Schroder Mutual Funds
|
October 31, 2019
|
Annual Report
|
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Domestic Equity
|
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Schroder North American Equity Fund
|
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International Equity
|
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Schroder Emerging Markets Small Cap Fund
|
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Fixed Income
|
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Schroder Core Bond Fund
|
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Schroder Long Duration Investment-Grade Bond Fund
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Schroder Short Duration Bond Fund
|
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Schroder Total Return Fixed Income Fund
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Beginning on March 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a Fund’s shareholder reports will no longer be
sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified
by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive
shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically by contacting your financial
intermediary.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can follow the instructions included with
this disclosure, if applicable, or you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with a Fund, you can inform the Fund that you
wish to continue receiving paper copies of your shareholder reports by calling (800) 464-3108. Your election to receive reports in paper will apply to all funds held with your financial intermediary if you invest through a financial
intermediary or all Schroder Funds if you invest directly with a Fund.
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Schroder Mutual Funds
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Table of Contents
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Management Discussion and Analysis
|
1
|
Schedules of Investments
|
|
North American Equity Fund
|
19
|
Emerging Markets Small Cap Fund
|
24
|
Core Bond Fund
|
26
|
Long Duration Investment-Grade Bond Fund
|
30
|
Short Duration Bond Fund
|
34
|
Total Return Fixed Income Fund
|
38
|
Statements of Assets and Liabilities
|
44
|
Statements of Operations
|
46
|
Statements of Changes in Net Assets
|
48
|
Financial Highlights
|
52
|
Notes to Financial Statements
|
56
|
Report of Independent Registered Public Accounting Firm
|
73
|
Information Regarding Review and Approval of Investment Advisory Contracts
|
75
|
Disclosure of Fund Expenses
|
80
|
Trustees and Officers
|
82
|
Notice to Shareholders
|
85
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Schroder Mutual Funds
|
|
1 |
Schroder North American Equity Fund
|
Schroder North American Equity Fund
|
One Year Ended
October 31, 2019 |
Five Years Ended
October 31, 2019(a) |
Ten Years Ended
October 31, 2019 (a) |
|
Schroder North American Equity Fund
|
|||
Investor Shares
|
11.88%
|
9.66%
|
12.66%
|
S&P 500 Index
|
14.33%
|
10.78%
|
13.70%
|
(a) |
Average annual total returns.
|
Top 5 Holdings
|
|
Security
|
% of Net Assets
|
Microsoft
|
4.5%
|
Apple
|
4.0
|
Amazon.com
|
2.6
|
Johnson & Johnson
|
1.9
|
Alphabet Class C
|
1.7
|
Sector Allocation
|
|
Sector
|
% of Net Assets
|
Information Technology
|
22.8%
|
Healthcare
|
16.2
|
Financials
|
13.3
|
Industrials
|
11.5
|
Consumer Discretionary
|
10.1
|
Communication Services
|
9.5
|
Consumer Staples
|
7.8
|
Energy
|
3.9
|
Real Estate
|
2.2
|
Utilities
|
1.1
|
Materials
|
0.7
|
Other Assets less Liabilities
|
0.9
|
Schroder Emerging Markets Small Cap Fund
|
Schroder Emerging Markets Small Cap Fund
|
Schroder Emerging Markets Small Cap Fund
|
One Year Ended
October 31, 2019 |
Annualized
Since Inception (a) |
|
Schroder Emerging Markets Small Cap Fund
|
||
R6 Shares
|
19.60%
|
8.83%
|
Investor Shares
|
19.73%
|
8.82%
|
MSCI Emerging Markets Small Cap Index
|
9.69%
|
5.63%
|
(a) |
From commencement of fund operations on August 26, 2015.
|
Top 5 Holdings
|
|
Security
|
% of Net Assets
|
IRB Brasil Resseguros S
|
2.9%
|
Chroma ATE
|
2.7
|
Eurobank Ergasias
|
2.4
|
ASM Pacific Technology
|
2.3
|
International Container Terminal Services
|
2.3
|
Geographic Allocation
|
|
% of Net Assets
|
|
Asia/Far East
|
62.1%
|
Latin America
|
18.0
|
Europe
|
10.2
|
Africa
|
3.0
|
Middle East
|
2.4
|
Other Assets less Liabilities
|
4.3
|
Schroder Core Bond Fund
|
Schroder Core Bond Fund
|
Schroder Core Bond Fund
|
One Year Ended
October 31, 2019
|
Annualized
Since Inception (a) |
|
Schroder Core Bond Fund
|
||
R6 Shares
|
11.27%
|
5.45%
|
Bloomberg Barclays U.S. Aggregate Bond Index
|
11.51%
|
5.67%
|
(a) |
From commencement of fund operations January 31, 2018.
|
Top 5 Holdings
|
|
Security
|
% of Net Assets
|
United States Treasury Note 1.500%, 08/15/22
|
8.4%
|
United States Treasury Note 1.500%, 09/30/24
|
6.5
|
FNMA 3.500%, 11/01/47
|
3.1
|
United States Treasury Note 1.625%, 09/30/26
|
2.7
|
United States Treasury Bond 4.500%, 02/15/36
|
2.7
|
Sector Allocation
|
|
Sector
|
% of Net Assets
|
Corporate Obligations
|
38.9%
|
U.S. Treasury Obligations
|
34.3
|
U.S. Government Mortgage-Backed Obligations
|
22.3
|
Collateralized Mortgage Obligations
|
2.3
|
Commercial Mortgage-Backed Obligations
|
0.4
|
Taxable Municipal Bond
|
0.2
|
Other Assets less Liabilities
|
1.6
|
Schroder Long Duration Investment-Grade Bond Fund
|
Schroder Long Duration Investment-Grade Bond Fund
|
Schroder Long Duration Investment-Grade Bond Fund
|
One Year Ended
October 31, 2019 |
Five Years Ended
October 31, 2019 (a) |
Annualized
Since Inception (b) |
|
Schroder Long Duration Investment-Grade Bond Fund
|
|||
Investor Shares
|
25.74%
|
5.77%
|
6.98%
|
Bloomberg Barclays U.S. Long Government/Credit Bond Index
|
26.03%
|
6.34%
|
5.72%
|
(a) |
Average annual total returns.
|
(b) |
From commencement of fund operations on October 3, 2011.
|
Top 5 Holdings
|
|
Security
|
% of Net Assets
|
United States Treasury Bond 2.875%, 05/15/43
|
10.6%
|
United States Treasury Bond 2.750%, 08/15/47
|
7.6
|
United States Treasury Bond 4.500%, 02/15/36
|
5.9
|
United States Treasury Bond 2.750%, 11/15/47
|
3.3
|
United States Treasury Bond 3.000%, 08/15/48
|
2.9
|
Sector Allocation
|
|
Sector
|
% of Net Assets
|
Corporate Obligations
|
59.6%
|
U.S. Treasury Obligations
|
38.5
|
Taxable Municipal Bond
|
0.8
|
Other Assets less Liabilities
|
1.1
|
Schroder Short Duration Bond Fund
|
Schroder Short Duration Bond Fund
|
Schroder Short Duration Bond Fund
|
One Year Ended
October 31, 2019 |
Annualized
Since Inception (a) |
|
Schroder Short Duration Bond Fund
|
||
R6 Shares
|
4.99%
|
1.93%
|
Investor Shares
|
4.88%
|
1.90%
|
ICE BofAML 1-3 Year Treasury Index
|
4.54%
|
1.43%
|
(a) |
From commencement of fund operations on August 26, 2015.
|
Top 5 Holdings
|
|
Security
|
% of Net Assets
|
United States Treasury Note 2.25%, 04/15/22
|
13.9%
|
United States Treasury Bill 1.572%, 02/27/20
|
11.3
|
United States Treasury Note 2.25%, 03/31/20
|
4.9
|
United States Treasury Note 2.5%, 02/28/21
|
3.0
|
Microsoft
|
2.3
|
Sector Allocation
|
|
Sector
|
% of Net Assets
|
U.S. Treasury Obligations
|
39.1%
|
Corporate Obligations
|
37.2
|
U.S. Government Mortgage-Backed Obligations
|
9.6
|
Asset-Backed Securities
|
8.9
|
Collateralized Mortgage Obligations
|
2.7
|
Commercial Mortgage-Backed Obligations
|
1.0
|
Taxable Municipal Bond
|
0.2
|
Other Assets less Liabilities
|
1.3
|
Schroder Total Return Fixed Income Fund
|
Schroder Total Return Fixed Income Fund
|
Schroder Total Return Fixed Income Fund
|
One Year Ended
October 31, 2019 |
Five Years Ended
October 31, 2019 (a) |
Ten Years Ended
October 31, 2019 (a) |
|
Schroder Total Return Fixed Income Fund
|
|||
Investor Shares
|
10.93%
|
2.77%
|
3.87%
|
Bloomberg Barclays U.S. Aggregate Bond Index
|
11.51%
|
3.24%
|
3.73%
|
(a) |
Average annual total returns.
|
Top 5 Holdings
|
|
Security
|
% of Net Assets
|
United States Treasury Note 2.625%, 07/31/20
|
3.9%
|
United States Treasury Inflation Indexed Bond 0.750%, 07/15/28
|
2.4
|
FNMA 4.500%, 11/01/48
|
2.1
|
GNMA 4.000%, 06/20/49
|
1.9
|
Madison Park Funding XVIII, Ser 2017-18A, Class A1R 3.156%, 10/21/30
|
1.9
|
Sector Allocation
|
|
Sector
|
% of Net Assets
|
Corporate Obligations
|
38.4%
|
U.S. Government Mortgage-Backed Obligations
|
23.9
|
U.S. Treasury Obligations
|
16.3
|
Asset-Backed Securities
|
10.7
|
Collateralized Mortgage Obligations
|
5.7
|
Taxable Municipal Bonds
|
1.3
|
Commercial Mortgage-Backed Obligations
|
1.2
|
Sovereign Governments
|
1.1
|
Other Assets less Liabilities
|
1.4
|
Schroder North American Equity Fund
|
Shares
|
Value $
|
||||||
COMMON STOCK – 99.1%
|
|||||||
Canada – 1.5%
|
|||||||
231,900
|
Birchcliff Energy
|
353,898
|
|||||
29,500
|
Canadian National Railway
|
2,638,448
|
|||||
7,800
|
Canadian Pacific Railway
|
1,773,729
|
|||||
16,600
|
CGI Class A (1)
|
1,290,341
|
|||||
7,783
|
CI Financial
|
113,279
|
|||||
134,800
|
Crew Energy (1)
|
49,126
|
|||||
12,100
|
Dollarama
|
407,069
|
|||||
23,800
|
Enerflex
|
186,482
|
|||||
11,400
|
Genworth MI Canada
|
460,466
|
|||||
12,300
|
Gildan Activewear
|
314,247
|
|||||
37,300
|
Husky Energy
|
260,542
|
|||||
23,300
|
Imperial Oil
|
580,245
|
|||||
34,700
|
Magna International Class A
|
1,865,807
|
|||||
137,800
|
Manulife Financial
|
2,566,422
|
|||||
13,100
|
Open Text
|
529,331
|
|||||
36,300
|
Teck Resources Class B
|
573,811
|
|||||
31,700
|
TransAlta Renewables
|
341,285
|
|||||
16,400
|
Westshore Terminals Investment
|
284,394
|
|||||
14,588,922
|
|||||||
Israel – 0.3%
|
|||||||
26,300
|
Check Point Software Technologies (1)
|
2,956,383
|
|||||
United States – 97.3%
|
|||||||
Communication Services – 9.5%
|
|||||||
12,549
|
Alphabet Class A (1)
|
15,796,681
|
|||||
13,094
|
Alphabet Class C (1)
|
16,499,880
|
|||||
12,000
|
AMC Networks Class A (1)
|
522,600
|
|||||
221,127
|
AT&T
|
8,511,178
|
|||||
600
|
Cable One
|
795,222
|
|||||
108,500
|
Comcast Class A
|
4,862,970
|
|||||
24,000
|
Discovery Class A (1)
|
646,920
|
|||||
81,700
|
Facebook Class A (1)
|
15,657,805
|
|||||
50,700
|
Fox
|
1,624,428
|
|||||
5,000
|
Netflix (1)
|
1,437,050
|
|||||
45,900
|
Omnicom Group
|
3,543,021
|
|||||
184,630
|
Verizon Communications
|
11,164,576
|
|||||
38,100
|
Viacom Class B
|
821,436
|
|||||
68,972
|
Walt Disney
|
8,960,842
|
|||||
90,844,609
|
|||||||
Consumer Discretionary – 10.0%
|
|||||||
14,206
|
Amazon.com (1)
|
25,239,232
|
|||||
1,900
|
AutoZone (1)
|
2,174,322
|
|||||
7,000
|
Best Buy
|
502,810
|
Shares |
Value $
|
||||||
288
|
Booking Holdings (1)
|
590,046
|
|||||
28,600
|
Buckle
|
598,312
|
|||||
30,400
|
Capri Holdings (1)
|
944,528
|
|||||
21,100
|
Carnival
|
904,979
|
|||||
7,200
|
Carter’s
|
721,728
|
|||||
25,500
|
CBS Class B
|
919,020
|
|||||
20,400
|
Choice Hotels International
|
1,804,992
|
|||||
91,800
|
eBay
|
3,235,950
|
|||||
24,400
|
Foot Locker
|
1,061,644
|
|||||
20,000
|
GameStop Class A (1)
|
108,800
|
|||||
24,600
|
Gap
|
399,996
|
|||||
29,900
|
Garmin
|
2,803,125
|
|||||
25,500
|
General Motors
|
947,580
|
|||||
79,400
|
Gentex
|
2,227,170
|
|||||
149,000
|
H&R Block
|
3,723,510
|
|||||
3,400
|
Helen of Troy (1)
|
509,184
|
|||||
12,600
|
Hasbro
|
1,226,106
|
|||||
45,493
|
Home Depot
|
10,671,748
|
|||||
12,100
|
Kohl’s
|
620,246
|
|||||
3,628
|
Kontoor Brands
|
137,864
|
|||||
12,000
|
Lear
|
1,413,240
|
|||||
7,400
|
Lowe’s
|
825,914
|
|||||
22,400
|
MasterCraft Boat Holdings (1)
|
352,800
|
|||||
33,181
|
McDonald’s
|
6,526,703
|
|||||
39,300
|
Michaels (1)
|
343,089
|
|||||
55,800
|
Nike Class B
|
4,996,890
|
|||||
350
|
NVR (1)
|
1,272,806
|
|||||
5,200
|
O’Reilly Automotive (1)
|
2,264,652
|
|||||
27,000
|
PulteGroup
|
1,059,480
|
|||||
19,400
|
Ross Stores
|
2,127,598
|
|||||
59,900
|
Starbucks
|
5,065,144
|
|||||
16,200
|
Tapestry
|
418,932
|
|||||
4,500
|
Tiffany
|
560,295
|
|||||
59,000
|
TJX
|
3,401,350
|
|||||
2,600
|
UniFirst
|
522,184
|
|||||
25,400
|
VF
|
2,090,166
|
|||||
95,314,135
|
|||||||
Consumer Staples – 7.8%
|
|||||||
84,500
|
Altria Group
|
3,784,755
|
|||||
11,900
|
Brown-Forman Class B
|
779,688
|
|||||
33,300
|
Church & Dwight
|
2,329,002
|
|||||
14,800
|
Clorox
|
2,185,812
|
|||||
198,616
|
Coca-Cola
|
10,810,669
|
|||||
60,782
|
Colgate-Palmolive
|
4,169,645
|
|||||
1,300
|
Costco Wholesale
|
386,243
|
Schroder North American Equity Fund
|
Shares |
Value $
|
||||||
13,100
|
Estee Lauder Class A
|
2,440,137
|
|||||
26,200
|
Hershey
|
3,847,994
|
|||||
34,900
|
Kimberly-Clark
|
4,637,512
|
|||||
34,600
|
Lamb Weston Holdings
|
2,700,184
|
|||||
6,200
|
Lancaster Colony
|
862,916
|
|||||
38,400
|
Monster Beverage (1)
|
2,155,392
|
|||||
68,024
|
PepsiCo
|
9,330,852
|
|||||
66,691
|
Philip Morris International
|
5,431,315
|
|||||
115,911
|
Procter & Gamble
|
14,432,079
|
|||||
7,800
|
USANA Health Sciences (1)
|
578,058
|
|||||
15,900
|
Walgreens Boots Alliance
|
871,002
|
|||||
20,723
|
Walmart
|
2,429,979
|
|||||
1,900
|
WD-40
|
356,060
|
|||||
74,519,294
|
|||||||
Energy – 3.8%
|
|||||||
53,700
|
Antero Resources (1)
|
134,250
|
|||||
46,300
|
Cabot Oil & Gas
|
863,032
|
|||||
90,200
|
Callon Petroleum (1)
|
342,760
|
|||||
75,463
|
Chevron
|
8,764,273
|
|||||
62,500
|
ConocoPhillips
|
3,450,000
|
|||||
91,300
|
Diamond Offshore Drilling (1)
|
482,977
|
|||||
8,500
|
Diamondback Energy
|
728,960
|
|||||
18,800
|
EOG Resources
|
1,303,028
|
|||||
173,990
|
ExxonMobil
|
11,756,504
|
|||||
61,100
|
Gulfport Energy (1)
|
170,164
|
|||||
11,200
|
HollyFrontier
|
615,328
|
|||||
76,400
|
Laredo Petroleum Holdings (1)
|
180,304
|
|||||
33,800
|
Marathon Petroleum
|
2,161,510
|
|||||
99,000
|
Northern Oil and Gas (1)
|
194,040
|
|||||
21,700
|
Phillips 66
|
2,534,994
|
|||||
43,600
|
ProPetro Holding (1)
|
337,900
|
|||||
19,500
|
Valero Energy
|
1,891,110
|
|||||
26,300
|
Whiting Petroleum (1)
|
166,742
|
|||||
36,077,876
|
|||||||
Financials – 13.0%
|
|||||||
20,200
|
Affiliated Managers Group
|
1,613,576
|
|||||
80,300
|
Aflac
|
4,268,748
|
|||||
11,500
|
American Equity Investment Life Holding
|
283,820
|
|||||
10,627
|
American Express
|
1,246,335
|
|||||
30,000
|
American Financial Group
|
3,121,200
|
|||||
3,800
|
American National Insurance
|
455,924
|
|||||
15,200
|
Ameriprise Financial
|
2,293,528
|
|||||
16,600
|
Athene Holding Class A (1)
|
719,610
|
|||||
239,250
|
Bank of America
|
7,481,348
|
|||||
15,000
|
BB&T
|
795,750
|
Shares |
Value $
|
||||||
57,200
|
Berkshire Hathaway Class B (1)
|
12,159,576
|
|||||
2,100
|
BlackRock Class A
|
969,570
|
|||||
18,436
|
Brighthouse Financial (1)
|
696,143
|
|||||
25,000
|
Capital One Financial
|
2,331,250
|
|||||
11,300
|
CBOE Holdings
|
1,301,195
|
|||||
97,342
|
Citigroup
|
6,994,996
|
|||||
57,300
|
Citizens Financial Group
|
2,014,668
|
|||||
24,100
|
Eaton Vance
|
1,098,960
|
|||||
5,700
|
FactSet Research Systems
|
1,445,064
|
|||||
37,700
|
Federated Investors Class B
|
1,204,138
|
|||||
13,800
|
Fidelity National Information Services
|
1,818,288
|
|||||
1,100
|
First Citizens BancShares Class A
|
541,112
|
|||||
4,800
|
First Interstate BancSystem Class A
|
201,408
|
