Schroder Series Trust NPORT-P Schroder Long Duration Investment-Grade Fund (Jul 2021 report)

Schroder Core Bond Fund

Schedule of Investments

July 31, 2021 (unaudited)

Principal Amount ($)			Value $
		CORPORATE OBLIGATIONS – 58.7%
		Communication Services – 5.3%
		AT&T
	97,000	4.500%, 05/15/35		116,094
	100,000	4.300%, 02/15/30		116,573
	229,000	3.000%, 06/30/22		233,601
	1,237,000	2.750%, 06/01/31		1,302,030
	250,000	1.650%, 02/01/28		250,243
		Charter Communications Operating LLC
	865,000	3.500%, 06/01/41		883,040
		Comcast
	400,000	3.950%, 10/15/25		448,597
	345,000	2.650%, 02/01/30		366,595
		Discovery Communications LLC
	480,000	3.625%, 05/15/30		529,227
	124,000	2.950%, 03/20/23		128,677
		T-Mobile USA
	818,000	3.875%, 04/15/30		923,596
		Verizon Communications
	137,000	4.329%, 09/21/28		160,685
	160,000	4.016%, 12/03/29		185,207
	327,000	3.150%, 03/22/30		356,283
	303,000	1.256%, VAR ICE LIBOR USD 3 Month+1.100%, 05/15/25		311,763
				6,312,211
		Consumer Discretionary – 2.8%
		AutoNation
	59,000	4.500%, 10/01/25		65,796
		Cox Communications (1)
	79,000	3.150%, 08/15/24		84,289
		General Motors
	296,000	6.125%, 10/01/25		350,373
		General Motors Financial
	300,000	3.250%, 01/05/23		311,033
	1,305,000	1.500%, 06/10/26		1,309,230
		Hyundai Capital America MTN (1)
	967,000	1.500%, 06/15/26		965,574
		Magna International
	71,000	4.150%, 10/01/25		79,695
		McDonald's MTN
	182,000	3.625%, 09/01/49		206,763
				3,372,753
		Consumer Staples – 2.8%
		7-Eleven (1)
	890,000	0.612%, VAR ICE LIBOR USD 3 Month+0.450%, 08/10/22		890,224
		Altria Group
	57,000	4.400%, 02/14/26		64,757
	251,000	2.450%, 02/04/32		247,095
		Automatic Data Processing
	731,000	1.700%, 05/15/28		746,829
		BAT Capital
	65,000	3.557%, 08/15/27		70,350

 

Principal Amount ($)			Value $
	193,000	3.222%, 08/15/24		205,060
		Boston Scientific
	116,000	3.450%, 03/01/24		123,985
		CVS Health
	105,000	5.050%, 03/25/48		139,896
	138,000	4.300%, 03/25/28		159,786
	160,000	4.250%, 04/01/50		196,264
		Reynolds American
	36,000	5.850%, 08/15/45		44,954
		RJ Reynolds Tobacco
	401,000	3.750%, 05/20/23		416,738
				3,305,938
		Energy – 3.7%
		BP Capital Markets
	96,000	2.500%, 11/06/22		98,784
		Canadian Natural Resources
	171,000	6.250%, 03/15/38		232,541
		Duke Energy
	551,000	2.450%, 06/01/30		570,951
		Enbridge
	91,000	4.250%, 12/01/26		103,384
		Energy Transfer Partners
	355,000	3.600%, 02/01/23		367,607
		EOG Resources
	183,000	2.625%, 03/15/23		188,832
		Equinor
	505,000	2.375%, 05/22/30		528,109
		Marathon Petroleum
	185,000	4.500%, 05/01/23		196,794
		MPLX
	209,000	5.200%, 03/01/47		259,111
	188,000	4.500%, 04/15/38		216,234
		ONEOK
	125,000	6.350%, 01/15/31		162,605
		Phillips 66 Partners
	135,000	3.750%, 03/01/28		149,271
	186,000	3.605%, 02/15/25		200,733
		Plains All American Pipeline
	573,000	3.800%, 09/15/30		621,549
	235,000	3.550%, 12/15/29		252,108
		Williams Partners
	200,000	4.300%, 03/04/24		216,709
				4,365,322
		Financials – 28.0%
		Aflac
	2,000	6.450%, 08/15/40		2,978
		Alexandria Real Estate Equities
	290,000	2.000%, 05/18/32		288,684
		American International Group
	303,000	3.900%, 04/01/26		337,456

