UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number 811-22480

Adviser Managed Trust

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

CT Corporation

155 Federal Street

Boston, MA 02110

Registrant’s telephone number, including area code: 1-800-342-5734

Date of fiscal year end: July 31, 2015

Date of reporting period: October 31, 2014

Item 1. Schedule of Investments

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 94.9%
Australia — 1.5%
AGL Energy		14,776	$	177
ALS		8,674		43
Alumina*		54,517		78
Amcor		26,148		269
AMP		63,920		329
APA Group		18,263		126
Asciano		21,116		116
ASX		4,223		134
Aurizon Holdings		46,173		190
AusNet Services		37,752		46
Australia & New Zealand Banking Group		60,733		1,788
Bank of Queensland		7,971		88
Bendigo & Adelaide Bank		9,456		103
BHP Billiton		70,777		2,113
Boral		17,010		74
Brambles		35,854		300
Caltex Australia		2,864		78
Coca-Cola Amatil		12,385		100
Cochlear		1,233		80
Commonwealth Bank of Australia		35,688		2,525
Computershare		10,383		112
Crown Resorts		7,859		100
CSL		10,685		753
Dexus Property Group‡		118,677		126
Federation Centres‡		30,669		73
Flight Centre Travel Group		1,230		45
Fortescue Metals Group		34,306		106
Goodman Group‡		37,477		183
GPT Group‡		36,585		132
Harvey Norman Holdings		11,594		39
Iluka Resources		9,280		59
Incitec Pivot		35,990		92
Insurance Australia Group		51,027		292
Leighton Holdings		2,212		43
Lend Lease Group		11,785		162
Macquarie Group		6,249		336
Metcash		19,232		48
Mirvac Group‡		77,653		123
National Australia Bank		51,621		1,588
Newcrest Mining		16,820		138
Nordic American Offshore		1,500		24
Novion Property Group‡		45,514		84
Orica		8,010		145
Origin Energy		23,784		298
Qantas Airways*		23,932		35
QBE Insurance Group		29,566		300
Ramsay Health Care		2,800		129
REA Group		1,119		44
Rio Tinto		9,802		520
Santos		20,983		238
Scentre Group‡ *		121,107		377
Seek		7,012		102
Sonic Healthcare		8,038		132
Stockland‡		50,630		189
Suncorp Group		27,913		359
Sydney Airport		23,565		91
Tabcorp Holdings		16,611		59
Tatts Group		31,153		95
Teekay Tankers, Cl A		5,400		23

Description	Shares		Market Value ($ Thousands)
Telstra		94,988	$	470
Toll Holdings		14,956		74
TPG Telecom		5,626		36
Transurban Group		39,107		279
Treasury Wine Estates		14,119		58
Tronox, Cl A		5,300		128
Wesfarmers		25,390		985
Westfield‡		45,210		315
Westpac Banking		68,227		2,086
Woodside Petroleum		16,170		570
Woolworths		27,387		867
WorleyParsons		4,495		54
				22,473
Austria — 0.0%
ANDRITZ		1,552		75
Erste Group Bank		5,873		149
IMMOFINANZ		20,121		61
OMV		3,134		99
Raiffeisen Bank International		2,404		51
Telekom Austria		1,337		10
Vienna Insurance Group Wiener Versicherung Gruppe		817		39
Voestalpine		2,363		95
				579
Bahamas — 0.0%
Ultrapetrol*		1,700		5
Belgium — 0.2%
Ageas		4,638		155
Anheuser-Busch InBev		17,580		1,941
Belgacom		3,239		122
Colruyt		1,506		69
Delhaize Group		2,183		149
Groupe Bruxelles Lambert		1,728		154
KBC Groep		5,338		286
Solvay		1,243		169
Telenet Group Holding*		1,095		62
UCB		2,715		219
Umicore		2,303		90
				3,416
Bermuda — 0.2%
Assured Guaranty		7,100		164
Axis Capital Holdings		4,400		212
Belmond, Cl A*		8,200		94
Endurance Specialty Holdings		1,800		104
Enstar Group*		800		119
Freescale Semiconductor*		4,100		82
Global Sources*		1,300		10
Lazard, Cl A (A)		5,100		251
Montpelier Re Holdings		3,300		109
PartnerRe		2,100		243
RenaissanceRe Holdings		1,600		165
Seadrill		14,800		340
Signet Jewelers		3,400		408
Third Point Reinsurance*		4,800		73
TransAtlantic Petroleum*		1,900		16
Validus Holdings		3,700		147
XL Group, Cl A		11,200		379
				2,916

1 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Bosnia and Herzegovina — 0.0%
Frontline*		6,200	$	9
Brazil — 0.6%
ALL - America Latina Logistica		17,600		49
AMBEV		168,900		1,129
B2W Cia Digital*		4,200		55
Banco Bradesco ADR*		27,000		402
Banco do Brasil		31,500		356
Banco Santander Brasil		24,900		136
BB Seguridade Participacoes		26,800		361
BM&FBovespa		68,400		304
BR Malls Participacoes		17,800		144
BR Properties		9,700		50
BRF		23,600		620
CCR		33,500		252
Centrais Eletricas Brasileiras		20,900		53
CETIP - Mercados Organizados		9,300		119
Cia de Saneamento Basico do Estado de Sao Paulo		11,900		94
Cia de Saneamento de Minas Gerais-COPASA		2,100		24
Cia Siderurgica Nacional		27,900		94
Cielo		27,200		451
Cosan Industria e Comercio		4,300		61
CPFL Energia		9,200		70
EcoRodovias Infraestrutura e Logistica		9,300		42
EDP - Energias do Brasil		9,200		36
Embraer		26,100		255
Estacio Participacoes		11,400		133
Fibria Celulose*		8,800		108
JBS		28,900		130
Klabin		18,700		93
Kroton Educacional		52,600		379
Lojas Americanas		29,600		147
Lojas Renner		4,700		142
M Dias Branco		1,200		47
Multiplan Empreendimentos Imobiliarios		3,900		82
Natura Cosmeticos		7,400		109
Odontoprev		8,600		31
Petroleo Brasileiro		139,100		831
Porto Seguro		4,800		58
Qualicorp*		8,000		82
Raia Drogasil		7,900		72
Souza Cruz		15,700		128
Sul America		6,900		37
Tim Participacoes		29,400		161
Totvs		4,300		63
Tractebel Energia		6,500		89
Transmissora Alianca de Energia Eletrica		3,700		28
Ultrapar Participacoes		13,700		302
Via Varejo*		4,900		48
WEG		11,200		133
				8,590
Canada — 0.1%
Atlantic Power		10,700		24
Catamaran*		8,800		419

Description	Shares		Market Value ($ Thousands)
Kodiak Oil & Gas*		22,800	$	246
Lions Gate Entertainment		3,400		113
Masonite International*		2,600		141
MDC Partners, Cl A		3,600		74
Tahoe Resources*		3,600		62
Teekay		1,900		111
Thomson Reuters		14,900		555
				1,745
Cayman Islands — 0.0%
Greenlight Capital Re, Cl A*		2,500		81
Herbalife		3,100		163
Theravance Biopharma*		2,000		36
				280
Chile — 0.1%
AES Gener		131,782		73
Aguas Andinas, Cl A		105,353		63
Banco de Credito e Inversiones		1,457		82
Banco Santander Chile		2,706,033		143
Cencosud		49,497		140
Cia Cervecerias Unidas		5,971		63
Colbun		381,359		103
Corpbanca		6,180,095		83
Embotelladorra Andina*		13,237		42
Empresa Nacional de Electricidad		139,510		217
Empresas COPEC		18,178		220
Enersis		741,848		236
ENTEL Chile		6,225		67
Latam Airlines Group*		13,122		157
SACI Falabella		36,780		268
Vina Concha y Toro		20,477		39
				1,996
China — 1.1%
AAC Technologies Holdings		25,000		150
Agile Property Holdings		60,000		34
Agricultural Bank of China, Cl H		708,000		329
Aluminum Corp of China, Cl H*		148,000		66
Anhui Conch Cement, Cl H		47,500		156
ANTA Sports Products		35,000		69
AviChina Industry & Technology, Cl H		92,000		70
Bank of China, Cl H		2,677,000		1,281
Bank of Communications, Cl H		293,000		220
Beijing Capital International Airport, Cl H		46,000		34
Byd, Cl H		22,000		140
China BlueChemical		60,000		21
China Cinda Asset Management, Cl H*		194,000		92
China CITIC Bank, Cl H		268,000		175
China Coal Energy, Cl H		131,000		80
China Communications Construction, Cl H		157,000		120
China Communications Services, Cl H		66,000		31
China Construction Bank, Cl H		2,443,000		1,821
China Everbright Bank, Cl H		86,000		42
China Longyuan Power Group, Cl H		108,000		115
China Lumena New Materials*		1,228,000		198
China Merchants Bank, Cl H		152,500		282

