UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSRs
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-22480
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)
Timothy D. Barto, Esq.
SEI Investments Co.
One Freedom Valley Drive
Oaks, PA 19456
(Name and address of agent for service)
Registrant’s telephone number, including area code:1-610-676-1000
Date of fiscal year end: July 31, 2019
Date of reporting period: January 31, 2019
Item 1. | Reports to Stockholders. |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-DIAL-SEI. Your election to receive reports in paper will apply to all funds held with the SEI Funds or your financial intermediary.
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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.
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Equity Fund
†Percentages are based on total investments.
Description | Percentage of Net Assets (%) | Shares | Market Value ($ Thousands) | |||||||
EXCHANGE TRADED FUND — 100.0% | ||||||||||
United States — 100.0% | ||||||||||
SPDR S&P 500 ETF Trust 100.0% | 752 | $ | 203 | |||||||
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Total Exchange Traded Fund | 203 | |||||||||
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Total Investments — 100.0% | $ | 203 | ||||||||
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Percentages are based on a Net Assets of $203 ($ Thousands).
ETF — Exchange Traded Fund
S&P— Standard & Poor’s
SPDR — Standard & Poor’s Depository Receipt
As of January 31, 2019, all of the Fund’s investments were considered level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.
For the period ended January 31, 2019, there were no transfers between Level 1, Level 2 assets and/or Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.
As of January 31, 2019, the Fund was not an active component of the Adviser Managed Strategy. See Note 1 – Organization in Notes to Financial Statements.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.
The following is a summary of the transactions the Fund had with affiliates for the period ended January 31, 2019 ($ Thousands):
Security Description | Value 7/31/18 | Purchases at Cost | Proceeds from Sales | Realized Loss | Change in Unrealized Depreciation | Value 1/31/19 | Income | |||||||||||||||||||||
SEI | $462 | $— | $(361) | $(11) | $(90) | $— | $— | |||||||||||||||||||||
SEI Daily Income Trust, Government Fund, Cl F | — | 1,700,000 | (1,700,000) | — | — | — | 97 | |||||||||||||||||||||
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Totals | $462 | $1,700,000 | $(1,700,361) | $(11) | $(90) | $— | $97 | |||||||||||||||||||||
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Amounts designated as “—” are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund
†Percentages based on total investments.
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS — 29.9% |
| |||||||
Communication Services — 2.7% |
| |||||||
21st Century Fox America | ||||||||
6.650%, 11/15/2037 | $ | 100 | $ | 132 | ||||
6.150%, 02/15/2041 | 50 | 63 | ||||||
4.500%, 02/15/2021 | 100 | 102 | ||||||
3.000%, 09/15/2022 | 100 | 100 | ||||||
Acosta | ||||||||
7.750%, 10/01/2022 (A) | 130 | 18 | ||||||
Activision Blizzard | ||||||||
3.400%, 09/15/2026 | 50 | 48 | ||||||
2.300%, 09/15/2021 | 30 | 29 | ||||||
Alphabet | ||||||||
3.625%, 05/19/2021 | 100 | 103 | ||||||
1.998%, 08/15/2026 | 50 | 46 | ||||||
Altice Financing | ||||||||
7.500%, 05/15/2026 (A) | 425 | 403 | ||||||
6.625%, 02/15/2023 (A) | 100 | 100 | ||||||
Altice France | ||||||||
8.125%, 02/01/2027 (A) | 200 | 196 | ||||||
7.375%, 05/01/2026 (A) | 450 | 434 | ||||||
6.250%, 05/15/2024 (A) | 225 | 221 | ||||||
Altice Luxembourg | ||||||||
7.750%, 05/15/2022 (A) | 150 | 145 | ||||||
7.625%, 02/15/2025 (A) | 250 | 213 | ||||||
AMC Entertainment Holdings | ||||||||
5.750%, 06/15/2025 | 38 | 35 | ||||||
AMC Networks | ||||||||
5.000%, 04/01/2024 | 50 | 50 | ||||||
4.750%, 08/01/2025 | 105 | 101 | ||||||
America Movil | ||||||||
6.375%, 03/01/2035 | 100 | 120 | ||||||
6.125%, 03/30/2040 | 100 | 121 | ||||||
5.000%, 03/30/2020 | 50 | 51 | ||||||
AT&T | ||||||||
6.000%, 08/15/2040 | 100 | 108 | ||||||
5.700%, 03/01/2057 | 250 | 255 | ||||||
5.650%, 02/15/2047 | 50 | 52 | ||||||
5.450%, 03/01/2047 | 100 | 102 | ||||||
5.250%, 03/01/2037 | 50 | 51 | ||||||
5.150%, 03/15/2042 | 150 | 147 | ||||||
5.150%, 02/15/2050 | 200 | 194 | ||||||
4.900%, 08/15/2037 | 100 | 97 | ||||||
4.500%, 05/15/2035 | 150 | 142 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
4.350%, 06/15/2045 | $ | 100 | $ | 88 | ||||
4.250%, 03/01/2027 | 150 | 152 | ||||||
4.100%, 02/15/2028 | 116 | 115 | ||||||
3.950%, 01/15/2025 | 100 | 101 | ||||||
3.800%, 03/01/2024 | 50 | 51 | ||||||
3.400%, 05/15/2025 | 150 | 147 | ||||||
3.200%, 03/01/2022 | 90 | 90 | ||||||
Baidu | ||||||||
4.375%, 03/29/2028 | 100 | 100 | ||||||
Bell Canada | ||||||||
4.464%, 04/01/2048 | 15 | 15 | ||||||
Block Communications | ||||||||
6.875%, 02/15/2025 (A) | 50 | 51 | ||||||
British Telecommunications | ||||||||
9.625%, 12/15/2030 | 150 | 209 | ||||||
CBS | ||||||||
5.500%, 05/15/2033 | 75 | 78 | ||||||
4.000%, 01/15/2026 | 35 | 35 | ||||||
3.500%, 01/15/2025 | 100 | 97 | ||||||
CCO Holdings | ||||||||
5.875%, 04/01/2024 (A) | 417 | 428 | ||||||
5.750%, 02/15/2026 (A) | 200 | 203 | ||||||
5.500%, 05/01/2026 (A) | 200 | 199 | ||||||
5.125%, 05/01/2027 (A) | 265 | 256 | ||||||
5.000%, 02/01/2028 (A) | 279 | 265 | ||||||
4.000%, 03/01/2023 (A) | 43 | 42 | ||||||
CenturyLink | ||||||||
7.500%, 04/01/2024 | 100 | 102 | ||||||
Charter Communications Operating | ||||||||
6.834%, 10/23/2055 | 35 | 38 | ||||||
6.484%, 10/23/2045 | 165 | 178 | ||||||
6.384%, 10/23/2035 | 50 | 53 | ||||||
5.750%, 04/01/2048 | 50 | 50 | ||||||
5.375%, 04/01/2038 | 100 | 96 | ||||||
5.375%, 05/01/2047 | 35 | 33 | ||||||
4.908%, 07/23/2025 | 150 | 154 | ||||||
4.464%, 07/23/2022 | 50 | 51 | ||||||
3.750%, 02/15/2028 | 100 | 93 | ||||||
3.579%, 07/23/2020 | 55 | 55 | ||||||
Cincinnati Bell | ||||||||
7.000%, 07/15/2024 (A) | 135 | 116 | ||||||
Comcast | ||||||||
4.950%, 10/15/2058 | 25 | 26 | ||||||
4.700%, 10/15/2048 | 40 | 42 | ||||||
4.600%, 10/15/2038 | 55 | 57 | ||||||
4.600%, 08/15/2045 | 100 | 102 | ||||||
4.400%, 08/15/2035 | 50 | 50 | ||||||
4.250%, 10/15/2030 | 25 | 26 | ||||||
4.250%, 01/15/2033 | 100 | 102 | ||||||
4.150%, 10/15/2028 | 70 | 72 | ||||||
3.900%, 03/01/2038 | 100 | 95 | ||||||
3.700%, 04/15/2024 | 55 | 56 |
2 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
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3.450%, 10/01/2021 | $ | 65 | $ | 66 | ||||
3.400%, 07/15/2046 | 100 | 85 | ||||||
3.375%, 02/15/2025 | 150 | 151 | ||||||
3.375%, 08/15/2025 | 65 | 65 | ||||||
3.300%, 02/01/2027 | 100 | 98 | ||||||
3.200%, 07/15/2036 | 100 | 87 | ||||||
2.750%, 03/01/2023 | 100 | 99 | ||||||
Consolidated Communications | ||||||||
6.500%, 10/01/2022 | 50 | 46 | ||||||
Deutsche Telekom International Finance | ||||||||
8.750%, 06/15/2030 | 100 | 134 | ||||||
Discovery Communications | ||||||||
6.350%, 06/01/2040 | 100 | 107 | ||||||
5.200%, 09/20/2047 | 60 | 57 | ||||||
3.950%, 03/20/2028 | 60 | 57 | ||||||
3.800%, 03/13/2024 | 100 | 99 | ||||||
DISH DBS | ||||||||
5.875%, 11/15/2024 | 360 | 298 | ||||||
Electronic Arts | ||||||||
4.800%, 03/01/2026 | 50 | 52 | ||||||
3.700%, 03/01/2021 | 50 | 51 | ||||||
Fox | ||||||||
5.576%, 01/25/2049 (A) | 25 | 27 | ||||||
5.476%, 01/25/2039 (A) | 10 | 10 | ||||||
4.709%, 01/25/2029 (A) | 40 | 42 | ||||||
4.030%, 01/25/2024 (A) | 25 | 25 | ||||||
Frontier Communications | ||||||||
11.000%, 09/15/2025 | 370 | 238 | ||||||
10.500%, 09/15/2022 | 210 | 150 | ||||||
8.500%, 04/01/2026 (A) | 145 | 132 | ||||||
6.875%, 01/15/2025 | 100 | 53 | ||||||
Gogo Intermediate Holdings | ||||||||
12.500%, 07/01/2022 (A) | 60 | 65 | ||||||
Gray Television | ||||||||
7.000%, 05/15/2027 (A) | 35 | 36 | ||||||
5.875%, 07/15/2026 (A) | 125 | 123 | ||||||
5.125%, 10/15/2024 (A) | 100 | 97 | ||||||
Inmarsat Finance | ||||||||
4.875%, 05/15/2022 (A) | 100 | 97 | ||||||
Intelsat Connect Finance | ||||||||
9.500%, 02/15/2023 (A) | 95 | 89 | ||||||
Intelsat Jackson Holdings | ||||||||
9.750%, 07/15/2025 (A) | 160 | 167 | ||||||
8.500%, 10/15/2024 (A) | 295 | 298 | ||||||
8.000%, 02/15/2024 (A) | 200 | 208 | ||||||
Koninklijke | ||||||||
8.375%, 10/01/2030 | 50 | 66 | ||||||
Level 3 Financing | ||||||||
5.375%, 08/15/2022 | 100 | 101 | ||||||
5.375%, 05/01/2025 | 50 | 49 | ||||||
5.250%, 03/15/2026 | 100 | 97 | ||||||
5.125%, 05/01/2023 | 250 | 248 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
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Level 3 Parent | ||||||||
5.750%, 12/01/2022 | $ | 100 | $ | 100 | ||||
Live Nation Entertainment | ||||||||
4.875%, 11/01/2024 (A) | 115 | 113 | ||||||
Midcontinent Communications | ||||||||
6.875%, 08/15/2023 (A) | 75 | 77 | ||||||
NBCUniversal Media | ||||||||
5.950%, 04/01/2041 | 100 | 119 | ||||||
5.150%, 04/30/2020 | 50 | 51 | ||||||
Netflix | ||||||||
6.375%, 05/15/2029 (A) | 200 | 206 | ||||||
5.875%, 02/15/2025 | 138 | 143 | ||||||
5.875%, 11/15/2028 (A) | 220 | 223 | ||||||
Nexstar Broadcasting | ||||||||
5.625%, 08/01/2024 (A) | 82 | 79 | ||||||
Nokia | ||||||||
4.375%, 06/12/2027 | 25 | 24 | ||||||
3.375%, 06/12/2022 | 120 | 118 | ||||||
Omnicom Group | ||||||||
3.600%, 04/15/2026 | 100 | 97 | ||||||
Orange | ||||||||
9.000%, 03/01/2031 | 100 | 141 | ||||||
5.500%, 02/06/2044 | 25 | 28 | ||||||
Rogers Communications | ||||||||
5.000%, 03/15/2044 | 100 | 106 | ||||||
4.300%, 02/15/2048 | 40 | 39 | ||||||
2.900%, 11/15/2026 | 100 | 93 | ||||||
Sirius XM Radio | ||||||||
6.000%, 07/15/2024 (A) | 200 | 208 | ||||||
5.375%, 07/15/2026 (A) | 157 | 156 | ||||||
5.000%, 08/01/2027 (A) | 260 | 251 | ||||||
Sprint | ||||||||
7.875%, 09/15/2023 | 400 | 425 | ||||||
7.625%, 02/15/2025 | 200 | 209 | ||||||
7.625%, 03/01/2026 | 100 | 104 | ||||||
Telefonica Emisiones | ||||||||
7.045%, 06/20/2036 | 100 | 118 | ||||||
5.134%, 04/27/2020 | 100 | 102 | ||||||
4.895%, 03/06/2048 | 150 | 140 | ||||||
4.665%, 03/06/2038 | 150 | 140 | ||||||
Telenet Finance Luxembourg Notes Sarl | ||||||||
5.500%, 03/01/2028 (A) | 200 | 189 | ||||||
Telesat Canada | ||||||||
8.875%, 11/15/2024 (A) | 120 | 126 | ||||||
TELUS | ||||||||
4.600%, 11/16/2048 | 25 | 25 | ||||||
T-Mobile USA | ||||||||
6.500%, 01/15/2026 | 150 | 159 | ||||||
6.375%, 03/01/2025 | 300 | 311 | ||||||
6.000%, 03/01/2023 | 200 | 205 | ||||||
5.375%, 04/15/2027 | 100 | 101 | ||||||
4.750%, 02/01/2028 | 100 | 96 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 3 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
4.500%, 02/01/2026 | $ | 160 | $ | 156 | ||||
0.000%, 03/01/2023 | 200 | – | ||||||
0.000%, 01/15/2024 | 150 | – | ||||||
0.000%, 03/01/2025 | 535 | – | ||||||
0.000%, 01/15/2026 | 610 | – | ||||||
Tribune Media | ||||||||
5.875%, 07/15/2022 | 100 | 102 | ||||||
UPCB Finance IV | ||||||||
5.375%, 01/15/2025 (A) | 200 | 193 | ||||||
Verizon Communications | ||||||||
4.812%, 03/15/2039 | 100 | 102 | ||||||
4.522%, 09/15/2048 | 153 | 149 | ||||||
4.500%, 08/10/2033 | 100 | 102 | ||||||
4.329%, 09/21/2028 | 156 | 161 | ||||||
4.125%, 08/15/2046 | 50 | 46 | ||||||
3.376%, 02/15/2025 | 100 | 100 | ||||||
3.125%, 03/16/2022 | 100 | 100 | ||||||
2.625%, 08/15/2026 | 150 | 140 | ||||||
Viacom | ||||||||
6.250%, VAR ICE LIBOR USD 3 Month+3.899%, 02/28/2057 | 106 | 102 | ||||||
5.875%, VAR ICE LIBOR USD 3 Month+3.895%, 02/28/2057 | 50 | 48 | ||||||
5.850%, 09/01/2043 | 100 | 102 | ||||||
4.250%, 09/01/2023 | 25 | 25 | ||||||
Videotron | ||||||||
5.375%, 06/15/2024 (A) | 100 | 104 | ||||||
Virgin Media Secured Finance | ||||||||
5.250%, 01/15/2026 (A) | 250 | 246 | ||||||
Vodafone Group | ||||||||
6.150%, 02/27/2037 | 100 | 109 | ||||||
5.250%, 05/30/2048 | 75 | 73 | ||||||
5.000%, 05/30/2038 | 40 | 39 | ||||||
4.375%, 05/30/2028 | 70 | 70 | ||||||
4.125%, 05/30/2025 | 25 | 25 | ||||||
3.750%, 01/16/2024 | 45 | 45 | ||||||
Walt Disney | ||||||||
3.000%, 02/13/2026 | 100 | 99 | ||||||
Walt Disney MTN | ||||||||
4.125%, 06/01/2044 | 125 | 127 | ||||||
3.000%, 07/30/2046 | 50 | 42 | ||||||
2.350%, 12/01/2022 | 50 | 49 | ||||||
2.300%, 02/12/2021 | 100 | 99 | ||||||
1.800%, 06/05/2020 | 50 | 50 | ||||||
Wind Tre | ||||||||
5.000%, 01/20/2026 (A) | 200 | 165 | ||||||
Windstream Services | ||||||||
9.000%, 06/30/2025 (A) | 87 | 65 | ||||||
8.625%, 10/31/2025 (A) | 125 | 118 | ||||||
WTT Investment | ||||||||
5.500%, 11/21/2022 (A) | 200 | 197 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
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Zayo Group | ||||||||
6.375%, 05/15/2025 | $ | 200 | $ | 195 | ||||
6.000%, 04/01/2023 | 70 | 70 | ||||||
5.750%, 01/15/2027 (A) | 75 | 73 | ||||||
Ziggo BV | ||||||||
6.000%, 01/15/2027 (A) | 200 | 184 | ||||||
5.500%, 01/15/2027 (A) | 150 | 142 | ||||||
21,154 | ||||||||
Consumer Discretionary — 2.9% |
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1011778 BC ULC / New Red Finance | ||||||||
5.000%, 10/15/2025 (A) | 300 | 290 | ||||||
4.625%, 01/15/2022 (A) | 100 | 100 | ||||||
4.250%, 05/15/2024 (A) | 150 | 145 | ||||||
24 Hour Fitness Worldwide | ||||||||
8.000%, 06/01/2022 (A) | 75 | 74 | ||||||
Adient Global Holdings | ||||||||
4.875%, 08/15/2026 (A) | 200 | 150 | ||||||
Advance Auto Parts | ||||||||
4.500%, 12/01/2023 | 100 | 102 | ||||||
Albertsons | ||||||||
7.500%, 03/15/2026 (A) | 25 | 25 | ||||||
5.750%, 03/15/2025 | 265 | 248 | ||||||
Alibaba Group Holding | ||||||||
4.200%, 12/06/2047 | 60 | 56 | ||||||
3.600%, 11/28/2024 | 100 | 101 | ||||||
3.400%, 12/06/2027 | 100 | 95 | ||||||
Amazon.com | ||||||||
5.200%, 12/03/2025 | 50 | 56 | ||||||
4.950%, 12/05/2044 | 100 | 115 | ||||||
4.800%, 12/05/2034 | 100 | 112 | ||||||
4.250%, 08/22/2057 | 70 | 72 | ||||||
4.050%, 08/22/2047 | 70 | 71 | ||||||
3.875%, 08/22/2037 | 45 | 45 | ||||||
3.150%, 08/22/2027 | 150 | 149 | ||||||
2.800%, 08/22/2024 | 25 | 25 | ||||||
2.500%, 11/29/2022 | 100 | 100 | ||||||
2.400%, 02/22/2023 | 50 | 49 | ||||||
1.900%, 08/21/2020 | 30 | 30 | ||||||
American Axle & Manufacturing | ||||||||
6.250%, 04/01/2025 | 30 | 29 | ||||||
American Honda Finance MTN | ||||||||
3.550%, 01/12/2024 | 100 | 101 | ||||||
3.500%, 02/15/2028 | 50 | 50 | ||||||
2.900%, 02/16/2024 | 50 | 49 | ||||||
2.000%, 02/14/2020 | 50 | 50 | ||||||
1.700%, 09/09/2021 | 75 | 72 | ||||||
Aptiv | ||||||||
3.150%, 11/19/2020 | 100 | 100 | ||||||
APX Group | ||||||||
7.875%, 12/01/2022 | 58 | 56 |
4 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
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Aramark Services | ||||||||
5.125%, 01/15/2024 | $ | 83 | $ | 84 | ||||
5.000%, 04/01/2025 (A) | 100 | 100 | ||||||
5.000%, 02/01/2028 (A) | 60 | 59 | ||||||
Asbury Automotive Group | ||||||||
6.000%, 12/15/2024 | 50 | 50 | ||||||
AutoNation | ||||||||
4.500%, 10/01/2025 | 100 | 97 | ||||||
AutoZone | ||||||||
3.750%, 06/01/2027 | 100 | 99 | ||||||
3.700%, 04/15/2022 | 80 | 80 | ||||||
BAT Capital | ||||||||
4.540%, 08/15/2047 | 60 | 49 | ||||||
4.390%, 08/15/2037 | 70 | 60 | ||||||
3.557%, 08/15/2027 | 50 | 46 | ||||||
2.297%, 08/14/2020 | 100 | 98 | ||||||
Beazer Homes USA | ||||||||
8.750%, 03/15/2022 | 50 | 52 | ||||||
Best Buy | ||||||||
4.450%, 10/01/2028 | 50 | 48 | ||||||
Block Financial | ||||||||
4.125%, 10/01/2020 | 100 | 101 | ||||||
Board of Trustees of The Leland Stanford Junior University | ||||||||
3.647%, 05/01/2048 | 25 | 25 | ||||||
Booking Holdings | ||||||||
3.600%, 06/01/2026 | 50 | 49 | ||||||
3.550%, 03/15/2028 | 50 | 48 | ||||||
2.750%, 03/15/2023 | 50 | 49 | ||||||
BorgWarner | ||||||||
4.375%, 03/15/2045 | 50 | 46 | ||||||
3.375%, 03/15/2025 | 100 | 97 | ||||||
Boyd Gaming | ||||||||
6.875%, 05/15/2023 | 62 | 64 | ||||||
6.375%, 04/01/2026 | 100 | 102 | ||||||
6.000%, 08/15/2026 | 100 | 100 | ||||||
Bunge Finance | ||||||||
3.750%, 09/25/2027 | 30 | 27 | ||||||
3.500%, 11/24/2020 | 50 | 50 | ||||||
3.000%, 09/25/2022 | 55 | 53 | ||||||
Caesars Resort Collection | ||||||||
5.250%, 10/15/2025 (A) | 94 | 88 | ||||||
Cedar Fair | ||||||||
5.375%, 04/15/2027 | 110 | 109 | ||||||
Cengage Learning | ||||||||
9.500%, 06/15/2024 (A) | 61 | 41 | ||||||
Churchill Downs | ||||||||
4.750%, 01/15/2028 (A) | 94 | 90 | ||||||
Council of Europe Development Bank | ||||||||
2.625%, 02/13/2023 | 120 | 120 | ||||||
1.625%, 03/10/2020 | 100 | 99 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
CSC Holdings | ||||||||
10.875%, 10/15/2025 (A) | $ | 103 | $ | 119 | ||||
10.125%, 01/15/2023 (A) | 300 | 324 | ||||||
7.500%, 04/01/2028 (A) | 200 | 205 | ||||||
6.625%, 10/15/2025 (A) | 250 | 262 | ||||||
5.500%, 05/15/2026 (A) | 78 | 77 | ||||||
5.500%, 04/15/2027 (A) | 85 | 83 | ||||||
5.375%, 07/15/2023 (A) | 150 | 152 | ||||||
Daimler Finance North America | ||||||||
8.500%, 01/18/2031 | 50 | 69 | ||||||
Darden Restaurants | ||||||||
4.550%, 02/15/2048 | 15 | 14 | ||||||
3.850%, 05/01/2027 | 30 | 29 | ||||||
Delphi Technologies | ||||||||
5.000%, 10/01/2025 (A) | 105 | 90 | ||||||
Diamond Resorts International | ||||||||
10.750%, 09/01/2024 (A) | 75 | 69 | ||||||
7.750%, 09/01/2023 (A) | 50 | 49 | ||||||
Dollar General | ||||||||
3.250%, 04/15/2023 | 100 | 99 | ||||||
Dollar Tree | ||||||||
4.200%, 05/15/2028 | 45 | 43 | ||||||
4.000%, 05/15/2025 | 100 | 98 | ||||||
3.700%, 05/15/2023 | 45 | 44 | ||||||
DR Horton | ||||||||
4.000%, 02/15/2020 | 55 | 55 | ||||||
eBay | ||||||||
3.450%, 08/01/2024 | 50 | 49 | ||||||
2.600%, 07/15/2022 | 100 | 97 | ||||||
Eldorado Resorts | ||||||||
6.000%, 04/01/2025 | 100 | 101 | ||||||
6.000%, 09/15/2026 (A) | 25 | 25 | ||||||
ESH Hospitality | ||||||||
5.250%, 05/01/2025 (A) | 100 | 99 | ||||||
Expedia Group | ||||||||
5.000%, 02/15/2026 | 100 | 102 | ||||||
4.500%, 08/15/2024 | 50 | 51 | ||||||
Fiat Chrysler Automobiles | ||||||||
5.250%, 04/15/2023 | 200 | 202 | ||||||
Ford Motor | ||||||||
7.450%, 07/16/2031 | 100 | 101 | ||||||
5.291%, 12/08/2046 | 50 | 40 | ||||||
4.750%, 01/15/2043 | 125 | 95 | ||||||
Ford Motor Credit | ||||||||
5.875%, 08/02/2021 | 100 | 102 | ||||||
5.596%, 01/07/2022 | 200 | 203 | ||||||
2.979%, 08/03/2022 | 100 | 93 | ||||||
Garda World Security | ||||||||
8.750%, 05/15/2025 (A) | 110 | 102 | ||||||
General Motors | ||||||||
6.600%, 04/01/2036 | 100 | 102 | ||||||
5.400%, 04/01/2048 | 50 | 44 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 5 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
5.150%, 04/01/2038 | $ | 30 | $ | 26 | ||||
5.000%, 04/01/2035 | 50 | 44 | ||||||
4.200%, 10/01/2027 | 50 | 46 | ||||||
General Motors Financial | ||||||||
4.350%, 04/09/2025 | 75 | 72 | ||||||
4.350%, 01/17/2027 | 70 | 65 | ||||||
4.000%, 10/06/2026 | 50 | 46 | ||||||
3.950%, 04/13/2024 | 50 | 48 | ||||||
3.700%, 05/09/2023 | 35 | 34 | ||||||
3.550%, 04/09/2021 | 60 | 60 | ||||||
3.500%, 11/07/2024 | 100 | 93 | ||||||
3.450%, 01/14/2022 | 100 | 98 | ||||||
3.450%, 04/10/2022 | 50 | 49 | ||||||
3.200%, 07/13/2020 | 100 | 100 | ||||||
3.200%, 07/06/2021 | 50 | 49 | ||||||
3.150%, 06/30/2022 | 70 | 68 | ||||||
2.450%, 11/06/2020 | 100 | 98 | ||||||
George Washington University | ||||||||
4.868%, 09/15/2045 | 50 | 56 | ||||||
Golden Nugget | ||||||||
8.750%, 10/01/2025 (A) | 105 | 108 | ||||||
6.750%, 10/15/2024 (A) | 75 | 75 | ||||||
Goodyear Tire & Rubber | ||||||||
5.125%, 11/15/2023 | 200 | 200 | ||||||
4.875%, 03/15/2027 | 55 | 49 | ||||||
Group 1 Automotive | ||||||||
5.000%, 06/01/2022 | 100 | 99 | ||||||
Guitar Center Escrow Issuer | ||||||||
9.500%, 10/15/2021 (A) | 65 | 61 | ||||||
Hanesbrands | ||||||||
4.625%, 05/15/2024 (A) | 176 | 173 | ||||||
Hasbro | ||||||||
3.500%, 09/15/2027 | 60 | 56 | ||||||
HD Supply | ||||||||
5.375%, 10/15/2026 (A) | 100 | 101 | ||||||
Hilton Domestic Operating | ||||||||
4.250%, 09/01/2024 | 170 | 167 | ||||||
Hilton Worldwide Finance | ||||||||
4.625%, 04/01/2025 | 120 | 118 | ||||||
Home Depot | ||||||||
4.400%, 04/01/2021 | 100 | 104 | ||||||
4.400%, 03/15/2045 | 50 | 52 | ||||||
3.900%, 12/06/2028 | 40 | 42 | ||||||
3.900%, 06/15/2047 | 50 | 48 | ||||||
3.500%, 09/15/2056 | 100 | 87 | ||||||
3.000%, 04/01/2026 | 100 | 98 | ||||||
2.625%, 06/01/2022 | 75 | 75 | ||||||
2.000%, 04/01/2021 | 50 | 49 | ||||||
1.800%, 06/05/2020 | 71 | 70 | ||||||
IHO Verwaltungs GmbH | ||||||||
4.500% cash/0% PIK, 09/15/2023 (A) | 250 | 238 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
International Game Technology | ||||||||
6.250%, 02/15/2022 (A) | $ | 100 | $ | 104 | ||||
6.250%, 01/15/2027 (A) | 250 | 253 | ||||||
Jack Ohio Finance | ||||||||
6.750%, 11/15/2021 (A) | 115 | 119 | ||||||
Jaguar Holding II | ||||||||
6.375%, 08/01/2023 (A) | 102 | 101 | ||||||
Jaguar Land Rover Automotive | ||||||||
4.500%, 10/01/2027 (A) | 125 | 93 | ||||||
JBS Investments GmbH | ||||||||
7.250%, 04/03/2024 (A) | 200 | 207 | ||||||
JC Penney | ||||||||
5.875%, 07/01/2023 (A) | 50 | 42 | ||||||
KFC Holding | ||||||||
5.250%, 06/01/2026 (A) | 92 | 93 | ||||||
4.750%, 06/01/2027 (A) | 125 | 121 | ||||||
L Brands | ||||||||
5.625%, 10/15/2023 | 50 | 50 | ||||||
Laureate Education | ||||||||
8.250%, 05/01/2025 (A) | 90 | 98 | ||||||
Lear | ||||||||
5.250%, 01/15/2025 | 70 | 72 | ||||||
3.800%, 09/15/2027 | 100 | 92 | ||||||
Leggett & Platt | ||||||||
3.500%, 11/15/2027 | 50 | 47 | ||||||
Lennar | ||||||||
4.750%, 04/01/2021 | 100 | 101 | ||||||
4.750%, 05/30/2025 | 100 | 98 | ||||||
4.750%, 11/29/2027 | 100 | 95 | ||||||
Lowe’s | ||||||||
4.250%, 09/15/2044 | 50 | 46 | ||||||
3.700%, 04/15/2046 | 150 | 127 | ||||||
3.375%, 09/15/2025 | 100 | 98 | ||||||
3.125%, 09/15/2024 | 100 | 98 | ||||||
Macy’s Retail Holdings | ||||||||
4.500%, 12/15/2034 | 12 | 10 | ||||||
3.450%, 01/15/2021 | 50 | 50 | ||||||
2.875%, 02/15/2023 | 75 | 68 | ||||||
Magna International | ||||||||
3.625%, 06/15/2024 | 100 | 101 | ||||||
Marriott International | ||||||||
3.125%, 10/15/2021 | 100 | 100 | ||||||
3.125%, 06/15/2026 | 50 | 47 | ||||||
2.300%, 01/15/2022 | 50 | 48 | ||||||
Marriott Ownership Resorts | ||||||||
6.500%, 09/15/2026 (A) | 80 | 81 | ||||||
Massachusetts Institute of Technology | ||||||||
5.600%, 07/01/2111 | 100 | 131 | ||||||
Mattamy Group | ||||||||
6.500%, 10/01/2025 (A) | 75 | 70 | ||||||
Mattel | ||||||||
6.750%, 12/31/2025 (A) | 100 | 95 |
6 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
McDonald’s MTN | ||||||||
6.300%, 10/15/2037 | $ | 50 | $ | 60 | ||||
4.875%, 12/09/2045 | 125 | 130 | ||||||
4.700%, 12/09/2035 | 175 | 180 | ||||||
4.450%, 03/01/2047 | 25 | 25 | ||||||
3.800%, 04/01/2028 | 50 | 50 | ||||||
3.700%, 01/30/2026 | 30 | 30 | ||||||
3.350%, 04/01/2023 | 30 | 30 | ||||||
2.750%, 12/09/2020 | 120 | 120 | ||||||
MDC Partners | ||||||||
6.500%, 05/01/2024 (A) | 150 | 137 | ||||||
Meredith | ||||||||
6.875%, 02/01/2026 (A) | 100 | 103 | ||||||
MGM Resorts International | ||||||||
5.750%, 06/15/2025 | 340 | 342 | ||||||
NCL | ||||||||
4.750%, 12/15/2021 (A) | 72 | 72 | ||||||
Newell Brands | ||||||||
5.375%, 04/01/2036 | 24 | 23 | ||||||
4.200%, 04/01/2026 | 50 | 48 | ||||||
3.850%, 04/01/2023 | 60 | 59 | ||||||
Newell Rubbermaid | ||||||||
4.000%, 12/01/2024 | 100 | 96 | ||||||
NIKE | ||||||||
3.875%, 11/01/2045 | 100 | 100 | ||||||
Nordstrom | ||||||||
5.000%, 01/15/2044 | 100 | 88 | ||||||
4.000%, 03/15/2027 | 100 | 94 | ||||||
Northwestern University | ||||||||
3.662%, 12/01/2057 | 25 | 24 | ||||||
O’Reilly Automotive | ||||||||
4.350%, 06/01/2028 | 50 | 51 | ||||||
3.600%, 09/01/2027 | 100 | 97 | ||||||
3.550%, 03/15/2026 | 50 | 48 | ||||||
Party City Holdings | ||||||||
6.625%, 08/01/2026 (A) | 70 | 68 | ||||||
Penske Automotive Group | ||||||||
5.500%, 05/15/2026 | 50 | 49 | ||||||
PetSmart | ||||||||
8.875%, 06/01/2025 (A) | 85 | 54 | ||||||
7.125%, 03/15/2023 (A) | 158 | 99 | ||||||
5.875%, 06/01/2025 (A) | 120 | 94 | ||||||
President & Fellows of Harvard College | ||||||||
3.150%, 07/15/2046 | 100 | 90 | ||||||
Prime Security Services Borrower | ||||||||
9.250%, 05/15/2023 (A) | 151 | 160 | ||||||
PulteGroup | ||||||||
5.000%, 01/15/2027 | 107 | 102 | ||||||
4.250%, 03/01/2021 | 100 | 102 | ||||||
QVC | ||||||||
4.450%, 02/15/2025 | 100 | 96 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Refinitiv US Holdings | ||||||||
8.250%, 11/15/2026 (A) | $ | 150 | $ | 141 | ||||
6.250%, 05/15/2026 (A) | 140 | 137 | ||||||
RELX Capital | ||||||||
3.500%, 03/16/2023 | 60 | 60 | ||||||
Ritchie Bros Auctioneers | ||||||||
5.375%, 01/15/2025 (A) | 25 | 25 | ||||||
Sabre | ||||||||
5.375%, 04/15/2023 (A) | 35 | 35 | ||||||
Sally Holdings | ||||||||
5.625%, 12/01/2025 | 75 | 73 | ||||||
Scientific Games International | ||||||||
10.000%, 12/01/2022 | 200 | 210 | ||||||
5.000%, 10/15/2025 (A) | 100 | 95 | ||||||
Service International | ||||||||
5.375%, 05/15/2024 | 150 | 153 | ||||||
ServiceMaster | ||||||||
5.125%, 11/15/2024 (A) | 130 | 127 | ||||||
Silversea Cruise Finance | ||||||||
7.250%, 02/01/2025 (A) | 110 | 118 | ||||||
Simmons Foods | ||||||||
5.750%, 11/01/2024 (A) | 74 | 60 | ||||||
Six Flags Entertainment | ||||||||
5.500%, 04/15/2027 (A) | 75 | 74 | ||||||
Staples | ||||||||
8.500%, 09/15/2025 (A) | 100 | 96 | ||||||
Starbucks | ||||||||
4.500%, 11/15/2048 | 30 | 29 | ||||||
4.000%, 11/15/2028 | 50 | 51 | ||||||
3.800%, 08/15/2025 | 50 | 50 | ||||||
3.500%, 03/01/2028 | 50 | 49 | ||||||
3.100%, 03/01/2023 | 50 | 50 | ||||||
2.700%, 06/15/2022 | 50 | 49 | ||||||
Stars Group Holdings BV | ||||||||
7.000%, 07/15/2026 (A) | 75 | 76 | ||||||
Station Casinos | ||||||||
5.000%, 10/01/2025 (A) | 134 | 128 | ||||||
Studio City | ||||||||
7.250%, 11/30/2021 (A) | 200 | 206 | ||||||
Summit Materials | ||||||||
6.125%, 07/15/2023 | 50 | 50 | ||||||
Tapestry | ||||||||
4.125%, 07/15/2027 | 50 | 47 | ||||||
Target | ||||||||
3.900%, 11/15/2047 | 100 | 96 | ||||||
3.500%, 07/01/2024 | 50 | 51 | ||||||
Tempur Sealy International | ||||||||
5.500%, 06/15/2026 | 64 | 61 | ||||||
Tenneco | ||||||||
5.000%, 07/15/2026 | 105 | 89 | ||||||
Tesla | ||||||||
5.300%, 08/15/2025 (A) | 144 | 128 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 7 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Time Warner Cable | ||||||||
6.550%, 05/01/2037 | $ | 100 | $ | 105 | ||||
5.875%, 11/15/2040 | 100 | 99 | ||||||
5.000%, 02/01/2020 | 50 | 51 | ||||||
4.500%, 09/15/2042 | 100 | 83 | ||||||
TJX | ||||||||
2.250%, 09/15/2026 | 150 | 139 | ||||||
Toyota Motor Credit MTN | ||||||||
3.400%, 04/14/2025 | 100 | 102 | ||||||
3.300%, 01/12/2022 | 100 | 101 | ||||||
2.950%, 04/13/2021 | 50 | 50 | ||||||
2.900%, 04/17/2024 | 50 | 50 | ||||||
2.800%, 07/13/2022 | 50 | 50 | ||||||
2.600%, 01/11/2022 | 100 | 99 | ||||||
2.250%, 10/18/2023 | 50 | 48 | ||||||
1.900%, 04/08/2021 | 50 | 49 | ||||||
Under Armour | ||||||||
3.250%, 06/15/2026 | 100 | 88 | ||||||
University of Notre Dame du Lac | ||||||||
3.394%, 02/15/2048 | 100 | 93 | ||||||
University of Southern California | ||||||||
3.028%, 10/01/2039 | 150 | 138 | ||||||
Univision Communications | ||||||||
6.750%, 09/15/2022 (A) | 48 | 48 | ||||||
5.125%, 02/15/2025 (A) | 97 | 89 | ||||||
Verscend Escrow | ||||||||
9.750%, 08/15/2026 (A) | 135 | 136 | ||||||
Viking Cruises | ||||||||
5.875%, 09/15/2027 (A) | 34 | 33 | ||||||
VOC Escrow | ||||||||
5.000%, 02/15/2028 (A) | 100 | 97 | ||||||
Warner Media | ||||||||
6.250%, 03/29/2041 | 150 | 167 | ||||||
6.200%, 03/15/2040 | 275 | 302 | ||||||
3.550%, 06/01/2024 | 100 | 99 | ||||||
2.950%, 07/15/2026 | 85 | 79 | ||||||
Whirlpool | ||||||||
3.700%, 05/01/2025 | 50 | 49 | ||||||
WPP Finance | ||||||||
3.750%, 09/19/2024 | 100 | 95 | ||||||
Wyndham Hotels & Resorts | ||||||||
