Adviser Managed Trust
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-22480
Adviser Managed Trust
SEI Investments
One Freedom Valley Drive
Oaks, PA 19456
(Address of
principal executive offices)
The Corporation Trust Company
Corporation Trust Center
1209
Orange Street
Wilmington, Delaware 19801
(Name and address of agent for service)
Registrants telephone number, including area code: 1-800-342-5734
Date of fiscal year end: July 31, 2018
Date of reporting period: January 31, 2018
Item 1. Reports to Stockholders.
TABLE OF CONTENTS
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third
quarter of each fiscal year on Form N-Q within sixty days after the end of the period. The Trusts Forms N-Q are available on the Commissions website at http://www.sec.gov, and may be reviewed and copied at the Commissions Public
Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the
policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended
July 31, is available (i) without charge, upon request, by calling 1-800-DIAL-SEI; and (ii) on the Commissions website at http://www.sec.gov.
SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund
Percentages are based
on total investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Percentage of Net Assets (%) |
|
|
Shares |
|
|
Market Value ($ Thousands) |
|
|
|
|
COMMON STOCK 96.8% |
|
|
|
|
|
|
|
|
|
Australia
1.3% |
|
|
|
|
|
|
|
|
|
Other Securities
|
|
|
1.3 |
% |
|
|
|
|
|
$ |
33,806 |
|
|
|
|
Austria 0.1% |
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.1 |
|
|
|
|
|
|
|
1,377 |
|
|
|
|
Belgium 0.2% |
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.2 |
|
|
|
|
|
|
|
5,566 |
|
|
|
|
Brazil 0.5% |
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.5 |
|
|
|
|
|
|
|
13,236 |
|
|
|
|
Canada 0.0% |
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.0 |
|
|
|
|
|
|
|
576 |
|
|
|
|
Chile 0.1% |
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.1 |
|
|
|
|
|
|
|
3,009 |
|
|
|
|
China 1.9% |
|
|
|
|
|
|
|
|
|
Tencent Holdings |
|
|
0.6 |
|
|
|
272,400 |
|
|
|
16,146 |
|
Other Securities (A) |
|
|
1.3 |
|
|
|
|
|
|
|
34,526 |
|
|
|
|
|
|
|
|
|
|
|
|
50,672 |
|
|
|
|
Colombia 0.0% |
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.0 |
|
|
|
|
|
|
|
753 |
|
|
|
|
Czech Republic 0.0% |
|
|
|
|
|
|
|
|
|
Other Securities (A) |
|
|
0.0 |
|
|
|
|
|
|
|
568 |
|
|
|
|
Denmark 0.4% |
|
|
|
|
|
|
|
|
|
Other Securities (A) |
|
|
0.4 |
|
|
|
|
|
|
|
9,026 |
|
|
|
|
Finland 0.2% |
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.2 |
|
|
|
|
|
|
|
4,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Percentage of Net Assets (%) |
|
|
Shares |
|
|
Market Value ($ Thousands) |
|
|
|
|
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
|
France
1.9% |
|
|
|
|
|
|
|
|
|
Other Securities
(A) |
|
|
1.9 |
% |
|
|
|
|
|
$ |
50,824 |
|
|
|
|
Germany 1.8% |
|
|
|
|
|
|
|
|
|
Other Securities (A) |
|
|
1.8 |
|
|
|
|
|
|
|
47,276 |
|
|
|
|
Greece 0.0% |
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.0 |
|
|
|
|
|
|
|
1,071 |
|
|
|
|
Hong Kong 1.4% |
|
|
|
|
|
|
|
|
|
Other Securities
(A) |
|
|
1.4 |
|
|
|
|
|
|
|
37,494 |
|
|
|
|
Hungary 0.0% |
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.0 |
|
|
|
|
|
|
|
896 |
|
|
|
|
India 0.2% |
|
|
|
|
|
|
|
|
|
Other Securities (A) |
|
|
0.2 |
|
|
|
|
|
|
|
5,880 |
|
|
|
|
Indonesia 0.2% |
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.2 |
|
|
|
|
|
|
|
6,011 |
|
|
|
|
Ireland 0.6% |
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.6 |
|
|
|
|
|
|
|
15,187 |
|
|
|
|
Israel 0.1% |
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.1 |
|
|
|
|
|
|
|
2,409 |
|
|
|
|
Italy 0.5% |
|
|
|
|
|
|
|
|
|
Other Securities (A) |
|
|
0.5 |
|
|
|
|
|
|
|
12,236 |
|
|
|
|
Japan 4.5% |
|
|
|
|
|
|
|
|
|
Other Securities
|
|
|
4.5 |
|
|
|
|
|
|
|
119,958 |
|
|
|
|
Luxembourg 0.1% |
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.1 |
|
|
|
|
|
|
|
1,178 |
|
|
|
|
Macau 0.0% |
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.0 |
|
|
|
|
|
|
|
446 |
|
|
|
|
Malaysia 0.3% |
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.3 |
|
|
|
|
|
|
|
6,558 |
|
|
|
|
Mexico 0.3% |
|
|
|
|
|
|
|
|
|
Other Securities
|
|
|
0.3 |
|
|
|
|
|
|
|
8,293 |
|
|
|
|
Netherlands 1.3% |
|
|
|
|
|
|
|
|
|
Other Securities
(A) |
|
|
1.3 |
|
|
|
|
|
|
|
34,549 |
|
|
|
|
New Zealand 0.0% |
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.0 |
|
|
|
|
|
|
|
795 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
1 |
|
SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Percentage of
Net Assets (%) |
|
|
Shares |
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
|
|
|
|
Norway 0.1% |
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.1 |
% |
|
|
|
$ 3,423 |
|
|
|
|
Pakistan 0.0% |
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.0 |
|
|
|
|
174 |
|
|
|
|
Panama 0.0% |
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.0 |
|
|
|
|
352 |
|
|
|
|
Peru 0.0% |
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.0 |
|
|
|
|
892 |
|
|
|
|
Philippines 0.1% |
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.1 |
|
|
|
|
2,814 |
|
|
|
|
Poland 0.2% |
|
|
|
|
|
|
|
|
Other Securities (A) |
|
|
0.2 |
|
|
|
|
3,977 |
|
|
|
|
Portugal 0.0% |
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.0 |
|
|
|
|
734 |
|
|
|
|
Qatar 0.1% |
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.1 |
|
|
|
|
1,542 |
|
|
|
|
Russia 0.2% |
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.2 |
|
|
|
|
5,655 |
|
|
|
|
Singapore 0.3% |
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.3 |
|
|
|
|
7,290 |
|
|
Slovak Republic 0.0% |
|
|
Other Securities |
|
|
0.0 |
|
|
|
|
1,095 |
|
|
|
|
South Africa 0.7% |
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.7 |
|
|
|
|
19,230 |
|
|
|
|
South Korea 1.5% |
|
|
|
|
|
|
|
|
Samsung Electronics |
|
|
0.4 |
|
|
4,631 |
|
10,820 |
Other Securities (A) |
|
|
1.1 |
|
|
|
|
27,413 |
|
|
|
|
|
|
|
|
38,233 |
Spain 0.6% |
|
|
|
|
|
|
|
|
Other Securities (A) |
|
|
0.6 |
|
|
|
|
16,761 |
|
|
|
|
Sweden 0.5% |
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.5 |
|
|
|
|
13,472 |
|
|
|
|
Switzerland 1.5% |
|
|
|
|
|
|
|
|
Nestle |
|
|
0.3 |
|
|
99,211 |
|
8,583 |
Other Securities |
|
|
1.2 |
|
|
|
|
31,970 |
|
|
|
|
|
|
|
|
40,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Percentage of
Net Assets (%) |
|
|
Shares |
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
|
|
|
|
Taiwan 1.1% |
|
|
|
|
|
|
|
|
Taiwan Semiconductor Manufacturing |
|
|
0.3 |
% |
|
802,000 |
|
$ 7,017 |
Other Securities |
|
|
0.8 |
|
|
|
|
22,108 |
|
|
|
|
|
|
|
|
29,125 |
Thailand 0.3% |
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.3 |
|
|
|
|
6,469 |
|
|
|
|
Turkey 0.1% |
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.1 |
|
|
|
|
2,826 |
|
|
|
United Arab Emirates 0.1% |
|
|
|
|
|
Other Securities |
|
|
0.1 |
|
|
|
|
1,695 |
|
|
|
United Kingdom 3.2% |
|
|
|
|
|
HSBC Holdings |
|
|
0.3 |
|
|
640,456 |
|
6,841 |
Other Securities (A) |
|
|
2.9 |
|
|
|
|
76,615 |
|
|
|
|
|
|
|
|
83,456 |
United States 68.3% |
|
|
|
|
|
3M |
|
|
0.3 |
|
|
33,500 |
|
8,392 |
AbbVie |
|
|
0.4 |
|
|
92,054 |
|
10,330 |
Alibaba Group Holding ADR * |
|
|
0.4 |
|
|
55,200 |
|
11,277 |
Alphabet, Cl A * |
|
|
0.8 |
|
|
17,229 |
|
20,368 |
Alphabet, Cl C * |
|
|
0.8 |
|
|
17,500 |
|
20,474 |
Altria Group |
|
|
0.3 |
|
|
110,600 |
|
7,780 |
Amazon.com * |
|
|
1.3 |
|
|
22,973 |
|
33,331 |
Amgen |
|
|
0.3 |
|
|
42,426 |
|
7,893 |
Apple |
|
|
1.9 |
|
|
297,154 |
|
49,752 |
AT&T |
|
|
0.5 |
|
|
355,531 |
|
13,315 |
Bank of America |
|
|
0.7 |
|
|
560,230 |
|
17,927 |
Berkshire Hathaway, Cl B* |
|
|
0.9 |
|
|
111,243 |
|
23,848 |
Boeing |
|
|
0.4 |
|
|
32,200 |
|
11,411 |
Chevron |
|
|
0.5 |
|
|
109,203 |
|
13,689 |
Cisco Systems |
|
|
0.4 |
|
|
287,459 |
|
11,941 |
Citigroup |
|
|
0.5 |
|
|
152,900 |
|
12,000 |
Coca-Cola |
|
|
0.4 |
|
|
222,330 |
|
10,581 |
Comcast, Cl A |
|
|
0.4 |
|
|
270,144 |
|
11,489 |
DowDuPont |
|
|
0.4 |
|
|
135,074 |
|
10,209 |
ExxonMobil |
|
|
0.8 |
|
|
245,335 |
|
21,418 |
Facebook, Cl A * |
|
|
0.9 |
|
|
134,888 |
|
25,209 |
General Electric |
|
|
0.3 |
|
|
501,357 |
|
8,107 |
Home Depot |
|
|
0.5 |
|
|
68,100 |
|
13,681 |
Honeywell International |
|
|
0.3 |
|
|
44,038 |
|
7,032 |
Intel |
|
|
0.5 |
|
|
272,405 |
|
13,114 |
International Business |
|
|
Machines |
|
|
0.3 |
|
|
49,130 |
|
8,043 |
Johnson & Johnson |
|
|
0.8 |
|
|
155,979 |
|
21,555 |
JPMorgan Chase |
|
|
0.9 |
|
|
199,806 |
|
23,112 |
Mastercard, Cl A |
|
|
0.3 |
|
|
54,400 |
|
9,194 |
McDonalds |
|
|
0.3 |
|
|
46,700 |
|
7,992 |
Merck |
|
|
0.4 |
|
|
158,218 |
|
9,374 |
|
|
|
2 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Percentage of
Net Assets (%) |
|
Shares |
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
Microsoft |
|
1.6% |
|
433,893 |
|
$ 41,224 |
NVIDIA |
|
0.3 |
|
32,800 |
|
8,062 |
Oracle |
|
0.3 |
|
168,588 |
|
8,697 |
PepsiCo |
|
0.4 |
|
82,564 |
|
9,932 |
Pfizer |
|
0.5 |
|
341,856 |
|
12,662 |
Philip Morris International |
|
0.4 |
|
89,800 |
|
9,629 |
Procter & Gamble |
|
0.5 |
|
147,976 |
|
12,776 |
SEI Investments
|
|
0.0 |
|
7,700 |
|
579 |
UnitedHealth Group |
|
0.5 |
|
55,400 |
|
13,118 |
Verizon Communications |
|
0.5 |
|
235,991 |
|
12,760 |
Visa, Cl A |
|
0.5 |
|
105,940 |
|
13,161 |
Wal-Mart Stores |
|
0.3 |
|
83,600 |
|
8,912 |
Walt Disney |
|
0.4 |
|
89,500 |
|
9,726 |
Wells Fargo |
|
0.6 |
|
255,760 |
|
16,824 |
Other
Securities (B) |
|
43.6 |
|
|
|
1,150,989 |
|
|
|
|
|
|
1,802,889 |
Total Common Stock (Cost $1,916,490) ($ Thousands) |
|
2,557,127 |
|
EXCHANGE TRADED FUNDS 0.8% |
|
United States 0.8% |
iShares MSCI India Fund |
|
0.7 |
|
457 |
|
17,041 |
Other Securities |
|
0.1 |
|
|
|
3,129 |
Total Exchange Traded Funds (Cost $14,907) ($ Thousands) |
|
|
|
20,170 |
PREFERRED STOCK 0.5% |
Brazil 0.3% |
|
|
|
|
|
|
Other Securities |
|
0.3 |
|
|
|
7,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Percentage of
Net Assets (%) |
|
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
PREFERRED STOCK (continued) |
|
Chile 0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.0 |
% |
|
|
|
|
|
$ |
315 |
|
|
|
|
|
Colombia 0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.0 |
|
|
|
|
|
|
|
377 |
|
|
|
|
|
Germany 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.1 |
|
|
|
|
|
|
|
2,913 |
|
|
|
|
|
South Korea 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.1 |
|
|
|
|
|
|
|
2,381 |
|
|
|
|
Total Preferred Stock (Cost $8,180) ($ Thousands) |
|
|
|
|
|
|
|
13,696 |
|
|
|
|
|
RIGHTS 0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Italy 0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.0 |
|
|
|
|
|
|
|
1 |
|
|
|
|
|
Philippines 0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.0 |
|
|
|
|
|
|
|
1 |
|
|
|
|
|
South Korea 0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.0 |
|
|
|
|
|
|
|
31 |
|
|
|
|
|
Spain 0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.0 |
|
|
|
|
|
|
|
4 |
|
|
|
|
|
United States 0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Other Securities |
|
|
0.0 |
|
|
|
|
|
|
|
2 |
|
|
|
|
Total Rights (Cost $) ($ Thousands) |
|
|
|
|
|
|
|
39 |
|
Total Investments 98.1% (Cost $1,939,577)($ Thousands) |
|
|
|
|
|
|
$ |
2,591,032 |
|
The open futures contracts held by the Fund at January 31, 2018, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type of
Contract |
|
Number of Contracts Long |
|
|
Expiration Date |
|
|
Notional Amount (Thousands) |
|
|
Value (Thousands) |
|
|
Unrealized Appreciation (Thousands) |
|
MSCI EAFE Index E-MINI |
|
|
95 |
|
|
|
Mar-2018 |
|
|
$ |
9,727 |
|
|
$ |
10,191 |
|
|
$ |
464 |
|
MSCI Emerging Markets E-MINI |
|
|
148 |
|
|
|
Mar-2018 |
|
|
|
8,167 |
|
|
|
9,308 |
|
|
|
1,141 |
|
Russell 2000 Index E-MINI |
|
|
66 |
|
|
|
Mar-2018 |
|
|
|
5,029 |
|
|
|
5,201 |
|
|
|
172 |
|
S&P 500 Index E-MINI |
|
|
169 |
|
|
|
Mar-2018 |
|
|
|
22,812 |
|
|
|
23,878 |
|
|
|
1,066 |
|
S&P Mid Cap 400 Index E-MINI |
|
|
11 |
|
|
|
Mar-2018 |
|
|
|
2,110 |
|
|
|
2,150 |
|
|
|
40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
47,845 |
|
|
$ |
50,728 |
|
|
$ |
2,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentages are based on a Net Assets of $2,641,626 ($ Thousands). |
* |
Non-income producing security. |
|
Real Estate Investment Trust. |
|
The Fund may purchase securities of certain companies with which it is affiliated to the extent these companies are represented in its benchmark index.
|
(A) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On January 31, 2018,
the value of these securities amounted to $6,590 ($ Thousands), representing 0.2% of the net assets of the Fund. |
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
3 |
|
SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Concluded)
ADR American Depositary Receipt
Cl Class
EAFE Europe, Australasia and Far East
MSCI Morgan Stanley Capital International
S&P Standard &
Poors
The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Funds 50 largest holdings and each
investment of any issuer that exceeds 1% of the Funds net assets. Other Securities represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (SEC). In
certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling
(800) 342-5734; and (ii) on the SECs website at http://www.sec.gov.
The following is a list of the inputs used as of January 31, 2018, in
valuing the Funds investments and other financial instruments carried at value ($ Thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Common Stock |
|
$ |
2,557,127 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
2,557,127 |
|
Exchange Traded Funds |
|
|
20,170 |
|
|
|
|
|
|
|
|
|
|
|
20,170 |
|
Preferred Stock |
|
|
13,696 |
|
|
|
|
|
|
|
|
|
|
|
13,696 |
|
Rights |
|
|
39 |
|
|
|
|
|
|
|
|
^ |
|
|
39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments in Securities |
|
$ |
2,591,032 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
2,591,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Futures Contracts * |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized Appreciation |
|
$ |
2,883 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
2,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Financial Instruments |
|
$ |
2,883 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
2,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Futures contracts are valued at the unrealized appreciation on the instruments.
A reconciliation of Level 3 investments is presented
when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.
^ Represents securities in which the fair value is $0 or has been rounded to $0.
For the period ended January 31, 2018, there were transfers between Level 1 and Level 2 assets and liabilities due to the availability of quoted prices in active
markets to determine fair value. For the period ended January 31, 2018, there were no transfers between Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.
For more information on valuation inputs, see Note 2 Significant Accounting Policies in Notes to Financial Statements.
The following is a summary of the transactions the
Fund had with affiliates for the period ended January 31, 2018 ($ Thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security Description |
|
Value 8/1/2017 |
|
|
Purchases at
Cost |
|
|
Proceeds
from Sales |
|
|
Realized Gain |
|
|
Change in Unrealized
Appreciation (Depreciation) |
|
|
Value 01/31/2018 |
|
|
Dividend Income |
|
SEI Investments |
|
|
$435 |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$144 |
|
|
|
$579 |
|
|
|
$2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals |
|
|
$435 |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$144 |
|
|
|
$579 |
|
|
|
$2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts designated as are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
|
|
|
4 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund
Percentages based on
total investments.
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS 31.0% |
|
Consumer Discretionary 3.9% |
|
|
|
|
|
1011778 BC ULC |
|
|
|
|
|
|
|
|
5.000%, 10/15/2025 (A) |
|
$ |
433 |
|
|
$ |
434 |
|
4.625%, 01/15/2022 (A) |
|
|
256 |
|
|
|
261 |
|
4.250%, 05/15/2024 (A) |
|
|
215 |
|
|
|
211 |
|
21st Century Fox America |
|
|
|
|
|
|
|
|
6.650%, 11/15/2037 |
|
|
100 |
|
|
|
136 |
|
6.150%, 02/15/2041 |
|
|
250 |
|
|
|
329 |
|
4.500%, 02/15/2021 |
|
|
100 |
|
|
|
105 |
|
3.000%, 09/15/2022 |
|
|
300 |
|
|
|
301 |
|
24 Hour Fitness Worldwide |
|
|
|
|
|
|
|
|
8.000%, 06/01/2022 (A) |
|
|
125 |
|
|
|
124 |
|
Adient Global Holdings |
|
|
|
|
|
|
|
|
4.875%, 08/15/2026 (A) |
|
|
200 |
|
|
|
198 |
|
Advance Auto Parts |
|
|
|
|
|
|
|
|
4.500%, 12/01/2023 |
|
|
100 |
|
|
|
104 |
|
Albertsons |
|
|
|
|
|
|
|
|
6.625%, 06/15/2024 |
|
|
212 |
|
|
|
201 |
|
5.750%, 03/15/2025 |
|
|
265 |
|
|
|
237 |
|
Amazon.com |
|
|
|
|
|
|
|
|
5.200%, 12/03/2025 |
|
|
100 |
|
|
|
112 |
|
4.950%, 12/05/2044 |
|
|
100 |
|
|
|
118 |
|
4.800%, 12/05/2034 |
|
|
100 |
|
|
|
114 |
|
4.250%, 08/22/2057 (A) |
|
|
70 |
|
|
|
74 |
|
4.050%, 08/22/2047 (A) |
|
|
270 |
|
|
|
280 |
|
3.875%, 08/22/2037 (A) |
|
|
45 |
|
|
|
46 |
|
3.150%, 08/22/2027 (A) |
|
|
150 |
|
|
|
147 |
|
2.800%, 08/22/2024 (A) |
|
|
225 |
|
|
|
220 |
|
2.500%, 11/29/2022 |
|
|
200 |
|
|
|
197 |
|
2.400%, 02/22/2023 (A) |
|
|
50 |
|
|
|
49 |
|
1.900%, 08/21/2020 (A) |
|
|
30 |
|
|
|
30 |
|
AMC Entertainment Holdings |
|
|
|
|
|
|
|
|
5.875%, 11/15/2026 |
|
|
55 |
|
|
|
54 |
|
5.750%, 06/15/2025 |
|
|
188 |
|
|
|
183 |
|
AMC Networks |
|
|
|
|
|
|
|
|
5.000%, 04/01/2024 |
|
|
150 |
|
|
|
152 |
|
4.750%, 12/15/2022 |
|
|
100 |
|
|
|
102 |
|
4.750%, 08/01/2025 |
|
|
105 |
|
|
|
105 |
|
American Axle & Manufacturing |
|
|
|
|
|
|
|
|
6.250%, 04/01/2025 (A) |
|
|
130 |
|
|
|
136 |
|
American Honda Finance MTN |
|
|
|
|
|
|
|
|
2.900%, 02/16/2024 |
|
|
50 |
|
|
|
49 |
|
2.250%, 08/15/2019 |
|
|
200 |
|
|
|
200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
2.000%, 02/14/2020 |
|
$ |
50 |
|
|
$ |
49 |
|
1.700%, 02/22/2019 |
|
|
25 |
|
|
|
25 |
|
1.700%, 09/09/2021 |
|
|
150 |
|
|
|
145 |
|
American Tire Distributors |
|
|
|
|
|
|
|
|
10.250%, 03/01/2022 (A) |
|
|
160 |
|
|
|
166 |
|
Aptiv |
|
|
|
|
|
|
|
|
3.150%, 11/19/2020 |
|
|
200 |
|
|
|
202 |
|
APX Group |
|
|
|
|
|
|
|
|
7.875%, 12/01/2022 |
|
|
158 |
|
|
|
169 |
|
Aramark Services |
|
|
|
|
|
|
|
|
5.125%, 01/15/2024 |
|
|
183 |
|
|
|
190 |
|
5.000%, 04/01/2025 (A) |
|
|
100 |
|
|
|
103 |
|
5.000%, 02/01/2028 (A) |
|
|
260 |
|
|
|
265 |
|
Asbury Automotive Group |
|
|
|
|
|
|
|
|
6.000%, 12/15/2024 |
|
|
100 |
|
|
|
104 |
|
Ashtead Capital |
|
|
|
|
|
|
|
|
5.625%, 10/01/2024 (A) |
|
|
200 |
|
|
|
211 |
|
4.375%, 08/15/2027 (A) |
|
|
200 |
|
|
|
199 |
|
AutoNation |
|
|
|
|
|
|
|
|
4.500%, 10/01/2025 |
|
|
100 |
|
|
|
103 |
|
AutoZone |
|
|
|
|
|
|
|
|
3.750%, 06/01/2027 |
|
|
100 |
|
|
|
100 |
|
3.700%, 04/15/2022 |
|
|
80 |
|
|
|
82 |
|
BAT Capital |
|
|
|
|
|
|
|
|
4.540%, 08/15/2047 (A) |
|
|
60 |
|
|
|
62 |
|
4.390%, 08/15/2037 (A) |
|
|
70 |
|
|
|
72 |
|
3.557%, 08/15/2027 (A) |
|
|
150 |
|
|
|
147 |
|
3.222%, 08/15/2024 (A) |
|
|
100 |
|
|
|
98 |
|
2.764%, 08/15/2022 (A) |
|
|
100 |
|
|
|
98 |
|
2.297%, 08/14/2020 (A) |
|
|
100 |
|
|
|
99 |
|
Beazer Homes USA |
|
|
|
|
|
|
|
|
8.750%, 03/15/2022 |
|
|
105 |
|
|
|
115 |
|
Bed Bath & Beyond |
|
|
|
|
|
|
|
|
5.165%, 08/01/2044 |
|
|
100 |
|
|
|
87 |
|
Block Financial |
|
|
|
|
|
|
|
|
4.125%, 10/01/2020 |
|
|
100 |
|
|
|
102 |
|
Board of Trustees of The Leland Stanford Junior University |
|
|
|
|
|
|
|
|
3.647%, 05/01/2048 |
|
|
25 |
|
|
|
25 |
|
BorgWarner |
|
|
|
|
|
|
|
|
4.375%, 03/15/2045 |
|
|
50 |
|
|
|
51 |
|
3.375%, 03/15/2025 |
|
|
100 |
|
|
|
99 |
|
Boyd Gaming |
|
|
|
|
|
|
|
|
6.875%, 05/15/2023 |
|
|
137 |
|
|
|
145 |
|
6.375%, 04/01/2026 |
|
|
100 |
|
|
|
107 |
|
Brookfield Residential Properties |
|
|
|
|
|
|
|
|
6.125%, 07/01/2022 (A) |
|
|
100 |
|
|
|
104 |
|
Caesars Resort Collection |
|
|
|
|
|
|
|
|
5.250%, 10/15/2025 (A) |
|
|
294 |
|
|
|
292 |
|
CBS |
|
|
|
|
|
|
|
|
5.500%, 05/15/2033 |
|
|
175 |
|
|
|
189 |
|
4.000%, 01/15/2026 |
|
|
235 |
|
|
|
238 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
5 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
|
CORPORATE OBLIGATIONS (continued) |
|
|
|
|
|
3.500%, 01/15/2025 |
|
$ |
100 |
|
|
$ |
100 |
|
CCO Holdings |
|
|
|
|
|
|
|
|
5.875%, 04/01/2024 (A) |
|
|
467 |
|
|
|
488 |
|
5.750%, 01/15/2024 |
|
|
300 |
|
|
|
309 |
|
5.750%, 02/15/2026 (A) |
|
|
500 |
|
|
|
518 |
|
5.500%, 05/01/2026 (A) |
|
|
300 |
|
|
|
306 |
|
5.125%, 02/15/2023 |
|
|
100 |
|
|
|
102 |
|
5.125%, 05/01/2027 (A) |
|
|
665 |
|
|
|
650 |
|
5.000%, 02/01/2028 (A) |
|
|
279 |
|
|
|
269 |
|
4.000%, 03/01/2023 (A) |
|
|
43 |
|
|
|
42 |
|
Cedar Fair |
|
|
|
|
|
|
|
|
5.375%, 04/15/2027 (A) |
|
|
110 |
|
|
|
115 |
|
Cengage Learning |
|
|
|
|
|
|
|
|
9.500%, 06/15/2024 (A) |
|
|
111 |
|
|
|
105 |
|
Charter Communications Operating |
|
|
|
|
|
|
|
|
6.834%, 10/23/2055 |
|
|
35 |
|
|
|
43 |
|
6.484%, 10/23/2045 |
|
|
165 |
|
|
|
193 |
|
6.384%, 10/23/2035 |
|
|
50 |
|
|
|
58 |
|
5.375%, 05/01/2047 |
|
|
135 |
|
|
|
139 |
|
4.908%, 07/23/2025 |
|
|
150 |
|
|
|
157 |
|
4.464%, 07/23/2022 |
|
|
250 |
|
|
|
258 |
|
3.750%, 02/15/2028 |
|
|
200 |
|
|
|
189 |
|
3.579%, 07/23/2020 |
|
|
55 |
|
|
|
56 |
|
Churchill Downs |
|
|
|
|
|
|
|
|
4.750%, 01/15/2028 (A) |
|
|
94 |
|
|
|
93 |
|
Cinemark |
|
|
|
|
|
|
|
|
4.875%, 06/01/2023 |
|
|
150 |
|
|
|
152 |
|
Comcast |
|
|
|
|
|
|
|
|
4.750%, 03/01/2044 |
|
|
200 |
|
|
|
223 |
|
4.600%, 08/15/2045 |
|
|
100 |
|
|
|
109 |
|
4.400%, 08/15/2035 |
|
|
200 |
|
|
|
215 |
|
4.250%, 01/15/2033 |
|
|
100 |
|
|
|
106 |
|
4.200%, 08/15/2034 |
|
|
400 |
|
|
|
418 |
|
4.000%, 08/15/2047 |
|
|
100 |
|
|
|
101 |
|
3.999%, 11/01/2049 |
|
|
200 |
|
|
|
199 |
|
3.969%, 11/01/2047 |
|
|
200 |
|
|
|
200 |
|
3.400%, 07/15/2046 |
|
|
100 |
|
|
|
91 |
|
3.375%, 02/15/2025 |
|
|
150 |
|
|
|
151 |
|
3.375%, 08/15/2025 |
|
|
65 |
|
|
|
65 |
|
3.300%, 02/01/2027 |
|
|
100 |
|
|
|
99 |
|
3.200%, 07/15/2036 |
|
|
100 |
|
|
|
93 |
|
3.150%, 02/15/2028 |
|
|
100 |
|
|
|
97 |
|
3.000%, 02/01/2024 |
|
|
250 |
|
|
|
248 |
|
2.750%, 03/01/2023 |
|
|
100 |
|
|
|
99 |
|
Council of Europe Development Bank |
|
|
|
|
|
|
|
|
1.750%, 11/14/2019 |
|
|
50 |
|
|
|
50 |
|
1.625%, 03/10/2020 |
|
|
100 |
|
|
|
98 |
|
CSC Holdings |
|
|
|
|
|
|
|
|
10.875%, 10/15/2025 (A) |
|
|
253 |
|
|
|
301 |
|
10.125%, 01/15/2023 (A) |
|
|
300 |
|
|
|
338 |
|
6.625%, 10/15/2025 (A) |
|
|
250 |
|
|
|
268 |
|
5.500%, 04/15/2027 (A) |
|
|
85 |
|
|
|
86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
|
CORPORATE OBLIGATIONS (continued) |
|
|
|
|
|
5.375%, 02/01/2028 (A) |
|
$ |
200 |
|
|
$ |
200 |
|
5.250%, 06/01/2024 |
|
|
100 |
|
|
|
97 |
|
Daimler Finance North America |
|
|
|
|
|
|
|
|
8.500%, 01/18/2031 |
|
|
50 |
|
|
|
74 |
|
Darden Restaurants |
|
|
|
|
|
|
|
|
3.850%, 05/01/2027 |
|
|
30 |
|
|
|
30 |
|
Delphi Technologies |
|
|
|
|
|
|
|
|
5.000%, 10/01/2025 (A) |
|
|
105 |
|
|
|
105 |
|
Diamond Resorts International |
|
|
|
|
|
|
|
|
10.750%, 09/01/2024 (A) |
|
|
75 |
|
|
|
83 |
|
7.750%, 09/01/2023 (A) |
|
|
145 |
|
|
|
159 |
|
Discovery Communications |
|
|
|
|
|
|
|
|
6.350%, 06/01/2040 |
|
|
100 |
|
|
|
116 |
|
5.200%, 09/20/2047 |
|
|
260 |
|
|
|
266 |
|
5.000%, 09/20/2037 |
|
|
240 |
|
|
|
245 |
|
3.950%, 03/20/2028 |
|
|
260 |
|
|
|
254 |
|
3.800%, 03/13/2024 |
|
|
100 |
|
|
|
101 |
|
2.950%, 03/20/2023 |
|
|
250 |
|
|
|
244 |
|
2.200%, 09/20/2019 |
|
|
215 |
|
|
|
213 |
|
DISH DBS |
|
|
|
|
|
|
|
|
7.750%, 07/01/2026 |
|
|
326 |
|
|
|
335 |
|
5.875%, 11/15/2024 |
|
|
360 |
|
|
|
341 |
|
5.000%, 03/15/2023 |
|
|
200 |
|
|
|
188 |
|
Dollar General |
|
|
|
|
|
|
|
|
3.875%, 04/15/2027 |
|
|
200 |
|
|
|
205 |
|
3.250%, 04/15/2023 |
|
|
100 |
|
|
|
100 |
|
Dollar Tree |
|
|
|
|
|
|
|
|
5.750%, 03/01/2023 |
|
|
350 |
|
|
|
366 |
|
5.250%, 03/01/2020 |
|
|
105 |
|
|
|
106 |
|
DR Horton |
|
|
|
|
|
|
|
|
4.000%, 02/15/2020 |
|
|
55 |
|
|
|
56 |
|
3.750%, 03/01/2019 |
|
|
45 |
|
|
|
46 |
|
Eldorado Resorts |
|
|
|
|
|
|
|
|
6.000%, 04/01/2025 |
|
|
100 |
|
|
|
104 |
|
ESH Hospitality |
|
|
|
|
|
|
|
|
5.250%, 05/01/2025 (A) |
|
|
200 |
|
|
|
201 |
|
Expedia |
|
|
|
|
|
|
|
|
5.000%, 02/15/2026 |
|
|
100 |
|
|
|
105 |
|
4.500%, 08/15/2024 |
|
|
50 |
|
|
|
52 |
|
Fiat Chrysler Automobiles |
|
|
|
|
|
|
|
|
5.250%, 04/15/2023 |
|
|
400 |
|
|
|
423 |
|
4.500%, 04/15/2020 |
|
|
200 |
|
|
|
205 |
|
First Quality Finance |
|
|
|
|
|
|
|
|
4.625%, 05/15/2021 (A) |
|
|
100 |
|
|
|
101 |
|
Ford Motor |
|
|
|
|
|
|
|
|
7.450%, 07/16/2031 |
|
|
200 |
|
|
|
255 |
|
5.291%, 12/08/2046 |
|
|
150 |
|
|
|
157 |
|
4.750%, 01/15/2043 |
|
|
125 |
|
|
|
123 |
|
Ford Motor Credit |
|
|
|
|
|
|
|
|
5.875%, 08/02/2021 |
|
|
250 |
|
|
|
271 |
|
3.219%, 01/09/2022 |
|
|
200 |
|
|
|
199 |
|
2.979%, 08/03/2022 |
|
|
200 |
|
|
|
196 |
|
|
|
|
6 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value ($ Thousands) |
|
|
|
CORPORATE OBLIGATIONS (continued) |
|
|
|
|
|
2.681%, 01/09/2020 |
|
$ |
200 |
|
|
$ |
199 |
|
2.425%, 06/12/2020 |
|
|
200 |
|
|
|
198 |
|
Ford Motor Credit MTN |
|
|
|
|
|
|
|
|
4.389%, 01/08/2026 |
|
|
200 |
|
|
|
204 |
|
General Motors |
|
|
|
|
|
|
|
|
6.600%, 04/01/2036 |
|
|
100 |
|
|
|
121 |
|
6.250%, 10/02/2043 |
|
|
250 |
|
|
|
295 |
|
5.400%, 04/01/2048 |
|
|
50 |
|
|
|
54 |
|
5.150%, 04/01/2038 |
|
|
230 |
|
|
|
241 |
|
5.000%, 04/01/2035 |
|
|
50 |
|
|
|
52 |
|
4.200%, 10/01/2027 |
|
|
50 |
|
|
|
50 |
|
General Motors Financial |
|
|
|
|
|
|
|
|
4.350%, 01/17/2027 |
|
|
70 |
|
|
|
71 |
|
4.000%, 01/15/2025 |
|
|
100 |
|
|
|
101 |
|
4.000%, 10/06/2026 |
|
|
50 |
|
|
|
50 |
|
3.950%, 04/13/2024 |
|
|
50 |
|
|
|
51 |
|
3.700%, 05/09/2023 |
|
|
35 |
|
|
|
35 |
|
3.500%, 11/07/2024 |
|
|
100 |
|
|
|
98 |
|
3.450%, 01/14/2022 |
|
|
100 |
|
|
|
100 |
|
3.450%, 04/10/2022 |
|
|
150 |
|
|
|
150 |
|
3.250%, 01/05/2023 |
|
|
100 |
|
|
|
99 |
|
3.200%, 07/13/2020 |
|
|
100 |
|
|
|
101 |
|
3.200%, 07/06/2021 |
|
|
150 |
|
|
|
150 |
|
3.150%, 06/30/2022 |
|
|
70 |
|
|
|
69 |
|
2.450%, 11/06/2020 |
|
|
100 |
|
|
|
99 |
|
2.400%, 05/09/2019 |
|
|
30 |
|
|
|
30 |
|
2.350%, 10/04/2019 |
|
|
50 |
|
|
|
50 |
|
George Washington University |
|
|
|
|
|
|
|
|
4.868%, 09/15/2045 |
|
|
50 |
|
|
|
58 |
|
Golden Nugget |
|
|
|
|
|
|
|
|
8.750%, 10/01/2025 (A) |
|
|
100 |
|
|
|
107 |
|
6.750%, 10/15/2024 (A) |
|
|
225 |
|
|
|
232 |
|
Goodyear Tire & Rubber |
|
|
|
|
|
|
|
|
5.125%, 11/15/2023 |
|
|
150 |
|
|
|
154 |
|
5.000%, 05/31/2026 |
|
|
100 |
|
|
|
101 |
|
4.875%, 03/15/2027 |
|
|
155 |
|
|
|
155 |
|
Gray Television |
|
|
|
|
|
|
|
|
5.875%, 07/15/2026 (A) |
|
|
125 |
|
|
|
129 |
|
5.125%, 10/15/2024 (A) |
|
|
100 |
|
|
|
100 |
|
Group 1 Automotive |
|
|
|
|
|
|
|
|
5.000%, 06/01/2022 |
|
|
100 |
|
|
|
103 |
|
Guitar Center |
|
|
|
|
|
|
|
|
6.500%, 04/15/2019 (A) |
|
|
100 |
|
|
|
98 |
|
GW Honos Security |
|
|
|
|
|
|
|
|
8.750%, 05/15/2025 (A) |
|
|
85 |
|
|
|
92 |
|
Hanesbrands |
|
|
|
|
|
|
|
|
4.875%, 05/15/2026 (A) |
|
|
150 |
|
|
|
152 |
|
4.625%, 05/15/2024 (A) |
|
|
176 |
|
|
|
178 |
|
Hasbro |
|
|
|
|
|
|
|
|
3.500%, 09/15/2027 |
|
|
60 |
|
|
|
57 |
|
Hilton Domestic Operating |
|
|
|
|
|
|
|
|
4.250%, 09/01/2024 |
|
|
170 |
|
|
|
169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
|
CORPORATE OBLIGATIONS (continued) |
|
|
|
|
|
Hilton Worldwide Finance |
|
|
|
|
|
|
|
|
4.875%, 04/01/2027 |
|
$ |
115 |
|
|
$ |
117 |
|
4.625%, 04/01/2025 |
|
|
120 |
|
|
|
121 |
|
Home Depot |
|
|
|
|
|
|
|
|
5.875%, 12/16/2036 |
|
|
200 |
|
|
|
266 |
|
4.400%, 04/01/2021 |
|
|
100 |
|
|
|
105 |
|
4.400%, 03/15/2045 |
|
|
150 |
|
|
|
167 |
|
3.900%, 06/15/2047 |
|
|
150 |
|
|
|
154 |
|
3.500%, 09/15/2056 |
|
|
100 |
|
|
|
94 |
|
3.000%, 04/01/2026 |
|
|
100 |
|
|
|
98 |
|
2.800%, 09/14/2027 |
|
|
200 |
|
|
|
192 |
|
2.625%, 06/01/2022 |
|
|
150 |
|
|
|
149 |
|
2.000%, 06/15/2019 |
|
|
100 |
|
|
|
100 |
|
2.000%, 04/01/2021 |
|
|
50 |
|
|
|
49 |
|
1.800%, 06/05/2020 |
|
|
71 |
|
|
|
70 |
|
iHeartCommunications |
|
|
|
|
|
|
|
|
9.000%, 12/15/2019 |
|
|
250 |
|
|
|
191 |
|
9.000%, 09/15/2022 |
|
|
400 |
|
|
|
294 |
|
IHO Verwaltungs GmbH |
|
|
|
|
|
|
|
|
4.500% cash/5.250% PIK, 09/15/2023 (A) |
|
|
200 |
|
|
|
203 |
|
International Game Technology |
|
|
|
|
|
|
|
|
6.250%, 02/15/2022 (A) |
|
|
300 |
|
|
|
321 |
|
5.625%, 02/15/2020 (A) |
|
|
200 |
|
|
|
208 |
|
Jack Ohio Finance |
|
|
|
|
|
|
|
|
6.750%, 11/15/2021 (A) |
|
|
115 |
|
|
|
121 |
|
Jaguar Holding II |
|
|
|
|
|
|
|
|
6.375%, 08/01/2023 (A) |
|
|
152 |
|
|
|
157 |
|
Jaguar Land Rover Automotive |
|
|
|
|
|
|
|
|
4.500%, 10/01/2027 (A) |
|
|
125 |
|
|
|
123 |
|
4.250%, 11/15/2019 (A) |
|
|
150 |
|
|
|
152 |
|
JC Penney |
|
|
|
|
|
|
|
|
5.875%, 07/01/2023 (A) |
|
|
100 |
|
|
|
96 |
|
KFC Holding |
|
|
|
|
|
|
|
|
5.250%, 06/01/2026 (A) |
|
|
92 |
|
|
|
94 |
|
5.000%, 06/01/2024 (A) |
|
|
262 |
|
|
|
265 |
|
4.750%, 06/01/2027 (A) |
|
|
100 |
|
|
|
99 |
|
Kohls |
|
|
|
|
|
|
|
|
4.750%, 12/15/2023 |
|
|
100 |
|
|
|
107 |
|
L Brands |
|
|
|
|
|
|
|
|
5.625%, 10/15/2023 |
|
|
100 |
|
|
|
107 |
|
5.250%, 02/01/2028 |
|
|
85 |
|
|
|
84 |
|
Laureate Education |
|
|
|
|
|
|
|
|
8.250%, 05/01/2025 (A) |
|
|
90 |
|
|
|
96 |
|
Lear |
|
|
|
|
|
|
|
|
5.250%, 01/15/2025 |
|
|
70 |
|
|
|
74 |
|
3.800%, 09/15/2027 |
|
|
200 |
|
|
|
199 |
|
Leggett & Platt |
|
|
|
|
|
|
|
|
3.500%, 11/15/2027 |
|
|
50 |
|
|
|
49 |
|
Lennar |
|
|
|
|
|
|
|
|
4.750%, 04/01/2021 |
|
|
100 |
|
|
|
103 |
|
4.750%, 11/15/2022 |
|
|
200 |
|
|
|
207 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
7 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
4.750%, 11/29/2027 (A) |
|
$ |
188 |
|
|
$ |
190 |
|
4.500%, 04/30/2024 |
|
|
210 |
|
|
|
212 |
|
4.125%, 01/15/2022 |
|
|
120 |
|
|
|
122 |
|
Lions Gate Entertainment |
|
|
|
|
|
|
|
|
5.875%, 11/01/2024 (A) |
|
|
105 |
|
|
|
112 |
|
Live Nation Entertainment |
|
|
|
|
|
|
|
|
4.875%, 11/01/2024 (A) |
|
|
115 |
|
|
|
117 |
|
LKQ |
|
|
|
|
|
|
|
|
4.750%, 05/15/2023 |
|
|
100 |
|
|
|
102 |
|
Lowes |
|
|
|
|
|
|
|
|
4.625%, 04/15/2020 |
|
|
100 |
|
|
|
104 |
|
4.250%, 09/15/2044 |
|
|
50 |
|
|
|
53 |
|
4.050%, 05/03/2047 |
|
|
100 |
|
|
|
104 |
|
3.700%, 04/15/2046 |
|
|
150 |
|
|
|
147 |
|
3.375%, 09/15/2025 |
|
|
100 |
|
|
|
100 |
|
3.125%, 09/15/2024 |
|
|
100 |
|
|
|
100 |
|
3.100%, 05/03/2027 |
|
|
200 |
|
|
|
196 |
|
Macys Retail Holdings |
|
|
|
|
|
|
|
|
4.500%, 12/15/2034 |
|
|
100 |
|
|
|
87 |
|
3.450%, 01/15/2021 |
|
|
50 |
|
|
|
50 |
|
2.875%, 02/15/2023 |
|
|
125 |
|
|
|
118 |
|
Magna International |
|
|
|
|
|
|
|
|
3.625%, 06/15/2024 |
|
|
100 |
|
|
|
102 |
|
Marriott International |
|
|
|
|
|
|
|
|
3.750%, 03/15/2025 |
|
|
100 |
|
|
|
101 |
|
3.125%, 10/15/2021 |
|
|
100 |
|
|
|
100 |
|
3.125%, 06/15/2026 |
|
|
50 |
|
|
|
48 |
|
2.300%, 01/15/2022 |
|
|
50 |
|
|
|
49 |
|
Massachusetts Institute of Technology |
|
|
|
|
|
|
|
|
5.600%, 07/01/2111 |
|
|
100 |
|
|
|
133 |
|
Mattamy Group |
|
|
|
|
|
|
|
|
6.500%, 10/01/2025 (A) |
|
|
75 |
|
|
|
79 |
|
Mattel |
|
|
|
|
|
|
|
|
6.750%, 12/31/2025 (A) |
|
|
203 |
|
|
|
206 |
|
2.350%, 05/06/2019 |
|
|
100 |
|
|
|
99 |
|
McDonalds MTN |
|
|
|
|
|
|
|
|
6.300%, 10/15/2037 |
|
|
150 |
|
|
|
197 |
|
4.875%, 12/09/2045 |
|
|
125 |
|
|
|
143 |
|
4.700%, 12/09/2035 |
|
|
175 |
|
|
|
195 |
|
3.700%, 01/30/2026 |
|
|
30 |
|
|
|
31 |
|
2.750%, 12/09/2020 |
|
|
120 |
|
|
|
120 |
|
MDC Partners |
|
|
|
|
|
|
|
|
6.500%, 05/01/2024 (A) |
|
|
150 |
|
|
|
151 |
|
Meredith |
|
|
|
|
|
|
|
|
6.875%, 02/01/2026 (A) |
|
|
265 |
|
|
|
271 |
|
MGM Resorts International |
|
|
|
|
|
|
|
|
6.750%, 10/01/2020 |
|
|
100 |
|
|
|
108 |
|
6.625%, 12/15/2021 |
|
|
200 |
|
|
|
218 |
|
6.000%, 03/15/2023 |
|
|
200 |
|
|
|
216 |
|
4.625%, 09/01/2026 |
|
|
100 |
|
|
|
101 |
|
Michaels Stores |
|
|
|
|
|
|
|
|
5.875%, 12/15/2020 (A) |
|
|
100 |
|
|
|
102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
Mohegan Gaming & Entertainment |
|
|
|
|
|
|
|
|
7.875%, 10/15/2024 (A) |
|
$ |
55 |
|
|
$ |
56 |
|
NBCUniversal Media |
|
|
|
|
|
|
|
|
5.950%, 04/01/2041 |
|
|
100 |
|
|
|
129 |
|
5.150%, 04/30/2020 |
|
|
350 |
|
|
|
370 |
|
NCL |
|
|
|
|
|
|
|
|
4.750%, 12/15/2021 (A) |
|
|
90 |
|
|
|
93 |
|
Neiman Marcus Group |
|
|
|
|
|
|
|
|
8.000%, 10/15/2021 (A) |
|
|
200 |
|
|
|
127 |
|
Netflix |
|
|
|
|
|
|
|
|
5.875%, 02/15/2025 |
|
|
138 |
|
|
|
148 |
|
5.500%, 02/15/2022 |
|
|
225 |
|
|
|
238 |
|
4.875%, 04/15/2028 (A) |
|
|
200 |
|
|
|
198 |
|
4.375%, 11/15/2026 |
|
|
220 |
|
|
|
215 |
|
Newell Brands |
|
|
|
|
|
|
|
|
5.500%, 04/01/2046 |
|
|
250 |
|
|
|
287 |
|
5.375%, 04/01/2036 |
|
|
30 |
|
|
|
34 |
|
4.200%, 04/01/2026 |
|
|
50 |
|
|
|
51 |
|
3.850%, 04/01/2023 |
|
|
60 |
|
|
|
61 |
|
3.150%, 04/01/2021 |
|
|
50 |
|
|
|
50 |
|
Newell Rubbermaid |
|
|
|
|
|
|
|
|
4.000%, 12/01/2024 |
|
|
100 |
|
|
|
102 |
|
Nexstar Broadcasting |
|
|
|
|
|
|
|
|
5.625%, 08/01/2024 (A) |
|
|
82 |
|
|
|
85 |
|
NIKE |
|
|
|
|
|
|
|
|
3.875%, 11/01/2045 |
|
|
100 |
|
|
|
102 |
|
3.375%, 11/01/2046 |
|
|
100 |
|
|
|
94 |
|
Nordstrom |
|
|
|
|
|
|
|
|
5.000%, 01/15/2044 |
|
|
100 |
|
|
|
97 |
|
4.000%, 03/15/2027 |
|
|
100 |
|
|
|
98 |
|
Northwestern University |
|
|
|
|
|
|
|
|
3.662%, 12/01/2057 |
|
|
25 |
|
|
|
25 |
|
Omnicom Group |
|
|
|
|
|
|
|
|
3.625%, 05/01/2022 |
|
|
100 |
|
|
|
102 |
|
3.600%, 04/15/2026 |
|
|
100 |
|
|
|
100 |
|
OReilly Automotive |
|
|
|
|
|
|
|
|
3.600%, 09/01/2027 |
|
|
100 |
|
|
|
99 |
|
3.550%, 03/15/2026 |
|
|
50 |
|
|
|
50 |
|
Penske Automotive Group |
|
|
|
|
|
|
|
|
5.500%, 05/15/2026 |
|
|
105 |
|
|
|
107 |
|
PetSmart |
|
|
|
|
|
|
|
|
8.875%, 06/01/2025 (A) |
|
|
85 |
|
|
|
54 |
|
7.125%, 03/15/2023 (A) |
|
|
283 |
|
|
|
178 |
|
5.875%, 06/01/2025 (A) |
|
|
195 |
|
|
|
150 |
|
Pinnacle Entertainment |
|
|
|
|
|
|
|
|
5.625%, 05/01/2024 |
|
|
60 |
|
|
|
64 |
|
President & Fellows of Harvard College |
|
|
|
|
|
|
|
|
3.150%, 07/15/2046 |
|
|
100 |
|
|
|
94 |
|
Priceline Group |
|
|
|
|
|
|
|
|
3.600%, 06/01/2026 |
|
|
50 |
|
|
|
50 |
|
3.550%, 03/15/2028 |
|
|
50 |
|
|
|
49 |
|
2.750%, 03/15/2023 |
|
|
50 |
|
|
|
49 |
|
|
|
|
8 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
Prime Security Services Borrower |
|
|
|
|
|
9.250%, 05/15/2023 (A) |
|
$ |
488 |
|
|
$ |
540 |
|
PulteGroup |
|
|
|
|
|
|
|
|
5.500%, 03/01/2026 |
|
|
100 |
|
|
|
107 |
|
5.000%, 01/15/2027 |
|
|
107 |
|
|
|
111 |
|
4.250%, 03/01/2021 |
|
|
100 |
|
|
|
103 |
|
QVC |
|
|
|
|
|
|
|
|
4.450%, 02/15/2025 |
|
|
100 |
|
|
|
101 |
|
Regal Entertainment Group |
|
|
|
|
|
|
|
|
5.750%, 03/15/2022 |
|
|
50 |
|
|
|
51 |
|
Ritchie Bros Auctioneers |
|
|
|
|
|
|
|
|
5.375%, 01/15/2025 (A) |
|
|
25 |
|
|
|
26 |
|
RSI Home Products |
|
|
|
|
|
|
|
|
6.500%, 03/15/2023 (A) |
|
|
67 |
|
|
|
70 |
|
Sabre |
|
|
|
|
|
|
|
|
5.375%, 04/15/2023 (A) |
|
|
35 |
|
|
|
36 |
|
5.250%, 11/15/2023 (A) |
|
|
145 |
|
|
|
146 |
|
Sally Holdings |
|
|
|
|
|
|
|
|
5.625%, 12/01/2025 |
|
|
150 |
|
|
|
149 |
|
Scientific Games International |
|
|
|
|
|
|
|
|
10.000%, 12/01/2022 |
|
|
350 |
|
|
|
384 |
|
7.000%, 01/01/2022 (A) |
|
|
305 |
|
|
|
322 |
|
5.000%, 10/15/2025 (A) |
|
|
120 |
|
|
|
120 |
|
Scripps Networks Interactive |
|
|
|
|
|
|
|
|
2.750%, 11/15/2019 |
|
|
100 |
|
|
|
100 |
|
Service International |
|
|
|
|
|
|
|
|
5.375%, 05/15/2024 |
|
|
150 |
|
|
|
158 |
|
4.625%, 12/15/2027 |
|
|
153 |
|
|
|
151 |
|
ServiceMaster |
|
|
|
|
|
|
|
|
5.125%, 11/15/2024 (A) |
|
|
130 |
|
|
|
130 |
|
Silversea Cruise Finance |
|
|
|
|
|
|
|
|
7.250%, 02/01/2025 (A) |
|
|
100 |
|
|
|
108 |
|
Simmons Foods |
|
|
|
|
|
|
|
|
5.750%, 11/01/2024 (A) |
|
|
74 |
|
|
|
72 |
|
Sinclair Television Group |
|
|
|
|
|
|
|
|
6.125%, 10/01/2022 |
|
|
100 |
|
|
|
103 |
|
5.375%, 04/01/2021 |
|
|
150 |
|
|
|
152 |
|
Sirius XM Radio |
|
|
|
|
|
|
|
|
6.000%, 07/15/2024 (A) |
|
|
200 |
|
|
|
210 |
|
5.375%, 04/15/2025 (A) |
|
|
175 |
|
|
|
180 |
|
5.375%, 07/15/2026 (A) |
|
|
157 |
|
|
|
161 |
|
5.000%, 08/01/2027 (A) |
|
|
260 |
|
|
|
258 |
|
4.625%, 05/15/2023 (A) |
|
|
100 |
|
|
|
101 |
|
3.875%, 08/01/2022 (A) |
|
|
141 |
|
|
|
141 |
|
Six Flags Entertainment |
|
|
|
|
|
|
|
|
4.875%, 07/31/2024 (A) |
|
|
200 |
|
|
|
203 |
|
Staples |
|
|
|
|
|
|
|
|
8.500%, 09/15/2025 (A) |
|
|
155 |
|
|
|
150 |
|
Starbucks |
|
|
|
|
|
|
|
|
2.700%, 06/15/2022 |
|
|
200 |
|
|
|
199 |
|
Station Casinos |
|
|
|
|
|
|
|
|
5.000%, 10/01/2025 (A) |
|
|
134 |
|
|
|
135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
Studio City |
|
|
|
|
|
|
|
|
7.250%, 11/30/2021 (A) |
|
$ |
200 |
|
|
$ |
211 |
|
Summit Materials |
|
|
|
|
|
|
|
|
6.125%, 07/15/2023 |
|
|
150 |
|
|
|
155 |
|
Tapestry |
|
|
|
|
|
|
|
|
4.125%, 07/15/2027 |
|
|
50 |
|
|
|
50 |
|
Target |
|
|
|
|
|
|
|
|
3.900%, 11/15/2047 |
|
|
100 |
|
|
|
101 |
|
3.500%, 07/01/2024 |
|
|
150 |
|
|
|
155 |
|
2.300%, 06/26/2019 |
|
|
300 |
|
|
|
300 |
|
Taylor Morrison Communities |
|
|
|
|
|
|
|
|
5.250%, 04/15/2021 (A) |
|
|
92 |
|
|
|
94 |
|
TEGNA |
|
|
|
|
|
|
|
|
5.125%, 07/15/2020 |
|
|
250 |
|
|
|
255 |
|
Tempur Sealy International |
|
|
|
|
|
|
|
|
5.500%, 06/15/2026 |
|
|
64 |
|
|
|
64 |
|
Tenneco |
|
|
|
|
|
|
|
|
5.000%, 07/15/2026 |
|
|
105 |
|
|
|
106 |
|
Tesla |
|
|
|
|
|
|
|
|
5.300%, 08/15/2025 (A) |
|
|
294 |
|
|
|
280 |
|
Time |
|
|
|
|
|
|
|
|
5.750%, 04/15/2022 (A) |
|
|
100 |
|
|
|
104 |
|
Time Warner |
|
|
|
|
|
|
|
|
6.250%, 03/29/2041 |
|
|
150 |
|
|
|
185 |
|
6.200%, 03/15/2040 |
|
|
275 |
|
|
|
332 |
|
3.600%, 07/15/2025 |
|
|
200 |
|
|
|
198 |
|
3.550%, 06/01/2024 |
|
|
200 |
|
|
|
200 |
|
2.950%, 07/15/2026 |
|
|
85 |
|
|
|
79 |
|
2.100%, 06/01/2019 |
|
|
350 |
|
|
|
348 |
|
Time Warner Cable |
|
|
|
|
|
|
|
|
8.750%, 02/14/2019 |
|
|
100 |
|
|
|
106 |
|
8.250%, 04/01/2019 |
|
|
200 |
|
|
|
213 |
|
6.550%, 05/01/2037 |
|
|
100 |
|
|
|
118 |
|
5.875%, 11/15/2040 |
|
|
200 |
|
|
|
217 |
|
5.000%, 02/01/2020 |
|
|
250 |
|
|
|
260 |
|
4.500%, 09/15/2042 |
|
|
100 |
|
|
|
92 |
|
TJX |
|
|
|
|
|
|
|
|
2.250%, 09/15/2026 |
|
|
150 |
|
|
|
138 |
|
Tops Holding |
|
|
|
|
|
|
|
|
8.000%, 06/15/2022 (A) |
|
|
83 |
|
|
|
49 |
|
Toyota Motor Credit MTN |
|
|
|
|
|
|
|
|
3.300%, 01/12/2022 |
|
|
200 |
|
|
|
204 |
|
2.900%, 04/17/2024 |
|
|
50 |
|
|
|
50 |
|
2.800%, 07/13/2022 |
|
|
50 |
|
|
|
50 |
|
2.600%, 01/11/2022 |
|
|
100 |
|
|
|
99 |
|
2.250%, 10/18/2023 |
|
|
50 |
|
|
|
48 |
|
2.150%, 03/12/2020 |
|
|
200 |
|
|
|
199 |
|
2.150%, 09/08/2022 |
|
|
250 |
|
|
|
243 |
|
1.900%, 04/08/2021 |
|
|
50 |
|
|
|
49 |
|
1.700%, 02/19/2019 |
|
|
50 |
|
|
|
50 |
|
1.550%, 10/18/2019 |
|
|
50 |
|
|
|
49 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
9 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
Tribune Media |
|
|
|
|
|
|
|
|
5.875%, 07/15/2022 |
|
$ |
200 |
|
|
$ |
206 |
|
Under Armour |
|
|
|
|
|
|
|
|
3.250%, 06/15/2026 |
|
|
100 |
|
|
|
87 |
|
Unitymedia Hessen GmbH & KG |
|
|
|
|
|
|
|
|
5.000%, 01/15/2025 (A) |
|
|
200 |
|
|
|
205 |
|
University of Notre Dame du Lac |
|
|
|
|
|
|
|
|
3.394%, 02/15/2048 |
|
|
250 |
|
|
|
240 |
|
University of Southern California |
|
|
|
|
|
|
|
|
3.028%, 10/01/2039 |
|
|
250 |
|
|
|
229 |
|
Univision Communications |
|
|
|
|
|
|
|
|
6.750%, 09/15/2022 (A) |
|
|
48 |
|
|
|
50 |
|
5.125%, 05/15/2023 (A) |
|
|
150 |
|
|
|
149 |
|
5.125%, 02/15/2025 (A) |
|
|
247 |
|
|
|
240 |
|
Viacom |
|
|
|
|
|
|
|
|
6.250%, VAR ICE LIBOR USD 3 Month+3.899%, 02/28/2057 |
|
|
106 |
|
|
|
110 |
|
5.875%, VAR ICE LIBOR USD 3 Month+3.895%, 02/28/2057 |
|
|
80 |
|
|
|
81 |
|
5.850%, 09/01/2043 |
|
|
100 |
|
|
|
111 |
|
4.250%, 09/01/2023 |
|
|
125 |
|
|
|
129 |
|
Viking Cruises |
|
|
|
|
|
|
|
|
5.875%, 09/15/2027 (A) |
|
|
134 |
|
|
|
134 |
|
VOC Escrow |
|
|
|
|
|
|
|
|
5.000%, 02/15/2028 (A) |
|
|
70 |
|
|
|
70 |
|
Walt Disney |
|
|
|
|
|
|
|
|
3.000%, 02/13/2026 |
|
|
100 |
|
|
|
99 |
|
Walt Disney MTN |
|
|
|
|
|
|
|
|
4.125%, 06/01/2044 |
|
|
125 |
|
|
|
133 |
|
3.000%, 07/30/2046 |
|
|
150 |
|
|
|
132 |
|
2.950%, 06/15/2027 |
|
|
200 |
|
|
|
196 |
|
2.350%, 12/01/2022 |
|
|
50 |
|
|
|
49 |
|
2.300%, 02/12/2021 |
|
|
100 |
|
|
|
99 |
|
1.850%, 07/30/2026 |
|
|
100 |
|
|
|
90 |
|
1.800%, 06/05/2020 |
|
|
150 |
|
|
|
148 |
|
Whirlpool |
|
|
|
|
|
|
|
|
3.700%, 05/01/2025 |
|
|
200 |
|
|
|
202 |
|
WPP Finance |
|
|
|
|
|
|
|
|
3.750%, 09/19/2024 |
|
|
100 |
|
|
|
101 |
|
Wyndham Worldwide |
|
|
|
|
|
|
|
|
4.250%, 03/01/2022 |
|
|
100 |
|
|
|
101 |
|
Wynn Las Vegas |
|
|
|
|
|
|
|
|
5.500%, 03/01/2025 (A) |
|
|
300 |
|
|
|
303 |
|
5.250%, 05/15/2027 (A) |
|
|
155 |
|
|
|
153 |
|
4.250%, 05/30/2023 (A) |
|
|
50 |
|
|
|
50 |
|
ZF North America Capital |
|
|
|
|
|
|
|
|
4.750%, 04/29/2025 (A) |
|
|
300 |
|
|
|
309 |
|
4.500%, 04/29/2022 (A) |
|
|
214 |
|
|
|
220 |
|
4.000%, 04/29/2020 (A) |
|
|
50 |
|
|
|
51 |
|
|
|
|
|
|
|
|
56,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
Consumer Staples 1.7% |
|
|
|
|
|
|
|
|
Alliance One International |
|
|
|
|
|
|
|
|
9.875%, 07/15/2021 |
|
$ |
150 |
|
|
$ |
143 |
|
Altria Group |
|
|
|
|
|
|
|
|
9.250%, 08/06/2019 |
|
|
100 |
|
|
|
110 |
|
5.375%, 01/31/2044 |
|
|
200 |
|
|
|
239 |
|
4.000%, 01/31/2024 |
|
|
100 |
|
|
|
105 |
|
2.850%, 08/09/2022 |
|
|
100 |
|
|
|
99 |
|
Anheuser-Busch InBev Finance |
|
|
|
|
|
|
|
|
4.900%, 02/01/2046 |
|
|
500 |
|
|
|
565 |
|
4.700%, 02/01/2036 |
|
|
400 |
|
|
|
442 |
|
4.625%, 02/01/2044 |
|
|
100 |
|
|
|
109 |
|
3.700%, 02/01/2024 |
|
|
300 |
|
|
|
308 |
|
3.650%, 02/01/2026 |
|
|
400 |
|
|
|
405 |
|
3.300%, 02/01/2023 |
|
|
300 |
|
|
|
302 |
|
2.650%, 02/01/2021 |
|
|
300 |
|
|
|
299 |
|
2.150%, 02/01/2019 |
|
|
62 |
|
|
|
62 |
|
1.900%, 02/01/2019 |
|
|
500 |
|
|
|
498 |
|
Anheuser-Busch InBev Worldwide |
|
|
|
|
|
|
|
|
8.200%, 01/15/2039 |
|
|
100 |
|
|
|
156 |
|
5.375%, 01/15/2020 |
|
|
200 |
|
|
|
211 |
|
4.439%, 10/06/2048 |
|
|
200 |
|
|
|
211 |
|
3.750%, 01/15/2022 |
|
|
250 |
|
|
|
258 |
|
3.750%, 07/15/2042 |
|
|
100 |
|
|
|
96 |
|
Archer-Daniels-Midland |
|
|
|
|
|
|
|
|
4.479%, 03/01/2021 |
|
|
50 |
|
|
|
52 |
|
4.016%, 04/16/2043 |
|
|
100 |
|
|
|
101 |
|
3.750%, 09/15/2047 |
|
|
200 |
|
|
|
194 |
|
2.500%, 08/11/2026 |
|
|
100 |
|
|
|
94 |
|
Avon International Operations |
|
|
|
|
|
|
|
|
7.875%, 08/15/2022 (A) |
|
|
70 |
|
|
|
71 |
|
B&G Foods |
|
|
|
|
|
|
|
|
5.250%, 04/01/2025 |
|
|
173 |
|
|
|
173 |
|
4.625%, 06/01/2021 |
|
|
100 |
|
|
|
101 |
|
Brown-Forman |
|
|
|
|
|
|
|
|
4.500%, 07/15/2045 |
|
|
35 |
|
|
|
38 |
|
Bunge Finance |
|
|
|
|
|
|
|
|
3.750%, 09/25/2027 |
|
|
30 |
|
|
|
30 |
|
3.500%, 11/24/2020 |
|
|
50 |
|
|
|
51 |
|
3.000%, 09/25/2022 |
|
|
230 |
|
|
|
226 |
|
Campbell Soup |
|
|
|
|
|
|
|
|
4.500%, 02/15/2019 |
|
|
100 |
|
|
|
102 |
|
Chobani |
|
|
|
|
|
|
|
|
7.500%, 04/15/2025 (A) |
|
|
100 |
|
|
|
106 |
|
Clorox |
|
|
|
|
|
|
|
|
3.100%, 10/01/2027 |
|
|
100 |
|
|
|
98 |
|
Coca-Cola |
|
|
|
|
|
|
|
|
2.875%, 10/27/2025 |
|
|
200 |
|
|
|
197 |
|
2.450%, 11/01/2020 |
|
|
200 |
|
|
|
201 |
|
2.250%, 09/01/2026 |
|
|
50 |
|
|
|
47 |
|
1.550%, 09/01/2021 |
|
|
50 |
|
|
|
48 |
|
|
|
|
10 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
Coca-Cola European Partners US |
|
|
|
|
|
|
|
|
3.500%, 09/15/2020 |
|
$ |
100 |
|
|
$ |
102 |
|
Colgate-Palmolive MTN |
|
|
|
|
|
|
|
|
4.000%, 08/15/2045 |
|
|
50 |
|
|
|
52 |
|
3.250%, 03/15/2024 |
|
|
50 |
|
|
|
51 |
|
2.300%, 05/03/2022 |
|
|
100 |
|
|
|
98 |
|
1.750%, 03/15/2019 |
|
|
50 |
|
|
|
50 |
|
Conagra Brands |
|
|
|
|
|
|
|
|
3.200%, 01/25/2023 |
|
|
118 |
|
|
|
118 |
|
Constellation Brands |
|
|
|
|
|
|
|
|
6.000%, 05/01/2022 |
|
|
30 |
|
|
|
34 |
|
4.500%, 05/09/2047 |
|
|
20 |
|
|
|
21 |
|
4.250%, 05/01/2023 |
|
|
90 |
|
|
|
94 |
|
4.100%, 02/15/2048 |
|
|
50 |
|
|
|
49 |
|
3.875%, 11/15/2019 |
|
|
20 |
|
|
|
20 |
|
3.750%, 05/01/2021 |
|
|
25 |
|
|
|
26 |
|
3.600%, 02/15/2028 |
|
|
50 |
|
|
|
50 |
|
3.500%, 05/09/2027 |
|
|
15 |
|
|
|
15 |
|
3.200%, 02/15/2023 |
|
|
50 |
|
|
|
50 |
|
2.700%, 05/09/2022 |
|
|
15 |
|
|
|
15 |
|
2.650%, 11/07/2022 |
|
|
100 |
|
|
|
97 |
|
Costco Wholesale |
|
|
|
|
|
|
|
|
3.000%, 05/18/2027 |
|
|
100 |
|
|
|
98 |
|
2.300%, 05/18/2022 |
|
|
100 |
|
|
|
98 |
|
1.700%, 12/15/2019 |
|
|
100 |
|
|
|
99 |
|
Cott Holdings |
|
|
|
|
|
|
|
|
5.500%, 04/01/2025 (A) |
|
|
95 |
|
|
|
97 |
|
CVS Health |
|
|
|
|
|
|
|
|
5.300%, 12/05/2043 |
|
|
50 |
|
|
|
57 |
|
5.125%, 07/20/2045 |
|
|
255 |
|
|
|
285 |
|
4.875%, 07/20/2035 |
|
|
100 |
|
|
|
108 |
|
4.000%, 12/05/2023 |
|
|
100 |
|
|
|
103 |
|
3.875%, 07/20/2025 |
|
|
200 |
|
|
|
202 |
|
2.875%, 06/01/2026 |
|
|
100 |
|
|
|
94 |
|
2.800%, 07/20/2020 |
|
|
200 |
|
|
|
200 |
|
2.750%, 12/01/2022 |
|
|
100 |
|
|
|
97 |
|
2.125%, 06/01/2021 |
|
|
50 |
|
|
|
48 |
|
Dean Foods |
|
|
|
|
|
|
|
|
6.500%, 03/15/2023 (A) |
|
|
147 |
|
|
|
146 |
|
Diageo Capital |
|
|
|
|
|
|
|
|
2.625%, 04/29/2023 |
|
|
100 |
|
|
|
98 |
|
Diageo Investment |
|
|
|
|
|
|
|
|
4.250%, 05/11/2042 |
|
|
100 |
|
|
|
108 |
|
2.875%, 05/11/2022 |
|
|
150 |
|
|
|
150 |
|
Dr Pepper Snapple Group |
|
|
|
|
|
|
|
|
4.500%, 11/15/2045 (A) |
|
|
130 |
|
|
|
134 |
|
2.550%, 09/15/2026 |
|
|
100 |
|
|
|
91 |
|
Energizer Holdings |
|
|
|
|
|
|
|
|
5.500%, 06/15/2025 (A) |
|
|
113 |
|
|
|
116 |
|
Estee Lauder |
|
|
|
|
|
|
|
|
4.375%, 06/15/2045 |
|
|
50 |
|
|
|
55 |
|
4.150%, 03/15/2047 |
|
|
50 |
|
|
|
54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
3.150%, 03/15/2027 |
|
$ |
50 |
|
|
$ |
49 |
|
Fresh Market |
|
|
|
|
|
|
|
|
9.750%, 05/01/2023 (A) |
|
|
100 |
|
|
|
70 |
|
General Mills |
|
|
|
|
|
|
|
|
3.150%, 12/15/2021 |
|
|
200 |
|
|
|
202 |
|
2.600%, 10/12/2022 |
|
|
200 |
|
|
|
196 |
|
Hershey |
|
|
|
|
|
|
|
|
3.200%, 08/21/2025 |
|
|
100 |
|
|
|
99 |
|
HRG Group |
|
|
|
|
|
|
|
|
7.750%, 01/15/2022 |
|
|
200 |
|
|
|
208 |
|
Ingles Markets |
|
|
|
|
|
|
|
|
5.750%, 06/15/2023 |
|
|
100 |
|
|
|
101 |
|
Ingredion |
|
|
|
|
|
|
|
|
3.200%, 10/01/2026 |
|
|
100 |
|
|
|
96 |
|
JBS USA LUX |
|
|
|
|
|
|
|
|
5.875%, 07/15/2024 (A) |
|
|
250 |
|
|
|
251 |
|
5.750%, 06/15/2025 (A) |
|
|
100 |
|
|
|
99 |
|
JM Smucker |
|
|
|
|
|
|
|
|
4.375%, 03/15/2045 |
|
|
100 |
|
|
|
104 |
|
4.250%, 03/15/2035 |
|
|
20 |
|
|
|
21 |
|
3.500%, 03/15/2025 |
|
|
100 |
|
|
|
101 |
|
2.200%, 12/06/2019 |
|
|
200 |
|
|
|
199 |
|
Kellogg |
|
|
|
|
|
|
|
|
4.000%, 12/15/2020 |
|
|
200 |
|
|
|
207 |
|
3.400%, 11/15/2027 |
|
|
100 |
|
|
|
98 |
|
Kimberly-Clark |
|
|
|
|
|
|
|
|
6.625%, 08/01/2037 |
|
|
100 |
|
|
|
139 |
|
3.050%, 08/15/2025 |
|
|
50 |
|
|
|
49 |
|
2.750%, 02/15/2026 |
|
|
50 |
|
|
|
49 |
|
1.400%, 02/15/2019 |
|
|
35 |
|
|
|
35 |
|
Kraft Foods Group |
|
|
|
|
|
|
|
|
5.000%, 06/04/2042 |
|
|
100 |
|
|
|
106 |
|
3.500%, 06/06/2022 |
|
|
100 |
|
|
|
101 |
|
Kraft Heinz Foods |
|
|
|
|
|
|
|
|
6.875%, 01/26/2039 |
|
|
100 |
|
|
|
130 |
|
6.500%, 02/09/2040 |
|
|
100 |
|
|
|
126 |
|
5.200%, 07/15/2045 |
|
|
100 |
|
|
|
108 |
|
4.375%, 06/01/2046 |
|
|
60 |
|
|
|
59 |
|
3.950%, 07/15/2025 |
|
|
100 |
|
|
|
101 |
|
3.000%, 06/01/2026 |
|
|
55 |
|
|
|
52 |
|
2.800%, 07/02/2020 |
|
|
200 |
|
|
|
200 |
|
Kroger |
|
|
|
|
|
|
|
|
4.000%, 02/01/2024 |
|
|
200 |
|
|
|
206 |
|
3.875%, 10/15/2046 |
|
|
100 |
|
|
|
92 |
|
3.700%, 08/01/2027 |
|
|
35 |
|
|
|
35 |
|
Kronos Acquisition Holdings |
|
|
|
|
|
|
|
|
9.000%, 08/15/2023 (A) |
|
|
115 |
|
|
|
113 |
|
Lamb Weston Holdings |
|
|
|
|
|
|
|
|
4.875%, 11/01/2026 (A) |
|
|
75 |
|
|
|
77 |
|
4.625%, 11/01/2024 (A) |
|
|
145 |
|
|
|
147 |
|
McCormick |
|
|
|
|
|
|
|
|
3.400%, 08/15/2027 |
|
|
200 |
|
|
|
198 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
11 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
Mead Johnson Nutrition |
|
|
|
|
|
|
|
|
4.125%, 11/15/2025 |
|
$ |
30 |
|
|
$ |
31 |
|
3.000%, 11/15/2020 |
|
|
230 |
|
|
|
232 |
|
Molson Coors Brewing |
|
|
|
|
|
|
|
|
5.000%, 05/01/2042 |
|
|
93 |
|
|
|
103 |
|
4.200%, 07/15/2046 |
|
|
40 |
|
|
|
40 |
|
3.000%, 07/15/2026 |
|
|
200 |
|
|
|
190 |
|
1.450%, 07/15/2019 |
|
|
25 |
|
|
|
25 |
|
Mondelez International |
|
|
|
|
|
|
|
|
4.000%, 02/01/2024 |
|
|
200 |
|
|
|
209 |
|
PepsiCo |
|
|
|
|
|
|
|
|
5.500%, 01/15/2040 |
|
|
100 |
|
|
|
127 |
|
4.600%, 07/17/2045 |
|
|
145 |
|
|
|
164 |
|
4.500%, 01/15/2020 |
|
|
200 |
|
|
|
208 |
|
4.250%, 10/22/2044 |
|
|
100 |
|
|
|
107 |
|
4.000%, 05/02/2047 |
|
|
135 |
|
|
|
141 |
|
3.600%, 03/01/2024 |
|
|
200 |
|
|
|
206 |
|
3.500%, 07/17/2025 |
|
|
100 |
|
|
|
102 |
|
3.000%, 10/15/2027 |
|
|
250 |
|
|
|
244 |
|
2.750%, 03/05/2022 |
|
|
150 |
|
|
|
150 |
|
2.250%, 05/02/2022 |
|
|
50 |
|
|
|
49 |
|
2.000%, 04/15/2021 |
|
|
250 |
|
|
|
246 |
|
1.550%, 05/02/2019 |
|
|
50 |
|
|
|
50 |
|
1.350%, 10/04/2019 |
|
|
100 |
|
|
|
98 |
|
Philip Morris International |
|
|
|
|
|
|
|
|
6.375%, 05/16/2038 |
|
|
200 |
|
|
|
265 |
|
4.500%, 03/26/2020 |
|
|
100 |
|
|
|
104 |
|
4.250%, 11/10/2044 |
|
|
50 |
|
|
|
52 |
|
4.125%, 03/04/2043 |
|
|
50 |
|
|
|
50 |
|
3.125%, 08/17/2027 |
|
|
100 |
|
|
|
97 |
|
3.125%, 03/02/2028 |
|
|
50 |
|
|
|
48 |
|
2.750%, 02/25/2026 |
|
|
50 |
|
|
|
48 |
|
2.625%, 02/18/2022 |
|
|
25 |
|
|
|
25 |
|
2.500%, 11/02/2022 |
|
|
50 |
|
|
|
49 |
|
2.375%, 08/17/2022 |
|
|
100 |
|
|
|
97 |
|
2.125%, 05/10/2023 |
|
|
25 |
|
|
|
24 |
|
2.000%, 02/21/2020 |
|
|
35 |
|
|
|
35 |
|
1.875%, 11/01/2019 |
|
|
50 |
|
|
|
49 |
|
1.875%, 02/25/2021 |
|
|
50 |
|
|
|
49 |
|
1.625%, 02/21/2019 |
|
|
50 |
|
|
|
50 |
|
1.375%, 02/25/2019 |
|
|
30 |
|
|
|
30 |
|
Pilgrims Pride |
|
|
|
|
|
|
|
|
5.875%, 09/30/2027 (A) |
|
|
67 |
|
|
|
67 |
|
5.750%, 03/15/2025 (A) |
|
|
133 |
|
|
|
134 |
|
Post Holdings |
|
|
|
|
|
|
|
|
5.750%, 03/01/2027 (A) |
|
|
205 |
|
|
|
205 |
|
5.625%, 01/15/2028 (A) |
|
|
208 |
|
|
|
207 |
|
5.500%, 03/01/2025 (A) |
|
|
295 |
|
|
|
304 |
|
5.000%, 08/15/2026 (A) |
|
|
273 |
|
|
|
267 |
|
Procter & Gamble |
|
|
|
|
|
|
|
|
5.550%, 03/05/2037 |
|
|
100 |
|
|
|
129 |
|
3.100%, 08/15/2023 |
|
|
100 |
|
|
|
101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
2.850%, 08/11/2027 |
|
$ |
100 |
|
|
$ |
97 |
|
2.450%, 11/03/2026 |
|
|
50 |
|
|
|
47 |
|
2.150%, 08/11/2022 |
|
|
100 |
|
|
|
97 |
|
1.700%, 11/03/2021 |
|
|
100 |
|
|
|
97 |
|
Revlon Consumer Products |
|
|
|
|
|
|
|
|
5.750%, 02/15/2021 |
|
|
100 |
|
|
|
77 |
|
Reynolds American |
|
|
|
|
|
|
|
|
6.875%, 05/01/2020 |
|
|
100 |
|
|
|
109 |
|
5.850%, 08/15/2045 |
|
|
100 |
|
|
|
122 |
|
5.700%, 08/15/2035 |
|
|
100 |
|
|
|
117 |
|
4.450%, 06/12/2025 |
|
|
100 |
|
|
|
105 |
|
3.250%, 06/12/2020 |
|
|
254 |
|
|
|
257 |
|
Rite Aid |
|
|
|
|
|
|
|
|
6.750%, 06/15/2021 |
|
|
200 |
|
|
|
203 |
|
6.125%, 04/01/2023 (A) |
|
|
165 |
|
|
|
154 |
|
Skandinaviska Enskilda Banken |
|
|
|
|
|
|
|
|
1.875%, 09/13/2021 |
|
|
250 |
|
|
|
241 |
|
Spectrum Brands |
|
|
|
|
|
|
|
|
5.750%, 07/15/2025 |
|
|
249 |
|
|
|
262 |
|
Sysco |
|
|
|
|
|
|
|
|
4.850%, 10/01/2045 |
|
|
15 |
|
|
|
17 |
|
3.750%, 10/01/2025 |
|
|
25 |
|
|
|
26 |
|
3.300%, 07/15/2026 |
|
|
100 |
|
|
|
99 |
|
2.600%, 10/01/2020 |
|
|
150 |
|
|
|
150 |
|
TreeHouse Foods |
|
|
|
|
|
|
|
|
6.000%, 02/15/2024 (A) |
|
|
120 |
|
|
|
125 |
|
Tyson Foods |
|
|
|
|
|
|
|
|
4.500%, 06/15/2022 |
|
|
100 |
|
|
|
106 |
|
3.950%, 08/15/2024 |
|
|
150 |
|
|
|
155 |
|
2.250%, 08/23/2021 |
|
|
35 |
|
|
|
34 |
|
Unilever Capital |
|
|
|
|
|
|
|
|
5.900%, 11/15/2032 |
|
|
100 |
|
|
|
128 |
|
4.250%, 02/10/2021 |
|
|
100 |
|
|
|
104 |
|
1.375%, 07/28/2021 |
|
|
100 |
|
|
|
96 |
|
US Foods |
|
|
|
|
|
|
|
|
5.875%, 06/15/2024 (A) |
|
|
115 |
|
|
|
120 |
|
Vector Group |
|
|
|
|
|
|
|
|
6.125%, 02/01/2025 (A) |
|
|
180 |
|
|
|
187 |
|
Walgreens Boots Alliance |
|
|
|
|
|
|
|
|
4.800%, 11/18/2044 |
|
|
100 |
|
|
|
106 |
|
4.650%, 06/01/2046 |
|
|
200 |
|
|
|
207 |
|
3.800%, 11/18/2024 |
|
|
100 |
|
|
|
102 |
|
3.450%, 06/01/2026 |
|
|
30 |
|
|
|
29 |
|
3.300%, 11/18/2021 |
|
|
100 |
|
|
|
101 |
|
Wal-Mart Stores |
|
|
|
|
|
|
|
|
3.625%, 12/15/2047 |
|
|
125 |
|
|
|
128 |
|
3.300%, 04/22/2024 |
|
|
200 |
|
|
|
205 |
|
2.650%, 12/15/2024 |
|
|
250 |
|
|
|
247 |
|
2.550%, 04/11/2023 |
|
|
150 |
|
|
|
148 |
|
2.350%, 12/15/2022 |
|
|
250 |
|
|
|
246 |
|
1.900%, 12/15/2020 |
|
|
250 |
|
|
|
247 |
|
|
|
|
12 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
1.750%, 10/09/2019 |
|
$ |
230 |
|
|
$ |
228 |
|
|
|
|
|
|
|
|
24,786 |
|
|
|
|
Energy 3.4% |
|
|
|
|
|
|
|
|
Alta Mesa Holdings |
|
|
|
|
|
|
|
|
7.875%, 12/15/2024 |
|
|
80 |
|
|
|
88 |
|
Anadarko Petroleum |
|
|
|
|
|
|
|
|
6.600%, 03/15/2046 |
|
|
150 |
|
|
|
194 |
|
6.450%, 09/15/2036 |
|
|
125 |
|
|
|
156 |
|
4.850%, 03/15/2021 |
|
|
250 |
|
|
|
263 |
|
Andeavor |
|
|
|
|
|
|
|
|
5.375%, 10/01/2022 |
|
|
200 |
|
|
|
206 |
|
5.125%, 12/15/2026 |
|
|
50 |
|
|
|
55 |
|
4.500%, 04/01/2048 |
|
|
25 |
|
|
|
25 |
|
3.800%, 04/01/2028 |
|
|
230 |
|
|
|
226 |
|
Andeavor Logistics |
|
|
|
|
|
|
|
|
5.200%, 12/01/2047 |
|
|
30 |
|
|
|
32 |
|
4.250%, 12/01/2027 |
|
|
15 |
|
|
|
15 |
|
3.500%, 12/01/2022 |
|
|
15 |
|
|
|
15 |
|
Antero Midstream Partners |
|
|
|
|
|
|
|
|
5.375%, 09/15/2024 |
|
|
50 |
|
|
|
52 |
|
Antero Resources |
|
|
|
|
|
|
|
|
5.625%, 06/01/2023 |
|
|
44 |
|
|
|
46 |
|
5.375%, 11/01/2021 |
|
|
200 |
|
|
|
205 |
|
5.125%, 12/01/2022 |
|
|
200 |
|
|
|
204 |
|
5.000%, 03/01/2025 |
|
|
150 |
|
|
|
153 |
|
Apache |
|
|
|
|
|
|
|
|
5.100%, 09/01/2040 |
|
|
200 |
|
|
|
216 |
|
4.750%, 04/15/2043 |
|
|
100 |
|
|
|
104 |
|
3.250%, 04/15/2022 |
|
|
100 |
|
|
|
101 |
|
Ascent Resources Utica Holdings |
|
|
|
|
|
|
|
|
10.000%, 04/01/2022 (A) |
|
|
225 |
|
|
|
248 |
|
Baker Hughes |
|
|
|
|
|
|
|
|
5.125%, 09/15/2040 |
|
|
100 |
|
|
|
115 |
|
4.080%, 12/15/2047 (A) |
|
|
250 |
|
|
|
247 |
|
3.337%, 12/15/2027 (A) |
|
|
50 |
|
|
|
49 |
|
2.773%, 12/15/2022 (A) |
|
|
250 |
|
|
|
246 |
|
Blue Racer Midstream |
|
|
|
|
|
|
|
|
6.125%, 11/15/2022 (A) |
|
|
128 |
|
|
|
133 |
|
Boardwalk Pipelines |
|
|
|
|
|
|
|
|
5.950%, 06/01/2026 |
|
|
100 |
|
|
|
110 |
|
BP Capital Markets |
|
|
|
|
|
|
|
|
3.994%, 09/26/2023 |
|
|
38 |
|
|
|
40 |
|
3.723%, 11/28/2028 |
|
|
30 |
|
|
|
31 |
|
3.588%, 04/14/2027 |
|
|
100 |
|
|
|
102 |
|
3.535%, 11/04/2024 |
|
|
100 |
|
|
|
102 |
|
3.506%, 03/17/2025 |
|
|
200 |
|
|
|
204 |
|
3.245%, 05/06/2022 |
|
|
100 |
|
|
|
102 |
|
3.224%, 04/14/2024 |
|
|
100 |
|
|
|
101 |
|
3.216%, 11/28/2023 |
|
|
50 |
|
|
|
50 |
|
3.119%, 05/04/2026 |
|
|
100 |
|
|
|
99 |
|
2.520%, 09/19/2022 |
|
|
100 |
|
|
|
98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
2.315%, 02/13/2020 |
|
$ |
200 |
|
|
$ |
199 |
|
2.237%, 05/10/2019 |
|
|
200 |
|
|
|
200 |
|
2.112%, 09/16/2021 |
|
|
150 |
|
|
|
147 |
|
1.768%, 09/19/2019 |
|
|
200 |
|
|
|
198 |
|
1.676%, 05/03/2019 |
|
|
47 |
|
|
|
47 |
|
California Resources |
|
|
|
|
|
|
|
|
8.000%, 12/15/2022 (A) |
|
|
398 |
|
|
|
334 |
|
Callon Petroleum |
|
|
|
|
|
|
|
|
6.125%, 10/01/2024 |
|
|
100 |
|
|
|
104 |
|
Calumet Specialty Products Partners |
|
|
|
|
|
|
|
|
6.500%, 04/15/2021 |
|
|
100 |
|
|
|
100 |
|
Canadian Natural Resources |
|
|
|
|
|
|
|
|
6.250%, 03/15/2038 |
|
|
150 |
|
|
|
189 |
|
3.900%, 02/01/2025 |
|
|
100 |
|
|
|
102 |
|
3.850%, 06/01/2027 |
|
|
50 |
|
|
|
50 |
|
2.950%, 01/15/2023 |
|
|
50 |
|
|
|
49 |
|
Canadian Natural Resources MTN |
|
|
|
|
|
|
|
|
4.950%, 06/01/2047 |
|
|
25 |
|
|
|
27 |
|
Carrizo Oil & Gas |
|
|
|
|
|
|
|
|
6.250%, 04/15/2023 |
|
|
115 |
|
|
|
119 |
|
Cenovus Energy |
|
|
|
|
|
|
|
|
5.700%, 10/15/2019 |
|
|
65 |
|
|
|
68 |
|
5.400%, 06/15/2047 |
|
|
50 |
|
|
|
53 |
|
5.250%, 06/15/2037 |
|
|
35 |
|
|
|
36 |
|
4.450%, 09/15/2042 |
|
|
105 |
|
|
|
98 |
|
4.250%, 04/15/2027 |
|
|
100 |
|
|
|
99 |
|
3.000%, 08/15/2022 |
|
|
50 |
|
|
|
49 |
|
Cheniere Corpus Christi Holdings |
|
|
|
|
|
|
|
|
7.000%, 06/30/2024 |
|
|
150 |
|
|
|
171 |
|
5.875%, 03/31/2025 |
|
|
350 |
|
|
|
377 |
|
5.125%, 06/30/2027 |
|
|
220 |
|
|
|
227 |
|
Cheniere Energy Partners |
|
|
|
|
|
|
|
|
5.250%, 10/01/2025 (A) |
|
|
218 |
|
|
|
222 |
|
Chesapeake Energy |
|
|
|
|
|
|
|
|
8.000%, 12/15/2022 (A) |
|
|
245 |
|
|
|
263 |
|
8.000%, 01/15/2025 (A) |
|
|
167 |
|
|
|
168 |
|
8.000%, 06/15/2027 (A) |
|
|
198 |
|
|
|
197 |
|
Chevron |
|
|
|
|
|
|
|
|
4.950%, 03/03/2019 |
|
|
225 |
|
|
|
232 |
|
3.326%, 11/17/2025 |
|
|
50 |
|
|
|
50 |
|
3.191%, 06/24/2023 |
|
|
100 |
|
|
|
101 |
|
2.954%, 05/16/2026 |
|
|
100 |
|
|
|
98 |
|
2.895%, 03/03/2024 |
|
|
50 |
|
|
|
50 |
|
2.566%, 05/16/2023 |
|
|
100 |
|
|
|
98 |
|
2.498%, 03/03/2022 |
|
|
50 |
|
|
|
49 |
|
2.419%, 11/17/2020 |
|
|
50 |
|
|
|
50 |
|
2.355%, 12/05/2022 |
|
|
100 |
|
|
|
98 |
|
2.193%, 11/15/2019 |
|
|
125 |
|
|
|
125 |
|
2.100%, 05/16/2021 |
|
|
100 |
|
|
|
98 |
|
1.991%, 03/03/2020 |
|
|
31 |
|
|
|
31 |
|
1.561%, 05/16/2019 |
|
|
100 |
|
|
|
99 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
13 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
|
CORPORATE OBLIGATIONS (continued) |
Cimarex Energy |
|
|
|
|
3.900%, 05/15/2027 |
|
$ 55 |
|
$ 56 |
CNOOC Nexen Finance |
|
|
|
|
4.250%, 04/30/2024 |
|
400 |
|
414 |
CNX Resources |
|
|
|
|
8.000%, 04/01/2023 |
|
50 |
|
53 |
5.875%, 04/15/2022 |
|
350 |
|
360 |
Columbia Pipeline Group |
|
|
|
|
3.300%, 06/01/2020 |
|
150 |
|
151 |
Comstock Resources |
|
|
|
|
10.000% cash/12.250% PIK, 03/15/2020 |
|
100 |
|
104 |
ConocoPhillips |
|
|
|
|
6.500%, 02/01/2039 |
|
225 |
|
311 |
4.950%, 03/15/2026 |
|
50 |
|
56 |
4.150%, 11/15/2034 |
|
100 |
|
106 |
3.350%, 11/15/2024 |
|
250 |
|
254 |
3.350%, 05/15/2025 |
|
95 |
|
96 |
2.400%, 12/15/2022 |
|
150 |
|
147 |
Continental Resources |
|
|
|
|
4.500%, 04/15/2023 |
|
200 |
|
203 |
4.375%, 01/15/2028 (A) |
|
232 |
|
231 |
3.800%, 06/01/2024 |
|
150 |
|
147 |
Covey Park Energy |
|
|
|
|
7.500%, 05/15/2025 (A) |
|
131 |
|
138 |
Crestwood Midstream Partners |
6.250%, 04/01/2023 |
|
70 |
|
73 |
5.750%, 04/01/2025 |
|
105 |
|
108 |
CrownRock |
|
|
|
|
5.625%, 10/15/2025 (A) |
|
194 |
|
196 |
DCP Midstream Operating |
|
|
|
|
5.850%, VAR ICE LIBOR USD 3 Month+3.850%, 05/21/2043 (A) |
|
100 |
|
96 |
3.875%, 03/15/2023 |
|
100 |
|
100 |
Denbury Resources |
|
|
|
|
9.000%, 05/15/2021 (A) |
|
74 |
|
76 |
Devon Energy |
|
|
|
|
5.600%, 07/15/2041 |
|
100 |
|
118 |
5.000%, 06/15/2045 |
|
150 |
|
167 |
3.250%, 05/15/2022 |
|
100 |
|
101 |
Devon Financing |
|
|
|
|
7.875%, 09/30/2031 |
|
100 |
|
136 |
Diamond Offshore Drilling |
|
|
|
|
7.875%, 08/15/2025 |
|
83 |
|
88 |
Diamondback Energy |
|
|
|
|
5.375%, 05/31/2025 (A) |
|
80 |
|
83 |
Eclipse Resources |
|
|
|
|
8.875%, 07/15/2023 |
|
100 |
|
104 |
Ecopetrol |
|
|
|
|
5.875%, 09/18/2023 |
|
100 |
|
110 |
5.875%, 05/28/2045 |
|
200 |
|
211 |
4.125%, 01/16/2025 |
|
225 |
|
225 |
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
|
CORPORATE OBLIGATIONS (continued) |
Enable Midstream Partners |
2.400%, 05/15/2019 |
|
$ 100 |
|
$ 99 |
Enbridge |
|
|
|
|
5.500%, 12/01/2046 |
|
50 |
|
60 |
4.250%, 12/01/2026 |
|
100 |
|
103 |
3.700%, 07/15/2027 |
|
50 |
|
49 |
2.900%, 07/15/2022 |
|
50 |
|
49 |
Enbridge Energy Partners |
|
|
|
|
9.875%, 03/01/2019 |
|
50 |
|
54 |
7.375%, 10/15/2045 |
|
150 |
|
205 |
5.500%, 09/15/2040 |
|
100 |
|
110 |
Encana |
|
|
|
|
6.500%, 02/01/2038 |
|
200 |
|
253 |
Endeavor Energy Resources |
5.750%, 01/30/2028 (A) |
|
107 |
|
109 |
5.500%, 01/30/2026 (A) |
|
107 |
|
108 |
Energy Transfer |
|
|
|
|
6.125%, 12/15/2045 |
|
100 |
|
111 |
5.950%, 10/01/2043 |
|
100 |
|
107 |
5.200%, 02/01/2022 |
|
100 |
|
106 |
5.150%, 03/15/2045 |
|
100 |
|
99 |
4.900%, 03/15/2035 |
|
250 |
|
247 |
4.750%, 01/15/2026 |
|
150 |
|
155 |
4.200%, 04/15/2027 |
|
50 |
|
50 |
3.600%, 02/01/2023 |
|
185 |
|
184 |
Energy Transfer Equity |
|
|
|
|
5.875%, 01/15/2024 |
|
150 |
|
162 |
5.500%, 06/01/2027 |
|
195 |
|
206 |
4.250%, 03/15/2023 |
|
198 |
|
199 |
EnLink Midstream Partners |
|
|
|
|
4.850%, 07/15/2026 |
|
45 |
|
47 |
4.400%, 04/01/2024 |
|
150 |
|
153 |
Ensco |
|
|
|
|
7.750%, 02/01/2026 |
|
260 |
|
259 |
5.200%, 03/15/2025 |
|
50 |
|
43 |
4.500%, 10/01/2024 |
|
120 |
|
103 |
Enterprise Products Operating |
5.200%, 09/01/2020 |
|
100 |
|
106 |
5.100%, 02/15/2045 |
|
225 |
|
257 |
4.875%, VAR ICE LIBOR USD 3 Month+2.986%, 08/16/2077 |
|
200 |
|
201 |
4.850%, 08/15/2042 |
|
100 |
|
109 |
4.850%, 03/15/2044 |
|
250 |
|
274 |
3.950%, 02/15/2027 |
|
20 |
|
21 |
3.700%, 02/15/2026 |
|
100 |
|
102 |
3.350%, 03/15/2023 |
|
200 |
|
202 |
2.850%, 04/15/2021 |
|
30 |
|
30 |
2.550%, 10/15/2019 |
|
100 |
|
100 |
EOG Resources |
|
|
|
|
3.150%, 04/01/2025 |
|
200 |
|
197 |
2.625%, 03/15/2023 |
|
100 |
|
98 |
|
|
|
14 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
|
CORPORATE OBLIGATIONS (continued) |
EP Energy |
|
|
|
|
9.375%, 05/01/2024 (A) |
|
$ 250 |
|
$ 212 |
8.000%, 11/29/2024 (A) |
|
30 |
|
31 |
8.000%, 02/15/2025 (A) |
|
200 |
|
158 |
EQT |
|
|
|
|
3.900%, 10/01/2027 |
|
250 |
|
245 |
3.000%, 10/01/2022 |
|
235 |
|
230 |
EQT Midstream Partners |
|
|
|
|
4.125%, 12/01/2026 |
|
35 |
|
34 |
Extraction Oil & Gas |
|
|
|
|
7.875%, 07/15/2021 (A) |
|
1 |
|
1 |
5.625%, 02/01/2026 (A) |
|
205 |
|
205 |
Exxon Mobil |
|
|
|
|
4.114%, 03/01/2046 |
|
200 |
|
216 |
3.567%, 03/06/2045 |
|
50 |
|
50 |
3.043%, 03/01/2026 |
|
100 |
|
99 |
2.726%, 03/01/2023 |
|
200 |
|
199 |
2.709%, 03/06/2025 |
|
100 |
|
98 |
2.222%, 03/01/2021 |
|
40 |
|
40 |
1.912%, 03/06/2020 |
|
100 |
|
99 |
1.708%, 03/01/2019 |
|
100 |
|
99 |
Genesis Energy |
|
|
|
|
6.750%, 08/01/2022 |
|
100 |
|
104 |
6.500%, 10/01/2025 |
|
170 |
|
173 |
Gulfport Energy |
|
|
|
|
6.375%, 05/15/2025 |
|
100 |
|
102 |
6.000%, 10/15/2024 |
|
135 |
|
136 |
Halliburton |
|
|
|
|
7.450%, 09/15/2039 |
|
100 |
|
144 |
5.000%, 11/15/2045 |
|
100 |
|
115 |
4.850%, 11/15/2035 |
|
100 |
|
112 |
3.800%, 11/15/2025 |
|
100 |
|
102 |
3.500%, 08/01/2023 |
|
100 |
|
102 |
Hess |
|
|
|
|
7.125%, 03/15/2033 |
|
100 |
|
122 |
5.600%, 02/15/2041 |
|
50 |
|
55 |
4.300%, 04/01/2027 |
|
150 |
|
151 |
Hess Infrastructure Partners |
5.625%, 02/15/2026 (A) |
|
115 |
|
117 |
Hilcorp Energy I |
|
|
|
|
5.750%, 10/01/2025 (A) |
|
167 |
|
172 |
Holly Energy Partners |
|
|
|
|
6.000%, 08/01/2024 (A) |
|
116 |
|
121 |
Husky Energy |
|
|
|
|
4.000%, 04/15/2024 |
|
200 |
|
206 |
Jonah Energy |
|
|
|
|
7.250%, 10/15/2025 (A) |
|
91 |
|
92 |
Jupiter Resources |
|
|
|
|
8.500%, 10/01/2022 (A) |
|
150 |
|
92 |
KCA Deutag UK Finance |
|
|
|
|
9.875%, 04/01/2022 (A) |
|
200 |
|
217 |
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
|
CORPORATE OBLIGATIONS (continued) |
Kinder Morgan |
|
|
|
|
5.550%, 06/01/2045 |
|
$ 100 |
|
$ 110 |
5.300%, 12/01/2034 |
|
250 |
|
268 |
5.050%, 02/15/2046 |
|
90 |
|
95 |
4.300%, 06/01/2025 |
|
100 |
|
103 |
3.150%, 01/15/2023 |
|
200 |
|
198 |
3.050%, 12/01/2019 |
|
325 |
|
327 |
Kinder Morgan Energy Partners |
5.500%, 03/01/2044 |
|
250 |
|
271 |
4.300%, 05/01/2024 |
|
200 |
|
207 |
4.250%, 09/01/2024 |
|
100 |
|
104 |
2.650%, 02/01/2019 |
|
100 |
|
100 |
Magellan Midstream Partners |
4.200%, 10/03/2047 |
|
200 |
|
202 |
Marathon Oil |
|
|
|
|
5.200%, 06/01/2045 |
|
50 |
|
56 |
4.400%, 07/15/2027 |
|
100 |
|
103 |
2.800%, 11/01/2022 |
|
100 |
|
98 |
Marathon Petroleum |
|
|
|
|
6.500%, 03/01/2041 |
|
150 |
|
192 |
5.125%, 03/01/2021 |
|
50 |
|
53 |
Matador Resources |
|
|
|
|
6.875%, 04/15/2023 |
|
100 |
|
105 |
McDermott International |
|
|
|
|
8.000%, 05/01/2021 (A) |
|
100 |
|
103 |
MEG Energy |
|
|
|
|
7.000%, 03/31/2024 (A) |
|
100 |
|
86 |
6.500%, 01/15/2025 (A) |
|
55 |
|
54 |
6.375%, 01/30/2023 (A) |
|
100 |
|
86 |
Moss Creek Resources Holdings |
7.500%, 01/15/2026 (A) |
|
150 |
|
156 |
MPLX |
|
|
|
|
5.200%, 03/01/2047 |
|
50 |
|
55 |
4.875%, 06/01/2025 |
|
100 |
|
106 |
4.500%, 07/15/2023 |
|
150 |
|
157 |
4.125%, 03/01/2027 |
|
50 |
|
51 |
Murphy Oil |
|
|
|
|
6.875%, 08/15/2024 |
|
85 |
|
91 |
5.750%, 08/15/2025 |
|
102 |
|
104 |
Murray Energy |
|
|
|
|
11.250%, 04/15/2021 (A) |
|
150 |
|
81 |
Nabors Industries |
|
|
|
|
5.750%, 02/01/2025 (A) |
|
115 |
|
113 |
5.500%, 01/15/2023 |
|
100 |
|
100 |
National Oilwell Varco |
|
|
|
|
3.950%, 12/01/2042 |
|
100 |
|
89 |
2.600%, 12/01/2022 |
|
100 |
|
97 |
Navios Maritime Acquisition |
|
|
|
|
8.125%, 11/15/2021 (A) |
|
100 |
|
85 |
Newfield Exploration |
|
|
|
|
5.375%, 01/01/2026 |
|
77 |
|
81 |
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
15 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
Nexen Energy |
|
|
|
|
|
|
|
|
6.400%, 05/15/2037 |
|
$ |
200 |
|
|
$ |
254 |
|
NGL Energy Partners |
|
|
|
|
|
|
|
|
7.500%, 11/01/2023 |
|
|
120 |
|
|
|
125 |
|
NGPL PipeCo |
|