2 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
China National Building Material, Cl H		116,000	$	108
China Oilfield Services, Cl H		64,000		134
China Pacific Insurance Group, Cl H		92,800		347
China Petroleum & Chemical, Cl H		866,000		750
China Railway Construction, Cl H		80,500		84
China Railway Group, Cl H		156,000		96
China Telecom, Cl H		452,000		288
China Vanke, Cl H*		53,200		99
Chongqing Changan Automobile, Cl B		31,500		70
Chongqing Rural Commercial Bank, Cl H		82,000		39
CITIC Securities, Cl H		41,500		103
Country Garden Holdings		183,000		72
CSR		82,000		83
Datang International Power Generation, Cl H		94,000		49
ENN Energy Holdings		26,000		169
Evergrande Real Estate Group		228,000		88
Fosun International*		67,500		80
Golden Eagle Retail Group		17,000		21
Great Wall Motor, Cl H		35,000		153
Guangzhou R&F Properties		45,600		50
Huaneng Power International, Cl H		114,000		140
Industrial & Commercial Bank of China, Cl H		2,488,000		1,646
Inner Mongolia Yitai Coal, Cl B		37,100		60
Intime Retail Group		39,000		34
Jiangsu Expressway, Cl H		38,000		42
Jiangxi Copper, Cl H		54,000		96
Kingsoft		22,000		52
PetroChina, Cl H		716,000		896
PICC Property & Casualty, Cl H		106,000		194
Ping An Insurance Group of China, Cl H		71,500		584
Shandong Weigao Group Medical Polymer, Cl H		56,000		56
Shanghai Electric Group, Cl H		104,000		52
Shanghai Fosun Pharmaceutical Group, Cl H		13,500		49
Shanghai Pharmaceuticals Holding, Cl H		18,500		46
Shenzhou International Group Holdings		19,000		66
Shimao Property Holdings		49,500		106
Sihuan Pharmaceutical Holdings Group		137,000		109
Sino-Ocean Land Holdings		125,500		72
Sinopec Engineering Group, Cl H		47,000		45
Sinopec Shanghai Petrochemical, Cl H		114,000		35
Sinopharm Group, Cl H		32,000		125
SOHO China		79,500		58
Sun Art Retail Group		76,000		81
Tencent Holdings		173,200		2,760
Tingyi Cayman Islands Holding		66,000		164
Tsingtao Brewery, Cl H		12,000		89
Uni-President China Holdings		43,000		40
Want Want China Holdings		200,000		273
Weichai Power, Cl H		20,000		77
Yanzhou Coal Mining, Cl H		60,000		50

Description	Shares		Market Value ($ Thousands)
Yingde Gases Group		38,000	$	30
Zhuzhou CSR Times Electric, Cl H		17,500		75
ZTE, Cl H		12,600		31
				16,642
Colombia — 0.0%
Almacenes Exito		6,471		92
Cementos Argos		15,893		81
Ecopetrol		173,585		232
Financiera Colombiana		3,167		62
Interconexion Electrica ESP		10,192		44
Isagen ESP		27,433		36
				547
Czech Republic — 0.0%
AVG Technologies*		2,900		52
Central European Media Enterprises, Cl A*		5,600		14
CEZ		5,395		149
Komercni banka		533		114
O2 Czech Republic		2,039		23
				352
Denmark — 0.3%
AP Moeller - Maersk, Cl A		81		184
AP Moeller - Maersk, Cl B		150		349
Carlsberg, Cl B		2,298		202
Coloplast, Cl B		2,384		207
Danske Bank		13,841		380
DSV		3,781		113
Novo Nordisk, Cl B		43,696		1,976
Novozymes, Cl B		5,164		240
Pandora		2,405		202
TDC		17,087		130
Tryg		459		50
Vestas Wind Systems*		4,595		154
William Demant Holding*		495		38
				4,225
Egypt — 0.0%
Global Telecom Holding SAE GDR*		28,077		85
Finland — 0.2%
Elisa		2,992		82
Fortum		9,586		222
Kone, Cl B		6,707		288
Metso		2,436		79
Neste Oil		2,665		58
Nokia		81,939		684
Nokian Renkaat		2,499		70
Orion, Cl B		2,170		74
Sampo, Cl A		9,561		457
Stora Enso, Cl R		11,616		96
UPM-Kymmene		11,101		175
Wartsila Abp		3,230		150
				2,435
France — 1.7%
Accor		3,617		152
Aeroports de Paris		644		76
Air Liquide		7,601		917

3 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Alcatel-Lucent*		59,085	$	181
Alstom		4,611		160
Arkema		1,217		75
AtoS		1,680		116
AXA		40,047		924
BNP Paribas		23,128		1,453
Bollore		115		54
Bouygues		4,196		145
Bureau Veritas		4,783		118
Capital Gemini		3,032		199
Carrefour		14,065		412
Casino Guichard Perrachon		1,199		123
Christian Dior		1,185		210
Cie de St.-Gobain		9,991		429
Cie Generale des Etablissements Michelin		3,977		345
CNP Assurances		3,688		69
Credit Agricole		22,732		336
Danone		12,812		870
Dassault Systemes		2,697		171
Edenred		4,431		123
Electricite de France		5,182		153
Essilor International		4,570		504
Eurazeo		809		54
Eutelsat Communications		3,338		108
Fonciere Des Regions‡		603		55
GDF Suez		32,088		778
Gecina‡		600		81
Groupe Eurotunnel		9,918		125
ICADE‡		795		63
Iliad		569		124
Imerys		736		53
JCDecaux		1,418		47
Kering		1,650		318
Klepierre‡		2,126		92
Lafarge		3,968		275
Lagardere SCA		2,493		61
Legrand		5,699		307
L’Oreal		5,424		850
LVMH Moet Hennessy Louis Vuitton		6,173		1,047
Natixis		19,443		134
Numericable Group*		1,100		41
Orange		41,465		661
Pernod Ricard		4,749		540
Peugeot		8,463		100
Publicis Groupe*		3,837		266
Remy Cointreau		523		37
Renault		4,073		302
Rexel		5,866		99
Safran		5,788		366
Sanofi		25,956		2,395
Schneider Electric		11,537		909
SCOR		3,260		100
Societe BIC		620		77
Societe Generale		15,957		768
Sodexo		1,997		192
Suez Environnement		6,223		105
Technip		2,201		159
Thales		1,969		98
Total		46,824		2,782
Unibail-Rodamco‡		3,229		827
Valeo		1,595		179
Vallourec		2,347		86

