the beginning and end of the reporting period.

(2)All securities in this category are Level 1 securities. For a detailed break-out by classification, please refer to the Schedule of Investments.

The accompanying notes are an integral part of the financial statements.

29

Schroder U.S. Opportunities Fund

Schedule of Investments

April 30, 2015 (unaudited)

Shares		Value $
	COMMON STOCK — 91.5%
	Consumer Discretionary — 11.9%
27,700	AMC Entertainment Holdings Class A	832,662
90,700	American Eagle Outfitters	1,443,037
33,800	Brunswick	1,691,352
67,003	Chegg (1)	497,832
35,300	ClubCorp Holdings	772,717
8,900	Domino’s Pizza	959,865
16,300	Fortune Brands Home & Security	726,980
25,403	Fox Factory Holding (1)	386,634
17,700	Homeinns Hotel Group ADR (1)	495,069
46,200	Interval Leisure Group	1,145,298
31,000	Matthews International Class A	1,504,430
13,546	Motorcar Parts (1)	395,950
14,000	Red Robin Gourmet Burgers (1)	1,051,260
36,852	ServiceMaster Global Holdings (1)	1,273,605
44,400	Steven Madden (1)	1,732,488
24,508	Waste Connections	1,161,924
		16,071,103
	Consumer Staples — 0.6%
52,650	Dean Foods	855,562
	Financial Services — 21.8%
21,200	Amerisafe	958,028
68,600	Brown & Brown	2,191,770
61,300	CoreLogic (1)	2,397,443
26,100	Douglas Emmett REIT	743,850
24,359	Equity LifeStyle Properties REIT	1,286,642
4,133	First Citizens BancShares Class A	993,325
45,900	First Horizon National	654,075
57,600	FirstMerit	1,115,712
79,586	Golub Capital BDC	1,397,530
42,500	Heritage Financial	718,250
23,100	HFF Class A (1)	905,289
78,005	Kennedy-Wilson Holdings	1,932,964
15,400	Lakeland Financial	601,370
20,069	Mid-America Apartment Communities REIT	1,497,348
74,600	Old National Bancorp	1,019,036
16,400	PacWest Bancorp	739,640
25,795	Parkway Properties REIT	419,685
25,066	ProAssurance	1,126,717
56,500	Radian Group	1,009,090
53,036	Redwood Trust REIT	911,689
11,900	Reinsurance Group of America Class A	1,090,278
19,000	Simmons First National Class A	831,250
18,300	South State	1,239,276
27,629	Stifel Financial (1)	1,459,916
60,440	Terreno Realty REIT	1,286,163
15,200	Wintrust Financial	740,848
		29,267,184
	Healthcare — 15.0%
28,300	Aerie Pharmaceuticals (1)	272,812
54,995	Catalent (1)	1,582,206
23,800	Centene (1)	1,475,362
25,900	Cepheid (1)	1,452,990
5,900	Cooper	1,050,613
1,700	Esperion Therapeutics (1)	161,721
15,888	Flexion Therapeutics (1)	254,526
18,000	Fluidigm (1)	674,280
28,800	HealthSouth	1,302,336
15,472	INC Research Holdings Class A (1)	518,931
35,788	K2M Group Holdings (1)	751,906
31,800	KemPharm (1)	349,800
20,200	LifePoint Hospitals (1)	1,512,576
21,200	Masimo (1)	715,712
20,300	Parexel International (1)	1,290,573
22,804	Sientra (1)	398,614
13,200	Sirona Dental Systems (1)	1,224,300
12,700	Spectranetics (1)	325,755
22,700	Surgical Care Affiliates (1)	855,790
28,000	Trinity Biotech ADR	469,560
174,173	Unilife (1)	583,480
77,351	VWR (1)	2,052,895
17,700	West Pharmaceutical Services	943,056
		20,219,794
	Materials & Processing — 10.6%
4,900	Balchem	256,858
29,200	Beacon Roofing Supply (1)	867,824
49,700	Berry Plastics Group (1)	1,700,734
6,200	CLARCOR	403,000
11,700	Compass Minerals International	1,033,461
35,500	Hexcel	1,780,325
7,000	Innophos Holdings	369,880
43,500	Louisiana-Pacific (1)	662,940
19,600	Minerals Technologies	1,327,508
17,800	Packaging Corp. of America	1,231,582
45,502	Pretium Resources (1)	262,092
57,094	Ryerson Holding (1)	316,301
38,400	Simpson Manufacturing	1,258,752
60,100	Steel Dynamics	1,330,013
13,000	Universal Forest Products	719,160
6,300	Valmont Industries	793,926
		14,314,356
	Other Energy — 2.4%
15,000	Carrizo Oil & Gas (1)	835,950
13,900	Matrix Service (1)	305,383
17,400	RigNet (1)	651,804
117,000	Synergy Resources (1)	1,401,660
		3,194,797

The accompanying notes are an integral part of the financial statements.

30

Shares		Value $
	Producer Durables — 12.7%
5,500	Allegiant Travel Class A	845,680
22,200	Applied Industrial Technologies	927,294
20,400	Belden	1,712,580
4,600	Bristow Group	285,798
43,700	Compass Diversified Holdings LP	752,514
58,500	Darling Ingredients (1)	799,110
18,700	Dycom Industries (1)	859,826
18,900	ESCO Technologies	693,630
11,000	Genesee & Wyoming Class A (1)	1,022,450
36,000	Herman Miller	986,760
22,016	IDEX	1,651,420
38,100	Kornit Digital (1)	567,690
15,800	On Assignment (1)	531,670
11,700	OSI Systems (1)	786,357
21,400	Powell Industries	710,266
45,700	Primoris Services	878,811
7,800	Regal Beloit	609,960
6,886	Teekay	342,303
27,700	Tetra Tech	750,947
6,300	Towers Watson Class A	799,501
10,900	U.S. Ecology	511,319
		17,025,886
	Technology — 12.8%
32,600	AOL (1)	1,300,740
39,100	Atmel	296,378
87,700	Cadence Design Systems (1)	1,635,605
57,000	Ciena (1)	1,214,100
31,900	Cinedigm Class A (1)	26,477
26,600	DigitalGlobe (1)	855,722
91,800	Entegris (1)	1,221,858
10,300	EPAM Systems (1)	666,513
36,100	Fabrinet (1)	653,771
59,900	Fairchild Semiconductor International Class A (1)	1,088,084
41,600	Finisar (1)	845,728
38,600	Fortinet (1)	1,456,764
60,700	Global Eagle Entertainment (1)	775,139
39,400	Integrated Device Technology (1)	716,686
32,000	JDS Uniphase (1)	405,120
32,220	M/A-COM Technology Solutions Holdings (1)	981,743
38,660	PTC (1)	1,482,224
24,883	Verint Systems (1)	1,528,563
		17,151,215
	Utilities — 3.7%
23,000	Cleco	1,250,050
17,100	IDACORP	1,031,643
37,822	NorthWestern	1,970,148
13,400	Portland General Electric	471,144
10,500	SJW	307,125
		5,030,110
	TOTAL COMMON STOCK (Cost $91,544,701)	123,130,007
	INVESTMENT COMPANY (1) — 4.5%
131,200	SPDR Barclays 1-3 Month T-Bill ETF
	(Cost $6,007,233)	5,998,464
	TOTAL INVESTMENTS — 96.0% (Cost $97,551,934)	129,128,471
	OTHER ASSETS LESS LIABILITIES — 4.0%	5,355,448
	NET ASSETS — 100%	$	134,483,919

(1) Denotes non-income producing security.

The accompanying notes are an integral part of the financial statements.

31

The open futures contracts held by the Fund at April 30, 2015, are as follows:

	Number of		Unrealized
Type of	Contracts	Expiration	Appreciation
Contract	Long (Short)	Date	(Depreciation)
Russell 2000 Index E-MINI	17	Jun-2015	$	10,415

ADR — American Depositary Receipt

ETF — Exchange Traded Fund

LP — Limited Partnership

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipts

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund’s investments carried at value:

Investments in Securities (1)	Level 1		Level 2		Level 3		Total
Common Stock (2)	$	123,130,007	$	—	$	—	$	123,130,007
Investment Company	5,998,464		—		—		5,998,464
Total Investments in Securities	$	129,128,471	$	—	$	—	$	129,128,471

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures — Unrealized Appreciation	$	10,415	$	—	$	—	$	10,415
Total Other Financial Instruments	$	10,415	$	—	$	—	$	10,415

(1)There were no transfers between levels during the reporting period, based on the input levels assigned under the hierarchy at the beginning and end of the reporting period.

(2)All securities in this category are Level 1 securities. For a detailed break-out by classification, please refer to the Schedule of Investments.

The accompanying notes are an integral part of the financial statements.

32

Schroder U.S. Small and Mid Cap Opportunities Fund

Schedule of Investments

April 30, 2015 (unaudited)

Shares		Value $
	COMMON STOCK — 94.2%
	Auto & Transportation — 1.4%
8,600	Ryder System	820,096
	Consumer Discretionary — 16.4%
5,700	Advance Auto Parts	815,100
41,575	Aramark	1,277,600
17,800	BRP (1)	394,949
9,600	Brunswick	480,384
3,000	Domino’s Pizza	323,550
10,200	Fortune Brands Home & Security	454,920
15,200	Gannett	521,664
500	Graham Holdings Class B	511,465
2,000	Harman International Industries	260,760
5,648	Jack in the Box	490,077
17,700	KAR Auction Services	658,617
7,000	PVH	723,450
6,900	Snap-on	1,031,895
10,600	Sotheby’s	452,726
13,900	Urban Outfitters (1)	556,556
2,400	VeriSign (1)	152,424
12,976	Waste Connections	615,192
		9,721,329
	Consumer Staples (1) — 0.8%
11,676	WhiteWave Foods Class A	513,394
	Financial Services — 21.9%
1,889	Affiliated Managers Group (1)	427,160
3,943	Alexandria REIT	364,254
3,989	Apartment Investment & Management Class A REIT	150,505
25,596	Ares Capital	435,642
13,414	Arthur J Gallagher	641,592
11,500	Brown & Brown	367,425
11,190	Commerce Bancshares	477,925
27,000	CoreLogic (1)	1,055,970
9,100	Cullen/Frost Bankers	663,754
17,500	Douglas Emmett REIT	498,750
12,600	East West Bancorp	511,434
5,553	Equity LifeStyle Properties REIT	293,310
5,800	First Republic Bank	338,082
14,295	HCC Insurance Holdings	814,243
21,293	Parkway Properties REIT	346,437
6,628	PartnerRe	848,384
5,400	ProAssurance	242,730
29,100	Radian Group	519,726
8,400	Raymond James Financial	474,852
16,900	Redwood Trust REIT	290,511
5,000	Reinsurance Group of America Class A	458,100
4,035	SVB Financial Group (1)	535,687
8,150	Torchmark	457,296
19,854	Vantiv Class A (1)	776,291
7,000	Wintrust Financial	341,180
23,300	Zions Bancorporation	660,205
		12,991,445
	Healthcare — 13.6%
4,800	Akorn (1)	199,872
23,932	Catalent (1)	688,523
2,600	Cooper	462,982
12,784	Envision Healthcare Holdings (1)	485,281
1,200	Esperion Therapeutics (1)	114,156
7,900	Fluidigm (1)	295,934
3,769	Henry Schein (1)	516,730
6,500	IMS Health Holdings (1)	179,335
8,000	LifePoint Hospitals (1)	599,040
11,100	Masimo (1)	374,736
9,200	Parexel International (1)	584,890
12,700	PerkinElmer	651,002
10,018	Quintiles Transnational Holdings (1)	659,986
4,500	Sirona Dental Systems (1)	417,375
5,217	Universal Health Services Class B	610,128
33,187	VWR (1)	880,783
6,200	West Pharmaceutical Services	330,336
		8,051,089
	Materials & Processing — 11.3%
4,753	Airgas	481,384
22,800	Berry Plastics Group (1)	780,216
5,700	CLARCOR	370,500
18,000	Hexcel	902,700
7,800	Horsehead Holding (1)	116,610
30,400	Interface Class A	660,592
5,100	Lennox International	540,396
26,200	Louisiana-Pacific (1)	399,288
7,000	Minerals Technologies	474,110
8,000	Owens Corning	309,280
4,300	Packaging Corp. of America	297,517
5,300	Reliance Steel & Aluminum	343,016
17,600	Sealed Air	802,560
1,700	Valmont Industries	214,234
		6,692,403
	Other Energy — 2.6%
26,300	EP Energy Class A (1)	388,451
7,300	Helmerich & Payne	569,181
6,800	Matador Resources (1)	188,496
25,100	RPC	399,341
		1,545,469
	Producer Durables — 11.2%
6,700	Alaska Air Group	429,202
21,900	Allison Transmission Holdings Class A	671,892
6,400	Carlisle	617,600
10,100	Copart (1)	359,257

The accompanying notes are an integral part of the financial statements.

33

Shares		Value $
6,900	Dover	522,468
5,300	Genesee & Wyoming Class A (1)	492,635
6,100	Graco	436,882
5,491	IDEX	411,880
2,100	Kirby (1)	164,913
6,300	MSC Industrial Direct Class A	447,678
9,000	Quanta Services (1)	260,190
32,850	Rollins	814,680
5,099	Towers Watson Class A	647,088
4,968	Verisk Analytics Class A (1)	372,799
		6,649,164
	Technology — 11.9%
13,300	AOL (1)	530,670
10,857	Arrow Electronics (1)	648,271
18,344	Atmel	139,048
27,800	Cadence Design Systems (1)	518,470
24,800	Ciena (1)	528,240
12,500	DigitalGlobe (1)	402,125
18,500	Finisar (1)	376,105
3,700	Gartner (1)	307,026
14,600	JDS Uniphase (1)	184,836
7,200	Linear Technology	332,136
11,300	Microchip Technology	538,501
26,300	ON Semiconductor (1)	302,976
17,500	PTC (1)	670,950
23,800	Sabre	592,382
1,800	SBA Communications Class A (1)	208,476
16,994	Synopsys (1)	796,679
		7,076,891
	Utilities — 3.1%
5,400	Alliant Energy	326,538
14,800	NorthWestern	770,932
8,900	Portland General Electric	312,924
6,500	Questar	152,360
8,200	Westar Energy Class A	308,730
		1,871,484
	TOTAL COMMON STOCK (Cost $41,228,598)	55,932,764
	INVESTMENT COMPANY (1) — 2.9%
37,100	SPDR Barclays 1-3 Month T-Bill ETF
	(Cost $1,696,766)	1,696,212
	TOTAL INVESTMENTS — 97.1% (Cost $42,925,364)	57,628,976
	OTHER ASSETS LESS LIABILITIES — 2.9%	1,713,877
	NET ASSETS — 100%	$	59,342,853

(1) Denotes non-income producing security.

ETF — Exchange Traded Fund

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipts

The accompanying notes are an integral part of the financial statements.

34

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund’s investments carried at value:

Investments in Securities (1)	Level 1		Level 2		Level 3		Total
Common Stock (2)	$	55,932,764	$	—	$	—	$	55,932,764
Investment Company	1,696,212		—		—		1,696,212
Total Investments in Securities	$	57,628,976	$	—	$	—	$	57,628,976

(1)There were no transfers between levels during the reporting period, based on the input levels assigned under the hierarchy at the beginning and end of the reporting period.

(2)All securities in this category are Level 1 securities. For a detailed break-out by classification, please refer to the Schedule of Investments.

The accompanying notes are an integral part of the financial statements.

35

Schroder Emerging Market Equity Fund

Schedule of Investments

April 30, 2015 (unaudited)

Shares		Value $
	COMMON STOCK — 95.9%
	Brazil — 5.0%
1,583,720	Ambev ADR	10,024,947
845,700	BB Seguridade Participacoes	9,751,114
758,800	BR Malls Participacoes	4,135,314
1,419,256	Cia de Concessoes Rodoviarias	7,795,910
717,440	Cielo	9,870,024
189,500	Embraer ADR	5,908,610
69,138	Iochpe-Maxion	254,023
358,000	Ultrapar Participacoes	8,195,045
760,900	Vale Class B ADR	5,843,712
887,800	Weg	4,749,941
		66,528,640
	Chile — 0.4%
335,491	Enersis ADR	5,961,675
	China — 26.5%
959,000	AAC Technologies Holdings (1)	5,062,278
42,561	Baidu ADR (2)	8,524,117
6,566,000	Belle International Holdings (1)	8,427,278
8,544,000	Brilliance China Automotive Holdings (1)	16,034,793
51,568,320	China Construction Bank Class H (1)	50,059,159
4,276,000	China Life Insurance Class H (1)	20,752,643
8,143,000	China Longyuan Power Group Class H (1)	10,091,569
2,763,000	China Mobile (1)	39,464,719
4,625,400	China Pacific Insurance Group Class H (1)	25,070,880
42,415,600	China Petroleum & Chemical Class H (1)	40,030,420
1,620,000	China Unicom Hong Kong (1)	3,042,570
1,888,100	Chongqing Changan Automobile Class B (1)	6,195,132
14,996,565	Industrial & Commercial Bank of China Class H (1)	13,008,933
253,377	Mindray Medical International ADR	7,824,282
3,225,500	Tencent Holdings (1)	66,570,710
1,598,000	Tingyi Cayman Islands Holding (1)	3,374,609
1,248,200	Weichai Power Class H (1)	4,945,550
178,462	Yum! Brands	15,340,594
832,000	Zhuzhou CSR Times Electric Class H (1)	7,074,574
		350,894,810
	Czech Republic (1) — 0.2%
12,596	Komercni Banka	2,806,958
	Egypt (1) — 0.5%
663,501	Commercial International Bank	4,802,084
249,193	Commercial International Bank GDR	1,719,988
		6,522,072
	Greece (1) — 0.3%
199,400	Hellenic Telecommunications Organization	1,812,535
1,589,397	National Bank of Greece (2)	2,228,550
		4,041,085
	Hong Kong (1) — 2.2%
4,367,800	AIA Group	29,047,968
	Hungary (1) — 0.8%
471,907	OTP Bank	10,434,911
	India — 8.9%
2,591,505	Axis Bank (1)	23,133,787
1,358,575	HDFC Bank (1)	21,161,904
351,135	Infosys (1)	10,718,305
148,957	Infosys Limited ADR	4,614,688
359,601	Lupin (1)	10,021,281
287,597	Maruti Suzuki India (1)	16,854,285
490,737	Tata Consultancy Services	19,035,326
1,469,233	Tata Motors (1)	11,778,351
		117,317,927
	Indonesia (1) — 0.9%
7,492,000	Astra International	3,942,531
10,134,000	Bank Mandiri	8,335,633
		12,278,164
	Mexico — 0.8%
44,759	Fomento Economico Mexicano ADR	4,050,242
1,016,800	Grupo Financiero Banorte Class O	5,767,964
141,224	Wal-Mart de Mexico	332,303
		10,150,509
	Philippines (1) — 1.2%
9,190,700	Ayala Land	7,951,237
412,400	SM Investments	8,331,572
		16,282,809
	Poland (1) — 1.5%
121,610	Bank Pekao	6,321,137
533,048	Powszechna Kasa Oszczednosci Bank Polski (2)	5,330,716
60,089	Powszechny Zaklad Ubezpieczen	7,837,096
		19,488,949

The accompanying notes are an integral part of the financial statements.

36

Shares		Value $
	Qatar (1) — 0.7%
184,079	Qatar National Bank	9,986,076
	Russia — 2.6%
606,181	Gazprom ADR	3,564,344
221,266	LUKOIL ADR	11,339,882
81,551	Magnit GDR (1)	4,474,101
473,451	MMC Norilsk Nickel ADR (1)	8,918,653
1,134,449	Sberbank of Russia ADR	6,852,072
		35,149,052
	South Africa (1) — 3.4%
243,175	Aspen Pharmacare Holdings	7,394,844
2,538,452	FirstRand	12,126,431
109,386	Naspers Class N	17,161,113
1,040,681	Woolworths Holdings	7,828,785
		44,511,173
	South Korea (1) — 18.5%
4,051	Amorepacific (3)	14,677,317
133,247	Coway	11,190,445
646,897	DGB Financial Group	7,302,320
405,040	Hana Financial Group	11,922,709
52,660	Hyundai Department Store	7,148,254
26,168	Hyundai Mobis	5,753,768
168,731	Hyundai Motor	26,480,828
125,280	Korea Electric Power	5,447,668
99,777	LG	6,191,089
51,855	LG Chem	13,099,006
22,190	NAVER	13,417,812
3,424	Orion	3,999,103
25,424	POSCO	5,988,969
17,227	S-1 Class 1	1,284,186
152,779	Samsung C&T	8,113,612
54,118	Samsung Electronics	70,994,908
121,870	Shinhan Financial Group	5,043,976
306,511	SK Hynix	13,114,100
50,288	SK Telecom	13,475,825
		244,645,895
	Taiwan (1) — 12.4%
11,243,000	Advanced Semiconductor Engineering	15,943,977
1,445,000	Catcher Technology	16,909,167
8,200,489	Cathay Financial Holding	14,326,463
25,064,292	CTBC Financial Holding	19,509,381
380,040	Eclat Textile	5,088,098
10,291,090	Hon Hai Precision Industry	30,836,714
3,470,000	Taiwan Mobile	12,224,980
10,143,139	Taiwan Semiconductor Manufacturing	48,831,836
		163,670,616
	Thailand (1) — 3.3%
1,983,600	Advanced Info Service	14,397,351
1,746,875	Kasikornbank	11,090,262
915,425	Kasikornbank NVDR	5,808,632
3,762,330	Minor International	3,748,020
797,300	PTT	8,596,539
		43,640,804
	Turkey (1) — 4.0%
3,938,107	Akbank	11,473,843
2,356,859	KOC Holding	11,147,075
290,439	Tupras Turkiye Petrol Rafinerileri (2)	7,054,657
1,910,972	Turkcell Iletisim Hizmetleri	8,508,726
2,629,555	Turkiye Garanti Bankasi	8,366,596
2,639,200	Turkiye Is Bankasi Class C	5,934,442
		52,485,339
	United Arab Emirates (1) — 1.8%
10,792,493	Emaar Properties PJSC	23,932,175
	TOTAL COMMON STOCK (Cost $1,078,382,513)	1,269,777,607
	PREFERRED STOCK — 2.7%
	Brazil — 2.7%
795,337	Banco Bradesco ADR	8,502,152
221,300	Cia Brasileira de Distribuicao	7,418,411
1,587,777	Itau Unibanco Holding ADR	20,355,301
	TOTAL PREFERRED STOCK (Cost $40,007,819)	36,275,864
	TOTAL INVESTMENTS — 98.6% (Cost $1,118,390,332)	1,306,053,471
	OTHER ASSETS LESS LIABILITIES — 1.4%	17,968,344
	NET ASSETS — 100%	$	1,324,021,815

(1)	Security is fair valued. (See Note 2 in Notes to Financial Statements.)
(2)	Denotes non-income producing security.
(3)	Security considered illiquid. On April 30, 2015 the value of the securities amounted to $14,677,317, representing 1.1% of the total net assets of the Fund.

The accompanying notes are an integral part of the financial statements.

37

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

NVDR — Non Voting Depository Receipt

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock (1)
Brazil	$	66,528,640	$	—	$	—	$	66,528,640
Chile	5,961,675		—		—		5,961,675
China	31,688,993		319,205,817		—		350,894,810
Czech Republic	—		2,806,958		—		2,806,958
Egypt	—		6,522,072		—		6,522,072
Greece	—		4,041,085		—		4,041,085
Hong Kong	—		29,047,968		—		29,047,968
Hungary	—		10,434,911		—		10,434,911
India	23,650,014		93,667,913		—		117,317,927
Indonesia	—		12,278,164		—		12,278,164
Mexico	10,150,509		—		—		10,150,509
Philippines	—		16,282,809		—		16,282,809
Poland	—		19,488,949		—		19,488,949
Qatar	—		9,986,076		—		9,986,076
Russia	21,756,298		13,392,754		—		35,149,052
South Africa	—		44,511,173		—		44,511,173
South Korea	—		244,645,895		—		244,645,895
Taiwan	—		163,670,616		—		163,670,616
Thailand	—		43,640,804		—		43,640,804
Turkey	—		52,485,339		—		52,485,339
United Arab Emirates	—		23,932,175		—		23,932,175
Total Common Stock	159,736,129		1,110,041,478		—		1,269,777,607
Preferred Stock
Brazil	36,275,864		—		—		36,275,864
Total Preferred Stock	36,275,864		—		—		36,275,864
Total Investments in Securities	$	196,011,993	$	1,110,041,478	$	—	$	1,306,053,471

(1)Transfers between investment levels may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes.  The Fund generally recognizes transfers between the levels as of the beginning of the period.  As of April 30, 2015, the Fund had securities with a total value of $1,095,364,161 transfer from Level 1 to Level 2. The change in level occurred due to developments that occurred between the time of closing of the foreign markets on which those securities trade and the close of business on the New York Stock Exchange. The Fund had securities with a total value of $14,677,317 transfer from Level 1 to Level 2. The changes occurred due to a halt in trading of these securities.

The accompanying notes are an integral part of the financial statements.

38

Schroder Emerging Markets Multi-Cap Equity Fund

Schedule of Investments

April 30, 2015 (unaudited)

Shares		Value $
	COMMON STOCK — 85.9%
	Brazil — 5.9%
33,100	Ambev	208,293
11,400	Arteris	30,269
5,200	BB Seguridade Participacoes	59,957
700	Bematech	2,265
42,000	Cia de Concessoes Rodoviarias	230,704
10,400	Cia de Saneamento Basico do Estado de Sao Paulo (1)	61,441
23,761	Cia Energetica de Minas Gerais ADR	116,904
10,900	Cia Hering	64,395
2,600	Cia Paranaense de Energia ADR	28,444
4,920	Cielo	67,686
9,800	EcoRodovias Infraestrutura e Logistica	28,851
5,600	Eternit	5,948
1,800	Ez Tec Empreendimentos e Participacoes	11,327
23,400	Grupo BTG Pactual	231,053
9,900	Mahle-Metal Leve	67,096
10,400	Natura Cosmeticos	97,720
6,800	Petroleo Brasileiro ADR (1)	64,600
2,900	Telefonica Brasil ADR	47,618
8,300	TOTVS	97,271
7,923	Tractebel Energia	92,958
13,300	Transmissora Alianca de Energia Eletrica	87,447
14,600	Vale	110,241
9,600	Via Varejo	59,647
		1,872,135
	Chile — 1.4%
81,261	AFP Habitat	125,026
27,482	Empresa Nacional de Electricidad	42,338
10,900	Enersis ADR	193,693
6,201	Forus	27,217
310	Inversiones La Construccion	3,969
2,500	Sociedad Quimica y Minera de Chile ADR	54,600
		446,843
	China — 12.6%
18,000	AAC Technologies Holdings (2)	95,017
64,500	Anhui Conch Cement Class H (2)	260,790
700	Baidu ADR (1)	140,196
436,000	Bank of China Class H (2)	298,749
26,500	Bank of Chongqing Class H (2)	28,430
135,000	Bank of Communications Class H (2)	138,383
16,000	Baoye Group Class H (2)	13,304
23,000	Changshouhua Food (2)	18,121
135,000	China Child Care (2)	27,505
191,000	China Construction Bank Class H (2)	185,410
108,000	China Creative Home Group (2)	19,743
14,000	China Life Insurance Class H (2)	67,946
322,000	China Lumena New Materials (1)(2)(3)	—
18,200	China Pacific Insurance Group Class H (2)	98,649
23,000	China Shenhua Energy Class H (2)	59,732
91,000	China Shineway Pharmaceutical Group (2)	154,722
69,000	Chongqing Rural Commercial Bank Class H (2)	61,549
90,000	Consun Pharmaceutical Group (2)	71,935
158,000	Dongfeng Motor Group Class H (2)	262,494
9,500	Great Wall Motor Class H (2)	72,082
18,000	Harbin Electric Class H (2)	14,765
104,000	HOSA International (2)	53,446
258,000	Industrial & Commercial Bank of China Class H (2)	223,805
96,000	Jiangsu Expressway Class H (2)	131,811
32,000	Jingwei Textile Machinery Class H (2)	49,615
222,000	Jintian Pharmaceutical Group (2)	118,142
2,500	Mindray Medical International ADR	77,200
530	NetEase ADR	67,941
7,000	On-Bright Electronics (2)	37,979
121,000	Pacific Online (2)	64,813
89,000	Peak Sport Products (2)	30,174
13,000	Shenzhou International Group Holdings (2)	61,142
39,500	Sinopec Engineering Group Class H (2)	42,636
26,500	SOHO China (2)	20,103
24,200	SouFun Holdings ADR	200,134
36,000	Springland International Holdings (2)	13,829
7,600	Tencent Holdings (2)	156,856
54,000	TravelSky Technology Class H (2)	104,707
37,000	Want Want China Holdings (2)	40,586
20,000	Weichai Power Class H (2)	79,243
17,500	Weiqiao Textile Class H (2)	12,903
55,000	Xingda International Holdings (2)	17,864
194,000	Zhejiang Expressway Class H (2)	308,110
		4,002,561
	Colombia — 0.5%
11,690	Cemex Latam Holdings (1)	65,272
5,500	Ecopetrol ADR	94,160
		159,432
	Czech Republic — 0.9%
2,767	CEZ (2)	71,887
5,807	Fortuna Entertainment Group	23,519
823	Komercni Banka (2)	183,402
		278,808
	Egypt — 0.9%
4,304	Alexandria Mineral Oils (2)	26,449
9,047	Commercial International Bank (2)	65,478

The accompanying notes are an integral part of the financial statements.

39

Shares		Value $
1,944	Eastern Tobacco	49,680
3,380	Egyptian International Pharmaceutical Industrial (2)	35,829
452,811	Orascom Telecom Media And Technology Holding SAE (1)(2)	56,929
37,807	Telecom Egypt (2)	48,882
		283,247
	Greece — 0.3%
1,656	Athens Water Supply & Sewage (2)	9,288
1,630	JUMBO	16,820
1,189	Metka (2)	11,090
6,257	OPAP (2)	55,978
		93,176
	Hong Kong (2) — 6.1%
8,000	Agile Property Holdings	6,681
164,000	Belle International Holdings	210,489
5,000	China Animal Healthcare(1)(3)	3,355
202,000	China BlueChemical	89,966
46,000	China Lilang	47,725
72,000	China Medical System Holdings	127,062
18,000	China Merchants China Direct Investments	48,025
18,000	China Mobile	257,099
76,000	China Resources Cement Holdings	48,301
10,000	CIMC Enric Holdings	11,055
127,000	CNOOC	216,562
12,000	Dawnrays Pharmaceutical Holdings	10,130
65,000	Geely Automobile Holdings	36,566
25,000	Goldlion Holdings	11,695
162,000	Guangdong Investment	241,569
115,000	Huabao International Holdings	129,173
100,000	Real Nutriceutical Group	31,530
26,000	Shandong Luoxin Pharmaceutical Group Stock Class H	52,063
198,000	Shenguan Holdings Group	62,144
208,000	Shougang Fushan Resources Group	53,391
144,000	Sino Biopharmaceutical	164,402
14,000	Skyworth Digital Holdings	12,472
100,000	Yuexiu Transport Infrastructure	73,514
		1,944,969
	Hungary (2) — 0.5%
7,691	OTP Bank	170,065
	India — 0.9%
8,900	Infosys ADR	275,722
	Indonesia (2) — 3.8%
270,000	Astra International	142,083
915,500	Bank Bukopin	48,996
941,500	Bank Pembangunan Daerah Jawa Timur	34,939
24,000	Bank Rakyat Indonesia Persero	21,427
99,800	Indocement Tunggal Prakarsa	161,169
282,000	Kalbe Farma	38,986
1,110,000	Panin Financial (1)	27,936
264,000	Perusahaan Gas Negara	83,212
183,000	Perusahaan Perkebunan London Sumatra Indonesia	20,008
207,000	Semen Indonesia Persero	199,057
1,022,500	Telekomunikasi Indonesia Persero	205,647
124,000	United Tractors	203,891
56,000	Vale Indonesia	12,031
		1,199,382
	Kazakhstan (2) — 0.1%
2,597	KCell JSC GDR	21,875
	Malaysia — 2.1%
13,100	A & M Realty	3,899
36,200	Affin Holdings (2)	29,566
74,200	AMMB Holdings (2)	134,761
11,600	Astro Malaysia Holdings (2)	10,213
29,300	Berjaya Auto (2)	33,205
7,151	Berjaya Sports Toto (2)	6,541
3,700	British American Tobacco Malaysia (2)	69,456
15,600	Carlsberg Brewery Malaysia (2)	58,630
76,700	DiGi.com (2)	129,305
18,800	Guinness Anchor (2)	77,080
7,000	IOI Properties Group (2)	4,195
14,600	KLCCP Stapled Group	28,942
48,100	Media Prima	22,689
7,200	MNRB Holdings (2)	7,544
42,300	My EG Services (2)	29,957
19,800	OSK Holdings (2)	11,651
13,400	Petronas Chemicals Group (2)	22,034
		679,668
	Mexico — 1.8%
10,400	America Movil Class L ADR	217,256
1,900	Coca-Cola Femsa ADR	151,810
17,000	Grupo Industrial Maseca Class B	23,048
79,300	Kimberly-Clark de Mexico Class A	174,603
		566,717
	Morocco — 0.8%
195	Ciments du Maroc	22,410
16,650	Maroc Telecom (2)	221,847
		244,257
	Philippines — 0.9%
24,300	Aboitiz Power (2)	23,395
605	Globe Telecom (2)	29,579

The accompanying notes are an integral part of the financial statements.

40

Shares		Value $
75,000	Manila Water	41,685
146,800	Nickel Asia (2)	74,695
2,000	Philippine Long Distance Telephone ADR	128,880
		298,234
	Poland — 1.8%
3,797	Bank Pekao (2)	197,363
3,496	Enea	15,830
5,373	KGHM Polska Miedz (2)	188,391
7,693	MCI Management (1)(2)	27,791
81,999	Polskie Gornictwo Naftowe i Gazownictwo (2)	147,902
		577,277
	Qatar (2) — 0.2%
510	Industries Qatar	20,237
630	Qatar Electricity & Water QSC	36,535
		56,772
	Russia — 3.4%
8,200	CTC Media (NASDAQ) (1)	28,618
10,615	Gazprom ADR	62,416
1,690	Gazprom Neft OAO AD(2)	23,200
13,669	Globaltrans Investment GD(1)(2)	67,662
2,424	LSR Group PJSC GDR	6,739
1,593	LUKOIL ADR	81,641
3,486	MegaFon OAO GDR (2)	59,129
13,283	MMC Norilsk Nickel ADR (2)	250,219
8,000	Mobile TeleSystems ADR	96,640
391	NovaTek GDR (2)	37,859
674	OTCPHARM (1)(2)	2,713
3,474	Pharmstandard GDR (1)	17,057
9,664	RusHydro JSC ADR	11,693
6,261	Sistema JSFC GDR	47,270
19,879	Surgutneftegas OAO ADR (2)	143,980
2,500	Tatneft OAO ADR (2)	85,755
2,044	Yandex Class A (1)	39,327
		1,061,918
	South Africa — 10.5%
16,036	AVI (2)	109,889
10,845	Bidvest Group (2)	293,944
8,275	Coronation Fund Managers (2)	63,225
10,645	FirstRand (2)	50,852
10,899	Kumba Iron Ore (2)	147,004
8,146	Lewis Group (2)	59,196
12,845	Liberty Holdings	179,023
59,810	Life Healthcare Group Holdings (2)	205,415
22,510	MMI Holdings	64,051
961	Mondi (2)	19,378
2,279	Mr Price Group (2)	48,657
14,459	MTN Group (2)	290,321
78,190	Netcare (2)	273,526
19,148	Rand Merchant Insurance Holdings (2)	75,302
24,125	RMB Holdings (2)	145,178
26,321	Sanlam (2)	170,234
7,818	Sasol (2)	314,780
4,260	Shoprite Holdings (2)	60,952
29,605	Sibanye Gold (2)	70,262
5,340	Standard Bank Group (2)	78,273
2,121	Sun International (2)	23,581
3,348	Tiger Brands (2)	87,139
19,346	Truworths International (2)	141,001
15,297	Tsogo Sun Holdings (2)	35,509
20,387	Vodacom Group (2)	254,174
7,079	Woolworths Holdings (2)	53,254
		3,314,120
	South Korea — 9.0%
147	Asia Paper Manufacturing (2)	4,310
464	AtlasBX	17,443
650	BNK Financial Group (2)	9,717
1,730	Coway (2)	145,290
240	Daechang Forging (2)	11,908
5,360	DGB Financial Group (2)	60,505
748	Dongsuh (2)	23,193
646	Dongyang E&P (2)	7,699
827	e-LITECOM (2)	17,864
3,235	Grand Korea Leisure (2)	115,773
438	GS Home Shopping (2)	97,550
3,440	Halla Visteon Climate Control (2)	129,060
1,410	Hana Financial Group (2)	41,505
3,193	Hancom (2)	59,854
6,440	Hankook Tire (2)	270,642
926	Hyundai Home Shopping Network (2)	116,426
4,000	Hyundai Hy Communications & Networks (2)	19,798
114	Ilshin Spinning	20,843
1,110	Industrial Bank of Korea (2)	15,251
535	INTOPS (2)	10,351
3,970	KB Financial Group (2)	151,393
3,200	KC Tech (2)	27,939
5,190	Kia Motors (2)	239,165
259	Koh Young Technology (2)	10,690
994	KT&G (2)	88,028
1,050	Kunsul Chemical Industrial (2)	50,151
252	Kwangju Bank (1)(2)	1,878
386	Kyongnam Bank (1)(2)	3,645
339	KyungDong City Gas (2)	37,598
259	Medy-Tox (2)	89,537
1,510	Samsung Climate Control (2)	16,951
220	Samsung Electronics (2)	288,608
471	Samsung Electronics GDR (2)	308,876

The accompanying notes are an integral part of the financial statements.

41

Shares		Value $
4,450	Shinhan Financial Group (2)	184,177
1,010	Silicon Works (2)	38,258
14	Taekwang Industrial (2)	15,666
6,058	Woori Bank (2)	60,517
375	Youngone Holdings	36,031
		2,844,090
	Taiwan — 12.5%
3,000	Boardtek Electronics (2)	4,958
17,000	Catcher Technology (2)	198,931
12,000	Chicony Electronics (2)	34,506
70,000	China Life Insurance (2)	74,099
13,000	China Steel Chemical (2)	63,128
9,000	Chin-Poon Industrial (2)	17,301
35,000	ChipMOS TECHNOLOGIES (2)	51,452
5,000	Cleanaway (2)	30,981
26,000	Coretronic (2)	35,303
15,000	Cyberlink (2)	44,262
9,000	Delta Electronics (2)	54,157
17,000	Draytek (2)	17,689
21,000	Dynacolor (2)	41,126
5,000	Elite Advanced Laser (2)	21,690
40,000	Elite Material (2)	66,683
37,000	Everlight Electronics (2)	85,538
59,000	Far EasTone Telecommunications (2)	140,671
9,680	Feng TAY Enterprise (2)	59,732
22,000	FLEXium Interconnect (2)	77,973
10,532	Flytech Technology (2)	43,702
24,000	Formosan Rubber Group (2)	25,747
1,000	GeoVision (2)	3,486
10,000	Grape King Bio (2)	54,479
34,000	Greatek Electronics (2)	45,605
4,000	KD Holding (2)	22,960
2,000	King Slide Works (2)	31,456
27,000	King’s Town Bank (2)	27,673
1,000	Largan Precision (2)	100,206
14,000	Lumax International (2)	28,506
20,000	MediaTek (2)	257,084
12,000	Microlife (2)	28,089
9,000	New Era Electronics (2)	8,925
15,000	Novatek Microelectronics (2)	78,399
45,000	Pegatron (2)	133,310
9,000	Phison Electronics (2)	83,003
19,000	Polytronics Technology (2)	43,847
8,000	President Chain Store (2)	59,201
19,540	Radiant Opto-Electronics (2)	64,255
2,608	Raydium Semiconductor	5,315
28,000	Realtek Semiconductor (2)	87,203
21,000	Sigurd Microelectronics (2)	19,833
16,000	Simplo Technology (2)	79,189
7,632	Sinmag Equipment (2)	45,787
7,000	Sirtec International(2)	15,055
7,000	Sitronix Technology (2)	25,252
2,000	Sporton International (2)	11,340
2,000	St. Shine Optical (2)	35,257
40,000	Taiwan Cement (2)	56,807
30,000	Taiwan Mobile (2)	105,691
31,465	Taiwan Secom (2)	94,680
63,000	Taiwan Semiconductor Manufacturing (2)	303,299
12,800	Taiwan Semiconductor Manufacturing ADR	312,832
7,280	Taiwan Surface Mounting Technology (2)	9,633
7,720	Test Research (2)	15,698
32,000	Thinking Electronic Industrial (2)	45,631
20,000	Transcend Information (2)	76,844
15,000	Tripod Technology (1)(2)	29,302
11,000	United Integrated Services (2)	12,750
5,172	Vivotek (2)	15,455
36,000	Win Semiconductors (2)	46,669
17,000	Yageo (2)	34,954
175,000	Yuanta Financial Holding (2)	101,715
6,000	Yung Chi Paint & Varnish Manufacturing (2)	17,591
19,000	Yungtay Engineering (2)	43,645
15,000	Zhen Ding Technology Holding (2)	52,221
		3,959,761
	Thailand (2) — 3.9%
35,400	Advanced Info Service NVDR	256,940
33,300	BEC World	40,632
61,000	BEC World NVDR	74,431
11,100	Bumrungrad Hospital	53,923
41,800	Delta Electronics Thai	105,557
16,300	Delta Electronics Thai NVDR	41,162
58,000	Hana Microelectronics NVDR	78,096
87,300	MK Real Estate Development	15,096
6,900	PTT	74,396
13,600	PTT NVDR	146,636
11,100	PTT Exploration & Production	39,319
36,900	PTT Exploration & Production NVDR	130,710
5,700	Ratchaburi Electricity Generating Holding	10,363
600	Siam City Cement	6,665
21,000	Thai Beverage	11,321
33,800	Total Access Communication	88,789
76,300	TTW	26,111
78,900	TTW NVDR	27,001
		1,227,148
	Turkey (2) — 3.7%
14,147	Akcansa Cimento	87,010

The accompanying notes are an integral part of the financial statements.

42

Shares		Value $
3,560	Cimsa Cimento Sanayi Ve	21,843
111,256	Enka Insaat ve Sanayi	239,123
105,542	Eregli Demir ve Celik Fabrikalari (1)	178,104
28,955	Gubre Fabrikalari	77,312
10,504	Koza Altin Isletmeleri	109,730
24,806	Koza Anadolu Metal Madencilik Isletmeleri (1)	26,767
19,129	Soda Sanayii	46,621
14,356	TAV Havalimanlari Holding	126,216
60,100	Turk Telekomunikasyon	166,115
19,756	Turkcell Iletisim Hizmetleri	87,965
		1,166,806
	United Arab Emirates (2) — 0.7%
20,834	Abu Dhabi Commercial Bank PJSC	42,018
94,084	Air Arabia (1)	41,759
69,348	Dubai Investments PJSC	57,649
23,014	Dubai Islamic Bank PJSC	43,189
3,345	First Gulf Bank PJSC	13,834
9,672	Union National Bank PJSC	17,965
		216,414
	United Kingdom (2) — 0.7%
13,631	Anglo American	228,969
	TOTAL COMMON STOCK (Cost $26,202,649)	27,190,366
	PREFERRED STOCK — 3.8%
	Brazil — 3.8%
9,900	AES Tiete	56,155
31,300	Banco do Estado do Rio Grande do Sul	117,909
21,000	Bradespar	83,988
7,200	Cia Brasileira de Distribuicao	241,358
11,500	Cia Energetica de Sao Paulo	71,299
4,100	Eucatex Industria e Comercio	4,504
66,430	Itausa - Investimentos Itau	234,813
8,700	Metalurgica Gerdau Class A	28,269
14,800	Petroleo Brasileiro (1)	64,103
7,000	Petroleo Brasileiro Class A ADR (1)	60,760
13,825	Randon Participacoes	18,446
16,900	Vale Class A	100,852
18,000	Vale Class A ADR	108,900
	TOTAL PREFERRED STOCK (Cost $1,441,580)	1,191,356

Shares/ Principal Amount ($)
	WARRANT (1) — 0.0%
	Malaysia — 0.0%
10,566	CB Industrial Product Holding Expires 11/06/19 (Cost $—)	1,379
	U.S. TREASURY OBLIGATIONS — 7.2%
	United States Treasury Bills (4)
181,000	0.022%, 07/23/2015	180,995
293,000	0.015%, 05/28/2015	293,001
148,000	0.015%, 06/18/2015	148,002
125,000	0.012%, 05/07/2015	125,000
293,000	0.012%, 05/14/2015	292,999
293,000	0.012%, 05/21/2015	293,000
176,000	0.010%, 06/04/2015	175,999
293,000	0.009%, 06/25/2015	292,998
293,000	0.009%, 07/02/2015	292,999
176,000	0.006%, 06/11/2015	175,999
	TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,270,970)	2,270,992
	TOTAL INVESTMENTS — 96.9% (Cost $29,915,199)	30,654,093
	OTHER ASSETS LESS LIABILITIES — 3.1%	977,897
	NET ASSETS — 100%	$	31,631,990

(1)Denotes non-income producing security.

(2)Security is fair valued. (See Note 2 in Notes to Financial Statements.)

(3)Security considered illiquid. On April 30, 2015 the value of the securities amounted to $3,355, representing 0.01% of the total net assets of the Fund.

(4)Zero coupon security — rate reported is effective yield at time of purchase.

The accompanying notes are an integral part of the financial statements.

43

A summary of the outstanding forward foreign currency contracts held by the Fund at April 30, 2015, is as follows:

						Unrealized
						Appreciation
Counterparty	Settlement Date	Currency to Deliver		Currency to Receive		(Depreciation)
Credit Suisse First Boston	5/27/15	USD	1,829,942	INR	114,993,538	$	(30,879	)
Deutsche Bank Securities	5/13/15	TRY	245,900	USD	94,174	2,527
Goldman Sachs	5/13/15	ZAR	4,959,301	USD	418,482	2,519
HSBC	5/13/15	TRY	854,627	USD	325,743	7,224
						$	(18,609	)

The open futures contracts held by the Fund at April 30, 2015, are as follows:

	Number of		Unrealized
Type of	Contracts	Expiration	Appreciation
Contract	Long (Short)	Date	(Depreciation)
MINI MSCI EAFE	22	Jun-2015	$	59,959
SGX S&P CNX Nifty Index	112	May-2015	(8,090		)
			$	51,869

ADR — American Depositary Receipt

EAFE — Europe, Australasia and Far East

GDR — Global Depositary Receipt

INR — Indian Rupee

MSCI — Morgan Stanley Capital International

NASDAQ — National Association of Securities Dealers Automated Quotations

NVDR — Non Voting Depository Receipt

S&P — Standard & Poor’s

USD — United States Dollar

TRY — Turkish New Lira

ZAR — South African Rand

The accompanying notes are an integral part of the financial statements.

44

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock (1)
Brazil	$	1,872,135	$	—	$	—	$	1,872,135
Chile	446,843		—		—		446,843
China	485,471		3,517,090		—		4,002,561
Colombia	159,432		—		—		159,432
Czech Republic	23,519		255,289		—		278,808
Egypt	49,680		233,567		—		283,247
Greece	16,820		76,356		—		93,176
Hong Kong	—		1,941,614		3,355		1,944,969
Hungary	—		170,065		—		170,065
India	275,722		—		—		275,722
Indonesia	—		1,199,382		—		1,199,382
Kazakhstan	—		21,875		—		21,875
Malaysia	55,530		624,138		—		679,668
Mexico	566,717		—		—		566,717
Morocco	22,410		221,847		—		244,257
Philippines	170,565		127,669		—		298,234
Poland	15,830		561,447		—		577,277
Qatar	—		56,772		—		56,772
Russia	391,401		670,517		—		1,061,918
South Africa	243,074		3,071,046		—		3,314,120
South Korea	74,317		2,769,773		—		2,844,090
Taiwan	318,147		3,641,614		—		3,959,761
Thailand	—		1,227,148		—		1,227,148
Turkey	—		1,166,806		—		1,166,806
United Arab Emirates	—		216,414		—		216,414
United Kingdom	—		228,969		—		228,969
Total Common Stock	5,187,613		21,999,398		3,355		27,190,366
Preferred Stock
Brazil	1,191,356		—		—		1,191,356
Total Preferred Stock	1,191,356		—		—		1,191,356
Warrant
Malaysia	1,379		—		—		1,379
Total Warrant	1,379		—		—		1,379
U.S. Treasury Obligations	—		2,270,992		—		2,270,992
Total Investments in Securities	$	6,380,348	$	24,270,390	$	3,355	$	30,654,093

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Forwards — Unrealized Appreciation	$	—		$	12,270		$	—	$	12,270
Forwards — Unrealized Depreciation	—			(30,879		)	—		(30,879		)
Futures — Unrealized Appreciation	59,959			—			—		59,959
Futures — Unrealized Depreciation	(8,090		)	—			—		(8,090		)
Total Other Financial Instruments	$	51,869		$	(18,609	)	$	—	$	33,260

The accompanying notes are an integral part of the financial statements.

45

(1)Transfers between investment levels may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes.  The Fund generally recognizes transfers between the levels as of the beginning of the period.  As of April 30, 2015, the Fund had securities with a total value of $21,999,398 transfer from Level 1 to Level 2. The change in level occurred due to developments that occurred between the time of closing of the foreign markets on which those securities trade and the close of business on the New York Stock Exchange. Additionally, the Fund had securities with a total value of $3,355 transfer from Level 1 to Level 3. The changes occurred due to a halt in trading of these securities.

The accompanying notes are an integral part of the financial statements.

46

Schroder International Alpha Fund

Schedule of Investments

April 30, 2015 (unaudited)

Shares		Value $
	COMMON STOCK — 99.4%
	Australia (1) — 1.5%
320,102	Brambles	2,728,444
	Belgium (1) — 1.1%
27,218	UCB	1,960,592
	Canada — 1.9%
72,315	Toronto-Dominion Bank	3,338,537
	China — 2.0%
23,236	Alibaba Group Holding ADR (2)	1,888,854
928,000	Brilliance China Automotive Holdings (1)	1,741,607
		3,630,461
	Finland (1) — 1.8%
477,544	Nokia	3,222,200
	France (1) — 9.9%
33,369	Accor	1,829,786
29,037	Essilor International	3,537,584
10,720	Kering	1,982,524
53,431	Safran	3,904,066
30,370	Sanofi	3,091,381
46,413	Schneider Electric	3,469,302
		17,814,643
	Germany (1) — 11.3%
24,697	Bayer	3,554,707
18,065	Bayerische Motoren Werke	2,131,033
12,430	Continental	2,913,034
28,437	Fresenius Medical Care & KGaA	2,389,896
71,999	GEA Group	3,457,823
29,665	HeidelbergCement	2,277,102
49,149	SAP	3,713,949
		20,437,544
	Hong Kong (1) — 4.3%
740,600	AIA Group	4,925,346
84,072	Jardine Strategic Holdings	2,885,142
		7,810,488
	India (1) — 1.8%
1,166,108	Idea Cellular	3,205,974
	Ireland (1) — 1.3%
31,968	Kerry Group Class A	2,351,325
	Israel — 1.7%
36,509	Check Point Software Technologies (2)	3,047,771
	Italy (1) — 2.0%
1,079,103	Intesa Sanpaolo	3,625,254
	Japan (1) — 17.5%
60,300	Aisin Seiki	2,757,395
187,500	Astellas Pharma	2,919,506
73,800	Bridgestone	3,091,016
38,800	Daikin Industries	2,613,919
240,000	Hitachi	1,637,497
243,000	Kubota	3,803,197
84,100	Nabtesco	2,313,089
280,000	Sekisui Chemical	3,733,502
11,200	SMC	3,369,206
122,700	Sumitomo Mitsui Financial Group	5,357,646
		31,595,973
	Mexico — 0.7%
237,301	Grupo Financiero Banorte Class O	1,346,129
	Norway (1) — 3.1%
154,302	DnB NOR	2,741,207
137,373	Statoil	2,912,358
		5,653,565
	Singapore (1) — 2.0%
226,027	DBS Group Holdings	3,591,655
	Spain (1) — 2.9%
271,385	Banco Bilbao Vizcaya Argentaria	2,726,903
169,106	Telefonica	2,573,871
		5,300,774
	Switzerland (1) — 7.9%
80,333	Credit Suisse Group	2,126,179
26,296	Lonza Group	3,717,993
65,028	Nestle	5,045,147
11,615	Roche Holding	3,323,691
		14,213,010
	Taiwan (1) — 2.0%
755,000	Taiwan Semiconductor Manufacturing	3,634,776
	United Kingdom (1) — 22.7%
178,069	ARM Holdings	3,025,620
339,963	Barclays	1,330,081
125,849	BHP Billiton	3,024,948
274,514	BT Group Class A	1,914,610
218,361	Capita	3,821,993
96,834	Diageo	2,688,325
452,132	HSBC Holdings	4,516,546

The accompanying notes are an integral part of the financial statements.

47

Shares		Value $
45,098	Imperial Tobacco Group	2,202,144
2,259,507	Lloyds Banking Group	2,675,868
117,510	Prudential	2,925,692
35,689	Reckitt Benckiser Group	3,176,459
109,012	Royal Dutch Shell Class A	3,456,468
1,108,723	Vodafone Group	3,906,237
104,721	WPP	2,442,235
		41,107,226
	TOTAL COMMON STOCK (Cost $159,202,675)	179,616,341
	TOTAL INVESTMENTS — 99.4% (Cost $159,202,675)	179,616,341
	OTHER ASSETS LESS LIABILITIES — 0.6%	1,116,983
	NET ASSETS — 100%	$	180,733,324

(1)Security is fair valued. (See Note 2 in Notes to Financial Statements.)

(2)Denotes non-income producing security.

ADR — American Depositary Receipt

The accompanying notes are an integral part of the financial statements.

48

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock (1)
Australia	$	—	$	2,728,444	$	—	$	2,728,444
Belgium	—		1,960,592		—		1,960,592
Canada	3,338,537		—		—		3,338,537
China	1,888,854		1,741,607		—		3,630,461
Finland	—		3,222,200		—		3,222,200
France	—		17,814,643		—		17,814,643
Germany	—		20,437,544		—		20,437,544
Hong Kong	—		7,810,488		—		7,810,488
India	—		3,205,974		—		3,205,974
Ireland	—		2,351,325		—		2,351,325
Israel	3,047,771		—		—		3,047,771
Italy	—		3,625,254		—		3,625,254
Japan	—		31,595,973		—		31,595,973
Mexico	1,346,129		—		—		1,346,129
Norway	—		5,653,565		—		5,653,565
Singapore	—		3,591,655		—		3,591,655
Spain	—		5,300,774		—		5,300,774
Switzerland	—		14,213,010		—		14,213,010
Taiwan	—		3,634,776		—		3,634,776
United Kingdom	—		41,107,226		—		41,107,226
Total Common Stock	9,621,291		169,995,050		—		179,616,341
Total Investments in Securities	$	9,621,291	$	169,995,050	$	—	$	179,616,341

(1)Transfers between investment levels may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes.  The Fund generally recognizes transfers between the levels as of the beginning of the period.  As of April 30, 2015, the Fund had securities with a total value of $169,995,050 transfer from Level 1 to Level 2. The change in level occurred due to developments that occurred between the time of closing of the foreign markets on which those securities trade and the close of business on the New York Stock Exchange.

The accompanying notes are an integral part of the financial statements.

49

Schroder International Multi-Cap Value Fund

Schedule of Investments

April 30, 2015 (unaudited)

Shares		Value $
	COMMON STOCK — 95.3%
	Australia — 5.0%
65,829	Acrux (1)	46,251
32,246	Adelaide Brighton (1)	114,875
37,791	Ausdrill (1)	13,262
408,231	Beach Energy (1)	356,085
71,451	BHP Billiton (1)	1,824,604
143,894	BWP Trust REIT	346,167
22,537	Cabcharge Australia (1)	80,295
18,535	Cardno (1)	50,349
26,953	Coca-Cola Amatil (1)	218,205
61,175	Collection House (1)	107,557
13,299	Decmil Group (1)	12,092
15,211	Dexus Property Group REIT (1)	88,385
43,177	Downer EDI (1)	150,141
33,917	DuluxGroup (1)	169,167
7,355	DWS	4,220
13,276	Fleetwood (1)	13,708
15,567	Flight Centre Travel Group (1)	532,370
57,221	Independence Group NL (1)	267,009
25,927	JB Hi-Fi (1)	400,496
77,687	M2 Group (1)	672,290
98,377	MACA (1)	69,548
222,513	Medusa Mining (1)(2)	164,347
508,444	Metcash (1)	530,748
262,486	Mirvac Group REIT (1)	415,841
19,575	Monadelphous Group (1)	152,555
113,309	Myer Holdings (1)	123,788
38,073	NRW Holdings (1)	5,686
18,448	Orica (1)	292,358
256,219	Orora (1)	445,788
126,009	OZ Minerals (1)	463,889
20,453	Programmed Maintenance Services (1)	45,178
26,653	RCR Tomlinson (1)	39,431
90,354	Resolute Mining (1)(2)	24,374
27,499	Rio Tinto (1)	1,239,584
45,472	Sandfire Resources NL (1)	175,936
206,664	Spark Infrastructure Group (1)	317,808
515,183	Telstra (1)	2,532,494
60,488	Thorn Group (1)	126,171
17,644	Watpac (1)	10,755
64,485	Woodside Petroleum (1)	1,778,321
62,575	Woolworths (1)	1,452,847
30,515	WorleyParsons (1)(3)	274,169
		16,149,144
	Austria — 0.3%
8,310	Atrium European Real Estate	40,869
12,706	Oesterreichische Post	618,401
8,641	Raiffeisen Bank International (1)(2)	143,444
2,112	Semperit Holding	96,862
		899,576
	Belgium — 1.7%
17,415	Ageas (1)	654,321
94,787	AGFA-Gevaert (2)	238,194
15,564	Anheuser-Busch InBev (1)	1,894,893
2,642	Barco (1)	178,595
32,839	Belgacom (1)	1,223,085
19,275	Colruyt (1)	910,987
1,836	Sofina (1)	208,433
359	Van de Velde	21,457
		5,329,965
	Bermuda (1) — 0.1%
29,582	Lancashire Holdings	289,185
	Brazil — 0.8%
65,100	Ambev	409,664
20,500	Bematech	66,339
28,300	Cia de Saneamento Basico do Estado de Sao Paulo ADR (2)	166,687
59,517	Cia Energetica de Minas Gerais ADR	292,824
41,000	EcoRodovias Infraestrutura e Logistica	120,702
13,600	Eternit	14,444
52,000	Grupo BTG Pactual	513,450
15,900	Helbor Empreendimentos	16,940
18,000	Mahle-Metal Leve	121,993
37,300	Transmissora Alianca de Energia Eletrica	245,246
53,300	Vale	402,454
11,000	Via Varejo	68,345
		2,439,088
	British Virgin Islands (1) — 0.1%
29,983	Playtech	376,667
	Cambodia (1) — 0.0%
170,000	NagaCorp	122,495
	Canada — 4.4%
42,500	BCE	1,873,663
4,500	Canfor Pulp Products	57,476
27,700	Celestica (2)	338,186
45,300	Centerra Gold	234,291
900	Cogeco Cable	51,553
2,100	Cogeco Cable ADR	120,291
44,300	Corus Entertainment Class B	681,115
5,000	Emera	168,504
39,300	Finning International	805,218
36,400	Genworth MI Canada	1,060,472

The accompanying notes are an integral part of the financial statements.

50

Shares		Value $
47,700	IAMGOLD (2)	106,747
22,200	Magna International Class A	1,118,740
42,200	Medical Facilities	572,227
1,300	Morguard REIT	18,662
60,200	Nevsun Resources	237,507
12,600	Noranda Income Fund	29,764
1,200	North West	24,627
30,400	Potash Corp. of Saskatchewan	992,756
7,100	Power Financial	219,620
58,400	Rogers Communications Class B	2,086,233
43,000	Shaw Communications Class B	982,959
21,200	Stantec	572,655
45,500	Teck Resources Class B	689,760
3,300	Torstar Class B	19,693
28,500	Transcontinental Class A	438,898
15,400	TransForce	347,824
5,300	Westshore Terminals Investment	140,177
10,410	Yellow Pages (2)	135,895
		14,125,513
	Chile — 0.3%
19,304	AFP Habitat	29,701
36,700	Enersis ADR	652,159
105,078	Inversiones Aguas Metropolitanas	171,277
		853,137
	China — 2.5%
110,000	361 Degrees International (1)	42,481
135,500	Anhui Conch Cement Class H (1)	547,862
1,403,000	Bank of China Class H (1)	961,341
30,000	Baoye Group Class H (1)	24,945
60,000	Chaoda Modern Agriculture Holdings (2)	4,490
207,000	China Child Care (1)	42,174
701,000	China Construction Bank Class H (1)	680,485
510,000	China Lumena New Materials (1)(2)(3)	—
108,500	China Shenhua Energy Class H (1)	281,780
306,000	China Shineway Pharmaceutical Group (1)	520,275
80,000	China Taifeng Beddings Holdings (1)(2)(3)	11,148
268,000	Dongfeng Motor Group Class H (1)	445,244
824,000	Industrial & Commercial Bank of China Class H (1)	714,788
304,000	Jiangsu Expressway Class H (1)	417,400
88,000	Jingwei Textile Machinery Class H (1)	136,440
17,000	Mindray Medical International ADR	524,960
3,201	NetEase ADR	410,336
213,000	Pacific Online (1)	114,092
283,000	Pacific Textile Holdings (1)	392,251
68,000	Qingling Motors Class H (1)	27,427
44,000	SouFun Holdings ADR	363,880
122,000	Xingda International Holdings (1)	39,626
599,000	Yangzijiang Shipbuilding Holdings (1)	661,480
396,000	Zhejiang Expressway Class H (1)	628,925
		7,993,830
	Colombia — 0.1%
22,200	Ecopetrol ADR	380,064
	Czech Republic (1) — 0.4%
28,502	CEZ	740,487
2,246	Komercni Banka	500,510
		1,240,997
	Denmark (1) — 0.2%
378	AP Moeller - Maersk Class B	750,173
	Finland — 2.7%
83,801	Fortum (1)	1,654,855
102,954	F-Secure	327,154
32,682	Kone Class B (1)	1,406,034
21,360	Nokian Renkaat (1)	694,116
31,705	Orion Class B (1)	1,036,724
26,671	Ramirent (1)	204,974
24,557	Sampo Class A (1)	1,189,893
7,670	Sanoma (1)	40,401
22,519	Tieto (1)	540,014
30,019	Tikkurila (1)	618,278
24,044	UPM-Kymmene (1)	435,066
9,026	Wartsila (1)	414,114
		8,561,623
	France — 5.7%
4,294	Altamir	54,676
40,769	AXA (1)	1,030,880
5,672	BNP Paribas (1)	358,195
4,174	Boiron (1)	464,872
454	Cegid Group (1)	19,895
5,101	Christian Dior (1)	997,252
11,164	Cie Generale des Etablissements Michelin (1)	1,244,964
20,336	CNP Assurances (1)	365,509
13,182	Credit Agricole (1)	205,091
33,206	Edenred (1)	890,233
5,120	Euler Hermes Group	560,527
3,199	Ipsen (1)	183,713
19,855	Legrand (1)	1,148,072
38,705	Metropole Television (1)	807,806
8,911	Neopost	429,796
25,646	Plastic Omnium (1)	714,150
7,426	Publicis Groupe (1)	622,823
9,436	Safran (1)	689,464

The accompanying notes are an integral part of the financial statements.

51

Shares		Value $
24,659	Sanofi (1)	2,510,055
19,621	Societe Generale (1)	980,947
10,040	Tarkett (1)	269,776
31,977	Total (1)	1,731,555
8,440	Valeo (1)	1,353,100
12,529	Vinci (1)	768,464
		18,401,815
	Gabon (1) — 0.0%
272	Total Gabon	90,625
	Germany — 3.5%
2,545	Allianz (1)	433,197
5,126	Aurubis (1)	323,908
14,258	BASF (1)	1,416,506
1,505	Bijou Brigitte	93,755
896	Cewe Stiftung & KGAA (1)	58,313
13,766	Commerzbank (1)(2)	185,716
6,885	Continental (1)	1,613,535
2,918	Deutsche Bank (1)	93,323
6,766	Duerr (1)	692,553
2,733	Hamburger Hafen und Logistik (1)	60,279
5,861	HOCHTIEF (1)	452,862
4,592	HUGO BOSS (1)	565,049
1,913	Muenchener Rueckversicherungs (1)	373,413
12,733	Siemens (1)	1,385,122
3,617	Software (1)	104,418
45,365	Stada Arzneimittel (1)	1,659,401
4,517	STO & KGaA	787,922
25,492	Takkt (1)	464,434
6,098	Talanx (1)	193,981
10,440	Wincor Nixdorf (1)	395,161
		11,352,848
	Greece — 0.1%
2,191	Aegean Airlines (1)(2)	18,473
14,539	JUMBO	150,028
6,500	Metka (1)	60,625
4,494	Public Power (1)	30,228
		259,354
	Guernsey — 0.1%
24,762	Tetragon Financial Group	242,915
	Hong Kong — 5.2%
116,000	Allied Properties HK (1)	28,414
32,000	AMVIG Holdings	17,506
221,016	Asian Citrus Holdings (2)	24,596
323,000	Belle International Holdings (1)	414,562
176,000	BOC Hong Kong Holdings (1)	682,655
300,000	Bolina Holding	109,541
622,000	Bonjour Holdings (1)	56,023
240,000	Champion REIT	130,055
922,000	Champion Technology Holdings (2)	21,770
15,000	Cheung Kong Infrastructure Holdings (1)	127,071
336,000	China BlueChemical (1)	149,646
36,000	China Lilang (1)	37,350
28,500	China Mobile (1)	407,074
148,000	CIMC Enric Holdings (1)	163,618
36,000	CK Hutchison Holdings (1)	780,919
28,500	CLP Holdings (1)	249,481
266,000	CNOOC (1)	453,586
810,000	CSI Properties (1)	32,815
211,600	Dah Sing Banking Group (1)	460,125
78,400	Dah Sing Financial Holdings (1)	550,415
79,000	Dan Form Holdings	21,303
13,000	Dickson Concepts International (1)	5,612
285,000	Emperor Entertainment Hotel	66,557
288,000	Emperor International Holdings (1)	71,206
9,500	Fairwood Holdings (1)	25,746
40,000	First Pacific	38,810
606,000	Giordano International	303,369
23,000	Goldlion Holdings (1)	10,759
47,279	Great Eagle Holdings (1)	174,451
704,000	Guangdong Investment (1)	1,049,780
18,150	Henderson Land Development (1)	145,511
28,000	HKR International (1)	15,880
11,000	Hongkong & Shanghai Hotels (1)	16,123
50,000	Hongkong Land Holdings	405,000
22,000	Hopewell Holdings (1)	84,609
314,000	Huabao International Holdings (1)	352,698
83,000	Hysan Development (1)	383,514
92,000	Johnson Electric Holdings (1)	341,785
69,500	Kerry Properties (1)	283,649
17,000	Kowloon Development (1)	21,735
501,000	Lai Sun Development	13,445
160,000	Lifestyle International Holdings	299,334
234,000	Man Wah Holdings (1)	303,609
149,602	New World Development (1)	198,426
361,000	PCCW (1)	240,339
125,000	Peak Sport Products (1)	42,380
107,000	Power Assets Holdings (1)	1,079,991
63,000	Prosperity REIT (1)	23,453
167,000	Real Nutriceutical Group (1)	52,654
51,000	Regal REIT (1)	15,178
402,000	Sa Sa International Holdings (1)	204,520
160,400	Sands China (1)	653,853
18,000	Shandong Luoxin Pharmacy Stock Class H (1)	36,044
370,000	Shenguan Holdings Group (1)	116,127
592,000	Shougang Fushan Resources Group (1)	151,959
236,000	Sino Land (1)	415,209

The accompanying notes are an integral part of the financial statements.

52

Shares		Value $
91,000	Sitoy Group Holdings	56,475
219,000	SJM Holdings (1)	277,660
237,500	SmarTone Telecommunications Holdings (1)	432,757
8,000	SOCAM Development (1)(2)	7,155
20,000	Soundwill Holdings (1)	36,043
9,000	Sun Hung Kai Properties (1)	149,477
46,000	Sunlight REIT (1)	23,232
56,000	Swire Pacific Class A (1)	755,285
145,400	Swire Properties (1)	499,529
41,000	TAI Cheung Holdings (1)	35,943
23,000	Television Broadcasts (1)	149,840
22,200	VTech Holdings (1)	308,716
118,000	Wharf Holdings (1)	850,203
83,000	Wheelock (1)	467,367
56,000	Yue Yuen Industrial Holdings (1)	212,783
108,000	Yuexiu Transport Infrastructure (1)	79,395
		16,903,700
	Indonesia (1) — 0.7%
4,385,000	Bank Bukopin	234,679
1,837,000	Panin Financial (2)	46,233
1,175,500	Perusahaan Gas Negara	370,515
1,538,500	Perusahaan Perkebunan London Sumatra Indonesia	168,212
4,506,500	Telekomunikasi Indonesia Persero	906,353
224,500	United Tractors	369,141
684,000	Vale Indonesia	146,953
		2,242,086
	Ireland — 0.5%
13,826	Dragon Oil (1)	130,095
3,548	Irish Bank Resolution (1)(2)(3)	—
56,423	Ryanair Holdings (1)(2)	661,791
28,150	Smurfit Kappa Group (1)	861,855
17,066	Total Produce	21,002
		1,674,743
	Israel — 1.5%
4,471	Babylon (1)	2,464
127,966	Bank Hapoalim (1)	640,080
161,664	Bank Leumi Le-Israel (1)(2)	628,330
481,253	Bezeq Israeli Telecommunication (1)	911,514
44,908	Delek Automotive Systems (1)	544,628
11,564	First International Bank of Israel (1)	162,364
152,563	Israel Discount Bank Class A (1)(2)	268,010
13,529	Ituran Location and Control (1)	310,606
216,896	Migdal Insurance & Financial Holding (1)	262,793
2,736	Osem Investments (1)	58,405
7,982	Rami Levy Chain Stores Hashikma Marketing 2006 (1)	324,335
10,100	Teva Pharmaceutical Industries ADR	610,242
3,827	Union Bank of Israel (1)(2)	12,954
		4,736,725
	Italy (1) — 2.0%
29,351	Atlantia	825,497
21,688	Autostrada Torino-Milano	308,348
13,864	Banca Popolare dell’Etruria e del Lazio SC (2)(3)	7,079
174,447	Banca Popolare di Milano	179,755
4,098	Danieli & C Officine Meccaniche	99,713
89,774	ENI	1,722,394
12,008	Immobiliare Grande Distribuzione REIT	11,815
6,661	Industria Macchine Automatiche	339,153
88,008	Mediobanca	854,345
68,236	Recordati	1,359,662
5,212	Reply	557,825
4,630	Societa Cattolica di Assicurazioni	39,555
19,094	Societa Iniziative Autostradali e Servizi	220,524
		6,525,665
	Japan — 14.6%
2,000	77 Bank (1)	11,542
33,000	Achilles (1)	43,115
11,400	ADEKA (1)	160,794
800	Aichi Bank (1)	41,844
13,000	Aichi Steel (1)	62,496
6,700	Aisan Industry (1)	63,069
16,100	Aisin Seiki (1)	736,220
5,000	Akita Bank (1)	15,440
2,600	Alconix (1)	40,641
2,300	Alpine Electronics (1)	46,739
16,100	Amano (1)	207,097
4,600	Amiyaki Tei (1)	182,767
7,000	Amuse (1)	181,896
1,300	Arakawa Chemical Industries (1)	14,378
1,100	Arc Land Sakamoto (1)	26,533
3,300	Asahi Broadcasting (1)	32,135
17,000	Asahi Holdings (1)	319,896
80,000	Asahi Kasei (1)	753,331
19,800	Asante (1)	234,336
7,300	Asax (1)	102,224
19,000	Atsugi (1)	19,652
42,000	Awa Bank (1)	249,321
3,000	Bando Chemical Industries (1)	11,963
17,000	Bank of Kochi (1)	24,902
14,000	Bank of Kyoto (1)	152,621
14,000	Bank of Nagoya (1)	51,464
11,500	BML (1)	350,095
19,500	Bridgestone (1)	816,732
19,400	Brother Industries (1)	308,663

The accompanying notes are an integral part of the financial statements.