Schroder Core Bond Fund

Schedule of Investments

July 31, 2021 (unaudited)

 

Principal Amount ($)			Value $
		Bank of America
	464,000	3.004%, VAR ICE LIBOR USD 3 Month+0.790%, 12/20/23		480,307
	144,000	2.687%, VAR United States Secured Overnight Financing Rate+1.320%, 04/22/32		150,268
		Bank of America MTN
	680,000	3.500%, 04/19/26		750,935
	493,000	3.248%, 10/21/27		537,236
	435,000	2.884%, VAR ICE LIBOR USD 3 Month+0.012%, 10/22/30		462,013
	40,000	2.456%, VAR ICE LIBOR USD 3 Month+0.870%, 10/22/25		41,915
		Bank of Ireland Group (1)
	510,000	4.500%, 11/25/23		550,909
		Barclays
	1,057,000	3.564%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.900%, 09/23/35		1,109,081
	1,090,000	2.852%, VAR United States Secured Overnight Financing Rate+2.714%, 05/07/26		1,156,400
		BNP Paribas (1)
	605,000	2.219%, VAR United States Secured Overnight Financing Rate+2.074%, 06/09/26		625,906
		Capital One Financial
	58,000	3.750%, 03/09/27		65,019
		Citigroup
	335,000	4.300%, 11/20/26		381,301
	975,000	3.200%, 10/21/26		1,062,076
	543,000	0.981%, VAR United States Secured Overnight Financing Rate+0.669%, 05/01/25		545,962
		Credit Agricole MTN (1)
	280,000	1.145%, VAR ICE LIBOR USD 3 Month+1.020%, 04/24/23		283,945
		Credit Suisse Group (1)
	272,000	3.869%, VAR ICE LIBOR USD 3 Month+1.410%, 01/12/29		302,105
	428,000	3.091%, VAR United States Secured Overnight Financing Rate+1.730%, 05/14/32		447,073
		Danske Bank (1)
	916,000	1.621%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+1.350%, 09/11/26		924,218
		Equitable Financial Life Global Funding (1)
	270,000	1.400%, 08/27/27		269,914
		Equitable Holdings
	244,000	4.350%, 04/20/28		282,037
		GE Capital International Funding Unlimited
	672,000	3.373%, 11/15/25		737,477
		Goldman Sachs Group
	698,000	3.814%, VAR ICE LIBOR USD 3 Month+1.158%, 04/23/29		786,466

 

Principal Amount ($)			Value $
	120,000	3.500%, 11/16/26		131,043
		Healthcare Realty Trust
	200,000	2.400%, 03/15/30		203,699
		Healthpeak Properties
	169,000	3.250%, 07/15/26		184,622
		HSBC Holdings
	200,000	4.950%, 03/31/30		243,316
	1,171,000	2.633%, VAR United States Secured Overnight Financing Rate+1.402%, 11/07/25		1,227,245
	667,000	2.099%, VAR United States Secured Overnight Financing Rate+1.929%, 06/04/26		688,657
		JPMorgan Chase
	360,000	3.220%, VAR ICE LIBOR USD 3 Month+1.155%, 03/01/25		382,037
	174,000	2.950%, 10/01/26		187,996
	759,000	2.580%, VAR United States Secured Overnight Financing Rate+1.250%, 04/22/32		789,553
	915,000	2.005%, VAR United States Secured Overnight Financing Rate+1.585%, 03/13/26		948,232
	770,000	1.578%, VAR United States Secured Overnight Financing Rate+0.885%, 04/22/27		779,046
		Lloyds Banking Group
	530,000	2.438%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+1.000%, 02/05/26		555,059
	946,000	1.627%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+0.850%, 05/11/27		952,323
		Macquarie Group MTN (1)
	1,058,000	1.629%, VAR United States Secured Overnight Financing Rate+0.910%, 09/23/27		1,063,893
		Moody's
	119,000	4.875%, 02/15/24		130,749
		Morgan Stanley
	397,000	3.625%, 01/20/27		443,457
	260,000	1.593%, VAR United States Secured Overnight Financing Rate+0.879%, 05/04/27		263,902
		Morgan Stanley MTN
	200,000	3.950%, 04/23/27		225,227
	300,000	3.750%, 02/25/23		315,646
	128,000	3.622%, VAR United States Secured Overnight Financing Rate+3.120%, 04/01/31		143,972
		Natwest Group
	560,000	3.073%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+2.550%, 05/22/28		597,925