|||||
72,000
|
Franklin Resources
|
1,983,600
|
|||||
17,400
|
Globe Life
|
1,693,542
|
|||||
19,004
|
Goldman Sachs Group
|
4,055,073
|
|||||
10,500
|
International Bancshares
|
430,080
|
|||||
50,000
|
Invesco
|
841,000
|
|||||
131,663
|
JPMorgan Chase
|
16,447,342
|
|||||
23,000
|
Lincoln National
|
1,299,040
|
|||||
9,100
|
Loews
|
445,900
|
|||||
6,300
|
M&T Bank
|
986,139
|
|||||
56,200
|
MetLife
|
2,629,598
|
|||||
14,200
|
Moody’s
|
3,133,798
|
|||||
76,900
|
Morgan Stanley
|
3,541,245
|
|||||
13,700
|
National Retail Properties REIT
|
807,067
|
|||||
34,400
|
PNC Financial Services Group
|
5,046,480
|
|||||
5,100
|
Popular
|
277,746
|
|||||
57,800
|
Principal Financial Group
|
3,085,364
|
|||||
26,000
|
Prudential Financial
|
2,369,640
|
|||||
24,800
|
Raymond James Financial
|
2,070,552
|
|||||
5,500
|
S&P Global
|
1,418,945
|
|||||
57,300
|
Synchrony Financial
|
2,026,701
|
|||||
21,000
|
T. Rowe Price Group
|
2,431,800
|
|||||
73,400
|
Unum Group
|
2,021,436
|
|||||
195,372
|
Wells Fargo
|
10,087,056
|
|||||
124,185,351
|
|||||||
Healthcare – 16.2%
|
|||||||
41,300
|
Abbott Laboratories
|
3,453,093
|
|||||
114,781
|
AbbVie
|
9,130,829
|
|||||
8,700
|
Alexion Pharmaceuticals (1)
|
916,980
|
|||||
9,600
|
Allergan
|
1,690,656
|
|||||
44,817
|
Amgen
|
9,557,225
|
|||||
28,300
|
Baxter International
|
2,170,610
|
|||||
12,562
|
Biogen (1)
|
3,752,395
|
Schroder North American Equity Fund
|
Shares |
Value $
|
||||||
136,171
|
Bristol-Myers Squibb
|
7,812,130
|
|||||
26,700
|
Cerner
|
1,792,104
|
|||||
4,000
|
Cooper
|
1,164,000
|
|||||
30,100
|
Danaher
|
4,148,382
|
|||||
9,900
|
Edwards Lifesciences (1)
|
2,359,962
|
|||||
67,261
|
Eli Lilly
|
7,664,391
|
|||||
72,104
|
Gilead Sciences
|
4,593,746
|
|||||
5,400
|
Idexx Laboratories (1)
|
1,539,054
|
|||||
20,500
|
Innoviva (1)
|
238,210
|
|||||
4,800
|
Jazz Pharmaceuticals (1)
|
603,024
|
|||||
134,784
|
Johnson & Johnson
|
17,796,879
|
|||||
6,700
|
McKesson
|
891,100
|
|||||
21,700
|
MEDNAX (1)
|
476,532
|
|||||
85,169
|
Medtronic
|
9,274,904
|
|||||
144,507
|
Merck
|
12,522,977
|
|||||
2,400
|
Mettler-Toledo International (1)
|
1,691,856
|
|||||
95,700
|
Mylan (1)
|
1,832,655
|
|||||
324,747
|
Pfizer
|
12,460,542
|
|||||
44,384
|
Quest Diagnostics
|
4,493,880
|
|||||
11,600
|
ResMed
|
1,715,872
|
|||||
33,600
|
SIGA Technologies (1)
|
186,480
|
|||||
5,800
|
STERIS
|
821,106
|
|||||
15,999
|
Stryker
|
3,460,104
|
|||||
21,200
|
Thermo Fisher Scientific
|
6,401,976
|
|||||
47,400
|
UnitedHealth Group
|
11,977,980
|
|||||
24,800
|
Varian Medical Systems (1)
|
2,996,088
|
|||||
12,308
|
Waters (1)
|
2,604,619
|
|||||
2,800
|
West Pharmaceutical Services
|
402,752
|
|||||
154,595,093
|
|||||||
Industrials – 10.8%
|
|||||||
29,535
|
3M
|
4,872,980
|
|||||
24,300
|
Allegion
|
2,819,772
|
|||||
49,300
|
Allison Transmission Holdings Class A
|
2,149,973
|
|||||
36,600
|
AMETEK
|
3,354,390
|
|||||
11,700
|
Boeing
|
3,976,947
|
|||||
7,900
|
Brady Class A
|
445,086
|
|||||
24,400
|
Caterpillar
|
3,362,320
|
|||||
21,900
|
CH Robinson Worldwide
|
1,656,516
|
|||||
7,800
|
Cintas
|
2,095,626
|
|||||
15,000
|
Copart (1)
|
1,239,600
|
|||||
15,300
|
Cummins
|
2,638,944
|
|||||
26,900
|
Delta Air Lines
|
1,481,652
|
|||||
14,200
|
Deluxe
|
735,986
|
|||||
14,100
|
Donaldson
|
743,634
|
|||||
20,300
|
Dover
|
2,108,967
|
Shares |
Value $
|
||||||
26,100
|
Eaton
|
2,273,571
|
|||||
64,271
|
Emerson Electric
|
4,508,611
|
|||||
9,600
|
Ennis
|
188,064
|
|||||
42,500
|
Expeditors International of Washington
|
3,099,950
|
|||||
60,600
|
Fastenal
|
2,177,964
|
|||||
37,950
|
Fortive
|
2,618,550
|
|||||
17,200
|
Graco
|
777,440
|
|||||
41,600
|
GrafTech International
|
502,528
|
|||||
32,191
|
Honeywell International
|
5,560,351
|
|||||
16,000
|
Hubbell Class B
|
2,267,200
|
|||||
10,700
|
IDEX
|
1,664,171
|
|||||
22,400
|
Illinois Tool Works
|
3,776,192
|
|||||
21,700
|
Landstar System
|
2,455,355
|
|||||
10,659
|
Lincoln Electric Holdings
|
954,727
|
|||||
9,900
|
Lockheed Martin
|
3,729,132
|
|||||
29,000
|
Meritor (1)
|
638,870
|
|||||
3,400
|
MSA Safety
|
408,238
|
|||||
19,600
|
MSC Industrial Direct Class A
|
1,434,916
|
|||||
23,600
|
Norfolk Southern
|
4,295,200
|
|||||
2,500
|
Old Dominion Freight Line
|
455,200
|
|||||
9,200
|
Parker Hannifin
|
1,688,108
|
|||||
10,500
|
Regal-Beloit
|
777,525
|
|||||
34,400
|
Robert Half International
|
1,970,088
|
|||||
5,500
|
Rockwell Automation
|
945,945
|
|||||
10,200
|
Roper Technologies
|
3,436,992
|
|||||
14,900
|
Snap-on
|
2,423,783
|
|||||
8,700
|
Timken
|
426,300
|
|||||
13,300
|
Toro
|
1,025,829
|
|||||
37,500
|
Union Pacific
|
6,204,750
|
|||||
4,000
|
United Rentals (1)
|
534,280
|
|||||
11,095
|
United Technologies
|
1,593,020
|
|||||
15,000
|
Verisk Analytics Class A
|
2,170,500
|
|||||
22,100
|
Waste Management
|
2,479,841
|
|||||
103,145,584
|
|||||||
Information Technology – 22.3%
|
|||||||
19,352
|
Accenture Class A
|
3,588,248
|
|||||
12,600
|
Adobe (1)
|
3,501,918
|
|||||
27,800
|
Amdocs
|
1,812,560
|
|||||
22,400
|
Amphenol Class A
|
2,247,392
|
|||||
19,100
|
Analog Devices
|
2,036,633
|
|||||
6,500
|
ANSYS (1)
|
1,430,975
|
|||||
153,373
|
Apple
|
38,153,067
|
|||||
28,000
|
Automatic Data Processing
|
4,542,440
|
|||||
7,200
|
Broadcom
|
2,108,520
|
|||||
21,200
|
Broadridge Financial Solutions
|
2,654,664
|
Schroder North American Equity Fund
|
Shares |
Value $
|
||||||
244,985
|
Cisco Systems
|
11,639,237
|
|||||
27,800
|
Citrix Systems
|
3,026,308
|
|||||
62,523
|
Cognizant Technology Solutions Class A
|
3,810,152
|
|||||
20,900
|
DXC Technology
|
578,303
|
|||||
1,600
|
Fair Isaac (1)
|
486,464
|
|||||
40,500
|
Fiserv (1)
|
4,298,670
|
|||||
104,800
|
HP
|
1,820,376
|
|||||
229,974
|
Intel
|
13,000,430
|
|||||
64,894
|
International Business Machines
|
8,678,275
|
|||||
14,100
|
Intuit
|
3,630,750
|
|||||
8,500
|
Jack Henry & Associates
|
1,203,260
|
|||||
5,700
|
Lam Research
|
1,544,928
|
|||||
28,900
|
Mastercard Class A
|
7,999,809
|
|||||
34,700
|
Maxim Integrated Products
|
2,035,502
|
|||||
45,200
|
Micron Technology (1)
|
2,149,260
|
|||||
301,450
|
Microsoft
|
43,218,886
|
|||||
6,600
|
NVIDIA
|
1,326,732
|
|||||
114,581
|
Oracle
|
6,243,519
|
|||||
35,400
|
Paychex
|
2,960,856
|
|||||
60,700
|
PayPal Holdings (1)
|
6,318,870
|
|||||
8,000
|
Progress Software
|
319,040
|
|||||
12,277
|
QUALCOMM
|
987,562
|
|||||
9,400
|
salesforce.com (1)
|
1,471,006
|
|||||
10,000
|
TE Connectivity
|
895,000
|
|||||
42,922
|
Texas Instruments
|
5,064,367
|
|||||
70,900
|
Visa Class A
|
12,681,174
|
|||||
64,100
|
Xerox Holdings
|
2,174,913
|
|||||
19,600
|
Xilinx
|
1,778,504
|
|||||
213,418,570
|
|||||||
Materials – 0.6%
|
|||||||
1,700
|
Air Products & Chemicals
|
362,542
|
|||||
6,400
|
Eastman Chemical
|
486,656
|
|||||
14,100
|
LyondellBasell Industries Class A
|
1,264,770
|
|||||
17,300
|
Newmont Mining
|
687,329
|
|||||
21,200
|
Packaging Corp. of America
|
2,320,552
|
|||||
3,649
|
Sonoco Products
|
210,547
|
|||||
13,900
|
Steel Dynamics
|
422,004
|
|||||
5,754,400
|
|||||||
Real Estate – 2.2%
|
|||||||
117,600
|
Apple Hospitality REIT
|
1,938,048
|
|||||
12,700
|
CareTrust REIT
|
307,848
|
|||||
5,700
|
Essex Property Trust REIT
|
1,864,641
|
|||||
19,900
|
Highwoods Properties REIT
|
931,320
|
|||||
127,800
|
Host Hotels & Resorts REIT
|
2,094,642
|
Shares |
Value $
|
||||||
49,400
|
Kimco Realty REIT
|
1,065,064
|
|||||
7,900
|
Life Storage REIT
|
860,468
|
|||||
3,649
|
LTC Properties REIT
|
189,201
|
|||||
32,800
|
Newmark Group Class A
|
348,336
|
|||||
11,200
|
Omega Healthcare Investors REIT
|
493,248
|
|||||
90,400
|
Park Hotels & Resorts REIT
|
2,101,800
|
|||||
2,600
|
PS Business Parks REIT
|
469,430
|
|||||
11,100
|
Public Storage REIT
|
2,473,746
|
|||||
19,200
|
Regency Centers REIT
|
1,291,008
|
|||||
31,100
|
RLJ Lodging Trust REIT
|
510,351
|
|||||
21,800
|
Simon Property Group REIT
|
3,284,824
|
|||||
15,600
|
Tanger Factory Outlet Centers REIT
|
251,472
|
|||||
25,700
|
Weingarten Realty Investors REIT
|
815,461
|
|||||
21,290,908
|
|||||||
Utilities – 1.1%
|
|||||||
28,000
|
AES
|
477,400
|
|||||
3,700
|
Ameren
|
287,490
|
|||||
3,700
|
American Electric Power
|
349,243
|
|||||
3,600
|
American Water Works
|
443,772
|
|||||
4,500
|
Atmos Energy
|
506,160
|
|||||
18,000
|
Centerpoint Energy
|
523,260
|
|||||
13,199
|
Consolidated Edison
|
1,217,212
|
|||||
6,000
|
Dominion Resources
|
495,300
|
|||||
2,300
|
DTE Energy
|
292,836
|
|||||
5,000
|
Eversource Energy
|
418,700
|
|||||
40,300
|
Exelon
|
1,833,247
|
|||||
8,200
|
NextEra Energy
|
1,954,388
|
|||||
27,200
|
PPL
|
910,928
|
|||||
1,800
|
Sempra Energy
|
260,118
|
|||||
9,970,054
|
|||||||
Total United States
|
929,115,874
|
||||||
TOTAL COMMON STOCK
|
|||||||
(Cost $598,897,258)
|
946,661,179
|
||||||
TOTAL INVESTMENTS IN SECURITIES – 99.1%
|
|||||||
(Cost $598,897,258)
|
946,661,179
|
||||||
OTHER ASSETS LESS LIABILITIES – 0.9%
|
8,670,656
|
||||||
NET ASSETS – 100%
|
$
|
955,331,835
|
(1) |
Denotes non-income producing security.
|
Schroder North American Equity Fund
|
Type of
Contract |
Number of
Contracts Long |
Expiration
Date |
Notional
Amount |
Value
|
Unrealized
Appreciation |
||||||||||||
S&P 500 Index E-MINI
|
25
|
Dec-2019
|
$
|
3,728,042
|
$
|
3,794,750
|
$
|
66,708
|
Counterparty
|
Settlement
Date |
Currency
to Deliver |
Currency
to Receive |
Unrealized Appreciation
|
|||
Royal Bank of Canada
|
12/11/19
|
CAD 14,853,935
|
USD 11,346,790
|
$
|
66,965
|
Investments in Securities (1)(2)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stock
|
$
|
946,661,179
|
$
|
—
|
$
|
—
|
$
|
946,661,179
|
||||||||
Total Investments in Securities
|
$
|
946,661,179
|
$
|
—
|
$
|
—
|
$
|
946,661,179
|
Other Financial Instruments
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Futures — Unrealized Appreciation
|
$
|
66,708
|
$
|
—
|
$
|
—
|
$
|
66,708
|
||||||||
Forwards — Unrealized Appreciation
|
—
|
66,965
|
—
|
66,965
|
||||||||||||
Total Other Financial Instruments
|
$
|
66,708
|
$
|
66,965
|
$
|
—
|
$
|
133,673
|
(1) |
For the year ended October 31, 2019, 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.
|
Schroder Emerging Markets Small Cap Fund
|
Shares
|
Value $
|
||||||
COMMON STOCK – 93.9%
|
|||||||
Brazil – 9.8%
|
|||||||
2,762
|
Cyrela Brazil Realty Empreendimentos e Participacoes
|
18,602
|
|||||
10,224
|
Duratex
|
33,217
|
|||||
5,790
|
Enauta Participacoes
|
18,869
|
|||||
3,248
|
Energisa SA - Units
|
38,704
|
|||||
6,900
|
IRB Brasil Resseguros S
|
64,828
|
|||||
6,719
|
Odontoprev
|
24,980
|
|||||
500
|
Pagseguro Digital Class A (1)
|
18,540
|
|||||
217,740
|
|||||||
Chile – 1.0%
|
|||||||
1,750
|
Inversiones La Construccion
|
21,179
|
|||||
China – 15.8%
|
|||||||
7,250
|
A-Living Services Class H
|
22,020
|
|||||
2,700
|
Anhui Kouzi Distillery Class A
|
18,767
|
|||||
15,000
|
Haitian International Holdings
|
35,490
|
|||||
5,500
|
Hefei Meiya Optoelectronic Technology Class A
|
28,519
|
|||||
647
|
Huazhu Group ADR
|
24,495
|
|||||
14,500
|
Li Ning
|
49,315
|
|||||
143,000
|
Lonking Holdings
|
39,784
|
|||||
26,000
|
Nexteer Automotive Group
|
24,288
|
|||||
15,400
|
Rainbow Department Store Class A
|
22,174
|
|||||
18,400
|
Tongcheng-Elong Holdings (1)
|
30,056
|
|||||
17,000
|
Topsports International Holdings (1)
|
20,502
|
|||||
2,660
|
WuXi AppTec Class H
|
32,147
|
|||||
347,557
|
|||||||
Colombia – 0.7%
|
|||||||
4,899
|
Organizacion Terpel
|
15,509
|
|||||
Egypt – 1.3%
|
|||||||
10,683
|
Credit Agricole Egypt
|
29,057
|
|||||
Greece – 2.4%
|
|||||||
52,654
|
Eurobank Ergasias (1)
|
53,322
|
|||||
Hong Kong – 3.3%
|
|||||||
3,700
|
ASM Pacific Technology
|
51,798
|
|||||
56,000
|
Crystal International Group
|
21,654
|
|||||
73,452
|
|||||||
India – 9.5%
|
|||||||
1,848
|
Apollo Hospitals Enterprise
|
38,685
|
|||||
14,063
|
City Union Bank
|
42,013
|
|||||
4,077
|
Container of India
|
33,818
|
|||||
63
|
Eicher Motors
|
20,019
|
Shares
|
Value $
|
||||||
1,106
|
Gateway Distriparks
|
1,462
|
|||||
8,291
|
Indraprastha Gas
|
45,770
|
|||||
1,741
|
Supreme Industries
|
28,575
|
|||||
210,342
|
|||||||
Indonesia – 0.9%
|
|||||||
13,400
|
United Tractors
|
20,691
|
|||||
Malaysia – 1.4%
|
|||||||
21,750
|
Bursa Malaysia
|
31,492
|
|||||
Mexico – 3.5%
|
|||||||
2,257
|
Gruma Class B
|
23,617
|
|||||
2,722
|
Grupo Aeroportuario del Pacifico Class B
|
28,531
|
|||||
4,382
|
Grupo Cementos de Chihuahua
|
24,399
|
|||||
76,547
|
|||||||
Pakistan – 0.9%
|
|||||||
23,606
|
United Bank
|
20,876
|
|||||
Peru – 1.2%
|
|||||||
40,850
|
Ferreycorp SAA
|
26,503
|
|||||
Philippines – 3.5%
|
|||||||
161,200
|
D&L Industries
|
27,097
|
|||||
21,330
|
International Container Terminal Services
|
49,894
|
|||||
76,991
|
|||||||
Poland – 1.6%
|
|||||||
920
|
Dino Polska (1)
|
35,879
|
|||||
Russia – 6.2%
|
|||||||
2,791
|
Globaltrans Investment GDR
|
23,863
|
|||||
20,068
|
Moscow Exchange MICEX-RTS PJSC (1)
|
29,765
|
|||||
2,398
|
Polymetal International
|
39,294
|
|||||
2,263
|
TCS Group Holding GDR
|
43,042
|
|||||
135,964
|
|||||||
Singapore – 1.3%
|
|||||||
25,100
|
First Resources
|
28,228
|
|||||
South Africa – 1.7%
|
|||||||
3,738
|
City Lodge Hotels
|
19,767
|
|||||
1,453
|
Foschini Group
|
16,732
|
|||||
36,499
|
|||||||
South Korea – 11.0%
|
|||||||
506
|
Douzone Bizon
|
31,923
|
|||||
528
|
Koh Young Technology
|
42,705
|
|||||
803
|
LEENO Industrial
|
36,718
|
|||||
241
|
LG Innotek
|
25,064
|
|||||
65
|
Medy-Tox
|
18,437
|
Schroder Emerging Markets Small Cap Fund
|
Shares
|
Value $
|
||||||
1,417
|
Orange Life Insurance
|
34,101
|
|||||
351
|
S-1 Class 1
|
28,268
|
|||||
161
|
SK Materials
|
25,352
|
|||||
242,568
|
|||||||
Taiwan – 13.8%
|
|||||||
30,147
|
Aerospace Industrial Development
|
31,444
|
|||||
12,000
|
Chroma ATE
|
60,118
|
|||||
27,000
|
CTCI
|
36,277
|
|||||
1,040
|
Eclat Textile
|
13,991
|
|||||
4,758
|
Gourmet Master
|
21,726
|
|||||
3,000
|
King Slide Works
|
35,923
|
|||||
6,000
|
Macauto Industrial
|
19,711
|
|||||
7,000
|
Merida Industry
|
40,472
|
|||||
5,000
|
Nien Made Enterprises
|
45,416
|
|||||
305,078
|
|||||||
Thailand – 1.7%
|
|||||||
16,700
|
Thai Oil
|
37,885
|
|||||
United Arab Emirates – 1.4%
|
|||||||
60,275
|
Emaar Malls PJSC
|
32,002
|
|||||
TOTAL COMMON STOCK
|
|||||||
(Cost $1,735,454)
|
2,075,361
|
Shares
|
Value $
|
||||||
PREFERRED STOCK – 1.8%
|
|||||||
Brazil – 1.8%
|
|||||||
5,988
|
Alpargatas (1)(2)
|
40,253
|
|||||
TOTAL PREFERRED STOCK
|
|||||||
(Cost $13,939)
|
40,253
|
||||||
TOTAL INVESTMENTS IN SECURITIES – 95.7%
|
|||||||
(Cost $1,749,393)
|
2,115,614
|
||||||
OTHER ASSETS LESS LIABILITIES – 4.3%
|
96,213
|
||||||
NET ASSETS – 100%
|
$
|
2,211,827
|
|||||
(1) |
Denotes non-income producing security.
|
(2) |
There is currently no rate available.
|
Investments in Securities (1)(2)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stock
|
$
|
2,075,361
|
$
|
—
|
$
|
—
|
$
|
2,075,361
|
||||||||
Preferred Stock
|
40,253
|
—
|
—
|
40,253
|
||||||||||||
Total Investments in Securities
|
$
|
2,115,614
|
$
|
—
|
$
|
—
|
$
|
2,115,614
|
(1) |
For the year ended October 31, 2019, 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.