53

Shares		Value $
12,000	Bunka Shutter (1)	109,010
300	C Uyemura (1)	14,868
47,100	Canon (1)(2)	1,679,337
1,000	Central Automotive Products (1)	7,010
4,800	Central Japan Railway (1)	857,311
8,100	Chiba Kogyo Bank (1)	55,951
1,300	Chiyoda (1)	27,787
2,100	Chori (1)	33,271
6,900	Chudenko (1)	131,370
11,000	Chugoku Marine Paints (1)	95,311
2,200	Cleanup (1)	17,504
6,200	Comture (1)	99,288
3,100	Corona Class A (1)	30,037
3,900	CTS (1)	29,545
7,000	Daihatsu Diesel Manufacturing (1)	42,800
30,000	Daihatsu Motor (1)	434,563
13,000	Daiichi Jitsugyo (1)	68,550
15,600	Daiichikosho (1)	503,127
2,700	Daikoku Denki (1)	40,932
1,800	Dainichi (1)	11,804
31,000	Daishi Bank (1)	116,910
4,000	Daishinku (1)	10,807
11,000	Daiwa Industries (1)	75,585
82,000	Daiwa Securities Group (1)	680,257
7,100	Dena (1)	141,830
3,800	Doshisha (1)	57,006
219,200	Dynam Japan Holdings (1)	464,701
6,000	Eidai (1)	22,769
9,400	Elecom (1)	211,673
18,800	en-japan (1)	279,303
3,900	EPS Holdings (1)	45,419
16,500	FamilyMart (1)	710,540
28,000	Fuji Kiko (1)	144,525
2,400	Fuji Kosan (1)	11,957
10,200	FUJIFILM Holdings (1)	384,204
8,400	Fujikura Kasei (1)	39,137
7,200	Fujimori Kogyo (1)	226,491
1,600	Fujishoji (1)	20,590
2,800	Fujitsu Frontech (1)	34,697
48,000	Fujitsu General (1)	691,340
1,100	FuKoKu (1)	10,631
11,000	Fukushima Industries (1)	184,778
1,700	Funai Electric (1)(2)	20,083
900	Futaba (1)	14,991
14,400	Future Architect (1)	86,975
1,200	Fuyo General Lease (1)	49,085
2,400	Gendai Agency (1)	13,827
7,800	Geo (1)	84,721
2,500	Graphite Design (1)	14,051
17,800	Gree (1)(2)	114,925
3,800	G-Tekt (1)	36,552
6,000	Gunma Bank (1)	42,488
18,000	Gunze (1)	48,397
69,000	Hachijuni Bank (1)	537,905
2,000	Hagihara Industries (1)	34,110
5,600	Happinet (1)	64,565
25,500	Haseko (1)	251,794
10,900	Hazama Ando (1)	61,847
9,200	Heiwa (1)	191,815
23,000	Higo Bank (1)	147,828
100	Hikari Tsushin (1)	6,674
2,800	HI-LEX (1)	89,615
1,600	Hirano Tecseed (1)	11,994
2,000	Hisaka Works (1)	18,350
9,500	Hisamitsu Pharmaceutical (1)	409,393
26,000	Hyakugo Bank (1)	127,814
13,000	Hyakujushi Bank (1)	44,626
5,800	Imasen Electric Industrial (1)	71,889
6,000	Inaba Denki Sangyo (1)	216,942
1,800	Infocom (1)	15,269
64,100	Inpex (1)	804,476
2,400	Intage Holdings (1)	42,575
59,500	Isuzu Motors (1)	788,602
13,000	ITOCHU (1)	160,070
24,200	Itochu Enex (1)	218,532
300	Itochu-Shokuhin (1)	10,565
14,000	Iwatsu Electric (1)(2)	11,168
51,000	Iyo Bank (1)	635,306
22,800	J Trust (1)	234,776
14,500	Japan Digital Laboratory (1)	220,827
3,900	Japan Foundation Engineering (1)	14,223
5,200	Japan Petroleum Exploration (1)	200,176
12,200	Japan Tobacco (1)	426,035
22,000	Juroku Bank (1)	87,585
5,300	JVC Kenwood (1)	16,099
26,900	JX Holdings (1)	117,141
17,000	Kagoshima Bank (1)	122,366
2,000	Kamei (1)	14,661
12,000	Kandenko (1)	76,132
86,000	Kanematsu (1)	135,130
2,500	Kanematsu Electronics (1)	38,126
5,400	Kato Sangyo (1)	114,298
103,000	KDDI (1)	2,437,221
3,100	Keihin (1)	50,777
27,000	Keiyo Bank (1)	159,823
22,800	Kimoto (1)	56,213
2,000	Koatsu Gas Kogyo (1)	10,411
2,300	Konaka (1)	13,815
7,600	Konishi (1)	133,245
57,500	Kuraray (1)	777,557
7,400	Kuroda Electric (1)	133,029
19,000	Kyodo Printing (1)	58,989

The accompanying notes are an integral part of the financial statements.

54

Shares		Value $
16,000	Kyowa Exeo (1)	186,664
21,600	Lawson (1)	1,553,255
7,800	Lintec (1)	191,331
23,000	Maeda Road Construction (1)	379,054
900	Maezawa Kyuso Industries (1)	11,410
2,200	Megachips (1)(2)	25,935
2,900	Meiko Network Japan (1)	35,851
1,900	Melco Holdings (1)	39,198
10	MID Class A REIT (1)	29,565
7,000	Mie Bank (1)	16,159
25,900	Miraca Holdings (1)	1,303,015
9,900	Mirait Holdings (1)	111,877
2,300	Miroku Jyoho Service (1)	13,032
3,100	Mitani	66,829
1,300	Mitani Sekisan (1)	19,877
32,000	Mitsubishi Motors (1)	294,438
91,900	Mitsubishi UFJ Financial Group (1)	652,890
3,000	Mitsuboshi Belting (1)	24,056
45,000	Mitsui (1)	629,376
2,800	Mitsui High-Tec (1)	21,068
21,000	Mitsui Sugar (1)	75,677
11,000	Miyazaki Bank (1)	43,732
197,700	Mizuho Financial Group (1)	376,872
55,000	MTI (1)	392,908
700	Nafco (1)	10,123
5,400	Namura Shipbuilding (1)	49,403
2,600	Natoco (1)	24,227
11,600	Neturen (1)	86,360
31,900	Nexon (1)	406,887
42,900	NHK Spring (1)	491,143
8,360	Nichirin (1)	112,316
2,800	NIFTY (1)	35,663
1,300	Nihon Eslead (1)	13,020
38,800	Nihon Parkerizing (1)	441,110
64,000	Nippon Electric Glass (1)	363,947
6,000	Nippon Hume (1)	41,276
7,000	Nippon Pillar Packing (1)	62,011
13,000	Nippon Road (1)	70,142
14,000	Nippon Seiki (1)	281,480
14,300	Nippon Telegraph & Telephone (1)	965,608
36,300	Nishimatsuya Chain (1)	337,339
23,000	Nishi-Nippon City Bank (1)	73,288
30,500	Nissin Kogyo (1)	502,711
200	Nissin Sugar (1)	4,410
8,000	Nittetsu Mining (1)	31,763
11,900	Nitto Kogyo (1)	215,419
9,500	Nittoc Construction (1)	42,218
16,700	North Pacific Bank (1)	65,950
15,500	NTT DoCoMo (1)	274,544
17,000	Ogaki Kyoritsu Bank (1)	57,299
13,000	Oita Bank (1)	50,845
1,500	Onoken (1)	13,427
4,200	Oracle Japan (1)	191,736
43,900	ORIX (1)	675,112
2,000	Pack (1)	43,628
2,500	Pal (1)	80,354
1,800	Plant (1)	20,630
10,000	Rhythm Watch (1)	13,906
2,800	Ricoh Leasing (1)	81,168
11,000	Riken (1)	42,774
9,000	Sakai Chemical Industry (1)	29,702
700	Sakai Moving Service (1)	22,471
8,000	San-Ai Oil (1)	53,136
3,300	Sanei Architecture Planning (1)	26,254
45,000	San-In Godo Bank (1)	430,642
16,000	Sanki Engineering (1)	127,783
2,000	Sansha Electric Manufacturing (1)	12,914
5,800	Sanyo Housing Nagoya (1)	59,044
37,000	Sekisui Chemical (1)	493,356
11,000	Sekisui Jushi (1)	146,227
13,000	Shiga Bank (1)	68,391
6,000	Shikoku Bank (1)	12,815
17,000	Shikoku Chemicals (1)	149,213
14,000	Shinagawa Refractories (1)	37,429
19,000	Shin-Etsu Polymer (1)	92,799
2,000	Shizuoka Bank (1)	22,018
14,000	Showa (1)	147,907
4,600	Sinko Industries (1)	47,384
9,400	Sintokogio (1)	78,737
1,000	SK Kaken	87,688
3,600	SNT (1)	16,793
62,000	Sony Financial Holdings (1)	1,113,057
5,800	St. Marc Holdings (1)	195,084
5,200	Sumitomo Densetsu (1)	62,759
7,600	Sumitomo Forestry (1)	88,093
6,100	Sumitomo Mitsui Financial Group (1)	266,354
22,500	Sumitomo Rubber Industries (1)	417,180
3,000	Suncall (1)	16,241
6,000	T RAD (1)	12,927
14,600	T&D Holdings (1)	210,675
600	T&K Toka (1)	12,246
3,800	Tachi-S Class S (1)	58,463
7,000	Taihei Dengyo Kaisha (1)	59,052
800	Takamatsu Construction Group (1)	18,556
21,000	Takara Standard (1)	170,848
24,000	Takiron (1)	111,536
8,000	Tayca (1)	30,523
3,000	TBK (1)	16,228
2,300	Techno Medica (1)	47,074
15,000	Teikoku Sen-I Class I (1)	214,211
3,500	Tenma (1)	56,632
1,100	TKC (1)	26,272

The accompanying notes are an integral part of the financial statements.

55

Shares		Value $
21,000	Toagosei (1)	93,195
7,000	Tochigi Bank (1)	37,603
5,000	Toho Bank (1)	21,100
1,800	Tokai (1)	60,203
26,000	Tokai Rika (1)	635,249
3,430	Token (1)	173,638
2,000	Tokyo Energy & Systems (1)	19,002
1,000	Tokyo TY Financial Group (1)	28,589
2,200	TOMONY Holdings (1)	10,444
4,900	Toppan Forms (1)	58,732
6,000	Toppan Printing (1)	50,306
35,000	Towa Bank (1)	30,396
15,000	Toyo Kohan (1)	71,256
9,300	Toyo Machinery & Metal (1)	39,795
3,700	Transcosmos (1)	89,587
8,500	Trend Micro (1)(2)	287,568
18,200	TS Tech (1)	541,984
13,600	Tsukada Global Holdings (1)	92,548
4,300	Tsukuba Bank (1)	14,712
8,700	Tsuruha Holdings (1)	631,000
6,000	TYK (1)	10,896
6,700	Unipres (1)	138,324
3,100	Utoc (1)	14,946
7,000	Wakita (1)	69,799
5,000	Watanabe Sato (1)	13,090
700	YAMADA Consulting Group (1)	20,883
4,000	Yamagata Bank (1)	17,785
5,000	Yamaguchi Financial Group (1)	62,674
2,000	Yamanashi Chuo Bank (1)	9,289
22,900	Yamazen (1)	203,729
1,000	Yellow Hat (1)	22,095
15,000	Yodogawa Steel Works (1)	60,739
		47,030,082
	Jersey (1) — 0.2%
76,446	UBM	659,922
	Kazakhstan (1) — 0.0%
20,279	KCell JSC GDR	170,813
	Liechtenstein — 0.0%
183	VP Bank	15,398
	Luxembourg (1) — 0.4%
9,479	RTL Group	888,666
16,617	Tenaris	255,141
		1,143,807
	Malaysia — 0.5%
48,400	Affin Holdings (1)	39,530
242,600	AMMB Holdings (1)	440,606
10,100	British American Tobacco Malaysia (1)	189,597
281,800	DiGi.com (1)	475,073
284,000	IOI Properties Group (1)	170,201
66,600	KLCCP Stapled Group	132,022
91,700	Padini Holdings (1)	35,973
		1,483,002
	Malta — 0.0%
22,416	BGP Holdings (1)(2)(3)	1,237
	Mexico — 0.2%
19,400	America Movil Class L ADR	405,266
2,600	Coca-Cola Femsa ADR	207,740
50,800	Urbi Desarrollos Urbanos (1)(2)(3)	—
		613,006
	Netherlands — 2.3%
14,108	Arcadis (1)	446,576
15,298	ArcelorMittal (1)	162,793
13,631	Boskalis Westminster (1)	708,276
15,444	Brunel International (1)	316,708
781	HAL Trust (1)	129,687
46,381	Koninklijke Ahold (1)	898,593
38,911	NN Group (1)	1,134,363
65,537	Reed Elsevier (1)	1,580,585
1,715	Sligro Food Group	66,234
2,906	SNS Reaal (1)(2)(3)	—
44,440	Unilever (1)	1,938,502
		7,382,317
	New Zealand (1) — 0.5%
123,320	Goodman Property Trust REIT	110,897
7,308	Skellerup Holdings	7,852
109,062	Sky Network Television	522,440
306,187	Spark New Zealand	692,822
84,354	Trade Me Group	245,693
		1,579,704
	Norway — 2.5%
47,606	Aker Solutions (1)	289,817
21,521	Kongsberg Gruppen (1)	462,446
38,370	Kvaerner (1)	30,084
20,099	Salmar (1)	326,316
133,897	Statoil (1)	2,838,666
74,377	Storebrand (1)(2)	262,975
87,355	Telenor (1)	1,972,929
13,501	TGS Nopec Geophysical (1)	343,587
72,586	Tomra Systems	706,127
19,258	Yara International (1)	986,731
		8,219,678
	Philippines — 0.2%
356,500	Manila Water	198,144

The accompanying notes are an integral part of the financial statements.

56

Shares		Value $
603,600	Nickel Asia (1)	307,124
2,500	Philippine Long Distance Telephone ADR	161,100
		666,368
	Poland (1) — 0.7%
10,749	Bank Pekao	558,720
10,831	KGHM Polska Miedz	379,762
92,850	PGE Polska Grupa Energetyczna (2)	534,273
301,858	Polskie Gornictwo Naftowe i Gazownictwo	544,464
88,521	Tauron Polska Energia	118,395
		2,135,614
	Portugal (1) — 0.2%
84,990	Portucel	415,807
36,886	Redes Energeticas Nacionais	115,472
13,454	Semapa-Sociedade de Investimento e Gestao	192,694
		723,973
	Russia — 0.9%
26,100	CTC Media (NASDAQ) (2)	91,089
38,984	Gazprom ADR	229,226
38,369	Globaltrans Investment GDR (1)(2)	189,927
5,276	LUKOIL ADR	270,395
4,996	MegaFon OAO GDR (1)	84,741
23,482	MMC Norilsk Nickel ADR (1)	442,343
44,500	Mobile TeleSystems ADR	537,560
110,930	Surgutneftegas OAO ADR (1)	803,444
7,500	Tatneft OAO ADR (1)	257,266
		2,905,991
	Singapore — 1.6%
14,100	Boustead Projects Pte (2)	11,136
47,000	Boustead Singapore (1)	50,163
379,000	Cache Logistics Trust REIT (1)	337,596
134,000	CapitaMall Trust REIT (1)	221,253
115,000	CapitaRetail China Trust REIT (1)	150,673
178,000	China Merchants Holdings Pacific	158,736
16,000	Far East Orchard	20,798
40,000	First REIT	43,833
163,000	First Resources (1)	218,606
241,000	Frasers Centrepoint Trust REIT (1)	376,319
40,000	Frasers Commercial Trust REIT (1)	45,571
2,200	Haw Par	14,864
30,000	Ho Bee Land (1)	52,540
64,000	Hong Fok (1)	45,826
11,000	Jardine Cycle & Carriage (1)	335,183
103,000	Lippo Malls Indonesia Retail Trust REIT	28,023
360,000	Mapletree Industrial Trust REIT (1)	437,601
136,000	Mapletree Logistics Trust REIT	126,421
19,000	Metro Holdings	14,216
81,000	Sabana Shari’ah Compliant Industrial REIT	52,951
238,000	SATS	573,776
375,000	Singapore Telecommunications (1)	1,253,099
167,000	Starhill Global REIT (1)	110,281
30,000	StarHub (1)	95,797
48,750	UMS Holdings (1)	20,787
49,000	UOL Group (1)	294,637
		5,090,686
	South Africa — 2.1%
27,258	AVI (1)	186,790
17,224	Kumba Iron Ore (1)	232,315
15,860	Lewis Group (1)	115,253
63,953	Liberty Holdings	891,324
186,319	Life Healthcare Group Holdings (1)	639,904
135,050	MMI Holdings	384,276
5,393	Mondi (1)	108,748
55,111	MTN Group (1)	1,106,570
99,506	Peregrine Holdings (1)	233,025
39,743	PPC (1)	56,926
38,857	Reunert	198,103
225,917	SA Corporate Real Estate Fund REIT	94,573
28,065	Sasol (1)	1,129,994
99,669	Sibanye Gold (1)	236,545
34,713	Truworths International (1)	253,002
7,574	Tsogo Sun Holdings (1)	17,582
61,634	Vodacom Group (1)	768,420
3,806	Wilson Bayly Holmes-Ovcon	35,624
		6,688,974
	South Korea — 1.6%
490	Daechang Forging (1)	24,312
240	Dongil Industries (1)	17,580
2,098	Dongyang E&P (1)	25,002
5,220	e-LITECOM (1)	112,755
1,110	Global & Yuasa Battery	56,950
1,653	Grand Korea Leisure (1)	59,157
482	GS Home Shopping (1)	107,349
10,840	Hana Financial Group (1)	319,085
4,420	Hankook Tire (1)	185,751
10,710	Hanshin Machinery (1)	18,409
1,427	Hyundai Home Shopping Network (1)	179,416
7,810	Hyundai Hy Communications & Networks (1)	38,656
17,650	Industrial Bank of Korea (1)	242,510
1,183	INTOPS (1)	22,889
15,150	KB Financial Group (1)	577,735
10,645	Kia Motors (1)	490,541
2,920	KT&G (1)	258,594

The accompanying notes are an integral part of the financial statements.

57

Shares		Value $
1,950	Kunsul Chemical Industrial (1)	93,137
100	Mi Chang Oil Industrial	7,528
358	Samchully (1)	42,888
764	Samsung Electronics (1)	1,002,256
319	Samyang Genex (1)	52,026
520	Sebang	10,526
630	Sewon Precision Industry (1)	17,955
12,060	Shinhan Financial Group (1)	499,141
1,776	Silicon Works (1)	67,274
33,793	Woori Bank (1)	337,581
4,700	Yoosung Enterprise (1)	24,237
1,493	Youngone Holdings	143,451
		5,034,691
	Spain — 1.1%
39,840	Abertis Infraestructuras (1)	734,133
1,684	Baron de Ley (2)	175,852
825	Caja de Ahorros del Mediterraneo (1)(2)(3)	—
16,224	Cia de Distribucion Integral Logista Holdings (1)(2)	346,309
29,423	Duro Felguera (1)	118,565
24,212	Faes Farma (1)	62,569
11,534	Gas Natural SDG (1)	283,599
270,719	Mapfre (1)	1,006,020
11,304	Red Electrica (1)	948,688
		3,675,735
	Sweden — 4.0%
24,372	AddTech Class B (1)	320,498
63,433	Alfa Laval (1)	1,184,034
47,396	Axfood (1)	748,745
24,185	Clas Ohlson Class B	415,014
19,559	Electrolux (1)	585,648
56,928	Industrivarden Class C (1)	1,186,140
32,669	Intrum Justitia (1)	1,028,819
1,008	Investment Oresund (1)	21,138
32,322	Investor Class B (1)	1,317,048
11,057	JM (1)	328,968
26,588	Kinnevik Investment Class B (1)	916,300
6,145	Medivir Class B (2)	67,103
16,514	Millicom International Cellular (1)(2)	1,288,370
7,378	Nolato Class B (1)	177,103
29,086	SKF Class B (1)	710,427
12,240	Swedish Match (1)	376,797
87,074	Telefonaktiebolaget LM Ericsson Class B (1)	952,309
91,285	TeliaSonera (1)	567,531
43,450	Trelleborg Class B (1)	851,499
		13,043,491
	Switzerland — 5.0%
315	Alpiq Holding	27,518
675	APG SGA	278,552
1,564	Autoneum Holding (1)	345,369
5,948	Baloise Holding (1)	774,050
80	Belimo Holding	194,223
1,885	Bucher Industries (1)	473,791
9,043	Cie Financiere Richemont (1)	806,029
6,682	Coltene Holding	589,093
5,426	Credit Suisse Group (1)	143,610
1,814	Galenica (1)	1,693,721
590	Helvetia Holding (1)	335,205
4,103	Implenia (1)	280,937
397	Inficon Holding (2)	150,745
43	Metall Zug (1)	121,954
22,874	Nestle (1)	1,774,662
4,324	Pargesa Holding (1)	314,949
8,853	Roche Holding (1)	2,533,331
581	SGS (1)	1,125,744
268	Sika (1)	919,869
11,031	Swiss Re (1)	978,531
2,024	Swisscom (1)	1,203,280
1,348	Syngenta (1)	451,081
132	Vaudoise Assurances Holding (1)	73,965
1,918	Zurich Insurance Group (1)	591,997
		16,182,206
	Taiwan — 2.1%
16,000	104 (1)	87,415
52,000	Audix (1)	68,339
135,220	Chicony Electronics (1)	388,822
75,600	Chimei Materials Technology (1)	81,268
103,000	China Life Insurance (1)	109,031
76,420	Cyberlink (1)	225,501
40,000	Draytek (1)	41,622
34,000	Dynacolor (1)	66,585
133,000	Everlight Electronics (1)	307,473
208,000	Far EasTone Telecommunications (1)	495,925
148,000	Formosan Rubber Group (1)	158,773
25,000	Grape King Bio (1)	136,197
141,000	Greatek Electronics (1)	189,127
31,000	Holtek Semiconductor (1)	56,709
75,000	ITEQ (1)	62,273
2,000	KD Holding (1)	11,480
49,245	Lite-On Technology (1)	62,220
65,000	Lumax International (1)	132,351
26,000	MediaTek (1)	334,209
26,000	Mercuries & Associates Holding (1)	18,121
46,000	Mirle Automation (1)	44,881
85,000	New Era Electronics (1)	84,296
16,000	Pegatron (1)	47,399

The accompanying notes are an integral part of the financial statements.

58

Shares		Value $
39,000	Phison Electronics (1)	359,681
40,000	Polytronics Technology (1)	92,309
118,017	Radiant Opto-Electronics (1)	388,084
3,841	Raydium Semiconductor	7,827
145,470	Realtek Semiconductor (1)	453,049
56,000	Sigurd Microelectronics (1)	52,887
78,000	Simplo Technology (1)	386,045
5,565	Sinmag Equipment (1)	33,386
71,000	Sitronix Technology (1)	256,124
59,000	Sonix Technology (1)	88,904
162,000	Taiwan Cement (1)	230,067
63,440	Taiwan Surface Mounting Technology (1)	83,943
93,302	Test Research (1)	189,722
32,000	Thinking Electronic Industrial (1)	45,631
106,000	Transcend Information (1)	407,274
42,000	United Integrated Services (1)	48,683
40,000	Yageo (1)	82,245
701,000	Yuanta Financial Holding (1)	407,443
27,000	YungShin Global Holding (1)	49,066
		6,872,387
	Thailand (1) — 1.0%
97,500	Bangkok Bank	545,738
147,200	BEC World	179,611
13,300	Delta Electronics Thai	33,586
83,100	Delta Electronics Thai NVDR	209,851
298,700	Hana Microelectronics NVDR	402,193
6,100	PTT	65,770
53,700	PTT NVDR	578,997
5,500	PTT Exploration & Production	19,482
227,500	PTT Exploration & Production NVDR	805,869
89,100	Total Access Communication	234,056
74,800	TTW (2)	25,598
668,100	TTW NVDR (1)	228,634
		3,329,385
	Turkey (1) — 0.7%
126,900	Adana Cimento Sanayii Class C (2)	33,202
7,670	Akcansa Cimento	47,174
47,219	Cimsa Cimento Sanayi VE Ticaret	289,727
140,821	Enka Insaat ve Sanayi	302,667
171,552	Eregli Demir ve Celik Fabrikalari (2)	289,497
70,091	Gubre Fabrikalari	187,148
22,963	Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim (2)	28,719
20,787	Koza Altin Isletmeleri	217,151
35,776	Soda Sanayii	87,193
25,826	TAV Havalimanlari Holding	227,059
152,760	Turk Telekomunikasyon	422,225
		2,131,762
	United Kingdom — 15.0%
15,674	Aberdeen Asset Management (1)	113,816
23,166	Admiral Group (1)	552,405
33,305	Aggreko (1)	840,119
117,437	Alent (1)	652,174
5,083	Amec Foster Wheeler (1)	71,168
80,964	Amlin (1)	567,393
32,498	Anglo American (1)	550,595
17,884	Anglo American (South African Shares) (1)	300,410
142,962	Ashmore Group (1)	675,820
32,497	AstraZeneca (1)	2,230,145
81,789	BAE Systems (1)	633,632
153,325	Barclays (1)	599,873
112,706	Beazley (1)	484,699
11,419	Bellway (1)	347,161
6,588	Berendsen (1)	104,732
13,681	Berkeley Group Holdings (1)	526,752
76,203	BHP Billiton (1)	1,831,640
265,629	BP (1)	1,915,810
10,762	British American Tobacco (1)	591,300
106,804	BT Group Class A (1)	744,909
176,799	Cairn Energy (1)(2)	481,678
79	Camellia	11,278
23,835	Carillion (1)	118,921
156,612	Centrica (1)	611,486
66,213	Chesnara (1)	325,219
1,381	Clarkson	48,078
150,292	Cobham (1)	681,780
38,989	Daily Mail & General Trust Class A (1)	535,962
48,531	Dart Group	288,294
69,621	Debenhams (1)	95,638
24,371	Diploma	297,403
5,596	Dunelm Group (1)	77,040
15,987	Fenner (1)	51,376
5,341	Galliford Try (1)	122,896
29,212	Gem Diamonds	62,328
90,925	GlaxoSmithKline (1)	2,100,053
152,076	Highland Gold Mining	109,715
40,851	Home Retail Group (1)	104,388
164,131	HSBC Holdings (1)	1,639,577
141,600	HSBC Holdings (Hong Kong Shares) (1)	1,409,466
1,349	Immunodiagnostic Systems Holdings (1)	6,285
11,265	Imperial Tobacco Group (1)	550,072
4,209	Indivior (2)	12,889
20,810	Intertek Group (1)	831,677
90,699	ITE Group	261,737
23,671	James Halstead	120,995
3,290	John Menzies (1)	19,697

The accompanying notes are an integral part of the financial statements.

59

Shares		Value $
501,270	Kcom Group (1)	704,713
23,858	Keller Group (1)	364,929
416,765	Legal & General Group (1)	1,656,663
52,664	Marks & Spencer Group (1)(2)	445,983
35,498	Millennium & Copthorne Hotels	315,219
15,081	Mondi (1)	305,361
51,996	Moneysupermarket.com Group (1)	222,804
50,611	N Brown Group (1)	265,697
5,448	Next (1)	612,517
69,186	Pace (1)	438,649
15,262	PayPoint	199,598
19,392	Phoenix Group Holdings (1)	250,259
110,374	QinetiQ Group (1)	341,604
16,499	Reckitt Benckiser Group (1)	1,468,475
63,724	Reed Elsevier (1)	1,054,648
28,198	Rio Tinto (1)	1,261,884
50,102	Rolls-Royce Holdings (1)	798,766
14,291	Rotork (1)	515,693
179,861	Royal Bank of Scotland Group (1)(2)	931,859
19,130	Royal Dutch Shell Class A (1)	603,170
28,156	Royal Dutch Shell (Amsterdam Shares) Class A (1)	892,749
36,591	Royal Mail (1)	261,424
135,193	Sage Group (1)	1,005,181
70,567	Sky (1)	1,163,497
20,306	Smiths Group (1)	355,483
150,420	Soco International (1)	415,937
26,448	Spectris (1)	869,225
104,290	Stagecoach Group (1)	579,622
8,080	Standard Chartered (1)	132,287
18,019	Subsea 7 (1)(2)	200,152
18,138	Ultra Electronics Holdings (1)	482,341
35,266	Unilever (1)	1,545,858
35,369	Weir Group (1)	1,016,869
16,858	WH Smith (1)	369,864
92,398	William Hill (1)	510,507
25,356	WS Atkins (1)	520,255
3,706	Zytronic	15,075
		48,405,298
	TOTAL COMMON STOCK (Cost $294,647,528)	307,127,460
	PREFERRED STOCK — 0.8%
	Brazil — 0.5%
36,700	AES Tiete	208,169
53,700	Banco do Estado do Rio Grande do Sul	202,292
149,620	Itausa - Investimentos Itau	528,868
60,800	Vale Class A	362,828
58,200	Vale Class B ADR	352,110
		1,654,267
	Germany — 0.3%
19,707	ProSiebenSat.1 Media (1)	1,007,565
	TOTAL PREFERRED STOCK (Cost $3,422,338)	2,661,832
	INVESTMENT COMPANIES — 0.5%
	Australia — 0.1%
61,020	WAM Capital (1)	93,472
	Guernsey — 0.1%
153,893	HSBC Infrastructure	361,896
	Switzerland — 0.3%
3,480	BB Biotech (1)	1,018,415
	TOTAL INVESTMENT COMPANIES (Cost $1,210,593)	1,473,783
	WARRANT (2) — 0.0%
	Hong Kong — 0.0%
3,166	Sun Hung Kai Properties Expires 04/22/16 (Cost $—)	12,459
	TOTAL INVESTMENTS — 96.6% (Cost $299,280,459)	311,275,534
	OTHER ASSETS LESS LIABILITIES — 3.4%	11,077,232
	NET ASSETS — 100%	$	322,352,766

(1)Security is fair valued. (See Note 2 in Notes to Financial Statements.)

(2)Denotes non-income producing security.

(3)Security considered illiquid. On April 30, 2015 the value of the securities amounted to $293,633, representing 0.09% of the total net assets of the Fund.

The accompanying notes are an integral part of the financial statements.

60

The open futures contracts held by the Fund at April 30, 2015, are as follows:

	Number of		Unrealized
Type of	Contracts	Expiration	Appreciation
Contract	Long (Short)	Date	(Depreciation)
MINI MSCI EAFE	83	Jun-2015	$	273,599

A summary of the outstanding forward foreign currency contracts held by the Fund at April 30, 2015, is as follows:

						Unrealized
						Appreciation
Counterparty	Settlement Date	Currency to Deliver		Currency to Receive		(Depreciation)
Barclays Capital	5/13/15	USD	1,733,427	GBP	1,160,967	$	48,531
BNP Paribas	5/13/15	EUR	1,881,731	USD	2,023,821	(89,340		)
HSBC	5/13/15	EUR	2,589,300	USD	2,811,281	(96,470		)
Royal Bank of Canada	5/13/15	GBP	4,498,200	USD	6,714,540	(189,708		)
						$	(326,987	)

ADR — American Depositary Receipt

EAFE — Europe, Australasia and Far East

EUR — Euro

GBP — British Pound

GDR — Global Depositary Receipt

MSCI — Morgan Stanley Capital International

NASDAQ — National Association of Securities Dealers Automated Quotations

NVDR — Non Voting Depository Receipt

REIT — Real Estate Investment Trust

USD — United States Dollar

61

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund’s investments carried at value:

Investments in Securities (1)	Level 1		Level 2		Level 3 (2)		Total
Common Stock
Australia	$	350,387	$	15,798,757	$	—	$	16,149,144
Austria	756,132		143,444		—		899,576
Belgium	259,651		5,070,314		—		5,329,965
Bermuda	—		289,185		—		289,185
Brazil	2,439,088		—		—		2,439,088
British Virgin Islands	—		376,667		—		376,667
Cambodia	—		122,495		—		122,495
Canada	14,125,513		—		—		14,125,513
Chile	853,137		—		—		853,137
China	1,303,666		6,679,016		11,148		7,993,830
Colombia	380,064		—		—		380,064
Czech Republic	—		1,240,997		—		1,240,997
Denmark	—		750,173		—		750,173
Finland	327,154		8,234,469		—		8,561,623
France	1,044,999		17,356,816		—		18,401,815
Gabon	—		90,625		—		90,625
Germany	881,677		10,471,171		—		11,352,848
Greece	150,028		109,326		—		259,354
Guernsey	242,915		—		—		242,915
Hong Kong	1,507,761		15,395,939		—		16,903,700
Indonesia	—		2,242,086		—		2,242,086
Ireland	21,002		1,653,741		—		1,674,743
Israel	610,242		4,126,483		—		4,736,725
Italy	—		6,518,586		7,079		6,525,665
Japan	154,517		46,875,565		—		47,030,082
Jersey	—		659,922		—		659,922
Kazakhstan	—		170,813		—		170,813
Liechtenstein	15,398		—		—		15,398
Luxembourg	—		1,143,807		—		1,143,807
Malaysia	132,022		1,350,980		—		1,483,002
Malta	—		—		1,237		1,237
Mexico	613,006		—		—		613,006
Netherlands	66,234		7,316,083		—		7,382,317
New Zealand	—		1,579,704		—		1,579,704
Norway	706,127		7,513,551		—		8,219,678
Philippines	359,244		307,124		—		666,368
Poland	—		2,135,614		—		2,135,614
Portugal	—		723,973		—		723,973
Russia	1,128,270		1,777,721		—		2,905,991
Singapore	1,044,754		4,045,932		—		5,090,686
South Africa	1,603,900		5,085,074		—		6,688,974
South Korea	218,455		4,816,236		—		5,034,691
Spain	175,852		3,499,883		—		3,675,735
Sweden	482,117		12,561,374		—		13,043,491
Switzerland	1,240,131		14,942,075		—		16,182,206
Taiwan	7,827		6,864,560		—		6,872,387
Thailand	—		3,329,385		—		3,329,385
Turkey	—		2,131,762		—		2,131,762
United Kingdom	1,742,609		46,662,689		—		48,405,298
Total Common Stock	34,943,879		272,164,117		19,464		307,127,460

The accompanying notes are an integral part of the financial statements.

62

Investments in Securities	Level 1		Level 2		Level 3 (2)		Total
Preferred Stock
Brazil	$	1,654,267	$	—	$	—	$	1,654,267
Germany	—		1,007,565		—		1,007,565
Total Preferred Stock	1,654,267		1,007,565		—		2,661,832
Investment Companies
Australia	—		93,472		—		93,472
Guernsey	361,896		—		—		361,896
Switzerland	—		1,018,415		—		1,018,415
Total Investment Companies	361,896		1,111,887		—		1,473,783
Warrant
Hong Kong	12,459		—		—		12,459
Total Warrant	12,459		—		—		12,459
Total Investments in Securities	$	36,972,501	$	274,283,569	$	19,464	$	311,275,534

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Futures — Unrealized Appreciation	$	273,599	$	—		$	—	$	273,599
Forwards — Unrealized Appreciation	—		48,531			—		48,531
Forwards — Unrealized Depreciation	—		(375,518		)	—		(375,518		)
Total Other Financial Instruments	$	273,599	$	(326,987	)	$	—	$	(53,388	)

(1)Transfers between investment levels may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes.  The Fund generally recognizes transfers between the levels as of the beginning of the period.  As of April 30, 2015, the Fund had securities with a total value of $274,099,400 transfer from Level 1 to Level 2. The change in level occurred due to developments that occurred between the time of closing of the foreign markets on which those securities trade and the close of business on the New York Stock Exchange. Additionally, the Fund had securities with a total value of $293,633 transfer from Level 1 to Level 2 and a security with total value of $19,464 transfer from Level 1 to Level 3. The changes occurred due to a halt in trading of these securities.

(2)A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets.

The accompanying notes are an integral part of the financial statements.

63

Schroder Global Multi-Cap Equity Fund

Schedule of Investments

April 30, 2015 (unaudited)

Shares		Value $
	COMMON STOCK — 94.8%
	Australia — 2.7%
58,133	Ausdrill (1)	20,401
20,589	BHP Billiton (1)	525,770
8,333	carsales.com	62,251
16,670	Decmil Group (1)	15,158
3,365	Flight Centre Travel Group (1)	115,078
33,242	Independence Group NL (1)	155,116
11,331	JB Hi-Fi (1)	175,031
32,059	M2 Group (1)	277,433
66,543	MACA (1)	47,043
123,992	Medusa Mining (1)(2)	91,580
161,316	Metcash (1)	168,392
13,889	Monadelphous Group (1)	108,242
73,751	Myer Holdings (1)	80,572
49,561	NRW Holdings (1)	7,401
84,719	OZ Minerals (1)	311,884
141,873	Resolute Mining (1)(2)	38,271
11,404	Rio Tinto (1)	514,063
26,398	Sandfire Resources NL (1)	102,136
284,880	Telstra (1)	1,400,389
44,329	Woodside Petroleum (1)	1,222,473
23,735	Woolworths (1)	551,072
		5,989,756
	Austria — 0.1%
2,881	Oesterreichische Post	140,218
	Belgium (1) — 0.3%
2,515	Anheuser-Busch InBev	306,198
4,143	Colruyt	195,809
1,774	Melexis	109,518
		611,525
	Bermuda — 0.8%
21,300	Assured Guaranty	553,587
9,700	Axis Capital Holdings	504,982
31,846	Lancashire Holdings (1)	311,317
4,500	RenaissanceRe Holdings	461,205
		1,831,091
	Brazil — 0.5%
56,000	Ambev	352,399
11,900	Cia de Saneamento Basico do Estado de Sao Paulo ADR (2)	70,091
43,029	Cia Energetica de Minas Gerais ADR	211,703
20,900	Grupo BTG Pactual	206,367
31,100	Vale	234,828
		1,075,388
	British Virgin Islands (1) — 0.2%
29,279	Playtech	367,823
	Canada — 1.8%
4,000	Alimentation Couche Tard Class B	153,104
2,000	CCL Industries Class B	229,938
36,200	Centerra Gold	187,226
5,200	Corus Entertainment Class B	79,950
5,600	Dominion Diamond	110,375
18,225	Genworth MI Canada	530,965
46,900	Nevsun Resources	185,034
30,000	Rogers Communications Class B	1,071,695
21,100	Shaw Communications Class B	482,336
3,100	Stantec	83,737
33,000	Teck Resources Class B	500,265
17,900	Transcontinental Class A	275,659
		3,890,284
	Chile — 0.0%
52,203	AFP Habitat	80,318
	China — 1.2%
88,000	361 Degrees International (1)	33,985
80,500	Anhui Conch Cement Class H (1)	325,482
474,000	Bank of China Class H (1)	324,786
175,000	China Child Care (1)	35,655
385,000	China Construction Bank Class H (1)	373,733
72,000	China Creative Home Group (1)	13,162
668,000	China Lumena New Materials (1)(2)(3)	—
44,000	China Taifeng Beddings Holdings (1)(2)(3)	6,131
174,000	Dongfeng Motor Group Class H (1)	289,076
218,000	Industrial & Commercial Bank of China Class H (1)	189,107
142,000	Jintian Pharmaceutical Group (1)	75,568
849	NetEase ADR	108,833
222,000	Pacific Online (1)	118,913
44,000	Pacific Textile Holdings (1)	60,986
100,000	Peak Sport Products (1)	33,904
50,000	TravelSky Technology Class H (1)	96,951
285,000	Yangzijiang Shipbuilding Holdings (1)	314,728
190,000	Zhejiang Expressway Class H (1)	301,757
		2,702,757
	Colombia — 0.1%
16,200	Ecopetrol ADR	277,344
	Czech Republic (1) — 0.2%
16,246	CEZ	422,074

The accompanying notes are an integral part of the financial statements.

64

Shares		Value $
271	Komercni Banka	60,391
		482,465
	Denmark (1) — 0.3%
2,571	Coloplast Class B	209,856
4,270	Novozymes Class B	197,003
2,199	Pandora	227,292
		634,151
	Finland (1) — 1.2%
16,364	Kone Class B	704,007
28,902	Orion Class B	945,069
13,120	Sampo Class A	635,721
2,186	Tieto	52,421
3,416	Tikkurila	70,357
16,560	UPM-Kymmene	299,646
		2,707,221
	France — 2.1%
19,565	AXA (1)	494,718
3,661	BNP Paribas (1)	231,197
5,426	Boiron (1)	604,311
1,619	Christian Dior (1)	316,517
5,284	Cie Generale des Etablissements Michelin (1)	589,250
7,813	Legrand (1)	451,770
22,376	Metropole Television (1)	467,006
3,274	Neopost	157,912
3,377	Plastic Omnium (1)	94,037
9,974	Societe Generale (1)	498,648
388	Stallergenes (1)	23,679
3,754	Valeo (1)	601,841
		4,530,886
	Gabon (1) — 0.0%
286	Total Gabon	95,289
	Germany — 1.3%
1,123	Amadeus Fire (1)	91,020
351	Bijou Brigitte	21,866
3,624	Continental (1)	849,303
4,052	Duerr (1)	414,754
2,609	HUGO BOSS (1)	321,039
4,694	Merck KGaA (1)	506,038
10,159	ProSiebenSat.1 Media (1)	519,402
1,183	STO & KGaA	206,356
		2,929,778
	Greece — 0.0%
2,794	Aegean Airlines (1)(2)	23,557
2,742	JUMBO	28,295
3,382	Metka (1)	31,543
		83,395
	Hong Kong — 3.0%
144,000	Belle International Holdings (1)	184,820
1,176,000	Champion Technology Holdings (2)	27,767
178,000	China BlueChemical (1)	79,277
36,000	China Lilang (1)	37,350
23,500	China Mobile (1)	335,657
56,000	CIMC Enric Holdings (1)	61,909
14,000	CK Hutchison Holdings (1)	303,691
301,000	CNOOC (1)	513,269
29,600	Dah Sing Financial Holdings (1)	207,810
315,000	Emperor Entertainment Hotel	73,562
27,000	Great Eagle Holdings (1)	99,625
318,000	Guangdong Investment (1)	474,190
4,100	Hang Seng Bank (1)	79,876
14,300	Henderson Land Development (1)	114,645
35,000	Hongkong Land Holdings	283,500
53,500	Hopewell Holdings (1)	205,754
60,000	Hysan Development (1)	277,239
45,500	Kerry Properties (1)	185,698
990,000	Lai Sun Development	26,568
19,500	Power Assets Holdings (1)	196,821
284,000	Sa Sa International Holdings (1)	144,487
60,400	Sands China (1)	246,214
350,000	Shenguan Holdings Group (1)	109,850
172,000	Sino Land (1)	302,610
133,000	Sitoy Group Holdings	82,540
6,000	Soundwill Holdings (1)	10,813
22,000	Sun Hung Kai Properties (1)	365,387
32,000	Sunlight REIT (1)	16,162
26,500	Swire Pacific Class A (1)	357,412
108,400	Swire Properties (1)	372,414
13,000	Television Broadcasts (1)	84,692
3,400	VTech Holdings (1)	47,281
52,000	Wharf Holdings (1)	374,666
56,000	Wheelock (1)	315,332
		6,598,888
	India — 0.1%
8,900	Infosys Limited ADR	275,722
	Indonesia (1) — 0.8%
95,500	Indocement Tunggal Prakarsa	154,225
868,500	Perusahaan Gas Negara	273,749
883,000	Perusahaan Perkebunan London Sumatra Indonesia	96,543
260,500	Semen Indonesia Persero	250,503
2,965,000	Telekomunikasi Indonesia Persero	596,325
161,000	United Tractors	264,729
407,500	Vale Indonesia	87,549
		1,723,623

The accompanying notes are an integral part of the financial statements.

65

Shares		Value $
	Ireland — 0.8%
9,400	Accenture Class A	870,910
37,644	Experian (1)	672,328
2,705	Paddy Power (1)	241,831
		1,785,069
	Israel — 0.8%
6,015	Babylon (1)	3,316
20,796	Bank Hapoalim (1)	104,021
29,092	Bank Leumi Le-Israel (1)(2)	113,070
284,004	Bezeq Israeli Telecommunication (1)	537,916
12,291	Delek Automotive Systems (1)	149,061
127,125	Israel Discount Bank Class A (1)(2)	223,322
2,723	Ituran Location and Control (1)	62,516
910	Rami Levy Chain Stores Hashikma Marketing 2006 (1)	36,976
7,000	Teva Pharmaceutical Industries ADR	422,940
		1,653,138
	Italy (1) — 1.1%
13,483	Autostrada Torino-Milano	191,694
22,933	Banca Popolare dell’Etruria e del Lazio SC (2)(3)	11,710
13,207	DiaSorin (1)	602,936
64,436	ENI (1)	1,236,262
19,323	Recordati (1)	385,028
302	Reply (1)	32,322
		2,459,952
	Japan — 8.6%
4,800	ABC-Mart (1)	273,115
1,900	Amiyaki Tei (1)	75,491
3,700	ARCLAND SERVICE (1)	157,560
2,300	Arcs (1)	48,122
4,200	Asahi Holdings (1)	79,033
25,000	Asahi Kasei (1)	235,416
5,000	Asax (1)	70,016
20,000	Awa Bank (1)	118,724
5,000	Bank of Nagoya (1)	18,380
24,900	Canon (1)(2)	887,803
3,400	Central Japan Railway (1)	607,262
3,600	Chiba Kogyo Bank (1)	24,867
1,800	Cleanup (1)	14,322
1,200	Corona Class A (1)	11,627
9,000	Daiichi Jitsugyo (1)	47,458
5,800	Daiichikosho (1)	187,060
20,000	Daishi Bank (1)	75,426
8,000	Daiwa Industries (1)	54,971
42,000	Daiwa Securities Group (1)	348,424
4,300	Dr Ci:Labo (1)	161,777
92,800	Dynam Japan Holdings (1)	196,735
4,000	Eidai (1)	15,180
11,200	FamilyMart (1)	482,306
11,300	FUJIFILM Holdings (1)	425,637
8,100	Fujikura Kasei (1)	37,739
2,800	Fujimori Kogyo (1)	88,080
33,000	Fujitsu General (1)	475,296
7,000	Fukushima Industries (1)	117,586
2,000	Fuyo General Lease (1)	81,809
2,400	Gendai Agency (1)	13,827
50,000	Hachijuni Bank (1)	389,786
1,600	Hagihara Industries (1)	27,288
22,500	Haseko (1)	222,172
19,000	Higo Bank (1)	122,118
1,800	HI-LEX (1)	57,610
6,000	Hokkoku Bank (1)	21,734
11,000	Hyakugo Bank (1)	54,075
23,000	Hyakujushi Bank (1)	78,954
3,800	Inaba Denki Sangyo (1)	137,396
32,200	Inpex (1)	404,121
34,000	Isuzu Motors (1)	450,630
3,100	Itochu Enex (1)	27,994
3,000	Japan Petroleum Exploration (1)	115,486
6,300	Japan Tobacco (1)	220,001
10,000	Juroku Bank (1)	39,811
14,000	Kagoshima Bank (1)	100,772
91,000	Kanematsu (1)	142,986
2,000	Kato Sangyo (1)	42,333
56,400	KDDI (1)	1,334,556
7,000	Keiyo Bank (1)	41,436
2,000	Konishi (1)	35,065
1,700	Lasertec (1)	23,734
8,600	Lawson (1)	618,426
2,000	Meiko Network Japan (1)	24,725
18,300	Miraca Holdings (1)	920,663
1,600	Miroku Jyoho Service (1)	9,066
43,000	Mitsubishi Motors (1)	395,651
27,000	Mitsubishi Steel Manufacturing (1)	61,171
35,700	Mitsubishi UFJ Financial Group (1)	253,625
4,000	Mitsuboshi Belting (1)	32,075
4,900	Mixi (1)	192,282
106,100	Mizuho Financial Group (1)	202,256
20,400	MTI (1)	145,733
1,000	Murakami	17,504
600	Nakano Refrigerators (1)	17,871
11,500	Namura Shipbuilding (1)	105,211
7,900	Neturen (1)	58,814
16,300	Nexon (1)	207,908
24,000	NHK Spring (1)	274,765
20,600	Nihon Parkerizing (1)	234,198
16,000	Nippon Road (1)	86,328
23,800	Nishimatsuya Chain (1)	221,175
22,700	Nissin Kogyo (1)	374,149

The accompanying notes are an integral part of the financial statements.

66

Shares		Value $
7,000	Nittetsu Mining (1)	27,793
11,800	North Pacific Bank (1)	46,599
8,000	Oita Bank (1)	31,289
9,800	Oracle Japan (1)	447,384
26,500	ORIX (1)	407,528
5,000	Sakai Chemical Industry (1)	16,501
1,500	San-A Class A (1)	62,725
29,000	San-In Godo Bank (1)	277,525
7,000	Seika (1)	19,449
5,000	Sekisui Jushi (1)	66,467
13,000	Shiga Bank (1)	68,391
9,000	Shinagawa Refractories (1)	24,061
5,800	Shin-Etsu Polymer (1)	28,328
2,500	Sinko Industries (1)	25,752
9,600	Sintokogio (1)	80,412
27,400	Sony Financial Holdings (1)	491,900
5,300	Sumitomo Densetsu (1)	63,965
54,000	Sumitomo Heavy Industries (1)	335,502
19,900	Sumitomo Rubber Industries (1)	368,973
900	Techno Medica (1)	18,420
3,800	Teikoku Sen-I Class I (1)	54,267
12,000	Toagosei (1)	53,254
10,900	Tokai Rika (1)	266,316
1,840	Token (1)	93,147
4,500	TOMONY Holdings (1)	21,363
57,000	Towa Bank (1)	49,502
9,300	Trend Micro (1)(2)	314,633
12,600	TS Tech (1)	375,220
1,200	Tsuruha Holdings (1)	87,034
7,000	Uchida Yoko (1)	23,790
4,000	Watanabe Sato (1)	10,472
181,800	Yahoo Japan (1)	742,695
900	YAMADA Consulting Group (1)	26,850
4,000	Yamanashi Chuo Bank (1)	18,577
		19,020,787
	Kazakhstan (1) — 0.1%
13,810	KCell JSC GDR	116,323
	Liechtenstein — 0.0%
122	VP Bank	10,265
	Malaysia (1) — 0.2%
21,900	Berjaya Auto	24,819
3,800	British American Tobacco Malaysia	71,333
197,100	DiGi.com	332,282
		428,434
	Mexico — 0.3%
14,600	America Movil Class L ADR	304,994
1,200	Coca-Cola Femsa ADR	95,880
129,900	Kimberly-Clark de Mexico Class A	286,014
		686,888
	Netherlands (1) — 0.7%
7,790	Arcadis	246,585
11,367	ArcelorMittal	120,962
6,163	Boskalis Westminster	320,234
32,673	Reed Elsevier	787,989
		1,475,770
	New Zealand (1) — 0.1%
14,738	Sky Network Television	70,600
59,625	Trade Me Group	173,666
		244,266
	Norway (1) — 1.1%
87,674	Statoil	1,858,721
9,248	Yara International	473,844
		2,332,565
	Panama — 0.2%
4,800	Copa Holdings Class A	532,272
	Philippines (1) — 0.0%
128,300	Nickel Asia	65,282
	Poland (1) — 0.2%
7,288	KGHM Polska Miedz	255,536
135,510	Polskie Gornictwo Naftowe i Gazownictwo	244,420
		499,956
	Russia — 0.7%
10,000	CTC Media (NASDAQ) (2)	34,900
5,789	Globaltrans Investment GDR (1) (2)	28,655
4,236	LUKOIL ADR	217,095
7,051	MegaFon OAO GDR (1)	119,598
21,528	MMC Norilsk Nickel ADR (1)	405,535
17,200	Mobile TeleSystems ADR	207,776
65,389	Surgutneftegas OAO ADR (1)	473,600
4,600	Tatneft OAO ADR (1)	157,790
		1,644,949
	Singapore — 0.1%
5,000	Hong Leong Finance	10,014
58,900	M1 (1)	158,245
9,600	Mapletree Industrial Trust REIT (1)	11,669
854	XP Power (1)	19,744
		199,672
	South Africa — 1.8%
52,376	AVI (1)	358,915
23,521	Kumba Iron Ore (1)	317,248
12,435	Lewis Group (1)	90,364

The accompanying notes are an integral part of the financial statements.

67

Shares		Value $
143,245	Life Healthcare Group Holdings (1)	491,968
86,814	MMI Holdings	247,024
37,237	MTN Group (1)	747,679
20,818	Sasol (1)	838,205
67,794	Sibanye Gold (1)	160,896
22,158	Truworths International (1)	161,496
35,793	Vodacom Group (1)	446,248
		3,860,043
	South Korea (1) — 1.0%
2,070	Coway	173,844
741	GS Home Shopping	165,033
1,121	Hyundai Home Shopping Network	140,943
9,230	Industrial Bank of Korea	126,819
8,020	KB Financial Group	305,837
7,210	KC Tech	62,951
7,264	Kia Motors	334,738
1,800	KT&G	159,407
1,340	Kunsul Chemical Industrial	64,002
455	Samsung Electronics	596,894
		2,130,468
	Spain (1) — 0.2%
26,784	Zardoya Otis	345,306
	Sweden — 2.2%
23,968	Alfa Laval (1)	447,384
33,128	Axfood (1)	523,344
9,312	Clas Ohlson Class B	159,794
23,735	Industrivarden Class C (1)	494,537
13,883	Intrum Justitia (1)	437,206
18,389	Investor Class B (1)	749,310
12,514	Kinnevik Investment Class B (1)	431,269
9,127	Millicom International Cellular (1)(2)	712,060
1,233	Net Entertainment Class B (1)(2)	46,618
10,370	Swedish Match (1)	319,231
16,387	Trelleborg Class B (1)	321,140
4,326	Unibet Group	253,590
		4,895,483
	Switzerland — 2.4%
5,600	ACE	599,144
3,774	Actelion (1)	496,586
11,400	Allied World Assurance Holdings	468,996
57	Belimo Holding	138,384
442	Galenica (1)	412,693
723	Geberit (1)	256,068
5,177	Nestle (1)	401,653
6,158	Roche Holding (1)	1,762,143
279	SGS (1)	540,589
29	Sika (1)	99,538
		5,175,794
	Taiwan — 0.9%
16,498	Flytech Technology (1)	68,458
131,000	Formosan Rubber Group (1)	140,535
6,000	Grape King Bio (1)	32,687
89,000	Greatek Electronics (1)	119,378
46,000	Holtek Semiconductor (1)	84,149
31,000	Lumax International (1)	63,121
58,000	Novatek Microelectronics (1)	303,145
36,000	Polytronics Technology (1)	83,078
11,000	President Chain Store (1)	81,402
58,000	Realtek Semiconductor (1)	180,634
28,600	Simplo Technology (1)	141,550
12,080	Sinmag Equipment (1)	72,472
12,000	St. Shine Optical (1)	211,541
26,390	Taiwan Secom (1)	79,409
4,100	Taiwan Semiconductor Manufacturing ADR	100,204
15,000	Transcend Information (1)	57,633
58,000	United Integrated Services (1)	67,229
		1,886,625
	Thailand (1) — 0.7%
50,200	Advanced Info Service	364,361
242,100	BEC World	295,407
70,600	Hana Microelectronics NVDR	95,062
25,800	PTT NVDR	278,177
31,600	PTT Exploration & Production	111,936
128,500	PTT Exploration & Production NVDR	455,183
		1,600,126
	Turkey (1) — 0.4%
90,722	Eregli Demir ve Celik Fabrikalari (2)	153,095
18,905	Gubre Fabrikalari	50,478
18,492	Koza Altin Isletmeleri	193,176
42,285	Soda Sanayii	103,056
14,500	TAV Havalimanlari Holding	127,482
63,898	Turk Telekomunikasyon	176,613
		803,900
	United Kingdom — 12.0%
5,936	Abcam (1)	47,766
53,511	Aberdeen Asset Management (1)	388,566
21,840	Admiral Group (1)	520,786
14,640	Aggreko (1)	369,294
26,702	Amlin (1)	187,127
23,292	Anglo American (1)	394,623
11,101	Anglo American (South African Shares) (1)	186,471
81,381	Ashmore Group (1)	384,710
24,303	AstraZeneca (1)	1,667,822

The accompanying notes are an integral part of the financial statements.

68

Shares		Value $
8,071	AVEVA Group (1)	208,844
115,585	Barclays (1)	452,218
2,717	Berkeley Group Holdings (1)	104,611
2,868	Betfair Group (1)	102,198
28,720	BHP Billiton (1)	690,323
183,346	BP (1)	1,322,356
6,729	British American Tobacco (1)	369,713
52,104	BT Group Class A (1)	363,402
11,705	Burberry Group (1)	312,042
32,963	Cairn Energy (1)(2)	89,806
110	Camellia	15,704
49,573	Chesnara (1)	243,488
33,008	Dart Group	196,081
6,700	Delphi Automotive	556,100
7,478	Diploma	91,255
19,339	Dunelm Group (1)	266,240
58,653	GlaxoSmithKline (1)	1,354,682
18,168	Highland Gold Mining	13,107
3,918	Hikma Pharmaceuticals (1)	122,524
105,583	HSBC Holdings (1)	1,054,715
80,800	HSBC Holdings (Hong Kong Shares) (1)	804,272
10,052	IG Group Holdings (1)	113,337
18,839	IMI (1)	361,002
9,931	Imperial Tobacco Group (1)	484,933
17,953	Indivior (2)	54,978
10,166	Intertek Group (1)	406,287
22,117	ITE Group	63,825
55,903	ITV (1)	217,043
8,615	James Halstead	44,036
13,847	Keller Group (1)	211,802
320,008	Legal & General Group (1)	1,272,049
8,959	Micro Focus International	172,862
2,450	Millennium & Copthorne Hotels	21,756
3,345	Next (1)	376,078
26,611	Pace (1)	168,717
20,049	PayPoint	262,203
13,041	Reckitt Benckiser Group (1)	1,160,699
44,055	Reed Elsevier (1)	729,121
14,522	Rio Tinto (1)	649,871
10,809	Rotork (1)	390,045
122,535	Royal Bank of Scotland Group (1)(2)	634,853
19,887	Royal Dutch Shell Class A (1)	630,562
70,664	Sage Group (1)	525,398
58,312	Senior (1)	280,003
33,694	Sky (1)	555,541
98,550	Soco International (1)	272,507
12,890	Spectris (1)	423,635
5,616	Spirax-Sarco Engineering (1)	290,699
5,222	Ultra Electronics Holdings (1)	138,868
25,464	Unilever (1)	1,116,195
11,442	Verizon Communications (1)	576,218
2,705	Vitec Group (1)	27,067
12,960	Weir Group (1)	372,604
10,310	WH Smith (1)	226,201
32,462	William Hill (1)	179,355
4,537	WS Atkins (1)	93,090
		26,384,286
	United States — 41.5%
	Consumer Discretionary — 3.2%
4,700	Best Buy	162,855
4,700	Buckle	210,560
11,852	Coach	452,865
6,200	Comcast Class A	358,112
7,000	Cooper Tire & Rubber	297,430
2,700	Cracker Barrel Old Country Store	357,696
4,600	GameStop Class A	177,284
11,200	Gannett	384,384
8,000	Gap	317,120
8,700	Garmin	393,153
11,600	Gentex	201,260
3,400	Genuine Parts	305,490
2,600	John Wiley & Sons Class A	147,888
2,600	Lear	288,678
5,900	McDonald’s	569,645
9,000	PetMed Express	142,470
1,400	Polaris Industries	191,744
245	Priceline Group (2)	303,263
1,700	Ralph Lauren Class A	226,797
1,000	Ross Stores	98,880
6,200	Scripps Networks Interactive Class A	433,132
2,900	Thor Industries	174,493
3,600	Tupperware Brands	240,696
3,600	Viacom Class B	250,020
4,300	Yum! Brands	369,628
		7,055,543
	Consumer Staples — 2.4%
8,000	Altria Group	400,400
11,700	Campbell Soup	523,107
4,300	Clorox	456,230
10,800	Dr. Pepper Snapple Group	805,464
10,800	General Mills	597,672
9,700	Kimberly-Clark	1,063,993
5,600	Philip Morris International	467,432
5,100	Reynolds American	373,830
2,089	USANA Health Sciences (2)	237,603
3,700	Wal-Mart Stores	288,785
		5,214,516
	Energy — 2.3%
8,069	Chevron	896,143
12,000	ConocoPhillips	815,040

The accompanying notes are an integral part of the financial statements.

69

Shares		Value $
2,038	Contango Oil & Gas (2)	51,093
19,300	ExxonMobil	1,686,241
13,900	Occidental Petroleum	1,113,390
2,300	Oceaneering International	126,753
5,100	Renewable Energy Group (2)	46,971
6,500	Valero Energy	369,850
		5,105,481
	Financials — 7.3%
20,900	Aflac	1,317,536
22,100	Ally Financial (2)	483,769
9,100	American Financial Group	575,120
9,900	American International Group	557,271
62,300	Bank of America	992,439
12,530	Citigroup	668,100
11,600	Discover Financial Services	672,452
2,800	Everest Re Group	500,948
1,326	FBL Financial Group Class A	77,266
34,200	Fifth Third Bancorp	684,000
47,900	Genworth Financial Class A (2)	421,041
7,436	Goldman Sachs Group	1,460,579
6,200	HCI Group	270,196
10,700	Horace Mann Educators	363,479
26,600	JPMorgan Chase	1,682,716
11,100	Lincoln National	627,039
19,800	MBIA (2)	173,250
795	National Western Life Insurance Class A	190,490
13,600	PNC Financial Services Group	1,247,528
6,000	Principal Financial Group	306,720
19,100	Symetra Financial	453,625
12,000	Universal Insurance Holdings	288,240
13,000	Validus Holdings	543,790
10,400	Waddell & Reed Financial Class A	512,928
31,000	Western Union	628,680
4,000	World Acceptance (2)	338,480
		16,037,682
	Healthcare — 8.9%
18,439	AbbVie	1,192,266
10,430	Aetna	1,114,654
9,903	Amgen	1,563,782
4,600	Amsurg Class A (2)	288,512
22,000	Baxter International	1,512,280
6,600	Becton Dickinson	929,742
556	Biogen (2)	207,905
1,900	Bio-Techne	182,324
15,700	Cardinal Health	1,324,138
6,300	Centene (2)	390,537
11,099	Computer Programs & Systems	580,811
5,700	CR Bard	949,506
443	Enanta Pharmaceuticals (2)	15,168
15,800	Gilead Sciences	1,588,058
6,000	Globus Medical Class A (2)	143,340
8,800	Health Net (2)	463,320
14,300	Johnson & Johnson	1,418,560
12,300	Medtronic	915,735
7,100	Merck	422,876
21,100	Meridian Bioscience	373,892
33,200	Pfizer	1,126,476
4,500	Quality Systems	70,177
7,300	ResMed	466,762
8,300	Stryker	765,592
2,100	U.S. Physical Therapy	99,036
9,200	UnitedHealth Group	1,024,880
3,900	Varian Medical Systems (2)	346,515
1,600	Waters (2)	200,304
		19,677,148
	Industrials — 6.9%
5,100	3M	797,589
16,000	ADT	601,600
6,000	Crane	366,660
4,700	Cummins	649,822
7,600	Deluxe	492,100
1,800	Douglas Dynamics	39,150
7,100	Dover	537,612
13,000	Emerson Electric	764,790
6,700	Fastenal	285,554
5,400	Flowserve	316,062
8,000	General Dynamics	1,098,560
10,541	Hillenbrand	309,800
9,200	Honeywell International	928,464
5,700	Hubbell Class B	620,331
3,300	Huntington Ingalls Industries	434,247
7,200	Lincoln Electric Holdings	481,392
3,900	Lockheed Martin	727,740
3,000	MSC Industrial Direct Class A	213,180
4,400	Norfolk Southern	443,740
3,900	Northrop Grumman	600,756
4,700	Parker Hannifin	560,992
4,051	Performant Financial (2)	12,032
1,700	Precision Castparts	351,373
4,100	Raven Industries	81,754
6,200	Raytheon	644,800
2,400	Regal Beloit	187,680
2,500	RPX (2)	38,900
14,600	RR Donnelley & Sons	271,852
2,100	Stanley Black & Decker	207,270
6,600	Toro	442,464
5,500	Union Pacific	584,265
6,100	United Technologies	693,875
2,000	WW Grainger	496,860
		15,283,266

The accompanying notes are an integral part of the financial statements.

70

Shares		Value $
	Information Technology — 9.4%
8,700	Altera	362,616
13,800	Apple	1,727,070
3,400	Broadcom Class A	150,297
6,700	Broadridge Financial Solutions	361,264
41,900	Brocade Communications Systems	473,470
16,800	CA	533,736
33,600	Cisco Systems	968,688
1,400	Comtech Telecommunications	40,460
26,600	EMC	715,806
2,200	F5 Networks (2)	268,444
6,000	Harris	481,440
19,100	Hewlett-Packard	629,727
34,800	Intel	1,132,740
4,700	International Business Machines	805,063
6,700	Intuit	672,211
4,300	j2 Global	298,291
5,700	Jack Henry & Associates	379,107
10,100	Lexmark International Class A	448,339
9,800	Linear Technology	452,074
16,600	Maxim Integrated Products	544,978
9,200	Microchip Technology	438,426
39,100	Microsoft	1,901,824
12,200	NetApp	442,250
14,100	NeuStar Class A (2)	423,000
27,400	Oracle	1,195,188
12,900	Paychex	624,231
13,200	QUALCOMM	897,600
5,200	Rockwell Automation	616,720
1,100	Skyworks Solutions	101,475
4,200	Syntel (2)	189,084
10,800	Teradata (2)	475,092
13,900	Texas Instruments	753,519
10,300	Vishay Intertechnology	130,604
7,200	Western Digital	703,728
10,700	Xilinx	463,952
		20,802,514
	Materials — 0.9%
2,900	Compass Minerals International	256,157
5,900	Energizer Holdings	806,058
1,900	International Paper	102,068
1,500	Terra Nitrogen LP	200,640
6,500	Westlake Chemical	506,870
		1,871,793
	Telecommunication Services — 0.2%
7,800	Verizon Communications	393,432
	Total United States	91,441,375
	TOTAL COMMON STOCK (Cost $192,612,323)	208,706,916
	PREFERRED STOCK — 0.4%
	Brazil — 0.4%
35,500	AES Tiete	201,362
72,900	Itausa - Investimentos Itau	257,683
32,100	Vale Class A	191,559
37,300	Vale Class B ADR	225,665
	TOTAL PREFERRED STOCK (Cost $1,422,580)	876,269
	INVESTMENT COMPANIES — 0.3%
	Guernsey — 0.0%
26,635	HSBC Infrastructure	62,635
	Switzerland — 0.3%
1,893	BB Biotech (1)	553,983
	TOTAL INVESTMENT COMPANIES (Cost $391,870)	616,618
	WARRANT (2) — 0.0%
	Hong Kong — 0.0%
4,500	Sun Hung Kai Properties Expires 04/22/16 (Cost $—)	17,708
	TOTAL INVESTMENTS — 95.5% (Cost $194,426,773)	210,217,511
	OTHER ASSETS LESS LIABILITIES — 4.5%	9,993,199
	NET ASSETS — 100%	$	220,210,710

(1)   Security is fair valued. (See Note 2 in Notes to Financial Statements.)

(2)   Denotes non-income producing security.

(3)   Security considered illiquid. On April 30, 2015 the value of the securities amounted to $17,841, representing 0.01% of the total net assets of the Fund.

The accompanying notes are an integral part of the financial statements.

71

The open futures contracts held by the Fund at April 30, 2015, are as follows:

	Number of		Unrealized
Type of	Contracts	Expiration	Appreciation
Contract	Long (Short)	Date	(Depreciation)
FTSE 100 Index	16	Jun-2015	$	40,803
S&P 500 Index E-MINI	42	Jun-2015	30,742
			$	71,545

A summary of the outstanding forward foreign currency contracts held by the Fund at April 30, 2015, is as follows:

						Unrealized
						Appreciation
Counterparty	Settlement Date	Currency to Deliver		Currency to Receive		(Depreciation)
Deutsche Bank Securities	5/13/15	JPY	193,245,000	USD	1,612,856	$	(5,748	)
HSBC	5/13/15	GBP	818,049	USD	1,215,243	(40,373		)
Royal Bank of Canada	5/13/15	GBP	5,650,900	USD	8,435,195	(238,322		)
						$	(284,443	)

ADR — American Depositary Receipt

FTSE — Financial Times Stock Exchange

GBP — British Pound Sterling

GDR — Global Depositary Receipt

JPY — Japanese Yen

LP — Limited Partnership

NASDAQ — National Association of Securities Dealers

Automated Quotations

NVDR — Non Voting Depository Receipt

REIT — Real Estate Investment Trust

S&P — Standard & Poor’s

USD — United States Dollar

The accompanying notes are an integral part of the financial statements.