5.375%, 04/15/2026 (A) | 85 | 85 | ||||||
Wynn Las Vegas | ||||||||
5.250%, 05/15/2027 (A) | 255 | 238 | ||||||
Wynn Macau | ||||||||
5.500%, 10/01/2027 (A) | 100 | 91 | ||||||
23,052 | ||||||||
Consumer Staples — 1.6% |
| |||||||
Altria Group | ||||||||
5.375%, 01/31/2044 | 100 | 94 | ||||||
2.850%, 08/09/2022 | 100 | 98 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Anheuser-Busch | ||||||||
4.900%, 02/01/2046 (A) | $ | 100 | $ | 96 | ||||
4.700%, 02/01/2036 (A) | 100 | 96 | ||||||
3.650%, 02/01/2026 (A) | 100 | 98 | ||||||
Anheuser-Busch InBev Finance | ||||||||
4.625%, 02/01/2044 | 100 | 90 | ||||||
2.650%, 02/01/2021 | 50 | 50 | ||||||
Anheuser-Busch InBev Worldwide | ||||||||
8.200%, 01/15/2039 | 100 | 133 | ||||||
5.800%, 01/23/2059 | 45 | 47 | ||||||
5.550%, 01/23/2049 | 100 | 104 | ||||||
5.450%, 01/23/2039 | 65 | 68 | ||||||
4.900%, 01/23/2031 | 65 | 68 | ||||||
4.750%, 01/23/2029 | 85 | 88 | ||||||
4.600%, 04/15/2048 | 50 | 45 | ||||||
4.375%, 04/15/2038 | 35 | 32 | ||||||
4.150%, 01/23/2025 | 60 | 62 | ||||||
4.000%, 04/13/2028 | 60 | 60 | ||||||
3.750%, 01/15/2022 | 100 | 102 | ||||||
3.750%, 07/15/2042 | 100 | 82 | ||||||
3.500%, 01/12/2024 | 55 | 55 | ||||||
Archer-Daniels-Midland | ||||||||
4.479%, 03/01/2021 | 50 | 52 | ||||||
4.016%, 04/16/2043 | 100 | 98 | ||||||
3.750%, 09/15/2047 | 100 | 90 | ||||||
2.500%, 08/11/2026 | 100 | 94 | ||||||
Avon International Operations | ||||||||
7.875%, 08/15/2022 (A) | 70 | 71 | ||||||
B&G Foods | ||||||||
4.625%, 06/01/2021 | 100 | 101 | ||||||
Brown-Forman | ||||||||
4.500%, 07/15/2045 | 35 | 37 | ||||||
Campbell Soup | ||||||||
4.800%, 03/15/2048 | 40 | 35 | ||||||
4.150%, 03/15/2028 | 100 | 96 | ||||||
3.300%, 03/15/2021 | 65 | 65 | ||||||
Chobani | ||||||||
7.500%, 04/15/2025 (A) | 100 | 86 | ||||||
Clorox | ||||||||
3.900%, 05/15/2028 | 50 | 51 | ||||||
3.100%, 10/01/2027 | 50 | 48 | ||||||
Coca-Cola | ||||||||
2.875%, 10/27/2025 | 100 | 98 | ||||||
2.250%, 09/01/2026 | 50 | 47 | ||||||
1.550%, 09/01/2021 | 50 | 49 | ||||||
Coca-Cola European Partners | ||||||||
3.500%, 09/15/2020 | 100 | 100 | ||||||
Colgate-Palmolive MTN | ||||||||
4.000%, 08/15/2045 | 50 | 51 | ||||||
3.250%, 03/15/2024 | 50 | 50 | ||||||
2.300%, 05/03/2022 | 100 | 99 |
8 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Conagra Brands | ||||||||
5.400%, 11/01/2048 | $ | 20 | $ | 19 | ||||
5.300%, 11/01/2038 | 15 | 14 | ||||||
4.850%, 11/01/2028 | 25 | 25 | ||||||
4.300%, 05/01/2024 | 10 | 10 | ||||||
3.800%, 10/22/2021 | 10 | 10 | ||||||
3.200%, 01/25/2023 | 118 | 115 | ||||||
Constellation Brands | ||||||||
4.500%, 05/09/2047 | 20 | 19 | ||||||
4.250%, 05/01/2023 | 90 | 92 | ||||||
4.100%, 02/15/2048 | 50 | 44 | ||||||
3.750%, 05/01/2021 | 25 | 25 | ||||||
3.600%, 02/15/2028 | 50 | 48 | ||||||
3.500%, 05/09/2027 | 15 | 14 | ||||||
3.200%, 02/15/2023 | 50 | 49 | ||||||
2.700%, 05/09/2022 | 15 | 15 | ||||||
2.650%, 11/07/2022 | 100 | 97 | ||||||
Costco Wholesale | ||||||||
3.000%, 05/18/2027 | 100 | 98 | ||||||
Cott Holdings | ||||||||
5.500%, 04/01/2025 (A) | 95 | 94 | ||||||
Coty | ||||||||
6.500%, 04/15/2026 (A) | 125 | 113 | ||||||
Diageo Capital | ||||||||
2.625%, 04/29/2023 | 50 | 49 | ||||||
Diageo Investment | ||||||||
4.250%, 05/11/2042 | 100 | 104 | ||||||
2.875%, 05/11/2022 | 50 | 50 | ||||||
Energizer Holdings | ||||||||
7.750%, 01/15/2027 (A) | 10 | 10 | ||||||
6.375%, 07/15/2026 (A) | 30 | 29 | ||||||
5.500%, 06/15/2025 (A) | 113 | 108 | ||||||
Estee Lauder | ||||||||
4.375%, 06/15/2045 | 50 | 52 | ||||||
4.150%, 03/15/2047 | 50 | 51 | ||||||
3.150%, 03/15/2027 | 50 | 49 | ||||||
Fresh Market | ||||||||
9.750%, 05/01/2023 (A) | 100 | 75 | ||||||
General Mills | ||||||||
4.700%, 04/17/2048 | 20 | 19 | ||||||
4.550%, 04/17/2038 | 115 | 107 | ||||||
4.200%, 04/17/2028 | 25 | 25 | ||||||
3.700%, 10/17/2023 | 40 | 40 | ||||||
3.200%, 04/16/2021 | 10 | 10 | ||||||
3.150%, 12/15/2021 | 100 | 100 | ||||||
2.600%, 10/12/2022 | 100 | 97 | ||||||
Hershey | ||||||||
3.200%, 08/21/2025 | 100 | 99 | ||||||
Ingredion | ||||||||
3.200%, 10/01/2026 | 100 | 93 | ||||||
JBS USA LUX | ||||||||
6.750%, 02/15/2028 (A) | 95 | 97 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
5.875%, 07/15/2024 (A) | $ | 100 | $ | 101 | ||||
JM Smucker | ||||||||
4.375%, 03/15/2045 | 100 | 90 | ||||||
4.250%, 03/15/2035 | 20 | 18 | ||||||
3.500%, 03/15/2025 | 100 | 98 | ||||||
Kellogg | ||||||||
4.000%, 12/15/2020 | 100 | 102 | ||||||
3.400%, 11/15/2027 | 100 | 94 | ||||||
Keurig Dr Pepper | ||||||||
4.597%, 05/25/2028 (A) | 50 | 51 | ||||||
4.500%, 11/15/2045 | 130 | 116 | ||||||
2.550%, 09/15/2026 | 100 | 89 | ||||||
Kimberly-Clark | ||||||||
6.625%, 08/01/2037 | 50 | 66 | ||||||
3.050%, 08/15/2025 | 50 | 49 | ||||||
2.750%, 02/15/2026 | 50 | 48 | ||||||
Kraft Foods Group | ||||||||
5.000%, 06/04/2042 | 100 | 93 | ||||||
Kraft Heinz Foods | ||||||||
6.500%, 02/09/2040 | 100 | 107 | ||||||
5.200%, 07/15/2045 | 100 | 94 | ||||||
4.375%, 06/01/2046 | 60 | 52 | ||||||
3.950%, 07/15/2025 | 100 | 100 | ||||||
3.000%, 06/01/2026 | 55 | 51 | ||||||
2.800%, 07/02/2020 | 100 | 100 | ||||||
Kroger | ||||||||
4.500%, 01/15/2029 | 50 | 50 | ||||||
4.000%, 02/01/2024 | 100 | 101 | ||||||
3.875%, 10/15/2046 | 100 | 81 | ||||||
3.700%, 08/01/2027 | 35 | 34 | ||||||
Kronos Acquisition Holdings | ||||||||
9.000%, 08/15/2023 (A) | 65 | 55 | ||||||
Lamb Weston Holdings | ||||||||
4.875%, 11/01/2026 (A) | 125 | 124 | ||||||
McCormick | ||||||||
3.400%, 08/15/2027 | 100 | 95 | ||||||
Mead Johnson Nutrition | ||||||||
4.125%, 11/15/2025 | 30 | 31 | ||||||
3.000%, 11/15/2020 | 30 | 30 | ||||||
Molson Coors Brewing | ||||||||
5.000%, 05/01/2042 | 93 | 93 | ||||||
4.200%, 07/15/2046 | 40 | 35 | ||||||
3.000%, 07/15/2026 | 100 | 93 | ||||||
Mondelez International | ||||||||
4.000%, 02/01/2024 | 100 | 102 | ||||||
NVA Holdings | ||||||||
6.875%, 04/01/2026 (A) | 50 | 48 | ||||||
PepsiCo | ||||||||
4.600%, 07/17/2045 | 45 | 49 | ||||||
4.250%, 10/22/2044 | 100 | 102 | ||||||
4.000%, 05/02/2047 | 35 | 36 | ||||||
3.600%, 03/01/2024 | 100 | 104 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 9 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
3.500%, 07/17/2025 | $ | 100 | $ | 102 | ||||
3.000%, 10/15/2027 | 50 | 49 | ||||||
2.750%, 03/05/2022 | 50 | 50 | ||||||
2.250%, 05/02/2022 | 50 | 49 | ||||||
Philip Morris International | ||||||||
6.375%, 05/16/2038 | 100 | 118 | ||||||
4.500%, 03/26/2020 | 100 | 102 | ||||||
4.250%, 11/10/2044 | 50 | 47 | ||||||
4.125%, 03/04/2043 | 50 | 46 | ||||||
3.125%, 08/17/2027 | 100 | 95 | ||||||
3.125%, 03/02/2028 | 50 | 47 | ||||||
2.750%, 02/25/2026 | 50 | 47 | ||||||
2.625%, 02/18/2022 | 25 | 24 | ||||||
2.500%, 11/02/2022 | 50 | 48 | ||||||
2.375%, 08/17/2022 | 100 | 98 | ||||||
2.125%, 05/10/2023 | 25 | 24 | ||||||
2.000%, 02/21/2020 | 35 | 35 | ||||||
1.875%, 02/25/2021 | 50 | 49 | ||||||
Pilgrim’s Pride | ||||||||
5.750%, 03/15/2025 (A) | 148 | 145 | ||||||
Post Holdings | ||||||||
5.750%, 03/01/2027 (A) | 205 | 201 | ||||||
5.625%, 01/15/2028 (A) | 208 | 199 | ||||||
5.500%, 03/01/2025 (A) | 45 | 45 | ||||||
Procter & Gamble | ||||||||
2.850%, 08/11/2027 | 100 | 98 | ||||||
2.450%, 11/03/2026 | 50 | 48 | ||||||
1.700%, 11/03/2021 | 100 | 97 | ||||||
Reynolds American | ||||||||
6.875%, 05/01/2020 | 100 | 104 | ||||||
5.850%, 08/15/2045 | 100 | 97 | ||||||
5.700%, 08/15/2035 | 100 | 101 | ||||||
4.450%, 06/12/2025 | 100 | 101 | ||||||
3.250%, 06/12/2020 | 54 | 54 | ||||||
Rite Aid | ||||||||
6.125%, 04/01/2023 (A) | 200 | 169 | ||||||
Skandinaviska Enskilda Banken | ||||||||
1.875%, 09/13/2021 | 150 | 145 | ||||||
Spectrum Brands | ||||||||
5.750%, 07/15/2025 | 100 | 99 | ||||||
Sysco | ||||||||
4.850%, 10/01/2045 | 15 | 15 | ||||||
4.450%, 03/15/2048 | 50 | 49 | ||||||
3.750%, 10/01/2025 | 25 | 25 | ||||||
3.550%, 03/15/2025 | 50 | 49 | ||||||
3.300%, 07/15/2026 | 100 | 97 | ||||||
2.600%, 10/01/2020 | 50 | 50 | ||||||
TreeHouse Foods | ||||||||
6.000%, 02/15/2024 (A) | 120 | 123 | ||||||
Tyson Foods | ||||||||
4.500%, 06/15/2022 | 100 | 103 | ||||||
3.950%, 08/15/2024 | 50 | 51 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
2.250%, 08/23/2021 | $ | 35 | $ | 34 | ||||
Unilever Capital | ||||||||
5.900%, 11/15/2032 | 100 | 124 | ||||||
3.125%, 03/22/2023 | 100 | 100 | ||||||
1.375%, 07/28/2021 | 100 | 96 | ||||||
US Foods | ||||||||
5.875%, 06/15/2024 (A) | 115 | 117 | ||||||
Vector Group | ||||||||
6.125%, 02/01/2025 (A) | 105 | 92 | ||||||
Walgreens Boots Alliance | ||||||||
4.800%, 11/18/2044 | 100 | 94 | ||||||
3.800%, 11/18/2024 | 100 | 100 | ||||||
3.450%, 06/01/2026 | 30 | 29 | ||||||
3.300%, 11/18/2021 | 100 | 100 | ||||||
Walmart | ||||||||
4.050%, 06/29/2048 | 65 | 67 | ||||||
3.950%, 06/28/2038 | 15 | 15 | ||||||
3.700%, 06/26/2028 | 100 | 103 | ||||||
3.625%, 12/15/2047 | 25 | 24 | ||||||
3.550%, 06/26/2025 | 25 | 26 | ||||||
3.400%, 06/26/2023 | 100 | 103 | ||||||
3.125%, 06/23/2021 | 100 | 101 | ||||||
2.850%, 06/23/2020 | 50 | 50 | ||||||
2.650%, 12/15/2024 | 50 | 50 | ||||||
2.550%, 04/11/2023 | 50 | 50 | ||||||
2.350%, 12/15/2022 | 100 | 98 | ||||||
1.900%, 12/15/2020 | 50 | 49 | ||||||
12,850 | ||||||||
Energy — 3.4% |
| |||||||
Aker BP | ||||||||
5.875%, 03/31/2025 (A) | 150 | 154 | ||||||
Alta Mesa Holdings | ||||||||
7.875%, 12/15/2024 | 80 | 55 | ||||||
Anadarko Petroleum | ||||||||
6.600%, 03/15/2046 | 50 | 60 | ||||||
6.450%, 09/15/2036 | 25 | 28 | ||||||
4.850%, 03/15/2021 | 40 | 41 | ||||||
Andeavor Logistics | ||||||||
5.200%, 12/01/2047 | 30 | 29 | ||||||
4.250%, 12/01/2027 | 15 | 14 | ||||||
3.500%, 12/01/2022 | 15 | 15 | ||||||
Antero Midstream Partners | ||||||||
5.375%, 09/15/2024 | 50 | 49 | ||||||
Antero Resources | ||||||||
5.625%, 06/01/2023 | 44 | 44 | ||||||
5.125%, 12/01/2022 | 100 | 100 | ||||||
5.000%, 03/01/2025 | 50 | 48 | ||||||
Apache | ||||||||
5.100%, 09/01/2040 | 100 | 93 | ||||||
4.375%, 10/15/2028 | 100 | 98 |
10 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Ascent Resources Utica Holdings | ||||||||
10.000%, 04/01/2022 (A) | $ | 64 | $ | 68 | ||||
7.000%, 11/01/2026 (A) | 55 | 53 | ||||||
Baker Hughes a GE Co | ||||||||
5.125%, 09/15/2040 | 100 | 100 | ||||||
4.080%, 12/15/2047 | 50 | 44 | ||||||
2.773%, 12/15/2022 | 50 | 49 | ||||||
Blue Racer Midstream | ||||||||
6.125%, 11/15/2022 (A) | 78 | 79 | ||||||
Boardwalk Pipelines | ||||||||
5.950%, 06/01/2026 | 100 | 103 | ||||||
BP Capital Markets | ||||||||
3.994%, 09/26/2023 | 38 | 39 | ||||||
3.723%, 11/28/2028 | 30 | 31 | ||||||
3.506%, 03/17/2025 | 100 | 100 | ||||||
BP Capital Markets America | ||||||||
4.234%, 11/06/2028 | 100 | 106 | ||||||
3.588%, 04/14/2027 | 100 | 99 | ||||||
3.224%, 04/14/2024 | 100 | 100 | ||||||
3.216%, 11/28/2023 | 50 | 50 | ||||||
3.119%, 05/04/2026 | 100 | 97 | ||||||
2.520%, 09/19/2022 | 100 | 98 | ||||||
2.112%, 09/16/2021 | 50 | 49 | ||||||
Bruin E&P Partners | ||||||||
8.875%, 08/01/2023 (A) | 55 | 52 | ||||||
Calfrac Holdings | ||||||||
8.500%, 06/15/2026 (A) | 105 | 79 | ||||||
California Resources | ||||||||
8.000%, 12/15/2022 (A) | 223 | 180 | ||||||
Callon Petroleum | ||||||||
6.125%, 10/01/2024 | 50 | 50 | ||||||
Calumet Specialty Products Partners | ||||||||
6.500%, 04/15/2021 | 100 | 94 | ||||||
Canadian Natural Resources | ||||||||
6.250%, 03/15/2038 | 50 | 58 | ||||||
3.900%, 02/01/2025 | 100 | 101 | ||||||
3.850%, 06/01/2027 | 50 | 49 | ||||||
2.950%, 01/15/2023 | 50 | 49 | ||||||
Canadian Natural Resources MTN | ||||||||
4.950%, 06/01/2047 | 25 | 26 | ||||||
Carrizo Oil & Gas | ||||||||
6.250%, 04/15/2023 | 65 | 64 | ||||||
Cenovus Energy | ||||||||
5.400%, 06/15/2047 | 50 | 47 | ||||||
5.250%, 06/15/2037 | 35 | 33 | ||||||
4.450%, 09/15/2042 | 105 | 87 | ||||||
4.250%, 04/15/2027 | 100 | 96 | ||||||
3.000%, 08/15/2022 | 50 | 48 | ||||||
Cheniere Corpus Christi Holdings | ||||||||
7.000%, 06/30/2024 | 150 | 165 | ||||||
5.125%, 06/30/2027 | 220 | 222 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Cheniere Energy Partners | ||||||||
5.625%, 10/01/2026 (A) | $ | 60 | $ | 60 | ||||
5.250%, 10/01/2025 | 218 | 219 | ||||||
Chesapeake Energy | ||||||||
8.000%, 01/15/2025 | 117 | 118 | ||||||
8.000%, 06/15/2027 | 148 | 141 | ||||||
7.000%, 10/01/2024 | 125 | 122 | ||||||
Chevron | ||||||||
3.326%, 11/17/2025 | 50 | 51 | ||||||
2.954%, 05/16/2026 | 100 | 98 | ||||||
2.895%, 03/03/2024 | 50 | 50 | ||||||
2.566%, 05/16/2023 | 100 | 99 | ||||||
2.498%, 03/03/2022 | 50 | 50 | ||||||
2.419%, 11/17/2020 | 50 | 50 | ||||||
2.355%, 12/05/2022 | 100 | 98 | ||||||
1.991%, 03/03/2020 | 31 | 31 | ||||||
Cimarex Energy | ||||||||
3.900%, 05/15/2027 | 55 | 53 | ||||||
CNOOC Nexen Finance | ||||||||
4.250%, 04/30/2024 | 100 | 103 | ||||||
CNX Resources | ||||||||
5.875%, 04/15/2022 | 100 | 100 | ||||||
Columbia Pipeline Group | ||||||||
3.300%, 06/01/2020 | 50 | 50 | ||||||
Comstock Resources | ||||||||
9.750%, 08/15/2026 (A) | 100 | 93 | ||||||
Concho Resources | ||||||||
4.300%, 08/15/2028 | 50 | 51 | ||||||
ConocoPhillips | ||||||||
6.500%, 02/01/2039 | 75 | 98 | ||||||
4.950%, 03/15/2026 | 50 | 55 | ||||||
Continental Resources | ||||||||
5.000%, 09/15/2022 | 92 | 92 | ||||||
4.900%, 06/01/2044 | 40 | 38 | ||||||
4.500%, 04/15/2023 | 85 | 87 | ||||||
4.375%, 01/15/2028 | 55 | 55 | ||||||
3.800%, 06/01/2024 | 55 | 54 | ||||||
Covey Park Energy | ||||||||
7.500%, 05/15/2025 (A) | 50 | 46 | ||||||
Crestwood Midstream Partners | ||||||||
5.750%, 04/01/2025 | 105 | 103 | ||||||
CrownRock | ||||||||
5.625%, 10/15/2025 (A) | 100 | 96 | ||||||
DCP Midstream Operating | ||||||||
5.375%, 07/15/2025 | 55 | 56 | ||||||
Denbury Resources | ||||||||
9.000%, 05/15/2021 (A) | 74 | 73 | ||||||
Devon Energy | ||||||||
5.600%, 07/15/2041 | 100 | 101 | ||||||
5.000%, 06/15/2045 | 50 | 48 | ||||||
3.250%, 05/15/2022 | 100 | 99 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 11 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Diamond Offshore Drilling | ||||||||
7.875%, 08/15/2025 | $ | 83 | $ | 78 | ||||
Diamondback Energy | ||||||||
5.375%, 05/31/2025 | 80 | 82 | ||||||
4.750%, 11/01/2024 (A) | 60 | 60 | ||||||
Eclipse Resources | ||||||||
8.875%, 07/15/2023 | 100 | 91 | ||||||
Ecopetrol | ||||||||
5.875%, 09/18/2023 | 100 | 106 | ||||||
5.875%, 05/28/2045 | 200 | 197 | ||||||
4.125%, 01/16/2025 | 225 | 219 | ||||||
Enable Midstream Partners | ||||||||
4.950%, 05/15/2028 | 30 | 30 | ||||||
Enbridge | ||||||||
5.500%, 12/01/2046 | 50 | 57 | ||||||
4.250%, 12/01/2026 | 100 | 102 | ||||||
3.700%, 07/15/2027 | 50 | 49 | ||||||
2.900%, 07/15/2022 | 50 | 49 | ||||||
Enbridge Energy Partners | ||||||||
7.375%, 10/15/2045 | 50 | 66 | ||||||
5.500%, 09/15/2040 | 100 | 108 | ||||||
Encana | ||||||||
6.500%, 02/01/2038 | 100 | 110 | ||||||
Endeavor Energy Resources | ||||||||
5.750%, 01/30/2028 (A) | 50 | 53 | ||||||
5.500%, 01/30/2026 (A) | 107 | 112 | ||||||
Energy Transfer | ||||||||
5.875%, 01/15/2024 | 100 | 106 | ||||||
5.500%, 06/01/2027 | 100 | 104 | ||||||
Energy Transfer Operating | ||||||||
6.250%, 04/15/2049 | 15 | 16 | ||||||
6.125%, 12/15/2045 | 100 | 104 | ||||||
5.250%, 04/15/2029 | 15 | 16 | ||||||
5.200%, 02/01/2022 | 100 | 104 | ||||||
4.900%, 03/15/2035 | 50 | 46 | ||||||
4.750%, 01/15/2026 | 50 | 50 | ||||||
4.200%, 04/15/2027 | 50 | 48 | ||||||
3.600%, 02/01/2023 | 85 | 84 | ||||||
EnLink Midstream Partners | ||||||||
4.150%, 06/01/2025 | 100 | 94 | ||||||
Ensco | ||||||||
7.750%, 02/01/2026 | 60 | 48 | ||||||
5.200%, 03/15/2025 | 50 | 38 | ||||||
4.500%, 10/01/2024 | 120 | 89 | ||||||
Enterprise Products Operating | ||||||||
5.200%, 09/01/2020 | 100 | 103 | ||||||
5.100%, 02/15/2045 | 25 | 26 | ||||||
4.875%, VAR ICE LIBOR USD 3 Month+2.986%, 08/16/2077 | 100 | 89 | ||||||
4.850%, 08/15/2042 | 100 | 101 | ||||||
4.800%, 02/01/2049 | 25 | 25 | ||||||
4.150%, 10/16/2028 | 25 | 26 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
3.950%, 02/15/2027 | $ | 20 | $ | 20 | ||||
3.700%, 02/15/2026 | 100 | 100 | ||||||
3.500%, 02/01/2022 | 50 | 51 | ||||||
3.350%, 03/15/2023 | 100 | 100 | ||||||
2.850%, 04/15/2021 | 30 | 30 | ||||||
EOG Resources | ||||||||
3.150%, 04/01/2025 | 100 | 98 | ||||||
EP Energy | ||||||||
8.000%, 11/29/2024 (A) | 130 | 104 | ||||||
8.000%, 02/15/2025 (A) | 200 | 99 | ||||||
7.750%, 05/15/2026 (A) | 70 | 64 | ||||||
EQT | ||||||||
3.900%, 10/01/2027 | 50 | 45 | ||||||
3.000%, 10/01/2022 | 35 | 34 | ||||||
EQT Midstream Partners | ||||||||
4.125%, 12/01/2026 | 35 | 32 | ||||||
Equinor | ||||||||
4.800%, 11/08/2043 | 100 | 110 | ||||||
3.700%, 03/01/2024 | 200 | 206 | ||||||
Extraction Oil & Gas | ||||||||
5.625%, 02/01/2026 (A) | 105 | 86 | ||||||
Exxon Mobil | ||||||||
3.567%, 03/06/2045 | 50 | 48 | ||||||
2.726%, 03/01/2023 | 100 | 100 | ||||||
2.709%, 03/06/2025 | 100 | 98 | ||||||
2.222%, 03/01/2021 | 40 | 40 | ||||||
1.912%, 03/06/2020 | 100 | 99 | ||||||
Genesis Energy | ||||||||
6.750%, 08/01/2022 | 100 | 100 | ||||||
Gulfport Energy | ||||||||
6.375%, 05/15/2025 | 100 | 95 | ||||||
6.000%, 10/15/2024 | 35 | 33 | ||||||
Halliburton | ||||||||
7.450%, 09/15/2039 | 100 | 132 | ||||||
5.000%, 11/15/2045 | 50 | 52 | ||||||
3.800%, 11/15/2025 | 100 | 100 | ||||||
Hess | ||||||||
7.125%, 03/15/2033 | 100 | 110 | ||||||
5.600%, 02/15/2041 | 50 | 48 | ||||||
4.300%, 04/01/2027 | 50 | 48 | ||||||
Hess Infrastructure Partners | ||||||||
5.625%, 02/15/2026 (A) | 145 | 144 | ||||||
Hilcorp Energy I | ||||||||
6.250%, 11/01/2028 (A) | 40 | 39 | ||||||
5.750%, 10/01/2025 (A) | 117 | 114 | ||||||
Holly Energy Partners | ||||||||
6.000%, 08/01/2024 (A) | 66 | 67 | ||||||
Husky Energy | ||||||||
4.000%, 04/15/2024 | 100 | 100 | ||||||
Indigo Natural Resources | ||||||||
6.875%, 02/15/2026 (A) | 100 | 88 |
12 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Jagged Peak Energy | ||||||||
5.875%, 05/01/2026 (A) | $ | 50 | $ | 48 | ||||
Jonah Energy | ||||||||
7.250%, 10/15/2025 (A) | 91 | 67 | ||||||
Kinder Morgan | ||||||||
5.300%, 12/01/2034 | 50 | 51 | ||||||
5.050%, 02/15/2046 | 90 | 89 | ||||||
4.300%, 06/01/2025 | 100 | 102 | ||||||
4.300%, 03/01/2028 | 100 | 101 | ||||||
Kinder Morgan Energy Partners | ||||||||
5.500%, 03/01/2044 | 50 | 52 | ||||||
4.300%, 05/01/2024 | 100 | 103 | ||||||
4.250%, 09/01/2024 | 50 | 51 | ||||||
Magellan Midstream Partners | ||||||||
4.200%, 10/03/2047 | 100 | 91 | ||||||
Marathon Oil | ||||||||
5.200%, 06/01/2045 | 50 | 50 | ||||||
4.400%, 07/15/2027 | 100 | 101 | ||||||
2.800%, 11/01/2022 | 100 | 97 | ||||||
Marathon Petroleum | ||||||||
6.500%, 03/01/2041 | 50 | 55 | ||||||
5.125%, 03/01/2021 | 50 | 52 | ||||||
5.125%, 12/15/2026 (A) | 50 | 52 | ||||||
4.500%, 04/01/2048 (A) | 25 | 22 | ||||||
3.800%, 04/01/2028 (A) | 130 | 125 | ||||||
Matador Resources | ||||||||
5.875%, 09/15/2026 | 115 | 115 | ||||||
McDermott Technology Americas | ||||||||
10.625%, 05/01/2024 (A) | 100 | 90 | ||||||
MEG Energy | ||||||||
6.500%, 01/15/2025 (A) | 55 | 54 | ||||||
Moss Creek Resources Holdings | ||||||||
7.500%, 01/15/2026 (A) | 50 | 45 | ||||||
MPLX | ||||||||
5.200%, 03/01/2047 | 50 | 49 | ||||||
4.900%, 04/15/2058 | 25 | 22 | ||||||
4.875%, 06/01/2025 | 100 | 104 | ||||||
4.700%, 04/15/2048 | 45 | 41 | ||||||
4.500%, 07/15/2023 | 50 | 52 | ||||||
4.500%, 04/15/2038 | 130 | 119 | ||||||
4.125%, 03/01/2027 | 50 | 49 | ||||||
4.000%, 03/15/2028 | 70 | 67 | ||||||
3.375%, 03/15/2023 | 25 | 25 | ||||||
Murphy Oil | ||||||||
5.750%, 08/15/2025 | 102 | 102 | ||||||
Nabors Industries | ||||||||
5.750%, 02/01/2025 | 15 | 13 | ||||||
5.500%, 01/15/2023 | 100 | 90 | ||||||
National Oilwell Varco | ||||||||
2.600%, 12/01/2022 | 100 | 96 | ||||||
Navios Maritime Acquisition | ||||||||
8.125%, 11/15/2021 (A) | 45 | 34 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Newfield Exploration | ||||||||
5.375%, 01/01/2026 | $ | 77 | $ | 79 | ||||
Nexen Energy | ||||||||
6.400%, 05/15/2037 | 200 | 247 | ||||||
NGL Energy Partners | ||||||||
7.500%, 11/01/2023 | 70 | 71 | ||||||
NGPL PipeCo | ||||||||
4.875%, 08/15/2027 (A) | 85 | 84 | ||||||
4.375%, 08/15/2022 (A) | 40 | 40 | ||||||
Noble Energy | ||||||||
5.250%, 11/15/2043 | 100 | 95 | ||||||
5.050%, 11/15/2044 | 50 | 46 | ||||||
4.150%, 12/15/2021 | 50 | 51 | ||||||
3.900%, 11/15/2024 | 100 | 98 | ||||||
3.850%, 01/15/2028 | 100 | 94 | ||||||
Noble Holding International | ||||||||
7.875%, 02/01/2026 (A) | 45 | 41 | ||||||
7.750%, 01/15/2024 | 71 | 60 | ||||||
NuStar Logistics | ||||||||
5.625%, 04/28/2027 | 90 | 87 | ||||||
Occidental Petroleum | ||||||||
4.400%, 04/15/2046 | 50 | 51 | ||||||
4.200%, 03/15/2048 | 100 | 100 | ||||||
4.100%, 02/01/2021 | 100 | 102 | ||||||
3.000%, 02/15/2027 | 100 | 97 | ||||||
2.700%, 02/15/2023 | 100 | 99 | ||||||
Oceaneering International | ||||||||
4.650%, 11/15/2024 | 100 | 85 | ||||||
ONEOK | ||||||||
6.000%, 06/15/2035 | 100 | 105 | ||||||
4.550%, 07/15/2028 | 50 | 51 | ||||||
4.000%, 07/13/2027 | 55 | 54 | ||||||
ONEOK Partners LP | ||||||||
6.200%, 09/15/2043 | 50 | 54 | ||||||
Pacific Drilling | ||||||||
8.375%, 10/01/2023 (A) | 20 | 20 | ||||||
Parkland Fuel | ||||||||
6.000%, 04/01/2026 (A) | 95 | 91 | ||||||
Parsley Energy | ||||||||
5.625%, 10/15/2027 (A) | 50 | 50 | ||||||
5.375%, 01/15/2025 (A) | 100 | 99 | ||||||
PBF Holding | ||||||||
7.250%, 06/15/2025 | 50 | 50 | ||||||
PBF Logistics | ||||||||
6.875%, 05/15/2023 | 80 | 82 | ||||||
Peabody Energy | ||||||||
6.375%, 03/31/2025 (A) | 100 | 96 | ||||||
6.000%, 03/31/2022 (A) | 50 | 50 | ||||||
Petroleos Mexicanos | ||||||||
6.625%, 06/15/2035 | 300 | 272 | ||||||
6.500%, 06/02/2041 | 260 | 226 | ||||||
6.350%, 02/12/2048 | 30 | 25 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 13 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
5.625%, 01/23/2046 | $ | 100 | $ | 79 | ||||
5.375%, 03/13/2022 | 200 | 197 | ||||||
5.350%, 02/12/2028 | 255 | 223 | ||||||
3.500%, 01/30/2023 | 250 | 230 | ||||||
2.378%, 04/15/2025 | 62 | 61 | ||||||
Petroleos Mexicanos MTN | ||||||||
6.875%, 08/04/2026 | 100 | 99 | ||||||
6.750%, 09/21/2047 | 50 | 44 | ||||||
4.625%, 09/21/2023 | 120 | 113 | ||||||
Phillips 66 | ||||||||
4.875%, 11/15/2044 | 100 | 104 | ||||||
4.650%, 11/15/2034 | 150 | 155 | ||||||
4.300%, 04/01/2022 | 50 | 52 | ||||||
Phillips 66 Partners LP | ||||||||
4.900%, 10/01/2046 | 25 | 24 | ||||||
3.550%, 10/01/2026 | 25 | 24 | ||||||
2.646%, 02/15/2020 | 50 | 50 | ||||||
Pioneer Natural Resources | ||||||||
3.950%, 07/15/2022 | 100 | 101 | ||||||
Plains All American Pipeline | ||||||||
4.700%, 06/15/2044 | 100 | 89 | ||||||
4.650%, 10/15/2025 | 100 | 101 | ||||||
4.500%, 12/15/2026 | 100 | 99 | ||||||
3.600%, 11/01/2024 | 100 | 97 | ||||||
Puget Energy | ||||||||
5.625%, 07/15/2022 | 100 | 105 | ||||||
3.650%, 05/15/2025 | 50 | 49 | ||||||
Puget Sound Energy | ||||||||
4.300%, 05/20/2045 | 50 | 51 | ||||||
Puma International Financing | ||||||||
5.125%, 10/06/2024 (A) | 200 | 174 | ||||||
QEP Resources | ||||||||
5.625%, 03/01/2026 | 50 | 48 | ||||||
Range Resources | ||||||||
5.000%, 08/15/2022 | 100 | 97 | ||||||
5.000%, 03/15/2023 | 50 | 48 | ||||||
4.875%, 05/15/2025 | 38 | 34 | ||||||
Rowan | ||||||||
7.375%, 06/15/2025 | 100 | 86 | ||||||
Sabine Pass Liquefaction | ||||||||
5.750%, 05/15/2024 | 75 | 80 | ||||||
5.625%, 02/01/2021 | 25 | 26 | ||||||
5.625%, 03/01/2025 | 75 | 81 | ||||||
4.200%, 03/15/2028 | 100 | 98 | ||||||
Sable Permian Resources Land | ||||||||
7.375%, 11/01/2021 (A) | 100 | 33 | ||||||
7.125%, 11/01/2020 (A) | 50 | 17 | ||||||
Sanchez Energy | ||||||||
7.250%, 02/15/2023 (A) | 45 | 38 | ||||||
6.125%, 01/15/2023 | 100 | 17 | ||||||
Schlumberger Investment | ||||||||
3.650%, 12/01/2023 | 100 | 103 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
SESI | ||||||||
7.750%, 09/15/2024 | $ | 70 | $ | 55 | ||||
Seven Generations Energy | ||||||||
5.375%, 09/30/2025 (A) | 96 | 93 | ||||||
Shell International Finance BV | ||||||||
4.375%, 03/25/2020 | 100 | 102 | ||||||
4.125%, 05/11/2035 | 100 | 103 | ||||||
4.000%, 05/10/2046 | 50 | 50 | ||||||
3.750%, 09/12/2046 | 50 | 48 | ||||||
3.500%, 11/13/2023 | 40 | 41 | ||||||
2.875%, 05/10/2026 | 50 | 49 | ||||||
2.500%, 09/12/2026 | 50 | 48 | ||||||
2.250%, 11/10/2020 | 70 | 69 | ||||||
2.250%, 01/06/2023 | 100 | 98 | ||||||
1.875%, 05/10/2021 | 50 | 49 | ||||||
1.750%, 09/12/2021 | 50 | 49 | ||||||
SM Energy | ||||||||
6.625%, 01/15/2027 | 75 | 73 | ||||||
5.625%, 06/01/2025 | 113 | 108 | ||||||
Southwestern Energy | ||||||||
7.750%, 10/01/2027 | 80 | 82 | ||||||
6.200%, 01/23/2025 | 100 | 97 | ||||||
Spectra Energy Partners | ||||||||
4.750%, 03/15/2024 | 100 | 105 | ||||||
3.500%, 03/15/2025 | 100 | 98 | ||||||
SRC Energy | ||||||||
6.250%, 12/01/2025 | 71 | 63 | ||||||
Summit Midstream Holdings | ||||||||
5.750%, 04/15/2025 | 90 | 84 | ||||||
Suncor Energy | ||||||||
6.850%, 06/01/2039 | 50 | 62 | ||||||
6.500%, 06/15/2038 | 100 | 121 | ||||||
Sunoco | ||||||||
5.500%, 02/15/2026 | 175 | 173 | ||||||
Sunoco Logistics Partners Operations | ||||||||
5.400%, 10/01/2047 | 100 | 95 | ||||||
5.350%, 05/15/2045 | 25 | 23 | ||||||
4.000%, 10/01/2027 | 100 | 95 | ||||||
3.900%, 07/15/2026 | 100 | 95 | ||||||
Tallgrass Energy Partners | ||||||||
5.500%, 09/15/2024 (A) | 95 | 95 | ||||||
5.500%, 01/15/2028 (A) | 88 | 86 | ||||||
4.750%, 10/01/2023 (A) | 50 | 50 | ||||||
Targa Resources Partners | ||||||||
6.875%, 01/15/2029 (A) | 40 | 42 | ||||||
6.750%, 03/15/2024 | 100 | 104 | ||||||
6.500%, 07/15/2027 (A) | 64 | 66 | ||||||
5.875%, 04/15/2026 (A) | 100 | 101 | ||||||
5.375%, 02/01/2027 | 25 | 24 | ||||||
5.125%, 02/01/2025 | 50 | 49 | ||||||
5.000%, 01/15/2028 | 100 | 94 |
14 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
TC PipeLines | ||||||||
3.900%, 05/25/2027 | $ | 20 | $ | 19 | ||||
Teekay Offshore Partners | ||||||||
8.500%, 07/15/2023 (A) | 75 | 72 | ||||||
Total Capital | ||||||||
3.883%, 10/11/2028 | 10 | 10 | ||||||
Total Capital International | ||||||||
3.750%, 04/10/2024 | 50 | 52 | ||||||
2.875%, 02/17/2022 | 100 | 100 | ||||||
2.700%, 01/25/2023 | 100 | 99 | ||||||
TransCanada PipeLines | ||||||||
6.200%, 10/15/2037 | 50 | 58 | ||||||
5.100%, 03/15/2049 | 25 | 26 | ||||||
4.875%, 01/15/2026 | 100 | 106 | ||||||
4.750%, 05/15/2038 | 100 | 102 | ||||||
2.500%, 08/01/2022 | 100 | 97 | ||||||
Transocean | ||||||||
7.500%, 01/15/2026 (A) | 157 | 149 | ||||||
7.250%, 11/01/2025 (A) | 90 | 85 | ||||||
Transocean Guardian | ||||||||
5.875%, 01/15/2024 (A) | 80 | 81 | ||||||
Transocean Phoenix 2 | ||||||||
7.750%, 10/15/2024 (A) | 100 | 104 | ||||||
Transocean Pontus | ||||||||
6.125%, 08/01/2025 (A) | 20 | 20 | ||||||
Transocean Poseidon | ||||||||
6.875%, 02/01/2027 (A) | 20 | 20 | ||||||
Ultra Resources | ||||||||
7.125%, 04/15/2025 (A) | 50 | 15 | ||||||
6.875%, 04/15/2022 (A) | 50 | 20 | ||||||
USA Compression Partners | ||||||||
6.875%, 04/01/2026 | 140 | 140 | ||||||
Valero Energy | ||||||||
6.625%, 06/15/2037 | 100 | 116 | ||||||
4.350%, 06/01/2028 | 70 | 71 | ||||||
3.650%, 03/15/2025 | 90 | 88 | ||||||
Valero Energy Partners | ||||||||
4.375%, 12/15/2026 | 20 | 20 | ||||||
Vine Oil & Gas | ||||||||
8.750%, 04/15/2023 (A) | 100 | 82 | ||||||
W&T Offshore | ||||||||
9.750%, 11/01/2023 (A) | 45 | 44 | ||||||
Weatherford International | ||||||||
9.875%, 02/15/2024 | 80 | 52 | ||||||
9.875%, 03/01/2025 | 105 | 67 | ||||||
8.250%, 06/15/2023 | 39 | 25 | ||||||
7.750%, 06/15/2021 | 100 | 85 | ||||||
Western Gas Partners | ||||||||
5.450%, 04/01/2044 | 50 | 45 | ||||||
4.650%, 07/01/2026 | 50 | 49 | ||||||
3.950%, 06/01/2025 | 100 | 96 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Whiting Petroleum | ||||||||
6.625%, 01/15/2026 | $ | 83 | $ | 81 | ||||
5.750%, 03/15/2021 | 30 | 30 | ||||||
Williams | ||||||||
