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
(Exact name of registrant as specified in charter)
SEI Investments
One Freedom Valley Drive
Oaks, PA 19456
(Address of principal executive offices) (Zip code)
The Corporation Trust Company
Corporation Trust Center
1209 Orange Street
Wilmington, Delaware 19801
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-800-342-5734
Date of fiscal year end: July 31,
Date of reporting period: July 31, 2017
Item 1. | Reports to Stockholders. |
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Board of Trustees’ Considerations in Approving the Advisory and Sub-Advisory Agreements | 89 | |||
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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 Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
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 Commission’s website at http://www.sec.gov.
JULY 31, 2017
To Our Shareholders:
Looking back, the expectations we shared for the Funds’ most recently completed fiscal year, from the start of August 2016 through the end of July 2017, largely came to pass. The pace of interest-rate increases by the Federal Reserve (“Fed”) followed the market’s more modest expectations rather than those projected by Federal Open Market Committee members. The European Central Bank’s (“ECB”) commitment to stimulus efforts entrenched euro weakness relative to the U.S. dollar for part of the period; the same can be said for the Bank of Japan (“BOJ”) and the yen. China continued to guide its currency lower, hitting a low near the end of the fiscal period. The global oil supply-demand imbalance persisted throughout the year; the Organization of Petroleum Exporting Countries’ (“OPEC”) agreement to curb production in January temporarily bolstered markets, but prices retraced near the end the fiscal year due to record U.S. inventories and rising U.S. production.
Geopolitical events
Geopolitical threats and an assortment of other noneconomic influences continued in various regions: civil war and domestic struggle in parts of the Middle East and Africa, the suffering of refugees and migrants in bordering countries and Europe, and acts of global terror.
Severe unrest continued in certain areas of the Middle East, driven by the opposing and overlapping regional interests of extremist groups, nationalist fighters and state actors. Syrian government forces appeared to consolidate gains in and around Aleppo, with assistance from Russia, while Iraqi forces, supported by U.S. military resources, began to make notable progress in reversing Islamic State gains. The U.S. military increased its air support during the period, targeting both Syrian government and extremist positions, while also raising the profile of its involvement in Afghanistan by targeting Islamic State strongholds.
Despite the considerable aforementioned instability in the Middle East, the price of oil remained mostly insulated from regional developments. Oil-price weakness, which began to moderate in 2016, remained primarily attributable to oversupply. Energy-export-dependent Venezuela succumbed to the economically depressive effects of low oil prices during the period, as food shortages and a breakdown of the rule of law appeared to worsen, despite an eventual rebound in the price of oil. Brazil’s prospects also paled, then recovered partially, as a corruption investigation centering on its lead state-run oil company enveloped a cross-section of political leaders. The OPEC reached an agreement in late 2016 with the cooperation of non-OPEC producers to enact production cuts in pursuit of a balanced market.
It will be interesting to see the ultimate effects of the ensuing Syrian migrant crisis on the European Union (“EU”). Immigration served as one of the key points of contention leading up to Great Britain’s Brexit vote in late June 2016 to leave the European Union. U.K. Prime Minister David Cameron tendered his resignation as a result, and Theresa May was appointed to the office with a mandate to enact a formal withdrawal from the EU. Prime Minister May triggered Article 50 during the second half of the fiscal period and began the formal withdrawal process.
Immigration-driven uncertainty also took center stage in the months leading up to the U.S. presidential election, which Donald Trump ultimately won in November with a tough stance on immigration. President Trump’s early actions following his inauguration in January demonstrated a commitment to follow through on tighter U.S. immigration policy.
A raft of political surprises unfolded late in the fiscal period. The U.K Conservative party relinquished its parliamentary majority and was forced to seek a partner to form a minority government. Emmanuel Macron’s early-May victory in the French presidential election amounted to a significant win for the establishment. In the U.S., a high-profile special prosecutor was appointed to investigate the possibility of collusion between Donald Trump’s presidential campaign and Russia. In Brazil, an ongoing top-level corruption scandal was blown wide open in mid-May as potential evidence emerged of a taped conversation featuring President Michel Temer approving a large hush-money bribe.
Adviser Managed Trust / Annual Report / July 31, 2017 | 1 |
LETTER TO SHAREHOLDERS (Continued)
JULY 31, 2017
Economic performance
U.S. economic growth accelerated in the third and fourth quarter of 2016, before slumping early in 2017 as consumer spending weakened and businesses cut back on inventories in a possible setback to President Trump’s assurances to promote growth. The labor market continued to improve throughout the year: the unemployment rate fell, finishing the period at 4.3%, while the labor-force participation rate ended marginally higher than a year ago at 62.9%.
Average hourly earnings gained, bouncing around a mean of about 0.2% growth per month over the year; although a modest increase in price pressures weighed on real personal income growth as the period progressed. The Fed raised its target interest rate in mid-December 2016, and again in both March and June 2017, representing two of three projected rate increases in 2017.
The ECB held its benchmark interest rate unchanged through the fiscal period, while the Bank of England cut its benchmark rate in August 2016 to a historic low with the hope of stimulating the U.K. economy following the Brexit vote. Quarterly growth in the eurozone expanded at its quickest pace since 2015, emphasizing the area’s notable economic performance at a time that many thought would be plagued by political uncertainty. Year-on-year growth was 2.2% at the end of the second quarter of 2017, with France, Italy and Greece all beating expectations. The U.K. economy grew at 1.7% year-on-year through the second quarter of 2017, but slowed significantly toward the end of the fiscal period as a weakened pound dampened consumer spending.
Japanese GDP grew 2.0% year-on-year at the end of the second quarter of 2017, while the BOJ maintained stimulus to try to rejuvenate the economy. Meanwhile, economic growth in China expanded by 6.9% year-on-year in the second quarter of 2017 after China’s government provided substantial fiscal stimulus early in the period to support the government’s growth targets.
Market developments
For the fiscal period ending July 31, 2017, geopolitical events dominated global equity markets. Market movements were driven by periods of risk-on and risk-off rallies. The first half of the period was marked by continued, but uninspiring, economic expansion and populist movements surprisingly sweeping political elections in the U.K. and the U.S. The second half saw a synchronized global economic recovery.
Markets looked past the surprising Brexit vote in June 2016 and rallied during the summer after investors regained confidence in economic growth. Cyclical stocks outperformed during the summer as the risk-on rally took hold, but this was short-lived after investors positioned defensively into the U.S. presidential elections. Though candidate Trump presented a source of uncertainty to markets, promises of deregulation, corporate-tax reform and fiscally expansionary policies sparked a sharp rally in cyclical assets, and defensive assets that were bid up during prior years sold off. OPEC’s decision to curb output and the Fed’s rate hike also contributed to the sharp rally for traditional value sectors (financials, industrials and energy).
The turn of the calendar year marked the beginning of the reversal of the cyclical rally (dubbed the Trump reflation trade). The first few months saw setbacks for the Trump administration after Washington failed to pass a replacement for the Affordable Care Act and controversies involving Russian election meddling plagued the new administration. There was a realization that the growth expected from promised regulatory changes would take a while to play out, and markets began to unwind the reflation trade. At the same time, assets such as defensive sectors, technology stocks and bonds that sold off during the reflation trade rallied during this period. U.S. Treasury yields rose across the curve with short-term yields rising more than long-term yields. Yields for 10-year government bonds began the fiscal period around 1.5% and ended around 2.3%, reflecting increased optimism around economic growth, but remained below their late-2016 peak.
The U.K. stunned investors with the British vote to leave the EU and joined the list of frustrations for European equities that included Italian banks with oversized debt. The result was a lack of enthusiasm for stocks in the region despite continued stimulus from the ECB. European stocks experienced a small rally after the Brexit vote as investors looked past the results, and saw an even greater rally after Donald Trump’s surprising victory in the U.S. elections. President Trump’s promises of deregulation and fiscal stimulus, along with the Fed’s three rate increases during the period, sparked a cyclical rally in European stocks, with banks leading the way. At the turn of the year, despite political risk from French and Dutch elections and the possibility of fragmentation in the EU, signs of economic
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recovery emerged in the region, and European equities rallied on the back of recovering economic growth and victories for pro-EU parties in elections toward the end of the fiscal period.
Looking back on market performance for the full period, the MSCI ACWI Index, a proxy for global equities, rose 17.06% in U.S. dollar terms. U.S. markets slightly lagged, as the S&P 500 Index returned 16.04%.
Equity market leadership, both in the U.S. and globally, shifted from growth-oriented sectors to financials and commodity-linked sectors, then to technology late in the period. The latter group’s rally in the final fiscal quarter provided a boost to growth stocks, propelling the Russell 1000 Growth Index to 18.05% for the period, while the Russell 1000 Value Index returned 13.76%.
Small-cap stocks outperformed as well. U.S. small caps (Russell 2000 Index) outpaced large caps (Russell 1000 Index), delivering 18.45% and 15.95%, respectively.
After hitting lows early in the fiscal period on the heels of deflationary fears caused by low commodity prices and Brexit-related concerns, rates began to rise. Economic growth exceeded expectations, and Trump’s victory sparked expectations of reflationary fiscal policy. The market began to price in a December 2016 Fed rate hike, causing Treasury yields to rise, particularly those at the front end of the yield curve. The Fed voted to increase the federal-funds rate target range to 1.00-1.25% after a third rate hike during the period in June 2017, and increased its projection for the pace of rate hikes in 2017 from two to three, citing strengthening labor-market conditions and firming inflation as the rationale.
Inflation-sensitive assets, such as commodities and Treasury inflation-protected securities, were mixed. The Bloomberg Commodity Total Return Index (which represents the broad commodity market) inched 0.76% higher during the period, as the energy and agriculture sectors dragged down the index, while the Bloomberg Barclays 1-10 Year US TIPS Index (USD) eased 0.08%.
Global markets witnessed a significant regime change during the period, as increases made to the U.S. federal-funds rate were expected to launch a cycle of rising interest rates from historically low levels. Investors were also confronted by significant market rotations during the period, starting with a preference for safe-haven and defensive assets, then increasingly in favor of cyclically-sensitive segments.
Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, fell 1.28% in U.S. dollar terms during the reporting period, while the high-yield market was strong, with the BofA Merrill Lynch US High Yield Constrained Index delivering 11.41%.
U.S. investment-grade corporate debt was positive, as the Bloomberg Barclays Investment Grade US Corporate Index returned 1.55%. U.S. asset-backed securities were marginally positive during the period, while mortgage-backed securities fell, as both faced headwinds late in the period from rising interest-rate expectations.
Emerging-market debt delivered strong performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, gained 7.97% in U.S. dollar terms during the reporting period thanks to an impressive rally in the second half of the period. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), advanced by 5.04%.
Our view
At the start of the current calendar year, as the White House was set to change hands, SEI held an optimistic view regarding the path of the U.S. economy, corporate profits and, by extension, the stock market. We saw a great opportunity for the passage of business-friendly tax and regulatory reforms; but our hopes on legislative policy now appear too optimistic. Trump’s unpopularity has emboldened the opposition to put up a unified resistance.
U.S. stock-market sectors that did well immediately following the election have corrected sharply or lagged the overall market meaningfully in the year to date. By contrast, post-election laggards have bounced back sharply. Throughout these gyrations, the U.S. equity market has managed to climb to new record highs. The lack of volatility has brought the widely-watched Chicago Board Options Exchange Market Volatility Index (VIX) to extremely low levels, which we would argue increases the odds of at least a garden-variety correction.
Adviser Managed Trust / Annual Report / July 31, 2017 | 3 |
LETTER TO SHAREHOLDERS (Concluded)
JULY 31, 2017
Although our optimism is being tested, we are gamely sticking to our expectation that a major tax bill will be pushed through Congress. Original hopes of a big cut in U.S. corporate tax rates will most likely be replaced by a smaller cut. This fiscal stimulus should still boost economic growth prospects, but could eventually add to inflationary pressures since the country’s economy is edging closer to full employment.
Fed Chair Janet Yellen and a majority of her colleagues might be coming to the same conclusion, as evidenced by the federal funds rate hikes this year and apparent intentions to reduce the size of the Fed’s balance sheet. The pace of quantitative tightening should not be exceptionally disruptive to the bond market, at least during its ramp-up phase. But the Fed’s selling could aggravate upward pressure on bond yields if investors become more concerned about the inflation outlook. With the 10-year Treasury bond currently yielding just 2.30%, however, it is obvious that inflation concerns are not yet paramount.
One of the great puzzles is the lack of upward pressure on the U.S. inflation rate despite a tightening labor market. Wages and salaries continued to rise at a sedate pace, so corporate profit margins remained unusually robust despite the aging economic expansion. The connection between tight labor markets and wage inflation has seemingly been severed by slow economic growth; little visible progress on tax reform and fiscal policy stimulus; weak oil pricing; and the secular disinflationary forces of demographics and disruptive technological change.
We believe this is why investors have returned to strategies emphasizing yield and stability. Unfortunately, it’s hard to see the value in fixed-income yields that are so low in absolute terms and credit spreads that are tight relative to Treasury bonds. We do not think this lack of appeal portends imminent danger since inflation also is still low—but it does increase the vulnerability of fixed-income assets to a negative surprise (as is the case with the VIX and U.S. equities).
The European equity bounce has been strong thus far in 2017, with the MSCI European Economic and Monetary Union Index (Total Return) gaining about 20% in U.S. dollar terms—reflecting the strength of the euro against the greenback. Economic sentiment in the region has risen to the highest level since 2007, suggesting that economic growth may soon accelerate. Perhaps more important for investors, eurozone earnings were beginning to pick up in a recovery that appears to have momentum.
The ECB began tapering purchases in April 2017, as their expansion efforts seem to have finally had a positive impact. Loan growth accelerated to its best pace in six years—an encouraging-yet-slow expansion that argues strongly in favor of ECB President Mario Draghi’s long-standing preference to maintain the current pace of quantitative easing at least through 2017.
The U.K. election result in June means the country is now far more likely to move toward a “soft” Brexit. In our view, U.K services industries and the City of London have more to gain from a hybrid relationship with the European Union than from a complete sundering of the relationship (as is the wish of more hardline Brexiteers).
This latest political surprise comes at a time when the U.K. economy was showing mixed economic results. Inflation has been accelerating over the past year, which can be traced to sterling’s decline since August 2015. This has not been matched by rising incomes—U.K. households are falling behind, even though the unemployment rate has dropped to historical lows.
If a trophy were given out for the most under-rated stock market, we would give our vote to Japan. It is no secret that its economy faces serious demographic issues. Yet Japanese equity prices have outperformed both the U.S. and Europe since 2012, when Prime Minister Shinzo Abe entered office. Governance of large, publicly traded companies in Japan has improved quite a bit. The government has been working hard to open markets that have been protected from competition.
Another factor behind the strong performance of Japanese equities stems from the liquidity infusion into the economy provided by the BOJ through its quantitative and qualitative monetary easing program. As a percentage of gross domestic product, the BOJ’s securities holdings are almost as large as the economy itself.
As rates in the U.S. move up and the differential versus Japanese yields widens, we look for a resumption of the weakening trend in the yen against the U.S. dollar. This should serve as a tailwind for additional price appreciation in Japanese equities.
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Developing-market equities have been on a tear this year, with the MSCI Emerging Markets Index climbing about 25% in U.S. dollar terms in the year to date, and a still-substantial 20% when measured in local-currency terms. To be sure, we have seen previous episodes of U.S. equities lagging during this long bull market—but those were typically brief stumbles, lasting a mere few months. Perhaps the current bout of underperformance will prove transitory too. But we no longer view U.S. equities as the best game in town.
Despite the gains, emerging stock markets have remained attractive on a valuation basis relative to developed markets. Investors have also been drawn to the region due to improving global economic fundamentals, with China leading the way and Brazil recording a sharp recovery from recession.
We still have concerns about the sharp increase in debt across developing economies—mostly within the corporate sector, especially in China. But at this point, we expect current trends to hold—moderate global economic growth, rising inflation that leads to commodity-price gains, and a stable or slightly weaker U.S. dollar—all of which provide a favorable macroeconomic backdrop for emerging-market economies and financial markets.
The typical market fluctuations that come with a new administration could present attractive buying opportunities. Our portfolio managers will continue to closely monitor these developments in an effort to anticipate the effects and the opportunities they may present.
On behalf of SEI Investments, I thank you for your continued confidence. We are working every day to maintain that confidence, and look forward to serving your investment needs in the future.
Sincerely,
William Lawrence, CFA
Head & Chief Investment Officer of Traditional Asset Management
Adviser Managed Trust / Annual Report / July 31, 2017 | 5 |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
JULY 31, 2017
Tactical Offensive Equity Fund
I. Objective
The Tactical Offensive Equity Fund (the “Fund”) seeks to provide capital appreciation.
II. Adviser Managed Strategy Component
Only persons who are clients of the Financial Adviser (as defined below) and who participate in the Adviser Managed Strategy should invest in the Fund. The Fund may not be purchased by any other investor. The Fund is 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 Fund, the Tactical Offensive Fixed Income Fund, and a money market fund affiliated with the Fund, depending on the Financial Adviser’s evaluation of current market conditions (“Adviser Managed Strategy”). The Financial Adviser is not the adviser to the Fund, and is not affiliated with SEI Investments Management Corporation (“SIMC”), the adviser to the Fund. 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 other 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 Adviser’s redemption request will cause the Fund to liquidate a substantial portion or 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 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 (“ETF“s) that are designed to track the performance of the broad equity market. The Fund could be invested in these types of investments for extended periods of time. At such times, SIMC will actively manage the assets of the Fund. SIMC, the Financial Adviser or one or more of their affiliates will be the only investors in the Fund when the Fund is not an active component of the Adviser Managed Strategy.
III. Investment Approach
The Fund employs a passive strategy designed to track the performance of one or more indexes that represent
broad exposure to the U.S. equity market and issuers located in developed and emerging market countries outside the U.S. (each an Index, and collectively, the Indexes). The passive strategy is implemented by State Street Global Advisors (“SSgA”) Funds’ Management, Inc., as sub-adviser under the general supervision SIMC. SIMC may adjust the Fund’s allocation of assets among the Indexes over time depending on its assessment of the markets.
IV. Return vs. Benchmark
For the full year ended July 31, 2017, the Fund returned 16.87%. The Fund’s primary benchmark—the S&P 500 Index—returned 16.04%.
The Fund is designed to have exposure to a range of asset classes, not all of which are reflected in the primary benchmark of the Fund. Therefore, SEI also utilizes a blended benchmark (which reflects the Fund’s allocations to various asset classes and global markets) to assess performance. The Fund’s blended benchmark consists of the Russell 1000 Index (60%), MSCI EAFE Index (20%), Russell 2000 Index (10%) and MSCI Emerging Markets Index (10%). The blended benchmark returned 17.59% during the fiscal year.
V. Performance Discussion
The Fund was an active part of the Adviser Managed Strategy for the full period from August 1, 2016 to July 31, 2017. Over the period, the Fund allocated to and sought to passively track the performance of indexes as follows: Russell 1000 Index (60%), MSCI EAFE Index (20%), Russell 2000 Index (10%) and MSCI Emerging Markets Index (10%). During the fiscal year ending July 31, 2017, the Fund performed in line with its blended benchmark, and outperformed the S&P 500 Index.
The Russell 1000 Index returned 15.95% during the fiscal period. Financials and information technology were the best-performing sectors, while real estate and telecommunication services were the weakest. The strong performance from financials and information technology was the result of two distinct periods of performance, with financials leading during the first period that lasted until December 2016. This time was marked by a rally in value stocks encouraged by President Trump’s growth-oriented policies. As noted in the shareholder letter, technology stocks took the reins in December as the market realized such policies would take longer than expected to pass Congress, and expectations for a slow growth environment favored higher-growth stocks. Real estate and
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telecommunication services lagged as rates rose and investors rotated out of dividend-yielding stocks.
The Russell 2000 Index returned 18.45% during the period, as the risk-on sentiment that took hold of markets during the year encouraged seeking risk in smaller-capitalization stocks.
Sector performance within the Russell 2000 Index mirrored the Russell 1000 Index, with financials and technology stocks leading and dividend-yielding sectors lagging.
The MSCI EAFE Index returned 17.77% during the period, driven by financials and materials. The Index’s performance was marked by the economic recovery and higher inflation in Europe, which prompted investors to favor cyclical stocks such as financials and materials. Dividend-yielding stocks, such as real estate and telecommunications, lagged here as well.
From a regional point of view, the Pacific region underperformed as economic headwinds plagued both Japan and Australia. The MSCI Emerging Markets Index returned 24.84%, as financial and technology stocks led all sectors. Similar to their U.S. counterparts, emerging-market technology giants concentrated in China, Korea and Taiwan were heavily favored by investors, while financials benefited from renewed growth expectations in developing markets around the world. The risk-on appetite that emboldened investors helped riskier asset classes such as small-cap and emerging-market stocks outperform their U.S. and developed-market peers.
AVERAGE ANNUAL TOTAL RETURN1,2 | ||||||||||||||||
One Year Return | Annualized 3-Year Return | Annualized 5-Year Return | Annualized Inception to Date | |||||||||||||
Tactical Offensive Equity Fund, Class A | 16.87% | 7.31%‡ | 11.54%‡ | 10.24%†‡ | ||||||||||||
S&P 500 Index | 16.04% | 10.87% | 14.78% | 12.59% | ||||||||||||
Blended 60% Russell 1000 Index/10% Russell 2000 Index/20% MSCI EAFE Index/10% MSCI Emerging Markets Index | 17.59% | 8.23% | 12.71% | 9.76% |
Comparison of Change in the Value of a $10,000 Investment in the Tactical Offensive Equity Fund, Class A, versus the S&P 500 Index and a blended benchmark consisting of, 60% Russell 1000 Index/10% Russell 2000 Index/20% MSCI EAFE Index/10% MSCI Emerging Markets Index.
1 | For the year ended July 31, 2017. Past performance is no indication of future performance. Prior to October 1, 2014, the Fund’s investment approach was an “active” investment strategy where an investment manager would buy and sell securities based on its own economic, financial, and market analysis. On October 1, 2014, SIMC implemented a “passive” investment strategy which seeks to track an index return. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Shares of the Fund were offered beginning February 25, 2011. |
2 | This table compares the Fund’s average annual total returns to those of a broad-based index and the Fund’s 60/10/20/10 Blended Benchmark, which consists of the Russell 1000 Index, Russell 2000 Index, MSCI EAFE Index, and the MSCI Emerging Markets Index. The Fund’s blended benchmark encompasses additional countries, capitalization weights and sectors than the broad-based index, and therefore we believe that it more accurately reflects the overall investment strategy of the Fund. |
† | The Fund was not an active component of the Adviser Managed Strategy for the period of August 6, 2011 through January 25, 2012. |
‡ | The Fund was not an active component of the Adviser Managed Strategy for the period of August 28, 2015 through April 14, 2016. |
Adviser Managed Trust / Annual Report / July 31, 2017 | 7 |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
JULY 31, 2017
Tactical Offensive Fixed Income Fund
I. Objective
The Tactical Offensive Fixed Income Fund (the “Fund”) seeks to provide total return.
II. Adviser Managed Strategy Component
Only persons who are clients of the Financial Adviser (as defined below) and who participate in the Adviser Managed Strategy should invest in the Fund. The Fund may not be purchased by any other investor. The Fund is 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 Fund, the Tactical Offensive Fixed Income Fund, and a money market fund affiliated with the Fund, depending on the Financial Adviser’s evaluation of current market conditions (“Adviser Managed Strategy”). The Financial Adviser is not the adviser to the Fund, and is not affiliated with SEI Investments Management Corporation (“SIMC”), the adviser to the Fund. 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 other 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 Adviser’s redemption request will cause the Fund to liquidate a substantial portion or 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 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 Fund’s investment goal. The Fund could be invested in these types of investments for extended periods of time. At such times, SIMC will actively manage the assets of the Fund. SIMC, the Financial Adviser or one or more of their affiliates will be the only investors in the Fund when the Fund is not an active component of the Adviser Managed Strategy.
III. Investment Approach
The Fund employs a passive strategy designed to track the performance of one or more U.S. Investment Grade, High Yield and Emerging Market Fixed Income Indexes (each an Index, and collectively, the Indexes) implemented by State Street Global Advisors (SSgA) Funds’ Management, Inc., as sub-adviser under the general supervision of SEI Investments Management Corporation (SIMC). SIMC may adjust the Fund’s allocation of assets among the Indexes over time depending on its assessment of the markets.
IV. Return vs. Benchmark
For the full year ended July 31, 2017, the Fund returned 0.51%. The Fund’s benchmark—the Bloomberg Barclays U.S. Aggregate Bond Index—returned -0.51%.
The Fund is designed to have exposure to a range of asset classes, not all of which are reflected in the primary benchmark of the Fund. Therefore, SEI also utilizes a blended benchmark (which reflects the Fund’s allocations to various asset classes and global markets) to assess performance. The Fund’s blended benchmark consists of the Bloomberg Barclays U.S. Aggregate Bond Index (76%), Bloomberg Barclays High Yield Very Liquid Index (9.50%), Citi Emerging Markets U.S. Dollar Government Bond Index (9.50%) and Bloomberg Barclays Global Treasury G6 (G7 ex-US) Index Hedged (5%). The blended benchmark returned 0.91% during the fiscal year.
V. Performance Discussion
The Fund maintained strategic allocations intended to track the Bloomberg Barclays U.S. Aggregate Bond Index (76%), Bloomberg Barclays High Yield Very Liquid Index (9.50%), Citi Emerging Markets U.S. Dollar Government Bond Index (9.50%) and Bloomberg Barclays Global Treasury G6 (G7 ex-US) Index Hedged (5%). The Fund performed in line with its blended benchmark, and outperformed the Bloomberg Barclays U.S. Aggregate Bond Index. For the reasons addressed below, the strategic allocation to U.S. dollar-denominated emerging-markets debt and high-yield debt contributed to relative performance while strategic allocations to hedged international bonds detracted from relative performance.
For the period, the Bloomberg Barclays U.S. Aggregate Bond Index returned -0.51%. From a sector perspective, investment-grade corporates, particularly industrials, were among the best performers, while agency
8 | Adviser Managed Trust / Annual Report / July 31, 2017 |
mortgage-backed securities were among the worst performers.
The Bloomberg Barclays High Yield Very Liquid Index returned 10.55% during the fiscal year. After reaching recent lows in 2016, energy and commodities moved higher over the course of the year, supporting the market and lowering default expectations. The sector was also supported by the global demand for yield, with many global sovereign bond yields hitting record lows during the fiscal period.
The Citi Emerging Markets U.S. Dollar Government Bond Index returned 4.50% during the period. The best-performing countries included Ukraine and Ecuador. The worst performers included Philippines and Poland.
The Bloomberg Barclays Global Treasury G6 (G7 ex-US) Index (Hedged) returned -1.81% during the period. As noted in the shareholder letter, the European Central Bank began tapering purchases in April 2017, while rhetoric increased about increased future tapering; European gross domestic product growth surpassed expectations. This led to a reduction in the number of bonds with negative yields and drove up other yields across the curve.
The Fund used foreign-exchange currency forwards to hedge currency exposure to sovereign debt. The associated funding costs did not have a material impact on overall Fund performance.
The Bloomberg Barclays Global G6 (G7 ex-U.S.) Index (Hedged) returned 9.14% during the period. As noted in the shareholder letter, further expansion of global monetary-policy easing, coupled with weak growth and inflation, pulled rates lower across the G6 ex-U.S. countries, resulting in positive returns across the countries (Japan, France, Germany, Italy, U.K. and Canada), particularly in the U.K. and Japan.
Within the international sovereign-bond sleeve, the Fund used foreign-exchange currency forwards to hedge exposure consistent with the Fund’s mandate. The associated funding costs were a minor detractor to overall Fund performance.
AVERAGE ANNUAL TOTAL RETURN1,2 | ||||||||||||||||
One Year Return | Annualized 3-Year Return | Annualized 5-Year Return | Annualized Inception to Date | |||||||||||||
Tactical Offensive Fixed Income Fund, Class A | 0.51% | 2.62% | 2.21% | 3.39% | ||||||||||||
Bloomberg Barclays U.S. Aggregate Bond Index | -0.51% | 2.71% | 2.02% | 3.33% |
AVERAGE ANNUAL TOTAL RETURN1 | ||||||||||||||||
One Year Return | Annualized 3-Year Return | Annualized 5-Year Return | Annualized Inception to Date | |||||||||||||
Blended 76% Bloomberg Barclays U.S. Aggregate Bond Index/9.5% Bloomberg Barclays U.S. High Yield Bond Very Liquid Index/9.5% Citi Emerging Markets USD Government Bond Index/5% Bloomberg Barclays Global G6 Hedged (G7 ex-U.S.) Index (Hedged) | 0.91% | 3.22% | 2.77% | 4.03% |
Comparison of Change in the Value of a $10,000 Investment in the Tactical Offensive Fixed Income Fund, Class A, versus the Bloomberg Barclays U.S. Aggregate Bond Index and a blended benchmark consisting of, 76% Bloomberg Barclays U.S. Aggregate Bond Index/9.5% Bloomberg Barclays U.S. High Yield Bond Very Liquid Index/9.5% Citi Emerging Markets USD Government Bond Index/5% Bloomberg Barclays Global G6 (G7 ex-U.S.) Index (Hedged).
1 | For the year ended July 31, 2017. Past performance is no indication of future performance. Prior to October 1, 2014, the Fund’s investment approach was an “active” investment strategy where an investment manager would buy and sell securities based on its own economic, financial, and market analysis. On October 1, 2014, SIMC implemented a “passive” investment strategy which seeks to track an index return. Returns shown do not reflect the deduction of |
Adviser Managed Trust / Annual Report / July 31, 2017 | 9 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Concluded)
taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Shares of the Fund were offered beginning February 25, 2011. |
2 | This table compares the Fund’s average annual total returns to those of a broadbased index and the Fund’s 76/9.5/9.5/5 Blended Benchmark, which consists of the Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. High Yield Bond Very Liquid Index, Citi Emerging Markets USD Government Bond Index, and the Bloomberg Barclays Global G6 (G7 ex-U.S.) Index (Hedged). The Fund’s blended benchmark encompasses additional countries, capitalization weights and sectors than the broad-based index, and therefore we believe that it more accurately reflects the overall investment strategy of the Fund. |
10 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SUMMARY SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Equity Fund
† Percentages are based on total investments.
Description |
Percentage of | Shares | Market Value ($ Thousands) | |||||||||
COMMON STOCK – 96.8% |
| |||||||||||
Australia – 1.14% |
| |||||||||||
Other Securities ‡ | 1.4 | % | $ | 31,044 | ||||||||
|
| |||||||||||
Austria – 0.1% |
| |||||||||||
Other Securities | 0.1 | 1,092 | ||||||||||
|
| |||||||||||
Belgium – 0.2% |
| |||||||||||
Other Securities | 0.2 | 5,258 | ||||||||||
|
| |||||||||||
Brazil – 0.4% |
| |||||||||||
Other Securities | 0.4 | 9,839 | ||||||||||
|
| |||||||||||
Canada – 0.0% |
| |||||||||||
Other Securities | 0.0 | 666 | ||||||||||
|
| |||||||||||
Chile – 0.1% |
| |||||||||||
Other Securities | 0.1 | 2,441 | ||||||||||
|
| |||||||||||
China – 1.7% |
| |||||||||||
Tencent Holdings | 0.5 | 266,300 | 10,686 | |||||||||
Other Securities (A) | 1.2 | 27,208 | ||||||||||
|
| |||||||||||
37,894 | ||||||||||||
|
| |||||||||||
Colombia – 0.0% |
| |||||||||||
Other Securities | 0.0 | 595 | ||||||||||
|
| |||||||||||
Czech Republic – 0.0% |
| |||||||||||
Other Securities (A) | 0.0 | 466 | ||||||||||
|
| |||||||||||
Denmark – 0.4% |
| |||||||||||
Other Securities (A) | 0.4 | 8,024 | ||||||||||
|
| |||||||||||
Finland – 0.2% |
| |||||||||||
Other Securities | 0.2 | 4,381 | ||||||||||
|
| |||||||||||
France – 1.9% | ||||||||||||
Other Securities ‡ | 1.9 | 42,610 | ||||||||||
|
| |||||||||||
Germany – 1.7% |
| |||||||||||
Other Securities (A) | 1.7 | 39,134 | ||||||||||
|
|
Description |
Percentage of | Shares | Market Value ($ Thousands) | |||||||||
COMMON STOCK (continued) |
| |||||||||||
Greece – 0.0% |
| |||||||||||
Other Securities | 0.0 | % | $ | 855 | ||||||||
|
| |||||||||||
Hong Kong – 1.4% |
| |||||||||||
Other | 1.4 | 31,217 | ||||||||||
|
| |||||||||||
Hungary – 0.0% |
| |||||||||||
Other Securities | 0.0 | 762 | ||||||||||
|
| |||||||||||
India – 0.2% |
| |||||||||||
Other Securities (A) | 0.2 | 4,497 | ||||||||||
|
| |||||||||||
Indonesia – 0.2% |
| |||||||||||
Other Securities | 0.2 | 5,472 | ||||||||||
|
| |||||||||||
Ireland – 0.6% |
| |||||||||||
Other Securities | 0.6 | 13,074 | ||||||||||
|
| |||||||||||
Israel – 0.1% |
| |||||||||||
Other Securities | 0.1 | 2,560 | ||||||||||
|
| |||||||||||
Italy – 0.5% |
| |||||||||||
Other Securities (A) | 0.5 | 10,392 | ||||||||||
|
| |||||||||||
Japan – 4.5% |
| |||||||||||
Other Securities ‡ | 4.5 | 101,973 | ||||||||||
|
| |||||||||||
Luxembourg – 0.1% |
| |||||||||||
Other Securities | 0.1 | 1,135 | ||||||||||
|
| |||||||||||
Macau – 0.0% |
| |||||||||||
Other Securities | 0.0 | 347 | ||||||||||
|
| |||||||||||
Malaysia – 0.2% |
| |||||||||||
Other Securities | 0.2 | 5,176 | ||||||||||
|
| |||||||||||
Mexico – 0.4% |
| |||||||||||
Other Securities ‡ | 0.4 | 7,852 | ||||||||||
|
| |||||||||||
Netherlands – 1.3% |
| |||||||||||
Other Securities (A) | 1.3 | 29,119 | ||||||||||
|
| |||||||||||
New Zealand – 0.0% |
| |||||||||||
Other Securities | 0.0 | 704 | ||||||||||
|
| |||||||||||
Norway – 0.1% |
| |||||||||||
Other Securities | 0.1 | 2,965 | ||||||||||
|
| |||||||||||
Pakistan – 0.0% |
| |||||||||||
Other Securities | 0.0 | 135 | ||||||||||
|
| |||||||||||
Panama – 0.0% |
| |||||||||||
Other Securities | 0.0 | 317 | ||||||||||
|
| |||||||||||
Peru – 0.0% |
| |||||||||||
Other Securities | 0.0 | 657 | ||||||||||
|
| |||||||||||
Philippines – 0.1% |
| |||||||||||
Other Securities | 0.1 | 2,628 | ||||||||||
|
|
Adviser Managed Trust / Annual Report / July 31, 2017 | 11 |
SUMMARY SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Concluded)
Description |
Percentage of | Shares | Market Value ($ Thousands) | |||||||||
COMMON STOCK (continued) |
| |||||||||||
Poland – 0.2% |
| |||||||||||
Other Securities | 0.2 | % | $ | 3,223 | ||||||||
|
| |||||||||||
Portugal – 0.0% |
| |||||||||||
Other Securities | 0.0 | 670 | ||||||||||
|
| |||||||||||
Qatar – 0.1% |
| |||||||||||
Other Securities | 0.1 | 1,554 | ||||||||||
|
| |||||||||||
Russia – 0.2% |
| |||||||||||
Other Securities | 0.2 | 4,809 | ||||||||||
|
| |||||||||||
Singapore – 0.3% |
| |||||||||||
Other Securities ‡ | 0.3 | 6,615 | ||||||||||
|
| |||||||||||
Slovak Republic – 0.0% |
| |||||||||||
Other Securities | 0.0 | 352 | ||||||||||
|
| |||||||||||
South Africa – 0.7% |
| |||||||||||
Other Securities ‡ | 0.7 | 15,455 | ||||||||||
|
| |||||||||||
South Korea – 1.5% |
| |||||||||||
Samsung Electronics | 0.5 | 4,631 | 9,973 | |||||||||
Other Securities (A) | 1.0 | 23,751 | ||||||||||
|
| |||||||||||
33,724 | ||||||||||||
|
| |||||||||||
Spain – 0.7% |
| |||||||||||
Other Securities (A) | 0.7 | 15,766 | ||||||||||
|
| |||||||||||
Sweden – 0.6% |
| |||||||||||
Other Securities | 0.6 | 12,379 | ||||||||||
|
| |||||||||||
Switzerland – 1.6% |
| |||||||||||
Nestle | 0.4 | 96,723 | 8,190 | |||||||||
Novartis | 0.3 | 69,483 | 5,934 | |||||||||
Other Securities | 0.9 | 22,785 | ||||||||||
|
| |||||||||||
36,909 | ||||||||||||
|
| |||||||||||
Taiwan – 1.1% |
| |||||||||||
Other Securities | 1.1 | 25,546 | ||||||||||
|
| |||||||||||
Thailand – 0.2% |
| |||||||||||
Other Securities | 0.2 | 5,089 | ||||||||||
|
| |||||||||||
Turkey – 0.1% |
| |||||||||||
Other Securities ‡ | 0.1 | 2,690 | ||||||||||
|
| |||||||||||
United Arab Emirates – 0.1% |
| |||||||||||
Other Securities | 0.1 | 1,756 | ||||||||||
|
| |||||||||||
United Kingdom – 3.4% |
| |||||||||||
HSBC Holdings | 0.3 | 625,225 | 6,240 | |||||||||
Other | 3.1 | 70,299 | ||||||||||
|
| |||||||||||
76,539 | ||||||||||||
|
| |||||||||||
United States – 68.2% |
| |||||||||||
3M | 0.3 | 32,500 | 6,538 | |||||||||
AbbVie | 0.3 | 89,154 | 6,233 | |||||||||
Alibaba Group Holding ADR * | 0.4 | 52,000 | 8,057 |
Description |
Percentage of | Shares | Market Value ($ Thousands) | |||||||||
COMMON STOCK (continued) |
| |||||||||||
Alphabet, Cl A * | 0.7 | % | 16,729 | $ | 15,817 | |||||||
Alphabet, Cl C * | 0.7 | 17,000 | 15,818 | |||||||||
Altria Group | 0.3 | 108,600 | 7,056 | |||||||||
Amazon.com * | 1.0 | 22,273 | 22,001 | |||||||||
Amgen | 0.3 | 41,326 | 7,212 | |||||||||
Apple | 1.9 | 292,954 | 43,571 | |||||||||
AT&T | 0.6 | 345,631 | 13,480 | |||||||||
Bank of America | 0.6 | 559,530 | 13,496 | |||||||||
Berkshire Hathaway, Cl B * | 0.8 | 108,043 | 18,904 | |||||||||
Boeing | 0.3 | 32,000 | 7,759 | |||||||||
Celgene * | 0.3 | 43,500 | 5,890 | |||||||||
Chevron | 0.5 | 106,203 | 11,596 | |||||||||
Cisco Systems | 0.4 | 281,759 | 8,861 | |||||||||
Citigroup | 0.5 | 154,800 | 10,596 | |||||||||
Coca-Cola | 0.4 | 215,930 | 9,898 | |||||||||
Comcast, Cl A | 0.5 | 264,644 | 10,705 | |||||||||
ExxonMobil | 0.8 | 238,135 | 19,060 | |||||||||
Facebook, CI A * | 1.0 | 131,088 | 22,187 | |||||||||
General Electric | 0.5 | 488,357 | 12,507 | |||||||||
Home Depot | 0.4 | 67,500 | 10,098 | |||||||||
Honeywell International | 0.3 | 42,738 | 5,817 | |||||||||
Intel | 0.4 | 264,905 | 9,396 | |||||||||
International Business Machines | 0.3 | 48,330 | 6,992 | |||||||||
Johnson & Johnson | 0.9 | 151,479 | 20,104 | |||||||||
JPMorgan Chase | 0.8 | 198,606 | 18,232 | |||||||||
Mastercard, Cl A | 0.3 | 53,000 | 6,773 | |||||||||
McDonald’s | 0.3 | 45,700 | 7,090 | |||||||||
Medtronic | 0.3 | 76,700 | 6,440 | |||||||||
Merck | 0.4 | 153,918 | 9,832 | |||||||||
Microsoft | 1.3 | 421,193 | 30,621 | |||||||||
Oracle | 0.4 | 161,588 | 8,068 | |||||||||
PepsiCo | 0.4 | 80,264 | 9,360 | |||||||||
Pfizer | 0.5 | 332,356 | 11,021 | |||||||||
Philip Morris International | 0.4 | 87,200 | 10,177 | |||||||||
Procter & Gamble | 0.6 | 143,876 | 13,067 | |||||||||
SEI Investments † | 0.0 | 7,700 | 435 | |||||||||
UnitedHealth Group | 0.5 | 53,900 | 10,339 | |||||||||
Verizon Communications | 0.5 | 229,491 | 11,107 | |||||||||
Visa, Cl A | 0.5 | 103,840 | 10,338 | |||||||||
Wal-Mart Stores | 0.3 | 81,600 | 6,527 | |||||||||
Walt Disney | 0.4 | 88,000 | 9,674 | |||||||||
Wells Fargo | 0.6 | 252,360 | 13,612 | |||||||||
Other Securities †‡ | 44.3 | 1,004,709 | ||||||||||
|
| |||||||||||
1,547,071 | ||||||||||||
|
| |||||||||||
Total Common Stock | 2,195,428 | |||||||||||
|
|
12 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Percentage of Net Assets (%) | Shares |
Market Value | |||||||
EXCHANGE TRADED FUNDS – 0.9% |
| |||||||||
United States – 0.9% | ||||||||||
iShares MSCI India Fund | 0.7% | 457 | $ | 15,719 | ||||||
Other Securities | 0.2 | 3,315 | ||||||||
|
| |||||||||
Total Exchange Traded Funds | 19,034 | |||||||||
|
| |||||||||
PREFERRED STOCK – 0.5% |
| |||||||||
Brazil – 0.3% | ||||||||||
Other Securities | 0.3 | 6,583 | ||||||||
|
| |||||||||
Chile – 0.0% | ||||||||||
Other Securities | 0.0 | 242 | ||||||||
|
| |||||||||
Colombia – 0.0% | ||||||||||
Other Securities | 0.0 | 365 | ||||||||
|
| |||||||||
Germany – 0.1% | ||||||||||
Other Securities | 0.1 | 2,259 | ||||||||
|
| |||||||||
Mexico – 0.0% | ||||||||||
Other Securities | 0.0 | 648 | ||||||||
|
| |||||||||
South Korea – 0.1% | ||||||||||
Other Securities | 0.1 | 1,903 | ||||||||
|
| |||||||||
Total Preferred Stock | 12,000 | |||||||||
|
| |||||||||
RIGHTS – 0.0% |
| |||||||||
France – 0.0% |
| |||||||||
Other Securities | 0.0 | 3 | ||||||||
|
| |||||||||
Thailand – 0.0% |
| |||||||||
Other Securities | 0.0 | – | ||||||||
|
| |||||||||
United States – 0.0% |
| |||||||||
Other Securities | 0.0 | 19 | ||||||||
|
| |||||||||
Total Rights | 22 | |||||||||
|
| |||||||||
Total Investments – 98.2% | $ | 2,226,484 | ||||||||
|
|
The open futures contracts held by the Fund at July 31, 2017, are as follows:
Type of Contract | Number of Contracts Long | Expiration Date | Unrealized Appreciation ($ Thousands) | |||||||||
MSCI EAFE Index E-MINI | 102 | Sep-2017 | $251 | |||||||||
MSCI Emerging Markets E-MINI | 163 | Sep-2017 | 432 | |||||||||
Russell 2000 Index E-MINI | 54 | Sep-2017 | 19 | |||||||||
Russell 2000 Index E-MINI | 11 | Sep-2017 | 9 | |||||||||
S&P 500 Index E-MINI | 136 | Sep-2017 | 261 | |||||||||
S&P Mid Cap 400 Index E-MINI | 9 | Sep-2017 | 8 | |||||||||
|
| |||||||||||
$980 | ||||||||||||
|
|
Percentages are based on a Net Assets of $2,268,322 ($ 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 July 31, 2017, the value of these securities amounted to $4,957 ($ Thousands), representing 0.2% of the Net Assets of the Fund. |
ADR – American Depositary Receipt
Cl – Class
EAFE – Europe, Australasia and Far East
MSCI – Morgan Stanley Capital International
S&P – Standard & Poor’s
The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s 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 SEC’s website at http://www.sec.gov.
The following is a list of the inputs used as of July 31, 2017, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):
Investments in | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
Common Stock | $ | 2,195,428 | $ | – | $ | – | $ | 2,195,428 | ||||||||
Exchange Traded Funds | 19,034 | – | – | 19,034 | ||||||||||||
Preferred Stock | 12,000 | – | – | 12,000 | ||||||||||||
Rights | 22 | – | – | ^ | 22 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 2,226,484 | $ | – | $ | – | $ | 2,226,484 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts * |
| |||||||||||||||
Unrealized Appreciation | $ | 980 | $ | – | $ | – | $ | 980 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | 980 | $ | – | $ | – | $ | 980 | ||||||||
|
|
|
|
|
|
|
|
* 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 year period ended July 31, 2017, 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 year period ended July 31, 2017, 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.
Amounts designated as “–” are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
Adviser Managed Trust / Annual Report / July 31, 2017 | 13 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund
Sector Weightings (Unaudited)†:
†Percentages are based on total investments. |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS – 30.8% |
| |||||||
Consumer Discretionary – 3.7% |
| |||||||
1011778 BC ULC / New Red Finance (A) | ||||||||
6.000%, 04/01/2022 | $ | 250 | $ | 258 | ||||
4.625%, 01/15/2022 | 256 | 262 | ||||||
4.250%, 05/15/2024 | 215 | 216 | ||||||
21st Century Fox America | ||||||||
6.650%, 11/15/2037 | 100 | 132 | ||||||
6.150%, 02/15/2041 | 250 | 317 | ||||||
4.500%, 02/15/2021 | 100 | 107 | ||||||
3.000%, 09/15/2022 | 300 | 305 | ||||||
24 Hour Fitness Worldwide | ||||||||
8.000%, 06/01/2022 (A) | 125 | 117 | ||||||
Adient Global Holdings | ||||||||
4.875%, 08/15/2026 (A) | 200 | 203 | ||||||
Advance Auto Parts | ||||||||
4.500%, 12/01/2023 | 100 | 107 | ||||||
Amazon.com | ||||||||
4.950%, 12/05/2044 | 100 | 117 | ||||||
4.800%, 12/05/2034 | 100 | 114 | ||||||
2.500%, 11/29/2022 | 200 | 203 | ||||||
AMC Entertainment Holdings | ||||||||
5.875%, 11/15/2026 | 55 | 56 | ||||||
5.750%, 06/15/2025 | 88 | 90 | ||||||
AMC Networks | ||||||||
5.000%, 04/01/2024 | 150 | 154 | ||||||
4.750%, 12/15/2022 | 100 | 103 | ||||||
4.750%, 08/01/2025 | 105 | 106 | ||||||
American Axle & Manufacturing | ||||||||
6.625%, 10/15/2022 | 100 | 104 | ||||||
6.250%, 04/01/2025 (A) | 130 | 129 | ||||||
American Honda Finance MTN | ||||||||
2.900%, 02/16/2024 | 50 | 51 | ||||||
2.250%, 08/15/2019 | 200 | 202 | ||||||
2.000%, 02/14/2020 | 50 | 50 | ||||||
1.700%, 02/22/2019 | 25 | 25 | ||||||
1.700%, 09/09/2021 | 150 | 147 | ||||||
American Tire Distributors | ||||||||
10.250%, 03/01/2022 (A) | 160 | 167 | ||||||
APX Group | ||||||||
8.750%, 12/01/2020 | 100 | 103 | ||||||
7.875%, 12/01/2022 | 158 | 172 | ||||||
Aramark Services | ||||||||
5.125%, 01/15/2024 | 183 | 194 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
5.000%, 04/01/2025 (A) | $ | 100 | $ | 107 | ||||
Asbury Automotive Group | ||||||||
6.000%, 12/15/2024 | 100 | 102 | ||||||
Ashtead Capital | ||||||||
5.625%, 10/01/2024 (A) | 200 | 215 | ||||||
AutoNation | ||||||||
4.500%, 10/01/2025 | 100 | 106 | ||||||
AutoZone | ||||||||
3.750%, 06/01/2027 | 100 | 101 | ||||||
3.700%, 04/15/2022 | 80 | 84 | ||||||
Beazer Homes USA | ||||||||
8.750%, 03/15/2022 | 105 | 117 | ||||||
Bed Bath & Beyond | ||||||||
5.165%, 08/01/2044 | 100 | 90 | ||||||
Block Financial | ||||||||
4.125%, 10/01/2020 | 100 | 104 | ||||||
Board of Trustees of The Leland Stanford Junior University | ||||||||
3.647%, 05/01/2048 | 25 | 26 | ||||||
BorgWarner | ||||||||
4.375%, 03/15/2045 | 50 | 50 | ||||||
3.375%, 03/15/2025 | 100 | 101 | ||||||
Boyd Gaming | ||||||||
6.875%, 05/15/2023 | 137 | 147 | ||||||
6.375%, 04/01/2026 | 100 | 109 | ||||||
Brookfield Residential Properties (A) | ||||||||
6.500%, 12/15/2020 | 100 | 103 | ||||||
6.125%, 07/01/2022 | 100 | 105 | ||||||
Cablevision Systems | ||||||||
5.875%, 09/15/2022 | 100 | 106 | ||||||
Caesars Entertainment Resort Properties | ||||||||
11.000%, 10/01/2021 | 150 | 160 | ||||||
8.000%, 10/01/2020 | 150 | 154 | ||||||
Caesars Growth Properties Holdings | ||||||||
9.375%, 05/01/2022 | 100 | 108 | ||||||
CBS | ||||||||
5.500%, 05/15/2033 | 175 | 192 | ||||||
4.000%, 01/15/2026 | 235 | 244 | ||||||
3.500%, 01/15/2025 | 100 | 102 | ||||||
CCO Holdings | ||||||||
5.875%, 04/01/2024 (A) | 317 | 340 | ||||||
5.750%, 01/15/2024 | 300 | 316 | ||||||
5.750%, 02/15/2026 (A) | 400 | 430 | ||||||
5.500%, 05/01/2026 (A) | 300 | 319 | ||||||
5.250%, 09/30/2022 | 200 | 206 | ||||||
5.125%, 02/15/2023 | 100 | 104 | ||||||
5.125%, 05/01/2027 (A) | 565 | 584 | ||||||
Cedar Fair | ||||||||
5.375%, 04/15/2027 (A) | 110 | 116 | ||||||
Cengage Learning | ||||||||
9.500%, 06/15/2024 (A) | 111 | 97 |
14 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Charter Communications Operating |
| |||||||
6.834%, 10/23/2055 | $ | 35 | $ | 42 | ||||
6.484%, 10/23/2045 | 165 | 195 | ||||||
6.384%, 10/23/2035 | 50 | 58 | ||||||
5.375%, 05/01/2047 (A) | 135 | 140 | ||||||
4.908%, 07/23/2025 | 150 | 161 | ||||||
4.464%, 07/23/2022 | 250 | 268 | ||||||
3.750%, 02/15/2028 (A) | 200 | 195 | ||||||
3.579%, 07/23/2020 | 55 | 57 | ||||||
Churchill Downs | ||||||||
5.375%, 12/15/2021 | 100 | 104 | ||||||
Cinemark | ||||||||
4.875%, 06/01/2023 | 50 | 51 | ||||||
Clear Channel Worldwide Holdings | ||||||||
6.500%, 11/15/2022 | 400 | 414 | ||||||
Coach | ||||||||
4.125%, 07/15/2027 | 50 | 50 | ||||||
Comcast | ||||||||
4.750%, 03/01/2044 | 200 | 223 | ||||||
4.600%, 08/15/2045 | 100 | 109 | ||||||
4.400%, 08/15/2035 | 200 | 217 | ||||||
4.250%, 01/15/2033 | 100 | 107 | ||||||
4.200%, 08/15/2034 | 400 | 422 | ||||||
3.400%, 07/15/2046 | 100 | 91 | ||||||
3.375%, 02/15/2025 | 150 | 156 | ||||||
3.375%, 08/15/2025 | 65 | 67 | ||||||
3.300%, 02/01/2027 | 100 | 102 | ||||||
3.200%, 07/15/2036 | 100 | 94 | ||||||
3.000%, 02/01/2024 | 250 | 255 | ||||||
2.750%, 03/01/2023 | 100 | 101 | ||||||
Council of Europe Development Bank | ||||||||
1.750%, 11/14/2019 | 50 | 50 | ||||||
1.625%, 03/10/2020 | 100 | 100 | ||||||
CSC Holdings (A) | ||||||||
10.875%, 10/15/2025 | 253 | 316 | ||||||
10.125%, 01/15/2023 | 300 | 349 | ||||||
6.625%, 10/15/2025 | 250 | 276 | ||||||
5.500%, 04/15/2027 | 85 | 90 | ||||||
Daimler Finance North America | ||||||||
8.500%, 01/18/2031 | 50 | 75 | ||||||
Darden Restaurants | ||||||||
3.850%, 05/01/2027 | 30 | 31 | ||||||
Delphi Automotive | ||||||||
3.150%, 11/19/2020 | 200 | 205 | ||||||
Diamond Resorts International (A) | ||||||||
10.750%, 09/01/2024 | 75 | 81 | ||||||
7.750%, 09/01/2023 | 145 | 155 | ||||||
Discovery Communications | ||||||||
6.350%, 06/01/2040 | 100 | 111 | ||||||
3.800%, 03/13/2024 | 100 | 101 | ||||||
DISH DBS | ||||||||
7.750%, 07/01/2026 | 326 | 390 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
5.875%, 07/15/2022 | $ | 200 | $ | 218 | ||||
5.875%, 11/15/2024 | 360 | 391 | ||||||
Dollar General | ||||||||
3.875%, 04/15/2027 | 200 | 207 | ||||||
3.250%, 04/15/2023 | 100 | 102 | ||||||
Dollar Tree | ||||||||
5.750%, 03/01/2023 | 350 | 371 | ||||||
5.250%, 03/01/2020 | 105 | 108 | ||||||
DR Horton | ||||||||
4.000%, 02/15/2020 | 55 | 57 | ||||||
3.750%, 03/01/2019 | 45 | 46 | ||||||
ESH Hospitality | ||||||||
5.250%, 05/01/2025 (A) | 200 | 209 | ||||||
Expedia | ||||||||
5.000%, 02/15/2026 | 100 | 110 | ||||||
4.500%, 08/15/2024 | 50 | 53 | ||||||
Fiat Chrysler Automobiles | ||||||||
5.250%, 04/15/2023 | 200 | 208 | ||||||
4.500%, 04/15/2020 | 200 | 207 | ||||||
First Quality Finance | ||||||||
4.625%, 05/15/2021 (A) | 100 | 102 | ||||||
Ford Motor | ||||||||
7.450%, 07/16/2031 | 200 | 255 | ||||||
5.291%, 12/08/2046 | 150 | 155 | ||||||
4.750%, 01/15/2043 | 125 | 121 | ||||||
Ford Motor Credit | ||||||||
5.875%, 08/02/2021 | 250 | 279 | ||||||
3.219%, 01/09/2022 | 200 | 203 | ||||||
2.681%, 01/09/2020 | 200 | 202 | ||||||
2.425%, 06/12/2020 | 200 | 201 | ||||||
Ford Motor Credit MTN | ||||||||
4.389%, 01/08/2026 | 200 | 207 | ||||||
2.943%, 01/08/2019 | 400 | 406 | ||||||
General Motors | ||||||||
6.600%, 04/01/2036 | 100 | 117 | ||||||
6.250%, 10/02/2043 | 250 | 283 | ||||||
5.000%, 04/01/2035 | 50 | 51 | ||||||
3.500%, 10/02/2018 | 150 | 153 | ||||||
General Motors Financial | ||||||||
4.350%, 01/17/2027 | 70 | 72 | ||||||
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 | 36 | ||||||
3.450%, 01/14/2022 | 100 | 102 | ||||||
3.450%, 04/10/2022 | 150 | 153 | ||||||
3.200%, 07/13/2020 | 100 | 102 | ||||||
3.200%, 07/06/2021 | 150 | 152 | ||||||
3.150%, 06/30/2022 | 70 | 70 | ||||||
3.100%, 01/15/2019 | 150 | 152 | ||||||
2.400%, 05/09/2019 | 30 | 30 | ||||||
2.350%, 10/04/2019 | 50 | 50 |
Adviser Managed Trust / Annual Report / July 31, 2017 | 15 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
George Washington University | ||||||||
4.868%, 09/15/2045 | $ | 50 | $ | 56 | ||||
Goodyear Tire & Rubber | ||||||||
5.125%, 11/15/2023 | 150 | 156 | ||||||
4.875%, 03/15/2027 | 155 | 157 | ||||||
Gray Television (A) | ||||||||
5.875%, 07/15/2026 | 125 | 130 | ||||||
5.125%, 10/15/2024 | 100 | 102 | ||||||
Group 1 Automotive | ||||||||
5.000%, 06/01/2022 | 100 | 102 | ||||||
Guitar Center | ||||||||
6.500%, 04/15/2019 (A) | 100 | 89 | ||||||
GW Honos Security | ||||||||
8.750%, 05/15/2025 (A) | 85 | 91 | ||||||
Hanesbrands (A) | ||||||||
4.875%, 05/15/2026 | 50 | 51 | ||||||
4.625%, 05/15/2024 | 176 | 180 | ||||||
Hilton Domestic Operating | ||||||||
4.250%, 09/01/2024 (A) | 170 | 172 | ||||||
Hilton Worldwide Finance (A) | ||||||||
4.875%, 04/01/2027 | 115 | 120 | ||||||
4.625%, 04/01/2025 | 20 | 21 | ||||||
Home Depot | ||||||||
5.875%, 12/16/2036 | 200 | 259 | ||||||
4.400%, 04/01/2021 | 100 | 108 | ||||||
4.400%, 03/15/2045 | 150 | 163 | ||||||
3.900%, 06/15/2047 | 150 | 152 | ||||||
3.500%, 09/15/2056 | 200 | 183 | ||||||
3.000%, 04/01/2026 | 100 | 101 | ||||||
2.625%, 06/01/2022 | 150 | 153 | ||||||
2.000%, 06/15/2019 | 100 | 101 | ||||||
2.000%, 04/01/2021 | 50 | 50 | ||||||
1.800%, 06/05/2020 | 71 | 71 | ||||||
iHeartCommunications | ||||||||
9.000%, 12/15/2019 | 150 | 121 | ||||||
9.000%, 09/15/2022 | 400 | 296 | ||||||
IHO Verwaltungs GmbH PIK |
| |||||||
4.500%, 09/15/2023 (A) | 200 | 206 | ||||||
International Game Technology (A) | ||||||||
6.250%, 02/15/2022 | 300 | 328 | ||||||
5.625%, 02/15/2020 | 200 | 212 | ||||||
Jack Ohio Finance | ||||||||
6.750%, 11/15/2021 (A) | 115 | 120 | ||||||
Jaguar Holding II | ||||||||
6.375%, 08/01/2023 (A) | 152 | 161 | ||||||
Jaguar Land Rover Automotive (A) | ||||||||
5.625%, 02/01/2023 | 150 | 156 | ||||||
4.250%, 11/15/2019 | 150 | 154 | ||||||
KFC Holding (A) | ||||||||
5.250%, 06/01/2026 | 92 | 98 | ||||||
5.000%, 06/01/2024 | 162 | 169 | ||||||
4.750%, 06/01/2027 | 100 | 103 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Kohl’s | ||||||||
4.750%, 12/15/2023 | $ | 100 | $ | 104 | ||||
L Brands | ||||||||
5.625%, 10/15/2023 | 100 | 105 | ||||||
Landry’s | ||||||||
6.750%, 10/15/2024 (A) | 100 | 103 | ||||||
Laureate Education | ||||||||
8.250%, 05/01/2025 (A) | 90 | 98 | ||||||
Lear | ||||||||
5.250%, 01/15/2025 | 70 | 75 | ||||||
Lennar | ||||||||
4.750%, 04/01/2021 | 100 | 106 | ||||||
4.750%, 11/15/2022 | 200 | 212 | ||||||
4.500%, 04/30/2024 | 110 | 114 | ||||||
4.125%, 01/15/2022 | 120 | 124 | ||||||
Lions Gate Entertainment | ||||||||
5.875%, 11/01/2024 (A) | 105 | 110 | ||||||
Live Nation Entertainment | ||||||||
4.875%, 11/01/2024 (A) | 115 | 118 | ||||||
LKQ | ||||||||
4.750%, 05/15/2023 | 100 | 101 | ||||||
Lowe’s | ||||||||
4.625%, 04/15/2020 | 100 | 106 | ||||||
4.250%, 09/15/2044 | 50 | 53 | ||||||
4.050%, 05/03/2047 | 200 | 204 | ||||||
3.700%, 04/15/2046 | 150 | 144 | ||||||
3.375%, 09/15/2025 | 100 | 103 | ||||||
3.125%, 09/15/2024 | 100 | 102 | ||||||
3.100%, 05/03/2027 | 200 | 201 | ||||||
Macy’s Retail Holdings | ||||||||
4.500%, 12/15/2034 | 100 | 86 | ||||||
3.450%, 01/15/2021 | 50 | 50 | ||||||
2.875%, 02/15/2023 | 125 | 117 | ||||||
Magna International | ||||||||
3.625%, 06/15/2024 | 100 | 104 | ||||||
Marriott International | ||||||||
3.750%, 03/15/2025 | 100 | 104 | ||||||
3.125%, 10/15/2021 | 100 | 103 | ||||||
3.125%, 06/15/2026 | 50 | 49 | ||||||
2.300%, 01/15/2022 | 50 | 49 | ||||||
Massachusetts Institute of Technology | ||||||||
5.600%, 07/01/2111 | 100 | 129 | ||||||
Mattel | ||||||||
2.350%, 05/06/2019 | 100 | 100 | ||||||
McDonald’s MTN | ||||||||
6.300%, 10/15/2037 | 150 | 197 | ||||||
4.875%, 12/09/2045 | 125 | 140 | ||||||
4.700%, 12/09/2035 | 175 | 194 | ||||||
3.700%, 01/30/2026 | 30 | 32 | ||||||
2.750%, 12/09/2020 | 120 | 123 | ||||||
2.100%, 12/07/2018 | 20 | 20 |
16 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
MDC Partners | ||||||||
6.500%, 05/01/2024 (A) | $ | 150 | $ | 151 | ||||
Men’s Wearhouse | ||||||||
7.000%, 07/01/2022 | 50 | 45 | ||||||
MGM Resorts International | ||||||||
6.750%, 10/01/2020 | 100 | 111 | ||||||
6.625%, 12/15/2021 | 200 | 225 | ||||||
6.000%, 03/15/2023 | 200 | 222 | ||||||
4.625%, 09/01/2026 | 100 | 101 | ||||||
Michaels Stores | ||||||||
5.875%, 12/15/2020 (A) | 100 | 103 | ||||||
Mohegan Gaming & Entertainment | ||||||||
7.875%, 10/15/2024 (A) | 55 | 58 | ||||||
NBCUniversal Media | ||||||||
5.950%, 04/01/2041 | 100 | 128 | ||||||