72

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund’s investments carried at value:

Investments in Securities (1)	Level 1		Level 2		Level 3 (2)		Total
Common Stock
Australia	$	62,251	$	5,927,505	$	—	$	5,989,756
Austria	140,218		—		—		140,218
Belgium	—		611,525		—		611,525
Bermuda	1,519,774		311,317		—		1,831,091
Brazil	1,075,388		—		—		1,075,388
British Virgin Islands	—		367,823		—		367,823
Canada	3,890,284		—		—		3,890,284
Chile	80,318		—		—		80,318
China	108,833		2,587,793		6,131		2,702,757
Colombia	277,344		—		—		277,344
Czech Republic	—		482,465		—		482,465
Denmark	—		634,151		—		634,151
Finland	—		2,707,221		—		2,707,221
France	157,912		4,372,974		—		4,530,886
Gabon	—		95,289		—		95,289
Germany	228,222		2,701,556		—		2,929,778
Greece	28,295		55,100		—		83,395
Hong Kong	493,937		6,104,951		—		6,598,888
India	275,722		—		—		275,722
Indonesia	—		1,723,623		—		1,723,623
Ireland	870,910		914,159		—		1,785,069
Israel	422,940		1,230,198		—		1,653,138
Italy	—		2,448,242		11,710		2,459,952
Japan	17,504		19,003,283		—		19,020,787
Kazakhstan	—		116,323		—		116,323
Liechtenstein	10,265		—		—		10,265
Malaysia	—		428,434		—		428,434
Mexico	686,888		—		—		686,888
Netherlands	—		1,475,770		—		1,475,770
New Zealand	—		244,266		—		244,266
Norway	—		2,332,565		—		2,332,565
Panama	532,272		—		—		532,272
Philippines	—		65,282		—		65,282
Poland	—		499,956		—		499,956
Russia	459,771		1,185,178		—		1,644,949
Singapore	10,014		189,658		—		199,672
South Africa	247,024		3,613,019		—		3,860,043
South Korea	—		2,130,468		—		2,130,468
Spain	—		345,306		—		345,306
Sweden	413,384		4,482,099		—		4,895,483
Switzerland	1,206,524		3,969,270		—		5,175,794
Taiwan	100,204		1,786,421		—		1,886,625
Thailand	—		1,600,126		—		1,600,126
Turkey	—		803,900		—		803,900
United Kingdom	1,491,907		24,892,379		—		26,384,286
United States
Consumer Discretionary	7,055,543		—		—		7,055,543
Consumer Staples	5,214,516		—		—		5,214,516
Energy	5,105,481		—		—		5,105,481
Financials	16,037,682		—		—		16,037,682
Healthcare	19,677,148		—		—		19,677,148
Industrials	15,283,266		—		—		15,283,266
Information Technology	20,802,514		—		—		20,802,514
Materials	1,871,793		—		—		1,871,793

The accompanying notes are an integral part of the financial statements.

73

Investments in Securities	Level 1		Level 2		Level 3 (2)		Total
Telecommunication Services	$	393,432	$	—	$	—	$	393,432
	91,441,375		—		—		91,441,375
Total Common Stock	106,249,480		102,439,595		17,841		208,706,916
Preferred Stock
Brazil	876,269		—		—		876,269
Total Preferred Stock	876,269		—		—		876,269
Investment Companies
Guernsey	62,635		—		—		62,635
Switzerland	—		553,983		—		553,983
Total Investment Companies	62,635		553,983		—		616,618
Warrant
Hong Kong	17,708		—		—		17,708
Total Warrant	17,708		—		—		17,708
Total Investments in Securities	$	107,206,092	$	102,993,578	$	17,841	$	210,217,511

Other Financial Instruments	Level 1		Level 2			Level 3		��	Total
Futures — Unrealized Appreciation	$	71,545	$	—		$	—		$	71,545
Forwards — Unrealized Depreciation	—		(284,443		)	—			(284,443		)
Total Other Financial Instruments	$	71,545	$	(284,443	)	$	—		$	(212,898	)

(1)Transfers between investment levels may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes.  The Fund generally recognizes transfers between the levels as of the beginning of the period.  As of April 30, 2015, the Fund had securities with a total value of $102,993,578 transfer from Level 1 to Level 2. The change in level occurred due to developments that occurred between the time of closing of the foreign markets on which those securities trade and the close of business on the New York Stock Exchange. Additionally, the Fund had securities with a total value of $17,841 transfer from Level 1 to Level 3. The changes occurred due to a halt in trading of these securities.

(2)A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets.

The accompanying notes are an integral part of the financial statements.

74

This page intentionally left blank.

The accompanying notes are an integral part of the financial statements.

75

Schroder Mutual Funds

Statements of Assets and Liabilities

April 30, 2015 (unaudited)

	North American  Equity Fund			U.S.  Opportunities  Fund			U.S. Small and  Mid Cap  Opportunities  Fund
ASSETS
Investments in securities, at value — Note 2	$	769,351,409		$	129,128,471		$	57,628,976
Cash	2,127,341			5,879,715			1,797,796
Foreign currency	288			3			—
Receivable for securities sold	4,107,940			466,448			84,617
Dividends receivable	701,917			24,032			16,938
Receivable for Fund shares sold	65,487			34,327			5,359
Prepaid expenses	48,060			29,705			36,005
Tax reclaims receivable	1,037			—			—
Due from Investment Advisor — Note 3	—			—			28,372
Unrealized appreciation on spot foreign currency contracts	1,436			—			—
Unrealized appreciation on forward foreign currency contracts	—			—			—
Initial margin for futures contracts	—			86,700			—
Variation margin receivable	—			—			—
TOTAL ASSETS	776,404,915			135,649,401			59,598,063
LIABILITIES
Payable for securities purchased	1,942,476			938,667			127,095
Unrealized depreciation on spot foreign currency contracts	—			—			—
Variation margin payable	—			41,140			—
Accrued foreign capital gains tax on appreciated securities	—			—			—
Unrealized depreciation on forward foreign currency contracts	441,764			—			—
Payable for Fund shares redeemed	38,318			2,696			16,446
Investment Advisory fees payable — Note 3	162,532			114,364			50,921
Audit fees payable	20,673			19,571			19,906
Legal fees payable	17,641			6,105			5,095
Sub-administration fees payable — Note 3	8,480			8,870			3,949
Distribution fees payable, Advisor Shares — Note 3	101			1,194			5,472
Shareholder service fees payable, Investor Shares — Note 3	—			11,356			6,657
Shareholder service fees payable, Advisor Shares — Note 3	—			80			698
Accrued expenses and other liabilities	30,811			21,439			18,971
TOTAL LIABILITIES	2,662,796			1,165,482			255,210
NET ASSETS	$	773,742,119		$	134,483,919		$	59,342,853
Cost of securities	$	553,089,858		$	97,551,934		$	42,925,364
Cost of foreign currency	$	288		$	4		$	—
NET ASSETS
Capital paid-in	$	534,489,228		$	96,512,944		$	39,969,612
Undistributed (accumulated net investment loss) net investment income	4,416,257			(240,538		)	24,731
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions	19,016,849			6,624,561			4,644,898
Accumulated foreign capital gains tax on appreciated securities	—			—			—
Net unrealized appreciation on investments	216,261,551			31,576,537			14,703,612
Net unrealized appreciation (depreciation) on futures, forward foreign currency contracts and foreign currency translations	(441,766		)	10,415			—
NET ASSETS	$	773,742,119		$	134,483,919		$	59,342,853

The accompanying notes are an integral part of the financial statements.

76

	Emerging Market Equity Fund			Emerging Markets Multi-Cap Equity Fund			International  Alpha Fund			International Multi- Cap Value Fund			Global Multi-Cap  Equity Fund
ASSETS
Investments in securities, at value — Note 2	$	1,306,053,471		$	30,654,093		$	179,616,341		$	311,275,534		$	210,217,511
Cash	26,436,981			792,696			476,216			9,914,691			10,113,796
Foreign currency	249,489			19,359			3,424			174,549			192,298
Receivable for securities sold	2,938,405			221,934			—			1,254,266			1,133,327
Dividends receivable	877,232			87,877			622,340			1,050,063			507,007
Receivable for Fund shares sold	488,986			2,158			31,221			201,972			135,311
Prepaid expenses	74,058			33,166			39,389			37,629			50,732
Tax reclaims receivable	5,666			1,948			195,906			205,904			72,160
Due from Investment Advisor — Note 3	123,750			34,350			38,202			82,360			35,101
Unrealized appreciation on spot foreign currency contracts	10,540			649			—			2,168			2,278
Unrealized appreciation on forward foreign currency contracts	—			12,270			—			48,531			—
Initial margin for futures contracts	—			114,620			—			273,900			268,108
Variation margin receivable	—			—			—			—			2,333
TOTAL ASSETS	1,337,258,578			31,975,120			181,023,039			324,521,567			222,729,962
LIABILITIES
Payable for securities purchased	9,212,328			150,938			—			445,147			1,898,966
Unrealized depreciation on spot foreign currency contracts	4,335			903			—			8,050			7,142
Variation margin payable	—			24,196			—			95,450			42,210
Accrued foreign capital gains tax on appreciated securities	1,234,761			21,631			11,420			43,740			7,019
Unrealized depreciation on forward foreign currency contracts	—			30,879			—			375,518			284,443
Payable for Fund shares redeemed	1,051,268			—			74,742			710,237			43,092
Investment Advisory fees payable — Note 3	1,044,361			24,867			118,356			207,978			98,122
Audit fees payable	9,968			26,148			17,755			27,214			25,610
Legal fees payable	25,229			4,441			3,597			8,406			8,101
Sub-administration fees payable — Note 3	80,993			1,928			11,473			20,159			13,833
Distribution fees payable, Advisor Shares — Note 3	150,152			195			2,775			85,557			20
Shareholder service fees payable, Investor Shares — Note 3	101,778			1,111			14,643			26,531			8,308
Shareholder service fees payable, Advisor Shares — Note 3	6,444			137			517			3,121			13
Accrued expenses and other liabilities	315,146			55,756			34,437			111,693			82,373
TOTAL LIABILITIES	13,236,763			343,130			289,715			2,168,801			2,519,252
NET ASSETS	$	1,324,021,815		$	31,631,990		$	180,733,324		$	322,352,766		$	220,210,710
Cost of securities	$	1,118,390,332		$	29,915,199		$	159,202,675		$	299,280,459		$	194,426,773
Cost of foreign currency	$	249,488		$	19,296		$	3,384		$	174,035		$	191,817
NET ASSETS
Capital paid-in	$	1,242,982,437		$	30,733,183		$	165,188,296		$	313,180,216		$	200,199,494
Undistributed (accumulated net investment loss) net investment income	1,369,977			27,260			719,604			243,617			754,421
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions	(106,800,034		)	120,907			(5,569,840		)	(2,963,388		)	3,685,644
Accumulated foreign capital gains tax on appreciated securities	(1,234,761		)	(21,631		)	(11,420		)	(43,740		)	(7,019		)
Net unrealized appreciation on investments	187,663,139			738,894			20,413,666			11,995,075			15,790,738
Net unrealized appreciation (depreciation) on futures, forward foreign currency contracts and foreign currency translations	41,057			33,377			(6,982		)	(59,014		)	(212,568		)
NET ASSETS	$	1,324,021,815		$	31,631,990		$	180,733,324		$	322,352,766		$	220,210,710

The accompanying notes are an integral part of the financial statements.

77

Schroder Mutual Funds

Statements of Assets and Liabilities

April 30, 2015 (unaudited)

	North American  Equity Fund		U.S.  Opportunities  Fund		U.S. Small and  Mid Cap  Opportunities  Fund
Net Assets:
Investor Shares	$	773,362,623	$	133,536,961	$	50,013,901
Advisor Shares	379,496		946,958		5,534,316
R6 Shares	N/A		N/A		3,794,636
Total shares outstanding end of period:
Investor Shares	51,162,417		5,223,430		3,900,756
Advisor Shares	25,184		38,186		444,358
R6 Shares	N/A		N/A		295,735
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding)
Investor Shares	$	15.12	$	25.56	$	12.82
Advisor Shares	15.07		24.80		12.45
R6 Shares	N/A		N/A		12.83

N/A — R6 shares currently not offered.

The accompanying notes are an integral part of the financial statements.

78

	Emerging Market  Equity Fund		Emerging Markets  Multi-Cap Equity  Fund		International Alpha  Fund		International Multi- Cap Value Fund		Global Multi-Cap  Equity Fund
Net Assets:
Investor Shares	$	871,414,169	$	9,816,713	$	119,260,315	$	215,719,732	$	69,212,435	*
Advisor Shares	52,416,276		1,131,106		4,180,812		25,601,811		105,807
R6 Shares	400,191,370		20,684,171		57,292,197		81,031,223		150,892,468		**
Total shares outstanding end of period:
Investor Shares	63,719,568		940,138		10,175,751		22,740,540		5,579,158		*
Advisor Shares	3,829,139		108,381		345,801		2,697,206		8,534
R6 Shares	29,253,654		1,982,024		4,887,782		8,546,738		12,146,116		**
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding)
Investor Shares	$	13.68	$	10.44	$	11.72	$	9.49	$	12.41	*
Advisor Shares	13.69		10.44		12.09		9.49		12.40
R6 Shares	13.68		10.44		11.72		9.48		12.42		**

* Formerly Institutional Service Shares.

** Formerly Institutional Shares.

The accompanying notes are an integral part of the financial statements.

79

Schroder Mutual Funds

Statements of Operations

For the Six Months Ended April 30, 2015 (unaudited)

	North American Equity Fund			U.S. Opportunities Fund			U.S. Small and Mid Cap Opportunities Fund
INVESTMENT INCOME
Dividend income	$	8,915,952		$	855,724		$	368,582
Foreign taxes withheld	(27,475		)	—			(58		)
TOTAL INCOME	8,888,477			855,724			368,524
EXPENSES
Investment Advisory fees — Note 3	996,661			688,725			314,070
Sub-administration fees — Note 3	51,860			53,516			24,403
Trustees fees and expenses — Note 6	14,996			5,433			4,364
Distribution fees, Advisor Shares — Note 3	523			1,128			6,905
Shareholder Service fees, Investor Shares — Note 3	—			75,355			30,931
Shareholder Service fees, Advisor Shares — Note 3	—			621			3,028
Transfer agent fees	40,450			31,573			39,155
Legal fees	27,977			10,115			8,123
Custodian fees	25,867			9,388			7,015
Registration fees	17,741			16,085			19,556
Audit fees	16,699			15,459			15,459
Insurance	16,149			6,041			4,867
Printing	13,310			11,252			5,330
Pricing fees	3,484			1,134			930
Other	12,736			4,631			3,919
TOTAL EXPENSES	1,238,453			930,456			488,055
Expenses waived by Investment Advisor — Note 3	—			—			(150,868		)
Waiver of Shareholder Service fees	—			(25,288		)	—
Custody Offset — Note 2	(1,013		)	(1,908		)	(827		)
NET EXPENSES	1,237,440			903,260			336,360
NET INVESTMENT INCOME (LOSS)	7,651,037			(47,536		)	32,164
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES AND FOREIGN CURRENCY TRANSACTIONS AND TRANSLATIONS
Net realized gain (loss) on investments sold	20,038,749			6,792,595			4,773,037
Net realized gain (loss) on futures	—			32,648			(863		)
Net realized gain (loss) on foreign currency transactions	1,360,766			—			2
Net realized gain (loss) on investments, futures and foreign currency transactions	21,399,515			6,825,243			4,772,176
Change in unrealized appreciation (depreciation) on investments	19,585			109,439			86,964
Change in unrealized appreciation (depreciation) on futures	—			10,415			—
Change in accumulated foreign capital gains tax on appreciated securities	—			—			—
Change in unrealized appreciation (depreciation) on forward foreign currency contracts and foreign currency translations	(567,199		)	—			—
Net change in unrealized appreciation (depreciation) on investments, futures, accumulated foreign capital gains tax on appreciated securities, forward foreign currency contracts and foreign currency translations	(547,614		)	119,854			86,964
NET REALIZED AND UNREALIZED GAIN	20,851,901			6,945,097			4,859,140
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	28,502,938		$	6,897,561		$	4,891,304

The accompanying notes are an integral part of the financial statements.

80

	Emerging Market Equity Fund			Emerging Markets Multi- Cap Equity Fund			International Alpha Fund			International Multi-Cap Value Fund			Global Multi-Cap Equity Fund
INVESTMENT INCOME
Dividend income	$	12,412,396		$	365,776		$	1,779,149		$	4,749,506		$	2,971,687
Foreign taxes withheld	(1,281,532		)	(36,173		)	(243,285		)	(433,051		)	(148,143		)
TOTAL INCOME	11,130,864			329,603			1,535,864			4,316,455			2,823,544
EXPENSES
Investment Advisory fees — Note 3	5,982,393			126,628			702,023			1,042,151			572,122
Sub-administration fees — Note 3	464,790			9,837			68,197			101,214			80,823
Trustees fees and expenses — Note 6	20,918			3,809			6,011			7,025			6,595
Distribution fees, Advisor Shares — Note 3	68,380			1,338			8,161			29,831			83
Shareholder Service fees, Investor Shares — Note 3	492,127			3,736			71,816			126,532			44,545
Shareholder Service fees, Advisor Shares — Note 3	28,510			580			2,840			16,315			50
Transfer agent fees	125,639			38,633			40,666			41,637			41,079
Legal fees	37,872			7,072			11,041			13,106			11,533
Custodian fees	393,324			48,670			16,968			92,448			66,862
Registration fees	46,602			20,792			20,997			32,296			36,009
Audit fees	33,526			18,633			22,983			19,267			18,831
Insurance	22,304			4,180			6,763			7,065			7,275
Printing	107,503			4,011			19,911			15,326			6,973
Pricing fees	7,015			15,187			2,999			40,792			24,051
Other	20,538			8,434			5,312			22,602			12,494
TOTAL EXPENSES	7,851,441			311,540			1,006,688			1,607,607			929,325
Expenses waived by Investment Advisor — Note 3	(512,526		)	(179,409		)	(185,645		)	(393,686		)	(191,428		)
Waiver of Shareholder Service fees	—			—			—			—			—
Custody Offset — Note 2	(4,196		)	(350		)	(381		)	(2,441		)	(1,830		)
NET EXPENSES	7,334,719			131,781			820,662			1,211,480			736,067
NET INVESTMENT INCOME (LOSS)	3,796,145			197,822			715,202			3,104,975			2,087,477
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES AND FOREIGN CURRENCY TRANSACTIONS AND TRANSLATIONS
Net realized gain (loss) on investments sold	(38,874,966		)	102,575			(1,095,107		)	(3,015,657		)	3,618,804
Net realized gain (loss) on futures	—			67,121			—			(281,871		)	252,068
Net realized gain (loss) on foreign currency transactions	(137,569		)	33,863			(125,856		)	1,467,690			779,926
Net realized gain (loss) on investments, futures and foreign currency transactions	(39,012,535		)	203,559			(1,220,963		)	(1,829,838		)	4,650,798
Change in unrealized appreciation (depreciation) on investments	69,401,579			229,631			9,783,449			13,969,626			(1,669,287		)
Change in unrealized appreciation (depreciation) on futures	—			(11,940		)	—			175,059			71,545
Change in accumulated foreign capital gains tax on appreciated securities	1,365,527			(2,641		)	(125		)	764			25,279
Change in unrealized appreciation (depreciation) on forward foreign currency contracts and foreign currency translations	49,593			(17,558		)	13,231			(710,190		)	(340,740		)
Net change in unrealized appreciation (depreciation) on investments, futures, accumulated foreign capital gains tax on appreciated securities, forward foreign currency contracts and foreign currency translations	70,816,699			197,492			9,796,555			13,435,259			(1,913,203		)
NET REALIZED AND UNREALIZED GAIN	31,804,164			401,051			8,575,592			11,605,421			2,737,595
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	35,600,309		$	598,873		$	9,290,794		$	14,710,396		$	4,825,072

The accompanying notes are an integral part of the financial statements.

81

Schroder Mutual Funds

Statements of Changes in Net Assets

For the Six Months Ended April 30, 2015 (unaudited) and the Year Ended October 31, 2014

	North American Equity Fund
	Six Months Ended April 30, 2015			Year Ended October 31, 2014
INCREASE (DECREASE) IN NET ASSETS
From Operations:
Net investment income (loss)	$	7,651,037		$	13,483,622
Net realized gain (loss) on investments, futures and foreign currency transactions	21,399,515			40,826,608
Net change in unrealized appreciation (depreciation) on investments, futures, accumulated foreign capital gains tax on appreciated securities, forward foreign currency contracts and foreign currency translations	(547,614		)	54,823,861
Net increase (decrease) in net assets resulting from operations	28,502,938			109,134,091
Dividends and Distributions to Shareholders:
Net investment income:
Investor Shares	(14,805,198		)	(12,930,124		)
Advisor Shares	(4,535		)	(3,180		)
Net realized gains:
Investor Shares	(27,872,528		)	—
Advisor Shares	(10,273		)	—
Total dividends and distributions	(42,692,534		)	(12,933,304		)
Share Transactions:
Investor Shares:
Sales of shares	5,113,147			15,607,439
Reinvestment of distributions	38,885,308			11,581,542
Redemption of shares	(62,357,166		)	(10,658,690		)
Redemption fees - Note 5	—			—
Total increase (decrease) from Investor Share transactions	(18,358,711		)	16,530,291
Advisor Shares:
Sales of shares	92,832			225,753
Reinvestment of distributions	14,471			3,132
Redemption of shares	(27,510		)	(161,071		)
Redemption fees - Note 5	—			—
Total increase (decrease) from Advisor Share transactions	79,793			67,814
R6 Shares*:
Sales of shares	N/A			N/A
Redemption of shares	N/A			N/A
Redemption fees - Note 5	N/A			N/A
Total increase from R6 Share transactions	N/A			N/A
Net increase (decrease) in net assets from share transactions	(18,278,918		)	16,598,105
Total increase (decrease) in net assets	(32,468,514		)	112,798,892
Net Assets
Beginning of period	806,210,633			693,411,741
End of period	$	773,742,119		$	806,210,633
Undistributed (accumulated net investment loss/distributions in excess of) net investment income	$	4,416,257		$	11,574,953

*R6 Shares commenced operations on December 30, 2014.

N/A — R6 shares currently not offered.

The accompanying notes are an integral part of the financial statements.

82

	U.S. Opportunities Fund						U.S. Small and Mid Cap Opportunities Fund						Emerging Market Equity Fund
	Six Months Ended April 30, 2015			Year Ended October 31, 2014			Six Months Ended April 30, 2015			Year Ended October 31, 2014			Six Months Ended April 30, 2015			Year Ended October 31, 2014
INCREASE (DECREASE) IN NET ASSETS
From Operations:
Net investment income (loss)	$	(47,536	)	$	(191,214	)	$	32,164		$	(16,383	)	$	3,796,145		$	9,420,847
Net realized gain (loss) on investments, futures and foreign currency transactions	6,825,243			16,640,798			4,772,176			11,356,174			(39,012,535		)	(27,826,132		)
Net change in unrealized appreciation (depreciation) on investments, futures, accumulated foreign capital gains tax on appreciated securities, forward foreign currency contracts and foreign currency translations	119,854			(3,610,874		)	86,964			(3,309,196		)	70,816,699			3,106,584
Net increase (decrease) in net assets resulting from operations	6,897,561			12,838,710			4,891,304			8,030,595			35,600,309			(15,298,701		)
Dividends and Distributions to Shareholders:
Net investment income:
Investor Shares	—			(51,896		)	—			(52,604		)	(11,154,565		)	(6,873,950		)
Advisor Shares	—			—			—			—			(168,629		)	(1,174,738		)
Net realized gains:
Investor Shares	(15,143,925		)	(22,302,517		)	(8,569,605		)	(13,253,562		)	—			—
Advisor Shares	(96,224		)	(173,626		)	(829,193		)	(1,362,150		)	—			—
Total dividends and distributions	(15,240,149		)	(22,528,039		)	(9,398,798		)	(14,668,316		)	(11,323,194		)	(8,048,688		)
Share Transactions:
Investor Shares:
Sales of shares	2,248,662			6,897,741			507,812			8,575,467			244,504,897			536,082,752
Reinvestment of distributions	14,683,672			21,645,271			8,406,897			9,230,370			9,213,987			4,975,960
Redemption of shares	(13,960,379		)	(23,592,725		)	(14,659,044		)	(19,836,764		)	(514,750,550		)	(226,215,757		)
Redemption fees - Note 5	454			831			196			—			26,665			14,835
Total increase (decrease) from Investor Share transactions	2,972,409			4,951,118			(5,744,139		)	(2,030,927		)	(261,005,001		)	314,857,790
Advisor Shares:
Sales of shares	81,498			3,701			204,550			482,616			3,939,595			72,431,449
Reinvestment of distributions	94,605			168,041			818,326			1,348,526			155,956			1,148,522
Redemption of shares	(33,129		)	(366,055		)	(830,719		)	(2,222,736		)	(74,882,482		)	(156,442,115		)
Redemption fees - Note 5	—			—			23			94			1,095			13,429
Total increase (decrease) from Advisor Share transactions	142,974			(194,313		)	192,180			(391,500		)	(70,785,836		)	(82,848,715		)
R6 Shares*:
Sales of shares	N/A			N/A			6,860,247			—			373,642,587			—
Redemption of shares	N/A			N/A			(3,054,010		)	—			(725,400		)	—
Redemption fees - Note 5	N/A			N/A			—			—			—			—
Total increase from R6 Share transactions	N/A			N/A			3,806,237			—			372,917,187			—
Net increase (decrease) in net assets from share transactions	3,115,383			4,756,805			(1,745,722		)	(2,422,427		)	41,126,350			232,009,075
Total increase (decrease) in net assets	(5,227,205		)	(4,932,524		)	(6,253,216		)	(9,060,148		)	65,403,465			208,661,686
Net Assets
Beginning of period	139,711,124			144,643,648			65,596,069			74,656,217			1,258,618,350			1,049,956,664
End of period	$	134,483,919		$	139,711,124		$	59,342,853		$	65,596,069		$	1,324,021,815		$	1,258,618,350
Undistributed (accumulated net investment loss/distributions in excess of) net investment income	$	(240,538	)	$	(193,002	)	$	24,731		$	(7,433	)	$	1,369,977		$	8,897,026

The accompanying notes are an integral part of the financial statements.

83

Schroder Mutual Funds

Statements of Changes in Net Assets

For the Six Months Ended April 30, 2015 (unaudited) and the Year Ended October 31, 2014

	Emerging Markets Multi-Cap Equity Fund
	Six Months Ended April 30, 2015			Year Ended October 31, 2014
INCREASE (DECREASE) IN NET ASSETS
From Operations:
Net investment income	$	197,822		$	517,242
Net realized gain (loss) on investments, futures and foreign currency transactions	203,559			1,228,284
Net change in unrealized appreciation (depreciation) on investments, futures, accumulated foreign capital gains tax on appreciated securities, forward foreign currency contracts and foreign currency translations	197,492			(1,508,581		)
Net increase (decrease) in net assets resulting from operations	598,873			236,945
Dividends and Distributions to Shareholders:
Net investment income:
Investor Shares	(149,538		)	(578,055		)
Advisor Shares	(6,483		)	(25,747		)
R6 Shares	(25,451		)	—
Net realized gains:
Investor Shares	(1,154,537		)	(623,200		)
Advisor Shares	(54,960		)	(32,800		)
R6 Shares	—			—
Total dividends and distributions	(1,390,969		)	(1,259,802		)
Share Transactions:
Investor Shares:
Sales of shares	8,175,738			6,201,529
Reinvestment of distributions	194,279			64,105
Redemption of shares	(23,299,772		)	—
Redemption fees - Note 5	—			—
Total increase (decrease) from Investor Share transactions	(14,929,755		)	6,265,634
Advisor Shares:
Sales of shares	20,000			71,139
Reinvestment of distributions	3,734			1,367
Redemption of shares	(7,614		)	(97		)
Redemption fees - Note 5	—			—
Total increase (decrease) from Advisor Share transactions	16,120			72,409
R6 Shares*:
Sales of shares	19,308,404			—
Reinvestment of distributions	371			—
Redemption of shares	—			—
Redemption fees - Note 5	—			—
Total increase (decrease) from R6 Share transactions	19,308,775			—
Net increase (decrease) in net assets from share transactions	4,395,140			6,338,043
Total increase (decrease) in net assets	3,603,044			5,315,186
Net Assets
Beginning of period	28,028,946			22,713,760
End of period	$	31,631,990		$	28,028,946
Undistributed (accumulated net investment loss/distributions in excess of) net investment income	$	27,260		$	10,910

*R6 Shares commenced operations on December 30, 2014.

The accompanying notes are an integral part of the financial statements.

84

	International Alpha Fund						International Multi-Cap Value Fund						Global Multi-Cap Equity Fund**
	Six Months Ended April 30, 2015			Year Ended October 31, 2014			Six Months Ended April 30, 2015			Year Ended October 31, 2014			Six Months Ended April 30, 2015			Year Ended October 31, 2014
INCREASE (DECREASE) IN NET ASSETS
From Operations:
Net investment income	$	715,202		$	4,433,406		$	3,104,975		$	5,658,544		$	2,087,477		$	6,307,744
Net realized gain (loss) on investments, futures and foreign currency transactions	(1,220,963		)	9,257,443			(1,829,838		)	8,076,277			4,650,798			15,077,174
Net change in unrealized appreciation (depreciation) on investments, futures, accumulated foreign capital gains tax on appreciated securities, forward foreign currency contracts and foreign currency translations	9,796,555			(12,685,240		)	13,435,259			(14,228,800		)	(1,913,203		)	(1,374,406		)
Net increase (decrease) in net assets resulting from operations	9,290,794			1,005,609			14,710,396			(493,979		)	4,825,072			20,010,512
Dividends and Distributions to Shareholders:
Net investment income:
Investor Shares	(4,313,426		)	(1,122,653		)	(2,647,899		)	(5,633,375		)	(2,873,329		)	(390,200		)
Advisor Shares	—			(958,840		)	(245,710		)	(1,598,816		)	—			—
R6 Shares	—			—			(348		)	—			(4,478,965		)	(1,961,339		)
Net realized gains:
Investor Shares	(6,691,398		)	(749,210		)	(5,825,349		)	(5,442,930		)	(5,854,862		)	(1,576,250		)
Advisor Shares	(174,583		)	(795,195		)	(659,272		)	(2,192,925		)	—			—
R6 Shares	—			—			—			—			(8,868,055		)	(7,642,413		)
Total dividends and distributions	(11,179,407		)	(3,625,898		)	(9,378,578		)	(14,868,046		)	(22,075,211		)	(11,570,202		)
Share Transactions:
Investor Shares:
Sales of shares	88,242,517			24,410,388			114,884,298			154,380,267			35,296,119			89,979,772
Reinvestment of distributions	8,204,155			859,110			5,169,371			4,431,522			8,708,594			1,512,837
Redemption of shares	(70,595,877		)	(22,107,934		)	(119,389,776		)	(36,586,667		)	(65,511,297		)	(26,351,297		)
Redemption fees - Note 5	535			940			2,413			15,592			409			—
Total increase (decrease) from Investor Share transactions	25,851,330			3,162,504			666,306			122,240,714			(21,506,175		)	65,141,312
Advisor Shares:
Sales of shares	574,791			2,535,860			3,943,860			29,131,269			101,532			—
Reinvestment of distributions	157,151			1,740,815			893,656			3,610,521			—			—
Redemption of shares	(80,548,865		)	(19,830,493		)	(3,885,360		)	(45,140,231		)	—			—
Redemption fees - Note 5	—			35			1,018			6,711			—			—
Total increase (decrease) from Advisor Share transactions	(79,816,923		)	(15,553,783		)	953,174			(12,391,730		)	101,532			—
R6 Shares*:
Sales of shares	53,258,655			—			152,277,922			—			12,689,557			51,740,655
Reinvestment of distributions	—			—			—			—			13,275,590			6,351,798
Redemption of shares	—			—			(75,365,464		)	—			(6,436,647		)	(74,289,362		)
Redemption fees - Note 5	—			—			—			—			2,764			2,885
Total increase (decrease) from R6 Share transactions	53,258,655			—			76,912,458			—			19,531,264			(16,194,024		)
Net increase (decrease) in net assets from share transactions	(706,938		)	(12,391,279		)	78,531,938			109,848,984			(1,873,379		)	48,947,288
Total increase (decrease) in net assets	(2,595,551		)	(15,011,568		)	83,863,756			94,486,959			(19,123,518		)	57,387,598
Net Assets
Beginning of period	183,328,875			198,340,443			238,489,010			144,002,051			239,334,228			181,946,630
End of period	$	180,733,324		$	183,328,875		$	322,352,766		$	238,489,010		$	220,210,710		$	239,334,228
Undistributed (accumulated net investment loss/distributions in excess of) net investment income	$	719,604		$	4,317,828		$	243,617		$	32,599		$	754,421		$	6,019,238

** For the Global Multi—Cap Equity Fund, R6 shares were formerly Instituional Shares and Investor Shares were formerly Institutional Service Shares.

The accompanying notes are an integral part of the financial statements.

85

Schroder Mutual Funds

Financial Highlights

For the Period Ended April 30, 2015 (unaudited) and the Years or Period Ended October 31,

Selected Per Share Data and Ratios for a Share Outstanding Throughout each Year or Period

	Net Asset  Value,  Beginning of  Period		Net  Investment  Income (Loss)			Net Realized  and  Unrealized  Gains  (Losses)			Total from  Investment  Operations		Dividends  from Net  Investment  Income			Distributions  from Net  Realized Gain			Total  Distributions
North American Equity Fund
Investor Shares
2015*	$	15.42	$	0.15		$	0.38		$	0.53	$	(0.29	)	$	(0.54	)	$	(0.83	)
2014	13.57		0.27			1.83			2.10		(0.25		)	—			(0.25		)
2013	10.92		0.24			2.63			2.87		(0.22		)	—			(0.22		)
2012	9.76		0.18			1.13			1.31		(0.15		)	—			(0.15		)
2011	9.20		0.18			0.53			0.71		(0.15		)	—			(0.15		)
2010	8.09		0.13			1.13			1.26		(0.15		)	—			(0.15		)
Advisor Shares
2015*	$	15.35	$	0.09		$	0.41		$	0.50	$	(0.24	)	$	(0.54	)	$	(0.78	)
2014	13.51		0.23			1.82			2.05		(0.21		)	—			(0.21		)
2013	10.87		0.20			2.62			2.82		(0.18		)	—			(0.18		)
2012	9.73		0.15			1.10			1.25		(0.11		)	—			(0.11		)
2011	9.17		0.17			0.51			0.68		(0.12		)	—			(0.12		)
2010	8.07		0.11			1.11			1.22		(0.12		)	—			(0.12		)
U.S. Opportunities Fund
Investor Shares
2015*	$	27.36	$	(0.01	)(1)	$	1.23	†	$	1.22	$	—		$	(3.02	)	$	(3.02	)
2014	29.65		(0.04		)(1)	2.40		†	2.36		(0.01		)	(4.64		)	(4.65		)
2013	24.20		0.01		(1)	7.36		†	7.37		(0.01		)	(1.91		)	(1.92		)
2012	22.77		(0.03		)(1)	2.24		†	2.21		—			(0.78		)	(0.78		)
2011	21.94		(0.09		)(1)	0.92		†	0.83		—			—			—
2010	18.15		(0.11		)(1)	3.90		†	3.79		—			—			—
Advisor Shares
2015*	$	26.66	$	(0.04	)(1)	$	1.20		$	1.16	$	—		$	(3.02	)	$	(3.02	)
2014	29.09		(0.13		)(1)	2.34			2.21		—			(4.64		)	(4.64		)
2013	23.84		(0.04		)(1)	7.20			7.16		—			(1.91		)	(1.91		)
2012	22.49		(0.08		)(1)	2.21			2.13		—			(0.78		)	(0.78		)
2011	21.73		(0.15		)(1)	0.91			0.76		—			—			—
2010	18.01		(0.15		)(1)	3.87			3.72		—			—			—
U.S. Small and Mid Cap Opportunities Fund
Investor Shares
2015*	$	13.89	$	0.01	(1)	$	0.94	†	$	0.95	$	—		$	(2.02	)	$	(2.02	)
2014	15.39		—		(1)(c)	1.61			1.61		(0.01		)	(3.10		)	(3.11		)
2013	12.33		—		(1)(c)	3.81		†	3.81		—			(0.75		)	(0.75		)
2012	11.56		—		(1)(c)	0.96		†	0.96		(0.03		)	(0.16		)	(0.19		)
2011	11.23		0.03		(1)	0.56		†	0.59		—			(0.26		)	(0.26		)
2010	9.37		(0.01		)(1)	1.87		†	1.86		—			—			—
Advisor Shares
2015*	$	13.56	$	(0.01	)(1)	$	0.92	†	$	0.91	$	—		$	(2.02	)	$	(2.02	)
2014	15.12		(0.03		)(1)	1.57			1.54		—			(3.10		)	(3.10		)
2013	12.15		(0.04		)(1)	3.76			3.72		—			(0.75		)	(0.75		)
2012	11.40		(0.03		)(1)	0.94			0.91		—			(0.16		)	(0.16		)
2011	11.11		—		(1)(c)	0.55			0.55		—			(0.26		)	(0.26		)
2010	9.29		(0.04		)(1)	1.86			1.82		—			—			—
R6 Shares
2015(b)	$	12.36	$	(0.04	)(1)	$	0.51		$	0.47	$	—		$	—		$	—

*	For the six months ended April 30, 2015 (unaudited). All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate.
†	Includes redemption fees. Amount was less than $0.01 per share.
(1)	Per share net investments income (loss) calculated using average shares.
(a)	Total returns would have been lower had certain Fund expenses not been waived or reimbursed, as applicable, during the periods shown (See Note 3). Total return calculations for a period of less than one year are not annualized.
(b)	Commenced operations on December 30, 2014. All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate.
(c)	Amount was less than $0.01 per share.

The accompanying notes are an integral part of the financial statements.

86

	Net Asset  Value, End  of Period		Total  Return(a)		Net Assets,  End of Period  (000)		Ratio of Expenses to  Average Net Assets  (Including Waivers and  Reimbursements,  Excluding Offsets)		Ratio of Expenses to  Average Net Assets  (Excluding Waivers,  Reimbursements and Offsets)		Ratio of Net Investment  Income (Loss) to Average  Net Assets (Including  Waivers, Reimbursements  and Offsets)		Portfolio  Turnover  Rate
North American Equity Fund
Investor Shares
2015*	$	15.12	3.63	%	$	773,363	0.31	%	0.31	%	1.92	%	35	%
2014	15.42		15.75		805,906		0.31		0.31		1.80		48
2013	13.57		26.76		693,207		0.33		0.33		1.96		31
2012	10.92		13.59		541,720		0.36		0.36		1.81		37
2011	9.76		7.70		513,589		0.37		0.37		1.63		72
2010	9.20		15.68		489,133		0.39		0.39		1.76		88
Advisor Shares
2015*	$	15.07	3.44	%	$	379	0.66	%	0.66	%	1.55	%	35	%
2014	15.35		15.38		305		0.66		0.66		1.45		48
2013	13.51		26.35		205		0.68		0.68		1.64		31
2012	10.87		13.04		191		0.71		0.71		1.46		37
2011	9.73		7.43		169		0.72		0.72		1.27		72
2010	9.17		15.27		170		0.74		0.74		1.41		88
U.S. Opportunities Fund
Investor Shares
2015*	$	25.56	5.03	%	$	133,537	1.31	%	1.35	%	(0.07	)%	21	%
2014	27.36		9.57		138,855		1.24		1.24		(0.13	)	66
2013	29.65		33.03		143,507		1.26		1.26		0.04		74
2012	24.20		10.00		132,715		1.32		1.32		(0.11	)	69
2011	22.77		3.78		149,941		1.29		1.29		(0.39	)	91
2010	21.94		20.88		173,625		1.33		1.33		(0.52	)	57
Advisor Shares
2015*	$	24.80	4.93	%	$	947	1.59	%	1.62	%	(0.35	)%	21	%
2014	26.66		9.17		856		1.59		1.59		(0.48	)	66
2013	29.09		32.58		1,137		1.57		1.57		(0.16	)	74
2012	23.84		9.76		1,530		1.57		1.57		(0.35	)	69
2011	22.49		3.50		2.732		1.54		1.54		(0.65	)	91
2010	21.73		20.66		2,957		1.58		1.58		(0.77	)	57
U.S. Small and Mid Cap Opportunities Fund
Investor Shares
2015*	$	12.82	7.90	%	$	50,014	1.05	%	1.53	%	0.13	%	25	%
2014	13.89		12.97		59,840		1.05		1.38		0.00		62
2013	15.39		32.80		67,890		1.05		1.35		0.02		72
2012	12.33		8.41		111,332		1.05		1.27		0.02		76
2011	11.56		5.21		209,199		1.05		1.25		0.21		100
2010	11.23		19.85		111,939		1.05		1.52		(0.13	)	122
Advisor Shares
2015*	$	12.45	7.78	%	$	5,534	1.30	%	1.78	%	(0.13	)%	25	%
2014	13.56		12.65		5,756		1.30		1.63		(0.25	)	62
2013	15.12		32.52		6,766		1.30		1.59		(0.27	)	72
2012	12.15		8.07		6,012		1.30		1.53		(0.24	)	76
2011	11.40		4.90		6,974		1.30		1.52		0.00		100
2010	11.11		19.59		9,793		1.30		1.77		(0.38	)	122
R6 Shares
2015(b)	$	12.83	3.80	%	$	3,795	0.90	%	1.46	%	(0.95	)%	25	%

The accompanying notes are an integral part of the financial statements.

87

	Net Asset  Value,  Beginning of  Period		Net  Investment  Income (Loss)			Net Realized  and  Unrealized  Gains  (Losses)			Total from  Investment  Operations			Dividends  from Net  Investment  Income			Distributions  from Net  Realized Gain			Total  Distributions
Emerging Market Equity Fund
Investor Shares
2015*	$	13.40	$	0 .04	(1)	$	0 .36	†	$	0 .40		$	(0.12	)	$	—		$	(0.12	)
2014	13.76		0 .12		(1)	(0 .36		)†	(0 .24		)	(0.12		)	—			(0.12		)
2013	12.91		0 .15		(1)	0 .81		†	0 .96			(0.11		)	—			(0.11		)
2012	12.29		0 .15		(1)	0 .66		†	0 .81			(0.12		)	(0.07		)	(0.19		)
2011	13.42		0 .18		(1)	(1 .21		)†	(1 .03		)	(0.06		)	(0.04		)	(0.10		)
2010	11.34		0 .10		(1)	2 .04		†	2 .14			(0.06		)	—			(0.06		)
Advisor Shares
2015*	$	13.33	$	0 .02	(1)	$	0 .38	†	$	0 .40		$	(0.04	)	$	—		$	(0.04	)
2014	13.70		0 .08		(1)	(0 .37		)†	(0 .29		)	(0.08		)	—			(0.08		)
2013	12.85		0 .11		(1)	0 .83		†	0 .94			(0.09		)	—			(0.09		)
2012	12.23		0 .10		(1)	0 .69		†	0 .79			(0.10		)	(0.07		)	(0.17		)
2011	13.36		0 .14		(1)	(1 .19		)†	(1 .05		)	(0.04		)	(0.04		)	(0.08		)
2010	11.32		0 .08		(1)	2 .02		†	2 .10			(0.06		)	—			(0.06		)
R6 Shares
2015(b)	$	12.60	$	0 .03	(1)	$	1 .05		$	1 .08		$	—		$	—		$	—
Emerging Markets Multi-Cap Equity Fund
Investor Shares
2015*	$	10.91	$	0 .08	(1)	$	0 .04	†	$	0 .12		$	(0.07	)	$	(0.52	)	$	(0.59	)
2014	11.36		0 .24		(1)	(0 .09		)	0 .15			(0.27		)	(0.33		)	(0.60		)
2013(c)	10.00		0 .09		(1)	1 .34			1 .43			(0.07		)	—			(0.07		)
Advisor Shares
2015*	$	10.91	$	0 .06	(1)	$	0 .05	†	$	0 .11		$	(0.06	)	$	(0.52	)	$	(0.58	)
2014	11.35		0 .21		(1)	(0 .08		)	0 .13			(0.24		)	(0.33		)	(0.57		)
2013(c)	10.00		0 .08		(1)	1 .33			1 .41			(0.06		)	—			(0.06		)
R6 Shares
2015(b)	$	9.72	$	0 .06	(1)	$	0 .67	†	$	0 .73		$	(0.01	)	$	—		$	(0.01	)
International Alpha Fund
Investor Shares
2015*	$	11.86	$	0 .03	(1)	$	0 .57	†	$	0 .60		$	(0.29	)	$	(0.45	)	$	(0.74	)
2014	12.04		0 .29		(1)	(0 .23		)†	0 .06			(0.14		)	(0.10		)	(0.24		)
2013	9.87		0 .14		(1)	2 .14		†	2 .28			(0.11		)	—			(0.11		)
2012	9.36		0 .13		(1)	0 .48		†	0 .61			(0.10		)	—			(0.10		)
2011	10.51		0 .10		(1)	(1 .01		)†	(0 .91		)	(0.24		)	—			(0.24		)
2010	9.00		0 .08		(1)	1 .60		†	1 .68			(0.17		)	—			(0.17		)
Advisor Shares
2015*	$	11.93	$	—	(1)(d)	$	0 .61		$	0 .61		$	—		$	(0.45	)	$	(0.45	)
2014	12.11		0 .26		(1)	(0 .22		)†	0 .04			(0.12		)	(0.10		)	(0.22		)
2013	9.93		0 .17		(1)	2 .09		†	2 .26			(0.08		)	—			(0.08		)
2012	9.34		0 .09		(1)	0 .50		†	0 .59			—			—			—
2011	10.47		0 .10		(1)	(1 .02		)†	(0 .92		)	(0.21		)	—			(0.21		)
2010	8.97		0 .06		(1)	1 .59		†	1 .65			(0.15		)	—			(0.15		)
R6 Shares
2015(b)	$	10.88	$	0 .08	(1)	$	0 .76		$	0 .84		$	—		$	—		$	—

*	For the six months ended April 30, 2015 (unaudited). All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate.
(1)	Per share net investment income (loss) calculated using average shares.
(a)	Total returns would have been lower had certain Fund expenses not been waived or reimbursed, as applicable, during the periods shown (See Note 3). Total return calculations for a period of less than one year are not annualized.
(b)	Commenced operations on December 30, 2014. All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate.
(c)	Commenced operations on June 25, 2013. All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate.
(d)	Amount was less than $0.01 per share.

The accompanying notes are an integral part of the financial statements.

88

	Net Asset  Value, End  of Period		Total  Return(a)		Net Assets,  End of Period  (000)		Ratio of Expenses to  Average Net Assets  (Including Waivers and Reimbursements,  Excluding Offsets)		Ratio of Expenses to  Average Net Assets  (Excluding Waivers, Reimbursements and  Offsets)		Ratio of Net Investment  Income (Loss) to Average  Net Assets (Including  Waivers, Reimbursements  and Offsets)		Portfolio  Turnover  Rate
Emerging Market Equity Fund
Investor Shares
2015*	$	13.68	3 .10	%	$	871,414	1 .23	%	1 .31	%	0 .63	%	33	%
2014	13.40		(1 .77	)	1,135,896		1 .24		1 .26		0 .87		58
2013	13.76		7 .49		841,841		1 .23		1 .25		1 .16		47
2012	12.91		6 .77		437,270		1 .25		1 .26		1 .18		47
2011	12.29		(7 .73	)	234,258		1 .25		1 .34		1 .34		69
2010	13.42		18 .97		152,681		1 .25		1 .53		0 .82		75
Advisor Shares
2015*	$	13.69	3 .02	%	$	52,416	1 .48	%	1 .56	%	0 .32	%	33	%
2014	13.33		(2 .08	)	122,722		1 .49		1 .50		0 .61		58
2013	13.70		7 .33		208,116		1 .48		1 .50		0 .84		47
2012	12.85		6 .57		153,283		1 .50		1 .51		0 .81		47
2011	12.23		(7 .95	)	95,602		1 .50		1 .59		1 .05		69
2010	13.36		18 .60		87,577		1 .50		1 .81		0 .64		75
R6 Shares
2015(b)	$	13.68	8 .57	%	$	400,191	1 .10	%	1 .22	%	0 .73	%	33	%
Emerging Markets Multi-Cap Equity Fund
Investor Shares
2015*	$	10.44	1 .47	%	$	9,817	1 .16	%	2 .43	%	1 .50	%	54	%
2014	10.91		1 .47		26,865		1 .25		2 .39		2 .17		96
2013(c)	11.36		14 .28		21,578		1 .25		3 .42		2 .41		40
Advisor Shares
2015*	$	10.44	1 .35	%	$	1,131	1 .35	%	2 .78	%	1 .16	%	54	%
2014	10.91		1 .31		1,164		1 .50		2 .65		1 .93		96
2013(c)	11.35		14 .11		1,136		1 .50		3 .67		2 .16		40
R6 Shares
2015(b)	$	10.44	7 .55	%	$	20,684	0 .90	%	2 .44	%	1 .64	%	54	%
International Alpha Fund
Investor Shares
2015*	$	11.72	5 .50	%	$	119,260	0 .95	%	1 .15	%	0 .61	%	21	%
2014	11.86		0 .54		98,855		0 .95		1 .03		2 .39		54
2013	12.04		23 .27		97,227		0 .95		1 .10		1 .28		47
2012	9.87		6 .67		65,921		1 .01		1 .46		1 .42		63
2011	9.36		(8 .87	)	44,038		1 .15		1 .49		0 .97		96
2010	10.51		18 .90		46,392		1 .15		1 .63		0 .82		101
Advisor Shares
2015*	$	12.09	5 .37	%	$	4,181	1 .15	%	1 .31	%	(0 .03	)%	21	%
2014	11.93		0 .30		84,474		1 .23		1 .31		2 .17		54
2013	12.11		22 .91		101,113		1 .23		1 .33		1 .50		47
2012	9.93		6 .32		3,927		1 .32		1 .78		1 .00		63
2011	9.34		(8 .97	)	4,411		1 .40		1 .72		0 .91		96
2010	10.47		18 .61		27,908		1 .40		1 .89		0 .69		101
R6 Shares
2015(b)	$	11.72	7 .72	%	$	57,292	0 .80	%	1 .07	%	1 .99	%	21	%

The accompanying notes are an integral part of the financial statements.

89

	Net Asset  Value,  Beginning of  Period		Net  Investment  Income (Loss)			Net Realized  and  Unrealized  Gains  (Losses)			Total from  Investment  Operations			Dividends  from Net  Investment  Income			Distributions  from Net  Realized Gain			Total  Distributions
International Multi-Cap Value Fund
Investor Shares
2015*	$	9.46	$	0 .10	(1)	$	0 .29	†	$	0 .39		$	(0.10	)	$	(0.26	)	$	(0.36	)
2014	10.21		0 .28		(1)	(0 .17		)†	0 .11			(0.36		)	(0.50		)	(0.86		)
2013	8.59		0 .24		(1)	1 .75		†	1 .99			(0.37		)	—			(0.37		)
2012	8.34		0 .24		(1)	0 .30		†	0 .54			(0.29		)	—			(0.29		)
2011	8.95		0 .28		(1)	(0 .60		)	(0 .32		)	(0.29		)	—			(0.29		)
2010	7.91		0 .26		(1)	1 .05			1 .31			(0.27		)	—			(0.27		)
Advisor Shares
2015*	$	9.46	$	0 .09	(1)	$	0 .29	†	$	0 .38		$	(0.09	)	$	(0.26	)	$	(0.35	)
2014	10.22		0 .26		(1)	(0 .20		)†	0 .06			(0.32		)	(0.50		)	(0.82		)
2013	8.58		0 .22		(1)	1 .75		††	1 .97			(0.33		)	—			(0.33		)
2012	8.33		0 .22		(1)	0 .30		†	0 .52			(0.27		)	—			(0.27		)
2011	8.94		0 .24		(1)	(0 .58		)†	(0 .34		)	(0.27		)	—			(0.27		)
2010	7.91		0 .24		(1)	1 .04			1 .28			(0.25		)	—			(0.25		)
R6 Shares
2015(f)	$	8.79	$	0 .16	(1)	$	0 .56		$	0 .72		$	(0.03	)	$	—		$	(0.03	)
Global Multi-Cap Equity Fund
Investor Shares**
2015*	$	13.36	$	0 .12	(1)	$	0 .18	†	$	0 .30		$	(0.41	)	$	(0.84	)	$	(1.25	)
2014	13.15		0 .32		(1)	0 .59			0 .91			(0.14		)	(0.56		)	(0.70		)
2013	10.70		0 .24		(1)	2 .30			2 .54			(0.09		)	—			(0.09		)
2012(c)	10.74		0 .01		(1)	(0 .05		)	(0 .04		)	—			—			—
Advisor Shares
2015(f)	$	11.89	$	0 .07	(1)	$	0 .44		$	0 .51		$	—		$	—		$	—
R6 Shares***
2015*	$	13.38	$	0 .12	(1)	$	0 .18	†	$	0 .30		$	(0.42	)	$	(0.84	)	$	(1.26	)
2014	13.17		0 .33		(1)	0 .58		†	0 .91			(0.14		)	(0.56		)	(0.70		)
2013	10.70		0 .27		(1)	2 .29		†	2 .56			(0.09		)	—			(0.09		)
2012(d)	10.07		0 .24		(1)	0 .75		†	0 .99			(0.36		)	—			(0.36		)
2011(b)(e)	10.00		0 .24		(1)	(0 .15		)†	0 .09			(0.02		)	—			(0.02		)

*	For the six months ended April 30, 2015 (unaudited). All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate.
**	Investor Shares were formerly Institutional Service Shares.
***	R6 Shares were formerly Institutional Shares.
†	Includes redemption fees of $0.01 per share.
††	Includes redemption fees of $0.01 per share.
(1)	Per share net investment income (loss) calculated using average shares.
(a)	Total returns would have been lower had certain Fund expenses not been waived or reimbursed, as applicable, during the periods shown (See Note 3). Total return calculations for a period of less than one year are not annualized.
(b)	Commenced operations on November 9, 2010. All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate.
(c)	Commenced operations on September 28, 2012. All ratios for the period have been annualized, except for the Total Return.
(d)	Per share amounts have been adjusted for a 10 for 1 share split on September 17, 2012. (See Note 14).
(e)	Per share amounts have been restated for a 10 for 1 share split on September 17, 2012. (See Note 14).
(f)	Commenced operations on December 30, 2014. All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate.

The accompanying notes are an integral part of the financial statements.

90

	Net Asset  Value, End  of Period		Total  Return(a)		Net Assets, End of Period  (000)		Ratio of Expenses to  Average Net Assets  (Including Waivers and  Reimbursements,  Excluding Offsets)		Ratio of Expenses to  Average Net Assets  (Excluding Waivers,  Reimbursements and Offsets)		Ratio of Net Investment  Income (Loss) to Average  Net Assets (Including  Waivers, Reimbursements and Offsets)		Portfolio  Turnover  Rate
International Multi-Cap Value Fund
Investor Shares
2015*	$	9.49	4 .43	%	$	215,720	0 .91	%	1 .21	%	2 .28	%	42	%
2014	9.46		1 .15		213,991		0 .95		1 .14		2 .86		66
2013	10.21		23 .84		105,501		0 .95		1 .43		2 .58		79
2012	8.59		6 .84		56.727		0 .98		2 .31		2 .87		66
2011	8.34		(3 .72	)	12,245		1 .15		3 .60		3 .14		91
2010	8.95		16 .96		11,049		1 .15		4 .56		3 .20		90
Advisor Shares
2015*	$	9.49	4 .29	%	$	25,602	1 .19	%	1 .49	%	1 .94	%	42	%
2014	9.46		0 .67		24,498		1 .30		1 .51		2 .66		66
2013	10.22		23 .58		38,501		1 .30		1 .78		2 .32		79
2012	8.58		6 .63		9,358		1 .32		2 .95		2 .75		66
2011	8.33		(3 .90	)	6,767		1 .40		3 .89		2 .73		91
2010	8.94		16 .64		2,168		1 .40		4 .83		2 .94		90
R6 Shares
2015(f)	$	9.48	8 .21	%	$	81,031	0 .75	%	1 .06	%	4 .94	%	42	%
Global Multi-Cap Equity Fund
Investor Shares**
2015*	$	12.41	2 .78	%	$	69,212	0 .80	%	0 .98	%	1 .94	%	50	%
2014	13.36		7 .37		98,731		0 .80		0 .91		2 .47		93
2013	13.15		23 .95		29,950		0 .80		1 .03		1 .97		76
2012(c)	10.70		(0 .37	)	50		0 .80		1 .78		0 .77		94
Advisor Shares
2015(f)	$	12.40	4 .29	%	$	106	1 .05	%	1 .26	%	1 .74	%	50	%
R6 Shares***
2015*	$	12.42	2 .80	%	$	150,892	0 .66	%	0 .85	%	2 .04	%	50	%
2014	13.38		7 .40		140,603		0 .70		0 .81		2 .48		93
2013	13.17		24 .14		151,997		0 .70		0 .97		2 .30		76
2012(d)	10.70		10 .00		78,328		0 .70		1 .16		2 .37		94
2011(b)(e)	10.07		0 .93		66,635		0 .70		1 .40		2 .35		90

The accompanying notes are an integral part of the financial statements.

91

Schroder Mutual Funds

Notes to Financial Statements

April 30, 2015 (unaudited)

NOTE 1 — ORGANIZATION

Schroder Global Series Trust (“SGST”) is an open-end series management investment company registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”). SGST was organized as a business trust under the laws of The Commonwealth of Massachusetts on May 27, 2003. SGST has an unlimited number of authorized shares, which are divided into two separate diversified series: Schroder North American Equity Fund and Schroder Global Multi-Cap Equity Fund (each a “Fund” and collectively, the “SGST Funds”).

Schroder Capital Funds (Delaware) (“SCFD”) is an open-end series management investment company registered under the Investment Company Act. SCFD was organized as a Maryland corporation on July 30, 1969; reorganized as Schroder Capital Funds, Inc., a series company, on February 29, 1988; and reorganized on January 9, 1996, as a Delaware business trust. SCFD has an unlimited number of authorized shares, which are divided into two separate diversified series: Schroder U.S. Opportunities Fund and Schroder International Alpha Fund (each a “Fund” and collectively, the “SCFD Funds”).

Schroder Series Trust (“SST”) is an open-end series management investment company registered under the Investment Company Act. SST was organized as a business trust under the laws of The Commonwealth of Massachusetts on May 6, 1993. SST has an unlimited number of authorized shares, which are divided into thirteen separate series. Included in this report are Schroder U.S. Small and Mid-Cap Opportunities Fund, Schroder Emerging Market Equity Fund, Schroder Emerging Markets Multi-Cap Equity Fund, Schroder International Multi-Cap Value Fund (each a “Fund”, collectively, the “SST Funds,” and together with the SCFD Funds and the SGST Funds, the “Funds”).

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates, and those differences could be material.

The following is a summary of significant accounting policies followed by the Funds, which are in conformity with U.S. GAAP:

VALUATION OF INVESTMENTS: Each Fund calculates the net asset value of its classes of shares by dividing the total value of its assets attributable to that class, less its liabilities attributable to that class, by the number of shares of that class that are outstanding. Each Fund values its shares as of the close of trading on the New York Stock Exchange (the “Exchange”) each day the Exchange is open. Portfolio securities listed on recognized stock exchanges are valued at the last reported sale price on the exchange on which the securities are principally traded, except that NASDAQ official closing prices for all NASDAQ National Market and NASDAQ Small Cap Market Securities are used, where applicable. Securities for which market quotations are readily available are valued at current market value in accordance with the valuation procedures of SST, SGST and SCFD (the “Trusts”). Securities for which market values are not readily available, or for which Schroders believes the market value is unreliable (including, for example, certain foreign securities, thinly-traded securities, IPOs, or securities whose values may have been affected by a particular event), are valued by Schroders at their fair values pursuant to procedures adopted by the Boards of Trustees of the Trusts. It is possible that fair value prices will be used by a Fund to a significant extent. The value determined for an investment using the Funds’ fair value guidelines may differ from recent market prices for the investment. Certain securities are valued at fair value on the basis of valuations furnished by broker-dealers or other market intermediaries. Market quotations are not readily available for many bonds (excluding most U.S. Treasury securities), certain preferred stocks, tax-exempt securities and certain foreign securities. Such securities are generally fair valued.

Debt securities are priced based upon valuations provided by independent, third-party pricing agents.  Such values generally reflect the last reported sales price if the security is actively traded.  The third-party pricing agents may also value debt securities by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market values for such securities.  Such methodologies generally consider factors such as comparable security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations.  On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from a Trust’s primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price.  Each day thereafter, the debt security will be valued according to the Trusts’ fair value procedures until an independent source can be secured.

92

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market.  If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used.  In the event such market quotations are not readily available, the security will be valued according to the Trusts’ fair value procedures.  Exchange traded options, including options on indices, are generally valued at the composite mean price or, in the absence of such a mean price, long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price.  Options not traded on a securities exchange or board of trade for which market quotations are readily available are valued at the most recently reported mid-market price.  Rights and warrants are valued at the last reported sale price on the exchange on which they are principally traded.  Futures are valued at the settlement price established each day by the board of exchange on which they are principally traded.  On days when there is excessive volume or market volatility, the settlement price may not be available at the time at which the Funds calculate their net asset values.  On such days, the best available price (which is typically the last sales price) may be used to value the Funds’ futures positions.    If rights and warrants are not traded on a particular day, intrinsic value may be used to value the security.  Otherwise, the security will be valued according to the Trusts’ fair value procedures.  Swaps held by the Funds are valued primarily using valuations from independent pricing services, if the swap is not centrally cleared.  In the case of a swap that is centrally cleared, it may be valued at the valuation used by the clearing organization in its determination of applicable margin amounts for the swap.  If no valuation is available using these methods, then valuations can be sought from brokers, or if no broker quotations are available, from the swap counterparty or by reference to daily quoted values for the indices or securities upon which the swap is valued.  In the absence of the above, the Schroders’ Pricing Committee (the “Committee”) will determine an appropriate method of valuation, subject to the Trusts’ fair value procedures. The Committee is comprised of officers of the Funds and Schroders and other responsible personnel of Schroders.  Other securities and assets for which market quotations are not readily available are valued in accordance with the Trusts’ fair value procedures. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market values at the time a Fund calculates its net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last trade and the time that a Fund calculates its net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its net asset value, a Committee meeting may be called.

Schroder Emerging Market Equity Fund, Schroder Emerging Markets Multi-Cap Equity Fund, Schroder International Alpha Fund, Schroder International Multi-Cap Value Fund and Schroder Global Multi-Cap Equity Fund use a third-party fair valuation vendor, which provides a fair value for securities of companies located in countries outside the Western Hemisphere held by the Funds based on certain factors and methodologies applied by the vendor in the event that there is movement in the U.S. market that exceeds a specific threshold established by the Committee in consultation with the Trustees. Such methodologies generally involve tracking valuation correlations between the U.S. market and each non-U.S. security. The Committee also determines a “confidence interval” that will be used, when the threshold is exceeded, to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security will be fair valued. In the event that the threshold established by the Committee is exceeded on a specific day, the Funds will typically value such securities in their portfolios that exceed the applicable confidence interval based upon the fair values provided by the vendor. A security whose value is adjusted in this manner will be classified as a Level 2 security in the fair value hierarchy.

93

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

In accordance with the authoritative guidance under U.S. GAAP, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements and requires disclosure surrounding the various inputs that are used in determining the fair value of the Funds’ investments. These inputs are summarized into the three broad levels listed below.

·Level 1 — quoted prices in active markets for identical securities

·Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

·Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

For the purpose of this Fair Value Measurement summary, instruments that have been fair valued by a third-party vendor as discussed above for Schroder Emerging Market Equity Fund, Schroder Emerging Markets Multi-Cap Equity Fund, Schroder International Alpha Fund, Schroder International Multi-Cap Value Fund and Schroder Global Multi-Cap Equity Fund, are generally considered Level 2 instruments.  The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For the period ended April 30, 2015, there have been no significant changes to the Funds’ fair valuation methodologies. Fair value measurement classifications are summarized in each Fund’s Schedule of Investments.

FEDERAL INCOME TAXES: It is the intention of each Fund to qualify, or continue to qualify, as a “regulated investment company” by complying with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended. If a Fund qualifies as a regulated investment company that is accorded special tax treatment, the Fund will not be subject to Federal income taxes to the extent that, among other things, it distributes substantially all of its taxable income, including realized capital gains, for the fiscal year in a timely manner, to its shareholders in the form of dividends. In addition, as a result of distributing substantially all of their net investment income during each calendar year, capital gains and certain other amounts, if any, the Funds will not be subject to a Federal excise tax. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely than-not” (i.e., greater than 50%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of, and during the period ended April 30, 2015, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year, the Funds did not incur any tax-related interest or penalties.

INVESTMENT TRANSACTIONS: Investment security transactions are recorded as of trade date. Realized gains and losses on sales of investments are determined on the basis of identified cost. Capital gain taxes on securities in certain foreign countries are accrued on unrealized appreciation and are due when realized.

INVESTMENT INCOME: Dividend income is recorded on the ex-dividend date. Dividend income is recorded net of unrecoverable withholding tax. Interest income and expense is recorded on an accrual basis. Foreign dividend and interest income amounts and realized capital gains or losses are converted to U.S. dollar equivalents using foreign exchange rates in effect at the date of the transactions. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of costs of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered non-taxable distributions or capital gain distributions.

EXPENSES: Expenses are recorded on an accrual basis. Many of the expenses of the Funds can be directly attributable to a specific Fund. Expenses not directly attributable to a specific Fund are allocated among the Funds based on relative average net assets or another appropriate methodology. Class specific expenses are borne by that class. Fund expenses are pro-rated to the respective classes based on relative net assets.

CLASSES OF SHARES: Income, realized and unrealized gains and losses of a Fund are prorated to the respective classes of shares based on relative net assets.

94

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Dividends and distributions to shareholders from net investment income and from net realized capital gains, if any, are declared and distributed at least annually for each of the Funds, except Schroder Emerging Markets Multi-Cap Equity Fund and Schroder International Multi-Cap Value Fund, which declares and distribute dividends to shareholders from net investment income and distributes these dividends quarterly.

FOREIGN CURRENCY: Foreign currency amounts are translated into U.S. dollars at the mean of the bid and asked prices of such currencies against U.S. dollars as follows: (i) assets and liabilities at the rate of exchange at the end of the respective period; and (ii) purchases and sales of securities and income and expenses at the rate of exchange prevailing on the dates of such transactions. The portion of the results of operations arising from changes in the exchange rates and the portion due to fluctuations arising from changes in the market prices of securities are not isolated. Such fluctuations are included with the net realized and unrealized gain or loss on investments. Certain Funds may enter into forward foreign currency contracts to protect the U.S. dollar value of the underlying portfolio of securities against the effect of possible adverse movements in foreign exchange rates. Certain Funds may also seek to gain currency exposure or otherwise attempt to increase a Fund’s total return by holding such forward foreign currency contracts. Principal risks associated with such transactions include the movement in value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform. Fluctuations in the value of such forward foreign currency transactions are recorded daily as unrealized gain or loss; realized gain or loss includes net gain or loss on transactions that have terminated by settlement or by the Funds entering into offsetting commitments.

WHEN-ISSUED SECURITIES: Certain Funds may purchase securities on a when-issued, delayed delivery, or forward commitment basis during the period covered by this report. These transactions involve a commitment by the Fund to purchase a security for a predetermined price or yield, with payments and delivery taking place more than seven days in the future, or after a period longer than the customary settlement period for that type of security. These transactions may increase the overall investment exposure for a Fund (and so may create investment leverage) and involve a risk of loss if the value of the securities declines prior to the settlement date.

CONVERTIBLE SECURITIES: Certain Funds may invest in securities that are convertible into preferred and common stocks, and so subject to the risks of investments in both debt and equity securities. The market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline. In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying preferred and common stocks and, therefore, also will react to variations in the general market for equity securities.

FUTURES: Financial futures contracts are valued based upon their quoted daily settlement prices; changes in initial settlement value (represented by cash paid to or received from brokers as “variation margin”) are accounted for as unrealized appreciation (depreciation). When futures contracts are closed, the difference between the opening value at the date of purchase and the value at closing is recorded as realized gain or loss in the Statements of Operations.

Futures contracts are generally utilized in order to hedge against unfavorable changes in the value of securities or otherwise to attempt to increase a Fund’s total return. Futures contracts involve leverage and are subject to market risk that may exceed the amounts recognized in the Statements of Assets and Liabilities. Risks arise from the possible significant movements in prices. The change in value of futures contracts primarily corresponds to the value of the securities or other index or amount underlying the contracts, but may not precisely correlate with the change in value of such securities or other index or amount. In addition, there is the risk that a Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

CUSTODY OFFSET: The Funds have an arrangement with the custodian whereby interest earned on uninvested cash balances is used to offset a portion of the custodian fees. The amounts are included in custodian fees and custody offset on the Statements of Operations.

95

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

NOTE 3 — INVESTMENT ADVISORY FEES, ADMINISTRATION AGREEMENTS AND DISTRIBUTION PLANS

The Funds have entered into investment advisory agreements with Schroder Investment Management North America (“SIMNA”). Under these agreements, SIMNA provides investment management services and is entitled to receive compensation for its services, payable monthly for the SGST Funds and the SCFD Funds, and quarterly for the SST Funds, at the following annual rates based on average daily net assets of each Fund taken separately. In order to limit the expenses of the Investor Shares, Advisor Shares and R6 Shares of certain Funds, as applicable, SIMNA has contractually agreed to waive management fees for the U.S. Small and Mid Cap Opportunities Fund, Emerging Markets Multi-Cap Equity Fund, International Alpha Fund and International Multi-Cap Value Fund and pay or reimburse the applicable Fund for expenses through February 29, 2016, to the extent that the total annual fund operating expenses of a Fund (other than acquired fund fees and expenses, other indirect acquired fund expenses, interest, taxes, and extraordinary expenses) allocable to each share class exceed the following annual rates (based on the average daily net assets attributable to each share class):

Effective December 19, 2014

			Expense Limitation
	Management fee		Investor Shares		Advisor Shares		R6 Shares
Schroder North American Equity Fund	0.25	%	N/A		N/A		N/A
Schroder U.S. Opportunities Fund	1.00	%	1.70	%	1.95	%	N/A
Schroder U.S. Small and Mid Cap Opportunities Fund	0.80	%*	1.05	%	1.30	%	0.90	%
Schroder Emerging Market Equity Fund	1.00	%*	1.25	%	1.50	%	1.10	%
Schroder Emerging Markets Multi-Cap Equity Fund	0.80	%*	1.05	%	1.30	%	0.90	%
Schroder International Alpha Fund	0.70	%*	0.95	%	1.20	%	0.80	%
Schroder International Multi-Cap Value Fund	0.65	%*	0.90	%	1.15	%	0.75	%
Schroder Global Multi-Cap Equity Fund**	0.55	%	0.80	%	1.05	%	0.65	%

*Management fee after contractual fee waiver.