Description	Shares		Market Value ($ Thousands)
Veolia Environnement*		9,163	$	153
Vinci		10,795		615
Vivendi		26,932		657
Wendel		673		74
Zodiac Aerospace		4,129		126
				25,601
Germany — 1.5%
adidas		4,743		345
Allianz		9,969		1,583
Axel Springer		842		46
BASF		20,156		1,774
Bayer		17,974		2,555
Bayerische Motoren Werke		7,343		785
Beiersdorf		2,221		180
Brenntag		3,327		161
Celesio		1,088		36
Commerzbank*		20,722		312
Continental		2,469		485
Daimler		21,152		1,644
Deutsche Bank		30,327		945
Deutsche Boerse		4,175		285
Deutsche Lufthansa		5,023		74
Deutsche Post		21,519		676
Deutsche Telekom		68,792		1,036
Deutsche Wohnen		6,140		138
E.ON		43,319		745
Fraport Frankfurt Airport Services Worldwide		793		49
Fresenius & KGaA		8,156		419
Fresenius Medical Care & KGaA		4,672		342
GEA Group		3,867		178
Hannover Rueck		1,297		108
HeidelbergCement		3,048		207
Henkel & KGaA		2,511		228
HOCHTIEF		444		33
HUGO BOSS		688		91
Infineon Technologies		23,966		232
K+S		3,704		103
Kabel Deutschland Holding		479		65
LANXESS		1,979		103
Linde		4,115		759
MAN		761		87
Merck KGaA		2,965		268
METRO		3,480		111
Muenchener Rueckversicherungs-Gesellschaft		3,735		734
OSRAM Licht*		1,919		67
ProSiebenSat.1 Media		4,677		188
RWE		10,482		371
SAP		20,257		1,377
Siemens		17,387		1,959
Sky Deutschland*		9,465		80
Telefonica Deutschland Holding		12,306		60
ThyssenKrupp		10,415		250
United Internet		3,012		118
Volkswagen		641		136
				22,528
Greece — 0.1%
Alpha Bank AE*		155,416		101
Eurobank Ergasias*		299,649		104
FF Group		1,385		45

4 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Hellenic Telecommunications Organization		8,798	$	99
JUMBO		4,050		45
National Bank of Greece*		58,555		141
Navios Maritime Acquisition		7,000		22
Navios Maritime Holdings		7,000		41
OPAP		8,404		102
Piraeus Bank*		81,630		119
Public Power		4,729		36
Titan Cement		2,024		45
				900
Guernsey — 0.0%
Friends Life Group		29,852		154
Hong Kong — 1.3%
AIA Group		265,800		1,482
Alibaba Health Information Technology*		78,000		49
ASM Pacific Technology		5,300		58
Bank of East Asia		27,800		116
Beijing Enterprises Holdings		18,000		147
Beijing Enterprises Water Group*		138,000		99
Belle International Holdings		156,000		199
Biostime International Holdings		6,500		15
BOC Hong Kong Holdings		80,500		268
Brilliance China Automotive Holdings		104,000		180
Cathay Pacific Airways		24,000		45
Cheung Kong Holdings		31,000		550
Cheung Kong Infrastructure Holdings		15,000		109
China Agri-Industries Holdings		77,000		29
China Everbright		30,000		58
China Everbright International		87,000		120
China Gas Holdings		68,000		122
China Huishan Dairy Holdings		197,000		44
China International Marine Containers Group, Cl H		21,400		50
China Life Insurance, Cl H		254,000		760
China Mengniu Dairy		47,000		208
China Merchants Holdings International		38,000		120
China Minsheng Banking, Cl H		206,000		206
China Mobile		207,500		2,582
China Overseas Land & Investment		144,000		418
China Resources Enterprise		42,000		100
China Resources Gas Group		30,000		86
China Resources Land		74,000		176
China Resources Power Holdings		66,000		192
China Shenhua Energy, Cl H		116,000		327
China State Construction International Holdings		64,000		99
China Taiping Insurance Holdings*		29,800		64
China Unicom		158,000		238
CITIC		79,000		138
CLP Holdings		41,500		357
CNOOC		605,000		950
COSCO Pacific		56,000		74
CSPC Pharmaceutical Group		80,000		74

Description	Shares		Market Value ($ Thousands)
Dongfeng Motor Group, Cl H		94,000	$	145
Far East Horizon		50,000		46
First Pacific		48,000		52
Franshion Properties China		160,000		38
Galaxy Entertainment Group		53,000		362
GCL-Poly Energy Holdings		325,000		110
Geely Automobile Holdings		175,000		78
Genting Singapore		128,000		109
GOME Electrical Appliances Holding		353,000		55
Guangdong Investment		80,000		105
Guangzhou Automobile Group, Cl H		76,000		68
Haier Electronics Group		39,000		105
Haitian International Holdings		25,000		54
Haitong Securities, Cl H		54,400		93
Hanergy Thin Film Power Group		402,000		92
Hang Lung Properties		50,000		156
Hang Seng Bank		16,700		283
Henderson Land Development		22,000		148
Hengan International Group		28,000		295
HKT Trust and HKT		55,000		67
Hong Kong & China Gas		136,000		317
Hong Kong Exchanges and Clearing		24,900		552
Hutchison Whampoa		47,000		596
Hysan Development		14,000		64
Kerry Properties		14,500		50
Kingboard Chemical Holdings		23,000		45
Kunlun Energy		112,000		148
Lenovo Group		216,000		318
Li & Fung		128,000		156
Link		50,000		294
Longfor Properties		56,500		65
MGM China Holdings		21,200		68
MTR		31,500		128
New China Life Insurance, Cl H		30,500		114
New World China Land		96,000		58
New World Development		112,000		141
Noble Group		88,000		82
NWS Holdings		32,000		60
PCCW		84,000		53
People’s Insurance Group of China, Cl H		240,000		104
Poly Property Group		92,000		36
Power Assets Holdings		30,500		294
Shanghai Industrial Holdings		19,000		59
Shangri-La Asia		30,000		44
Shui On Land		174,000		40
Sino Biopharmaceutical		96,000		97
Sino Land		64,000		106
SJM Holdings		43,000		91
Sun Hung Kai Properties		37,000		551
Swire Pacific, Cl A		13,500		177
Swire Properties		25,000		80
Techtronic Industries		34,500		108
Wharf Holdings		35,000		259
Wheelock		20,000		96
Wynn Macau		33,600		121
Yue Yuen Industrial Holdings		15,500		52
Yuexiu Property		274,000		50
Zhejiang Expressway, Cl H		42,000		42

5 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Zoomlion Heavy Industry Science and Technology		84,800	$	41
				19,127
Hungary — 0.0%
MOL Hungarian Oil & Gas		2,025		96
OTP Bank		8,810		146
Richter Gedeon Nyrt		6,327		96
				338
India — 0.0%
Dr Reddy’s Laboratories ADR		100		5
GAIL India GDR		213		12
HDFC Bank ADR		100		5
Larsen & Toubro GDR		100		3
				25
Indonesia — 0.3%
Adaro Energy		516,900		48
Astra Agro Lestari		15,100		29
Astra International		707,900		397
Bank Central Asia		403,100		435
Bank Mandiri Persero		313,700		269
Bank Negara Indonesia Persero		242,000		119
Bank Rakyat Indonesia Persero		379,400		348
Bumi Serpong Damai		345,300		46
Charoen Pokphand		258,500		90
Global Indemnity, Cl A*		700		20
Global Mediacom		237,800		39
Gudang Garam		19,800		95
Indo Tambangraya Megah		15,300		27
Indocement Tunggal Prakarsa		55,600		110
Indofood CBP Sukses Makmur		36,700		34
Indofood Sukses Makmur		150,600		85
Jasa Marga Persero		59,500		31
Kalbe Farma		708,400		100
Lippo Karawaci		758,600		67
Matahari Department Store		68,600		83
Media Nusantara Citra		177,100		41
Perusahaan Gas Negara Persero		367,100		181
PT Bank Danamon Indonesia*		115,800		40
Semen Indonesia Persero		112,500		148
Surya Citra Media		163,500		46
Tambang Batubara Bukit Asam Persero		29,300		31
Telekomunikasi Indonesia Persero		1,619,600		369
Tower Bersama Infrastructure		81,300		60
Unilever Indonesia		52,600		132
United Tractors		67,500		103
XL Axiata		90,500		41
				3,664
Ireland — 0.8%
Accenture, Cl A		26,700		2,166
Actavis*		10,800		2,622
Alkermes*		6,400		324
Allegion		4,100		218
Ardmore Shipping		1,500		15
Bank of Ireland*		577,229		226
CRH		15,402		341
Eaton		20,300		1,389
Endo International*		6,600		442
Experian		21,308		320

