Schroder Series Trust NPORT-P Schroder Long Duration Investment-Grade Fund (Jul 2020 report)

Schroder North American Equity Fund

Schedule of Investments

July 31, 2020 (unaudited)

Shares			Value $
		COMMON STOCK – 93.4%
		Canada – 1.4%
	14,791	Alamos Gold Class A		156,473
	42,933	B2Gold		297,449
	5,434	Canadian National Railway		530,803
	2,775	Canadian Utilities Class A		71,185
	19,033	Centerra Gold		238,721
	663	Constellation Software		784,230
	72,070	Crescent Point Energy		111,378
	6,726	Dollarama		245,951
	10,574	Eldorado Gold (1)		132,861
	51,531	IAMGOLD (1)		257,376
	8,637	Kirkland Lake Gold		471,684
	8,464	Manulife Financial		113,426
	5,317	Open Text		239,324
	10,525	Parex Resources (1)		127,295
	1,621	SSR Mining (1)		38,847
	29,734	Wesdome Gold Mines (1)		304,344
				4,121,347
		Israel – 0.4%
	8,083	Check Point Software Technologies (1)		1,013,204
		United States – 91.6%
		Communication Services – 10.2%
	16,875	Activision Blizzard		1,394,381
	3,682	Alphabet Class A (1)		5,478,632
	3,404	Alphabet Class C (1)		5,047,996
	88,981	AT&T		2,632,058
	37,886	Comcast Class A		1,621,521
	13,534	Discovery Class A (1)		285,567
	19,865	Facebook Class A (1)		5,039,154
	15,346	Fox		395,466
	6,333	Glu Mobile (1)		59,784
	1,805	Madison Square Garden Entertainment (1)		127,902
	2,917	Netflix (1)		1,426,063
	239	Nexstar Media Group Class A		20,948
	5,277	Omnicom Group		283,533
	594	Take-Two Interactive Software (1)		97,428
	65,617	Verizon Communications		3,771,665
	12,388	ViacomCBS Class B		322,955
	13,573	Walt Disney (1)		1,587,226
				29,592,279
		Consumer Discretionary – 10.1%
	4,234	Amazon.com (1)		13,399,255
	11,393	American Eagle Outfitters		113,930
	5,680	Best Buy		565,671
	5,955	BorgWarner		217,953
	1,905	Capri Holdings (1)		28,537
	9,905	DR Horton		655,315
	21,458	eBay		1,186,198
	645	Etsy (1)		76,355
	9,420	Foot Locker (1)		276,854
	19,272	Ford Motor (1)		127,388
	13,268	Garmin		1,308,092

Shares			Value $
	13,918	General Motors (1)		346,419
	47,226	Gentex		1,274,630
	12,629	H&R Block		183,121
	1,875	Harley-Davidson		48,806
	13,710	Home Depot		3,639,868
	2,857	Lear (1)		315,356
	2,126	Lennar Class A		153,816
	14,680	LKQ (1)		413,829
	4,215	Lowe's		627,655
	8,648	MasterCraft Boat Holdings (1)		179,014
	5,141	McDonald's		998,794
	2,888	Meritage Homes (1)		286,432
	9,046	Nike Class B		882,980
	135	NVR (1)		530,570
	2,073	Office Depot (1)		45,751
	1,304	Ollie's Bargain Outlet Holdings (1)		137,050
	9,995	PulteGroup		435,782
	1,337	Ross Stores (1)		119,889
	2,087	Sally Beauty Holdings (1)		24,230
	1,783	Starbucks		136,453
	6,254	Tapestry (1)		83,553
	4,715	Taylor Morrison Home Class A (1)		110,567
	3,988	Yum China Holdings (1)		204,345
				29,134,458
		Consumer Staples – 9.1%
	28,061	Altria Group		1,154,710
	234	Boston Beer Class A (1)		189,643
	4,680	Brown-Forman Class B		324,511
	6,155	Church & Dwight		592,911
	3,878	Clorox		917,186
	61,018	Coca-Cola		2,882,490
	23,231	Colgate-Palmolive		1,793,433
	2,928	Costco Wholesale		953,152
	5,839	Edgewell Personal Care (1)		174,528
	16,534	General Mills		1,046,106
	2,738	Herbalife (1)		140,295
	7,466	Hershey		1,085,631
	17,542	Hormel Foods		892,186
	2,000	JM Smucker		218,700
	12,216	Kimberly-Clark		1,857,321
	1,244	Medifast		207,910
	10,238	Monster Beverage (1)		803,478
	21,545	PepsiCo		2,965,885
	23,843	Philip Morris International		1,831,381
	31,127	Procter & Gamble		4,081,372
	8,225	Tyson Foods Class A		505,426
	12,905	Walgreens Boots Alliance		525,363
	8,223	Walmart		1,064,056
				26,207,674
		Energy – 1.7%
	15,266	Berry (1)		71,827
	14,791	Bonanza Creek Energy (1)		269,048
	20,867	Chevron		1,751,576
	8,183	CNX Resources (1)		78,966
	928	Concho Resources		48,757
	4,145	ConocoPhillips		154,982
	25,254	ExxonMobil		1,062,688

 

Schroder North American Equity Fund

Schedule of Investments

July 31, 2020 (unaudited)

Shares			Value $
	7,089	Helmerich & Payne		126,397
	2,956	International Seaways		51,050
	27,933	Marathon Oil (1)		153,352
	38,220	Northern Oil and Gas (1)		30,633
	1,427	Oneok		39,827
	13,178	PDC Energy (1)		187,918
	4,391	Phillips 66		272,330
	5,159	Renewable Energy Group (1)		142,285
	420	REX American Resources (1)		28,623
	28,506	SM Energy		84,093
	11,674	Talos Energy (1)		79,500
	2,379	Valero Energy		133,771
				4,767,623
		Financials – 9.4%
	4,596	Affiliated Managers Group		316,159
	38,760	Aflac		1,378,693
	2,979	American Financial Group		181,034
	7,020	Ameriprise Financial		1,078,483
	1,114	Aon Class A		228,615
	4,091	Assured Guaranty		89,306
	2,847	Athene Holding Class A (1)		91,816
	59,225	Bank of America		1,473,518
	13,920	Berkshire Hathaway Class B (1)		2,725,258
	9,828	Capital One Financial		627,026
	32,439	Citigroup		1,622,274
	8,724	Eaton Vance		315,285
	1,468	FactSet Research Systems		508,368
	32,033	Federated Investors Class B		844,390
	6,857	Franklin Resources		144,340
	15,469	Globe Life		1,231,332
	6,026	Goldman Sachs Group		1,192,907
	9,413	Houlihan Lokey Class A		515,832
	38,806	JPMorgan Chase		3,750,212
	11,944	Lincoln National		445,153
	15,229	MetLife		576,418
	16,771	MGIC Investment		138,696
	20,070	Morgan Stanley		981,022
	234	MSCI Class A		87,979
	5,353	Principal Financial Group		227,128
	3,045	Prudential Financial		192,961
	3,881	S&P Global		1,359,320
	20,638	Synchrony Financial		456,719
	12,925	T. Rowe Price Group		1,784,943
	6,089	Truist Financial		228,094
	2,960	U.S. Bancorp		109,046
	21,917	Unum Group		377,630
	76,244	Wells Fargo		1,849,680
				27,129,637
		Healthcare – 16.9%
	13,867	Abbott Laboratories		1,395,575
	31,772	AbbVie		3,015,480
	2,938	Alexion Pharmaceuticals (1)		301,116
	11,582	Amgen		2,833,768
	3,853	Anthem		1,054,952
	851	Becton Dickinson		239,420
	5,703	Biogen (1)		1,566,557
	46,243	Bristol-Myers Squibb		2,712,614