Schroder Core Bond Fund

Schedule of Investments

July 31, 2021 (unaudited)

Principal Amount ($)			Value $
	1,105,000	1.642%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+0.900%, 06/14/27		1,111,152
		Realty Income
	151,000	1.800%, 03/15/33		147,563
		Santander UK Group Holdings
	876,000	1.673%, VAR United States Secured Overnight Financing Rate+0.989%, 06/14/27		880,355
	1,530,000	1.089%, VAR United States Secured Overnight Financing Rate+0.787%, 03/15/25		1,537,648
		Standard Chartered (1)
	2,087,000	2.678%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+1.200%, 06/29/32		2,115,645
		State Street
	206,000	3.152%, VAR United States Secured Overnight Financing Rate+2.650%, 03/30/31		229,211
		Truist Bank
	277,000	2.250%, 03/11/30		286,995
		UniCredit (1)
	1,173,000	3.127%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+1.550%, 06/03/32		1,196,619
		Vornado Realty
	203,000	2.150%, 06/01/26		207,874
		Wells Fargo MTN
	273,000	4.478%, VAR United States Secured Overnight Financing Rate+4.032%, 04/04/31		325,403
	594,000	2.879%, VAR United States Secured Overnight Financing Rate+1.432%, 10/30/30		634,765
	360,000	2.406%, VAR United States Secured Overnight Financing Rate+1.087%, 10/30/25		376,451
	783,000	2.393%, VAR United States Secured Overnight Financing Rate+2.100%, 06/02/28		819,598
		Wells Fargo
	281,000	3.000%, 04/22/26		304,817
				33,213,376
		Healthcare – 4.3%
		Abbott Laboratories
	494,000	3.400%, 11/30/23		527,316
	452,000	1.400%, 06/30/30		448,116
		AbbVie
	143,000	3.850%, 06/15/24		154,886
	140,000	3.800%, 03/15/25		153,373
	274,000	3.600%, 05/14/25		299,369
	88,000	3.450%, 03/15/22		89,240
	28,000	3.200%, 11/06/22		28,867
	607,000	3.200%, 11/21/29		666,393

 

Principal Amount ($)			Value $
		Aetna
	299,000	2.800%, 06/15/23		310,867
		Anthem
	15,000	4.101%, 03/01/28		17,286
		Bayer US Finance II LLC (1)
	712,000	3.875%, 12/15/23		761,650
		Becton Dickinson
	153,000	3.734%, 12/15/24		166,533
		Cardinal Health
	212,000	3.079%, 06/15/24		225,038
		CommonSpirit Health
	493,000	3.347%, 10/01/29		541,595
		Merck
	257,000	2.750%, 02/10/25		274,953
		UnitedHealth Group
	325,000	3.875%, 12/15/28		377,583
				5,043,065
		Industrials – 1.9%
		Boeing
	525,000	5.705%, 05/01/40		682,161
	740,000	4.875%, 05/01/25		829,809
		CSX
	80,000	3.800%, 04/15/50		94,552
		Lockheed Martin
	18,000	3.550%, 01/15/26		19,997
		Raytheon Technologies
	257,000	3.200%, 03/15/24		273,774
		United Technologies
	205,000	3.950%, 08/16/25		228,420
		Xylem
	135,000	1.950%, 01/30/28		137,644
				2,266,357
		Information Technology – 2.8%
		Intel
	877,000	3.900%, 03/25/30		1,022,984
		Oracle
	590,000	3.600%, 04/01/40		631,294
		salesforce.com
	406,000	3.700%, 04/11/28		464,639
		VMware
	989,000	2.200%, 08/15/31		987,377
	187,000	1.800%, 08/15/28		187,587
				3,293,881
		Materials – 0.5%
		Anglo American Capital (1)
	582,000	2.250%, 03/17/28		593,066
		Real Estate – 3.9%
		American Tower REIT
	185,000	2.400%, 03/15/25		193,653
		Boston Properties REIT
	528,000	3.400%, 06/21/29		581,333

 

Schroder Core Bond Fund

Schedule of Investments

July 31, 2021 (unaudited)