|
Schroder Core Bond Fund
|
Principal Amount ($)
|
Value $
|
||||||
CORPORATE OBLIGATIONS – 38.9%
|
|||||||
Communication Services – 4.6%
|
|||||||
AT&T
|
|||||||
159,000
|
4.750%, 05/15/46
|
176,528
|
|||||
81,000
|
4.500%, 05/15/35
|
89,355
|
|||||
100,000
|
4.300%, 02/15/30
|
109,985
|
|||||
200,000
|
3.400%, 05/15/25
|
209,560
|
|||||
196,000
|
3.000%, 06/30/22
|
200,213
|
|||||
Charter Communications Operating LLC
|
|||||||
188,000
|
4.800%, 03/01/50
|
192,446
|
|||||
Comcast
|
|||||||
95,000
|
4.700%, 10/15/48
|
116,987
|
|||||
200,000
|
3.950%, 10/15/25
|
219,242
|
|||||
226,000
|
2.650%, 02/01/30
|
228,188
|
|||||
Discovery Communications LLC
|
|||||||
210,000
|
2.950%, 03/20/23
|
213,905
|
|||||
Verizon Communications
|
|||||||
137,000
|
4.329%, 09/21/28
|
156,008
|
|||||
160,000
|
4.016%, 12/03/29
|
179,087
|
|||||
129,000
|
3.258%, VAR ICE LIBOR USD 3 Month+1.100%, 05/15/25
|
131,218
|
|||||
Vodafone Group
|
|||||||
197,000
|
2.991%, VAR ICE LIBOR USD 3 Month+0.990%, 01/16/24
|
199,027
|
|||||
Walt Disney
|
|||||||
479,000
|
2.000%, 09/01/29
|
466,996
|
|||||
2,888,745
|
|||||||
Consumer Discretionary – 0.5%
|
|||||||
AutoNation
|
|||||||
45,000
|
4.500%, 10/01/25
|
48,099
|
|||||
Cox Communications (1)
|
|||||||
227,000
|
3.150%, 08/15/24
|
234,755
|
|||||
Magna International
|
|||||||
54,000
|
4.150%, 10/01/25
|
58,482
|
|||||
341,336
|
|||||||
Consumer Staples – 3.1%
|
|||||||
Altria Group
|
|||||||
459,000
|
4.800%, 02/14/29
|
503,903
|
|||||
Anheuser-Busch InBev Worldwide
|
|||||||
280,000
|
4.150%, 01/23/25
|
306,114
|
|||||
BAT Capital
|
|||||||
56,000
|
3.222%, 08/15/24
|
56,852
|
|||||
CVS Health
|
|||||||
184,000
|
5.050%, 03/25/48
|
212,084
|
|||||
PepsiCo
|
|||||||
295,000
|
2.625%, 07/29/29
|
304,390
|
|||||
Reynolds American
|
|||||||
21,000
|
5.850%, 08/15/45
|
23,349
|
|||||
33,000
|
5.700%, 08/15/35
|
37,275
|
Principal Amount ($)
|
Value $
|
||||||
RJ Reynolds Tobacco
|
|||||||
401,000
|
3.750%, 05/20/23
|
407,757
|
|||||
Tyson Foods
|
|||||||
75,000
|
3.550%, 06/02/27
|
80,285
|
|||||
1,932,009
|
|||||||
Energy – 3.5%
|
|||||||
Apache
|
|||||||
301,000
|
4.375%, 10/15/28
|
298,672
|
|||||
BP Capital Markets
|
|||||||
96,000
|
2.500%, 11/06/22
|
97,593
|
|||||
Enbridge
|
|||||||
71,000
|
4.250%, 12/01/26
|
77,654
|
|||||
Energy Transfer Partners
|
|||||||
85,000
|
5.250%, 04/15/29
|
95,607
|
|||||
313,000
|
3.600%, 02/01/23
|
321,856
|
|||||
Enterprise Products Operating LLC
|
|||||||
238,000
|
4.200%, 01/31/50
|
251,688
|
|||||
EOG Resources
|
|||||||
183,000
|
2.625%, 03/15/23
|
186,696
|
|||||
EQT
|
|||||||
197,000
|
3.900%, 10/01/27
|
175,557
|
|||||
49,000
|
3.000%, 10/01/22
|
46,798
|
|||||
MPLX
|
|||||||
169,000
|
4.500%, 04/15/38
|
172,689
|
|||||
Noble Energy
|
|||||||
142,000
|
3.850%, 01/15/28
|
147,506
|
|||||
Phillips 66 Partners
|
|||||||
135,000
|
3.750%, 03/01/28
|
141,769
|
|||||
155,000
|
3.605%, 02/15/25
|
162,178
|
|||||
2,176,263
|
|||||||
Financials – 15.3%
|
|||||||
Aflac
|
|||||||
2,000
|
6.450%, 08/15/40
|
2,861
|
|||||
American International Group
|
|||||||
303,000
|
3.900%, 04/01/26
|
325,956
|
|||||
181,000
|
3.300%, 03/01/21
|
183,942
|
|||||
AXA Equitable Holdings
|
|||||||
175,000
|
5.000%, 04/20/48
|
188,686
|
|||||
Bank of America
|
|||||||
10,000
|
5.875%, 01/05/21
|
10,459
|
|||||
Bank of America MTN
|
|||||||
544,000
|
3.500%, 04/19/26
|
578,445
|
|||||
425,000
|
3.248%, 10/21/27
|
441,888
|
|||||
464,000
|
3.004%, VAR ICE LIBOR USD 3 Month+0.790%, 12/20/23
|
474,639
|
|||||
Bank of Ireland Group (1)
|
|||||||
245,000
|
4.500%, 11/25/23
|
258,999
|
|||||
Bank of New York Mellon MTN
|
|||||||
261,000
|
1.950%, 08/23/22
|
261,598
|
Schroder Core Bond Fund
|
Principal Amount ($)
|
Value $
|
||||||
Barclays
|
|||||||
200,000
|
4.337%, 01/10/28
|
216,267
|
|||||
Capital One Financial
|
|||||||
58,000
|
3.750%, 03/09/27
|
61,610
|
|||||
250,000
|
2.150%, 09/06/22
|
249,913
|
|||||
Citigroup
|
|||||||
1,009,000
|
3.200%, 10/21/26
|
1,046,452
|
|||||
9,000
|
2.700%, 03/30/21
|
9,088
|
|||||
Cooperatieve Rabobank UA MTN
|
|||||||
389,000
|
3.875%, 02/08/22
|
404,896
|
|||||
Credit Suisse Group (1)
|
|||||||
272,000
|
3.869%, VAR ICE LIBOR USD 3 Month+1.410%, 01/12/29
|
290,640
|
|||||
Fifth Third Bancorp
|
|||||||
239,000
|
3.650%, 01/25/24
|
252,104
|
|||||
275,000
|
2.375%, 01/28/25
|
276,292
|
|||||
GE Capital International Funding Unlimited Co
|
|||||||
325,000
|
3.373%, 11/15/25
|
334,407
|
|||||
Goldman Sachs Group
|
|||||||
115,000
|
4.750%, 10/21/45
|
140,168
|
|||||
240,000
|
3.814%, VAR ICE LIBOR USD 3 Month+1.158%, 04/23/29
|
254,757
|
|||||
80,000
|
3.500%, 11/16/26
|
83,350
|
|||||
47,000
|
2.625%, 04/25/21
|
47,436
|
|||||
HCP
|
|||||||
104,000
|
3.250%, 07/15/26
|
108,620
|
|||||
HSBC Holdings
|
|||||||
535,000
|
2.633%, VAR ICE LIBOR USD 3 Month+1.140%, 11/07/25
|
535,000
|
|||||
JPMorgan Chase
|
|||||||
382,000
|
4.625%, 05/10/21
|
397,217
|
|||||
50,000
|
4.500%, 01/24/22
|
52,675
|
|||||
152,000
|
2.950%, 10/01/26
|
156,885
|
|||||
Moody’s
|
|||||||
119,000
|
4.875%, 02/15/24
|
131,799
|
|||||
Morgan Stanley
|
|||||||
316,000
|
3.625%, 01/20/27
|
336,975
|
|||||
Morgan Stanley MTN
|
|||||||
519,000
|
2.750%, 05/19/22
|
527,017
|
|||||
169,000
|
2.500%, 04/21/21
|
170,229
|
|||||
US Bancorp MTN
|
|||||||
206,000
|
2.625%, 01/24/22
|
209,323
|
|||||
Wells Fargo
|
|||||||
281,000
|
3.000%, 04/22/26
|
288,921
|
|||||
Wells Fargo MTN
|
|||||||
242,000
|
2.879%, VAR ICE LIBOR USD 3 Month+1.170%, 10/30/30
|
242,772
|
|||||
9,552,286
|
Principal
Amount ($)
|
Value $
|
||||||
Healthcare – 4.4%
|
|||||||
Abbott Laboratories
|
|||||||
444,000
|
3.400%, 11/30/23
|
468,380
|
|||||
AbbVie
|
|||||||
274,000
|
3.600%, 05/14/25
|
287,529
|
|||||
21,000
|
3.200%, 11/06/22
|
21,570
|
|||||
Aetna
|
|||||||
263,000
|
2.800%, 06/15/23
|
267,058
|
|||||
Allergan Funding SCS
|
|||||||
143,000
|
3.850%, 06/15/24
|
150,907
|
|||||
140,000
|
3.800%, 03/15/25
|
147,270
|
|||||
88,000
|
3.450%, 03/15/22
|
90,169
|
|||||
Bayer US Finance II LLC (1)
|
|||||||
487,000
|
3.875%, 12/15/23
|
510,061
|
|||||
Becton Dickinson
|
|||||||
141,000
|
3.734%, 12/15/24
|
150,659
|
|||||
Cardinal Health
|
|||||||
69,000
|
3.079%, 06/15/24
|
70,138
|
|||||
CommonSpirit Health
|
|||||||
105,000
|
3.347%, 10/01/29
|
105,815
|
|||||
Merck
|
|||||||
210,000
|
2.750%, 02/10/25
|
218,024
|
|||||
UnitedHealth Group
|
|||||||
235,000
|
3.875%, 12/15/28
|
260,488
|
|||||
2,748,068
|
|||||||
Industrials – 1.2%
|
|||||||
Air Lease
|
|||||||
152,000
|
2.250%, 01/15/23
|
151,312
|
|||||
Lockheed Martin
|
|||||||
225,000
|
3.550%, 01/15/26
|
243,023
|
|||||
Rockwell Collins
|
|||||||
226,000
|
3.200%, 03/15/24
|
235,858
|
|||||
United Technologies
|
|||||||
95,000
|
3.950%, 08/16/25
|
103,962
|
|||||
734,155
|
|||||||
Information Technology – 2.0%
|
|||||||
Apple
|
|||||||
137,000
|
2.950%, 09/11/49
|
132,449
|
|||||
Microsoft
|
|||||||
182,000
|
4.100%, 02/06/37
|
215,500
|
|||||
468,000
|
2.400%, 08/08/26
|
480,017
|
|||||
salesforce.com
|
|||||||
384,000
|
3.700%, 04/11/28
|
423,976
|
|||||
1,251,942
|
|||||||
Real Estate – 3.7%
|
|||||||
American Tower REIT
|
|||||||
409,000
|
3.700%, 10/15/49
|
406,359
|
|||||
294,000
|
3.300%, 02/15/21
|
298,447
|
Schroder Core Bond Fund
|
Principal Amount ($)
|
Value $
|
||||||
Boston Properties REIT
|
|||||||
398,000
|
3.400%, 06/21/29
|
419,655
|
|||||
Crown Castle International REIT
|
|||||||
299,000
|
3.800%, 02/15/28
|
321,861
|
|||||
62,000
|
3.200%, 09/01/24
|
64,362
|
|||||
ERP Operating REIT
|
|||||||
331,000
|
3.000%, 07/01/29
|
343,005
|
|||||
Simon Property Group REIT
|
|||||||
219,000
|
2.000%, 09/13/24
|
218,567
|
|||||
Ventas Realty REIT
|
|||||||
222,000
|
3.125%, 06/15/23
|
228,359
|
|||||
2,300,615
|
|||||||
Utilities – 0.6%
|
|||||||
Exelon
|
|||||||
26,000
|
2.450%, 04/15/21
|
26,169
|
|||||
Southern
|
|||||||
315,000
|
2.950%, 07/01/23
|
322,697
|
|||||
348,866
|
|||||||
TOTAL CORPORATE OBLIGATIONS
|
|||||||
(Cost $23,174,923)
|
24,274,285
|
||||||
U.S. TREASURY OBLIGATIONS – 34.3%
|
|||||||
United States Treasury Bill (2)
|
|||||||
1,071,000
|
1.854%, 02/27/20
|
1,065,686
|
|||||
United States Treasury Bonds
|
|||||||
1,128,800
|
4.625%, 02/15/40
|
1,616,786
|
|||||
1,208,600
|
4.500%, 02/15/36
|
1,655,546
|
|||||
278,100
|
4.375%, 05/15/40
|
386,961
|
|||||
832,200
|
3.375%, 11/15/48
|
1,048,279
|
|||||
55,000
|
3.000%, 02/15/47
|
64,432
|
|||||
630,000
|
3.000%, 05/15/47
|
737,691
|
|||||
540,000
|
3.000%, 08/15/48
|
634,774
|
|||||
120,300
|
2.875%, 05/15/43
|
136,263
|
|||||
52,000
|
2.875%, 11/15/46
|
59,477
|
|||||
369,000
|
2.750%, 08/15/47
|
412,819
|
|||||
238,900
|
2.750%, 11/15/47
|
267,512
|
|||||
159,000
|
2.500%, 02/15/46
|
169,285
|
|||||
270,000
|
2.250%, 08/15/49
|
274,282
|
|||||
United States Treasury Notes
|
|||||||
198,000
|
2.625%, 07/31/20
|
199,477
|
|||||
182,200
|
2.625%, 02/15/29
|
196,989
|
|||||
1,404,100
|
2.375%, 05/15/29
|
1,488,840
|
|||||
1,712,000
|
1.625%, 09/30/26
|
1,713,806
|
|||||
5,242,000
|
1.500%, 08/15/22
|
5,240,362
|
|||||
4,043,000
|
1.500%, 09/30/24
|
4,037,472
|
|||||
TOTAL U.S. TREASURY OBLIGATIONS
|
|||||||
(Cost $20,672,053)
|
21,406,739
|
Principal Amount ($)
|
Value $
|
||||||
U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS – 22.3%
|
|||||||
Federal Home Loan Mortgage Corporation – 5.8%
|
|||||||
FHLMC
|
|||||||
1,137,621
|
4.500%, 08/01/48
|
1,198,283
|
|||||
386,729
|
4.500%, 09/01/48
|
407,920
|
|||||
530,572
|
4.500%, 12/01/48
|
557,796
|
|||||
657,787
|
4.000%, 11/01/48
|
685,593
|
|||||
714,033
|
4.000%, 01/01/49
|
740,630
|
|||||
3,590,222
|
|||||||
Federal National Mortgage Association – 14.2%
|
|||||||
FNMA
|
|||||||
161,274
|
4.500%, 12/01/47
|
170,145
|
|||||
378,936
|
4.500%, 08/01/48
|
400,065
|
|||||
617,057
|
4.500%, 10/01/48
|
650,564
|
|||||
931,351
|
4.500%, 11/01/48
|
979,878
|
|||||
987,296
|
4.000%, 12/01/47
|
1,035,605
|
|||||
1,184,597
|
4.000%, 08/01/49
|
1,230,639
|
|||||
1,881,686
|
3.500%, 11/01/47
|
1,945,913
|
|||||
215,242
|
3.500%, 12/01/47
|
222,884
|
|||||
1,249,596
|
3.500%, 01/01/48
|
1,293,435
|
|||||
913,083
|
3.500%, 11/01/48
|
935,781
|
|||||
8,864,909
|
|||||||
Government National Mortgage Association – 2.3%
|
|||||||
GNMA
|
|||||||
597,222
|
5.000%, 08/20/48
|
633,691
|
|||||
434,752
|
5.000%, 10/20/48
|
461,473
|
|||||
343,419
|
4.500%, 10/20/48
|
361,420
|
|||||
1,456,584
|
|||||||
TOTAL U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS
|
|||||||
(Cost $13,635,627)
|
13,911,715
|
||||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 2.3%
|
|||||||
JPMorgan Mortgage Trust, Series 2015-6, Class A5 (1) (3)
|
|||||||
565,883
|
3.500%, 10/25/45
|
571,329
|
|||||
JPMorgan Mortgage Trust, Series 2017-1, Class A4 (1) (3)
|
|||||||
610,866
|
3.500%, 01/25/47
|
618,529
|
|||||
JPMorgan Mortgage Trust, Series 2018-8, Class A15 (1) (3)
|
|||||||
228,542
|
4.000%, 01/25/49
|
229,162
|
|||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
|
|||||||
(Cost $1,400,200)
|
1,419,020
|
||||||
Schroder Core Bond Fund
|
Principal Amount ($)
|
Value $
|
||||||
COMMERCIAL MORTGAGE-BACKED OBLIGATIONS – 0.4%
|
|||||||
BX Commercial Mortgage Trust, Series 2018-IND, Class B (1)
|
|||||||
184,540
|
2.814%, VAR ICE LIBOR USD 1 Month+0.900%, 11/15/35
|
184,310
|
|||||
BX Commercial Mortgage Trust, Series 2018-IND, Class C (1)
|
|||||||
109,939
|
3.014%, VAR ICE LIBOR USD 1 Month+1.100%, 11/15/35
|
109,870
|
|||||
TOTAL COMMERCIAL MORTGAGE-BACKED OBLIGATIONS
|
|||||||
(Cost $294,479)
|
294,180
|
||||||
TAXABLE MUNICIPAL BOND – 0.2%
|
|||||||
New Jersey – 0.2%
|
|||||||
State Economic Development Authority RB, Series A, NATL
|
|||||||
95,000
|
7.425%, 02/15/29
|
||||||
(Cost $114,775)
|
120,999
|
||||||
TOTAL INVESTMENTS IN SECURITIES – 98.4%
|
|||||||
(Cost $59,292,057)
|
61,426,938
|
||||||
OTHER ASSETS LESS LIABILITIES – 1.6%
|
1,000,394
|
||||||
NET ASSETS – 100%
|
$
|
62,427,332
|
|||||
(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 October 31, 2019, the value of these securities amounted to $3,007,655, representing 4.8% 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.
|
Investments in Securities (1)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Corporate Obligations
|
$
|
—
|
$
|
24,274,285
|
$
|
—
|
$
|
24,274,285
|
||||||||
U.S. Treasury Obligations
|
—
|
21,406,739
|
—
|
21,406,739
|
||||||||||||
U.S. Government Mortgage-Backed
Obligations |
—
|
13,911,715
|
—
|
13,911,715
|
||||||||||||
Collateralized Mortgage Obligations
|
—
|
1,419,020
|
—
|
1,419,020
|
||||||||||||
Commercial Mortgage-Backed Obligations
|
—
|
294,180
|
—
|
294,180
|
||||||||||||
Taxable Municipal Bond
|
—
|
120,999
|
—
|
120,999
|
||||||||||||
Total Investments in Securities
|
$
|
—
|
$
|
61,426,938
|
$
|
—
|
$
|
61,426,938
|
Schroder Long Duration Investment-Grade Bond Fund
|
Principal Amount ($)
|
Value $
|
||||||
CORPORATE OBLIGATIONS – 59.6%
|
|||||||
Communication Services – 9.2%
|
|||||||
AT&T
|
|||||||
775,000
|
4.500%, 05/15/35
|
854,937
|
|||||
1,332,000
|
4.500%, 03/09/48
|
1,424,564
|
|||||
520,000
|
4.350%, 06/15/45
|
550,779
|
|||||
Comcast
|
|||||||
1,306,000
|
4.700%, 10/15/48
|
1,608,258
|
|||||
284,000
|
3.969%, 11/01/47
|
311,104
|
|||||
335,000
|
3.450%, 02/01/50
|
343,744
|
|||||
117,000
|
3.400%, 07/15/46
|
118,834
|
|||||
Discovery Communications
|
|||||||
294,000
|
5.300%, 05/15/49
|
330,520
|
|||||
183,000
|
4.125%, 05/15/29
|
194,737
|
|||||
Fox (1)
|
|||||||
397,000
|
5.476%, 01/25/39
|
488,207
|
|||||
Telefonica Emisiones
|
|||||||
344,000
|
5.520%, 03/01/49
|
418,699
|
|||||
Verizon Communications
|
|||||||
1,274,000
|
5.250%, 03/16/37
|
1,604,702
|
|||||
349,000
|
4.522%, 09/15/48
|
415,176
|
|||||
Vodafone Group
|
|||||||
533,000
|
5.000%, 05/30/38
|
609,909
|
|||||
Walt Disney
|
|||||||
250,000
|
4.750%, 09/15/44 (1)
|
319,682
|
|||||
1,397,000
|
2.000%, 09/01/29
|
1,361,990
|
|||||
10,955,842
|
|||||||
Consumer Discretionary – 1.4%
|
|||||||
Cox Communications (1)
|
|||||||
184,000
|
4.600%, 08/15/47
|
200,939
|
|||||
Home Depot
|
|||||||
805,000
|
2.950%, 06/15/29
|
849,201
|
|||||
McDonald’s MTN
|
|||||||
475,000
|
4.875%, 12/09/45
|
575,083
|
|||||
1,625,223
|
|||||||
Consumer Staples – 8.2%
|
|||||||
Altria Group
|
|||||||
561,000
|
5.800%, 02/14/39
|
644,995
|
|||||
732,000
|
5.375%, 01/31/44
|
818,385
|
|||||
Anheuser-Busch
|
|||||||
1,371,000
|
4.900%, 02/01/46
|
1,644,601
|
|||||
Anheuser-Busch InBev Worldwide
|
|||||||
239,000
|
4.900%, 01/23/31
|
286,866
|
|||||
BAT Capital
|
|||||||
598,000
|
4.540%, 08/15/47
|
578,338
|
Principal Amount ($)
|
Value $
|
||||||
CVS Health
|
|||||||
440,000
|
5.125%, 07/20/45
|
507,170
|
|||||
766,000
|
5.050%, 03/25/48
|
882,915
|
|||||
Georgetown University
|
|||||||
477,000
|
5.215%, 10/01/18
|
658,509
|
|||||
Molson Coors Brewing
|
|||||||
393,000
|
4.200%, 07/15/46
|
388,379
|
|||||
PepsiCo
|
|||||||
905,000
|
3.375%, 07/29/49
|
966,163
|
|||||
Reynolds American
|
|||||||
155,000
|
8.125%, 05/01/40
|
203,200
|
|||||
417,000
|
5.850%, 08/15/45
|
463,646
|
|||||
Tyson Foods
|
|||||||
271,000
|
4.550%, 06/02/47
|
310,082
|
|||||
Walmart
|
|||||||
1,165,000
|
3.950%, 06/28/38
|
1,360,681
|
|||||
41,000
|
3.625%, 12/15/47
|
45,630
|
|||||
9,759,560
|
|||||||
Energy – 8.5%
|
|||||||
Apache
|
|||||||
1,485,000
|
4.250%, 01/15/30
|
1,446,211
|
|||||
ConocoPhillips
|
|||||||
163,000
|
5.900%, 05/15/38
|
222,987
|
|||||
Enbridge
|
|||||||
254,000
|
5.500%, 12/01/46
|
321,666
|
|||||
Energy Transfer Operating
|
|||||||
486,000
|
5.250%, 04/15/29
|
546,646
|
|||||
Energy Transfer Partners
|
|||||||
78,000
|
6.500%, 02/01/42
|
93,421
|
|||||
Enterprise Products Operating LLC
|
|||||||
102,000
|
5.700%, 02/15/42
|
128,004
|
|||||
410,000
|
5.100%, 02/15/45
|
478,594
|
|||||
873,000
|
4.250%, 02/15/48
|
936,788
|
|||||
181,000
|
4.200%, 01/31/50
|
191,410
|
|||||
Halliburton
|
|||||||
180,000
|
5.000%, 11/15/45
|
198,405
|
|||||
Marathon Petroleum
|
|||||||
325,000
|
4.750%, 09/15/44
|
356,615
|
|||||
MidAmerican Energy
|
|||||||
354,000
|
4.250%, 07/15/49
|
434,940
|
|||||
MPLX
|
|||||||
916,000
|
4.700%, 04/15/48
|
933,139
|
|||||
Noble Energy
|
|||||||
679,000
|
5.050%, 11/15/44
|
718,279
|
Schroder Long Duration Investment-Grade Bond Fund
|
Principal Amount ($)
|
Value $
|
||||||
Phillips 66 Partners
|
|||||||
424,000
|
4.680%, 02/15/45
|
451,373
|
|||||
Plains All American Pipeline
|
|||||||
765,000
|
3.550%, 12/15/29
|
731,412
|
|||||
Shell International Finance BV
|
|||||||
325,000
|
4.000%, 05/10/46
|
371,731
|
|||||
Suncor Energy
|
|||||||
718,000
|
6.500%, 06/15/38
|
986,437
|
|||||
Sunoco Logistics Partners Operations
|
|||||||
474,000
|
5.400%, 10/01/47
|
509,276
|
|||||
10,057,334
|
|||||||
Financials – 11.5%
|
|||||||
Aflac
|
|||||||
150,000
|
6.450%, 08/15/40
|
214,594
|
|||||
American Express
|
|||||||
150,000
|
8.150%, 03/19/38
|
240,663
|
|||||
American International Group
|
|||||||
227,000
|
4.375%, 01/15/55
|
244,164
|
|||||
137,000
|
3.900%, 04/01/26
|
147,380
|
|||||
AXA Equitable Holdings
|
|||||||
1,949,000
|
5.000%, 04/20/48
|
2,101,418
|
|||||
Bank of America
|
|||||||
574,000
|
6.000%, 10/15/36
|
785,138
|
|||||
Bank of America MTN
|
|||||||
769,000
|
5.000%, 01/21/44
|
980,280
|
|||||
159,000
|
4.443%, VAR ICE LIBOR USD 3 Month+1.990%, 01/20/48
|
191,106
|
|||||
668,000
|
3.500%, 04/19/26
|
710,296
|
|||||
Citigroup
|
|||||||
187,000
|
4.650%, 07/30/45
|
228,854
|
|||||
815,000
|
4.281%, VAR ICE LIBOR USD 3 Month+1.839%, 04/24/48
|
963,274
|
|||||
405,000
|
3.200%, 10/21/26
|
420,033
|
|||||
Goldman Sachs Group
|
|||||||
1,964,000
|
3.500%, 11/16/26
|
2,046,249
|
|||||
HSBC Holdings
|
|||||||
356,000
|
4.583%, VAR ICE LIBOR USD 3 Month+1.535%, 06/19/29
|
398,261
|
|||||
790,000
|
3.973%, VAR ICE LIBOR USD 3 Month+1.610%, 05/22/30
|
853,033
|
|||||
JPMorgan Chase
|
|||||||
295,000
|
5.600%, 07/15/41
|
396,139
|
|||||
151,000
|
4.260%, VAR ICE LIBOR USD 3 Month+1.580%, 02/22/48
|
176,223
|
Principal Amount ($)
|
Value $
|
||||||
MetLife
|
|||||||
435,000
|
6.400%, 12/15/36
|
528,355
|
|||||
185,000
|
5.875%, 02/06/41
|
253,043
|
|||||
Morgan Stanley MTN
|
|||||||
338,000
|
4.300%, 01/27/45
|
393,027
|
|||||
Prudential Financial
|
|||||||
146,000
|
5.700%, VAR ICE LIBOR USD 3 Month+2.665%, 09/15/48
|
165,695
|
|||||
204,000
|
3.935%, 12/07/49
|
222,995
|
|||||
Unum Group
|
|||||||
98,000
|
5.750%, 08/15/42
|
110,784
|
|||||
265,000
|
4.000%, 06/15/29
|
278,565
|
|||||
Wells Fargo
|
|||||||
487,000
|
3.900%, 05/01/45
|
550,339
|
|||||
13,599,908
|
|||||||
Healthcare – 3.2%
|
|||||||
AbbVie
|
|||||||
591,000
|
4.700%, 05/14/45
|
632,195
|
|||||
Aetna
|
|||||||
36,000
|
3.875%, 08/15/47
|
34,863
|
|||||
Amgen
|
|||||||
170,000
|
4.663%, 06/15/51
|
198,750
|
|||||
Anthem
|
|||||||
675,000
|
4.625%, 05/15/42
|
744,477
|
|||||
Bayer US Finance II (1)
|
|||||||
251,000
|
4.700%, 07/15/64
|
241,663
|
|||||
Bristol-Myers Squibb (1)
|
|||||||
626,000
|
4.125%, 06/15/39
|
713,199
|
|||||
Cigna
|
|||||||
548,000
|
4.900%, 12/15/48
|
636,492
|
|||||
CommonSpirit Health
|
|||||||
330,000
|
4.187%, 10/01/49
|
338,069
|
|||||
UnitedHealth Group
|
|||||||
201,000
|
4.450%, 12/15/48
|
237,218
|
|||||
3,776,926
|
|||||||
Industrials – 3.4%
|
|||||||
Burlington Northern Santa Fe
|
|||||||
207,000
|
4.900%, 04/01/44
|
259,348
|
|||||
569,000
|
4.150%, 04/01/45
|
652,733
|
|||||
33,000
|
4.150%, 12/15/48
|
38,479
|
|||||
GE Capital International Funding Unlimited
|
|||||||
500,000
|
4.418%, 11/15/35
|
527,724
|
|||||
General Electric Capital MTN
|
|||||||
358,000
|
6.750%, 03/15/32
|
456,017
|
Schroder Long Duration Investment-Grade Bond Fund
|
Principal Amount ($)
|
Value $
|
||||||
Johnson Controls International
|
|||||||
77,000
|
4.500%, 02/15/47
|
83,608
|
|||||
Siemens Financieringsmaatschappij (1)
|
|||||||
618,000
|
4.200%, 03/16/47
|
736,931
|
|||||
Union Pacific
|
|||||||
512,000
|
4.150%, 01/15/45
|
566,634
|
|||||
Waste Management
|
|||||||
577,000
|
4.150%, 07/15/49
|
669,679
|
|||||
3,991,153
|
|||||||
Information Technology – 4.3%
|
|||||||
Apple
|
|||||||
149,000
|
3.750%, 11/13/47
|
167,948
|
|||||
386,000
|
2.950%, 09/11/49
|
373,178
|
|||||
Fiserv
|
|||||||
1,183,000
|
3.500%, 07/01/29
|
1,251,404
|
|||||
Microsoft
|
|||||||
675,000
|
4.500%, 02/06/57
|
877,104
|
|||||
257,000
|
4.450%, 11/03/45
|
326,399
|
|||||
887,000
|
3.700%, 08/08/46
|
1,009,367
|
|||||
Oracle
|
|||||||
707,000
|
4.000%, 11/15/47
|
792,473
|
|||||
Visa
|
|||||||
202,000
|
4.300%, 12/14/45
|
250,411
|
|||||
5,048,284
|
|||||||
Materials – 0.9%
|
|||||||
Barrick North America Finance LLC
|
|||||||
316,000
|
5.700%, 05/30/41
|
402,009
|
|||||
Dow Chemical
|
|||||||
148,000
|
9.400%, 05/15/39
|
244,104
|
|||||
122,000
|
4.625%, 10/01/44
|
131,256
|
|||||
International Paper
|
|||||||
177,000
|
7.300%, 11/15/39
|
242,765
|
|||||
1,020,134
|
|||||||
Real Estate – 2.2%
|
|||||||
American Tower REIT
|
|||||||
890,000
|
3.700%, 10/15/49
|
884,253
|
|||||
Camden Property Trust REIT
|
|||||||
595,000
|
3.350%, 11/01/49
|
602,723
|
|||||
Simon Property Group REIT
|
|||||||
1,172,000
|
3.250%, 09/13/49
|
1,161,547
|
|||||
2,648,523
|
|||||||
Utilities – 6.8%
|
|||||||
Commonwealth Edison
|
|||||||
82,000
|
4.600%, 08/15/43
|
98,883
|
|||||
840,000
|
4.000%, 03/01/49
|
975,482
|
Principal Amount
($)
|
Value $
|
||||||
Duke Energy Carolinas
|
|||||||
222,000
|
3.875%, 03/15/46
|
249,924
|
|||||
138,000
|
3.700%, 12/01/47
|
151,049
|
|||||
Duke Energy Indiana
|
|||||||
112,000
|
6.120%, 10/15/35
|
150,433
|
|||||
Duke Energy Ohio
|
|||||||
822,000
|
4.300%, 02/01/49
|
972,934
|
|||||
Duke Energy Progress
|
|||||||
185,000
|
4.200%, 08/15/45
|
214,291
|
|||||
Florida Power & Light
|
|||||||
175,000
|
4.050%, 10/01/44
|
203,430
|
|||||
1,065,000
|
3.990%, 03/01/49
|
1,250,663
|
|||||
PacifiCorp
|
|||||||
761,000
|
4.150%, 02/15/50
|
901,763
|
|||||
PPL Electric Utilities
|
|||||||
80,000
|
3.950%, 06/01/47
|
90,485
|
|||||
Public Service of Colorado
|
|||||||
183,000
|
4.300%, 03/15/44
|
215,460
|
|||||
267,000
|
3.800%, 06/15/47
|
300,412
|
|||||
140,000
|
3.550%, 06/15/46
|
147,636
|
|||||
Sempra Energy
|
|||||||
523,000
|
6.000%, 10/15/39
|
665,906
|
|||||
162,000
|
4.000%, 02/01/48
|
169,645
|
|||||
Southern
|
|||||||
616,000
|
4.400%, 07/01/46
|
694,576
|
|||||
Southwestern Public Service
|
|||||||
520,000
|
4.400%, 11/15/48
|
627,044
|
|||||
8,080,016
|
|||||||
TOTAL CORPORATE OBLIGATIONS
|
|||||||
(Cost $62,465,185)
|
70,562,903
|
||||||
U.S. TREASURY OBLIGATIONS – 38.5%
|
|||||||
United States Treasury Bonds
|
|||||||
1,089,700
|
4.625%, 02/15/40
|
1,560,782
|
|||||
5,062,900
|
4.500%, 02/15/36
|
6,935,184
|
|||||
1,949,400
|
4.375%, 05/15/40
|
2,712,484
|
|||||
628,000
|
3.375%, 11/15/48
|
791,059
|
|||||
938,000
|
3.125%, 05/15/48
|
1,127,176
|
|||||
143,100
|
3.000%, 05/15/47
|
167,561
|
|||||
2,922,000
|
3.000%, 08/15/48
|
3,434,834
|
|||||
11,106,500
|
2.875%, 05/15/43
|
12,580,280
|
|||||
130,000
|
2.875%, 05/15/49
|
149,795
|
|||||
8,098,600
|
2.750%, 08/15/47
|
9,060,309
|
|||||
3,487,700
|
2.750%, 11/15/47
|
3,905,407
|
|||||
3,037,000
|
2.659%, 05/15/48 (2)
|
1,612,914
|
|||||
625,000
|
2.250%, 08/15/49
|
634,912
|
Schroder Long Duration Investment-Grade Bond Fund
|
Principal Amount ($)
|
Value $
|
||||||
United States Treasury Note
|
|||||||
996,000
|
1.625%, 08/15/29
|
990,047
|
|||||
TOTAL U.S. TREASURY OBLIGATIONS
|
|||||||
(Cost $39,343,081)
|
45,662,744
|
||||||
TAXABLE MUNICIPAL BOND – 0.8%
|
|||||||
California – 0.8%
|
|||||||
University of California RB, Series AD
|
|||||||
739,000
|
4.858%, 05/15/12
|
||||||
(Cost $753,063)
|
957,803
|
||||||
TOTAL INVESTMENTS IN SECURITIES – 98.9%
|
|||||||
(Cost $102,561,329)
|
117,183,450
|
||||||
OTHER ASSETS LESS LIABILITIES – 1.1%
|
1,363,148
|
||||||
NET ASSETS – 100%
|
$
|
118,546,598
|
(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 October 31, 2019, the value of these securities amounted to $2,700,621, representing 2.3% of the net assets of the Fund.