Description	Shares		Market Value ($ Thousands)
Horizon Pharma*		5,400	$	70
Ingersoll-Rand		11,600		726
Jazz Pharmaceuticals*		2,500		422
Kerry Group, Cl A		3,439		233
Mallinckrodt*		4,700		433
Pentair		8,400		563
Perrigo		5,800		936
Prothena*		2,300		50
Ryanair Holdings ADR*		700		39
				11,535
Isle of Man — 0.0%
Eros International*		1,800		33
Israel — 0.1%
Bank Hapoalim		22,271		114
Bank Leumi Le-Israel*		27,994		99
Bezeq The Israeli Telecommunication		41,249		70
Delek Group		102		35
Israel*		56		28
Israel Chemicals		9,339		63
magicJack VocalTec*		1,500		14
Mizrahi Tefahot Bank*		3,032		33
NICE-Systems		1,222		48
Stratasys*		2,000		241
Teva Pharmaceutical Industries		18,273		1,012
Wix.com*		1,200		20
				1,777
Italy — 0.5%
Assicurazioni Generali		26,102		534
Atlantia		9,569		225
Banca Monte dei Paschi di Siena*		95,191		72
Banco Popolare SC*		8,862		128
CNH Industrial		20,457		167
Enel		146,058		745
Enel Green Power		37,259		91
Eni		56,012		1,193
Exor		2,128		93
Fiat Chrysler Automobiles*		29,540		329
Finmeccanica		8,559		77
Intesa Sanpaolo		277,805		806
Luxottica Group		3,594		183
Mediobanca		14,735		130
Pirelli & C.		5,129		69
Prysmian		4,401		76
Saipem		5,685		89
Snam		43,627		236
Telecom Italia		361,862		378
Terna Rete Elettrica Nazionale		32,733		165
UniCredit		97,786		706
Unione di Banche Italiane SCpA		20,336		159
UnipolSai		19,289		52
				6,703
Japan — 3.9%
ABC-Mart		500		28
Acom*		8,900		29
Advantest		3,400		39
Aeon		13,700		134
AEON Financial Service		2,500		51

6 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Aeon Mall		2,500	$	45
Air Water		4,000		63
Aisin Seiki		4,200		137
Ajinomoto		12,000		225
Alfresa Holdings		7,800		98
Amada		7,800		66
ANA Holdings		25,000		57
Aozora Bank		24,000		84
Asahi Glass		22,000		113
Asahi Group Holdings		8,400		257
Asahi Kasei		26,000		209
Asics		3,200		74
Astellas Pharma		47,000		712
Bandai Namco Holdings		3,900		94
Bank of Kyoto		7,000		59
Bank of Yokohama		24,000		136
Benesse Holdings		1,500		47
Bridgestone		14,200		463
Brother Industries		5,200		91
Calbee		1,700		59
Canon		24,600		744
Casio Computer		4,600		71
Central Japan Railway		3,200		471
Chiba Bank		17,000		119
Chiyoda		5,000		50
Chubu Electric Power		14,000		165
Chugai Pharmaceutical		4,900		149
Chugoku Bank		3,400		50
Chugoku Electric Power		6,400		83
Citizen Holdings		5,700		36
Credit Saison		3,200		66
Dai Nippon Printing		12,000		116
Daicel		5,000		57
Daido Steel		7,000		26
Daihatsu Motor		4,200		59
Dai-ichi Life Insurance		23,300		343
Daiichi Sankyo		14,300		211
Daikin Industries		5,200		316
Daito Trust Construction		1,500		185
Daiwa House Industry		12,800		238
Daiwa Securities Group		37,000		284
Dena		2,300		29
Denso		10,500		469
Dentsu		4,600		166
Don Quijote Holdings		1,200		71
East Japan Railway		7,500		578
Eisai		5,400		207
Electric Power Development		2,500		87
FamilyMart		1,200		47
FANUC		4,100		699
Fast Retailing		1,200		432
Fuji Electric		12,000		51
Fuji Heavy Industries		12,600		405
FUJIFILM Holdings		10,000		329
Fujitsu		41,000		243
Fukuoka Financial Group		17,000		85
Gree		2,500		17
GungHo Online Entertainment		8,600		34
Gunma Bank		7,000		43
Hachijuni Bank		10,000		60
Hakuhodo DY Holdings		5,100		50
Hamamatsu Photonics		1,500		67
Hankyu Hanshin Holdings		24,000		139
Hikari Tsushin		200		13

Description	Shares		Market Value ($ Thousands)
Hino Motors		5,700	$	81
Hirose Electric		700		84
Hiroshima Bank		10,000		49
Hisamitsu Pharmaceutical		1,200		40
Hitachi		105,000		805
Hitachi Chemical		2,200		38
Hitachi Construction Machinery		2,400		48
Hitachi High-Technologies		1,200		36
Hitachi Metals		5,000		82
Hokuhoku Financial Group		27,000		53
Hokuriku Electric Power		3,700		49
Honda Motor		35,900		1,114
Hoya		9,600		335
Hulic		5,100		55
Ibiden		2,700		39
Idemitsu Kosan		2,000		39
IHI		29,000		136
Iida Group Holdings		2,400		26
Inpex		18,900		237
Isetan Mitsukoshi Holdings		7,300		97
Isuzu Motors		13,500		172
ITOCHU		32,700		390
Itochu Techno-Solutions		500		20
Iyo Bank		5,400		57
J Front Retailing		5,200		68
Japan Airlines		5,000		133
Japan Display		7,300		21
Japan Exchange Group		5,600		134
Japan Prime Realty Investment‡		17		62
Japan Real Estate Investment‡		27		146
Japan Retail Fund Investment‡		49		98
Japan Tobacco		24,200		813
JFE Holdings		10,600		206
JGC		5,000		126
Joyo Bank		15,000		79
JSR		4,000		71
JTEKT		4,400		68
JX Holdings		49,300		209
Kajima		18,000		79
Kakaku.com		3,200		42
Kamigumi		5,000		47
Kaneka		5,000		27
Kansai Electric Power		15,500		151
Kansai Paint		5,000		75
Kao		11,300		434
Kawasaki Heavy Industries		31,000		119
KDDI		12,600		812
Keikyu		10,000		82
Keio		12,000		90
Keisei Electric Railway		5,000		58
Keyence		1,000		468
Kikkoman		4,000		90
Kintetsu		40,000		138
Kirin Holdings		17,900		228
Kobe Steel		65,000		101
Koito Manufacturing		2,200		64
Komatsu		20,200		470
Konami		2,200		43
Konica Minolta		10,300		112
Kubota		24,000		372
Kuraray		7,500		86
Kurita Water Industries		2,200		47
Kyocera		6,800		306
Kyowa Hakko Kirin		5,000		57

7 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Kyushu Electric Power		9,500	$	101
Lawson		1,500		100
LIXIL Group		6,000		128
M3		4,300		71
Mabuchi Motor		500		42
Makita		2,800		155
Marubeni		35,800		226
Marui Group		5,100		42
Maruichi Steel Tube		1,000		23
Mazda Motor		11,600		263
McDonald’s Holdings Japan		1,500		36
Medipal Holdings		2,900		32
MEIJI Holdings		1,200		99
Miraca Holdings		1,200		50
Mitsubishi		30,300		585
Mitsubishi Chemical Holdings		29,800		145
Mitsubishi Electric		41,000		511
Mitsubishi Estate		27,000		673
Mitsubishi Gas Chemical		7,000		41
Mitsubishi Heavy Industries		65,000		396
Mitsubishi Logistics		2,000		30
Mitsubishi Materials		24,000		73
Mitsubishi Motors		13,800		139
Mitsubishi Tanabe Pharma		4,900		73
Mitsubishi UFJ Financial Group		275,500		1,554
Mitsubishi UFJ Lease & Finance		11,100		57
Mitsui		37,300		554
Mitsui Chemicals		17,000		49
Mitsui Fudosan		20,000		626
Mitsui OSK Lines		25,000		77
Mizuho Financial Group		507,800		906
MS&AD Insurance Group Holdings		11,000		231
Murata Manufacturing		4,500		490
Nabtesco		2,500		60
Nagoya Railroad		17,000		72
NEC		56,000		193
Nexon		2,900		25
NGK Insulators		6,000		127
NGK Spark Plug		3,900		100
NH Foods		5,000		113
NHK Spring		3,400		30
Nidec		5,000		322
Nikon		7,400		99
Nintendo		2,200		234
Nippon Building Fund‡		32		178
Nippon Electric Glass		10,000		46
Nippon Express		20,000		86
Nippon Paint Holdings		5,000		110
Nippon Prologis‡		30		69
Nippon Steel & Sumitomo Metal		163,000		422
Nippon Telegraph & Telephone		8,100		498
Nippon Yusen		34,000		87
Nissan Motor		54,000		481
Nisshin Seifun Group		4,400		44
Nissin Foods Holdings		1,200		63
Nitori Holdings		1,500		94
Nitto Denko		3,500		186
NOK		2,000		50
Nomura Holdings		80,000		482
Nomura Real Estate Holdings		2,800		49
Nomura Research Institute		2,400		78
NSK		10,000		127
NTT Data		2,700		103