5.150%, 04/30/2020 | 350 | 382 | ||||||
NCL (A) | ||||||||
4.750%, 12/15/2021 | 90 | 93 | ||||||
4.625%, 11/15/2020 | 85 | 87 | ||||||
Neiman Marcus Group | ||||||||
8.000%, 10/15/2021 (A) | 200 | 111 | ||||||
Netflix | ||||||||
5.875%, 02/15/2025 | 138 | 155 | ||||||
5.500%, 02/15/2022 | 125 | 135 | ||||||
4.375%, 11/15/2026 (A) | 120 | 121 | ||||||
Newell Brands | ||||||||
5.500%, 04/01/2046 | 250 | 301 | ||||||
5.375%, 04/01/2036 | 30 | 35 | ||||||
4.200%, 04/01/2026 | 50 | 53 | ||||||
3.850%, 04/01/2023 | 60 | 64 | ||||||
3.150%, 04/01/2021 | 50 | 51 | ||||||
Newell Rubbermaid | ||||||||
4.000%, 12/01/2024 | 100 | 105 | ||||||
Nexstar Broadcasting | ||||||||
5.625%, 08/01/2024 (A) | 82 | 85 | ||||||
NIKE | ||||||||
3.875%, 11/01/2045 | 100 | 102 | ||||||
3.375%, 11/01/2046 | 100 | 93 | ||||||
Nordstrom | ||||||||
5.000%, 01/15/2044 | 100 | 98 | ||||||
4.000%, 03/15/2027 | 100 | 99 | ||||||
Omnicom Group | ||||||||
3.625%, 05/01/2022 | 100 | 105 | ||||||
3.600%, 04/15/2026 | 100 | 101 | ||||||
O’Reilly Automotive | ||||||||
3.550%, 03/15/2026 | 50 | 50 | ||||||
Penske Automotive Group | ||||||||
5.750%, 10/01/2022 | 50 | 52 | ||||||
5.500%, 05/15/2026 | 105 | 105 | ||||||
PetSmart (A) | ||||||||
8.875%, 06/01/2025 | 85 | 81 | ||||||
7.125%, 03/15/2023 | 283 | 256 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
5.875%, 06/01/2025 | $ | 195 | $ | 187 | ||||
Pinnacle Entertainment | ||||||||
5.625%, 05/01/2024 (A) | 60 | 62 | ||||||
President & Fellows of Harvard College | ||||||||
3.150%, 07/15/2046 | 100 | 95 | ||||||
Priceline Group | ||||||||
3.600%, 06/01/2026 | 50 | 51 | ||||||
Prime Security Services Borrower | ||||||||
9.250%, 05/15/2023 (A) | 388 | 433 | ||||||
PulteGroup | ||||||||
5.500%, 03/01/2026 | 100 | 108 | ||||||
5.000%, 01/15/2027 | 107 | 110 | ||||||
4.250%, 03/01/2021 | 100 | 104 | ||||||
PVH | ||||||||
4.500%, 12/15/2022 | 100 | 103 | ||||||
Quebecor Media | ||||||||
5.750%, 01/15/2023 | 150 | 162 | ||||||
QVC | ||||||||
4.450%, 02/15/2025 | 100 | 100 | ||||||
Regal Entertainment Group | ||||||||
5.750%, 03/15/2022 | 50 | 52 | ||||||
Ritchie Bros Auctioneers | ||||||||
5.375%, 01/15/2025 (A) | 25 | 26 | ||||||
RSI Home Products | ||||||||
6.500%, 03/15/2023 (A) | 67 | 70 | ||||||
Sabre (A) | ||||||||
5.375%, 04/15/2023 | 35 | 36 | ||||||
5.250%, 11/15/2023 | 145 | 151 | ||||||
Sally Holdings | ||||||||
5.625%, 12/01/2025 | 50 | 51 | ||||||
Scientific Games International | ||||||||
10.000%, 12/01/2022 | 250 | 279 | ||||||
7.000%, 01/01/2022 (A) | 305 | 325 | ||||||
Scripps Networks Interactive | ||||||||
2.750%, 11/15/2019 | 100 | 101 | ||||||
Service International | ||||||||
5.375%, 05/15/2024 | 100 | 106 | ||||||
ServiceMaster | ||||||||
5.125%, 11/15/2024 (A) | 130 | 133 | ||||||
Silversea Cruise Finance | ||||||||
7.250%, 02/01/2025 (A) | 100 | 108 | ||||||
Sinclair Television Group | ||||||||
6.125%, 10/01/2022 | 100 | 104 | ||||||
5.375%, 04/01/2021 | 150 | 154 | ||||||
Sirius XM Radio (A) | ||||||||
6.000%, 07/15/2024 | 200 | 216 | ||||||
5.375%, 04/15/2025 | 175 | 184 | ||||||
5.375%, 07/15/2026 | 157 | 164 | ||||||
5.000%, 08/01/2027 | 220 | 225 | ||||||
4.625%, 05/15/2023 | 100 | 103 | ||||||
3.875%, 08/01/2022 | 105 | 107 |
Adviser Managed Trust / Annual Report / July 31, 2017 | 17 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Six Flags Entertainment | ||||||||
4.875%, 07/31/2024 (A) | $ | 200 | $ | 204 | ||||
Starbucks | ||||||||
2.700%, 06/15/2022 | 200 | 204 | ||||||
Studio City | ||||||||
7.250%, 11/30/2021 (A) | 200 | 215 | ||||||
Summit Materials | ||||||||
6.125%, 07/15/2023 | 150 | 157 | ||||||
Target | ||||||||
3.500%, 07/01/2024 | 150 | 157 | ||||||
2.300%, 06/26/2019 | 300 | 304 | ||||||
Taylor Morrison Communities | ||||||||
5.250%, 04/15/2021 (A) | 92 | 94 | ||||||
TEGNA | ||||||||
5.125%, 07/15/2020 | 250 | 257 | ||||||
Tempur Sealy International | ||||||||
5.500%, 06/15/2026 | 64 | 66 | ||||||
Tenneco | ||||||||
5.000%, 07/15/2026 | 105 | 107 | ||||||
Time | ||||||||
5.750%, 04/15/2022 (A) | 100 | 103 | ||||||
Time Warner | ||||||||
6.250%, 03/29/2041 | 150 | 183 | ||||||
6.200%, 03/15/2040 | 275 | 333 | ||||||
3.600%, 07/15/2025 | 200 | 202 | ||||||
3.550%, 06/01/2024 | 200 | 205 | ||||||
2.950%, 07/15/2026 | 85 | 81 | ||||||
2.100%, 06/01/2019 | 350 | 351 | ||||||
Time Warner Cable | ||||||||
8.750%, 02/14/2019 | 100 | 110 | ||||||
8.250%, 04/01/2019 | 200 | 220 | ||||||
6.550%, 05/01/2037 | 100 | 120 | ||||||
5.875%, 11/15/2040 | 200 | 223 | ||||||
5.000%, 02/01/2020 | 250 | 266 | ||||||
4.500%, 09/15/2042 | 100 | 94 | ||||||
TJX | ||||||||
2.250%, 09/15/2026 | 150 | 140 | ||||||
Tops Holding | ||||||||
8.000%, 06/15/2022 (A) | 83 | 67 | ||||||
Toyota Motor Credit | ||||||||
2.900%, 04/17/2024 | 50 | 51 | ||||||
Toyota Motor Credit MTN | ||||||||
3.300%, 01/12/2022 | 200 | 209 | ||||||
2.800%, 07/13/2022 | 50 | 51 | ||||||
2.600%, 01/11/2022 | 100 | 102 | ||||||
2.250%, 10/18/2023 | 50 | 49 | ||||||
2.150%, 03/12/2020 | 200 | 202 | ||||||
1.900%, 04/08/2021 | 50 | 50 | ||||||
1.700%, 02/19/2019 | 50 | 50 | ||||||
1.550%, 10/18/2019 | 50 | 50 | ||||||
Tribune Media | ||||||||
5.875%, 07/15/2022 | 200 | 210 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
TRU Taj | ||||||||
12.000%, 08/15/2021 (A) | $ | 100 | $ | 97 | ||||
Under Armour | ||||||||
3.250%, 06/15/2026 | 100 | 93 | ||||||
Unitymedia Hessen GmbH & KG | ||||||||
5.000%, 01/15/2025 (A) | 200 | 211 | ||||||
University of Southern California | ||||||||
3.028%, 10/01/2039 | 250 | 234 | ||||||
Univision Communications (A) | ||||||||
6.750%, 09/15/2022 | 250 | 260 | ||||||
5.125%, 02/15/2025 | 247 | 247 | ||||||
Viacom | ||||||||
6.250%, 02/28/2057 (B) | 106 | 109 | ||||||
5.875%, 02/28/2057 (B) | 80 | 82 | ||||||
5.850%, 09/01/2043 | 100 | 107 | ||||||
4.850%, 12/15/2034 | 200 | 194 | ||||||
4.250%, 09/01/2023 | 125 | 130 | ||||||
Viking Cruises | ||||||||
8.500%, 10/15/2022 (A) | 100 | 105 | ||||||
Walt Disney | ||||||||
3.000%, 02/13/2026 | 100 | 101 | ||||||
Walt Disney MTN | ||||||||
4.125%, 06/01/2044 | 125 | 131 | ||||||
3.000%, 07/30/2046 | 150 | 129 | ||||||
2.950%, 06/15/2027 | 200 | 199 | ||||||
2.350%, 12/01/2022 | 50 | 50 | ||||||
2.300%, 02/12/2021 | 100 | 101 | ||||||
1.850%, 07/30/2026 | 100 | 92 | ||||||
1.800%, 06/05/2020 | 150 | 150 | ||||||
Whirlpool | ||||||||
3.700%, 05/01/2025 | 200 | 207 | ||||||
WPP Finance | ||||||||
3.750%, 09/19/2024 | 100 | 103 | ||||||
Wyndham Worldwide | ||||||||
4.250%, 03/01/2022 | 100 | 105 | ||||||
Wynn Las Vegas (A) | ||||||||
5.500%, 03/01/2025 | 300 | 316 | ||||||
5.250%, 05/15/2027 | 155 | 158 | ||||||
ZF North America Capital (A) | ||||||||
4.750%, 04/29/2025 | 250 | 261 | ||||||
4.500%, 04/29/2022 | 150 | 158 | ||||||
4.000%, 04/29/2020 | 50 | 51 | ||||||
|
| |||||||
48,422 | ||||||||
|
| |||||||
Consumer Staples — 1.8% |
| |||||||
Albertsons (A) | ||||||||
6.625%, 06/15/2024 | 212 | 199 | ||||||
5.750%, 03/15/2025 | 165 | 148 | ||||||
Alliance One International | ||||||||
9.875%, 07/15/2021 | 150 | 135 | ||||||
Altria Group | ||||||||
9.700%, 11/10/2018 | 106 | 117 |
18 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
9.250%, 08/06/2019 | $ | 100 | $ | 115 | ||||
5.375%, 01/31/2044 | 200 | 236 | ||||||
4.000%, 01/31/2024 | 100 | 107 | ||||||
2.850%, 08/09/2022 | 100 | 102 | ||||||
Anheuser-Busch InBev Finance | ||||||||
4.900%, 02/01/2046 | 500 | 562 | ||||||
4.700%, 02/01/2036 | 400 | 442 | ||||||
4.625%, 02/01/2044 | 100 | 108 | ||||||
3.700%, 02/01/2024 | 300 | 316 | ||||||
3.650%, 02/01/2026 | 400 | 414 | ||||||
3.300%, 02/01/2023 | 300 | 311 | ||||||
2.650%, 02/01/2021 | 300 | 305 | ||||||
2.150%, 02/01/2019 | 62 | 63 | ||||||
1.900%, 02/01/2019 | 500 | 502 | ||||||
Anheuser-Busch InBev Worldwide | ||||||||
8.200%, 01/15/2039 | 100 | 157 | ||||||
5.375%, 01/15/2020 | 200 | 217 | ||||||
3.750%, 01/15/2022 | 250 | 265 | ||||||
3.750%, 07/15/2042 | 100 | 96 | ||||||
Archer-Daniels-Midland | ||||||||
4.479%, 03/01/2021 | 50 | 54 | ||||||
4.016%, 04/16/2043 | 100 | 103 | ||||||
2.500%, 08/11/2026 | 100 | 96 | ||||||
Avon International Operations | ||||||||
7.875%, 08/15/2022 (A) | 70 | 74 | ||||||
B&G Foods | ||||||||
5.250%, 04/01/2025 | 85 | 89 | ||||||
4.625%, 06/01/2021 | 100 | 102 | ||||||
Brown-Forman | ||||||||
4.500%, 07/15/2045 | 35 | 38 | ||||||
Bunge Finance | ||||||||
3.500%, 11/24/2020 | 50 | 51 | ||||||
Campbell Soup | ||||||||
4.500%, 02/15/2019 | 100 | 104 | ||||||
Chobani | ||||||||
7.500%, 04/15/2025 (A) | 100 | 107 | ||||||
Coca-Cola | ||||||||
2.875%, 10/27/2025 | 200 | 202 | ||||||
2.450%, 11/01/2020 | 200 | 204 | ||||||
2.250%, 09/01/2026 | 50 | 48 | ||||||
1.650%, 11/01/2018 | 300 | 301 | ||||||
1.550%, 09/01/2021 | 50 | 49 | ||||||
Coca-Cola European Partners US | ||||||||
3.500%, 09/15/2020 | 100 | 104 | ||||||
Coca-Cola Femsa | ||||||||
2.375%, 11/26/2018 | 150 | 151 | ||||||
Colgate-Palmolive MTN | ||||||||
4.000%, 08/15/2045 | 50 | 52 | ||||||
3.250%, 03/15/2024 | 50 | 52 | ||||||
2.300%, 05/03/2022 | 100 | 101 | ||||||
1.750%, 03/15/2019 | 50 | 50 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Conagra Brands | ||||||||
3.200%, 01/25/2023 | $ | 118 | $ | 119 | ||||
Constellation Brands | ||||||||
6.000%, 05/01/2022 | 30 | 34 | ||||||
4.500%, 05/09/2047 | 20 | 21 | ||||||
4.250%, 05/01/2023 | 90 | 97 | ||||||
3.875%, 11/15/2019 | 20 | 21 | ||||||
3.750%, 05/01/2021 | 25 | 26 | ||||||
3.500%, 05/09/2027 | 15 | 15 | ||||||
2.700%, 05/09/2022 | 15 | 15 | ||||||
Costco Wholesale | ||||||||
3.000%, 05/18/2027 | 100 | 100 | ||||||
2.300%, 05/18/2022 | 100 | 100 | ||||||
1.700%, 12/15/2019 | 100 | 100 | ||||||
Cott Beverages | ||||||||
5.375%, 07/01/2022 | 100 | 104 | ||||||
Cott Holdings | ||||||||
5.500%, 04/01/2025 (A) | 95 | 100 | ||||||
CVS Health | ||||||||
5.300%, 12/05/2043 | 50 | 58 | ||||||
5.125%, 07/20/2045 | 255 | 292 | ||||||
4.875%, 07/20/2035 | 100 | 111 | ||||||
4.000%, 12/05/2023 | 100 | 107 | ||||||
3.875%, 07/20/2025 | 200 | 210 | ||||||
2.875%, 06/01/2026 | 100 | 97 | ||||||
2.800%, 07/20/2020 | 200 | 205 | ||||||
2.750%, 12/01/2022 | 100 | 101 | ||||||
2.250%, 12/05/2018 | 125 | 126 | ||||||
2.125%, 06/01/2021 | 50 | 50 | ||||||
Dean Foods | ||||||||
6.500%, 03/15/2023 (A) | 147 | 152 | ||||||
Diageo Capital | ||||||||
2.625%, 04/29/2023 | 100 | 102 | ||||||
Diageo Investment | ||||||||
4.250%, 05/11/2042 | 100 | 106 | ||||||
2.875%, 05/11/2022 | 150 | 154 | ||||||
Dr Pepper Snapple Group | ||||||||
4.500%, 11/15/2045 (A) | 130 | 138 | ||||||
2.550%, 09/15/2026 | 100 | 95 | ||||||
Energizer Holdings | ||||||||
5.500%, 06/15/2025 (A) | 113 | 119 | ||||||
Estee Lauder | ||||||||
4.375%, 06/15/2045 | 50 | 54 | ||||||
4.150%, 03/15/2047 | 50 | 52 | ||||||
3.150%, 03/15/2027 | 50 | 51 | ||||||
Fresh Market | ||||||||
9.750%, 05/01/2023 (A) | 100 | 82 | ||||||
General Mills | ||||||||
3.150%, 12/15/2021 | 200 | 207 | ||||||
Hershey | ||||||||
3.200%, 08/21/2025 | 100 | 102 |
Adviser Managed Trust / Annual Report / July 31, 2017 | 19 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
HRG Group | ||||||||
7.875%, 07/15/2019 | $ | 100 | $ | 102 | ||||
7.750%, 01/15/2022 | 200 | 211 | ||||||
Ingles Markets | ||||||||
5.750%, 06/15/2023 | 100 | 100 | ||||||
Ingredion | ||||||||
3.200%, 10/01/2026 | 100 | 99 | ||||||
JBS USA LUX | ||||||||
5.875%, 07/15/2024 (A) | 250 | 248 | ||||||
JM Smucker | ||||||||
4.375%, 03/15/2045 | 100 | 105 | ||||||
4.250%, 03/15/2035 | 20 | 21 | ||||||
3.500%, 03/15/2025 | 100 | 103 | ||||||
Kellogg | ||||||||
4.000%, 12/15/2020 | 200 | 212 | ||||||
Kimberly-Clark | ||||||||
6.625%, 08/01/2037 | 100 | 141 | ||||||
3.050%, 08/15/2025 | 50 | 50 | ||||||
2.750%, 02/15/2026 | 50 | 50 | ||||||
1.400%, 02/15/2019 | 35 | 35 | ||||||
Kraft Foods Group | ||||||||
6.125%, 08/23/2018 | 200 | 209 | ||||||
5.000%, 06/04/2042 | 100 | 106 | ||||||
3.500%, 06/06/2022 | 100 | 104 | ||||||
Kraft Heinz Foods | ||||||||
6.875%, 01/26/2039 | 100 | 130 | ||||||
6.500%, 02/09/2040 | 100 | 125 | ||||||
5.200%, 07/15/2045 | 100 | 109 | ||||||
4.375%, 06/01/2046 | 60 | 58 | ||||||
3.950%, 07/15/2025 | 100 | 103 | ||||||
3.000%, 06/01/2026 | 55 | 53 | ||||||
2.800%, 07/02/2020 | 200 | 204 | ||||||
Kroger | ||||||||
4.000%, 02/01/2024 | 200 | 210 | ||||||
3.875%, 10/15/2046 | 100 | 88 | ||||||
3.700%, 08/01/2027 | 35 | 35 | ||||||
2.000%, 01/15/2019 | 200 | 200 | ||||||
Kronos Acquisition Holdings | ||||||||
9.000%, 08/15/2023 (A) | 115 | 116 | ||||||
Lamb Weston Holdings (A) | ||||||||
4.875%, 11/01/2026 | 75 | 79 | ||||||
4.625%, 11/01/2024 | 145 | 151 | ||||||
Mead Johnson Nutrition | ||||||||
4.125%, 11/15/2025 | 30 | 33 | ||||||
3.000%, 11/15/2020 | 230 | 237 | ||||||
Molson Coors Brewing | ||||||||
5.000%, 05/01/2042 | 93 | 103 | ||||||
4.200%, 07/15/2046 | 40 | 39 | ||||||
3.000%, 07/15/2026 | 200 | 195 | ||||||
1.450%, 07/15/2019 | 25 | 25 | ||||||
Mondelez International | ||||||||
4.000%, 02/01/2024 | 200 | 213 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Nature’s Bounty | ||||||||
7.625%, 05/15/2021 (A) | $ | 193 | $ | 208 | ||||
PepsiCo | ||||||||
5.500%, 01/15/2040 | 100 | 126 | ||||||
4.600%, 07/17/2045 | 145 | 163 | ||||||
4.500%, 01/15/2020 | 200 | 213 | ||||||
4.250%, 10/22/2044 | 100 | 106 | ||||||
4.000%, 05/02/2047 | 135 | 139 | ||||||
3.600%, 03/01/2024 | 200 | 212 | ||||||
3.500%, 07/17/2025 | 100 | 105 | ||||||
2.750%, 03/05/2022 | 150 | 153 | ||||||
2.250%, 05/02/2022 | 50 | 50 | ||||||
1.550%, 05/02/2019 | 50 | 50 | ||||||
1.350%, 10/04/2019 | 100 | 100 | ||||||
Philip Morris International | ||||||||
6.375%, 05/16/2038 | 200 | 261 | ||||||
4.500%, 03/26/2020 | 100 | 107 | ||||||
4.250%, 11/10/2044 | 50 | 51 | ||||||
4.125%, 03/04/2043 | 50 | 50 | ||||||
2.750%, 02/25/2026 | 50 | 49 | ||||||
2.625%, 02/18/2022 | 25 | 25 | ||||||
2.125%, 05/10/2023 | 25 | 24 | ||||||
2.000%, 02/21/2020 | 35 | 35 | ||||||
1.875%, 02/25/2021 | 50 | 50 | ||||||
1.625%, 02/21/2019 | 50 | 50 | ||||||
1.375%, 02/25/2019 | 30 | 30 | ||||||
Pilgrim’s Pride | ||||||||
5.750%, 03/15/2025 (A) | 133 | 136 | ||||||
Post Holdings (A) | ||||||||
5.500%, 03/01/2025 | 295 | 311 | ||||||
5.000%, 08/15/2026 | 223 | 229 | ||||||
Procter & Gamble | ||||||||
5.550%, 03/05/2037 | 100 | 133 | ||||||
3.100%, 08/15/2023 | 100 | 105 | ||||||
2.450%, 11/03/2026 | 50 | 49 | ||||||
1.700%, 11/03/2021 | 100 | 99 | ||||||
Revlon Consumer Products | ||||||||
5.750%, 02/15/2021 | 100 | 83 | ||||||
Reynolds American | ||||||||
6.875%, 05/01/2020 | 100 | 113 | ||||||
5.850%, 08/15/2045 | 100 | 121 | ||||||
5.700%, 08/15/2035 | 100 | 119 | ||||||
4.450%, 06/12/2025 | 100 | 108 | ||||||
3.250%, 06/12/2020 | 254 | 262 | ||||||
Rite Aid | ||||||||
6.750%, 06/15/2021 | 200 | 208 | ||||||
6.125%, 04/01/2023 (A) | 165 | 163 | ||||||
Skandinaviska Enskilda Banken | ||||||||
1.875%, 09/13/2021 | 250 | 245 | ||||||
Spectrum Brands | ||||||||
5.750%, 07/15/2025 | 149 | 159 |
20 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Sysco | ||||||||
4.850%, 10/01/2045 | $ | 15 | $ | 17 | ||||
3.750%, 10/01/2025 | 25 | 26 | ||||||
3.300%, 07/15/2026 | 100 | 100 | ||||||
2.600%, 10/01/2020 | 150 | 152 | ||||||
TreeHouse Foods | ||||||||
6.000%, 02/15/2024 (A) | 120 | 129 | ||||||
Tyson Foods | ||||||||
4.500%, 06/15/2022 | 100 | 109 | ||||||
3.950%, 08/15/2024 | 150 | 159 | ||||||
Unilever Capital | ||||||||
5.900%, 11/15/2032 | 100 | 132 | ||||||
4.250%, 02/10/2021 | 100 | 107 | ||||||
1.375%, 07/28/2021 | 100 | 97 | ||||||
US Foods | ||||||||
5.875%, 06/15/2024 (A) | 115 | 120 | ||||||
Vector Group | ||||||||
6.125%, 02/01/2025 (A) | 80 | 82 | ||||||
Walgreens Boots Alliance | ||||||||
4.800%, 11/18/2044 | 100 | 107 | ||||||
4.650%, 06/01/2046 | 200 | 209 | ||||||
3.800%, 11/18/2024 | 100 | 104 | ||||||
3.450%, 06/01/2026 | 30 | 30 | ||||||
3.300%, 11/18/2021 | 100 | 104 | ||||||
Wal-Mart Stores | ||||||||
6.500%, 08/15/2037 | 250 | 350 | ||||||
5.875%, 04/05/2027 | 200 | 250 | ||||||
5.250%, 09/01/2035 | 200 | 246 | ||||||
4.300%, 04/22/2044 | 225 | 250 | ||||||
3.300%, 04/22/2024 | 200 | 210 | ||||||
3.250%, 10/25/2020 | 100 | 105 | ||||||
2.550%, 04/11/2023 | 150 | 152 | ||||||
WhiteWave Foods | ||||||||
5.375%, 10/01/2022 | 25 | 28 | ||||||
Whole Foods Market | ||||||||
5.200%, 12/03/2025 | 100 | 115 | ||||||
|
| |||||||
23,564 | ||||||||
|
| |||||||
Energy — 3.3% | ||||||||
Alta Mesa Holdings | ||||||||
7.875%, 12/15/2024 (A) | 30 | 32 | ||||||
Anadarko Petroleum | ||||||||
6.600%, 03/15/2046 | 150 | 185 | ||||||
6.450%, 09/15/2036 | 125 | 149 | ||||||
4.850%, 03/15/2021 | 250 | 267 | ||||||
Andeavor | ||||||||
5.375%, 10/01/2022 | 200 | 207 | ||||||
5.125%, 12/15/2026 (A) | 50 | 54 | ||||||
Andeavor Logistics | ||||||||
6.250%, 10/15/2022 | 110 | 117 | ||||||
6.125%, 10/15/2021 | 100 | 103 | ||||||
5.250%, 01/15/2025 | 240 | 257 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Antero Midstream Partners | ||||||||
5.375%, 09/15/2024 (A) | $ | 50 | $ | 52 | ||||
Antero Resources | ||||||||
5.625%, 06/01/2023 | 44 | 45 | ||||||
5.375%, 11/01/2021 | 200 | 206 | ||||||
5.125%, 12/01/2022 | 200 | 203 | ||||||
Apache | ||||||||
5.100%, 09/01/2040 | 200 | 210 | ||||||
4.750%, 04/15/2043 | 100 | 102 | ||||||
3.250%, 04/15/2022 | 100 | 102 | ||||||
Ascent Resources Utica Holdings | ||||||||
10.000%, 04/01/2022 (A) | 225 | 231 | ||||||
Baker Hughes | ||||||||
5.125%, 09/15/2040 | 100 | 115 | ||||||
Blue Racer Midstream | ||||||||
6.125%, 11/15/2022 (A) | 128 | 131 | ||||||
Boardwalk Pipelines | ||||||||
5.950%, 06/01/2026 | 100 | 113 | ||||||
BP Capital Markets | ||||||||
3.994%, 09/26/2023 | 38 | 41 | ||||||
3.723%, 11/28/2028 | 30 | 31 | ||||||
3.588%, 04/14/2027 | 100 | 103 | ||||||
3.535%, 11/04/2024 | 100 | 103 | ||||||
3.506%, 03/17/2025 | 200 | 207 | ||||||
3.245%, 05/06/2022 | 100 | 103 | ||||||
3.224%, 04/14/2024 | 100 | 102 | ||||||
3.216%, 11/28/2023 | 50 | 51 | ||||||
3.119%, 05/04/2026 | 100 | 101 | ||||||
2.315%, 02/13/2020 | 200 | 203 | ||||||
2.237%, 05/10/2019 | 200 | 202 | ||||||
2.112%, 09/16/2021 | 150 | 150 | ||||||
1.676%, 05/03/2019 | 47 | 47 | ||||||
Buckeye Partners | ||||||||
2.650%, 11/15/2018 | 150 | 151 | ||||||
California Resources | ||||||||
8.000%, 12/15/2022 (A) | 298 | 190 | ||||||
Calumet Specialty Products Partners | ||||||||
6.500%, 04/15/2021 | 100 | 91 | ||||||
Canadian Natural Resources | ||||||||
6.250%, 03/15/2038 | 150 | 178 | ||||||
3.900%, 02/01/2025 | 100 | 102 | ||||||
3.850%, 06/01/2027 | 50 | 51 | ||||||
2.950%, 01/15/2023 | 50 | 50 | ||||||
Canadian Natural Resources MTN | ||||||||
4.950%, 06/01/2047 | 25 | 26 | ||||||
Carrizo Oil & Gas | ||||||||
7.500%, 09/15/2020 | 100 | 102 | ||||||
6.250%, 04/15/2023 | 115 | 114 | ||||||
Cenovus Energy | ||||||||
5.700%, 10/15/2019 | 65 | 69 | ||||||
5.400%, 06/15/2047 (A) | 50 | 48 | ||||||
5.250%, 06/15/2037 (A) | 35 | 33 |
Adviser Managed Trust / Annual Report / July 31, 2017 | 21 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
4.450%, 09/15/2042 | $ | 105 | $ | 88 | ||||
4.250%, 04/15/2027 (A) | 100 | 98 | ||||||
3.000%, 08/15/2022 | 50 | 48 | ||||||
Cheniere Corpus Christi Holdings | ||||||||
7.000%, 06/30/2024 | 150 | 172 | ||||||
5.875%, 03/31/2025 | 250 | 271 | ||||||
5.125%, 06/30/2027 (A) | 220 | 229 | ||||||
Chesapeake Energy (A) | ||||||||
8.000%, 12/15/2022 | 324 | 344 | ||||||
8.000%, 01/15/2025 | 100 | 100 | ||||||
8.000%, 06/15/2027 | 60 | 60 | ||||||
Chevron | ||||||||
4.950%, 03/03/2019 | 225 | 237 | ||||||
3.326%, 11/17/2025 | 50 | 52 | ||||||
3.191%, 06/24/2023 | 100 | 104 | ||||||
2.954%, 05/16/2026 | 100 | 100 | ||||||
2.895%, 03/03/2024 | 50 | 51 | ||||||
2.566%, 05/16/2023 | 100 | 101 | ||||||
2.498%, 03/03/2022 | 50 | 51 | ||||||
2.419%, 11/17/2020 | 50 | 51 | ||||||
2.355%, 12/05/2022 | 100 | 100 | ||||||
2.193%, 11/15/2019 | 125 | 126 | ||||||
2.100%, 05/16/2021 | 100 | 100 | ||||||
1.991%, 03/03/2020 | 31 | 31 | ||||||
1.790%, 11/16/2018 | 50 | 50 | ||||||
1.561%, 05/16/2019 | 100 | 100 | ||||||
Cimarex Energy | ||||||||
3.900%, 05/15/2027 | 55 | 56 | ||||||
CNOOC Nexen Finance | ||||||||
4.250%, 04/30/2024 | 400 | 422 | ||||||
Columbia Pipeline Group | ||||||||
3.300%, 06/01/2020 | 150 | 154 | ||||||
Comstock Resources PIK | ||||||||
10.000%, 03/15/2020 | 100 | 101 | ||||||
Concho Resources | ||||||||
5.500%, 04/01/2023 | 250 | 258 | ||||||
4.375%, 01/15/2025 | 95 | 98 | ||||||
ConocoPhillips | ||||||||
6.500%, 02/01/2039 | 225 | 297 | ||||||
5.750%, 02/01/2019 | 24 | 26 | ||||||
4.950%, 03/15/2026 | 50 | 56 | ||||||
4.200%, 03/15/2021 | 100 | 107 | ||||||
4.150%, 11/15/2034 | 100 | 102 | ||||||
3.350%, 11/15/2024 | 250 | 257 | ||||||
3.350%, 05/15/2025 | 95 | 97 | ||||||
2.400%, 12/15/2022 | 150 | 149 | ||||||
CONSOL Energy | ||||||||
8.000%, 04/01/2023 | 50 | 53 | ||||||
5.875%, 04/15/2022 | 250 | 251 | ||||||
Continental Resources | ||||||||
4.500%, 04/15/2023 | 200 | 195 | ||||||
3.800%, 06/01/2024 | 150 | 139 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Crestwood Midstream Partners | ||||||||
6.250%, 04/01/2023 | $ | 70 | $ | 71 | ||||
5.750%, 04/01/2025 | 105 | 106 | ||||||
CVR Refining | ||||||||
6.500%, 11/01/2022 | 100 | 102 | ||||||
DCP Midstream Operating | ||||||||
5.850%, 05/21/2043 (A)(B) | 100 | 93 | ||||||
3.875%, 03/15/2023 | 100 | 98 | ||||||
Denbury Resources | ||||||||
9.000%, 05/15/2021 (A) | 74 | 70 | ||||||
5.500%, 05/01/2022 | 112 | 61 | ||||||
4.625%, 07/15/2023 | 156 | 80 | ||||||
Devon Energy | ||||||||
5.600%, 07/15/2041 | 100 | 109 | ||||||
5.000%, 06/15/2045 | 150 | 153 | ||||||
3.250%, 05/15/2022 | 100 | 101 | ||||||
Devon Financing | ||||||||
7.875%, 09/30/2031 | 100 | 131 | ||||||
Diamondback Energy | ||||||||
5.375%, 05/31/2025 | 50 | 51 | ||||||
4.750%, 11/01/2024 | 75 | 76 | ||||||
Eclipse Resources | ||||||||
8.875%, 07/15/2023 | 100 | 101 | ||||||
Ecopetrol | ||||||||
5.875%, 09/18/2023 | 100 | 110 | ||||||
5.875%, 05/28/2045 | 200 | 187 | ||||||
4.125%, 01/16/2025 | 225 | 223 | ||||||
Enable Midstream Partners | ||||||||
2.400%, 05/15/2019 | 100 | 100 | ||||||
Enbridge | ||||||||
5.500%, 12/01/2046 | 50 | 58 | ||||||
5.500%, 07/15/2077 (B) | 100 | 101 | ||||||
4.250%, 12/01/2026 | 100 | 106 | ||||||
3.700%, 07/15/2027 | 50 | 51 | ||||||
2.900%, 07/15/2022 | 50 | 50 | ||||||
Enbridge Energy Partners | ||||||||
9.875%, 03/01/2019 | 50 | 56 | ||||||
7.375%, 10/15/2045 | 150 | 195 | ||||||
5.500%, 09/15/2040 | 100 | 106 | ||||||
Encana | ||||||||
6.500%, 02/01/2038 | 200 | 234 | ||||||
Endeavor Energy Resources | ||||||||
7.000%, 08/15/2021 (A) | 100 | 103 | ||||||
Energy Transfer | ||||||||
6.125%, 12/15/2045 | 100 | 110 | ||||||
5.950%, 10/01/2043 | 100 | 105 | ||||||
5.200%, 02/01/2022 | 100 | 109 | ||||||
5.150%, 03/15/2045 | 100 | 97 | ||||||
4.900%, 03/15/2035 | 250 | 246 | ||||||
4.750%, 01/15/2026 | 150 | 157 | ||||||
4.200%, 04/15/2027 | 50 | 50 | ||||||
3.600%, 02/01/2023 | 185 | 187 |
22 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Energy Transfer Equity | ||||||||
5.875%, 01/15/2024 | $ | 150 | $ | 161 | ||||
5.500%, 06/01/2027 | 195 | 205 | ||||||
EnLink Midstream Partners | ||||||||
4.850%, 07/15/2026 | 45 | 47 | ||||||
4.400%, 04/01/2024 | 150 | 154 | ||||||
Ensco | ||||||||
5.200%, 03/15/2025 | 50 | 40 | ||||||
4.500%, 10/01/2024 | 120 | 91 | ||||||
Enterprise Products Operating | ||||||||
5.200%, 09/01/2020 | 100 | 109 | ||||||
5.100%, 02/15/2045 | 225 | 249 | ||||||
4.850%, 08/15/2042 | 100 | 107 | ||||||
4.850%, 03/15/2044 | 250 | 267 | ||||||
3.950%, 02/15/2027 | 20 | 21 | ||||||
3.700%, 02/15/2026 | 100 | 103 | ||||||
3.350%, 03/15/2023 | 200 | 206 | ||||||
2.850%, 04/15/2021 | 30 | 30 | ||||||
2.550%, 10/15/2019 | 100 | 101 | ||||||
EOG Resources | ||||||||
3.150%, 04/01/2025 | 200 | 200 | ||||||
2.625%, 03/15/2023 | 100 | 99 | ||||||
EP Energy | ||||||||
8.000%, 11/29/2024 (A) | 30 | 30 | ||||||
8.000%, 02/15/2025 (A) | 200 | 155 | ||||||
6.375%, 06/15/2023 | 118 | 75 | ||||||
EQT Midstream Partners | ||||||||
4.125%, 12/01/2026 | 35 | 35 | ||||||
Extraction Oil & Gas | ||||||||
7.875%, 07/15/2021 (A) | 66 | 69 | ||||||
ExxonMobil | ||||||||
4.114%, 03/01/2046 | 200 | 213 | ||||||
3.567%, 03/06/2045 | 50 | 49 | ||||||
3.043%, 03/01/2026 | 100 | 102 | ||||||
2.726%, 03/01/2023 | 200 | 204 | ||||||
2.709%, 03/06/2025 | 100 | 101 | ||||||
2.222%, 03/01/2021 | 40 | 40 | ||||||
1.912%, 03/06/2020 | 100 | 100 | ||||||
1.708%, 03/01/2019 | 100 | 100 | ||||||
Genesis Energy | ||||||||
6.750%, 08/01/2022 | 100 | 101 | ||||||
Gulfport Energy | ||||||||
6.375%, 05/15/2025 | 100 | 100 | ||||||
6.000%, 10/15/2024 (A) | 135 | 133 | ||||||
Halcon Resources | ||||||||
6.750%, 02/15/2025 (A) | 95 | 97 | ||||||
Halliburton | ||||||||
7.450%, 09/15/2039 | 100 | 138 | ||||||
5.000%, 11/15/2045 | 100 | 109 | ||||||
4.850%, 11/15/2035 | 100 | 108 | ||||||
3.800%, 11/15/2025 | 100 | 103 | ||||||
3.500%, 08/01/2023 | 100 | 104 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Hess | ||||||||
7.125%, 03/15/2033 | $ | 100 | $ | 113 | ||||
5.600%, 02/15/2041 | 50 | 50 | ||||||
4.300%, 04/01/2027 | 150 | 149 | ||||||
Hilcorp Energy I | ||||||||
5.750%, 10/01/2025 (A) | 167 | 163 | ||||||
Husky Energy | ||||||||
4.000%, 04/15/2024 | 200 | 204 | ||||||
Jupiter Resources | ||||||||
8.500%, 10/01/2022 (A) | 150 | 106 | ||||||
KCA Deutag UK Finance | ||||||||
9.875%, 04/01/2022 (A) | 200 | 201 | ||||||
Kinder Morgan | ||||||||
5.550%, 06/01/2045 | 100 | 106 | ||||||
5.300%, 12/01/2034 | 250 | 259 | ||||||
5.050%, 02/15/2046 | 90 | 91 | ||||||
4.300%, 06/01/2025 | 100 | 105 | ||||||
3.050%, 12/01/2019 | 325 | 331 | ||||||
Kinder Morgan Energy Partners | ||||||||
5.500%, 03/01/2044 | 250 | 261 | ||||||
4.300%, 05/01/2024 | 200 | 208 | ||||||
4.250%, 09/01/2024 | 100 | 103 | ||||||
2.650%, 02/01/2019 | 100 | 101 | ||||||
Marathon Oil | ||||||||
5.200%, 06/01/2045 | 50 | 50 | ||||||
4.400%, 07/15/2027 | 100 | 101 | ||||||
2.800%, 11/01/2022 | 100 | 98 | ||||||
Marathon Petroleum | ||||||||
6.500%, 03/01/2041 | 150 | 176 | ||||||
5.125%, 03/01/2021 | 50 | 55 | ||||||
2.700%, 12/14/2018 | 50 | 50 | ||||||
McDermott International | ||||||||
8.000%, 05/01/2021 (A) | 100 | 102 | ||||||
MEG Energy (A) | ||||||||
7.000%, 03/31/2024 | 100 | 82 | ||||||
6.500%, 01/15/2025 | 55 | 53 | ||||||
6.375%, 01/30/2023 | 100 | 84 | ||||||
MPLX | ||||||||
5.200%, 03/01/2047 | 50 | 51 | ||||||
4.875%, 06/01/2025 | 100 | 107 | ||||||
4.500%, 07/15/2023 | 150 | 160 | ||||||
4.125%, 03/01/2027 | 50 | 51 | ||||||
Murphy Oil | ||||||||
6.875%, 08/15/2024 | 85 | 90 | ||||||
4.700%, 12/01/2022 | 50 | 49 | ||||||
Murray Energy | ||||||||
11.250%, 04/15/2021 (A) | 150 | 114 | ||||||
Nabors Industries | ||||||||
5.500%, 01/15/2023 | 200 | 190 | ||||||
National Oilwell Varco | ||||||||
3.950%, 12/01/2042 | 100 | 84 | ||||||
2.600%, 12/01/2022 | 100 | 97 |
Adviser Managed Trust / Annual Report / July 31, 2017 | 23 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Navios Maritime Acquisition | ||||||||
8.125%, 11/15/2021 (A) | $ | 100 | $ | 86 | ||||
Newfield Exploration | ||||||||
5.625%, 07/01/2024 | 50 | 53 | ||||||
5.375%, 01/01/2026 | 77 | 80 | ||||||
Nexen Energy | ||||||||
6.400%, 05/15/2037 | 200 | 253 | ||||||
NGL Energy Partners (A) | ||||||||
7.500%, 11/01/2023 | 120 | 116 | ||||||
6.125%, 03/01/2025 | 85 | 77 | ||||||
NGPL PipeCo (A) | ||||||||
4.875%, 08/15/2027 | 185 | 190 | ||||||
4.375%, 08/15/2022 | 40 | 41 | ||||||
Noble Energy | ||||||||
5.250%, 11/15/2043 | 100 | 105 | ||||||
5.050%, 11/15/2044 | 150 | 155 | ||||||
4.150%, 12/15/2021 | 50 | 53 | ||||||
3.900%, 11/15/2024 | 100 | 103 | ||||||
Noble Holding International | ||||||||
7.750%, 01/15/2024 | 125 | 99 | ||||||
NuStar Logistics | ||||||||
5.625%, 04/28/2027 | 90 | 95 | ||||||
Oasis Petroleum | ||||||||
6.875%, 03/15/2022 | 100 | 99 | ||||||
Occidental Petroleum | ||||||||
4.400%, 04/15/2046 | 50 | 53 | ||||||
4.100%, 02/01/2021 | 200 | 213 | ||||||
3.000%, 02/15/2027 | 100 | 99 | ||||||
2.700%, 02/15/2023 | 100 | 101 | ||||||
ONEOK | ||||||||
6.000%, 06/15/2035 | 100 | 112 | ||||||
4.000%, 07/13/2027 | 55 | 56 | ||||||
ONEOK Partners | ||||||||
6.200%, 09/15/2043 | 50 | 58 | ||||||
3.200%, 09/15/2018 | 200 | 203 | ||||||
Pacific Drilling | ||||||||
5.375%, 06/01/2020 (A) | 100 | 41 | ||||||
Parsley Energy | ||||||||
5.375%, 01/15/2025 (A) | 50 | 51 | ||||||
PBF Holding | ||||||||
7.250%, 06/15/2025 (A) | 150 | 147 | ||||||
Peabody Energy (A) | ||||||||
6.375%, 03/31/2025 | 55 | 56 | ||||||
6.000%, 03/31/2022 | 50 | 51 | ||||||
Petrofac | ||||||||
3.400%, 10/10/2018 (A) | 100 | 99 | ||||||
Petroleos Mexicanos | ||||||||
6.625%, 06/15/2035 | 300 | 319 | ||||||
6.500%, 03/13/2027 (A) | 225 | 248 | ||||||
6.500%, 06/02/2041 | 260 | 267 | ||||||
6.375%, 02/04/2021 | 300 | 329 | ||||||
5.625%, 01/23/2046 | 300 | 275 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
4.500%, 01/23/2026 | $ | 150 | $ | 149 | ||||
3.500%, 07/23/2020 | 250 | 256 | ||||||
3.500%, 01/30/2023 | 250 | 245 | ||||||
2.378%, 04/15/2025 | 76 | 76 | ||||||
Petroleos Mexicanos MTN | ||||||||
6.875%, 08/04/2026 | 100 | 113 | ||||||
6.750%, 09/21/2047 (A) | 50 | 53 | ||||||
6.500%, 03/13/2027 (A) | 200 | 220 | ||||||
5.500%, 02/04/2019 | 60 | 63 | ||||||
4.625%, 09/21/2023 | 120 | 123 | ||||||
PHI | ||||||||
5.250%, 03/15/2019 | 100 | 96 | ||||||
Phillips 66 | ||||||||
5.875%, 05/01/2042 | 100 | 122 | ||||||
4.875%, 11/15/2044 | 100 | 108 | ||||||
4.650%, 11/15/2034 | 150 | 159 | ||||||
4.300%, 04/01/2022 | 150 | 161 | ||||||
Phillips 66 Partners | ||||||||
4.900%, 10/01/2046 | 25 | 25 | ||||||
3.550%, 10/01/2026 | 25 | 24 | ||||||
2.646%, 02/15/2020 | 150 | 151 | ||||||
Pioneer Natural Resources | ||||||||
3.950%, 07/15/2022 | 200 | 211 | ||||||
Plains All American Pipeline | ||||||||
4.700%, 06/15/2044 | 100 | 91 | ||||||
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 | 101 | ||||||
Puget Energy | ||||||||
5.625%, 07/15/2022 | 100 | 112 | ||||||
3.650%, 05/15/2025 | 50 | 50 | ||||||
Puget Sound Energy | ||||||||
4.300%, 05/20/2045 | 50 | 54 | ||||||
Puma International Financing | ||||||||
6.750%, 02/01/2021 (A) | 200 | 206 | ||||||
QEP Resources | ||||||||
5.250%, 05/01/2023 | 100 | 97 | ||||||
Range Resources | ||||||||
5.000%, 03/15/2023 (A) | 150 | 148 | ||||||
4.875%, 05/15/2025 | 138 | 134 | ||||||
Rice Energy | ||||||||
6.250%, 05/01/2022 | 150 | 157 | ||||||
Rockies Express Pipeline | ||||||||
6.000%, 01/15/2019 (A) | 100 | 104 | ||||||
RSP Permian | ||||||||
6.625%, 10/01/2022 | 150 | 157 | ||||||
Sabine Pass Liquefaction | ||||||||
5.750%, 05/15/2024 | 175 | 197 | ||||||
5.625%, 02/01/2021 | 225 | 245 | ||||||
5.625%, 03/01/2025 | 175 | 195 | ||||||
4.200%, 03/15/2028 | 100 | 101 |
24 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Sanchez Energy | ||||||||
6.125%, 01/15/2023 | $ | 200 | $ | 163 | ||||
Sasol Financing International | ||||||||
4.500%, 11/14/2022 | 200 | 205 | ||||||
Schlumberger Investment | ||||||||
3.650%, 12/01/2023 | 100 | 106 | ||||||
Seven Generations Energy | ||||||||
8.250%, 05/15/2020 (A) | 100 | 105 | ||||||
Shell International Finance BV | ||||||||
6.375%, 12/15/2038 | 200 | 268 | ||||||
4.375%, 03/25/2020 | 100 | 107 | ||||||
4.375%, 05/11/2045 | 100 | 106 | ||||||
4.300%, 09/22/2019 | 150 | 158 | ||||||
4.125%, 05/11/2035 | 200 | 210 | ||||||
4.000%, 05/10/2046 | 50 | 50 | ||||||
3.750%, 09/12/2046 | 50 | 48 | ||||||
2.875%, 05/10/2026 | 50 | 50 | ||||||
2.500%, 09/12/2026 | 50 | 48 | ||||||
2.250%, 11/10/2020 | 150 | 152 | ||||||
2.250%, 01/06/2023 | 100 | 99 | ||||||
2.125%, 05/11/2020 | 200 | 202 | ||||||
1.875%, 05/10/2021 | 50 | 50 | ||||||
1.750%, 09/12/2021 | 50 | 49 | ||||||
1.625%, 11/10/2018 | 100 | 100 | ||||||
1.375%, 05/10/2019 | 50 | 50 | ||||||
1.375%, 09/12/2019 | 50 | 50 | ||||||
SM Energy | ||||||||
6.750%, 09/15/2026 | 100 | 100 | ||||||
6.125%, 11/15/2022 | 30 | 29 | ||||||
5.625%, 06/01/2025 | 113 | 106 | ||||||
5.000%, 01/15/2024 | 100 | 93 | ||||||
Southwestern Energy | ||||||||
6.700%, 01/23/2025 | 100 | 98 | ||||||
4.100%, 03/15/2022 | 300 | 280 | ||||||
Spectra Energy Partners | ||||||||
4.750%, 03/15/2024 | 100 | 108 | ||||||
3.500%, 03/15/2025 | 100 | 101 | ||||||
2.950%, 09/25/2018 | 100 | 101 | ||||||
Statoil | ||||||||
4.800%, 11/08/2043 | 100 | 111 | ||||||
3.700%, 03/01/2024 | 200 | 212 | ||||||
2.250%, 11/08/2019 | 250 | 252 | ||||||
Summit Midstream Holdings | ||||||||
5.750%, 04/15/2025 | 90 | 91 | ||||||
Suncor Energy | ||||||||
6.850%, 06/01/2039 | 150 | 201 | ||||||
6.500%, 06/15/2038 | 200 | 258 | ||||||
Sunoco | ||||||||
6.375%, 04/01/2023 | 83 | 87 | ||||||
6.250%, 04/15/2021 | 156 | 163 | ||||||
5.500%, 08/01/2020 | 20 | 21 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Sunoco Logistics Partners Operations | ||||||||
5.350%, 05/15/2045 | $ | 125 | $ | 124 | ||||
3.900%, 07/15/2026 | 100 | 99 | ||||||
Tallgrass Energy Partners | ||||||||
5.500%, 09/15/2024 (A) | 95 | 97 | ||||||
Targa Resources Partners | ||||||||
6.750%, 03/15/2024 | 100 | 108 | ||||||
5.250%, 05/01/2023 | 100 | 103 | ||||||
5.125%, 02/01/2025 (A) | 50 | 51 | ||||||
4.250%, 11/15/2023 | 150 | 148 | ||||||
4.125%, 11/15/2019 | 115 | 117 | ||||||
TC PipeLines | ||||||||
3.900%, 05/25/2027 | 20 | 20 | ||||||
Total Capital International | ||||||||
3.750%, 04/10/2024 | 150 | 159 | ||||||
2.875%, 02/17/2022 | 100 | 103 | ||||||
2.700%, 01/25/2023 | 100 | 101 | ||||||
2.100%, 06/19/2019 | 250 | 252 | ||||||
TransCanada PipeLines | ||||||||
6.200%, 10/15/2037 | 250 | 320 | ||||||
4.875%, 01/15/2026 | 100 | 113 | ||||||
2.500%, 08/01/2022 | 100 | 100 | ||||||
Transocean | ||||||||
9.000%, 07/15/2023 (A) | 225 | 235 | ||||||
Transocean Phoenix 2 | ||||||||
7.750%, 10/15/2024 (A) | 119 | 128 | ||||||
Tullow Oil | ||||||||
6.250%, 04/15/2022 (A) | 200 | 185 | ||||||
Ultra Resources (A) | ||||||||
7.125%, 04/15/2025 | 50 | 51 | ||||||
6.875%, 04/15/2022 | 150 | 154 | ||||||
Valero Energy | ||||||||
6.625%, 06/15/2037 | 100 | 125 | ||||||
3.650%, 03/15/2025 | 200 | 205 | ||||||
Valero Energy Partners | ||||||||
4.375%, 12/15/2026 | 20 | 21 | ||||||
Weatherford International | ||||||||
9.875%, 02/15/2024 (A) | 80 | 86 | ||||||
8.250%, 06/15/2023 | 39 | 40 | ||||||
7.750%, 06/15/2021 | 219 | 224 | ||||||
Western Gas Partners | ||||||||
5.450%, 04/01/2044 | 150 | 157 | ||||||
4.650%, 07/01/2026 | 150 | 157 | ||||||
3.950%, 06/01/2025 | 100 | 100 | ||||||
Whiting Petroleum | ||||||||
5.750%, 03/15/2021 | 100 | 95 | ||||||
5.000%, 03/15/2019 | 200 | 197 | ||||||
Williams | ||||||||
4.550%, 06/24/2024 | 300 | 311 | ||||||
Williams Partners | ||||||||
6.300%, 04/15/2040 | 100 | 117 | ||||||
4.900%, 01/15/2045 | 150 | 151 |
Adviser Managed Trust / Annual Report / July 31, 2017 | 25 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
4.875%, 03/15/2024 | $ | 125 | $ | 131 | ||||
4.300%, 03/04/2024 | 260 | 274 | ||||||
3.900%, 01/15/2025 | 100 | 101 | ||||||
3.750%, 06/15/2027 | 200 | 200 | ||||||
3.600%, 03/15/2022 | 150 | 155 | ||||||
WPX Energy | ||||||||
7.500%, 08/01/2020 | 75 | 80 | ||||||
5.250%, 09/15/2024 | 150 | 148 | ||||||
XTO Energy | ||||||||
6.500%, 12/15/2018 | 100 | 107 | ||||||
|
| |||||||
43,936 | ||||||||
|
| |||||||
Financials — 7.8% | ||||||||
Aflac | ||||||||
3.625%, 11/15/2024 | 100 | 106 | ||||||
2.400%, 03/16/2020 | 100 | 101 | ||||||
African Development Bank | ||||||||
1.875%, 03/16/2020 | 250 | 251 | ||||||
1.250%, 07/26/2021 | 100 | 98 | ||||||
1.125%, 09/20/2019 | 100 | 99 | ||||||
Alliant Holdings Intermediate | ||||||||
8.250%, 08/01/2023 (A) | 100 | 107 | ||||||
Allstate | ||||||||
5.950%, 04/01/2036 | 100 | 128 | ||||||
5.750%, 08/15/2053 (B) | 100 | 110 | ||||||
Ally Financial | ||||||||
5.750%, 11/20/2025 | 100 | 107 | ||||||
4.625%, 03/30/2025 | 200 | 207 | ||||||
4.125%, 02/13/2022 | 200 | 206 | ||||||
3.750%, 11/18/2019 | 175 | 179 | ||||||
3.600%, 05/21/2018 | 200 | 202 | ||||||
3.250%, 11/05/2018 | 100 | 101 | ||||||
American Equity Investment Life Holding | ||||||||
5.000%, 06/15/2027 | 55 | 57 | ||||||
American Express | ||||||||
4.050%, 12/03/2042 | 100 | 102 | ||||||
2.650%, 12/02/2022 | 100 | 101 | ||||||
2.500%, 08/01/2022 | 100 | 100 | ||||||
American Express Credit MTN | ||||||||
3.300%, 05/03/2027 | 130 | 131 | ||||||
2.375%, 05/26/2020 | 50 | 51 | ||||||
2.250%, 08/15/2019 | 100 | 101 | ||||||
2.250%, 05/05/2021 | 350 | 351 | ||||||
1.875%, 05/03/2019 | 115 | 115 | ||||||
American Financial Group | ||||||||
3.500%, 08/15/2026 | 50 | 50 | ||||||
American International Group | ||||||||
4.500%, 07/16/2044 | 250 | 259 | ||||||
4.125%, 02/15/2024 | 100 | 106 | ||||||
3.875%, 01/15/2035 | 100 | 98 | ||||||
3.300%, 03/01/2021 | 150 | 155 | ||||||
2.300%, 07/16/2019 | 200 | 202 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Ameriprise Financial | ||||||||
3.700%, 10/15/2024 | $ | 100 | $ | 105 | ||||
Andina de Fomento | ||||||||
4.375%, 06/15/2022 | 100 | 108 | ||||||
2.200%, 07/18/2020 | 200 | 201 | ||||||
Aon | ||||||||
8.205%, 01/01/2027 | 100 | 131 | ||||||
4.600%, 06/14/2044 | 100 | 106 | ||||||
3.500%, 06/14/2024 | 200 | 205 | ||||||
Arch Capital Group | ||||||||
5.144%, 11/01/2043 | 150 | 170 | ||||||
Ares Capital | ||||||||
3.625%, 01/19/2022 | 100 | 102 | ||||||
Asian Development Bank MTN | ||||||||
2.625%, 01/12/2027 | 200 | 203 | ||||||
2.000%, 02/16/2022 | 200 | 200 | ||||||
2.000%, 01/22/2025 | 150 | 147 | ||||||
2.000%, 04/24/2026 | 100 | 97 | ||||||
1.875%, 04/12/2019 | 100 | 101 | ||||||
1.750%, 09/11/2018 | 350 | 351 | ||||||
1.750%, 01/10/2020 | 200 | 201 | ||||||
1.750%, 08/14/2026 | 100 | 95 | ||||||
1.625%, 05/05/2020 | 300 | 300 | ||||||
1.625%, 08/26/2020 | 100 | 100 | ||||||
1.625%, 03/16/2021 | 150 | 149 | ||||||
1.500%, 01/22/2020 | 350 | 349 | ||||||
1.375%, 01/15/2019 | 100 | 100 | ||||||
ASP AMC Merger | ||||||||
8.000%, 05/15/2025 (A) | 120 | 119 | ||||||
AssuredPartners | ||||||||
7.000%, 08/15/2025 (A) | 64 | 64 | ||||||
Australia & New Zealand Banking Group NY | ||||||||
2.550%, 11/23/2021 | 250 | 251 | ||||||
Australia & New Zealand Banking Group NY MTN | ||||||||
3.700%, 11/16/2025 | 250 | 264 | ||||||
Bank of America | ||||||||
7.750%, 05/14/2038 | 275 | 402 | ||||||
6.110%, 01/29/2037 | 150 | 186 | ||||||
Bank of America MTN | ||||||||
5.625%, 07/01/2020 | 200 | 219 | ||||||
5.000%, 05/13/2021 | 250 | 273 | ||||||
5.000%, 01/21/2044 | 150 | 171 | ||||||
4.750%, 04/21/2045 | 40 | 43 | ||||||
4.443%, 01/20/2048 (B) | 200 | 213 | ||||||
4.244%, 04/24/2038 (B) | 100 | 104 | ||||||
4.183%, 11/25/2027 | 150 | 155 | ||||||
4.100%, 07/24/2023 | 415 | 442 | ||||||
4.000%, 04/01/2024 | 285 | 301 | ||||||
4.000%, 01/22/2025 | 250 | 258 | ||||||
3.875%, 08/01/2025 | 100 | 104 | ||||||
3.824%, 01/20/2028 (B) | 200 | 204 | ||||||
3.705%, 04/24/2028 (B) | 200 | 202 |
26 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
3.500%, 04/19/2026 | $ | 300 | $ | 303 | ||||
3.248%, 10/21/2027 | 200 | 195 | ||||||
2.881%, 04/24/2023 (B) | 100 | 100 | ||||||
2.650%, 04/01/2019 | 300 | 304 | ||||||
2.625%, 10/19/2020 | 100 | 101 | ||||||
2.625%, 04/19/2021 | 100 | 101 | ||||||
2.250%, 04/21/2020 | 150 | 151 | ||||||
2.151%, 11/09/2020 | 250 | 250 | ||||||
Bank of Montreal MTN | ||||||||
2.100%, 12/12/2019 | 65 | 65 | ||||||
1.900%, 08/27/2021 | 100 | 99 | ||||||
1.350%, 08/28/2018 | 100 | 100 | ||||||
Bank of New York Mellon | ||||||||
3.550%, 09/23/2021 | 100 | 105 | ||||||
Bank of New York Mellon MTN |
| |||||||
3.442%, 02/07/2028 (B) | 100 | 102 | ||||||
3.000%, 02/24/2025 | 150 | 150 | ||||||
3.000%, 10/30/2028 | 85 | 83 | ||||||
2.800%, 05/04/2026 | 50 | 49 | ||||||
2.661%, 05/16/2023 (B) | 200 | 201 | ||||||
2.600%, 08/17/2020 | 200 | 204 | ||||||
2.600%, 02/07/2022 | 100 | 101 | ||||||
2.450%, 11/27/2020 | 50 | 51 | ||||||
2.300%, 09/11/2019 | 200 | 202 | ||||||
2.050%, 05/03/2021 | 50 | 50 | ||||||
Bank of Nova Scotia |
| |||||||
2.800%, 07/21/2021 | 50 | 51 | ||||||
2.450%, 03/22/2021 | 250 | 252 | ||||||
2.150%, 07/14/2020 | 200 | 201 | ||||||
2.050%, 10/30/2018 | 100 | 100 | ||||||
1.875%, 04/26/2021 | 300 | 296 | ||||||
1.650%, 06/14/2019 | 150 | 150 | ||||||
Barclays | ||||||||
5.250%, 08/17/2045 | 200 | 225 | ||||||
4.836%, 05/09/2028 | 200 | 208 | ||||||
4.375%, 01/12/2026 | 200 | 209 | ||||||
4.337%, 01/10/2028 | 200 | 208 | ||||||
3.650%, 03/16/2025 | 250 | 251 | ||||||
3.250%, 01/12/2021 | 300 | 306 | ||||||
BB&T MTN | ||||||||
2.625%, 06/29/2020 | 100 | 102 | ||||||
2.450%, 01/15/2020 | 150 | 152 | ||||||
Berkshire Hathaway | ||||||||
4.500%, 02/11/2043 | 50 | 56 | ||||||
3.125%, 03/15/2026 | 35 | 36 | ||||||
3.000%, 02/11/2023 | 150 | 155 | ||||||
2.750%, 03/15/2023 | 200 | 204 | ||||||
2.200%, 03/15/2021 | 35 | 35 | ||||||
2.100%, 08/14/2019 | 200 | 202 | ||||||
Berkshire Hathaway Finance |
| |||||||
4.250%, 01/15/2021 | 100 | 108 | ||||||
1.700%, 03/15/2019 | 60 | 60 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
BlackRock | ||||||||
3.500%, 03/18/2024 | $ | 200 | $ | 211 | ||||
BNP Paribas | ||||||||
2.375%, 05/21/2020 | 200 | 202 | ||||||
BNP Paribas MTN | ||||||||
5.000%, 01/15/2021 | 150 | 164 | ||||||
2.450%, 03/17/2019 | 300 | 303 | ||||||
BPCE | ||||||||
2.500%, 12/10/2018 | 320 | 323 | ||||||
Branch Banking & Trust | ||||||||
3.625%, 09/16/2025 | 250 | 261 | ||||||
2.625%, 01/15/2022 | 250 | 254 | ||||||
Brighthouse Financial (A) |
| |||||||
4.700%, 06/22/2047 | 50 | 49 | ||||||
3.700%, 06/22/2027 | 50 | 50 | ||||||
Brookfield Finance | ||||||||
4.000%, 04/01/2024 | 100 | 104 | ||||||
Canadian Imperial Bank of Commerce |
| |||||||
1.600%, 09/06/2019 | 100 | 99 | ||||||
Capital One | ||||||||
2.250%, 09/13/2021 | 250 | 247 | ||||||
Capital One Bank USA | ||||||||
2.250%, 02/13/2019 | 350 | 351 | ||||||
Capital One Financial | ||||||||
3.750%, 07/28/2026 | 50 | 49 | ||||||
3.750%, 03/09/2027 | 50 | 50 | ||||||
3.200%, 02/05/2025 | 100 | 99 | ||||||
3.050%, 03/09/2022 | 200 | 204 | ||||||
2.500%, 05/12/2020 | 49 | 50 | ||||||
CBOE Holdings | ||||||||
1.950%, 06/28/2019 | 30 | 30 | ||||||
Charles Schwab | ||||||||
3.450%, 02/13/2026 | 70 | 72 | ||||||
3.200%, 03/02/2027 | 100 | 101 | ||||||
Chubb INA Holdings | ||||||||
3.350%, 05/15/2024 | 200 | 208 | ||||||
3.150%, 03/15/2025 | 100 | 102 | ||||||
2.300%, 11/03/2020 | 200 | 202 | ||||||
CIT Group | ||||||||
5.000%, 08/15/2022 | 300 | 324 | ||||||
3.875%, 02/19/2019 | 100 | 103 | ||||||
Citibank | ||||||||
2.100%, 06/12/2020 | 300 | 302 | ||||||
2.000%, 03/20/2019 | 250 | 251 | ||||||
Citigroup | ||||||||
6.675%, 09/13/2043 | 90 | 122 | ||||||
6.125%, 08/25/2036 | 200 | 245 | ||||||
4.750%, 05/18/2046 | 250 | 265 | ||||||
4.650%, 07/30/2045 | 100 | 109 | ||||||
4.600%, 03/09/2026 | 35 | 37 | ||||||
4.450%, 09/29/2027 | 500 | 526 | ||||||
3.875%, 03/26/2025 | 300 | 304 |
Adviser Managed Trust / Annual Report / July 31, 2017 | 27 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description |
Face Amount | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
3.700%, 01/12/2026 | $ | 300 | $ | 305 | ||||
3.668%, 07/24/2028 (B) | 50 | 50 | ||||||
3.400%, 05/01/2026 | 150 | 150 | ||||||
3.300%, 04/27/2025 | 300 | 301 | ||||||
3.200%, 10/21/2026 | 200 | 195 | ||||||
2.900%, 12/08/2021 | 300 | 304 | ||||||
2.876%, 07/24/2023 (B) | 50 | 50 | ||||||
2.700%, 03/30/2021 | 100 | 101 | ||||||
2.650%, 10/26/2020 | 200 | 203 | ||||||
2.350%, 08/02/2021 | 50 | 50 | ||||||
2.050%, 12/07/2018 | 150 | 151 | ||||||
Citizens Bank | ||||||||
2.250%, 03/02/2020 | 250 | 251 | ||||||
Citizens Financial Group | ||||||||
2.375%, 07/28/2021 | 30 | 30 | ||||||
CME Group | ||||||||
3.000%, 03/15/2025 | 100 | 101 | ||||||
CNA Financial | ||||||||
4.500%, 03/01/2026 | 100 | 108 | ||||||
CNO Financial Group | ||||||||
5.250%, 05/30/2025 | 90 | 96 | ||||||
Commonwealth Bank of Australia | ||||||||
2.500%, 09/20/2018 | 250 | 252 | ||||||
Commonwealth Bank of Australia MTN | ||||||||
2.300%, 03/12/2020 | 250 | 252 | ||||||
Cooperatieve Rabobank | ||||||||
5.250%, 08/04/2045 | 250 | 292 | ||||||
4.625%, 12/01/2023 | 250 | 272 | ||||||
Cooperatieve Rabobank MTN | ||||||||
3.875%, 02/08/2022 | 250 | 266 | ||||||
2.500%, 01/19/2021 | 250 | 253 | ||||||
Cooperatieve Rabobank UA | ||||||||
3.750%, 07/21/2026 | 250 | 254 | ||||||
Credit Suisse MTN | ||||||||
3.625%, 09/09/2024 | 250 | 260 | ||||||
Credit Suisse Group Funding Guernsey | ||||||||
4.875%, 05/15/2045 | 250 | 277 | ||||||
3.800%, 06/09/2023 | 250 | 260 | ||||||
3.750%, 03/26/2025 | 250 | 254 | ||||||
3.450%, 04/16/2021 | 250 | 258 | ||||||
Deutsche Bank | ||||||||
4.500%, 04/01/2025 | 200 | 203 | ||||||
2.700%, 07/13/2020 | 100 | 100 | ||||||
Deutsche Bank MTN | ||||||||
4.296%, 05/24/2028 (B) | 300 | 303 | ||||||
3.700%, 05/30/2024 | 250 | 254 | ||||||
3.375%, 05/12/2021 | 100 | 102 | ||||||
2.850%, 05/10/2019 | 100 | 101 | ||||||
Discover Bank | ||||||||
4.200%, 08/08/2023 | 250 | 266 | ||||||
Discover Financial Services | ||||||||
4.100%, 02/09/2027 | 40 | 41 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
3.850%, 11/21/2022 | $ | 100 | $ | 103 | ||||
Enova International | ||||||||
9.750%, 06/01/2021 | 100 | 105 | ||||||
European Bank for Reconstruction & Development MTN | ||||||||
2.125%, 03/07/2022 | 250 | 251 | ||||||
2.000%, 02/01/2021 | 200 | 201 | ||||||
1.750%, 06/14/2019 | 100 | 100 | ||||||
1.750%, 11/26/2019 | 200 | 201 | ||||||
1.625%, 05/05/2020 | 300 | 299 | ||||||
0.875%, 07/22/2019 | 250 | 246 | ||||||
European Investment Bank | ||||||||
2.875%, 09/15/2020 | 125 | 129 | ||||||
2.375%, 06/15/2022 | 250 | 254 | ||||||
2.250%, 03/15/2022 | 400 | 404 | ||||||
2.125%, 10/15/2021 | 500 | 504 | ||||||
2.000%, 03/15/2021 | 150 | 151 | ||||||
1.875%, 02/10/2025 | 400 | 387 | ||||||
1.750%, 06/17/2019 | 200 | 201 | ||||||
1.750%, 05/15/2020 | 100 | 100 | ||||||
1.625%, 03/16/2020 | 100 | 100 | ||||||
1.625%, 08/14/2020 | 300 | 299 | ||||||
1.625%, 12/15/2020 | 500 | 498 | ||||||
1.625%, 06/15/2021 | 150 | 149 | ||||||
1.375%, 06/15/2020 | 300 | 298 | ||||||
1.250%, 12/16/2019 | 250 | 248 | ||||||
1.125%, 08/15/2018 | 600 | 598 | ||||||
European Investment Bank MTN | ||||||||
1.375%, 09/15/2021 | 250 | 244 | ||||||
FBM Finance | ||||||||
8.250%, 08/15/2021 (A) | 130 | 139 | ||||||
Fifth Third Bancorp | ||||||||
2.875%, 07/27/2020 | 150 | 153 | ||||||
Fifth Third Bank | ||||||||
1.625%, 09/27/2019 | 200 | 199 | ||||||
Fifth Third Bank MTN | ||||||||
2.150%, 08/20/2018 | 250 | 251 | ||||||
First Republic Bank | ||||||||
4.625%, 02/13/2047 | 250 | 253 | ||||||
Franklin Resources | ||||||||
2.850%, 03/30/2025 | 150 | 149 | ||||||
Goldman Sachs Group | ||||||||
6.750%, 10/01/2037 | 625 | 820 | ||||||
6.250%, 02/01/2041 | 100 | 131 | ||||||
5.750%, 01/24/2022 | 130 | 146 | ||||||
4.750%, 10/21/2045 | 100 | 111 | ||||||
3.750%, 05/22/2025 | 250 | 257 | ||||||
3.750%, 02/25/2026 | 60 | 61 | ||||||
3.691%, 06/05/2028 (B) | 100 | 101 | ||||||
3.500%, 01/23/2025 | 300 | 305 | ||||||
3.500%, 11/16/2026 | 300 | 299 | ||||||
3.000%, 04/26/2022 | 85 | 86 |
28 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
2.908%, 06/05/2023 (B) | $ | 150 | $ | 150 | ||||
2.875%, 02/25/2021 | 100 | 102 | ||||||
2.625%, 01/31/2019 | 250 | 253 | ||||||
2.600%, 04/23/2020 | 300 | 304 | ||||||
2.600%, 12/27/2020 | 200 | 202 | ||||||
2.550%, 10/23/2019 | 200 | 203 | ||||||
2.350%, 11/15/2021 | 200 | 198 | ||||||
2.300%, 12/13/2019 | 210 | 211 | ||||||
Goldman Sachs Group MTN | ||||||||
6.000%, 06/15/2020 | 350 | 386 | ||||||
4.800%, 07/08/2044 | 100 | 111 | ||||||
3.850%, 07/08/2024 | 200 | 208 | ||||||
Harland Clarke Holdings | ||||||||
9.250%, 03/01/2021 (A) | 150 | 147 | ||||||
Hartford Financial Services Group | ||||||||
5.500%, 03/30/2020 | 150 | 163 | ||||||
4.300%, 04/15/2043 | 100 | 102 | ||||||
HSBC | ||||||||
2.375%, 11/13/2019 | 300 | 303 | ||||||
2.350%, 03/05/2020 | 350 | 354 | ||||||
HSBC Finance | ||||||||
6.676%, 01/15/2021 | 300 | 340 | ||||||
HSBC Holdings | ||||||||
6.500%, 05/02/2036 | 200 | 258 | ||||||
6.500%, 09/15/2037 | 225 | 292 | ||||||
5.250%, 03/14/2044 | 200 | 233 | ||||||
4.375%, 11/23/2026 | 200 | 210 | ||||||
4.300%, 03/08/2026 | 400 | 429 | ||||||
2.950%, 05/25/2021 | 250 | 255 | ||||||
2.650%, 01/05/2022 | 200 | 201 | ||||||
HUB International | ||||||||
7.875%, 10/01/2021 (A) | 250 | 261 | ||||||
Huntington Bancshares | ||||||||
2.300%, 01/14/2022 | 250 | 247 | ||||||
Huntington National Bank | ||||||||
2.375%, 03/10/2020 | 250 | 252 | ||||||
Industrial & Commercial Bank of China | ||||||||
2.452%, 10/20/2021 | 250 | 247 | ||||||
Intelsat Connect Finance | ||||||||
12.500%, 04/01/2022 (A) | 150 | 144 | ||||||
Inter-American Development Bank | ||||||||
3.200%, 08/07/2042 | 100 | 99 | ||||||
3.000%, 02/21/2024 | 300 | 313 | ||||||
2.375%, 07/07/2027 | 400 | 397 | ||||||
1.875%, 03/15/2021 | 100 | 100 | ||||||
1.125%, 08/28/2018 | 200 | 200 | ||||||
1.000%, 05/13/2019 | 500 | 495 | ||||||
Inter-American Development Bank MTN | ||||||||
2.125%, 01/18/2022 | 250 | 252 | ||||||
1.750%, 10/15/2019 | 700 | 703 | ||||||
1.625%, 05/12/2020 | 100 | 100 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Intercontinental Exchange | ||||||||
3.750%, 12/01/2025 | $ | 55 | $ | 58 | ||||
2.750%, 12/01/2020 | 55 | 56 | ||||||
International Bank for Reconstruction & Development | ||||||||
2.500%, 11/25/2024 | 200 | 202 | ||||||
2.500%, 07/29/2025 | 150 | 150 | ||||||
2.125%, 11/01/2020 | 450 | 455 | ||||||
2.000%, 01/26/2022 | 200 | 201 | ||||||
1.875%, 03/15/2019 | 500 | 503 | ||||||
1.875%, 04/21/2020 | 300 | 302 | ||||||
1.750%, 04/19/2023 | 350 | 342 | ||||||
1.625%, 02/10/2022 | 200 | 197 | ||||||
1.250%, 07/26/2019 | 350 | 348 | ||||||
International Bank for Reconstruction & Development MTN | ||||||||
1.875%, 10/27/2026 | 200 | 190 | ||||||
1.625%, 03/09/2021 | 350 | 347 | ||||||
1.375%, 05/24/2021 | 250 | 245 | ||||||
1.125%, 11/27/2019 | 250 | 248 | ||||||
0.875%, 08/15/2019 | 500 | 494 | ||||||
International Finance | ||||||||
1.750%, 09/16/2019 | 100 | 100 | ||||||
International Finance MTN | ||||||||
1.750%, 09/04/2018 | 200 | 201 | ||||||
1.125%, 07/20/2021 | 100 | 97 | ||||||
Intesa Sanpaolo MTN (A) | ||||||||
5.710%, 01/15/2026 | 200 | 212 | ||||||
5.017%, 06/26/2024 | 400 | 408 | ||||||
Invesco Finance | ||||||||
5.375%, 11/30/2043 | 150 | 177 | ||||||
Jefferies Group | ||||||||
6.875%, 04/15/2021 | 100 | 114 | ||||||
4.850%, 01/15/2027 | 135 | 143 | ||||||
JPMorgan Chase | ||||||||
6.400%, 05/15/2038 | 100 | 134 | ||||||
6.300%, 04/23/2019 | 200 | 215 | ||||||
5.625%, 08/16/2043 | 190 | 232 | ||||||
4.950%, 06/01/2045 | 200 | 225 | ||||||
4.625%, 05/10/2021 | 150 | 162 | ||||||
4.350%, 08/15/2021 | 100 | 107 | ||||||
4.250%, 10/01/2027 | 295 | 312 | ||||||
4.032%, 07/24/2048 (B) | 100 | 100 | ||||||
3.900%, 07/15/2025 | 100 | 105 | ||||||
3.882%, 07/24/2038 (B) | 100 | 100 | ||||||
3.875%, 02/01/2024 | 200 | 211 | ||||||
3.625%, 05/13/2024 | 425 | 441 | ||||||
3.540%, 05/01/2028 (B) | 150 | 151 | ||||||
3.300%, 04/01/2026 | 150 | 150 | ||||||
3.250%, 09/23/2022 | 200 | 207 | ||||||
3.125%, 01/23/2025 | 200 | 200 | ||||||
2.950%, 10/01/2026 | 200 | 195 |
Adviser Managed Trust / Annual Report / July 31, 2017 | 29 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
2.776%, 04/25/2023 (B) | $ | 113 | $ | 114 | ||||
2.750%, 06/23/2020 | 100 | 102 | ||||||
2.700%, 05/18/2023 | 250 | 249 | ||||||
2.550%, 10/29/2020 | 485 | 492 | ||||||
2.550%, 03/01/2021 | 200 | 202 | ||||||
2.250%, 01/23/2020 | 350 | 353 | ||||||
2.200%, 10/22/2019 | 250 | 252 | ||||||
1.850%, 03/22/2019 | 150 | 150 | ||||||
JPMorgan Chase Bank | ||||||||
1.650%, 09/23/2019 | 250 | 249 | ||||||
Jurassic Holdings III | ||||||||
6.875%, 02/15/2021 (A) | 50 | 41 | ||||||
Kemper | ||||||||
4.350%, 02/15/2025 | 35 | 35 | ||||||
KeyBank | ||||||||
2.500%, 12/15/2019 | 250 | 254 | ||||||
KeyCorp MTN | ||||||||
2.900%, 09/15/2020 | 200 | 204 | ||||||
Korea Development Bank | ||||||||
2.500%, 03/11/2020 | 200 | 201 | ||||||
2.000%, 09/12/2026 | 200 | 183 | ||||||
Kreditanstalt fuer Wiederaufbau | ||||||||
3.130%, 04/18/2036 (C) | 200 | 115 | ||||||
2.750%, 10/01/2020 | 200 | 206 | ||||||
2.500%, 11/20/2024 | 300 | 304 | ||||||
2.125%, 03/07/2022 | 500 | 504 | ||||||
2.125%, 01/17/2023 | 150 | 150 | ||||||
2.000%, 11/30/2021 | 50 | 50 | ||||||
2.000%, 10/04/2022 | 250 | 249 | ||||||
2.000%, 05/02/2025 | 250 | 245 | ||||||
1.875%, 04/01/2019 | 525 | 528 | ||||||
1.625%, 05/29/2020 | 400 | 400 | ||||||
1.625%, 03/15/2021 | 250 | 249 | ||||||
1.500%, 02/06/2019 | 150 | 150 | ||||||
1.500%, 06/15/2021 | 500 | 493 | ||||||
1.250%, 09/13/2018 | 100 | 100 | ||||||
1.250%, 09/30/2019 | 250 | 248 | ||||||
1.000%, 09/07/2018 | 250 | 249 | ||||||
Kreditanstalt fuer Wiederaufbau MTN | ||||||||
1.750%, 03/31/2020 | 200 | 201 | ||||||
1.500%, 04/20/2020 | 1,500 | 1,494 | ||||||
Ladder Capital Finance Holdings LLLP | ||||||||
5.250%, 03/15/2022 (A) | 95 | 98 | ||||||
Landwirtschaftliche Rentenbank | ||||||||
2.375%, 06/10/2025 | 150 | 150 | ||||||
2.250%, 10/01/2021 | 150 | 152 | ||||||
2.000%, 01/13/2025 | 100 | 98 | ||||||
Lazard Group | ||||||||
3.750%, 02/13/2025 | 50 | 51 | ||||||
Legg Mason | ||||||||
4.750%, 03/15/2026 | 50 | 53 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Leucadia National | ||||||||
5.500%, 10/18/2023 | $ | 100 | $ | 108 | ||||
Lincoln National | ||||||||
3.625%, 12/12/2026 | 50 | 50 | ||||||
3.350%, 03/09/2025 | 150 | 152 | ||||||
Lloyds Banking Group | ||||||||
4.650%, 03/24/2026 | 200 | 211 | ||||||
3.750%, 01/11/2027 | 200 | 203 | ||||||
3.100%, 07/06/2021 | 300 | 305 | ||||||
Loews | ||||||||
2.625%, 05/15/2023 | 100 | 100 | ||||||
LPL Holdings | ||||||||
5.750%, 09/15/2025 (A) | 80 | 84 | ||||||
Manufacturers & Traders Trust | ||||||||
2.100%, 02/06/2020 | 250 | 251 | ||||||
Manulife Financial | ||||||||
4.061%, 02/24/2032 (B) | 100 | 101 | ||||||
Markel | ||||||||
5.000%, 04/05/2046 | 100 | 108 | ||||||
Marsh & McLennan | ||||||||
4.350%, 01/30/2047 | 20 | 21 | ||||||
3.750%, 03/14/2026 | 100 | 104 | ||||||
2.750%, 01/30/2022 | 30 | 30 | ||||||
2.350%, 03/06/2020 | 100 | 101 | ||||||
MetLife | ||||||||
4.875%, 11/13/2043 | 100 | 114 | ||||||
4.600%, 05/13/2046 | 100 | 111 | ||||||
4.368%, 09/15/2023 | 285 | 313 | ||||||
4.050%, 03/01/2045 | 100 | 101 | ||||||
3.600%, 04/10/2024 | 200 | 210 | ||||||
3.600%, 11/13/2025 | 100 | 105 | ||||||
Mitsubishi UFJ Financial Group | ||||||||
3.850%, 03/01/2026 | 200 | 210 | ||||||
3.677%, 02/22/2027 | 100 | 103 | ||||||
2.998%, 02/22/2022 | 100 | 102 | ||||||
2.950%, 03/01/2021 | 200 | 204 | ||||||
Mizuho Financial Group | ||||||||
3.663%, 02/28/2027 | 200 | 207 | ||||||
Moody’s | ||||||||
3.250%, 01/15/2028 (A) | 35 | 35 | ||||||
2.750%, 12/15/2021 | 100 | 101 | ||||||
2.625%, 01/15/2023 (A) | 50 | 50 | ||||||
Morgan Stanley | ||||||||
5.750%, 01/25/2021 | 175 | 194 | ||||||
3.625%, 01/20/2027 | 150 | 152 | ||||||
2.800%, 06/16/2020 | 150 | 153 | ||||||
2.650%, 01/27/2020 | 200 | 202 | ||||||
Morgan Stanley MTN | ||||||||
6.375%, 07/24/2042 | 250 | 332 | ||||||
5.500%, 07/24/2020 | 275 | 300 | ||||||
4.875%, 11/01/2022 | 165 | 179 | ||||||
4.350%, 09/08/2026 | 340 | 357 |
30 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
4.300%, 01/27/2045 | $ | 100 | $ | 103 | ||||
4.000%, 07/23/2025 | 155 | 163 | ||||||
3.875%, 01/27/2026 | 250 | 258 | ||||||
3.125%, 07/27/2026 | 200 | 196 | ||||||
2.625%, 11/17/2021 | 300 | 301 | ||||||
2.500%, 04/21/2021 | 210 | 211 | ||||||
2.450%, 02/01/2019 | 600 | 605 | ||||||
2.375%, 07/23/2019 | 300 | 302 | ||||||
2.200%, 12/07/2018 | 150 | 151 | ||||||
MSCI (A) | ||||||||
5.750%, 08/15/2025 | 62 | 67 | ||||||
5.250%, 11/15/2024 | 150 | 160 | ||||||
4.750%, 08/01/2026 | 130 | 135 | ||||||
MUFG Union Bank | ||||||||
2.625%, 09/26/2018 | 250 | 253 | ||||||
National Australia Bank MTN | ||||||||
2.625%, 01/14/2021 | 300 | 304 | ||||||
2.500%, 05/22/2022 | 250 | 250 | ||||||
2.500%, 07/12/2026 | 250 | 238 | ||||||
2.125%, 05/22/2020 | 250 | 251 | ||||||
National Bank of Canada | ||||||||
2.150%, 06/12/2020 | 250 | 250 | ||||||
National Rural Utilities Cooperative Finance | ||||||||
10.375%, 11/01/2018 | 150 | 166 | ||||||
2.950%, 02/07/2024 | 30 | 30 | ||||||
National Rural Utilities Cooperative Finance MTN | ||||||||
3.250%, 11/01/2025 | 200 | 204 | ||||||
Nationstar Mortgage | ||||||||
6.500%, 07/01/2021 | 100 | 103 | ||||||
Navient | ||||||||
6.750%, 06/25/2025 | 105 | 110 | ||||||
6.500%, 06/15/2022 | 200 | 213 | ||||||
5.875%, 03/25/2021 | 100 | 106 | ||||||
5.875%, 10/25/2024 | 100 | 102 | ||||||
Navient MTN | ||||||||
6.125%, 03/25/2024 | 100 | 104 | ||||||
5.500%, 01/15/2019 | 250 | 260 | ||||||
5.500%, 01/25/2023 | 150 | 153 | ||||||
4.875%, 06/17/2019 | 100 | 103 | ||||||
NFP | ||||||||
6.875%, 07/15/2025 (A) | 50 | 51 | ||||||
Nomura Holdings MTN | ||||||||
2.750%, 03/19/2019 | 300 | 304 | ||||||
Nordic Investment Bank | ||||||||
1.125%, 02/25/2019 | 200 | 199 | ||||||
Northern Trust | ||||||||
3.375%, 05/08/2032 (B) | 163 | 164 | ||||||
Oesterreichische Kontrollbank | ||||||||
1.875%, 01/20/2021 | 300 | 300 | ||||||
1.750%, 01/24/2020 | 200 | 201 | ||||||
1.375%, 02/10/2020 | 100 | 99 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Old Republic International | ||||||||
3.875%, 08/26/2026 | $ | 50 | $ | 50 | ||||
OneMain Financial Holdings (A) | ||||||||
7.250%, 12/15/2021 | 150 | 158 | ||||||
6.750%, 12/15/2019 | 90 | 94 | ||||||
Orchestra Borrower | ||||||||
6.750%, 06/15/2022 (A) | 80 | 84 | ||||||
ORIX | ||||||||
3.700%, 07/18/2027 | 50 | 50 | ||||||
2.900%, 07/18/2022 | 30 | 30 | ||||||
PNC Bank | ||||||||
3.300%, 10/30/2024 | 250 | 257 | ||||||
2.625%, 02/17/2022 | 250 | 253 | ||||||
2.450%, 11/05/2020 | 250 | 253 | ||||||
2.250%, 07/02/2019 | 250 | 252 | ||||||
PNC Bank MTN | ||||||||
2.150%, 04/29/2021 | 250 | 249 | ||||||
Principal Financial Group | ||||||||
3.400%, 05/15/2025 | 150 | 154 | ||||||
Private Export Funding | ||||||||
2.300%, 09/15/2020 | 150 | 153 | ||||||
Progressive | ||||||||
3.700%, 01/26/2045 | 50 | 49 | ||||||
2.450%, 01/15/2027 | 150 | 142 | ||||||
Prudential Financial (B) | ||||||||
5.875%, 09/15/2042 | 100 | 111 | ||||||
5.625%, 06/15/2043 | 200 | 219 | ||||||
Prudential Financial MTN | ||||||||
5.700%, 12/14/2036 | 100 | 122 | ||||||
4.600%, 05/15/2044 | 50 | 55 | ||||||
3.500%, 05/15/2024 | 100 | 104 | ||||||
2.350%, 08/15/2019 | 100 | 101 | ||||||
Quicken Loans | ||||||||
5.750%, 05/01/2025 (A) | 250 | 262 | ||||||
Raymond James Financial | ||||||||
4.950%, 07/15/2046 | 50 | 54 | ||||||
Regions Financial | ||||||||
3.200%, 02/08/2021 | 150 | 154 | ||||||
Reinsurance Group of America | ||||||||
3.950%, 09/15/2026 | 30 | 31 | ||||||
RenaissanceRe Finance | ||||||||
3.450%, 07/01/2027 | 30 | 30 | ||||||
Royal Bank of Canada | ||||||||
2.300%, 03/22/2021 | 150 | 150 | ||||||
2.100%, 10/14/2020 | 200 | 200 | ||||||
2.000%, 10/01/2018 | 125 | 126 | ||||||
Royal Bank of Canada MTN | ||||||||
2.750%, 02/01/2022 | 100 | 102 | ||||||
2.350%, 10/30/2020 | 250 | 252 | ||||||
2.000%, 12/10/2018 | 100 | 101 | ||||||
Royal Bank of Scotland Group | ||||||||
6.125%, 12/15/2022 | 300 | 332 |
Adviser Managed Trust / Annual Report / July 31, 2017 | 31 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
6.100%, 06/10/2023 | $ | 100 | $ | 112 | ||||
6.000%, 12/19/2023 | 375 | 417 | ||||||
5.125%, 05/28/2024 | 300 | 319 | ||||||
4.800%, 04/05/2026 | 200 | 215 | ||||||
3.498%, 05/15/2023 (B) | 200 | 202 | ||||||
S&P Global | ||||||||
4.400%, 02/15/2026 | 100 | 108 | ||||||
4.000%, 06/15/2025 | 50 | 53 | ||||||
Santander Holdings USA |
| |||||||
3.700%, 03/28/2022 (A) | 30 | 31 | ||||||
2.700%, 05/24/2019 | 100 | 101 | ||||||
2.650%, 04/17/2020 | 100 | 100 | ||||||
Santander Issuances | ||||||||
5.179%, 11/19/2025 | 200 | 217 | ||||||
Santander UK | ||||||||
3.050%, 08/23/2018 | 100 | 101 | ||||||
2.375%, 03/16/2020 | 150 | 152 | ||||||
Santander UK Group Holdings |
| |||||||
2.875%, 10/16/2020 | 100 | 102 | ||||||
Santander UK Group Holdings MTN |
| |||||||
3.125%, 01/08/2021 | 300 | 306 | ||||||
Springleaf Finance |
| |||||||
8.250%, 12/15/2020 | 200 | 225 | ||||||
7.750%, 10/01/2021 | 100 | 112 | ||||||
6.125%, 05/15/2022 | 20 | 21 | ||||||
5.250%, 12/15/2019 | 100 | 104 | ||||||
Starwood Property Trust |
| |||||||
5.000%, 12/15/2021 | 55 | 57 | ||||||
Stifel Financial | ||||||||
4.250%, 07/18/2024 | 50 | 51 | ||||||
Sumitomo Mitsui Banking |
| |||||||
2.450%, 01/16/2020 | 250 | 252 | ||||||
Sumitomo Mitsui Financial Group |
| |||||||
3.784%, 03/09/2026 | 100 | 105 | ||||||
3.446%, 01/11/2027 | 150 | 153 | ||||||
3.364%, 07/12/2027 | 200 | 202 | ||||||
2.934%, 03/09/2021 | 100 | 102 | ||||||
2.784%, 07/12/2022 | 200 | 201 | ||||||
2.632%, 07/14/2026 | 100 | 95 | ||||||
2.442%, 10/19/2021 | 250 | 249 | ||||||
2.058%, 07/14/2021 | 250 | 246 | ||||||
SunTrust Bank | ||||||||
2.900%, 03/03/2021 | 150 | 153 | ||||||
2.700%, 01/27/2022 | 100 | 101 | ||||||
2.450%, 08/01/2022 | 100 | 100 | ||||||
Svenska Handelsbanken MTN |
| |||||||
2.250%, 06/17/2019 | 250 | 252 | ||||||
1.875%, 09/07/2021 | 250 | 246 | ||||||
Synchrony Financial | ||||||||
4.250%, 08/15/2024 | 100 | 104 | ||||||
3.700%, 08/04/2026 | 100 | 98 | ||||||
2.700%, 02/03/2020 | 100 | 101 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
2.600%, 01/15/2019 | $ | 50 | $ | 50 | ||||
TD Ameritrade Holding |
| |||||||
2.950%, 04/01/2022 | 100 | 102 | ||||||
Tempo Acquisition | ||||||||
6.750%, 06/01/2025 (A) | 65 | 67 | ||||||
TMX Finance | ||||||||
8.500%, 09/15/2018 (A) | 100 | 94 | ||||||
Toronto-Dominion Bank | ||||||||