6.300%, 04/15/2040 | 100 | 114 | ||||||
5.750%, 06/24/2044 | 20 | 21 | ||||||
4.900%, 01/15/2045 | 50 | 49 | ||||||
4.550%, 06/24/2024 | 50 | 52 | ||||||
4.300%, 03/04/2024 | 60 | 62 | ||||||
3.900%, 01/15/2025 | 100 | 100 | ||||||
3.750%, 06/15/2027 | 100 | 97 | ||||||
3.700%, 01/15/2023 | 15 | 15 | ||||||
3.600%, 03/15/2022 | 50 | 50 | ||||||
WPX Energy | ||||||||
5.750%, 06/01/2026 | 25 | 25 | ||||||
5.250%, 09/15/2024 | 158 | 156 | ||||||
26,612 | ||||||||
Financials — 7.7% |
| |||||||
Acrisure | ||||||||
8.125%, 02/15/2024 (A) | 30 | 30 | ||||||
7.000%, 11/15/2025 (A) | 65 | 57 | ||||||
Aflac | ||||||||
3.625%, 11/15/2024 | 100 | 101 | ||||||
African Development Bank | ||||||||
2.625%, 03/22/2021 | 50 | 50 | ||||||
1.250%, 07/26/2021 | 100 | 97 | ||||||
African Development Bank MTN | ||||||||
3.000%, 12/06/2021 | 60 | 61 | ||||||
2.125%, 11/16/2022 | 100 | 98 | ||||||
Algeco Global Finance | ||||||||
8.000%, 02/15/2023 (A) | 145 | 141 | ||||||
Alliant Holdings Intermediate | ||||||||
8.250%, 08/01/2023 (A) | 100 | 101 | ||||||
Allstate | ||||||||
5.950%, 04/01/2036 | 100 | 119 | ||||||
5.750%, VAR ICE LIBOR USD 3 Month+2.938%, 08/15/2053 | 100 | 100 | ||||||
Ally Financial | ||||||||
4.625%, 03/30/2025 | 200 | 204 | ||||||
4.250%, 04/15/2021 | 200 | 201 | ||||||
American Equity Investment Life Holding | ||||||||
5.000%, 06/15/2027 | 55 | 55 | ||||||
American Express | ||||||||
4.050%, 12/03/2042 | 100 | 99 | ||||||
3.400%, 02/27/2023 | 100 | 100 | ||||||
2.650%, 12/02/2022 | 100 | 98 | ||||||
2.500%, 08/01/2022 | 50 | 49 | ||||||
2.200%, 10/30/2020 | 180 | 178 | ||||||
American Express Credit MTN | ||||||||
3.300%, 05/03/2027 | 130 | 129 | ||||||
2.375%, 05/26/2020 | 50 | 50 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 15 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
2.250%, 05/05/2021 | $ | 150 | $ | 148 | ||||
American Financial Group | ||||||||
4.500%, 06/15/2047 | 50 | 45 | ||||||
3.500%, 08/15/2026 | 85 | 81 | ||||||
American International Group | ||||||||
4.750%, 04/01/2048 | 100 | 98 | ||||||
4.500%, 07/16/2044 | 100 | 94 | ||||||
4.200%, 04/01/2028 | 50 | 50 | ||||||
4.125%, 02/15/2024 | 100 | 102 | ||||||
3.875%, 01/15/2035 | 100 | 90 | ||||||
3.300%, 03/01/2021 | 50 | 51 | ||||||
Ameriprise Financial | ||||||||
3.700%, 10/15/2024 | 100 | 101 | ||||||
Andina de Fomento | ||||||||
4.375%, 06/15/2022 | 100 | 104 | ||||||
2.200%, 07/18/2020 | 200 | 197 | ||||||
Aon | ||||||||
8.205%, 01/01/2027 | 100 | 115 | ||||||
4.600%, 06/14/2044 | 100 | 98 | ||||||
3.500%, 06/14/2024 | 100 | 99 | ||||||
Arch Capital Group | ||||||||
5.144%, 11/01/2043 | 50 | 53 | ||||||
Ares Capital | ||||||||
3.625%, 01/19/2022 | 100 | 98 | ||||||
Asian Development Bank MTN | ||||||||
2.875%, 11/27/2020 | 45 | 45 | ||||||
2.625%, 01/12/2027 | 200 | 198 | ||||||
2.000%, 02/16/2022 | 200 | 197 | ||||||
2.000%, 01/22/2025 | 150 | 145 | ||||||
2.000%, 04/24/2026 | 100 | 95 | ||||||
1.875%, 08/10/2022 | 100 | 98 | ||||||
1.750%, 09/13/2022 | 200 | 194 | ||||||
1.750%, 08/14/2026 | 100 | 93 | ||||||
1.625%, 08/26/2020 | 100 | 99 | ||||||
1.625%, 03/16/2021 | 150 | 147 | ||||||
ASP AMC Merger | ||||||||
8.000%, 05/15/2025 (A) | 120 | 60 | ||||||
Assurant | ||||||||
4.900%, 03/27/2028 | 100 | 100 | ||||||
AssuredPartners | ||||||||
7.000%, 08/15/2025 (A) | 64 | 61 | ||||||
Australia & New Zealand Banking Group NY | ||||||||
2.550%, 11/23/2021 | 150 | 148 | ||||||
Australia & New Zealand Banking Group NY MTN | ||||||||
3.700%, 11/16/2025 | 50 | 50 | ||||||
AXIS Specialty Finance | ||||||||
4.000%, 12/06/2027 | 50 | 48 | ||||||
Banco Santander | ||||||||
5.179%, 11/19/2025 | 100 | 103 | ||||||
3.800%, 02/23/2028 | 50 | 47 | ||||||
3.125%, 02/23/2023 | 100 | 97 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Bank of America | ||||||||
7.750%, 05/14/2038 | $ | 75 | $ | 102 | ||||
6.110%, 01/29/2037 | 150 | 176 | ||||||
3.419%, VAR ICE LIBOR USD 3 Month+1.040%, 12/20/2028 | 121 | 117 | ||||||
3.366%, VAR ICE LIBOR USD 3 Month+0.810%, 01/23/2026 | 100 | 98 | ||||||
3.004%, VAR ICE LIBOR USD 3 Month+0.790%, 12/20/2023 | 117 | 116 | ||||||
2.738%, VAR ICE LIBOR USD 3 Month+0.370%, 01/23/2022 | 100 | 99 | ||||||
Bank of America MTN | ||||||||
5.000%, 01/21/2044 | 50 | 55 | ||||||
4.750%, 04/21/2045 | 40 | 41 | ||||||
4.271%, VAR ICE LIBOR USD 3 Month+1.310%, 07/23/2029 | 100 | 103 | ||||||
4.183%, 11/25/2027 | 150 | 150 | ||||||
4.100%, 07/24/2023 | 115 | 119 | ||||||
4.000%, 04/01/2024 | 135 | 139 | ||||||
4.000%, 01/22/2025 | 150 | 151 | ||||||
3.970%, VAR ICE LIBOR USD 3 Month+1.070%, 03/05/2029 | 150 | 151 | ||||||
3.875%, 08/01/2025 | 100 | 102 | ||||||
3.864%, VAR ICE LIBOR USD 3 Month+0.940%, 07/23/2024 | 100 | 102 | ||||||
3.824%, VAR ICE LIBOR USD 3 Month+1.575%, 01/20/2028 | 50 | 50 | ||||||
3.705%, VAR ICE LIBOR USD 3 Month+1.512%, 04/24/2028 | 100 | 99 | ||||||
3.550%, VAR ICE LIBOR USD 3 Month+0.780%, 03/05/2024 | 150 | 151 | ||||||
3.499%, VAR ICE LIBOR USD 3 Month+0.630%, 05/17/2022 | 100 | 101 | ||||||
2.881%, VAR ICE LIBOR USD 3 Month+1.021%, 04/24/2023 | 50 | 49 | ||||||
2.816%, VAR ICE LIBOR USD 3 Month+0.930%, 07/21/2023 | 100 | 98 | ||||||
2.625%, 10/19/2020 | 100 | 100 | ||||||
2.625%, 04/19/2021 | 50 | 50 | ||||||
2.369%, VAR ICE LIBOR USD 3 Month+0.660%, 07/21/2021 | 50 | 49 | ||||||
2.328%, VAR ICE LIBOR USD 3 Month+0.630%, 10/01/2021 | 50 | 49 | ||||||
2.250%, 04/21/2020 | 150 | 149 | ||||||
2.151%, 11/09/2020 | 150 | 148 | ||||||
Bank of Montreal | ||||||||
3.300%, 02/05/2024 | 50 | 50 | ||||||
Bank of Montreal MTN | ||||||||
3.100%, 07/13/2020 | 50 | 50 | ||||||
2.350%, 09/11/2022 | 150 | 146 | ||||||
1.900%, 08/27/2021 | 50 | 49 | ||||||
Bank of New York Mellon | ||||||||
3.550%, 09/23/2021 | 100 | 102 |
16 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Bank of New York Mellon MTN | ||||||||
3.000%, 02/24/2025 | $ | 150 | $ | 147 | ||||
3.000%, 10/30/2028 | 85 | 80 | ||||||
2.800%, 05/04/2026 | 50 | 48 | ||||||
2.661%, VAR ICE LIBOR USD 3 Month+0.634%, 05/16/2023 | 50 | 49 | ||||||
2.600%, 08/17/2020 | 100 | 100 | ||||||
2.450%, 11/27/2020 | 50 | 50 | ||||||
2.050%, 05/03/2021 | 50 | 49 | ||||||
Bank of Nova Scotia | ||||||||
4.650%, VAR ICE LIBOR USD 3 Month+2.648%, 12/29/2049 | 150 | 135 | ||||||
2.800%, 07/21/2021 | 50 | 50 | ||||||
2.450%, 03/22/2021 | 150 | 149 | ||||||
2.150%, 07/14/2020 | 50 | 49 | ||||||
1.875%, 04/26/2021 | 300 | 294 | ||||||
Barclays | ||||||||
5.250%, 08/17/2045 | 100 | 99 | ||||||
5.200%, 05/12/2026 | 200 | 200 | ||||||
4.836%, 05/09/2028 | 350 | 336 | ||||||
4.610%, VAR ICE LIBOR USD 3 Month+1.400%, 02/15/2023 | 145 | 146 | ||||||
3.650%, 03/16/2025 | 150 | 143 | ||||||
3.250%, 01/12/2021 | 50 | 49 | ||||||
2.650%, 01/11/2021 | 100 | 99 | ||||||
BB&T MTN | ||||||||
2.625%, 06/29/2020 | 100 | 100 | ||||||
2.150%, 02/01/2021 | 50 | 49 | ||||||
Berkshire Hathaway | ||||||||
4.500%, 02/11/2043 | 50 | 53 | ||||||
3.125%, 03/15/2026 | 35 | 35 | ||||||
2.750%, 03/15/2023 | 100 | 99 | ||||||
2.200%, 03/15/2021 | 35 | 35 | ||||||
Berkshire Hathaway Finance | ||||||||
4.250%, 01/15/2021 | 100 | 103 | ||||||
BlackRock | ||||||||
3.500%, 03/18/2024 | 100 | 102 | ||||||
BNP Paribas | ||||||||
2.375%, 05/21/2020 | 100 | 99 | ||||||
BNP Paribas MTN | ||||||||
5.000%, 01/15/2021 | 150 | 156 | ||||||
Branch Banking & Trust | ||||||||
3.625%, 09/16/2025 | 150 | 150 | ||||||
2.625%, 01/15/2022 | 150 | 149 | ||||||
Brighthouse Financial | ||||||||
4.700%, 06/22/2047 | 50 | 39 | ||||||
3.700%, 06/22/2027 | 50 | 44 | ||||||
Brookfield Finance | ||||||||
4.700%, 09/20/2047 | 50 | 46 | ||||||
4.000%, 04/01/2024 | 50 | 50 | ||||||
Canadian Imperial Bank of Commerce | ||||||||
2.100%, 10/05/2020 | 150 | 148 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Capital One | ||||||||
2.650%, 08/08/2022 | $ | 150 | $ | 146 | ||||
2.250%, 09/13/2021 | 150 | 145 | ||||||
Capital One Financial | ||||||||
4.250%, 04/30/2025 | 100 | 102 | ||||||
3.750%, 07/28/2026 | 50 | 48 | ||||||
3.750%, 03/09/2027 | 50 | 48 | ||||||
3.450%, 04/30/2021 | 100 | 100 | ||||||
3.200%, 02/05/2025 | 100 | 96 | ||||||
2.500%, 05/12/2020 | 49 | 49 | ||||||
Charles Schwab | ||||||||
3.850%, 05/21/2025 | 100 | 103 | ||||||
3.450%, 02/13/2026 | 70 | 70 | ||||||
Chubb INA Holdings | ||||||||
3.350%, 05/15/2024 | 100 | 101 | ||||||
2.300%, 11/03/2020 | 100 | 99 | ||||||
CIT Group | ||||||||
5.250%, 03/07/2025 | 50 | 52 | ||||||
4.750%, 02/16/2024 | 110 | 111 | ||||||
Citibank | ||||||||
3.650%, 01/23/2024 | 250 | 254 | ||||||
2.850%, 02/12/2021 | 400 | 399 | ||||||
2.125%, 10/20/2020 | 50 | 49 | ||||||
2.100%, 06/12/2020 | 100 | 99 | ||||||
Citigroup | ||||||||
6.675%, 09/13/2043 | 90 | 113 | ||||||
6.125%, 08/25/2036 | 100 | 114 | ||||||
4.750%, 05/18/2046 | 150 | 150 | ||||||
4.650%, 07/30/2045 | 100 | 103 | ||||||
4.600%, 03/09/2026 | 35 | 36 | ||||||
4.450%, 09/29/2027 | 100 | 101 | ||||||
4.044%, VAR ICE LIBOR USD 3 Month+1.023%, 06/01/2024 | 100 | 102 | ||||||
3.875%, 03/26/2025 | 100 | 99 | ||||||
3.668%, VAR ICE LIBOR USD 3 Month+1.390%, 07/24/2028 | 50 | 49 | ||||||
3.520%, VAR ICE LIBOR USD 3 Month+1.151%, 10/27/2028 | 50 | 48 | ||||||
3.400%, 05/01/2026 | 150 | 146 | ||||||
3.300%, 04/27/2025 | 100 | 98 | ||||||
3.142%, VAR ICE LIBOR USD 3 Month+0.722%, 01/24/2023 | 150 | 149 | ||||||
2.900%, 12/08/2021 | 50 | 50 | ||||||
2.876%, VAR ICE LIBOR USD 3 Month+0.950%, 07/24/2023 | 150 | 147 | ||||||
2.700%, 03/30/2021 | 50 | 50 | ||||||
2.650%, 10/26/2020 | 100 | 99 | ||||||
2.350%, 08/02/2021 | 50 | 49 | ||||||
Citizens Bank | ||||||||
2.250%, 03/02/2020 | 150 | 149 | ||||||
Citizens Financial Group | ||||||||
2.375%, 07/28/2021 | 30 | 29 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 17 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
CME Group | ||||||||
3.000%, 03/15/2025 | $ | 100 | $ | 99 | ||||
CNA Financial | ||||||||
4.500%, 03/01/2026 | 50 | 51 | ||||||
3.450%, 08/15/2027 | 50 | 47 | ||||||
CNO Financial Group | ||||||||
5.250%, 05/30/2025 | 90 | 91 | ||||||
Comerica | ||||||||
4.000%, 02/01/2029 | 50 | 51 | ||||||
3.700%, 07/31/2023 | 25 | 25 | ||||||
Commonwealth Bank of Australia MTN | ||||||||
2.300%, 03/12/2020 | 150 | 149 | ||||||
Cooperatieve Rabobank | ||||||||
5.250%, 08/04/2045 | 150 | 161 | ||||||
4.625%, 12/01/2023 | 150 | 154 | ||||||
3.750%, 07/21/2026 | 150 | 143 | ||||||
Cooperatieve Rabobank MTN | ||||||||
3.875%, 02/08/2022 | 150 | 153 | ||||||
2.500%, 01/19/2021 | 150 | 149 | ||||||
Credit Suisse MTN | ||||||||
3.625%, 09/09/2024 | 150 | 151 | ||||||
Credit Suisse Group Funding Guernsey | ||||||||
4.875%, 05/15/2045 | 50 | 51 | ||||||
3.800%, 06/09/2023 | 150 | 149 | ||||||
3.750%, 03/26/2025 | 150 | 146 | ||||||
3.450%, 04/16/2021 | 150 | 150 | ||||||
Curo Group Holdings | ||||||||
8.250%, 09/01/2025 (A) | 90 | 76 | ||||||
Deutsche Bank | ||||||||
4.500%, 04/01/2025 | 200 | 184 | ||||||
3.950%, 02/27/2023 | 100 | 96 | ||||||
3.300%, 11/16/2022 | 100 | 93 | ||||||
3.150%, 01/22/2021 | 100 | 97 | ||||||
2.700%, 07/13/2020 | 50 | 49 | ||||||
Deutsche Bank MTN | ||||||||
3.700%, 05/30/2024 | 50 | 46 | ||||||
3.375%, 05/12/2021 | 100 | 98 | ||||||
Discover Bank | ||||||||
4.200%, 08/08/2023 | 150 | 152 | ||||||
Discover Financial Services | ||||||||
4.100%, 02/09/2027 | 40 | 39 | ||||||
3.850%, 11/21/2022 | 100 | 100 | ||||||
E*TRADE Financial | ||||||||
3.800%, 08/24/2027 | 100 | 94 | ||||||
2.950%, 08/24/2022 | 25 | 25 | ||||||
European Bank for Reconstruction & Development MTN | ||||||||
2.000%, 02/01/2021 | 200 | 198 | ||||||
1.625%, 05/05/2020 | 100 | 99 | ||||||
European Investment Bank | ||||||||
2.875%, 09/15/2020 | 125 | 125 | ||||||
2.625%, 03/15/2024 | 85 | 85 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
2.500%, 03/15/2023 | $ | 180 | $ | 179 | ||||
2.250%, 03/15/2022 | 200 | 198 | ||||||
2.125%, 10/15/2021 | 150 | 148 | ||||||
2.000%, 03/15/2021 | 150 | 148 | ||||||
1.875%, 02/10/2025 | 200 | 192 | ||||||
1.750%, 05/15/2020 | 200 | 198 | ||||||
1.625%, 03/16/2020 | 100 | 99 | ||||||
1.625%, 08/14/2020 | 300 | 296 | ||||||
1.625%, 12/15/2020 | 250 | 246 | ||||||
1.625%, 06/15/2021 | 150 | 147 | ||||||
European Investment Bank MTN | ||||||||
3.125%, 12/14/2023 | 150 | 154 | ||||||
2.375%, 05/13/2021 | 200 | 199 | ||||||
Fidelity & Guaranty Life Holdings | ||||||||
5.500%, 05/01/2025 (A) | 120 | 115 | ||||||
Fidelity National Financial | ||||||||
4.500%, 08/15/2028 (A) | 50 | 50 | ||||||
Fifth Third Bancorp | ||||||||
3.950%, 03/14/2028 | 50 | 50 | ||||||
3.650%, 01/25/2024 | 50 | 50 | ||||||
2.875%, 07/27/2020 | 150 | 150 | ||||||
Fifth Third Bank | ||||||||
2.200%, 10/30/2020 | 50 | 49 | ||||||
First Republic Bank | ||||||||
4.625%, 02/13/2047 | 50 | 49 | ||||||
Franklin Resources | ||||||||
2.850%, 03/30/2025 | 150 | 144 | ||||||
Freedom Mortgage | ||||||||
8.250%, 04/15/2025 (A) | 100 | 91 | ||||||
FS Energy & Power Fund | ||||||||
7.500%, 08/15/2023 (A) | 60 | 60 | ||||||
Goldman Sachs Bank USA NY | ||||||||
3.200%, 06/05/2020 | 100 | 100 | ||||||
Goldman Sachs Group | ||||||||
6.750%, 10/01/2037 | 125 | 152 | ||||||
6.250%, 02/01/2041 | 100 | 121 | ||||||
5.750%, 01/24/2022 | 130 | 139 | ||||||
4.750%, 10/21/2045 | 100 | 103 | ||||||
4.411%, VAR ICE LIBOR USD 3 Month+1.430%, 04/23/2039 | 100 | 99 | ||||||
4.223%, VAR ICE LIBOR USD 3 Month+1.301%, 05/01/2029 | 150 | 151 | ||||||
3.814%, VAR ICE LIBOR USD 3 Month+1.158%, 04/23/2029 | 100 | 97 | ||||||
3.750%, 05/22/2025 | 150 | 149 | ||||||
3.750%, 02/25/2026 | 60 | 59 | ||||||
3.500%, 01/23/2025 | 100 | 99 | ||||||
3.500%, 11/16/2026 | 100 | 96 | ||||||
3.272%, VAR ICE LIBOR USD 3 Month+1.201%, 09/29/2025 | 145 | 141 | ||||||
3.200%, 02/23/2023 | 55 | 55 | ||||||
3.000%, 04/26/2022 | 85 | 84 |
18 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
2.908%, VAR ICE LIBOR USD 3 Month+1.053%, 06/05/2023 | $ | 150 | $ | 147 | ||||
2.876%, VAR ICE LIBOR USD 3 Month+0.821%, 10/31/2022 | 100 | 99 | ||||||
2.875%, 02/25/2021 | 50 | 50 | ||||||
2.600%, 04/23/2020 | 100 | 99 | ||||||
2.600%, 12/27/2020 | 50 | 50 | ||||||
2.350%, 11/15/2021 | 50 | 49 | ||||||
Goldman Sachs Group MTN | ||||||||
4.800%, 07/08/2044 | 100 | 103 | ||||||
3.850%, 07/08/2024 | 100 | 101 | ||||||
Hartford Financial Services Group | ||||||||
5.500%, 03/30/2020 | 50 | 51 | ||||||
4.300%, 04/15/2043 | 100 | 95 | ||||||
HSBC | ||||||||
2.350%, 03/05/2020 | 150 | 149 | ||||||
HSBC Holdings | ||||||||
6.500%, 05/02/2036 | 100 | 120 | ||||||
6.500%, 09/15/2037 | 25 | 30 | ||||||
5.250%, 03/14/2044 | 100 | 105 | ||||||
4.583%, VAR ICE LIBOR USD 3 Month+1.535%, 06/19/2029 | 100 | 102 | ||||||
4.375%, 11/23/2026 | 50 | 50 | ||||||
4.041%, VAR ICE LIBOR USD 3 Month+1.546%, 03/13/2028 | 50 | 50 | ||||||
3.950%, VAR ICE LIBOR USD 3 Month+0.987%, 05/18/2024 | 100 | 101 | ||||||
3.033%, VAR ICE LIBOR USD 3 Month+0.923%, 11/22/2023 | 100 | 98 | ||||||
2.950%, 05/25/2021 | 150 | 150 | ||||||
2.650%, 01/05/2022 | 50 | 49 | ||||||
HUB International | ||||||||
7.000%, 05/01/2026 (A) | 115 | 112 | ||||||
Huntington Bancshares | ||||||||
2.300%, 01/14/2022 | 150 | 146 | ||||||
Huntington National Bank | ||||||||
2.500%, 08/07/2022 | 150 | 146 | ||||||
2.375%, 03/10/2020 | 150 | 149 | ||||||
Industrial & Commercial Bank of China | ||||||||
2.452%, 10/20/2021 | 150 | 146 | ||||||
ING Groep | ||||||||
4.100%, 10/02/2023 | 100 | 101 | ||||||
Inter-American Development Bank | ||||||||
3.200%, 08/07/2042 | 100 | 98 | ||||||
3.125%, 09/18/2028 | 100 | 103 | ||||||
3.000%, 02/21/2024 | 300 | 305 | ||||||
2.625%, 01/16/2024 | 250 | 251 | ||||||
2.375%, 07/07/2027 | 200 | 194 | ||||||
1.875%, 03/15/2021 | 100 | 99 | ||||||
Inter-American Development Bank MTN | ||||||||
3.000%, 09/26/2022 | 50 | 51 | ||||||
1.750%, 09/14/2022 | 200 | 194 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
1.625%, 05/12/2020 | $ | 100 | $ | 99 | ||||
Intercontinental Exchange | ||||||||
4.250%, 09/21/2048 | 25 | 25 | ||||||
3.750%, 12/01/2025 | 55 | 56 | ||||||
3.750%, 09/21/2028 | 20 | 20 | ||||||
3.450%, 09/21/2023 | 15 | 15 | ||||||
2.750%, 12/01/2020 | 55 | 55 | ||||||
International Bank for Reconstruction & Development | ||||||||
3.000%, 09/27/2023 | 150 | 153 | ||||||
2.500%, 11/25/2024 | 200 | 199 | ||||||
2.500%, 07/29/2025 | 150 | 148 | ||||||
2.125%, 11/01/2020 | 200 | 198 | ||||||
2.000%, 01/26/2022 | 200 | 197 | ||||||
1.750%, 04/19/2023 | 150 | 145 | ||||||
1.625%, 02/10/2022 | 200 | 195 | ||||||
International Bank for Reconstruction & Development MTN | ||||||||
1.875%, 10/27/2026 | 200 | 189 | ||||||
1.625%, 09/04/2020 | 200 | 197 | ||||||
1.625%, 03/09/2021 | 150 | 147 | ||||||
1.375%, 05/24/2021 | 250 | 243 | ||||||
International Finance MTN | ||||||||
2.000%, 10/24/2022 | 200 | 196 | ||||||
1.125%, 07/20/2021 | 100 | 97 | ||||||
Intesa Sanpaolo MTN | ||||||||
5.710%, 01/15/2026 (A) | 200 | 185 | ||||||
5.017%, 06/26/2024 (A) | 200 | 184 | ||||||
Invesco Finance | ||||||||
5.375%, 11/30/2043 | 150 | 155 | ||||||
Jefferies Financial Group | ||||||||
5.500%, 10/18/2023 | 100 | 105 | ||||||
Jefferies Group | ||||||||
6.875%, 04/15/2021 | 100 | 106 | ||||||
4.850%, 01/15/2027 | 35 | 34 | ||||||
JPMorgan Chase | ||||||||
6.400%, 05/15/2038 | 100 | 126 | ||||||
5.625%, 08/16/2043 | 90 | 104 | ||||||
4.950%, 06/01/2045 | 100 | 107 | ||||||
4.625%, 05/10/2021 | 150 | 155 | ||||||
4.350%, 08/15/2021 | 100 | 103 | ||||||
4.250%, 10/01/2027 | 95 | 96 | ||||||
4.032%, VAR ICE LIBOR USD 3 Month+1.460%, 07/24/2048 | 100 | 95 | ||||||
4.005%, VAR ICE LIBOR USD 3 Month+1.120%, 04/23/2029 | 100 | 101 | ||||||
3.960%, VAR ICE LIBOR USD 3 Month+1.245%, 01/29/2027 | 150 | 153 | ||||||
3.900%, 07/15/2025 | 100 | 102 | ||||||
3.897%, VAR ICE LIBOR USD 3 Month+1.220%, 01/23/2049 | 50 | 47 | ||||||
3.882%, VAR ICE LIBOR USD 3 Month+1.360%, 07/24/2038 | 100 | 95 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 19 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
3.875%, 02/01/2024 | $ | 100 | $ | 103 | ||||
3.797%, VAR ICE LIBOR USD 3 Month+0.890%, 07/23/2024 | 100 | 102 | ||||||
3.625%, 05/13/2024 | 125 | 127 | ||||||
3.559%, VAR ICE LIBOR USD 3 Month+0.730%, 04/23/2024 | 150 | 151 | ||||||
3.540%, VAR ICE LIBOR USD 3 Month+1.380%, 05/01/2028 | 150 | 147 | ||||||
3.514%, VAR ICE LIBOR USD 3 Month+0.610%, 06/18/2022 | 150 | 151 | ||||||
3.509%, VAR ICE LIBOR USD 3 Month+0.945%, 01/23/2029 | 125 | 121 | ||||||
3.300%, 04/01/2026 | 150 | 147 | ||||||
3.250%, 09/23/2022 | 100 | 101 | ||||||
3.125%, 01/23/2025 | 100 | 98 | ||||||
2.950%, 10/01/2026 | 50 | 48 | ||||||
2.776%, VAR ICE LIBOR USD 3 Month+0.935%, 04/25/2023 | 63 | 62 | ||||||
2.750%, 06/23/2020 | 100 | 100 | ||||||
2.700%, 05/18/2023 | 150 | 147 | ||||||
2.604%, VAR ICE LIBOR USD 3 Month+0.280%, 02/01/2021 | 150 | 149 | ||||||
2.550%, 10/29/2020 | 185 | 184 | ||||||
2.550%, 03/01/2021 | 50 | 49 | ||||||
Jurassic Holdings III | ||||||||
6.875%, 02/15/2021 (A) | 50 | 45 | ||||||
Kemper | ||||||||
4.350%, 02/15/2025 | 35 | 35 | ||||||
KeyBank | ||||||||
2.300%, 09/14/2022 | 150 | 145 | ||||||
KeyCorp MTN | ||||||||
4.150%, 10/29/2025 | 30 | 31 | ||||||
2.900%, 09/15/2020 | 100 | 100 | ||||||
Korea Development Bank | ||||||||
2.500%, 03/11/2020 | 200 | 199 | ||||||
Kreditanstalt fuer Wiederaufbau | ||||||||
3.277%, 04/18/2036 (B) | 200 | 113 | ||||||
2.750%, 07/15/2020 | 400 | 401 | ||||||
2.750%, 10/01/2020 | 200 | 201 | ||||||
2.625%, 04/12/2021 | 100 | 100 | ||||||
2.625%, 02/28/2024 | 315 | 315 | ||||||
2.125%, 01/17/2023 | 150 | 147 | ||||||
2.000%, 11/30/2021 | 50 | 49 | ||||||
2.000%, 09/29/2022 | 100 | 98 | ||||||
2.000%, 05/02/2025 | 250 | 241 | ||||||
1.500%, 06/15/2021 | 300 | 293 | ||||||
Kreditanstalt fuer Wiederaufbau MTN | ||||||||
1.750%, 03/31/2020 | 200 | 198 | ||||||
1.500%, 04/20/2020 | 500 | 494 | ||||||
Ladder Capital Finance Holdings LLLP | ||||||||
5.250%, 03/15/2022 (A) | 95 | 95 | ||||||
Landwirtschaftliche Rentenbank | ||||||||
2.500%, 11/15/2027 | 100 | 98 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
2.375%, 06/10/2025 | $ | 150 | $ | 147 | ||||
2.250%, 10/01/2021 | 150 | 149 | ||||||
2.000%, 01/13/2025 | 100 | 96 | ||||||
Lazard Group | ||||||||
3.750%, 02/13/2025 | 50 | 49 | ||||||
Legg Mason | ||||||||
4.750%, 03/15/2026 | 50 | 51 | ||||||
Lincoln National | ||||||||
4.350%, 03/01/2048 | 10 | 9 | ||||||
4.000%, 09/01/2023 | 5 | 5 | ||||||
3.800%, 03/01/2028 | 120 | 118 | ||||||
3.625%, 12/12/2026 | 50 | 49 | ||||||
3.350%, 03/09/2025 | 150 | 147 | ||||||
Lions Gate Capital Holdings | ||||||||
6.375%, 02/01/2024 (A) | 50 | 51 | ||||||
5.875%, 11/01/2024 (A) | 105 | 103 | ||||||
Lloyds Bank | ||||||||
3.300%, 05/07/2021 | 100 | 100 | ||||||
Lloyds Banking Group | ||||||||
4.650%, 03/24/2026 | 50 | 49 | ||||||
4.344%, 01/09/2048 | 100 | 86 | ||||||
4.050%, 08/16/2023 | 100 | 101 | ||||||
3.750%, 01/11/2027 | 50 | 48 | ||||||
3.100%, 07/06/2021 | 150 | 148 | ||||||
Loews | ||||||||
2.625%, 05/15/2023 | 100 | 97 | ||||||
LPL Holdings | ||||||||
5.750%, 09/15/2025 (A) | 100 | 98 | ||||||
Manulife Financial | ||||||||
4.061%, VAR USD Swap Semi 30/360 5 Year Curr+1.647%, 02/24/2032 | 100 | 95 | ||||||
Markel | ||||||||
5.000%, 04/05/2046 | 50 | 49 | ||||||
Marsh & McLennan | ||||||||
4.350%, 01/30/2047 | 20 | 19 | ||||||
4.200%, 03/01/2048 | 50 | 47 | ||||||
3.750%, 03/14/2026 | 100 | 100 | ||||||
2.750%, 01/30/2022 | 30 | 30 | ||||||
2.350%, 03/06/2020 | 100 | 99 | ||||||
MetLife | ||||||||
4.875%, 11/13/2043 | 100 | 108 | ||||||
4.600%, 05/13/2046 | 100 | 104 | ||||||
4.368%, 09/15/2023 | 85 | 90 | ||||||
4.050%, 03/01/2045 | 100 | 97 | ||||||
3.600%, 04/10/2024 | 100 | 102 | ||||||
3.600%, 11/13/2025 | 100 | 101 | ||||||
Mitsubishi UFJ Financial Group | ||||||||
4.286%, 07/26/2038 | 35 | 35 | ||||||
3.961%, 03/02/2028 | 100 | 102 | ||||||
3.761%, 07/26/2023 | 150 | 153 | ||||||
3.677%, 02/22/2027 | 50 | 50 | ||||||
3.535%, 07/26/2021 | 60 | 60 |
20 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
2.950%, 03/01/2021 | $ | 50 | $ | 50 | ||||
2.665%, 07/25/2022 | 50 | 49 | ||||||
Mizuho Financial Group | ||||||||
3.663%, 02/28/2027 | 50 | 50 | ||||||
3.170%, 09/11/2027 | 150 | 144 | ||||||
2.601%, 09/11/2022 | 100 | 97 | ||||||
Moody’s | ||||||||
3.250%, 01/15/2028 | 35 | 33 | ||||||
2.750%, 12/15/2021 | 100 | 99 | ||||||
2.625%, 01/15/2023 | 50 | 48 | ||||||
Morgan Stanley | ||||||||
5.750%, 01/25/2021 | 175 | 184 | ||||||
4.457%, VAR ICE LIBOR USD 3 Month+1.431%, 04/22/2039 | 150 | 151 | ||||||
3.737%, VAR ICE LIBOR USD 3 Month+0.847%, 04/24/2024 | 140 | 142 | ||||||
3.625%, 01/20/2027 | 150 | 147 | ||||||
2.800%, 06/16/2020 | 150 | 150 | ||||||
Morgan Stanley MTN | ||||||||
6.375%, 07/24/2042 | 150 | 192 | ||||||
5.500%, 07/24/2020 | 75 | 78 | ||||||
4.875%, 11/01/2022 | 65 | 68 | ||||||
4.431%, VAR ICE LIBOR USD 3 Month+1.628%, 01/23/2030 | 50 | 52 | ||||||
4.350%, 09/08/2026 | 65 | 66 | ||||||
4.300%, 01/27/2045 | 100 | 98 | ||||||
4.000%, 07/23/2025 | 155 | 159 | ||||||
3.875%, 01/27/2026 | 150 | 151 | ||||||
3.772%, VAR ICE LIBOR USD 3 Month+1.140%, 01/24/2029 | 100 | 98 | ||||||
3.125%, 01/23/2023 | 100 | 99 | ||||||
3.125%, 07/27/2026 | 50 | 48 | ||||||
2.625%, 11/17/2021 | 150 | 148 | ||||||
2.500%, 04/21/2021 | 60 | 59 | ||||||
MSCI | ||||||||
5.750%, 08/15/2025 (A) | 62 | 64 | ||||||
5.375%, 05/15/2027 (A) | 60 | 61 | ||||||
5.250%, 11/15/2024 (A) | 150 | 153 | ||||||
National Australia Bank | ||||||||
2.500%, 07/12/2026 | 150 | 138 | ||||||
National Australia Bank MTN | ||||||||
2.625%, 01/14/2021 | 50 | 50 | ||||||
2.500%, 05/22/2022 | 150 | 147 | ||||||
2.125%, 05/22/2020 | 150 | 148 | ||||||
National Bank of Canada | ||||||||
2.150%, 06/12/2020 | 150 | 148 | ||||||
National Rural Utilities Cooperative Finance | ||||||||
3.400%, 02/07/2028 | 100 | 99 | ||||||
2.950%, 02/07/2024 | 30 | 30 | ||||||
National Rural Utilities Cooperative Finance MTN | ||||||||
3.250%, 11/01/2025 | 50 | 50 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
2.900%, 03/15/2021 | $ | 70 | $ | 70 | ||||
2.300%, 09/15/2022 | 70 | 68 | ||||||
Nationstar Mortgage Holdings | ||||||||
9.125%, 07/15/2026 (A) | 65 | 66 | ||||||
8.125%, 07/15/2023 (A) | 45 | 45 | ||||||
Navient | ||||||||
7.250%, 09/25/2023 | 100 | 102 | ||||||
6.750%, 06/25/2025 | 105 | 101 | ||||||
6.750%, 06/15/2026 | 40 | 38 | ||||||
5.875%, 03/25/2021 | 115 | 117 | ||||||
5.875%, 10/25/2024 | 100 | 94 | ||||||
5.000%, 10/26/2020 | 100 | 100 | ||||||
NFP | ||||||||
6.875%, 07/15/2025 (A) | 108 | 103 | ||||||
Nordic Investment Bank | ||||||||
2.500%, 04/28/2020 | 200 | 200 | ||||||
1.625%, 11/20/2020 | 200 | 196 | ||||||
Northern Trust | ||||||||
3.375%, VAR ICE LIBOR USD 3 Month+1.131%, 05/08/2032 | 163 | 156 | ||||||
Oesterreichische Kontrollbank | ||||||||
2.625%, 01/31/2022 | 50 | 50 | ||||||
1.375%, 02/10/2020 | 100 | 99 | ||||||
Old Republic International | ||||||||
3.875%, 08/26/2026 | 50 | 48 | ||||||
ORIX | ||||||||
3.700%, 07/18/2027 | 50 | 49 | ||||||
2.900%, 07/18/2022 | 30 | 30 | ||||||
PNC Bank | ||||||||
3.300%, 10/30/2024 | 150 | 150 | ||||||
3.100%, 10/25/2027 | 50 | 49 | ||||||
2.625%, 02/17/2022 | 150 | 148 | ||||||
2.450%, 11/05/2020 | 150 | 148 | ||||||
2.450%, 07/28/2022 | 150 | 146 | ||||||
2.150%, 04/29/2021 | 150 | 147 | ||||||
Principal Financial Group | ||||||||
3.400%, 05/15/2025 | 150 | 148 | ||||||
Private Export Funding | ||||||||
2.300%, 09/15/2020 | 150 | 149 | ||||||
Progressive | ||||||||
4.200%, 03/15/2048 | 50 | 51 | ||||||
3.700%, 01/26/2045 | 50 | 46 | ||||||
2.450%, 01/15/2027 | 50 | 46 | ||||||
Prudential Financial | ||||||||
5.875%, VAR ICE LIBOR USD 3 Month+4.175%, 09/15/2042 | 100 | 104 | ||||||
4.500%, VAR ICE LIBOR USD 3 Month+2.380%, 09/15/2047 | 100 | 92 | ||||||
Prudential Financial MTN | ||||||||
5.700%, 12/14/2036 | 100 | 116 | ||||||
4.600%, 05/15/2044 | 50 | 52 | ||||||
3.500%, 05/15/2024 | 100 | 101 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 21 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Quicken Loans | ||||||||
5.750%, 05/01/2025 (A) | $ | 150 | $ | 145 | ||||
5.250%, 01/15/2028 (A) | 100 | 90 | ||||||
Raymond James Financial | ||||||||
4.950%, 07/15/2046 | 50 | 50 | ||||||
Regions Financial | ||||||||
3.200%, 02/08/2021 | 150 | 150 | ||||||
2.750%, 08/14/2022 | 50 | 49 | ||||||
Reinsurance Group of America | ||||||||
3.950%, 09/15/2026 | 30 | 30 | ||||||
RenaissanceRe Finance | ||||||||
3.450%, 07/01/2027 | 30 | 29 | ||||||
Royal Bank of Canada | ||||||||
2.300%, 03/22/2021 | 150 | 148 | ||||||
2.100%, 10/14/2020 | 200 | 198 | ||||||
Royal Bank of Canada MTN | ||||||||
3.200%, 04/30/2021 | 75 | 75 | ||||||
2.350%, 10/30/2020 | 150 | 149 | ||||||
2.150%, 10/26/2020 | 40 | 40 | ||||||
Royal Bank of Scotland Group | ||||||||
6.125%, 12/15/2022 | 75 | 79 | ||||||
6.100%, 06/10/2023 | 35 | 37 | ||||||
6.000%, 12/19/2023 | 65 | 68 | ||||||
5.125%, 05/28/2024 | 75 | 75 | ||||||
4.800%, 04/05/2026 | 50 | 50 | ||||||
4.519%, VAR ICE LIBOR USD 3 Month+1.550%, 06/25/2024 | 100 | 100 | ||||||
3.498%, VAR ICE LIBOR USD 3 Month+1.480%, 05/15/2023 | 50 | 49 | ||||||
S&P Global | ||||||||
4.500%, 05/15/2048 | 50 | 51 | ||||||
4.400%, 02/15/2026 | 100 | 104 | ||||||
4.000%, 06/15/2025 | 50 | 51 | ||||||
Santander Holdings USA | ||||||||
4.400%, 07/13/2027 | 50 | 49 | ||||||
3.700%, 03/28/2022 | 30 | 30 | ||||||
3.400%, 01/18/2023 | 100 | 99 | ||||||
2.650%, 04/17/2020 | 100 | 99 | ||||||
Santander UK | ||||||||
2.375%, 03/16/2020 | 150 | 149 | ||||||
Santander UK Group Holdings | ||||||||
3.823%, VAR ICE LIBOR USD 3 Month+1.400%, 11/03/2028 | 50 | 47 | ||||||
2.875%, 10/16/2020 | 100 | 99 | ||||||
Santander UK Group Holdings MTN | ||||||||
3.125%, 01/08/2021 | 100 | 99 | ||||||
Springleaf Finance | ||||||||
7.750%, 10/01/2021 | 225 | 237 | ||||||