Principal Amount ($)			Value $
		Crown Castle International REIT
	8,000	3.800%, 02/15/28		8,991
	210,000	3.200%, 09/01/24		224,212
	557,000	2.500%, 07/15/31		570,886
	1,540,000	2.100%, 04/01/31		1,524,734
		ERP Operating REIT
	351,000	3.000%, 07/01/29		382,725
		Kimco Realty REIT
	656,000	2.700%, 10/01/30		685,255
		Simon Property Group REIT
	237,000	2.000%, 09/13/24		246,267
		Ventas Realty REIT
	250,000	3.125%, 06/15/23		260,304
				4,678,360
		Utilities – 2.7%
		Enel Finance International (1)
	634,000	1.875%, 07/12/28		641,440
		Entergy
	480,000	2.800%, 06/15/30		508,518
		Pacific Gas and Electric
	1,140,000	2.500%, 02/01/31		1,074,729
		Public Service Enterprise Group
	607,000	1.600%, 08/15/30		585,567
		Southern
	403,000	2.950%, 07/01/23		420,437
				3,230,691
		TOTAL CORPORATE OBLIGATIONS
		(Cost $66,505,848)		69,675,020
		U.S. TREASURY OBLIGATIONS – 27.8%
		United States Treasury Bills (2)
	924,000	0.027%, 12/02/21		923,844
	336,000	0.024%, 10/14/21		335,966
	1,549,000	0.022%, 10/07/21		1,548,858
		United States Treasury Bonds
	1,569,000	2.375%, 05/15/51		1,740,609
	639,800	2.250%, 05/15/41		687,285
	4,627,900	1.875%, 02/15/41		4,679,964
	4,380,300	1.875%, 02/15/51		4,349,501
	3,447,700	1.625%, 11/15/50		3,223,061
		United States Treasury Notes
	5,844,700	1.625%, 12/31/21		5,882,371
	800	1.250%, 03/31/28		815
	824,900	1.250%, 04/30/28		840,141
	69,300	0.750%, 04/30/26		69,587
	668,600	0.500%, 02/28/26		664,317
	1,892,000	0.375%, 04/15/24		1,895,843
	128,600	0.375%, 11/30/25		127,369
	3,159,000	0.125%, 11/30/22		3,159,370
	2,862,600	0.125%, 12/15/23		2,854,661
		TOTAL U.S. TREASURY OBLIGATIONS
		(Cost $31,870,585)		32,983,562

Principal Amount ($)			Value $
		U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS – 12.1%
		Federal Home Loan Mortgage Corporation – 5.6%
		FHLMC
	2,135,921	2.500%, 05/01/51		2,226,563
	1,507,840	2.500%, 08/01/51		1,571,829
	2,770,414	2.000%, 02/01/51		2,827,049
				6,625,441
		Federal National Mortgage Association – 6.5%
		FNMA
	3,302,672	2.500%, 06/01/51		3,442,828
	1,684,218	2.000%, 12/01/35		1,748,921
	945,376	2.000%, 12/01/50		964,681
	1,525,692	2.000%, 08/01/51		1,556,869
				7,713,299
		TOTAL U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS
		(Cost $14,360,619)		14,338,740
		ASSET-BACKED SECURITIES – 3.0%
		Cedar Funding VI CLO, Series 2021-6A, Class ARR (1)
	645,000	1.184%, VAR ICE LIBOR USD 3 Month+1.050%, 04/20/34		644,838
		Dewolf Park CLO, Series 2017-1A, Class A (1)
	500,000	1.336%, VAR ICE LIBOR USD 3  Month+1.210%, 10/15/30		499,875
		Goldentree Loan Management, Series 2017-2A, Class A (1)
	606,000	1.284%, VAR ICE LIBOR USD 3 Month+1.150%, 11/28/30		606,572
		Madison Park Funding XVIII, Series  2017-18A, Class A1R (1)
	800,000	1.324%, VAR ICE LIBOR USD 3 Month+1.190%, 10/21/30		801,076
		Madison Park Funding XXVI, Series  2017-26A, Class AR (1)
	600,000	1.330%, VAR ICE LIBOR USD 3 Month+1.200%, 07/29/30		600,805
		Octagon Investment Partners 30, Series 2021-1A, Class A1R (1)
	250,000	1.134%, VAR ICE LIBOR USD 3 Month+1.000%, 03/17/30		250,059
		Towd Point Mortgage Trust, Series  2015-6, Class A1 (1) (3)
	7,819	3.500%, 04/25/55		7,861
		Towd Point Mortgage Trust, Series  2017-2, Class A1 (1) (3)
	24,318	2.750%, 04/25/57		24,641