 

Shares		Value $
896	Chemed	441,002
1,628	Cigna	281,139
5,920	CVS Health	372,605
6,499	Danaher	1,324,496
14,736	Edwards Lifesciences (1)	1,155,450
17,196	Eli Lilly	2,584,387
16,611	Gilead Sciences	1,154,963
1,201	Idexx Laboratories (1)	477,698
1,277	Jazz Pharmaceuticals (1)	138,235
36,883	Johnson & Johnson	5,376,066
4,480	Laboratory Corp. of America Holdings (1)	864,282
21,821	Medtronic	2,105,290
43,320	Merck	3,475,997
818	Mettler-Toledo International (1)	764,830
38,426	Mylan (1)	619,043
95,875	Pfizer	3,689,270
11,865	Premier Class A (1)	414,919
12,301	Quest Diagnostics	1,563,088
2,934	ResMed	594,164
6,849	Stryker	1,323,912
3,511	Thermo Fisher Scientific	1,453,378
14,366	UnitedHealth Group	4,349,738
470	Veeva Systems Class A (1)	124,348
4,087	Waters (1)	871,144
1,081	West Pharmaceutical Services	290,649
		48,929,575
	Industrials – 5.6%
14,632	3M	2,201,677
3,279	Acuity Brands	324,949
7,174	ADT	61,768
5,232	Allegion	520,375
9,321	Allison Transmission Holdings Class A	348,233
8,149	AMETEK	759,894
617	Caterpillar	81,987
477	Cintas	143,992
8,281	Copart (1)	772,204
3,329	Crane	188,321
2,732	Cubic	114,744
4,232	Curtiss-Wright	377,156
5,443	Donaldson	263,115
4,140	Dover	426,130
14,867	Emerson Electric	921,903
3,523	Expeditors International of Washington	297,729
2,156	Exponent	181,233
19,272	Fastenal	906,555
7,264	Graco	386,735
3,380	HEICO	324,885
9,605	Honeywell International	1,434,699
2,822	Hubbell Class B	380,885
1,382	IDEX	227,781
4,472	Illinois Tool Works	827,275
3,369	MasTec (1)	134,019
1,387	Norfolk Southern	266,595
9,692	Quanta Services	387,389
4,283	Raytheon Technologies	242,760
7,023	Union Pacific	1,217,437
1,367	United Parcel Service Class B	195,153

 

Schroder North American Equity Fund

Schedule of Investments

July 31, 2020 (unaudited)

Shares			Value $
	1,480	Verisk Analytics Class A		279,291
	8,532	Waste Management		935,107
				16,131,976
		Information Technology – 26.4%
	3,590	Accenture Class A		806,960
	4,074	Adobe (1)		1,810,160
	3,412	Advanced Energy Industries (1)		251,021
	18,879	Amdocs		1,172,386
	4,685	Analog Devices		538,072
	40,432	Apple		17,185,217
	11,128	Automatic Data Processing		1,479,023
	6,872	Avaya Holdings (1)		87,000
	6,441	Broadcom		2,040,187
	2,694	Broadridge Financial Solutions		361,912
	2,919	CDK Global		132,698
	71,767	Cisco Systems		3,380,226
	282	Citrix Systems		40,258
	5,762	Cornerstone OnDemand (1)		204,609
	842	Enphase Energy (1)		50,823
	1,304	EPAM Systems (1)		378,264
	6,937	Fidelity National Information Services		1,014,953
	2,441	First Solar (1)		145,362
	16,428	Fiserv (1)		1,639,350
	13,664	HP		240,213
	2,684	II-VI (1)		136,133
	66,058	Intel		3,152,949
	3,655	International Business Machines		449,346
	3,974	Intuit		1,217,514
	577	Jack Henry & Associates		102,879
	4,252	KBR		94,565
	427	Kla-Tencor		85,327
	1,375	Lam Research		518,595
	7,112	Mastercard Class A		2,194,265
	82,790	Microsoft		16,972,778
	2,004	NetApp		88,777
	4,054	NVIDIA		1,721,288
	1,441	Onto Innovation (1)		54,499
	44,037	Oracle		2,441,852
	16,368	Paychex		1,177,187
	13,576	PayPal Holdings (1)		2,661,846
	2,423	Qorvo (1)		310,508
	11,522	QUALCOMM		1,216,838
	2,619	salesforce.com (1)		510,312
	273	ServiceNow (1)		119,902
	2,322	SolarEdge Technologies (1)		406,582
	16,264	Texas Instruments		2,074,473
	20,156	Visa Class A		3,837,702
	1,034	VMware Class A (1)		144,977
	38,491	Western Union		934,562
	7,266	Xilinx		780,005
				76,364,355
		Materials – 0.6%
	5,851	Celanese Class A		568,717
	820	Ingevity (1)		47,954
	6,694	LyondellBasell Industries Class A		418,509
	2,879	Minerals Technologies		134,968
	4,173	Newmont Mining		288,772

 

Shares			Value $
	2,986	PPG Industries		321,443
	1,114	Steel Dynamics		30,535
				1,810,898
		Real Estate – 0.4%
	1,390	American Tower Class A REIT		363,332
	1,072	Crown Castle International REIT		178,702
	12,663	Newmark Group Class A		51,538
	2,601	Public Storage REIT		519,888
				1,113,460
		Utilities – 1.2%
	10,810	AES		164,636
	6,482	Centerpoint Energy		123,223
	4,435	Consolidated Edison		340,741
	4,673	Edison International		260,146
	13,191	Exelon		509,305
	2,848	FirstEnergy		82,592
	7,793	MDU Resources Group		163,497
	5,402	National Fuel Gas		219,159
	3,090	NextEra Energy		867,363
	5,118	NRG Energy		173,040
	8,175	PPL		217,618
	2,640	Public Service Enterprise Group		147,682
	2,838	Southern		154,983
	3,937	UGI		131,260
				3,555,245
		Total United States		264,737,180
		TOTAL COMMON STOCK
		(Cost $168,214,166)		269,871,731
		TOTAL INVESTMENTS IN SECURITIES – 93.4%
		(Cost $168,214,166)		269,871,731
		OTHER ASSETS LESS LIABILITIES – 6.6%		19,035,079
		NET ASSETS – 100%	$	288,906,810

 

(1)   Denotes non-income producing security.

Schroder North American Equity Fund

Schedule of Investments

July 31, 2020 (unaudited)

The open futures contracts held by the Fund at July 31, 2020, are as follows:

Type of Contract	Number of Contracts Long	Expiration Date	Notional Amount		Value		Unrealized Appreciation
S&P 500 Index E-MINI	90	Sep-2020	$	14,059,156	$	14,685,750	$	626,594

A summary of the outstanding forward foreign currency contracts held by the Fund at July 31, 2020, is as follows:

Counterparty	Settlement Date	Currency to Deliver		Currency to Receive		Unrealized Depreciation
JPMorgan Chase Bank	08/26/20	CAD	5,239,535	USD	3,849,869	$	(62,065	)

CAD — Canadian Dollar

REIT — Real Estate Investment Trust

S&P — Standard & Poor's

USD — United States Dollar

The following is a summary of the inputs used as of July 31, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities (1)(2)	Level 1		Level 2		Level 3		Total
Common Stock	$	269,871,731	$	—	$	—	$	269,871,731
Total Investments in Securities	$	269,871,731	$	—	$	—	$	269,871,731

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Futures — Unrealized Appreciation	$	626,594	$	—		$	—	$	626,594
Forwards — Unrealized Depreciation		—		(62,065	)		—		(62,065	)
Total Other Financial Instruments	$	626,594	$	(62,065	)	$	—	$	564,529

(1) For the period ended July 31, 2020, there were no transfers in or out of Level 3.