3.625%, 09/15/2031 (B) | 150 | 149 | ||||||
Toronto-Dominion Bank MTN |
| |||||||
2.500%, 12/14/2020 | 150 | 152 | ||||||
2.250%, 11/05/2019 | 100 | 101 | ||||||
2.125%, 04/07/2021 | 150 | 150 | ||||||
1.950%, 01/22/2019 | 100 | 101 | ||||||
Travelers | ||||||||
4.000%, 05/30/2047 | 40 | 41 | ||||||
3.750%, 05/15/2046 | 25 | 25 | ||||||
Travelers MTN | ||||||||
6.250%, 06/15/2037 | 200 | 265 | ||||||
Trinity Acquisition | ||||||||
4.400%, 03/15/2026 | 150 | 158 | ||||||
UBS MTN | ||||||||
2.375%, 08/14/2019 | 500 | 504 | ||||||
UniCredit | ||||||||
5.861%, 06/19/2032 (A)(B) | 200 | 210 | ||||||
Unum Group | ||||||||
3.000%, 05/15/2021 | 30 | 30 | ||||||
US Bancorp MTN | ||||||||
3.600%, 09/11/2024 | 150 | 156 | ||||||
3.150%, 04/27/2027 | 200 | 201 | ||||||
2.950%, 07/15/2022 | 200 | 205 | ||||||
2.375%, 07/22/2026 | 150 | 143 | ||||||
2.200%, 04/25/2019 | 250 | 252 | ||||||
USIS Merger | ||||||||
6.875%, 05/01/2025 (A) | 170 | 176 | ||||||
Visa | ||||||||
4.300%, 12/14/2045 | 100 | 110 | ||||||
4.150%, 12/14/2035 | 130 | 141 | ||||||
3.150%, 12/14/2025 | 200 | 205 | ||||||
2.800%, 12/14/2022 | 100 | 102 | ||||||
2.200%, 12/14/2020 | 200 | 202 | ||||||
Voya Financial | ||||||||
5.650%, 05/15/2053 (B) | 100 | 107 | ||||||
3.125%, 07/15/2024 | 100 | 99 | ||||||
Walter Investment Management |
| |||||||
7.875%, 12/15/2021 | 125 | 72 | ||||||
Wells Fargo | ||||||||
5.606%, 01/15/2044 | 150 | 179 | ||||||
5.375%, 11/02/2043 | 280 | 326 | ||||||
3.900%, 05/01/2045 | 150 | 149 | ||||||
3.000%, 04/22/2026 | 250 | 246 | ||||||
3.000%, 10/23/2026 | 250 | 245 |
32 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
2.500%, 03/04/2021 | $ | 250 | $ | 252 | ||||
2.150%, 01/15/2019 | 250 | 252 | ||||||
Wells Fargo MTN | ||||||||
4.900%, 11/17/2045 | 165 | 181 | ||||||
4.300%, 07/22/2027 | 100 | 106 | ||||||
4.125%, 08/15/2023 | 250 | 266 | ||||||
4.100%, 06/03/2026 | 235 | 245 | ||||||
3.584%, 05/22/2028 (B) | 75 | 76 | ||||||
3.450%, 02/13/2023 | 300 | 309 | ||||||
3.000%, 02/19/2025 | 100 | 100 | ||||||
2.625%, 07/22/2022 | 190 | 191 | ||||||
2.600%, 07/22/2020 | 250 | 254 | ||||||
2.150%, 01/30/2020 | 400 | 402 | ||||||
Wells Fargo Bank | ||||||||
1.750%, 05/24/2019 | 250 | 251 | ||||||
Wells Fargo Capital X | ||||||||
5.950%, 12/15/2036 | 250 | 283 | ||||||
Westpac Banking | ||||||||
3.350%, 03/08/2027 | 100 | 101 | ||||||
2.850%, 05/13/2026 | 200 | 196 | ||||||
2.700%, 08/19/2026 | 100 | 97 | ||||||
2.600%, 11/23/2020 | 50 | 51 | ||||||
2.500%, 06/28/2022 | 100 | 100 | ||||||
2.250%, 01/17/2019 | 100 | 101 | ||||||
2.150%, 03/06/2020 | 100 | 100 | ||||||
2.100%, 05/13/2021 | 50 | 50 | ||||||
2.000%, 08/19/2021 | 100 | 99 | ||||||
1.950%, 11/23/2018 | 100 | 100 | ||||||
1.650%, 05/13/2019 | 50 | 50 | ||||||
1.600%, 08/19/2019 | 100 | 99 | ||||||
Willis North America | ||||||||
3.600%, 05/15/2024 | 50 | 51 | ||||||
XLIT | ||||||||
5.500%, 03/31/2045 | 100 | 109 | ||||||
4.450%, 03/31/2025 | 100 | 104 | ||||||
|
| |||||||
102,686 | ||||||||
|
| |||||||
Health Care – 2.9% | ||||||||
Abbott Laboratories | ||||||||
5.125%, 04/01/2019 | 100 | 105 | ||||||
4.900%, 11/30/2046 | 200 | 221 | ||||||
4.750%, 11/30/2036 | 100 | 109 | ||||||
4.750%, 04/15/2043 | 100 | 107 | ||||||
3.750%, 11/30/2026 | 150 | 155 | ||||||
3.400%, 11/30/2023 | 100 | 103 | ||||||
2.950%, 03/15/2025 | 100 | 98 | ||||||
2.900%, 11/30/2021 | 100 | 102 | ||||||
2.800%, 09/15/2020 | 150 | 153 | ||||||
2.350%, 11/22/2019 | 100 | 101 | ||||||
2.000%, 09/15/2018 | 150 | 150 | ||||||
2.000%, 03/15/2020 | 100 | 100 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
AbbVie | ||||||||
4.700%, 05/14/2045 | $ | 135 | $ | 146 | ||||
4.500%, 05/14/2035 | 140 | 149 | ||||||
4.450%, 05/14/2046 | 250 | 261 | ||||||
4.400%, 11/06/2042 | 150 | 155 | ||||||
4.300%, 05/14/2036 | 50 | 52 | ||||||
3.600%, 05/14/2025 | 100 | 103 | ||||||
3.200%, 11/06/2022 | 45 | 46 | ||||||
3.200%, 05/14/2026 | 100 | 100 | ||||||
2.900%, 11/06/2022 | 100 | 102 | ||||||
2.850%, 05/14/2023 | 50 | 50 | ||||||
2.500%, 05/14/2020 | 100 | 102 | ||||||
2.300%, 05/14/2021 | 100 | 100 | ||||||
Acadia Healthcare | ||||||||
5.625%, 02/15/2023 | 100 | 104 | ||||||
Actavis | ||||||||
3.250%, 10/01/2022 | 50 | 52 | ||||||
Aetna | ||||||||
2.800%, 06/15/2023 | 25 | 25 | ||||||
2.200%, 03/15/2019 | 150 | 151 | ||||||
Agilent Technologies | ||||||||
3.050%, 09/22/2026 | 65 | 63 | ||||||
Allergan Funding SCS | ||||||||
4.850%, 06/15/2044 | 50 | 55 | ||||||
4.750%, 03/15/2045 | 200 | 218 | ||||||
4.550%, 03/15/2035 | 300 | 322 | ||||||
3.850%, 06/15/2024 | 100 | 105 | ||||||
3.800%, 03/15/2025 | 200 | 208 | ||||||
3.450%, 03/15/2022 | 200 | 208 | ||||||
3.000%, 03/12/2020 | 300 | 307 | ||||||
AMAG Pharmaceuticals | ||||||||
7.875%, 09/01/2023 (A) | 65 | 64 | ||||||
AmerisourceBergen | ||||||||
4.250%, 03/01/2045 | 25 | 25 | ||||||
3.400%, 05/15/2024 | 100 | 103 | ||||||
Amgen | ||||||||
5.150%, 11/15/2041 | 200 | 230 | ||||||
4.563%, 06/15/2048 | 100 | 107 | ||||||
4.400%, 05/01/2045 | 125 | 131 | ||||||
3.875%, 11/15/2021 | 100 | 106 | ||||||
3.625%, 05/22/2024 | 150 | 158 | ||||||
3.125%, 05/01/2025 | 150 | 152 | ||||||
2.650%, 05/11/2022 | 150 | 152 | ||||||
2.600%, 08/19/2026 | 100 | 96 | ||||||
2.250%, 08/19/2023 | 100 | 98 | ||||||
2.200%, 05/22/2019 | 150 | 151 | ||||||
1.850%, 08/19/2021 | 50 | 49 | ||||||
Anthem | ||||||||
5.100%, 01/15/2044 | 150 | 174 | ||||||
4.650%, 01/15/2043 | 150 | 163 | ||||||
3.500%, 08/15/2024 | 150 | 155 | ||||||
3.300%, 01/15/2023 | 100 | 104 |
Adviser Managed Trust / Annual Report / July 31, 2017 | | 33 | |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
2.250%, 08/15/2019 | $ | 100 | $ | 101 | ||||
Ascension Health | ||||||||
3.945%, 11/15/2046 | 35 | 36 | ||||||
AstraZeneca | ||||||||
6.450%, 09/15/2037 | 200 | 267 | ||||||
4.375%, 11/16/2045 | 100 | 105 | ||||||
3.375%, 11/16/2025 | 100 | 103 | ||||||
2.375%, 11/16/2020 | 100 | 101 | ||||||
Baxalta | ||||||||
5.250%, 06/23/2045 | 100 | 117 | ||||||
2.875%, 06/23/2020 | 50 | 51 | ||||||
Baxter International | ||||||||
3.500%, 08/15/2046 | 100 | 90 | ||||||
Becton Dickinson | ||||||||
4.685%, 12/15/2044 | 50 | 53 | ||||||
4.669%, 06/06/2047 | 50 | 52 | ||||||
3.734%, 12/15/2024 | 150 | 155 | ||||||
3.700%, 06/06/2027 | 100 | 102 | ||||||
3.363%, 06/06/2024 | 50 | 51 | ||||||
3.125%, 11/08/2021 | 100 | 102 | ||||||
2.894%, 06/06/2022 | 65 | 66 | ||||||
2.675%, 12/15/2019 | 88 | 89 | ||||||
2.404%, 06/05/2020 | 35 | 35 | ||||||
2.133%, 06/06/2019 | 50 | 50 | ||||||
Biogen | ||||||||
5.200%, 09/15/2045 | 100 | 115 | ||||||
3.625%, 09/15/2022 | 200 | 210 | ||||||
Boston Scientific | ||||||||
6.000%, 01/15/2020 | 100 | 109 | ||||||
3.850%, 05/15/2025 | 100 | 104 | ||||||
Bristol-Myers Squibb | ||||||||
4.500%, 03/01/2044 | 50 | 55 | ||||||
3.250%, 02/27/2027 | 100 | 102 | ||||||
3.250%, 08/01/2042 | 100 | 90 | ||||||
1.750%, 03/01/2019 | 50 | 50 | ||||||
Cardinal Health | ||||||||
3.410%, 06/15/2027 | 200 | 202 | ||||||
2.616%, 06/15/2022 | 200 | 201 | ||||||
2.400%, 11/15/2019 | 150 | 151 | ||||||
Catholic Health Initiatives | ||||||||
2.950%, 11/01/2022 | 200 | 196 | ||||||
Celgene | ||||||||
5.000%, 08/15/2045 | 150 | 170 | ||||||
3.875%, 08/15/2025 | 150 | 159 | ||||||
3.625%, 05/15/2024 | 150 | 157 | ||||||
2.875%, 08/15/2020 | 100 | 103 | ||||||
2.250%, 05/15/2019 | 100 | 101 | ||||||
Centene | ||||||||
6.125%, 02/15/2024 | 176 | 191 | ||||||
5.625%, 02/15/2021 | 154 | 160 | ||||||
4.750%, 05/15/2022 | 190 | 200 | ||||||
4.750%, 01/15/2025 | 90 | 94 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Change Healthcare Holdings | ||||||||
5.750%, 03/01/2025 (A) | $ | 115 | $ | 119 | ||||
CHS | ||||||||
6.875%, 02/01/2022 | 400 | 343 | ||||||
6.250%, 03/31/2023 | 565 | 579 | ||||||
5.125%, 08/01/2021 | 100 | 101 | ||||||
Cigna | ||||||||
3.250%, 04/15/2025 | 150 | 152 | ||||||
Concordia International (A) | ||||||||
9.500%, 10/21/2022 | 175 | 35 | ||||||
7.000%, 04/15/2023 | 71 | 13 | ||||||
Covidien International Finance | ||||||||
6.550%, 10/15/2037 | 50 | 66 | ||||||
CR Bard | ||||||||
3.000%, 05/15/2026 | 50 | 50 | ||||||
Danaher | ||||||||
4.375%, 09/15/2045 | 20 | 22 | ||||||
3.350%, 09/15/2025 | 20 | 21 | ||||||
2.400%, 09/15/2020 | 250 | 254 | ||||||
1.650%, 09/15/2018 | 20 | 20 | ||||||
DaVita | ||||||||
5.750%, 08/15/2022 | 100 | 103 | ||||||
5.125%, 07/15/2024 | 400 | 411 | ||||||
5.000%, 05/01/2025 | 195 | 198 | ||||||
Dignity Health | ||||||||
2.637%, 11/01/2019 | 136 | 138 | ||||||
DJO Finco | ||||||||
8.125%, 06/15/2021 (A) | 144 | 136 | ||||||
Duke University Health System | ||||||||
3.920%, 06/01/2047 | 125 | 127 | ||||||
Eagle Holding II PIK | ||||||||
7.625%, 05/15/2022 (A) | 80 | 83 | ||||||
Eli Lilly | ||||||||
3.700%, 03/01/2045 | 200 | 200 | ||||||
3.100%, 05/15/2027 | 124 | 126 | ||||||
Endo Dac (A) | ||||||||
6.000%, 07/15/2023 | 200 | 174 | ||||||
6.000%, 02/01/2025 | 200 | 169 | ||||||
Endo Finance | ||||||||
5.375%, 01/15/2023 (A) | 200 | 171 | ||||||
Envision Healthcare | ||||||||
6.250%, 12/01/2024 (A) | 100 | 108 | ||||||
5.625%, 07/15/2022 | 200 | 208 | ||||||
5.125%, 07/01/2022 (A) | 100 | 103 | ||||||
Express Scripts Holding | ||||||||
4.800%, 07/15/2046 | 35 | 37 | ||||||
4.750%, 11/15/2021 | 100 | 110 | ||||||
4.500%, 02/25/2026 | 150 | 160 | ||||||
3.500%, 06/15/2024 | 50 | 51 | ||||||
3.400%, 03/01/2027 | 40 | 39 | ||||||
3.000%, 07/15/2023 | 50 | 50 | ||||||
2.250%, 06/15/2019 | 200 | 201 |
34 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Gilead Sciences | ||||||||
5.650%, 12/01/2041 | $ | 100 | $ | 122 | ||||
4.500%, 02/01/2045 | 225 | 239 | ||||||
4.400%, 12/01/2021 | 275 | 298 | ||||||
4.150%, 03/01/2047 | 200 | 202 | ||||||
3.700%, 04/01/2024 | 50 | 53 | ||||||
3.650%, 03/01/2026 | 175 | 183 | ||||||
2.950%, 03/01/2027 | 100 | 99 | ||||||
1.950%, 03/01/2022 | 30 | 30 | ||||||
1.850%, 09/04/2018 | 100 | 100 | ||||||
GlaxoSmithKline Capital | ||||||||
6.375%, 05/15/2038 | 150 | 207 | ||||||
HCA | ||||||||
6.500%, 02/15/2020 | 200 | 219 | ||||||
5.875%, 05/01/2023 | 200 | 219 | ||||||
5.875%, 02/15/2026 | 100 | 109 | ||||||
5.375%, 02/01/2025 | 450 | 479 | ||||||
5.250%, 04/15/2025 | 200 | 217 | ||||||
5.250%, 06/15/2026 | 200 | 216 | ||||||
5.000%, 03/15/2024 | 250 | 265 | ||||||
4.750%, 05/01/2023 | 300 | 316 | ||||||
4.500%, 02/15/2027 | 200 | 205 | ||||||
HCA Healthcare | ||||||||
6.250%, 02/15/2021 | 100 | 109 | ||||||
HealthSouth | ||||||||
5.750%, 11/01/2024 | 215 | 219 | ||||||
Hologic | ||||||||
5.250%, 07/15/2022 (A) | 153 | 162 | ||||||
Howard Hughes Medical Institute | ||||||||
3.500%, 09/01/2023 | 200 | 211 | ||||||
Humana | ||||||||
3.850%, 10/01/2024 | 200 | 210 | ||||||
inVentiv Group Holdings | ||||||||
7.500%, 10/01/2024 (A) | 110 | 120 | ||||||
Johnson & Johnson | ||||||||
4.375%, 12/05/2033 | 200 | 227 | ||||||
3.750%, 03/03/2047 | 150 | 155 | ||||||
3.700%, 03/01/2046 | 100 | 103 | ||||||
3.625%, 03/03/2037 | 32 | 33 | ||||||
3.550%, 03/01/2036 | 100 | 103 | ||||||
2.950%, 03/03/2027 | 150 | 153 | ||||||
2.450%, 12/05/2021 | 50 | 51 | ||||||
2.450%, 03/01/2026 | 50 | 49 | ||||||
2.250%, 03/03/2022 | 150 | 151 | ||||||
2.050%, 03/01/2023 | 50 | 50 | ||||||
1.875%, 12/05/2019 | 100 | 101 | ||||||
1.650%, 03/01/2021 | 50 | 50 | ||||||
1.125%, 03/01/2019 | 30 | 30 | ||||||
Kaiser Foundation Hospitals | ||||||||
4.150%, 05/01/2047 | 20 | 21 | ||||||
3.150%, 05/01/2027 | 25 | 25 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Kindred Healthcare | ||||||||
8.750%, 01/15/2023 | $ | 100 | $ | 99 | ||||
8.000%, 01/15/2020 | 145 | 146 | ||||||
6.375%, 04/15/2022 | 100 | 93 | ||||||
Laboratory Corp of America Holdings | ||||||||
4.700%, 02/01/2045 | 50 | 52 | ||||||
2.625%, 02/01/2020 | 150 | 152 | ||||||
Life Technologies | ||||||||
6.000%, 03/01/2020 | 100 | 109 | ||||||
LifePoint Health | ||||||||
5.875%, 12/01/2023 | 50 | 53 | ||||||
5.500%, 12/01/2021 | 150 | 156 | ||||||
Mallinckrodt International Finance (A) | ||||||||
5.750%, 08/01/2022 | 100 | 98 | ||||||
5.625%, 10/15/2023 | 150 | 144 | ||||||
5.500%, 04/15/2025 | 100 | 92 | ||||||
4.875%, 04/15/2020 | 129 | 129 | ||||||
McKesson | ||||||||
3.796%, 03/15/2024 | 100 | 105 | ||||||
2.284%, 03/15/2019 | 200 | 202 | ||||||
MEDNAX | ||||||||
5.250%, 12/01/2023 (A) | 175 | 180 | ||||||
Medtronic | ||||||||
4.625%, 03/15/2044 | 50 | 56 | ||||||
4.625%, 03/15/2045 | 200 | 227 | ||||||
4.375%, 03/15/2035 | 250 | 277 | ||||||
3.500%, 03/15/2025 | 350 | 367 | ||||||
2.750%, 04/01/2023 | 100 | 102 | ||||||
2.500%, 03/15/2020 | 200 | 203 | ||||||
Medtronic Global Holdings SCA | ||||||||
1.700%, 03/28/2019 | 150 | 150 | ||||||
Memorial Sloan-Kettering Cancer Center | ||||||||
4.200%, 07/01/2055 | 50 | 51 | ||||||
Merck | ||||||||
6.550%, 09/15/2037 | 50 | 69 | ||||||
4.150%, 05/18/2043 | 100 | 107 | ||||||
3.700%, 02/10/2045 | 50 | 50 | ||||||
2.800%, 05/18/2023 | 100 | 103 | ||||||
2.750%, 02/10/2025 | 300 | 301 | ||||||
2.350%, 02/10/2022 | 100 | 101 | ||||||
Merck Sharp & Dohme | ||||||||
5.000%, 06/30/2019 | 100 | 106 | ||||||
Molina Healthcare | ||||||||
5.375%, 11/15/2022 | 125 | 133 | ||||||
MPH Acquisition Holdings | ||||||||
7.125%, 06/01/2024 (A) | 240 | 260 | ||||||
Mylan | ||||||||
5.250%, 06/15/2046 | 65 | 71 | ||||||
3.950%, 06/15/2026 | 100 | 102 | ||||||
3.150%, 06/15/2021 | 100 | 102 | ||||||
2.500%, 06/07/2019 | 60 | 61 |
Adviser Managed Trust / Annual Report / July 31, 2017 | 35 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Novartis Capital | ||||||||
4.400%, 05/06/2044 | $ | 150 | $ | 168 | ||||
4.000%, 11/20/2045 | 100 | 106 | ||||||
3.400%, 05/06/2024 | 100 | 105 | ||||||
3.100%, 05/17/2027 | 30 | 30 | ||||||
3.000%, 11/20/2025 | 100 | 102 | ||||||
2.400%, 05/17/2022 | 50 | 50 | ||||||
1.800%, 02/14/2020 | 25 | 25 | ||||||
Novartis Securities Investment | ||||||||
5.125%, 02/10/2019 | 100 | 105 | ||||||
NYU Hospitals Center | ||||||||
4.368%, 07/01/2047 | 25 | 26 | ||||||
Ortho-Clinical Diagnostics | ||||||||
6.625%, 05/15/2022 (A) | 200 | 197 | ||||||
Pfizer | ||||||||
7.200%, 03/15/2039 | 150 | 229 | ||||||
4.400%, 05/15/2044 | 50 | 55 | ||||||
4.125%, 12/15/2046 | 65 | 69 | ||||||
4.000%, 12/15/2036 | 50 | 54 | ||||||
3.400%, 05/15/2024 | 100 | 105 | ||||||
3.000%, 12/15/2026 | 100 | 101 | ||||||
2.750%, 06/03/2026 | 50 | 50 | ||||||
2.200%, 12/15/2021 | 200 | 202 | ||||||
1.950%, 06/03/2021 | 50 | 50 | ||||||
1.700%, 12/15/2019 | 200 | 200 | ||||||
1.450%, 06/03/2019 | 50 | 50 | ||||||
Quest Diagnostics | ||||||||
3.500%, 03/30/2025 | 200 | 204 | ||||||
RegionalCare Hospital Partners Holdings | ||||||||
8.250%, 05/01/2023 (A) | 112 | 120 | ||||||
Sanofi | ||||||||
4.000%, 03/29/2021 | 50 | 53 | ||||||
Select Medical | ||||||||
6.375%, 06/01/2021 | 100 | 103 | ||||||
Shire Acquisitions Investments Ireland DAC | ||||||||
3.200%, 09/23/2026 | 250 | 247 | ||||||
2.875%, 09/23/2023 | 100 | 100 | ||||||
2.400%, 09/23/2021 | 100 | 99 | ||||||
1.900%, 09/23/2019 | 100 | 100 | ||||||
Stryker | ||||||||
4.625%, 03/15/2046 | 30 | 33 | ||||||
3.500%, 03/15/2026 | 25 | 26 | ||||||
3.375%, 05/15/2024 | 100 | 103 | ||||||
3.375%, 11/01/2025 | 200 | 206 | ||||||
2.000%, 03/08/2019 | 30 | 30 | ||||||
Team Health Holdings | ||||||||
6.375%, 02/01/2025 (A) | 110 | 108 | ||||||
Tenet Healthcare | ||||||||
8.125%, 04/01/2022 | 350 | 377 | ||||||
7.500%, 01/01/2022 (A) | 100 | 108 | ||||||
7.000%, 08/01/2025 (A) | 145 | 143 | ||||||
6.750%, 06/15/2023 | 328 | 324 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
6.000%, 10/01/2020 | $ | 300 | $ | 322 | ||||
5.125%, 05/01/2025 (A) | 210 | 211 | ||||||
4.750%, 06/01/2020 | 100 | 104 | ||||||
4.625%, 07/15/2024 (A) | 155 | 154 | ||||||
4.375%, 10/01/2021 | 250 | 254 | ||||||
Teva Pharmaceutical Finance | ||||||||
6.150%, 02/01/2036 | 150 | 178 | ||||||
Teva Pharmaceutical Finance BV | ||||||||
2.950%, 12/18/2022 | 100 | 100 | ||||||
Teva Pharmaceutical Finance IV BV | ||||||||
3.650%, 11/10/2021 | 100 | 104 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
4.100%, 10/01/2046 | 100 | 91 | ||||||
3.150%, 10/01/2026 | 200 | 192 | ||||||
2.800%, 07/21/2023 | 200 | 196 | ||||||
2.200%, 07/21/2021 | 200 | 197 | ||||||
1.700%, 07/19/2019 | 40 | 40 | ||||||
Thermo Fisher Scientific | ||||||||
4.150%, 02/01/2024 | 150 | 161 | ||||||
3.600%, 08/15/2021 | 100 | 104 | ||||||
3.150%, 01/15/2023 | 100 | 102 | ||||||
2.950%, 09/19/2026 | 105 | 103 | ||||||
UnitedHealth Group | ||||||||
6.875%, 02/15/2038 | 100 | 144 | ||||||
4.750%, 07/15/2045 | 50 | 58 | ||||||
4.625%, 07/15/2035 | 200 | 227 | ||||||
4.375%, 03/15/2042 | 150 | 162 | ||||||
4.250%, 04/15/2047 | 31 | 33 | ||||||
4.200%, 01/15/2047 | 25 | 27 | ||||||
3.950%, 10/15/2042 | 100 | 102 | ||||||
3.875%, 10/15/2020 | 100 | 105 | ||||||
3.750%, 07/15/2025 | 50 | 53 | ||||||
3.450%, 01/15/2027 | 50 | 52 | ||||||
3.375%, 04/15/2027 | 50 | 51 | ||||||
3.100%, 03/15/2026 | 200 | 202 | ||||||
2.700%, 07/15/2020 | 130 | 133 | ||||||
Universal Hospital Services | ||||||||
7.625%, 08/15/2020 | 100 | 102 | ||||||
Valeant Pharmaceuticals International (A) | ||||||||
7.500%, 07/15/2021 | 300 | 292 | ||||||
7.000%, 03/15/2024 | 200 | 213 | ||||||
6.500%, 03/15/2022 | 200 | 211 | ||||||
6.375%, 10/15/2020 | 650 | 632 | ||||||
6.125%, 04/15/2025 | 500 | 426 | ||||||
5.875%, 05/15/2023 | 575 | 494 | ||||||
5.500%, 03/01/2023 | 100 | 85 | ||||||
Vizient | ||||||||
10.375%, 03/01/2024 (A) | 80 | 93 | ||||||
WellCare Health Plans | ||||||||
5.250%, 04/01/2025 | 160 | 170 | ||||||
Wyeth | ||||||||
5.950%, 04/01/2037 | 200 | 265 |
36 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Zimmer Biomet Holdings | ||||||||
3.550%, 04/01/2025 | $ | 100 | $ | 101 | ||||
2.700%, 04/01/2020 | 100 | 101 | ||||||
Zoetis | ||||||||
4.500%, 11/13/2025 | 50 | 55 | ||||||
3.450%, 11/13/2020 | 25 | 26 | ||||||
|
| |||||||
39,141 | ||||||||
|
| |||||||
Industrials – 2.7% | ||||||||
3M MTN | ||||||||
5.700%, 03/15/2037 | 100 | 127 | ||||||
3.125%, 09/19/2046 | 100 | 89 | ||||||
3.000%, 08/07/2025 | 50 | 51 | ||||||
1.375%, 08/07/2018 | 50 | 50 | ||||||
ABB Finance | ||||||||
2.875%, 05/08/2022 | 100 | 103 | ||||||
Accudyne Industries Borrower | ||||||||
7.750%, 12/15/2020 (A) | 50 | 52 | ||||||
ADT | ||||||||
6.250%, 10/15/2021 | 200 | 218 | ||||||
3.500%, 07/15/2022 | 100 | 99 | ||||||
AECOM | ||||||||
5.875%, 10/15/2024 | 50 | 55 | ||||||
5.750%, 10/15/2022 | 200 | 210 | ||||||
5.125%, 03/15/2027 | 195 | 196 | ||||||
AerCap Ireland Capital | ||||||||
4.625%, 10/30/2020 | 150 | 160 | ||||||
4.500%, 05/15/2021 | 150 | 159 | ||||||
3.950%, 02/01/2022 | 175 | 183 | ||||||
3.750%, 05/15/2019 | 175 | 180 | ||||||
Ahern Rentals | ||||||||
7.375%, 05/15/2023 (A) | 138 | 122 | ||||||
Air Lease | ||||||||
3.750%, 02/01/2022 | 100 | 104 | ||||||
3.375%, 06/01/2021 | 35 | 36 | ||||||
2.625%, 09/04/2018 | 100 | 101 | ||||||
2.625%, 07/01/2022 | 100 | 100 | ||||||
Aircastle | ||||||||
6.250%, 12/01/2019 | 100 | 108 | ||||||
5.500%, 02/15/2022 | 100 | 109 | ||||||
5.125%, 03/15/2021 | 100 | 106 | ||||||
Algeco Scotsman Global Finance | ||||||||
8.500%, 10/15/2018 (A) | 200 | 193 | ||||||
Allison Transmission | ||||||||
5.000%, 10/01/2024 (A) | 145 | 150 | ||||||
American Airlines Group (A) | ||||||||
5.500%, 10/01/2019 | 150 | 158 | ||||||
4.625%, 03/01/2020 | 100 | 103 | ||||||
American Airlines Pass-Through Trust, Ser 2015-2, Cl AA | ||||||||
3.600%, 09/22/2027 | 95 | 98 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
American Airlines Pass-Through Trust, Ser 2016-3, Cl AA | ||||||||
3.000%, 10/15/2028 | $ | 100 | $ | 98 | ||||
American Airlines Pass-Through Trust, Ser 2017-2, Cl AA | ||||||||
3.350%, 10/15/2029 | 100 | 100 | ||||||
Amsted Industries | ||||||||
5.000%, 03/15/2022 (A) | 50 | 52 | ||||||
Arconic | ||||||||
5.125%, 10/01/2024 | 175 | 186 | ||||||
Ardagh Packaging Finance (A) | ||||||||
6.000%, 02/15/2025 | 200 | 213 | ||||||
4.250%, 09/15/2022 | 200 | 205 | ||||||
Avis Budget Car Rental | ||||||||
5.500%, 04/01/2023 | 150 | 151 | ||||||
BCD Acquisition | ||||||||
9.625%, 09/15/2023 (A) | 95 | 104 | ||||||
BlueLine Rental Finance | ||||||||
9.250%, 03/15/2024 (A) | 230 | 250 | ||||||
Boeing | ||||||||
4.875%, 02/15/2020 | 100 | 108 | ||||||
3.650%, 03/01/2047 | 200 | 199 | ||||||
2.800%, 03/01/2027 | 50 | 50 | ||||||
Bombardier (A) | ||||||||
8.750%, 12/01/2021 | 350 | 397 | ||||||
7.500%, 03/15/2025 | 260 | 275 | ||||||
6.125%, 01/15/2023 | 100 | 102 | ||||||
6.000%, 10/15/2022 | 100 | 102 | ||||||
Brand Energy & Infrastructure Services | ||||||||
8.500%, 07/15/2025 (A) | 55 | 59 | ||||||
Builders FirstSource | ||||||||
5.625%, 09/01/2024 (A) | 135 | 142 | ||||||
Burlington Northern Santa Fe | ||||||||
4.900%, 04/01/2044 | 150 | 175 | ||||||
4.700%, 10/01/2019 | 100 | 106 | ||||||
4.550%, 09/01/2044 | 100 | 111 | ||||||
4.150%, 04/01/2045 | 150 | 157 | ||||||
3.850%, 09/01/2023 | 200 | 216 | ||||||
3.400%, 09/01/2024 | 150 | 157 | ||||||
3.000%, 04/01/2025 | 100 | 102 | ||||||
BWAY Holding (A) | ||||||||
7.250%, 04/15/2025 | 220 | 229 | ||||||
5.500%, 04/15/2024 | 220 | 231 | ||||||
Canadian National Railway | ||||||||
3.200%, 08/02/2046 | 100 | 91 | ||||||
2.950%, 11/21/2024 | 150 | 153 | ||||||
Canadian Pacific Railway | ||||||||
6.125%, 09/15/2115 | 30 | 38 | ||||||
4.800%, 09/15/2035 | 20 | 22 | ||||||
2.900%, 02/01/2025 | 200 | 198 | ||||||
Caterpillar | ||||||||
4.300%, 05/15/2044 | 100 | 108 |
Adviser Managed Trust / Annual Report / July 31, 2017 | 37 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
3.900%, 05/27/2021 | $ | 100 | $ | 107 | ||||
3.803%, 08/15/2042 | 100 | 100 | ||||||
3.400%, 05/15/2024 | 150 | 156 | ||||||
Caterpillar Financial Services | ||||||||
1.700%, 08/09/2021 | 50 | 49 | ||||||
Caterpillar Financial Services MTN | ||||||||
7.150%, 02/15/2019 | 100 | 108 | ||||||
2.400%, 06/06/2022 | 200 | 201 | ||||||
2.100%, 06/09/2019 | 200 | 201 | ||||||
2.100%, 01/10/2020 | 75 | 76 | ||||||
1.900%, 03/22/2019 | 100 | 101 | ||||||
CD&R Waterworks Merger | ||||||||
6.125%, 08/15/2025 (A) | 95 | 97 | ||||||
Cenveo | ||||||||
6.000%, 08/01/2019 (A) | 100 | 86 | ||||||
Cintas No. 2 | ||||||||
3.700%, 04/01/2027 | 50 | 52 | ||||||
2.900%, 04/01/2022 | 50 | 51 | ||||||
Clean Harbors | ||||||||
5.250%, 08/01/2020 | 100 | 101 | ||||||
5.125%, 06/01/2021 | 150 | 153 | ||||||
Cloud Crane | ||||||||
10.125%, 08/01/2024 (A) | 45 | 51 | ||||||
CNH Industrial | ||||||||
4.500%, 08/15/2023 | 100 | 106 | ||||||
CNH Industrial Capital | ||||||||
4.375%, 11/06/2020 | 100 | 105 | ||||||
4.375%, 04/05/2022 | 150 | 157 | ||||||
CSVC Acquisition | ||||||||
7.750%, 06/15/2025 (A) | 50 | 52 | ||||||
CSX | ||||||||
4.250%, 11/01/2066 | 50 | 48 | ||||||
4.100%, 03/15/2044 | 75 | 76 | ||||||
3.800%, 11/01/2046 | 50 | 48 | ||||||
3.700%, 10/30/2020 | 128 | 134 | ||||||
3.400%, 08/01/2024 | 150 | 155 | ||||||
3.250%, 06/01/2027 | 50 | 50 | ||||||
2.600%, 11/01/2026 | 50 | 49 | ||||||
Deere | ||||||||
3.900%, 06/09/2042 | 100 | 105 | ||||||
2.600%, 06/08/2022 | 50 | 51 | ||||||
Delta Air Lines | ||||||||
3.625%, 03/15/2022 | 50 | 51 | ||||||
2.875%, 03/13/2020 | 30 | 31 | ||||||
Dover | ||||||||
5.375%, 03/01/2041 | 100 | 121 | ||||||
Eaton | ||||||||
4.150%, 11/02/2042 | 100 | 103 | ||||||
4.000%, 11/02/2032 | 100 | 105 | ||||||
2.750%, 11/02/2022 | 150 | 152 | ||||||
Embraer Netherlands Finance BV | ||||||||
5.400%, 02/01/2027 | 100 | 105 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Emerson Electric | ||||||||
2.625%, 02/15/2023 | $ | 125 | $ | 127 | ||||
Equifax | ||||||||
2.300%, 06/01/2021 | 50 | 50 | ||||||
FedEx | ||||||||
5.100%, 01/15/2044 | 50 | 57 | ||||||
4.550%, 04/01/2046 | 100 | 106 | ||||||
4.400%, 01/15/2047 | 50 | 52 | ||||||
4.000%, 01/15/2024 | 200 | 214 | ||||||
3.900%, 02/01/2035 | 100 | 101 | ||||||
Flex Acquisition | ||||||||
6.875%, 01/15/2025 (A) | 60 | 63 | ||||||
Fluor | ||||||||
3.500%, 12/15/2024 | 200 | 208 | ||||||
Fortive | ||||||||
3.150%, 06/15/2026 | 200 | 202 | ||||||
Gates Global | ||||||||
6.000%, 07/15/2022 (A) | 220 | 225 | ||||||
GATX | ||||||||
3.250%, 09/15/2026 | 100 | 98 | ||||||
2.600%, 03/30/2020 | 100 | 101 | ||||||
GCP Applied Technologies | ||||||||
9.500%, 02/01/2023 (A) | 100 | 114 | ||||||
GE Capital International Funding | ||||||||
4.418%, 11/15/2035 | 751 | 813 | ||||||
2.342%, 11/15/2020 | 1,000 | 1,011 | ||||||
General Cable | ||||||||
5.750%, 10/01/2022 | 100 | 102 | ||||||
General Dynamics | ||||||||
2.250%, 11/15/2022 | 100 | 100 | ||||||
General Electric | ||||||||
4.500%, 03/11/2044 | 200 | 222 | ||||||
2.700%, 10/09/2022 | 250 | 255 | ||||||
General Electric MTN | ||||||||
6.875%, 01/10/2039 | 115 | 166 | ||||||
6.750%, 03/15/2032 | 101 | 140 | ||||||
5.875%, 01/14/2038 | 200 | 258 | ||||||
5.300%, 02/11/2021 | 125 | 138 | ||||||
GFF Environmental | ||||||||
9.875%, 02/01/2021 (A) | 30 | 32 | ||||||
Griffon | ||||||||
5.250%, 03/01/2022 | 100 | 102 | ||||||
Grinding Media | ||||||||
7.375%, 12/15/2023 (A) | 180 | 194 | ||||||
H&E Equipment Services | ||||||||
7.000%, 09/01/2022 | 50 | 52 | ||||||
HD Supply (A) | ||||||||
5.750%, 04/15/2024 | 300 | 321 | ||||||
5.250%, 12/15/2021 | 35 | 37 | ||||||
Herc Rentals (A) | ||||||||
7.750%, 06/01/2024 | 59 | 64 | ||||||
7.500%, 06/01/2022 | 162 | 175 |
38 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Hertz | ||||||||
7.625%, 06/01/2022 (A) | $ | 160 | $ | 158 | ||||
5.875%, 10/15/2020 | 100 | 94 | ||||||
5.500%, 10/15/2024 (A) | 140 | 114 | ||||||
Honeywell International | ||||||||
2.500%, 11/01/2026 | 200 | 192 | ||||||
1.850%, 11/01/2021 | 200 | 198 | ||||||
1.400%, 10/30/2019 | 50 | 50 | ||||||
Hubbell | ||||||||
3.350%, 03/01/2026 | 50 | 51 | ||||||
Huntington Ingalls Industries | ||||||||
5.000%, 11/15/2025 (A) | 200 | 215 | ||||||
Icahn Enterprises | ||||||||
6.750%, 02/01/2024 | 100 | 105 | ||||||
6.000%, 08/01/2020 | 250 | 257 | ||||||
5.875%, 02/01/2022 | 150 | 154 | ||||||
4.875%, 03/15/2019 | 200 | 203 | ||||||
IHS Markit (A) | ||||||||
5.000%, 11/01/2022 | 110 | 118 | ||||||
4.750%, 02/15/2025 | 175 | 184 | ||||||
Illinois Tool Works | ||||||||
3.500%, 03/01/2024 | 100 | 105 | ||||||
1.950%, 03/01/2019 | 100 | 101 | ||||||
Ingersoll-Rand Global Holding | ||||||||
5.750%, 06/15/2043 | 100 | 125 | ||||||
4.250%, 06/15/2023 | 150 | 163 | ||||||
International Lease Finance | ||||||||
7.125%, 09/01/2018 (A) | 500 | 528 | ||||||
JB Hunt Transport Services | ||||||||
3.300%, 08/15/2022 | 50 | 51 | ||||||
John Deere Capital | ||||||||
2.550%, 01/08/2021 | 100 | 102 | ||||||
John Deere Capital MTN | ||||||||
3.350%, 06/12/2024 | 200 | 207 | ||||||
2.800%, 03/06/2023 | 100 | 102 | ||||||
2.650%, 01/06/2022 | 200 | 204 | ||||||
2.650%, 06/24/2024 | 50 | 50 | ||||||
1.250%, 10/09/2019 | 100 | 99 | ||||||
Johnson Controls International | ||||||||
4.950%, 07/02/2064 (D) | 25 | 27 | ||||||
4.625%, 07/02/2044 (D) | 100 | 107 | ||||||
3.900%, 02/14/2026 | 200 | 212 | ||||||
3.625%, 07/02/2024 (D) | 100 | 104 | ||||||
Kansas City Southern | ||||||||
4.950%, 08/15/2045 | 100 | 110 | ||||||
KAR Auction Services | ||||||||
5.125%, 06/01/2025 (A) | 100 | 104 | ||||||
KLX | ||||||||
5.875%, 12/01/2022 (A) | 145 | 152 | ||||||
Koninklijke Philips | ||||||||
3.750%, 03/15/2022 | 150 | 158 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
L3 Technologies | ||||||||
5.200%, 10/15/2019 | $ | 100 | $ | 107 | ||||
4.950%, 02/15/2021 | 100 | 108 | ||||||
Lockheed Martin | ||||||||
4.700%, 05/15/2046 | 100 | 112 | ||||||
4.500%, 05/15/2036 | 100 | 110 | ||||||
4.250%, 11/15/2019 | 100 | 105 | ||||||
4.070%, 12/15/2042 | 150 | 155 | ||||||
3.800%, 03/01/2045 | 100 | 98 | ||||||
3.550%, 01/15/2026 | 100 | 104 | ||||||
2.900%, 03/01/2025 | 25 | 25 | ||||||
2.500%, 11/23/2020 | 100 | 102 | ||||||
Masco | ||||||||
4.375%, 04/01/2026 | 200 | 213 | ||||||
3.500%, 04/01/2021 | 65 | 67 | ||||||
Navios Maritime Holdings | ||||||||
7.375%, 01/15/2022 (A) | 100 | 78 | ||||||
Nielsen Finance | ||||||||
5.000%, 04/15/2022 (A) | 450 | 464 | ||||||
Nielsen Luxembourg | ||||||||
5.500%, 10/01/2021 (A) | 100 | 103 | ||||||
Norfolk Southern | ||||||||
4.800%, 08/15/2043 | 150 | 170 | ||||||
4.450%, 06/15/2045 | 100 | 108 | ||||||
3.950%, 10/01/2042 | 100 | 100 | ||||||
3.850%, 01/15/2024 | 200 | 213 | ||||||
3.250%, 12/01/2021 | 150 | 155 | ||||||
2.900%, 06/15/2026 | 35 | 35 | ||||||
Northrop Grumman | ||||||||
4.750%, 06/01/2043 | 25 | 28 | ||||||
3.850%, 04/15/2045 | 100 | 99 | ||||||
3.250%, 08/01/2023 | 150 | 156 | ||||||
Novelis (A) | ||||||||
6.250%, 08/15/2024 | 290 | 310 | ||||||
5.875%, 09/30/2026 | 150 | 158 | ||||||
Owens Corning | ||||||||
4.300%, 07/15/2047 | 50 | 49 | ||||||
4.200%, 12/01/2024 | 100 | 105 | ||||||
PACCAR Financial MTN | ||||||||
1.300%, 05/10/2019 | 45 | 45 | ||||||
Park Aerospace Holdings (A) | ||||||||
5.500%, 02/15/2024 | 190 | 194 | ||||||
5.250%, 08/15/2022 | 235 | 239 | ||||||
Parker-Hannifin MTN | ||||||||
4.200%, 11/21/2034 | 135 | 143 | ||||||
Pitney Bowes | ||||||||
3.375%, 10/01/2021 | 100 | 100 | ||||||
Ply Gem Industries | ||||||||
6.500%, 02/01/2022 | 50 | 52 | ||||||
Precision Castparts | ||||||||
2.500%, 01/15/2023 | 100 | 100 |
Adviser Managed Trust / Annual Report / July 31, 2017 | 39 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Raytheon | ||||||||
3.125%, 10/15/2020 | $ | 100 | $ | 104 | ||||
2.500%, 12/15/2022 | 100 | 101 | ||||||
Republic Services | ||||||||
5.500%, 09/15/2019 | 150 | 161 | ||||||
3.550%, 06/01/2022 | 150 | 157 | ||||||
2.900%, 07/01/2026 | 200 | 196 | ||||||
Rockwell Collins | ||||||||
4.350%, 04/15/2047 | 25 | 26 | ||||||
3.500%, 03/15/2027 | 286 | 294 | ||||||
3.200%, 03/15/2024 | 50 | 51 | ||||||
2.800%, 03/15/2022 | 50 | 51 | ||||||
1.950%, 07/15/2019 | 20 | 20 | ||||||
Roper Technologies | ||||||||
3.850%, 12/15/2025 | 25 | 26 | ||||||
3.800%, 12/15/2026 | 150 | 155 | ||||||
3.000%, 12/15/2020 | 100 | 102 | ||||||
Ryder System MTN | ||||||||
2.875%, 09/01/2020 | 50 | 51 | ||||||
2.650%, 03/02/2020 | 100 | 101 | ||||||
Sensata Technologies (A) | ||||||||
5.000%, 10/01/2025 | 40 | 42 | ||||||
4.875%, 10/15/2023 | 300 | 311 | ||||||
Signode Industrial Group | ||||||||
6.375%, 05/01/2022 (A) | 150 | 157 | ||||||
Southwest Airlines | ||||||||
2.750%, 11/06/2019 | 100 | 102 | ||||||
Spirit AeroSystems | ||||||||
3.850%, 06/15/2026 | 25 | 25 | ||||||
St. Marys Cement Canada | ||||||||
5.750%, 01/28/2027 (A) | 200 | 204 | ||||||
Stanley Black & Decker | ||||||||
5.750%, 12/15/2053 (B) | 100 | 105 | ||||||
2.900%, 11/01/2022 | 100 | 102 | ||||||
Terex | ||||||||
5.625%, 02/01/2025 (A) | 5 | 5 | ||||||
TransDigm | ||||||||
6.500%, 07/15/2024 | 350 | 371 | ||||||
6.375%, 06/15/2026 | 227 | 237 | ||||||
6.000%, 07/15/2022 | 100 | 104 | ||||||
Tutor Perini | ||||||||
6.875%, 05/01/2025 (A) | 85 | 91 | ||||||
Union Pacific | ||||||||
4.163%, 07/15/2022 | 100 | 109 | ||||||
4.050%, 03/01/2046 | 150 | 156 | ||||||
4.000%, 04/15/2047 | 50 | 52 | ||||||
3.875%, 02/01/2055 | 100 | 99 | ||||||
3.799%, 10/01/2051 | 55 | 54 | ||||||
3.000%, 04/15/2027 | 50 | 50 | ||||||
2.250%, 02/15/2019 | 125 | 126 | ||||||
United Airlines Pass-Through Trust, Cl A | ||||||||
4.300%, 08/15/2025 | 132 | 139 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
United Airlines Pass-Through Trust, Cl AA | ||||||||
3.450%, 12/01/2027 | $ | 48 | $ | 49 | ||||
United Airlines Pass-Through Trust, Ser 2016-1, Cl A | ||||||||
3.450%, 07/07/2028 | 30 | 31 | ||||||
United Airlines Pass-Through Trust, Ser 2016-1, Cl AA | ||||||||
3.100%, 07/07/2028 | 50 | 50 | ||||||
United Airlines Pass-Through Trust, Ser 2016-2, Cl AA | ||||||||
2.875%, 10/07/2028 | 100 | 98 | ||||||
United Parcel Service | ||||||||
6.200%, 01/15/2038 | 150 | 202 | ||||||
3.400%, 11/15/2046 | 50 | 48 | ||||||
3.125%, 01/15/2021 | 100 | 104 | ||||||
2.400%, 11/15/2026 | 50 | 49 | ||||||
2.350%, 05/16/2022 | 50 | 50 | ||||||
United Rentals North America | ||||||||
6.125%, 06/15/2023 | 100 | 105 | ||||||
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 | 154 | 154 | ||||||
4.625%, 07/15/2023 | 185 | 194 | ||||||
United Technologies | ||||||||
6.125%, 07/15/2038 | 200 | 263 | ||||||
4.500%, 04/15/2020 | 100 | 107 | ||||||
4.500%, 06/01/2042 | 100 | 109 | ||||||
4.150%, 05/15/2045 | 100 | 104 | ||||||
3.125%, 05/04/2027 | 100 | 101 | ||||||
3.100%, 06/01/2022 | 250 | 260 | ||||||
2.650%, 11/01/2026 | 250 | 246 | ||||||
1.900%, 05/04/2020 | 200 | 201 | ||||||
USG | ||||||||
4.875%, 06/01/2027 (A) | 30 | 31 | ||||||
Verisk Analytics | ||||||||
5.500%, 06/15/2045 | 100 | 111 | ||||||
Vertiv Group | ||||||||
9.250%, 10/15/2024 (A) | 140 | 155 | ||||||
Vertiv Intermediate Holding PIK | ||||||||
12.000%, 02/15/2022 (A) | 90 | 99 | ||||||
Wabtec | ||||||||
3.450%, 11/15/2026 (A) | 100 | 99 | ||||||
Waste Management | ||||||||
4.750%, 06/30/2020 | 100 | 108 | ||||||
4.100%, 03/01/2045 | 50 | 52 | ||||||
3.125%, 03/01/2025 | 100 | 102 | ||||||
WESCO Distribution | ||||||||
5.375%, 12/15/2021 | 100 | 103 | ||||||
West | ||||||||
5.375%, 07/15/2022 (A) | 200 | 203 |
40 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
WW Grainger | ||||||||
4.600%, 06/15/2045 | $ | 50 | $ | 54 | ||||
4.200%, 05/15/2047 | 50 | 51 | ||||||
XPO Logistics (A) | ||||||||
6.500%, 06/15/2022 | 155 | 161 | ||||||
6.125%, 09/01/2023 | 150 | 156 | ||||||
Xylem | ||||||||
4.375%, 11/01/2046 | 100 | 103 | ||||||
|
| |||||||
35,932 | ||||||||
|
| |||||||
Information Technology — 2.5% |
| |||||||
Activision Blizzard | ||||||||
3.400%, 09/15/2026 | 50 | 50 | ||||||
2.300%, 09/15/2021 | 30 | 30 | ||||||
Adobe Systems | ||||||||
3.250%, 02/01/2025 | 150 | 155 | ||||||
Alibaba Group Holding | ||||||||
3.600%, 11/28/2024 | 200 | 207 | ||||||
2.500%, 11/28/2019 | 200 | 202 | ||||||
Alphabet | ||||||||
3.625%, 05/19/2021 | 100 | 107 | ||||||
1.998%, 08/15/2026 | 100 | 94 | ||||||
Amkor Technology | ||||||||
6.375%, 10/01/2022 | 100 | 104 | ||||||
Amphenol | ||||||||
3.200%, 04/01/2024 | 100 | 101 | ||||||
2.200%, 04/01/2020 | 100 | 101 | ||||||
Analog Devices | ||||||||
3.900%, 12/15/2025 | 100 | 105 | ||||||
3.500%, 12/05/2026 | 100 | 102 | ||||||
Apple | ||||||||
4.650%, 02/23/2046 | 200 | 225 | ||||||
4.500%, 02/23/2036 | 200 | 226 | ||||||
4.375%, 05/13/2045 | 150 | 163 | ||||||
4.250%, 02/09/2047 | 50 | 53 | ||||||
3.850%, 05/04/2043 | 100 | 100 | ||||||
3.850%, 08/04/2046 | 95 | 95 | ||||||
3.450%, 05/06/2024 | 150 | 157 | ||||||
3.450%, 02/09/2045 | 100 | 94 | ||||||
3.350%, 02/09/2027 | 100 | 103 | ||||||
3.250%, 02/23/2026 | 300 | 306 | ||||||
3.200%, 05/11/2027 | 100 | 101 | ||||||
3.000%, 06/20/2027 | 100 | 100 | ||||||
2.850%, 05/06/2021 | 175 | 180 | ||||||
2.850%, 02/23/2023 | 150 | 154 | ||||||
2.850%, 05/11/2024 | 100 | 101 | ||||||
2.700%, 05/13/2022 | 200 | 205 | ||||||
2.500%, 02/09/2022 | 200 | 203 | ||||||
2.500%, 02/09/2025 | 75 | 74 | ||||||
2.450%, 08/04/2026 | 100 | 96 | ||||||
2.300%, 05/11/2022 | 100 | 100 | ||||||
2.250%, 02/23/2021 | 90 | 91 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
1.800%, 05/11/2020 | $ | 200 | $ | 200 | ||||
1.700%, 02/22/2019 | 20 | 20 | ||||||
1.550%, 02/07/2020 | 200 | 199 | ||||||
1.550%, 08/04/2021 | 100 | 98 | ||||||
1.100%, 08/02/2019 | 100 | 99 | ||||||
Applied Materials | ||||||||
5.100%, 10/01/2035 | 35 | 41 | ||||||
4.350%, 04/01/2047 | 45 | 48 | ||||||
3.900%, 10/01/2025 | 35 | 38 | ||||||
3.300%, 04/01/2027 | 55 | 56 | ||||||
2.625%, 10/01/2020 | 50 | 51 | ||||||
Arrow Electronics | ||||||||
4.000%, 04/01/2025 | 100 | 102 | ||||||
Autodesk | ||||||||
4.375%, 06/15/2025 | 100 | 106 | ||||||
Automatic Data Processing | ||||||||
3.375%, 09/15/2025 | 25 | 26 | ||||||
2.250%, 09/15/2020 | 50 | 51 | ||||||
Avnet | ||||||||
4.625%, 04/15/2026 | 25 | 26 | ||||||
3.750%, 12/01/2021 | 25 | 25 | ||||||
Baidu | ||||||||
2.750%, 06/09/2019 | 200 | 202 | ||||||
BMC Software Finance | ||||||||
8.125%, 07/15/2021 (A) | 250 | 259 | ||||||
Boxer Parent PIK | ||||||||
9.000%, 10/15/2019 (A) | 100 | 100 | ||||||
Broadcom (A) | ||||||||
3.875%, 01/15/2027 | 250 | 256 | ||||||
3.625%, 01/15/2024 | 100 | 103 | ||||||
3.000%, 01/15/2022 | 200 | 203 | ||||||
2.375%, 01/15/2020 | 100 | 101 | ||||||
CA | ||||||||
4.700%, 03/15/2027 | 50 | 52 | ||||||
3.600%, 08/01/2020 | 50 | 52 | ||||||
Camelot Finance | ||||||||
7.875%, 10/15/2024 (A) | 135 | 147 | ||||||
CDK Global | ||||||||
4.875%, 06/01/2027 (A) | 70 | 72 | ||||||
CDW | ||||||||
5.500%, 12/01/2024 | 75 | 82 | ||||||
5.000%, 09/01/2023 | 131 | 137 | ||||||
5.000%, 09/01/2025 | 70 | 73 | ||||||
Cisco Systems | ||||||||
5.900%, 02/15/2039 | 100 | 130 | ||||||
5.500%, 01/15/2040 | 100 | 125 | ||||||
4.950%, 02/15/2019 | 100 | 105 | ||||||
4.450%, 01/15/2020 | 300 | 320 | ||||||
2.950%, 02/28/2026 | 200 | 200 | ||||||
2.500%, 09/20/2026 | 200 | 193 | ||||||
2.200%, 02/28/2021 | 50 | 51 | ||||||
1.850%, 09/20/2021 | 100 | 99 |
Adviser Managed Trust / Annual Report / July 31, 2017 | 41 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
1.600%, 02/28/2019 | $ | 100 | $ | 100 | ||||
CommScope | ||||||||
5.000%, 06/15/2021 (A) | 150 | 154 | ||||||
CommScope Technologies (A) | ||||||||
6.000%, 06/15/2025 | 307 | 330 | ||||||
5.000%, 03/15/2027 | 65 | 65 | ||||||
Conduent Finance | ||||||||
10.500%, 12/15/2024 (A) | 70 | 82 | ||||||
Dell International (A) | ||||||||
8.350%, 07/15/2046 | 100 | 131 | ||||||
8.100%, 07/15/2036 | 150 | 189 | ||||||
7.125%, 06/15/2024 | 350 | 389 | ||||||
6.020%, 06/15/2026 | 200 | 223 | ||||||
5.875%, 06/15/2021 | 271 | 284 | ||||||
5.450%, 06/15/2023 | 115 | 127 | ||||||
4.420%, 06/15/2021 | 200 | 211 | ||||||
3.480%, 06/01/2019 | 200 | 205 | ||||||
eBay | ||||||||
3.450%, 08/01/2024 | 50 | 51 | ||||||
2.600%, 07/15/2022 | 200 | 199 | ||||||
2.200%, 08/01/2019 | 200 | 201 | ||||||
Electronic Arts | ||||||||
4.800%, 03/01/2026 | 50 | 55 | ||||||
3.700%, 03/01/2021 | 50 | 52 | ||||||
EMC | ||||||||
2.650%, 06/01/2020 | 300 | 296 | ||||||
Exela Intermediate | ||||||||
10.000%, 07/15/2023 (A) | 185 | 180 | ||||||
Fidelity National Information Services | ||||||||
4.500%, 08/15/2046 | 25 | 26 | ||||||
3.625%, 10/15/2020 | 112 | 117 | ||||||
3.500%, 04/15/2023 | 53 | 55 | ||||||
3.000%, 08/15/2026 | 50 | 49 | ||||||
2.250%, 08/15/2021 | 53 | 53 | ||||||
First Data (A) | ||||||||
7.000%, 12/01/2023 | 465 | 502 | ||||||
5.750%, 01/15/2024 | 500 | 528 | ||||||
5.000%, 01/15/2024 | 250 | 260 | ||||||
Fiserv | ||||||||
4.625%, 10/01/2020 | 100 | 107 | ||||||
Flex | ||||||||
4.750%, 06/15/2025 | 50 | 54 | ||||||
FLIR Systems | ||||||||
3.125%, 06/15/2021 | 150 | 152 | ||||||
Gartner | ||||||||
5.125%, 04/01/2025 (A) | 145 | 153 | ||||||
Genesys Telecommunications Laboratories | ||||||||
10.000%, 11/30/2024 (A) | 115 | 131 | ||||||
Genpact Luxembourg Sarl | ||||||||
3.700%, 04/01/2022 (A) | 100 | 101 | ||||||
Gogo Intermediate Holdings | ||||||||
12.500%, 07/01/2022 (A) | 140 | 159 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Harris | ||||||||
4.854%, 04/27/2035 | $ | 35 | $ | 39 | ||||
3.832%, 04/27/2025 | 50 | 52 | ||||||
Hewlett Packard Enterprise | ||||||||
6.350%, 10/15/2045 | 50 | 53 | ||||||
6.200%, 10/15/2035 | 50 | 54 | ||||||
4.900%, 10/15/2025 | 100 | 106 | ||||||
4.400%, 10/15/2022 | 250 | 267 | ||||||
3.600%, 10/15/2020 | 50 | 52 | ||||||
2.850%, 10/05/2018 | 100 | 101 | ||||||
HP | ||||||||
4.300%, 06/01/2021 | 250 | 266 | ||||||
Hughes Satellite Systems | ||||||||
6.625%, 08/01/2026 | 85 | 93 | ||||||
5.250%, 08/01/2026 | 105 | 110 | ||||||
Infor Software Parent PIK | ||||||||
7.125%, 05/01/2021 (A) | 150 | 155 | ||||||
Infor US | ||||||||
6.500%, 05/15/2022 | 301 | 313 | ||||||
Informatica | ||||||||
7.125%, 07/15/2023 (A) | 151 | 154 | ||||||
Ingram Micro | ||||||||
5.450%, 12/15/2024 | 80 | 82 | ||||||
Intel | ||||||||
4.900%, 07/29/2045 | 40 | 47 | ||||||
4.800%, 10/01/2041 | 100 | 114 | ||||||
4.250%, 12/15/2042 | 150 | 159 | ||||||
4.100%, 05/11/2047 | 100 | 104 | ||||||
3.700%, 07/29/2025 | 45 | 48 | ||||||
3.300%, 10/01/2021 | 100 | 105 | ||||||
2.875%, 05/11/2024 | 100 | 101 | ||||||
2.700%, 12/15/2022 | 50 | 51 | ||||||
2.600%, 05/19/2026 | 150 | 147 | ||||||
2.450%, 07/29/2020 | 185 | 188 | ||||||
International Business Machines | ||||||||
7.625%, 10/15/2018 | 200 | 214 | ||||||
4.700%, 02/19/2046 | 100 | 111 | ||||||
4.000%, 06/20/2042 | 100 | 101 | ||||||
3.625%, 02/12/2024 | 350 | 368 | ||||||
2.875%, 11/09/2022 | 100 | 102 | ||||||
2.500%, 01/27/2022 | 200 | 203 | ||||||
2.250%, 02/19/2021 | 100 | 101 | ||||||
j2 Cloud Services | ||||||||
6.000%, 07/15/2025 (A) | 95 | 99 | ||||||
Keysight Technologies | ||||||||
4.600%, 04/06/2027 | 65 | 69 | ||||||
KLA-Tencor | ||||||||
4.650%, 11/01/2024 | 100 | 108 | ||||||
Lam Research | ||||||||
2.750%, 03/15/2020 | 100 | 102 | ||||||
Mastercard | ||||||||
3.375%, 04/01/2024 | 100 | 105 |
42 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
2.000%, 11/21/2021 | $ | 100 | $ | 99 | ||||
Maxim Integrated Products | ||||||||
2.500%, 11/15/2018 | 200 | 202 | ||||||
Micron Technology | ||||||||
5.500%, 02/01/2025 | 40 | 42 | ||||||
5.250%, 08/01/2023 (A) | 301 | 315 | ||||||
Microsoft | ||||||||
4.500%, 10/01/2040 | 100 | 112 | ||||||
4.500%, 02/06/2057 | 200 | 222 | ||||||
4.450%, 11/03/2045 | 300 | 332 | ||||||
4.250%, 02/06/2047 | 100 | 108 | ||||||
4.200%, 06/01/2019 | 100 | 105 | ||||||
4.100%, 02/06/2037 | 100 | 108 | ||||||
4.000%, 02/12/2055 | 100 | 101 | ||||||
3.950%, 08/08/2056 | 150 | 151 | ||||||
3.750%, 02/12/2045 | 100 | 100 | ||||||
3.700%, 08/08/2046 | 100 | 99 | ||||||
3.500%, 02/12/2035 | 150 | 152 | ||||||
3.450%, 08/08/2036 | 100 | 100 | ||||||
3.300%, 02/06/2027 | 200 | 207 | ||||||
2.875%, 02/06/2024 | 35 | 36 | ||||||
2.700%, 02/12/2025 | 200 | 201 | ||||||
2.400%, 02/06/2022 | 250 | 253 | ||||||
2.400%, 08/08/2026 | 200 | 193 | ||||||
2.375%, 02/12/2022 | 100 | 101 | ||||||
2.375%, 05/01/2023 | 100 | 100 | ||||||
2.000%, 11/03/2020 | 200 | 201 | ||||||
2.000%, 08/08/2023 | 100 | 98 | ||||||
1.850%, 02/06/2020 | 100 | 100 | ||||||
1.625%, 12/06/2018 | 100 | 100 | ||||||
1.550%, 08/08/2021 | 100 | 98 | ||||||
1.100%, 08/08/2019 | 300 | 298 | ||||||
Motorola Solutions | ||||||||
4.000%, 09/01/2024 | 200 | 201 | ||||||
3.500%, 03/01/2023 | 100 | 101 | ||||||
NCR | ||||||||
6.375%, 12/15/2023 | 150 | 160 | ||||||
4.625%, 02/15/2021 | 100 | 102 | ||||||
NetApp | ||||||||
3.375%, 06/15/2021 | 150 | 154 | ||||||
Nuance Communications | ||||||||
5.625%, 12/15/2026 (A) | 115 | 122 | ||||||
NVIDIA | ||||||||
3.200%, 09/16/2026 | 50 | 50 | ||||||
2.200%, 09/16/2021 | 30 | 30 | ||||||
NXP BV (A) | ||||||||
5.750%, 03/15/2023 | 200 | 210 | ||||||
4.625%, 06/01/2023 | 200 | 216 | ||||||
4.125%, 06/01/2021 | 150 | 157 | ||||||
Open Text (A) | ||||||||
5.875%, 06/01/2026 | 85 | 92 | ||||||
5.625%, 01/15/2023 | 140 | 147 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Oracle | ||||||||
5.375%, 07/15/2040 | $ | 150 | $ | 184 | ||||
4.375%, 05/15/2055 | 100 | 105 | ||||||
4.300%, 07/08/2034 | 100 | 109 | ||||||
4.125%, 05/15/2045 | 100 | 104 | ||||||
4.000%, 07/15/2046 | 150 | 152 | ||||||
3.900%, 05/15/2035 | 170 | 177 | ||||||
3.850%, 07/15/2036 | 50 | 52 | ||||||
3.400%, 07/08/2024 | 100 | 104 | ||||||
2.950%, 05/15/2025 | 250 | 253 | ||||||
2.800%, 07/08/2021 | 175 | 180 | ||||||
2.650%, 07/15/2026 | 140 | 136 | ||||||
2.500%, 05/15/2022 | 350 | 355 | ||||||
2.400%, 09/15/2023 | 50 | 50 | ||||||
2.250%, 10/08/2019 | 50 | 51 | ||||||
1.900%, 09/15/2021 | 135 | 134 | ||||||
Plantronics | ||||||||
5.500%, 05/31/2023 (A) | 126 | 132 | ||||||
PTC | ||||||||
6.000%, 05/15/2024 | 98 | 105 | ||||||
Qorvo | ||||||||
7.000%, 12/01/2025 | 95 | 108 | ||||||
QUALCOMM | ||||||||
4.800%, 05/20/2045 | 100 | 110 | ||||||
4.650%, 05/20/2035 | 200 | 220 | ||||||
4.300%, 05/20/2047 | 130 | 134 | ||||||
3.450%, 05/20/2025 | 100 | 103 | ||||||
3.250%, 05/20/2027 | 50 | 50 | ||||||
2.900%, 05/20/2024 | 50 | 51 | ||||||
2.600%, 01/30/2023 | 100 | 101 | ||||||
2.250%, 05/20/2020 | 100 | 101 | ||||||
2.100%, 05/20/2020 | 30 | 30 | ||||||
1.850%, 05/20/2019 | 105 | 106 | ||||||
Quintiles IMS (A) | ||||||||
5.000%, 10/15/2026 | 200 | 210 | ||||||
4.875%, 05/15/2023 | 140 | 145 | ||||||
Rackspace Hosting | ||||||||
8.625%, 11/15/2024 (A) | 205 | 221 | ||||||
Riverbed Technology | ||||||||
8.875%, 03/01/2023 (A) | 80 | 79 | ||||||
Seagate HDD Cayman | ||||||||
4.750%, 01/01/2025 | 100 | 97 | ||||||
3.750%, 11/15/2018 | 200 | 203 | ||||||
Solera | ||||||||
10.500%, 03/01/2024 (A) | 300 | 345 | ||||||
SS&C Technologies Holdings | ||||||||
5.875%, 07/15/2023 | 142 | 151 | ||||||
Symantec | ||||||||
5.000%, 04/15/2025 (A) | 140 | 147 | ||||||
Texas Instruments | ||||||||
2.625%, 05/15/2024 | 100 | 100 | ||||||
1.850%, 05/15/2022 | 100 | 99 |
Adviser Managed Trust / Annual Report / July 31, 2017 | 43 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
1.750%, 05/01/2020 | $ | 100 | $ | 100 | ||||
Thomson Reuters | ||||||||
5.650%, 11/23/2043 | 200 | 235 | ||||||
3.850%, 09/29/2024 | 125 | 131 | ||||||
TIBCO Software | ||||||||
11.375%, 12/01/2021 (A) | 150 | 165 | ||||||
Total System Services | ||||||||
3.750%, 06/01/2023 | 100 | 104 | ||||||
VeriSign | ||||||||
4.750%, 07/15/2027 (A) | 95 | 97 | ||||||
4.625%, 05/01/2023 | 50 | 51 | ||||||
Veritas US | ||||||||
10.500%, 02/01/2024 (A) | 120 | 133 | ||||||
Western Digital | ||||||||
10.500%, 04/01/2024 | 450 | 533 | ||||||
Western Union | ||||||||
3.650%, 08/22/2018 | 100 | 102 | ||||||
Xerox | ||||||||
5.625%, 12/15/2019 | 100 | 107 | ||||||
4.070%, 03/17/2022 (A) | 100 | 103 | ||||||
Xilinx | ||||||||
3.000%, 03/15/2021 | 150 | 153 | ||||||
Zebra Technologies | ||||||||
7.250%, 10/15/2022 | 150 | 160 | ||||||
|
| |||||||
32,692 | ||||||||
|
| |||||||
Materials – 1.4% | ||||||||
Agrium | ||||||||
5.250%, 01/15/2045 | 70 | 79 | ||||||
4.125%, 03/15/2035 | 200 | 200 | ||||||
Air Products & Chemicals | ||||||||
3.350%, 07/31/2024 | 100 | 104 | ||||||
Airgas | ||||||||
3.050%, 08/01/2020 | 100 | 103 | ||||||
Albemarle | ||||||||
4.150%, 12/01/2024 | 100 | 105 | ||||||
Alcoa Nederland Holding BV | ||||||||
6.750%, 09/30/2024 (A) | 200 | 220 | ||||||
Aleris International | ||||||||
9.500%, 04/01/2021 (A) | 95 | 100 | ||||||
Allegheny Technologies | ||||||||
7.875%, 08/15/2023 | 75 | 79 | ||||||
Anglo American Capital (A) | ||||||||
4.875%, 05/14/2025 | 200 | 214 | ||||||
4.125%, 09/27/2022 | 100 | 104 | ||||||
3.625%, 05/14/2020 | 100 | 102 | ||||||
ArcelorMittal | ||||||||
6.125%, 06/01/2025 | 100 | 114 | ||||||
Ardagh Packaging Finance Holdings (A) | ||||||||
7.250%, 05/15/2024 | 275 | 304 | ||||||
4.625%, 05/15/2023 | 150 | 153 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Ashland | ||||||||
4.750%, 08/15/2022 | $ | 100 | $ | 105 | ||||
Ball | ||||||||
5.250%, 07/01/2025 | 190 | 209 | ||||||
4.375%, 12/15/2020 | 160 | 168 | ||||||
4.000%, 11/15/2023 | 150 | 153 | ||||||
Barrick | ||||||||
5.250%, 04/01/2042 | 100 | 115 | ||||||
4.100%, 05/01/2023 | 16 | 17 | ||||||
Barrick North America Finance | ||||||||
4.400%, 05/30/2021 | 43 | 46 | ||||||
Bemis | ||||||||
3.100%, 09/15/2026 | 100 | 97 | ||||||
Berry Plastics | ||||||||
5.500%, 05/15/2022 | 100 | 104 | ||||||
5.125%, 07/15/2023 | 125 | 131 | ||||||
BHP Billiton Finance USA | ||||||||
5.000%, 09/30/2043 | 100 | 118 | ||||||
3.850%, 09/30/2023 | 150 | 161 | ||||||
2.875%, 02/24/2022 | 250 | 257 | ||||||
Blue Cube Spinco | ||||||||
10.000%, 10/15/2025 | 100 | 124 | ||||||
9.750%, 10/15/2023 | 100 | 122 | ||||||
BlueScope Steel Finance | ||||||||
6.500%, 05/15/2021 (A) | 83 | 88 | ||||||
Cascades | ||||||||
5.500%, 07/15/2022 (A) | 100 | 103 | ||||||
Celanese US Holdings | ||||||||
5.875%, 06/15/2021 | 30 | 34 | ||||||
4.625%, 11/15/2022 | 30 | 32 | ||||||
Celulosa Arauco y Constitucion | ||||||||
7.250%, 07/29/2019 | 100 | 109 | ||||||
CF Industries | ||||||||
3.450%, 06/01/2023 | 120 | 114 | ||||||
Chemours | ||||||||
7.000%, 05/15/2025 | 230 | 256 | ||||||
6.625%, 05/15/2023 | 80 | 86 | ||||||
5.375%, 05/15/2027 | 75 | 79 | ||||||
Cliffs Natural Resources (A) | ||||||||
8.250%, 03/31/2020 | 46 | 52 | ||||||
5.750%, 03/01/2025 | 245 | 239 | ||||||
Coveris Holdings | ||||||||
7.875%, 11/01/2019 (A) | 100 | 99 | ||||||
Crown Americas | ||||||||
4.500%, 01/15/2023 | 100 | 106 | ||||||
CVR Partners | ||||||||
9.250%, 06/15/2023 (A) | 85 | 87 | ||||||
Dow Chemical | ||||||||
8.550%, 05/15/2019 | 200 | 223 | ||||||
4.375%, 11/15/2042 | 100 | 103 | ||||||
4.250%, 11/15/2020 | 100 | 106 | ||||||
4.250%, 10/01/2034 | 100 | 103 |
44 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
3.500%, 10/01/2024 | $ | 100 | $ | 104 | ||||
3.000%, 11/15/2022 | 50 | 51 | ||||||
E.I. du Pont de Nemours | ||||||||
4.900%, 01/15/2041 | 100 | 112 | ||||||
4.625%, 01/15/2020 | 100 | 106 | ||||||
2.800%, 02/15/2023 | 100 | 102 | ||||||
Eastman Chemical | ||||||||
4.650%, 10/15/2044 | 100 | 106 | ||||||
3.800%, 03/15/2025 | 100 | 103 | ||||||
Ecolab | ||||||||
4.350%, 12/08/2021 | 100 | 109 | ||||||
2.700%, 11/01/2026 | 20 | 19 | ||||||
Eldorado | ||||||||
6.125%, 12/15/2020 (A) | 100 | 102 | ||||||
Fibria Overseas Finance | ||||||||
5.500%, 01/17/2027 | 50 | 52 | ||||||
FMG Resources August 2006 Pty (A) | ||||||||
5.125%, 05/15/2024 | 90 | 93 | ||||||
4.750%, 05/15/2022 | 125 | 129 | ||||||
Freeport-McMoRan | ||||||||
6.875%, 02/15/2023 | 200 | 217 | ||||||
4.550%, 11/14/2024 | 100 | 98 | ||||||
3.875%, 03/15/2023 | 250 | 241 | ||||||
3.100%, 03/15/2020 | 200 | 199 | ||||||
Georgia-Pacific | ||||||||
8.875%, 05/15/2031 | 100 | 156 | ||||||
Goldcorp | ||||||||
3.700%, 03/15/2023 | 100 | 104 | ||||||
HB Fuller | ||||||||
4.000%, 02/15/2027 | 25 | 26 | ||||||
Hexion | ||||||||
10.375%, 02/01/2022 (A) | 90 | 91 | ||||||
Hudbay Minerals | ||||||||
7.625%, 01/15/2025 (A) | 30 | 33 | ||||||
Huntsman International | ||||||||
4.875%, 11/15/2020 | 100 | 105 | ||||||
INEOS Group Holdings | ||||||||
5.625%, 08/01/2024 (A) | 200 | 207 | ||||||
International Flavors & Fragrances | ||||||||
4.375%, 06/01/2047 | 30 | 31 | ||||||
International Paper | ||||||||
7.500%, 08/15/2021 | 100 | 119 | ||||||
5.150%, 05/15/2046 | 100 | 112 | ||||||
4.800%, 06/15/2044 | 100 | 107 | ||||||
4.750%, 02/15/2022 | 100 | 109 | ||||||
4.350%, 08/15/2048 | 100 | 100 | ||||||
INVISTA Finance | ||||||||
4.250%, 10/15/2019 (A) | 100 | 102 | ||||||
Joseph T Ryerson & Son | ||||||||
11.000%, 05/15/2022 (A) | 125 | 143 | ||||||
Kinross | ||||||||
4.500%, 07/15/2027 (A) | 95 | 95 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Koppers | ||||||||
6.000%, 02/15/2025 (A) | $ | 100 | $ | 106 | ||||
Lubrizol | ||||||||
6.500%, 10/01/2034 | 100 | 134 | ||||||
Lundin Mining | ||||||||
7.500%, 11/01/2020 (A) | 120 | 126 | ||||||
LYB International Finance BV | ||||||||
4.875%, 03/15/2044 | 50 | 54 | ||||||
LYB International Finance II BV | ||||||||
3.500%, 03/02/2027 | 64 | 64 | ||||||
LyondellBasell Industries | ||||||||
5.000%, 04/15/2019 | 190 | 199 | ||||||
4.625%, 02/26/2055 | 100 | 101 | ||||||
Martin Marietta Materials | ||||||||
4.250%, 07/02/2024 | 100 | 106 | ||||||
Momentive Performance Materials | ||||||||
3.880%, 10/24/2021 | 145 | 145 | ||||||
Monsanto | ||||||||
4.700%, 07/15/2064 | 50 | 51 | ||||||
4.400%, 07/15/2044 | 150 | 154 | ||||||
3.375%, 07/15/2024 | 100 | 102 | ||||||
Mosaic | ||||||||
4.250%, 11/15/2023 | 125 | 132 | ||||||
New Gold | ||||||||
6.250%, 11/15/2022 (A) | 100 | 103 | ||||||
Newmont Mining | ||||||||
6.250%, 10/01/2039 | 50 | 63 | ||||||
4.875%, 03/15/2042 | 125 | 135 | ||||||
3.500%, 03/15/2022 | 100 | 104 | ||||||
Nucor | ||||||||
6.400%, 12/01/2037 | 100 | 130 | ||||||
4.000%, 08/01/2023 | 100 | 107 | ||||||
Olin | ||||||||
5.125%, 09/15/2027 | 90 | 94 | ||||||
Owens-Brockway Glass Container (A) | ||||||||
5.875%, 08/15/2023 | 70 | 78 | ||||||
5.000%, 01/15/2022 | 115 | 121 | ||||||
Platform Specialty Products (A) | ||||||||
10.375%, 05/01/2021 | 100 | 110 | ||||||
6.500%, 02/01/2022 | 68 | 71 | ||||||
PolyOne | ||||||||
5.250%, 03/15/2023 | 100 | 105 | ||||||
Potash Corp of Saskatchewan | ||||||||
4.000%, 12/15/2026 | 50 | 52 | ||||||
3.625%, 03/15/2024 | 50 | 51 | ||||||
3.000%, 04/01/2025 | 100 | 98 | ||||||
PQ | ||||||||
6.750%, 11/15/2022 (A) | 127 | 138 | ||||||
Praxair | ||||||||
3.200%, 01/30/2026 | 100 | 102 | ||||||
2.450%, 02/15/2022 | 200 | 202 |
Adviser Managed Trust / Annual Report / July 31, 2017 | 45 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Rain CII Carbon | ||||||||
7.250%, 04/01/2025 (A) | $ | 100 | $ | 104 | ||||
Rayonier AM Products | ||||||||
5.500%, 06/01/2024 (A) | 100 | 99 | ||||||
Resolute Forest Products | ||||||||
5.875%, 05/15/2023 | 100 | 97 | ||||||
Reynolds Group Issuer | ||||||||
7.000%, 07/15/2024 (A) | 100 | 108 | ||||||
5.750%, 10/15/2020 | 400 | 409 | ||||||
5.125%, 07/15/2023 (A) | 300 | 316 | ||||||
Rio Tinto Finance USA | ||||||||
4.125%, 08/21/2042 | 100 | 104 | ||||||
3.750%, 06/15/2025 | 350 | 371 | ||||||
RPM International | ||||||||
5.250%, 06/01/2045 | 50 | 56 | ||||||
Sherwin-Williams | ||||||||
7.250%, 06/15/2019 (A) | 100 | 109 | ||||||
4.500%, 06/01/2047 | 129 | 136 | ||||||
3.450%, 06/01/2027 | 160 | 163 | ||||||
3.125%, 06/01/2024 | 25 | 25 | ||||||
2.750%, 06/01/2022 | 200 | 202 | ||||||
2.250%, 05/15/2020 | 300 | 302 | ||||||
Sonoco Products | ||||||||
5.750%, 11/01/2040 | 100 | 119 | ||||||
Southern Copper | ||||||||
6.750%, 04/16/2040 | 100 | 118 | ||||||
5.375%, 04/16/2020 | 200 | 216 | ||||||
3.875%, 04/23/2025 | 60 | 62 | ||||||
SPCM | ||||||||
4.875%, 09/15/2025 (A) | 75 | 77 | ||||||
Standard Industries (A) | ||||||||
6.000%, 10/15/2025 | 250 | 267 | ||||||
5.375%, 11/15/2024 | 250 | 263 | ||||||
Steel Dynamics | ||||||||
5.500%, 10/01/2024 | 100 | 107 | ||||||
5.125%, 10/01/2021 | 100 | 103 | ||||||
SunCoke Energy Partners | ||||||||
7.500%, 06/15/2025 (A) | 80 | 82 | ||||||
Teck Resources | ||||||||
8.500%, 06/01/2024 (A) | 50 | 58 | ||||||
3.750%, 02/01/2023 | 200 | 202 | ||||||
TPC Group | ||||||||
8.750%, 12/15/2020 (A) | 135 | 126 | ||||||
Tronox Finance | ||||||||
7.500%, 03/15/2022 (A) | 138 | 145 | ||||||
6.375%, 08/15/2020 | 100 | 100 | ||||||
United States Steel | ||||||||
8.375%, 07/01/2021 (A) | 125 | 138 | ||||||
US Concrete | ||||||||
6.375%, 06/01/2024 (A) | 100 | 107 | ||||||
Vale | ||||||||
5.625%, 09/11/2042 | 100 | 99 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Vale Overseas | ||||||||
6.875%, 11/21/2036 | $ | 150 | $ | 167 | ||||
6.250%, 08/10/2026 | 100 | 111 | ||||||
5.875%, 06/10/2021 | 100 | 109 | ||||||
4.625%, 09/15/2020 | 50 | 52 | ||||||
4.375%, 01/11/2022 | 125 | 129 | ||||||
Vulcan Materials | ||||||||
7.500%, 06/15/2021 | 100 | 118 | ||||||
Westlake Chemical | ||||||||
4.625%, 02/15/2021 | 50 | 52 | ||||||
WestRock RKT | ||||||||
4.000%, 03/01/2023 | 200 | 211 | ||||||
WR Grace & Company | ||||||||
5.125%, 10/01/2021 (A) | 100 | 107 | ||||||
|
| |||||||
18,894 | ||||||||
|
| |||||||
Real Estate – 0.9% | ||||||||
Alexandria Real Estate Equities | ||||||||
4.600%, 04/01/2022 | 350 | 375 | ||||||
American Campus Communities Operating Partnership | ||||||||
3.350%, 10/01/2020 | 50 | 51 | ||||||
American Tower | ||||||||
4.000%, 06/01/2025 | 100 | 104 | ||||||
3.450%, 09/15/2021 | 150 | 156 | ||||||
3.375%, 10/15/2026 | 150 | 148 | ||||||
3.300%, 02/15/2021 | 100 | 103 | ||||||
3.125%, 01/15/2027 | 100 | 96 | ||||||
2.800%, 06/01/2020 | 100 | 102 | ||||||
AvalonBay Communities MTN | ||||||||
3.500%, 11/15/2024 | 100 | 103 | ||||||
3.500%, 11/15/2025 | 100 | 102 | ||||||
3.350%, 05/15/2027 | 200 | 202 | ||||||
Boston Properties | ||||||||
3.700%, 11/15/2018 | 150 | 153 | ||||||
3.125%, 09/01/2023 | 150 | 154 | ||||||
Brixmor Operating Partnership | ||||||||
4.125%, 06/15/2026 | 25 | 25 | ||||||
3.875%, 08/15/2022 | 30 | 31 | ||||||
3.650%, 06/15/2024 | 50 | 50 | ||||||
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 | 140 | ||||||
4.750%, 05/15/2047 | 25 | 25 | ||||||
4.450%, 02/15/2026 | 65 | 69 | ||||||
4.000%, 03/01/2027 | 20 | 21 | ||||||
3.650%, 09/01/2027 | 135 | 135 | ||||||
3.400%, 02/15/2021 | 55 | 57 | ||||||
3.200%, 09/01/2024 | 35 | 35 | ||||||
2.250%, 09/01/2021 | 55 | 54 |
46 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
CubeSmart | ||||||||
3.125%, 09/01/2026 | $ | 50 | $ | 48 | ||||
CyrusOne | ||||||||
5.000%, 03/15/2024 (A) | 95 | 99 | ||||||
DDR | ||||||||
4.700%, 06/01/2027 | 35 | 35 | ||||||
3.625%, 02/01/2025 | 100 | 96 | ||||||
Digital Realty Trust | ||||||||
3.950%, 07/01/2022 | 100 | 105 | ||||||
Duke Realty | ||||||||
3.875%, 10/15/2022 | 150 | 158 | ||||||
DuPont Fabros Technology | ||||||||
5.875%, 09/15/2021 | 50 | 52 | ||||||
EPR Properties | ||||||||
4.750%, 12/15/2026 | 100 | 103 | ||||||
Equinix | ||||||||
5.875%, 01/15/2026 | 150 | 164 | ||||||
5.375%, 01/01/2022 | 200 | 209 | ||||||
5.375%, 04/01/2023 | 150 | 156 | ||||||
5.375%, 05/15/2027 | 240 | 260 | ||||||
ERP Operating | ||||||||
3.375%, 06/01/2025 | 100 | 102 | ||||||
2.375%, 07/01/2019 | 150 | 151 | ||||||
Essex Portfolio | ||||||||
3.375%, 04/15/2026 | 100 | 99 | ||||||
Federal Realty Investment Trust | ||||||||
4.500%, 12/01/2044 | 50 | 52 | ||||||
FelCor Lodging | ||||||||
5.625%, 03/01/2023 | 100 | 104 | ||||||
GLP Capital | ||||||||
5.375%, 11/01/2023 | 50 | 54 | ||||||
5.375%, 04/15/2026 | 300 | 327 | ||||||
4.875%, 11/01/2020 | 100 | 106 | ||||||
HCP | ||||||||
5.375%, 02/01/2021 | 200 | 219 | ||||||
4.000%, 12/01/2022 | 50 | 52 | ||||||
4.000%, 06/01/2025 | 100 | 104 | ||||||
Healthcare Trust of America Holdings | ||||||||
3.500%, 08/01/2026 | 40 | 39 | ||||||
Highwoods Realty | ||||||||
3.200%, 06/15/2021 | 100 | 101 | ||||||
Hospitality Properties Trust | ||||||||
4.950%, 02/15/2027 | 70 | 73 | ||||||
4.500%, 03/15/2025 | 50 | 52 | ||||||
Host Hotels & Resorts | ||||||||
4.000%, 06/15/2025 | 65 | 67 | ||||||
3.875%, 04/01/2024 | 100 | 102 | ||||||
Howard Hughes | ||||||||
5.375%, 03/15/2025 (A) | 245 | 255 | ||||||
Iron Mountain | ||||||||
6.000%, 10/01/2020 (A) | 120 | 124 | ||||||
6.000%, 08/15/2023 | 100 | 106 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
5.750%, 08/15/2024 | $ | 200 | $ | 205 | ||||
iStar | ||||||||
5.000%, 07/01/2019 | 150 | 152 | ||||||
Kennedy-Wilson | ||||||||
5.875%, 04/01/2024 | 190 | 195 | ||||||
Kilroy Realty | ||||||||
4.375%, 10/01/2025 | 100 | 105 | ||||||
Kimco Realty | ||||||||
3.200%, 05/01/2021 | 370 | 378 | ||||||
Lamar Media | ||||||||
5.375%, 01/15/2024 | 100 | 105 | ||||||
5.000%, 05/01/2023 | 100 | 104 | ||||||
Liberty Property | ||||||||
3.375%, 06/15/2023 | 95 | 96 | ||||||
MGM Growth Properties Operating Partnership | ||||||||
5.625%, 05/01/2024 | 108 | 118 | ||||||
4.500%, 09/01/2026 | 135 | 136 | ||||||
Mid-America Apartments | ||||||||
4.000%, 11/15/2025 | 50 | 52 | ||||||
3.600%, 06/01/2027 | 200 | 201 | ||||||
MPT Operating Partnership | ||||||||
6.375%, 03/01/2024 | 100 | 109 | ||||||
5.250%, 08/01/2026 | 75 | 78 | ||||||
National Retail Properties | ||||||||
4.000%, 11/15/2025 | 65 | 67 | ||||||
3.600%, 12/15/2026 | 50 | 50 | ||||||
Omega Healthcare Investors | ||||||||
5.250%, 01/15/2026 | 100 | 107 | ||||||
Prologis | ||||||||
3.750%, 11/01/2025 | 65 | 68 | ||||||
QCP SNF West | ||||||||
8.125%, 11/01/2023 (A) | 130 | 133 | ||||||
Realogy Group (A) | ||||||||
5.250%, 12/01/2021 | 100 | 105 | ||||||
4.875%, 06/01/2023 | 50 | 50 | ||||||
Realty Income | ||||||||
4.650%, 08/01/2023 | 150 | 163 | ||||||
3.250%, 10/15/2022 | 160 | 163 | ||||||
Regency Centers | ||||||||
4.400%, 02/01/2047 | 35 | 35 | ||||||
3.600%, 02/01/2027 | 30 | 30 | ||||||
Sabra Health Care | ||||||||
5.500%, 02/01/2021 | 100 | 104 | ||||||
SBA Communications | ||||||||
4.875%, 07/15/2022 | 100 | 104 | ||||||
4.875%, 09/01/2024 | 150 | 156 | ||||||
Select Income | ||||||||
4.500%, 02/01/2025 | 100 | 101 | ||||||
Simon Property Group | ||||||||
4.250%, 11/30/2046 | 50 | 50 | ||||||
3.500%, 09/01/2025 | 150 | 153 | ||||||
3.250%, 11/30/2026 | 50 | 50 |
Adviser Managed Trust / Annual Report / July 31, 2017 | 47 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
2.625%, 06/15/2022 | $ | 50 | $ | 51 | ||||
2.500%, 09/01/2020 | 100 | 102 | ||||||
Tanger Properties | ||||||||
3.125%, 09/01/2026 | 50 | 47 | ||||||
UDR MTN | ||||||||
3.750%, 07/01/2024 | 100 | 103 | ||||||
Uniti Group | ||||||||
8.250%, 10/15/2023 | 210 | 216 | ||||||
6.000%, 04/15/2023 (A) | 33 | 34 | ||||||
Ventas Realty | ||||||||
3.250%, 10/15/2026 | 50 | 49 | ||||||
2.700%, 04/01/2020 | 280 | 283 | ||||||
VEREIT Operating Partnership | ||||||||
4.875%, 06/01/2026 | 30 | 32 | ||||||
4.600%, 02/06/2024 | 25 | 26 | ||||||
4.125%, 06/01/2021 | 20 | 21 | ||||||
3.000%, 02/06/2019 | 35 | 36 | ||||||
Welltower | ||||||||
6.500%, 03/15/2041 | 70 | 88 | ||||||
4.950%, 01/15/2021 | 145 | 157 | ||||||
4.250%, 04/01/2026 | 50 | 53 | ||||||
Weyerhaeuser | ||||||||
7.375%, 03/15/2032 | 100 | 139 | ||||||
WP Carey | ||||||||
4.600%, 04/01/2024 | 150 | 157 | ||||||
|
| |||||||
11,684 | ||||||||
|
| |||||||
Telecommunication Services – 2.2% |
| |||||||
Acosta | ||||||||
7.750%, 10/01/2022 (A) | 100 | 76 | ||||||
Altice Financing (A) | ||||||||
7.500%, 05/15/2026 | 425 | 471 | ||||||
6.625%, 02/15/2023 | 200 | 212 | ||||||
6.500%, 01/15/2022 | 150 | 156 | ||||||
Altice Luxembourg (A) | ||||||||
7.750%, 05/15/2022 | 500 | 531 | ||||||
7.625%, 02/15/2025 | 250 | 274 | ||||||
Altice US Finance I (A) | ||||||||
5.500%, 05/15/2026 | 328 | 348 | ||||||
5.375%, 07/15/2023 | 150 | 157 | ||||||
America Movil | ||||||||
6.375%, 03/01/2035 | 200 | 249 | ||||||
6.125%, 03/30/2040 | 100 | 122 | ||||||
5.000%, 03/30/2020 | 250 | 270 | ||||||