Schroder Core Bond Fund

Schedule of Investments

July 31, 2021 (unaudited)

Principal Amount ($)			Value $
		Towd Point Mortgage Trust, Series 2017-3, Class A1 (1) (3)
	120,641	2.750%, 07/25/57		122,897
		Towd Point Mortgage Trust, Series 2017-4, Class A1 (1) (3)
	75,759	2.750%, 06/25/57		77,889
		TOTAL ASSET-BACKED SECURITIES
		(Cost $3,639,063)		3,636,513
		TAXABLE MUNICIPAL BONDS – 1.3%
		California – 0.3%
		California State University RB, Series B
	175,000	3.065%, 11/01/42		180,234
	200,000	2.965%, 11/01/39		206,143
				386,377
		New Jersey – 0.2%
		State Economic Development Authority RB, Series A, NATL
	205,000	7.425%, 02/15/29		267,949
		Pennsylvania – 0.3%
		Philadelphia Authority for Industrial Development RB
	350,000	3.964%, 04/15/26		378,993
		Texas – 0.5%
		Cities of Dallas and Fort Worth RB, Series C
	510,000	3.089%, 11/01/40		531,054
		TOTAL TAXABLE MUNICIPAL BONDS
		(Cost $1,478,313)		1,564,373
		TOTAL INVESTMENTS IN SECURITIES – 102.9%
		(Cost $117,854,428)		122,198,208
		OTHER LIABILITIES IN EXCESS OF OTHER ASSETS – (2.9)%		(3,479,425	)
		NET ASSETS – 100%	$	118,718,783

CLO — Collateralized Loan Obligation

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

LLC — Limited Liability Corporation

MTN — Medium Term Note

NATL — National Public Finance Guarantee Corporation

RB — Revenue Bond

REIT — Real Estate Investment Trust

USD — United States Dollar

VAR — Variable Rate

(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, 2021, the value of these securities amounted to $15,352,983, representing 12.9% 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, 2021 (unaudited)

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

Investments in Securities (1)	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	69,675,020	$	—	$	69,675,020
U.S. Treasury Obligations		—		32,983,562		—		32,983,562
U.S. Government Mortgage-Backed Obligations		—		14,338,740		—		14,338,740
Asset-Backed Securities		—		3,636,513		—		3,636,513
Taxable Municipal Bonds		—		1,564,373		—		1,564,373
Total Investments in Securities	$	—	$	122,198,208	$	—	$	122,198,208

(1) For the period ended July 31, 2021, there were no transfers in or out of Level 3.

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

SCH-QH-002-1000

Schroder Long Duration Investment-Grade Bond Fund

Schedule of Investments

July 31, 2021 (unaudited)

Principal Amount ($)			Value $
		CORPORATE OBLIGATIONS – 54.5%
		Communication Services – 7.4%
		AT&T
	775,000	4.500%, 05/15/35		927,552
	454,000	4.500%, 03/09/48		543,424
	414,000	3.650%, 06/01/51		438,765
	129,000	3.650%, 09/15/59 (1)		133,151
	660,000	3.300%, 02/01/52		659,229
		Charter Communications Operating
	1,342,000	3.900%, 06/01/52		1,390,180
		Discovery Communications
	222,000	5.300%, 05/15/49		285,514
	487,000	4.650%, 05/15/50		578,053
	135,000	4.125%, 05/15/29		153,447
		Fox
	230,000	5.476%, 01/25/39		300,964
		Telefonica Emisiones
	325,000	5.213%, 03/08/47		407,927
		Verizon Communications
	469,000	5.250%, 03/16/37		626,741
	620,000	3.550%, 03/22/51		674,571
	234,000	2.650%, 11/20/40		229,094
		Vodafone Group
	314,000	5.000%, 05/30/38		401,588
		Walt Disney
	245,000	4.750%, 09/15/44		328,662
	176,000	3.600%, 01/13/51		202,868
				8,281,730
		Consumer Discretionary – 3.5%
		Amazon.com
	1,653,000	3.100%, 05/12/51		1,780,690
		General Motors
	213,000	5.200%, 04/01/45		266,351
		General Motors Financial
	756,000	2.700%, 06/10/31		774,178
		Lowe's
	412,000	3.000%, 10/15/50		416,205
		McDonald's MTN
	187,000	4.200%, 04/01/50		230,760
	188,000	3.625%, 09/01/49		213,580
		Whirlpool
	221,000	4.600%, 05/15/50		281,158
				3,962,922
		Consumer Staples – 4.2%
		Altria Group
	481,000	5.375%, 01/31/44		586,492
	83,000	3.700%, 02/04/51		81,065
		BAT Capital
	238,000	4.540%, 08/15/47		256,988
	534,000	2.726%, 03/25/31		537,933
		CVS Health
	150,000	5.125%, 07/20/45		198,251
	464,000	5.050%, 03/25/48		618,205