Description	Shares		Market Value ($ Thousands)
NTT DOCOMO		32,900	$	546
NTT Urban Development		2,500		28
Obayashi		15,000		102
Odakyu Electric Railway		15,000		139
Oji Holdings		17,000		60
Olympus		5,100		178
Omron		4,500		208
Ono Pharmaceutical		1,700		169
Oracle Japan		700		27
Oriental Land		1,200		254
ORIX		28,700		386
Osaka Gas		42,000		165
Otsuka		1,000		36
Otsuka Holdings		8,500		294
Panasonic		48,500		565
Park24		2,200		33
Rakuten		17,700		196
Recruit Holdings		3,100		102
Resona Holdings		47,700		267
Ricoh		15,400		158
Rinnai		700		61
Rohm		2,200		131
Sankyo		1,000		36
Sanrio		1,000		29
Santen Pharmaceutical		1,700		99
SBI Holdings		4,400		49
Secom		4,600		277
Sega Sammy Holdings		4,100		64
Seibu Holdings*		2,500		48
Seiko Epson		3,100		141
Sekisui Chemical		10,000		121
Sekisui House		11,900		145
Seven & I Holdings		16,400		626
Seven Bank		13,200		54
Sharp		35,000		86
Shikoku Electric Power		3,900		52
Shimadzu		5,000		43
Shimamura		500		43
Shimano		1,700		222
Shimizu		12,000		86
Shin-Etsu Chemical		8,800		553
Shinsei Bank		37,000		81
Shionogi		6,300		160
Shiseido		8,000		131
Shizuoka Bank		12,000		121
Showa Shell Sekiyu		4,200		35
SMC		1,200		333
SoftBank		20,900		1,480
Sompo Japan Nipponkoa Holdings		7,100		174
Sony		25,600		473
Sony Financial Holdings		3,700		58
Stanley Electric		3,200		63
Sumitomo		24,700		259
Sumitomo Chemical		31,000		105
Sumitomo Dainippon Pharma		3,400		39
Sumitomo Electric Industries		16,300		215
Sumitomo Heavy Industries		12,000		65
Sumitomo Metal Mining		12,000		162
Sumitomo Mitsui Financial Group		27,600		1,083
Sumitomo Mitsui Trust Holdings		70,000		277
Sumitomo Realty & Development		8,000		292
Sumitomo Rubber Industries		3,700		50
Suntory Beverage & Food		3,500		124

8 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Suruga Bank		3,800	$	78
Suzuken		1,500		40
Suzuki Motor		7,800		254
Sysmex		3,200		135
T&D Holdings		12,600		158
Taiheiyo Cement		25,000		90
Taisei		22,000		121
Taisho Pharmaceutical Holdings		700		49
Taiyo Nippon Sanso		5,000		44
Takashimaya		5,000		42
Takeda Pharmaceutical		17,100		733
TDK		2,700		148
Teijin		20,000		48
Terumo		6,500		158
THK		2,500		61
Tobu Railway		22,000		110
Toho		2,400		54
Toho Gas		10,000		53
Tohoku Electric Power		9,800		120
Tokio Marine Holdings		15,500		486
Tokyo Electric Power		32,100		114
Tokyo Electron		3,600		223
Tokyo Gas		51,000		289
Tokyo Tatemono		10,000		84
Tokyu		25,000		162
Tokyu Fudosan Holdings		10,700		74
TonenGeneral Sekiyu		7,000		61
Toppan Printing		12,000		80
Toray Industries		32,000		211
Toshiba		88,000		380
TOTO		7,000		77
Toyo Seikan Group Holdings		3,500		41
Toyo Suisan Kaisha		2,000		68
Toyoda Gosei		1,500		28
Toyota Industries		3,400		158
Toyota Motor		60,300		3,495
Toyota Tsusho		4,700		115
Trend Micro		2,200		72
Unicharm		13,500		310
United Urban Investment‡		54		84
USS		4,600		71
West Japan Railway		3,700		175
Yahoo Japan		29,400		104
Yakult Honsha		2,000		108
Yamada Denki		19,000		60
Yamaguchi Financial Group		5,000		47
Yamaha		3,700		50
Yamaha Motor		5,500		101
Yamato Holdings		7,800		164
Yamato Kogyo		700		22
Yamazaki Baking		2,000		24
Yaskawa Electric		4,700		59
Yokogawa Electric		4,600		62
Yokohama Rubber		5,000		44
				58,508
Jersey — 0.0%
DHT Holdings		7,700		51
Randgold Resources		1,926		114
				165

Description	Shares		Market Value ($ Thousands)
Kashmiri — 0.0%
Hotel Shilla		1,138	$	107
Luxembourg — 0.1%
Altice*		1,874		117
Altisource Portfolio Solutions*		1,300		97
ArcelorMittal		23,145		303
Millicom International Cellular		1,434		117
RTL Group		804		75
SES		6,495		224
Tenaris		10,937		215
Trinseo*		1,000		14
				1,162
Macau — 0.0%
Sands China		54,000		336
Malaysia — 0.4%
AirAsia		46,300		35
Alliance Financial Group		34,500		50
AMMB Holdings		62,600		129
Astro Malaysia Holdings		58,900		59
Axiata Group		94,500		203
Berjaya Sports Toto		34,500		38
British American Tobacco		5,600		118
Bumi Armada*		76,700		37
CIMB Group Holdings		169,361		334
Dialog Group		140,600		69
DiGi.Com		111,500		210
Felda Global Ventures Holdings		51,700		58
Gamuda		71,300		111
Genting		76,000		225
Genting Malaysia		110,500		144
Genting Plantations*		7,600		24
Hong Leong Bank		14,300		64
Hong Leong Financial Group		6,700		37
IHH Healthcare		79,900		120
IJM		46,100		97
IOI		100,400		149
IOI Properties Group		57,700		48
Kuala Lumpur Kepong		16,900		118
Malayan Banking		145,300		429
Malaysia Airports Holdings		22,800		50
Maxis		69,700		143
MMC*		29,200		23
Petronas Chemicals Group		91,400		171
Petronas Dagangan		8,500		53
Petronas Gas		22,300		152
PPB Group*		15,900		77
Public Bank		91,000		513
RHB Capital		15,800		42
SapuraKencana Petroleum		135,900		141
Sime Darby		104,200		307
Telekom		20,100		44
Tenaga Nasional		94,500		384
UEM Sunrise		87,500		50
UMW Holdings		20,300		72
YTL		122,100		62
YTL Power International		20,600		10
				5,200