|
(2) |
United States Treasury PO STRIPS — Rate disclosed is the effective yield at time of purchase.
|
Investments in Securities (1)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Corporate Obligations
|
$
|
—
|
$
|
70,562,903
|
$
|
—
|
$
|
70,562,903
|
||||||||
U.S. Treasury Obligations
|
—
|
45,662,744
|
—
|
45,662,744
|
||||||||||||
Taxable Municipal Bond
|
—
|
957,803
|
—
|
957,803
|
||||||||||||
Total Investments in Securities
|
$
|
—
|
$
|
117,183,450
|
$
|
—
|
$
|
117,183,450
|
Schroder Short Duration Bond Fund
|
Principal Amount ($)
|
Value $
|
||||||
U.S. TREASURY OBLIGATIONS – 39.1%
|
|||||||
United States Treasury Bill (1)
|
|||||||
1,870,000
|
1.572%, 02/27/20
|
1,860,722
|
|||||
United States Treasury Notes
|
|||||||
484,000
|
2.500%, 02/28/21
|
489,653
|
|||||
145,000
|
2.500%, 01/15/22
|
147,979
|
|||||
111,000
|
2.500%, 01/31/24
|
115,401
|
|||||
327,000
|
2.375%, 03/15/22
|
333,553
|
|||||
807,000
|
2.250%, 03/31/20
|
809,112
|
|||||
2,247,200
|
2.250%, 04/15/22
|
2,285,648
|
|||||
300,000
|
1.875%, 12/31/19
|
300,026
|
|||||
77,300
|
1.750%, 07/15/22
|
77,756
|
|||||
TOTAL U.S. TREASURY OBLIGATIONS
|
|||||||
(Cost $6,395,356)
|
6,419,850
|
||||||
CORPORATE OBLIGATIONS – 37.2%
|
|||||||
Communication Services – 1.6%
|
|||||||
Comcast
|
|||||||
93,000
|
3.450%, 10/01/21
|
95,842
|
|||||
Verizon Communications
|
|||||||
168,000
|
2.946%, 03/15/22
|
172,275
|
|||||
268,117
|
|||||||
Consumer Discretionary – 3.8%
|
|||||||
Altria Group
|
|||||||
151,000
|
4.750%, 05/05/21
|
156,868
|
|||||
General Motors
|
|||||||
154,000
|
3.034%, VAR ICE LIBOR USD 3 Month+0.900%, 09/10/21
|
154,079
|
|||||
General Motors Financial
|
|||||||
75,000
|
4.200%, 11/06/21
|
77,535
|
|||||
Volkswagen Group of America Finance LLC (2)
|
|||||||
242,000
|
2.700%, 09/26/22
|
244,245
|
|||||
632,727
|
|||||||
Consumer Staples – 1.1%
|
|||||||
Altria Group
|
|||||||
80,000
|
3.490%, 02/14/22
|
82,245
|
|||||
Molson Coors Brewing
|
|||||||
104,000
|
2.100%, 07/15/21
|
104,072
|
|||||
186,317
|
|||||||
Energy – 2.9%
|
|||||||
EQT
|
|||||||
163,000
|
2.500%, 10/01/20
|
162,832
|
|||||
Kinder Morgan
|
|||||||
150,000
|
3.050%, 12/01/19
|
150,102
|
Principal Amount ($)
|
Value $
|
||||||
MPLX
|
|||||||
60,000
|
3.375%, 03/15/23
|
61,626
|
|||||
Occidental Petroleum
|
|||||||
99,000
|
2.700%, 08/15/22
|
100,043
|
|||||
474,603
|
|||||||
Financials – 17.8%
|
|||||||
American Express
|
|||||||
165,000
|
3.000%, 02/22/21
|
167,351
|
|||||
American International Group
|
|||||||
91,000
|
3.300%, 03/01/21
|
92,479
|
|||||
AXA Equitable Holdings
|
|||||||
238,000
|
3.900%, 04/20/23
|
249,464
|
|||||
Bank of America MTN
|
|||||||
185,000
|
2.456%, VAR ICE LIBOR USD 3 Month+0.870%, 10/22/25
|
185,997
|
|||||
Bank of New York Mellon MTN
|
|||||||
92,000
|
1.950%, 08/23/22
|
92,211
|
|||||
Bank of Nova Scotia
|
|||||||
140,000
|
2.375%, 01/18/23
|
141,325
|
|||||
Barclays Bank
|
|||||||
200,000
|
2.650%, 01/11/21
|
201,603
|
|||||
BB&T MTN
|
|||||||
158,000
|
2.200%, 03/16/23
|
158,733
|
|||||
Citigroup
|
|||||||
368,000
|
2.650%, 10/26/20
|
370,562
|
|||||
Goldman Sachs Group
|
|||||||
202,000
|
3.200%, 02/23/23
|
208,311
|
|||||
124,000
|
2.750%, 09/15/20
|
124,749
|
|||||
National Bank of Canada (2)
|
|||||||
250,000
|
2.150%, 10/07/22
|
250,382
|
|||||
PNC Bank
|
|||||||
250,000
|
2.232%, VAR ICE LIBOR USD 3 Month+0.440%, 07/22/22
|
251,027
|
|||||
Regions Bank
|
|||||||
250,000
|
2.750%, 04/01/21
|
252,165
|
|||||
SunTrust Bank
|
|||||||
169,000
|
2.590%, VAR ICE LIBOR USD 3 Month+0.298%, 01/29/21
|
169,125
|
|||||
2,915,484
|
|||||||
Healthcare – 3.0%
|
|||||||
Bayer US Finance II LLC (2)
|
|||||||
200,000
|
3.500%, 06/25/21
|
204,000
|
|||||
Cigna
|
|||||||
79,000
|
3.400%, 09/17/21
|
80,910
|
|||||
CommonSpirit Health
|
|||||||
45,000
|
2.760%, 10/01/24
|
45,678
|
Schroder Short Duration Bond Fund
|
Principal Amount ($)
|
Value $
|
||||||
Humana
|
|||||||
164,000
|
2.500%, 12/15/20
|
164,702
|
|||||
495,290
|
|||||||
Industrials – 3.1%
|
|||||||
Air Lease
|
|||||||
53,000
|
2.250%, 01/15/23
|
52,760
|
|||||
Equifax
|
|||||||
65,000
|
3.600%, 08/15/21
|
66,646
|
|||||
General Electric MTN
|
|||||||
63,000
|
3.100%, 01/09/23
|
64,076
|
|||||
Northrop Grumman
|
|||||||
155,000
|
2.080%, 10/15/20
|
155,207
|
|||||
United Technologies
|
|||||||
155,000
|
3.650%, 08/16/23
|
163,954
|
|||||
502,643
|
|||||||
Information Technology – 2.3%
|
|||||||
Microsoft
|
|||||||
372,000
|
2.000%, 11/03/20
|
372,896
|
|||||
Real Estate – 1.6%
|
|||||||
Crown Castle International REIT
|
|||||||
45,000
|
3.400%, 02/15/21
|
45,745
|
|||||
Digital Realty Trust REIT
|
|||||||
32,000
|
2.750%, 02/01/23
|
32,443
|
|||||
Simon Property Group REIT
|
|||||||
76,000
|
2.000%, 09/13/24
|
75,850
|
|||||
Ventas Realty REIT
|
|||||||
105,000
|
2.650%, 01/15/25
|
106,363
|
|||||
260,401
|
|||||||
TOTAL CORPORATE OBLIGATIONS
|
|||||||
(Cost $6,030,435)
|
6,108,478
|
||||||
U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS – 9.6%
|
|||||||
Federal Home Loan Mortgage Corporation – 1.4%
|
|||||||
FHLMC
|
|||||||
223,586
|
4.000%, 01/01/49
|
231,914
|
|||||
Federal National Mortgage Association – 6.7%
|
|||||||
FNMA
|
|||||||
243,567
|
4.000%, 08/01/48
|
253,053
|
|||||
245,053
|
4.000%, 11/01/48
|
254,399
|
|||||
250,754
|
4.000%, 08/01/49
|
260,500
|
|||||
311,294
|
4.000%, 09/01/49
|
323,995
|
|||||
1,091,947
|
Principal Amount ($)
|
Value $
|
||||||
Government National Mortgage Association – 1.5%
|
|||||||
GNMA
|
|||||||
233,877
|
4.000%, 10/20/48
|
243,720
|
|||||
TOTAL U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS
|
|||||||
(Cost $1,549,871)
|
1,567,581
|
||||||
ASSET-BACKED SECURITIES – 8.9%
|
|||||||
BlueMountain CLO, Series 2017-2A, Class A1R (2)
|
|||||||
250,000
|
3.133%, VAR ICE LIBOR USD 3 Month+1.180%, 10/22/30
|
248,956
|
|||||
Cedar Funding VIII CLO, Series 2017-8A, Class A1 (2)
|
|||||||
250,000
|
3.252%, VAR ICE LIBOR USD 3 Month+1.250%, 10/17/30
|
250,078
|
|||||
Galaxy XXI CLO, Series 2018-21A, Class AR (2)
|
|||||||
250,000
|
2.986%, VAR ICE LIBOR USD 3 Month+1.020%, 04/20/31
|
247,012
|
|||||
Sound Point CLO II, Series 2018-1A, Class A1R (2)
|
|||||||
250,000
|
3.006%, VAR ICE LIBOR USD 3 Month+1.070%, 01/26/31
|
247,640
|
|||||
Towd Point Mortgage Trust, Series 2016-4, Class A1 (2) (3)
|
|||||||
46,059
|
2.250%, 07/25/56
|
45,977
|
|||||
Towd Point Mortgage Trust, Series 2017-3, Class A1 (2) (3)
|
|||||||
61,421
|
2.750%, 07/25/57
|
61,989
|
|||||
Towd Point Mortgage Trust, Series 2017-6, Class A1 (2) (3)
|
|||||||
111,885
|
2.750%, 10/25/57
|
112,817
|
|||||
Voya CLO, Series 2017-3A, Class A1A (2)
|
|||||||
250,000
|
3.196%, VAR ICE LIBOR USD 3 Month+1.230%, 07/20/30
|
250,164
|
|||||
TOTAL ASSET-BACKED SECURITIES
|
|||||||
(Cost $1,476,029)
|
1,464,633
|
||||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 2.7%
|
|||||||
Flagstar Mortgage Trust, Series 2017-2, Class A5 (2) (3)
|
|||||||
92,028
|
3.500%, 10/25/47
|
93,921
|
|||||
JPMorgan Mortgage Trust, Series 2015-6, Class A5 (2) (3)
|
|||||||
137,646
|
3.500%, 10/25/45
|
138,971
|
Schroder Short Duration Bond Fund
|
Principal Amount ($)
|
Value $
|
||||||
JPMorgan Mortgage Trust, Series 2017-1, Class A5 (2) (3)
|
|||||||
76,596
|
3.500%, 01/25/47
|
77,440
|
|||||
JPMorgan Mortgage Trust, Series 2017-4, Class A5 (2) (3)
|
|||||||
126,457
|
3.500%, 11/25/48
|
127,972
|
|||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
|
|||||||
(Cost $439,395)
|
438,304
|
||||||
COMMERCIAL MORTGAGE-BACKED OBLIGATIONS – 1.0%
|
|||||||
BX Commercial Mortgage Trust, Series 2018-IND, Class B (2)
|
|||||||
78,528
|
2.814%, VAR ICE LIBOR USD 1 Month+0.900%, 11/15/35
|
78,430
|
|||||
BX Commercial Mortgage Trust, Series 2018-IND, Class C (2)
|
|||||||
78,528
|
3.014%, VAR ICE LIBOR USD 1 Month+1.100%, 11/15/35
|
78,478
|
|||||
TOTAL COMMERCIAL MORTGAGE-BACKED OBLIGATIONS
|
|||||||
(Cost $157,056)
|
156,908
|
Principal Amount ($)
|
Value $
|
||||||
TAXABLE MUNICIPAL BOND – 0.2%
|
|||||||
Kentucky – 0.2%
|
|||||||
State Higher Education Student Loan RB, Series 1A
|
|||||||
35,000
|
3.358%, 06/01/20
|
||||||
(Cost $35,000)
|
35,288
|
||||||
TOTAL INVESTMENTS IN SECURITIES – 98.7%
|
|||||||
(Cost $16,083,142)
|
16,191,042
|
||||||
OTHER ASSETS LESS LIABILITIES – 1.3%
|
210,815
|
||||||
NET ASSETS – 100%
|
$
|
16,401,857
|
(1) |
Zero Coupon Security — Rate disclosed is the effective yield at time of purchase.
|
(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 October 31, 2019, the value of these securities amounted to $2,758,472, representing 16.8% of the net assets of the Fund.
|
(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.