|
|
|
|
|
|
|
4.875%, 08/15/2027 (A) |
|
|
185 |
|
|
|
190 |
|
4.375%, 08/15/2022 (A) |
|
|
40 |
|
|
|
40 |
|
Noble Energy |
|
|
|
|
|
|
|
|
5.250%, 11/15/2043 |
|
|
100 |
|
|
|
111 |
|
5.050%, 11/15/2044 |
|
|
150 |
|
|
|
165 |
|
4.150%, 12/15/2021 |
|
|
50 |
|
|
|
52 |
|
3.900%, 11/15/2024 |
|
|
100 |
|
|
|
102 |
|
3.850%, 01/15/2028 |
|
|
200 |
|
|
|
200 |
|
Noble Holding International |
|
|
|
|
|
|
|
|
7.875%, 02/01/2026 (A) |
|
|
195 |
|
|
|
199 |
|
7.750%, 01/15/2024 |
|
|
125 |
|
|
|
116 |
|
NuStar Logistics |
|
|
|
|
|
|
|
|
5.625%, 04/28/2027 |
|
|
90 |
|
|
|
94 |
|
Oasis Petroleum |
|
|
|
|
|
|
|
|
6.875%, 03/15/2022 |
|
|
200 |
|
|
|
206 |
|
Occidental Petroleum |
|
|
|
|
|
|
|
|
4.400%, 04/15/2046 |
|
|
50 |
|
|
|
54 |
|
4.100%, 02/01/2021 |
|
|
200 |
|
|
|
208 |
|
3.000%, 02/15/2027 |
|
|
100 |
|
|
|
98 |
|
2.700%, 02/15/2023 |
|
|
100 |
|
|
|
99 |
|
Oceaneering International |
|
|
|
|
|
|
|
|
4.650%, 11/15/2024 |
|
|
100 |
|
|
|
97 |
|
ONEOK |
|
|
|
|
|
|
|
|
6.000%, 06/15/2035 |
|
|
100 |
|
|
|
115 |
|
4.000%, 07/13/2027 |
|
|
55 |
|
|
|
55 |
|
ONEOK Partners |
|
|
|
|
|
|
|
|
6.200%, 09/15/2043 |
|
|
50 |
|
|
|
61 |
|
Parsley Energy |
|
|
|
|
|
|
|
|
5.625%, 10/15/2027 (A) |
|
|
175 |
|
|
|
180 |
|
5.375%, 01/15/2025 (A) |
|
|
100 |
|
|
|
101 |
|
PBF Holding |
|
|
|
|
|
|
|
|
7.250%, 06/15/2025 |
|
|
150 |
|
|
|
158 |
|
PBF Logistics |
|
|
|
|
|
|
|
|
6.875%, 05/15/2023 (A) |
|
|
38 |
|
|
|
40 |
|
PDC Energy |
|
|
|
|
|
|
|
|
5.750%, 05/15/2026 (A) |
|
|
75 |
|
|
|
76 |
|
Peabody Energy |
|
|
|
|
|
|
|
|
6.375%, 03/31/2025 (A) |
|
|
155 |
|
|
|
163 |
|
6.000%, 03/31/2022 (A) |
|
|
50 |
|
|
|
52 |
|
Petroleos Mexicanos |
|
|
|
|
|
|
|
|
6.625%, 06/15/2035 |
|
|
300 |
|
|
|
318 |
|
6.500%, 03/13/2027 (A) |
|
|
225 |
|
|
|
246 |
|
6.500%, 06/02/2041 |
|
|
260 |
|
|
|
267 |
|
6.375%, 02/04/2021 |
|
|
300 |
|
|
|
326 |
|
5.625%, 01/23/2046 |
|
|
300 |
|
|
|
276 |
|
4.500%, 01/23/2026 |
|
|
150 |
|
|
|
148 |
|
3.500%, 07/23/2020 |
|
|
250 |
|
|
|
252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
3.500%, 01/30/2023 |
|
$ |
250 |
|
|
$ |
245 |
|
2.378%, 04/15/2025 |
|
|
71 |
|
|
|
70 |
|
Petroleos Mexicanos MTN |
|
|
|
|
|
|
|
|
6.875%, 08/04/2026 |
|
|
100 |
|
|
|
113 |
|
6.750%, 09/21/2047 (A) |
|
|
50 |
|
|
|
52 |
|
6.500%, 03/13/2027 (A) |
|
|
200 |
|
|
|
219 |
|
5.500%, 02/04/2019 |
|
|
60 |
|
|
|
62 |
|
4.625%, 09/21/2023 |
|
|
120 |
|
|
|
123 |
|
PHI |
|
|
|
|
|
|
|
|
5.250%, 03/15/2019 |
|
|
100 |
|
|
|
99 |
|
Phillips 66 |
|
|
|
|
|
|
|
|
5.875%, 05/01/2042 |
|
|
100 |
|
|
|
126 |
|
4.875%, 11/15/2044 |
|
|
100 |
|
|
|
113 |
|
4.650%, 11/15/2034 |
|
|
150 |
|
|
|
164 |
|
4.300%, 04/01/2022 |
|
|
150 |
|
|
|
158 |
|
Phillips 66 Partners |
|
|
|
|
|
|
|
|
4.900%, 10/01/2046 |
|
|
25 |
|
|
|
27 |
|
3.550%, 10/01/2026 |
|
|
25 |
|
|
|
24 |
|
2.646%, 02/15/2020 |
|
|
150 |
|
|
|
150 |
|
Pioneer Natural Resources |
|
|
|
|
|
|
|
|
3.950%, 07/15/2022 |
|
|
200 |
|
|
|
206 |
|
Plains All American Pipeline |
|
|
|
|
|
|
|
|
4.700%, 06/15/2044 |
|
|
100 |
|
|
|
96 |
|
4.650%, 10/15/2025 |
|
|
100 |
|
|
|
104 |
|
4.500%, 12/15/2026 |
|
|
100 |
|
|
|
102 |
|
3.600%, 11/01/2024 |
|
|
100 |
|
|
|
98 |
|
2.600%, 12/15/2019 |
|
|
100 |
|
|
|
99 |
|
Puget Energy |
|
|
|
|
|
|
|
|
5.625%, 07/15/2022 |
|
|
100 |
|
|
|
109 |
|
3.650%, 05/15/2025 |
|
|
50 |
|
|
|
50 |
|
Puget Sound Energy |
|
|
|
|
|
|
|
|
4.300%, 05/20/2045 |
|
|
50 |
|
|
|
55 |
|
Puma International Financing |
|
5.125%, 10/06/2024 (A) |
|
|
200 |
|
|
|
204 |
|
QEP Resources |
|
|
|
|
|
|
|
|
5.625%, 03/01/2026 |
|
|
121 |
|
|
|
123 |
|
Range Resources |
|
|
|
|
|
|
|
|
5.000%, 03/15/2023 |
|
|
150 |
|
|
|
150 |
|
4.875%, 05/15/2025 |
|
|
138 |
|
|
|
134 |
|
Rowan |
|
|
|
|
|
|
|
|
7.375%, 06/15/2025 |
|
|
100 |
|
|
|
102 |
|
RSP Permian |
|
|
|
|
|
|
|
|
6.625%, 10/01/2022 |
|
|
150 |
|
|
|
158 |
|
Sabine Pass Liquefaction |
|
|
|
|
|
|
|
|
5.750%, 05/15/2024 |
|
|
175 |
|
|
|
192 |
|
5.625%, 02/01/2021 |
|
|
225 |
|
|
|
240 |
|
5.625%, 03/01/2025 |
|
|
175 |
|
|
|
191 |
|
4.200%, 03/15/2028 |
|
|
100 |
|
|
|
100 |
|
Sable Permian Resources Land |
|
13.000%, 11/30/2020 (A) |
|
|
75 |
|
|
|
86 |
|
7.375%, 11/01/2021 (A) |
|
|
100 |
|
|
|
81 |
|
7.125%, 11/01/2020 (A) |
|
|
100 |
|
|
|
82 |
|
|
|
|
16 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
Sanchez Energy |
|
|
|
|
|
|
|
|
7.750%, 06/15/2021 |
|
$ |
100 |
|
|
$ |
98 |
|
6.125%, 01/15/2023 |
|
|
200 |
|
|
|
175 |
|
Schlumberger Investment |
|
|
|
|
|
|
|
|
3.650%, 12/01/2023 |
|
|
100 |
|
|
|
104 |
|
SESI |
|
|
|
|
|
|
|
|
7.750%, 09/15/2024 (A) |
|
|
70 |
|
|
|
75 |
|
Seven Generations Energy |
|
|
|
|
|
|
|
|
5.375%, 09/30/2025 (A) |
|
|
96 |
|
|
|
97 |
|
Shell International Finance BV |
|
|
|
|
|
|
|
|
6.375%, 12/15/2038 |
|
|
200 |
|
|
|
273 |
|
4.375%, 03/25/2020 |
|
|
100 |
|
|
|
104 |
|
4.375%, 05/11/2045 |
|
|
100 |
|
|
|
110 |
|
4.300%, 09/22/2019 |
|
|
150 |
|
|
|
155 |
|
4.125%, 05/11/2035 |
|
|
200 |
|
|
|
215 |
|
4.000%, 05/10/2046 |
|
|
50 |
|
|
|
52 |
|
3.750%, 09/12/2046 |
|
|
50 |
|
|
|
50 |
|
2.875%, 05/10/2026 |
|
|
50 |
|
|
|
49 |
|
2.500%, 09/12/2026 |
|
|
50 |
|
|
|
48 |
|
2.250%, 11/10/2020 |
|
|
150 |
|
|
|
149 |
|
2.250%, 01/06/2023 |
|
|
100 |
|
|
|
97 |
|
2.125%, 05/11/2020 |
|
|
200 |
|
|
|
198 |
|
1.875%, 05/10/2021 |
|
|
50 |
|
|
|
49 |
|
1.750%, 09/12/2021 |
|
|
50 |
|
|
|
48 |
|
1.375%, 05/10/2019 |
|
|
50 |
|
|
|
49 |
|
1.375%, 09/12/2019 |
|
|
50 |
|
|
|
49 |
|
SM Energy |
|
|
|
|
|
|
|
|
6.750%, 09/15/2026 |
|
|
100 |
|
|
|
104 |
|
6.125%, 11/15/2022 |
|
|
30 |
|
|
|
31 |
|
5.625%, 06/01/2025 |
|
|
113 |
|
|
|
112 |
|
5.000%, 01/15/2024 |
|
|
100 |
|
|
|
99 |
|
Southwestern Energy |
|
|
|
|
|
|
|
|
7.750%, 10/01/2027 |
|
|
80 |
|
|
|
83 |
|
7.500%, 04/01/2026 |
|
|
170 |
|
|
|
178 |
|
6.700%, 01/23/2025 |
|
|
100 |
|
|
|
102 |
|
Spectra Energy Partners |
|
|
|
|
|
|
|
|
4.750%, 03/15/2024 |
|
|
100 |
|
|
|
107 |
|
3.500%, 03/15/2025 |
|
|
100 |
|
|
|
99 |
|
SRC Energy |
|
|
|
|
|
|
|
|
6.250%, 12/01/2025 (A) |
|
|
71 |
|
|
|
73 |
|
Statoil |
|
|
|
|
|
|
|
|
4.800%, 11/08/2043 |
|
|
100 |
|
|
|
116 |
|
3.700%, 03/01/2024 |
|
|
200 |
|
|
|
207 |
|
2.250%, 11/08/2019 |
|
|
250 |
|
|
|
250 |
|
Summit Midstream Holdings |
|
|
|
|
|
|
|
|
5.750%, 04/15/2025 |
|
|
90 |
|
|
|
91 |
|
Suncor Energy |
|
|
|
|
|
|
|
|
6.850%, 06/01/2039 |
|
|
150 |
|
|
|
209 |
|
6.500%, 06/15/2038 |
|
|
200 |
|
|
|
267 |
|
Sunoco |
|
|
|
|
|
|
|
|
5.500%, 02/15/2026 (A) |
|
|
175 |
|
|
|
179 |
|
4.875%, 01/15/2023 (A) |
|
|
245 |
|
|
|
249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
Sunoco Logistics Partners Operations |
|
|
|
|
|
|
|
|
5.400%, 10/01/2047 |
|
$ |
200 |
|
|
$ |
205 |
|
5.350%, 05/15/2045 |
|
|
125 |
|
|
|
127 |
|
4.000%, 10/01/2027 |
|
|
200 |
|
|
|
196 |
|
3.900%, 07/15/2026 |
|
|
100 |
|
|
|
97 |
|
Tallgrass Energy Partners |
|
|
|
|
|
|
|
|
5.500%, 09/15/2024 (A) |
|
|
95 |
|
|
|
97 |
|
5.500%, 01/15/2028 (A) |
|
|
188 |
|
|
|
188 |
|
Targa Resources Partners |
|
|
|
|
|
|
|
|
6.750%, 03/15/2024 |
|
|
100 |
|
|
|
107 |
|
5.250%, 05/01/2023 |
|
|
100 |
|
|
|
102 |
|
5.125%, 02/01/2025 |
|
|
50 |
|
|
|
50 |
|
5.000%, 01/15/2028 (A) |
|
|
100 |
|
|
|
99 |
|
4.250%, 11/15/2023 |
|
|
150 |
|
|
|
148 |
|
4.125%, 11/15/2019 |
|
|
115 |
|
|
|
115 |
|
TC PipeLines |
|
|
|
|
|
|
|
|
3.900%, 05/25/2027 |
|
|
20 |
|
|
|
20 |
|
Total Capital International |
|
|
|
|
|
|
|
|
3.750%, 04/10/2024 |
|
|
150 |
|
|
|
156 |
|
2.875%, 02/17/2022 |
|
|
100 |
|
|
|
100 |
|
2.700%, 01/25/2023 |
|
|
100 |
|
|
|
99 |
|
2.100%, 06/19/2019 |
|
|
250 |
|
|
|
250 |
|
TransCanada PipeLines |
|
|
|
|
|
|
|
|
6.200%, 10/15/2037 |
|
|
250 |
|
|
|
323 |
|
4.875%, 01/15/2026 |
|
|
100 |
|
|
|
110 |
|
2.500%, 08/01/2022 |
|
|
100 |
|
|
|
98 |
|
2.125%, 11/15/2019 |
|
|
100 |
|
|
|
99 |
|
Transocean |
|
|
|
|
|
|
|
|
9.000%, 07/15/2023 (A) |
|
|
225 |
|
|
|
247 |
|
7.500%, 01/15/2026 (A) |
|
|
157 |
|
|
|
164 |
|
Transocean Phoenix 2 |
|
|
|
|
|
|
|
|
7.750%, 10/15/2024 (A) |
|
|
113 |
|
|
|
123 |
|
Tullow Oil |
|
|
|
|
|
|
|
|
6.250%, 04/15/2022 (A) |
|
|
200 |
|
|
|
205 |
|
Ultra Resources |
|
|
|
|
|
|
|
|
7.125%, 04/15/2025 (A) |
|
|
50 |
|
|
|
50 |
|
6.875%, 04/15/2022 (A) |
|
|
150 |
|
|
|
151 |
|
Valero Energy |
|
|
|
|
|
|
|
|
6.625%, 06/15/2037 |
|
|
100 |
|
|
|
132 |
|
3.650%, 03/15/2025 |
|
|
200 |
|
|
|
203 |
|
Valero Energy Partners |
|
|
|
|
|
|
|
|
4.375%, 12/15/2026 |
|
|
20 |
|
|
|
21 |
|
Vine Oil & Gas |
|
|
|
|
|
|
|
|
8.750%, 04/15/2023 (A) |
|
|
100 |
|
|
|
101 |
|
Weatherford International |
|
|
|
|
|
|
|
|
9.875%, 02/15/2024 |
|
|
80 |
|
|
|
87 |
|
8.250%, 06/15/2023 |
|
|
39 |
|
|
|
41 |
|
7.750%, 06/15/2021 |
|
|
219 |
|
|
|
233 |
|
Western Gas Partners |
|
|
|
|
|
|
|
|
5.450%, 04/01/2044 |
|
|
150 |
|
|
|
163 |
|
4.650%, 07/01/2026 |
|
|
150 |
|
|
|
154 |
|
3.950%, 06/01/2025 |
|
|
100 |
|
|
|
99 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
17 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
Whiting Petroleum |
|
|
|
|
|
|
|
|
6.625%, 01/15/2026 (A) |
|
$ |
183 |
|
|
$ |
187 |
|
5.750%, 03/15/2021 |
|
|
100 |
|
|
|
104 |
|
Williams |
|
|
|
|
|
|
|
|
4.550%, 06/24/2024 |
|
|
300 |
|
|
|
308 |
|
Williams Partners |
|
|
|
|
|
|
|
|
6.300%, 04/15/2040 |
|
|
100 |
|
|
|
124 |
|
4.900%, 01/15/2045 |
|
|
150 |
|
|
|
161 |
|
4.875%, 03/15/2024 |
|
|
125 |
|
|
|
130 |
|
4.300%, 03/04/2024 |
|
|
260 |
|
|
|
271 |
|
3.900%, 01/15/2025 |
|
|
100 |
|
|
|
101 |
|
3.750%, 06/15/2027 |
|
|
200 |
|
|
|
199 |
|
3.600%, 03/15/2022 |
|
|
150 |
|
|
|
152 |
|
WPX Energy |
|
|
|
|
|
|
|
|
5.250%, 09/15/2024 |
|
|
183 |
|
|
|
185 |
|
|
|
|
|
|
|
|
49,622 |
|
|
|
|
Financials 7.7% |
|
|
|
|
|
|
|
|
Acrisure |
|
|
|
|
|
|
|
|
7.000%, 11/15/2025 (A) |
|
|
125 |
|
|
|
124 |
|
Aflac |
|
|
|
|
|
|
|
|
3.625%, 11/15/2024 |
|
|
100 |
|
|
|
102 |
|
2.400%, 03/16/2020 |
|
|
100 |
|
|
|
100 |
|
African Development Bank |
|
|
|
|
|
|
|
|
1.875%, 03/16/2020 |
|
|
250 |
|
|
|
248 |
|
1.250%, 07/26/2021 |
|
|
100 |
|
|
|
96 |
|
1.125%, 09/20/2019 |
|
|
100 |
|
|
|
98 |
|
African Development Bank MTN |
|
|
|
|
|
2.125%, 11/16/2022 |
|
|
100 |
|
|
|
97 |
|
Alliant Holdings Intermediate |
|
|
|
|
|
|
|
|
8.250%, 08/01/2023 (A) |
|
|
150 |
|
|
|
158 |
|
Allstate |
|
|
|
|
|
|
|
|
5.950%, 04/01/2036 |
|
|
100 |
|
|
|
126 |
|
5.750%, VAR ICE LIBOR USD 3 Month+2.938%, 08/15/2053 |
|
|
100 |
|
|
|
109 |
|
Ally Financial |
|
|
|
|
|
|
|
|
5.750%, 11/20/2025 |
|
|
100 |
|
|
|
107 |
|
4.625%, 03/30/2025 |
|
|
200 |
|
|
|
206 |
|
4.125%, 02/13/2022 |
|
|
200 |
|
|
|
202 |
|
3.750%, 11/18/2019 |
|
|
275 |
|
|
|
277 |
|
3.500%, 01/27/2019 |
|
|
200 |
|
|
|
201 |
|
American Equity Investment Life Holding |
|
5.000%, 06/15/2027 |
|
|
55 |
|
|
|
57 |
|
American Express |
|
|
|
|
|
|
|
|
4.050%, 12/03/2042 |
|
|
100 |
|
|
|
103 |
|
3.000%, 10/30/2024 |
|
|
250 |
|
|
|
245 |
|
2.650%, 12/02/2022 |
|
|
100 |
|
|
|
98 |
|
2.500%, 08/01/2022 |
|
|
100 |
|
|
|
98 |
|
2.200%, 10/30/2020 |
|
|
190 |
|
|
|
188 |
|
American Express Credit MTN |
|
3.300%, 05/03/2027 |
|
|
130 |
|
|
|
129 |
|
2.375%, 05/26/2020 |
|
|
50 |
|
|
|
50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
2.250%, 08/15/2019 |
|
$ |
100 |
|
|
$ |
100 |
|
2.250%, 05/05/2021 |
|
|
350 |
|
|
|
344 |
|
1.875%, 05/03/2019 |
|
|
115 |
|
|
|
114 |
|
American Financial Group |
|
|
|
|
|
|
|
|
4.500%, 06/15/2047 |
|
|
50 |
|
|
|
51 |
|
3.500%, 08/15/2026 |
|
|
85 |
|
|
|
83 |
|
American International Group |
|
|
|
|
|
|
|
|
4.500%, 07/16/2044 |
|
|
250 |
|
|
|
258 |
|
4.125%, 02/15/2024 |
|
|
100 |
|
|
|
104 |
|
3.875%, 01/15/2035 |
|
|
100 |
|
|
|
97 |
|
3.300%, 03/01/2021 |
|
|
150 |
|
|
|
152 |
|
2.300%, 07/16/2019 |
|
|
200 |
|
|
|
199 |
|
Ameriprise Financial |
|
|
|
|
|
|
|
|
3.700%, 10/15/2024 |
|
|
100 |
|
|
|
102 |
|
Andina de Fomento |
|
|
|
|
|
|
|
|
4.375%, 06/15/2022 |
|
|
100 |
|
|
|
106 |
|
2.200%, 07/18/2020 |
|
|
200 |
|
|
|
198 |
|
Aon |
|
|
|
|
|
|
|
|
8.205%, 01/01/2027 |
|
|
100 |
|
|
|
130 |
|
4.600%, 06/14/2044 |
|
|
100 |
|
|
|
106 |
|
3.500%, 06/14/2024 |
|
|
200 |
|
|
|
201 |
|
Arch Capital Group |
|
|
|
|
|
|
|
|
5.144%, 11/01/2043 |
|
|
150 |
|
|
|
170 |
|
Ares Capital |
|
|
|
|
|
|
|
|
3.625%, 01/19/2022 |
|
|
100 |
|
|
|
99 |
|
3.500%, 02/10/2023 |
|
|
100 |
|
|
|
98 |
|
Asian Development Bank MTN |
|
2.625%, 01/12/2027 |
|
|
200 |
|
|
|
196 |
|
2.000%, 02/16/2022 |
|
|
200 |
|
|
|
195 |
|
2.000%, 01/22/2025 |
|
|
150 |
|
|
|
143 |
|
2.000%, 04/24/2026 |
|
|
100 |
|
|
|
94 |
|
1.875%, 04/12/2019 |
|
|
100 |
|
|
|
100 |
|
1.875%, 08/10/2022 |
|
|
100 |
|
|
|
97 |
|
1.750%, 01/10/2020 |
|
|
200 |
|
|
|
198 |
|
1.750%, 09/13/2022 |
|
|
200 |
|
|
|
192 |
|
1.750%, 08/14/2026 |
|
|
100 |
|
|
|
92 |
|
1.625%, 05/05/2020 |
|
|
300 |
|
|
|
295 |
|
1.625%, 08/26/2020 |
|
|
100 |
|
|
|
98 |
|
1.625%, 03/16/2021 |
|
|
150 |
|
|
|
146 |
|
1.500%, 01/22/2020 |
|
|
350 |
|
|
|
345 |
|
ASP AMC Merger |
|
|
|
|
|
|
|
|
8.000%, 05/15/2025 (A) |
|
|
120 |
|
|
|
115 |
|
AssuredPartners |
|
|
|
|
|
|
|
|
7.000%, 08/15/2025 (A) |
|
|
64 |
|
|
|
66 |
|
Australia & New Zealand Banking Group NY |
|
2.550%, 11/23/2021 |
|
|
250 |
|
|
|
247 |
|
Australia & New Zealand Banking Group NY MTN |
|
3.700%, 11/16/2025 |
|
|
250 |
|
|
|
257 |
|
AXIS Specialty Finance |
|
|
|
|
|
|
|
|
4.000%, 12/06/2027 |
|
|
50 |
|
|
|
49 |
|
|
|
|
18 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
Banco Santander |
|
|
|
|
|
|
|
|
5.179%, 11/19/2025 |
|
$ |
200 |
|
|
$ |
214 |
|
3.800%, 02/23/2028 |
|
|
200 |
|
|
|
199 |
|
3.125%, 02/23/2023 |
|
|
200 |
|
|
|
197 |
|
Bank of America |
|
|
|
|
|
|
|
|
7.750%, 05/14/2038 |
|
|
275 |
|
|
|
407 |
|
6.110%, 01/29/2037 |
|
|
150 |
|
|
|
188 |
|
3.419%, VAR ICE LIBOR USD 3 Month+1.040%, 12/20/2028 (A) |
|
|
271 |
|
|
|
266 |
|
3.366%, VAR ICE LIBOR USD 3 Month+0.810%, 01/23/2026 |
|
|
100 |
|
|
|
100 |
|
3.004%, VAR ICE LIBOR USD 3 Month+0.790%, 12/20/2023 (A) |
|
|
217 |
|
|
|
215 |
|
2.738%, VAR ICE LIBOR USD 3 Month+0.370%, 01/23/2022 |
|
|
100 |
|
|
|
99 |
|
Bank of America MTN |
|
|
|
|
|
|
|
|
5.000%, 01/21/2044 |
|
|
150 |
|
|
|
176 |
|
4.750%, 04/21/2045 |
|
|
40 |
|
|
|
44 |
|
4.443%, VAR ICE LIBOR USD 3 Month+1.990%, 01/20/2048 |
|
|
200 |
|
|
|
218 |
|
4.244%, VAR ICE LIBOR USD 3 Month+1.814%, 04/24/2038 |
|
|
100 |
|
|
|
106 |
|
4.183%, 11/25/2027 |
|
|
150 |
|
|
|
154 |
|
4.100%, 07/24/2023 |
|
|
415 |
|
|
|
435 |
|
4.000%, 04/01/2024 |
|
|
285 |
|
|
|
296 |
|
4.000%, 01/22/2025 |
|
|
250 |
|
|
|
256 |
|
3.875%, 08/01/2025 |
|
|
100 |
|
|
|
103 |
|
3.824%, VAR ICE LIBOR USD 3 Month+1.575%, 01/20/2028 |
|
|
200 |
|
|
|
204 |
|
3.705%, VAR ICE LIBOR USD 3 Month+1.512%, 04/24/2028 |
|
|
200 |
|
|
|
202 |
|
3.500%, 04/19/2026 |
|
|
300 |
|
|
|
302 |
|
3.248%, 10/21/2027 |
|
|
200 |
|
|
|
195 |
|
3.093%, VAR ICE LIBOR USD 3 Month+1.090%, 10/01/2025 |
|
|
200 |
|
|
|
196 |
|
2.881%, VAR ICE LIBOR USD 3 Month+1.021%, 04/24/2023 |
|
|
100 |
|
|
|
99 |
|
2.650%, 04/01/2019 |
|
|
300 |
|
|
|
301 |
|
2.625%, 10/19/2020 |
|
|
100 |
|
|
|
100 |
|
2.625%, 04/19/2021 |
|
|
100 |
|
|
|
99 |
|
2.369%, VAR ICE LIBOR USD 3 Month+0.660%, 07/21/2021 |
|
|
200 |
|
|
|
199 |
|
2.328%, VAR ICE LIBOR USD 3 Month+0.630%, 10/01/2021 |
|
|
200 |
|
|
|
198 |
|
2.250%, 04/21/2020 |
|
|
150 |
|
|
|
149 |
|
2.151%, 11/09/2020 |
|
|
250 |
|
|
|
247 |
|
Bank of Montreal MTN |
|
|
|
|
|
|
|
|
2.350%, 09/11/2022 |
|
|
300 |
|
|
|
291 |
|
2.100%, 12/12/2019 |
|
|
65 |
|
|
|
65 |
|
1.900%, 08/27/2021 |
|
|
100 |
|
|
|
97 |
|
1.750%, 09/11/2019 |
|
|
100 |
|
|
|
99 |
|
Bank of New York Mellon |
|
|
|
|
|
|
|
|
3.550%, 09/23/2021 |
|
|
100 |
|
|
|
103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
Bank of New York Mellon MTN |
|
|
|
|
|
|
|
|
3.442%, VAR ICE LIBOR USD 3 Month+1.069%, 02/07/2028 |
|
$ |
100 |
|
|
$ |
100 |
|
3.300%, 08/23/2029 |
|
|
200 |
|
|
|
194 |
|
3.000%, 02/24/2025 |
|
|
150 |
|
|
|
148 |
|
3.000%, 10/30/2028 |
|
|
85 |
|
|
|
81 |
|
2.800%, 05/04/2026 |
|
|
50 |
|
|
|
48 |
|
2.661%, VAR ICE LIBOR USD 3 Month+0.634%, 05/16/2023 |
|
|
200 |
|
|
|
197 |
|
2.600%, 08/17/2020 |
|
|
200 |
|
|
|
200 |
|
2.600%, 02/07/2022 |
|
|
100 |
|
|
|
99 |
|
2.450%, 11/27/2020 |
|
|
50 |
|
|
|
50 |
|
2.300%, 09/11/2019 |
|
|
200 |
|
|
|
200 |
|
2.050%, 05/03/2021 |
|
|
50 |
|
|
|
49 |
|
Bank of Nova Scotia |
|
|
|
|
|
|
|
|
4.650%, VAR ICE LIBOR USD 3 Month+2.648%, 12/29/2049 |
|
|
300 |
|
|
|
297 |
|
2.800%, 07/21/2021 |
|
|
50 |
|
|
|
50 |
|
2.450%, 03/22/2021 |
|
|
250 |
|
|
|
248 |
|
2.450%, 09/19/2022 |
|
|
200 |
|
|
|
195 |
|
2.150%, 07/14/2020 |
|
|
200 |
|
|
|
198 |
|
1.875%, 04/26/2021 |
|
|
300 |
|
|
|
292 |
|
1.650%, 06/14/2019 |
|
|
150 |
|
|
|
148 |
|
Barclays |
|
|
|
|
|
|
|
|
5.250%, 08/17/2045 |
|
|
200 |
|
|
|
225 |
|
4.836%, 05/09/2028 |
|
|
200 |
|
|
|
205 |
|
4.375%, 01/12/2026 |
|
|
200 |
|
|
|
205 |
|
4.337%, 01/10/2028 |
|
|
200 |
|
|
|
204 |
|
3.650%, 03/16/2025 |
|
|
250 |
|
|
|
246 |
|
3.250%, 01/12/2021 |
|
|
300 |
|
|
|
301 |
|
2.650%, 01/11/2021 |
|
|
200 |
|
|
|
199 |
|
BB&T MTN |
|
|
|
|
|
|
|
|
2.850%, 10/26/2024 |
|
|
200 |
|
|
|
196 |
|
2.625%, 06/29/2020 |
|
|
100 |
|
|
|
100 |
|
2.450%, 01/15/2020 |
|
|
150 |
|
|
|
150 |
|
2.150%, 02/01/2021 |
|
|
200 |
|
|
|
197 |
|
Berkshire Hathaway |
|
|
|
|
|
|
|
|
4.500%, 02/11/2043 |
|
|
50 |
|
|
|
56 |
|
3.125%, 03/15/2026 |
|
|
35 |
|
|
|
34 |
|
3.000%, 02/11/2023 |
|
|
150 |
|
|
|
151 |
|
2.750%, 03/15/2023 |
|
|
200 |
|
|
|
199 |
|
2.200%, 03/15/2021 |
|
|
35 |
|
|
|
35 |
|
2.100%, 08/14/2019 |
|
|
200 |
|
|
|
199 |
|
Berkshire Hathaway Finance |
|
|
|
|
|
|
|
|
4.250%, 01/15/2021 |
|
|
100 |
|
|
|
105 |
|
1.700%, 03/15/2019 |
|
|
60 |
|
|
|
59 |
|
BlackRock |
|
|
|
|
|
|
|
|
3.500%, 03/18/2024 |
|
|
200 |
|
|
|
206 |
|
BNP Paribas |
|
|
|
|
|
|
|
|
2.375%, 05/21/2020 |
|
|
200 |
|
|
|
199 |
|
BNP Paribas MTN |
|
|
|
|
|
|
|
|
5.000%, 01/15/2021 |
|
|
150 |
|
|
|
159 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
19 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value
($ Thousands) |
|
|
|
|
CORPORATE OBLIGATIONS (continued) |
|
|
|
|
|
|
|
|
2.450%, 03/17/2019 |
|
$ |
300 |
|
|
$ |
301 |
|
Branch Banking & Trust |
|
|
|
|
|
|
|
|
3.625%, 09/16/2025 |
|
|
250 |
|
|
|
254 |
|
2.625%, 01/15/2022 |
|
|
250 |
|
|
|
248 |
|
Brighthouse Financial |
|
|
|
|
|
|
|
|
4.700%, 06/22/2047 (A) |
|
|
50 |
|
|
|
49 |
|
3.700%, 06/22/2027 (A) |
|
|
50 |
|
|
|
48 |
|
Brookfield Finance |
|
|
|
|
|
|
|
|
4.700%, 09/20/2047 |
|
|
200 |
|
|
|
202 |
|
4.000%, 04/01/2024 |
|
|
100 |
|
|
|
102 |
|
Canadian Imperial Bank of Commerce |
|
|
|
|
|
|
|
|
2.100%, 10/05/2020 |
|
|
250 |
|
|
|
247 |
|
1.600%, 09/06/2019 |
|
|
100 |
|
|
|
98 |
|
Capital One |
|
|
|
|
|
|
|
|
2.650%, 08/08/2022 |
|
|
250 |
|
|
|
244 |
|
2.250%, 09/13/2021 |
|
|
250 |
|
|
|
243 |
|
Capital One Bank USA |
|
|
|
|
|
|
|
|
2.250%, 02/13/2019 |
|
|
350 |
|
|
|
350 |
|
Capital One Financial |
|
|
|
|
|
|
|
|
3.750%, 07/28/2026 |
|
|
50 |
|
|
|
49 |
|
3.750%, 03/09/2027 |
|
|
50 |
|
|
|
50 |
|
3.200%, 02/05/2025 |
|
|
100 |
|
|
|
97 |
|
3.050%, 03/09/2022 |
|
|
200 |
|
|
|
199 |
|
2.500%, 05/12/2020 |
|
|
49 |
|
|
|
48 |
|
Cboe Global Markets |
|
|
|
|
|
|
|
|
1.950%, 06/28/2019 |
|
|
30 |
|
|
|
30 |
|
Charles Schwab |
|
|
|
|
|
|
|
|
3.450%, 02/13/2026 |
|
|
70 |
|
|
|
70 |
|
3.200%, 03/02/2027 |
|
|
100 |
|
|
|
99 |
|
Chubb INA Holdings |
|
|
|
|
|
|
|
|
3.350%, 05/15/2024 |
|
|
200 |
|
|
|
202 |
|
3.150%, 03/15/2025 |
|
|
100 |
|
|
|
99 |
|
2.300%, 11/03/2020 |
|
|
200 |
|
|
|
199 |
|
CIT Group |
|
|
|
|
|
|
|
|
5.000%, 08/01/2023 |
|
|
200 |
|
|
|
209 |
|
3.875%, 02/19/2019 |
|
|
100 |
|
|
|
101 |
|
Citibank |
|
|
|
|
|
|
|
|
2.125%, 10/20/2020 |
|
|
200 |
|
|
|
197 |
|
2.100%, 06/12/2020 |
|
|
300 |
|
|
|
296 |
|
2.000%, 03/20/2019 |
|
|
250 |
|
|
|
249 |
|
1.850%, 09/18/2019 |
|
|
250 |
|
|
|
248 |
|
Citigroup |
|
|
|
|
|
|
|
|
6.675%, 09/13/2043 |
|
|
90 |
|
|
|
122 |
|
6.125%, 08/25/2036 |
|
|
200 |
|
|
|
249 |
|
4.750%, 05/18/2046 |
|
|
250 |
|
|
|
271 |
|
4.650%, 07/30/2045 |
|
|
100 |
|
|
|
112 |
|
4.600%, 03/09/2026 |
|
|
35 |
|
|
|
37 |
|
4.450%, 09/29/2027 |
|
|
500 |
|
|
|
521 |
|
3.875%, 03/26/2025 |
|
|
300 |
|
|
|
302 |
|
3.700%, 01/12/2026 |
|
|
300 |
|
|
|
304 |
|
3.668%, VAR ICE LIBOR USD 3 Month+1.390%, 07/24/2028 |
|
|
50 |
|
|
|
50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value
($ Thousands) |
|
|
|
|
CORPORATE OBLIGATIONS (continued) |
|
|
|
|
|
|
|
|
3.520%, VAR ICE LIBOR USD 3 Month+1.151%, 10/27/2028 |
|
$ |
200 |
|
|
$ |
198 |
|
3.400%, 05/01/2026 |
|
|
150 |
|
|
|
148 |
|
3.300%, 04/27/2025 |
|
|
300 |
|
|
|
297 |
|
3.200%, 10/21/2026 |
|
|
200 |
|
|
|
195 |
|
2.900%, 12/08/2021 |
|
|
300 |
|
|
|
299 |
|
2.876%, VAR ICE LIBOR USD 3 Month+0.950%, 07/24/2023 |
|
|
250 |
|
|
|
246 |
|
2.700%, 03/30/2021 |
|
|
100 |
|
|
|
99 |
|
2.700%, 10/27/2022 |
|
|
200 |
|
|
|
196 |
|
2.650%, 10/26/2020 |
|
|
200 |
|
|
|
200 |
|
2.350%, 08/02/2021 |
|
|
50 |
|
|
|
49 |
|
Citizens Bank |
|
|
|
|
|
|
|
|
2.250%, 03/02/2020 |
|
|
250 |
|
|
|
248 |
|
Citizens Financial Group |
|
|
|
|
|
|
|
|
2.375%, 07/28/2021 |
|
|
30 |
|
|
|
29 |
|
CME Group |
|
|
|
|
|
|
|
|
3.000%, 03/15/2025 |
|
|
100 |
|
|
|
99 |
|
CNA Financial |
|
|
|
|
|
|
|
|
4.500%, 03/01/2026 |
|
|
100 |
|
|
|
105 |
|
3.450%, 08/15/2027 |
|
|
50 |
|
|
|
48 |
|
CNO Financial Group |
|
|
|
|
|
|
|
|
5.250%, 05/30/2025 |
|
|
90 |
|
|
|
92 |
|
Commonwealth Bank of Australia MTN |
|
|
|
|
|
|
|
|
2.300%, 03/12/2020 |
|
|
250 |
|
|
|
248 |
|
Cooperatieve Rabobank |
|
|
|
|
|
|
|
|
5.250%, 08/04/2045 |
|
|
250 |
|
|
|
296 |
|
4.625%, 12/01/2023 |
|
|
250 |
|
|
|
265 |
|
3.750%, 07/21/2026 |
|
|
250 |
|
|
|
247 |
|
Cooperatieve Rabobank MTN |
|
|
|
|
|
|
|
|
3.875%, 02/08/2022 |
|
|
250 |
|
|
|
259 |
|
2.500%, 01/19/2021 |
|
|
250 |
|
|
|
248 |
|
Credit Suisse MTN |
|
|
|
|
|
|
|
|
3.625%, 09/09/2024 |
|
|
250 |
|
|
|
254 |
|
Credit Suisse Group Funding Guernsey |
|
|
|
|
|
|
|
|
4.875%, 05/15/2045 |
|
|
250 |
|
|
|
278 |
|
3.800%, 06/09/2023 |
|
|
250 |
|
|
|
255 |
|
3.750%, 03/26/2025 |
|
|
250 |
|
|
|
250 |
|
3.450%, 04/16/2021 |
|
|
250 |
|
|
|
253 |
|
Deutsche Bank |
|
|
|
|
|
|
|
|
4.500%, 04/01/2025 |
|
|
200 |
|
|
|
201 |
|
Deutsche Bank MTN |
|
|
|
|
|
|
|
|
4.296%, VAR USD Swap Semi 30/360 5 Year Curr+2.248%, 05/24/2028 |
|
|
300 |
|
|
|
295 |
|
3.700%, 05/30/2024 |
|
|
250 |
|
|
|
249 |
|
3.375%, 05/12/2021 |
|
|
100 |
|
|
|
100 |
|
2.850%, 05/10/2019 |
|
|
100 |
|
|
|
100 |
|
Deutsche Bank NY |
|
|
|
|
|
|
|
|
4.875%, VAR USD ICE Swap 11:00 NY 5 Yr+2.553%, 12/01/2032 |
|
|
200 |
|
|
|
197 |
|
3.300%, 11/16/2022 |
|
|
200 |
|
|
|
198 |
|
3.150%, 01/22/2021 |
|
|
200 |
|
|
|
200 |
|
|
|
|
20 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
2.700%, 07/13/2020 |
|
$ |
100 |
|
|
$ |
99 |
|
Discover Bank |
|
|
|
|
|
|
|
|
4.200%, 08/08/2023 |
|
|
250 |
|
|
|
259 |
|
Discover Financial Services |
|
|
|
|
|
|
|
|
4.100%, 02/09/2027 |
|
|
40 |
|
|
|
40 |
|
3.850%, 11/21/2022 |
|
|
100 |
|
|
|
102 |
|
E*TRADE Financial |
|
|
|
|
|
|
|
|
3.800%, 08/24/2027 |
|
|
200 |
|
|
|
197 |
|
2.950%, 08/24/2022 |
|
|
25 |
|
|
|
25 |
|
European Bank for Reconstruction & Development MTN |
|
|
|
|
|
|
|
|
2.125%, 03/07/2022 |
|
|
250 |
|
|
|
245 |
|
2.000%, 02/01/2021 |
|
|
200 |
|
|
|
197 |
|
1.750%, 06/14/2019 |
|
|
100 |
|
|
|
100 |
|
1.750%, 11/26/2019 |
|
|
200 |
|
|
|
198 |
|
1.625%, 05/05/2020 |
|
|
300 |
|
|
|
295 |
|
0.875%, 07/22/2019 |
|
|
250 |
|
|
|
245 |
|
European Investment Bank |
|
|
|
|
|
|
|
|
2.875%, 09/15/2020 |
|
|
125 |
|
|
|
127 |
|
2.500%, 03/15/2023 |
|
|
180 |
|
|
|
178 |
|
2.375%, 06/15/2022 |
|
|
250 |
|
|
|
247 |
|
2.250%, 03/15/2022 |
|
|
400 |
|
|
|
394 |
|
2.125%, 10/15/2021 |
|
|
500 |
|
|
|
492 |
|
2.000%, 03/15/2021 |
|
|
150 |
|
|
|
148 |
|
2.000%, 12/15/2022 |
|
|
300 |
|
|
|
291 |
|
1.875%, 02/10/2025 |
|
|
400 |
|
|
|
376 |
|
1.750%, 06/17/2019 |
|
|
200 |
|
|
|
199 |
|
1.750%, 05/15/2020 |
|
|
600 |
|
|
|
592 |
|
1.625%, 03/16/2020 |
|
|
100 |
|
|
|
99 |
|
1.625%, 08/14/2020 |
|
|
300 |
|
|
|
294 |
|
1.625%, 12/15/2020 |
|
|
500 |
|
|
|
489 |
|
1.625%, 06/15/2021 |
|
|
150 |
|
|
|
146 |
|
1.375%, 06/15/2020 |
|
|
300 |
|
|
|
293 |
|
1.250%, 12/16/2019 |
|
|
250 |
|
|
|
245 |
|
European Investment Bank MTN |
|
|
|
|
|
|
|
|
1.375%, 09/15/2021 |
|
|
250 |
|
|
|
240 |
|
FBM Finance |
|
|
|
|
|
|
|
|
8.250%, 08/15/2021 (A) |
|
|
130 |
|
|
|
138 |
|
Fifth Third Bancorp |
|
|
|
|
|
|
|
|
2.875%, 07/27/2020 |
|
|
150 |
|
|
|
151 |
|
Fifth Third Bank |
|
|
|
|
|
|
|
|
2.200%, 10/30/2020 |
|
|
200 |
|
|
|
198 |
|
1.625%, 09/27/2019 |
|
|
200 |
|
|
|
197 |
|
First Republic Bank |
|
|
|
|
|
|
|
|
4.625%, 02/13/2047 |
|
|
250 |
|
|
|
260 |
|
Franklin Resources |
|
|
|
|
|
|
|
|
2.850%, 03/30/2025 |
|
|
150 |
|
|
|
147 |
|
Goldman Sachs Group |
|
|
|
|
|
|
|
|
6.750%, 10/01/2037 |
|
|
625 |
|
|
|
825 |
|
6.250%, 02/01/2041 |
|
|
100 |
|
|
|
132 |
|
5.750%, 01/24/2022 |
|
|
130 |
|
|
|
143 |
|
4.750%, 10/21/2045 |
|
|
100 |
|
|
|
112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
4.017%, VAR ICE LIBOR USD 3 Month+1.373%, 10/31/2038 |
|
$ |
200 |
|
|
$ |
201 |
|
3.814%, VAR ICE LIBOR USD 3 Month+1.158%, 04/23/2029 |
|
|
100 |
|
|
|
100 |
|
3.750%, 05/22/2025 |
|
|
250 |
|
|
|
253 |
|
3.750%, 02/25/2026 |
|
|
60 |
|
|
|
61 |
|
3.691%, VAR ICE LIBOR USD 3 Month+1.510%, 06/05/2028 |
|
|
100 |
|
|
|
99 |
|
3.500%, 01/23/2025 |
|
|
300 |
|
|
|
300 |
|
3.500%, 11/16/2026 |
|
|
300 |
|
|
|
296 |
|
3.272%, VAR ICE LIBOR USD 3 Month+1.201%, 09/29/2025 |
|
|
145 |
|
|
|
142 |
|
3.200%, 02/23/2023 |
|
|
55 |
|
|
|
55 |
|
3.000%, 04/26/2022 |
|
|
85 |
|
|
|
84 |
|
2.908%, VAR ICE LIBOR USD 3 Month+1.053%, 06/05/2023 |
|
|
150 |
|
|
|
147 |
|
2.876%, VAR ICE LIBOR USD 3 Month+0.821%, 10/31/2022 |
|
|
200 |
|
|
|
197 |
|
2.875%, 02/25/2021 |
|
|
100 |
|
|
|
100 |
|
2.600%, 04/23/2020 |
|
|
300 |
|
|
|
299 |
|
2.600%, 12/27/2020 |
|
|
200 |
|
|
|
199 |
|
2.550%, 10/23/2019 |
|
|
200 |
|
|
|
200 |
|
2.350%, 11/15/2021 |
|
|
200 |
|
|
|
195 |
|
2.300%, 12/13/2019 |
|
|
210 |
|
|
|
209 |
|
Goldman Sachs Group MTN |
|
|
|
|
|
|
|
|
6.000%, 06/15/2020 |
|
|
350 |
|
|
|
375 |
|
4.800%, 07/08/2044 |
|
|
100 |
|
|
|
113 |
|
3.850%, 07/08/2024 |
|
|
200 |
|
|
|
204 |
|
Hartford Financial Services Group |
|
|
|
|
|
|
|
|
5.500%, 03/30/2020 |
|
|
150 |
|
|
|
159 |
|
4.300%, 04/15/2043 |
|
|
100 |
|
|
|
104 |
|
HSBC |
|
|
|
|
|
|
|
|
2.375%, 11/13/2019 |
|
|
300 |
|
|
|
299 |
|
2.350%, 03/05/2020 |
|
|
350 |
|
|
|
349 |
|
HSBC Holdings |
|
|
|
|
|
|
|
|
6.500%, 05/02/2036 |
|
|
200 |
|
|
|
256 |
|
6.500%, 09/15/2037 |
|
|
225 |
|
|
|
289 |
|
5.250%, 03/14/2044 |
|
|
200 |
|
|
|
229 |
|
4.375%, 11/23/2026 |
|
|
200 |
|
|
|
206 |
|
4.300%, 03/08/2026 |
|
|
400 |
|
|
|
419 |
|
3.033%, VAR ICE LIBOR USD 3 Month+0.923%, 11/22/2023 |
|
|
200 |
|
|
|
198 |
|
2.950%, 05/25/2021 |
|
|
250 |
|
|
|
250 |
|
2.650%, 01/05/2022 |
|
|
200 |
|
|
|
197 |
|
HUB International |
|
|
|
|
|
|
|
|
7.875%, 10/01/2021 (A) |
|
|
250 |
|
|
|
260 |
|
Hunt |
|
|
|
|
|
|
|
|
6.250%, 02/15/2026 (A) |
|
|
95 |
|
|
|
95 |
|
Huntington Bancshares |
|
|
|
|
|
|
|
|
2.300%, 01/14/2022 |
|
|
250 |
|
|
|
243 |
|
Huntington National Bank |
|
|
|
|
|
|
|
|
2.500%, 08/07/2022 |
|
|
250 |
|
|
|
244 |
|
2.375%, 03/10/2020 |
|
|
250 |
|
|
|
248 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
21 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
Industrial & Commercial Bank of China |
|
|
|
|
|
|
|
|
2.452%, 10/20/2021 |
|
$ |
250 |
|
|
$ |
243 |
|
Intelsat Connect Finance |
|
|
|
|
|
|
|
|
12.500%, 04/01/2022 (A) |
|
|
150 |
|
|
|
115 |
|
Inter-American Development Bank |
|
|
|
|
|
|
|
|
3.200%, 08/07/2042 |
|
|
100 |
|
|
|
98 |
|
3.000%, 02/21/2024 |
|
|
300 |
|
|
|
304 |
|
2.375%, 07/07/2027 |
|
|
400 |
|
|
|
384 |
|
1.875%, 03/15/2021 |
|
|
100 |
|
|
|
98 |
|
1.000%, 05/13/2019 |
|
|
500 |
|
|
|
493 |
|
Inter-American Development Bank MTN |
|
|
|
|
|
|
|
|
2.125%, 01/18/2022 |
|
|
250 |
|
|
|
246 |
|
1.750%, 10/15/2019 |
|
|
700 |
|
|
|
694 |
|
1.750%, 09/14/2022 |
|
|
200 |
|
|
|
192 |
|
1.625%, 05/12/2020 |
|
|
100 |
|
|
|
99 |
|
Intercontinental Exchange |
|
|
|
|
|
|
|
|
3.750%, 12/01/2025 |
|
|
55 |
|
|
|
57 |
|
3.100%, 09/15/2027 |
|
|
100 |
|
|
|
98 |
|
2.750%, 12/01/2020 |
|
|
55 |
|
|
|
55 |
|
2.350%, 09/15/2022 |
|
|
100 |
|
|
|
98 |
|
International Bank for Reconstruction & Development |
|
|
|
|
|
|
|
|
2.500%, 11/25/2024 |
|
|
200 |
|
|
|
196 |
|
2.500%, 07/29/2025 |
|
|
150 |
|
|
|
147 |
|
2.125%, 11/01/2020 |
|
|
450 |
|
|
|
447 |
|
2.000%, 01/26/2022 |
|
|
200 |
|
|
|
196 |
|
1.875%, 03/15/2019 |
|
|
500 |
|
|
|
499 |
|
1.875%, 04/21/2020 |
|
|
300 |
|
|
|
297 |
|
1.750%, 04/19/2023 |
|
|
350 |
|
|
|
334 |
|
1.625%, 02/10/2022 |
|
|
200 |
|
|
|
193 |
|
1.250%, 07/26/2019 |
|
|
350 |
|
|
|
345 |
|
International Bank for Reconstruction & Development MTN |
|
|
|
|
|
|
|
|
1.875%, 10/27/2026 |
|
|
200 |
|
|
|
185 |
|
1.625%, 09/04/2020 |
|
|
600 |
|
|
|
589 |
|
1.625%, 03/09/2021 |
|
|
350 |
|
|
|
341 |
|
1.375%, 05/24/2021 |
|
|
250 |
|
|
|
241 |
|
1.125%, 11/27/2019 |
|
|
250 |
|
|
|
245 |
|
0.875%, 08/15/2019 |
|
|
500 |
|
|
|
490 |
|
International Finance |
|
|
|
|
|
|
|
|
1.750%, 09/16/2019 |
|
|
100 |
|
|
|
99 |
|
International Finance MTN |
|
|
|
|
|
|
|
|
2.000%, 10/24/2022 |
|
|
200 |
|
|
|
194 |
|
1.125%, 07/20/2021 |
|
|
100 |
|
|
|
96 |
|
Intesa Sanpaolo MTN |
|
|
|
|
|
|
|
|
5.710%, 01/15/2026 (A) |
|
|
200 |
|
|
|
210 |
|
5.017%, 06/26/2024 (A) |
|
|
400 |
|
|
|
409 |
|
Invesco Finance |
|
|
|
|
|
|
|
|
5.375%, 11/30/2043 |
|
|
150 |
|
|
|
180 |
|
Jefferies Group |
|
|
|
|
|
|
|
|
6.875%, 04/15/2021 |
|
|
100 |
|
|
|
111 |
|
4.850%, 01/15/2027 |
|
|
135 |
|
|
|
142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
JPMorgan Chase |
|
|
|
|
|
|
|
|
6.400%, 05/15/2038 |
|
$ |
100 |
|
|
$ |
135 |
|
6.300%, 04/23/2019 |
|
|
200 |
|
|
|
209 |
|
5.625%, 08/16/2043 |
|
|
190 |
|
|
|
232 |
|
4.950%, 06/01/2045 |
|
|
200 |
|
|
|
226 |
|
4.625%, 05/10/2021 |
|
|
150 |
|
|
|
159 |
|
4.350%, 08/15/2021 |
|
|
100 |
|
|
|
105 |
|
4.250%, 10/01/2027 |
|
|
295 |
|
|
|
308 |
|
4.032%, VAR ICE LIBOR USD 3 Month+1.460%, 07/24/2048 |
|
|
100 |
|
|
|
102 |
|
3.964%, VAR ICE LIBOR USD 3 Month+1.380%, 11/15/2048 |
|
|
100 |
|
|
|
101 |
|
3.900%, 07/15/2025 |
|
|
100 |
|
|
|
104 |
|
3.897%, VAR ICE LIBOR USD 3 Month+1.220%, 01/23/2049 |
|
|
150 |
|
|
|
150 |
|
3.882%, VAR ICE LIBOR USD 3 Month+1.360%, 07/24/2038 |
|
|
100 |
|
|
|
101 |
|
3.875%, 02/01/2024 |
|
|
200 |
|
|
|
207 |
|
3.625%, 05/13/2024 |
|
|
425 |
|
|
|
434 |
|
3.540%, VAR ICE LIBOR USD 3 Month+1.380%, 05/01/2028 |
|
|
150 |
|
|
|
150 |
|
3.509%, VAR ICE LIBOR USD 3 Month+0.945%, 01/23/2029 |
|
|
125 |
|
|
|
124 |
|
3.300%, 04/01/2026 |
|
|
150 |
|
|
|
148 |
|
3.250%, 09/23/2022 |
|
|
200 |
|
|
|
202 |
|
3.125%, 01/23/2025 |
|
|
200 |
|
|
|
198 |
|
2.950%, 10/01/2026 |
|
|
200 |
|
|
|
192 |
|
2.776%, VAR ICE LIBOR USD 3 Month+0.935%, 04/25/2023 |
|
|
113 |
|
|
|
112 |
|
2.750%, 06/23/2020 |
|
|
100 |
|
|
|
100 |
|
2.700%, 05/18/2023 |
|
|
250 |
|
|
|
245 |
|
2.550%, 10/29/2020 |
|
|
485 |
|
|
|
483 |
|
2.550%, 03/01/2021 |
|
|
200 |
|
|
|
199 |
|
2.250%, 01/23/2020 |
|
|
350 |
|
|
|
348 |
|
2.200%, 10/22/2019 |
|
|
250 |
|
|
|
249 |
|
1.850%, 03/22/2019 |
|
|
150 |
|
|
|
149 |
|
JPMorgan Chase Bank |
|
|
|
|
|
|
|
|
2.604%, VAR ICE LIBOR USD 3 Month+0.280%, 02/01/2021 |
|
|
250 |
|
|
|
250 |
|
1.650%, 09/23/2019 |
|
|
250 |
|
|
|
247 |
|
Jurassic Holdings III |
|
|
|
|
|
|
|
|
6.875%, 02/15/2021 (A) |
|
|
50 |
|
|
|
45 |
|
Kemper |
|
|
|
|
|
|
|
|
4.350%, 02/15/2025 |
|
|
35 |
|
|
|
35 |
|
KeyBank |
|
|
|
|
|
|
|
|
2.500%, 12/15/2019 |
|
|
250 |
|
|
|
249 |
|
2.300%, 09/14/2022 |
|
|
250 |
|
|
|
242 |
|
KeyCorp MTN |
|
|
|
|
|
|
|
|
2.900%, 09/15/2020 |
|
|
200 |
|
|
|
201 |
|
Korea Development Bank |
|
|
|
|
|
|
|
|
2.500%, 03/11/2020 |
|
|
200 |
|
|
|
198 |
|
2.000%, 09/12/2026 |
|
|
200 |
|
|
|
177 |
|
|
|
|
22 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
Kreditanstalt fuer Wiederaufbau |
|
3.183%, 04/18/2036 (B) |
|
$ |
200 |
|
|
$ |
114 |
|
2.750%, 10/01/2020 |
|
|
200 |
|
|
|
202 |
|
2.500%, 11/20/2024 |
|
|
300 |
|
|
|
294 |
|
2.125%, 03/07/2022 |
|
|
500 |
|
|
|
491 |
|
2.125%, 01/17/2023 |
|
|
150 |
|
|
|
146 |
|
2.000%, 11/30/2021 |
|
|
50 |
|
|
|
49 |
|
2.000%, 09/29/2022 |
|
|
300 |
|
|
|
291 |
|
2.000%, 10/04/2022 |
|
|
250 |
|
|
|
243 |
|
2.000%, 05/02/2025 |
|
|
250 |
|
|
|
237 |
|
1.875%, 04/01/2019 |
|
|
525 |
|
|
|
523 |
|
1.625%, 05/29/2020 |
|
|
400 |
|
|
|
393 |
|
1.625%, 03/15/2021 |
|
|
250 |
|
|
|
243 |
|
1.500%, 02/06/2019 |
|
|
150 |
|
|
|
149 |
|
1.500%, 09/09/2019 |
|
|
300 |
|
|
|
296 |
|
1.500%, 06/15/2021 |
|
|
500 |
|
|
|
484 |
|
1.250%, 09/30/2019 |
|
|
250 |
|
|
|
246 |
|
Kreditanstalt fuer Wiederaufbau MTN |
|
1.750%, 03/31/2020 |
|
|
200 |
|
|
|
198 |
|
1.500%, 04/20/2020 |
|
|
1,500 |
|
|
|
1,473 |
|
Ladder Capital Finance Holdings LLLP |
|
5.250%, 03/15/2022 (A) |
|
|
95 |
|
|
|
97 |
|
Landwirtschaftliche Rentenbank |
|
2.500%, 11/15/2027 |
|
|
200 |
|
|
|
193 |
|
2.375%, 06/10/2025 |
|
|
150 |
|
|
|
145 |
|
2.250%, 10/01/2021 |
|
|
150 |
|
|
|
149 |
|
2.000%, 01/13/2025 |
|
|
100 |
|
|
|
95 |
|
Lazard Group |
|
3.750%, 02/13/2025 |
|
|
50 |
|
|
|
50 |
|
Legg Mason |
|
4.750%, 03/15/2026 |
|
|
50 |
|
|
|
53 |
|
Leucadia National |
|
5.500%, 10/18/2023 |
|
|
100 |
|
|
|
107 |
|
Lincoln National |
|
3.625%, 12/12/2026 |
|
|
50 |
|
|
|
50 |
|
3.350%, 03/09/2025 |
|
|
150 |
|
|
|
149 |
|
Lloyds Banking Group |
|
4.650%, 03/24/2026 |
|
|
200 |
|
|
|
207 |
|
4.344%, 01/09/2048 |
|
|
200 |
|
|
|
200 |
|
3.750%, 01/11/2027 |
|
|
200 |
|
|
|
199 |
|
3.100%, 07/06/2021 |
|
|
300 |
|
|
|
301 |
|
Loews |
|
2.625%, 05/15/2023 |
|
|
100 |
|
|
|
98 |
|
LPL Holdings |
|
5.750%, 09/15/2025 (A) |
|
|
230 |
|
|
|
235 |
|
Manufacturers & Traders Trust |
|
2.100%, 02/06/2020 |
|
|
250 |
|
|
|
248 |
|
Manulife Financial |
|
4.061%, VAR USD Swap Semi 30/360 5 Year Curr+1.647%, 02/24/2032 |
|
|
100 |
|
|
|
99 |
|
Markel |
|
5.000%, 04/05/2046 |
|
|
100 |
|
|
|
110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
Marsh & McLennan |
|
4.350%, 01/30/2047 |
|
$ |
20 |
|
|
$ |
22 |
|
3.750%, 03/14/2026 |
|
|
100 |
|
|
|
102 |
|
2.750%, 01/30/2022 |
|
|
30 |
|
|
|
30 |
|
2.350%, 03/06/2020 |
|
|
100 |
|
|
|
99 |
|
MetLife |
|
|
|
|
|
|
|
|
4.875%, 11/13/2043 |
|
|
100 |
|
|
|
112 |
|
4.600%, 05/13/2046 |
|
|
100 |
|
|
|
108 |
|
4.368%, 09/15/2023 |
|
|
285 |
|
|
|
303 |
|
4.050%, 03/01/2045 |
|
|
100 |
|
|
|
100 |
|
3.600%, 04/10/2024 |
|
|
200 |
|
|
|
204 |
|
3.600%, 11/13/2025 |
|
|
100 |
|
|
|
102 |
|
Mitsubishi UFJ Financial Group |
|
3.850%, 03/01/2026 |
|
|
200 |
|
|
|
203 |
|
3.677%, 02/22/2027 |
|
|
100 |
|
|
|
100 |
|
2.998%, 02/22/2022 |
|
|
100 |
|
|
|
99 |
|
2.950%, 03/01/2021 |
|
|
200 |
|
|
|
200 |
|
2.665%, 07/25/2022 |
|
|
200 |
|
|
|
196 |
|
Mizuho Financial Group |
|
3.663%, 02/28/2027 |
|
|
200 |
|
|
|
200 |
|
3.170%, 09/11/2027 |
|
|
300 |
|
|
|
288 |
|
2.601%, 09/11/2022 |
|
|
200 |
|
|
|
194 |
|
Moodys |
|
|
|
|
|
|
|
|
3.250%, 01/15/2028 (A) |
|
|
35 |
|
|
|
34 |
|
2.750%, 12/15/2021 |
|
|
100 |
|
|
|
99 |
|
2.625%, 01/15/2023 (A) |
|
|
50 |
|
|
|
49 |
|
Morgan Stanley |
|
5.750%, 01/25/2021 |
|
|
175 |
|
|
|
189 |
|
3.625%, 01/20/2027 |
|
|
150 |
|
|
|
151 |
|
2.800%, 06/16/2020 |
|
|
150 |
|
|
|
150 |
|
2.650%, 01/27/2020 |
|
|
200 |
|
|
|
200 |
|
Morgan Stanley MTN |
|
6.375%, 07/24/2042 |
|
|
250 |
|
|
|
340 |
|
5.500%, 07/24/2020 |
|
|
275 |
|
|
|
293 |
|
4.875%, 11/01/2022 |
|
|
165 |
|
|
|
176 |
|
4.350%, 09/08/2026 |
|
|
340 |
|
|
|
352 |
|
4.300%, 01/27/2045 |
|
|
100 |
|
|
|
106 |
|
4.000%, 07/23/2025 |
|
|
155 |
|
|
|
160 |
|
3.971%, VAR ICE LIBOR USD 3 Month+1.455%, 07/22/2038 |
|
|
200 |
|
|
|
204 |
|
3.875%, 01/27/2026 |
|
|
250 |
|
|
|
256 |
|
3.772%, VAR ICE LIBOR USD 3 Month+1.140%, 01/24/2029 |
|
|
200 |
|
|
|
201 |
|
3.125%, 01/23/2023 |
|
|
200 |
|
|
|
199 |
|
3.125%, 07/27/2026 |
|
|
200 |
|
|
|
193 |
|
2.625%, 11/17/2021 |
|
|
300 |
|
|
|
296 |
|
2.500%, 04/21/2021 |
|
|
210 |
|
|
|
207 |
|
2.450%, 02/01/2019 |
|
|
600 |
|
|
|
601 |
|
2.375%, 07/23/2019 |
|
|
300 |
|
|
|
299 |
|
MSCI |
|
|
|
|
|
|
|
|
5.750%, 08/15/2025 (A) |
|
|
62 |
|
|
|
66 |
|
5.250%, 11/15/2024 (A) |
|
|
150 |
|
|
|
156 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
23 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
4.750%, 08/01/2026 (A) |
|
$ |
130 |
|
|
$ |
132 |
|
National Australia Bank MTN |
|
2.625%, 01/14/2021 |
|
|
300 |
|
|
|
299 |
|
2.500%, 05/22/2022 |
|
|
250 |
|
|
|
244 |
|
2.500%, 07/12/2026 |
|
|
250 |
|
|
|
233 |
|
2.125%, 05/22/2020 |
|
|
250 |
|
|
|
248 |
|
National Bank of Canada |
|
2.150%, 06/12/2020 |
|
|
250 |
|
|
|
247 |
|
National Rural Utilities Cooperative Finance |
|
3.400%, 02/07/2028 |
|
|
100 |
|
|
|
100 |
|
2.950%, 02/07/2024 |
|
|
30 |
|
|
|
29 |
|
National Rural Utilities Cooperative Finance MTN |
|
3.250%, 11/01/2025 |
|
|
200 |
|
|
|
201 |
|
2.300%, 09/15/2022 |
|
|
70 |
|
|
|
68 |
|
Nationstar Mortgage |
|
6.500%, 07/01/2021 |
|
|
100 |
|
|
|
101 |
|
Navient |
|
|
|
|
|
|
|
|
7.250%, 09/25/2023 |
|
|
100 |
|
|
|
108 |
|
6.750%, 06/25/2025 |
|
|
105 |
|
|
|
110 |
|
6.500%, 06/15/2022 |
|
|
321 |
|
|
|
339 |
|
5.875%, 03/25/2021 |
|
|
100 |
|
|
|
103 |
|
5.875%, 10/25/2024 |
|
|
100 |
|
|
|
100 |
|
5.000%, 10/26/2020 |
|
|
100 |
|
|
|
102 |
|
Navient MTN |
|
|
|
|
|
|
|
|
6.125%, 03/25/2024 |
|
|
100 |
|
|
|
102 |
|
4.875%, 06/17/2019 |
|
|
100 |
|
|
|
101 |
|
NFP |
|
|
|
|
|
|
|
|
6.875%, 07/15/2025 (A) |
|
|
108 |
|
|
|
111 |
|
Nomura Holdings MTN |
|
2.750%, 03/19/2019 |
|
|
300 |
|
|
|
300 |
|
Nordic Investment Bank |
|
1.625%, 11/20/2020 |
|
|
200 |
|
|
|
196 |
|
1.125%, 02/25/2019 |
|
|
200 |
|
|
|
198 |
|
Northern Trust |
|
3.375%, VAR ICE LIBOR USD 3 Month+1.131%, 05/08/2032 |
|
|
163 |
|
|
|
159 |
|
Oesterreichische Kontrollbank |
|
1.875%, 01/20/2021 |
|
|
300 |
|
|
|
295 |
|
1.750%, 01/24/2020 |
|
|
200 |
|
|
|
198 |
|
1.375%, 02/10/2020 |
|
|
100 |
|
|
|
98 |
|
Old Republic International |
|
3.875%, 08/26/2026 |
|
|
50 |
|
|
|
49 |
|
OneMain Financial Holdings |
|
7.250%, 12/15/2021 (A) |
|
|
150 |
|
|
|
155 |
|
ORIX |
|
|
|
|
|
|
|
|
3.700%, 07/18/2027 |
|
|
50 |
|
|
|
49 |
|
2.900%, 07/18/2022 |
|
|
30 |
|
|
|
30 |
|
PNC Bank |
|
|
|
|
|
|
|
|
3.300%, 10/30/2024 |
|
|
250 |
|
|
|
251 |
|
3.100%, 10/25/2027 |
|
|
200 |
|
|
|
195 |
|
2.625%, 02/17/2022 |
|
|
250 |
|
|
|
248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
2.450%, 11/05/2020 |
|
$ |
250 |
|
|
$ |
249 |
|
2.450%, 07/28/2022 |
|
|
250 |
|
|
|
245 |
|
2.250%, 07/02/2019 |
|
|
250 |
|
|
|
249 |
|
2.150%, 04/29/2021 |
|
|
250 |
|
|
|
245 |
|
Principal Financial Group |
|
3.400%, 05/15/2025 |
|
|
150 |
|
|
|
149 |
|
Private Export Funding |
|
2.300%, 09/15/2020 |
|
|
150 |
|
|
|
149 |
|
Progressive |
|
|
|
|
|
|
|
|
3.700%, 01/26/2045 |
|
|
50 |
|
|
|
49 |
|
2.450%, 01/15/2027 |
|
|
150 |
|
|
|
140 |
|
Prudential Financial |
|
5.875%, VAR ICE LIBOR USD 3 Month+4.175%, 09/15/2042 |
|
|
100 |
|
|
|
109 |
|
5.625%, VAR ICE LIBOR USD 3 Month+3.920%, 06/15/2043 |
|
|
200 |
|
|
|
218 |
|
4.500%, VAR ICE LIBOR USD 3 Month+2.380%, 09/15/2047 |
|
|
200 |
|
|
|
203 |
|
Prudential Financial MTN |
|
5.700%, 12/14/2036 |
|
|
100 |
|
|
|
124 |
|
4.600%, 05/15/2044 |
|
|
50 |
|
|
|
55 |
|
3.500%, 05/15/2024 |
|
|
100 |
|
|
|
102 |
|
2.350%, 08/15/2019 |
|
|
100 |
|
|
|
100 |
|
Quicken Loans |
|
|
|
|
|
|
|
|
5.750%, 05/01/2025 (A) |
|
|
250 |
|
|
|
255 |
|
5.250%, 01/15/2028 (A) |
|
|
200 |
|
|
|
195 |
|
Raymond James Financial |
|
4.950%, 07/15/2046 |
|
|
50 |
|
|
|
56 |
|
Regions Financial |
|
|
|
|
|
|
|
|
3.200%, 02/08/2021 |
|
|
150 |
|
|
|
151 |
|
2.750%, 08/14/2022 |
|
|
200 |
|
|
|
198 |
|
Reinsurance Group of America |
|
3.950%, 09/15/2026 |
|
|
30 |
|
|
|
30 |
|
RenaissanceRe Finance |
|
3.450%, 07/01/2027 |
|
|
30 |
|
|
|
29 |
|
Royal Bank of Canada |
|
2.300%, 03/22/2021 |
|
|
150 |
|
|
|
149 |
|
2.100%, 10/14/2020 |
|
|
200 |
|
|
|
197 |
|
2.000%, 10/01/2018 |
|
|
125 |
|
|
|
125 |
|
Royal Bank of Canada MTN |
|
2.750%, 02/01/2022 |
|
|
100 |
|
|
|
100 |
|
2.350%, 10/30/2020 |
|
|
250 |
|
|
|
248 |
|
2.150%, 10/26/2020 |
|
|
215 |
|
|
|
213 |
|
Royal Bank of Scotland Group |
|
6.100%, 06/10/2023 |
|
|
200 |
|
|
|
217 |
|
6.000%, 12/19/2023 |
|
|
375 |
|
|
|
409 |
|
5.125%, 05/28/2024 |
|
|
300 |
|
|
|
313 |
|
4.800%, 04/05/2026 |
|
|
200 |
|
|
|
212 |
|
3.498%, VAR ICE LIBOR USD 3 Month+1.480%, 05/15/2023 |
|
|
200 |
|
|
|
199 |
|
S&P Global |
|
|
|
|
|
|
|
|
4.400%, 02/15/2026 |
|
|
100 |
|
|
|
107 |
|
|
|
|
24 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
4.000%, 06/15/2025 |
|
$ |
50 |
|
|
$ |
52 |
|
Santander Holdings USA |
|
4.400%, 07/13/2027 (A) |
|
|
50 |
|
|
|
51 |
|
3.700%, 03/28/2022 (A) |
|
|
30 |
|
|
|
30 |
|
3.400%, 01/18/2023 (A) |
|
|
100 |
|
|
|
99 |
|
2.700%, 05/24/2019 |
|
|
100 |
|
|
|
100 |
|
2.650%, 04/17/2020 |
|
|
100 |
|
|
|
99 |
|
Santander UK |
|
|
|
|
|
|
|
|
2.375%, 03/16/2020 |
|
|
150 |
|
|
|
149 |
|
Santander UK Group Holdings |
|
3.823%, VAR ICE LIBOR USD 3 Month+1.400%, 11/03/2028 |
|
|
200 |
|
|
|
196 |
|
2.875%, 10/16/2020 |
|
|
100 |
|
|
|
100 |
|
Santander UK Group Holdings MTN |
|
3.125%, 01/08/2021 |
|
|
300 |
|
|
|
300 |
|
Springleaf Finance |
|
|
|
|
|
|
|
|
8.250%, 12/15/2020 |
|
|
200 |
|
|
|
221 |
|
7.750%, 10/01/2021 |
|
|
100 |
|
|
|
110 |
|
6.125%, 05/15/2022 |
|
|
120 |
|
|
|
124 |
|
5.625%, 03/15/2023 |
|
|
200 |
|
|
|
201 |
|
5.250%, 12/15/2019 |
|
|
100 |
|
|
|
103 |
|
Starwood Property Trust |
|
5.000%, 12/15/2021 |
|
|
55 |
|
|
|
57 |
|
4.750%, 03/15/2025 (A) |
|
|
188 |
|
|
|
186 |
|
3.625%, 02/01/2021 (A) |
|
|
70 |
|
|
|
70 |
|
Stifel Financial |
|
|
|
|
|
|
|
|
4.250%, 07/18/2024 |
|
|
50 |
|
|
|
51 |
|
Sumitomo Mitsui Banking |
|
2.450%, 01/16/2020 |
|
|
250 |
|
|
|
249 |
|
Sumitomo Mitsui Financial Group |
|
3.784%, 03/09/2026 |
|
|
100 |
|
|
|
101 |
|
3.446%, 01/11/2027 |
|
|
150 |
|
|
|
148 |
|
3.364%, 07/12/2027 |
|
|
200 |
|
|
|
196 |
|
2.934%, 03/09/2021 |
|
|
100 |
|
|
|
100 |
|
2.784%, 07/12/2022 |
|
|
200 |
|
|
|
197 |
|
2.778%, 10/18/2022 |
|
|
200 |
|
|
|
196 |
|
2.632%, 07/14/2026 |
|
|
100 |
|
|
|
93 |
|
2.442%, 10/19/2021 |
|
|
250 |
|
|
|
245 |
|
2.058%, 07/14/2021 |
|
|
250 |
|
|
|
242 |
|
SunTrust Bank |
|
|
|
|
|
|
|
|
2.900%, 03/03/2021 |
|
|
150 |
|
|
|
150 |
|
2.700%, 01/27/2022 |
|
|
100 |
|
|
|
99 |
|
2.450%, 08/01/2022 |
|
|
100 |
|
|
|
98 |
|
Svenska Handelsbanken MTN |
|
2.250%, 06/17/2019 |
|
|
250 |
|
|
|
249 |
|
1.875%, 09/07/2021 |
|
|
250 |
|
|
|
242 |
|
Synchrony Financial |
|
4.250%, 08/15/2024 |
|
|
100 |
|
|
|
103 |
|
3.950%, 12/01/2027 |
|
|
100 |
|
|
|
98 |
|
3.700%, 08/04/2026 |
|
|
100 |
|
|
|
97 |
|
2.700%, 02/03/2020 |
|
|
100 |
|
|
|
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
TD Ameritrade Holding |
|
2.950%, 04/01/2022 |
|
$ |
100 |
|
|
$ |
100 |
|
Tempo Acquisition |
|
6.750%, 06/01/2025 (A) |
|
|
95 |
|
|
|
97 |
|
Toronto-Dominion Bank |
|
3.625%, VAR USD Swap Semi 30/360 5 Year Curr+2.205%, 09/15/2031 |
|
|
150 |
|
|
|
147 |
|
Toronto-Dominion Bank MTN |
|
2.500%, 12/14/2020 |
|
|
150 |
|
|
|
150 |
|
2.250%, 11/05/2019 |
|
|
100 |
|
|
|
100 |
|
2.125%, 04/07/2021 |
|
|
150 |
|
|
|
147 |
|
1.900%, 10/24/2019 |
|
|
200 |
|
|
|
198 |
|
1.850%, 09/11/2020 |
|
|
200 |
|
|
|
196 |
|
Travelers |
|
|
|
|
|
|
|
|
4.000%, 05/30/2047 |
|
|
40 |
|
|
|
41 |
|
3.750%, 05/15/2046 |
|
|
25 |
|
|
|
25 |
|
Travelers MTN |
|
|
|
|
|
|
|
|
6.250%, 06/15/2037 |
|
|
200 |
|
|
|
266 |
|
Trinity Acquisition |
|
|
|
|
|
|
|
|
4.400%, 03/15/2026 |
|
|
150 |
|
|
|
155 |
|
UBS MTN |
|
|
|
|
|
|
|
|
2.375%, 08/14/2019 |
|
|
500 |
|
|
|
499 |
|
UniCredit |
|
|
|
|
|
|
|
|
5.861%, VAR USD ICE Swap 11:00 NY 5 Yr+3.703%, 06/19/2032 (A) |
|
|
200 |
|
|
|
213 |
|
Unum Group |
|
|
|
|
|
|
|
|
3.000%, 05/15/2021 |
|
|
30 |
|
|
|
30 |
|
US Bancorp MTN |
|
|
|
|
|
|
|
|
3.600%, 09/11/2024 |
|
|
150 |
|
|
|
153 |
|
3.150%, 04/27/2027 |
|
|
200 |
|
|
|
196 |
|
2.950%, 07/15/2022 |
|
|
200 |
|
|
|
199 |
|
2.375%, 07/22/2026 |
|
|
150 |
|
|
|
139 |
|
2.200%, 04/25/2019 |
|
|
250 |
|
|
|
250 |
|
US Bank MTN |
|
|
|
|
|
|
|
|
2.050%, 10/23/2020 |
|
|
250 |
|
|
|
247 |
|
USIS Merger |
|
|
|
|
|
|
|
|
6.875%, 05/01/2025 (A) |
|
|
170 |
|
|
|
175 |
|
Vantiv |
|
|
|
|
|
|
|
|
4.375%, 11/15/2025 (A) |
|
|
200 |
|
|
|
198 |
|
VFH Parent |
|
|
|
|
|
|
|
|
6.750%, 06/15/2022 (A) |
|
|
80 |
|
|
|
84 |
|
Voya Financial |
|
|
|
|
|
|
|
|
5.650%, VAR ICE LIBOR USD 3 Month+3.580%, 05/15/2053 |
|
|
100 |
|
|
|
106 |
|
3.125%, 07/15/2024 |
|
|
100 |
|
|
|
98 |
|
Wells Fargo |
|
|
|
|
|
|
|
|
5.606%, 01/15/2044 |
|
|
150 |
|
|
|
183 |
|
5.375%, 11/02/2043 |
|
|
280 |
|
|
|
332 |
|
3.900%, 05/01/2045 |
|
|
150 |
|
|
|
152 |
|
3.000%, 04/22/2026 |
|
|
250 |
|
|
|
242 |
|
3.000%, 10/23/2026 |
|
|
250 |
|
|
|
242 |
|
2.600%, 01/15/2021 |
|
|
300 |
|
|
|
299 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
25 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
|
CORPORATE OBLIGATIONS (continued) |
|
|
|
|
|
2.500%, 03/04/2021 |
|
$ |
250 |
|
|
$ |
248 |
|
2.400%, 01/15/2020 |
|
|
300 |
|
|
|
299 |
|
1.750%, 05/24/2019 |
|
|
250 |
|
|
|
248 |
|
Wells Fargo MTN |
|
|
|
|
|
|
|
|
4.900%, 11/17/2045 |
|
|
165 |
|
|
|
186 |
|
4.300%, 07/22/2027 |
|
|
100 |
|
|
|
105 |
|
4.125%, 08/15/2023 |
|
|
250 |
|
|
|
260 |
|
4.100%, 06/03/2026 |
|
|
235 |
|
|
|
242 |
|
3.584%, VAR ICE LIBOR USD 3 Month+1.310%, 05/22/2028 |
|
|
75 |
|
|
|
75 |
|
3.450%, 02/13/2023 |
|
|
300 |
|
|
|
302 |
|
3.000%, 02/19/2025 |
|
|
100 |
|
|
|
98 |
|
2.625%, 07/22/2022 |
|
|
190 |
|
|
|
187 |
|
2.600%, 07/22/2020 |
|
|
250 |
|
|
|
250 |
|
2.150%, 01/30/2020 |
|
|
400 |
|
|
|
397 |
|
Wells Fargo Capital X |
|
|
|
|
|
|
|
|
5.950%, 12/15/2036 |
|
|
250 |
|
|
|
284 |
|
Westpac Banking |
|
|
|
|
|
|
|
|
3.350%, 03/08/2027 |
|
|
100 |
|
|
|
99 |
|
2.850%, 05/13/2026 |
|
|
200 |
|
|
|
191 |
|
2.750%, 01/11/2023 |
|
|
100 |
|
|
|
98 |
|
2.700%, 08/19/2026 |
|
|
100 |
|
|
|
94 |
|
2.600%, 11/23/2020 |
|
|
50 |
|
|
|
50 |
|
2.500%, 06/28/2022 |
|
|
100 |
|
|
|
98 |
|
2.150%, 03/06/2020 |
|
|
100 |
|
|
|
99 |
|
2.100%, 05/13/2021 |
|
|
50 |
|
|
|
49 |
|
2.000%, 08/19/2021 |
|
|
100 |
|
|
|
97 |
|
1.650%, 05/13/2019 |
|
|
50 |
|
|
|
50 |
|
1.600%, 08/19/2019 |
|
|
100 |
|
|
|
99 |
|
Willis North America |
|
|
|
|
|
|
|
|
3.600%, 05/15/2024 |
|
|
50 |
|
|
|
50 |
|
XLIT |
|
|
|
|
|
|
|
|
5.500%, 03/31/2045 |
|
|
100 |
|
|
|
105 |
|
4.450%, 03/31/2025 |
|
|
100 |
|
|
|
101 |
|
|
|
|
|
|
|
|
112,647 |
|
|
|
|
Health Care 2.9% |
|
|
|
|
|
|
|
|
Abbott Laboratories |
|
|
|
|
|
|
|
|
5.125%, 04/01/2019 |
|
|
100 |
|
|
|
103 |
|
4.900%, 11/30/2046 |
|
|
200 |
|
|
|
228 |
|
4.750%, 11/30/2036 |
|
|
100 |
|
|
|
111 |
|
4.750%, 04/15/2043 |
|
|
100 |
|
|
|
108 |
|
3.750%, 11/30/2026 |
|
|
150 |
|
|
|
151 |
|
3.400%, 11/30/2023 |
|
|
100 |
|
|
|
101 |
|
2.950%, 03/15/2025 |
|
|
100 |
|
|
|
97 |
|
2.900%, 11/30/2021 |
|
|
100 |
|
|
|
100 |
|
2.800%, 09/15/2020 |
|
|
150 |
|
|
|
150 |
|
2.350%, 11/22/2019 |
|
|
100 |
|
|
|
100 |
|
2.000%, 03/15/2020 |
|
|
100 |
|
|
|
99 |
|
AbbVie |
|
|
|
|
|
|
|
|
4.700%, 05/14/2045 |
|
|
135 |
|
|
|
148 |
|
4.500%, 05/14/2035 |
|
|
140 |
|
|
|
151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
|
CORPORATE OBLIGATIONS (continued) |
|
|
|
|
|
4.450%, 05/14/2046 |
|
$ |
150 |
|
|
$ |
160 |
|
4.400%, 11/06/2042 |
|
|
150 |
|
|
|
157 |
|
4.300%, 05/14/2036 |
|
|
50 |
|
|
|
53 |
|
3.600%, 05/14/2025 |
|
|
100 |
|
|
|
101 |
|
3.200%, 11/06/2022 |
|
|
45 |
|
|
|
45 |
|
3.200%, 05/14/2026 |
|
|
100 |
|
|
|
97 |
|
2.900%, 11/06/2022 |
|
|
100 |
|
|
|
99 |
|
2.850%, 05/14/2023 |
|
|
50 |
|
|
|
49 |
|
2.500%, 05/14/2020 |
|
|
100 |
|
|
|
100 |
|
2.300%, 05/14/2021 |
|
|
100 |
|
|
|
98 |
|
Acadia Healthcare |
|
|
|
|
|
|
|
|
5.625%, 02/15/2023 |
|
|
100 |
|
|
|
101 |
|
Actavis |
|
|
|
|
|
|
|
|
3.250%, 10/01/2022 |
|
|
50 |
|
|
|
50 |
|
Aetna |
|
|
|
|
|
|
|
|
3.875%, 08/15/2047 |
|
|
145 |
|
|
|
138 |
|
2.800%, 06/15/2023 |
|
|
25 |
|
|
|
24 |
|
2.200%, 03/15/2019 |
|
|
150 |
|
|
|
150 |
|
Agilent Technologies |
|
|
|
|
|
|
|
|
3.050%, 09/22/2026 |
|
|
65 |
|
|
|
61 |
|
AHS Hospital |
|
|
|
|
|
|
|
|
5.024%, 07/01/2045 |
|
|
25 |
|
|
|
29 |
|
Allergan Funding SCS |
|
|
|
|
|
|
|
|
4.850%, 06/15/2044 |
|
|
50 |
|
|
|
53 |
|
4.750%, 03/15/2045 |
|
|
200 |
|
|
|
211 |
|
4.550%, 03/15/2035 |
|
|
300 |
|
|
|
314 |
|
3.850%, 06/15/2024 |
|
|
100 |
|
|
|
101 |
|
3.800%, 03/15/2025 |
|
|
200 |
|
|
|
201 |
|
3.450%, 03/15/2022 |
|
|
200 |
|
|
|
201 |
|
3.000%, 03/12/2020 |
|
|
300 |
|
|
|
301 |
|
AMAG Pharmaceuticals |
|
|
|
|
|
|
|
|
7.875%, 09/01/2023 (A) |
|
|
65 |
|
|
|
62 |
|
AmerisourceBergen |
|
|
|
|
|
|
|
|
4.250%, 03/01/2045 |
|
|
25 |
|
|
|
24 |
|
3.450%, 12/15/2027 |
|
|
50 |
|
|
|
48 |
|
3.400%, 05/15/2024 |
|
|
100 |
|
|
|
101 |
|
Amgen |
|
|
|
|
|
|
|
|
5.150%, 11/15/2041 |
|
|
200 |
|
|
|
232 |
|
4.563%, 06/15/2048 |
|
|
100 |
|
|
|
108 |
|
4.400%, 05/01/2045 |
|
|
125 |
|
|
|
132 |
|
3.875%, 11/15/2021 |
|
|
100 |
|
|
|
103 |
|
3.625%, 05/22/2024 |
|
|
150 |
|
|
|
154 |
|
3.200%, 11/02/2027 |
|
|
200 |
|
|
|
195 |
|
3.125%, 05/01/2025 |
|
|
150 |
|
|
|
148 |
|
2.650%, 05/11/2022 |
|
|
150 |
|
|
|
148 |
|
2.600%, 08/19/2026 |
|
|
100 |
|
|
|
94 |
|
2.250%, 08/19/2023 |
|
|
100 |
|
|
|
95 |
|
2.200%, 05/22/2019 |
|
|
150 |
|
|
|
150 |
|
1.850%, 08/19/2021 |
|
|
50 |
|
|
|
48 |
|
Anthem |
|
|
|
|
|
|
|
|
5.100%, 01/15/2044 |
|
|
150 |
|
|
|
171 |
|
4.650%, 01/15/2043 |
|
|
150 |
|
|
|
162 |
|
|
|
|
26 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
3.500%, 08/15/2024 |
|
$ |
150 |
|
|
$ |
151 |
|
3.300%, 01/15/2023 |
|
|
100 |
|
|
|
100 |
|
2.250%, 08/15/2019 |
|
|
100 |
|
|
|
100 |
|
Ascension Health |
|
|
|
|
|
|
|
|
3.945%, 11/15/2046 |
|
|
60 |
|
|
|
62 |
|
AstraZeneca |
|
|
|
|
|
|
|
|
6.450%, 09/15/2037 |
|
|
200 |
|
|
|
265 |
|
4.375%, 11/16/2045 |
|
|
100 |
|
|
|
105 |
|
3.375%, 11/16/2025 |
|
|
100 |
|
|
|
99 |
|
2.375%, 11/16/2020 |
|
|
100 |
|
|
|
100 |
|
Avantor |
|
|
|
|
|
|
|
|
9.000%, 10/01/2025 (A) |
|
|
411 |
|
|
|
407 |
|
6.000%, 10/01/2024 (A) |
|
|
235 |
|
|
|
237 |
|
Baxalta |
|
|
|
|
|
|
|
|
5.250%, 06/23/2045 |
|
|
300 |
|
|
|
346 |
|
2.875%, 06/23/2020 |
|
|
50 |
|
|
|
50 |
|
Baxter International |
|
|
|
|
|
|
|
|
3.500%, 08/15/2046 |
|
|
100 |
|
|
|
90 |
|
Becton Dickinson |
|
|
|
|
|
|
|
|
4.685%, 12/15/2044 |
|
|
50 |
|
|
|
53 |
|
4.669%, 06/06/2047 |
|
|
50 |
|
|
|
53 |
|
3.734%, 12/15/2024 |
|
|
150 |
|
|
|
150 |
|
3.700%, 06/06/2027 |
|
|
100 |
|
|
|
98 |
|
3.363%, 06/06/2024 |
|
|
50 |
|
|
|
49 |
|
3.125%, 11/08/2021 |
|
|
100 |
|
|
|
100 |
|
3.000%, 05/15/2026 (A) |
|
|
50 |
|
|
|
50 |
|
2.894%, 06/06/2022 |
|
|
65 |
|
|
|
64 |
|
2.675%, 12/15/2019 |
|
|
88 |
|
|
|
88 |
|
2.404%, 06/05/2020 |
|
|
35 |
|
|
|
35 |
|
2.133%, 06/06/2019 |
|
|
50 |
|
|
|
50 |
|
Biogen |
|
|
|
|
|
|
|
|
5.200%, 09/15/2045 |
|
|
100 |
|
|
|
116 |
|
3.625%, 09/15/2022 |
|
|
200 |
|
|
|
206 |
|
Boston Scientific |
|
|
|
|
|
|
|
|
6.000%, 01/15/2020 |
|
|
100 |
|
|
|
106 |
|
3.850%, 05/15/2025 |
|
|
100 |
|
|
|
102 |
|
Bristol-Myers Squibb |
|
|
|
|
|
|
|
|
4.500%, 03/01/2044 |
|
|
50 |
|
|
|
57 |
|
3.250%, 02/27/2027 |
|
|
100 |
|
|
|
100 |
|
3.250%, 08/01/2042 |
|
|
100 |
|
|
|
93 |
|
1.750%, 03/01/2019 |
|
|
50 |
|
|
|
50 |
|
Cardinal Health |
|
|
|
|
|
|
|
|
3.410%, 06/15/2027 |
|
|
200 |
|
|
|
193 |
|
2.616%, 06/15/2022 |
|
|
200 |
|
|
|
195 |
|
2.400%, 11/15/2019 |
|
|
150 |
|
|
|
149 |
|
Catholic Health Initiatives |
|
|
|
|
|
|
|
|
2.950%, 11/01/2022 |
|
|
200 |
|
|
|
195 |
|
Celgene |
|
|
|
|
|
|
|
|
5.000%, 08/15/2045 |
|
|
150 |
|
|
|
166 |
|
4.350%, 11/15/2047 |
|
|
50 |
|
|
|
50 |
|
3.875%, 08/15/2025 |
|
|
150 |
|
|
|
153 |
|
3.625%, 05/15/2024 |
|
|
150 |
|
|
|
152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value
($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
3.450%, 11/15/2027 |
|
$ |
50 |
|
|
$ |
49 |
|
2.875%, 08/15/2020 |
|
|
100 |
|
|
|
100 |
|
2.750%, 02/15/2023 |
|
|
50 |
|
|
|
49 |
|
2.250%, 05/15/2019 |
|
|
100 |
|
|
|
100 |
|
Centene |
|
|
|
|
|
|
|
|
6.125%, 02/15/2024 |
|
|
176 |
|
|
|
187 |
|
5.625%, 02/15/2021 |
|
|
154 |
|
|
|
158 |
|
4.750%, 05/15/2022 |
|
|
190 |
|
|
|
198 |
|
4.750%, 01/15/2025 |
|
|
190 |
|
|
|
193 |
|
Change Healthcare Holdings |
|
|
|
|
|
|
|
|
5.750%, 03/01/2025 (A) |
|
|
215 |
|
|
|
219 |
|
CHS |
|
|
|
|
|
|
|
|
6.875%, 02/01/2022 |
|
|
500 |
|
|
|
355 |
|
6.250%, 03/31/2023 |
|
|
565 |
|
|
|
523 |
|
5.125%, 08/01/2021 |
|
|
100 |
|
|
|
93 |
|
Cigna |
|
|
|
|
|
|
|
|
3.875%, 10/15/2047 |
|
|
250 |
|
|
|
239 |
|
3.250%, 04/15/2025 |
|
|
150 |
|
|
|
148 |
|
3.050%, 10/15/2027 |
|
|
230 |
|
|
|
219 |
|
Concordia International |
|
|
|
|
|
|
|
|
9.500%, 10/21/2022 (A) |
|
|
175 |
|
|
|
17 |
|
Covidien International Finance |
|
|
|
|
|
|
|
|
6.550%, 10/15/2037 |
|
|
50 |
|
|
|
68 |
|
Danaher |
|
|
|
|
|
|
|
|
4.375%, 09/15/2045 |
|
|
20 |
|
|
|
22 |
|
3.350%, 09/15/2025 |
|
|
20 |
|
|
|
20 |
|
2.400%, 09/15/2020 |
|
|
250 |
|
|
|
250 |
|
DaVita |
|
|
|
|
|
|
|
|
5.125%, 07/15/2024 |
|
|
300 |
|
|
|
302 |
|
5.000%, 05/01/2025 |
|
|
295 |
|
|
|
294 |
|
Dignity Health |
|
|
|
|
|
|
|
|
2.637%, 11/01/2019 |
|
|
136 |
|
|
|
136 |
|
DJO Finco |
|
|
|
|
|
|
|
|
8.125%, 06/15/2021 (A) |
|
|
144 |
|
|
|
139 |
|
Duke University Health System |
|
|
|
|
|
|
|
|
3.920%, 06/01/2047 |
|
|
125 |
|
|
|
128 |
|
Eagle Holding II |
|
|
|
|
|
|
|
|
7.625% cash/8.375% PIK, 05/15/2022 (A) |
|
|
80 |
|
|
|
81 |
|
Eli Lilly |
|
|
|
|
|
|
|
|
3.700%, 03/01/2045 |
|
|
200 |
|
|
|
201 |
|
3.100%, 05/15/2027 |
|
|
124 |
|
|
|
123 |
|
Endo Dac |
|
|
|
|
|
|
|
|
6.000%, 07/15/2023 (A) |
|
|
200 |
|
|
|
157 |
|
6.000%, 02/01/2025 (A) |
|
|
200 |
|
|
|
150 |
|
Endo Finance |
|
|
|
|
|
|
|
|
5.375%, 01/15/2023 (A) |
|
|
300 |
|
|
|
234 |
|
Envision Healthcare |
|
|
|
|
|
|
|
|
6.250%, 12/01/2024 (A) |
|
|
100 |
|
|
|
106 |
|
5.625%, 07/15/2022 |
|
|
200 |
|
|
|
204 |
|
5.125%, 07/01/2022 (A) |
|
|
100 |
|
|
|
99 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
27 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
|
|
|
|
Express Scripts Holding |
|
|
|
|
|
|
|
|
4.800%, 07/15/2046 |
|
$ |
35 |
|
|
$ |
37 |
|
4.750%, 11/15/2021 |
|
|
100 |
|
|
|
106 |
|
4.500%, 02/25/2026 |
|
|
150 |
|
|
|
156 |
|
3.500%, 06/15/2024 |
|
|
50 |
|
|
|
50 |
|
3.400%, 03/01/2027 |
|
|
40 |
|
|
|
39 |
|
3.000%, 07/15/2023 |
|
|
50 |
|
|
|
49 |
|
2.250%, 06/15/2019 |
|
|
200 |
|
|
|
199 |
|
Gilead Sciences |
|
|
|
|
|
|
|
|
5.650%, 12/01/2041 |
|
|
100 |
|
|
|
125 |
|
4.600%, 09/01/2035 |
|
|
200 |
|
|
|
221 |
|
4.500%, 02/01/2045 |
|
|
225 |
|
|
|
244 |
|
4.400%, 12/01/2021 |
|
|
275 |
|
|
|
290 |
|
4.150%, 03/01/2047 |
|
|
100 |
|
|
|
103 |
|
3.700%, 04/01/2024 |
|
|
50 |
|
|
|
51 |
|
3.650%, 03/01/2026 |
|
|
175 |
|
|
|
179 |
|
2.950%, 03/01/2027 |
|
|
100 |
|
|
|
97 |
|
1.950%, 03/01/2022 |
|
|
30 |
|
|
|
29 |
|
1.850%, 09/20/2019 |
|
|
245 |
|
|
|
243 |
|
GlaxoSmithKline Capital |
|
|
|
|
|
|
|
|
6.375%, 05/15/2038 |
|
|
150 |
|
|
|
207 |
|
HCA |
|
|
|
|
|
|
|
|
5.875%, 05/01/2023 |
|
|
200 |
|
|
|
215 |
|
5.875%, 02/15/2026 |
|
|
200 |
|
|
|
210 |
|
5.375%, 02/01/2025 |
|
|
450 |
|
|
|
460 |
|
5.250%, 04/15/2025 |
|
|
200 |
|
|
|
210 |
|
5.250%, 06/15/2026 |
|
|
200 |
|
|
|
209 |
|
5.000%, 03/15/2024 |
|
|
400 |
|
|
|
416 |
|
4.500%, 02/15/2027 |
|
|
400 |
|
|
|
398 |
|
Hologic |
|
|
|
|
|
|
|
|
5.250%, 07/15/2022 (A) |
|
|
153 |
|
|
|
159 |
|
4.375%, 10/15/2025 (A) |
|
|
85 |
|
|
|
85 |
|
Howard Hughes Medical Institute |
|
|
|
|
|
|
|
|
3.500%, 09/01/2023 |
|
|
200 |
|
|
|
206 |
|
Humana |
|
|
|
|
|
|
|
|
3.850%, 10/01/2024 |
|
|
200 |
|
|
|
204 |
|
2.900%, 12/15/2022 |
|
|
50 |
|
|
|
49 |
|
2.500%, 12/15/2020 |
|
|
25 |
|
|
|
25 |
|
Johnson & Johnson |
|
|
|
|
|
|
|
|
4.375%, 12/05/2033 |
|
|
200 |
|
|
|
224 |
|
3.750%, 03/03/2047 |
|
|
150 |
|
|
|
155 |
|
3.700%, 03/01/2046 |
|
|
100 |
|
|
|
102 |
|
3.625%, 03/03/2037 |
|
|
32 |
|
|
|
33 |
|
3.550%, 03/01/2036 |
|
|
300 |
|
|
|
305 |
|
3.400%, 01/15/2038 |
|
|
200 |
|
|
|
198 |
|
2.950%, 03/03/2027 |
|
|
150 |
|
|
|
148 |
|
2.450%, 12/05/2021 |
|
|
50 |
|
|
|
50 |
|
2.450%, 03/01/2026 |
|
|
50 |
|
|
|
48 |
|
2.250%, 03/03/2022 |
|
|
150 |
|
|
|
148 |
|
2.050%, 03/01/2023 |
|
|
50 |
|
|
|
48 |
|
1.875%, 12/05/2019 |
|
|
100 |
|
|
|
99 |
|
1.650%, 03/01/2021 |
|
|
50 |
|
|
|
49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
|
|
|
|
1.125%, 03/01/2019 |
|
$ |
30 |
|
|
$ |
30 |
|
Kaiser Foundation Hospitals |
|
|
|
|
|
|
|
|
4.150%, 05/01/2047 |
|
|
20 |
|
|
|
21 |
|
3.150%, 05/01/2027 |
|
|
25 |
|
|
|
25 |
|
Kindred Healthcare |
|
|
|
|
|
|
|
|
8.750%, 01/15/2023 |
|
|
100 |
|
|
|
106 |
|
8.000%, 01/15/2020 |
|
|
145 |
|
|
|
155 |
|
6.375%, 04/15/2022 |
|
|
100 |
|
|
|
101 |
|
Laboratory Corp of America Holdings |
|
|
|
|
|
|
|
|
4.700%, 02/01/2045 |
|
|
50 |
|
|
|
52 |
|
2.625%, 02/01/2020 |
|
|
150 |
|
|
|
150 |
|
Life Technologies |
|
|
|
|
|
|
|
|
6.000%, 03/01/2020 |
|
|
100 |
|
|
|
106 |
|
LifePoint Health |
|
|
|
|
|
|
|
|
5.875%, 12/01/2023 |
|
|
150 |
|
|
|
150 |
|
5.500%, 12/01/2021 |
|
|
150 |
|
|
|
153 |
|
Mallinckrodt International Finance |
|
|
|
|
|
|
|
|
5.750%, 08/01/2022 (A) |
|
|
100 |
|
|
|
92 |
|
5.625%, 10/15/2023 (A) |
|
|
250 |
|
|
|
214 |
|
5.500%, 04/15/2025 (A) |
|
|
100 |
|
|
|
82 |
|
4.875%, 04/15/2020 (A) |
|
|
129 |
|
|
|
125 |
|
McKesson |
|
|
|
|
|
|
|
|
3.796%, 03/15/2024 |
|
|
100 |
|
|
|
103 |
|
2.284%, 03/15/2019 |
|
|
200 |
|
|
|
199 |
|
MEDNAX |
|
|
|
|
|
|
|
|
5.250%, 12/01/2023 (A) |
|
|
175 |
|
|
|
179 |
|
Medtronic |
|
|
|
|
|
|
|
|
4.625%, 03/15/2044 |
|
|
50 |
|
|
|
56 |
|
4.625%, 03/15/2045 |
|
|
200 |
|
|
|
227 |
|
4.375%, 03/15/2035 |
|
|
250 |
|
|
|
274 |
|
3.500%, 03/15/2025 |
|
|
350 |
|
|
|
356 |
|
2.750%, 04/01/2023 |
|
|
100 |
|
|
|
99 |
|
2.500%, 03/15/2020 |
|
|
200 |
|
|
|
200 |
|
Medtronic Global Holdings SCA |
|
|
|
|
|
|
|
|
1.700%, 03/28/2019 |
|
|
150 |
|
|
|
149 |
|
Memorial Sloan-Kettering Cancer Center |
|
|
|
|
|
|
|
|
4.200%, 07/01/2055 |
|
|
50 |
|
|
|
52 |
|
Merck |
|
|
|
|
|
|
|
|
4.150%, 05/18/2043 |
|
|
100 |
|
|
|
108 |
|
3.700%, 02/10/2045 |
|
|
50 |
|
|
|
50 |
|
2.800%, 05/18/2023 |
|
|
100 |
|
|
|
100 |
|
2.750%, 02/10/2025 |
|
|
300 |
|
|
|
294 |
|
2.350%, 02/10/2022 |
|
|
100 |
|
|
|
99 |
|
Merck Sharp & Dohme |
|
|
|
|
|
|
|
|
5.000%, 06/30/2019 |
|
|
100 |
|
|
|
104 |
|
Molina Healthcare |
|
|
|
|
|
|
|
|
5.375%, 11/15/2022 |
|
|
125 |
|
|
|
130 |
|
Mount Sinai Hospitals Group |
|
|
|
|
|
|
|
|
3.981%, 07/01/2048 |
|
|
250 |
|
|
|
245 |
|
MPH Acquisition Holdings |
|
|
|
|
|
|
|
|
7.125%, 06/01/2024 (A) |
|
|
240 |
|
|
|
258 |
|
|
|
|
28 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
|
CORPORATE OBLIGATIONS (continued) |
|
|
|
|
|
Mylan |
|
|
|
|
|
|
|
|
5.250%, 06/15/2046 |
|
$ |
65 |
|
|
$ |
70 |
|
3.950%, 06/15/2026 |
|
|
100 |
|
|
|
99 |
|
3.150%, 06/15/2021 |
|
|
100 |
|
|
|
100 |
|
2.500%, 06/07/2019 |
|
|
60 |
|
|
|
60 |
|
Northwell Healthcare |
|
|
|
|
|
|
|
|
4.260%, 11/01/2047 |
|
|
100 |
|
|
|
100 |
|
Novartis Capital |
|
|
|
|
|
|
|
|
4.400%, 05/06/2044 |
|
|
150 |
|
|
|
169 |
|
4.000%, 11/20/2045 |
|
|
100 |
|
|
|
106 |
|
3.400%, 05/06/2024 |
|
|
100 |
|
|
|
102 |
|
3.100%, 05/17/2027 |
|
|
30 |
|
|
|
30 |
|
3.000%, 11/20/2025 |
|
|
100 |
|
|
|
100 |
|
2.400%, 05/17/2022 |
|
|
50 |
|
|
|
49 |
|
1.800%, 02/14/2020 |
|
|
25 |
|
|
|
25 |
|
Novartis Securities Investment |
|
|
|
|
|
|
|
|
5.125%, 02/10/2019 |
|
|
100 |
|
|
|
103 |
|
NYU Hospitals Center |
|
|
|
|
|
|
|
|
4.368%, 07/01/2047 |
|
|
25 |
|
|
|
26 |
|
Ortho-Clinical Diagnostics |
|
|
|
|
|
|
|
|
6.625%, 05/15/2022 (A) |
|
|
200 |
|
|
|
200 |
|
Partners Healthcare System |
|
|
|
|
|
|
|
|
3.765%, 07/01/2048 |
|
|
200 |
|
|
|
195 |
|
Pfizer |
|
|
|
|
|
|
|
|
7.200%, 03/15/2039 |
|
|
150 |
|
|
|
225 |
|
4.400%, 05/15/2044 |
|
|
50 |
|
|
|
55 |
|
4.125%, 12/15/2046 |
|
|
65 |
|
|
|
69 |
|
4.000%, 12/15/2036 |
|
|
250 |
|
|
|
267 |
|
3.400%, 05/15/2024 |
|
|
100 |
|
|
|
103 |
|
3.000%, 12/15/2026 |
|
|
100 |
|
|
|
99 |
|
2.750%, 06/03/2026 |
|
|
50 |
|
|
|
48 |
|
2.200%, 12/15/2021 |
|
|
200 |
|
|
|
197 |
|
1.950%, 06/03/2021 |
|
|
50 |
|
|
|
49 |
|
1.700%, 12/15/2019 |
|
|
200 |
|
|
|
198 |
|
1.450%, 06/03/2019 |
|
|
50 |
|
|
|
50 |
|
Polaris Intermediate |
|
|
|
|
|
|
|
|
8.500% cash/9.250% PIK, 12/01/2022 (A) |
|
|
227 |
|
|
|
236 |
|
Providence St. Joseph Health Obligated Group |
|
|
|
|
|
|
|
|
3.930%, 10/01/2048 |
|
|
35 |
|
|
|
35 |
|
Quest Diagnostics |
|
|
|
|
|
|
|
|
3.500%, 03/30/2025 |
|
|
200 |
|
|
|
200 |
|
RegionalCare Hospital Partners Holdings |
|
|
|
|
|
|
|
|
8.250%, 05/01/2023 (A) |
|
|
112 |
|
|
|
118 |
|
Sanofi |
|
|
|
|
|
|
|
|
4.000%, 03/29/2021 |
|
|
50 |
|
|
|
52 |
|
Select Medical |
|
|
|
|
|
|
|
|
6.375%, 06/01/2021 |
|
|
100 |
|
|
|
102 |
|
Shire Acquisitions Investments Ireland DAC |
|
|
|
|
|
|
|
|
3.200%, 09/23/2026 |
|
|
250 |
|
|
|
239 |
|
2.875%, 09/23/2023 |
|
|
100 |
|
|
|
97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
|
CORPORATE OBLIGATIONS (continued) |
|
|
|
|
|
2.400%, 09/23/2021 |
|
$ |
100 |
|
|
$ |
98 |
|
1.900%, 09/23/2019 |
|
|
100 |
|
|
|
99 |
|
Stryker |
|
|
|
|
|
|
|
|
4.625%, 03/15/2046 |
|
|
30 |
|
|
|
33 |
|
3.500%, 03/15/2026 |
|
|
25 |
|
|
|
25 |
|
3.375%, 05/15/2024 |
|
|
100 |
|
|
|
101 |
|
3.375%, 11/01/2025 |
|
|
200 |
|
|
|
202 |
|
2.000%, 03/08/2019 |
|
|
30 |
|
|
|
30 |
|
Team Health Holdings |
|
|
|
|
|
|
|
|
6.375%, 02/01/2025 (A) |
|
|
110 |
|
|
|
103 |
|
Teleflex |
|
|
|
|
|
|
|
|
4.625%, 11/15/2027 |
|
|
56 |
|
|
|
56 |
|
Tenet Healthcare |
|
|
|
|
|
|
|
|
8.125%, 04/01/2022 |
|
|
350 |
|
|
|
361 |
|
7.500%, 01/01/2022 (A) |
|
|
100 |
|
|
|
106 |
|
7.000%, 08/01/2025 (A) |
|
|
145 |
|
|
|
142 |
|
6.750%, 06/15/2023 |
|
|
328 |
|
|
|
323 |
|
6.000%, 10/01/2020 |
|
|
400 |
|
|
|
420 |
|
5.125%, 05/01/2025 (A) |
|
|
310 |
|
|
|
306 |
|
4.750%, 06/01/2020 |
|
|
100 |
|
|
|
102 |
|
4.625%, 07/15/2024 (A) |
|
|
255 |
|
|
|
251 |
|
4.375%, 10/01/2021 |
|
|
250 |
|
|
|
250 |
|
Thermo Fisher Scientific |
|
|
|
|
|
|
|
|
4.150%, 02/01/2024 |
|
|
150 |
|
|
|
157 |
|
4.100%, 08/15/2047 |
|
|
50 |
|
|
|
50 |
|
3.600%, 08/15/2021 |
|
|
100 |
|
|
|
102 |
|
3.200%, 08/15/2027 |
|
|
50 |
|
|
|
49 |
|
3.150%, 01/15/2023 |
|
|
100 |
|
|
|
100 |
|
2.950%, 09/19/2026 |
|
|
105 |
|
|
|
100 |
|
UnitedHealth Group |
|
|
|
|
|
|
|
|
6.875%, 02/15/2038 |
|
|
100 |
|
|
|
141 |
|
4.750%, 07/15/2045 |
|
|
50 |
|
|
|
58 |
|
4.625%, 07/15/2035 |
|
|
200 |
|
|
|
227 |
|
4.375%, 03/15/2042 |
|
|
150 |
|
|
|
163 |
|
4.250%, 04/15/2047 |
|
|
31 |
|
|
|
33 |
|
4.200%, 01/15/2047 |
|
|
25 |
|
|
|
26 |
|
3.950%, 10/15/2042 |
|
|
100 |
|
|
|
102 |
|
3.875%, 10/15/2020 |
|
|
100 |
|
|
|
103 |
|
3.750%, 07/15/2025 |
|
|
50 |
|
|
|
52 |
|
3.750%, 10/15/2047 |
|
|
100 |
|
|
|
99 |
|
3.450%, 01/15/2027 |
|
|
50 |
|
|
|
51 |
|
3.375%, 04/15/2027 |
|
|
50 |
|
|
|
50 |
|
3.100%, 03/15/2026 |
|
|
200 |
|
|
|
197 |
|
2.950%, 10/15/2027 |
|
|
200 |
|
|
|
194 |
|
2.700%, 07/15/2020 |
|
|
130 |
|
|
|
131 |
|
2.375%, 10/15/2022 |
|
|
100 |
|
|
|
98 |
|
1.950%, 10/15/2020 |
|
|
100 |
|
|
|
98 |
|
Valeant Pharmaceuticals International |
|
|
|
|
|
|
|
|
9.000%, 12/15/2025 (A) |
|
|
215 |
|
|
|
221 |
|
7.500%, 07/15/2021 (A) |
|
|
300 |
|
|
|
301 |
|
7.000%, 03/15/2024 (A) |
|
|
400 |
|
|
|
425 |
|
6.500%, 03/15/2022 (A) |
|
|
200 |
|
|
|
210 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
29 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
|
CORPORATE OBLIGATIONS (continued) |
|
|
|
|
|
6.125%, 04/15/2025 (A) |
|
$ |
500 |
|
|
$ |
448 |
|
5.875%, 05/15/2023 (A) |
|
|
775 |
|
|
|
700 |
|
5.500%, 03/01/2023 (A) |
|
|
100 |
|
|
|
89 |
|
5.500%, 11/01/2025 (A) |
|
|
196 |
|
|
|
197 |
|
5.375%, 03/15/2020 (A) |
|
|
250 |
|
|
|
249 |
|
Vizient |
|
|
|
|
|
|
|
|
10.375%, 03/01/2024(A) |
|
|
80 |
|
|
|
90 |
|
WellCare Health Plans |
|
|
|
|
|
|
|
|
5.250%, 04/01/2025 |
|
|
160 |
|
|
|
167 |
|
West Street |
|
|
|
|
|
|
|
|
6.375%, 09/01/2025 (A) |
|
|
107 |
|
|
|
108 |
|
Wyeth |
|
|
|
|
|
|
|
|
5.950%, 04/01/2037 |
|
|
200 |
|
|
|
263 |
|
Zimmer Biomet Holdings |
|
|
|
|
|
|
|
|
3.550%, 04/01/2025 |
|
|
100 |
|
|
|
98 |
|
2.700%, 04/01/2020 |
|
|
100 |
|
|
|
100 |
|
Zoetis |
|
|
|
|
|
|
|
|
4.500%, 11/13/2025 |
|
|
50 |
|
|
|
54 |
|
3.950%, 09/12/2047 |
|
|
100 |
|
|
|
99 |
|
3.450%, 11/13/2020 |
|
|
25 |
|
|
|
25 |
|
3.000%, 09/12/2027 |
|
|
250 |
|
|
|
240 |
|
|
|
|
|
|
|
|
42,430 |
|
|
|
|