9 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Mexico — 0.5%
Alfa, Cl A		94,800	$	302
America Movil		1,156,100		1,412
Arca Continental		13,000		84
Cemex*		424,600		523
Coca-Cola Femsa		14,100		149
Compartamos*		37,400		83
El Puerto de Liverpool		5,700		67
Fibra Uno Administracion‡		86,000		298
Fomento Economico Mexicano		64,200		618
Genomma Lab Internacional, Cl B*		28,000		71
Gruma, Cl B*		6,400		70
Grupo Aeroportuario del Pacifico, Cl B		9,800		67
Grupo Aeroportuario del Sureste*		6,200		83
Grupo Bimbo, Ser A		56,900		167
Grupo Carso		19,400		110
Grupo Financiero Banorte, Cl O		85,300		546
Grupo Financiero Inbursa, Cl O		76,900		232
Grupo Financiero Santander Mexico, Cl B		60,600		161
Grupo Lala, Cl B		19,300		44
Grupo Mexico		138,100		475
Grupo Televisa		88,200		638
Industrias Penoles		5,365		121
Kimberly-Clark de Mexico, Cl A		55,900		130
Mexichem		32,100		131
OHL Mexico*		23,600		66
Promotora y Operadora de Infraestructura*		11,000		152
Wal-Mart de Mexico		179,100		415
				7,215
Netherlands — 1.1%
Aegon		41,347		336
Airbus Group		13,018		776
Akzo Nobel		5,453		362
ASML Holding		7,958		792
Boskalis Westminster		1,869		100
Chicago Bridge & Iron		4,000		219
Corio‡		1,515		74
Delta Lloyd		4,312		98
Frank’s International		1,500		26
Fugro		1,607		22
Gemalto		2,698		206
Heineken		5,072		379
Heineken Holding		2,193		142
ING Groep*		84,568		1,209
James Hardie Industries		9,571		101
Koninklijke Ahold		21,190		354
Koninklijke DSM		3,660		229
Koninklijke KPN		68,921		226
Koninklijke Philips		21,719		607
Koninklijke Vopak		1,537		77
LyondellBasell Industries, Cl A		18,600		1,704
Nielsen		11,800		501
OCI*		1,794		62
QIAGEN*		14,667		345
Randstad Holding		2,625		116
Reed Elsevier		15,875		365
Royal Dutch Shell, Cl A		85,998		3,076
Royal Dutch Shell, Cl B		53,208		1,968

Description	Shares		Market Value ($ Thousands)
STMicroelectronics		13,172	$	88
TNT Express		9,234		54
Unilever		35,653		1,382
Vistaprint*		2,900		194
Wolters Kluwer		6,435		172
Ziggo		3,239		158
				16,520
New Zealand — 0.0%
Auckland International Airport		20,790		62
Contact Energy		7,823		38
Fletcher Building		15,088		101
Ryman Healthcare		8,015		47
Spark New Zealand		41,949		103
Xero*		1,364		17
				368
Norway — 0.2%
Akastor		3,236		11
Aker Solutions*		3,236		21
DNB		22,098		406
Gjensidige Forsikring		4,201		76
Knightsbridge Shipping		3,100		27
Nordic American Tankers		7,600		64
Norsk Hydro		28,750		161
Orkla		19,551		149
Seadrill		8,103		182
Statoil		24,989		567
Telenor		17,211		387
Yara International		4,257		195
				2,246
Panama — 0.0%
Banco Latinoamericano de Comercio Exterior, Cl E		2,500		84
Copa Holdings, Cl A		1,500		176
				260
Peru — 0.0%
Cia de Minas Buenaventura SAA ADR		6,600		61
Credicorp		2,100		338
				399
Philippines — 0.1%
Aboitiz Equity Ventures		65,890		76
Aboitiz Power		47,400		43
Alliance Global Group		73,200		41
Ayala		7,610		117
Ayala Land		253,300		189
Bank of the Philippine Islands		18,880		40
BDO Unibank		43,660		95
DMCI Holdings		143,300		52
Energy Development*		300,600		52
Globe Telecom		1,280		48
International Container Terminal Services		12,240		32
JG Summit Holdings*		80,450		114
Jollibee Foods		14,210		62
Megaworld		497,000		55
Metro Pacific Investments		472,300		53
Metropolitan Bank & Trust		4,100		8

10 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Philippine Long Distance Telephone		3,370	$	235
SM Investments		5,060		88
SM Prime Holdings		241,300		94
Universal Robina		26,480		110
				1,604
Poland — 0.2%
Alior Bank*		2,102		47
Bank Millennium*		17,357		43
Bank Pekao		5,003		262
Bank Zachodni*		1,165		132
Cyfrowy Polsat		8,852		68
Energa		9,269		69
Getin Noble Bank*		47,241		36
Grupa Azoty*		2,181		41
KGHM Polska Miedz		5,814		225
LPP*		35		105
mBank*		601		89
Orange Polska		23,314		70
PGE		31,392		206
Polski Koncern Naftowy Orlen		12,099		151
Polskie Gornictwo Naftowe i Gazownictwo		69,727		104
Powszechna Kasa Oszczednosci Bank Polski		33,719		376
Powszechny Zaklad Ubezpieczen		2,371		356
Tauron Polska Energia		46,041		72
				2,452
Portugal — 0.0%
Banco Comercial Portugues, Cl R*		776,174		88
Energias de Portugal		48,408		208
Galp Energia SGPS		8,170		118
Jeronimo Martins SGPS		5,457		48
				462
Puerto Rico — 0.0%
First BanCorp*		8,500		44
OFG Bancorp		3,600		56
Triple-S Management, Cl B*		2,330		52
				152
Qatar — 0.1%
Barwa Real Estate		33,069		390
Commercial Bank of Qatar		5,212		106
Doha Bank QSC		5,156		82
Industries Qatar QSC		3,869		200
Masraf Al Rayan		13,701		192
Ooredoo QSC		3,323		113
Qatar Electricity & Water		1,698		85
Qatar Islamic Bank SAQ		2,971		91
Qatar National Bank SAQ		3,887		229
Vodafone Qatar		14,995		85
				1,573
Russia — 0.4%
Gazprom ADR		203,252		1,339
Lukoil ADR		17,946		880
Magnit GDR		8,884		595
MegaFon GDR		3,552		83
MMC Norilsk Nickel ADR		20,392		380
Mobile Telesystems ADR		17,900		256

Description	Shares		Market Value ($ Thousands)
NOVATEK OAO GDR		2,600	$	279
Rosneft GDR		42,361		236
Rostelecom*		4,697		70
RusHydro JSC ADR		42,784		71
Sberbank of Russia ADR		66,389		504
Severstal OAO GDR		8,478		90
Sistema GDR		6,716		54
Surgutneftegas OAO ADR		55,123		364
Tatneft OAO ADR		8,394		299
Uralkali GDR		9,466		169
VTB Bank GDR		92,086		174
				5,843
Singapore — 0.3%
Ascendas‡		44,000		76
Avago Technologies, Cl A		10,700		923
CapitaCommercial Trust‡		45,000		58
CapitaLand		55,000		136
CapitaMall Trust‡		52,000		80
City Developments		10,000		73
ComfortDelGro		45,000		92
DBS Group Holdings		39,000		561
Global Logistic Properties		66,000		141
Golden Agri-Resources		152,000		61
Hutchison Port Holdings Trust, Cl U		121,000		82
Jardine Cycle & Carriage		2,000		62
Keppel		31,000		228
Keppel Land		15,000		39
Olam International		10,000		17
Oversea-Chinese Banking		65,000		500
Sembcorp Industries		22,000		83
Sembcorp Marine		17,000		48
Singapore Airlines		12,000		92
Singapore Exchange		17,000		93
Singapore Press Holdings		34,000		113
Singapore Technologies Engineering		34,000		99
Singapore Telecommunications		174,000		512
StarHub		12,000		39
United Overseas Bank		29,000		519
UOL Group		10,000		50
Wilmar International		41,000		102
Yangzijiang Shipbuilding Holdings		42,000		37
				4,916
Slovak Republic — 0.0%
Celltrion		2,067		81
South Africa — 0.7%
African Rainbow Minerals		4,672		58
Anglo American Platinum*		2,214		70
AngloGold Ashanti		14,830		126
Aspen Pharmacare Holdings		10,731		382
Barclays Africa Group		10,730		169
Barloworld		8,659		75
Bidvest Group		10,495		288
Brait*		12,294		92
Coronation Fund Managers		8,397		73
Discovery*		11,294		103
Exxaro Resources		4,327		45