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

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

SCH -QH-002-0800

Schroder Core Bond Fund

Schedule of Investments

July 31, 2020 (unaudited)

Principal Amount ($)			Value $
		CORPORATE OBLIGATIONS – 56.0%
		Communication Services – 4.9%
		AT&T
	97,000	4.500%, 05/15/35		116,440
	100,000	4.300%, 02/15/30		120,122
	450,000	3.400%, 05/15/25		500,555
	229,000	3.000%, 06/30/22		239,120
	1,041,000	2.750%, 06/01/31		1,114,518
	250,000	1.650%, 02/01/28		254,424
		Comcast
	95,000	4.700%, 10/15/48		136,157
	400,000	3.950%, 10/15/25		463,425
	245,000	2.650%, 02/01/30		271,263
		Discovery Communications LLC
	379,000	3.625%, 05/15/30		420,530
	124,000	2.950%, 03/20/23		130,495
		T-Mobile USA (1)
	818,000	3.875%, 04/15/30		936,814
		Verizon Communications
	137,000	4.329%, 09/21/28		169,134
	160,000	4.016%, 12/03/29		195,304
	142,000	3.150%, 03/22/30		162,999
	303,000	1.492%, VAR ICE LIBOR USD 3 Month+1.100%, 05/15/25		310,096
		Vodafone Group
	227,000	1.261%, VAR ICE LIBOR USD 3 Month+0.990%, 01/16/24		227,890
				5,769,286
		Consumer Discretionary – 2.1%
		Amazon.com
	900,000	1.500%, 06/03/30		931,772
		AutoNation
	59,000	4.500%, 10/01/25		64,863
		Cox Communications (1)
	227,000	3.150%, 08/15/24		246,405
		Ford Motor
	77,000	9.000%, 04/22/25		90,716
		General Motors
	296,000	6.125%, 10/01/25		345,985
		General Motors Financial
	300,000	3.250%, 01/05/23		310,341
		Magna International
	71,000	4.150%, 10/01/25		80,498
		McDonald's MTN
	209,000	3.625%, 09/01/49		247,957
		Scientific Games International (1)
	105,000	5.000%, 10/15/25		104,081
				2,422,618
		Consumer Staples – 4.2%
		Albertsons (1)
	133,000	5.875%, 02/15/28		145,635
		Altria Group
	109,000	4.400%, 02/14/26		126,771

 

Principal Amount ($)			Value $
		Anheuser-Busch InBev Worldwide
	495,000	4.150%, 01/23/25		564,864
		Archer-Daniels-Midland
	510,000	3.250%, 03/27/30		595,385
		BAT Capital
	65,000	3.557%, 08/15/27		71,574
	193,000	3.222%, 08/15/24		208,555
	317,000	2.764%, 08/15/22		329,597
		Boston Scientific
	116,000	3.450%, 03/01/24		126,509
		CVS Health
	105,000	5.050%, 03/25/48		144,637
	243,000	4.300%, 03/25/28		288,684
	100,000	4.250%, 04/01/50		127,121
		Kimberly-Clark
	170,000	3.100%, 03/26/30		198,014
		PepsiCo
	320,000	2.625%, 07/29/29		363,186
		Pfizer
	250,000	2.625%, 04/01/30		282,745
		Procter & Gamble
	715,000	3.000%, 03/25/30		843,316
		Reynolds American
	21,000	5.850%, 08/15/45		27,768
		RJ Reynolds Tobacco
	401,000	3.750%, 05/20/23		413,529
		Tyson Foods
	7,000	3.550%, 06/02/27		7,973
				4,865,863
		Energy – 3.5%
		BP Capital Markets
	96,000	2.500%, 11/06/22		100,239
		Canadian Natural Resources
	171,000	6.250%, 03/15/38		215,789
		Duke Energy
	379,000	2.450%, 06/01/30		409,897
		Enbridge
	91,000	4.250%, 12/01/26		105,245
		Energy Transfer Operating
	205,000	3.750%, 05/15/30		202,742
		Energy Transfer Partners
	176,000	5.250%, 04/15/29		191,178
	355,000	3.600%, 02/01/23		365,509
		Engie Energia Chile (1)
	200,000	3.400%, 01/28/30		213,300
		Enterprise Products Operating LLC
	238,000	4.200%, 01/31/50		276,610
		EOG Resources
	183,000	2.625%, 03/15/23		192,576
		Equinor
	505,000	2.375%, 05/22/30		542,607
		Marathon Petroleum
	185,000	4.500%, 05/01/23		200,470

 

Schroder Core Bond Fund

Schedule of Investments

July 31, 2020 (unaudited)

Principal Amount ($)			Value $
		MPLX
	188,000	4.500%, 04/15/38		200,565
		Phillips 66 Partners
	135,000	3.750%, 03/01/28		143,169
	186,000	3.605%, 02/15/25		199,607
		Plains All American Pipeline
	235,000	3.550%, 12/15/29		232,136
		Sabine Pass Liquefaction LLC (1)
	72,000	4.500%, 05/15/30		83,057
		Williams Partners
	200,000	4.300%, 03/04/24		218,837
				4,093,533
		Financials – 24.6%
		Aflac
	2,000	6.450%, 08/15/40		2,962
		AIB Group MTN (1)
	400,000	4.263%, VAR ICE LIBOR USD 3 Month+1.874%, 04/10/25		431,609
		American International Group
	303,000	3.900%, 04/01/26		348,991
	181,000	3.300%, 03/01/21		183,732
		Andrew W Mellon Foundation
	358,000	0.947%, 08/01/27		359,466
		AXA Equitable Holdings
	202,000	5.000%, 04/20/48		254,661
	244,000	4.350%, 04/20/28		282,013
		Bank of America
	10,000	5.875%, 01/05/21		10,234
	464,000	3.004%, VAR ICE LIBOR USD 3 Month+0.790%, 12/20/23		489,001
		Bank of America MTN
	449,000	3.500%, 04/19/26		509,269
	493,000	3.248%, 10/21/27		551,616
	304,000	2.884%, VAR ICE LIBOR USD 3 Month+0.012%, 10/22/30		334,338
	40,000	2.456%, VAR ICE LIBOR USD 3 Month+0.870%, 10/22/25		42,448
		Bank of Ireland Group (1)
	510,000	4.500%, 11/25/23		551,499
		Bank of New York Mellon MTN
	518,000	1.950%, 08/23/22		534,985
		Banque Federative du Credit Mutuel MTN (1)
	210,000	2.700%, 07/20/22		218,162
		Barclays
	200,000	4.337%, 01/10/28		227,221
		Barclays Bank
	650,000	10.179%, 06/12/21 (1)		698,139
	1,090,000	2.852%, VAR ICE LIBOR USD 3 Month+2.452%, 05/07/26		1,155,587
		BNP Paribas (1)
	605,000	2.219%, VAR United States Secured Overnight Financing Rate+2.074%, 06/09/26		630,141