AT&T | ||||||||
6.500%, 09/01/2037 | 585 | 704 | ||||||
6.000%, 08/15/2040 | 100 | 112 | ||||||
5.800%, 02/15/2019 | 100 | 106 | ||||||
5.700%, 03/01/2057 | 250 | 268 | ||||||
5.650%, 02/15/2047 | 50 | 54 | ||||||
5.450%, 03/01/2047 | 100 | 106 | ||||||
5.300%, 08/14/2058 | 150 | 150 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
5.250%, 03/01/2037 | $ | 50 | $ | 52 | ||||
5.150%, 03/15/2042 | 250 | 253 | ||||||
5.150%, 02/14/2050 | 110 | 109 | ||||||
5.000%, 03/01/2021 | 150 | 163 | ||||||
4.900%, 08/14/2037 | 45 | 45 | ||||||
4.800%, 06/15/2044 | 100 | 97 | ||||||
4.750%, 05/15/2046 | 235 | 226 | ||||||
4.500%, 05/15/2035 | 250 | 243 | ||||||
4.350%, 06/15/2045 | 100 | 91 | ||||||
4.250%, 03/01/2027 | 150 | 154 | ||||||
4.125%, 02/17/2026 | 250 | 256 | ||||||
3.950%, 01/15/2025 | 100 | 102 | ||||||
3.900%, 03/11/2024 | 100 | 103 | ||||||
3.900%, 08/14/2027 | 120 | 120 | ||||||
3.800%, 03/15/2022 | 150 | 157 | ||||||
3.800%, 03/01/2024 | 50 | 52 | ||||||
3.600%, 02/17/2023 | 50 | 52 | ||||||
3.400%, 08/14/2024 | 100 | 100 | ||||||
3.400%, 05/15/2025 | 350 | 345 | ||||||
3.200%, 03/01/2022 | 65 | 66 | ||||||
3.000%, 02/15/2022 | 150 | 152 | ||||||
3.000%, 06/30/2022 | 200 | 202 | ||||||
2.850%, 02/14/2023 | 150 | 150 | ||||||
2.800%, 02/17/2021 | 50 | 51 | ||||||
2.450%, 06/30/2020 | 200 | 202 | ||||||
Block Communications | ||||||||
6.875%, 02/15/2025 (A) | 50 | 54 | ||||||
British Telecommunications | ||||||||
9.125%, 12/15/2030 | 150 | 229 | ||||||
CenturyLink | ||||||||
7.500%, 04/01/2024 | 250 | 272 | ||||||
5.625%, 04/01/2020 | 200 | 210 | ||||||
Cequel Communications Holdings (A) | ||||||||
6.375%, 09/15/2020 | 140 | 143 | ||||||
5.125%, 12/15/2021 | 200 | 204 | ||||||
Cincinnati Bell | ||||||||
7.000%, 07/15/2024 (A) | 135 | 137 | ||||||
Consolidated Communications | ||||||||
6.500%, 10/01/2022 | 100 | 98 | ||||||
Deutsche Telekom International Finance | ||||||||
8.750%, 06/15/2030 | 200 | 297 | ||||||
Frontier Communications | ||||||||
11.000%, 09/15/2025 | 670 | 614 | ||||||
10.500%, 09/15/2022 | 410 | 385 | ||||||
7.125%, 01/15/2023 | 100 | 82 | ||||||
6.875%, 01/15/2025 | 100 | 79 | ||||||
Grupo Televisa | ||||||||
5.000%, 05/13/2045 | 200 | 199 | ||||||
Inmarsat Finance | ||||||||
4.875%, 05/15/2022 (A) | 100 | 102 | ||||||
Intelsat Jackson Holdings | ||||||||
9.750%, 07/15/2025 (A) | 160 | 165 |
48 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
8.000%, 02/15/2024 (A) | $ | 200 | $ | 217 | ||||
5.500%, 08/01/2023 | 300 | 259 | ||||||
Koninklijke | ||||||||
8.375%, 10/01/2030 | 50 | 69 | ||||||
Level 3 Communications | ||||||||
5.750%, 12/01/2022 | 100 | 104 | ||||||
Level 3 Financing | ||||||||
5.375%, 08/15/2022 | 150 | 154 | ||||||
5.375%, 01/15/2024 | 140 | 147 | ||||||
5.375%, 05/01/2025 | 150 | 160 | ||||||
5.250%, 03/15/2026 | 100 | 106 | ||||||
5.125%, 05/01/2023 | 200 | 208 | ||||||
MHGE Parent PIK | ||||||||
8.500%, 08/01/2019 (A) | 119 | 119 | ||||||
Midcontinent Communications | ||||||||
6.875%, 08/15/2023 (A) | 50 | 54 | ||||||
Millicom International Cellular (A) | ||||||||
6.625%, 10/15/2021 | 100 | 104 | ||||||
6.000%, 03/15/2025 | 200 | 211 | ||||||
Nokia | ||||||||
4.375%, 06/12/2027 | 25 | 26 | ||||||
3.375%, 06/12/2022 | 20 | 20 | ||||||
Orange | ||||||||
9.000%, 03/01/2031 | 100 | 152 | ||||||
5.500%, 02/06/2044 | 25 | 30 | ||||||
2.750%, 02/06/2019 | 200 | 203 | ||||||
1.625%, 11/03/2019 | 100 | 99 | ||||||
Outfront Media Capital | ||||||||
5.625%, 02/15/2024 | 100 | 104 | ||||||
Qwest | ||||||||
6.750%, 12/01/2021 | 100 | 111 | ||||||
Rogers Communications | ||||||||
6.800%, 08/15/2018 | 100 | 105 | ||||||
5.000%, 03/15/2044 | 100 | 114 | ||||||
2.900%, 11/15/2026 | 100 | 97 | ||||||
Sable International Finance | ||||||||
6.875%, 08/01/2022 (A) | 200 | 216 | ||||||
SFR Group (A) | ||||||||
7.375%, 05/01/2026 | 750 | 812 | ||||||
6.250%, 05/15/2024 | 225 | 238 | ||||||
6.000%, 05/15/2022 | 500 | 523 | ||||||
SoftBank Group | ||||||||
4.500%, 04/15/2020 (A) | 400 | 413 | ||||||
Sprint | ||||||||
7.875%, 09/15/2023 | 750 | 851 | ||||||
7.625%, 02/15/2025 | 100 | 113 | ||||||
7.250%, 09/15/2021 | 315 | 350 | ||||||
7.125%, 06/15/2024 | 450 | 493 | ||||||
Sprint Communications | ||||||||
7.000%, 08/15/2020 | 200 | 218 | ||||||
6.000%, 11/15/2022 | 250 | 264 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Telecom Italia | ||||||||
5.303%, 05/30/2024 (A) | $ | 200 | $ | 221 | ||||
Telefonica Emisiones | ||||||||
7.045%, 06/20/2036 | 100 | 133 | ||||||
5.134%, 04/27/2020 | 100 | 108 | ||||||
Telefonica Emisiones SAU | ||||||||
4.103%, 03/08/2027 | 250 | 262 | ||||||
Telesat Canada | ||||||||
8.875%, 11/15/2024 (A) | 120 | 135 | ||||||
T-Mobile | ||||||||
6.625%, 04/01/2023 | 300 | 317 | ||||||
6.500%, 01/15/2026 | 250 | 278 | ||||||
6.375%, 03/01/2025 | 100 | 108 | ||||||
T-Mobile USA | ||||||||
6.836%, 04/28/2023 | 200 | 212 | ||||||
6.000%, 03/01/2023 | 200 | 211 | ||||||
6.000%, 04/15/2024 | 500 | 538 | ||||||
5.375%, 04/15/2027 | 100 | 108 | ||||||
Unitymedia GmbH | ||||||||
6.125%, 01/15/2025 (A) | 200 | 215 | ||||||
UPCB Finance IV | ||||||||
5.375%, 01/15/2025 (A) | 200 | 209 | ||||||
Verizon Communications | ||||||||
5.012%, 04/15/2049 | 267 | 266 | ||||||
5.012%, 08/21/2054 | 379 | 369 | ||||||
4.862%, 08/21/2046 | 400 | 393 | ||||||
4.812%, 03/15/2039 | 100 | 100 | ||||||
4.672%, 03/15/2055 | 117 | 108 | ||||||
4.522%, 09/15/2048 | 453 | 421 | ||||||
4.500%, 09/15/2020 | 500 | 535 | ||||||
4.272%, 01/15/2036 | 600 | 576 | ||||||
4.150%, 03/15/2024 | 450 | 472 | ||||||
4.125%, 08/15/2046 | 150 | 133 | ||||||
3.650%, 09/14/2018 | 200 | 204 | ||||||
3.500%, 11/01/2024 | 500 | 504 | ||||||
2.946%, 03/15/2022 | 304 | 307 | ||||||
2.625%, 08/15/2026 | 150 | 139 | ||||||
Videotron (A) | ||||||||
5.375%, 06/15/2024 | 100 | 107 | ||||||
5.125%, 04/15/2027 | 100 | 103 | ||||||
Virgin Media Secured Finance | ||||||||
5.250%, 01/15/2026 (A) | 450 | 468 | ||||||
Vodafone Group | ||||||||
6.150%, 02/27/2037 | 200 | 244 | ||||||
2.950%, 02/19/2023 | 300 | 306 | ||||||
Wind Acquisition Finance (A) | ||||||||
7.375%, 04/23/2021 | 600 | 625 | ||||||
4.750%, 07/15/2020 | 200 | 202 | ||||||
Windstream Services | ||||||||
6.375%, 08/01/2023 | 150 | 123 | ||||||
WMG Acquisition | ||||||||
6.750%, 04/15/2022 (A) | 100 | 105 |
Adviser Managed Trust / Annual Report / July 31, 2017 | 49 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Zayo Group | ||||||||
6.375%, 05/15/2025 | $ | 200 | $ | 217 | ||||
6.000%, 04/01/2023 | 170 | 179 | ||||||
5.750%, 01/15/2027 (A) | 175 | 185 | ||||||
Ziggo Bond Finance BV | ||||||||
6.000%, 01/15/2027 (A) | 200 | 207 | ||||||
Ziggo Secured Finance BV | ||||||||
5.500%, 01/15/2027 (A) | 150 | 155 | ||||||
|
| |||||||
29,451 | ||||||||
|
| |||||||
Utilities – 1.6% | ||||||||
AES | ||||||||
6.000%, 05/15/2026 | 100 | 107 | ||||||
5.500%, 03/15/2024 | 100 | 105 | ||||||
4.875%, 05/15/2023 | 200 | 204 | ||||||
Alabama Power | ||||||||
3.750%, 03/01/2045 | 100 | 99 | ||||||
Ameren | ||||||||
2.700%, 11/15/2020 | 100 | 102 | ||||||
Ameren Illinois | ||||||||
3.250%, 03/01/2025 | 100 | 103 | ||||||
American Water Capital | ||||||||
6.593%, 10/15/2037 | 100 | 137 | ||||||
AmeriGas Partners | ||||||||
5.875%, 08/20/2026 | 120 | 123 | ||||||
5.625%, 05/20/2024 | 120 | 124 | ||||||
5.500%, 05/20/2025 | 90 | 91 | ||||||
Appalachian Power | ||||||||
7.000%, 04/01/2038 | 100 | 139 | ||||||
4.450%, 06/01/2045 | 100 | 107 | ||||||
3.400%, 06/01/2025 | 100 | 103 | ||||||
Atmos Energy | ||||||||
4.125%, 10/15/2044 | 100 | 106 | ||||||
Baltimore Gas & Electric | ||||||||
2.400%, 08/15/2026 | 50 | 47 | ||||||
Berkshire Hathaway Energy | ||||||||
6.500%, 09/15/2037 | 350 | 468 | ||||||
6.125%, 04/01/2036 | 250 | 326 | ||||||
2.000%, 11/15/2018 | 200 | 201 | ||||||
Black Hills | ||||||||
3.950%, 01/15/2026 | 100 | 104 | ||||||
Calpine | ||||||||
6.000%, 01/15/2022 (A) | 200 | 206 | ||||||
5.750%, 01/15/2025 | 200 | 187 | ||||||
5.375%, 01/15/2023 | 200 | 194 | ||||||
CenterPoint Energy Houston Electric | ||||||||
4.500%, 04/01/2044 | 200 | 226 | ||||||
CenterPoint Energy Resources | ||||||||
4.500%, 01/15/2021 | 100 | 106 | ||||||
Cleco Corporate Holdings | ||||||||
4.973%, 05/01/2046 | 35 | 37 | ||||||
3.743%, 05/01/2026 | 50 | 51 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
CMS Energy | ||||||||
3.450%, 08/15/2027 | $ | 50 | $ | 51 | ||||
Commonwealth Edison | ||||||||
3.700%, 03/01/2045 | 50 | 49 | ||||||
Connecticut Light & Power | ||||||||
4.150%, 06/01/2045 | 100 | 107 | ||||||
Consolidated Edison | ||||||||
2.000%, 05/15/2021 | 100 | 99 | ||||||
Consolidated Edison of New York | ||||||||
6.300%, 08/15/2037 | 100 | 131 | ||||||
4.450%, 03/15/2044 | 200 | 220 | ||||||
4.300%, 12/01/2056 | 100 | 106 | ||||||
3.850%, 06/15/2046 | 100 | 102 | ||||||
Consumers Energy | ||||||||
3.950%, 05/15/2043 | 50 | 52 | ||||||
2.850%, 05/15/2022 | 100 | 102 | ||||||
Delmarva Power & Light | ||||||||
4.150%, 05/15/2045 | 50 | 53 | ||||||
Dominion Energy | ||||||||
5.200%, 08/15/2019 | 100 | 107 | ||||||
4.050%, 09/15/2042 | 100 | 98 | ||||||
2.850%, 08/15/2026 | 30 | 29 | ||||||
2.750%, 09/15/2022 | 250 | 251 | ||||||
2.579%, 07/01/2020 | 100 | 101 | ||||||
2.500%, 12/01/2019 | 100 | 101 | ||||||
Dominion Energy Gas Holdings | ||||||||
4.600%, 12/15/2044 | 25 | 26 | ||||||
3.600%, 12/15/2024 | 100 | 103 | ||||||
2.500%, 12/15/2019 | 50 | 50 | ||||||
DTE Electric | ||||||||
3.700%, 03/15/2045 | 50 | 50 | ||||||
3.700%, 06/01/2046 | 50 | 49 | ||||||
DTE Energy | ||||||||
3.300%, 06/15/2022 | 50 | 51 | ||||||
2.850%, 10/01/2026 | 50 | 48 | ||||||
2.400%, 12/01/2019 | 125 | 126 | ||||||
Duke Energy | ||||||||
3.750%, 04/15/2024 | 100 | 105 | ||||||
3.750%, 09/01/2046 | 300 | 291 | ||||||
2.650%, 09/01/2026 | 200 | 194 | ||||||
Duke Energy Carolinas | ||||||||
4.250%, 12/15/2041 | 100 | 107 | ||||||
2.950%, 12/01/2026 | 100 | 100 | ||||||
Duke Energy Florida | ||||||||
6.400%, 06/15/2038 | 450 | 619 | ||||||
3.200%, 01/15/2027 | 50 | 51 | ||||||
Duke Energy Indiana | ||||||||
3.750%, 05/15/2046 | 50 | 49 | ||||||
Duke Energy Ohio | ||||||||
3.700%, 06/15/2046 | 14 | 14 | ||||||
Duke Energy Progress | ||||||||
5.300%, 01/15/2019 | 100 | 105 |
50 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
4.150%, 12/01/2044 | $ | 50 | $ | 53 | ||||
Dynegy | ||||||||
8.000%, 01/15/2025 (A) | 100 | 99 | ||||||
7.625%, 11/01/2024 | 190 | 187 | ||||||
7.375%, 11/01/2022 | 340 | 344 | ||||||
6.750%, 11/01/2019 | 275 | 285 | ||||||
Edison International | ||||||||
2.950%, 03/15/2023 | 50 | 50 | ||||||
El Paso Electric | ||||||||
5.000%, 12/01/2044 | 50 | 54 | ||||||
Emera US Finance | ||||||||
4.750%, 06/15/2046 | 35 | 38 | ||||||
3.550%, 06/15/2026 | 235 | 238 | ||||||
2.150%, 06/15/2019 | 20 | 20 | ||||||
Enel | ||||||||
8.750%, 09/24/2073 (A)(B) | 200 | 241 | ||||||
Entergy | ||||||||
5.125%, 09/15/2020 | 100 | 108 | ||||||
4.000%, 07/15/2022 | 100 | 106 | ||||||
2.950%, 09/01/2026 | 100 | 97 | ||||||
Entergy Arkansas | ||||||||
3.700%, 06/01/2024 | 100 | 105 | ||||||
Entergy Mississippi | ||||||||
2.850%, 06/01/2028 | 25 | 24 | ||||||
Eversource Energy | ||||||||
3.150%, 01/15/2025 | 100 | 101 | ||||||
Exelon | ||||||||
5.625%, 06/15/2035 | 100 | 118 | ||||||
5.100%, 06/15/2045 | 100 | 114 | ||||||
3.950%, 06/15/2025 | 100 | 105 | ||||||
Exelon Generation | ||||||||
6.250%, 10/01/2039 | 300 | 332 | ||||||
5.600%, 06/15/2042 | 100 | 103 | ||||||
4.250%, 06/15/2022 | 100 | 106 | ||||||
2.950%, 01/15/2020 | 100 | 102 | ||||||
FirstEnergy | ||||||||
7.375%, 11/15/2031 | 70 | 93 | ||||||
4.250%, 03/15/2023 | 40 | 43 | ||||||
Florida Power & Light | ||||||||
5.950%, 02/01/2038 | 200 | 263 | ||||||
4.050%, 10/01/2044 | 200 | 212 | ||||||
Fortis | ||||||||
3.055%, 10/04/2026 | 100 | 97 | ||||||
Georgia Power | ||||||||
4.300%, 03/15/2042 | 125 | 132 | ||||||
Great Plains Energy | ||||||||
4.850%, 06/01/2021 | 155 | 165 | ||||||
Interstate Power & Light | ||||||||
3.700%, 09/15/2046 | 50 | 48 | ||||||
ITC Holdings | ||||||||
3.250%, 06/30/2026 | 30 | 30 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Kansas City Power & Light | ||||||||
4.200%, 06/15/2047 | $ | 100 | $ | 102 | ||||
Kentucky Utilities | ||||||||
5.125%, 11/01/2040 | 194 | 233 | ||||||
MidAmerican Energy | ||||||||
3.950%, 08/01/2047 | 50 | 52 | ||||||
3.100%, 05/01/2027 | 50 | 50 | ||||||
2.400%, 03/15/2019 | 100 | 101 | ||||||
National Fuel Gas | ||||||||
5.200%, 07/15/2025 | 100 | 107 | ||||||
NextEra Energy Capital Holdings | ||||||||
2.400%, 09/15/2019 | 150 | 151 | ||||||
NiSource Finance | ||||||||
5.950%, 06/15/2041 | 100 | 123 | ||||||
5.650%, 02/01/2045 | 50 | 61 | ||||||
4.375%, 05/15/2047 | 150 | 157 | ||||||
3.490%, 05/15/2027 | 50 | 51 | ||||||
Northern States Power | ||||||||
4.125%, 05/15/2044 | 200 | 210 | ||||||
2.200%, 08/15/2020 | 100 | 101 | ||||||
NRG Energy | ||||||||
7.250%, 05/15/2026 | 140 | 148 | ||||||
6.625%, 01/15/2027 | 275 | 283 | ||||||
6.250%, 07/15/2022 | 150 | 157 | ||||||
6.250%, 05/01/2024 | 150 | 156 | ||||||
NRG Yield Operating | ||||||||
5.375%, 08/15/2024 | 100 | 105 | ||||||
NSTAR Electric | ||||||||
3.200%, 05/15/2027 | 100 | 101 | ||||||
Oglethorpe Power | ||||||||
4.250%, 04/01/2046 | 100 | 96 | ||||||
Ohio Edison | ||||||||
6.875%, 07/15/2036 | 200 | 265 | ||||||
Oncor Electric Delivery | ||||||||
3.750%, 04/01/2045 | 100 | 99 | ||||||
2.950%, 04/01/2025 | 50 | 50 | ||||||
ONE Gas | ||||||||
2.070%, 02/01/2019 | 100 | 100 | ||||||
Pacific Gas & Electric | ||||||||
8.250%, 10/15/2018 | 100 | 108 | ||||||
6.050%, 03/01/2034 | 400 | 519 | ||||||
5.800%, 03/01/2037 | 100 | 128 | ||||||
4.750%, 02/15/2044 | 50 | 58 | ||||||
4.300%, 03/15/2045 | 30 | 32 | ||||||
PacifiCorp | ||||||||
3.600%, 04/01/2024 | 100 | 105 | ||||||
Piedmont Natural Gas | ||||||||
3.640%, 11/01/2046 | 25 | 23 | ||||||
Potomac Electric Power | ||||||||
6.500%, 11/15/2037 | 100 | 136 | ||||||
PPL Capital Funding | ||||||||
3.400%, 06/01/2023 | 100 | 104 |
Adviser Managed Trust / Annual Report / July 31, 2017 | 51 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
PPL Electric Utilities | ||||||||
4.150%, 10/01/2045 | $ | 100 | $ | 105 | ||||
Progress Energy | ||||||||
4.400%, 01/15/2021 | 100 | 106 | ||||||
PSEG Power | ||||||||
8.625%, 04/15/2031 | 200 | 262 | ||||||
3.000%, 06/15/2021 | 100 | 102 | ||||||
Public Service Electric & Gas MTN | ||||||||
3.000%, 05/15/2027 | 100 | 100 | ||||||
Public Service Enterprise Group | ||||||||
2.000%, 11/15/2021 | 100 | 98 | ||||||
Public Service of Colorado | ||||||||
3.800%, 06/15/2047 | 100 | 101 | ||||||
San Diego Gas & Electric | ||||||||
3.750%, 06/01/2047 | 150 | 151 | ||||||
Sempra Energy | ||||||||
3.250%, 06/15/2027 | 200 | 199 | ||||||
2.850%, 11/15/2020 | 100 | 102 | ||||||
2.400%, 03/15/2020 | 50 | 51 | ||||||
South Carolina Electric & Gas | ||||||||
5.100%, 06/01/2065 | 100 | 112 | ||||||
4.500%, 06/01/2064 | 100 | 99 | ||||||
Southern | ||||||||
4.400%, 07/01/2046 | 200 | 209 | ||||||
4.250%, 07/01/2036 | 30 | 31 | ||||||
3.250%, 07/01/2026 | 200 | 199 | ||||||
2.950%, 07/01/2023 | 100 | 100 | ||||||
2.350%, 07/01/2021 | 50 | 50 | ||||||
2.150%, 09/01/2019 | 250 | 251 | ||||||
1.850%, 07/01/2019 | 35 | 35 | ||||||
Southern California Edison | ||||||||
5.950%, 02/01/2038 | 200 | 260 | ||||||
4.650%, 10/01/2043 | 100 | 116 | ||||||
3.500%, 10/01/2023 | 100 | 105 | ||||||
Southern Gas Capital | ||||||||
3.500%, 09/15/2021 | 200 | 207 | ||||||
Southern Power | ||||||||
4.950%, 12/15/2046 | 100 | 105 | ||||||
4.150%, 12/01/2025 | 100 | 106 | ||||||
2.500%, 12/15/2021 | 50 | 50 | ||||||
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 | 99 | ||||||
Talen Energy Supply | ||||||||
6.500%, 06/01/2025 | 128 | 93 | ||||||
TECO Finance | ||||||||
5.150%, 03/15/2020 | 100 | 107 | ||||||
TerraForm Global Operating | ||||||||
9.750%, 08/15/2022 (A) | 100 | 111 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
TerraForm Power Operating |
| |||||||
6.375%, 02/01/2023 (A)(D) | $ | 191 | $ | 199 | ||||
Union Electric | ||||||||
3.650%, 04/15/2045 | 100 | 99 | ||||||
Virginia Electric & Power | ||||||||
8.875%, 11/15/2038 | 150 | 253 | ||||||
4.200%, 05/15/2045 | 25 | 26 | ||||||
2.950%, 01/15/2022 | 300 | 308 | ||||||
WEC Energy Group | ||||||||
3.550%, 06/15/2025 | 100 | 104 | ||||||
2.450%, 06/15/2020 | 100 | 101 | ||||||
Westar Energy | ||||||||
4.250%, 12/01/2045 | 100 | 106 | ||||||
Xcel Energy | ||||||||
4.700%, 05/15/2020 | 125 | 132 | ||||||
2.600%, 03/15/2022 | 50 | 51 | ||||||
|
| |||||||
21,485 | ||||||||
|
| |||||||
Total Corporate Obligations | 407,887 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS – 27.8% |
| |||||||
U.S. Treasury Bonds | ||||||||
6.250%, 08/15/2023 | 2,500 | 3,110 | ||||||
5.375%, 02/15/2031 | 500 | 670 | ||||||
5.000%, 05/15/2037 | 1,250 | 1,704 | ||||||
4.750%, 02/15/2037 | 1,750 | 2,317 | ||||||
4.750%, 02/15/2041 | 2,110 | 2,819 | ||||||
4.625%, 02/15/2040 | 1,000 | 1,309 | ||||||
4.500%, 02/15/2036 | 5,500 | 7,054 | ||||||
4.500%, 05/15/2038 | 150 | 193 | ||||||
4.375%, 05/15/2040 | 750 | 950 | ||||||
4.250%, 05/15/2039 | 250 | 311 | ||||||
3.875%, 08/15/2040 | 1,225 | 1,447 | ||||||
3.625%, 02/15/2044 | 4,680 | 5,339 | ||||||
3.375%, 05/15/2044 | 3,055 | 3,341 | ||||||
3.125%, 08/15/2044 | 800 | 837 | ||||||
3.000%, 11/15/2044 | 6,025 | 6,154 | ||||||
3.000%, 05/15/2045 | 700 | 714 | ||||||
3.000%, 11/15/2045 | 1,500 | 1,529 | ||||||
3.000%, 02/15/2047 | 2,350 | 2,395 | ||||||
3.000%, 05/15/2047 | 1,500 | 1,530 | ||||||
2.875%, 05/15/2043 | 3,125 | 3,124 | ||||||
2.875%, 08/15/2045 | 750 | 747 | ||||||
2.875%, 11/15/2046 | 2,750 | 2,734 | ||||||
2.625%, 11/15/2020 | 3,500 | 3,617 | ||||||
2.500%, 02/15/2045 | 3,500 | 3,233 | ||||||
2.500%, 02/15/2046 | 2,700 | 2,486 | ||||||
2.500%, 05/15/2046 | 2,650 | 2,438 | ||||||
2.250%, 02/15/2027 | 2,500 | 2,492 | ||||||
2.250%, 08/15/2046 | 3,000 | 2,610 |
52 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
U.S. TREASURY OBLIGATIONS (continued) |
| |||||||
U.S. Treasury Notes | ||||||||
3.625%, 08/15/2019 | $ | 1,500 | $ | 1,568 | ||||
3.625%, 02/15/2020 | 2,250 | 2,373 | ||||||
3.625%, 02/15/2021 | 7,500 | 8,018 | ||||||
3.500%, 05/15/2020 | 4,500 | 4,749 | ||||||
3.125%, 05/15/2021 | 6,250 | 6,585 | ||||||
2.750%, 11/15/2023 | 4,500 | 4,695 | ||||||
2.750%, 02/15/2024 | 750 | 782 | ||||||
2.625%, 08/15/2020 | 1,500 | 1,549 | ||||||
2.500%, 05/15/2024 | 5,450 | 5,595 | ||||||
2.375%, 05/15/2027 | 3,000 | 3,021 | ||||||
2.250%, 07/31/2021 | 4,000 | 4,084 | ||||||
2.250%, 12/31/2023 | 2,000 | 2,025 | ||||||
2.250%, 01/31/2024 | 1,000 | 1,012 | ||||||
2.250%, 11/15/2024 | 5,000 | 5,039 | ||||||
2.250%, 11/15/2025 | 3,500 | 3,508 | ||||||
2.125%, 08/31/2020 | 9,000 | 9,160 | ||||||
2.125%, 01/31/2021 | 1,500 | 1,526 | ||||||
2.125%, 09/30/2021 | 2,500 | 2,539 | ||||||
2.125%, 12/31/2021 | 1,000 | 1,015 | ||||||
2.125%, 02/29/2024 | 1,500 | 1,506 | ||||||
2.125%, 03/31/2024 | 1,500 | 1,505 | ||||||
2.125%, 05/15/2025 | 2,500 | 2,490 | ||||||
2.000%, 09/30/2020 | 7,000 | 7,096 | ||||||
2.000%, 10/31/2021 | 2,000 | 2,020 | ||||||
2.000%, 11/15/2021 | 5,000 | 5,054 | ||||||
2.000%, 12/31/2021 | 5,000 | 5,047 | ||||||
2.000%, 02/15/2022 | 3,000 | 3,029 | ||||||
2.000%, 05/31/2024 | 4,000 | 3,977 | ||||||
2.000%, 02/15/2025 | 2,850 | 2,818 | ||||||
2.000%, 08/15/2025 | 5,200 | 5,123 | ||||||
2.000%, 11/15/2026 | 4,000 | 3,908 | ||||||
1.875%, 01/31/2022 | 4,500 | 4,517 | ||||||
1.875%, 02/28/2022 | 2,000 | 2,007 | ||||||
1.875%, 03/31/2022 | 6,500 | 6,519 | ||||||
1.875%, 04/30/2022 | 3,000 | 3,007 | ||||||
1.750%, 09/30/2019 | 8,800 | 8,870 | ||||||
1.750%, 12/31/2020 | 3,500 | 3,517 | ||||||
1.750%, 11/30/2021 | 5,000 | 4,998 | ||||||
1.750%, 05/31/2022 | 3,500 | 3,488 | ||||||
1.750%, 06/30/2022 | 4,000 | 3,984 | ||||||
1.750%, 01/31/2023 | 2,000 | 1,981 | ||||||
1.750%, 05/15/2023 | 1,750 | 1,729 | ||||||
1.625%, 07/31/2019 | 1,130 | 1,136 | ||||||
1.625%, 03/15/2020 | 1,000 | 1,005 | ||||||
1.625%, 05/31/2023 | 2,000 | 1,962 | ||||||
1.625%, 02/15/2026 | 2,650 | 2,524 | ||||||
1.625%, 05/15/2026 | 3,500 | 3,325 | ||||||
1.500%, 12/31/2018 | 7,000 | 7,019 | ||||||
1.500%, 05/31/2019 | 1,150 | 1,153 | ||||||
1.500%, 05/31/2020 | 5,000 | 5,002 | ||||||
1.500%, 07/15/2020 | 2,000 | 2,000 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
U.S. TREASURY OBLIGATIONS (continued) |
| |||||||
1.500%, 02/28/2023 | $ | 750 | $ | 733 | ||||
1.500%, 03/31/2023 | 2,000 | 1,952 | ||||||
1.500%, 08/15/2026 | 3,500 | 3,282 | ||||||
1.375%, 02/15/2020 | 750 | 749 | ||||||
1.375%, 02/29/2020 | 8,000 | 7,986 | ||||||
1.375%, 05/31/2020 | 750 | 748 | ||||||
1.375%, 01/31/2021 | 3,500 | 3,471 | ||||||
1.375%, 04/30/2021 | 4,000 | 3,958 | ||||||
1.375%, 05/31/2021 | 3,000 | 2,966 | ||||||
1.375%, 08/31/2023 | 1,500 | 1,446 | ||||||
1.375%, 09/30/2023 | 1,000 | 963 | ||||||
1.250%, 10/31/2018 | 1,500 | 1,499 | ||||||
1.250%, 11/15/2018 | 5,000 | 4,997 | ||||||
1.250%, 12/31/2018 | 5,000 | 4,997 | ||||||
1.250%, 01/31/2019 | 1,500 | 1,499 | ||||||
1.250%, 03/31/2019 | 1,000 | 999 | ||||||
1.250%, 06/30/2019 | 4,000 | 3,992 | ||||||
1.250%, 03/31/2021 | 5,000 | 4,929 | ||||||
1.250%, 10/31/2021 | 3,000 | 2,938 | ||||||
1.125%, 01/15/2019 | 2,000 | 1,995 | ||||||
1.125%, 02/28/2019 | 3,000 | 2,991 | ||||||
1.125%, 04/30/2020 | 1,000 | 991 | ||||||
1.125%, 02/28/2021 | 3,500 | 3,438 | ||||||
1.125%, 06/30/2021 | 5,000 | 4,892 | ||||||
1.125%, 07/31/2021 | 5,500 | 5,376 | ||||||
1.125%, 08/31/2021 | 4,000 | 3,906 | ||||||
1.125%, 09/30/2021 | 6,500 | 6,341 | ||||||
1.000%, 11/30/2018 | 5,000 | 4,981 | ||||||
1.000%, 09/30/2019 | 3,000 | 2,977 | ||||||
1.000%, 11/15/2019 | 5,000 | 4,956 | ||||||
0.875%, 10/15/2018 | 5,000 | 4,976 | ||||||
0.875%, 05/15/2019 | 3,500 | 3,471 | ||||||
0.875%, 06/15/2019 | 2,000 | 1,983 | ||||||
0.750%, 09/30/2018 | 5,000 | 4,969 | ||||||
0.750%, 10/31/2018 | 6,000 | 5,961 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 367,671 | |||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES – 22.3% |
| |||||||
Agency Mortgage-Backed Obligations – 21.7% |
| |||||||
FHLMC | ||||||||
5.500%, 10/01/2038 to 06/01/2041 | 1,547 | 1,723 | ||||||
5.000%, 09/01/2023 to 11/01/2041 | 2,486 | 2,723 | ||||||
4.500%, 08/01/2040 to 07/01/2045 | 3,997 | 4,299 | ||||||
4.000%, 03/01/2019 to 02/01/2047 | 9,758 | 10,339 | ||||||
3.500%, 10/01/2020 to 03/01/2047 | 18,363 | 18,968 | ||||||
3.000%, 09/01/2029 to 03/01/2047 | 25,107 | 25,291 | ||||||
2.500%, 10/01/2029 to 02/01/2032 | 6,949 | 7,010 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K005, Cl A2 | ||||||||
4.317%, 11/25/2019 | 755 | 793 |
Adviser Managed Trust / Annual Report / July 31, 2017 | 53 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
MORTGAGE-BACKED SECURITIES (continued) |
| |||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K007, Cl A2 | ||||||||
4.224%, 03/25/2020 | $ | 760 | $ | 801 | ||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K030, Cl A2 | ||||||||
3.250%, 04/25/2023 (B) | 500 | 524 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K038, Cl A2 | ||||||||
3.389%, 03/25/2024 | 750 | 792 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K050, Cl A2 | ||||||||
3.334%, 08/25/2025 (B) | 900 | 945 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K054, Cl A2 | ||||||||
2.745%, 01/25/2026 | 400 | 402 | ||||||
FNMA | ||||||||
6.000%, 07/01/2036 to 10/01/2039 | 947 | 1,074 | ||||||
5.500%, 01/01/2035 to 09/01/2041 | 2,703 | 3,019 | ||||||
5.000%, 07/01/2040 to 05/01/2042 | 4,803 | 5,266 | ||||||
4.500%, 04/01/2019 to 01/01/2099 | 8,035 | 8,672 | ||||||
4.000%, 09/01/2018 to 04/01/2047 | 21,364 | 22,513 | ||||||
3.500%, 01/01/2027 to 06/01/2047 | 38,753 | 40,037 | ||||||
3.000%, 08/01/2029 to 01/01/2047 | 41,517 | 41,985 | ||||||
2.500%, 07/01/2028 to 03/01/2043 | 9,623 | 9,721 | ||||||
1.875%, 09/24/2026 | 300 | 286 | ||||||
FNMA, Ser 2012-M2, Cl A2 | ||||||||
2.717%, 02/25/2022 | 500 | 512 | ||||||
FNMA, Ser 2014-M11, Cl 2A | ||||||||
3.305%, 08/25/2026 (B) | 961 | 998 | ||||||
FNMA, Ser 2015-M1, Cl A2 | ||||||||
2.532%, 09/25/2024 | 350 | 350 | ||||||
FNMA, Ser 2016-M11, Cl A2 | ||||||||
2.369%, 07/25/2026 (B) | 542 | 523 | ||||||
GNMA | ||||||||
6.500%, 11/15/2038 | 97 | 113 | ||||||
5.500%, 01/15/2033 to 10/20/2043 | I,318 | 1,476 | ||||||
5.000%, 10/15/2033 to 11/20/2046 | 2,111 | 2,296 | ||||||
4.500%, 04/15/2040 to 04/20/2047 | 5,639 | 6,024 | ||||||
4.000%, 04/15/2040 to 04/20/2047 | 11,872 | 12,529 | ||||||
3.500%, 06/20/2042 to 07/20/2047 | 30,982 | 32,244 | ||||||
3.000%, 05/15/2042 to 05/20/2047 | 23,350 | 23,720 | ||||||
|
| |||||||
287,968 | ||||||||
|
| |||||||
Non-Agency Mortgage-Backed Obligations – 0.6% |
| |||||||
Citigroup Commercial Mortgage Trust, | ||||||||
3.024%, 09/10/2045 | 550 | 565 | ||||||
Citigroup Commercial Mortgage Trust, | ||||||||
3.855%, 05/10/2047 | 265 | 281 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
MORTGAGE-BACKED SECURITIES (continued) |
| |||||||
Commercial Mortgage Trust, Ser 2013-CR13, Cl A2 | ||||||||
3.039%, 12/10/2018 | $ | 500 | $ | 508 | ||||
Commercial Mortgage Trust, Ser 2014-UBS2, Cl A5 | ||||||||
3.961%, 03/10/2047 | 270 | 286 | ||||||
Commercial Mortgage Trust, Ser 2014-UBS3, Cl A3 | ||||||||
3.546%, 06/10/2047 | 700 | 725 | ||||||
GS Mortgage Securities Trust, Ser 2014-GC20, Cl A5 | ||||||||
3.998%, 04/10/2047 | 265 | 282 | ||||||
GS Mortgage Securities Trust, Ser 2015-GC34, Cl A4 | ||||||||
3.506%, 10/10/2048 | 500 | 518 | ||||||
JPMBB Commercial Mortgage Securities Trust, Ser 2013-C14, Cl AS | ||||||||
4.409%, 08/15/2046 (B) | 295 | 318 | ||||||
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, Cl A4 | ||||||||
3.801%, 09/15/2047 | 500 | 527 | ||||||
JPMBB Commercial Mortgage Securities Trust, Ser 2015-C30, Cl A5 | ||||||||
3.822%, 07/15/2048 | 650 | 687 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2012-C6, Cl A4 | ||||||||
2.858%, 11/15/2045 | 600 | 612 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C16, Cl A3 | ||||||||
3.592%, 06/15/2047 | 1,000 | 1,034 | ||||||
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C5, Cl A4 | ||||||||
3.185%, 03/10/2046 | 305 | 313 | ||||||
WFRBS Commercial Mortgage Trust, Ser 2012-C7, Cl A2 | ||||||||
3.431%, 06/15/2045 | 500 | 520 | ||||||
WFRBS Commercial Mortgage Trust, Ser 2014-C19, Cl A5 | ||||||||
4.101%, 03/15/2047 | 250 | 268 | ||||||
WFRBS Commercial Mortgage Trust, Ser 2014-C22, Cl A4 | ||||||||
3.488%, 09/15/2057 | 300 | 311 | ||||||
|
| |||||||
7,755 | ||||||||
|
| |||||||
Total Mortgage-Backed Securities (Cost $296,792) ($ Thousands) | 295,723 | |||||||
|
| |||||||
SOVEREIGN DEBT – 15.6% |
| |||||||
Angolan Government International Bond | ||||||||
9.500%, 11/12/2025 (A) | 300 | 319 |
54 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
SOVEREIGN DEBT (continued) |
| |||||||
Argentine Republic Government International Bond | ||||||||
8.280%, 12/31/2033 | $ | 911 | $ | 991 | ||||
7.625%, 04/22/2046 | 850 | 874 | ||||||
7.500%, 04/22/2026 | 1,000 | 1,076 | ||||||
7.125%, 07/06/2036 | 450 | 444 | ||||||
7.125%, 06/28/2117 (A) | 500 | 454 | ||||||
6.875%, 04/22/2021 | 850 | 915 | ||||||
6.875%, 01/26/2027 | 850 | 874 | ||||||
6.625%, 07/06/2028 | 400 | 400 | ||||||
6.250%, 04/22/2019 | 550 | 580 | ||||||
5.625%, 01/26/2022 | 625 | 641 | ||||||
3.750%, 03/31/2019 (D) | 750 | 487 | ||||||
Armenia Government International Bond | ||||||||
7.150%, 03/26/2025 | 200 | 220 | ||||||
Azerbaijan Government International Bond | ||||||||
4.750%, 03/18/2024 (A) | 200 | 204 | ||||||
Bahrain Government International Bond (A) | ||||||||
7.000%, 01/26/2026 | 200 | 212 | ||||||
7.000%, 10/12/2028 | 200 | 206 | ||||||
6.125%, 07/05/2022 | 400 | 421 | ||||||
6.125%, 08/01/2023 | 200 | 210 | ||||||
6.000%, 09/19/2044 | 200 | 174 | ||||||
5.875%, 01/26/2021 | 200 | 209 | ||||||
5.500%, 03/31/2020 | 400 | 415 | ||||||
Belize Government International Bond | ||||||||
4.938%, 02/20/2034 (D) | 100 | 62 | ||||||
Bolivian Government International Bond | ||||||||
5.950%, 08/22/2023 | 200 | 223 | ||||||
4.500%, 03/20/2028 (A) | 200 | 194 | ||||||
Brazilian Government International Bond | ||||||||
8.250%, 01/20/2034 | 650 | 828 | ||||||
7.125%, 01/20/2037 | 200 | 232 | ||||||
6.000%, 04/07/2026 | 1,000 | 1,097 | ||||||
5.875%, 01/15/2019 | 400 | 423 | ||||||
5.625%, 01/07/2041 | 550 | 541 | ||||||
5.625%, 02/21/2047 | 500 | 488 | ||||||
5.000%, 01/27/2045 | 450 | 403 | ||||||
4.875%, 01/22/2021 | 500 | 530 | ||||||
4.250%, 01/07/2025 | 900 | 901 | ||||||
2.625%, 01/05/2023 | 750 | 706 | ||||||
Bundesobligation | ||||||||
0.250%, 10/16/2020 | EUR | 230 | 278 | |||||
0.083%, 04/17/2020 (C) | 175 | 210 | ||||||
0.000%, 04/08/2022 (C) | 550 | 657 | ||||||
Bundesrepublik Deutschland | ||||||||
4.750%, 07/04/2034 | 521 | 981 | ||||||
2.500%, 07/04/2044 | 350 | 528 | ||||||
2.000%, 08/15/2023 | 490 | 650 | ||||||
0.500%, 02/15/2025 | 300 | 362 | ||||||
0.141%, 08/15/2026 (C) | 500 | 568 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
SOVEREIGN DEBT (continued) |
| |||||||
Cameroon Government International Bond | ||||||||
9.500%, 11/19/2025 (A) | $ | 200 | $ | 235 | ||||
Canadian Government International Bond | ||||||||
3.500%, 12/01/2045 | CAD | 110 | 106 | |||||
3.500%, 12/01/2045 | 65 | 62 | ||||||
2.250%, 06/01/2025 | 744 | 608 | ||||||
1.750%, 09/01/2019 | 778 | 628 | ||||||
1.625%, 02/27/2019 | $ | 100 | 100 | |||||
Chile Government International Bond | ||||||||
3.875%, 08/05/2020 | 150 | 158 | ||||||
3.860%, 06/21/2047 | 300 | 303 | ||||||
3.250%, 09/14/2021 | 200 | 208 | ||||||
3.125%, 01/21/2026 | 610 | 620 | ||||||
Colombia Government International Bond | ||||||||
7.375%, 03/18/2019 | 750 | 814 | ||||||
7.375%, 09/18/2037 | 325 | 422 | ||||||
6.125%, 01/18/2041 | 700 | 810 | ||||||
5.625%, 02/26/2044 | 500 | 548 | ||||||
5.000%, 06/15/2045 | 800 | 810 | ||||||
4.500%, 01/28/2026 | 500 | 532 | ||||||
4.375%, 07/12/2021 | 400 | 427 | ||||||
4.000%, 02/26/2024 | 800 | 831 | ||||||
3.875%, 04/25/2027 | 600 | 606 | ||||||
2.625%, 03/15/2023 | 300 | 294 | ||||||
Costa Rica Government International Bond | ||||||||
7.158%, 03/12/2045 | 200 | 212 | ||||||
7.000%, 04/04/2044 (A) | 200 | 210 | ||||||
4.375%, 04/30/2025 (A) | 200 | 192 | ||||||
4.250%, 01/26/2023 (A) | 200 | 196 | ||||||
Croatia Government International Bond | ||||||||
6.750%, 11/05/2019 | 200 | 218 | ||||||
6.625%, 07/14/2020 (A) | 200 | 221 | ||||||
6.375%, 03/24/2021 | 350 | 390 | ||||||
6.000%, 01/26/2024 | 450 | 513 | ||||||
5.500%, 04/04/2023 | 250 | 277 | ||||||
Dominican Republic International Bond | ||||||||
7.500%, 05/06/2021 | 200 | 221 | ||||||
7.450%, 04/30/2044 | 250 | 293 | ||||||
6.875%, 01/29/2026 (A) | 400 | 455 | ||||||
6.850%, 01/27/2045 | 400 | 438 | ||||||
6.600%, 01/28/2024 | 200 | 223 | ||||||
5.950%, 01/25/2027 (A) | 300 | 321 | ||||||
5.875%, 04/18/2024 | 200 | 215 | ||||||
5.500%, 01/27/2025 | 200 | 211 | ||||||
Ecuador Government International Bond | ||||||||
10.750%, 03/28/2022 (A) | 400 | 433 | ||||||
10.500%, 03/24/2020 | 200 | 212 | ||||||
9.650%, 12/13/2026 (A) | 400 | 410 | ||||||
9.625%, 06/02/2027 (A) | 200 | 205 | ||||||
8.750%, 06/02/2023 (A) | 200 | 200 | ||||||
7.950%, 06/20/2024 | 400 | 383 |
Adviser Managed Trust / Annual Report / July 31, 2017 | 55 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
SOVEREIGN DEBT (continued) |
| |||||||
Egypt Government International Bond MTN | ||||||||
8.500%, 01/31/2047 (A) | $ | 600 | $ | 652 | ||||
7.500%, 01/31/2027 (A) | 600 | 645 | ||||||
6.875%, 04/30/2040 | 300 | 287 | ||||||
6.125%, 01/31/2022 (A) | 400 | 413 | ||||||
5.875%, 06/11/2025 | 400 | 396 | ||||||
5.750%, 04/29/2020 | 200 | 207 | ||||||
El Salvador Government International Bond | ||||||||
8.625%, 02/28/2029 (A) | 100 | 104 | ||||||
7.750%, 01/24/2023 | 150 | 152 | ||||||
7.650%, 06/15/2035 | 60 | 56 | ||||||
7.625%, 02/01/2041 (A) | 300 | 275 | ||||||
7.375%, 12/01/2019 | 150 | 151 | ||||||
6.375%, 01/18/2027 | 200 | 181 | ||||||
5.875%, 01/30/2025 | 200 | 181 | ||||||
Ethiopia Government International Bond | ||||||||
6.625%, 12/11/2024 | 200 | 201 | ||||||
Export Development Canada | ||||||||
2.000%, 05/17/2022 | 200 | 200 | ||||||
1.625%, 12/03/2019 | 300 | 300 | ||||||
1.625%, 01/17/2020 | 250 | 250 | ||||||
1.375%, 10/21/2021 | 100 | 98 | ||||||
1.000%, 11/01/2018 | 100 | 100 | ||||||
Export-Import Bank of Korea | ||||||||
4.375%, 09/15/2021 | 200 | 214 | ||||||
2.875%, 01/21/2025 | 200 | 197 | ||||||
2.625%, 05/26/2026 | 200 | 192 | ||||||
2.250%, 01/21/2020 | 200 | 200 | ||||||
FMS Wertmanagement AoeR MTN | ||||||||
1.750%, 01/24/2020 | 200 | 201 | ||||||
1.000%, 08/16/2019 | 500 | 494 | ||||||
French Republic Government Bond OAT | ||||||||
4.750%, 04/25/2035 | EUR | 145 | 263 | |||||
4.500%, 04/25/2041 | 130 | 241 | ||||||
4.250%, 10/25/2023 | 858 | 1,271 | ||||||
3.750%, 04/25/2021 | 700 | 951 | ||||||
3.250%, 10/25/2021 | 600 | 812 | ||||||
3.250%, 05/25/2045 | 400 | 626 | ||||||
2.750%, 10/25/2027 | 220 | 308 | ||||||
2.500%, 05/25/2030 | 1,130 | 1,557 | ||||||
0.500%, 05/25/2025 | 550 | 650 | ||||||
Gabon Government International Bond | ||||||||
6.950%, 06/16/2025 | $ | 200 | 199 | |||||
6.375%, 12/12/2024 | 200 | 195 | ||||||
Georgia Government International Bond | ||||||||
6.875%, 04/12/2021 (A) | 200 | 223 | ||||||
Ghana Government International Bond | ||||||||
10.750%, 10/14/2030 | 300 | 374 | ||||||
8.125%, 01/18/2026 | 200 | 206 | ||||||
7.875%, 08/07/2023 | 200 | 206 | ||||||
Guatemala Government International Bond | ||||||||
5.750%, 06/06/2022 (A) | 200 | 218 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
SOVEREIGN DEBT (continued) |
| |||||||
4.875%, 02/13/2028 | $ | 200 | $ | 206 | ||||
4.375%, 06/05/2027 (A) | 200 | 200 | ||||||
Honduras Government International Bond | ||||||||
7.500%, 03/15/2024 | 200 | 224 | ||||||
6.250%, 01/19/2027 (A) | 150 | 158 | ||||||
Hungary Government International Bond | ||||||||
7.625%, 03/29/2041 | 300 | 455 | ||||||
6.375%, 03/29/2021 | 850 | 958 | ||||||
6.250%, 01/29/2020 | 350 | 382 | ||||||
5.750%, 11/22/2023 | 400 | 461 | ||||||
5.375%, 02/21/2023 | 400 | 448 | ||||||
5.375%, 03/25/2024 | 650 | 738 | ||||||
4.000%, 03/25/2019 | 150 | 155 | ||||||
Indonesia Government International Bond | ||||||||
11.625%, 03/04/2019 | 300 | 345 | ||||||
8.500%, 10/12/2035 | 300 | 439 | ||||||
7.750%, 01/17/2038 | 300 | 424 | ||||||
6.750%, 01/15/2044 (A) | 275 | 362 | ||||||
6.625%, 02/17/2037 | 300 | 379 | ||||||
5.950%, 01/08/2046 (A) | 400 | 482 | ||||||
5.875%, 03/13/2020 | 400 | 437 | ||||||
5.875%, 01/15/2024 (A) | 300 | 343 | ||||||
5.375%, 10/17/2023 (A) | 200 | 223 | ||||||
5.250%, 01/17/2042 (A) | 400 | 438 | ||||||
5.250%, 01/08/2047 (A) | 200 | 221 | ||||||
5.125%, 01/15/2045 (A) | 400 | 434 | ||||||
4.875%, 05/05/2021 (A) | 450 | 484 | ||||||
4.750%, 01/08/2026 (A) | 400 | 432 | ||||||
4.750%, 07/18/2047 (A) | 200 | 207 | ||||||
4.625%, 04/15/2043 (A) | 400 | 411 | ||||||
4.350%, 01/08/2027 (A) | 600 | 630 | ||||||
4.125%, 01/15/2025 (A) | 400 | 415 | ||||||
3.850%, 07/18/2027 (A) | 200 | 202 | ||||||
3.750%, 04/25/2022 (A) | 400 | 413 | ||||||
3.700%, 01/08/2022 (A) | 200 | 207 | ||||||
3.375%, 04/15/2023 (A) | 200 | 201 | ||||||
Iraq Government AID Bond | ||||||||
2.149%, 01/18/2022 | 220 | 222 | ||||||
Iraq Government International Bond | ||||||||
5.800%, 01/15/2028 (A) | 500 | 458 | ||||||
Israel Government International Bond | ||||||||
4.500%, 01/30/2043 | 200 | 213 | ||||||
4.000%, 06/30/2022 | 200 | 214 | ||||||
Italy Buoni Poliennali Del Tesoro | ||||||||
5.000%, 08/01/2034 | EUR | 330 | 509 | |||||
4.750%, 09/01/2028 (A) | 654 | 958 | ||||||
4.000%, 09/01/2020 | 310 | 408 | ||||||
3.750%, 05/01/2021 | 307 | 407 | ||||||
3.500%, 06/01/2018 | 452 | 550 | ||||||
3.250%, 09/01/2046 (A) | 315 | 376 | ||||||
2.500%, 05/01/2019 | 1,300 | 1,604 | ||||||
2.500%, 12/01/2024 | 325 | 407 |
56 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
SOVEREIGN DEBT (continued) |
| |||||||
2.250%, 09/01/2036 (A) | EUR | 285 | $ | 310 | ||||
2.150%, 12/15/2021 | 643 | 807 | ||||||
2.000%, 12/01/2025 | 450 | 538 | ||||||
1.050%, 12/01/2019 | 422 | 509 | ||||||
0.650%, 11/01/2020 | 785 | 938 | ||||||
0.650%, 10/15/2023 | 700 | 796 | ||||||
Italy Government International Bond MTN | ||||||||
6.875%, 09/27/2023 | $ | 100 | 119 | |||||
5.375%, 06/15/2033 | 150 | 171 | ||||||
Ivory Coast Government International Bond | ||||||||
6.375%, 03/03/2028 | 200 | 205 | ||||||
6.125%, 06/15/2033 (A) | 200 | 196 | ||||||
5.750%, 12/31/2032 (D) | 386 | 378 | ||||||
5.375%, 07/23/2024 | 200 | 197 | ||||||
Jamaica Government International Bond | ||||||||
7.875%, 07/28/2045 | 200 | 237 | ||||||
6.750%, 04/28/2028 | 300 | 342 | ||||||
Japan Bank for International Cooperation | ||||||||
2.875%, 06/01/2027 | 200 | 201 | ||||||
2.875%, 07/21/2027 | 200 | 200 | ||||||
2.500%, 06/01/2022 | 200 | 202 | ||||||
2.375%, 07/21/2022 | 100 | 100 | ||||||
2.250%, 02/24/2020 | 200 | 201 | ||||||
2.125%, 07/21/2020 | 100 | 101 | ||||||
2.125%, 02/10/2025 | 200 | 193 | ||||||
1.875%, 07/21/2026 | 200 | 186 | ||||||
1.750%, 11/13/2018 | 550 | 550 | ||||||
Japan Finance Organization for Municipalities | ||||||||
4.000%, 01/13/2021 | 100 | 105 | ||||||
Japan Government Five Year Bond | ||||||||
0.200%, 12/20/2017 | JPY | 69,000 | 625 | |||||
0.200%, 12/20/2018 | 292,550 | 2,659 | ||||||
0.100%, 03/20/2018 | 86,000 | 779 | ||||||
0.100%, 06/20/2019 | 63,500 | 577 | ||||||
0.100%, 06/20/2020 | 115,500 | 1,051 | ||||||
0.100%, 09/20/2020 | 209,300 | 1,905 | ||||||
0.100%, 09/20/2021 | 252,000 | 2,296 | ||||||
0.100%, 12/20/2021 | 205,000 | 1,868 | ||||||
Japan Government Forty Year Bond | ||||||||
0.900%, 03/20/2057 | 1,400 | 12 | ||||||
Japan Government Ten Year Bond | ||||||||
0.700%, 12/20/2022 | 70,250 | 661 | ||||||
0.600%, 03/20/2023 | 117,100 | 1,098 | ||||||
0.500%, 09/20/2024 | 339,450 | 3,182 | ||||||
0.400%, 09/20/2025 | 60,000 | 560 | ||||||
0.100%, 03/20/2026 | 81,850 | 745 | ||||||
0.100%, 09/20/2026 | 141,200 | 1,283 | ||||||
0.100%, 03/20/2027 | 120,000 | 1,090 | ||||||
Japan Government Thirty Year Bond | ||||||||
2.500%, 03/20/2036 | 184,150 | 2,251 | ||||||
1.700%, 09/20/2044 | 296,650 | 3,269 | ||||||
0.800%, 06/20/2047 | 14,000 | 124 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
SOVEREIGN DEBT (continued) |
| |||||||
0.600%, 12/20/2046 | JPY | 18,000 | $ | 152 | ||||
0.500%, 09/20/2046 | 17,000 | 140 | ||||||
0.300%, 06/20/2046 | 13,350 | 104 | ||||||
Japan Government Twenty Year Bond | ||||||||
2.100%, 03/20/2030 | 231,500 | 2,591 | ||||||
1.600%, 03/20/2033 | 130,250 | 1,401 | ||||||
1.500%, 03/20/2033 | 140,600 | 1,493 | ||||||
0.600%, 12/20/2036 | 63,000 | 574 | ||||||
0.500%, 09/20/2036 | 22,000 | 197 | ||||||
Jordan Government International Bond | ||||||||
6.125%, 01/29/2026 (A) | $ | 200 | 205 | |||||
5.750%, 01/31/2027 (A) | 200 | 199 | ||||||
Kazakhstan Government International Bond MTN | ||||||||
6.500%, 07/21/2045 (A) | 250 | 301 | ||||||
5.125%, 07/21/2025 (A) | 550 | 604 | ||||||
4.875%, 10/14/2044 (A) | 200 | 202 | ||||||
3.875%, 10/14/2024 (A) | 200 | 205 | ||||||
Kenya Government International Bond | ||||||||
6.875%, 06/24/2024 | 400 | 408 | ||||||
5.875%, 06/24/2019 | 200 | 205 | ||||||
Korea Government International Bond | ||||||||
3.875%, 09/11/2023 | 200 | 214 | ||||||
Kuwait Government International Bond | ||||||||
3.500%, 03/20/2027 (A) | 750 | 766 | ||||||
2.750%, 03/20/2022 (A) | 750 | 755 | ||||||
Lebanon Government International Bond MTN | ||||||||
8.250%, 04/12/2021 | 500 | 536 | ||||||
7.250%, 03/23/2037 | 200 | 200 | ||||||
7.000%, 03/23/2032 | 200 | 200 | ||||||
6.850%, 03/23/2027 | 200 | 201 | ||||||
6.650%, 11/03/2028 | 250 | 246 | ||||||
6.650%, 02/26/2030 | 550 | 540 | ||||||
6.600%, 11/27/2026 | 800 | 798 | ||||||
6.375%, 03/09/2020 | 200 | 203 | ||||||
6.100%, 10/04/2022 | 600 | 597 | ||||||
6.000%, 01/27/2023 | 50 | 49 | ||||||
5.800%, 04/14/2020 | 550 | 550 | ||||||
5.450%, 11/28/2019 | 500 | 499 | ||||||
5.150%, 11/12/2018 | 100 | 101 | ||||||
Mexico Government International Bond MTN | ||||||||
8.125%, 12/30/2019 | 100 | 116 | ||||||
6.750%, 09/27/2034 | 625 | 802 | ||||||
6.050%, 01/11/2040 | 900 | 1,068 | ||||||
5.750%, 10/12/2110 | 500 | 527 | ||||||
5.550%, 01/21/2045 | 600 | 679 | ||||||
5.125%, 01/15/2020 | 950 | 1,030 | ||||||
4.750%, 03/08/2044 | 1,100 | 1,113 | ||||||
4.600%, 01/23/2046 | 800 | 792 | ||||||
4.350%, 01/15/2047 | 700 | 669 | ||||||
4.150%, 03/28/2027 | 700 | 731 | ||||||
4.125%, 01/21/2026 | 900 | 943 |
Adviser Managed Trust / Annual Report / July 31, 2017 | | 57 | |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
SOVEREIGN DEBT (continued) |
| |||||||
4.000%, 10/02/2023 | $ | 750 | $ | 790 | ||||
3.625%, 03/15/2022 | 800 | 836 | ||||||
3.600%, 01/30/2025 | 900 | 920 | ||||||
3.500%, 01/21/2021 | 100 | 105 | ||||||
Mongolia Government International Bond MTN | ||||||||
8.750%, 03/09/2024 (A) | 200 | 223 | ||||||
5.125%, 12/05/2022 | 200 | 192 | ||||||
Morocco Government International Bond | ||||||||
5.500%, 12/11/2042 (A) | 200 | 223 | ||||||
4.250%, 12/11/2022 (A) | 200 | 211 | ||||||
Mozambique Government International Bond | ||||||||
10.500%, 01/18/2023 (A) | 200 | 153 | ||||||
Namibia Government International Bond | ||||||||
5.500%, 11/03/2021 (A) | 200 | 217 | ||||||
Nigeria Government International Bond | ||||||||
7.875%, 02/16/2032 (A) | 400 | 441 | ||||||
6.375%, 07/12/2023 | 200 | 208 | ||||||
Oman Government International Bond | ||||||||
6.500%, 03/08/2047 (A) | 500 | 521 | ||||||
5.375%, 03/08/2027 (A) | 400 | 414 | ||||||
4.750%, 06/15/2026 (A) | 400 | 398 | ||||||
3.625%, 06/15/2021 (A) | 400 | 399 | ||||||
Pakistan Government International Bond | ||||||||
8.250%, 09/30/2025 | 200 | 227 | ||||||
7.250%, 04/15/2019 | 250 | 261 | ||||||
Panama Government International Bond | ||||||||
7.125%, 01/29/2026 | 100 | 128 | ||||||
6.700%, 01/26/2036 | 500 | 652 | ||||||
5.200%, 01/30/2020 | 550 | 594 | ||||||
4.500%, 05/15/2047 | 300 | 309 | ||||||
4.300%, 04/29/2053 | 200 | 199 | ||||||
4.000%, 09/22/2024 | 350 | 371 | ||||||
3.875%, 03/17/2028 | 600 | 624 | ||||||
3.750%, 03/16/2025 | 700 | 728 | ||||||
Paraguay Government International Bond | ||||||||
6.100%, 08/11/2044 | 200 | 224 | ||||||
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 | 387 | ||||||
7.350%, 07/21/2025 | 650 | 854 | ||||||
6.550%, 03/14/2037 | 500 | 664 | ||||||
5.625%, 11/18/2050 | 550 | 677 | ||||||
4.125%, 08/25/2027 | 300 | 328 | ||||||
Philippine Government International Bond | ||||||||
10.625%, 03/16/2025 | 100 | 153 | ||||||
9.875%, 01/15/2019 | 150 | 168 | ||||||
9.500%, 02/02/2030 | 100 | 161 | ||||||
8.375%, 06/17/2019 | 300 | 336 | ||||||
7.750%, 01/14/2031 | 550 | 795 | ||||||
6.500%, 01/20/2020 | 200 | 222 | ||||||
6.375%, 01/15/2032 | 100 | 131 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
SOVEREIGN DEBT (continued) |
| |||||||
6.375%, 10/23/2034 | $ | 550 | $ | 739 | ||||
5.500%, 03/30/2026 | 850 | 1,021 | ||||||
5.000%, 01/13/2037 | 500 | 592 | ||||||
4.200%, 01/21/2024 | 650 | 712 | ||||||
4.000%, 01/15/2021 | 350 | 373 | ||||||
3.950%, 01/20/2040 | 600 | 625 | ||||||
3.700%, 03/01/2041 | 600 | 602 | ||||||
3.700%, 02/02/2042 | 500 | 501 | ||||||
Poland Government International Bond | ||||||||
6.375%, 07/15/2019 | 750 | 816 | ||||||
5.125%, 04/21/2021 | 450 | 494 | ||||||
5.000%, 03/23/2022 | 675 | 747 | ||||||
4.000%, 01/22/2024 | 500 | 535 | ||||||
3.250%, 04/06/2026 | 650 | 662 | ||||||
3.000%, 03/17/2023 | 400 | 407 | ||||||
Province of Alberta Canada | ||||||||
2.200%, 07/26/2022 | 200 | 200 | ||||||
1.900%, 12/06/2019 | 200 | 200 | ||||||
Province of British Columbia Canada | ||||||||
2.250%, 06/02/2026 | 100 | 97 | ||||||
2.000%, 10/23/2022 | 225 | 224 | ||||||
Province of Manitoba Canada | ||||||||
3.050%, 05/14/2024 | 100 | 103 | ||||||
2.125%, 05/04/2022 | 200 | 200 | ||||||
2.125%, 06/22/2026 | 100 | 95 | ||||||
Province of Ontario Canada | ||||||||
4.400%, 04/14/2020 | 200 | 213 | ||||||
3.200%, 05/16/2024 | 400 | 418 | ||||||
2.500%, 09/10/2021 | 200 | 203 | ||||||
2.500%, 04/27/2026 | 200 | 197 | ||||||
2.400%, 02/08/2022 | 300 | 303 | ||||||
2.250%, 05/18/2022 | 200 | 201 | ||||||
2.000%, 01/30/2019 | 100 | 101 | ||||||
1.625%, 01/18/2019 | 100 | 100 | ||||||
Province of Quebec Canada | ||||||||
7.500%, 09/15/2029 | 300 | 428 | ||||||
3.500%, 07/29/2020 | 250 | 262 | ||||||
2.750%, 04/12/2027 | 250 | 250 | ||||||
2.375%, 01/31/2022 | 100 | 101 | ||||||
Qatar Government International Bond | ||||||||
9.750%, 06/15/2030 (A) | 200 | 320 | ||||||
6.550%, 04/09/2019 (A) | 300 | 321 | ||||||
6.400%, 01/20/2040 (A) | 200 | 260 | ||||||
5.750%, 01/20/2042 (A) | 200 | 242 | ||||||
5.250%, 01/20/2020 (A) | 450 | 479 | ||||||
4.625%, 06/02/2046 (A) | 400 | 416 | ||||||
4.500%, 01/20/2022 (A) | 350 | 373 | ||||||
3.250%, 06/02/2026 (A) | 600 | 594 | ||||||
2.375%, 06/02/2021 (A) | 800 | 789 | ||||||
Republic of Belarus International Bond | ||||||||
7.625%, 06/29/2027 (A) | 100 | 107 | ||||||
6.875%, 02/28/2023 (A) | 200 | 212 |
58 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
SOVEREIGN DEBT (continued) |
| |||||||
Republic of Suriname | ||||||||
9.250%, 10/26/2026 (A) | $ | 200 | $ | 205 | ||||
Romanian Government International Bond MTN | ||||||||
6.750%, 02/07/2022 (A) | 300 | 348 | ||||||
6.125%, 01/22/2044 (A) | 200 | 253 | ||||||
4.875%, 01/22/2024 (A) | 300 | 330 | ||||||
4.375%, 08/22/2023 (A) | 300 | 321 | ||||||
Russian Foreign Bond - Eurobond | ||||||||
12.750%, 06/24/2028 (A) | 475 | 834 | ||||||
7.500%, 03/31/2030 (D) | 2,197 | 2,636 | ||||||
5.875%, 09/16/2043 (A) | 200 | 225 | ||||||
5.625%, 04/04/2042 (A) | 600 | 654 | ||||||
5.000%, 04/29/2020 | 700 | 741 | ||||||
4.875%, 09/16/2023 (A) | 800 | 864 | ||||||
4.500%, 04/04/2022 (A) | 400 | 425 | ||||||
3.500%, 01/16/2019 (A) | 400 | 407 | ||||||
Saudi Government International Bond MTN | ||||||||
4.500%, 10/26/2046 (A) | 1,300 | 1,324 | ||||||
3.250%, 10/26/2026 (A) | 1,000 | 990 | ||||||
2.375%, 10/26/2021 (A) | 1,050 | 1,034 | ||||||
Senegal Government International Bond | ||||||||
6.250%, 07/30/2024 | 200 | 213 | ||||||
6.250%, 05/23/2033 (A) | 200 | 206 | ||||||
Serbia Government International Bond | ||||||||
7.250%, 09/28/2021 | 250 | 290 | ||||||
5.875%, 12/03/2018 | 200 | 209 | ||||||
4.875%, 02/25/2020 | 400 | 420 | ||||||
South Africa Government International Bond | ||||||||
6.875%, 05/27/2019 | 250 | 270 | ||||||
6.250%, 03/08/2041 | 200 | 218 | ||||||
5.875%, 05/30/2022 | 200 | 220 | ||||||
5.875%, 09/16/2025 | 300 | 325 | ||||||
5.500%, 03/09/2020 | 350 | 373 | ||||||
5.375%, 07/24/2044 | 200 | 197 | ||||||
5.000%, 10/12/2046 | 200 | 187 | ||||||
4.875%, 04/14/2026 | 300 | 303 | ||||||
4.665%, 01/17/2024 | 300 | 306 | ||||||
4.300%, 10/12/2028 | 400 | 379 | ||||||
Sri Lanka Government International Bond | ||||||||
6.850%, 11/03/2025 (A) | 200 | 216 | ||||||
6.825%, 07/18/2026 (A) | 200 | 215 | ||||||
6.250%, 10/04/2020 (A) | 200 | 213 | ||||||
6.250%, 07/27/2021(A) | 200 | 213 | ||||||
6.200%, 05/11/2027 (A) | 300 | 309 | ||||||
6.125%, 06/03/2025 | 200 | 208 | ||||||
6.000%, 01/14/2019 | 200 | 207 | ||||||
5.875%, 07/25/2022 (A) | 200 | 209 | ||||||
5.750%, 01/18/2022 (A) | 200 | 209 | ||||||
Svensk Exportkredit MTN | ||||||||
2.375%, 03/09/2022 | 200 | 203 | ||||||
1.875%, 06/23/2020 | 200 | 201 | ||||||
1.750%, 05/18/2020 | 200 | 200 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
SOVEREIGN DEBT (continued) |
| |||||||
1.250%, 04/12/2019 | $ | 250 | $ | 249 | ||||
Trinidad & Tobago Government International Bond | ||||||||
4.500%, 08/04/2026 (A) | 300 | 297 | ||||||
Turkey Government International Bond | ||||||||
8.000%, 02/14/2034 | 100 | 125 | ||||||
7.500%, 11/07/2019 | 450 | 493 | ||||||
7.375%, 02/05/2025 | 650 | 759 | ||||||
7.250%, 03/05/2038 | 200 | 237 | ||||||
7.000%, 03/11/2019 | 200 | 213 | ||||||
7.000%, 06/05/2020 | 350 | 385 | ||||||
6.875%, 03/17/2036 | 600 | 681 | ||||||
6.750%, 05/30/2040 | 400 | 450 | ||||||
6.625%, 02/17/2045 | 650 | 722 | ||||||
6.250%, 09/26/2022 | 500 | 548 | ||||||
6.000%, 03/25/2027 | 600 | 646 | ||||||
6.000%, 01/14/2041 | 600 | 620 | ||||||
5.750%, 03/22/2024 | 550 | 587 | ||||||
5.750%, 05/11/2047 | 300 | 298 | ||||||
5.625%, 03/30/2021 | 400 | 426 | ||||||
5.125%, 03/25/2022 | 200 | 210 | ||||||
4.875%, 10/09/2026 | 900 | 898 | ||||||
4.875%, 04/16/2043 | 625 | 563 | ||||||
4.250%, 04/14/2026 | 500 | 480 | ||||||
3.250%, 03/23/2023 | 200 | 190 | ||||||
Ukraine Government AID Bond | ||||||||
1.847%, 05/29/2020 | 263 | 264 | ||||||
Ukraine Government International Bond | ||||||||
7.750%, 09/01/2019 (A) | 400 | 415 | ||||||
7.750%, 09/01/2020 (A) | 400 | 415 | ||||||
7.750%, 09/01/2021 (A) | 400 | 413 | ||||||
7.750%, 09/01/2025 (A) | 400 | 397 | ||||||
7.750%, 09/01/2026 (A) | 400 | 393 | ||||||
7.750%, 09/01/2027 (A) | 500 | 491 | ||||||
United Kingdom Gilt | ||||||||
4.750%, 12/07/2038 | GBP | 220 | 440 | |||||
4.500%, 09/07/2034 | 128 | 239 | ||||||
4.250%, 06/07/2032 | 448 | 798 | ||||||
4.250%, 06/07/2032 | 75 | 134 | ||||||
4.250%, 12/07/2040 | 318 | 608 | ||||||
3.750%, 09/07/2021 | 732 | 1,097 | ||||||
3.750%, 07/22/2052 | 755 | 1,501 | ||||||
3.500%, 01/22/2045 | 215 | 380 | ||||||
3.500%, 07/22/2068 | 40 | 85 | ||||||
2.250%, 09/07/2023 | 470 | 676 | ||||||
2.000%, 07/22/2020 | 296 | 410 | ||||||
2.000%, 09/07/2025 | 165 | 235 | ||||||
1.500%, 07/22/2026 | 483 | 657 | ||||||
1.250%, 07/22/2018 | 302 | 402 | ||||||
Uruguay Government International Bond | ||||||||
7.625%, 03/21/2036 | $ | 400 | 547 | |||||
5.100%, 06/18/2050 | 875 | 904 |
Adviser Managed Trust / Annual Report / July 31, 2017 | 59 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
SOVEREIGN DEBT (continued) |
| |||||||
4.500%, 08/14/2024 | $ | 500 | $ | 544 | ||||
4.375%, 10/27/2027 | 600 | 641 | ||||||
4.125%, 11/20/2045 | 200 | 188 | ||||||
Venezuela Government International Bond | ||||||||
12.750%, 08/23/2022 | 700 | 311 | ||||||
11.950%, 08/05/2031 | 900 | 373 | ||||||
11.750%, 10/21/2026 | 700 | 296 | ||||||
9.375%, 01/13/2034 | 550 | 220 | ||||||
9.250%, 09/15/2027 | 500 | 210 | ||||||
9.250%, 05/07/2028 | 200 | 77 | ||||||
9.000%, 05/07/2023 | 600 | 234 | ||||||
8.250%, 10/13/2024 | 100 | 38 | ||||||
7.750%, 10/13/2019 | 750 | 321 | ||||||
7.650%, 04/21/2025 | 500 | 189 | ||||||
7.000%, 03/31/2038 | 400 | 152 | ||||||
Vietnam Government International Bond | ||||||||
6.750%, 01/29/2020 | 150 | 164 | ||||||
4.800%, 11/19/2024 | 200 | 210 | ||||||
Zambia Government International Bond | ||||||||
8.970%, 07/30/2027 | 200 | 217 | ||||||
8.500%, 04/14/2024 | 200 | 212 | ||||||
5.375%, 09/20/2022 | 200 | 190 | ||||||
|
| |||||||
Total Sovereign Debt (Cost $200,023) ($ Thousands) | 205,944 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS – 1.5% |
| |||||||
FFCB | ||||||||
1.620%, 04/20/2021 | 250 | 248 | ||||||
1.500%, 12/19/2019 | 250 | 250 | ||||||
FHLB | ||||||||
5.500%, 07/15/2036 | 225 | 304 | ||||||
2.310%, 08/09/2022 | 500 | 500 | ||||||
1.875%, 11/29/2021 | 500 | 502 | ||||||
1.625%, 06/14/2019 | 1,250 | 1,255 | ||||||
1.375%, 05/28/2019 | 2,455 | 2,455 | ||||||
1.375%, 11/15/2019 | 425 | 424 | ||||||
1.250%, 01/16/2019 | 1,000 | 999 | ||||||
1.125%, 07/14/2021 | 750 | 733 | ||||||
FHLMC | ||||||||
6.750%, 03/15/2031 | 500 | 725 | ||||||
6.250%, 07/15/2032 | 300 | 425 | ||||||
2.375%, 01/13/2022 | 375 | 383 | ||||||
1.375%, 05/01/2020 | 1,200 | 1,195 | ||||||
1.250%, 07/26/2019 | 250 | 249 | ||||||
1.100%, 09/13/2018 | 500 | 499 | ||||||
1.070%, 09/06/2018 | 250 | 249 | ||||||
FHLMC MTN | ||||||||
1.500%, 01/17/2020 | 1,000 | 1,000 | ||||||
0.875%, 10/12/2018 | 1,000 | 995 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
| |||||||
FNMA | ||||||||
6.625%, 11/15/2030 | $ | 475 | $ | 679 | ||||
2.625%, 09/06/2024 | 600 | 617 | ||||||
2.125%, 04/24/2026 | 205 | 200 | ||||||
1.875%, 02/19/2019 | 150 | 151 | ||||||
1.875%, 12/28/2020 | 1,100 | 1,109 | ||||||
1.750%, 09/12/2019 | 750 | 755 | ||||||
1.625%, 01/21/2020 | 375 | 376 | ||||||
1.500%, 06/22/2020 | 300 | 300 | ||||||
1.500%, 07/30/2020 | 1,000 | 998 | ||||||
1.125%, 10/19/2018 | 500 | 499 | ||||||
0.875%, 08/02/2019 | 250 | 247 | ||||||
Tennessee Valley Authority | ||||||||
5.250%, 09/15/2039 | 275 | 359 | ||||||
3.500%, 12/15/2042 | 125 | 129 | ||||||
2.875%, 09/15/2024 | 500 | 520 | ||||||
2.875%, 02/01/2027 | 150 | 154 | ||||||
|
| |||||||
Total U.S. Government Agency Obligations (Cost $20,379) ($ Thousands) | 20,483 | |||||||
|
| |||||||
ASSET-BACKED SECURITIES – 0.7% |
| |||||||
American Express Credit Account Master Trust, Ser 2017-1, Cl A | ||||||||
1.930%, 09/15/2022 | 500 | 502 | ||||||
AmeriCredit Automobile Receivables Trust, Ser 2016-2, Cl B | ||||||||
2.210%, 05/10/2021 | 500 | 502 | ||||||
CarMax Auto Owner Trust, Ser 2016-4, Cl A3 | ||||||||
1.400%, 08/15/2021 | 650 | 646 | ||||||
Chase Issuance Trust, Ser 2012-A7, Cl A7 | ||||||||
2.160%, 09/16/2024 | 300 | 299 | ||||||
Chase Issuance Trust, Ser 2016-A5, Cl A5 | ||||||||
1.270%, 07/15/2021 | 300 | 297 | ||||||
Citibank Credit Card Issuance Trust, Ser 2014-A5, Cl A5 | ||||||||
2.680%, 06/07/2023 | 470 | 482 | ||||||
Citibank Credit Card Issuance Trust, Ser 2016- A1, Cl A1 | ||||||||
1.750%, 11/19/2021 | 305 | 305 | ||||||
Citibank Credit Card Issuance Trust, Ser 2017-A3, Cl A3 | ||||||||
1.920%, 04/07/2022 | 500 | 502 | ||||||
CSAIL Commercial Mortgage Trust, Ser 2015-C3, Cl A4 | ||||||||
3.718%, 08/15/2048 | 245 | 257 | ||||||
CSMC Trust, Ser 2016-NXSR, Cl A4 | ||||||||
3.795%, 12/15/2049 (B) | 350 | 366 | ||||||
Discover Card Execution Note Trust, Ser 2014-A4, Cl A4 | ||||||||
2.120%, 12/15/2021 | 200 | 202 |
60 | Adviser Managed Trust / Annual Report / July 31, 2017 |
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 | $ | 400 | ||||
Honda Auto Receivables Owner Trust, Ser 2017-1, Cl A3 | ||||||||
1.720%, 07/21/2021 | 400 | 400 | ||||||
Morgan Stanley Capital I Trust, Ser 2016-BNK2, Cl A3 | ||||||||
2.791%, 11/15/2049 | 500 | 490 | ||||||
Santander Drive Auto Receivables Trust, Ser 2015-3, Cl C | ||||||||
2.740%, 01/15/2021 | 700 | 706 | ||||||
Synchrony Credit Card Master Note Trust, Ser 2012-7, Cl A | ||||||||
1.760%, 09/15/2022 | 300 | 299 | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, Cl A3 | ||||||||
3.290%, 05/15/2048 | 650 | 664 | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2015-C31, Cl A4 | ||||||||
3.695%, 11/15/2048 | 1,000 | 1,048 | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2016-C32, Cl A1 | ||||||||
1.577%, 01/15/2059 | 393 | 392 | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2017-RC1, Cl A4 | ||||||||
3.631%, 01/15/2060 | 300 | 313 | ||||||
|
| |||||||
Total Asset-Backed Securities | 9,072 | |||||||
|
| |||||||
MUNICIPAL BONDS – 0.5% |
| |||||||
California – 0.2% |
| |||||||
Bay Area, Toll Authority, RB | ||||||||
6.263%, 04/01/2049 | 200 | 291 | ||||||
California State University, Ser B, RB Callable 05/01/2047 @ 100 | ||||||||
3.899%, 11/01/2047 | 200 | 203 | ||||||
California State, Build America Bonds, GO | ||||||||
7.600%, 11/01/2040 | 175 | 274 | ||||||
7.550%, 04/01/2039 | 350 | 542 | ||||||
California State, Department of Water Resources, Ser P, RB | ||||||||
2.000%, 05/01/2022 | 25 | 25 | ||||||
California State, East Bay Municipal Utility District, Water System Revenue, RB | ||||||||
5.874%, 06/01/2040 | 200 | 262 | ||||||
California State, GO Callable 10/01/2019 @ 100 | ||||||||
2.193%, 04/01/2020 (B) | 300 | 301 | ||||||
Los Angeles, Unified School District, GO | ||||||||
5.750%, 07/01/2034 | 200 | 255 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
MUNICIPAL BONDS (continued) |
| |||||||
University of California, Ser AJ, RB | ||||||||
4.601%, 05/15/2031 | $ | 250 | $ | 279 | ||||
University of California, Ser AQ, RB | ||||||||
4.767%, 05/15/2115 | 250 | 256 | ||||||
|
| |||||||
2,688 | ||||||||
|
| |||||||
Connecticut – 0.0% |
| |||||||
Connecticut State, Ser A, GO | ||||||||
5.850%, 03/15/2032 | 200 | 235 | ||||||
|
| |||||||
Georgia – 0.0% |
| |||||||
Georgia State, Municipal Electric Authority, RB | ||||||||
6.655%, 04/01/2057 | 100 | 128 | ||||||
6.637%, 04/01/2057 | 200 | 258 | ||||||
|
| |||||||
386 | ||||||||
|
| |||||||
Illinois – 0.0% |
| |||||||
Illinois State, GO | ||||||||
5.100%, 06/01/2033 | 400 | 401 | ||||||
4.950%, 06/01/2023 | 100 | 102 | ||||||
|
| |||||||
503 | ||||||||
|
| |||||||
New Jersey – 0.1% |
| |||||||
New Jersey State, Turnpike Authority, RB | ||||||||
7.414%, 01/01/2040 | 225 | 340 | ||||||
7.102%, 01/01/2041 | 350 | 512 | ||||||
|
| |||||||
852 | ||||||||
|
| |||||||
New York – 0.1% |
| |||||||
New York & New Jersey, Port Authority, RB | ||||||||
4.458%, 10/01/2062 | 200 | 221 | ||||||
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 | 118 | ||||||
New York State, Metropolitan Transportation Authority, RB | ||||||||
6.814%, 11/15/2040 | 250 | 346 | ||||||
|
| |||||||
886 | ||||||||
|
| |||||||
Ohio – 0.0% |
| |||||||
American Municipal Power, Ser B, RB | ||||||||
8.084%, 02/15/2050 | 100 | 164 | ||||||
|
| |||||||
South Carolina – 0.0% |
| |||||||
South Carolina State, Public Service Authority, Ser D, RB | ||||||||
2.388%, 12/01/2023 | 50 | 47 | ||||||
|
|
Adviser Managed Trust / Annual Report / July 31, 2017 | 61 |
SCHEDULE OF INVESTMENTS
JULY 31, 2017
Tactical Offensive Fixed Income Fund (Concluded)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
MUNICIPAL BONDS (continued) |
| |||||||
Tennessee — 0.0% | ||||||||
Nashville & Davidson County, Metropolitan Government, Health & Educational Facilities Board, Ser B, RB Callable 04/01/2026 @ 100 | $ | 100 | $ | 105 | ||||
|
| |||||||
Texas — 0.1% | ||||||||
Houston, Ser A, GO | ||||||||
6.290%, 03/01/2032 | 90 | 108 | ||||||
Texas State, Build America Bonds, GO | ||||||||
5.517%, 04/01/2039 | 200 | 258 | ||||||
Texas State, Transportation Commission State Highway Fund, Ser B, RB | ||||||||
5.178%, 04/01/2030 | 200 | 236 | ||||||
|
| |||||||
602 | ||||||||
|
| |||||||
Total Municipal Bonds | 6,468 | |||||||
|
| |||||||
| Number of Warrants | | ||||||
WARRANTS — 0.0% | ||||||||
Comstock Resources, Expires 06/15/2020 Strike Price $0 * | 275 | 2 | ||||||
|
| |||||||
Total Warrants | 2 | |||||||
|
| |||||||
Total Investments — 99.2% | $ | 1,313,250 | ||||||
|
|
A list of open forward foreign currency contracts held by the Fund at July 31, 2017, is as follows:
Settlement Date | Currency to Deliver (Thousands) | Currency To Receive (Thousands) | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||
09/01/17 | CAD | 1,769 | USD | 1,419 | $3 | |||||||
08/03/17 | CAD | 1,801 | USD | 1,388 | (52) | |||||||
08/03/17-09/05/17 | GBP | 11,674 | USD | 15,249 | (151) | |||||||
08/03/17-09/05/17 | EUR | 34,202 | USD | 39,660 | (707) | |||||||
08/03/17-09/05/17 | JPY | 7,309,002 | USD | 65,782 | (432) | |||||||
|
| |||||||||||
$(1,339) | ||||||||||||
|
|
A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at July 31, 2017, is as follows:
Counterparty | Currency to Deliver ($ Thousands) | Currency to Receive ($ Thousands) | Unrealized Depreciation ($ Thousands) | |||||||||
Brown Brothers Harriman | $(124,837) | $123,498 | $(1,339) | |||||||||
|
| |||||||||||
$(1,339) | ||||||||||||
|
|
Percentages are based on Net Assets of $1,323,854 ($ 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 July 31, 2017, the value of these securities amounted to $109,918 ($ Thousands), representing 8.3% of the Net Assets of the Fund. |
(B) | Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of July 31, 2017. |
(C) | Zero coupon security. The rate shown on the Schedule of Investments is the security’s effective yield at the time of purchase. |
(D) | Step Bonds – The rate reflected on the Schedule of Investments is the effective yield on July 31, 2017. The coupon on a step bond changes on a specified date. |
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
JPY — Japanese Yen
LLLP — Limited Liability Limited Partnership
MSCI — Morgan Stanley Capital International
MTN — Medium Term Note
PIK — Payment-in-Kind
PLC — Public Limited Company
PTY — Proprietary
RB — Revenue Bond
S&P— Standard & Poor’s
Ser — Series
USD — United States Dollar
62 | Adviser Managed Trust / Annual Report / July 31, 2017 |
The following is a list of the level of inputs used as of July 31, 2017, In valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Obligations | $ | – | $ | 407,887 | $ | – | $ | 407,887 | ||||||||
U.S. Treasury Obligations | – | 367,671 | – | 367,671 | ||||||||||||
Mortgage-Backed Securities | – | 295,723 | – | 295,723 | ||||||||||||
Sovereign Debt | – | 205,944 | – | 205,944 | ||||||||||||
U.S. Government Agency Obligations | – | 20,483 | – | 20,483 | ||||||||||||
Asset-Backed Securities | – | 9,072 | – | 9,072 | ||||||||||||
Municipal Bonds | – | 6,468 | – | 6,468 | ||||||||||||
Warrants | – | — | 2 | 2 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | – | $ | 1,313,248 | $ | 2 | $ | 1,313,250 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Forwards Contracts * |
| |||||||||||||||
Unrealized Appreciation | $ | — | $ | 3 | $ | — | $ | 3 | ||||||||
Unrealized Depreciation | — | (1,342) | — | (1,342) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | — | $ | (1,339) | $ | — | $ | (1,339) | ||||||||
|
|
|
|
|
|
|
|
* Forwards contracts are valued at the unrealized appreciation/(depreciation) 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.