|
Type of Contract
|
Number of
Contracts Long (Short) |
Expiration
Date |
Notional
Amount |
Value
|
Unrealized Appreciation (Depreciation)
|
||||||||||||
U.S. 2-Year Treasury Note
|
12
|
Jan-2020
|
$
|
2,593,826
|
$
|
2,587,219
|
$
|
(6,607
|
)
|
||||||||
U.S. 5-Year Treasury Note
|
(1)
|
|
Jan-2020
|
(119,961
|
)
|
(119,203
|
)
|
758
|
|||||||||
$
|
2,473,865
|
$
|
2,468,016
|
$
|
(5,849
|
)
|
Schroder Short Duration Bond Fund
|
Investments in Securities (1)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
U.S. Treasury Obligations
|
$
|
—
|
$
|
6,419,850
|
$
|
—
|
$
|
6,419,850
|
||||||||
Corporate Obligations
|
—
|
6,108,478
|
—
|
6,108,478
|
||||||||||||
U.S. Government Mortgage-Backed
Obligations |
—
|
1,567,581
|
—
|
1,567,581
|
||||||||||||
Asset-Backed Securities
|
—
|
1,464,633
|
—
|
1,464,633
|
||||||||||||
Collateralized Mortgage Obligations
|
—
|
438,304
|
—
|
438,304
|
||||||||||||
Commercial Mortgage-Backed Obligations
|
—
|
156,908
|
—
|
156,908
|
||||||||||||
Taxable Municipal Bond
|
—
|
35,288
|
—
|
35,288
|
||||||||||||
Total Investments in Securities
|
$
|
—
|
$
|
16,191,042
|
$
|
—
|
$
|
16,191,042
|
Other Financial Instruments
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Futures — Unrealized Appreciation
|
$
|
758
|
$
|
—
|
$
|
—
|
$
|
758
|
||||||||
Futures — Unrealized Depreciation
|
(6,607
|
)
|
—
|
—
|
(6,607
|
)
|
||||||||||
Total Other Financial Instruments
|
$
|
(5,849
|
)
|
$
|
—
|
$
|
—
|
$
|
(5,849
|
)
|
Schroder Total Return Fixed Income Fund
|
Principal Amount ($)
|
Value $
|
||||||
CORPORATE OBLIGATIONS – 38.4%
|
|||||||
Communication Services – 2.2%
|
|||||||
AT&T
|
|||||||
200,000
|
3.400%, 05/15/25
|
209,560
|
|||||
Charter Communications Operating LLC
|
|||||||
128,000
|
4.800%, 03/01/50
|
131,027
|
|||||
Comcast
|
|||||||
179,000
|
3.950%, 10/15/25
|
196,221
|
|||||
Verizon Communications
|
|||||||
150,000
|
3.258%, VAR ICE LIBOR USD 3 Month+1.100%, 05/15/25
|
152,579
|
|||||
Vodafone Group
|
|||||||
260,000
|
2.991%, VAR ICE LIBOR USD 3 Month+0.990%, 01/16/24
|
262,675
|
|||||
952,062
|
|||||||
Consumer Discretionary – 2.4%
|
|||||||
Ford Motor Credit LLC
|
|||||||
208,000
|
4.063%, 11/01/24
|
208,711
|
|||||
General Motors Financial
|
|||||||
315,000
|
3.700%, 11/24/20
|
319,690
|
|||||
300,000
|
3.250%, 01/05/23
|
303,831
|
|||||
L Brands
|
|||||||
205,000
|
6.875%, 11/01/35
|
174,250
|
|||||
1,006,482
|
|||||||
Consumer Staples – 4.2%
|
|||||||
Albertsons (1)
|
|||||||
17,000
|
5.875%, 02/15/28
|
18,148
|
|||||
Altria Group
|
|||||||
293,000
|
4.800%, 02/14/29
|
321,663
|
|||||
98,000
|
4.400%, 02/14/26
|
105,695
|
|||||
Anheuser-Busch InBev Worldwide
|
|||||||
203,000
|
4.150%, 01/23/25
|
221,932
|
|||||
BAT Capital
|
|||||||
65,000
|
3.557%, 08/15/27
|
65,364
|
|||||
137,000
|
3.222%, 08/15/24
|
139,084
|
|||||
317,000
|
2.764%, 08/15/22
|
320,033
|
|||||
Boston Scientific
|
|||||||
116,000
|
3.450%, 03/01/24
|
121,774
|
|||||
Bristol-Myers Squibb (1)
|
|||||||
185,000
|
3.400%, 07/26/29
|
198,984
|
|||||
CVS Health
|
|||||||
243,000
|
4.300%, 03/25/28
|
264,296
|
|||||
1,776,973
|
Principal Amount ($)
|
Value $
|
||||||
Energy – 2.9%
|
|||||||
Apache
|
|||||||
200,000
|
4.375%, 10/15/28
|
198,453
|
|||||
Canadian Natural Resources
|
|||||||
171,000
|
6.250%, 03/15/38
|
216,216
|
|||||
Cenovus Energy
|
|||||||
198,000
|
4.250%, 04/15/27
|
207,775
|
|||||
Enterprise Products Operating LLC
|
|||||||
179,000
|
4.200%, 01/31/50
|
189,295
|
|||||
Plains All American Pipeline
|
|||||||
235,000
|
3.550%, 12/15/29
|
224,682
|
|||||
Williams Partners
|
|||||||
200,000
|
4.300%, 03/04/24
|
212,412
|
|||||
1,248,833
|
|||||||
Financials – 19.5%
|
|||||||
AIB Group MTN (1)
|
|||||||
400,000
|
4.263%, VAR ICE LIBOR USD 3 Month+1.874%, 04/10/25
|
421,306
|
|||||
American Tower
|
|||||||
312,000
|
3.800%, 08/15/29
|
333,538
|
|||||
AXA Equitable Holdings
|
|||||||
244,000
|
4.350%, 04/20/28
|
263,080
|
|||||
Bank of America MTN
|
|||||||
304,000
|
2.884%, VAR ICE LIBOR USD 3 Month+0.012%, 10/22/30
|
305,741
|
|||||
40,000
|
2.456%, VAR ICE LIBOR USD 3 Month+0.870%, 10/22/25
|
40,215
|
|||||
Bank of Ireland Group (1)
|
|||||||
265,000
|
4.500%, 11/25/23
|
280,142
|
|||||
Bank of New York Mellon MTN
|
|||||||
234,000
|
1.950%, 08/23/22
|
234,537
|
|||||
Banque Federative du Credit Mutuel MTN (1)
|
|||||||
210,000
|
2.700%, 07/20/22
|
213,471
|
|||||
Barclays Bank (1)
|
|||||||
650,000
|
10.179%, 06/12/21
|
727,711
|
|||||
Camden Property Trust
|
|||||||
56,000
|
3.150%, 07/01/29
|
58,923
|
|||||
Capital One Financial
|
|||||||
250,000
|
2.150%, 09/06/22
|
249,913
|
|||||
Citigroup
|
|||||||
335,000
|
4.300%, 11/20/26
|
362,951
|
|||||
295,000
|
3.200%, 10/21/26
|
305,950
|
Schroder Total Return Fixed Income Fund
|
Principal Amount ($)
|
Value $
|
||||||
Credit Agricole MTN (1)
|
|||||||
280,000
|
2.956%, VAR ICE LIBOR USD 3 Month+1.020%, 04/24/23
|
281,547
|
|||||
Credit Suisse Group (1)
|
|||||||
250,000
|
3.869%, VAR ICE LIBOR USD 3 Month+1.410%, 01/12/29
|
267,132
|
|||||
265,000
|
2.997%, VAR ICE LIBOR USD 3 Month+1.200%, 12/14/23
|
268,816
|
|||||
Fifth Third Bancorp
|
|||||||
144,000
|
3.650%, 01/25/24
|
151,895
|
|||||
257,000
|
2.375%, 01/28/25
|
258,207
|
|||||
GE Capital International Funding Unlimited
|
|||||||
347,000
|
3.373%, 11/15/25
|
357,044
|
|||||
Goldman Sachs Group
|
|||||||
65,000
|
2.875%, 02/25/21
|
65,683
|
|||||
HCP
|
|||||||
65,000
|
3.250%, 07/15/26
|
67,887
|
|||||
HSBC Holdings
|
|||||||
636,000
|
2.633%, VAR ICE LIBOR USD 3 Month+1.140%, 11/07/25
|
636,000
|
|||||
JPMorgan Chase
|
|||||||
360,000
|
3.220%, VAR ICE LIBOR USD 3 Month+1.155%, 03/01/25
|
373,187
|
|||||
195,000
|
2.700%, 05/18/23
|
198,873
|
|||||
Morgan Stanley MTN
|
|||||||
200,000
|
3.950%, 04/23/27
|
213,056
|
|||||
300,000
|
3.750%, 02/25/23
|
315,377
|
|||||
MPT Operating Partnership
|
|||||||
115,000
|
4.625%, 08/01/29
|
119,961
|
|||||
Royal Bank of Scotland Group
|
|||||||
325,000
|
6.125%, 12/15/22
|
354,353
|
|||||
Wells Fargo
|
|||||||
215,000
|
3.069%, 01/24/23
|
219,218
|
|||||
360,000
|
2.406%, VAR ICE LIBOR USD 3 Month+0.825%, 10/30/25
|
360,305
|
|||||
8,306,019
|
|||||||
Healthcare – 1.5%
|
|||||||
Bayer US Finance II LLC (1)
|
|||||||
225,000
|
3.875%, 12/15/23
|
235,654
|
|||||
Cardinal Health
|
|||||||
130,000
|
3.079%, 06/15/24
|
132,144
|
|||||
CommonSpirit Health
|
|||||||
95,000
|
3.347%, 10/01/29
|
95,737
|
Principal Amount ($)
|
Value $
|
||||||
Shire Acquisitions Investments Ireland DAC
|
|||||||
195,000
|
2.400%, 09/23/21
|
196,214
|
|||||
659,749
|
|||||||
Industrials – 1.4%
|
|||||||
Fly Leasing
|
|||||||
230,000
|
6.375%, 10/15/21
|
233,881
|
|||||
General Electric MTN
|
|||||||
65,000
|
3.100%, 01/09/23
|
66,110
|
|||||
TransDigm (1)
|
|||||||
160,000
|
6.250%, 03/15/26
|
171,400
|
|||||
United Technologies
|
|||||||
100,000
|
3.950%, 08/16/25
|
109,434
|
|||||
580,825
|
|||||||
Information Technology – 1.9%
|
|||||||
Apple
|
|||||||
315,000
|
3.000%, 06/20/27
|
332,963
|
|||||
111,000
|
2.950%, 09/11/49
|
107,313
|
|||||
Dell International LLC (1)
|
|||||||
352,000
|
4.900%, 10/01/26
|
381,917
|
|||||
822,193
|
|||||||
Real Estate – 2.0%
|
|||||||
American Tower REIT
|
|||||||
275,000
|
3.700%, 10/15/49
|
273,224
|
|||||
Crown Castle International REIT
|
|||||||
135,000
|
3.200%, 09/01/24
|
140,143
|
|||||
Simon Property Group REIT
|
|||||||
445,000
|
2.450%, 09/13/29
|
439,740
|
|||||
853,107
|
|||||||
Utilities – 0.4%
|
|||||||
Mexico Generadora de Energia (1)
|
|||||||
168,102
|
5.500%, 12/06/32
|
180,920
|
|||||
TOTAL CORPORATE OBLIGATIONS
|
|||||||
(Cost $15,853,965)
|
16,387,163
|
||||||
U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS – 23.9%
|
|||||||
Federal Home Loan Mortgage Corporation – 7.5%
|
|||||||
FHLMC
|
|||||||
621,144
|
4.500%, 08/01/48
|
653,366
|
|||||
416,142
|
4.500%, 09/01/48
|
438,945
|
|||||
427,995
|
4.500%, 12/01/48
|
449,955
|
|||||
692,181
|
4.000%, 11/01/48
|
721,441
|
Schroder Total Return Fixed Income Fund
|
Principal Amount ($)
|
Value $
|
||||||
389,379
|
3.500%, 05/01/46
|
405,268
|
|||||
397,672
|
3.000%, 06/01/49
|
404,670
|
|||||
FHLMC Gold
|
|||||||
14,686
|
4.500%, 10/01/24
|
15,140
|
|||||
121,282
|
3.000%, 01/01/43
|
125,257
|
|||||
3,214,042
|
|||||||
Federal National Mortgage Association – 10.5%
|
|||||||
FNMA
|
|||||||
29,603
|
5.000%, 10/01/29
|
31,770
|
|||||
410,287
|
4.500%, 08/01/48
|
433,163
|
|||||
649,967
|
4.500%, 10/01/48
|
685,261
|
|||||
850,093
|
4.500%, 11/01/48
|
894,434
|
|||||
645,540
|
4.000%, 12/01/47
|
677,126
|
|||||
484,613
|
3.500%, 11/01/47
|
500,309
|
|||||
719,931
|
3.500%, 11/01/48
|
737,828
|
|||||
97,639
|
3.241%, VAR ICE LIBOR USD 12 Month+1.757%, 06/01/42
|
100,244
|
|||||
74,133
|
3.000%, 05/01/43
|
76,471
|
|||||
232,690
|
3.000%, 06/01/43
|
240,031
|
|||||
91,050
|
3.000%, 07/01/43
|
93,920
|
|||||
4,470,557
|
|||||||
Government National Mortgage Association – 5.9%
|
|||||||
GNMA
|
|||||||
363,375
|
5.000%, 10/20/48
|
385,709
|
|||||
371,646
|
4.500%, 10/20/48
|
391,127
|
|||||
796,270
|
4.000%, 06/20/49
|
829,353
|
|||||
572,199
|
3.500%, 04/20/43
|
604,897
|
|||||
216,857
|
2.599%, 04/16/54 (2)
|
221,513
|
|||||
GNMA IO
|
|||||||
1,846,646
|
0.782%, 12/16/51 (2)
|
86,016
|
|||||
2,518,615
|
|||||||
TOTAL U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS
|
|||||||
(Cost $10,018,091)
|
10,203,214
|
||||||
U.S. TREASURY OBLIGATIONS – 16.3%
|
|||||||
United States Treasury Bonds
|
|||||||
516,400
|
4.375%, 05/15/40
|
718,542
|
|||||
347,000
|
3.125%, 05/15/48
|
416,983
|
|||||
188,000
|
3.000%, 02/15/47
|
220,239
|
|||||
200,000
|
3.000%, 05/15/47
|
234,187
|
Principal Amount ($)
|
Value $
|
||||||
17,500
|
3.000%, 08/15/48
|
20,572
|
|||||
10,400
|
3.000%, 02/15/49
|
12,261
|
|||||
20,000
|
2.875%, 11/15/46
|
22,876
|
|||||
90,000
|
2.750%, 08/15/47
|
100,688
|
|||||
260,000
|
2.750%, 11/15/47
|
291,139
|
|||||
210,000
|
2.250%, 08/15/49
|
213,330
|
|||||
United States Treasury Inflation Indexed Bond
|
|||||||
977,824
|
0.750%, 07/15/28
|
1,029,132
|
|||||
United States Treasury Notes
|
|||||||
25,000
|
3.125%, 11/15/28
|
28,034
|
|||||
12,000
|
2.875%, 11/30/25
|
12,890
|
|||||
50,300
|
2.875%, 08/15/28
|
55,255
|
|||||
100
|
2.750%, 08/31/25
|
106
|
|||||
88,000
|
2.750%, 02/15/28
|
95,525
|
|||||
1,669,000
|
2.625%, 07/31/20
|
1,681,452
|
|||||
676,100
|
2.625%, 02/15/29
|
730,980
|
|||||
536,000
|
2.500%, 02/28/21
|
542,260
|
|||||
206,000
|
2.500%, 02/15/22
|
210,418
|
|||||
126,000
|
2.375%, 01/31/23
|
129,367
|
|||||
62,800
|
1.625%, 10/31/26
|
62,871
|
|||||
111,000
|
1.625%, 08/15/29
|
110,337
|
|||||
TOTAL U.S. TREASURY OBLIGATIONS
|
|||||||
(Cost $6,563,903)
|
6,939,444
|
||||||
ASSET-BACKED SECURITIES – 10.7%
|
|||||||
CAL Funding III, Series 2017-1A, Class A (1)
|
|||||||
316,633
|
3.620%, 06/25/42
|
317,597
|
|||||
Cedar Funding VI CLO, Series 2018-6A, Class AR (1)
|
|||||||
645,000
|
3.056%, VAR ICE LIBOR USD 3 Month+1.090%, 10/20/28
|
644,141
|
|||||
Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB4, Class AF1
|
|||||||
19,158
|
5.000%, 03/25/31
|
19,684
|
|||||
Dewolf Park CLO, Series 2017-1A, Class A (1)
|
|||||||
500,000
|
3.211%, VAR ICE LIBOR USD 3 Month+1.210%, 10/15/30
|
499,744
|
|||||
Goldentree Loan Management, Series 2017-2A, Class A (1)
|
|||||||
606,000
|
3.116%, VAR ICE LIBOR USD 3 Month+1.150%, 11/28/30
|
605,155
|
Schroder Total Return Fixed Income Fund
|
Principal Amount ($)
|
Value $
|
||||||
Madison Park Funding XVIII, Series 2017-18A, Class A1R (1)
|
|||||||
800,000
|
3.156%, VAR ICE LIBOR USD 3 Month+1.190%, 10/21/30
|
799,594
|
|||||
Madison Park Funding XXVI, Series 2017-26A, Class AR (1)
|
|||||||
600,000
|
3.128%, VAR ICE LIBOR USD 3 Month+1.200%, 07/29/30
|
599,698
|
|||||
Octagon Investment Partners 30, Series 2017-1A, Class A1 (1)
|
|||||||
250,000
|
3.286%, VAR ICE LIBOR USD 3 Month+1.320%, 03/17/30
|
250,258
|
|||||
Textainer Marine Containers V, Series 2017-1A, Class A (1)
|
|||||||
77,331
|
3.720%, 05/20/42
|
77,482
|
|||||
Textainer Marine Containers V, Series 2017-2A, Class A (1)
|
|||||||
181,832
|
3.520%, 06/20/42
|
182,293
|
|||||
Towd Point Mortgage Trust, Series 2015-6, Class A1 (1) (2)
|
|||||||
38,909
|
3.500%, 04/25/55
|
39,553
|
|||||
Towd Point Mortgage Trust, Series 2017-2, Class A1 (1) (2)
|
|||||||
124,773
|
2.750%, 04/25/57
|
125,918
|
|||||
Towd Point Mortgage Trust, Series 2017-3, Class A1 (1) (2)
|
|||||||
246,911
|
2.750%, 07/25/57
|
249,195
|
|||||
Towd Point Mortgage Trust, Series 2017-4, Class A1 (1) (2)
|
|||||||
130,979
|
2.750%, 06/25/57
|
132,516
|
|||||
TOTAL ASSET-BACKED SECURITIES
|
|||||||
(Cost $4,549,423)
|
4,542,828
|
||||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 5.7%
|
|||||||
Flagstar Mortgage Trust, Series 2017-2, Class A5 (1) (2)
|
|||||||
574,268
|
3.500%, 10/25/47
|
586,079
|
|||||
Impac Secured Assets Trust, Series 2006-1, Class 2A2
|
|||||||
53,298
|
2.233%, VAR ICE LIBOR USD 1 Month+0.410%, 05/25/36
|
52,292
|
|||||
Impac Secured Assets Trust, Series 2006-2, Class 2M1
|
|||||||
130,000
|
2.323%, VAR ICE LIBOR USD 1 Month+0.500%, 08/25/36
|
130,014
|
Principal Amount ($)
|
Value $
|
||||||
JPMorgan Mortgage Trust, Series 2015-3, Class A5 (1) (2)
|
|||||||
71,263
|
3.500%, 05/25/45
|
71,740
|
|||||
JPMorgan Mortgage Trust, Series 2016-3, Class 1A3 (1) (2)
|
|||||||
419,934
|
3.500%, 10/25/46
|
427,316
|
|||||
JPMorgan Mortgage Trust, Series 2017-1, Class A4 (1) (2)
|
|||||||
86,807
|
3.500%, 01/25/47
|
87,896
|
|||||
JPMorgan Mortgage Trust, Series 2017-3, Class 1A5 (1) (2)
|
|||||||
362,918
|
3.500%, 08/25/47
|
367,256
|
|||||
JPMorgan Mortgage Trust, Series 2017-4, Class A5 (1) (2)
|
|||||||
325,546
|
3.500%, 11/25/48
|
329,445
|
|||||
Sequoia Mortgage Trust, Series 2015-2, Class A10 (1) (2)
|
|||||||
171,972
|
3.500%, 05/25/45
|
174,680
|
|||||
Sequoia Mortgage Trust, Series 2015-3, Class A4 (1) (2)
|
|||||||
217,290
|
3.500%, 07/25/45
|
221,218
|
|||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
|
|||||||
(Cost $2,444,719)
|
2,447,936
|
||||||
TAXABLE MUNICIPAL BONDS – 1.3%
|
|||||||
New Jersey – 0.3%
|
|||||||
State Economic Development Authority RB, Series A, NATL
|
|||||||
90,000
|
7.425%, 02/15/29
|
114,630
|
|||||
Ohio – 0.1%
|
|||||||
American Municipal Power RB, Series B
|
|||||||
40,000
|
8.084%, 02/15/50
|
70,719
|
|||||
Pennsylvania – 0.9%
|
|||||||
Philadelphia Authority for Industrial Development RB
|
|||||||
350,000
|
3.964%, 04/15/26
|
373,240
|
|||||
TOTAL TAXABLE MUNICIPAL BONDS
|
|||||||
(Cost $518,246)
|
558,589
|
Schroder Total Return Fixed Income Fund
|
Principal Amount ($)
|
Value $
|
||||||
COMMERCIAL MORTGAGE-BACKED OBLIGATIONS – 1.2%
|
|||||||
BX Commercial Mortgage Trust, Series 2018-IND, Class B (1)
|
|||||||
196,320
|
2.814%, VAR ICE LIBOR USD 1 Month+0.900%, 11/15/35
|
196,074
|
|||||
BX Commercial Mortgage Trust, Series 2018-IND, Class C (1)
|
|||||||
117,792
|
3.014%, VAR ICE LIBOR USD 1 Month+1.100%, 11/15/35
|
117,718
|
|||||
One Market Plaza Trust, Series 2017-1MKT, Class E (1)
|
|||||||
195,000
|
4.142%, 02/10/32
|
196,937
|
|||||
TOTAL COMMERCIAL MORTGAGE-BACKED OBLIGATIONS
|
|||||||
(Cost $504,890)
|
510,729
|
||||||
SOVEREIGN GOVERNMENTS – 1.1%
|
|||||||
Argentine Republic Government International Bond
|
|||||||
124,000
|
5.875%, 01/11/28
|
47,121
|
Principal Amount ($)
|
Value $
|
||||||
South Africa Government International Bond
|
|||||||
200,000
|
4.850%, 09/27/27
|
203,259
|
|||||
Turkey Government International Bond
|
|||||||
200,000
|
5.750%, 03/22/24
|
201,493
|
|||||
TOTAL SOVEREIGN GOVERNMENTS
|
|||||||
(Cost $504,020)
|
451,873
|
||||||
TOTAL INVESTMENTS IN SECURITIES – 98.6%
|
|||||||
(Cost $40,957,257)
|
42,041,776
|
||||||
OTHER ASSETS LESS LIABILITIES – 1.4%
|
584,816
|
||||||
NET ASSETS – 100%
|
$
|
42,626,592
|
(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 October 31, 2019, the value of these securities amounted to $10,946,651, representing 25.7% 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.
|
Type of Contract
|
Number of
Contracts Long |
Expiration
Date |
Notional
Amount |
Value
|
Unrealized (Depreciation)
|
||||||||||||
U.S. 2-Year Treasury Note
|
11
|
Jan-2020
|
$
|
2,377,674
|
$
|
2,371,617
|
$
|
(6,057
|
)
|
||||||||
U.S. 5-Year Treasury Note
|
25
|
Jan-2020
|
3,002,384
|
2,980,078
|
(22,306
|
)
|
|||||||||||
U.S. 10-Year Treasury Note
|
20
|
Dec-2019
|
2,633,347
|
2,605,938
|
(27,409
|
)
|
|||||||||||
U.S. Long Treasury Bond
|
9
|
Dec-2019
|
1,496,785
|
1,452,375
|
(44,410
|
)
|
|||||||||||
U.S. Ultra Long Treasury Bond
|
3
|
Dec-2019
|
596,714
|
569,250
|
(27,464
|
)
|
|||||||||||
$
|
10,106,904
|
$
|
9,979,258
|
$
|
(127,646
|
)
|
Schroder Total Return Fixed Income Fund
|
Investments in Securities (1)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Corporate Obligations
|
$
|
—
|
$
|
16,387,163
|
$
|
—
|
$
|
16,387,163
|
||||||||
U.S. Government Mortgage-Backed Obligations
|
—
|
10,203,214
|
—
|
10,203,214
|
||||||||||||
U.S. Treasury Obligations
|
—
|
6,939,444
|
—
|
6,939,444
|
||||||||||||
Asset-Backed Securities
|
—
|
4,542,828
|
—
|
4,542,828
|
||||||||||||
Collateralized Mortgage Obligations
|
—
|
2,447,936
|
—
|
2,447,936
|
||||||||||||
Taxable Municipal Bonds
|
—
|
558,589
|
—
|
558,589
|
||||||||||||
Commercial Mortgage-Backed Obligations
|
—
|
510,729
|
—
|
510,729
|
||||||||||||
Sovereign Governments
|
—
|
451,873
|
—
|
451,873
|
||||||||||||
Total Investments in Securities
|
$
|
—
|
$
|
42,041,776
|
$
|
—
|
$
|
42,041,776
|
Other Financial Instruments
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Futures — Unrealized Depreciation
|
$
|
(127,646
|
)
|
$
|
—
|
$
|
—
|
$
|
(127,646
|
)
|
||||||
Total Other Financial Instruments
|
$
|
(127,646
|
)
|
$
|
—
|
$
|
—
|
$
|
(127,646
|
)
|
Schroder Mutual Funds
|
North American Equity Fund
|
Emerging Markets Small Cap Fund
|
Core Bond Fund
|
Long Duration Investment-Grade Bond Fund
|
Short Duration Bond Fund
|
Total Return Fixed Income Fund
|
|||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Investments in securities, at value — Note 2
|
$
|
946,661,179
|
$
|
2,115,614
|
$
|
61,426,938
|
$
|
117,183,450
|
$
|
16,191,042
|
$
|
42,041,776
|
||||||||||||
Cash
|
8,060,408
|
122,054
|
1,376,548
|