 

Principal Amount ($)			Value $
		Camden Property Trust
	56,000	3.150%, 07/01/29		63,583
		Capital One Financial
	58,000	3.750%, 03/09/27		65,195
	500,000	2.150%, 09/06/22		514,808
		Citigroup
	335,000	4.300%, 11/20/26		386,041
	1,425,000	3.200%, 10/21/26		1,582,275
	9,000	2.700%, 03/30/21		9,140
		Cooperatieve Rabobank UA MTN
	389,000	3.875%, 02/08/22		409,343
		Credit Agricole MTN (1)
	280,000	1.284%, VAR ICE LIBOR USD 3 Month+1.020%, 04/24/23		281,999
		Credit Suisse Group (1)
	522,000	3.869%, VAR ICE LIBOR USD 3 Month+1.410%, 01/12/29		586,996
	265,000	2.997%, VAR ICE LIBOR USD 3 Month+1.200%, 12/14/23		276,433
		Fifth Third Bancorp
	408,000	3.650%, 01/25/24		447,318
	545,000	2.375%, 01/28/25		578,584
		GE Capital International Funding Unlimited
	672,000	3.373%, 11/15/25		709,978
		Goldman Sachs Group
	121,000	4.750%, 10/21/45		167,221
	303,000	3.814%, VAR ICE LIBOR USD 3 Month+1.158%, 04/23/29		350,018
	120,000	3.500%, 11/16/26		133,885
	65,000	2.875%, 02/25/21		65,786
	64,000	2.625%, 04/25/21		64,938
		HCP
	169,000	3.250%, 07/15/26		188,453
		Healthcare Realty Trust
	200,000	2.400%, 03/15/30		197,656
		HSBC Holdings
	200,000	4.950%, 03/31/30		244,817
	1,171,000	2.633%, VAR ICE LIBOR USD 3 Month+1.140%, 11/07/25		1,225,391
	667,000	2.099%, VAR United States Secured Overnight Financing Rate+1.929%, 06/04/26		682,742
		JPMorgan Chase
	426,000	4.625%, 05/10/21		440,078
	50,000	4.500%, 01/24/22		53,010
	360,000	3.220%, VAR ICE LIBOR USD 3 Month+1.155%, 03/01/25		389,705
	174,000	2.950%, 10/01/26		193,388
	195,000	2.700%, 05/18/23		206,252
	915,000	2.005%, VAR United States Secured Overnight Financing Rate+1.585%, 03/13/26		954,748
		Liberty Mutual Group Inc (1)
	188,000	3.950%, 05/15/60		220,836

Schroder Core Bond Fund

Schedule of Investments

July 31, 2020 (unaudited)

Principal Amount ($)			Value $
		Lloyds Banking Group
	530,000	2.438%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+1.000%, 02/05/26		556,492
		Mastercard
	110,000	3.850%, 03/26/50		146,574
		Metropolitan Life Global Funding I (1)
	1,150,000	2.950%, 04/09/30		1,321,028
		Moody's
	119,000	4.875%, 02/15/24		135,212
		Morgan Stanley
	397,000	3.625%, 01/20/27		457,043
		Morgan Stanley MTN
	200,000	3.950%, 04/23/27		228,653
	300,000	3.750%, 02/25/23		324,178
	543,000	2.750%, 05/19/22		564,595
	169,000	2.500%, 04/21/21		171,769
		Natwest Group
	560,000	3.073%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+2.550%, 05/22/28		601,205
		Prudential
	475,000	3.125%, 04/14/30		528,083
		Royal Bank of Scotland Group
	325,000	6.125%, 12/15/22		355,905
		State Street (1)
	206,000	3.152%, VAR United States Secured Overnight Financing Rate+2.650%, 03/30/31		237,648
		Truist Bank
	1,334,000	2.250%, 03/11/30		1,405,328
		US Bancorp MTN
	262,000	2.625%, 01/24/22		270,353
		Wells Fargo MTN
	296,000	2.879%, VAR ICE LIBOR USD 3 Month+1.170%, 10/30/30		321,363
	360,000	2.406%, VAR ICE LIBOR USD 3 Month+0.825%, 10/30/25		378,836
	783,000	2.393%, VAR United States Secured Overnight Financing Rate+2.100%, 06/02/28		820,271
		Wells Fargo
	215,000	3.069%, 01/24/23		222,581
	281,000	3.000%, 04/22/26		307,777
				28,861,585
		Healthcare – 4.3%
		Abbott Laboratories
	494,000	3.400%, 11/30/23		539,059
	452,000	1.400%, 06/30/30		464,449

Principal Amount ($)		Value $
	AbbVie
143,000	3.850%, 06/15/24 (1)	158,184
140,000	3.800%, 03/15/25 (1)	156,850
274,000	3.600%, 05/14/25	306,434
88,000	3.450%, 03/15/22 (1)	91,527
28,000	3.200%, 11/06/22	29,511
607,000	3.200%, 11/21/29 (1)	682,274
	Aetna
299,000	2.800%, 06/15/23	316,439
	Anthem
15,000	4.101%, 03/01/28	17,904
	Bayer US Finance II LLC (1)
712,000	3.875%, 12/15/23	778,632
	Becton Dickinson
153,000	3.734%, 12/15/24	170,264
	Cardinal Health
212,000	3.079%, 06/15/24	228,254
	CommonSpirit Health
210,000	3.347%, 10/01/29	221,455
	Merck
257,000	2.750%, 02/10/25	280,695
	Shire Acquisitions Investments Ireland DAC
195,000	2.400%, 09/23/21	198,888
	UnitedHealth Group
325,000	3.875%, 12/15/28	392,524
		5,033,343
	Industrials – 1.8%
	3M
163,000	3.050%, 04/15/30	189,423
	CSX
80,000	3.800%, 04/15/50	101,737
	Deere
350,000	3.100%, 04/15/30	407,699
	DuPont de Nemours
420,000	2.169%, 05/01/23	428,585
	General Electric MTN
65,000	3.100%, 01/09/23	68,524
	Lockheed Martin
18,000	3.550%, 01/15/26	20,676
	Novelis (1)
131,000	4.750%, 01/30/30	136,668
	Raytheon Technologies (1)
257,000	3.200%, 03/15/24	278,756
	Titan Acquisition (1)
102,000	7.750%, 04/15/26	100,725
	United Technologies
205,000	3.950%, 08/16/25	237,460
	Xylem
135,000	1.950%, 01/30/28	140,336
		2,110,589

Schroder Core Bond Fund

Schedule of Investments

July 31, 2020 (unaudited)