Industrials 2.8% |
|
|
|
|
|
|
|
|
3M |
|
|
|
|
|
|
|
|
2.875%, 10/15/2027 |
|
|
250 |
|
|
|
242 |
|
3M MTN |
|
|
|
|
|
|
|
|
3.125%, 09/19/2046 |
|
|
100 |
|
|
|
90 |
|
3.000%, 08/07/2025 |
|
|
50 |
|
|
|
50 |
|
2.250%, 03/15/2023 |
|
|
235 |
|
|
|
230 |
|
ABB Finance |
|
|
|
|
|
|
|
|
2.875%, 05/08/2022 |
|
|
100 |
|
|
|
101 |
|
ADT |
|
|
|
|
|
|
|
|
6.250%, 10/15/2021 |
|
|
200 |
|
|
|
217 |
|
4.125%, 06/15/2023 |
|
|
200 |
|
|
|
198 |
|
AECOM |
|
|
|
|
|
|
|
|
5.875%, 10/15/2024 |
|
|
50 |
|
|
|
53 |
|
5.750%, 10/15/2022 |
|
|
200 |
|
|
|
209 |
|
5.125%, 03/15/2027 |
|
|
195 |
|
|
|
195 |
|
AerCap Ireland Capital |
|
|
|
|
|
|
|
|
4.625%, 10/30/2020 |
|
|
150 |
|
|
|
157 |
|
4.500%, 05/15/2021 |
|
|
150 |
|
|
|
156 |
|
3.950%, 02/01/2022 |
|
|
175 |
|
|
|
179 |
|
3.750%, 05/15/2019 |
|
|
175 |
|
|
|
177 |
|
3.500%, 01/15/2025 |
|
|
150 |
|
|
|
146 |
|
Ahern Rentals |
|
|
|
|
|
|
|
|
7.375%, 05/15/2023 (A) |
|
|
138 |
|
|
|
133 |
|
Air Lease |
|
|
|
|
|
|
|
|
3.750%, 02/01/2022 |
|
|
100 |
|
|
|
102 |
|
3.375%, 06/01/2021 |
|
|
35 |
|
|
|
35 |
|
2.750%, 01/15/2023 |
|
|
100 |
|
|
|
97 |
|
2.625%, 07/01/2022 |
|
|
100 |
|
|
|
98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
|
CORPORATE OBLIGATIONS (continued) |
|
|
|
|
|
Aircastle |
|
|
|
|
|
|
|
|
5.500%, 02/15/2022 |
|
$ |
100 |
|
|
$ |
106 |
|
5.125%, 03/15/2021 |
|
|
100 |
|
|
|
105 |
|
5.000%, 04/01/2023 |
|
|
100 |
|
|
|
105 |
|
Allegion US Holding |
|
|
|
|
|
|
|
|
3.550%, 10/01/2027 |
|
|
50 |
|
|
|
48 |
|
3.200%, 10/01/2024 |
|
|
50 |
|
|
|
49 |
|
Allison Transmission |
|
|
|
|
|
|
|
|
5.000%, 10/01/2024 (A) |
|
|
145 |
|
|
|
146 |
|
American Airlines Group |
|
|
|
|
|
|
|
|
5.500%, 10/01/2019 (A) |
|
|
150 |
|
|
|
154 |
|
4.625%, 03/01/2020 (A) |
|
|
100 |
|
|
|
101 |
|
American Airlines Pass-Through Trust, Ser 2015-2, Cl AA |
|
|
|
|
|
|
|
|
3.600%, 09/22/2027 |
|
|
93 |
|
|
|
94 |
|
American Airlines Pass-Through Trust, Ser 2016-3, Cl AA |
|
|
|
|
|
|
|
|
3.000%, 10/15/2028 |
|
|
97 |
|
|
|
95 |
|
American Airlines Pass-Through Trust, Ser 2017-2, Cl AA |
|
|
|
|
|
|
|
|
3.350%, 10/15/2029 |
|
|
100 |
|
|
|
99 |
|
Amsted Industries |
|
|
|
|
|
|
|
|
5.000%, 03/15/2022 (A) |
|
|
50 |
|
|
|
51 |
|
APTIM |
|
|
|
|
|
|
|
|
7.750%, 06/15/2025 (A) |
|
|
50 |
|
|
|
46 |
|
Arconic |
|
|
|
|
|
|
|
|
5.125%, 10/01/2024 |
|
|
175 |
|
|
|
185 |
|
ARD Finance |
|
|
|
|
|
|
|
|
7.125% cash/7.875% PIK, 09/15/2023 |
|
|
200 |
|
|
|
208 |
|
Ardagh Packaging Finance |
|
|
|
|
|
|
|
|
6.000%, 02/15/2025 (A) |
|
|
200 |
|
|
|
207 |
|
4.250%, 09/15/2022 (A) |
|
|
200 |
|
|
|
201 |
|
Avis Budget Car Rental |
|
|
|
|
|
|
|
|
5.500%, 04/01/2023 |
|
|
150 |
|
|
|
151 |
|
BCD Acquisition |
|
|
|
|
|
|
|
|
9.625%, 09/15/2023 (A) |
|
|
95 |
|
|
|
104 |
|
Beacon Escrow |
|
|
|
|
|
|
|
|
4.875%, 11/01/2025 (A) |
|
|
185 |
|
|
|
184 |
|
BlueLine Rental Finance |
|
|
|
|
|
|
|
|
9.250%, 03/15/2024 (A) |
|
|
230 |
|
|
|
250 |
|
Boeing |
|
|
|
|
|
|
|
|
4.875%, 02/15/2020 |
|
|
100 |
|
|
|
105 |
|
3.650%, 03/01/2047 |
|
|
200 |
|
|
|
197 |
|
2.800%, 03/01/2027 |
|
|
50 |
|
|
|
49 |
|
Bombardier |
|
|
|
|
|
|
|
|
8.750%, 12/01/2021 (A) |
|
|
350 |
|
|
|
389 |
|
7.500%, 12/01/2024 (A) |
|
|
189 |
|
|
|
199 |
|
7.500%, 03/15/2025 (A) |
|
|
260 |
|
|
|
270 |
|
6.000%, 10/15/2022 (A) |
|
|
100 |
|
|
|
100 |
|
Brand Industrial Services |
|
|
|
|
|
|
|
|
8.500%, 07/15/2025 (A) |
|
|
178 |
|
|
|
185 |
|
|
|
|
30 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
Brinks |
|
|
|
|
|
|
|
|
4.625%, 10/15/2027 (A) |
|
$ |
97 |
|
|
$ |
94 |
|
Builders FirstSource |
|
|
|
|
|
|
|
|
5.625%, 09/01/2024 (A) |
|
|
135 |
|
|
|
141 |
|
Burlington Northern Santa Fe |
|
4.900%, 04/01/2044 |
|
|
150 |
|
|
|
177 |
|
4.700%, 10/01/2019 |
|
|
100 |
|
|
|
104 |
|
4.550%, 09/01/2044 |
|
|
100 |
|
|
|
113 |
|
4.150%, 04/01/2045 |
|
|
150 |
|
|
|
159 |
|
3.850%, 09/01/2023 |
|
|
200 |
|
|
|
210 |
|
3.400%, 09/01/2024 |
|
|
150 |
|
|
|
153 |
|
3.000%, 04/01/2025 |
|
|
100 |
|
|
|
99 |
|
BWAY Holding |
|
|
|
|
|
|
|
|
7.250%, 04/15/2025 (A) |
|
|
245 |
|
|
|
256 |
|
5.500%, 04/15/2024 (A) |
|
|
220 |
|
|
|
228 |
|
Canadian National Railway |
|
3.200%, 08/02/2046 |
|
|
100 |
|
|
|
93 |
|
2.950%, 11/21/2024 |
|
|
150 |
|
|
|
149 |
|
Canadian Pacific Railway |
|
6.125%, 09/15/2115 |
|
|
30 |
|
|
|
39 |
|
4.800%, 09/15/2035 |
|
|
20 |
|
|
|
22 |
|
2.900%, 02/01/2025 |
|
|
200 |
|
|
|
195 |
|
Carlisle |
|
|
|
|
|
|
|
|
3.750%, 12/01/2027 |
|
|
50 |
|
|
|
50 |
|
Caterpillar |
|
|
|
|
|
|
|
|
4.300%, 05/15/2044 |
|
|
100 |
|
|
|
112 |
|
3.900%, 05/27/2021 |
|
|
100 |
|
|
|
104 |
|
3.803%, 08/15/2042 |
|
|
100 |
|
|
|
104 |
|
3.400%, 05/15/2024 |
|
|
150 |
|
|
|
154 |
|
Caterpillar Financial Services |
|
|
|
|
|
|
|
|
1.700%, 08/09/2021 |
|
|
50 |
|
|
|
48 |
|
Caterpillar Financial Services MTN |
|
7.150%, 02/15/2019 |
|
|
100 |
|
|
|
105 |
|
2.400%, 06/06/2022 |
|
|
200 |
|
|
|
196 |
|
2.100%, 06/09/2019 |
|
|
200 |
|
|
|
199 |
|
2.100%, 01/10/2020 |
|
|
75 |
|
|
|
75 |
|
1.900%, 03/22/2019 |
|
|
100 |
|
|
|
100 |
|
1.850%, 09/04/2020 |
|
|
200 |
|
|
|
197 |
|
Cenveo |
|
|
|
|
|
|
|
|
6.000%, 08/01/2019 (A) |
|
|
100 |
|
|
|
69 |
|
Cintas No. 2 |
|
|
|
|
|
|
|
|
3.700%, 04/01/2027 |
|
|
50 |
|
|
|
51 |
|
2.900%, 04/01/2022 |
|
|
50 |
|
|
|
50 |
|
Cloud Crane |
|
|
|
|
|
|
|
|
10.125%, 08/01/2024 (A) |
|
|
45 |
|
|
|
51 |
|
CNH Industrial MTN |
|
|
|
|
|
|
|
|
3.850%, 11/15/2027 |
|
|
35 |
|
|
|
35 |
|
CNH Industrial Capital |
|
|
|
|
|
|
|
|
4.875%, 04/01/2021 |
|
|
25 |
|
|
|
26 |
|
4.375%, 11/06/2020 |
|
|
35 |
|
|
|
36 |
|
4.375%, 04/05/2022 |
|
|
25 |
|
|
|
26 |
|
3.875%, 10/15/2021 |
|
|
20 |
|
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
3.375%, 07/15/2019 |
|
$ |
25 |
|
|
$ |
25 |
|
Core & Main |
|
|
|
|
|
|
|
|
6.125%, 08/15/2025 (A) |
|
|
95 |
|
|
|
96 |
|
CSX |
|
|
|
|
|
|
|
|
4.250%, 11/01/2066 |
|
|
50 |
|
|
|
49 |
|
4.100%, 03/15/2044 |
|
|
75 |
|
|
|
77 |
|
3.800%, 11/01/2046 |
|
|
50 |
|
|
|
49 |
|
3.700%, 10/30/2020 |
|
|
128 |
|
|
|
132 |
|
3.400%, 08/01/2024 |
|
|
150 |
|
|
|
151 |
|
3.250%, 06/01/2027 |
|
|
50 |
|
|
|
49 |
|
2.600%, 11/01/2026 |
|
|
50 |
|
|
|
47 |
|
Deere |
|
|
|
|
|
|
|
|
3.900%, 06/09/2042 |
|
|
100 |
|
|
|
106 |
|
2.600%, 06/08/2022 |
|
|
50 |
|
|
|
49 |
|
Delta Air Lines |
|
|
|
|
|
|
|
|
3.625%, 03/15/2022 |
|
|
50 |
|
|
|
50 |
|
2.875%, 03/13/2020 |
|
|
30 |
|
|
|
30 |
|
2.600%, 12/04/2020 |
|
|
45 |
|
|
|
45 |
|
Dover |
|
|
|
|
|
|
|
|
5.375%, 03/01/2041 |
|
|
100 |
|
|
|
120 |
|
Eaton |
|
|
|
|
|
|
|
|
4.150%, 11/02/2042 |
|
|
100 |
|
|
|
102 |
|
4.000%, 11/02/2032 |
|
|
100 |
|
|
|
102 |
|
2.750%, 11/02/2022 |
|
|
150 |
|
|
|
149 |
|
Embraer Netherlands Finance BV |
|
5.400%, 02/01/2027 |
|
|
100 |
|
|
|
106 |
|
Emerson Electric |
|
|
|
|
|
|
|
|
2.625%, 02/15/2023 |
|
|
125 |
|
|
|
123 |
|
Equifax |
|
|
|
|
|
|
|
|
2.300%, 06/01/2021 |
|
|
50 |
|
|
|
49 |
|
FedEx |
|
|
|
|
|
|
|
|
5.100%, 01/15/2044 |
|
|
50 |
|
|
|
58 |
|
4.550%, 04/01/2046 |
|
|
100 |
|
|
|
108 |
|
4.400%, 01/15/2047 |
|
|
50 |
|
|
|
53 |
|
4.050%, 02/15/2048 |
|
|
50 |
|
|
|
50 |
|
4.000%, 01/15/2024 |
|
|
200 |
|
|
|
210 |
|
3.900%, 02/01/2035 |
|
|
100 |
|
|
|
100 |
|
3.400%, 02/15/2028 |
|
|
50 |
|
|
|
50 |
|
Flex Acquisition |
|
|
|
|
|
|
|
|
6.875%, 01/15/2025 (A) |
|
|
60 |
|
|
|
62 |
|
Fluor |
|
|
|
|
|
|
|
|
3.500%, 12/15/2024 |
|
|
200 |
|
|
|
202 |
|
Fortive |
|
|
|
|
|
|
|
|
3.150%, 06/15/2026 |
|
|
200 |
|
|
|
197 |
|
FXI Holdings |
|
|
|
|
|
|
|
|
7.875%, 11/01/2024 (A) |
|
|
75 |
|
|
|
75 |
|
Gates Global |
|
|
|
|
|
|
|
|
6.000%, 07/15/2022 (A) |
|
|
220 |
|
|
|
225 |
|
GATX |
|
|
|
|
|
|
|
|
3.250%, 09/15/2026 |
|
|
100 |
|
|
|
96 |
|
2.600%, 03/30/2020 |
|
|
100 |
|
|
|
99 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
31 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
|
|
CORPORATE OBLIGATIONS (continued) |
|
|
|
|
|
|
|
|
GCP Applied Technologies |
|
|
|
|
|
|
|
|
9.500%, 02/01/2023 (A) |
|
$ |
100 |
|
|
$ |
110 |
|
GE Capital International Funding |
|
|
|
|
|
|
|
|
4.418%, 11/15/2035 |
|
|
751 |
|
|
|
772 |
|
2.342%, 11/15/2020 |
|
|
1,000 |
|
|
|
986 |
|
General Dynamics |
|
|
|
|
|
|
|
|
2.625%, 11/15/2027 |
|
|
250 |
|
|
|
236 |
|
2.375%, 11/15/2024 |
|
|
200 |
|
|
|
193 |
|
2.250%, 11/15/2022 |
|
|
100 |
|
|
|
97 |
|
General Electric |
|
|
|
|
|
|
|
|
4.500%, 03/11/2044 |
|
|
200 |
|
|
|
210 |
|
2.700%, 10/09/2022 |
|
|
250 |
|
|
|
245 |
|
General Electric MTN |
|
|
|
|
|
|
|
|
6.875%, 01/10/2039 |
|
|
115 |
|
|
|
157 |
|
6.750%, 03/15/2032 |
|
|
101 |
|
|
|
131 |
|
5.875%, 01/14/2038 |
|
|
200 |
|
|
|
244 |
|
5.300%, 02/11/2021 |
|
|
125 |
|
|
|
133 |
|
GFL Environmental |
|
|
|
|
|
|
|
|
9.875%, 02/01/2021 (A) |
|
|
30 |
|
|
|
32 |
|
Griffon |
|
|
|
|
|
|
|
|
5.250%, 03/01/2022 (A) |
|
|
189 |
|
|
|
192 |
|
Grinding Media |
|
|
|
|
|
|
|
|
7.375%, 12/15/2023 (A) |
|
|
180 |
|
|
|
192 |
|
H&E Equipment Services |
|
|
|
|
|
|
|
|
5.625%, 09/01/2025 (A) |
|
|
188 |
|
|
|
195 |
|
Harris |
|
|
|
|
|
|
|
|
4.854%, 04/27/2035 |
|
|
35 |
|
|
|
38 |
|
3.832%, 04/27/2025 |
|
|
50 |
|
|
|
51 |
|
HD Supply |
|
|
|
|
|
|
|
|
5.750%, 04/15/2024 (A) |
|
|
200 |
|
|
|
214 |
|
Herc Rentals |
|
|
|
|
|
|
|
|
7.750%, 06/01/2024 (A) |
|
|
51 |
|
|
|
56 |
|
Hertz |
|
|
|
|
|
|
|
|
7.625%, 06/01/2022 (A) |
|
|
260 |
|
|
|
272 |
|
5.500%, 10/15/2024 (A) |
|
|
140 |
|
|
|
125 |
|
Honeywell International |
|
|
|
|
|
|
|
|
2.500%, 11/01/2026 |
|
|
200 |
|
|
|
190 |
|
1.850%, 11/01/2021 |
|
|
200 |
|
|
|
194 |
|
1.400%, 10/30/2019 |
|
|
50 |
|
|
|
49 |
|
Hubbell |
|
|
|
|
|
|
|
|
3.350%, 03/01/2026 |
|
|
50 |
|
|
|
50 |
|
3.150%, 08/15/2027 |
|
|
200 |
|
|
|
194 |
|
Icahn Enterprises |
|
|
|
|
|
|
|
|
6.750%, 02/01/2024 |
|
|
100 |
|
|
|
104 |
|
6.375%, 12/15/2025 (A) |
|
|
175 |
|
|
|
178 |
|
6.250%, 02/01/2022 (A) |
|
|
225 |
|
|
|
231 |
|
6.000%, 08/01/2020 |
|
|
250 |
|
|
|
256 |
|
5.875%, 02/01/2022 |
|
|
150 |
|
|
|
153 |
|
IHS Markit |
|
|
|
|
|
|
|
|
5.000%, 11/01/2022 (A) |
|
|
110 |
|
|
|
117 |
|
4.750%, 02/15/2025 (A) |
|
|
175 |
|
|
|
182 |
|
4.000%, 03/01/2026 (A) |
|
|
47 |
|
|
|
45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
Illinois Tool Works |
|
|
|
|
|
|
|
|
3.500%, 03/01/2024 |
|
$ |
100 |
|
|
$ |
103 |
|
1.950%, 03/01/2019 |
|
|
100 |
|
|
|
100 |
|
Ingersoll-Rand Global Holding |
|
|
|
|
|
|
|
|
5.750%, 06/15/2043 |
|
|
100 |
|
|
|
123 |
|
4.250%, 06/15/2023 |
|
|
150 |
|
|
|
158 |
|
JB Hunt Transport Services |
|
|
|
|
|
|
|
|
3.300%, 08/15/2022 |
|
|
50 |
|
|
|
50 |
|
John Deere Capital |
|
|
|
|
|
|
|
|
2.550%, 01/08/2021 |
|
|
100 |
|
|
|
100 |
|
John Deere Capital MTN |
|
|
|
|
|
|
|
|
3.350%, 06/12/2024 |
|
|
200 |
|
|
|
203 |
|
2.800%, 03/06/2023 |
|
|
100 |
|
|
|
99 |
|
2.800%, 09/08/2027 |
|
|
250 |
|
|
|
242 |
|
2.650%, 01/06/2022 |
|
|
200 |
|
|
|
199 |
|
2.650%, 06/24/2024 |
|
|
50 |
|
|
|
49 |
|
2.150%, 09/08/2022 |
|
|
250 |
|
|
|
242 |
|
1.250%, 10/09/2019 |
|
|
100 |
|
|
|
98 |
|
Johnson Controls International |
|
|
|
|
|
|
|
|
4.950%, 07/02/2064 (C) |
|
|
25 |
|
|
|
27 |
|
4.625%, 07/02/2044 (C) |
|
|
100 |
|
|
|
109 |
|
3.900%, 02/14/2026 |
|
|
200 |
|
|
|
206 |
|
3.625%, 07/02/2024 (C) |
|
|
100 |
|
|
|
102 |
|
Kansas City Southern |
|
|
|
|
|
|
|
|
4.950%, 08/15/2045 |
|
|
100 |
|
|
|
110 |
|
KAR Auction Services |
|
|
|
|
|
|
|
|
5.125%, 06/01/2025 (A) |
|
|
100 |
|
|
|
101 |
|
KLX |
|
|
|
|
|
|
|
|
5.875%, 12/01/2022 (A) |
|
|
145 |
|
|
|
151 |
|
Koninklijke Philips |
|
|
|
|
|
|
|
|
3.750%, 03/15/2022 |
|
|
150 |
|
|
|
154 |
|
L3 Technologies |
|
|
|
|
|
|
|
|
5.200%, 10/15/2019 |
|
|
100 |
|
|
|
104 |
|
4.950%, 02/15/2021 |
|
|
100 |
|
|
|
105 |
|
Lockheed Martin |
|
|
|
|
|
|
|
|
4.700%, 05/15/2046 |
|
|
100 |
|
|
|
114 |
|
4.500%, 05/15/2036 |
|
|
100 |
|
|
|
110 |
|
4.250%, 11/15/2019 |
|
|
100 |
|
|
|
103 |
|
4.090%, 09/15/2052 |
|
|
200 |
|
|
|
203 |
|
4.070%, 12/15/2042 |
|
|
150 |
|
|
|
155 |
|
3.800%, 03/01/2045 |
|
|
100 |
|
|
|
99 |
|
3.550%, 01/15/2026 |
|
|
100 |
|
|
|
102 |
|
2.900%, 03/01/2025 |
|
|
25 |
|
|
|
24 |
|
2.500%, 11/23/2020 |
|
|
100 |
|
|
|
100 |
|
Masco |
|
|
|
|
|
|
|
|
4.375%, 04/01/2026 |
|
|
200 |
|
|
|
208 |
|
3.500%, 04/01/2021 |
|
|
65 |
|
|
|
65 |
|
Masonite International |
|
|
|
|
|
|
|
|
5.625%, 03/15/2023 (A) |
|
|
79 |
|
|
|
82 |
|
Multi-Color |
|
|
|
|
|
|
|
|
4.875%, 11/01/2025 (A) |
|
|
153 |
|
|
|
154 |
|
|
|
|
32 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
Navios Maritime Holdings |
|
7.375%, 01/15/2022 (A) |
|
$ |
100 |
|
|
$ |
82 |
|
Navistar International |
|
|
|
|
|
|
|
|
6.625%, 11/01/2025 (A) |
|
|
176 |
|
|
|
184 |
|
Nielsen Finance |
|
|
|
|
|
|
|
|
5.000%, 04/15/2022 (A) |
|
|
550 |
|
|
|
559 |
|
Nielsen Luxembourg |
|
|
|
|
|
|
|
|
5.500%, 10/01/2021 (A) |
|
|
100 |
|
|
|
102 |
|
Norfolk Southern |
|
|
|
|
|
|
|
|
4.450%, 06/15/2045 |
|
|
100 |
|
|
|
108 |
|
4.050%, 08/15/2052 (A) |
|
|
200 |
|
|
|
201 |
|
3.950%, 10/01/2042 |
|
|
100 |
|
|
|
100 |
|
3.942%, 11/01/2047 (A) |
|
|
95 |
|
|
|
97 |
|
3.850%, 01/15/2024 |
|
|
200 |
|
|
|
207 |
|
3.250%, 12/01/2021 |
|
|
150 |
|
|
|
152 |
|
2.900%, 06/15/2026 |
|
|
35 |
|
|
|
34 |
|
Northrop Grumman |
|
|
|
|
|
|
|
|
4.750%, 06/01/2043 |
|
|
25 |
|
|
|
28 |
|
4.030%, 10/15/2047 |
|
|
175 |
|
|
|
178 |
|
3.850%, 04/15/2045 |
|
|
100 |
|
|
|
98 |
|
3.250%, 08/01/2023 |
|
|
150 |
|
|
|
151 |
|
3.250%, 01/15/2028 |
|
|
165 |
|
|
|
162 |
|
2.930%, 01/15/2025 |
|
|
200 |
|
|
|
195 |
|
2.550%, 10/15/2022 |
|
|
200 |
|
|
|
195 |
|
2.080%, 10/15/2020 |
|
|
260 |
|
|
|
256 |
|
Novelis |
|
|
|
|
|
|
|
|
6.250%, 08/15/2024 (A) |
|
|
290 |
|
|
|
304 |
|
5.875%, 09/30/2026 (A) |
|
|
150 |
|
|
|
154 |
|
Owens Corning |
|
|
|
|
|
|
|
|
4.300%, 07/15/2047 |
|
|
50 |
|
|
|
48 |
|
4.200%, 12/01/2024 |
|
|
100 |
|
|
|
104 |
|
PACCAR Financial MTN |
|
|
|
|
|
|
|
|
2.300%, 08/10/2022 |
|
|
50 |
|
|
|
49 |
|
1.300%, 05/10/2019 |
|
|
45 |
|
|
|
44 |
|
Park Aerospace Holdings |
|
5.500%, 02/15/2024 (A) |
|
|
190 |
|
|
|
188 |
|
5.250%, 08/15/2022 (A) |
|
|
235 |
|
|
|
232 |
|
4.500%, 03/15/2023 (A) |
|
|
238 |
|
|
|
227 |
|
Parker-Hannifin MTN |
|
4.200%, 11/21/2034 |
|
|
135 |
|
|
|
144 |
|
Pitney Bowes |
|
|
|
|
|
|
|
|
3.625%, 09/15/2020 |
|
|
200 |
|
|
|
199 |
|
3.625%, 10/01/2021 |
|
|
100 |
|
|
|
96 |
|
Plastipak Holdings |
|
|
|
|
|
|
|
|
6.250%, 10/15/2025 (A) |
|
|
50 |
|
|
|
52 |
|
Ply Gem Industries |
|
|
|
|
|
|
|
|
6.500%, 02/01/2022 |
|
|
50 |
|
|
|
52 |
|
Precision Castparts |
|
|
|
|
|
|
|
|
2.500%, 01/15/2023 |
|
|
100 |
|
|
|
98 |
|
Raytheon |
|
|
|
|
|
|
|
|
3.125%, 10/15/2020 |
|
|
100 |
|
|
|
102 |
|
2.500%, 12/15/2022 |
|
|
100 |
|
|
|
98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
RBS Global |
|
|
|
|
|
|
|
|
4.875%, 12/15/2025 (A) |
|
$ |
87 |
|
|
$ |
88 |
|
Republic Services |
|
|
|
|
|
|
|
|
5.500%, 09/15/2019 |
|
|
150 |
|
|
|
157 |
|
3.550%, 06/01/2022 |
|
|
150 |
|
|
|
153 |
|
2.900%, 07/01/2026 |
|
|
200 |
|
|
|
191 |
|
Rockwell Collins |
|
4.350%, 04/15/2047 |
|
|
25 |
|
|
|
26 |
|
3.500%, 03/15/2027 |
|
|
286 |
|
|
|
284 |
|
3.200%, 03/15/2024 |
|
|
50 |
|
|
|
50 |
|
2.800%, 03/15/2022 |
|
|
50 |
|
|
|
49 |
|
1.950%, 07/15/2019 |
|
|
20 |
|
|
|
20 |
|
Roper Technologies |
|
3.850%, 12/15/2025 |
|
|
25 |
|
|
|
25 |
|
3.800%, 12/15/2026 |
|
|
150 |
|
|
|
152 |
|
3.000%, 12/15/2020 |
|
|
100 |
|
|
|
101 |
|
Ryder System MTN |
|
|
|
|
|
|
|
|
2.875%, 09/01/2020 |
|
|
50 |
|
|
|
50 |
|
2.650%, 03/02/2020 |
|
|
100 |
|
|
|
100 |
|
2.500%, 09/01/2022 |
|
|
100 |
|
|
|
98 |
|
Sensata Technologies |
|
5.000%, 10/01/2025 (A) |
|
|
40 |
|
|
|
42 |
|
4.875%, 10/15/2023 (A) |
|
|
300 |
|
|
|
312 |
|
Signode Industrial Group |
|
|
|
|
|
|
|
|
6.375%, 05/01/2022 (A) |
|
|
150 |
|
|
|
156 |
|
Southwest Airlines |
|
|
|
|
|
|
|
|
2.750%, 11/06/2019 |
|
|
100 |
|
|
|
100 |
|
Spirit AeroSystems |
|
|
|
|
|
|
|
|
3.850%, 06/15/2026 |
|
|
25 |
|
|
|
25 |
|
St. Marys Cement Canada |
|
|
|
|
|
|
|
|
5.750%, 01/28/2027 (A) |
|
|
200 |
|
|
|
211 |
|
Stanley Black & Decker |
|
2.900%, 11/01/2022 |
|
|
100 |
|
|
|
100 |
|
Terex |
|
|
|
|
|
|
|
|
5.625%, 02/01/2025 (A) |
|
|
105 |
|
|
|
108 |
|
Textron |
|
|
|
|
|
|
|
|
3.375%, 03/01/2028 |
|
|
100 |
|
|
|
97 |
|
TransDigm |
|
|
|
|
|
|
|
|
6.500%, 07/15/2024 |
|
|
350 |
|
|
|
360 |
|
6.375%, 06/15/2026 |
|
|
227 |
|
|
|
233 |
|
6.000%, 07/15/2022 |
|
|
100 |
|
|
|
103 |
|
Triumph Group |
|
|
|
|
|
|
|
|
7.750%, 08/15/2025 |
|
|
67 |
|
|
|
71 |
|
Tutor Perini |
|
|
|
|
|
|
|
|
6.875%, 05/01/2025 (A) |
|
|
85 |
|
|
|
91 |
|
Union Pacific |
|
|
|
|
|
|
|
|
4.163%, 07/15/2022 |
|
|
100 |
|
|
|
106 |
|
4.050%, 03/01/2046 |
|
|
150 |
|
|
|
160 |
|
4.000%, 04/15/2047 |
|
|
50 |
|
|
|
53 |
|
3.875%, 02/01/2055 |
|
|
100 |
|
|
|
99 |
|
3.799%, 10/01/2051 |
|
|
55 |
|
|
|
56 |
|
3.600%, 09/15/2037 |
|
|
220 |
|
|
|
222 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
33 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
3.000%, 04/15/2027 |
|
$ |
50 |
|
|
$ |
49 |
|
2.250%, 02/15/2019 |
|
|
125 |
|
|
|
125 |
|
United Airlines Pass-Through Trust, Ser 2013- 1, Cl A |
|
|
|
|
|
|
|
|
4.300%, 08/15/2025 |
|
|
128 |
|
|
|
134 |
|
United Airlines Pass-Through Trust, Ser 2015- 1, Cl AA |
|
|
|
|
|
|
|
|
3.450%, 12/01/2027 |
|
|
46 |
|
|
|
46 |
|
United Airlines Pass-Through Trust, Ser 2016- 1, Cl A |
|
|
|
|
|
|
|
|
3.450%, 07/07/2028 |
|
|
29 |
|
|
|
29 |
|
United Airlines Pass-Through Trust, Ser 2016- 1, Cl AA |
|
|
|
|
|
|
|
|
3.100%, 07/07/2028 |
|
|
49 |
|
|
|
48 |
|
United Airlines Pass-Through Trust, Ser 2016- 2, Cl AA |
|
|
|
|
|
|
|
|
2.875%, 10/07/2028 |
|
|
100 |
|
|
|
96 |
|
United Parcel Service |
|
|
|
|
|
|
|
|
6.200%, 01/15/2038 |
|
|
150 |
|
|
|
203 |
|
3.750%, 11/15/2047 |
|
|
50 |
|
|
|
51 |
|
3.400%, 11/15/2046 |
|
|
50 |
|
|
|
47 |
|
3.125%, 01/15/2021 |
|
|
100 |
|
|
|
102 |
|
3.050%, 11/15/2027 |
|
|
50 |
|
|
|
49 |
|
2.800%, 11/15/2024 |
|
|
50 |
|
|
|
49 |
|
2.500%, 04/01/2023 |
|
|
50 |
|
|
|
49 |
|
2.400%, 11/15/2026 |
|
|
50 |
|
|
|
47 |
|
2.350%, 05/16/2022 |
|
|
50 |
|
|
|
49 |
|
2.050%, 04/01/2021 |
|
|
50 |
|
|
|
49 |
|
United Rentals North America |
|
|
|
|
|
|
|
|
5.875%, 09/15/2026 |
|
|
150 |
|
|
|
161 |
|
5.500%, 07/15/2025 |
|
|
250 |
|
|
|
264 |
|
5.500%, 05/15/2027 |
|
|
40 |
|
|
|
42 |
|
4.875%, 01/15/2028 |
|
|
254 |
|
|
|
254 |
|
4.625%, 07/15/2023 |
|
|
185 |
|
|
|
191 |
|
4.625%, 10/15/2025 |
|
|
235 |
|
|
|
238 |
|
United Technologies |
|
|
|
|
|
|
|
|
6.125%, 07/15/2038 |
|
|
200 |
|
|
|
260 |
|
4.500%, 04/15/2020 |
|
|
100 |
|
|
|
104 |
|
4.500%, 06/01/2042 |
|
|
100 |
|
|
|
109 |
|
4.150%, 05/15/2045 |
|
|
100 |
|
|
|
104 |
|
3.125%, 05/04/2027 |
|
|
100 |
|
|
|
98 |
|
3.100%, 06/01/2022 |
|
|
250 |
|
|
|
252 |
|
2.650%, 11/01/2026 |
|
|
250 |
|
|
|
236 |
|
1.900%, 05/04/2020 |
|
|
200 |
|
|
|
197 |
|
USG |
|
|
|
|
|
|
|
|
4.875%, 06/01/2027 (A) |
|
|
30 |
|
|
|
31 |
|
Verisk Analytics |
|
|
|
|
|
|
|
|
5.500%, 06/15/2045 |
|
|
100 |
|
|
|
113 |
|
Vertiv Group |
|
|
|
|
|
|
|
|
9.250%, 10/15/2024 (A) |
|
|
140 |
|
|
|
151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
Vertiv Intermediate Holding |
|
|
|
|
|
|
|
|
12.000% cash/13.000% PIK, |
|
|
|
|
|
|
|
|
02/15/2022 (A) |
|
$ |
90 |
|
|
$ |
97 |
|
Wabtec |
|
|
|
|
|
|
|
|
3.450%, 11/15/2026 |
|
|
100 |
|
|
|
96 |
|
Waste Management |
|
|
|
|
|
|
|
|
4.750%, 06/30/2020 |
|
|
100 |
|
|
|
105 |
|
4.100%, 03/01/2045 |
|
|
50 |
|
|
|
52 |
|
3.150%, 11/15/2027 |
|
|
50 |
|
|
|
49 |
|
3.125%, 03/01/2025 |
|
|
100 |
|
|
|
99 |
|
Waste Pro USA |
|
|
|
|
|
|
|
|
5.500%, 02/15/2026 (A) |
|
|
55 |
|
|
|
56 |
|
WESCO Distribution |
|
|
|
|
|
|
|
|
5.375%, 12/15/2021 |
|
|
100 |
|
|
|
103 |
|
WW Grainger |
|
|
|
|
|
|
|
|
4.600%, 06/15/2045 |
|
|
50 |
|
|
|
56 |
|
4.200%, 05/15/2047 |
|
|
50 |
|
|
|
52 |
|
XPO Logistics |
|
|
|
|
|
|
|
|
6.500%, 06/15/2022 (A) |
|
|
155 |
|
|
|
162 |
|
6.125%, 09/01/2023 (A) |
|
|
150 |
|
|
|
158 |
|
Xylem |
|
|
|
|
|
|
|
|
4.375%, 11/01/2046 |
|
|
100 |
|
|
|
104 |
|
|
|
|
|
|
|
|
40,403 |
|
|
Information Technology 2.6% |
|
Activision Blizzard |
|
|
|
|
|
|
|
|
3.400%, 09/15/2026 |
|
|
50 |
|
|
|
50 |
|
2.300%, 09/15/2021 |
|
|
30 |
|
|
|
29 |
|
Adobe Systems |
|
|
|
|
|
|
|
|
3.250%, 02/01/2025 |
|
|
150 |
|
|
|
151 |
|
Alibaba Group Holding |
|
|
|
|
|
|
|
|
4.200%, 12/06/2047 |
|
|
60 |
|
|
|
60 |
|
3.600%, 11/28/2024 |
|
|
200 |
|
|
|
202 |
|
3.400%, 12/06/2027 |
|
|
200 |
|
|
|
194 |
|
2.500%, 11/28/2019 |
|
|
200 |
|
|
|
200 |
|
Alphabet |
|
|
|
|
|
|
|
|
3.625%, 05/19/2021 |
|
|
100 |
|
|
|
104 |
|
1.998%, 08/15/2026 |
|
|
100 |
|
|
|
92 |
|
Amphenol |
|
|
|
|
|
|
|
|
3.200%, 04/01/2024 |
|
|
100 |
|
|
|
99 |
|
2.200%, 04/01/2020 |
|
|
100 |
|
|
|
99 |
|
Analog Devices |
|
|
|
|
|
|
|
|
3.900%, 12/15/2025 |
|
|
100 |
|
|
|
102 |
|
3.500%, 12/05/2026 |
|
|
100 |
|
|
|
99 |
|
Apple |
|
|
|
|
|
|
|
|
4.650%, 02/23/2046 |
|
|
200 |
|
|
|
227 |
|
4.500%, 02/23/2036 |
|
|
200 |
|
|
|
224 |
|
4.375%, 05/13/2045 |
|
|
150 |
|
|
|
164 |
|
4.250%, 02/09/2047 |
|
|
50 |
|
|
|
54 |
|
3.850%, 05/04/2043 |
|
|
100 |
|
|
|
102 |
|
3.850%, 08/04/2046 |
|
|
95 |
|
|
|
96 |
|
3.750%, 09/12/2047 |
|
|
200 |
|
|
|
199 |
|
|
|
|
34 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
3.750%, 11/13/2047 |
|
$ |
50 |
|
|
$ |
50 |
|
3.450%, 05/06/2024 |
|
|
150 |
|
|
|
153 |
|
3.450%, 02/09/2045 |
|
|
100 |
|
|
|
95 |
|
3.350%, 02/09/2027 |
|
|
100 |
|
|
|
100 |
|
3.250%, 02/23/2026 |
|
|
300 |
|
|
|
300 |
|
3.200%, 05/11/2027 |
|
|
100 |
|
|
|
99 |
|
3.000%, 06/20/2027 |
|
|
100 |
|
|
|
97 |
|
2.900%, 09/12/2027 |
|
|
200 |
|
|
|
193 |
|
2.850%, 05/06/2021 |
|
|
175 |
|
|
|
176 |
|
2.850%, 02/23/2023 |
|
|
150 |
|
|
|
150 |
|
2.850%, 05/11/2024 |
|
|
100 |
|
|
|
99 |
|
2.700%, 05/13/2022 |
|
|
200 |
|
|
|
199 |
|
2.500%, 02/09/2022 |
|
|
200 |
|
|
|
198 |
|
2.500%, 02/09/2025 |
|
|
75 |
|
|
|
72 |
|
2.450%, 08/04/2026 |
|
|
100 |
|
|
|
94 |
|
2.400%, 01/13/2023 |
|
|
100 |
|
|
|
98 |
|
2.300%, 05/11/2022 |
|
|
100 |
|
|
|
98 |
|
2.250%, 02/23/2021 |
|
|
90 |
|
|
|
89 |
|
1.800%, 05/11/2020 |
|
|
200 |
|
|
|
197 |
|
1.700%, 02/22/2019 |
|
|
20 |
|
|
|
20 |
|
1.550%, 02/07/2020 |
|
|
200 |
|
|
|
197 |
|
1.550%, 08/04/2021 |
|
|
100 |
|
|
|
96 |
|
1.500%, 09/12/2019 |
|
|
200 |
|
|
|
198 |
|
1.100%, 08/02/2019 |
|
|
100 |
|
|
|
98 |
|
Applied Materials |
|
|
|
|
|
|
|
|
5.100%, 10/01/2035 |
|
|
35 |
|
|
|
42 |
|
4.350%, 04/01/2047 |
|
|
45 |
|
|
|
49 |
|
3.900%, 10/01/2025 |
|
|
35 |
|
|
|
36 |
|
3.300%, 04/01/2027 |
|
|
55 |
|
|
|
55 |
|
2.625%, 10/01/2020 |
|
|
50 |
|
|
|
50 |
|
Arrow Electronics |
|
|
|
|
|
|
|
|
4.000%, 04/01/2025 |
|
|
100 |
|
|
|
100 |
|
3.250%, 09/08/2024 |
|
|
200 |
|
|
|
194 |
|
Autodesk |
|
|
|
|
|
|
|
|
4.375%, 06/15/2025 |
|
|
100 |
|
|
|
103 |
|
Automatic Data Processing |
|
|
|
|
|
|
|
|
3.375%, 09/15/2025 |
|
|
25 |
|
|
|
25 |
|
2.250%, 09/15/2020 |
|
|
50 |
|
|
|
50 |
|
Avnet |
|
|
|
|
|
|
|
|
4.625%, 04/15/2026 |
|
|
25 |
|
|
|
26 |
|
3.750%, 12/01/2021 |
|
|
25 |
|
|
|
25 |
|
Baidu |
|
|
|
|
|
|
|
|
2.750%, 06/09/2019 |
|
|
200 |
|
|
|
200 |
|
BMC Software Finance |
|
|
|
|
|
|
|
|
8.125%, 07/15/2021 (A) |
|
|
290 |
|
|
|
290 |
|
Boxer Parent |
|
|
|
|
|
|
|
|
9.000% cash/9.750% PIK, 10/15/2019 (A) |
|
|
50 |
|
|
|
50 |
|
Broadcom |
|
|
|
|
|
|
|
|
3.875%, 01/15/2027 (A) |
|
|
250 |
|
|
|
243 |
|
3.625%, 01/15/2024 (A) |
|
|
100 |
|
|
|
99 |
|
3.500%, 01/15/2028 (A) |
|
|
150 |
|
|
|
141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
3.125%, 01/15/2025 (A) |
|
$ |
235 |
|
|
$ |
221 |
|
3.000%, 01/15/2022 (A) |
|
|
200 |
|
|
|
196 |
|
2.650%, 01/15/2023 (A) |
|
|
250 |
|
|
|
238 |
|
2.375%, 01/15/2020 (A) |
|
|
100 |
|
|
|
99 |
|
2.200%, 01/15/2021 (A) |
|
|
50 |
|
|
|
49 |
|
CA |
|
|
|
|
|
|
|
|
4.700%, 03/15/2027 |
|
|
50 |
|
|
|
51 |
|
3.600%, 08/01/2020 |
|
|
50 |
|
|
|
51 |
|
Camelot Finance |
|
|
|
|
|
|
|
|
7.875%, 10/15/2024 (A) |
|
|
135 |
|
|
|
144 |
|
CDK Global |
|
|
|
|
|
|
|
|
4.875%, 06/01/2027 (A) |
|
|
170 |
|
|
|
170 |
|
CDW |
|
|
|
|
|
|
|
|
5.500%, 12/01/2024 |
|
|
75 |
|
|
|
81 |
|
5.000%, 09/01/2023 |
|
|
131 |
|
|
|
135 |
|
5.000%, 09/01/2025 |
|
|
70 |
|
|
|
71 |
|
Cisco Systems |
|
|
|
|
|
|
|
|
5.900%, 02/15/2039 |
|
|
100 |
|
|
|
134 |
|
5.500%, 01/15/2040 |
|
|
100 |
|
|
|
129 |
|
4.950%, 02/15/2019 |
|
|
100 |
|
|
|
103 |
|
4.450%, 01/15/2020 |
|
|
300 |
|
|
|
312 |
|
2.950%, 02/28/2026 |
|
|
200 |
|
|
|
196 |
|
2.500%, 09/20/2026 |
|
|
200 |
|
|
|
190 |
|
2.200%, 02/28/2021 |
|
|
50 |
|
|
|
50 |
|
1.850%, 09/20/2021 |
|
|
100 |
|
|
|
97 |
|
1.600%, 02/28/2019 |
|
|
100 |
|
|
|
99 |
|
CommScope |
|
|
|
|
|
|
|
|
5.000%, 06/15/2021 (A) |
|
|
150 |
|
|
|
153 |
|
CommScope Technologies |
|
|
|
|
|
|
|
|
6.000%, 06/15/2025 (A) |
|
|
407 |
|
|
|
428 |
|
5.000%, 03/15/2027 (A) |
|
|
65 |
|
|
|
65 |
|
Conduent Finance |
|
|
|
|
|
|
|
|
10.500%, 12/15/2024 (A) |
|
|
70 |
|
|
|
82 |
|
Corning |
|
|
|
|
|
|
|
|
4.375%, 11/15/2057 |
|
|
100 |
|
|
|
100 |
|
Dell International |
|
|
|
|
|
|
|
|
8.350%, 07/15/2046 (A) |
|
|
100 |
|
|
|
131 |
|
8.100%, 07/15/2036 (A) |
|
|
150 |
|
|
|
191 |
|
7.125%, 06/15/2024 (A) |
|
|
250 |
|
|
|
273 |
|
6.020%, 06/15/2026 (A) |
|
|
200 |
|
|
|
219 |
|
5.875%, 06/15/2021 (A) |
|
|
271 |
|
|
|
281 |
|
5.450%, 06/15/2023 (A) |
|
|
115 |
|
|
|
123 |
|
4.420%, 06/15/2021 (A) |
|
|
200 |
|
|
|
207 |
|
3.480%, 06/01/2019 (A) |
|
|
200 |
|
|
|
202 |
|
DXC Technology |
|
|
|
|
|
|
|
|
4.750%, 04/15/2027 |
|
|
200 |
|
|
|
209 |
|
eBay |
|
|
|
|
|
|
|
|
3.450%, 08/01/2024 |
|
|
50 |
|
|
|
50 |
|
2.600%, 07/15/2022 |
|
|
200 |
|
|
|
196 |
|
2.200%, 08/01/2019 |
|
|
200 |
|
|
|
199 |
|
Electronic Arts |
|
|
|
|
|
|
|
|
4.800%, 03/01/2026 |
|
|
50 |
|
|
|
54 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
35 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
3.700%, 03/01/2021 |
|
$ |
50 |
|
|
$ |
51 |
|
EMC |
|
|
|
|
|
|
|
|
3.375%, 06/01/2023 |
|
|
100 |
|
|
|
95 |
|
2.650%, 06/01/2020 |
|
|
400 |
|
|
|
395 |
|
Entegris |
|
|
|
|
|
|
|
|
4.625%, 02/10/2026 (A) |
|
|
100 |
|
|
|
100 |
|
Exela Intermediate |
|
|
|
|
|
|
|
|
10.000%, 07/15/2023 (A) |
|
|
185 |
|
|
|
183 |
|
Fidelity National Information Services |
|
|
|
|
|
|
|
|
4.500%, 08/15/2046 |
|
|
25 |
|
|
|
26 |
|
3.625%, 10/15/2020 |
|
|
112 |
|
|
|
114 |
|
3.500%, 04/15/2023 |
|
|
53 |
|
|
|
54 |
|
3.000%, 08/15/2026 |
|
|
50 |
|
|
|
47 |
|
2.250%, 08/15/2021 |
|
|
53 |
|
|
|
52 |
|
First Data |
|
|
|
|
|
|
|
|
7.000%, 12/01/2023 (A) |
|
|
465 |
|
|
|
490 |
|
5.750%, 01/15/2024 (A) |
|
|
500 |
|
|
|
517 |
|
5.375%, 08/15/2023 (A) |
|
|
250 |
|
|
|
258 |
|
5.000%, 01/15/2024 (A) |
|
|
250 |
|
|
|
256 |
|
Fiserv |
|
|
|
|
|
|
|
|
4.625%, 10/01/2020 |
|
|
100 |
|
|
|
105 |
|
Flex |
|
|
|
|
|
|
|
|
4.750%, 06/15/2025 |
|
|
50 |
|
|
|
53 |
|
FLIR Systems |
|
|
|
|
|
|
|
|
3.125%, 06/15/2021 |
|
|
150 |
|
|
|
150 |
|
Gartner |
|
|
|
|
|
|
|
|
5.125%, 04/01/2025 (A) |
|
|
145 |
|
|
|
151 |
|
Genesys Telecommunications Laboratories |
|
10.000%, 11/30/2024 (A) |
|
|
115 |
|
|
|
127 |
|
Genpact Luxembourg Sarl |
|
|
|
|
|
|
|
|
3.700%, 04/01/2022 (A) |
|
|
100 |
|
|
|
98 |
|
Gogo Intermediate Holdings |
|
|
|
|
|
|
|
|
12.500%, 07/01/2022 (A) |
|
|
160 |
|
|
|
181 |
|
GTT Communications |
|
|
|
|
|
|
|
|
7.875%, 12/31/2024 (A) |
|
|
84 |
|
|
|
90 |
|
Harland Clarke Holdings |
|
|
|
|
|
|
|
|
9.250%, 03/01/2021 (A) |
|
|
150 |
|
|
|
155 |
|
8.375%, 08/15/2022 (A) |
|
|
150 |
|
|
|
156 |
|
Hewlett Packard Enterprise |
|
|
|
|
|
|
|
|
6.350%, 10/15/2045 |
|
|
50 |
|
|
|
53 |
|
6.200%, 10/15/2035 |
|
|
50 |
|
|
|
54 |
|
4.900%, 10/15/2025 |
|
|
100 |
|
|
|
105 |
|
4.400%, 10/15/2022 |
|
|
250 |
|
|
|
260 |
|
3.600%, 10/15/2020 |
|
|
50 |
|
|
|
51 |
|
HP |
|
|
|
|
|
|
|
|
4.300%, 06/01/2021 |
|
|
250 |
|
|
|
260 |
|
Hughes Satellite Systems |
|
|
|
|
|
|
|
|
6.625%, 08/01/2026 |
|
|
85 |
|
|
|
90 |
|
5.250%, 08/01/2026 |
|
|
105 |
|
|
|
106 |
|
IBM Credit |
|
|
|
|
|
|
|
|
2.200%, 09/08/2022 |
|
|
200 |
|
|
|
194 |
|
1.800%, 01/20/2021 |
|
|
100 |
|
|
|
98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
Infor Software Parent |
|
|
|
|
|
|
|
|
7.125% cash/7.875% PIK, 05/01/2021 (A) |
|
$ |
150 |
|
|
$ |
153 |
|
Infor US |
|
|
|
|
|
|
|
|
6.500%, 05/15/2022 |
|
|
301 |
|
|
|
310 |
|
Informatica |
|
|
|
|
|
|
|
|
7.125%, 07/15/2023 (A) |
|
|
151 |
|
|
|
155 |
|
Ingram Micro |
|
|
|
|
|
|
|
|
5.450%, 12/15/2024 |
|
|
80 |
|
|
|
79 |
|
Intel |
|
|
|
|
|
|
|
|
4.100%, 05/11/2047 |
|
|
100 |
|
|
|
106 |
|
3.734%, 12/08/2047 (A) |
|
|
197 |
|
|
|
197 |
|
3.700%, 07/29/2025 |
|
|
45 |
|
|
|
46 |
|
3.300%, 10/01/2021 |
|
|
100 |
|
|
|
102 |
|
2.875%, 05/11/2024 |
|
|
100 |
|
|
|
99 |
|
2.700%, 12/15/2022 |
|
|
50 |
|
|
|
50 |
|
2.600%, 05/19/2026 |
|
|
150 |
|
|
|
143 |
|
2.450%, 07/29/2020 |
|
|
185 |
|
|
|
186 |
|
International Business Machines |
|
|
|
|
|
|
|
|
4.700%, 02/19/2046 |
|
|
100 |
|
|
|
116 |
|
4.000%, 06/20/2042 |
|
|
100 |
|
|
|
104 |
|
3.625%, 02/12/2024 |
|
|
350 |
|
|
|
360 |
|
2.875%, 11/09/2022 |
|
|
100 |
|
|
|
100 |
|
2.500%, 01/27/2022 |
|
|
200 |
|
|
|
198 |
|
2.250%, 02/19/2021 |
|
|
100 |
|
|
|
99 |
|
j2 Cloud Services |
|
|
|
|
|
|
|
|
6.000%, 07/15/2025 (A) |
|
|
95 |
|
|
|
100 |
|
Jabil |
|
|
|
|
|
|
|
|
3.950%, 01/12/2028 |
|
|
55 |
|
|
|
54 |
|
Keysight Technologies |
|
|
|
|
|
|
|
|
4.600%, 04/06/2027 |
|
|
65 |
|
|
|
67 |
|
KLA-Tencor |
|
|
|
|
|
|
|
|
4.650%, 11/01/2024 |
|
|
100 |
|
|
|
107 |
|
Lam Research |
|
|
|
|
|
|
|
|
2.750%, 03/15/2020 |
|
|
100 |
|
|
|
100 |
|
Mastercard |
|
|
|
|
|
|
|
|
3.375%, 04/01/2024 |
|
|
100 |
|
|
|
102 |
|
2.000%, 11/21/2021 |
|
|
100 |
|
|
|
98 |
|
Micron Technology |
|
|
|
|
|
|
|
|
5.500%, 02/01/2025 |
|
|
40 |
|
|
|
42 |
|
5.250%, 01/15/2024 (A) |
|
|
100 |
|
|
|
104 |
|
Microsoft |
|
|
|
|
|
|
|
|
4.500%, 10/01/2040 |
|
|
100 |
|
|
|
114 |
|
4.500%, 02/06/2057 |
|
|
200 |
|
|
|
229 |
|
4.450%, 11/03/2045 |
|
|
300 |
|
|
|
340 |
|
4.250%, 02/06/2047 |
|
|
100 |
|
|
|
111 |
|
4.200%, 06/01/2019 |
|
|
100 |
|
|
|
103 |
|
4.100%, 02/06/2037 |
|
|
100 |
|
|
|
109 |
|
4.000%, 02/12/2055 |
|
|
100 |
|
|
|
104 |
|
3.950%, 08/08/2056 |
|
|
150 |
|
|
|
155 |
|
3.750%, 02/12/2045 |
|
|
100 |
|
|
|
102 |
|
3.700%, 08/08/2046 |
|
|
100 |
|
|
|
101 |
|
|
|
|
36 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
3.500%, 02/12/2035 |
|
$ |
150 |
|
|
$ |
152 |
|
3.450%, 08/08/2036 |
|
|
100 |
|
|
|
100 |
|
3.300%, 02/06/2027 |
|
|
200 |
|
|
|
202 |
|
2.875%, 02/06/2024 |
|
|
35 |
|
|
|
35 |
|
2.700%, 02/12/2025 |
|
|
200 |
|
|
|
195 |
|
2.400%, 02/06/2022 |
|
|
250 |
|
|
|
247 |
|
2.400%, 08/08/2026 |
|
|
200 |
|
|
|
188 |
|
2.375%, 02/12/2022 |
|
|
100 |
|
|
|
99 |
|
2.375%, 05/01/2023 |
|
|
100 |
|
|
|
98 |
|
2.000%, 11/03/2020 |
|
|
200 |
|
|
|
198 |
|
2.000%, 08/08/2023 |
|
|
100 |
|
|
|
96 |
|
1.850%, 02/06/2020 |
|
|
100 |
|
|
|
99 |
|
1.550%, 08/08/2021 |
|
|
100 |
|
|
|
96 |
|
1.100%, 08/08/2019 |
|
|
300 |
|
|
|
295 |
|
Motorola Solutions |
|
|
|
|
|
|
|
|
4.000%, 09/01/2024 |
|
|
200 |
|
|
|
203 |
|
3.500%, 03/01/2023 |
|
|
100 |
|
|
|
99 |
|
NCR |
|
|
|
|
|
|
|
|
6.375%, 12/15/2023 |
|
|
150 |
|
|
|
157 |
|
NetApp |
|
|
|
|
|
|
|
|
3.375%, 06/15/2021 |
|
|
150 |
|
|
|
152 |
|
2.000%, 09/27/2019 |
|
|
200 |
|
|
|
198 |
|
Nuance Communications |
|
|
|
|
|
|
|
|
5.625%, 12/15/2026 |
|
|
115 |
|
|
|
119 |
|
NVIDIA |
|
|
|
|
|
|
|
|
3.200%, 09/16/2026 |
|
|
50 |
|
|
|
49 |
|
2.200%, 09/16/2021 |
|
|
30 |
|
|
|
29 |
|
NXP BV |
|
|
|
|
|
|
|
|
5.750%, 03/15/2023 (A) |
|
|
200 |
|
|
|
207 |
|
4.625%, 06/01/2023 (A) |
|
|
200 |
|
|
|
208 |
|
4.125%, 06/01/2021 (A) |
|
|
150 |
|
|
|
153 |
|
3.875%, 09/01/2022 (A) |
|
|
200 |
|
|
|
202 |
|
Open Text |
|
|
|
|
|
|
|
|
5.875%, 06/01/2026 (A) |
|
|
85 |
|
|
|
89 |
|
5.625%, 01/15/2023 (A) |
|
|
140 |
|
|
|
146 |
|
Oracle |
|
|
|
|
|
|
|
|
5.375%, 07/15/2040 |
|
|
150 |
|
|
|
186 |
|
4.375%, 05/15/2055 |
|
|
100 |
|
|
|
109 |
|
4.300%, 07/08/2034 |
|
|
100 |
|
|
|
108 |
|
4.125%, 05/15/2045 |
|
|
100 |
|
|
|
105 |
|
4.000%, 07/15/2046 |
|
|
150 |
|
|
|
155 |
|
4.000%, 11/15/2047 |
|
|
70 |
|
|
|
72 |
|
3.900%, 05/15/2035 |
|
|
170 |
|
|
|
177 |
|
3.850%, 07/15/2036 |
|
|
50 |
|
|
|
52 |
|
3.800%, 11/15/2037 |
|
|
60 |
|
|
|
62 |
|
3.400%, 07/08/2024 |
|
|
100 |
|
|
|
102 |
|
3.250%, 11/15/2027 |
|
|
100 |
|
|
|
99 |
|
2.950%, 11/15/2024 |
|
|
100 |
|
|
|
99 |
|
2.950%, 05/15/2025 |
|
|
250 |
|
|
|
246 |
|
2.800%, 07/08/2021 |
|
|
175 |
|
|
|
176 |
|
2.650%, 07/15/2026 |
|
|
140 |
|
|
|
133 |
|
2.625%, 02/15/2023 |
|
|
70 |
|
|
|
69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
2.500%, 05/15/2022 |
|
$ |
350 |
|
|
$ |
346 |
|
2.400%, 09/15/2023 |
|
|
50 |
|
|
|
48 |
|
2.250%, 10/08/2019 |
|
|
50 |
|
|
|
50 |
|
1.900%, 09/15/2021 |
|
|
135 |
|
|
|
131 |
|
Plantronics |
|
|
|
|
|
|
|
|
5.500%, 05/31/2023(A) |
|
|
126 |
|
|
|
130 |
|
PTC |
|
|
|
|
|
|
|
|
6.000%, 05/15/2024 |
|
|
98 |
|
|
|
104 |
|
Qorvo |
|
|
|
|
|
|
|
|
7.000%, 12/01/2025 |
|
|
95 |
|
|
|
103 |
|
QUALCOMM |
|
|
|
|
|
|
|
|
4.800%, 05/20/2045 |
|
|
100 |
|
|
|
106 |
|
4.650%, 05/20/2035 |
|
|
200 |
|
|
|
211 |
|
4.300%, 05/20/2047 |
|
|
130 |
|
|
|
128 |
|
3.450%, 05/20/2025 |
|
|
100 |
|
|
|
98 |
|
3.250%, 05/20/2027 |
|
|
50 |
|
|
|
48 |
|
2.900%, 05/20/2024 |
|
|
50 |
|
|
|
48 |
|
2.600%, 01/30/2023 |
|
|
100 |
|
|
|
97 |
|
2.250%, 05/20/2020 |
|
|
100 |
|
|
|
99 |
|
2.100%, 05/20/2020 |
|
|
30 |
|
|
|
30 |
|
1.850%, 05/20/2019 |
|
|
105 |
|
|
|
104 |
|
Quintiles IMS |
|
|
|
|
|
|
|
|
5.000%, 10/15/2026 (A) |
|
|
200 |
|
|
|
204 |
|
4.875%, 05/15/2023 (A) |
|
|
140 |
|
|
|
145 |
|
Rackspace Hosting |
|
|
|
|
|
|
|
|
8.625%, 11/15/2024 (A) |
|
|
205 |
|
|
|
218 |
|
Riverbed Technology |
|
|
|
|
|
|
|
|
8.875%, 03/01/2023 (A) |
|
|
80 |
|
|
|
77 |
|
Seagate HDD Cayman |
|
|
|
|
|
|
|
|
4.750%, 01/01/2025 |
|
|
100 |
|
|
|
99 |
|
Solera |
|
|
|
|
|
|
|
|
10.500%, 03/01/2024 (A) |
|
|
300 |
|
|
|
336 |
|
SS&C Technologies Holdings |
|
|
|
|
|
|
|
|
5.875%, 07/15/2023 |
|
|
142 |
|
|
|
149 |
|
Symantec |
|
|
|
|
|
|
|
|
5.000%, 04/15/2025 (A) |
|
|
140 |
|
|
|
143 |
|
Texas Instruments |
|
|
|
|
|
|
|
|
2.625%, 05/15/2024 |
|
|
100 |
|
|
|
98 |
|
1.850%, 05/15/2022 |
|
|
100 |
|
|
|
97 |
|
1.750%, 05/01/2020 |
|
|
100 |
|
|
|
98 |
|
Thomson Reuters |
|
|
|
|
|
|
|
|
5.650%, 11/23/2043 |
|
|
200 |
|
|
|
238 |
|
3.850%, 09/29/2024 |
|
|
125 |
|
|
|
127 |
|
TIBCO Software |
|
|
|
|
|
|
|
|
11.375%, 12/01/2021 (A) |
|
|
150 |
|
|
|
163 |
|
Total System Services |
|
|
|
|
|
|
|
|
3.750%, 06/01/2023 |
|
|
100 |
|
|
|
101 |
|
Tyco Electronics Group |
|
|
|
|
|
|
|
|
3.125%, 08/15/2027 |
|
|
200 |
|
|
|
196 |
|
VeriSign |
|
|
|
|
|
|
|
|
4.750%, 07/15/2027 |
|
|
195 |
|
|
|
197 |
|
4.625%, 05/01/2023 |
|
|
50 |
|
|
|
51 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
37 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
Veritas US |
|
|
|
|
|
|
|
|
10.500%, 02/01/2024 (A) |
|
$ |
120 |
|
|
$ |
122 |
|
ViaSat |
|
|
|
|
|
|
|
|
5.625%, 09/15/2025 (A) |
|
|
148 |
|
|
|
147 |
|
Visa |
|
|
|
|
|
|
|
|
4.300%, 12/14/2045 |
|
|
100 |
|
|
|
111 |
|
4.150%, 12/14/2035 |
|
|
130 |
|
|
|
141 |
|
3.650%, 09/15/2047 |
|
|
200 |
|
|
|
199 |
|
3.150%, 12/14/2025 |
|
|
200 |
|
|
|
199 |
|
2.800%, 12/14/2022 |
|
|
100 |
|
|
|
100 |
|
2.200%, 12/14/2020 |
|
|
200 |
|
|
|
199 |
|
2.150%, 09/15/2022 |
|
|
200 |
|
|
|
194 |
|
VMware |
|
|
|
|
|
|
|
|
3.900%, 08/21/2027 |
|
|
30 |
|
|
|
29 |
|
2.950%, 08/21/2022 |
|
|
235 |
|
|
|
227 |
|
2.300%, 08/21/2020 |
|
|
230 |
|
|
|
226 |
|
West |
|
|
|
|
|
|
|
|
8.500%, 10/15/2025 (A) |
|
|
180 |
|
|
|
177 |
|
Western Digital |
|
|
|
|
|
|
|
|
10.500%, 04/01/2024 |
|
|
550 |
|
|
|
643 |
|
4.750%, 02/15/2026 |
|
|
420 |
|
|
|
425 |
|
Xerox |
|
|
|
|
|
|
|
|
5.625%, 12/15/2019 |
|
|
100 |
|
|
|
105 |
|
4.070%, 03/17/2022 |
|
|
100 |
|
|
|
102 |
|
3.625%, 03/15/2023 |
|
|
350 |
|
|
|
345 |
|
Xilinx |
|
|
|
|
|
|
|
|
3.000%, 03/15/2021 |
|
|
150 |
|
|
|
150 |
|
|
|
|
|
|
|
|
38,010 |
|
|
|
|
Materials 1.3% |
|
|
|
|
|
|
|
|
Agrium |
|
|
|
|
|
|
|
|
5.250%, 01/15/2045 |
|
|
70 |
|
|
|
79 |
|
4.125%, 03/15/2035 |
|
|
200 |
|
|
|
202 |
|
Air Products & Chemicals |
|
|
|
|
|
|
|
|
3.350%, 07/31/2024 |
|
|
100 |
|
|
|
102 |
|
Albemarle |
|
|
|
|
|
|
|
|
4.150%, 12/01/2024 |
|
|
100 |
|
|
|
104 |
|
Alcoa Nederland Holding BV |
|
|
|
|
|
|
|
|
6.750%, 09/30/2024 (A) |
|
|
200 |
|
|
|
218 |
|
Aleris International |
|
|
|
|
|
|
|
|
9.500%, 04/01/2021 (A) |
|
|
95 |
|
|
|
101 |
|
Allegheny Technologies |
|
|
|
|
|
|
|
|
7.875%, 08/15/2023 |
|
|
75 |
|
|
|
82 |
|
ArcelorMittal |
|
|
|
|
|
|
|
|
6.125%, 06/01/2025 |
|
|
100 |
|
|
|
114 |
|
Ardagh Packaging Finance Holdings |
|
|
|
|
|
|
|
|
7.250%, 05/15/2024 (A) |
|
|
275 |
|
|
|
296 |
|
4.625%, 05/15/2023 (A) |
|
|
150 |
|
|
|
151 |
|
Axalta Coating Systems |
|
|
|
|
|
|
|
|
4.875%, 08/15/2024 (A) |
|
|
150 |
|
|
|
155 |
|
Ball |
|
|
|
|
|
|
|
|
5.250%, 07/01/2025 |
|
|
190 |
|
|
|
202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
4.375%, 12/15/2020 |
|
$ |
160 |
|
|
$ |
164 |
|
4.000%, 11/15/2023 |
|
|
150 |
|
|
|
150 |
|
Barrick |
|
|
|
|
|
|
|
|
5.250%, 04/01/2042 |
|
|
100 |
|
|
|
117 |
|
Barrick North America Finance |
|
|
|
|
|
|
|
|
4.400%, 05/30/2021 |
|
|
43 |
|
|
|
45 |
|
Bemis |
|
|
|
|
|
|
|
|
3.100%, 09/15/2026 |
|
|
100 |
|
|
|
95 |
|
Berry Global |
|
|
|
|
|
|
|
|
5.500%, 05/15/2022 |
|
|
100 |
|
|
|
103 |
|
5.125%, 07/15/2023 |
|
|
125 |
|
|
|
130 |
|
4.500%, 02/15/2026 (A) |
|
|
100 |
|
|
|
100 |
|
BHP Billiton Finance USA |
|
|
|
|
|
|
|
|
5.000%, 09/30/2043 |
|
|
100 |
|
|
|
120 |
|
2.875%, 02/24/2022 |
|
|
155 |
|
|
|
156 |
|
Big River Steel |
|
|
|
|
|
|
|
|
7.250%, 09/01/2025 (A) |
|
|
110 |
|
|
|
118 |
|
Blue Cube Spinco |
|
|
|
|
|
|
|
|
10.000%, 10/15/2025 |
|
|
100 |
|
|
|
120 |
|
9.750%, 10/15/2023 |
|
|
100 |
|
|
|
118 |
|
BlueScope Steel Finance |
|
|
|
|
|
|
|
|
6.500%, 05/15/2021 (A) |
|
|
83 |
|
|
|
86 |
|
Celanese US Holdings |
|
|
|
|
|
|
|
|
5.875%, 06/15/2021 |
|
|
30 |
|
|
|
32 |
|
4.625%, 11/15/2022 |
|
|
30 |
|
|
|
32 |
|
CF Industries |
|
|
|
|
|
|
|
|
3.450%, 06/01/2023 |
|
|
120 |
|
|
|
117 |
|
Chemours |
|
|
|
|
|
|
|
|
7.000%, 05/15/2025 |
|
|
230 |
|
|
|
251 |
|
6.625%, 05/15/2023 |
|
|
80 |
|
|
|
84 |
|
5.375%, 05/15/2027 |
|
|
75 |
|
|
|
78 |
|
Cleveland-Cliffs |
|
|
|
|
|
|
|
|
5.750%, 03/01/2025 (A) |
|
|
245 |
|
|
|
240 |
|
Constellium |
|
|
|
|
|
|
|
|
5.875%, 02/15/2026 (A) |
|
|
250 |
|
|
|
255 |
|
Coveris Holdings |
|
|
|
|
|
|
|
|
7.875%, 11/01/2019 (A) |
|
|
100 |
|
|
|
100 |
|
Crown Americas |
|
|
|
|
|
|
|
|
4.750%, 02/01/2026 (A) |
|
|
185 |
|
|
|
186 |
|
CVR Partners |
|
|
|
|
|
|
|
|
9.250%, 06/15/2023 (A) |
|
|
85 |
|
|
|
91 |
|
Dow Chemical |
|
|
|
|
|
|
|
|
8.550%, 05/15/2019 |
|
|
200 |
|
|
|
215 |
|
4.375%, 11/15/2042 |
|
|
100 |
|
|
|
105 |
|
4.250%, 11/15/2020 |
|
|
100 |
|
|
|
104 |
|
4.250%, 10/01/2034 |
|
|
100 |
|
|
|
104 |
|
3.500%, 10/01/2024 |
|
|
100 |
|
|
|
101 |
|
3.000%, 11/15/2022 |
|
|
50 |
|
|
|
50 |
|
E.I. du Pont de Nemours |
|
|
|
|
|
|
|
|
4.900%, 01/15/2041 |
|
|
100 |
|
|
|
112 |
|
4.625%, 01/15/2020 |
|
|
100 |
|
|
|
104 |
|
2.800%, 02/15/2023 |
|
|
100 |
|
|
|
100 |
|
|
|
|
38 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
Eastman Chemical |
|
|
|
|
|
|
|
|
4.650%, 10/15/2044 |
|
$ |
100 |
|
|
$ |
108 |
|
3.800%, 03/15/2025 |
|
|
100 |
|
|
|
103 |
|
Ecolab |
|
|
|
|
|
|
|
|
4.350%, 12/08/2021 |
|
|
82 |
|
|
|
87 |
|
3.950%, 12/01/2047 (A) |
|
|
20 |
|
|
|
20 |
|
3.250%, 12/01/2027 (A) |
|
|
35 |
|
|
|
34 |
|
2.700%, 11/01/2026 |
|
|
20 |
|
|
|
19 |
|
2.375%, 08/10/2022 |
|
|
150 |
|
|
|
146 |
|
Fibria Overseas Finance |
|
|
|
|
|
|
|
|
5.500%, 01/17/2027 |
|
|
50 |
|
|
|
54 |
|
4.000%, 01/14/2025 |
|
|
50 |
|
|
|
50 |
|
FMG Resources August 2006 Pty |
|
|
|
|
|
|
|
|
5.125%, 05/15/2024 (A) |
|
|
90 |
|
|
|
91 |
|
4.750%, 05/15/2022 (A) |
|
|
125 |
|
|
|
127 |
|
Freeport-McMoRan |
|
|
|
|
|
|
|
|
6.875%, 02/15/2023 |
|
|
200 |
|
|
|
219 |
|
4.550%, 11/14/2024 |
|
|
100 |
|
|
|
102 |
|
3.875%, 03/15/2023 |
|
|
350 |
|
|
|
348 |
|
3.100%, 03/15/2020 |
|
|
200 |
|
|
|
200 |
|
Georgia-Pacific |
|
|
|
|
|
|
|
|
8.875%, 05/15/2031 |
|
|
100 |
|
|
|
151 |
|
Goldcorp |
|
|
|
|
|
|
|
|
3.700%, 03/15/2023 |
|
|
100 |
|
|
|
101 |
|
Hecla Mining |
|
|
|
|
|
|
|
|
6.875%, 05/01/2021 |
|
|
100 |
|
|
|
102 |
|
Hexion |
|
|
|
|
|
|
|
|
10.375%, 02/01/2022 (A) |
|
|
90 |
|
|
|
87 |
|
Hudbay Minerals |
|
|
|
|
|
|
|
|
7.625%, 01/15/2025 (A) |
|
|
130 |
|
|
|
143 |
|
INEOS Group Holdings |
|
|
|
|
|
|
|
|
5.625%, 08/01/2024 (A) |
|
|
200 |
|
|
|
205 |
|
International Flavors & Fragrances |
|
|
|
|
|
|
|
|
4.375%, 06/01/2047 |
|
|
30 |
|
|
|
31 |
|
International Paper |
|
|
|
|
|
|
|
|
7.500%, 08/15/2021 |
|
|
68 |
|
|
|
78 |
|
5.150%, 05/15/2046 |
|
|
100 |
|
|
|
113 |
|
4.800%, 06/15/2044 |
|
|
100 |
|
|
|
110 |
|
4.750%, 02/15/2022 |
|
|
100 |
|
|
|
107 |
|
4.350%, 08/15/2048 |
|
|
100 |
|
|
|
102 |
|
INVISTA Finance |
|
|
|
|
|
|
|
|
4.250%, 10/15/2019 (A) |
|
|
100 |
|
|
|
101 |
|
Joseph T Ryerson & Son |
|
|
|
|
|
|
|
|
11.000%, 05/15/2022 (A) |
|
|
125 |
|
|
|
142 |
|
Kinross |
|
|
|
|
|
|
|
|
4.500%, 07/15/2027 (A) |
|
|
95 |
|
|
|
96 |
|
Koppers |
|
|
|
|
|
|
|
|
6.000%, 02/15/2025 (A) |
|
|
100 |
|
|
|
105 |
|
Lubrizol |
|
|
|
|
|
|
|
|
6.500%, 10/01/2034 |
|
|
100 |
|
|
|
132 |
|
LYB International Finance BV |
|
|
|
|
|
|
|
|
4.875%, 03/15/2044 |
|
|
50 |
|
|
|
55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
LYB International Finance II BV |
|
|
|
|
|
|
|
|
3.500%, 03/02/2027 |
|
$ |
64 |
|
|
$ |
63 |
|
LyondellBasell Industries |
|
|
|
|
|
|
|
|
5.000%, 04/15/2019 |
|
|
190 |
|
|
|
194 |
|
4.625%, 02/26/2055 |
|
|
100 |
|
|
|
104 |
|
Martin Marietta Materials |
|
|
|
|
|
|
|
|
4.250%, 07/02/2024 |
|
|
100 |
|
|
|
104 |
|
Momentive Performance Materials |
|
|
|
|
|
|
|
|
3.880%, 10/24/2021 |
|
|
145 |
|
|
|
151 |
|
Monsanto |
|
|
|
|
|
|
|
|
4.700%, 07/15/2064 |
|
|
50 |
|
|
|
51 |
|
4.400%, 07/15/2044 |
|
|
150 |
|
|
|
158 |
|
3.375%, 07/15/2024 |
|
|
100 |
|
|
|
100 |
|
Mosaic |
|
|
|
|
|
|
|
|
4.250%, 11/15/2023 |
|
|
125 |
|
|
|
129 |
|
Newmont Mining |
|
|
|
|
|
|
|
|
6.250%, 10/01/2039 |
|
|
50 |
|
|
|
63 |
|
4.875%, 03/15/2042 |
|
|
125 |
|
|
|
136 |
|
3.500%, 03/15/2022 |
|
|
100 |
|
|
|
101 |
|
Northwest Acquisitions ULC |
|
|
|
|
|
|
|
|
7.125%, 11/01/2022 (A) |
|
|
86 |
|
|
|
89 |
|
Nucor |
|
|
|
|
|
|
|
|
6.400%, 12/01/2037 |
|
|
100 |
|
|
|
131 |
|
4.000%, 08/01/2023 |
|
|
100 |
|
|
|
104 |
|
Olin |
|
|
|
|
|
|
|
|
5.125%, 09/15/2027 |
|
|
90 |
|
|
|
94 |
|
5.000%, 02/01/2030 |
|
|
150 |
|
|
|
150 |
|
Owens-Brockway Glass Container |
|
|
|
|
|
|
|
|
5.875%, 08/15/2023 (A) |
|
|
70 |
|
|
|
74 |
|
5.000%, 01/15/2022 (A) |
|
|
115 |
|
|
|
120 |
|
Packaging Corp of America |
|
|
|
|
|
|
|
|
3.400%, 12/15/2027 |
|
|
235 |
|
|
|
231 |
|
2.450%, 12/15/2020 |
|
|
35 |
|
|
|
35 |
|
Platform Specialty Products |
|
|
|
|
|
|
|
|
6.500%, 02/01/2022 (A) |
|
|
168 |
|
|
|
173 |
|
5.875%, 12/01/2025 (A) |
|
|
235 |
|
|
|
239 |
|
PolyOne |
|
|
|
|
|
|
|
|
5.250%, 03/15/2023 |
|
|
100 |
|
|
|
105 |
|
Potash Corp of Saskatchewan |
|
|
|
|
|
|
|
|
4.000%, 12/15/2026 |
|
|
50 |
|
|
|
51 |
|
3.625%, 03/15/2024 |
|
|
50 |
|
|
|
50 |
|
3.000%, 04/01/2025 |
|
|
100 |
|
|
|
96 |
|
PQ |
|
|
|
|
|
|
|
|
6.750%, 11/15/2022 (A) |
|
|
127 |
|
|
|
136 |
|
Praxair |
|
|
|
|
|
|
|
|
3.200%, 01/30/2026 |
|
|
100 |
|
|
|
100 |
|
2.450%, 02/15/2022 |
|
|
200 |
|
|
|
198 |
|
Rain CII Carbon |
|
|
|
|
|
|
|
|
7.250%, 04/01/2025 (A) |
|
|
100 |
|
|
|
108 |
|
Rayonier AM Products |
|
|
|
|
|
|
|
|
5.500%, 06/01/2024 (A) |
|
|
100 |
|
|
|
100 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
39 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
Resolute Forest Products |
|
|
|
|
|
|
|
|
5.875%, 05/15/2023 |
|
$ |
100 |
|
|
$ |
104 |
|
Reynolds Group Issuer |
|
|
|
|
|
|
|
|
7.000%, 07/15/2024 (A) |
|
|
100 |
|
|
|
106 |
|
5.125%, 07/15/2023 (A) |
|
|
300 |
|
|
|
308 |
|
Rio Tinto Finance USA |
|
|
|
|
|
|
|
|
4.125%, 08/21/2042 |
|
|
100 |
|
|
|
107 |
|
3.750%, 06/15/2025 |
|
|
350 |
|
|
|
361 |
|
RPM International |
|
|
|
|
|
|
|
|
5.250%, 06/01/2045 |
|
|
50 |
|
|
|
56 |
|
Sherwin-Williams |
|
|
|
|
|
|
|
|
7.250%, 06/15/2019 |
|
|
100 |
|
|
|
106 |
|
4.500%, 06/01/2047 |
|
|
129 |
|
|
|
136 |
|
3.450%, 06/01/2027 |
|
|
160 |
|
|
|
158 |
|
3.125%, 06/01/2024 |
|
|
25 |
|
|
|
25 |
|
2.750%, 06/01/2022 |
|
|
200 |
|
|
|
197 |
|
2.250%, 05/15/2020 |
|
|
300 |
|
|
|
297 |
|
Sonoco Products |
|
|
|
|
|
|
|
|
5.750%, 11/01/2040 |
|
|
100 |
|
|
|
117 |
|
Southern Copper |
|
|
|
|
|
|
|
|
6.750%, 04/16/2040 |
|
|
100 |
|
|
|
132 |
|
5.375%, 04/16/2020 |
|
|
200 |
|
|
|
211 |
|
3.875%, 04/23/2025 |
|
|
60 |
|
|
|
62 |
|
SPCM |
|
|
|
|
|
|
|
|
4.875%, 09/15/2025 (A) |
|
|
75 |
|
|
|
75 |
|
Standard Industries |
|
|
|
|
|
|
|
|
6.000%, 10/15/2025 (A) |
|
|
250 |
|
|
|
265 |
|
5.500%, 02/15/2023 (A) |
|
|
100 |
|
|
|
104 |
|
5.375%, 11/15/2024 (A) |
|
|
250 |
|
|
|
259 |
|
4.750%, 01/15/2028 (A) |
|
|
135 |
|
|
|
134 |
|
Steel Dynamics |
|
|
|
|
|
|
|
|
5.500%, 10/01/2024 |
|
|
100 |
|
|
|
104 |
|
5.125%, 10/01/2021 |
|
|
100 |
|
|
|
103 |
|
SunCoke Energy Partners |
|
|
|
|
|
|
|
|
7.500%, 06/15/2025 (A) |
|
|
147 |
|
|
|
154 |
|
Teck Resources |
|
|
|
|
|
|
|
|
8.500%, 06/01/2024 (A) |
|
|
50 |
|
|
|
56 |
|
Trinseo Materials Operating SCA |
|
|
|
|
|
|
|
|
5.375%, 09/01/2025 (A) |
|
|
75 |
|
|
|
77 |
|
Tronox Finance |
|
|
|
|
|
|
|
|
7.500%, 03/15/2022 (A) |
|
|
138 |
|
|
|
143 |
|
United States Steel |
|
|
|
|
|
|
|
|
8.375%, 07/01/2021 (A) |
|
|
99 |
|
|
|
107 |
|
6.875%, 08/15/2025 |
|
|
121 |
|
|
|
127 |
|
US Concrete |
|
|
|
|
|
|
|
|
6.375%, 06/01/2024 |
|
|
100 |
|
|
|
108 |
|
Vale |
|
|
|
|
|
|
|
|
5.625%, 09/11/2042 |
|
|
100 |
|
|
|
113 |
|
Vale Overseas |
|
|
|
|
|
|
|
|
6.875%, 11/21/2036 |
|
|
150 |
|
|
|
188 |
|
6.250%, 08/10/2026 |
|
|
100 |
|
|
|
116 |
|
5.875%, 06/10/2021 |
|
|
100 |
|
|
|
109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
4.375%, 01/11/2022 |
|
$ |
125 |
|
|
$ |
130 |
|
Westlake Chemical |
|
|
|
|
|
|
|
|
4.625%, 02/15/2021 |
|
|
50 |
|
|
|
51 |
|
4.375%, 11/15/2047 |
|
|
100 |
|
|
|
103 |
|
WestRock |
|
|
|
|
|
|
|
|
3.000%, 09/15/2024 (A) |
|
|
200 |
|
|
|
195 |
|
WestRock RKT |
|
|
|
|
|
|
|
|
4.000%, 03/01/2023 |
|
|
200 |
|
|
|
206 |
|
WR Grace & Company |
|
|
|
|
|
|
|
|
5.125%, 10/01/2021 (A) |
|
|
100 |
|
|
|
105 |
|
|
|
|
|
|
|
|
18,911 |
|
|
|
|
Real Estate 1.0% |
|
|
|
|
|
|
|
|
Alexandria Real Estate Equities |
|
|
|
|
|
|
|
|
4.600%, 04/01/2022 |
|
|
350 |
|
|
|
368 |
|
American Campus Communities Operating Partnership |
|
|
|
|
|
|
|
|
3.625%, 11/15/2027 |
|
|
230 |
|
|
|
224 |
|
3.350%, 10/01/2020 |
|
|
50 |
|
|
|
51 |
|
American Tower |
|
|
|
|
|
|
|
|
4.000%, 06/01/2025 |
|
|
100 |
|
|
|
101 |
|
3.600%, 01/15/2028 |
|
|
200 |
|
|
|
194 |
|
3.450%, 09/15/2021 |
|
|
150 |
|
|
|
152 |
|
3.375%, 10/15/2026 |
|
|
150 |
|
|
|
145 |
|
3.300%, 02/15/2021 |
|
|
100 |
|
|
|
101 |
|
3.125%, 01/15/2027 |
|
|
100 |
|
|
|
95 |
|
2.800%, 06/01/2020 |
|
|
100 |
|
|
|
100 |
|
AvalonBay Communities MTN |
|
|
|
|
|
|
|
|
3.500%, 11/15/2024 |
|
|
100 |
|
|
|
101 |
|
3.500%, 11/15/2025 |
|
|
100 |
|
|
|
101 |
|
3.350%, 05/15/2027 |
|
|
200 |
|
|
|
198 |
|
Boston Properties |
|
|
|
|
|
|
|
|
3.200%, 01/15/2025 |
|
|
100 |
|
|
|
98 |
|
3.125%, 09/01/2023 |
|
|
150 |
|
|
|
149 |
|
Brixmor Operating Partnership |
|
|
|
|
|
|
|
|
4.125%, 06/15/2026 |
|
|
25 |
|
|
|
25 |
|
3.875%, 08/15/2022 |
|
|
30 |
|
|
|
30 |
|
3.650%, 06/15/2024 |
|
|
50 |
|
|
|
49 |
|
3.250%, 09/15/2023 |
|
|
50 |
|
|
|
49 |
|
Corporate Office Properties |
|
|
|
|
|
|
|
|
5.000%, 07/01/2025 |
|
|
50 |
|
|
|
53 |
|
Crown Castle International |
|
|
|
|
|
|
|
|
5.250%, 01/15/2023 |
|
|
125 |
|
|
|
136 |
|
4.750%, 05/15/2047 |
|
|
25 |
|
|
|
25 |
|
4.450%, 02/15/2026 |
|
|
65 |
|
|
|
67 |
|
4.000%, 03/01/2027 |
|
|
20 |
|
|
|
20 |
|
3.800%, 02/15/2028 |
|
|
50 |
|
|
|
49 |
|
3.650%, 09/01/2027 |
|
|
135 |
|
|
|
131 |
|
3.400%, 02/15/2021 |
|
|
55 |
|
|
|
56 |
|
3.200%, 09/01/2024 |
|
|
35 |
|
|
|
34 |
|
3.150%, 07/15/2023 |
|
|
30 |
|
|
|
30 |
|
2.250%, 09/01/2021 |
|
|
55 |
|
|
|
54 |
|
|
|
|
40 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
CubeSmart |
|
|
|
|
|
|
|
|
3.125%, 09/01/2026 |
|
$ |
50 |
|
|
$ |
47 |
|
CyrusOne |
|
|
|
|
|
|
|
|
5.000%, 03/15/2024 |
|
|
145 |
|
|
|
148 |
|
DDR |
|
|
|
|
|
|
|
|
4.700%, 06/01/2027 |
|
|
35 |
|
|
|
37 |
|
3.625%, 02/01/2025 |
|
|
100 |
|
|
|
98 |
|
Digital Realty Trust |
|
|
|
|
|
|
|
|
3.950%, 07/01/2022 |
|
|
100 |
|
|
|
103 |
|
3.700%, 08/15/2027 |
|
|
50 |
|
|
|
50 |
|
2.750%, 02/01/2023 |
|
|
200 |
|
|
|
196 |
|
Duke Realty |
|
|
|
|
|
|
|
|
3.875%, 10/15/2022 |
|
|
150 |
|
|
|
155 |
|
EPR Properties |
|
|
|
|
|
|
|
|
4.750%, 12/15/2026 |
|
|
100 |
|
|
|
101 |
|
Equinix |
|
|
|
|
|
|
|
|
5.875%, 01/15/2026 |
|
|
150 |
|
|
|
160 |
|
5.375%, 01/01/2022 |
|
|
200 |
|
|
|
207 |
|
5.375%, 04/01/2023 |
|
|
150 |
|
|
|
154 |
|
5.375%, 05/15/2027 |
|
|
240 |
|
|
|
252 |
|
ERP Operating |
|
|
|
|
|
|
|
|
4.000%, 08/01/2047 |
|
|
200 |
|
|
|
199 |
|
3.375%, 06/01/2025 |
|
|
100 |
|
|
|
100 |
|
3.250%, 08/01/2027 |
|
|
200 |
|
|
|
197 |
|
2.375%, 07/01/2019 |
|
|
150 |
|
|
|
150 |
|
Essex Portfolio |
|
|
|
|
|
|
|
|
3.375%, 04/15/2026 |
|
|
100 |
|
|
|
97 |
|
Federal Realty Investment Trust |
|
|
|
|
|
|
|
|
4.500%, 12/01/2044 |
|
|
50 |
|
|
|
53 |
|
FelCor Lodging |
|
|
|
|
|
|
|
|
5.625%, 03/01/2023 |
|
|
100 |
|
|
|
102 |
|
Five Point Operating |
|
|
|
|
|
|
|
|
7.875%, 11/15/2025 (A) |
|
|
100 |
|
|
|
102 |
|
GLP Capital |
|
|
|
|
|
|
|
|
5.375%, 11/01/2023 |
|
|
50 |
|
|
|
54 |
|
5.375%, 04/15/2026 |
|
|
300 |
|
|
|
321 |
|
4.875%, 11/01/2020 |
|
|
100 |
|
|
|
103 |
|
Greystar Real Estate Partners |
|
|
|
|
|
|
|
|
5.750%, 12/01/2025 (A) |
|
|
80 |
|
|
|
82 |
|
HCP |
|
|
|
|
|
|
|
|
5.375%, 02/01/2021 |
|
|
200 |
|
|
|
213 |
|
4.000%, 12/01/2022 |
|
|
50 |
|
|
|
52 |
|
4.000%, 06/01/2025 |
|
|
100 |
|
|
|
102 |
|
Healthcare Trust of America Holdings |
|
|
|
|
|
|
|
|
3.500%, 08/01/2026 |
|
|
40 |
|
|
|
39 |
|
Highwoods Realty |
|
|
|
|
|
|
|
|
3.200%, 06/15/2021 |
|
|
100 |
|
|
|
100 |
|
Hospitality Properties Trust |
|
|
|
|
|
|
|
|
4.950%, 02/15/2027 |
|
|
70 |
|
|
|
72 |
|
4.500%, 03/15/2025 |
|
|
50 |
|
|
|
51 |
|
4.375%, 02/15/2030 |
|
|
50 |
|
|
|
49 |
|
3.950%, 01/15/2028 |
|
|
30 |
|
|
|
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
Host Hotels & Resorts |
|
|
|
|
|
|
|
|
4.000%, 06/15/2025 |
|
$ |
65 |
|
|
$ |
66 |
|
3.875%, 04/01/2024 |
|
|
100 |
|
|
|
100 |
|
Howard Hughes |
|
|
|
|
|
|
|
|
5.375%, 03/15/2025 (A) |
|
|
245 |
|
|
|
247 |
|
Hudson Pacific Properties |
|
|
|
|
|
|
|
|
3.950%, 11/01/2027 |
|
|
200 |
|
|
|
195 |
|
Iron Mountain |
|
|
|
|
|
|
|
|
6.000%, 08/15/2023 |
|
|
100 |
|
|
|
105 |
|
5.250%, 03/15/2028 (A) |
|
|
174 |
|
|
|
169 |
|
4.875%, 09/15/2027 (A) |
|
|
225 |
|
|
|
215 |
|
iStar |
|
|
|
|
|
|
|
|
5.000%, 07/01/2019 |
|
|
150 |
|
|
|
151 |
|
Kennedy-Wilson |
|
|
|
|
|
|
|
|
5.875%, 04/01/2024 |
|
|
190 |
|
|
|
195 |
|
Kilroy Realty |
|
|
|
|
|
|
|
|
4.375%, 10/01/2025 |
|
|
100 |
|
|
|
103 |
|
Kimco Realty |
|
|
|
|
|
|
|
|
4.450%, 09/01/2047 |
|
|
200 |
|
|
|
202 |
|
3.300%, 02/01/2025 |
|
|
200 |
|
|
|
196 |
|
3.200%, 05/01/2021 |
|
|
370 |
|
|
|
372 |
|
Lamar Media |
|
|
|
|
|
|
|
|
5.375%, 01/15/2024 |
|
|
100 |
|
|
|
103 |
|
Liberty Property |
|
|
|
|
|
|
|
|
3.375%, 06/15/2023 |
|
|
95 |
|
|
|
95 |
|
Life Storage |
|
|
|
|
|
|
|
|
3.875%, 12/15/2027 |
|
|
50 |
|
|
|
49 |
|
MGM Growth Properties Operating Partnership |
|
|
|
|
|
|
|
|
5.625%, 05/01/2024 |
|
|
108 |
|
|
|
116 |
|
4.500%, 09/01/2026 |
|
|
135 |
|
|
|
133 |
|
Mid-America Apartments |
|
|
|
|
|
|
|
|
4.000%, 11/15/2025 |
|
|
50 |
|
|
|
51 |
|
3.600%, 06/01/2027 |
|
|
200 |
|
|
|
196 |
|
MPT Operating Partnership |
|
|
|
|
|
|
|
|
6.375%, 03/01/2024 |
|
|
100 |
|
|
|
106 |
|
5.250%, 08/01/2026 |
|
|
75 |
|
|
|
77 |
|
5.000%, 10/15/2027 |
|
|
220 |
|
|
|
218 |
|
National Retail Properties |
|
|
|
|
|
|
|
|
4.000%, 11/15/2025 |
|
|
65 |
|
|
|
65 |
|
3.600%, 12/15/2026 |
|
|
50 |
|
|
|
49 |
|
3.500%, 10/15/2027 |
|
|
200 |
|
|
|
193 |
|
Omega Healthcare Investors |
|
|
|
|
|
|
|
|
5.250%, 01/15/2026 |
|
|
100 |
|
|
|
102 |
|
Outfront Media Capital |
|
|
|
|
|
|
|
|
5.625%, 02/15/2024 |
|
|
100 |
|
|
|
102 |
|
Physicians Realty |
|
|
|
|
|
|
|
|
3.950%, 01/15/2028 |
|
|
50 |
|
|
|
49 |
|
Prologis |
|
|
|
|
|
|
|
|
3.750%, 11/01/2025 |
|
|
65 |
|
|
|
67 |
|
Public Storage |
|
|
|
|
|
|
|
|
3.094%, 09/15/2027 |
|
|
30 |
|
|
|
29 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
41 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
2.370%, 09/15/2022 |
|
$ |
200 |
|
|
$ |
195 |
|
QCP SNF West |
|
|
|
|
|
|
|
|
8.125%, 11/01/2023 (A) |
|
|
130 |
|
|
|
134 |
|
Realogy Group |
|
|
|
|
|
|
|
|
5.250%, 12/01/2021 (A) |
|
|
100 |
|
|
|
103 |
|
4.875%, 06/01/2023 (A) |
|
|
50 |
|
|
|
49 |
|
Realty Income |
|
|
|
|
|
|
|
|
4.650%, 08/01/2023 |
|
|
150 |
|
|
|
159 |
|
3.250%, 10/15/2022 |
|
|
160 |
|
|
|
161 |
|
Regency Centers |
|
|
|
|
|
|
|
|
4.400%, 02/01/2047 |
|
|
35 |
|
|
|
35 |
|
3.600%, 02/01/2027 |
|
|
30 |
|
|
|
29 |
|
Sabra Health Care |
|
|
|
|
|
|
|
|
5.500%, 02/01/2021 |
|
|
50 |
|
|
|
51 |
|
SBA Communications |
|
|
|
|
|
|
|
|
4.875%, 07/15/2022 |
|
|
100 |
|
|
|
103 |
|
4.875%, 09/01/2024 |
|
|
150 |
|
|
|
149 |
|
4.000%, 10/01/2022 (A) |
|
|
265 |
|
|
|
261 |
|
Select Income |
|
|
|
|
|
|
|
|
4.500%, 02/01/2025 |
|
|
100 |
|
|
|
99 |
|
Simon Property Group |
|
|
|
|
|
|
|
|
4.250%, 11/30/2046 |
|
|
50 |
|
|
|
52 |
|
3.500%, 09/01/2025 |
|
|
150 |
|
|
|
151 |
|
3.375%, 12/01/2027 |
|
|
100 |
|
|
|
98 |
|
3.250%, 11/30/2026 |
|
|
50 |
|
|
|
49 |
|
2.750%, 06/01/2023 |
|
|
100 |
|
|
|
98 |
|
2.625%, 06/15/2022 |
|
|
50 |
|
|
|
49 |
|
2.500%, 09/01/2020 |
|
|
100 |
|
|
|
100 |
|
SL Green Operating Partnership |
|
3.250%, 10/15/2022 |
|
|
200 |
|
|
|
198 |
|
Tanger Properties |
|
|
|
|
|
|
|
|
3.125%, 09/01/2026 |
|
|
50 |
|
|
|
47 |
|
UDR MTN |
|
|
|
|
|
|
|
|
3.750%, 07/01/2024 |
|
|
100 |
|
|
|
101 |
|
Uniti Group |
|
|
|
|
|
|
|
|
8.250%, 10/15/2023 |
|
|
210 |
|
|
|
199 |
|
7.125%, 12/15/2024 (A) |
|
|
100 |
|
|
|
89 |
|
6.000%, 04/15/2023 (A) |
|
|
33 |
|
|
|
32 |
|
Ventas Realty |
|
|
|
|
|
|
|
|
3.250%, 10/15/2026 |
|
|
50 |
|
|
|
48 |
|
2.700%, 04/01/2020 |
|
|
280 |
|
|
|
280 |
|
VEREIT Operating Partnership |
|
4.875%, 06/01/2026 |
|
|
30 |
|
|
|
31 |
|
4.600%, 02/06/2024 |
|
|
25 |
|
|
|
26 |
|
4.125%, 06/01/2021 |
|
|
20 |
|
|
|
21 |
|
3.950%, 08/15/2027 |
|
|
40 |
|
|
|
39 |
|
3.000%, 02/06/2019 |
|
|
35 |
|
|
|
35 |
|
VICI Properties 1 |
|
|
|
|
|
|
|
|
8.000%, 10/15/2023 |
|
|
200 |
|
|
|
224 |
|
Vornado Realty |
|
|
|
|
|
|
|
|
3.500%, 01/15/2025 |
|
|
100 |
|
|
|
98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
Washington Prime Group |
|
|
|
|
|
|
|
|
5.950%, 08/15/2024 |
|
$ |
200 |
|
|
$ |
203 |
|
Welltower |
|
|
|
|
|
|
|
|
6.500%, 03/15/2041 |
|
|
70 |
|
|
|
91 |
|
4.950%, 01/15/2021 |
|
|
145 |
|
|
|
153 |
|
4.250%, 04/01/2026 |
|
|
50 |
|
|
|
52 |
|
Weyerhaeuser |
|
|
|
|
|
|
|
|
7.375%, 03/15/2032 |
|
|
100 |
|
|
|
135 |
|
WP Carey |
|
|
|
|
|
|
|
|
4.600%, 04/01/2024 |
|
|
150 |
|
|
|
154 |
|
|
|
|
|
|
|
|
15,458 |
|
|
Telecommunication Services 2.0% |
|
Acosta |
|
|
|
|
|
|
|
|
7.750%, 10/01/2022 (A) |
|
|
100 |
|
|
|
69 |
|
Altice Financing |
|
|
|
|
|
|
|
|
7.500%, 05/15/2026 (A) |
|
|
425 |
|
|
|
442 |
|
6.625%, 02/15/2023 (A) |
|
|
400 |
|
|
|
405 |
|
Altice Luxembourg |
|
|
|
|
|
|
|
|
7.750%, 05/15/2022 (A) |
|
|
500 |
|
|
|
480 |
|
7.625%, 02/15/2025 (A) |
|
|
250 |
|
|
|
229 |
|
Altice US Finance I |
|
|
|
|
|
|
|
|
5.500%, 05/15/2026 (A) |
|
|
328 |
|
|
|
335 |
|
5.375%, 07/15/2023 (A) |
|
|
150 |
|
|
|
154 |
|
America Movil |
|
|
|
|
|
|
|
|
6.375%, 03/01/2035 |
|
|
200 |
|
|
|
247 |
|
6.125%, 03/30/2040 |
|
|
100 |
|
|
|
124 |
|
5.000%, 03/30/2020 |
|
|
250 |
|
|
|
262 |
|
AT&T |
|
|
|
|
|
|
|
|
6.000%, 08/15/2040 |
|
|
100 |
|
|
|
113 |
|
5.800%, 02/15/2019 |
|
|
100 |
|
|
|
104 |
|
5.700%, 03/01/2057 |
|
|
250 |
|
|
|
274 |
|
5.650%, 02/15/2047 |
|
|
50 |
|
|
|
55 |
|
5.450%, 03/01/2047 |
|
|
100 |
|
|
|
107 |
|
5.300%, 08/14/2058 |
|
|
150 |
|
|
|
152 |
|
5.250%, 03/01/2037 |
|
|
50 |
|
|
|
53 |
|
5.150%, 03/15/2042 |
|
|
250 |
|
|
|
255 |
|
5.150%, 11/15/2046 (A) |
|
|
588 |
|
|
|
603 |
|
5.150%, 02/14/2050 |
|
|
110 |
|
|
|
111 |
|
4.900%, 08/14/2037 |
|
|
45 |
|
|
|
46 |
|
4.800%, 06/15/2044 |
|
|
100 |
|
|
|
98 |
|
4.750%, 05/15/2046 |
|
|
235 |
|
|
|
228 |
|
4.500%, 05/15/2035 |
|
|
250 |
|
|
|
246 |
|
4.350%, 06/15/2045 |
|
|
100 |
|
|
|
92 |
|
4.300%, 02/15/2030 (A) |
|
|
567 |
|
|
|
560 |
|
4.250%, 03/01/2027 |
|
|
150 |
|
|
|
152 |
|
4.125%, 02/17/2026 |
|
|
250 |
|
|
|
252 |
|
4.100%, 02/15/2028 (A) |
|
|
416 |
|
|
|
411 |
|
3.950%, 01/15/2025 |
|
|
100 |
|
|
|
101 |
|
3.900%, 03/11/2024 |
|
|
100 |
|
|
|
102 |
|
3.900%, 08/14/2027 |
|
|
120 |
|
|
|
119 |
|
3.800%, 03/01/2024 |
|
|
50 |
|
|
|
51 |
|
|
|
|
42 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
3.400%, 08/14/2024 |
|
$ |
100 |
|
|
$ |
100 |
|
3.400%, 05/15/2025 |
|
|
350 |
|
|
|
341 |
|
3.200%, 03/01/2022 |
|
|
465 |
|
|
|
466 |
|
2.850%, 02/14/2023 |
|
|
150 |
|
|
|
149 |
|
Block Communications |
|
|
|
|
|
|
|
|
6.875%, 02/15/2025 (A) |
|
|
50 |
|
|
|
52 |
|
British Telecommunications |
|
|
|
|
|
|
|
|
9.125%, 12/15/2030 |
|
|
150 |
|
|
|
222 |
|
CenturyLink |
|
|
|
|
|
|
|
|
7.500%, 04/01/2024 |
|
|
350 |
|
|
|
352 |
|
5.625%, 04/01/2020 |
|
|
200 |
|
|
|
203 |
|
Cequel Communications Holdings |
|
5.125%, 12/15/2021 (A) |
|
|
300 |
|
|
|
301 |
|
Cincinnati Bell |
|
|
|
|
|
|
|
|
7.000%, 07/15/2024 (A) |
|
|
135 |
|
|
|
130 |
|
Consolidated Communications |
|
6.500%, 10/01/2022 |
|
|
100 |
|
|
|
90 |
|
Deutsche Telekom International Finance |
|
8.750%, 06/15/2030 |
|
|
200 |
|
|
|
292 |
|
Frontier Communications |
|
|
|
|
|
|
|
|
11.000%, 09/15/2025 |
|
|
770 |
|
|
|
602 |
|
10.500%, 09/15/2022 |
|
|
510 |
|
|
|
421 |
|
6.875%, 01/15/2025 |
|
|
100 |
|
|
|
63 |
|
Grupo Televisa |
|
|
|
|
|
|
|
|
5.000%, 05/13/2045 |
|
|
200 |
|
|
|
196 |
|
Inmarsat Finance |
|
|
|
|
|
|
|
|
4.875%, 05/15/2022 (A) |
|
|
100 |
|
|
|
99 |
|
Intelsat Jackson Holdings |
|
|
|
|
|
|
|
|
9.750%, 07/15/2025 (A) |
|
|
260 |
|
|
|
239 |
|
8.000%, 02/15/2024 (A) |
|
|
200 |
|
|
|
210 |
|
5.500%, 08/01/2023 |
|
|
300 |
|
|
|
236 |
|
Intelsat Luxembourg |
|
|
|
|
|
|
|
|
8.125%, 06/01/2023 |
|
|
75 |
|
|
|
32 |
|
7.750%, 06/01/2021 |
|
|
300 |
|
|
|
136 |
|
Koninklijke |
|
|
|
|
|
|
|
|
8.375%, 10/01/2030 |
|
|
50 |
|
|
|
67 |
|
Level 3 Financing |
|
|
|
|
|
|
|
|
5.375%, 08/15/2022 |
|
|
300 |
|
|
|
305 |
|
5.375%, 01/15/2024 |
|
|
140 |
|
|
|
139 |
|
5.375%, 05/01/2025 |
|
|
150 |
|
|
|
149 |
|
5.250%, 03/15/2026 |
|
|
100 |
|
|
|
98 |
|
5.125%, 05/01/2023 |
|
|
200 |
|
|
|
201 |
|
Level 3 Parent |
|
|
|
|
|
|
|
|
5.750%, 12/01/2022 |
|
|
200 |
|
|
|
202 |
|
MHGE Parent |
|
|
|
|
|
|
|
|
8.500% cash/9.250% PIK, 08/01/2019 (A) |
|
|
53 |
|
|
|
53 |
|
Midcontinent Communications |
|
6.875%, 08/15/2023 (A) |
|
|
75 |
|
|
|
79 |
|
Nokia |
|
|
|
|
|
|
|
|
4.375%, 06/12/2027 |
|
|
25 |
|
|
|
24 |
|
3.375%, 06/12/2022 |
|
|
120 |
|
|
|
118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
Orange |
|
|
|
|
|
|
|
|
9.000%, 03/01/2031 |
|
$ |
100 |
|
|
$ |
150 |
|
5.500%, 02/06/2044 |
|
|
25 |
|
|
|
30 |
|
2.750%, 02/06/2019 |
|
|
200 |
|
|
|
201 |
|
1.625%, 11/03/2019 |
|
|
100 |
|
|
|
98 |
|
Rogers Communications |
|
|
|
|
|
|
|
|
5.000%, 03/15/2044 |
|
|
100 |
|
|
|
112 |
|
2.900%, 11/15/2026 |
|
|
100 |
|
|
|
95 |
|
Sable International Finance |
|
6.875%, 08/01/2022 (A) |
|
|
200 |
|
|
|
211 |
|
SFR Group |
|
|
|
|
|
|
|
|
7.375%, 05/01/2026 (A) |
|
|
950 |
|
|
|
936 |
|
6.250%, 05/15/2024 (A) |
|
|
225 |
|
|
|
215 |
|
6.000%, 05/15/2022 (A) |
|
|
700 |
|
|
|
683 |
|
SoftBank Group |
|
|
|
|
|
|
|
|
4.500%, 04/15/2020 (A) |
|
|
400 |
|
|
|
407 |
|
Sprint |
|
|
|
|
|
|
|
|
7.875%, 09/15/2023 |
|
|
750 |
|
|
|
794 |
|
7.625%, 02/15/2025 |
|
|
200 |
|
|
|
208 |
|
7.250%, 09/15/2021 |
|
|
315 |
|
|
|
335 |
|
7.125%, 06/15/2024 |
|
|
450 |
|
|
|
456 |
|
Telecom Italia |
|
|
|
|
|
|
|
|
5.303%, 05/30/2024 (A) |
|
|
200 |
|
|
|
211 |
|
Telefonica Emisiones |
|
|
|
|
|
|
|
|
7.045%, 06/20/2036 |
|
|
100 |
|
|
|
134 |
|
5.134%, 04/27/2020 |
|
|
100 |
|
|
|
105 |
|
4.103%, 03/08/2027 |
|
|
250 |
|
|
|
254 |
|
Telenet Finance Luxembourg Notes Sarl |
|
5.500%, 03/01/2028 (A) |
|
|
200 |
|
|
|
199 |
|
Telesat Canada |
|
|
|
|
|
|
|
|
8.875%, 11/15/2024 (A) |
|
|
120 |
|
|
|
133 |
|
T-Mobile |
|
|
|
|
|
|
|
|
6.625%, 04/01/2023 |
|
|
300 |
|
|
|
312 |
|
6.500%, 01/15/2026 |
|
|
250 |
|
|
|
271 |
|
6.375%, 03/01/2025 |
|
|
200 |
|
|
|
212 |
|
T-Mobile USA |
|
|
|
|
|
|
|
|
6.836%, 04/28/2023 |
|
|
200 |
|
|
|
209 |
|
6.500%, 01/15/2024 |
|
|
150 |
|
|
|
159 |
|
6.000%, 03/01/2023 |
|
|
200 |
|
|
|
209 |
|
6.000%, 04/15/2024 |
|
|
500 |
|
|
|
532 |
|
5.375%, 04/15/2027 |
|
|
100 |
|
|
|
105 |
|
4.750%, 02/01/2028 |
|
|
235 |
|
|
|
236 |
|
4.500%, 02/01/2026 |
|
|
160 |
|
|
|
161 |
|
Unitymedia GmbH |
|
|
|
|
|
|
|
|
6.125%, 01/15/2025 (A) |
|
|
200 |
|
|
|
210 |
|
UPC Holding BV |
|
|
|
|
|
|
|
|
5.500%, 01/15/2028 (A) |
|
|
200 |
|
|
|
192 |
|
UPCB Finance IV |
|
|
|
|
|
|
|
|
5.375%, 01/15/2025 (A) |
|
|
200 |
|
|
|
204 |
|
Verizon Communications |
|
|
|
|
|
|
|
|
5.012%, 04/15/2049 |
|
|
267 |
|
|
|
282 |
|
5.012%, 08/21/2054 |
|
|
379 |
|
|
|
391 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
43 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
4.862%, 08/21/2046 |
|
$ |
400 |
|
|
$ |
415 |
|
4.812%, 03/15/2039 |
|
|
100 |
|
|
|
104 |
|
4.672%, 03/15/2055 |
|
|
117 |
|
|
|
115 |
|
4.522%, 09/15/2048 |
|
|
453 |
|
|
|
452 |
|
4.500%, 08/10/2033 |
|
|
300 |
|
|
|
308 |
|
4.272%, 01/15/2036 |
|
|
600 |
|
|
|
595 |
|
4.150%, 03/15/2024 |
|
|
450 |
|
|
|
469 |
|
4.125%, 08/15/2046 |
|
|
150 |
|
|
|
140 |
|
3.500%, 11/01/2024 |
|
|
500 |
|
|
|
503 |
|
3.376%, 02/15/2025 |
|
|
200 |
|
|
|
198 |
|
2.946%, 03/15/2022 |
|
|
304 |
|
|
|
303 |
|
2.625%, 08/15/2026 |
|
|
150 |
|
|
|
138 |
|
Videotron |
|
|
|
|
|
|
|
|
5.375%, 06/15/2024 (A) |
|
|
100 |
|
|
|
106 |
|
5.125%, 04/15/2027 (A) |
|
|
100 |
|
|
|
104 |
|
Virgin Media Secured Finance |
|
5.250%, 01/15/2026 (A) |
|
|
450 |
|
|
|
458 |
|
Vodafone Group |
|
|
|
|
|
|
|
|
6.150%, 02/27/2037 |
|
|
200 |
|
|
|
247 |
|
2.950%, 02/19/2023 |
|
|
300 |
|
|
|
299 |
|
Wind Tre |
|
|
|
|
|
|
|
|
5.000%, 01/20/2026 (A) |
|
|
350 |
|
|
|
318 |
|
Windstream Services |
|
|
|
|
|
|
|
|
8.750%, 12/15/2024 (A) |
|
|
80 |
|
|
|
56 |
|
8.625%, 10/31/2025 (A) |
|
|
125 |
|
|
|
117 |
|
6.375%, 08/01/2023 |
|
|
150 |
|
|
|
87 |
|
WMG Acquisition |
|
|
|
|
|
|
|
|
6.750%, 04/15/2022 (A) |
|
|
100 |
|
|
|
104 |
|
WTT Investment |
|
|
|
|
|
|
|
|
5.500%, 11/21/2022 (A) |
|
|
200 |
|
|
|
202 |
|
Zayo Group |
|
|
|
|
|
|
|
|
6.375%, 05/15/2025 |
|
|
200 |
|
|
|
210 |
|
6.000%, 04/01/2023 |
|
|
170 |
|
|
|
177 |
|
5.750%, 01/15/2027 (A) |
|
|
275 |
|
|
|
279 |
|
Ziggo Bond Finance BV |
|
|
|
|
|
|
|
|
6.000%, 01/15/2027 (A) |
|
|
200 |
|
|
|
197 |
|
Ziggo Secured Finance BV |
|
5.500%, 01/15/2027 (A) |
|
|
300 |
|
|
|
298 |
|
|
|
|
|
|
|
|
30,050 |
|
|
|
|
Utilities 1.7% |
|
|
|
|
|
|
|
|
AEP Texas |
|
|
|
|
|
|
|
|
3.800%, 10/01/2047 |
|
|
100 |
|
|
|
101 |
|
2.400%, 10/01/2022 |
|
|
200 |
|
|
|
194 |
|
AEP Transmission |
|
|
|
|
|
|
|
|
3.750%, 12/01/2047 (A) |
|
|
50 |
|
|
|
50 |
|
AES |
|
|
|
|
|
|
|
|
6.000%, 05/15/2026 |
|
|
100 |
|
|
|
107 |
|
5.500%, 03/15/2024 |
|
|
100 |
|
|
|
103 |
|
5.125%, 09/01/2027 |
|
|
76 |
|
|
|
80 |
|
4.875%, 05/15/2023 |
|
|
200 |
|
|
|
205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
Alabama Power |
|
|
|
|
|
|
|
|
3.750%, 03/01/2045 |
|
$ |
100 |
|
|
$ |
100 |
|
Ameren |
|
|
|
|
|
|
|
|
2.700%, 11/15/2020 |
|
|
100 |
|
|
|
100 |
|
Ameren Illinois |
|
|
|
|
|
|
|
|
3.250%, 03/01/2025 |
|
|
100 |
|
|
|
100 |
|
American Water Capital |
|
|
|
|
|
|
|
|
6.593%, 10/15/2037 |
|
|
100 |
|
|
|
137 |
|
2.950%, 09/01/2027 |
|
|
200 |
|
|
|
194 |
|
AmeriGas Partners |
|
|
|
|
|
|
|
|
5.875%, 08/20/2026 |
|
|
120 |
|
|
|
124 |
|
5.625%, 05/20/2024 |
|
|
170 |
|
|
|
178 |
|
5.500%, 05/20/2025 |
|
|
90 |
|
|
|
92 |
|
Appalachian Power |
|
|
|
|
|
|
|
|
7.000%, 04/01/2038 |
|
|
100 |
|
|
|
141 |
|
4.450%, 06/01/2045 |
|
|
100 |
|
|
|
109 |
|
3.400%, 06/01/2025 |
|
|
100 |
|
|
|
100 |
|
Arizona Public Service |
|
|
|
|
|
|
|
|
2.950%, 09/15/2027 |
|
|
100 |
|
|
|
96 |
|
Atmos Energy |
|
|
|
|
|
|
|
|
4.125%, 10/15/2044 |