7.125%, 03/15/2026 | 95 | 90 | ||||||
6.875%, 03/15/2025 | 80 | 77 | ||||||
5.625%, 03/15/2023 | 200 | 197 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Starwood Property Trust | ||||||||
5.000%, 12/15/2021 | $ | 55 | $ | 56 | ||||
Stifel Financial | ||||||||
4.250%, 07/18/2024 | 50 | 51 | ||||||
Sumitomo Mitsui Financial Group | ||||||||
3.944%, 07/19/2028 | 50 | 51 | ||||||
3.784%, 03/09/2026 | 50 | 50 | ||||||
3.748%, 07/19/2023 | 50 | 51 | ||||||
3.446%, 01/11/2027 | 150 | 147 | ||||||
3.364%, 07/12/2027 | 50 | 48 | ||||||
2.934%, 03/09/2021 | 50 | 50 | ||||||
2.784%, 07/12/2022 | 50 | 49 | ||||||
2.632%, 07/14/2026 | 50 | 47 | ||||||
2.442%, 10/19/2021 | 150 | 147 | ||||||
2.058%, 07/14/2021 | 150 | 146 | ||||||
SunTrust Banks | ||||||||
4.000%, 05/01/2025 | 100 | 102 | ||||||
2.900%, 03/03/2021 | 150 | 149 | ||||||
2.700%, 01/27/2022 | 50 | 49 | ||||||
2.450%, 08/01/2022 | 50 | 49 | ||||||
Svensk Exportkredit MTN | ||||||||
2.875%, 05/22/2021 | 200 | 201 | ||||||
1.875%, 06/23/2020 | 200 | 198 | ||||||
Svenska Handelsbanken | ||||||||
3.900%, 11/20/2023 | 150 | 154 | ||||||
Synchrony Financial | ||||||||
4.250%, 08/15/2024 | 100 | 97 | ||||||
3.950%, 12/01/2027 | 50 | 46 | ||||||
3.700%, 08/04/2026 | 50 | 46 | ||||||
TD Ameritrade Holding | ||||||||
2.950%, 04/01/2022 | 100 | 100 | ||||||
Tempo Acquisition | ||||||||
6.750%, 06/01/2025 (A) | 95 | 94 | ||||||
Toronto-Dominion Bank | ||||||||
3.625%, VAR USD Swap Semi 30/360 5 Year Curr+2.205%, 09/15/2031 | 150 | 145 | ||||||
Toronto-Dominion Bank MTN | ||||||||
2.500%, 12/14/2020 | 150 | 149 | ||||||
2.125%, 04/07/2021 | 150 | 148 | ||||||
1.850%, 09/11/2020 | 50 | 49 | ||||||
Travelers | ||||||||
4.050%, 03/07/2048 | 50 | 49 | ||||||
4.000%, 05/30/2047 | 40 | 39 | ||||||
3.750%, 05/15/2046 | 25 | 24 | ||||||
Travelers MTN | ||||||||
6.250%, 06/15/2037 | 100 | 126 | ||||||
Travelport Corporate Finance | ||||||||
6.000%, 03/15/2026 (A) | 100 | 103 | ||||||
Trinity Acquisition | ||||||||
4.400%, 03/15/2026 | 50 | 50 |
22 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
UniCredit | ||||||||
5.861%, VAR USD ICE Swap 11:00 NY 5 Yr+3.703%, 06/19/2032 (A) | $ | 200 | $ | 179 | ||||
Unum Group | ||||||||
3.000%, 05/15/2021 | 30 | 30 | ||||||
US Bancorp MTN | ||||||||
3.900%, 04/26/2028 | 100 | 104 | ||||||
3.600%, 09/11/2024 | 150 | 152 | ||||||
2.950%, 07/15/2022 | 100 | 100 | ||||||
2.375%, 07/22/2026 | 150 | 140 | ||||||
US Bank MTN | ||||||||
2.050%, 10/23/2020 | 150 | 148 | ||||||
USIS Merger | ||||||||
6.875%, 05/01/2025 (A) | 170 | 163 | ||||||
VFH Parent | ||||||||
6.750%, 06/15/2022 (A) | 80 | 81 | ||||||
Voya Financial | ||||||||
3.125%, 07/15/2024 | 50 | 48 | ||||||
Wells Fargo | ||||||||
5.606%, 01/15/2044 | 150 | 171 | ||||||
5.375%, 11/02/2043 | 180 | 199 | ||||||
3.900%, 05/01/2045 | 150 | 146 | ||||||
3.000%, 04/22/2026 | 150 | 144 | ||||||
3.000%, 10/23/2026 | 150 | 143 | ||||||
2.600%, 01/15/2021 | 100 | 99 | ||||||
2.500%, 03/04/2021 | 150 | 149 | ||||||
Wells Fargo MTN | ||||||||
4.300%, 07/22/2027 | 100 | 102 | ||||||
4.150%, 01/24/2029 | 150 | 154 | ||||||
4.125%, 08/15/2023 | 150 | 153 | ||||||
4.100%, 06/03/2026 | 135 | 136 | ||||||
3.750%, 01/24/2024 | 150 | 153 | ||||||
3.584%, VAR ICE LIBOR USD 3 Month+1.310%, 05/22/2028 | 75 | 74 | ||||||
3.450%, 02/13/2023 | 100 | 100 | ||||||
3.000%, 02/19/2025 | 100 | 98 | ||||||
2.625%, 07/22/2022 | 90 | 88 | ||||||
2.600%, 07/22/2020 | 150 | 149 | ||||||
Wells Fargo Capital X | ||||||||
5.950%, 12/15/2036 | 150 | 160 | ||||||
Westpac Banking | ||||||||
3.650%, 05/15/2023 | 100 | 101 | ||||||
3.350%, 03/08/2027 | 50 | 49 | ||||||
3.050%, 05/15/2020 | 150 | 150 | ||||||
2.850%, 05/13/2026 | 50 | 48 | ||||||
2.700%, 08/19/2026 | 50 | 47 | ||||||
2.600%, 11/23/2020 | 50 | 50 | ||||||
2.500%, 06/28/2022 | 50 | 49 | ||||||
2.150%, 03/06/2020 | 50 | 49 | ||||||
2.100%, 05/13/2021 | 50 | 49 | ||||||
2.000%, 08/19/2021 | 50 | 49 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Willis North America | ||||||||
3.600%, 05/15/2024 | $ | 50 | $ | 49 | ||||
XLIT | ||||||||
5.500%, 03/31/2045 | 100 | 104 | ||||||
4.450%, 03/31/2025 | 100 | 102 | ||||||
59,870 | ||||||||
Health Care — 3.1% | ||||||||
Abbott Laboratories | ||||||||
4.900%, 11/30/2046 | 100 | 111 | ||||||
4.750%, 11/30/2036 | 50 | 54 | ||||||
4.750%, 04/15/2043 | 100 | 105 | ||||||
3.750%, 11/30/2026 | 28 | 28 | ||||||
3.400%, 11/30/2023 | 70 | 71 | ||||||
2.950%, 03/15/2025 | 100 | 98 | ||||||
2.800%, 09/15/2020 | 50 | 50 | ||||||
AbbVie | ||||||||
4.700%, 05/14/2045 | 35 | 33 | ||||||
4.500%, 05/14/2035 | 140 | 132 | ||||||
4.450%, 05/14/2046 | 150 | 135 | ||||||
4.300%, 05/14/2036 | 50 | 46 | ||||||
3.600%, 05/14/2025 | 100 | 99 | ||||||
3.200%, 11/06/2022 | 45 | 45 | ||||||
3.200%, 05/14/2026 | 100 | 94 | ||||||
2.900%, 11/06/2022 | 100 | 99 | ||||||
2.850%, 05/14/2023 | 50 | 49 | ||||||
2.500%, 05/14/2020 | 100 | 99 | ||||||
Acadia Healthcare | ||||||||
5.625%, 02/15/2023 | 100 | 98 | ||||||
Aetna | ||||||||
3.875%, 08/15/2047 | 45 | 39 | ||||||
2.800%, 06/15/2023 | 25 | 24 | ||||||
Agilent Technologies | ||||||||
3.050%, 09/22/2026 | 65 | 61 | ||||||
AHS Hospital | ||||||||
5.024%, 07/01/2045 | 25 | 28 | ||||||
Allergan Finance | ||||||||
3.250%, 10/01/2022 | 50 | 49 | ||||||
Allergan Funding SCS | ||||||||
4.850%, 06/15/2044 | 50 | 48 | ||||||
4.750%, 03/15/2045 | 100 | 97 | ||||||
4.550%, 03/15/2035 | 100 | 96 | ||||||
3.850%, 06/15/2024 | 100 | 100 | ||||||
3.800%, 03/15/2025 | 100 | 100 | ||||||
3.000%, 03/12/2020 | 50 | 50 | ||||||
AmerisourceBergen | ||||||||
4.250%, 03/01/2045 | 25 | 21 | ||||||
3.450%, 12/15/2027 | 50 | 47 | ||||||
3.400%, 05/15/2024 | 100 | 98 | ||||||
Amgen | ||||||||
5.150%, 11/15/2041 | 100 | 105 | ||||||
4.563%, 06/15/2048 | 100 | 98 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 23 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
4.400%, 05/01/2045 | $ | 125 | $ | 119 | ||||
3.875%, 11/15/2021 | 100 | 102 | ||||||
3.125%, 05/01/2025 | 50 | 49 | ||||||
2.650%, 05/11/2022 | 50 | 49 | ||||||
2.600%, 08/19/2026 | 100 | 93 | ||||||
2.250%, 08/19/2023 | 100 | 96 | ||||||
1.850%, 08/19/2021 | 50 | 48 | ||||||
Anthem | ||||||||
5.100%, 01/15/2044 | 150 | 157 | ||||||
4.650%, 01/15/2043 | 50 | 50 | ||||||
4.550%, 03/01/2048 | 50 | 49 | ||||||
4.101%, 03/01/2028 | 50 | 51 | ||||||
3.500%, 08/15/2024 | 150 | 150 | ||||||
Ascension Health | ||||||||
3.945%, 11/15/2046 | 60 | 59 | ||||||
AstraZeneca | ||||||||
6.450%, 09/15/2037 | 100 | 124 | ||||||
4.375%, 11/16/2045 | 100 | 97 | ||||||
3.375%, 11/16/2025 | 100 | 98 | ||||||
2.375%, 11/16/2020 | 100 | 99 | ||||||
Avantor | ||||||||
9.000%, 10/01/2025 (A) | 161 | 166 | ||||||
6.000%, 10/01/2024 (A) | 100 | 102 | ||||||
Bausch Health | ||||||||
6.500%, 03/15/2022 (A) | 200 | 207 | ||||||
6.125%, 04/15/2025 (A) | 250 | 236 | ||||||
5.875%, 05/15/2023 (A) | 300 | 293 | ||||||
5.500%, 03/01/2023 (A) | 100 | 97 | ||||||
5.500%, 11/01/2025 (A) | 196 | 195 | ||||||
Baxalta | ||||||||
5.250%, 06/23/2045 | 15 | 15 | ||||||
2.875%, 06/23/2020 | 15 | 15 | ||||||
Baxter International | ||||||||
3.500%, 08/15/2046 | 100 | 85 | ||||||
Becton Dickinson | ||||||||
4.685%, 12/15/2044 | 50 | 49 | ||||||
4.669%, 06/06/2047 | 50 | 50 | ||||||
3.734%, 12/15/2024 | 50 | 50 | ||||||
3.700%, 06/06/2027 | 100 | 97 | ||||||
3.363%, 06/06/2024 | 50 | 49 | ||||||
3.125%, 11/08/2021 | 100 | 99 | ||||||
2.894%, 06/06/2022 | 65 | 64 | ||||||
2.404%, 06/05/2020 | 35 | 35 | ||||||
Biogen | ||||||||
5.200%, 09/15/2045 | 100 | 108 | ||||||
3.625%, 09/15/2022 | 100 | 102 | ||||||
Boston Scientific | ||||||||
4.000%, 03/01/2028 | 100 | 101 | ||||||
3.850%, 05/15/2025 | 100 | 101 | ||||||
Bristol-Myers Squibb | ||||||||
4.500%, 03/01/2044 | 50 | 50 | ||||||
3.250%, 02/27/2027 | 100 | 96 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
3.250%, 08/01/2042 | $ | 100 | $ | 82 | ||||
Cardinal Health | ||||||||
3.410%, 06/15/2027 | 100 | 93 | ||||||
2.616%, 06/15/2022 | 100 | 97 | ||||||
Catholic Health Initiatives | ||||||||
2.950%, 11/01/2022 | 100 | 98 | ||||||
Celgene | ||||||||
5.000%, 08/15/2045 | 50 | 50 | ||||||
4.550%, 02/20/2048 | 100 | 96 | ||||||
4.350%, 11/15/2047 | 50 | 46 | ||||||
3.900%, 02/20/2028 | 100 | 99 | ||||||
3.875%, 08/15/2025 | 50 | 50 | ||||||
3.625%, 05/15/2024 | 50 | 50 | ||||||
3.450%, 11/15/2027 | 50 | 48 | ||||||
3.250%, 02/20/2023 | 100 | 99 | ||||||
2.875%, 08/15/2020 | 100 | 100 | ||||||
2.875%, 02/19/2021 | 45 | 45 | ||||||
2.750%, 02/15/2023 | 50 | 49 | ||||||
Centene | ||||||||
6.125%, 02/15/2024 | 276 | 289 | ||||||
5.625%, 02/15/2021 | 54 | 55 | ||||||
5.375%, 06/01/2026 (A) | 225 | 232 | ||||||
4.750%, 01/15/2025 | 90 | 91 | ||||||
Change Healthcare Holdings | ||||||||
5.750%, 03/01/2025 (A) | 115 | 110 | ||||||
Charles River Laboratories International | ||||||||
5.500%, 04/01/2026 (A) | 100 | 102 | ||||||
CHS | ||||||||
11.000%, 9.875%, 06/22/2019, 06/30/2023 (A) (C) | 175 | 149 | ||||||
8.625%, 01/15/2024 (A) | 55 | 57 | ||||||
8.125%, 06/30/2024 (A) | 133 | 105 | ||||||
6.250%, 03/31/2023 | 340 | 325 | ||||||
Cigna | ||||||||
4.900%, 12/15/2048 (A) | 30 | 31 | ||||||
4.800%, 08/15/2038 (A) | 30 | 31 | ||||||
4.375%, 10/15/2028 (A) | 60 | 61 | ||||||
4.125%, 11/15/2025 (A) | 25 | 25 | ||||||
3.750%, 07/15/2023 (A) | 55 | 56 | ||||||
3.400%, 09/17/2021 (A) | 20 | 20 | ||||||
3.200%, 09/17/2020 (A) | 50 | 50 | ||||||
Cigna Holding | ||||||||
3.875%, 10/15/2047 | 50 | 44 | ||||||
3.250%, 04/15/2025 | 150 | 146 | ||||||
3.050%, 10/15/2027 | 30 | 28 | ||||||
Covidien International Finance | ||||||||
6.550%, 10/15/2037 | 50 | 64 | ||||||
CVS Health | ||||||||
5.300%, 12/05/2043 | 50 | 52 | ||||||
5.125%, 07/20/2045 | 55 | 57 | ||||||
5.050%, 03/25/2048 | 95 | 97 | ||||||
4.875%, 07/20/2035 | 100 | 101 |
24 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
4.780%, 03/25/2038 | $ | 100 | $ | 100 | ||||
4.300%, 03/25/2028 | 110 | 112 | ||||||
4.100%, 03/25/2025 | 50 | 51 | ||||||
4.000%, 12/05/2023 | 100 | 102 | ||||||
3.875%, 07/20/2025 | 100 | 100 | ||||||
3.700%, 03/09/2023 | 85 | 86 | ||||||
3.350%, 03/09/2021 | 95 | 95 | ||||||
2.875%, 06/01/2026 | 100 | 93 | ||||||
2.800%, 07/20/2020 | �� | 100 | 100 | |||||
2.750%, 12/01/2022 | 100 | 98 | ||||||
2.125%, 06/01/2021 | 50 | 49 | ||||||
Danaher | ||||||||
4.375%, 09/15/2045 | 20 | 21 | ||||||
3.350%, 09/15/2025 | 20 | 20 | ||||||
2.400%, 09/15/2020 | 100 | 99 | ||||||
DaVita | ||||||||
5.000%, 05/01/2025 | 295 | 284 | ||||||
DJO Finance | ||||||||
8.125%, 06/15/2021 (A) | 144 | 150 | ||||||
Duke University Health System | ||||||||
3.920%, 06/01/2047 | 125 | 123 | ||||||
Eagle Holding II | ||||||||
7.625% cash/0% PIK, 05/15/2022 (A) | 80 | 80 | ||||||
Elanco Animal Health | ||||||||
4.900%, 08/28/2028 (A) | 75 | 77 | ||||||
4.272%, 08/28/2023 (A) | 110 | 111 | ||||||
3.912%, 08/27/2021 (A) | 25 | 25 | ||||||
Eli Lilly | ||||||||
3.700%, 03/01/2045 | 100 | 96 | ||||||
3.100%, 05/15/2027 | 124 | 121 | ||||||
Endo Dac | ||||||||
6.000%, 02/01/2025 (A) | 200 | 155 | ||||||
Endo Finance | ||||||||
5.375%, 01/15/2023 (A) | 200 | 163 | ||||||
Envision Healthcare | ||||||||
8.750%, 10/15/2026 (A) | 75 | 68 | ||||||
Express Scripts Holding | ||||||||
4.800%, 07/15/2046 | 35 | 35 | ||||||
4.750%, 11/15/2021 | 100 | 104 | ||||||
4.500%, 02/25/2026 | 50 | 52 | ||||||
3.500%, 06/15/2024 | 50 | 49 | ||||||
3.400%, 03/01/2027 | 40 | 38 | ||||||
3.000%, 07/15/2023 | 50 | 49 | ||||||
Gilead Sciences | ||||||||
5.650%, 12/01/2041 | 100 | 115 | ||||||
4.600%, 09/01/2035 | 100 | 102 | ||||||
4.150%, 03/01/2047 | 100 | 95 | ||||||
3.700%, 04/01/2024 | 50 | 51 | ||||||
3.650%, 03/01/2026 | 75 | 75 | ||||||
2.950%, 03/01/2027 | 100 | 95 | ||||||
1.950%, 03/01/2022 | 30 | 29 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
GlaxoSmithKline Capital | ||||||||
3.875%, 05/15/2028 | $ | 50 | $ | 52 | ||||
3.625%, 05/15/2025 | 85 | 87 | ||||||
3.375%, 05/15/2023 | 50 | 50 | ||||||
3.125%, 05/14/2021 | 105 | 106 | ||||||
HCA | ||||||||
5.875%, 03/15/2022 | 75 | 79 | ||||||
5.875%, 02/15/2026 | 200 | 211 | ||||||
5.875%, 02/01/2029 | 120 | 126 | ||||||
5.625%, 09/01/2028 | 85 | 88 | ||||||
5.500%, 06/15/2047 | 40 | 42 | ||||||
5.375%, 02/01/2025 | 250 | 258 | ||||||
5.375%, 09/01/2026 | 120 | 123 | ||||||
5.250%, 04/15/2025 | 40 | 42 | ||||||
5.250%, 06/15/2026 | 40 | 42 | ||||||
5.000%, 03/15/2024 | 55 | 57 | ||||||
4.750%, 05/01/2023 | 35 | 36 | ||||||
4.500%, 02/15/2027 | 35 | 35 | ||||||
Hologic | ||||||||
4.375%, 10/15/2025 (A) | 85 | 84 | ||||||
Humana | ||||||||
3.850%, 10/01/2024 | 100 | 100 | ||||||
2.900%, 12/15/2022 | 50 | 49 | ||||||
2.500%, 12/15/2020 | 25 | 25 | ||||||
IQVIA | ||||||||
4.875%, 05/15/2023 (A) | 140 | 142 | ||||||
Johnson & Johnson | ||||||||
3.700%, 03/01/2046 | 100 | 98 | ||||||
3.625%, 03/03/2037 | 32 | 32 | ||||||
2.950%, 03/03/2027 | 50 | 49 | ||||||
2.450%, 12/05/2021 | 50 | 49 | ||||||
2.450%, 03/01/2026 | 50 | 48 | ||||||
2.250%, 03/03/2022 | 50 | 49 | ||||||
2.050%, 03/01/2023 | 50 | 49 | ||||||
1.650%, 03/01/2021 | 50 | 49 | ||||||
Kaiser Foundation Hospitals | ||||||||
4.150%, 05/01/2047 | 20 | 21 | ||||||
3.150%, 05/01/2027 | 25 | 24 | ||||||
Kinetic Concepts | ||||||||
7.875%, 02/15/2021 (A) | 50 | 51 | ||||||
Laboratory Corp of America Holdings | ||||||||
4.700%, 02/01/2045 | 50 | 47 | ||||||
2.625%, 02/01/2020 | 50 | 50 | ||||||
Mallinckrodt International Finance | ||||||||
5.625%, 10/15/2023 (A) | 200 | 169 | ||||||
4.875%, 04/15/2020 (A) | 129 | 127 | ||||||
McKesson | ||||||||
4.750%, 05/30/2029 | 25 | 26 | ||||||
3.796%, 03/15/2024 | 50 | 50 | ||||||
MEDNAX | ||||||||
6.250%, 01/15/2027 (A) | 30 | 30 | ||||||
5.250%, 12/01/2023 | 100 | 100 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 25 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Medtronic | ||||||||
4.625%, 03/15/2044 | $ | 50 | $ | 53 | ||||
4.625%, 03/15/2045 | 100 | 109 | ||||||
4.375%, 03/15/2035 | 50 | 53 | ||||||
3.500%, 03/15/2025 | 100 | 102 | ||||||
2.750%, 04/01/2023 | 100 | 99 | ||||||
Memorial Sloan-Kettering Cancer Center | ||||||||
4.200%, 07/01/2055 | 50 | 51 | ||||||
Merck | ||||||||
4.150%, 05/18/2043 | 100 | 103 | ||||||
3.700%, 02/10/2045 | 50 | 49 | ||||||
2.800%, 05/18/2023 | 100 | 100 | ||||||
2.750%, 02/10/2025 | 100 | 98 | ||||||
2.350%, 02/10/2022 | 100 | 99 | ||||||
Molina Healthcare | ||||||||
5.375%, 11/15/2022 | 75 | 77 | ||||||
Mount Sinai Hospitals Group | ||||||||
3.981%, 07/01/2048 | 50 | 47 | ||||||
MPH Acquisition Holdings | ||||||||
7.125%, 06/01/2024 (A) | 140 | 139 | ||||||
Mylan | ||||||||
5.250%, 06/15/2046 | 65 | 58 | ||||||
5.200%, 04/15/2048 | 50 | 43 | ||||||
4.550%, 04/15/2028 | 50 | 48 | ||||||
3.950%, 06/15/2026 | 100 | 95 | ||||||
Northwell Healthcare | ||||||||
4.260%, 11/01/2047 | 100 | 96 | ||||||
Novartis Capital | ||||||||
4.400%, 05/06/2044 | 50 | 55 | ||||||
4.000%, 11/20/2045 | 100 | 103 | ||||||
3.400%, 05/06/2024 | 100 | 102 | ||||||
3.100%, 05/17/2027 | 30 | 30 | ||||||
3.000%, 11/20/2025 | 100 | 99 | ||||||
2.400%, 05/17/2022 | 50 | 49 | ||||||
1.800%, 02/14/2020 | 25 | 25 | ||||||
NYU Langone Hospitals | ||||||||
4.368%, 07/01/2047 | 25 | 25 | ||||||
Ortho-Clinical Diagnostics | ||||||||
6.625%, 05/15/2022 (A) | 50 | 48 | ||||||
Partners Healthcare System | ||||||||
3.765%, 07/01/2048 | 100 | 91 | ||||||
Pfizer | ||||||||
7.200%, 03/15/2039 | 50 | 71 | ||||||
4.400%, 05/15/2044 | 50 | 54 | ||||||
4.125%, 12/15/2046 | 65 | 68 | ||||||
3.400%, 05/15/2024 | 50 | 51 | ||||||
3.000%, 12/15/2026 | 100 | 98 | ||||||
2.750%, 06/03/2026 | 50 | 49 | ||||||
2.200%, 12/15/2021 | 100 | 98 | ||||||
1.950%, 06/03/2021 | 50 | 49 | ||||||
Polaris Intermediate | ||||||||
8.500% cash/0% PIK, 12/01/2022 (A) | 100 | 97 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Prestige Brands | ||||||||
6.375%, 03/01/2024 (A) | $ | 40 | $ | 40 | ||||
Providence St. Joseph Health Obligated Group | ||||||||
3.930%, 10/01/2048 | 35 | 33 | ||||||
Quest Diagnostics | ||||||||
3.500%, 03/30/2025 | 100 | 98 | ||||||
RegionalCare Hospital Partners Holdings | ||||||||
9.750%, 12/01/2026 (A) | 175 | 175 | ||||||
8.250%, 05/01/2023 (A) | 112 | 118 | ||||||
Sanofi | ||||||||
4.000%, 03/29/2021 | 50 | 51 | ||||||
3.625%, 06/19/2028 | 100 | 102 | ||||||
Shire Acquisitions Investments Ireland DAC | ||||||||
3.200%, 09/23/2026 | 50 | 47 | ||||||
2.400%, 09/23/2021 | 100 | 97 | ||||||
SSM Health Care | ||||||||
3.688%, 06/01/2023 | 50 | 51 | ||||||
Stryker | ||||||||
4.625%, 03/15/2046 | 30 | 31 | ||||||
3.500%, 03/15/2026 | 25 | 25 | ||||||
3.375%, 05/15/2024 | 100 | 100 | ||||||
3.375%, 11/01/2025 | 100 | 99 | ||||||
Takeda Pharmaceutical | ||||||||
5.000%, 11/26/2028 (A) | 50 | 53 | ||||||
4.400%, 11/26/2023 (A) | 50 | 51 | ||||||
Team Health Holdings | ||||||||
6.375%, 02/01/2025 (A) | 110 | 90 | ||||||
Teleflex | ||||||||
4.625%, 11/15/2027 | 56 | 55 | ||||||
Tenet Healthcare | ||||||||
7.500%, 01/01/2022 (A) | 50 | 52 | ||||||
6.750%, 06/15/2023 | 178 | 175 | ||||||
6.250%, 02/01/2027 (A) | 115 | 116 | ||||||
5.125%, 05/01/2025 | 200 | 195 | ||||||
4.625%, 07/15/2024 | 200 | 196 | ||||||
Thermo Fisher Scientific | ||||||||
4.150%, 02/01/2024 | 50 | 52 | ||||||
4.100%, 08/15/2047 | 50 | 48 | ||||||
3.600%, 08/15/2021 | 100 | 101 | ||||||
3.200%, 08/15/2027 | 50 | 48 | ||||||
3.150%, 01/15/2023 | 100 | 99 | ||||||
2.950%, 09/19/2026 | 105 | 99 | ||||||
Toledo Hospital | ||||||||
6.015%, 11/15/2048 | 25 | 26 | ||||||
5.750%, 11/15/2038 | 25 | 27 | ||||||
UnitedHealth Group | ||||||||
6.875%, 02/15/2038 | 100 | 134 | ||||||
4.750%, 07/15/2045 | 50 | 56 | ||||||
4.625%, 07/15/2035 | 100 | 109 | ||||||
4.375%, 03/15/2042 | 50 | 52 | ||||||
4.250%, 04/15/2047 | 31 | 32 |
26 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
4.200%, 01/15/2047 | $ | 25 | $ | 26 | ||||
3.875%, 10/15/2020 | 100 | 101 | ||||||
3.750%, 07/15/2025 | 50 | 52 | ||||||
3.750%, 10/15/2047 | 50 | 48 | ||||||
3.450%, 01/15/2027 | 50 | 50 | ||||||
3.375%, 04/15/2027 | 50 | 50 | ||||||
2.950%, 10/15/2027 | 50 | 48 | ||||||
2.700%, 07/15/2020 | 130 | 130 | ||||||
Valeant Pharmaceuticals International | ||||||||
9.250%, 04/01/2026 (A) | 225 | 242 | ||||||
8.500%, 01/31/2027 (A) | 150 | 157 | ||||||
Vizient | ||||||||
10.375%, 03/01/2024 (A) | 80 | 87 | ||||||
WellCare Health Plans | ||||||||
5.250%, 04/01/2025 | 160 | 162 | ||||||
West Street | ||||||||
6.375%, 09/01/2025 (A) | 107 | 97 | ||||||
Wyeth | ||||||||
5.950%, 04/01/2037 | 100 | 124 | ||||||
Zimmer Biomet Holdings | ||||||||
3.700%, 03/19/2023 | 55 | 54 | ||||||
3.550%, 04/01/2025 | 100 | 97 | ||||||
2.700%, 04/01/2020 | 100 | 100 | ||||||
Zoetis | ||||||||
4.500%, 11/13/2025 | 50 | 52 | ||||||
3.950%, 09/12/2047 | 100 | 91 | ||||||
3.450%, 11/13/2020 | 25 | 25 | ||||||
3.000%, 09/12/2027 | 50 | 47 | ||||||
23,913 | ||||||||
Industrials — 2.5% | ||||||||
3M MTN | ||||||||
3.125%, 09/19/2046 | 100 | 86 | ||||||
3.000%, 08/07/2025 | 50 | 50 | ||||||
2.250%, 03/15/2023 | 85 | 83 | ||||||
ABB Finance USA | ||||||||
3.800%, 04/03/2028 | 50 | 51 | ||||||
3.375%, 04/03/2023 | 50 | 50 | ||||||
2.875%, 05/08/2022 | 50 | 50 | ||||||
ADT Security | ||||||||
6.250%, 10/15/2021 | 100 | 105 | ||||||
AECOM | ||||||||
5.875%, 10/15/2024 | 150 | 156 | ||||||
AerCap Ireland Capital | ||||||||
4.625%, 10/30/2020 | 150 | 152 | ||||||
4.500%, 05/15/2021 | 150 | 152 | ||||||
3.950%, 02/01/2022 | 75 | 74 | ||||||
3.500%, 01/15/2025 | 150 | 140 | ||||||
Ahern Rentals | ||||||||
7.375%, 05/15/2023 (A) | 138 | 120 | ||||||
Air Lease | ||||||||
3.750%, 02/01/2022 | 100 | 99 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
3.375%, 06/01/2021 | $ | 35 | $ | 35 | ||||
2.750%, 01/15/2023 | 100 | 95 | ||||||
Aircastle | ||||||||
7.625%, 04/15/2020 | 15 | 16 | ||||||
5.500%, 02/15/2022 | 30 | 31 | ||||||
5.125%, 03/15/2021 | 30 | 31 | ||||||
5.000%, 04/01/2023 | 30 | 30 | ||||||
4.125%, 05/01/2024 | 30 | 29 | ||||||
Allegion US Holding | ||||||||
3.550%, 10/01/2027 | 50 | 47 | ||||||
3.200%, 10/01/2024 | 50 | 47 | ||||||
Allison Transmission | ||||||||
5.000%, 10/01/2024 (A) | 45 | 44 | ||||||
American Airlines Group | ||||||||
4.625%, 03/01/2020 (A) | 100 | 100 | ||||||
American Airlines Pass-Through Trust, Ser 2015-2, Cl AA | ||||||||
3.600%, 09/22/2027 | 88 | 86 | ||||||
American Airlines Pass-Through Trust, Ser 2016-3, Cl AA | ||||||||
3.000%, 10/15/2028 | 92 | 88 | ||||||
Amsted Industries | ||||||||
5.000%, 03/15/2022 (A) | 50 | 49 | ||||||
Aptim | ||||||||
7.750%, 06/15/2025 (A) | 50 | 39 | ||||||
Arconic | ||||||||
5.125%, 10/01/2024 | 100 | 101 | ||||||
Avolon Holdings Funding | ||||||||
5.500%, 01/15/2023 (A) | 135 | 137 | ||||||
5.125%, 10/01/2023 (A) | 50 | 51 | ||||||
BBA US Holdings | ||||||||
5.375%, 05/01/2026 (A) | 40 | 40 | ||||||
BCD Acquisition | ||||||||
9.625%, 09/15/2023 (A) | 125 | 132 | ||||||
Beacon Roofing Supply | ||||||||
4.875%, 11/01/2025 (A) | 100 | 93 | ||||||
Boeing | ||||||||
3.625%, 03/01/2048 | 20 | 19 | ||||||
3.550%, 03/01/2038 | 30 | 29 | ||||||
3.250%, 03/01/2028 | 50 | 49 | ||||||
2.800%, 03/01/2023 | 50 | 50 | ||||||
2.800%, 03/01/2027 | 50 | 48 | ||||||
Bombardier | ||||||||
8.750%, 12/01/2021 (A) | 100 | 106 | ||||||
7.500%, 12/01/2024 (A) | 89 | 86 | ||||||
7.500%, 03/15/2025 (A) | 260 | 251 | ||||||
6.000%, 10/15/2022 (A) | 100 | 96 | ||||||
Brand Industrial Services | ||||||||
8.500%, 07/15/2025 (A) | 78 | 70 | ||||||
Brink’s | ||||||||
4.625%, 10/15/2027 (A) | 97 | 92 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 27 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Builders FirstSource | ||||||||
5.625%, 09/01/2024 (A) | $ | 100 | $ | 95 | ||||
Burlington Northern Santa Fe | ||||||||
4.900%, 04/01/2044 | 50 | 56 | ||||||
4.550%, 09/01/2044 | 100 | 106 | ||||||
4.150%, 04/01/2045 | 50 | 50 | ||||||
4.150%, 12/15/2048 | 55 | 56 | ||||||
4.050%, 06/15/2048 | 65 | 65 | ||||||
3.400%, 09/01/2024 | 50 | 51 | ||||||
3.000%, 04/01/2025 | 100 | 99 | ||||||
BWAY Holding | ||||||||
7.250%, 04/15/2025 (A) | 145 | 134 | ||||||
5.500%, 04/15/2024 (A) | 120 | 117 | ||||||
Canadian National Railway | ||||||||
3.200%, 08/02/2046 | 50 | 43 | ||||||
2.950%, 11/21/2024 | 50 | 49 | ||||||
Canadian Pacific Railway | ||||||||
6.125%, 09/15/2115 | 30 | 35 | ||||||
4.800%, 09/15/2035 | 20 | 21 | ||||||
Carlisle | ||||||||
3.750%, 12/01/2027 | 50 | 48 | ||||||
Caterpillar | ||||||||
4.300%, 05/15/2044 | 100 | 102 | ||||||
3.400%, 05/15/2024 | 50 | 51 | ||||||
Caterpillar Financial Services | ||||||||
1.700%, 08/09/2021 | 50 | 49 | ||||||
Caterpillar Financial Services MTN | ||||||||
3.350%, 12/07/2020 | 50 | 50 | ||||||
2.400%, 06/06/2022 | 100 | 98 | ||||||
1.850%, 09/04/2020 | 100 | 99 | ||||||
CFX Escrow | ||||||||
6.000%, 02/15/2024 (A) | 20 | 20 | ||||||
Cintas No. 2 | ||||||||
3.700%, 04/01/2027 | 50 | 50 | ||||||
2.900%, 04/01/2022 | 50 | 49 | ||||||
Cloud Crane | ||||||||
10.125%, 08/01/2024 (A) | 45 | 48 | ||||||
CNH Industrial MTN | ||||||||
3.850%, 11/15/2027 | 35 | 32 | ||||||
CNH Industrial Capital | ||||||||
4.875%, 04/01/2021 | 25 | 26 | ||||||
4.375%, 11/06/2020 | 35 | 35 | ||||||
4.375%, 04/05/2022 | 25 | 25 | ||||||
3.875%, 10/15/2021 | 20 | 20 | ||||||
Core & Main | ||||||||
6.125%, 08/15/2025 (A) | 95 | 90 | ||||||
CSX | ||||||||
4.650%, 03/01/2068 | 50 | 47 | ||||||
4.300%, 03/01/2048 | 50 | 49 | ||||||
4.250%, 11/01/2066 | 50 | 45 | ||||||
4.100%, 03/15/2044 | 75 | 71 | ||||||
3.800%, 03/01/2028 | 50 | 50 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
3.800%, 11/01/2046 | $ | 50 | $ | 45 | ||||
3.400%, 08/01/2024 | 50 | 50 | ||||||
3.250%, 06/01/2027 | 50 | 48 | ||||||
2.600%, 11/01/2026 | 50 | 46 | ||||||
Deere | ||||||||
3.900%, 06/09/2042 | 100 | 98 | ||||||
2.600%, 06/08/2022 | 50 | 50 | ||||||
Delta Air Lines | ||||||||
4.375%, 04/19/2028 | 50 | 48 | ||||||
3.800%, 04/19/2023 | 30 | 29 | ||||||
3.625%, 03/15/2022 | 50 | 50 | ||||||
2.875%, 03/13/2020 | 30 | 30 | ||||||
2.600%, 12/04/2020 | 45 | 44 | ||||||
Dover | ||||||||
5.375%, 03/01/2041 | 100 | 108 | ||||||
Eaton | ||||||||
4.000%, 11/02/2032 | 50 | 50 | ||||||
2.750%, 11/02/2022 | 50 | 49 | ||||||
Emerson Electric | ||||||||
2.625%, 02/15/2023 | 75 | 74 | ||||||
Equifax | ||||||||
2.300%, 06/01/2021 | 50 | 48 | ||||||
FedEx | ||||||||
5.100%, 01/15/2044 | 50 | 51 | ||||||
4.400%, 01/15/2047 | 50 | 45 | ||||||
4.200%, 10/17/2028 | 100 | 101 | ||||||
4.050%, 02/15/2048 | 50 | 43 | ||||||
3.900%, 02/01/2035 | 100 | 92 | ||||||
3.400%, 02/15/2028 | 50 | 48 | ||||||
Flex Acquisition | ||||||||
7.875%, 07/15/2026 (A) | 80 | 76 | ||||||
6.875%, 01/15/2025 (A) | 60 | 56 | ||||||
Fluor | ||||||||
3.500%, 12/15/2024 | 100 | 98 | ||||||
Fortress Transportation & Infrastructure Investors | ||||||||
6.750%, 03/15/2022 (A) | 40 | 40 | ||||||
FXI Holdings | ||||||||
7.875%, 11/01/2024 (A) | 75 | 71 | ||||||
Gates Global | ||||||||
6.000%, 07/15/2022 (A) | 54 | 54 | ||||||
GATX | ||||||||
3.250%, 09/15/2026 | 100 | 93 | ||||||
2.600%, 03/30/2020 | 100 | 99 | ||||||
GE Capital International Funding | ||||||||
4.418%, 11/15/2035 | 51 | 46 | ||||||
2.342%, 11/15/2020 | 150 | 146 | ||||||
General Dynamics | ||||||||
3.000%, 05/11/2021 | 50 | 50 | ||||||
2.375%, 11/15/2024 | 100 | 96 | ||||||
2.250%, 11/15/2022 | 100 | 98 |
28 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
General Electric | ||||||||
6.750%, 03/15/2032 | $ | 101 | $ | 111 | ||||
2.700%, 10/09/2022 | 75 | 72 | ||||||
General Electric MTN | ||||||||
6.875%, 01/10/2039 | 115 | 127 | ||||||
5.300%, 02/11/2021 | 125 | 128 | ||||||
Grinding Media | ||||||||
7.375%, 12/15/2023 (A) | 100 | 101 | ||||||
H&E Equipment Services | ||||||||
5.625%, 09/01/2025 | 88 | 86 | ||||||
Harris | ||||||||
4.854%, 04/27/2035 | 35 | 36 | ||||||
4.400%, 06/15/2028 | 150 | 155 | ||||||
3.832%, 04/27/2025 | 50 | 50 | ||||||
Hertz | ||||||||
7.625%, 06/01/2022 (A) | 50 | 50 | ||||||
5.500%, 10/15/2024 (A) | 140 | 115 | ||||||
Honeywell International | ||||||||
1.850%, 11/01/2021 | 50 | 49 | ||||||
Hubbell | ||||||||
3.350%, 03/01/2026 | 50 | 47 | ||||||
Icahn Enterprises | ||||||||
6.375%, 12/15/2025 | 75 | 77 | ||||||
IHS Markit | ||||||||
4.125%, 08/01/2023 | 25 | 25 | ||||||
Illinois Tool Works | ||||||||
3.500%, 03/01/2024 | 100 | 102 | ||||||
Ingersoll-Rand Global Holding | ||||||||
5.750%, 06/15/2043 | 50 | 57 | ||||||
4.250%, 06/15/2023 | 50 | 52 | ||||||
Intrepid Aviation Group Holdings | ||||||||
8.500%, 08/15/2021 (A) | 50 | 50 | ||||||
JB Hunt Transport Services | ||||||||
3.300%, 08/15/2022 | 50 | 50 | ||||||
John Deere Capital | ||||||||
2.550%, 01/08/2021 | 100 | 99 | ||||||
John Deere Capital MTN | ||||||||
3.350%, 06/12/2024 | 100 | 101 | ||||||
2.800%, 03/06/2023 | 100 | 99 | ||||||
2.650%, 01/06/2022 | 100 | 99 | ||||||
2.650%, 06/24/2024 | 50 | 49 | ||||||
Johnson Controls International | ||||||||
4.950%, 07/02/2064 | 25 | 22 | ||||||
4.625%, 07/02/2044 | 100 | 93 | ||||||
3.625%, 07/02/2024 | 50 | 49 | ||||||
Kansas City Southern | ||||||||
4.950%, 08/15/2045 | 100 | 101 | ||||||
L3 Technologies | ||||||||
4.950%, 02/15/2021 | 100 | 103 | ||||||
Lockheed Martin | ||||||||
4.700%, 05/15/2046 | 100 | 109 | ||||||
4.500%, 05/15/2036 | 100 | 105 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
3.800%, 03/01/2045 | $ | 100 | $ | 95 | ||||
3.550%, 01/15/2026 | 100 | 101 | ||||||
2.900%, 03/01/2025 | 25 | 25 | ||||||
2.500%, 11/23/2020 | 100 | 100 | ||||||
Masco | ||||||||
4.375%, 04/01/2026 | 50 | 50 | ||||||
3.500%, 04/01/2021 | 65 | 65 | ||||||
Masonite International | ||||||||
5.625%, 03/15/2023 (A) | 63 | 64 | ||||||
Multi-Color | ||||||||
4.875%, 11/01/2025 (A) | 153 | 145 | ||||||
Navios Maritime Holdings | ||||||||
7.375%, 01/15/2022 (A) | 100 | 58 | ||||||
Navistar International | ||||||||