Principal Amount ($)			Value $
		Information Technology – 5.8%
		Apple
	315,000	3.000%, 06/20/27		357,122
	705,000	1.650%, 05/11/30		740,701
		Broadcom (1)
	1,120,000	4.700%, 04/15/25		1,280,894
		Intel
	877,000	3.900%, 03/25/30		1,070,047
		Microsoft
	127,000	4.100%, 02/06/37		170,112
	74,000	2.525%, 06/01/50		81,231
	663,000	2.400%, 08/08/26		730,101
		NVIDIA
	292,000	3.500%, 04/01/40		350,740
		Oracle
	915,000	3.600%, 04/01/40		1,083,401
	424,000	3.600%, 04/01/50		507,414
		salesforce.com
	406,000	3.700%, 04/11/28		482,252
				6,854,015
		Real Estate – 2.8%
		American Tower REIT
	96,000	3.700%, 10/15/49		117,030
	185,000	2.400%, 03/15/25		197,961
		Boston Properties REIT
	425,000	3.400%, 06/21/29		475,945
		Crown Castle International REIT
	8,000	3.800%, 02/15/28		9,319
	210,000	3.200%, 09/01/24		228,921
		ERP Operating REIT
	351,000	3.000%, 07/01/29		396,476
		Kimco Realty
	1,358,000	2.700%, 10/01/30		1,402,664
		Simon Property Group REIT
	237,000	2.000%, 09/13/24		244,774
		Ventas Realty REIT
	250,000	3.125%, 06/15/23		258,618
				3,331,708
		Utilities – 2.0%
		Entergy
	480,000	2.800%, 06/15/30		529,920
		Exelon
	31,000	2.450%, 04/15/21		31,385
		Mexico Generadora de Energia (1)
	159,774	5.500%, 12/06/32		175,333
		Pacific Gas and Electric
	1,140,000	2.500%, 02/01/31		1,144,068
		Southern
	403,000	2.950%, 07/01/23		428,181
				2,308,887
		TOTAL CORPORATE OBLIGATIONS
		(Cost $60,075,616)		65,651,427

Principal Amount ($)			Value $
		U.S. TREASURY OBLIGATIONS – 18.1%
		United States Treasury Bill (2)
	985,000	0.125%, 09/10/20		984,904
		United States Treasury Bonds
	288,200	3.375%, 11/15/48		441,824
	43,000	3.125%, 05/15/48		62,926
	614,200	3.000%, 05/15/47		873,340
	53,600	3.000%, 08/15/48		76,983
	177,800	2.750%, 08/15/47		242,725
	28,900	2.750%, 11/15/47		39,523
	525,700	2.375%, 11/15/49		680,289
	131,300	2.250%, 08/15/49		165,484
	390,000	2.000%, 02/15/50		468,564
	3,626,000	1.250%, 05/15/50		3,673,733
	634,000	1.125%, 05/15/40		650,766
		United States Treasury Inflation Indexed Bonds
	803,245	0.750%, 07/15/28		925,130
		United States Treasury Notes
	3,090,000	1.500%, 11/30/21		3,146,248
	2,294,000	1.500%, 08/15/22		2,358,519
	6,500	1.500%, 02/15/30		7,094
	304,700	0.625%, 05/15/30		307,223
	25,300	0.500%, 03/15/23		25,553
	517,400	0.500%, 06/30/27		521,361
	4,999,500	0.375%, 03/31/22		5,019,615
	296,000	0.250%, 06/15/23		297,098
	203,000	0.125%, 05/15/23		203,024
		TOTAL U.S. TREASURY OBLIGATIONS
		(Cost $19,933,934)		21,171,926
		U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS – 13.5%
		Federal Home Loan Mortgage Corporation – 4.9%
		FHLMC
	725,424	4.500%, 08/01/48		779,846
	580,777	4.500%, 12/01/48		624,244
	529,800	4.000%, 11/01/48		562,991
	390,780	4.000%, 01/01/49		414,497
	304,558	3.500%, 05/01/46		325,381
	2,824,000	2.000%, 08/01/50		2,923,233
		FHLMC Gold
	9,721	4.500%, 10/01/24		10,213
	106,681	3.000%, 01/01/43		117,145
				5,757,550
		Federal National Mortgage  Association – 7.2%
		FNMA
	23,873	5.000%, 10/01/29		26,325
	148,939	4.500%, 12/01/47		160,221
	263,627	4.500%, 08/01/48		283,149
	622,755	4.500%, 10/01/48		669,773

 

Schroder Core Bond Fund
Schedule of Investments

July 31, 2020 (unaudited)

Principal Amount ($)			Value $
	548,321	4.500%, 11/01/48		589,227
	412,602	4.000%, 12/01/47		439,981
	41,274	4.000%, 12/01/48		43,769
	804,405	4.000%, 08/01/49		854,076
	1,518,861	3.500%, 11/01/47		1,605,870
	1,151,664	3.500%, 02/01/50		1,213,225
	204,424	3.000%, 06/01/43		222,310
	80,640	3.000%, 07/01/43		86,759
	909,089	3.000%, 01/01/50		962,480
	1,216,349	3.000%, 02/01/50		1,287,785
				8,444,950
		Government National Mortgage Association – 1.4%
		GNMA
	427,525	5.000%, 08/20/48		464,752
	524,572	5.000%, 10/20/48		572,438
	240,994	4.500%, 10/20/48		259,340
		GNMA, Series 147, Class AK
	212,144	2.601%, 04/16/54 (3)		222,866
		GNMA IO, Series 123, Class IO
	1,657,189	0.748%, 12/16/51 (3)		67,066
				1,586,462
		TOTAL U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS
		(Cost $15,322,366)		15,788,962
		TAXABLE MUNICIPAL BONDS – 6.1%
		California – 1.6%
		California State University RB, Series B
	175,000	3.065%, 11/01/42		186,890
	200,000	2.965%, 11/01/39		212,274
		State Health Facilities Financing Authority RB
	235,000	2.864%, 06/01/31		252,023
	180,000	2.704%, 06/01/30		193,342
	115,000	2.584%, 06/01/29		123,696
		State of California Department of Water Resources RB
	155,000	1.409%, 12/01/29		156,328
	205,000	1.319%, 12/01/28		206,507
		University of California RB, Series BG
	485,000	1.614%, 05/15/30		495,103
				1,826,163
		Connecticut – 0.1%
		State of Connecticut GO, Series A
	65,000	2.677%, 07/01/30		70,548
	65,000	2.627%, 07/01/29		70,337
				140,885
		Massachusetts – 0.4%
		Commonwealth of Massachusetts GO, Series C
	443,000	2.514%, 07/01/41		467,653

 

Principal Amount ($)			Value $
		New Jersey – 0.2%
		State Economic Development Authority RB, Series A, NATL
	205,000	7.425%, 02/15/29		255,162
		New York – 1.0%
		Port Authority of New York & New Jersey RB, Series AAA
	1,160,000	1.086%, 07/01/23		1,174,778
		Ohio – 0.6%
		American Municipal Power RB, Series B
	40,000	8.084%, 02/15/50		76,519
		Northeast Ohio Regional Sewer District RB
	210,000	3.200%, 11/15/44		219,956
		State Turnpike & Infrastructure Commission RB
	430,000	3.216%, 02/15/48		452,966
				749,441
		Pennsylvania – 0.3%
		Philadelphia Authority for Industrial Development RB
	350,000	3.964%, 04/15/26		379,624
		Texas – 1.1%
		Cities of Dallas and Fort Worth RB
	510,000	3.089%, 11/01/40		517,380
		State Transportation Commission GO
	780,000	2.562%, 04/01/42		812,237
				1,329,617
		Washington – 0.8%
		Pierce County School District No. 10 Tacoma GO
	845,000	2.357%, 12/01/39		875,006
		TOTAL TAXABLE MUNICIPAL BONDS
		(Cost $6,918,397)		7,198,329
		ASSET-BACKED SECURITIES – 2.5%
		Cedar Funding VI CLO, Series 2018-6A, Class AR (1)
	645,000	1.362%, VAR ICE LIBOR USD 3 Month+1.090%, 10/20/28		637,066
		Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB4, Class AF1
	19,158	5.000%, 03/25/31		19,413
		Dewolf Park CLO, Series 2017-1A, Class A (1)
	500,000	1.485%, VAR ICE LIBOR USD 3 Month+1.210%, 10/15/30		493,526