|
|
100 |
|
|
|
106 |
|
Avangrid |
|
|
|
|
|
|
|
|
3.150%, 12/01/2024 |
|
|
50 |
|
|
|
49 |
|
Baltimore Gas & Electric |
|
|
|
|
|
|
|
|
3.750%, 08/15/2047 |
|
|
100 |
|
|
|
100 |
|
2.400%, 08/15/2026 |
|
|
50 |
|
|
|
46 |
|
Berkshire Hathaway Energy |
|
6.125%, 04/01/2036 |
|
|
247 |
|
|
|
324 |
|
3.800%, 07/15/2048 (A) |
|
|
25 |
|
|
|
25 |
|
3.250%, 04/15/2028 (A) |
|
|
30 |
|
|
|
29 |
|
2.800%, 01/15/2023 (A) |
|
|
40 |
|
|
|
40 |
|
2.375%, 01/15/2021 (A) |
|
|
25 |
|
|
|
25 |
|
Black Hills |
|
|
|
|
|
|
|
|
3.950%, 01/15/2026 |
|
|
100 |
|
|
|
102 |
|
Calpine |
|
|
|
|
|
|
|
|
6.000%, 01/15/2022 (A) |
|
|
200 |
|
|
|
206 |
|
5.750%, 01/15/2025 |
|
|
300 |
|
|
|
284 |
|
5.375%, 01/15/2023 |
|
|
200 |
|
|
|
198 |
|
5.250%, 06/01/2026 (A) |
|
|
150 |
|
|
|
147 |
|
CenterPoint Energy |
|
|
|
|
|
|
|
|
2.500%, 09/01/2022 |
|
|
150 |
|
|
|
146 |
|
CenterPoint Energy Houston Electric |
|
4.500%, 04/01/2044 |
|
|
200 |
|
|
|
227 |
|
CenterPoint Energy Resources |
|
4.500%, 01/15/2021 |
|
|
100 |
|
|
|
104 |
|
Cleco Corporate Holdings |
|
|
|
|
|
|
|
|
4.973%, 05/01/2046 |
|
|
35 |
|
|
|
38 |
|
3.743%, 05/01/2026 |
|
|
50 |
|
|
|
49 |
|
CMS Energy |
|
|
|
|
|
|
|
|
3.450%, 08/15/2027 |
|
|
50 |
|
|
|
50 |
|
Commonwealth Edison |
|
|
|
|
|
|
|
|
3.700%, 03/01/2045 |
|
|
50 |
|
|
|
50 |
|
|
|
|
44 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
2.950%, 08/15/2027 |
|
$ |
100 |
|
|
$ |
97 |
|
Connecticut Light & Power |
|
|
|
|
|
|
|
|
4.300%, 04/15/2044 |
|
|
200 |
|
|
|
219 |
|
4.150%, 06/01/2045 |
|
|
100 |
|
|
|
107 |
|
Consolidated Edison |
|
|
|
|
|
|
|
|
2.000%, 05/15/2021 |
|
|
100 |
|
|
|
98 |
|
Consolidated Edison of New York |
|
6.300%, 08/15/2037 |
|
|
100 |
|
|
|
133 |
|
4.450%, 03/15/2044 |
|
|
200 |
|
|
|
221 |
|
4.300%, 12/01/2056 |
|
|
100 |
|
|
|
107 |
|
3.850%, 06/15/2046 |
|
|
100 |
|
|
|
102 |
|
Consumers Energy |
|
|
|
|
|
|
|
|
3.950%, 05/15/2043 |
|
|
50 |
|
|
|
52 |
|
2.850%, 05/15/2022 |
|
|
100 |
|
|
|
100 |
|
Delmarva Power & Light |
|
|
|
|
|
|
|
|
4.150%, 05/15/2045 |
|
|
50 |
|
|
|
53 |
|
Dominion Energy |
|
|
|
|
|
|
|
|
5.200%, 08/15/2019 |
|
|
100 |
|
|
|
104 |
|
4.050%, 09/15/2042 |
|
|
100 |
|
|
|
100 |
|
2.850%, 08/15/2026 |
|
|
30 |
|
|
|
28 |
|
2.750%, 09/15/2022 |
|
|
250 |
|
|
|
245 |
|
2.579%, 07/01/2020 |
|
|
100 |
|
|
|
99 |
|
2.500%, 12/01/2019 |
|
|
100 |
|
|
|
100 |
|
Dominion Energy Gas Holdings |
|
4.600%, 12/15/2044 |
|
|
25 |
|
|
|
27 |
|
3.600%, 12/15/2024 |
|
|
100 |
|
|
|
101 |
|
2.500%, 12/15/2019 |
|
|
50 |
|
|
|
50 |
|
DTE Electric |
|
|
|
|
|
|
|
|
3.750%, 08/15/2047 |
|
|
100 |
|
|
|
101 |
|
3.700%, 03/15/2045 |
|
|
50 |
|
|
|
50 |
|
3.700%, 06/01/2046 |
|
|
50 |
|
|
|
50 |
|
DTE Energy |
|
|
|
|
|
|
|
|
3.300%, 06/15/2022 |
|
|
50 |
|
|
|
50 |
|
2.850%, 10/01/2026 |
|
|
50 |
|
|
|
47 |
|
2.400%, 12/01/2019 |
|
|
125 |
|
|
|
125 |
|
Duke Energy |
|
|
|
|
|
|
|
|
3.750%, 04/15/2024 |
|
|
100 |
|
|
|
103 |
|
3.750%, 09/01/2046 |
|
|
100 |
|
|
|
96 |
|
3.150%, 08/15/2027 |
|
|
200 |
|
|
|
193 |
|
2.650%, 09/01/2026 |
|
|
200 |
|
|
|
186 |
|
2.400%, 08/15/2022 |
|
|
100 |
|
|
|
97 |
|
Duke Energy Carolinas |
|
|
|
|
|
|
|
|
4.250%, 12/15/2041 |
|
|
100 |
|
|
|
108 |
|
2.950%, 12/01/2026 |
|
|
100 |
|
|
|
97 |
|
Duke Energy Florida |
|
|
|
|
|
|
|
|
6.400%, 06/15/2038 |
|
|
450 |
|
|
|
621 |
|
3.200%, 01/15/2027 |
|
|
50 |
|
|
|
50 |
|
Duke Energy Indiana |
|
|
|
|
|
|
|
|
3.750%, 05/15/2046 |
|
|
50 |
|
|
|
49 |
|
Duke Energy Ohio |
|
|
|
|
|
|
|
|
3.700%, 06/15/2046 |
|
|
14 |
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
Duke Energy Progress |
|
|
|
|
|
|
|
|
4.150%, 12/01/2044 |
|
$ |
50 |
|
|
$ |
53 |
|
3.600%, 09/15/2047 |
|
|
100 |
|
|
|
99 |
|
Dynegy |
|
|
|
|
|
|
|
|
8.125%, 01/30/2026 (A) |
|
|
113 |
|
|
|
125 |
|
8.000%, 01/15/2025 (A) |
|
|
200 |
|
|
|
217 |
|
7.625%, 11/01/2024 |
|
|
190 |
|
|
|
205 |
|
7.375%, 11/01/2022 |
|
|
440 |
|
|
|
465 |
|
6.750%, 11/01/2019 |
|
|
95 |
|
|
|
97 |
|
Edison International |
|
|
|
|
|
|
|
|
2.950%, 03/15/2023 |
|
|
50 |
|
|
|
49 |
|
2.400%, 09/15/2022 |
|
|
80 |
|
|
|
78 |
|
El Paso Electric |
|
|
|
|
|
|
|
|
5.000%, 12/01/2044 |
|
|
50 |
|
|
|
53 |
|
Emera US Finance |
|
|
|
|
|
|
|
|
4.750%, 06/15/2046 |
|
|
35 |
|
|
|
37 |
|
3.550%, 06/15/2026 |
|
|
235 |
|
|
|
229 |
|
2.150%, 06/15/2019 |
|
|
20 |
|
|
|
20 |
|
Entergy |
|
|
|
|
|
|
|
|
5.125%, 09/15/2020 |
|
|
100 |
|
|
|
105 |
|
4.000%, 07/15/2022 |
|
|
100 |
|
|
|
104 |
|
2.950%, 09/01/2026 |
|
|
100 |
|
|
|
95 |
|
Entergy Arkansas |
|
|
|
|
|
|
|
|
3.700%, 06/01/2024 |
|
|
100 |
|
|
|
103 |
|
Entergy Mississippi |
|
|
|
|
|
|
|
|
2.850%, 06/01/2028 |
|
|
25 |
|
|
|
24 |
|
Eversource Energy |
|
|
|
|
|
|
|
|
3.150%, 01/15/2025 |
|
|
100 |
|
|
|
99 |
|
2.900%, 10/01/2024 |
|
|
200 |
|
|
|
194 |
|
Exelon |
|
|
|
|
|
|
|
|
5.625%, 06/15/2035 |
|
|
100 |
|
|
|
121 |
|
5.100%, 06/15/2045 |
|
|
100 |
|
|
|
115 |
|
3.950%, 06/15/2025 |
|
|
100 |
|
|
|
102 |
|
Exelon Generation |
|
|
|
|
|
|
|
|
6.250%, 10/01/2039 |
|
|
300 |
|
|
|
350 |
|
5.600%, 06/15/2042 |
|
|
100 |
|
|
|
109 |
|
4.250%, 06/15/2022 |
|
|
100 |
|
|
|
104 |
|
2.950%, 01/15/2020 |
|
|
100 |
|
|
|
100 |
|
FirstEnergy |
|
|
|
|
|
|
|
|
7.375%, 11/15/2031 |
|
|
70 |
|
|
|
94 |
|
4.250%, 03/15/2023 |
|
|
40 |
|
|
|
42 |
|
Florida Power & Light |
|
|
|
|
|
|
|
|
5.950%, 02/01/2038 |
|
|
200 |
|
|
|
262 |
|
4.050%, 10/01/2044 |
|
|
200 |
|
|
|
213 |
|
Fortis |
|
|
|
|
|
|
|
|
3.055%, 10/04/2026 |
|
|
100 |
|
|
|
95 |
|
Georgia Power |
|
|
|
|
|
|
|
|
4.300%, 03/15/2042 |
|
|
125 |
|
|
|
132 |
|
2.000%, 09/08/2020 |
|
|
200 |
|
|
|
198 |
|
Great Plains Energy |
|
|
|
|
|
|
|
|
4.850%, 06/01/2021 |
|
|
155 |
|
|
|
163 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
45 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
Interstate Power & Light |
|
|
|
|
|
|
|
|
3.700%, 09/15/2046 |
|
$ |
50 |
|
|
$ |
49 |
|
ITC Holdings |
|
|
|
|
|
|
|
|
3.250%, 06/30/2026 |
|
|
30 |
|
|
|
29 |
|
Kansas City Power & Light |
|
|
|
|
|
|
|
|
4.200%, 06/15/2047 |
|
|
100 |
|
|
|
103 |
|
Kentucky Utilities |
|
|
|
|
|
|
|
|
5.125%, 11/01/2040 |
|
|
194 |
|
|
|
235 |
|
MidAmerican Energy |
|
|
|
|
|
|
|
|
3.950%, 08/01/2047 |
|
|
50 |
|
|
|
52 |
|
3.650%, 08/01/2048 |
|
|
150 |
|
|
|
150 |
|
3.100%, 05/01/2027 |
|
|
50 |
|
|
|
49 |
|
2.400%, 03/15/2019 |
|
|
100 |
|
|
|
100 |
|
National Fuel Gas |
|
|
|
|
|
|
|
|
5.200%, 07/15/2025 |
|
|
100 |
|
|
|
106 |
|
3.950%, 09/15/2027 |
|
|
200 |
|
|
|
195 |
|
NextEra Energy Capital Holdings |
|
2.800%, 01/15/2023 |
|
|
100 |
|
|
|
98 |
|
2.400%, 09/15/2019 |
|
|
150 |
|
|
|
150 |
|
NextEra Energy Operating Partners |
|
|
|
|
|
|
|
|
4.500%, 09/15/2027 (A) |
|
|
158 |
|
|
|
156 |
|
4.250%, 09/15/2024 (A) |
|
|
36 |
|
|
|
36 |
|
NiSource |
|
|
|
|
|
|
|
|
5.950%, 06/15/2041 |
|
|
100 |
|
|
|
126 |
|
5.650%, 02/01/2045 |
|
|
50 |
|
|
|
62 |
|
4.375%, 05/15/2047 |
|
|
150 |
|
|
|
160 |
|
3.950%, 03/30/2048 |
|
|
100 |
|
|
|
99 |
|
3.490%, 05/15/2027 |
|
|
50 |
|
|
|
50 |
|
Northern States Power |
|
|
|
|
|
|
|
|
4.125%, 05/15/2044 |
|
|
200 |
|
|
|
213 |
|
3.600%, 09/15/2047 |
|
|
100 |
|
|
|
99 |
|
2.200%, 08/15/2020 |
|
|
100 |
|
|
|
99 |
|
NRG Energy |
|
|
|
|
|
|
|
|
7.250%, 05/15/2026 |
|
|
140 |
|
|
|
153 |
|
6.625%, 01/15/2027 |
|
|
175 |
|
|
|
185 |
|
6.250%, 07/15/2022 |
|
|
150 |
|
|
|
155 |
|
6.250%, 05/01/2024 |
|
|
150 |
|
|
|
157 |
|
5.750%, 01/15/2028 (A) |
|
|
209 |
|
|
|
209 |
|
NRG Yield Operating |
|
|
|
|
|
|
|
|
5.375%, 08/15/2024 |
|
|
100 |
|
|
|
101 |
|
NSTAR Electric |
|
|
|
|
|
|
|
|
3.200%, 05/15/2027 |
|
|
100 |
|
|
|
99 |
|
Ohio Edison |
|
|
|
|
|
|
|
|
6.875%, 07/15/2036 |
|
|
200 |
|
|
|
267 |
|
Oklahoma Gas & Electric |
|
|
|
|
|
|
|
|
3.850%, 08/15/2047 |
|
|
50 |
|
|
|
51 |
|
Oncor Electric Delivery |
|
3.800%, 09/30/2047 (A) |
|
|
100 |
|
|
|
101 |
|
3.750%, 04/01/2045 |
|
|
100 |
|
|
|
101 |
|
2.950%, 04/01/2025 |
|
|
50 |
|
|
|
49 |
|
ONE Gas |
|
|
|
|
|
|
|
|
2.070%, 02/01/2019 |
|
|
100 |
|
|
|
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
CORPORATE OBLIGATIONS
(continued) |
|
Pacific Gas & Electric |
|
|
|
|
|
|
|
|
6.050%, 03/01/2034 |
|
$ |
400 |
|
|
$ |
492 |
|
5.800%, 03/01/2037 |
|
|
100 |
|
|
|
122 |
|
4.750%, 02/15/2044 |
|
|
50 |
|
|
|
54 |
|
4.300%, 03/15/2045 |
|
|
30 |
|
|
|
31 |
|
3.950%, 12/01/2047 (A) |
|
|
100 |
|
|
|
96 |
|
PacifiCorp |
|
|
|
|
|
|
|
|
3.600%, 04/01/2024 |
|
|
100 |
|
|
|
103 |
|
PECO Energy |
|
|
|
|
|
|
|
|
3.700%, 09/15/2047 |
|
|
100 |
|
|
|
100 |
|
Piedmont Natural Gas |
|
|
|
|
|
|
|
|
3.640%, 11/01/2046 |
|
|
25 |
|
|
|
24 |
|
Pinnacle West Capital |
|
|
|
|
|
|
|
|
2.250%, 11/30/2020 |
|
|
45 |
|
|
|
45 |
|
Potomac Electric Power |
|
|
|
|
|
|
|
|
6.500%, 11/15/2037 |
|
|
100 |
|
|
|
136 |
|
PPL Capital Funding |
|
|
|
|
|
|
|
|
4.000%, 09/15/2047 |
|
|
100 |
|
|
|
100 |
|
3.400%, 06/01/2023 |
|
|
100 |
|
|
|
100 |
|
PPL Electric Utilities |
|
|
|
|
|
|
|
|
4.150%, 10/01/2045 |
|
|
100 |
|
|
|
108 |
|
Progress Energy |
|
|
|
|
|
|
|
|
4.400%, 01/15/2021 |
|
|
100 |
|
|
|
104 |
|
PSEG Power |
|
|
|
|
|
|
|
|
8.625%, 04/15/2031 |
|
|
200 |
|
|
|
263 |
|
3.000%, 06/15/2021 |
|
|
100 |
|
|
|
100 |
|
Public Service Electric & Gas MTN |
|
3.000%, 05/15/2027 |
|
|
100 |
|
|
|
97 |
|
Public Service Enterprise Group |
|
2.000%, 11/15/2021 |
|
|
100 |
|
|
|
96 |
|
Public Service of Colorado |
|
|
|
|
|
|
|
|
3.800%, 06/15/2047 |
|
|
100 |
|
|
|
101 |
|
San Diego Gas & Electric |
|
|
|
|
|
|
|
|
3.750%, 06/01/2047 |
|
|
150 |
|
|
|
152 |
|
Sempra Energy |
|
|
|
|
|
|
|
|
3.800%, 02/01/2038 |
|
|
100 |
|
|
|
98 |
|
3.250%, 06/15/2027 |
|
|
200 |
|
|
|
195 |
|
2.900%, 02/01/2023 |
|
|
15 |
|
|
|
15 |
|
2.850%, 11/15/2020 |
|
|
100 |
|
|
|
100 |
|
2.400%, 03/15/2020 |
|
|
50 |
|
|
|
50 |
|
South Carolina Electric & Gas |
|
5.100%, 06/01/2065 |
|
|
100 |
|
|
|
111 |
|
4.500%, 06/01/2064 |
|
|
100 |
|
|
|
101 |
|
Southern |
|
|
|
|
|
|
|
|
4.400%, 07/01/2046 |
|
|
200 |
|
|
|
207 |
|
4.250%, 07/01/2036 |
|
|
30 |
|
|
|
31 |
|
3.250%, 07/01/2026 |
|
|
200 |
|
|
|
193 |
|
2.950%, 07/01/2023 |
|
|
100 |
|
|
|
99 |
|
2.350%, 07/01/2021 |
|
|
50 |
|
|
|
49 |
|
2.150%, 09/01/2019 |
|
|
250 |
|
|
|
248 |
|
1.850%, 07/01/2019 |
|
|
35 |
|
|
|
35 |
|
|
|
|
46 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
CORPORATE OBLIGATIONS (continued) |
|
Southern California Edison |
|
|
|
|
|
|
|
|
5.950%, 02/01/2038 |
|
$ |
200 |
|
|
$ |
258 |
|
4.650%, 10/01/2043 |
|
|
100 |
|
|
|
114 |
|
3.500%, 10/01/2023 |
|
|
100 |
|
|
|
102 |
|
Southern Gas Capital |
|
|
|
|
|
|
|
|
3.500%, 09/15/2021 |
|
|
200 |
|
|
|
202 |
|
Southern Power |
|
|
|
|
|
|
|
|
4.950%, 12/15/2046 |
|
|
100 |
|
|
|
108 |
|
4.150%, 12/01/2025 |
|
|
100 |
|
|
|
104 |
|
2.500%, 12/15/2021 |
|
|
50 |
|
|
|
49 |
|
2.375%, 06/01/2020 |
|
|
50 |
|
|
|
50 |
|
Southwestern Electric Power |
|
|
|
|
|
|
|
|
3.900%, 04/01/2045 |
|
|
50 |
|
|
|
49 |
|
Suburban Propane Partners |
|
|
|
|
|
|
|
|
5.500%, 06/01/2024 |
|
|
100 |
|
|
|
98 |
|
Talen Energy Supply |
|
|
|
|
|
|
|
|
10.500%, 01/15/2026 (A) |
|
|
100 |
|
|
|
101 |
|
6.500%, 06/01/2025 |
|
|
128 |
|
|
|
106 |
|
TECO Finance |
|
|
|
|
|
|
|
|
5.150%, 03/15/2020 |
|
|
100 |
|
|
|
104 |
|
TerraForm Global Operating |
|
|
|
|
|
|
|
|
9.750%, 08/15/2022 (A) |
|
|
100 |
|
|
|
111 |
|
TerraForm Power Operating |
|
|
|
|
|
|
|
|
5.000%, 01/31/2028 (A) |
|
|
147 |
|
|
|
145 |
|
4.250%, 01/31/2023 (A) |
|
|
70 |
|
|
|
69 |
|
Union Electric |
|
|
|
|
|
|
|
|
3.650%, 04/15/2045 |
|
|
100 |
|
|
|
100 |
|
Virginia Electric & Power |
|
|
|
|
|
|
|
|
8.875%, 11/15/2038 |
|
|
150 |
|
|
|
253 |
|
4.200%, 05/15/2045 |
|
|
25 |
|
|
|
27 |
|
3.800%, 09/15/2047 |
|
|
150 |
|
|
|
151 |
|
2.950%, 01/15/2022 |
|
|
300 |
|
|
|
301 |
|
2.750%, 03/15/2023 |
|
|
50 |
|
|
|
49 |
|
Washington Gas Light MTN |
|
|
|
|
|
|
|
|
3.796%, 09/15/2046 |
|
|
135 |
|
|
|
135 |
|
WEC Energy Group |
|
|
|
|
|
|
|
|
3.550%, 06/15/2025 |
|
|
100 |
|
|
|
101 |
|
2.450%, 06/15/2020 |
|
|
100 |
|
|
|
100 |
|
Westar Energy |
|
|
|
|
|
|
|
|
4.250%, 12/01/2045 |
|
|
100 |
|
|
|
108 |
|
Wisconsin Power & Light |
|
|
|
|
|
|
|
|
3.050%, 10/15/2027 |
|
|
200 |
|
|
|
195 |
|
Xcel Energy |
|
|
|
|
|
|
|
|
4.700%, 05/15/2020 |
|
|
125 |
|
|
|
130 |
|
2.600%, 03/15/2022 |
|
|
50 |
|
|
|
49 |
|
|
|
|
|
|
|
|
25,056 |
|
|
|
|
Total Corporate Obligations (Cost $451,000) ($ Thousands) |
|
|
|
|
|
|
453,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
U.S. TREASURY OBLIGATIONS 27.0% |
|
U.S. Treasury Bonds |
|
|
|
|
|
|
|
|
6.250%, 08/15/2023 |
|
$ |
2,500 |
|
|
$ |
2,976 |
|
5.375%, 02/15/2031 |
|
|
500 |
|
|
|
644 |
|
5.000%, 05/15/2037 |
|
|
1,250 |
|
|
|
1,654 |
|
4.750%, 02/15/2037 |
|
|
1,750 |
|
|
|
2,250 |
|
4.750%, 02/15/2041 |
|
|
2,510 |
|
|
|
3,295 |
|
4.625%, 02/15/2040 |
|
|
2,000 |
|
|
|
2,571 |
|
4.500%, 02/15/2036 |
|
|
5,500 |
|
|
|
6,829 |
|
4.500%, 05/15/2038 |
|
|
150 |
|
|
|
188 |
|
4.375%, 02/15/2038 |
|
|
1,000 |
|
|
|
1,234 |
|
4.375%, 05/15/2040 |
|
|
750 |
|
|
|
934 |
|
4.250%, 05/15/2039 |
|
|
250 |
|
|
|
305 |
|
3.875%, 08/15/2040 |
|
|
1,225 |
|
|
|
1,425 |
|
3.625%, 02/15/2044 |
|
|
4,680 |
|
|
|
5,276 |
|
3.375%, 05/15/2044 |
|
|
3,055 |
|
|
|
3,306 |
|
3.125%, 08/15/2044 |
|
|
800 |
|
|
|
829 |
|
3.000%, 05/15/2042 |
|
|
3,000 |
|
|
|
3,049 |
|
3.000%, 11/15/2044 |
|
|
6,025 |
|
|
|
6,102 |
|
3.000%, 05/15/2045 |
|
|
700 |
|
|
|
709 |
|
3.000%, 11/15/2045 |
|
|
1,500 |
|
|
|
1,519 |
|
3.000%, 02/15/2047 |
|
|
2,350 |
|
|
|
2,377 |
|
3.000%, 05/15/2047 |
|
|
1,500 |
|
|
|
1,516 |
|
2.875%, 05/15/2043 |
|
|
3,125 |
|
|
|
3,100 |
|
2.875%, 08/15/2045 |
|
|
750 |
|
|
|
741 |
|
2.875%, 11/15/2046 |
|
|
2,750 |
|
|
|
2,714 |
|
2.750%, 08/15/2047 |
|
|
3,500 |
|
|
|
3,365 |
|
2.750%, 11/15/2047 |
|
|
1,000 |
|
|
|
962 |
|
2.625%, 11/15/2020 |
|
|
3,500 |
|
|
|
3,531 |
|
2.500%, 02/15/2045 |
|
|
3,500 |
|
|
|
3,215 |
|
2.500%, 02/15/2046 |
|
|
2,700 |
|
|
|
2,473 |
|
2.500%, 05/15/2046 |
|
|
2,650 |
|
|
|
2,425 |
|
2.250%, 02/15/2027 |
|
|
2,500 |
|
|
|
2,406 |
|
2.250%, 08/15/2046 |
|
|
4,500 |
|
|
|
3,899 |
|
U.S. Treasury Notes |
|
|
|
|
|
|
|
|
3.625%, 08/15/2019 |
|
|
1,500 |
|
|
|
1,535 |
|
3.625%, 02/15/2020 |
|
|
2,250 |
|
|
|
2,315 |
|
3.625%, 02/15/2021 |
|
|
7,500 |
|
|
|
7,786 |
|
3.500%, 05/15/2020 |
|
|
4,500 |
|
|
|
4,629 |
|
3.125%, 05/15/2021 |
|
|
6,250 |
|
|
|
6,401 |
|
2.750%, 11/15/2023 |
|
|
4,500 |
|
|
|
4,538 |
|
2.750%, 02/15/2024 |
|
|
750 |
|
|
|
756 |
|
2.625%, 08/15/2020 |
|
|
1,500 |
|
|
|
1,514 |
|
2.500%, 05/15/2024 |
|
|
5,450 |
|
|
|
5,409 |
|
2.375%, 01/31/2023 |
|
|
5,000 |
|
|
|
4,964 |
|
2.375%, 05/15/2027 |
|
|
8,000 |
|
|
|
7,773 |
|
2.250%, 07/31/2021 |
|
|
4,000 |
|
|
|
3,981 |
|
2.250%, 12/31/2023 |
|
|
2,000 |
|
|
|
1,961 |
|
2.250%, 01/31/2024 |
|
|
1,000 |
|
|
|
980 |
|
2.250%, 11/15/2024 |
|
|
5,000 |
|
|
|
4,872 |
|
2.250%, 12/31/2024 |
|
|
2,000 |
|
|
|
1,948 |
|
2.250%, 11/15/2025 |
|
|
3,500 |
|
|
|
3,390 |
|
2.250%, 08/15/2027 |
|
|
7,000 |
|
|
|
6,722 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
47 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
U.S. TREASURY OBLIGATIONS (continued) |
|
2.125%, 08/31/2020 |
|
$ |
9,000 |
|
|
$ |
8,970 |
|
2.125%, 01/31/2021 |
|
|
1,500 |
|
|
|
1,492 |
|
2.125%, 09/30/2021 |
|
|
2,500 |
|
|
|
2,475 |
|
2.125%, 12/31/2021 |
|
|
1,000 |
|
|
|
988 |
|
2.125%, 02/29/2024 |
|
|
1,500 |
|
|
|
1,458 |
|
2.125%, 03/31/2024 |
|
|
1,500 |
|
|
|
1,457 |
|
2.125%, 05/15/2025 |
|
|
2,500 |
|
|
|
2,408 |
|
2.000%, 09/30/2020 |
|
|
7,000 |
|
|
|
6,952 |
|
2.000%, 10/31/2021 |
|
|
2,000 |
|
|
|
1,970 |
|
2.000%, 11/15/2021 |
|
|
5,000 |
|
|
|
4,926 |
|
2.000%, 12/31/2021 |
|
|
5,000 |
|
|
|
4,919 |
|
2.000%, 02/15/2022 |
|
|
3,000 |
|
|
|
2,950 |
|
2.000%, 10/31/2022 |
|
|
10,000 |
|
|
|
9,769 |
|
2.000%, 11/30/2022 |
|
|
8,000 |
|
|
|
7,811 |
|
2.000%, 05/31/2024 |
|
|
4,000 |
|
|
|
3,852 |
|
2.000%, 02/15/2025 |
|
|
2,850 |
|
|
|
2,727 |
|
2.000%, 08/15/2025 |
|
|
5,200 |
|
|
|
4,956 |
|
2.000%, 11/15/2026 |
|
|
4,000 |
|
|
|
3,776 |
|
1.875%, 01/31/2022 |
|
|
4,500 |
|
|
|
4,402 |
|
1.875%, 02/28/2022 |
|
|
2,000 |
|
|
|
1,955 |
|
1.875%, 03/31/2022 |
|
|
1,500 |
|
|
|
1,465 |
|
1.875%, 04/30/2022 |
|
|
3,000 |
|
|
|
2,928 |
|
1.875%, 07/31/2022 |
|
|
3,000 |
|
|
|
2,921 |
|
1.875%, 08/31/2024 |
|
|
6,000 |
|
|
|
5,723 |
|
1.750%, 09/30/2019 |
|
|
8,800 |
|
|
|
8,751 |
|
1.750%, 11/15/2020 |
|
|
8,000 |
|
|
|
7,888 |
|
1.750%, 12/31/2020 |
|
|
3,500 |
|
|
|
3,446 |
|
1.750%, 11/30/2021 |
|
|
5,000 |
|
|
|
4,877 |
|
1.750%, 05/31/2022 |
|
|
3,500 |
|
|
|
3,395 |
|
1.750%, 06/30/2022 |
|
|
4,000 |
|
|
|
3,877 |
|
1.750%, 01/31/2023 |
|
|
2,000 |
|
|
|
1,927 |
|
1.750%, 05/15/2023 |
|
|
1,750 |
|
|
|
1,680 |
|
1.625%, 07/31/2019 |
|
|
1,130 |
|
|
|
1,123 |
|
1.625%, 03/15/2020 |
|
|
1,000 |
|
|
|
989 |
|
1.625%, 08/31/2022 |
|
|
10,000 |
|
|
|
9,622 |
|
1.625%, 05/31/2023 |
|
|
2,000 |
|
|
|
1,907 |
|
1.625%, 02/15/2026 |
|
|
2,650 |
|
|
|
2,443 |
|
1.625%, 05/15/2026 |
|
|
3,500 |
|
|
|
3,218 |
|
1.500%, 05/31/2019 |
|
|
1,150 |
|
|
|
1,142 |
|
1.500%, 05/31/2020 |
|
|
5,000 |
|
|
|
4,919 |
|
1.500%, 07/15/2020 |
|
|
2,000 |
|
|
|
1,965 |
|
1.500%, 02/28/2023 |
|
|
750 |
|
|
|
713 |
|
1.500%, 03/31/2023 |
|
|
2,000 |
|
|
|
1,899 |
|
1.500%, 08/15/2026 |
|
|
3,500 |
|
|
|
3,176 |
|
1.375%, 02/15/2020 |
|
|
750 |
|
|
|
738 |
|
1.375%, 02/29/2020 |
|
|
8,000 |
|
|
|
7,871 |
|
1.375%, 05/31/2020 |
|
|
750 |
|
|
|
736 |
|
1.375%, 01/31/2021 |
|
|
3,500 |
|
|
|
3,405 |
|
1.375%, 04/30/2021 |
|
|
4,000 |
|
|
|
3,878 |
|
1.375%, 05/31/2021 |
|
|
3,000 |
|
|
|
2,905 |
|
1.375%, 08/31/2023 |
|
|
1,500 |
|
|
|
1,406 |
|
1.375%, 09/30/2023 |
|
|
1,000 |
|
|
|
936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
U.S. TREASURY OBLIGATIONS (continued) |
|
1.250%, 03/31/2019 |
|
$ |
1,000 |
|
|
$ |
991 |
|
1.250%, 06/30/2019 |
|
|
4,000 |
|
|
|
3,956 |
|
1.250%, 08/31/2019 |
|
|
8,000 |
|
|
|
7,897 |
|
1.250%, 03/31/2021 |
|
|
5,000 |
|
|
|
4,834 |
|
1.250%, 10/31/2021 |
|
|
3,000 |
|
|
|
2,875 |
|
1.125%, 02/28/2019 |
|
|
3,000 |
|
|
|
2,973 |
|
1.125%, 04/30/2020 |
|
|
1,000 |
|
|
|
977 |
|
1.125%, 02/28/2021 |
|
|
3,500 |
|
|
|
3,375 |
|
1.125%, 06/30/2021 |
|
|
5,000 |
|
|
|
4,796 |
|
1.125%, 07/31/2021 |
|
|
5,500 |
|
|
|
5,268 |
|
1.125%, 08/31/2021 |
|
|
4,000 |
|
|
|
3,825 |
|
1.125%, 09/30/2021 |
|
|
6,500 |
|
|
|
6,209 |
|
1.000%, 09/30/2019 |
|
|
3,000 |
|
|
|
2,947 |
|
1.000%, 11/15/2019 |
|
|
5,000 |
|
|
|
4,903 |
|
0.875%, 05/15/2019 |
|
|
3,500 |
|
|
|
3,449 |
|
0.875%, 06/15/2019 |
|
|
2,000 |
|
|
|
1,969 |
|
Total U.S. Treasury Obligations (Cost $403,308) ($ Thousands) |
|
|
|
|
|
|
394,619 |
|
|
MORTGAGE-BACKED SECURITIES 22.2% |
|
Agency Mortgage-Backed Obligations 21.3% |
|
FHLMC |
|
|
|
|
|
|
|
|
5.500%, 10/01/2038 to 06/01/2041 |
|
|
1,370 |
|
|
|
1,502 |
|
5.000%, 09/01/2023 to 11/01/2041 |
|
|
2,201 |
|
|
|
2,375 |
|
4.500%, 08/01/2040 to 07/01/2045 |
|
|
3,611 |
|
|
|
3,819 |
|
4.000%, 03/01/2019 to 08/01/2047 |
|
|
17,096 |
|
|
|
17,727 |
|
3.500%, 10/01/2020 to 12/01/2047 |
|
|
25,424 |
|
|
|
25,741 |
|
3.000%, 09/01/2029 to 03/01/2047 |
|
|
23,809 |
|
|
|
23,460 |
|
2.500%, 10/01/2029 to 02/01/2032 |
|
|
6,489 |
|
|
|
6,397 |
|
FHLMC Multifamily Structured Pass-Through Certificates, Ser K005, Cl A2 |
|
|
|
|
|
|
|
|
4.317%, 11/25/2019 |
|
|
755 |
|
|
|
777 |
|
FHLMC Multifamily Structured Pass-Through Certificates, Ser K007, Cl A2 |
|
|
|
|
|
|
|
|
4.224%, 03/25/2020 |
|
|
760 |
|
|
|
785 |
|
FHLMC Multifamily Structured Pass-Through Certificates, Ser K030, Cl A2 |
|
|
|
|
|
|
|
|
3.250%, 04/25/2023 (D) |
|
|
500 |
|
|
|
511 |
|
FHLMC Multifamily Structured Pass-Through Certificates, Ser K038, Cl A2 |
|
|
|
|
|
|
|
|
3.389%, 03/25/2024 |
|
|
750 |
|
|
|
772 |
|
FHLMC Multifamily Structured Pass-Through Certificates, Ser K050, Cl A2 |
|
|
|
|
|
|
|
|
3.334%, 08/25/2025 (D) |
|
|
900 |
|
|
|
922 |
|
FHLMC Multifamily Structured Pass-Through Certificates, Ser K054, Cl A2 |
|
|
|
|
|
|
|
|
2.745%, 01/25/2026 |
|
|
400 |
|
|
|
393 |
|
FHLMC Multifamily Structured Pass-Through Certificates, Ser K067, Cl AM |
|
|
|
|
|
|
|
|
3.276%, 08/25/2027 |
|
|
700 |
|
|
|
705 |
|
|
|
|
48 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
MORTGAGE-BACKED SECURITIES (continued) |
|
FHLMC Multifamily Structured Pass-Through Certificates, Ser K069, Cl A2 |
|
|
|
|
|
|
|
|
3.187%, 09/25/2027 (D) |
|
$ |
700 |
|
|
$ |
704 |
|
FNMA |
|
|
|
|
|
|
|
|
6.000%, 07/01/2036 to 10/01/2039 |
|
|
835 |
|
|
|
937 |
|
5.500%, 01/01/2035 to 09/01/2041 |
|
|
2,390 |
|
|
|
2,625 |
|
5.000%, 07/01/2040 to 05/01/2042 |
|
|
4,218 |
|
|
|
4,549 |
|
4.500%, 04/01/2019 to 01/01/2099 |
|
|
7,174 |
|
|
|
7,611 |
|
4.000%, 09/01/2018 to 02/01/2048 |
|
|
24,803 |
|
|
|
25,664 |
|
3.500%, 01/01/2027 to 06/01/2047 |
|
|
37,851 |
|
|
|
38,345 |
|
3.000%, 08/01/2029 to 01/01/2047 |
|
|
39,131 |
|
|
|
38,707 |
|
2.500%, 07/01/2028 to 03/01/2043 |
|
|
8,925 |
|
|
|
8,807 |
|
1.875%, 09/24/2026 |
|
|
300 |
|
|
|
278 |
|
FNMA TBA |
|
|
|
|
|
|
|
|
4.000%, 02/01/2039 |
|
|
4,000 |
|
|
|
4,132 |
|
FNMA, Ser 2012-M2, Cl A2 |
|
|
|
|
|
|
|
|
2.717%, 02/25/2022 |
|
|
500 |
|
|
|
501 |
|
FNMA, Ser 2014-M11, Cl 2A |
|
|
|
|
|
|
|
|
3.301%, 08/25/2026 (D) |
|
|
935 |
|
|
|
934 |
|
FNMA, Ser 2015-M1, Cl A2 |
|
|
|
|
|
|
|
|
2.532%, 09/25/2024 |
|
|
350 |
|
|
|
339 |
|
FNMA, Ser 2016-M11, Cl A2 |
|
|
|
|
|
|
|
|
2.369%, 07/25/2026 (D) |
|
|
542 |
|
|
|
512 |
|
FNMA, Ser M1, Cl A2 |
|
|
|
|
|
|
|
|
2.986%, 12/25/2027 (D) |
|
|
115 |
|
|
|
113 |
|
GNMA |
|
|
|
|
|
|
|
|
6.500%, 11/15/2038 |
|
|
96 |
|
|
|
110 |
|
5.500%, 01/15/2033 to 10/20/2043 |
|
|
1,134 |
|
|
|
1,242 |
|
5.000%, 10/15/2033 to 11/20/2046 |
|
|
1,632 |
|
|
|
1,739 |
|
4.500%, 04/15/2040 to 04/20/2047 |
|
|
4,711 |
|
|
|
4,975 |
|
4.000%, 04/15/2040 to 07/20/2047 |
|
|
28,537 |
|
|
|
29,605 |
|
3.500%, 06/20/2042 to 08/20/2047 |
|
|
31,163 |
|
|
|
31,783 |
|
3.000%, 05/15/2042 to 05/20/2047 |
|
|
21,638 |
|
|
|
21,457 |
|
|
|
|
|
|
|
|
|
|
|
311,555 |
|
Non-Agency Mortgage-Backed Obligations 0.9% |
|
BANK, Ser 2017-BNK7, Cl A4 |
|
|
|
|
|
|
|
|
3.175%, 09/15/2060 |
|
|
200 |
|
|
|
197 |
|
CD Mortgage Trust, Ser 2017-CD6, Cl A5 |
|
|
|
|
|
|
|
|
3.456%, 11/13/2050 |
|
|
150 |
|
|
|
151 |
|
Citigroup Commercial Mortgage Trust, Ser 2012-GC8, Cl A4 |
|
|
|
|
|
|
|
|
3.024%, 09/10/2045 |
|
|
550 |
|
|
|
552 |
|
Citigroup Commercial Mortgage Trust, Ser 2014-GC21, Cl A5 |
|
|
|
|
|
|
|
|
3.855%, 05/10/2047 |
|
|
265 |
|
|
|
275 |
|
COMM Mortgage Trust, Ser 2017-COR2, Cl A3 |
|
|
|
|
|
|
|
|
3.510%, 09/10/2050 |
|
|
300 |
|
|
|
301 |
|
Commercial Mortgage Trust, Ser 2014-UBS2, Cl A5 |
|
|
|
|
|
|
|
|
3.961%, 03/10/2047 |
|
|
270 |
|
|
|
281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
MORTGAGE-BACKED SECURITIES (continued) |
|
Commercial Mortgage Trust, Ser 2014-UBS3, Cl A3 |
|
|
|
|
|
|
|
|
3.546%, 06/10/2047 |
|
$ |
700 |
|
|
$ |
716 |
|
CSAIL Commercial Mortgage Trust, Ser 2015- C3, Cl A4 |
|
|
|
|
|
|
|
|
3.718%, 08/15/2048 |
|
|
245 |
|
|
|
252 |
|
CSAIL Commercial Mortgage Trust, Ser 2017- CX10, Cl A5 |
|
|
|
|
|
|
|
|
3.458%, 11/15/2050 |
|
|
325 |
|
|
|
327 |
|
CSMC Trust, Ser 2016-NXSR, Cl A4 |
|
|
|
|
|
|
|
|
3.795%, 12/15/2049 (D) |
|
|
350 |
|
|
|
360 |
|
GS Mortgage Securities Trust, Ser 2014- GC20, Cl A5 |
|
|
|
|
|
|
|
|
3.998%, 04/10/2047 |
|
|
265 |
|
|
|
277 |
|
GS Mortgage Securities Trust, Ser 2015- GC34, Cl A4 |
|
|
|
|
|
|
|
|
3.506%, 10/10/2048 |
|
|
500 |
|
|
|
506 |
|
GS Mortgage Securities Trust, Ser 2017-GS7, Cl A4 |
|
|
|
|
|
|
|
|
3.430%, 08/10/2050 |
|
|
500 |
|
|
|
501 |
|
JPMBB Commercial Mortgage Securities Trust, Ser 2013-C14, Cl AS |
|
|
|
|
|
|
|
|
4.409%, 08/15/2046 (D) |
|
|
295 |
|
|
|
309 |
|
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, Cl A4 |
|
|
|
|
|
|
|
|
3.801%, 09/15/2047 |
|
|
500 |
|
|
|
517 |
|
JPMBB Commercial Mortgage Securities Trust, Ser 2015-C30, Cl A5 |
|
|
|
|
|
|
|
|
3.822%, 07/15/2048 |
|
|
650 |
|
|
|
673 |
|
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2012-C6, Cl A4 |
|
|
|
|
|
|
|
|
2.858%, 11/15/2045 |
|
|
600 |
|
|
|
596 |
|
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C16, Cl A3 |
|
|
|
|
|
|
|
|
3.592%, 06/15/2047 |
|
|
1,000 |
|
|
|
1,020 |
|
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2016-C29, Cl ASB |
|
|
|
|
|
|
|
|
3.140%, 05/15/2049 |
|
|
1,000 |
|
|
|
1,002 |
|
Morgan Stanley Capital I Trust, Ser 2016- BNK2, Cl A3 |
|
|
|
|
|
|
|
|
2.791%, 11/15/2049 |
|
|
500 |
|
|
|
479 |
|
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C5, Cl A4 |
|
|
|
|
|
|
|
|
3.185%, 03/10/2046 |
|
|
305 |
|
|
|
307 |
|
Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, Cl A3 |
|
|
|
|
|
|
|
|
3.290%, 05/15/2048 |
|
|
650 |
|
|
|
654 |
|
Wells Fargo Commercial Mortgage Trust, Ser 2015-C31, Cl A4 |
|
|
|
|
|
|
|
|
3.695%, 11/15/2048 |
|
|
1,000 |
|
|
|
1,028 |
|
Wells Fargo Commercial Mortgage Trust, Ser 2016-C32, Cl A1 |
|
|
|
|
|
|
|
|
1.577%, 01/15/2059 |
|
|
353 |
|
|
|
349 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
49 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
MORTGAGE-BACKED SECURITIES (continued) |
|
Wells Fargo Commercial Mortgage Trust, Ser 2017-RC1, Cl A4 |
|
|
|
|
|
|
|
|
3.631%, 01/15/2060 |
|
$ |
300 |
|
|
$ |
304 |
|
WFRBS Commercial Mortgage Trust, Ser 2012-C7, Cl A2 |
|
|
|
|
|
|
|
|
3.431%, 06/15/2045 |
|
|
500 |
|
|
|
508 |
|
WFRBS Commercial Mortgage Trust, Ser 2014-C19, Cl A5 |
|
|
|
|
|
|
|
|
4.101%, 03/15/2047 |
|
|
250 |
|
|
|
263 |
|
WFRBS Commercial Mortgage Trust, Ser 2014-C22, Cl A4 |
|
|
|
|
|
|
|
|
3.488%, 09/15/2057 |
|
|
300 |
|
|
|
304 |
|
|
|
|
|
|
|
|
|
|
|
13,009 |
|
|
|
|
Total Mortgage-Backed Securities (Cost $331,772) ($ Thousands) |
|
|
|
|
|
|
324,564 |
|
|
|
|
SOVEREIGN DEBT 15.5% |
|
|
|
|
|
|
|
|
Angolan Government International Bond |
|
|
|
|
|
|
|
|
9.500%, 11/12/2025 (A) |
|
|
300 |
|
|
|
351 |
|
Argentine Republic Government International Bond |
|
|
|
|
|
|
|
|
8.280%, 12/31/2033 |
|
|
911 |
|
|
|
1,034 |
|
7.625%, 04/22/2046 |
|
|
850 |
|
|
|
898 |
|
7.500%, 04/22/2026 |
|
|
1,350 |
|
|
|
1,482 |
|
7.125%, 07/06/2036 |
|
|
450 |
|
|
|
460 |
|
7.125%, 06/28/2117 (A) |
|
|
500 |
|
|
|
489 |
|
6.875%, 04/22/2021 |
|
|
850 |
|
|
|
907 |
|
6.875%, 01/26/2027 |
|
|
850 |
|
|
|
896 |
|
6.875%, 01/11/2048 |
|
|
200 |
|
|
|
194 |
|
6.625%, 07/06/2028 |
|
|
400 |
|
|
|
409 |
|
6.250%, 04/22/2019 |
|
|
750 |
|
|
|
777 |
|
5.875%, 01/11/2028 |
|
|
500 |
|
|
|
486 |
|
5.625%, 01/26/2022 |
|
|
625 |
|
|
|
640 |
|
2.500%, 03/31/2019 (C) |
|
|
750 |
|
|
|
526 |
|
Armenia Government International Bond |
|
|
|
|
|
|
|
|
7.150%, 03/26/2025 |
|
|
200 |
|
|
|
229 |
|
Azerbaijan Government International Bond |
|
|
|
|
|
|
|
|
4.750%, 03/18/2024 (A) |
|
|
200 |
|
|
|
208 |
|
3.500%, 09/01/2032 (A) |
|
|
200 |
|
|
|
177 |
|
Bahamas Government International Bond |
|
|
|
|
|
|
|
|
6.000%, 11/21/2028 (A) |
|
|
200 |
|
|
|
213 |
|
Bahrain Government International Bond |
|
|
|
|
|
|
|
|
7.500%, 09/20/2047 (A) |
|
|
300 |
|
|
|
291 |
|
7.000%, 01/26/2026 (A) |
|
|
200 |
|
|
|
210 |
|
7.000%, 10/12/2028 (A) |
|
|
200 |
|
|
|
204 |
|
6.750%, 09/20/2029 (A) |
|
|
200 |
|
|
|
197 |
|
6.125%, 07/05/2022 (A) |
|
|
400 |
|
|
|
416 |
|
6.125%, 08/01/2023 (A) |
|
|
200 |
|
|
|
208 |
|
6.000%, 09/19/2044 (A) |
|
|
200 |
|
|
|
172 |
|
5.875%, 01/26/2021 (A) |
|
|
200 |
|
|
|
206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
SOVEREIGN DEBT (continued) |
|
5.500%, 03/31/2020 (A) |
|
$ |
400 |
|
|
$ |
408 |
|
Belarus Government International Bond |
|
|
|
|
|
|
|
|
7.625%, 06/29/2027 (A) |
|
|
100 |
|
|
|
116 |
|
6.875%, 02/28/2023 (A) |
|
|
200 |
|
|
|
220 |
|
Belize Government International Bond |
|
|
|
|
|
|
|
|
4.938%, 02/20/2034 (C) |
|
|
100 |
|
|
|
59 |
|
Bolivian Government International Bond |
|
|
|
|
|
|
|
|
5.950%, 08/22/2023 |
|
|
200 |
|
|
|
220 |
|
4.500%, 03/20/2028 (A) |
|
|
200 |
|
|
|
197 |
|
Brazilian Government International Bond |
|
|
|
|
|
|
|
|
8.250%, 01/20/2034 |
|
|
650 |
|
|
|
843 |
|
7.125%, 01/20/2037 |
|
|
200 |
|
|
|
240 |
|
6.000%, 04/07/2026 |
|
|
1,000 |
|
|
|
1,109 |
|
5.625%, 01/07/2041 |
|
|
550 |
|
|
|
553 |
|
5.625%, 02/21/2047 |
|
|
500 |
|
|
|
501 |
|
5.000%, 01/27/2045 |
|
|
450 |
|
|
|
417 |
|
4.875%, 01/22/2021 |
|
|
650 |
|
|
|
686 |
|
4.625%, 01/13/2028 |
|
|
500 |
|
|
|
497 |
|
4.250%, 01/07/2025 |
|
|
900 |
|
|
|
909 |
|
2.625%, 01/05/2023 |
|
|
550 |
|
|
|
527 |
|
Bundesobligation |
|
|
|
|
|
|
|
|
0.250%, 10/16/2020 |
|
EUR |
230 |
|
|
|
292 |
|
0.083%, 04/17/2020 (B) |
|
|
175 |
|
|
|
220 |
|
0.000%, 04/08/2022 |
|
|
550 |
|
|
|
688 |
|
Bundesrepublik Deutschland Bundesanleihe |
|
|
|
|
|
|
|
|
4.750%, 07/04/2034 |
|
|
521 |
|
|
|
1,019 |
|
2.500%, 07/04/2044 |
|
|
350 |
|
|
|
559 |
|
2.000%, 08/15/2023 |
|
|
490 |
|
|
|
673 |
|
0.500%, 02/15/2025 |
|
|
300 |
|
|
|
378 |
|
0.141%, 08/15/2026 (B) |
|
|
500 |
|
|
|
596 |
|
Cameroon Government International Bond |
|
|
|
|
|
|
|
|
9.500%, 11/19/2025 (A) |
|
$ |
200 |
|
|
|
237 |
|
Canadian Government International Bond |
|
|
|
|
|
|
|
|
5.000%, 06/01/2037 |
|
CAD |
300 |
|
|
|
343 |
|
3.500%, 12/01/2045 |
|
|
175 |
|
|
|
175 |
|
2.250%, 06/01/2025 |
|
|
419 |
|
|
|
341 |
|
2.000%, 11/15/2022 |
|
$ |
165 |
|
|
|
160 |
|
1.625%, 02/27/2019 |
|
|
100 |
|
|
|
99 |
|
0.750%, 09/01/2020 |
|
CAD |
1,485 |
|
|
|
1,176 |
|
Chile Government International Bond |
|
|
|
|
|
|
|
|
3.875%, 08/05/2020 |
|
$ |
150 |
|
|
|
155 |
|
3.860%, 06/21/2047 |
|
|
500 |
|
|
|
501 |
|
3.250%, 09/14/2021 |
|
|
200 |
|
|
|
204 |
|
3.125%, 01/21/2026 |
|
|
610 |
|
|
|
611 |
|
2.250%, 10/30/2022 |
|
|
150 |
|
|
|
147 |
|
China Government International Bond |
|
|
|
|
|
|
|
|
2.625%, 11/02/2027 |
|
|
200 |
|
|
|
196 |
|
2.125%, 11/02/2022 |
|
|
200 |
|
|
|
196 |
|
Colombia Government International Bond |
|
|
|
|
|
|
|
|
7.375%, 03/18/2019 |
|
|
750 |
|
|
|
789 |
|
7.375%, 09/18/2037 |
|
|
525 |
|
|
|
699 |
|
6.125%, 01/18/2041 |
|
|
700 |
|
|
|
842 |
|
|
|
|
50 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
|
|
SOVEREIGN DEBT (continued) |
|
|
|
|
|
|
|
|
5.625%, 02/26/2044 |
|
$ |
500 |
|
|
$ |
571 |
|
5.000%, 06/15/2045 |
|
|
900 |
|
|
|
946 |
|
4.500%, 01/28/2026 |
|
|
500 |
|
|
|
530 |
|
4.375%, 07/12/2021 |
|
|
400 |
|
|
|
420 |
|
4.000%, 02/26/2024 |
|
|
800 |
|
|
|
824 |
|
3.875%, 04/25/2027 |
|
|
800 |
|
|
|
807 |
|
2.625%, 03/15/2023 |
|
|
300 |
|
|
|
291 |
|
Costa Rica Government International Bond |
|
|
|
|
|
|
|
|
7.158%, 03/12/2045 |
|
|
200 |
|
|
|
213 |
|
7.000%, 04/04/2044 (A) |
|
|
200 |
|
|
|
210 |
|
4.375%, 04/30/2025 (A) |
|
|
200 |
|
|
|
192 |
|
4.250%, 01/26/2023 (A) |
|
|
200 |
|
|
|
194 |
|
Croatia Government International Bond |
|
|
|
|
|
|
|
|
6.750%, 11/05/2019 |
|
|
300 |
|
|
|
319 |
|
6.625%, 07/14/2020 (A) |
|
|
200 |
|
|
|
216 |
|
6.375%, 03/24/2021 |
|
|
350 |
|
|
|
382 |
|
6.000%, 01/26/2024 |
|
|
450 |
|
|
|
507 |
|
5.500%, 04/04/2023 |
|
|
250 |
|
|
|
273 |
|
Dominican Republic Government International Bond |
|
|
|
|
|
|
|
|
7.500%, 05/06/2021 |
|
|
200 |
|
|
|
217 |
|
6.875%, 01/29/2026 (A) |
|
|
400 |
|
|
|
453 |
|
6.850%, 01/27/2045 |
|
|
400 |
|
|
|
445 |
|
6.600%, 01/28/2024 |
|
|
200 |
|
|
|
222 |
|
5.950%, 01/25/2027 (A) |
|
|
400 |
|
|
|
430 |
|
5.875%, 04/18/2024 |
|
|
200 |
|
|
|
214 |
|
5.500%, 01/27/2025 |
|
|
200 |
|
|
|
209 |
|
Dominican Republic International Bond |
|
|
|
|
|
|
|
|
7.450%, 04/30/2044 |
|
|
250 |
|
|
|
296 |
|
Ecuador Government International Bond |
|
|
|
|
|
|
|
|
10.750%, 03/28/2022 (A) |
|
|
400 |
|
|
|
465 |
|
10.500%, 03/24/2020 |
|
|
200 |
|
|
|
219 |
|
9.650%, 12/13/2026 (A) |
|
|
400 |
|
|
|
456 |
|
9.625%, 06/02/2027 (A) |
|
|
200 |
|
|
|
227 |
|
8.875%, 10/23/2027 (A) |
|
|
600 |
|
|
|
653 |
|
8.750%, 06/02/2023 (A) |
|
|
400 |
|
|
|
440 |
|
7.950%, 06/20/2024 |
|
|
400 |
|
|
|
423 |
|
7.875%, 01/23/2028 (A) |
|
|
300 |
|
|
|
305 |
|
Egypt Government International Bond MTN |
|
|
|
|
|
|
|
|
8.500%, 01/31/2047 (A) |
|
|
600 |
|
|
|
687 |
|
7.500%, 01/31/2027 (A) |
|
|
800 |
|
|
|
894 |
|
6.875%, 04/30/2040 |
|
|
300 |
|
|
|
306 |
|
6.125%, 01/31/2022 (A) |
|
|
400 |
|
|
|
424 |
|
5.875%, 06/11/2025 |
|
|
400 |
|
|
|
412 |
|
5.750%, 04/29/2020 |
|
|
200 |
|
|
|
209 |
|
El Salvador Government International Bond |
|
|
|
|
|
|
|
|
8.625%, 02/28/2029 (A) |
|
|
100 |
|
|
|
118 |
|
7.750%, 01/24/2023 |
|
|
150 |
|
|
|
165 |
|
7.650%, 06/15/2035 |
|
|
60 |
|
|
|
66 |
|
7.625%, 02/01/2041 (A) |
|
|
300 |
|
|
|
329 |
|
7.375%, 12/01/2019 |
|
|
150 |
|
|
|
157 |
|
6.375%, 01/18/2027 |
|
|
200 |
|
|
|
204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount (Thousands) |
|
|
Market Value ($ Thousands) |
|
|
|
|
SOVEREIGN DEBT (continued) |
|
|
|
|
|
|
|
|
5.875%, 01/30/2025 |
|
$ |
200 |
|
|
$ |
201 |
|
Ethiopia Government International Bond |
|
|
|
|
|
|
|
|
6.625%, 12/11/2024 |
|
|
200 |
|
|
|
211 |
|
Export Development Canada |
|
|
|
|
|
|
|
|
2.000%, 05/17/2022 |
|
|
200 |
|
|
|
195 |
|
1.625%, 12/03/2019 |
|
|
300 |
|
|
|
297 |
|
1.625%, 01/17/2020 |
|
|
250 |
|
|
|
247 |
|
1.375%, 10/21/2021 |
|
|
100 |
|
|
|
96 |
|
Export-Import Bank of Korea |
|
|
|
|
|
|
|
|
4.375%, 09/15/2021 |
|
|
200 |
|
|
|
209 |
|
2.875%, 01/21/2025 |
|
|
200 |
|
|
|
192 |
|
2.625%, 05/26/2026 |
|
|
200 |
|
|
|
187 |
|
2.250%, 01/21/2020 |
|
|
200 |
|
|
|
198 |
|
FMS Wertmanagement AoeR MTN |
|
|
|
|
|
|
|
|
1.750%, 01/24/2020 |
|
|
200 |
|
|
|
198 |
|
1.000%, 08/16/2019 |
|
|
500 |
|
|
|
491 |
|
French Republic Government Bond OAT |
|
|
|
|
|
|
|
|
4.750%, 04/25/2035 |
|
EUR |
145 |
|
|
|
277 |
|
4.500%, 04/25/2041 |
|
|
130 |
|
|
|
256 |
|
4.250%, 10/25/2023 |
|
|
858 |
|
|
|
1,312 |
|
3.750%, 04/25/2021 |
|
|
700 |
|
|
|
983 |
|
3.250%, 10/25/2021 |
|
|
600 |
|
|
|
841 |
|
3.250%, 05/25/2045 |
|
|
400 |
|
|
|
670 |
|
2.750%, 10/25/2027 |
|
|
220 |
|
|
|
323 |
|
2.500%, 05/25/2030 |
|
|
1,130 |
|
|
|
1,636 |
|
2.000%, 05/25/2048 (A) |
|
|
165 |
|
|
|
216 |
|
0.500%, 05/25/2025 |
|
|
550 |
|
|
|
684 |
|
Gabon Government International Bond |
|
|
|
|
|
|
|
|
6.950%, 06/16/2025 |
|
$ |
200 |
|
|
|
207 |
|
6.375%, 12/12/2024 |
|
|
200 |
|
|
|
202 |
|
Georgia Government International Bond |
|
|
|
|
|
|
|
|
6.875%, 04/12/2021 (A) |
|
|
200 |
|
|
|
219 |
|
Ghana Government International Bond |
|
|
|
|
|
|
|
|
10.750%, 10/14/2030 |
|
|
300 |
|
|
|
408 |
|
8.125%, 01/18/2026 |
|
|
200 |
|
|
|
220 |
|
7.875%, 08/07/2023 |
|
|
200 |
|
|
|
218 |
|
Guatemala Government International Bond |
|
|
|
|
|
|
|
|
5.750%, 06/06/2022 (A) |
|
|
200 |
|
|
|
213 |
|
4.875%, 02/13/2028 |
|
|
200 |
|
|
|
206 |
|
4.375%, 06/05/2027 (A) |
|
|
200 |
|
|
|
199 |
|
Honduras Government International Bond |
|
|
|
|
|
|
|
|
7.500%, 03/15/2024 |
|
|
200 |
|
|
|
225 |
|
6.250%, 01/19/2027 (A) |
|
|
150 |
|
|
|
161 |
|
Hungary Government International Bond |
|
|
|
|
|
|
|
|
7.625%, 03/29/2041 |
|
|
300 |
|
|
|
457 |
|
6.375%, 03/29/2021 |
|
|
850 |
|
|
|
936 |
|
6.250%, 01/29/2020 |
|
|
350 |
|
|
|
374 |
|
5.750%, 11/22/2023 |
|
|
400 |
|
|
|
452 |
|
5.375%, 02/21/2023 |
|
|
400 |
|
|
|
440 |
|
5.375%, 03/25/2024 |
|
|
750 |
|
|
|
835 |
|
4.000%, 03/25/2019 |
|
|
150 |
|
|
|
152 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
51 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
SOVEREIGN DEBT
(continued) |
Indonesia Government International Bond |
|
|
|
|
|
|
11.625%, 03/04/2019 |
|
$ |
300 |
|
|
$ 329 |
8.500%, 10/12/2035 |
|
|
300 |
|
|
441 |
7.750%, 01/17/2038 |
|
|
300 |
|
|
421 |
6.750%, 01/15/2044 (A) |
|
|
275 |
|
|
363 |
6.625%, 02/17/2037 |
|
|
300 |
|
|
377 |
5.950%, 01/08/2046 (A) |
|
|
400 |
|
|
486 |
5.875%, 03/13/2020 |
|
|
400 |
|
|
425 |
5.875%, 01/15/2024 (A) |
|
|
300 |
|
|
338 |
5.375%, 10/17/2023 (A) |
|
|
200 |
|
|
220 |
5.250%, 01/17/2042 (A) |
|
|
400 |
|
|
440 |
5.250%, 01/08/2047 (A) |
|
|
400 |
|
|
443 |
5.125%, 01/15/2045 (A) |
|
|
400 |
|
|
435 |
4.875%, 05/05/2021 (A) |
|
|
450 |
|
|
476 |
4.750%, 01/08/2026 (A) |
|
|
400 |
|
|
429 |
4.750%, 07/18/2047 (A) |
|
|
200 |
|
|
208 |
4.625%, 04/15/2043 (A) |
|
|
400 |
|
|
408 |
4.350%, 01/08/2027 (A) |
|
|
600 |
|
|
628 |
4.350%, 01/11/2048 |
|
|
300 |
|
|
297 |
4.125%, 01/15/2025 (A) |
|
|
400 |
|
|
413 |
3.850%, 07/18/2027 (A) |
|
|
400 |
|
|
406 |
3.750%, 04/25/2022 (A) |
|
|
400 |
|
|
409 |
3.700%, 01/08/2022 (A) |
|
|
400 |
|
|
409 |
3.500%, 01/11/2028 |
|
|
200 |
|
|
197 |
3.375%, 04/15/2023 (A) |
|
|
200 |
|
|
200 |
2.950%, 01/11/2023 |
|
|
200 |
|
|
198 |
Iraq Government AID Bond |
|
|
|
|
|
|
2.149%, 01/18/2022 |
|
|
720 |
|
|
708 |
Iraq Government International Bond |
|
|
|
|
|
|
6.752%, 03/09/2023 (A) |
|
|
200 |
|
|
208 |
5.800%, 01/15/2028 (A) |
|
|
500 |
|
|
495 |
Israel Government International Bond |
|
|
|
|
|
|
4.500%, 01/30/2043 |
|
|
200 |
|
|
212 |
4.000%, 06/30/2022 |
|
|
200 |
|
|
209 |
Italy Buoni Poliennali Del Tesoro |
|
|
|
|
|
|
5.000%, 08/01/2034 |
|
EUR |
330 |
|
|
544 |
5.000%, 08/01/2039 |
|
|
200 |
|
|
335 |
4.750%, 09/01/2028 (A) |
|
|
654 |
|
|
1,013 |
4.000%, 09/01/2020 |
|
|
310 |
|
|
425 |
3.750%, 05/01/2021 |
|
|
307 |
|
|
425 |
3.500%, 06/01/2018 |
|
|
452 |
|
|
570 |
3.250%, 09/01/2046 (A) |
|
|
315 |
|
|
411 |
2.500%, 05/01/2019 |
|
|
1,300 |
|
|
1,676 |
2.500%, 12/01/2024 |
|
|
325 |
|
|
432 |
2.250%, 09/01/2036 (A) |
|
|
285 |
|
|
333 |
2.150%, 12/15/2021 |
|
|
643 |
|
|
852 |
2.000%, 12/01/2025 |
|
|
450 |
|
|
573 |
1.050%, 12/01/2019 |
|
|
422 |
|
|
537 |
0.650%, 11/01/2020 |
|
|
785 |
|
|
992 |
0.650%, 10/15/2023 |
|
|
700 |
|
|
851 |
Italy Government International Bond MTN |
|
|
|
|
|
|
6.875%, 09/27/2023 |
|
$ |
100 |
|
|
118 |
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
SOVEREIGN DEBT
(continued) |
5.375%, 06/15/2033 |
|
$ |
150 |
|
|
$ 173 |
Ivory Coast Government International Bond |
|
|
|
|
|
|
6.375%, 03/03/2028 |
|
|
200 |
|
|
212 |
6.125%, 06/15/2033 (A) |
|
|
200 |
|
|
205 |
5.750%, 12/31/2032 (C) |
|
|
378 |
|
|
375 |
5.375%, 07/23/2024 |
|
|
200 |
|
|
203 |
Jamaica Government International Bond |
|
|
|
|
|
|
8.000%, 03/15/2039 |
|
|
200 |
|
|
248 |
7.875%, 07/28/2045 |
|
|
200 |
|
|
248 |
6.750%, 04/28/2028 |
|
|
700 |
|
|
801 |
Japan Bank for International Cooperation |
|
|
|
|
|
|
2.875%, 06/01/2027 |
|
|
200 |
|
|
197 |
2.875%, 07/21/2027 |
|
|
200 |
|
|
197 |
2.500%, 06/01/2022 |
|
|
200 |
|
|
197 |
2.375%, 07/21/2022 |
|
|
100 |
|
|
98 |
2.250%, 02/24/2020 |
|
|
200 |
|
|
199 |
2.125%, 07/21/2020 |
|
|
100 |
|
|
99 |
2.125%, 02/10/2025 |
|
|
200 |
|
|
189 |
1.875%, 07/21/2026 |
|
|
200 |
|
|
183 |
Japan Finance Organization for Municipalities |
|
|
|
|
|
|
4.000%, 01/13/2021 |
|
|
100 |
|
|
103 |
Japan Government Five Year Bond |
|
|
|
|
|
|
0.200%, 12/20/2018 |
|
JPY |
292,550 |
|
|
2,688 |
0.100%, 03/20/2018 |
|
|
86,000 |
|
|
788 |
0.100%, 06/20/2019 |
|
|
63,500 |
|
|
584 |
0.100%, 06/20/2020 |
|
|
115,500 |
|
|
1,063 |
0.100%, 09/20/2020 |
|
|
209,300 |
|
|
1,927 |
0.100%, 09/20/2021 |
|
|
252,000 |
|
|
2,324 |
0.100%, 12/20/2021 |
|
|
205,000 |
|
|
1,891 |
0.100%, 09/20/2022 |
|
|
119,000 |
|
|
1,100 |
Japan Government Forty Year Bond |
|
|
|
|
|
|
0.900%, 03/20/2057 |
|
|
15,400 |
|
|
139 |
Japan Government Ten Year Bond |
|
|
|
|
|
|
0.700%, 12/20/2022 |
|
|
70,250 |
|
|
668 |
0.600%, 03/20/2023 |
|
|
117,100 |
|
|
1,110 |
0.500%, 09/20/2024 |
|
|
339,450 |
|
|
3,216 |
0.400%, 09/20/2025 |
|
|
60,000 |
|
|
566 |
0.100%, 03/20/2026 |
|
|
81,850 |
|
|
754 |
0.100%, 09/20/2026 |
|
|
141,200 |
|
|
1,299 |
0.100%, 03/20/2027 |
|
|
120,000 |
|
|
1,103 |
0.100%, 09/20/2027 |
|
|
73,600 |
|
|
676 |
Japan Government Thirty Year Bond |
|
|
|
|
|
|
2.500%, 03/20/2036 |
|
|
184,150 |
|
|
2,267 |
1.700%, 09/20/2044 |
|
|
296,650 |
|
|
3,335 |
0.800%, 06/20/2047 |
|
|
14,000 |
|
|
128 |
0.800%, 09/20/2047 |
|
|
38,000 |
|
|
348 |
0.600%, 12/20/2046 |
|
|
18,000 |
|
|
157 |
0.500%, 09/20/2046 |
|
|
17,000 |
|
|
144 |
0.300%, 06/20/2046 |
|
|
13,350 |
|
|
107 |
Japan Government Twenty Year Bond |
|
|
|
|
|
|
2.100%, 03/20/2030 |
|
|
231,500 |
|
|
2,607 |
|
|
|
52 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
SOVEREIGN DEBT
(continued) |
1.600%, 03/20/2033 |
|
JPY 130,250 |
|
$ 1,414 |
1.500%, 03/20/2033 |
|
140,600 |
|
1,507 |
0.600%, 12/20/2036 |
|
63,000 |
|
583 |
0.600%, 09/20/2037 |
|
56,000 |
|
515 |
0.500%, 09/20/2036 |
|
22,000 |
|
200 |
Jordan Government International Bond |
7.375%, 10/10/2047 (A) |
|
$ 300 |
|
323 |
6.125%, 01/29/2026 (A) |
|
200 |
|
208 |
5.750%, 01/31/2027 (A) |
|
200 |
|
201 |
Kazakhstan Government International Bond MTN |
6.500%, 07/21/2045 (A) |
|
250 |
|
318 |
5.125%, 07/21/2025 (A) |
|
550 |
|
611 |
4.875%, 10/14/2044 (A) |
|
200 |
|
212 |
3.875%, 10/14/2024 (A) |
|
400 |
|
415 |
Kenya Government International Bond |
6.875%, 06/24/2024 |
|
400 |
|
421 |
5.875%, 06/24/2019 |
|
200 |
|
206 |
Korea Government International Bond |
3.875%, 09/11/2023 |
|
200 |
|
208 |
2.750%, 01/19/2027 |
|
200 |
|
193 |
Kuwait Government International Bond |
3.500%, 03/20/2027 (A) |
|
750 |
|
747 |
2.750%, 03/20/2022 (A) |
|
950 |
|
937 |
Lebanon Government International Bond MTN |
8.250%, 04/12/2021 |
|
500 |
|
533 |
7.250%, 03/23/2037 |
|
200 |
|
193 |
7.000%, 03/23/2032 |
|
200 |
|
192 |
6.850%, 03/23/2027 |
|
400 |
|
395 |
6.650%, 11/03/2028 |
|
250 |
|
240 |
6.650%, 02/26/2030 |
|
550 |
|
520 |
6.600%, 11/27/2026 |
|
800 |
|
784 |
6.375%, 03/09/2020 |
|
200 |
|
202 |
6.100%, 10/04/2022 |
|
600 |
|
599 |
6.000%, 01/27/2023 |
|
50 |
|
49 |
5.800%, 04/14/2020 |
|
550 |
|
549 |
5.450%, 11/28/2019 |
|
500 |
|
498 |
Mexico Government International Bond |
8.125%, 12/30/2019 |
|
100 |
|
112 |
6.750%, 09/27/2034 |
|
625 |
|
797 |
6.050%, 01/11/2040 |
|
900 |
|
1,044 |
5.750%, 10/12/2110 |
|
500 |
|
523 |
5.550%, 01/21/2045 |
|
600 |
|
672 |
4.750%, 03/08/2044 |
|
1,100 |
|
1,099 |
4.600%, 01/23/2046 |
|
800 |
|
782 |
4.600%, 02/10/2048 |
|
800 |
|
784 |
4.350%, 01/15/2047 |
|
800 |
|
756 |
4.150%, 03/28/2027 |
|
1,300 |
|
1,331 |
4.125%, 01/21/2026 |
|
900 |
|
927 |
4.000%, 10/02/2023 |
|
850 |
|
878 |
3.750%, 01/11/2028 |
|
400 |
|
392 |
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
SOVEREIGN DEBT
(continued) |
3.625%, 03/15/2022 |
|
$ 600 |
|
$ 616 |
3.600%, 01/30/2025 |
|
900 |
|
901 |
3.500%, 01/21/2021 |
|
100 |
|
103 |
Mongolia Government International Bond MTN |
8.750%, 03/09/2024 (A) |
|
200 |
|
232 |
5.625%, 05/01/2023 (A) |
|
200 |
|
204 |
5.125%, 12/05/2022 |
|
200 |
|
200 |
Morocco Government International Bond |
5.500%, 12/11/2042 (A) |
|
200 |
|
227 |
4.250%, 12/11/2022 (A) |
|
200 |
|
208 |
Namibia Government International Bond |
5.500%, 11/03/2021 (A) |
|
200 |
|
211 |
Nigeria Government International Bond |
7.875%, 02/16/2032 (A) |
|
400 |
|
452 |
7.625%, 11/28/2047 (A) |
|
300 |
|
320 |
6.500%, 11/28/2027 (A) |
|
200 |
|
207 |
6.375%, 07/12/2023 |
|
200 |
|
213 |
Oman Government International Bond |
6.750%, 01/17/2048 (A) |
|
300 |
|
305 |
6.500%, 03/08/2047 (A) |
|
500 |
|
499 |
5.375%, 03/08/2027 (A) |
|
400 |
|
401 |
4.750%, 06/15/2026 (A) |
|
400 |
|
390 |
3.875%, 03/08/2022 (A) |
|
200 |
|
199 |
3.625%, 06/15/2021 (A) |
|
400 |
|
397 |
Pakistan Government International Bond |
8.250%, 09/30/2025 |
|
200 |
|
222 |
7.250%, 04/15/2019 |
|
250 |
|
259 |
6.875%, 12/05/2027 (A) |
|
300 |
|
303 |
Panama Government International Bond |
7.125%, 01/29/2026 |
|
100 |
|
127 |
6.700%, 01/26/2036 |
|
500 |
|
659 |
5.200%, 01/30/2020 |
|
550 |
|
577 |
4.500%, 05/15/2047 |
|
400 |
|
425 |
4.300%, 04/29/2053 |
|
200 |
|
207 |
4.000%, 09/22/2024 |
|
350 |
|
369 |
3.875%, 03/17/2028 |
|
600 |
|
623 |
3.750%, 03/16/2025 |
|
700 |
|
723 |
Paraguay Government International Bond |
6.100%, 08/11/2044 |
|
200 |
|
228 |
5.000%, 04/15/2026 (A) |
|
200 |
|
213 |
4.700%, 03/27/2027 (A) |
|
200 |
|
208 |
Peruvian Government International Bond |
8.750%, 11/21/2033 |
|
250 |
|
394 |
7.350%, 07/21/2025 |
|
650 |
|
830 |
6.550%, 03/14/2037 |
|
500 |
|
668 |
5.625%, 11/18/2050 |
|
550 |
|
692 |
4.125%, 08/25/2027 |
|
450 |
|
482 |
Philippine Government International Bond |
10.625%, 03/16/2025 |
|
100 |
|
147 |
9.500%, 02/02/2030 |
|
100 |
|
155 |
8.375%, 06/17/2019 |
|
300 |
|
324 |
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
53 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
SOVEREIGN DEBT
(continued) |
7.750%, 01/14/2031 |
|
$ 550 |
|
$ 772 |
6.500%, 01/20/2020 |
|
200 |
|
215 |
6.375%, 01/15/2032 |
|
100 |
|
128 |
6.375%, 10/23/2034 |
|
550 |
|
728 |
5.500%, 03/30/2026 |
|
850 |
|
975 |
5.000%, 01/13/2037 |
|
500 |
|
584 |
4.200%, 01/21/2024 |
|
850 |
|
906 |
4.000%, 01/15/2021 |
|
350 |
|
363 |
3.950%, 01/20/2040 |
|
600 |
|
608 |
3.700%, 03/01/2041 |
|
600 |
|
590 |
3.700%, 02/02/2042 |
|
600 |
|
589 |
3.000%, 02/01/2028 |
|
200 |
|
193 |
Poland Government International Bond |
6.375%, 07/15/2019 |
|
750 |
|
792 |
5.125%, 04/21/2021 |
|
450 |
|
482 |
5.000%, 03/23/2022 |
|
675 |
|
729 |
4.000%, 01/22/2024 |
|
500 |
|
525 |
3.250%, 04/06/2026 |
|
750 |
|
755 |
3.000%, 03/17/2023 |
|
400 |
|
400 |
Province of Alberta Canada |
2.200%, 07/26/2022 |
|
200 |
|
195 |
1.900%, 12/06/2019 |
|
200 |
|
198 |
Province of British Columbia Canada |
2.250%, 06/02/2026 |
|
100 |
|
94 |
2.000%, 10/23/2022 |
|
225 |
|
218 |
Province of Manitoba Canada |
3.050%, 05/14/2024 |
|
100 |
|
100 |
2.125%, 05/04/2022 |
|
200 |
|
195 |
2.125%, 06/22/2026 |
|
100 |
|
92 |
Province of Ontario Canada |
4.400%, 04/14/2020 |
|
200 |
|
208 |
3.200%, 05/16/2024 |
|
400 |
|
405 |
2.500%, 09/10/2021 |
|
200 |
|
198 |
2.500%, 04/27/2026 |
|
200 |
|
192 |
2.400%, 02/08/2022 |
|
300 |
|
296 |
2.250%, 05/18/2022 |
|
200 |
|
195 |
2.200%, 10/03/2022 |
|
300 |
|
292 |
Province of Quebec Canada |
7.500%, 09/15/2029 |
|
300 |
|
415 |
3.500%, 07/29/2020 |
|
250 |
|
256 |
2.750%, 04/12/2027 |
|
250 |
|
243 |
2.375%, 01/31/2022 |
|
300 |
|
296 |
Qatar Government International Bond |
9.750%, 06/15/2030 (A) |
|
200 |
|
305 |
6.550%, 04/09/2019 (A) |
|
300 |
|
314 |
6.400%, 01/20/2040 (A) |
|
200 |
|
250 |
5.750%, 01/20/2042 (A) |
|
200 |
|
233 |
5.250%, 01/20/2020 (A) |
|
450 |
|
469 |
4.625%, 06/02/2046 (A) |
|
400 |
|
404 |
4.500%, 01/20/2022 (A) |
|
350 |
|
363 |
3.250%, 06/02/2026 (A) |
|
800 |
|
762 |
2.375%, 06/02/2021 (A) |
|
800 |
|
777 |
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
SOVEREIGN DEBT
(continued) |
Romanian Government International Bond MTN |
6.750%, 02/07/2022 (A) |
|
$ 400 |
|
$ 454 |
6.125%, 01/22/2044 (A) |
|
200 |
|
253 |
4.875%, 01/22/2024 (A) |
|
300 |
|
325 |
4.375%, 08/22/2023 (A) |
|
300 |
|
317 |
Russian Foreign Bond - Eurobond |
12.750%, 06/24/2028 (A) |
|
475 |
|
818 |
7.500%, 03/31/2030 (C) |
|
1,544 |
|
1,770 |
5.875%, 09/16/2043 (A) |
|
1,200 |
|
1,387 |
5.625%, 04/04/2042 (A) |
|
900 |
|
1,008 |
5.000%, 04/29/2020 |
|
700 |
|
730 |
4.875%, 09/16/2023 (A) |
|
800 |
|
854 |
4.500%, 04/04/2022 (A) |
|
400 |
|
419 |
Saudi Government International Bond MTN |
4.625%, 10/04/2047 (A) |
|
900 |
|
897 |
4.500%, 10/26/2046 (A) |
|
1,300 |
|
1,267 |
3.625%, 03/04/2028 (A) |
|
1,130 |
|
1,105 |
3.250%, 10/26/2026 (A) |
|
1,200 |
|
1,158 |
2.875%, 03/04/2023 (A) |
|
550 |
|
538 |
2.375%, 10/26/2021 (A) |
|
1,050 |
|
1,018 |
Senegal Government International Bond |
6.250%, 07/30/2024 |
|
200 |
|
213 |
6.250%, 05/23/2033 (A) |
|
200 |
|
209 |
Serbia Government International Bond |
7.250%, 09/28/2021 |
|
450 |
|
509 |
4.875%, 02/25/2020 |
|
400 |
|
413 |
South Africa Government International Bond |
6.875%, 05/27/2019 |
|
250 |
|
262 |
6.250%, 03/08/2041 |
|
200 |
|
224 |
5.875%, 05/30/2022 |
|
200 |
|
218 |
5.875%, 09/16/2025 |
|
300 |
|
327 |
5.650%, 09/27/2047 |
|
300 |
|
308 |
5.500%, 03/09/2020 |
|
350 |
|
366 |
5.375%, 07/24/2044 |
|
200 |
|
200 |
5.000%, 10/12/2046 |
|
200 |
|
190 |
4.875%, 04/14/2026 |
|
300 |
|
307 |
4.850%, 09/27/2027 |
|
300 |
|
304 |
4.665%, 01/17/2024 |
|
300 |
|
307 |
4.300%, 10/12/2028 |
|
400 |
|
386 |
Sri Lanka Government International Bond |
6.850%, 11/03/2025 (A) |
|
400 |
|
438 |
6.825%, 07/18/2026 (A) |
|
200 |
|
219 |
6.250%, 10/04/2020 (A) |
|
200 |
|
210 |
6.250%, 07/27/2021 (A) |
|
200 |
|
212 |
6.200%, 05/11/2027 (A) |
|
300 |
|
315 |
6.125%, 06/03/2025 |
|
200 |
|
210 |
5.875%, 07/25/2022 (A) |
|
200 |
|
209 |
5.750%, 01/18/2022 (A) |
|
200 |
|
207 |
Suriname Government International Bond |
9.250%, 10/26/2026 (A) |
|
200 |
|
211 |
|
|
|
54 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
SOVEREIGN DEBT
(continued) |
|
Svensk Exportkredit MTN |
|
|
|
|
|
|
|
|
2.375%, 03/09/2022 |
|
$ |
200 |
|
|
$ |
198 |
|
1.875%, 06/23/2020 |
|
|
200 |
|
|
|
197 |
|
1.750%, 05/18/2020 |
|
|
200 |
|
|
|
197 |
|
1.250%, 04/12/2019 |
|
|
250 |
|
|
|
247 |
|
Tajikistan Government International Bond |
|
|
|
|
|
|
|
|
7.125%, 09/14/2027 (A) |
|
|
200 |
|
|
|
195 |
|
Trinidad & Tobago Government International Bond |
|
|
|
|
|
|
|
|
4.500%, 08/04/2026 (A) |
|
|
300 |
|
|
|
306 |
|
Turkey Government International Bond |
|
|
|
|
|
|
|
|
8.000%, 02/14/2034 |
|
|
100 |
|
|
|
122 |
|
7.500%, 11/07/2019 |
|
|
450 |
|
|
|
481 |
|
7.375%, 02/05/2025 |
|
|
650 |
|
|
|
744 |
|
7.250%, 03/05/2038 |
|
|
200 |
|
|
|
229 |
|
7.000%, 03/11/2019 |
|
|
200 |
|
|
|
208 |
|
7.000%, 06/05/2020 |
|
|
350 |
|
|
|
375 |
|
6.875%, 03/17/2036 |
|
|
600 |
|
|
|
660 |
|
6.750%, 05/30/2040 |
|
|
400 |
|
|
|
434 |
|
6.625%, 02/17/2045 |
|
|
650 |
|
|
|
688 |
|
6.250%, 09/26/2022 |
|
|
500 |
|
|
|
540 |
|
6.000%, 03/25/2027 |
|
|
800 |
|
|
|
841 |
|
6.000%, 01/14/2041 |
|
|
600 |
|
|
|
599 |
|
5.750%, 03/22/2024 |
|
|
550 |
|
|
|
580 |
|
5.750%, 05/11/2047 |
|
|
1,000 |
|
|
|
950 |
|
5.625%, 03/30/2021 |
|
|
400 |
|
|
|
419 |
|
5.125%, 03/25/2022 |
|
|
200 |
|
|
|
207 |
|
4.875%, 10/09/2026 |
|
|
900 |
|
|
|
877 |
|
4.875%, 04/16/2043 |
|
|
625 |
|
|
|
536 |
|
4.250%, 04/14/2026 |
|
|
500 |
|
|
|
472 |
|
3.250%, 03/23/2023 |
|
|
200 |
|
|
|
189 |
|
Ukraine Government AID Bond |
|
|
|
|
|
|
|
|
1.847%, 05/29/2020 |
|
|
263 |
|
|
|
260 |
|
Ukraine Government International Bond |
|
|
|
|
|
|
|
|
7.750%, 09/01/2019 (A) |
|
|
400 |
|
|
|
422 |
|
7.750%, 09/01/2020 (A) |
|
|
400 |
|
|
|
430 |
|
7.750%, 09/01/2021 (A) |
|
|
400 |
|
|
|
435 |
|
7.750%, 09/01/2025 (A) |
|
|
400 |
|
|
|
431 |
|
7.750%, 09/01/2026 (A) |
|
|
400 |
|
|
|
428 |
|
7.750%, 09/01/2027 (A) |
|
|
500 |
|
|
|
534 |
|
7.375%, 09/25/2032 (A) |
|
|
500 |
|
|
|
507 |
|
United Kingdom Gilt |
|
|
|
|
|
|
|
|
4.750%, 12/07/2038 |
|
GBP |
220 |
|
|
|
466 |
|
4.500%, 09/07/2034 |
|
|
128 |
|
|
|
252 |
|
4.250%, 06/07/2032 |
|
|
75 |
|
|
|
140 |
|
4.250%, 06/07/2032 |
|
|
448 |
|
|
|
839 |
|
4.250%, 12/07/2040 |
|
|
318 |
|
|
|
645 |
|
3.750%, 09/07/2021 |
|
|
732 |
|
|
|
1,147 |
|
3.750%, 07/22/2052 |
|
|
755 |
|
|
|
1,593 |
|
3.500%, 01/22/2045 |
|
|
215 |
|
|
|
404 |
|
3.500%, 07/22/2068 |
|
|
40 |
|
|
|
91 |
|
2.250%, 09/07/2023 |
|
|
470 |
|
|
|
710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
SOVEREIGN DEBT
(continued) |
|
2.000%, 07/22/2020 |
|
GBP |
296 |
|
|
$ |
434 |
|
2.000%, 09/07/2025 |
|
|
165 |
|
|
|
247 |
|
1.750%, 07/22/2019 |
|
|
490 |
|
|
|
708 |
|
1.500%, 07/22/2026 |
|
|
483 |
|
|
|
693 |
|
1.500%, 07/22/2047 |
|
|
165 |
|
|
|
212 |
|
Uruguay Government International Bond |
|
|
|
|
|
|
|
|
7.625%, 03/21/2036 |
|
$ |
400 |
|
|
|
567 |
|
5.100%, 06/18/2050 |
|
|
1,005 |
|
|
|
1,092 |
|
4.500%, 08/14/2024 |
|
|
500 |
|
|
|
537 |
|
4.375%, 10/27/2027 |
|
|
600 |
|
|
|
636 |
|
4.125%, 11/20/2045 |
|
|
200 |
|
|
|
197 |
|
Venezuela Government International Bond |
|
|
|
|
|
|
|
|
12.750%, 08/23/2022 |
|
|
700 |
|
|
|
199 |
|
11.950%, 08/05/2031 |
|
|
900 |
|
|
|
250 |
|
9.375%, 01/13/2034 |
|
|
550 |
|
|
|
148 |
|
9.250%, 09/15/2027 |
|
|
500 |
|
|
|
139 |
|
7.000%, 03/31/2038 |
|
|
400 |
|
|
|
108 |
|
Vietnam Government International Bond |
|
|
|
|
|
|
|
|
6.750%, 01/29/2020 |
|
|
150 |
|
|
|
160 |
|
4.800%, 11/19/2024 |
|
|
200 |
|
|
|
213 |
|
Zambia Government International Bond |
|
|
|
|
|
|
|
|
8.970%, 07/30/2027 |
|
|
200 |
|
|
|
222 |
|
8.500%, 04/14/2024 |
|
|
200 |
|
|
|
219 |
|
5.375%, 09/20/2022 |
|
|
200 |
|
|
|
195 |
|
|
|
|
Total Sovereign Debt (Cost $219,045) ($ Thousands) |
|
|
|
|
|
|
227,075 |
|
|
U.S. GOVERNMENT AGENCY OBLIGATIONS 1.6% |
|
FFCB |
|
|
|
|
|
|
|
|
1.620%, 04/20/2021 |
|
|
250 |
|
|
|
243 |
|
1.500%, 12/19/2019 |
|
|
250 |
|
|
|
247 |
|
FHLB |
|
|
|
|
|
|
|
|
5.500%, 07/15/2036 |
|
|
225 |
|
|
|
301 |
|
1.875%, 11/29/2021 |
|
|
500 |
|
|
|
490 |
|
1.625%, 06/14/2019 |
|
|
1,250 |
|
|
|
1,243 |
|
1.500%, 10/21/2019 |
|
|
2,000 |
|
|
|
1,978 |
|
1.375%, 05/28/2019 |
|
|
1,455 |
|
|
|
1,442 |
|
1.375%, 11/15/2019 |
|
|
425 |
|
|
|
420 |
|
1.125%, 07/14/2021 |
|
|
750 |
|
|
|
718 |
|
FHLMC |
|
|
|
|
|
|
|
|
6.750%, 03/15/2031 |
|
|
500 |
|
|
|
695 |
|
6.250%, 07/15/2032 |
|
|
300 |
|
|
|
409 |
|
2.375%, 01/13/2022 |
|
|
375 |
|
|
|
374 |
|
1.375%, 05/01/2020 |
|
|
1,200 |
|
|
|
1,178 |
|
1.250%, 07/26/2019 |
|
|
250 |
|
|
|
247 |
|
FHLMC MTN |
|
|
|
|
|
|
|
|
1.875%, 11/17/2020 |
|
|
3,000 |
|
|
|
2,965 |
|
1.500%, 01/17/2020 |
|
|
1,000 |
|
|
|
988 |
|
FNMA |
|
|
|
|
|
|
|
|
6.625%, 11/15/2030 |
|
|
475 |
|
|
|
651 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
55 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
U.S. GOVERNMENT AGENCY
OBLIGATIONS (continued) |
|
2.625%, 09/06/2024 |
|
$ |
600 |
|
|
$ |
596 |
|
2.125%, 04/24/2026 |
|
|
205 |
|
|
|
195 |
|
1.950%, 11/09/2020 |
|
|
2,500 |
|
|
|
2,472 |
|
1.875%, 02/19/2019 |
|
|
150 |
|
|
|
150 |
|
1.875%, 12/28/2020 |
|
|
1,100 |
|
|
|
1,087 |
|
1.750%, 09/12/2019 |
|
|
750 |
|
|
|
745 |
|
1.625%, 01/21/2020 |
|
|
375 |
|
|
|
371 |
|
1.500%, 06/22/2020 |
|
|
300 |
|
|
|
295 |
|
1.500%, 07/30/2020 |
|
|
1,000 |
|
|
|
981 |
|
0.875%, 08/02/2019 |
|
|
250 |
|
|
|
245 |
|
Tennessee Valley Authority |
|
|
|
|
|
|
|
|
5.250%, 09/15/2039 |
|
|
275 |
|
|
|
364 |
|
4.250%, 09/15/2065 |
|
|
500 |
|
|
|
579 |
|
3.500%, 12/15/2042 |
|
|
125 |
|
|
|
132 |
|
2.875%, 09/15/2024 |
|
|
500 |
|
|
|
505 |
|
2.875%, 02/01/2027 |
|
|
150 |
|
|
|
149 |
|
|
|
Total U.S. Government Agency Obligations (Cost $23,690) ($ Thousands) |
|
|
|
23,455 |
|
|
|
|
MUNICIPAL BONDS 0.5% |
|
|
|
|
|
|
|
|
California 0.2% |
|
|
|
|
|
|
|
|
Bay Area, Toll Authority, RB |
|
|
|
|
|
|
|
|
6.263%, 04/01/2049 |
|
|
200 |
|
|
|
288 |
|
California State University, Ser B, RB Callable 05/01/2047 @ 100 |
|
|
|
|
|
|
|
|
3.899%, 11/01/2047 |
|
|
200 |
|
|
|
204 |
|
California State, Build America Bonds, GO |
|
|
|
|
|
|
|
|
7.600%, 11/01/2040 |
|
|
175 |
|
|
|
278 |
|
7.550%, 04/01/2039 |
|
|
350 |
|
|
|
544 |
|
California State, Department of Water Resources, Ser P, RB |
|
|
|
|
|
|
|
|
2.000%, 05/01/2022 |
|
|
25 |
|
|
|
24 |
|
California State, East Bay Municipal Utility District, Water System Revenue, RB |
|
|
|
|
|
|
|
|
5.874%, 06/01/2040 |
|
|
200 |
|
|
|
260 |
|
California State, GO |
|
|
|
|
|
|
|
|
Callable 10/01/2019 @ 100 |
|
|
|
|
|
|
|
|
2.193%, 04/01/2047 (E) |
|
|
300 |
|
|
|
299 |
|
Los Angeles, Unified School District, GO |
|
|
|
|
|
|
|
|
5.750%, 07/01/2034 |
|
|
200 |
|
|
|
251 |
|
University of California, Ser AJ, RB |
|
|
|
|
|
|
|
|
4.601%, 05/15/2031 |
|
|
250 |
|
|
|
271 |
|
University of California, Ser AQ, RB |
|
|
|
|
|
|
|
|
4.767%, 05/15/2115 |
|
|
250 |
|
|
|
262 |
|
|
|
|
|
|
|
|
2,681 |
|
Connecticut 0.0% |
|
|
|
|
|
|
|
|
Connecticut State, Ser A, GO |
|
|
|
|
|
|
|
|
5.850%, 03/15/2032 |
|
|
200 |
|
|
|
237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
MUNICIPAL BONDS
(continued) |
|
Georgia 0.0% |
|
|
|
|
|
|
|
|
Georgia State, Municipal Electric Authority, RB |
|
|
|
|
|
|
|
|
6.655%, 04/01/2057 |
|
$ |
100 |
|
|
$ |
124 |
|
6.637%, 04/01/2057 |
|
|
200 |
|
|
|
248 |
|
|
|
|
|
|
|
|
372 |
|
|
|
|
Illinois 0.0% |
|
|
|
|
|
|
|
|
Illinois State, GO |
|
|
|
|
|
|
|
|
5.100%, 06/01/2033 |
|
|
400 |
|
|
|
389 |
|
4.950%, 06/01/2023 |
|
|
100 |
|
|
|
103 |
|
|
|
|
|
|
|
|
492 |
|
|
|
|
New Jersey 0.1% |
|
|
|
|
|
|
|
|
New Jersey State, Turnpike Authority, RB |
|
|
|
|
|
|
|
|
7.414%, 01/01/2040 |
|
|
225 |
|
|
|
341 |
|
7.102%, 01/01/2041 |
|
|
350 |
|
|
|
513 |
|
|
|
|
|
|
|
|
|
|
|
854 |
|
|
|
|
New York 0.1% |
|
|
|
|
|
|
|
|
New York & New Jersey, Port Authority, RB |
|
|
|
|
|
|
|
|
4.458%, 10/01/2062 |
|
|
200 |
|
|
|
227 |
|
New York & New Jersey, Port Authority, Ser 20, RB |
|
|
|
|
|
|
|
|
4.229%, 10/15/2057 |
|
|
65 |
|
|
|
69 |
|
New York City, Water & Sewer System, RB |
|
|
|
|
|
|
|
|
5.750%, 06/15/2041 |
|
|
100 |
|
|
|
132 |
|
New York State, Dormitory Authority, RB |
|
|
|
|
|
|
|
|
5.289%, 03/15/2033 |
|
|
100 |
|
|
|
115 |
|
New York State, Metropolitan Transportation Authority, RB |
|
|
|
|
|
|
|
|
6.814%, 11/15/2040 |
|
|
250 |
|
|
|
350 |
|
|
|
|
|
|
|
|
893 |
|
|
|
|
Ohio 0.0% |
|
|
|
|
|
|
|
|
American Municipal Power, Ser B, RB |
|
|
|
|
|
|
|
|
8.084%, 02/15/2050 |
|
|
100 |
|
|
|
168 |
|
|
|
|
South Carolina 0.0% |
|
|
|
|
|
|
|
|
South Carolina State, Public Service Authority, Ser D, RB |
|
|
|
|
|
|
|
|
2.388%, 12/01/2023 |
|
|
50 |
|
|
|
47 |
|
|
|
|
Tennessee 0.0% |
|
|
|
|
|
|
|
|
Nashville & Davidson County, Metropolitan Government, Health & Educational Facilities
Board, Ser B, RB Callable 04/01/2026 @ 100 |
|
|
|
|
|
|
|
|
4.053%, 07/01/2026 |
|
|
100 |
|
|
|
104 |
|
|
|
|
Texas 0.1% |
|
|
|
|
|
|
|
|
Houston, Ser A, GO |
|
|
|
|
|
|
|
|
6.290%, 03/01/2032 |
|
|
90 |
|
|
|
105 |
|
|
|
|
56 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
|
MUNICIPAL BONDS (continued) |
|
|
|
|
|
Permanent University Fund - University of Texas System, Ser S, RB Callable 01/01/2047 @ 100 |
|
|
|
|
|
|
|
|
3.376%, 07/01/2047 |
|
$ |
20 |
|
|
$ |
19 |
|
Texas State, Build America Bonds, GO |
|
|
|
|
|
|
|
|
5.517%, 04/01/2039 |
|
|
200 |
|
|
|
257 |
|
Texas State, Transportation Commission State Highway Fund, Ser B, RB |
|
|
|
|
|
|
|
|
5.178%, 04/01/2030 |
|
|
200 |
|
|
|
235 |
|
University of Texas System, Ser A, RB Callable 02/15/2047 @ 100 |
|
|
|
|
|
|
|
|
3.354%, 08/15/2047 |
|
|
50 |
|
|
|
49 |
|
|
|
|
|
|
|
|
|
|
|
665 |
|
|
|
|
Total Municipal Bonds (Cost $6,241) ($ Thousands) |
|
|
|
|
|
|
6,513 |
|
|
|
ASSET-BACKED SECURITIES 0.4% |
|
|
|
|
|
American Express Credit Account Master Trust, Ser 2017-1, Cl A |
|
|
|
|
|
|
|
|
1.930%, 09/15/2022 |
|
|
500 |
|
|
|
496 |
|
AmeriCredit Automobile Receivables Trust, Ser 2016-2, Cl B |
|
|
|
|
|
|
|
|
2.210%, 05/10/2021 |
|
|
500 |
|
|
|
499 |
|
BA Credit Card Trust, Ser 2017-A1, Cl A1 |
|
|
|
|
|
|
|
|
1.950%, 08/15/2022 |
|
|
250 |
|
|
|
248 |
|
Capital One Multi-Asset Execution Trust, Ser 2017-A4, Cl A4 |
|
|
|
|
|
|
|
|
1.990%, 07/17/2023 |
|
|
300 |
|
|
|
296 |
|
Capital One Multi-Asset Execution Trust, Ser 2017-A6, Cl A6 |
|
|
|
|
|
|
|
|
2.290%, 07/15/2025 |
|
|
250 |
|
|
|
245 |
|
CarMax Auto Owner Trust, Ser 2016-4, Cl A3 |
|
|
|
|
|
|
|
|
1.400%, 08/15/2021 |
|
|
650 |
|
|
|
642 |
|
Chase Issuance Trust, Ser 2012-A7, Cl A7 |
|
|
|
|
|
|
|
|
2.160%, 09/16/2024 |
|
|
300 |
|
|
|
292 |
|
Chase Issuance Trust, Ser 2016-A5, Cl A5 |
|
|
|
|
|
|
|
|
1.270%, 07/15/2021 |
|
|
300 |
|
|
|
296 |
|
Citibank Credit Card Issuance Trust, Ser 2014-A5, Cl A5 |
|
|
|
|
|
|
|
|
2.680%, 06/07/2023 |
|
|
470 |
|
|
|
471 |
|
Citibank Credit Card Issuance Trust, Ser 2016-A1, Cl A1 |
|
|
|
|
|
|
|
|
1.750%, 11/19/2021 |
|
|
305 |
|
|
|
302 |
|
Citibank Credit Card Issuance Trust, Ser 2017-A3, Cl A3 |
|
|
|
|
|
|
|
|
1.920%, 04/07/2022 |
|
|
500 |
|
|
|
494 |
|
Discover Card Execution Note Trust, Ser 2014-A4, Cl A4 |
|
|
|
|
|
|
|
|
2.120%, 12/15/2021 |
|
|
200 |
|
|
|
200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
|
ASSET-BACKED SECURITIES (continued) |
|
|
|
|
|
Ford Credit Auto Owner Trust, Ser 2017-A, Cl A3 |
|
|
|
|
|
|
|
|
1.670%, 06/15/2021 |
|
$ |
400 |
|
|
$ |
397 |
|
Ford Credit Floorplan Master Owner Trust, Ser 2017-2, Cl A1 |
|
|
|
|
|
|
|
|
2.160%, 09/15/2022 |
|
|
250 |
|
|
|
247 |
|
Honda Auto Receivables Owner Trust, Ser 2017-1, Cl A3 |
|
|
|
|
|
|
|
|
1.720%, 07/21/2021 |
|
|
400 |
|
|
|
396 |
|
Synchrony Credit Card Master Note Trust, Ser 2012-7, Cl A |
|
|
|
|
|
|
|
|
1.760%, 09/15/2022 |
|
|
300 |
|
|
|
297 |
|
Synchrony Credit Card Master Note Trust, Ser 2016-2, Cl A |
|
|
|
|
|
|
|
|
2.210%, 05/15/2024 |
|
|
200 |
|
|
|
197 |
|
|
|
|
Total Asset-Backed Securities (Cost $6,071) ($ Thousands) |
|
|
|
|
|
|
6,015 |
|
|
|
|
|
|
Number of
Warrants |
|
|
|
|
WARRANTS 0.0% |
|
|
|
|
|
Comstock Resources, Expires 06/15/2020 Strike Price $0 *(F) |
|
|
275 |
|
|
|
3 |
|
|
|
|
Total Warrants (Cost $) ($ Thousands) |
|
|
|
|
|
|
3 |
|
|
|
|
Total Investments in Securities 98.2% (Cost $1,441,127) ($ Thousands) |
|
|
|
|
|
$ |
1,436,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
57 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
JANUARY 31, 2018
Tactical Offensive Fixed Income Fund (Concluded)
A list of the open futures contracts held by the Fund at January 31, 2018, is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
Settlement Date |
|
|
|
|
|
Currency to Deliver
(Thousands) |
|
|
|
|
|
Currency to Receive
(Thousands) |
|
|
Unrealized
Appreciation (Depreciation)
($ Thousands) |
|
Brown Brothers Harriman |
|
|
02/05/18 |
|
|
|
CAD |
|
|
|
2,530 |
|
|
|
USD |
|
|
|
2,018 |
|
|
$ |
(45) |
|
Brown Brothers Harriman |
|
|
02/05/18 |
|
|
|
GBP |
|
|
|
6,525 |
|
|
|
USD |
|
|
|
8,828 |
|
|
|
(451) |
|
Brown Brothers Harriman |
|
|
02/05/18 |
|
|
|
EUR |
|
|
|
18,192 |
|
|
|
USD |
|
|
|
21,848 |
|
|
|
(821) |
|
Brown Brothers Harriman |
|
|
02/05/18 |
|
|
|
JPY |
|
|
|
3,938,975 |
|
|
|
USD |
|
|
|
35,053 |
|
|
|
(1,043) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(2,360) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentages are based on Net Assets of $1,462,276 ($ Thousands). |
* |
Non-income producing security. |
(A) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On January 31, 2018, the
value of these securities amounted to $138,661 ($ Thousands), representing 9.48% of the Net Assets of the Fund. |
(B) |
Zero coupon security. The rate shown on the Schedule of Investments is the securitys effective yield at the time of purchase. |
(C) |
Step Bonds The rate reflected on the Schedule of Investments is the effective yield on January 31, 2018. The coupon on a step bond changes on a specified date. |
(D) |
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. |
(E) |
Variable or floating rate security, the interest rate of which adjusts periodically based on prevailing interest rates. |
(F) |
Level 3 security in accordance with fair value hierarchy. |
AID Agency for International Development
CAD Canadian Dollar
Cl Class
EUR Euro
FFCB Federal Farm Credit Bank
FHLB Federal Home Loan Bank
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
GBP British
Pound Sterling
GNMA Government National Mortgage Association
GO
General Obligation
ICE Intercontinental Exchange
JPY Japanese
Yen
LIBOR London Interbank Offered Rate
LLLP Limited Liability
Limited Partnership
MTN Medium Term Note
PIK Payment-in-Kind
Pty Proprietary
RB Revenue Bond
S&P Standard & Poors
Ser Series
TBA To Be Announced
ULC Unlimited Liability Company
USD United States Dollar
VAR Variable Rate
The following is a list of the level of inputs used as of January 31, 2018, in valuing the Funds investments and
other financial instruments carried at value ($ Thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
Corporate Obligations |
|
$ |
|
|
|
$ |
453,925 |
|
|
$ |
|
|
|
$ |
453,925 |
|
U.S. Treasury Obligations |
|
|
|
|
|
|
394,619 |
|
|
|
|
|
|
|
394,619 |
|
Mortgage-Backed Securities |
|
|
|
|
|
|
324,564 |
|
|
|
|
|
|
|
324,564 |
|
Sovereign Debt |
|
|
|
|
|
|
227,075 |
|
|
|
|
|
|
|
227,075 |
|
U.S. Government Agency Obligations |
|
|
|
|
|
|
23,455 |
|
|
|
|
|
|
|
23,455 |
|
Municipal Bonds |
|
|
|
|
|
|
6,513 |
|
|
|
|
|
|
|
6,513 |
|
Asset-Backed Securities |
|
|
|
|
|
|
6,015 |
|
|
|
|
|
|
|
6,015 |
|
Warrants |
|
|
|
|
|
|
|
|
|
|
3 |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments in Securities |
|
$ |
|
|
|
$ |
1,436,166 |
|
|
$ |
3 |
|
|
$ |
1,436,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
Forwards Contracts * |
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized Depreciation |
|
$ |
|
|
|
$ |
(2,360) |
|
|
$ |
|
|
|
$ |
(2,360) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Financial Instruments |
|
$ |
|
|
|
$ |
(2,360) |
|
|
$ |
|
|
|
$ |
(2,360) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Forwards contracts are valued at the unrealized depreciation on the instrument.