748,452
|
201,654
|
538,596
|
||||||||||||||||||
Foreign currency
|
—
|
2,661
|
—
|
—
|
—
|
1
|
||||||||||||||||||
Receivable for securities sold
|
1,082,695
|
706
|
585,534
|
10,789,198
|
113,855
|
570,345
|
||||||||||||||||||
Tax reclaims receivable
|
4,662
|
—
|
3,093
|
—
|
—
|
4,518
|
||||||||||||||||||
Receivable for Fund shares sold
|
3,891
|
—
|
—
|
3,928
|
2,931
|
8,435
|
||||||||||||||||||
Due from Investment Advisor — Note 3
|
—
|
17,670
|
1,251
|
—
|
16,466
|
5,682
|
||||||||||||||||||
Unrealized appreciation on spot foreign
currency contracts |
17
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts
|
66,965
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Initial margin for futures contracts
|
173,250
|
—
|
—
|
—
|
7,897
|
103,884
|
||||||||||||||||||
Dividends and interest receivable
|
943,941
|
1,239
|
328,359
|
1,163,862
|
55,071
|
241,654
|
||||||||||||||||||
Variation margin receivable for
futures contracts |
—
|
—
|
—
|
—
|
4,313
|
60,133
|
||||||||||||||||||
Prepaid expenses
|
6,616
|
12,138
|
1,821
|
12,999
|
12,175
|
2,330
|
||||||||||||||||||
TOTAL ASSETS
|
957,003,624
|
2,272,082
|
63,723,544
|
129,901,889
|
16,605,404
|
43,577,354
|
||||||||||||||||||
LIABILITIES
|
||||||||||||||||||||||||
Payable for securities purchased
|
1,342,790
|
—
|
1,238,547
|
689,566
|
149,260
|
844,000
|
||||||||||||||||||
Variation margin payable for
futures contracts |
15,000
|
—
|
—
|
—
|
555
|
—
|
||||||||||||||||||
Income distributions payable
|
—
|
—
|
—
|
—
|
—
|
18,959
|
||||||||||||||||||
Accrued foreign capital gains tax
|
—
|
5,881
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Payable for Fund shares redeemed
|
—
|
—
|
—
|
10,597,176
|
—
|
5,873
|
||||||||||||||||||
Investment Advisory fees payable — Note 3
|
198,540
|
—
|
—
|
6,766
|
—
|
—
|
||||||||||||||||||
Sub-administration fees payable — Note 3
|
39,709
|
10,617
|
10,617
|
11,256
|
10,617
|
10,617
|
||||||||||||||||||
Audit fees payable
|
16,535
|
12,200
|
16,135
|
16,135
|
18,735
|
16,135
|
||||||||||||||||||
Trustees’ fees payable
|
6,952
|
1,222
|
1,501
|
2,051
|
1,311
|
1,470
|
||||||||||||||||||
Legal fees payable
|
1,238
|
218
|
267
|
366
|
234
|
262
|
||||||||||||||||||
Other professional fees payable
|
6,875
|
9,052
|
4,275
|
4,275
|
6,875
|
4,275
|
||||||||||||||||||
Shareholder Servicing Fees, Investor Class — Note 3
|
—
|
—
|
—
|
8,863
|
—
|
30,135
|
||||||||||||||||||
Accrued expenses and other liabilities
|
44,150
|
21,065
|
24,870
|
18,837
|
15,960
|
19,036
|
||||||||||||||||||
TOTAL LIABILITIES
|
1,671,789
|
60,255
|
1,296,212
|
11,355,291
|
203,547
|
950,762
|
||||||||||||||||||
NET ASSETS
|
$
|
955,331,835
|
$
|
2,211,827
|
$
|
62,427,332
|
$
|
118,546,598
|
$
|
16,401,857
|
$
|
42,626,592
|
||||||||||||
Cost of securities
|
$
|
598,897,258
|
$
|
1,749,393
|
$
|
59,292,057
|
$
|
102,561,329
|
$
|
16,083,142
|
$
|
40,957,257
|
||||||||||||
Cost of foreign currency
|
$
|
—
|
$
|
2,646
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
Schroder Mutual Funds
|
North American Equity Fund
|
Emerging Markets Small Cap Fund
|
Core Bond Fund
|
Long Duration Investment-Grade Bond Fund
|
Short Duration Bond Fund
|
Total Return Fixed Income Fund
|
|||||||||||||||||||
NET ASSETS
|
||||||||||||||||||||||||
Capital paid-in
|
$
|
550,729,357
|
$
|
1,800,430
|
$
|
59,674,032
|
$
|
100,142,972
|
$
|
16,351,745
|
$
|
45,584,387
|
||||||||||||
Total distributable earnings (loss)
|
404,602,478
|
411,397
|
2,753,300
|
18,403,626
|
50,112
|
(2,957,795
|
)
|
|||||||||||||||||
NET ASSETS
|
$
|
955,331,835
|
$
|
2,211,827
|
$
|
62,427,332
|
$
|
118,546,598
|
$
|
16,401,857
|
$
|
42,626,592
|
||||||||||||
Net Assets:
|
||||||||||||||||||||||||
R6
|
$
|
N/A
|
$
|
2,184,533
|
$
|
62,427,332
|
$
|
N/A
|
$
|
16,294,926
|
$
|
N/A
|
||||||||||||
Investor
|
955,331,835
|
27,294
|
N/A
|
118,546,598
|
106,931
|
42,626,592
|
||||||||||||||||||
Total shares outstanding end of period:
|
||||||||||||||||||||||||
R6
|
N/A
|
202,828
|
5,980,952
|
N/A
|
1,625,280
|
N/A
|
||||||||||||||||||
Investor
|
54,925,211
|
2,535
|
N/A
|
12,131,319
|
10,663
|
4,232,176
|
||||||||||||||||||
Net asset value, offering and redemption price per share (net assets ÷ shares outstanding)
|
||||||||||||||||||||||||
R6
|
$
|
N/A
|
$
|
10.77
|
$
|
10.44
|
$
|
N/A
|
$
|
10.03
|
$
|
N/A
|
||||||||||||
Investor
|
17.39
|
10.77
|
N/A
|
9.77
|
10.03
|
10.07
|
Schroder Mutual Funds
|
North American
Equity Fund |
Emerging Markets
Small Cap Fund |
|||||||
INVESTMENT INCOME
|
||||||||
Dividend income
|
$
|
22,345,957
|
$
|
64,705
|
||||
Interest income
|
7,847
|
—
|
||||||
Foreign taxes withheld
|
(65,088
|
)
|
(6,030
|
)
|
||||
TOTAL INCOME
|
22,288,716
|
58,675
|
||||||
EXPENSES
|
||||||||
Investment Advisory fees — Note 3
|
2,407,132
|
23,767
|
||||||
Sub-administration fees — Note 3
|
481,440
|
125,002
|
||||||
Trustees fees and expenses
|
26,403
|
4,623
|
||||||
Shareholder Service fees, Investor Shares — Note 3
|
—
|
—
|
||||||
Transfer agent fees
|
63,944
|
45,704
|
||||||
Legal fees
|
40,743
|
7,074
|
||||||
Custodian fees
|
35,909
|
7,827
|
||||||
Registration fees
|
29,768
|
21,202
|
||||||
Audit fees
|
26,209
|
23,701
|
||||||
Printing
|
17,519
|
4,513
|
||||||
Pricing fees
|
17,349
|
5,939
|
||||||
Other professional fees
|
7,385
|
11,427
|
||||||
Insurance
|
4,403
|
100
|
||||||
Offering costs
|
—
|
—
|
||||||
Other
|
33,726
|
11,579
|
||||||
TOTAL EXPENSES
|
3,191,930
|
292,458
|
||||||
Expenses waived by Investment Advisor — Note 3
|
—
|
(23,767
|
)
|
|||||
Reimbursement from Investment Advisor
|
—
|
(239,952
|
)
|
|||||
Custody Offset — Note 2
|
(23,348
|
)
|
(843
|
)
|
||||
NET EXPENSES
|
3,168,582
|
27,896
|
||||||
NET INVESTMENT INCOME
|
19,120,134
|
30,779
|
||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES, SWAP CONTRACTS, FORWARD FOREIGN CURRENCY CONTRACTS, AND FOREIGN CURRENCY
TRANSACTIONS AND TRANSLATIONS
|
||||||||
Net realized gain on investments sold
|
43,948,761
|
40,402
|
||||||
Net realized gain on futures
|
901,045
|
—
|
||||||
Net realized loss on swap contracts
|
—
|
—
|
||||||
Net realized gain (loss) on forward foreign currency contract
|
421,238
|
—
|
||||||
Net realized gain (loss) on foreign currency transaction
|
15,146
|
(339
|
)
|
|||||
Net realized gain on investments, futures, swap contracts, forward foreign currency contracts and foreign currency
transactions
|
45,286,190
|
40,063
|
||||||
Change in unrealized appreciation on investments
|
45,368,746
|
298,308
|
||||||
Change in unrealized appreciation on futures
|
1,677,672
|
—
|
||||||
Change in unrealized appreciation (depreciation) on forward foreign currency contracts
|
(231,632
|
)
|
—
|
|||||
Change in accrued foreign capital gains tax on appreciated securities
|
—
|
(5,759
|
)
|
|||||
Change in unrealized appreciation (depreciation) on foreign currency translations
|
(33
|
)
|
106
|
|||||
Net change in unrealized appreciation on investments, futures, accrued foreign capital gains tax on appreciated securities, forward foreign currency
contracts and foreign currency translation
|
46,814,753
|
292,655
|
||||||
NET REALIZED AND UNREALIZED GAIN
|
92,100,943
|
332,718
|
||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
111,221,077
|
$
|
363,497
|
||||
|
Core Bond Fund
|
Long Duration Investment-Grade
Bond Fund |
Short Duration
Bond Fund |
Total Return Fixed Income Fund
|
||||||||||||
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||
1,588,409
|
4,642,511
|
434,803
|
1,402,594
|
||||||||||||
—
|
—
|
—
|
—
|
||||||||||||
1,588,409
|
4,642,511
|
434,803
|
1,402,594
|
||||||||||||
122,988
|
330,073
|
39,788
|
101,606
|
||||||||||||
125,002
|
136,244
|
125,002
|
125,002
|
||||||||||||
5,700
|
7,729
|
4,942
|
5,502
|
||||||||||||
—
|
66,016
|
—
|
32,514
|
||||||||||||
26,558
|
32,320
|
46,263
|
28,643
|
||||||||||||
8,678
|
11,584
|
7,550
|
8,682
|
||||||||||||
5,499
|
9,278
|
4,447
|
5,854
|
||||||||||||
21,649
|
24,838
|
21,825
|
22,318
|
||||||||||||
22,285
|
26,296
|
26,694
|
26,296
|
||||||||||||
4,446
|
8,420
|
4,892
|
4,268
|
||||||||||||
14,869
|
15,488
|
17,619
|
24,874
|
||||||||||||
3,581
|
4,226
|
6,900
|
4,227
|
||||||||||||
1,173
|
3,949
|
631
|
1,693
|
||||||||||||
7,105
|
—
|
—
|
—
|
||||||||||||
12,315
|
12,831
|
12,223
|
12,218
|
||||||||||||
381,848
|
689,292
|
318,776
|
403,697
|
||||||||||||
(122,988
|
)
|
(263,441
|
)
|
(39,788
|
)
|
(101,606
|
)
|
||||||||
(99,403
|
)
|
—
|
(227,519
|
)
|
(138,498
|
)
|
|||||||||
(2,027
|
)
|
(3,340
|
)
|
(537
|
)
|
(1,022
|
)
|
||||||||
157,430
|
422,511
|
50,932
|
162,571
|
||||||||||||
1,430,979
|
4,220,000
|
383,871
|
1,240,023
|
||||||||||||
771,797
|
5,054,115
|
78,040
|
277,237
|
||||||||||||
—
|
—
|
4,400
|
525,982
|
||||||||||||
—
|
—
|
—
|
(23,161
|
)
|
|||||||||||
—
|
—
|
—
|
(66,075
|
)
|
|||||||||||
—
|
—
|
(1,500
|
)
|
(40,580
|
)
|
||||||||||
771,797
|
5,054,115
|
80,940
|
673,403
|
||||||||||||
3,059,838
|
21,426,239
|
291,198
|
2,240,002
|
||||||||||||
—
|
—
|
5,379
|
13,266
|
||||||||||||
—
|
—
|
—
|
57,333
|
||||||||||||
—
|
—
|
—
|
—
|
||||||||||||
—
|
—
|
487
|
930
|
||||||||||||
3,059,838
|
21,426,239
|
297,064
|
2,311,531
|
||||||||||||
3,831,635
|
26,480,354
|
378,004
|
2,984,934
|
||||||||||||
$
|
5,262,614
|
$
|
30,700,354
|
$
|
761,875
|
$
|
4,224,957
|
||||||||
Schroder Mutual Funds
|
North American Equity Fund
|
||||||||
2019
|
2018
|
|||||||
INCREASE (DECREASE) IN NET ASSETS
|
||||||||
From Operations:
|
||||||||
Net investment income
|
$
|
19,120,134
|
$
|
17,912,969
|
||||
Net realized gain (loss) on investments sold, futures, forward foreign currency contracts and foreign currency
transactions
|
45,286,190
|
78,571,516
|
||||||
Net change in unrealized appreciation (depreciation) on investments, futures, accrued foreign capital gains tax on appreciated securities, forward
foreign currency contracts and foreign currency translations
|
46,814,753
|
(16,296,035
|
)
|
|||||
Net increase (decrease) in net assets resulting from operations
|
111,221,077
|
80,188,450
|
||||||
Distribution of Income:
|
||||||||
R6 Shares
|
N/A
|
N/A
|
||||||
Investor Shares
|
(96,458,052
|
)
|
(57,564,390
|
)
|
||||
Total distributions
|
(96,458,052
|
)
|
(57,564,390
|
)
|
||||
Share Transactions (1):
|
||||||||
R6 Shares:
|
||||||||
Sales of shares
|
N/A
|
N/A
|
||||||
Reinvestment of distributions
|
N/A
|
N/A
|
||||||
Issued in connection with in-kind transfer – Note 8
|
N/A
|
N/A
|
||||||
Redemption of shares
|
N/A
|
N/A
|
||||||
Total increase from R6 Share transactions
|
N/A
|
N/A
|
||||||
Investor Shares:
|
||||||||
Sales of shares
|
4,461,454
|
10,319,755
|
||||||
Reinvestment of distributions
|
90,266,033
|
57,353,134
|
||||||
Redemption of shares
|
(115,736,328
|
)
|
(150,187,356
|
)
|
||||
Total increase (decrease) from Investor Share transactions
|
(21,008,841
|
)
|
(82,514,467
|
)
|
||||
Net increase (decrease) in net assets from share transactions
|
(21,008,841
|
)
|
(82,514,467
|
)
|
||||
Total increase (decrease) in net assets
|
(6,245,816
|
)
|
(59,890,407
|
)
|
||||
Net Assets
|
||||||||
Beginning of year/period
|
961,577,651
|
1,021,468,058
|
||||||
End of year/period
|
$
|
955,331,835
|
$
|
961,577,651
|
||||
N/A — Investor Shares or R6 Shares currently not offered.
|
(1) For share transactions, see Note 12 in the Notes to Financial
Statements.
|
|
Emerging Markets Small Cap Fund
|
Core Bond Fund
|
|||||||||||||
2019
|
2018
|
2019
|
2018(a)
|
|||||||||||
$
|
30,779
|
$
|
20,999
|
$
|
1,430,979
|
$
|
578,023
|
|||||||
40,063
|
92,715
|
771,797
|
(79,375
|
)
|
||||||||||
292,655
|
(478,124
|
)
|
3,059,838
|
(924,957
|
)
|
|||||||||
363,497
|
(364,410
|
)
|
5,262,614
|
(426,309
|
)
|
|||||||||
(110,099
|
)
|
(355,583
|
)
|
(1,509,949
|
)
|
(573,056
|
)
|
|||||||
(1,376
|
)
|
(4,444
|
)
|
N/A
|
N/A
|
|||||||||
(111,475
|
)
|
(360,027
|
)
|
(1,509,949
|
)
|
(573,056
|
)
|
|||||||
—
|
—
|
37,064,419
|
10,200,100
|
|||||||||||
110,098
|
355,583
|
1,328,183
|
441,432
|
|||||||||||
—
|
—
|
—
|
29,918,724
|
|||||||||||
—
|
—
|
(17,778,826
|
)
|
(1,500,000
|
)
|
|||||||||
110,098
|
355,583
|
20,613,776
|
39,060,256
|
|||||||||||
—
|
—
|
N/A
|
N/A
|
|||||||||||
1,376
|
4,444
|
N/A
|
N/A
|
|||||||||||
—
|
—
|
N/A
|
N/A
|
|||||||||||
1,376
|
4,444
|
N/A
|
N/A
|
|||||||||||
111,474
|
360,027
|
20,613,776
|
39,060,256
|
|||||||||||
363,496
|
(364,410
|
)
|
24,366,441
|
38,060,891
|
||||||||||
1,848,331
|
2,212,741
|
38,060,891
|
—
|
|||||||||||
$
|
2,211,827
|
$
|
1,848,331
|
$
|
62,427,332
|
$
|
38,060,891
|
(a) Fund commenced operations on January 31, 2018.
|
Schroder Mutual Funds
|
Long Duration Investment-Grade Bond Fund
|
||||||||
2019
|
2018
|
|||||||
INCREASE (DECREASE) IN NET ASSETS
|
||||||||
From Operations:
|
||||||||
Net investment income
|
$
|
4,220,000
|
$
|
2,896,792
|
||||
Net realized gain (loss) on investments, futures, swap contracts, forward foreign
currency contracts and foreign currency transactions |
5,054,115
|
(616,762
|
)
|
|||||
Net change in unrealized appreciation (depreciation) on investments, futures, swap contracts,
forward foreign currency contracts and foreign currency translations |
21,426,239
|
(8,673,405
|
)
|
|||||
Net increase (decrease) in net assets resulting from operations
|
30,700,354
|
(6,393,375
|
)
|
|||||
Distributions:
|
||||||||
R6 Shares
|
N/A
|
N/A
|
||||||
Investor Shares
|
(4,218,313
|
)
|
(2,902,410
|
)
|
||||
Return of Capital:
|
||||||||
Investor Shares
|
—
|
—
|
||||||
Total distributions
|
(4,218,313
|
)
|
(2,902,410
|
)
|
||||
Share Transactions (1):
|
||||||||
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 (decrease) from R6 Share transactions
|
N/A
|
N/A
|
||||||
Investor Shares:
|
||||||||
Sales of shares
|
53,325,944
|
9,491,846
|
||||||
Reinvestment of distributions
|
4,198,986
|
2,860,558
|
||||||
Issued in connection with in-kind transfer — Note 8
|
—
|
28,072,294
|
||||||
Redemption of shares
|
(33,861,424
|
)
|
(8,630,569
|
)
|
||||
Redeemed in connection with in-kind transfer — Note 8
|
(30,823,454
|
)
|
—
|
|||||
Total increase (decrease) from Investor Share transactions
|
(7,159,948
|
)
|
31,794,129
|
|||||
Net increase (decrease) in net assets from share transactions
|
(7,159,948
|
)
|
31,794,129
|
|||||
Total increase (decrease) in net assets
|
19,322,093
|
22,498,344
|
||||||
Net Assets
|
||||||||
Beginning of year
|
99,224,505
|
76,726,161
|
||||||
End of year
|
$
|
118,546,598
|
$
|
99,224,505
|
|
Short Duration Bond Fund
|
Total Return Fixed Income Fund
|
|||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||
$
|
383,871
|
$
|
338,373
|
$
|
1,240,023
|
$
|
1,816,857
|
|||||||
80,940
|
(94,709
|
)
|
673,403
|
(2,039,674
|
)
|
|||||||||
297,064
|
(224,767
|
)
|
2,311,531
|
(1,384,012
|
)
|
|||||||||
761,875
|
18,897
|
4,224,957
|
(1,606,829
|
)
|
||||||||||
(386,979
|
)
|
(340,977
|
)
|
N/A
|
N/A
|
|||||||||
(2,561
|
)
|
(2,208
|
)
|
(1,244,592
|
)
|
(1,417,244
|
)
|
|||||||
—
|
—
|
(49,764
|
)
|
(379,779
|
)
|
|||||||||
(389,540
|
)
|
(343,185
|
)
|
(1,294,356
|
)
|
(1,797,023
|
)
|
|||||||
690,419
|
608,395
|
N/A
|
N/A
|
|||||||||||
386,979
|
340,977
|
N/A
|
N/A
|
|||||||||||
(432,027
|
)
|
(1,537,282
|
)
|
N/A
|
N/A
|
|||||||||
645,371
|
(587,910
|
)
|
N/A
|
N/A
|
||||||||||
—
|
—
|
4,247,029
|
7,131,963
|
|||||||||||
2,561
|
2,556
|
1,045,053
|
1,537,205
|
|||||||||||
—
|
—
|
—
|
—
|
|||||||||||
—
|
—
|
(6,567,630
|
)
|
(31,492,963
|
)
|
|||||||||
—
|
—
|
—
|
—
|
|||||||||||
2,561
|
2,556
|
(1,275,548
|
)
|
(22,823,795
|
)
|
|||||||||
647,932
|
(585,354
|
)
|
(1,275,548
|
)
|
(22,823,795
|
)
|
||||||||
1,020,267
|
(909,642
|
)
|
1,655,053
|
(26,227,647
|
)
|
|||||||||
15,381,590
|
16,291,232
|
40,971,539
|
67,199,186
|
|||||||||||
$
|
16,401,857
|
$
|
15,381,590
|
$
|
42,626,592
|
$
|
40,971,539
|
|||||||
Schroder Mutual Funds
|
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
|
||||||||||||||||||||||||||||
2019
|
$
|
17.31
|
$
|
0.31
|
$
|
1.47
|
$
|
1.78
|
$
|
(0.33
|
)
|
$
|
(1.37
|
)
|
$
|
(1.70
|
)
|
|||||||||||
2018
|
17.02
|
0.32
|
0.93
|
1.25
|
(0.28
|
)
|
(0.68
|
)
|
(0.96
|
)
|
||||||||||||||||||
2017
|
14.79
|
0.30
|
2.83
|
3.13
|
(0.30
|
)
|
(0.60
|
)
|
(0.90
|
)
|
||||||||||||||||||
2016
|
15.14
|
0.27
|
0.31
|
0.58
|
(0.33
|
)
|
(0.60
|
)
|
(0.93
|
)
|
||||||||||||||||||
2015
|
15.42
|
0.34
|
0.21
|
0.55
|
(0.29
|
)
|
(0.54
|
)
|
(0.83
|
)
|
||||||||||||||||||
Emerging Markets Small Cap Fund
|
||||||||||||||||||||||||||||
R6 Shares
|
||||||||||||||||||||||||||||
2019
|
$
|
9.56
|
$
|
0.15
|
(1)
|
$
|
1.63
|
$
|
1.78
|
$
|
(0.22
|
)
|
$
|
(0.35
|
)
|
$
|
(0.57
|
)
|
||||||||||
2018
|
13.65
|
0.11
|
(1)
|
(1.98
|
)
|
(1.87
|
)
|
—
|
(2.22
|
)
|
(2.22
|
)
|
||||||||||||||||
2017
|
12.07
|
—
|
(1)(2)
|
2.07
|
2.07
|
(0.09
|
)
|
(0.40
|
)
|
(0.49
|
)
|
|||||||||||||||||
2016
|
10.52
|
0.11
|
(1)
|
1.44
|
1.55
|
—
|
—
|
—
|
||||||||||||||||||||
2015(b)
|
10.00
|
(0.01
|
)(1)
|
0.53
|
0.52
|
—
|
—
|
—
|
||||||||||||||||||||
Investor Shares
|
||||||||||||||||||||||||||||
2019
|
$
|
9.55
|
$
|
0.15
|
(1)
|
$
|
1.64
|
$
|
1.79
|
$
|
(0.22
|
)
|
$
|
(0.35
|
)
|
$
|
(0.57
|
)
|
||||||||||
2018
|
13.65
|
0.11
|
(1)
|
(1.99
|
)
|
(1.88
|
)
|
—
|
(2.22
|
)
|
(2.22
|
)
|
||||||||||||||||
2017
|
12.06
|
0.10
|
(1)
|
1.98
|
2.08
|
(0.09
|
)
|
(0.40
|
)
|
(0.49
|
)
|
|||||||||||||||||
2016
|
10.52
|
0.10
|
(1)
|
1.44
|
1.54
|
—
|
—
|
—
|
||||||||||||||||||||
2015(b)
|
10.00
|
(0.01
|
)(1)
|
0.53
|
0.52
|
—
|
—
|
—
|
||||||||||||||||||||
Core Bond Fund
|
||||||||||||||||||||||||||||
R6 Shares
|
||||||||||||||||||||||||||||
2019
|
$
|
9.67
|
$
|
0.29
|
(1)
|
$
|
0.79
|
$
|
1.08
|
$
|
(0.31
|
)
|
$
|
—
|
$
|
(0.31
|
)
|
|||||||||||
2018(c)
|
10.00
|
0.20
|
(1)
|
(0.34
|
)
|
(0.14
|
)
|
(0.19
|
)
|
—
|
(0.19
|
)
|
||||||||||||||||
(1) |
Per share net investment income (loss) calculated using average shares.
|
(2) |
Amount was less than $0.01 per share.
|
(3) |
Ratios reflect the impact of low level of average net assets. Under normal asset levels, ratios would have been 1.45% and 1.60%.
|
(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 August 26, 2015. All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate.
|
(c) |
Commenced operations on January 31, 2018. All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate.