6.625%, 11/01/2025 (A) | 26 | 26 | ||||||
NCI Building Systems | ||||||||
8.000%, 04/15/2026 (A) | 55 | 52 | ||||||
Nielsen Finance | ||||||||
5.000%, 04/15/2022 (A) | 150 | 150 | ||||||
Nielsen Luxembourg | ||||||||
5.500%, 10/01/2021 (A) | 100 | 101 | ||||||
Norfolk Southern | ||||||||
4.450%, 06/15/2045 | 100 | 101 | ||||||
3.950%, 10/01/2042 | 100 | 94 | ||||||
3.942%, 11/01/2047 | 95 | 89 | ||||||
3.250%, 12/01/2021 | 75 | 75 | ||||||
2.900%, 06/15/2026 | 35 | 33 | ||||||
Northrop Grumman | ||||||||
4.750%, 06/01/2043 | 25 | 26 | ||||||
4.030%, 10/15/2047 | 75 | 72 | ||||||
3.850%, 04/15/2045 | 100 | 93 | ||||||
3.250%, 08/01/2023 | 50 | 50 | ||||||
3.250%, 01/15/2028 | 65 | 63 | ||||||
2.080%, 10/15/2020 | 60 | 59 | ||||||
Novelis | ||||||||
5.875%, 09/30/2026 (A) | 250 | 241 | ||||||
Owens Corning | ||||||||
4.300%, 07/15/2047 | 50 | 37 | ||||||
4.200%, 12/01/2024 | 100 | 99 | ||||||
PACCAR Financial MTN | ||||||||
2.800%, 03/01/2021 | 35 | 35 | ||||||
2.300%, 08/10/2022 | 50 | 48 | ||||||
Park Aerospace Holdings | ||||||||
5.500%, 02/15/2024 (A) | 100 | 101 | ||||||
5.250%, 08/15/2022 (A) | 35 | 36 | ||||||
4.500%, 03/15/2023 (A) | 238 | 234 | ||||||
Parker-Hannifin MTN | ||||||||
4.200%, 11/21/2034 | 135 | 138 | ||||||
Pitney Bowes | ||||||||
3.875%, 10/01/2021 | 100 | 98 | ||||||
Plastipak Holdings | ||||||||
6.250%, 10/15/2025 (A) | 50 | 45 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 29 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Raytheon | ||||||||
3.125%, 10/15/2020 | $ | 100 | $ | 101 | ||||
2.500%, 12/15/2022 | 100 | 98 | ||||||
RBS Global | ||||||||
4.875%, 12/15/2025 (A) | 87 | 84 | ||||||
Republic Services | ||||||||
3.550%, 06/01/2022 | 50 | 51 | ||||||
2.900%, 07/01/2026 | 100 | 95 | ||||||
Rockwell Collins | ||||||||
4.350%, 04/15/2047 | 25 | 24 | ||||||
3.200%, 03/15/2024 | 50 | 49 | ||||||
2.800%, 03/15/2022 | 50 | 49 | ||||||
Roper Technologies | ||||||||
3.850%, 12/15/2025 | 25 | 25 | ||||||
3.800%, 12/15/2026 | 150 | 147 | ||||||
3.000%, 12/15/2020 | 100 | 100 | ||||||
Ryder System MTN | ||||||||
2.875%, 09/01/2020 | 50 | 50 | ||||||
2.650%, 03/02/2020 | 100 | 99 | ||||||
Sensata Technologies | ||||||||
5.000%, 10/01/2025 (A) | 40 | 40 | ||||||
4.875%, 10/15/2023 (A) | 100 | 100 | ||||||
Snap-on | ||||||||
4.100%, 03/01/2048 | 40 | 39 | ||||||
Spirit AeroSystems | ||||||||
3.850%, 06/15/2026 | 25 | 24 | ||||||
Stanley Black & Decker | ||||||||
2.900%, 11/01/2022 | 100 | 99 | ||||||
Terex | ||||||||
5.625%, 02/01/2025 (A) | 105 | 102 | ||||||
Tervita Escrow | ||||||||
7.625%, 12/01/2021 (A) | 50 | 49 | ||||||
Textron | ||||||||
3.375%, 03/01/2028 | 100 | 93 | ||||||
Titan Acquisition | ||||||||
7.750%, 04/15/2026 (A) | 100 | 88 | ||||||
TransDigm | ||||||||
6.500%, 07/15/2024 | 100 | 99 | ||||||
6.500%, 05/15/2025 | 25 | 24 | ||||||
6.375%, 06/15/2026 | 100 | 96 | ||||||
6.250%, 03/15/2026 (A) | 220 | 223 | ||||||
6.000%, 07/15/2022 | 200 | 202 | ||||||
TransDigm UK Holdings | ||||||||
6.875%, 05/15/2026 (A) | 45 | 44 | ||||||
Tutor Perini | ||||||||
6.875%, 05/01/2025 (A) | 85 | 84 | ||||||
Union Pacific | ||||||||
4.163%, 07/15/2022 | 100 | 103 | ||||||
4.050%, 03/01/2046 | 50 | 47 | ||||||
4.000%, 04/15/2047 | 50 | 47 | ||||||
3.875%, 02/01/2055 | 100 | 88 | ||||||
3.799%, 10/01/2051 | 55 | 48 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
3.600%, 09/15/2037 | $ | 20 | $ | 18 | ||||
3.000%, 04/15/2027 | 50 | 48 | ||||||
United Airlines Pass-Through Trust, Ser 2013-1, Cl A | ||||||||
4.300%, 08/15/2025 | 40 | 41 | ||||||
United Airlines Pass-Through Trust, Ser 2016-1, Cl AA | ||||||||
3.100%, 07/07/2028 | 46 | 44 | ||||||
United Airlines Pass-Through Trust, Ser 2016-2, Cl AA | ||||||||
2.875%, 10/07/2028 | 95 | 88 | ||||||
United Parcel Service | ||||||||
6.200%, 01/15/2038 | 50 | 63 | ||||||
3.750%, 11/15/2047 | 50 | 47 | ||||||
3.400%, 11/15/2046 | 50 | 43 | ||||||
3.125%, 01/15/2021 | 50 | 50 | ||||||
3.050%, 11/15/2027 | 50 | 49 | ||||||
2.800%, 11/15/2024 | 50 | 49 | ||||||
2.500%, 04/01/2023 | 50 | 49 | ||||||
2.400%, 11/15/2026 | 50 | 47 | ||||||
2.350%, 05/16/2022 | 50 | 49 | ||||||
2.050%, 04/01/2021 | 50 | 49 | ||||||
United Rentals North America | ||||||||
6.500%, 12/15/2026 | 50 | 52 | ||||||
5.500%, 07/15/2025 | 325 | 329 | ||||||
5.500%, 05/15/2027 | 140 | 138 | ||||||
4.875%, 01/15/2028 | 154 | 146 | ||||||
4.625%, 07/15/2023 | 85 | 86 | ||||||
United Technologies | ||||||||
4.625%, 11/16/2048 | 25 | 26 | ||||||
4.500%, 04/15/2020 | 100 | 102 | ||||||
4.500%, 06/01/2042 | 100 | 101 | ||||||
4.450%, 11/16/2038 | 20 | 20 | ||||||
4.125%, 11/16/2028 | 30 | 31 | ||||||
3.950%, 08/16/2025 | 15 | 15 | ||||||
3.650%, 08/16/2023 | 20 | 20 | ||||||
3.350%, 08/16/2021 | 10 | 10 | ||||||
3.125%, 05/04/2027 | 100 | 95 | ||||||
3.100%, 06/01/2022 | 75 | 75 | ||||||
USG | ||||||||
4.875%, 06/01/2027 (A) | 130 | 132 | ||||||
Verisk Analytics | ||||||||
5.500%, 06/15/2045 | 100 | 102 | ||||||
Vertiv Group | ||||||||
9.250%, 10/15/2024 (A) | 40 | 37 | ||||||
Vertiv Intermediate Holding | ||||||||
12.000% cash/0% PIK, 02/15/2022 (A) | 90 | 86 | ||||||
Wabtec | ||||||||
3.450%, 11/15/2026 | 100 | 89 | ||||||
Waste Management | ||||||||
4.750%, 06/30/2020 | 50 | 51 | ||||||
4.100%, 03/01/2045 | 50 | 50 |
30 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
3.150%, 11/15/2027 | $ | 50 | $ | 49 | ||||
3.125%, 03/01/2025 | 50 | 49 | ||||||
Waste Pro USA | ||||||||
5.500%, 02/15/2026 (A) | 100 | 97 | ||||||
WW Grainger | ||||||||
4.600%, 06/15/2045 | 50 | 52 | ||||||
4.200%, 05/15/2047 | 50 | 48 | ||||||
XPO Logistics | ||||||||
6.500%, 06/15/2022 (A) | 117 | 119 | ||||||
Xylem | ||||||||
4.375%, 11/01/2046 | 50 | 48 | ||||||
19,154 | ||||||||
Information Technology — 2.1% | ||||||||
Adobe | ||||||||
3.250%, 02/01/2025 | 50 | 50 | ||||||
Amphenol | ||||||||
3.200%, 04/01/2024 | 100 | 97 | ||||||
2.200%, 04/01/2020 | 100 | 99 | ||||||
Analog Devices | ||||||||
3.900%, 12/15/2025 | 100 | 99 | ||||||
3.500%, 12/05/2026 | 50 | 48 | ||||||
Apple | ||||||||
4.500%, 02/23/2036 | 100 | 107 | ||||||
4.375%, 05/13/2045 | 50 | 53 | ||||||
4.250%, 02/09/2047 | 50 | 51 | ||||||
3.850%, 05/04/2043 | 100 | 98 | ||||||
3.850%, 08/04/2046 | 95 | 92 | ||||||
3.750%, 09/12/2047 | 100 | 95 | ||||||
3.750%, 11/13/2047 | 50 | 48 | ||||||
3.350%, 02/09/2027 | 50 | 50 | ||||||
3.250%, 02/23/2026 | 150 | 150 | ||||||
3.200%, 05/11/2027 | 100 | 99 | ||||||
3.000%, 06/20/2027 | 100 | 98 | ||||||
2.850%, 05/06/2021 | 75 | 75 | ||||||
2.850%, 05/11/2024 | 50 | 50 | ||||||
2.500%, 02/09/2022 | 100 | 99 | ||||||
2.500%, 02/09/2025 | 75 | 73 | ||||||
2.450%, 08/04/2026 | 50 | 47 | ||||||
2.400%, 01/13/2023 | 100 | 98 | ||||||
2.300%, 05/11/2022 | 100 | 99 | ||||||
2.250%, 02/23/2021 | 90 | 89 | ||||||
1.550%, 08/04/2021 | 100 | 97 | ||||||
Applied Materials | ||||||||
5.100%, 10/01/2035 | 35 | 39 | ||||||
4.350%, 04/01/2047 | 45 | 45 | ||||||
3.900%, 10/01/2025 | 35 | 36 | ||||||
3.300%, 04/01/2027 | 55 | 55 | ||||||
2.625%, 10/01/2020 | 50 | 50 | ||||||
Arrow Electronics | ||||||||
4.000%, 04/01/2025 | 100 | 97 | ||||||
3.250%, 09/08/2024 | 100 | 94 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Autodesk | ||||||||
4.375%, 06/15/2025 | $ | 100 | $ | 102 | ||||
Automatic Data Processing | ||||||||
3.375%, 09/15/2025 | 25 | 25 | ||||||
2.250%, 09/15/2020 | 50 | 50 | ||||||
Avnet | ||||||||
4.625%, 04/15/2026 | 25 | 25 | ||||||
3.750%, 12/01/2021 | 25 | 25 | ||||||
Broadcom | ||||||||
3.875%, 01/15/2027 | 50 | 46 | ||||||
3.500%, 01/15/2028 | 50 | 44 | ||||||
3.125%, 01/15/2025 | 35 | 32 | ||||||
2.650%, 01/15/2023 | 50 | 48 | ||||||
2.200%, 01/15/2021 | 50 | 49 | ||||||
CA | ||||||||
4.700%, 03/15/2027 | 50 | 48 | ||||||
3.600%, 08/01/2020 | 50 | 50 | ||||||
Camelot Finance | ||||||||
7.875%, 10/15/2024 (A) | 50 | 51 | ||||||
CDK Global | ||||||||
5.875%, 06/15/2026 | 25 | 25 | ||||||
5.000%, 10/15/2024 | 10 | 10 | ||||||
4.875%, 06/01/2027 | 70 | 68 | ||||||
CDW | ||||||||
5.000%, 09/01/2023 | 131 | 131 | ||||||
5.000%, 09/01/2025 | 70 | 70 | ||||||
Cisco Systems | ||||||||
5.900%, 02/15/2039 | 100 | 127 | ||||||
5.500%, 01/15/2040 | 100 | 121 | ||||||
2.950%, 02/28/2026 | 100 | 98 | ||||||
2.500%, 09/20/2026 | 50 | 48 | ||||||
2.200%, 02/28/2021 | 50 | 49 | ||||||
CommScope | ||||||||
5.000%, 06/15/2021 (A) | 150 | 149 | ||||||
CommScope Technologies | ||||||||
6.000%, 06/15/2025 (A) | 82 | 77 | ||||||
5.000%, 03/15/2027 (A) | 65 | 56 | ||||||
Corning | ||||||||
4.375%, 11/15/2057 | 100 | 88 | ||||||
Dell International | ||||||||
8.350%, 07/15/2046 (A) | 100 | 118 | ||||||
8.100%, 07/15/2036 (A) | 50 | 57 | ||||||
7.125%, 06/15/2024 (A) | 100 | 105 | ||||||
6.020%, 06/15/2026 (A) | 100 | 105 | ||||||
5.875%, 06/15/2021 (A) | 171 | 174 | ||||||
5.450%, 06/15/2023 (A) | 115 | 120 | ||||||
4.420%, 06/15/2021 (A) | 100 | 102 | ||||||
DXC Technology | ||||||||
4.750%, 04/15/2027 | 100 | 99 | ||||||
Entegris | ||||||||
4.625%, 02/10/2026 (A) | 50 | 48 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 31 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Exela Intermediate | ||||||||
10.000%, 07/15/2023 (A) | $ | 100 | $ | 100 | ||||
Fidelity National Information Services | ||||||||
4.750%, 05/15/2048 | 50 | 47 | ||||||
4.500%, 08/15/2046 | 25 | 23 | ||||||
4.250%, 05/15/2028 | 40 | 40 | ||||||
3.625%, 10/15/2020 | 112 | 113 | ||||||
3.500%, 04/15/2023 | 53 | 53 | ||||||
3.000%, 08/15/2026 | 50 | 46 | ||||||
2.250%, 08/15/2021 | 53 | 52 | ||||||
First Data | ||||||||
5.750%, 01/15/2024 (A) | 200 | 206 | ||||||
5.375%, 08/15/2023 (A) | 200 | 204 | ||||||
5.000%, 01/15/2024 (A) | 100 | 102 | ||||||
Flex | ||||||||
4.750%, 06/15/2025 | 50 | 51 | ||||||
FLIR Systems | ||||||||
3.125%, 06/15/2021 | 50 | 49 | ||||||
Gartner | ||||||||
5.125%, 04/01/2025 (A) | 100 | 99 | ||||||
Genesys Telecommunications Laboratories | ||||||||
10.000%, 11/30/2024 (A) | 115 | 123 | ||||||
Genpact Luxembourg Sarl | ||||||||
3.700%, 04/01/2022 | 100 | 97 | ||||||
GTT Communications | ||||||||
7.875%, 12/31/2024 (A) | 84 | 74 | ||||||
Harland Clarke Holdings | ||||||||
9.250%, 03/01/2021 (A) | 150 | 145 | ||||||
8.375%, 08/15/2022 (A) | 50 | 47 | ||||||
Hewlett Packard Enterprise | ||||||||
6.350%, 10/15/2045 | 50 | 51 | ||||||
6.200%, 10/15/2035 | 50 | 52 | ||||||
4.900%, 10/15/2025 | 100 | 104 | ||||||
4.400%, 10/15/2022 | 50 | 52 | ||||||
3.600%, 10/15/2020 | 50 | 50 | ||||||
Hughes Satellite Systems | ||||||||
6.625%, 08/01/2026 | 85 | 82 | ||||||
5.250%, 08/01/2026 | 105 | 100 | ||||||
IBM Credit | ||||||||
3.600%, 11/30/2021 | 100 | 101 | ||||||
1.800%, 01/20/2021 | 100 | 98 | ||||||
Infor | ||||||||
5.750%, 08/15/2020 (A) | 20 | 20 | ||||||
Infor Software Parent | ||||||||
7.125% cash/0% PIK, 05/01/2021 (A) | 100 | 101 | ||||||
Infor US | ||||||||
6.500%, 05/15/2022 | 201 | 205 | ||||||
Informatica | ||||||||
7.125%, 07/15/2023 (A) | 101 | 101 | ||||||
Ingram Micro | ||||||||
5.450%, 12/15/2024 | 80 | 78 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Intel | ||||||||
4.100%, 05/11/2047 | $ | 50 | $ | 51 | ||||
3.734%, 12/08/2047 | 197 | 189 | ||||||
3.700%, 07/29/2025 | 45 | 46 | ||||||
3.300%, 10/01/2021 | 100 | 102 | ||||||
2.875%, 05/11/2024 | 50 | 50 | ||||||
2.700%, 12/15/2022 | 50 | 50 | ||||||
2.600%, 05/19/2026 | 50 | 48 | ||||||
2.450%, 07/29/2020 | 85 | 85 | ||||||
International Business Machines | ||||||||
4.000%, 06/20/2042 | 100 | 94 | ||||||
3.625%, 02/12/2024 | 50 | 51 | ||||||
2.875%, 11/09/2022 | 100 | 99 | ||||||
2.500%, 01/27/2022 | 100 | 98 | ||||||
2.250%, 02/19/2021 | 100 | 98 | ||||||
j2 Cloud Services | ||||||||
6.000%, 07/15/2025 (A) | 95 | 95 | ||||||
Jabil | ||||||||
3.950%, 01/12/2028 | 55 | 49 | ||||||
Keysight Technologies | ||||||||
4.600%, 04/06/2027 | 65 | 66 | ||||||
Lam Research | ||||||||
2.750%, 03/15/2020 | 100 | 100 | ||||||
Mastercard | ||||||||
3.375%, 04/01/2024 | 100 | 102 | ||||||
2.000%, 11/21/2021 | 90 | 89 | ||||||
Microsoft | ||||||||
4.500%, 10/01/2040 | 100 | 111 | ||||||
4.450%, 11/03/2045 | 100 | 111 | ||||||
4.250%, 02/06/2047 | 100 | 109 | ||||||
3.950%, 08/08/2056 | 50 | 50 | ||||||
3.700%, 08/08/2046 | 100 | 99 | ||||||
3.500%, 02/12/2035 | 50 | 49 | ||||||
3.450%, 08/08/2036 | 100 | 98 | ||||||
3.300%, 02/06/2027 | 100 | 101 | ||||||
2.875%, 02/06/2024 | 35 | 35 | ||||||
2.700%, 02/12/2025 | 100 | 99 | ||||||
2.400%, 08/08/2026 | 50 | 48 | ||||||
2.375%, 02/12/2022 | 100 | 99 | ||||||
2.000%, 11/03/2020 | 100 | 99 | ||||||
2.000%, 08/08/2023 | 100 | 97 | ||||||
1.550%, 08/08/2021 | 100 | 98 | ||||||
Motorola Solutions | ||||||||
4.000%, 09/01/2024 | 100 | 98 | ||||||
3.500%, 03/01/2023 | 100 | 98 | ||||||
NetApp | ||||||||
3.375%, 06/15/2021 | 50 | 50 | ||||||
Nuance Communications | ||||||||
5.625%, 12/15/2026 | 115 | 113 | ||||||
NVIDIA | ||||||||
3.200%, 09/16/2026 | 50 | 49 | ||||||
2.200%, 09/16/2021 | 30 | 29 |
32 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Open Text | ||||||||
5.875%, 06/01/2026 (A) | $ | 110 | $ | 113 | ||||
5.625%, 01/15/2023 (A) | 40 | 41 | ||||||
Oracle | ||||||||
5.375%, 07/15/2040 | 150 | 172 | ||||||
4.375%, 05/15/2055 | 100 | 100 | ||||||
4.300%, 07/08/2034 | 100 | 105 | ||||||
4.125%, 05/15/2045 | 100 | 98 | ||||||
4.000%, 07/15/2046 | 50 | 48 | ||||||
4.000%, 11/15/2047 | 70 | 68 | ||||||
3.850%, 07/15/2036 | 50 | 48 | ||||||
3.400%, 07/08/2024 | 100 | 102 | ||||||
3.250%, 11/15/2027 | 100 | 99 | ||||||
2.950%, 11/15/2024 | 100 | 99 | ||||||
2.800%, 07/08/2021 | 75 | 75 | ||||||
2.650%, 07/15/2026 | 40 | 38 | ||||||
2.625%, 02/15/2023 | 70 | 69 | ||||||
2.400%, 09/15/2023 | 50 | 49 | ||||||
1.900%, 09/15/2021 | 60 | 59 | ||||||
Plantronics | ||||||||
5.500%, 05/31/2023 (A) | 100 | 96 | ||||||
PTC | ||||||||
6.000%, 05/15/2024 | 98 | 102 | ||||||
Qorvo | ||||||||
5.500%, 07/15/2026 (A) | 60 | 60 | ||||||
QUALCOMM | ||||||||
4.800%, 05/20/2045 | 100 | 97 | ||||||
4.650%, 05/20/2035 | 100 | 99 | ||||||
4.300%, 05/20/2047 | 130 | 119 | ||||||
3.450%, 05/20/2025 | 100 | 98 | ||||||
3.250%, 05/20/2027 | 50 | 47 | ||||||
2.900%, 05/20/2024 | 50 | 48 | ||||||
2.600%, 01/30/2023 | 100 | 98 | ||||||
Rackspace Hosting | ||||||||
8.625%, 11/15/2024 (A) | 100 | 84 | ||||||
salesforce.com | ||||||||
3.700%, 04/11/2028 | 50 | 51 | ||||||
Seagate HDD Cayman | ||||||||
4.750%, 01/01/2025 | 100 | 95 | ||||||
Solera | ||||||||
10.500%, 03/01/2024 (A) | 150 | 163 | ||||||
Symantec | ||||||||
5.000%, 04/15/2025 (A) | 90 | 90 | ||||||
Texas Instruments | ||||||||
2.625%, 05/15/2024 | 100 | 98 | ||||||
1.850%, 05/15/2022 | 100 | 96 | ||||||
1.750%, 05/01/2020 | 100 | 99 | ||||||
TIBCO Software | ||||||||
11.375%, 12/01/2021 (A) | 100 | 105 | ||||||
Total System Services | ||||||||
4.450%, 06/01/2028 | 50 | 50 | ||||||
3.750%, 06/01/2023 | 100 | 99 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Tyco Electronics Group | ||||||||
3.125%, 08/15/2027 | $ | 100 | $ | 94 | ||||
VeriSign | ||||||||
5.250%, 04/01/2025 | 100 | 103 | ||||||
Veritas US | ||||||||
10.500%, 02/01/2024 (A) | 120 | 87 | ||||||
ViaSat | ||||||||
5.625%, 09/15/2025 (A) | 48 | 45 | ||||||
Visa | ||||||||
4.300%, 12/14/2045 | 100 | 108 | ||||||
4.150%, 12/14/2035 | 130 | 138 | ||||||
3.650%, 09/15/2047 | 100 | 97 | ||||||
2.800%, 12/14/2022 | 100 | 100 | ||||||
2.200%, 12/14/2020 | 100 | 99 | ||||||
VMware | ||||||||
3.900%, 08/21/2027 | 30 | 29 | ||||||
2.950%, 08/21/2022 | 60 | 58 | ||||||
2.300%, 08/21/2020 | 60 | 59 | ||||||
West | ||||||||
8.500%, 10/15/2025 (A) | 100 | 83 | ||||||
Western Digital | ||||||||
4.750%, 02/15/2026 | 200 | 186 | ||||||
Western Union | ||||||||
4.250%, 06/09/2023 | 50 | 51 | ||||||
Xerox | ||||||||
3.625%, 03/15/2023 | 100 | 95 | ||||||
Xilinx | ||||||||
3.000%, 03/15/2021 | 50 | 50 | ||||||
16,044 | ||||||||
Materials — 1.2% | ||||||||
Air Products & Chemicals | ||||||||
3.350%, 07/31/2024 | 100 | 101 | ||||||
Albemarle | ||||||||
4.150%, 12/01/2024 | 100 | 101 | ||||||
Alcoa Nederland Holding BV | ||||||||
6.750%, 09/30/2024 (A) | 200 | 208 | ||||||
ArcelorMittal | ||||||||
7.000%, 10/15/2039 | 24 | 26 | ||||||
6.250%, 02/25/2022 | 20 | 21 | ||||||
6.125%, 06/01/2025 | 15 | 16 | ||||||
5.500%, 03/01/2021 | 25 | 26 | ||||||
5.250%, 08/05/2020 | 30 | 31 | ||||||
Ardagh Packaging Finance Holdings | ||||||||
7.250%, 05/15/2024 (A) | 275 | 284 | ||||||
4.625%, 05/15/2023 (A) | 150 | 150 | ||||||
Axalta Coating Systems | ||||||||
4.875%, 08/15/2024 (A) | 150 | 146 | ||||||
Baffinland Iron Mines | ||||||||
8.750%, 07/15/2026 (A) | 75 | 74 | ||||||
Ball | ||||||||
5.250%, 07/01/2025 | 190 | 199 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 33 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
4.375%, 12/15/2020 | $ | 60 | $ | 61 | ||||
Barrick | ||||||||
5.250%, 04/01/2042 | 100 | 104 | ||||||
Bemis | ||||||||
3.100%, 09/15/2026 | 50 | 46 | ||||||
Berry Global | ||||||||
5.500%, 05/15/2022 | 100 | 101 | ||||||
4.500%, 02/15/2026 (A) | 100 | 94 | ||||||
BHP Billiton Finance USA | ||||||||
5.000%, 09/30/2043 | 100 | 115 | ||||||
2.875%, 02/24/2022 | 55 | 55 | ||||||
Big River Steel | ||||||||
7.250%, 09/01/2025 (A) | 110 | 115 | ||||||
Blue Cube Spinco | ||||||||
10.000%, 10/15/2025 | 100 | 114 | ||||||
Celanese US Holdings | ||||||||
5.875%, 06/15/2021 | 30 | 31 | ||||||
4.625%, 11/15/2022 | 30 | 31 | ||||||
Chemours | ||||||||
6.625%, 05/15/2023 | 80 | 83 | ||||||
5.375%, 05/15/2027 | 75 | 72 | ||||||
Cleveland-Cliffs | ||||||||
5.750%, 03/01/2025 | 100 | 97 | ||||||
Crown Americas | ||||||||
4.750%, 02/01/2026 | 85 | 83 | ||||||
CVR Partners | ||||||||
9.250%, 06/15/2023 (A) | 85 | 89 | ||||||
Dow Chemical | ||||||||
4.375%, 11/15/2042 | 50 | 46 | ||||||
4.250%, 11/15/2020 | 100 | 102 | ||||||
4.250%, 10/01/2034 | 100 | 94 | ||||||
3.500%, 10/01/2024 | 50 | 49 | ||||||
3.000%, 11/15/2022 | 50 | 50 | ||||||
DowDuPont | ||||||||
5.419%, 11/15/2048 | 75 | 82 | �� | |||||
5.319%, 11/15/2038 | 35 | 38 | ||||||
4.725%, 11/15/2028 | 100 | 106 | ||||||
3.766%, 11/15/2020 | 20 | 20 | ||||||
Eastman Chemical | ||||||||
4.650%, 10/15/2044 | 50 | 47 | ||||||
3.800%, 03/15/2025 | 100 | 98 | ||||||
Ecolab | ||||||||
4.350%, 12/08/2021 | 82 | 85 | ||||||
3.950%, 12/01/2047 | 20 | 19 | ||||||
3.250%, 12/01/2027 | 35 | 34 | ||||||
2.700%, 11/01/2026 | 20 | 19 | ||||||
2.375%, 08/10/2022 | 50 | 49 | ||||||
Fibria Overseas Finance | ||||||||
5.500%, 01/17/2027 | 50 | 51 | ||||||
4.000%, 01/14/2025 | 50 | 49 | ||||||
FMG Resources August 2006 Pty | ||||||||
4.750%, 05/15/2022 (A) | 125 | 125 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Freeport-McMoRan | ||||||||
4.550%, 11/14/2024 | $ | 100 | $ | 96 | ||||
3.875%, 03/15/2023 | 100 | 95 | ||||||
Georgia-Pacific | ||||||||
8.875%, 05/15/2031 | 100 | 146 | ||||||
Goldcorp | ||||||||
3.700%, 03/15/2023 | 100 | 100 | ||||||
Greif | ||||||||
6.500%, 03/01/2027 (A) | 60 | 60 | ||||||
Hexion | ||||||||
10.375%, 02/01/2022 (A) | 90 | 72 | ||||||
Hudbay Minerals | ||||||||
7.625%, 01/15/2025 (A) | 50 | 51 | ||||||
International Flavors & Fragrances | ||||||||
4.375%, 06/01/2047 | 30 | 28 | ||||||
International Paper | ||||||||
7.500%, 08/15/2021 | 68 | 75 | ||||||
5.150%, 05/15/2046 | 100 | 98 | ||||||
4.800%, 06/15/2044 | 100 | 94 | ||||||
4.750%, 02/15/2022 | 46 | 48 | ||||||
Joseph T Ryerson & Son | ||||||||
11.000%, 05/15/2022 (A) | 75 | 78 | ||||||
Koppers | ||||||||
6.000%, 02/15/2025 (A) | 100 | 89 | ||||||
Lubrizol | ||||||||
6.500%, 10/01/2034 | 100 | 128 | ||||||
LYB International Finance BV | ||||||||
4.875%, 03/15/2044 | 50 | 48 | ||||||
LYB International Finance II BV | ||||||||
3.500%, 03/02/2027 | 64 | 61 | ||||||
LyondellBasell Industries | ||||||||
4.625%, 02/26/2055 | 100 | 88 | ||||||
Martin Marietta Materials | ||||||||
4.250%, 07/02/2024 | 50 | 51 | ||||||
Momentive Performance Materials | ||||||||
3.880%, 10/24/2021 | 145 | 155 | ||||||
Mosaic | ||||||||
4.250%, 11/15/2023 | 25 | 26 | ||||||
Newmont Mining | ||||||||
6.250%, 10/01/2039 | 50 | 57 | ||||||
4.875%, 03/15/2042 | 25 | 25 | ||||||
3.500%, 03/15/2022 | 100 | 100 | ||||||
Northwest Acquisitions ULC | ||||||||
7.125%, 11/01/2022 (A) | 86 | 86 | ||||||
Nucor | ||||||||
6.400%, 12/01/2037 | 100 | 123 | ||||||
4.000%, 08/01/2023 | 100 | 103 | ||||||
Nutrien | ||||||||
5.250%, 01/15/2045 | 70 | 71 | ||||||
4.125%, 03/15/2035 | 200 | 180 | ||||||
4.000%, 12/15/2026 | 50 | 48 | ||||||
3.625%, 03/15/2024 | 50 | 49 |
34 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
3.000%, 04/01/2025 | $ | 100 | $ | 94 | ||||
Olin | ||||||||
5.125%, 09/15/2027 | 90 | 88 | ||||||
Owens-Brockway Glass Container | ||||||||
5.875%, 08/15/2023 (A) | 95 | 98 | ||||||
5.000%, 01/15/2022 (A) | 15 | 15 | ||||||
Packaging Corp of America | ||||||||
2.450%, 12/15/2020 | 35 | 34 | ||||||
PQ | ||||||||
6.750%, 11/15/2022 (A) | 50 | 52 | ||||||
Praxair | ||||||||
3.200%, 01/30/2026 | 100 | 98 | ||||||
Rain CII Carbon | ||||||||
7.250%, 04/01/2025 (A) | 100 | 89 | ||||||
Rayonier AM Products | ||||||||
5.500%, 06/01/2024 (A) | 100 | 90 | ||||||
Reynolds Group Issuer | ||||||||
7.000%, 07/15/2024 (A) | 100 | 102 | ||||||
5.125%, 07/15/2023 (A) | 150 | 151 | ||||||
Rio Tinto Finance USA | ||||||||
3.750%, 06/15/2025 | 150 | 154 | ||||||
RPM International | ||||||||
5.250%, 06/01/2045 | 50 | 49 | ||||||
Sherwin-Williams | ||||||||
4.500%, 06/01/2047 | 129 | 122 | ||||||
3.125%, 06/01/2024 | 25 | 24 | ||||||
2.250%, 05/15/2020 | 50 | 49 | ||||||
Sonoco Products | ||||||||
5.750%, 11/01/2040 | 100 | 108 | ||||||
Southern Copper | ||||||||
6.750%, 04/16/2040 | 100 | 115 | ||||||
3.875%, 04/23/2025 | 60 | 59 | ||||||
SPCM | ||||||||
4.875%, 09/15/2025 (A) | 75 | 70 | ||||||
Standard Industries | ||||||||
6.000%, 10/15/2025 (A) | 100 | 100 | ||||||
5.500%, 02/15/2023 (A) | 150 | 153 | ||||||
5.375%, 11/15/2024 (A) | 50 | 50 | ||||||
4.750%, 01/15/2028 (A) | 185 | 167 | ||||||
Steel Dynamics | ||||||||
5.500%, 10/01/2024 | 100 | 103 | ||||||
SunCoke Energy Partners | ||||||||
7.500%, 06/15/2025 (A) | 147 | 143 | ||||||
Teck Resources | ||||||||
8.500%, 06/01/2024 (A) | 50 | 54 | ||||||
Trinseo Materials Operating SCA | ||||||||
5.375%, 09/01/2025 (A) | 75 | 68 | ||||||
Tronox | ||||||||
6.500%, 04/15/2026 (A) | 100 | 87 | ||||||
United States Steel | ||||||||
6.875%, 08/15/2025 | 121 | 115 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
US Concrete | ||||||||
6.375%, 06/01/2024 | $ | 100 | $ | 97 | ||||
Vale Overseas | ||||||||
6.250%, 08/10/2026 | 100 | 107 | ||||||
4.375%, 01/11/2022 | 40 | 40 | ||||||
Vulcan Materials | ||||||||
4.700%, 03/01/2048 | 50 | 44 | ||||||
WR Grace & Company | ||||||||
5.125%, 10/01/2021 (A) | 100 | 103 | ||||||
WRKCo | ||||||||
4.900%, 03/15/2029 (A) | 50 | 52 | ||||||
3.000%, 09/15/2024 (A) | 100 | 95 | ||||||
9,605 | ||||||||
Real Estate — 1.0% | ||||||||
Alexandria Real Estate Equities | ||||||||
4.600%, 04/01/2022 | 100 | 103 | ||||||
American Campus Communities Operating Partnership | ||||||||
3.625%, 11/15/2027 | 80 | 76 | ||||||
3.350%, 10/01/2020 | 50 | 50 | ||||||
American Tower | ||||||||
4.000%, 06/01/2025 | 100 | 100 | ||||||
3.450%, 09/15/2021 | 50 | 50 | ||||||
3.300%, 02/15/2021 | 100 | 100 | ||||||
3.125%, 01/15/2027 | 100 | 93 | ||||||
2.800%, 06/01/2020 | 100 | 100 | ||||||
AvalonBay Communities MTN | ||||||||
3.500%, 11/15/2025 | 100 | 100 | ||||||
3.350%, 05/15/2027 | 50 | 49 | ||||||
Boston Properties | ||||||||
4.500%, 12/01/2028 | 20 | 21 | ||||||
3.200%, 01/15/2025 | 50 | 48 | ||||||
3.125%, 09/01/2023 | 50 | 49 | ||||||
Brixmor Operating Partnership | ||||||||
4.125%, 06/15/2026 | 25 | 24 | ||||||
3.875%, 08/15/2022 | 30 | 30 | ||||||
3.650%, 06/15/2024 | 50 | 49 | ||||||
3.250%, 09/15/2023 | 50 | 49 | ||||||
Camden Property Trust | ||||||||
4.100%, 10/15/2028 | 20 | 20 | ||||||
CBL & Associates | ||||||||
5.950%, 12/15/2026 | 75 | 60 | ||||||
Corporate Office Properties | ||||||||
5.000%, 07/01/2025 | 50 | 51 | ||||||
Crown Castle International | ||||||||
5.250%, 01/15/2023 | 50 | 53 | ||||||
4.750%, 05/15/2047 | 25 | 24 | ||||||
4.450%, 02/15/2026 | 65 | 66 | ||||||
4.000%, 03/01/2027 | 20 | 20 | ||||||
3.800%, 02/15/2028 | 50 | 49 | ||||||
3.650%, 09/01/2027 | 35 | 34 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 35 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
3.400%, 02/15/2021 | $ | 55 | $ | 55 | ||||
3.200%, 09/01/2024 | 35 | 33 | ||||||
3.150%, 07/15/2023 | 30 | 29 | ||||||
2.250%, 09/01/2021 | 55 | 53 | ||||||
CubeSmart | ||||||||
3.125%, 09/01/2026 | 50 | 46 | ||||||
CyrusOne | ||||||||
5.000%, 03/15/2024 | 100 | 101 | ||||||
Digital Realty Trust | ||||||||
3.950%, 07/01/2022 | 100 | 101 | ||||||
3.700%, 08/15/2027 | 50 | 48 | ||||||
2.750%, 02/01/2023 | 50 | 48 | ||||||
Duke Realty | ||||||||
3.875%, 10/15/2022 | 50 | 50 | ||||||
EPR Properties | ||||||||
4.750%, 12/15/2026 | 50 | 50 | ||||||
Equinix | ||||||||
5.875%, 01/15/2026 | 250 | 258 | ||||||
5.375%, 01/01/2022 | 100 | 102 | ||||||
5.375%, 05/15/2027 | 40 | 40 | ||||||
ERP Operating | ||||||||
4.000%, 08/01/2047 | 50 | 47 | ||||||
3.375%, 06/01/2025 | 100 | 99 | ||||||
3.250%, 08/01/2027 | 50 | 49 | ||||||
Essex Portfolio | ||||||||
4.500%, 03/15/2048 | 50 | 49 | ||||||
3.375%, 04/15/2026 | 50 | 48 | ||||||
Federal Realty Investment Trust | ||||||||
4.500%, 12/01/2044 | 50 | 51 | ||||||
Five Point Operating | ||||||||
7.875%, 11/15/2025 (A) | 100 | 96 | ||||||
GLP Capital | ||||||||
5.750%, 06/01/2028 | 15 | 16 | ||||||
5.375%, 11/01/2023 | 15 | 15 | ||||||
5.375%, 04/15/2026 | 30 | 31 | ||||||
5.250%, 06/01/2025 | 15 | 15 | ||||||
4.875%, 11/01/2020 | 40 | 41 | ||||||
Greystar Real Estate Partners | ||||||||
5.750%, 12/01/2025 (A) | 80 | 79 | ||||||
HCP | ||||||||
4.000%, 12/01/2022 | 50 | 50 | ||||||
4.000%, 06/01/2025 | 100 | 100 | ||||||
Healthcare Trust of America Holdings | ||||||||
3.500%, 08/01/2026 | 40 | 38 | ||||||
Highwoods Realty | ||||||||
3.200%, 06/15/2021 | 100 | 99 | ||||||
Hospitality Properties Trust | ||||||||
4.950%, 02/15/2027 | 70 | 68 | ||||||
4.500%, 03/15/2025 | 50 | 47 | ||||||
4.375%, 02/15/2030 | 50 | 45 | ||||||
3.950%, 01/15/2028 | 30 | 27 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Host Hotels & Resorts | ||||||||
4.000%, 06/15/2025 | $ | 65 | $ | 64 | ||||
3.875%, 04/01/2024 | 50 | 49 | ||||||
Howard Hughes | ||||||||
5.375%, 03/15/2025 (A) | 100 | 99 | ||||||
Hudson Pacific Properties | ||||||||
3.950%, 11/01/2027 | 50 | 47 | ||||||
Iron Mountain | ||||||||
6.000%, 08/15/2023 | 100 | 103 | ||||||
4.875%, 09/15/2027 (A) | 125 | 115 | ||||||
Kilroy Realty | ||||||||
4.375%, 10/01/2025 | 100 | 101 | ||||||
Kimco Realty | ||||||||
4.450%, 09/01/2047 | 50 | 47 | ||||||
3.200%, 05/01/2021 | 45 | 45 | ||||||
Lamar Media | ||||||||
5.375%, 01/15/2024 | 100 | 102 | ||||||
Liberty Property | ||||||||
3.375%, 06/15/2023 | 95 | 94 | ||||||
Life Storage | ||||||||
3.875%, 12/15/2027 | 50 | 48 | ||||||
MGM Growth Properties Operating Partnership | ||||||||
5.750%, 02/01/2027 (A) | 75 | 76 | ||||||
4.500%, 09/01/2026 | 135 | 128 | ||||||
Mid-America Apartments | ||||||||
4.000%, 11/15/2025 | 50 | 50 | ||||||
3.600%, 06/01/2027 | 50 | 49 | ||||||
MPT Operating Partnership | ||||||||
6.375%, 03/01/2024 | 100 | 105 | ||||||
5.250%, 08/01/2026 | 75 | 75 | ||||||
National Retail Properties | ||||||||
4.000%, 11/15/2025 | 65 | 65 | ||||||
3.600%, 12/15/2026 | 50 | 49 | ||||||
3.500%, 10/15/2027 | 50 | 48 | ||||||
Newmark Group | ||||||||
6.125%, 11/15/2023 (A) | 55 | 55 | ||||||
Office Properties Income Trust | ||||||||
4.500%, 02/01/2025 | 100 | 95 | ||||||
Physicians Realty | ||||||||
3.950%, 01/15/2028 | 50 | 47 | ||||||
Prologis | ||||||||
3.750%, 11/01/2025 | 65 | 66 | ||||||
Public Storage | ||||||||
3.094%, 09/15/2027 | 30 | 29 | ||||||