**Institutional Shares converted to R6 Shares and Institutional Service Shares converted to Investor Shares.

Prior to December 19, 2014

			Expense Limitation
	Management fee		Investor Shares		Advisor Shares		Institutional Shares ares		Institutional Service Shares ares
Schroder North American Equity Fund	0.25	%	N/A		N/A		N/A		N/A
Schroder U.S. Opportunities Fund	1.00	%	1.70	%	1.95	%	N/A		N/A
Schroder U.S. Small and Mid Cap Opportunities Fund	1.00	%	1.05	%	1.30	%	N/A		N/A
Schroder Emerging Market Equity Fund	1.00	%	1.25	%	1.50	%	N/A		N/A
Schroder Emerging Markets Multi-Cap Equity Fund	1.00	%	1.25	%	1.50	%	N/A		N/A
Schroder International Alpha Fund	0.80	%	0.95	%	1.30	%	N/A		N/A
Schroder International Multi-Cap Value Fund	0.80	%	0.95	%	1.30	%	N/A		N/A
Schroder Global Multi-Cap Equity Fund	0.55	%	N/A		N/A		0.70	%	0.80	%

SIMNA has retained its affiliate Schroder Investment Management North America Limited (“SIMNA Ltd.”) to serve as sub-advisor responsible for the portfolio management of Schroder North American Equity Fund, Schroder Emerging Market Equity Fund, Schroder Emerging Markets Multi-Cap Equity Fund, Schroder International Alpha Fund, Schroder International Multi-Cap Value Fund and Schroder Global Multi-Cap Equity Fund. During the reporting period, SIMNA paid SIMNA Ltd. the following percentage of the investment advisory fees it received from Schroder North American Equity Fund, Schroder Emerging Market Equity Fund, Schroder Emerging Markets Multi-Cap Equity Fund, Schroder International Alpha Fund, Schroder International Multi-Cap Value Fund and Schroder Global Multi-Cap Equity Fund, after waivers, as set forth below.

96

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

Fund	Percentage of Fees Paid to SIMNA Ltd.
Schroder North American Equity Fund	53	%
Schroder Emerging Market Equity Fund	41	%
Schroder Emerging Markets Multi-Cap Equity Fund	41	%
Schroder International Alpha Fund	51	%
Schroder International Multi-Cap Value Fund	51	%
Schroder Global Multi-Cap Equity Fund	53	%

The administrator of the SGST Funds is Schroder Fund Advisors LLC (“SFA”), a wholly-owned subsidiary of SIMNA. SFA receives no compensation for its services for the SGST Funds. SIMNA provides certain administration services to the SCFD Funds. SIMNA’s compensation for these services is included in the SCFD Funds’ advisory fees.

Effective January 1, 2013, under (i) amended sub-administration and accounting agreements with SEI Investments Global Funds Services (“SEI”), the SCFD Funds and the SGST Funds, other than Schroder North American Equity Fund, and (ii) an amended administration and accounting agreement with SEI, the SST Funds, pay fees to SEI based on the aggregate average daily net assets of all the SCFD Funds, the SST Funds and the SGST Funds, other than Schroder North American Equity Fund, according to the following annual rates: 0.0875% on the first $1 billion of such assets; 0.0700% on the next $2 billion of such assets; 0.0600% on the next $1.5 billion of such assets; and 0.0575% on assets in excess of $4.5 billion. Each Fund pays its pro rata portion of such fees.

Prior to January 1, 2013, under (i) amended sub-administration and accounting agreements with SEI, the SCFD Funds and the SGST Funds, other than Schroder North American Equity Fund, and (ii) an amended administration and accounting agreement with SEI, the SST Funds, paid fees to SEI based on the aggregate average daily net assets of all the SCFD Funds, the SST Funds and the SGST Funds, other than Schroder North American Equity Fund, according to the following annual rates: 0.0875% on the first $2 billion of such assets; 0.0700% on the next $1 billion of such assets; 0.0600% on the next $2 billion of such assets; and 0.0500% on assets in excess of $5 billion. Each Fund paid its pro rata portion of such fees.

Effective January 29, 2005, as amended January 1, 2013, Schroder North American Equity Fund pays SEI a fee, computed and paid monthly, at an annual rate of 0.013% of the Schroder North American Equity Fund’s average daily net assets up to $1 billion and 0.005% of Schroder North American Equity Fund’s average daily net assets over $1 billion.

The Funds have adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Investment Company Act that allows each Fund to pay distribution and other fees with respect to its Advisor Shares. Under the Plan, a Fund may make payments at an annual rates of up to 0.25% of the average daily net assets attributable to their Advisor Shares to compensate SFA for distribution services and certain shareholder services with respect to the Funds’ Advisor Shares, except for Schroder North American Equity Fund, which may make payments at an annual rate of up to 0.35% of the average daily net assets attributable to its Advisor Shares.

Effective December 19, 2014, each Fund has adopted a shareholder service plan (the “Plan”) with respect to its Advisor Shares and Investor Shares. Under the Plan, each Fund, except Schroder North American Equity Fund, may make payments out of the assets attributable to its Advisor Shares or its Investor Shares to SIMNA, SFA, the Funds’ distributor, and such other entities as may from time to time act as the shareholder servicer of such class for providing services and/or incurring expenses directly or indirectly supporting or relating to the shareholder servicing function for Advisor Shares and Investor Shares as compensation for such services and expenses. Payments under the Plan are made at an annual rate of up to 0.15% of a Fund’s average daily net assets attributable to the applicable share class; payments under the Plan are not made for distribution services or expenses. This payment is in addition to payments made under the Funds’ 12b-1 plans, if applicable. SIMNA, SFA, or any of their affiliates, may, from time to time, also make payments to financial intermediaries for sub-administration, sub-transfer agency, or other shareholder services or distribution, out of their own resources. Previously, each Fund, with respect to its Advisor Shares, was authorized to reimburse SIMNA, SFA, or their affiliates for a portion of payments related to sub-administration, sub-transfer agency, or other shareholder services; the amount of that reimbursement was limited to 0.10% of a Fund’s Advisor Shares’ average daily net assets.

Prior to December 19, 2014, Schroder Global Multi-Cap Equity Fund was subject to a shareholder service plan with respect to its Investor Shares (previously, Institutional Service Shares), pursuant to which Schroder Global Multi-Cap Equity Fund paid SIMNA, SFA, or such other entity that from time to time acted as the shareholder servicer of Investor Shares, a service fee at an annual rate of up to 0.10% of the average daily net assets attributable to its Investor Shares.

97

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

NOTE 4 — DERIVATIVE CONTRACTS

Derivative instruments and hedging activities require enhanced disclosures about the Funds’ derivative and hedging activities, including how such activities are accounted for and their effect on the Funds’ financial position, performance, and cash flows.

The fair value of derivative instruments as of April 30, 2015, was as follows:

	Statement of Assets and Liabilities	Asset		Liability
Fund	Location	Derivatives		Derivatives
Schroder North American Equity Fund
Foreign exchange contracts	Unrealized appreciation/(depreciation)
Forward Contracts	on forward foreign currency contracts	$	—	$	(441,764	)
Schroder U.S. Opportunities Fund
Equity contracts
Futures Contracts	Variation margin payable on futures	$	—	$	(41,140	)
Schroder Emerging Markets Multi-Cap Equity Fund
Equity contracts
Futures Contracts	Variation margin payable on futures	$	—	$	(24,196	)
Foreign exchange contracts	Unrealized appreciation/(depreciation)
Forward Contracts	on forward foreign currency contracts	12,270		(30,879		)
		$	12,270	$	(55,075	)
Schroder International Multi-Cap Value Fund
Equity contracts
Futures Contracts	Variation margin payable on futures	$	—	$	(95,450	)
Foreign exchange contracts	Unrealized appreciation/(depreciation)
Forward Contracts	on forward foreign currency contracts	48,531		(375,518		)
		$	48,531	$	(470,968	)
Schroder Global Multi-Cap Equity Fund
Equity contracts	Variation margin receivable/(payable)
Futures Contracts	on futures	$	2,333	$	(42,210	)
Foreign exchange contracts	Unrealized appreciation/(depreciation)
Forward Contracts	on forward foreign currency contracts	—		(284,443		)
		$	2,333	$	(326,653	)

98

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

The effect of derivative instruments on the Statement of Operations for the period ended April 30, 2015, was as follows:

The amount of net realized gain (loss) and change in unrealized appreciation (depreciation) on derivatives:

				Change in Unrealized
	Net Realized			Appreciation
Fund	Gain/(Loss)*			(Depreciation)**			Total
Schroder North American Equity Fund
Foreign exchange contracts
Forward Contracts	$	1,339,924		$	(567,404	)	$	772,520
Schroder U.S. Opportunities Fund
Equity contracts
Futures Contracts	$	32,648		$	10,415		$	43,063
Schroder U.S. Small and Mid Cap Opportunities Fund
Equity contracts
Futures Contracts	$	(863	)	$	—		$	(863	)
Schroder Emerging Markets Multi-Cap Equity Fund
Equity contracts						��
Futures Contracts	$	67,121		$	(11,940	)	$	55,181
Foreign exchange contracts
Forward Contracts	57,492			(18,609		)	38,883
	$	124,613		$	(30,549	)	$	94,064
Schroder International Multi-Cap Value Fund
Equity contracts
Futures Contracts	$	(281,871	)	$	175,059		$	(106,812	)
Foreign exchange contracts
Forward Contracts	1,269,792			(728,428		)	541,364
	$	987,921		$	(553,369	)	$	434,552
Schroder Global Multi-Cap Equity Fund
Equity contracts
Futures Contracts	$	252,068		$	71,545		$	323,613
Foreign exchange contracts
Forward Contracts	253,401			(352,701		)	(99,300		)
	$	505,469		$	(281,156	)	$	224,313

* Futures contracts are included in net realized gain (loss) on futures and forward contracts are included in net realized gain (loss) on foreign currency transactions.

** Futures contracts are included in change in unrealized appreciation on futures and forward contracts are included in change in unrealized appreciation (depreciation) on forward foreign currency contracts and foreign currency transactions.

99

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

The volume of forward contracts and futures contracts, as a percentage of net assets, based on gross month-end notional amounts during the period, including long and short positions, at absolute value, was as follows for the period ended April 30, 2015:

	Forward Contracts
Schroder North American Equity Fund
Average Notional Amount Outstanding	2.51	%
Notional Amount Outstanding as of April 30, 2015	1.54	%

	Futures Contracts
Schroder U.S. Opportunities Fund
Average Notional Amount Outstanding	1.00	%
Notional Amount Outstanding as of April 30, 2015	1.54	%

	Futures Contracts
Schroder U.S. Small and Mid Cap Opportunities Fund
Average Notional Amount Outstanding	0.15	%
Notional Amount Outstanding as of April 30, 2015	0.00	%

	Forward Contracts		Futures Contracts
Schroder Emerging Markets Multi-Cap Equity Fund
Average Notional Amount Outstanding	9.43	%	7.07	%
Notional Amount Outstanding as of April 30, 2015	8.30	%	9.46	%

	Forward Contracts		Futures Contracts
Schroder International Multi-Cap Value Fund
Average Notional Amount Outstanding	8.99	%	2.59	%
Notional Amount Outstanding as of April 30, 2015	4.43	%	2.44	%

	Forward Contracts		Futures Contracts
Schroder Global Multi-Cap Equity Fund
Average Notional Amount Outstanding	8.58	%	1.93	%
Notional Amount Outstanding as of April 30, 2015	5.24	%	2.76	%

100

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

In accordance with the authoritative guidance under U.S. GAAP, “Disclosures about Offsetting Assets and Liabilities” requires entities to disclose information about financial instruments and derivative instruments that have been offset or that are subject to enforceable master netting agreements.  The Funds do not offset such instruments on the Statement of Assets and Liabilities, rather such instruments are presented on a gross basis.

The following is a summary by derivative type of the market value of over the counter (“OTC”) financial derivative instruments and collateral (received)/pledged by counterparty as of April 30, 2015:

	Gross Assets-		Gross Liabilities-			Net			Cash
	Recognized in the		Recognized in the			Amount			Collateral
	Statement of Assets		Statement of Assets			Available to			Pledged or		Net
	and Liabilities		and Liabilities			be Offset			(Received)†		Amount‡
Schroder North American Equity Fund
	Forward Contracts		Forward Contracts
Royal Bank of Canada	$	—	$	(441,764	)	$	(441,764	)	$	—	$	(441,764	)
Schroder Emerging Markets Multi-Cap Equity Fund
	Forward Contracts		Forward Contracts
Credit Suisse First Boston	$	—	$	(30,879	)	$	(30,879	)	$	—	$	(30,879	)
Deutsche Bank Securities	2,527		—			2,527			—		2,527
Goldman Sachs	2,519		—			2,519			—		2,519
HSBC	7,224		—			7,224			—		7,224
Total	$	12,270	$	(30,879	)	$	(18,609	)	$	—	$	(18,609	)
Schroder International Multi-Cap Value Fund
	Forward Contracts		Forward Contracts
Barclays Capital	$	48,531	—			$	48,531		$	—	$	48,531
BNP  Paribas	—		(89,340		)	(89,340		)	—		(89,340		)
HSBC	—		(96,470		)	(96,470		)	—		(96,470		)
Royal Bank of Canada	—		(189,708		)	(189,708		)	—		(189,708		)
Total	$	48,531	$	(375,518	)	$	(326,987	)	$	—	$	(326,987	)
Schroder Global Multi-Cap Equity Fund
	Forward Contracts		Forward Contracts
Deutsche Bank Securities	$	—	$	(5,748	)	$	(5,748	)	$	—	$	(5,748	)
HSBC	—		(40,373		)	(40,373		)	—		(40,373		)
Royal Bank of Canada	—		(238,322		)	(238,322		)	—		(238,322		)
Total	$	—	$	(284,443	)	$	(284,443	)	$	—	$	(284,443	)

† Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

‡ Net amount represents the net receivable/(payable) that would be due from/to the counterparty in the event of default.  Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity.

101

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

NOTE 5 — REDEMPTION FEES

Schroder U.S. Opportunities Fund, Schroder U.S. Small and Mid Cap Opportunities Fund, Schroder Emerging Market Equity Fund, Schroder Emerging Markets Multi-Cap Equity Fund, Schroder International Alpha Fund, Schroder International Multi-Cap Value Fund, and Schroder Global Multi-Cap Equity Fund generally impose a 2.00% redemption fee on shares redeemed (including in connection with an exchange) two months or less from their date of purchase. These fees, which are not sales charges, are retained by the Funds and not paid to SFA or any other entity. The redemption fees are included in the Statements of Changes in Net Assets under “Redemption fees,” and are included as part of “Capital paid-in” on the Statements of Assets and Liabilities. The redemption fees retained for the period ended April 30, 2015 were as follows:

Schroder U.S. Opportunities Fund	$	454
Schroder U.S. Small and Mid Cap Opportunities Fund	219
Schroder Emerging Market Equity Fund	27,760
Schroder International Alpha Fund	535
Schroder International Multi-Cap Value Fund	3,431
Schroder Global Multi-Cap Equity Fund	3,173

NOTE 6 — TRANSACTIONS WITH AFFILIATES

The Funds pay no compensation to Trustees who are interested persons of the Trusts, SIMNA or SFA.  Certain officers of the Funds are also officers of SIMNA and SFA. Such officers are paid no fees by the Funds for serving as officers of the Funds.

NOTE 7 — INVESTMENT TRANSACTIONS

Purchases and proceeds from sales and maturities of investments, excluding short-term and U.S. Government securities for each Fund, for the period ended April 30, 2015 were as follows:

	Purchases		Sales and Maturities
Schroder North American Equity Fund	$	281,206,911	$	334,102,031
Schroder U.S. Opportunities Fund	27,939,560		39,907,418
Schroder U.S. Small and Mid Cap Opportunities Fund	15,015,833		24,992,018
Schroder Emerging Market Equity Fund	432,875,995		404,069,631
Schroder Emerging Markets Multi-Cap Equity Fund	14,788,691		13,029,810
Schroder International Alpha Fund	37,544,919		48,269,667
Schroder International Multi-Cap Value Fund	176,330,068		109,888,248
Schroder Global Multi-Cap Equity Fund	102,412,912		131,744,238

NOTE 8 — FEDERAL INCOME TAXES

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either temporary or permanent in nature. Any permanent differences, which may result in distribution reclassifications, are primarily due to differing treatments for gains resulting from investments in passive foreign investment companies, reclassifications of long-term capital gain distributions on real estate investment trust securities, partnership investments, foreign currency transactions and utilization of equalization distribution on redemption. Distributions from short-term gains and from gains on foreign currency transactions are treated as distributions from ordinary income for tax purposes.

102

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

At October 31, 2014, the Funds reclassified the following permanent amounts between capital paid-in, undistributed net investment income and accumulated realized gain (loss):

	Increase (Decrease) Undistributed Net Investment Income			Increase (Decrease) Accumulated Realized Gain (Loss)			Increase (Decrease) Capital Paid-in
Schroder North American Equity Fund	$	939,173		$	(938,351	)	$	(822	)
Schroder U.S. Opportunities Fund	19,690			(1,557,628		)	1,537,938
Schroder U.S. Small and Mid Cap Opportunities Fund	17,806			(1,780,847		)	1,763,041
Schroder Emerging Market Equity Fund	(522,557		)	522,557			—
Schroder Emerging Markets Multi-Cap Equity Fund	90,022			(90,022		)	—
Schroder International Alpha Fund	(115,465		)	115,465			—
Schroder International Multi-Cap Value Fund	1,117,147			(1,117,147		)	—
Schroder Global Multi-Cap Equity Fund	535,735			(535,482		)	(253		)

The tax character of dividends and distributions declared during the years or periods ended October 31, 2014 and October 31, 2013, was as follows:

	Ordinary Income		Long-Term Capital Gain		Total
Schroder North American Equity Fund
2014	$	12,933,304	$	—	$	12,933,304
2013	10,705,026		—		10,705,026
Schroder U.S. Opportunities Fund
2014	4,585,313		17,942,726		22,528,039
2013	217,460		10,224,237		10,441,697
Schroder U.S. Small and Mid Cap Opportunities Fund
2014	3,256,364		11,411,952		14,668,316
2013	1,630,780		4,761,970		6,392,750
Schroder Emerging Market Equity Fund
2014	8,048,688		—		8,048,688
2013	5,128,289		—		5,128,289
Schroder Emerging Markets Multi-Cap Equity Fund
2014	1,259,802		—		1,259,802
2013	132,510		—		132,510
Schroder International Alpha Fund
2014	2,081,493		1,544,405		3,625,898
2013	749,256		—		749,256
Schroder International Multi-Cap Value Fund
2014	12,208,725		2,659,321		14,868,046
2013	3,651,084		—		3,651,084
Schroder Global Multi-Cap Equity Fund
2014	6,920,618		4,649,584		11,570,202
2013	715,184		—		715,184

103

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

As of October 31, 2014, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Current Late- Year Loss Deferral			Unrealized Appreciation (Depreciation)			Other Temporary Differences			Total Distributable Earnings (Accumulated Losses)
Schroder North American Equity Fund	$	11,702,326	$	27,881,860	$	—		$	—		$	213,985,642		$	(127,341	)	$	253,442,487
Schroder U.S. Opportunities Fund	—		15,239,726		—			(193,000		)	31,266,826			11			46,313,563
Schroder U.S. Small and Mid Cap Opportunities Fund	1,927,957		7,462,800		—			—			14,497,415			(7,437		)	23,880,735
Schroder Emerging Market Equity Fund	8,928,960		—		(53,568,859		)	—			101,412,554			(10,392		)	56,762,263
Schroder Emerging Markets Multi-Cap Equity Fund	1,138,225		167,585		—			—			385,093			—			1,690,903
Schroder International Alpha Fund	5,739,142		5,436,951		(4,221,708		)	—			10,473,435			5,821			17,433,641
Schroder International Multi-Cap Value Fund	4,150,734		3,805,699		—			—			(3,696,557		)	(419,144		)	3,840,732
Schroder Global Multi-Cap Equity Fund	11,032,143		10,344,516					—			15,961,638			(76,942		)	37,261,355

Each Fund may use its tax basis capital loss carryforwards listed above to offset taxable capital gains realized in subsequent years for federal income tax purposes, subject in some cases to certain limitations. If a Fund incurred net capital losses in a taxable year beginning on or before December 22, 2010, the date of enactment of the Regulated Investment Company Modernization Act of 2010 (“pre-RlC Mod losses”), the Fund is permitted to carry such losses forward for eight taxable years; in the year to which they are carried forward, such losses are treated as short-term capital losses that first offset any short-term capital gains, and then offset any long-term capital gains. If a Fund incurs or has incurred net capital losses in taxable years beginning after December 22, 2010 (“post-RIC Mod losses”), those losses will be carried forward to one or more subsequent taxable years without expiration; any such carryforward losses will retain their character as short-term or long-term. The Fund must use any post-RlC Mod losses, which will not expire, before it uses any pre-RIC Mod losses. This increases the likelihood that pre-RlC Mod losses will expire unused at the conclusion of the eight-year carryforward period. The Fund listed below has the following pre-RIC Mod losses, which expire on the following date, except that the carryforward of Schroder International Alpha Fund may be subject to annual limitations:

	October 31, 2017
Schroder International Alpha Fund	4,221,708

The Fund listed below has the following post-RIC Mod losses, which do not expire:

	Short-Term Loss		Long-Term Loss		Total
Schroder Emerging Market Equity Fund	$	53,382,266	$	186,593	$	53,568,859

During the year ended October 31, 2014, the Funds listed below utilized capital loss carryforwards to offset capital gains:

Schroder North American Equity Fund	$	11,229,134
Schroder International Alpha Fund	2,317,358
Schroder International Multi-Cap Value Fund	960,903

104

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

At April 30, 2015, the identified cost for Federal income tax purposes of investments owned by each Fund and their respective gross unrealized appreciation and depreciation were as follows:

	Identified Tax  Cost		Gross  Unrealized  Appreciation		Gross  Unrealized  (Depreciation)			Net Unrealized  Appreciation  (Depreciation)
Schroder North American Equity Fund	$	553,089,858	$	220,714,463	$	(4,452,912	)	$	216,261,551
Schroder U.S. Opportunities Fund	97,551,934		33,035,717		(1,459,180		)	31,576,537
Schroder U.S. Small and Mid Cap Opportunities Fund	42,925,364		15,086,861		(383,249		)	14,703,612
Schroder Emerging Market Equity Fund	1,118,390,332		232,910,675		(45,247,536		)	187,663,139
Schroder Emerging Markets Multi-Cap Equity Fund	29,915,199		2,894,559		(2,155,665		)	738,894
Schroder International Alpha Fund	159,202,675		24,016,229		(3,602,563		)	20,413,666
Schroder International Multi-Cap Value Fund	299,280,459		26,275,063		(14,279,988		)	11,995,075
Schroder Global Multi-Cap Equity Fund	194,426,773		23,446,656		(7,655,918		)	15,790,738

NOTE 9 — PORTFOLIO INVESTMENT RISKS

Schroder Emerging Market Equity Fund, Schroder Emerging Market Multi-Cap Equity Fund, Schroder International Alpha Fund, Schroder International Multi-Cap Value Fund and Schroder Global Multi-Cap Equity Fund have a relatively large portion of their assets invested in companies or issuers domiciled in particular foreign countries, including emerging markets. The Funds may be more susceptible to political, social and economic events adversely affecting those countries and such issuers.

Each of Schroder International Alpha Fund, Schroder International Multi-Cap Value Fund and Schroder Global Multi-Cap Equity Fund may invest more than 25% of its total assets in issuers located in any one country or group of countries. When a Fund invests in a foreign country, it is susceptible to a range of factors that could adversely affect its holdings in issuers of that country, including political and economic developments and foreign exchange-rate fluctuations. As a result of investing substantially in a single country, the value of the Fund’s assets may fluctuate more widely than the value of shares of a comparable fund with a lesser degree of geographic concentration. The Funds may invest in countries with limited or developing capital markets. Investments in these markets may involve greater risk than investments in more developed markets.

Schroder North American Equity Fund, Schroder U.S. Opportunities Fund, Schroder U.S. Small and Mid Cap Opportunities Fund, Schroder Emerging Market Equity Fund, Schroder Emerging Markets Multi-Cap Equity Fund, Schroder International Alpha Fund, Schroder International Multi-Cap Value Fund and Schroder Global Multi-Cap Equity Fund may enter into derivative transactions including futures contracts, options, and swap contracts. Derivatives are financial contracts whose values depend on, or derive from, the value of an underlying asset, reference rate, or index. A Fund’s use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to liquidity risk, interest rate risk, and credit risk, and the risk that a derivative transaction may not have the effect the Funds’ adviser anticipated. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate, or index. Derivative transactions typically involve leverage and may be highly volatile. Use of derivatives other than for hedging purposes may be considered speculative and may have the effect of creating investment leverage, and when a Fund invests in a derivative instrument it could lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that a Fund will engage in these transactions when that would be beneficial.

105

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

NOTE 10 — BENEFICIAL INTEREST

The following table shows the number of shareholders each owning of record, or to the knowledge of the Funds beneficially, 5% or more of shares of a Fund outstanding as of April 30, 2015 and the total percentage of shares of the Fund held by such shareholders. The table includes omnibus accounts that hold shares on behalf of many shareholders.

	5% or Greater Shareholders
	Number	% of Fund  Held
Schroder North American Equity Fund	3	96.97	%
Schroder U.S. Opportunities Fund	3	77.62
Schroder U.S. Small and Mid Cap Opportunities Fund	4	79.04
Schroder Emerging Market Equity Fund	5	53.75
Schroder Emerging Markets Multi-Cap Equity Fund	2	78.13
Schroder International Alpha Fund	4	88.56
Schroder International Multi-Cap Value Fund	6	88.24
Schroder Global Multi-Cap Equity Fund	4	95.02

One account shown above holding 62.70% of the Schroder Emerging Markets Multi-Cap Equity Fund is owned by an affiliate of SIMNA.

NOTE 11 — LINE OF CREDIT

The Funds entered into a credit agreement on October 6, 2008, as amended from time to time, that enables them to participate in a $50 million committed revolving line of credit with JPMorgan Chase Bank, N.A.  Any advance under the line of credit is contemplated primarily for temporary or emergency purposes, or to finance the redemption of the shares of a shareholder of the borrower. Interest is charged to the Funds based on their borrowings at the current reference rate. The Funds pay their pro rata portion of an annual commitment fee of 0.15% on the total amount of the credit facility. For the period ended April 30, 2015, the Schroder North American Equity Fund utilized the line of credit for $1,487,749 for a period of 4 days paying interest of $233, the Schroder Emerging Market Equity Fund utilized the line of credit for $8,393,258 for a period of 1 day paying interest of $432 and $3,070,000 for a period of 2 days paying interest of $122, the Schroder Emerging Markets Multi-Cap Equity Fund utilized the line of credit for $241,778 for a period of 4 days paying interest of $38, the Schroder International Alpha Fund utilized the line of credit for $563,041 for a period of 4 days paying interest of $88 and the Schroder Global Multi-Cap Equity Fund utilized the line of credit for $25,679,258 for a period of 19 days paying interest of $6,051, which is included in the Statement of Operations as custody expense.

NOTE 12 — CAPITAL SHARE TRANSACTIONS

Capital share transactions for the period ended April 30, 2015 (unaudited) and the year or period ended October 31, 2014, were as follows:

	North American Equity  Fund				U.S. Opportunities Fund				U.S. Small and Mid Cap  Opportunities Fund
	2015		2014		2015		2014		2015		2014
Investor Shares:
Sales of shares	347,056		1,062,847		87,285		260,744		40,163		645,891
Reinvestment of distributions	2,656,100		854,096		605,263		872,089		705,277		746,794
Redemption of shares	(4,101,220	)	(737,383	)	(544,723	)	(897,260	)	(1,154,302	)	(1,494,088	)
Net increase (decrease) in Investor Shares	(1,098,064	)	1,179,560		147,825		235,573		(408,862	)	(101,403	)
Advisor Shares:
Sales of shares	6,122		15,501		3,403		146		16,807		36,953
Reinvestment of distributions	990		231		4,017		6,924		70,606		111,448
Redemption of shares	(1,807	)	(10,995	)	(1,333	)	(14,035	)	(67,500	)	(171,357	)
Net increase (decrease) in Advisor Shares	5,305		4,737		6,087		(6,965	)	19,913		(22,956	)
R6 Shares*:
Sales of shares	—		—		—		—		530,118		—
Redemption of shares	—		—		—		—		(234,383	)	—
Net increase in R6 Shares	—		—		—		—		295,735		—

106

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

	Emerging Market Equity  Fund				Emerging Markets Multi- Cap Equity Fund				International Alpha Fund
	2015		2014		2015		2014		2015		2014
Investor Shares:
Sales of shares	18,512,107		40,218,336		819,303		556,063		7,532,932		2,009,913
Reinvestment of distributions	731,850		374,978		19,778		5,850		750,609		73,554
Redemption of shares	(40,297,330	)	(16,998,829	)	(2,360,857	)	—		(6,441,704	)	(1,823,168	)
Net increase (decrease) in Investor Shares	(21,053,373	)	23,594,485		(1,521,776	)	561,913		1,841,837		260,299
Advisor Shares:
Sales of shares	303,577		5,445,485		2,056		6,615		49,308		211,676
Reinvestment of distributions	12,368		86,746		380		124		13,920		147,777
Redemption of shares	(5,690,074	)	(11,525,111	)	(786	)	(9	)	(6,800,054	)	(1,624,412	)
Net increase (decrease) in Advisor Shares	(5,374,129	)	(5,992,880	)	1,650		6,730		(6,736,826	)	(1,264,959	)
R6 Shares*:
Sales of shares	29,307,604		—		1,981,986		—		4,887,782		—
Reinvestment of distributions	—		—		38		—		—		—
Redemption of shares	(53,950	)	—		—		—		—		—
Net increase in R6 Shares	29,253,654		—		1,982,024		—		4,887,782		—

	International Multi-Cap  Value Fund				Global Multi-Cap Equity  Fund
	2015		2014		2015		2014
Investor Shares:
Sales of shares	16,926,792		15,594,884		2,946,691		6,966,361
Reinvestment of distributions	—		456,698		741,788		122,795
Redemption of shares	(8,380,054	)	(3,759,266	)	(5,499,478	)	(1,976,222	)
Net increase (decrease) in Investor Shares	8,546,738		12,292,316		(1,810,999	)	5,112,934
Advisor Shares:
Sales of shares	12,773,928		2,936,155		8,534		—
Reinvestment of distributions	583,021		373,722		—		—
Redemption of shares	(13,240,105	)	(4,490,113	)	—		—
Net increase (decrease) in Advisor Shares	116,844		(1,180,236	)	8,534		—
R6 Shares*:
Sales of shares	435,722		—		1,046,405		3,942,966
Reinvestment of distributions	100,761		—		1,129,837		515,150
Redemption of shares	(427,923	)	—		(537,462	)	(5,495,747	)
Net increase (decrease) in R6 Shares	108,560		—		1,638,780		(1,037,631	)

*R6 Shares commenced operations on December 30, 2014.

** For the Global Multi-Cap Equity Fund, Investor Shares were formerly Institutional Service Shares and R6 Shares were formerly the Institutional Shares.

NOTE 13 — LITIGATION

In May 2011, “Schroders U.S. Mutual Funds” was served with a summons and complaint in an action brought by Edward S. Weisfelner, as Litigation Trustee of the LB Litigation Trust in the case captioned Weisfelner v. A. Holmes & H. Holmes TTEE, et al. (Adv. Pro. No. 10-5525) (Bankr. S.D.N.Y.) (the “Litigation Trust Action”). In January 2012, “Schroders U.S. Mutual Funds” was served with a summons and complaint in an action brought by Edward S. Weisfelner, as trustee of the LB Creditors Trust, in the case captioned Weisfelner v. Fund 1 et al. (Adv. Pro. No. 10-04609) (the “Creditors Trust Action”). Both litigations sought to recover all payments made to shareholders in the December 2007 leveraged buyout of Lyondell Chemical Company as alleged fraudulent transfers.  On January 8, 2015, following a widely-circulated settlement offer by the plaintiffs and a consideration by the Board of Trustees, Schroder North American Equity Fund signed a settlement agreement with the plaintiffs in the litigations.  As a result, all claims against Schroder North American Equity Fund were dismissed pursuant to notices of dismissals dated January 23, 2015 pursuant to which the Fund paid $204,542.40.

107

Schroder Mutual Funds

Notes to Financial Statements (concluded)

April 30, 2015 (unaudited)

NOTE 14 — SHARE SPLIT AND SPECIAL DIVIDEND

Effective on September 27, 2012, the Trustees declared a ten for one share split for Schroder Global Multi-Cap Equity Fund — Institutional Class with respect to its shareholders of record on September 26, 2012. The Trustees also declared a special dividend on September 21, 2012 to shareholders of record of Schroder Global Multi-Cap Equity Fund — Institutional Class on September 20, 2012.

NOTE 15 — RECENT ACCOUNTING PRONOUNCEMENT

In May 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-07 regarding “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share”. The amendments in this update are effective for the Fund for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. ASU No. 2015-07 will eliminate the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value per share (or its equivalent) using the practical expedient in the FASB’s fair value measurement guidance. At this time, SIMNA is evaluating the implications of ASU No. 2015-07 and its impact on the financial statement disclosures has not yet been determined.

NOTE 16 — SUBSEQUENT EVENTS

The Funds have evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were available to be issued.  Based on this evaluation, no adjustments were required to the financial statements as of April 30, 2015.

108

Schroder Mutual Funds

Disclosure of Fund Expenses (unaudited)

We believe it is important for you to understand the impact of fees regarding your investment. All mutual funds have operating expenses. As a shareholder of a Schroder Mutual Fund, you incur ongoing costs, which include, among others, costs for portfolio management, administrative services, and shareholder reports (like this one), and in the case of Advisor Shares, distribution (12b-1) fees. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (November 1, 2014 to April 30, 2015).

The table below illustrates your Fund’s costs in two ways.

·Actual expenses. This section helps you to estimate the actual expenses after fee waivers, if applicable, that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fourth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period.”

·Hypothetical example for comparison purposes. This section is intended to help you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had a return of 5% before expenses during the year, and that it incurred expenses at the rate of which it in the past did incur expenses. In this case, because the return used is not the Fund’s actual return, the results may not be used to estimate the actual ending balance of an account in the Fund over the period or expenses you actually paid. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses in this table based on a 5% return. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs such as redemption fees, which are described in the Prospectus. If this fee were applied to your account, your costs would be higher.

	Beginning  Account  Value 11/1/14		Ending Account Value 4/30/15		Net Annualized Expense Ratios		Expenses Paid During Period*
Schroder North American Equity Fund
Actual Expenses
Investor Shares	$	1,000.00	$	1,036.30	0.31	%	$	1.57
Advisor Shares	1,000.00		1,034.40		0.66		3.33
Hypothetical Example for Comparison Purposes
Investor Shares	$	1,000.00	$	1,023.26	0.31	%	$	1.56
Advisor Shares	1,000.00		1,021.52		0.66		3.31
Schroder U.S. Opportunities Fund
Actual Expenses
Investor Shares	$	1,000.00	$	1,050.30	1.31	%	$	6.66
Advisor Shares	1,000.00		1,049.30		1.59		8.08
Hypothetical Example for Comparison Purposes
Investor Shares	$	1,000.00	$	1,018.30	1.31	%	$	6.56
Advisor Shares	1,000.00		1,016.91		1.59		7.95

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the account period, multiplied by 181/365 (to reflect the one-half year period).

109

Schroder Mutual Funds

Disclosure of Fund Expenses (unaudited) — (continued)

	Beginning  Account  Value 11/1/14			Ending Account Value 4/30/15		Net Annualized Expense Ratios		Expenses Paid During Period*
Schroder U.S. Small and Mid Cap Opportunities Fund
Actual Expenses
Investor Shares	$	1,000.00		$	1,079.00	1.05	%	$	5.41
Advisor Shares	1,000.00			1,077.80		1.30		6.70
R6 Shares	1,000.00		†	1,038.00		0.90		3.04		**
Hypothetical Example for Comparison Purposes
Investor Shares	$	1,000.00		$	1,019.59	1.05	%	$	5.26
Advisor Shares	1,000.00			1,018.35		1.30		6.51
R6 Shares	1,000.00			1,020.33		0.90		4.51
Schroder Emerging Market Equity Fund
Actual Expenses
Investor Shares	$	1,000.00		$	1,031.00	1.23	%	$	6.19
Advisor Shares	1,000.00			1,030.20		1.48		7.45
R6 Shares	1,000.00		†	1,085.70		1.10		3.80		**
Hypothetical Example for Comparison Purposes
Investor Shares	$	1,000.00		$	1,018.70	1.23	%	$	6.16
Advisor Shares	1,000.00			1,017.46		1.48		7.40
R6 Shares	1,000.00			1,019.34		1.10		5.51
Schroder Emerging Markets Multi-Cap Equity Fund
Actual Expenses
Investor Shares	$	1,000.00		$	1,014.70	1.16	%	$	5.79
Advisor Shares	1,000.00			1,013.50		1.35		6.74
R6 Shares	1,000.00		†	1,075.50		0.90		3.10		**
Hypothetical Example for Comparison Purposes
Investor Shares	$	1,000.00		$	1,019.04	1.16	%	$	5.81
Advisor Shares	1,000.00			1,018.10		1.35		6.76
R6 Shares	1,000.00			1,020.33		0.90		4.51
Schroder International Alpha Fund
Actual Expenses
Investor Shares	$	1,000.00		$	1,055.00	0.95	%	$	4.84
Advisor Shares	1,000.00			1,053.70		1.15		5.86
R6 Shares	1,000.00		†	1,077.20		0.80		2.75		**
Hypothetical Example for Comparison Purposes
Investor Shares	$	1,000.00		$	1,020.08	0.95	%	$	4.76
Advisor Shares	1,000.00			1,019.09		1.15		5.76
R6 Shares	1,000.00			1,020.83		0.80		4.01

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the account period, multiplied by 181/365 (to reflect the one-half year period).

** Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the account period, multiplied by 121/365 (to reflect the period).

† Beginning Account Value is from inception date.

110

Schroder Mutual Funds

Disclosure of Fund Expenses (unaudited) – (concluded)

	Beginning  Account  Value 11/1/14			Ending Account Value 4/30/15		Net Annualized Expense Ratios		Expenses Paid During Period*
Schroder International Multi-Cap Value Fund
Actual Expenses
Investor Shares	$	1,000.00		$	1,044.30	0.91	%	$	4.61
Advisor Shares	1,000.00			1,042.90		1.19		6.03
R6 Shares	1,000.00		†	1,082.10		0.75		2.59		**
Hypothetical Example for Comparison Purposes
Investor Shares	$	1,000.00		$	1,020.28	0.91	%	$	4.56
Advisor Shares	1,000.00			1,018.89		1.19		5.96
R6 Shares	1,000.00			1,020.88		0.75		3.76
Schroder Global Multi-Cap Equity Fund
Actual Expenses
Investor Shares	$	1,000.00		$	1,027.80	0.80	%	$	4.02
Advisor Shares	1,000.00		†	1,042.90		1.05		3.56		**
R6 Shares	1,000.00			1,028.00		0.66		3.32
Hypothetical Example for Comparison Purposes
Investor Shares	$	1,000.00		$	1,020.83	0.80	%	$	4.01
Advisor Shares	1,000.00			1,019.44		1.05		5.26
R6 Shares	1,000.00			1,021.52		0.66		3.31

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the account period, multiplied by 181/365 (to reflect the one-half year period).

** Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the account period, multiplied by 121/365 (to reflect the period).

† Beginning Account Value is from inception date.

111

Privacy Statement

FACTS	WHAT DOES SCHRODERS DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ·    Social Security number and income ·    account balances and account transactions ·    assets and investment experience When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share clients’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their clients’ personal information; the reasons Schroders chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Schroders share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), or respond to court orders and legal investigations	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We Don’t Share
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We Don’t Share
For nonaffiliates to market to you	No	We Don’t Share

Questions? For Schroder Mutual Funds, call BFDS at (800) 464-3108. For other inquiries, call Institutional Client Service at (212) 641-3800 or email clientserviceny@us.schroders.com

Who we are
Who is providing this notice?	·    Schroder Investment Management North America Inc. ·    Schroder Mutual Funds ·    Schroder Fund Advisors LLC

What we do

112

How does Schroders protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.   Access to personal information is limited to employees who need it to perform their jobs.  Our policies restrict employee use of customer information; requiring it be held in strict confidence.

How does Schroders collect my personal information?	We collect your personal information, for example, when you ·    open an account and provide account information ·    give us your contact information ·    show your driver’s license or government issued ID ·    enter into an investment advisory contract ·    make a wire transfer
Why can’t I limit all sharing?	Federal law gives you the right to limit only ·    sharing for affiliates’ everyday business purposes—information about your creditworthiness ·    affiliates from using your information to market to you ·    sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ·     Our affiliates include companies with the Schroder name; financial companies such as Schroder Investment Management North America Limited and Schroder Investment Management Limited; and others, such as the parent, holding company, Schroders plc.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ·     Nonaffiliates we share with can include companies that help us maintain, process or service your transactions or account(s) or financial products, including companies that perform administrative, accounting, transfer agency, custodial, brokerage or proxy solicitation services, or that assist us in marketing.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ·    Schroders doesn’t jointly market.

Investment Advisor	Schroder Investment Management North America, Inc. 875 Third Avenue, 22nd Floor New York, NY
Trustees	Catherine A. Mazza (Chairman) Jay S. Calhoun Margaret M. Cannella Mark D. Gersten
Distributor	Schroder Fund Advisors LLC 875 Third Avenue, 22nd Floor New York, NY 10022
Transfer & Shareholder Servicing Agent	Boston Financial Data Services, Inc.
Custodian	JPMorgan Chase Bank
Counsel	Ropes & Gray LLP
Independent Registered Public Accounting Firm	PricewaterhouseCoopers LLP
	This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of a Fund unless accompanied or preceded by that Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
	Schroder Capital Funds (Delaware)
	Schroder Series Trust
	Schroder Global Series Trust
	P.O. Box 55260
	Boston, MA 02205-5260
	(800) 464-3108
	00149120

	Schroder Mutual Funds
April 30, 2015	Semi-Annual Report
	Fixed Income Schroder Broad Tax-Aware Value Bond Fund Schroder Emerging Markets Multi-Sector Bond Fund Schroder Global Strategic Bond Fund Schroder Long Duration Investment-Grade Bond Fund Schroder Total Return Fixed Income Fund Multi-Asset Schroder Global Multi-Asset Income Fund Alternatives Schroder Absolute Return EMD and Currency Fund

Table of Contents

Letter to Shareholders	1
Management Discussion and Analysis	3
Schedule of Investments
Broad Tax-Aware Value Bond Fund	20
Emerging Markets Multi-Sector Bond Fund	27
Global Strategic Bond Fund	33
Long Duration Investment-Grade Bond Fund	42
Total Return Fixed Income Fund	45
Global Multi-Asset Income Fund	57
Absolute Return EMD and Currency Fund	70
Statements of Assets and Liabilities	76
Statements of Operations	80
Statements of Changes in Net Assets	82
Financial Highlights	86
Notes to Financial Statements	90
Disclosure of Fund Expenses	109

Proxy Voting (Unaudited)

A description of the Funds’ proxy voting policies and procedures is available upon request, without charge, by visiting the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov, or by calling 1-800-464-3108 and requesting a copy of the applicable Fund’s Statement of Additional Information or on the Schroder Funds website at http://www.schroderfunds.com, by downloading the Funds’ Statement of Additional Information. Information regarding how the Funds voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request by calling 1-800-464-3108 and on the SEC’s website at http://www.sec.gov.

Form N-Q (Unaudited)

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

June 12, 2015

Dear Shareholder:

The reporting period was dominated by central bank and currency divergence headlines, resulting in significant dislocations across the major asset classes. Overall, equities were the clear winner as investors’ appetite for risk assets propelled most markets higher amid an extraordinarily low bond yield environment.

While the Federal Reserve ended its Quantitative Easing (QE) program, central bankers in other countries saw the need to provide further monetary accommodation in their markets.  The European Central Bank (ECB), along with 21 other central bank authorities, followed their counterparts in the U.S., Japan and U.K. and initiated QE earlier this year. This, in turn, pushed many major currencies lower versus the dollar, namely the euro, which nearly reached parity for the first time since 2003. In addition, commodities were hit hard earlier in the reporting period when oversupply along with lower global growth forecasts caused prices to sell off significantly.

Among the major asset classes, U.S. equities, led by smaller-cap stocks, continued to achieve strong returns as favorable economic and employment data proved to be enough to offset a weak earnings season and the threat of rising interest rates.

International stocks were also led higher as valuations and the prospects of extraordinary QE policies led many investors to rotate among overseas equity assets. The emerging markets (EM), while posting respectable returns in aggregate, experienced the widest dislocation as commodity-producing economies were hard hit relative to the more balanced EM economies.

Bond investors were left reeling as record low, and even negative, foreign bond yields forced income-seeking investors to go further out on the yield curve and down the credit spectrum. As a result, high yield bonds moderately outperformed investment grade bonds, and long-duration bonds generally did well during the reporting period as the threat of interest rate hikes kept shorter-duration bond returns relatively muted.

After several years of complacency, volatility has returned to the global markets with a vengeance, and we believe is likely to persist over the foreseeable future. Typically, this has led to robust opportunities for select asset classes, and challenges for others.

Those investors who continue to stay the course, in our view, have a good chance to weather bumps in the road as well as find those pockets of growth that may become unearthed. During times like these, we encourage you to consult with your financial advisor to help evaluate your long-term objectives and review your current asset allocation to ensure it is appropriate given the prevailing market environment.

Again, we thank you for including Schroders in your financial plan, and we look forward to our continued relationship.

Sincerely,

Mark A. Hemenetz, CFA

President

1

IMPORTANT INFORMATION CONCERNING MANAGEMENT DISCUSS AND ANALYSIS AND PERFORMANCE

Except as otherwise specifically stated, all information and investment team commentary, including portfolio security positions, is as of April 30, 2015. The views expressed in the Management Discussion and Analysis sections (the “MD&As”) are those of the respective Fund’s portfolio manager(s) and are subject to change without notice. They do not necessarily represent the views of Schroder Investment Management North America Inc. (“SIMNA”). The MD&As contain some forward-looking statements providing current expectations or forecasts of future events; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. A Fund may buy, sell, or hold any security discussed herein, on the basis of factors described herein or the basis of other factors or other considerations. Fund holdings will change.

Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. Please keep in mind that any double digit returns are highly unusual and cannot be sustained. Fees and expenses are factored into the net asset value of your shares and any performance numbers we release. Total return figures reflect expense limitations in effect during the periods shown; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Current and month-end performance and other information, which may be lower or higher than that cited, is available by contacting Schroder Investment Management North America Inc. at (212) 641-3800 and is periodically updated on our website: www.schroderfunds.com.

Performance information has not been included in the MD&As for any share class of a Fund that commenced operations during the 6-month period ended April 30, 2015.

2

Schroder Broad Tax-Aware Value Bond Fund

MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)

Performance

For the six-month period ended April 30, 2015, the Schroder Broad Tax-Aware Value Bond Fund (the “Fund”) gained 0.78% (Investor Shares), compared to an increase of 1.17% for the Barclays Municipal Bond Index (the “Index”).  Previously, the Fund compared its performance to that of a custom benchmark, which returned 2.73% during the period.  The custom benchmark consists of the BofA Merrill Lynch U.S. Municipal Large Cap Index (75%) and the Barclays U.S. Long Government Bond Index (25%) on an after-tax basis.

Market Background

The word “unprecedented” is frequently overused in our profession. However, the intervention we have seen from central banks in bond markets over the last few years is well deserving of the word. The Federal Reserve (the “Fed”) was the first to inject liquidity back in 2009, closely followed by the Bank of England. More recently, the Bank of Japan and the European Central Bank have entered the fray. The latter announced a one trillion euro bond buying program in February to run from March 2015 to September 2016. To put this in context, it is over three times the expected net supply in Europe over the period, and over 10% of the entire European government bond market. The market has reacted and over the past several months about 30%, or €1.7 trillion, of the European government bond market traded with a negative yield — something which really is unprecedented.

It is through this lens that we try to understand and assess value within the U.S. bond market. Applying past precedent to the current market has been frustrating for many investors. As the U.S. economy has gathered strength and the lift-off for the Fed Funds rate approaches, the consensus has assumed Treasury yields will rise. This has been the belief for the better part of the last 18 months, during which time 10-year Treasury yields have tracked from 3% to approximately 2% as of the end of the reporting period.

We postulated in previous publications that although U.S. bond yields looked optically low and the Fed Funds rate would rise this year, those expecting a significant rise in long-term yields could be disappointed. Our view hasn’t changed.

Portfolio Review

The Fund posted positive absolute returns for the six-month period ended April 30, 2015.

Tax-exempt municipals, as defined by the Barclays Municipal Bond Index, posted positive results for the fourth quarter of 2014 and were the top performing fixed income sector for the year. Municipals continued their strong performance into 2015, albeit with increased volatility in February and March. Uncertainties around the timing of the Fed’s first rate hike, concerns about global growth and a divergence between central bank policies around the globe contributed to heightened interest-rate volatility.

Across the tax exempt market, lower-rated investment-grade securities (A and BBB-rated) outperformed higher quality credits and longer-dated securities outperformed shorter maturities over the six-month period. The Fund’s allocation to lower-rated and longer-dated investment-grade municipals was the primary driver of performance. The allocation to investment-grade corporates increased over the period, specifically within the energy sector. The drop in oil prices at the end of 2014 caused energy bonds to fall in price thus providing an interesting buying opportunity. This exposure to corporates, specifically the energy sector, contributed to the absolute performance as the sector outperformed tax-exempt municipals over the period with the energy sector leading the way.

Market Outlook

It is our belief that markets will be more volatile moving forward now that the Fed has ended its bond buying program. Although we still see value, the uniform and uninterrupted period of tightening we have seen across the entire fixed income universe in the post-crisis period we believe is likely behind us. With increased volatility, careful sector and security selection will become increasingly important. In this type of environment, we are likely to be more opportunistic in markets in terms of adding and reducing risk.

Our view is that technical factors for municipal bonds remain constructive. For 2015, total net supply of $15 billion is expected, which we believe will continue to be a positive technical factor for the market. Fund flows continued to be positive throughout the reporting period, with year-to-date aggregate inflows reported at $10.8 billion. Fundamentally and technically the backdrop for municipals remains supportive, however we believe that the current valuations suggest that the opportunity may be more limited than it has been for a while.

3

Our assessment is that risk can be added prudently in certain spread sectors. Fundamentals remain broadly supportive, and we believe that valuations are significantly more attractive than they have been in a number of quarters. While we are not advocating a full risk-on position, we have begun to selectively add back exposure in certain areas of the U.S. credit market, specifically investment-grade energy names. Given current levels, we believe the U.S. offers significant value, especially relative to its global market counterparts. The Fed will play an important role in 2015, but investors should not be blinded by what happens at the short-end of the yield curve. We expect volatility to continue, opportunities to emerge and the potential for different parts of the market to move independently. Liquidity appears to be deteriorating, but that is just another inefficiency on which we will look to capitalize. Overall, we are taking less risk in the Fund than we have in a number of years and we have plenty of “dry powder” to deploy as and when volatility rears its inevitable head.

PERFORMANCE INFORMATION

	One Year Ended April 30, 2015		Inception to Date
Schroder Broad Tax-Aware Value Bond Fund —
Investor Shares	6.84	%	6.65	%(a)
Advisor Shares	6.58	%(b)	6.39	%(b)
Barclays Municipal Bond Index	4.80	%	4.34	%(a)

(a) Annualized from commencement of fund operations on October 3, 2011.

(b) Advisor Shares commenced operations on December 30, 2014. The performance information provided in the above table for periods prior to December 30, 2014 reflects performance of the Investor shares of the Fund.

“Total Return” is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

Top 5 Holdings

Security	% of Net Assets
Moreno Valley Unified School District 5.339%, 8/01/25	3.4	%
Hempfield School District 0.670%, 8/01/25	3.1
Sacramento Municipal Utility District, Ser A 5.000%, 8/15/41	2.9
Bay Area Toll Authority, Ser S-4 5.000%, 4/01/43	2.8
State Dormitory Authority, Ser C 5.000%, 3/15/41	2.8

Sector Allocation

Sector	% of Net Assets
Municipal Bonds	87.6	%
Corporate Obligations	7.9
Asset-Backed Securities	1.5
Other Assets less Liabilities	3.0

4

Schroder Emerging Markets Multi-Sector Bond Fund

MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)

Performance

For the six-month period ended April 30, 2015, the Schroder Emerging Markets Multi-Sector Bond Fund (the “Fund”) declined
-0.30% (Investor Shares) and -0.42% (Advisor Shares), compared to its blended benchmark (consisting of 1/3 JPMorgan EMBI Global Diversified Index, 1/3 JPMorgan GBI Emerging Markets Global Diversified Index, and 1/3 JPMorgan CEMBI Broad Diversified Index, each of which is a broad-based basket of hard and local-currency emerging markets debt securities) (the “Index”) which declined -1.72%.

Market Background

The six-month period ended April 30, 2015 began in a negative manner as the rapidly rising U.S. dollar and sharply falling commodity prices sent each sub-component of the Fund’s blended index negative in the last two months of 2014.  While deteriorating commodity prices can have a different effect depending upon whether a country is a net importer or exporter, the market tended to focus on the impact on net exporters, sending the indices lower. A strong U.S. dollar, on the other hand, had an unambiguously negative effect on all emerging market currencies, and the local-currency index dropped more than 8.3% over the six-month period.

As the calendar turned to 2015, the beneficial aspects of the global search for yield provided a boost to U.S. dollar-denominated emerging market debt, and those sub-components of the Fund’s blended index went on a solid four-month run, with the sovereign index going up more than 3.60% and the corporate index rising 4.05%.  The common wisdom at the beginning of 2015 was that the U.S. dollar would keep rising, commodities would keep falling, and that U.S. economic growth would overshadow its developed counterparts.  As is so often the case, however, the conventional market wisdom was turned on its side when both oil and other commodities stabilized, the U.S. dollar’s rise ameliorated and first quarter U.S. economic growth was actually negative.

The only constant through this period was the generally poor performance of local currency issues.  The month of April finally snapped a string of nine straight negative months where the FX (as opposed to interest rate) component of the local currency index had turned in negative performance.  Emerging countries have in general welcomed weaker currencies in order to boost growth prospects in a slow-growth world.  Where the adjustment has been orderly (as it has been in most of the asset class), countries have not spent foreign exchange reserves in defending the currency. Towards the end of this period, we saw overall reserve levels stabilize, an important precursor to better performance.

This six-month period ended with the specter of higher U.S. interest rates on the horizon later in the year.  We discuss the potential implications of this below.

Portfolio Review

On the whole, we had a solid six months ended April 30, 2015.  In particular, we had a major theme and two major trades that worked out well for the Fund.  First, we noticed in mid-February that spreads to U.S. Treasuries of investment grade sovereign debt had widened considerably, up to about 250 basis points.  Historically, this has been an excellent buying opportunity. We waded in to a series of conventional investment grade sovereign names, and then waited for our mean reversion expectations to potentially be realized.  In just a few short weeks, spreads got back down near the long-term average of about 210 basis points, and we took profits in this modest overweight.

We had been evaluating Russia with great interest, of course, as it is a major country allocation in our Index.  In December 2014, we performed our regular stress test analysis and determined that the country was not a near-term default risk.  In addition to our expectation that oil would stabilize, we noted that the country still held significant foreign reserves. This was another country that was taking its pain through a depreciated currency rather than spending reserves to defend it in a futile manner. We took a position in the ruble and also short-term U.S. dollar-denominated bonds that performed well as the Ukraine situation eased and the market bid up Russian fixed income assets considerably.

We conducted a similar trade in Brazil, another major component of our Index.  Our analysis indicated that economic growth was likely bottoming, and that a normalization of that country’s fixed income markets was in the offing.  The continued pronouncements from the new finance minister were encouraging, and the stabilization of commodities was helping this energy producer.  As with Russia, we purchased some shorter-term bonds and benefitted as the rest of the market came around to our view.

These examples highlight the type of relative value trades we attempt to enact on a regular basis.  The volatility of the sub-components of our blended index does provide market openings like the ones mentioned above.  Our strategy is to exploit what we perceive to be these mis-pricings judiciously.  Indeed, while having three major ideas present themselves in such a short time span may be somewhat rare, they help demonstrate that we do not have to be daring and reach for returns in this asset class.

5

Market Outlook

We are entering this new period with an underweight to local currency issues due to the Federal Reserve’s recent pronouncements that it still intends to begin its interest rate hikes in 2015.  On balance, this is one factor that will be a drag on local currency issues and a boost for the U.S. dollar. In turn, a strong U.S. dollar is generally bad news for commodity prices.  As such, we are lighter on commodity exporters at this time. At some point, we believe that local currency issues will complete their adjustment and present potentially significant value for the portfolio. We believe that a benefit to our approach is that we can seek to allocate to safer havens in the meantime.

Economic growth in emerging markets remains spotty, although our view is that the fiscal positions of emerging countries, on average, remain much stronger than in years past.  We note with both resignation and appreciation the speed at which emerging markets have adapted to their economic situations in contrast to the frequent “kick the can down the road” approach of their developed market counterparts.  Still, we feel we are entering an environment where country selection will have an outsized effect on returns.

Geopolitical issues are always a wild card, of course, and the situation in Ukraine and Russia still has the potential to boil over.  If it did, this would more clearly signal a “risk off” environment for most asset classes, and we would continue to position the entire portfolio in this manner. We are in no position to second guess this chess game, but we can avoid certain situations up front.

In periods where we lack strong conviction about the markets, we tend to play it more conservative by allocating more money to shorter-term bonds that we believe offer attractive and reliable current yield. We believe staying disciplined is our best strategy.  Our multi-sector approach, we feel, presents a compelling case for the road ahead.  Since inception, the Fund has exhibited less correlation to U.S. Treasury returns than many of our EMBI global-based competitors.  In a time when the Federal Reserve is signaling that short-term rate hikes are on its near-term agenda and the multi-year treasury rally appears to be near its end, we feel confident our approach is a prudent one to follow.

6

PERFORMANCE INFORMATION

	One Year Ended April 30, 2015		Inception to Date
Schroder Emerging Markets Multi-Sector Bond Fund (c) —
Investor Shares	1.20	%	3.45	%(a)
Advisor Shares	1.03	%	3.25	%(a)
R6 Shares	1.36	%(b)	3.54	%(b)
1/3, 1/3, 1/3 Hybrid of the following 3 indexes:	0.53	%	3.97	%(a)
JPMorgan EMBI Global Diversified Index	6.06	%	8.83	%(a)
JPMorgan GBI Emerging Markets Global Diversified Index	(9.35	)%	(3.98	)%(a)
JPMorgan CEMBI Broad Diversified Index	5.47	%	7.34	%(a)

(a) Annualized from commencement of fund operations on June 25, 2013.

(b) R6 Shares commenced operations on December 30, 2014.  The performance information provided in the above table for periods prior to December 30, 2014, reflects performance of the Investor shares of the Fund.

(c) Effective December 19, 2014 SIMNA has contractually agreed through February 29, 2016 to limit the management fee paid by the Fund to 0.65% per annum. If the Fund had paid such lower fees during the period prior to December 19, 2014, the returns would have been higher.

“Total Return” is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

Top 5 Holdings

Security	% of Net Assets
Mexican Bonos 5.000%, 12/11/19	4.9	%
Brazil Notas do Tesouro Nacional Serie F 10.000%, 1/01/17	4.9
Gazprom OAO Via Gaz Capital 3.850%, 2/06/20	3.9
Provincia de Buenos Aires 11.750%, 10/05/15	3.2
Malaysia Government Bond 3.492%, 3/31/20	3.0

Geographic Allocation

	% of Net Assets
Latin America	48.8	%
Asia/Far East	20.3
Europe	11.0
Middle East	10.8
Africa	5.6
Other Assets less Liabilities	3.5

7

Schroder Global Strategic Bond Fund

MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)

Performance

For the six-month period ended April 30, 2015, the Schroder Global Strategic Bond Fund (the “Fund”) declined -3.11% (Investor Shares) and -3.22% (Advisor Shares) compared to an increase of 0.13% for the 3-month USD Fixed LIBOR Index (the “Index”), a widely used measure of short term cash returns.

Market Background

During the last quarter of 2014, U.S. economic updates continued in a positive vein throughout the quarter; non-farm payrolls added 866,000 jobs in total through Q4. However, the Federal Reserve (the “Fed”) indicated in December that it will be “patient” in its approach to tightening policy accommodation. The U.K. developed in much the same way, though the moderation in macroeconomic positivity was more noticeable. Quarter-on-quarter Gross Domestic Product (GDP) growth was confirmed for Q3 at 0.7%, while year-on-year the economy grew by 3.0%. While remaining encouraging, this represented a slight slowdown from the 0.9% growth in Q2. Some initial signs of wage growth, for those employed for a year or more, have begun to appear. The Bank of England, as with the Fed, is facing some scrutiny on when it will increase base rates as the economy continues to improve. In Europe, numerous data releases remain indicative of an economy generating anemic growth and fragile inflation.

The first quarter of 2015 was, broadly speaking, another period of yield compression in global bond markets. Speculation on the timing of the first Fed rate hike persisted, but the U.S. central bank remained coy on the timing, given a marked absence of inflation. The U.K.’s economic progress followed a similar path to that of the U.S. through Q1; U.K. data reflected a robust economy, albeit expanding at a cooling rate. The unemployment rate in February was unchanged from January’s 5.7%; marginally lower than December’s 5.8%. The 10-year gilt yield fell from 1.76% to 1.58%. The European Central Bank (ECB) policy remained accommodative and the ECB announced its quantitative easing scheme at the end of January. In our view, the scale and scope of the scheme was a positive development. Set to run until at least September 2016, the scheme will inject approximately €1.14 trillion into the economy. The news further weakened the value of the single currency, and in the quarter the euro fell -11.4% against the U.S. dollar.

In April, there was a widespread reassessment of interest rate exposure during the month. The Fed’s view that recent weakness in data was transient, combined with the Eurozone’s economic improvement, led to a rise in short-term inflation expectations. Treasury yields rose sharply, impacting Bund and gilt yields as well as investment grade corporate bonds. High yield bonds bucked the trend, gaining ground in line with other risk assets and outperforming sovereign and investment-grade indices. The first estimate of U.S. GDP in Q1 came in at just 0.2% year-on-year. The weak oil price also weighed on investment, with capital expenditure falling by -0.6% in the quarter, its first contraction since 2010. The ECB reiterated its commitment to quantitative easing in April and its policy rate remained unchanged.

Portfolio Review

During the period from November 1, 2014 to April 30, 2015, the Fund’s currency allocations were the main driver of returns, and duration was the biggest detractor.

The underweight duration position remains primarily expressed through U.S. and U.K. portfolio positioning. During November, our U.S. into Europe country positioning underperformed but returned some of the lost performance back in December. In Europe, we increased the aggregate overweight duration exposure during Q4 as the Eurozone economy continues to slow down with inflation entering negative territory.

Despite the Fund’s short duration being a painful trade over the period, the U.S. economy grew at a healthy rate in Q4 and higher consumption levels were ultimately expected to feed through to higher inflation and higher rates. In November, we added further conviction to our U.K. into U.S. country positioning and to the Fund’s short euro vs. U.S. dollar currency exposure. In the U.K., we added to our short gilt exposure in December. The markets were pricing in later and slower rate hikes than we did, and so we continued with an underweight position.

As aggregate Eurozone inflation fell into negative territory at the end of Q4, exposure to European duration performed well. We have held a long U.S. inflation position since the beginning of Q4 as we expected inflation to pick up with improving U.S. data, but oil price falls caused inflation expectations to soften. We took off half of our U.S. breakeven exposure in December in response to market expectations of lower inflation.

8

Overall negative duration exposure was reduced at the start of January as global government bond yields continued their downward trend. Our preference for peripheral European exposure - expressed through long Italy versus Germany - was implemented in the first half of January. It was positive for performance on the back of quantitative easing expectations by the ECB at the end of January 2015.  The portfolio duration was moderated through a combination of a sharp reduction in the short U.S. and U.K. duration positions in January, as well as a marked reduction in overweight European duration. Relative value positions were maintained, albeit in reduced size. Towards the end of January, negative exposure to U.S. duration was reintroduced into the portfolio through tactical positioning in options on bond futures.

The Fund’s short position in euro duration was strongly positive in April. In particular, the long end of the euro yield curve sold off heavily, which benefitted our exposure to interest rate expectations in the 30-year section of the curve.

Inflation positions also generated positive gains in April. In spite of more moderate economic growth data from the U.S. and the U.K., the rebound in the oil price boosted expectations for price increases in both economies, and our positions gained ground.

In currency, the Fund’s long U.S. dollar exposure was expressed mainly versus the euro. This trade continues to be supported by ECB accommodative monetary policy. A big performance contributor was a short of the Australian dollar versus the U.S. dollar, as low commodity prices drove the Australian dollar lower. A short position in the U.S. dollar against the Mexican peso was a negative contributor to performance over Q4, but we used some protective options in December, which allowed us to counteract some of the negative performance. The long Japanese yen versus the U.S. dollar position was closed in January, at a profit. Some profit was also taken on the short Australian dollar in March as the currency continued to weaken.

Credit remains predominantly focused at the long end of the U.S. investment-grade market and to a lesser extent at the long end of the U.K. credit curve. In both markets the portfolio focuses on individual credit selection over credit beta, with the directional credit risk and contribution to duration of these longer dated securities being hedged through interest rate and credit derivatives.

Market Outlook

Our key view for the past four quarters has been an expectation that the improving economy in the U.S. — and to a lesser extent the U.K. — would prompt earlier rate hikes from the Fed and Bank of England than the market expected. Despite being fundamentally supported, the inherent caution of the central banks has precluded any sustained upward revision in interest rate expectations until the first quarter of this year.

U.S. macroeconomic data has moderated from the robust expansion demonstrated in much of 2014. This mirrors the developments of 2014, with Q1 of last year a weak quarter for growth after a winter of severe weather. But this time around, the Fed appears more sanguine on a recovery. Markets have begun to reassess term premia in bond markets, and we believe the next stage will be a revision of interest rate expectations. These changes in the market’s perceptions are not yet supported by policy shifts, but do seem to indicate a profound change in mentality.

In Europe, the region appears to have avoided a continuation of the deflationary trend that threatened to become entrenched in 2014. This represents a small and important victory. Growth rates have also been revised upwards — albeit from a low base — instigating a positive trend.

Given our expectation of a significant shift in market momentum, we do not feel it is prudent, at this juncture, to take sizable risk positions on either duration or currency.

We have held for some months now that volatility will become more familiar to investors during 2015. We have, accordingly, advocated the use of globally diversified, unconstrained strategies in order to better insulate capital from outsized movements in specific regions.

Currency was a key driver for returns in 2014, and indeed remains active at present. Yet we believe that the principal drivers of positive returns in 2014 and year to date — namely our short exposure to structurally vulnerable currencies such as the New Zealand dollar, Australian dollar, sterling and euro — are now closer to equilibrium with market consensus.

The Fund’s duration positioning remains underweight overall. With the benefit of hindsight, it is clear that we reacted early to the fundamental improvement in the U.S. by positioning the portfolio for a rate rise. Yet the Fed is now actively preparing the market for higher rates, and we expect that our duration stance, predominantly represented by the U.S., will become more significant. As this becomes more widely recognized by the market, we will look to reduce the scale of the position.

9

PERFORMANCE INFORMATION

	Cumulative Since Inception
Schroder Global Strategic Bond Fund —
Investor Shares	(1.48	)%(a)
Advisor Shares	(1.63	)%(a)
R6 Shares	(1.38	)%(b)
3-month USD Fixed LIBOR	0.21	%(a)

(a) From commencement of fund operations on June 23, 2014.

(b) R6 Shares commenced operations on December 19, 2014.  The performance information provided in the above table for periods prior to December 19, 2014 reflects performance of the Investor shares of the Fund.

“Total Return” is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

Top 5 Holdings

Security	% of Net Assets
United States Treasury Inflation Indexed Bond 0.125%, 4/15/19	9.4	%
United States Treasury Note 0.375%, 6/15/15	2.9
Caisse d’Amortissement de la Dette Sociale 1.375%, 2/06/17	2.9
European Investment Bank 0.640%, 1/05/16	2.5
Network Rail Infrastructure Finance 4.875%, 11/27/15	2.3

Sector Allocation

Sector	% of Net Assets
Corporate Obligations	68.4	%
U.S. Treasury Obligations	14.2
Foreign Government Bonds	9.2
Asset-Backed Securities	1.9
Collateralized Mortgage Obligations	0.9
Purchased Options	0.1
Other Assets less Liabilities	5.3

10

Schroder Long Duration Investment-Grade Bond Fund

MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)

Performance

For the six-month period ended April 30, 2015, the Schroder Long Duration Investment-Grade Bond Fund (the “Fund”) rose 4.31%, compared to the Barclays U.S. Long Government/Credit Bond Index (the “Index”), a broad-based basket of debt securities, which increased 4.23% during the same period.

Market Background

The word “unprecedented” is frequently overused in our profession. However, the intervention we have seen from central banks in bond markets over the last few years is well deserving of the word. The Federal Reserve (the “Fed”) was the first to inject liquidity back in 2009, closely followed by the Bank of England. More recently the Bank of Japan and the European Central Bank have entered the fray. The latter announced a one trillion euro bond buying program in February to run from March 2015 to September 2016. To put this in context, it is over three times the expected net supply in Europe over the period, and over 10% of the entire European government bond market. The market reacted and over the past several months about 30%, or €1.7 trillion, of the European government bond market traded with a negative yield — something which really is unprecedented.

It is through this lens that we try to understand and assess value within the U.S. bond market. Applying past precedent to the current market has been frustrating for many investors. As the U.S. economy has gathered strength and the lift-off for the Fed Funds rate approaches, the consensus has assumed Treasury yields will rise. This has been the belief for the better part of the last 18 months, during which time 10-year Treasury yields have tracked from 3% to approximately 2% as of the end of the reporting period.

We postulated in previous publications that although U.S. bond yields looked optically low and the Fed Funds rate would rise this year, those expecting a significant rise in long-term yields could be disappointed. Our view hasn’t changed.

Portfolio Review

The Fund modestly outperformed the Index for the six-month period ended April 30, 2015.

Corporate spreads ended the six-month period wider with the sector posting negative excess returns to Treasuries. During the final months of 2014, corporate spreads widened substantially with weaker global growth and the significant sell-off in commodity prices. Corporate spreads have since stabilized somewhat, albeit with significant volatility as spreads moved wider in January, tighter in February and then slightly wider since.

Sector selection contributed positively to performance during the first few months of the period and then steadily declined in March and April as credit spreads began to widen. Issue selection varied as certain energy names that were purchased after the significant sell-off were strong performers with the rebound in commodity prices. Most of the positive issue selection was offset by higher education securities that experienced a decline in prices as new issuance came to the market early in the year. Financials held up well over the entire period both in sector and issue selection. The Fund’s modest overweight to long-dated Treasuries slightly contributed to performance as the Treasury curve flattened during the period.