|
|
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
|
||||||||||||||||||||
$
|
17.39
|
11.88
|
%
|
$
|
955,332
|
0.33
|
%
|
0.33
|
%
|
1.99
|
%
|
50
|
%
|
|||||||||||||
17.31
|
7.50
|
961,578
|
0.33
|
0.33
|
1.69
|
46
|
||||||||||||||||||||
17.02
|
21.96
|
1,021,468
|
0.33
|
0.33
|
1.83
|
46
|
||||||||||||||||||||
14.79
|
4.20
|
889,400
|
0.32
|
0.32
|
2.03
|
70
|
||||||||||||||||||||
15.14
|
3.77
|
759,878
|
0.32
|
0.32
|
1.91
|
57
|
||||||||||||||||||||
$
|
10.77
|
19.60
|
%
|
$
|
2,185
|
1.35
|
%
|
14.15
|
%
|
1.49
|
%
|
25
|
%
|
|||||||||||||
9.56
|
(16.44
|
)
|
1,826
|
1.35
|
14.21
|
0.95
|
38
|
|||||||||||||||||||
13.65
|
18.09
|
2,185
|
1.48
|
(3)
|
4.80
|
0.04
|
42
|
|||||||||||||||||||
12.07
|
14.73
|
15,761
|
1.50
|
3.01
|
0.98
|
41
|
||||||||||||||||||||
10.52
|
5.20
|
12,103
|
1.50
|
6.52
|
(0.57
|
)
|
5
|
|||||||||||||||||||
$
|
10.77
|
19.73
|
%
|
$
|
27
|
1.35
|
%
|
14.15
|
%
|
1.49
|
%
|
25
|
%
|
|||||||||||||
9.55
|
(16.53
|
)
|
23
|
1.35
|
14.21
|
0.95
|
38
|
|||||||||||||||||||
13.65
|
18.12
|
27
|
1.46
|
(3)
|
10.31
|
0.82
|
42
|
|||||||||||||||||||
12.06
|
14.64
|
24
|
1.60
|
3.10
|
0.91
|
41
|
||||||||||||||||||||
10.52
|
5.20
|
21
|
1.65
|
6.67
|
(0.72
|
)
|
5
|
|||||||||||||||||||
$
|
10.44
|
11.27
|
%
|
$
|
62,427
|
0.32
|
%
|
0.78
|
%
|
2.91
|
%
|
134
|
%
|
|||||||||||||
9.67
|
(1.38
|
)
|
38,061
|
0.32
|
1.48
|
2.74
|
48
|
|||||||||||||||||||
Schroder Mutual Funds
|
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 |
Return of Capital
|
||||||||||||||||||||||
Long Duration Investment-Grade Bond Fund
|
||||||||||||||||||||||||||||
Investor Shares
|
||||||||||||||||||||||||||||
2019
|
$
|
8.02
|
$
|
0.28
|
(1)
|
$
|
1.75
|
$
|
2.03
|
$
|
(0.28
|
)
|
$
|
—
|
$
|
—
|
||||||||||||
2018
|
8.88
|
0.28
|
(1)
|
(0.86
|
)
|
(0.58
|
)
|
(0.28
|
)
|
—
|
—
|
|||||||||||||||||
2017
|
9.31
|
0.28
|
(1)
|
(0.14
|
)
|
0.14
|
(0.28
|
)
|
(0.29
|
)
|
—
|
|||||||||||||||||
2016
|
8.99
|
0.32
|
(1)
|
0.53
|
0.85
|
(0.34
|
)
|
(0.19
|
)
|
—
|
||||||||||||||||||
2015
|
10.53
|
0.36
|
(1)
|
(0.24
|
)
|
0.12
|
(0.36
|
)
|
(1.30
|
)
|
—
|
|||||||||||||||||
Short Duration Bond Fund
|
||||||||||||||||||||||||||||
R6 Shares
|
||||||||||||||||||||||||||||
2019
|
$
|
9.79
|
$
|
0.24
|
(1)
|
$
|
0.24
|
$
|
0.48
|
$
|
(0.24
|
)
|
$
|
—
|
$
|
—
|
||||||||||||
2018
|
9.99
|
0.21
|
(1)
|
(0.20
|
)
|
0.01
|
(0.21
|
)
|
—
|
—
|
||||||||||||||||||
2017
|
10.07
|
0.15
|
(1)
|
(0.08
|
)
|
0.07
|
(0.15
|
)
|
—
|
(2)
|
—
|
|||||||||||||||||
2016
|
10.01
|
0.13
|
(1)
|
0.06
|
0.19
|
(0.13
|
)
|
—
|
(2)
|
—
|
||||||||||||||||||
2015 (b)
|
10.00
|
0.02
|
(1)
|
—
|
0.02
|
(0.01
|
)
|
—
|
—
|
|||||||||||||||||||
Investor Shares
|
||||||||||||||||||||||||||||
2019
|
$
|
9.80
|
$
|
0.24
|
(1)
|
$
|
0.23
|
$
|
0.47
|
$
|
(0.24
|
)
|
$
|
—
|
$
|
—
|
||||||||||||
2018
|
9.99
|
0.21
|
(1)
|
(0.19
|
)
|
0.02
|
(0.21
|
)
|
—
|
—
|
||||||||||||||||||
2017
|
10.07
|
0.14
|
(1)
|
(0.07
|
)
|
0.07
|
(0.15
|
)
|
—
|
(2)
|
—
|
|||||||||||||||||
2016
|
10.01
|
0.12
|
(1)
|
0.06
|
0.18
|
(0.12
|
)
|
—
|
(2)
|
—
|
||||||||||||||||||
2015 (b)
|
10.00
|
0.01
|
(1)
|
0.01
|
0.02
|
(0.01
|
)
|
—
|
—
|
|||||||||||||||||||
Total Return Fixed Income Fund
|
||||||||||||||||||||||||||||
Investor Shares
|
||||||||||||||||||||||||||||
2019
|
$
|
9.37
|
$
|
0.30
|
$
|
0.71
|
$
|
1.01
|
$
|
(0.30
|
)
|
$
|
—
|
$
|
(0.01
|
)
|
||||||||||||
2018
|
9.91
|
0.33
|
(0.56
|
)
|
(0.23
|
)
|
(0.24
|
)
|
—
|
(0.07
|
)
|
|||||||||||||||||
2017
|
10.03
|
0.27
|
(0.11
|
)
|
0.16
|
(0.22
|
)
|
—
|
(0.06
|
)
|
||||||||||||||||||
2016
|
9.97
|
0.25
|
0.12
|
0.37
|
(0.26
|
)
|
(0.04
|
)
|
(0.01
|
)
|
||||||||||||||||||
2015
|
10.20
|
0.26
|
(0.23
|
)
|
0.03
|
(0.26
|
)
|
—
|
—
|
|||||||||||||||||||
(1) |
Per share net investment income 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) |
Commenced operations on August 26, 2015. All ratios for the period have been annualized, except for the Total Return and Portfolio Turnover Rate.
|
|
Total Distributions
|
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 to Average Net Assets (Including Waivers, Reimbursements and Offsets) |
Portfolio Turnover Rate
|
|||||||||||||||||||||||
$
|
(0.28
|
)
|
$
|
9.77
|
25.74
|
%
|
$
|
118,547
|
0.32
|
%
|
0.52
|
%
|
3.20
|
%
|
73
|
%
|
||||||||||||||
(0.28
|
)
|
8.02
|
(6.69
|
)
|
99,225
|
0.34
|
0.64
|
3.27
|
50
|
|||||||||||||||||||||
(0.57
|
)
|
8.88
|
1.79
|
76,726
|
0.39
|
0.77
|
3.17
|
62
|
||||||||||||||||||||||
(0.53
|
)
|
9.31
|
9.80
|
74,232
|
0.39
|
0.75
|
3.48
|
160
|
||||||||||||||||||||||
(1.66
|
)
|
8.99
|
0.94
|
21,082
|
0.40
|
1.05
|
3.80
|
126
|
||||||||||||||||||||||
$
|
(0.24
|
)
|
$
|
10.03
|
4.99
|
%
|
$
|
16,295
|
0.32
|
%
|
2.00
|
%
|
2.41
|
%
|
117
|
%
|
||||||||||||||
(0.21
|
)
|
9.79
|
0.16
|
15,280
|
0.34
|
2.02
|
2.13
|
100
|
||||||||||||||||||||||
(0.15
|
)
|
9.99
|
0.77
|
16,189
|
0.39
|
1.88
|
1.49
|
81
|
||||||||||||||||||||||
(0.13
|
)
|
10.07
|
1.97
|
24,417
|
0.39
|
1.10
|
1.32
|
59
|
||||||||||||||||||||||
(0.01
|
)
|
10.01
|
0.25
|
24,023
|
0.39
|
2.51
|
0.88
|
22
|
||||||||||||||||||||||
$
|
(0.24
|
)
|
$
|
10.03
|
4.88
|
%
|
$
|
107
|
0.32
|
%
|
2.00
|
%
|
2.41
|
%
|
117
|
%
|
||||||||||||||
(0.21
|
)
|
9.80
|
0.26
|
102
|
0.34
|
2.02
|
2.14
|
100
|
||||||||||||||||||||||
(0.15
|
)
|
9.99
|
0.77
|
102
|
0.39
|
1.40
|
1.39
|
81
|
||||||||||||||||||||||
(0.12
|
)
|
10.07
|
1.87
|
1,007
|
0.49
|
1.20
|
1.22
|
59
|
||||||||||||||||||||||
(0.01
|
)
|
10.01
|
0.22
|
1,001
|
0.54
|
2.66
|
0.73
|
22
|
||||||||||||||||||||||
$
|
(0.31
|
)
|
$
|
10.07
|
10.93
|
%
|
$
|
42,627
|
0.40
|
%
|
0.99
|
%
|
3.05
|
%
|
92
|
%
|
||||||||||||||
(0.31
|
)
|
9.37
|
(2.33
|
)
|
40,972
|
0.40
|
0.85
|
3.27
|
79
|
|||||||||||||||||||||
(0.28
|
)
|
9.91
|
1.65
|
67,199
|
0.40
|
0.85
|
2.95
|
93
|
||||||||||||||||||||||
(0.31
|
)
|
10.03
|
3.77
|
97,695
|
0.40
|
0.61
|
2.80
|
72
|
||||||||||||||||||||||
(0.26
|
)
|
9.97
|
0.30
|
183,138
|
0.40
|
0.56
|
2.58
|
93
|
||||||||||||||||||||||
Schroder Mutual Funds
|
Schroder Mutual Funds
|
Schroder Mutual Funds
|
●
|
Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date
|
●
|
Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted
prices in inactive markets, adjusted quoted prices in active markets,etc.)
|
●
|
Level 3 — Prices, inputs or proprietary modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market
activity).
|
Schroder Mutual Funds
|
Schroder Mutual Funds
|
Schroder Mutual Funds
|
Schroder Mutual Funds
|
Expense Limitation
|
|||
Management Fee
|
R6 Shares
|
Investor Shares
|
|
Schroder North American Equity Fund
|
0.25%
|
N/A
|
N/A
|
Schroder Emerging Markets Small Cap Fund
|
1.15%
|
1.35%
|
1.50%
|
Schroder Core Bond Fund
|
0.25%
|
0.32%
|
N/A
|
Schroder Long Duration Investment-Grade Bond Fund(1)
|
0.25%
|
N/A
|
0.32%
|
Schroder Short Duration Bond Fund(2)
|
0.25%
|
0.32%
|
0.47%
|
Schroder Total Return Fixed Income Fund
|
0.25%
|
N/A
|
0.40%
|
(1)
|
Prior to April 1, 2018, the management fee was 0.33%. Prior to February 28, 2018, the expense limitation was 0.39% for Investor Shares.
|
(2)
|
Prior to April 1, 2018, the management fee was 0.29%. Prior to February 28, 2018, the expense limitations were 0.39% for R6 Shares and 0.54% for Investor Shares.
|
N/A — Fund is not currently subject to the expense limitation agreement or Share Class is not currently offered.
|
Schroder Mutual Funds
|
Fund
|
Percentage of Fees
Paid to SIMNA Ltd. |
|
Schroder North American Equity Fund
|
58.5%
|
|
Schroder Emerging Markets Small Cap Fund
|
58.5%
|
Fund
|
Statement of Assets and Liabilities Location
|
Asset
Derivatives |
Liability Derivatives
|
||||||
Schroder North American Equity Fund
|
|||||||||
Equity contracts
|
|||||||||
Futures contracts
|
Unrealized appreciation/(depreciation)
on futures contracts* |
$
|
66,708
|
$
|
—
|
||||
Foreign exchange contracts
|
|||||||||
Forward contracts
|
Unrealized appreciation/(depreciation)
on forward foreign currency contracts |
66,965
|
—
|
||||||
$
|
133,673
|
$
|
—
|
||||||
Schroder Short Duration Bond Fund
|
|||||||||
Interest rate contracts
|
|||||||||
Futures contracts
|
Unrealized appreciation/(depreciation)
on futures contracts* |
$
|
758
|
$
|
(6,607
|
)
|
|||
$
|
758
|
$
|
(6,607
|
)
|
|||||
Schroder Total Return Fixed Income Fund
|
|||||||||
Interest rate contracts
|
|||||||||
Futures contracts
|
Unrealized appreciation/(depreciation)
on futures contracts* |
$
|
—
|
$
|
(127,646
|
)
|
|||
$
|
—
|
$
|
(127,646
|
)
|
Schroder Mutual Funds
|
Fund
|
Net Realized
Gain/(Loss)* |
Change in Unrealized Appreciation (Depreciation)**
|
Total
|
|||||||||
Schroder North American Equity Fund
|
||||||||||||
Equity contracts
|
||||||||||||
Futures Contracts
|
$
|
901,045
|
$
|
1,677,672
|
$
|
2,578,717
|
||||||
Foreign exchange contracts
|
||||||||||||
Forward Contracts
|
421,238
|
(231,632
|
)
|
189,606
|
||||||||
$
|
1,322,283
|
$
|
1,446,040
|
$
|
2,768,323
|
|||||||
Schroder Short Duration Bond Fund
|
||||||||||||
Interest rate contracts
|
||||||||||||
Futures Contracts
|
$
|
4,400
|
$
|
5,379
|
$
|
9,779
|
||||||
Schroder Total Return Fixed Income Fund
|
||||||||||||
Interest rate contracts
|
||||||||||||
Futures Contracts
|
$
|
525,982
|
$
|
13,266
|
$
|
539,248
|
||||||
Foreign exchange contracts
|
||||||||||||
Forward Contracts
|
(66,075
|
)
|
57,333
|
(8,742
|
)
|
|||||||
Credit contracts
|
||||||||||||
Swap Contracts
|
(23,161
|
)
|
—
|
(23,161
|
)
|
|||||||
$
|
436,746
|
$
|
70,599
|
$
|
507,345
|
*
|
Futures contracts are included in net realized gain on futures, forward contracts are included in net realized gain (loss) on forward foreign currency contracts and swap contracts are included
in net realized loss on swap contracts.
|
**
|
Futures contracts are included in change in unrealized appreciation on futures, forward contracts are included in change in unrealized appreciation (depreciation) on forward foreign currency contracts. |
Schroder Mutual Funds
|
Schroder
North American Equity Fund |
Schroder
Short Duration Bond Fund |
Schroder Total Return Fixed Income Fund
|
||||||||||
Futures Contracts:
|
||||||||||||
Average Quarterly Market Value Balance Long
|
$
|
26,346,745
|
$
|
3,260,594
|
$
|
12,584,147
|
||||||
Average Quarterly Market Value Balance Short
|
—
|
(696,522
|
)
|
(4,447,297
|
)
|
|||||||
Forward Foreign Currency Contracts:
|
||||||||||||
Average Quarterly Notional Contracts Purchased
|
$
|
(976,525
|
)
|
$
|
—
|
$
|
(94,361
|
)
|
||||
Average Quarterly Notional Contracts Sold
|
13,488,648
|
—
|
93,272
|
|||||||||
Swap Contracts
|
||||||||||||
Average Quarterly Market Value of Centrally Cleared Swaps Long
|
$
|
—
|
$
|
—
|
$
|
(26,057
|
)
|
Gross Assets- Recognized in the Statement of Assets and Liabilities
|
Gross Liabilities- Recognized in the Statement of Assets and Liabilities
|
Net Amount Available to be Offset
|
Cash Collateral Pledged or (Received)†
|
Net
Amount‡ |
||||||||||||||||
Schroder North American Equity Fund
|
||||||||||||||||||||
Forward Contracts
|
Forward Contracts
|
|||||||||||||||||||
Royal Bank of Canada
|
$
|
66,965
|
$
|
—
|
$
|
66,965
|
$
|
—
|
$
|
66,965
|
†
|
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. |
Schroder Mutual Funds
|
Purchases
|
Sales and
Maturities |
|||||||
Schroder North American Equity Fund
|
$
|
462,748,029
|
$
|
528,972,316
|
||||
Schroder Emerging Markets Small Cap Fund
|
505,092
|
508,175
|
||||||
Schroder Core Bond Fund
|
17,303,826
|
11,189,935
|
||||||
Schroder Long Duration Investment-Grade Bond Fund
|
50,398,616
|
20,155,551
|
||||||
Schroder Short Duration Bond Fund
|
2,712,305
|
7,518,115
|
||||||
Schroder Total Return Fixed Income Fund
|
10,334,251
|
13,411,415
|
Purchases
|
Sales and
Maturities |
|||||||
Schroder Core Bond Fund
|
$
|
64,733,139
|
$
|
51,977,301
|
||||
Schroder Long Duration Investment-Grade Bond Fund
|
66,611,676
|
73,062,460
|
||||||
Schroder Short Duration Bond Fund
|
14,239,643
|
10,941,170
|
||||||
Schroder Total Return Fixed Income Fund
|
25,635,955
|
24,443,192
|
Distributable
Earnings (Loss) |
Increase
(Decrease) Capital Paid-in |
|||||||
Schroder North American Equity Fund
|
$
|
294
|
$
|
(294
|
)
|
Schroder Mutual Funds
|
Ordinary
Income |
Long-Term Capital Gain
|
Return
of Capital |
Total
|
|||||||||||||
Schroder North American Equity Fund
|
||||||||||||||||
2019
|
$
|
31,721,355
|
$
|
64,736,697
|
$
|
—
|
$
|
96,458,052
|
||||||||
2018
|
32,669,411
|
24,894,979
|
—
|
57,564,390
|
||||||||||||
Schroder Emerging Markets Small Cap Fund
|
||||||||||||||||
2019
|
43,907
|
67,568
|
—
|
111,475
|
||||||||||||
2018
|
45,427
|
314,600
|
—
|
360,027
|
||||||||||||
Schroder Core Bond Fund
|
||||||||||||||||
2019
|
1,509,949
|
—
|
—
|
1,509,949
|
||||||||||||
2018
|
573,056
|
—
|
—
|
573,056
|
||||||||||||
Schroder Long Duration Investment-Grade Bond Fund
|
||||||||||||||||
2019
|
4,218,313
|
—
|
—
|
4,218,313
|
||||||||||||
2018
|
2,902,410
|
—
|
—
|
2,902,410
|
||||||||||||
Schroder Short Duration Bond Fund
|
||||||||||||||||
2019
|
389,540
|
—
|
—
|
389,540
|
||||||||||||
2018
|
343,185
|
—
|
—
|
343,185
|
||||||||||||
Schroder Total Return Fixed Income Fund
|
||||||||||||||||
2019
|
1,244,592
|
—
|
49,764
|
1,294,356
|
||||||||||||
2018
|
1,417,244
|
—
|
379,779
|
1,797,023
|
Undistributed Ordinary Income
|
Undistributed
Long-Term Capital Gain |
Capital Loss Carryforwards
|
Unrealized Appreciation (Depreciation)
|
Other
Temporary Differences |
Total
Distributable Earnings (Accumulated Losses) |
|||||||||||||||||||
Schroder North American Equity Fund
|
$
|
15,259,352
|
$
|
44,565,017
|
$
|
—
|
$
|
344,845,102
|
$
|
(66,993
|
)
|
$
|
404,602,478
|
|||||||||||
Schroder Emerging Markets Small Cap Fund
|
27,273
|
36,940
|
—
|
347,230
|
(46
|
)
|
411,397
|
|||||||||||||||||
Schroder Core Bond Fund
|
479,247
|
144,895
|
—
|
2,129,160
|
(2
|
)
|
2,753,300
|
|||||||||||||||||
Schroder Long Duration Investment-Grade Bond Fund
|
2,562,958
|
1,315,359
|
—
|
14,525,310
|
(1
|
)
|
18,403,626
|
|||||||||||||||||
Schroder Short Duration Bond Fund
|
3,409
|
—
|
(35,541
|
)
|
82,243
|
1
|
50,112
|
|||||||||||||||||
Schroder Total Return Fixed Income Fund
|
—
|
—
|
(3,616,669
|
)
|
1,075,184
|
(416,310
|
)*
|
(2,957,795
|
)
|
Schroder Mutual Funds
|
Short-Term Loss
|
Long-Term Loss
|
Total
|
||||||||||
Schroder Short Duration Bond Fund
|
$
|
—
|
$
|
35,541
|
$
|
35,541
|
||||||
Schroder Total Return Fixed Income Fund
|
642,974
|
2,973,695
|
3,616,669
|
Schroder Core Bond Fund
|
$
|
71,021
|
||
Schroder Long Duration Investment-Grade Bond Fund
|
1,001,417
|
|||
Schroder Short Duration Bond Fund
|
103,995
|
|||
Schroder Total Return Fixed Income Fund
|
1,040,876
|
Identified
Tax Cost |
Gross
Unrealized Appreciation |
Gross
Unrealized (Depreciation) |
Net Unrealized Appreciation (Depreciation)
|
|||||||||||||
Schroder North American Equity Fund
|
$
|
601,883,001
|
$
|
368,126,684
|
$
|
(23,281,582
|
)
|
$
|
344,845,102
|
|||||||
Schroder Emerging Markets Small Cap Fund
|
1,762,504
|
543,982
|
(190,872
|
)
|
353,110
|
|||||||||||
Schroder Core Bond Fund
|
59,297,778
|
2,205,163
|
(76,003
|
)
|
2,129,160
|
|||||||||||
Schroder Long Duration Investment-Grade Bond Fund
|
102,658,140
|
14,742,452
|
(217,142
|
)
|
14,525,310
|
|||||||||||
Schroder Short Duration Bond Fund
|
16,108,793
|
123,399
|
(41,156
|
)
|
82,243
|
|||||||||||
Schroder Total Return Fixed Income Fund
|
40,966,592
|
1,252,070
|
(176,886
|
)
|
1,075,184
|
Shares Redeemed
|
Value of Securities
|
Cash
|
Total
|
|||||||||||||
Schroder Long Duration Investment-Grade Bond Fund
|
3,405,907
|
$
|
30,673,702
|
$
|
149,752
|
$
|
30,823,454
|
Schroder Mutual Funds
|
Shares
Issued |
Value of Securities
|
Cash
|
Total
|
|||||||||||||
Schroder Core Bond Fund
|
2,005,476
|
$
|
19,836,159
|
$
|
218,606
|
$
|
20,054,765
|
Shares
Issued |
Value of Securities
|
Cash
|
Total
|
|||||||||||||
Schroder Core Bond Fund
|
1,004,476
|
$
|
9,466,972
|
$
|
396,987
|
$
|
9,863,959
|
|||||||||
Schroder Long Duration Investment-Grade Bond Fund
|
3,334,002
|
27,804,628
|
267,666
|
28,072,294
|
Schroder Mutual Funds
|
5% or Greater Shareholders
|
||||||||
Number
|
% of Fund Held
|
|||||||
Schroder North American Equity Fund, Investor Shares
|
2
|
98.27
|
%
|
|||||
Schroder Emerging Markets Small Cap Fund, R6 Shares*
|
1
|
100.00
|
||||||
Schroder Emerging Markets Small Cap Fund, Investor Shares*
|
1
|
99.95
|
||||||
Schroder Core Bond Fund, R6 Shares
|
5
|
100.00
|
||||||
Schroder Long Duration Investment-Grade Bond Fund, Investor Shares
|
3
|
93.82
|
||||||
Schroder Short Duration Bond Fund, R6 Shares*
|
1
|
96.15
|
||||||
Schroder Short Duration Bond Fund, Investor Shares*
|
1
|
99.99
|
||||||
Schroder Total Return Fixed Income Fund, Investor Shares
|
6
|
85.01
|
Schroder Mutual Funds
|
North American
Equity Fund |
Emerging Markets
Small Cap Fund |
Core Bond Fund
|
||||||||||||||||||||||
2019
|
2018
|
2019
|
2018
|
2019
|
2018(a)
|
|||||||||||||||||||
R6 Shares:
|
||||||||||||||||||||||||
Sales of shares
|
N/A
|
N/A
|
—
|
—
|
3,667,663
|
1,034,494
|
||||||||||||||||||
Reinvestment of distributions
|
N/A
|
N/A
|
11,779
|
30,920
|
131,149
|
45,037
|
||||||||||||||||||
Issued in connection with in-kind transfer
|
N/A
|
N/A
|
—
|
—
|
—
|
3,009,952
|
||||||||||||||||||
Redemption of shares
|
N/A
|
N/A
|
—
|
—
|
(1,754,146
|
)
|
(153,197
|
)
|
||||||||||||||||
Net increase in R6 Shares
|
N/A
|
N/A
|
11,779
|
30,920
|
2,044,666
|
3,936,286
|
||||||||||||||||||
Investor Shares:
|
||||||||||||||||||||||||
Sales of shares
|
262,924
|
623,817
|
—
|
—
|
N/A
|
N/A
|
||||||||||||||||||
Reinvestment of distributions
|
5,881,701
|
3,407,792
|
148
|
386
|
N/A
|
N/A
|
||||||||||||||||||
Redemption of shares
|
(6,774,839
|
)
|
(8,476,332
|
)
|
—
|
—
|
N/A
|
N/A
|
||||||||||||||||
Net increase (decrease) in Investor Shares
|
(630,214
|
)
|
(4,444,723
|
)
|
148
|
386
|
N/A
|
N/A
|
Long Duration Investment-Grade Bond Fund
|
Short Duration
Bond Fund |
Total Return
Fixed Income Fund |
||||||||||||||||||||||
2019
|
2018
|
2019
|
2018
|
2019
|
2018
|
|||||||||||||||||||
R6 Shares:
|
||||||||||||||||||||||||
Sales of shares
|
N/A
|
N/A
|
69,514
|
61,437
|
N/A
|
N/A
|
||||||||||||||||||
Reinvestment of distributions
|
N/A
|
N/A
|
38,965
|
34,612
|
N/A
|
N/A
|
||||||||||||||||||
Redemption of shares
|
N/A
|
N/A
|
(43,529
|
)
|
(155,999
|
)
|
N/A
|
N/A
|
||||||||||||||||
Net increase (decrease) in R6 Shares
|
N/A
|
N/A
|
64,950
|
(59,950
|
)
|
N/A
|
N/A
|
|||||||||||||||||
Investor Shares:
|
||||||||||||||||||||||||
Sales of shares
|
6,309,274
|
1,085,179
|
—
|
—
|
434,140
|
736,428
|
||||||||||||||||||
Reinvestment of distributions
|
470,083
|
336,570
|
258
|
224
|
107,007
|
159,492
|
||||||||||||||||||
Issued in connection with in-kind transfer
|
—
|
3,334,002
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Redemption of shares
|
(3,614,624
|
)
|
(1,019,398
|
)
|
—
|
—
|
(682, 215
|
)
|
(3,302,647
|
)
|
||||||||||||||
Redemption in kind
|
(3,405,907
|
)
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||
Net increase (decrease) in Investor Shares
|
(241,174
|
)
|
3,736,353
|
258
|
224
|
(141,068
|
)
|
(2,406,727
|
)
|
Schroder Mutual Funds
|
Schroder Mutual Funds
|
Fund
|
Statement of operations
|
Statement of changes in net assets
|
Schroder North American Equity Fund, Schroder Emerging Markets Small Cap Fund, Schroder Long Duration Investment-Grade Bond Fund, Schroder Short Duration Bond Fund, and Schroder Total Return
Fixed Income Fund
|
For the year ended October 31, 2019
|
For the years ended October 31, 2019 and 2018
|
Schroder Core Bond Fund
|
For the year ended October 31, 2019
|
For the year ended October 31, 2019 and the period from January 31, 2018 (inception) through October 31, 2018
|
Schroder Mutual Funds
|
Schroder Mutual Funds
|
●
|
the management contract between Schroder Investment Management North America Inc. (the “Adviser”) and Schroder Series Trust, on behalf of the Schroder Emerging Markets Small Cap Fund and Schroder Short
Duration Bond Fund;
|
●
|
the management contract between the Adviser and Schroder Series Trust, on behalf of the Schroder Long Duration Investment-Grade Bond Fund;
|
●
|
the management contract between the Adviser and Schroder Series Trust, on behalf of the Schroder Total Return Fixed Income Fund;
|
●
|
the investment advisory agreement between the Adviser and Schroder Series Trust, on behalf of the Schroder Core Bond Fund;
|
●
|
the investment advisory agreement between the Adviser and Schroder Global Series Trust, on behalf of the Schroder North American Equity Fund;
|
●
|
the sub-advisory agreement between the Adviser, Schroder Investment Management North America Ltd. (the “Sub-Adviser”) and Schroder Series Trust, on behalf of the Schroder Emerging Markets Small Cap Fund; and
|
●
|
the sub-advisory agreement between the Adviser, the Sub-Adviser and Schroder Global Series Trust, on behalf of the Schroder North American Equity Fund.