A reconciliation of Level 3 investments is presented
when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.
For the period ended January 31, 2018, there were no transfers between Level 1, Level 2, and/or Level 3 assets and liabilities. All transfers, if any, are recognized
by the Fund at the end of the period.
For more information on valuation inputs, see Note 2 Significant Accounting Policies in Notes to Financial Statements.
Amounts designated as are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
|
|
|
58 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) ($ Thousands)
January 31, 2018
|
|
|
|
|
|
|
Tactical Offensive
Equity Fund |
|
Tactical Offensive Fixed Income Fund |
Assets: |
|
|
|
|
Investments, at
value |
|
$ 2,590,453 |
|
$ 1,436,169 |
Affiliated investments, at
value |
|
579 |
|
|
Cash |
|
47,125 |
|
37,249 |
Foreign currency, at value
|
|
3,903 |
|
46 |
Dividends and interest receivable |
|
2,117 |
|
11,035 |
Cash pledged as collateral for futures contracts |
|
1,794 |
|
|
Foreign tax reclaim receivable |
|
539 |
|
|
Receivable for fund shares sold |
|
492 |
|
434 |
Receivable for investment securities sold |
|
213 |
|
3,460 |
Receivable for variation margin |
|
102 |
|
|
Prepaid expenses |
|
32 |
|
19 |
Total Assets |
|
2,647,349 |
|
1,488,412 |
Liabilities: |
|
|
|
|
Payable for investment securities purchased |
|
3,385 |
|
23,091 |
Payable for fund shares redeemed |
|
1,097 |
|
135 |
Shareholder servicing fees payable |
|
551 |
|
310 |
Administration fees payable |
|
438 |
|
40 |
Payable for variation margin |
|
65 |
|
|
Investment advisory fees payable |
|
64 |
|
58 |
Chief Compliance Officer fees payable |
|
4 |
|
2 |
Unrealized loss on forward foreign currency contracts |
|
|
|
2,360 |
Accrued expense payable |
|
119 |
|
140 |
Total Liabilities |
|
5,723 |
|
26,136 |
Net Assets |
|
$ 2,641,626 |
|
$ 1,462,276 |
Cost of
investments |
|
$ 1,939,205 |
|
$ 1,441,127 |
Cost of affiliated investments |
|
372 |
|
|
Cost of foreign currency |
|
3,742 |
|
46 |
Net Assets: |
|
|
|
|
Paid-in Capital (unlimited authorization no par value) |
|
$ 1,992,664 |
|
$ 1,481,595 |
Distributions in excess of net investment income |
|
(1,034) |
|
(44) |
Accumulated net realized loss on investments, futures contracts and foreign currency |
|
(4,574) |
|
(11,972) |
Net unrealized appreciation/(depreciation) on investments |
|
651,455 |
|
(4,958) |
Net unrealized appreciation/(depreciation) on futures contracts |
|
2,883 |
|
|
Net unrealized appreciation/(depreciation) on forward foreign
currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies |
|
232 |
|
(2,345) |
Net Assets |
|
$ 2,641,626 |
|
$ 1,462,276 |
Net Asset Value, Offering and Redemption Price Per Share |
|
$ 17.59 |
|
$ 10.14 |
|
|
($2,641,626,312 ÷ |
|
($1,462,276,075 ÷ |
|
|
150,206,610 shares) |
|
144,147,623 shares) |
Amounts designated as are $0 or have been rounded to $0. |
|
The accompanying notes are an integral part of the financial statements. |
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
59 |
|
STATEMENTS OF OPERATIONS (Unaudited) ($ Thousands)
For the six month period ended January 31, 2018
|
|
|
|
|
|
|
|
|
|
|
Tactical Offensive Equity Fund |
|
|
Tactical Offensive Fixed Income Fund |
|
Investment income: |
|
|
|
|
|
|
|
|
Dividends |
|
$ |
22,264 |
|
|
$ |
|
|
Dividends from affiliated investments (1) |
|
|
2 |
|
|
|
|
|
Interest income |
|
|
|
|
|
|
21,029 |
|
Less: foreign taxes withheld |
|
|
(588 |
) |
|
|
|
|
Total investment income |
|
|
21,678 |
|
|
|
21,029 |
|
Expenses: |
|
|
|
|
|
|
|
|
Shareholder servicing fees |
|
|
3,026 |
|
|
|
1,767 |
|
Investment advisory fees |
|
|
2,421 |
|
|
|
1,060 |
|
Administration fees |
|
|
2,418 |
|
|
|
1,414 |
|
Trustee fees |
|
|
16 |
|
|
|
9 |
|
Chief Compliance Officer fees |
|
|
6 |
|
|
|
3 |
|
Custodian/wire agent fees |
|
|
108 |
|
|
|
26 |
|
Professional fees |
|
|
63 |
|
|
|
37 |
|
Printing fees |
|
|
32 |
|
|
|
19 |
|
Registration fees |
|
|
21 |
|
|
|
18 |
|
Other expenses |
|
|
78 |
|
|
|
214 |
|
Total expenses |
|
|
8,189 |
|
|
|
4,567 |
|
Less: |
|
|
|
|
|
|
|
|
Waiver of investment advisory fees |
|
|
(2,069 |
) |
|
|
(729 |
) |
Waiver of administration fees |
|
|
(52 |
) |
|
|
(1,142 |
) |
Net expenses |
|
|
6,068 |
|
|
|
2,696 |
|
Net investment income |
|
|
15,610 |
|
|
|
18,333 |
|
Net realized gain/(loss) on: |
|
|
|
|
|
|
|
|
Investments |
|
|
3,484 |
|
|
|
(280 |
) |
Futures contracts |
|
|
3,532 |
|
|
|
|
|
Foreign currency transactions |
|
|
113 |
|
|
|
(719 |
) |
Net change in unrealized appreciation/(depreciation) on: |
|
|
|
|
|
|
|
|
Investments |
|
|
301,581 |
|
|
|
(18,849 |
) |
Affiliated investments (1) |
|
|
144 |
|
|
|
|
|
Futures contracts |
|
|
1,903 |
|
|
|
|
|
Foreign currency and translation of other assets and liabilities
denominated in foreign currency |
|
|
163 |
|
|
|
(1,163 |
) |
Net increase/(decrease) in net assets resulting from
operations |
|
$ |
326,530 |
|
|
$ |
(2,678 |
) |
(1) See Note 5 in the Notes to Financial Statements. |
|
|
Amounts designated as are $0 or have been rounded to $0. |
|
|
The accompanying notes are an integral part of the financial statements. |
|
|
|
|
60 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)
For the six month period ended January 31, 2018 (Unaudited) and the year ended July 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tactical Offensive
Equity Fund |
|
|
Tactical Offensive
Fixed Income Fund |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
15,610 |
|
|
$ |
33,867 |
|
|
$ |
18,333 |
|
|
$ |
30,874 |
|
Net realized gain/(loss) from investments, affiliated investments and futures contracts |
|
|
7,016 |
|
|
|
19,023 |
|
|
|
(280 |
) |
|
|
(308 |
) |
Net realized gain/(loss) on foreign currency transactions |
|
|
113 |
|
|
|
12 |
|
|
|
(719 |
) |
|
|
2,590 |
|
Net change in unrealized appreciation/(depreciation) on investments, affiliated investments
and futures contracts |
|
|
303,628 |
|
|
|
266,129 |
|
|
|
(18,849 |
) |
|
|
(24,503 |
) |
Net change in unrealized appreciation/(depreciation) on foreign
currency and translation of other assets and liabilities denominated in foreign currency |
|
|
163 |
|
|
|
59 |
|
|
|
(1,163 |
) |
|
|
(1,038 |
) |
Net increase/(decrease) in net assets resulting from
operations |
|
|
326,530 |
|
|
|
319,090 |
|
|
|
(2,678 |
) |
|
|
7,615 |
|
Dividends and distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(38,352 |
) |
|
|
(17,550 |
) |
|
|
(26,370 |
) |
|
|
(33,358 |
) |
Net realized gains |
|
|
(17,775 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions |
|
|
(56,127 |
) |
|
|
(17,550 |
) |
|
|
(26,370 |
) |
|
|
(33,358 |
) |
Capital share transactions:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
|
229,240 |
|
|
|
420,501 |
|
|
|
200,186 |
|
|
|
340,938 |
|
Reinvestment of dividends & distributions |
|
|
55,928 |
|
|
|
17,311 |
|
|
|
26,294 |
|
|
|
33,031 |
|
Cost of shares redeemed |
|
|
(182,267 |
) |
|
|
(320,018 |
) |
|
|
(59,010 |
) |
|
|
(167,747 |
) |
Increase in net assets derived from capital share
transactions |
|
|
102,901 |
|
|
|
117,794 |
|
|
|
167,470 |
|
|
|
206,222 |
|
Net increase in net assets |
|
|
373,304 |
|
|
|
419,334 |
|
|
|
138,422 |
|
|
|
180,479 |
|
Net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
2,268,322 |
|
|
|
1,848,988 |
|
|
|
1,323,854 |
|
|
|
1,143,375 |
|
End of period |
|
$ |
2,641,626 |
|
|
$ |
2,268,322 |
|
|
$ |
1,462,276 |
|
|
$ |
1,323,854 |
|
Undistributed/(distributions in excess of) net investment income
included in net assets at period end |
|
$ |
(1,034 |
) |
|
$ |
21,708 |
|
|
$ |
(44 |
) |
|
$ |
7,993 |
|
|
(1) See Note 6 in the Notes to Financial Statements for additional information. |
|
|
Amount designated as is $0 or has been rounded to $0. |
|
|
The accompanying notes are an integral part of the financial statements. |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
61 |
|
FINANCIAL HIGHLIGHTS
For the six month period ended January 31, 2018 (Unaudited) and the years ended July 31,
For a share outstanding throughout the years or period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value,
beginning of year |
|
|
Net
investment income(1) |
|
|
Net realized and unrealized gains/(losses)
on securities(1) |
|
|
Total from operations |
|
|
Dividends from net investment income |
|
|
Distributions from realized gains |
|
|
Total dividends and distributions |
|
|
Net asset value, end of year |
|
|
Total
Return |
|
|
Net assets,
end of year ($ Thousands) |
|
|
Ratio of
net expenses to average net assets |
|
|
Ratio of expenses
to average net assets (excluding fees paid
indirectly and including waivers) |
|
|
Ratio of
expenses to average net assets (excluding fees paid indirectly and waivers) |
|
|
Ratio of net investment income to average net assets |
|
|
Portfolio turnover |
|
Tactical Offensive Equity Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018@ |
|
$ |
15.74 |
|
|
$ |
0.11 |
|
|
$ |
2.12 |
|
|
$ |
2.23 |
|
|
$ |
(0.26 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.38 |
) |
|
$ |
17.59 |
|
|
|
14.33 |
% |
|
$ |
2,641,626 |
|
|
|
0.50 |
% |
|
|
0.50 |
% |
|
|
0.68 |
% |
|
|
1.29 |
% |
|
|
2 |
% |
2017 |
|
|
13.59 |
|
|
|
0.24 |
|
|
|
2.04 |
|
|
|
2.28 |
|
|
|
(0.13 |
) |
|
|
|
|
|
|
(0.13 |
) |
|
|
15.74 |
|
|
|
16.87 |
|
|
|
2,268,322 |
|
|
|
0.50 |
|
|
|
0.50 |
|
|
|
0.69 |
|
|
|
1.68 |
|
|
|
8 |
|
2016 |
|
|
13.93 |
|
|
|
0.20 |
|
|
|
(0.28 |
) |
|
|
(0.08 |
) |
|
|
(0.15 |
) |
|
|
(0.11 |
) |
|
|
(0.26 |
) |
|
|
13.59 |
|
|
|
(0.42 |
) |
|
|
1,848,988 |
|
|
|
0.50 |
|
|
|
0.50 |
|
|
|
0.71 |
|
|
|
1.53 |
|
|
|
319 |
|
2015 |
|
|
14.43 |
|
|
|
0.20 |
|
|
|
0.63 |
|
|
|
0.83 |
|
|
|
(0.13 |
) |
|
|
(1.20 |
) |
|
|
(1.33 |
) |
|
|
13.93 |
|
|
|
6.18 |
|
|
|
1,682,732 |
|
|
|
0.59 |
|
|
|
0.59 |
|
|
|
0.78 |
|
|
|
1.44 |
|
|
|
64 |
|
2014 |
|
|
13.15 |
|
|
|
0.10 |
|
|
|
1.48 |
|
|
|
1.58 |
|
|
|
(0.09 |
) |
|
|
(0.21 |
) |
|
|
(0.30 |
) |
|
|
14.43 |
|
|
|
12.08 |
|
|
|
1,388,377 |
|
|
|
1.10 |
|
|
|
1.10 |
|
|
|
1.19 |
|
|
|
0.72 |
|
|
|
62 |
|
2013 |
|
|
10.76 |
|
|
|
0.11 |
|
|
|
2.51 |
|
|
|
2.62 |
|
|
|
(0.23 |
) |
|
|
|
|
|
|
(0.23 |
) |
|
|
13.15 |
|
|
|
24.64 |
|
|
|
1,026,593 |
|
|
|
1.10 |
|
|
|
1.10 |
|
|
|
1.19 |
|
|
|
0.93 |
|
|
|
93 |
|
Tactical Offensive Fixed Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018@ |
|
$ |
10.35 |
|
|
$ |
0.14 |
|
|
$ |
(0.16 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.19 |
) |
|
$ |
|
|
|
$ |
(0.19 |
) |
|
$ |
10.14 |
|
|
|
(0.21 |
)% |
|
$ |
1,462,276 |
|
|
|
0.38 |
% |
|
|
0.38 |
% |
|
|
0.65 |
% |
|
|
2.59 |
% |
|
|
13 |
% |
2017 |
|
|
10.59 |
|
|
|
0.26 |
|
|
|
(0.21 |
) |
|
|
0.05 |
|
|
|
(0.29 |
) |
|
|
|
|
|
|
(0.29 |
) |
|
|
10.35 |
|
|
|
0.51 |
|
|
|
1,323,854 |
|
|
|
0.38 |
|
|
|
0.38 |
|
|
|
0.66 |
|
|
|
2.52 |
|
|
|
48 |
|
2016 |
|
|
10.19 |
|
|
|
0.25 |
|
|
|
0.36 |
|
|
|
0.61 |
|
|
|
(0.21 |
) |
|
|
|
|
|
|
(0.21 |
) |
|
|
10.59 |
|
|
|
6.05 |
|
|
|
1,143,375 |
|
|
|
0.38 |
|
|
|
0.38 |
|
|
|
0.66 |
|
|
|
2.45 |
|
|
|
101 |
|
2015 |
|
|
10.25 |
|
|
|
0.22 |
|
|
|
(0.08 |
) |
|
|
0.14 |
|
|
|
(0.20 |
) |
|
|
|
|
|
|
(0.20 |
) |
|
|
10.19 |
|
|
|
1.40 |
|
|
|
977,138 |
|
|
|
0.43 |
|
|
|
0.43 |
|
|
|
0.68 |
|
|
|
2.11 |
|
|
|
257 |
|
2014 |
|
|
10.03 |
|
|
|
0.13 |
|
|
|
0.28 |
|
|
|
0.41 |
|
|
|
(0.19 |
) |
|
|
|
|
|
|
(0.19 |
) |
|
|
10.25 |
|
|
|
4.16 |
|
|
|
429,945 |
|
|
|
0.80 |
|
|
|
0.80 |
|
|
|
0.85 |
|
|
|
1.31 |
|
|
|
389 |
|
2013 |
|
|
10.56 |
|
|
|
0.14 |
|
|
|
(0.22 |
) |
|
|
(0.08 |
) |
|
|
(0.21 |
) |
|
|
(0.24 |
) |
|
|
(0.45 |
) |
|
|
10.03 |
|
|
|
(0.89 |
) |
|
|
655,548 |
|
|
|
0.80 |
|
|
|
0.80 |
|
|
|
0.84 |
|
|
|
1.30 |
|
|
|
292 |
|
@ For the six month period ended January 31, 2018. All ratios for the period have been annualized.
Returns are for the period indicated and have not been
annualized. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares. Effective October 1, 2014, the Funds investment strategy was changed from active to
passive. The Funds past performance is not necessarily indicative of how the Funds will perform in the future.
Portfolio turnover rates are for the period indicated and have not been annualized.
(1) Per share net investment income and net realized and unrealized gains/(losses) on securities calculated using average shares.
Amounts designated as are $0 or have been rounded to $0.
The
accompanying notes are an integral part of the financial statements.
|
|
|
62 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)
January 31, 2018
1. ORGANIZATION
Adviser Managed Trust
(the Trust) was established as a Delaware statutory trust under an Agreement and Declaration of Trust dated September 22, 2010. The Trust commenced operations on February 25, 2011.
The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment management company with two registered funds: Tactical Offensive
Equity and Tactical Offensive Fixed Income (each a Fund, collectively, the Funds) each of which are diversified Funds. The assets of each Fund are segregated, and a shareholders interest is limited to the Fund in which
shares are held. The Trusts prospectus provides a description of each Funds investment objective and strategies.
Only persons who are clients of the
Financial Adviser (as defined below) and who participate in the Adviser Managed Strategy should invest in the Funds. The Funds may not be purchased by any other investor. The Funds are designed to be a component of a broader strategy employed by a
third party investment manager (Financial Adviser) for the benefit of its clients. The Financial Adviser seeks to take advantage of broad market changes by tactically shifting its clients assets among the Tactical Offensive Equity
Fund, the Tactical Offensive Fixed Income Fund and a money market fund affiliated with the Funds, depending on the Financial Advisers evaluation of current market conditions (Adviser Managed Strategy). The Financial Adviser is not
the adviser to the Funds, and is not affiliated with SEI Investments Management Corporation (SIMC), the adviser to the Funds. The Adviser Managed Strategy is based on models developed by the Financial Adviser and is not subject to the
oversight of or input from SIMC.
When the Financial Adviser determines to reallocate its clients assets to one or more of the Funds that compose the Adviser
Managed Strategy, the Financial Adviser may request the redemption of a substantial portion or all of the shares for which the Financial Adviser exercises investment discretion. In such an instance, the Financial Advisers redemption request
will cause a Fund to liquidate a substantial portion or substantially all of its assets in order to fulfill the redemption request. If the Financial Adviser redeems all of the shares for which it exercises investment discretion, the Fund will no
longer be an active component of the Adviser Managed Strategy.
When the Tactical Offensive Equity Fund is not an active component of the Adviser Managed Strategy,
the Fund may invest up to 100% of its remaining assets in exchange traded funds (ETFs) that are designed to track the performance of the broad equity market. When
the Tactical Offensive Fixed Income Fund is not an active component of the Adviser Managed Strategy, the Fund may invest up to 100% of its remaining assets in cash, money market instruments,
repurchase agreements and other short-term obligations that would not ordinarily be consistent with the Funds investment goal.
The Funds could be invested in
these types of investments for extended periods of time. At such times, SIMC will manage the assets of the Funds. SIMC, the Financial Adviser or one or more of their affiliates will be the only investors in a Fund when the Fund is not an active
component of the Adviser Managed Strategy.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds.
Use of Estimates The following are significant accounting policies, which are consistently followed in the preparation of its financial statements of the
Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (FASB).
Security Valuation Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than
securities traded on National Association of Securities Dealers Automated Quotations (NASDAQ) or as otherwise noted below) at the last quoted sale price on an exchange or market (foreign or domestic) on which the securities are traded, or, if there
is no such reported sale, at the most recent quoted bid price. The Funds value securities traded on NASDAQ at the NASDAQ Official Closing Price. If available, debt securities, swaps (which are not centrally cleared), bank loans or collateralized
debt obligations (including collateralized loan obligations), such as those held by the Funds, are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the
security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker supplied valuations or other methodologies designed to
identify the market value for such securities. Redeemable securities issued by open-end investment companies are valued at the investment companys applicable net asset value, with the exception of ETFs, which are priced as equity securities.
The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. If a securitys price cannot be obtained, as noted above, the Funds will value the securities using a bid price
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
63 |
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
January 31, 2018
from at least one independent broker. If such prices are not readily available or cannot be valued using the methodologies
described above, the Funds will value the security using the Funds Fair Value Pricing Policies and Procedures (Fair Value Procedures), as described below.
On the first day a new debt security purchase is recorded, if a price is not available from a third-party pricing agent or an independent broker, the security may be
valued at its purchase price. Each day thereafter, the debt security will be valued according to the Funds Fair Value Procedures until a price from an independent source can be secured. Securities held by a Fund with remaining maturities of 60
days or less may be valued by the amortized cost method, which involves valuing a security at its cost on the date of purchase and thereafter (absent unusual circumstances) assuming a constant amortization to maturity of any discount or premium,
regardless of the impact of fluctuations in general market rates of interest on the value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by this method, is higher or
lower than the price a Fund would receive if it sold the instrument. Further, the value of securities in the Fund can be expected to vary inversely with changes in prevailing interest rates. Should existing credit, liquidity or interest rate
conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used.
Options and warrants are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long positions are valued at the most recent bid
price, and short positions are valued at the most recent ask price.
Futures and swaps cleared through a central clearing house (centrally cleared swaps)
are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures and centrally cleared swaps are provided by an independent source. On days when there is
excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time a Fund calculates its NAV, the settlement price may not be available at the time at which the Fund calculates its NAV. On such days, the
best available price (which is typically the last sales price) may be used to value a Funds futures or centrally cleared swaps position.
Foreign currency
forward contracts are valued at the current days interpolated foreign exchange rate, as calculated using the current days spot rate, and the
thirty, sixty, ninety and one-hundred eighty day forward rates provided by an independent source.
Prices for
most securities held by a Fund are provided daily by third-party independent pricing agents. SIMC or a Sub-Adviser (Sub Adviser), as applicable, reasonably believes that prices provided by independent pricing agents are reliable.
However, there can be no assurance that such pricing services prices will be reliable. SIMC or a Sub-Adviser, as applicable, will continuously monitor the reliability of prices obtained from any pricing service and shall promptly notify the
Funds administrator if it believes that a particular pricing service is no longer a reliable source of prices. The Funds administrator, in turn, will notify the Fair Value Pricing Committee (the Committee) if it receives such
notification from SIMC or a Sub-Adviser, as applicable, or if the Funds administrator reasonably believes that a particular pricing service is no longer a reliable source for prices.
The Funds Fair Value Procedures provide that any change in a primary pricing agent or a pricing methodology requires prior approval by the Board of Trustees
(Board) or its designated sub-committee. However, when the change would not materially affect valuation of a Funds net assets or involve a material departure in pricing methodology from that of the Funds existing pricing
agent or pricing methodology, approval may be obtained at the next regularly scheduled meeting of the Board.
Securities for which market prices are not readily
available, for which market prices are determined to be unreliable, or which cannot be valued using the methodologies described above are valued in accordance with the Fair Value Procedures established by the Board. The Funds Fair Value
Procedures are implemented through the Committee designated by the Board. The Committee is currently composed of two members of the Board, as well as representatives from SIMC and its affiliates. Some of the more common reasons that may necessitate
that a security be valued using Fair Value Procedures include: (i) the securitys trading has been halted or suspended, (ii) the security has been delisted from a national exchange, (iii) the securitys primary trading
market is temporarily closed at a time when under normal conditions it would be open, or (iv) the securitys primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value
Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the facts giving rise to the need to fair
value, (ii) the last trade price, (iii) the performance of the market or the issuers industry, (iv) the liquidity of
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the security, (v) the size of the holding in a Fund, or (vi) any other appropriate information.
The determination of a securitys fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable
risk that the value assigned to a security may be higher or lower than the securitys value would be if a reliable market quotation for the security was readily available.
For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular securitys last trade
and the time at which a Fund calculates its Net Asset Value (NAV). The closing prices of such securities may no longer reflect their market value at the time a Fund calculates NAV if an event that could materially affect the value of
those securities (a Significant Event), including substantial fluctuations in domestic or foreign markets or occurrences not tied directly to the securities markets, such as natural disasters, armed conflicts or significant governmental
actions, has occurred between the time of the securitys last close and the time that the Fund calculates NAV. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund
does not price its shares. As a result, the NAV of the Funds shares may change on days when shareholders will not be able to purchase or redeem Fund shares.
A
Significant Event may relate to a single issuer or to an entire market sector. If SIMC or a Sub-Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or
market on which the security or securities principally trade, but before the time at which the Funds calculate NAV, it may request that a Committee meeting be called. In addition, the Funds use several processes, with respect to certain securities
to monitor the pricing data supplied by various sources, including price comparisons and price movements. Any identified discrepancies are researched and subject to the procedures described above.
In accordance with U.S. GAAP, fair value is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer
in the principal or most advantageous market of the investment. A three tier hierarchy has been established to maximize the use of observable and minimize the use of unobservable inputs and to establish classification of fair value measurements for
disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in
pricing the asset or liability
based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions
market participants would use in pricing the asset or liability based on the best information available in the circumstances.
The three-tier hierarchy of inputs is
summarized in the three broad Levels listed below:
Level 1 quoted prices in active markets for identical investments
Level 2 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value
measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.
Debt securities are valued in
accordance with the evaluated bid price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Other securities that are categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank
loans, warrants, swaps and forward contracts. The Fund may use a systematic fair valuation model provided by an independent pricing service to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of
certain foreign exchanges and the New York Stock Exchange. These are generally categorized as Level 2 in the hierarchy.
When independent prices are unavailable or
unreliable, debt securities and swaps may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3
depending on the circumstances. For certain collateralized debt obligations, corporate obligations, mortgage backed securities, auction rate preferred securities and loan participations where observable inputs are limited, assumptions about market
activity and risk are used and are categorized as Level 3 in the hierarchy.
The valuation techniques used by the Funds to measure fair value during the period ended
January 31, 2018, maximized the use of observable inputs and minimized the use of unobservable inputs.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
January 31, 2018
For the period ended January 31, 2018, there have been no significant changes to the Trusts fair valuation
methodologies.
For details of the investment classification, reference the Summary Schedule of Investments/Schedule of Investments.
Security Transactions and Investment Income Security transactions are recorded on the trade date. Cost used in determining realized capital gains and
losses on the sale of securities is determined on the basis of specific identification. Dividend income and expense recognized on the ex-dividend date, and interest income or expense recognized using the accrual basis of accounting.
Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.
The Trust estimates the components of distributions received that may be considered nontaxable distributions or capital gain distributions.
Amortization and
accretion is calculated using the scientific interest method, which approximates the effective interest method over the holding period of the security. Amortization of premiums and discounts is included in interest income.
Repurchase Agreements Securities pledged as collateral for repurchase agreements are held by each Funds custodian bank until the repurchase date of
the repurchase agreement. The Funds also invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the brokers custodian bank in a segregated account until the repurchase
date of the repurchase agreement. Provisions of the repurchase agreements and the Trusts policies require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty.
If the counterparty defaults and the value of the collateral declines, or if the counterparty enters into an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. There were no outstanding repurchase agreements
as of January 31, 2018.
Reverse Repurchase Agreements To the extent consistent with its investment objective and strategies, a Fund may issue
reverse repurchase agreements. A reverse repurchase agreement involves the sale of portfolio assets together with an agreement to repurchase the same assets later at a fixed price. Additional assets are maintained in a segregated account with the
custodian. The segregated assets may consist of cash, U.S. Government securities, or other liquid securities at least equal in value to the
obligations under the reverse repurchase agreements. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Funds use of
the proceeds under the reverse repurchase agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the obligation to repurchase the securities. There were no outstanding reverse
repurchase agreements as of January 31, 2018.
Expenses Expenses that are directly related to one of the Funds are charged directly to that Fund.
Other operating expenses of the Funds are prorated to the Funds on the basis of relative net assets.
Foreign Currency Translation The books and
records of the Funds investments in international securities are maintained in U.S. dollars on the following basis:
(i) market value of investment securities,
assets and liabilities at the current rate of exchange; and
(ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange
prevailing on the respective dates of such transactions.
The Funds do not isolate that portion of gains and losses on investments in equity securities that is due
to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.
The Funds report certain foreign-currency-related
transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.
Forward Foreign Currency Contracts To the extent consistent with its investment objective and strategies, a Fund may enter into forward foreign currency
contracts for hedging or speculative purposes with respect to either specific transactions, fund positions or anticipated fund positions. All commitments are marked-to-market daily at the applicable foreign exchange rate, and any resulting
unrealized gains or losses are recorded currently. The Fund realizes gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the
period are recognized as ordinary income or loss for Federal income tax purposes. A Fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a
foreign currency relative to the U.S. dollar.
Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer
to each Funds Summary Schedule
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of Investments/Schedule of Investments for details regarding open forward foreign currency contracts as of
January 31, 2018, if applicable.
Futures Contracts To the extent consistent with its investment objective and strategies, a Fund may use futures
contracts for tactical hedging purposes as well as to enhance the Funds returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market daily and the resulting changes in
value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Funds record a realized gain or loss equal to
the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.
Risks of entering into futures contracts
include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an
inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.
Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Funds Summary Schedule of
Investments/Schedule of Investments for details regarding open futures contracts as of January 31, 2018, if applicable.
Options/Swaptions Writing/Purchasing
To the extent consistent with its investment objective and strategies, a Fund may invest in financial options/swaptions contracts for the purpose of hedging its existing portfolio securities, or securities that a Fund intends to purchase,
against fluctuations in fair market value caused by changes in prevailing market interest rates. A Fund may also invest in financial option/swaption contracts to enhance its returns. When the Fund writes or purchases an option/swaption, an amount
equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option/swaption written or purchased. Premiums received or paid from writing or purchasing
options/swaptions which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including
brokerage commissions, is also treated as a realized gain or loss. If an option/swaption is exercised,
the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss.
The risk in writing a call option/swaption is a Fund may give up the opportunity for profit if the market price of the security increases. The risk in writing a put
option/swaption is a Fund may incur a loss if the market price of the security decreases and the option/swaption is exercised. The risk in purchasing an option/swaption is a Fund may pay a premium whether or not the option/swaption is exercised. The
Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option/swaption contracts also involve the risk that they may not work as intended due to
unanticipated developments in market conditions or other causes.
Finally, the risk exists that losses on written options could exceed amounts disclosed on the
Statements of Assets and Liabilities. Refer to each Funds Summary Schedule of Investments/Schedule of Investments for details regarding open option/swaption contracts as of January 31, 2018, if applicable. There were no outstanding
option/swaption contracts during the period ended January 31, 2018.
Swap Agreements To the extent consistent with its investment objective and
strategies, a Fund may invest in swap contracts for speculative or hedging purposes. Swaps may be used to synthetically obtain exposure to securities or baskets of securities. A swap agreement is a two-party contract under which an agreement is made
to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or basket of securities representing a particular index. Interest rate swaps involve the exchange by a Fund with
another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Credit-default swaps involve periodic payments by a Fund
or counterparty based on a specified rate multiplied by a notional amount assigned to an underlying debt instrument or group of debt instruments in exchange for the assumption of credit risk on the same instruments. In the event of a credit event,
usually in the form of a credit rating downgrade, the party receiving periodic payments (i.e. floating rate payer) must pay the other party (i.e. fixed rate payer) an amount equal to the recovery rate used to settle the contracts. The recovery rate
is a function of how many credit default swap investors wish to deliver the security or receive the security. The recovery rate is determined through an auction process. Total return swaps allow
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
January 31, 2018
an investor to benefit from the cash flow without ever actually owning the underlying security. The receiver must pay any
decline in value to the payer at the end of the total return swap. However, the investor does not need to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e. mortgage backed securities, bank debt and
corporate), loans or commodities. The value of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on LIBOR or some other form of indices on the notional amount. Interest rate swaps
involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal to manage a Funds
exposure to interest rates. Payments received or made are recorded as realized gains or loss. A Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its
obligation to perform. Risk of loss may exceed amounts recognized on the statement of assets and liabilities. In connection with swap agreements securities may be set aside as collateral by a Funds custodian.
Swaps are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as unrealized gains or losses
in the Statement of Operations. Net payments of interest are recorded as realized gains or losses.
Entering into swap agreements involves, to varying degrees,
elements of credit and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement
may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest rates. Risks also arise from potential losses from adverse market movements.
These risks may be mitigated by having a master netting arrangement between a Fund and the counterparty and by having the counterparty post collateral to cover a
Funds exposure to the counterparty. See Note 3 for further details. There were no outstanding swap agreements as of January 31, 2018.
Delayed Delivery
Transactions To the extent consistent with its investment objective and strategies, a Fund may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by those Funds to purchase or
sell securities for a predetermined price or yield,
with payment and delivery taking place beyond the customary settlement period. When purchasing a security on a delayed delivery basis, that Fund assumes the rights and risks of ownership of the
security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Those Funds may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may
sell when-issued securities before they are delivered, which may result in a capital gain or loss. When those Funds have sold a security on a delayed delivery basis, that Fund does not participate in future gains and losses with respect to the
security.
Loan Participations and Brady Bonds To the extent consistent with its investment objective and strategies, a Fund may invest in U.S.
dollar-denominated fixed - and floating-rate loans (Loans) arranged through private negotiations between a foreign sovereign entity and one or more financial institutions (Lenders). The Fund invests in such Loans in the form
of participations in Loans (Participations) or assignments of all or a portion of Loans from third parties. Participations typically result in this Fund having a contractual relationship only with the Lenders, not with the sovereign
borrowers. This Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with
purchasing Participations, the Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, nor any rights of set-off against the borrower, and the Fund will not benefit directly from
any collateral supporting the Loan in which it has purchased the Participation. As a result, the Fund assumes the credit risk of both the borrower and the Lender that is selling the Participation.
Certain debt obligations, customarily referred to as Brady Bonds, are created through the exchange of existing commercial bank loans to foreign entities for
new obligations in connection with debt restructuring under a plan introduced by former U.S. Secretary of the Treasury Nicholas F. Brady. Brady Bonds have only been issued since 1989, and, accordingly, do not have a long payment history. They are
issued by governments that may have previously defaulted on the loans being restructured by the Brady Bonds, so they are subject to the risk of default by the issuer. They may be fully or partially collateralized or uncollateralized and issued in
various currencies. As of January 31, 2018, the Funds did not hold any loans.
Collateralized Debt Obligations To the extent consistent with its
investment objective and strategies, a Fund may invest in collateralized debt obligations
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(CDOs), which include collateralized loan obligations (CLOs) and other similarly structured
securities. CLOs are a type of asset-backed security. A CLO is a trust, typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans,
including loans that may be rated below investment grade or equivalent unrated loans. CDOs may charge management fees and administrative expenses.
For CDOs, the
cash flows from the Trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the equity tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to
protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CDO trust typically has a higher rating and lower yield than their underlying
securities, and can be rated investment grade. Despite the protection from the equity tranche, CDO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of
protecting tranches, market anticipation of defaults, as well as aversion to CDO securities as a class.
The risks of an investment in a CDO depend largely on the
type of the collateral securities and the class of the CDO in which a Fund invests. Normally, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be
characterized by a Fund as illiquid securities; however, an active dealer market may exist for CDOs allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities (e.g., interest rate
risk and default risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the
collateral may decline CDOs that are subordinate structure of the investment and investment results. The Funds did not hold any CDOs or CLOs during the period ended January 31, 2018.
Dividends and Distributions to Shareholders Dividends from net investment income are declared and paid to shareholders annually for the Tactical Offensive
Equity Fund and declared and paid quarterly for the Tactical Offensive Fixed Income Fund. Dividends and distributions are recorded on the ex-dividend date. Any
net realized capital gains will be distributed at least annually by the Funds.
Illiquid Securities
A security is considered illiquid if it cannot be sold or disposed of in the ordinary course of business within seven days or less for its approximate carrying value on the books of a Fund. Valuations of illiquid securities may differ
significantly from the values that would have been used had an active market value for these securities existed. The Funds did not hold any illiquid securities during the period ended January 31, 2018.
Investments in Real Estate Investment Trusts (REITs) Dividend income is recorded based on the income included in distributions received from
the REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments
or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.
3. CREDIT DERIVATIVES
When a Fund seeks to take an active long or short position
with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an
issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities. The reference obligation of the swap can be a single issuer, a basket of issuers, or an index. The
underlying referenced assets are corporate debt, sovereign debt and asset-backed securities.
The buyer of a credit default swap is generally obligated to pay the
seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. Generally, a credit event for corporate or sovereign
reference obligations means bankruptcy, failure to pay, obligation acceleration, repudiation/moratorium or restructuring. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay
principal, maturity extension, rating downgrade or write-down.
If a Fund is a seller of protection, and a credit event occurs, as defined under the terms of that
particular swap agreement, a Fund will generally either (i) pay to the buyer an amount equal to the notional amount
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
January 31, 2018
of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities
comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced
index.
If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either
(i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a
net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market
makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number
of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
The Funds are party to International Swap Dealers
Association, Inc. Master Agreements (ISDA Master Agreements). These agreements are with select counterparties and they govern transactions, including certain over-the-counter derivative and foreign exchange contracts, entered into by the
Funds and the counterparty.
There were no outstanding credit default swaps as of January 31, 2018.
4. DERIVATIVE TRANSACTIONS
A Fund is subject to various netting arrangements with
select counterparties (Master Agreements). Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing
standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered
by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure
to a specific counterparty entity in
the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.
Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements,
collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold,
which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as
collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of investments at value (securities) or deposits due from counterparties (cash). Cash collateral received is not typically held in a segregated
account and as such is reflected as a liability on the Statements of Assets and Liabilities as deposits due to counterparties. The market value of any securities received as collateral is not reflected as a component of net asset value. A
Funds overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.
Customer account agreements and related addendums govern exchange traded derivatives transactions such as futures, options on futures, and centrally cleared swaps.
Exchange traded derivative transactions require posting of initial margin as determined by each relevant clearing agency which is segregated at a broker account registered with the Commodities Futures Trading Commission (CFTC), or the
applicable regulator. In the US, counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Fund assets in the segregated account. Additionally, portability of exposure in the event of default further reduces
risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared Over the Counter (OTC) derivatives.
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The following is a summary of the variation margin of exchange-traded or centrally cleared financial derivative
instruments as of January 31, 2018 ($ Thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Derivative Assets |
|
|
|
|
|
|
|
Financial Derivative Liabilities |
|
|
|
|
|
|
Variation Margin Asset |
|
|
|
|
|
|
|
Variation Margin Liability |
|
|
|
|
|
|
Futures |
|
|
Total |
|
|
|
|
Futures |
|
|
Total |
|
Tactical Offensive Equity Fund |
|
|
$102 |
|
|
|
$102 |
|
|
|
|
|
$65 |
|
|
|
$65 |
|
Total Exchange-Traded or Centrally Cleared |
|
|
$102 |
|
|
|
$102 |
|
|
|
|
|
$65 |
|
|
|
$65 |
|
Cash with an aggregate market value of $1,794 ($ Thousands) has been pledged as collateral for exchange-traded and
centrally cleared derivative instruments as of January 31, 2018.
International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support
Annexes (ISDA Master Agreements) govern OTC financial derivative transactions entered into by a Fund and select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral
and events of default or
termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and
cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional
provisions that add additional counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third party custodian.
The following is a summary by counterparty of the
market value of OTC financial derivative instruments and collateral (received)/pledged as of January 31, 2018 ($ Thousands):
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Derivative Assets |
|
|
|
|
|
Financial Derivative Liabilities |
|
|
|
|
|
|
|
|
Tactical Offensive Fixed Income Fund |
|
Forward
Foreign Currency
Contracts |
|
|
Total
Over the Counter |
|
|
|
|
|
Forward
Foreign Currency
Contracts |
|
|
Total
Over the Counter |
|
|
Net Market
Value of OTC Derivatives |
|
Collateral (Received)/ Pledged |
|
|
Net
Exposures(1) |
Brown Brothers Harriman |
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
$ |
2,360 |
|
|
|
$2,360 |
|
|
$(2,360) |
|
|
$ |
|
|
$(2,360) |
Total Over the Counter |
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
$ |
2,360 |
|
|
|
$2,360 |
|
|
|
|
|
|
|
|
|
(1) Net Exposures represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure to
OTC financial derivative instruments can only be netted across transactions governed under the same master netting agreement with the same legal entity.
Securities
with an aggregate market value of $0 have been pledged and $0 have been received as collateral for financial derivative instruments as governed by ISDA Master Agreements as of January 31, 2018.
The following table discloses the volume of the Funds futures contracts and forward foreign currency contracts activity during the six month period ended
January 31, 2018 ($ Thousands):
|
|
|
|
|
|
|
|
|
|
|
Tactical Offensive
Equity Fund |
|
|
Tactical Offensive
Fixed Income Fund |
|
Futures Contracts: |
|
|
|
|
|
|
|
|
Equity Contracts |
|
|
|
|
|
|
|
|
Average Notional Balance Long |
|
$ |
38,991 |
|
|
$ |
|
|
Ending Notional Balance Long |
|
|
47,845 |
|
|
|
|
|
Forward Foreign Currency Contracts: |
|
|
|
|
|
|
|
|
Average Notional Balance Long |
|
|
77 |
|
|
|
65,546 |
|
Average Notional Balance Short |
|
|
77 |
|
|
|
65,917 |
|
Ending Notional Balance Long |
|
|
|
|
|
|
60,081 |
|
Ending Notional Balance Short |
|
|
|
|
|
|
61,829 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
71 |
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
January 31, 2018
5. INVESTMENT ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS, INVESTMENT SUB-ADVISORY AGREEMENTS AND OTHER
TRANSACTIONS WITH AFFILIATES
Investment Advisory, Administration & Distribution Agreements SIMC serves as investment adviser (the
Adviser) to each Fund. In connection with serving as Adviser, SIMC is entitled to a fee that is calculated daily and paid monthly, based on the average daily net assets of each Fund.
The Trust and SEI Investments Global Funds Services (the Administrator) are parties to an Administration and Transfer Agency Agreement under which the
Administrator provides administrative and transfer agency services for annual fees, based on the average daily net assets of each Fund.
SEI Investments Distribution
Co. (the Distributor), serves as each Funds Distributor pursuant to a distribution agreement with the Trust. The Funds have adopted a shareholder services plan (the Service Plan) with respect to the Shares that allows
such Shares to pay service providers a fee in connection with the ongoing servicing of shareholder accounts owning such Shares at an annual rate of average daily net assets of the Shares. The Funds Service Plan provides that shareholder
servicing fees on the Shares will be paid to the Distributor, which may be used by the Distributor to compensate financial intermediaries for providing shareholder services with respect to the Shares.
Effective November 30, 2017, the Funds administrator and/or its affiliates have contractually agreed to waive fees or reimburse expenses for each Fund
until November 30, 2018, in order to keep total fund operating expenses (exclusive of interest from borrowings,
brokerage commissions, taxes and other extraordinary expenses not incurred in the ordinary course of the Funds business) from exceeding the levels specified in the table below. These contractual waivers and reimbursements will only apply if a
Funds total operating costs exceed the applicable thresholds and will not affect the Funds total operating costs if they are less than the applicable thresholds. In other words, shareholders will pay the lower of a Funds actual
total fund operating expenses or total fund operating expenses after contractual waivers and expense reimbursements. The contractual waiver and expense reimbursement are limited to the Funds direct operating expenses and, therefore, do not
apply to indirect expenses incurred by the Fund, such as acquired fund fees and expenses (AFFE). The agreement may be amended or terminated only with the consent of the Board of Trustees.
The Funds adviser, the Funds administrator and/ or the Funds distributor have voluntarily agreed to waive a portion of their fees in order to keep
total direct operating expenses (exclusive of interest from borrowings, brokerage commissions, trustee fees, taxes and extraordinary expenses not incurred in the ordinary course of the Funds business) at the levels specified in the table
below. The voluntary waivers of the Funds adviser, Funds administrator and Funds distributor are limited to the Funds direct operating expenses and therefore do not apply to indirect expenses incurred by the Funds, such as
AFFE, if any. The Funds adviser, the Funds administrator and/or the Funds distributor may discontinue all or part of these waivers at any time.
The following is a summary of annual fees payable to
the Adviser and Distributor and the expense limitations for each Fund:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory Fee |
|
|
Shareholder Servicing Fee |
|
|
Contractual Expense Limitation |
|
|
Voluntary Expense Limitation |
|
Tactical Offensive Equity Fund |
|
|
0.20% |
|
|
|
0.25% |
|
|
|
0.75% |
|
|
|
0.50% |
|
Tactical Offensive Fixed Income Fund |
|
|
0.15 |
|
|
|
0.25 |
|
|
|
0.70 |
|
|
|
0.38 |
|
The following is a summary of annual fees payable to the Administrator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous Contractual Fees |
|
|
|
|
|
|
Contractual Fees as of January 1, 2017 |
|
|
|
8/1/16-12/31/16 |
|
|
|
First $2.5 Billion |
|
|
Next $500 Million |
|
|
Over $3 Billion |
|
|
|
|
|
|
|
AMT Tactical Offensive Equity Fund |
|
|
0.200 |
% |
|
|
|
|
0.200 |
% |
|
|
0.1650 |
% |
|
|
0.120 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8/1/16-12/31/16 |
|
|
|
First $1.5 Billion |
|
|
Next $500 Million |
|
|
Next $500 Million |
|
|
Next $500 Million |
|
|
Over $3 Billion |
|
AMT Tactical Offensive Fixed Income Fund |
|
|
0.200 |
% |
|
|
|
|
0.200 |
% |
|
|
0.1775 |
% |
|
|
0.1550 |
% |
|
|
0.1325 |
% |
|
|
0.110 |
% |
|
|
|
72 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
As of January 31, 2018, SIMC has entered into an investment sub-advisory agreement with the following party and pays
the sub-adviser out of the fee that it receives from the Funds:
Tactical Offensive Equity Fund
SSgA Funds
Management, Inc.
Tactical Offensive Fixed Income Fund
SSgA Funds
Management, Inc.
Other The Distribution Agreement between the Distributor and the Trust provides that the Distributor may receive compensation on Fund
transactions effected for the Trust in accordance with Securities and Exchange Commission (SEC) rules. Accordingly, it is expected that Fund transactions may result in brokerage commissions being paid to the Distributor. The SEC rules
require that such commissions not exceed usual and customary commissions.
There were no such commissions for the period ended January 31, 2018.
Payments to Affiliates Certain officers and/or trustees of the Trust are also officers or directors of the Distributor or the Adviser. The Trust pays each
unaffiliated Trustee an annual fee for attendance at quarterly, interim and committee meetings.
Compensation of officers and affiliated Trustees of the Trust is
paid by the Adviser or Administrator.
A portion of the services provided by the Chief Compliance Officer (CCO) and his staff, whom are employees of the
Administrator, are paid for by the Trust as incurred.
Fees Paid Indirectly The Funds may direct certain fund trades to the Distributor who pays a
portion of
each Funds expenses. Accordingly, the expenses reduced, which were used to pay third party expenses, can be found on the Statements of Operations and the effect on each Funds expense
ratio, as a percentage of each Funds average daily net assets for the period ended January 31, 2018, can be found on the Financial Highlights, if applicable.
Investment in Affiliated Security The Funds may invest in the SEI Daily Income Trust Government Fund, an affiliated money market fund to manage excess cash
or to serve as margin or collateral for derivative positions. The Funds may also purchase securities of certain companies with which it is affiliated to the extent these companies are represented in an index that the adviser or sub-adviser is
passively seeking to replicate in accordance with the Funds investment strategy.
Interfund Lending The SEC has granted an exemption that permits
the Trust to participate in an interfund lending program (the Program) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the SEI Funds). The Program allows the SEI Funds to
lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more
favorable to the lending fund than an investment in overnight repurchase agreements (Repo Rate), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (Bank
Loan Rate). The Bank Loan Rate will be determined using a formula reviewed annually by the SEI Funds Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate.
As of, and during the period ended January 31, 2018, the Trust had not participated in the Program.
6. CAPITAL SHARE TRANSACTIONS
Capital Share Transactions for the Funds were as follows (Thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tactical Offensive Equity Fund |
|
|
Tactical Offensive Fixed Income Fund |
|
|
|
8/1/2017 to 1/31/2018 (Unaudited) |
|
|
2017 |
|
|
8/1/2017 to 1/31/2018 (Unaudited) |
|
|
2017 |
|
Shares Issued |
|
|
13,900 |
|
|
|
29,332 |
|
|
|
19,333 |
|
|
|
33,042 |
|
Shares Issued in Lieu of Dividends and Distributions |
|
|
3,343 |
|
|
|
1,239 |
|
|
|
2,563 |
|
|
|
3,231 |
|
Shares Redeemed |
|
|
(11,105 |
) |
|
|
(22,515 |
) |
|
|
(5,706 |
) |
|
|
(16,248 |
) |
Increase in capital share transactions |
|
|
6,138 |
|
|
|
8,056 |
|
|
|
16,190 |
|
|
|
20,025 |
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
73 |
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Concluded)
January 31, 2018
7. INVESTMENT TRANSACTIONS
The cost
of security purchases and the proceeds from the sale and maturities of securities other than temporary cash investments during the period ended January 31, 2018, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Govt
($ Thousands) |
|
|
Other
($ Thousands) |
|
|
Total
($ Thousands) |
|
Tactical Offensive Equity Fund |
|
|
|
|
|
Purchases |
|
$ |
|
|
|
$ |
103,375 |
|
|
$ |
103,375 |
|
Sales |
|
|
|
|
|
|
43,937 |
|
|
|
43,937 |
|
Tactical Offensive Fixed Income Fund |
|
|
|
|
|
Purchases |
|
|
207,334 |
|
|
|
114,933 |
|
|
|
322,267 |
|
Sales |
|
|
127,623 |
|
|
|
48,958 |
|
|
|
176,581 |
|
8. FEDERAL TAX INFORMATION
It is each
Funds intention to continue to qualify as a regulated investment company, under Sub chapter M of the Internal Revenue Code, and to distribute all of its taxable income and net capital gains. Accordingly, no provision for Federal income taxes
is required.
Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. Federal income tax
regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital,
undistributed net investment income or accumulated net realized gain, as appropriate, in the period that the differences arise.
The tax character of dividends and distributions paid
during the last two fiscal years were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary
Income
($ Thousands) |
|
|
Long-term
Capital Gain
($ Thousands) |
|
|
Return of Capital
($ Thousands) |
|
|
Total
($ Thousands) |
|
Tactical Offensive Equity Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
$ |
17,550 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
17,550 |
|
|
|
|
2016 |
|
|
|
24,315 |
|
|
|
6,662 |
|
|
|
|
|
|
|
30,977 |
|
Tactical Offensive Fixed Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
|
33,358 |
|
|
|
|
|
|
|
|
|
|
|
33,358 |
|
|
|
|
2016 |
|
|
|
21,066 |
|
|
|
|
|
|
|
|
|
|
|
21,066 |
|
As of July 31, 2017, the components of Distributable Earnings on a tax basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed
Ordinary Income
($ Thousands) |
|
|
Undistributed
Long-Term Capital Gain
($ Thousands) |
|
|
Capital
Loss Carryforwards
($ Thousands) |
|
|
Unrealized
Appreciation (Depreciation)
($ Thousands) |
|
|
Other
Temporary Differences
($ Thousands) |
|
|
Total
Distributable Earnings
($ Thousands) |
|
Tactical Offensive Equity Fund |
|
$ |
26,844 |
|
|
$ |
9,598 |
|
|
$ |
|
|
|
$ |
343,098 |
|
|
$ |
(981 |
) |
|
$ |
378,559 |
|
Tactical Offensive Fixed Income Fund |
|
|
9,423 |
|
|
|
|
|
|
|
(8,205 |
) |
|
|
11,927 |
|
|
|
(3,416 |
) |
|
|
9,729 |
|
For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital
gains as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term
Loss ($ Thousands) |
|
|
Long-Term
Loss ($ Thousands) |
|
|
Total
($ Thousands) |
|
Tactical Offensive Fixed Income Fund |
|
|
$2,479 |
|
|
|
$5,726 |
|
|
|
$8,205 |
|
For Federal income tax purposes, the cost of securities owned at January 31, 2018, and the net realized gains or losses on
securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to investments in passive foreign investment companies, swap accruals and wash sales which
cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.
The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at January 31,
2018, was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Tax Cost
($ Thousands) |
|
|
Appreciated
Securities ($ Thousands) |
|
|
Depreciated
Securities ($ Thousands) |
|
|
Net Unrealized
Appreciation (Depreciation)
($ Thousands) |
Tactical Offensive Equity Fund |
|
$ |
1,995,104 |
|
|
$ |
702,384 |
|
|
$ |
(55,728 |
) |
|
$ 646,656 |
Tactical Offensive Fixed Income Fund |
|
|
1,441,911 |
|
|
|
20,388 |
|
|
|
(26,130 |
) |
|
(5,742) |
Management has analyzed the Funds tax positions taken on Federal income tax returns for all open tax years and has concluded that
as of January 31, 2018, no provision for income tax would be required in the Funds financial statements. The Funds Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of
limitations have
|
|
|
74 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
9.
CONCENTRATION/RISKS
In the normal course of business, the Trust enters into contracts that provide general indemnifications by the Trust to the counterparty to the
contract. The Trusts maximum exposure under these arrangements is dependent on future claims that may be made against the Trust and, therefore, cannot be estimated; however, management believes that, based on experience, the risk of loss from
such claims is considered remote.
The Tactical Offensive Equity and Tactical Offensive Fixed Income Funds may invest its assets in securities of foreign issuers in
various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States, as a result of, among other factors, the possibility of future political and economic developments and
the level of governmental supervision and regulation of securities markets in the respective countries.
The market value of the Tactical Offensive Fixed Income
Funds investments may change in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the
values of such securities generally decline. Changes by recognized rating agencies in the ratings of any fixed income security and in the ability of an issuer to make payments of interest and principal may also affect the value of these investments.
The foregoing is not intended to be a complete discussion of the risks associated with investing in a Fund. Please review each Funds prospectus for additional
disclosures regarding the principal risks associated with investing in a Fund.
10. CONCENTRATION OF SHAREHOLDERS
SEI Private Trust Company (SPTC) and SIMC are subsidiaries of SEI Investments Company (SEI). As of January 31, 2018, SPTC held of record the
following percentage of outstanding shares of each Fund:
|
|
|
|
|
Tactical Offensive Equity Fund |
|
|
93.88 |
% |
Tactical Offensive Fixed Income Fund |
|
|
93.69 |
% |
SPTC is not a direct service provider to the Funds. However, SPTC performs a key role in the comprehensive investment solution that SEI
provides to investors. SPTC holds the vast majority of shares in the Funds as custodian for shareholders that are clients of the Financial Adviser. SPTC maintains omnibus accounts at the Funds transfer agent.
11. REGULATORY MATTERS
In October
2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, final rules) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules
amended Regulation S-X and require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. As of August 1, 2017, management has implemented the amendments to Regulation S-X,
which did not have a material impact on the Funds financial statements and related disclosures or impact the Funds net assets or results of operations.
12. SUBSEQUENT EVENTS
Management has evaluated the need for disclosures and/or
adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of January 31, 2018.
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
|
75 |
|
DISCLOSURE OF FUND EXPENSES (Unaudited)
January 31, 2018
All mutual funds have operating expenses. As a shareholder of
a fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs
on your investment returns.
Operating expenses such as these are deducted from the funds gross income and directly reduce your final investment return. These
expenses are expressed as a percentage of the funds average net assets; this percentage is known as the funds expense ratio.
The following examples use
the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning
of the period shown and held for the entire period (August 1, 2017 through January 31, 2018).
The table on this page illustrates your funds costs in two
ways:
Actual fund return: This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The
Expenses Paid During Period column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the Ending Account Value number is derived from deducting that expense cost from the Funds gross
investment return.
You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period.
Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under Expenses Paid During Period.
Hypothetical 5% return: This section helps you compare your Funds costs with those of other mutual funds. It assumes that the fund had an annual 5% return
before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation.
You can assess your Funds comparative cost by comparing the hypothetical result for your Fund in the Expense Paid During Period column with those that appear in the same charts in the shareholder reports for other funds.
NOTE: Because the return is set at 5% for comparison purposes NOT your Funds actual return the account values shown may not apply to your
specific investment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
Account Value
8/1/17 |
|
|
Ending
Account Value
1/31/18 |
|
|
Annualized
Expense Ratios |
|
|
Expenses
Paid During
Period * |
|
Tactical Offensive Equity Fund |
|
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
$ |
1,000.00 |
|
|
$ |
1,143.30 |
|
|
|
0.50 |
% |
|
$ |
2.70 |
|
Hypothetical 5% Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
$ |
1,000.00 |
|
|
$ |
1,022.68 |
|
|
|
0.50 |
% |
|
$ |
2.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
Account Value
8/1/17 |
|
|
Ending
Account Value
1/31/18 |
|
|
Annualized
Expense Ratios |
|
|
Expenses
Paid During
Period * |
|
Tactical Offensive Fixed Income Fund |
|
Actual Fund Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
$ |
1,000.00 |
|
|
$ |
997.90 |
|
|
|
0.38 |
% |
|
$ |
1.91 |
|
Hypothetical 5% Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
$ |
1,000.00 |
|
|
$ |
1,023.29 |
|
|
|
0.38 |
% |
|
$ |
1.94 |
|
* Expenses are equal
to the Funds annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).
|
|
|
76 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
ADVISER MANAGED TRUST SEMI-ANNUAL REPORT JANUARY 31, 2018
|
|
|
Robert A. Nesher, Chairman |
|
Investment Adviser |
|
|
Trustees |
|
SEI Investments Management Corporation |
|
|
William M. Doran |
|
Administrator |
|
|
George J. Sullivan, Jr. |
|
SEI Investments Global Funds Services |
|
|
Nina Lesavoy |
|
Distributor |
|
|
James M. Williams |
|
SEI Investments Distribution Co. |
|
|
Mitchell A. Johnson |
|
Legal Counsel |
|
|
Hubert L. Harris, Jr. |
|
Morgan, Lewis & Bockius LLP |
|
|
Susan C. Cote |
|
Independent Registered Public Accounting Firm |
|
|
Officers |
|
KPMG LLP |
|
|
Robert A. Nesher |
|
|
|
|
President and Chief Executive Officer |
|
|
|
|
James J. Hoffmayer
Controller and Chief Financial Officer
Glenn R. Kurdziel
Assistant Controller
Russell Emery
Chief Compliance Officer
Timothy D. Barto
Vice President, Secretary
Aaron Buser
Vice President, Assistant Secretary
David F. McCann
Vice President, Assistant Secretary
Stephen G. MacRae
Vice President
Bridget E. Sudall
Anti-Money Laundering Compliance Officer
Privacy Officer |
|
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be
preceded or accompanied by a current prospectus. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal
Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal.
For more information call
1 800 DIAL SEI
(1 800 342 5734) |
|
|
|
SEI |
|
New ways. |
|
New answers.® |
1 Freedom Valley Drive, P.O. Box 1100, Oaks, PA 19456
AMT (1/18)
Item 2. Code of Ethics.
Not applicable for semi-annual report.
Item 3.
Audit Committee Financial Expert.
Not applicable for semi-annual report.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual report.
Item 5.
Audit Committee of Listed Registrants.
Not applicable for semi-annual report.
Item 6. Schedule of Investments.
(a) The
Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period for the Tactical Offensive Equity Fund is listed below. The Schedule of Investments in securities of unaffiliated issuers as of the close of the
reporting period for the Tactical Offensive Fixed Income Fund is included as part of the report to shareholders filed under Item 1 of this form.
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
|
COMMON STOCK 96.8% |
|
|
|
|
|
|
|
|
Australia 1.3% |
|
|
|
|
|
|
|
|
AGL Energy |
|
|
20,847 |
|
|
$ |
396 |
|
Alumina |
|
|
70,920 |
|
|
|
138 |
|
Amcor |
|
|
36,009 |
|
|
|
425 |
|
AMP |
|
|
92,879 |
|
|
|
395 |
|
APA Group |
|
|
35,977 |
|
|
|
235 |
|
Aristocrat Leisure |
|
|
17,453 |
|
|
|
338 |
|
ASX |
|
|
6,267 |
|
|
|
278 |
|
Aurizon Holdings |
|
|
67,982 |
|
|
|
258 |
|
AusNet Services |
|
|
52,822 |
|
|
|
72 |
|
Australia & New Zealand Banking Group |
|
|
94,151 |
|
|
|
2,179 |
|
Bank of Queensland |
|
|
11,675 |
|
|
|
117 |
|
Bendigo & Adelaide Bank |
|
|
14,507 |
|
|
|
138 |
|
BHP Billiton |
|
|
101,247 |
|
|
|
2,476 |
|
BlueScope Steel |
|
|
18,578 |
|
|
|
218 |
|
Boral |
|
|
38,313 |
|
|
|
248 |
|
Brambles |
|
|
48,758 |
|
|
|
391 |
|
Caltex Australia |
|
|
7,822 |
|
|
|
220 |
|
Challenger |
|
|
19,104 |
|
|
|
211 |
|
CIMIC Group |
|
|
2,912 |
|
|
|
111 |
|
Coca-Cola Amatil |
|
|
16,592 |
|
|
|
113 |
|
Cochlear |
|
|
1,877 |
|
|
|
264 |
|
Commonwealth Bank of Australia |
|
|
54,768 |
|
|
|
3,498 |
|
Computershare |
|
|
13,507 |
|
|
|
183 |
|
Crown Resorts |
|
|
13,506 |
|
|
|
145 |
|
CSL |
|
|
14,503 |
|
|
|
1,720 |
|
Dexus |
|
|
31,343 |
|
|
|
242 |
|
Dominos Pizza Enterprises |
|
|
1,778 |
|
|
|
69 |
|
Flight Centre Travel Group |
|
|
1,608 |
|
|
|
66 |
|
Fortescue Metals Group |
|
|
50,827 |
|
|
|
204 |
|
Goodman Group
|
|
|
58,022 |
|
|
|
380 |
|
GPT Group
|
|
|
58,374 |
|
|
|
238 |
|
Harvey Norman Holdings |
|
|
16,099 |
|
|
|
59 |
|
Healthscope |
|
|
50,269 |
|
|
|
79 |
|
Incitec Pivot |
|
|
48,881 |
|
|
|
148 |
|
Insurance Australia Group |
|
|
75,763 |
|
|
|
444 |
|
Lend Lease Group |
|
|
18,696 |
|
|
|
240 |
|
Macquarie Group |
|
|
10,069 |
|
|
|
841 |
|
Medibank |
|
|
96,664 |
|
|
|
262 |
|
Mirvac Group
|
|
|
121,141 |
|
|
|
216 |
|
National Australia Bank |
|
|
86,139 |
|
|
|
2,032 |
|
Newcrest Mining |
|
|
23,896 |
|
|
|
439 |
|
Oil Search |
|
|
45,910 |
|
|
|
281 |
|
Orica |
|
|
10,819 |
|
|
|
168 |
|
Origin Energy * |
|
|
56,799 |
|
|
|
430 |
|
QBE Insurance Group |
|
|
43,804 |
|
|
|
382 |
|
Ramsay Health Care |
|
|
4,580 |
|
|
|
253 |
|
REA Group |
|
|
1,526 |
|
|
|
91 |
|
Rio Tinto |
|
|
13,766 |
|
|
|
857 |
|
Santos |
|
|
59,937 |
|
|
|
247 |
|
Scentre Group
|
|
|
174,377 |
|
|
|
586 |
|
Seek |
|
|
9,480 |
|
|
|
150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
|
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
Sonic Healthcare |
|
|
13,300 |
|
|
$ |
257 |
|
South32 |
|
|
172,021 |
|
|
|
532 |
|
Stockland
|
|
|
74,722 |
|
|
|
255 |
|
Suncorp Group |
|
|
40,179 |
|
|
|
444 |
|
Sydney Airport |
|
|
32,104 |
|
|
|
177 |
|
Tabcorp Holdings |
|
|
58,033 |
|
|
|
243 |
|
Telstra |
|
|
130,856 |
|
|
|
389 |
|
TPG Telecom |
|
|
9,871 |
|
|
|
51 |
|
Transurban Group |
|
|
70,344 |
|
|
|
685 |
|
Treasury Wine Estates |
|
|
23,913 |
|
|
|
331 |
|
Vicinity Centres
|
|
|
109,847 |
|
|
|
239 |
|
Wesfarmers |
|
|
35,633 |
|
|
|
1,264 |
|
Westfield
|
|
|
60,616 |
|
|
|
449 |
|
Westpac Banking |
|
|
108,544 |
|
|
|
2,721 |
|
Woodside Petroleum |
|
|
26,456 |
|
|
|
709 |
|
Woolworths Group |
|
|
40,757 |
|
|
|
889 |
|
|
|
|
|
|
|
|
33,806 |
|
Austria 0.1% |
|
|
|
|
|
|
|
|
ANDRITZ |
|
|
2,109 |
|
|
|
127 |
|
Erste Group Bank |
|
|
9,299 |
|
|
|
470 |
|
OMV |
|
|
4,766 |
|
|
|
308 |
|
Raiffeisen Bank International |
|
|
4,866 |
|
|
|
210 |
|
voestalpine |
|
|
4,030 |
|
|
|
262 |
|
|
|
|
|
|
|
|
1,377 |
|
Belgium 0.2% |
|
|
|
|
|
|
|
|
Ageas |
|
|
5,835 |
|
|
|
309 |
|
Anheuser-Busch InBev |
|
|
24,273 |
|
|
|
2,756 |
|
Colruyt |
|
|
1,951 |
|
|
|
108 |
|
Groupe Bruxelles Lambert |
|
|
2,580 |
|
|
|
305 |
|
KBC Group |
|
|
8,228 |
|
|
|
794 |
|
Proximus |
|
|
4,407 |
|
|
|
149 |
|
Solvay |
|
|
2,349 |
|
|
|
341 |
|
Telenet Group Holding * |
|
|
1,528 |
|
|
|
118 |
|
UCB |
|
|
4,092 |
|
|
|
358 |
|
Umicore |
|
|
6,214 |
|
|
|
328 |
|
|
|
|
|
|
|
|
5,566 |
|
Brazil 0.5% |
|
|
|
|
|
|
|
|
Ambev |
|
|
223,410 |
|
|
|
1,548 |
|
Atacadao Distribuicao Comercio e Industria * |
|
|
20,000 |
|
|
|
102 |
|
B3 - Brasil Bolsa Balcao |
|
|
94,578 |
|
|
|
779 |
|
Banco Bradesco |
|
|
43,431 |
|
|
|
539 |
|
Banco do Brasil |
|
|
40,700 |
|
|
|
510 |
|
Banco Santander Brasil |
|
|
20,400 |
|
|
|
231 |
|
BB Seguridade Participacoes |
|
|
33,600 |
|
|
|
330 |
|
BR Malls Participacoes |
|
|
43,495 |
|
|
|
176 |
|
BRF * |
|
|
27,900 |
|
|
|
311 |
|
CCR |
|
|
58,748 |
|
|
|
291 |
|
Centrais Eletricas Brasileiras * |
|
|
11,500 |
|
|
|
74 |
|
Cia de Saneamento Basico do Estado de Sao Paulo |
|
|
16,500 |
|
|
|
190 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
1 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
|
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
Cia Siderurgica Nacional * |
|
|
38,000 |
|
|
$ |
132 |
|
Cielo |
|
|
57,940 |
|
|
|
492 |
|
Cosan Industria e Comercio |
|
|
8,000 |
|
|
|
110 |
|
EDP - Energias do Brasil |
|
|
18,847 |
|
|
|
82 |
|
Embraer |
|
|
33,400 |
|
|
|
211 |
|
Engie Brasil Energia |
|
|
9,500 |
|
|
|
108 |
|
Equatorial Energia |
|
|
9,600 |
|
|
|
212 |
|
Fibria Celulose |
|
|
11,800 |
|
|
|
204 |
|
Hypermarcas |
|
|
16,900 |
|
|
|
194 |
|
Itausa - Investimentos Itau |
|
|
119 |
|
|
|
|
|
JBS |
|
|
43,100 |
|
|
|
137 |
|
Klabin |
|
|
29,365 |
|
|
|
165 |
|
Kroton Educacional |
|
|
65,600 |
|
|
|
337 |
|
Localiza Rent a Car |
|
|
31,185 |
|
|
|
254 |
|
Lojas Renner |
|
|
34,440 |
|
|
|
412 |
|
M Dias Branco |
|
|
5,100 |
|
|
|
92 |
|
Multiplan Empreendimentos Imobiliarios |
|
|
4,219 |
|
|
|
97 |
|
Natura Cosmeticos |
|
|
8,400 |
|
|
|
93 |
|
Odontoprev |
|
|
16,300 |
|
|
|
86 |
|
Petroleo Brasileiro * |
|
|
136,500 |
|
|
|
918 |
|
Porto Seguro |
|
|
5,800 |
|
|
|
81 |
|
Qualicorp |
|
|
12,400 |
|
|
|
120 |
|
Raia Drogasil |
|
|
11,300 |
|
|
|
301 |
|
Rumo * |
|
|
51,774 |
|
|
|
233 |
|
Sul America |
|
|
10,642 |
|
|
|
68 |
|
Suzano Papel e Celulose |
|
|
21,300 |
|
|
|
139 |
|
TIM Participacoes |
|
|
42,200 |
|
|
|
180 |
|
Transmissora Alianca de Energia Eletrica |
|
|
9,500 |
|
|
|
60 |
|
Ultrapar Participacoes |
|
|
17,100 |
|
|
|
440 |
|
Vale |
|
|
152,189 |
|
|
|