For the year ended July 31, 2017, 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 year.
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 $0.
The accompanying notes are an integral part of the financial statements.
Adviser Managed Trust / Annual Report / July 31, 2017 | 63 |
STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)
July 31, 2017
Tactical Offensive Equity Fund | Tactical Offensive Fixed Income Fund | |||||||
Assets: | ||||||||
Investments, at value† | $ | 2,226,049 | $ | 1,313,250 | ||||
Affiliated investments, at value†† | 435 | — | ||||||
Cash | 35,359 | 10,026 | ||||||
Foreign currency, at value ††† | 2,649 | 293 | ||||||
Dividends and interest receivable | 2,557 | 9,682 | ||||||
Cash pledged as collateral for futures contracts | 1,517 | — | ||||||
Receivable for fund shares sold | 661 | 259 | ||||||
Foreign tax reclaim receivable | 493 | — | ||||||
Receivable for investment securities sold | 298 | 6,821 | ||||||
Receivable for variation margin | 24 | — | ||||||
Unrealized gain on foreign spot currency contracts | — | 145 | ||||||
Unrealized gain on forward foreign currency contracts | — | 3 | ||||||
Prepaid expenses | 17 | 11 | ||||||
Total Assets | 2,270,059 | 1,340,490 | ||||||
Liabilities: | ||||||||
Payable for fund shares redeemed | 584 | 364 | ||||||
Shareholder servicing fees payable | 475 | 279 | ||||||
Administration fees payable | 355 | 7 | ||||||
Investment advisory fees payable | 55 | 52 | ||||||
Payable for investment securities purchased | 42 | 14,402 | ||||||
Payable for variation margin | 36 | — | ||||||
Chief Compliance Officer fees payable | 4 | 2 | ||||||
Unrealized loss on forward foreign currency contracts | — | 1,342 | ||||||
Unrealized loss on foreign spot currency contracts | — | 3 | ||||||
Accrued expense payable | 186 | 185 | ||||||
Total Liabilities | 1,737 | 16,636 | ||||||
Net Assets | $ | 2,268,322 | $ | 1,323,854 | ||||
† Cost of investments | $ | 1,876,382 | $ | 1,299,359 | ||||
†† Cost of affiliated investments | 372 | — | ||||||
††† Cost of foreign currency | 2,618 | 289 | ||||||
Net Assets: | ||||||||
Paid-in Capital — (unlimited authorization — no par value) | $ | 1,889,763 | $ | 1,314,125 | ||||
Undistributed net investment income | 21,708 | 7,993 | ||||||
Accumulated net realized gain/(loss) on investments, futures contracts and foreign currency | 6,072 | (10,973 | ) | |||||
Net unrealized appreciation/(depreciation) on investments | 349,730 | 13,891 | ||||||
Net unrealized appreciation/(depreciation) on futures contracts | 980 | — | ||||||
Net unrealized appreciation/(depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies | 69 | (1,182 | ) | |||||
Net Assets | $ | 2,268,322 | $ | 1,323,854 | ||||
Net Asset Value, Offering and Redemption Price Per Share | $ | 15.74 | $ | 10.35 | ||||
($
| 2,268,322,090 144,068,604 shares | ÷ ) | ($
| 1,323,853,857 127,957,882 shares | ÷ ) |
Amounts designated as ”—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
64 | Adviser Managed Trust / Annual Report / July 31, 2017 |
STATEMENTS OF OPERATIONS ($ Thousands)
For the year ended July 31, 2017
Tactical Offensive Equity Fund | Tactical Offensive Fixed Income Fund | |||||||
Investment income: | ||||||||
Dividends | $ | 45,456 | $ | — | ||||
Dividends from affiliated investments (1) | 4 | — | ||||||
Interest income | 1 | 35,549 | ||||||
Less: foreign taxes withheld | (1,493 | ) | (9) | |||||
Total investment income | 43,968 | 35,540 | ||||||
Expenses: | ||||||||
Shareholder servicing fees | 5,033 | 3,059 | ||||||
Administration fees | 4,026 | 2,447 | ||||||
Investment advisory fees | 4,026 | 1,836 | ||||||
Trustee fees | 27 | 16 | ||||||
Chief Compliance Officer fees | 12 | 8 | ||||||
Custodian/wire agent fees | 292 | 53 | ||||||
Professional fees | 99 | 86 | ||||||
Printing fees | 83 | 51 | ||||||
Registration fees | 65 | 63 | ||||||
Other expenses | 176 | 407 | ||||||
Total expenses | 13,839 | 8,026 | ||||||
Less: | ||||||||
Waiver of investment advisory fees | (3,455 | ) | (1,264 | ) | ||||
Waiver of administration fees | (283 | ) | (2,096 | ) | ||||
Net expenses | 10,101 | 4,666 | ||||||
Net investment income | 33,867 | 30,874 | ||||||
Net realized gain/(loss) on: | ||||||||
Investments | 10,886 | (308 | ) | |||||
Futures contracts | 8,137 | — | ||||||
Foreign currency transactions | 12 | 2,590 | ||||||
Net change in unrealized appreciation/(depreciation) on: | ||||||||
Investments | 267,867 | (24,503 | ) | |||||
Affiliated investments (1) | 78 | — | ||||||
Futures contracts | (1,816 | ) | — | |||||
Foreign currency and translation of other assets and liabilities denominated in foreign currency | 59 | (1,038 | ) | |||||
Net increase in net assets resulting from operations | $ | 319,090 | $ | 7,615 |
(1) See Note 5 in the Notes to Financial Statements.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
Adviser Managed Trust / Annual Report / July 31, 2017 | 65 |
STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)
For the years ended July 31,
| Tactical Offensive Equity Fund |
| | Tactical Offensive Fixed Income Fund |
| |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 33,867 | $ | 7,073 | $ | 30,874 | $ | 25,648 | ||||||||
Net realized gain/(loss) from investments, affiliated investments and futures contracts | 19,023 | (24,088 | ) | (308 | ) | (4,196 | ) | |||||||||
Net realized gain/(loss) on foreign currency transactions | 12 | 101 | 2,590 | (3,927 | ) | |||||||||||
Net change in unrealized appreciation/(depreciation) on investments, affiliated investments and futures contracts | 266,129 | (68,023 | ) | (24,503 | ) | 47,726 | ||||||||||
Net change in unrealized appreciation/(depreciation) on foreign currency and translation of other assets and liabilities denominated in foreign currency | 59 | 103 | (1,038 | ) | (339 | ) | ||||||||||
Net increase/(decrease) in net assets resulting from operations | 319,090 | (84,834 | ) | 7,615 | 64,912 | |||||||||||
Dividends and distributions from: | ||||||||||||||||
Net investment income | (17,550 | ) | (18,071 | ) | (33,358 | ) | (21,066 | ) | ||||||||
Net realized gains | — | (12,906 | ) | — | — | |||||||||||
Total dividends and distributions | (17,550 | ) | (30,977 | ) | (33,358 | ) | (21,066 | ) | ||||||||
Capital share transactions:(1) | ||||||||||||||||
Proceeds from shares issued | 420,501 | 1,831,274 | 340,938 | 342,224 | ||||||||||||
Reinvestment of dividends & distributions | 17,311 | 3 | 33,031 | 20,853 | ||||||||||||
Cost of shares redeemed | (320,018 | ) | (1,549,210 | ) | (167,747 | ) | (240,686 | ) | ||||||||
Increase in net assets derived from capital share transactions | 117,794 | 282,067 | 206,222 | 122,391 | ||||||||||||
Net increase in net assets | 419,334 | 166,256 | 180,479 | 166,237 | ||||||||||||
Net assets: | ||||||||||||||||
Beginning of year | 1,848,988 | 1,682,732 | 1,143,375 | 977,138 | ||||||||||||
End of year | $ | 2,268,322 | $ | 1,848,988 | $ | 1,323,854 | $ | 1,143,375 | ||||||||
Undistributed net investment income included in net assets at year end | $ | 21,708 | $ | 4,205 | $ | 7,993 | $ | 5,550 |
(1) See Note 6 in the Notes to Financial Statements for additional information.
Amounts designated as “–” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
66 | Adviser Managed Trust / Annual Report / July 31, 2017 |
For the years ended July 31,
For a share outstanding throughout the years
| Net asset value, beginning of year |
| | Net investment income(1) |
| | Net realized and unrealized gains/(losses) on securities(1) |
| | Total from operations |
| | Dividends from net investment income |
| | Distributions from realized gains |
| | Total dividends and distributions |
| | Net asset value, end of year |
| | Total Return† |
| ($ | 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 |
| | Portfolio turnover |
| ||||||||||||||||
Tactical Offensive Equity Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
† 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.
(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.
Adviser Managed Trust / Annual Report / July 31, 2017 | 67 |
July 31, 2017
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 shareholder’s interest is limited to the Fund in which shares are held. The Trust’s prospectus provides a description of each Fund’s 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 Adviser’s 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 Adviser’s 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 (“ETF“s) 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 Fund’s 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 preparation of financial statements, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
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 company’s 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
68 | Adviser Managed Trust / Annual Report / July 31, 2017 |
converted to U.S. dollars using currency exchange rates. If a security’s price cannot be obtained, as noted above, the Funds will value the securities using a bid price 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 Fund’s futures or centrally cleared swaps position.
Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s 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 service’s 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 Fund’s net assets or involve a material departure in pricing methodology from that of the Fund’s 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 security’s trading has been halted or suspended, (ii) the security has been delisted from a national exchange, (iii) the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open, or (iv) the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee
Adviser Managed Trust / Annual Report / July 31, 2017 | 69 |
NOTES TO FINANCIAL STATEMENTS (Continued)
July 31, 2017
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 issuer’s industry, (iv) the liquidity of the security, (v) the size of the holding in a Fund, or (vi) any other appropriate information.
The determination of a security’s 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 security’s 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 security’s 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 security’s 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 Fund’s 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.
Funds that hold international securities also use a third-party fair valuation vendor. The vendor provides a fair value for foreign securities held by the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security). Values from the fair value vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a “confidence interval” which is
used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, these Funds will value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation vendor.
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 entity’s 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 Fund’s 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
70 | Adviser Managed Trust / Annual Report / July 31, 2017 |
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 year ended July 31, 2017, maximized the use of observable inputs and minimized the use of unobservable inputs.
For the year ended July 31, 2017, there have been no significant changes to the Trust’s 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 Fund’s 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 broker’s custodian bank in a segregated account until the repurchase date of the repurchase agreement. Provisions of the repurchase agreements and the Trust’s 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 July 31, 2017.
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 July 31, 2017.
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
Adviser Managed Trust / Annual Report / July 31, 2017 | 71 |
NOTES TO FINANCIAL STATEMENTS (Continued)
July 31, 2017
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 Fund’s Summary Schedule of Investments/Schedule of Investments for details regarding open forward foreign currency contracts as of July 31, 2017, 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 Fund’s 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 Fund’s Summary Schedule of Investments/Schedule of Investments for details
regarding open futures contracts as of July 31, 2017, 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 Fund’s Summary Schedule of Investments/Schedule of Investments for details regarding open option/swaption contracts as of July 31, 2017, if applicable. There were no outstanding option/swaption contracts during the year ended July 31, 2017.
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
72 | Adviser Managed Trust / Annual Report / July 31, 2017 |
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 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 Fund’s 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 Fund’s 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 Fund’s exposure to the counterparty. See Note 3 for further details. There were no outstanding swap agreements as of July 31, 2017.
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
Adviser Managed Trust / Annual Report / July 31, 2017 | 73 |
NOTES TO FINANCIAL STATEMENTS (Continued)
July 31, 2017
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 July 31, 2017, 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 (“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 CDO’s or CLO’s during the year ended July 31, 2017.
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 year ended July 31, 2017.
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
74 | Adviser Managed Trust / Annual Report / July 31, 2017 |
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 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 July 31, 2017.
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 $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of investments at value (securities) or deposits due from counterparties (cash). Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as deposits due to counterparties. The market value of any securities received as collateral is not reflected as a component of net asset value. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.
Adviser Managed Trust / Annual Report / July 31, 2017 | 75 |
NOTES TO FINANCIAL STATEMENTS (Continued)
July 31, 2017
Customer account agreements and related addendums govern exchange traded derivatives transactions such as futures, options on futures, and centrally cleared swaps. Exchange traded derivative transactions require posting of initial margin as determined by each relevant clearing agency which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the US, counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Fund assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared Over the Counter (“OTC”) derivatives.
The following is a summary of the variation margin of exchange-traded or centrally cleared financial derivative instruments as of July 31, 2017 ($ Thousands):
Financial Derivative Assets | Financial Derivative Liabilities | |||||||||||||||||
Variation Margin Asset | Variation Margin Liability | |||||||||||||||||
Futures | Total | Futures | Total | |||||||||||||||
Tactical Offensive Equity Fund | $24 | $24 | $36 | $36 | ||||||||||||||
Total Exchange-Traded or Centrally Cleared | $24 | $24 | $36 | $36 |
Cash with an aggregate market value of $1,517 ($ Thousands) has been pledged as collateral for exchange-traded and centrally cleared derivative instruments as of July 31, 2017.
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 July 31, 2017 ($ Thousands):
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 | Net Market Value of OTC Derivatives | Collateral (Received)/ Pledged | Net Exposures(1) | |||||||||||||||||||||||||
Brown Brothers Harriman | $3 | $3 | $1,342 | $1,342 | $(1,339) | $— | $(1,339) | |||||||||||||||||||||||||
Total Over the Counter | $3 | $3 | $1,342 | $1,342 |
(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 $0 have been received as collateral for financial derivative instruments as governed by ISDA Master Agreements as of July 31, 2017.
76 | Adviser Managed Trust / Annual Report / July 31, 2017 |
The following table discloses the volume of the Fund’s futures contracts and forward foreign currency contracts activity during the year ended July 31, 2017 ($ Thousands):
Tactical Offensive Equity Fund | Tactical Offensive Fixed Income Fund | |||||||
Futures Contracts: | ||||||||
Equity Contracts | ||||||||
Average Notional Balance Long | $ | 38,757 | $ | – | ||||
Ending Notional Balance Long | 40,580 | – | ||||||
Forward Foreign Currency Contracts: | ||||||||
Average Notional Balance Long | – | 73,748 | ||||||
Average Notional Balance Short | – | 73,630 | ||||||
Ending Notional Balance Long | – | 185,547 | ||||||
Ending Notional Balance Short | – | 186,745 |
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 Fund’s 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, 2016, the Funds’ administrator and/or its affiliates have contractually agreed to waive fees or reimburse expenses for each Fund until November 30, 2017, 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 Fund’s business) from exceeding the
levels specified in the table below. These contractual waivers and reimbursements will only apply if a Fund’s total operating costs exceed the applicable thresholds and will not affect the Fund’s total operating costs if they are less than the applicable thresholds. In other words, shareholders will pay the lower of a Fund’s 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 Fund’s 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.
Adviser Managed Trust / Annual Report / July 31, 2017 | 77 |
NOTES TO FINANCIAL STATEMENTS (Continued)
July 31, 2017
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% |
As of July 31, 2017, 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:
Investment Sub-Adviser
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 year ended July 31, 2017.
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 Fund’s 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 Fund’s expense ratio, as a percentage of each Fund’s average daily net assets for the year ended July 31, 2017, 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 Fund’s investment strategy.
The following is a summary of the transactions the Tactical Offensive Equity Fund had with affiliates for the year ended July 31, 2017 ($ Thousands):
Security Description | Value 8/1/2016 | Purchases at Cost | Proceeds from Sales | Realized Gain | Change in Unrealized Appreciation (Depreciation) | Value 7/31/2017 | Dividend Income | |||||||||||||||||||||
SEI Investments | $ 293 | $ 64 | $ — | $ — | $ 78 | $ 435 | $ 4 | |||||||||||||||||||||
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Totals | $ 293 | $ 64 | $ — | $ — | $ 78 | $ 435 | $ 4 | |||||||||||||||||||||
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78 | Adviser Managed Trust / Annual Report / July 31, 2017 |
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 year ended July 31, 2017, 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 | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Shares Issued | 29,332 | 141,438 | 33,042 | 33,431 | ||||||||||||
Shares Issued in Lieu of Dividends and Distributions | 1,239 | 1 | 3,231 | 2,045 | ||||||||||||
Shares Redeemed | (22,515 | ) | (126,253 | ) | (16,248 | ) | (23,408 | ) | ||||||||
Increase in capital share transactions | 8,056 | 15,186 | 20,025 | 12,068 |
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 year ended July 31, 2017, were as follows:
U.S. Gov’t ($ Thousands) | Other ($ Thousands) | Total ($ Thousands) | ||||||||||
Tactical Offensive Equity Fund |
| |||||||||||
Purchases | $ | — | $ | 310,906 | $ | 310,906 | ||||||
Sales | — | 157,648 | 157,648 | |||||||||
Tactical Offensive Fixed Income Fund |
| |||||||||||
Purchases | 585,408 | 207,738 | 793,146 | |||||||||
Sales | 438,886 | 142,421 | 581,307 |
8. FEDERAL TAX INFORMATION
It is each Fund’s 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.
Accordingly, the following permanent differences, primarily attributable to investments in Passive Foreign Investment Companies, different treatment for gains and losses on paydowns of mortgage and asset-backed securities for tax purposes, reclassification of long-term capital gain distributions on Real Estate Investment Trust securities, write-off of capital losses, corporate action adjustments, partnership reclassifications, and gains and losses on certain foreign currency related transactions have been reclassified to/from the following accounts as of July 31, 2017.
Undistributed Net Investment Income (Loss) ($ Thousands) | Accumulated Realized Gain (Loss) ($Thousands) | Paid-in- Capital ($ Thousands) | ||||||||||
Tactical Offensive Equity Fund | $ | 1,186 | $ | 15,876 | $ | (17,062 | ) | |||||
Tactical Offensive Fixed Income Fund | 4,927 | (4,927 | ) | — |
These reclassifications have no impact on net assets or net asset value per share.
Adviser Managed Trust / Annual Report / July 31, 2017 | 79 |
NOTES TO FINANCIAL STATEMENTS (Concluded)
July 31, 2017
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 | Unrealized Appreciation (Depreciation) ($ Thousands) | Other Temporary Differences ($ Thousands) | Total Distributable ($ 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 ($ Thousands) | Long-Term ($ 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 July 31, 2017, 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 July 31, 2017, was as follows:
Federal Tax Cost | Appreciated Securities ($ Thousands) | Depreciated Securities ($ Thousands) | Net Unrealized | |||||||||||||
Tactical Offensive Equity Fund | $ | 1,884,436 | $ | 399,008 | $ | (56,960 | ) | $ | 342,048 | |||||||
Tactical Offensive Fixed Income Fund | 1,300,143 | 23,863 | (10,756 | ) | 13,107 |
Management has analyzed the Funds’ tax positions taken on Federal income tax returns for all open tax
years and has concluded that as of July 31, 2017, 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 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 Trust’s 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 Fund’s 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
80 | Adviser Managed Trust / Annual Report / July 31, 2017 |
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 Fund’s 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 July 31, 2017, SPTC held of record the following percentage of outstanding shares of each Fund:
Tactical Offensive Equity Fund | 94.04% | |||
Tactical Offensive Fixed Income Fund | 94.08% |
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 Securities and Exchange Commission (the “SEC”) released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule which introduces two new regulatory reporting forms for investment companies – Form N-PORT and Form N-CEN – also contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although management is still evaluating the impact of the Rule, it believes that many of the Regulation S-X amendments are consistent with the Funds’ current financial statement presentation and expects that the Funds will be able to comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.
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 July 31, 2017.
Adviser Managed Trust / Annual Report / July 31, 2017 | 81 |
REPORT OF INDEPENDENT REGISTERED ACCOUNTING FIRM
To the Shareholder and Board of Trustees
Adviser Managed Trust:
We have audited the accompanying statement of assets and liabilities, including the summary schedule of investments, of the Tactical Offensive Equity Fund and the accompanying statement of assets and liabilities, including the schedule of investments, of the Tactical Offensive Fixed Income Fund comprising the Adviser Managed Trust (the “Trust”), as of July 31, 2017, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2017, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the funds comprising Adviser Managed Trust as of July 31, 2017, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Philadelphia, Pennsylvania
September 29, 2017
82 | Adviser Managed Trust / Annual Report / July 31, 2017 |
TRUSTEES AND OFFICERS OF THE TRUST (Unaudited)
The following chart lists Trustees and Officers as of July 31, 2017.
Set forth below are the names, addresses, ages, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of portfolios in fund complex overseen by trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust. The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-800-342-5734.
Name | Position(s) Held with Trusts | Term of Office and Length of Time | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee 2 | Other Directorships Held by Trustee | |||||
INTERESTED TRUSTEES | ||||||||||
Robert A. Nesher One Freedom | Chairman of the Board of Trustees* | since 1995 | Currently performs various services on behalf of SEI for which Mr. Nesher is compensated. | 104 | Vice Chairman of The Advisors’ Inner Circle Fund III, O’Connor EQUUS, Winton Series Trust and Winton Diversified Opportunities Fund since 2014. Vice Chairman of Gallery Trust since 2015. President and Director of SEI Structured Credit Fund, LP. Director of SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments–Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Multi-Strategy Funds PLC, SEI Global Nominee Ltd and SEI Investments–Unit Trust Management (UK) Limited. Director and President of SEI Opportunity Fund, L.P. to 2010. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds and The KP Funds. | |||||
William M. Doran One Freedom Valley Drive Oaks, PA 19456 76 yrs. old | Trustee* | since 1995 | Self-employed consultant since 2003. Partner, Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003, counsel to the Trust, SEI, SIMC, the Administrator and the Distributor. | 104 | Director of SEI since 1974;. Director of SEI Investments Distribution Co. since 2003. Director of SEI Investments–Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe), Limited, SEI Investments (Asia) Limited, SEI Global Nominee Ltd. and SEI Investments–Unit Trust Management (UK) Limited. Director of SEI Opportunity Fund, L.P. to 2010. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee/Director of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, The Advisors’ Inner Circle Fund III, O’Connor EQUUS, Winton Series Trust, Winton Diversified Opportunities Fund, Gallery Trust, Bishop Street Funds, and The KP Funds. |
* Messrs. Nesher and Doran are Trustees who may be deemed as “interested” persons of the Trust as that term is defined in the 1940 Act by virtue of their affiliation with SIMC and the Trust’s Distributor.
1 There is no stated term of office for the Trustees of the Trust. However, a Trustee must retire from the Board by the end of the calendar year in which the Trustee turns 75 provided that, although there shall be presumption that each Trustee attaining such age shall retire, the Board may, if it deems doing so to be consistent with the best interest of the Trust, and with the consent of any Trustee that is eligible for retirement, by unanimous vote, extend the term of such Trustee for successive periods of one year.
2 The Fund Complex includes the following Trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust, New Covenant Funds and SEI Catholic Values Trust.
Adviser Managed Trust / Annual Report / July 31, 2017 | 83 |
TRUSTEES AND OFFICERS OF THE TRUST (Unaudited) (Continued)
Name Address, and Age | Position(s) Held with Trusts | Term of Office and Length of Time | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee 2 | Other Directorships Held by Trustee | |||||
TRUSTEES | ||||||||||
George J. Sullivan, Jr. One Freedom Valley Drive Oaks, PA 19456 74 yrs. old | Trustee | since 1996 | Retired since January 2012. Self-Employed Consultant, Newfound Consultants Inc. April 1997-December 2011. | 104 | Director of SEI Opportunity Fund, L.P. to 2010. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee/Director of State Street Navigator Securities Lending Trust, The Advisor’s Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, and The KP Funds. | |||||
Nina Lesavoy One Freedom Valley Drive Oaks, PA 19456 59 yrs. old | Trustee | since 2003 | Founder and Managing Director, Avec Capital since 2008. Managing Director, Cue Capital from March 2002-March 2008. | 104 | Director of SEI Opportunity Fund, L.P. to 2010. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Director of SEI Structured Credit Fund, L.P. | |||||
James M. Williams One Freedom Oaks, PA 19456 69 yrs. old | Trustee | since 2004 | Vice President and Chief Investment Officer, J. Paul Getty Trust, Non-Profit Foundation for Visual Arts, since December 2002. President, Harbor Capital Advisors and Harbor Mutual Funds, 2000-2002. Manager, Pension Asset Management, Ford Motor Company, 1997-1999. | 104 | Director of SEI Opportunity Fund, L.P. to 2010. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee/Director of Ariel Mutual Funds, and SEI Structured Credit Fund, L.P. | |||||
Mitchell A. Johnson One Freedom Valley Drive Oaks, PA 19456 74 yrs. old | Trustee | since 2007 | Retired Private Investor Since 1994. | 104 | Director, Federal Agricultural Mortgage Corporation (Farmer Mac) since 1997. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of the Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, and Bishop Street Funds and The KP Funds. | |||||
Hubert L. Harris, Jr. One Freedom Valley Drive Oaks, PA 19456 73 yrs. old | Trustee | since 2008 | Retired since December 2005. Owner of Harris Plantation, Inc. since 1995. Chief Executive Officer of Harris CAPM, a consulting asset and property management entity. Chief Executive Officer, INVESCO North America, August 2003-December 2005. Chief Executive Officer and Chair of the Board of Directors, AMVESCAP Retirement, Inc., January 1998-August 2003. | 104 | Director of AMVESCAP PLC from 1993-2004. Served as a director of a bank holding company, 2003-2009. Director, Aaron’s Inc., 2012-present. President and CEO, Oasis Ornamentals LLC, 2011- present. Serves as a member of the Board of Councilors of the Carter Center (nonprofit corporation) and served on the board of other non-profit organizations. Director of SEI Alpha Strategy Portfolios, LP from 2008 to 2013. | |||||
Susan C. Cote One Freedom Valley Drive Oaks, PA 19456 62 years old | Trustee | since 2015 | Retired since July 2015. Americas Director of Asset Management, Ernst & Young LLP From 2006-2013. Global Asset Management Assurance Leader, Ernst & Young LLP from 2006-2015. Partner, Ernst & Young LLP from 1997-2015. Prudential, 1983-1997. Member of Ernst & Young LLP Retirement Investment Committee. Treasurer and Chair of Finance, Investment and Audit Committee of the New York Women’s Foundation. Independent Consultant to SEI Liquid Asset Allocation Trust. | 104 | N/A |
84 | Adviser Managed Trust / Annual Report / July 31, 2017 |
Name Address, and Age | Position(s) Held with Trusts | Term of Office and Length of Time | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee 2 | Other Directorships Held by Trustee | |||||
OFFICERS | ||||||||||
Robert A. Nesher One Freedom Valley Drive Oaks, PA 19456 70 yrs. old | President and CEO | since 2005 | Currently performs various services on behalf of SEI for which Mr. Nesher is compensated. | N/A | N/A | |||||
James J. Hoffmayer One Freedom Valley Drive Oaks, PA 19456 43 yrs. old | Controller and Chief Financial Officer | since 2016 | Senior Director, Funds Accounting and Fund Administration, SEI Investments Global Funds Services (since September 2016); Senior Director of Fund Administration, SEI Investments Global Funds Services (since October 2014). Director of Financial Reporting, SEI Investments Global Funds Services (November 2004 – October 2014). | N/A | N/A | |||||
Glenn R. Kurdziel One Freedom Valley Drive Oaks, PA 19456 43 yrs. old | Assistant Controller | since 2017 | Assistant Controller, Funds Accounting, SEI Investments Global Funds Services (March 2017); Senior Manager, Funds Accounting, SEI Investments Global Funds Services since 2005. | N/A | N/A | |||||
Russell Emery One Freedom Valley Drive Oaks, PA 19456 54 yrs. old | Chief Compliance Officer | since 2006 | Chief Compliance Officer of SEI Institutional Investments Trust, SEI Institutional International Trust, SEI Liquid Asset Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II and Bishop Street Funds since March 2006. Chief Compliance Officer of SEI Structured Credit Fund, LP since June 2007. Chief Compliance Officer of SEI Opportunity Fund, L.P. to 2010. Chief Compliance Officer of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Chief Compliance Officer of Adviser Managed Trust since December 2010. Chief Compliance Officer of New Covenant Funds since February 2012. Chief Compliance Officer of SEI Insurance Products Trust and The KP Funds since 2013. Chief Compliance Officer of The Advisors’ Inner Circle Fund III, O’Connor EQUUS, Winton Series Trust and Winton Diversified Opportunities Fund since 2014. Chief Compliance Officer of SEI Catholic Values Trust and Gallery Trust since 2015. | N/A | N/A | |||||
Timothy D. Barto One Freedom Valley Drive Oaks, PA 19456 48 yrs. old | Vice President and Secretary | since 2002 | Vice President and Secretary of SEI Institutional Transfer Agent, Inc. since 2009. General Counsel and Secretary of SIMC and the Administrator since 2004. Vice President of SIMC and the Administrator since 1999. Vice President and Assistant Secretary of SEI since 2001. | N/A | N/A | |||||
Aaron Buser One Freedom Valley Drive Oaks, PA 19456 46 yrs. old | Vice President and Assistant Secretary | since 2008 | Vice President and Assistant Secretary of SEI Institutional Transfer Agent, Inc. since 2009. Vice President and Assistant Secretary of SIMC since 2007. Attorney, Stark & Stark (law firm), March 2004-July 2007. | N/A | N/A |
Adviser Managed Trust / Annual Report / July 31, 2017 | 85 |
TRUSTEES AND OFFICERS OF THE TRUST (Unaudited) (Concluded)
Name Address, and Age | Position(s) Held with Trusts | Term of Office and Length of Time | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee 2 | Other Directorships Held by Trustee | |||||
David F. McCann One Freedom Valley Drive Oaks, PA 19456 40 yrs. old | Vice President and Assistant Secretary | since 2009 | Vice President and Assistant Secretary of SEI Institutional Transfer Agent, Inc. since 2009. Vice President and Assistant Secretary of SIMC since 2008. Attorney, Drinker Biddle & Reath, LLP (law firm), May 2005-October 2008. | N/A | N/A | |||||
Stephen G. MacRae One Freedom Valley Drive Oaks, PA 19456 49 yrs. old | Vice President | since 2012 | Director of Global Investment Product Management, January 2004 to present. | N/A | N/A | |||||
Bridget E. Sudall One Freedom Valley Drive Oaks, PA 19456 36 yrs. old | Anti-Money Laundering Compliance Officer and Privacy Officer | since 2015 | Anti-Money Laundering Compliance Officer and Privacy Officer (since 2015), Senior Associate and AML Officer, Morgan Stanley Alternative Investment Partners, April 2011-March 2015, Investor Services Team Lead, Morgan Stanley Alternative Investment Partners, July 2007-April 2011. | N/A | N/A |
1 There is no stated term of office for the Trustees of the Trust. However, a Trustee must retire from the Board by the end of the calendar year in which the Trustee turns 75 provided that, although there shall be a presumption that each Trustee attaining such age shall retire, the Board may, if it deems doing so to be consistent with the best interest of the Trust, and with the consent of any Trustee that is eligible for retirement, by unanimous vote, extend the term of such Trustee for successive periods of one year.
2 The Fund Complex includes the following Trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, SEI Insurance Product Trust, New Covenant Funds.
86 | Adviser Managed Trust / Annual Report / July 31, 2017 |
DISCLOSURE OF FUND EXPENSES (Unaudited)
July 31, 2017
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 fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the fund’s average net assets; this percentage is known as the fund’s 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 (February 1, 2017 through July 31, 2017).
The table on this page illustrates your fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s actual return — the account values shown may not apply to your specific investment.
Beginning Account Value 2/1/17 | Ending Account Value 7/31/17 | Annualized Expense Ratios | Expenses Paid During Period * | |||||
Tactical Offensive Equity Fund | ||||||||
Actual Fund Return | ||||||||
Class A | $1,000.00 | $1,103.80 | 0.50% | $2.61 | ||||
Hypothetical 5% Return | ||||||||
Class A | $1,000.00 | $1,022.32 | 0.50% | $2.51 |
Beginning Account Value 2/1/17 | Ending Account Value 7/31/17 | Annualized Expense Ratios | Expenses Paid During Period * | |||||
Tactical Offensive Fixed Income Fund | ||||||||
Actual Fund Return | ||||||||
Class A | $1,000.00 | $1,028.00 | 0.38% | $1.91 | ||||
Hypothetical 5% Return | ||||||||
Class A | $1,000.00 | $1,022.91 | 0.38% | $1.91 |
* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).
Adviser Managed Trust / Annual Report / July 31, 2017 | 87 |
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BOARD OF TRUSTEES’ CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited)
Adviser Managed Trust (the “Trust”) and SEI Investments Management Corporation (“SIMC”) have entered into an investment advisory agreement (the “Advisory Agreement”). Pursuant to the Advisory Agreement, SIMC is responsible for the investment advisory services provided to the series of the Trust (the “Funds”). Pursuant to a sub-advisory agreement with SIMC (the “Sub-Advisory Agreement” and, together with the Advisory Agreement, the “Investment Advisory Agreements”), and under the supervision of SIMC and the Trust’s Board of Trustees (the “Board”), the sub-adviser (the “Sub-Adviser”) provides security selection and certain other advisory services with respect to all or a discrete portion of the assets of the Funds. The Sub-Adviser is also responsible for managing its employees who provide services to the Funds. Sub-Advisers are selected based primarily upon the research and recommendations of SIMC, which evaluates quantitatively and qualitatively the Sub-Adviser’s skills and investment results in managing assets for specific asset classes, investment styles and strategies.
The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the initial approval of, as well as the continuation of, the Funds’ Investment Advisory Agreements be specifically approved: (i) by the vote of the Board or by a vote of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the Investment Advisory Agreements or “interested persons” of any party (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval(s). In connection with their consideration of such approval(s), the Funds’ Trustees must request and evaluate, and SIMC and the Sub-Adviser are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve an Investment Advisory Agreement.
Consistent with these responsibilities, the Board calls and holds meetings each year to consider whether to approve new and/or renew existing Investment Advisory Agreements between the Trust and SIMC and SIMC and the Sub-Adviser with respect to the Funds of the Trust. In preparation for these meetings, the Board requests and reviews a wide variety of materials provided by SIMC and the Sub-Adviser, including information about SIMC’s and the Sub-Adviser’s affiliates, personnel and operations and the services provided pursuant to the Investment Advisory Agreements. The Board also receives data from third parties. This information is provided in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from counsel regarding the responsibilities of Trustees in connection with their consideration of whether to approve the Trust’s Investment Advisory Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive sessions outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Adviser.
Specifically, during the course of the Trust’s fiscal year, the Board requested and received written materials from SIMC and the Sub-Adviser regarding: (i) the quality of SIMC’s and the Sub-Adviser’s investment management and other services; (ii) SIMC’s and the Sub-Adviser’s investment management personnel; (iii) SIMC’s and the Sub-Adviser’s operations and financial condition; (iv) SIMC’s and the Sub-Adviser’s brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the advisory fees that SIMC charges the Funds and the level of the sub-advisory fees that SIMC pays the Sub-Adviser, compared with fees each charge to comparable accounts; (vi) the advisory fees charged by SIMC and the Funds’ overall fees and operating expenses compared with peer groups of mutual funds prepared by Broadridge, an independent provider of investment company data; (vii) the level of SIMC’s and the Sub-Adviser’s profitability from their Fund-related operations; (viii) SIMC’s and the Sub-Adviser’s compliance program, including a description of material compliance matters and material compliance violations; (ix) SIMC’s potential economies of scale; (x) SIMC’s and the Sub-Adviser’s policies on and compliance procedures for personal securities transactions; (xi) SIMC’s and the Sub-Adviser’s expertise and resources in domestic and/or international financial markets; and (xii) the Funds’ performance over various periods of time compared with peer groups of mutual funds prepared by Broadridge and the Funds’ benchmark indexes.
At the March 27–29, 2017 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement. Also, the Sub-Advisory Agreement was renewed at a meeting of the Board held during the course of the Trust’s fiscal year on March 27–29, 2017. In each case, the Board’s decisions were based on its consideration and evaluation of the factors described above, as discussed at the meeting and at prior meetings. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Investment Advisory Agreements.
Adviser Managed Trust / Annual Report / July 31, 2017 | 89 |
BOARD OF TRUSTEES’ CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited) (Concluded)
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by SIMC and the Sub-Adviser to the Funds and the resources of SIMC and the Sub-Adviser and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC’s and the Sub-Adviser’s personnel, experience, track record and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by SIMC and the Sub-Adviser to the Funds and the resources of SIMC and the Sub-Adviser and their affiliates dedicated to the Funds were sufficient to support the renewal of the Investment Advisory Agreements. In addition to advisory services, the Board considered the nature and quality of certain administrative, transfer agency and other non-investment advisory services provided to the Funds by SIMC and/or their affiliates.
Performance. In determining whether to renew SIMC’s Advisory Agreement, the Trustees considered the Funds’ performance relative to their peer groups and appropriate indexes/benchmarks. The Trustees reviewed performance information for each Fund, noting that they receive performance reports that permit them to monitor each Fund’s performance at board meetings throughout the year. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In assessing Fund performance, the Trustees considered a report compiled by Broadridge, an independent third-party that was engaged to prepare an assessment of the Funds in connection with the renewal of the Advisory Agreement (the “Broadridge Report”). The Broadridge Report included metrics on net total return for the Funds and a universe of comparable funds. Based on the materials considered and discussed at the meetings, the Trustees found Fund performance satisfactory, or, where performance was materially below the benchmark and/or peer group, the Trustees were satisfied with the reasons provided to explain such performance. In connection with the renewal of the Sub-Advisory Agreement, the Board considered the performance of the Sub-Adviser relative to appropriate indexes/benchmarks. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds was sufficient to support renewal of SIMC’s Advisory Agreement, and the performance of the Sub-Adviser was sufficient to support renewal of the Sub-Advisory Agreement.
Fees. With respect to the Funds’ expenses under the Investment Advisory Agreements, the Trustees considered the rate of compensation called for by the Investment Advisory Agreements and the Funds’ net operating expense ratio in comparison to those of the Funds’ respective peer groups. In assessing Fund expenses, the Trustees considered the information in the Broadridge Report, which included various metrics related to fund expenses, including, but not limited to, contractual management fees at various fee levels, actual management fees, and actual total expenses for the Funds and a universe of comparable funds. Based on the materials considered and discussion at the meetings, the Trustees further determined that fees were either shown to be below the peer average in the comparative fee analysis, or that there was a reasonable basis for the fee level. The Trustees also considered the effects of SIMC’s voluntary and contractual waiver of management and other fees to prevent total Fund operating expenses from exceeding a specified cap and concluded that SIMC, through waivers, has maintained the Funds’ net operating expenses at competitive levels for its distribution channels. The Board also took into consideration compensation earned from the Funds by SIMC or its affiliates for non-advisory services, such as administration, transfer agency, shareholder services or brokerage, and considered whether SIMC and its affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements. When considering fees paid to the Sub-Adviser, the Board took into account the fact that the Sub-Adviser is compensated by SIMC and not by the Funds directly, and that such compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported renewal of the Investment Advisory Agreements. The Board also considered whether the Sub-Adviser and its affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements.
Profitability. With regard to profitability, the Trustees considered compensation flowing to SIMC and the Sub-Adviser and its affiliates, directly or indirectly. The Trustees considered whether the levels of compensation and profitability were reasonable. As with the fee levels, when considering the profitability of the Sub-Adviser, the Board took into account the fact that compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. In connection with the renewal of the Sub-Advisory Agreement, the Board also took into consideration the impact that the fees paid to the Sub-Adviser have on SIMC’s advisory fee margin and profitability. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the
90 | Adviser Managed Trust / Annual Report / July 31, 2017 |
profitability of each of SIMC and the Sub-Adviser is reasonable and supported renewal of the Investment Advisory Agreements.
Economies of Scale. With respect to the Advisory Agreement, the Trustees considered whether any economies of scale were being realized by SIMC and its affiliates and, if so, whether the benefits of such economies of scale were passed along to the Funds’ shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board determined that the fees were reasonable in light of the information that was provided by SIMC with respect to economies of scale.
Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously approved the renewal of the Investment Advisory Agreements and concluded that the compensation under the Investment Advisory Agreements is fair and reasonable in light of such services and expenses and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment. In the course of its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.
Adviser Managed Trust / Annual Report / July 31, 2017 | 91 |
NOTICE TO SHAREHOLDERS (Unaudited)
For shareholders that do not have a July 31, 2017 taxable year end, this notice is for informational purposes only. For shareholders with a July 31, 2017 year end, please consult your tax advisor as to the pertinence of this notice.
For the fiscal year ended July 31, 2017, the funds of the Adviser Managed Trust are designating the following items with regard to distributions paid during the year:
(A) Long-Term | (B) Ordinary Income (Tax Basis) | Total Distributions | (C) Dividends for Corporate | |||||||||||||||||
Tactical Offensive Equity Fund | 0.00% | 100.00% | 100.00% | 62.05% | ||||||||||||||||
Tactical Offensive Fixed Income Fund | 0.00% | 100.00% | 100.00% | 0.00% | ||||||||||||||||
(D) Qualifying | (E) U.S. Government | Interest Related | Short-Term Capital Gain Dividends (5) | |||||||||||||||||
Tactical Offensive Equity Fund | 100.00% | 0.00% | 0.20% | 0.00% | ||||||||||||||||
Tactical Offensive Fixed Income Fund | 0.00% | 15.28% | 93.92% | 0.00% |
(1) | Qualifying dividends represent dividends which qualify for the corporate dividends received deduction. |
(2) | The percentage in this column represents the amount of “Qualifying Dividend Income” is reflected as a percentage of “Ordinary Income Distributions.” It is the intention of each of the aforementioned funds to designate the maximum amount permitted by the law. The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2017. Complete information will be computed and reported in conjunction with your 2017 Form 1099-DIV. |
(3) | “U.S. Government Interest” represents the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of total ordinary income distributions (the total of short term capital gain and net investment income distributions). Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income. |
(4) | The percentage in this column represents the amount of “Interest Related Dividend” and is reflected as a percentage of net investment income distributions that is exempt from U.S. withholding tax when paid to foreign investors. |
(5) | The percentage in this column represents the amount of “Short-Term Capital Gain” and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax when paid to foreign investors. |
Items (A) and (B) are based on the percentage of the Funds total distribution.
Items (C) and (D) are based on the percentage of ordinary income distributions of each fund. Item (E) is based on the percentage of gross income of each fund.
Please consult your tax adviser for proper treatment of this information. This notification should be kept with your permanent tax records.
92 | Adviser Managed Trust / Annual Report / July 31, 2017 |
ADVISER MANAGED TRUST ANNUAL REPORT JULY 31, 2017
Robert A. Nesher, Chairman
Trustees
William M. Doran
George J. Sullivan, Jr.
Nina Lesavoy
James M. Williams
Mitchell A. Johnson
Hubert L. Harris, Jr.
Susan C. Cote
Officers
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 | Investment Adviser
SEI Investments Management Corporation
Administrator
SEI Investments Global Funds Services
Distributor
SEI Investments Distribution Co.
Legal Counsel
Morgan, Lewis & Bockius LLP
Independent Registered Public Accounting Firm
KPMG LLP
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) |
1 Freedom Valley Drive, P.O. Box 1100, Oaks, PA 19456
AMT (7/17)
Item 2. | Code of Ethics. |
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, controller or principal accounting officer.
Item 3. | Audit Committee Financial Expert. |
(a)(1) The Registrant’s Board of Trustees (the “Board”) has determined that the Registrant has at least two Audit Committee financial experts serving on the audit committee.
(a)(2) The Audit Committee financial experts are Susan C. Cote, George J. Sullivan, Jr and Hubert L. Harris, Jr. Messrs. Cote, Sullivan and Mr. Harris are independent trustees as defined in Form N-CSR Item 3(a)(2).
Item 4. | Principal Accountant Fees and Services. |
Fees billed by KPMG LLP (“KPMG”) related to the Registrant.
KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as follows:
Fiscal Year 2017 | Fiscal Year 2016 | |||||||||||||||||||||||||
All fees and services to the Registrant that were pre-approved | All fees and services to service affiliates that were pre- approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Registrant that were pre-approved | All fees and services to service affiliates that were pre- approved | All other fees and services to service affiliates that did not require pre-approval | |||||||||||||||||||||
(a) | Audit Fees (1) | $ | 79,000 | $ | 0 | $ | 0 | $ | 61,000 | $ | 0 | $ | 0 | |||||||||||||
(b) | Audit-Related Fees | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||
(c) | Tax Fees | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||
(d) | All Other Fees (2) | $ | 0 | $ | 415,697 | $ | 0 | $ | 0 | $ | 280,445 | $ | 0 |
Notes:
(1) | Audit fees include amounts related to the audit of the Registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. |
(2) | See Item 4(g) for a description of the services comprising the fees disclosed under this category. |
(e)(1) The Registrant’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Registrant may be pre-approved.
The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Chief Financial Officer (“CFO”) of the Registrant and must include a detailed description of the services proposed to be rendered. The Registrant’s CFO will determine whether such services (1) require specific pre-approval, (2) are included within the list of services that have received the general pre-approval of the
Audit Committee or (3) have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC rules and whether the provision of such services would impair the auditor’s independence.
Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial expert, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly scheduled meeting. Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval.
All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment advisor or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.
In addition, the Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the independent auditor and to assure the auditor’s independence from the Registrant, such as reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and discussing with the independent auditor its methods and procedures for ensuring independence.
(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
2017 | 2016 | |||||||
Audit-Related Fees | 0 | % | 0 | % | ||||
Tax Fees | 0 | % | 0 | % | ||||
All Other Fees | 0 | % | 0 | % |
(f) Not applicable.
(g) The aggregate non-audit fees and services billed by KPMG for fiscal years 2017 and 2016 were $415,697 and $280,445 respectively. Non-audit fees consist of SSAE No.16 review of fund accounting and administration operations and attestation reports in accordance with Rule 17 Ad-13.
(h) During the past fiscal year, Registrant’s principal accountant provided certain non-audit services to Registrant’s investment adviser or to entities controlling, controlled by, or under common control with Registrant’s investment adviser that provide ongoing services to Registrant that were not subject to pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The Registrant’s Audit Committee reviewed and considered these non-audit services provided by Registrant’s principal accountant to Registrant’s affiliates, including whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Schedule of Investments |
(a) The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period for the Tactical Offensive Equity Fund is listed below. The Schedule of Investments in securities of unaffiliated issuers as
of the close of the reporting period for the Tactical Offensive Fixed Income Fund is included as part of the report to shareholders filed under Item 1 of this form.
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK — 96.8% | ||||||||
Australia — 1.4% | ||||||||
AGL Energy | 20,847 | $ | 401 | |||||
Alumina | 70,920 | 108 | ||||||
Amcor | 36,009 | 441 | ||||||
AMP | 92,879 | 400 | ||||||
APA Group | 35,977 | 248 | ||||||
Aristocrat Leisure | 17,453 | 282 | ||||||
ASX | 6,267 | 262 | ||||||
Aurizon Holdings | 60,649 | 243 | ||||||
AusNet Services | 52,822 | 69 | ||||||
Australia & New Zealand Banking Group | 92,040 | 2,177 | ||||||
Bank of Queensland | 11,675 | 112 | ||||||
Bendigo & Adelaide Bank | 14,087 | 125 | ||||||
BHP Billiton | 99,291 | 2,049 | ||||||
BlueScope Steel | 18,578 | 195 | ||||||
Boral | 38,313 | 212 | ||||||
Brambles | 48,758 | 360 | ||||||
Caltex Australia | 7,822 | 194 | ||||||
Challenger | 16,532 | 170 | ||||||
CIMIC Group | 2,912 | 96 | ||||||
Coca-Cola Amatil | 16,592 | 109 | ||||||
Cochlear | 1,657 | 189 | ||||||
Commonwealth Bank of Australia | 53,777 | 3,595 | ||||||
Computershare | 13,507 | 152 | ||||||
Crown Resorts | 10,552 | 107 | ||||||
CSL | 14,117 | 1,420 | ||||||
Dexus†† | 31,343 | 235 | ||||||
Domino’s Pizza Enterprises | 1,778 | 76 | ||||||
Flight Centre Travel Group | 1,608 | 56 | ||||||
Fortescue Metals Group | 45,106 | 207 | ||||||
Goodman Group†† | 58,022 | 369 | ||||||
GPT Group†† | 58,374 | 223 | ||||||
Harvey Norman Holdings | 16,099 | 56 | ||||||
Healthscope | 50,269 | 83 | ||||||
Incitec Pivot | 48,881 | 125 | ||||||
Insurance Australia Group | 70,442 | 375 | ||||||
Lend Lease Group | 18,696 | 252 | ||||||
Macquarie Group | 10,069 | 690 | ||||||
Medibank | 79,789 | 173 | ||||||
Mirvac Group†† | 107,231 | 186 | ||||||
National Australia Bank | 83,894 | 2,006 | ||||||
Newcrest Mining | 23,896 | 385 | ||||||
Oil Search | 45,910 | 243 | ||||||
Orica | 10,819 | 172 | ||||||
Origin Energy | 56,799 | 314 | ||||||
Qantas Airways | 14,938 | 63 | ||||||
QBE Insurance Group | 43,804 | 414 | ||||||
Ramsay Health Care | 4,580 | 258 | ||||||
REA Group | 1,526 | 84 | ||||||
Rio Tinto | 13,024 | 684 | ||||||
Santos | 59,937 | 162 | ||||||
Scentre Group†† | 161,974 | 534 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Seek | 9,480 | $ | 129 | |||||
Sonic Healthcare | 11,545 | 205 | ||||||
South32 | 172,021 | 400 | ||||||
Stockland†† | 72,496 | 243 | ||||||
Suncorp Group | 40,179 | 458 | ||||||
Sydney Airport | 32,104 | 173 | ||||||
Tabcorp Holdings | 24,089 | 80 | ||||||
Tatts Group | 42,430 | 136 | ||||||
Telstra | 130,856 | 428 | ||||||
TPG Telecom | 9,833 | 44 | ||||||
Transurban Group | 62,173 | 566 | ||||||
Treasury Wine Estates | 23,913 | 233 | ||||||
Vicinity Centres†† | 97,487 | 214 | ||||||
Wesfarmers | 34,853 | 1,133 | ||||||
Westfield†† | 60,616 | 372 | ||||||
Westpac Banking | 106,425 | 2,704 | ||||||
Woodside Petroleum | 22,878 | 533 | ||||||
Woolworths | 39,955 | 852 | ||||||
|
| |||||||
31,044 | ||||||||
|
| |||||||
Austria — 0.1% | ||||||||
ANDRITZ | 2,109 | 129 | ||||||
Erste Group Bank | 9,299 | 385 | ||||||
OMV | 4,766 | 269 | ||||||
Raiffeisen Bank International* | 4,866 | 143 | ||||||
voestalpine | 3,295 | 166 | ||||||
|
| |||||||
1,092 | ||||||||
|
| |||||||
Belgium — 0.2% | ||||||||
Ageas | 5,835 | 262 | ||||||
Anheuser-Busch InBev | 23,902 | 2,869 | ||||||
Colruyt | 1,951 | 109 | ||||||
Groupe Bruxelles Lambert | 2,580 | 264 | ||||||
KBC Group | 7,758 | 640 | ||||||
Proximus | 4,407 | 154 | ||||||
Solvay | 2,349 | 336 | ||||||
Telenet Group Holding* | 1,528 | 106 | ||||||
UCB | 4,092 | 297 | ||||||
Umicore | 2,758 | 221 | ||||||
|
| |||||||
5,258 | ||||||||
|
| |||||||
Brazil — 0.4% | ||||||||
Ambev | 223,410 | 1,366 | ||||||
B3 - Brasil Bolsa Balcao | 94,578 | 621 | ||||||
Banco Bradesco | 42,031 | 403 | ||||||
Banco do Brasil | 39,700 | 365 | ||||||
Banco Santander Brasil | 19,200 | 157 | ||||||
BB Seguridade Participacoes | 32,100 | 282 | ||||||
BR Malls Participacoes | 43,495 | 185 | ||||||
BRF* | 27,900 | 330 | ||||||
CCR | 56,748 | 310 | ||||||
Centrais Eletricas Brasileiras* | 11,500 | 50 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 15,500 | 167 |
1 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Cia Siderurgica Nacional* | 38,000 | $ | 93 | |||||
Cielo | 56,040 | 471 | ||||||
Cosan Industria e Comercio | 8,000 | 92 | ||||||
CPFL Energia | 11,970 | 103 | ||||||
Duratex | 16,300 | 42 | ||||||
EDP - Energias do Brasil | 18,847 | 87 | ||||||
Embraer | 33,400 | 169 | ||||||
Engie Brasil Energia | 9,500 | 106 | ||||||
Equatorial Energia | 9,600 | 174 | ||||||
Fibria Celulose | 11,800 | 125 | ||||||
Hypermarcas | 15,900 | 142 | ||||||
Itausa - Investimentos Itau | 119 | — | ||||||
JBS | 43,100 | 106 | ||||||
Klabin | 29,365 | 149 | ||||||
Kroton Educacional | 63,400 | 307 | ||||||
Localiza Rent a Car | 10,395 | 172 | ||||||
Lojas Americanas | 10,480 | 47 | ||||||
Lojas Renner | 33,440 | 314 | ||||||
M Dias Branco | 5,100 | 83 | ||||||
Multiplan Empreendimentos Imobiliarios | 4,219 | 97 | ||||||
Natura Cosmeticos | 8,400 | 67 | ||||||
Odontoprev | 16,300 | 68 | ||||||
Petroleo Brasileiro* | 136,500 | 601 | ||||||
Porto Seguro | 5,800 | 58 | ||||||
Qualicorp | 12,400 | 130 | ||||||
Raia Drogasil | 11,300 | 250 | ||||||
Rumo* | 39,659 | 131 | ||||||
Sul America | 10,642 | 60 | ||||||
TIM Participacoes | 42,200 | 143 | ||||||
Transmissora Alianca de Energia Eletrica | 9,500 | 70 | ||||||
Ultrapar Participacoes | 16,600 | 394 | ||||||
Vale | 59,000 | 594 | ||||||
WEG | 26,000 | 158 | ||||||
|
| |||||||
9,839 | ||||||||
|
| |||||||
Canada — 0.0% | ||||||||
Atlantic Power* | 12,789 | 29 | ||||||
IMAX* | 7,050 | 151 | ||||||
Masonite International* | 3,613 | 281 | ||||||
MDC Partners, Cl A | 6,541 | 65 | ||||||
Tahoe Resources | 15,200 | 83 | ||||||
Teekay | 5,810 | 57 | ||||||
|
| |||||||
666 | ||||||||
|
| |||||||
Chile — 0.1% | ||||||||
AES Gener | 139,105 | 52 | ||||||
Aguas Andinas, Cl A | 110,966 | 70 | ||||||
Banco de Chile | 1,099,684 | 159 | ||||||
Banco de Credito e Inversiones | 1,728 | 104 | ||||||
Banco Santander Chile | 3,038,891 | 215 | ||||||
Cencosud | 61,576 | 175 | ||||||
Cia Cervecerias Unidas | 7,031 | 93 | ||||||
Colbun | 369,931 | 86 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Empresa Nacional de Telecomunicaciones | 7,975 | $ | 91 | |||||
Empresas CMPC | 57,207 | 146 | ||||||
Empresas COPEC | 20,357 | 248 | ||||||
Enel Americas | 1,327,127 | 267 | ||||||
Enel Chile | 879,593 | 96 | ||||||
Enel Generacion Chile | 148,748 | 116 | ||||||
Itau CorpBanca | 6,192,200 | 58 | ||||||
Latam Airlines Group | 14,011 | 164 | ||||||
SACI Falabella | 32,663 | 301 | ||||||
|
| |||||||
2,441 | ||||||||
|
| |||||||
China — 1.7% | ||||||||
AAC Technologies Holdings | 33,500 | 451 | ||||||
Agricultural Bank of China, Cl H | 1,153,000 | 539 | ||||||
Air China, Cl H | 102,000 | 92 | ||||||
Aluminum Corp of China, Cl H* | 228,000 | 143 | ||||||
Anhui Conch Cement, Cl H | 57,500 | 213 | ||||||
ANTA Sports Products | 57,000 | 196 | ||||||
Autohome ADR* | 2,800 | 136 | ||||||
AviChina Industry & Technology, Cl H | 108,000 | 66 | ||||||
Baidu ADR* | 13,000 | 2,943 | ||||||
Bank of China, Cl H | 3,724,000 | 1,836 | ||||||
Bank of Communications, Cl H | 398,000 | 295 | ||||||
Beijing Capital International Airport, Cl H | 80,000 | 126 | ||||||
Byd, Cl H | 31,000 | 193 | ||||||
CGN Power, Cl H (A) | 501,000 | 137 | ||||||
China Cinda Asset Management, Cl H | 408,000 | 170 | ||||||
China CITIC Bank, Cl H | 409,000 | 265 | ||||||
China Coal Energy, Cl H | 129,000 | 64 | ||||||
China Communications Construction, Cl H | 203,000 | 271 | ||||||
China Communications Services, Cl H | 148,000 | 81 | ||||||
China Construction Bank, Cl H | 3,944,000 | 3,282 | ||||||
China Everbright Bank, Cl H | 174,000 | 84 | ||||||
China Galaxy Securities, Cl H | 152,500 | 135 | ||||||
China Longyuan Power Group, Cl H | 163,000 | 119 | ||||||
China Merchants Bank, Cl H | 183,000 | 602 | ||||||
China National Building Material, Cl H | 162,000 | 99 | ||||||
China Oilfield Services, Cl H | 90,000 | 77 | ||||||
China Pacific Insurance Group, Cl H | 118,400 | 523 | ||||||
China Petroleum & Chemical, Cl H | 1,190,000 | 904 | ||||||
China Railway Construction, Cl H | 103,000 | 136 | ||||||
China Railway Group, Cl H | 187,000 | 149 | ||||||
China Telecom, Cl H | 628,000 | 299 | ||||||
China Vanke, Cl H | 61,900 | 183 | ||||||
Chongqing Changan Automobile, Cl B | 45,400 | 60 | ||||||
Chongqing Rural Commercial Bank, Cl H | 151,000 | 111 | ||||||
CITIC Securities, Cl H | 109,000 | 221 | ||||||
COSCO SHIPPING Development, Cl H* | 54,000 | 13 | ||||||
COSCO SHIPPING Holdings, Cl H* | 1,500 | 1 | ||||||
Country Garden Holdings | 295,000 | 412 | ||||||
CRRC | 192,000 | 172 | ||||||
ENN Energy Holdings | 36,000 | 244 | ||||||
Fosun International | 121,000 | 183 |
2 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Great Wall Motor, Cl H | 167,000 | $ | 214 | |||||
Guangzhou R&F Properties | 59,200 | 106 | ||||||
Huaneng Power International, Cl H | 198,000 | 140 | ||||||
Industrial & Commercial Bank of China, Cl H | 3,443,000 | 2,411 | ||||||
Jiangsu Expressway, Cl H | 70,000 | 102 | ||||||
Jiangxi Copper, Cl H | 78,000 | 142 | ||||||
Kingsoft | 50,000 | 132 | ||||||
NetEase ADR | 3,800 | 1,183 | ||||||
New Oriental Education & Technology Group ADR* | 7,100 | 566 | ||||||
PetroChina, Cl H | 988,000 | 636 | ||||||
PICC Property & Casualty, Cl H | 208,000 | 388 | ||||||
Ping An Insurance Group of China, Cl H | 244,500 | 1,814 | ||||||