|
Schroder Mutual Funds
|
Schroder Mutual Funds
|
Schroder Mutual Funds
|
Schroder Mutual Funds
|
Schroder Mutual Funds
|
Schroder Mutual Funds
|
Beginning
Account Value 5/1/19 |
Ending
Account Value 10/31/19 |
Net
Annualized Expense Ratios |
Expenses
Paid During Period* |
|||||||||||||
Schroder North American Equity Fund
|
||||||||||||||||
Actual Expenses
|
||||||||||||||||
Investor Shares
|
$
|
1,000.00
|
$
|
1,027.80
|
0.33
|
%
|
$
|
1.69
|
||||||||
Hypothetical Example for Comparison Purposes
|
||||||||||||||||
Investor Shares
|
$
|
1,000.00
|
$
|
1,023.54
|
0.33
|
%
|
$
|
1.68
|
||||||||
Schroder Emerging Markets Small Cap Fund
|
||||||||||||||||
Actual Expenses
|
||||||||||||||||
R6 Shares
|
$
|
1,000.00
|
$
|
1,020.90
|
1.35
|
%
|
$
|
6.88
|
||||||||
Investor Shares
|
1,000.00
|
1,021.80
|
1.35
|
6.88
|
||||||||||||
Hypothetical Example for Comparison Purposes
|
||||||||||||||||
R6 Shares
|
$
|
1,000.00
|
$
|
1,018.40
|
1.35
|
$
|
6.87
|
|||||||||
Investor Shares
|
1,000.00
|
1,018.40
|
1.35
|
6.87
|
||||||||||||
Schroder Core Bond Fund
|
||||||||||||||||
Actual Expenses
|
||||||||||||||||
R6 Shares
|
$
|
1,000.00
|
$
|
1,055.70
|
0.32
|
%
|
$
|
1.66
|
||||||||
Hypothetical Example for Comparison Purposes
|
||||||||||||||||
R6 Shares
|
$
|
1,000.00
|
$
|
1,023.59
|
0.32
|
$
|
1.63
|
|||||||||
Schroder Long Duration Investment-Grade Bond Fund
|
||||||||||||||||
Actual Expenses
|
||||||||||||||||
Investor Shares
|
$
|
1,000.00
|
$
|
1,140.60
|
0.32
|
%
|
$
|
1.73
|
||||||||
Hypothetical Example for Comparison Purposes
|
||||||||||||||||
Investor Shares
|
$
|
1,000.00
|
$
|
1,023.59
|
0.32
|
$
|
1.63
|
|||||||||
Schroder Short Duration Bond Fund
|
||||||||||||||||
Actual Expenses
|
||||||||||||||||
R6 Shares
|
$
|
1,000.00
|
$
|
1,022.00
|
0.32
|
%
|
$
|
1.63
|
||||||||
Investor Shares
|
1,000.00
|
1,022.00
|
0.32
|
1.63
|
||||||||||||
Hypothetical Example for Comparison Purposes
|
||||||||||||||||
R6 Shares
|
$
|
1,000.00
|
$
|
1,023.59
|
0.32
|
$
|
1.63
|
|||||||||
Investor Shares
|
1,000.00
|
1,023.59
|
0.32
|
1.63
|
||||||||||||
Schroder Total Return Fixed Income Fund
|
||||||||||||||||
Actual Expenses
|
||||||||||||||||
Investor Shares
|
$
|
1,000.00
|
$
|
1,055.40
|
0.40
|
%
|
$
|
2.07
|
||||||||
Hypothetical Example for Comparison Purposes
|
||||||||||||||||
Investor Shares
|
$
|
1,000.00
|
$
|
1,023.19
|
0.40
|
$
|
2.04
|
* |
Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the account period, multiplied by 184/365 (to reflect the one-half year period).
|
Schroder Mutual Funds
|
Name and
Year of Birth |
Position with
Trust and Length of Time Served1 |
Principal Occupations
in the Past 5 Years |
Other Directorships Held in the Past 5 Years4
|
INTERESTED TRUSTEE2,3
|
|||
WILLIAM M.
DORAN (Born: 1940) |
Chairman of the Board of Trustees (Since 2014)
|
Self-Employed Consultant since 2003. Partner at Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003. Counsel to the Trust, SEI Investments, SIMC, the Administrator and the Distributor.
Secretary of SEI Investments since 1978.
|
Current Directorships: Trustee of Gallery Trust, The Advisors’ Inner Circle Fund III, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI
Institutional Managed Trust, SEI Asset Allocation Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Director of SEI Investments, SEI Investments (Europe),
Limited, SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Asia), Limited, SEI Global Nominee Ltd., SEI Investments – Unit Trust Management (UK) Limited and SEI Investments Co. Director of the
Distributor.
Former Directorships: Trustee of O’Connor EQUUS (closed-end investment company) to 2016. Trustee of SEI Liquid Asset Trust to 2016. Trustee of Winton Series Trust to 2017. Trustee of The
Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, The KP Funds and Winton Diversified Opportunities Fund (closed-end investment company) to 2018.
|
INDEPENDENT TRUSTEES3
|
|||
JOHN C. HUNT
(Born: 1951)
|
Trustee and Lead Independent Trustee (Since 2014)
|
Retired since 2013. Consultant to Management, Convergent Capital Management, LLC (“CCM”) from 2012 to 2013. Managing Director and Chief Operating Officer, CCM from 1998 to 2012.
|
Current Directorships: Trustee of City National Rochdale Funds, The Advisors’ Inner Circle Fund III, and Gallery Trust.
Former Directorships: Trustee of O’Connor EQUUS (closed-end investment company) to 2016. Member of Independent Committee of Nuveen Commodities Asset Management to 2016. Trustee of Winton Series
Trust to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018.
|
1 |
Each Trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in
accordance with the Trust’sDeclaration of Trust.
|
2 |
Denotes Trustees who may be deemed to be “interested” persons of the Fund as that term is defined in the 1940 Act by virtue of their affiliation with the Distributor and/or its affiliates.
|
3 |
Trustees oversee 6 funds in fund complex of Schroder Series Trust and Schroder Global Series Trust.
|
4 |
Directorships of Companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies
under the 1940 Act.
|
Schroder Mutual Funds
|
Name and
Year of Birth |
Position with Trust and Length of Time Served1
|
Principal Occupations
in the Past 5 Years |
Other Directorships Held in the Past 5 Years3
|
INDEPENDENT TRUSTEES2
|
|||
THOMAS P. LEMKE
(Born: 1954)
|
Trustee
(Since 2014) |
Retired since 2013. Executive Vice President and General Counsel,
Legg Mason, Inc. from 2005 to 2013. |
Current Directorships: Trustee of The Advisors’ Inner Circle Fund III, Gallery Trust, JP Morgan Active Exchange-Traded Funds and Symmetry Panoramic Trust.
Former Directorships: Trustee of Munder Funds to 2014. Trustee of Victory Funds to 2015. Trustee of O’Connor EQUUS (closed-end investment company) to 2016. Trustee of Winton Series Trust and AXA
Premier VIP Trust to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018.
|
JAY C. NADEL
(Born: 1958) |
Trustee
(Since 2016) |
Self-Employed Consultant since 2004. Executive Vice President, Bank of New York Broker Dealer from 2002 to 2004. Partner/Managing Director, Weiss Peck & Greer/Robeco from 1986 to 2001.
|
Current Directorships: Trustee of City National Rochdale Funds, The Advisors’ Inner Circle Fund III and Gallery Trust.
Former Directorships: Trustee of Winton Series Trust to 2017. Director of Lapolla Industries, Inc. to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to
2018.
|
RANDALL S. YANKER
(Born: 1960)
|
Trustee
(Since 2014) |
Co-Founder and Senior Partner, Alternative Asset Managers, L.P.
since 2004. |
Current Directorships: Trustee of The Advisors’ Inner Circle Fund III and Gallery Trust. Independent Non-Executive Director of HFA Holdings Limited.
Former Directorships: Trustee of O’Connor EQUUS (closed-end investment company) to 2016. Trustee of Winton Series Trust to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end
investment company) to 2018.
|
OFFICERS
|
|||
MICHAEL BEATTIE
(Born: 1965)
|
President
(Since 2014) |
Director of Client Service, SEI Investments Company, since 2004.
|
None.
|
JAMES BERNSTEIN
(Born: 1962)
|
Vice President and Assistant Secretary (Since 2017)
|
Attorney, SEI Investments, since 2017.
Prior Positions: Self-employed consultant, 2017. Associate General Counsel & Vice President, Nationwide Funds Group and Nationwide Mutual Insurance Company, from 2002 to 2016. Assistant
General Counsel & Vice President, Market Street Funds and Provident Mutual Insurance Company, from 1999 to 2002.
|
None.
|
1 |
Each Trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in
accordance with the Trust’sDeclaration of Trust.
|
2 |
Trustees oversee 6 funds in fund complex of Schroder Series Trust and Schroder Global Series Trust.
|
3 |
Directorships of Companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies
under the 1940 Act.
|
Schroder Mutual Funds
|
Name and
Year of Birth |
Position with
Trust and Length of Time Served |
Principal Occupations in Past 5 Years
|
Other Directorships
Held by Officer |
OFFICERS
|
|||
JOHN BOURGEOIS
(Born: 1973)
|
Assistant Treasurer (Since 2017)
|
Fund Accounting Manager, SEI Investments, since 2000.
|
None.
|
STEPHEN CONNORS
(Born: 1984)
|
Treasurer, Controller and Chief Financial Officer (Since 2015)
|
Director, SEI Investments, Fund Accounting, since 2014. Audit Manager, Deloitte & Touche LLP, from 2011 to 2014.
|
None.
|
DIANNE M. DESCOTEAUX
(Born: 1977) |
Vice President
and Secretary (Since 2014) |
Counsel at SEI Investments since 2010. Associate at Morgan, Lewis & Bockius LLP, from 2006 to 2010.
|
None.
|
RUSSELL EMERY
(Born: 1962) |
Chief Compliance Officer (Since 2014)
|
Chief Compliance Officer of SEI Structured Credit Fund, LP since 2007. Chief Compliance Officer of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, The
KP Funds, The Advisors’ Inner Circle Fund III, Gallery Trust, Schroder Series Trust, Schroder Global Series Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional International Trust, SEI Institutional
Investments Trust, SEI Daily Income Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Chief Compliance Officer of O’Connor EQUUS (closed-end investment company)
to 2016. Chief Compliance Officer of SEI Liquid Asset Trust to 2016. Chief Compliance Officer of Winton Series Trust to 2017. Chief Compliance Officer of Winton Diversified Opportunities Fund (closed-end investment company) to 2018.
|
None.
|
MATTHEW M. MAHER
(Born: 1975)
|
Vice President and Assistant Secretary (Since 2018)
|
Counsel at SEI Investments since 2018. Attorney, Blank Rome LLP, from 2015 to 2018. Assistant Counsel & Vice President, Bank of New York Mellon, from 2013 to 2014. Attorney, Dilworth Paxson
LLP, from 2006 to 2013.
|
None.
|
ROBERT MORROW
(Born: 1968)
|
Vice President
(Since 2017) |
Account Manager, SEI Investments, since 2007.
|
None.
|
BRIDGET E. SUDALL
(Born: 1980)
|
Privacy Officer
(Since 2015) Anti-Money Laundering Officer (Since 2015)
|
Senior Associate and AML Officer, Morgan Stanley Alternative Investment Partners, from 2011 to 2015. Investor Services Team Lead, Morgan Stanley Alternative Investment Partners, from 2007 to
2011.
|
None.
|
Schroder Mutual Funds
|
Return of Capital
|
Long Term Capital Gain Distribution
|
Ordinary Income Distributions
|
Total Distributions
|
Qualifying For Corporate Dividends Rec. Deductions(1)
|
Qualifying Dividend Income(2)
|
U.S. Government Interest(3)
|
Interest Related Dividends(4)
|
Short-Term Capital Gain Dividends(5)
|
Foreign
Tax Credit |
|||||||||||||||||||||||||||||||
Schroder North American Equity Fund
|
0.00
|
%
|
67.11
|
%
|
32.89
|
%
|
100.00
|
%
|
71.62
|
%
|
76.23
|
%
|
0.00
|
%
|
0.00
|
%
|
100.00
|
%
|
0.00
|
%
|
||||||||||||||||||||
Schroder Emerging Markets Small Cap Fund (a)
|
0.00
|
%
|
57.50
|
%
|
42.50
|
%
|
100.00
|
%
|
10.67
|
%
|
72.72
|
%
|
0.00
|
%
|
0.00
|
%
|
00.00
|
%
|
5.13
|
%
|
||||||||||||||||||||
Schroder Core Bond Fund
|
0.00
|
%
|
0.00
|
%
|
100.00
|
%
|
100.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
||||||||||||||||||||
Schroder Long Duration Investment-Grade Bond Fund
|
0.00
|
%
|
0.00
|
%
|
100.00
|
%
|
100.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
||||||||||||||||||||
Schroder Short Duration Bond Fund
|
0.00
|
%
|
0.00
|
%
|
100.00
|
%
|
100.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
||||||||||||||||||||
Schroder Total Return Fixed Income
|
3.96
|
%
|
0.00
|
%
|
96.04
|
%
|
100.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
(1) |
Qualifying dividends represent dividends which qualify for the corporate dividend received deduction and is reflected as a percentage of “Ordinary Income Distributions”.
|
(2) |
The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and is reflected as a percentage
of “Ordinary Income Distributions”. It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.
|
(3) |
“U.S. Government Interest” represents the amount of interest that was derived from direct U.S. Government Obligations and distributed during the fiscal year. This amount is reflected as a
percentage of total ordinary income. Generally, interest from direct U.S. Government Obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold
requirements were not satisfied to permit exemption of these amounts from state income.
|
(4) |
The percentage in this column represents the amount of “Interest Related Dividends” as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of net investment
income distributions that are exempt from U.S. withholding tax when paid to foreign investors.
|
(5) |
The percentage in this column represents the amount of “Short-Term Capital Gain Dividends” as created by the American Job Creation Act of 2004 and is reflected as a percentage of short-term
capital gain distributions that are exempt from U.S. withholding tax when paid to foreign investors.
|
(a) |
The Schroder Emerging Markets Small Cap Fund intends to pass through a Foreign Tax Credit to shareholders. For fiscal year ended 2019, the total amount of foreign source gross income is
$36,987. The total amount of foreign tax paid is $6,031. Your allocation share of the foreign tax credit will be reported on Form 1099-DIV.
|
Notes
|
|
86 |
Notes
|
|
87 |
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 DST AMS at (800) 464-3108.
For other inquiries, call Institutional Client Service at (212) 641-3800 or email clientserviceny@us.schroders.com
|
Privacy Statement
|
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 Adviser
|
Schroder Investment Management North America Inc.
7 Bryant Park
New York, NY 10018-3706
|
|
Trustees
|
William M. Doran
Jon C. Hunt
Thomas P. Lemke
Randall S. Yanker
Jay C. Nadel
|
|
Distributor
|
SEI Investments Distribution Co.
1 Freedom Valley Drive
Oaks, Pennsylvania 19456
|
|
Transfer & Shareholder Servicing Agent
|
DST Asset Manager Solutions, Inc.
|
|
Custodian
|
JPMorgan Chase Bank
|
|
Counsel
|
Morgan, Lewis & Bockius 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
Schroder Global Series Trust
P.O. Box 219360
Kansas City, MO 64121-9360
(800) 464-3108
|
2019
|
2018
|
||||||
All fees and services to the Trust that were pre-approved
|
All fees and services to service affiliates that were pre-approved
|
All other fees and services to service affiliates that did not require pre-approval
|
All fees and services to the Trust that were pre-approved
|
All fees and services to service affiliates that were pre-approved
|
All other fees and services to service affiliates that did not require pre-approval
|
||
(a)
|
Audit Fees(1)
|
$24,400
|
$0
|
$0
|
$24,400
|
$0
|
$0
|
(b)
|
Audit-Related Fees
|
$0
|
$0
|
$0
|
$0
|
$0
|
$0
|
(c)
|
Tax Fees
|
$0
|
$0
|
$535,000(2)
|
$0
|
$0
|
$123,000(2)
|
(d)
|
All Other Fees
|
$0
|
$0
|
$0
|
$0
|
$0
|
$0
|
(1)
|
Audit fees include amounts related to the audit of the Registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory
filings.
|
(2)
|
Tax compliance services provided to service affiliates of the Funds.
|
(e)(1) |
The Trust’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the
conditions pursuant to which services proposed to be performed by the independent auditor of the Funds may be pre-approved.
|
(e)(2) |
Percentage of fees billed by PwC applicable to non-audit services pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) were as follows:
|
2019
|
2018
|
|
Audit-Related Fees
|
None
|
None
|
Tax Fees
|
None
|
None
|
All Other Fees
|
None
|
None
|
(f) |
Not applicable.
|
(g) |
The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is
primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant
for the last two fiscal-years-ended October 31st were $535,000 and $123,000 for 2019 and 2018, respectively.
|
(h) |
During the past fiscal year, all non-audit services provided by Registrant’s principal accountant to either Registrant’s investment adviser or to any entity controlling, controlled by, or under
common control with Registrant’s investment adviser that provides ongoing services to Registrant were pre-approved by the Audit Committee of Registrant’s Board of Trustees. Included in the Audit Committee’s pre-approval of these
non-audit services was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.
|
(Registrant) | Schroder Global Series Trust | ||
By (Signature and Title)
|
|
/s/ Michael Beattie
|
|
|
|
Michael Beattie
|
|
Dated: January 8, 2020
|
|
President
|
By (Signature and Title)
|
|
/s/ Michael Beattie
|
|
|
|
Michael Beattie
|
|
Dated: January 8, 2020
|
|
President
|
By (Signature and Title)
|
|
/s/ Stephen Connors
|
|
|
|
Stephen Connors
|
|
Dated: January 8, 2020
|
|
Treasurer, Controller, and CFO
|
1. |
I have reviewed this report on Form N-CSR of the Schroder Global Series Trust (the “Registrant”);
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information, included in this report fairly present in all material respects the financial condition, results
of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;
|
4. |
The Registrant’s other certifying officer(s), if any, and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
|
(d) |
Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
|
5. |
The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons
performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
Registrant’s ability to record, process, summarize, and report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
|
1. |
I have reviewed this report on Form N-CSR of the Schroder Global Series Trust (the “Registrant”);
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information, included in this report fairly present in all material respects the financial condition, results
of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;
|
4. |
The Registrant’s other certifying officer(s), if any, and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
|
(d) |
Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
|
5. |
The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons
performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
Registrant’s ability to record, process, summarize, and report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
|
1. |
such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2. |
the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.
|
Dated: January 8, 2020
|
|
/s/ Michael Beattie
|
|
|
|
Michael Beattie
|
|
|
|
President
|
1. |
such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2. |
the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.
|
Dated: January 8, 2020
|
|
/s/ Stephen Connors
|
|
|
|
Stephen Connors
|
|
|
|
Treasurer, Controller, and CFO
|
1.
|
To promote honest and ethical conduct by each Trust’s SFOs, including the ethical handling of actual or apparent conflicts of interest between personal
and professional relationships;
|
2.
|
To assist each Trust’s SFOs in recognizing and avoiding conflicts of interest, including disclosing to an appropriate person any material transaction or
relationship that reasonably could be expected to give rise to such a conflict;
|
3.
|
To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trusts file with, or submit to, the SEC and in
other public communications made by the Trusts;
|
4.
|
To promote compliance with applicable laws, rules and regulations;
|
5.
|
To encourage the prompt internal reporting to an appropriate person of violations of this Code; and
|
6.
|
To establish accountability for adherence to this Code.
|
1.
|
Ethical and honest conduct is of paramount importance. Each
Trust’s SFOs must act with honesty and integrity and avoid violations of this Code, including the avoidance of actual or apparent conflicts of interest with the Trust in personal and professional relationships.
|
2.
|
SFOs must disclose material transactions or relationships.
Each Trust’s SFOs must disclose to the Compliance Officer any actual or apparent conflicts of interest the SFO may have with the Trust that reasonably could be expected to give rise to any violations of this Code. Such conflicts of interest
may arise as a result of material transactions or business or personal relationships to which the SFO may be a party. If it is not possible to disclose the matter to the Compliance Officer, it should be disclosed to the Trust’s Chief
Financial Officer, Chief Executive Officer or another appropriate person. In addition to disclosing any actual or apparent conflicts of interest in which an SFO is personally involved, the Trusts’ SFOs have an obligation to report any
other actual or apparent conflicts which they discover or of which they otherwise become aware. If you are unsure whether a particular fact pattern gives rise to a conflict of interest, or whether a particular transaction or relationship
is “material,” you should bring the matter to the attention of the Compliance Officer.
|
3.
|
Standards for quality of information shared with service
providers of the Trusts. Each Trust’s SFOs must at all times seek to provide information to the Trust’s service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable.
|
4.
|
Standards for quality of information included in periodic
reports. Each Trust’s SFOs must at all times endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust’s periodic reports.
|
5.
|
Compliance with laws. Each Trust’s SFOs must comply
with the federal securities laws and other laws and rules applicable to the Trusts, such as the Internal Revenue Code.
|
6.
|
Standard of care. Each Trust’s SFOs must at all times
act in good faith and with due care, competence and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated. Each Trust’s SFOs must conduct the affairs of the Trust in a responsible manner,
consistent with this Code.
|
7.
|
Confidentiality of information. Each Trust’s SFOs must
respect and protect the confidentiality of information acquired in the course of their professional duties, except when authorized by the Trust to disclose it or where disclosure is otherwise legally mandated. You may not use confidential
information acquired in the course of your work for personal advantage.
|
8.
|
Sharing of information and educational standards. Each
Trust’s SFOs should share information with relevant parties to keep them informed of the business affairs of the Trust, as appropriate, and maintain skills important and relevant to the Trust’s needs.
|
9.
|
Promote ethical conduct. Each Trust’s SFOs should at
all times proactively promote ethical behavior among peers in your work environment.
|
10.
|
Standards for recordkeeping. Each Trust’s SFOs must at
all times endeavor to ensure that the Trust’s financial books and records are thoroughly and accurately maintained to the best of their knowledge in a manner consistent with applicable laws and this Code.
|
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