 

Schroder Core Bond Fund

Schedule of Investments

July 31, 2020 (unaudited)

Principal Amount ($)			Value $
		Goldentree Loan Management, Series 2017-2A, Class A (1)
	606,000	1.422%, VAR ICE LIBOR USD 3 Month+1.150%, 11/28/30		596,344
		Madison Park Funding XXVI, Series 2017-26A, Class AR (1)
	600,000	1.470%, VAR ICE LIBOR USD 3 Month+1.200%, 07/29/30		586,632
		Octagon Investment Partners 30, Series 2017-1A, Class A1 (1)
	250,000	1.592%, VAR ICE LIBOR USD 3 Month+1.320%, 03/17/30		245,207
		Towd Point Mortgage Trust, Series 2015-6, Class A1 (1) (3)
	27,553	3.500%, 04/25/55		28,204
		Towd Point Mortgage Trust, Series 2017-3, Class A1 (1) (3)
	202,278	2.750%, 07/25/57		207,498
		Towd Point Mortgage Trust, Series 2017-4, Class A1 (1) (3)
	110,535	2.750%, 06/25/57		114,457
		TOTAL ASSET-BACKED SECURITIES
		(Cost $2,965,634)		2,928,347
		COLLATERALIZED MORTGAGE OBLIGATIONS – 2.5%
		CAL Funding III, Series 2017-1A, Class A (1)
	285,658	3.620%, 06/25/42		285,640
		Flagstar Mortgage Trust, Series 2017-2, Class A5 (1) (3)
	244,513	3.500%, 10/25/47		246,064
		Impac Secured Assets Trust, Series 2006-1, Class 2A2
	47,983	0.582%, VAR ICE LIBOR USD 1 Month+0.410%, 05/25/36		45,149
		Impac Secured Assets Trust, Series 2006-2, Class 2M1
	130,000	0.672%, VAR ICE LIBOR USD 1 Month+0.500%, 08/25/36		129,011
		JPMorgan Mortgage Trust, Series 2015-3, Class A5 (1) (3)
	28,814	3.500%, 05/25/45		28,894
		JPMorgan Mortgage Trust, Series 2016-3, Class 1A3 (1) (3)
	278,568	3.492%, 10/25/46		281,341
		JPMorgan Mortgage Trust, Series 2017-1, Class A4 (1) (3)
	391,454	3.500%, 01/25/47		396,809
		JPMorgan Mortgage Trust, Series 2017-3, Class 1A5 (1) (3)
	159,320	3.500%, 08/25/47		160,135
		JPMorgan Mortgage Trust, Series 2018-8, Class A15 (1) (3)
	1,996	4.000%, 01/25/49		1,993

 

Principal Amount ($)			Value $
		Madison Park Funding XVIII, Series 2017-18A, Class A1R (1)
	800,000	1.461%, VAR ICE LIBOR USD 3 Month+1.190%, 10/21/30		788,407
		Sequoia Mortgage Trust, Series 2015-2, Class A10 (1) (3)
	103,933	3.500%, 05/25/45		105,266
		Sequoia Mortgage Trust, Series 2015-3, Class A4 (1) (3)
	109,072	3.500%, 07/25/45		110,005
		Textainer Marine Containers V, Series 2017-1A, Class A (1)
	70,797	3.720%, 05/20/42		70,558
		Textainer Marine Containers V, Series 2017-2A, Class A (1)
	167,695	3.520%, 06/20/42		167,292
		Towd Point Mortgage Trust, Series 2017-2, Class A1 (1) (3)
	100,102	2.750%, 04/25/57		102,176
		TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
		(Cost $2,929,779)		2,918,740
		SOVEREIGN GOVERNMENTS – 0.5%
		Mexico Government International Bond
	380,000	3.250%, 04/16/30		388,930
		Peruvian Government International Bond
	175,000	2.783%, 01/23/31		194,863
	65,000	2.392%, 01/23/26		69,095
		TOTAL SOVEREIGN GOVERNMENTS
		(Cost $618,099)		652,888
		TOTAL INVESTMENTS IN SECURITIES – 99.2%
		(Cost $108,763,825)		116,310,619
		OTHER ASSETS LESS LIABILITIES – 0.8%		886,234
		NET ASSETS – 100%	$	117,196,853

(1)	Security exempt from registration under Rule 144A of the Securities Act of 1933.  This security may be resold in transactions exempt from registration normally to qualified institutions.  On July 31, 2020, the value of these securities amounted to $16,677,139, representing 14.2% of the net assets of the Fund.
(2)	Zero Coupon Security — Rate disclosed is the effective yield at time of purchase.
(3)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

Schroder Core Bond Fund

Schedule of Investments

July 31, 2020 (unaudited)

CLO — Collateralized Loan Obligation

FHLMC — Federal Home Loan Mortgage Corporation

DAC — Designated Activity Company

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

GO — General Obligation

ICE — Intercontinental Exchange

IO — Interest Only

LIBOR — London Interbank Offered Rate

LLC — Limited Liability Corporation

MTN — Medium Term Note

NATL — National Public Finance Guarantee Corporation

RB — Revenue Bond

REIT — Real Estate Investment Trust

USD — United States Dollar

VAR — Variable Rate

The following is a summary of the inputs used as of July 31, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities (1)	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	65,651,427	$	—	$	65,651,427
U.S. Treasury Obligations		—		21,171,926		—		21,171,926
U.S. Government Mortgage-Backed Obligations		—		15,788,962		—		15,788,962
Taxable Municipal Bonds		—		7,198,329		—		7,198,329
Asset-Backed Securities		—		2,928,347		—		2,928,347
Collateralized Mortgage Obligations		—		2,918,740		—		2,918,740
Sovereign Governments		—		652,888		—		652,888
Total Investments in Securities	$	—	$	116,310,619	$	—	$	116,310,619

(1) For the period ended July 31, 2020, there were no transfers in or out of Level 3.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

Schroder Long Duration Investment-Grade Bond Fund

Schedule of Investments

July 31, 2020 (unaudited)

Principal Amount ($)			Value $
		CORPORATE OBLIGATIONS – 61.2%
		Communication Services – 6.7%
		AT&T
	775,000	4.500%, 05/15/35		930,321
	1,078,000	4.500%, 03/09/48		1,320,301
	717,000	3.650%, 06/01/51		786,330
		Comcast
	1,136,000	4.700%, 10/15/48		1,628,156
	70,000	3.969%, 11/01/47		89,639
	146,000	3.450%, 02/01/50		177,091
		Discovery Communications
	288,000	5.300%, 05/15/49		372,431
	464,000	4.650%, 05/15/50		556,614
	183,000	4.125%, 05/15/29		211,227
		Fox
	311,000	5.476%, 01/25/39		429,758
		Verizon Communications
	469,000	5.250%, 03/16/37		661,754
	522,000	4.000%, 03/22/50		694,670
		Vodafone Group
	425,000	5.000%, 05/30/38		550,976
		Walt Disney
	245,000	4.750%, 09/15/44		322,784
				8,732,052
		Consumer Discretionary – 4.9%
		Amazon.com
	570,000	2.700%, 06/03/60		630,785
	895,000	2.500%, 06/03/50		976,000
		Brown University
	2,023,000	2.924%, 09/01/50		2,297,647
		Cox Communications (1)
	147,000	4.600%, 08/15/47		197,053
		Home Depot
	375,000	3.125%, 12/15/49		444,553
	805,000	2.950%, 06/15/29		924,353
		McDonald's MTN
	426,000	4.875%, 12/09/45		585,726
	343,000	3.625%, 09/01/49		406,934
				6,463,051
		Consumer Staples – 7.5%
		Altria Group
	583,000	5.375%, 01/31/44		754,812
		Anheuser-Busch
	969,000	4.900%, 02/01/46		1,237,700
		Anheuser-Busch InBev Worldwide
	238,000	4.900%, 01/23/31		305,478
		BAT Capital
	274,000	4.540%, 08/15/47		313,693
		Coca-Cola
	246,000	4.200%, 03/25/50		345,503