Principal Amount ($)			Value $
	105,000	4.250%, 04/01/50		128,798
		Kroger
	55,000	5.400%, 01/15/49		76,607
		Massachusetts Mutual Life Insurance (1)
	258,000	3.375%, 04/15/50		276,211
		Molson Coors Brewing
	725,000	4.200%, 07/15/46		823,183
		New York Life Insurance (1)
	261,000	3.750%, 05/15/50		302,544
		Walmart
	681,000	3.950%, 06/28/38		830,209
				4,716,486
		Energy – 6.2%
		Chevron
	362,000	3.078%, 05/11/50		382,424
		Energy Transfer Operating
	228,000	5.250%, 04/15/29		271,698
		Enterprise Products Operating LLC
	187,000	4.250%, 02/15/48		220,732
	337,000	4.200%, 01/31/50		396,537
		Hess
	170,000	7.300%, 08/15/31		232,586
		Marathon Petroleum
	674,000	4.750%, 09/15/44		810,508
		MidAmerican Energy
	354,000	4.250%, 07/15/49		452,513
		MPLX
	455,000	4.700%, 04/15/48		534,114
		ONEOK
	261,000	4.450%, 09/01/49		296,813
		Phillips 66 Partners
	267,000	4.680%, 02/15/45		304,077
		Plains All American Pipeline
	375,000	4.300%, 01/31/43		381,292
	429,000	3.550%, 12/15/29		460,231
		Qatar Petroleum (1)
	811,000	3.300%, 07/12/51		840,399
		Shell International Finance BV
	240,000	4.000%, 05/10/46		287,054
		Spectra Energy Partners
	303,000	4.500%, 03/15/45		364,099
		TotalEnergies Capital International
	509,000	3.127%, 05/29/50		531,465
		Valero Energy
	110,000	6.625%, 06/15/37		152,618
				6,919,160
		Financials – 15.3%
		Aflac
	111,000	6.450%, 08/15/40		165,299
		American International Group
	168,000	4.375%, 01/15/55		210,500
		Bank of America
	574,000	6.000%, 10/15/36		817,012

Schroder Long Duration Investment-Grade Bond Fund

Schedule of Investments

July 31, 2021 (unaudited)

Principal Amount ($)			Value $
	1,053,000	3.311%, VAR United States Secured Overnight Financing Rate+1.580%, 04/22/42		1,131,714
		Bank of America MTN
	338,000	5.000%, 01/21/44		459,574
	158,000	4.083%, VAR ICE LIBOR USD 3 Month+3.150%, 03/20/51		191,156
		Barclays
	1,483,000	3.564%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.900%, 09/23/35		1,556,071
		Berkshire Hathaway Finance
	506,000	2.850%, 10/15/50		518,607
		Citigroup
	208,000	8.125%, 07/15/39		362,507
	99,000	4.281%, VAR ICE LIBOR USD 3 Month+1.839%, 04/24/48		125,305
	273,000	2.572%, VAR United States Secured Overnight Financing Rate+2.107%, 06/03/31		282,716
		Goldman Sachs Group
	546,000	2.615%, VAR United States Secured Overnight Financing Rate+1.281%, 04/22/32		565,852
	569,000	2.600%, 02/07/30		594,382
		HSBC Holdings
	353,000	3.973%, VAR ICE LIBOR USD 3 Month+1.610%, 05/22/30		398,254
	770,000	2.848%, VAR United States Secured Overnight Financing Rate+2.387%, 06/04/31		811,336
		JPMorgan Chase
	139,000	5.600%, 07/15/41		195,726
	931,000	3.328%, VAR United States Secured Overnight Financing Rate+1.580%, 04/22/52		1,011,896
	195,000	3.109%, VAR United States Secured Overnight Financing Rate+2.440%, 04/22/51		203,311
		Liberty Mutual Group Inc (1)
	319,000	3.950%, 05/15/60		360,657
		Lincoln National
	230,000	4.375%, 06/15/50		286,578
		Macquarie Group MTN (1)
	999,000	2.691%, VAR United States Secured Overnight Financing Rate+1.440%, 06/23/32		1,018,800
		Morgan Stanley
	332,000	3.217%, VAR United States Secured Overnight Financing Rate+1.485%, 04/22/42		357,042
		Morgan Stanley MTN
	568,000	1.794%, VAR United States Secured Overnight Financing Rate+1.034%, 02/13/32		552,211