1,992 |
|
WEG |
|
|
27,400 |
|
|
|
205 |
|
|
|
|
|
|
|
|
13,236 |
|
Canada 0.0% |
|
|
|
|
|
|
|
|
Atlantic Power * |
|
|
12,789 |
|
|
|
27 |
|
IMAX * |
|
|
6,636 |
|
|
|
131 |
|
Masonite International * |
|
|
3,370 |
|
|
|
235 |
|
MDC Partners, Cl A * |
|
|
6,541 |
|
|
|
59 |
|
Tahoe Resources |
|
|
15,200 |
|
|
|
67 |
|
Teekay |
|
|
6,996 |
|
|
|
57 |
|
|
|
|
|
|
|
|
576 |
|
Chile 0.1% |
|
|
|
|
|
|
|
|
AES Gener |
|
|
139,105 |
|
|
|
45 |
|
Aguas Andinas, Cl A |
|
|
110,966 |
|
|
|
75 |
|
Banco de Chile |
|
|
1,099,684 |
|
|
|
189 |
|
Banco de Credito e Inversiones |
|
|
1,943 |
|
|
|
149 |
|
Banco Santander Chile |
|
|
3,038,891 |
|
|
|
259 |
|
Cencosud |
|
|
65,576 |
|
|
|
205 |
|
Cia Cervecerias Unidas |
|
|
7,031 |
|
|
|
104 |
|
Colbun |
|
|
369,931 |
|
|
|
92 |
|
Empresa Nacional de Telecomunicaciones |
|
|
7,975 |
|
|
|
96 |
|
Empresas CMPC |
|
|
57,207 |
|
|
|
227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
|
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
Empresas COPEC |
|
|
20,357 |
|
|
$ |
355 |
|
Enel Americas |
|
|
1,327,127 |
|
|
|
311 |
|
Enel Chile |
|
|
879,593 |
|
|
|
111 |
|
Enel Generacion Chile |
|
|
148,748 |
|
|
|
142 |
|
Itau CorpBanca |
|
|
6,192,200 |
|
|
|
63 |
|
Latam Airlines Group |
|
|
14,011 |
|
|
|
242 |
|
SACI Falabella |
|
|
32,663 |
|
|
|
344 |
|
|
|
|
|
|
|
|
3,009 |
|
China 1.9% |
|
|
|
|
|
|
|
|
AAC Technologies Holdings |
|
|
35,000 |
|
|
|
585 |
|
Agricultural Bank of China, Cl H |
|
|
1,248,000 |
|
|
|
766 |
|
Air China, Cl H |
|
|
102,000 |
|
|
|
149 |
|
Aluminum Corp of China, Cl H * |
|
|
228,000 |
|
|
|
154 |
|
Anhui Conch Cement, Cl H |
|
|
57,500 |
|
|
|
317 |
|
ANTA Sports Products |
|
|
57,000 |
|
|
|
275 |
|
Autohome ADR |
|
|
2,800 |
|
|
|
233 |
|
AviChina Industry & Technology, Cl H |
|
|
108,000 |
|
|
|
58 |
|
Baidu ADR * |
|
|
13,200 |
|
|
|
3,259 |
|
Bank of China, Cl H |
|
|
3,796,000 |
|
|
|
2,286 |
|
Bank of Communications, Cl H |
|
|
398,000 |
|
|
|
345 |
|
Beijing Capital International Airport, Cl H |
|
|
80,000 |
|
|
|
121 |
|
CGN Power, Cl H (A) |
|
|
501,000 |
|
|
|
142 |
|
China Cinda Asset Management, Cl H |
|
|
408,000 |
|
|
|
173 |
|
China CITIC Bank, Cl H |
|
|
409,000 |
|
|
|
337 |
|
China Communications Construction, Cl H |
|
|
203,000 |
|
|
|
242 |
|
China Communications Services, Cl H |
|
|
148,000 |
|
|
|
94 |
|
China Construction Bank, Cl H |
|
|
4,014,000 |
|
|
|
4,629 |
|
China Everbright Bank, Cl H |
|
|
174,000 |
|
|
|
99 |
|
China Galaxy Securities, Cl H |
|
|
152,500 |
|
|
|
125 |
|
China Longyuan Power Group, Cl H |
|
|
163,000 |
|
|
|
119 |
|
China Merchants Bank, Cl H |
|
|
183,000 |
|
|
|
897 |
|
China National Building Material, Cl H |
|
|
162,000 |
|
|
|
173 |
|
China Oilfield Services, Cl H |
|
|
90,000 |
|
|
|
107 |
|
China Pacific Insurance Group, Cl H |
|
|
126,000 |
|
|
|
640 |
|
China Petroleum & Chemical, Cl H |
|
|
1,190,000 |
|
|
|
1,028 |
|
China Railway Construction, Cl H |
|
|
103,000 |
|
|
|
125 |
|
China Railway Group, Cl H |
|
|
187,000 |
|
|
|
144 |
|
China Telecom, Cl H |
|
|
628,000 |
|
|
|
311 |
|
China Vanke, Cl H |
|
|
61,900 |
|
|
|
303 |
|
Chongqing Rural Commercial Bank, Cl H |
|
|
151,000 |
|
|
|
137 |
|
CITIC Securities, Cl H |
|
|
109,000 |
|
|
|
290 |
|
COSCO SHIPPING Development, Cl H * |
|
|
54,000 |
|
|
|
12 |
|
COSCO SHIPPING Holdings, Cl H * |
|
|
1,500 |
|
|
|
1 |
|
Country Garden Holdings |
|
|
295,000 |
|
|
|
634 |
|
CRRC |
|
|
192,000 |
|
|
|
190 |
|
ENN Energy Holdings |
|
|
36,000 |
|
|
|
278 |
|
Fosun International |
|
|
121,000 |
|
|
|
286 |
|
Great Wall Motor, Cl H |
|
|
167,000 |
|
|
|
204 |
|
Guangzhou R&F Properties |
|
|
59,200 |
|
|
|
167 |
|
Huaneng Power International, Cl H |
|
|
198,000 |
|
|
|
128 |
|
Industrial & Commercial Bank of China, Cl H |
|
|
3,513,000 |
|
|
|
3,324 |
|
|
|
|
2 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
|
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
Jiangsu Expressway, Cl H |
|
|
70,000 |
|
|
$ |
108 |
|
Jiangxi Copper, Cl H |
|
|
78,000 |
|
|
|
132 |
|
Kingsoft |
|
|
50,000 |
|
|
|
171 |
|
NetEase ADR |
|
|
3,900 |
|
|
|
1,249 |
|
New Oriental Education & Technology Group ADR |
|
|
7,100 |
|
|
|
654 |
|
PetroChina, Cl H |
|
|
988,000 |
|
|
|
783 |
|
PICC Property & Casualty, Cl H |
|
|
208,000 |
|
|
|
432 |
|
Ping An Insurance Group of China, Cl H |
|
|
244,500 |
|
|
|
2,896 |
|
Shandong Weigao Group Medical Polymer, Cl H |
|
|
112,000 |
|
|
|
83 |
|
Shanghai Electric Group, Cl H |
|
|
144,000 |
|
|
|
59 |
|
Shanghai Fosun Pharmaceutical Group, Cl H |
|
|
27,000 |
|
|
|
157 |
|
Shanghai Lujiazui Finance & Trade Zone Development, Cl B |
|
|
51,840 |
|
|
|
79 |
|
Shanghai Pharmaceuticals Holding, Cl H |
|
|
38,100 |
|
|
|
100 |
|
Shenzhou International Group Holdings |
|
|
36,000 |
|
|
|
372 |
|
Shimao Property Holdings |
|
|
58,500 |
|
|
|
175 |
|
Sihuan Pharmaceutical Holdings Group |
|
|
100,000 |
|
|
|
38 |
|
SINA * |
|
|
2,800 |
|
|
|
328 |
|
Sino-Ocean Group Holding |
|
|
157,000 |
|
|
|
130 |
|
Sinopec Shanghai Petrochemical, Cl H |
|
|
190,000 |
|
|
|
116 |
|
Sinopharm Group, Cl H |
|
|
54,400 |
|
|
|
240 |
|
SOHO China |
|
|
113,000 |
|
|
|
67 |
|
Sun Art Retail Group |
|
|
122,500 |
|
|
|
166 |
|
Tencent Holdings |
|
|
272,400 |
|
|
|
16,146 |
|
Tingyi Cayman Islands Holding |
|
|
108,000 |
|
|
|
225 |
|
Travelsky Technology, Cl H |
|
|
56,000 |
|
|
|
176 |
|
Tsingtao Brewery, Cl H |
|
|
20,000 |
|
|
|
111 |
|
Vipshop Holdings ADR * |
|
|
21,600 |
|
|
|
357 |
|
Want Want China Holdings |
|
|
264,000 |
|
|
|
233 |
|
Weichai Power, Cl H |
|
|
124,000 |
|
|
|
155 |
|
Yanzhou Coal Mining, Cl H |
|
|
98,000 |
|
|
|
171 |
|
YY ADR * |
|
|
1,800 |
|
|
|
239 |
|
Zhuzhou CSR Times Electric, Cl H |
|
|
25,500 |
|
|
|
141 |
|
Zijin Mining Group, Cl H |
|
|
288,000 |
|
|
|
145 |
|
ZTE, Cl H |
|
|
41,400 |
|
|
|
151 |
|
|
|
|
|
|
|
|
50,672 |
|
Colombia 0.0% |
|
|
|
|
|
|
|
|
Bancolombia |
|
|
9,900 |
|
|
|
114 |
|
Cementos Argos |
|
|
20,851 |
|
|
|
83 |
|
Ecopetrol |
|
|
210,420 |
|
|
|
198 |
|
Grupo Argos |
|
|
12,098 |
|
|
|
88 |
|
Grupo de Inversiones Suramericana |
|
|
12,361 |
|
|
|
175 |
|
Interconexion Electrica ESP |
|
|
18,670 |
|
|
|
95 |
|
|
|
|
|
|
|
|
753 |
|
Czech Republic 0.0% |
|
|
|
|
|
|
|
|
Central European Media Enterprises, Cl A * |
|
|
10,878 |
|
|
|
52 |
|
CEZ |
|
|
7,360 |
|
|
|
189 |
|
Komercni banka |
|
|
3,469 |
|
|
|
160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
|
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
Moneta Money Bank (A) |
|
|
23,296 |
|
|
$ |
97 |
|
O2 Czech Republic |
|
|
5,020 |
|
|
|
70 |
|
|
|
|
|
|
|
|
568 |
|
Denmark 0.4% |
|
|
|
|
|
|
|
|
AP Moller - Maersk, Cl A |
|
|
111 |
|
|
|
191 |
|
AP Moller - Maersk, Cl B |
|
|
211 |
|
|
|
378 |
|
Carlsberg, Cl B |
|
|
3,452 |
|
|
|
445 |
|
Chr Hansen Holding |
|
|
3,206 |
|
|
|
281 |
|
Coloplast, Cl B |
|
|
3,838 |
|
|
|
342 |
|
Danske Bank |
|
|
23,757 |
|
|
|
968 |
|
DSV |
|
|
6,046 |
|
|
|
499 |
|
Genmab * |
|
|
1,848 |
|
|
|
340 |
|
H Lundbeck |
|
|
2,300 |
|
|
|
118 |
|
ISS |
|
|
5,425 |
|
|
|
212 |
|
Novo Nordisk, Cl B |
|
|
59,355 |
|
|
|
3,312 |
|
Novozymes, Cl B |
|
|
7,367 |
|
|
|
410 |
|
Orsted (A) |
|
|
6,386 |
|
|
|
389 |
|
Pandora |
|
|
3,366 |
|
|
|
320 |
|
TDC |
|
|
23,500 |
|
|
|
157 |
|
Tryg |
|
|
3,356 |
|
|
|
82 |
|
Vestas Wind Systems |
|
|
6,846 |
|
|
|
469 |
|
William Demant Holding * |
|
|
3,548 |
|
|
|
113 |
|
|
|
|
|
|
|
|
9,026 |
|
Finland 0.2% |
|
|
|
|
|
|
|
|
Elisa |
|
|
4,121 |
|
|
|
176 |
|
Fortum |
|
|
14,433 |
|
|
|
314 |
|
Kone, Cl B |
|
|
11,193 |
|
|
|
643 |
|
Metso |
|
|
3,267 |
|
|
|
114 |
|
Neste |
|
|
4,462 |
|
|
|
309 |
|
Nokia |
|
|
184,679 |
|
|
|
892 |
|
Nokian Renkaat |
|
|
4,210 |
|
|
|
213 |
|
Orion, Cl B |
|
|
3,353 |
|
|
|
135 |
|
Sampo, Cl A |
|
|
14,205 |
|
|
|
828 |
|
Stora Enso, Cl R |
|
|
17,885 |
|
|
|
308 |
|
UPM-Kymmene |
|
|
16,704 |
|
|
|
565 |
|
Wartsila |
|
|
4,705 |
|
|
|
323 |
|
|
|
|
|
|
|
|
4,820 |
|
France 1.9% |
|
|
|
|
|
|
|
|
Accor |
|
|
6,181 |
|
|
|
353 |
|
Aeroports de Paris |
|
|
860 |
|
|
|
179 |
|
Air Liquide |
|
|
13,448 |
|
|
|
1,818 |
|
Alstom |
|
|
5,178 |
|
|
|
228 |
|
Amundi (A) |
|
|
1,898 |
|
|
|
180 |
|
Arkema |
|
|
2,184 |
|
|
|
280 |
|
Atos |
|
|
3,073 |
|
|
|
486 |
|
AXA |
|
|
61,121 |
|
|
|
2,017 |
|
BioMerieux |
|
|
1,301 |
|
|
|
124 |
|
BNP Paribas |
|
|
35,772 |
|
|
|
2,968 |
|
Bollore |
|
|
25,713 |
|
|
|
150 |
|
Bouygues |
|
|
6,643 |
|
|
|
370 |
|
Bureau Veritas |
|
|
9,269 |
|
|
|
273 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
3 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
|
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
Capital Gemini |
|
|
5,060 |
|
|
$ |
674 |
|
Carrefour |
|
|
18,547 |
|
|
|
445 |
|
Casino Guichard Perrachon |
|
|
1,640 |
|
|
|
96 |
|
Cie de Saint-Gobain |
|
|
16,114 |
|
|
|
940 |
|
Cie Generale des Etablissements Michelin |
|
|
5,435 |
|
|
|
872 |
|
CNP Assurances |
|
|
4,973 |
|
|
|
128 |
|
Credit Agricole |
|
|
36,111 |
|
|
|
683 |
|
Danone |
|
|
19,203 |
|
|
|
1,662 |
|
Dassault Aviation |
|
|
86 |
|
|
|
144 |
|
Dassault Systemes |
|
|
3,983 |
|
|
|
461 |
|
Edenred |
|
|
7,019 |
|
|
|
227 |
|
Eiffage |
|
|
2,513 |
|
|
|
306 |
|
Electricite de France |
|
|
19,156 |
|
|
|
264 |
|
Engie |
|
|
58,743 |
|
|
|
1,023 |
|
Essilor International Cie Generale dOptique |
|
|
6,668 |
|
|
|
950 |
|
Eurazeo |
|
|
1,232 |
|
|
|
130 |
|
Eurofins Scientific |
|
|
391 |
|
|
|
256 |
|
Eutelsat Communications |
|
|
5,058 |
|
|
|
112 |
|
Faurecia |
|
|
2,384 |
|
|
|
215 |
|
Fonciere Des Regions
|
|
|
966 |
|
|
|
106 |
|
Gecina
|
|
|
1,536 |
|
|
|
301 |
|
Getlink |
|
|
16,668 |
|
|
|
235 |
|
Hermes International |
|
|
1,028 |
|
|
|
570 |
|
ICADE |
|
|
1,074 |
|
|
|
117 |
|
Iliad |
|
|
863 |
|
|
|
224 |
|
Imerys |
|
|
1,037 |
|
|
|
111 |
|
Ingenico Group |
|
|
1,924 |
|
|
|
220 |
|
Ipsen |
|
|
1,225 |
|
|
|
172 |
|
JCDecaux |
|
|
2,153 |
|
|
|
93 |
|
Kering |
|
|
2,392 |
|
|
|
1,215 |
|
Klepierre
|
|
|
7,059 |
|
|
|
323 |
|
Lagardere |
|
|
3,419 |
|
|
|
107 |
|
Legrand |
|
|
8,260 |
|
|
|
690 |
|
LOreal |
|
|
7,942 |
|
|
|
1,812 |
|
LVMH Moet Hennessy Louis Vuitton |
|
|
8,900 |
|
|
|
2,801 |
|
Natixis |
|
|
30,595 |
|
|
|
280 |
|
Orange |
|
|
62,859 |
|
|
|
1,139 |
|
Pernod Ricard |
|
|
6,810 |
|
|
|
1,088 |
|
Peugeot |
|
|
19,055 |
|
|
|
429 |
|
Publicis Groupe |
|
|
6,760 |
|
|
|
469 |
|
Remy Cointreau |
|
|
660 |
|
|
|
87 |
|
Renault |
|
|
6,050 |
|
|
|
668 |
|
Rexel |
|
|
8,746 |
|
|
|
158 |
|
Safran |
|
|
10,477 |
|
|
|
1,187 |
|
Sanofi |
|
|
36,130 |
|
|
|
3,201 |
|
Schneider Electric |
|
|
18,268 |
|
|
|
1,718 |
|
SCOR |
|
|
5,897 |
|
|
|
265 |
|
SEB |
|
|
667 |
|
|
|
138 |
|
Societe BIC |
|
|
833 |
|
|
|
96 |
|
Societe Generale |
|
|
24,251 |
|
|
|
1,415 |
|
Sodexo |
|
|
2,875 |
|
|
|
370 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
|
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
STMicroelectronics |
|
|
20,688 |
|
|
$ |
496 |
|
Suez |
|
|
12,487 |
|
|
|
187 |
|
Teleperformance |
|
|
1,815 |
|
|
|
276 |
|
Thales |
|
|
3,434 |
|
|
|
387 |
|
TOTAL |
|
|
76,204 |
|
|
|
4,427 |
|
Ubisoft Entertainment * |
|
|
1,981 |
|
|
|
170 |
|
Valeo |
|
|
7,396 |
|
|
|
585 |
|
Veolia Environnement |
|
|
15,376 |
|
|
|
389 |
|
Vinci |
|
|
15,907 |
|
|
|
1,724 |
|
Vivendi |
|
|
33,282 |
|
|
|
980 |
|
Wendel |
|
|
834 |
|
|
|
156 |
|
Zodiac Aerospace * |
|
|
7,313 |
|
|
|
228 |
|
|
|
|
|
|
|
|
50,824 |
|
Germany 1.8% |
|
|
|
|
|
|
|
|
1&1 Drillisch |
|
|
1,665 |
|
|
|
139 |
|
adidas |
|
|
5,964 |
|
|
|
1,392 |
|
Allianz |
|
|
14,258 |
|
|
|
3,615 |
|
Axel Springer |
|
|
1,668 |
|
|
|
147 |
|
BASF |
|
|
29,229 |
|
|
|
3,434 |
|
Bayer |
|
|
26,321 |
|
|
|
3,457 |
|
Bayerische Motoren Werke |
|
|
10,490 |
|
|
|
1,202 |
|
Beiersdorf |
|
|
3,138 |
|
|
|
373 |
|
Brenntag |
|
|
4,902 |
|
|
|
319 |
|
Commerzbank |
|
|
33,180 |
|
|
|
548 |
|
Continental |
|
|
3,576 |
|
|
|
1,077 |
|
Covestro (A) |
|
|
5,121 |
|
|
|
591 |
|
Daimler |
|
|
30,843 |
|
|
|
2,833 |
|
Deutsche Bank |
|
|
65,362 |
|
|
|
1,205 |
|
Deutsche Boerse |
|
|
6,221 |
|
|
|
801 |
|
Deutsche Lufthansa |
|
|
8,164 |
|
|
|
292 |
|
Deutsche Post |
|
|
31,182 |
|
|
|
1,479 |
|
Deutsche Telekom |
|
|
105,944 |
|
|
|
1,864 |
|
Deutsche Wohnen |
|
|
11,477 |
|
|
|
520 |
|
E.ON |
|
|
69,263 |
|
|
|
730 |
|
Evonik Industries |
|
|
5,173 |
|
|
|
205 |
|
Fraport Frankfurt Airport Services Worldwide |
|
|
1,204 |
|
|
|
143 |
|
Fresenius & KGaA |
|
|
13,117 |
|
|
|
1,152 |
|
Fresenius Medical Care & KGaA |
|
|
6,936 |
|
|
|
804 |
|
GEA Group |
|
|
5,902 |
|
|
|
294 |
|
Hannover Rueck |
|
|
1,949 |
|
|
|
267 |
|
HeidelbergCement |
|
|
4,693 |
|
|
|
510 |
|
Henkel & KGaA |
|
|
3,197 |
|
|
|
401 |
|
HOCHTIEF |
|
|
602 |
|
|
|
109 |
|
HUGO BOSS |
|
|
1,938 |
|
|
|
179 |
|
Infineon Technologies |
|
|
36,107 |
|
|
|
1,053 |
|
Innogy (A) |
|
|
4,679 |
|
|
|
179 |
|
K+S |
|
|
5,545 |
|
|
|
156 |
|
KION Group |
|
|
2,206 |
|
|
|
203 |
|
LANXESS |
|
|
2,989 |
|
|
|
261 |
|
Linde * |
|
|
5,878 |
|
|
|
1,440 |
|
MAN |
|
|
1,021 |
|
|
|
122 |
|
|
|
|
4 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
|
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
Merck KGaA |
|
|
4,023 |
|
|
$ |
441 |
|
METRO * |
|
|
5,165 |
|
|
|
113 |
|
MTU Aero Engines |
|
|
1,633 |
|
|
|
294 |
|
Muenchener Rueckversicherungs- Gesellschaft in Muenchen |
|
|
4,922 |
|
|
|
1,162 |
|
OSRAM Licht |
|
|
3,343 |
|
|
|
293 |
|
ProSiebenSat.1 Media |
|
|
7,390 |
|
|
|
283 |
|
QIAGEN * |
|
|
6,958 |
|
|
|
234 |
|
RWE |
|
|
15,754 |
|
|
|
316 |
|
SAP |
|
|
31,358 |
|
|
|
3,548 |
|
Siemens |
|
|
24,348 |
|
|
|
3,705 |
|
Symrise |
|
|
3,924 |
|
|
|
329 |
|
Telefonica Deutschland Holding |
|
|
21,545 |
|
|
|
109 |
|
ThyssenKrupp |
|
|
14,291 |
|
|
|
451 |
|
TUI |
|
|
14,618 |
|
|
|
331 |
|
Uniper |
|
|
6,321 |
|
|
|
189 |
|
United Internet |
|
|
4,012 |
|
|
|
293 |
|
Volkswagen |
|
|
1,113 |
|
|
|
247 |
|
Vonovia |
|
|
15,542 |
|
|
|
769 |
|
Wirecard |
|
|
3,686 |
|
|
|
461 |
|
Zalando *(A) |
|
|
3,599 |
|
|
|
212 |
|
|
|
|
|
|
|
|
47,276 |
|
Greece 0.0% |
|
|
|
|
|
|
|
|
Alpha Bank AE * |
|
|
65,706 |
|
|
|
160 |
|
Costamare |
|
|
6,739 |
|
|
|
44 |
|
Eurobank Ergasias * |
|
|
93,311 |
|
|
|
105 |
|
FF Group * |
|
|
1,785 |
|
|
|
43 |
|
Hellenic Telecommunications Organization |
|
|
13,601 |
|
|
|
214 |
|
JUMBO |
|
|
4,857 |
|
|
|
96 |
|
National Bank of Greece * |
|
|
287,733 |
|
|
|
123 |
|
OPAP |
|
|
11,884 |
|
|
|
160 |
|
Piraeus Bank * |
|
|
12,192 |
|
|
|
55 |
|
Titan Cement |
|
|
2,299 |
|
|
|
71 |
|
|
|
|
|
|
|
|
1,071 |
|
Hong Kong 1.4% |
|
|
|
|
|
|
|
|
3SBio *(A) |
|
|
60,300 |
|
|
|
123 |
|
Agile Group Holdings |
|
|
56,000 |
|
|
|
101 |
|
AIA Group |
|
|
382,600 |
|
|
|
3,277 |
|
Alibaba Health Information Technology * |
|
|
190,000 |
|
|
|
99 |
|
Alibaba Pictures Group * |
|
|
710,000 |
|
|
|
99 |
|
ASM Pacific Technology |
|
|
9,800 |
|
|
|
134 |
|
Bank of East Asia |
|
|
35,741 |
|
|
|
155 |
|
Beijing Enterprises Holdings |
|
|
24,000 |
|
|
|
147 |
|
Beijing Enterprises Water Group |
|
|
224,000 |
|
|
|
161 |
|
BOC Hong Kong Holdings |
|
|
114,500 |
|
|
|
585 |
|
Brilliance China Automotive Holdings |
|
|
140,000 |
|
|
|
358 |
|
Byd, Cl H |
|
|
31,000 |
|
|
|
292 |
|
BYD Electronic International |
|
|
21,500 |
|
|
|
53 |
|
China Conch Venture Holdings |
|
|
78,500 |
|
|
|
220 |
|
China Everbright |
|
|
50,000 |
|
|
|
123 |
|
China Everbright International |
|
|
116,000 |
|
|
|
177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
|
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
China Evergrande Group |
|
|
193,000 |
|
|
$ |
638 |
|
China Gas Holdings |
|
|
82,000 |
|
|
|
240 |
|
China Huarong Asset Management, Cl H (A) |
|
|
480,200 |
|
|
|
243 |
|
China Huishan Dairy Holdings * |
|
|
228,000 |
|
|
|
12 |
|
China Life Insurance, Cl H |
|
|
347,000 |
|
|
|
1,174 |
|
China Medical System Holdings |
|
|
64,000 |
|
|
|
137 |
|
China Mengniu Dairy |
|
|
125,000 |
|
|
|
408 |
|
China Merchants Port Holdings |
|
|
67,044 |
|
|
|
177 |
|
China Minsheng Banking, Cl H |
|
|
268,000 |
|
|
|
307 |
|
China Mobile |
|
|
293,000 |
|
|
|
3,094 |
|
China Molybdenum, Cl H |
|
|
129,000 |
|
|
|
99 |
|
China Overseas Land & Investment |
|
|
174,000 |
|
|
|
674 |
|
China Resources Enterprise |
|
|
88,000 |
|
|
|
333 |
|
China Resources Gas Group |
|
|
44,000 |
|
|
|
145 |
|
China Resources Land |
|
|
124,000 |
|
|
|
495 |
|
China Resources Pharmaceutical Group (A) |
|
|
83,000 |
|
|
|
109 |
|
China Resources Power Holdings |
|
|
90,000 |
|
|
|
166 |
|
China Shenhua Energy, Cl H |
|
|
154,500 |
|
|
|
481 |
|
China Southern Airlines, Cl H |
|
|
98,000 |
|
|
|
128 |
|
China State Construction International Holdings |
|
|
108,000 |
|
|
|
156 |
|
China Taiping Insurance Holdings |
|
|
75,800 |
|
|
|
328 |
|
China Unicom |
|
|
272,000 |
|
|
|
408 |
|
CITIC |
|
|
263,000 |
|
|
|
415 |
|
CK Asset Holdings |
|
|
81,776 |
|
|
|
781 |
|
CK Hutchison Holdings |
|
|
85,500 |
|
|
|
1,154 |
|
CK Infrastructure Holdings |
|
|
21,000 |
|
|
|
187 |
|
CLP Holdings |
|
|
54,000 |
|
|
|
551 |
|
CNOOC |
|
|
824,000 |
|
|
|
1,283 |
|
COSCO SHIPPING Ports |
|
|
27,873 |
|
|
|
29 |
|
CSPC Pharmaceutical Group |
|
|
224,000 |
|
|
|
497 |
|
Dongfeng Motor Group, Cl H |
|
|
126,000 |
|
|
|
165 |
|
Far East Horizon |
|
|
99,000 |
|
|
|
107 |
|
First Pacific |
|
|
62,000 |
|
|
|
44 |
|
Franshion Properties China |
|
|
200,000 |
|
|
|
130 |
|
Fullshare Holdings |
|
|
337,200 |
|
|
|
159 |
|
Fuyao Glass Industry Group, Cl H (A) |
|
|
26,000 |
|
|
|
110 |
|
Galaxy Entertainment Group |
|
|
76,000 |
|
|
|
673 |
|
GCL-Poly Energy Holdings * |
|
|
696,000 |
|
|
|
120 |
|
Geely Automobile Holdings |
|
|
245,000 |
|
|
|
785 |
|
Genting Singapore |
|
|
200,800 |
|
|
|
207 |
|
GF Securities, Cl H |
|
|
63,600 |
|
|
|
142 |
|
GOME Retail Holdings |
|
|
606,000 |
|
|
|
77 |
|
Guangdong Investment |
|
|
134,000 |
|
|
|
199 |
|
Guangzhou Automobile Group, Cl H |
|
|
110,000 |
|
|
|
249 |
|
Haier Electronics Group |
|
|
72,000 |
|
|
|
247 |
|
Haitian International Holdings |
|
|
34,000 |
|
|
|
106 |
|
Haitong Securities, Cl H |
|
|
151,200 |
|
|
|
247 |
|
Hang Lung Group |
|
|
26,000 |
|
|
|
99 |
|
Hang Lung Properties |
|
|
65,000 |
|
|
|
172 |
|
Hang Seng Bank |
|
|
25,000 |
|
|
|
595 |
|
Henderson Land Development |
|
|
37,620 |
|
|
|
263 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
5 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Hengan International Group |
|
|
32,500 |
|
|
$ |
312 |
|
HK Electric Investments & HK Electric Investments (A) |
|
|
76,500 |
|
|
|
71 |
|
HKT Trust & HKT |
|
|
122,000 |
|
|
|
152 |
|
Hong Kong & China Gas |
|
|
271,740 |
|
|
|
537 |
|
Hong Kong Exchanges & Clearing |
|
|
37,028 |
|
|
|
1,403 |
|
Huaneng Renewables, Cl H |
|
|
280,000 |
|
|
|
97 |
|
Huatai Securities, Cl H (A) |
|
|
78,200 |
|
|
|
177 |
|
Hysan Development |
|
|
18,000 |
|
|
|
101 |
|
I-CABLE Communications * |
|
|
9 |
|
|
|
|
|
Kerry Properties |
|
|
19,000 |
|
|
|
91 |
|
Kingboard Chemical Holdings |
|
|
28,000 |
|
|
|
154 |
|
Kingston Financial Group |
|
|
128,000 |
|
|
|
100 |
|
Kunlun Energy |
|
|
152,000 |
|
|
|
151 |
|
Lee & Man Paper Manufacturing |
|
|
70,000 |
|
|
|
83 |
|
Lenovo Group |
|
|
332,000 |
|
|
|
191 |
|
Li & Fung |
|
|
170,000 |
|
|
|
87 |
|
Link |
|
|
68,500 |
|
|
|
606 |
|
Longfor Properties |
|
|
76,500 |
|
|
|
250 |
|
Meitu *(A) |
|
|
27,500 |
|
|
|
38 |
|
Melco Resorts & Entertainment ADR |
|
|
8,121 |
|
|
|
242 |
|
MGM China Holdings |
|
|
27,600 |
|
|
|
85 |
|
Minth Group |
|
|
24,000 |
|
|
|
136 |
|
MTR |
|
|
46,639 |
|
|
|
267 |
|
New China Life Insurance, Cl H |
|
|
42,300 |
|
|
|
276 |
|
New World Development |
|
|
197,347 |
|
|
|
319 |
|
Nexteer Automotive Group |
|
|
42,000 |
|
|
|
90 |
|
Nine Dragons Paper Holdings |
|
|
104,000 |
|
|
|
162 |
|
NWS Holdings |
|
|
46,334 |
|
|
|
90 |
|
PCCW |
|
|
121,000 |
|
|
|
70 |
|
Peoples Insurance Group of China, Cl H |
|
|
328,000 |
|
|
|
188 |
|
Power Assets Holdings |
|
|
43,000 |
|
|
|
382 |
|
Semiconductor Manufacturing International * |
|
|
131,200 |
|
|
|
190 |
|
Shanghai Industrial Holdings |
|
|
25,000 |
|
|
|
73 |
|
Shangri-La Asia |
|
|
36,000 |
|
|
|
92 |
|
Sino Biopharmaceutical |
|
|
210,000 |
|
|
|
387 |
|
Sino Land |
|
|
107,967 |
|
|
|
199 |
|
SJM Holdings |
|
|
57,000 |
|
|
|
57 |
|
Sun Hung Kai Properties |
|
|
46,000 |
|
|
|
799 |
|
Sunac China Holdings |
|
|
111,000 |
|
|
|
533 |
|
Sunny Optical Technology Group |
|
|
32,600 |
|
|
|
451 |
|
Swire Pacific, Cl A |
|
|
17,500 |
|
|
|
175 |
|
Swire Properties |
|
|
33,800 |
|
|
|
118 |
|
Techtronic Industries |
|
|
45,000 |
|
|
|
300 |
|
WH Group (A) |
|
|
287,177 |
|
|
|
356 |
|
Wharf Holdings |
|
|
42,000 |
|
|
|
172 |
|
Wharf Real Estate Investment * |
|
|
42,000 |
|
|
|
290 |
|
Wheelock |
|
|
24,000 |
|
|
|
188 |
|
Wynn Macau |
|
|
45,200 |
|
|
|
160 |
|
Yue Yuen Industrial Holdings |
|
|
21,500 |
|
|
|
97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Zhejiang Expressway, Cl H |
|
|
84,000 |
|
|
$ |
100 |
|
|
|
|
|
|
|
|
37,494 |
|
Hungary 0.0% |
|
|
|
|
|
|
|
|
MOL Hungarian Oil & Gas |
|
|
17,864 |
|
|
|
219 |
|
OTP Bank |
|
|
10,980 |
|
|
|
512 |
|
Richter Gedeon |
|
|
6,387 |
|
|
|
165 |
|
|
|
|
|
|
|
|
896 |
|
India 0.2% |
|
|
|
|
|
|
|
|
Axis Bank |
|
|
21,000 |
|
|
|
196 |
|
Bharti Airtel |
|
|
3,964 |
|
|
|
27 |
|
Dr Reddys Laboratories ADR |
|
|
4,000 |
|
|
|
138 |
|
Housing Development Finance |
|
|
28,529 |
|
|
|
878 |
|
ICICI Bank ADR |
|
|
50,826 |
|
|
|
558 |
|
Infosys ADR |
|
|
75,000 |
|
|
|
1,351 |
|
ITC |
|
|
33,818 |
|
|
|
144 |
|
Maruti Suzuki India |
|
|
400 |
|
|
|
60 |
|
Reliance Industries GDR (A) |
|
|
50,000 |
|
|
|
1,510 |
|
Tata Consultancy Services |
|
|
6,200 |
|
|
|
303 |
|
Tata Motors ADR * |
|
|
11,100 |
|
|
|
344 |
|
Vakrangee |
|
|
7,368 |
|
|
|
42 |
|
Wipro ADR |
|
|
60,000 |
|
|
|
329 |
|
|
|
|
|
|
|
|
5,880 |
|
Indonesia 0.2% |
|
|
|
|
|
|
|
|
Adaro Energy |
|
|
610,500 |
|
|
|
112 |
|
AKR Corporindo |
|
|
92,500 |
|
|
|
43 |
|
Astra International |
|
|
938,500 |
|
|
|
596 |
|
Bank Central Asia |
|
|
569,500 |
|
|
|
967 |
|
Bank Danamon Indonesia |
|
|
173,000 |
|
|
|
92 |
|
Bank Mandiri Persero |
|
|
869,000 |
|
|
|
529 |
|
Bank Negara Indonesia Persero |
|
|
339,000 |
|
|
|
238 |
|
Bank Rakyat Indonesia Persero |
|
|
2,585,000 |
|
|
|
714 |
|
Bumi Serpong Damai |
|
|
379,000 |
|
|
|
52 |
|
Charoen Pokphand Indonesia |
|
|
364,000 |
|
|
|
94 |
|
Gudang Garam |
|
|
22,000 |
|
|
|
133 |
|
Hanjaya Mandala Sampoerna |
|
|
425,000 |
|
|
|
156 |
|
Indocement Tunggal Prakarsa |
|
|
72,000 |
|
|
|
117 |
|
Indofood CBP Sukses Makmur |
|
|
112,000 |
|
|
|
73 |
|
Indofood Sukses Makmur |
|
|
202,000 |
|
|
|
117 |
|
Jasa Marga Persero |
|
|
114,204 |
|
|
|
49 |
|
Kalbe Farma |
|
|
982,000 |
|
|
|
122 |
|
Matahari Department Store |
|
|
112,000 |
|
|
|
93 |
|
Pakuwon Jati |
|
|
1,021,000 |
|
|
|
54 |
|
Perusahaan Gas Negara Persero |
|
|
535,500 |
|
|
|
104 |
|
Semen Indonesia Persero |
|
|
138,000 |
|
|
|
115 |
|
Surya Citra Media |
|
|
298,000 |
|
|
|
60 |
|
Telekomunikasi Indonesia Persero |
|
|
2,352,900 |
|
|
|
701 |
|
Tower Bersama Infrastructure |
|
|
118,500 |
|
|
|
54 |
|
Unilever Indonesia |
|
|
71,000 |
|
|
|
288 |
|
United Tractors |
|
|
84,000 |
|
|
|
244 |
|
Waskita Karya Persero |
|
|
244,500 |
|
|
|
52 |
|
|
|
|
6 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
XL Axiata * |
|
|
188,250 |
|
|
$ |
42 |
|
|
|
|
|
|
|
|
6,011 |
|
Ireland 0.6% |
|
|
|
|
|
|
|
|
Accenture, Cl A |
|
|
35,764 |
|
|
|
5,747 |
|
AIB Group |
|
|
25,573 |
|
|
|
179 |
|
Alkermes * |
|
|
8,700 |
|
|
|
497 |
|
Ardmore Shipping |
|
|
3,445 |
|
|
|
24 |
|
Bank of Ireland Group * |
|
|
29,597 |
|
|
|
290 |
|
CRH |
|
|
26,682 |
|
|
|
995 |
|
Eaton |
|
|
25,800 |
|
|
|
2,166 |
|
Endo International * |
|
|
13,500 |
|
|
|
93 |
|
Experian |
|
|
29,497 |
|
|
|
681 |
|
Horizon Pharma * |
|
|
19,543 |
|
|
|
284 |
|
Ingersoll-Rand |
|
|
14,800 |
|
|
|
1,401 |
|
Kerry Group, Cl A |
|
|
4,931 |
|
|
|
527 |
|
Mallinckrodt * |
|
|
6,000 |
|
|
|
108 |
|
Paddy Power Betfair |
|
|
2,539 |
|
|
|
295 |
|
Pentair |
|
|
9,700 |
|
|
|
694 |
|
Perrigo |
|
|
7,800 |
|
|
|
707 |
|
Prothena * |
|
|
4,684 |
|
|
|
196 |
|
Ryanair Holdings ADR * |
|
|
933 |
|
|
|
115 |
|
Weatherford International * |
|
|
47,800 |
|
|
|
188 |
|
|
|
|
|
|
|
|
15,187 |
|
Israel 0.1% |
|
|
|
|
|
|
|
|
Azrieli Group |
|
|
1,230 |
|
|
|
67 |
|
Bank Hapoalim |
|
|
34,833 |
|
|
|
262 |
|
Bank Leumi Le-Israel |
|
|
48,245 |
|
|
|
298 |
|
Bezeq The Israeli Telecommunication |
|
|
60,090 |
|
|
|
99 |
|
Check Point Software Technologies * |
|
|
4,066 |
|
|
|
420 |
|
Elbit Systems |
|
|
695 |
|
|
|
105 |
|
Frutarom Industries |
|
|
1,133 |
|
|
|
119 |
|
Israel Chemicals |
|
|
14,778 |
|
|
|
62 |
|
Mizrahi Tefahot Bank |
|
|
4,031 |
|
|
|
79 |
|
Nice |
|
|
1,758 |
|
|
|
161 |
|
Stratasys * |
|
|
6,051 |
|
|
|
129 |
|
Teva Pharmaceutical Industries |
|
|
25,786 |
|
|
|
536 |
|
Teva Pharmaceutical Industries ADR |
|
|
3,542 |
|
|
|
72 |
|
|
|
|
|
|
|
|
2,409 |
|
Italy 0.5% |
|
|
|
|
|
|
|
|
Assicurazioni Generali |
|
|
38,892 |
|
|
|
774 |
|
Atlantia |
|
|
14,815 |
|
|
|
492 |
|
CNH Industrial |
|
|
33,258 |
|
|
|
494 |
|
Davide Campari-Milano |
|
|
18,239 |
|
|
|
146 |
|
Enel |
|
|
256,173 |
|
|
|
1,631 |
|
Eni |
|
|
80,433 |
|
|
|
1,451 |
|
EXOR |
|
|
3,770 |
|
|
|
292 |
|
Ferrari |
|
|
3,901 |
|
|
|
467 |
|
Fiat Chrysler Automobiles * |
|
|
33,688 |
|
|
|
817 |
|
Intesa Sanpaolo |
|
|
451,298 |
|
|
|
1,774 |
|
Leonardo |
|
|
13,140 |
|
|
|
159 |
|
Luxottica Group |
|
|
5,501 |
|
|
|
355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Mediobanca Banca di Credito Finanziario |
|
|
20,093 |
|
|
$ |
245 |
|
Poste Italiane (A) |
|
|
15,136 |
|
|
|
126 |
|
Prysmian |
|
|
7,129 |
|
|
|
252 |
|
Recordati |
|
|
3,426 |
|
|
|
156 |
|
Snam |
|
|
76,283 |
|
|
|
372 |
|
Telecom Italia * |
|
|
528,711 |
|
|
|
454 |
|
Terna Rete Elettrica Nazionale |
|
|
48,596 |
|
|
|
293 |
|
UniCredit |
|
|
63,375 |
|
|
|
1,401 |
|
UnipolSai Assicurazioni |
|
|
32,793 |
|
|
|
85 |
|
|
|
|
|
|
|
|
12,236 |
|
Japan 4.5% |
|
|
|
|
|
|
|
|
ABC-Mart |
|
|
1,000 |
|
|
|
65 |
|
Acom |
|
|
11,600 |
|
|
|
51 |
|
Aeon |
|
|
20,800 |
|
|
|
354 |
|
AEON Financial Service |
|
|
3,000 |
|
|
|
75 |
|
Aeon Mall |
|
|
3,300 |
|
|
|
73 |
|
Air Water |
|
|
5,000 |
|
|
|
107 |
|
Aisin Seiki |
|
|
5,800 |
|
|
|
338 |
|
Ajinomoto |
|
|
16,700 |
|
|
|
317 |
|
Alfresa Holdings |
|
|
5,400 |
|
|
|
131 |
|
Alps Electric |
|
|
6,900 |
|
|
|
198 |
|
Amada Holdings |
|
|
9,900 |
|
|
|
147 |
|
ANA Holdings |
|
|
3,400 |
|
|
|
138 |
|
Aozora Bank |
|
|
3,400 |
|
|
|
138 |
|
Asahi Glass |
|
|
6,600 |
|
|
|
290 |
|
Asahi Group Holdings |
|
|
12,100 |
|
|
|
609 |
|
Asahi Kasei |
|
|
40,000 |
|
|
|
522 |
|
Asics |
|
|
4,600 |
|
|
|
76 |
|
Astellas Pharma |
|
|
66,700 |
|
|
|
880 |
|
Bandai Namco Holdings |
|
|
6,500 |
|
|
|
212 |
|
Bank of Kyoto |
|
|
1,800 |
|
|
|
101 |
|
Benesse Holdings |
|
|
1,900 |
|
|
|
71 |
|
Bridgestone |
|
|
20,300 |
|
|
|
987 |
|
Brother Industries |
|
|
8,300 |
|
|
|
212 |
|
Calbee |
|
|
2,300 |
|
|
|
81 |
|
Canon |
|
|
33,500 |
|
|
|
1,335 |
|
Casio Computer |
|
|
6,600 |
|
|
|
100 |
|
Central Japan Railway |
|
|
4,500 |
|
|
|
851 |
|
Chiba Bank |
|
|
24,000 |
|
|
|
208 |
|
Chubu Electric Power |
|
|
20,500 |
|
|
|
257 |
|
Chugai Pharmaceutical |
|
|
7,200 |
|
|
|
381 |
|
Chugoku Electric Power |
|
|
8,100 |
|
|
|
90 |
|
Coca-Cola Bottlers Japan Holdings |
|
|
3,700 |
|
|
|
131 |
|
Concordia Financial Group |
|
|
42,700 |
|
|
|
259 |
|
Credit Saison |
|
|
4,300 |
|
|
|
78 |
|
CYBERDYNE * |
|
|
3,000 |
|
|
|
52 |
|
Dai Nippon Printing |
|
|
8,000 |
|
|
|
178 |
|
Daicel |
|
|
8,500 |
|
|
|
103 |
|
Daifuku |
|
|
3,100 |
|
|
|
207 |
|
Dai-ichi Life Holdings |
|
|
34,800 |
|
|
|
729 |
|
Daiichi Sankyo |
|
|
18,700 |
|
|
|
629 |
|
Daikin Industries |
|
|
7,800 |
|
|
|
936 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
7 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Daito Trust Construction |
|
|
2,300 |
|
|
$ |
402 |
|
Daiwa House Industry |
|
|
17,600 |
|
|
|
694 |
|
Daiwa House Investment, Cl A
|
|
|
40 |
|
|
|
98 |
|
Daiwa Securities Group |
|
|
52,000 |
|
|
|
373 |
|
DeNA |
|
|
3,100 |
|
|
|
67 |
|
Denso |
|
|
15,100 |
|
|
|
944 |
|
Dentsu |
|
|
6,900 |
|
|
|
309 |
|
Disco |
|
|
900 |
|
|
|
211 |
|
Don Quijote Holdings |
|
|
4,000 |
|
|
|
222 |
|
East Japan Railway |
|
|
10,300 |
|
|
|
1,023 |
|
Eisai |
|
|
8,700 |
|
|
|
497 |
|
Electric Power Development |
|
|
4,200 |
|
|
|
119 |
|
FamilyMart UNY Holdings |
|
|
2,400 |
|
|
|
160 |
|
FANUC |
|
|
6,100 |
|
|
|
1,647 |
|
Fast Retailing |
|
|
1,700 |
|
|
|
758 |
|
Fuji Electric |
|
|
16,000 |
|
|
|
132 |
|
FUJIFILM Holdings |
|
|
13,500 |
|
|
|
518 |
|
Fujitsu |
|
|
65,000 |
|
|
|
479 |
|
Fukuoka Financial Group |
|
|
22,000 |
|
|
|
127 |
|
Hachijuni Bank |
|
|
11,800 |
|
|
|
70 |
|
Hakuhodo DY Holdings |
|
|
7,900 |
|
|
|
119 |
|
Hamamatsu Photonics |
|
|
4,100 |
|
|
|
151 |
|
Hankyu Hanshin Holdings |
|
|
7,700 |
|
|
|
310 |
|
Hikari Tsushin |
|
|
600 |
|
|
|
87 |
|
Hino Motors |
|
|
7,500 |
|
|
|
99 |
|
Hirose Electric |
|
|
1,100 |
|
|
|
165 |
|
Hisamitsu Pharmaceutical |
|
|
1,800 |
|
|
|
124 |
|
Hitachi |
|
|
156,000 |
|
|
|
1,238 |
|
Hitachi Chemical |
|
|
3,000 |
|
|
|
76 |
|
Hitachi Construction Machinery |
|
|
3,100 |
|
|
|
139 |
|
Hitachi High-Technologies |
|
|
2,000 |
|
|
|
94 |
|
Hitachi Metals |
|
|
6,200 |
|
|
|
84 |
|
Honda Motor |
|
|
55,300 |
|
|
|
1,938 |
|
Hoshizaki |
|
|
1,900 |
|
|
|
179 |
|
Hoya |
|
|
12,800 |
|
|
|
653 |
|
Hulic |
|
|
8,600 |
|
|
|
109 |
|
Idemitsu Kosan |
|
|
4,200 |
|
|
|
157 |
|
IHI |
|
|
5,400 |
|
|
|
181 |
|
Iida Group Holdings |
|
|
5,100 |
|
|
|
101 |
|
Inpex |
|
|
30,800 |
|
|
|
400 |
|
Isetan Mitsukoshi Holdings |
|
|
9,700 |
|
|
|
116 |
|
Isuzu Motors |
|
|
18,900 |
|
|
|
318 |
|
ITOCHU |
|
|
47,900 |
|
|
|
939 |
|
J Front Retailing |
|
|
7,000 |
|
|
|
128 |
|
Japan Airlines |
|
|
4,000 |
|
|
|
151 |
|
Japan Airport Terminal |
|
|
1,300 |
|
|
|
50 |
|
Japan Exchange Group |
|
|
16,900 |
|
|
|
304 |
|
Japan Post Bank |
|
|
12,000 |
|
|
|
162 |
|
Japan Post Holdings |
|
|
49,500 |
|
|
|
590 |
|
Japan Prime Realty Investment
|
|
|
24 |
|
|
|
85 |
|
Japan Real Estate Investment
|
|
|
38 |
|
|
|
195 |
|
Japan Retail Fund Investment
|
|
|
89 |
|
|
|
177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Japan Tobacco |
|
|
34,800 |
|
|
$ |
1,152 |
|
JFE Holdings |
|
|
16,800 |
|
|
|
398 |
|
JGC |
|
|
6,000 |
|
|
|
129 |
|
JSR |
|
|
5,600 |
|
|
|
133 |
|
JTEKT |
|
|
6,500 |
|
|
|
116 |
|
JXTG Holdings |
|
|
96,000 |
|
|
|
637 |
|
Kajima |
|
|
30,000 |
|
|
|
297 |
|
Kakaku.com |
|
|
4,100 |
|
|
|
72 |
|
Kamigumi |
|
|
3,500 |
|
|
|
77 |
|
Kaneka |
|
|
8,000 |
|
|
|
74 |
|
Kansai Electric Power |
|
|
22,000 |
|
|
|
273 |
|
Kansai Paint |
|
|
6,300 |
|
|
|
156 |
|
Kao |
|
|
15,700 |
|
|
|
1,088 |
|
Kawasaki Heavy Industries |
|
|
5,400 |
|
|
|
223 |
|
KDDI |
|
|
57,600 |
|
|
|
1,453 |
|
Keihan Electric Railway |
|
|
3,000 |
|
|
|
95 |
|
Keikyu |
|
|
7,000 |
|
|
|
138 |
|
Keio |
|
|
3,400 |
|
|
|
161 |
|
Keisei Electric Railway |
|
|
4,000 |
|
|
|
135 |
|
Keyence |
|
|
3,100 |
|
|
|
1,887 |
|
Kikkoman |
|
|
5,000 |
|
|
|
207 |
|
Kintetsu Group Holdings |
|
|
5,800 |
|
|
|
229 |
|
Kirin Holdings |
|
|
27,900 |
|
|
|
695 |
|
Kobe Steel |
|
|
9,000 |
|
|
|
93 |
|
Koito Manufacturing |
|
|
3,700 |
|
|
|
260 |
|
Komatsu |
|
|
29,100 |
|
|
|
1,129 |
|
Konami |
|
|
2,700 |
|
|
|
154 |
|
Konica Minolta |
|
|
15,900 |
|
|
|
158 |
|
Kose |
|
|
900 |
|
|
|
155 |
|
Kubota |
|
|
32,800 |
|
|
|
666 |
|
Kuraray |
|
|
11,900 |
|
|
|
222 |
|
Kurita Water Industries |
|
|
2,900 |
|
|
|
95 |
|
Kyocera |
|
|
10,200 |
|
|
|
678 |
|
Kyowa Hakko Kirin |
|
|
7,500 |
|
|
|
147 |
|
Kyushu Electric Power |
|
|
12,400 |
|
|
|
136 |
|
Kyushu Financial Group |
|
|
10,000 |
|
|
|
60 |
|
Kyushu Railway |
|
|
5,000 |
|
|
|
161 |
|
Lawson |
|
|
1,800 |
|
|
|
122 |
|
LINE * |
|
|
2,000 |
|
|
|
95 |
|
Lion |
|
|
7,000 |
|
|
|
131 |
|
LIXIL Group |
|
|
8,600 |
|
|
|
241 |
|
M3 |
|
|
7,300 |
|
|
|
267 |
|
Mabuchi Motor |
|
|
1,400 |
|
|
|
83 |
|
Makita |
|
|
7,000 |
|
|
|
330 |
|
Marubeni |
|
|
52,900 |
|
|
|
396 |
|
Marui Group |
|
|
6,100 |
|
|
|
111 |
|
Maruichi Steel Tube |
|
|
1,600 |
|
|
|
48 |
|
Mazda Motor |
|
|
18,200 |
|
|
|
255 |
|
McDonalds Holdings Japan |
|
|
1,900 |
|
|
|
85 |
|
Mebuki Financial Group |
|
|
30,960 |
|
|
|
140 |
|
Medipal Holdings |
|
|
5,000 |
|
|
|
98 |
|
MEIJI Holdings |
|
|
3,700 |
|
|
|
309 |
|
|
|
|
8 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
MINEBEA MITSUMI |
|
|
12,900 |
|
|
$ |
292 |
|
MISUMI Group |
|
|
9,500 |
|
|
|
286 |
|
Mitsubishi |
|
|
47,800 |
|
|
|
1,336 |
|
Mitsubishi Chemical Holdings |
|
|
46,700 |
|
|
|
507 |
|
Mitsubishi Electric |
|
|
62,000 |
|
|
|
1,132 |
|
Mitsubishi Estate |
|
|
39,000 |
|
|
|
746 |
|
Mitsubishi Gas Chemical |
|
|
5,500 |
|
|
|
155 |
|
Mitsubishi Heavy Industries |
|
|
10,000 |
|
|
|
376 |
|
Mitsubishi Materials |
|
|
3,200 |
|
|
|
119 |
|
Mitsubishi Motors |
|
|
19,900 |
|
|
|
147 |
|
Mitsubishi Tanabe Pharma |
|
|
6,500 |
|
|
|
133 |
|
Mitsubishi UFJ Financial Group |
|
|
379,300 |
|
|
|
2,852 |
|
Mitsubishi UFJ Lease & Finance |
|
|
13,000 |
|
|
|
84 |
|
Mitsui |
|
|
54,500 |
|
|
|
956 |
|
Mitsui Chemicals |
|
|
5,400 |
|
|
|
169 |
|
Mitsui Fudosan |
|
|
28,000 |
|
|
|
733 |
|
Mitsui OSK Lines |
|
|
3,300 |
|
|
|
118 |
|
Mixi |
|
|
1,300 |
|
|
|
57 |
|
Mizuho Financial Group |
|
|
760,700 |
|
|
|
1,431 |
|
MS&AD Insurance Group Holdings |
|
|
15,700 |
|
|
|
534 |
|
Murata Manufacturing |
|
|
6,100 |
|
|
|
900 |
|
Nabtesco |
|
|
3,300 |
|
|
|
156 |
|
Nagoya Railroad |
|
|
5,400 |
|
|
|
142 |
|
NEC |
|
|
8,800 |
|
|
|
265 |
|
Nexon |
|
|
7,100 |
|
|
|
236 |
|
NGK Insulators |
|
|
7,600 |
|
|
|
155 |
|
NGK Spark Plug |
|
|
5,200 |
|
|
|
137 |
|
NH Foods |
|
|
6,000 |
|
|
|
144 |
|
Nidec |
|
|
7,600 |
|
|
|
1,215 |
|
Nikon |
|
|
11,900 |
|
|
|
231 |
|
Nintendo |
|
|
3,600 |
|
|
|
1,582 |
|
Nippon Building Fund
|
|
|
46 |
|
|
|
246 |
|
Nippon Electric Glass |
|
|
2,400 |
|
|
|
99 |
|
Nippon Express |
|
|
2,400 |
|
|
|
172 |
|
Nippon Paint Holdings |
|
|
4,700 |
|
|
|
168 |
|
Nippon Prologis
|
|
|
62 |
|
|
|
142 |
|
Nippon Steel & Sumitomo Metal |
|
|
24,700 |
|
|
|
629 |
|
Nippon Telegraph & Telephone |
|
|
21,700 |
|
|
|
1,032 |
|
Nippon Yusen |
|
|
4,700 |
|
|
|
118 |
|
Nissan Chemical Industries |
|
|
3,600 |
|
|
|
147 |
|
Nissan Motor |
|
|
72,800 |
|
|
|
776 |
|
Nisshin Seifun Group |
|
|
5,700 |
|
|
|
114 |
|
Nissin Foods Holdings |
|
|
1,700 |
|
|
|
126 |
|
Nitori Holdings |
|
|
2,600 |
|
|
|
414 |
|
Nitto Denko |
|
|
5,200 |
|
|
|
475 |
|
NOK |
|
|
2,800 |
|
|
|
65 |
|
Nomura Holdings |
|
|
115,600 |
|
|
|
749 |
|
Nomura Real Estate Holdings |
|
|
3,600 |
|
|
|
86 |
|
Nomura Real Estate Master Fund
|
|
|
117 |
|
|
|
163 |
|
Nomura Research Institute |
|
|
3,960 |
|
|
|
182 |
|
NSK |
|
|
12,800 |
|
|
|
211 |
|
NTT Data |
|
|
22,000 |
|
|
|
259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
NTT DOCOMO |
|
|
42,800 |
|
|
$ |
1,060 |
|
Obayashi |
|
|
21,100 |
|
|
|
254 |
|
Obic |
|
|
1,900 |
|
|
|
148 |
|
Odakyu Electric Railway |
|
|
10,500 |
|
|
|
231 |
|
Oji Holdings |
|
|
25,000 |
|
|
|
171 |
|
Olympus |
|
|
9,300 |
|
|
|
357 |
|
Omron |
|
|
6,400 |
|
|
|
399 |
|
Ono Pharmaceutical |
|
|
12,800 |
|
|
|
316 |
|
Oracle Japan |
|
|
1,100 |
|
|
|
88 |
|
Oriental Land |
|
|
6,800 |
|
|
|
664 |
|
ORIX |
|
|
41,800 |
|
|
|
779 |
|
Osaka Gas |
|
|
12,000 |
|
|
|
238 |
|
Otsuka |
|
|
1,500 |
|
|
|
126 |
|
Otsuka Holdings |
|
|
12,600 |
|
|
|
559 |
|
Panasonic |
|
|
70,100 |
|
|
|
1,040 |
|
Park24 |
|
|
3,000 |
|
|
|
75 |
|
Persol Holdings |
|
|
5,600 |
|
|
|
139 |
|
Pola Orbis Holdings |
|
|
2,800 |
|
|
|
109 |
|
Rakuten |
|
|
29,600 |
|
|
|
267 |
|
Recruit Holdings |
|
|
35,300 |
|
|
|
860 |
|
Renesas Electronics * |
|
|
15,600 |
|
|
|
183 |
|
Resona Holdings |
|
|
70,800 |
|
|
|
426 |
|
Ricoh |
|
|
24,400 |
|
|
|
240 |
|
Rinnai |
|
|
1,000 |
|
|
|
94 |
|
Rohm |
|
|
3,200 |
|
|
|
351 |
|
Ryohin Keikaku |
|
|
800 |
|
|
|
267 |
|
Sankyo |
|
|
1,300 |
|
|
|
42 |
|
Santen Pharmaceutical |
|
|
10,800 |
|
|
|
176 |
|
SBI Holdings |
|
|
6,200 |
|
|
|
150 |
|
Secom |
|
|
6,500 |
|
|
|
497 |
|
Sega Sammy Holdings |
|
|
5,400 |
|
|
|
75 |
|
Seibu Holdings |
|
|
7,000 |
|
|
|
140 |
|
Seiko Epson |
|
|
9,100 |
|
|
|
221 |
|
Sekisui Chemical |
|
|
13,700 |
|
|
|
261 |
|
Sekisui House |
|
|
19,400 |
|
|
|
355 |
|
Seven & i Holdings |
|
|
23,900 |
|
|
|
982 |
|
Seven Bank |
|
|
17,300 |
|
|
|
64 |
|
Sharp * |
|
|
4,400 |
|
|
|
164 |
|
Shimadzu |
|
|
8,900 |
|
|
|
224 |
|
Shimamura |
|
|
700 |
|
|
|
82 |
|
Shimano |
|
|
2,300 |
|
|
|
329 |
|
Shimizu |
|
|
18,800 |
|
|
|
192 |
|
Shin-Etsu Chemical |
|
|
12,500 |
|
|
|
1,421 |
|
Shinsei Bank |
|
|
5,200 |
|
|
|
91 |
|
Shionogi |
|
|
9,200 |
|
|
|
509 |
|
Shiseido |
|
|
12,200 |
|
|
|
626 |
|
Shizuoka Bank |
|
|
15,000 |
|
|
|
160 |
|
Showa Shell Sekiyu |
|
|
5,500 |
|
|
|
78 |
|
SMC |
|
|
1,800 |
|
|
|
883 |
|
SoftBank Group |
|
|
26,400 |
|
|
|
2,172 |
|
Sohgo Security Services |
|
|
2,100 |
|
|
|
114 |
|
Sompo Holdings |
|
|
10,900 |
|
|
|
436 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
9 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Sony |
|
|
40,500 |
|
|
$ |
1,933 |
|
Sony Financial Holdings |
|
|
5,000 |
|
|
|
91 |
|
Stanley Electric |
|
|
4,400 |
|
|
|
178 |
|
Start Today |
|
|
6,800 |
|
|
|
200 |
|
Subaru |
|
|
19,700 |
|
|
|
653 |
|
SUMCO |
|
|
7,400 |
|
|
|
201 |
|
Sumitomo |
|
|
37,100 |
|
|
|
639 |
|
Sumitomo Chemical |
|
|
50,000 |
|
|
|
366 |
|
Sumitomo Dainippon Pharma |
|
|
4,600 |
|
|
|
68 |
|
Sumitomo Electric Industries |
|
|
24,200 |
|
|
|
412 |
|
Sumitomo Heavy Industries |
|
|
3,800 |
|
|
|
173 |
|
Sumitomo Metal Mining |
|
|
8,000 |
|
|
|
374 |
|
Sumitomo Mitsui Financial Group |
|
|
43,100 |
|
|
|
1,926 |
|
Sumitomo Mitsui Trust Holdings |
|
|
10,700 |
|
|
|
444 |
|
Sumitomo Realty & Development |
|
|
11,000 |
|
|
|
422 |
|
Sumitomo Rubber Industries |
|
|
5,000 |
|
|
|
97 |
|
Sundrug |
|
|
2,200 |
|
|
|
95 |
|
Suntory Beverage & Food |
|
|
4,500 |
|
|
|
215 |
|
Suruga Bank |
|
|
5,000 |
|
|
|
101 |
|
Suzuken |
|
|
2,200 |
|
|
|
94 |
|
Suzuki Motor |
|
|
10,600 |
|
|
|
605 |
|
Sysmex |
|
|
4,800 |
|
|
|
376 |
|
T&D Holdings |
|
|
18,000 |
|
|
|
320 |
|
Taiheiyo Cement |
|
|
4,100 |
|
|
|
174 |
|
Taisei |
|
|
6,800 |
|
|
|
346 |
|
Taisho Pharmaceutical Holdings |
|
|
1,200 |
|
|
|
98 |
|
Taiyo Nippon Sanso |
|
|
3,800 |
|
|
|
59 |
|
Takashimaya |
|
|
9,000 |
|
|
|
93 |
|
Takeda Pharmaceutical |
|
|
22,500 |
|
|
|
1,322 |
|
TDK |
|
|
4,400 |
|
|
|
405 |
|
Teijin |
|
|
5,400 |
|
|
|
119 |
|
Terumo |
|
|
10,700 |
|
|
|
523 |
|
THK |
|
|
3,500 |
|
|
|
145 |
|
Tobu Railway |
|
|
6,500 |
|
|
|
218 |
|
Toho |
|
|
3,300 |
|
|
|
112 |
|
Toho Gas |
|
|
2,200 |
|
|
|
64 |
|
Tohoku Electric Power |
|
|
15,200 |
|
|
|
196 |
|
Tokio Marine Holdings |
|
|
21,200 |
|
|
|
998 |
|
Tokyo Electric Power * |
|
|
41,900 |
|
|
|
170 |
|
Tokyo Electron |
|
|
4,900 |
|
|
|
918 |
|
Tokyo Gas |
|
|
11,800 |
|
|
|
280 |
|
Tokyo Tatemono |
|
|
6,000 |
|
|
|
96 |
|
Tokyu |
|
|
18,000 |
|
|
|
301 |
|
Tokyu Fudosan Holdings |
|
|
14,900 |
|
|
|
117 |
|
Toppan Printing |
|
|
18,000 |
|
|
|
169 |
|
Toray Industries |
|
|
47,000 |
|
|
|
467 |
|
Toshiba |
|
|
206,000 |
|
|
|
587 |
|
Tosoh |
|
|
9,500 |
|
|
|
218 |
|
TOTO |
|
|
4,800 |
|
|
|
274 |
|
Toyo Seikan Group Holdings |
|
|
4,700 |
|
|
|
76 |
|
Toyo Suisan Kaisha |
|
|
2,600 |
|
|
|
105 |
|
Toyoda Gosei |
|
|
1,900 |
|
|
|
50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
Toyota Industries |
|
|
5,300 |
|
|
$ |
344 |
|
Toyota Motor |
|
|
82,800 |
|
|
|
5,674 |
|
Toyota Tsusho |
|
|
7,100 |
|
|
|
287 |
|
Trend Micro |
|
|
4,100 |
|
|
|
221 |
|
Tsuruha Holdings |
|
|
1,100 |
|
|
|
153 |
|
Unicharm |
|
|
13,100 |
|
|
|
350 |
|
United Urban Investment
|
|
|
102 |
|
|
|
161 |
|
USS |
|
|
6,400 |
|
|
|
142 |
|
West Japan Railway |
|
|
5,300 |
|
|
|
397 |
|
Yahoo Japan |
|
|
47,600 |
|
|
|
229 |
|
Yakult Honsha |
|
|
2,900 |
|
|
|
242 |
|
Yamada Denki |
|
|
18,200 |
|
|
|
108 |
|
Yamaguchi Financial Group |
|
|
6,000 |
|
|
|
70 |
|
Yamaha |
|
|
4,900 |
|
|
|
202 |
|
Yamaha Motor |
|
|
9,100 |
|
|
|
302 |
|
Yamato Holdings |
|
|
10,500 |
|
|
|
270 |
|
Yamazaki Baking |
|
|
3,800 |
|
|
|
75 |
|
Yaskawa Electric |
|
|
8,300 |
|
|
|
427 |
|
Yokogawa Electric |
|
|
6,600 |
|
|
|
140 |
|
Yokohama Rubber |
|
|
3,200 |
|
|
|
81 |
|
|
|
|
|
|
|
|
119,958 |
|
Luxembourg 0.1% |
|
|
|
|
|
|
|
|
Altisource Portfolio Solutions * |
|
|
1,447 |
|
|
|
41 |
|
Millicom International Cellular |
|
|
1,915 |
|
|
|
143 |
|
RTL Group |
|
|
1,121 |
|
|
|
95 |
|
SES, Cl A |
|
|
11,716 |
|
|
|
183 |
|
Tenaris |
|
|
15,840 |
|
|
|
277 |
|
Trinseo |
|
|
5,322 |
|
|
|
439 |
|
|
|
|
|
|
|
|
1,178 |
|
Macau 0.0% |
|
|
|
|
|
|
|
|
Sands China |
|
|
74,800 |
|
|
|
446 |
|
Malaysia 0.3% |
|
|
|
|
|
|
|
|
AirAsia |
|
|
65,900 |
|
|
|
70 |
|
Alliance Financial Group |
|
|
51,000 |
|
|
|
57 |
|
AMMB Holdings |
|
|
89,500 |
|
|
|
111 |
|
Astro Malaysia Holdings |
|
|
77,700 |
|
|
|
52 |
|
Axiata Group |
|
|
121,957 |
|
|
|
178 |
|
British American Tobacco |
|
|
6,700 |
|
|
|
59 |
|
CIMB Group Holdings |
|
|
201,127 |
|
|
|
374 |
|
Dialog Group |
|
|
154,400 |
|
|
|
101 |
|
DiGi.Com |
|
|
156,100 |
|
|
|
198 |
|
Felda Global Ventures Holdings |
|
|
75,900 |
|
|
|
39 |
|
Gamuda |
|
|
78,600 |
|
|
|
103 |
|
Genting |
|
|
99,800 |
|
|
|
247 |
|
Genting Malaysia |
|
|
134,000 |
|
|
|
189 |
|
Genting Plantations |
|
|
16,000 |
|
|
|
41 |
|
HAP Seng Consolidated |
|
|
28,200 |
|
|
|
70 |
|
Hartalega Holdings |
|
|
35,500 |
|
|
|
108 |
|
Hong Leong Bank |
|
|
32,900 |
|
|
|
157 |
|
Hong Leong Financial Group |
|
|
12,000 |
|
|
|
57 |
|
IHH Healthcare |
|
|
127,800 |
|
|
|
197 |
|
|
|
|
10 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
COMMON STOCK (continued) |
|
|
|
|
|
IJM |
|
|
131,600 |
|
|
$ |
104 |
|
IOI |
|
|
106,700 |
|
|
|
128 |
|
IOI Properties Group |
|
|
99,750 |
|
|
|
51 |
|
Kuala Lumpur Kepong |
|
|
28,100 |
|
|
|
182 |
|
Malayan Banking |
|
|
187,934 |
|
|
|
487 |
|
Malaysia Airports Holdings |
|
|
43,700 |
|
|
|
102 |
|
Maxis |
|
|
85,600 |
|
|
|
134 |
|
MISC |
|
|
61,800 |
|
|
|
120 |
|
Nestle Malaysia |
|
|
2,000 |
|
|
|
58 |
|
Petronas Chemicals Group |
|
|
107,400 |
|
|
|
224 |
|
Petronas Dagangan |
|
|
11,800 |
|
|
|
75 |
|
Petronas Gas |
|
|
31,000 |
|
|
|
142 |
|
PPB Group |
|
|
23,300 |
|
|
|
104 |
|
Press Metal Aluminium Holdings |
|
|
58,200 |
|
|
|
86 |
|
Public Bank |
|
|
143,700 |
|
|
|
810 |
|
RHB Bank |
|
|
40,407 |
|
|
|
56 |
|
Sapura Energy |
|
|
192,700 |
|
|
|
37 |
|
Sime Darby |
|
|
115,423 |
|
|
|
91 |
|
Sime Darby Plantation * |
|
|
115,423 |
|
|
|
163 |
|
Sime Darby Property * |
|
|
115,423 |
|
|
|
47 |
|
SP Setia Group |
|
|
52,600 |
|
|
|
42 |
|
Telekom |
|
|
51,300 |
|
|
|
81 |
|
Tenaga Nasional |
|
|
151,400 |
|
|
|
613 |
|
UMW Holdings |
|
|
25,600 |
|
|
|
45 |
|
Westports Holdings |
|
|
51,400 |
|
|
|
46 |
|
YTL |
|
|
218,790 |
|
|
|
86 |
|
YTL Power International |
|
|
111,588 |
|
|
|
36 |
|
|
|
|
|
|
|
|
6,558 |
|
Mexico 0.3% |
|
|
|
|
|
Alfa, Cl A |
|
|
142,900 |
|
|
|
179 |
|
America Movil |
|
|
1,605,000 |
|
|
|
1,506 |
|
Arca Continental |
|
|
24,000 |
|
|
|
175 |
|
Banco Santander Mexico Institucion de Banca Multiple Grupo Financiero Santand, Cl B |
|
|
94,500 |
|
|
|
149 |
|
Cemex * |
|
|
672,052 |
|
|
|
560 |
|
Coca-Cola Femsa |
|
|
24,200 |
|
|
|
186 |
|
El Puerto de Liverpool |
|
|
11,800 |
|
|
|
88 |
|
Fibra Uno Administracion
|
|
|
139,100 |
|
|
|
219 |
|
Fomento Economico Mexicano |
|
|
92,800 |
|
|
|
907 |
|
Gentera |
|
|
50,100 |
|
|
|
46 |
|
Gruma, Cl B |
|
|
11,300 |
|
|
|
135 |
|
Grupo Aeroportuario del Pacifico, Cl B |
|
|
18,100 |
|
|
|
190 |
|
Grupo Aeroportuario del Sureste, Cl B |
|
|
10,000 |
|
|
|
195 |
|
Grupo Bimbo, Ser A |
|
|
77,900 |
|
|
|
190 |
|
Grupo Carso |
|
|
30,600 |
|
|
|
115 |
|
Grupo Financiero Banorte, Cl O |
|
|
115,500 |
|
|
|
741 |
|
Grupo Financiero Inbursa, Cl O |
|
|
117,300 |
|
|
|
208 |
|
Grupo Lala, Cl B |
|
|
45,100 |
|
|
|
72 |
|
Grupo Mexico |
|
|
176,000 |
|
|
|
622 |
|
Grupo Televisa |
|
|
112,800 |
|
|
|
468 |
|
Industrias Penoles |
|
|
6,810 |
|
|
|
158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
COMMON STOCK (continued) |
|
|
|
|
|
Infraestructura Energetica Nova |
|
|
25,000 |
|
|
$ |
131 |
|
Kimberly-Clark de Mexico, Cl A |
|
|
80,700 |
|
|
|
151 |
|
Mexichem |
|
|
49,917 |
|
|
|
142 |
|
Promotora y Operadora de Infraestructura |
|
|
15,000 |
|
|
|
154 |
|
Wal-Mart de Mexico |
|
|
241,700 |
|
|
|
606 |
|
|
|
|
|
|
|
|
8,293 |
|
Netherlands 1.3% |
|
|
|
|
|
ABN AMRO Group (A) |
|
|
14,093 |
|
|
|
479 |
|
Aegon |
|
|
57,889 |
|
|
|
397 |
|
AerCap Holdings * |
|
|
4,834 |
|
|
|
262 |
|
Airbus |
|
|
18,535 |
|
|
|
2,136 |
|
Akzo Nobel |
|
|
7,839 |
|
|
|
737 |
|
Altice, Cl A * |
|
|
19,084 |
|
|
|
206 |
|
ArcelorMittal |
|
|
20,807 |
|
|
|
758 |
|
ASML Holding |
|
|
12,383 |
|
|
|
2,518 |
|
Boskalis Westminster |
|
|
2,630 |
|
|
|
105 |
|
Chicago Bridge & Iron |
|
|
12,305 |
|
|
|
257 |
|
Cimpress * |
|
|
3,057 |
|
|
|
389 |
|
Coca-Cola European Partners |
|
|
6,976 |
|
|
|
281 |
|
Franks International |
|
|
5,846 |
|
|
|
40 |
|
Heineken |
|
|
8,149 |
|
|
|
919 |
|
Heineken Holding |
|
|
3,626 |
|
|
|
386 |
|
ING Groep |
|
|
124,023 |
|
|
|
2,446 |
|
James Hardie Industries |
|
|
14,692 |
|
|
|
259 |
|
Koninklijke Ahold Delhaize |
|
|
41,865 |
|
|
|
937 |
|
Koninklijke DSM |
|
|
5,813 |
|
|
|
603 |
|
Koninklijke KPN |
|
|
110,070 |
|
|
|
387 |
|
Koninklijke Philips |
|
|
30,120 |
|
|
|
1,233 |
|
Koninklijke Vopak |
|
|
2,037 |
|
|
|
92 |
|
NN Group |
|
|
10,187 |
|
|
|
482 |
|
NXP Semiconductor * |
|
|
30,716 |
|
|
|
3,696 |
|
Randstad Holding |
|
|
3,993 |
|
|
|
283 |
|
RELX |
|
|
30,652 |
|
|
|
684 |
|
Royal Dutch Shell, Cl A |
|
|
143,193 |
|
|
|
5,014 |
|
Royal Dutch Shell, Cl B |
|
|
118,672 |
|
|
|
4,212 |
|
Unibail-Rodamco
|
|
|
3,241 |
|
|
|
834 |
|
Unilever |
|
|
51,867 |
|
|
|
3,014 |
|
Wolters Kluwer |
|
|
9,463 |
|
|
|
503 |
|
|
|
|
|
|
|
|
34,549 |
|
New Zealand 0.0% |
|
|
|
|
|
Auckland International Airport |
|
|
28,650 |
|
|
|
142 |
|
Fisher & Paykel Healthcare |
|
|
17,919 |
|
|
|
177 |
|
Fletcher Building |
|
|
20,008 |
|
|
|
115 |
|
Mercury NZ |
|
|
20,281 |
|
|
|
52 |
|
Meridian Energy |
|
|
37,128 |
|
|
|
80 |
|
Ryman Healthcare |
|
|
10,865 |
|
|
|
88 |
|
Spark New Zealand |
|
|
53,009 |
|
|
|
141 |
|
|
|
|
|
|
|
|
795 |
|
Norway 0.1% |
|
|
|
|
|
DNB |
|
|
32,266 |
|
|
|
657 |
|
Gjensidige Forsikring |
|
|
5,794 |
|
|
|
110 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
11 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
COMMON STOCK (continued) |
|
|
|
|
|
Marine Harvest |
|
|
13,532 |
|
|
$ |
235 |
|
Nordic American Tankers |
|
|
11,234 |
|
|
|
26 |
|
Norsk Hydro |
|
|
45,151 |
|
|
|
331 |
|
Orkla |
|
|
26,360 |
|
|
|
276 |
|
Schibsted, Cl B |
|
|
2,581 |
|
|
|
78 |
|
Statoil |
|
|
37,535 |
|
|
|
880 |
|
Telenor |
|
|
23,415 |
|
|
|
551 |
|
Yara International |
|
|
5,786 |
|
|
|
279 |
|
|
|
|
|
|
|
|
3,423 |
|
Pakistan 0.0% |
|
|
|
|
|
|
|
|
Habib Bank |
|
|
25,000 |
|
|
|
44 |
|
Lucky Cement * |
|
|
9,900 |
|
|
|
55 |
|
United Bank |
|
|
42,500 |
|
|
|
75 |
|
|
|
|
|
|
|
|
174 |
|
Panama 0.0% |
|
|
|
|
|
|
|
|
Banco Latinoamericano de Comercio Exterior, Cl E |
|
|
3,639 |
|
|
|
108 |
|
Copa Holdings, Cl A |
|
|
1,766 |
|
|
|
244 |
|
|
|
|
|
|
|
|
352 |
|
Peru 0.0% |
|
|
|
|
|
|
|
|
Cia de Minas Buenaventura ADR |
|
|
9,800 |
|
|
|
151 |
|
Credicorp |
|
|
3,200 |
|
|
|
741 |
|
|
|
|
|
|
|
|
892 |
|
Philippines 0.1% |
|
|
|
|
|
|
|
|
Aboitiz Equity Ventures |
|
|
87,890 |
|
|
|
131 |
|
Aboitiz Power |
|
|
71,000 |
|
|
|
57 |
|
Alliance Global Group * |
|
|
113,100 |
|
|
|
34 |
|
Ayala |
|
|
11,040 |
|
|
|
226 |
|
Ayala Land |
|
|
323,500 |
|
|
|
279 |
|
Bank of the Philippine Islands |
|
|
67,110 |
|
|
|
156 |
|
BDO Unibank |
|
|
87,866 |
|
|
|
262 |
|
DMCI Holdings |
|
|
242,100 |
|
|
|
68 |
|
Globe Telecom |
|
|
1,535 |
|
|
|
57 |
|
GT Capital Holdings |
|
|
3,650 |
|
|
|
96 |
|
International Container Terminal Services |
|
|
27,800 |
|
|
|
61 |
|
JG Summit Holdings |
|
|
126,700 |
|
|
|
189 |
|
Jollibee Foods |
|
|
29,850 |
|
|
|
166 |
|
Manila Electric |
|
|
8,200 |
|
|
|
54 |
|
Megaworld |
|
|
162,000 |
|
|
|
15 |
|
Metro Pacific Investments |
|
|
586,000 |
|
|
|
74 |
|
Metropolitan Bank & Trust |
|
|
31,300 |
|
|
|
61 |
|
PLDT |
|
|
4,370 |
|
|
|
134 |
|
Robinsons Land |
|
|
82,700 |
|
|
|
34 |
|
Security Bank |
|
|
11,600 |
|
|
|
55 |
|
SM Investments |
|
|
10,905 |
|
|
|
218 |
|
SM Prime Holdings |
|
|
367,800 |
|
|
|
264 |
|
Universal Robina |
|
|
39,080 |
|
|
|
123 |
|
|
|
|
|
|
|
|
2,814 |
|
Poland 0.2% |
|
|
|
|
|
|
|
|
Alior Bank * |
|
|
4,438 |
|
|
|
114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
COMMON STOCK (continued) |
|
|
|
|
|
Bank Handlowy w Warszawie |
|
|
1,777 |
|
|
$ |
45 |
|
Bank Millennium |
|
|
31,094 |
|
|
|
89 |
|
Bank Pekao |
|
|
7,405 |
|
|
|
302 |
|
Bank Zachodni |
|
|
1,651 |
|
|
|
208 |
|
CCC |
|
|
1,316 |
|
|
|
114 |
|
CD Projekt |
|
|
3,230 |
|
|
|
112 |
|
Cyfrowy Polsat |
|
|
11,600 |
|
|
|
84 |
|
Dino Polska *(A) |
|
|
2,517 |
|
|
|
63 |
|
Grupa Azoty |
|
|
2,400 |
|
|
|
51 |
|
Grupa Lotos |
|
|
6,419 |
|
|
|
114 |
|
Jastrzebska Spolka Weglowa * |
|
|
2,700 |
|
|
|
79 |
|
KGHM Polska Miedz |
|
|
6,427 |
|
|
|
212 |
|
LPP |
|
|
139 |
|
|
|
406 |
|
mBank |
|
|
771 |
|
|
|
118 |
|
Orange Polska |
|
|
33,367 |
|
|
|
61 |
|
PGE Polska Grupa Energetyczna |
|
|
38,568 |
|
|
|
138 |
|
PLAY Communications *(A) |
|
|
5,037 |
|
|
|
51 |
|
Polski Koncern Naftowy Orlen |
|
|
14,192 |
|
|
|
462 |
|
Polskie Gornictwo Naftowe i Gazownictwo |
|
|
81,102 |
|
|
|
160 |
|
Powszechna Kasa Oszczednosci Bank Polski |
|
|
41,652 |
|
|
|
571 |
|
Powszechny Zaklad Ubezpieczen |
|
|
27,066 |
|
|
|
372 |
|
Tauron Polska Energia |
|
|
56,049 |
|
|
|
51 |
|
|
|
|
|
|
|
|
3,977 |
|
Portugal 0.0% |
|
|
|
|
|
|
|
|
Energias de Portugal |
|
|
75,903 |
|
|
|
268 |
|
Galp Energia |
|
|
16,195 |
|
|
|
310 |
|
Jeronimo Martins |
|
|
7,293 |
|
|
|
156 |
|
|
|
|
|
|
|
|
734 |
|
Qatar 0.1% |
|
|
|
|
|
|
|
|
Barwa Real Estate |
|
|
5,000 |
|
|
|
52 |
|
Commercial Bank PQSC |
|
|
9,858 |
|
|
|
76 |
|
Doha Bank QPSC |
|
|
7,527 |
|
|
|
68 |
|
Ezdan Holding Group |
|
|
35,630 |
|
|
|
113 |
|
Industries Qatar |
|
|
6,707 |
|
|
|
202 |
|
Masraf Al Rayan |
|
|
16,583 |
|
|
|
184 |
|
Ooredoo QPSC |
|
|
5,348 |
|
|
|
140 |
|
Qatar Electricity & Water |
|
|
1,272 |
|
|
|
68 |
|
Qatar Gas Transport |
|
|
12,817 |
|
|
|
66 |
|
Qatar Insurance SAQ |
|
|
7,085 |
|
|
|
99 |
|
Qatar Islamic Bank SAQ |
|
|
2,676 |
|
|
|
72 |
|
Qatar National Bank QPSC |
|
|
10,817 |
|
|
|
402 |
|
|
|
|
|
|
|
|
1,542 |
|
Russia 0.2% |
|
|
|
|
|
|
|
|
Gazprom PJSC ADR |
|
|
258,445 |
|
|
|
1,300 |
|
Magnit PJSC GDR |
|
|
17,403 |
|
|
|
392 |
|
Mobile TeleSystems ADR |
|
|
31,000 |
|
|
|
376 |
|
Novatek PJSC GDR |
|
|
4,769 |
|
|
|
635 |
|
PhosAgro PJSC GDR |
|
|
4,500 |
|
|
|
65 |
|
Sberbank of Russia ADR |
|
|
122,158 |
|
|
|
2,462 |
|
Severstal PJSC GDR |
|
|
13,231 |
|
|
|
217 |
|
|
|
|
12 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
Surgutneftegas ADR |
|
|
40,953 |
|
|
$ |
208 |
|
|
|
|
|
|
|
|
5,655 |
|
Singapore 0.3% |
|
|
|
|
|
|
|
|
Ascendas
|
|
|
82,900 |
|
|
|
175 |
|
CapitaLand |
|
|
83,500 |
|
|
|
245 |
|
CapitaLand Commercial Trust
|
|
|
69,960 |
|
|
|
100 |
|
CapitaLand Mall Trust
|
|
|
72,000 |
|
|
|
115 |
|
City Developments |
|
|
12,000 |
|
|
|
122 |
|
ComfortDelGro |
|
|
62,000 |
|
|
|
99 |
|
DBS Group Holdings |
|
|
56,629 |
|
|
|
1,142 |
|
Golden Agri-Resources |
|
|
205,000 |
|
|
|
60 |
|
Hongkong Land Holdings |
|
|
37,000 |
|
|
|
266 |
|
Hutchison Port Holdings Trust, Cl U |
|
|
151,000 |
|
|
|
63 |
|
Jardine Cycle & Carriage |
|
|
3,000 |
|
|
|
91 |
|
Jardine Matheson Holdings |
|
|
7,000 |
|
|
|
444 |
|
Jardine Strategic Holdings |
|
|
7,000 |
|
|
|
279 |
|
Keppel |
|
|
49,100 |
|
|
|
325 |
|
Oversea-Chinese Banking |
|
|
98,265 |
|
|
|
970 |
|
SATS |
|
|
19,900 |
|
|
|
84 |
|
Sembcorp Industries |
|
|
28,000 |
|
|
|
73 |
|
Singapore Airlines |
|
|
16,000 |
|
|
|
138 |
|
Singapore Exchange |
|
|
27,000 |
|
|
|
169 |
|
Singapore Press Holdings |
|
|
46,000 |
|
|
|
93 |
|
Singapore Technologies Engineering |
|
|
45,000 |
|
|
|
116 |
|
Singapore Telecommunications |
|
|
258,200 |
|
|
|
698 |
|
StarHub |
|
|
18,000 |
|
|
|
40 |
|
Suntec
|
|
|
86,200 |
|
|
|
136 |
|
United Overseas Bank |
|
|
43,468 |
|
|
|
911 |
|
UOL Group |
|
|
14,324 |
|
|
|
100 |
|
Wilmar International |
|
|
56,000 |
|
|
|
137 |
|
Yangzijiang Shipbuilding Holdings |
|
|
81,000 |
|
|
|
99 |
|
|
|
|
|
|
|
|
7,290 |
|
Slovak Republic 0.0% |
|
|
|
|
|
|
|
|
Celltrion * |
|
|
3,704 |
|
|
|
1,095 |
|
South Africa 0.7% |
|
|
|
|
|
|
|
|
Anglo American Platinum * |
|
|
3,100 |
|
|
|
93 |
|
AngloGold Ashanti |
|
|
19,249 |
|
|
|
214 |
|
Aspen Pharmacare Holdings |
|
|
18,597 |
|
|
|
424 |
|
Barclays Africa Group |
|
|
33,295 |
|
|
|
505 |
|
Bid |
|
|
15,700 |
|
|
|
351 |
|
Bidvest Group |
|
|
16,200 |
|
|
|
341 |
|
Brait * |
|
|
19,948 |
|
|
|
65 |
|
Capitec Bank Holdings |
|
|
2,300 |
|
|
|
155 |
|
Coronation Fund Managers |
|
|
14,000 |
|
|
|
93 |
|
Discovery |
|
|
17,015 |
|
|
|
242 |
|
Exxaro Resources |
|
|
11,700 |
|
|
|
141 |
|
FirstRand |
|
|
163,965 |
|
|
|
918 |
|
Fortress REIT, Cl B
|
|
|
40,446 |
|
|
|
102 |
|
Fortress REIT, Cl A
|
|
|
60,100 |
|
|
|
89 |
|
Foschini Group |
|
|
10,432 |
|
|
|
170 |
|
Gold Fields |
|
|
40,499 |
|
|
|
174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
Growthpoint Properties
|
|
|
102,536 |
|
|
$ |
240 |
|
Hyprop Investments
|
|
|
11,891 |
|
|
|
116 |
|
Imperial Holdings |
|
|
8,264 |
|
|
|
198 |
|
Investec |
|
|
14,855 |
|
|
|
116 |
|
Kumba Iron Ore |
|
|
3,140 |
|
|
|
95 |
|
Liberty Holdings |
|
|
7,400 |
|
|
|
82 |
|
Life Healthcare Group Holdings |
|
|
67,636 |
|
|
|
155 |
|
MMI Holdings |
|
|
56,800 |
|
|
|
108 |
|
Mondi |
|
|
6,157 |
|
|
|
164 |
|
Mr Price Group |
|
|
11,791 |
|
|
|
284 |
|
MTN Group |
|
|
82,537 |
|
|
|
913 |
|
Naspers, Cl N |
|
|
20,442 |
|
|
|
5,823 |
|
Nedbank Group |
|
|
11,117 |
|
|
|
247 |
|
NEPI Rockcastle |
|
|
17,368 |
|
|
|
235 |
|
Netcare |
|
|
55,348 |
|
|
|
121 |
|
Novus Holdings |
|
|
7,070 |
|
|
|
3 |
|
Pick n Pay Stores |
|
|
18,980 |
|
|
|
109 |
|
Pioneer Foods Group |
|
|
6,425 |
|
|
|
71 |
|
PSG Group |
|
|
6,000 |
|
|
|
112 |
|
Rand Merchant Investment Holdings |
|
|
40,875 |
|
|
|
153 |
|
Redefine Properties
|
|
|
245,921 |
|
|
|
224 |
|
Remgro |
|
|
25,925 |
|
|
|
516 |
|
Resilient
|
|
|
14,685 |
|
|
|
144 |
|
RMB Holdings |
|
|
33,836 |
|
|
|
225 |
|
Sanlam |
|
|
69,181 |
|
|
|
514 |
|
Sappi |
|
|
27,323 |
|
|
|
196 |
|
Sasol |
|
|
26,925 |
|
|
|
969 |
|
Shoprite Holdings |
|
|
21,221 |
|
|
|
441 |
|
Sibanye Gold |
|
|
94,387 |
|
|
|
110 |
|
SPAR Group |
|
|
9,534 |
|
|
|
165 |
|
Standard Bank Group |
|
|
62,994 |
|
|
|
1,065 |
|
Steinhoff International Holdings |
|
|
144,903 |
|
|
|
83 |
|
Telkom |
|
|
17,000 |
|
|
|
74 |
|
Tiger Brands |
|
|
7,559 |
|
|
|
293 |
|
Truworths International |
|
|
22,773 |
|
|
|
188 |
|
Vodacom Group |
|
|
25,598 |
|
|
|
353 |
|
Woolworths Holdings |
|
|
45,875 |
|
|
|
248 |
|
|
|
|
|
|
|
|
19,230 |
|
South Korea 1.5% |
|
|
|
|
|
|
|
|
Amorepacific |
|
|
1,435 |
|
|
|
403 |
|
AMOREPACIFIC Group * |
|
|
1,371 |
|
|
|
182 |
|
BGF retail * |
|
|
397 |
|
|
|
82 |
|
BNK Financial Group * |
|
|
12,800 |
|
|
|
127 |
|
Celltrion Healthcare * |
|
|
1,154 |
|
|
|
148 |
|
Cheil Worldwide |
|
|
3,600 |
|
|
|
72 |
|
CJ * |
|
|
749 |
|
|
|
129 |
|
CJ CheilJedang * |
|
|
387 |
|
|
|
130 |
|
CJ E&M |
|
|
1,082 |
|
|
|
92 |
|
CJ Logistics * |
|
|
450 |
|
|
|
61 |
|
Coway |
|
|
2,520 |
|
|
|
225 |
|
Daelim Industrial * |
|
|
1,424 |
|
|
|
108 |
|
Daewoo Engineering & Construction * |
|
|
7,140 |
|
|
|
41 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
13 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
Daewoo International |
|
|
2,400 |
|
|
$ |
54 |
|
Daum Kakao |
|
|
1,551 |
|
|
|
203 |
|
DB Insurance |
|
|
2,450 |
|
|
|
166 |
|
DGB Financial Group * |
|
|
8,630 |
|
|
|
100 |
|
Dongsuh |
|
|
2,311 |
|
|
|
63 |
|
Doosan Bobcat * |
|
|
1,734 |
|
|
|
60 |
|
Doosan Heavy Industries & Construction * |
|
|
2,600 |
|
|
|
41 |
|
E-Mart |
|
|
934 |
|
|
|
255 |
|
GS Engineering & Construction * |
|
|
2,600 |
|
|
|
81 |
|
GS Holdings * |
|
|
2,397 |
|
|
|
156 |
|
GS Retail |
|
|
1,580 |
|
|
|
58 |
|
Hana Financial Group |
|
|
13,824 |
|
|
|
674 |
|
Hankook Tire * |
|
|
3,460 |
|
|
|
173 |
|
Hanmi Pharm |
|
|
325 |
|
|
|
182 |
|
Hanmi Science * |
|
|
920 |
|
|
|
90 |
|
Hanon Systems |
|
|
10,980 |
|
|
|
134 |
|
Hanssem * |
|
|
550 |
|
|
|
88 |
|
Hanwha |
|
|
2,530 |
|
|
|
112 |
|
Hanwha Chemical |
|
|
5,420 |
|
|
|
179 |
|
Hanwha Life Insurance * |
|
|
11,300 |
|
|
|
79 |
|
Hanwha Techwin * |
|
|
1,854 |
|
|
|
58 |
|
Hotel Shilla |
|
|
1,910 |
|
|
|
166 |
|
Hyosung |
|
|
991 |
|
|
|
125 |
|
Hyundai Department Store * |
|
|
824 |
|
|
|
80 |
|
Hyundai Development - Engineering & Construction |
|
|
2,700 |
|
|
|
112 |
|
Hyundai Engineering & Construction * |
|
|
3,628 |
|
|
|
146 |
|
Hyundai Glovis * |
|
|
913 |
|
|
|
119 |
|
Hyundai Heavy Industries * |
|
|
1,473 |
|
|
|
192 |
|
Hyundai Marine & Fire Insurance |
|
|
3,730 |
|
|
|
162 |
|
Hyundai Mobis |
|
|
3,349 |
|
|
|
776 |
|
Hyundai Motor |
|
|
7,227 |
|
|
|
1,096 |
|
Hyundai Robotics * |
|
|
411 |
|
|
|
176 |
|
Hyundai Steel |
|
|
3,755 |
|
|
|
200 |
|
Hyundai Wia |
|
|
1,010 |
|
|
|
59 |
|
Industrial Bank of Korea |
|
|
11,650 |
|
|
|
182 |
|
ING Life Insurance Korea (A) |
|
|
1,000 |
|
|
|
55 |
|
Kangwon Land * |
|
|
5,400 |
|
|
|
164 |
|
KB Financial Group |
|
|
18,618 |
|
|
|
1,173 |
|
KCC |
|
|
344 |
|
|
|
135 |
|
KEPCO Plant Service & Engineering * |
|
|
1,320 |
|
|
|
52 |
|
Kia Motors |
|
|
11,920 |
|
|
|
387 |
|
Korea Aerospace Industries * |
|
|
3,160 |
|
|
|
156 |
|
Korea Electric Power |
|
|
11,370 |
|
|
|
381 |
|
Korea Gas * |
|
|
1,500 |
|
|
|
69 |
|
Korea Investment Holdings * |
|
|
1,970 |
|
|
|
161 |
|
Korea Zinc * |
|
|
409 |
|
|
|
197 |
|
Korean Air Lines * |
|
|
2,476 |
|
|
|
89 |
|
KT |
|
|
1,650 |
|
|
|
46 |
|
KT&G |
|
|
5,242 |
|
|
|
523 |
|
Kumho Petrochemical * |
|
|
1,057 |
|
|
|
102 |
|
LG |
|
|
4,286 |
|
|
|
358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
LG Chemical |
|
|
2,257 |
|
|
$ |
913 |
|
LG Display |
|
|
10,500 |
|
|
|
317 |
|
LG Electronics |
|
|
4,861 |
|
|
|
467 |
|
LG Household & Health Care |
|
|
449 |
|
|
|
495 |
|
LG Innotek |
|
|
700 |
|
|
|
82 |
|
Lotte * |
|
|
2,240 |
|
|
|
146 |
|
Lotte Chemical |
|
|
762 |
|
|
|
300 |
|
Lotte Shopping * |
|
|
535 |
|
|
|
121 |
|
Medy-Tox |
|
|
198 |
|
|
|
113 |
|
Mirae Asset Daewoo |
|
|
20,016 |
|
|
|
211 |
|
NAVER |
|
|
1,313 |
|
|
|
1,119 |
|
NCSoft |
|
|
847 |
|
|
|
351 |
|
Netmarble Games *(A) |
|
|
800 |
|
|
|
130 |
|
NH Investment & Securities * |
|
|
7,300 |
|
|
|
115 |
|
OCI |
|
|
1,108 |
|
|
|
175 |
|
Orion * |
|
|
1,315 |
|
|
|
144 |
|
Ottogi * |
|
|
124 |
|
|
|
89 |
|
Pan Ocean * |
|
|
10,659 |
|
|
|
60 |
|
POSCO |
|
|
3,474 |
|
|
|
1,238 |
|
S-1, Cl 1 |
|
|
1,060 |
|
|
|
99 |
|
Samsung Biologics *(A) |
|
|
790 |
|
|
|
324 |
|
Samsung C&T |
|
|
3,460 |
|
|
|
460 |
|
Samsung Card |
|
|
1,800 |
|
|
|
66 |
|
Samsung Electro-Mechanics |
|
|
2,553 |
|
|
|
255 |
|
Samsung Electronics |
|
|
4,631 |
|
|
|
10,820 |
|
Samsung Fire & Marine Insurance |
|
|
1,511 |
|
|
|
409 |
|
Samsung Heavy Industries * |
|
|
12,480 |
|
|
|
107 |
|
Samsung Life Insurance |
|
|
3,175 |
|
|
|
384 |
|
Samsung SDI |
|
|
2,502 |
|
|
|
462 |
|
Samsung SDS |
|
|
1,640 |
|
|
|
394 |
|
Samsung Securities |
|
|
3,270 |
|
|
|
133 |
|
Shinhan Financial Group |
|
|
20,000 |
|
|
|
998 |
|
Shinsegae |
|
|
400 |
|
|
|
129 |
|
SillaJen * |
|
|
2,485 |
|
|
|
246 |
|
SK C&C * |
|
|
1,994 |
|
|
|
595 |
|
SK Hynix |
|
|
27,530 |
|
|
|
1,895 |
|
SK Innovation |
|
|
2,892 |
|
|
|
554 |
|
SK Networks * |
|
|
7,030 |
|
|
|
43 |
|
SK Telecom |
|
|
927 |
|
|
|
231 |
|
S-Oil |
|
|
2,143 |
|
|
|
247 |
|
Woori Bank |
|
|
15,693 |
|
|
|
248 |
|
Yuhan * |
|
|
474 |
|
|
|
103 |
|
|
|
|
|
|
|
|
38,233 |
|
Spain 0.6% |
|
|
|
|
|
|
|
|
Abertis Infraestructuras |
|
|
22,207 |
|
|
|
540 |
|
ACS Actividades de Construccion y Servicios |
|
|
7,575 |
|
|
|
304 |
|
Aena SME (A) |
|
|
2,104 |
|
|
|
460 |
|
Amadeus IT Group, Cl A |
|
|
13,920 |
|
|
|
1,083 |
|
Banco Bilbao Vizcaya Argentaria |
|
|
210,600 |
|
|
|
1,985 |
|
Banco de Sabadell |
|
|
173,048 |
|
|
|
413 |
|
Banco Santander |
|
|
513,365 |
|
|
|
3,826 |
|
|
|
|
14 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Bankia |
|
|
33,368 |
|
|
$ |
170 |
|
Bankinter |
|
|
23,728 |
|
|
|
274 |
|
CaixaBank |
|
|
111,946 |
|
|
|
606 |
|
Enagas |
|
|
7,589 |
|
|
|
207 |
|
Endesa |
|
|
10,248 |
|
|
|
231 |
|
Ferrovial |
|
|
16,369 |
|
|
|
377 |
|
Gas Natural |
|
|
11,286 |
|
|
|
262 |
|
Grifols |
|
|
9,603 |
|
|
|
310 |
|
Iberdrola |
|
|
191,585 |
|
|
|
1,565 |
|
Industria de Diseno Textil |
|
|
34,337 |
|
|
|
1,235 |
|
International Consolidated Airlines Group |
|
|
19,393 |
|
|
|
177 |
|
Mapfre |
|
|
31,227 |
|
|
|
111 |
|
Red Electrica |
|
|
13,879 |
|
|
|
295 |
|
Repsol |
|
|
39,388 |
|
|
|
744 |
|
Siemens Gamesa Renewable Energy |
|
|
7,701 |
|
|
|
121 |
|
Telefonica |
|
|
142,461 |
|
|
|
1,465 |
|
|
|
|
|
|
|
|
16,761 |
|
Sweden 0.5% |
|
|
|
|
|
|
|
|
Alfa Laval |
|
|
10,179 |
|
|
|
268 |
|
Assa Abloy, Cl B |
|
|
32,801 |
|
|
|
729 |
|
Atlas Copco, Cl B |
|
|
12,124 |
|
|
|
508 |
|
Atlas Copco, Cl A |
|
|
21,151 |
|
|
|
995 |
|
Boliden |
|
|
8,844 |
|
|
|
322 |
|
Electrolux |
|
|
7,787 |
|
|
|
276 |
|
Essity, Cl B |
|
|
19,934 |
|
|
|
599 |
|
Getinge, Cl B |
|
|
6,627 |
|
|
|
91 |
|
Hennes & Mauritz, Cl B |
|
|
29,641 |
|
|
|
526 |
|
Hexagon, Cl B |
|
|
8,089 |
|
|
|
483 |
|
Husqvarna, Cl B |
|
|
12,063 |
|
|
|
126 |
|
ICA Gruppen |
|
|
2,331 |
|
|
|
91 |
|
Industrivarden, Cl C |
|
|
4,756 |
|
|
|
127 |
|
Investor, Cl B |
|
|
14,868 |
|
|
|
729 |
|
Kinnevik |
|
|
8,085 |
|
|
|
296 |
|
L E Lundbergforetagen, Cl B |
|
|
1,123 |
|
|
|
91 |
|
Lundin Petroleum * |
|
|
5,407 |
|
|
|
135 |
|
Nordea Bank |
|
|
96,041 |
|
|
|
1,189 |
|
Sandvik |
|
|
36,347 |
|
|
|
718 |
|
Securitas, Cl B |
|
|
9,072 |
|
|
|
168 |
|
Skandinaviska Enskilda Banken, Cl A |
|
|
50,280 |
|
|
|
637 |
|
Skanska, Cl B |
|
|
10,951 |
|
|
|
223 |
|
SKF, Cl B |
|
|
12,789 |
|
|
|
317 |
|
Svenska Handelsbanken, Cl A |
|
|
48,160 |
|
|
|
703 |
|
Swedbank, Cl A |
|
|
28,549 |
|
|
|
732 |
|
Swedish Match |
|
|
5,693 |
|
|
|
231 |
|
Tele2, Cl B |
|
|
10,485 |
|
|
|
132 |
|
Telefonaktiebolaget LM Ericsson, Cl B |
|
|
96,056 |
|
|
|
619 |
|
TeliaSonera |
|
|
81,357 |
|
|
|
410 |
|
Volvo, Cl B |
|
|
48,901 |
|
|
|
1,001 |
|
|
|
|
|
|
|
|
13,472 |
|
Switzerland 1.5% |
|
|
|
|
|
|
|
|
ABB |
|
|
59,475 |
|
|
|
1,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Adecco Group |
|
|
5,153 |
|
|
$ |
425 |
|
Baloise Holding |
|
|
1,619 |
|
|
|
265 |
|
Barry Callebaut |
|
|
64 |
|
|
|
131 |
|
Chocoladefabriken Lindt & Spruengli |
|
|
36 |
|
|
|
432 |
|
Cie Financiere Richemont |
|
|
16,490 |
|
|
|
1,584 |
|
Clariant |
|
|
7,297 |
|
|
|
209 |
|
Coca-Cola |
|
|
5,976 |
|
|
|
201 |
|
Credit Suisse Group |
|
|
76,846 |
|
|
|
1,485 |
|
Dufry * |
|
|
1,275 |
|
|
|
198 |
|
EMS-Chemie Holding |
|
|
237 |
|
|
|
174 |
|
Geberit |
|
|
1,149 |
|
|
|
545 |
|
Givaudan |
|
|
302 |
|
|
|
728 |
|
Julius Baer Group |
|
|
7,230 |
|
|
|
497 |
|
Kuehne + Nagel International |
|
|
1,736 |
|
|
|
319 |
|
LafargeHolcim |
|
|
14,183 |
|
|
|
870 |
|
Lonza Group |
|
|
2,352 |
|
|
|
655 |
|
Nestle |
|
|
99,211 |
|
|
|
8,583 |
|
Novartis |
|
|
70,565 |
|
|
|
6,391 |
|
Pargesa Holding |
|
|
1,322 |
|
|
|
121 |
|
Partners Group Holding |
|
|
561 |
|
|
|
437 |
|
Roche Holding |
|
|
22,300 |
|
|
|
5,504 |
|
Schindler Holding |
|
|
1,874 |
|
|
|
466 |
|
SGS |
|
|
168 |
|
|
|
452 |
|
Sika |
|
|
71 |
|
|
|
616 |
|
Sonova Holding |
|
|
1,695 |
|
|
|
274 |
|
Straumann Holding |
|
|
308 |
|
|
|
236 |
|
Swatch Group |
|
|
2,970 |
|
|
|
615 |
|
Swiss Life Holding |
|
|
1,001 |
|
|
|
376 |
|
Swiss Prime Site |
|
|
2,396 |
|
|
|
232 |
|
Swiss Re |
|
|
10,218 |
|
|
|
1,009 |
|
Swisscom |
|
|
794 |
|
|
|
434 |
|
Transocean * |
|
|
23,500 |
|
|
|
254 |
|
UBS Group |
|
|
117,207 |
|
|
|
2,383 |
|
Vifor Pharma |
|
|
1,486 |
|
|
|
219 |
|
Zurich Insurance Group |
|
|
4,780 |
|
|
|
1,573 |
|
|
|
|
|
|
|
|
40,553 |
|
Taiwan 1.1% |
|
|
|
|
|
|
|
|
Acer |
|
|
144,000 |
|
|
|
137 |
|
Advanced Semiconductor Engineering ADR |
|
|
29,600 |
|
|
|
212 |
|
Advanced Semiconductor Engineering |
|
|
133,029 |
|
|
|
189 |
|
Advantech |
|
|
15,399 |
|
|
|
120 |
|
Airtac International Group |
|
|
5,000 |
|
|
|
79 |
|
Asia Cement |
|
|
104,000 |
|
|
|
107 |
|
Asia Pacific Telecom |
|
|
93,000 |
|
|
|
32 |
|
Asustek Computer |
|
|
31,000 |
|
|
|
299 |
|
AU Optronics |
|
|
363,000 |
|
|
|
173 |
|
Catcher Technology |
|
|
29,000 |
|
|
|
332 |
|
Cathay Financial Holding |
|
|
356,000 |
|
|
|
667 |
|
Chailease Holding |
|
|
47,000 |
|
|
|
158 |
|
Chang Hwa Commercial Bank |
|
|
217,497 |
|
|
|
128 |
|
Cheng Shin Rubber Industry |
|
|
87,000 |
|
|
|
152 |
|
Chicony Electronics |
|
|
22,220 |
|
|
|
59 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
15 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK
(continued) |
|
|
|
|
|
China Airlines * |
|
|
116,000 |
|
|
$ |
48 |
|
China Development Financial Holding |
|
|
611,000 |
|
|
|
224 |
|
China Life Insurance |
|
|
171,479 |
|
|
|
177 |
|
China Steel |
|
|
557,000 |
|
|
|
476 |
|
Chunghwa Telecom |
|
|
165,000 |
|
|
|
614 |
|
Compal Electronics |
|
|
186,000 |
|
|
|
138 |
|
CTBC Financial Holding |
|
|
765,720 |
|
|
|
560 |
|
Delta Electronics |
|
|
85,000 |
|
|
|
429 |
|
E.Sun Financial Holding |
|
|
399,470 |
|
|
|
263 |
|
Eclat Textile |
|
|
6,120 |
|
|
|
61 |
|
Eva Airways |
|
|
103,000 |
|
|
|
55 |
|
Evergreen Marine Taiwan * |
|
|
98,021 |
|
|
|
58 |
|
Far Eastern New Century |
|
|
147,000 |
|
|
|
131 |
|
Far EasTone Telecommunications |
|
|
71,000 |
|
|
|
185 |
|
Feng TAY Enterprise |
|
|
15,000 |
|
|
|
71 |
|
First Financial Holding |
|
|
433,821 |
|
|
|
300 |
|
Formosa Chemicals & Fibre |
|
|
141,000 |
|
|
|
527 |
|
Formosa Petrochemical |
|
|
59,000 |
|
|
|
251 |
|
Formosa Plastics |
|
|
180,000 |
|
|
|
639 |
|
Formosa Taffeta |
|
|
34,000 |
|
|
|
38 |
|
Foxconn Technology |
|
|
42,250 |
|
|
|
121 |
|
Fubon Financial Holding |
|
|
291,000 |
|
|
|
541 |
|
General Interface Solution Holding |
|
|
4,000 |
|
|
|
30 |
|
Giant Manufacturing |
|
|
9,000 |
|
|
|
50 |
|
Globalwafers |
|
|
10,000 |
|
|
|
153 |
|
Highwealth Construction |
|
|
40,000 |
|
|
|
63 |
|
Hiwin Technologies |
|
|
10,200 |
|
|
|
132 |
|
Hon Hai Precision Industry |
|
|
714,400 |
|
|
|
2,260 |
|
Hotai Motor |
|
|
12,000 |
|
|
|
156 |
|
HTC * |
|
|
27,000 |
|
|
|
66 |
|
Hua Nan Financial Holdings |
|
|
347,911 |
|
|
|
208 |
|
Innolux |
|
|
406,000 |
|
|
|
192 |
|
Inventec |
|
|
111,000 |
|
|
|
91 |
|
Largan Precision |
|
|
4,000 |
|
|
|
550 |
|
Lite-On Technology |
|
|
88,224 |
|
|
|
130 |
|
Macronix International * |
|
|
72,000 |
|
|
|
113 |
|
MediaTek |
|
|
65,000 |
|
|
|
667 |
|
Mega Financial Holding |
|
|
475,000 |
|
|
|
412 |
|
Micro-Star International |
|
|
28,000 |
|
|
|
93 |
|
Nan Ya Plastics |
|
|
207,000 |
|
|
|
569 |
|
Nanya Technology |
|
|
33,000 |
|
|
|
90 |
|
Nien Made Enterprise * |
|
|
6,000 |
|
|
|
62 |
|
Novatek Microelectronics |
|
|
27,000 |
|
|
|
113 |
|
Pegatron |
|
|
87,000 |
|
|
|
236 |
|
Phison Electronics |
|
|
7,000 |
|
|
|
72 |
|
Pou Chen |
|
|
98,000 |
|
|
|
132 |
|
Powertech Technology |
|
|
25,000 |
|
|
|
81 |
|
President Chain Store |
|
|
25,000 |
|
|
|
247 |
|
Quanta Computer |
|
|
120,000 |
|
|
|
261 |
|
Realtek Semiconductor |
|
|
19,000 |
|
|
|
76 |
|
Ruentex Development * |
|
|
45,600 |
|
|
|
52 |
|
Ruentex Industries |
|
|
28,000 |
|
|
|
49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Shin Kong Financial Holding |
|
|
362,000 |
|
|
$ |
133 |
|
Siliconware Precision Industries ADR |
|
|
16,675 |
|
|
|
142 |
|
SinoPac Financial Holdings |
|
|
463,473 |
|
|
|
160 |
|
Standard Foods |
|
|
26,000 |
|
|
|
67 |
|
Synnex Technology International |
|
|
56,700 |
|
|
|
80 |
|
TaiMed Biologics * |
|
|
9,000 |
|
|
|
62 |
|
Taishin Financial Holding |
|
|
424,753 |
|
|
|
214 |
|
Taiwan Business Bank |
|
|
217,381 |
|
|
|
64 |
|
Taiwan Cement |
|
|
150,000 |
|
|
|
194 |
|
Taiwan Cooperative Financial Holding |
|
|
356,019 |
|
|
|
212 |
|
Taiwan High Speed Rail * |
|
|
73,000 |
|
|
|
60 |
|
Taiwan Mobile |
|
|
74,000 |
|
|
|
283 |
|
Taiwan Semiconductor Manufacturing |
|
|
802,000 |
|
|
|
7,017 |
|
Taiwan Semiconductor Manufacturing ADR |
|
|
57,200 |
|
|
|
2,592 |
|
Teco Electric and Machinery |
|
|
65,000 |
|
|
|
63 |
|
Uni-President Enterprises |
|
|
210,000 |
|
|
|
504 |
|
United Microelectronics |
|
|
538,000 |
|
|
|
263 |
|
Vanguard International Semiconductor |
|
|
32,000 |
|
|
|
72 |
|
Win Semiconductors |
|
|
15,000 |
|
|
|
134 |
|
Winbond Electronics |
|
|
130,000 |
|
|
|
105 |
|
Wistron |
|
|
100,737 |
|
|
|
85 |
|
WPG Holdings |
|
|
73,000 |
|
|
|
100 |
|
Yageo |
|
|
9,000 |
|
|
|
119 |
|
Yuanta Financial Holding |
|
|
401,000 |
|
|
|
193 |
|
Zhen Ding Technology Holding |
|
|
22,000 |
|
|
|
50 |
|
|
|
|
|
|
|
|
29,125 |
|
Thailand 0.3% |
|
|
|
|
|
|
|
|
Advanced Info Service NVDR |
|
|
46,200 |
|
|
|
284 |
|
Airports of Thailand NVDR |
|
|
190,000 |
|
|
|
425 |
|
Bangkok Bank NVDR |
|
|
12,600 |
|
|
|
83 |
|
Bangkok Dusit Medical Services NVDR |
|
|
216,600 |
|
|
|
149 |
|
Bangkok Expressway & Metro NVDR |
|
|
334,400 |
|
|
|
83 |
|
Banpu NVDR |
|
|
85,300 |
|
|
|
62 |
|
Berli Jucker NVDR |
|
|
50,700 |
|
|
|
93 |
|
BTS Group Holdings NVDR |
|
|
276,100 |
|
|
|
71 |
|
Bumrungrad Hospital NVDR |
|
|
14,900 |
|
|
|
93 |
|
Central Pattana NVDR |
|
|
59,800 |
|
|
|
159 |
|
Charoen Pokphand Foods NVDR |
|
|
133,900 |
|
|
|
101 |
|
CP ALL NVDR |
|
|
244,400 |
|
|
|
622 |
|
Delta Electronics Thailand NVDR |
|
|
25,400 |
|
|
|
63 |
|
Electricity Generating NVDR |
|
|
7,100 |
|
|
|
50 |
|
Energy Absolute NVDR |
|
|
55,100 |
|
|
|
119 |
|
Fabrinet * |
|
|
4,258 |
|
|
|
106 |
|
Glow Energy NVDR |
|
|
25,100 |
|
|
|
68 |
|
Home Product Center NVDR |
|
|
196,900 |
|
|
|
89 |
|
Indorama Ventures NVDR |
|
|
79,100 |
|
|
|
142 |
|
IRPC NVDR |
|
|
496,500 |
|
|
|
117 |
|
Kasikornbank |
|
|
51,700 |
|
|
|
381 |
|
Kasikornbank NVDR |
|
|
55,000 |
|
|
|
404 |
|
KCE Electronics NVDR |
|
|
12,200 |
|
|
|
29 |
|
Krung Thai Bank NVDR |
|
|
166,400 |
|
|
|
106 |
|
Minor International NVDR |
|
|
99,100 |
|
|
|
139 |
|
|
|
|
16 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
PTT NVDR |
|
|
47,000 |
|
|
$ |
738 |
|
PTT Exploration & Production NVDR |
|
|
62,700 |
|
|
|
238 |
|
PTT Global Chemical NVDR |
|
|
100,200 |
|
|
|
308 |
|
Robinson NVDR |
|
|
25,500 |
|
|
|
58 |
|
Siam Cement NVDR |
|
|
5,800 |
|
|
|
91 |
|
Siam Cement |
|
|
13,400 |
|
|
|
211 |
|
Siam Commercial Bank NVDR |
|
|
81,500 |
|
|
|
410 |
|
Thai Oil NVDR |
|
|
49,900 |
|
|
|
163 |
|
Thai Union Frozen Products NVDR |
|
|
94,300 |
|
|
|
62 |
|
TMB Bank NVDR |
|
|
629,600 |
|
|
|
58 |
|
True NVDR * |
|
|
434,932 |
|
|
|
94 |
|
|
|
|
|
|
|
|
6,469 |
|
Turkey 0.1% |
|
|
|
|
|
|
|
|
Akbank Turk |
|
|
96,778 |
|
|
|
282 |
|
Anadolu Efes Biracilik Ve Malt Sanayii |
|
|
10,784 |
|
|
|
80 |
|
Arcelik |
|
|
11,123 |
|
|
|
57 |
|
Aselsan Elektronik Sanayi Ve Ticaret |
|
|
8,700 |
|
|
|
77 |
|
BIM Birlesik Magazalar |
|
|
10,630 |
|
|
|
213 |
|
Coca-Cola Icecek |
|
|
3,923 |
|
|
|
38 |
|
Emlak Konut Gayrimenkul Yatirim Ortakligi |
|
|
80,676 |
|
|
|
57 |
|
Eregli Demir ve Celik Fabrikalari |
|
|
65,474 |
|
|
|
174 |
|
Ford Otomotiv Sanayi |
|
|
3,700 |
|
|
|
59 |
|
Haci Omer Sabanci Holding |
|
|
41,698 |
|
|
|
127 |
|
KOC Holding |
|
|
33,835 |
|
|
|
165 |
|
Petkim Petrokimya Holding |
|
|
34,800 |
|
|
|
74 |
|
TAV Havalimanlari Holding |
|
|
8,800 |
|
|
|
52 |
|
Tofas Turk Otomobil Fabrikasi |
|
|
6,300 |
|
|
|
54 |
|
Tupras Turkiye Petrol Rafinerileri |
|
|
5,735 |
|
|
|
176 |
|
Turk Hava Yollari * |
|
|
27,600 |
|
|
|
121 |
|
Turk Telekomunikasyon |
|
|
23,200 |
|
|
|
39 |
|
Turkcell Iletisim Hizmetleri |
|
|
46,271 |
|
|
|
193 |
|
Turkiye Garanti Bankasi |
|
|
101,672 |
|
|
|
333 |
|
Turkiye Halk Bankasi |
|
|
29,352 |
|
|
|
79 |
|
Turkiye Is Bankasi, Cl C |
|
|
72,297 |
|
|
|
155 |
|
Turkiye Sise ve Cam Fabrikalari |
|
|
34,186 |
|
|
|
46 |
|
Turkiye Vakiflar Bankasi, Cl D |
|
|
37,100 |
|
|
|
74 |
|
Ulker Biskuvi Sanayi |
|
|
7,649 |
|
|
|
48 |
|
Yapi ve Kredi Bankasi |
|
|
42,900 |
|
|
|
53 |
|
|
|
|
|
|
|
|
2,826 |
|
United Arab Emirates 0.1% |
|
|
|
|
|
Abu Dhabi Commercial Bank PJSC |
|
|
85,164 |
|
|
|
168 |
|
Aldar Properties PJSC |
|
|
125,248 |
|
|
|
78 |
|
DAMAC Properties Dubai PJSC |
|
|
85,929 |
|
|
|
78 |
|
DP World |
|
|
7,288 |
|
|
|
193 |
|
Dubai Islamic Bank PJSC |
|
|
56,144 |
|
|
|
93 |
|
DXB Entertainments PJSC * |
|
|
170,393 |
|
|
|
30 |
|
Emaar Malls PJSC |
|
|
101,378 |
|
|
|
64 |
|
Emaar Properties PJSC |
|
|
160,068 |
|
|
|
287 |
|
Emirates Telecommunications Group PJSC |
|
|
92,644 |
|
|
|
449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
First Abu Dhabi Bank PJSC |
|
|
83,586 |
|
|
$ |
255 |
|
|
|
|
|
|
|
|
1,695 |
|
United Kingdom 3.2% |
|
|
|
|
|
3i Group |
|
|
31,505 |
|
|
|
417 |
|
Admiral Group |
|
|
6,119 |
|
|
|
161 |
|
Anglo American |
|
|
42,361 |
|
|
|
1,029 |
|
Antofagasta |
|
|
11,425 |
|
|
|
151 |
|
Aon |
|
|
14,900 |
|
|
|
2,118 |
|
Ashtead Group |
|
|
15,916 |
|
|
|
476 |
|
Associated British Foods |
|
|
11,055 |
|
|
|
430 |
|
AstraZeneca |
|
|
40,350 |
|
|
|
2,804 |
|
Auto Trader Group (A) |
|
|
29,002 |
|
|
|
149 |
|
Aviva |
|
|
128,995 |
|
|
|
941 |
|
Babcock International Group |
|
|
7,304 |
|
|
|
71 |
|
BAE Systems |
|
|
101,101 |
|
|
|
854 |
|
Barclays |
|
|
549,312 |
|
|
|
1,562 |
|
Barratt Developments |
|
|
32,516 |
|
|
|
271 |
|
Berkeley Group Holdings |
|
|
4,350 |
|
|
|
245 |
|
BHP Billiton |
|
|
66,775 |
|
|
|
1,485 |
|
BP |
|
|
627,255 |
|
|
|
4,470 |
|
British American Tobacco |
|
|
72,811 |
|
|
|
4,990 |
|
British Land
|
|
|
31,466 |
|
|
|
299 |
|
BT Group, Cl A |
|
|
268,189 |
|
|
|
974 |
|
Bunzl |
|
|
10,503 |
|
|
|
308 |
|
Burberry Group |
|
|
14,117 |
|
|
|
317 |
|
Capita |
|
|
19,254 |
|
|
|
50 |
|
Carnival |
|
|
5,930 |
|
|
|
419 |
|
Centrica |
|
|
176,645 |
|
|
|
335 |
|
Cobham |
|
|
69,272 |
|
|
|
129 |
|
Compass Group |
|
|
50,065 |
|
|
|
1,055 |
|
ConvaTec Group (A) |
|
|
45,351 |
|
|
|
130 |
|
Croda International |
|
|
4,553 |
|
|
|
290 |
|
DCC |
|
|
2,855 |
|
|
|
301 |
|
Diageo |
|
|
80,218 |
|
|
|
2,889 |
|
Direct Line Insurance Group |
|
|
46,039 |
|
|
|
242 |
|
easyJet |
|
|
4,603 |
|
|
|
109 |
|
Ensco, Cl A |
|
|
51,979 |
|
|
|
307 |
|
Ferguson |
|
|
8,011 |
|
|
|
619 |
|
Fresnillo |
|
|
6,405 |
|
|
|
122 |
|
G4S |
|
|
44,953 |
|
|
|
182 |
|
GKN |
|
|
55,283 |
|
|
|
332 |
|
GlaxoSmithKline |
|
|
156,667 |
|
|
|
2,942 |
|
Glencore |
|
|
392,913 |
|
|
|
2,256 |
|
Hammerson
|
|
|
25,965 |
|
|
|
182 |
|
Hargreaves Lansdown |
|
|
9,217 |
|
|
|
243 |
|
HSBC Holdings |
|
|
640,456 |
|
|
|
6,841 |
|
IMI |
|
|
7,879 |
|
|
|
149 |
|
Imperial Tobacco Group |
|
|
30,315 |
|
|
|
1,250 |
|
InterContinental Hotels Group |
|
|
5,635 |
|
|
|
378 |
|
Intertek Group |
|
|
5,183 |
|
|
|
370 |
|
Investec |
|
|
22,117 |
|
|
|
172 |
|
ITV |
|
|
113,421 |
|
|
|
269 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
17 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
J Sainsbury |
|
|
53,946 |
|
|
$ |
194 |
|
John Wood Group |
|
|
21,241 |
|
|
|
196 |
|
Johnson Matthey |
|
|
6,247 |
|
|
|
307 |
|
Kingfisher |
|
|
66,082 |
|
|
|
326 |
|
Land Securities Group
|
|
|
23,135 |
|
|
|
330 |
|
Larsen & Toubro GDR |
|
|
18,000 |
|
|
|
400 |
|
Legal & General Group |
|
|
192,238 |
|
|
|
740 |
|
Lloyds Banking Group |
|
|
2,277,253 |
|
|
|
2,251 |
|
London Stock Exchange Group |
|
|
9,817 |
|
|
|
548 |
|
LUKOIL PJSC ADR |
|
|
19,582 |
|
|
|
1,293 |
|
Marks & Spencer Group |
|
|
52,417 |
|
|
|
225 |
|
Mediclinic International |
|
|
10,680 |
|
|
|
91 |
|
Meggitt |
|
|
22,459 |
|
|
|
148 |
|
Merlin Entertainments (A) |
|
|
20,559 |
|
|
|
96 |