2.370%, 09/15/2022 | 100 | 97 | ||||||
Realogy Group | ||||||||
5.250%, 12/01/2021 (A) | 100 | 100 | ||||||
4.875%, 06/01/2023 (A) | 50 | 45 | ||||||
Realty Income | ||||||||
4.650%, 08/01/2023 | 50 | 52 | ||||||
3.250%, 10/15/2022 | 60 | 60 |
36 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Regency Centers | ||||||||
4.400%, 02/01/2047 | $ | 35 | $ | 32 | ||||
3.600%, 02/01/2027 | 30 | 29 | ||||||
Sabra Health Care | ||||||||
5.500%, 02/01/2021 | 50 | 50 | ||||||
SBA Communications | ||||||||
4.875%, 07/15/2022 | 100 | 101 | ||||||
4.875%, 09/01/2024 | 150 | 150 | ||||||
Simon Property Group | ||||||||
4.250%, 11/30/2046 | 50 | 50 | ||||||
3.250%, 11/30/2026 | 50 | 49 | ||||||
2.750%, 06/01/2023 | 50 | 49 | ||||||
2.625%, 06/15/2022 | 50 | 49 | ||||||
2.500%, 09/01/2020 | 100 | 99 | ||||||
SITE Centers | ||||||||
4.700%, 06/01/2027 | 35 | 35 | ||||||
3.625%, 02/01/2025 | 87 | 84 | ||||||
Tanger Properties | ||||||||
3.125%, 09/01/2026 | 50 | 46 | ||||||
UDR MTN | ||||||||
3.750%, 07/01/2024 | 100 | 99 | ||||||
Uniti Group | ||||||||
8.250%, 10/15/2023 | 110 | 102 | ||||||
7.125%, 12/15/2024 (A) | 100 | 88 | ||||||
6.000%, 04/15/2023 (A) | 33 | 31 | ||||||
Ventas Realty | ||||||||
4.000%, 03/01/2028 | 100 | 98 | ||||||
3.250%, 10/15/2026 | 50 | 47 | ||||||
2.700%, 04/01/2020 | 80 | 80 | ||||||
VEREIT Operating Partnership | ||||||||
4.875%, 06/01/2026 | 30 | 31 | ||||||
4.600%, 02/06/2024 | 25 | 25 | ||||||
4.125%, 06/01/2021 | 20 | 20 | ||||||
3.950%, 08/15/2027 | 40 | 38 | ||||||
Vornado Realty | ||||||||
3.500%, 01/15/2025 | 50 | 48 | ||||||
Washington Prime Group | ||||||||
5.950%, 08/15/2024 | 50 | 45 | ||||||
Welltower | ||||||||
6.500%, 03/15/2041 | 70 | 83 | ||||||
4.950%, 01/15/2021 | 45 | 46 | ||||||
4.250%, 04/01/2026 | 50 | 50 | ||||||
WeWork | ||||||||
7.875%, 05/01/2025 (A) | 80 | 72 | ||||||
Weyerhaeuser | ||||||||
7.375%, 03/15/2032 | 100 | 123 | ||||||
WP Carey | ||||||||
4.600%, 04/01/2024 | 50 | 51 | ||||||
7,797 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Utilities — 1.7% | ||||||||
AEP Texas | ||||||||
3.800%, 10/01/2047 | $ | 100 | $ | 90 | ||||
AEP Transmission | ||||||||
3.750%, 12/01/2047 | 50 | 47 | ||||||
AES | ||||||||
6.000%, 05/15/2026 | 100 | 105 | ||||||
4.500%, 03/15/2023 | 145 | 146 | ||||||
Alabama Power | ||||||||
3.750%, 03/01/2045 | 100 | 93 | ||||||
Ameren | ||||||||
2.700%, 11/15/2020 | 100 | 99 | ||||||
Ameren Illinois | ||||||||
3.800%, 05/15/2028 | 25 | 26 | ||||||
3.250%, 03/01/2025 | 100 | 99 | ||||||
American Water Capital | ||||||||
6.593%, 10/15/2037 | 100 | 128 | ||||||
AmeriGas Partners | ||||||||
5.750%, 05/20/2027 | 100 | 96 | ||||||
5.625%, 05/20/2024 | 70 | 69 | ||||||
5.500%, 05/20/2025 | 90 | 88 | ||||||
Appalachian Power | ||||||||
7.000%, 04/01/2038 | 100 | 127 | ||||||
3.400%, 06/01/2025 | 50 | 50 | ||||||
Arizona Public Service | ||||||||
2.950%, 09/15/2027 | 100 | 96 | ||||||
Atmos Energy | ||||||||
4.125%, 10/15/2044 | 100 | 98 | ||||||
Avangrid | ||||||||
3.150%, 12/01/2024 | 50 | 49 | ||||||
Baltimore Gas & Electric | ||||||||
2.400%, 08/15/2026 | 50 | 46 | ||||||
Banff Merger Sub Inc | ||||||||
9.750%, 09/01/2026 (A) | 95 | 90 | ||||||
Berkshire Hathaway Energy | ||||||||
6.125%, 04/01/2036 | 47 | 57 | ||||||
3.800%, 07/15/2048 | 25 | 23 | ||||||
3.250%, 04/15/2028 | 30 | 29 | ||||||
2.800%, 01/15/2023 | 40 | 39 | ||||||
2.375%, 01/15/2021 | 25 | 25 | ||||||
Black Hills | ||||||||
3.950%, 01/15/2026 | 50 | 50 | ||||||
Calpine | ||||||||
5.750%, 01/15/2025 | 200 | 189 | ||||||
5.500%, 02/01/2024 | 70 | 66 | ||||||
5.375%, 01/15/2023 | 100 | 97 | ||||||
CenterPoint Energy | ||||||||
2.500%, 09/01/2022 | 50 | 48 | ||||||
CenterPoint Energy Houston Electric | ||||||||
4.500%, 04/01/2044 | 100 | 106 | ||||||
4.250%, 02/01/2049 | 15 | 15 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 37 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
CenterPoint Energy Resources | ||||||||
4.500%, 01/15/2021 | $ | 50 | $ | 51 | ||||
Clearway Energy Operating | ||||||||
5.750%, 10/15/2025 (A) | 50 | 46 | ||||||
5.375%, 08/15/2024 | 100 | 93 | ||||||
Cleco Corporate Holdings | ||||||||
4.973%, 05/01/2046 | 35 | 34 | ||||||
3.743%, 05/01/2026 | 50 | 48 | ||||||
CMS Energy | ||||||||
3.450%, 08/15/2027 | 50 | 48 | ||||||
Commonwealth Edison | ||||||||
4.000%, 03/01/2048 | 100 | 99 | ||||||
3.700%, 03/01/2045 | 50 | 46 | ||||||
2.950%, 08/15/2027 | 100 | 96 | ||||||
Connecticut Light & Power | ||||||||
4.300%, 04/15/2044 | 100 | 103 | ||||||
4.150%, 06/01/2045 | 100 | 101 | ||||||
Consolidated Edison | ||||||||
2.000%, 05/15/2021 | 100 | 98 | ||||||
Consolidated Edison of New York | ||||||||
6.300%, 08/15/2037 | 100 | 123 | ||||||
4.450%, 03/15/2044 | 100 | 102 | ||||||
4.300%, 12/01/2056 | 100 | 94 | ||||||
Consumers Energy | ||||||||
3.950%, 05/15/2043 | 50 | 50 | ||||||
2.850%, 05/15/2022 | 100 | 99 | ||||||
Delmarva Power & Light | ||||||||
4.150%, 05/15/2045 | 50 | 49 | ||||||
Dominion Energy | ||||||||
4.050%, 09/15/2042 | 100 | 92 | ||||||
2.850%, 08/15/2026 | 30 | 28 | ||||||
2.579%, 07/01/2020 | 50 | 50 | ||||||
Dominion Energy Gas Holdings | ||||||||
4.600%, 12/15/2044 | 25 | 25 | ||||||
3.600%, 12/15/2024 | 100 | 100 | ||||||
DTE Electric | ||||||||
3.750%, 08/15/2047 | 100 | 95 | ||||||
3.700%, 03/15/2045 | 50 | 47 | ||||||
3.700%, 06/01/2046 | 50 | 47 | ||||||
DTE Energy | ||||||||
3.300%, 06/15/2022 | 50 | 50 | ||||||
2.850%, 10/01/2026 | 50 | 46 | ||||||
Duke Energy | ||||||||
3.750%, 04/15/2024 | 100 | 102 | ||||||
3.150%, 08/15/2027 | 100 | 95 | ||||||
Duke Energy Carolinas | ||||||||
4.250%, 12/15/2041 | 100 | 101 | ||||||
3.950%, 03/15/2048 | 50 | 49 | ||||||
3.350%, 05/15/2022 | 100 | 102 | ||||||
3.050%, 03/15/2023 | 50 | 50 | ||||||
2.950%, 12/01/2026 | 100 | 96 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Duke Energy Florida | ||||||||
4.200%, 07/15/2048 | $ | 100 | $ | 101 | ||||
3.800%, 07/15/2028 | 100 | 102 | ||||||
3.200%, 01/15/2027 | 50 | 49 | ||||||
Duke Energy Indiana | ||||||||
3.750%, 05/15/2046 | 50 | 46 | ||||||
Duke Energy Ohio | ||||||||
3.700%, 06/15/2046 | 14 | 13 | ||||||
Duke Energy Progress | ||||||||
4.150%, 12/01/2044 | 50 | 50 | ||||||
Edison International | ||||||||
4.125%, 03/15/2028 | 50 | 44 | ||||||
2.950%, 03/15/2023 | 50 | 47 | ||||||
2.400%, 09/15/2022 | 80 | 73 | ||||||
El Paso Electric | ||||||||
5.000%, 12/01/2044 | 50 | 52 | ||||||
Emera US Finance | ||||||||
4.750%, 06/15/2046 | 35 | 34 | ||||||
3.550%, 06/15/2026 | 85 | 81 | ||||||
Entergy | ||||||||
5.125%, 09/15/2020 | 50 | 51 | ||||||
4.000%, 07/15/2022 | 100 | 101 | ||||||
2.950%, 09/01/2026 | 100 | 93 | ||||||
Entergy Arkansas | ||||||||
3.700%, 06/01/2024 | 100 | 102 | ||||||
Entergy Mississippi | ||||||||
2.850%, 06/01/2028 | 25 | 23 | ||||||
Evergy | ||||||||
4.850%, 06/01/2021 | 55 | 56 | ||||||
Eversource Energy | ||||||||
3.150%, 01/15/2025 | 100 | 97 | ||||||
Exelon | ||||||||
5.625%, 06/15/2035 | 100 | 111 | ||||||
5.100%, 06/15/2045 | 100 | 106 | ||||||
3.950%, 06/15/2025 | 100 | 100 | ||||||
Exelon Generation | ||||||||
5.600%, 06/15/2042 | 100 | 98 | ||||||
FirstEnergy | ||||||||
7.375%, 11/15/2031 | 70 | 89 | ||||||
4.250%, 03/15/2023 | 40 | 41 | ||||||
Florida Power & Light | ||||||||
5.950%, 02/01/2038 | 100 | 124 | ||||||
4.125%, 06/01/2048 | 50 | 51 | ||||||
4.050%, 10/01/2044 | 100 | 100 | ||||||
Fortis | ||||||||
3.055%, 10/04/2026 | 100 | 93 | ||||||
Georgia Power | ||||||||
4.300%, 03/15/2042 | 25 | 23 | ||||||
Interstate Power & Light | ||||||||
3.700%, 09/15/2046 | 50 | 45 | ||||||
ITC Holdings | ||||||||
3.250%, 06/30/2026 | 30 | 29 |
38 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Kansas City Power & Light | ||||||||
4.200%, 06/15/2047 | $ | 100 | $ | 97 | ||||
Kentucky Utilities | ||||||||
5.125%, 11/01/2040 | 94 | 107 | ||||||
MidAmerican Energy | ||||||||
4.250%, 07/15/2049 | 50 | 52 | ||||||
3.950%, 08/01/2047 | 50 | 48 | ||||||
3.650%, 04/15/2029 | 50 | 51 | ||||||
3.650%, 08/01/2048 | 50 | 46 | ||||||
3.100%, 05/01/2027 | 50 | 49 | ||||||
National Fuel Gas | ||||||||
5.200%, 07/15/2025 | 100 | 102 | ||||||
3.950%, 09/15/2027 | 100 | 93 | ||||||
Nevada Power | ||||||||
3.700%, 05/01/2029 | 155 | 157 | ||||||
2.750%, 04/15/2020 | 50 | 50 | ||||||
NextEra Energy Operating Partners | ||||||||
4.500%, 09/15/2027 (A) | 108 | 98 | ||||||
4.250%, 09/15/2024 (A) | 36 | 35 | ||||||
NiSource | ||||||||
5.950%, 06/15/2041 | 100 | 114 | ||||||
5.650%, 02/01/2045 | 50 | 55 | ||||||
3.950%, 03/30/2048 | 100 | 90 | ||||||
3.490%, 05/15/2027 | 50 | 48 | ||||||
Northern States Power | ||||||||
4.125%, 05/15/2044 | 100 | 100 | ||||||
2.200%, 08/15/2020 | 50 | 49 | ||||||
NRG Energy | ||||||||
6.625%, 01/15/2027 | 75 | 79 | ||||||
6.250%, 05/01/2024 | 250 | 259 | ||||||
5.750%, 01/15/2028 | 109 | 110 | ||||||
NSTAR Electric | ||||||||
3.200%, 05/15/2027 | 100 | 98 | ||||||
Ohio Edison | ||||||||
6.875%, 07/15/2036 | 100 | 125 | ||||||
Oklahoma Gas & Electric | ||||||||
3.850%, 08/15/2047 | 50 | 46 | ||||||
Oncor Electric Delivery | ||||||||
2.950%, 04/01/2025 | 50 | 49 | ||||||
ONE Gas | ||||||||
4.500%, 11/01/2048 | 45 | 47 | ||||||
PacifiCorp | ||||||||
3.600%, 04/01/2024 | 50 | 51 | ||||||
Piedmont Natural Gas | ||||||||
3.640%, 11/01/2046 | 25 | 22 | ||||||
Pinnacle West Capital | ||||||||
2.250%, 11/30/2020 | 45 | 44 | ||||||
Potomac Electric Power | ||||||||
6.500%, 11/15/2037 | 100 | 126 | ||||||
PPL Capital Funding | ||||||||
4.000%, 09/15/2047 | 100 | 88 | ||||||
3.400%, 06/01/2023 | 100 | 99 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
PPL Electric Utilities | ||||||||
4.150%, 10/01/2045 | $ | 100 | $ | 99 | ||||
Progress Energy | ||||||||
4.400%, 01/15/2021 | 100 | 102 | ||||||
PSEG Power | ||||||||
8.625%, 04/15/2031 | 100 | 131 | ||||||
Public Service Electric & Gas MTN | ||||||||
3.000%, 05/15/2027 | 100 | 96 | ||||||
Public Service Enterprise Group | ||||||||
2.000%, 11/15/2021 | 100 | 96 | ||||||
San Diego Gas & Electric | ||||||||
3.750%, 06/01/2047 | 50 | 45 | ||||||
Sempra Energy | ||||||||
3.800%, 02/01/2038 | 100 | 88 | ||||||
2.900%, 02/01/2023 | 15 | 15 | ||||||
2.850%, 11/15/2020 | 100 | 99 | ||||||
2.400%, 03/15/2020 | 50 | 49 | ||||||
South Carolina Electric & Gas | ||||||||
5.100%, 06/01/2065 | 100 | 106 | ||||||
4.250%, 08/15/2028 | 15 | 16 | ||||||
Southern | ||||||||
4.250%, 07/01/2036 | 30 | 29 | ||||||
3.250%, 07/01/2026 | 50 | 48 | ||||||
2.950%, 07/01/2023 | 100 | 98 | ||||||
2.350%, 07/01/2021 | 50 | 49 | ||||||
Southern California Edison | ||||||||
4.650%, 10/01/2043 | 100 | 95 | ||||||
3.700%, 08/01/2025 | 60 | 59 | ||||||
3.500%, 10/01/2023 | 50 | 49 | ||||||
Southern California Gas | ||||||||
4.300%, 01/15/2049 | 25 | 26 | ||||||
Southern Gas Capital | ||||||||
3.500%, 09/15/2021 | 100 | 100 | ||||||
Southern Power | ||||||||
4.150%, 12/01/2025 | 50 | 50 | ||||||
2.500%, 12/15/2021 | 50 | 49 | ||||||
2.375%, 06/01/2020 | 50 | 49 | ||||||
Southwestern Electric Power | ||||||||
3.900%, 04/01/2045 | 50 | 45 | ||||||
Suburban Propane Partners | ||||||||
5.500%, 06/01/2024 | 50 | 49 | ||||||
Talen Energy Supply | ||||||||
10.500%, 01/15/2026 (A) | 100 | 93 | ||||||
6.500%, 06/01/2025 | 50 | 39 | ||||||
TECO Finance | ||||||||
5.150%, 03/15/2020 | 100 | 102 | ||||||
TerraForm Power Operating | ||||||||
5.000%, 01/31/2028 (A) | 147 | 137 | ||||||
4.250%, 01/31/2023 (A) | 70 | 68 | ||||||
Union Electric | ||||||||
3.650%, 04/15/2045 | 100 | 92 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 39 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
CORPORATE OBLIGATIONS (continued) |
| |||||||
Virginia Electric & Power | ||||||||
8.875%, 11/15/2038 | $ | 50 | $ | 77 | ||||
4.600%, 12/01/2048 | 60 | 63 | ||||||
4.200%, 05/15/2045 | 25 | 24 | ||||||
3.800%, 09/15/2047 | 50 | 47 | ||||||
2.750%, 03/15/2023 | 50 | 49 | ||||||
Vistra Energy | ||||||||
7.375%, 11/01/2022 | 200 | 208 | ||||||
Vistra Operations | ||||||||
5.625%, 02/15/2027 (A) | 115 | 116 | ||||||
5.500%, 09/01/2026 (A) | 105 | 106 | ||||||
Washington Gas Light MTN | ||||||||
3.796%, 09/15/2046 | 35 | 33 | ||||||
WEC Energy Group | ||||||||
3.550%, 06/15/2025 | 100 | 100 | ||||||
2.450%, 06/15/2020 | 50 | 50 | ||||||
Xcel Energy | ||||||||
4.700%, 05/15/2020 | 25 | 26 | ||||||
4.000%, 06/15/2028 | 50 | 51 | ||||||
2.600%, 03/15/2022 | 50 | 49 | ||||||
13,117 | ||||||||
Total Corporate Obligations | 233,168 | |||||||
U.S. TREASURY OBLIGATIONS — 28.6% |
| |||||||
U.S. Treasury Bonds | ||||||||
7.125%, 02/15/2023 | 2,000 | 2,357 | ||||||
6.250%, 08/15/2023 | 2,500 | 2,903 | ||||||
5.375%, 02/15/2031 | 500 | 637 | ||||||
5.000%, 05/15/2037 | 1,250 | 1,649 | ||||||
4.750%, 02/15/2037 | 750 | 960 | ||||||
4.750%, 02/15/2041 | 510 | 661 | ||||||
4.500%, 02/15/2036 | 650 | 805 | ||||||
4.500%, 05/15/2038 | 150 | 188 | ||||||
4.375%, 02/15/2038 | 1,000 | 1,231 | ||||||
4.375%, 05/15/2040 | 750 | 925 | ||||||
4.250%, 05/15/2039 | 250 | 303 | ||||||
3.875%, 08/15/2040 | 1,225 | 1,413 | ||||||
3.750%, 08/15/2041 | 1,000 | 1,132 | ||||||
3.625%, 08/15/2043 | 500 | 556 | ||||||
3.625%, 02/15/2044 | 180 | 200 | ||||||
3.500%, 02/15/2039 | 300 | 330 | ||||||
3.375%, 05/15/2044 | 1,055 | 1,127 | ||||||
3.375%, 11/15/2048 | 300 | 322 | ||||||
3.125%, 02/15/2042 | 1,000 | 1,028 | ||||||
3.125%, 08/15/2044 | 800 | 819 | ||||||
3.125%, 05/15/2048 | 500 | 511 | ||||||
3.000%, 11/15/2044 | 2,525 | 2,530 | ||||||
3.000%, 05/15/2045 | 700 | 701 | ||||||
3.000%, 11/15/2045 | 1,500 | 1,502 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
U.S. TREASURY OBLIGATIONS (continued) |
| |||||||
3.000%, 02/15/2047 | $ | 2,350 | $ | 2,350 | ||||
3.000%, 05/15/2047 | 1,500 | 1,498 | ||||||
3.000%, 02/15/2048 | 1,000 | 997 | ||||||
3.000%, 08/15/2048 | 1,800 | 1,795 | ||||||
2.875%, 05/15/2043 | 2,625 | 2,574 | ||||||
2.875%, 08/15/2045 | 750 | 733 | ||||||
2.875%, 11/15/2046 | 2,250 | 2,196 | ||||||
2.750%, 08/15/2047 | 1,000 | 950 | ||||||
2.750%, 11/15/2047 | 1,200 | 1,139 | ||||||
2.500%, 02/15/2045 | 500 | 455 | ||||||
2.500%, 02/15/2046 | 700 | 634 | ||||||
2.500%, 05/15/2046 | 650 | 588 | ||||||
2.250%, 02/15/2027 | 2,500 | 2,440 | ||||||
2.250%, 08/15/2046 | 2,100 | 1,801 | ||||||
U.S. Treasury Notes | ||||||||
3.625%, 02/15/2020 | 2,250 | 2,274 | ||||||
3.625%, 02/15/2021 | 2,500 | 2,557 | ||||||
3.500%, 05/15/2020 | 2,000 | 2,024 | ||||||
3.125%, 05/15/2021 | 6,250 | 6,341 | ||||||
3.125%, 11/15/2028 | 1,000 | 1,042 | ||||||
2.875%, 10/15/2021 | 2,000 | 2,022 | ||||||
2.875%, 09/30/2023 | 2,000 | 2,038 | ||||||
2.875%, 11/30/2023 | 1,500 | 1,530 | ||||||
2.875%, 05/31/2025 | 2,000 | 2,042 | ||||||
2.875%, 05/15/2028 | 500 | 510 | ||||||
2.875%, 08/15/2028 | 2,500 | 2,550 | ||||||
2.750%, 08/31/2023 | 4,000 | 4,054 | ||||||
2.750%, 11/15/2023 | 1,000 | 1,014 | ||||||
2.750%, 02/15/2024 | 2,750 | 2,788 | ||||||
2.750%, 02/15/2028 | 2,500 | 2,526 | ||||||
2.625%, 08/15/2020 | 500 | 501 | ||||||
2.625%, 12/31/2023 | 2,000 | 2,017 | ||||||
2.625%, 12/31/2025 | 2,500 | 2,516 | ||||||
2.500%, 03/31/2023 | 2,500 | 2,506 | ||||||
2.500%, 05/15/2024 | 2,450 | 2,454 | ||||||
2.500%, 01/31/2025 | 1,500 | 1,501 | ||||||
2.375%, 01/31/2023 | 3,000 | 2,993 | ||||||
2.375%, 05/15/2027 | 800 | 788 | ||||||
2.250%, 02/29/2020 | 1,000 | 997 | ||||||
2.250%, 03/31/2020 | 3,000 | 2,990 | ||||||
2.250%, 07/31/2021 | 4,000 | 3,980 | ||||||
2.250%, 12/31/2023 | 1,000 | 991 | ||||||
2.250%, 01/31/2024 | 1,000 | 991 | ||||||
2.250%, 11/15/2024 | 1,000 | 987 | ||||||
2.250%, 12/31/2024 | 2,000 | 1,974 | ||||||
2.250%, 11/15/2025 | 3,500 | 3,439 | ||||||
2.250%, 08/15/2027 | 2,000 | 1,946 | ||||||
2.250%, 11/15/2027 | 1,500 | 1,457 | ||||||
2.125%, 08/31/2020 | 1,000 | 994 | ||||||
2.125%, 01/31/2021 | 1,500 | 1,490 | ||||||
2.125%, 09/30/2021 | 2,500 | 2,479 | ||||||
2.125%, 12/31/2021 | 1,000 | 991 |
40 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
U.S. TREASURY OBLIGATIONS (continued) |
| |||||||
2.125%, 11/30/2023 | $ | 700 | $ | 690 | ||||
2.125%, 02/29/2024 | 1,500 | 1,476 | ||||||
2.125%, 03/31/2024 | 1,500 | 1,476 | ||||||
2.125%, 05/15/2025 | 2,500 | 2,444 | ||||||
2.000%, 10/31/2021 | 2,000 | 1,976 | ||||||
2.000%, 11/15/2021 | 5,000 | 4,941 | ||||||
2.000%, 02/15/2022 | 3,000 | 2,962 | ||||||
2.000%, 10/31/2022 | 2,000 | 1,969 | ||||||
2.000%, 11/30/2022 | 1,000 | 984 | ||||||
2.000%, 05/31/2024 | 1,000 | 977 | ||||||
2.000%, 02/15/2025 | 2,850 | 2,770 | ||||||
2.000%, 08/15/2025 | 1,200 | 1,162 | ||||||
1.875%, 01/31/2022 | 4,500 | 4,427 | ||||||
1.875%, 02/28/2022 | 2,000 | 1,967 | ||||||
1.875%, 03/31/2022 | 1,500 | 1,475 | ||||||
1.875%, 04/30/2022 | 3,000 | 2,947 | ||||||
1.875%, 08/31/2024 | 1,000 | 970 | ||||||
1.750%, 12/31/2020 | 3,000 | 2,960 | ||||||
1.750%, 11/30/2021 | 4,000 | 3,925 | ||||||
1.750%, 05/31/2022 | 1,500 | 1,467 | ||||||
1.750%, 01/31/2023 | 2,000 | 1,947 | ||||||
1.750%, 05/15/2023 | 1,750 | 1,700 | ||||||
1.625%, 08/31/2022 | 2,000 | 1,945 | ||||||
1.625%, 05/31/2023 | 500 | 483 | ||||||
1.625%, 02/15/2026 | 2,650 | 2,495 | ||||||
1.625%, 05/15/2026 | 2,000 | 1,878 | ||||||
1.500%, 04/15/2020 | 3,500 | 3,458 | ||||||
1.500%, 07/15/2020 | 2,000 | 1,971 | ||||||
1.500%, 02/28/2023 | 750 | 723 | ||||||
1.500%, 03/31/2023 | 2,000 | 1,926 | ||||||
1.500%, 08/15/2026 | 2,000 | 1,856 | ||||||
1.375%, 02/15/2020 | 750 | 741 | ||||||
1.375%, 05/31/2020 | 750 | 739 | ||||||
1.375%, 01/31/2021 | 1,000 | 979 | ||||||
1.375%, 04/30/2021 | 4,000 | 3,905 | ||||||
1.375%, 05/31/2021 | 3,000 | 2,927 | ||||||
1.375%, 08/31/2023 | 1,500 | 1,431 | ||||||
1.375%, 09/30/2023 | 1,000 | 953 | ||||||
1.250%, 02/29/2020 | 1,500 | 1,479 | ||||||
1.250%, 03/31/2021 | 5,000 | 4,875 | ||||||
1.250%, 10/31/2021 | 3,000 | 2,905 | ||||||
1.125%, 04/30/2020 | 1,000 | 983 | ||||||
1.125%, 02/28/2021 | 3,500 | 3,405 | ||||||
1.125%, 06/30/2021 | 5,000 | 4,848 | ||||||
1.125%, 07/31/2021 | 5,500 | 5,323 | ||||||
1.125%, 09/30/2021 | 1,500 | 1,450 | ||||||
Total U.S. Treasury Obligations | 222,524 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
MORTGAGE-BACKED SECURITIES — 22.2% |
| |||||||
Agency Mortgage-Backed Obligations — 21.2% |
| |||||||
FHLMC | ||||||||
5.500%, 10/01/2038 to 06/01/2041 | $ | 1,101 | $ | 1,183 | ||||
5.000%, 09/01/2023 to 11/01/2041 | 1,835 | 1,945 | ||||||
4.500%, 08/01/2040 to 02/01/2045 | 2,315 | 2,427 | ||||||
4.000%, 12/01/2040 to 05/01/2048 | 7,934 | 8,174 | ||||||
3.500%, 10/01/2020 to 12/01/2047 | 13,421 | 13,557 | ||||||
3.000%, 09/01/2029 to 01/01/2047 | 11,900 | 11,760 | ||||||
2.500%, 10/01/2029 to 06/01/2031 | 2,807 | 2,763 | ||||||
FHLMC Multifamily Structured | ||||||||
4.224%, 03/25/2020 | 736 | 745 | ||||||
FHLMC Multifamily Structured | ||||||||
3.250%, 04/25/2023 (D) | 500 | 507 | ||||||
FHLMC Multifamily Structured | ||||||||
2.745%, 01/25/2026 | 400 | 392 | ||||||
FHLMC Multifamily Structured | ||||||||
3.276%, 08/25/2027 | 200 | 200 | ||||||
FHLMC Multifamily Structured | ||||||||
3.926%, 06/25/2028 | 550 | 580 | ||||||
FNMA | ||||||||
6.000%, 07/01/2036 to 10/01/2039 | 655 | 722 | ||||||
5.500%, 01/01/2035 to 09/01/2041 | 1,957 | 2,127 | ||||||
5.000%, 07/01/2040 to 05/01/2042 | 2,824 | 3,010 | ||||||
4.500%, 11/01/2040 to 07/01/2048 | 7,400 | 7,765 | ||||||
4.000%, 06/01/2019 to 02/01/2048 | 12,090 | 12,431 | ||||||
3.500%, 01/01/2027 to 12/01/2047 | 22,488 | 22,730 | ||||||
3.000%, 08/01/2029 to 01/01/2047 | 22,236 | 22,038 | ||||||
2.500%, 07/01/2028 to 03/01/2043 | 4,142 | 4,081 | ||||||
FNMA, Ser 2012-M2, Cl A2 | ||||||||
2.717%, 02/25/2022 | 419 | 418 | ||||||
FNMA, Ser 2014-M11, Cl 2A | ||||||||
3.300%, 08/25/2026 (D) | 466 | 473 | ||||||
FNMA, Ser 2015-M1, Cl A2 | ||||||||
2.532%, 09/25/2024 | 350 | 342 | ||||||
FNMA, Ser 2016-M1, Cl A2 | ||||||||
2.939%, 01/25/2026 (D) | 275 | 273 | ||||||
FNMA, Ser 2018-M1, Cl A2 | ||||||||
2.986%, 12/25/2027 (D) | 115 | 113 | ||||||
GNMA | ||||||||
6.500%, 11/15/2038 | 92 | 105 | ||||||
5.500%, 01/15/2033 to 10/20/2043 | 928 | 1,006 | ||||||
5.000%, 10/15/2033 to 11/20/2046 | 1,137 | 1,198 | ||||||
4.500%, 04/15/2040 to 04/20/2047 | 3,795 | 3,987 | ||||||
4.000%, 04/15/2040 to 05/20/2047 | 7,123 | 7,366 | ||||||
3.500%, 06/20/2042 to 07/20/2047 | 17,714 | 17,973 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 41 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
MORTGAGE-BACKED SECURITIES (continued) |
| |||||||
3.000%, 05/15/2042 to 05/20/2047 | $ | 12,958 | $ | 12,903 | ||||
165,294 | ||||||||
Non-Agency Mortgage-Backed Obligations — 1.0% |
| |||||||
BANK, Ser 2017-BNK7, Cl A4 | ||||||||
3.175%, 09/15/2060 | 200 | 196 | ||||||
BENCHMARK, Ser 2018-B4, Cl A5 | ||||||||
4.121%, 07/15/2051 | 100 | 105 | ||||||
CD Mortgage Trust, Ser 2017-CD6, Cl A5 | ||||||||
3.456%, 11/13/2050 | 150 | 149 | ||||||
Citigroup Commercial Mortgage Trust, Ser 2012-GC8, Cl A4 | ||||||||
3.024%, 09/10/2045 | 550 | 551 | ||||||
Citigroup Commercial Mortgage Trust, Ser 2014-GC21, Cl A5 | ||||||||
3.855%, 05/10/2047 | 265 | 273 | ||||||
COMM Mortgage Trust, Ser 2015-PC1, Cl A4 | ||||||||
3.620%, 07/10/2050 | 240 | 244 | ||||||
COMM Mortgage Trust, Ser 2017-COR2, Cl A3 | ||||||||
3.510%, 09/10/2050 | 300 | 298 | ||||||
Commercial Mortgage Trust, Ser 2014-UBS2, Cl A5 | ||||||||
3.961%, 03/10/2047 | 270 | 278 | ||||||
Commercial Mortgage Trust, Ser 2014-UBS3, Cl A3 | ||||||||
3.546%, 06/10/2047 | 200 | 203 | ||||||
CSAIL Commercial Mortgage Trust, Ser 2015-C3, Cl A4 | ||||||||
3.718%, 08/15/2048 | 245 | 249 | ||||||
CSAIL Commercial Mortgage Trust, Ser 2017- CX10, Cl A5 | ||||||||
3.458%, 11/15/2050 (D) | 325 | 322 | ||||||
CSMC Trust, Ser 2016-NXSR, Cl A4 | ||||||||
3.795%, 12/15/2049 (D) | 350 | 356 | ||||||
GS Mortgage Securities Trust, Ser 2014-GC20, Cl A5 | ||||||||
3.998%, 04/10/2047 | 265 | 274 | ||||||
GS Mortgage Securities Trust, Ser 2014-GC20, Cl AS | ||||||||
4.258%, 04/10/2047 | 297 | 302 | ||||||
GS Mortgage Securities Trust, Ser 2017-GS7, Cl A4 | ||||||||
3.430%, 08/10/2050 | 500 | 496 | ||||||
JPMBB Commercial Mortgage Securities Trust, Ser 2013-C14, Cl AS | ||||||||
4.409%, 08/15/2046 (D) | 295 | 306 | ||||||
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, Cl A4 | ||||||||
3.801%, 09/15/2047 | 500 | 514 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C16, Cl A3 | ||||||||
3.592%, 06/15/2047 | 500 | 505 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
MORTGAGE-BACKED SECURITIES (continued) |
| |||||||
Morgan Stanley Capital I Trust, Ser 2016-BNK2, Cl A3 | ||||||||
2.791%, 11/15/2049 | $ | 500 | $ | 479 | ||||
UBS Commercial Mortgage Trust, Ser 2018-C10, Cl A4 | ||||||||
4.313%, 05/15/2051 | 200 | 211 | ||||||
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C5, Cl A4 | ||||||||
3.185%, 03/10/2046 | 305 | 306 | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2015-C31, Cl A4 | ||||||||
3.695%, 11/15/2048 | 500 | 509 | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2017-RC1, Cl A4 | ||||||||
3.631%, 01/15/2060 | 300 | 300 | ||||||
WFRBS Commercial Mortgage Trust, Ser 2014-C19, Cl A5 | ||||||||
4.101%, 03/15/2047 | 250 | 261 | ||||||
WFRBS Commercial Mortgage Trust, Ser 2014-C22, Cl A4 | ||||||||
3.488%, 09/15/2057 | 300 | 303 | ||||||
7,990 | ||||||||
Total Mortgage-Backed Securities | 173,284 | |||||||
SOVEREIGN DEBT — 16.2% | ||||||||
Angolan Government International Bond | ||||||||
9.500%, 11/12/2025 (A) | 300 | 334 | ||||||
9.375%, 05/08/2048 (A) | 200 | 211 | ||||||
Argentine Republic Government International Bond | ||||||||
8.280%, 12/31/2033 | 210 | 186 | ||||||
7.625%, 04/22/2046 | 500 | 405 | ||||||
7.500%, 04/22/2026 | 650 | 576 | ||||||
7.125%, 07/06/2036 | 250 | 197 | ||||||
7.125%, 06/28/2117 | 250 | 194 | ||||||
6.875%, 04/22/2021 | 500 | 477 | ||||||
6.875%, 01/26/2027 | 450 | 381 | ||||||
6.875%, 01/11/2048 | 200 | 153 | ||||||
6.625%, 07/06/2028 | 200 | 165 | ||||||
5.875%, 01/11/2028 | 650 | 517 | ||||||
5.625%, 01/26/2022 | 400 | 363 | ||||||
4.625%, 01/11/2023 | 200 | 172 | ||||||
2.500%, 3.750%, 3/31/2019, 12/31/2038 (C) | 600 | 355 | ||||||
Armenia Government International Bond | ||||||||
7.150%, 03/26/2025 | 200 | 216 | ||||||
Azerbaijan Government International Bond | ||||||||
4.750%, 03/18/2024 (A) | 200 | 203 |
42 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
SOVEREIGN DEBT (continued) |
| |||||||
3.500%, 09/01/2032 (A) | $ | 150 | $ | 129 | ||||
Bahrain Government International Bond | ||||||||
7.500%, 09/20/2047 (A) | 300 | 299 | ||||||
7.000%, 01/26/2026 (A) | 200 | 211 | ||||||
6.750%, 09/20/2029 (A) | 200 | 202 | ||||||
6.125%, 07/05/2022 (A) | 200 | 208 | ||||||
5.875%, 01/26/2021 (A) | 200 | 204 | ||||||
5.500%, 03/31/2020 (A) | 150 | 151 | ||||||
Belarus Government International Bond | ||||||||
6.875%, 02/28/2023 (A) | 200 | 206 | ||||||
Belize Government International Bond | ||||||||
4.938%, 02/20/2034 | 100 | 56 | ||||||
Bolivian Government International Bond | ||||||||
4.500%, 03/20/2028 (A) | 200 | 179 | ||||||
Brazilian Government International Bond | ||||||||
8.875%, 04/15/2024 | 100 | 124 | ||||||
8.250%, 01/20/2034 | 350 | 446 | ||||||
7.125%, 01/20/2037 | 200 | 235 | ||||||
6.000%, 04/07/2026 | 350 | 383 | ||||||
5.625%, 01/07/2041 | 250 | 252 | ||||||
5.625%, 02/21/2047 | 300 | 298 | ||||||
5.000%, 01/27/2045 | 350 | 323 | ||||||
4.875%, 01/22/2021 | 300 | 309 | ||||||
4.625%, 01/13/2028 | 200 | 199 | ||||||
4.250%, 01/07/2025 | 500 | 505 | ||||||
2.625%, 01/05/2023 | 300 | 288 | ||||||
Bundesobligation | ||||||||
-0.438%, 04/08/2022 (B)(E) | EUR | 250 | 292 | |||||
Bundesrepublik Deutschland Bundesanleihe | ||||||||
4.750%, 07/04/2034 | 273 | 518 | ||||||
2.500%, 07/04/2044 | 255 | 416 | ||||||
2.000%, 08/15/2023 | 490 | 624 | ||||||
1.250%, 08/15/2048 | 50 | 65 | ||||||
0.500%, 02/15/2025 | 480 | 576 | ||||||
0.500%, 02/15/2028 | 280 | 335 | ||||||
Cameroon Government International Bond | ||||||||
9.500%, 11/19/2025 (A) | $ | 200 | 214 | |||||
Canada Government International Bond | ||||||||
3.500%, 12/01/2045 | CAD | 175 | 170 | |||||
2.625%, 01/25/2022 | $ | 110 | 110 | |||||
2.250%, 06/01/2025 | CAD | 419 | 327 | |||||
Chile Government International Bond | ||||||||
3.875%, 08/05/2020 | $ | 150 | 152 | |||||
3.860%, 06/21/2047 | 300 | 291 | ||||||
3.240%, 02/06/2028 | 200 | 197 | ||||||
3.125%, 01/21/2026 | 200 | 197 | ||||||
China Government International Bond | ||||||||
3.500%, 10/19/2028 | 200 | 203 | ||||||
3.250%, 10/19/2023 | 200 | 203 | ||||||
2.625%, 11/02/2027 | 200 | 190 | ||||||
Colombia Government International Bond | ||||||||
7.375%, 09/18/2037 | 200 | 254 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
SOVEREIGN DEBT (continued) |
| |||||||
6.125%, 01/18/2041 | $ | 500 | $ | 571 | ||||
5.625%, 02/26/2044 | 200 | 218 | ||||||
5.200%, 05/15/2049 | 200 | 207 | ||||||
5.000%, 06/15/2045 | 500 | 507 | ||||||
4.500%, 01/28/2026 | 200 | 206 | ||||||
4.500%, 03/15/2029 | 200 | 205 | ||||||
4.375%, 07/12/2021 | 300 | 307 | ||||||
4.000%, 02/26/2024 | 300 | 304 | ||||||
3.875%, 04/25/2027 | 500 | 494 | ||||||
2.625%, 03/15/2023 | 150 | 144 | ||||||
Costa Rica Government International Bond | ||||||||
7.000%, 04/04/2044 (A) | 200 | 178 | ||||||
4.375%, 04/30/2025 (A) | 200 | 177 | ||||||
Croatia Government International Bond | ||||||||
6.625%, 07/14/2020 (A) | 100 | 105 | ||||||
6.375%, 03/24/2021 | 150 | 158 | ||||||
6.000%, 01/26/2024 | 200 | 220 | ||||||
5.500%, 04/04/2023 | 250 | 267 | ||||||
Dominican Republic International Bond | ||||||||
7.500%, 05/06/2021 | 100 | 104 | ||||||
7.450%, 04/30/2044 | 150 | 163 | ||||||
6.875%, 01/29/2026 (A) | 200 | 216 | ||||||
6.850%, 01/27/2045 | 200 | 206 | ||||||
6.600%, 01/28/2024 | 100 | 106 | ||||||
6.500%, 02/15/2048 (A) | 200 | 198 | ||||||