Principal Amount ($)			Value $
		Prudential Financial
	204,000	3.935%, 12/07/49		243,227
		Standard Chartered (1)
	1,896,000	2.678%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+1.200%, 06/29/32		1,922,024
		Unum Group
	1,184,000	4.125%, 06/15/51		1,206,976
		Wells Fargo
	1,357,000	3.068%, VAR United States Secured Overnight Financing Rate+2.530%, 04/30/41		1,421,530
		Wells Fargo MTN
	123,000	5.013%, VAR United States Secured Overnight Financing Rate+4.502%, 04/04/51		171,286
				17,141,549
		Healthcare – 1.8%
		AbbVie
	283,000	4.250%, 11/21/49		346,207
		Amgen
	170,000	4.663%, 06/15/51		224,693
	743,000	3.375%, 02/21/50		809,746
		Bayer US Finance II (1)
	153,000	4.700%, 07/15/64		186,972
		Cigna
	153,000	4.900%, 12/15/48		202,797
		UnitedHealth Group
	148,000	4.450%, 12/15/48		193,828
				1,964,243
		Industrials – 3.4%
		Boeing
	1,040,000	5.705%, 05/01/40		1,351,329
		Burlington Northern Santa Fe
	48,000	4.900%, 04/01/44		65,232
	569,000	4.150%, 04/01/45		700,683
	33,000	4.150%, 12/15/48		41,639
	40,000	3.050%, 02/15/51		42,778
		CSX
	103,000	3.800%, 04/15/50		121,735
		FedEx
	270,000	5.250%, 05/15/50		377,501
		GE Capital International Funding Unlimited
	300,000	4.418%, 11/15/35		368,092
		General Electric
	313,000	4.350%, 05/01/50		385,622
		General Electric Capital MTN
	203,000	6.750%, 03/15/32		282,778

Schroder Long Duration Investment-Grade Bond Fund

Schedule of Investments

July 31, 2021 (unaudited)

Principal Amount ($)			Value $
		Johnson Controls International
	57,000	4.500%, 02/15/47		72,833
				3,810,222
		Information Technology – 2.7%
		Apple
	1,117,000	2.700%, 08/05/51		1,119,649
		Oracle
	374,000	4.000%, 11/15/47		415,965
	628,000	3.600%, 04/01/50		655,788
		salesforce.com
	849,000	2.700%, 07/15/41		867,430
				3,058,832
		Materials – 0.8%
		Barrick North America Finance LLC
	272,000	5.700%, 05/30/41		379,316
		Dow Chemical
	148,000	9.400%, 05/15/39		267,155
	31,000	4.625%, 10/01/44		39,150
		International Paper
	131,000	7.300%, 11/15/39		208,554
				894,175
		Real Estate – 3.3%
		Alexandria Real Estate Equities
	272,000	2.000%, 05/18/32		270,766
		American Tower REIT
	358,000	3.700%, 10/15/49		397,992
		Boston Properties
	148,000	3.250%, 01/30/31		161,140
	1,308,000	2.550%, 04/01/32		1,346,771
		Camden Property Trust REIT
	382,000	3.350%, 11/01/49		431,750
		Crown Castle International
	750,000	2.500%, 07/15/31		768,698
		Realty Income
	197,000	1.800%, 03/15/33		192,516
		Simon Property Group REIT
	159,000	3.250%, 09/13/49		167,218
				3,736,851
		Utilities – 5.9%
		Berkshire Hathaway Energy
	146,000	4.250%, 10/15/50		182,425
		Commonwealth Edison
	78,000	4.600%, 08/15/43		100,897
	373,000	4.000%, 03/01/49		463,243
		Duke Energy Carolinas
	222,000	3.875%, 03/15/46		263,832
		Duke Energy Indiana
	112,000	6.120%, 10/15/35		156,609
		Duke Energy Ohio
	490,000	4.300%, 02/01/49		624,933
		Duke Energy Progress
	185,000	4.200%, 08/15/45		230,326