Market Outlook

It is our belief that markets will be more volatile moving forward now that the Federal Reserve has ended its bond buying program. Although we still see value, the uniform and uninterrupted period of tightening we have seen across the entire fixed income universe in the post-crisis period we believe is likely behind us. With increased volatility, we feel that careful sector and security selection will become increasingly important. In this type of environment, we are likely to be more opportunistic in markets in terms of adding and reducing risk.

Our assessment is that risk can be added prudently in certain spread sectors. Fundamentals remain broadly supportive and we believe that valuations are significantly more attractive than they have been in a number of quarters. While we are not advocating a full risk-on position, we have begun to selectively add back exposure in certain areas of the U.S. credit market, specifically investment-grade energy names. Given current levels, we believe the U.S. offers significant value, especially relative to its global market counterparts. The Fed will play an important role in 2015, but investors should not be blinded by what happens at the short-end of the yield curve. We expect volatility to continue, opportunities to emerge and the potential for different parts of the market to move independently. Liquidity appears to be deteriorating, but that is just another inefficiency on which we will look to capitalize. Overall, we are taking less risk in the Fund than we have in a number of years and we have plenty of “dry powder” to deploy as and when volatility rears its inevitable head.

11

PERFORMANCE INFORMATION

	One Year Ended April 30, 2015		Annualized Since Inception (a)
Schroder Long Duration Investment-Grade Bond Fund —
Investor Shares	10.81	%	8.96	%
Barclays U.S. Long Government/Credit Bond Index	10.52	%	5.29	%

(a) From commencement of fund operations on October 3, 2011.

“Total Return” is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

Top 5 Holdings

Security	% of Net Assets
United States Treasury Bond 4.500%, 2/15/36	12.2	%
United States Treasury Bond 3.125%, 8/15/44	8.6
United States Treasury Bond 2.250%, 11/15/24	3.9
United States Treasury Bond 3.625%, 2/15/44	3.5
HSBC Bank USA 7.000%, 1/15/39	2.6

Sector Allocation

Sector	% of Net Assets
Corporate Obligations	63.5	%
U.S. Treasury Obligations	30.0
Asset-Backed Security	2.2
Taxable Municipal Bond	2.2
Other Assets less Liabilities	2.1

12

Schroder Total Return Fixed Income Fund

MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)

Performance

For the six-month period ended April 30, 2015, the Schroder Total Return Fixed Income Fund (the “Fund”) rose 1.17% (Investor Shares) and 1.05% (Advisor Shares), compared to the Barclays U.S. Aggregate Bond Index (the “Index”), a broad-based basket of debt securities, which increased 2.06% during the same period.

Market Background

The word “unprecedented” is frequently overused in our profession. However, the intervention we have seen from central banks in bond markets over the last few years is well deserving of the word. The Federal Reserve (the “Fed”) was the first to inject liquidity back in 2009, closely followed by the Bank of England. More recently the Bank of Japan and the European Central Bank have entered the fray. The latter announced a one trillion euro bond buying program in February to run from March 2015 to September 2016. To put this in context, it is over three times the expected net supply in Europe over the period, and over 10% of the entire European government bond market. The market reacted and over the past several months about 30%, or €1.7 trillion, of the European government bond market traded with a negative yield — something which really is unprecedented.

It is through this lens that we try to understand and assess value within the U.S. bond market. Applying past precedent to the current market has been frustrating for many investors. As the U.S. economy has gathered strength and the lift-off for the Fed Funds rate approaches, the consensus has assumed Treasury yields will rise. This has been the belief for the better part of the last 18 months, during which time 10-year Treasury yields have tracked from 3% to approximately 2% as of the end of the reporting period.

We postulated in previous publications that although U.S. bond yields looked optically low and the Fed Funds rate would rise this year, those expecting a significant rise in long-term yields could be disappointed. Our view hasn’t changed.

Portfolio Review

The Fund underperformed the Index for the six-month period ended April 30, 2015.

Over the course of the period, investment themes were broadly unchanged. We maintained a curve flattening bias and have been underweight duration compared to the benchmark for most of 2015. We remain significantly underweight mortgage-backed security pass-throughs and overweight commercial mortgage-backed securities (CMBS) and asset-backed securities. We maintained large overweights in banking and energy corporates as well.  As inflation expectations were driven lower by the collapse in commodity prices in Q4, we added exposure to inflation linked bonds as valuations looked more attractive.  In April, we put on a Eurodollar steepener position on the expectation that the market is too complacent on the prospect of Fed hikes in 2016.

The biggest detractor from performance was our duration positioning.  Specifically, our underweight duration position detracted in Q1 when rates rallied.  Our out of benchmark exposure to treasury inflation protected securities and overweight energy corporates subtracted from returns as well.  The biggest contributor to returns was our yield curve flattening bias.  Also, our overweight to CMBS added to performance.

Market Outlook

It is our belief that markets will be more volatile moving forward now that the Fed has ended its bond buying program. Although we still see value, the uniform and uninterrupted period of tightening we have seen across the entire fixed income universe in the post-crisis period we believe is likely behind us. With increased volatility, careful sector and security selection will become increasingly important. In this type of environment, we are likely to be more opportunistic in markets in terms of adding and reducing risk.

Our assessment is that risk can be added prudently in certain spread sectors. Fundamentals remain broadly supportive and we believe that valuations are significantly more attractive than they have been in a number of quarters. While we are not advocating a full risk-on position, we have begun to selectively add back exposure in certain areas of the U.S. credit market, specifically investment-grade energy names. Given current levels, we believe the U.S. offers significant value, especially relative to its global market counterparts. The Fed will play an important role in 2015, but investors should not be blinded by what happens at the short-end of the yield curve. We expect volatility to continue, opportunities to emerge and the potential for different parts of the market to move independently. Liquidity appears to be deteriorating, but that is just another inefficiency on which we will look to capitalize. Overall, we are taking less risk in the Fund than we have in a number of years and we have plenty of “dry powder” to deploy as and when volatility rears its inevitable head.

13

PERFORMANCE INFORMATION

	One Year Ended April 30, 2015		Five Years Ended April 30, 2015 (a)		Ten Years Ended April 30, 2015 (a)
Schroder Total Return Fixed Income Fund —
Investor Shares	3.72	%	4.40	%	5.23	%
Advisor Shares	3.46	%	4.14	%	4.96	%
Barclays U.S. Aggregate Bond Index	4.46	%	4.12	%	4.75	%

(a) Average annual total return.

“Total Return” is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

Top 5 Holdings

Security*	% of Net Assets
United States Treasury Note 3.125%, 8/15/44	3.0	%
United States Treasury Inflation Indexed Bond 0.125%, 4/15/20	2.4
United States Treasury Inflation Indexed Bond 0.250%, 1/15/25	2.3
EMD Finance LLC 2.400%, 3/19/20	1.5
United States Treasury Inflation Indexed Bond 0.125%, 7/15/24	1.3

* Excludes Short-Term Investment

Sector Allocation

Sector	% of Net Assets
Corporate Obligations	46.8	%
Asset-Backed Securities	16.1
U.S. Treasury Obligations	15.5
U.S. Government Mortgage-Backed Obligations	6.8
Collateralized Mortgage Obligations	4.7
Commercial Mortgage-Backed Obligations	2.5
Sovereign Governments	1.7
Municipal Bonds	0.9
Other Assets less Liabilities	5.0

14

Schroder Global Multi-Asset Income Fund

MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)

Performance

For the six-month period ended April 30, 2015, the Schroder Global Multi-Asset Income Fund (the “Fund”) gained 0.38% (Investor Shares) and 0.26% (Advisor Shares). The blended benchmark consisting of 70% JPMorgan Global Aggregate Bond Index, a broad-based measure of global investment grade fixed-rate debt markets, and 30% MSCI All Country World Index, a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets (the “Index”), gained 0.49%.

Market Background

The six-month period under review saw increased volatility in asset markets as investors struggled to adjust to the central banks’ monetary policies and the global growth outlook remained cloudy.

In the U.S., as the Federal Reserve (the “Fed”) completed the tapering of its quantitative easing (QE) program, investors continued to question the timing of the first short-term rate hike after approximately seven years of historically low rates. In Europe, the European Central Bank (ECB) announced further measures to easy its monetary policy in an effort to boost the Eurozone’s faltering economic recovery, partly due to disappointing macroeconomic data. In China, markets responded positively to the larger-than-expected QE program and the unexpected rate cut by the People’s Bank of China (PBoC).

More broadly speaking, emerging markets (EM) were negatively impacted by the Fed’s decision to taper QE.  At the same time, both a general weakness in EM currencies and geopolitical tensions between Russia and Ukraine weighed on appetites for risk. Meanwhile, data showed the Chinese economy continued to slow, which supported action by the PBoC.

While the Fed remained cautious in its appraisal of the economy’s progress, speculations surrounding the rate hike remained well into the first quarter of 2015. The decline in oil prices continued to weigh on sentiment amid concerns that the fall in prices was due to weaker global demand after the OPEC left its output unchanged during its November meeting. As a result, commodity markets were particularly weak, with energy being the largest detractor.  Bonds generated broadly positive returns, although bouts of elevated volatility led to riskier assets underperforming perceived safe havens. Corporate indices broadly progressed, with the exception of U.S. high yield bonds, as the sharp fall in oil prices caused investors to worry about default risk of high yield corporates in the U.S. energy sector. The U.S. dollar continued to strengthen against its developed counterparts, increasing investors’ uneasiness that a stronger currency would weigh on corporate profitability.

As 2015 continues, we believe that European and Japanese equity markets are likely to benefit from looser monetary policies, while regions such as the U.K. and U.S. are likely to face headwinds from tighter ones.

Portfolio Review

For the six-month period ended April 30, 2015, the Fund produced positive returns that were generally in line with the Index.

The Fund’s investment grade positions were strong contributors to performance, whereas allocations to emerging market debt and equities detracted from it. In general, high yielding equities have struggled versus the broader equity market during the period as valuations leave little room for disappointment.  The overall fixed income allocation has remained relatively stable over the period, with U.S. investment-grade fixed income accounting for a large portion of the investment-grade exposure. Investment-grade credit added value early in the period as spreads narrowed and duration rallied on the back of deflationary pressures due to weaker energy prices. Conversely, both emerging market debt and U.S. high yield debt suffered as investors became increasingly concerned that energy producing nations and companies would struggle due to declining oil prices.

Although our view is that EM assets may offer some value and relatively high yields, we believe that the EM sector presents substantial risks during a time when global growth prospects are uncertain, U.S. interest rates may rise and the U.S. dollar is strong.  As a result, we have reduced our EM exposure.  Nevertheless, if bond yields increase in the near future, an increase in allocation could be possible since EM offers the potential for higher expected returns, especially in local terms, albeit with a higher associated risk.

While equities continue to remain our favored asset class, we reduced our allocation to certain U.S. sectors, such as telecommunications, due to a stronger U.S. dollar. The Fund currently maintains high allocations to technology and industrials, where we remain focused on portfolio positions that we view as cash generative, high quality businesses with proven business models. The Fund’s allocation to equities detracted from performance as high yielding equities underperformed the broader market. The Fund increased its allocation to equity put options on the Eurostoxx to take advantage of inexpensively priced volatility in European equity markets and to hedge against the possibility of a broad market correction and European equity risk. By utilizing a calendar put spread structure, we are able to maintain a low cost downside hedge over a portion of the Fund’s European equity exposure. The Fund’s duration exposure was also increased after the Fed indicated that its rate hikes would be delayed due to downward pressure on U.S. inflation caused by the stronger U.S. dollar. The net long U.S. dollar position also contributed to the Fund’s performance.

15

Market Outlook

There are growing expectations amongst investors that interest rates will begin to rise in the United States through 2015. Despite sharing this view, we question how high interest rates are likely to rise in the coming years since it appears that the deleveraging process underway in Western economies still has some way to go. The deleveraging process, which commenced in 2008, forced central banks to cut interest rates to near zero and adopt unconventional measures, such as money printing, in order to facilitate economic growth.  Furthermore, the recent drop in oil prices and its impact on lower inflation expectations we believe is likely to support central banks in their decisions to keep rates low for as long as possible to avoid the specter of deflation.

In 2015, we believe that the realization of growth will remain critical for equity markets. Thus far, the U.S. has been in the lead, with both its monetary policy and its earnings and revenue growth. In 2015, our view is that other regions, such as Europe or China, will begin to catch up with the U.S. in order to avoid a stagflationary trap. In the short term, we see several factors that may aid in generating growth in Europe: a lower euro; lower cost of financing in light of QE; lower input costs; and a higher intention to borrow and lend money, although investor confidence in Europe may be a deterrent. Similarly, there are positive factors for China, where the government has started to cut rates in an effort to channel credit growth more effectively and where the economy should benefit from lower commodity prices, although the high total debt-to-GDP ratio and the transition to a consumer-led economy could be slow. In aggregate, this environment could be favorable to equity markets, notwithstanding the uncertainty that is associated with the realization, which may lead to periods of heightened volatility.

As we move into an interest-rate tightening environment in the U.S., our aim is to pursue a highly diversified multi-asset approach that is global, flexible and unconstrained, while at the same time underpinned by a focus on quality and valuation.  With these attributes, we hope to be in a qualified position to navigate the challenges present in the current market and to take advantage of the opportunities presented.

16

PERFORMANCE INFORMATION

	Cumulative Since Inception
Schroder Global Multi-Asset Income Fund —
Investor Shares	(0.46	)%(a)
Advisor Shares	(0.66	)%(a)
R6 Shares	(0.41	)%(b)
70/30 Hybrid of the JPM Global Aggregate Bond Index and the MSCI AC World Index	(1.23	)%(a)
JPMorgan Global Aggregate Bond Index	(3.17	)%(a)
MSCI AC World Index	3.26	%(a)

(a)From commencement of fund operations on June 23, 2014.

(b)R6 Shares commenced operations on December 30, 2014.  The performance information provided in the above table for periods prior to December 30, 2014 reflects performance of the Investor shares of the Fund.

“Total Return” is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

Top 5 Holdings

Security	% of Net Assets
Altice 7.750%, 5/15/22	1.4	%
Oil India 5.375%, 4/17/24	1.1
Brazil Notas do Tesouro Nacional Serie F 10.000%, 1/01/17	1.1
Mexican Bonos 5.000%, 12/11/19	1.0
Microsoft	0.9

Sector Allocation

Sector	% of Net Assets
Corporate Obligations	41.5	%
Common Stock	38.8
Foreign Government Bonds	10.8
Closed-End Funds	1.7
Preferred Stock	0.7
Purchased Options	0.5
Municipal Bond	0.3
Other Assets less Liabilities	5.7

17

Schroder Absolute Return EMD and Currency Fund

MANAGEMENT DISCUSSION AND ANALYSIS (As of June 12, 2015)

Performance

For the six-month period ended April 30, 2015, the Schroder Absolute Return EMD and Currency Fund (the “Fund”) declined -2.22% (Investor Shares) and -2.29% (Advisor Shares), compared to the 3-Month USD Fixed LIBOR Index (the “Index”), a widely used measure of short-term cash returns, which rose 0.13%.

Market Background

The last three years have seen Emerging Markets (EM) face significant headwinds resulting from tighter monetary policies, falling commodity prices and concerns over deteriorating economic growth, made worse by some of the poor political, fiscal and monetary decisions made in many countries. Overall, EM country risk remains broadly high and China’s liquidity situation remains worrisome, meaning more aggressive policy easing measures are likely. Certain countries are showing improvements, whilst China and Turkey remain the countries most at risk of crisis. EM Currencies have trended weaker but they now appear oversold, whilst we believe that bonds (particularly external EM Government and Corporates) remain broadly overpriced and over owned. In our view, the sharp increase in local bond yields in a number of countries has now produced opportunities in some markets where the fundamentals are good or improving, particularly where there has been a positive change in political leadership and policies.

Portfolio Review

The period saw the Fund generate a negative return overall; during the month of November, EM currencies, as well as selected local and external debt markets, were subject to volatility and losses. The Fund was relatively well insulated against these pressures thanks to its high cash balance and its low exposure to currencies. However, the sell-off turned disorderly during the month of December. The collapse in oil prices, the continued weakening of the Chinese economy, the impact of Western sanctions on Russia and the strong U.S. dollar with its concomitant tightening in global financial liquidity ultimately affected all EM assets.

The Fund started 2015 with a constructive investment stance focused on selected opportunities in local debt markets such as Brazil, South Africa, Indonesia, India and Mexico. However, the Fund had to reduce exposure across the board during the course of February and March, as a number of EM bonds and currencies came under renewed pressures as the slowdown in economic activity in key countries such as China and Brazil showed no sign of abating. This deteriorating growth trajectory was also exacerbated by renewed concerns about the future direction of U.S. monetary policy. By April, the defensive positioning established in the Fund was still being maintained. This cautious investment stance was characterized by high cash holdings, low overall duration exposure and minimal positions in sovereign and corporate credits. The Fund continued to focus on selected pockets of value that appeared in some local bond and currency markets following their substantial re-pricing over the last two years.

Market Outlook

Our measures of global monetary growth are reaccelerating for the first time since late 2012. The U.S. (through private credit creation) and the Eurozone (thanks to renewed expansion of banks’ balance sheets) are the key contributors to this recovery in global money growth. In contrast, domestic liquidity in Emerging Markets continues to tighten, as evidenced by the prolonged deceleration in EM credit growth. In Eastern Europe, the ongoing recovery in Germany is also providing a boost to the region. Improving growth and balance of payments should be supportive for the Hungarian forint and the Polish zloty. We believe that monetary easing cycles are now mature, which should exert less pressure on these non-U.S. dollar currencies. Russian assets appear to be recovering from depressed levels following the signing of the Minsk Accord and the subsequent easing of tensions in Eastern Ukraine. While the geopolitical situation remains fragile, asset prices should be supported by the strong sovereign balance sheet that Russia continues to exhibit and by the expectations of the central bank reversing the emergency tightening measures implemented during market panic of Q4 2014. Latin American economies are still suffering from the trade shock generated by the drop in commodity prices and by the recurrent political noise, which is exacerbated by the attempts to contain the increasing twin deficits.  Currency weakness appears to be cushioning these shocks, particularly in the less vulnerable countries such as Mexico, Chile, Colombia and Peru. We remain constructive on the long-term growth outlook for most Asian countries.  However, these still have low yields and exchange rates that appear to be at the early stages of a devaluation cycle. Therefore, further improvement in the valuation of their currencies is required for us to reinstate meaningful exposures to countries such as Thailand, Vietnam, Malaysia and the Philippines.

Overall, yields on offer in long-dated local bond markets remain mostly unappealing. Exceptions are the government bond markets of Brazil, Russia, South Africa, Indonesia and India. These markets have already been affected by a domestic tightening cycle during the period 2013-2014. In some cases, this tightening could be reversed as a few central banks have recently earned the right to ease (especially in India, Indonesia and Russia). The Fund’s bond positions are expected to remain focused on these pockets of value in local rates.

18

A number of currencies appear to have reached a major low following their sharp drop in February and March. While growth in a number of EM countries continues to disappoint, more encouraging inflexions in trade and current account indicators are occurring. Selected currencies have improved on various valuation metrics following the substantial depreciations of the last 3-4 years. In our view, they also remain oversold and under-owned. The Fund has built a core exposure to these currencies and the team will continue to add if the recent rebound regains some traction. We expect the Fund to remain very defensively invested in EM external debt; we expect that a sell-off in EM external debt should, in time, provide an excellent opportunity for the Fund.

PERFORMANCE INFORMATION

	One Year Ended April 30, 2015		Inception to Date
Schroder Absolute Return EMD and Currency Fund —
Investor Shares	(2.88	)%	0.80	%(a)
Advisor Shares	(3.06	)%	0.58	%(a)
R6 Shares	(2.88	)%(b)	0.80	%(b)
3-month USD Fixed LIBOR	0.25	%	0.31	%(a)

(a)Annualized from commencement of fund operations on December 15, 2011.

(b)R6 Shares commenced operations on December 30, 2014.  The performance information provided in the above table for periods prior to December 30, 2014 reflects performance of the Investor shares of the Fund.

“Total Return” is calculated including reinvestment of all dividends and distributions. Results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

Top 5 Holdings

Security*	% of Net Assets
Mexico Cetes 3.292%, 11/12/15	4.7	%
Poland Government Bond 5.000%, 4/25/16	4.2
Czech Republic Government Bond 3.400%, 9/01/15	3.8
Mexico Cetes 3.472%, 10/01/15	3.7
Poland Government Bond 4.750%, 10/25/16	3.6

* Excludes Short-Term Investment.

Sector Allocation

Sector	% of Net Assets
Foreign Government Bonds	65.6	%
U.S. Treasury Obligations	27.6
Corporate Obligations	2.2
Other Assets less Liabilities	4.6

19

Schroder Broad Tax-Aware Value Bond Fund

Schedule of Investments

April 30, 2015 (unaudited)

Principal Amount ($)		Value $
	MUNICIPAL BONDS — 87.6%
	Arizona — 3.5%
	Salt River Project Agricultural Improvement & Power District RB, Series A
2,360,000	5.000%, 01/01/39	2,625,170
	Scottsdale Municipal Property RB
100,000	5.000%, 07/01/30	120,865
600,000	5.000%, 07/01/34	746,172
		3,492,207
	California — 25.0%
	Bay Area Toll Authority RB, Series S-4
2,515,000	5.000%, 04/01/43	2,807,042
	Desert Sands Unified School District GO, AMBAC
60,000	5.000%, 06/01/16 (1)	63,092
40,000	5.000%, 06/01/27	41,956
	East Side Union High School District GO, Series B, NATL
20,000	5.250%, 02/01/24	24,710
	Escondido Union High School District GO, Series C (2)
2,000,000	7.737%, 08/01/41	620,200
1,500,000	7.490%, 08/01/46	371,040
	Hacienda La Puente Unified School District GO, NATL
50,000	5.000%, 08/01/19	57,655
	Imperial Irrigation District RB
400,000	5.125%, 11/01/38	443,680
	Los Angeles Department of Water & Power RB, Series A
75,000	5.000%, 07/01/39	83,512
	Los Angeles Department of Water & Power RB, Series Sub A-1, AMBAC
30,000	5.000%, 07/01/39	32,501
	Los Angeles Unified School District GO, Series I
60,000	5.000%, 07/01/19	69,298
	Los Angeles Unified School District GO, Series KRY
390,000	5.000%, 07/01/22	460,418
	Merced Union High School District GO, Series C (2)
1,000,000	7.409%, 08/01/34	445,840
	Metropolitan Water District of Southern California RB, Series A, NATL
100,000	5.750%, 07/01/21	115,842
	Metropolitan Water District of Southern California RB, Series B
345,000	5.000%, 07/01/20	408,711
	Moreno Valley Unified School District GO, NATL (2)
4,675,000	5.339%, 08/01/25	3,363,429
	Murrieta Valley Unified School District Public Financing Authority GO, Series A, NATL (2)
315,000	5.648%, 09/01/20	279,547
	North Orange County Community College District GO, Series B, NATL (2)
200,000	6.941%, 08/01/28	130,120
	Orange Redevelopment Agency Successor Agency TA
50,000	5.000%, 09/01/22	59,335
	Perris Union High School District GO
1,300,000	5.000%, 09/01/23	1,560,091
	Rialto Unified School District GO, Series A, AGM (2)
300,000	6.923%, 08/01/29	176,814
	Riverside County Transportation Commission RB, Series A
345,000	5.250%, 06/01/39	398,751
	Sacramento Municipal Utility District RB, Series A
2,580,000	5.000%, 08/15/41	2,907,737
	San Diego Community College District GO
1,075,000	5.000%, 08/01/43	1,219,319
	San Diego Unified School District GO, Series C (2)
1,525,000	7.341%, 07/01/45	406,595
890,000	7.340%, 07/01/38	338,200
3,445,000	7.340%, 07/01/42	1,055,927
1,290,000	7.314%, 07/01/43	377,518
	San Diego Unified School District GO, Series E (2)
2,000,000	5.929%, 07/01/36	827,920

The accompanying notes are an integral part of the financial statements.

20

Principal Amount ($)		Value $
	San Francisco City & County Public Utilities Commission Water RB, Series Sub A
295,000	5.000%, 11/01/41	328,471
	San Francisco City & County Public Utilities Commission Water RB, Series Sub C
1,300,000	5.000%, 11/01/41	1,447,498
	San Joaquin County Transportation Authority RB, Series A
315,000	6.000%, 03/01/36	382,111
65,000	5.000%, 03/01/20	76,054
180,000	5.000%, 03/01/21	214,805
140,000	4.000%, 03/01/19	154,858
	Santa Barbara Secondary High School District GO, Series A (2)
630,000	6.212%, 08/01/40	209,273
	Santa Barbara Unified School District GO, Series C, AGM (1)
200,000	4.750%, 08/01/30	202,298
	State Educational Facilities Authority RB
220,000	5.250%, 04/01/40	296,120
	State GO
500,000	6.000%, 11/01/39	597,370
	University of California RB, Series AI
525,000	5.000%, 05/15/38	593,019
	University of California RB, Series O
165,000	5.250%, 05/15/39 (1)	192,030
835,000	5.250%, 05/15/39	947,650
		24,788,357
	Connecticut — 0.4%
	State Health & Educational Facility Authority RB, Series A-2
320,000	5.000%, 07/01/40	353,437
	District of Columbia — 0.3%
	Water & Sewer Authority RB, Series A
230,000	5.000%, 10/01/44	257,993
	Florida — 4.2%
	Miami-Dade County Transit System Sales Surtax RB
1,840,000	5.000%, 07/01/42	2,040,652
	Miami-Dade County Water & Sewer System RB, Series A
1,945,000	5.000%, 10/01/42	2,150,198
		4,190,850
	Georgia — 1.3%
	Metropolitan Atlanta Rapid Transit Authority RB, Series A, NATL
420,000	5.250%, 07/01/29	511,547
	State GO, Series I
575,000	5.000%, 07/01/20	679,604
	State Road & Tollway Authority RB, Series B
75,000	5.000%, 10/01/21	90,485
		1,281,636
	Illinois — 4.4%
	Chicago Emergency Telephone System GO, NATL
135,000	5.250%, 01/01/20	147,583
	Chicago Wastewater Transmission RB, Series B, NATL
125,000	5.000%, 01/01/17	133,320
	Chicago Waterworks Second Lien RB
295,000	5.000%, 11/01/23	343,516
	Metropolitan Pier & Exposition Authority RB (2)
7,055,000	6.382%, 12/15/51	1,148,342
	Metropolitan Pier & Exposition Authority RB, NATL (2)
5,000	3.016%, 06/15/16 (3)	4,977
20,000	3.016%, 06/15/16	19,851
	Metropolitan Pier & Exposition Authority RB, Series A, NATL (2)
770,000	7.553%, 12/15/17	745,868
80,000	5.580%, 06/15/20	70,838
	Metropolitan Pier & Exposition Authority RB, Series B, AGM
1,445,000	7.589%, 06/15/46 (2)	330,139
330,000	5.000%, 06/15/50	344,589
	Metropolitan Water Reclamation District of Greater Chicago GO, Series C
390,000	5.250%, 12/01/32	468,753
	State Finance Authority RB, Series A
500,000	5.000%, 11/15/23	598,635
		4,356,411
	Indiana — 0.3%
	State Finance Authority RB, Series A
225,000	5.000%, 12/01/19	261,034

The accompanying notes are an integral part of the financial statements.

21

Principal Amount ($)		Value $
	Louisiana — 0.4%
	State Gasoline & Fuels Tax RB, Series B
375,000	5.000%, 05/01/45	423,731
	Massachusetts — 3.5%
	State Bay Transportation Authority RB, Series A
190,000	5.250%, 07/01/30	241,251
45,000	5.250%, 07/01/31	57,295
	State GO, Series B, AGM
250,000	5.250%, 09/01/24	314,668
	State GO, Series B, NATL
155,000	5.250%, 08/01/22	190,848
	State Health & Educational Facilities Authority RB, Series K
165,000	5.500%, 07/01/32	221,620
	State School Building Authority RB, Series B
2,170,000	5.000%, 10/15/41	2,427,037
		3,452,719
	Michigan — 3.6%
	Michigan Finance Authority RB, Series A
1,840,000	5.000%, 05/01/25	2,163,564
	Southgate Community School District GO
255,000	5.000%, 05/01/24	304,524
350,000	5.000%, 05/01/25	421,295
	State Finance Authority RB
480,000	5.000%, 08/01/23	570,446
	Taylor GO, NATL
75,000	5.000%, 09/01/16	78,467
		3,538,296
	Minnesota — 0.6%
	University of Minnesota RB, Series A
290,000	5.000%, 12/01/18	329,582
255,000	5.000%, 12/01/19	296,909
		626,491
	Missouri — 4.1%
	Cass County GO
350,000	4.000%, 09/01/22	392,042
	Columbia School District GO
435,000	4.000%, 03/01/20	489,445
	Jackson County RB, AMBAC (1)
245,000	5.000%, 12/01/17	262,273
	Kansas City Metropolitan Community Colleges Building RB, Series Junior College, NATL (3)
250,000	4.250%, 07/01/16	261,458
	Ritenour Consolidated School District GO, Series A
75,000	5.000%, 03/01/18	83,257
	Saint Louis County Reorganized School District No. R-6 GO, Series B
250,000	4.000%, 02/01/19	270,322
	Saint Louis School District GO
710,000	5.000%, 04/01/19	792,672
	Springfield Public Utility RB, NATL
250,000	5.000%, 08/01/18	264,787
710,000	4.750%, 08/01/25	748,588
	State Highway & Transportation Commission RB
230,000	5.000%, 05/01/17	250,054
	State Highway & Transportation Commission RB, Series Senior Lien
250,000	5.000%, 02/01/19	285,245
		4,100,143
	New Jersey — 4.9%
	Garden State Preservation Trust RB, Series A, AGM
1,635,000	5.750%, 11/01/28	2,028,463
	State Transportation Trust Fund Authority RB, Series A
550,000	5.750%, 06/15/20	634,673
	State Transportation Trust Fund Authority RB, Series A, AGM
685,000	5.500%, 12/15/22	795,991
	State Transportation Trust Fund Authority RB, Series B, AMBAC
100,000	5.250%, 12/15/22	113,644
	State Transportation Trust Fund Authority RB, Series D
65,000	5.000%, 12/15/23	72,481
	State Turnpike Authority RB, Series A
1,000,000	5.000%, 01/01/23	1,191,920
		4,837,172
	New Mexico — 0.7%
	State Finance Authority RB
600,000	5.000%, 06/15/20	706,776

The accompanying notes are an integral part of the financial statements.

22

Principal Amount ($)		Value $
	New York — 9.4%
	Metropolitan Transportation Authority RB, Series Sub B-1
610,000	5.000%, 11/15/21	731,000
	New York City Municipal Water Finance Authority RB
1,000,000	5.375%, 06/15/43	1,176,660
	New York City Municipal Water Finance Authority RB, Series BB
465,000	5.000%, 06/15/27	530,472
	New York City Transitional Finance Authority RB
315,000	5.000%, 02/01/21	373,196
	New York City Transitional Finance Authority RB, Series Sub E
970,000	4.500%, 11/01/19	1,104,103
	New York City Transitional Finance Authority RB, Series Sub F-1
1,565,000	5.000%, 02/01/34	1,774,225
	Sales Tax Asset Receivable RB, Series A
515,000	5.000%, 10/15/22	631,534
	State Dormitory Authority RB, Series C
2,470,000	5.000%, 03/15/41	2,730,017
	State Environmental Facilities RB, Series B
200,000	5.000%, 06/15/17	218,308
	Triborough Bridge & Tunnel Authority RB, Series B (3)
50,000	5.000%, 01/01/20	56,440
		9,325,955
	North Carolina — 1.2%
	Raleigh Combined Enterprise System RB
70,000	5.000%, 03/01/20	81,892
50,000	5.000%, 03/01/21	59,637
	Wake County GO, Series C
875,000	5.000%, 03/01/24	1,088,640
		1,230,169
	Ohio — 3.9%
	Cincinnati City School District GO, NATL
340,000	5.250%, 12/01/21	411,692
	State Turnpike Commission RB, Series A-2 (2)
1,395,000	6.922%, 02/15/41	454,017
1,680,000	6.746%, 02/15/38	628,606
2,355,000	6.723%, 02/15/37	912,209
2,500,000	6.198%, 02/15/36	1,030,125
	State University RB, Series D
5,000	5.000%, 12/01/21 (3)	6,049
135,000	5.000%, 12/01/21	162,209
5,000	5.000%, 12/01/30 (3)	6,492
110,000	5.000%, 12/01/30	137,538
5,000	5.000%, 12/01/31 (3)	6,498
120,000	5.000%, 12/01/31	150,817
		3,906,252
	Pennsylvania — 3.1%
	Hempfield School District GO (4)
3,065,000	0.670%, 08/01/25	3,071,866
	South Carolina — 1.7%
	Charleston Water & Sewer System RB
75,000	5.000%, 01/01/41	83,108
	SCAGO Educational Facilities for Pickens School District RB
1,345,000	5.000%, 12/01/25	1,599,057
		1,682,165
	Tennessee — 0.3%
	Johnson City GO
250,000	4.500%, 06/01/21	279,023
	Lincoln County GO, NATL
25,000	5.250%, 04/01/18	27,881
	Putnam County GO, NATL
30,000	5.250%, 04/01/17	32,619
		339,523
	Texas — 9.7%
	Conroe Independent School District GO, PSF-GTD
235,000	5.000%, 02/15/20	272,506
	Conroe Independent School District GO, Series A, PSF-GTD
785,000	5.000%, 02/15/22	941,427
	Dallas Area Rapid Transit RB, Series Senior Lien, AMBAC
210,000	5.250%, 12/01/30	265,467

The accompanying notes are an integral part of the financial statements.

23

Principal Amount ($)		Value $
	Fort Bend Independent School District GO, PSF-GTD
100,000	4.750%, 08/15/34	110,565
	Frisco Independent School District GO, PSF-GTD
370,000	5.000%, 08/15/41	418,740
	Frisco Independent School District GO, Series A, PSF-GTD
125,000	5.000%, 08/15/26	136,402
	Harris County Flood Control District RB, Series A
25,000	5.000%, 10/01/20 (1)	29,599
20,000	5.000%, 10/01/24	23,417
	Harris County GO, Series B
100,000	5.000%, 10/01/18	113,466
	Harris County RB, Series C
330,000	5.000%, 08/15/40	368,587
	Hays Consolidated Independent School District GO, PSF-GTD
695,000	5.000%, 02/15/21	823,297
	Houston Utility System RB, AGM
20,000	5.000%, 11/15/16	21,385
	Hutto Independent School District GO, Series A, PSF-GTD
1,000,000	5.000%, 08/01/25	1,225,020
	Lower Colorado River Authority RB
460,000	5.000%, 05/15/22	527,583
	North East Independent School District GO, PSF-GTD
100,000	5.250%, 02/01/27	127,206
	North Texas Tollway Authority RB, Series A
5,000	6.100%, 01/01/28	5,822
845,000	6.000%, 01/01/28	980,901
525,000	5.000%, 01/01/24	625,359
	Permanent University Fund RB, Series B
480,000	5.250%, 07/01/28	610,901
	Spring Branch Independent School District GO, Series A, PSF-GTD
1,000,000	5.000%, 02/01/42	1,138,050
	University of Texas System RB, Series B
705,000	5.000%, 08/15/22	861,898
		9,627,598
	Washington — 1.1%
	King County Sewer RB
290,000	5.000%, 01/01/39	320,842
	Pierce County School District No. 10 Tacoma GO
400,000	5.000%, 12/01/25	490,400
	Snohomish County School District No. 15 Edmonds GO
250,000	4.000%, 12/01/16	263,885
		1,075,127
	TOTAL MUNICIPAL BONDS (Cost $79,034,370)	86,925,908
	CORPORATE OBLIGATIONS — 7.9%
	Energy — 2.3%
	Ensco
517,000	5.200%, 03/15/25	533,935
	Kinder Morgan
572,000	5.550%, 06/01/45	573,164
	Noble Energy
1,152,000	3.900%, 11/15/24	1,181,747
		2,288,846
	Financials — 5.1%
	Aflac
730,000	6.450%, 08/15/40	942,809
	Bank of America
1,565,000	6.000%, 10/15/36	1,954,033
	Citigroup
1,430,000	8.125%, 07/15/39	2,187,671
8,000	6.875%, 06/01/25	10,192
		5,094,705
	Healthcare — 0.3%
	Merck
274,000	2.750%, 02/10/25	271,768
	UnitedHealth Group
40,000	6.875%, 02/15/38	55,989
		327,757
	Telecommunication Services — 0.2%
	Verizon Communications
116,000	7.350%, 04/01/39	156,451
	TOTAL CORPORATE OBLIGATIONS (Cost $6,569,600)	7,867,759

The accompanying notes are an integral part of the financial statements.

24

Principal Amount ($)		Value $
	ASSET-BACKED SECURITIES (5) — 1.5%
	Cronos Containers Program I, Series 2014-2A, Class A
921,278	3.270%, 11/18/29	930,869
	Textainer Marine Containers, Series 2014-1A, Class A
508,250	3.270%, 10/20/39	512,571
	TOTAL ASSET-BACKED SECURITIES (Cost $1,429,069)	1,443,440
	TOTAL INVESTMENTS — 97.0% (Cost $87,033,039)	96,237,107
	OTHER ASSETS LESS LIABILITIES — 3.0%	3,014,181
	NET ASSETS — 100%	$	99,251,288

(1)	Pre-Refunded Security — The maturity date shown is the pre-refunded date.
(2)	Zero Coupon Security — Rate disclosed is the effective yield at time of purchase.
(3)	Escrowed to Maturity
(4)	Variable Rate Security — Rate disclosed is as of April 30, 2015
(5)	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 April 30, 2015, the value of these securities amounted to $1,443,440, representing 1.5% of the net assets of the Fund.

The open futures contracts held by the Fund at April 30, 2015, are as follows:

	Number of			Unrealized
Type of	Contracts		Expiration	Appreciation
Contract	Long (Short)		Date	(Depreciation)
U.S. 10-Year Treasury Note	(80	)	Jun-2015	$	7,161
U.S. Long Treasury Bond	(8	)	Jun-2015	65,290
U.S. Ultra Long Treasury Bond	(49	)	Jun-2015	181,962
				$	254,413

AGM — Assured Guaranty Municipal

AMBAC — American Municipal Bond Assurance Corporation

GO — General Obligation

NATL — National Public Finance Guarantee Corporation

PSF-GTD — Public School Fund Guaranteed

RB — Revenue Bond

TA — Tax Allocation

The accompanying notes are an integral part of the financial statements.

25

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund’s investments carried at value:

	Level 1		Level 2		Level 3		Total
Investments in Securities (1)
Municipal Bonds	$	—	$	86,925,908	$	—	$	86,925,908
Corporate Obligations	—		7,867,759		—		7,867,759
Asset-Backed Securities	—		1,443,440		—		1,443,440
Total Investments in Securities	$	—	$	96,237,107	$	—	$	96,237,107

	Level 1		Level 2		Level 3		Total
Other Financial Instruments
Futures — Unrealized Appreciation	$	254,413	$	—	$	—	$	254,413
Total Other Financial Instruments	$	254,413	$	—	$	—	$	254,413

(1)There were no transfers between levels during the reporting period, based on the input levels assigned under the hierarchy at the beginning and end of the reporting period.

The accompanying notes are an integral part of the financial statements.

26

Schroder Emerging Markets Multi-Sector Bond Fund

Schedule of Investments

April 30, 2015 (unaudited)

Principal Amount †									Value $
								FOREIGN GOVERNMENT BONDS — 47.2%
								Argentina — 3.2%
								Provincia de Buenos Aires (1)
895,000								11.750%, 10/05/15	903,950
								Brazil — 6.0%
								Brazil Notas do Tesouro Nacional Serie F
BRL							4,420,000	10.000%, 01/01/17	1,394,376
								Brazilian Government International Bond
360,000								5.000%, 01/27/45	339,300
									1,733,676
								Colombia — 3.0%
								Empresa de Telecomunicaciones de Bogota (1)
COP			2,128,000,000					7.000%, 01/17/23	854,952
								Costa Rica — 1.7%
								Costa Rica Government International Bond (1)
470,000								7.000%, 04/04/44	484,100
								Ecuador — 4.6%
								Ecuador Government International Bond (1)
675,000								10.500%, 03/24/20	732,375
600,000								7.950%, 06/20/24	588,000
									1,320,375
								El Salvador — 0.9%
								El Salvador Government International Bond
40,000								8.250%, 04/10/32 (2)	46,400
200,000								6.375%, 01/18/27 (1)	204,500
									250,900
								Indonesia — 3.8%
								Indonesia Treasury Bond
IDR	3,489,000,000							7.000%, 05/15/22	260,125
IDR	11,309,000,000							5.250%, 05/15/18	819,343
									1,079,468
								Lebanon — 4.8%
								Lebanon Government International Bond MTN (2)
540,000								5.450%, 11/28/19	546,750
825,000								5.150%, 11/12/18	831,188
									1,377,938
								Malaysia — 3.0%
								Malaysia Government Bond
MYR							3,070,000	3.492%, 03/31/20	856,149
								Mexico — 4.9%
								Mexican Bonos
MXN						21,690,000		5.000%, 12/11/19	1,401,397
								Pakistan — 1.2%
								Pakistan Government International Bond (1)
320,000								7.250%, 04/15/19	338,579
								Philippines — 0.9%
								Philippine Government International Bond
PHP					10,000,000			6.250%, 01/14/36	264,703
								Russia — 6.3%
								Russian Federal Bond
RUB		45,940,000						7.000%, 01/25/23	731,330
								Russian Federal Bond - OFZ
RUB				28,100,000				6.200%, 01/31/18	488,518
								Russian Foreign Bond - Eurobond (1)
600,000								4.875%, 09/16/23	591,000
									1,810,848
								South Africa — 2.9%
								South Africa Government Bond
ZAR							4,000,000	7.000%, 02/28/31	294,976
								South Africa Government International Bond
475,000								5.875%, 09/16/25	542,687
									837,663
								TOTAL FOREIGN GOVERNMENT BONDS (Cost $13,419,157)	13,514,698
								CORPORATE OBLIGATIONS — 45.5%
								Brazil — 7.7%
								CIMPOR Financial Operations BV (1)
310,000								5.750%, 07/17/24	281,325

The accompanying notes are an integral part of the financial statements.

27

Principal Amount †				Value $
			Marfrig Holding Europe BV (1)
350,000			6.875%, 06/24/19	312,375
			Odebrecht Finance (1)
520,000			7.125%, 06/26/42	466,050
			Petrobras Global Finance BV
315,000			7.875%, 03/15/19	343,511
845,000			3.000%, 01/15/19	791,342
				2,194,603
			Chile — 1.3%
			Cencosud (1)
350,000			4.875%, 01/20/23	357,744
			China — 6.0%
			CAR (1)
200,000			6.125%, 02/04/20	209,000
			China Aoyuan Property Group (2)
200,000			11.250%, 01/17/19	196,988
			Future Land Development Holdings (1)
200,000			10.250%, 01/31/18	204,626
			KWG Property Holding (2)
200,000			8.975%, 01/14/19	200,000
			Logan Property Holdings (2)
200,000			11.250%, 06/04/19	202,355
			Times Property Holdings (2)
255,000			12.625%, 03/21/19	270,652
			Yingde Gases Investment (1)
260,000			8.125%, 04/22/18	245,138
			Yuzhou Properties (2)
200,000			8.625%, 01/24/19	198,994
				1,727,753
			Colombia — 4.3%
			Banco Davivienda (1)
250,000			5.875%, 07/09/22	258,750
			Bancolombia
350,000			5.125%, 09/11/22	358,925
			Ecopetrol
280,000			5.875%, 05/28/45	269,850
			Empresas Publicas de Medellin ESP (1)
COP	841,000,000		7.625%, 09/10/24	352,147
				1,239,672
			Costa Rica — 2.1%
			Instituto Costarricense de Electricidad (1)
700,000			6.375%, 05/15/43	604,625
			Hong Kong — 1.0%
			MIE Holdings (1)
400,000			7.500%, 04/25/19	293,000
			India — 1.1%
			Rolta Americas LLC (1)
350,000			8.875%, 07/24/19	304,500
			Indonesia — 0.7%
			Golden Legacy PTE (1)
200,000			9.000%, 04/24/19	203,500
			Jamaica — 0.7%
			Digicel (1)
200,000			6.750%, 03/01/23	197,600
			Kazakhstan — 4.8%
			Development Bank of Kazakhstan JSC (2)
575,000			4.125%, 12/10/22	533,542
			KazMunayGas National JSC (1)
885,000			4.400%, 04/30/23	842,963
				1,376,505
			Mexico — 5.9%
			Fermaca Enterprises S de RL (1)
198,547			6.375%, 03/30/38	210,460
			Grupo Televisa MTN
MXN		4,700,000	7.250%, 05/14/43	267,474
			Metalsa (1)
350,000			4.900%, 04/24/23	344,750
			Petroleos Mexicanos
250,000			6.625%, 06/15/35	283,000
380,000			4.500%, 01/23/26 (1)	386,650
			Servicios Corporativos Javer (1)
184,000			9.875%, 04/06/21	197,156
				1,689,490
			Morocco — 0.7%
			OCP (1)
200,000			4.500%, 10/22/25	194,000
			Peru — 1.4%
			Banco Internacional del Peru SAA (1) (3)
190,000			6.625%, 03/19/29	207,100
			Cia Minera Milpo SAA (1)
200,000			4.625%, 03/28/23	205,000
				412,100

The accompanying notes are an integral part of the financial statements.

28

Principal Amount †			Value $
		Russia — 4.7%
		Gazprom OAO Via Gaz Capital (1)
1,225,000		3.850%, 02/06/20	1,126,694
		Mobile Telesystems via MTS International Funding (1)
240,000		5.000%, 05/30/23	216,120
			1,342,814
		South Africa — 2.0%
		Eskom Holdings SOC (1)
560,000		7.125%, 02/11/25	585,032
		Venezuela — 1.1%
		Petroleos de Venezuela (1)
775,000		6.000%, 11/15/26	325,500
		TOTAL CORPORATE OBLIGATIONS (Cost $13,105,442)	13,048,438
		CONVERTIBLE BONDS — 3.8%
		China — 2.8%
		Biostime International Holdings (2) (4)
HKD	2,000,000	1.347%, 02/20/19	247,725
		China Singyes Solar Technologies Holdings (2)
CNY	2,000,000	5.000%, 08/08/19	341,942
		Qihoo 360 Technology (1)
250,000		1.750%, 08/15/21	213,906
			803,573
		India — 1.0%
		Vedanta Resources Jersey (2)
300,000		5.500%, 07/13/16	295,500
		TOTAL CONVERTIBLE BONDS (Cost $1,108,299)	1,099,073
		TOTAL INVESTMENTS — 96.5% (Cost $27,632,898)	27,662,209
		OTHER ASSETS LESS LIABILITIES — 3.5%	993,158
		NET ASSETS — 100%	$	28,655,367

†	In U.S. Dollars unless otherwise indicated.
(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 April 30, 2015, the value of these securities amounted to $14,043,167, representing 49.0% of the net assets of the Fund.
(2)	Security exempt from registration under Regulation S of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On April 30, 2015, the value of these securities amounted to $3,912,036, representing 13.7% of the net assets of the Fund.
(3)	Variable Rate Security — Rate disclosed is as of April 30, 2015.
(4)	Zero Coupon Security — Rate disclosed is the effective yield at time of purchase.

The accompanying notes are an integral part of the financial statements.

29

A summary of the outstanding forward foreign currency contracts held by the Fund at April 30, 2015, is as follows:

						Unrealized
						Appreciation
Counterparty	Settlement Date	Currency to Deliver		Currency to Receive		(Depreciation)
Barclays Capital	05/04/15	USD	299,716	TRY	765,000	$	(13,823	)
Barclays Capital	05/04/15-06/25/15	USD	2,518,824	BRL	7,670,000	1,426
Barclays Capital	05/06/15	MYR	1,100,000	USD	310,296	1,613
Barclays Capital	05/06/15-07/31/15	USD	613,582	MYR	2,200,000	1,448
Barclays Capital	05/26/15	CLP	420,000,000	USD	665,874	(18,989		)
Barclays Capital	05/26/15	USD	674,428	CLP	420,000,000	10,435
Barclays Capital	05/29/15-06/25/15	BRL	4,970,000	USD	1,614,727	(10,690		)
Barclays Capital	06/05/15	USD	400,649	COP	1,060,000,000	42,764
Barclays Capital	06/10/15	USD	815,438	EUR	770,000	49,635
Barclays Capital	06/22/15	PLN	2,050,000	USD	550,885	(17,535		)
Barclays Capital	06/22/15-07/31/15	USD	955,305	PLN	3,600,000	42,337
Barclays Capital	07/31/15	USD	427,146	HUF	116,000,000	773
Barclays Capital	07/31/15	USD	283,590	MXN	4,350,000	(1,927		)
Citigroup Global Markets	05/04/15	TRY	765,000	USD	306,962	21,070
Citigroup Global Markets	06/22/15	HUF	150,000,000	USD	534,106	(19,639		)
Citigroup Global Markets	06/22/15-07/31/15	USD	956,591	HUF	267,200,000	29,500
Citigroup Global Markets	07/31/15	USD	429,155	PLN	1,550,000	68
Citigroup Global Markets	07/31/15	USD	420,002	ZAR	5,000,000	(6,187		)
HSBC	06/22/15	USD	996,243	RUB	54,170,000	34,341
JPMorgan Securities	05/04/15	BRL	2,700,000	USD	982,712	87,878
JPMorgan Securities	06/05/15	COP	1,060,000,000	USD	408,478	(34,935		)
JPMorgan Securities	06/10/15	EUR	770,000	USD	839,463	(25,610		)
JPMorgan Securities	06/22/15	RUB	92,700,000	USD	1,693,062	(70,555		)
JPMorgan Securities	08/05/15	USD	576,117	EUR	515,000	2,934
						$	106,332

A list of the open OTC swap agreements held by the Fund at April 30, 2015 is as follows:

Credit Default Swaps — Buy Protection

Premiums

Unrealized

Notional

Paid

Appreciation

Reference Entity

Fixed Rate

Counterparty

Maturity

Rating

Currency

Amount

(Received)

(Depreciation)

Japan Government

1.00

%

JPMorgan

06/20/18

Aa3

USD

$

1,000,000

$

(17,758

)

$

(8,988

)

The accompanying notes are an integral part of the financial statements.

30

Credit Default Swaps — Sell Protection

									Premiums			Unrealized
							Notional		Paid			Appreciation
Reference Entity	Fixed Rate		Counterparty	Maturity	Rating	Currency	Amount		(Received)			(Depreciation)
Republic of Brazil	1.00	%	JPMorgan	09/20/19	Baa2	USD	$	700,000	$	(9,537	)	$	(22,501	)
Republic of Brazil	1.00	%	Morgan Stanley	12/20/19	Baa2	USD	1,800,000		(50,019		)	(42,079		)
Russian Federation	1.00	%	Morgan Stanley	12/20/15	Baa2	USD	900,000		(5,276		)	(4,217		)
									$	(64,832	)	$	(68,797	)

The table that follows shows the undiscounted maximum potential payment by the Fund related to selling credit protection in credit default swaps:

	Total Maximum
	Potential Payments for
	Selling Credit
Reference Asset on which the	Protection		Amount		Reference Asset
Fund Sold Protection	(Undiscounted)		Recoverable*		Rating Range**
Republic of Brazil	$	2,500,000	$	—	Baa2
Russian Federation	900,000		—		Baa2
Total	$	3,400,000	$	—

*  The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event.

** The year end reference asset security ratings, as rated by any rating organization, are included in the equivalent Moody’s rating category. The reference asset rating represents the likelihood of a potential credit event on the reference asset which would result in a related payment by the Fund.

BRL — Brazilian Real

CLP — Chilean Peso

CNY — Chinese Yuan

COP — Colombian Peso

EUR — Euro

HKD — Hong Kong Dollar

HUF — Hungarian Forint

IDR — Indonesian Rupiah

LLC — Limited Liability Corporation

MTN — Medium Term Note

MYR — Malaysian Ringgit

MXN — Mexican Peso

OFZ — Federal Loan Obligations

OTC — Over the Counter

PHP — Philippine Peso

PLN — Polish Zloty

RUB — Russian Ruble

TRY — Turkish New Lira

USD — United States Dollar

ZAR — South African Rand

The accompanying notes are an integral part of the financial statements.

31

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund’s investments carried at value:

	Level 1		Level 2		Level 3		Total
Investments in Securities (1)
Foreign Government Bonds	$	—	$	13,514,698	$	—	$	13,514,698
Corporate Obligations	—		13,048,438		—		13,048,438
Convertible Bonds	—		1,099,073		—		1,099,073
Total Investments in Securities	$	—	$	27,662,209	$	—	$	27,662,209

	Level 1		Level 2			Level 3		Total
Other Financial Instruments
Forwards — Unrealized Appreciation	$	—	$	326,222		$	—	$	326,222
Forwards — Unrealized Depreciation	—		(219,890		)	—		(219,890		)
Credit Default Swaps — Unrealized Depreciation	—		(77,785		)	—		(77,785		)
Total Other Financial Instruments	$	—	$	28,547		$	—	$	28,547

(1)There were no transfers between levels during the reporting period, based on the input levels assigned under the hierarchy at the beginning and end of the reporting period.

The accompanying notes are an integral part of the financial statements.

32

Schroder Global Strategic Bond Fund

Schedule of Investments

April 30, 2015 (unaudited)

Principal Amount †			Value $
		CORPORATE OBLIGATIONS — 68.4%
		Belgium — 1.3%
		Anheuser-Busch InBev MTN (1) (2)
EUR	1,530,000	0.401%, 03/29/18	1,729,086
		Brazil — 0.7%
		Marfrig Holding Europe BV (2)
980,000		8.375%, 05/09/18	957,754
		Canada — 0.8%
		Bank of Nova Scotia MTN (1) (2)
GBP	750,000	0.753%, 11/02/17	1,151,811
		France — 9.2%
		BNP Paribas (1)
GBP	770,000	1.164%, 05/16/16	1,186,694
		BPCE (2)
GBP	500,000	5.250%, 04/16/29	831,946
		BPCE MTN (1) (2)
GBP	500,000	1.364%, 03/06/17	772,187
		Caisse Centrale du Credit Immobilier de France MTN (2)
EUR	1,500,000	0.500%, 05/19/17	1,701,999
		Credit Agricole (1) (2)
420,000		1.435%, 04/15/16	423,262
		Credit Mutuel - CIC Home Loan SFH (1) (2)
GBP	700,000	0.866%, 04/22/16	1,076,146
		Dexia Credit Local MTN (1) (2)
GBP	1,500,000	0.800%, 04/15/16	2,304,141
		Dexia Credit Local NY MTN (2)
970,000		1.250%, 10/18/16	976,249
		GDF Suez MTN (2)
EUR	1,500,000	1.500%, 02/01/16	1,701,264
		Societe Des Autoroutes Paris-Rhin-Rhone MTN (1)
EUR	400,000	0.872%, 01/18/16	451,748
		TOTAL MTN (1) (2)
EUR	995,000	2.250%, 12/31/49	1,123,493
			12,549,129
		Germany — 7.3%
		Aareal Bank MTN (1) (2)
GBP	200,000	0.913%, 05/02/16	307,237
		BASF MTN (2)
GBP	1,000,000	1.375%, 12/15/17	1,553,812
		Deutsche Pfandbriefbank MTN (1)
GBP	500,000	1.014%, 05/16/16	768,693
		Erste Abwicklungsanstalt MTN (1)
200,000		0.579%, 01/29/16	200,397
EUR	1,500,000	0.348%, 08/15/16	1,691,798
		FMS Wertmanagement AoeR (2)
GBP	1,900,000	1.125%, 12/07/16	2,931,758
		Muenchener Hypothekenbank eG MTN (1) (2)
GBP	500,000	0.771%, 04/25/16	767,709
		Schaeffler Finance BV MTN (2)
EUR	490,000	2.750%, 05/15/19	560,541
		Volkswagen Financial Services MTN (2)
GBP	760,000	2.000%, 10/23/15	1,172,373
			9,954,318
		Italy — 0.9%
		Enel (1) (3)
360,000		8.750%, 09/24/73	433,548
		Telecom Italia MTN
GBP	200,000	6.375%, 06/24/19	341,489
		UniCredit MTN (1) (2)
EUR	307,000	5.750%, 10/28/25	383,909
			1,158,946
		Luxembourg — 0.3%
		Wind Acquisition Finance (2)
EUR	280,000	7.000%, 04/23/21	336,739
		Mexico — 0.7%
		Cemex (3)
980,000		5.875%, 03/25/19	1,013,810
		Netherlands — 7.2%
		ABN AMRO Bank MTN (1) (2)
EUR	1,030,000	0.632%, 08/01/16	1,163,330
		Bank Nederlandse Gemeenten (1) (2)
2,704,000		0.445%, 07/18/16	2,708,916

The accompanying notes are an integral part of the financial statements.

33

Principal Amount †			Value $
		E.ON International Finance BV MTN (2)
EUR	2,000,000	5.250%, 09/08/15	2,286,028
		ING Bank MTN (2)
EUR	380,000	2.125%, 07/10/15	428,431
		Koninklijke KPN MTN (1) (2)
GBP	490,000	6.875%, 03/14/73	822,635
		Nederlandse Waterschapsbank (1) (2)
2,400,000		0.475%, 10/18/16	2,405,940
			9,815,280
		Spain — 0.3%
		Bankia MTN (1) (2)
EUR	400,000	4.000%, 05/22/24	450,825
		Supra-National — 6.4%
		Asian Development Bank MTN
EUR	2,050,000	0.375%, 04/03/17	2,322,638
		European Investment Bank MTN (1)
GBP	2,230,000	0.640%, 01/05/16	3,426,177
		Inter-American Development Bank (1)
3,000,000		0.221%, 11/26/18	2,999,706
			8,748,521
		Sweden — 2.9%
		Nordea Bank MTN (1) (2)
EUR	2,030,000	0.345%, 11/25/16	2,287,092
		Svenska Handelsbanken (1)
1,220,000		0.715%, 03/21/16	1,224,440
		Swedbank MTN (1)
GBP	250,000	1.212%, 11/06/15	384,983
			3,896,515
		Switzerland — 1.1%
		Credit Suisse MTN (1) (2)
GBP	1,000,000	0.886%, 01/21/16	1,534,837
		United Kingdom — 10.2%
		Arqiva Broadcast Finance MTN (2)
GBP	190,000	9.500%, 03/31/20	324,459
		Aviva (1)
GBP	470,000	5.902%, 07/27/49	777,898
		Aviva MTN (1) (2)
EUR	222,000	3.875%, 07/03/44	274,200
		BAT International Finance MTN (2)
1,150,000		1.125%, 03/29/16	1,152,613
		BP Capital Markets (1)
1,440,000		0.585%, 11/06/15	1,441,552
		Clydesdale Bank MTN (1) (2)
GBP	590,000	2.263%, 06/08/15	907,077
		Ensco
680,000		5.750%, 10/01/44	673,227
		Friends Life Holdings (1) (2)
980,000		7.875%, 11/08/49	1,113,422
		Investec Bank MTN (2)
GBP	120,000	9.625%, 02/17/22	220,151
		Lloyds Bank MTN (1) (2)
GBP	590,000	0.821%, 01/16/17	907,478
		Network Rail Infrastructure Finance MTN
GBP	1,990,000	4.875%, 11/27/15	3,128,054
		SSE (1) (2)
EUR	270,000	5.625%, 09/29/49	329,394
		United Utilities Water MTN
GBP	900,000	6.125%, 12/29/15	1,428,434
		Yorkshire Building Society (1) (2)
GBP	760,000	2.314%, 03/23/16	1,182,322
			13,860,281
		United States — 19.1%
		21st Century Fox America
1,151,000		5.400%, 10/01/43	1,349,943
		Actavis Funding SCS
200,000		4.750%, 03/15/45	202,990
150,000		4.550%, 03/15/35	151,037
		Apple
1,980,000		4.450%, 05/06/44	2,101,917
		AT&T
220,000		4.750%, 05/15/46	215,941
230,000		4.500%, 05/15/35	225,952
		Bank of America (1)
1,220,000		0.727%, 02/14/17	1,222,033
		Bank of America MTN
850,000		4.875%, 04/01/44	929,549
		Caterpillar International Finance MTN (1) (2)
EUR	900,000	0.351%, 09/27/17	1,015,112
		Citigroup
980,000		5.300%, 05/06/44	1,065,094
1,160,000		0.967%, 04/27/18 (1)	1,159,835

The accompanying notes are an integral part of the financial statements.

34

Principal Amount †			Value $
		Comcast
610,000		4.750%, 03/01/44	669,998
		Exxon Mobil
2,500,000		0.921%, 03/15/17	2,513,528
		Freeport-McMoRan
510,000		5.450%, 03/15/43	447,597
		HSBC USA
940,000		1.700%, 03/05/18	942,879
		International Paper
1,095,000		4.800%, 06/15/44	1,104,202
		JPMorgan Chase (1)
1,170,000		0.777%, 02/15/17	1,172,980
		Kinder Morgan
1,169,000		5.550%, 06/01/45	1,171,378
		Medtronic (3)
1,276,000		4.625%, 03/15/45	1,377,844
		Microsoft
1,306,000		4.000%, 02/12/55	1,233,803
		Monsanto
512,000		4.700%, 07/15/64	520,305
		Prudential Financial MTN
1,381,000		4.600%, 05/15/44	1,407,593
		SPCM (3)
520,000		6.000%, 01/15/22	548,600
		Toronto-Dominion Bank MTN (1)
2,300,000		0.724%, 09/09/16	2,309,975
		Tyson Foods
824,000		5.150%, 08/15/44	924,156
			25,984,241
		TOTAL CORPORATE OBLIGATIONS (Cost $94,540,509)	93,142,093
		U.S. TREASURY OBLIGATIONS (4) — 14.2%
		United States Treasury Inflation Indexed Bonds
2,555,789		0.250%, 01/15/25	2,592,528
12,451,380		0.125%, 04/15/19	12,740,289
		United States Treasury Note
4,000,000		0.375%, 06/15/15	4,001,720
		TOTAL U.S. TREASURY OBLIGATIONS (Cost $18,995,519)	19,334,537
		FOREIGN GOVERNMENT BONDS — 9.2%
		Canada — 2.3%
		Province of Ontario Canada
2,000,000		1.875%, 09/15/15	2,011,282
1,160,000		0.950%, 05/26/15	1,160,493
			3,171,775
		France — 2.9%
		Caisse d’Amortissement de la Dette Sociale MTN (2)
GBP	2,510,000	1.375%, 02/06/17	3,891,272
		Italy — 1.9%
		Italy Buoni Poliennali Del Tesoro
EUR	1,000,000	4.500%, 07/15/15	1,133,491
EUR	1,010,000	1.500%, 12/15/16	1,159,664
		Italy Certificati di Credito del Tesoro (5)
EUR	280,000	0.410%, 06/30/15	314,565
			2,607,720
		Norway — 0.8%
		Kommunalbanken MTN (2)
1,040,000		0.875%, 10/03/16	1,044,000
		Sweden — 1.3%
		Kommuninvest I Sverige (2)
1,780,000		0.875%, 12/13/16	1,786,515
		TOTAL FOREIGN GOVERNMENT BONDS (Cost $12,605,124)	12,501,282
		ASSET-BACKED SECURITIES — 1.9%
		Cars Alliance Auto Loans France V, Series 2012-F1V, Class A (1) (2)
EUR	249,478	0.506%, 02/25/24	280,748
		Element Rail Leasing II LLC, Series 2015-1A, Class A2 (3)
735,000		3.585%, 02/19/45	738,160
		Global SC Finance, Series 2014-1A, Class A1 (3)
231,250		3.190%, 07/17/29	232,417

The accompanying notes are an integral part of the financial statements.

35

Principal Amount † /Notional Amount				Value $
			Gracechurch Card Funding, Series 2011-1, Class A2 (1) (2)
GBP	340,000		1.603%, 01/15/18	525,135
			Penarth Master Issuer, Series 2014-1X, Class A1 (1) (2)
GBP	300,000		0.805%, 03/18/18	460,678
			TAL Advantage V LLC, Series 2013-2A, Class A (3)
300,417			3.550%, 11/20/38	305,059
			TOTAL ASSET-BACKED SECURITIES (Cost $2,583,294)	2,542,197
			COLLATERALIZED MORTGAGE OBLIGATIONS — 0.9%
			Bluestep Mortgage Securities No. 2, Series 2013-2, Class AA (1) (2)
EUR	126,790		1.503%, 11/10/55	143,049
			Motel 6 Trust, Series 2015-MTL6, Class B (3)
485,000			3.298%, 02/05/30	488,104
			Residential Mortgage Securities, Series 2005-20X, Class A2A (1) (2)
GBP	110,374		0.825%, 08/10/38	164,803
			Residential Mortgage Securities, Series 2010-25, Class A1 (1) (2)
GBP	161,216		3.064%, 12/16/50	256,575
			RMAC, Series 2004-NS2X, Class A3 (1) (2)
GBP	119,147		0.802%, 06/12/36	170,442
			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,314,281)	1,222,973
			OTC FOREIGN CURRENCY PURCHASED OPTIONS (6) — 0.1%
1,501,837			NOK Call / GBP Put, Expires: 08/05/15, Strike Price: $10.75	4,798
4,960,000			USD Call / EUR Put, Expires: 07/31/15, Strike Price: $1.09	58,114
5,775,000			USD Call / GBP Put, Expires: 08/10/15, Strike Price: $1.50	68,785
			TOTAL OTC FOREIGN CURRENCY PURCHASED OPTIONS (Cost $233,399)	131,697
			TOTAL INVESTMENTS — 94.7% (Cost $130,272,126)	128,874,779
			OTHER ASSETS LESS LIABILITIES — 5.3%	7,246,567
			NET ASSETS — 100%	$	136,121,346
			OTC FOREIGN CURRENCY WRITTEN OPTIONS (6) — 0.2%
(4,960,000		)	EUR Call / USD Put, Expires: 07/31/15, Strike Price: $1.13	(115,472		)
(1,501,837		)	GBP Call / NOK Put, Expires: 08/05/15, Strike Price: $11.345	(49,512		)
(6,025,250		)	GBP Call / USD Put, Expires: 08/10/15, Strike Price: $1.565	(63,905		)
(4,960,000		)	USD Call / EUR Put, Expires: 07/31/15, Strike Price: $1.02	(13,197		)
(5,390,000		)	USD Call / GBP Put, Expires: 08/10/15, Strike Price: $1.40	(14,671		)
			TOTAL OTC FOREIGN CURRENCY WRITTEN OPTIONS (Premiums Received $265,504)	(256,757		)

The accompanying notes are an integral part of the financial statements.

36

Notional Amount			Value $
		OTC FOREIGN CURRENCY WRITTEN SWAPTIONS (6) — 0.3%
(2,366,000	)	April 2016, Expires: 03/10/16, Strike Price: EUR 117.50	(258,656	)
(2,366,000	)	April 2016, Expires: 03/11/16, Strike Price: EUR 101.50	(188,732	)
		TOTAL OTC FOREIGN CURRENCY WRITTEN SWAPTIONS (Premiums Received $354,122)	(447,388	)

†	In U.S. Dollars unless otherwise indicated.
(1)	Variable Rate Security — Rate disclosed is as of April 30, 2015.
(2)	Security exempt from registration under Regulation S of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On April 30, 2015, the value of these securities amounted to $53,000,895, representing 38.9% of the net assets of the Fund.
(3)	Security exempt from registration under Rule 144A of the Securities Act of 1933.  This security may be resold in transactions exempt from registration normally to qualified institutions.  On April 30, 2015, the value of these securities amounted to $5,137,542, representing 3.8% of the net assets of the Fund.
(4)	Security, or a portion of this security, has been pledged as collateral on open derivative positions.
(5)	Zero Coupon Security — Rate disclosed is the effective yield at time of purchase.
(6)	Denotes non-income producing security.

The open futures contracts held by the Fund at April 30, 2015, are as follows:

	Number of			Unrealized
Type of	Contracts		Expiration	Appreciation
Contract	Long (Short)		Date	(Depreciation)
Euro-Bobl	(14	)	Jun-2015	$	6,422
Euro-Bund	(28	)	Jun-2015	9,678
Long Gilt 10-Year Bond	(53	)	Jun-2015	149,141
U.S. 2-Year Treasury Note	(4	)	Jun-2015	(3,319		)
U.S. 5-Year Treasury Note	(475	)	Jun-2015	(525,878		)
U.S. 10-Year Treasury Note	(66	)	Jun-2015	57,449
U.S. Long Treasury Bond	34		Jun-2015	93,156
				$	(213,351	)

The accompanying notes are an integral part of the financial statements.

37

A summary of the outstanding forward foreign currency contracts held by the Fund at April 30, 2015, is as follows:

						Unrealized
						Appreciation
Counterparty	Settlement Date	Currency to Deliver		Currency to Receive		(Depreciation)
BNP Paribas	05/13/15	EUR	490,000	USD	520,850	$	(29,443	)
BNP Paribas	05/13/15	USD	287,687	EUR	267,258	12,457
Citigroup Global Markets	05/13/15	AUD	340,000	USD	258,692	(10,168		)
Citigroup Global Markets	05/13/15	USD	382,413	EUR	350,000	10,654
Credit Suisse First Boston	05/13/15	USD	4,929,874	AUD	6,316,100	64,689
Deutsche Bank Securities	05/13/15	EUR	15,628,699	USD	16,590,489	(961,289		)
Deutsche Bank Securities	05/13/15	GBP	5,749,367	USD	8,403,982	(420,418		)
Deutsche Bank Securities	05/13/15	USD	12,490,281	EUR	11,153,800	35,971
Deutsche Bank Securities	05/13/15	USD	3,464,423	NOK	28,260,000	287,269
Deutsche Bank Securities	05/13/15	USD	2,747,661	NZD	3,562,700	(31,988		)
HSBC	05/13/15	EUR	4,098,427	USD	4,326,906	(275,824		)
HSBC	05/13/15	USD	8,131,512	GBP	5,551,104	388,584
JPMorgan Securities	05/13/15	EUR	2,590,989	USD	2,814,784	(95,020		)
JPMorgan Securities	05/13/15	GBP	1,300,000	USD	1,954,662	(40,640		)
JPMorgan Securities	05/13/15	USD	1,338,494	EUR	1,240,000	54,085
JPMorgan Securities	05/13/15	USD	3,713,857	GBP	2,470,000	77,215
National Bank of Australia	05/13/15	AUD	6,082,123	USD	4,644,072	(165,470		)
Royal Bank of Scotland	05/13/15	EUR	563,219	GBP	408,635	(5,329		)
State Street Bank	05/13/15	GBP	30,660,122	USD	45,015,983	(2,042,618		)
State Street Bank	05/13/15	NZD	10,041,700	USD	7,536,698	(117,603		)
State Street Bank	05/13/15	USD	122,866	EUR	114,554	5,784
State Street Bank	05/13/15	USD	5,315,557	GBP	3,507,600	68,073
UBS Securities	05/13/15	EUR	14,802,757	USD	15,629,432	(994,774		)
						$	(4,185,803	)

A list of the open centrally cleared swap agreements held by the Fund at April 30, 2015 is as follows:

Credit Default Swaps — Buy Protection

							Premiums			Unrealized
						Notional	Paid			Appreciation
Reference Entity	Fixed Rate		Counterparty	Maturity	Currency	Amount	(Received)			(Depreciation)
Cdx.Na.Hy S23 5Year	5.00	%	Morgan Stanley	12/20/19	USD	2,067,800	$	(120,010	)	$	(48,407	)
Cdx.Na.Ig S24 5Year	1.00	%	Morgan Stanley	06/20/20	USD	39,050,000	(720,043		)	28,864
Itraxx Xover S23 5Year	5.00	%	Morgan Stanley	06/20/20	USD	4,020,000	(483,783		)	17,966
							$	(1,323,836	)	$	(1,577	)

The accompanying notes are an integral part of the financial statements.