|
MMC Norilsk Nickel PJSC ADR |
|
|
28,301 |
|
|
|
582 |
|
Mondi |
|
|
11,637 |
|
|
|
311 |
|
National Grid |
|
|
107,400 |
|
|
|
1,229 |
|
Next |
|
|
4,943 |
|
|
|
358 |
|
Old Mutual |
|
|
153,828 |
|
|
|
511 |
|
Pearson |
|
|
26,527 |
|
|
|
262 |
|
Persimmon |
|
|
10,026 |
|
|
|
357 |
|
PhosAgro PJSC GDR |
|
|
4,700 |
|
|
|
75 |
|
Prudential |
|
|
82,672 |
|
|
|
2,241 |
|
Randgold Resources |
|
|
2,948 |
|
|
|
297 |
|
Reckitt Benckiser Group |
|
|
21,195 |
|
|
|
2,050 |
|
RELX |
|
|
33,187 |
|
|
|
735 |
|
Rio Tinto |
|
|
38,995 |
|
|
|
2,175 |
|
Rolls-Royce Holdings |
|
|
52,749 |
|
|
|
654 |
|
Rosneft Oil PJSC GDR |
|
|
69,843 |
|
|
|
428 |
|
Rowan, Cl A * |
|
|
14,252 |
|
|
|
210 |
|
Royal Bank of Scotland Group * |
|
|
111,299 |
|
|
|
455 |
|
Royal Mail |
|
|
26,075 |
|
|
|
174 |
|
RSA Insurance Group |
|
|
32,826 |
|
|
|
289 |
|
Sage Group |
|
|
34,232 |
|
|
|
365 |
|
Schroders |
|
|
3,929 |
|
|
|
208 |
|
Segro |
|
|
34,265 |
|
|
|
283 |
|
Severn Trent |
|
|
7,638 |
|
|
|
212 |
|
Shire |
|
|
29,040 |
|
|
|
1,374 |
|
Sky |
|
|
32,234 |
|
|
|
485 |
|
Smith & Nephew |
|
|
27,782 |
|
|
|
501 |
|
Smiths Group |
|
|
12,704 |
|
|
|
289 |
|
SSE |
|
|
32,332 |
|
|
|
600 |
|
St. Jamess Place |
|
|
17,007 |
|
|
|
287 |
|
Standard Chartered |
|
|
104,207 |
|
|
|
1,215 |
|
Standard Life Aberdeen |
|
|
82,233 |
|
|
|
498 |
|
State Bank of India GDR |
|
|
6,500 |
|
|
|
322 |
|
Tata Steel GDR |
|
|
20,000 |
|
|
|
232 |
|
Tatneft PJSC ADR |
|
|
11,874 |
|
|
|
720 |
|
Taylor Wimpey |
|
|
103,787 |
|
|
|
281 |
|
Tesco |
|
|
260,765 |
|
|
|
775 |
|
Travis Perkins |
|
|
7,240 |
|
|
|
150 |
|
Unilever |
|
|
40,257 |
|
|
|
2,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
United Utilities Group |
|
|
21,667 |
|
|
$ |
227 |
|
Vodafone Group |
|
|
849,568 |
|
|
|
2,713 |
|
VTB Bank GDR |
|
|
145,518 |
|
|
|
276 |
|
Weir Group |
|
|
7,952 |
|
|
|
250 |
|
Whitbread |
|
|
5,747 |
|
|
|
317 |
|
WM Morrison Supermarkets |
|
|
72,034 |
|
|
|
227 |
|
WPP |
|
|
40,517 |
|
|
|
736 |
|
|
|
|
|
|
|
|
83,456 |
|
United States 68.3% |
|
|
|
|
|
Consumer Discretionary
8.9% |
|
|
|
|
|
1-800-Flowers.com, Cl A * |
|
|
3,676 |
|
|
|
38 |
|
Aarons |
|
|
7,650 |
|
|
|
313 |
|
Abercrombie & Fitch, Cl A |
|
|
8,056 |
|
|
|
167 |
|
Acushnet Holdings |
|
|
3,919 |
|
|
|
84 |
|
Adient |
|
|
5,614 |
|
|
|
364 |
|
Adtalem Global Education |
|
|
7,406 |
|
|
|
341 |
|
Advance Auto Parts |
|
|
4,000 |
|
|
|
468 |
|
Amazon.com * |
|
|
22,973 |
|
|
|
33,331 |
|
AMC Entertainment Holdings, Cl A |
|
|
6,549 |
|
|
|
84 |
|
AMC Networks, Cl A * |
|
|
3,000 |
|
|
|
155 |
|
American Axle & Manufacturing Holdings * |
|
|
12,080 |
|
|
|
213 |
|
American Eagle Outfitters |
|
|
19,516 |
|
|
|
351 |
|
American Outdoor Brands * |
|
|
6,477 |
|
|
|
77 |
|
American Public Education * |
|
|
1,985 |
|
|
|
50 |
|
Americas Car-Mart * |
|
|
853 |
|
|
|
39 |
|
Aramark |
|
|
13,900 |
|
|
|
637 |
|
Asbury Automotive Group * |
|
|
2,277 |
|
|
|
165 |
|
Ascena Retail Group * |
|
|
19,752 |
|
|
|
43 |
|
Ascent Capital Group, Cl A * |
|
|
1,119 |
|
|
|
11 |
|
At Home Group * |
|
|
703 |
|
|
|
22 |
|
AutoNation * |
|
|
3,900 |
|
|
|
235 |
|
AutoZone * |
|
|
1,600 |
|
|
|
1,225 |
|
AV Homes * |
|
|
1,346 |
|
|
|
23 |
|
Barnes & Noble |
|
|
7,360 |
|
|
|
35 |
|
Barnes & Noble Education * |
|
|
4,813 |
|
|
|
32 |
|
Bassett Furniture Industries |
|
|
1,272 |
|
|
|
43 |
|
Beasley Broadcast Group, Cl A |
|
|
771 |
|
|
|
10 |
|
Beazer Homes USA * |
|
|
3,957 |
|
|
|
73 |
|
Bed Bath & Beyond |
|
|
8,100 |
|
|
|
187 |
|
Belmond, Cl A * |
|
|
10,730 |
|
|
|
138 |
|
Best Buy |
|
|
15,000 |
|
|
|
1,096 |
|
Big 5 Sporting Goods |
|
|
1,942 |
|
|
|
11 |
|
Big Lots |
|
|
5,230 |
|
|
|
318 |
|
Biglari Holdings * |
|
|
128 |
|
|
|
53 |
|
BJs Restaurants |
|
|
2,509 |
|
|
|
95 |
|
Bloomin Brands |
|
|
11,009 |
|
|
|
243 |
|
Bojangles * |
|
|
2,312 |
|
|
|
28 |
|
Boot Barn Holdings * |
|
|
1,483 |
|
|
|
26 |
|
BorgWarner |
|
|
12,300 |
|
|
|
692 |
|
Boyd Gaming |
|
|
10,018 |
|
|
|
395 |
|
Bridgepoint Education, Cl A * |
|
|
1,977 |
|
|
|
15 |
|
Bright Horizons Family Solutions * |
|
|
3,300 |
|
|
|
324 |
|
|
|
|
18 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Brinker International |
|
|
5,523 |
|
|
$ |
201 |
|
Brunswick |
|
|
5,100 |
|
|
|
320 |
|
Buckle |
|
|
3,341 |
|
|
|
67 |
|
Buffalo Wild Wings * |
|
|
1,861 |
|
|
|
292 |
|
Build-A-Bear Workshop, Cl A * |
|
|
1,447 |
|
|
|
12 |
|
Burlington Stores * |
|
|
3,900 |
|
|
|
475 |
|
Cable One |
|
|
300 |
|
|
|
212 |
|
Caesars Entertainment * |
|
|
16,169 |
|
|
|
226 |
|
CalAtlantic Group |
|
|
4,300 |
|
|
|
241 |
|
Caleres |
|
|
4,981 |
|
|
|
148 |
|
Callaway Golf |
|
|
11,414 |
|
|
|
169 |
|
Cambium Learning Group * |
|
|
1,588 |
|
|
|
11 |
|
Camping World Holdings, Cl A |
|
|
3,875 |
|
|
|
173 |
|
Capella Education |
|
|
1,400 |
|
|
|
111 |
|
Career Education * |
|
|
8,340 |
|
|
|
103 |
|
CarMax * |
|
|
10,600 |
|
|
|
757 |
|
Carnival |
|
|
23,400 |
|
|
|
1,676 |
|
Carriage Services, Cl A |
|
|
1,772 |
|
|
|
47 |
|
Carrols Restaurant Group * |
|
|
4,136 |
|
|
|
51 |
|
Carters |
|
|
2,600 |
|
|
|
313 |
|
Carvana, Cl A * |
|
|
1,778 |
|
|
|
34 |
|
Cato, Cl A |
|
|
3,063 |
|
|
|
36 |
|
Cavco Industries * |
|
|
1,030 |
|
|
|
158 |
|
CBS, Cl B |
|
|
19,605 |
|
|
|
1,129 |
|
Century Casinos * |
|
|
2,308 |
|
|
|
21 |
|
Century Communities * |
|
|
2,451 |
|
|
|
77 |
|
Charter Communications, Cl A * |
|
|
10,953 |
|
|
|
4,132 |
|
Cheesecake Factory |
|
|
5,091 |
|
|
|
250 |
|
Chegg * |
|
|
11,590 |
|
|
|
201 |
|
Chicos FAS |
|
|
15,621 |
|
|
|
149 |
|
Childrens Place |
|
|
2,070 |
|
|
|
310 |
|
Chipotle Mexican Grill, Cl A * |
|
|
1,457 |
|
|
|
473 |
|
Choice Hotels International |
|
|
2,000 |
|
|
|
164 |
|
Churchill Downs |
|
|
1,632 |
|
|
|
423 |
|
Chuys Holdings * |
|
|
1,865 |
|
|
|
49 |
|
Cinemark Holdings |
|
|
5,800 |
|
|
|
213 |
|
Citi Trends |
|
|
1,503 |
|
|
|
35 |
|
Clarus * |
|
|
3,109 |
|
|
|
23 |
|
Clear Channel Outdoor Holdings, Cl A |
|
|
5,326 |
|
|
|
26 |
|
Collectors Universe |
|
|
822 |
|
|
|
23 |
|
Columbia Sportswear |
|
|
3,508 |
|
|
|
262 |
|
Comcast, Cl A |
|
|
270,144 |
|
|
|
11,489 |
|
Conns * |
|
|
2,229 |
|
|
|
74 |
|
Container Store Group * |
|
|
1,817 |
|
|
|
9 |
|
Cooper Tire & Rubber |
|
|
6,102 |
|
|
|
239 |
|
Cooper-Standard Holdings * |
|
|
2,046 |
|
|
|
255 |
|
Core-Mark Holding |
|
|
5,427 |
|
|
|
120 |
|
Cracker Barrel Old Country Store |
|
|
2,317 |
|
|
|
409 |
|
Crocs * |
|
|
8,558 |
|
|
|
116 |
|
CSS Industries |
|
|
923 |
|
|
|
24 |
|
Ctrip.com International ADR * |
|
|
18,100 |
|
|
|
847 |
|
Culp |
|
|
1,396 |
|
|
|
44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Daily Journal * |
|
|
117 |
|
|
$ |
27 |
|
Dana |
|
|
17,704 |
|
|
|
584 |
|
Darden Restaurants |
|
|
7,100 |
|
|
|
681 |
|
Dave & Busters Entertainment * |
|
|
5,016 |
|
|
|
236 |
|
Deckers Outdoor * |
|
|
3,771 |
|
|
|
323 |
|
Del Friscos Restaurant Group * |
|
|
2,835 |
|
|
|
50 |
|
Del Taco Restaurants * |
|
|
4,198 |
|
|
|
53 |
|
Delphi Automotive * |
|
|
15,300 |
|
|
|
1,452 |
|
Delphi Technologies |
|
|
5,100 |
|
|
|
282 |
|
Delta Apparel * |
|
|
780 |
|
|
|
15 |
|
Dennys * |
|
|
7,798 |
|
|
|
117 |
|
Dicks Sporting Goods |
|
|
5,000 |
|
|
|
157 |
|
Dillards, Cl A |
|
|
1,712 |
|
|
|
116 |
|
DineEquity |
|
|
2,105 |
|
|
|
117 |
|
Discovery Communications, Cl A * |
|
|
8,200 |
|
|
|
206 |
|
Discovery Communications, Cl C * |
|
|
11,100 |
|
|
|
265 |
|
DISH Network, Cl A * |
|
|
12,300 |
|
|
|
577 |
|
Dollar General |
|
|
15,800 |
|
|
|
1,629 |
|
Dollar Tree * |
|
|
13,400 |
|
|
|
1,541 |
|
Dominos Pizza |
|
|
2,700 |
|
|
|
585 |
|
Dorman Products * |
|
|
3,266 |
|
|
|
246 |
|
DR Horton |
|
|
19,400 |
|
|
|
952 |
|
Drive Shack |
|
|
7,011 |
|
|
|
36 |
|
DSW, Cl A |
|
|
7,879 |
|
|
|
158 |
|
Duluth Holdings, Cl B * |
|
|
1,015 |
|
|
|
18 |
|
Dunkin Brands Group |
|
|
5,100 |
|
|
|
330 |
|
El Pollo Loco Holdings * |
|
|
2,135 |
|
|
|
21 |
|
Eldorado Resorts * |
|
|
5,709 |
|
|
|
197 |
|
Emerald Expositions Events |
|
|
2,311 |
|
|
|
50 |
|
Empire Resorts * |
|
|
595 |
|
|
|
17 |
|
Entercom Communications, Cl A |
|
|
15,478 |
|
|
|
171 |
|
Entravision Communications, Cl A |
|
|
7,773 |
|
|
|
54 |
|
Eros International * |
|
|
3,373 |
|
|
|
38 |
|
Escalade |
|
|
1,183 |
|
|
|
15 |
|
Ethan Allen Interiors |
|
|
3,098 |
|
|
|
77 |
|
EW Scripps, Cl A * |
|
|
7,113 |
|
|
|
114 |
|
Expedia |
|
|
7,100 |
|
|
|
909 |
|
Express * |
|
|
8,701 |
|
|
|
61 |
|
Extended Stay America |
|
|
10,411 |
|
|
|
211 |
|
Fiesta Restaurant Group * |
|
|
3,113 |
|
|
|
60 |
|
Finish Line, Cl A |
|
|
5,179 |
|
|
|
59 |
|
Five Below * |
|
|
6,480 |
|
|
|
421 |
|
Flexsteel Industries |
|
|
840 |
|
|
|
36 |
|
Floor & Decor Holdings, Cl A * |
|
|
900 |
|
|
|
42 |
|
Fogo De Chao * |
|
|
1,483 |
|
|
|
19 |
|
Foot Locker |
|
|
7,300 |
|
|
|
359 |
|
Ford Motor |
|
|
224,700 |
|
|
|
2,465 |
|
Fossil Group * |
|
|
5,903 |
|
|
|
47 |
|
Fox Factory Holding * |
|
|
4,279 |
|
|
|
164 |
|
Francescas Holdings * |
|
|
4,764 |
|
|
|
28 |
|
Freds, Cl A |
|
|
4,058 |
|
|
|
13 |
|
FTD * |
|
|
2,081 |
|
|
|
12 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
19 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Funko, Cl A * |
|
|
1,600 |
|
|
$ |
12 |
|
Gaia, Cl A * |
|
|
1,024 |
|
|
|
12 |
|
GameStop, Cl A |
|
|
5,200 |
|
|
|
87 |
|
Gannett |
|
|
13,743 |
|
|
|
162 |
|
Gap |
|
|
13,100 |
|
|
|
435 |
|
Garmin |
|
|
7,000 |
|
|
|
441 |
|
General Motors |
|
|
76,100 |
|
|
|
3,227 |
|
Genesco * |
|
|
2,311 |
|
|
|
81 |
|
Gentex |
|
|
15,700 |
|
|
|
372 |
|
Gentherm * |
|
|
4,445 |
|
|
|
142 |
|
Genuine Parts |
|
|
8,300 |
|
|
|
864 |
|
G-III Apparel Group * |
|
|
5,123 |
|
|
|
191 |
|
Global Eagle Entertainment * |
|
|
4,904 |
|
|
|
14 |
|
GNC Holdings, Cl A |
|
|
7,620 |
|
|
|
33 |
|
Golden Entertainment * |
|
|
1,124 |
|
|
|
35 |
|
Goodyear Tire & Rubber |
|
|
14,400 |
|
|
|
501 |
|
GoPro, Cl A * |
|
|
13,230 |
|
|
|
72 |
|
Graham Holdings, Cl B |
|
|
300 |
|
|
|
178 |
|
Grand Canyon Education * |
|
|
5,665 |
|
|
|
527 |
|
Gray Television * |
|
|
7,532 |
|
|
|
123 |
|
Green Brick Partners * |
|
|
2,540 |
|
|
|
28 |
|
Group 1 Automotive |
|
|
2,419 |
|
|
|
190 |
|
Groupon, Cl A * |
|
|
41,335 |
|
|
|
219 |
|
Guess? |
|
|
7,203 |
|
|
|
132 |
|
H&R Block |
|
|
11,400 |
|
|
|
303 |
|
Habit Restaurants, Cl A * |
|
|
2,655 |
|
|
|
23 |
|
Hamilton Beach Brands Holding, Cl A |
|
|
668 |
|
|
|
17 |
|
Hanesbrands |
|
|
20,300 |
|
|
|
441 |
|
Harley-Davidson |
|
|
9,700 |
|
|
|
470 |
|
Hasbro |
|
|
6,400 |
|
|
|
605 |
|
Haverty Furniture |
|
|
2,369 |
|
|
|
53 |
|
Helen of Troy * |
|
|
3,353 |
|
|
|
312 |
|
Hemisphere Media Group, Cl A * |
|
|
2,028 |
|
|
|
22 |
|
Hibbett Sports * |
|
|
2,572 |
|
|
|
58 |
|
Hilton Grand Vacations * |
|
|
3,580 |
|
|
|
161 |
|
Hilton Worldwide Holdings |
|
|
12,666 |
|
|
|
1,085 |
|
Home Depot |
|
|
68,100 |
|
|
|
13,681 |
|
Hooker Furniture |
|
|
1,425 |
|
|
|
53 |
|
Horizon Global * |
|
|
2,690 |
|
|
|
23 |
|
Houghton Mifflin Harcourt * |
|
|
12,135 |
|
|
|
102 |
|
Hovnanian Enterprises, Cl A * |
|
|
15,775 |
|
|
|
32 |
|
Hyatt Hotels, Cl A |
|
|
2,500 |
|
|
|
203 |
|
Iconix Brand Group * |
|
|
6,798 |
|
|
|
9 |
|
ILG |
|
|
12,754 |
|
|
|
401 |
|
Inspired Entertainment * |
|
|
644 |
|
|
|
4 |
|
Installed Building Products * |
|
|
2,583 |
|
|
|
186 |
|
International Game Technology |
|
|
6,709 |
|
|
|
195 |
|
International Speedway, Cl A |
|
|
2,972 |
|
|
|
138 |
|
Interpublic Group |
|
|
21,900 |
|
|
|
479 |
|
iRobot * |
|
|
3,156 |
|
|
|
280 |
|
J Alexanders Holdings * |
|
|
1,477 |
|
|
|
14 |
|
J. Jill * |
|
|
1,734 |
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Jack in the Box |
|
|
3,550 |
|
|
$ |
323 |
|
JC Penney * |
|
|
36,401 |
|
|
|
135 |
|
JD.com ADR * |
|
|
32,300 |
|
|
|
1,590 |
|
John Wiley & Sons, Cl A |
|
|
2,900 |
|
|
|
184 |
|
Johnson Outdoors, Cl A |
|
|
543 |
|
|
|
33 |
|
K12 * |
|
|
4,730 |
|
|
|
82 |
|
KB Home |
|
|
10,388 |
|
|
|
327 |
|
Kirklands * |
|
|
1,593 |
|
|
|
17 |
|
Kohls |
|
|
10,000 |
|
|
|
648 |
|
L Brands |
|
|
14,000 |
|
|
|
701 |
|
La Quinta Holdings * |
|
|
10,040 |
|
|
|
200 |
|
Lands End * |
|
|
1,574 |
|
|
|
26 |
|
Las Vegas Sands |
|
|
20,800 |
|
|
|
1,612 |
|
Laureate Education, Cl A * |
|
|
6,629 |
|
|
|
95 |
|
La-Z-Boy, Cl Z |
|
|
5,899 |
|
|
|
178 |
|
LCI Industries |
|
|
2,921 |
|
|
|
322 |
|
Lear |
|
|
4,000 |
|
|
|
773 |
|
Leggett & Platt |
|
|
7,400 |
|
|
|
344 |
|
Lennar, Cl B |
|
|
528 |
|
|
|
27 |
|
Lennar, Cl A |
|
|
11,600 |
|
|
|
727 |
|
LGI Homes * |
|
|
2,139 |
|
|
|
145 |
|
Libbey |
|
|
2,294 |
|
|
|
16 |
|
Liberty Broadband, Cl C * |
|
|
5,800 |
|
|
|
554 |
|
Liberty Broadband, Cl A * |
|
|
1,300 |
|
|
|
123 |
|
Liberty Expedia Holdings, Cl A * |
|
|
3,180 |
|
|
|
149 |
|
Liberty Interactive QVC Group, Cl A * |
|
|
25,800 |
|
|
|
725 |
|
Liberty Media -Liberty Braves, Cl C * |
|
|
4,140 |
|
|
|
97 |
|
Liberty Media -Liberty Braves, Cl A * |
|
|
1,422 |
|
|
|
34 |
|
Liberty Media -Liberty Formula One, Cl A * |
|
|
1,800 |
|
|
|
64 |
|
Liberty Media -Liberty Formula One, Cl C * |
|
|
10,300 |
|
|
|
388 |
|
Liberty Media -Liberty SiriusXM, Cl C * |
|
|
10,300 |
|
|
|
462 |
|
Liberty Media -Liberty SiriusXM, Cl A * |
|
|
5,100 |
|
|
|
230 |
|
Liberty Tax |
|
|
772 |
|
|
|
8 |
|
Liberty TripAdvisor Holdings, Cl A * |
|
|
8,472 |
|
|
|
75 |
|
Liberty Ventures, Ser A * |
|
|
4,320 |
|
|
|
255 |
|
Lifetime Brands |
|
|
1,210 |
|
|
|
21 |
|
Lindblad Expeditions Holdings * |
|
|
2,789 |
|
|
|
26 |
|
Lions Gate Entertainment, Cl B |
|
|
5,267 |
|
|
|
169 |
|
Lions Gate Entertainment, Cl A |
|
|
3,450 |
|
|
|
117 |
|
Lithia Motors, Cl A |
|
|
2,843 |
|
|
|
355 |
|
Live Nation Entertainment * |
|
|
7,900 |
|
|
|
356 |
|
LKQ * |
|
|
17,500 |
|
|
|
736 |
|
Loral Space & Communications * |
|
|
1,542 |
|
|
|
72 |
|
Lowes |
|
|
48,400 |
|
|
|
5,069 |
|
Lululemon Athletica * |
|
|
5,400 |
|
|
|
422 |
|
Lumber Liquidators Holdings * |
|
|
3,240 |
|
|
|
91 |
|
M/I Homes * |
|
|
3,311 |
|
|
|
107 |
|
Macys |
|
|
17,100 |
|
|
|
444 |
|
Madison Square Garden * |
|
|
1,000 |
|
|
|
216 |
|
Malibu Boats, Cl A * |
|
|
2,625 |
|
|
|
87 |
|
Marcus |
|
|
2,215 |
|
|
|
58 |
|
Marine Products |
|
|
1,280 |
|
|
|
19 |
|
|
|
|
20 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
MarineMax * |
|
|
2,983 |
|
|
$ |
68 |
|
Marriott International, Cl A |
|
|
17,980 |
|
|
|
2,649 |
|
Marriott Vacations Worldwide |
|
|
2,620 |
|
|
|
399 |
|
Mattel |
|
|
20,700 |
|
|
|
328 |
|
MCBC Holdings * |
|
|
2,399 |
|
|
|
58 |
|
McDonalds |
|
|
46,700 |
|
|
|
7,992 |
|
MDC Holdings |
|
|
5,469 |
|
|
|
184 |
|
Meredith |
|
|
4,784 |
|
|
|
316 |
|
Meritage Homes * |
|
|
4,602 |
|
|
|
218 |
|
MGM Resorts International |
|
|
29,300 |
|
|
|
1,068 |
|
Michael Kors Holdings * |
|
|
8,400 |
|
|
|
554 |
|
Michaels * |
|
|
7,200 |
|
|
|
193 |
|
Modine Manufacturing * |
|
|
5,770 |
|
|
|
135 |
|
Mohawk Industries * |
|
|
3,500 |
|
|
|
984 |
|
Monarch Casino & Resort * |
|
|
1,406 |
|
|
|
64 |
|
Monro |
|
|
3,878 |
|
|
|
219 |
|
Motorcar Parts of America * |
|
|
2,210 |
|
|
|
60 |
|
Movado Group |
|
|
1,851 |
|
|
|
57 |
|
MSG Networks * |
|
|
7,322 |
|
|
|
176 |
|
Murphy USA * |
|
|
1,900 |
|
|
|
162 |
|
Nathans Famous |
|
|
329 |
|
|
|
23 |
|
National CineMedia |
|
|
7,191 |
|
|
|
48 |
|
National Vision Holdings * |
|
|
2,200 |
|
|
|
86 |
|
Nautilus * |
|
|
3,639 |
|
|
|
47 |
|
Netflix * |
|
|
23,700 |
|
|
|
6,406 |
|
New Home * |
|
|
1,409 |
|
|
|
17 |
|
New Media Investment Group |
|
|
6,207 |
|
|
|
105 |
|
New York Times, Cl A |
|
|
15,191 |
|
|
|
353 |
|
Newell Rubbermaid |
|
|
28,200 |
|
|
|
746 |
|
News |
|
|
6,400 |
|
|
|
112 |
|
News, Cl A |
|
|
21,600 |
|
|
|
370 |
|
Nexstar Media Group, Cl A |
|
|
5,364 |
|
|
|
403 |
|
NIKE, Cl B |
|
|
75,800 |
|
|
|
5,171 |
|
Noodles, Cl A * |
|
|
1,238 |
|
|
|
7 |
|
Nordstrom |
|
|
6,700 |
|
|
|
330 |
|
Norwegian Cruise Line Holdings * |
|
|
10,800 |
|
|
|
656 |
|
Nutrisystem |
|
|
3,621 |
|
|
|
157 |
|
NVR * |
|
|
190 |
|
|
|
604 |
|
Office Depot |
|
|
61,044 |
|
|
|
198 |
|
Ollies Bargain Outlet Holdings * |
|
|
5,758 |
|
|
|
320 |
|
Omnicom Group |
|
|
13,400 |
|
|
|
1,027 |
|
OReilly Automotive * |
|
|
5,000 |
|
|
|
1,323 |
|
Overstock.com * |
|
|
1,973 |
|
|
|
136 |
|
Oxford Industries |
|
|
1,980 |
|
|
|
156 |
|
Papa Johns International |
|
|
3,074 |
|
|
|
199 |
|
Party City Holdco * |
|
|
3,239 |
|
|
|
47 |
|
Penn National Gaming * |
|
|
10,097 |
|
|
|
322 |
|
Penske Automotive Group |
|
|
2,300 |
|
|
|
120 |
|
Perry Ellis International * |
|
|
1,747 |
|
|
|
42 |
|
PetMed Express |
|
|
2,376 |
|
|
|
107 |
|
PICO Holdings |
|
|
2,861 |
|
|
|
37 |
|
Pier 1 Imports |
|
|
9,294 |
|
|
|
31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Pinnacle Entertainment * |
|
|
6,468 |
|
|
$ |
209 |
|
Planet Fitness, Cl A * |
|
|
10,619 |
|
|
|
359 |
|
Polaris Industries |
|
|
3,300 |
|
|
|
373 |
|
Pool |
|
|
2,300 |
|
|
|
311 |
|
Potbelly * |
|
|
2,501 |
|
|
|
30 |
|
Priceline Group * |
|
|
2,860 |
|
|
|
5,468 |
|
PulteGroup |
|
|
16,200 |
|
|
|
516 |
|
PVH |
|
|
4,400 |
|
|
|
682 |
|
Ralph Lauren, Cl A |
|
|
3,100 |
|
|
|
354 |
|
RCI Hospitality Holdings |
|
|
1,268 |
|
|
|
37 |
|
Reading International, Cl A * |
|
|
1,787 |
|
|
|
29 |
|
Red Lion Hotels * |
|
|
1,568 |
|
|
|
16 |
|
Red Robin Gourmet Burgers * |
|
|
1,508 |
|
|
|
79 |
|
Red Rock Resorts, Cl A |
|
|
8,347 |
|
|
|
290 |
|
Regal Entertainment Group, Cl A |
|
|
6,960 |
|
|
|
159 |
|
Regis * |
|
|
4,392 |
|
|
|
70 |
|
Rent-A-Center, Cl A |
|
|
5,070 |
|
|
|
55 |
|
RH * |
|
|
2,443 |
|
|
|
230 |
|
Ross Stores |
|
|
22,200 |
|
|
|
1,829 |
|
Royal Caribbean Cruises |
|
|
9,900 |
|
|
|
1,322 |
|
Ruths Hospitality Group |
|
|
3,619 |
|
|
|
86 |
|
Saga Communications, Cl A |
|
|
403 |
|
|
|
16 |
|
Salem Media Group, Cl A |
|
|
1,242 |
|
|
|
6 |
|
Sally Beauty Holdings * |
|
|
7,400 |
|
|
|
123 |
|
Scholastic |
|
|
3,322 |
|
|
|
128 |
|
Scientific Games, Cl A * |
|
|
6,339 |
|
|
|
296 |
|
Scripps Networks Interactive, Cl A |
|
|
5,000 |
|
|
|
440 |
|
Sears Holdings * |
|
|
1,235 |
|
|
|
3 |
|
SeaWorld Entertainment * |
|
|
8,402 |
|
|
|
128 |
|
Sequential Brands Group * |
|
|
4,116 |
|
|
|
7 |
|
Service International |
|
|
10,400 |
|
|
|
416 |
|
ServiceMaster Global Holdings * |
|
|
7,700 |
|
|
|
406 |
|
Shake Shack, Cl A * |
|
|
2,811 |
|
|
|
123 |
|
Shiloh Industries * |
|
|
1,208 |
|
|
|
9 |
|
Shoe Carnival |
|
|
1,494 |
|
|
|
34 |
|
Shutterfly * |
|
|
4,031 |
|
|
|
275 |
|
Signet Jewelers |
|
|
4,000 |
|
|
|
212 |
|
Sinclair Broadcast Group, Cl A |
|
|
8,610 |
|
|
|
319 |
|
Sirius XM Holdings |
|
|
85,100 |
|
|
|
520 |
|
Six Flags Entertainment |
|
|
3,600 |
|
|
|
243 |
|
Skechers, Cl A * |
|
|
7,800 |
|
|
|
321 |
|
Sleep Number * |
|
|
4,645 |
|
|
|
175 |
|
Sonic |
|
|
4,793 |
|
|
|
124 |
|
Sonic Automotive, Cl A |
|
|
3,153 |
|
|
|
68 |
|
Sothebys * |
|
|
4,631 |
|
|
|
244 |
|
Speedway Motorsports |
|
|
1,247 |
|
|
|
26 |
|
Sportsmans Warehouse Holdings * |
|
|
5,337 |
|
|
|
27 |
|
Standard Motor Products |
|
|
2,543 |
|
|
|
122 |
|
Starbucks |
|
|
81,400 |
|
|
|
4,624 |
|
Steven Madden |
|
|
7,263 |
|
|
|
336 |
|
Stoneridge * |
|
|
3,149 |
|
|
|
77 |
|
Strayer Education |
|
|
1,305 |
|
|
|
121 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
21 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
|
COMMON STOCK
(continued) |
|
|
|
|
|
Sturm Ruger |
|
|
2,083 |
|
|
$ |
110 |
|
Superior Industries International |
|
|
2,867 |
|
|
|
48 |
|
Superior Uniform Group |
|
|
883 |
|
|
|
21 |
|
Tailored Brands |
|
|
6,071 |
|
|
|
147 |
|
TAL Education Group ADR |
|
|
14,400 |
|
|
|
469 |
|
Tapestry |
|
|
16,000 |
|
|
|
753 |
|
Target |
|
|
31,700 |
|
|
|
2,384 |
|
Taylor Morrison Home, Cl A * |
|
|
13,320 |
|
|
|
339 |
|
TEGNA |
|
|
12,100 |
|
|
|
175 |
|
Tempur Sealy International * |
|
|
2,700 |
|
|
|
161 |
|
Tenneco |
|
|
6,243 |
|
|
|
362 |
|
Tesla * |
|
|
7,650 |
|
|
|
2,710 |
|
Texas Roadhouse, Cl A |
|
|
8,186 |
|
|
|
481 |
|
Thor Industries |
|
|
2,700 |
|
|
|
369 |
|
Tiffany |
|
|
6,300 |
|
|
|
672 |
|
Tile Shop Holdings |
|
|
5,052 |
|
|
|
47 |
|
Tillys, Cl A |
|
|
1,360 |
|
|
|
20 |
|
Time Warner |
|
|
44,900 |
|
|
|
4,281 |
|
TJX |
|
|
36,900 |
|
|
|
2,964 |
|
Toll Brothers |
|
|
8,800 |
|
|
|
410 |
|
TopBuild * |
|
|
4,352 |
|
|
|
333 |
|
Tower International |
|
|
2,446 |
|
|
|
74 |
|
Townsquare Media, Cl A * |
|
|
1,006 |
|
|
|
8 |
|
Tractor Supply |
|
|
7,200 |
|
|
|
549 |
|
TRI Pointe Group * |
|
|
18,089 |
|
|
|
295 |
|
Tribune Media, Cl A |
|
|
4,900 |
|
|
|
209 |
|
TripAdvisor * |
|
|
6,500 |
|
|
|
225 |
|
tronc * |
|
|
2,259 |
|
|
|
46 |
|
Tupperware Brands |
|
|
2,700 |
|
|
|
156 |
|
Twenty-First Century Fox |
|
|
25,500 |
|
|
|
930 |
|
Twenty-First Century Fox, Cl A |
|
|
60,400 |
|
|
|
2,229 |
|
Ulta Beauty * |
|
|
3,300 |
|
|
|
733 |
|
Under Armour, Cl A * |
|
|
10,900 |
|
|
|
151 |
|
Under Armour, Cl C * |
|
|
11,143 |
|
|
|
143 |
|
Unifi * |
|
|
1,944 |
|
|
|
69 |
|
Universal Electronics * |
|
|
1,633 |
|
|
|
75 |
|
Urban Outfitters * |
|
|
4,500 |
|
|
|
153 |
|
Vail Resorts |
|
|
2,300 |
|
|
|
503 |
|
Vera Bradley * |
|
|
2,130 |
|
|
|
20 |
|
VF |
|
|
18,800 |
|
|
|
1,525 |
|
Viacom, Cl A |
|
|
400 |
|
|
|
16 |
|
Viacom, Cl B |
|
|
20,000 |
|
|
|
668 |
|
Vista Outdoor * |
|
|
6,710 |
|
|
|
102 |
|
Visteon * |
|
|
1,900 |
|
|
|
247 |
|
Vitamin Shoppe * |
|
|
2,879 |
|
|
|
12 |
|
VOXX International, Cl A * |
|
|
2,962 |
|
|
|
18 |
|
Walt Disney |
|
|
89,500 |
|
|
|
9,726 |
|
Wayfair, Cl A * |
|
|
2,100 |
|
|
|
193 |
|
Weight Watchers International * |
|
|
3,407 |
|
|
|
219 |
|
Wendys |
|
|
10,600 |
|
|
|
172 |
|
Weyco Group |
|
|
709 |
|
|
|
22 |
|
Whirlpool |
|
|
4,100 |
|
|
|
744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
WideOpenWest * |
|
|
2,491 |
|
|
$ |
26 |
|
William Lyon Homes, Cl A * |
|
|
3,424 |
|
|
|
93 |
|
Williams-Sonoma |
|
|
4,800 |
|
|
|
246 |
|
Wingstop, Cl A |
|
|
3,623 |
|
|
|
175 |
|
Winmark |
|
|
240 |
|
|
|
32 |
|
Winnebago Industries |
|
|
3,841 |
|
|
|
175 |
|
Wolverine World Wide |
|
|
11,556 |
|
|
|
379 |
|
World Wrestling Entertainment, Cl A |
|
|
4,720 |
|
|
|
167 |
|
Wyndham Worldwide |
|
|
6,000 |
|
|
|
745 |
|
Wynn Resorts |
|
|
4,600 |
|
|
|
762 |
|
Yum China Holdings |
|
|
40,000 |
|
|
|
1,856 |
|
Yum! Brands |
|
|
20,100 |
|
|
|
1,700 |
|
ZAGG * |
|
|
3,387 |
|
|
|
57 |
|
Zoes Kitchen * |
|
|
2,028 |
|
|
|
30 |
|
Zumiez * |
|
|
2,468 |
|
|
|
51 |
|
|
|
|
|
|
|
|
235,604 |
|
Consumer Staples 4.6% |
|
|
|
|
|
|
|
|
Alico |
|
|
360 |
|
|
|
10 |
|
Altria Group |
|
|
110,600 |
|
|
|
7,780 |
|
Andersons |
|
|
3,323 |
|
|
|
113 |
|
Archer-Daniels-Midland |
|
|
31,500 |
|
|
|
1,353 |
|
B&G Foods, Cl A |
|
|
7,817 |
|
|
|
258 |
|
Blue Buffalo Pet Products * |
|
|
5,200 |
|
|
|
177 |
|
Boston Beer, Cl A * |
|
|
1,014 |
|
|
|
192 |
|
Brown-Forman, Cl B |
|
|
10,200 |
|
|
|
707 |
|
Brown-Forman, Cl A |
|
|
3,300 |
|
|
|
228 |
|
Bunge |
|
|
8,000 |
|
|
|
635 |
|
Calavo Growers |
|
|
1,988 |
|
|
|
173 |
|
Cal-Maine Foods * |
|
|
3,392 |
|
|
|
144 |
|
Campbell Soup |
|
|
10,200 |
|
|
|
475 |
|
Caseys General Stores |
|
|
2,300 |
|
|
|
279 |
|
Castle Brands * |
|
|
12,716 |
|
|
|
14 |
|
Central Garden & Pet * |
|
|
1,377 |
|
|
|
54 |
|
Central Garden & Pet, Cl A * |
|
|
4,271 |
|
|
|
161 |
|
Chefs Warehouse * |
|
|
2,586 |
|
|
|
53 |
|
Church & Dwight |
|
|
14,500 |
|
|
|
708 |
|
Clorox |
|
|
7,500 |
|
|
|
1,063 |
|
Coca-Cola |
|
|
222,330 |
|
|
|
10,581 |
|
Coca-Cola Bottling Consolidated |
|
|
551 |
|
|
|
112 |
|
Colgate-Palmolive |
|
|
49,800 |
|
|
|
3,697 |
|
Conagra Brands |
|
|
22,800 |
|
|
|
866 |
|
Constellation Brands, Cl A |
|
|
9,400 |
|
|
|
2,063 |
|
Costco Wholesale |
|
|
25,200 |
|
|
|
4,911 |
|
Coty, Cl A |
|
|
27,378 |
|
|
|
537 |
|
Craft Brew Alliance * |
|
|
1,395 |
|
|
|
27 |
|
CVS Health |
|
|
58,900 |
|
|
|
4,635 |
|
Darling Ingredients * |
|
|
19,720 |
|
|
|
366 |
|
Dean Foods |
|
|
10,678 |
|
|
|
111 |
|
Dr Pepper Snapple Group |
|
|
10,500 |
|
|
|
1,253 |
|
Edgewell Personal Care * |
|
|
3,200 |
|
|
|
181 |
|
elf Beauty * |
|
|
2,429 |
|
|
|
50 |
|
Energizer Holdings |
|
|
3,400 |
|
|
|
198 |
|
|
|
|
22 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Estee Lauder, Cl A |
|
|
12,600 |
|
|
$ |
1,700 |
|
Farmer Bros * |
|
|
1,178 |
|
|
|
37 |
|
Flowers Foods |
|
|
9,800 |
|
|
|
192 |
|
Fresh Del Monte Produce |
|
|
3,873 |
|
|
|
183 |
|
Freshpet * |
|
|
2,937 |
|
|
|
54 |
|
General Mills |
|
|
32,900 |
|
|
|
1,924 |
|
Hain Celestial Group * |
|
|
5,600 |
|
|
|
214 |
|
Herbalife * |
|
|
3,700 |
|
|
|
307 |
|
Hershey |
|
|
7,900 |
|
|
|
872 |
|
Hormel Foods |
|
|
15,700 |
|
|
|
539 |
|
Hostess Brands, Cl A * |
|
|
9,391 |
|
|
|
130 |
|
HRG Group * |
|
|
14,377 |
|
|
|
262 |
|
Ingles Markets, Cl A |
|
|
1,637 |
|
|
|
55 |
|
Ingredion |
|
|
4,000 |
|
|
|
575 |
|
Inter Parfums |
|
|
2,204 |
|
|
|
100 |
|
J&J Snack Foods |
|
|
1,821 |
|
|
|
252 |
|
JM Smucker |
|
|
6,400 |
|
|
|
812 |
|
John B Sanfilippo & Son |
|
|
1,001 |
|
|
|
63 |
|
Kellogg |
|
|
14,400 |
|
|
|
981 |
|
Kimberly-Clark |
|
|
20,300 |
|
|
|
2,375 |
|
Kraft Heinz |
|
|
34,687 |
|
|
|
2,719 |
|
Kroger |
|
|
51,800 |
|
|
|
1,573 |
|
Lamb Weston Holdings |
|
|
8,500 |
|
|
|
498 |
|
Lancaster Colony |
|
|
2,242 |
|
|
|
288 |
|
Landec * |
|
|
3,399 |
|
|
|
45 |
|
Lifeway Foods * |
|
|
366 |
|
|
|
3 |
|
Limoneira |
|
|
1,557 |
|
|
|
34 |
|
McCormick |
|
|
6,900 |
|
|
|
750 |
|
Medifast |
|
|
1,286 |
|
|
|
88 |
|
MGP Ingredients |
|
|
1,503 |
|
|
|
135 |
|
Molson Coors Brewing, Cl B |
|
|
9,800 |
|
|
|
823 |
|
Mondelez International, Cl A |
|
|
84,800 |
|
|
|
3,765 |
|
Monster Beverage * |
|
|
23,915 |
|
|
|
1,632 |
|
National Beverage |
|
|
1,395 |
|
|
|
154 |
|
Natural Grocers by Vitamin Cottage * |
|
|
1,014 |
|
|
|
9 |
|
Natural Health Trends |
|
|
788 |
|
|
|
13 |
|
Natures Sunshine Products |
|
|
1,461 |
|
|
|
18 |
|
Nu Skin Enterprises, Cl A |
|
|
2,800 |
|
|
|
201 |
|
Oil-Dri Corp of America |
|
|
545 |
|
|
|
21 |
|
Orchids Paper Products |
|
|
947 |
|
|
|
14 |
|
PepsiCo |
|
|
82,564 |
|
|
|
9,932 |
|
Performance Food Group * |
|
|
10,957 |
|
|
|
376 |
|
Philip Morris International |
|
|
89,800 |
|
|
|
9,629 |
|
Pilgrims Pride * |
|
|
2,700 |
|
|
|
75 |
|
Pinnacle Foods |
|
|
7,000 |
|
|
|
434 |
|
Post Holdings * |
|
|
3,600 |
|
|
|
272 |
|
PriceSmart |
|
|
2,646 |
|
|
|
225 |
|
Primo Water * |
|
|
2,719 |
|
|
|
35 |
|
Procter & Gamble |
|
|
147,976 |
|
|
|
12,776 |
|
Revlon, Cl A * |
|
|
1,225 |
|
|
|
25 |
|
Rite Aid * |
|
|
55,900 |
|
|
|
122 |
|
Sanderson Farms |
|
|
2,435 |
|
|
|
309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Seaboard |
|
|
18 |
|
|
$ |
78 |
|
Seneca Foods, Cl A * |
|
|
706 |
|
|
|
22 |
|
Smart & Final Stores * |
|
|
3,072 |
|
|
|
29 |
|
Snyders-Lance |
|
|
10,330 |
|
|
|
516 |
|
SpartanNash |
|
|
4,535 |
|
|
|
110 |
|
Spectrum Brands Holdings |
|
|
1,400 |
|
|
|
166 |
|
Sprouts Farmers Market * |
|
|
7,100 |
|
|
|
198 |
|
SUPERVALU * |
|
|
4,558 |
|
|
|
72 |
|
Sysco |
|
|
28,100 |
|
|
|
1,767 |
|
Tootsie Roll Industries |
|
|
2,117 |
|
|
|
76 |
|
TreeHouse Foods * |
|
|
3,000 |
|
|
|
141 |
|
Turning Point Brands |
|
|
706 |
|
|
|
15 |
|
Tyson Foods, Cl A |
|
|
16,200 |
|
|
|
1,233 |
|
United Natural Foods * |
|
|
6,153 |
|
|
|
293 |
|
Universal |
|
|
3,016 |
|
|
|
145 |
|
US Foods Holding * |
|
|
12,100 |
|
|
|
389 |
|
USANA Health Sciences * |
|
|
1,327 |
|
|
|
99 |
|
Vector Group |
|
|
11,937 |
|
|
|
254 |
|
Village Super Market, Cl A |
|
|
776 |
|
|
|
18 |
|
Walgreens Boots Alliance |
|
|
50,292 |
|
|
|
3,785 |
|
Wal-Mart Stores |
|
|
83,600 |
|
|
|
8,912 |
|
WD-40 |
|
|
1,679 |
|
|
|
208 |
|
Weis Markets |
|
|
1,125 |
|
|
|
45 |
|
|
|
|
|
|
|
|
121,356 |
|
Energy 3.7% |
|
|
|
|
|
|
|
|
Abraxas Petroleum * |
|
|
19,433 |
|
|
|
46 |
|
Adams Resources & Energy |
|
|
241 |
|
|
|
11 |
|
Anadarko Petroleum |
|
|
32,300 |
|
|
|
1,940 |
|
Andeavor |
|
|
9,100 |
|
|
|
984 |
|
Antero Resources * |
|
|
12,800 |
|
|
|
249 |
|
Apache |
|
|
21,600 |
|
|
|
969 |
|
Approach Resources * |
|
|
5,832 |
|
|
|
19 |
|
Arch Coal |
|
|
2,277 |
|
|
|
205 |
|
Archrock |
|
|
8,668 |
|
|
|
81 |
|
Baker Hughes a GE |
|
|
24,200 |
|
|
|
778 |
|
Basic Energy Services * |
|
|
2,043 |
|
|
|
40 |
|
Bill Barrett * |
|
|
9,534 |
|
|
|
49 |
|
Bonanza Creek Energy * |
|
|
2,490 |
|
|
|
70 |
|
Bristow Group |
|
|
3,969 |
|
|
|
61 |
|
C&J Energy Services * |
|
|
5,542 |
|
|
|
170 |
|
Cabot Oil & Gas |
|
|
26,700 |
|
|
|
704 |
|
California Resources * |
|
|
5,331 |
|
|
|
113 |
|
Callon Petroleum * |
|
|
24,028 |
|
|
|
273 |
|
CARBO Ceramics * |
|
|
2,698 |
|
|
|
21 |
|
Carrizo Oil & Gas * |
|
|
9,149 |
|
|
|
184 |
|
Centennial Resource Development, Cl A * |
|
|
7,000 |
|
|
|
143 |
|
Cheniere Energy * |
|
|
11,700 |
|
|
|
662 |
|
Chesapeake Energy * |
|
|
50,300 |
|
|
|
176 |
|
Chevron |
|
|
109,203 |
|
|
|
13,689 |
|
Cimarex Energy |
|
|
5,500 |
|
|
|
617 |
|
Clean Energy Fuels * |
|
|
16,924 |
|
|
|
27 |
|
Cloud Peak Energy * |
|
|
8,676 |
|
|
|
43 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
23 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
CNX Resources * |
|
|
12,400 |
|
|
$ |
174 |
|
Concho Resources * |
|
|
8,500 |
|
|
|
1,338 |
|
ConocoPhillips |
|
|
69,800 |
|
|
|
4,105 |
|
CONSOL Energy * |
|
|
1,550 |
|
|
|
50 |
|
Contango Oil & Gas * |
|
|
2,784 |
|
|
|
11 |
|
Continental Resources * |
|
|
4,700 |
|
|
|
261 |
|
CVR Energy |
|
|
1,961 |
|
|
|
70 |
|
Delek US Holdings |
|
|
9,293 |
|
|
|
324 |
|
Denbury Resources * |
|
|
48,595 |
|
|
|
118 |
|
Devon Energy |
|
|
30,500 |
|
|
|
1,262 |
|
DHT Holdings |
|
|
11,331 |
|
|
|
39 |
|
Diamond Offshore Drilling * |
|
|
7,590 |
|
|
|
134 |
|
Diamondback Energy * |
|
|
5,600 |
|
|
|
703 |
|
Dorian LPG * |
|
|
3,090 |
|
|
|
24 |
|
Dril-Quip * |
|
|
4,619 |
|
|
|
239 |
|
Earthstone Energy, Cl A * |
|
|
2,488 |
|
|
|
25 |
|
Eclipse Resources * |
|
|
11,098 |
|
|
|
24 |
|
Energen * |
|
|
5,400 |
|
|
|
282 |
|
Energy XXI Gulf Coast * |
|
|
3,470 |
|
|
|
23 |
|
EOG Resources |
|
|
33,200 |
|
|
|
3,818 |
|
EP Energy, Cl A * |
|
|
4,198 |
|
|
|
8 |
|
EQT |
|
|
13,663 |
|
|
|
742 |
|
Era Group * |
|
|
2,125 |
|
|
|
22 |
|
Evolution Petroleum |
|
|
2,696 |
|
|
|
21 |
|
Exterran * |
|
|
3,988 |
|
|
|
115 |
|
Extraction Oil & Gas * |
|
|
7,700 |
|
|
|
109 |
|
ExxonMobil |
|
|
245,335 |
|
|
|
21,418 |
|
Fairmount Santrol Holdings * |
|
|
18,202 |
|
|
|
101 |
|
Forum Energy Technologies * |
|
|
9,804 |
|
|
|
166 |
|
Frontline |
|
|
9,934 |
|
|
|
46 |
|
GasLog |
|
|
5,034 |
|
|
|
102 |
|
Gastar Exploration * |
|
|
25,183 |
|
|
|
25 |
|
Gazprom ADR |
|
|
8,500 |
|
|
|
42 |
|
Gener8 Maritime * |
|
|
6,543 |
|
|
|
38 |
|
Geospace Technologies * |
|
|
1,380 |
|
|
|
19 |
|
Golar LNG |
|
|
11,815 |
|
|
|
322 |
|
Green Plains |
|
|
5,026 |
|
|
|
88 |
|
Gulf Island Fabrication |
|
|
2,032 |
|
|
|
26 |
|
Gulfport Energy * |
|
|
8,900 |
|
|
|
91 |
|
Halcon Resources * |
|
|
15,201 |
|
|
|
121 |
|
Hallador Energy |
|
|
2,517 |
|
|
|
18 |
|
Halliburton |
|
|
49,900 |
|
|
|
2,680 |
|
Helix Energy Solutions Group * |
|
|
17,587 |
|
|
|
132 |
|
Helmerich & Payne |
|
|
6,200 |
|
|
|
447 |
|
Hess |
|
|
16,200 |
|
|
|
818 |
|
HollyFrontier |
|
|
10,200 |
|
|
|
489 |
|
Independence Contract Drilling * |
|
|
3,276 |
|
|
|
15 |
|
International Seaways * |
|
|
3,451 |
|
|
|
58 |
|
Isramco * |
|
|
61 |
|
|
|
7 |
|
Jagged Peak Energy * |
|
|
6,741 |
|
|
|
87 |
|
Jones Energy, Cl A * |
|
|
7,681 |
|
|
|
9 |
|
Keane Group * |
|
|
4,798 |
|
|
|
79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Key Energy Services * |
|
|
1,460 |
|
|
$ |
22 |
|
Kinder Morgan |
|
|
110,700 |
|
|
|
1,990 |
|
Kosmos Energy * |
|
|
13,100 |
|
|
|
91 |
|
Laredo Petroleum * |
|
|
7,728 |
|
|
|
75 |
|
Lilis Energy * |
|
|
5,920 |
|
|
|
25 |
|
LUKOIL PJSC ADR |
|
|
1,068 |
|
|
|
70 |
|
Mammoth Energy Services * |
|
|
789 |
|
|
|
18 |
|
Marathon Oil |
|
|
49,100 |
|
|
|
893 |
|
Marathon Petroleum |
|
|
28,700 |
|
|
|
1,988 |
|
Matador Resources * |
|
|
11,887 |
|
|
|
385 |
|
Matrix Service * |
|
|
3,138 |
|
|
|
56 |
|
McDermott International * |
|
|
34,296 |
|
|
|
301 |
|
Midstates Petroleum * |
|
|
1,651 |
|
|
|
27 |
|
Murphy Oil |
|
|
8,900 |
|
|
|
286 |
|
Nabors Industries |
|
|
18,800 |
|
|
|
147 |
|
NACCO Industries, Cl A |
|
|
419 |
|
|
|
18 |
|
National Oilwell Varco |
|
|
21,700 |
|
|
|
796 |
|
Natural Gas Services Group * |
|
|
1,534 |
|
|
|
42 |
|
Navios Maritime Acquisition |
|
|
8,951 |
|
|
|
7 |
|
NCS Multistage Holdings * |
|
|
1,295 |
|
|
|
21 |
|
Newfield Exploration * |
|
|
10,900 |
|
|
|
345 |
|
Newpark Resources * |
|
|
10,462 |
|
|
|
95 |
|
Noble * |
|
|
28,655 |
|
|
|
134 |
|
Noble Energy |
|
|
28,100 |
|
|
|
858 |
|
Novatek PJSC GDR |
|
|
200 |
|
|
|
26 |
|
Oasis Petroleum * |
|
|
32,010 |
|
|
|
277 |
|
Occidental Petroleum |
|
|
44,100 |
|
|
|
3,306 |
|
Oceaneering International |
|
|
5,000 |
|
|
|
103 |
|
Oil States International * |
|
|
6,154 |
|
|
|
197 |
|
ONEOK |
|
|
21,700 |
|
|
|
1,277 |
|
Overseas Shipholding Group, Cl A * |
|
|
5,249 |
|
|
|
11 |
|
Pacific Ethanol * |
|
|
5,229 |
|
|
|
22 |
|
Panhandle Oil and Gas, Cl A |
|
|
2,014 |
|
|
|
41 |
|
Par Pacific Holdings * |
|
|
3,646 |
|
|
|
66 |
|
Parker Drilling * |
|
|
16,582 |
|
|
|
19 |
|
Parsley Energy, Cl A * |
|
|
13,400 |
|
|
|
316 |
|
Patterson-UTI Energy |
|
|
12,200 |
|
|
|
288 |
|
PBF Energy, Cl A |
|
|
6,300 |
|
|
|
204 |
|
PDC Energy * |
|
|
7,925 |
|
|
|
411 |
|
Peabody Energy * |
|
|
8,014 |
|
|
|
324 |
|
Penn Virginia * |
|
|
1,674 |
|
|
|
71 |
|
PHI * |
|
|
1,270 |
|
|
|
15 |
|
Phillips 66 |
|
|
25,200 |
|
|
|
2,580 |
|
Pioneer Energy Services * |
|
|
8,681 |
|
|
|
28 |
|
Pioneer Natural Resources |
|
|
9,819 |
|
|
|
1,796 |
|
ProPetro Holding * |
|
|
6,835 |
|
|
|
128 |
|
QEP Resources * |
|
|
13,500 |
|
|
|
126 |
|
Range Resources |
|
|
13,312 |
|
|
|
190 |
|
Ranger Energy Services, Cl A * |
|
|
1,033 |
|
|
|
11 |
|
Renewable Energy Group * |
|
|
4,517 |
|
|
|
48 |
|
Resolute Energy * |
|
|
2,547 |
|
|
|
86 |
|
REX American Resources * |
|
|
674 |
|
|
|
55 |
|
|
|
|
24 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
RigNet * |
|
|
1,379 |
|
|
$ |
23 |
|
Ring Energy * |
|
|
6,316 |
|
|
|
87 |
|
RPC |
|
|
3,700 |
|
|
|
75 |
|
RSP Permian * |
|
|
7,300 |
|
|
|
290 |
|
Sanchez Energy * |
|
|
7,987 |
|
|
|
40 |
|
SandRidge Energy * |
|
|
4,097 |
|
|
|
73 |
|
Schlumberger |
|
|
80,228 |
|
|
|
5,903 |
|
Scorpio Tankers |
|
|
29,427 |
|
|
|
78 |
|
SEACOR Holdings * |
|
|
2,042 |
|
|
|
95 |
|
SEACOR Marine Holdings * |
|
|
1,843 |
|
|
|
28 |
|
Select Energy Services, Cl A * |
|
|
3,209 |
|
|
|
58 |
|
SemGroup, Cl A |
|
|
8,115 |
|
|
|
232 |
|
Ship Finance International |
|
|
7,013 |
|
|
|
107 |
|
SilverBow Resources * |
|
|
983 |
|
|
|
30 |
|
SM Energy |
|
|
6,900 |
|
|
|
161 |
|
Smart Sand * |
|
|
2,898 |
|
|
|
27 |
|
Solaris Oilfield Infrastructure, Cl A * |
|
|
2,324 |
|
|
|
44 |
|
Southwestern Energy * |
|
|
26,900 |
|
|
|
114 |
|
SRC Energy * |
|
|
28,522 |
|
|
|
284 |
|
Stone Energy * |
|
|
2,289 |
|
|
|
83 |
|
Superior Energy Services * |
|
|
18,465 |
|
|
|
193 |
|
Surgutneftegas ADR |
|
|
52,837 |
|
|
|
282 |
|
Targa Resources |
|
|
12,400 |
|
|
|
595 |
|
Tatneft PJSC ADR |
|
|
553 |
|
|
|
33 |
|
Teekay Tankers, Cl A |
|
|
25,962 |
|
|
|
33 |
|
Tellurian * |
|
|
7,156 |
|
|
|
81 |
|
TETRA Technologies * |
|
|
14,414 |
|
|
|
55 |
|
Ultra Petroleum * |
|
|
23,227 |
|
|
|
162 |
|
Unit * |
|
|
6,412 |
|
|
|
155 |
|
Uranium Energy * |
|
|
19,351 |
|
|
|
30 |
|
US Silica Holdings |
|
|
10,035 |
|
|
|
334 |
|
Valero Energy |
|
|
25,500 |
|
|
|
2,447 |
|
W&T Offshore * |
|
|
12,662 |
|
|
|
61 |
|
Westmoreland Coal * |
|
|
1,965 |
|
|
|
2 |
|
Whiting Petroleum * |
|
|
5,000 |
|
|
|
140 |
|
WildHorse Resource Development * |
|
|
5,830 |
|
|
|
104 |
|
Willbros Group * |
|
|
4,741 |
|
|
|
5 |
|
Williams |
|
|
47,900 |
|
|
|
1,504 |
|
World Fuel Services |
|
|
3,500 |
|
|
|
98 |
|
WPX Energy * |
|
|
21,400 |
|
|
|
315 |
|
|
|
|
|
|
|
|
98,982 |
|
Financials 10.5% |
|
|
|
|
|
|
|
|
1st Source |
|
|
2,003 |
|
|
|
105 |
|
Access National |
|
|
1,854 |
|
|
|
54 |
|
ACNB |
|
|
1,002 |
|
|
|
30 |
|
Affiliated Managers Group |
|
|
3,300 |
|
|
|
659 |
|
Aflac |
|
|
22,500 |
|
|
|
1,984 |
|
AGNC
Investment |
|
|
21,500 |
|
|
|
404 |
|
Alleghany * |
|
|
900 |
|
|
|
565 |
|
Allegiance Bancshares * |
|
|
1,385 |
|
|
|
56 |
|
Allstate |
|
|
20,900 |
|
|
|
2,064 |
|
Ally Financial |
|
|
26,500 |
|
|
|
789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Ambac Financial Group * |
|
|
5,618 |
|
|
$ |
91 |
|
American Equity Investment Life Holding |
|
|
10,351 |
|
|
|
342 |
|
American Express |
|
|
42,100 |
|
|
|
4,185 |
|
American Financial Group |
|
|
4,100 |
|
|
|
465 |
|
American International Group |
|
|
51,800 |
|
|
|
3,311 |
|
American National Bankshares |
|
|
889 |
|
|
|
33 |
|
American National Insurance |
|
|
400 |
|
|
|
51 |
|
Ameriprise Financial |
|
|
8,600 |
|
|
|
1,451 |
|
Ameris Bancorp |
|
|
4,398 |
|
|
|
235 |
|
AMERISAFE |
|
|
2,313 |
|
|
|
140 |
|
Ames National |
|
|
925 |
|
|
|
26 |
|
AmTrust Financial Services |
|
|
10,006 |
|
|
|
134 |
|
Annaly Capital
Management |
|
|
65,700 |
|
|
|
692 |
|
Anworth Mortgage
Asset |
|
|
11,605 |
|
|
|
56 |
|
Apollo Commercial Real Estate Finance |
|
|
13,078 |
|
|
|
238 |
|
Arch Capital Group * |
|
|
7,100 |
|
|
|
646 |
|
Ares Commercial Real
Estate |
|
|
3,426 |
|
|
|
43 |
|
Argo Group International Holdings |
|
|
3,447 |
|
|
|
211 |
|
Arlington Asset Investment, Cl A |
|
|
3,530 |
|
|
|
37 |
|
ARMOUR
Residential |
|
|
5,037 |
|
|
|
118 |
|
Arrow Financial |
|
|
1,400 |
|
|
|
46 |
|
Arthur J Gallagher |
|
|
10,200 |
|
|
|
697 |
|
Artisan Partners Asset Management, Cl A |
|
|
5,432 |
|
|
|
213 |
|
Aspen Insurance Holdings |
|
|
3,700 |
|
|
|
138 |
|
Associated Banc-Corp |
|
|
8,100 |
|
|
|
200 |
|
Associated Capital Group |
|
|
689 |
|
|
|
24 |
|
Assurant |
|
|
3,200 |
|
|
|
293 |
|
Assured Guaranty |
|
|
6,600 |
|
|
|
235 |
|
Athene Holding, Cl A * |
|
|
6,300 |
|
|
|
316 |
|
Atlantic Capital Bancshares * |
|
|
2,298 |
|
|
|
41 |
|
Atlas Financial Holdings * |
|
|
1,157 |
|
|
|
23 |
|
Axis Capital Holdings |
|
|
4,600 |
|
|
|
232 |
|
B. Riley Financial |
|
|
2,344 |
|
|
|
44 |
|
Baldwin & Lyons, Cl B |
|
|
954 |
|
|
|
22 |
|
Banc of California |
|
|
5,384 |
|
|
|
106 |
|
BancFirst |
|
|
2,074 |
|
|
|
116 |
|
Bancorp * |
|
|
6,022 |
|
|
|
64 |
|
BancorpSouth Bank |
|
|
10,451 |
|
|
|
351 |
|
Bank Mutual |
|
|
4,906 |
|
|
|
51 |
|
Bank of America |
|
|
560,230 |
|
|
|
17,927 |
|
Bank of Commerce Holdings |
|
|
2,231 |
|
|
|
26 |
|
Bank of Hawaii |
|
|
2,500 |
|
|
|
209 |
|
Bank of Marin Bancorp |
|
|
756 |
|
|
|
52 |
|
Bank of New York Mellon |
|
|
57,500 |
|
|
|
3,260 |
|
Bank of NT Butterfield & Son |
|
|
6,517 |
|
|
|
262 |
|
Bank of the Ozarks |
|
|
7,300 |
|
|
|
365 |
|
BankFinancial |
|
|
1,654 |
|
|
|
26 |
|
BankUnited |
|
|
6,600 |
|
|
|
271 |
|
Bankwell Financial Group |
|
|
622 |
|
|
|
21 |
|
Banner |
|
|
3,948 |
|
|
|
215 |
|
Bar Harbor Bankshares |
|
|
1,849 |
|
|
|
52 |
|
BB&T |
|
|
46,100 |
|
|
|
2,544 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
25 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
COMMON STOCK (continued) |
|
|
|
|
|
BCB Bancorp |
|
|
1,400 |
|
|
$ |
21 |
|
Bear State Financial |
|
|
2,705 |
|
|
|
28 |
|
Beneficial Bancorp |
|
|
8,110 |
|
|
|
132 |
|
Berkshire Hathaway, Cl B * |
|
|
111,243 |
|
|
|
23,848 |
|
Berkshire Hills Bancorp |
|
|
4,806 |
|
|
|
182 |
|
BGC Partners, Cl A |
|
|
12,700 |
|
|
|
182 |
|
BlackRock, Cl A |
|
|
7,174 |
|
|
|
4,030 |
|
Blue Capital Reinsurance Holdings |
|
|
649 |
|
|
|
8 |
|
Blue Hills Bancorp |
|
|
3,046 |
|
|
|
59 |
|
BofI Holding * |
|
|
7,171 |
|
|
|
258 |
|
BOK Financial |
|
|
1,400 |
|
|
|
135 |
|
Boston Private Financial Holdings |
|
|
10,021 |
|
|
|
154 |
|
Bridge Bancorp |
|
|
2,183 |
|
|
|
75 |
|
Brighthouse Financial * |
|
|
4,663 |
|
|
|
300 |
|
Brookline Bancorp |
|
|
9,200 |
|
|
|
147 |
|
Brown & Brown |
|
|
6,600 |
|
|
|
346 |
|
Bryn Mawr Bank |
|
|
2,368 |
|
|
|
106 |
|
BSB Bancorp * |
|
|
878 |
|
|
|
27 |
|
Byline Bancorp * |
|
|
902 |
|
|
|
20 |
|
C&F Financial |
|
|
348 |
|
|
|
19 |
|
Cadence BanCorp, Cl A * |
|
|
2,367 |
|
|
|
66 |
|
Camden National |
|
|
1,790 |
|
|
|
76 |
|
Cannae Holdings * |
|
|
7,590 |
|
|
|
132 |
|
Capital City Bank Group |
|
|
1,209 |
|
|
|
30 |
|
Capital One Financial |
|
|
27,800 |
|
|
|
2,890 |
|
Capitol Federal Financial |
|
|
15,251 |
|
|
|
199 |
|
Capstar Financial Holdings * |
|
|
1,142 |
|
|
|
22 |
|
Capstead
Mortgage |
|
|
11,297 |
|
|
|
93 |
|
Carolina Financial |
|
|
2,320 |
|
|
|
96 |
|
Cathay General Bancorp |
|
|
9,183 |
|
|
|
402 |
|
Cboe Global Markets |
|
|
6,300 |
|
|
|
847 |
|
CBTX |
|
|
400 |
|
|
|
11 |
|
CenterState Bank |
|
|
7,520 |
|
|
|
195 |
|
Central Pacific Financial |
|
|
3,680 |
|
|
|
109 |
|
Central Valley Community Bancorp |
|
|
953 |
|
|
|
18 |
|
Century Bancorp, Cl A |
|
|
330 |
|
|
|
26 |
|
Charles Schwab |
|
|
68,100 |
|
|
|
3,632 |
|
Charter Financial |
|
|
1,484 |
|
|
|
29 |
|
Chemical Financial |
|
|
8,538 |
|
|
|
499 |
|
Chemung Financial |
|
|
349 |
|
|
|
16 |
|
Cherry Hill Mortgage
Investment |
|
|
1,376 |
|
|
|
23 |
|
Chimera
Investment |
|
|
10,200 |
|
|
|
173 |
|
Chubb |
|
|
26,900 |
|
|
|
4,200 |
|
Cincinnati Financial |
|
|
8,600 |
|
|
|
661 |
|
CIT Group |
|
|
7,932 |
|
|
|
402 |
|
Citigroup |
|
|
152,900 |
|
|
|
12,000 |
|
Citizens, Cl A * |
|
|
6,178 |
|
|
|
49 |
|
Citizens & Northern |
|
|
1,238 |
|
|
|
29 |
|
Citizens Financial Group |
|
|
29,000 |
|
|
|
1,331 |
|
City Holding |
|
|
1,863 |
|
|
|
128 |
|
Civista Bancshares |
|
|
1,387 |
|
|
|
31 |
|
Clifton Bancorp |
|
|
2,505 |
|
|
|
41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
COMMON STOCK (continued) |
|
|
|
|
|
CME Group, Cl A |
|
|
19,500 |
|
|
$ |
2,993 |
|
CNA Financial |
|
|
1,700 |
|
|
|
92 |
|
CNB Financial |
|
|
1,773 |
|
|
|
48 |
|
CNO Financial Group |
|
|
20,273 |
|
|
|
498 |
|
CoBiz Financial |
|
|
4,880 |
|
|
|
98 |
|
Codorus Valley Bancorp |
|
|
932 |
|
|
|
25 |
|
Cohen & Steers |
|
|
2,479 |
|
|
|
101 |
|
Columbia Banking System |
|
|
8,694 |
|
|
|
375 |
|
Comerica |
|
|
10,000 |
|
|
|
952 |
|
Commerce Bancshares |
|
|
5,155 |
|
|
|
302 |
|
Community Bank System |
|
|
6,038 |
|
|
|
322 |
|
Community Bankers Trust * |
|
|
3,068 |
|
|
|
25 |
|
Community Financial |
|
|
581 |
|
|
|
21 |
|
Community Trust Bancorp |
|
|
1,949 |
|
|
|
92 |
|
ConnectOne Bancorp |
|
|
3,644 |
|
|
|
106 |
|
County Bancorp |
|
|
531 |
|
|
|
15 |
|
Cowen, Cl A * |
|
|
3,267 |
|
|
|
42 |
|
Crawford, Cl B |
|
|
1,597 |
|
|
|
15 |
|
Credit Acceptance * |
|
|
600 |
|
|
|
198 |
|
Cullen |
|
|
3,300 |
|
|
|
351 |
|
Customers Bancorp * |
|
|
3,488 |
|
|
|
107 |
|
CVB Financial |
|
|
12,332 |
|
|
|
289 |
|
CYS
Investments |
|
|
18,296 |
|
|
|
123 |
|
Diamond Hill Investment Group |
|
|
368 |
|
|
|
77 |
|
Dime Community Bancshares |
|
|
3,934 |
|
|
|
75 |
|
Discover Financial Services |
|
|
21,300 |
|
|
|
1,700 |
|
DNB Financial |
|
|
430 |
|
|
|
15 |
|
Donegal Group, Cl A |
|
|
920 |
|
|
|
16 |
|
Donnelley Financial Solutions * |
|
|
4,084 |
|
|
|
88 |
|
Dynex
Capital |
|
|
5,973 |
|
|
|
39 |
|
E*TRADE Financial * |
|
|
15,900 |
|
|
|
838 |
|
Eagle Bancorp * |
|
|
3,819 |
|
|
|
241 |
|
East West Bancorp |
|
|
8,000 |
|
|
|
527 |
|
Eaton Vance |
|
|
6,100 |
|
|
|
353 |
|
eHealth * |
|
|
1,941 |
|
|
|
34 |
|
Elevate Credit * |
|
|
2,247 |
|
|
|
17 |
|
Ellington Residential
Mortgage |
|
|
1,269 |
|
|
|
14 |
|
EMC Insurance Group |
|
|
1,217 |
|
|
|
34 |
|
Employers Holdings |
|
|
3,871 |
|
|
|
164 |
|
Encore Capital Group * |
|
|
2,974 |
|
|
|
123 |
|
Enova International * |
|
|
4,041 |
|
|
|
72 |
|
Enstar Group * |
|
|
1,340 |
|
|
|
278 |
|
Entegra Financial * |
|
|
930 |
|
|
|
26 |
|
Enterprise Bancorp |
|
|
1,092 |
|
|
|
37 |
|
Enterprise Financial Services |
|
|
2,737 |
|
|
|
133 |
|
Equity Bancshares, Cl A * |
|
|
1,391 |
|
|
|
50 |
|
Erie Indemnity, Cl A |
|
|
1,300 |
|
|
|
154 |
|
ESSA Bancorp |
|
|
896 |
|
|
|
14 |
|
Essent Group * |
|
|
9,925 |
|
|
|
462 |
|
Evans Bancorp |
|
|
653 |
|
|
|
28 |
|
Evercore Partners, Cl A |
|
|
4,696 |
|
|
|
472 |
|
Everest Re Group |
|
|
2,300 |
|
|
|
529 |
|
|
|
|
26 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
COMMON STOCK (continued) |
|
|
|
|
|
Ezcorp, Cl A * |
|
|
5,982 |
|
|
$ |
71 |
|
FactSet Research Systems |
|
|
2,200 |
|
|
|
441 |
|
Farmers & Merchants Bancorp |
|
|
1,040 |
|
|
|
42 |
|
Farmers Capital Bank |
|
|
798 |
|
|
|
31 |
|
Farmers National Banc |
|
|
3,207 |
|
|
|
47 |
|
FB Financial * |
|
|
1,531 |
|
|
|
65 |
|
FBL Financial Group, Cl A |
|
|
1,153 |
|
|
|
80 |
|
FCB Financial Holdings, Cl A * |
|
|
4,400 |
|
|
|
241 |
|
Federal Agricultural Mortgage, Cl C |
|
|
1,056 |
|
|
|
85 |
|
Federated Investors, Cl B |
|
|
5,800 |
|
|
|
201 |
|
Federated National Holding |
|
|
1,355 |
|
|
|
20 |
|
Fidelity Southern |
|
|
2,549 |
|
|
|
61 |
|
Fifth Third Bancorp |
|
|
42,500 |
|
|
|
1,407 |
|
Financial Engines |
|
|
6,988 |
|
|
|
199 |
|
Financial Institutions |
|
|
1,706 |
|
|
|
53 |
|
First American Financial |
|
|
6,400 |
|
|
|
378 |
|
First Bancorp |
|
|
4,407 |
|
|
|
151 |
|
First BanCorp * |
|
|
23,196 |
|
|
|
139 |
|
First Bancshares |
|
|
1,196 |
|
|
|
38 |
|
First Busey |
|
|
4,968 |
|
|
|
154 |
|
First Business Financial Services |
|
|
878 |
|
|
|
21 |
|
First Citizens BancShares, Cl A |
|
|
895 |
|
|
|
381 |
|
First Commonwealth Financial |
|
|
11,570 |
|
|
|
167 |
|
First Community Bancshares |
|
|
1,878 |
|
|
|
52 |
|
First Connecticut Bancorp |
|
|
1,892 |
|
|
|
48 |
|
First Defiance Financial |
|
|
1,212 |
|
|
|
67 |
|
First Financial |
|
|
1,232 |
|
|
|
57 |
|
First Financial Bancorp |
|
|
7,525 |
|
|
|
214 |
|
First Financial Bankshares |
|
|
7,662 |
|
|
|
356 |
|
First Financial Northwest |
|
|
992 |
|
|
|
16 |
|
First Foundation * |
|
|
3,598 |
|
|
|
70 |
|
First Guaranty Bancshares |
|
|
596 |
|
|
|
16 |
|
First Hawaiian |
|
|
3,400 |
|
|
|
98 |
|
First Horizon National |
|
|
17,300 |
|
|
|
344 |
|
First Internet Bancorp |
|
|
968 |
|
|
|
36 |
|
First Interstate BancSystem, Cl A |
|
|
3,152 |
|
|
|
132 |
|
First Merchants |
|
|
4,986 |
|
|
|
215 |
|
First Mid-Illinois Bancshares |
|
|
1,299 |
|
|
|
50 |
|
First Midwest Bancorp |
|
|
12,348 |
|
|
|
307 |
|
First Northwest Bancorp * |
|
|
1,198 |
|
|
|
20 |
|
First of Long Island |
|
|
2,926 |
|
|
|
82 |
|
First Republic Bank |
|
|
9,200 |
|
|
|
824 |
|
FirstCash |
|
|
5,673 |
|
|
|
415 |
|
Flagstar Bancorp * |
|
|
2,666 |
|
|
|
99 |
|
Flushing Financial |
|
|
3,260 |
|
|
|
92 |
|
FNB |
|
|
17,900 |
|
|
|
257 |
|
FNB Bancorp |
|
|
795 |
|
|
|
28 |
|
FNF Group |
|
|
14,900 |
|
|
|
581 |
|
Franklin Financial Network * |
|
|
1,389 |
|
|
|
45 |
|
Franklin Resources |
|
|
19,600 |
|
|
|
831 |
|
Fulton Financial |
|
|
20,669 |
|
|
|
376 |
|
GAIN Capital Holdings |
|
|
3,940 |
|
|
|
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
COMMON STOCK (continued) |
|
|
|
|
|
GAMCO Investors, Cl A |
|
|
432 |
|
|
$ |
13 |
|
Genworth Financial, Cl A * |
|
|
59,922 |
|
|
|
183 |
|
German American Bancorp |
|
|
2,488 |
|
|
|
86 |
|
Glacier Bancorp |
|
|
9,435 |
|
|
|
370 |
|
Global Indemnity * |
|
|
1,110 |
|
|
|
47 |
|
Goldman Sachs Group |
|
|
20,300 |
|
|
|
5,438 |
|
Granite Point Mortgage
Trust |
|
|
5,426 |
|
|
|
94 |
|
Great
Ajax |
|
|
1,911 |
|
|
|
26 |
|
Great Southern Bancorp |
|
|
1,280 |
|
|
|
65 |
|
Great Western Bancorp |
|
|
7,163 |
|
|
|
302 |
|
Green Bancorp * |
|
|
2,654 |
|
|
|
63 |
|
Green Dot, Cl A * |
|
|
5,598 |
|
|
|
343 |
|
Greene County Bancorp |
|
|
367 |
|
|
|
13 |
|
Greenhill |
|
|
3,146 |
|
|
|
58 |
|
Greenlight Capital Re, Cl A * |
|
|
3,418 |
|
|
|
69 |
|
Guaranty Bancorp |
|
|
2,929 |
|
|
|
83 |
|
Guaranty Bancshares |
|
|
400 |
|
|
|
13 |
|
Hallmark Financial Services * |
|
|
1,528 |
|
|
|
15 |
|
Hamilton Lane, Cl A |
|
|
1,619 |
|
|
|
60 |
|
Hancock Holding |
|
|
10,181 |
|
|
|
547 |
|
Hanmi Financial |
|
|
3,769 |
|
|
|
119 |
|
Hannon Armstrong Sustainable Infrastructure Capital |
|
|
5,977 |
|
|
|
130 |
|
Hanover Insurance Group |
|
|
2,400 |
|
|
|
272 |
|
HarborOne Bancorp * |
|
|
1,578 |
|
|
|
29 |
|
Hartford Financial Services Group |
|
|
20,700 |
|
|
|
1,216 |
|
HCI Group |
|
|
817 |
|
|
|
29 |
|
Health Insurance Innovations, Cl A * |
|
|
1,313 |
|
|
|
34 |
|
Heartland Financial |
|
|
2,961 |
|
|
|
157 |
|
Heritage Commerce |
|
|
4,580 |
|
|
|
73 |
|
Heritage Financial |
|
|
3,459 |
|
|
|
107 |
|
Heritage Insurance Holdings |
|
|
2,450 |
|
|
|
42 |
|
Hilltop Holdings |
|
|
8,753 |
|
|
|
229 |
|
Hingham Institution |
|
|
147 |
|
|
|
32 |
|
Home Bancorp |
|
|
630 |
|
|
|
27 |
|
Home BancShares |
|
|
18,915 |
|
|
|
454 |
|
HomeStreet * |
|
|
3,416 |
|
|
|
101 |
|
HomeTrust Bancshares * |
|
|
2,096 |
|
|
|
53 |
|
Hope Bancorp |
|
|
15,689 |
|
|
|
299 |
|
Horace Mann Educators |
|
|
4,975 |
|
|
|
205 |
|
Horizon Bancorp |
|
|
2,950 |
|
|
|
90 |
|
Houlihan Lokey, Cl A |
|
|
3,271 |
|
|
|
156 |
|
Howard Bancorp * |
|
|
1,279 |
|
|
|
27 |
|
Huntington Bancshares |
|
|
61,600 |
|
|
|
997 |
|
IBERIABANK |
|
|
6,171 |
|
|
|
521 |
|
Impac Mortgage Holdings * |
|
|
1,306 |
|
|
|
12 |
|
Independence Holding |
|
|
787 |
|
|
|
23 |
|
Independent Bank |
|
|
5,769 |
|
|
|
294 |
|
Independent Bank Group |
|
|
2,071 |
|
|
|
149 |
|
Infinity Property & Casualty |
|
|
1,295 |
|
|
|
131 |
|
Interactive Brokers Group, Cl A |
|
|
4,000 |
|
|
|
256 |
|
Intercontinental Exchange |
|
|
33,700 |
|
|
|
2,488 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
27 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
COMMON STOCK (continued) |
|
|
|
|
|
International Bancshares |
|
|
6,528 |
|
|
$ |
271 |
|
International. FCStone * |
|
|
1,769 |
|
|
|
77 |
|
Invesco |
|
|
22,800 |
|
|
|
824 |
|
Invesco Mortgage
Capital |
|
|
13,378 |
|
|
|
217 |
|
Investar Holding |
|
|
1,153 |
|
|
|
29 |
|
Investment Technology Group |
|
|
3,754 |
|
|
|
80 |
|
Investors Bancorp |
|
|
31,036 |
|
|
|
425 |
|
Investors Title |
|
|
155 |
|
|
|
30 |
|
James River Group Holdings |
|
|
3,221 |
|
|
|
122 |
|
JPMorgan Chase |
|
|
199,806 |
|
|
|
23,112 |
|
Kearny Financial |
|
|
9,383 |
|
|
|
129 |
|
Kemper |
|
|
4,790 |
|
|
|
311 |
|
KeyCorp |
|
|
63,004 |
|
|
|
1,348 |
|
Kingstone |
|
|
1,352 |
|
|
|
28 |
|
Kinsale Capital Group |
|
|
1,697 |
|
|
|
81 |
|
KKR Real Estate Finance
Trust |
|
|
1,215 |
|
|
|
24 |
|
Ladder Capital,
Cl A |
|
|
9,392 |
|
|
|
136 |
|
Ladenburg Thalmann Financial Services |
|
|
13,018 |
|
|
|
40 |
|
Lakeland Bancorp |
|
|
5,552 |
|
|
|
112 |
|
Lakeland Financial |
|
|
2,923 |
|
|
|
140 |
|
Lazard, Cl A (B) |
|
|
6,600 |
|
|
|
387 |
|
LCNB |
|
|
952 |
|
|
|
19 |
|
LegacyTexas Financial Group |
|
|
5,625 |
|
|
|
248 |
|
Legg Mason |
|
|
4,500 |
|
|
|
192 |
|
LendingClub * |
|
|
40,602 |
|
|
|
149 |
|
LendingTree * |
|
|
785 |
|
|
|
289 |
|
Leucadia National |
|
|
17,900 |
|
|
|
485 |
|
Lincoln National |
|
|
12,700 |
|
|
|
1,052 |
|
Live Oak Bancshares |
|
|
2,770 |
|
|
|
74 |
|
Loews |
|
|
15,700 |
|
|
|
811 |
|
LPL Financial Holdings |
|
|
5,300 |
|
|
|
316 |
|
M&T Bank |
|
|
8,300 |
|
|
|
1,583 |
|
Macatawa Bank |
|
|
2,871 |
|
|
|
30 |
|
Maiden Holdings |
|
|
7,940 |
|
|
|
56 |
|
MainSource Financial Group |
|
|
3,060 |
|
|
|
120 |
|
Malvern Bancorp * |
|
|
945 |
|
|
|
23 |
|
Markel * |
|
|
780 |
|
|
|
895 |
|
MarketAxess Holdings |
|
|
2,200 |
|
|
|
432 |
|
Marlin Business Services |
|
|
915 |
|
|
|
22 |
|
Marsh & McLennan |
|
|
29,800 |
|
|
|
2,489 |
|
MB Financial |
|
|
9,723 |
|
|
|
416 |
|
MBIA * |
|
|
10,333 |
|
|
|
76 |
|
MBT Financial |
|
|
1,920 |
|
|
|
22 |
|
Medley Management, Cl A |
|
|
508 |
|
|
|
3 |
|
Mercantile Bank |
|
|
1,891 |
|
|
|
66 |
|
Merchants Bancorp |
|
|
1,123 |
|
|
|
23 |
|
Mercury General |
|
|
1,573 |
|
|
|
77 |
|
Meridian Bancorp |
|
|
5,925 |
|
|
|
121 |
|
Meta Financial Group |
|
|
1,092 |
|
|
|
128 |
|
MetLife |
|
|
52,200 |
|
|
|
2,509 |
|
Metropolitan Bank Holding * |
|
|
500 |
|
|
|
24 |
|
MFA
Financial |
|
|
23,500 |
|
|
|
168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
COMMON STOCK (continued) |
|
|
|
|
|
MGIC Investment * |
|
|
44,939 |
|
|
$ |
666 |
|
Middlefield Banc |
|
|
394 |
|
|
|
20 |
|
Midland States Bancorp |
|
|
1,798 |
|
|
|
58 |
|
MidSouth Bancorp |
|
|
2,105 |
|
|
|
30 |
|
MidWestOne Financial Group |
|
|
1,438 |
|
|
|
48 |
|
Moelis, Cl A |
|
|
3,693 |
|
|
|
191 |
|
Moodys |
|
|
9,600 |
|
|
|
1,553 |
|
Morgan Stanley |
|
|
75,600 |
|
|
|
4,275 |
|
Morningstar |
|
|
1,033 |
|
|
|
99 |
|
Mortgage Investment
Trust |
|
|
3,297 |
|
|
|
57 |
|
MSCI, Cl A |
|
|
5,100 |
|
|
|
710 |
|
MTGE Investment |
|
|
5,554 |
|
|
|
94 |
|
MutualFirst Financial |
|
|
850 |
|
|
|
32 |
|
NASDAQ OMX Group |
|
|
6,700 |
|
|
|
542 |
|
National Bank Holdings, Cl A |
|
|
3,148 |
|
|
|
105 |
|
National Bankshares |
|
|
720 |
|
|
|
31 |
|
National Commerce * |
|
|
1,474 |
|
|
|
67 |
|
National General Holdings |
|
|
6,092 |
|
|
|
122 |
|
National Western Life Group, Cl A |
|
|
266 |
|
|
|
86 |
|
Nationstar Mortgage Holdings * |
|
|
3,722 |
|
|
|
66 |
|
Navient |
|
|
14,800 |
|
|
|
211 |
|
Navigators Group |
|
|
2,520 |
|
|
|
122 |
|
NBT Bancorp |
|
|
5,055 |
|
|
|
187 |
|
Nelnet, Cl A |
|
|
2,242 |
|
|
|
117 |
|
New Residential
Investment |
|
|
19,300 |
|
|
|
334 |
|
New York Community Bancorp |
|
|
28,300 |
|
|
|
401 |
|
New York Mortgage
Trust |
|
|
13,606 |
|
|
|
78 |
|
NI Holdings * |
|
|
1,463 |
|
|
|
24 |
|
Nicolet Bankshares * |
|
|
1,145 |
|
|
|
62 |
|
NMI Holdings, Cl A * |
|
|
6,959 |
|
|
|
128 |
|
Northeast Bancorp |
|
|
1,069 |
|
|
|
24 |
|
Northern Trust |
|
|
12,100 |
|
|
|
1,275 |
|
Northfield Bancorp |
|
|
4,954 |
|
|
|
83 |
|
Northrim BanCorp |
|
|
733 |
|
|
|
25 |
|
Northwest Bancshares |
|
|
11,191 |
|
|
|
189 |
|
Norwood Financial |
|
|
828 |
|
|
|
26 |
|
OceanFirst Financial |
|
|
3,863 |
|
|
|
102 |
|
Ocwen Financial * |
|
|
13,830 |
|
|
|
47 |
|
OFG Bancorp |
|
|
5,090 |
|
|
|
58 |
|
Ohio Valley Banc |
|
|
608 |
|
|
|
25 |
|
Old Line Bancshares |
|
|
900 |
|
|
|
28 |
|
Old National Bancorp |
|
|
16,227 |
|
|
|
281 |
|
Old Point Financial |
|
|
495 |
|
|
|
15 |
|
Old Republic International |
|
|
13,700 |
|
|
|
294 |
|
Old Second Bancorp |
|
|
3,841 |
|
|
|
56 |
|
OM Asset Management |
|
|
8,861 |
|
|
|
159 |
|
On Deck Capital * |
|
|
5,163 |
|
|
|
23 |
|
OneMain Holdings, Cl A * |
|
|
4,400 |
|
|
|
144 |
|
Oppenheimer Holdings, Cl A |
|
|
1,086 |
|
|
|
30 |
|
Opus Bank |
|
|
2,544 |
|
|
|
69 |
|
Orchid Island Capital, Cl A |
|
|
5,372 |
|
|
|
41 |
|
Oritani Financial |
|
|
5,093 |
|
|
|
85 |
|
|
|
|
28 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
COMMON STOCK (continued) |
|
|
|
|
|
Orrstown Financial Services |
|
|
802 |
|
|
$ |
20 |
|
Owens Realty
Mortgage |
|
|
1,097 |
|
|
|
16 |
|
Pacific Mercantile Bancorp * |
|
|
1,689 |
|
|
|
15 |
|
Pacific Premier Bancorp * |
|
|
4,684 |
|
|
|
191 |
|
PacWest Bancorp |
|
|
7,700 |
|
|
|
404 |
|
Park National |
|
|
1,631 |
|
|
|
171 |
|
Parke Bancorp |
|
|
880 |
|
|
|
18 |
|
PCSB Financial * |
|
|
2,123 |
|
|
|
43 |
|
Peapack Gladstone Financial |
|
|
2,167 |
|
|
|
77 |
|
Penns Woods Bancorp |
|
|
503 |
|
|
|
22 |
|
PennyMac Financial Services, Cl A * |
|
|
2,137 |
|
|
|
47 |
|
PennyMac Mortgage Investment Trust |
|
|
7,885 |
|
|
|
129 |
|
Peoples Bancorp |
|
|
1,883 |
|
|
|
67 |
|
Peoples Bancorp of North Carolina |
|
|
705 |
|
|
|
22 |
|
Peoples Financial Services |
|
|
724 |
|
|
|
33 |
|
Peoples United Financial |
|
|
19,700 |
|
|
|
387 |
|
Peoples Utah Bancorp |
|
|
1,747 |
|
|
|
55 |
|
PHH * |
|
|
3,619 |
|
|
|
32 |
|
Pinnacle Financial Partners |
|
|
4,000 |
|
|
|
253 |
|
Piper Jaffray |
|
|
1,771 |
|
|
|
163 |
|
PJT Partners |
|
|
2,118 |
|
|
|
100 |
|
PNC Financial Services Group |
|
|
28,000 |
|
|
|
4,425 |
|
Popular |
|
|
5,900 |
|
|
|
240 |
|
PRA Group * |
|
|
5,470 |
|
|
|
196 |
|
Preferred Bank |
|
|
1,619 |
|
|
|
104 |
|
Premier Financial Bancorp |
|
|
1,009 |
|
|
|
19 |
|
Primerica |
|
|
5,396 |
|
|
|
545 |
|
Principal Financial Group |
|
|
15,500 |
|
|
|
1,048 |
|
ProAssurance |
|
|
3,200 |
|
|
|
175 |
|
Progressive |
|
|
33,400 |
|
|
|
1,807 |
|
Prosperity Bancshares |
|
|
3,700 |
|
|
|
280 |
|
Provident Bancorp * |
|
|
505 |
|
|
|
12 |
|
Provident Financial Holdings |
|
|
720 |
|
|
|
13 |
|
Provident Financial Services |
|
|
7,534 |
|
|
|
198 |
|
Prudential Bancorp |
|
|
1,202 |
|
|
|
21 |
|
Prudential Financial |
|
|
24,800 |
|
|
|
2,947 |
|
Pzena Investment Management, Cl A |
|
|
2,439 |
|
|
|
30 |
|
QCR Holdings |
|
|
1,456 |
|
|
|
64 |
|
Radian Group |
|
|
26,036 |
|
|
|
575 |
|
Raymond James Financial |
|
|
7,300 |
|
|
|
704 |
|
RBB Bancorp |
|
|
664 |
|
|
|
18 |
|
Redwood
Trust |
|
|
9,366 |
|
|
|
139 |
|
Regional Management * |
|
|
1,159 |
|
|
|
33 |
|
Regions Financial |
|
|
69,100 |
|
|
|
1,329 |
|
Reinsurance Group of America, Cl A |
|
|
3,800 |
|
|
|
595 |
|
Reliant Bancorp |
|
|
1,006 |
|
|
|
24 |
|
RenaissanceRe Holdings |
|
|
2,300 |
|
|
|
292 |
|
Renasant |
|
|
5,592 |
|
|
|
241 |
|
Republic Bancorp, Cl A |
|
|
1,200 |
|
|
|
46 |
|
Republic First Bancorp * |
|
|
6,118 |
|
|
|
54 |
|
Resource
Capital |
|
|
4,055 |
|
|
|
38 |
|
Riverview Bancorp |
|
|
2,922 |
|
|
|
28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
COMMON STOCK (continued) |
|
|
|
|
|
RLI |
|
|
4,615 |
|
|
$ |
297 |
|
S&P Global |
|
|
14,800 |
|
|
|
2,680 |
|
S&T Bancorp |
|
|
4,235 |
|
|
|
171 |
|
Safeguard Scientifics * |
|
|
2,123 |
|
|
|
27 |
|
Safety Insurance Group |
|
|
1,769 |
|
|
|
137 |
|
Sandy Spring Bancorp |
|
|
4,062 |
|
|
|
154 |
|
Santander Consumer USA Holdings |
|
|
9,212 |
|
|
|
159 |
|
Sberbank of Russia ADR |
|
|
1,313 |
|
|
|
27 |
|
Seacoast Banking Corp of Florida * |
|
|
5,302 |
|
|
|
137 |
|
SEI
Investments |
|
|
7,700 |
|
|
|
579 |
|
Selective Insurance Group |
|
|
6,966 |
|
|
|
406 |
|
ServisFirst Bancshares |
|
|
5,643 |
|
|
|
239 |
|
Shore Bancshares |
|
|
1,351 |
|
|
|
25 |
|
SI Financial Group |
|
|
1,225 |
|
|
|
18 |
|
Sierra Bancorp |
|
|
1,658 |
|
|
|
45 |
|
Signature Bank * |
|
|
3,100 |
|
|
|
477 |
|
Silvercrest Asset Management Group, Cl A |
|
|
787 |
|
|
|
12 |
|
Simmons First National, Cl A |
|
|
4,978 |
|
|
|
293 |
|
SLM * |
|
|
24,200 |
|
|
|
277 |
|
SmartFinancial * |
|
|
1,029 |
|
|
|
22 |
|
South State |
|
|
4,351 |
|
|
|
385 |
|
Southern First Bancshares * |
|
|
913 |
|
|
|
40 |
|
Southern Missouri Bancorp |
|
|
937 |
|
|
|
36 |
|
Southern National Bancorp of Virginia |
|
|
2,302 |
|
|
|
38 |
|
Southside Bancshares |
|
|
3,354 |
|
|
|
115 |
|
Starwood Property
Trust |
|
|
14,100 |
|
|
|
287 |
|
State Auto Financial |
|
|
1,850 |
|
|
|
55 |
|
State Bank Financial |
|
|
4,597 |
|
|
|
140 |
|
State Street |
|
|
21,600 |
|
|
|
2,380 |
|
Sterling Bancorp |
|
|
25,964 |
|
|
|
643 |
|
Stewart Information Services |
|
|
2,624 |
|
|
|
117 |
|
Stifel Financial |
|
|
8,042 |
|
|
|
543 |
|
Stock Yards Bancorp |
|
|
2,660 |
|
|
|
96 |
|
Summit Financial Group |
|
|
1,298 |
|
|
|
33 |
|
Sun Bancorp |
|
|
1,137 |
|
|
|
28 |
|
SunTrust Banks |
|
|
27,600 |
|
|
|
1,951 |
|
Sutherland Asset
Management |
|
|
1,986 |
|
|
|
29 |
|
SVB Financial Group * |
|
|
3,000 |
|
|
|
740 |
|
Synchrony Financial |
|
|
45,600 |
|
|
|
1,809 |
|
Synovus Financial |
|
|
7,000 |
|
|
|
353 |
|
T Rowe Price Group |
|
|
13,600 |
|
|
|
1,518 |
|
TCF Financial |
|
|
8,779 |
|
|
|
188 |
|
TD Ameritrade Holding |
|
|
14,400 |
|
|
|
803 |
|
Territorial Bancorp |
|
|
821 |
|
|
|
25 |
|
Texas Capital Bancshares * |
|
|
6,064 |
|
|
|
575 |
|
TFS Financial |
|
|
3,900 |
|
|
|
57 |
|
Third Point Reinsurance * |
|
|
11,238 |
|
|
|
160 |
|
Timberland Bancorp |
|
|
920 |
|
|
|
26 |
|
Tiptree |
|
|
2,995 |
|
|
|
18 |
|
Tompkins Financial |
|
|
1,783 |
|
|
|
147 |
|
Torchmark |
|
|
6,500 |
|
|
|
591 |
|
Towne Bank |
|
|
7,688 |
|
|
|
235 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
29 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
COMMON STOCK (continued) |
|
|
|
|
|
TPG RE Finance
Trust |
|
|
1,314 |
|
|
$ |
25 |
|
Travelers |
|
|
16,000 |
|
|
|
2,399 |
|
TriCo Bancshares |
|
|
2,492 |
|
|
|
92 |
|
TriState Capital Holdings * |
|
|
2,685 |
|
|
|
65 |
|
Triumph Bancorp * |
|
|
2,188 |
|
|
|
84 |
|
Trupanion * |
|
|
2,851 |
|
|
|
100 |
|
TrustCo Bank |
|
|
10,703 |
|
|
|
92 |
|
Trustmark |
|
|
8,038 |
|
|
|
256 |
|
Two Harbors
Investment |
|
|
10,550 |
|
|
|
156 |
|
Two River Bancorp |
|
|
1,097 |
|
|
|
20 |
|
UMB Financial |
|
|
5,454 |
|
|
|
415 |
|
Umpqua Holdings |
|
|
26,605 |
|
|
|
576 |
|
Union Bankshares |
|
|
7,310 |
|
|
|
283 |
|
United Bankshares |
|
|
11,971 |
|
|
|
441 |
|
United Community Banks |
|
|
8,984 |
|
|
|
285 |
|
United Community Financial |
|
|
5,909 |
|
|
|
58 |
|
United Financial Bancorp |
|
|
6,241 |
|
|
|
105 |
|
United Fire Group |
|
|
2,636 |
|
|
|
114 |
|
United Insurance Holdings |
|
|
2,747 |
|
|
|
53 |
|
United Security Bancshares |
|
|
1,992 |
|
|
|
22 |
|
Unity Bancorp |
|
|
1,176 |
|
|
|
24 |
|
Universal Insurance Holdings |
|
|
3,818 |
|
|
|
112 |
|
Univest Corp of Pennsylvania |
|
|
3,288 |
|
|
|
92 |
|
Unum Group |
|
|
13,000 |
|
|
|
691 |
|
US Bancorp |
|
|
90,700 |
|
|
|
5,183 |
|
Validus Holdings |
|
|
4,300 |
|
|
|
291 |
|
Valley National Bancorp |
|
|
31,619 |
|
|
|
397 |
|
Veritex Holdings * |
|
|
2,130 |
|
|
|
61 |
|
Virtu Financial, Cl A |
|
|
3,120 |
|
|
|
60 |
|
Virtus Investment Partners |
|
|
829 |
|
|
|
106 |
|
Voya Financial |
|
|
10,200 |
|
|
|
529 |
|
Waddell & Reed Financial, Cl A |
|
|
9,884 |
|
|
|
227 |
|
Walker & Dunlop * |
|
|
3,361 |
|
|
|
156 |
|
Washington Federal |
|
|
10,679 |
|
|
|
383 |
|
Washington Trust Bancorp |
|
|
1,811 |
|
|
|
97 |
|
Waterstone Financial |
|
|
3,139 |
|
|
|
54 |
|
Webster Financial |
|
|
5,100 |
|
|
|
289 |
|
Wells Fargo |
|
|
255,760 |
|
|
|
16,824 |
|
WesBanco |
|
|
5,102 |
|
|
|
209 |
|
West Bancorporation |
|
|
2,022 |
|
|
|
52 |
|
Westamerica Bancorporation |
|
|
3,109 |
|
|
|
185 |
|
Western Alliance Bancorp * |
|
|
5,300 |
|
|
|
311 |
|
Western Asset Mortgage
Capital |
|
|
4,906 |
|
|
|
46 |
|
Western New England Bancorp |
|
|
3,189 |
|
|
|
35 |
|
Westwood Holdings Group |
|
|
986 |
|
|
|
65 |
|
White Mountains Insurance Group |
|
|
250 |
|
|
|
210 |
|
Willis Towers Watson |
|
|
7,200 |
|
|
|
1,155 |
|
Wintrust Financial |
|
|
6,772 |
|
|
|
582 |
|
WisdomTree Investments |
|
|
14,197 |
|
|
|
165 |
|
WMIH * |
|
|
21,113 |
|
|
|
20 |
|
World Acceptance * |
|
|
730 |
|
|
|
86 |
|
WR Berkley |
|
|
5,300 |
|
|
|
387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
COMMON STOCK (continued) |
|
|
|
|
|
WSFS Financial |
|
|
3,717 |
|
|
$ |
190 |
|
XL Group |
|
|
14,400 |
|
|
|
530 |
|
Zions Bancorporation |
|
|
11,500 |
|
|
|
621 |
|
|
|
|
|
|
|
|
276,210 |
|
Health Care 9.3% |
|
|
|
|
|
|
|
|
AAC Holdings * |
|
|
1,050 |
|
|
|
9 |
|
Abaxis |
|
|
2,692 |
|
|
|
193 |
|
Abbott Laboratories |
|
|
97,800 |
|
|
|
6,079 |
|
AbbVie |
|
|
92,054 |
|
|
|
10,330 |
|
Abeona Therapeutics * |
|
|
3,144 |
|
|
|
48 |
|
ABIOMED * |
|
|
2,300 |
|
|
|
541 |
|
Acadia Healthcare * |
|
|
4,600 |
|
|
|
157 |
|
ACADIA Pharmaceuticals * |
|
|
5,400 |
|
|
|
162 |
|
Accelerate Diagnostics * |
|
|
3,065 |
|
|
|
89 |
|
Acceleron Pharma * |
|
|
4,524 |
|
|
|
188 |
|
Accuray * |
|
|
9,884 |
|
|
|
56 |
|
Aceto |
|
|
3,409 |
|
|
|
38 |
|
Achaogen * |
|
|
4,041 |
|
|
|
44 |
|
Achillion Pharmaceuticals * |
|
|
14,902 |
|
|
|
39 |
|
Aclaris Therapeutics * |
|
|
2,681 |
|
|
|
59 |
|
Acorda Therapeutics * |
|
|
5,361 |
|
|
|
139 |
|
Adamas Pharmaceuticals * |
|
|
1,759 |
|
|
|
67 |
|
Addus HomeCare * |
|
|
819 |
|
|
|
29 |
|
Aduro Biotech * |
|
|
4,801 |
|
|
|
30 |
|
Advaxis * |
|
|
4,212 |
|
|
|
12 |
|
Aerie Pharmaceuticals * |
|
|
4,027 |
|
|
|
221 |
|
Aetna |
|
|
18,633 |
|
|
|
3,481 |
|
Agenus * |
|
|
9,279 |
|
|
|
34 |
|
Agilent Technologies |
|
|
18,600 |
|
|
|
1,366 |
|
Agios Pharmaceuticals * |
|
|
2,500 |
|
|
|
197 |
|
Aileron Therapeutics * |
|
|
994 |
|
|
|
9 |
|
Aimmune Therapeutics * |
|
|
4,116 |
|
|
|
145 |
|
Akcea Therapeutics * |
|
|
1,763 |
|
|
|
38 |
|
Akebia Therapeutics * |
|
|
5,286 |
|
|
|
78 |
|
Akorn * |
|
|
5,400 |
|
|
|
174 |
|
Alder Biopharmaceuticals * |
|
|
7,487 |
|
|
|
106 |
|
Alexion Pharmaceuticals * |
|
|
12,600 |
|
|
|
1,503 |
|
Align Technology * |
|
|
4,600 |
|
|
|
1,205 |
|
Allena Pharmaceuticals * |
|
|
649 |
|
|
|
5 |
|
Allergan |
|
|
19,300 |
|
|
|
3,479 |
|
Allscripts Healthcare Solutions * |
|
|
21,910 |
|
|
|
327 |
|
Almost Family * |
|
|
1,506 |
|
|
|
86 |
|
Alnylam Pharmaceuticals * |
|
|
5,000 |
|
|
|
650 |
|
AMAG Pharmaceuticals * |
|
|
4,317 |
|
|
|
62 |
|
Amedisys * |
|
|
3,395 |
|
|
|
182 |
|
American Renal Associates Holdings * |
|
|
940 |
|
|
|
18 |
|
AmerisourceBergen, Cl A |
|
|
9,100 |
|
|
|
907 |
|
Amgen |
|
|
42,426 |
|
|
|
7,893 |
|
Amicus Therapeutics * |
|
|
20,243 |
|
|
|
328 |
|
AMN Healthcare Services * |
|
|
5,625 |
|
|
|
302 |
|
Amphastar Pharmaceuticals * |
|
|
4,501 |
|
|
|
84 |
|
Analogic |
|
|
1,560 |
|
|
|
129 |
|
|
|
|
30 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
COMMON STOCK (continued) |
|
|
|
|
|
AnaptysBio * |
|
|
2,139 |
|
|
$ |
225 |
|
Anavex Life Sciences * |
|
|
3,885 |
|
|
|
11 |
|
AngioDynamics * |
|
|
4,565 |
|
|
|
79 |
|
ANI Pharmaceuticals * |
|
|
954 |
|
|
|
64 |
|
Anika Therapeutics * |
|
|
1,668 |
|
|
|
111 |
|
Antares Pharma * |
|
|
16,855 |
|
|
|
35 |
|
Anthem |
|
|
15,300 |
|
|
|
3,792 |
|
Apellis Pharmaceuticals * |
|
|
1,305 |
|
|
|
22 |
|
Aratana Therapeutics * |
|
|
4,765 |
|
|
|
22 |
|
Ardelyx * |
|
|
3,719 |
|
|
|
27 |
|
Arena Pharmaceuticals * |
|
|
4,643 |
|
|
|
174 |
|
Array BioPharma * |
|
|
23,854 |
|
|
|
354 |
|
Assembly Biosciences * |
|
|
1,942 |
|
|
|
92 |
|
Asterias Biotherapeutics, Cl A * |
|
|
2,695 |
|
|
|
6 |
|
Atara Biotherapeutics * |
|
|
3,474 |
|
|
|
131 |
|
athenahealth * |
|
|
2,200 |
|
|
|
276 |
|
Athenex * |
|
|
825 |
|
|
|
12 |
|
Athersys * |
|
|
12,665 |
|
|
|
22 |
|
AtriCure * |
|
|
3,682 |
|
|
|
60 |
|
Atrion |
|
|
170 |
|
|
|
98 |
|
Audentes Therapeutics * |
|
|
1,898 |
|
|
|
67 |
|
Avexis * |
|
|
3,371 |
|
|
|
417 |
|
AxoGen * |
|
|
3,227 |
|
|
|
90 |
|
Axovant Sciences * |
|
|
3,793 |
|
|
|
8 |
|
Baxter International |
|
|
28,900 |
|
|
|
2,082 |
|
Becton Dickinson |
|
|
15,015 |
|
|
|
3,648 |
|
Bellicum Pharmaceuticals * |
|
|
3,135 |
|
|
|
19 |
|
BioCryst Pharmaceuticals * |
|
|
11,807 |
|
|
|
53 |
|
Biogen * |
|
|
12,200 |
|
|
|
4,243 |
|
Biohaven Pharmaceutical Holding * |
|
|
1,173 |
|
|
|
41 |
|
BioMarin Pharmaceutical * |
|
|
9,900 |
|
|
|
893 |
|
Bio-Rad Laboratories, Cl A * |
|
|
1,223 |
|
|
|
316 |
|
BioScrip * |
|
|
14,673 |
|
|
|
41 |
|
BioSpecifics Technologies * |
|
|
572 |
|
|
|
24 |
|
Bio-Techne |
|
|
2,100 |
|
|
|
295 |
|
BioTelemetry * |
|
|
3,829 |
|
|
|
131 |
|
BioTime * |
|
|
9,732 |
|
|
|
28 |
|
Bioverativ * |
|
|
6,300 |
|
|
|
649 |
|
Bluebird Bio * |
|
|
5,944 |
|
|
|
1,218 |
|
Blueprint Medicines * |
|
|
5,096 |
|
|
|
401 |
|
Boston Scientific * |
|
|
79,200 |
|
|
|
2,214 |
|
Bristol-Myers Squibb |
|
|
95,200 |
|
|
|
5,960 |
|
Brookdale Senior Living, Cl A * |
|
|
9,300 |
|
|
|
88 |
|
Bruker |
|
|
6,600 |
|
|
|
235 |
|
Calithera Biosciences * |
|
|
3,593 |
|
|
|
29 |
|
Calyxt * |
|
|
960 |
|
|
|
25 |
|
Cambrex * |
|
|
3,868 |
|
|
|
218 |
|
Cantel Medical |
|
|
4,370 |
|
|
|
485 |
|
Capital Senior Living * |
|
|
3,101 |
|
|
|
35 |
|
Cara Therapeutics * |
|
|
3,052 |
|
|
|
45 |
|
Cardinal Health |
|
|
18,300 |
|
|
|
1,314 |
|
Cardiovascular Systems * |
|
|
4,028 |
|
|
|
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
COMMON STOCK (continued) |
|
|
|
|
|
Cascadian Therapeutics * |
|
|
5,312 |
|
|
$ |
53 |
|
Castlight Health, Cl B * |
|
|
7,507 |
|
|
|
28 |
|
Catalent * |
|
|
16,268 |
|
|
|
757 |
|
Catalyst Pharmaceuticals * |
|
|
7,979 |
|
|
|
27 |
|
Celcuity * |
|
|
469 |
|
|
|
8 |
|
Celgene * |
|
|
44,600 |
|
|
|
4,512 |
|
Celldex Therapeutics * |
|
|
15,135 |
|
|
|
42 |
|
Centene * |
|
|
9,900 |
|
|
|
1,062 |
|
Cerner * |
|
|
16,700 |
|
|
|
1,154 |
|
Cerus * |
|
|
13,646 |
|
|
|
60 |
|
Charles River Laboratories International * |
|
|
2,700 |
|
|
|
285 |
|
Chemed |
|
|
1,901 |
|
|
|
495 |
|
ChemoCentryx * |
|
|
3,121 |
|
|
|
29 |
|
Chimerix * |
|
|
4,659 |
|
|
|
22 |
|
Cigna |
|
|
14,300 |
|
|
|
2,979 |
|
Civitas Solutions * |
|
|
2,182 |
|
|
|
38 |
|
Clearside Biomedical * |
|
|
2,939 |
|
|
|
19 |
|
Clovis Oncology * |
|
|
5,244 |
|
|
|
317 |
|
Coherus Biosciences * |
|
|
4,412 |
|
|
|
45 |
|
Collegium Pharmaceutical * |
|
|
3,140 |
|
|
|
75 |
|
Community Health Systems * |
|
|
10,707 |
|
|
|
60 |
|
Computer Programs & Systems |
|
|
1,459 |
|
|
|
44 |
|
Conatus Pharmaceuticals * |
|
|
3,917 |
|
|
|
22 |
|
Concert Pharmaceuticals * |
|
|
2,288 |
|
|
|
46 |
|
ConforMIS * |
|
|
3,767 |
|
|
|
5 |
|
CONMED |
|
|
3,321 |
|
|
|
192 |
|
Cooper |
|
|
2,800 |
|
|
|
685 |
|
Corbus Pharmaceuticals Holdings * |
|
|
6,489 |
|
|
|
49 |
|
Corcept Therapeutics * |
|
|
10,887 |
|
|
|
251 |
|
Corindus Vascular Robotics * |
|
|
12,647 |
|
|
|
15 |
|
Corium International * |
|
|
2,961 |
|
|
|
38 |
|
CorVel * |
|
|
1,181 |
|
|
|
61 |
|
Corvus Pharmaceuticals * |
|
|
994 |
|
|
|
8 |
|
Cotiviti Holdings * |
|
|
4,332 |
|
|
|
152 |
|
Cross Country Healthcare * |
|
|
4,257 |
|
|
|
60 |
|
CryoLife * |
|
|
3,689 |
|
|
|
70 |
|
Curis * |
|
|
12,173 |
|
|
|
8 |
|
Cutera * |
|
|
1,559 |
|
|
|
77 |
|
Cytokinetics * |
|
|
4,874 |
|
|
|
45 |
|
CytomX Therapeutics * |
|
|
3,398 |
|
|
|
91 |
|
Danaher |
|
|
35,500 |
|
|
|
3,595 |
|
DaVita * |
|
|
8,600 |
|
|
|
671 |
|
Deciphera Pharmaceuticals * |
|
|
994 |
|
|
|
26 |
|
DENTSPLY SIRONA |
|
|
12,700 |
|
|
|
772 |
|
Depomed * |
|
|
6,908 |
|
|
|
51 |
|
Dermira * |
|
|
4,471 |
|
|
|
128 |
|
DexCom * |
|
|
5,000 |
|
|
|
291 |
|
Diplomat Pharmacy * |
|
|
6,054 |
|
|
|
163 |
|
Dova Pharmaceuticals * |
|
|
606 |
|
|
|
19 |
|
Durect * |
|
|
13,835 |
|
|
|
16 |
|
Dynavax Technologies * |
|
|
7,155 |
|
|
|
115 |
|
Eagle Pharmaceuticals * |
|
|
1,027 |
|
|
|
61 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
31 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
COMMON STOCK (continued) |
|
|
|
|
|
Edge Therapeutics * |
|
|
2,838 |
|
|
$ |
36 |
|
Editas Medicine * |
|
|
4,321 |
|
|
|
158 |
|
Edwards Lifesciences * |
|
|
12,100 |
|
|
|
1,532 |
|
Eli Lilly |
|
|
56,300 |
|
|
|
4,586 |
|
Emergent BioSolutions * |
|
|
4,087 |
|
|
|
199 |
|
Enanta Pharmaceuticals * |
|
|
1,931 |
|
|
|
164 |
|
Encompass Health |
|
|
12,012 |
|
|
|
636 |
|
Endologix * |
|
|
10,031 |
|
|
|
42 |
|
Ensign Group |
|
|
5,759 |
|
|
|
133 |
|
Entellus Medical * |
|
|
1,426 |
|
|
|
34 |
|
Envision Healthcare * |
|
|
6,339 |
|
|
|
228 |
|
Enzo Biochem * |
|
|
5,279 |
|
|
|
39 |
|
Epizyme * |
|
|
5,903 |
|
|
|
95 |
|
Esperion Therapeutics * |
|
|
2,011 |
|
|
|
146 |
|
Evolent Health, Cl A * |
|
|
7,552 |
|
|
|
106 |
|
Exact Sciences * |
|
|
14,271 |
|
|
|
709 |
|
Exactech * |
|
|
1,299 |
|
|
|
65 |
|
Exelixis * |
|
|
16,100 |
|
|
|
488 |
|
Express Scripts Holding * |
|
|
33,000 |
|
|
|
2,613 |
|
Fate Therapeutics * |
|
|
5,056 |
|
|
|
46 |
|
FibroGen * |
|
|
8,399 |
|
|
|
492 |
|
Five Prime Therapeutics * |
|
|
3,311 |
|
|
|
66 |
|
Flexion Therapeutics * |
|
|
3,949 |
|
|
|
89 |
|
Fluidigm * |
|
|
4,672 |
|
|
|
29 |
|
FONAR * |
|
|
874 |
|
|
|
21 |
|
Fortress Biotech * |
|
|
3,790 |
|
|
|
15 |
|
Foundation Medicine * |
|
|
1,773 |
|
|
|
123 |
|
G1 Therapeutics * |
|
|
928 |
|
|
|
22 |
|
Genesis Healthcare, Cl A * |
|
|
4,394 |
|
|
|
4 |
|
GenMark Diagnostics * |
|
|
6,031 |
|
|
|
33 |
|
Genocea Biosciences * |
|
|
4,205 |
|
|
|
4 |
|
Genomic Health * |
|
|
2,427 |
|
|
|
81 |
|
Geron * |
|
|
18,446 |
|
|
|
45 |
|
Gilead Sciences |
|
|
75,217 |
|
|
|
6,303 |
|
Glaukos * |
|
|
3,360 |
|
|
|
101 |
|
Global Blood Therapeutics * |
|
|
4,483 |
|
|
|
260 |
|
Globus Medical, Cl A * |
|
|
8,456 |
|
|
|
389 |
|
Haemonetics * |
|
|
6,365 |
|
|
|
412 |
|
Halozyme Therapeutics * |
|
|
14,403 |
|
|
|
269 |
|
Halyard Health * |
|
|
5,577 |
|
|
|
272 |
|
HCA Healthcare |
|
|
16,800 |
|
|
|
1,699 |
|
HealthEquity * |
|
|
6,053 |
|
|
|
306 |
|
HealthStream * |
|
|
3,117 |
|
|
|
73 |
|
Henry Schein * |
|
|
9,014 |
|
|
|
682 |
|
Heron Therapeutics * |
|
|
5,697 |
|
|
|
123 |
|
Heska * |
|
|
744 |
|
|
|
58 |
|
Hill-Rom Holdings |
|
|
3,700 |
|
|
|
316 |
|
HMS Holdings * |
|
|
10,100 |
|
|
|
173 |
|
Hologic * |
|
|
16,000 |
|
|
|
683 |
|
Humana |
|
|
8,300 |
|
|
|
2,339 |
|
ICU Medical * |
|
|
1,821 |
|
|
|
417 |
|
Idera Pharmaceuticals * |
|
|
18,033 |
|
|
|
33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
COMMON STOCK (continued) |
|
|
|
|
|
IDEXX Laboratories * |
|
|
5,000 |
|
|
$ |
935 |
|
Ignyta * |
|
|
7,096 |
|
|
|
191 |
|
Illumina * |
|
|
8,400 |
|
|
|
1,954 |
|
Immune Design * |
|
|
4,576 |
|
|
|
16 |
|
ImmunoGen * |
|
|
12,036 |
|
|
|
110 |
|
Immunomedics * |
|
|
12,670 |
|
|
|
211 |
|
Impax Laboratories * |
|
|
8,923 |
|
|
|
174 |
|
Incyte * |
|
|
10,000 |
|
|
|
903 |
|
Innoviva * |
|
|
9,330 |
|
|
|
136 |
|
Inogen * |
|
|
2,043 |
|
|
|
249 |
|
Inovalon Holdings, Cl A * |
|
|
8,142 |
|
|
|
106 |
|
Inovio Pharmaceuticals * |
|
|
9,657 |
|
|
|
44 |
|
Insmed * |
|
|
9,220 |
|
|
|
235 |
|
Insulet * |
|
|
7,081 |
|
|
|
542 |
|
Insys Therapeutics * |
|
|
2,918 |
|
|
|
28 |
|
Integer Holdings * |
|
|
3,847 |
|
|
|
193 |
|
Integra LifeSciences Holdings * |
|
|
7,678 |
|
|
|
404 |
|
Intellia Therapeutics * |
|
|
2,109 |
|
|
|
54 |
|
Intercept Pharmaceuticals * |
|
|
1,100 |
|
|
|
68 |
|
Intersect ENT * |
|
|
3,355 |
|
|
|
125 |
|
Intra-Cellular Therapies, Cl A * |
|
|
5,114 |
|
|
|
87 |
|
Intrexon * |
|
|
3,193 |
|
|
|
42 |
|
Intuitive Surgical * |
|
|
6,393 |
|
|
|
2,760 |
|
Invacare |
|
|
3,817 |
|
|
|
70 |
|
Invitae * |
|
|
4,580 |
|
|
|
32 |
|
Ionis Pharmaceuticals * |
|
|
6,800 |
|
|
|
357 |
|
Iovance Biotherapeutics * |
|
|
7,785 |
|
|
|
121 |
|
IQVIA Holdings * |
|
|
9,156 |
|
|
|
936 |
|
iRhythm Technologies * |
|
|
1,801 |
|
|
|
107 |
|
Ironwood Pharmaceuticals, Cl A * |
|
|
16,373 |
|
|
|
242 |
|
Johnson & Johnson |
|
|
155,979 |
|
|
|
21,555 |
|
Jounce Therapeutics * |
|
|
1,712 |
|
|
|
41 |
|
Juno Therapeutics * |
|
|
3,800 |
|
|
|
326 |
|
K2M Group Holdings * |
|
|
4,759 |
|
|
|
100 |
|
Kala Pharmaceuticals * |
|
|
964 |
|
|
|
15 |
|
Karyopharm Therapeutics * |
|
|
4,467 |
|
|
|
53 |
|
Keryx Biopharmaceuticals * |
|
|
10,617 |
|
|
|
49 |
|
Kindred Biosciences * |
|
|
3,110 |
|
|
|
27 |
|
Kindred Healthcare |
|
|
10,048 |
|
|
|
92 |
|
Kura Oncology * |
|
|
2,299 |
|
|
|
45 |
|
La Jolla Pharmaceutical * |
|
|
2,030 |
|
|
|
70 |
|
Laboratory Corp of America Holdings * |
|
|
5,900 |
|
|
|
1,030 |
|
Lannett * |
|
|
3,560 |
|
|
|
72 |
|
Lantheus Holdings * |
|
|
3,608 |
|
|
|
83 |
|
LeMaitre Vascular |
|
|
1,848 |
|
|
|
64 |
|
Lexicon Pharmaceuticals * |
|
|
4,921 |
|
|
|
54 |
|
LHC Group * |
|
|
1,962 |
|
|
|
123 |
|
LifePoint Health * |
|
|
2,000 |
|
|
|
99 |
|
Ligand Pharmaceuticals * |
|
|
2,504 |
|
|
|
395 |
|
LivaNova * |
|
|
5,916 |
|
|
|
506 |
|
Loxo Oncology * |
|
|
2,791 |
|
|
|
283 |
|
Luminex |
|
|
4,928 |
|
|
|
100 |
|
|
|
|
32 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
COMMON STOCK (continued) |
|
|
|
|
|
MacroGenics * |
|
|
4,318 |
|
|
$ |
97 |
|
Madrigal Pharmaceuticals * |
|
|
477 |
|
|
|
71 |
|
Magellan Health * |
|
|
2,915 |
|
|
|
290 |
|
Masimo * |
|
|
5,374 |
|
|
|
506 |
|
Matinas BioPharma Holdings * |
|
|
7,850 |
|
|
|
8 |
|
McKesson |
|
|
12,200 |
|
|
|
2,060 |
|
Medicines * |
|
|
8,214 |
|
|
|
272 |
|
MediciNova * |
|
|
4,353 |
|
|
|
38 |
|
Medidata Solutions * |
|
|
6,876 |
|
|
|
468 |
|
MEDNAX * |
|
|
5,000 |
|
|
|
264 |
|
Medpace Holdings * |
|
|
879 |
|
|
|
32 |
|
Medtronic |
|
|
78,700 |
|
|
|
6,760 |
|
Melinta Therapeutics * |
|
|
993 |
|
|
|
14 |
|
Merck |
|
|
158,218 |
|
|
|
9,374 |
|
Meridian Bioscience |
|
|
5,349 |
|
|
|
84 |
|
Merit Medical Systems * |
|
|
5,890 |
|
|
|
274 |
|
Merrimack Pharmaceuticals |
|
|
1,405 |
|
|
|
15 |
|
Mersana Therapeutics * |
|
|
598 |
|
|
|
9 |
|
Mettler-Toledo International * |
|
|
1,458 |
|
|
|
985 |
|
MiMedx Group * |
|
|
12,297 |
|
|
|
206 |
|
Minerva Neurosciences * |
|
|
3,446 |
|
|
|
22 |
|
Miragen Therapeutics * |
|
|
1,600 |
|
|
|
12 |
|
Molina Healthcare * |
|
|
5,382 |
|
|
|
492 |
|
Momenta Pharmaceuticals * |
|
|
9,269 |
|
|
|
158 |
|
Mylan * |
|
|
30,700 |
|
|
|
1,316 |
|
MyoKardia * |
|
|
2,450 |
|
|
|
126 |
|
Myriad Genetics * |
|
|
7,921 |
|
|
|
292 |
|
NanoString Technologies * |
|
|
2,442 |
|
|
|
18 |
|
NantHealth * |
|
|
1,007 |
|
|
|
3 |
|
NantKwest * |