5.950%, 01/25/2027 (A) | 200 | 206 | ||||||
5.500%, 01/27/2025 | 300 | 304 | ||||||
Ecuador Government International Bond | ||||||||
10.750%, 03/28/2022 (A) | 200 | 211 | ||||||
10.500%, 03/24/2020 | 200 | 208 | ||||||
9.650%, 12/13/2026 (A) | 200 | 196 | ||||||
9.625%, 06/02/2027 (A) | 200 | 195 | ||||||
8.875%, 10/23/2027 (A) | 200 | 187 | ||||||
8.750%, 06/02/2023 (A) | 200 | 198 | ||||||
7.950%, 06/20/2024 | 200 | 189 | ||||||
7.875%, 01/23/2028 (A) | 400 | 355 | ||||||
Egypt Government International Bond | ||||||||
8.500%, 01/31/2047 (A) | 200 | 192 | ||||||
7.903%, 02/21/2048 (A) | 200 | 184 | ||||||
7.500%, 01/31/2027 (A) | 400 | 396 | ||||||
6.875%, 04/30/2040 | 100 | 86 | ||||||
6.588%, 02/21/2028 (A) | 200 | 186 | ||||||
5.875%, 06/11/2025 | 200 | 188 | ||||||
5.750%, 04/29/2020 | 200 | 202 | ||||||
El Salvador Government International Bond | ||||||||
8.625%, 02/28/2029 (A) | 100 | 108 | ||||||
7.650%, 06/15/2035 | 60 | 60 | ||||||
7.625%, 02/01/2041 (A) | 150 | 148 | ||||||
6.375%, 01/18/2027 | 100 | 95 | ||||||
5.875%, 01/30/2025 | 50 | 48 | ||||||
Ethiopia Government International Bond | ||||||||
6.625%, 12/11/2024 | 200 | 201 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 43 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
SOVEREIGN DEBT (continued) |
| |||||||
Export Development Canada | ||||||||
2.500%, 01/24/2023 | $ | 100 | $ | 100 | ||||
2.000%, 05/17/2022 | 200 | 196 | ||||||
1.375%, 10/21/2021 | 100 | 97 | ||||||
Export-Import Bank of Korea | ||||||||
2.875%, 01/21/2025 | 100 | 97 | ||||||
2.625%, 05/26/2026 | 200 | 187 | ||||||
French Republic Government Bond OAT | ||||||||
4.750%, 04/25/2035 | EUR | 145 | 260 | |||||
4.500%, 04/25/2041 | 130 | 243 | ||||||
4.250%, 10/25/2023 | 428 | 595 | ||||||
3.750%, 04/25/2021 | 700 | 879 | ||||||
3.250%, 05/25/2045 | 110 | 177 | ||||||
2.750%, 10/25/2027 | 220 | 304 | ||||||
2.500%, 05/25/2030 | 340 | 467 | ||||||
2.000%, 05/25/2048 (A) | 245 | 313 | ||||||
1.250%, 05/25/2036 (A) | 140 | 164 | ||||||
1.000%, 11/25/2025 | 665 | 808 | ||||||
0.750%, 11/25/2028 | 215 | 251 | ||||||
0.500%, 05/25/2025 | 275 | 324 | ||||||
Gabon Government International Bond | ||||||||
6.375%, 12/12/2024 | $ | 200 | 191 | |||||
Ghana Government International Bond | ||||||||
10.750%, 10/14/2030 | 300 | 352 | ||||||
7.875%, 08/07/2023 | 200 | 208 | ||||||
Guatemala Government International Bond | ||||||||
5.750%, 06/06/2022 (A) | 200 | 209 | ||||||
4.875%, 02/13/2028 | 100 | 98 | ||||||
Honduras Government International Bond | ||||||||
7.500%, 03/15/2024 | 200 | 215 | ||||||
Hungary Government International Bond | ||||||||
7.625%, 03/29/2041 | 300 | 432 | ||||||
6.375%, 03/29/2021 | 350 | 371 | ||||||
5.750%, 11/22/2023 | 200 | 218 | ||||||
5.375%, 03/25/2024 | 450 | 486 | ||||||
Indonesia Government International Bond | ||||||||
8.500%, 10/12/2035 | 100 | 139 | ||||||
7.750%, 01/17/2038 | 100 | 134 | ||||||
6.750%, 01/15/2044 (A) | 275 | 345 | ||||||
6.625%, 02/17/2037 | 225 | 268 | ||||||
5.950%, 01/08/2046 (A) | 200 | 230 | ||||||
5.875%, 01/15/2024 (A) | 200 | 218 | ||||||
5.375%, 10/17/2023 (A) | 200 | 214 | ||||||
5.250%, 01/17/2042 (A) | 50 | 52 | ||||||
5.250%, 01/08/2047 (A) | 200 | 211 | ||||||
5.125%, 01/15/2045 (A) | 200 | 207 | ||||||
4.875%, 05/05/2021 (A) | 200 | 206 | ||||||
4.750%, 01/08/2026 (A) | 200 | 207 | ||||||
4.750%, 02/11/2029 | 350 | 367 | ||||||
4.625%, 04/15/2043 (A) | 400 | 393 | ||||||
4.350%, 01/08/2027 (A) | 200 | 202 | ||||||
4.350%, 01/11/2048 | 200 | 191 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
SOVEREIGN DEBT (continued) |
| |||||||
4.125%, 01/15/2025 (A) | $ | 200 | $ | 201 | ||||
4.100%, 04/24/2028 | 100 | 99 | ||||||
3.850%, 07/18/2027 (A) | 200 | 195 | ||||||
3.750%, 04/25/2022 (A) | 200 | 201 | ||||||
3.700%, 01/08/2022 (A) | 200 | 201 | ||||||
3.500%, 01/11/2028 | 200 | 190 | ||||||
3.375%, 04/15/2023 (A) | 200 | 197 | ||||||
2.950%, 01/11/2023 | 200 | 195 | ||||||
Iraq Government AID Bond | ||||||||
2.149%, 01/18/2022 | 320 | 316 | ||||||
Iraq Government International Bond | ||||||||
6.752%, 03/09/2023 (A) | 100 | 100 | ||||||
5.800%, 01/15/2028 (A) | 250 | 236 | ||||||
Israel Government International Bond | ||||||||
4.500%, 01/30/2043 | 200 | 208 | ||||||
4.125%, 01/17/2048 | 200 | 198 | ||||||
3.250%, 01/17/2028 | 100 | 100 | ||||||
Italy Buoni Poliennali Del Tesoro | ||||||||
5.000%, 08/01/2034 (A) | EUR | 330 | 469 | |||||
5.000%, 08/01/2039 (A) | 200 | 287 | ||||||
4.750%, 09/01/2028 (A) | 299 | 409 | ||||||
4.000%, 09/01/2020 | 310 | 376 | ||||||
3.750%, 05/01/2021 (A) | 307 | 377 | ||||||
3.250%, 09/01/2046 (A) | 140 | 158 | ||||||
2.800%, 12/01/2028 | 180 | 211 | ||||||
2.500%, 12/01/2024 | 325 | 387 | ||||||
2.500%, 11/15/2025 | 180 | 212 | ||||||
2.300%, 10/15/2021 | 485 | 578 | ||||||
2.000%, 02/01/2028 | 220 | 245 | ||||||
1.450%, 05/15/2025 | 275 | 306 | ||||||
0.650%, 11/01/2020 | 325 | 375 | ||||||
0.650%, 10/15/2023 | 342 | 379 | ||||||
0.050%, 04/15/2021 | 345 | 392 | ||||||
Italy Government International Bond | ||||||||
6.875%, 09/27/2023 | $ | 100 | 110 | |||||
5.375%, 06/15/2033 | 150 | 157 | ||||||
Ivory Coast Government International Bond | ||||||||
6.125%, 06/15/2033 | 200 | 178 | ||||||
5.750%, 12/31/2032 | 110 | 102 | ||||||
5.375%, 07/23/2024 | 200 | 191 | ||||||
Jamaica Government International Bond | ||||||||
8.000%, 03/15/2039 | 100 | 118 | ||||||
7.875%, 07/28/2045 | 100 | 119 | ||||||
6.750%, 04/28/2028 | 300 | 330 | ||||||
Japan Bank for International Cooperation | ||||||||
3.375%, 10/31/2023 | 200 | 205 | ||||||
2.875%, 06/01/2027 | 100 | 98 | ||||||
2.500%, 06/01/2022 | 200 | 198 | ||||||
2.375%, 07/21/2022 | 100 | 98 | ||||||
2.125%, 07/21/2020 | 100 | 99 | ||||||
1.875%, 07/21/2026 | 200 | 185 |
44 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
SOVEREIGN DEBT (continued) |
| |||||||
Japan Finance Organization for Municipalities | ||||||||
4.000%, 01/13/2021 | $ | 100 | $ | 102 | ||||
Japan Government Five Year Bond | ||||||||
0.100%, 06/20/2019 | JPY | 63,500 | 584 | |||||
0.100%, 06/20/2020 | 115,500 | 1,065 | ||||||
0.100%, 09/20/2020 | 209,300 | 1,932 | ||||||
0.100%, 09/20/2021 | 97,700 | 904 | ||||||
0.100%, 12/20/2021 | 49,000 | 454 | ||||||
0.100%, 09/20/2022 | 119,000 | 1,104 | ||||||
0.100%, 03/20/2023 | 253,100 | 2,351 | ||||||
0.100%, 06/20/2023 | 74,000 | 688 | ||||||
Japan Government Forty Year Bond | ||||||||
0.900%, 03/20/2057 | 44,400 | 430 | ||||||
Japan Government Ten Year Bond | ||||||||
0.700%, 12/20/2022 | 70,250 | 667 | ||||||
0.400%, 09/20/2025 | 60,000 | 572 | ||||||
0.100%, 03/20/2026 | 81,850 | 766 | ||||||
0.100%, 03/20/2027 | 120,000 | 1,122 | ||||||
0.100%, 09/20/2027 | 73,600 | 687 | ||||||
0.100%, 03/20/2028 | 162,600 | 1,515 | ||||||
0.100%, 06/20/2028 | 46,950 | 437 | ||||||
0.100%, 09/20/2028 | 88,200 | 819 | ||||||
Japan Government Thirty Year Bond | ||||||||
2.500%, 03/20/2036 | 127,700 | 1,594 | ||||||
1.700%, 09/20/2044 | 66,650 | 775 | ||||||
0.900%, 09/20/2048 | 33,000 | 324 | ||||||
0.800%, 06/20/2047 | 14,000 | 134 | ||||||
0.800%, 09/20/2047 | 38,000 | 365 | ||||||
0.800%, 03/20/2048 | 11,000 | 105 | ||||||
0.600%, 12/20/2046 | 18,000 | 165 | ||||||
0.300%, 06/20/2046 | 20,350 | 172 | ||||||
Japan Government Twenty Year Bond | ||||||||
1.600%, 03/20/2033 | 130,250 | 1,429 | ||||||
0.700%, 09/20/2038 | 54,500 | 525 | ||||||
0.600%, 12/20/2036 | 63,000 | 601 | ||||||
0.600%, 09/20/2037 | 56,000 | 533 | ||||||
0.500%, 09/20/2036 | 22,000 | 207 | ||||||
0.500%, 03/20/2038 | 8,400 | 78 | ||||||
0.500%, 06/20/2038 | 23,500 | 219 | ||||||
Jordan Government International Bond | ||||||||
7.375%, 10/10/2047 (A) | $ | 100 | 95 | |||||
5.750%, 01/31/2027 (A) | 200 | 193 | ||||||
Kazakhstan Government International Bond | ||||||||
5.125%, 07/21/2025 (A) | 500 | 538 | ||||||
4.875%, 10/14/2044 (A) | 200 | 208 | ||||||
Kenya Government International Bond | ||||||||
8.250%, 02/28/2048 (A) | 100 | 96 | ||||||
7.250%, 02/28/2028 (A) | 200 | 195 | ||||||
6.875%, 06/24/2024 | 200 | 200 | ||||||
Korea Government International Bond | ||||||||
3.875%, 09/11/2023 | 200 | 207 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
SOVEREIGN DEBT (continued) |
| |||||||
Kuwait Government International Bond | ||||||||
3.500%, 03/20/2027 (A) | $ | 450 | $ | 451 | ||||
2.750%, 03/20/2022 (A) | 300 | 296 | ||||||
Lebanon Government International Bond | ||||||||
8.250%, 04/12/2021 | 250 | 238 | ||||||
7.250%, 03/23/2037 | 100 | 80 | ||||||
7.000%, 03/23/2032 | 100 | 79 | ||||||
6.850%, 03/23/2027 | 400 | 331 | ||||||
6.650%, 11/03/2028 | 50 | 41 | ||||||
6.650%, 02/26/2030 | 250 | 200 | ||||||
6.600%, 11/27/2026 | 450 | 374 | ||||||
6.375%, 03/09/2020 | 50 | 48 | ||||||
6.100%, 10/04/2022 | 400 | 348 | ||||||
6.000%, 01/27/2023 | 50 | 43 | ||||||
5.800%, 04/14/2020 | 200 | 187 | ||||||
Mexico Government International Bond | ||||||||
6.750%, 09/27/2034 | 525 | 614 | ||||||
6.050%, 01/11/2040 | 550 | 602 | ||||||
5.750%, 10/12/2110 | 500 | 490 | ||||||
5.550%, 01/21/2045 | 50 | 53 | ||||||
4.750%, 03/08/2044 | 550 | 518 | ||||||
4.600%, 01/23/2046 | 300 | 276 | ||||||
4.600%, 02/10/2048 | 300 | 277 | ||||||
4.350%, 01/15/2047 | 550 | 490 | ||||||
4.150%, 03/28/2027 | 650 | 637 | ||||||
4.125%, 01/21/2026 | 350 | 348 | ||||||
4.000%, 10/02/2023 | 300 | 304 | ||||||
3.750%, 01/11/2028 | 600 | 572 | ||||||
3.625%, 03/15/2022 | 400 | 400 | ||||||
3.600%, 01/30/2025 | 400 | 387 | ||||||
Mongolia Government International Bond MTN | ||||||||
8.750%, 03/09/2024 (A) | 200 | 219 | ||||||
5.125%, 12/05/2022 | 100 | 97 | ||||||
Morocco Government International Bond | ||||||||
5.500%, 12/11/2042 (A) | 100 | 104 | ||||||
4.250%, 12/11/2022 (A) | 100 | 101 | ||||||
Namibia Government International Bond | ||||||||
5.500%, 11/03/2021 (A) | 200 | 202 | ||||||
Nigeria Government International Bond | ||||||||
7.875%, 02/16/2032 (A) | 200 | 199 | ||||||
7.696%, 02/23/2038 (A) | 100 | 96 | ||||||
7.625%, 11/21/2025 (A) | 200 | 207 | ||||||
7.625%, 11/28/2047 (A) | 100 | 94 | ||||||
7.143%, 02/23/2030 (A) | 300 | 288 | ||||||
6.500%, 11/28/2027 (A) | 200 | 191 | ||||||
Oman Government International Bond | ||||||||
6.750%, 01/17/2048 (A) | 350 | 298 | ||||||
6.500%, 03/08/2047 (A) | 250 | 209 | ||||||
5.625%, 01/17/2028 (A) | 300 | 273 | ||||||
5.375%, 03/08/2027 (A) | 200 | 181 | ||||||
4.750%, 06/15/2026 (A) | 200 | 178 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 45 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
SOVEREIGN DEBT (continued) |
| |||||||
3.875%, 03/08/2022 (A) | $ | 200 | $ | 191 | ||||
3.625%, 06/15/2021 (A) | 200 | 193 | ||||||
Pakistan Government International Bond | ||||||||
8.250%, 09/30/2025 | 200 | 213 | ||||||
6.875%, 12/05/2027 (A) | 100 | 97 | ||||||
Panama Government International Bond | ||||||||
6.700%, 01/26/2036 | 200 | 253 | ||||||
4.500%, 05/15/2047 | 300 | 305 | ||||||
4.500%, 04/16/2050 | 100 | 100 | ||||||
4.300%, 04/29/2053 | 200 | 196 | ||||||
4.000%, 09/22/2024 | 200 | 206 | ||||||
3.875%, 03/17/2028 | 500 | 509 | ||||||
3.750%, 03/16/2025 | 200 | 203 | ||||||
Paraguay Government International Bond | ||||||||
6.100%, 08/11/2044 | 200 | 218 | ||||||
5.000%, 04/15/2026 (A) | 200 | 206 | ||||||
Peruvian Government International Bond | ||||||||
8.750%, 11/21/2033 | 150 | 226 | ||||||
7.350%, 07/21/2025 | 150 | 185 | ||||||
6.550%, 03/14/2037 | 250 | 326 | ||||||
5.625%, 11/18/2050 | 300 | 365 | ||||||
4.125%, 08/25/2027 | 400 | 424 | ||||||
Philippine Government International Bond | ||||||||
9.500%, 02/02/2030 | 100 | 151 | ||||||
7.750%, 01/14/2031 | 200 | 276 | ||||||
6.375%, 01/15/2032 | 100 | 125 | ||||||
6.375%, 10/23/2034 | 250 | 322 | ||||||
5.500%, 03/30/2026 | 450 | 507 | ||||||
5.000%, 01/13/2037 | 200 | 229 | ||||||
4.200%, 01/21/2024 | 400 | 417 | ||||||
4.000%, 01/15/2021 | 100 | 101 | ||||||
3.950%, 01/20/2040 | 400 | 406 | ||||||
3.750%, 01/14/2029 | 200 | 202 | ||||||
3.700%, 03/01/2041 | 200 | 195 | ||||||
3.700%, 02/02/2042 | 300 | 292 | ||||||
3.000%, 02/01/2028 | 550 | 528 | ||||||
Poland Government International Bond | ||||||||
5.125%, 04/21/2021 | 450 | 471 | ||||||
5.000%, 03/23/2022 | 375 | 397 | ||||||
4.000%, 01/22/2024 | 300 | 310 | ||||||
3.250%, 04/06/2026 | 200 | 199 | ||||||
3.000%, 03/17/2023 | 200 | 199 | ||||||
Province of Alberta Canada | ||||||||
3.350%, 11/01/2023 | 100 | 102 | ||||||
3.300%, 03/15/2028 | 100 | 101 | ||||||
Province of British Columbia Canada | ||||||||
2.250%, 06/02/2026 | 100 | 96 | ||||||
2.000%, 10/23/2022 | 125 | 122 | ||||||
Province of Manitoba Canada | ||||||||
2.125%, 06/22/2026 | 100 | 94 | ||||||
Province of New Brunswick Canada | ||||||||
3.625%, 02/24/2028 | 50 | 52 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
SOVEREIGN DEBT (continued) |
| |||||||
Province of Ontario Canada | ||||||||
4.400%, 04/14/2020 | $ | 100 | $ | 102 | ||||
2.550%, 02/12/2021 | 200 | 199 | ||||||
2.500%, 09/10/2021 | 200 | 199 | ||||||
2.250%, 05/18/2022 | 100 | 98 | ||||||
2.200%, 10/03/2022 | 100 | 98 | ||||||
Province of Quebec Canada | ||||||||
3.500%, 07/29/2020 | 100 | 101 | ||||||
2.375%, 01/31/2022 | 100 | 99 | ||||||
Qatar Government International Bond | ||||||||
9.750%, 06/15/2030 (A) | 200 | 307 | ||||||
5.750%, 01/20/2042 (A) | 200 | 235 | ||||||
5.103%, 04/23/2048 (A) | 700 | 751 | ||||||
4.625%, 06/02/2046 (A) | 200 | 206 | ||||||
4.500%, 04/23/2028 (A) | 300 | 317 | ||||||
3.875%, 04/23/2023 (A) | 300 | 305 | ||||||
3.250%, 06/02/2026 (A) | 300 | 294 | ||||||
2.375%, 06/02/2021 (A) | 600 | 588 | ||||||
Romanian Government International Bond | ||||||||
6.750%, 02/07/2022 (A) | 200 | 216 | ||||||
6.125%, 01/22/2044 (A) | 100 | 111 | ||||||
5.125%, 06/15/2048 (A) | 150 | 148 | ||||||
4.875%, 01/22/2024 (A) | 150 | 156 | ||||||
4.375%, 08/22/2023 (A) | 150 | 152 | ||||||
Russian Foreign Bond - Eurobond | ||||||||
12.750%, 06/24/2028 (A) | 375 | 602 | ||||||
7.500%, 03/31/2030 | 768 | 850 | ||||||
5.875%, 09/16/2043 (A) | 850 | 940 | ||||||
5.625%, 04/04/2042 (A) | 350 | 374 | ||||||
5.000%, 04/29/2020 | 100 | 102 | ||||||
4.875%, 09/16/2023 (A) | 500 | 519 | ||||||
4.500%, 04/04/2022 (A) | 400 | 410 | ||||||
Saudi Government International Bond | ||||||||
5.250%, 01/16/2050 (A) | 350 | 359 | ||||||
5.000%, 04/17/2049 (A) | 400 | 396 | ||||||
4.625%, 10/04/2047 (A) | 500 | 471 | ||||||
4.500%, 04/17/2030 (A) | 400 | 408 | ||||||
4.500%, 10/26/2046 (A) | 650 | 606 | ||||||
4.375%, 04/16/2029 (A) | 450 | 458 | ||||||
4.000%, 04/17/2025 (A) | 400 | 404 | ||||||
3.625%, 03/04/2028 (A) | 430 | 415 | ||||||
3.250%, 10/26/2026 (A) | 600 | 573 | ||||||
2.875%, 03/04/2023 (A) | 350 | 341 | ||||||
2.375%, 10/26/2021 (A) | 700 | 680 | ||||||
Senegal Government International Bond | ||||||||
6.250%, 07/30/2024 | 200 | 203 | ||||||
Serbia Government International Bond | ||||||||
7.250%, 09/28/2021 | 200 | 217 | ||||||
4.875%, 02/25/2020 | 200 | 203 | ||||||
South Africa Government International Bond | ||||||||
6.250%, 03/08/2041 | 100 | 103 | ||||||
5.875%, 05/30/2022 | 100 | 105 |
46 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
SOVEREIGN DEBT (continued) |
| |||||||
5.875%, 09/16/2025 | $ | 300 | $ | 315 | ||||
5.500%, 03/09/2020 | 100 | 102 | ||||||
5.375%, 07/24/2044 | 400 | 372 | ||||||
5.000%, 10/12/2046 | 200 | 179 | ||||||
4.875%, 04/14/2026 | 200 | 198 | ||||||
4.850%, 09/27/2027 | 200 | 195 | ||||||
4.300%, 10/12/2028 | 200 | 186 | ||||||
Sri Lanka Government International Bond | ||||||||
6.850%, 11/03/2025 (A) | 200 | 197 | ||||||
6.825%, 07/18/2026 (A) | 200 | 195 | ||||||
6.750%, 04/18/2028 (A) | 200 | 192 | ||||||
6.250%, 10/04/2020 (A) | 100 | 100 | ||||||
6.200%, 05/11/2027 (A) | 100 | 93 | ||||||
5.750%, 01/18/2022 (A) | 200 | 197 | ||||||
5.750%, 04/18/2023 (A) | 200 | 194 | ||||||
Trinidad & Tobago Government International Bond | ||||||||
4.500%, 08/04/2026 (A) | 200 | 186 | ||||||
Turkey Government International Bond | ||||||||
8.000%, 02/14/2034 | 100 | 108 | ||||||
7.625%, 04/26/2029 | 200 | 210 | ||||||
7.375%, 02/05/2025 | 200 | 209 | ||||||
7.250%, 12/23/2023 | 200 | 210 | ||||||
7.250%, 03/05/2038 | 200 | 203 | ||||||
7.000%, 06/05/2020 | 200 | 205 | ||||||
6.875%, 03/17/2036 | 250 | 246 | ||||||
6.750%, 05/30/2040 | 200 | 193 | ||||||
6.625%, 02/17/2045 | 300 | 284 | ||||||
6.250%, 09/26/2022 | 200 | 203 | ||||||
6.125%, 10/24/2028 | 200 | 192 | ||||||
6.000%, 03/25/2027 | 600 | 578 | ||||||
6.000%, 01/14/2041 | 300 | 266 | ||||||
5.750%, 03/22/2024 | 200 | 197 | ||||||
5.750%, 05/11/2047 | 450 | 384 | ||||||
5.625%, 03/30/2021 | 300 | 303 | ||||||
5.125%, 03/25/2022 | 200 | 197 | ||||||
5.125%, 02/17/2028 | 150 | 136 | ||||||
4.875%, 10/09/2026 | 550 | 498 | ||||||
4.875%, 04/16/2043 | 275 | 215 | ||||||
4.250%, 04/14/2026 | 200 | 176 | ||||||
3.250%, 03/23/2023 | 200 | 182 | ||||||
Ukraine Government AID Bond | ||||||||
1.847%, 05/29/2020 | 263 | 261 | ||||||
Ukraine Government International Bond | ||||||||
7.750%, 09/01/2020 (A) | 200 | 198 | ||||||
7.750%, 09/01/2021 (A) | 250 | 245 | ||||||
7.750%, 09/01/2023 (A) | 200 | 191 | ||||||
7.750%, 09/01/2025 (A) | 200 | 184 | ||||||
7.750%, 09/01/2026 (A) | 200 | 182 | ||||||
7.750%, 09/01/2027 (A) | 200 | 180 | ||||||
7.375%, 09/25/2032 (A) | 300 | 255 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
SOVEREIGN DEBT (continued) |
| |||||||
United Kingdom Gilt | ||||||||
4.750%, 12/07/2038 | GBP | 260 | $ | 522 | ||||
4.500%, 09/07/2034 | 128 | 238 | ||||||
4.250%, 06/07/2032 | 318 | 561 | ||||||
3.750%, 09/07/2021 | 357 | 506 | ||||||
3.750%, 07/22/2052 | 325 | 655 | ||||||
3.500%, 07/22/2068 | 55 | 118 | ||||||
2.250%, 09/07/2023 | 370 | 517 | ||||||
2.000%, 09/07/2025 | 165 | 231 | ||||||
1.750%, 09/07/2037 | 160 | 214 | ||||||
1.750%, 07/22/2057 | 60 | 81 | ||||||
1.625%, 10/22/2028 | 250 | 341 | ||||||
1.500%, 01/22/2021 | 270 | 360 | ||||||
1.500%, 07/22/2026 | 208 | 283 | ||||||
1.500%, 07/22/2047 | 410 | 512 | ||||||
Uruguay Government International Bond | ||||||||
7.625%, 03/21/2036 | $ | 150 | 202 | |||||
5.100%, 06/18/2050 | 455 | 468 | ||||||
4.975%, 04/20/2055 | 290 | 291 | ||||||
4.500%, 08/14/2024 | 250 | 259 | ||||||
4.375%, 10/27/2027 | 500 | 515 | ||||||
4.125%, 11/20/2045 | 200 | 187 | ||||||
Zambia Government International Bond | ||||||||
8.500%, 04/14/2024 | 200 | 165 | ||||||
5.375%, 09/20/2022 | 200 | 156 | ||||||
Total Sovereign Debt | 125,945 | |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.9% |
| |||||||
FFCB | ||||||||
1.620%, 04/20/2021 | 250 | 245 | ||||||
FHLB | ||||||||
5.500%, 07/15/2036 | 225 | 290 | ||||||
3.250%, 11/16/2028 | 315 | 322 | ||||||
2.375%, 03/30/2020 | 500 | 499 | ||||||
1.875%, 11/29/2021 | 500 | 492 | ||||||
1.125%, 07/14/2021 | 750 | 727 | ||||||
FHLMC | ||||||||
6.750%, 03/15/2031 | 500 | 681 | ||||||
6.250%, 07/15/2032 | 300 | 402 | ||||||
2.375%, 01/13/2022 | 375 | 374 | ||||||
1.375%, 05/01/2020 | 200 | 197 | ||||||
FNMA | ||||||||
6.625%, 11/15/2030 | 475 | 638 | ||||||
2.625%, 09/06/2024 | 300 | 301 | ||||||
2.125%, 04/24/2026 | 205 | 196 | ||||||
1.875%, 12/28/2020 | 100 | 99 | ||||||
1.875%, 09/24/2026 | 300 | 281 | ||||||
1.500%, 06/22/2020 | 300 | 296 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 47 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
| |||||||
Tennessee Valley Authority | ||||||||
5.250%, 09/15/2039 | $ | 275 | $ | 341 | ||||
4.250%, 09/15/2065 | 200 | 227 | ||||||
3.500%, 12/15/2042 | 125 | 123 | �� | |||||
2.875%, 02/01/2027 | 150 | 149 | ||||||
Total U.S. Government Agency Obligations |
| 6,880 | ||||||
MUNICIPAL BONDS — 0.5% |
| |||||||
California — 0.2% |
| |||||||
Bay Area, Toll Authority, RB | ||||||||
6.263%, 04/01/2049 | 100 | 137 | ||||||
California State University, Ser B, RB Callable 05/01/2047 @ 100 | ||||||||
3.899%, 11/01/2047 | 100 | 96 | ||||||
California State, Build America Bonds, GO | ||||||||
7.600%, 11/01/2040 | 175 | 262 | ||||||
California State, Department of Water Resources, Ser P, RB | ||||||||
2.000%, 05/01/2022 | 25 | 24 | ||||||
California State, East Bay Municipal Utility District, Water System Revenue, RB | ||||||||
5.874%, 06/01/2040 | 100 | 129 | ||||||
California State, GO | ||||||||
3.500%, 04/01/2028 | 25 | 25 | ||||||
3.375%, 04/01/2025 | 200 | 203 | ||||||
California State, GO | ||||||||
4.600%, 04/01/2038 | 30 | 31 | ||||||
4.500%, 04/01/2033 | 50 | 53 | ||||||
Los Angeles, Unified School District, GO | ||||||||
5.750%, 07/01/2034 | 100 | 121 | ||||||
University of California, Ser AJ, RB | ||||||||
4.601%, 05/15/2031 | 250 | 272 | ||||||
University of California, Ser AQ, RB | ||||||||
4.767%, 05/15/2115 | 150 | 151 | ||||||
1,504 | ||||||||
Connecticut — 0.0% | ||||||||
Connecticut State, Ser A, GO | ||||||||
5.850%, 03/15/2032 | 100 | 116 | ||||||
Georgia — 0.0% | ||||||||
Georgia State, Municipal Electric Authority, RB | ||||||||
6.655%, 04/01/2057 | 99 | 113 | ||||||
6.637%, 04/01/2057 | 100 | 106 | ||||||
219 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
MUNICIPAL BONDS (continued) |
| |||||||
Illinois — 0.0% | ||||||||
Chicago O’Hare International Airport, Ser C, GO | ||||||||
4.472%, 01/01/2049 | $ | 50 | $ | 51 | ||||
Illinois State, GO | ||||||||
5.100%, 06/01/2033 | 200 | 192 | ||||||
4.950%, 06/01/2023 | 100 | 101 | ||||||
344 | ||||||||
New Jersey — 0.1% | ||||||||
New Jersey State, Turnpike Authority, RB | ||||||||
7.102%, 01/01/2041 | 350 | 491 | ||||||
New York — 0.1% | ||||||||
New York & New Jersey, Port Authority, RB | ||||||||
4.458%, 10/01/2062 | 100 | 106 | ||||||
4.031%, 09/01/2048 | 50 | 50 | ||||||
New York & New Jersey, Port Authority, Ser 20, RB | ||||||||
4.229%, 10/15/2057 | 65 | 67 | ||||||
New York City, Water & Sewer System, RB | ||||||||
5.750%, 06/15/2041 | 100 | 126 | ||||||
New York State Urban Development, | ||||||||
3.900%, 03/15/2033 | 50 | 50 | ||||||
New York State, Dormitory Authority, RB | ||||||||
5.289%, 03/15/2033 | 100 | 115 | ||||||
New York State, Metropolitan Transportation Authority, RB | ||||||||
6.814%, 11/15/2040 | 150 | 196 | ||||||
710 | ||||||||
Ohio — 0.0% | ||||||||
American Municipal Power, Hydroelectic | ||||||||
8.084%, 02/15/2050 | 100 | 158 | ||||||
South Carolina — 0.0% | ||||||||
South Carolina State, Public Service Authority, Ser D, RB | ||||||||
2.388%, 12/01/2023 | 50 | 48 | ||||||
Tennessee — 0.0% | ||||||||
Nashville & Davidson County, Metropolitan Government, Health & Educational Facilities Board, Ser B, | ||||||||
4.053%, 07/01/2026 | 100 | 103 | ||||||
Texas — 0.1% | ||||||||
Houston, Ser A, GO | ||||||||
6.290%, 03/01/2032 | 85 | 100 |
48 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
MUNICIPAL BONDS (continued) |
| |||||||
Permanent University Fund - University of Texas System, Ser S, | ||||||||
3.376%, 07/01/2047 | $ | 20 | $ | 18 | ||||
Texas State, Build America Bonds, GO | ||||||||
5.517%, 04/01/2039 | 100 | 124 | ||||||
Texas State, Transportation Commission State Highway Fund, Ser B, RB | ||||||||
5.178%, 04/01/2030 | 200 | 230 | ||||||
University of Texas, Ser A, RB | ||||||||
3.354%, 08/15/2047 | 50 | 46 | ||||||
518 | ||||||||
Total Municipal Bonds | 4,211 | |||||||
ASSET-BACKED SECURITIES — 0.4% |
| |||||||
Ally Auto Receivables Trust, Ser 2018-2, Cl A3 | ||||||||
2.920%, 11/15/2022 | 145 | 145 | ||||||
Ally Master Owner Trust, Ser 2018-1, Cl A2 | ||||||||
2.700%, 01/17/2023 | 100 | 99 | ||||||
Ally Master Owner Trust, Ser 2018-2, Cl A | ||||||||
3.290%, 05/15/2023 | 100 | 101 | ||||||
American Express Credit Account Master Trust, Ser 2018-8, Cl A | ||||||||
3.180%, 04/15/2024 | 103 | 104 | ||||||
Americredit Automobile Receivables Trust, Ser 2018-1, Cl C | ||||||||
3.500%, 01/18/2024 | 125 | 126 | ||||||
BA Credit Card Trust, Ser 2017-A1, Cl A1 | ||||||||
1.950%, 08/15/2022 | 250 | 248 | ||||||
Capital One Multi-Asset Execution Trust, Ser 2017-A4, Cl A4 | ||||||||
1.990%, 07/17/2023 | 300 | 296 | ||||||
Capital One Multi-Asset Execution Trust, Ser 2017-A6, Cl A6 | ||||||||
2.290%, 07/15/2025 | 250 | 246 | ||||||
Citibank Credit Card Issuance Trust, Ser 2014-A5, Cl A5 | ||||||||
2.680%, 06/07/2023 | 470 | 468 | ||||||
Drive Auto Receivables Trust, Ser 2018-4, Cl D | ||||||||
4.090%, 01/15/2026 | 100 | 101 | ||||||
Ford Credit Auto Lease Trust, Ser 2018-B, Cl A3 | ||||||||
3.190%, 12/15/2021 | 40 | 40 | ||||||
Ford Credit Auto Owner Trust, Ser 2018-B, Cl A3 | ||||||||
3.240%, 04/15/2023 | 100 | 101 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
ASSET-BACKED SECURITIES (continued) |
| |||||||
Ford Credit Floorplan Master Owner Trust, Ser 2017-2, Cl A1 | ||||||||
2.160%, 09/15/2022 | $ | 250 | $ | 247 | ||||
GM Financial Automobile Leasing Trust, Ser 2018-3, Cl A3 | ||||||||
3.180%, 06/21/2021 | 200 | 200 | ||||||
Honda Auto Receivables Owner Trust, Ser 2018-4, Cl A3 | ||||||||
3.160%, 01/17/2023 | 100 | 101 | ||||||
Hyundai Auto Receivables Trust, Ser 2018-A, Cl A3 | ||||||||
2.790%, 07/15/2022 | 100 | 100 | ||||||
Synchrony Credit Card Master Note Trust, Ser 2016-2, Cl A | ||||||||
2.210%, 05/15/2024 | 200 | 197 | ||||||
Synchrony Credit Card Master Note Trust, Ser 2018-2, Cl A | ||||||||
3.470%, 05/15/2026 | 100 | 101 | ||||||
Toyota Auto Receivables Owner Trust, Ser 2018-B, Cl A3 | ||||||||
2.960%, 09/15/2022 | 400 | 401 | ||||||
Total Asset-Backed Securities | 3,422 | |||||||
Total Investments in Securities — 98.7% | $ | 769,434 | ||||||
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 49 |
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2019
Tactical Offensive Fixed Income Fund(Concluded)
A list of the open forward foreign currency contracts held by the Fund at January 31, 2019, is as follows:
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
Brown Brothers Harriman | 02/04/19 | CAD | 650 | USD | 477 | $ | (18) | |||||||||||||||||
Brown Brothers Harriman | 02/04/19 | GBP | 3,898 | USD | 4,956 | (173) | ||||||||||||||||||
Brown Brothers Harriman | 02/04/19 | EUR | 11,131 | USD | 12,777 | 1 | ||||||||||||||||||
Brown Brothers Harriman | 02/04/19 | JPY | 128,685 | USD | 1,189 | 7 | ||||||||||||||||||
Brown Brothers Harriman | 02/04/19 | JPY | 2,402,700 | USD | 21,812 | (273) | ||||||||||||||||||
$ | (456) | |||||||||||||||||||||||
Percentages are based on Net Assets of $779,661 ($ Thousands). |
(A) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On January 31, 2019, the value of these securities amounted to $77,935 ($ Thousands), representing 10.0% of the Net Assets of the Fund. |
(B) | Zero coupon security. The rate shown on the Schedule of Investments is the security’s effective yield at the time of purchase. |
(C) | Step Bonds – Represents the current rate, the step rate, the step date and the final maturity date. |
(D) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
(E) | Rate is negative due to the decrease in value of the foreign currency against the U.S. Dollar. |
CAD — Canadian Dollar
Cl — Class
EUR — Euro
FFCB — Federal Farm Credit Bank
FHLB — Federal Home Loan Bank
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GBP — British Pound Sterling
GNMA — Government National Mortgage Association
GO — General Obligation
ICE— Intercontinental Exchange
JPY — Japanese Yen
LIBOR — London Interbank Offered Rate
LLLP — Limited Liability Limited Partnership
LP —Limited Partnership
MSCI — Morgan Stanley Capital International
MTN — Medium Term Note
OAT — French Treasury Obligations (Obligations assimilables du Tresor)
PIK — Payment-in-Kind
Pty — Proprietary
RB — Revenue Bond
S&P— Standard & Poor’s
Ser — Series
ULC — Unlimited Liability Company
USD — United States Dollar
VAR — Variable Rate
As of January 31, 2019, all of the Fund’s investments were considered level 2, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.