 

Principal Amount ($)			Value $
		CVS Health
	259,000	5.125%, 07/20/45		352,318
	632,000	5.050%, 03/25/48		870,574
	105,000	4.250%, 04/01/50		133,477
		Diageo Capital
	635,000	2.125%, 04/29/32		680,966
		Georgetown University
	477,000	5.215%, 10/01/18		688,557
		Kroger
	177,000	5.400%, 01/15/49		257,100
		Massachusetts Mutual Life Insurance (1)
	502,000	3.375%, 04/15/50		556,561
		Molson Coors Brewing
	328,000	4.200%, 07/15/46		343,666
		New York Life Insurance (1)
	574,000	3.750%, 05/15/50		697,913
		PepsiCo
	678,000	3.500%, 03/19/40		846,560
		Tyson Foods
	177,000	5.100%, 09/28/48		247,093
		Walmart
	923,000	3.950%, 06/28/38		1,227,932
	32,000	3.625%, 12/15/47		42,442
				9,902,345
		Energy – 4.6%
		Chevron
	490,000	3.078%, 05/11/50		566,405
		Enbridge
	254,000	5.500%, 12/01/46		340,457
		Energy Transfer Operating
	432,000	5.250%, 04/15/29		469,256
		Enterprise Products Operating LLC
	202,000	5.100%, 02/15/45		249,029
	662,000	4.250%, 02/15/48		756,844
		Halliburton
	180,000	5.000%, 11/15/45		192,301
		Marathon Petroleum
	228,000	4.750%, 09/15/44		260,429
		MidAmerican Energy
	354,000	4.250%, 07/15/49		498,528
		MPLX
	820,000	4.700%, 04/15/48		883,671
		Phillips 66 Partners
	361,000	4.680%, 02/15/45		386,023
		Plains All American Pipeline
	581,000	3.550%, 12/15/29		573,919
		Shell International Finance BV
	325,000	4.000%, 05/10/46		405,688
		Sunoco Logistics Partners Operations
	421,000	5.400%, 10/01/47		421,520
				6,004,070

Schroder Long Duration Investment-Grade Bond Fund

Schedule of Investments

July 31, 2020 (unaudited)

Principal Amount ($)			Value $
		Financials – 13.4%
		Aflac
	150,000	6.450%, 08/15/40		222,168
		American International Group
	227,000	4.375%, 01/15/55		280,924
		AXA Equitable Holdings
	1,024,000	5.000%, 04/20/48		1,290,955
		Bank of America MTN
	338,000	5.000%, 01/21/44		486,953
		Bank of America
	574,000	6.000%, 10/15/36		849,177
		Citigroup
	815,000	4.281%, VAR ICE LIBOR USD 3 Month+1.839%, 04/24/48		1,077,291
	405,000	3.200%, 10/21/26		449,699
		Goldman Sachs Group
	328,000	4.750%, 10/21/45		453,295
		HSBC Holdings
	356,000	4.583%, VAR ICE LIBOR USD 3 Month+1.535%, 06/19/29		415,425
	790,000	3.973%, VAR ICE LIBOR USD 3 Month+1.610%, 05/22/30		893,507
	370,000	2.848%, VAR United States Secured Overnight Financing Rate+2.387%, 06/04/31		388,784
		JPMorgan Chase
	188,000	5.600%, 07/15/41		289,382
	1,378,000	3.109%, 04/22/51 (2)		1,562,500
		Liberty Mutual Group Inc (1)
	559,000	3.950%, 05/15/60		656,634
		Lincoln National
	451,000	4.375%, 06/15/50		543,971
		Morgan Stanley MTN
	338,000	4.300%, 01/27/45		455,684
		Northern Trust
	2,120,000	1.950%, 05/01/30		2,247,201
		Prudential
	630,000	3.125%, 04/14/30		700,405
		Prudential Financial
	204,000	3.935%, 12/07/49		251,413
		Total Capital International
	1,229,000	3.127%, 05/29/50		1,383,792
		Wells Fargo
	366,000	3.900%, 05/01/45		455,160
	2,046,000	3.068%, VAR United States Secured Overnight Financing Rate+2.530%, 04/30/41		2,234,856
				17,589,176
		Healthcare – 1.7%
		Amgen
	170,000	4.663%, 06/15/51		240,709
	1,085,000	3.375%, 02/21/50		1,272,496
		Bayer US Finance II (1)
	142,000	4.700%, 07/15/64		173,402

Principal Amount ($)		Value $
	Cigna
207,000	4.900%, 12/15/48	291,660
	UnitedHealth Group
201,000	4.450%, 12/15/48	282,157
		2,260,424
	Industrials – 4.1%
	3M
248,000	3.700%, 04/15/50	325,158
	Burlington Northern Santa Fe
207,000	4.900%, 04/01/44	298,101
569,000	4.150%, 04/01/45	755,873
33,000	4.150%, 12/15/48	45,088
174,000	3.050%, 02/15/51	203,255
	Caterpillar
672,000	3.250%, 04/09/50	807,731
	CSX
140,000	3.800%, 04/15/50	178,040
	Deere
267,000	3.750%, 04/15/50	347,784
	GE Capital International Funding Unlimited
500,000	4.418%, 11/15/35	516,273
	General Electric
968,000	4.350%, 05/01/50	1,003,943
	General Electric Capital MTN
275,000	6.750%, 03/15/32	348,053
	Johnson Controls International
77,000	4.500%, 02/15/47	94,295
	Waste Management
341,000	4.150%, 07/15/49	454,392
		5,377,986
	Information Technology – 7.4%
	Apple
1,275,000	2.650%, 05/11/50	1,406,982
	California Institute of Technology
435,000	3.650%, 09/01/19	513,225
	Fiserv
800,000	3.500%, 07/01/29	925,838
	Intel
1,191,000	4.750%, 03/25/50	1,727,259
63,000	3.250%, 11/15/49	74,887
	Mastercard
206,000	3.850%, 03/26/50	274,493
	Microsoft
424,000	3.700%, 08/08/46	552,192
398,000	2.675%, 06/01/60	439,655
257,000	2.525%, 06/01/50	282,114
	NVIDIA
259,000	3.700%, 04/01/60	322,981
	Oracle
606,000	4.000%, 11/15/47	763,475
1,371,000	3.850%, 04/01/60	1,720,713
624,000	3.600%, 04/01/50	746,760
		9,750,574

 

Schroder Long Duration Investment-Grade Bond Fund

Schedule of Investments

July 31, 2020 (unaudited)