Shandong Weigao Group Medical Polymer, Cl H | 112,000 | 90 | ||||||
Shanghai Electric Group, Cl H | 144,000 | 67 | ||||||
Shanghai Fosun Pharmaceutical Group, Cl H | 27,000 | 99 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development, Cl B | 51,840 | 83 | ||||||
Shanghai Pharmaceuticals Holding, Cl H | 38,100 | 101 | ||||||
Shenzhou International Group Holdings | 26,000 | 174 | ||||||
Shimao Property Holdings | 58,500 | 117 | ||||||
SINA* | 2,800 | 265 | ||||||
Sino-Ocean Group Holding | 157,000 | 88 | ||||||
Sinopec Engineering Group, Cl H | 81,500 | 73 | ||||||
Sinopec Shanghai Petrochemical, Cl H | 190,000 | 108 | ||||||
Sinopharm Group, Cl H | 54,400 | 228 | ||||||
SOHO China | 113,000 | 62 | ||||||
Sun Art Retail Group | 122,500 | 100 | ||||||
Tencent Holdings | 266,300 | 10,686 | ||||||
Tingyi Cayman Islands Holding | 108,000 | 138 | ||||||
Travelsky Technology, Cl H | 56,000 | 148 | ||||||
Tsingtao Brewery, Cl H | 20,000 | 86 | ||||||
Vipshop Holdings ADR* | 21,600 | 266 | ||||||
Want Want China Holdings | 264,000 | 178 | ||||||
Weichai Power, Cl H | 124,000 | 120 | ||||||
Yanzhou Coal Mining, Cl H | 98,000 | 96 | ||||||
YY ADR* | 1,800 | 129 | ||||||
Zhuzhou CSR Times Electric, Cl H | 25,500 | 121 | ||||||
Zijin Mining Group, Cl H | 288,000 | 104 | ||||||
ZTE, Cl H | 41,400 | 107 | ||||||
|
| |||||||
37,894 | ||||||||
|
| |||||||
Colombia — 0.0% | ||||||||
Bancolombia | 9,900 | 101 | ||||||
Cementos Argos | 20,851 | 83 | ||||||
Ecopetrol | 210,420 | 98 | ||||||
Grupo Argos | 12,098 | 86 | ||||||
Grupo de Inversiones Suramericana | 10,128 | 142 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Interconexion Electrica ESP | 18,670 | $ | 85 | |||||
|
| |||||||
595 | ||||||||
|
| |||||||
Czech Republic — 0.0% | ||||||||
Central European Media Enterprises, Cl A* | 8,376 | 36 | ||||||
CEZ | 7,360 | 133 | ||||||
Komercni banka | 3,469 | 149 | ||||||
Moneta Money Bank (A) | 23,296 | 84 | ||||||
O2 Czech Republic | 5,020 | 64 | ||||||
|
| |||||||
466 | ||||||||
|
| |||||||
Denmark — 0.4% | ||||||||
AP Moller - Maersk, Cl A | 111 | 231 | ||||||
AP Moller - Maersk, Cl B | 211 | 459 | ||||||
Carlsberg, Cl B | 3,452 | 382 | ||||||
Chr Hansen Holding | 2,865 | 230 | ||||||
Coloplast, Cl B | 3,511 | 301 | ||||||
Danske Bank | 22,491 | 907 | ||||||
DONG Energy (A) | 4,891 | 235 | ||||||
DSV | 6,046 | 389 | ||||||
Genmab* | 1,848 | 419 | ||||||
H Lundbeck | 2,300 | 138 | ||||||
ISS | 5,425 | 222 | ||||||
Novo Nordisk, Cl B | 56,637 | 2,407 | ||||||
Novozymes, Cl B | 7,367 | 339 | ||||||
Pandora | 3,366 | 386 | ||||||
TDC | 23,500 | 144 | ||||||
Tryg | 3,356 | 75 | ||||||
Vestas Wind Systems | 6,846 | 666 | ||||||
William Demant Holding* | 3,548 | 94 | ||||||
|
| |||||||
8,024 | ||||||||
|
| |||||||
Finland — 0.2% | ||||||||
Elisa | 4,121 | 169 | ||||||
Fortum | 12,869 | 210 | ||||||
Kone, Cl B | 10,407 | 540 | ||||||
Metso | 3,267 | 104 | ||||||
Neste | 3,714 | 160 | ||||||
Nokia | 180,562 | 1,145 | ||||||
Nokian Renkaat | 3,317 | 135 | ||||||
Orion, Cl B | 3,353 | 169 | ||||||
Sampo, Cl A | 13,701 | 747 | ||||||
Stora Enso, Cl R | 17,885 | 238 | ||||||
UPM-Kymmene | 16,704 | 453 | ||||||
Wartsila | 4,705 | 311 | ||||||
|
| |||||||
4,381 | ||||||||
|
| |||||||
France — 1.9% | ||||||||
Accor | 6,181 | 286 | ||||||
Aeroports de Paris | 860 | 145 | ||||||
Air Liquide | 11,950 | 1,461 | ||||||
Alstom | 4,444 | 159 | ||||||
Arkema | 2,184 | 248 | ||||||
Atos | 3,073 | 465 |
3 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
AXA | 61,121 | $ | 1,799 | |||||
BNP Paribas | 35,208 | 2,722 | ||||||
Bollore | 25,567 | 118 | ||||||
Bouygues | 6,643 | 284 | ||||||
Bureau Veritas | 7,674 | 174 | ||||||
Capital Gemini | 5,060 | 549 | ||||||
Carrefour | 18,547 | 444 | ||||||
Casino Guichard Perrachon | 1,640 | 100 | ||||||
Cie de Saint-Gobain | 15,544 | 859 | ||||||
Cie Generale des Etablissements Michelin | 5,215 | 703 | ||||||
CNP Assurances | 4,973 | 120 | ||||||
Credit Agricole | 34,215 | 599 | ||||||
Danone | 18,583 | 1,382 | ||||||
Dassault Aviation | 67 | 100 | ||||||
Dassault Systemes | 3,983 | 389 | ||||||
Edenred | 7,019 | 184 | ||||||
Eiffage | 2,513 | 243 | ||||||
Electricite de France | 16,717 | 169 | ||||||
Engie | 51,968 | 834 | ||||||
Essilor International | 6,450 | 814 | ||||||
Eurazeo | 1,232 | 100 | ||||||
Eurofins Scientific | 324 | 180 | ||||||
Eutelsat Communications | 5,058 | 136 | ||||||
Fonciere Des Regions†† | 966 | 93 | ||||||
Gecina†† | 1,191 | 179 | ||||||
Groupe Eurotunnel | 13,544 | 149 | ||||||
Hermes International | 1,028 | 519 | ||||||
ICADE†† | 1,074 | 92 | ||||||
Iliad | 765 | 189 | ||||||
Imerys | 1,037 | 90 | ||||||
Ingenico Group | 1,621 | 169 | ||||||
Ipsen | 1,225 | 156 | ||||||
JCDecaux | 2,153 | 76 | ||||||
Kering | 2,296 | 800 | ||||||
Klepierre†† | 7,059 | 286 | ||||||
Lagardere | 3,419 | 112 | ||||||
Legrand | 8,260 | 569 | ||||||
L’Oreal | 7,942 | 1,640 | ||||||
LVMH Moet Hennessy Louis Vuitton | 8,726 | 2,188 | ||||||
Natixis | 30,595 | 222 | ||||||
Orange | 60,964 | 1,022 | ||||||
Pernod Ricard | 6,610 | 914 | ||||||
Peugeot | 15,163 | 325 | ||||||
Publicis Groupe | 6,760 | 509 | ||||||
Remy Cointreau | 649 | 74 | ||||||
Renault | 5,409 | 486 | ||||||
Rexel | 8,746 | 138 | ||||||
Safran | 9,584 | 903 | ||||||
Sanofi | 36,261 | 3,451 | ||||||
Schneider Electric | 17,305 | 1,354 | ||||||
SCOR | 5,897 | 248 | ||||||
SEB | 667 | 118 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Societe BIC | 833 | $ | 97 | |||||
Societe Generale | 23,582 | 1,379 | ||||||
Sodexo | 2,875 | 338 | ||||||
STMicroelectronics | 20,688 | 352 | ||||||
Suez | 12,487 | 225 | ||||||
Thales | 3,434 | 379 | ||||||
TOTAL | 73,655 | 3,731 | ||||||
Valeo | 7,396 | 510 | ||||||
Veolia Environnement | 15,376 | 345 | ||||||
Vinci | 15,603 | 1,393 | ||||||
Vivendi | 31,661 | 731 | ||||||
Wendel | 834 | 125 | ||||||
Zodiac Aerospace | 5,908 | 168 | ||||||
|
| |||||||
42,610 | ||||||||
|
| |||||||
Germany — 1.7% | ||||||||
adidas | 5,964 | 1,357 | ||||||
Allianz | 14,324 | 3,040 | ||||||
Axel Springer | 1,250 | 79 | ||||||
BASF | 28,811 | 2,737 | ||||||
Bayer | 25,792 | 3,258 | ||||||
Bayerische Motoren Werke | 10,195 | 934 | ||||||
Beiersdorf | 3,138 | 343 | ||||||
Brenntag | 4,902 | 277 | ||||||
Commerzbank | 33,180 | 433 | ||||||
Continental | 3,430 | 770 | ||||||
Covestro (A) | 3,743 | 290 | ||||||
Daimler | 29,710 | 2,077 | ||||||
Deutsche Bank | 65,362 | 1,163 | ||||||
Deutsche Boerse | 5,966 | 622 | ||||||
Deutsche Lufthansa | 6,729 | 144 | ||||||
Deutsche Post | 31,361 | 1,213 | ||||||
Deutsche Telekom | 102,586 | 1,868 | ||||||
Deutsche Wohnen | 11,477 | 453 | ||||||
E.ON | 69,263 | 683 | ||||||
Evonik Industries | 5,173 | 176 | ||||||
Fraport Frankfurt Airport Services Worldwide | 1,204 | 120 | ||||||
Fresenius & KGaA | 13,117 | 1,105 | ||||||
Fresenius Medical Care & KGaA | 6,601 | 621 | ||||||
GEA Group | 5,902 | 239 | ||||||
Hannover Rueck | 1,949 | 245 | ||||||
HeidelbergCement | 4,693 | 464 | ||||||
Henkel & KGaA | 3,197 | 401 | ||||||
HOCHTIEF | 602 | 107 | ||||||
HUGO BOSS | 1,938 | 146 | ||||||
Infineon Technologies | 36,107 | 783 | ||||||
Innogy (A) | 4,679 | 196 | ||||||
K+S | 5,545 | 144 | ||||||
LANXESS | 2,652 | 204 | ||||||
Linde | 5,717 | 1,091 | ||||||
MAN | 1,021 | 113 | ||||||
Merck KGaA | 4,023 | 440 |
4 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Metro Wholesale & Food Specialist* | 5,165 | $ | 104 | |||||
Muenchener Rueckversicherungs- Gesellschaft in Muenchen | 4,922 | 1,053 | ||||||
OSRAM Licht | 2,578 | 214 | ||||||
ProSiebenSat.1 Media | 7,390 | 295 | ||||||
QIAGEN | 6,958 | 231 | ||||||
RWE | 15,754 | 331 | ||||||
SAP | 30,665 | 3,242 | ||||||
Siemens | 23,862 | 3,228 | ||||||
Symrise | 3,924 | 274 | ||||||
Telefonica Deutschland Holding | 21,545 | 111 | ||||||
ThyssenKrupp | 11,482 | 340 | ||||||
TUI | 16,122 | 253 | ||||||
United Internet | 3,564 | 216 | ||||||
Volkswagen | 940 | 147 | ||||||
Vonovia | 14,831 | 599 | ||||||
Zalando* (A) | 3,599 | 160 | ||||||
|
| |||||||
39,134 | ||||||||
|
| |||||||
Greece — 0.0% | ||||||||
Alpha Bank AE* | 65,706 | 157 | ||||||
Costamare | 4,176 | 27 | ||||||
Eurobank Ergasias* | 68,356 | 74 | ||||||
FF Group* | 1,785 | 42 | ||||||
Hellenic Telecommunications Organization | 11,230 | 143 | ||||||
JUMBO | 4,857 | 81 | ||||||
National Bank of Greece* | 222,352 | 90 | ||||||
OPAP | 9,582 | 110 | ||||||
Piraeus Bank* | 243,852 | 67 | ||||||
Titan Cement | 2,299 | 64 | ||||||
|
| |||||||
855 | ||||||||
|
| |||||||
Hong Kong — 1.4% | ||||||||
3SBio* (A) | 60,300 | 76 | ||||||
AIA Group | 377,400 | 2,974 | ||||||
Alibaba Health Information Technology* | 190,000 | 90 | ||||||
Alibaba Pictures Group* | 710,000 | 120 | ||||||
ASM Pacific Technology | 9,800 | 127 | ||||||
Bank of East Asia | 35,025 | 150 | ||||||
Beijing Enterprises Holdings | 24,000 | 128 | ||||||
Beijing Enterprises Water Group | 224,000 | 186 | ||||||
BOC Hong Kong Holdings | 114,500 | 564 | ||||||
Brilliance China Automotive Holdings | 140,000 | 355 | ||||||
Cheung Kong Property Holdings | 81,776 | 662 | ||||||
China Conch Venture Holdings | 78,500 | 146 | ||||||
China Everbright | 50,000 | 114 | ||||||
China Everbright International | 116,000 | 151 | ||||||
China Evergrande Group | 193,000 | 537 | ||||||
China Gas Holdings | 82,000 | 198 | ||||||
China Huarong Asset Management, Cl H (A) | 313,200 | 128 | ||||||
China Huishan Dairy Holdings | 228,000 | 12 | ||||||
China Life Insurance, Cl H | 347,000 | 1,100 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
China Medical System Holdings | 64,000 | $ | 109 | |||||
China Mengniu Dairy | 125,000 | 244 | ||||||
China Merchants Port Holdings | 62,897 | 198 | ||||||
China Minsheng Banking, Cl H | 268,000 | 270 | ||||||
China Mobile | 288,000 | 3,088 | ||||||
China Overseas Land & Investment | 174,000 | 590 | ||||||
China Power International Development | 190,000 | 65 | ||||||
China Resources Enterprise | 88,000 | 222 | ||||||
China Resources Gas Group | 44,000 | 167 | ||||||
China Resources Land | 124,000 | 398 | ||||||
China Resources Power Holdings | 90,000 | 172 | ||||||
China Shenhua Energy, Cl H | 154,500 | 385 | ||||||
China Southern Airlines, Cl H | 98,000 | 75 | ||||||
China State Construction International Holdings | 96,000 | 155 | ||||||
China Taiping Insurance Holdings | 75,800 | 228 | ||||||
China Unicom | 272,000 | 395 | ||||||
CITIC | 263,000 | 400 | ||||||
CK Hutchison Holdings | 85,500 | 1,126 | ||||||
CK Infrastructure Holdings | 21,000 | 196 | ||||||
CLP Holdings | 50,000 | 533 | ||||||
CNOOC | 824,000 | 922 | ||||||
COSCO SHIPPING Ports | 26,000 | 32 | ||||||
CSPC Pharmaceutical Group | 190,000 | 296 | ||||||
Dongfeng Motor Group, Cl H | 126,000 | 154 | ||||||
Far East Horizon | 99,000 | 84 | ||||||
First Pacific | 62,000 | 46 | ||||||
Franshion Properties China | 200,000 | 93 | ||||||
Fullshare Holdings | 337,200 | 135 | ||||||
Fuyao Glass Industry Group, Cl H (A) | 26,000 | 89 | ||||||
Galaxy Entertainment Group | 72,000 | 446 | ||||||
GCL-Poly Energy Holdings* | 696,000 | 74 | ||||||
Geely Automobile Holdings | 245,000 | 567 | ||||||
Genting Singapore | 175,000 | 150 | ||||||
GF Securities, Cl H | 63,600 | 128 | ||||||
GOME Electrical Appliances Holding | 606,000 | 73 | ||||||
Guangdong Investment | 134,000 | 189 | ||||||
Guangzhou Automobile Group, Cl H | 110,000 | 236 | ||||||
Haier Electronics Group | 72,000 | 186 | ||||||
Haitian International Holdings | 34,000 | 98 | ||||||
Haitong Securities, Cl H | 151,200 | 241 | ||||||
Hang Lung Group | 26,000 | 99 | ||||||
Hang Lung Properties | 65,000 | 162 | ||||||
Hang Seng Bank | 23,300 | 507 | ||||||
Henderson Land Development | 37,620 | 218 | ||||||
Hengan International Group | 32,500 | 248 | ||||||
HK Electric Investments & HK Electric Investments (A) | 76,500 | 73 | ||||||
HKT Trust & HKT | 122,000 | 160 | ||||||
Hong Kong & China Gas | 256,740 | 486 | ||||||
Hong Kong Exchanges & Clearing | 36,577 | 1,043 | ||||||
Huaneng Renewables, Cl H | 280,000 | 85 |
5 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Huatai Securities, Cl H (A) | 78,200 | $ | 157 | |||||
Hysan Development | 18,000 | 87 | ||||||
Kerry Properties | 19,000 | 67 | ||||||
Kunlun Energy | 152,000 | 152 | ||||||
Lenovo Group | 332,000 | 206 | ||||||
Li & Fung | 170,000 | 62 | ||||||
Link†† | 68,500 | 557 | ||||||
Longfor Properties | 76,500 | 192 | ||||||
Melco Resorts & Entertainment ADR | 8,121 | 164 | ||||||
MGM China Holdings | 27,600 | 54 | ||||||
Minth Group | 32,000 | 147 | ||||||
MTR | 46,639 | 270 | ||||||
New China Life Insurance, Cl H | 42,300 | 273 | ||||||
New World Development | 169,419 | 229 | ||||||
Nine Dragons Paper Holdings | 104,000 | 155 | ||||||
NWS Holdings | 46,334 | 89 | ||||||
PCCW | 121,000 | 68 | ||||||
People’s Insurance Group of China, Cl H | 328,000 | 153 | ||||||
Power Assets Holdings | 43,000 | 426 | ||||||
Semiconductor Manufacturing International* | 131,200 | 144 | ||||||
Shanghai Industrial Holdings | 25,000 | 72 | ||||||
Shangri-La Asia | 36,000 | 59 | ||||||
Sino Biopharmaceutical | 210,000 | 186 | ||||||
Sino Land | 88,862 | 147 | ||||||
SJM Holdings | 57,000 | 57 | ||||||
Sun Hung Kai Properties | 44,000 | 682 | ||||||
Sunac China Holdings | 111,000 | 296 | ||||||
Sunny Optical Technology Group | 32,600 | 388 | ||||||
Swire Pacific, Cl A | 17,500 | 175 | ||||||
Swire Properties | 33,800 | 117 | ||||||
Techtronic Industries | 40,000 | 178 | ||||||
WH Group (A) | 238,177 | 224 | ||||||
Wharf Holdings | 42,000 | 357 | ||||||
Wheelock | 24,000 | 181 | ||||||
Wynn Macau | 45,200 | 98 | ||||||
Yue Yuen Industrial Holdings | 21,500 | 89 | ||||||
Zhejiang Expressway, Cl H | 84,000 | 105 | ||||||
|
| |||||||
31,217 | ||||||||
|
| |||||||
Hungary — 0.0% | ||||||||
MOL Hungarian Oil & Gas | 2,233 | 192 | ||||||
OTP Bank | 10,980 | 407 | ||||||
Richter Gedeon | 6,387 | 163 | ||||||
|
| |||||||
762 | ||||||||
|
| |||||||
India — 0.2% | ||||||||
Dr Reddy’s Laboratories ADR | 4,000 | 146 | ||||||
Housing Development Finance | 15,000 | 419 | ||||||
ICICI Bank ADR | 50,826 | 473 | ||||||
Infosys ADR | 75,000 | 1,185 | ||||||
ITC | 20,000 | 89 | ||||||
Reliance Industries GDR (A) | 25,000 | 1,240 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Tata Consultancy Services | 5,000 | $ | 194 | |||||
Tata Motors ADR* | 11,100 | 382 | ||||||
Wipro ADR | 60,000 | 369 | ||||||
|
| |||||||
4,497 | ||||||||
|
| |||||||
Indonesia — 0.2% | ||||||||
Adaro Energy | 610,500 | 82 | ||||||
AKR Corporindo | 92,500 | 48 | ||||||
Astra International | 938,500 | 562 | ||||||
Bank Central Asia | 569,500 | 799 | ||||||
Bank Danamon Indonesia | 173,000 | 74 | ||||||
Bank Mandiri Persero | 434,500 | 445 | ||||||
Bank Negara Indonesia Persero | 339,000 | 190 | ||||||
Bank Rakyat Indonesia Persero | 517,000 | 573 | ||||||
Bumi Serpong Damai | 379,000 | 51 | ||||||
Charoen Pokphand Foods | 364,000 | 73 | ||||||
Gudang Garam | 22,000 | 126 | ||||||
Hanjaya Mandala Sampoerna | 425,000 | 113 | ||||||
Indocement Tunggal Prakarsa | 72,000 | 95 | ||||||
Indofood CBP Sukses Makmur | 112,000 | 70 | ||||||
Indofood Sukses Makmur | 202,000 | 127 | ||||||
Jasa Marga Persero | 114,204 | 50 | ||||||
Kalbe Farma | 982,000 | 128 | ||||||
Lippo Karawaci | 353,500 | 19 | ||||||
Matahari Department Store | 112,000 | 107 | ||||||
Media Nusantara Citra | 261,500 | 35 | ||||||
Pakuwon Jati | 1,021,000 | 54 | ||||||
Perusahaan Gas Negara Persero | 535,500 | 90 | ||||||
Semen Indonesia Persero | 138,000 | 103 | ||||||
Summarecon Agung | 489,500 | 36 | ||||||
Surya Citra Media | 298,000 | 53 | ||||||
Telekomunikasi Indonesia Persero | 2,178,500 | 767 | ||||||
Tower Bersama Infrastructure | 118,500 | 60 | ||||||
Unilever Indonesia | 71,000 | 261 | ||||||
United Tractors | 84,000 | 190 | ||||||
Waskita Karya Persero | 244,500 | 44 | ||||||
XL Axiata* | 188,250 | 47 | ||||||
|
| |||||||
5,472 | ||||||||
|
| |||||||
Ireland — 0.6% | ||||||||
Accenture, Cl A | 34,864 | 4,491 | ||||||
Alkermes* | 8,700 | 473 | ||||||
Ardmore Shipping | 3,445 | 28 | ||||||
Bank of Ireland Group* | 29,597 | 246 | ||||||
CRH | 25,458 | 891 | ||||||
Eaton | 25,100 | 1,964 | ||||||
Endo International* | 13,500 | 149 | ||||||
Experian | 29,497 | 586 | ||||||
Horizon Pharma* | 18,959 | 227 | ||||||
Ingersoll-Rand | 14,400 | 1,266 | ||||||
Kerry Group, Cl A | 4,931 | 444 | ||||||
Mallinckrodt* | 6,000 | 275 | ||||||
Paddy Power Betfair | 2,539 | 253 |
6 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Pentair | 9,600 | $ | 606 | |||||
Perrigo | 7,100 | 532 | ||||||
Prothen* | 4,504 | 278 | ||||||
Ryanair Holdings ADR* | 1,061 | 120 | ||||||
Weatherford International* | 55,000 | 245 | ||||||
|
| |||||||
13,074 | ||||||||
|
| |||||||
Israel — 0.1% | ||||||||
Azrieli Group | 1,230 | 67 | ||||||
Bank Hapoalim | 30,841 | 214 | ||||||
Bank Leumi Le-Israel | 48,245 | 232 | ||||||
Bezeq The Israeli Telecommunication | 60,090 | 89 | ||||||
Check Point Software Technologies* | 4,066 | 430 | ||||||
Elbit Systems | 695 | 88 | ||||||
Frutarom Industries | 1,133 | 80 | ||||||
Israel Chemicals | 14,778 | 71 | ||||||
Mizrahi Tefahot Bank | 4,031 | 73 | ||||||
Nice | 1,758 | 131 | ||||||
Stratasys* | 5,719 | 137 | ||||||
Teva Pharmaceutical Industries | 25,786 | 834 | ||||||
Teva Pharmaceutical Industries ADR | 3,542 | 114 | ||||||
|
| |||||||
2,560 | ||||||||
|
| |||||||
Italy — 0.5% | ||||||||
Assicurazioni Generali | 38,892 | 703 | ||||||
Atlantia | 14,815 | 449 | ||||||
CNH Industrial | 33,258 | 384 | ||||||
Enel | 256,173 | 1,457 | ||||||
Eni | 78,228 | 1,233 | ||||||
EXOR | 3,210 | 192 | ||||||
Ferrari | 3,901 | 410 | ||||||
Fiat Chrysler Automobiles* | 33,688 | 405 | ||||||
Intesa Sanpaolo | 417,533 | 1,427 | ||||||
Leonardo | 13,140 | 228 | ||||||
Luxottica Group | 5,501 | 317 | ||||||
Mediobanca | 16,403 | 170 | ||||||
Poste Italiane (A) | 15,136 | 111 | ||||||
Prysmian | 7,129 | 227 | ||||||
Recordati | 3,426 | 146 | ||||||
Saipem* | 17,643 | 72 | ||||||
Snam | 76,283 | 359 | ||||||
Telecom Italia* | 528,711 | 506 | ||||||
Terna Rete Elettrica Nazionale | 48,596 | 277 | ||||||
UniCredit | 63,375 | 1,243 | ||||||
UnipolSai Assicurazioni | 32,793 | 76 | ||||||
|
| |||||||
10,392 | ||||||||
|
| |||||||
Japan — 4.5% | ||||||||
ABC-Mart | 1,000 | 57 | ||||||
Acom | 11,600 | 49 | ||||||
Aeon | 21,100 | 317 | ||||||
AEON Financial Service | 3,000 | 65 | ||||||
Aeon Mall | 3,300 | 63 | ||||||
Air Water | 5,000 | 97 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Aisin Seiki | 6,200 | $ | 323 | |||||
Ajinomoto | 16,700 | 335 | ||||||
Alfresa Holdings | 5,400 | 99 | ||||||
Alps Electric | 6,900 | 188 | ||||||
Amada Holdings | 9,900 | 113 | ||||||
ANA Holdings | 34,000 | 116 | ||||||
Aozora Bank | 34,000 | 130 | ||||||
Asahi Glass | 6,600 | 278 | ||||||
Asahi Group Holdings | 12,100 | 493 | ||||||
Asahi Kasei | 40,000 | 458 | ||||||
Asics | 4,600 | 84 | ||||||
Astellas Pharma | 66,700 | 850 | ||||||
Bandai Namco Holdings | 6,500 | 226 | ||||||
Bank of Kyoto | 9,000 | 86 | ||||||
Benesse Holdings | 1,900 | 73 | ||||||
Bridgestone | 20,300 | 856 | ||||||
Brother Industries | 6,800 | 174 | ||||||
Calbee | 2,300 | 95 | ||||||
Canon | 33,500 | 1,163 | ||||||
Casio Computer | 6,600 | 108 | ||||||
Central Japan Railway | 4,500 | 723 | ||||||
Chiba Bank | 20,000 | 143 | ||||||
Chubu Electric Power | 20,500 | 269 | ||||||
Chugai Pharmaceutical | 7,200 | 289 | ||||||
Chugoku Bank | 4,900 | 71 | ||||||
Chugoku Electric Power | 8,100 | 89 | ||||||
Coca-Cola Bottlers Japan | 3,700 | 112 | ||||||
Concordia Financial Group | 42,700 | 215 | ||||||
Credit Saison | 4,300 | 83 | ||||||
CYBERDYNE* | 3,000 | 41 | ||||||
Dai Nippon Printing | 16,000 | 176 | ||||||
Daicel | 8,500 | 111 | ||||||
Dai-ichi Life Holdings | 33,100 | 572 | ||||||
Daiichi Sankyo | 18,700 | 408 | ||||||
Daikin Industries | 7,800 | 826 | ||||||
Daito Trust Construction | 2,100 | 354 | ||||||
Daiwa House Industry | 17,600 | 613 | ||||||
Daiwa House Investment, Cl A†† | 40 | 99 | ||||||
Daiwa Securities Group | 52,000 | 299 | ||||||
DeNA | 3,100 | 68 | ||||||
Denso | 14,600 | 701 | ||||||
Dentsu | 6,900 | 322 | ||||||
Disco | 900 | 159 | ||||||
Don Quijote Holdings | 3,400 | 124 | ||||||
East Japan Railway | 10,300 | 965 | ||||||
Eisai | 8,700 | 466 | ||||||
Electric Power Development | 4,200 | 106 | ||||||
FamilyMart UNY Holdings | 2,400 | 134 | ||||||
FANUC | 6,100 | 1,246 | ||||||
Fast Retailing | 1,700 | 510 | ||||||
Fuji Electric | 16,000 | 88 | ||||||
FUJIFILM Holdings | 13,500 | 495 |
7 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Fujitsu | 60,000 | $ | 447 | |||||
Fukuoka Financial Group | 22,000 | 101 | ||||||
Hachijuni Bank | 11,800 | 75 | ||||||
Hakuhodo DY Holdings | 7,900 | 111 | ||||||
Hamamatsu Photonics | 4,100 | 130 | ||||||
Hankyu Hanshin Holdings | 7,700 | 274 | ||||||
Hikari Tsushin | 600 | 65 | ||||||
Hino Motors | 7,500 | 88 | ||||||
Hirose Electric | 900 | 122 | ||||||
Hiroshima Bank | 14,000 | 60 | ||||||
Hisamitsu Pharmaceutical | 1,800 | 84 | ||||||
Hitachi | 151,000 | 1,038 | ||||||
Hitachi Chemical | 3,000 | 85 | ||||||
Hitachi Construction Machinery | 3,100 | 89 | ||||||
Hitachi High-Technologies | 2,000 | 74 | ||||||
Hitachi Metals | 6,200 | 86 | ||||||
Honda Motor | 54,100 | 1,522 | ||||||
Hoshizaki | 1,900 | 184 | ||||||
Hoya | 12,000 | 676 | ||||||
Hulic | 8,600 | 91 | ||||||
Idemitsu Kosan | 4,200 | 102 | ||||||
IHI | 54,000 | 178 | ||||||
Iida Group Holdings | 5,100 | 87 | ||||||
Inpex | 30,800 | 299 | ||||||
Isetan Mitsukoshi Holdings | 9,700 | 94 | ||||||
Isuzu Motors | 19,100 | 262 | ||||||
ITOCHU | 46,100 | 722 | ||||||
J Front Retailing | 7,000 | 100 | ||||||
Japan Airlines | 4,000 | 129 | ||||||
Japan Airport Terminal | 1,300 | 48 | ||||||
Japan Exchange Group | 16,900 | 303 | ||||||
Japan Post Bank | 12,000 | 154 | ||||||
Japan Post Holdings | 13,000 | 164 | ||||||
Japan Prime Realty Investment†† | 24 | 90 | ||||||
Japan Real Estate Investment†† | 38 | 199 | ||||||
Japan Retail Fund Investment†† | 74 | 141 | ||||||
Japan Tobacco | 33,900 | 1,176 | ||||||
JFE Holdings | 16,800 | 324 | ||||||
JGC | 6,000 | 96 | ||||||
JSR | 5,600 | 99 | ||||||
JTEKT | 6,500 | 93 | ||||||
JXTG Holdings | 96,000 | 426 | ||||||
Kajima | 30,000 | 261 | ||||||
Kakaku.com | 4,100 | 58 | ||||||
Kamigumi | 7,000 | 75 | ||||||
Kaneka | 8,000 | 64 | ||||||
Kansai Electric Power | 22,000 | 295 | ||||||
Kansai Paint | 6,300 | 144 | ||||||
Kao | 15,700 | 954 | ||||||
Kawasaki Heavy Industries | 54,000 | 172 | ||||||
KDDI | 57,600 | 1,522 | ||||||
Keihan Electric Railway | 15,000 | 97 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Keikyu | 14,000 | $ | 162 | |||||
Keio | 17,000 | 142 | ||||||
Keisei Electric Railway | 4,000 | 109 | ||||||
Keyence | 3,000 | 1,385 | ||||||
Kikkoman | 5,000 | 153 | ||||||
Kintetsu Group Holdings | 58,000 | 222 | ||||||
Kirin Holdings | 27,900 | 614 | ||||||
Kobe Steel | 9,000 | 113 | ||||||
Koito Manufacturing | 3,300 | 193 | ||||||
Komatsu | 29,100 | 781 | ||||||
Konami | 2,700 | 140 | ||||||
Konica Minolta | 15,900 | 132 | ||||||
Kose | 900 | 100 | ||||||
Kubota | 32,800 | 570 | ||||||
Kuraray | 10,300 | 200 | ||||||
Kurita Water Industries | 2,900 | 82 | ||||||
Kyocera | 9,800 | 595 | ||||||
Kyowa Hakko Kirin | 7,500 | 136 | ||||||
Kyushu Electric Power | 12,400 | 147 | ||||||
Kyushu Financial Group | 10,000 | 63 | ||||||
Kyushu Railway | 5,000 | 164 | ||||||
Lawson | 1,800 | 122 | ||||||
LINE* | 2,000 | 74 | ||||||
Lion | 7,000 | 150 | ||||||
LIXIL Group | 8,600 | 221 | ||||||
M3 | 7,300 | 197 | ||||||
Mabuchi Motor | 1,400 | 74 | ||||||
Makita | 7,000 | 273 | ||||||
Marubeni | 52,900 | 350 | ||||||
Marui Group | 6,100 | 83 | ||||||
Maruichi Steel Tube | 1,600 | 49 | ||||||
Mazda Motor | 18,200 | 274 | ||||||
McDonald’s Holdings Japan | 1,900 | 77 | ||||||
Mebuki Financial Group | 30,960 | 119 | ||||||
Medipal Holdings | 5,000 | 91 | ||||||
MEIJI Holdings | 3,700 | 294 | ||||||
MINEBEA MITSUMI | 12,900 | 213 | ||||||
Miraca Holdings | 1,700 | 78 | ||||||
MISUMI Group | 8,100 | 201 | ||||||
Mitsubishi | 46,500 | 1,009 | ||||||
Mitsubishi Chemical Holdings | 43,400 | 365 | ||||||
Mitsubishi Electric | 60,200 | 932 | ||||||
Mitsubishi Estate | 39,000 | 708 | ||||||
Mitsubishi Gas Chemical | 5,500 | 127 | ||||||
Mitsubishi Heavy Industries | 100,000 | 398 | ||||||
Mitsubishi Materials | 3,200 | 107 | ||||||
Mitsubishi Motors | 19,900 | 144 | ||||||
Mitsubishi Tanabe Pharma | 6,500 | 155 | ||||||
Mitsubishi UFJ Financial Group | 376,600 | 2,386 | ||||||
Mitsubishi UFJ Lease & Finance | 13,000 | 69 | ||||||
Mitsui | 54,500 | 792 | ||||||
Mitsui Chemicals | 27,000 | 154 |
8 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Mitsui Fudosan | 28,000 | $ | 642 | |||||
Mitsui OSK Lines | 33,000 | 103 | ||||||
Mixi | 1,300 | 71 | ||||||
Mizuho Financial Group | 760,700 | 1,352 | ||||||
MS&AD Insurance Group Holdings | 15,700 | 550 | ||||||
Murata Manufacturing | 5,900 | 917 | ||||||
Nabtesco | 3,300 | 107 | ||||||
Nagoya Railroad | 27,000 | 124 | ||||||
NEC | 88,000 | 239 | ||||||
Nexon | 7,200 | 150 | ||||||
NGK Insulators | 7,600 | 153 | ||||||
NGK Spark Plug | 5,200 | 105 | ||||||
NH Foods | 5,000 | 148 | ||||||
Nidec | 7,600 | 836 | ||||||
Nikon | 9,900 | 174 | ||||||
Nintendo | 3,500 | 1,187 | ||||||
Nippon Building Fund†† | 46 | 248 | ||||||
Nippon Electric Glass | 2,400 | 85 | ||||||
Nippon Express | 24,000 | 153 | ||||||
Nippon Paint Holdings | 4,700 | 181 | ||||||
Nippon Prologis†† | 45 | 95 | ||||||
Nippon Steel & Sumitomo Metal | 24,700 | 606 | ||||||
Nippon Telegraph & Telephone | 21,700 | 1,059 | ||||||
Nippon Yusen | 47,000 | 90 | ||||||
Nissan Chemical Industries | 3,600 | 120 | ||||||
Nissan Motor | 72,800 | 722 | ||||||
Nisshin Seifun Group | 5,700 | 93 | ||||||
Nissin Foods Holdings | 1,700 | 107 | ||||||
Nitori Holdings | 2,600 | 366 | ||||||
Nitto Denko | 5,200 | 464 | ||||||
NOK | 2,800 | 64 | ||||||
Nomura Holdings | 111,000 | 660 | ||||||
Nomura Real Estate Holdings | 3,600 | 71 | ||||||
Nomura Real Estate Master Fund†† | 117 | 165 | ||||||
Nomura Research Institute | 3,960 | 148 | ||||||
NSK | 12,800 | 165 | ||||||
NTT Data | 18,500 | 201 | ||||||
NTT DOCOMO | 42,800 | 993 | ||||||
Obayashi | 21,100 | 254 | ||||||
Obic | 1,900 | 118 | ||||||
Odakyu Electric Railway | 8,500 | 168 | ||||||
Oji Holdings | 25,000 | 128 | ||||||
Olympus | 9,300 | 338 | ||||||
Omron | 6,400 | 319 | ||||||
Ono Pharmaceutical | 12,800 | 280 | ||||||
Oracle Japan | 1,100 | 74 | ||||||
Oriental Land | 6,800 | 492 | ||||||
ORIX | 41,800 | 663 | ||||||
Osaka Gas | 60,000 | 240 | ||||||
Otsuka | 1,500 | 98 | ||||||
Otsuka Holdings | 11,900 | 523 | ||||||
Panasonic | 70,100 | 965 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Park24 | 3,000 | $ | 76 | |||||
Pola Orbis Holdings | 2,800 | 78 | ||||||
Rakuten | 29,600 | 361 | ||||||
Recruit Holdings | 33,900 | 586 | ||||||
Resona Holdings | 70,800 | 364 | ||||||
Ricoh | 24,400 | 229 | ||||||
Rinnai | 1,000 | 93 | ||||||
Rohm | 3,200 | 248 | ||||||
Ryohin Keikaku | 700 | 179 | ||||||
Sankyo | 1,300 | 43 | ||||||
Santen Pharmaceutical | 10,800 | 152 | ||||||
SBI Holdings | 6,200 | 89 | ||||||
Secom | 6,500 | 487 | ||||||
Sega Sammy Holdings | 5,400 | 73 | ||||||
Seibu Holdings | 7,000 | 122 | ||||||
Seiko Epson | 9,100 | 240 | ||||||
Sekisui Chemical | 13,700 | 252 | ||||||
Sekisui House | 19,400 | 336 | ||||||
Seven & i Holdings | 23,200 | 933 | ||||||
Seven Bank | 17,300 | 68 | ||||||
Sharp* | 44,000 | 154 | ||||||
Shimadzu | 8,900 | 175 | ||||||
Shimamura | 700 | 87 | ||||||
Shimano | 2,300 | 337 | ||||||
Shimizu | 16,000 | 169 | ||||||
Shin-Etsu Chemical | 12,100 | 1,107 | ||||||
Shinsei Bank | 52,000 | 86 | ||||||
Shionogi | 9,200 | 491 | ||||||
Shiseido | 12,200 | 431 | ||||||
Shizuoka Bank | 15,000 | 134 | ||||||
Showa Shell Sekiyu | 5,500 | 60 | ||||||
SMC | 1,800 | 572 | ||||||
SoftBank Group | 25,900 | 2,100 | ||||||
Sohgo Security Services | 2,100 | 89 | ||||||
Sompo Holdings | 10,900 | 427 | ||||||
Sony | 39,600 | 1,627 | ||||||
Sony Financial Holdings | 5,000 | 86 | ||||||
Stanley Electric | 4,400 | 145 | ||||||
Start Today | 6,800 | 192 | ||||||
Subaru | 19,700 | 712 | ||||||
Sumitomo | 37,100 | 501 | ||||||
Sumitomo Chemical | 50,000 | 293 | ||||||
Sumitomo Dainippon Pharma | 4,600 | 64 | ||||||
Sumitomo Electric Industries | 24,200 | 391 | ||||||
Sumitomo Heavy Industries | 19,000 | 139 | ||||||
Sumitomo Metal Mining | 16,000 | 242 | ||||||
Sumitomo Mitsui Financial Group | 42,200 | 1,602 | ||||||
Sumitomo Mitsui Trust Holdings | 10,700 | 393 | ||||||
Sumitomo Realty & Development | 11,000 | 333 | ||||||
Sumitomo Rubber Industries | 5,000 | 87 | ||||||
Sundrug | 2,200 | 82 | ||||||
Suntory Beverage & Food | 4,500 | 220 |
9 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Suruga Bank | 5,000 | $ | 120 | |||||
Suzuken | 2,200 | 73 | ||||||
Suzuki Motor | 10,600 | 502 | ||||||
Sysmex | 4,800 | 275 | ||||||
T&D Holdings | 18,700 | 276 | ||||||
Taiheiyo Cement | 34,000 | 128 | ||||||
Taisei | 31,000 | 296 | ||||||
Taisho Pharmaceutical Holdings | 1,200 | 90 | ||||||
Taiyo Nippon Sanso | 3,800 | 44 | ||||||
Takashimaya | 9,000 | 82 | ||||||
Takeda Pharmaceutical | 22,500 | 1,188 | ||||||
TDK | 4,400 | 317 | ||||||
Teijin | 5,400 | 108 | ||||||
Terumo | 10,700 | 404 | ||||||
THK | 3,500 | 107 | ||||||
Tobu Railway | 28,000 | 148 | ||||||
Toho | 3,300 | 119 | ||||||
Toho Gas | 11,000 | 74 | ||||||
Tohoku Electric Power | 13,100 | 178 | ||||||
Tokio Marine Holdings | 21,200 | 891 | ||||||
Tokyo Electric Power* | 41,900 | 177 | ||||||
Tokyo Electron | 4,900 | 691 | ||||||
Tokyo Gas | 59,000 | 312 | ||||||
Tokyo Tatemono | 6,000 | 82 | ||||||
Tokyu | 18,000 | 264 | ||||||
Tokyu Fudosan Holdings | 14,900 | 89 | ||||||
Toppan Printing | 15,000 | 158 | ||||||
Toray Industries | 47,000 | 424 | ||||||
Toshiba | 123,000 | 274 | ||||||
Tosoh | 19,000 | 226 | ||||||
TOTO | 4,100 | 165 | ||||||
Toyo Seikan Group Holdings | 4,700 | 77 | ||||||
Toyo Suisan Kaisha | 2,600 | 94 | ||||||
Toyoda Gosei | 1,900 | 45 | ||||||
Toyota Industries | 5,300 | 284 | ||||||
Toyota Motor | 81,300 | 4,587 | ||||||
Toyota Tsusho | 6,200 | 199 | ||||||
Trend Micro | 4,100 | 205 | ||||||
Tsuruha Holdings | 1,100 | 115 | ||||||
Unicharm | 13,100 | 335 | ||||||
United Urban Investment†† | 85 | 126 | ||||||
USS | 6,400 | 129 | ||||||
West Japan Railway | 5,300 | 380 | ||||||
Yahoo Japan | 41,300 | 187 | ||||||
Yakult Honsha | 2,900 | 197 | ||||||
Yamada Denki | 18,200 | 97 | ||||||
Yamaguchi Financial Group | 6,000 | 71 | ||||||
Yamaha | 4,900 | 173 | ||||||
Yamaha Motor | 9,100 | 229 | ||||||
Yamato Holdings | 10,500 | 210 | ||||||
Yamazaki Baking | 3,800 | 76 | ||||||
Yaskawa Electric | 7,300 | 196 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Yokogawa Electric | 6,600 | $ | 111 | |||||
Yokohama Rubber | 3,200 | 65 | ||||||
|
| |||||||
101,973 | ||||||||
|
| |||||||
Luxembourg — 0.1% | ||||||||
Altisource Portfolio Solutions* | 1,447 | 38 | ||||||
Millicom International Cellular | 1,915 | 120 | ||||||
RTL Group | 1,121 | 87 | ||||||
SES, Cl A | 11,716 | 274 | ||||||
Tenaris | 15,840 | 250 | ||||||
Trinseo | 5,209 | 366 | ||||||
|
| |||||||
1,135 | ||||||||
|
| |||||||
Macau — 0.0% | ||||||||
Sands China | 74,800 | 347 | ||||||
|
| |||||||
Malaysia — 0.2% | ||||||||
AirAsia | 65,900 | 50 | ||||||
Alliance Financial Group | 51,000 | 47 | ||||||
AMMB Holdings | 89,500 | 103 | ||||||
Astro Malaysia Holdings | 77,700 | 47 | ||||||
Axiata Group | 120,655 | 130 | ||||||
British American Tobacco | 6,700 | 69 | ||||||
CIMB Group Holdings | 168,363 | 258 | ||||||
Dialog Group | 154,400 | 70 | ||||||
DiGi.Com | 156,100 | 175 | ||||||
Felda Global Ventures Holdings | 75,900 | 29 | ||||||
Gamuda | 78,600 | 97 | ||||||
Genting | 99,800 | 227 | ||||||
Genting Malaysia | 134,000 | 188 | ||||||
Genting Plantations | 16,000 | 40 | ||||||
HAP Seng Consolidated | 28,200 | 60 | ||||||
Hartalega Holdings | 35,500 | 59 | ||||||
Hong Leong Bank | 32,900 | 121 | ||||||
Hong Leong Financial Group | 12,000 | 48 | ||||||
IHH Healthcare | 127,800 | 176 | ||||||
IJM | 131,600 | 107 | ||||||
IOI | 106,700 | 111 | ||||||
IOI Properties Group | 99,750 | 49 | ||||||
Kuala Lumpur Kepong | 28,100 | 163 | ||||||
Malayan Banking | 157,297 | 350 | ||||||
Malaysia Airports Holdings | 43,700 | 89 | ||||||
Maxis | 85,600 | 113 | ||||||
MISC | 52,000 | 90 | ||||||
Petronas Chemicals Group | 107,400 | 174 | ||||||
Petronas Dagangan | 9,900 | 55 | ||||||
Petronas Gas | 31,000 | 136 | ||||||
PPB Group | 23,300 | 92 | ||||||
Public Bank | 117,700 | 557 | ||||||
RHB Bank | 40,407 | 47 | ||||||
Sapura Energy | 162,700 | 58 | ||||||
Sime Darby | 115,423 | 255 | ||||||
Telekom | 51,300 | 76 | ||||||
Tenaga Nasional | 146,900 | 484 |
10 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
UMW Holdings | 25,600 | $ | 35 | |||||
Westports Holdings | 51,400 | 45 | ||||||
YTL | 184,500 | 60 | ||||||
YTL Power International | 109,400 | 36 | ||||||
|
| |||||||
5,176 | ||||||||
|
| |||||||
Mexico — 0.4% | ||||||||
Alfa, Cl A | 142,900 | 198 | ||||||
America Movil | 1,485,800 | 1,309 | ||||||
Arca Continental | 24,000 | 178 | ||||||
Coca-Cola Femsa | 24,200 | 205 | ||||||
El Puerto de Liverpool | 11,800 | 106 | ||||||
Fibra Uno Administracion†† | 119,500 | 222 | ||||||
Fomento Economico Mexicano | 87,000 | 875 | ||||||
Gentera | 50,100 | 76 | ||||||
Gruma, Cl B | 11,300 | 155 | ||||||
Grupo Aeroportuario del Pacifico, Cl B | 18,100 | 207 | ||||||
Grupo Aeroportuario del Sureste, Cl B | 10,000 | 212 | ||||||
Grupo Bimbo, Ser A | 77,900 | 195 | ||||||
Grupo Carso | 30,600 | 128 | ||||||
Grupo Financiero Banorte, Cl O | 111,500 | 737 | ||||||
Grupo Financiero Inbursa, Cl O | 117,300 | 210 | ||||||
Grupo Financiero Santander Mexico, Cl B | 94,500 | 193 | ||||||
Grupo Lala, Cl B | 45,100 | 89 | ||||||
Grupo Mexico | 176,000 | 571 | ||||||
Grupo Televisa | 112,800 | 600 | ||||||
Industrias Penoles | 6,810 | 167 | ||||||
Infraestructura Energetica Nova | 25,000 | 141 | ||||||
Kimberly-Clark de Mexico, Cl A | 80,700 | 162 | ||||||
Mexichem | 49,917 | 142 | ||||||
OHL Mexico | 39,900 | 52 | ||||||
Promotora y Operadora de Infraestructura | 15,000 | 164 | ||||||
Wal-Mart de Mexico | 241,700 | 558 | ||||||
|
| |||||||
7,852 | ||||||||
|
| |||||||
Netherlands — 1.3% | ||||||||
ABN AMRO Group (A) | 12,504 | 352 | ||||||
Aegon | 56,325 | 315 | ||||||
AerCap Holdings* | 4,934 | 242 | ||||||
Airbus | 17,823 | 1,483 | ||||||
Akzo Nobel | 7,787 | 702 | ||||||
Altice, Cl A* | 11,743 | 289 | ||||||
Altice, Cl B* | 3,165 | 78 | ||||||
ArcelorMittal | 20,807 | 544 | ||||||
ASML Holding | 11,774 | 1,779 | ||||||
Boskalis Westminster | 2,630 | 94 | ||||||
Chicago Bridge & Iron | 11,825 | 222 | ||||||
Cimpress* | 2,993 | 264 | ||||||
Coca-Cola European Partners | 6,976 | 302 | ||||||
Frank’s International | 5,846 | 47 | ||||||
Gemalto | 2,321 | 118 | ||||||
Heineken | 7,068 | 735 | ||||||
Heineken Holding | 3,235 | 317 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
ING Groep | 121,513 | $ | 2,266 | |||||
James Hardie Industries | 12,907 | 197 | ||||||
Koninklijke Ahold Delhaize | 39,894 | 813 | ||||||
Koninklijke DSM | 5,761 | 424 | ||||||
Koninklijke KPN | 110,070 | 398 | ||||||
Koninklijke Philips | 30,120 | 1,150 | ||||||
Koninklijke Vopak | 2,037 | 97 | ||||||
NN Group | 10,412 | 421 | ||||||
NXP Semiconductor* | 29,316 | 3,234 | ||||||
Randstad Holding | 3,993 | 240 | ||||||
RELX | 30,652 | 642 | ||||||
Royal Dutch Shell, Cl A | 138,774 | 3,902 | ||||||
Royal Dutch Shell, Cl B | 117,360 | 3,330 | ||||||
Unibail-Rodamco†† | 3,074 | 766 | ||||||
Unilever | 50,515 | 2,936 | ||||||
Wolters Kluwer | 9,463 | 420 | ||||||
|
| |||||||
29,119 | ||||||||
|
| |||||||
New Zealand — 0.0% | ||||||||
Auckland International Airport | 28,083 | 146 | ||||||
Contact Energy | 20,872 | 84 | ||||||
Fletcher Building | 20,008 | 120 | ||||||
Mercury NZ | 20,281 | 53 | ||||||
Meridian Energy | 37,128 | 80 | ||||||
Ryman Healthcare | 10,865 | 72 | ||||||
Spark New Zealand | 53,009 | 149 | ||||||
|
| |||||||
704 | ||||||||
|
| |||||||
Norway — 0.1% | ||||||||
DNB | 30,080 | 589 | ||||||
Gjensidige Forsikring | 5,794 | 100 | ||||||
Marine Harvest | 11,084 | 205 | ||||||
Nordic American Tankers | 11,234 | 66 | ||||||
Norsk Hydro | 45,151 | 290 | ||||||
Orkla | 26,360 | 270 | ||||||
Schibsted, Cl A | 2,190 | 56 | ||||||
Schibsted, Cl B | 2,581 | 60 | ||||||
Statoil | 35,249 | 658 | ||||||
Telenor | 23,415 | 466 | ||||||
Yara International | 5,180 | 205 | ||||||
|
| |||||||
2,965 | ||||||||
|
| |||||||
Pakistan — 0.0% | ||||||||
Habib Bank | 25,000 | 56 | ||||||
Lucky Cement* | 5,500 | 37 | ||||||
United Bank | 21,000 | 42 | ||||||
|
| |||||||
135 | ||||||||
|
| |||||||
Panama — 0.0% | ||||||||
Banco Latinoamericano de Comercio Exterior, Cl E | 3,639 | 96 | ||||||
Copa Holdings, Cl A | 1,766 | 221 | ||||||
|
| |||||||
317 | ||||||||
|
|
11 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Peru — 0.0% | ||||||||
Cia de Minas Buenaventura ADR | 9,800 | $ | 120 | |||||
Credicorp | 2,900 | 537 | ||||||
|
| |||||||
657 | ||||||||
|
| |||||||
Philippines — 0.1% | ||||||||
Aboitiz Equity Ventures | 87,890 | 132 | ||||||
Aboitiz Power | 71,000 | 55 | ||||||
Alliance Global Group | 113,100 | 32 | ||||||
Ayala | 11,040 | 189 | ||||||
Ayala Land | 323,500 | 269 | ||||||
Bank of the Philippine Islands | 67,110 | 139 | ||||||
BDO Unibank | 87,866 | 219 | ||||||
DMCI Holdings | 242,100 | 77 | ||||||
Energy Development | 265,600 | 32 | ||||||
Globe Telecom | 1,535 | 64 | ||||||
GT Capital Holdings | 3,650 | 88 | ||||||
International Container Terminal Services | 27,800 | 59 | ||||||
JG Summit Holdings | 126,700 | 200 | ||||||
Jollibee Foods | 29,850 | 133 | ||||||
Megaworld | 162,000 | 16 | ||||||
Metro Pacific Investments | 586,000 | 79 | ||||||
Metropolitan Bank & Trust | 31,300 | 54 | ||||||
PLDT | 4,370 | 142 | ||||||
Robinsons Land | 82,700 | 42 | ||||||
Security Bank | 11,600 | 54 | ||||||
SM Investments | 10,905 | 174 | ||||||
SM Prime Holdings | 367,800 | 254 | ||||||
Universal Robina | 39,080 | 125 | ||||||
|
| |||||||
2,628 | ||||||||
|
| |||||||
Poland — 0.2% | ||||||||
Alior Bank* | 4,438 | 79 | ||||||
Bank Handlowy w Warszawie | 1,777 | 35 | ||||||
Bank Millennium | 31,094 | 66 | ||||||
Bank Pekao | 7,405 | 262 | ||||||
Bank Zachodni | 1,651 | 174 | ||||||
CCC | 1,316 | 89 | ||||||
Cyfrowy Polsat | 11,600 | 82 | ||||||
Eurocash | 4,392 | 43 | ||||||
Grupa Azoty | 2,400 | 47 | ||||||
Grupa Lotos* | 6,419 | 86 | ||||||
Jastrzebska Spolka Weglowa* | 2,700 | 62 | ||||||
KGHM Polska Miedz | 6,427 | 218 | ||||||
LPP* | 139 | 270 | ||||||
mBank | 771 | 97 | ||||||
Orange Polska | 33,367 | 50 | ||||||
PGE Polska Grupa Energetyczna | 38,568 | 140 | ||||||
Polski Koncern Naftowy Orlen | 14,192 | 418 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo | 81,102 | 150 | ||||||
Powszechna Kasa Oszczednosci Bank Polski | 41,652 | 425 | ||||||
Powszechny Zaklad Ubezpieczen | 27,066 | 332 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Synthos | 31,400 | $ | 39 | |||||
Tauron Polska Energia | 56,049 | 59 | ||||||
|
| |||||||
3,223 | ||||||||
|
| |||||||
Portugal — 0.0% | ||||||||
Energias de Portugal | 75,903 | 268 | ||||||
Galp Energia | 16,195 | 259 | ||||||
Jeronimo Martins | 7,293 | 143 | ||||||
|
| |||||||
670 | ||||||||
|
| |||||||
Qatar — 0.1% | ||||||||
Barwa Real Estate | 5,000 | 46 | ||||||
Commercial Bank | 9,858 | 84 | ||||||
Doha Bank | 7,527 | 64 | ||||||
Ezdan Holding Group | 35,630 | 128 | ||||||
Industries Qatar | 6,707 | 177 | ||||||
Masraf Al Rayan | 16,583 | 190 | ||||||
Ooredoo | 5,348 | 141 | ||||||
Qatar Electricity & Water | 1,272 | 69 | ||||||
Qatar Gas Transport | 12,817 | 64 | ||||||
Qatar Insurance SAQ | 7,085 | 136 | ||||||
Qatar Islamic Bank SAQ | 2,676 | 71 | ||||||
Qatar National Bank QPSC | 10,120 | 384 | ||||||
|
| |||||||
1,554 | ||||||||
|
| |||||||
Russia — 0.2% | ||||||||
Gazprom ADR | 8,500 | 33 | ||||||
Gazprom PJSC ADR | 258,445 | 1,005 | ||||||
Magnit PJSC GDR | 15,503 | 569 | ||||||
Mobile TeleSystems ADR | 31,000 | 266 | ||||||
Novatek PJSC GDR | 4,269 | 447 | ||||||
PhosAgro PJSC GDR | 4,500 | 59 | ||||||
Rostelecom* | 13,408 | 88 | ||||||
Sberbank of Russia ADR | 122,158 | 1,423 | ||||||
Severstal PJSC GDR | 13,231 | 182 | ||||||
Sistema GDR | 17,410 | 70 | ||||||
Surgutneftegas ADR | 47,953 | 209 | ||||||
Tatneft PJSC ADR | 11,874 | 458 | ||||||
|
| |||||||
4,809 | ||||||||
|
| |||||||
Singapore — 0.3% | ||||||||
Ascendas†† | 82,900 | 165 | ||||||
CapitaLand | 83,500 | 227 | ||||||
CapitaLand Commercial Trust†† | 60,000 | 76 | ||||||
CapitaLand Mall Trust†† | 72,000 | 107 | ||||||
City Developments | 12,000 | 100 | ||||||
ComfortDelGro | 62,000 | 105 | ||||||
DBS Group Holdings | 54,929 | 875 | ||||||
Global Logistic Properties | 77,000 | 188 | ||||||
Golden Agri-Resources | 205,000 | 60 | ||||||
Hongkong Land Holdings | 37,000 | 278 | ||||||
Hutchison Port Holdings Trust, Cl U | 151,000 | 72 | ||||||
Jardine Cycle & Carriage | 3,000 | 89 | ||||||
Jardine Matheson Holdings | 7,000 | 447 |
12 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Jardine Strategic Holdings | 7,000 | $ | 286 | |||||
Keppel | 49,100 | 232 | ||||||
Oversea-Chinese Banking | 98,265 | 822 | ||||||
SATS | 19,900 | 71 | ||||||
Sembcorp Industries | 28,000 | 67 | ||||||
Singapore Airlines | 16,000 | 122 | ||||||
Singapore Exchange | 23,000 | 128 | ||||||
Singapore Press Holdings | 46,000 | 99 | ||||||
Singapore Technologies Engineering | 45,000 | 125 | ||||||
Singapore Telecommunications | 250,600 | 733 | ||||||
StarHub | 18,000 | 36 | ||||||
Suntec†† | 69,000 | 97 | ||||||
United Overseas Bank | 41,268 | 729 | ||||||
UOL Group | 14,324 | 83 | ||||||
Wilmar International | 56,000 | 138 | ||||||
Yangzijiang Shipbuilding Holdings | 56,000 | 58 | ||||||
|
| |||||||
6,615 | ||||||||
|
| |||||||
Slovak Republic — 0.0% | ||||||||
Celltrion* | 3,631 | 352 | ||||||
|
| |||||||
South Africa — 0.7% | ||||||||
Anglo American Platinum* | 3,100 | 76 | ||||||
AngloGold Ashanti | 19,249 | 194 | ||||||
Aspen Pharmacare Holdings | 18,597 | 389 | ||||||
Barclays Africa Group | 31,106 | 341 | ||||||
Bid | 15,700 | 376 | ||||||
Bidvest Group | 16,200 | 206 | ||||||
Brait* | 19,702 | 94 | ||||||
Capitec Bank Holdings | 2,300 | 150 | ||||||
Coronation Fund Managers | 14,000 | 72 | ||||||
Discovery | 17,015 | 181 | ||||||
Exxaro Resources | 11,700 | 97 | ||||||
FirstRand | 155,873 | 613 | ||||||
Fortress Income Fund, Cl A†† | 60,100 | 80 | ||||||
Fortress Income Fund, Cl B†† | 40,446 | 117 | ||||||
Foschini Group | 10,432 | 120 | ||||||
Gold Fields | 40,499 | 163 | ||||||
Growthpoint Properties†† | 99,030 | 186 | ||||||
Hyprop Investments†† | 11,891 | 107 | ||||||
Impala Platinum Holdings* | 32,371 | 86 | ||||||
Imperial Holdings | 8,264 | 109 | ||||||
Investec | 14,855 | 111 | ||||||
Liberty Holdings | 7,400 | 63 | ||||||
Life Healthcare Group Holdings | 66,425 | 127 | ||||||
Massmart Holdings | 6,800 | 57 | ||||||
MMI Holdings | 56,800 | 89 | ||||||
Mondi | 6,157 | 160 | ||||||
Mr Price Group | 11,791 | 155 | ||||||
MTN Group | 76,710 | 689 | ||||||
Naspers, Cl N | 19,315 | 4,258 | ||||||
Nedbank Group | 11,117 | 185 | ||||||
NEPI Rockcastle* | 14,856 | 198 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Netcare | 55,348 | $ | 103 | |||||
Pick n Pay Stores | 18,980 | 91 | ||||||
Pioneer Foods Group | 6,425 | 68 | ||||||
PSG Group | 6,000 | 118 | ||||||
Rand Merchant Investment Holdings | 40,188 | 128 | ||||||
Redefine Properties†† | 236,740 | 193 | ||||||
Remgro | 24,498 | 397 | ||||||
Resilient†† | 14,685 | 146 | ||||||
RMB Holdings | 33,836 | 163 | ||||||
Sanlam | 63,581 | 320 | ||||||
Sappi | 27,323 | 181 | ||||||
Sasol | 25,651 | 772 | ||||||
Shoprite Holdings | 19,637 | 300 | ||||||
Sibanye Gold | 92,537 | 118 | ||||||
SPAR Group | 9,534 | 119 | ||||||
Standard Bank Group | 58,972 | 732 | ||||||
Steinhoff International Holdings | 134,399 | 672 | ||||||
Telkom | 17,000 | 84 | ||||||
Tiger Brands | 7,559 | 229 | ||||||
Truworths International | 22,773 | 130 | ||||||
Vodacom Group | 23,950 | 323 | ||||||
Woolworths Holdings | 45,875 | 219 | ||||||
|
| |||||||
15,455 | ||||||||
|
| |||||||
South Korea — 1.5% | ||||||||
Amorepacific | 1,435 | 364 | ||||||
AMOREPACIFIC Group | 1,371 | 149 | ||||||
BGF retail | 1,140 | 94 | ||||||
BNK Financial Group | 12,800 | 129 | ||||||
Cheil Worldwide | 3,600 | 66 | ||||||
CJ | 749 | 130 | ||||||
CJ CheilJedang | 387 | 128 | ||||||
CJ E&M | 1,082 | 72 | ||||||
CJ Korea Express* | 450 | 75 | ||||||
Coway | 2,520 | 223 | ||||||
Daelim Industrial | 1,424 | 117 | ||||||
Daewoo Engineering & Construction* | 7,140 | 52 | ||||||
Daewoo International | 2,400 | 50 | ||||||
Daum Kakao | 1,551 | 166 | ||||||
DGB Financial Group | 8,630 | 92 | ||||||
Dongbu Insurance | 2,450 | 175 | ||||||
Dongsuh | 2,311 | 61 | ||||||
Doosan Bobcat | 1,734 | 55 | ||||||
Doosan Heavy Industries & Construction | 2,600 | 48 | ||||||
E-Mart | 934 | 212 | ||||||
GS Engineering & Construction* | 2,600 | 74 | ||||||
GS Holdings | 2,397 | 162 | ||||||
GS Retail | 1,580 | 68 | ||||||
Hana Financial Group | 13,230 | 603 | ||||||
Hankook Tire | 3,460 | 193 | ||||||
Hanmi Pharm | 319 | 105 | ||||||
Hanmi Science* | 902 | 67 | ||||||
Hanon Systems | 10,980 | 101 |
13 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Hanssem | 550 | $ | 87 | |||||
Hanwha | 2,530 | 111 | ||||||
Hanwha Chemical | 5,420 | 163 | ||||||
Hanwha Life Insurance | 11,300 | 76 | ||||||
Hanwha Techwin | 1,854 | 66 | ||||||
Hotel Shilla | 1,910 | 111 | ||||||
Hyosung | 991 | 148 | ||||||
Hyundai Department Store | 824 | 82 | ||||||
Hyundai Development - Engineering & Construction | 2,700 | 103 | ||||||
Hyundai Engineering & Construction | 3,328 | 135 | ||||||
Hyundai Glovis | 913 | 128 | ||||||
Hyundai Heavy Industries* | 1,373 | 214 | ||||||
Hyundai Marine & Fire Insurance | 3,730 | 151 | ||||||
Hyundai Mobis | 2,999 | 659 | ||||||
Hyundai Motor | 7,227 | 936 | ||||||
Hyundai Robotics* | 291 | 115 | ||||||
Hyundai Steel | 3,755 | 210 | ||||||
Hyundai Wia | 1,010 | 62 | ||||||
Industrial Bank of Korea | 11,650 | 161 | ||||||
Kangwon Land | 5,400 | 179 | ||||||
KB Financial Group | 18,618 | 988 | ||||||
KCC | 344 | 134 | ||||||
KEPCO Plant Service & Engineering | 1,320 | 53 | ||||||
Kia Motors | 11,620 | 380 | ||||||
Korea Aerospace Industries | 3,160 | 146 | ||||||
Korea Electric Power | 11,370 | 453 | ||||||
Korea Gas | 1,500 | 67 | ||||||
Korea Investment Holdings | 1,970 | 125 | ||||||
Korea Zinc | 409 | 180 | ||||||
Korean Air Lines* | 2,476 | 79 | ||||||
KT | 1,650 | 51 | ||||||
KT&G | 5,142 | 524 | ||||||
Kumho Petrochemical | 1,057 | 71 | ||||||
LG | 4,286 | 289 | ||||||
LG Chemical | 2,007 | 588 | ||||||
LG Display | 10,500 | 297 | ||||||
LG Electronics | 4,861 | 292 | ||||||
LG Household & Health Care | 419 | 371 | ||||||
LG Innotek | 700 | 94 | ||||||
LG Uplus | 10,120 | 151 | ||||||
Lotte Chemical | 762 | 251 | ||||||
Lotte Chilsung Beverage | 116 | 167 | ||||||
Lotte Confectionery | 340 | 62 | ||||||
Lotte Shopping | 550 | 129 | ||||||
Medy-Tox | 198 | 105 | ||||||
Mirae Asset Daewoo | 20,016 | 194 | ||||||
NAVER | 1,313 | 942 | ||||||
NCSoft | 847 | 273 | ||||||
Netmarble Games* (A) | 500 | 64 | ||||||
NH Investment & Securities | 7,300 | 92 | ||||||
OCI | 1,108 | 91 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Orion* | 1,315 | $ | 97 | |||||
Ottogi | 124 | 87 | ||||||
Pan Ocean* | 10,659 | 56 | ||||||
POSCO | 3,474 | 1,031 | ||||||
S-1, Cl 1 | 1,060 | 87 | ||||||
Samsung Biologics* (A) | 790 | 192 | ||||||
Samsung C&T | 3,460 | 430 | ||||||
Samsung Card | 1,800 | 64 | ||||||
Samsung Electro-Mechanics | 2,553 | 214 | ||||||
Samsung Electronics | 4,631 | 9,973 | ||||||
Samsung Fire & Marine Insurance | 1,511 | 394 | ||||||
Samsung Heavy Industries* | 12,480 | 125 | ||||||
Samsung Life Insurance | 3,175 | 356 | ||||||
Samsung SDI | 2,502 | 377 | ||||||
Samsung SDS | 1,640 | 262 | ||||||
Samsung Securities | 3,270 | 119 | ||||||
Shinhan Financial Group | 20,000 | 951 | ||||||
Shinsegae | 400 | 85 | ||||||
SK C&C | 1,994 | 484 | ||||||
SK Hynix | 27,530 | 1,624 | ||||||
SK Innovation | 2,892 | 456 | ||||||
SK Networks | 7,030 | 40 | ||||||
SK Telecom | 927 | 230 | ||||||
S-Oil | 2,143 | 223 | ||||||
Woori Bank | 14,080 | 240 | ||||||
Yuhan | 452 | 96 | ||||||
|
| |||||||
33,724 | ||||||||
|
| |||||||
Spain — 0.7% | ||||||||
Abertis Infraestructuras | 20,732 | 408 | ||||||
ACS Actividades de Construccion y Servicios | 7,575 | 290 | ||||||
Aena (A) | 2,104 | 410 | ||||||
Amadeus IT Group, Cl A | 13,464 | 826 | ||||||
Banco Bilbao Vizcaya Argentaria | 210,600 | 1,900 | ||||||
Banco de Sabadell | 173,048 | 386 | ||||||
Banco Santander | 502,403 | 3,420 | ||||||
Bankia | 33,368 | 168 | ||||||
Bankinter | 19,531 | 190 | ||||||
CaixaBank | 111,946 | 583 | ||||||
Distribuidora Internacional de Alimentacion | 18,034 | 121 | ||||||
Enagas | 6,571 | 185 | ||||||
Endesa | 10,248 | 242 | ||||||
Ferrovial | 16,014 | 344 | ||||||
Gas Natural | 11,286 | 263 | ||||||
Grifols | 9,603 | 269 | ||||||
Iberdrola | 186,797 | 1,468 | ||||||
Industria de Diseno Textil | 34,337 | 1,360 | ||||||
International Consolidated Airlines Group | 19,393 | 148 | ||||||
Mapfre | 31,227 | 116 | ||||||
Red Electrica | 13,879 | 296 | ||||||
Repsol | 38,404 | 641 |
14 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Siemens Gamesa Renewable Energy | 7,701 | $ | 126 | |||||
Telefonica | 142,461 | 1,606 | ||||||
|
| |||||||
15,766 | ||||||||
|
| |||||||
Sweden — 0.6% | ||||||||
Alfa Laval | 8,507 | 190 | ||||||
Assa Abloy, Cl B | 30,761 | 658 | ||||||
Atlas Copco, Cl A | 21,151 | 765 | ||||||
Atlas Copco, Cl B | 12,124 | 392 | ||||||
Boliden | 8,844 | 277 | ||||||
Electrolux | 7,787 | 266 | ||||||
Essity, Cl B* | 18,500 | 535 | ||||||
Getinge, Cl B | 5,799 | 100 | ||||||
Hennes & Mauritz, Cl B | 29,641 | 771 | ||||||
Hexagon, Cl B | 8,089 | 399 | ||||||
Husqvarna, Cl B | 12,063 | 122 | ||||||
ICA Gruppen | 2,331 | 93 | ||||||
Industrivarden, Cl C | 4,756 | 115 | ||||||
Investor, Cl B | 13,975 | 662 | ||||||
Kinnevik | 6,820 | 209 | ||||||
L E Lundbergforetagen, Cl B | 1,123 | 88 | ||||||
Lundin Petroleum* | 5,407 | 123 | ||||||
Nordea Bank | 93,462 | 1,177 | ||||||
Sandvik | 36,347 | 572 | ||||||
Securitas, Cl B | 9,072 | 151 | ||||||
Skandinaviska Enskilda Banken, Cl A | 46,782 | 592 | ||||||
Skanska, Cl B | 10,951 | 249 | ||||||
SKF, Cl B | 12,789 | 254 | ||||||
Svenska Handelsbanken, Cl A | 48,160 | 716 | ||||||
Swedbank, Cl A | 28,549 | 744 | ||||||
Swedish Match | 5,693 | 200 | ||||||
Tele2, Cl B | 10,485 | 125 | ||||||
Telefonaktiebolaget LM Ericsson, Cl B | 96,056 | 623 | ||||||
TeliaSonera | 81,357 | 382 | ||||||
Volvo, Cl B | 48,901 | 829 | ||||||
|
| |||||||
12,379 | ||||||||
|
| |||||||
Switzerland — 1.6% | ||||||||
ABB | 62,627 | 1,473 | ||||||
Adecco Group | 5,153 | 394 | ||||||
Baloise Holding | 1,619 | 261 | ||||||
Barry Callebaut | 64 | 92 | ||||||
Chocoladefabriken Lindt & Spruengli | 36 | 393 | ||||||
Cie Financiere Richemont | 16,093 | 1,370 | ||||||
Coca-Cola | 5,240 | 158 | ||||||
Credit Suisse Group | 72,341 | 1,116 | ||||||
Dufry* | 1,327 | 212 | ||||||
EMS-Chemie Holding | 237 | 165 | ||||||
Geberit | 1,149 | 554 | ||||||
Givaudan | 284 | 567 | ||||||
Julius Baer Group | 7,230 | 410 | ||||||
Kuehne + Nagel International | 1,736 | 303 | ||||||
LafargeHolcim | 14,183 | 850 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Lonza Group | 2,352 | $ | 561 | |||||
Nestle | 96,723 | 8,190 | ||||||
Novartis | 69,483 | 5,934 | ||||||
Pargesa Holding | 1,007 | 81 | ||||||
Partners Group Holding | 561 | 365 | ||||||
Roche Holding | 21,857 | 5,548 | ||||||
Schindler Holding | 1,874 | 402 | ||||||
SGS | 168 | 372 | ||||||
Sika | 66 | 456 | ||||||
Sonova Holding | 1,544 | 251 | ||||||
Straumann Holding | 308 | 174 | ||||||
Swatch Group | 2,970 | 538 | ||||||
Swiss Life Holding | 1,001 | 366 | ||||||
Swiss Prime Site | 2,396 | 217 | ||||||
Swiss Re | 10,041 | 970 | ||||||
Swisscom | 794 | 389 | ||||||
Transocean* | 23,500 | 203 | ||||||
UBS Group | 114,754 | 2,001 | ||||||
Vifor Pharma | 1,486 | 159 | ||||||
Zurich Insurance Group | 4,627 | 1,414 | ||||||
|
| |||||||
36,909 | ||||||||
|
| |||||||
Taiwan — 1.1% | ||||||||
Acer | 144,000 | 71 | ||||||
Advanced Semiconductor Engineering | 133,029 | 179 | ||||||
Advanced Semiconductor Engineering ADR | 29,600 | 195 | ||||||
Advantech | 15,399 | 117 | ||||||
Asia Cement | 63,000 | 56 | ||||||
Asustek Computer | 31,000 | 288 | ||||||
AU Optronics | 363,000 | 147 | ||||||
Catcher Technology | 29,000 | 333 | ||||||
Cathay Financial Holding | 356,000 | 580 | ||||||
Chailease Holding | 32,000 | 92 | ||||||
Chang Hwa Commercial Bank | 207,140 | 121 | ||||||
Cheng Shin Rubber Industry | 87,000 | 176 | ||||||
Chicony Electronics | 22,221 | 57 | ||||||
China Development Financial Holding | 611,000 | 184 | ||||||
China Life Insurance | 157,320 | 166 | ||||||
China Steel | 516,000 | 424 | ||||||
Chunghwa Telecom | 165,000 | 557 | ||||||
Compal Electronics | 186,000 | 123 | ||||||
CTBC Financial Holding | 765,720 | 492 | ||||||
Delta Electronics | 85,000 | 452 | ||||||
E.Sun Financial Holding | 371,917 | 237 | ||||||
Eclat Textile | 6,120 | 70 | ||||||
Eva Airways | 100,000 | 48 | ||||||
Evergreen Marine Taiwan* | 88,000 | 48 | ||||||
Far Eastern New Century | 147,000 | 121 | ||||||
Far EasTone Telecommunications | 71,000 | 172 | ||||||
Feng TAY Enterprise | 8,000 | 34 | ||||||
First Financial Holding | 425,315 | 287 | ||||||
Formosa Chemicals & Fibre | 141,000 | 425 | ||||||
Formosa Petrochemical | 52,000 | 183 |
15 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Formosa Plastics | 180,000 | $ | 540 | |||||
Foxconn Technology | 42,250 | 127 | ||||||
Fubon Financial Holding | 291,000 | 452 | ||||||
Giant Manufacturing | 9,000 | 44 | ||||||
Globalwafers | 7,000 | 55 | ||||||
Highwealth Construction* | 40,000 | 66 | ||||||
Hiwin Technologies | 10,000 | 73 | ||||||
Hon Hai Precision Industry | 714,400 | 2,780 | ||||||
Hotai Motor | 12,000 | 146 | ||||||
HTC | 27,000 | 64 | ||||||
Hua Nan Financial Holdings | 331,344 | 194 | ||||||
Innolux | 406,000 | 198 | ||||||
Inventec | 80,000 | 64 | ||||||
Largan Precision | 4,000 | 730 | ||||||
Lite-On Technology | 88,224 | 143 | ||||||
MediaTek | 65,000 | 573 | ||||||
Mega Financial Holding | 475,000 | 402 | ||||||
Merida Industry | 10,000 | 48 | ||||||
Micro-Star International | 28,000 | 73 | ||||||
Nan Ya Plastics | 207,000 | 521 | ||||||
Nanya Technology | 33,000 | 68 | ||||||
Nien Made Enterprise* | 6,000 | 73 | ||||||
Novatek Microelectronics | 27,000 | 103 | ||||||
OBI Pharma* | 5,000 | 36 | ||||||
Pegatron | 87,000 | 284 | ||||||
Phison Electronics | 7,000 | 97 | ||||||
Pou Chen | 75,000 | 101 | ||||||
Powertech Technology | 25,000 | 81 | ||||||
President Chain Store | 25,000 | 212 | ||||||
Quanta Computer | 120,000 | 285 | ||||||
Realtek Semiconductor | 19,000 | 71 | ||||||
Shin Kong Financial Holding | 261,000 | 70 | ||||||
Siliconware Precision Industries ADR | 16,675 | 136 | ||||||
SinoPac Financial Holdings | 447,800 | 140 | ||||||
Standard Foods | 25,000 | 67 | ||||||
Synnex Technology International | 56,700 | 63 | ||||||
TaiMed Biologics* | 9,000 | 66 | ||||||
Taishin Financial Holding | 407,255 | 192 | ||||||
Taiwan Business Bank | 211,050 | 60 | ||||||
Taiwan Cement | 150,000 | 174 | ||||||
Taiwan Cooperative Financial Holding | 345,650 | 189 | ||||||
Taiwan Fertilizer | 37,000 | 50 | ||||||
Taiwan High Speed Rail* | 73,000 | 63 | ||||||
Taiwan Mobile | 74,000 | 265 | ||||||
Taiwan Semiconductor Manufacturing | 796,000 | 5,655 | ||||||
Taiwan Semiconductor Manufacturing ADR | 57,200 | 2,057 | ||||||
Teco Electric and Machinery | 65,000 | 61 | ||||||
Uni-President Enterprises | 210,000 | 402 | ||||||
United Microelectronics | 538,000 | 248 | ||||||
Vanguard International Semiconductor | 32,000 | 60 | ||||||
Wistron | 97,841 | 99 | ||||||
WPG Holdings | 48,000 | 67 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Yuanta Financial Holding | 401,000 | $ | 172 | |||||
Zhen Ding Technology Holding | 22,000 | 51 | ||||||
|
| |||||||
25,546 | ||||||||
|
| |||||||
Thailand — 0.2% | ||||||||
Advanced Info Service NVDR | 46,200 | 258 | ||||||
Airports of Thailand NVDR | 190,000 | 294 | ||||||
Bangkok Bank NVDR | 12,600 | 68 | ||||||
Bangkok Dusit Medical Services NVDR | 216,600 | 124 | ||||||
Bangkok Expressway & Metro NVDR | 334,400 | 75 | ||||||
Banpu NVDR | 85,300 | 42 | ||||||
BEC World NVDR | 14,000 | 8 | ||||||
Berli Jucker NVDR | 50,700 | 70 | ||||||
BTS Group Holdings NVDR | 276,100 | 71 | ||||||
Bumrungrad Hospital NVDR | 14,900 | 78 | ||||||
Central Pattana NVDR | 51,300 | 107 | ||||||
Charoen Pokphand Foods NVDR | 120,200 | 89 | ||||||
CP ALL NVDR | 244,400 | 446 | ||||||
Delta Electronics Thailand NVDR | 25,400 | 68 | ||||||
Electricity Generating NVDR | 7,100 | 46 | ||||||
Energy Absolute NVDR | 55,100 | 61 | ||||||
Fabrinet* | 4,258 | 192 | ||||||
Glow Energy NVDR | 25,100 | 61 | ||||||
Home Product Center NVDR | 196,900 | 59 | ||||||
Indorama Ventures NVDR | 79,100 | 89 | ||||||
IRPC NVDR | 496,500 | 82 | ||||||
Kasikornbank | 51,700 | 308 | ||||||
Kasikornbank NVDR | 55,000 | 318 | ||||||
KCE Electronics NVDR | 12,200 | 32 | ||||||
Krung Thai Bank NVDR | 166,400 | 90 | ||||||
Minor International NVDR | 99,100 | 126 | ||||||
PTT Exploration & Production NVDR | 62,700 | 166 | ||||||
PTT Global Chemical NVDR | 93,300 | 201 | ||||||
PTT NVDR | 45,800 | 534 | ||||||
Robinson NVDR | 25,500 | 45 | ||||||
Siam Cement | 13,400 | 204 | ||||||
Siam Cement NVDR | 5,800 | 88 | ||||||
Siam Commercial Bank NVDR | 76,400 | 337 | ||||||
Thai Oil NVDR | 39,100 | 101 | ||||||
Thai Union Frozen Products NVDR | 94,300 | 57 | ||||||
TMB Bank NVDR | 278,100 | 20 | ||||||
True NVDR* | 434,932 | 74 | ||||||
|
| |||||||
5,089 | ||||||||
|
| |||||||
Turkey — 0.1% | ||||||||
Akbank | 96,778 | 287 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii | 10,784 | 63 | ||||||
Arcelik | 11,123 | 82 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret | 8,700 | 60 | ||||||
BIM Birlesik Magazalar | 9,509 | 185 | ||||||
Coca-Cola Icecek | 3,923 | 47 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi†† | 80,676 | 73 |
16 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Eregli Demir ve Celik Fabrikalari | 65,474 | $ | 146 | |||||
Ford Otomotiv Sanayi | 3,700 | 47 | ||||||
Haci Omer Sabanci Holding | 41,698 | 128 | ||||||
KOC Holding | 33,835 | 157 | ||||||
Petkim Petrokimya Holding | 34,800 | 64 | ||||||
TAV Havalimanlari Holding | 8,800 | 53 | ||||||
Tofas Turk Otomobil Fabrikasi | 6,300 | 55 | ||||||
Tupras Turkiye Petrol Rafinerileri | 5,735 | 177 | ||||||
Turk Hava Yollari* | 27,600 | 69 | ||||||
Turk Telekomunikasyon | 23,200 | 48 | ||||||
Turkcell Iletisim Hizmetleri | 39,779 | 145 | ||||||
Turkiye Garanti Bankasi | 101,672 | 304 | ||||||
Turkiye Halk Bankasi | 29,352 | 126 | ||||||
Turkiye Is Bankasi, Cl C | 72,297 | 155 | ||||||
Turkiye Sise ve Cam Fabrikalari | 34,186 | 44 | ||||||
Turkiye Vakiflar Bankasi, Cl D | 37,100 | 74 | ||||||
Ulker Biskuvi Sanayi | 7,649 | 46 | ||||||
Yapi ve Kredi Bankasi | 42,900 | 55 | ||||||
|
| |||||||
2,690 | ||||||||
|
| |||||||
United Arab Emirates — 0.1% | ||||||||
Abu Dhabi Commercial Bank PJSC | 85,164 | 168 | ||||||
Aldar Properties PJSC | 125,248 | 80 | ||||||
DAMAC Properties Dubai PJSC | 85,929 | 94 | ||||||
DP World | 7,288 | 168 | ||||||
Dubai Islamic Bank PJSC | 56,144 | 93 | ||||||
DXB Entertainments PJSC* | 170,393 | 36 | ||||||
Emaar Malls PJSC | 101,378 | 68 | ||||||
Emaar Properties PJSC | 148,944 | 334 | ||||||
Emirates Telecommunications Group PJSC | 92,644 | 473 | ||||||
First Abu Dhabi Bank PJSC | 83,586 | 242 | ||||||
|
| |||||||
1,756 | ||||||||
|
| |||||||
United Kingdom — 3.4% | ||||||||
3i Group | 31,505 | 389 | ||||||
Aberdeen Asset Management | 26,728 | 116 | ||||||
Admiral Group | 6,119 | 167 | ||||||
Anglo American | 42,361 | 699 | ||||||
Antofagasta | 11,425 | 142 | ||||||
Aon | 14,600 | 2,017 | ||||||
Ashtead Group | 15,916 | 342 | ||||||
Associated British Foods | 11,055 | 432 | ||||||
AstraZeneca | 39,707 | 2,392 | ||||||
Auto Trader Group (A) | 29,002 | 146 | ||||||
Aviva | 123,464 | 877 | ||||||
Babcock International Group | 7,304 | 81 | ||||||
BAE Systems | 96,682 | 767 | ||||||
Barclays | 533,857 | 1,429 | ||||||
Barratt Developments | 32,516 | 264 | ||||||
Berkeley Group Holdings | 4,350 | 200 | ||||||
BHP Billiton | 64,960 | 1,180 | ||||||
BP | 612,712 | 3,601 | ||||||
British American Tobacco | 71,486 | 4,442 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
British Land†† | 31,466 | $ | 253 | |||||
BT Group, Cl A | 261,174 | 1,079 | ||||||
Bunzl | 10,503 | 317 | ||||||
Burberry Group | 14,117 | 318 | ||||||
Capita | 19,254 | 167 | ||||||
Carnival | 5,930 | 400 | ||||||
Centrica | 176,645 | 462 | ||||||
Cobham | 69,272 | 121 | ||||||
Compass Group | 48,593 | 1,036 | ||||||
ConvaTec Group* (A) | 38,037 | 156 | ||||||
Croda International | 3,803 | 186 | ||||||
DCC | 2,855 | 251 | ||||||
Delphi Automotive | 15,200 | 1,374 | ||||||
Diageo | 78,002 | 2,518 | ||||||
Direct Line Insurance Group | 39,837 | 197 | ||||||
Dixons Carphone | 28,356 | 101 | ||||||
easyJet | 4,603 | 75 | ||||||
Ensco, Cl A | 35,765 | 189 | ||||||
Ferguson | 8,011 | 478 | ||||||
Fresnillo | 6,405 | 130 | ||||||
G4S | 44,953 | 195 | ||||||
GKN | 55,283 | 234 | ||||||
GlaxoSmithKline | 153,197 | 3,059 | ||||||
Glencore | 385,132 | 1,697 | ||||||
Hammerson†† | 25,965 | 197 | ||||||
Hargreaves Lansdown | 7,558 | 138 | ||||||
Hikma Pharmaceuticals | 4,161 | 77 | ||||||
HSBC Holdings | 625,225 | 6,240 | ||||||
IMI | 7,879 | 125 | ||||||
Imperial Tobacco Group | 29,384 | 1,209 | ||||||
Inmarsat | 13,035 | 133 | ||||||
InterContinental Hotels Group | 5,635 | 319 | ||||||
Intertek Group | 5,183 | 294 | ||||||
Intu Properties†† | 27,623 | 93 | ||||||
Investec | 22,117 | 168 | ||||||
ITV | 113,421 | 259 | ||||||
J Sainsbury | 53,946 | 174 | ||||||
Johnson Matthey | 6,247 | 231 | ||||||
Kingfisher | 66,082 | 256 | ||||||
Land Securities Group†† | 24,678 | 332 | ||||||
Larsen & Toubro GDR | 18,000 | 328 | ||||||
Legal & General Group | 183,424 | 649 | ||||||
Lloyds Banking Group | 2,239,332 | 1,936 | ||||||
London Stock Exchange Group | 9,817 | 485 | ||||||
LUKOIL PJSC ADR | 19,582 | 912 | ||||||
Marks & Spencer Group | 52,417 | 223 | ||||||
Mediclinic International | 10,680 | 104 | ||||||
Meggitt | 22,459 | 149 | ||||||
Merlin Entertainments (A) | 20,559 | 127 | ||||||
MMC Norilsk Nickel PJSC ADR | 28,301 | 420 | ||||||
Mondi | 11,637 | 306 | ||||||
National Grid | 107,400 | 1,326 |
17 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Next | 4,943 | $ | 257 | |||||
Old Mutual | 153,828 | 399 | ||||||
Pearson | 26,527 | 230 | ||||||
Persimmon | 10,026 | 331 | ||||||
Petrofac | 7,516 | 44 | ||||||
PhosAgro PJSC GDR | 1,200 | 17 | ||||||
Provident Financial | 4,265 | 116 | ||||||
Prudential | 80,961 | 1,972 | ||||||
Randgold Resources | 2,948 | 274 | ||||||
Reckitt Benckiser Group | 20,826 | 2,023 | ||||||
RELX | 33,187 | 723 | ||||||
Rio Tinto | 38,995 | 1,810 | ||||||
Rolls-Royce Holdings | 50,451 | 591 | ||||||
Rosneft Oil PJSC GDR | 59,343 | 304 | ||||||
Rowan, Cl A* | 13,689 | 160 | ||||||
Royal Bank of Scotland Group* | 111,299 | 365 | ||||||
Royal Mail | 26,075 | 139 | ||||||
RSA Insurance Group | 32,826 | 282 | ||||||
Sage Group | 34,232 | 304 | ||||||
Schroders | 3,929 | 178 | ||||||
Segro†† | 33,928 | 236 | ||||||
Severn Trent | 7,638 | 226 | ||||||
Shire | 28,410 | 1,596 | ||||||
Sky | 32,234 | 410 | ||||||
Smith & Nephew | 27,782 | 483 | ||||||
Smiths Group | 12,704 | 257 | ||||||
SSE | 30,903 | 562 | ||||||
St. James’s Place | 17,007 | 273 | ||||||
Standard Chartered | 101,320 | 1,131 | ||||||
Standard Life | 62,000 | 357 | ||||||
State Bank of India GDR | 6,500 | 315 | ||||||
Tata Steel GDR | 20,000 | 174 | ||||||
Tate & Lyle | 13,513 | 120 | ||||||
Taylor Wimpey | 103,787 | 261 | ||||||
Tesco* | 250,041 | 574 | ||||||
Travis Perkins | 7,240 | 145 | ||||||
Unilever | 40,169 | 2,289 | ||||||
United Utilities Group | 21,667 | 256 | ||||||
Vodafone Group | 825,401 | 2,416 | ||||||
VTB Bank GDR | 145,518 | 281 | ||||||
Weir Group | 6,258 | 151 | ||||||
Whitbread | 5,747 | 292 | ||||||
WM Morrison Supermarkets | 72,034 | 228 | ||||||
Worldpay Group (A) | 63,589 | 310 | ||||||
WPP | 38,815 | 791 | ||||||
|
| |||||||
76,539 | ||||||||
|
| |||||||
United States — 68.2% | ||||||||
Consumer Discretionary — 8.7% | ||||||||
1-800-Flowers.com, Cl A* | 2,752 | 27 | ||||||
Aaron’s | 7,318 | 339 | ||||||
Abercrombie & Fitch, Cl A | 7,802 | 77 | ||||||
Acushnet Holdings | 2,498 | 46 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Adient | 5,114 | $ | 335 | |||||
Adtalem Global Education | 7,362 | 239 | ||||||
Advance Auto Parts | 4,000 | 448 | ||||||
Amazon.com* | 22,273 | 22,001 | ||||||
AMC Entertainment Holdings, Cl A | 6,549 | 134 | ||||||
AMC Networks, Cl A* | 3,000 | 192 | ||||||
American Axle & Manufacturing Holdings* | 10,609 | 156 | ||||||
American Eagle Outfitters | 19,925 | 236 | ||||||
American Outdoor Brands* | 6,477 | 134 | ||||||
American Public Education* | 1,985 | 42 | ||||||
America’s Car-Mart* | 853 | 33 | ||||||
Aramark | 13,200 | 526 | ||||||
Asbury Automotive Group* | 2,302 | 124 | ||||||
Ascena Retail Group* | 19,752 | 46 | ||||||
Ascent Capital Group, Cl A* | 1,119 | 19 | ||||||
At Home Group* | 901 | 20 | ||||||
AutoNation* | 3,300 | 140 | ||||||
AutoZone* | 1,600 | 864 | ||||||
AV Homes* | 1,346 | 22 | ||||||
Barnes & Noble | 7,360 | 60 | ||||||
Barnes & Noble Education* | 4,813 | 35 | ||||||