11 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
FirstRand		107,532	$	460
Foschini Group		6,476		73
Gold Fields		28,020		92
Growthpoint Properties‡		79,800		193
Harmony Gold Mining*		15,966		26
Impala Platinum Holdings		19,848		144
Imperial Holdings		6,767		116
Investec		9,417		86
Kumba Iron Ore		2,725		68
Liberty Holdings		4,358		50
Life Healthcare Group Holdings		29,472		111
Massmart Holdings		3,639		39
Mediclinic International		12,040		107
MMI Holdings		33,307		85
Mr Price Group		7,703		159
MTN Group		57,640		1,273
Nampak		23,353		95
Naspers, Cl N		12,823		1,593
Nedbank Group		6,592		144
Netcare		30,133		91
Northam Platinum*		14,658		45
Pick n Pay Stores*		7,291		35
Rand Merchant Insurance Holdings		22,395		80
Redefine Properties‡		122,575		111
Remgro		16,910		387
RMB Holdings		25,034		139
Sanlam		63,167		398
Sappi*		18,465		73
Sasol		18,838		937
Shoprite Holdings		15,279		221
SPAR Group		4,851		57
Standard Bank Group		39,834		500
Steinhoff International Holdings		74,073		378
Tiger Brands		5,475		164
Truworths International		12,450		85
Vodacom Group		13,046		158
Woolworths Holdings		30,793		219
				10,473
South Korea — 1.3%
Amorepacific		112		241
AMOREPACIFIC Group		102		113
BS Financial Group		6,117		95
Cheil Worldwide*		2,700		42
CJ		495		81
CJ CheilJedang		258		94
Coway		1,951		149
Daelim Industrial		1,011		67
Daewoo Engineering & Construction*		4,074		25
Daewoo International		1,670		53
Daewoo Securities*		6,597		69
Daewoo Shipbuilding & Marine Engineering		3,834		66
DGB Financial Group		4,346		62
Dongbu Insurance		1,483		83
Doosan		249		26
Doosan Heavy Industries & Construction		2,165		47
Doosan Infracore*		5,079		51
E-Mart		713		132
GS Engineering & Construction*		1,732		45
GS Holdings		1,617		63

Description	Shares		Market Value ($ Thousands)
Halla Visteon Climate Control		1,293	$	58
Hana Financial Group		9,987		346
Hankook Tire		2,518		130
Hanwha		1,490		38
Hanwha Chemical		3,629		41
Hanwha Life Insurance		6,806		52
Hite Jinro		792		20
Hyosung		757		45
Hyundai Department Store		483		61
Hyundai Development Co-Engineering & Construction*		1,956		74
Hyundai Engineering & Construction		2,494		113
Hyundai Glovis		444		110
Hyundai Heavy Industries		1,489		138
Hyundai Marine & Fire Insurance		2,209		58
Hyundai Merchant Marine		2,580		28
Hyundai Mipo Dockyard*		388		28
Hyundai Mobis		2,547		596
Hyundai Motor		7,776		1,237
Hyundai Steel		2,592		165
Hyundai Wia		533		92
Industrial Bank of Korea		8,743		128
Kangwon Land		4,068		133
KB Financial Group		13,107		515
KCC		160		89
Kia Motors		9,920		484
Korea Aerospace Industries		1,857		72
Korea Electric Power		8,171		355
Korea Gas		901		42
Korea Investment Holdings*		1,396		71
Korea Zinc		318		120
Korean Airlines*		976		35
KT		1,891		58
KT&G		3,831		340
Kumho Petrochemical*		484		35
LG		3,187		190
LG Chemical		1,736		325
LG Display*		8,090		237
LG Electronics		3,928		240
LG Household & Health Care		319		186
LG Innotek*		498		39
LG Uplus		6,523		67
Lotte Chemical		513		70
Lotte Confectionery		24		43
Lotte Shopping		372		103
LS		708		40
LS Industrial Systems*		643		38
Mirae Asset Securities		862		37
NAVER		882		622
NCSoft		485		67
OCI		573		49
Orion		123		95
Paradise		1,623		50
POSCO		2,236		640
S-1, Cl 1		633		44
Samsung C&T		4,360		295
Samsung Card		1,062		46
Samsung Electro-Mechanics		2,118		96
Samsung Electronics		4,391		5,111
Samsung Engineering		1,035		60
Samsung Fire & Marine Insurance		1,100		296
Samsung Heavy Industries		5,863		143
Samsung Life Insurance		2,018		220

12 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Samsung SDI		1,838	$	217
Samsung Securities		2,183		98
Samsung Techwin*		1,291		40
Shinhan Financial Group		14,606		687
Shinsegae*		208		39
SK C&C		661		150
SK Holdings		855		134
SK Hynix		20,006		888
SK Innovation		2,059		169
SK Networks		4,386		45
SK Telecom		346		86
S-Oil		1,531		58
Woori Finance Holdings		10,287		115
Woori Investment & Securities*		4,492		49
Yuhan*		205		34
				19,769
Spain — 0.7%
Abertis Infraestructuras		8,566		178
ACS Actividades de Construccion y Servicios		3,699		137
Amadeus IT Holding, Cl A		8,719		320
Banco Bilbao Vizcaya Argentaria		130,717		1,459
Banco de Sabadell		79,236		228
Banco Popular Espanol		41,227		236
Banco Santander		264,819		2,332
Bankia*		96,566		172
CaixaBank		41,664		227
Cemex Latam Holdings*		6,383		57
Distribuidora Internacional de Alimentacion		13,196		84
Enagas		4,324		145
Ferrovial		8,715		178
Gas Natural SDG		7,493		216
Grifols		3,167		129
Iberdrola		113,375		801
Inditex		24,173		679
International Consolidated Airlines Group*		21,145		138
Mapfre		19,494		67
Red Electrica		2,525		220
Repsol		22,896		511
Telefonica		89,635		1,347
Zardoya Otis		3,770		44
				9,905
Sweden — 0.6%
Alfa Laval		6,808		140
Assa Abloy, Cl B		7,551		399
Atlas Copco, Cl A		15,128		436
Atlas Copco, Cl B		8,314		219
Boliden		5,796		95
Electrolux		5,174		147
Elekta, Cl B		7,956		81
Getinge, Cl B		4,324		100
Hennes & Mauritz, Cl B		21,016		834
Hexagon, Cl B		5,398		181
Husqvarna, Cl B		8,656		64
Industrivarden, Cl C		3,138		55
Investment Kinnevik, Cl B		5,585		177
Investor, Cl B		10,321		368
Lundin Petroleum*		4,667		66
Nordea Bank		67,073		858

Description	Shares		Market Value ($ Thousands)
Sandvik		22,840	$	250
Securitas, Cl B		6,524		72
Skandinaviska Enskilda Banken, Cl A		34,122		436
Skanska, Cl B		8,081		164
SKF, Cl B		8,494		170
Svenska Cellulosa, Cl B		13,368		298
Svenska Handelsbanken, Cl A		11,162		531
Swedbank, Cl A		20,271		535
Swedish Match		4,297		139
Tele2, Cl B		6,822		86
Telefonaktiebolaget LM Ericsson, Cl B		67,239		791
TeliaSonera		53,898		372
Volvo, Cl B		33,110		380
				8,444
Switzerland — 1.8%
ABB		48,719		1,066
Actelion		2,190		260
Adecco		3,636		246
Aryzta		1,863		159
Baloise Holding		1,014		127
Barry Callebaut		49		51
Chocoladefabriken Lindt & Sprungli		21		215
Cie Financiere Richemont		11,868		998
Coca-Cola HBC		4,280		93
Credit Suisse Group		33,437		889
EMS-Chemie Holding		176		63
Geberit		812		277
Givaudan		197		328
Holcim		4,925		349
Julius Baer Group		4,793		210
Kuehne + Nagel International		1,185		154
Lonza Group		1,110		122
Nestle		70,696		5,171
Novartis		50,444		4,680
Pargesa Holding		662		51
Partners Group Holding		374		99
Roche Holding		15,408		4,542
Schindler Holding		1,444		200
SGS		117		257
Sika		45		160
Sonova Holding		1,140		178
Sulzer		471		54
Swatch Group		1,764		414
Swiss Life Holding		683		156
Swiss Prime Site		1,233		94
Swiss Re		7,873		636
Swisscom		534		314
Syngenta		2,056		636
Transocean		8,041		237
UBS		79,902		1,386
Zurich Insurance Group		3,310		1,000
				25,872
Taiwan — 0.3%
Advanced Semiconductor Engineering ADR		4,600		28
Cathay Financial Holding		164,850		271
Chong Hong Construction		5,650		12
Hon Hai Precision Industry		482,992		1,524