38

Interest Rate Swaps

						Net Unrealized
			Termination		Notional	Appreciation
Counterparty	Fund Pays	Fund Receives	Date	Currency	Amount	(Depreciation)
Morgan Stanley	2.53%	3 Month USD - LIBOR	03/13/55	USD	870,000	$	2,894
Morgan Stanley	0.51%	6 Month EUR - EURIBOR	05/30/25	EUR	5,000,000	97,742
Morgan Stanley	0.51%	6 Month EUR - EURIBOR	05/30/25	EUR	5,000,000	101,533
Morgan Stanley	3 Month USD - LIBOR	2.05%	05/30/25	USD	6,000,000	(55,335		)
Morgan Stanley	3 Month USD - LIBOR	2.04%	05/30/25	USD	6,000,000	(60,314		)
Morgan Stanley	0.51%	6 Month EUR - EURIBOR	05/30/25	EUR	10,000,000	200,900
Morgan Stanley	2.03%	3 Month USD - LIBOR	05/30/25	USD	12,000,000	(125,055		)
Morgan Stanley	2.04%	3 Month USD - LIBOR	05/11/25	USD	490,000	4,120
Morgan Stanley	6 Month EUR - EURIBOR	0.59%	05/11/25	EUR	750,000	(8,176		)
Morgan Stanley	2.01%	3 Month USD - LIBOR	04/27/25	USD	580,000	5,961
Morgan Stanley	6 Month EUR - EURIBOR	0.57%	04/27/25	EUR	630,000	(7,708		)
Morgan Stanley	6 Month EUR - EURIBOR	0.73%	04/13/25	EUR	1,540,000	6,450
Morgan Stanley	2.34%	3 Month USD - LIBOR	04/13/25	USD	1,750,000	(34,098		)
Morgan Stanley	6 Month EUR - EURIBOR	0.76%	04/10/25	EUR	2,000,000	14,895
Morgan Stanley	2.34%	3 Month USD - LIBOR	04/10/25	USD	2,300,000	(46,611		)
Morgan Stanley	2.09%	3 Month USD LIBOR	03/10/25	USD	400,000	972
Morgan Stanley	6 Month EUR - EURIBOR	0.73%	03/10/25	EUR	500,000	2,291
Morgan Stanley	6 Month EUR - EURIBOR	0.73%	03/06/25	EUR	1,000,000	5,008
Morgan Stanley	2.11%	3 Month USD - LIBOR	02/17/25	USD	19,000,000	15,904
Morgan Stanley	6 Month EUR - EURIBOR	0.88%	01/29/25	EUR	3,400,000	79,101
Morgan Stanley	2.32%	3 Month USD - LIBOR	01/29/25	USD	4,500,000	(85,112		)
Morgan Stanley	0.88%	6 Month EUR - EURIBOR	01/23/25	EUR	5,500,000	125,042
Morgan Stanley	2.35%	3 Month USD - LIBOR	01/23/25	USD	7,300,000	(157,804		)
Morgan Stanley	6 Month EUR - EURIBOR	1.09%	12/03/24	EUR	555,000	27,328
Morgan Stanley	2.47%	3 Month USD - LIBOR	12/03/24	USD	800,000	(26,147		)
Morgan Stanley	2.73%	3 Month USD - LIBOR	08/11/24	USD	1,400,000	(78,530		)
Morgan Stanley	1.47%	6 Month EUR - EURIBOR	08/11/24	EUR	960,000	91,756
Morgan Stanley	2.72%	3 Month USD - LIBOR	07/25/24	USD	700,000	(38,921		)
Morgan Stanley	6 Month EUR - EURIBOR	1.52%	07/25/24	EUR	4,448,000	456,991
Morgan Stanley	2.73%	3 Month USD - LIBOR	07/25/24	USD	6,360,000	(357,458		)
Morgan Stanley	0.92%	6 Month GBP - LIBOR	05/07/17	GBP	1,500,000	4,182
Morgan Stanley	0.97%	6 Month GBP - LIBOR	04/16/17	GBP	1,500,000	1,325
Morgan Stanley	1.10%	6 Month GBP - LIBOR	04/07/17	GBP	3,000,000	(9,386		)
Morgan Stanley	1.00%	6 Month GBP - LIBOR	03/20/17	GBP	29,000,000	(14,233		)
						$	139,507

The accompanying notes are an integral part of the financial statements.

39

A list of the open OTC swap agreements held by the Fund at April 30, 2015 is as follows:

Credit Default Swaps — Buy Protection

Premiums

Unrealized

Notional

Paid

Appreciation

Reference Entity

Fixed Rate

Counterparty

Maturity

Currency

Amount

(Received)

(Depreciation)

Standard Chartered Bank

1.00

%

BNP Paribas

03/20/20

USD

510,000

$

(7,469

)

$

(3,002

)

Inflation-Linked Swaps

							Net Unrealized
				Termination		Notional	Appreciation
Counterparty	Fund Pays		Fund Receives	Date	Currency	Amount	(Depreciation)
BNP Paribas	1.97	%	U.S. CPI	04/01/25	USD	145,050	$	1,964
Morgan Stanley	1.98	%	U.S. CPI	04/01/25	USD	828,854	11,018
							$	12,982

AUD — Australian Dollar

Cdx.Na.Hy — Credit Derivatives Index - High Yield

Cdx.Na.Ig — Credit Derivatives Index — Investment Grade

EUR — Euro

EURIBOR — Euro Interbank Offered Rate

GBP — British Pound

Itraxx Xover — Credit Derivatives Index - Blend of Investment Grade and High Yield

LIBOR — London Interbank Offered Rate

LLC — Limited Liability Corporation

MTN — Medium Term Note

NOK — Norwegian Krone

NZD — New Zealand Dollar

OTC — Over the Counter

U.S. CPI — United States Consumer Price Index

USD — United States Dollar

The accompanying notes are an integral part of the financial statements.

40

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund’s investments carried at value:

	Level 1		Level 2		Level 3		Total
Investments in Securities (1)
Corporate Obligations	$	—	$	93,142,093	$	—	$	93,142,093
U.S. Treasury Obligations	—		19,334,537		—		19,334,537
Foreign Government Bonds	—		12,501,282		—		12,501,282
Asset-Backed Securities	—		2,542,197		—		2,542,197
Collateralized Mortgage Obligations	—		1,222,973		—		1,222,973
OTC Foreign Currency Purchased Options	—		131,697		—		131,697
Total Investments in Securities	$	—	$	128,874,779	$	—	$	128,874,779

	Level 1			Level 2			Level 3		Total
Other Financial Instruments
OTC Foreign Currency Written Options	$	—		$	(256,757	)	$	—	$	(256,757	)
OTC Foreign Currency Written Swaptions	—			(447,388		)	—		(447,388		)
Futures — Unrealized Appreciation	315,846			—			—		315,846
Futures — Unrealized Depreciation	(529,197		)	—			—		(529,197		)
Forwards — Unrealized Appreciation	—			1,004,781			—		1,004,781
Forwards — Unrealized Depreciation	—			(5,190,584		)	—		(5,190,584		)
Inflation-Linked Swaps — Unrealized Appreciation	12,982			—			—		12,982
Interest Rate Swaps — Unrealized Appreciation	1,244,395			—			—		1,244,395
Interest Rate Swaps — Unrealized Depreciation	(1,104,888		)	—			—		(1,104,888		)
Credit Default Swaps — Unrealized Appreciation	—			46,830			—		46,830
Credit Default Swaps — Unrealized Depreciation	—			(51,409		)	—		(51,409		)
Total Other Financial Instruments	$	(60,862	)	$	(4,894,527	)	$	—	$	(4,955,389	)

(1)There were no transfers between levels during the reporting period, based on the input levels assigned under the hierarchy at the beginning and end of the reporting period.

The accompanying notes are an integral part of the financial statements.

41

Schroder Long Duration Investment-Grade Bond Fund

Schedule of Investments

April 30, 2015 (unaudited)

Principal Amount ($)		Value $
	CORPORATE OBLIGATIONS — 63.5%
	Consumer Discretionary — 4.7%
	21st Century Fox America
238,000	4.750%, 09/15/44	256,189
	BorgWarner
200,000	4.375%, 03/15/45	203,295
	CBS
508,000	4.600%, 01/15/45	492,310
	Comcast
745,000	4.200%, 08/15/34	773,948
		1,725,742
	Consumer Staples — 4.9%
	Altria Group
165,000	9.950%, 11/10/38	281,057
259,000	5.375%, 01/31/44	291,894
	Kraft Foods Group
465,000	6.500%, 02/09/40	587,015
	Lorillard Tobacco
191,000	8.125%, 05/01/40	267,430
	Tyson Foods
320,000	5.150%, 08/15/44	358,895
		1,786,291
	Energy — 8.6%
	ConocoPhillips
369,000	4.300%, 11/15/44	380,455
	Ensco
424,000	5.750%, 10/01/44	419,777
	Enterprise Products Operating
205,000	5.100%, 02/15/45	219,807
103,000	4.950%, 10/15/54	104,507
	Kinder Morgan
301,000	5.550%, 06/01/45	301,612
	Kinder Morgan Energy Partners
153,000	5.000%, 08/15/42	143,460
	Marathon Petroleum
302,000	5.000%, 09/15/54	295,585
	Noble Energy
306,000	5.050%, 11/15/44	319,209
	Phillips 66
125,000	4.875%, 11/15/44	131,806
256,000	4.650%, 11/15/34	268,730
	Phillips 66 Partners
57,000	4.680%, 02/15/45	56,046
	TransCanada PipeLines
227,000	7.625%, 01/15/39	321,851
171,000	6.200%, 10/15/37	211,364
		3,174,209
	Financials — 29.2%
	Aflac
135,000	6.900%, 12/17/39	181,909
499,000	6.450%, 08/15/40	644,469
	American International Group
600,000	4.375%, 01/15/55	584,988
	Bank of America
569,000	6.000%, 10/15/36	710,444
	Bank of America MTN
200,000	3.950%, 04/21/25	197,389
	Citigroup
575,000	8.125%, 07/15/39	879,658
	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
260,000	5.750%, 12/01/43	313,491
	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA MTN
323,000	5.250%, 05/24/41	380,637
	General Electric Capital MTN
541,000	6.875%, 01/10/39	785,527
	HSBC Bank USA
700,000	7.000%, 01/15/39	967,930
	JPMorgan Chase
550,000	5.600%, 07/15/41	660,148
	McGraw-Hill
456,000	6.550%, 11/15/37	500,780
	MetLife
657,000	5.875%, 02/06/41	836,359
100,000	4.721%, 12/15/44	110,148
	Morgan Stanley MTN
600,000	4.300%, 01/27/45	592,452
	Prudential Financial MTN
561,000	6.200%, 11/15/40	697,388
30,000	5.625%, 05/12/41	34,759
	Standard Chartered (1)
687,000	5.700%, 03/26/44	753,831
	Wells Fargo
811,000	5.606%, 01/15/44	945,854
		10,778,161
	Healthcare — 3.1%
	Actavis Funding SCS
386,000	4.850%, 06/15/44	394,383
159,000	4.750%, 03/15/45	161,377
39,000	4.550%, 03/15/35	39,270
	Medtronic (1)
503,000	4.625%, 03/15/45	543,147
		1,138,177

The accompanying notes are an integral part of the financial statements.

42

Principal Amount ($)		Value $
	Industrials — 0.5%
	Koninklijke Philips Electronics
142,000	6.875%, 03/11/38	186,270
	Materials — 8.4%
	Barrick North America Finance
412,000	5.700%, 05/30/41	409,452
	BHP Billiton Finance USA
466,000	5.000%, 09/30/43	521,183
	Dow Chemical
182,000	9.400%, 05/15/39	291,981
	Eastman Chemical
500,000	4.650%, 10/15/44	516,530
	Glencore Finance Canada (1)
267,000	6.000%, 11/15/41	286,852
	International Paper
95,000	8.700%, 06/15/38	136,661
207,000	4.800%, 06/15/44	208,739
	Monsanto
72,000	4.700%, 07/15/64	73,168
	Rio Tinto Finance USA
443,000	5.200%, 11/02/40	481,904
184,000	4.125%, 08/21/42	177,679
		3,104,149
	Telecommunication Services — 3.4%
	AT&T
78,000	4.750%, 05/15/46	76,561
82,000	4.500%, 05/15/35	80,557
303,000	4.350%, 06/15/45	281,131
	Telefonica Emisiones SAU
145,000	7.045%, 06/20/36	192,437
	Verizon Communications
27,000	6.550%, 09/15/43	33,905
68,000	5.012%, 08/21/54	67,432
289,000	4.862%, 08/21/46	292,539
258,000	4.672%, 03/15/55 (1)	242,547
		1,267,109
	Utilities — 0.7%
	Sempra Energy
213,000	6.000%, 10/15/39	269,678
	TOTAL CORPORATE OBLIGATIONS (Cost $21,171,467)	23,429,786
	U.S. TREASURY OBLIGATIONS — 30.0%
	United States Treasury Bill (2)
663,000	0.065%, 07/16/15	663,000
	United States Treasury Bonds
3,399,000	4.500%, 02/15/36	4,502,346
1,101,700	3.625%, 02/15/44	1,297,854
2,942,600	3.125%, 08/15/44	3,169,501
1,425,000	2.250%, 11/15/24	1,451,497
	TOTAL U.S. TREASURY OBLIGATIONS (Cost $10,953,279)	11,084,198
	ASSET-BACKED SECURITY — 2.2%
	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3
602,000	6.150%, 06/15/39
	(Cost $796,155)	823,777
	TAXABLE MUNICIPAL BOND — 2.2%
	California — 2.2%
	University of California RB, Series AD
815,000	4.858%, 05/15/2112
	(Cost $813,864)	796,899
	TOTAL INVESTMENTS — 97.9% (Cost $33,734,765)	36,134,660
	OTHER ASSETS LESS LIABILITIES — 2.1%	779,526
	NET ASSETS — 100%	$	36,914,186

(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 April 30, 2015, the value of these securities amounted to $1,826,377, representing 4.9% of the net assets of the Fund.

(2)Zero Coupon Security — Rate disclosed is the effective yield at time of purchase.

MTN — Medium Term Note

RB — Revenue Bond

The accompanying notes are an integral part of the financial statements.

43

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund’s investments carried at value:

	Level 1		Level 2		Level 3		Total
Investments in Securities (1)
Corporate Obligations	$	—	$	23,429,786	$	—	$	23,429,786
U.S. Treasury Obligations	—		11,084,198		—		11,084,198
Asset-Backed Security	—		823,777		—		823,777
Taxable Municipal Bond	—		796,899		—		796,899
Total Investments in Securities	$	—	$	36,134,660	$	—	$	36,134,660

(1)   There were no transfers between levels during the reporting period, based on the input levels assigned under the hierarchy at the beginning and end of the reporting period.

The accompanying notes are an integral part of the financial statements.

44

Schroder Total Return Fixed Income Fund

Schedule of Investments

April 30, 2015 (unaudited)

Principal Amount †		Value $
	CORPORATE OBLIGATIONS — 46.8%
	Consumer Discretionary — 3.1%
	Ford Motor Credit LLC
460,000	5.000%, 05/15/18	501,071
1,250,000	1.724%, 12/06/17	1,249,080
325,000	1.700%, 05/09/16	326,740
710,000	1.214%, 01/09/18 (1)	712,316
	Gannett (2)
420,000	5.500%, 09/15/24	437,850
	General Motors Financial
95,000	4.750%, 08/15/17	100,461
355,000	3.500%, 07/10/19	363,915
	George Washington University
205,000	3.485%, 09/15/22	213,157
	Marina District Finance
99,000	9.875%, 08/15/18	103,579
	Men’s Wearhouse (2)
260,000	7.000%, 07/01/22	276,900
	Signet UK Finance
245,000	4.700%, 06/15/24	255,075
	Sirius XM Radio (2)
175,000	5.375%, 04/15/25	176,312
	Target
245,000	6.000%, 01/15/18	275,674
	Tesco (2)
248,000	6.150%, 11/15/37	255,175
	VTR Finance BV (2)
400,000	6.875%, 01/15/24	414,880
		5,662,185
	Consumer Staples — 1.1%
	Altria Group
469,000	9.950%, 11/10/38	798,881
285,000	4.000%, 01/31/24	302,004
	Marfrig Holding Europe BV (2)
215,000	6.875%, 06/24/19	191,888
	Reynolds American
110,000	7.250%, 06/15/37	140,778
	Tyson Foods
456,000	4.875%, 08/15/34	497,816
		1,931,367
	Energy — 7.3%
	Chesapeake Energy (1)
130,000	3.525%, 04/15/19	125,125
	Continental Resources
892,000	5.000%, 09/15/22	906,495
	Crestwood Midstream Partners (2)
275,000	6.250%, 04/01/23	288,750
	Energy Transfer Partners
615,000	4.150%, 10/01/20	651,577
	Ensco
1,054,000	5.750%, 10/01/44	1,043,501
515,000	5.200%, 03/15/25	531,870
435,000	4.700%, 03/15/21	447,367
375,000	4.500%, 10/01/24	370,153
	Enterprise Products Operating LLC
175,000	4.950%, 10/15/54	177,561
501,000	4.850%, 03/15/44	517,015
	EOG Resources
66,000	2.625%, 03/15/23	65,693
	Kinder Morgan
860,000	4.300%, 06/01/25	873,739
	Kinder Morgan Energy Partners
390,000	4.250%, 09/01/24	395,251
	Marathon Petroleum
625,000	5.000%, 09/15/54	611,724
	Noble Energy
95,000	6.000%, 03/01/41	106,958
635,000	4.150%, 12/15/21	675,436
	Petrobras Global Finance BV
600,000	3.000%, 01/15/19	561,900
	Petroleos Mexicanos (2)
520,000	4.500%, 01/23/26	529,100
	Phillips 66
378,000	5.875%, 05/01/42	448,406
1,001,000	4.650%, 11/15/34	1,050,775
535,000	4.300%, 04/01/22	582,176
	Phillips 66 Partners
235,000	3.605%, 02/15/25	233,540
	Plains All American Pipeline
70,000	4.700%, 06/15/44	70,484
	Sabine Pass Liquefaction LLC (2)
435,000	5.625%, 03/01/25	439,045
	Seventy Seven Operating LLC
255,000	6.625%, 11/15/19	204,000
	Suncor Energy
330,000	6.500%, 06/15/38	422,764
	Targa Resources Partners (2)
245,000	5.000%, 01/15/18	255,412

The accompanying notes are an integral part of the financial statements.

45

Principal Amount †		Value $
	TransCanada PipeLines (1)
98,000	0.953%, 06/30/16	98,308
	Williams
240,000	4.550%, 06/24/24	236,361
	Williams Partners
375,000	5.400%, 03/04/44	365,049
		13,285,535
	Financials — 22.7%
	ABN AMRO Bank (1) (2)
505,000	0.674%, 06/06/16	504,638
	Aflac
630,000	2.400%, 03/16/20	638,755
	Ally Financial
175,000	3.500%, 07/18/16	178,062
220,000	3.250%, 09/29/17	220,550
	American Express
34,000	8.125%, 05/20/19	41,901
	Bank of America MTN
85,000	7.625%, 06/01/19	102,212
275,000	5.625%, 07/01/20	315,204
406,000	4.200%, 08/26/24	410,952
766,000	4.000%, 01/22/25	760,733
415,000	3.950%, 04/21/25	409,583
855,000	3.300%, 01/11/23	858,389
835,000	1.144%, 04/01/19 (1)	841,814
	Bank of Montreal (2)
1,840,000	1.950%, 01/30/17	1,873,740
	Bank of Nova Scotia (2)
1,840,000	2.150%, 08/03/16	1,873,131
	Barclays
205,000	3.650%, 03/16/25	202,726
	Barclays Bank
1,170,000	10.179%, 06/12/21 (2)	1,583,079
200,000	2.500%, 02/20/19	203,942
	BBVA Banco Continental (2)
240,000	3.250%, 04/08/18	249,240
	Bear Stearns LLC MTN (1)
200,000	0.652%, 11/21/16	199,858
	Capital One
250,000	2.950%, 07/23/21	251,522
	Capital One Bank USA
1,500,000	3.375%, 02/15/23	1,510,602
	CIMPOR Financial Operations BV (2)
200,000	5.750%, 07/17/24	181,500
	Citigroup
746,000	8.125%, 07/15/39	1,141,261
45,000	6.875%, 06/01/25	57,331
1,000,000	4.300%, 11/20/26	1,014,469
895,000	3.875%, 03/26/25	886,566
600,000	0.967%, 04/27/18 (1)	599,915
	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
645,000	3.950%, 11/09/22	662,698
	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA MTN
267,000	3.875%, 02/08/22	286,069
	Credit Suisse NY
1,375,000	1.700%, 04/27/18	1,372,665
	Danske Bank MTN (2)
315,000	3.875%, 04/14/16	323,533
	Deutsche Annington Finance BV (2)
570,000	3.200%, 10/02/17	585,008
	Discover Financial Services
455,000	3.750%, 03/04/25	455,880
	Fidelity & Guaranty Life Holdings (2)
410,000	6.375%, 04/01/21	432,550
	FMS Wertmanagement AoeR
825,000	1.625%, 11/20/18	836,456
	Goldman Sachs Group MTN
1,010,000	2.600%, 04/23/20	1,015,424
720,000	1.861%, 11/29/23 (1)	734,635
	HSBC Bank USA
700,000	4.875%, 08/24/20	785,104
	HSBC Holdings
790,000	5.250%, 03/14/44	881,635
490,000	4.000%, 03/30/22	524,923
	JPMorgan Chase
475,000	6.000%, 10/01/17	525,154
640,000	3.875%, 09/10/24	647,704
	Liberty Mutual Group (2)
160,000	6.500%, 05/01/42	198,078
425,000	4.850%, 08/01/44	444,366
	Manufacturers & Traders Trust
355,000	6.625%, 12/04/17	399,693
	MetLife
169,000	7.717%, 02/15/19	204,373
	Moody’s
136,000	5.500%, 09/01/20	154,989
	Morgan Stanley
610,000	4.350%, 09/08/26	622,811
375,000	4.300%, 01/27/45	370,282
560,000	3.750%, 02/25/23	580,680
1,175,000	2.125%, 04/25/18	1,185,363
	Navient
295,000	5.000%, 10/26/20	288,362

The accompanying notes are an integral part of the financial statements.

46

Principal Amount †		Value $
	Norddeutsche Landesbank Girozentrale (2)
400,000	2.000%, 02/05/19	405,220
	Prudential Financial MTN
37,000	7.375%, 06/15/19	44,603
47,000	6.000%, 12/01/17	52,306
	Royal Bank of Canada
1,700,000	0.625%, 12/04/15	1,701,416
	Royal Bank of Scotland
30,000	4.375%, 03/16/16	30,887
158,000	3.950%, 09/21/15	159,875
	Royal Bank of Scotland Group MTN
122,000	6.400%, 10/21/19	140,753
47,000	2.550%, 09/18/15	47,278
	Sabra Health Care REIT
125,000	5.375%, 06/01/23	132,344
	Sparebank 1 Boligkreditt (2)
1,000,000	1.750%, 11/15/19	998,860
	Standard Chartered (2)
1,080,000	5.200%, 01/26/24	1,159,707
975,000	1.700%, 04/17/18	973,781
	Toronto-Dominion Bank (2)
1,840,000	1.625%, 09/14/16	1,862,617
	UBS (2)
440,000	2.250%, 03/30/17	450,569
	Wells Fargo MTN
1,242,000	4.100%, 06/03/26	1,288,980
	Wells Fargo Capital X
405,000	5.950%, 12/15/36	419,681
		41,498,987
	Healthcare — 4.7%
	Actavis Funding SCS
578,000	4.850%, 06/15/44	590,554
517,000	3.850%, 06/15/24	527,290
356,000	3.800%, 03/15/25	360,557
1,474,000	3.450%, 03/15/22	1,499,919
	Anthem
465,000	4.650%, 01/15/43	488,405
	Boston Scientific
320,000	2.650%, 10/01/18	326,507
	EMD Finance LLC (2)
2,725,000	2.400%, 03/19/20	2,761,495
	Medtronic (2)
860,000	4.375%, 03/15/35	910,470
	Merck
865,000	2.350%, 02/10/22	861,276
	Valeant Pharmaceuticals International (2)
145,000	6.125%, 04/15/25	149,985
175,000	5.875%, 05/15/23	180,031
		8,656,489
	Industrials — 0.8%
	Aircastle
240,000	6.750%, 04/15/17	258,600
	Barrick North America Finance LLC
117,000	4.400%, 05/30/21	120,721
	Fly Leasing
430,000	6.375%, 10/15/21	433,225
	General Electric Capital MTN
273,000	6.875%, 01/10/39	396,393
	United Rentals North America
295,000	5.500%, 07/15/25	299,956
		1,508,895
	Information Technology — 0.2%
	Hewlett-Packard
318,000	3.000%, 09/15/16	326,430
	Materials — 2.6%
	Barrick
480,000	4.100%, 05/01/23	474,496
	Dow Chemical
85,000	5.700%, 05/15/18	95,169
140,000	4.625%, 10/01/44	143,136
	Eastman Chemical
1,290,000	4.650%, 10/15/44	1,332,646
	International Paper
250,000	7.300%, 11/15/39	325,817
	LYB International Finance BV
445,000	4.875%, 03/15/44	472,115
	Monsanto
480,000	4.700%, 07/15/64	487,786
51,000	4.400%, 07/15/44	52,338
	Rio Tinto Finance USA
365,000	6.500%, 07/15/18	419,069
688,000	4.125%, 08/21/42	664,364
230,000	3.500%, 03/22/22	236,940
		4,703,876
	Telecommunication Services — 3.5%
	AT&T
405,000	4.750%, 05/15/46	397,529
425,000	4.500%, 05/15/35	417,520
840,000	3.900%, 03/11/24	876,772
1,220,000	2.400%, 08/15/16	1,240,090

The accompanying notes are an integral part of the financial statements.

47

Principal Amount †		Value $
	CBS
487,000	4.600%, 01/15/45	471,959
	Cogeco Cable (2)
170,000	4.875%, 05/01/20	175,100
	Crown Castle Towers LLC (2)
315,000	3.222%, 05/15/22	315,183
	Inmarsat Finance (2)
275,000	4.875%, 05/15/22	277,063
	Telecom Italia (2)
435,000	5.303%, 05/30/24	459,469
	Verizon Communications
653,000	5.012%, 08/21/54	647,549
1,000,000	4.672%, 03/15/55 (2)	940,107
150,000	3.650%, 09/14/18	158,983
		6,377,324
	Utilities — 0.8%
	Berkshire Hathaway Energy
185,000	5.750%, 04/01/18	207,581
	Dynegy (2)
130,000	7.625%, 11/01/24	140,237
70,000	7.375%, 11/01/22	74,900
85,000	6.750%, 11/01/19	89,250
	Fermaca Enterprises S de RL (2)
317,675	6.375%, 03/30/38	336,736
	Mexico Generadora de Energia (2)
200,000	5.500%, 12/06/32	203,900
	Suburban Propane Partners
395,000	5.750%, 03/01/25	410,800
		1,463,404
	TOTAL CORPORATE OBLIGATIONS (Cost $84,399,412)	85,414,492
	ASSET-BACKED SECURITIES — 16.1%
	American Credit Acceptance Receivables Trust, Series 2013-1, Class A (2)
35,890	1.450%, 04/16/18	35,906
	AmeriCredit Automobile Receivables Trust, Series 2013-1, Class C
105,000	1.570%, 01/08/19	105,106
	AmeriCredit Automobile Receivables Trust, Series 2013-5, Class C
680,000	2.290%, 11/08/19	687,810
	AmeriCredit Automobile Receivables Trust, Series 2014-1, Class C
505,000	2.150%, 03/09/20	505,402
	AmeriCredit Automobile Receivables Trust, Series 2014-2, Class C
415,000	2.180%, 06/08/20	415,614
	ARL Second LLC, Series 2014-1A, Class A2 (2)
400,000	3.970%, 06/15/44	414,843
	BA Credit Card Trust, Series 2007-A11, Class A11 (1)
100,000	0.252%, 12/15/19	99,698
	BA Credit Card Trust, Series 2014-A1, Class A (1)
170,000	0.562%, 06/15/21	170,524
	Barclays Dryrock Issuance Trust, Series 2014-1, Class A (1)
220,000	0.535%, 12/16/19	219,831
	Barclays Dryrock Issuance Trust, Series 2014-2, Class A (1)
660,000	0.522%, 03/16/20	659,656
	Barclays Dryrock Issuance Trust, Series 2014-3, Class A
151,000	2.410%, 07/15/22	154,254
	Cabela’s Credit Card Master Note Trust, Series 2014-2, Class A (1)
106,000	0.631%, 07/15/22	105,810
	Capital One Multi-Asset Execution Trust, Series 2007-A7, Class A7
320,000	5.750%, 07/15/20	353,900
	Carfinance Capital Auto Trust, Series 2013-2A, Class A (2)
41,234	1.750%, 11/15/17	41,301
	CarFinance Capital Auto Trust, Series 2015-1A, Class A (2)
369,027	1.750%, 06/15/21	368,416
	Chase Issuance Trust, Series 2013-A9, Class A (1)
200,000	0.602%, 11/16/20	200,946

The accompanying notes are an integral part of the financial statements.

48

Principal Amount †		Value $
	Chase Issuance Trust, Series 2014-A5, Class A5 (1)
1,625,000	0.552%, 04/15/21	1,627,191
	Citibank Credit Card Issuance Trust, Series 2013-A6, Class A6
354,000	1.320%, 09/07/18	356,652
	CLI Funding V LLC, Series 2013-1A (2)
178,125	2.830%, 03/18/28	177,909
	CLI Funding V LLC, Series 2013-2A (2)
211,682	3.220%, 06/18/28	213,935
	CLI Funding V LLC, Series 2014-1A, Class A (2)
411,604	3.290%, 06/18/29	416,294
	CLI Funding V LLC, Series 2014-2A, Class A (2)
422,750	3.380%, 10/18/29	428,053
	Consumer Credit Origination Loan Trust, Series 2015-1, Class A (2)
238,240	2.820%, 03/15/21	239,764
	CPS Auto Receivables Trust, Series 2014-C, Class A (2)
553,623	1.310%, 02/15/19	551,738
	Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB4, Class AF1
19,158	5.000%, 03/25/31	18,664
	Cronos Containers Program, Series 2013-1A, Class A (2)
200,000	3.080%, 04/18/28	199,143
	Discover Card Execution Note Trust, Series 2007-A1, Class A1
200,000	5.650%, 03/16/20	220,937
	DT Auto Owner Trust, Series 2014-1A, Class B (2)
405,000	1.430%, 03/15/18	405,567
	DT Auto Owner Trust, Series 2014-1A, Class C (2)
435,000	2.640%, 10/15/19	438,348
	DT Auto Owner Trust, Series 2014-2A, Class C (2)
460,000	2.460%, 01/15/20	461,323
	Element Rail Leasing II LLC, Series 2015-1A, Class A2 (2)
1,085,000	3.585%, 02/19/45	1,089,665
	Exeter Automobile Receivables Trust, Series 2014-1A, Class A (2)
164,143	1.290%, 05/15/18	164,205
	Exeter Automobile Receivables Trust, Series 2014-2A, Class A (2)
43,870	1.060%, 08/15/18	43,771
	Flagship Credit Auto Trust, Series 2013-1, Class A (2)
164,443	1.320%, 04/16/18	164,601
	Flagship Credit Auto Trust, Series 2013-2, Class A (2)
161,230	1.940%, 01/15/19	162,262
	Flagship Credit Auto Trust, Series 2014-1, Class B (2)
160,000	2.550%, 02/18/20	160,900
	Ford Credit Auto Owner Trust, Series 2015-1, Class A (2)
490,000	2.120%, 07/15/26	494,194
	Global SC Finance, Series 2013-1A, Class A (2)
512,000	2.980%, 04/17/28	512,965
	Global SC Finance, Series 2014-1A, Class A1 (2)
337,625	3.190%, 07/17/29	339,328
	Harley-Davidson Motorcycle Trust, Series 2014-1, Class A3
227,000	1.100%, 09/15/19	227,216
	Nissan Master Owner Trust Receivables, Series 2013-A, Class A (1)
795,000	0.482%, 02/15/18	795,204
	OnDeck Asset Securitization Trust, Series 2014-1A, Class A (2)
520,000	3.150%, 05/17/18	521,031
	OneMain Financial Issuance Trust, Series 2014-1A, Class A (2)
865,000	2.430%, 06/18/24	868,286

The accompanying notes are an integral part of the financial statements.

49

Principal Amount †		Value $
	OneMain Financial Issuance Trust, Series 2014-2A, Class A (2)
435,000	2.470%, 09/18/24	434,782
	OneMain Financial Issuance Trust, Series 2015-1A, Class A (2)
350,000	3.190%, 03/18/26	352,975
	Prestige Auto Receivables Trust, Series 2014-1A, Class B (2)
310,000	1.910%, 04/15/20	310,500
	Santander Drive Auto Receivables Trust, Series 2013-3, Class C
225,000	1.810%, 04/15/19	226,121
	Santander Drive Auto Receivables Trust, Series 2013-4, Class C
925,000	3.250%, 01/15/20	954,347
	Santander Drive Auto Receivables Trust, Series 2013-5, Class C
825,000	2.250%, 06/17/19	835,407
	Santander Drive Auto Receivables Trust, Series 2014-1, Class C
815,000	2.360%, 04/15/20	822,183
	Santander Drive Auto Receivables Trust, Series 2014-2, Class C
505,000	2.330%, 11/15/19	511,762
	SpringCastle America Funding LLC, Series 2014-AA, Class A (2)
291,632	2.700%, 05/25/23	293,470
	SpringCastle America Funding LLC, Series 2014-AA, Class B (2)
860,000	4.610%, 10/25/27	878,439
	Springleaf Funding Trust, Series 2015-AA, Class A (2)
545,000	3.160%, 11/15/24	551,998
	Store Master Funding I LLC, Series 2015-1A, Class A1 (2)
635,000	3.750%, 04/20/45	632,530
	Synchrony Credit Card Master Note Trust, Series 2012-2, Class A
200,000	2.220%, 01/18/22	201,835
	Synchrony Credit Card Master Note Trust, Series 2012-3, Class A (1)
100,000	0.632%, 03/15/20	100,108
	Synchrony Credit Card Master Note Trust, Series 2014-1, Class A
1,020,000	1.610%, 11/15/20	1,023,565
	TAL Advantage V LLC, Series 2013-2A, Class A (2)
643,750	3.550%, 11/20/38	653,698
	TAL Advantage V LLC, Series 2014-1A, Class A (2)
643,950	3.510%, 02/22/39	651,242
	TAL Advantage V LLC, Series 2014-2A, Class A2 (2)
465,860	3.330%, 05/20/39	471,797
	Textainer Marine Containers III, Series 2013-1A, Class A (2)
151,500	3.900%, 09/20/38	157,446
	Textainer Marine Containers III, Series 2014-1A, Class A (2)
313,500	3.270%, 10/20/39	316,165
	Trinity Rail Leasing LLC, Series 2013-1A, Class A (2)
286,108	3.898%, 07/15/43	291,630
	United Auto Credit Securitization Trust, Series 2015-1, Class C (2)
270,000	2.250%, 06/17/19	270,564
	Volkswagen Auto Loan Enhanced Trust, Series 2014-1, Class A3
225,000	0.910%, 10/22/18	225,299
	Westlake Automobile Receivables Trust, Series 2014-1A, Class B (2)
280,000	1.240%, 11/15/19	280,104
	Westlake Automobile Receivables Trust, Series 2014-1A, Class C (2)
440,000	1.700%, 11/15/19	439,733

The accompanying notes are an integral part of the financial statements.

50

Principal Amount †		Value $
	World Financial Network Credit Card Master Trust, Series 2014-A, Class A (1)
805,000	0.562%, 12/15/19	805,208
	World Financial Network Credit Card Master Trust, Series 2015-A, Class A (1)
635,000	0.630%, 02/15/22	635,200
	World Omni Auto Receivables Trust, Series 2014-A, Class A3
175,000	0.940%, 04/15/19	175,231
	TOTAL ASSET-BACKED SECURITIES (Cost $29,224,112)	29,341,502
	U.S. TREASURY OBLIGATIONS (4) — 15.5%
	United States Treasury Bills (3)
1,500,000	0.010%, 07/23/15	1,499,975
4,000,000	0.007%, 06/11/15	4,000,056
	United States Treasury Inflation Indexed Bonds
4,132,470	0.250%, 01/15/25	4,191,874
4,254,806	0.125%, 04/15/20	4,346,216
2,402,128	0.125%, 07/15/24	2,419,394
	United States Treasury Notes
25,000	4.500%, 02/15/36	33,115
428,000	3.625%, 02/15/44	504,204
5,105,000	3.125%, 08/15/44	5,498,641
840,000	3.000%, 11/15/44	884,035
854,000	2.500%, 08/15/23	891,629
213,000	2.250%, 03/31/21	220,105
185,000	2.250%, 04/30/21	191,128
905,000	2.250%, 11/15/24	921,828
260,000	2.000%, 02/15/25	258,964
610,000	1.500%, 11/30/19	613,431
265,000	1.375%, 02/29/20	264,400
1,115,000	1.375%, 03/31/20	1,111,516
284,000	0.500%, 09/30/16	284,355
205,000	0.375%, 10/31/16	204,744
	TOTAL U.S. TREASURY OBLIGATIONS (Cost $28,175,497)	28,339,610
	U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS — 6.8%
	Federal Home Loan Mortgage Corporation — 0.9%
	FHLMC
1,091,660	3.000%, 10/15/42	1,130,378
	FHLMC Gold
171,266	4.500%, 10/01/24	181,205
208,786	3.000%, 01/01/43	212,873
	FHLMC IO
695,001	3.000%, 01/15/33	87,707
	FHLMC IO REMIC
4	1177.492%, 01/15/22 (1)	88
693,355	3.000%, 05/15/32	72,898
493,352	1.958%, 06/15/15 (1)	23
	FHLMC REMIC
414	13.552%, 07/15/33 (1)	464
		1,685,636
	Federal National Mortgage Corporation — 3.1%
	FNMA
81,786	6.104%, 09/01/36 (1)	87,961
959	6.000%, 12/01/28	1,102
18,269	6.000%, 10/01/29	20,956
302,049	5.500%, 10/01/35	342,580
4,981	5.500%, 10/01/35	5,653
88,117	5.000%, 10/01/29	98,340
444,991	4.000%, 07/25/25	485,445
1,114,684	3.500%, 08/25/43	1,188,097
260,958	3.259%, 06/01/42 (1)	273,311
432,994	3.000%, 04/01/43	441,824
127,693	3.000%, 05/01/43	130,323
436,738	3.000%, 06/01/43	445,703
155,398	3.000%, 07/01/43	158,497
456,884	3.000%, 08/01/43	466,121
304,351	3.000%, 08/01/43	310,596
422,122	2.500%, 10/25/41	364,456
300,618	0.452%, 05/25/18 (1)	301,228
	FNMA IO
81,872	5.000%, 07/25/18	4,521
124,423	5.000%, 07/25/18	6,840
111,542	5.000%, 07/25/18	5,997
8,760,547	0.533%, 09/25/22 (1)	259,794
7,997,761	0.434%, 06/25/24 (1)	247,139

The accompanying notes are an integral part of the financial statements.

51

Principal Amount †			Value $
		FNMA IO REMIC
151,080		5.500%, 01/25/19	7,706
147,719		5.500%, 12/25/26	7,321
			5,661,511
		Government National Mortgage Corporation — 2.8%
		GNMA
17,310		7.000%, 09/15/23	20,059
44,933		6.000%, 12/15/38	51,180
1,746,409		5.920%, 02/20/44 (1)	290,139
94,523		5.500%, 02/20/34	107,760
59,055		5.500%, 01/15/37	68,424
141,115		5.000%, 05/20/30	156,423
108,788		5.000%, 12/20/43	120,708
54,218		4.500%, 07/20/41	58,841
64,670		4.000%, 03/20/42	69,376
542,990		4.000%, 03/20/44	593,757
454,530		2.587%, 04/16/54 (1)	471,143
3,171,563		1.379%, 02/16/48 (1)	238,156
2,743,203		1.344%, 08/16/55 (1)	252,147
5,612,180		1.056%, 10/16/44 (1)	288,132
12,593,051		0.957%, 08/16/54 (1)	805,873
2,687,902		0.904%, 07/16/54 (1)	186,069
4,147,073		0.849%, 06/16/52 (1)	235,749
2,116,714		0.688%, 05/16/54 (1)	123,017
		GNMA IO
284,314		4.500%, 12/16/37	8,753
478,250		1.116%, 06/16/54 (1)	32,188
4,560,314		0.894%, 01/16/53 (1)	302,112
2,291,473		0.843%, 08/16/52 (1)	118,717
2,740,049		0.841%, 12/16/51 (1)	183,475
2,372,706		0.754%, 01/16/54 (1)	149,863
4,041,559		0.676%, 12/16/53 (1)	225,646
			5,157,707
		TOTAL U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS (Cost $12,170,059)	12,504,854
		COLLATERALIZED MORTGAGE OBLIGATIONS — 4.7%
		Credit Suisse First Boston Mortgage Securities, Series 2004-AR3, Class 3A1 (1)
19,537		2.116%, 04/25/34	19,587
		E-MAC Program, Series 2007-NL3A, Class A1 (1) (2)
922,847		0.352%, 07/25/47	898,975
		Eurosail, Series 2006-3X, Class A3A (1) (5)
EUR	137,371	0.206%, 09/10/44	151,317
		FHLMC Multifamily Structured Pass-Through Certificates, Series K038, Class X1 (1)
4,805,922		1.354%, 03/25/24	407,304
		FHLMC Multifamily Structured Pass-Through Certificates, Series KGRP, Class A (1)
459,941		0.553%, 04/25/20	461,077
		FHLMC Structured Pass-Through Securities, Series 1999-15, Class A6 (1)
9,217		0.574%, 11/25/28	9,110
		FREMF Mortgage Trust, Series K36, Class B (1) (2)
360,000		4.362%, 12/25/46	385,075
		FREMF Mortgage Trust, Series K38, Class B (1) (2)
300,000		4.377%, 06/25/47	317,128
		FREMF Mortgage Trust, Series K702, Class B (1) (2)
90,000		4.771%, 04/25/44	96,639
		FREMF Mortgage Trust, Series K706, Class B (1) (2)
495,000		4.028%, 11/25/44	523,489
		FREMF Mortgage Trust, Series K711, Class B (1) (2)
350,000		3.562%, 08/25/45	365,291
		FREMF Mortgage Trust, Series K712, Class B (1) (2)
415,000		3.369%, 05/25/45	427,282
		FREMF Mortgage Trust, Series KF01, Class B (1) (2)
1,470,000		2.773%, 10/25/44	1,503,003
		FREMF Mortgage Trust, Series KF02, Class B (1) (2)
543,238		3.174%, 12/25/45	560,512
		Impac Secured Assets Trust, Series 2006-1, Class 2A2 (1)
144,204		0.591%, 05/25/36	140,375

The accompanying notes are an integral part of the financial statements.

52

Principal Amount †			Value $
		Impac Secured Assets Trust, Series 2006-2, Class 2A2 (1)
15,354		0.611%, 08/25/36	15,199
		Impac Secured Assets Trust, Series 2006-2, Class 2M1 (1)
130,000		0.681%, 08/25/36	119,208
		Mansard Mortgages, Series 2006-1X, Class A2 (1) (5)
GBP	7,178	0.772%, 10/15/48	10,501
		Marble Arch Residential Securitisation No. 4, Series 2006-4X, Class A3C (1) (5)
GBP	86,280	0.740%, 03/20/40	131,571
		Money Partners Securities 3, Series 2006-3X, Class A2B (1)
EUR	94,941	0.427%, 09/14/39	103,103
		Money Partners Securities 4, Series 2006-4X, Class A1A (1) (5)
GBP	249,169	0.944%, 03/15/40	372,033
		Paragon Mortgages No. 9, Series 2005-9X, Class AA (1) (5)
GBP	87,529	0.922%, 05/15/41	127,711
		Preferred Residential Securities, Series 2004-8X, Class A1A2 (1) (5)
GBP	69,380	0.804%, 12/15/42	104,243
		Residential Mortgage Securities, Series 2005-20X, Class A2A (1) (5)
GBP	85,289	0.825%, 08/10/38	127,348
		Residential Mortgage Securities, Series 2006-22X, Class A3A (1) (5)
GBP	269,865	0.922%, 11/14/39	397,649
		RMAC, Series 2003-NS3X, Class A3 (1) (5)
GBP	156,550	1.462%, 12/12/35	234,961
		Southern Pacific Financing, Series 2005-B, Class A (1) (5)
GBP	61,953	0.742%, 06/10/43	92,013
		Southern Pacific Financing, Series 2006-A, Class A (1) (5)
GBP	75,058	0.722%, 03/10/44	111,345
		Thornburg Mortgage Securities Trust, Series 2005-1, Class A3 (1)
301,077		2.220%, 04/25/45	303,299
		Wells Fargo Mortgage-Backed Securities Trust, Series 2006-16, Class A5
74,863		5.000%, 11/25/36	77,243
		TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $8,555,354)	8,593,591
		COMMERCIAL MORTGAGE-BACKED OBLIGATIONS — 2.5%
		BAMLL Commercial Mortgage Securities Trust, Series 2014-ICTS, Class A (1) (2)
360,000		0.956%, 06/15/28	359,072
		Citigroup Commercial Mortgage Trust, Series 2014-388G, Class C (1) (2)
290,000		1.582%, 06/15/33	290,612
		Commercial Mortgage Trust, Series 2014-TWC, Class A (1) (2)
355,000		1.022%, 02/13/32	354,526
		Credit Suisse Mortgage Trust, Series 2014-ICE, Class B (1) (2)
210,000		1.376%, 04/15/27	209,239
		Credit Suisse Mortgage Trust, Series 2014-ICE, Class C (1) (2)
155,000		1.726%, 04/15/27	154,451
		GP Portfolio Trust, Series 2014-GPP, Class A (1) (2)
670,000		1.126%, 02/15/27	668,802
		Hilton USA Trust, Series 2013-HLF, Class AFL (1) (2)
300,567		1.174%, 11/05/30	300,645
		JPMorgan Chase Commercial Mortgage Securities, Series 2014-FBLU, Class A (1) (2)
675,000		1.126%, 12/15/28	675,458

The accompanying notes are an integral part of the financial statements.

53

Principal Amount †			Value $
		LSTAR Commercial Mortgage Trust, Series 2014-2, Class B (1) (2)
205,000		4.205%, 01/20/41	211,244
		Motel 6 Trust, Series 2015-MTL6, Class B (2)
715,000		3.298%, 02/05/30	719,576
		SCG Trust, Series 2013-SRP1, Class A (1) (2)
220,000		1.582%, 11/15/26	220,269
		WaMu Commercial Mortgage Securities Trust, Series 2007-SL3, Class A1A (1) (2)
337,228		5.349%, 03/23/45	344,402
		TOTAL COMMERCIAL MORTGAGE-BACKED OBLIGATIONS (Cost $4,504,381)	4,508,296
		SOVEREIGN GOVERNMENTS — 1.7%
		Brazil Notas do Tesouro Nacional Serie F
BRL	1,830,000	10.000%, 01/01/17	577,309
		Costa Rica Government International Bond (2)
860,000		7.158%, 03/12/45	895,475
		Mexican Bonos
MXN	17,315,000	8.000%, 06/11/20	1,267,239
		Morocco Government International Bond (2)
200,000		5.500%, 12/11/42	215,960
		Province of Manitoba Canada
185,000		9.625%, 12/01/18	234,343
		TOTAL SOVEREIGN GOVERNMENTS (Cost $3,474,616)	3,190,326
		MUNICIPAL BONDS — 0.9%
		Florida — 0.6%
		Hurricane Catastrophe Fund Finance RB, Series A
1,130,000		2.995%, 07/01/20	1,158,725
		Ohio — 0.1%
		American Municipal Power RB, Series B
40,000		8.084%, 02/15/50	62,998
		Pennsylvania — 0.2%
		Philadelphia Authority for Industrial Development RB
350,000		3.964%, 04/15/26	353,972
		TOTAL MUNICIPAL BONDS (Cost $1,542,627)	1,575,695
		TOTAL INVESTMENTS — 95.0% (Cost $172,046,058)	173,468,366
		OTHER ASSETS LESS LIABILITIES — 5.0%	9,197,623
		NET ASSETS — 100%	$	182,665,989

†	In U.S. Dollars unless otherwise indicated.
(1)	Variable Rate Security — Rate disclosed is as of April 30, 2015.
(2)	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 April 30, 2015, the value of these securities amounted to $50,976,801, representing 27.9% of the net assets of the Fund.
(3)	Zero Coupon Security — Rate disclosed is the effective yield at time of purchase.
(4)	Security, or a portion of this security, has been pledged as collateral on open derivative positions and mortgage dollar rolls.
(5)	Security exempt from registration under Regulation S of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On April 30, 2015, the value of these securities amounted to $1,860,692, representing 1.0% of the net assets of the Fund.

The accompanying notes are an integral part of the financial statements.

54

The open futures contracts held by the Fund at April 30, 2015, are as follows:

	Number of			Unrealized
Type of	Contracts		Expiration	Appreciation
Contract	Long (Short)		Date	(Depreciation)
90-Day Euro$	177		Dec-2015	$	50,488
90-Day Euro$	(177	)	Dec-2016	(44,650		)
U.S. 2-Year Treasury Note	29		Jun-2015	20,139
U.S. 5-Year Treasury Note	16		Jun-2015	(5,978		)
U.S. 10-Year Treasury Note	(30	)	Jun-2015	31,177
U.S. Long Treasury Bond	(22	)	Jun-2015	94,527
U.S. Ultra Long Treasury Bond	(10	)	Jun-2015	37,136
				$	182,839

A summary of the outstanding forward foreign currency contracts held by the Fund at April 30, 2015, is as follows:

						Unrealized
						Appreciation
Counterparty	Settlement Date	Currency to Deliver		Currency to Receive		(Depreciation)
Credit Suisse First Boston	05/13/15	EUR	12,822	USD	13,629	$	(770	)
HSBC	05/13/15	GBP	1,220,989	USD	1,788,560	(85,471		)
Standard Chartered	05/20/15	BRL	1,830,000	USD	620,339	17,361
UBS Securities	05/20/15	USD	302,679	BRL	915,000	(1,191		)
						$	(70,071	)

BRL — Brazilian Real

EUR — Euro

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GBP — British Pound

GNMA — Government National Mortgage Association

IO — Interest Only

LLC — Limited Liability Corporation

MTN — Medium Term Note

MXN — Mexican Peso

RB — Revenue Bond

REMIC — Real Estate Mortgage Investment Conduit

REIT — Real Estate Investment Trust

USD — United States Dollar

The accompanying notes are an integral part of the financial statements.

55

The following is a summary of the inputs used as of April 30, 2015 in valuing the Fund’s investments carried at value:

	Level 1		Level 2		Level 3		Total
Investments in Securities (1)
Corporate Obligations	$	—	$	85,414,492	$	—	$	85,414,492
Asset-Backed Securities	—		29,341,502		—		29,341,502
U.S. Treasury Obligations	—		28,339,610		—		28,339,610
U.S. Government Mortgage-Backed Obligations	—		12,504,854		—		12,504,854
Collateralized Mortgage Obligations	—		8,593,591		—		8,593,591
Commercial Mortgage-Backed Obligations	—		4,508,296		—		4,508,296
Sovereign Governments	—		3,190,326		—		3,190,326
Municipal Bonds	—		1,575,695		—		1,575,695
Total Investments in Securities	$	—	$	173,468,366	$	—	$	173,468,366

	Level 1			Level 2			Level 3		Total
Other Financial Instruments
Futures — Unrealized Appreciation	$	233,467		$	—		$	—	$	233,467
Futures — Unrealized Depreciation	(50,628		)	—			—		(50,628		)
Forwards — Unrealized Appreciation	—			17,361			—		17,361
Forwards — Unrealized Depreciation	—			(87,432		)	—		(87,432		)
Total Other Financial Instruments	$	182,839		$	(70,071	)	$	—	$	112,768

(1)There were no transfers between levels during the reporting period, based on the input levels assigned under the hierarchy at the beginning and end of the reporting period.

The accompanying notes are an integral part of the financial statements.

56

Schroder Global Multi-Asset Income Fund

Schedule of Investments

April 30, 2015 (unaudited)

Principal Amount †			Value $
		CORPORATE OBLIGATIONS — 41.5%
		Canada — 0.6%
		MEG Energy (1)
100,000		7.000%, 03/31/24	99,020
		Valeant Pharmaceuticals International (1)
60,000		6.125%, 04/15/25	62,062
25,000		5.875%, 05/15/23	25,719
			186,801
		China — 0.7%
		CNOOC Nexen Finance
200,000		4.875%, 04/30/44	216,658
		Colombia — 0.3%
		Empresas Publicas de Medellin ESP
COP	65,000,000	7.625%, 09/10/24 (2)	27,285
COP	121,000,000	7.625%, 09/10/24 (1)	50,666
			77,951
		Costa Rica — 0.6%
		Instituto Costarricense de Electricidad (2)
200,000		6.375%, 05/15/43	172,750
		France — 2.6%
		BPCE
200,000		5.700%, 10/22/23 (1)	218,966
GBP	100,000	5.250%, 04/16/29 (2)	166,389
		Electricite de France MTN (2) (3)
GBP	100,000	6.000%, 12/29/49	167,122
		La Mondiale SAM (2) (3)
200,000		7.625%, 04/29/49	223,250
			775,727
		Germany — 0.6%
		RWE (2) (3)
GBP	100,000	7.000%, 03/29/49	167,211
		India — 1.8%
		Bharti Airtel International Netherlands BV (2)
200,000		5.350%, 05/20/24	221,194
		Oil India (2)
300,000		5.375%, 04/17/24	331,377
			552,571
		Indonesia — 0.7%
		Pertamina Persero MTN (2)
200,000		5.625%, 05/20/43	194,260
		Italy — 1.3%
		Enel (2) (3)
GBP	100,000	7.750%, 09/10/75	174,026
		Wind Acquisition Finance (1)
200,000		7.375%, 04/23/21	205,250
			379,276
		Kazakhstan — 0.6%
		Development Bank of Kazakhstan JSC (1)
200,000		4.125%, 12/10/22	185,580
		Luxembourg — 2.0%
		Altice (1)
400,000		7.750%, 05/15/22	405,004
		ArcelorMittal
200,000		7.500%, 10/15/39	207,500
			612,504
		Mexico — 1.1%
		Petroleos Mexicanos
MXN	2,500,000	7.650%, 11/24/21 (2)	168,626
MXN	500,000	7.650%, 11/24/21 (1)	33,725
100,000		6.625%, 06/15/35	113,200
			315,551
		Netherlands — 1.2%
		Delta Lloyd Levensverzekering (2) (3)
EUR	100,000	9.000%, 08/29/42	145,480
		Koninklijke KPN (1) (3)
200,000		7.000%, 03/28/73	216,250
			361,730
		United Kingdom — 3.0%
		Ensco
100,000		5.750%, 10/01/44	99,004
		Friends Life Holdings (2)
GBP	100,000	8.250%, 04/21/22	189,510
		HSBC Holdings MTN (2)
GBP	80,000	6.000%, 03/29/40	148,581
		Old Mutual MTN (2)
GBP	100,000	8.000%, 06/03/21	175,772
		RL Finance Bonds No. 2 (2) (3)
GBP	100,000	6.125%, 11/30/43	168,401

The accompanying notes are an integral part of the financial statements.

57

Principal Amount †			Value $
		Tesco MTN
EUR	100,000	5.125%, 04/10/47	124,163
			905,431
		United States — 24.4%
		Actavis Funding SCS
100,000		4.750%, 03/15/45	101,495
		Aguila 3 (1)
150,000		7.875%, 01/31/18	151,875
		Ahern Rentals (1)
50,000		9.500%, 06/15/18	54,200
80,000		7.375%, 05/15/23	80,600
		Alliance One International
30,000		9.875%, 07/15/21	26,250
		Ally Financial
50,000		4.625%, 03/30/25	49,969
40,000		4.125%, 02/13/22	39,300
		American Express (3)
70,000		4.900%, 12/31/49	69,212
		Apple
100,000		3.850%, 05/04/43	96,902
		Argos Merger Sub (1)
20,000		7.125%, 03/15/23	21,050
		AT&T
100,000		4.350%, 06/15/45	92,782
		Bank of America (3)
150,000		5.200%, 12/29/49	144,562
		BlueLine Rental Finance (1)
35,000		7.000%, 02/01/19	35,878
		BreitBurn Energy Partners
70,000		7.875%, 04/15/22	57,750
		BWAY Holding (1)
110,000		9.125%, 08/15/21	113,850
		CCO Holdings LLC (1)
75,000		5.125%, 05/01/23	74,437
		CDW LLC
15,000		5.000%, 09/01/23	15,487
		CHS
150,000		6.875%, 02/01/22	159,937
		Cisco Systems
200,000		5.500%, 01/15/40	237,279
		Cleveland Clinic Foundation
250,000		4.858%, 01/01/14	250,613
		Crestwood Midstream Partners (1)
40,000		6.250%, 04/01/23	42,000
		DISH DBS
100,000		5.875%, 11/15/24	98,750
		Dynegy (1)
30,000		7.625%, 11/01/24	32,363
		Eastman Chemical
100,000		4.650%, 10/15/44	103,306
		Endeavor Energy Resources (1)
25,000		8.125%, 09/15/23	26,063
20,000		7.000%, 08/15/21	20,050
		Energy Transfer Equity
100,000		5.875%, 01/15/24	105,500
		Energy Transfer Partners
100,000		5.150%, 02/01/43	98,171
		EV Energy Partners
100,000		8.000%, 04/15/19	96,500
		ExamWorks Group
5,000		5.625%, 04/15/23	5,188
		Express Scripts Holding
100,000		6.125%, 11/15/41	124,376
		Family Tree Escrow LLC (1)
30,000		5.750%, 03/01/23	31,650
		Ferrellgas
100,000		6.750%, 01/15/22	103,250
		GCI (1)
25,000		6.875%, 04/15/25	25,750
		Gilead Sciences
100,000		4.500%, 02/01/45	105,606
		Goldman Sachs Group
100,000		6.750%, 10/01/37	126,010
		Halcon Resources
50,000		8.875%, 05/15/21	39,300
		HCA
200,000		5.250%, 04/15/25	217,000
		HealthSouth
50,000		5.125%, 03/15/23	51,750
		Infor US (1)
50,000		6.500%, 05/15/22	51,500
		Jones Energy Holdings LLC
75,000		6.750%, 04/01/22	74,625
		JPMorgan Chase (3)
85,000		6.750%, 08/29/49	93,271
114,000		5.300%, 12/29/49	114,143
		Kinder Morgan
100,000		5.550%, 06/01/45	100,203
		Linn Energy LLC
100,000		6.500%, 09/15/21	82,000
		Men’s Wearhouse (1)
100,000		7.000%, 07/01/22	106,500
		Meritor
150,000		6.250%, 02/15/24	154,125

The accompanying notes are an integral part of the financial statements.

58

Principal Amount †		Value $
	MetLife
100,000	6.400%, 12/15/36	118,250
	MGM Resorts International
200,000	6.000%, 03/15/23	208,125
	Midstates Petroleum
75,000	9.250%, 06/01/21	40,125
	Morgan Stanley (3)
50,000	5.550%, 12/29/49	50,375
	Mustang Merger (1)
12,000	8.500%, 08/15/21	12,225
	Navient LLC MTN
150,000	6.125%, 03/25/24	146,063
	NCI Building Systems (1)
75,000	8.250%, 01/15/23	79,875
	Oasis Petroleum
50,000	6.875%, 03/15/22	51,125
	Pfizer
100,000	4.400%, 05/15/44	105,753
	Pinnacle Entertainment
150,000	7.500%, 04/15/21	159,375
	Qualitytech
150,000	5.875%, 08/01/22	154,313
	RKI Exploration & Production LLC (1)
75,000	8.500%, 08/01/21	74,625
	Rowan
30,000	5.850%, 01/15/44	25,832
	Sabine Pass Liquefaction LLC
100,000	5.750%, 05/15/24	101,500
	Sabra Health Care REIT
100,000	5.375%, 06/01/23	105,875
	Select Medical
50,000	6.375%, 06/01/21	50,030
	Sensata Technologies BV (1)
20,000	5.000%, 10/01/25	20,700
	Sirius XM Radio (1)
100,000	6.000%, 07/15/24	104,000
55,000	5.375%, 04/15/25	55,413
	Sprint
200,000	7.250%, 09/15/21	201,250
	Suburban Propane Partners
125,000	5.500%, 06/01/24	129,063
	Sunoco (1)
30,000	6.375%, 04/01/23	31,350
	SUPERVALU
75,000	7.750%, 11/15/22	81,000
	T-Mobile USA
75,000	6.375%, 03/01/25	77,212
	United Rentals North America
100,000	5.750%, 11/15/24	103,250
	Valeant Pharmaceuticals International (1)
50,000	5.500%, 03/01/23	50,750
	Vander Intermediate Holding II (1)
50,000	9.750%, 02/01/19	50,750
	Verizon Communications
14,000	6.550%, 09/15/43	17,580
130,000	4.672%, 03/15/55 (1)	122,214
	Viking Cruises (1)
150,000	8.500%, 10/15/22	167,055
	WaveDivision Escrow LLC (1)
150,000	8.125%, 09/01/20	159,750
	West (1)
100,000	5.375%, 07/15/22	96,625
	ZF North America Capital (1)
150,000	4.750%, 04/29/25	151,125
	Zions Bancorporation (3)
100,000	5.800%, 12/29/49	96,800
		7,301,731
	TOTAL CORPORATE OBLIGATIONS (Cost $12,606,192)	12,405,732
Principal Amount †
/Shares
	COMMON STOCK — 38.8%
	Australia (4) — 0.5%
24,200	Insurance Australia Group	110,910
3,530	Telstra	17,352
556	Woodside Petroleum	15,333
		143,595
	Austria (4) — 0.1%
613	OMV	20,403
	Belgium (4) — 0.1%
176	Anheuser-Busch InBev	21,428
205	Groupe Bruxelles Lambert	17,995
		39,423
	Brazil — 0.4%
7,800	BB Seguridade Participacoes	89,936
1,617	Tractebel Energia	18,972
		108,908
	Canada — 1.1%
2,646	BCE	116,652

The accompanying notes are an integral part of the financial statements.

59

Shares		Value $
1,411	Canadian Imperial Bank of Commerce	113,301
636	Great-West Lifeco	19,510
800	Husky Energy	17,890
1,046	IGM Financial	39,560
586	Power Financial	18,126
670	Shaw Communications Class B	15,316
		340,355
	China (4) — 2.7%
254,000	Agricultural Bank of China Class H	142,997
170,000	China Construction Bank Class H	165,025
22,000	China Petroleum & Chemical Class H	20,763
36,500	China Shenhua Energy Class H	94,792
50,400	Guangzhou R&F Properties	64,283
102,000	Huaneng Power International Class H	144,658
190,000	Industrial & Commercial Bank of China Class H	164,817
14,000	PetroChina Class H	18,057
		815,392
	Finland (4) — 0.3%
682	Elisa	20,893
3,193	Fortum	63,054
370	Sampo Class A	17,928
		101,875
	France (4) — 0.9%
742	AXA	18,762
665	Electricite de France	16,921
1,199	Rexel	22,597
1,696	Sanofi	172,637
629	SCOR	22,639
324	Vinci	19,872
		273,428
	Germany (4) — 1.1%
895	Allianz	152,342
224	BASF	22,254
237	Daimler	22,787
927	Hannover Rueck	94,230
88	Muenchener Rueckversicherungs	17,178
175	Siemens	19,037
		327,828
	Hong Kong (4) — 1.3%
28,000	BOC Hong Kong Holdings	108,604
5,500	China Mobile	78,558
22,000	COSCO Pacific	34,500
900	Hang Seng Bank	17,534
118,000	Li & Fung	120,179
1,000	Swire Pacific Class A	13,487
		372,862
	Indonesia (4) — 0.1%
67,200	Perusahaan Gas Negara	21,181
87,000	Telekomunikasi Indonesia Persero	17,498
		38,679
	Ireland — 0.2%
256	Eaton	17,595
1,090	Experian (4)	19,467
283	Seagate Technology	16,618
		53,680
	Italy (4) — 0.9%
695	Atlantia	19,547
27,452	Snam Rete Gas	143,002
37,036	UnipolSai	103,640
		266,189
	Japan (4) — 0.4%
500	Canon	17,827
1,000	Daiichi Sankyo	17,369
1,300	ITOCHU	16,007
2,700	Marubeni	16,718
1,200	Mitsui	16,783
1,500	Sumitomo	17,712
200	Toyota Motor	13,922
		116,338
	Luxembourg (4) — 0.2%
470	RTL Group	44,063
454	SES ADR	15,911
		59,974

The accompanying notes are an integral part of the financial statements.

60

Shares		Value $
	Malaysia (4) — 0.2%
9,200	Axiata Group	17,385
10,300	DiGi.com	17,365
11,200	Petronas Chemicals Group	18,416
		53,166
	Netherlands — 1.5%
4,652	Delta Lloyd (4)	87,975
1,014	Koninklijke Ahold (4)	19,645
289	Koninklijke DSM (4)	16,482
503	Koninklijke Philips Electronics (4)	14,408
224	LyondellBasell Industries Class A	23,189
4,332	Royal Dutch Shell Class B (4)	138,691
3,243	Unilever (4)	141,462
		441,852
	Norway (4) — 0.3%
763	Statoil	16,176
2,938	Telenor	66,355
		82,531
	Poland (4) — 0.2%
482	Powszechny Zaklad Ubezpieczen	62,865
	Russia (4) — 0.4%
6,017	MMC Norilsk Nickel ADR	113,346
	Singapore (4) — 0.5%
42,900	Singapore Telecommunications	143,355
	South Africa — 0.8%
5,616	Barclays Africa Group (4)	89,958
2,515	Coronation Fund Managers (4)	19,216
4,773	FirstRand (4)	22,801
7,124	MMI Holdings	20,271
2,681	Truworths International (4)	19,540
6,078	Vodacom Group (4)	75,777
		247,563
	Spain (4) — 0.1%
858	Ferrovial	19,458
2,914	Iberdrola	19,504
		38,962
	Sweden (4) — 0.5%
1,776	Sandvik	22,447
1,559	Telefonaktiebolaget LM Ericsson Class B Shares	17,050
18,606	TeliaSonera	115,676
		155,173
	Switzerland (4) — 1.4%
136	Kuehne + Nagel International	20,398
229	Nestle	17,767
199	Novartis	20,312
315	Roche Holding	90,139
1,314	Swiss Re	116,561
41	Swisscom	24,375
415	Zurich Insurance Group	128,091
		417,643
	Taiwan (4) — 1.5%
7,030	Chicony Electronics	20,215
8,000	Far EasTone Telecommunications	19,074
103,000	Inventec	72,687
25,100	Lite-On Technology	31,713
3,000	Novatek Microelectronics	15,680
6,000	Pegatron	17,775
9,000	Radiant Opto-Electronics	29,595
15,000	Synnex Technology International	21,254
33,000	Taiwan Cement	46,866
5,000	Taiwan Mobile	17,615
33,000	Taiwan Semiconductor Manufacturing	158,871
		451,345
	Thailand (4) — 0.3%
12,500	Advanced Info Service	90,727
	Turkey (4) — 0.2%
41,409	Eregli Demir ve Celik Fabrikalari	69,878

The accompanying notes are an integral part of the financial statements.

61

Shares		Value $
	United Kingdom — 5.3%
3,780	Admiral Group (4)	90,136
4,778	AMEC (4)	66,897
15,442	BAE Systems (4)	119,632
5,636	BHP Billiton (4)	135,469
2,872	British American Tobacco (4)	157,797
18,917	Direct Line Insurance Group (4)	92,353
30,014	Glencore (4)	142,583
18,693	HSBC Holdings (4)	186,733
2,951	Imperial Tobacco Group (4)	144,098
4,101	Kingfisher (4)	22,033
2,334	Marks & Spencer Group (4)	19,765
10,292	National Grid (4)	138,461
1,958	Rexam (4)	17,379
2,957	Rio Tinto (4)	132,328
10,010	Royal Mail (4)	71,516
2,140	Tate & Lyle	19,594
347	Wolseley (4)	20,523
823	WPP (4)	19,193
		1,596,490
	United States — 15.3%
326	American Electric Power	18,540
247	Baxter International	16,979
573	CA	18,204
377	Campbell Soup	16,856
1,604	Chevron	178,140
6,090	Cisco Systems	175,575
4,013	Coca-Cola	162,767
2,147	ConocoPhillips	145,824
292	Consolidated Edison	17,973
252	Dominion Resources	18,063
352	Dow Chemical	17,952
226	DTE Energy	17,996
223	Duke Energy	17,298
245	E.I. du Pont de Nemours	17,934
254	Eli Lilly	18,255
2,131	Emerson Electric	125,367
235	Entergy	18,137
85	Equinix REIT	21,754
277	Eversource Energy	13,506
2,505	ExxonMobil	218,862
902	Fifth Third Bancorp	18,040
2,518	Garmin	113,788
340	General Mills	18,815
3,494	General Motors	122,500
5,068	Intel	164,963
342	International Paper	18,372
2,035	Johnson & Johnson	201,872
3,033	JPMorgan Chase	191,868
279	Kellogg	17,669
159	Kimberly-Clark	17,441
295	Kohl’s	21,137
615	Kraft Foods Group	52,121
2,208	Las Vegas Sands	116,759
1,572	McDonald’s	151,777
2,839	Merck	169,091
5,321	Microsoft	258,814
7,227	New York Community Bancorp	124,232
298	Nucor	14,560
276	Occidental Petroleum	22,108
245	Omnicom Group	18,561
386	Paychex	18,679
1,195	People’s United Financial	18,056
1,701	PepsiCo	161,799
5,545	Pfizer	188,142
339	PG&E	17,940
656	PPL	22,324
347	Principal Financial Group	17,739
2,167	Procter & Gamble	172,298
479	Public Service Enterprise Group	19,898
2,308	QUALCOMM	156,944
442	Republic Services Class A	17,959
1,902	Reynolds American	139,417
2,988	Southern	132,368
3,557	Spectra Energy	132,498
459	Sysco	16,997
165	United Parcel Service Class B	16,587
3,873	Wells Fargo	213,402
562	Xcel Energy	19,057
		4,572,574
	TOTAL COMMON STOCK (Cost $11,429,497)	11,616,399

The accompanying notes are an integral part of the financial statements.