Bassett Furniture Industries | 1,367 | 51 | ||||||
Beazer Homes USA* | 4,007 | 53 | ||||||
Bed Bath & Beyond | 8,100 | 242 | ||||||
Belmond, Cl A* | 10,730 | 140 | ||||||
Best Buy | 15,000 | 875 | ||||||
Big 5 Sporting Goods | 1,942 | 21 | ||||||
Big Lots | 5,219 | 259 | ||||||
Biglari Holdings* | 128 | 48 | ||||||
BJ’s Restaurants* | 2,509 | 89 | ||||||
Black Diamond* | 3,109 | 20 | ||||||
Bloomin’ Brands | 11,487 | 200 | ||||||
Bob Evans Farms | 2,342 | 162 | ||||||
Bojangles’* | 2,312 | 31 | ||||||
Boot Barn Holdings* | 1,483 | 12 | ||||||
BorgWarner | 11,800 | 552 | ||||||
Boyd Gaming | 9,857 | 247 | ||||||
Bridgepoint Education* | 1,977 | 19 | ||||||
Bright Horizons Family Solutions* | 2,800 | 221 | ||||||
Brinker International | 5,775 | 205 | ||||||
Brunswick | 5,100 | 289 | ||||||
Buckle | 3,341 | 57 | ||||||
Buffalo Wild Wings* | 1,861 | 200 | ||||||
Build-A-Bear Workshop, Cl A* | 1,447 | 14 | ||||||
Burlington Stores* | 3,900 | 339 | ||||||
Cabela’s* | 2,500 | 142 | ||||||
Cable One | 300 | 228 | ||||||
Caesars Acquisition, Cl A* | 5,886 | 114 | ||||||
Caesars Entertainment* | 6,605 | 82 | ||||||
CalAtlantic Group | 3,800 | 133 | ||||||
Caleres | 5,264 | 144 | ||||||
Callaway Golf | 11,581 | 147 |
18 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Cambium Learning Group* | 1,588 | $ | 8 | |||||
Camping World Holdings, Cl A | 1,334 | 43 | ||||||
Capella Education | 1,298 | 89 | ||||||
Career Education* | 7,765 | 65 | ||||||
CarMax* | 10,500 | 696 | ||||||
Carnival | 22,900 | 1,529 | ||||||
Carriage Services, Cl A | 1,772 | 43 | ||||||
Carrols Restaurant Group* | 4,136 | 50 | ||||||
Carter’s | 2,900 | 252 | ||||||
Carvana, Cl A* | 1,778 | 35 | ||||||
Cato, Cl A | 3,063 | 52 | ||||||
Cavco Industries* | 1,030 | 134 | ||||||
CBS, Cl B | 20,200 | 1,330 | ||||||
Century Casinos* | 2,308 | 17 | ||||||
Century Communities* | 1,926 | 50 | ||||||
Charter Communications, Cl A* | 11,053 | 4,332 | ||||||
Cheesecake Factory | 5,183 | 247 | ||||||
Chegg* | 9,388 | 130 | ||||||
Chico’s FAS | 15,621 | 143 | ||||||
Children’s Place | 1,992 | 210 | ||||||
Chipotle Mexican Grill, Cl A* | 1,457 | 501 | ||||||
Choice Hotels International | 2,000 | 129 | ||||||
Churchill Downs | 1,631 | 305 | ||||||
Chuy’s Holdings* | 1,865 | 44 | ||||||
Cinemark Holdings | 5,800 | 226 | ||||||
Citi Trends | 1,554 | 34 | ||||||
Clear Channel Outdoor Holdings, Cl A | 5,326 | 27 | ||||||
ClubCorp Holdings | 7,507 | 127 | ||||||
Coach | 16,000 | 754 | ||||||
Collectors Universe | 822 | 20 | ||||||
Columbia Sportswear | 3,508 | 213 | ||||||
Comcast, Cl A | 264,644 | 10,705 | ||||||
Conn’s* | 2,229 | 48 | ||||||
Container Store Group* | 1,817 | 10 | ||||||
Cooper Tire & Rubber | 6,132 | 224 | ||||||
Cooper-Standard Holdings* | 2,058 | 210 | ||||||
Core-Mark Holding | 5,427 | 199 | ||||||
Cracker Barrel Old Country Store | 2,278 | 354 | ||||||
Crocs* | 8,763 | 70 | ||||||
CSS Industries | 923 | 25 | ||||||
Ctrip.com International ADR* | 17,700 | 1,057 | ||||||
Culp | 1,396 | 42 | ||||||
Daily Journal* | 117 | 24 | ||||||
Dana | 16,792 | 398 | ||||||
Darden Restaurants | 7,100 | 596 | ||||||
Dave & Buster’s Entertainment* | 5,006 | 311 | ||||||
Deckers Outdoor* | 3,832 | 249 | ||||||
Del Frisco’s Restaurant Group* | 2,835 | 40 | ||||||
Del Taco Restaurants* | 4,198 | 55 | ||||||
Delta Apparel* | 780 | 16 | ||||||
Denny’s* | 8,550 | 97 | ||||||
Dick’s Sporting Goods | 5,000 | 187 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Dillard’s, Cl A | 1,778 | $ | 131 | |||||
DineEquity | 2,105 | 87 | ||||||
Discovery Communications, Cl A* | 8,200 | 202 | ||||||
Discovery Communications, Cl C* | 12,500 | 289 | ||||||
DISH Network, Cl A* | 12,300 | 788 | ||||||
Dollar General | 15,300 | 1,150 | ||||||
Dollar Tree* | 12,700 | 915 | ||||||
Domino’s Pizza | 2,600 | 485 | ||||||
Dorman Products* | 3,161 | 247 | ||||||
DR Horton | 19,400 | 692 | ||||||
Drive Shack | 8,836 | 27 | ||||||
DSW, Cl A | 7,879 | 142 | ||||||
Duluth Holdings, Cl B* | 1,015 | 20 | ||||||
Dunkin’ Brands Group | 5,100 | 270 | ||||||
El Pollo Loco Holdings* | 2,135 | 28 | ||||||
Eldorado Resorts* | 5,360 | 109 | ||||||
Emerald Expositions Events | 1,837 | 42 | ||||||
Empire Resorts* | 235 | 5 | ||||||
Entercom Communications, Cl A | 3,125 | 31 | ||||||
Entravision Communications, Cl A | 7,773 | 51 | ||||||
Eros International* | 3,473 | 35 | ||||||
Escalade | 1,183 | 15 | ||||||
Ethan Allen Interiors | 3,098 | 99 | ||||||
Etsy* | 13,776 | 198 | ||||||
EW Scripps, Cl A* | 7,190 | 141 | ||||||
Expedia | 6,800 | 1,064 | ||||||
Express* | 8,874 | 54 | ||||||
Extended Stay America | 9,211 | 182 | ||||||
Fiesta Restaurant Group* | 3,113 | 52 | ||||||
Finish Line, Cl A | 5,179 | 71 | ||||||
Five Below* | 6,343 | 306 | ||||||
Flexsteel Industries | 840 | 47 | ||||||
Floor & Decor Holdings, Cl A* | 900 | 31 | ||||||
Fogo De Chao* | 583 | 8 | ||||||
Foot Locker | 7,300 | 344 | ||||||
Ford Motor | 218,800 | 2,455 | ||||||
Fossil Group* | 4,714 | 53 | ||||||
Fox Factory Holding* | 4,111 | 158 | ||||||
Francesca’s Holdings* | 4,764 | 46 | ||||||
Fred’s, Cl A | 4,058 | 27 | ||||||
FTD* | 2,081 | 41 | ||||||
Gaia, Cl A* | 1,024 | 12 | ||||||
GameStop, Cl A | 5,200 | 113 | ||||||
Gannett | 14,148 | 127 | ||||||
Gap | 14,000 | 334 | ||||||
Garmin | 7,000 | 351 | ||||||
General Motors | 76,400 | 2,749 | ||||||
Genesco* | 2,311 | 74 | ||||||
Gentex | 15,700 | 267 | ||||||
Gentherm* | 4,445 | 149 | ||||||
Genuine Parts | 8,000 | 679 | ||||||
G-III Apparel Group* | 5,075 | 132 |
19 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Global Eagle Entertainment* | 4,904 | $ | 15 | |||||
GNC Holdings, Cl A | 7,620 | 72 | ||||||
Golden Entertainment* | 1,124 | 23 | ||||||
Goodyear Tire & Rubber | 13,600 | 429 | ||||||
GoPro, Cl A* | 11,863 | 98 | ||||||
Graham Holdings, Cl B | 300 | 178 | ||||||
Grand Canyon Education* | 5,562 | 409 | ||||||
Gray Television* | 7,532 | 112 | ||||||
Green Brick Partners* | 2,540 | 29 | ||||||
Group 1 Automotive | 2,445 | 146 | ||||||
Groupon, Cl A* | 39,858 | 150 | ||||||
Guess? | 7,203 | 94 | ||||||
H&R Block | 11,400 | 348 | ||||||
Habit Restaurants, Cl A* | 2,655 | 44 | ||||||
Hanesbrands | 20,300 | 465 | ||||||
Harley-Davidson | 10,200 | 496 | ||||||
Hasbro | 6,400 | 678 | ||||||
Haverty Furniture | 2,053 | 46 | ||||||
Helen of Troy* | 3,291 | 332 | ||||||
Hemisphere Media Group, Cl A* | 2,028 | 25 | ||||||
Hibbett Sports* | 2,572 | 40 | ||||||
Hilton Grand Vacations* | 2,780 | 102 | ||||||
Hilton Worldwide Holdings | 10,666 | 667 | ||||||
Home Depot | 67,500 | 10,098 | ||||||
Hooker Furniture | 1,425 | 60 | ||||||
Horizon Global* | 2,690 | 37 | ||||||
Houghton Mifflin Harcourt* | 12,135 | 145 | ||||||
Hovnanian Enterprises, Cl A* | 12,938 | 28 | ||||||
HSN | 3,643 | 144 | ||||||
Hyatt Hotels, Cl A* | 2,100 | 117 | ||||||
Iconix Brand Group* | 4,498 | 30 | ||||||
ILG | 12,482 | 331 | ||||||
Installed Building Products* | 2,583 | 139 | ||||||
International Game Technology | 5,309 | 101 | ||||||
International Speedway, Cl A | 3,122 | 112 | ||||||
Interpublic Group | 21,900 | 473 | ||||||
Intrawest Resorts Holdings* | 2,035 | 48 | ||||||
iRobot* | 3,240 | 342 | ||||||
J Alexander’s Holdings* | 1,477 | 16 | ||||||
J. Jill* | 1,734 | 21 | ||||||
Jack in the Box | 3,655 | 339 | ||||||
JC Penney* | 36,401 | 197 | ||||||
JD.com ADR* | 32,300 | 1,459 | ||||||
John Wiley & Sons, Cl A | 2,200 | 122 | ||||||
Johnson Outdoors, Cl A | 543 | 27 | ||||||
K12* | 4,030 | 71 | ||||||
KB Home | 9,794 | 224 | ||||||
Kirkland’s* | 1,593 | 15 | ||||||
Kohl’s | 9,300 | 385 | ||||||
L Brands | 13,400 | 622 | ||||||
La Quinta Holdings* | 9,420 | 140 | ||||||
Lands’ End* | 1,574 | 21 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Las Vegas Sands | 20,400 | $ | 1,257 | |||||
Laureate Education, Cl A* | 4,042 | 69 | ||||||
La-Z-Boy, Cl Z | 5,909 | 200 | ||||||
LCI Industries | 2,869 | 306 | ||||||
Lear | 3,800 | 563 | ||||||
Leggett & Platt | 7,400 | 357 | ||||||
Lennar, Cl A | 11,100 | 582 | ||||||
Lennar, Cl B | 300 | 13 | ||||||
LGI Homes* | 1,906 | 84 | ||||||
Libbey | 2,294 | 21 | ||||||
Liberty Broadband, Cl A* | 1,300 | 129 | ||||||
Liberty Broadband, Cl C* | 5,800 | 575 | ||||||
Liberty Expedia Holdings, Cl A* | 2,680 | 153 | ||||||
Liberty Interactive QVC Group, Cl A* | 22,600 | 541 | ||||||
Liberty Media -Liberty Braves, Cl A* | 990 | 25 | ||||||
Liberty Media -Liberty Braves, Cl C* | 3,670 | 93 | ||||||
Liberty Media -Liberty Formula One, Cl A* | 1,800 | 61 | ||||||
Liberty Media -Liberty Formula One, Cl C* | 7,000 | 246 | ||||||
Liberty Media -Liberty SiriusXM, Cl A* | 5,100 | 235 | ||||||
Liberty Media -Liberty SiriusXM, Cl C* | 10,300 | 474 | ||||||
Liberty Tax | 772 | 11 | ||||||
Liberty TripAdvisor Holdings, Cl A* | 8,472 | 100 | ||||||
Liberty Ventures, Ser A* | 4,320 | 262 | ||||||
Lifetime Brands | 1,210 | 23 | ||||||
Lindblad Expeditions Holdings* | 1,589 | 16 | ||||||
Lions Gate Entertainment, Cl A | 2,350 | 69 | ||||||
Lions Gate Entertainment, Cl B* | 5,267 | 145 | ||||||
Lithia Motors, Cl A | 2,782 | 287 | ||||||
Live Nation Entertainment* | 7,200 | 268 | ||||||
LKQ* | 17,500 | 605 | ||||||
Loral Space & Communications* | 1,542 | 72 | ||||||
Lowe’s | 48,300 | 3,738 | ||||||
Lululemon Athletica* | 5,400 | 333 | ||||||
Lumber Liquidators Holdings* | 3,240 | 80 | ||||||
M/I Homes* | 2,797 | 73 | ||||||
Macy’s | 17,100 | 406 | ||||||
Madison Square Garden* | 1,000 | 220 | ||||||
Malibu Boats, Cl A* | 2,290 | 66 | ||||||
Marcus | 2,215 | 60 | ||||||
Marine Products | 1,355 | 20 | ||||||
MarineMax* | 2,983 | 45 | ||||||
Marriott International, Cl A | 17,580 | 1,832 | ||||||
Marriott Vacations Worldwide | 2,532 | 296 | ||||||
Mattel | 18,500 | 370 | ||||||
MCBC Holdings* | 2,399 | 44 | ||||||
McDonald’s | 45,700 | 7,090 | ||||||
MDC Holdings | 5,063 | 174 | ||||||
Meredith | 4,699 | 279 | ||||||
Meritage Homes* | 4,651 | 190 | ||||||
MGM Resorts International | 28,200 | 929 | ||||||
Michael Kors Holdings* | 8,700 | 317 | ||||||
Michaels* | 7,200 | 145 |
20 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||||||
COMMON STOCK (continued) | ||||||||||||
Modine Manufacturing* | 5,505 | $ | 89 | |||||||||
Mohawk Industries* | 3,400 | 847 | ||||||||||
Monarch Casino & Resort* | 1,406 | 47 | ||||||||||
Monro Muffler Brake | 3,721 | 173 | ||||||||||
Motorcar Parts of America* | 2,210 | 62 | ||||||||||
Movado Group | 1,851 | 46 | ||||||||||
MSG Networks* | 7,289 | 156 | ||||||||||
Murphy USA* | 1,900 | 144 | ||||||||||
NACCO Industries, Cl A | 419 | 27 | ||||||||||
Nathan’s Famous* | 329 | 21 | ||||||||||
National CineMedia | 7,191 | 51 | ||||||||||
Nautilus* | 3,639 | 64 | ||||||||||
Netflix* | 23,100 | 4,196 | ||||||||||
New Home* | 1,409 | 15 | ||||||||||
New Media Investment Group | 5,328 | 74 | ||||||||||
New York Times, Cl A | 14,850 | 282 | ||||||||||
Newell Rubbermaid | 27,100 | 1,429 | ||||||||||
News | 6,400 | 94 | ||||||||||
News, Cl A | 21,600 | 309 | ||||||||||
Nexstar Media Group, Cl A | 5,246 | 343 | ||||||||||
NIKE, Cl B | 74,000 | 4,370 | ||||||||||
Noodles, Cl A* | 1,238 | 5 | ||||||||||
Nordstrom | 6,700 | 325 | ||||||||||
Norwegian Cruise Line Holdings* | 8,900 | 490 | ||||||||||
Nutrisystem | 3,450 | 192 | ||||||||||
NVR* | 180 | 470 | ||||||||||
Office Depot | 59,139 | 347 | ||||||||||
Ollie’s Bargain Outlet Holdings* | 5,586 | 250 | ||||||||||
Omnicom Group | 13,000 | 1,024 | ||||||||||
O’Reilly Automotive* | 5,000 | 1,021 | ||||||||||
Overstock.com* | 1,401 | 22 | ||||||||||
Oxford Industries | 1,980 | 125 | ||||||||||
Papa John’s International | 3,283 | 234 | ||||||||||
Party City Holdco* | 3,239 | 45 | ||||||||||
Penn National Gaming* | 10,097 | 204 | ||||||||||
Penske Automotive Group | 2,300 | 100 | ||||||||||
Perry Ellis International* | 1,325 | 26 | ||||||||||
PetMed Express | 2,376 | 113 | ||||||||||
PICO Holdings* | 2,861 | 46 | ||||||||||
Pier 1 Imports | 9,294 | 43 | ||||||||||
Pinnacle Entertainment* | 6,586 | 125 | ||||||||||
Planet Fitness, Cl A | 9,889 | 224 | ||||||||||
Polaris Industries | 3,300 | 296 | ||||||||||
Pool | 2,300 | 249 | ||||||||||
Potbelly* | 2,501 | 29 | ||||||||||
Priceline Group* | 2,760 | 5,599 | ||||||||||
PulteGroup | 17,300 | 422 | ||||||||||
PVH | 4,400 | 525 | ||||||||||
Ralph Lauren, Cl A | 3,100 | 235 | ||||||||||
RCI Hospitality Holdings | 1,268 | 29 | ||||||||||
Reading International, Cl A* | 1,787 | 29 | ||||||||||
Red Lion Hotels* | 1,568 | 11 |
Description | Shares | Market Value ($ Thousands) | ||||||||||
COMMON STOCK (continued) | ||||||||||||
Red Robin Gourmet Burgers* | 1,508 | $ | 90 | |||||||||
Red Rock Resorts, Cl A | 7,973 | 191 | ||||||||||
Regal Entertainment Group, Cl A | 6,960 | 132 | ||||||||||
Regis* | 4,392 | 46 | ||||||||||
Rent-A-Center, Cl A | 6,188 | 82 | ||||||||||
RH* | 3,946 | 257 | ||||||||||
Ross Stores | 21,700 | 1,200 | ||||||||||
Royal Caribbean Cruises | 9,600 | 1,085 | ||||||||||
Ruby Tuesday* | 6,295 | 13 | ||||||||||
Ruth’s Hospitality Group | 3,749 | 75 | ||||||||||
Saga Communications, Cl A | 403 | 16 | ||||||||||
Salem Media Group, Cl A | 1,242 | 9 | ||||||||||
Sally Beauty Holdings* | 7,400 | 150 | ||||||||||
Scholastic | 3,322 | 138 | ||||||||||
Scientific Games, Cl A* | 6,054 | 224 | ||||||||||
Scripps Networks Interactive, Cl A | 4,600 | 402 | ||||||||||
Sears Holdings* | 1,235 | 11 | ||||||||||
SeaWorld Entertainment | 7,786 | 120 | ||||||||||
Select Comfort* | 5,018 | 170 | ||||||||||
Sequential Brands Group* | 4,116 | 13 | ||||||||||
Service International | 10,400 | 361 | ||||||||||
ServiceMaster Global Holdings* | 7,700 | 338 | ||||||||||
Shake Shack, Cl A* | 2,575 | 85 | ||||||||||
Shiloh Industries* | 1,208 | 9 | ||||||||||
Shoe Carnival | 1,494 | 27 | ||||||||||
Shutterfly* | 4,031 | 198 | ||||||||||
Signet Jewelers | 4,000 | 245 | ||||||||||
Sinclair Broadcast Group, Cl A | 8,338 | 301 | ||||||||||
Sirius XM Holdings | 79,100 | 464 | ||||||||||
Six Flags Entertainment | 4,100 | 233 | ||||||||||
Skechers, Cl A* | 6,600 | 185 | ||||||||||
Sonic | 5,132 | 121 | ||||||||||
Sonic Automotive, Cl A | 3,305 | 60 | ||||||||||
Sotheby’s* | 4,470 | 253 | ||||||||||
Speedway Motorsports | 1,247 | 26 | ||||||||||
Sportsman’s Warehouse Holdings* | 2,737 | 12 | ||||||||||
Standard Motor Products | 2,543 | 128 | ||||||||||
Staples | 35,900 | 364 | ||||||||||
Starbucks | 79,400 | 4,286 | ||||||||||
Steven Madden* | 6,825 | 280 | ||||||||||
Stoneridge* | 3,149 | 48 | ||||||||||
Strayer Education | 1,228 | 97 | ||||||||||
Sturm Ruger | 2,141 | 123 | ||||||||||
Superior Industries International | 2,867 | 56 | ||||||||||
Superior Uniform Group | 883 | 20 | ||||||||||
Tailored Brands | 5,590 | 70 | ||||||||||
TAL Education Group ADR | 2,400 | 376 | ||||||||||
Target | 31,100 | 1,762 | ||||||||||
Taylor Morrison Home, Cl A* | 7,175 | 162 | ||||||||||
TEGNA | 12,100 | 179 | ||||||||||
Tempur Sealy International* | 2,700 | 156 | ||||||||||
Tenneco | 6,424 | 355 |
21 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||||||
COMMON STOCK (continued) | ||||||||||||
Tesla* | 7,250 | $ | 2,345 | |||||||||
Texas Roadhouse, Cl A | 7,856 | 372 | ||||||||||
Thor Industries | 2,700 | 284 | ||||||||||
Tiffany | 6,000 | 573 | ||||||||||
Tile Shop Holdings | 3,955 | 58 | ||||||||||
Tilly’s, Cl A | 1,360 | 14 | ||||||||||
Time | 11,948 | 168 | ||||||||||
Time Warner | 43,700 | 4,476 | ||||||||||
TJX | 35,900 | 2,524 | ||||||||||
Toll Brothers | 8,800 | 340 | ||||||||||
TopBuild* | 4,553 | 240 | ||||||||||
Tower International | 2,446 | 60 | ||||||||||
Townsquare Media, Cl A* | 1,006 | 11 | ||||||||||
Tractor Supply | 7,200 | 404 | ||||||||||
TRI Pointe Group* | 18,699 | 249 | ||||||||||
Tribune Media, Cl A | 3,900 | 164 | ||||||||||
TripAdvisor* | 6,500 | 254 | ||||||||||
tronc* | 2,259 | 29 | ||||||||||
Tupperware Brands | 2,700 | 164 | ||||||||||
Twenty-First Century Fox | 24,400 | 700 | ||||||||||
Twenty-First Century Fox, Cl A | 58,100 | 1,691 | ||||||||||
UCP, Cl A* | 931 | 10 | ||||||||||
Ulta Beauty* | 3,300 | 829 | ||||||||||
Under Armour, Cl A* | 10,900 | 218 | ||||||||||
Under Armour, Cl C* | 11,143 | 202 | ||||||||||
Unifi* | 1,944 | 64 | ||||||||||
Universal Electronics* | 1,633 | 112 | ||||||||||
Urban Outfitters* | 4,500 | 88 | ||||||||||
Vail Resorts | 2,300 | 485 | ||||||||||
Vera Bradley* | 2,130 | 21 | ||||||||||
VF | 18,700 | 1,163 | ||||||||||
Viacom, Cl A | 400 | 16 | ||||||||||
Viacom, Cl B | 20,000 | 698 | ||||||||||
Vista Outdoor* | 6,710 | 155 | ||||||||||
Visteon* | 1,900 | 212 | ||||||||||
Vitamin Shoppe* | 2,879 | 32 | ||||||||||
VOXX International, Cl A* | 2,962 | 20 | ||||||||||
Walt Disney | 88,000 | 9,674 | ||||||||||
Wayfair, Cl A* | 2,100 | 160 | ||||||||||
Weight Watchers International* | 3,407 | 122 | ||||||||||
Wendy’s | 10,600 | 164 | ||||||||||
West Marine | 2,021 | 26 | ||||||||||
Weyco Group | 709 | 20 | ||||||||||
Whirlpool | 4,100 | 729 | ||||||||||
William Lyon Homes, Cl A* | 2,953 | 67 | ||||||||||
Williams-Sonoma | 4,800 | 223 | ||||||||||
Wingstop, Cl A* | 3,409 | 102 | ||||||||||
Winmark | 239 | 32 | ||||||||||
Winnebago Industries | 3,851 | 142 | ||||||||||
Wolverine World Wide | 11,395 | 321 | ||||||||||
World Wrestling Entertainment, Cl A | 4,120 | 87 | ||||||||||
Wyndham Worldwide | 5,600 | 584 |
Description | Shares | Market Value ($ Thousands) | ||||||||||
COMMON STOCK (continued) | ||||||||||||
Wynn Resorts | 4,400 | $ | 569 | |||||||||
Yum China Holdings* | 40,000 | 1,432 | ||||||||||
Yum! Brands | 19,700 | 1,487 | ||||||||||
ZAGG* | 3,037 | 26 | ||||||||||
Zoe’s Kitchen* | 2,028 | 23 | ||||||||||
Zumiez* | 1,900 | 24 | ||||||||||
|
| |||||||||||
196,876 | ||||||||||||
|
| |||||||||||
Consumer Staples — 5.0% | ||||||||||||
Alico | 360 | 11 | ||||||||||
Altria Group | 108,600 | 7,056 | ||||||||||
Amplify Snack Brands* | 3,044 | 32 | ||||||||||
Andersons | 3,093 | 107 | ||||||||||
Archer-Daniels-Midland | 31,500 | 1,329 | ||||||||||
B&G Foods, Cl A | 7,817 | 283 | ||||||||||
Blue Buffalo Pet Products* | 5,200 | 116 | ||||||||||
Boston Beer, Cl A* | 1,032 | 162 | ||||||||||
Brown-Forman, Cl A | 2,800 | 144 | ||||||||||
Brown-Forman, Cl B | 10,200 | 504 | ||||||||||
Bunge | 8,000 | 627 | ||||||||||
Calavo Growers | 1,846 | 137 | ||||||||||
Cal-Maine Foods | 3,753 | 143 | ||||||||||
Campbell Soup | 10,200 | 539 | ||||||||||
Casey’s General Stores | 2,300 | 246 | ||||||||||
Castle Brands* | 12,716 | 23 | ||||||||||
Central Garden & Pet* | 1,092 | 35 | ||||||||||
Central Garden & Pet, Cl A* | 4,055 | 125 | ||||||||||
Chefs’ Warehouse* | 2,586 | 38 | ||||||||||
Church & Dwight | 14,400 | 768 | ||||||||||
Clorox | 7,100 | 948 | ||||||||||
Coca-Cola | 215,930 | 9,898 | ||||||||||
Coca-Cola Bottling Consolidated | 551 | 132 | ||||||||||
Colgate-Palmolive | 48,500 | 3,502 | ||||||||||
Conagra Brands | 22,100 | 757 | ||||||||||
Constellation Brands, Cl A | 9,000 | 1,740 | ||||||||||
Costco Wholesale | 24,500 | 3,883 | ||||||||||
Coty, Cl A | 25,478 | 522 | ||||||||||
Craft Brew Alliance* | 1,395 | 24 | ||||||||||
CVS Health | 57,300 | 4,580 | ||||||||||
Darling Ingredients* | 19,539 | 318 | ||||||||||
Dean Foods | 10,678 | 160 | ||||||||||
Dr Pepper Snapple Group | 10,200 | 930 | ||||||||||
Edgewell Personal Care* | 3,200 | 231 | ||||||||||
elf Beauty* | 2,429 | 62 | ||||||||||
Energizer Holdings | 3,400 | 157 | ||||||||||
Estee Lauder, Cl A | 12,100 | 1,198 | ||||||||||
Farmer Bros* | 853 | 27 | ||||||||||
Flowers Foods | 9,800 | 172 | ||||||||||
Fresh Del Monte Produce | 3,873 | 199 | ||||||||||
Freshpet* | 2,937 | 50 | ||||||||||
General Mills | 32,100 | 1,787 | ||||||||||
Hain Celestial Group* | 5,600 | 250 | ||||||||||
Herbalife* | 4,200 | 279 |
22 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Hershey | 7,700 | $ | 811 | |||||
Hormel Foods | 14,700 | 502 | ||||||
Hostess Brands, Cl A* | 9,391 | 143 | ||||||
HRG Group* | 13,955 | 231 | ||||||
Ingles Markets, Cl A | 1,637 | 48 | ||||||
Ingredion | 4,000 | 493 | ||||||
Inter Parfums | 1,979 | 77 | ||||||
J&J Snack Foods | 1,816 | 239 | ||||||
JM Smucker | 6,400 | 780 | ||||||
John B Sanfilippo & Son | 1,001 | 64 | ||||||
Kellogg | 13,900 | 945 | ||||||
Kimberly-Clark | 19,700 | 2,426 | ||||||
Kraft Heinz | 33,487 | 2,929 | ||||||
Kroger | 51,500 | 1,263 | ||||||
Lamb Weston Holdings | 8,500 | 374 | ||||||
Lancaster Colony | 2,269 | 278 | ||||||
Landec* | 3,399 | 42 | ||||||
Lifeway Foods* | 366 | 3 | ||||||
Limoneira | 1,244 | 28 | ||||||
McCormick | 6,300 | 600 | ||||||
Medifast | 1,286 | 55 | ||||||
MGP Ingredients | 1,503 | 89 | ||||||
Molson Coors Brewing, Cl B | 9,800 | 872 | ||||||
Mondelez International, Cl A | 82,600 | 3,636 | ||||||
Monster Beverage* | 23,315 | 1,230 | ||||||
National Beverage | 1,395 | 142 | ||||||
Natural Grocers by Vitamin Cottage* | 1,014 | 9 | ||||||
Natural Health Trends | 788 | 19 | ||||||
Nature’s Sunshine Products | 724 | 9 | ||||||
Nu Skin Enterprises, Cl A | 2,800 | 177 | ||||||
Nutraceutical International | 897 | 37 | ||||||
Oil-Dri Corp of America | 545 | 23 | ||||||
Omega Protein | 2,613 | 42 | ||||||
Orchids Paper Products | 947 | 11 | ||||||
PepsiCo | 80,264 | 9,360 | ||||||
Performance Food Group* | 8,342 | 240 | ||||||
Philip Morris International | 87,200 | 10,177 | ||||||
Pilgrim’s Pride* | 3,800 | 92 | ||||||
Pinnacle Foods | 6,400 | 380 | ||||||
Post Holdings* | 3,600 | 300 | ||||||
PriceSmart | 2,646 | 223 | ||||||
Primo Water* | 2,719 | 34 | ||||||
Procter & Gamble | 143,876 | 13,067 | ||||||
Revlon, Cl A* | 1,225 | 24 | ||||||
Rite Aid* | 55,900 | 125 | ||||||
Sanderson Farms | 2,415 | 316 | ||||||
Seaboard | 18 | 77 | ||||||
Seneca Foods, Cl A* | 706 | 20 | ||||||
Smart & Final Stores* | 3,072 | 26 | ||||||
Snyder’s-Lance | 10,227 | 356 | ||||||
SpartanNash | 4,535 | 126 | ||||||
Spectrum Brands Holdings | 1,400 | 162 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Sprouts Farmers Market* | 7,100 | $ | 171 | |||||
SUPERVALU* | 31,909 | 114 | ||||||
Sysco | 27,400 | 1,442 | ||||||
Tootsie Roll Industries | 2,117 | 79 | ||||||
TreeHouse Foods* | 3,000 | 254 | ||||||
Turning Point Brands* | 706 | 11 | ||||||
Tyson Foods, Cl A | 15,800 | 1,001 | ||||||
United Natural Foods* | 5,920 | 228 | ||||||
Universal | 2,997 | 192 | ||||||
US Foods Holding* | 7,400 | 208 | ||||||
USANA Health Sciences* | 1,302 | 74 | ||||||
Vector Group | 11,040 | 222 | ||||||
Village Super Market, Cl A | 776 | 19 | ||||||
Walgreens Boots Alliance | 52,492 | 4,235 | ||||||
Wal-Mart Stores | 81,600 | 6,527 | ||||||
WD-40 | 1,713 | 183 | ||||||
Weis Markets | 1,125 | 53 | ||||||
Whole Foods Market | 17,400 | 727 | ||||||
|
| |||||||
113,703 | ||||||||
|
| |||||||
Energy — 3.7% | ||||||||
Abraxas Petroleum* | 16,094 | 29 | ||||||
Adams Resources & Energy | 241 | 9 | ||||||
Anadarko Petroleum | 31,600 | 1,443 | ||||||
Antero Resources* | 12,800 | 264 | ||||||
Apache | 21,600 | 1,069 | ||||||
Approach Resources* | 5,832 | 18 | ||||||
Arch Coal | 2,616 | 199 | ||||||
Archrock | 8,683 | 95 | ||||||
Atwood Oceanics* | 9,230 | 73 | ||||||
Baker Hughes a GE | 23,300 | 860 | ||||||
Basic Energy Services* | 2,043 | 46 | ||||||
Bill Barrett* | 6,783 | 23 | ||||||
Bonanza Creek Energy* | 2,264 | 66 | ||||||
Bristow Group | 3,969 | 29 | ||||||
C&J Energy Services* | 5,542 | 179 | ||||||
Cabot Oil & Gas | 26,600 | 662 | ||||||
California Resources* | 5,331 | 43 | ||||||
Callon Petroleum* | 24,095 | 273 | ||||||
CARBO Ceramics* | 2,698 | 19 | ||||||
Carrizo Oil & Gas* | 7,187 | 113 | ||||||
Centennial Resource Development, Cl A* | 7,000 | 117 | ||||||
Cheniere Energy* | 11,700 | 529 | ||||||
Chesapeake Energy* | 50,300 | 250 | ||||||
Chevron | 106,203 | 11,596 | ||||||
Cimarex Energy | 5,200 | 515 | ||||||
Clean Energy Fuels* | 16,924 | 44 | ||||||
Cloud Peak Energy* | 8,676 | 30 | ||||||
Cobalt International Energy* | 0 | — | ||||||
Concho Resources* | 8,300 | 1,081 | ||||||
ConocoPhillips | 69,100 | 3,135 | ||||||
CONSOL Energy* | 12,400 | 208 | ||||||
Contango Oil & Gas* | 2,784 | 17 |
23 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Continental Resources* | 4,700 | $ | 157 | |||||
CVR Energy | 2,103 | 40 | ||||||
Delek US Holdings | 9,372 | 245 | ||||||
Denbury Resources* | 40,059 | 59 | ||||||
Devon Energy | 29,200 | 973 | ||||||
DHT Holdings | 11,331 | 47 | ||||||
Diamond Offshore Drilling* | 7,590 | 94 | ||||||
Diamondback Energy* | 5,600 | 537 | ||||||
Dorian LPG* | 2,638 | 19 | ||||||
Dril-Quip* | 4,445 | 198 | ||||||
Earthstone Energy* | 292 | 3 | ||||||
Eclipse Resources* | 11,098 | 31 | ||||||
Energen* | 5,400 | 288 | ||||||
Energy XXI Gulf Coast* | 3,470 | 69 | ||||||
EOG Resources | 32,500 | 3,092 | ||||||
EP Energy, Cl A* | 4,198 | 14 | ||||||
EQT | 9,500 | 605 | ||||||
Era Group* | 2,125 | 19 | ||||||
Evolution Petroleum | 2,696 | 23 | ||||||
EXCO Resources* | 1 | — | ||||||
Exterran* | 3,680 | 102 | ||||||
Extraction Oil & Gas* | 7,700 | 94 | ||||||
ExxonMobil | 238,135 | 19,060 | ||||||
Fairmount Santrol Holdings* | 18,202 | 53 | ||||||
Forum Energy Technologies* | 8,276 | 110 | ||||||
Frontline | 7,692 | 44 | ||||||
GasLog | 4,641 | 85 | ||||||
Gastar Exploration* | 25,183 | 22 | ||||||
Gener8 Maritime* | 4,143 | 22 | ||||||
Geospace Technologies* | 1,380 | 21 | ||||||
Golar LNG | 11,433 | 272 | ||||||
Green Plains | 4,415 | 87 | ||||||
Gulf Island Fabrication | 2,032 | 23 | ||||||
Gulfport Energy* | 8,900 | 112 | ||||||
Halcon Resources* | 7,171 | 47 | ||||||
Hallador Energy | 2,517 | 17 | ||||||
Halliburton | 48,600 | 2,063 | ||||||
Helix Energy Solutions Group* | 16,309 | 107 | ||||||
Helmerich & Payne | 6,200 | 314 | ||||||
Hess | 15,500 | 690 | ||||||
HollyFrontier | 9,300 | 268 | ||||||
Independence Contract Drilling* | 3,276 | 13 | ||||||
International Seaways* | 3,451 | 79 | ||||||
Isramco* | 61 | 7 | ||||||
Jagged Peak Energy* | 3,649 | 52 | ||||||
Jones Energy, Cl A* | 7,681 | 12 | ||||||
Keane Group* | 3,554 | 54 | ||||||
Key Energy Services* | 1,460 | 27 | ||||||
Kinder Morgan | 107,100 | 2,188 | ||||||
Kosmos Energy* | 9,900 | 65 | ||||||
Laredo Petroleum* | 7,728 | 100 | ||||||
Lilis Energy* | 5,920 | 27 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Mammoth Energy Services* | 789 | $ | 12 | |||||
Marathon Oil | 46,800 | 572 | ||||||
Marathon Petroleum | 28,900 | 1,618 | ||||||
Matador Resources* | 10,433 | 253 | ||||||
Matrix Service* | 3,138 | 32 | ||||||
McDermott International* | 33,232 | 225 | ||||||
Midstates Petroleum* | 1,651 | 23 | ||||||
Murphy Oil | 8,900 | 237 | ||||||
Nabors Industries | 15,000 | 116 | ||||||
National Oilwell Varco | 20,800 | 680 | ||||||
Natural Gas Services Group* | 1,534 | 38 | ||||||
Navios Maritime Acquisition | 8,951 | 13 | ||||||
NCS Multistage Holdings* | 1,295 | 29 | ||||||
Newfield Exploration* | 10,900 | 313 | ||||||
Newpark Resources* | 9,364 | 78 | ||||||
Noble | 28,655 | 115 | ||||||
Noble Energy | 26,800 | 775 | ||||||
Novatek PJSC GDR | 200 | 20 | ||||||
Oasis Petroleum* | 27,706 | 216 | ||||||
Occidental Petroleum | 42,600 | 2,638 | ||||||
Oceaneering International | 5,000 | 128 | ||||||
Oil States International* | 6,154 | 153 | ||||||
ONEOK | 11,800 | 668 | ||||||
Overseas Shipholding Group, Cl A* | 5,249 | 16 | ||||||
Pacific Ethanol* | 5,229 | 33 | ||||||
Panhandle Oil and Gas, Cl A | 2,014 | 44 | ||||||
Par Pacific Holdings* | 3,646 | 65 | ||||||
Parker Drilling* | 16,582 | 20 | ||||||
Parsley Energy, Cl A* | 12,200 | 357 | ||||||
Patterson-UTI Energy | 12,200 | 236 | ||||||
PBF Energy, Cl A | 6,300 | 143 | ||||||
PDC Energy* | 7,758 | 366 | ||||||
Peabody Energy* | 5,882 | 165 | ||||||
Penn Virginia* | 1,674 | 64 | ||||||
PHI* | 1,270 | 12 | ||||||
Phillips 66 | 24,300 | 2,035 | ||||||
Pioneer Energy Services* | 8,681 | 19 | ||||||
Pioneer Natural Resources | 9,519 | 1,553 | ||||||
ProPetro Holding* | 2,963 | 39 | ||||||
QEP Resources* | 13,500 | 116 | ||||||
Range Resources | 13,312 | 281 | ||||||
Renewable Energy Group* | 4,517 | 56 | ||||||
Resolute Energy* | 2,547 | 87 | ||||||
REX American Resources* | 674 | 67 | ||||||
Rice Energy* | 9,900 | 277 | ||||||
RigNet* | 1,379 | 26 | ||||||
Ring Energy* | 4,968 | 65 | ||||||
RPC | 3,700 | 77 | ||||||
RSP Permian* | 7,300 | 251 | ||||||
Sanchez Energy* | 7,987 | 45 | ||||||
SandRidge Energy* | 4,097 | 79 | ||||||
Schlumberger | 77,828 | 5,339 |
24 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Scorpio Tankers | 18,494 | $ | 69 | |||||
SEACOR Holdings* | 1,834 | 63 | ||||||
SEACOR Marine Holdings* | 1,843 | 27 | ||||||
SemGroup, Cl A | 7,779 | 210 | ||||||
Ship Finance International | 7,013 | 95 | ||||||
SilverBow Resources* | 983 | 25 | ||||||
SM Energy | 6,900 | 120 | ||||||
Smart Sand* | 1,571 | 10 | ||||||
Solaris Oilfield Infrastructure, Cl A* | 1,380 | 18 | ||||||
Southwestern Energy* | 26,900 | 153 | ||||||
SRC Energy* | 23,982 | 204 | ||||||
Stone Energy* | 2,289 | 49 | ||||||
Superior Energy Services* | 17,867 | 192 | ||||||
Surgutneftegas ADR | 45,837 | 223 | ||||||
Targa Resources | 11,200 | 520 | ||||||
Teekay Tankers, Cl A | 12,174 | 22 | ||||||
Tellurian* | 6,505 | 60 | ||||||
Tesco* | 5,418 | 25 | ||||||
Tesoro | 8,600 | 856 | ||||||
TETRA Technologies* | 12,495 | 35 | ||||||
Ultra Petroleum* | 23,227 | 239 | ||||||
Unit* | 5,911 | 106 | ||||||
Uranium Energy* | 19,351 | 31 | ||||||
US Silica Holdings | 9,720 | 283 | ||||||
Valero Energy | 24,900 | 1,717 | ||||||
W&T Offshore* | 13,181 | 26 | ||||||
Westmoreland Coal* | 1,965 | 8 | ||||||
Whiting Petroleum* | 20,000 | 105 | ||||||
WildHorse Resource Development* | 2,286 | 30 | ||||||
Willbros Group* | 4,741 | 10 | ||||||
Williams | 46,100 | 1,465 | ||||||
World Fuel Services | 3,500 | 113 | ||||||
WPX Energy* | 21,400 | 231 | ||||||
|
| |||||||
84,009 | ||||||||
|
| |||||||
Financials — 10.3% | ||||||||
1st Source | 1,783 | 88 | ||||||
Access National | 1,574 | 42 | ||||||
ACNB | 642 | 18 | ||||||
Affiliated Managers Group | 3,100 | 576 | ||||||
Aflac | 21,600 | 1,723 | ||||||
AG Mortgage Investment Trust†† | 3,297 | 61 | ||||||
AGNC Investment†† | 20,400 | 432 | ||||||
Alleghany* | 800 | 491 | ||||||
Allegiance Bancshares* | 1,385 | 52 | ||||||
Allstate | 20,500 | 1,866 | ||||||
Ally Financial | 26,300 | 595 | ||||||
Ambac Financial Group* | 5,618 | 115 | ||||||
American Equity Investment Life Holding | 10,063 | 269 | ||||||
American Express | 41,400 | 3,529 | ||||||
American Financial Group | 3,800 | 385 | ||||||
American International Group | 51,500 | 3,371 | ||||||
American National Bankshares | 889 | 34 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
American National Insurance | 400 | $ | 48 | |||||
Ameriprise Financial | 8,600 | 1,246 | ||||||
Ameris Bancorp | 4,411 | 202 | ||||||
AMERISAFE | 2,186 | 126 | ||||||
Ames National | 925 | 27 | ||||||
AmTrust Financial Services | 10,006 | 160 | ||||||
Annaly Capital Management†† | 61,500 | 740 | ||||||
Anworth Mortgage Asset†† | 11,605 | 70 | ||||||
Apollo Commercial Real Estate Finance†† | 11,030 | 199 | ||||||
Arch Capital Group* | 6,600 | 642 | ||||||
Ares Commercial Real Estate†† | 3,426 | 44 | ||||||
Argo Group International Holdings | 3,447 | 207 | ||||||
Arlington Asset Investment, Cl A | 2,803 | 36 | ||||||
ARMOUR Residential†† | 4,496 | 114 | ||||||
Arrow Financial | 1,360 | 44 | ||||||
Arthur J Gallagher | 10,200 | 600 | ||||||
Artisan Partners Asset Management, Cl A | 5,226 | 174 | ||||||
ASB Bancorp, Cl B* | 434 | 19 | ||||||
Aspen Insurance Holdings | 3,700 | 181 | ||||||
Associated Banc-Corp | 8,100 | 194 | ||||||
Associated Capital Group | 432 | 14 | ||||||
Assurant | 3,200 | 337 | ||||||
Assured Guaranty | 6,600 | 297 | ||||||
Astoria Financial | 10,871 | 219 | ||||||
Athene Holding, Cl A* | 2,700 | 136 | ||||||
Atlantic Capital Bancshares* | 2,298 | 44 | ||||||
Atlas Financial Holdings* | 1,157 | 18 | ||||||
Axis Capital Holdings | 4,600 | 297 | ||||||
B. Riley Financial | 2,344 | 46 | ||||||
Baldwin & Lyons, Cl B | 954 | 22 | ||||||
Banc of California | 5,702 | 117 | ||||||
BancFirst | 917 | 98 | ||||||
Bancorp* | 6,022 | 47 | ||||||
BancorpSouth | 10,458 | 314 | ||||||
Bank Mutual | 4,906 | 49 | ||||||
Bank of America | 559,530 | 13,496 | ||||||
Bank of Commerce Holdings | 2,231 | 23 | ||||||
Bank of Hawaii | 2,500 | 209 | ||||||
Bank of Marin Bancorp | 756 | 50 | ||||||
Bank of New York Mellon | 56,200 | 2,980 | ||||||
Bank of NT Butterfield & Son | 6,312 | 215 | ||||||
Bank of the Ozarks | 6,400 | 276 | ||||||
BankFinancial | 1,654 | 25 | ||||||
BankUnited | 5,400 | 186 | ||||||
Bankwell Financial Group | 622 | 20 | ||||||
Banner | 3,948 | 228 | ||||||
Bar Harbor Bankshares | 1,849 | 52 | ||||||
BB&T | 45,300 | 2,144 | ||||||
BCB Bancorp | 1,400 | 21 | ||||||
Bear State Financial | 1,924 | 18 | ||||||
Beneficial Bancorp | 8,110 | 127 | ||||||
Berkshire Hathaway, Cl B* | 108,043 | 18,904 |
25 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Berkshire Hills Bancorp | 4,033 | $ | 150 | |||||
BGC Partners, Cl A | 12,700 | 160 | ||||||
BlackRock, Cl A | 6,974 | 2,975 | ||||||
Blue Capital Reinsurance Holdings | 649 | 13 | ||||||
Blue Hills Bancorp | 3,046 | 58 | ||||||
BofI Holding* | 7,233 | 202 | ||||||
BOK Financial | 1,400 | 119 | ||||||
Boston Private Financial Holdings | 10,021 | 154 | ||||||
Bridge Bancorp | 2,183 | 71 | ||||||
Brookline Bancorp | 8,428 | 125 | ||||||
Brown & Brown | 6,600 | 294 | ||||||
Bryn Mawr Bank | 1,930 | 82 | ||||||
BSB Bancorp* | 878 | 26 | ||||||
C&F Financial | 348 | 17 | ||||||
Cadence BanCorp, Cl A* | 1,225 | 28 | ||||||
California First National Bancorp | 303 | 5 | ||||||
Camden National | 1,790 | 75 | ||||||
Capital Bank Financial, Cl A | 3,533 | 134 | ||||||
Capital City Bank Group | 1,209 | 26 | ||||||
Capital One Financial | 27,100 | 2,335 | ||||||
Capitol Federal Financial | 15,251 | 217 | ||||||
Capstar Financial Holdings* | 1,142 | 20 | ||||||
Capstead Mortgage†† | 11,297 | 110 | ||||||
Carolina Financial | 1,517 | 51 | ||||||
Cathay General Bancorp | 8,957 | 335 | ||||||
CBOE Holdings | 6,300 | 596 | ||||||
CenterState Banks | 6,017 | 150 | ||||||
Central Pacific Financial | 3,741 | 116 | ||||||
Central Valley Community Bancorp | 953 | 21 | ||||||
Century Bancorp, Cl A | 330 | 22 | ||||||
Charles Schwab | 66,600 | 2,857 | ||||||
Charter Financial | 1,484 | 27 | ||||||
Chemical Financial | 8,415 | 406 | ||||||
Chemung Financial | 349 | 14 | ||||||
Cherry Hill Mortgage Investment†† | 1,376 | 26 | ||||||
Chimera Investment†† | 10,200 | 192 | ||||||
Chubb | 26,000 | 3,808 | ||||||
Cincinnati Financial | 8,600 | 655 | ||||||
CIT Group | 11,032 | 526 | ||||||
Citigroup | 154,800 | 10,596 | ||||||
Citizens, Cl A* | 6,178 | 50 | ||||||
Citizens & Northern | 1,238 | 29 | ||||||
Citizens Financial Group | 28,200 | 989 | ||||||
City Holding | 1,706 | 112 | ||||||
Civista Bancshares | 1,387 | 28 | ||||||
Clifton Bancorp | 2,801 | 47 | ||||||
CME Group, Cl A | 19,100 | 2,342 | ||||||
CNA Financial | 1,700 | 88 | ||||||
CNB Financial | 1,773 | 47 | ||||||
CNO Financial Group | 20,086 | 460 | ||||||
CoBiz Financial | 4,370 | 77 | ||||||
Codorus Valley Bancorp | 888 | 25 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Cohen & Steers | 2,479 | $ | 100 | |||||
Columbia Banking System | 6,835 | 272 | ||||||
Comerica | 10,000 | 723 | ||||||
Commerce Bancshares | 4,910 | 285 | ||||||
Commerce Union Bancshares | 1,006 | 25 | ||||||
Community Bank System | 5,883 | 323 | ||||||
Community Bankers Trust* | 3,068 | 26 | ||||||
Community Financial | 581 | 22 | ||||||
Community Trust Bancorp | 1,733 | 75 | ||||||
ConnectOne Bancorp | 3,644 | 82 | ||||||
County Bancorp | 531 | 13 | ||||||
Cowen, Cl A* | 3,267 | 52 | ||||||
Crawford, Cl B | 1,597 | 14 | ||||||
Credit Acceptance* | 600 | 149 | ||||||
CU Bancorp* | 1,932 | 71 | ||||||
Cullen | 3,300 | 300 | ||||||
Customers Bancorp* | 3,201 | 96 | ||||||
CVB Financial | 11,913 | 257 | ||||||
CYS Investments†† | 18,296 | 156 | ||||||
Diamond Hill Investment Group | 368 | 73 | ||||||
Dime Community Bancshares | 3,564 | 74 | ||||||
Discover Financial Services | 21,100 | 1,286 | ||||||
DNB Financial | 430 | 15 | ||||||
Donegal Group, Cl A | 920 | 14 | ||||||
Donnelley Financial Solutions* | 3,095 | 72 | ||||||
Dynex Capital†† | 5,973 | 41 | ||||||
E*TRADE Financial* | 15,200 | 623 | ||||||
Eagle Bancorp* | 3,658 | 228 | ||||||
East West Bancorp | 8,000 | 456 | ||||||
Eaton Vance | 6,100 | 299 | ||||||
eHealth* | 2,391 | 41 | ||||||
Elevate Credit* | 2,247 | 18 | ||||||
Ellington Residential Mortgage †† | 1,269 | 19 | ||||||
EMC Insurance Group | 883 | 24 | ||||||
Employers Holdings | 3,919 | 170 | ||||||
Encore Capital Group* | 2,768 | 111 | ||||||
Enova International* | 4,041 | 59 | ||||||
Enstar Group* | 1,340 | 271 | ||||||
Entegra Financial* | 930 | 21 | ||||||
Enterprise Bancorp | 1,092 | 37 | ||||||
Enterprise Financial Services | 2,551 | 101 | ||||||
Equity Bancshares, Cl A* | 1,391 | 48 | ||||||
Erie Indemnity, Cl A | 1,300 | 166 | ||||||
ESSA Bancorp | 896 | 13 | ||||||
Essent Group* | 8,879 | 341 | ||||||
Evans Bancorp | 653 | 27 | ||||||
Evercore Partners, Cl A | 4,706 | 370 | ||||||
Everest Re Group | 2,300 | 603 | ||||||
Ezcorp, Cl A* | 5,982 | 47 | ||||||
FactSet Research Systems | 2,200 | 368 | ||||||
Farmers & Merchants Bancorp | 520 | 31 | ||||||
Farmers Capital Bank | 798 | 30 |
26 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Farmers National Banc | 2,687 | $ | 37 | |||||
FB Financial* | 703 | 24 | ||||||
FBL Financial Group, Cl A | 1,153 | 78 | ||||||
FCB Financial Holdings, Cl A* | 4,227 | 199 | ||||||
Federal Agricultural Mortgage, Cl C | 1,056 | 72 | ||||||
Federated Investors, Cl B | 4,700 | 136 | ||||||
Federated National Holding | 1,355 | 22 | ||||||
Fidelity & Guaranty Life | 1,555 | 48 | ||||||
Fidelity Southern | 2,549 | 54 | ||||||
Fifth Street Asset Management, Cl A | 932 | 4 | ||||||
Fifth Third Bancorp | 42,500 | 1,135 | ||||||
Financial Engines | 6,988 | 269 | ||||||
Financial Institutions | 1,706 | 50 | ||||||
First American Financial | 5,800 | 281 | ||||||
First Bancorp | 3,855 | 116 | ||||||
First BanCorp* | 19,237 | 113 | ||||||
First Bancshares | 996 | 28 | ||||||
First Busey | 4,167 | 122 | ||||||
First Business Financial Services | 878 | 19 | ||||||
First Citizens BancShares, Cl A | 891 | 328 | ||||||
First Commonwealth Financial | 11,570 | 151 | ||||||
First Community Bancshares | 1,878 | 51 | ||||||
First Connecticut Bancorp | 1,508 | 39 | ||||||
First Defiance Financial | 1,212 | 63 | ||||||
First Financial | 1,232 | 57 | ||||||
First Financial Bancorp | 7,254 | 186 | ||||||
First Financial Bankshares | 7,499 | 324 | ||||||
First Financial Northwest | 992 | 16 | ||||||
First Foundation* | 3,164 | 55 | ||||||
First Guaranty Bancshares | 542 | 15 | ||||||
First Hawaiian | 3,400 | 100 | ||||||
First Horizon National | 12,600 | 220 | ||||||
First Internet Bancorp | 768 | 25 | ||||||
First Interstate BancSystem, Cl A | 2,935 | 107 | ||||||
First Merchants | 4,785 | 194 | ||||||
First Mid-Illinois Bancshares | 999 | 37 | ||||||
First Midwest Bancorp | 11,983 | 266 | ||||||
First Northwest Bancorp* | 1,198 | 18 | ||||||
First of Long Island | 2,526 | 71 | ||||||
First Republic Bank | 8,800 | 883 | ||||||
FirstCash | 5,661 | 329 | ||||||
Flagstar Bancorp* | 2,375 | 77 | ||||||
Flushing Financial | 3,260 | 93 | ||||||
FNB | 17,900 | 245 | ||||||
FNB Bancorp | 795 | 22 | ||||||
FNF Group | 14,300 | 699 | ||||||
FNFV Group* | 7,901 | 136 | ||||||
Franklin Financial Network* | 1,389 | 48 | ||||||
Franklin Resources | 18,600 | 833 | ||||||
Fulton Financial | 20,404 | 372 | ||||||
GAIN Capital Holdings | 3,940 | 26 | ||||||
GAMCO Investors, Cl A | 432 | 13 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Genworth Financial, Cl A* | 59,922 | $ | 206 | |||||
German American Bancorp | 2,488 | 89 | ||||||
Glacier Bancorp | 8,954 | 313 | ||||||
Global Indemnity* | 1,110 | 43 | ||||||
Goldman Sachs Group | 20,700 | 4,664 | ||||||
Great Ajax†† | 1,911 | 27 | ||||||
Great Southern Bancorp | 1,280 | 66 | ||||||
Great Western Bancorp | 6,939 | 271 | ||||||
Green Bancorp* | 2,654 | 60 | ||||||
Green Dot, Cl A* | 5,187 | 209 | ||||||
Greene County Bancorp | 367 | 9 | ||||||
Greenhill | 3,146 | 58 | ||||||
Greenlight Capital Re, Cl A* | 3,418 | 73 | ||||||
Guaranty Bancorp | 2,929 | 78 | ||||||
Hallmark Financial Services* | 1,528 | 17 | ||||||
Hamilton Lane, Cl A | 1,619 | 36 | ||||||
Hancock Holding | 10,071 | 463 | ||||||
Hanmi Financial | 3,769 | 108 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital†† | 5,651 | 131 | ||||||
Hanover Insurance Group | 2,400 | 228 | ||||||
HarborOne Bancorp* | 1,578 | 31 | ||||||
Hartford Financial Services Group | 20,700 | 1,138 | ||||||
HCI Group | 1,096 | 49 | ||||||
Health Insurance Innovations, Cl A* | 1,313 | 37 | ||||||
Heartland Financial | 2,793 | 132 | ||||||
Heritage Commerce | 4,580 | 64 | ||||||
Heritage Financial | 3,459 | 94 | ||||||
Heritage Insurance Holdings | 3,483 | 44 | ||||||
Hilltop Holdings | 8,954 | 224 | ||||||
Hingham Institution | 147 | 26 | ||||||
Home Bancorp | 630 | 26 | ||||||
Home BancShares | 15,354 | 381 | ||||||
HomeStreet* | 3,071 | 81 | ||||||
HomeTrust Bancshares* | 2,096 | 51 | ||||||
Hope Bancorp | 15,083 | 266 | ||||||
Horace Mann Educators | 4,800 | 177 | ||||||
Horizon Bancorp | 2,220 | 59 | ||||||
Houlihan Lokey, Cl A | 2,399 | 89 | ||||||
Howard Bancorp* | 1,279 | 25 | ||||||
Huntington Bancshares | 61,600 | 816 | ||||||
IBERIABANK | 6,063 | 490 | ||||||
Impac Mortgage Holdings* | 1,306 | 19 | ||||||
Independence Holding | 787 | 17 | ||||||
Independent Bank | 5,504 | 270 | ||||||
Independent Bank Group | 2,071 | 125 | ||||||
Infinity Property & Casualty | 1,295 | 130 | ||||||
Interactive Brokers Group, Cl A | 3,200 | 128 | ||||||
Intercontinental Exchange | 32,700 | 2,181 | ||||||
International Bancshares | 6,633 | 235 | ||||||
INTL. FCStone* | 1,769 | 69 | ||||||
Invesco | 22,800 | 793 |
27 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Invesco Mortgage Capital†† | 13,378 | $ | 222 | |||||
Investar Holding | 1,153 | 26 | ||||||
Investment Technology Group | 3,754 | 83 | ||||||
Investors Bancorp | 30,429 | 404 | ||||||
Investors Title | 155 | 27 | ||||||
James River Group Holdings | 2,228 | 89 | ||||||
JPMorgan Chase | 198,606 | 18,232 | ||||||
Kearny Financial | 10,688 | 156 | ||||||
Kemper | 4,700 | 184 | ||||||
KeyCorp | 61,304 | 1,106 | ||||||
Kingstone | 1,352 | 22 | ||||||
Kinsale Capital Group | 1,697 | 66 | ||||||
KKR†† | 1,215 | 25 | ||||||
Ladder Capital, Cl A†† | 8,282 | 109 | ||||||
Ladenburg Thalmann Financial Services* | 10,681 | 24 | ||||||
Lakeland Bancorp | 5,001 | 97 | ||||||
Lakeland Financial | 2,923 | 134 | ||||||
Lazard, Cl A | 7,200 | 336 | ||||||
LCNB | 952 | 19 | ||||||
LegacyTexas Financial Group | 5,625 | 218 | ||||||
Legg Mason | 5,300 | 212 | ||||||
LendingClub* | 39,326 | 199 | ||||||
LendingTree* | 753 | 166 | ||||||
Leucadia National | 17,900 | 466 | ||||||
Lincoln National | 12,700 | 928 | ||||||
Live Oak Bancshares | 2,343 | 59 | ||||||
Loews | 15,700 | 764 | ||||||
LPL Financial Holdings | 4,700 | 215 | ||||||
M&T Bank | 8,100 | 1,322 | ||||||
Macatawa Bank | 2,871 | 28 | ||||||
Maiden Holdings | 7,940 | 88 | ||||||
MainSource Financial Group | 2,700 | 94 | ||||||
Malvern Bancorp* | 945 | 23 | ||||||
Markel* | 800 | 857 | ||||||
MarketAxess Holdings | 2,000 | 406 | ||||||
Marlin Business Services | 915 | 24 | ||||||
Marsh & McLennan | 28,900 | 2,253 | ||||||
MB Financial | 9,613 | 393 | ||||||
MBIA* | 16,167 | 164 | ||||||
MBT Financial | 1,920 | 18 | ||||||
Medley Management, Cl A | 508 | 3 | ||||||
Mercantile Bank | 1,891 | 60 | ||||||
Mercury General | 1,573 | 94 | ||||||
Meridian Bancorp | 6,012 | 106 | ||||||
Meta Financial Group | 960 | 68 | ||||||
MetLife | 51,300 | 2,822 | ||||||
MFA Financial†† | 23,500 | 200 | ||||||
MGIC Investment* | 43,456 | 507 | ||||||
Middlefield Banc | 394 | 18 | ||||||
Midland States Bancorp | 1,798 | 57 | ||||||
MidSouth Bancorp | 1,236 | 14 | ||||||
MidWestOne Financial Group | 1,438 | 49 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Moelis, Cl A | 2,754 | $ | 113 | |||||
Moody’s | 9,400 | 1,237 | ||||||
Morgan Stanley | 74,300 | 3,485 | ||||||
Morningstar | 1,033 | 85 | ||||||
MSCI, Cl A | 5,100 | 556 | ||||||
MTGE Investment†† | 5,705 | 106 | ||||||
MutualFirst Financial | 586 | 20 | ||||||
NASDAQ OMX Group | 6,200 | 461 | ||||||
National Bank Holdings, Cl A | 2,816 | 96 | ||||||
National Bankshares | 720 | 28 | ||||||
National Commerce* | 1,090 | 44 | ||||||
National General Holdings | 5,590 | 119 | ||||||
National Western Life Group, Cl A | 266 | 90 | ||||||
Nationstar Mortgage Holdings* | 3,934 | 70 | ||||||
Navient | 16,600 | 245 | ||||||
Navigators Group | 2,332 | 133 | ||||||
NBT Bancorp | 5,026 | 182 | ||||||
Nelnet, Cl A | 2,511 | 123 | ||||||
New Residential Investment†† | 17,100 | 291 | ||||||
New York Community Bancorp | 25,800 | 339 | ||||||
New York Mortgage Trust†† | 13,606 | 86 | ||||||
NewStar Financial | 3,841 | 42 | ||||||
NI Holdings* | 1,463 | 26 | ||||||
Nicolet Bankshares* | 969 | 52 | ||||||
NMI Holdings, Cl A* | 6,024 | 71 | ||||||
Northeast Bancorp | 1,069 | 23 | ||||||
Northern Trust | 11,800 | 1,033 | ||||||
Northfield Bancorp | 4,954 | 83 | ||||||
Northrim BanCorp | 733 | 21 | ||||||
Northwest Bancshares | 11,191 | 180 | ||||||
Norwood Financial | 552 | 24 | ||||||
OceanFirst Financial | 3,863 | 105 | ||||||
Ocwen Financial* | 10,977 | 32 | ||||||
OFG Bancorp | 5,090 | 51 | ||||||
Ohio Valley Banc | 608 | 21 | ||||||
Old Line Bancshares | 900 | 24 | ||||||
Old National Bancorp | 15,636 | 255 | ||||||
Old Point Financial | 495 | 16 | ||||||
Old Republic International | 13,700 | 269 | ||||||
Old Second Bancorp | 3,119 | 37 | ||||||
OM Asset Management | 6,484 | 98 | ||||||
On Deck Capital* | 5,163 | 22 | ||||||
OneBeacon Insurance Group, Cl A | 2,582 | 47 | ||||||
OneMain Holdings, Cl A* | 2,800 | 75 | ||||||
Oppenheimer Holdings, Cl A | 1,086 | 17 | ||||||
Opus Bank | 2,544 | 61 | ||||||
Orchid Island Capital, Cl A†† | 3,407 | 32 | ||||||
Oritani Financial | 4,488 | 75 | ||||||
Orrstown Financial Services | 802 | 20 | ||||||
Owens Realty Mortgage†† | 1,097 | 19 | ||||||
Pacific Continental | 2,479 | 63 | ||||||
Pacific Mercantile Bancorp* | 1,689 | 13 |
28 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Pacific Premier Bancorp* | 4,684 | $ | 168 | |||||
PacWest Bancorp | 6,600 | 317 | ||||||
Paragon Commercial* | 578 | 31 | ||||||
Park National | 1,556 | 154 | ||||||
Park Sterling | 6,136 | 71 | ||||||
Parke Bancorp | 880 | 18 | ||||||
PCSB Financial* | 2,123 | 37 | ||||||
Peapack Gladstone Financial | 1,931 | 60 | ||||||
Penns Woods Bancorp | 503 | 22 | ||||||
PennyMac Financial Services, Cl A* | 1,488 | 26 | ||||||
PennyMac Mortgage Investment Trust†† | 7,885 | 139 | ||||||
Peoples Bancorp | 1,883 | 61 | ||||||
Peoples Bancorp of North Carolina | 641 | 20 | ||||||
Peoples Financial Services | 724 | 31 | ||||||
People’s United Financial | 18,200 | 317 | ||||||
People’s Utah Bancorp | 1,405 | 39 | ||||||
PHH* | 6,624 | 91 | ||||||
Pinnacle Financial Partners | 4,000 | 256 | ||||||
Piper Jaffray | 1,771 | 111 | ||||||
PJT Partners | 2,118 | 92 | ||||||
PNC Financial Services Group | 27,000 | 3,478 | ||||||
Popular | 5,900 | 249 | ||||||
PRA Group* | 5,470 | 214 | ||||||
Preferred Bank | 1,434 | 81 | ||||||
Premier Financial Bancorp | 1,009 | 19 | ||||||
Primerica | 5,285 | 428 | ||||||
Principal Financial Group | 15,000 | 1,001 | ||||||
ProAssurance | 2,700 | 167 | ||||||
Progressive | 32,100 | 1,513 | ||||||
Prosperity Bancshares | 3,700 | 237 | ||||||
Provident Bancorp* | 505 | 11 | ||||||
Provident Financial Holdings | 720 | 14 | ||||||
Provident Financial Services | 7,240 | 192 | ||||||
Prudential Bancorp | 1,202 | 21 | ||||||
Prudential Financial | 23,900 | 2,706 | ||||||
Pzena Investment Management, Cl A | 1,636 | 17 | ||||||
QCR Holdings | 1,456 | 67 | ||||||
Radian Group | 25,519 | 445 | ||||||
Raymond James Financial | 7,300 | 607 | ||||||
Redwood Trust†† | 9,336 | 161 | ||||||
Regional Management* | 1,159 | 28 | ||||||
Regions Financial | 67,000 | 978 | ||||||
Reinsurance Group of America, Cl A | 3,500 | 491 | ||||||
RenaissanceRe Holdings | 2,300 | 338 | ||||||
Renasant | 5,151 | 218 | ||||||
Republic Bancorp, Cl A | 1,200 | 43 | ||||||
Republic First Bancorp* | 6,118 | 54 | ||||||
Resource Capital†† | 4,055 | 42 | ||||||
Riverview Bancorp | 2,922 | 22 | ||||||
RLI | 4,465 | 259 | ||||||
S&P Global | 14,500 | 2,227 | ||||||
S&T Bancorp | 3,971 | 150 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Safeguard Scientifics* | 2,123 | $ | 25 | |||||
Safety Insurance Group | 1,672 | 119 | ||||||
Sandy Spring Bancorp | 2,915 | 117 | ||||||
Santander Consumer USA Holdings* | 9,212 | 118 | ||||||
Seacoast Banking Corp of Florida* | 4,876 | 114 | ||||||
SEI Investments† | 7,700 | 435 | ||||||
Selective Insurance Group | 6,855 | 347 | ||||||
ServisFirst Bancshares | 5,456 | 198 | ||||||
Shore Bancshares | 1,351 | 23 | ||||||
SI Financial Group | 1,225 | 19 | ||||||
Sierra Bancorp | 1,265 | 35 | ||||||
Signature Bank* | 2,900 | 402 | ||||||
Silvercrest Asset Management Group, Cl A | 787 | 10 | ||||||
Simmons First National, Cl A | 3,413 | 186 | ||||||
SLM* | 24,200 | 268 | ||||||
SmartFinancial* | 1,029 | 26 | ||||||
South State | 3,390 | 284 | ||||||
Southern First Bancshares* | 619 | 23 | ||||||
Southern Missouri Bancorp | 631 | 20 | ||||||
Southern National Bancorp of Virginia | 2,302 | 39 | ||||||
Southside Bancshares | 3,354 | 116 | ||||||
Southwest Bancorp | 2,217 | 58 | ||||||
Starwood Property Trust†† | 14,100 | 311 | ||||||
State Auto Financial | 1,850 | 48 | ||||||
State Bank Financial | 4,197 | 115 | ||||||
State National | 3,633 | 76 | ||||||
State Street | 20,900 | 1,949 | ||||||
Sterling Bancorp | 15,255 | 352 | ||||||
Stewart Information Services | 2,668 | 105 | ||||||
Stifel Financial* | 7,897 | 402 | ||||||
Stock Yards Bancorp | 2,456 | 88 | ||||||
Stonegate Bank | 1,703 | 79 | ||||||
Summit Financial Group | 1,298 | 28 | ||||||
Sun Bancorp | 1,137 | 28 | ||||||
Sunshine Bancorp* | 1,071 | 24 | ||||||
SunTrust Banks | 26,900 | 1,541 | ||||||
Sutherland Asset Management†† | 1,986 | 29 | ||||||
SVB Financial Group* | 3,000 | 535 | ||||||
Synchrony Financial | 45,300 | 1,373 | ||||||
Synovus Financial | 7,000 | 304 | ||||||
T Rowe Price Group | 13,300 | 1,100 | ||||||
TCF Financial | 8,779 | 138 | ||||||
TD Ameritrade Holding | 14,400 | 659 | ||||||
Territorial Bancorp | 821 | 25 | ||||||
Texas Capital Bancshares* | 5,970 | 468 | ||||||
TFS Financial | 3,900 | 62 | ||||||
Third Point Reinsurance* | 9,340 | 136 | ||||||
Timberland Bancorp | 920 | 25 | ||||||
Tiptree | 2,995 | 21 | ||||||
Tompkins Financial | 1,783 | 140 | ||||||
Torchmark | 6,500 | 513 | ||||||
Towne Bank | 6,691 | 209 |
29 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Travelers | 15,600 | $ | 1,998 | |||||
TriCo Bancshares | 2,307 | 85 | ||||||
TriState Capital Holdings* | 2,685 | 62 | ||||||
Triumph Bancorp* | 1,960 | 56 | ||||||
Trupanion* | 2,851 | 68 | ||||||
TrustCo Bank | 10,703 | 89 | ||||||
Trustmark | 8,038 | 257 | ||||||
Two Harbors Investment†† | 21,100 | 209 | ||||||
Two River Bancorp | 1,097 | 20 | ||||||
UMB Financial | 5,323 | 371 | ||||||
Umpqua Holdings | 26,181 | 485 | ||||||
Union Bankshares | 5,564 | 177 | ||||||
United Bankshares | 11,740 | 405 | ||||||
United Community Banks | 8,247 | 229 | ||||||
United Community Financial | 5,909 | 54 | ||||||
United Financial Bancorp | 5,825 | 105 | ||||||
United Fire Group | 2,636 | 119 | ||||||
United Insurance Holdings | 1,805 | 29 | ||||||
United Security Bancshares | 1,992 | 19 | ||||||
Unity Bancorp | 1,176 | 22 | ||||||
Universal Insurance Holdings | 3,818 | 91 | ||||||
Univest Corp of Pennsylvania | 2,933 | 89 | ||||||
Unum Group | 13,000 | 652 | ||||||
US Bancorp | 89,100 | 4,703 | ||||||
Validus Holdings | 4,300 | 231 | ||||||
Valley National Bancorp | 30,610 | 364 | ||||||
Veritex Holdings* | 1,775 | 47 | ||||||
Virtu Financial, Cl A | 3,120 | 52 | ||||||
Virtus Investment Partners | 829 | 98 | ||||||
Voya Financial | 10,200 | 400 | ||||||
Waddell & Reed Financial, Cl A | 9,450 | 195 | ||||||
Walker & Dunlop* | 3,361 | 169 | ||||||
Washington Federal | 10,790 | 361 | ||||||
Washington Trust Bancorp | 1,811 | 99 | ||||||
WashingtonFirst Bankshares | 925 | 32 | ||||||
Waterstone Financial | 3,139 | 59 | ||||||
Webster Financial | 5,100 | 265 | ||||||
Wells Fargo | 252,360 | 13,612 | ||||||
WesBanco | 4,763 | 182 | ||||||
West Bancorporation | 2,022 | 47 | ||||||
Westamerica Bancorporation | 2,975 | 163 | ||||||
Western Alliance Bancorp* | 5,300 | 267 | ||||||
Western Asset Mortgage Capital†† | 4,906 | 51 | ||||||
Western New England Bancorp | 3,189 | 32 | ||||||
Westwood Holdings Group | 986 | 58 | ||||||
White Mountains Insurance Group | 250 | 216 | ||||||
Willis Towers Watson | 7,000 | 1,042 | ||||||
Wintrust Financial | 6,510 | 490 | ||||||
WisdomTree Investments | 13,355 | 139 | ||||||
WMIH* | 21,113 | 24 | ||||||
World Acceptance* | 767 | 58 | ||||||
WR Berkley | 5,300 | 366 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
WSFS Financial | 3,501 | $ | 158 | |||||
Xenith Bankshares* | 883 | 25 | ||||||
XL Group | 14,400 | 639 | ||||||
Zions Bancorporation | 10,900 | 494 | ||||||
|
| |||||||
233,602 | ||||||||
|
| |||||||
Health Care — 9.5% | ||||||||
AAC Holdings* | 1,050 | 7 | ||||||
Abaxis | 2,537 | 119 | ||||||
Abbott Laboratories | 95,200 | 4,682 | ||||||
AbbVie | 89,154 | 6,233 | ||||||
Abeona Therapeutics* | 3,760 | 32 | ||||||
ABIOMED* | 2,300 | 341 | ||||||
Acadia Healthcare* | 4,600 | 243 | ||||||
ACADIA Pharmaceuticals* | 5,400 | 161 | ||||||
Accelerate Diagnostics* | 3,065 | 80 | ||||||
Acceleron Pharma* | 3,904 | 126 | ||||||
Accuray* | 9,884 | 42 | ||||||
Aceto | 3,409 | 58 | ||||||
Achaogen* | 3,402 | 65 | ||||||
Achillion Pharmaceuticals* | 14,902 | 61 | ||||||
Aclaris Therapeutics* | 2,364 | 68 | ||||||
Acorda Therapeutics* | 5,007 | 108 | ||||||
Adamas Pharmaceuticals* | 1,759 | 31 | ||||||
Addus HomeCare* | 819 | 28 | ||||||
Aduro Biotech* | 4,801 | 62 | ||||||
Advaxis* | 4,212 | 27 | ||||||
Aerie Pharmaceuticals* | 3,504 | 190 | ||||||
Aetna | 18,133 | 2,798 | ||||||
Agenus* | 7,664 | 34 | ||||||
Agilent Technologies | 17,900 | 1,070 | ||||||
Agios Pharmaceuticals* | 2,500 | 140 | ||||||
Aimmune Therapeutics* | 4,371 | 94 | ||||||
Akebia Therapeutics* | 4,353 | 57 | ||||||
Akorn* | 5,400 | 182 | ||||||
Albany Molecular Research* | 3,309 | 72 | ||||||
Alder Biopharmaceuticals* | 5,328 | 57 | ||||||
Alere* | 5,000 | 252 | ||||||
Alexion Pharmaceuticals* | 12,300 | 1,689 | ||||||
Align Technology* | 4,400 | 736 | ||||||
Allergan | 18,800 | 4,744 | ||||||
Allscripts Healthcare Solutions* | 21,315 | 262 | ||||||
Almost Family* | 1,506 | 74 | ||||||
Alnylam Pharmaceuticals* | 4,200 | 348 | ||||||
AMAG Pharmaceuticals* | 4,317 | 85 | ||||||
Amedisys* | 3,395 | 161 | ||||||
American Renal Associates Holdings* | 940 | 16 | ||||||
AmerisourceBergen, Cl A | 8,700 | 816 | ||||||
Amgen | 41,326 | 7,212 | ||||||
Amicus Therapeutics* | 17,105 | 222 | ||||||
AMN Healthcare Services* | 5,741 | 212 | ||||||
Amphastar Pharmaceuticals* | 4,501 | 78 | ||||||
Analogic | 1,435 | 101 |
30 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
AnaptysBio* | 657 | $ | 16 | |||||
Anavex Life Sciences* | 3,885 | 16 | ||||||
AngioDynamics* | 4,565 | 74 | ||||||
ANI Pharmaceuticals* | 954 | 46 | ||||||
Anika Therapeutics* | 1,668 | 85 | ||||||
Antares Pharma* | 16,855 | 53 | ||||||
Anthem | 14,800 | 2,756 | ||||||
Aratana Therapeutics* | 4,765 | 32 | ||||||
Ardelyx* | 3,719 | 19 | ||||||
Arena Pharmaceuticals* | 3,774 | 90 | ||||||
Array BioPharma* | 20,232 | 152 | ||||||
Assembly Biosciences* | 1,645 | 37 | ||||||
Asterias Biotherapeutics* | 2,695 | 10 | ||||||
Atara Biotherapeutics* | 2,753 | 42 | ||||||
athenahealth* | 2,200 | 304 | ||||||
Athersys* | 12,665 | 19 | ||||||
AtriCure* | 3,682 | 89 | ||||||
Atrion | 158 | 100 | ||||||
Audentes Therapeutics* | 2,053 | 41 | ||||||
Avexis* | 2,881 | 267 | ||||||
AxoGen* | 3,227 | 51 | ||||||
Axovant Sciences* | 3,509 | 80 | ||||||
Baxter International | 27,800 | 1,681 | ||||||
Becton Dickinson | 12,600 | 2,538 | ||||||
Bellicum Pharmaceuticals* | 3,135 | 33 | ||||||
BioCryst Pharmaceuticals* | 8,938 | 46 | ||||||
Biogen* | 11,900 | 3,446 | ||||||
Biohaven Pharmaceutical Holding* | 1,173 | 30 | ||||||
BioMarin Pharmaceutical* | 9,900 | 869 | ||||||
Bio-Rad Laboratories, Cl A* | 1,123 | 265 | ||||||
BioScrip* | 11,796 | 34 | ||||||
BioSpecifics Technologies* | 572 | 28 | ||||||
Bio-Techne | 1,900 | 220 | ||||||
BioTelemetry* | 3,221 | 110 | ||||||
BioTime* | 9,732 | 26 | ||||||
Bioverativ* | 6,500 | 403 | ||||||
Bluebird Bio* | 5,264 | 496 | ||||||
Blueprint Medicines* | 4,557 | 238 | ||||||
Boston Scientific* | 76,800 | 2,044 | ||||||
Bristol-Myers Squibb | 92,700 | 5,275 | ||||||
Brookdale Senior Living, Cl A* | 9,300 | 132 | ||||||
Bruker | 5,300 | 152 | ||||||
Calithera Biosciences* | 3,593 | 55 | ||||||
Cambrex* | 3,868 | 236 | ||||||
Cantel Medical | 4,259 | 316 | ||||||
Capital Senior Living* | 3,493 | 48 | ||||||
Cara Therapeutics* | 3,052 | 43 | ||||||
Cardinal Health | 17,800 | 1,375 | ||||||
Cardiovascular Systems* | 3,683 | 116 | ||||||
Cascadian Therapeutics* | 5,312 | 22 | ||||||
Castlight Health, Cl B* | 7,507 | 32 | ||||||
Catalent* | 14,763 | 512 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Catalyst Pharmaceuticals* | 10,174 | $ | 30 | |||||
Celgene* | 43,500 | 5,890 | ||||||
Celldex Therapeutics* | 11,949 | 27 | ||||||
Cempra* | 4,966 | 20 | ||||||
Centene* | 9,600 | 762 | ||||||
Cerner* | 16,300 | 1,049 | ||||||
Cerus* | 11,279 | 25 | ||||||
Charles River Laboratories International* | 2,700 | 265 | ||||||
Chemed | 1,856 | 367 | ||||||
ChemoCentryx* | 3,121 | 32 | ||||||
Chimerix* | 4,659 | 23 | ||||||
Cigna | 13,900 | 2,412 | ||||||
Civitas Solutions* | 1,582 | 28 | ||||||
Clearside Biomedical* | 2,939 | 25 | ||||||
Clovis Oncology* | 5,081 | 431 | ||||||
Coherus Biosciences* | 4,412 | 58 | ||||||
Collegium Pharmaceutical* | 2,667 | 32 | ||||||
Community Health Systems* | 10,707 | 77 | ||||||
Computer Programs & Systems | 1,459 | 45 | ||||||
Conatus Pharmaceuticals* | 3,917 | 22 | ||||||
Concert Pharmaceuticals* | 1,759 | 25 | ||||||
ConforMIS* | 3,767 | 19 | ||||||
CONMED | 3,321 | 170 | ||||||
Cooper | 2,800 | 683 | ||||||
Corbus Pharmaceuticals Holdings* | 5,195 | 31 | ||||||
Corcept Therapeutics* | 11,095 | 138 | ||||||
Corindus Vascular Robotics* | 6,347 | 11 | ||||||
Corium International* | 2,961 | 25 | ||||||
CorVel* | 1,181 | 56 | ||||||
Corvus Pharmaceuticals* | 994 | 12 | ||||||
Cotiviti Holdings* | 3,122 | 134 | ||||||
CR Bard | 4,067 | 1,304 | ||||||
Cross Country Healthcare* | 4,257 | 50 | ||||||
CryoLife* | 3,689 | 69 | ||||||
Curis* | 12,173 | 24 | ||||||
Cutera* | 1,559 | 41 | ||||||
Cytokinetics* | 4,874 | 68 | ||||||
CytomX Therapeutics* | 3,735 | 50 | ||||||
Danaher | 34,400 | 2,803 | ||||||
DaVita* | 8,600 | 557 | ||||||
DENTSPLY SIRONA | 12,700 | 788 | ||||||
Depomed* | 6,908 | 71 | ||||||
Dermira* | 4,471 | 123 | ||||||
DexCom* | 4,500 | 300 | ||||||
Diplomat Pharmacy* | 5,639 | 89 | ||||||
Durect* | 13,835 | 24 | ||||||
Dynavax Technologies* | 5,574 | 88 | ||||||
Eagle Pharmaceuticals* | 1,027 | 50 | ||||||
Edge Therapeutics* | 1,738 | 19 | ||||||
Editas Medicine* | 3,965 | 67 | ||||||
Edwards Lifesciences* | 11,800 | 1,359 | ||||||
Eli Lilly | 54,700 | 4,522 |
31 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Emergent BioSolutions* | 3,810 | $ | 139 | |||||
Enanta Pharmaceuticals* | 1,931 | 74 | ||||||
Endologix* | 10,031 | 49 | ||||||
Ensign Group | 5,759 | 129 | ||||||
Entellus Medical* | 1,426 | 25 | ||||||
Envision Healthcare* | 6,339 | 358 | ||||||
Enzo Biochem* | 4,279 | 46 | ||||||
Epizyme* | 4,705 | 54 | ||||||
Esperion Therapeutics* | 1,832 | 83 | ||||||
Evolent Health, Cl A* | 4,526 | 112 | ||||||
Exact Sciences* | 12,920 | 501 | ||||||
Exactech* | 1,299 | 38 | ||||||
Exelixis* | 16,100 | 436 | ||||||
Express Scripts Holding* | 33,400 | 2,092 | ||||||
Fate Therapeutics* | 5,985 | 17 | ||||||
FibroGen* | 6,871 | 235 | ||||||
Five Prime Therapeutics* | 3,311 | 93 | ||||||
Flexion Therapeutics* | 3,106 | 71 | ||||||
Fluidigm* | 3,060 | 12 | ||||||
FONAR* | 874 | 22 | ||||||
Fortress Biotech* | 3,790 | 17 | ||||||
Foundation Medicine* | 1,608 | 57 | ||||||
Genesis Healthcare, Cl A* | 4,394 | 6 | ||||||
GenMark Diagnostics* | 5,046 | 60 | ||||||
Genocea Biosciences* | 4,205 | 24 | ||||||
Genomic Health* | 2,188 | 70 | ||||||
Geron* | 18,446 | 49 | ||||||
Gilead Sciences | 73,117 | 5,563 | ||||||
Glaukos* | 3,360 | 135 | ||||||
Global Blood Therapeutics* | 4,331 | 113 | ||||||
Globus Medical, Cl A* | 8,353 | 257 | ||||||
Haemonetics* | 6,180 | 254 | ||||||
Halozyme Therapeutics* | 12,840 | 163 | ||||||
Halyard Health* | 5,680 | 228 | ||||||
HCA Healthcare* | 16,500 | 1,326 | ||||||
HealthEquity* | 5,847 | 268 | ||||||
HealthSouth | 10,632 | 452 | ||||||
HealthStream* | 3,117 | 74 | ||||||
Henry Schein* | 4,507 | 821 | ||||||
Heron Therapeutics* | 5,192 | 82 | ||||||
Heska* | 744 | 81 | ||||||
Hill-Rom Holdings | 3,700 | 276 | ||||||
HMS Holdings* | 10,100 | 203 | ||||||
Hologic* | 16,000 | 707 | ||||||
Humana | 8,000 | 1,850 | ||||||
ICU Medical* | 1,774 | 305 | ||||||
Idera Pharmaceuticals* | 12,933 | 24 | ||||||
IDEXX Laboratories* | 5,000 | 832 | ||||||
Ignyta* | 6,325 | 60 | ||||||
Illumina* | 8,200 | 1,426 | ||||||
Immune Design* | 1,270 | 16 | ||||||
ImmunoGen* | 10,940 | 65 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Immunomedics* | 12,066 | $ | 103 | |||||
Impax Laboratories* | 8,876 | 172 | ||||||
INC Research Holdings, Cl A* | 6,407 | 352 | ||||||
Incyte* | 9,500 | 1,266 | ||||||
Innoviva* | 9,588 | 132 | ||||||
Inogen* | 1,943 | 183 | ||||||
Inovalon Holdings, Cl A* | 7,356 | 93 | ||||||
Inovio Pharmaceuticals* | 8,370 | 47 | ||||||
Insmed* | 7,510 | 121 | ||||||
Insulet* | 6,777 | 341 | ||||||
Insys Therapeutics* | 2,918 | 33 | ||||||
Integer Holdings* | 3,647 | 167 | ||||||
Integra LifeSciences Holdings* | 7,274 | 361 | ||||||
Intellia Therapeutics* | 1,663 | 28 | ||||||
Intercept Pharmaceuticals* | 1,100 | 129 | ||||||
Intersect ENT* | 3,052 | 84 | ||||||
Intra-Cellular Therapies, Cl A* | 3,726 | 43 | ||||||
Intrexon* | 3,193 | 69 | ||||||
Intuitive Surgical* | 2,031 | 1,906 | ||||||
Invacare | 3,817 | 60 | ||||||
Invitae* | 4,580 | 43 | ||||||
Ionis Pharmaceuticals* | 6,800 | 356 | ||||||
Iovance Biotherapeutics* | 6,855 | 40 | ||||||
iRhythm Technologies* | 1,618 | 67 | ||||||
Ironwood Pharmaceuticals, Cl A* | 15,880 | 282 | ||||||
Johnson& Johnson | 151,479 | 20,104 | ||||||
Jounce Therapeutics* | 831 | 11 | ||||||
Juno Therapeutics* | 3,200 | 91 | ||||||
K2M Group Holdings* | 4,759 | 116 | ||||||
Karyopharm Therapeutics* | 3,446 | 29 | ||||||
Keryx Biopharmaceuticals* | 9,387 | 66 | ||||||
Kindred Biosciences* | 3,110 | 23 | ||||||
Kindred Healthcare | 10,048 | 90 | ||||||
Kite Pharma* | 5,736 | 622 | ||||||
Kura Oncology* | 1,673 | 15 | ||||||
La Jolla Pharmaceutical* | 2,030 | 60 | ||||||
Laboratory Corp of America Holdings* | 5,700 | 906 | ||||||
Landauer | 1,119 | 61 | ||||||
Lannett* | 3,121 | 64 | ||||||
Lantheus Holdings* | 3,057 | 56 | ||||||
LeMaitre Vascular | 1,639 | 59 | ||||||
Lexicon Pharmaceuticals* | 4,921 | 80 | ||||||
LHC Group* | 1,816 | 105 | ||||||
LifePoint Health* | 2,000 | 119 | ||||||
Ligand Pharmaceuticals* | 2,444 | 296 | ||||||
LivaNova* | 5,695 | 347 | ||||||
Loxo Oncology* | 2,349 | 170 | ||||||
Luminex | 4,482 | 92 | ||||||
MacroGenics* | 3,771 | 62 | ||||||
Madrigal Pharmaceuticals* | 477 | 7 | ||||||
Magellan Health* | 2,797 | 209 | ||||||
Masimo* | 5,305 | 502 |
32 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Matinas BioPharma Holdings* | 7,850 | $ | 9 | |||||
McKesson | 11,800 | 1,910 | ||||||
Medicines* | 7,985 | 307 | ||||||
MediciNova* | 3,202 | 17 | ||||||
Medidata Solutions* | 6,634 | 510 | ||||||
MEDNAX* | 5,000 | 235 | ||||||
Medpace Holdings* | 879 | 24 | ||||||
Medtronic | 76,700 | 6,440 | ||||||
Merck | 153,918 | 9,832 | ||||||
Meridian Bioscience | 4,712 | 64 | ||||||
Merit Medical Systems* | 5,699 | 234 | ||||||
Merrimack Pharmaceuticals | 14,056 | 19 | ||||||
Mettler-Toledo International* | 1,458 | 836 | ||||||
MiMedx Group* | 12,297 | 184 | ||||||
Minerva Neurosciences* | 2,349 | 16 | ||||||
Miragen Therapeutics* | 1,600 | 22 | ||||||
Molina Healthcare* | 5,206 | 348 | ||||||
Momenta Pharmaceuticals* | 8,616 | 143 | ||||||
Mylan* | 29,700 | 1,158 | ||||||
MyoKardia* | 1,614 | 25 | ||||||
Myriad Genetics* | 8,111 | 197 | ||||||
NanoString Technologies* | 1,913 | 29 | ||||||
NantHealth* | 1,007 | 4 | ||||||
NantKwest* | 3,583 | 23 | ||||||
Natera* | 3,694 | 30 | ||||||
National HealthCare | 1,274 | 83 | ||||||
National Research, Cl A | 936 | 28 | ||||||
Natus Medical* | 3,784 | 133 | ||||||
Nektar Therapeutics, Cl A* | 17,439 | 381 | ||||||
Neogen* | 4,351 | 287 | ||||||
NeoGenomics* | 6,581 | 62 | ||||||
Neos Therapeutics* | 2,348 | 15 | ||||||
Neurocrine Biosciences* | 4,700 | 226 | ||||||
Nevro* | 3,251 | 280 | ||||||
NewLink Genetics* | 2,578 | 19 | ||||||
Novavax* | 28,940 | 30 | ||||||
Novelion Therapeutics* | 1,775 | 16 | ||||||
Novocure* | 6,777 | 140 | ||||||
NuVasive* | 5,942 | 391 | ||||||
NxStage Medical* | 7,408 | 174 | ||||||
Nymox Pharmaceutical* | 3,345 | 13 | ||||||
Obalon Therapeutics* | 346 | 3 | ||||||
Ocular Therapeutix* | 2,658 | 17 | ||||||
Omeros* | 4,695 | 98 | ||||||
Omnicell* | 4,249 | 211 | ||||||
OPKO Health* | 16,300 | 105 | ||||||
OraSure Technologies* | 6,488 | 114 | ||||||
Organovo Holdings* | 11,425 | 27 | ||||||
Orthofix International* | 2,184 | 95 | ||||||