Principal Amount ($)			Value $
		Materials – 0.9%
		Barrick North America Finance LLC
	316,000	5.700%, 05/30/41		452,930
		Dow Chemical
	148,000	9.400%, 05/15/39		257,613
	122,000	4.625%, 10/01/44		146,376
		International Paper
	177,000	7.300%, 11/15/39		260,521
				1,117,440
		Real Estate – 1.1%
		American Tower REIT
	379,000	3.700%, 10/15/49		462,027
		Camden Property Trust REIT
	517,000	3.350%, 11/01/49		597,531
		Simon Property Group REIT
	439,000	3.250%, 09/13/49		438,611
				1,498,169
		Utilities – 8.9%
		Berkshire Hathaway Energy (1)
	276,000	4.250%, 10/15/50		377,700
		Commonwealth Edison
	82,000	4.600%, 08/15/43		112,272
	840,000	4.000%, 03/01/49		1,119,686
		Duke Energy Carolinas
	222,000	3.875%, 03/15/46		287,149
	138,000	3.700%, 12/01/47		175,147
		Duke Energy Indiana
	112,000	6.120%, 10/15/35		153,661
		Duke Energy Ohio
	822,000	4.300%, 02/01/49		1,127,156
		Duke Energy Progress
	185,000	4.200%, 08/15/45		247,279
		Entergy
	625,000	3.750%, 06/15/50		772,540
		Entergy Louisiana
	269,000	2.900%, 03/15/51		307,078
		Entergy Texas
	544,000	3.550%, 09/30/49		655,405
		Florida Power & Light
	175,000	4.050%, 10/01/44		235,468
	400,000	3.990%, 03/01/49		552,522
		Pacific Gas and Electric
	630,000	3.500%, 08/01/50		648,868
		PacifiCorp
	761,000	4.150%, 02/15/50		1,031,254
	270,000	3.300%, 03/15/51		331,874
		PPL Electric Utilities
	80,000	3.950%, 06/01/47		104,840
		Public Service Electric & Gas MTN
	310,000	3.150%, 01/01/50		373,089

Principal Amount ($)			Value $
		Public Service of Colorado
	183,000	4.300%, 03/15/44		245,896
	267,000	3.800%, 06/15/47		343,379
	140,000	3.550%, 06/15/46		164,914
		Sempra Energy
	487,000	6.000%, 10/15/39		723,591
	162,000	4.000%, 02/01/48		198,026
		Southern
	55,000	4.400%, 07/01/46		69,620
		Southern California Edison
	565,000	3.650%, 02/01/50		655,499
		Southwestern Public Service
	520,000	4.400%, 11/15/48		707,380
				11,721,293
		TOTAL CORPORATE OBLIGATIONS
		(Cost $65,900,530)		80,416,580
		U.S. TREASURY OBLIGATIONS – 29.0%
		United States Treasury Bills (3)
	884,000	0.131%, 12/17/20		883,653
	380,000	0.125%, 09/10/20		379,963
	653,000	0.087%, 10/29/20		652,842
		United States Treasury Bonds
	231,200	4.625%, 02/15/40		384,794
	3,750,900	4.500%, 02/15/36		5,847,741
	834,000	4.500%, 08/15/39		1,362,287
	268,000	4.375%, 11/15/39		432,548
	932,100	4.375%, 05/15/40		1,512,951
	1,223,000	3.125%, 05/15/48		1,789,736
	790,900	3.000%, 11/15/45		1,110,813
	6,801,600	2.750%, 08/15/47		9,285,247
	597,700	2.750%, 11/15/47		817,401
	3,037,000	2.720%, 05/15/48 (4)		2,148,941
	211,500	2.250%, 08/15/49		266,564
	5,380,000	1.250%, 05/15/50		5,450,823
	1,706,000	1.125%, 05/15/40		1,751,116
		United States Treasury Notes
	600,000	2.750%, 09/30/20		602,509
	877,600	1.500%, 02/15/30		957,784
	2,478,000	0.625%, 03/31/27		2,519,042
		TOTAL U.S. TREASURY OBLIGATIONS
		(Cost $31,517,745)		38,156,755
		TAXABLE MUNICIPAL BONDS – 6.3%
		California – 3.3%
		California Health Facilities Financing Authority RB
	95,000	3.034%, 06/01/34		100,816
	155,000	2.984%, 06/01/33		165,112
	220,000	2.934%, 06/01/32		235,235
		University of California RB
	2,450,000	2.975%, 11/01/51		2,718,324

Schroder Long Duration Investment-Grade Bond Fund

Schedule of Investments

July 31, 2020 (unaudited)

Principal Amount ($)			Value $
		University of California RB, Series AD
	739,000	4.858%, 05/15/2112		1,135,902
				4,355,389
		Ohio – 0.6%
		Ohio Turnpike & Infrastructure Commission RB
	760,000	3.216%, 02/15/48		800,592
		Pennsylvania – 0.7%
		Pennsylvania State University RB, Series D
	845,000	2.840%, 09/01/50		931,122
		Texas – 1.4%
		Dallas RB, Series C
	225,000	2.919%, 11/01/50		228,256
		Grand Parkway Transportation RB, Series Sub
	1,535,000	3.236%, 10/01/52		1,631,152
				1,859,408
		Wisconsin – 0.3%
		State of Wisconsin RB, Series A
	350,000	2.429%, 05/01/31		377,024
		TOTAL TAXABLE MUNICIPAL BONDS
		(Cost $7,396,942)		8,323,535
		SOVEREIGN GOVERNMENTS – 2.3%
		Indonesia Government International Bond
	200,000	4.200%, 10/15/50		239,004
		Mexico Government International Bond
	1,075,000	4.500%, 01/31/50		1,194,325
		Panama Government International Bond
	230,000	4.500%, 04/01/56		310,500
		Peruvian Government International Bond
	520,000	2.783%, 01/23/31		579,020
		Philippine Government International Bond
	347,000	2.950%, 05/05/45		388,626
		Uruguay Government International Bond
	191,000	5.100%, 06/18/50		267,161
		TOTAL SOVEREIGN GOVERNMENTS
		(Cost $2,857,878)		2,978,636
		TOTAL INVESTMENTS IN SECURITIES – 98.8%
		(Cost $107,673,095)		129,875,506
		OTHER ASSETS LESS LIABILITIES – 1.2%		1,519,864
		NET ASSETS – 100%	$	131,395,370

(1)	Security exempt from registration under Rule 144A of the Securities Act of 1933.  This security may be resold in transactions exempt from registration normally to qualified institutions.  On July 31, 2020, the value of these securities amounted to $2,659,263, representing 2.0% of the net assets of the Fund.
(2)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
(3)	Zero Coupon Security — Rate disclosed is the effective yield at time of purchase.
(4)	United States Treasury PO STRIPS — Rate disclosed is the effective yield at time of purchase.

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

LLC — Limited Liability Corporation

MTN — Medium Term Note

PO — Principal Only

RB — Revenue Bond

REIT — Real Estate Investment Trust

STRIPS — Separately Traded Registered Interest and Principal Securities

USD — United States Dollar

VAR — Variable

Schroder Long Duration Investment-Grade Bond Fund

Schedule of Investments

July 31, 2020 (unaudited)

The following is a summary of the inputs used as of July 31, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities (1)	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	80,416,580	$	—	$	80,416,580
U.S. Treasury Obligations		—		38,156,755		—		38,156,755
Taxable Municipal Bonds		—		8,323,535		—		8,323,535
Sovereign Governments		—		2,978,636		—		2,978,636
Total Investments in Securities	$	—	$	129,875,506	$	—	$	129,875,506

(1) For the period ended July 31, 2020, there were no transfers in or out of Level 3.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

SCH-QH-001-0800