Principal Amount ($)			Value $
		Enel Finance International (1)
	829,000	2.875%, 07/12/41		831,776
		Entergy Louisiana
	269,000	2.900%, 03/15/51		273,498
		Pacific Gas and Electric
	544,000	3.500%, 08/01/50		486,329
		PacifiCorp
	370,000	4.150%, 02/15/50		459,220
		PPL Electric Utilities
	80,000	3.950%, 06/01/47		96,508
		Public Service Electric & Gas MTN
	310,000	3.150%, 01/01/50		340,384
		Public Service of Colorado
	183,000	4.300%, 03/15/44		230,335
		Sempra Energy
	360,000	6.000%, 10/15/39		512,855
	165,000	4.000%, 02/01/48		189,505
		Southern California Edison
	436,000	3.650%, 02/01/50		444,609
		Southwestern Public Service
	520,000	4.400%, 11/15/48		670,764
				6,558,048
		TOTAL CORPORATE OBLIGATIONS
		(Cost $55,149,131)		61,044,218
		U.S. TREASURY OBLIGATIONS – 41.3%
		United States Treasury Bill (2)
	622,000	0.064%, 12/02/21		621,895
		United States Treasury Bonds
	1,522,000	2.375%, 05/15/51		1,688,469
	3,485,000	2.250%, 05/15/41		3,743,652
	17,301,100	1.875%, 02/15/41		17,495,737
	19,584,800	1.875%, 02/15/51		19,447,095
	2,317,600	1.625%, 11/15/50		2,166,594
		United States Treasury Notes
	526,000	1.625%, 12/31/21		529,390
	134,000	0.500%, 02/28/26		133,142
	422,000	0.375%, 11/30/25		417,961
		TOTAL U.S. TREASURY OBLIGATIONS
		(Cost $42,869,741)		46,243,935
		SOVEREIGN GOVERNMENTS – 2.8%
		Indonesia Government International Bond
	200,000	4.200%, 10/15/50		227,120
		Mexico Government International Bond
	994,000	4.500%, 01/31/50		1,064,693
	1,144,000	4.280%, 08/14/41		1,214,482
		Panama Government International Bond
	230,000	4.500%, 04/01/56		262,453

Schroder Long Duration Investment-Grade Bond Fund

Schedule of Investments

July 31, 2021 (unaudited)

 

Principal Amount ($)			Value $
		Philippine Government International Bond
	347,000	2.950%, 05/05/45		340,623
		TOTAL SOVEREIGN GOVERNMENTS
		(Cost $3,116,096)		3,109,371
		TAXABLE MUNICIPAL BONDS – 0.6%
		California – 0.6%
		California State, Health Facilities Financing Authority RB
	95,000	3.034%, 06/01/34		102,920
	155,000	2.984%, 06/01/33		168,127
	220,000	2.934%, 06/01/32		239,253
		City of Pomona California RB, Series BJ-REV
	90,000	3.716%, 08/01/40		96,563
		TOTAL TAXABLE MUNICIPAL BONDS
		(Cost $560,000)		606,863
		TOTAL INVESTMENTS IN SECURITIES – 99.2%
		(Cost $101,694,968)		111,004,387
		OTHER ASSETS LESS LIABILITIES – 0.8%		922,826
		NET ASSETS – 100%	$	111,927,213

(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, 2021, the value of these securities amounted to $5,872,534, representing 5.2% of the net assets of the Fund.
(2)	Zero Coupon Security — 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

RB — Revenue Bond

REIT — Real Estate Investment Trust

USD — United States Dollar

VAR — Variable

Schroder Long Duration Investment-Grade Bond Fund

Schedule of Investments

July 31, 2021 (unaudited)

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

Investments in Securities (1)	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	61,044,218	$	—	$	61,044,218
U.S. Treasury Obligations		—		46,243,935		—		46,243,935
Sovereign Governments		—		3,109,371		—		3,109,371
Taxable Municipal Bonds		—		606,863		—		606,863
Total Investments in Securities	$	—	$	111,004,387	$	—	$	111,004,387

(1) For the period ended July 31, 2021, there were no transfers in or out of Level 3.

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

SCH-QH-001-1000