For the period ended January 31, 2019, there were no transfers between Level 1, Level 2, and/or Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.
Amounts designated as “—” are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
50 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) ($ Thousands)
January 31, 2019
Tactical Offensive Equity Fund‡ | Tactical Offensive Fixed Income Fund | |||||||
Assets: | ||||||||
Investments, at value† | $ | 203 | $ | 769,434 | ||||
Cash | — | 7,029 | ||||||
Foreign currency, at value†† | 178 | 19 | ||||||
Dividends and interest receivable | 80 | 6,222 | ||||||
Receivable for investment securities sold | 2 | 1,041 | ||||||
Receivable from investment adviser | 1 | — | ||||||
Receivable for fund shares sold | — | 304 | ||||||
Unrealized gain on forward foreign currency contracts | — | 8 | ||||||
Prepaid expenses | 45 | 15 | ||||||
Total Assets | 509 | 784,072 | ||||||
Liabilities: | ||||||||
Payable to custodian | 194 | — | ||||||
Trustees fees payable | 10 | 12 | ||||||
Administration fees payable | 4 | — | ||||||
Chief Compliance Officer fees payable | 2 | 3 | ||||||
Investment advisory fees payable | — | 31 | ||||||
Payable for investment securities purchased | — | 3,265 | ||||||
Shareholder servicing fees payable | — | 163 | ||||||
Unrealized loss on forward foreign currency contracts | — | 464 | ||||||
Payable for fund shares redeemed | — | 337 | ||||||
Accrued expense payable | 96 | 136 | ||||||
Total Liabilities | 306 | 4,411 | ||||||
Net Assets | $ | 203 | $ | 779,661 | ||||
† Cost of investments | $ | 100 | $ | 780,979 | ||||
†† Cost of foreign currency | 176 | 18 | ||||||
Net Assets: | ||||||||
Paid-in Capital — (unlimited authorization — no par value) | $ | 254 | $ | 825,345 | ||||
Total Distributable Loss | (51) | (45,684) | ||||||
Net Assets | $ | 203 | $ | 779,661 | ||||
Net Asset Value, Offering and Redemption Price Per Share | $ | 14. | 45 | $ | 9 | .94 | ||
($202,959 ÷ | ($779,661,061 ÷ | |||||||
14,047 shares) | 78,402,456 shares) |
‡ As of January 31, 2019, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 51 |
STATEMENTS OF OPERATIONS (Unaudited) ($ Thousands)
For the six month period ended January 31, 2019
Tactical Offensive Equity Fund‡ | Tactical Offensive Fixed Income Fund | |||||||
Investment income: | ||||||||
Dividends | $ | 20,519 | $ | — | ||||
Dividends from affiliated investments(1) | 97 | — | ||||||
Interest income | — | 13,211 | ||||||
Less: foreign taxes withheld | (1,096) | — | ||||||
Total investment income | 19,520 | 13,211 | ||||||
Expenses: | ||||||||
Shareholder servicing fees | 2,482 | 1,004 | ||||||
Investment advisory fees | 1,986 | 603 | ||||||
Administration fees | 1,975 | 803 | ||||||
Trustee fees | 19 | 11 | ||||||
Chief Compliance Officer fees | 4 | 3 | ||||||
Custodian/wire agent fees | 114 | 40 | ||||||
Professional fees | 69 | 27 | ||||||
Registration fees | 28 | 14 | ||||||
Printing fees | 27 | 19 | ||||||
Other expenses | 82 | 167 | ||||||
Total expenses | 6,786 | 2,691 | ||||||
Less: | ||||||||
Waiver of investment advisory fees | (1,616) | (415) | ||||||
Waiver of administration fees | (185) | (738) | ||||||
Net expenses | 4,985 | 1,538 | ||||||
Net investment income | 14,535 | 11,673 | ||||||
Net realized gain/(loss) on: | ||||||||
Investments | 277,832 | (1,674) | ||||||
Affiliated investments(1) | (11) | — | ||||||
Futures contracts | (3,863) | — | ||||||
Foreign currency transactions | (135) | 761 | ||||||
Net change in unrealized appreciation/(depreciation) on: | ||||||||
Investments | (577,176) | 8,227 | ||||||
Affiliated investments(1) | (90) | — | ||||||
Futures contracts | (287) | — | ||||||
Accrued foreign capital gains tax on appreciated securities | 35 | — | ||||||
Foreign currency and translation of other assets and liabilities denominated in foreign currency | 20 | (690) | ||||||
Net increase/(decrease) in net assets resulting from operations | $ | (289,140) | $ | 18,297 |
‡ For the period December 19, 2018 through January 31, 2019, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).
(1) See Note 5 in the Notes to Financial Statements.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
52 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)
For the six month period ended January 31, 2019 (Unaudited) and the year ended July 31, 2018
Tactical Offensive Equity Fund | Tactical Offensive Fixed Income Fund | |||||||||||||||
2019‡ | 2018 | 2019 | 2018 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 14,535 | $ | 40,622 | $ | 11,673 | $ | 35,305 | ||||||||
Net realized gain/(loss) from investments, affiliated investments and futures contracts | 273,958 | 24,316 | (1,674 | ) | (19,085 | ) | ||||||||||
Net realized gain/(loss) on foreign currency transactions | (135 | ) | 6 | 761 | 1,199 | |||||||||||
Net change in unrealized appreciation/(depreciation) on investments, affiliated investments and futures contracts | (577,553 | ) | 226,946 | 8,227 | (33,663 | ) | ||||||||||
Net change on accrued foreign capital gains tax on appreciated securities | 35 | (35 | ) | — | — | |||||||||||
Net change in unrealized appreciation/(depreciation) on foreign currency and translation of other assets and liabilities denominated in foreign currency | 20 | (85 | ) | (690 | ) | 1,417 | ||||||||||
Net increase/(decrease) in net assets resulting from operations | (289,140 | ) | 291,770 | 18,297 | (14,827 | ) | ||||||||||
Distributions:(1) | (325,113 | ) | (56,127 | ) | (21,765 | ) | (37,118 | ) | ||||||||
Total distributions | (325,113 | ) | (56,127 | ) | (21,765 | ) | (37,118 | ) | ||||||||
Capital share transactions:(2) | ||||||||||||||||
Proceeds from shares issued | 195,562 | 412,886 | 61,294 | 297,964 | ||||||||||||
Reinvestment of dividends & distributions | 25,028 | 55,928 | 21,699 | 37,007 | ||||||||||||
Cost of shares redeemed | (2,218,593 | ) | (360,320 | ) | (109,000 | ) | (797,744 | ) | ||||||||
Increase/(decrease) in net assets derived from capital share transactions | (1,998,003 | ) | 108,494 | (26,007 | ) | (462,773 | ) | |||||||||
Net increase/(decrease) in net assets | (2,612,256 | ) | 344,137 | (29,475 | ) | (514,718 | ) | |||||||||
Net assets: | ||||||||||||||||
Beginning of period | 2,612,459 | 2,268,322 | 809,136 | 1,323,854 | ||||||||||||
End of period(3) | $ | 203 | $ | 2,612,459 | $ | 779,661 | $ | 809,136 |
‡ For the period December 19, 2018 through January 31, 2019, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).
(1) Current period presentation of distributions conforms with S-X Disclosure Simplification. Prior year distributions have been consolidated to conform with S-X Disclosure Simplification.
(2) See Note 6 in the Notes to Financial Statements for additional information.
(3) Includes undistributed net investment income of $24,447 and $9,449, as of the year ended July 31, 2018. The SEC eliminated the requirement to disclose undistributed net investment income on November 5, 2018 (see Note 11).
Amount designated as “—” is $0 or has been rounded to $0.
The accompanying notes are an integral part of the financial statements.
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 53 |
For the six month period ended January 31, 2019 (Unaudited) and the years ended July 31,
For a share outstanding throughout the years or period
Net asset value, beginning of period | Net investment income(1) | Net realized and unrealized gains/(losses) on securities(1) | Total from operations | Dividends from net investment income | Distributions from realized gains | Total dividends and distributions | Net asset value, end of period | Total Return† | Net assets, end of period ($ Thousands) | Ratio of net expenses to average net assets | Ratio of expenses to average net assets (excluding fees paid indirectly and including waivers) | Ratio of expenses to average net assets (excluding fees paid indirectly and waivers) | Ratio of net investment income to average net assets | Portfolio turnover‡ | ||||||||||||||||||||||||||||||||||||||||||||||
Tactical Offensive Equity Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 @ # | $ | 17.35 | $ | 0.12 | $ | (0.94 | ) | $ | (0.82 | ) | $ | (0.25 | ) | $ | (1.83 | ) | $ | (2.08 | ) | $ | 14.45 | (3.80 | )% | $ | 203 | 0.50 | % | 0.50 | % | 0.68 | % | 1.46 | % | 7 | % | |||||||||||||||||||||||||
2018 | 15.74 | 0.27 | 1.72 | 1.99 | (0.26 | ) | (0.12 | ) | (0.38 | ) | 17.35 | 12.77 | 2,612,459 | 0.50 | 0.50 | 0.68 | 1.64 | 7 | ||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||
Tactical Offensive Fixed Income Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 @ | $ | 9.99 | $ | 0.15 | $ | 0.08 | $ | 0.23 | $ | (0.28 | ) | $ | – | $ | (0.28 | ) | $ | 9.94 | 2.39 | % | $ | 779,661 | 0.38 | % | 0.38 | % | 0.67 | % | 2.91 | % | 14 | % | ||||||||||||||||||||||||||||
2018 | 10.35 | 0.27 | (0.34 | ) | (0.07 | ) | (0.29 | ) | – | (0.29 | ) | 9.99 | (0.71 | ) | 809,136 | 0.38 | 0.38 | 0.65 | 2.63 | 47 | ||||||||||||||||||||||||||||||||||||||||
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 |
@ For the six month period ended January 31, 2019. All ratios for the period have been annualized.
# For the period December 19, 2018 through January 31, 2019, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).
† Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares. Effective October 1, 2014, the Funds’ investment strategy was changed from “active” to “passive”. The Funds’ past performance is not necessarily indicative of how the Funds will perform in the future.
‡ Portfolio turnover rates are for the period indicated and have not been annualized.
(1) Per share net investment income and net realized and unrealized gains/(losses) on securities calculated using average shares.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
54 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)
January 31, 2019
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.
As of January 31, 2019, the Tactical Offensive Equity Fund was not an active component of the Adviser Managed Strategy.
2. SIGNIFICANT ACCOUNTING POLICIES
The following are significant accounting policies, which are consistently followed in the preparation of its financial statements by the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).
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,
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
January 31, 2019
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 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
56 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
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 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.
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 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
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
January 31, 2019
obligations, mortgage backed securities, auction rate preferred securities and loan participations where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.
The valuation techniques used by the Funds to measure fair value during the period ended January 31, 2019, maximized the use of observable inputs and minimized the use of unobservable inputs.
For the period ended January 31, 2019, there have been no significant changes to the Trust’s fair valuation methodologies.
For details of the investment classification, reference the Schedules 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 January 31, 2019.
Reverse Repurchase Agreements— To the extent consistent with its investment objective and strategies, a Fund may issue reverse repurchase agreements. A reverse repurchase agreement involves the sale of portfolio assets together with an agreement to repurchase the same assets later at a fixed price. Additional assets are maintained in a segregated account with the custodian. The segregated assets may consist of cash, U.S. Government securities, or other liquid securities at least equal in value to the obligations under the reverse repurchase agreements. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Funds’ use of the proceeds under the reverse repurchase agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the obligation to repurchase the securities. There were no outstanding reverse repurchase agreements as of January 31, 2019.
Expenses— Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses of the Funds are prorated to the Funds on the basis of relative net assets.
Foreign Currency Translation— The books and records of the Funds’ investments in international securities are maintained in U.S. dollars on the following basis:
(i) market value of investment securities, assets and liabilities at the current rate of exchange; and
(ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.
The Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.
The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.
Forward Foreign Currency Contracts— To the extent consistent with its investment objective and strategies, a Fund may enter into forward foreign currency contracts for hedging or speculative purposes with respect to either specific transactions, fund positions or anticipated fund positions. All commitments are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Fund realizes gains and losses at the time
58 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
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 Schedule of Investments for details regarding open forward foreign currency contracts as of January 31, 2019, 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 Schedule of Investments for details regarding open futures contracts as of January 31, 2019, 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 Schedule of Investments for details regarding open option/swaption contracts as of January 31, 2019, if applicable.
Swap Agreements— To the extent consistent with its investment objective and strategies, a Fund may invest in swap contracts for speculative or hedging purposes. Swaps may be used to synthetically obtain exposure to securities or baskets of securities. A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or “basket” of securities representing a particular index. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Credit-default swaps involve periodic payments by a Fund or counterparty based on a specified rate multiplied by a notional amount assigned to an underlying debt instrument or group of debt instruments in exchange for the assumption of credit risk on the same instruments. In the event of a credit event, usually in the form of a credit rating downgrade,
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
January 31, 2019
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 January 31, 2019.
Delayed Delivery Transactions— To the extent consistent with its investment objective and strategies, a Fund may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by those Funds to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When purchasing a security on a delayed delivery basis, that Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Those Funds may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When those Funds have sold a security on a delayed delivery basis, that Fund does not participate in future gains and losses with respect to the security.
Loan Participations and Brady Bonds— To the extent consistent with its investment objective and strategies, a Fund may invest in U.S. dollar-denominated fixed - and floating-rate loans (“Loans”) arranged through private negotiations between a foreign sovereign entity and one or more financial institutions (“Lenders”). The Fund invests in such Loans in the form of participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties. Participations typically result in this Fund having a contractual relationship only with the Lenders, not with the sovereign borrowers. This Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, the Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, nor any rights of set-off against the borrower, and the Fund will not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, the Fund assumes the credit risk of both the borrower and the Lender that is selling the Participation.
Certain debt obligations, customarily referred to as “Brady Bonds,” are created through the exchange of existing commercial bank loans to foreign entities for new obligations in connection with debt restructuring under a plan introduced by former U.S. Secretary of the Treasury Nicholas F. Brady. Brady Bonds have only been issued since 1989, and, accordingly, do not have a long payment history. They are issued by governments that may have previously defaulted on the loans being
60 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
restructured by the Brady Bonds, so they are subject to the risk of default by the issuer. They may be fully or partially collateralized or uncollateralized and issued in various currencies. As of January 31, 2019, 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 as of January 31, 2019.
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 as of January 31, 2019.
Investments in Real Estate Investment Trusts (“REITs”)— Dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.
3. CREDIT DERIVATIVES
When a Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities. The reference obligation of the swap can be a single issuer, a “basket” of issuers, or an index. The underlying referenced assets are corporate debt, sovereign debt and asset-backed securities.
The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. Generally, a credit event for corporate or sovereign reference obligations means bankruptcy, failure to pay, obligation acceleration, repudiation/moratorium or restructuring. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down.
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 61 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
January 31, 2019
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 January 31, 2019.
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 $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of investments at value (securities) or deposits due from counterparties (cash). Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as deposits due to counterparties. The market value of any securities received as collateral is not reflected as a component of net asset value. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.
Customer account agreements and related addendums govern exchange traded derivatives transactions such as futures, options on futures, and centrally cleared swaps. Exchange traded derivative transactions require posting of initial margin as determined by each relevant clearing agency which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the US, counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Fund assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared Over the Counter (“OTC”) derivatives.
62 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
The following is a summary of the variation margin of exchange-traded or centrally cleared financial derivative instruments as of January 31, 2019 ($ Thousands):
Financial Derivative Assets | Financial Derivative Liabilities | |||||||||||||||||
Variation Margin Asset | Variation Margin Liability | |||||||||||||||||
Futures | Total | Futures | Total | |||||||||||||||
Tactical Offensive Equity Fund | $— | $— | $— | $— | ||||||||||||||
Total Exchange-Traded or Centrally Cleared | $— | $— | $— | $— |
Cash with an aggregate market value of $0 ($ Thousands) has been pledged as collateral for exchange-traded and centrally cleared derivative instruments as of January 31, 2019.
International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern OTC financial derivative transactions entered into by a Fund and select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or
termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add additional counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third party custodian.
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of January 31, 2019 ($ 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 Counter | Net Market Value of OTC Derivatives | Collateral (Received)/ Pledged | Net Exposures(1) | |||||||||||||||||||||
Brown Brothers Harriman | $8 | $8 | $464 | $464 | $(456) | $— | $(456) | |||||||||||||||||||||
Total Over the Counter | $8 | $8 | $464 | $464 |
(1) Net Exposures represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure to OTC financial derivative instruments can only be netted across transactions governed under the same master netting agreement with the same legal entity.
Securities with an aggregate market value of $0 have been pledged and $0 have been received as collateral for financial derivative instruments as governed by ISDA Master Agreements as of January 31, 2019.
The following table discloses the volume of the Fund’s futures contracts and forward foreign currency contracts activity during the period ended January 31, 2019 ($ Thousands):
Tactical Offensive Equity Fund | Tactical Offensive Fixed Income Fund | |||||||
Futures Contracts: | ||||||||
Equity Contracts | ||||||||
Average Notional Balance Long | $ | 34,012 | $ | – | ||||
Ending Notional Balance Long | – | – | ||||||
Forward Foreign Currency Contracts: | ||||||||
Average Notional Balance Long | – | 647,258 | ||||||
Average Notional Balance Short | – | 646,990 | ||||||
Ending Notional Balance Long | – | 41,211 | ||||||
Ending Notional Balance Short | – | 41,666 |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 63 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
January 31, 2019
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.
The Funds’ administrator and/or its affiliates have contractually agreed to waive fees or reimburse expenses for each Fund until November 30, 2019, 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.
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:
Contractual Fees | ||||||||||||||||||||||||
First $2.5 Billion | Next $ 500 Million | Over $3 Billion | ||||||||||||||||||||||
Tactical Offensive Equity Fund | 0.200 | % | 0.1650 | % | 0.120 | % | ||||||||||||||||||
First $1.5 Billion | Next $ 500 Million | Next $500 Million | Next $500 Million | Over $3 Billion | ||||||||||||||||||||
Tactical Offensive Fixed Income Fund | 0.200 | % | 0.1775 | % | 0.1550 | % | 0.1325 | % | 0.110 | % |
64 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
As of January 31, 2019, 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 period ended January 31, 2019.
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 period ended January 31, 2019, 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.
Interfund Lending— The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (“the Program”) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the “SEI Funds”). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (“Repo Rate”), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (“Bank Loan Rate”). The Bank Loan Rate will be determined using a formula reviewed annually by the SEI Funds’ Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate.
As of, and during the period ended January 31, 2019, the Trust had not participated in the Program.
6. CAPITAL SHARE TRANSACTIONS
Capital Share Transactions for the Funds were as follows (Thousands):
Tactical Offensive Equity Fund | Tactical Offensive Fixed Income Fund | |||||||||||||||
8/1/2018 to 1/31/2019 (Unaudited) | 2018 | 8/1/2018 to 1/31/2019 (Unaudited) | 2018 | |||||||||||||
Shares Issued | 11,658 | 24,730 | 6,177 | 29,099 | ||||||||||||
Shares Issued in Lieu of Dividends and Distributions | 1,609 | 3,343 | 2,218 | 3,632 | ||||||||||||
Shares Redeemed | (163,841 | ) | (21,554 | ) | (10,970 | ) | (79,712 | ) | ||||||||
Increase/(Decrease) in capital share transactions | (150,574 | ) | 6,519 | (2,575 | ) | (46,981 | ) |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 65 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
January 31, 2019
7. INVESTMENT TRANSACTIONS
The cost of security purchases and the proceeds from the sale and maturities of securities other than temporary cash investments during the period ended January 31, 2019, were as follows:
U.S. Gov’t ($ Thousands) | Other ($ Thousands) | Total ($ Thousands) | ||||||||||
Tactical Offensive Equity Fund |
| |||||||||||
Purchases | $ | — | $ | 123,823 | $ | 123,823 | ||||||
Sales | �� | — | 2,385,063 | 2,385,063 | ||||||||
Tactical Offensive Fixed Income Fund |
| |||||||||||
Purchases | 76,636 | 31,453 | 108,089 | |||||||||
Sales | 84,771 | 52,642 | 137,413 |
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.
The tax character of dividends and distributions paid during the last two fiscal years were as follows:
Ordinary Income | Long-term Capital Gain | Return of Capital ($ Thousands) | Total ($ Thousands) | |||||||||||||||||
Tactical Offensive Equity Fund | ||||||||||||||||||||
2018 | $ | 43,107 | $ | 13,020 | $ | — | $ | 56,127 | ||||||||||||
2017 | 17,550 | — | — | 17,550 | ||||||||||||||||
Tactical Offensive Fixed Income Fund | ||||||||||||||||||||
2018 | 37,118 | — | — | 37,118 | ||||||||||||||||
2017 | 33,358 | — | — | 33,358 |
As of July 31, 2018, the components of Distributable Earnings (Accumulated Losses) on a tax basis were as follows:
Undistributed Income | Undistributed Capital Gain | Capital Loss | Unrealized Appreciation (Depreciation) ($ Thousands) | Other Temporary | Total Distributable Earnings (Accumulated Losses) ($ Thousands) | |||||||||||||||||||
Tactical Offensive Equity Fund | $ | 30,674 | $ | 20,482 | $ | — | $ | 563,046 | $ | — | $ | 614,202 | ||||||||||||
Tactical Offensive Fixed Income Fund | 10,767 | — | (30,815 | ) | (20,494 | ) | (1,674 | ) | (42,216 | ) |
For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains as follows:
Short-Term Loss ($ Thousands) | Long-Term Loss ($ Thousands) | Total ($ Thousands) | ||||||||||
Tactical Offensive Fixed Income Fund | $10,691 | $20,124 | $30,815 |
For Federal income tax purposes, the cost of securities owned at January 31, 2019, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to investments in passive foreign investment companies, partnership basis adjustments, mark-to-market of futures and forwards contracts, corporate actions, and wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.
The aggregate gross unrealized appreciation and depreciation on total investments (including foreign currency and derivatives, if applicable) held by the Funds at January 31, 2019, were as follows:
Federal Tax Cost ($ Thousands) | Appreciated Securities ($ Thousands) | Depreciated Securities ($ Thousands) | Net Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||||
Tactical Offensive Equity Fund | $ | 100 | $ | 103 | $ | — | $ 103 | |||||||
Tactical Offensive Fixed Income Fund | 780,979 | 7,247 | (18,792 | ) | (11,545) |
Management has analyzed the Funds’ tax positions taken on Federal income tax returns for all open tax years and has concluded that as of January 31, 2019, 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
66 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
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 following 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.
Adviser Managed Strategy Risk— The Funds are a component of a broader investment strategy employed by the Financial Adviser known as the Adviser Managed Strategy. Pursuant to the Adviser Managed Strategy, the Financial Adviser tactically shifts its clients’ assets among the Funds and a money market fund affiliated with the Funds. These asset shifts among the Funds in the Adviser Managed Strategy (i.e., an exchange of shares of one fund for shares of another fund) will be a taxable event to an investor unless the investor is investing in a Fund through a tax-deferred arrangement. As part of the Adviser Managed Strategy, substantial portions or substantially all of the Funds’ shares may be periodically sold and repurchased at the direction of the Financial Adviser. These large redemptions and repurchases will have significant effects on the management of the Funds and are expected to result in increased portfolio turnover (and related transaction costs), disruption of portfolio management strategies and the realization of significant taxable gains. Accordingly, if notified of an upcoming redemption request, the Funds may begin to liquidate substantial portions or substantially all of its assets prior to the submission of the redemption request in an effort to raise the necessary cash, and the Funds will not be invested pursuant to its investment strategy during such time. When the Funds are required to rapidly liquidate a substantial portion of their portfolio to satisfy a large redemption order placed as part of the Adviser Managed Strategy, the Funds may be forced to sell securities at below current market values or the Funds’ selling activity may drive down the market value of securities being sold. The Funds may also be required to sell portfolio holdings at a time when the portfolio managers would otherwise not recommend doing so. For example, if a Fund were to experience a large redemption at a time of high market volatility or
during a substantial market decline, the Fund would be forced to liquidate securities even though the portfolio managers may not otherwise choose to do so. When the Funds receive a large purchase order as a result of the Adviser Managed Strategy, the Funds may be required to rapidly purchase portfolio securities. This may cause the Funds to incur higher than normal transaction costs or may require the Funds to purchase portfolio securities at above current market values. Further, the Funds’ purchasing activity may drive up the market value of securities being purchased or the Funds may be required to purchase portfolio securities at a time when the portfolio managers would not otherwise recommend doing so. When the Funds are not an active component of the Adviser Managed Strategy, the Funds may miss investment opportunities because the assets necessary to take advantage of such opportunities are tied up in other investments or have been allocated to another fund within the Adviser Managed Strategy.
Asset Allocation Risk— The risk that SIMC’s decisions regarding allocation of the Funds’ assets among Indexes will not anticipate market trends successfully.
Asset-Backed Securities Risk— Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire.
Below Investment Grade Securities (Junk Bonds) Risk —The Tactical Offensive Fixed Income Fund may invest in fixed income securities rated below investment grade (also known as high yield securities or junk bonds) that involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative.
Corporate Fixed Income Securities Risk— The Tactical Offensive Fixed Income Fund may invest in corporate fixed income securities which respond to economic developments, especially changes in interest rates, as well as to perceptions of the creditworthiness and business prospects of individual issuers.
Credit Risk— The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.
Currency Risk— As a result of the Funds’ investments in securities denominated in and/or receiving revenues in foreign currencies, the Funds will be subject to currency
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 67 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
January 31, 2019
risk. This is the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Funds would be adversely affected.
Derivatives Risk— The Funds’ use of futures contracts, forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Funds’ use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Credit risk is described above. Each of these risks could cause the Funds to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Funds’ initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Funds’ use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators are in the process of adopting and implementing regulations governing derivatives markets, the ultimate impact of which remains unclear.
Equity Market Risk— As a result of the Tactical Offensive Equity Fund’s investments in equity securities, the Fund will be subject to the risk that stock prices will fall over short or extended periods of time.
Exchange Traded Funds (ETFs) Risk— The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities.
Fixed Income Market Risk— The prices of the Tactical Offensive Fixed Income Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. In the case of foreign securities, price
fluctuations will reflect international economic and political events as well as changes in currency valuations relative to the U.S. dollar.
Foreign Investment/Emerging Markets Risk— The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries.
Foreign Sovereign Debt Securities Risk— The Tactical Offensive Fixed Income Fund may be subject to the risk that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.
Interest Rate Risk— The Tactical Offensive Fixed Income Fund may be subject to the risk that a rise in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. A low interest rate environment may present greater interest rate risk, because there may be a greater likelihood of rates increasing and rates may increase more rapidly.
Investment Style Risk— The risk that the Tactical Offensive Equity Fund’s investment approach may underperform other segments of the equity markets or the equity markets as a whole and the risk that the Tactical Offensive Fixed Income Fund’s investment approach may underperform other segments of the fixed income markets or the fixed income markets as a whole.
Leverage Risk— The use of leverage can amplify the effects of market volatility on the Funds’ share price and may also cause the Funds to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.
Liquidity Risk— The risk that certain securities may be difficult or impossible to sell at the time and the price that the Funds would like. The Funds may have to lower the price, sell other securities instead or forego
68 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
an investment opportunity, any of which could have a negative effect on Funds’ management or performance.
Mortgage-Backed Securities Risk— Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Tactical Offensive Fixed Income Fund’s actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund’s expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as re-financings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.
Mortgage Dollar Rolls Risk— Mortgage dollar rolls are transactions in which the Tactical Offensive Fixed Income Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom a Fund sells the security becomes insolvent, the Fund’s right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.
Portfolio Turnover Risk— Due to their investment strategy, the Funds may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities.
Prepayment Risk— The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Tactical Offensive Fixed Income
Fund to invest the proceeds at generally lower interest rates.
Real Estate Investment Trust (REITs) Risk— REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Tactical Offensive Equity Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.
Small and Medium Capitalization Risk— The risk that small and medium capitalization companies in which the Tactical Offensive Equity Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter or listed on an exchange.
Tracking Error Risk— The risk that the Funds’ performance may vary substantially from the performance of the indexes they track as a result of cash flows, fund expenses, imperfect correlation between the Funds’ investments and the indexes’ components and other factors.
U.S. Government Securities Risk— The Tactical Offensive Fixed Income Fund may invest in U.S. Government securities, which are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources.
10. CONCENTRATION OF SHAREHOLDERS
SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company (“SEI”). As of January 31, 2019, SPTC held of record the following percentage of outstanding shares of each Fund:
Tactical Offensive Equity Fund | 0.00 | % | ||
Tactical Offensive Fixed Income Fund | 93.36 | % |
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 69 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Concluded)
January 31, 2019
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
On August 17, 2018, the SEC adopted amendments to Regulation S-X. These changes are effective for periods after November 5, 2018. The updates to Registered Investment Companies were mainly focused on simplifying the presentation of distributable earnings by eliminating the need to present the components of distributable earnings on a book basis in the Statements of Assets and Liabilities. The update also impacted the presentation of undistributed net investment income and distribution to shareholders on the Statements of Changes in Net Assets. The amounts presented in the current Statements of Changes in Net Assets represent the aggregated total distributions of net investment income and realized capital gains, except for distributions classified as return of capital which are still presented separately. The disaggregated amounts from the prior fiscal year are broken out below if there were both distributions from net investment income and realized capital gains. Otherwise, the amount on the current Statement of Changes for the prior fiscal year end represents distributions of net investment income.
Ordinary Income ($ Thousands) | Long-Term Capital Gain ($ Thousands) | Total ($ Thousands) | ||||||||||
Tactical Offensive Equity Fund | $ 43,107 | $ 13,020 | $ 56,127 |
12. NEW ACCOUNTING PRONOUNCEMENT
In August 2018, The FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820). The new guidance includes additions and modifications to disclosures requirements for fair value measurements. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. At this time, management is currently evaluating the impact of this new guidance on the financial statements and disclosures.
13. SUBSEQUENT EVENTS
Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of January 31, 2019. However, the following are details relating to subsequent events that have occurred since January 31, 2019.
On March 22, 2019, the Tactical Offensive Equity Fund became an active component of the Adviser Managed Strategy.
70 | Adviser Managed Trust / Semi-Annual Report / January 31, 2019 |
DISCLOSURE OF FUND EXPENSES (Unaudited)
January 31, 2019
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 (August 1, 2018 through January 31, 2019).
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 8/1/18 | Ending Account Value 1/31/19 | Annualized Expense Ratios | Expenses Paid During Period * | |||||||||||||
Tactical Offensive Equity Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $962.00 | 0.50% | $2.47 | ||||||||||||
Hypothetical 5% Return |
| |||||||||||||||
Class A | $1,000.00 | $1,022.68 | 0.50% | $2.55 |
Beginning Account Value 8/1/18 | Ending Account Value 1/31/19 | Annualized Expense Ratios | Expenses Paid During Period * | |||||||||||||
Tactical Offensive Fixed Income Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $1,023.90 | 0.38% | $1.94 | ||||||||||||
Hypothetical 5% Return |
| |||||||||||||||
Class A | $1,000.00 | $1,023.29 | 0.38% | $1.94 |
* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).
Adviser Managed Trust / Semi-Annual Report / January 31, 2019 | 71 |
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ADVISER MANAGED TRUST SEMI-ANNUAL REPORT JANUARY 31, 2019
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
James B. Taylor
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 (1/19)
Item 2. | Code of Ethics. |
Not applicable for semi-annual report.
Item 3. | Audit Committee Financial Expert. |
Not applicable for semi-annual report.
Item 4. | Principal Accountant Fees and Services. |
Not applicable for semi-annual report.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable for semi-annual report.
Item 6. | Schedule of Investments. |
Included in Item 1.
Item 7. | Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers ofClosed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities byClosed-End Management Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees (the “Board”). The Registrant has a standing Governance Committee (the “Committee”) currently consisting of the Independent Trustees. 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 Rule30a-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 Rule30a-3(b) under the 1940 Act and Rules13a-15(b) or15d-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 Rule30a-3(d) under the 1940 Act) that occurred during 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.
Item 12. | Disclosure of Securities Lending Activities forClosed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a)(1) Not applicable for semi-annual report.
(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule30a-2(a) under the Investment Company Act of 1940, are filed herewith.
(b) Officer certifications as required by Rule30a-2(b) under the Investment Company Act of 1940, as amended, also accompany this filing as exhibits.
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: April 3, 2019
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: April 3, 2019 | ||||||
By | /s/ James J. Hoffmayer | |||||
James J. Hoffmayer, Controller & CFO |
Date: April 3, 2019