|
|
3,583 |
|
|
|
16 |
|
Natera * |
|
|
3,694 |
|
|
|
38 |
|
National HealthCare |
|
|
1,393 |
|
|
|
87 |
|
National Research, Cl A |
|
|
1,236 |
|
|
|
47 |
|
Natus Medical * |
|
|
3,599 |
|
|
|
112 |
|
Nektar Therapeutics, Cl A * |
|
|
17,990 |
|
|
|
1,504 |
|
Neogen * |
|
|
5,934 |
|
|
|
350 |
|
NeoGenomics * |
|
|
6,581 |
|
|
|
51 |
|
Neos Therapeutics * |
|
|
3,332 |
|
|
|
35 |
|
Neurocrine Biosciences * |
|
|
5,100 |
|
|
|
436 |
|
Nevro * |
|
|
3,353 |
|
|
|
269 |
|
NewLink Genetics * |
|
|
3,778 |
|
|
|
31 |
|
Novavax * |
|
|
37,912 |
|
|
|
77 |
|
Novelion Therapeutics * |
|
|
1,775 |
|
|
|
9 |
|
Novocure * |
|
|
6,777 |
|
|
|
152 |
|
NuVasive * |
|
|
6,091 |
|
|
|
298 |
|
NxStage Medical * |
|
|
7,866 |
|
|
|
197 |
|
Nymox Pharmaceutical * |
|
|
3,345 |
|
|
|
11 |
|
Obalon Therapeutics * |
|
|
1,546 |
|
|
|
6 |
|
Ocular Therapeutix * |
|
|
2,658 |
|
|
|
15 |
|
Omeros * |
|
|
5,261 |
|
|
|
85 |
|
Omnicell * |
|
|
4,618 |
|
|
|
227 |
|
OPKO Health * |
|
|
16,300 |
|
|
|
73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
COMMON STOCK (continued) |
|
|
|
|
|
Optinose * |
|
|
654 |
|
|
$ |
12 |
|
OraSure Technologies * |
|
|
6,968 |
|
|
|
152 |
|
Organovo Holdings * |
|
|
11,425 |
|
|
|
16 |
|
Orthofix International * |
|
|
2,137 |
|
|
|
123 |
|
OrthoPediatrics * |
|
|
560 |
|
|
|
10 |
|
Otonomy * |
|
|
3,127 |
|
|
|
18 |
|
Ovid therapeutics * |
|
|
863 |
|
|
|
7 |
|
Owens & Minor |
|
|
7,369 |
|
|
|
155 |
|
Oxford Immunotec Global * |
|
|
2,932 |
|
|
|
34 |
|
Pacific Biosciences of California * |
|
|
12,238 |
|
|
|
35 |
|
Pacira Pharmaceuticals * |
|
|
4,788 |
|
|
|
174 |
|
Paratek Pharmaceuticals * |
|
|
2,766 |
|
|
|
42 |
|
Patterson |
|
|
4,800 |
|
|
|
172 |
|
PDL BioPharma * |
|
|
19,407 |
|
|
|
54 |
|
Penumbra * |
|
|
3,546 |
|
|
|
353 |
|
PerkinElmer |
|
|
6,500 |
|
|
|
521 |
|
PetIQ, Cl A * |
|
|
858 |
|
|
|
21 |
|
Pfizer |
|
|
341,856 |
|
|
|
12,662 |
|
Phibro Animal Health, Cl A |
|
|
2,253 |
|
|
|
77 |
|
Pieris Pharmaceuticals * |
|
|
5,033 |
|
|
|
38 |
|
Portola Pharmaceuticals, Cl A * |
|
|
6,883 |
|
|
|
353 |
|
PRA Health Sciences * |
|
|
6,027 |
|
|
|
549 |
|
Premier, Cl A * |
|
|
3,100 |
|
|
|
101 |
|
Prestige Brands Holdings * |
|
|
6,345 |
|
|
|
265 |
|
Progenics Pharmaceuticals * |
|
|
8,250 |
|
|
|
48 |
|
Protagonist Therapeutics * |
|
|
1,236 |
|
|
|
28 |
|
Providence Service * |
|
|
1,431 |
|
|
|
92 |
|
PTC Therapeutics * |
|
|
4,744 |
|
|
|
125 |
|
Pulse Biosciences * |
|
|
1,069 |
|
|
|
22 |
|
Puma Biotechnology * |
|
|
3,427 |
|
|
|
229 |
|
QIAGEN * |
|
|
13,137 |
|
|
|
440 |
|
Quality Systems * |
|
|
6,561 |
|
|
|
85 |
|
Quest Diagnostics |
|
|
7,800 |
|
|
|
825 |
|
Quidel * |
|
|
3,472 |
|
|
|
159 |
|
Quotient * |
|
|
3,137 |
|
|
|
9 |
|
R1 RCM * |
|
|
11,766 |
|
|
|
61 |
|
Ra Pharmaceuticals * |
|
|
1,379 |
|
|
|
10 |
|
Radius Health * |
|
|
4,658 |
|
|
|
175 |
|
RadNet * |
|
|
4,992 |
|
|
|
51 |
|
Reata Pharmaceuticals, Cl A * |
|
|
1,338 |
|
|
|
38 |
|
Recro Pharma * |
|
|
1,597 |
|
|
|
14 |
|
Regeneron Pharmaceuticals * |
|
|
4,566 |
|
|
|
1,674 |
|
REGENXBIO * |
|
|
3,237 |
|
|
|
87 |
|
Repligen * |
|
|
4,444 |
|
|
|
157 |
|
ResMed |
|
|
8,000 |
|
|
|
806 |
|
Retrophin * |
|
|
4,726 |
|
|
|
113 |
|
Revance Therapeutics * |
|
|
2,751 |
|
|
|
89 |
|
Rhythm Pharmaceuticals * |
|
|
987 |
|
|
|
31 |
|
Rigel Pharmaceuticals * |
|
|
18,317 |
|
|
|
73 |
|
Rockwell Medical * |
|
|
5,833 |
|
|
|
33 |
|
RTI Surgical * |
|
|
6,102 |
|
|
|
27 |
|
Sage Therapeutics * |
|
|
4,586 |
|
|
|
870 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
33 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
COMMON STOCK (continued) |
|
|
|
|
|
Sangamo Therapeutics * |
|
|
10,393 |
|
|
$ |
217 |
|
Sarepta Therapeutics * |
|
|
7,364 |
|
|
|
483 |
|
Seattle Genetics * |
|
|
5,400 |
|
|
|
282 |
|
Select Medical Holdings * |
|
|
13,023 |
|
|
|
231 |
|
Selecta Biosciences * |
|
|
1,760 |
|
|
|
16 |
|
Seres Therapeutics * |
|
|
2,585 |
|
|
|
26 |
|
Sienna Biopharmaceuticals * |
|
|
596 |
|
|
|
10 |
|
Sientra * |
|
|
1,849 |
|
|
|
23 |
|
Simulations Plus |
|
|
1,660 |
|
|
|
27 |
|
Spark Therapeutics * |
|
|
3,349 |
|
|
|
188 |
|
Spectrum Pharmaceuticals * |
|
|
10,471 |
|
|
|
226 |
|
Spero Therapeutics * |
|
|
1,175 |
|
|
|
14 |
|
STAAR Surgical * |
|
|
5,073 |
|
|
|
80 |
|
Stemline Therapeutics * |
|
|
2,882 |
|
|
|
46 |
|
STERIS |
|
|
4,700 |
|
|
|
427 |
|
Strongbridge Biopharma * |
|
|
2,572 |
|
|
|
17 |
|
Stryker |
|
|
19,600 |
|
|
|
3,222 |
|
Sucampo Pharmaceuticals, Cl A * |
|
|
3,103 |
|
|
|
56 |
|
Supernus Pharmaceuticals * |
|
|
5,865 |
|
|
|
229 |
|
Surgery Partners * |
|
|
2,381 |
|
|
|
37 |
|
Surmodics * |
|
|
1,714 |
|
|
|
50 |
|
Syndax Pharmaceuticals * |
|
|
1,272 |
|
|
|
14 |
|
Syneos Health, Cl A * |
|
|
6,547 |
|
|
|
251 |
|
Synergy Pharmaceuticals * |
|
|
30,807 |
|
|
|
67 |
|
Syros Pharmaceuticals * |
|
|
1,467 |
|
|
|
14 |
|
Tabula Rasa HealthCare * |
|
|
1,090 |
|
|
|
39 |
|
Tactile Systems Technology * |
|
|
1,564 |
|
|
|
49 |
|
Teladoc * |
|
|
6,549 |
|
|
|
245 |
|
Teleflex |
|
|
2,600 |
|
|
|
722 |
|
Teligent * |
|
|
5,392 |
|
|
|
16 |
|
Tenet Healthcare * |
|
|
10,094 |
|
|
|
191 |
|
TESARO * |
|
|
2,100 |
|
|
|
142 |
|
Tetraphase Pharmaceuticals * |
|
|
6,024 |
|
|
|
35 |
|
TG Therapeutics * |
|
|
5,933 |
|
|
|
68 |
|
TherapeuticsMD * |
|
|
19,963 |
|
|
|
117 |
|
Theravance Biopharma * |
|
|
4,883 |
|
|
|
129 |
|
Thermo Fisher Scientific |
|
|
23,000 |
|
|
|
5,155 |
|
Tivity Health * |
|
|
4,407 |
|
|
|
171 |
|
Tocagen * |
|
|
2,146 |
|
|
|
28 |
|
Trevena * |
|
|
4,699 |
|
|
|
8 |
|
Triple-S Management, Cl B * |
|
|
2,659 |
|
|
|
61 |
|
Ultragenyx Pharmaceutical * |
|
|
4,825 |
|
|
|
257 |
|
United Therapeutics * |
|
|
2,400 |
|
|
|
310 |
|
UnitedHealth Group |
|
|
55,400 |
|
|
|
13,118 |
|
Universal Health Services, Cl B |
|
|
4,900 |
|
|
|
595 |
|
US Physical Therapy |
|
|
1,506 |
|
|
|
114 |
|
Utah Medical Products |
|
|
372 |
|
|
|
34 |
|
Vanda Pharmaceuticals * |
|
|
5,167 |
|
|
|
82 |
|
Varex Imaging * |
|
|
4,457 |
|
|
|
189 |
|
Varian Medical Systems * |
|
|
5,200 |
|
|
|
663 |
|
VBI Vaccines * |
|
|
4,724 |
|
|
|
19 |
|
Veeva Systems, Cl A * |
|
|
6,200 |
|
|
|
390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
COMMON STOCK (continued) |
|
|
|
|
|
Veracyte * |
|
|
2,786 |
|
|
$ |
18 |
|
Versartis * |
|
|
3,796 |
|
|
|
8 |
|
Vertex Pharmaceuticals * |
|
|
14,500 |
|
|
|
2,420 |
|
ViewRay * |
|
|
4,128 |
|
|
|
37 |
|
Viveve Medical * |
|
|
2,324 |
|
|
|
10 |
|
Vocera Communications * |
|
|
3,471 |
|
|
|
102 |
|
Voyager Therapeutics * |
|
|
1,997 |
|
|
|
41 |
|
vTv Therapeutics, Cl A * |
|
|
501 |
|
|
|
4 |
|
Waters * |
|
|
4,300 |
|
|
|
927 |
|
WaVe Life Sciences * |
|
|
1,359 |
|
|
|
54 |
|
WellCare Health Plans * |
|
|
2,600 |
|
|
|
547 |
|
West Pharmaceutical Services |
|
|
4,200 |
|
|
|
421 |
|
Wright Medical Group * |
|
|
12,441 |
|
|
|
283 |
|
XBiotech * |
|
|
1,820 |
|
|
|
9 |
|
Xencor * |
|
|
4,490 |
|
|
|
102 |
|
Zimmer Biomet Holdings |
|
|
11,600 |
|
|
|
1,475 |
|
ZIOPHARM Oncology * |
|
|
15,457 |
|
|
|
61 |
|
Zoetis, Cl A |
|
|
28,500 |
|
|
|
2,187 |
|
Zogenix * |
|
|
4,125 |
|
|
|
150 |
|
Zynerba Pharmaceuticals * |
|
|
1,583 |
|
|
|
19 |
|
|
|
|
|
|
|
|
245,620 |
|
Industrials 7.5% |
|
|
|
|
|
|
|
|
3M |
|
|
33,500 |
|
|
|
8,392 |
|
AAON |
|
|
4,917 |
|
|
|
179 |
|
AAR |
|
|
3,935 |
|
|
|
159 |
|
ABM Industries |
|
|
6,807 |
|
|
|
259 |
|
Acacia Research * |
|
|
5,293 |
|
|
|
19 |
|
ACCO Brands * |
|
|
12,853 |
|
|
|
152 |
|
Actuant, Cl A |
|
|
7,275 |
|
|
|
180 |
|
Acuity Brands |
|
|
2,400 |
|
|
|
371 |
|
Advanced Disposal Services * |
|
|
5,140 |
|
|
|
125 |
|
Advanced Drainage Systems |
|
|
4,481 |
|
|
|
111 |
|
AECOM * |
|
|
8,500 |
|
|
|
332 |
|
Aegion, Cl A * |
|
|
4,011 |
|
|
|
101 |
|
Aerojet Rocketdyne Holdings * |
|
|
8,237 |
|
|
|
227 |
|
Aerovironment * |
|
|
2,495 |
|
|
|
128 |
|
AGCO |
|
|
3,600 |
|
|
|
261 |
|
Air Lease, Cl A |
|
|
5,800 |
|
|
|
282 |
|
Air Transport Services Group * |
|
|
7,166 |
|
|
|
178 |
|
Aircastle |
|
|
5,966 |
|
|
|
141 |
|
Alamo Group |
|
|
1,118 |
|
|
|
129 |
|
Alaska Air Group |
|
|
6,900 |
|
|
|
454 |
|
Albany International, Cl A |
|
|
3,484 |
|
|
|
221 |
|
Allegiant Travel, Cl A |
|
|
1,536 |
|
|
|
245 |
|
Allegion |
|
|
5,300 |
|
|
|
456 |
|
Allied Motion Technologies |
|
|
683 |
|
|
|
24 |
|
Allison Transmission Holdings |
|
|
7,800 |
|
|
|
345 |
|
Altra Industrial Motion |
|
|
3,473 |
|
|
|
182 |
|
AMERCO |
|
|
300 |
|
|
|
110 |
|
Ameresco, Cl A * |
|
|
2,406 |
|
|
|
21 |
|
American Airlines Group |
|
|
25,300 |
|
|
|
1,374 |
|
American Railcar Industries |
|
|
813 |
|
|
|
32 |
|
|
|
|
34 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
|
|
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
American Woodmark * |
|
|
1,698 |
|
|
$ |
231 |
|
AMETEK |
|
|
12,900 |
|
|
|
984 |
|
AO Smith |
|
|
8,400 |
|
|
|
561 |
|
Apogee Enterprises |
|
|
3,343 |
|
|
|
152 |
|
Applied Industrial Technologies |
|
|
4,653 |
|
|
|
343 |
|
Aqua Metals * |
|
|
1,654 |
|
|
|
3 |
|
ARC Document Solutions * |
|
|
4,499 |
|
|
|
11 |
|
ArcBest |
|
|
3,148 |
|
|
|
112 |
|
Arconic |
|
|
24,466 |
|
|
|
735 |
|
Argan |
|
|
1,810 |
|
|
|
79 |
|
Armstrong Flooring * |
|
|
2,743 |
|
|
|
42 |
|
Armstrong World Industries * |
|
|
2,300 |
|
|
|
144 |
|
Astec Industries |
|
|
2,648 |
|
|
|
165 |
|
Astronics * |
|
|
2,366 |
|
|
|
106 |
|
Astronics, Cl B * |
|
|
326 |
|
|
|
15 |
|
Atkore International Group * |
|
|
3,850 |
|
|
|
90 |
|
Atlas Air Worldwide Holdings * |
|
|
2,833 |
|
|
|
160 |
|
Avis Budget Group * |
|
|
8,858 |
|
|
|
398 |
|
Axon Enterprise * |
|
|
6,298 |
|
|
|
167 |
|
AZZ |
|
|
3,087 |
|
|
|
140 |
|
Babcock & Wilcox Enterprises * |
|
|
5,365 |
|
|
|
35 |
|
Barnes Group |
|
|
6,089 |
|
|
|
401 |
|
Barrett Business Services |
|
|
896 |
|
|
|
62 |
|
Beacon Roofing Supply * |
|
|
8,058 |
|
|
|
488 |
|
BG Staffing |
|
|
1,060 |
|
|
|
17 |
|
Blue Bird * |
|
|
1,158 |
|
|
|
25 |
|
BMC Stock Holdings * |
|
|
7,748 |
|
|
|
174 |
|
Boeing |
|
|
32,200 |
|
|
|
11,411 |
|
Brady, Cl A |
|
|
5,652 |
|
|
|
216 |
|
Briggs & Stratton |
|
|
5,041 |
|
|
|
122 |
|
Brinks |
|
|
5,547 |
|
|
|
463 |
|
Builders FirstSource * |
|
|
13,229 |
|
|
|
283 |
|
BWX Technologies, Cl W |
|
|
5,300 |
|
|
|
336 |
|
Caesarstone * |
|
|
2,844 |
|
|
|
60 |
|
CAI International * |
|
|
1,744 |
|
|
|
49 |
|
Carlisle |
|
|
3,500 |
|
|
|
400 |
|
Casella Waste Systems, Cl A * |
|
|
4,740 |
|
|
|
121 |
|
Caterpillar |
|
|
32,900 |
|
|
|
5,355 |
|
CBIZ * |
|
|
6,346 |
|
|
|
105 |
|
CECO Environmental |
|
|
3,085 |
|
|
|
14 |
|
CH Robinson Worldwide |
|
|
8,200 |
|
|
|
750 |
|
Chart Industries * |
|
|
3,663 |
|
|
|
182 |
|
Cintas |
|
|
4,900 |
|
|
|
825 |
|
CIRCOR International |
|
|
1,932 |
|
|
|
102 |
|
Clean Harbors * |
|
|
3,000 |
|
|
|
166 |
|
Cogint * |
|
|
1,727 |
|
|
|
6 |
|
Colfax * |
|
|
4,800 |
|
|
|
192 |
|
Columbus McKinnon |
|
|
2,774 |
|
|
|
114 |
|
Comfort Systems |
|
|
4,494 |
|
|
|
191 |
|
Commercial Vehicle Group * |
|
|
3,506 |
|
|
|
43 |
|
Continental Building Products * |
|
|
4,469 |
|
|
|
127 |
|
Copart * |
|
|
11,000 |
|
|
|
485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
|
|
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
Covanta Holding |
|
|
14,202 |
|
|
$ |
232 |
|
Covenant Transportation Group, Cl A * |
|
|
1,610 |
|
|
|
47 |
|
CRA International |
|
|
925 |
|
|
|
43 |
|
Crane |
|
|
2,900 |
|
|
|
290 |
|
CSW Industrials * |
|
|
1,723 |
|
|
|
83 |
|
CSX |
|
|
49,600 |
|
|
|
2,816 |
|
Cubic |
|
|
3,081 |
|
|
|
179 |
|
Cummins |
|
|
9,200 |
|
|
|
1,730 |
|
Curtiss-Wright |
|
|
5,316 |
|
|
|
695 |
|
Daseke * |
|
|
2,838 |
|
|
|
38 |
|
Deere |
|
|
18,400 |
|
|
|
3,062 |
|
Delta Air Lines |
|
|
37,900 |
|
|
|
2,152 |
|
Deluxe |
|
|
5,861 |
|
|
|
435 |
|
DMC Global |
|
|
1,508 |
|
|
|
35 |
|
Donaldson |
|
|
7,800 |
|
|
|
395 |
|
Douglas Dynamics |
|
|
2,614 |
|
|
|
108 |
|
Dover |
|
|
8,800 |
|
|
|
935 |
|
Ducommun * |
|
|
1,127 |
|
|
|
33 |
|
Dun & Bradstreet |
|
|
2,100 |
|
|
|
260 |
|
DXP Enterprises * |
|
|
1,854 |
|
|
|
63 |
|
Dycom Industries * |
|
|
3,640 |
|
|
|
425 |
|
Eagle Bulk Shipping * |
|
|
5,545 |
|
|
|
26 |
|
Eastern |
|
|
808 |
|
|
|
22 |
|
Echo Global Logistics * |
|
|
3,340 |
|
|
|
98 |
|
EMCOR Group |
|
|
7,177 |
|
|
|
583 |
|
Emerson Electric |
|
|
37,000 |
|
|
|
2,673 |
|
Encore Wire |
|
|
2,506 |
|
|
|
127 |
|
Energous * |
|
|
2,615 |
|
|
|
49 |
|
Energy Recovery * |
|
|
4,892 |
|
|
|
38 |
|
EnerSys |
|
|
5,291 |
|
|
|
372 |
|
Engility Holdings * |
|
|
2,080 |
|
|
|
54 |
|
Ennis |
|
|
3,181 |
|
|
|
63 |
|
EnPro Industries |
|
|
2,565 |
|
|
|
226 |
|
EnviroStar |
|
|
508 |
|
|
|
19 |
|
Equifax |
|
|
6,900 |
|
|
|
862 |
|
ESCO Technologies |
|
|
3,027 |
|
|
|
185 |
|
Essendant |
|
|
4,611 |
|
|
|
42 |
|
Esterline Technologies * |
|
|
3,185 |
|
|
|
234 |
|
ExOne * |
|
|
1,220 |
|
|
|
12 |
|
Expeditors International of Washington |
|
|
10,500 |
|
|
|
682 |
|
Exponent |
|
|
3,101 |
|
|
|
230 |
|
Fastenal |
|
|
16,800 |
|
|
|
923 |
|
Federal Signal |
|
|
7,212 |
|
|
|
147 |
|
FedEx |
|
|
14,300 |
|
|
|
3,753 |
|
Flowserve |
|
|
7,200 |
|
|
|
326 |
|
Fluor |
|
|
8,200 |
|
|
|
498 |
|
Forrester Research |
|
|
1,193 |
|
|
|
52 |
|
Fortive |
|
|
17,772 |
|
|
|
1,351 |
|
Fortune Brands Home & Security |
|
|
8,800 |
|
|
|
624 |
|
Forward Air |
|
|
3,506 |
|
|
|
213 |
|
Foundation Building Materials * |
|
|
1,478 |
|
|
|
22 |
|
Franklin Covey * |
|
|
1,126 |
|
|
|
32 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
35 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
Franklin Electric |
|
|
5,525 |
|
|
$ |
250 |
|
FreightCar America |
|
|
1,322 |
|
|
|
21 |
|
FTI Consulting * |
|
|
4,481 |
|
|
|
195 |
|
Gardner Denver Holdings * |
|
|
4,200 |
|
|
|
145 |
|
GATX |
|
|
4,604 |
|
|
|
328 |
|
Genco Shipping & Trading * |
|
|
1,200 |
|
|
|
16 |
|
Gencor Industries * |
|
|
871 |
|
|
|
15 |
|
Generac Holdings * |
|
|
7,455 |
|
|
|
365 |
|
General Cable |
|
|
5,826 |
|
|
|
173 |
|
General Dynamics |
|
|
15,000 |
|
|
|
3,337 |
|
General Electric |
|
|
501,357 |
|
|
|
8,107 |
|
Genesee & Wyoming, Cl A * |
|
|
3,400 |
|
|
|
271 |
|
Gibraltar Industries * |
|
|
3,951 |
|
|
|
147 |
|
Global Brass & Copper Holdings |
|
|
2,505 |
|
|
|
81 |
|
GMS * |
|
|
3,328 |
|
|
|
114 |
|
Gorman-Rupp |
|
|
2,081 |
|
|
|
59 |
|
GP Strategies * |
|
|
1,718 |
|
|
|
43 |
|
Graco |
|
|
9,300 |
|
|
|
435 |
|
Graham |
|
|
1,041 |
|
|
|
22 |
|
Granite Construction |
|
|
4,731 |
|
|
|
316 |
|
Great Lakes Dredge & Dock * |
|
|
6,228 |
|
|
|
29 |
|
Greenbrier |
|
|
3,308 |
|
|
|
166 |
|
Griffon |
|
|
3,539 |
|
|
|
71 |
|
H&E Equipment Services |
|
|
3,710 |
|
|
|
146 |
|
Hardinge |
|
|
1,277 |
|
|
|
24 |
|
Harris |
|
|
6,900 |
|
|
|
1,100 |
|
Harsco * |
|
|
9,753 |
|
|
|
175 |
|
Hawaiian Holdings |
|
|
6,302 |
|
|
|
235 |
|
HC2 Holdings * |
|
|
4,758 |
|
|
|
29 |
|
HD Supply Holdings * |
|
|
11,800 |
|
|
|
459 |
|
Healthcare Services Group |
|
|
8,561 |
|
|
|
472 |
|
Heartland Express |
|
|
5,551 |
|
|
|
126 |
|
HEICO, Cl A |
|
|
3,593 |
|
|
|
237 |
|
HEICO |
|
|
1,562 |
|
|
|
125 |
|
Heidrick & Struggles International |
|
|
2,179 |
|
|
|
58 |
|
Herc Holdings * |
|
|
2,866 |
|
|
|
188 |
|
Heritage-Crystal Clean * |
|
|
1,655 |
|
|
|
36 |
|
Herman Miller |
|
|
7,348 |
|
|
|
298 |
|
Hertz Global Holdings * |
|
|
6,420 |
|
|
|
147 |
|
Hexcel |
|
|
5,300 |
|
|
|
362 |
|
Hill International * |
|
|
3,575 |
|
|
|
20 |
|
Hillenbrand |
|
|
7,778 |
|
|
|
345 |
|
HNI |
|
|
5,273 |
|
|
|
205 |
|
Honeywell International |
|
|
44,038 |
|
|
|
7,032 |
|
Hub Group, Cl A * |
|
|
3,985 |
|
|
|
191 |
|
Hubbell, Cl B |
|
|
3,000 |
|
|
|
408 |
|
Hudson Technologies * |
|
|
4,303 |
|
|
|
27 |
|
Huntington Ingalls Industries |
|
|
2,500 |
|
|
|
594 |
|
Hurco |
|
|
692 |
|
|
|
31 |
|
Huron Consulting Group * |
|
|
2,758 |
|
|
|
111 |
|
Huttig Building Products * |
|
|
3,452 |
|
|
|
24 |
|
Hyster-Yale Materials Handling, Cl A |
|
|
1,283 |
|
|
|
109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
ICF International |
|
|
2,211 |
|
|
$ |
117 |
|
IDEX |
|
|
4,400 |
|
|
|
631 |
|
IES Holdings * |
|
|
864 |
|
|
|
15 |
|
IHS Markit * |
|
|
21,800 |
|
|
|
1,041 |
|
Illinois Tool Works |
|
|
17,500 |
|
|
|
3,039 |
|
InnerWorkings * |
|
|
5,603 |
|
|
|
56 |
|
Insperity |
|
|
4,398 |
|
|
|
269 |
|
Insteel Industries |
|
|
2,356 |
|
|
|
74 |
|
Interface, Cl A |
|
|
7,061 |
|
|
|
176 |
|
ITT |
|
|
4,800 |
|
|
|
269 |
|
Jacobs Engineering Group |
|
|
6,600 |
|
|
|
458 |
|
JB Hunt Transport Services |
|
|
5,100 |
|
|
|
616 |
|
JELD-WEN Holding * |
|
|
8,129 |
|
|
|
319 |
|
JetBlue Airways * |
|
|
19,200 |
|
|
|
401 |
|
John Bean Technologies |
|
|
3,789 |
|
|
|
431 |
|
Johnson Controls International |
|
|
54,245 |
|
|
|
2,123 |
|
Kadant |
|
|
1,334 |
|
|
|
134 |
|
Kaman |
|
|
3,276 |
|
|
|
205 |
|
Kansas City Southern |
|
|
6,000 |
|
|
|
679 |
|
KAR Auction Services |
|
|
7,600 |
|
|
|
415 |
|
KBR |
|
|
17,246 |
|
|
|
351 |
|
Kelly Services, Cl A |
|
|
3,548 |
|
|
|
100 |
|
Kennametal |
|
|
9,793 |
|
|
|
478 |
|
KeyW Holding * |
|
|
5,460 |
|
|
|
37 |
|
Kforce |
|
|
2,927 |
|
|
|
76 |
|
Kimball International, Cl B |
|
|
4,351 |
|
|
|
81 |
|
Kirby * |
|
|
3,100 |
|
|
|
232 |
|
KLX * |
|
|
6,317 |
|
|
|
446 |
|
Knight-Swift Transportation Holdings, Cl A |
|
|
15,230 |
|
|
|
758 |
|
Knoll |
|
|
5,907 |
|
|
|
136 |
|
Korn |
|
|
6,480 |
|
|
|
289 |
|
Kratos Defense & Security Solutions * |
|
|
10,198 |
|
|
|
116 |
|
L3 Technologies |
|
|
4,500 |
|
|
|
956 |
|
Landstar System |
|
|
2,400 |
|
|
|
267 |
|
Lawson Products * |
|
|
701 |
|
|
|
17 |
|
Layne Christensen * |
|
|
1,952 |
|
|
|
26 |
|
LB Foster, Cl A * |
|
|
1,209 |
|
|
|
33 |
|
Lennox International |
|
|
2,200 |
|
|
|
479 |
|
Lincoln Electric Holdings |
|
|
3,400 |
|
|
|
332 |
|
Lindsay |
|
|
1,294 |
|
|
|
115 |
|
Lockheed Martin |
|
|
14,452 |
|
|
|
5,128 |
|
LSC Communications |
|
|
3,923 |
|
|
|
54 |
|
LSI Industries |
|
|
2,505 |
|
|
|
20 |
|
Lydall * |
|
|
2,058 |
|
|
|
98 |
|
Macquarie Infrastructure |
|
|
4,700 |
|
|
|
312 |
|
Manitowoc * |
|
|
3,908 |
|
|
|
157 |
|
ManpowerGroup |
|
|
3,700 |
|
|
|
486 |
|
Marten Transport |
|
|
4,941 |
|
|
|
115 |
|
Masco |
|
|
18,200 |
|
|
|
813 |
|
MasTec * |
|
|
8,009 |
|
|
|
428 |
|
Matson |
|
|
5,153 |
|
|
|
176 |
|
Matthews International, Cl A |
|
|
3,734 |
|
|
|
209 |
|
|
|
|
36 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
McGrath RentCorp |
|
|
2,840 |
|
|
$ |
136 |
|
Mercury Systems * |
|
|
5,668 |
|
|
|
272 |
|
Meritor * |
|
|
9,987 |
|
|
|
272 |
|
Middleby * |
|
|
3,100 |
|
|
|
422 |
|
Milacron Holdings * |
|
|
6,593 |
|
|
|
125 |
|
Miller Industries |
|
|
1,166 |
|
|
|
30 |
|
Mistras Group * |
|
|
2,191 |
|
|
|
47 |
|
Mobile Mini |
|
|
5,368 |
|
|
|
203 |
|
Moog, Cl A * |
|
|
3,914 |
|
|
|
353 |
|
MRC Global * |
|
|
10,852 |
|
|
|
195 |
|
MSA Safety |
|
|
4,098 |
|
|
|
321 |
|
MSC Industrial Direct, Cl A |
|
|
2,400 |
|
|
|
225 |
|
Mueller Industries |
|
|
6,898 |
|
|
|
228 |
|
Mueller Water Products, Cl A |
|
|
18,277 |
|
|
|
213 |
|
Multi-Color |
|
|
1,634 |
|
|
|
127 |
|
MYR Group * |
|
|
1,996 |
|
|
|
68 |
|
National Presto Industries |
|
|
593 |
|
|
|
60 |
|
Navigant Consulting * |
|
|
5,606 |
|
|
|
115 |
|
Navios Maritime Holdings * |
|
|
12,417 |
|
|
|
15 |
|
Navistar International * |
|
|
5,929 |
|
|
|
272 |
|
NCI Building Systems * |
|
|
4,957 |
|
|
|
91 |
|
Nexeo Solutions * |
|
|
3,626 |
|
|
|
34 |
|
Nielsen Holdings |
|
|
20,700 |
|
|
|
774 |
|
NL Industries * |
|
|
1,180 |
|
|
|
15 |
|
NN |
|
|
3,176 |
|
|
|
91 |
|
Nordson |
|
|
3,400 |
|
|
|
489 |
|
Norfolk Southern |
|
|
16,600 |
|
|
|
2,505 |
|
Northrop Grumman |
|
|
9,293 |
|
|
|
3,165 |
|
Northwest Pipe * |
|
|
1,401 |
|
|
|
27 |
|
NOW * |
|
|
12,794 |
|
|
|
151 |
|
NV5 Holdings * |
|
|
924 |
|
|
|
45 |
|
Old Dominion Freight Line |
|
|
3,600 |
|
|
|
527 |
|
Omega Flex |
|
|
327 |
|
|
|
20 |
|
On Assignment * |
|
|
6,116 |
|
|
|
468 |
|
Orbital ATK |
|
|
3,300 |
|
|
|
435 |
|
Orion Group Holdings * |
|
|
2,964 |
|
|
|
22 |
|
Oshkosh |
|
|
4,100 |
|
|
|
372 |
|
Owens Corning |
|
|
6,400 |
|
|
|
595 |
|
PACCAR |
|
|
19,900 |
|
|
|
1,484 |
|
Parker-Hannifin |
|
|
7,700 |
|
|
|
1,551 |
|
Park-Ohio Holdings |
|
|
1,131 |
|
|
|
47 |
|
Patrick Industries * |
|
|
2,931 |
|
|
|
188 |
|
PGT Innovations * |
|
|
5,661 |
|
|
|
90 |
|
Pitney Bowes |
|
|
9,500 |
|
|
|
134 |
|
Plug Power * |
|
|
26,085 |
|
|
|
50 |
|
Ply Gem Holdings * |
|
|
2,632 |
|
|
|
56 |
|
Powell Industries |
|
|
1,227 |
|
|
|
40 |
|
Preformed Line Products |
|
|
429 |
|
|
|
32 |
|
Primoris Services |
|
|
4,838 |
|
|
|
126 |
|
Proto Labs * |
|
|
2,960 |
|
|
|
324 |
|
Quad |
|
|
3,827 |
|
|
|
85 |
|
Quanex Building Products |
|
|
4,081 |
|
|
|
84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
Quanta Services * |
|
|
8,100 |
|
|
$ |
312 |
|
Radiant Logistics * |
|
|
4,219 |
|
|
|
20 |
|
Raven Industries |
|
|
4,294 |
|
|
|
166 |
|
Raytheon |
|
|
16,800 |
|
|
|
3,510 |
|
RBC Bearings * |
|
|
2,812 |
|
|
|
354 |
|
Regal Beloit |
|
|
2,700 |
|
|
|
210 |
|
Republic Services, Cl A |
|
|
13,000 |
|
|
|
894 |
|
Resources Connection |
|
|
3,825 |
|
|
|
63 |
|
REV Group |
|
|
2,879 |
|
|
|
84 |
|
Revolution Lighting Technologies * |
|
|
1,755 |
|
|
|
6 |
|
Rexnord * |
|
|
12,559 |
|
|
|
353 |
|
Roadrunner Transportation Systems * |
|
|
3,232 |
|
|
|
18 |
|
Robert Half International |
|
|
7,000 |
|
|
|
405 |
|
Rockwell Automation |
|
|
7,400 |
|
|
|
1,460 |
|
Rockwell Collins |
|
|
9,267 |
|
|
|
1,283 |
|
Rollins |
|
|
5,200 |
|
|
|
257 |
|
Roper Technologies |
|
|
5,800 |
|
|
|
1,627 |
|
RPX |
|
|
5,732 |
|
|
|
80 |
|
RR Donnelley & Sons |
|
|
8,231 |
|
|
|
67 |
|
Rush Enterprises, Cl B * |
|
|
713 |
|
|
|
36 |
|
Rush Enterprises, Cl A * |
|
|
3,781 |
|
|
|
204 |
|
Ryder System |
|
|
2,900 |
|
|
|
252 |
|
Safe Bulkers * |
|
|
6,624 |
|
|
|
23 |
|
Saia * |
|
|
3,011 |
|
|
|
227 |
|
Schneider National, Cl B |
|
|
5,009 |
|
|
|
147 |
|
Scorpio Bulkers |
|
|
7,607 |
|
|
|
58 |
|
Sensata Technologies Holding * |
|
|
9,400 |
|
|
|
529 |
|
Simpson Manufacturing |
|
|
4,918 |
|
|
|
289 |
|
SiteOne Landscape Supply * |
|
|
4,124 |
|
|
|
314 |
|
SkyWest |
|
|
6,135 |
|
|
|
342 |
|
Snap-on |
|
|
3,300 |
|
|
|
565 |
|
Southwest Airlines |
|
|
32,000 |
|
|
|
1,946 |
|
SP Plus * |
|
|
2,088 |
|
|
|
81 |
|
Spartan Motors |
|
|
4,353 |
|
|
|
58 |
|
Sparton * |
|
|
1,015 |
|
|
|
23 |
|
Spirit AeroSystems Holdings, Cl A |
|
|
6,700 |
|
|
|
686 |
|
Spirit Airlines * |
|
|
3,900 |
|
|
|
164 |
|
SPX * |
|
|
5,029 |
|
|
|
157 |
|
SPX FLOW * |
|
|
5,021 |
|
|
|
233 |
|
Standex International |
|
|
1,543 |
|
|
|
162 |
|
Stanley Black & Decker |
|
|
8,900 |
|
|
|
1,479 |
|
Steelcase, Cl A |
|
|
10,144 |
|
|
|
158 |
|
Stericycle * |
|
|
4,600 |
|
|
|
347 |
|
Sterling Construction * |
|
|
3,031 |
|
|
|
42 |
|
Sun Hydraulics |
|
|
2,883 |
|
|
|
179 |
|
Sunrun * |
|
|
10,335 |
|
|
|
65 |
|
Team * |
|
|
3,509 |
|
|
|
60 |
|
Teledyne Technologies * |
|
|
1,900 |
|
|
|
363 |
|
Tennant |
|
|
2,141 |
|
|
|
144 |
|
Terex |
|
|
5,000 |
|
|
|
235 |
|
Tetra Tech |
|
|
6,868 |
|
|
|
341 |
|
Textainer Group Holdings * |
|
|
3,351 |
|
|
|
82 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
37 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Textron |
|
|
15,400 |
|
|
$ |
904 |
|
Thermon Group Holdings * |
|
|
3,721 |
|
|
|
86 |
|
Timken |
|
|
3,600 |
|
|
|
189 |
|
Titan International |
|
|
5,815 |
|
|
|
77 |
|
Titan Machinery * |
|
|
2,112 |
|
|
|
45 |
|
Toro |
|
|
6,000 |
|
|
|
394 |
|
TPI Composites * |
|
|
1,381 |
|
|
|
28 |
|
TransDigm Group |
|
|
2,778 |
|
|
|
880 |
|
TransUnion * |
|
|
9,090 |
|
|
|
540 |
|
Trex * |
|
|
3,578 |
|
|
|
399 |
|
TriMas * |
|
|
5,475 |
|
|
|
146 |
|
TriNet Group * |
|
|
4,900 |
|
|
|
215 |
|
Trinity Industries |
|
|
8,100 |
|
|
|
279 |
|
Triton International |
|
|
5,800 |
|
|
|
224 |
|
Triumph Group |
|
|
5,782 |
|
|
|
169 |
|
TrueBlue * |
|
|
4,887 |
|
|
|
134 |
|
Tutor Perini * |
|
|
4,406 |
|
|
|
109 |
|
Twin Disc * |
|
|
929 |
|
|
|
27 |
|
UniFirst |
|
|
1,821 |
|
|
|
301 |
|
Union Pacific |
|
|
46,400 |
|
|
|
6,194 |
|
United Continental Holdings * |
|
|
15,700 |
|
|
|
1,065 |
|
United Parcel Service, Cl B |
|
|
39,800 |
|
|
|
5,067 |
|
United Rentals * |
|
|
4,800 |
|
|
|
869 |
|
United Technologies |
|
|
43,100 |
|
|
|
5,948 |
|
Univar * |
|
|
6,800 |
|
|
|
203 |
|
Universal Forest Products |
|
|
7,261 |
|
|
|
271 |
|
Universal Truckload Services |
|
|
934 |
|
|
|
22 |
|
US Ecology |
|
|
2,687 |
|
|
|
140 |
|
USG * |
|
|
5,300 |
|
|
|
205 |
|
Valmont Industries |
|
|
1,300 |
|
|
|
213 |
|
Vectrus * |
|
|
1,331 |
|
|
|
40 |
|
Verisk Analytics, Cl A * |
|
|
8,800 |
|
|
|
880 |
|
Veritiv * |
|
|
1,450 |
|
|
|
42 |
|
Viad |
|
|
2,475 |
|
|
|
141 |
|
Vicor * |
|
|
1,803 |
|
|
|
33 |
|
Vivint Solar * |
|
|
2,653 |
|
|
|
9 |
|
VSE |
|
|
1,102 |
|
|
|
55 |
|
Wabash National |
|
|
7,133 |
|
|
|
184 |
|
WABCO Holdings * |
|
|
2,800 |
|
|
|
432 |
|
Wabtec |
|
|
4,700 |
|
|
|
381 |
|
WageWorks * |
|
|
4,737 |
|
|
|
287 |
|
Waste Management |
|
|
25,200 |
|
|
|
2,228 |
|
Watsco |
|
|
1,800 |
|
|
|
324 |
|
Watts Water Technologies, Cl A |
|
|
3,367 |
|
|
|
269 |
|
Welbilt * |
|
|
7,300 |
|
|
|
163 |
|
Werner Enterprises |
|
|
5,783 |
|
|
|
235 |
|
Wesco Aircraft Holdings * |
|
|
6,351 |
|
|
|
45 |
|
WESCO International * |
|
|
2,600 |
|
|
|
177 |
|
Willdan Group * |
|
|
885 |
|
|
|
20 |
|
Willis Lease Finance * |
|
|
471 |
|
|
|
13 |
|
Woodward |
|
|
6,435 |
|
|
|
499 |
|
WW Grainger |
|
|
3,000 |
|
|
|
809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
XPO Logistics * |
|
|
6,800 |
|
|
$ |
642 |
|
Xylem |
|
|
10,300 |
|
|
|
744 |
|
YRC Worldwide * |
|
|
4,116 |
|
|
|
66 |
|
|
|
|
|
|
|
|
197,588 |
|
Information Technology 15.7% |
|
|
|
|
|
2U * |
|
|
5,765 |
|
|
|
428 |
|
3D Systems * |
|
|
12,958 |
|
|
|
133 |
|
58.com ADR * |
|
|
4,400 |
|
|
|
351 |
|
8x8 * |
|
|
10,679 |
|
|
|
189 |
|
A10 Networks * |
|
|
6,800 |
|
|
|
42 |
|
Acacia Communications * |
|
|
2,169 |
|
|
|
80 |
|
ACI Worldwide * |
|
|
14,329 |
|
|
|
336 |
|
Activision Blizzard |
|
|
42,700 |
|
|
|
3,165 |
|
Actua * |
|
|
3,932 |
|
|
|
61 |
|
Acxiom * |
|
|
9,581 |
|
|
|
259 |
|
Adobe Systems * |
|
|
28,468 |
|
|
|
5,687 |
|
ADTRAN |
|
|
5,656 |
|
|
|
91 |
|
Advanced Energy Industries * |
|
|
4,798 |
|
|
|
341 |
|
Advanced Micro Devices * |
|
|
48,700 |
|
|
|
669 |
|
Aerohive Networks * |
|
|
3,002 |
|
|
|
12 |
|
Agilysys * |
|
|
1,661 |
|
|
|
20 |
|
Akamai Technologies * |
|
|
9,900 |
|
|
|
663 |
|
Akoustis Technologies * |
|
|
1,600 |
|
|
|
9 |
|
Alarm.com Holdings * |
|
|
2,383 |
|
|
|
91 |
|
Alibaba Group Holding ADR * |
|
|
55,200 |
|
|
|
11,277 |
|
Alliance Data Systems |
|
|
2,800 |
|
|
|
719 |
|
Alpha & Omega Semiconductor * |
|
|
2,367 |
|
|
|
40 |
|
Alphabet, Cl C * |
|
|
17,500 |
|
|
|
20,474 |
|
Alphabet, Cl A * |
|
|
17,229 |
|
|
|
20,368 |
|
Alteryx, Cl A * |
|
|
2,814 |
|
|
|
77 |
|
Ambarella * |
|
|
3,852 |
|
|
|
194 |
|
Amber Road * |
|
|
1,954 |
|
|
|
14 |
|
Amdocs |
|
|
8,100 |
|
|
|
554 |
|
American Software, Cl A |
|
|
3,595 |
|
|
|
45 |
|
Amkor Technology * |
|
|
11,963 |
|
|
|
120 |
|
Amphenol, Cl A |
|
|
17,200 |
|
|
|
1,596 |
|
Analog Devices |
|
|
21,170 |
|
|
|
1,945 |
|
Anixter International * |
|
|
3,463 |
|
|
|
290 |
|
ANSYS * |
|
|
4,800 |
|
|
|
776 |
|
Appfolio, Cl A * |
|
|
1,248 |
|
|
|
53 |
|
Apple |
|
|
297,154 |
|
|
|
49,753 |
|
Applied Materials |
|
|
62,100 |
|
|
|
3,330 |
|
Applied Optoelectronics * |
|
|
2,117 |
|
|
|
69 |
|
Apptio, Cl A * |
|
|
2,776 |
|
|
|
71 |
|
Aquantia * |
|
|
1,000 |
|
|
|
13 |
|
Arista Networks * |
|
|
3,100 |
|
|
|
855 |
|
ARRIS International * |
|
|
9,700 |
|
|
|
245 |
|
Arrow Electronics * |
|
|
5,100 |
|
|
|
415 |
|
Aspen Technology * |
|
|
8,879 |
|
|
|
688 |
|
Atlassian, Cl A * |
|
|
5,300 |
|
|
|
286 |
|
Autodesk * |
|
|
12,000 |
|
|
|
1,387 |
|
Automatic Data Processing |
|
|
25,800 |
|
|
|
3,190 |
|
|
|
|
38 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
Avid Technology * |
|
|
3,498 |
|
|
$ |
19 |
|
Avnet |
|
|
7,100 |
|
|
|
302 |
|
AVX |
|
|
5,501 |
|
|
|
99 |
|
Axcelis Technologies * |
|
|
3,470 |
|
|
|
90 |
|
AXT * |
|
|
4,366 |
|
|
|
35 |
|
Badger Meter |
|
|
3,314 |
|
|
|
160 |
|
Barracuda Networks * |
|
|
3,180 |
|
|
|
88 |
|
Bazaarvoice * |
|
|
10,509 |
|
|
|
58 |
|
Bel Fuse, Cl B |
|
|
1,012 |
|
|
|
21 |
|
Belden |
|
|
5,069 |
|
|
|
430 |
|
Benchmark Electronics * |
|
|
5,953 |
|
|
|
172 |
|
Benefitfocus * |
|
|
2,045 |
|
|
|
52 |
|
Black Knight * |
|
|
6,068 |
|
|
|
300 |
|
Blackbaud |
|
|
5,808 |
|
|
|
557 |
|
Blackhawk Network Holdings, Cl A * |
|
|
6,515 |
|
|
|
296 |
|
Blackline * |
|
|
1,844 |
|
|
|
61 |
|
Blucora * |
|
|
5,555 |
|
|
|
136 |
|
Booz Allen Hamilton Holding, Cl A |
|
|
8,100 |
|
|
|
317 |
|
Bottomline Technologies * |
|
|
4,857 |
|
|
|
177 |
|
Box, Cl A * |
|
|
9,839 |
|
|
|
219 |
|
Brightcove * |
|
|
4,691 |
|
|
|
32 |
|
Broadcom |
|
|
23,407 |
|
|
|
5,806 |
|
Broadridge Financial Solutions |
|
|
6,800 |
|
|
|
656 |
|
BroadSoft * |
|
|
3,920 |
|
|
|
215 |
|
Brooks Automation |
|
|
8,344 |
|
|
|
233 |
|
CA |
|
|
18,300 |
|
|
|
656 |
|
Cabot Microelectronics |
|
|
2,971 |
|
|
|
303 |
|
CACI International, Cl A * |
|
|
2,941 |
|
|
|
413 |
|
Cadence Design Systems * |
|
|
15,800 |
|
|
|
709 |
|
CalAmp * |
|
|
4,215 |
|
|
|
103 |
|
Calix * |
|
|
5,915 |
|
|
|
38 |
|
Callidus Software * |
|
|
8,269 |
|
|
|
297 |
|
Carbonite * |
|
|
3,093 |
|
|
|
78 |
|
Cardtronics * |
|
|
5,366 |
|
|
|
131 |
|
Care.com * |
|
|
1,743 |
|
|
|
32 |
|
Cars.com * |
|
|
8,776 |
|
|
|
261 |
|
Cass Information Systems |
|
|
1,413 |
|
|
|
82 |
|
Cavium * |
|
|
3,700 |
|
|
|
329 |
|
CDK Global |
|
|
7,500 |
|
|
|
535 |
|
CDW |
|
|
8,800 |
|
|
|
658 |
|
CEVA * |
|
|
2,648 |
|
|
|
117 |
|
ChannelAdvisor * |
|
|
3,428 |
|
|
|
31 |
|
Ciena * |
|
|
17,007 |
|
|
|
362 |
|
Cirrus Logic * |
|
|
7,809 |
|
|
|
387 |
|
Cisco Systems |
|
|
287,459 |
|
|
|
11,941 |
|
Citrix Systems * |
|
|
8,600 |
|
|
|
798 |
|
Clearfield * |
|
|
1,217 |
|
|
|
16 |
|
Cloudera * |
|
|
11,691 |
|
|
|
219 |
|
Cognex |
|
|
9,600 |
|
|
|
599 |
|
Cognizant Technology Solutions, Cl A |
|
|
33,700 |
|
|
|
2,628 |
|
Coherent * |
|
|
1,400 |
|
|
|
363 |
|
Cohu |
|
|
3,145 |
|
|
|
72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
CommerceHub * |
|
|
5,022 |
|
|
$ |
98 |
|
CommScope Holding * |
|
|
10,600 |
|
|
|
409 |
|
CommVault Systems * |
|
|
4,790 |
|
|
|
256 |
|
Comtech Telecommunications |
|
|
2,597 |
|
|
|
56 |
|
Conduent * |
|
|
10,960 |
|
|
|
180 |
|
Control4 * |
|
|
2,983 |
|
|
|
81 |
|
Convergys |
|
|
11,183 |
|
|
|
260 |
|
CoreLogic * |
|
|
4,500 |
|
|
|
213 |
|
Cornerstone OnDemand * |
|
|
6,446 |
|
|
|
265 |
|
Corning |
|
|
50,800 |
|
|
|
1,586 |
|
CoStar Group * |
|
|
2,000 |
|
|
|
692 |
|
Coupa Software * |
|
|
3,821 |
|
|
|
146 |
|
CPI Card Group |
|
|
471 |
|
|
|
1 |
|
Cray * |
|
|
4,805 |
|
|
|
117 |
|
Cree * |
|
|
11,696 |
|
|
|
404 |
|
CSG Systems International |
|
|
4,028 |
|
|
|
182 |
|
CSRA |
|
|
9,300 |
|
|
|
310 |
|
CTS |
|
|
3,709 |
|
|
|
102 |
|
CyberOptics * |
|
|
995 |
|
|
|
15 |
|
Cypress Semiconductor |
|
|
19,400 |
|
|
|
335 |
|
Daktronics |
|
|
4,544 |
|
|
|
42 |
|
Dell Technologies, Cl V * |
|
|
11,668 |
|
|
|
837 |
|
DHI Group * |
|
|
5,258 |
|
|
|
9 |
|
Diebold Nixdorf |
|
|
9,036 |
|
|
|
167 |
|
Digi International * |
|
|
2,728 |
|
|
|
28 |
|
Digimarc * |
|
|
1,144 |
|
|
|
35 |
|
Diodes * |
|
|
4,677 |
|
|
|
132 |
|
Dolby Laboratories, Cl A |
|
|
3,300 |
|
|
|
212 |
|
DSP Group * |
|
|
2,286 |
|
|
|
30 |
|
DST Systems |
|
|
5,400 |
|
|
|
450 |
|
DXC Technology |
|
|
16,317 |
|
|
|
1,624 |
|
Eastman Kodak * |
|
|
1,792 |
|
|
|
14 |
|
eBay * |
|
|
57,100 |
|
|
|
2,317 |
|
Ebix |
|
|
2,920 |
|
|
|
240 |
|
EchoStar, Cl A * |
|
|
2,900 |
|
|
|
177 |
|
Electro Scientific Industries * |
|
|
4,051 |
|
|
|
95 |
|
Electronic Arts * |
|
|
17,200 |
|
|
|
2,184 |
|
Electronics For Imaging * |
|
|
5,527 |
|
|
|
162 |
|
Ellie Mae * |
|
|
4,080 |
|
|
|
381 |
|
EMCORE * |
|
|
2,813 |
|
|
|
19 |
|
Endurance International Group Holdings * |
|
|
7,156 |
|
|
|
59 |
|
Entegris |
|
|
17,268 |
|
|
|
562 |
|
Envestnet * |
|
|
5,190 |
|
|
|
279 |
|
EPAM Systems * |
|
|
6,002 |
|
|
|
705 |
|
ePlus * |
|
|
1,566 |
|
|
|
121 |
|
Etsy * |
|
|
14,376 |
|
|
|
270 |
|
Euronet Worldwide * |
|
|
2,900 |
|
|
|
272 |
|
Everbridge * |
|
|
2,171 |
|
|
|
70 |
|
Everi Holdings * |
|
|
7,471 |
|
|
|
58 |
|
EVERTEC |
|
|
7,384 |
|
|
|
116 |
|
ExlService Holdings * |
|
|
3,934 |
|
|
|
239 |
|
Extreme Networks * |
|
|
13,311 |
|
|
|
200 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
39 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
F5 Networks * |
|
|
3,700 |
|
|
$ |
535 |
|
Facebook, Cl A * |
|
|
134,888 |
|
|
|
25,209 |
|
Fair Isaac |
|
|
3,631 |
|
|
|
627 |
|
FARO Technologies * |
|
|
2,085 |
|
|
|
112 |
|
Fidelity National Information Services |
|
|
18,800 |
|
|
|
1,924 |
|
Finisar * |
|
|
13,639 |
|
|
|
245 |
|
FireEye * |
|
|
10,600 |
|
|
|
160 |
|
First Data, Cl A * |
|
|
27,500 |
|
|
|
487 |
|
First Solar * |
|
|
4,900 |
|
|
|
329 |
|
Fiserv * |
|
|
12,146 |
|
|
|
1,711 |
|
Fitbit, Cl A * |
|
|
23,095 |
|
|
|
119 |
|
Five9 * |
|
|
6,517 |
|
|
|
170 |
|
FleetCor Technologies * |
|
|
5,313 |
|
|
|
1,129 |
|
FLIR Systems |
|
|
7,900 |
|
|
|
405 |
|
ForeScout Technologies * |
|
|
600 |
|
|
|
18 |
|
FormFactor * |
|
|
8,472 |
|
|
|
122 |
|
Fortinet * |
|
|
8,000 |
|
|
|
368 |
|
Gartner * |
|
|
5,000 |
|
|
|
694 |
|
Genpact |
|
|
9,100 |
|
|
|
309 |
|
Global Payments |
|
|
8,700 |
|
|
|
973 |
|
Glu Mobile * |
|
|
13,673 |
|
|
|
51 |
|
GoDaddy, Cl A * |
|
|
6,900 |
|
|
|
381 |
|
Gogo * |
|
|
7,325 |
|
|
|
71 |
|
GrubHub * |
|
|
10,422 |
|
|
|
753 |
|
GSI Technology * |
|
|
1,961 |
|
|
|
16 |
|
GTT Communications * |
|
|
3,774 |
|
|
|
174 |
|
Guidewire Software * |
|
|
4,300 |
|
|
|
342 |
|
Hackett Group |
|
|
2,672 |
|
|
|
43 |
|
Harmonic * |
|
|
9,128 |
|
|
|
33 |
|
Hewlett Packard Enterprise |
|
|
94,200 |
|
|
|
1,545 |
|
Hortonworks * |
|
|
5,987 |
|
|
|
119 |
|
HP |
|
|
96,900 |
|
|
|
2,260 |
|
HubSpot * |
|
|
4,095 |
|
|
|
397 |
|
IAC * |
|
|
4,000 |
|
|
|
580 |
|
Ichor Holdings * |
|
|
2,236 |
|
|
|
71 |
|
II-VI * |
|
|
7,456 |
|
|
|
318 |
|
Immersion * |
|
|
3,071 |
|
|
|
32 |
|
Imperva * |
|
|
4,023 |
|
|
|
176 |
|
Impinj * |
|
|
2,113 |
|
|
|
47 |
|
Infinera * |
|
|
17,123 |
|
|
|
111 |
|
Information Services Group * |
|
|
3,397 |
|
|
|
14 |
|
Inphi * |
|
|
5,099 |
|
|
|
152 |
|
Insight Enterprises * |
|
|
4,327 |
|
|
|
161 |
|
Instructure * |
|
|
2,791 |
|
|
|
100 |
|
Integrated Device Technology * |
|
|
16,069 |
|
|
|
480 |
|
Intel |
|
|
272,405 |
|
|
|
13,114 |
|
InterDigital |
|
|
4,255 |
|
|
|
332 |
|
Internap * |
|
|
2,343 |
|
|
|
39 |
|
International Business Machines |
|
|
49,130 |
|
|
|
8,043 |
|
Intevac * |
|
|
2,280 |
|
|
|
16 |
|
Intuit |
|
|
14,100 |
|
|
|
2,367 |
|
IPG Photonics * |
|
|
2,100 |
|
|
|
529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
Iteris * |
|
|
3,519 |
|
|
$ |
24 |
|
Itron * |
|
|
4,134 |
|
|
|
303 |
|
j2 Global |
|
|
5,678 |
|
|
|
454 |
|
Jabil |
|
|
9,600 |
|
|
|
244 |
|
Jack Henry & Associates |
|
|
4,300 |
|
|
|
536 |
|
Juniper Networks |
|
|
21,000 |
|
|
|
549 |
|
KEMET * |
|
|
6,481 |
|
|
|
132 |
|
Keysight Technologies * |
|
|
10,600 |
|
|
|
495 |
|
Kimball Electronics * |
|
|
3,374 |
|
|
|
62 |
|
KLA-Tencor |
|
|
8,900 |
|
|
|
977 |
|
Knowles * |
|
|
10,449 |
|
|
|
159 |
|
Kopin * |
|
|
6,804 |
|
|
|
23 |
|
KVH Industries * |
|
|
1,684 |
|
|
|
19 |
|
Lam Research |
|
|
9,300 |
|
|
|
1,781 |
|
Lattice Semiconductor * |
|
|
14,904 |
|
|
|
97 |
|
Leaf Group * |
|
|
1,702 |
|
|
|
15 |
|
Leidos Holdings |
|
|
8,001 |
|
|
|
533 |
|
Limelight Networks * |
|
|
9,431 |
|
|
|
41 |
|
Liquidity Services * |
|
|
2,654 |
|
|
|
13 |
|
Littelfuse |
|
|
2,934 |
|
|
|
638 |
|
LivePerson * |
|
|
6,753 |
|
|
|
81 |
|
LogMeIn |
|
|
2,900 |
|
|
|
365 |
|
Lumentum Holdings * |
|
|
7,480 |
|
|
|
346 |
|
MACOM Technology Solutions Holdings * |
|
|
4,758 |
|
|
|
148 |
|
Majesco * |
|
|
770 |
|
|
|
4 |
|
Manhattan Associates * |
|
|
3,900 |
|
|
|
206 |
|
ManTech International, Cl A |
|
|
3,167 |
|
|
|
165 |
|
Marvell Technology Group |
|
|
23,700 |
|
|
|
553 |
|
Mastercard, Cl A |
|
|
54,400 |
|
|
|
9,194 |
|
Match Group * |
|
|
2,100 |
|
|
|
73 |
|
Maxim Integrated Products |
|
|
15,900 |
|
|
|
970 |
|
MAXIMUS |
|
|
7,824 |
|
|
|
533 |
|
MaxLinear, Cl A * |
|
|
7,621 |
|
|
|
197 |
|
Maxwell Technologies * |
|
|
5,265 |
|
|
|
30 |
|
Meet Group * |
|
|
8,333 |
|
|
|
23 |
|
Mesa Laboratories |
|
|
362 |
|
|
|
51 |
|
Methode Electronics |
|
|
4,349 |
|
|
|
178 |
|
Micro Focus International ADR |
|
|
13,500 |
|
|
|
408 |
|
Microchip Technology |
|
|
13,000 |
|
|
|
1,238 |
|
Micron Technology * |
|
|
62,700 |
|
|
|
2,741 |
|
Microsemi * |
|
|
6,900 |
|
|
|
426 |
|
Microsoft |
|
|
433,893 |
|
|
|
41,224 |
|
MicroStrategy, Cl A * |
|
|
1,152 |
|
|
|
159 |
|
MicroVision * |
|
|
10,338 |
|
|
|
12 |
|
MINDBODY, Cl A * |
|
|
5,136 |
|
|
|
181 |
|
Mitek Systems * |
|
|
3,186 |
|
|
|
25 |
|
MKS Instruments |
|
|
6,543 |
|
|
|
669 |
|
MobileIron * |
|
|
7,259 |
|
|
|
33 |
|
Model N * |
|
|
2,894 |
|
|
|
43 |
|
Momo ADR * |
|
|
4,600 |
|
|
|
145 |
|
MoneyGram International * |
|
|
3,518 |
|
|
|
43 |
|
Monolithic Power Systems |
|
|
4,861 |
|
|
|
579 |
|
|
|
|
40 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Monotype Imaging Holdings |
|
|
4,912 |
|
|
$ |
118 |
|
Motorola Solutions |
|
|
9,300 |
|
|
|
925 |
|
MTS Systems |
|
|
2,152 |
|
|
|
112 |
|
MuleSoft, Cl A * |
|
|
2,996 |
|
|
|
74 |
|
Nanometrics * |
|
|
2,758 |
|
|
|
68 |
|
Napco Security Technologies * |
|
|
1,648 |
|
|
|
15 |
|
National Instruments |
|
|
5,800 |
|
|
|
290 |
|
NCR * |
|
|
6,900 |
|
|
|
259 |
|
NeoPhotonics * |
|
|
3,238 |
|
|
|
18 |
|
NetApp |
|
|
15,700 |
|
|
|
966 |
|
NETGEAR * |
|
|
3,854 |
|
|
|
269 |
|
NetScout Systems * |
|
|
10,043 |
|
|
|
286 |
|
New Relic * |
|
|
3,679 |
|
|
|
220 |
|
NIC |
|
|
7,477 |
|
|
|
124 |
|
Novanta * |
|
|
3,862 |
|
|
|
224 |
|
Nuance Communications * |
|
|
15,900 |
|
|
|
283 |
|
Nutanix, Cl A * |
|
|
12,846 |
|
|
|
412 |
|
NVE |
|
|
574 |
|
|
|
48 |
|
NVIDIA |
|
|
32,800 |
|
|
|
8,062 |
|
Oclaro * |
|
|
19,434 |
|
|
|
115 |
|
Okta, Cl A * |
|
|
2,366 |
|
|
|
70 |
|
Ominto * |
|
|
1,843 |
|
|
|
6 |
|
ON Semiconductor * |
|
|
24,300 |
|
|
|
601 |
|
Oracle |
|
|
168,588 |
|
|
|
8,697 |
|
OSI Systems * |
|
|
2,112 |
|
|
|
140 |
|
Palo Alto Networks * |
|
|
5,000 |
|
|
|
789 |
|
Pandora Media * |
|
|
11,100 |
|
|
|
53 |
|
Park City Group * |
|
|
1,440 |
|
|
|
12 |
|
Park Electrochemical |
|
|
2,525 |
|
|
|
46 |
|
Paychex |
|
|
18,300 |
|
|
|
1,249 |
|
Paycom Software * |
|
|
5,919 |
|
|
|
542 |
|
Paylocity Holding * |
|
|
3,145 |
|
|
|
164 |
|
PayPal Holdings * |
|
|
65,400 |
|
|
|
5,580 |
|
PC Connection |
|
|
1,575 |
|
|
|
41 |
|
PCM * |
|
|
1,422 |
|
|
|
13 |
|
PDF Solutions * |
|
|
3,220 |
|
|
|
44 |
|
Pegasystems |
|
|
4,474 |
|
|
|
228 |
|
Perficient * |
|
|
4,105 |
|
|
|
80 |
|
Photronics * |
|
|
7,678 |
|
|
|
65 |
|
Pixelworks * |
|
|
4,301 |
|
|
|
26 |
|
Plantronics |
|
|
3,971 |
|
|
|
234 |
|
Plexus * |
|
|
4,059 |
|
|
|
243 |
|
Power Integrations |
|
|
3,475 |
|
|
|
260 |
|
Presidio * |
|
|
2,429 |
|
|
|
44 |
|
Progress Software |
|
|
5,760 |
|
|
|
287 |
|
Proofpoint * |
|
|
5,233 |
|
|
|
534 |
|
PROS Holdings * |
|
|
3,353 |
|
|
|
97 |
|
PTC * |
|
|
6,700 |
|
|
|
487 |
|
Pure Storage, Cl A * |
|
|
11,981 |
|
|
|
241 |
|
Q2 Holdings * |
|
|
3,797 |
|
|
|
161 |
|
QAD, Cl A |
|
|
1,238 |
|
|
|
53 |
|
Qorvo * |
|
|
7,000 |
|
|
|
502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
QUALCOMM |
|
|
85,200 |
|
|
$ |
5,815 |
|
Qualys * |
|
|
3,973 |
|
|
|
248 |
|
Quantenna Communications * |
|
|
2,478 |
|
|
|
34 |
|
Quantum * |
|
|
3,905 |
|
|
|
24 |
|
QuinStreet * |
|
|
4,054 |
|
|
|
38 |
|
Quotient Technology * |
|
|
8,869 |
|
|
|
105 |
|
Radisys * |
|
|
3,900 |
|
|
|
3 |
|
Rambus * |
|
|
13,102 |
|
|
|
165 |
|
Rapid7 * |
|
|
2,599 |
|
|
|
62 |
|
RealNetworks * |
|
|
2,647 |
|
|
|
8 |
|
RealPage * |
|
|
7,080 |
|
|
|
352 |
|
Red Hat * |
|
|
10,100 |
|
|
|
1,327 |
|
Reis |
|
|
927 |
|
|
|
19 |
|
Ribbon Communications * |
|
|
5,834 |
|
|
|
41 |
|
RingCentral, Cl A * |
|
|
7,805 |
|
|
|
424 |
|
Rogers * |
|
|
2,174 |
|
|
|
358 |
|
Rosetta Stone * |
|
|
2,078 |
|
|
|
27 |
|
Rubicon Project * |
|
|
3,863 |
|
|
|
7 |
|
Rudolph Technologies * |
|
|
3,805 |
|
|
|
100 |
|
Sabre |
|
|
11,800 |
|
|
|
245 |
|
salesforce.com * |
|
|
39,000 |
|
|
|
4,443 |
|
Sanmina * |
|
|
8,508 |
|
|
|
222 |
|
ScanSource * |
|
|
2,892 |
|
|
|
99 |
|
Science Applications International |
|
|
5,302 |
|
|
|
406 |
|
SecureWorks, Cl A * |
|
|
679 |
|
|
|
7 |
|
Semtech * |
|
|
7,726 |
|
|
|
277 |
|
SendGrid * |
|
|
1,000 |
|
|
|
22 |
|
ServiceNow * |
|
|
9,700 |
|
|
|
1,444 |
|
ServiceSource International * |
|
|
9,542 |
|
|
|
32 |
|
Shutterstock * |
|
|
2,213 |
|
|
|
98 |
|
Sigma Designs * |
|
|
5,259 |
|
|
|
30 |
|
Silicon Laboratories * |
|
|
5,117 |
|
|
|
492 |
|
Skyworks Solutions |
|
|
10,600 |
|
|
|
1,030 |
|
SMART Global Holdings * |
|
|
659 |
|
|
|
24 |
|
Splunk * |
|
|
7,900 |
|
|
|
730 |
|
SPS Commerce * |
|
|
2,049 |
|
|
|
108 |
|
Square, Cl A * |
|
|
14,300 |
|
|
|
671 |
|
SS&C Technologies Holdings |
|
|
10,200 |
|
|
|
513 |
|
Stamps.com * |
|
|
1,978 |
|
|
|
403 |
|
StarTek * |
|
|
1,593 |
|
|
|
20 |
|
SunPower, Cl A * |
|
|
7,011 |
|
|
|
56 |
|
Super Micro Computer * |
|
|
4,648 |
|
|
|
106 |
|
Switch, Cl A |
|
|
2,300 |
|
|
|
37 |
|
Sykes Enterprises * |
|
|
4,750 |
|
|
|
147 |
|
Symantec |
|
|
35,200 |
|
|
|
959 |
|
Synaptics * |
|
|
4,123 |
|
|
|
179 |
|
Synchronoss Technologies * |
|
|
5,361 |
|
|
|
43 |
|
SYNNEX |
|
|
3,505 |
|
|
|
430 |
|
Synopsys * |
|
|
8,600 |
|
|
|
796 |
|
Syntel * |
|
|
4,094 |
|
|
|
92 |
|
Systemax |
|
|
1,298 |
|
|
|
40 |
|
Tableau Software, Cl A * |
|
|
3,500 |
|
|
|
269 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
41 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Take-Two Interactive Software * |
|
|
6,500 |
|
|
$ |
823 |
|
Tech Data * |
|
|
4,220 |
|
|
|
423 |
|
TechTarget * |
|
|
2,706 |
|
|
|
42 |
|
Telenav * |
|
|
3,493 |
|
|
|
20 |
|
Teradata * |
|
|
7,300 |
|
|
|
296 |
|
Teradyne |
|
|
11,300 |
|
|
|
518 |
|
Texas Instruments |
|
|
57,700 |
|
|
|
6,328 |
|
Tintri * |
|
|
2,142 |
|
|
|
12 |
|
TiVo |
|
|
14,583 |
|
|
|
203 |
|
Total System Services |
|
|
10,600 |
|
|
|
942 |
|
Trade Desk, Cl A * |
|
|
2,786 |
|
|
|
135 |
|
Travelport Worldwide |
|
|
14,807 |
|
|
|
202 |
|
Trimble * |
|
|
14,700 |
|
|
|
648 |
|
TrueCar * |
|
|
8,509 |
|
|
|
100 |
|
TTEC Holdings |
|
|
1,704 |
|
|
|
68 |
|
TTM Technologies * |
|
|
10,928 |
|
|
|
180 |
|
Tucows, Cl A * |
|
|
1,056 |
|
|
|
57 |
|
Twilio, Cl A * |
|
|
7,602 |
|
|
|
199 |
|
Twitter * |
|
|
38,000 |
|
|
|
981 |
|
Tyler Technologies * |
|
|
2,000 |
|
|
|
403 |
|
Ubiquiti Networks * |
|
|
2,653 |
|
|
|
214 |
|
Ultimate Software Group * |
|
|
1,600 |
|
|
|
373 |
|
Ultra Clean Holdings * |
|
|
3,844 |
|
|
|
83 |
|
Unisys * |
|
|
5,848 |
|
|
|
52 |
|
Universal Display |
|
|
2,300 |
|
|
|
367 |
|
Upland Software * |
|
|
1,054 |
|
|
|
24 |
|
USA Technologies * |
|
|
6,399 |
|
|
|
54 |
|
Varonis Systems * |
|
|
2,455 |
|
|
|
133 |
|
VASCO Data Security International * |
|
|
3,605 |
|
|
|
52 |
|
Veeco Instruments * |
|
|
5,990 |
|
|
|
100 |
|
VeriFone Systems * |
|
|
13,495 |
|
|
|
239 |
|
Verint Systems * |
|
|
7,686 |
|
|
|
321 |
|
VeriSign * |
|
|
5,000 |
|
|
|
575 |
|
Veritone * |
|
|
411 |
|
|
|
7 |
|
Versum Materials |
|
|
6,500 |
|
|
|
239 |
|
ViaSat * |
|
|
6,434 |
|
|
|
487 |
|
Viavi Solutions * |
|
|
27,292 |
|
|
|
234 |
|
VirnetX Holding * |
|
|
6,630 |
|
|
|
23 |
|
Virtusa * |
|
|
3,305 |
|
|
|
147 |
|
Visa, Cl A |
|
|
105,940 |
|
|
|
13,161 |
|
Vishay Intertechnology |
|
|
16,239 |
|
|
|
356 |
|
Vishay Precision Group * |
|
|
1,325 |
|
|
|
36 |
|
VMware, Cl A * |
|
|
4,100 |
|
|
|
508 |
|
Web.com Group * |
|
|
4,737 |
|
|
|
110 |
|
Weibo ADR * |
|
|
2,280 |
|
|
|
295 |
|
Western Digital |
|
|
17,235 |
|
|
|
1,534 |
|
Western Union |
|
|
26,600 |
|
|
|
553 |
|
WEX * |
|
|
2,300 |
|
|
|
356 |
|
Workday, Cl A * |
|
|
7,600 |
|
|
|
911 |
|
Workiva, Cl A * |
|
|
3,170 |
|
|
|
71 |
|
Worldpay, Cl A * |
|
|
16,446 |
|
|
|
1,321 |
|
Xcerra * |
|
|
6,289 |
|
|
|
63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Xerox |
|
|
13,400 |
|
|
$ |
457 |
|
Xilinx |
|
|
14,200 |
|
|
|
1,037 |
|
XO Group * |
|
|
3,149 |
|
|
|
60 |
|
Xperi |
|
|
5,912 |
|
|
|
133 |
|
Yelp, Cl A * |
|
|
9,786 |
|
|
|
429 |
|
Yext * |
|
|
2,766 |
|
|
|
33 |
|
Zebra Technologies, Cl A * |
|
|
2,900 |
|
|
|
357 |
|
Zendesk * |
|
|
11,949 |
|
|
|
460 |
|
Zillow Group * |
|
|
5,800 |
|
|
|
258 |
|
Zillow Group, Cl A * |
|
|
3,300 |
|
|
|
148 |
|
Zix * |
|
|
5,773 |
|
|
|
24 |
|
Zynga, Cl A * |
|
|
45,900 |
|
|
|
164 |
|
|
|
|
|
|
|
|
415,868 |
|
Materials 2.4% |
|
|
|
|
|
|
|
|
A Schulman |
|
|
3,516 |
|
|
|
137 |
|
Advanced Emissions Solutions |
|
|
2,935 |
|
|
|
24 |
|
AdvanSix * |
|
|
3,516 |
|
|
|
139 |
|
AgroFresh Solutions * |
|
|
2,402 |
|
|
|
18 |
|
Air Products & Chemicals |
|
|
12,300 |
|
|
|
2,071 |
|
AK Steel Holding * |
|
|
37,928 |
|
|
|
192 |
|
Albemarle |
|
|
6,200 |
|
|
|
692 |
|
Alcoa |
|
|
10,855 |
|
|
|
565 |
|
Allegheny Technologies * |
|
|
15,140 |
|
|
|
408 |
|
American Vanguard |
|
|
3,488 |
|
|
|
74 |
|
Ampco-Pittsburgh |
|
|
947 |
|
|
|
13 |
|
AptarGroup |
|
|
3,500 |
|
|
|
306 |
|
Ardagh Group, Cl A |
|
|
1,600 |
|
|
|
32 |
|
Ashland Global Holdings |
|
|
3,400 |
|
|
|
247 |
|
Avery Dennison |
|
|
5,000 |
|
|
|
613 |
|
Axalta Coating Systems * |
|
|
11,800 |
|
|
|
372 |
|
Balchem |
|
|
3,799 |
|
|
|
300 |
|
Ball |
|
|
20,000 |
|
|
|
766 |
|
Bemis |
|
|
5,100 |
|
|
|
238 |
|
Berry Global Group * |
|
|
7,400 |
|
|
|
438 |
|
Boise Cascade |
|
|
4,579 |
|
|
|
204 |
|
Cabot |
|
|
3,700 |
|
|
|
250 |
|
Calgon Carbon |
|
|
6,204 |
|
|
|
132 |
|
Carpenter Technology |
|
|
5,526 |
|
|
|
284 |
|
Celanese, Cl A |
|
|
7,900 |
|
|
|
854 |
|
Century Aluminum * |
|
|
5,861 |
|
|
|
130 |
|
CF Industries Holdings |
|
|
13,700 |
|
|
|
581 |
|
Chase |
|
|
840 |
|
|
|
94 |
|
Chemours |
|
|
10,300 |
|
|
|
532 |
|
Clearwater Paper * |
|
|
1,991 |
|
|
|
94 |
|
Cleveland-Cliffs * |
|
|
35,460 |
|
|
|
243 |
|
Codexis * |
|
|
5,190 |
|
|
|
45 |
|
Coeur Mining * |
|
|
22,944 |
|
|
|
184 |
|
Commercial Metals |
|
|
13,942 |
|
|
|
335 |
|
Compass Minerals International |
|
|
4,091 |
|
|
|
298 |
|
Core Molding Technologies |
|
|
1,081 |
|
|
|
23 |
|
Crown Holdings * |
|
|
7,300 |
|
|
|
424 |
|
Deltic Timber |
|
|
1,327 |
|
|
|
125 |
|
|
|
|
42 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
|
COMMON STOCK
(continued) |
|
|
|
|
|
Domtar |
|
|
3,200 |
|
|
$ |
164 |
|
DowDuPont |
|
|
135,074 |
|
|
|
10,209 |
|
Eagle Materials |
|
|
2,900 |
|
|
|
325 |
|
Eastman Chemical |
|
|
8,200 |
|
|
|
813 |
|
Ecolab |
|
|
14,900 |
|
|
|
2,051 |
|
Ferro * |
|
|
10,132 |
|
|
|
238 |
|
Ferroglobe Representation & Warranty Insurance Trust * |
|
|
6,943 |
|
|
|
|
|
Flotek Industries * |
|
|
6,131 |
|
|
|
34 |
|
FMC |
|
|
7,600 |
|
|
|
694 |
|
Forterra * |
|
|
2,070 |
|
|
|
14 |
|
Freeport-McMoRan * |
|
|
78,300 |
|
|
|
1,527 |
|
FutureFuel |
|
|
3,046 |
|
|
|
41 |
|
GCP Applied Technologies * |
|
|
8,675 |
|
|
|
290 |
|
Gold Resource |
|
|
5,430 |
|
|
|
25 |
|
Graphic Packaging Holding |
|
|
18,300 |
|
|
|
296 |
|
Greif, Cl A |
|
|
3,107 |
|
|
|
184 |
|
Greif, Cl B |
|
|
730 |
|
|
|
46 |
|
Hawkins |
|
|
1,183 |
|
|
|
42 |
|
Haynes International |
|
|
1,480 |
|
|
|
53 |
|
HB Fuller |
|
|
6,079 |
|
|
|
315 |
|
Hecla Mining |
|
|
47,582 |
|
|
|
183 |
|
Huntsman |
|
|
11,300 |
|
|
|
391 |
|
Ingevity * |
|
|
5,128 |
|
|
|
372 |
|
Innophos Holdings |
|
|
2,390 |
|
|
|
111 |
|
Innospec |
|
|
2,937 |
|
|
|
211 |
|
International Flavors & Fragrances |
|
|
4,600 |
|
|
|
691 |
|
International Paper |
|
|
23,700 |
|
|
|
1,490 |
|
Intrepid Potash * |
|
|
11,881 |
|
|
|
46 |
|
Kaiser Aluminum |
|
|
2,008 |
|
|
|
221 |
|
KapStone Paper and Packaging |
|
|
10,527 |
|
|
|
365 |
|
Klondex Mines * |
|
|
20,639 |
|
|
|
45 |
|
KMG Chemicals |
|
|
1,569 |
|
|
|
95 |
|
Koppers Holdings * |
|
|
2,537 |
|
|
|
116 |
|
Kraton * |
|
|
3,565 |
|
|
|
179 |
|
Kronos Worldwide |
|
|
2,883 |
|
|
|
79 |
|
Louisiana-Pacific * |
|
|
17,508 |
|
|
|
518 |
|
LSB Industries * |
|
|
2,173 |
|
|
|
18 |
|
LyondellBasell Industries, Cl A |
|
|
18,800 |
|
|
|
2,253 |
|
Martin Marietta Materials |
|
|
3,700 |
|
|
|
844 |
|
Materion |
|
|
2,422 |
|
|
|
120 |
|
Minerals Technologies |
|
|
4,322 |
|
|
|
325 |
|
MMC Norilsk Nickel PJSC ADR |
|
|
2,660 |
|
|
|
55 |
|
Monsanto |
|
|
25,200 |
|
|
|
3,069 |
|
Mosaic |
|
|
20,500 |
|
|
|
560 |
|
Myers Industries |
|
|
2,774 |
|
|
|
58 |
|
Neenah |
|
|
2,027 |
|
|
|
183 |
|
NewMarket |
|
|
398 |
|
|
|
158 |
|
Newmont Mining |
|
|
30,700 |
|
|
|
1,244 |
|
Nucor |
|
|
18,500 |
|
|
|
1,239 |
|
Olin |
|
|
9,200 |
|
|
|
343 |
|
Olympic Steel |
|
|
967 |
|
|
|
23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
|
COMMON STOCK
(continued) |
|
|
|
|
|
OMNOVA Solutions * |
|
|
5,099 |
|
|
$ |
56 |
|
Owens-Illinois * |
|
|
9,800 |
|
|
|
228 |
|
Packaging Corp of America |
|
|
5,300 |
|
|
|
666 |
|
PH Glatfelter |
|
|
5,078 |
|
|
|
119 |
|
Platform Specialty Products * |
|
|
11,500 |
|
|
|
135 |
|
PolyOne |
|
|
9,841 |
|
|
|
428 |
|
PPG Industries |
|
|
14,756 |
|
|
|
1,752 |
|
PQ Group Holdings * |
|
|
3,511 |
|
|
|
57 |
|
Praxair |
|
|
16,500 |
|
|
|
2,665 |
|
Quaker Chemical |
|
|
1,575 |
|
|
|
242 |
|
Ramaco Resources * |
|
|
932 |
|
|
|
8 |
|
Rayonier Advanced Materials |
|
|
5,283 |
|
|
|
100 |
|
Reliance Steel & Aluminum |
|
|
3,900 |
|
|
|
342 |
|
Royal Gold |
|
|
3,900 |
|
|
|
347 |
|
RPM International |
|
|
7,700 |
|
|
|
402 |
|
Ryerson Holding * |
|
|
2,117 |
|
|
|
21 |
|
Schnitzer Steel Industries, Cl A |
|
|
3,328 |
|
|
|
114 |
|
Schweitzer-Mauduit International |
|
|
3,721 |
|
|
|
169 |
|
Scotts Miracle-Gro, Cl A |
|
|
2,500 |
|
|
|
226 |
|
Sealed Air |
|
|
11,400 |
|
|
|
540 |
|
Sensient Technologies |
|
|
5,422 |
|
|
|
390 |
|
Sherwin-Williams |
|
|
4,700 |
|
|
|
1,960 |
|
Silgan Holdings |
|
|
4,200 |
|
|
|
126 |
|
Sonoco Products |
|
|
5,500 |
|
|
|
299 |
|
Southern Copper |
|
|
9,400 |
|
|
|
456 |
|
Steel Dynamics |
|
|
13,600 |
|
|
|
617 |
|
Stepan |
|
|
2,432 |
|
|
|
191 |
|
Summit Materials, Cl A * |
|
|
13,508 |
|
|
|
432 |
|
SunCoke Energy * |
|
|
7,470 |
|
|
|
83 |
|
TimkenSteel * |
|
|
4,650 |
|
|
|
75 |
|
Trecora Resources * |
|
|
2,105 |
|
|
|
28 |
|
Tredegar |
|
|
3,022 |
|
|
|
55 |
|
Tronox, Cl A |
|
|
10,903 |
|
|
|
214 |
|
UFP Technologies * |
|
|
692 |
|
|
|
20 |
|
United States Lime & Minerals |
|
|
219 |
|
|
|
17 |
|
United States Steel |
|
|
10,300 |
|
|
|
385 |
|
US Concrete * |
|
|
1,892 |
|
|
|
147 |
|
Valhi |
|
|
3,906 |
|
|
|
23 |
|
Valvoline |
|
|
12,134 |
|
|
|
299 |
|
Vedanta ADR |
|
|
15,000 |
|
|
|
321 |
|
Verso * |
|
|
3,924 |
|
|
|
63 |
|
Vulcan Materials |
|
|
7,600 |
|
|
|
1,029 |
|
Warrior Met Coal |
|
|
3,963 |
|
|
|
111 |
|
Westlake Chemical |
|
|
2,000 |
|
|
|
225 |
|
WestRock |
|
|
14,600 |
|
|
|
973 |
|
Worthington Industries |
|
|
5,393 |
|
|
|
252 |
|
WR Grace |
|
|
4,000 |
|
|
|
295 |
|
|
|
|
|
|
|
|
63,146 |
|
Real Estate 2.6% |
|
|
|
|
|
|
|
|
Acadia Realty
Trust |
|
|
9,884 |
|
|
|
243 |
|
Agree
Realty |
|
|
3,337 |
|
|
|
161 |
|
Alexander &
Baldwin |
|
|
8,093 |
|
|
|
215 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
43 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Alexanders |
|
|
252 |
|
|
$ |
92 |
|
Alexandria Real Estate
Equities |
|
|
5,400 |
|
|
|
700 |
|
Altisource
Residential |
|
|
6,136 |
|
|
|
68 |
|
American Assets
Trust |
|
|
4,867 |
|
|
|
172 |
|
American Campus
Communities |
|
|
7,300 |
|
|
|
281 |
|
American Homes 4 Rent, Cl A |
|
|
13,200 |
|
|
|
274 |
|
American Tower,
Cl A |
|
|
24,300 |
|
|
|
3,589 |
|
Apartment Investment & Management, Cl A |
|
|
8,700 |
|
|
|
364 |
|
Apple
Hospitality |
|
|
11,700 |
|
|
|
228 |
|
Armada Hoffler
Properties |
|
|
5,448 |
|
|
|
78 |
|
Ashford Hospitality
Prime |
|
|
3,501 |
|
|
|
32 |
|
Ashford Hospitality
Trust |
|
|
9,318 |
|
|
|
60 |
|
AvalonBay
Communities |
|
|
7,909 |
|
|
|
1,348 |
|
Bluerock Residential Growth, Cl A |
|
|
2,487 |
|
|
|
21 |
|
Boston
Properties |
|
|
9,000 |
|
|
|
1,113 |
|
Brandywine Realty
Trust |
|
|
10,600 |
|
|
|
190 |
|
Brixmor Property
Group |
|
|
17,000 |
|
|
|
276 |
|
Camden Property
Trust |
|
|
5,300 |
|
|
|
459 |
|
CareTrust |
|
|
9,111 |
|
|
|
145 |
|
CatchMark Timber Trust, Cl A |
|
|
5,615 |
|
|
|
74 |
|
CBL & Associates Properties |
|
|
20,013 |
|
|
|
111 |
|
CBRE Group, Cl A * |
|
|
17,200 |
|
|
|
786 |
|
Cedar Realty
Trust |
|
|
10,393 |
|
|
|
53 |
|
Chatham Lodging
Trust |
|
|
5,295 |
|
|
|
119 |
|
Chesapeake Lodging
Trust |
|
|
7,229 |
|
|
|
198 |
|
City
Office |
|
|
3,838 |
|
|
|
45 |
|
Clipper
Realty |
|
|
1,949 |
|
|
|
18 |
|
Colony NorthStar,
Cl A |
|
|
30,058 |
|
|
|
270 |
|
Columbia Property
Trust |
|
|
6,300 |
|
|
|
138 |
|
Community Healthcare
Trust |
|
|
2,127 |
|
|
|
57 |
|
Consolidated-Tomoka Land |
|
|
444 |
|
|
|
29 |
|
CoreCivic |
|
|
6,400 |
|
|
|
148 |
|
CorEnergy Infrastructure
Trust |
|
|
1,435 |
|
|
|
55 |
|
CoreSite
Realty |
|
|
1,900 |
|
|
|
206 |
|
Corporate Office Properties Trust |
|
|
5,900 |
|
|
|
161 |
|
Cousins
Properties |
|
|
50,213 |
|
|
|
452 |
|
Crown Castle
International |
|
|
23,300 |
|
|
|
2,627 |
|
CubeSmart |
|
|
10,100 |
|
|
|
278 |
|
CyrusOne |
|
|
5,100 |
|
|
|
294 |
|
DCT Industrial
Trust |
|
|
5,500 |
|
|
|
326 |
|
DDR |
|
|
16,800 |
|
|
|
136 |
|
DiamondRock
Hospitality |
|
|
23,853 |
|
|
|
280 |
|
Digital Realty
Trust |
|
|
11,643 |
|
|
|
1,303 |
|
Douglas
Emmett |
|
|
9,100 |
|
|
|
352 |
|
Duke
Realty |
|
|
20,300 |
|
|
|
536 |
|
Easterly Government
Properties |
|
|
5,199 |
|
|
|
108 |
|
EastGroup
Properties |
|
|
4,051 |
|
|
|
352 |
|
Education Realty
Trust |
|
|
9,352 |
|
|
|
309 |
|
Empire State Realty Trust, Cl A |
|
|
7,800 |
|
|
|
152 |
|
EPR
Properties |
|
|
3,600 |
|
|
|
213 |
|
Equinix |
|
|
4,500 |
|
|
|
2,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Equity
Commonwealth * |
|
|
6,700 |
|
|
$ |
200 |
|
Equity LifeStyle
Properties |
|
|
4,700 |
|
|
|
406 |
|
Equity
Residential |
|
|
20,700 |
|
|
|
1,275 |
|
Essex Property
Trust |
|
|
3,700 |
|
|
|
862 |
|
Extra Space
Storage |
|
|
7,000 |
|
|
|
584 |
|
Farmland
Partners |
|
|
4,407 |
|
|
|
36 |
|
Federal Realty Investment
Trust |
|
|
4,100 |
|
|
|
495 |
|
First Industrial Realty
Trust |
|
|
14,290 |
|
|
|
441 |
|
Forest City Realty Trust, Cl A |
|
|
13,800 |
|
|
|
324 |
|
Forestar Group * |
|
|
1,503 |
|
|
|
37 |
|
Four Corners Property
Trust |
|
|
7,352 |
|
|
|
173 |
|
Franklin Street
Properties |
|
|
12,254 |
|
|
|
124 |
|
FRP Holdings * |
|
|
902 |
|
|
|
45 |
|
Gaming and Leisure
Properties |
|
|
11,300 |
|
|
|
412 |
|
GEO
Group |
|
|
14,759 |
|
|
|
333 |
|
Getty
Realty |
|
|
3,753 |
|
|
|
98 |
|
GGP |
|
|
36,000 |
|
|
|
829 |
|
Gladstone
Commercial |
|
|
3,461 |
|
|
|
66 |
|
Global
Medical |
|
|
2,700 |
|
|
|
22 |
|
Global Net
Lease |
|
|
8,046 |
|
|
|
148 |
|
Government Properties Income Trust |
|
|
11,514 |
|
|
|
198 |
|
Gramercy Property
Trust |
|
|
19,517 |
|
|
|
493 |
|
Griffin Industrial Realty |
|
|
101 |
|
|
|
4 |
|
HCP |
|
|
26,800 |
|
|
|
645 |
|
Healthcare Realty
Trust |
|
|
14,740 |
|
|
|
440 |
|
Healthcare Trust of America, Cl A |
|
|
10,900 |
|
|
|
301 |
|
Hersha Hospitality Trust, Cl A |
|
|
4,685 |
|
|
|
87 |
|
HFF, Cl A |
|
|
4,470 |
|
|
|
220 |
|
Highwoods
Properties |
|
|
6,000 |
|
|
|
287 |
|
Hospitality Properties
Trust |
|
|
9,000 |
|
|
|
256 |
|
Host Hotels &
Resorts |
|
|
42,300 |
|
|
|
878 |
|
Howard Hughes * |
|
|
2,100 |
|
|
|
264 |
|
Hudson Pacific
Properties |
|
|
8,700 |
|
|
|
278 |
|
Independence Realty
Trust |
|
|
9,985 |
|
|
|
92 |
|
InfraREIT |
|
|
5,228 |
|
|
|
99 |
|
Investors Real Estate
Trust |
|
|
15,066 |
|
|
|
85 |
|
Invitation Homes |
|
|
16,700 |
|
|
|
376 |
|
Iron
Mountain |
|
|
16,000 |
|
|
|
560 |
|
iStar
Financial * |
|
|
8,041 |
|
|
|
85 |
|
JBG SMITH
Properties |
|
|
4,700 |
|
|
|
159 |
|
Jernigan
Capital |
|
|
1,802 |
|
|
|
32 |
|
Jones Lang LaSalle |
|
|
2,500 |
|
|
|
391 |
|
Kennedy-Wilson Holdings |
|
|
14,713 |
|
|
|
261 |
|
Kilroy
Realty |
|
|
5,700 |
|
|
|
406 |
|
Kimco
Realty |
|
|
23,600 |
|
|
|
375 |
|
Kite Realty Group
Trust |
|
|
9,915 |
|
|
|
167 |
|
Lamar Advertising,
Cl A |
|
|
4,500 |
|
|
|
324 |
|
LaSalle Hotel
Properties |
|
|
13,716 |
|
|
|
419 |
|
Lexington Realty
Trust |
|
|
25,828 |
|
|
|
233 |
|
Liberty Property
Trust |
|
|
8,100 |
|
|
|
335 |
|
Life
Storage |
|
|
2,500 |
|
|
|
208 |
|
LTC
Properties |
|
|
4,691 |
|
|
|
192 |
|
|
|
|
44 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Macerich |
|
|
7,800 |
|
|
$ |
504 |
|
Mack-Cali
Realty |
|
|
10,769 |
|
|
|
216 |
|
Marcus & Millichap * |
|
|
1,858 |
|
|
|
61 |
|
Maui Land & Pineapple * |
|
|
1,010 |
|
|
|
14 |
|
MedEquities Realty
Trust |
|
|
3,560 |
|
|
|
39 |
|
Medical Properties
Trust |
|
|
20,100 |
|
|
|
263 |
|
Mid-America Apartment Communities |
|
|
6,417 |
|
|
|
612 |
|
Monmouth Real Estate
Investment |
|
|
8,866 |
|
|
|
151 |
|
National Health
Investors |
|
|
4,823 |
|
|
|
340 |
|
National Retail Properties |
|
|
8,800 |
|
|
|
349 |
|
National Storage Affiliates Trust |
|
|
5,446 |
|
|
|
138 |
|
New Senior Investment
Group |
|
|
10,255 |
|
|
|
79 |
|
NexPoint Residential
Trust |
|
|
2,150 |
|
|
|
57 |
|
NorthStar Realty
Europe |
|
|
6,516 |
|
|
|
78 |
|
Omega Healthcare
Investors |
|
|
11,300 |
|
|
|
306 |
|
One Liberty
Properties |
|
|
1,723 |
|
|
|
42 |
|
Outfront
Media |
|
|
8,300 |
|
|
|
186 |
|
Paramount
Group |
|
|
11,900 |
|
|
|
179 |
|
Park Hotels &
Resorts |
|
|
7,616 |
|
|
|
220 |
|
Pebblebrook Hotel
Trust |
|
|
8,203 |
|
|
|
320 |
|
Pennsylvania |
|
|
8,057 |
|
|
|
90 |
|
Physicians Realty
Trust |
|
|
21,695 |
|
|
|
354 |
|
Piedmont Office Realty Trust, Cl A |
|
|
8,900 |
|
|
|
174 |
|
Potlatch |
|
|
4,826 |
|
|
|
255 |
|
Preferred Apartment Communities, Cl A |
|
|
4,332 |
|
|
|
72 |
|
Prologis |
|
|
30,200 |
|
|
|
1,966 |
|
PS Business
Parks |
|
|
2,392 |
|
|
|
292 |
|
Public
Storage |
|
|
8,500 |
|
|
|
1,664 |
|
QTS Realty Trust,
Cl A |
|
|
5,980 |
|
|
|
298 |
|
Quality Care
Properties * |
|
|
11,094 |
|
|
|
150 |
|
RAIT Financial
Trust |
|
|
9,643 |
|
|
|
6 |
|
Ramco-Gershenson Properties Trust |
|
|
9,180 |
|
|
|
121 |
|
Rayonier |
|
|
6,900 |
|
|
|
224 |
|
RE/MAX Holdings, Cl A |
|
|
2,183 |
|
|
|
108 |
|
Realogy Holdings |
|
|
8,200 |
|
|
|
226 |
|
Realty
Income |
|
|
16,200 |
|
|
|
862 |
|
Redfin * |
|
|
1,261 |
|
|
|
26 |
|
Regency
Centers |
|
|
8,570 |
|
|
|
539 |
|
Retail Opportunity
Investments |
|
|
13,115 |
|
|
|
241 |
|
Retail Properties of America, Cl A |
|
|
12,000 |
|
|
|
145 |
|
Rexford Industrial
Realty |
|
|
9,267 |
|
|
|
275 |
|
RLJ Lodging
Trust |
|
|
20,352 |
|
|
|
470 |
|
RMR Group |
|
|
909 |
|
|
|
59 |
|
Ryman Hospitality
Properties |
|
|
5,330 |
|
|
|
408 |
|
Sabra Health
Care |
|
|
21,758 |
|
|
|
394 |
|
Safety Income &
Growth |
|
|
1,350 |
|
|
|
24 |
|
Saul
Centers |
|
|
1,362 |
|
|
|
74 |
|
SBA Communications, Cl A * |
|
|
6,900 |
|
|
|
1,204 |
|
Select
Income |
|
|
7,726 |
|
|
|
173 |
|
Senior Housing Properties
Trust |
|
|
13,400 |
|
|
|
232 |
|
Seritage Growth
Properties |
|
|
3,080 |
|
|
|
127 |
|
Simon Property
Group |
|
|
17,874 |
|
|
|
2,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
SL Green
Realty |
|
|
5,600 |
|
|
$ |
563 |
|
Spirit Realty
Capital |
|
|
27,300 |
|
|
|
223 |
|
St. Joe * |
|
|
5,192 |
|
|
|
98 |
|
STAG
Industrial |
|
|
11,360 |
|
|
|
288 |
|
STORE
Capital |
|
|
10,100 |
|
|
|
248 |
|
Stratus Properties |
|
|
681 |
|
|
|
21 |
|
Summit Hotel
Properties |
|
|
12,245 |
|
|
|
190 |
|
Sun
Communities |
|
|
4,300 |
|
|
|
382 |
|
Sunstone Hotel
Investors |
|
|
27,036 |
|
|
|
456 |
|
Tanger Factory Outlet
Centers |
|
|
4,700 |
|
|
|
118 |
|
Taubman
Centers |
|
|
3,600 |
|
|
|
222 |
|
Tejon Ranch * |
|
|
2,242 |
|
|
|
49 |
|
Terreno
Realty |
|
|
6,484 |
|
|
|
231 |
|
Tier |
|
|
5,867 |
|
|
|
114 |
|
Transcontinental Realty Investors * |
|
|
243 |
|
|
|
8 |
|
Trinity Place Holdings * |
|
|
2,205 |
|
|
|
15 |
|
UDR |
|
|
15,300 |
|
|
|
559 |
|
UMH
Properties |
|
|
3,881 |
|
|
|
52 |
|
Uniti
Group |
|
|
9,200 |
|
|
|
146 |
|
Universal Health Realty Income Trust |
|
|
1,535 |
|
|
|
102 |
|
Urban Edge
Properties |
|
|
12,355 |
|
|
|
289 |
|
Urstadt Biddle Properties, Cl A |
|
|
3,756 |
|
|
|
73 |
|
Ventas |
|
|
20,500 |
|
|
|
1,147 |
|
VEREIT |
|
|
56,400 |
|
|
|
406 |
|
Vornado Realty
Trust |
|
|
9,800 |
|
|
|
702 |
|
Washington |
|
|
9,497 |
|
|
|
272 |
|
Washington Prime
Group |
|
|
23,003 |
|
|
|
151 |
|
Weingarten Realty
Investors |
|
|
6,300 |
|
|
|
186 |
|
Welltower |
|
|
21,200 |
|
|
|
1,271 |
|
Weyerhaeuser |
|
|
42,600 |
|
|
|
1,599 |
|
Whitestone,
Cl B |
|
|
4,519 |
|
|
|
59 |
|
WP
Carey |
|
|
6,200 |
|
|
|
402 |
|
Xenia Hotels &
Resorts |
|
|
12,832 |
|
|
|
285 |
|
|
|
|
|
|
|
|
67,657 |
|
Telecommunication Services 1.2% |
|
|
|
|
|
AT&T |
|
|
355,531 |
|
|
|
13,315 |
|
ATN International |
|
|
1,319 |
|
|
|
78 |
|
Boingo Wireless * |
|
|
4,669 |
|
|
|
113 |
|
CenturyLink |
|
|
55,957 |
|
|
|
997 |
|
Cincinnati Bell * |
|
|
5,025 |
|
|
|
87 |
|
Cogent Communications Holdings |
|
|
5,080 |
|
|
|
229 |
|
Consolidated Communications Holdings |
|
|
7,941 |
|
|
|
99 |
|
Frontier Communications |
|
|
9,229 |
|
|
|
76 |
|
General Communication, Cl A * |
|
|
3,185 |
|
|
|
134 |
|
Globalstar * |
|
|
71,871 |
|
|
|
76 |
|
Hawaiian Telcom Holdco * |
|
|
785 |
|
|
|
23 |
|
IDT, Cl B |
|
|
1,830 |
|
|
|
20 |
|
Intelsat * |
|
|
4,658 |
|
|
|
13 |
|
Iridium Communications * |
|
|
10,091 |
|
|
|
128 |
|
Ooma * |
|
|
2,531 |
|
|
|
26 |
|
ORBCOMM * |
|
|
7,856 |
|
|
|
90 |
|
pdvWireless * |
|
|
1,057 |
|
|
|
36 |
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
45 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
Shenandoah Telecommunications |
|
|
5,626 |
|
|
$ |
191 |
|
Spok Holdings |
|
|
2,465 |
|
|
|
38 |
|
Sprint * |
|
|
35,000 |
|
|
|
187 |
|
Straight Path Communications * |
|
|
1,186 |
|
|
|
216 |
|
Telephone & Data Systems |
|
|
5,700 |
|
|
|
156 |
|
T-Mobile US * |
|
|
16,700 |
|
|
|
1,087 |
|
United States Cellular * |
|
|
400 |
|
|
|
15 |
|
Verizon Communications |
|
|
235,991 |
|
|
|
12,760 |
|
Vonage Holdings * |
|
|
24,479 |
|
|
|
274 |
|
Windstream Holdings |
|
|
21,904 |
|
|
|
36 |
|
Zayo Group Holdings * |
|
|
10,800 |
|
|
|
396 |
|
|
|
|
|
|
|
|
30,896 |
|
Utilities 1.9% |
|
|
|
|
|
AES |
|
|
39,100 |
|
|
|
452 |
|
ALLETE |
|
|
6,264 |
|
|
|
454 |
|
Alliant Energy |
|
|
13,000 |
|
|
|
517 |
|
Ameren |
|
|
14,100 |
|
|
|
798 |
|
American Electric Power |
|
|
28,500 |
|
|
|
1,960 |
|
American States Water |
|
|
4,399 |
|
|
|
243 |
|
American Water Works |
|
|
10,200 |
|
|
|
848 |
|
Aqua America |
|
|
10,100 |
|
|
|
366 |
|
AquaVenture Holdings * |
|
|
1,086 |
|
|
|
17 |
|
Artesian Resources, Cl A |
|
|
1,067 |
|
|
|
40 |
|
Atmos Energy |
|
|
5,900 |
|
|
|
489 |
|
Avangrid |
|
|
3,600 |
|
|
|
175 |
|
Avista |
|
|
7,795 |
|
|
|
393 |
|
Black Hills |
|
|
6,480 |
|
|
|
360 |
|
Cadiz * |
|
|
2,451 |
|
|
|
36 |
|
California Water Service Group |
|
|
5,807 |
|
|
|
236 |
|
Calpine * |
|
|
19,500 |
|
|
|
294 |
|
CenterPoint Energy |
|
|
24,700 |
|
|
|
696 |
|
Chesapeake Utilities |
|
|
1,891 |
|
|
|
139 |
|
CMS Energy |
|
|
15,700 |
|
|
|
703 |
|
Connecticut Water Service |
|
|
1,356 |
|
|
|
72 |
|
Consolidated Edison |
|
|
17,700 |
|
|
|
1,422 |
|
Consolidated Water |
|
|
1,582 |
|
|
|
21 |
|
Dominion Energy |
|
|
36,900 |
|
|
|
2,821 |
|
DTE Energy |
|
|
10,200 |
|
|
|
1,078 |
|
Duke Energy |
|
|
40,600 |
|
|
|
3,187 |
|
Dynegy, Cl A * |
|
|
13,601 |
|
|
|
170 |
|
Edison International |
|
|
18,000 |
|
|
|
1,126 |
|
El Paso Electric |
|
|
4,895 |
|
|
|
256 |
|
Entergy |
|
|
10,200 |
|
|
|
803 |
|
Eversource Energy |
|
|
18,000 |
|
|
|
1,136 |
|
Evoqua Water Technologies * |
|
|
3,868 |
|
|
|
88 |
|
Exelon |
|
|
55,600 |
|
|
|
2,141 |
|
FirstEnergy |
|
|
25,200 |
|
|
|
829 |
|
Genie Energy, Cl B |
|
|
1,470 |
|
|
|
6 |
|
Global Water Resources |
|
|
935 |
|
|
|
8 |
|
Great Plains Energy |
|
|
12,400 |
|
|
|
386 |
|
Hawaiian Electric Industries |
|
|
5,900 |
|
|
|
201 |
|
IDACORP |
|
|
6,175 |
|
|
|
533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value ($ Thousands) |
COMMON STOCK
(continued) |
|
|
|
|
|
MDU Resources Group |
|
|
11,000 |
|
|
$ |
291 |
|
MGE Energy |
|
|
4,166 |
|
|
|
249 |
|
Middlesex Water |
|
|
1,923 |
|
|
|
72 |
|
National Fuel Gas |
|
|
4,700 |
|
|
|
262 |
|
New Jersey Resources |
|
|
10,406 |
|
|
|
404 |
|
NextEra Energy |
|
|
27,100 |
|
|
|
4,293 |
|
NiSource |
|
|
18,600 |
|
|
|
459 |
|
Northwest Natural Gas |
|
|
3,419 |
|
|
|
196 |
|
NorthWestern |
|
|
5,886 |
|
|
|
320 |
|
NRG Energy |
|
|
16,500 |
|
|
|
429 |
|
NRG Yield, Cl C |
|
|
7,882 |
|
|
|
149 |
|
NRG Yield, Cl A |
|
|
4,245 |
|
|
|
80 |
|
OGE Energy |
|
|
11,100 |
|
|
|
357 |
|
ONE Gas |
|
|
6,392 |
|
|
|
453 |
|
Ormat Technologies |
|
|
4,816 |
|
|
|
338 |
|
Otter Tail |
|
|
4,767 |
|
|
|
203 |
|
Pattern Energy Group, Cl A |
|
|
9,481 |
|
|
|
196 |
|
PG&E |
|
|
29,300 |
|
|
|
1,243 |
|
Pinnacle West Capital |
|
|
6,400 |
|
|
|
512 |
|
PNM Resources |
|
|
9,634 |
|
|
|
367 |
|
Portland General Electric |
|
|
10,934 |
|
|
|
463 |
|
PPL |
|
|
39,100 |
|
|
|
1,246 |
|
Public Service Enterprise Group |
|
|
29,300 |
|
|
|
1,520 |
|
Pure Cycle * |
|
|
2,578 |
|
|
|
22 |
|
RGC Resources |
|
|
956 |
|
|
|
23 |
|
SCANA |
|
|
7,500 |
|
|
|
305 |
|
Sempra Energy |
|
|
14,500 |
|
|
|
1,552 |
|
SJW Group |
|
|
1,966 |
|
|
|
118 |
|
South Jersey Industries |
|
|
9,506 |
|
|
|
280 |
|
Southern |
|
|
57,700 |
|
|
|
2,603 |
|
Southwest Gas Holdings |
|
|
5,684 |
|
|
|
418 |
|
Spark Energy, Cl A |
|
|
1,050 |
|
|
|
10 |
|
Spire |
|
|
5,714 |
|
|
|
380 |
|
TerraForm Power, Cl A |
|
|
5,761 |
|
|
|
63 |
|
UGI |
|
|
10,100 |
|
|
|
462 |
|
Unitil |
|
|
1,680 |
|
|
|
74 |
|
Vectren |
|
|
4,700 |
|
|
|
285 |
|
Vistra Energy * |
|
|
13,400 |
|
|
|
261 |
|
WEC Energy Group |
|
|
18,000 |
|
|
|
1,157 |
|
Westar Energy, Cl A |
|
|
8,300 |
|
|
|
429 |
|
WGL Holdings |
|
|
6,244 |
|
|
|
526 |
|
Xcel Energy |
|
|
29,400 |
|
|
|
1,342 |
|
York Water |
|
|
1,587 |
|
|
|
50 |
|
|
|
|
|
|
|
|
49,962 |
|
|
|
|
|
|
|
|
1,802,889 |
|
Total Common Stock (Cost $1,916,490) ($ Thousands) |
|
|
|
|
|
|
2,557,127 |
|
|
|
|
46 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
EXCHANGE TRADED FUNDS
0.8% |
|
|
|
|
|
United States 0.8% |
|
|
|
|
|
|
|
|
iShares MSCI India Fund |
|
|
457,464 |
|
|
$ |
17,041 |
|
iShares MSCI Taiwan Fund |
|
|
75,500 |
|
|
|
2,917 |
|
SPDR S&P 500 Trust Fund |
|
|
752 |
|
|
|
212 |
|
|
|
|
Total Exchange Traded Funds (Cost $14,907) ($ Thousands) |
|
|
|
|
|
|
20,170 |
|
|
|
PREFERRED STOCK 0.5% |
|
|
|
|
|
Brazil 0.3% |
|
|
|
|
|
|
|
|
Banco Bradesco |
|
|
144,693 |
|
|
|
1,862 |
|
Braskem |
|
|
8,900 |
|
|
|
139 |
|
Centrais Eletricas Brasileiras |
|
|
17,900 |
|
|
|
134 |
|
Cia Brasileira de Distribuicao |
|
|
7,800 |
|
|
|
185 |
|
Cia Energetica de Minas Gerais |
|
|
42,298 |
|
|
|
100 |
|
Gerdau |
|
|
50,100 |
|
|
|
228 |
|
Itau Unibanco Holding |
|
|
155,000 |
|
|
|
2,558 |
|
Itausa - Investimentos Itau |
|
|
187,378 |
|
|
|
784 |
|
Lojas Americanas |
|
|
35,469 |
|
|
|
189 |
|
Petroleo Brasileiro * |
|
|
188,200 |
|
|
|
1,171 |
|
Telefonica Brasil |
|
|
21,200 |
|
|
|
360 |
|
|
|
|
|
|
|
|
7,710 |
|
Chile 0.0% |
|
|
|
|
|
|
|
|
Embotelladora Andina |
|
|
13,317 |
|
|
|
65 |
|
Sociedad Quimica y Minera de Chile, Cl B |
|
|
4,440 |
|
|
|
250 |
|
|
|
|
|
|
|
|
315 |
|
Colombia 0.0% |
|
|
|
|
|
|
|
|
Bancolombia |
|
|
19,672 |
|
|
|
226 |
|
Grupo Aval Acciones y Valores |
|
|
185,117 |
|
|
|
83 |
|
Grupo de Inversiones Suramericana |
|
|
5,014 |
|
|
|
68 |
|
|
|
|
|
|
|
|
377 |
|
Germany 0.1% |
|
|
|
|
|
|
|
|
Bayerische Motoren Werke |
|
|
1,579 |
|
|
|
155 |
|
FUCHS PETROLUB |
|
|
2,014 |
|
|
|
111 |
|
Henkel & KGaA |
|
|
5,557 |
|
|
|
779 |
|
Porsche Automobil Holding |
|
|
4,867 |
|
|
|
451 |
|
Schaeffler |
|
|
4,809 |
|
|
|
96 |
|
Volkswagen |
|
|
5,990 |
|
|
|
1,321 |
|
|
|
|
|
|
|
|
2,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
PREFERRED STOCK
(continued) |
|
|
|
|
|
South Korea 0.1% |
|
|
|
|
|
Amorepacific * |
|
|
630 |
|
|
$ |
92 |
|
Hyundai Motor |
|
|
2,908 |
|
|
|
271 |
|
LG Chemical |
|
|
400 |
|
|
|
93 |
|
LG Household & Health Care |
|
|
130 |
|
|
|
82 |
|
Samsung Electronics |
|
|
933 |
|
|
|
1,843 |
|
|
|
|
|
|
|
|
2,381 |
|
Total Preferred Stock (Cost $8,180) ($ Thousands) |
|
|
|
|
|
|
13,696 |
|
|
|
|
|
|
Number of Rights |
|
|
|
RIGHTS 0.0% |
|
|
|
|
|
|
|
Italy 0.0% |
|
|
|
|
|
Unicredit, Expires 02/23/2018 * |
|
|
63 |
|
|
|
1 |
|
|
|
|
Philippines 0.0% |
|
|
|
|
|
|
|
|
Robinson Land, Expires 02/13/2018 * |
|
|
22 |
|
|
|
1 |
|
|
|
|
South Korea 0.0% |
|
|
|
|
|
|
|
|
Hyundai Heavy Industries, Expires 03/14/2018 * |
|
|
|
|
|
|
8 |
|
Mirae Asset Daewoo, Expires 02/25/2018 * |
|
|
4 |
|
|
|
23 |
|
|
|
|
|
|
|
|
31 |
|
Spain 0.0% |
|
|
|
|
|
|
|
|
ACS Actividades de Construcciony Servicios *^ |
|
|
8 |
|
|
|
4 |
|
|
|
|
United States 0.0% |
|
|
|
|
|
|
|
|
Durata Therapeutics *^ |
|
|
1 |
|
|
|
|
|
Media General *^ |
|
|
12 |
|
|
|
|
|
Newstar Financial *^ |
|
|
4 |
|
|
|
2 |
|
Tobira Therapeutics, Expires 12/31/2028 * |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
2 |
|
Total Rights (Cost $) ($ Thousands) |
|
|
|
|
|
|
39 |
|
|
|
|
Total Investments 98.1% (Cost $1,939,577) ($ Thousands) |
|
|
|
|
|
$ |
2,591,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
|
47 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2018
Tactical Offensive Equity Fund (Continued)
A list of the open futures contracts held by the Fund at January 31, 2018, is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type of
Contract |
|
Number of
Contracts Long |
|
|
Expiration
Date |
|
Notional Amount
(Thousands) |
|
|
Value
(Thousands) |
|
|
Unrealized
Appreciation (Thousands) |
MSCI EAFE Index E-MINI |
|
|
95 |
|
|
Mar-2018 |
|
$ |
9,727 |
|
|
$ |
10,191 |
|
|
$ |
464 |
|
MSCI Emerging Markets E-MINI |
|
|
148 |
|
|
Mar-2018 |
|
|
8,167 |
|
|
|
9,308 |
|
|
|
1,141 |
|
Russell 2000 Index E-MINI |
|
|
66 |
|
|
Mar-2018 |
|
|
5,029 |
|
|
|
5,201 |
|
|
|
172 |
|
S&P 500 Index E-MINI |
|
|
169 |
|
|
Mar-2018 |
|
|
22,812 |
|
|
|
23,878 |
|
|
|
1,066 |
|
S&P Mid Cap 400 Index E-MINI |
|
|
11 |
|
|
Mar-2018 |
|
|
2,110 |
|
|
|
2,150 |
|
|
|
40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
47,845 |
|
|
$ |
50,728 |
|
|
$ |
2,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentages are based on a Net Assets of $2,641,626 ($ Thousands).
* |
Non-income producing security. |
^ |
Expiration date unavailable. |
|
Real Estate Investment Trust. |
|
The Fund may purchase securities of certain companies with which it is affiliated to the extent these companies are represented in its benchmark index. |
(A) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On January 31, 2018,
the value of these securities amounted to $6,590 ($ Thousands), representing 0.2% of the net assets of the Fund. |
ADR American Depositary
Receipt
Cl Class
EAFE Europe, Australasia and Far East
GDR Global Depositary Receipt
MSCI Morgan Stanley Capital
International
NVDR Non-voting Depositary Receipt
PJSC Public
Joint-Stock Company
S&P Standard & Poors
Ser
Series
SPDR Standard & Poors Depository Receipt
The following is a list of the level of inputs used as of January 31, 2018, in valuing the Funds investments and
other financial instruments carried at value ($ Thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
Common Stock |
|
$ |
2,557,127 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
2,557,127 |
|
Exchange Traded Funds |
|
|
20,170 |
|
|
|
|
|
|
|
|
|
|
|
20,170 |
|
Preferred Stock |
|
|
13,696 |
|
|
|
|
|
|
|
|
|
|
|
13,696 |
|
Rights |
|
|
39 |
|
|
|
|
|
|
|
^ |
|
|
|
39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments in Securities |
|
$ |
2,591,032 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
2,591,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
Futures Contracts * Unrealized Appreciation |
|
$ |
2,883 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
2,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Financial Instruments |
|
$ |
2,883 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
2,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Futures contracts are valued at the unrealized appreciation on the instrument.
A reconciliation of Level 3 investments is presented
when the Fund has a significant amount of Level
3 investments at the beginning and/or end of the year in relation to net assets. Management has concluded that Level
3 investments are not material in relation to net assets.
^ Represents securities in which the fair value is $0 or has been rounded to $0.
For the year period ended January 31, 2018, there were transfers between Level 1 and Level 2 assets and liabilities due to the availability of quoted prices in
active markets to determine fair value. For the period ended January 31, 2018, there were no transfers between Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the year.
For more information on valuation inputs, see Note 2 Significant Accounting Policies in Notes to Financial Statements.
The following is a summary of the transactions the
Fund had with affiliates for the period ended January 31, 2018 ($ Thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security Description |
|
Value 8/1/2017 |
|
|
Purchases at
Cost |
|
Proceeds
from Sales |
|
Realized Gain |
|
Change in Unrealized
Appreciation (Depreciation) |
|
|
Value
01/31/2018 |
|
|
Dividend
Income |
SEI Investments |
|
|
$435 |
|
|
$ |
|
$ |
|
$ |
|
|
$144 |
|
|
|
$579 |
|
|
|
$2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts designated as are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
|
|
|
48 |
|
Adviser Managed Trust / Semi-Annual Report / January 31, 2018 |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity
Securities by Closed-End Management Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The Registrant has a standing Committee (the Committee) currently consisting of the Independent Trustees. The Committee is responsible for
evaluating and recommending nominees for election to the Registrants Board of Trustees (the Board). Pursuant to the Committees Charter, adopted on June 18th 2004, as
amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrants office.
Item 11. Controls and Procedures.
(a) The
Registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940 (the 1940 Act)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date
within 90 days of the filing date of this report.
(b) There were no changes in the Registrants internal control over financial reporting (as
defined in Rule 30a-3(d) under the 1940 Act) that occurred during the last fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over
financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) Not applicable for semi-annual report.
(a)(2) A
separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.
(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing
as an exhibit.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
|
|
|
|
|
|
Adviser Managed Trust |
|
|
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By |
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/s/ Robert A. Nesher |
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Robert A. Nesher, President & CEO |
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Date: April 9, 2018 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has
been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
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By |
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/s/ Robert A. Nesher |
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Robert A. Nesher, President & CEO |
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Date: April 9, 2018 |
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By |
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/s/ James J. Hoffmayer |
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James J. Hoffmayer, Controller & CFO |
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Date: April 9, 2018 |
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