Otonomy* | 3,127 | 59 | ||||||
Owens & Minor | 7,412 | 239 | ||||||
Oxford Immunotec Global* | 2,932 | 49 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Pacific Biosciences of California* | 9,084 | $ | 30 | |||||
Pacira Pharmaceuticals* | 4,608 | 182 | ||||||
Paratek Pharmaceuticals* | 2,766 | 54 | ||||||
PAREXEL International* | 5,902 | 517 | ||||||
Patheon* | 2,300 | 80 | ||||||
Patterson | 4,800 | 200 | ||||||
PDL BioPharma | 19,407 | 44 | ||||||
Penumbra* | 3,439 | 281 | ||||||
PerkinElmer | 6,000 | 395 | ||||||
Pfizer | 332,356 | 11,021 | ||||||
PharMerica* | 3,689 | 93 | ||||||
Phibro Animal Health, Cl A | 2,253 | 86 | ||||||
Pieris Pharmaceuticals* | 5,033 | 26 | ||||||
Portola Pharmaceuticals, Cl A* | 5,889 | 363 | ||||||
PRA Health Sciences* | 4,549 | 338 | ||||||
Premier, Cl A* | 2,300 | 80 | ||||||
Prestige Brands Holdings* | 6,405 | 343 | ||||||
Progenics Pharmaceuticals* | 8,250 | 50 | ||||||
Protagonist Therapeutics* | 820 | 10 | ||||||
Providence Service* | 1,431 | 74 | ||||||
PTC Therapeutics* | 4,048 | 83 | ||||||
Pulse Biosciences* | 1,069 | 21 | ||||||
Puma Biotechnology* | 3,317 | 315 | ||||||
QIAGEN | 13,137 | 431 | ||||||
Quality Systems* | 6,012 | 103 | ||||||
Quest Diagnostics | 7,800 | 845 | ||||||
Quidel* | 3,272 | 105 | ||||||
Quintiles IMS Holdings* | 7,056 | 639 | ||||||
Quotient* | 3,137 | 17 | ||||||
R1 RCM* | 11,766 | 40 | ||||||
Ra Pharmaceuticals* | 1,379 | 20 | ||||||
Radius Health* | 4,365 | 192 | ||||||
RadNet* | 3,949 | 30 | ||||||
Reata Pharmaceuticals, Cl A* | 998 | 29 | ||||||
Recro Pharma* | 1,597 | 12 | ||||||
Regeneron Pharmaceuticals* | 4,366 | 2,146 | ||||||
REGENXBIO* | 3,237 | 58 | ||||||
Repligen* | 4,121 | 166 | ||||||
ResMed | 8,000 | 617 | ||||||
Retrophin* | 4,251 | 86 | ||||||
Revance Therapeutics* | 2,449 | 56 | ||||||
Rigel Pharmaceuticals* | 13,442 | 32 | ||||||
Rockwell Medical* | 5,833 | 42 | ||||||
RTI Surgical* | 6,102 | 35 | ||||||
Sage Therapeutics* | 4,054 | 323 | ||||||
Sangamo Therapeutics* | 8,714 | 75 | ||||||
Sarepta Therapeutics* | 6,979 | 269 | ||||||
SciClone Pharmaceuticals* | 5,682 | 62 | ||||||
Seattle Genetics* | 5,400 | 273 | ||||||
Select Medical Holdings* | 12,578 | 204 | ||||||
Selecta Biosciences* | 1,374 | 23 | ||||||
Seres Therapeutics* | 1,849 | 25 |
33 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Sientra* | 2,176 | $ | 22 | |||||
Simulations Plus | 1,660 | 25 | ||||||
Spark Therapeutics* | 2,727 | 194 | ||||||
Spectranetics* | 4,969 | 191 | ||||||
Spectrum Pharmaceuticals* | 9,036 | 67 | ||||||
STAAR Surgical* | 5,073 | 52 | ||||||
Stemline Therapeutics* | 2,882 | 27 | ||||||
STERIS | 4,700 | 385 | ||||||
Strongbridge Biopharma* | 2,572 | 20 | ||||||
Stryker | 19,100 | 2,810 | ||||||
Sucampo Pharmaceuticals, Cl A* | 2,518 | 27 | ||||||
Supernus Pharmaceuticals* | 5,587 | 226 | ||||||
Surgery Partners* | 2,381 | 47 | ||||||
Surmodics* | 1,714 | 45 | ||||||
Syndax Pharmaceuticals* | 577 | 7 | ||||||
Synergy Pharmaceuticals* | 26,607 | 103 | ||||||
Syros Pharmaceuticals* | 1,467 | 33 | ||||||
Tabula Rasa HealthCare* | 715 | 11 | ||||||
Tactile Systems Technology* | 1,072 | 32 | ||||||
Taro Pharmaceutical Industries* | 434 | 50 | ||||||
Teladoc* | 6,313 | 207 | ||||||
Teleflex | 2,600 | 539 | ||||||
Teligent* | 5,392 | 42 | ||||||
Tenet Healthcare* | 9,539 | 166 | ||||||
TESARO* | 2,100 | 268 | ||||||
Tetraphase Pharmaceuticals* | 3,983 | 26 | ||||||
TG Therapeutics* | 5,112 | 59 | ||||||
TherapeuticsMD* | 17,438 | 99 | ||||||
Theravance Biopharma* | 4,883 | 157 | ||||||
Thermo Fisher Scientific | 21,800 | 3,827 | ||||||
Tivity Health* | 4,407 | 175 | ||||||
Tocagen* | 1,288 | 14 | ||||||
Trevena* | 4,699 | 12 | ||||||
Triple-S Management, Cl B* | 2,659 | 41 | ||||||
Ultragenyx Pharmaceutical* | 4,664 | 309 | ||||||
United Therapeutics* | 2,400 | 308 | ||||||
UnitedHealth Group | 53,900 | 10,339 | ||||||
Universal Health Services, Cl B | 4,900 | 543 | ||||||
US Physical Therapy | 1,506 | 95 | ||||||
Utah Medical Products | 372 | 26 | ||||||
Vanda Pharmaceuticals* | 5,167 | 80 | ||||||
Varex Imaging* | 4,421 | 136 | ||||||
Varian Medical Systems* | 5,200 | 505 | ||||||
VBI Vaccines* | 2,544 | 12 | ||||||
VCA* | 4,400 | 407 | ||||||
Veeva Systems, Cl A* | 6,200 | 395 | ||||||
Veracyte* | 2,786 | 22 | ||||||
Versartis* | 3,796 | 70 | ||||||
Vertex Pharmaceuticals* | 14,000 | 2,125 | ||||||
ViewRay* | 4,128 | 20 | ||||||
Viveve Medical* | 2,324 | 15 | ||||||
Vocera Communications* | 3,029 | 83 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Voyager Therapeutics* | 1,274 | $ | 10 | |||||
vTv Therapeutics, Cl A* | 501 | 2 | ||||||
VWR* | 5,100 | 168 | ||||||
Waters* | 4,300 | 746 | ||||||
WaVe Life Sciences* | 1,115 | 22 | ||||||
WellCare Health Plans* | 2,400 | 425 | ||||||
West Pharmaceutical Services | 3,900 | 346 | ||||||
Wright Medical Group* | 12,412 | 326 | ||||||
XBiotech* | 1,820 | 8 | ||||||
Xencor* | 4,490 | 105 | ||||||
Zimmer Biomet Holdings | 11,200 | 1,359 | ||||||
ZIOPHARM Oncology* | 15,457 | 85 | ||||||
Zoetis, Cl A | 27,400 | 1,713 | ||||||
Zogenix* | 3,279 | 39 | ||||||
Zynerba Pharmaceuticals* | 1,583 | 22 | ||||||
|
| |||||||
214,580 | ||||||||
|
| |||||||
Industrials — 7.3% | ||||||||
3M | 32,500 | 6,538 | ||||||
AAON | 4,917 | 166 | ||||||
AAR | 3,954 | 148 | ||||||
ABM Industries | 6,557 | 293 | ||||||
Acacia Research* | 5,293 | 18 | ||||||
ACCO Brands* | 13,006 | 152 | ||||||
Actuant, Cl A | 6,971 | 169 | ||||||
Acuity Brands | 2,400 | 486 | ||||||
Advanced Disposal Services* | 2,852 | 69 | ||||||
Advanced Drainage Systems | 4,062 | 83 | ||||||
Advisory Board* | 4,810 | 270 | ||||||
AECOM* | 8,500 | 271 | ||||||
Aegion, Cl A* | 4,011 | 96 | ||||||
Aerojet Rocketdyne Holdings* | 8,333 | 195 | ||||||
Aerovironment* | 2,495 | 94 | ||||||
AGCO | 4,000 | 289 | ||||||
Air Lease, Cl A | 5,800 | 230 | ||||||
Air Transport Services Group* | 5,886 | 143 | ||||||
Aircastle | 5,541 | 130 | ||||||
Alamo Group | 1,118 | 104 | ||||||
Alaska Air Group | 6,900 | 588 | ||||||
Albany International, Cl A | 3,489 | 187 | ||||||
Allegiant Travel, Cl A | 1,547 | 200 | ||||||
Allegion | 5,300 | 431 | ||||||
Allied Motion Technologies | 683 | 20 | ||||||
Allison Transmission Holdings | 7,800 | 295 | ||||||
Altra Industrial Motion | 3,473 | 155 | ||||||
AMERCO | 300 | 117 | ||||||
Ameresco, Cl A* | 2,406 | 16 | ||||||
American Airlines Group | 24,800 | 1,251 | ||||||
American Railcar Industries | 813 | 30 | ||||||
American Woodmark* | 1,611 | 158 | ||||||
AMETEK | 12,900 | 794 | ||||||
AO Smith | 7,900 | 423 | ||||||
Apogee Enterprises | 3,343 | 174 |
34 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Applied Industrial Technologies | 4,571 | $ | 258 | |||||
Aqua Metals* | 1,654 | 19 | ||||||
ARC Document Solutions* | 4,499 | 16 | ||||||
ArcBest | 2,881 | 80 | ||||||
Arconic | 21,766 | 540 | ||||||
Argan | 1,661 | 107 | ||||||
Armstrong Flooring* | 2,743 | 48 | ||||||
Armstrong World Industries* | 2,300 | 112 | ||||||
Astec Industries | 2,380 | 120 | ||||||
Astronics* | 1,966 | 57 | ||||||
Astronics, Cl B* | 326 | 10 | ||||||
Atkore International Group* | 3,850 | 80 | ||||||
Atlas Air Worldwide Holdings* | 2,848 | 169 | ||||||
Avis Budget Group* | 8,788 | 270 | ||||||
Axon Enterprise* | 6,298 | 155 | ||||||
AZZ | 3,087 | 156 | ||||||
Babcock & Wilcox Enterprises* | 5,365 | 56 | ||||||
Barnes Group | 5,971 | 359 | ||||||
Barrett Business Services | 896 | 49 | ||||||
Beacon Roofing Supply* | 7,191 | 330 | ||||||
BG Staffing | 1,060 | 18 | ||||||
Blue Bird* | 635 | 11 | ||||||
BMC Stock Holdings* | 7,682 | 169 | ||||||
Boeing | 32,000 | 7,759 | ||||||
Brady, Cl A | 5,409 | 180 | ||||||
Briggs & Stratton | 5,041 | 118 | ||||||
Brink’s | 5,353 | 418 | ||||||
Builders FirstSource* | 11,655 | 183 | ||||||
BWX Technologies, Cl W | 5,300 | 279 | ||||||
Caesarstone* | 2,844 | 100 | ||||||
CAI International* | 1,744 | 46 | ||||||
Carlisle | 3,500 | 342 | ||||||
Casella Waste Systems, Cl A* | 4,740 | 80 | ||||||
Caterpillar | 32,000 | 3,646 | ||||||
CBIZ* | 5,610 | 83 | ||||||
CECO Environmental | 3,085 | 30 | ||||||
CH Robinson Worldwide | 7,700 | 505 | ||||||
Chart Industries* | 3,663 | 125 | ||||||
Cintas | 4,700 | 634 | ||||||
CIRCOR International | 1,932 | 97 | ||||||
Clean Harbors* | 3,000 | 170 | ||||||
Cogint* | 1,727 | 8 | ||||||
Colfax* | 5,400 | 223 | ||||||
Columbus McKinnon | 2,377 | 61 | ||||||
Comfort Systems | 4,533 | 151 | ||||||
Commercial Vehicle Group* | 3,506 | 31 | ||||||
Continental Building Products* | 4,364 | 96 | ||||||
Copart* | 11,000 | 346 | ||||||
Covanta Holding | 13,754 | 208 | ||||||
Covenant Transportation Group, Cl A* | 1,257 | 24 | ||||||
CRA International | 925 | 36 | ||||||
Crane | 2,900 | 219 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
CSW Industrials* | 1,723 | $ | 67 | |||||
CSX | 49,100 | 2,423 | ||||||
Cubic | 3,096 | 148 | ||||||
Cummins | 8,800 | 1,478 | ||||||
Curtiss-Wright | 5,243 | 506 | ||||||
Daseke* | 2,838 | 35 | ||||||
Deere | 17,900 | 2,296 | ||||||
Delta Air Lines | 37,700 | 1,861 | ||||||
Deluxe | 5,794 | 418 | ||||||
DigitalGlobe* | 7,641 | 267 | ||||||
DMC Global | 1,508 | 21 | ||||||
Donaldson | 7,100 | 337 | ||||||
Douglas Dynamics | 2,614 | 83 | ||||||
Dover | 8,800 | 739 | ||||||
Ducommun* | 1,127 | 33 | ||||||
Dun & Bradstreet | 2,100 | 233 | ||||||
DXP Enterprises* | 1,854 | 53 | ||||||
Dycom Industries* | 3,685 | 334 | ||||||
Eagle Bulk Shipping* | 5,545 | 24 | ||||||
Eastern | 808 | 23 | ||||||
Echo Global Logistics* | 3,340 | 46 | ||||||
EMCOR Group | 6,812 | 460 | ||||||
Emerson Electric | 35,700 | 2,128 | ||||||
Encore Wire | 2,505 | 112 | ||||||
Energous* | 1,615 | 24 | ||||||
Energy Recovery* | 3,611 | 27 | ||||||
EnerSys | 5,160 | 373 | ||||||
Engility Holdings* | 2,080 | 61 | ||||||
Ennis | 3,181 | 61 | ||||||
EnPro Industries | 2,577 | 198 | ||||||
EnviroStar | 508 | 13 | ||||||
Equifax | 6,700 | 974 | ||||||
ESCO Technologies | 3,027 | 187 | ||||||
Essendant | 4,611 | 58 | ||||||
Esterline Technologies* | 3,072 | 296 | ||||||
ExOne* | 1,220 | 14 | ||||||
Expeditors International of Washington | 9,900 | 583 | ||||||
Exponent | 3,112 | 203 | ||||||
Fastenal | 16,200 | 696 | ||||||
Federal Signal | 7,316 | 135 | ||||||
FedEx | 13,900 | 2,892 | ||||||
Flowserve | 7,200 | 296 | ||||||
Fluor | 7,700 | 334 | ||||||
Fortive | 17,372 | 1,125 | ||||||
Fortune Brands Home & Security | 8,800 | 578 | ||||||
Forward Air | 3,507 | 182 | ||||||
Foundation Building Materials* | 1,478 | 18 | ||||||
Franklin Covey* | 1,126 | 21 | ||||||
Franklin Electric | 5,581 | 225 | ||||||
FreightCar America | 1,322 | 22 | ||||||
FTI Consulting* | 5,006 | 164 | ||||||
Gardner Denver Holdings* | 2,900 | 67 |
35 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
GATX | 4,508 | $ | 279 | |||||
Gencor Industries* | 871 | 14 | ||||||
Generac Holdings* | 7,253 | 261 | ||||||
General Cable | 5,638 | 109 | ||||||
General Dynamics | 14,500 | 2,847 | ||||||
General Electric | 488,357 | 12,507 | ||||||
Genesee & Wyoming, Cl A* | 3,400 | 222 | ||||||
Gibraltar Industries* | 3,633 | 108 | ||||||
Global Brass & Copper Holdings | 2,505 | 80 | ||||||
GMS* | 2,764 | 83 | ||||||
Gorman-Rupp | 2,081 | 63 | ||||||
GP Strategies* | 1,690 | 48 | ||||||
Graco | 3,100 | 360 | ||||||
Graham | 1,041 | 21 | ||||||
Granite Construction | 4,786 | 235 | ||||||
Great Lakes Dredge & Dock* | 6,228 | 25 | ||||||
Greenbrier | 3,158 | 142 | ||||||
Griffon | 3,539 | 73 | ||||||
H&E Equipment Services | 3,710 | 84 | ||||||
Hardinge | 1,277 | 15 | ||||||
Harsco* | 9,733 | 150 | ||||||
Hawaiian Holdings* | 6,357 | 263 | ||||||
HC2 Holdings* | 3,606 | 22 | ||||||
HD Supply Holdings* | 10,900 | 354 | ||||||
Healthcare Services Group | 8,350 | 436 | ||||||
Heartland Express | 5,551 | 117 | ||||||
HEICO | 1,250 | 100 | ||||||
HEICO, Cl A | 2,875 | 204 | ||||||
Heidrick & Struggles International | 2,179 | 39 | ||||||
Herc Holdings* | 2,842 | 129 | ||||||
Heritage-Crystal Clean* | 1,400 | 26 | ||||||
Herman Miller | 7,068 | 238 | ||||||
Hertz Global Holdings* | 6,420 | 88 | ||||||
Hexcel | 5,300 | 271 | ||||||
Hill International* | 3,575 | 18 | ||||||
Hillenbrand | 7,555 | 272 | ||||||
HNI | 5,393 | 204 | ||||||
Honeywell International | 42,738 | 5,817 | ||||||
Hub Group, Cl A* | 4,106 | 140 | ||||||
Hubbell, Cl B | 3,000 | 356 | ||||||
Hudson Technologies* | 4,303 | 35 | ||||||
Huntington Ingalls Industries | 2,600 | 536 | ||||||
Hurco | 692 | 23 | ||||||
Huron Consulting Group* | 2,497 | 89 | ||||||
Huttig Building Products* | 3,452 | 25 | ||||||
Hyster-Yale Materials Handling, Cl A | 1,145 | 81 | ||||||
ICF International* | 2,238 | 101 | ||||||
IDEX | 4,200 | 489 | ||||||
IES Holdings* | 864 | 15 | ||||||
IHS Markit* | 21,800 | 1,017 | ||||||
Illinois Tool Works | 17,100 | 2,406 | ||||||
InnerWorkings* | 4,880 | 58 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Insperity | 2,210 | $ | 167 | |||||
Insteel Industries | 2,019 | 53 | ||||||
Interface, Cl A | 7,898 | 150 | ||||||
ITT | 5,400 | 221 | ||||||
Jacobs Engineering Group | 6,600 | 348 | ||||||
JB Hunt Transport Services | 4,800 | 435 | ||||||
JELD-WEN Holding* | 2,887 | 94 | ||||||
JetBlue Airways* | 19,200 | 421 | ||||||
John Bean Technologies | 3,725 | 344 | ||||||
Johnson Controls International | 52,545 | 2,047 | ||||||
Kadant | 1,331 | 104 | ||||||
Kaman | 3,276 | 167 | ||||||
Kansas City Southern | 6,000 | 619 | ||||||
KAR Auction Services | 7,600 | 319 | ||||||
KBR | 16,891 | 252 | ||||||
Kelly Services, Cl A | 3,548 | 79 | ||||||
Kennametal | 9,371 | 346 | ||||||
KeyW Holding* | 5,460 | 48 | ||||||
Kforce | 2,927 | 55 | ||||||
Kimball International, Cl B | 4,351 | 73 | ||||||
Kirby* | 2,700 | 164 | ||||||
KLX* | 6,286 | 326 | ||||||
Knight Transportation | 8,710 | 310 | ||||||
Knoll | 5,907 | 114 | ||||||
Korn | 6,007 | 201 | ||||||
Kratos Defense & Security Solutions* | 7,998 | 88 | ||||||
L3 Technologies | 4,300 | 752 | ||||||
Landstar System | 2,400 | 200 | ||||||
Lawson Products* | 701 | 16 | ||||||
Layne Christensen* | 1,952 | 21 | ||||||
LB Foster, Cl A | 1,209 | 21 | ||||||
Lennox International | 2,200 | 376 | ||||||
Lincoln Electric Holdings | 3,400 | 297 | ||||||
Lindsay | 1,311 | 120 | ||||||
Lockheed Martin | 14,052 | 4,105 | ||||||
LSC Communications | 3,923 | 84 | ||||||
LSI Industries | 2,505 | 21 | ||||||
Lydall* | 2,058 | 102 | ||||||
Macquarie Infrastructure | 4,200 | 318 | ||||||
Manitowoc | 15,866 | 91 | ||||||
ManpowerGroup | 3,700 | 396 | ||||||
Marten Transport | 4,481 | 71 | ||||||
Masco | 18,200 | 694 | ||||||
MasTec* | 7,856 | 363 | ||||||
Matson | 5,285 | 149 | ||||||
Matthews International, Cl A | 3,813 | 250 | ||||||
McGrath RentCorp | 2,677 | 95 | ||||||
Mercury Systems* | 5,545 | 243 | ||||||
Meritor* | 10,073 | 174 | ||||||
Middleby* | 3,100 | 405 | ||||||
Milacron Holdings* | 5,265 | 95 | ||||||
Miller Industries | 1,166 | 30 |
36 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Mistras Group* | 2,191 | $ | 44 | |||||
Mobile Mini | 5,143 | 158 | ||||||
Moog, Cl A* | 3,821 | 284 | ||||||
MRC Global* | 11,224 | 183 | ||||||
MSA Safety | 3,967 | 318 | ||||||
MSC Industrial Direct, Cl A | 2,400 | 171 | ||||||
Mueller Industries | 6,644 | 209 | ||||||
Mueller Water Products, Cl A | 18,277 | 212 | ||||||
Multi-Color | 1,634 | 132 | ||||||
MYR Group* | 1,771 | 56 | ||||||
National Presto Industries | 593 | 67 | ||||||
Navigant Consulting* | 5,606 | 95 | ||||||
Navios Maritime Holdings* | 12,417 | 15 | ||||||
Navistar International* | 5,972 | 184 | ||||||
NCI Building Systems* | 4,957 | 89 | ||||||
Neff, Cl A* | 1,074 | 23 | ||||||
Nexeo Solutions* | 3,626 | 30 | ||||||
Nielsen Holdings | 19,800 | 852 | ||||||
NL Industries* | 1,180 | 9 | ||||||
NN | 3,176 | 88 | ||||||
Nordson | 3,100 | 394 | ||||||
Norfolk Southern | 16,300 | 1,835 | ||||||
Northrop Grumman | 8,993 | 2,366 | ||||||
Northwest Pipe* | 1,401 | 21 | ||||||
NOW* | 12,794 | 204 | ||||||
NV5 Holdings* | 797 | 33 | ||||||
Old Dominion Freight Line | 3,600 | 345 | ||||||
Omega Flex | 327 | 20 | ||||||
On Assignment* | 6,049 | 298 | ||||||
Orbital ATK | 3,300 | 337 | ||||||
Orion Group Holdings* | 2,964 | 21 | ||||||
Oshkosh | 4,100 | 282 | ||||||
Owens Corning | 6,400 | 429 | ||||||
PACCAR | 19,400 | 1,328 | ||||||
Parker-Hannifin | 7,500 | 1,245 | ||||||
Park-Ohio Holdings | 1,131 | 45 | ||||||
Patrick Industries* | 1,856 | 141 | ||||||
Pendrell* | 1,739 | 12 | ||||||
PGT Innovations* | 5,661 | 74 | ||||||
Pitney Bowes | 9,500 | 150 | ||||||
Plug Power* | 23,570 | 53 | ||||||
Ply Gem Holdings* | 2,632 | 46 | ||||||
Powell Industries | 910 | 29 | ||||||
Preformed Line Products | 283 | 14 | ||||||
Primoris Services | 4,962 | 124 | ||||||
Proto Labs* | 2,995 | 221 | ||||||
Quad | 3,306 | 74 | ||||||
Quanex Building Products | 4,081 | 88 | ||||||
Quanta Services* | 8,100 | 273 | ||||||
Radiant Logistics* | 4,219 | 18 | ||||||
Raven Industries | 4,294 | 148 | ||||||
Raytheon | 16,400 | 2,817 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
RBC Bearings* | 2,671 | $ | 276 | |||||
Regal Beloit | 2,300 | 192 | ||||||
Republic Services, Cl A | 13,000 | 835 | ||||||
Resources Connection | 3,163 | 42 | ||||||
REV Group | 1,444 | 39 | ||||||
Revolution Lighting Technologies* | 1,755 | 13 | ||||||
Rexnord* | 12,217 | 283 | ||||||
Roadrunner Transportation Systems* | 3,232 | 23 | ||||||
Robert Half International | 7,000 | 317 | ||||||
Rockwell Automation | 7,200 | 1,188 | ||||||
Rockwell Collins | 8,967 | 955 | ||||||
Rollins | 5,800 | 252 | ||||||
Roper Technologies | 5,700 | 1,325 | ||||||
RPX* | 5,941 | 81 | ||||||
RR Donnelley & Sons | 8,231 | 102 | �� | |||||
Rush Enterprises, Cl A* | 3,427 | 148 | ||||||
Rush Enterprises, Cl B* | 713 | 29 | ||||||
Ryder System | 2,900 | 211 | ||||||
Safe Bulkers* | 6,624 | 17 | ||||||
Saia* | 3,011 | 164 | ||||||
Schneider National, Cl B | 3,822 | 83 | ||||||
Scorpio Bulkers* | 6,152 | 44 | ||||||
Sensata Technologies Holding* | 9,400 | 424 | ||||||
Simpson Manufacturing | 4,972 | 220 | ||||||
SiteOne Landscape Supply* | 3,983 | 209 | ||||||
SkyWest | 5,953 | 217 | ||||||
Snap-on | 3,300 | 509 | ||||||
Southwest Airlines | 31,300 | 1,737 | ||||||
SP Plus* | 2,088 | 68 | ||||||
Spartan Motors | 3,601 | 32 | ||||||
Sparton* | 1,015 | 23 | ||||||
Spirit AeroSystems Holdings, Cl A | 6,700 | 405 | ||||||
Spirit Airlines* | 3,900 | 152 | ||||||
SPX* | 5,029 | 138 | ||||||
SPX FLOW* | 4,861 | 172 | ||||||
Standex International | 1,468 | 141 | ||||||
Stanley Black & Decker | 8,500 | 1,196 | ||||||
Steelcase, Cl A | 10,144 | 138 | ||||||
Stericycle* | 4,600 | 355 | ||||||
Sterling Construction* | 3,031 | 39 | ||||||
Sun Hydraulics | 2,873 | 119 | ||||||
Sunrun* | 10,335 | 78 | ||||||
Supreme Industries, Cl A | 1,411 | 21 | ||||||
Swift Transportation, Cl A* | 8,764 | 223 | ||||||
Team* | 3,509 | 50 | ||||||
Teledyne Technologies* | 1,900 | 259 | ||||||
Tennant | 2,141 | 162 | ||||||
Terex | 5,400 | 213 | ||||||
Tetra Tech | 6,603 | 313 | ||||||
Textainer Group Holdings | 2,888 | 47 | ||||||
Textron | 14,900 | 732 | ||||||
Thermon Group Holdings* | 3,721 | 66 |
37 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Timken | 3,600 | $ | 164 | |||||
Titan International | 5,297 | 68 | ||||||
Titan Machinery* | 1,882 | 34 | ||||||
Toro | 6,000 | 427 | ||||||
TPI Composites* | 1,381 | 26 | ||||||
TransDigm Group | 2,778 | 784 | ||||||
TransUnion* | 7,090 | 325 | ||||||
Trex* | 3,569 | 268 | ||||||
TriMas* | 5,475 | 133 | ||||||
TriNet Group* | 4,900 | 171 | ||||||
Trinity Industries | 8,100 | 222 | ||||||
Triton International | 5,230 | 189 | ||||||
Triumph Group | 5,782 | 148 | ||||||
TrueBlue* | 4,887 | 125 | ||||||
Tutor Perini* | 4,406 | 117 | ||||||
Twin Disc* | 1,270 | 21 | ||||||
UniFirst | 1,771 | 252 | ||||||
Union Pacific | 45,200 | 4,654 | ||||||
United Continental Holdings* | 15,700 | 1,063 | ||||||
United Parcel Service, Cl B | 38,600 | 4,257 | ||||||
United Rentals* | 4,800 | 571 | ||||||
United Technologies | 42,000 | 4,980 | ||||||
Univar* | 5,800 | 180 | ||||||
Universal Forest Products | 2,339 | 196 | ||||||
Universal Truckload Services | 934 | 14 | ||||||
US Ecology | 2,529 | 131 | ||||||
USG* | 4,400 | 119 | ||||||
Valmont Industries | 1,300 | 198 | ||||||
Vectrus* | 1,331 | 45 | ||||||
Verisk Analytics, Cl A* | 8,500 | 742 | ||||||
Veritiv* | 1,450 | 54 | ||||||
Viad | 2,486 | 133 | ||||||
Vicor* | 1,803 | 32 | ||||||
Vivint Solar* | 2,653 | 14 | ||||||
VSE | 1,102 | 57 | ||||||
Wabash National | 7,120 | 136 | ||||||
WABCO Holdings* | 3,000 | 413 | ||||||
Wabtec | 4,700 | 354 | ||||||
WageWorks* | 4,406 | 287 | ||||||
Waste Management | 24,700 | 1,856 | ||||||
Watsco | 1,800 | 271 | ||||||
Watts Water Technologies, Cl A | 3,374 | 217 | ||||||
Welbilt* | 6,400 | 125 | ||||||
Werner Enterprises | 5,467 | 162 | ||||||
Wesco Aircraft Holdings* | 6,351 | 69 | ||||||
WESCO International* | 2,600 | 133 | ||||||
West | 5,038 | 118 | ||||||
Willdan Group* | 885 | 30 | ||||||
Willis Lease Finance* | 471 | 12 | ||||||
Woodward | 6,352 | 444 | ||||||
WW Grainger | 3,000 | 500 | ||||||
XPO Logistics* | 6,100 | 367 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Xylem | 9,700 | $ | 550 | |||||
YRC Worldwide* | 4,328 | 58 | ||||||
|
| |||||||
165,648 | ||||||||
|
| |||||||
Information Technology — 14.9% | ||||||||
2U* | 5,138 | 266 | ||||||
3D Systems* | 12,958 | 218 | ||||||
58.com ADR* | 4,400 | 225 | ||||||
8x8* | 10,679 | 136 | ||||||
A10 Networks* | 5,282 | 37 | ||||||
Acacia Communications* | 2,169 | 95 | ||||||
ACI Worldwide* | 13,558 | 314 | ||||||
Activision Blizzard | 41,200 | 2,545 | ||||||
Actua* | 4,309 | 58 | ||||||
Acxiom* | 9,131 | 246 | ||||||
Adobe Systems* | 27,668 | 4,053 | ||||||
ADTRAN | 5,656 | 133 | ||||||
Advanced Energy Industries* | 4,690 | 340 | ||||||
Advanced Micro Devices* | 45,900 | 625 | ||||||
Aerohive Networks* | 2,621 | 12 | ||||||
Agilysys* | 1,661 | 17 | ||||||
Akamai Technologies* | 9,300 | 438 | ||||||
Alarm.com Holdings* | 2,383 | 91 | ||||||
Alibaba Group Holding ADR* | 52,000 | 8,057 | ||||||
Alliance Data Systems | 2,700 | 652 | ||||||
Alpha & Omega Semiconductor* | 2,367 | 42 | ||||||
Alphabet, Cl A* | 16,729 | 15,817 | ||||||
Alphabet, Cl C* | 17,000 | 15,818 | ||||||
Alteryx, Cl A* | 1,281 | 26 | ||||||
Ambarella* | 3,829 | 192 | ||||||
Amber Road* | 1,954 | 18 | ||||||
Amdocs | 8,100 | 544 | ||||||
American Software, Cl A | 2,714 | 26 | ||||||
Amkor Technology* | 11,963 | 124 | ||||||
Amphenol, Cl A | 17,000 | 1,303 | ||||||
Analog Devices | 20,170 | 1,594 | ||||||
Angie’s List* | 5,074 | 61 | ||||||
Anixter International* | 3,463 | 273 | ||||||
ANSYS* | 4,800 | 622 | ||||||
Appfolio, Cl A* | 851 | 30 | ||||||
Apple | 292,954 | 43,571 | ||||||
Applied Materials | 60,600 | 2,685 | ||||||
Applied Optoelectronics* | 2,117 | 206 | ||||||
Apptio, Cl A* | 2,341 | 42 | ||||||
Arista Networks* | 2,900 | 433 | ||||||
ARRIS International* | 10,600 | 296 | ||||||
Arrow Electronics* | 5,100 | 415 | ||||||
Aspen Technology* | 8,897 | 506 | ||||||
Atlassian, Cl A* | 4,100 | 147 | ||||||
Autodesk* | 11,700 | 1,296 | ||||||
Automatic Data Processing | 25,100 | 2,985 | ||||||
Avid Technology* | 3,498 | 18 | ||||||
Avnet | 7,100 | 272 |
38 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
AVX | 5,501 | $ | 98 | |||||
Axcelis Technologies* | 3,470 | 77 | ||||||
AXT* | 4,366 | 38 | ||||||
Badger Meter | 3,285 | 149 | ||||||
Bankrate* | 5,653 | 79 | ||||||
Barracuda Networks* | 2,580 | 58 | ||||||
Bazaarvoice* | 10,509 | 49 | ||||||
Bel Fuse, Cl B | 1,012 | 26 | ||||||
Belden | 4,974 | 358 | ||||||
Benchmark Electronics* | 5,953 | 200 | ||||||
Benefitfocus* | 1,645 | 59 | ||||||
Black Knight Financial Services, Cl A* | 1,500 | 64 | ||||||
Blackbaud | 5,657 | 522 | ||||||
Blackhawk Network Holdings, Cl A* | 6,561 | 286 | ||||||
Blackline* | 1,111 | 43 | ||||||
Blucora* | 4,583 | 103 | ||||||
Booz Allen Hamilton Holding, Cl A | 8,100 | 278 | ||||||
Bottomline Technologies* | 4,886 | 139 | ||||||
Box, Cl A* | 9,216 | 174 | ||||||
Brightcove* | 3,154 | 21 | ||||||
Broadcom, Cl A | 22,407 | 5,527 | ||||||
Broadridge Financial Solutions | 6,500 | 493 | ||||||
BroadSoft* | 3,516 | 155 | ||||||
Brocade Communications Systems | 21,900 | 277 | ||||||
Brooks Automation | 8,059 | 198 | ||||||
CA | 17,500 | 543 | ||||||
Cabot Microelectronics | 2,818 | 209 | ||||||
CACI International, Cl A* | 2,887 | 361 | ||||||
Cadence Design Systems* | 15,000 | 553 | ||||||
CalAmp* | 4,215 | 81 | ||||||
Calix* | 4,334 | 30 | ||||||
Callidus Software* | 7,276 | 177 | ||||||
Carbonite* | 3,093 | 73 | ||||||
Cardtronics* | 5,366 | 168 | ||||||
Care.com* | 1,743 | 25 | ||||||
Cars.com* | 8,448 | 205 | ||||||
Cass Information Systems | 1,285 | 85 | ||||||
Cavium* | 3,700 | 229 | ||||||
CDK Global | 7,500 | 493 | ||||||
CDW | 8,800 | 558 | ||||||
CEVA* | 2,348 | 109 | ||||||
ChannelAdvisor* | 2,428 | 25 | ||||||
Ciena* | 16,291 | 419 | ||||||
Cirrus Logic* | 7,631 | 469 | ||||||
Cisco Systems | 281,759 | 8,861 | ||||||
Citrix Systems* | 8,600 | 679 | ||||||
Clearfield* | 1,217 | 14 | ||||||
Cloudera* | 1,636 | 28 | ||||||
Cognex | 4,500 | 428 | ||||||
Cognizant Technology Solutions, Cl A | 32,600 | 2,260 | ||||||
Coherent* | 1,400 | 371 | ||||||
Cohu | 3,145 | 57 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
CommerceHub* | 5,022 | $ | 91 | |||||
CommScope Holding* | 10,600 | 390 | ||||||
CommVault Systems* | 4,592 | 273 | ||||||
Comtech Telecommunications | 2,597 | 47 | ||||||
Conduent* | 10,960 | 181 | ||||||
Control4* | 2,983 | 68 | ||||||
Convergys | 11,183 | 268 | ||||||
CoreLogic* | 4,500 | 205 | ||||||
Cornerstone OnDemand* | 5,906 | 238 | ||||||
Corning | 50,500 | 1,472 | ||||||
CoStar Group* | 1,800 | 496 | ||||||
Coupa Software* | 3,497 | 107 | ||||||
CPI Card Group | 2,359 | 7 | ||||||
Cray* | 4,805 | 99 | ||||||
Cree* | 11,462 | 297 | ||||||
CSG Systems International | 3,830 | 158 | ||||||
CSRA | 9,300 | 303 | ||||||
CTS | 3,709 | 82 | ||||||
CyberOptics* | 995 | 16 | ||||||
Cypress Semiconductor | 17,000 | 241 | ||||||
Daktronics | 4,544 | 44 | ||||||
Dell Technologies, Cl V* | 11,168 | 718 | ||||||
DHI Group* | 5,258 | 12 | ||||||
Diebold Nixdorf | 9,036 | 211 | ||||||
Digi International* | 2,728 | 29 | ||||||
Digimarc* | 1,144 | 36 | ||||||
Diodes* | 4,694 | 125 | ||||||
Dolby Laboratories, Cl A | 3,300 | 171 | ||||||
DSP Group* | 2,286 | 29 | ||||||
DST Systems | 3,400 | 187 | ||||||
DXC Technology | 16,017 | 1,255 | ||||||
Eastman Kodak* | 1,792 | 17 | ||||||
eBay* | 56,300 | 2,012 | ||||||
Ebix | 2,990 | 173 | ||||||
EchoStar, Cl A* | 2,900 | 176 | ||||||
Electro Scientific Industries* | 3,007 | 26 | ||||||
Electronic Arts* | 16,700 | 1,950 | ||||||
Electronics For Imaging* | 5,619 | 273 | ||||||
Ellie Mae* | 4,007 | 349 | ||||||
EMCORE | 2,813 | 33 | ||||||
Endurance International Group Holdings* | 7,156 | 66 | ||||||
EnerNOC* | 2,922 | 22 | ||||||
Entegris* | 16,758 | 437 | ||||||
Envestnet* | 4,991 | 195 | ||||||
EPAM Systems* | 5,778 | 497 | ||||||
ePlus* | 1,470 | 119 | ||||||
Euronet Worldwide* | 2,900 | 280 | ||||||
Everbridge* | 2,171 | 51 | ||||||
Everi Holdings* | 7,471 | 56 | ||||||
EVERTEC | 7,384 | 132 | ||||||
Exa* | 1,504 | 21 | ||||||
ExlService Holdings* | 3,803 | 219 |
39 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Extreme Networks* | 12,331 | $ | 108 | |||||
F5 Networks* | 3,500 | 423 | ||||||
Facebook, Cl A* | 131,088 | 22,187 | ||||||
Fair Isaac | 3,669 | 523 | ||||||
FARO Technologies* | 1,894 | 75 | ||||||
Fidelity National Information Services | 18,500 | 1,688 | ||||||
Finisar* | 12,791 | 348 | ||||||
FireEye* | 10,600 | 155 | ||||||
First Data, Cl A* | 20,500 | 383 | ||||||
First Solar* | 4,900 | 242 | ||||||
Fiserv* | 11,846 | 1,522 | ||||||
Fitbit, Cl A* | 20,495 | 106 | ||||||
Five9* | 6,116 | 135 | ||||||
FleetCor Technologies* | 5,113 | 777 | ||||||
FLIR Systems | 7,900 | 295 | ||||||
FormFactor* | 8,472 | 111 | ||||||
Forrester Research | 1,193 | 49 | ||||||
Fortinet* | 8,000 | 295 | ||||||
Gartner* | 4,800 | 616 | ||||||
Genpact | 7,600 | 220 | ||||||
Gigamon* | 4,357 | 173 | ||||||
Global Payments | 8,700 | 821 | ||||||
Global Sources* | 929 | 18 | ||||||
Glu Mobile* | 11,101 | 30 | ||||||
GoDaddy, Cl A* | 4,300 | 185 | ||||||
Gogo* | 6,344 | 77 | ||||||
GrubHub* | 10,183 | 470 | ||||||
GSI Technology* | 1,961 | 14 | ||||||
GTT Communications* | 3,774 | 115 | ||||||
Guidance Software* | 2,492 | 18 | ||||||
Guidewire Software* | 3,900 | 281 | ||||||
Hackett Group | 2,672 | 44 | ||||||
Harmonic* | 9,128 | 37 | ||||||
Harris | 6,900 | 790 | ||||||
Hewlett Packard Enterprise | 92,400 | 1,618 | ||||||
Hortonworks* | 4,987 | 67 | ||||||
HP | 95,300 | 1,820 | ||||||
HubSpot* | 3,949 | 286 | ||||||
IAC* | 4,000 | 419 | ||||||
Ichor Holdings* | 1,482 | 34 | ||||||
II-VI* | 7,210 | 275 | ||||||
Immersion* | 3,071 | 26 | ||||||
Imperva* | 4,023 | 181 | ||||||
Impinj* | 2,113 | 104 | ||||||
Infinera* | 17,123 | 201 | ||||||
Information Services Group* | 3,397 | 14 | ||||||
Inphi* | 4,743 | 182 | ||||||
Insight Enterprises* | 4,312 | 175 | ||||||
Instructure* | 2,494 | 81 | ||||||
Integrated Device Technology* | 15,991 | 418 | ||||||
Intel | 264,905 | 9,396 | ||||||
InterDigital | 4,114 | 300 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Internap* | 9,372 | $ | 36 | |||||
International Business Machines | 48,330 | 6,992 | ||||||
Intevac* | 2,280 | 26 | ||||||
Intuit | 13,600 | 1,866 | ||||||
IPG Photonics* | 1,900 | 290 | ||||||
Iteris* | 3,519 | 22 | ||||||
Itron* | 4,044 | 295 | ||||||
IXYS | 3,244 | 56 | ||||||
j2 Global | 5,569 | 471 | ||||||
Jabil | 10,600 | 323 | ||||||
Jack Henry & Associates | 4,300 | 461 | ||||||
Juniper Networks | 21,000 | 587 | ||||||
KEMET* | 5,361 | 90 | ||||||
Keysight Technologies* | 10,600 | 441 | ||||||
Kimball Electronics* | 3,470 | 67 | ||||||
KLA-Tencor | 8,600 | 797 | ||||||
Knowles* | 10,449 | 158 | ||||||
Kopin* | 6,804 | 26 | ||||||
KVH Industries* | 1,684 | 18 | ||||||
Lam Research | 9,100 | 1,451 | ||||||
Lattice Semiconductor* | 14,904 | 104 | ||||||
Leaf Group* | 1,702 | 13 | ||||||
Leidos Holdings | 7,701 | 412 | ||||||
Limelight Networks* | 7,942 | 27 | ||||||
Liquidity Services* | 2,654 | 18 | ||||||
Littelfuse | 2,621 | 472 | ||||||
LivePerson* | 6,817 | 92 | ||||||
LogMeIn | 2,900 | 338 | ||||||
Lumentum Holdings* | 7,153 | 448 | ||||||
MACOM Technology Solutions Holdings* | 4,758 | 288 | ||||||
Majesco* | 770 | 4 | ||||||
Manhattan Associates* | 3,900 | 172 | ||||||
ManTech International, Cl A | 2,937 | 117 | ||||||
Marvell Technology Group | 22,200 | 345 | ||||||
Mastercard, Cl A | 53,000 | 6,773 | ||||||
Match Group* | 1,200 | 22 | ||||||
Maxim Integrated Products | 15,900 | 722 | ||||||
MAXIMUS | 7,416 | 448 | ||||||
MaxLinear, Cl A* | 7,184 | 188 | ||||||
Maxwell Technologies* | 3,445 | 20 | ||||||
Meet Group* | 8,333 | 42 | ||||||
Mesa Laboratories | 362 | 52 | ||||||
Methode Electronics | 4,344 | 173 | ||||||
Microchip Technology | 12,000 | 960 | ||||||
Micron Technology* | 58,900 | 1,656 | ||||||
Microsemi* | 6,400 | 333 | ||||||
Microsoft | 421,193 | 30,621 | ||||||
MicroStrategy, Cl A* | 1,152 | 155 | ||||||
MicroVision* | 10,338 | 23 | ||||||
MINDBODY, Cl A* | 4,323 | 112 | ||||||
Mitek Systems* | 3,186 | 30 | ||||||
MKS Instruments | 6,296 | 527 |
40 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
MobileIron* | 5,121 | $ | 23 | |||||
Mobileye* | 6,273 | 397 | ||||||
Model N* | 2,332 | 31 | ||||||
Momo ADR* | 4,600 | 202 | ||||||
MoneyGram International* | 3,518 | 57 | ||||||
Monolithic Power Systems | 4,613 | 472 | ||||||
Monotype Imaging Holdings | 4,912 | 93 | ||||||
Motorola Solutions | 9,000 | 816 | ||||||
MTS Systems | 1,958 | 103 | ||||||
MuleSoft, Cl A* | 1,772 | 39 | ||||||
Nanometrics* | 2,758 | 73 | ||||||
Napco Security Technologies* | 1,648 | 15 | ||||||
National Instruments | 5,800 | 239 | ||||||
NCI, Cl A* | 677 | 14 | ||||||
NCR* | 6,900 | 261 | ||||||
NeoPhotonics* | 3,238 | 26 | ||||||
NetApp | 15,700 | 682 | ||||||
NETGEAR* | 3,770 | 181 | ||||||
NetScout Systems* | 10,633 | 367 | ||||||
NeuStar, Cl A* | 6,481 | 216 | ||||||
New Relic* | 3,439 | 161 | ||||||
NIC | 7,477 | 121 | ||||||
Novanta* | 3,709 | 137 | ||||||
Nuance Communications* | 15,900 | 275 | ||||||
Nutanix, Cl A* | 4,083 | 87 | ||||||
NVE | 574 | 45 | ||||||
NVIDIA | 31,900 | 5,184 | ||||||
Oclaro* | 19,434 | 190 | ||||||
Okta, Cl A* | 1,304 | 29 | ||||||
Ominto* | 1,843 | 10 | ||||||
ON Semiconductor* | 22,800 | 341 | ||||||
Oracle | 161,588 | 8,068 | ||||||
OSI Systems* | 2,109 | 169 | ||||||
Palo Alto Networks* | 5,000 | 659 | ||||||
Pandora Media* | 11,100 | 99 | ||||||
Park City Group* | 1,440 | 19 | ||||||
Park Electrochemical | 2,525 | 47 | ||||||
Paychex | 17,700 | 1,024 | ||||||
Paycom Software* | 5,785 | 405 | ||||||
Paylocity Holding* | 3,145 | 143 | ||||||
PayPal Holdings* | 63,700 | 3,730 | ||||||
PC Connection | 1,195 | 31 | ||||||
PCM* | 1,422 | 18 | ||||||
PDF Solutions* | 3,220 | 52 | ||||||
Pegasystems | 4,315 | 261 | ||||||
Perficient* | 4,105 | 77 | ||||||
Photronics* | 7,678 | 77 | ||||||
Pixelworks* | 4,301 | 20 | ||||||
Planet Payment* | 4,605 | 15 | ||||||
Plantronics | 3,971 | 179 | ||||||
Plexus* | 4,044 | 217 | ||||||
Power Integrations | 3,326 | 235 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Presidio* | 2,229 | $ | 30 | |||||
Progress Software | 5,890 | 189 | ||||||
Proofpoint* | 5,093 | 434 | ||||||
PROS Holdings* | 2,942 | 85 | ||||||
PTC* | 6,300 | 348 | ||||||
Pure Storage, Cl A* | 10,920 | 132 | ||||||
Q2 Holdings* | 3,797 | 148 | ||||||
QAD, Cl A | 1,026 | 32 | ||||||
Qorvo* | 7,400 | 507 | ||||||
QUALCOMM | 83,200 | 4,425 | ||||||
Qualys* | 3,798 | 152 | ||||||
Quantenna Communications* | 2,478 | 50 | ||||||
Quantum* | 3,905 | 32 | ||||||
QuinStreet* | 4,054 | 16 | ||||||
Quotient Technology* | 7,904 | 92 | ||||||
Radisys* | 3,900 | 10 | ||||||
Rambus* | 13,102 | 169 | ||||||
Rapid7* | 2,599 | 39 | ||||||
RealNetworks* | 2,647 | 12 | ||||||
RealPage* | 7,012 | 272 | ||||||
Red Hat* | 10,100 | 999 | ||||||
Reis | 927 | 20 | ||||||
RingCentral, Cl A* | 7,450 | 259 | ||||||
Rocket Fuel* | 4,972 | 13 | ||||||
Rogers* | 2,154 | 254 | ||||||
Rosetta Stone* | 2,078 | 22 | ||||||
Rubicon Project* | 3,863 | 18 | ||||||
Rudolph Technologies* | 3,512 | 87 | ||||||
Sabre | 11,800 | 261 | ||||||
salesforce.com* | 38,100 | 3,459 | ||||||
Sanmina* | 8,734 | 313 | ||||||
ScanSource* | 2,892 | 115 | ||||||
Science Applications International | 5,199 | 366 | ||||||
SecureWorks, Cl A* | 679 | 7 | ||||||
Semtech* | 7,809 | 309 | ||||||
ServiceNow* | 9,300 | 1,027 | ||||||
ServiceSource International* | 6,439 | 24 | ||||||
ShoreTel* | 8,019 | 60 | ||||||
Shutterstock* | 2,213 | 93 | ||||||
Sigma Designs* | 3,795 | 25 | ||||||
Silicon Laboratories* | 4,902 | 368 | ||||||
Silver Springs Network* | 4,439 | 50 | ||||||
Skyworks Solutions | 10,300 | 1,080 | ||||||
Sonus Networks* | 5,834 | 40 | ||||||
Splunk* | 7,900 | 474 | ||||||
SPS Commerce* | 1,917 | 111 | ||||||
Square, Cl A* | 12,300 | 324 | ||||||
SS&C Technologies Holdings | 9,400 | 364 | ||||||
Stamps.com* | 1,828 | 271 | ||||||
StarTek* | 1,593 | 20 | ||||||
SunPower, Cl A* | 7,011 | 78 | ||||||
Super Micro Computer* | 4,648 | 125 |
41 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Sykes Enterprises* | 4,483 | $ | 152 | |||||
Symantec | 34,900 | 1,082 | ||||||
Synaptics* | 4,123 | 217 | ||||||
Synchronoss Technologies* | 4,661 | 79 | ||||||
SYNNEX | 3,511 | 418 | ||||||
Synopsys* | 8,200 | 628 | ||||||
Syntel | 4,094 | 80 | ||||||
Systemax | 1,298 | 24 | ||||||
Tableau Software, Cl A* | 3,500 | 226 | ||||||
Take-Two Interactive Software* | 5,500 | 437 | ||||||
Tech Data* | 4,149 | 425 | ||||||
TechTarget* | 2,056 | 20 | ||||||
Telenav* | 3,493 | 26 | ||||||
TeleTech Holdings | 1,926 | 81 | ||||||
Teradata* | 7,300 | 232 | ||||||
Teradyne | 11,300 | 391 | ||||||
Texas Instruments | 56,000 | 4,557 | ||||||
TiVo | 13,967 | 274 | ||||||
Total System Services | 10,100 | 641 | ||||||
Trade Desk, Cl A* | 2,034 | 108 | ||||||
Travelport Worldwide | 14,807 | 212 | ||||||
Trimble* | 13,700 | 513 | ||||||
TrueCar* | 7,594 | 144 | ||||||
TTM Technologies* | 10,841 | 188 | ||||||
Tucows, Cl A* | 1,056 | 58 | ||||||
Twilio, Cl A* | 7,295 | 213 | ||||||
Twitter* | 38,000 | 611 | ||||||
Tyler Technologies* | 2,000 | 344 | ||||||
Ubiquiti Networks* | 2,625 | 143 | ||||||
Ultimate Software Group* | 1,700 | 384 | ||||||
Ultra Clean Holdings* | 3,844 | 90 | ||||||
Unisys* | 5,848 | 75 | ||||||
Universal Display | 2,300 | 277 | ||||||
Upland Software* | 1,054 | 26 | ||||||
USA Technologies* | 3,864 | 21 | ||||||
Vantiv, Cl A* | 8,800 | 559 | ||||||
Varonis Systems* | 2,245 | 84 | ||||||
VASCO Data Security International* | 3,605 | 49 | ||||||
Veeco Instruments* | 5,379 | 166 | ||||||
VeriFone Systems* | 13,071 | 255 | ||||||
Verint Systems* | 7,481 | 297 | ||||||
VeriSign* | 5,200 | 526 | ||||||
Versum Materials | 6,500 | 229 | ||||||
ViaSat* | 6,207 | 410 | ||||||
Viavi Solutions* | 27,584 | 303 | ||||||
VirnetX Holding* | 5,261 | 18 | ||||||
Virtusa* | 3,154 | 105 | ||||||
Visa, Cl A | 103,840 | 10,338 | ||||||
Vishay Intertechnology | 16,064 | 287 | ||||||
Vishay Precision Group* | 1,325 | 23 | ||||||
VMware, Cl A* | 3,800 | 352 | ||||||
Web.com Group* | 4,303 | 94 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
WebMD Health, Cl A* | 4,384 | $ | 290 | |||||
Weibo ADR* | 2,280 | 175 | ||||||
Western Digital | 16,435 | 1,399 | ||||||
Western Union | 26,600 | 525 | ||||||
WEX* | 2,300 | 250 | ||||||
Workday, Cl A* | 7,200 | 735 | ||||||
Workiva, Cl A* | 2,683 | 53 | ||||||
Xcerra* | 6,289 | 61 | ||||||
Xerox | 13,700 | 420 | ||||||
Xilinx | 14,200 | 898 | ||||||
XO Group* | 3,149 | 58 | ||||||
Xperi | 5,912 | 173 | ||||||
Yelp, Cl A* | 9,115 | 297 | ||||||
Yext* | 1,766 | 23 | ||||||
Zebra Technologies, Cl A* | 2,900 | 295 | ||||||
Zendesk* | 11,403 | 334 | ||||||
Zillow Group, Cl A* | 2,600 | 118 | ||||||
Zillow Group, Cl C* | 5,800 | 262 | ||||||
Zix* | 5,773 | 31 | ||||||
Zynga, Cl A* | 45,900 | 166 | ||||||
|
| |||||||
337,666 | ||||||||
|
| |||||||
Materials — 2.3% | ||||||||
A Schulman | 3,564 | 94 | ||||||
Advanced Emissions Solutions | 2,935 | 31 | ||||||
AdvanSix* | 3,516 | 118 | ||||||
AgroFresh Solutions* | 2,402 | 19 | ||||||
Air Products & Chemicals | 11,900 | 1,692 | ||||||
AK Steel Holding* | 36,647 | 207 | ||||||
Albemarle | 6,100 | 706 | ||||||
Alcoa | 10,255 | 373 | ||||||
Allegheny Technologies | 12,755 | 242 | ||||||
American Vanguard | 3,488 | 62 | ||||||
Ampco-Pittsburgh | 947 | 14 | ||||||
AptarGroup | 3,500 | 283 | ||||||
Ardagh Group, Cl A* | 1,600 | 36 | ||||||
Ashland Global Holdings | 3,400 | 221 | ||||||
Avery Dennison | 5,000 | 465 | ||||||
Axalta Coating Systems* | 11,800 | 372 | ||||||
Balchem | 3,697 | 287 | ||||||
Ball | 19,200 | 804 | ||||||
Bemis | 5,100 | 216 | ||||||
Berry Global Group* | 7,400 | 415 | ||||||
Boise Cascade* | 4,548 | 138 | ||||||
Cabot | 3,100 | 168 | ||||||
Calgon Carbon | 5,849 | 94 | ||||||
Carpenter Technology | 5,617 | 227 | ||||||
Celanese, Cl A | 7,600 | 731 | ||||||
Century Aluminum* | 5,861 | 98 | ||||||
CF Industries Holdings | 12,800 | 376 | ||||||
Chase | 840 | 91 | ||||||
Chemours | 10,300 | 490 | ||||||
Clearwater Paper* | 1,991 | 98 |
42 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Cliffs Natural Resources* | 35,460 | $ | 274 | |||||
Codexis* | 5,664 | 31 | ||||||
Coeur Mining* | 21,608 | 179 | ||||||
Commercial Metals | 13,531 | 252 | ||||||
Compass Minerals International | 3,978 | 275 | ||||||
Core Molding Technologies* | 1,081 | 21 | ||||||
Crown Holdings* | 7,300 | 434 | ||||||
Deltic Timber | 1,235 | 89 | ||||||
Domtar | 3,200 | 125 | ||||||
Dow Chemical | 68,500 | 4,400 | ||||||
E.I. du Pont de Nemours | 48,900 | 4,020 | ||||||
Eagle Materials | 2,500 | 235 | ||||||
Eastman Chemical | 8,200 | 682 | ||||||
Ecolab | 14,400 | 1,896 | ||||||
Ferro* | 10,142 | 195 | ||||||
Ferroglobe Representation & Warranty Insurance Trust* | 6,943 | — | ||||||
Flotek Industries* | 6,131 | 52 | ||||||
FMC | 7,300 | 558 | ||||||
Forterra* | 2,070 | 18 | ||||||
Freeport-McMoRan* | 75,400 | 1,102 | ||||||
FutureFuel | 3,046 | 44 | ||||||
GCP Applied Technologies* | 8,444 | 256 | ||||||
Gold Resource | 5,430 | 23 | ||||||
Graphic Packaging Holding | 18,300 | 241 | ||||||
Greif, Cl A | 3,113 | 175 | ||||||
Greif, Cl B | 730 | 44 | ||||||
Handy & Harman* | 338 | 11 | ||||||
Hawkins | 1,183 | 53 | ||||||
Haynes International | 1,480 | 46 | ||||||
HB Fuller | 5,888 | 303 | ||||||
Hecla Mining | 44,828 | 242 | ||||||
Huntsman | 11,300 | 301 | ||||||
Ingevity* | 5,006 | 293 | ||||||
Innophos Holdings | 2,399 | 100 | ||||||
Innospec | 2,777 | 173 | ||||||
International Flavors & Fragrances | 4,600 | 613 | ||||||
International Paper | 23,100 | 1,270 | ||||||
Intrepid Potash* | 13,178 | 40 | ||||||
Kaiser Aluminum | 2,073 | 202 | ||||||
KapStone Paper and Packaging | 10,183 | 233 | ||||||
Klondex Mines* | 20,639 | 66 | ||||||
KMG Chemicals | 1,139 | 58 | ||||||
Koppers Holdings* | 2,376 | 86 | ||||||
Kraton* | 3,565 | 133 | ||||||
Kronos Worldwide | 2,454 | 52 | ||||||
Louisiana-Pacific* | 17,322 | 435 | ||||||
LSB Industries* | 2,173 | 15 | ||||||
LyondellBasell Industries, Cl A | 18,300 | 1,649 | ||||||
Martin Marietta Materials | 3,500 | 792 | ||||||
Materion | 2,259 | 87 | ||||||
Minerals Technologies | 4,186 | 296 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Monsanto | 24,600 | $ | 2,874 | |||||
Mosaic | 19,100 | 461 | ||||||
Myers Industries | 2,774 | 47 | ||||||
Neenah Paper | 2,027 | 162 | ||||||
NewMarket | 398 | 183 | ||||||
Newmont Mining | 29,800 | 1,108 | ||||||
Nucor | 18,100 | 1,044 | ||||||
Olin | 9,200 | 271 | ||||||
Olympic Steel | 967 | 16 | ||||||
OMNOVA Solutions* | 5,099 | 48 | ||||||
Owens-Illinois* | 9,800 | 234 | ||||||
Packaging Corp of America | 5,100 | 558 | ||||||
PH Glatfelter | 5,078 | 104 | ||||||
Platform Specialty Products* | 11,500 | 161 | ||||||
PolyOne | 9,431 | 345 | ||||||
PPG Industries | 14,256 | 1,500 | ||||||
Praxair | 15,900 | 2,069 | ||||||
Quaker Chemical | 1,527 | 217 | ||||||
Ramaco Resources* | 932 | 6 | ||||||
Rayonier Advanced Materials | 4,915 | 73 | ||||||
Reliance Steel & Aluminum | 3,900 | 282 | ||||||
Royal Gold | 3,500 | 303 | ||||||
RPM International | 7,100 | 368 | ||||||
Ryerson Holding* | 1,184 | 10 | ||||||
Schnitzer Steel Industries, Cl A | 3,035 | 78 | ||||||
Schweitzer-Mauduit International | 3,715 | 143 | ||||||
Scotts Miracle-Gro, Cl A | 2,500 | 240 | ||||||
Sealed Air | 10,700 | 466 | ||||||
Sensient Technologies | 5,274 | 392 | ||||||
Sherwin-Williams | 4,600 | 1,551 | ||||||
Silgan Holdings | 4,200 | 127 | ||||||
Sonoco Products | 5,500 | 267 | ||||||
Southern Copper | 9,400 | 370 | ||||||
Steel Dynamics | 12,700 | 450 | ||||||
Stepan | 2,328 | 191 | ||||||
Summit Materials, Cl A* | 12,894 | 367 | ||||||
SunCoke Energy* | 7,470 | 67 | ||||||
TimkenSteel* | 4,650 | 74 | ||||||
Trecora Resources* | 2,105 | 24 | ||||||
Tredegar | 3,022 | 46 | ||||||
Tronox, Cl A | 7,565 | 147 | ||||||
UFP Technologies* | 692 | 20 | ||||||
United States Lime & Minerals | 219 | 18 | ||||||
United States Steel | 10,300 | 242 | ||||||
US Concrete* | 1,766 | 138 | ||||||
Valhi | 4,014 | 13 | ||||||
Valvoline | 10,834 | 246 | ||||||
Vedanta ADR | 15,000 | 264 | ||||||
Verso* | 5,079 | 24 | ||||||
Vulcan Materials | 7,300 | 899 | ||||||
Warrior Met Coal | 1,975 | 43 | ||||||
Westlake Chemical | 2,000 | 141 |
43 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
WestRock | 14,100 | $ | 810 | |||||
Worthington Industries | 5,292 | 268 | ||||||
WR Grace | 4,000 | 276 | ||||||
|
| |||||||
53,184 | ||||||||
|
| |||||||
Real Estate — 3.0% | ||||||||
Acadia Realty Trust†† | 9,974 | 297 | ||||||
Agree Realty†† | 2,909 | 143 | ||||||
Alexander & Baldwin | 5,462 | 229 | ||||||
Alexander’s†† | 252 | 110 | ||||||
Alexandria Real Estate Equities†† | 4,900 | 594 | ||||||
Altisource Residential†† | 6,136 | 80 | ||||||
American Assets Trust†† | 4,656 | 189 | ||||||
American Campus Communities†† | 7,300 | 350 | ||||||
American Homes 4 Rent, Cl A†† | 13,200 | 304 | ||||||
American Tower, Cl A†† | 23,800 | 3,245 | ||||||
Apartment Investment & Management, Cl A†† | 8,700 | 396 | ||||||
Apple Hospitality†† | 11,700 | 216 | ||||||
Armada Hoffler Properties†† | 5,448 | 72 | ||||||
Ashford Hospitality Prime†† | 3,501 | 36 | ||||||
Ashford Hospitality Trust†† | 9,318 | 59 | ||||||
AvalonBay Communities†† | 7,709 | 1,483 | ||||||
Bluerock Residential Growth, Cl A†† | 2,487 | 33 | ||||||
Boston Properties†† | 8,700 | 1,052 | ||||||
Brandywine Realty Trust†† | 8,700 | 146 | ||||||
Brixmor Property Group†† | 17,000 | 333 | ||||||
Camden Property Trust†† | 4,700 | 422 | ||||||
Care Capital Properties†† | 9,886 | 239 | ||||||
CareTrust†† | 8,693 | 159 | ||||||
CatchMark Timber Trust, Cl A†† | 4,824 | 56 | ||||||
CBL & Associates Properties†† | 20,013 | 176 | ||||||
CBRE Group, Cl A* | 16,300 | 619 | ||||||
Cedar Realty Trust†† | 10,393 | 54 | ||||||
Chatham Lodging Trust†† | 4,695 | 97 | ||||||
Chesapeake Lodging Trust†† | 6,955 | 175 | ||||||
City Office†† | 2,938 | 37 | ||||||
Clipper Realty†† | 1,949 | 22 | ||||||
Colony NorthStar, Cl A†† | 30,058 | 440 | ||||||
Columbia Property Trust†† | 6,300 | 137 | ||||||
Community Healthcare Trust†† | 1,353 | 34 | ||||||
Consolidated-Tomoka Land | 444 | 25 | ||||||
CoreCivic†† | 6,400 | 177 | ||||||
CorEnergy Infrastructure Trust†† | 1,435 | 51 | ||||||
CoreSite Realty†† | 1,900 | 206 | ||||||
Corporate Office Properties Trust†† | 5,900 | 196 | ||||||
Cousins Properties†† | 49,068 | 451 | ||||||
Crown Castle International†† | 20,600 | 2,072 | ||||||
CubeSmart†† | 10,100 | 249 | ||||||
CyrusOne†† | 5,100 | 304 | ||||||
DCT Industrial Trust†† | 4,900 | 276 | ||||||
DDR†† | 16,800 | 171 | ||||||
DiamondRock Hospitality†† | 24,009 | 280 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Digital Realty Trust†† | 8,900 | $ | 1,027 | |||||
Douglas Emmett†† | 7,900 | 302 | ||||||
Duke Realty†† | 20,300 | 580 | ||||||
DuPont Fabros Technology†† | 4,300 | 268 | ||||||
Easterly Government Properties†† | 4,499 | 90 | ||||||
EastGroup Properties†† | 3,950 | 344 | ||||||
Education Realty Trust †† | 8,757 | 329 | ||||||
Empire State Realty Trust, Cl A†† | 6,100 | 127 | ||||||
EPR Properties†† | 3,600 | 261 | ||||||
Equinix†† | 4,400 | 1,983 | ||||||
Equity Commonwealth*†† | 6,700 | 212 | ||||||
Equity LifeStyle Properties†† | 4,700 | 410 | ||||||
Equity Residential†† | 19,700 | 1,341 | ||||||
Essex Property Trust†† | 3,600 | 942 | ||||||
Extra Space Storage†† | 6,600 | 525 | ||||||
Farmland Partners†† | 3,277 | 29 | ||||||
Federal Realty Investment Trust†† | 4,100 | 544 | ||||||
FelCor Lodging Trust†† | 16,376 | 121 | ||||||
First Industrial Realty Trust†† | 13,776 | 420 | ||||||
First Potomac Realty Trust†† | 6,593 | 73 | ||||||
Forest City Realty Trust, Cl A†† | 13,000 | 317 | ||||||
Forestar Group* | 4,990 | 86 | ||||||
Four Corners Property Trust†† | 7,352 | 187 | ||||||
Franklin Street Properties†† | 12,254 | 130 | ||||||
FRP Holdings* | 680 | 31 | ||||||
Gaming and Leisure Properties†† | 11,300 | 429 | ||||||
GEO Group†† | 14,618 | 429 | ||||||
Getty Realty†† | 3,120 | 81 | ||||||
GGP†† | 34,300 | 776 | ||||||
Gladstone Commercial†† | 2,831 | 60 | ||||||
Global Medical†† | 1,641 | 15 | ||||||
Global Net Lease†† | 8,046 | 177 | ||||||
Government Properties Income Trust†† | 11,093 | 197 | ||||||
Gramercy Property Trust†† | 17,756 | 537 | ||||||
Griffin Industrial Realty | 101 | 3 | ||||||
HCP†† | 25,800 | 817 | ||||||
Healthcare Realty Trust†† | 13,689 | 456 | ||||||
Healthcare Trust of America, Cl A†† | 10,900 | 333 | ||||||
Hersha Hospitality Trust, Cl A†† | 4,685 | 88 | ||||||
HFF, Cl A | 4,180 | 153 | ||||||
Highwoods Properties†† | 5,400 | 278 | ||||||
Hospitality Properties Trust†† | 9,000 | 262 | ||||||
Host Hotels & Resorts†† | 40,700 | 759 | ||||||
Howard Hughes* | 2,100 | 264 | ||||||
Hudson Pacific Properties†† | 8,700 | 285 | ||||||
Independence Realty Trust†† | 7,417 | 75 | ||||||
InfraREIT†† | 4,628 | 104 | ||||||
Investors Real Estate Trust†† | 15,155 | 94 | ||||||
Invitation Homes†† | 5,700 | 122 | ||||||
Iron Mountain†† | 14,200 | 517 | ||||||
iStar Financial*†† | 8,041 | 96 | ||||||
JBG SMITH Properties*†† | 4,700 | 167 |
44 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Jernigan Capital†† | 1,086 | $ | 23 | |||||
Jones Lang LaSalle | 2,500 | 318 | ||||||
Kennedy-Wilson Holdings | 10,048 | 202 | ||||||
Kilroy Realty†† | 5,200 | 361 | ||||||
Kimco Realty†† | 23,600 | 476 | ||||||
Kite Realty Group Trust†† | 9,915 | 204 | ||||||
Lamar Advertising, Cl A†† | 4,500 | 318 | ||||||
LaSalle Hotel Properties†† | 13,506 | 399 | ||||||
Lexington Realty Trust†† | 25,030 | 255 | ||||||
Liberty Property Trust†† | 8,100 | 340 | ||||||
Life Storage†† | 2,500 | 183 | ||||||
LTC Properties†† | 4,452 | 230 | ||||||
Macerich†† | 7,800 | 448 | ||||||
Mack-Cali Realty†† | 10,769 | 283 | ||||||
Marcus & Millichap* | 1,858 | 48 | ||||||
Maui Land & Pineapple* | 1,010 | 18 | ||||||
MedEquities Realty Trust†† | 3,560 | 43 | ||||||
Medical Properties Trust†† | 20,100 | 261 | ||||||
Mid-America Apartment Communities†† | 6,417 | 664 | ||||||
Monmouth Real Estate Investment†† | 8,223 | 127 | ||||||
Monogram Residential Trust†† | 20,463 | 245 | ||||||
National Health Investors†† | 4,721 | 365 | ||||||
National Retail Properties†† | 8,000 | 320 | ||||||
National Storage Affiliates Trust†† | 4,876 | 112 | ||||||
New Senior Investment Group†† | 9,066 | 94 | ||||||
NexPoint Residential Trust†† | 2,150 | 54 | ||||||
NorthStar Realty Europe†† | 6,516 | 84 | ||||||
Omega Healthcare Investors†† | 11,300 | 357 | ||||||
One Liberty Properties†† | 1,723 | 42 | ||||||
Outfront Media†† | 8,300 | 190 | ||||||
Paramount Group†† | 11,900 | 195 | ||||||
Park Hotels & Resorts†† | 7,616 | 205 | ||||||
Parkway†† | 4,965 | 114 | ||||||
Pebblebrook Hotel Trust†† | 8,482 | 286 | ||||||
Pennsylvania†† | 8,057 | 96 | ||||||
Physicians Realty Trust†† | 20,447 | 381 | ||||||
Piedmont Office Realty Trust, Cl A†† | 7,300 | 153 | ||||||
Potlatch†† | 4,923 | 236 | ||||||
Preferred Apartment Communities, Cl A†† | 3,011 | 52 | ||||||
Prologis†† | 29,700 | 1,806 | ||||||
PS Business Parks†† | 2,318 | 312 | ||||||
Public Storage†† | 8,300 | 1,706 | ||||||
QTS Realty Trust, Cl A†† | 5,644 | 302 | ||||||
Quality Care Properties*†† | 11,094 | 187 | ||||||
RAIT Financial Trust†† | 9,643 | 19 | ||||||
Ramco-Gershenson Properties Trust†† | 9,180 | 129 | ||||||
Rayonier†† | 6,900 | 201 | ||||||
RE/MAX Holdings, Cl A | 2,190 | 127 | ||||||
Realogy Holdings | 8,300 | 276 | ||||||
Realty Income†† | 15,500 | 884 | ||||||
Regency Centers†† | 8,570 | 567 | ||||||
Retail Opportunity Investments†† | 12,763 | 259 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Retail Properties of America, Cl A†† | 12,000 | $ | 159 | |||||
Rexford Industrial Realty†† | 7,777 | 222 | ||||||
RLJ Lodging Trust†† | 14,729 | 312 | ||||||
RMR Group | 909 | 44 | ||||||
Ryman Hospitality Properties†† | 5,237 | 328 | ||||||
Sabra Health Care†† | 7,629 | 177 | ||||||
Saul Centers†† | 1,162 | 69 | ||||||
SBA Communications, Cl A*†† | 6,900 | 949 | ||||||
Select Income†† | 7,397 | 174 | ||||||
Senior Housing Properties Trust†† | 13,400 | 261 | ||||||
Seritage Growth Properties†† | 3,074 | 144 | ||||||
Simon Property Group†† | 17,374 | 2,754 | ||||||
SL Green Realty†† | 5,400 | 558 | ||||||
Spirit Realty Capital†† | 27,300 | 216 | ||||||
St. Joe* | 6,010 | 108 | ||||||
STAG Industrial†† | 10,650 | 291 | ||||||
Starwood Waypoint Homes†† | 11,863 | 415 | ||||||
STORE Capital†† | 10,100 | 236 | ||||||
Stratus Properties | 681 | 19 | ||||||
Summit Hotel Properties†† | 12,245 | 220 | ||||||
Sun Communities†† | 3,800 | 338 | ||||||
Sunstone Hotel Investors†† | 25,765 | 419 | ||||||
Tanger Factory Outlet Centers†† | 4,700 | 124 | ||||||
Taubman Centers†† | 3,000 | 171 | ||||||
Tejon Ranch* | 1,869 | 39 | ||||||
Terreno Realty†† | 5,499 | 190 | ||||||
Tier†† | 5,453 | 101 | ||||||
Trinity Place Holdings* | 2,205 | 15 | ||||||
UDR†† | 15,300 | 598 | ||||||
UMH Properties†† | 3,168 | 52 | ||||||
Uniti Group†† | 9,200 | 235 | ||||||
Universal Health Realty Income Trust†† | 1,535 | 119 | ||||||
Urban Edge Properties†† | 11,655 | 293 | ||||||
Urstadt Biddle Properties, Cl A†† | 3,310 | 69 | ||||||
Ventas†† | 20,000 | 1,347 | ||||||
VEREIT†† | 52,300 | 435 | ||||||
Vornado Realty Trust†† | 9,400 | 746 | ||||||
Washington†† | 8,869 | 296 | ||||||
Washington Prime Group†† | 21,647 | 195 | ||||||
Weingarten Realty Investors†† | 6,300 | 204 | ||||||
Welltower†† | 20,600 | 1,512 | ||||||
Weyerhaeuser†† | 41,400 | 1,367 | ||||||
Whitestone, Cl B†† | 4,519 | 59 | ||||||
WP Carey†† | 5,700 | 390 | ||||||
Xenia Hotels & Resorts†† | 12,373 | 251 | ||||||
|
| |||||||
67,523 | ||||||||
|
| |||||||
Telecommunication Services — 1.3% | ||||||||
AT&T | 345,631 | 13,480 | ||||||
ATN International | 1,319 | 77 | ||||||
Boingo Wireless* | 4,250 | 63 | ||||||
CenturyLink | 29,800 | 694 | ||||||
Cincinnati Bell* | 5,025 | 94 |
45 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Cogent Communications Holdings | 4,845 | $ | 202 | |||||
Consolidated Communications Holdings | 7,941 | 143 | ||||||
Frontier Communications | 9,229 | 141 | ||||||
General Communication, Cl A* | 3,185 | 136 | ||||||
Globalstar* | 53,483 | 99 | ||||||
Hawaiian Telcom Holdco* | 785 | 23 | ||||||
IDT, Cl B | 1,830 | 27 | ||||||
Intelsat* | 3,368 | 11 | ||||||
Iridium Communications* | 10,091 | 100 | ||||||
Level 3 Communications* | 16,700 | 980 | ||||||
Lumos Networks* | 2,724 | 49 | ||||||
Ooma* | 2,531 | 21 | ||||||
ORBCOMM* | 7,856 | 91 | ||||||
pdvWireless* | 1,057 | 26 | ||||||
Shenandoah Telecommunications | 5,647 | 174 | ||||||
Spok Holdings | 2,465 | 40 | ||||||
Sprint* | 35,000 | 279 | ||||||
Straight Path Communications* | 982 | 176 | ||||||
Telephone & Data Systems | 4,800 | 137 | ||||||
T-Mobile US* | 16,200 | 999 | ||||||
United States Cellular* | 400 | 15 | ||||||
Verizon Communications | 229,491 | 11,107 | ||||||
Vonage Holdings* | 23,334 | 154 | ||||||
Windstream Holdings | 21,904 | 83 | ||||||
Zayo Group Holdings* | 10,800 | 354 | ||||||
|
| |||||||
29,975 | ||||||||
|
| |||||||
Utilities — 2.2% | ||||||||
AES | 36,000 | 403 | ||||||
ALLETE | 6,069 | 445 | ||||||
Alliant Energy | 12,400 | 503 | ||||||
Ameren | 13,600 | 763 | ||||||
American Electric Power | 27,400 | 1,933 | ||||||
American States Water | 4,263 | 211 | ||||||
American Water Works | 10,200 | 827 | ||||||
Aqua America | 10,100 | 337 | ||||||
AquaVenture Holdings* | 986 | 16 | ||||||
Artesian Resources, Cl A | 816 | 32 | ||||||
Atmos Energy | 5,900 | 512 | ||||||
Avangrid | 2,800 | 127 | ||||||
Avista | 7,642 | 402 | ||||||
Black Hills | 6,333 | 441 | ||||||
Cadiz* | 2,451 | 32 | ||||||
California Water Service Group | 5,839 | 227 | ||||||
Calpine* | 19,500 | 280 | ||||||
CenterPoint Energy | 23,500 | 662 | ||||||
Chesapeake Utilities | 1,891 | 146 | ||||||
CMS Energy | 15,700 | 726 | ||||||
Connecticut Water Service | 1,234 | 70 | ||||||
Consolidated Edison | 17,300 | 1,433 | ||||||
Consolidated Water | 1,582 | 20 | ||||||
Delta Natural Gas | 744 | 23 | ||||||
Dominion Energy | 35,200 | 2,717 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
DTE Energy | 10,200 | $ | 1,092 | |||||
Duke Energy | 39,300 | 3,345 | ||||||
Dynegy, Cl A* | 14,085 | 127 | ||||||
Edison International | 17,600 | 1,385 | ||||||
El Paso Electric | 4,747 | 246 | ||||||
Entergy | 9,900 | 760 | ||||||
Eversource Energy | 18,000 | 1,094 | ||||||
Exelon | 51,500 | 1,975 | ||||||
FirstEnergy | 25,200 | 804 | ||||||
Genie Energy, Cl B | 1,470 | 10 | ||||||
Global Water Resources | 935 | 9 | ||||||
Great Plains Energy | 11,500 | 355 | ||||||
Hawaiian Electric Industries | 5,900 | 195 | ||||||
IDACORP | 5,971 | 516 | ||||||
MDU Resources Group | 11,000 | 290 | ||||||
MGE Energy | 4,180 | 278 | ||||||
Middlesex Water | 1,923 | 75 | ||||||
National Fuel Gas | 4,200 | 249 | ||||||
New Jersey Resources | 10,172 | 429 | ||||||
NextEra Energy | 26,300 | 3,842 | ||||||
NiSource | 17,600 | 459 | ||||||
Northwest Natural Gas | 3,298 | 208 | ||||||
NorthWestern | 5,852 | 338 | ||||||
NRG Energy | 17,600 | 433 | ||||||
NRG Yield, Cl A | 4,245 | 77 | ||||||
NRG Yield, Cl C | 7,363 | 137 | ||||||
OGE Energy | 11,100 | 398 | ||||||
ONE Gas | 6,250 | 455 | ||||||
Ormat Technologies | 4,649 | 276 | ||||||
Otter Tail | 4,465 | 181 | ||||||
Pattern Energy Group, Cl A | 8,381 | 210 | ||||||
PG&E | 28,500 | 1,929 | ||||||
Pinnacle West Capital | 6,000 | 520 | ||||||
PNM Resources | 9,494 | 378 | ||||||
Portland General Electric | 10,599 | 474 | ||||||
PPL | 38,100 | 1,460 | ||||||
Public Service Enterprise Group | 27,900 | 1,255 | �� | |||||
Pure Cycle* | 2,578 | 19 | ||||||
RGC Resources | 956 | 26 | ||||||
SCANA | 7,100 | 457 | ||||||
Sempra Energy | 13,900 | 1,571 | ||||||
SJW Group | 1,966 | 104 | ||||||
South Jersey Industries | 9,606 | 326 | ||||||
Southern | 56,200 | 2,694 | ||||||
Southwest Gas Holdings | 5,680 | 455 | ||||||
Spark Energy, Cl A | 1,050 | 22 | ||||||
Spire | 5,607 | 407 | ||||||
TerraForm Global, Cl A* | 10,861 | 55 | ||||||
TerraForm Power, Cl A* | 10,151 | 136 | ||||||
UGI | 9,400 | 474 | ||||||
Unitil | 1,680 | 85 | ||||||
Vectren | 4,700 | 283 |
46 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Vistra Energy | 13,400 | $ | 220 | |||||
WEC Energy Group | 18,000 | 1,133 | ||||||
Westar Energy, Cl A | 7,700 | 391 | ||||||
WGL Holdings | 5,965 | 511 | ||||||
Xcel Energy | 28,100 | 1,329 | ||||||
York Water | 1,587 | 55 | ||||||
|
| |||||||
50,305 | ||||||||
|
| |||||||
1,547,071 | ||||||||
|
| |||||||
Total Common Stock | 2,195,428 | |||||||
|
| |||||||
EXCHANGE TRADED FUNDS — 0.9% |
| |||||||
United States — 0.9% | ||||||||
iShares MSCI India Fund | 457,464 | 15,719 | ||||||
iShares MSCI Taiwan Capped Fund | 85,500 | 3,129 | ||||||
SPDR S&P 500 Trust Fund | 752 | 186 | ||||||
|
| |||||||
19,034 | ||||||||
|
| |||||||
Total Exchange Traded Funds | 19,034 | |||||||
|
| |||||||
PREFERRED STOCK — 0.5% | ||||||||
Brazil — 0.3% | ||||||||
Banco Bradesco | 144,693 | 1,394 | ||||||
Braskem | 8,900 | 107 | ||||||
Centrais Eletricas Brasileiras | 17,900 | 96 | ||||||
Cia Brasileira de Distribuicao* | 7,300 | 170 | ||||||
Cia Energetica de Minas Gerais | 36,500 | 99 | ||||||
Cia Paranaense de Energia | 5,300 | 44 | ||||||
Gerdau | 47,100 | 161 | ||||||
Itau Unibanco Holding | 151,000 | 1,805 | ||||||
Itausa - Investimentos Itau | 181,578 | 539 | ||||||
Lojas Americanas | 35,469 | 173 | ||||||
Petroleo Brasileiro* | 179,800 | 765 | ||||||
Suzano Papel e Celulose, Cl A | 21,300 | 96 | ||||||
Telefonica Brasil | 20,500 | 306 | ||||||
Vale | 88,300 | 828 | ||||||
|
| |||||||
6,583 | ||||||||
|
| |||||||
Chile — 0.0% | ||||||||
Embotelladora Andina | 13,317 | 60 | ||||||
Sociedad Quimica y Minera de Chile, Cl B | 4,440 | 182 | ||||||
|
| |||||||
242 | ||||||||
|
| |||||||
Colombia — 0.0% | ||||||||
Bancolombia | 19,672 | 215 | ||||||
Grupo Aval Acciones y Valores | 185,117 | 81 | ||||||
Grupo de Inversiones Suramericana | 5,014 | 69 | ||||||
|
| |||||||
365 | ||||||||
|
|
Description | Shares | Market Value ($ Thousands) | ||||||
PREFERRED STOCK (continued) | ||||||||
Germany — 0.1% | ||||||||
Bayerische Motoren Werke | 1,579 | $ | 125 | |||||
FUCHS PETROLUB | 2,014 | 119 | ||||||
Henkel & KGaA | 5,557 | 785 | ||||||
Porsche Automobil Holding | 4,867 | 278 | ||||||
Schaeffler | 4,809 | 67 | ||||||
Volkswagen | 5,773 | 885 | ||||||
|
| |||||||
2,259 | ||||||||
|
| |||||||
Mexico — 0.0% | ||||||||
Cemex* | 672,052 | 648 | ||||||
|
| |||||||
South Korea — 0.1% | ||||||||
Amorepacific | 630 | 100 | ||||||
Hyundai Motor | 2,908 | 270 | ||||||
LG Chemical | 400 | 82 | ||||||
LG Household & Health Care | 130 | 74 | ||||||
Samsung Electronics | 798 | 1,377 | ||||||
|
| |||||||
1,903 | ||||||||
|
| |||||||
Total Preferred Stock | 12,000 | |||||||
|
| |||||||
Number of Rights | ||||||||
RIGHTS — 0.0% | ||||||||
France — 0.0% | ||||||||
Gecina, Expires 08/04/2017* | 1,191 | 3 | ||||||
|
| |||||||
Thailand — 0.0% | ||||||||
Charoen PokPhand Foods, | 24,040 | — | ||||||
|
| |||||||
United States — 0.0% | ||||||||
Durata Therapeutics*‡ | 1,300 | — | ||||||
Media General*‡ | 12,275 | 19 | ||||||
Tobira Therapeutics, Expires 12/31/2028* | 970 | — | ||||||
|
| |||||||
19 | ||||||||
|
| |||||||
Total Rights | 22 | |||||||
|
| |||||||
Total Investments — 98.2% | $ | 2,226,484 | ||||||
|
|
47 | Adviser Managed Trust / Annual Report / July 31, 2017 |
SCHEDULE OF INVESTMENTS
July 31, 2017
Tactical Offensive Equity Fund (Continued)
A list of the open futures contracts held by the Fund at July 31, 2017, is as follows:
Type of Contract | Number of Contracts Long | Expiration Date | Unrealized Appreciation ($ Thousands) | |||||||||
MSCI EAFE Index E-MINI | 102 | Sep-2017 | $ | 251 | ||||||||
MSCI Emerging Markets E-MINI | 163 | Sep-2017 | 432 | |||||||||
Russell 2000 Index E-MINI | 54 | Sep-2017 | 19 | |||||||||
Russell 2000 Index E-MINI | 11 | Sep-2017 | 9 | |||||||||
S&P 500 Index E-MINI | 136 | Sep-2017 | 261 | |||||||||
S&P Mid Cap 400 Index E-MINI | 9 | Sep-2017 | 8 | |||||||||
|
| |||||||||||
$ | 980 | |||||||||||
|
|
Percentages are based on a Net Assets of $2,268,322 ($ Thousands).
* | Non-income producing security. |
‡ | Expiration date unavailable. |
† | The Fund may purchase securities of certain companies with which it is affiliated to the extent these companies are represented in its benchmark index. |
†† | Real Estate Investment Trust. |
(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 July 31, 2017, the value of these securities amounted to $4,957 ($ 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 & Poor’s
Ser — Series
SPDR — Standard & Poor’s Depository Receipt
The following is a list of the level of inputs used as of July 31, 2017, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):
Investments in Securities | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
Common Stock | $ | 2,195,428 | $ | — | $ | — | $ | 2,195,428 | ||||||||
Exchange Traded Funds | 19,034 | — | — | 19,034 | ||||||||||||
Preferred Stock | 12,000 | — | — | 12,000 | ||||||||||||
Rights | 22 | — | — | ^ | 22 | |||||||||||
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|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 2,226,484 | $ | — | $ | — | $ | 2,226,484 | ||||||||
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|
|
|
|
|
|
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts* | ||||||||||||||||
Unrealized Appreciation | $ | 980 | $ | — | $ | — | $ | 980 | ||||||||
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|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | 980 | $ | — | $ | — | $ | 980 | ||||||||
|
|
|
|
|
|
|
|
* | 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 July 31, 2017, 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 year ended July 31, 2017, 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.
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 / Annual Report / July 31, 2017 |
Report of Independent Registered Public Accounting Firm
The Board of Trustees and Shareholders
Adviser Managed Trust:
We have audited the accompanying statement of assets and liabilities, including the summary schedule of investments, of the Tactical Offensive Equity Fund and the accompanying statement of assets and liabilities, including the schedule of investments, of the Tactical Offensive Fixed Income Fund comprising the Adviser Managed Trust (the “Trust”), as of July 31, 2017, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. The financial statements and financial highlights are included in Item 1 of this Form N-CSR and the schedule of investments in securities of the Tactical Offensive Equity Fund, as of July 31, 2017 is included in Item 6 of this Form N-CSR. These financial statements and financial highlights and the schedule of investments in securities are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements, financial highlights, and schedule of investments in securities based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2017, by correspondence with custodians and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights and schedule of investments in securities referred to above present fairly, in all material respects, the financial position of each of the funds comprising the Adviser Managed Trust as of July 31, 2017, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
/s/ KPMG LLP
Philadelphia, Pennsylvania
September 29, 2017
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 Governance Committee (the “Committee”) currently consisting of the Independent Trustees on the Board. The Committee is responsible for evaluating and recommending nominees for election to the Board. Pursuant to the Committee’s 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 Registrant’s office.
Item 11. | Controls and Procedures. |
(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s 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 Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Items 12. | Exhibits. |
(a)(1) Code of Ethics attached hereto.
(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 1940 Act, 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 | ||||||
By | /s/ Robert A. Nesher | |||||
Robert A. Nesher | ||||||
President & CEO |
Date: October 6, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By | /s/ Robert A. Nesher | |||||
Robert A. Nesher | ||||||
President & CEO |
Date: October 6, 2017
By | /s/ James J. Hoffmayer | |||||
James J. Hoffmayer | ||||||
Controller & CFO |
Date: October 6, 2017