62

Principal Amount †			Value $
		FOREIGN GOVERNMENT BONDS — 10.8%
		Argentina — 0.3%
		Provincia de Buenos Aires (2)
100,000		11.750%, 10/05/15	101,000
		Brazil — 1.8%
		Banco Nacional de Desenvolvimento Economico e Social (2)
200,000		5.750%, 09/26/23	213,600
		Brazil Notas do Tesouro Nacional Serie F
BRL	1,030,000	10.000%, 01/01/17	324,934
			538,534
		Colombia — 0.3%
		Empresa de Telecomunicaciones de Bogota (2)
COP	196,000,000	7.000%, 01/17/23	78,746
		Croatia — 0.6%
		Croatia Government International Bond (2)
150,000		6.625%, 07/14/20	167,766
		El Salvador — 0.4%
		El Salvador Government International Bond (2)
100,000		7.375%, 12/01/19	110,250
20,000		5.875%, 01/30/25	19,975
			130,225
		Hungary — 0.4%
		Hungary Government Bond
HUF	31,220,000	2.500%, 06/22/18	116,713
		Indonesia — 0.9%
		Indonesia Treasury Bond
IDR	2,000,000,000	8.375%, 03/15/24	160,983
IDR	1,702,000,000	5.250%, 05/15/18	123,311
			284,294
		Lebanon — 0.2%
		Lebanon Government International Bond MTN (2)
70,000		5.150%, 11/12/18	70,525
		Malaysia — 0.6%
		Malaysia Government Bond
MYR	365,000	3.580%, 09/28/18	102,950
MYR	275,000	3.492%, 03/31/20	76,691
			179,641
		Mexico — 1.0%
		Mexican Bonos
MXN	4,775,000	5.000%, 12/11/19	308,514
		Morocco — 0.7%
		Morocco Government International Bond (2)
200,000		4.250%, 12/11/22	206,050
		Poland — 0.8%
		Poland Government Bond
PLN	260,000	5.750%, 04/25/29	96,897
PLN	520,000	1.500%, 04/25/20	140,175
			237,072
		Russia — 1.2%
		Russian Federal Bond - OFZ
RUB	8,745,000	6.200%, 01/31/18	152,032
		Russian Foreign Bond - Eurobond (1)
200,000		4.875%, 09/16/23	197,000
			349,032
		South Africa — 1.2%
		South Africa Government Bond
ZAR	2,040,000	7.750%, 02/28/23	171,441
ZAR	620,000	7.000%, 02/28/31	45,721
ZAR	300,000	6.750%, 03/31/21	24,288
		South Africa Government International Bond
100,000		4.665%, 01/17/24	105,354
			346,804
		Turkey — 0.4%
		Turkey Government Bond
TRY	255,000	9.000%, 03/08/17	94,936
TRY	70,000	7.100%, 03/08/23	23,140
			118,076
		TOTAL FOREIGN GOVERNMENT BONDS (Cost $3,255,817)	3,232,992

The accompanying notes are an integral part of the financial statements.

63

Shares/ Number of Contracts			Value $
		CLOSED-END FUNDS — 1.7%
		Guernsey — 0.6%
41,700		HSBC Infrastructure	98,062
44,000		International Public Partnerships	92,259
			190,321
		United Kingdom — 1.1%
49,000		BBGI SICAV (4)	93,071
56,900		Starwood European Real Estate Finance (4)	93,249
100,000		UK Commercial Property Trust	140,759
			327,079
		TOTAL CLOSED-END FUNDS (Cost $533,328)	517,400
		PREFERRED STOCK — 0.7%
		Brazil — 0.5%
2,757		AES Tiete	15,638
1,777		Cia Paranaense de Energia	19,516
34,700		Itausa-Investimentos Itau	122,656
			157,810
		Germany (4) — 0.2%
243		Bayerische Motoren Werke Class Preference	22,205
84		Volkswagen	21,625
			43,830
		TOTAL PREFERRED STOCK (Cost $208,651)	201,640
		EXCHANGE TRADED PURCHASED OPTIONS (5)— 0.5%
74		SX5E Put Option, Expires: 06/19/15, Strike Price: $3,600	109,763
14		SPX Put Option, Expires: 06/19/15, Strike Price: $2,060	47,390
15		SPX Put Option, Expires: 05/15/15, Strike Price: $2,025	10,800
		(Cost $138,013)	167,953
Number of Contracts /Principal Amount †
		MUNICIPAL BOND — 0.3%
		New York — 0.3%
		Port Authority of New York & New Jersey RB
75,000		4.458%, 10/01/62
		(Cost $79,059)	80,957
Number of Rights
		RIGHTS (5) — 0.0%
37,036		UnipolSai A, Expires 05/15/15	—
37,036		UnipolSai B, Expires 05/15/15	—
		TOTAL RIGHTS (Cost $—)	—
		TOTAL INVESTMENTS — 94.3% (Cost $28,250,557)	28,223,073
		OTHER ASSETS LESS LIABILITIES — 5.7%	1,697,978
		NET ASSETS — 100%	$	29,921,051
		EXCHANGE TRADED WRITTEN OPTIONS (5) — 0.2%
(74	)	SX5E Put Option, Expires: 06/20/15, Strike Price: $3,350	(39,634		)
(14	)	SPX Put Option, Expires: 06/20/15, Strike Price: $1,960	(17,850		)
		TOTAL WRITTEN OPTIONS (Premiums Received $41,159)	(57,484		)

The accompanying notes are an integral part of the financial statements.

64

†	In U.S. Dollars unless otherwise indicated.
(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 April 30, 2015, the value of these securities amounted to $3,743,465, representing 12.5% of the net assets of the Fund.
(2)	Security exempt from registration under Regulation S of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On April 30, 2015, the value of these securities amounted to $3,809,146, representing 12.7% of the net assets of the Fund.
(3)	Variable Rate Security — Rate disclosed is as of April 30, 2015.
(4)	Security is fair valued. (See Note 2 in Notes to Financial Statements.)
(5)	Denotes non-income producing security.

The open futures contracts held by the Fund at April 30, 2015, are as follows:

	Number of			Unrealized
Type of	Contracts		Expiration	Appreciation
Contract	Long (Short)		Date	(Depreciation)
Australian 3-Year Bond	16		Jun-2015	$	(12,594	)
DAX Index	3		Jun-2015	(39,853		)
Euro Stoxx 50 Index	16		Jun-2015	(2,091		)
Euro-Bund	(8	)	Jun-2015	31,760
Euro-Buxl 30-Year Bond	4		Jun-2015	(23,029		)
Euro-Schatz	(5	)	Jun-2015	85
FTSE 100 Index	(8	)	Jun-2015	(19,272		)
Long Gilt 10-Year Bond	9		Jun-2015	(33,855		)
S&P 500 Index E-MINI	(15	)	Jun-2015	5,407
S&P TSE 60 Index	2		Jun-2015	7,288
Topix Index	5		Jun-2015	14,431
U.S. 5-Year Treasury Note	(3	)	Jun-2015	(357		)
U.S. 10-Year Treasury Note	(17	)	Jun-2015	(2,326		)
				$	(74,406	)

The accompanying notes are an integral part of the financial statements.

65

A summary of the outstanding forward foreign currency contracts held by the Fund at April 30, 2015, is as follows:

						Unrealized
						Appreciation
Counterparty	Settlement Date	Currency to Deliver		Currency to Receive		(Depreciation)
Barclays Capital	05/28/15	USD	145,804	GBP	95,000	$	(9	)
BNP Paribas	05/28/15	AUD	1,575,000	USD	1,224,076	(20,319		)
BNP Paribas	05/28/15	EUR	2,672,000	USD	2,997,319	(4,072		)
BNP Paribas	05/28/15	GBP	2,047,000	USD	3,155,416	13,921
BNP Paribas	05/28/15	USD	202,208	BRL	632,000	5,426
BNP Paribas	05/28/15	USD	59,770	CHF	56,000	315
Citigroup Global Markets	05/28/15	HUF	23,000,000	USD	81,979	(2,965		)
Citigroup Global Markets	05/28/15	IDR	1,997,000,000	USD	146,938	(6,190		)
Citigroup Global Markets	05/28/15	JPY	61,422,000	USD	515,147	590
Citigroup Global Markets	05/28/15	PLN	756,000	USD	203,663	(6,139		)
Citigroup Global Markets	05/28/15	USD	372,492	MXN	5,670,000	(3,675		)
Citigroup Global Markets	05/28/15	USD	241,953	NOK	1,850,000	3,537
Citigroup Global Markets	05/28/15	ZAR	1,850,000	USD	149,042	(5,733		)
Credit Suisse First Boston	05/28/15	CHF	299,000	USD	315,971	(4,838		)
Credit Suisse First Boston	05/28/15	RUB	9,939,000	USD	185,776	(5,236		)
Credit Suisse First Boston	05/28/15	TRY	1,024,000	USD	399,035	19,126
Credit Suisse First Boston	05/28/15	USD	196,229	RUB	9,939,000	(5,217		)
Credit Suisse First Boston	05/28/15	USD	242,368	TRY	645,000	(3,070		)
Deutsche Bank Securities	05/28/15	CAD	509,000	USD	407,030	(14,685		)
Deutsche Bank Securities	05/28/15	CHF	817,000	USD	863,499	(13,095		)
Deutsche Bank Securities	05/28/15	COP	315,376,000	USD	124,458	(7,562		)
Deutsche Bank Securities	05/28/15	EUR	573,000	USD	622,972	(20,665		)
Deutsche Bank Securities	05/28/15	HUF	23,900,000	USD	88,234	(34		)
Deutsche Bank Securities	05/28/15	IDR	720,000,000	USD	54,299	(910		)
Deutsche Bank Securities	05/28/15	MYR	1,417,000	USD	386,649	(10,162		)
Deutsche Bank Securities	05/28/15	PLN	352,000	USD	92,446	(5,240		)
Deutsche Bank Securities	05/28/15	TRY	236,000	USD	87,953	396
Deutsche Bank Securities	05/28/15	USD	717,739	CAD	881,000	12,185
HSBC	05/28/15	JPY	56,228,000	USD	471,589	544
HSBC	05/28/15	THB	2,891,000	USD	88,579	962
HSBC	05/28/15	USD	1,124,298	AUD	1,416,000	(5,529		)
HSBC	05/28/15	USD	644,660	CHF	647,000	49,534
HSBC	05/28/15	USD	1,765,315	EUR	1,606,000	38,665
HSBC	05/28/15	USD	54,116	HUF	14,700,000	174
HSBC	05/28/15	USD	305,187	INR	19,300,000	(3,311		)
HSBC	05/28/15	USD	855,281	JPY	101,415,000	(5,687		)
JPMorgan Securities	05/28/15	EUR	238,273	USD	255,943	(11,703		)
JPMorgan Securities	05/28/15	GBP	937,464	USD	1,411,934	(26,775		)
Royal Bank of Canada	05/28/15	CAD	770,000	USD	605,498	(32,460		)
Royal Bank of Canada	05/28/15	USD	786,962	GBP	510,000	(4,274		)

The accompanying notes are an integral part of the financial statements.

66

						Unrealized
						Appreciation
Counterparty	Settlement Date	Currency to Deliver		Currency to Receive		(Depreciation)
Standard Chartered	05/28/15	MXN	5,670,000	USD	365,195	$	(3,622	)
Standard Chartered	05/28/15	MYR	1,133,000	USD	306,631	(10,650		)
Standard Chartered	05/28/15	TWD	13,600,000	USD	428,684	(15,404		)
Standard Chartered	05/28/15	USD	207,722	IDR	2,717,000,000	615
Standard Chartered	05/28/15	USD	309,410	INR	19,400,000	(5,970		)
Standard Chartered	05/28/15	USD	481,795	MYR	1,707,000	(3,774		)
State Street Bank	05/28/15	SEK	1,340,000	USD	159,907	(983		)
State Street Bank	05/28/15	SGD	226,000	USD	166,111	(4,585		)
UBS Securities	05/28/15	BRL	1,634,000	USD	532,803	(4,022		)
UBS Securities	05/28/15	NOK	2,450,000	USD	309,217	(15,891		)
UBS Securities	05/28/15	USD	231,942	EUR	208,000	1,699
UBS Securities	05/28/15	USD	149,870	ZAR	1,810,000	1,558
UBS Securities	05/28/15	ZAR	3,770,000	USD	308,590	(6,816		)
						$	(152,025	)

ADR — American Depositary Receipt

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

COP — Colombian Peso

DAX — Deutsche Borse AG German Stock Index

EUR — Euro

FTSE — Financial Times Stock Exchange

GBP — British Pound

HUF — Hungarian Forint

IDR — Indonesian Rupiah

INR — Indian Rupee

JPY — Japanese Yen

LLC — Limited Liability Corporation

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

PLN — Polish Zloty

OFZ — Federal Loan Obligations

RB — Revenue Bond

REIT — Real Estate Investment Trust

RUB — Russian Ruble

S&P — Standard & Poor��s

SEK — Swedish Krona

SGD — Singapore Dollar

THB — Thailand Baht

TRY — Turkish New Lira

TSE — Toronto Stock Exchange

TWD — Taiwan Dollar

USD — United States Dollar

ZAR — South African Rand

The accompanying notes are an integral part of the financial statements.

67

The following is a summary of the inputs used as of April 30, 2015 in valuing the Fund’s investments carried at value:

	Level 1		Level 2		Level 3		Total
Investments in Securities (1)
Corporate Obligations	$	—	$	12,405,732	$	—	$	12,405,732
Common Stock
Australia	—		143,595		—		143,595
Austria	—		20,403		—		20,403
Belgium	—		39,423		—		39,423
Brazil	108,908		—		—		108,908
Canada	340,355		—		—		340,355
China	—		815,392		—		815,392
Finland	—		101,875		—		101,875
France	—		273,428		—		273,428
Germany	—		327,828		—		327,828
Hong Kong	—		372,862		—		372,862
Indonesia	—		38,679		—		38,679
Ireland	34,213		19,467		—		53,680
Italy	—		266,189		—		266,189
Japan	—		116,338		—		116,338
Luxembourg	—		59,974		—		59,974
Malaysia	—		53,166		—		53,166
Netherlands	23,189		418,663		—		441,852
Norway	—		82,531		—		82,531
Poland	—		62,865		—		62,865
Russia	—		113,346		—		113,346
Singapore	—		143,355		—		143,355
South Africa	20,271		227,292		—		247,563
Spain	—		38,962		—		38,962
Sweden	—		155,173		—		155,173
Switzerland	—		417,643		—		417,643
Taiwan	—		451,345		—		451,345
Thailand	—		90,727		—		90,727
Turkey	—		69,878		—		69,878
United Kingdom	19,594		1,576,896		—		1,596,490
United States	4,572,574		—		—		4,572,574
Total Common Stock	5,119,104		6,497,295		—		11,616,399
Foreign Government Bonds	—		3,232,992		—		3,232,992
Closed-End Funds
Guernsey	190,321		—		—		190,321
United Kingdom	140,759		186,320		—		327,079
Total Closed-End Funds	331,080		186,320		—		517,400
Preferred Stock
Brazil	157,810		—		—		157,810
Germany	—		43,830		—		43,830
Total Preferred Stock	157,810		43,830		—		201,640
Exchange Traded Purchased Options	167,953		—		—		167,953
Municipal Bond	—		80,957		—		80,957
Rights	—		—		—		—
Total Investments in Securities	$	5,775,947	$	22,447,126	$	—	$	28,223,073

The accompanying notes are an integral part of the financial statements.

68

	Level 1			Level 2			Level 3		Total
Other Financial Instruments
Exchange Traded Written Options	$	(57,484	)	$	—		$	—	$	(57,484	)
Futures — Unrealized Appreciation	58,971			—			—		58,971
Futures — Unrealized Depreciation	(133,377		)	—			—		(133,377		)
Forwards — Unrealized Appreciation	—			149,247			—		149,247
Forwards — Unrealized Depreciation	—			(301,272		)	—		(301,272		)
Total Other Financial Instruments	$	(131,890	)	$	(152,025	)	$	—	$	(283,915	)

(1)Transfers between investment levels may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Fund generally recognizes transfers between the levels as of the beginning and end of the reporting period. As of April 30, 2015, the Fund had securities with a total value of $6,727,445 transfer from Level 1 to Level 2. The change in level occurred due to developments that occurred between the time of closing of the foreign markets on which those securities trade and the close of business on the New York Stock Exchange. There were no transfers between levels during the reporting period, based on the input levels assigned under the hierarchy at the beginning and end of the reporting period.

The accompanying notes are an integral part of the financial statements.

69

Schroder Absolute Return EMD and Currency Fund

Schedule of Investments

April 30, 2015 (unaudited)

Principal Amount †			Value $
		FOREIGN GOVERNMENT BONDS — 65.6%
		Brazil — 7.5%
		Brazil Notas do Tesouro Nacional Serie F
BRL	1,500,000	10.000%, 01/01/21	443,781
BRL	18,475,000	10.000%, 01/01/23	5,337,752
BRL	21,300,000	10.000%, 01/01/25	6,018,210
		Brazilian Government International Bond
2,090,000		5.625%, 01/07/41	2,163,150
790,000		4.250%, 01/07/25	780,010
			14,742,903
		Colombia — 1.1%
		Colombia Government International Bond
2,000,000		4.000%, 02/26/24	2,060,000
		Czech Republic — 4.7%
		Czech Republic Government Bond
CZK	43,000,000	4.000%, 04/11/17	1,893,953
CZK	177,860,000	3.400%, 09/01/15	7,357,063
			9,251,016
		Ecuador — 0.3%
		Ecuador Government International Bond (1)
700,000		7.950%, 06/20/24	686,000
		Hungary — 2.1%
		Hungary Government Bond
HUF	1,080,000,000	7.750%, 08/24/15	4,060,815
		Indonesia — 4.5%
		Indonesia Government International BondMTN (1)
980,000		4.125%, 01/15/25	1,003,275
		Indonesia Treasury Bond
IDR	4,290,000,000	9.500%, 07/15/31	373,982
IDR	18,803,000,000	9.000%, 03/15/29	1,590,553
IDR	54,671,000,000	8.375%, 03/15/24	4,400,567
IDR	17,100,000,000	7.875%, 04/15/19	1,334,361
			8,702,738
		Malaysia — 2.5%
		Malaysia Government Bond
MYR	4,250,000	4.935%, 09/30/43	1,262,117
MYR	12,670,000	4.181%, 07/15/24	3,642,866
			4,904,983
		Mexico — 13.3%
		Mexican Bonos
MXN	52,950,000	10.000%, 12/05/24	4,478,499
		Mexico Cetes (2)
MXN	1,120,000,000	3.472%, 10/01/15	7,203,202
MXN	560,000,000	3.408%, 09/17/15	3,606,310
MXN	1,430,000,000	3.292%, 11/12/15	9,163,110
		Mexico Government International Bond
1,000,000		3.600%, 01/30/25	1,019,000
		Mexico Government International Bond MTN
520,000		4.750%, 03/08/44	536,510
			26,006,631
		Poland — 7.8%
		Poland Government Bond
PLN	28,950,000	5.000%, 04/25/16	8,304,147
PLN	24,000,000	4.750%, 10/25/16	6,967,030
			15,271,177
		Russia — 5.1%
		Russian Federal Bond - OFZ
RUB	211,700,000	8.150%, 02/03/27	3,534,498
RUB	141,600,000	6.400%, 05/27/20	2,302,272
		Russian Foreign Bond - Eurobond (1)
3,590,625		7.500%, 03/31/30	4,209,038
			10,045,808
		Singapore — 5.1%
		Singapore Government Bond
SGD	6,700,000	2.875%, 07/01/15	5,079,205
SGD	6,480,000	1.125%, 04/01/16	4,901,768
			9,980,973
		South Africa — 5.4%
		South Africa Government Bond
ZAR	37,000,000	10.500%, 12/21/26	3,717,651
ZAR	23,550,000	7.750%, 02/28/23	1,979,132
ZAR	29,050,000	6.500%, 02/28/41	1,922,788
		South Africa Government International Bond
2,520,000		5.875%, 09/16/25	2,879,100
			10,498,671

The accompanying notes are an integral part of the financial statements.

70

Principal Amount †				Value $
			Thailand — 3.9%
			Bank of Thailand (3)
THB		18,900,000	2.075%, 02/26/16	573,536
			Thailand Government Bond Indexed Link Bond (1)
THB		44,767,360	1.250%, 03/12/28	1,255,539
THB		197,218,570	1.200%, 07/14/21	5,833,856
				7,662,931
			Vietnam — 2.3%
			Vietnam Government Bond
VND		20,000,000,000	8.800%, 02/28/24	1,070,410
VND		26,000,000,000	8.800%, 03/15/29	1,365,569
VND		26,000,000,000	7.800%, 08/31/24	1,311,325
VND		14,000,000,000	7.600%, 01/31/30	660,488
				4,407,792
			TOTAL FOREIGN GOVERNMENT BONDS (Cost $132,456,443)	128,282,438
			U.S. TREASURYOBLIGATIONS — 27.6%
			United States TreasuryBills (2) (4)
10,000,000			0.105%, 08/20/15	9,999,770
7,000,000			0.084%, 10/22/15	6,999,405
3,000,000			0.076%, 09/03/15	2,999,895
8,000,000			0.058%, 08/13/15	7,999,824
15,000,000			0.055%, 08/06/15	14,999,700
8,500,000			0.035%, 07/30/15	8,499,839
1,000,000			0.019%, 06/25/15	1,000,000
1,500,000			0.013%, 07/23/15	1,499,974
			TOTAL U.S. TREASURY OBLIGATIONS (Cost $53,988,600)	53,998,407
			CORPORATEOBLIGATIONS — 2.2%
			Supra-National — 2.2%
			International Finance
INR	68,000,000		8.250%, 06/10/21	1,144,164
			International Finance MTN
INR	120,000,000		7.800%, 06/03/19	1,968,518
INR	72,000,000		6.450%, 10/30/18	1,131,913
				4,244,595
			TOTAL CORPORATE OBLIGATIONS (Cost $4,232,660)	4,244,595
			TOTAL INVESTMENTS — 95.4% (Cost $190,677,703)	186,525,440
			OTHER ASSETS LESS LIABILITIES — 4.6%	8,960,062
			NET ASSETS — 100%	$	195,485,502

†	In U.S. Dollars unless otherwise indicated.
(1)	Security exempt from registration under Regulation S of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On April 30, 2015, the value of these securities amounted to $12,987,708, representing 6.6% of the net assets of the Fund.
(2)	Zero Coupon Security — Rate disclosed is the effective yield at time of purchase.
(3)	Variable Rate Security — Rate disclosed is as of April 30, 2015.
(4)	Security, or a portion of this security, has been pledged as collateral on open derivative positions.

The accompanying notes are an integral part of the financial statements.

71

A summary of the outstanding forward foreign currency contracts held by the Fund at April 30, 2015, is as follows:

						Unrealized
						Appreciation
Counterparty	Settlement Date	Currency to Deliver		Currency to Receive		(Depreciation)
Barclays Capital	05/11/15	USD	655,006	IDR	8,800,000,000	$	22,269
Barclays Capital	06/12/15	ZAR	10,200,000	USD	817,253	(33,933		)
BNP Paribas	05/13/15	USD	482,375	IDR	6,500,000,000	17,664
BNP Paribas	05/13/15-07/22/15	IDR	53,259,670,002	USD	4,050,875	(32,737		)
BNP Paribas	05/21/15	INR	60,690,217	USD	938,605	(12,228		)
BNP Paribas	06/12/15	ZAR	5,500,000	USD	446,994	(11,978		)
BNP Paribas	07/13/15	USD	950,548	MYR	3,388,704	(5,323		)
BNP Paribas	02/29/16	RUB	143,300,000	USD	2,534,688	14,551
BNP Paribas	02/29/16	USD	1,356,023	RUB	94,650,411	308,541
Canadian Imperial Bank	06/19/15	MXN	14,660,000	USD	953,899	1,852
Citigroup Global Markets	05/06/15	BRL	1,900,000	USD	678,208	48,967
Citigroup Global Markets	05/06/15	CNY	12,000,000	USD	1,884,583	(49,222		)
Citigroup Global Markets	05/06/15	USD	1,916,933	CNY	12,000,000	16,871
Citigroup Global Markets	05/12/15-05/26/15	MXN	99,897,674	USD	6,604,576	101,151
Citigroup Global Markets	05/12/15-05/26/15	USD	2,983,683	MXN	46,100,000	16,258
Citigroup Global Markets	05/13/15-05/28/15	ZAR	114,603,325	USD	9,837,394	244,923
Citigroup Global Markets	05/18/15	USD	1,567,842	RUB	101,800,000	395,692
Citigroup Global Markets	05/20/15-07/21/15	USD	3,773,199	HUF	1,039,217,224	62,827
Citigroup Global Markets	05/21/15	INR	67,100,000	USD	1,034,137	(17,118		)
Citigroup Global Markets	05/26/15-07/22/15	IDR	11,477,017,942	USD	863,502	(14,060		)
Citigroup Global Markets	05/28/15	USD	2,774,219	ZAR	34,000,000	70,294
Citigroup Global Markets	06/16/15	PLN	8,200,000	USD	2,087,311	(186,837		)
Citigroup Global Markets	08/04/15	USD	4,075,761	EUR	3,700,000	84,341
Credit Suisse First Boston	05/05/15-02/29/16	USD	1,443,463	RUB	100,649,589	419,810
Credit Suisse First Boston	06/10/15-07/20/15	RUB	164,000,000	USD	3,071,050	(52,316		)
Deutsche Bank Securities	05/06/15-06/29/15	USD	2,070,029	HUF	562,782,776	7,803
Deutsche Bank Securities	05/11/15-07/01/15	IDR	60,677,008,904	USD	4,600,946	(47,656		)
Deutsche Bank Securities	05/12/15	MXN	35,402,326	USD	2,329,361	23,844
Deutsche Bank Securities	05/13/15	USD	609,961	IDR	7,898,759,638	(2,317		)
Deutsche Bank Securities	05/21/15	INR	187,209,783	USD	2,908,074	(24,941		)
Deutsche Bank Securities	05/21/15	USD	5,049,695	INR	315,000,000	(114,593		)
Deutsche Bank Securities	06/03/15	USD	2,130,075	BRL	7,000,000	164,956
Deutsche Bank Securities	06/10/15	RUB	19,000,000	USD	366,866	3,612
Deutsche Bank Securities	06/12/15	THB	40,666,667	USD	1,231,174	(767		)
Deutsche Bank Securities	06/16/15	USD	2,078,725	PLN	7,750,000	70,621
Deutsche Bank Securities	06/29/15	CZK	175,000,000	USD	6,934,887	(230,138		)
Deutsche Bank Securities	07/13/15	USD	713,512	MYR	2,541,528	(4,593		)
Goldman Sachs	05/05/15-05/18/15	RUB	153,800,000	USD	2,404,581	(566,652		)
Goldman Sachs	05/06/15-05/20/15	HUF	464,000,000	USD	1,614,751	(99,397		)
Goldman Sachs	05/11/15	USD	925,490	PHP	41,300,000	1,365
Goldman Sachs	06/10/15	USD	2,163,733	RUB	134,000,000	398,163
Goldman Sachs	06/12/15	ZAR	30,000,000	USD	2,494,968	(8,520		)
Goldman Sachs	06/16/15	USD	2,019,537	PLN	7,300,000	5,009
Goldman Sachs	07/13/15	MYR	8,500,000	USD	2,299,348	(71,591		)
Goldman Sachs	07/13/15	USD	1,052,216	INR	66,600,000	(19,819		)
Goldman Sachs	07/21/15	USD	2,046,252	CLP	1,260,000,000	(2,232		)
Goldman Sachs	07/21/15-07/29/15	USD	4,143,870	COP	10,260,000,000	125,516
Goldman Sachs	08/04/15	USD	4,132,308	EUR	3,700,000	27,794

The accompanying notes are an integral part of the financial statements.

72

						Unrealized
						Appreciation
Counterparty	Settlement Date	Currency to Deliver		Currency to Receive		(Depreciation)
HSBC	05/12/15	USD	2,058,164	MXN	31,300,000	$	(19,804	)
HSBC	05/13/15	USD	2,141,357	BRL	6,747,023	87,440
HSBC	05/13/15	USD	1,045,947	IDR	14,000,000,000	31,059
HSBC	05/28/15	USD	3,044,948	ZAR	37,300,000	75,650
HSBC	06/29/15	SGD	6,850,000	USD	4,991,145	(180,071		)
HSBC	07/13/15	USD	721,642	MYR	2,569,768	(4,847		)
JPMorgan Securities	05/06/15	USD	603,175	BRL	1,900,000	26,066
JPMorgan Securities	05/06/15	USD	1,816,427	THB	59,270,000	(18,819		)
JPMorgan Securities	05/12/15	USD	2,048,434	MXN	31,500,000	2,951
JPMorgan Securities	05/14/15	MYR	5,170,000	USD	1,417,915	(31,796		)
JPMorgan Securities	06/12/15	MXN	166,000,000	USD	10,575,269	(210,630		)
JPMorgan Securities	07/02/15	CZK	53,800,000	USD	2,113,350	(89,460		)
JPMorgan Securities	07/28/15	THB	59,270,000	USD	1,804,536	11,412
Standard Chartered	05/06/15-06/12/15	THB	79,603,333	USD	2,421,793	8,214
Standard Chartered	05/11/15-05/13/15	USD	1,993,652	IDR	26,051,240,362	10,874
Standard Chartered	05/13/15	BRL	13,000,000	USD	4,407,557	113,166
Standard Chartered	05/13/15	ZAR	5,540,675	USD	463,787	(939		)
Standard Chartered	05/13/15-07/22/15	IDR	49,136,303,152	USD	3,702,185	(50,183		)
Standard Chartered	05/14/15-07/06/15	USD	2,049,899	MYR	7,470,000	41,757
Standard Chartered	06/02/15	KRW	2,450,000,000	USD	2,169,486	(113,748		)
Standard Chartered	06/02/15	USD	2,218,801	KRW	2,450,000,000	64,432
Standard Chartered	07/06/15	MYR	3,650,000	USD	990,717	(28,021		)
Standard Chartered	07/13/15	INR	66,600,000	USD	1,037,545	5,148
State Street Bank	05/13/15-05/28/15	USD	2,170,677	ZAR	26,990,000	93,056
State Street Bank	06/15/15	SGD	6,500,000	USD	4,662,754	(245,260		)
State Street Bank	06/16/15-07/16/15	PLN	38,350,000	USD	9,891,028	(742,300		)
State Street Bank	06/25/15	USD	2,260,897	JPY	273,000,000	27,072
State Street Bank	06/29/15	MXN	73,500,000	USD	4,828,220	58,513
State Street Bank	07/28/15	THB	85,300,000	USD	2,601,998	21,376
UBS Securities	05/06/15-05/13/15	USD	3,528,932	BRL	11,152,977	160,787
UBS Securities	05/06/15-06/08/15	BRL	26,130,000	USD	8,703,340	116,360
UBS Securities	05/11/15	USD	3,617,571	PHP	161,000,000	(4,408		)
UBS Securities	06/12/15	THB	25,000,000	USD	757,461	120
						$	260,893

BRL — Brazilian Real

CLP — Chilean Peso

CNY — Chinese Yuan

COP — Colombian Peso

CZK — Czech Koruna

EUR — Euro

HUF — Hungarian Forint

IDR — Indonesian Rupiah

INR — Indian Rupee

JPY — Japanese Yen

KRW — South Korean Won

MTN — Medium Term Note

MXN — Mexican Peso

The accompanying notes are an integral part of the financial statements.

73

MYR — Malaysian Ringgit

OFZ — Federal Loan Obligations

PHP — Philippine Peso

PLN — Polish Zloty

RUB — Russian Ruble

SGD — Singapore Dollar

THB — Thailand Baht

USD — United States Dollar

VND — Vietnamese Dong

ZAR — South African Rand

The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund’s investments carried at value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Foreign Government Bonds	$	—	$	128,282,438	$	—	$	128,282,438
U.S. Treasury Obligations	—		53,998,407		—		53,998,407
Corporate Obligations	—		4,244,595		—		4,244,595
Total Investments in Securities	$	—	$	186,525,440	$	—	$	186,525,440

	Level 1		Level 2			Level 3		Total
Other Financial Instruments
Forwards — Unrealized Appreciation	$	—	$	3,610,147		$	—	$	3,610,147
Forwards — Unrealized Depreciation	—		(3,349,254		)	—		(3,349,254		)
Total Other Financial Instruments	$	—	$	260,893		$	—	$	260,893

(1)There were no transfers between levels during the reporting period, based on the input levels assigned under the hierarchy at the beginning and end of the reporting period.

The accompanying notes are an integral part of the financial statements.

74

This page intentionally left blank.

The accompanying notes are an integral part of the financial statements.

75

Schroder Mutual Funds

Statements of Assets and Liabilities

April 30, 2015 (unaudited)

	Broad Tax-Aware Value Bond Fund		Emerging Markets Multi-Sector Bond Fund
ASSETS
Investments in securities, at value — Note 2	$	96,237,107	$	27,662,209
Cash	1,761,895		284,883
Foreign currency	—		4,230
Prepaid expenses	26,930		41,023
Receivable for Fund shares sold	13,667		3,517
Receivable for securities sold	—		1,745,409
Dividends and tax reclaims receivable	—		—
Due from Investment Advisor — Note 3	21,640		21,184
Unrealized appreciation on forward foreign currency contracts	—		326,222
Initial margin for futures contracts	321,400		240,000
Interest receivable	919,346		464,310
Swap contracts, at value — Note 2	—		—
Variation margin receivable	25,750		—
TOTAL ASSETS	99,327,735		30,792,987
LIABILITIES
Payable for securities purchased	—		1,651,288
Unrealized depreciation on spot foreign currency contracts	—		—
Variation margin payable	—		—
Accrued foreign capital gains tax on appreciated securities	—		—
Income distributions payable	—		—
Unrealized depreciation on forward foreign currency contracts	—		219,890
Swap contracts, at value — Note 2	—		160,375
Written swaptions, at value — Note 2	—		—
Written options, at value — Note 2	—		—
Payable for Fund shares redeemed	—		—
Investment Advisory fees payable — Note 3	29,566		17,419
Audit fees payable	17,079		40,801
Sub-administration fees payable — Note 3	6,948		1,801
Shareholder service fees payable,  Investor Class — Note 3	6,263		533
Shareholder service fees payable,  Advisor Class — Note 3	8		230
Distribution fees payable, Advisor Shares — Note 3	—		4,572
Legal fees payable	—		3,949
Accrued expenses and other liabilities	16,583		36,762
TOTAL LIABILITIES	76,447		2,137,620
NET ASSETS	$	99,251,288	$	28,655,367
Cost of securities	$	87,033,039	$	27,632,898
Cost of foreign currency	$	—	$	4,429
Swap contracts (premiums received)	$	—	$	(82,590	)
Written options (premiums received)	$	—	$	—
Written swaptions (premiums received)	$	—	$	—

The accompanying notes are an integral part of the financial statements.

76

	Global Strategic Bond Fund			Long Duration Investment-Grade Bond Fund		Total Return Fixed Income Fund		Global Multi- Asset Income Fund		Absolute Return EMD and Currency Fund
ASSETS
Investments in securities, at value — Note 2	$	128,874,779		$	36,134,660	$	173,468,366	$	28,223,073	$	186,525,440
Cash	13,885,977			542,335		8,155,142		1,144,394		7,463,040
Foreign currency	371,809			—		379,730		12,082		2,693,799
Prepaid expenses	51,317			15,058		25,009		49,453		46,328
Receivable for Fund shares sold	22,257			—		326,313		1,414		60,969
Receivable for securities sold	295,474			—		569,558		307,723		—
Dividends and tax reclaims receivable	—			—		—		5,786		57,539
Due from Investment Advisor — Note 3	20,710			14,435		27,222		26,860		37,455
Unrealized appreciation on forward foreign currency contracts	1,004,781			—		17,361		149,247		3,610,147
Initial margin for futures contracts	2,147,520			—		208,262		391,518		—
Interest receivable	709,894			417,372		1,052,279		245,751		1,980,030
Swap contracts, at value — Note 2	186,672			—		—		—		—
Variation margin receivable	1,745,314			—		30,606		29,313		—
TOTAL ASSETS	149,316,504			37,123,860		184,259,848		30,586,614		202,474,747
LIABILITIES
Payable for securities purchased	5,360,392			159,485		1,250,981		196,247		—
Unrealized depreciation on spot foreign currency contracts	218			—		—		—		4,281
Variation margin payable	1,571,424			—		10,528		38,159		—
Accrued foreign capital gains tax on appreciated securities	—			—		—		759		—
Income distributions payable	—			—		19,824		—		—
Unrealized depreciation on forward foreign currency contracts	5,190,584			—		87,432		301,272		3,349,254
Swap contracts, at value — Note 2	184,050			—		—		—		—
Written swaptions, at value — Note 2	447,388			—		—		—		—
Written options, at value — Note 2	256,757			—		—		57,484		—
Payable for Fund shares redeemed	32,515			—		63,676		—		3,231,524
Investment Advisory fees payable — Note 3	61,399			9,925		37,571		14,743		151,468
Audit fees payable	30,837			18,898		35,384		28,538		33,415
Sub-administration fees payable — Note 3	8,657			2,332		11,602		1,905		13,053
Shareholder service fees payable,  Investor Class — Note 3	1,185			1,504		11,890		781		24,258
Shareholder service fees payable,  Advisor Class — Note 3	62			—		133		136		860
Distribution fees payable, Advisor Shares — Note 3	102			—		1,653		237		98,868
Legal fees payable	7,692			4,579		3,629		6,985		8,362
Accrued expenses and other liabilities	41,896			12,951		59,556		18,317		73,902
TOTAL LIABILITIES	13,195,158			209,674		1,593,859		665,563		6,989,245
NET ASSETS	$	136,121,346		$	36,914,186	$	182,665,989	$	29,921,051	$	195,485,502
Cost of securities	$	130,272,126		$	33,734,765	$	172,046,058	$	28,250,557	$	190,677,703
Cost of foreign currency	$	369,776		$	—	$	382,029	$	12,088	$	2,672,784
Swap contracts (premiums received)	$	(7,469	)	$	—	$	—	$	—	$	—
Written options (premiums received)	$	265,504		$	—	$	—	$	41,159	$	—
Written swaptions (premiums received)	$	354,122		$	—	$	—	$	—	$	—

The accompanying notes are an integral part of the financial statements.

77

Schroder Mutual Funds

Statements of Assets and Liabilities

April 30, 2015 (unaudited)

	Broad Tax-Aware Value Bond Fund			Emerging Markets Multi- Sector Bond Fund
NET ASSETS
Capital paid-in	$	90,209,899		$	30,234,245
Undistributed (distributions in excess of) net investment income	62,898			142,036
Accumulated net realized gain (loss) on investments, futures, swap contracts, options and foreign currency transactions	(479,990		)	(1,779,127		)
Accumulated foreign capital gains tax on appreciated securities	—			—
Net unrealized appreciation (depreciation) on investments and purchased options	9,204,068			29,311
Net unrealized appreciation (depreciation) on futures, swap contracts, written options, written swaptions, forward foreign currency contracts and foreign currency translations	254,413			28,902
NET ASSETS	$	99,251,288		$	28,655,367
Net Assets:
Investor	$	99,056,293		$	4,078,103
Advisor	194,995			1,888,465
R6	N/A			22,688,799
Total shares outstanding end of period:
Investor	9,111,790			422,056
Advisor	17,942			195,192
R6	N/A			2,347,236
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding)
Investor	$	10.87		$	9.66
Advisor	10.87			9.67
R6	N/A			9.67

N/A — Advisor and R6 Shares currently not offered.

The accompanying notes are an integral part of the financial statements.

78

	Global Strategic Bond Fund			Long Duration Investment-Grade Bond Fund		Total Return Fixed Income Fund			Global Multi- Asset Income Fund			Absolute Return EMD and Currency Fund
NET ASSETS
Capital paid-in	$	139,509,677		$	33,748,117	$	180,479,703		$	31,350,587		$	206,651,379
Undistributed (distributions in excess of) net investment income	268,267			11,225		(159,225		)	(131,711		)	(1,141,966		)
Accumulated net realized gain (loss) on investments, futures, swap contracts, options and foreign currency transactions	2,066,935			754,949		814,319			(1,032,659		)	(6,123,489		)
Accumulated foreign capital gains tax on appreciated securities	—			—		—			(759		)	—
Net unrealized appreciation (depreciation) on investments and purchased options	(1,397,347		)	2,399,895		1,422,308			(27,484		)	(4,152,263		)
Net unrealized appreciation (depreciation) on futures, swap contracts, written options, written swaptions, forward foreign currency contracts and foreign currency translations	(4,326,186		)	—		108,884			(236,923		)	251,841
NET ASSETS	$	136,121,346		$	36,914,186	$	182,665,989		$	29,921,051		$	195,485,502
Net Assets:
Investor	$	10,759,508		$	36,914,186	$	180,653,830		$	6,668,297		$	186,690,729
Advisor	498,734			N/A		2,012,159			1,107,799			6,937,784
R6	124,863,104			N/A		N/A			22,144,955			1,856,989
Total shares outstanding end of period:
Investor	1,156,441			3,889,397		17,705,602			701,996			19,192,653
Advisor	53,644			N/A		197,018			116,655			709,738
R6	13,405,912			N/A		N/A			2,331,906			190,823
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding)
Investor	$	9.30		$	9.49	$	10.20		$	9.50		$	9.73
Advisor	9.30			N/A		10.21			9.50			9.78
R6	9.31			N/A		N/A			9.50			9.73

The accompanying notes are an integral part of the financial statements.

79

Schroder Mutual Funds

Statements of Operations

For the Six Months Ended April 30, 2015 (unaudited)

	Broad Tax- Aware Value Bond Fund			Emerging Markets Multi- Sector Bond Fund
INVESTMENT INCOME
Dividend income	$	—		$	—
Interest income	1,758,851			1,022,191
Foreign taxes withheld	—			(15,331		)
TOTAL INCOME	1,758,851			1,006,860
EXPENSES
Investment Advisory fees — Note 3	174,568			116,426
Sub-administration fees — Note 3	41,095			12,066
Shareholder Service fees, Investor Shares — Note 3	27,727			5,106
Shareholder Service fees, Advisor Shares — Note 3	25			989
Trustees fees and expenses — Note 6	4,938			3,922
Distribution fees, Advisor Shares — Note 3	91			2,287
Transfer agent fees	26,450			38,740
Audit fees	16,154			22,342
Registration fees	14,359			19,304
Pricing fees	12,700			4,653
Legal fees	12,230			6,685
Printing	6,543			4,227
Insurance	5,376			4,283
Custodian fees	2,908			14,330
Other	4,268			3,545
TOTAL EXPENSES	349,432			258,905
Expenses waived by Investment Advisor — Note 3	(104,462		)	(116,426		)
Reimbursement from Investment Advisor	—			(10,476		)
Custody Offset — Note 2	(1,536		)	(410		)
NET EXPENSES	243,434			131,593
NET INVESTMENT INCOME	1,515,417			875,267
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,  FUTURES, SWAP CONTRACTS, PURCHASED OPTIONS, WRITTEN OPTIONS, WRITTEN SWAPTIONS AND FOREIGN CURRENCY TRANSACTIONS AND TRANSLATIONS
Net realized gain (loss) on investments sold	435,037			(1,102,548		)
Net realized loss on futures	(926,348		)	(31,493		)
Net realized gain (loss) on swap contracts	—			12,827
Net realized loss on purchased options	—			—
Net realized gain on written options	—			—
Net realized gain (loss) on foreign currency transactions	—			(526,519		)
Net realized gain (loss) on investments sold, futures, swap contracts, purchased options, written options and foreign currency transactions	(491,311		)	(1,647,733		)
Change in unrealized appreciation (depreciation) on investments	(502,476		)	459,068
Change in unrealized appreciation (depreciation) on futures	283,992			—
Change in unrealized appreciation (depreciation) purchased options	—			—
Change in unrealized appreciation (depreciation) on written options	—			—
Change in unrealized appreciation (depreciation) on written swaptions	—			—
Change in unrealized appreciation (depreciation) on swap contracts	—			(93,914		)
Change in accrued foreign capital gains tax on appreciated securities	—			—
Change in unrealized appreciation (depreciation) on forward foreign currency contracts and foreign currency translations	—			95,073
Net change in unrealized appreciation (depreciation) on investments, futures, purchased options, written options, written swaptions, swap contracts, foreign capital gains tax on appreciated securities, forward foreign currency contracts and foreign currency translations	(218,484		)	460,227
NET REALIZED AND UNREALIZED GAIN (LOSS)	(709,795		)	(1,187,506		)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	805,622		$	(312,239	)

The accompanying notes are an integral part of the financial statements.

80

	Global Strategic Bond Fund			Long Duration Investment- Grade Bond Fund			Total Return Fixed Income Fund			Global Multi- Asset Income Fund			Absolute Return EMD and Currency Fund
INVESTMENT INCOME
Dividend income	$	—		$	—		$	—		$	227,537		$	—
Interest income	630,971			583,344			2,217,194			455,802			3,754,072
Foreign taxes withheld	(3,688		)	—			—			(15,569		)	(300,570		)
TOTAL INCOME	627,283			583,344			2,217,194			667,770			3,453,502
EXPENSES
Investment Advisory fees — Note 3	266,001			47,610			208,424			88,796			1,030,156
Sub-administration fees — Note 3	37,575			11,207			64,721			11,486			88,959
Shareholder Service fees, Investor Shares — Note 3	2,441			5,579			49,404			4,979			115,831
Shareholder Service fees, Advisor Shares — Note 3	556			—			639			592			3,973
Trustees fees and expenses — Note 6	4,683			3,851			5,843			3,858			7,078
Distribution fees, Advisor Shares — Note 3	1,404			—			2,791			1,326			9,494
Transfer agent fees	40,141			16,783			31,948			38,696			43,457
Audit fees	14,190			16,154			20,715			15,393			23,635
Registration fees	28,879			9,112			12,717			25,692			24,299
Pricing fees	4,776			5,309			39,808			8,745			5,711
Legal fees	7,906			7,050			12,080			5,775			12,986
Printing	5,101			4,003			7,730			4,294			17,194
Insurance	3,214			4,291			6,256			2,838			7,468
Custodian fees	28,026			3,060			8,628			27,431			82,248
Other	4,230			3,167			5,248			3,217			6,071
TOTAL EXPENSES	449,123			137,176			476,952			243,118			1,478,560
Expenses waived by Investment Advisor — Note 3	(127,176		)	(47,610		)	(139,349		)	(88,796		)	(157,802		)
Reimbursement from Investment Advisor	—			(29,070		)	—			(37,991		)	—
Custody Offset — Note 2	(2,182		)	(311		)	(1,583		)	(207		)	(2,220		)
NET EXPENSES	319,765			60,185			336,020			116,124			1,318,538
NET INVESTMENT INCOME	307,518			523,159			1,881,174			551,646			2,134,964
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,  FUTURES, SWAP CONTRACTS, PURCHASED OPTIONS, WRITTEN OPTIONS, WRITTEN SWAPTIONS AND FOREIGN CURRENCY TRANSACTIONS AND TRANSLATIONS
Net realized gain (loss) on investments sold	(361,312		)	758,575			2,029,603			(784,050		)	(636,595		)
Net realized loss on futures	(540,184		)	—			(1,122,304		)	(422,090		)	—
Net realized gain (loss) on swap contracts	(2,351,028		)	—			—			—			—
Net realized loss on purchased options	(297,090		)	—			—			(261,602		)	—
Net realized gain on written options	78,628			—			—			82,522			—
Net realized gain (loss) on foreign currency transactions	5,984,354			—			254,223			487,682			(5,351,344		)
Net realized gain (loss) on investments sold, futures, swap contracts, purchased options, written options and foreign currency transactions	2,513,368			758,575			1,161,522			(897,538		)	(5,987,939		)
Change in unrealized appreciation (depreciation) on investments	(372,620		)	(383,371		)	(1,168,107		)	747,661			(1,217,327		)
Change in unrealized appreciation (depreciation) on futures	(358,747		)	—			39,261			(74,406		)	—
Change in unrealized appreciation (depreciation) purchased options	(108,321		)	—			—			91,273			—
Change in unrealized appreciation (depreciation) on written options	3,694			—			—			(21,411		)	—
Change in unrealized appreciation (depreciation) on written swaptions	(93,266		)	—			—			—			—
Change in unrealized appreciation (depreciation) on swap contracts	112,718			—			—			—			—
Change in accrued foreign capital gains tax on appreciated securities	—			—			—			685			—
Change in unrealized appreciation (depreciation) on forward foreign currency contracts and foreign currency translations	(4,199,594		)	—			(71,737		)	(278,766		)	(641,509		)
Net change in unrealized appreciation (depreciation) on investments, futures, purchased options, written options, written swaptions, swap contracts, foreign capital gains tax on appreciated securities, forward foreign currency contracts and foreign currency translations	(5,016,136		)	(383,371		)	(1,200,583		)	465,036			(1,858,836		)
NET REALIZED AND UNREALIZED GAIN (LOSS)	(2,502,768		)	375,204			(39,061		)	(432,502		)	(7,846,775		)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,195,250	)	$	898,363		$	1,842,113		$	119,144		$	(5,711,811	)

The accompanying notes are an integral part of the financial statements.

81

Schroder Mutual Funds

Statements of Changes in Net Assets

For the Six Months Ended April 30 (unaudited) and the Year or Period Ended October 31

	Broad Tax-Aware Value Bond Fund
	Six Months Ended April 30, 2015 (a)			Year Ended October 31, 2014
INCREASE (DECREASE) IN NET ASSETS
From Operations:
Net investment income	$	1,515,417		$	3,237,034
Net realized gain (loss) on investments sold, futures, swap contracts, purchased options, written options and foreign currency transactions	(491,311		)	1,385,999
Net change in unrealized appreciation (depreciation) on investments, futures, purchased options, written options, written swaptions, swap contracts, forward foreign currency contracts and foreign currency translations	(218,484		)	7,565,862
Net increase (decrease) in net assets resulting from operations	805,622			12,188,895
Dividends and Distributions to Shareholders:
Net investment income:
Investor Shares	(1,507,377		)	(3,227,485		)
Advisor Shares	(1,121		)	—
R6 Shares	—			—
Net realized gains:
Investor Shares	(1,374,596		)	(1,073,443		)
Advisor Shares	—			—
Total dividends and distributions	(2,883,094		)	(4,300,928		)
Share Transactions:
Investor Shares:
Sales of shares	22,385,053			7,878,296
Reinvestment of distributions	2,298,064			3,038,312
Redemption of shares	(19,893,314		)	(17,919,165		)
Total increase (decrease) from Investor Share transactions	4,789,803			(7,002,557		)
Advisor Shares:
Sales of shares	196,500			—
Reinvestment of distributions	261			—
Redemption of shares	(41		)	—
Total increase (decrease) from Advisor Share transactions	196,720			—
R6 Shares:
Sales of shares	N/A			N/A
Reinvestment of distributions	N/A			N/A
Redemption of shares	N/A			N/A
Total increase from R6 Share transactions	N/A			N/A
Net increase (decrease) in net assets from share transactions	4,986,523			(7,002,557		)
Total increase (decrease) in net assets	2,909,051			885,410
Net Assets
Beginning of period	96,342,237			95,456,827
End of period	$	99,251,288		$	96,342,237
Undistributed (distributions in excess of) net investment income	$	62,898		$	55,979

(a)        Advisor Shares commenced operations on December 30, 2014.

N/A — Advisor and R6 Shares currently not offered.

The accompanying notes are an integral part of the financial statements.

82

	Emerging Markets Multi-Sector Bond Fund						Global Strategic Bond Fund						Long Duration Investment-Grade Bond Fund
	Six Months Ended April 30, 2015 (b)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (c)			Period Ended October 31, 2014 (d)			Six Months Ended April 30, 2015			Year Ended October 31, 2014
INCREASE (DECREASE) IN NET ASSETS
From Operations:
Net investment income	$	875,267		$	2,052,362		$	307,518		$	43,491		$	523,159		$	1,768,608
Net realized gain (loss) on investments sold, futures, swap contracts, purchased options, written options and foreign currency transactions	(1,647,733		)	(508,326		)	2,513,368			1,106,939			758,575			3,105,510
Net change in unrealized appreciation (depreciation) on investments, futures, purchased options, written options, written swaptions, swap contracts, forward foreign currency contracts and foreign currency translations	460,227			(627,249		)	(5,016,136		)	(707,397		)	(383,371		)	1,054,324
Net increase (decrease) in net assets resulting from operations	(312,239		)	916,787			(2,195,250		)	443,033			898,363			5,928,442
Dividends and Distributions to Shareholders:
Net investment income:
Investor Shares	(482,441		)	(1,349,661		)	(1,537,417		)	(20,160		)	(519,819		)	(1,772,110		)
Advisor Shares	(35,830		)	(186,961		)	(77,992		)	(545		)	—			—
R6 Shares	(165,659		)	—			—			—			—			—
Net realized gains:
Investor Shares	(199,121		)	(87,120		)	—			—			(3,067,422		)	(1,892,695		)
Advisor Shares	(12,652		)	(7,830		)	—			—			—			—
Total dividends and distributions	(895,703		)	(1,631,572		)	(1,615,409		)	(20,705		)	(3,587,241		)	(3,664,805		)
Share Transactions:
Investor Shares:
Sales of shares	5,064,063			10,547,026			35,880,054			28,039,329			11,844,353			1,357,100
Reinvestment of distributions	215,925			164,061			218,857			—			3,029,559			2,350,330
Redemption of shares	(32,784,286		)	(442,039		)	(51,667,786		)	—			(68,172		)	(25,956,005		)
Total increase (decrease) from Investor Share transactions	(27,504,298		)	10,269,048			(15,568,875		)	28,039,329			14,805,740			(22,248,575		)
Advisor Shares:
Sales of shares	4,641			6,008,385			73,100			1,525,695			N/A			N/A
Reinvestment of distributions	23,792			144,331			24,112			105			N/A			N/A
Redemption of shares	(140,792		)	(6,164,786		)	(971,082		)	(60,942		)	N/A			N/A
Total increase (decrease) from Advisor Share transactions	(112,359		)	(12,070		)	(873,870		)	1,464,858			N/A			N/A
R6 Shares:
Sales of shares	21,687,604			—			152,344,676			—			N/A			N/A
Reinvestment of distributions	708			—			—			—			N/A			N/A
Redemption of shares	—			—			(25,896,441		)	—			N/A			N/A
Total increase from R6 Share transactions	21,688,312			—			126,448,235			—			N/A			N/A
Net increase (decrease) in net assets from share transactions	(5,928,345		)	10,256,978			110,005,490			29,504,187			14,805,740			(22,248,575		)
Total increase (decrease) in net assets	(7,136,287		)	9,542,193			106,194,831			29,926,515			12,116,862			(19,984,938		)
Net Assets
Beginning of period	35,791,654			26,249,461			29,926,515			—			24,797,324			44,782,262
End of period	$	28,655,367		$	35,791,654		$	136,121,346		$	29,926,515		$	36,914,186		$	24,797,324
Undistributed (distributions in excess of) net investment income	$	142,036		$	(49,301	)	$	268,267		$	1,576,158		$	11,225		$	7,885

(b)        R6 Shares commenced operations on December 30, 2014.

(c)        R6 Shares commenced operations on December 19, 2014.

(d)        Fund commenced investment activities on June 23, 2014.

The accompanying notes are an integral part of the financial statements.

83

Schroder Mutual Funds

Statements of Changes in Net Assets

For the Six Months Ended April 30 (unaudited) and the Year or Period Ended October 31

	Total Return Fixed Income Fund
	Six Months Ended April 30, 2015			Year Ended October 31, 2014
INCREASE (DECREASE) IN NET ASSETS
From Operations:
Net investment income	$	1,881,174		$	3,965,777
Net realized gain (loss) on investments sold, futures, purchased options, written options and foreign currency transactions	1,161,522			997,344
Net change in unrealized appreciation (depreciation) on investments, futures, purchased options, written options, foreign capital gains tax on appreciated securities, forward foreign currency contracts and foreign currency translations	(1,200,583		)	2,262,317
Net increase (decrease) in net assets resulting from operations	1,842,113			7,225,438
Dividends and Distributions to Shareholders:
Net investment income:
Investor Shares	(1,949,181		)	(3,785,335		)
Advisor Shares	(23,429		)	(69,519		)
R6 Shares	—			—
Net realized gains:
Investor Shares	—			—
Advisor Shares	—			—
Total dividends and distributions	(1,972,610		)	(3,854,854		)
Share Transactions:
Investor Shares:
Sales of shares	23,578,820			24,937,382
Reinvestment of distributions	1,887,997			3,683,807
Issued in connection with in-kind transfer (a)	13,440,626			—
Redemption of shares	(12,066,029		)	(19,365,768		)
Redemption fees - Note 5	1			—
Total increase (decrease) from Investor Share transactions	26,841,415			9,255,421
Advisor Shares:
Sales of shares	191,125			179,764
Reinvestment of distributions	22,917			68,308
Redemption of shares	(623,708		)	(1,598,567		)
Total increase (decrease) from Advisor Share transactions	(409,666		)	(1,350,495		)
R6 Shares:
Sales of shares	N/A			N/A
Reinvestment of distributions	N/A			N/A
Total increase from R6 Share transactions	N/A			N/A
Net increase (decrease) in net assets from share transactions	26,431,749			7,904,926
Total increase (decrease) in net assets	26,301,252			11,275,510
Net Assets
Beginning of period	156,364,737			145,089,227
End of period	$	182,665,989		$	156,364,737
Undistributed (distributions in excess of) net investment income	$	(159,225	)	$	(67,789	)

(a)    See Note 8 in the Notes to Financial Statements.

N/A —R6 Shares currently not offered.

The accompanying notes are an integral part of the financial statements.

84

	Global Multi-Asset Income Fund						Absolute Return EMD and Currency Fund
	Six Months Ended April 30, 2015 (b)			Period Ended October 31, 2014 (c)			Six Months Ended April 30, 2015 (b)			Year Ended October 31, 2014
INCREASE (DECREASE) IN NET ASSETS
From Operations:
Net investment income	$	551,646		$	358,692		$	2,134,964		$	4,516,675
Net realized gain (loss) on investments sold, futures, purchased options, written options and foreign currency transactions	(897,538		)	170,396			(5,987,939		)	(178,528		)
Net change in unrealized appreciation (depreciation) on investments, futures, purchased options, written options, foreign capital gains tax on appreciated securities, forward foreign currency contracts and foreign currency translations	465,036			(730,202		)	(1,858,836		)	(3,039,529		)
Net increase (decrease) in net assets resulting from operations	119,144			(201,114		)	(5,711,811		)	1,298,618
Dividends and Distributions to Shareholders:
Net investment income:
Investor Shares	(695,183		)	(330,816		)	(2,404,162		)	(635,646		)
Advisor Shares	(33,406		)	(13,346		)	—			(169,176		)
R6 Shares	(274,815		)	—			—			—
Net realized gains:
Investor Shares	—			—			(3,417,995		)	(1,698,290		)
Advisor Shares	—			—			(115,381		)	(638,398		)
Total dividends and distributions	(1,003,404		)	(344,162		)	(5,937,538		)	(3,141,510		)
Share Transactions:
Investor Shares:
Sales of shares	8,067,334			24,807,292			34,198,270			206,769,183
Reinvestment of distributions	205,163			2,256			5,147,543			1,629,851
Issued in connection with in-kind transfer (a)	—			—			—			—
Redemption of shares	(24,903,171		)	(2,235		)	(98,903,841		)	(69,760,075		)
Redemption fees - Note 5	—			—			—			—
Total increase (decrease) from Investor Share transactions	(16,630,674		)	24,807,313			(59,558,028		)	138,638,959
Advisor Shares:
Sales of shares	166,719			1,056,310			2,429,685			53,797,681
Reinvestment of distributions	3,156			506			110,425			797,034
Redemption of shares	(61,291		)	(4,922		)	(5,273,893		)	(89,036,966		)
Total increase (decrease) from Advisor Share transactions	108,584			1,051,894			(2,733,783		)	(34,442,251		)
R6 Shares:
Sales of shares	22,013,422			—			1,857,201			—
Reinvestment of distributions	48			—			—			—
Total increase from R6 Share transactions	22,013,470			—			1,857,201			—
Net increase (decrease) in net assets from share transactions	5,491,380			25,859,207			(60,434,610		)	104,196,708
Total increase (decrease) in net assets	4,607,120			25,313,931			(72,083,959		)	102,353,816
Net Assets
Beginning of period	25,313,931			—			267,569,461			165,215,645
End of period	$	29,921,051		$	25,313,931		$	195,485,502		$	267,569,461
Undistributed (distributions in excess of) net investment income	$	(131,711	)	$	320,047		$	(1,141,966	)	$	(872,768	)

(b)    R6 Shares commenced operations on December 30, 2014.

(c)    Fund commenced investment activities on June 23, 2014.

The accompanying notes are an integral part of the financial statements.

85

Schroder Mutual Funds

Financial Highlights

For the Period Ended April 30 (unaudited) and the Years or Period Ended October 31

(unless otherwise indicated),

Selected Per Share Data and Ratios for a Share Outstanding Throughout each Year or Period

	Net Asset Value, Beginning of Period		Net Investment Income			Net Realized and Unrealized Gains (Losses)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gain			Total Distributions
Broad Tax-Aware Value Bond Fund
Investor Shares
2015*	$	11.09	$	0.16	(1)	$	(0.07	)	$	0.09		$	(0.16	)	$	(0.15	)	$	(0.31	)
2014	10.20		0.36		(1)	1.01			1.37			(0.36		)	(0.12		)	(0.48		)
2013†	10.03		0.10		(1)	0.17			0.27			(0.10		)	—			(0.10		)
2013††	10.93		0.37		(1)	(0.90		)	(0.53		)	(0.36		)	(0.01		)	(0.37		)
2012(b)	10.00		0.31		(1)	0.92			1.23			(0.30		)	—		(2)	(0.30		)
Advisor Shares
2015(d)	$	10.93	$	0.10	(1)	$	(0.07	)	$	0.03		$	(0.09	)	$	—		$	(0.09	)
Emerging Markets Multi-Sector Bond Fund
Investor Shares
2015*	$	9.96	$	0.26	(1)	$	(0.31	)	$	(0.05	)	$	(0.19	)	$	(0.06	)	$	(0.25	)
2014	10.14		0.67		(1)	(0.32		)	0.35			(0.49		)	(0.04		)	(0.53		)
2013(c)	10.00		0.21		(1)	0.11			0.32			(0.18		)	—			(0.18		)
Advisor Shares
2015*	$	9.97	$	0.25	(1)	$	(0.31	)	$	(0.06	)	$	(0.18	)	$	(0.06	)	$	(0.24	)
2014	10.14		0.67		(1)	(0.33		)	0.34			(0.47		)	(0.04		)	(0.51		)
2013(c)	10.00		0.20		(1)	0.11			0.31			(0.17		)	—			(0.17		)
R6 Shares
2015(d)	$	9.23	$	0.18	(1)	$	0.33		$	0.51		$	(0.07	)	$	—		$	(0.07	)
Global Strategic Bond Fund
Investor Shares
2015*	$	10.16	$	0.02	(1)	$	(0.33	)	$	(0.31	)	$	(0.55	)	$	—		$	(0.55	)
2014(e)	10.00		0.02		(1)	0.15			0.17			(0.01		)	—			(0.01		)
Advisor Shares
2015*	$	10.16	$	—	(1)	$	(0.32	)	$	(0.32	)	$	(0.54	)	$	—		$	(0.54	)
2014(e)	10.00		0.01		(1)	0.15			0.16			—		(2)	—			—		(2)
R6 Shares
2015(f)	$	9.43	$	0.02	(1)	$	(0.14	)	$	(0.12	)	$	—		$	—		$	—
Long Duration Investment-Grade Bond Fund
Investor Shares
2015*	$	10.53	$	0.18	(1)	$	0.25		$	0.43		$	(0.17	)	$	(1.30	)	$	(1.47	)
2014	9.96		0.44		(1)	1.00			1.44			(0.45		)	(0.42		)	(0.87		)
2013†	9.85		0.12		(1)	0.11			0.23			(0.12		)	—			(0.12		)
2013††	11.11		0.46		(1)	(1.05		)	(0.59		)	(0.46		)	(0.21		)	(0.67		)
2012(b)	10.00		0.40		(1)	1.23			1.63			(0.40		)	(0.12		)	(0.52		)

*	For the six months ended April 30, 2015 (unaudited). All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate.
†	August 1, 2013 to October 31, 2013 (See Note 1).
††	For the year ended July 31, 2013.
(1)	Per share net investment income (loss) calculated using average shares.
(2)	Amount was less than $0.01 per share.
(a)	Total returns would have been lower had certain Fund expenses not been waived or reimbursed, as applicable, during the periods shown (See Note 3). Total return calculations for a period of less than one year are not annualized.
(b)	Fund commenced investment activities on October 3, 2011. Financial Highlights are for the period October 3, 2011 to July 31, 2012. All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate.
(c)	Fund commenced investment activities on June 25, 2013. All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate.
(d)	Commenced investment activities on December 30, 2014. All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate.
(e)	Fund commenced investment activities on June 23, 2014. All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate.
(f)	Commenced investment activities on December 19, 2014. All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate.

The accompanying notes are an integral part of the financial statements.

86

	Net Asset Value, End of Period		Total Return(a)		Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets (Including Waivers and Reimbursements, Excluding Offsets)		Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Offsets)		Ratio of Net Investment Income (Loss) to Average Net Assets (Including Waivers, Reimbursements and Offsets)		Portfolio Turnover Rate
Broad Tax-Aware Value Bond Fund
Investor Shares
2015*	$	10.87	0.78	%	$	99,056	0.46	%	0.66	%	2.86	%	25	%
2014	11.09		13.85		96,342		0.46		0.68		3.45		27
2013†	10.20		2.69		95,457		0.46		0.73		3.86		8
2013††	10.03		(5.05	)	100,671		0.46		0.67		3.39		18
2012(b)	10.93		12.52		105,825		0.46		0.78		3.57		43
Advisor Shares
2015(d)	$	10.87	0.30	%	$	195	0.71	%	0.94	%	2.65	%	25	%
Emerging Markets Multi-Sector Bond Fund
Investor Shares
2015*	$	9.66	(0.30	)%	$	4,078	0.90	%	1.64	%	5.45	%	117	%
2014	9.96		3.48		33,731		0.90		1.68		6.66		380
2013(c)	10.14		3.19		24,325		0.90		2.47		5.94		76
Advisor Shares
2015*	$	9.67	(0.42	)%	$	1,888	1.15	%	1.98	%	5.39	%	117	%
2014	9.97		3.32		2,061		1.15		1.86		6.58		380
2013(c)	10.14		3.11		1,924		1.15		2.71		5.84		76
R6 Shares
2015(d)	$	9.67	5.59	%	$	22,689	0.75	%	1.64	%	5.84	%	117	%
Global Strategic Bond Fund
Investor Shares
2015*	$	9.30	(3.11	)%	$	10,760	0.79	%	1.42	%	0.41	%	37	%
2014(e)	10.16		1.68		28,444		0.79		1.94		0.49		20
Advisor Shares
2015*	$	9.30	(3.22	)%	$	499	1.04	%	1.47	%	(0.01	)%	37	%
2014(e)	10.16		1.64		1,483		1.04		2.19		0.19		20
R6 Shares
2015(f)	$	9.31	(1.27	)%	$	124,863	0.64	%	0.86	%	0.67	%	37	%
Long Duration Investment-Grade Bond Fund
Investor Shares
2015*	$	9.49	4.31	%	$	36,914	0.42	%	0.95	%	3.63	%	37	%
2014	10.53		15.51		24,797		0.46		0.83		4.38		53
2013†	9.96		2.32		44,782		0.46		1.05		4.75		20
2013††	9.85		(5.68	)	44,354		0.46		0.84		4.29		62
2012(b)	11.11		16.87		49,226		0.46		0.97		4.74		66

The accompanying notes are an integral part of the financial statements.

87

Schroder Mutual Funds

Financial Highlights

For the Period Ended April 30 (unaudited) and the Years or Period Ended October 31

(unless otherwise indicated),

Selected Per Share Data and Ratios for a Share Outstanding Throughout each Year or Period

	Net Asset Value, Beginning of Period		Net Investment Income			Net Realized and Unrealized Gains (Losses)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gain			Total Distributions
Total Return Fixed Income Fund
Investor Shares
2015*	$	10.20	$	0.12		$	—	‡	$	0.12		$	(0.12	)	$	—		$	(0.12	)
2014	9.97		0.27			0.22			0.49			(0.26		)	—			(0.26		)
2013	10.73		0.22			(0.34		)	(0.12		)	(0.23		)	(0.41		)	(0.64		)
2012	10.33		0.26			0.53			0.79			(0.27		)	(0.12		)	(0.39		)
2011	10.50		0.32			0.13			0.45			(0.32		)	(0.30		)	(0.62		)
2010	10.33		0.40			0.51			0.91			(0.40		)	(0.34		)	(0.74		)
Advisor Shares
2015*	$	10.21	$	0.10		$	0.01		$	0.11		$	(0.11	)	$	—		$	(0.11	)
2014	9.98		0.24			0.22			0.46			(0.23		)	—			(0.23		)
2013	10.74		0.18			(0.33		)	(0.15		)	(0.20		)	(0.41		)	(0.61		)
2012	10.34		0.24			0.52			0.76			(0.24		)	(0.12		)	(0.36		)
2011	10.51		0.29			0.13			0.42			(0.29		)	(0.30		)	(0.59		)
2010	10.34		0.37			0.51			0.88			(0.37		)	(0.34		)	(0.71		)
Global Multi-Asset Income Fund
Investor Shares
2015*	$	9.78	$	0.17	(1)	$	(0.14	)	$	0.03		$	(0.31	)	$	—		$	(0.31	)
2014(b)	10.00		0.14		(1)	(0.22		)	(0.08		)	(0.14		)	—			(0.14		)
Advisor Shares
2015*	$	9.78	$	0.16	(1)	$	(0.14	)	$	0.02		$	(0.30	)	$	—		$	(0.30	)
2014(b)	10.00		0.13		(1)	(0.22		)	(0.09		)	(0.13		)	—			(0.13		)
R6 Shares
2015(c)	$	9.44	$	0.12	(1)	$	0.06		$	0.18		$	(0.12	)	$	—		$	(0.12	)
Absolute Return EMD and Currency Fund
Investor Shares
2015*	$	10.19	$	0.09	(1)	$	(0.31	)	$	(0.22	)	$	(0.10	)	$	(0.14	)	$	(0.24	)
2014	10.30		0.21		(1)	(0.13		)	0.08			(0.05		)	(0.14		)	(0.19		)
2013	10.03		0.07		(1)	0.32			0.39			(0.12		)	—			(0.12		)
2012(d)	10.00		0.10		(1)	(0.07		)	0.03			—			—			—
Advisor Shares
2015*	$	10.15	$	0.08	(1)	$	(0.31	)	$	(0.23	)	$	—		$	(0.14	)	$	(0.14	)
2014	10.26		0.17		(1)	(0.10		)	0.07			(0.04		)	(0.14		)	(0.18		)
2013	10.01		0.04		(1)	0.32			0.36			(0.11		)	—			(0.11		)
2012(d)	10.00		0.08		(1)	(0.07		)	0.01			—			—			—
R6 Shares
2015(c)	$	9.78	$	—	(1)	$	(0.05	)	$	(0.05	)	$	—		$	—		$	—

*	For the six months ended April 30, 2015 (unaudited). All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate.
‡	Includes redemption fees. Amount was less than $0.01 per share.
(1)	Per share net investment income (loss) calculated using average shares.
(2)	Ratio reflects the impact of the initial low level of average net assets associated with commencement of operations.
(a)	Total returns would have been lower had certain Fund expenses not been waived or reimbursed, as applicable, during the periods shown (See Note 3). Total return calculations for a period of less than one year are not annualized.
(b)	Fund commenced investment activities on June 23, 2014. All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate.
(c)	Commenced investment activities on December 30, 2014. All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate.
(d)	Fund commenced investment activities on December 14, 2011. All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate.

The accompanying notes are an integral part of the financial statements.

88

	Net Asset Value, End of Period		Total Return(a)		Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets (Including Waivers and Reimbursements, Excluding Offsets)		Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Offsets)		Ratio of Net Investment Income (Loss) to Average Net Assets (Including Waivers, Reimbursements and Offsets)		Portfolio Turnover Rate
Total Return Fixed Income Fund
Investor Shares
2015*	$	10.20	1.17	%	$	180,654	0.40	%	0.57	%	2.26	%	73	%
2014	10.20		4.97		153,951		0.40		0.53		2.65		319
2013	9.97		(1.23	)	141,390		0.40		0.59		2.09		388
2012	10.73		7.79		91,809		0.40		0.75		2.27		524
2011	10.33		4.60		84,038		0.40		0.68		2.96		473
2010	10.50		9.09		122,861		0.40		0.61		3.69		452
Advisor Shares
2015*	$	10.21	1.05	%	$	2,012	0.65	%	0.82	%	1.98	%	73	%
2014	10.21		4.70		2,414		0.65		0.78		2.39		319
2013	9.98		(1.47	)	3,699		0.65		0.86		1.83		388
2012	10.74		7.52		4,346		0.65		1.03		2.00		524
2011	10.34		4.34		2,519		0.65		0.94		2.71		473
2010	10.51		8.82		4,118		0.65		0.87		3.47		452
Global Multi-Asset Income Fund
Investor Shares
2015*	$	9.50	0.38	%	$	6,668	0.85	%	1.55	%	3.65	%	82	%
2014(b)	9.78		(0.83	)	24,284		0.80		2.08		4.09		33
Advisor Shares
2015*	$	9.50	0.26	%	$	1,108	1.10	%	1.96	%	3.43	%	82	%
2014(b)	9.78		(0.92	)	1,030		1.05		2.33		3.84		33
R6 Shares
2015(c)	$	9.50	1.88	%	$	22,145	0.70	%	1.69	%	3.79	%	82	%
Absolute Return EMD and Currency Fund
Investor Shares
2015*	$	9.73	(2.22	)%	$	186,691	1.15	%	1.28	%	1.88	%	115	%
2014	10.19		0.83		257,568		1.15		1.18		2.09		149
2013	10.30		3.90		121,402		1.15		1.29		0.71		103
2012(d)	10.03		0.30		71,561		1.15		1.72		1.12		62
Advisor Shares
2015*	$	9.78	(2.29	)%	$	6,938	1.40	%	1.53	%	1.61	%	115	%
2014	10.15		0.68		10,001		1.40		1.41		1.65		149
2013	10.26		3.57		43,814		1.40		1.51		0.41		103
2012(d)	10.01		0.10		7,055		1.40		2.00		0.92		62
R6 Shares
2015(c)	$	9.73	(0.51	)%	$	1,857	1.00	%	0.23	%(2)	—	%	115	%

The accompanying notes are an integral part of the financial statements.

89

Schroder Mutual Funds

Notes to Financial Statements

April 30, 2015 (unaudited)

NOTE 1 — ORGANIZATION

Schroder Series Trust (“SST”) is an open-end series management investment company registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”). SST was organized as a business trust under the laws of The Commonwealth of Massachusetts on May 6, 1993. SST has an unlimited number of authorized shares, which are divided into thirteen separate series. Included in this report are Schroder Broad Tax-Aware Value Bond Fund, Schroder Emerging Markets Multi-Sector Bond Fund, Schroder Global Strategic Bond Fund, Schroder Long Duration Investment-Grade Bond Fund, Schroder Total Return Fixed Income Fund, Schroder Global Multi-Asset Income Fund and Schroder Absolute Return EMD and Currency Fund (each a “Fund” and collectively, the “Funds” or the “SST Funds”). Each Fund is diversified except Schroder Emerging Markets Multi-Sector Bond Fund, Schroder Global Strategic Bond Fund and Schroder Absolute Return EMD and Currency Fund, which are non-diversified. Schroder Global Strategic Bond Fund and Schroder Global Multi-Asset Income Fund commenced operations on June 23, 2014.

Schroder Broad Tax-Aware Value Bond Fund and Schroder Long Duration Investment-Grade Bond Fund commenced operations on October 3, 2011 as separate series of The Advisors Inner Circle Fund II (and were formerly known as STW Broad Tax-Aware Value Bond Fund and STW Long Duration Investment-Grade Bond Fund, respectively, and together, the “Predecessor Funds”) and were advised by STW Fixed Income Management LLC (“STW”). On April 2, 2013, Schroder U.S. Holdings Inc., the parent company of Schroder Investment Management North America Inc. (“SIMNA”), acquired all outstanding interests in STW. Effective June 24, 2013, all assets and liabilities of the STW Broad Tax-Aware Value Bond Fund were acquired by Schroder Broad Tax-Aware Value Bond Fund and all assets and liabilities of the STW Long Duration Investment-Grade Bond Fund were acquired by Schroder Long Duration Investment-Grade Bond Fund pursuant to an Agreement and Plan of Reorganization dated May 3, 2013 (the “Fund Mergers”). In the Fund Mergers, shareholders of the Predecessor Funds received Investor Shares of the Schroder Broad Tax-Aware Value Bond Fund and Schroder Long Duration Investment-Grade Bond Fund in exchange for their Institutional Class Shares of the Predecessor Funds.

Because the Schroder Broad Tax-Aware Value Bond Fund and Schroder Long Duration Investment-Grade Bond Fund had no investment operations prior to the closing of the Fund Mergers, and based on the similarity of the Funds to the Predecessor Funds, each Predecessor Fund is treated as the survivor of the relevant Fund Merger for accounting and performance reporting purposes. Accordingly, all performance and other information shown for the Schroder Broad Tax-Aware Value Bond Fund and Schroder Long Duration Investment-Grade Bond Fund for periods prior to June 24, 2013 is that of the Predecessor Funds.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates, and those differences could be material.

The following is a summary of significant accounting policies followed by the Funds, which are in conformity with U.S. GAAP:

VALUATION OF INVESTMENTS: Each Fund calculates the net asset value of its classes of shares by dividing the total value of its assets attributable to that class, less its liabilities attributable to that class, by the number of shares of that class that are outstanding. Each Fund values its shares as of the close of trading on the New York Stock Exchange (the “Exchange”) each day the Exchange is open. Portfolio securities listed on recognized stock exchanges are valued at the last reported sale price on the exchange on which the securities are principally traded, except that NASDAQ official closing prices for all NASDAQ National Market and NASDAQ Small Cap Market Securities are used, where applicable. Securities for which market quotations are readily available are valued at current market value in accordance with the valuation procedures of SST, SGST and SCFD (the “Trusts”). Securities for which market values are not readily available, or for which Schroders believes the market value is unreliable (including, for example, certain foreign securities, thinly-traded securities, IPOs, or securities whose values may have been affected by a particular event), are valued by Schroders at their fair values pursuant to procedures adopted by the Boards of Trustees of the Trusts. It is possible that fair value prices will be used by a Fund to a significant extent. The value determined for an investment using the Funds’ fair value guidelines may differ from recent market prices for the investment. Certain securities are valued at fair value on the basis of valuations furnished by broker-dealers or other market intermediaries. Market quotations are not readily available for many bonds (excluding most U.S. Treasury securities), certain preferred stocks, tax-exempt securities and certain foreign securities. Such securities are generally fair valued.

90

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

Debt securities are priced based upon valuations provided by independent, third-party pricing agents.  Such values generally reflect the last reported sales price if the security is actively traded.  The third-party pricing agents may also value debt securities by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market values for such securities.  Such methodologies generally consider factors such as comparable security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations.  On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from a Trust’s primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price.  Each day thereafter, the debt security will be valued according to the Trusts’ fair value procedures until an independent source can be secured.

All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market.  If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used.  In the event such market quotations are not readily available, the security will be valued according to the Trusts’ fair value procedures.  Exchange traded options, including options on indices, are generally valued at the composite mean price or, in the absence of such a mean price, long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price.  Options not traded on a securities exchange or board of trade for which market quotations are readily available are valued at the most recently reported mid-market price.  Rights and warrants are valued at the last reported sale price on the exchange on which they are principally traded.  Futures are valued at the settlement price established each day by the board of exchange on which they are principally traded.  On days when there is excessive volume or market volatility, the settlement price may not be available at the time at which the Funds calculate their net asset values.  On such days, the best available price (which is typically the last sales price) may be used to value the Funds’ futures positions.  If rights and warrants are not traded on a particular day, intrinsic value may be used to value the security.  Otherwise, the security will be valued according to the Trusts’ fair value procedures.  Swaps held by the Funds are valued primarily using valuations from independent pricing services, if the swap is not centrally cleared.  In the case of a swap that is centrally cleared, it may be valued at the valuation used by the clearing organization in its determination of applicable margin amounts for the swap.  If no valuation is available using these methods, then valuations can be sought from brokers, or if no broker quotations are available, from the swap counterparty or by reference to daily quoted values for the indices or securities upon which the swap is valued.  In the absence of the above, the Schroders’ Pricing Committee (the “Committee”) will determine an appropriate method of valuation, subject to the Trusts’ fair value procedures. The Committee is comprised of officers of the Funds and Schroders and other responsible personnel of Schroders.  Other securities and assets for which market quotations are not readily available are valued in accordance with the Trusts’ fair value procedures. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market values at the time a Fund calculates its net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last trade and the time that a Fund calculates its net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its net asset value, a Committee meeting may be called.

Schroder Global Multi-Asset Income Fund uses a third-party fair valuation vendor, which provides a fair value for securities of companies located in countries outside the Western Hemisphere held by the Fund based on certain factors and methodologies applied by the vendor in the event that there is movement in the U.S. market that exceeds a specific threshold established by the Committee in consultation with the Trustees. Such methodologies generally involve tracking valuation correlations between the U.S. market and each non-U.S. security. The Committee also determines a “confidence interval” that will be used, when the threshold is exceeded, to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security will be fair valued. In the event that the threshold established by the Committee is exceeded on a specific day, the Fund will typically

91

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

value such securities that exceed the applicable confidence interval based upon the fair values provided by the vendor. A security whose value is adjusted in this manner will be classified as a Level 2 security in the fair value hierarchy.

In accordance with the authoritative guidance under U.S. GAAP, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements and requires disclosure surrounding the various inputs that are used in determining the fair value of the Funds’ investments.

These inputs are summarized into the three broad levels listed below.

·Level 1 — quoted prices in active markets for identical securities

·Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

·Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

For the purpose of this Fair Value Measurement summary, instruments that have been fair valued by a third-party vendor as discussed above for Schroder Global Multi-Asset Income Fund are generally considered Level 2 instruments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For the period ended April 30, 2015, there have been no significant changes to the Funds’ fair valuation methodologies. Fair value measurement classifications are summarized in each Fund’s Schedule of Investments.

FEDERAL INCOME TAXES: It is the intention of each Fund to qualify, or continue to qualify, as a “regulated investment company” by complying with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended. If a Fund qualifies as a regulated investment company that is accorded special tax treatment, the Fund will not be subject to Federal income taxes to the extent that, among other things, it distributes substantially all of its taxable income, including realized capital gains, for the fiscal year in a timely manner, to its shareholders in the form of dividends. In addition, as a result of distributing substantially all of their net investment income during each calendar year, capital gains and certain other amounts, if any, the Funds will not be subject to a Federal excise tax. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely than-not” (i.e., greater than 50%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of, and during the period ended April 30, 2015, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year, the Funds did not incur any tax-related interest or penalties.

INVESTMENT TRANSACTIONS: Investment security transactions are recorded as of trade date. Realized gains and losses on sales of investments are determined on the basis of identified cost.

INVESTMENT INCOME: Dividend income is recorded on the ex-dividend date. Interest income and expense is recorded on an accrual basis net of unrecoverable withholding tax. Discounts and premiums on fixed income securities are accreted and amortized using the effective interest method. Foreign interest income amounts and realized capital gains or losses are converted to U.S. dollar equivalents using foreign exchange rates in effect at the date of the transactions.

EXPENSES: Expenses are recorded on an accrual basis. Many of the expenses of the Funds can be directly attributable to a specific Fund. Expenses not directly attributable to a specific Fund are allocated among the Funds based on relative average net assets or another appropriate methodology. Class specific expenses are borne by that class. Fund expenses are pro-rated to the respective classes based on relative net assets.

CLASSES OF SHARES: Income, realized and unrealized gains and losses of a Fund are prorated to the respective classes of shares based on relative net assets.

92

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net investment income are declared and paid monthly by the Funds, except for Schroder Total Return Fixed Income Fund, which declares dividends to shareholders from net investment income daily and distributes these dividends monthly and Schroder Absolute Return EMD and Currency Fund, which declares and pays dividends from net investment income at least annually. Distributions to shareholders from net realized capital gains, if any, are declared and distributed at least annually for each of the Funds.

FOREIGN CURRENCY: Foreign currency amounts are translated into U.S. dollars at the mean of the bid and asked prices of such currencies against U.S. dollars as follows: (i) assets and liabilities at the rate of exchange at the end of the respective period; and (ii) purchases and sales of securities and income and expenses at the rate of exchange prevailing on the dates of such transactions. The portion of the results of operations arising from changes in the exchange rates and the portion due to fluctuations arising from changes in the market prices of securities are not isolated. Such fluctuations are included with the net realized and unrealized gain or loss on investments. Certain Funds may enter into forward foreign currency contracts to protect the U.S. dollar value of the underlying portfolio of securities against the effect of possible adverse movements in foreign exchange rates. Certain Funds may also seek to gain currency exposure or otherwise attempt to increase a Fund’s total return by holding such forward foreign currency contracts. Principal risks associated with such transactions include the movement in value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform. Fluctuations in the value of such forward foreign currency transactions are recorded daily as unrealized gain or loss; realized gain or loss includes net gain or loss on transactions that have terminated by settlement or by the Funds entering into offsetting commitments.

WHEN-ISSUED SECURITIES: Certain Funds may purchase securities on a when-issued, delayed delivery, or forward commitment basis during the period covered by this report. These transactions involve a commitment by the Fund to purchase a security for a predetermined price or yield, with payments and delivery taking place more than seven days in the future, or after a period longer than the customary settlement period for that type of security. These transactions may increase the overall investment exposure for a Fund (and so may also create investment leverage) and involve a risk of loss if the value of the securities declines prior to the settlement date.

CONVERTIBLE SECURITIES: Certain Funds may invest in securities that are convertible into preferred and common stocks, and so subject to the risks of investments in both debt and equity securities. The market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline. In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying preferred and common stocks and, therefore, also will react to variations in the general market for equity securities.

FUTURES: Financial futures contracts are valued based upon their quoted daily settlement prices; changes in initial settlement value (represented by cash paid to or received from brokers as “variation margin”) are accounted for as unrealized appreciation (depreciation). When futures contracts are closed, the difference between the opening value at the date of purchase and the value at closing is recorded as realized gain or loss in the Statements of Operations.

Futures contracts are generally utilized in order to hedge against unfavorable changes in the value of securities or otherwise to attempt to increase a Fund’s total return. Futures contracts involve leverage and are subject to market risk that may exceed the amounts recognized in the Statements of Assets and Liabilities. Risks arise from the possible significant movements in prices. The change in value of futures contracts primarily corresponds to the value of the securities or other index or amount underlying the contracts, but may not precisely correlate with the change in value of such securities or other index or amount. In addition, there is the risk that a Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

OPTION TRANSACTIONS: Certain Funds may purchase and write call and put options on securities, securities indices, swaps (“swaptions”) and foreign currencies, provided such options are traded on a national securities exchange or an over-the-counter market. When any of the Funds writes or purchases a covered call or put option, an amount equal to the premium received is included in that Fund’s statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. If a written put option is exercised, the cost of the security acquired is decreased by the premium originally received. As writer of an option, the Fund has no control over whether the underlying securities are subsequently sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the security or index underlying the written option. When any of the Funds purchases a call or put option, an amount

93

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

equal to the premium paid is included in that Fund’s statement of assets and liabilities as an investment, and is subsequently marked-to-market to reflect the current market value of the option. If an option expires on the stipulated expiration date or if a Fund enters into a closing sale transaction, a gain or loss is realized. If a Fund exercises a call, the cost of the security acquired is increased by the premium paid for the call. If a Fund exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Written and purchased options are non-income producing securities. The option techniques utilized are generally to hedge against changes in interest rates, foreign currency exchange rates or securities prices in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by a Fund, to reduce the volatility of the currency exposure associated with an investment in non-U.S. securities, or as an efficient means of adjusting exposure to the bond, equity and currency markets.

Written options transactions entered into during the period ended April 30, 2015 are summarized as follows:

	Notional		Premiums
	Amount		Received
Schroder Global Strategic Bond Fund
Balance at beginning of period	2,070,460		$	5,383
Written	34,606,071		488,995
Expired	(7,970,460	)	(43,414		)
Closing buys	(5,868,984	)	(185,460		)
Balance at end of period	22,837,087		$	265,504

	Number of		Premiums
	Contracts		Received
Schroder Global Multi-Asset Income Fund
Balance at beginning of period	13		$	12,886
Written	330		148,238
Expired	(52	)	(37,809		)
Closing buys	(203	)	(82,156		)
Balance at end of period	88		$	41,159

FOREIGN CURRENCY SWAPTIONS: The Funds may enter into foreign currency swaption agreements. A swaption is an option to enter into a pre-defined swap agreement by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The foreign currency swaption agreement will specify the amount of currency and a rate of exchange that may be exercised by a specified date. Written swaption transactions entered into during the period ended April 30, 2015 are summarized as follows:

	Notional	Premiums
	Amount	Received
Schroder Global Strategic Bond Fund
Balance at beginning of period	—	$	—
Written	4,732,000	354,122
Balance at end of period	4,732,000	$	354,122

SWAP AGREEMENTS: Certain Funds may enter into swap agreements, including credit default swaps and interest rate swaps and other types of exchange-traded or over-the-counter transactions with broker-dealers or other financial institutions. Depending on their structures, swap agreements may increase or decrease a Fund’s exposure to long- or short-term interest rates (in the United States or abroad), foreign currency values, mortgage securities, corporate borrowing rates, or other factors such as security prices or inflation rates. The value of a Fund’s swap positions would increase or decrease depending on the changes in value of the underlying rates, currency values, or other indices or measures. Swap agreements are privately negotiated in the over-the counter market (“OTC swaps”)

94

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

or may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”).

In a “credit default” swap transaction, one party pays what is, in effect, an insurance premium through a stream of payments to another party in exchange for the right to receive a specified return in an event of default (or similar events) by a third party on its obligations. Therefore, in a credit default swap, a Fund may pay a premium and, in return, have the right to put certain bonds or loans to the counterparty upon default by the issuer of such bonds or loans (or similar events) and to receive in return the par value of such bonds or loans (or another agreed upon amount). A Fund could also receive the premium referenced above, and be obligated to pay a counterparty the par value of certain bonds or loans upon a default (or similar event) by the issuer. A Fund’s ability to realize a profit from such transactions will depend on the ability of the financial institutions with which it enters into the transactions to meet their obligations to the Fund. Under certain circumstances, suitable transactions may not be available to a Fund, or a Fund may be unable to close out its position under such transactions at the same time, or at the same price, as if it had purchased comparable publicly traded securities. “Interest rate” swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. “Inflation- linked” swaps are used to transfer inflation risk from one party to another through an exchange of cash flows. In an inflation-linked swap, one party pays a fixed rate on a notional principal amount, while the other party pays a floating rate linked to an inflation index, such as the Consumer Price Index. The Funds could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. A Fund’s ability to engage in certain swap transactions may be limited by tax considerations.

Swaps are marked-to-market daily and the resulting changes in market values, if any, are recorded as an unrealized gain or loss in the Statement of Operations. Net payments of interest are recorded as realized gains or losses. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities.

Recent legislative and regulatory reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, have resulted in new regulation of swap agreements, including clearing, margin, reporting, recordkeeping and registration requirements. New regulations could, among other things, restrict a Fund’s ability to engage in swap transactions (for example, by making certain types of swap transactions no longer available to a Fund) and/or increase the costs of such swap transactions (for example, by increasing margin or capital requirements), and a Fund may as a result be unable to execute its investment strategies in a manner the Fund might otherwise choose.

MORTGAGE DOLLAR ROLLS: Schroder Total Return Fixed Income Fund enters into mortgage dollar rolls (principally using TBAs) in which the Fund sells mortgage securities for delivery in the current month and simultaneously contracts to repurchase substantially similar securities in a subsequent month at an agreed-upon price on a fixed date. The Fund accounts for such dollar rolls under the purchases and sales method and may receive compensation as consideration for entering into the commitment to repurchase. Mortgage dollar rolls have the effect of creating investment leverage. The market value of the securities that the Fund is required to purchase may decline below the agreed upon purchase price of those securities. The counterparty receives all principal and interest payments, including repayments, made in respect of a security subject to such a contract while it is the holder. Mortgage dollar rolls may be renewed with a new purchase and repurchase price and a cash settlement made on settlement date without physical delivery of the securities subject to the contract.

CUSTODY OFFSET: The Funds have an arrangement with the custodian whereby interest earned on uninvested cash balances is used to offset a portion of the custodian fees. The amounts are included in custodian fees and custody offset on the Statements of Operations.

95

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

NOTE 3 — INVESTMENT ADVISORY FEES, ADMINISTRATION AGREEMENTS AND DISTRIBUTION PLANS

The Funds have entered into investment advisory agreements with SIMNA. Under these agreements, SIMNA provides investment management services and is entitled to receive compensation for its services, payable quarterly, at the following annual rates based on average daily net assets of each Fund taken separately. In order to limit the expenses of the Investor Shares, Advisor Shares and R6 Shares of certain Funds, as applicable, SIMNA has contractually agreed to waive management fees for the Schroder Emerging Markets Multi-Sector Bond Fund and pay or reimburse the applicable Fund for expenses through February 29, 2016 to the extent that the total annual fund operating expenses of a Fund (other than acquired fund fees and expenses, other indirect acquired fund expenses, interest, taxes, and extraordinary expenses) allocable to each share class exceed the following annual rates (based on the average daily net assets attributable to each share class):

Effective January 21, 2015

			Expense Limitation
	Management Fee		Investor Shares		Advisor Shares	R6 Shares
Schroder Long Duration Investment-Grade Bond Fund	0.33	%	0.39	%	N/A	N/A

Effective December 19, 2014

			Expense Limitation
	Management Fee		Investor Shares		Advisor Shares		R6 Shares
Schroder Broad Tax-Aware Value Bond Fund	0.33	%	0.46	%	0.71	%	N/A
Schroder Emerging Markets Multi-Sector Bond Fund	0.65	%*	0.90	%	1.15	%	0.75	%
Schroder Global Strategic Bond Fund	0.55	%	0.79	%	1.04	%	0.64	%
Schroder Long Duration Investment-Grade Bond Fund	0.33	%	0.46	%	N/A		N/A
Schroder Total Return Fixed Income Fund	0.25	%	0.40	%	0.65	%	N/A
Schroder Global Multi-Asset Income Fund	0.60	%	0.85	%	1.10	%	0.70	%
Schroder Absolute Return EMD and Currency Fund	0.90	%	1.15	%	1.40	%	1.00	%

*Management fee after contractual fee waiver.

Prior to December 19, 2014

			Expense Limitation
	Management Fee		Investor Shares		Advisor Shares		R6 Shares
Schroder Broad Tax-Aware Value Bond Fund	0.33	%	0.46	%	N/A		N/A
Schroder Emerging Markets Multi-Sector Bond Fund	0.75	%	0.90	%	1.15	%	N/A
Schroder Global Strategic Bond Fund	0.55	%	0.79	%	1.04	%	N/A
Schroder Long Duration Investment-Grade Bond Fund	0.33	%	0.46	%	N/A		N/A
Schroder Total Return Fixed Income Fund	0.25	%	0.40	%	0.65	%	N/A
Schroder Global Multi-Asset Income Fund	0.60	%	0.85	%	1.10	%	N/A
Schroder Absolute Return EMD and Currency Fund	0.90	%	1.15	%	1.40	%	N/A

N/A — Advisor and R6 Shares currently not offered.

SIMNA has retained its affiliate Schroder Investment Management North America Limited (“SIMNA Ltd.”) to serve as sub-advisor responsible for the portfolio management of Schroder Global Strategic Bond Fund, Schroder Global Multi-Asset Income Fund and Schroder Absolute Return EMD and Currency Fund. SIMNA pays SIMNA Ltd. During the reporting period, SIMNA paid SIMNA Ltd. the following percentage of the investment advisory fees it received from Schroder Global Strategic Bond Fund, Schroder Global Multi-Asset Income Fund and Schroder Absolute Return EMD and Currency Fund, after waivers.

Fund	Percentage of Fees Paid to SIMNA Ltd.
Schroder Global Strategic Bond Fund	52	%
Schroder Global Multi-Asset Income Fund	52	%
Schroder Absolute Return EMD and Currency Fund	51	%

96

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

Effective January 1, 2013, under an amended administration and accounting agreement with SEI Investments Global Funds Services (“SEI”), SST Funds’ sub-administration and accounting agreement with SEI, the SST Funds pay SEI based on aggregate average daily net assets of all Schroder Capital Funds (Delaware) (“SCFD Funds”), SST Funds and Schroder Global Series Trust Funds (“SGST Funds”), other than Schroder North American Equity Fund; 0.0875% on the first $1 billion of the Funds’ average daily net assets; 0.0700% on the next $2 billion of the Funds’ average daily net assets; 0.0600% on the next $1.5 billion of the Funds’ average daily net assets; and 0.0575% on the Funds’ average daily net assets over $4.5 billion. Each Fund pays its pro rata portion of such fees.

Prior to January 1, 2013, under an amended administration and accounting agreement with SEI, SST Funds’ sub-administration and accounting agreement with SEI, the SST Funds paid SEI based on aggregate average daily net assets of all SCFD, SST Funds and SGST Funds, other than Schroder North American Equity Fund; 0.0875% on the first $2 billion of the Funds’ average daily net assets; 0.0700% on the next $1 billion of the Funds’ average daily net assets; 0.0600% on the next $2 billion of the Funds’ average daily net assets; and 0.0500% on the Funds’ average daily net assets over $5 billion. Each Fund paid its pro rata portion of such fees.

The Funds have adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Investment Company Act that allows the Schroder Emerging Markets Multi-Sector Bond Fund, Schroder Total Return Fixed Income Fund, Schroder Global Multi-Asset Income Fund and Schroder Absolute Return EMD and Currency Fund to pay distribution and other fees with respect to its Advisor Shares. Under the Plan, a Fund may make payments at an annual rate of up to 0.25% of the average daily net assets attributable to their Advisor Shares to compensate Schroder Fund Advisors LLC (“SFA”) for distribution services and certain shareholder services with respect to the Funds’ Advisor Shares.

Effective December 19, 2014, each Fund has adopted a shareholder service plan (the “Plan”) with respect to its Advisor Shares and Investor Shares. Under the Plan, each Fund may make payments out of the assets attributable to its Advisor Shares or its Investor Shares to SIMNA, SFA, the Funds’ distributor, and such other entities as may from time to time act as the shareholder servicer of such class for providing services and/or incurring expenses directly or indirectly supporting or relating to the shareholder servicing function for Advisor Shares and Investor Shares as compensation for such services and expenses. Payments under the Plan are made at an annual rate of up to 0.15% of a Fund’s average daily net assets attributable to the applicable share class; payments under the Plan are not made for distribution services or expenses. This payment is in addition to payments made under the Funds’ 12b-1 plans, if applicable. SIMNA, SFA, or any of their affiliates, may, from time to time, also make payments to financial intermediaries for sub-administration, sub-transfer agency, or other shareholder services or distribution, out of their own resources. Previously, each Fund, with respect to its Advisor Shares, was authorized to reimburse SIMNA, SFA, or their affiliates for a portion of payments related to sub-administration, sub-transfer agency, or other shareholder services; the amount of that reimbursement was limited to 0.10% of a Fund’s Advisor Shares’ average daily net assets.

NOTE 4 — DERIVATIVE CONTRACTS

Derivative instruments and hedging activities require enhanced disclosures about the Funds’ derivative and hedging activities, including how such activities are accounted for and their effect on the Funds’ financial position, performance, and cash flows.

97

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

The fair value of derivative instruments as of April 30, 2015, was as follows:

Fund	Statement of Assets and Liabilities Location	Asset Derivatives		Liability Derivatives
Schroder Broad Tax-Aware Value Bond Fund
Interest rate contracts
Futures Contracts	Variation margin receivable/(payable)	$	25,750	$	—
Schroder Emerging Markets Multi-Sector Bond Fund
Credit contracts	Swap contracts, at value	$	—	$	(160,375	)
Foreign exchange contracts	Unrealized appreciation/(depreciation)
Forward Contracts	on forward foreign currency contracts	326,222		(219,890		)
		$	326,222	$	(380,265	)
Schroder Global Strategic Bond Fund
Interest rate contracts
Futures Contracts	Variation margin receivable/(payable)	$	105,039	$	(9,563	)
Swap Contracts	Variation margin receivable/(payable)	270,671		(225,392		)
Inflation-linked contracts	Swap contracts, at value	186,672		(173,690		)
Foreign exchange contracts	Unrealized appreciation/(depreciation)
Forward Contracts	on forward foreign currency contracts	1,004,781		(5,190,584		)
Option Contracts	Investments, at value/Written options, at value	131,697		(256,757		)
Swaption Contracts	Written swaptions, at value	—		(447,388		)
Credit contracts
Swap Contracts	Swap contracts, at value	—		(10,360		)
Swap Contracts	Variation margin payable	1,369,604		(1,336,469		)
		$	3,068,464	$	(7,650,203	)
Schroder Total Return Fixed Income Fund
Interest rate contracts
Futures Contracts	Variation margin receivable/(payable)	$	30,606	$	(10,528	)
Foreign exchange contracts	Unrealized appreciation/(depreciation)
Forward Contracts	on forward foreign currency contracts	17,361		(87,432		)
		$	47,967	$	(97,960	)
Schroder Global Multi-Asset Income Fund
Equity contracts
Futures Contracts	Variation margin receivable/(payable)	$	17,225	$	(19,908	)
Option Contracts	Investments, at value/Written options, at value	167,953		(57,484		)
Interest rate contracts
Futures Contracts	Variation margin receivable/(payable)	12,088		(18,251		)
Foreign exchange contracts	Unrealized appreciation/(depreciation)
Forward Contracts	on forward foreign currency contracts	149,247		(301,272		)
		$	346,513	$	(396,915	)
Schroder Absolute Return EMD and Currency Fund
Foreign exchange contracts	Unrealized appreciation/(depreciation)
Forward Contracts	on forward foreign currency contracts	$	3,610,147	$	(3,349,254	)

98

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

The effect of derivative instruments on the Statement of Operations for the year or period ended April 30, 2015, was as follows:

The amount of net realized gain (loss) and change in unrealized appreciation (depreciation) on derivatives:

				Change in Unrealized
	Net Realized			Appreciation
Fund	Gain/(Loss)*			(Depreciation)**			Total
Schroder Broad Tax-Aware Value Bond Fund
Interest rate contracts
Futures Contracts	$	(926,348	)	$	283,992		$	(642,356	)
Schroder Emerging Markets Multi-Sector Bond Fund
Interest rate contracts
Futures Contracts	$	(31,493	)	$	—		$	(31,493	)
Foreign exchange contracts
Forward Contracts	145,341			88,128			233,469
Credit contracts
Swap Contracts	12,827			(93,914		)	(81,087		)
	$	126,675		$	(5,786	)	$	120,889
Schroder Global Strategic Bond Fund
Interest rate contracts
Futures Contracts	$	(540,184	)	$	(358,747	)	$	(898,931	)
Purchased Options Contracts	(195,325		)	—			(195,325		)
Swap Contracts	(1,961,418		)	111,888			(1,849,530		)
Inflation linked contracts
Swap Contracts	—			12,982			12,982
Foreign exchange contracts
Forward Contracts	7,382,897			(4,221,434		)	3,161,463
Purchased Options Contracts	(101,765		)	(108,321		)	(210,086		)
Written Options Contracts	78,628			3,694			82,322
Written Swaptions Contracts	—			(93,266		)	(93,266		)
Credit contracts
Swap Contracts	(389,610		)	(12,152		)	(401,762		)
	$	4,273,223		$	(4,665,356	)	$	(392,133	)
Schroder Total Return Fixed Income Fund
Interest rate contracts
Futures Contracts	$	(1,122,304	)	$	39,261		$	(1,083,043	)
Foreign exchange contracts
Forward Contracts	368,783			(72,561		)	296,222
	$	(753,521	)	$	(33,300	)	$	(786,821	)
Schroder Global Multi-Asset Income Fund
Equity contracts
Futures Contracts	$	(294,341	)	$	(34,090	)	$	(328,431	)
Purchased Options Contracts	(261,602		)	91,273			(170,329		)
Written Options Contracts	82,522			(21,411		)	61,111
Interest rate contracts
Futures Contracts	(127,749		)	(40,316		)	(168,065		)
Foreign exchange contracts
Forward Contracts	865,142			(288,967		)	576,175
	$	263,972		$	(293,511	)	$	(29,539	)
Schroder Absolute Return EMD and Currency Fund
Foreign exchange contracts
Forward Contracts	$	9,098,240		$	(737,021	)	$	8,361,219

99

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

* Futures contracts are included in net realized gain (loss) on futures, forward contracts are included in net realized gain (loss) on foreign currency transactions, swap contracts are included in net realized gain (loss) on swap contracts and options are included in net realized gain (loss) on purchased options and net realized gain on written options.

** Futures contracts are included in change in unrealized appreciation (depreciation) on futures, forward contracts are included in change in unrealized appreciation (depreciation) on forward foreign currency contracts and foreign currency transactions, swap contracts are included in change in unrealized appreciation (depreciation) on swap contracts, options are included in change in unrealized appreciation (depreciation) on purchased options and change in unrealized appreciation on written options, and swaptions are included in change in unrealized appreciation (depreciation) on written swaptions.

The volume of forward, futures, swap and option contracts, as a percentage of net assets, based on gross month-end notional amounts during the period, including long and short positions, at absolute value, was as follows for the period ended April 30, 2015:

	Futures
	Contracts
Schroder Broad Tax-Aware Value Bond Fund
Average Notional Amount Outstanding	16.12	%
Notional Amount Outstanding as of April 30, 2015	19.76	%
	Forward		Futures		Credit Default
	Contracts		Contracts		Swaps
Schroder Emerging Markets Multi-Sector Bond Fund
Average Notional Amount Outstanding	57.23	%	2.14	%	0.74	%
Notional Amount Outstanding as of April 30, 2015	64.75	%	0.00	%	0.57	%
											Inflation
	Forward		Futures		Credit Default		Interest Rate		Option		Linked
	Contracts		Contracts		Swaps		Swaps		Contracts		Swaps
Schroder Global Strategic Bond Fund
Average Notional Amount Outstanding	110.17	%	51.45	%	1.02	%	2.00	%	0.39	%	0.05	%
Notional Amount Outstanding as of April 30, 2015	116.76	%	64.94	%	0.99	%	1.69	%	0.61	%	0.26	%
	Forward		Futures
	Contracts		Contracts
Schroder Total Return Fixed Income Fund
Average Notional Amount Outstanding	2.31	%	32.47	%
Notional Amount Outstanding as of April 30, 2015	1.53	%	57.43	%
	Forward		Futures		Option
	Contracts		Contracts		Contracts
Schroder Global Multi-Asset Income Fund
Average Notional Amount Outstanding	56.58	%	23.33	%	0.24	%
Notional Amount Outstanding as of April 30, 2015	89.92	%	45.38	%	0.75	%
	Forward
	Contracts
Schroder Absolute Return EMD and Currency Fund
Average Notional Amount Outstanding	105.48	%
Notional Amount Outstanding as of April 30, 2015	111.71	%

100

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

In accordance with the authoritative guidance under U.S. GAAP, “Disclosures about Offsetting Assets and Liabilities” requires entities to disclose information about financial instruments and derivative instruments that have been offset or that are subject to enforceable master netting agreements. The Funds do not offset such instruments on the Statement of Assets and Liabilities, rather such instruments are presented on a gross basis.

The following is a summary by derivative type of the market value of over-the counter (“OTC”) financial derivative instruments and collateral (received)/pledged by counterparty as April 30, 2015:

	Gross Assets-		Gross Liabilities-			Net			Cash
	Recognized in the		Recognized in the			Amount			Collateral
	Statement of Assets		Statement of Assets			Available to			Pledged or		Net
	and Liabilities		and Liabilities			be Offset			(Received)†		Amount‡
Schroder Emerging Markets Multi-Sector Bond Fund
	Swap Agreements		Swap Agreements
JPMorgan Securities	$	—	$	(36,238	)	$	(36,238	)	$	—	$	(36,238	)
Morgan Stanley	—		(124,137		)	(124,137		)	—		(124,137		)
Total	$	—	$	(160,375	)	$	(160,375	)	$	—	$	(160,375	)
	Forward Contracts		Forward Contracts
Barclays Capital	$	150,431	$	(62,964	)	$	87,467		$	—	$	87,467
Citigroup Global Markets	50,638		(25,826		)	24,812			—		24,812
HSBC	34,341		—			34,341			—		34,341
JPMorgan Securities	90,812		(131,100		)	(40,288		)	—		(40,288		)
Total	$	326,222	$	(219,890	)	$	106,332		$	—	$	106,332
Schroder Global Strategic Bond Fund
	Forward Contracts		Forward Contracts
BNP Paribas	$	12,457	$	(29,443	)	$	(16,986	)	$	—	$	(16,986	)
Citigroup Global Markets	10,654		(10,168		)	486			—		486
Credit Suisse First Boston	64,689		—			64,689			—		64,689
Deutsche Bank Securities	323,240		(1,413,695		)	(1,090,455		)	—		(1,090,455		)
HSBC	388,584		(275,824		)	112,760			—		112,760
JPMorgan Securities	131,300		(135,660		)	(4,360		)	—		(4,360		)
National Bank of Australia	—		(165,470		)	(165,470		)	—		(165,470		)
Royal Bank of Scotland	—		(5,329		)	(5,329		)	—		(5,329		)
State Street Bank	73,857		(2,160,221		)	(2,086,364		)	—		(2,086,364		)
UBS Securities	—		(994,774		)	(994,774		)	—		(994,774		)
Total	$	1,004,781	$	(5,190,584	)	$	(4,185,803	)	$	—	$	(4,185,803	)
	Foreign Currency		Foreign Currency
	Purchased Options		Written Options
Deutsche Bank Securities	$	58,114	$	(128,669	)	$	(70,555	)	$	—	$	(70,555	)
JPMorgan Securities	68,785		(78,576		)	(9,791		)	—		(9,791		)
UBS Securities	4,798		(49,512		)	(44,714		)	—		(44,714		)
Total	$	131,697	$	(256,757	)	$	(125,060	)	$	—	$	(125,060	)
	Foreign Currency		Foreign Currency
	Purchased Swaptions		Written Swaptions
Citigroup Global Markets	$	—	$	(447,388	)	$	(447,388	)	$	—	$	(447,388	)
	Swap Agreements		Swap Agreements
BNP Paribas	$	27,802	$	(36,198	)	$	(8,396	)	$	—	$	(8,396	)
Morgan Stanley	158,870		(147,852		)	11,018			—		11,018
Total	$	186,672	$	(184,050	)	$	2,622		$	—	$	2,622

101

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

	Gross Assets-		Gross Liabilities-			Net			Cash
	Recognized in the		Recognized in the			Amount			Collateral
	Statement of Assets		Statement of Assets			Available to			Pledged or		Net
	and Liabilities		and Liabilities			be Offset			(Received)†		Amount‡
Schroder Total Return Fixed Income Fund
	Forward Contracts		Forward Contracts
Credit Suisse First Boston	$	—	$	(770	)	$	(770	)	$	—	$	(770	)
HSBC	—		(85,471		)	(85,471		)	—		(85,471		)
Standard Chartered	17,361		—			17,361			—		17,361
UBS Securities	—		(1,191		)	(1,191		)	—		(1,191		)
Total	$	17,361	$	(87,432	)	$	(70,071	)	$	—	$	(70,071	)
Schroder Global Multi-Asset Income Fund
	Forward Contracts		Forward Contracts
Barclays Capital	$	—	$	(9	)	$	(9	)	$	—	$	(9	)
BNP Paribas	19,662		(24,391		)	(4,729		)	—		(4,729		)
Citigroup Global Markets	4,127		(24,702		)	(20,575		)	—		(20,575		)
Credit Suisse First Boston	19,126		(18,361		)	765			—		765
Deutsche Bank Securities	12,581		(72,353		)	(59,772		)	—		(59,772		)
HSBC	89,879		(14,527		)	75,352			—		75,352
JPMorgan Securities	—		(38,478		)	(38,478		)	—		(38,478		)
Royal Bank of Canada	—		(36,734		)	(36,734		)	—		(36,734		)
Standard Chartered	615		(39,420		)	(38,805		)	—		(38,805		)
State Street Bank	—		(5,568		)	(5,568		)	—		(5,568		)
UBS Securities	3,257		(26,729		)	(23,472		)	—		(23,472		)
Total	$	149,247	$	(301,272	)	$	(152,025	)	$	—	$	(152,025	)
Schroder Absolute Return EMD and Currency Fund
	Forward Contracts		Forward Contracts
Barclays Capital	$	22,269	$	(33,933	)	$	(11,664	)	$	—	$	(11,664	)
BNP Securities	340,756		(62,266		)	278,490			—		278,490
Canadian Imperial Bank	1,852		—			1,852			—		1,852
Citigroup Global Markets	1,041,324		(267,237		)	774,087			—		774,087
Credit Suisse First Boston	419,810		(52,316		)	367,494			—		367,494
Deutsche Bank Securities	270,836		(425,005		)	(154,169		)	—		(154,169		)
Goldman Sachs	557,847		(768,211		)	(210,364		)	—		(210,364		)
HSBC	194,149		(204,722		)	(10,573		)	—		(10,573		)
JPMorgan Securities	40,429		(350,705		)	(310,276		)	—		(310,276		)
Standard Chartered	243,591		(192,891		)	50,700			—		50,700
State Street Bank	200,017		(987,560		)	(787,543		)	—		(787,543		)
UBS Securities	277,267		(4,408		)	272,859			—		272,859
Total	$	3,610,147	$	(3,349,254	)	$	260,893		$	—	$	260,893

† Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

‡ Net amount represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity.

NOTE 5 — TRANSACTIONS WITH AFFILIATES

The Funds pay no compensation to Trustees who are interested persons of the Trusts, SIMNA or SFA. Certain officers of the Funds are also officers of SIMNA and SFA. Such officers are paid no fees by the Funds for serving as officers of the Funds.

102

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

NOTE 6 — INVESTMENT TRANSACTIONS

Purchases and proceeds from sales and maturities of investments, excluding short-term and U.S. Government securities for each Fund, for the period ended April 30, 2015 were as follows:

	Purchases		Sales and Maturities
Schroder Broad Tax-Aware Value Bond Fund	$	26,036,216	$	18,749,533
Schroder Emerging Markets Multi-Sector Bond Fund	33,074,260		36,261,606
Schroder Global Strategic Bond Fund	55,930,544		15,319,297
Schroder Long Duration Investment-Grade Bond Fund	8,684,614		2,476,810
Schroder Total Return Fixed Income Fund	76,514,621		29,352,263
Schroder Global Multi-Asset Income Fund	26,647,114		22,107,255
Schroder Absolute Return EMD and Currency Fund	125,951,730		128,940,346

Purchases and proceeds from sales and maturities of U.S. Government securities for the period ended April 30, 2015 were as follows:

	Purchases		Sales and Maturities
Schroder Broad Tax-Aware Value Bond Fund	$	—	$	6,004,772
Schroder Global Strategic Bond Fund	12,749,288		971,598
Schroder Long Duration Investment-Grade Bond Fund	12,854,570		7,860,065
Schroder Total Return Fixed Income Fund	49,303,365		76,681,754
Schroder Absolute Return EMD and Currency Fund	2,035,320		21,457,815

NOTE 7 — FEDERAL INCOME TAXES

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either temporary or permanent in nature. Any permanent differences, which may result in distribution reclassifications, are primarily due to differing treatments for gains resulting from paydown gains and losses, foreign currency transactions, market discount, swaps and convertible preferred debt instruments. Distributions from short-term gains and from gains on foreign currency transactions are treated as distributions from ordinary income for tax purposes.

At October 31, 2014, the Funds reclassified the following permanent amounts between undistributed net investment income and accumulated realized gain (loss):

	Increase (Decrease) Undistributed Net Investment Income			Increase (Decrease) Accumulated Realized Gain (Loss)			Increase (Decrease) Capital Paid-in
Schroder Emerging Markets Multi-Sector Bond Fund	$	(590,787	)	$	590,787		$	—
Schroder Global Strategic Bond Fund	1,553,372			(1,553,372		)	—
Schroder Total Return Fixed Income Fund	112,058			(112,058		)	—
Schroder Global Multi-Asset Income Fund	305,517			(305,517		)	—
Schroder Absolute Return EMD and Currency Fund	(3,578,078		)	3,578,078			—

103

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

The tax character of dividends and distributions declared during the years or periods ended October 31, 2014 and October 31, 2013, unless otherwise noted, was as follows:

	Ordinary Income		Tax-Exempt Income		Long-Term Capital Gain		Total
Schroder Broad Tax-Aware Value Bond Fund
2014	$	250,453	$	2,977,032	$	1,073,443	$	4,300,928
2013	141,105		798,685		—		939,790
2013*	851,853		2,738,741		65,425		3,656,019
Schroder Emerging Markets Multi-Sector Bond Fund
2014	1,631,572		—		—		1,631,572
2013	448,657		—		—		448,657
Schroder Global Strategic Bond Fund
2014	20,705		—		—		20,705
Schroder Long Duration Investment-Grade Bond Fund
2014	1,851,798		—		1,813,007		3,664,805
2013	524,407		—		—		524,407
2013*	2,625,300		—		614,199		3,239,499
Schroder Total Return Fixed Income Fund
2014	3,854,854		—		—		3,854,854
2013	5,391,181		—		646,089		6,037,270
Schroder Global Multi-Asset Income Fund
2014	344,162		—		—		344,162
Schroder Absolute Return EMD and Currency Fund
2014	3,141,510		—		—		3,141,510
2013	906,520		—		—		906,520

* Year ended July 31, 2013.

As of October 31, 2014, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

	Undistributed Ordinary Income		UndistributedTax-ExemptIncome		UndistributedLong-TermCapital Gain		Capital Loss Carryforwards			Unrealized Appreciation (Depreciation)			Other Temporary Differences			Total Distributable Earnings (Accumulated Losses)
Schroder Broad Tax-Aware Value Bond Fund	$	—	$	23,701	$	1,374,285	$	—		$	9,738,822		$	(17,947	)	$	11,118,861
Schroder Emerging Markets Multi-Sector Bond Fund	299,128		—		45,609		—			(543,073		)	(172,600		)	(370,936		)
Schroder Global Strategic Bond Fund	1,615,194		—		—		(294,263		)	(855,425		)	(43,178		)	422,328
Schroder Long Duration Investment-Grade Bond Fund	1,292,270		—		1,782,854		—			2,779,825			(2		)	5,854,947
Schroder Total Return Fixed Income Fund	295,703		—		—		(51,220		)	2,553,314			(481,014		)	2,316,783
Schroder Global Multi-Asset Income Fund	458,477		—		—		(173,176		)	(692,147		)	(138,430		)	(545,276		)
Schroder Absolute Return EMD and Currency Fund	2,962,326		—		1,896,382		—			(2,201,966		)	(2,173,270		)	483,472

Each Fund may use its tax basis capital loss carryforwards listed above to offset taxable capital gains realized in subsequent years for federal income tax purposes. If a Fund incurs or has incurred net capital losses in taxable years beginning after December 22, 2010 (“post-RIC Mod losses”), those losses will be carried forward to one or more subsequent taxable years without expiration; any such carryforward losses will retain their character as short-term or long-term.

104

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

The Funds listed below have the following post-RIC Mod losses, which do not expire:

	Short-Term Loss		Long-Term Loss		Total
Schroder Global Strategic Bond Fund	$	28,851	$	265,412	$	294,263
Schroder Total Return Fixed Income Fund	—		51,220		51,220
Schroder Global Multi-Asset Income Fund	173,176		—		173,176

During the year ended October 31, 2014 the Funds listed below utilized capital loss carryforwards to offset capital gains:

Schroder Long Duration Investment-Grade Bond Fund	$	25,806
Schroder Total Return Fixed Income Fund	1,355,746

At April 30, 2015, the identified cost for Federal income tax purposes of investments owned by each Fund and their respective gross unrealized appreciation and depreciation were as follows:

	Identified Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Schroder Broad Tax-Aware Value Bond Fund	$	87,033,039	$	9,289,184	$	(85,116	)	$	9,204,068
Schroder Emerging Markets Multi-Sector Bond Fund	27,632,898		723,590		(694,279		)	29,311
Schroder Global Strategic Bond Fund	130,272,126		692,896		(2,090,243		)	(1,397,347		)
Schroder Long Duration Investment-Grade Bond Fund	33,734,765		2,608,795		(208,900		)	2,399,895
Schroder Total Return Fixed Income Fund	172,046,058		2,517,686		(1,095,378		)	1,422,308
Schroder Global Multi-Asset Income Fund	28,250,557		816,685		(844,169		)	(27,484		)
Schroder Absolute Return EMD and Currency Fund	190,677,703		2,167,598		(6,319,861		)	(4,152,263		)

NOTE 8 — IN-KIND TRANSFERS

On January 29, 2015, the Schroder Total Return Fixed Income Fund issued shares for an in-kind subscription.

	Shares Issued	Value	Unrealized Appreciation	Date
Schroder Total Return Fixed Income Fund	1,303,649	13,440,626	—	January 29, 2015

NOTE 9 — PORTFOLIO INVESTMENT RISKS

Schroder Total Return Fixed Income Fund invests a portion of its assets in securities of issuers that hold mortgage securities, including subprime mortgage securities. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

Schroder Broad-Tax Aware Value Bond and Schroder Long Duration Investment-Grade Bond Fund invest a portion of their assets in municipal bonds. Municipal bonds are investments of any maturity issued by states, public authorities or political subdivisions to raise money for public purposes; they include, for example, general obligations of a state or other government entity supported by its taxing powers to acquire and construct public facilities, or to provide temporary financing in anticipation of the receipt of taxes and other revenue. They also include obligations of states, public authorities or political subdivisions to finance privately owned or operated facilities or public facilities financed solely by enterprise revenues. The values of municipal obligations that depend on a specific revenue source to fund their payment obligations may fluctuate as a result of changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. Changes in law or adverse determinations by the Internal Revenue Service or a state tax authority could make the income from some of these obligations taxable.

The yields on municipal bonds depend on a variety of factors, including general money market conditions, effective marginal tax rates, the financial condition of the issuer, general conditions of the municipal bond market, the size of a particular offering, the maturity of

105

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

the obligation and the rating of the issue. The ratings of nationally recognized securities rating agencies represent their opinions as to the credit quality of the municipal bonds.

Schroder Emerging Markets Multi-Sector Bond Fund, Schroder Global Strategic Bond Fund, Schroder Global Multi-Asset Income Fund and Schroder Absolute Return EMD and Currency Fund have a relatively large portion of their assets invested in companies or issuers domiciled in particular foreign countries, including emerging markets. The Funds may be more susceptible to political, social and economic events adversely affecting those countries and such issuers.

Under normal market conditions, Schroder Emerging Markets Multi-Sector Bond Fund, Schroder Global Strategic Bond Fund, Schroder Global Multi-Asset Income Fund and Schroder Absolute Return EMD and Currency Fund invests in emerging markets debt securities and will have exposure to currencies around the world, including currencies of emerging market countries. The values of foreign currencies relative to the U.S. dollar may be extremely volatile and may fluctuate in response to, among other factors, interest rate changes, intervention (or failure to intervene) by the U.S. or foreign governments, central banks, or supranational entities such as the International Monetary Fund; the imposition of currency controls; and political and regulatory developments in the United States or abroad. Officials in foreign countries may from time to time take actions in respect of their currencies which could adversely affect the values of a Fund’s assets denominated in those currencies or the liquidity of such investments. Foreign-currency values can decrease significantly both in the short term and over the long term in response to these and other developments. If the Fund purchases securities denominated in foreign currencies, a change in the value of any such currency against the U.S. dollar will result in a change in the U.S. dollar value of the Fund’s assets and potentially the Fund’s income available for distribution.

Schroder Broad-Tax Aware Value Bond, Schroder Emerging Markets Multi-Sector Bond Fund, Schroder Global Strategic Bond Fund, Schroder Total Return Fixed Income Fund, Schroder Global Multi-Asset Income Fund, and Schroder Absolute Return EMD and Currency Fund may enter into derivative transactions including futures contracts, options, and swap contracts. Derivatives are financial contracts whose values depend on, or derive from, the value of an underlying asset, reference rate, or index. A Fund’s use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to liquidity risk, interest rate risk, and credit risk, and the risk that a derivative transaction may not have the effect the Funds’ adviser anticipated. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate, or index. Derivative transactions typically involve leverage and may be highly volatile. Use of derivatives other than for hedging purposes may be considered speculative and may have the effect of creating investment leverage, and when a Fund invests in a derivative instrument it could lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that a Fund will engage in these transactions when that would be beneficial.

NOTE 10 — BENEFICIAL INTEREST

The following table shows the number of shareholders each owning of record, or to the knowledge of the Funds beneficially, 5% or more of shares of a Fund outstanding as of April 30, 2015 and the total percentage of shares of the Fund held by such shareholders. The table includes omnibus accounts that hold shares on behalf of many shareholders.

	5% or Greater Shareholders
	Number	% of Fund Held
Schroder Broad Tax-Aware Value Bond Fund	5	66.97
Schroder Emerging Markets Multi-Sector Bond Fund	2	86.70
Schroder Global Strategic Bond Fund	5	94.63
Schroder Long Duration Investment-Grade Bond Fund	5	90.97
Schroder Total Return Fixed Income Fund	7	76.36
Schroder Global Multi-Asset Income Fund	3	90.52
Schroder Absolute Return EMD and Currency Fund	4	80.98

One account shown above holding 76.76% of the Schroder Emerging Markets Multi-Sector Bond Fund and one account shown above holding 73.97% of the Schroder Global Multi-Asset Income Fund is owned by an affiliate of SIMNA.

106

Schroder Mutual Funds

Notes to Financial Statements (continued)

April 30, 2015 (unaudited)

NOTE 11 — LINE OF CREDIT

The Funds entered into a credit agreement on October 6, 2008, as amended from time to time, that enables them to participate in a $50 million committed revolving line of credit with JPMorgan Chase Bank, N.A. Any advance under the line of credit is contemplated primarily for temporary or emergency purposes, or to finance the redemption of the shares of a shareholder of the borrower. Interest is charged to the Funds based on their borrowings at the current reference rate. The Funds pay their pro rata portion of an annual commitment fee of 0.15% on the total amount of the credit facility. For the period ended April 30, 2015, the Schroder Emerging Markets Multi-Sector Bond Fund utilized the line of credit for $900,000 for a period of 3 days paying interest of $107, the Schroder Global Strategic Bond Fund utilized the line of credit for $739,863 for a period of 4 days paying interest of $116 and the Schroder Long Duration Investment-Grade Bond Fund utilized the line of credit for $158,172 for a period of 4 days paying interest of $25, which is included in the Statement of Operations as custody expense.

NOTE 12 — CAPITAL SHARE TRANSACTIONS

Capital share transactions for the period ended April 30, 2015 (unaudited) and the year or period ended October 31, 2014, were as follows:

	Broad Tax-Aware Value Bond Fund				Emerging Markets Multi- Sector Bond Fund				Global Strategic Bond Fund
	2015 (a)		2014		2015 (b)		2014		2015 (c)		2014 (d)
Investor Shares:
Sales of shares	2,028,051		757,869		548,370		1,015,703		3,812,041		2,798,356
Reinvestment of distributions	209,404		292,513		23,147		16,013		23,283		—
Redemption of shares	(1,810,455	)	(1,727,422	)	(3,537,028	)	(44,150	)	(5,477,239	)	—
Net increase (decrease) in Investor Shares	427,000		(677,040	)	(2,965,511	)	987,566		(1,641,915	)	2,798,356
Advisor Shares:
Sales of shares	17,922		—		508		594,597		7,825		151,933
Reinvestment of distributions	24		—		2,547		14,115		2,565		10
Redemption of shares	(4	)	—		(14,651	)	(591,810	)	(102,680	)	(6,009	)
Net increase (decrease) in Advisor Shares	17,942		—		(11,596	)	16,902		(92,290	)	145,934
R6 Shares:
Sales of shares	N/A		N/A		2,347,163		—		16,147,607		—
Reinvestment of distributions	N/A		N/A		73		—		—		—
Redemption of shares	N/A		N/A		—		—		(2,741,695	)	—
Net increase in R6 Shares	N/A		N/A		2,347,236		—		13,405,912		—

	Long Duration Investment- Grade Bond Fund				Total Return Fixed Income Fund
	2015		2014		2015		2014
Investor Shares:
Sales of shares	1,220,553		137,832		2,303,508		2,465,798
Reinvestment of distributions	319,847		246,555		184,626		365,110
Issued in connection with in-kind transfer (e)	—		—		1,303,649		—
Redemption of shares	(6,979	)	(2,526,453	)	(1,180,462	)	(1,912,404	)
Net increase (decrease) in Investor Shares	1,533,421		(2,142,066	)	2,611,321		918,504
Advisor Shares:
Sales of shares	N/A		N/A		18,754		17,865
Reinvestment of distributions	N/A		N/A		2,239		6,772
Redemption of shares	N/A		N/A		(60,404	)	(158,769	)
Net (decrease) in Advisor Shares	N/A		N/A		(39,411	)	(134,132	)

(a) Advisor Shares commenced operations on December 30, 2014.

(b) R6 Shares commenced operations on December 30, 2014.

(c) R6 Shares commenced operations on December 19, 2014.

(d) Fund commenced investment activities on June 23, 2014.

(e) See Note 8 in the Notes to Financial Statements.

N/A — Advisor and R6 Shares currently not offered.

107

Schroder Mutual Funds

Notes to Financial Statements (concluded)

April 30, 2015 (unaudited)

	Global Multi-Asset Income Fund				Absolute Return EMD and Currency Fund
	2015 (a)		2014 (b)		2015 (a)		2014
Investor Shares:
Sales of shares	831,907		2,482,959		3,466,383		20,137,308
Reinvestment of distributions	21,562		231		523,657		162,336
Redemption of shares	(2,634,434	)	(229	)	(10,078,437	)	(6,806,753	)
Net increase (decrease) in Investor Shares	(1,780,965	)	2,482,961		(6,088,397	)	13,492,891
Advisor Shares:
Sales of shares	17,393		105,719		244,154		5,303,627
Reinvestment of distributions	332		52		11,165		79,544
Redemption of shares	(6,331	)	(510	)	(530,826	)	(8,667,922	)
Net increase (decrease) in Advisor Shares	11,394		105,261		(275,507	)	(3,284,751	)
R6 Shares:
Sales of shares	2,331,901		—		190,823		—
Reinvestment of distributions	5		—		—		—
Net increase in R6 Shares	2,331,906		—		190,823		—

(a) R6 Shares commenced operations on December 30, 2014.

(b) Fund commenced investment activities on June 23, 2014.

NOTE 13 — LITIGATION

In May 2011, “Schroders U.S. Mutual Funds” was served with a summons and complaint in an action brought by Edward S. Weisfelner, as Litigation Trustee of the LB Litigation Trust in the case captioned Weisfelner v. A. Holmes & H. Holmes TTEE, et al. (Adv. Pro. No. 10-5525) (Bankr. S.D.N.Y.) (the “Litigation Trust Action”). In January 2012, “Schroders U.S. Mutual Funds” was served with a summons and complaint in an action brought by Edward S. Weisfelner, as trustee of the LB Creditors Trust, in the case captioned Weisfelner v. Fund 1 et al. (Adv. Pro. No. 10-04609) (the “Creditors Trust Action”). Both litigations sought to recover all payments made to shareholders in the December 2007 leveraged buyout of Lyondell Chemical Company as alleged fraudulent transfers.  On January 8, 2015, following a widely-circulated settlement offer by the plaintiffs and a consideration by the Board of Trustees, Schroder North American Equity Fund signed a settlement agreement with the plaintiffs in the litigations.  As a result, all claims against Schroder North American Equity Fund were dismissed pursuant to notices of dismissals dated January 23, 2015pursuant to which the Fund paid $204,542.40.

NOTE 14 — RECENT ACCOUNTING PRONOUNCEMENT

In May 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-07 regarding “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share”. The amendments in this update are effective for the Fund for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. ASU No. 2015-07 will eliminate the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value per share (or its equivalent) using the practical expedient in the FASB’s fair value measurement guidance. At this time, SIMNA is evaluating the implications of ASU No. 2015-07 and its impact on the financial statement disclosures has not yet been determined.

NOTE 15 — SUBSEQUENT EVENTS

The Funds have evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were available to be issued. Based on this evaluation, no adjustments were required to the financial statements as of April 30, 2015.

108

Schroder Mutual Funds

Disclosure of Fund Expenses (unaudited)

We believe it is important for you to understand the impact of fees regarding your investment. All mutual funds have operating expenses. As a shareholder of a Schroder Mutual Fund, you incur ongoing costs, which include, among others, costs for portfolio management, administrative services, and shareholder reports (like this one), and in the case of Advisor Shares, distribution (12b-1) fees. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (November 1, 2014 to April 30, 2015).

The table below illustrates your Fund’s costs in two ways.

·Actual expenses. This section helps you to estimate the actual expenses after fee waivers, if applicable, that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fourth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period.”

·Hypothetical example for comparison purposes.This section is intended to help you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had a return of 5% before expenses during the year, and that it incurred expenses at the rate of which it in the past did incur expenses. In this case, because the return used is not the Fund’s actual return, the results may not be used to estimate the actual ending balance of an account in the Fund over the period or expenses you actually paid. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses in this table based on a 5% return. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs such as redemption fees, which are described in the Prospectus. If this fee were applied to your account, your costs would be higher.

	Beginning Account Value 11/1/14			Ending Account Value 4/30/15		Net Annualized Expense Ratios		Expenses Paid During Period*
Schroder Broad Tax-Aware Value Bond Fund
Actual Expenses
Investor Shares	$	1,000.00		$	1,007.80	0.46	%	$	2.29
Advisor Shares	1,000.00		†	1,003.00		0.71		2.36		**
Hypothetical Example for Comparison Purposes
Investor Shares	$	1,000.00		$	1,022.51	0.46	%	$	2.31
Advisor Shares	1,000.00			1,021.27		0.71		3.56
Schroder Emerging Markets Multi-Sector Bond Fund
Actual Expenses
Investor Shares	$	1,000.00		$	997.00	0.90	%	$	4.46
Advisor Shares	1,000.00			995.80		1.15		5.69
R6 Shares	1,000.00		†	1,055.90		0.75		2.56		**
Hypothetical Example for Comparison Purposes
Investor Shares	$	1,000.00		$	1,020.33	0.90	%	$	4.51
Advisor Shares	1,000.00			1,019.09		1.15		5.76
R6 Shares	1,000.00			1,021.08		0.75		3.76

*Unless otherwise indicated, expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the account period, multiplied by 181/365 (to reflect the one-half year period).

**Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the account period, multiplied by 121/365.

†Beginning Account Value is from inception date.

109

Schroder Mutual Funds

Disclosure of Fund Expenses (unaudited) – (concluded)

	Beginning Account Value 11/1/14			Ending Account Value 4/30/15		Net Annualized Expense Ratios		Expenses Paid During Period*
Schroder Global Strategic Bond Fund
Actual Expenses
Investor Shares	$	1,000.00		$	968.90	0.79	%	$	3.86
Advisor Shares	1,000.00			967.80		1.04		5.07
R6 Shares	1,000.00		†	987.30		0.64		2.30		***
Hypothetical Example for Comparison Purposes
Investor Shares	$	1,000.00		$	1,020.88	0.79	%	$	3.96
Advisor Shares	1,000.00			1,019.64		1.04		5.21
R6 Shares	1,000.00			1,021.62		0.64		3.21
Schroder Long Duration Investment-Grade Bond Fund
Actual Expenses
Investor Shares	$	1,000.00		$	1,043.10	0.42	%	$	2.13
Hypothetical Example for Comparison Purposes
Investor Shares	$	1,000.00		$	1,022.71	0.42	%	$	2.11
Schroder Total Return Fixed Income Fund
Actual Expenses
Investor Shares	$	1,000.00		$	1,011.70	0.40	%	$	2.00
Advisor Shares	1,000.00			1,010.50		0.65		3.24
Hypothetical Example for Comparison Purposes
Investor Shares	$	1,000.00		$	1,022.81	0.40	%	$	2.01
Advisor Shares	1,000.00			1,021.57		0.65		3.26
Schroder Global Multi-Asset Income Fund
Actual Expenses
Investor Shares	$	1,000.00		$	1,003.80	0.85	%	$	4.22
Advisor Shares	1,000.00			1,002.60		1.10		5.46
R6 Shares	1,000.00		†	1,018.80		0.70		2.34		**
Hypothetical Example for Comparison Purposes
Investor Shares	$	1,000.00		$	1,020.58	0.85	%	$	4.26
Advisor Shares	1,000.00			1,019.34		1.10		5.51
R6 Shares	1,000.00			1,021.32		0.70		3.51
Schroder Absolute Return EMD and Currency Fund
Actual Expenses
Investor Shares	$	1,000.00		$	977.80	1.15	%	$	5.64
Advisor Shares	1,000.00			977.10		1.40		6.86
R6 Shares	1,000.00		†	994.90		1.00		3.31		**
Hypothetical Example for Comparison Purposes
Investor Shares	$	1,000.00		$	1,019.09	1.15	%	$	5.76
Advisor Shares	1,000.00			1,017.85		1.40		7.00
R6 Shares	1,000.00			1,019.84		1.00		5.01

*Unless otherwise indicated, expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the account period, multiplied by 181/365 (to reflect the one-half year period).

**Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the account period, multiplied by 121/365.

***Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the account period, multiplied by 132/365.

†Beginning Account Value is from inception date.

110

Notes

111

Privacy Statement

FACTS	WHAT DOES SCHRODERS DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ·      Social Security number and income ·      account balances and account transactions ·      assets and investment experience When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share clients’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their clients’ personal information; the reasons Schroders chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Schroders share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), or respond to court orders and legal investigations	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We Don’t Share
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We Don’t Share
For nonaffiliates to market to you	No	We Don’t Share

Questions? For Schroder Mutual Funds, call BFDS at (800) 464-3108. For other inquiries, call Institutional Client Service at (212) 641-3800 or email clientserviceny@us.schroders.com

Who we are

Who is providing this notice? ·Schroder Investment Management North America Inc. ·Schroder Mutual Funds ·Schroder Fund Advisors LLC

What we do

How does Schroders protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.   Access to personal information is limited to employees who need it to perform their jobs. Our policies restrict employee use of customer information; requiring it be held in strict confidence.

How does Schroders collect my personal information?	We collect your personal information, for example, when you ·      open an account and provide account information ·give us your contact information ·show your driver’s license or government issued ID ·enter into an investment advisory contract ·make a wire transfer
Why can’t I limit all sharing?	Federal law gives you the right to limit only ·sharing for affiliates’ everyday business purposes—information about your creditworthiness ·      affiliates from using your information to market to you ·      sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions

Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ·Our affiliates include companies with the Schroder name; financial companies such as Schroder Investment Management North America Limited and Schroder Investment Management Limited; and others, such as the parent, holding company, Schroders plc.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ·Nonaffiliates we share with can include companies that help us maintain, process or service your transactions or account(s) or financial products, including companies that perform administrative, accounting, transfer agency, custodial, brokerage or proxy solicitation services, or that assist us in marketing.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ·Schroders doesn’t jointly market.

Investment Advisor	Schroder Investment Management North America, Inc. 875 Third Avenue, 22nd Floor New York, NY
Trustees	Catherine A. Mazza (Chairman) Jay S. Calhoun Margaret M. Cannella Mark D. Gersten
Distributor	Schroder Fund Advisors LLC 875 Third Avenue, 22nd Floor New York, NY 10022
Transfer & Shareholder Servicing Agent	Boston Financial Data Services, Inc.
Custodian	JPMorgan Chase Bank
Counsel	Ropes & Gray LLP
Independent Registered Public Accounting Firm	PricewaterhouseCoopers LLP
	This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of a Fund unless accompanied or preceded by that Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
	Schroder Series Trust P.O. Box 55260 Boston, MA 02205-5260 (800) 464-3108 00149121

Item 2.   Code of Ethics.

Not applicable for semi-annual report.

Item 3.   Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4.   Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5.   Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6.   Schedule of Investments.

Not applicable.

Item 7.   Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8.   Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.   Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

None.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the investment company on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(b) There have been no changes in the registrant’s internal control over financial reporting during the period from February 1, 2015 through April 30, 2015 that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

(b)  Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Schroder Series Trust
By (Signature and Title)*	/s/ Mark A. Hemenetz
	Mark A. Hemenetz,
	Principal Executive Officer
Date: July 1, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Mark A. Hemenetz
	Mark A. Hemenetz,
	Principal Executive Officer
Date: July 1, 2015
By (Signature and Title)*	/s/ Alan M. Mandel
	Alan M. Mandel,
	Treasurer and Chief Financial Officer
Date: July 1, 2015

*     Print the name and title of each signing officer under his or her signature.