13 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
MediaTek		55,000	$	783
Mitac Holdings		426,300		329
Siliconware Precision Industries ADR		2,000		14
Taiwan Semiconductor Manufacturing		306,000		1,313
United Microelectronics		875,000		386
				4,660
Thailand — 0.2%
Advanced Info Service		34,600		254
Airports of Thailand		12,900		96
Bangkok Dusit Medical Services		98,100		56
Banpu		33,600		29
BEC World		31,400		46
BTS Group Holdings		167,000		53
Bumrungrad Hospital		11,000		45
Central Pattana		50,100		74
Charoen Pokphand Foods*		89,600		86
CP ALL		145,900		204
Glow Energy		16,600		51
Home Product Center		120,375		34
Indorama Ventures		38,500		28
IRPC*		267,700		28
Kasikornbank		56,900		412
Krung Thai Bank		96,600		69
Minor International		53,400		57
PTT		27,900		315
PTT Exploration & Production		45,100		203
PTT Global Chemical		54,200		103
Siam Cement		18,696		258
Siam Commercial Bank		49,300		269
Thai Oil		20,900		29
TMB Bank		378,200		36
TRUE*		272,300		99
				2,934
Turkey — 0.2%
Akbank		66,282		240
Anadolu Efes Biracilik Ve Malt Sanayii*		7,089		83
BIM Birlesik Magazalar		7,535		172
Coca-Cola Icecek		2,729		62
Emlak Konut Gayrimenkul Yatirim Ortakligi‡		79,451		90
Enka Insaat ve Sanayi		17,513		42
Eregli Demir ve Celik Fabrikalari		54,115		113
Ford Otomotiv Sanayi		2,969		38
Haci Omer Sabanci Holding		35,891		164
KOC Holding		23,863		122
TAV Havalimanlari Holding		5,816		49
Tofas Turk Otomobil Fabrikasi		5,268		33
Tupras Turkiye Petrol Rafinerileri		4,468		97
Turk Hava Yollari*		22,706		75
Turk Telekomunikasyon		11,260		32
Turkcell Iletisim Hizmetleri*		33,331		194
Turkiye Garanti Bankasi		84,900		332
Turkiye Halk Bankasi		23,324		156
Turkiye Is Bankasi, Cl C		58,070		145
Turkiye Sise ve Cam Fabrikalari		23,684		36
Turkiye Vakiflar Bankasi Tao, Cl D		29,222		63
Ulker Biskuvi Sanayi		5,659		42

Description	Shares		Market Value ($ Thousands)
Yapi ve Kredi Bankasi		31,711	$	70
				2,450
United Arab Emirates — 0.1%
Dubai Islamic Bank PJSC		509,671		1,049
Emaar Properties PJSC		3,209		9
				1,058
United Kingdom — 3.7%
3i Group		20,063		127
Abengoa Yield*		2,400		78
Aberdeen Asset Management		19,256		134
Admiral Group		4,215		90
Aggreko		5,490		134
AMEC		6,259		104
Anglo American		31,048		654
Antofagasta		8,507		96
Aon		12,600		1,084
ARM Holdings		31,772		445
ASOS*		1,234		52
Associated British Foods		8,082		356
AstraZeneca		27,502		1,999
Aviva		65,845		549
Babcock International Group		10,640		186
BAE Systems		71,029		521
Barclays		359,132		1,384
BG Group		74,638		1,242
BHP Billiton		46,504		1,198
BP		403,393		2,898
British American Tobacco		40,747		2,312
British Land‡		20,127		235
British Sky Broadcasting Group		23,442		332
BT Group, Cl A		174,057		1,023
Bunzl		7,071		192
Burberry Group		9,473		232
Capita		14,022		246
Carnival		3,857		154
Centrica		112,556		545
Cobham		24,260		113
Compass Group		37,450		603
Croda International		2,881		106
Diageo		54,381		1,599
Direct Line Insurance Group		31,905		141
Dixons Carphone		20,733		131
easyJet		3,363		81
Fresnillo		4,891		55
G4S		33,521		137
GKN		34,563		176
GlaxoSmithKline		105,724		2,398
Glencore		232,723		1,191
Hammerson‡		19,159		188
Hargreaves Lansdown		4,998		79
HSBC Holdings		416,616		4,262
ICAP		10,958		73
IMI		5,751		112
Imperial Tobacco Group		21,138		917
Inmarsat		9,036		99
InterContinental Hotels Group		4,948		188
Intertek Group		3,502		152
Intu Properties‡		18,488		101
Investec		11,506		105
ITV		81,592		265
J Sainsbury		26,551		104

14 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Johnson Matthey		4,325	$	206
Kingfisher		50,065		242
Land Securities Group‡		18,041		320
Legal & General Group		132,649		490
Lloyds Banking Group*		1,247,517		1,539
London Stock Exchange Group		4,718		152
Marks & Spencer Group		34,653		225
Meggitt		17,203		124
Melrose Industries		23,080		95
National Grid		82,298		1,219
Next		3,506		361
Old Mutual		111,402		345
Pearson		17,578		329
Persimmon		6,280		147
Petrofac		5,484		93
Prudential		56,207		1,297
Reckitt Benckiser Group		14,099		1,184
Reed Elsevier		24,467		402
Rexam		14,679		112
Rio Tinto		27,994		1,331
Rolls-Royce Holdings		41,838		564
Rowan, Cl A		5,400		131
Royal Bank of Scotland Group*		56,972		354
Royal Mail		13,246		93
RSA Insurance Group		21,285		165
SABMiller		21,281		1,200
Sage Group		23,346		141
Schroders		2,612		101
Segro‡		15,215		93
Severn Trent		5,127		164
Shire		12,955		863
Smith & Nephew		19,055		322
Smiths Group		8,726		163
Sports Direct International*		5,694		59
SSE		21,797		558
Standard Chartered		54,499		819
Standard Life		54,186		341
Subsea 7		5,934		64
Tate & Lyle		9,441		92
Tesco		181,618		504
Travis Perkins		5,088		134
TUI Travel		10,114		64
Tullow Oil		20,022		156
Unilever		28,118		1,131
United Utilities Group		14,661		200
Vodafone Group		576,254		1,911
Weir Group		4,574		167
Whitbread		4,159		290
William Hill		18,197		105
WM Morrison Supermarkets		44,280		110
Wolseley		6,054		321
WPP		29,616		577
				54,148
United States — 67.4%
Consumer Discretionary — 8.5%
1-800-Flowers.com, Cl A*		2,000		16
2U*		900		16
Aaron’s		2,700		67
Abercrombie & Fitch, Cl A		3,100		104
Advance Auto Parts		3,200		470
Aeropostale*		6,600		20

Description	Shares		Market Value ($ Thousands)
AH Belo, Cl A		1,600	$	18
Amazon.com*		16,000		4,887
AMC Entertainment Holdings, Cl A		1,700		43
AMC Networks, Cl A*		2,500		152
American Axle & Manufacturing Holdings*		5,600		108
American Eagle Outfitters		16,700		215
American Public Education*		1,500		46
America’s Car-Mart*		700		32
ANN*		4,100		157
Apollo Education Group, Cl A*		4,100		118
Aramark		1,700		47
Arctic Cat		1,100		37
Asbury Automotive Group*		2,600		182
Ascena Retail Group*		5,500		68
Ascent Capital Group, Cl A*		1,200		77
AutoNation*		3,000		172
AutoZone*		1,400		775
Bally Technologies*		1,600		129
Barnes & Noble*		3,500		76
Beazer Homes USA*		2,300		41
bebe stores		2,600		6
Bed Bath & Beyond*		8,700		586
Best Buy		11,900		406
Big 5 Sporting Goods		1,600		20
Big Lots		2,500		114
Biglari Holdings*		150		52
BJ’s Restaurants*		2,000		88
Black Diamond*		1,900		15
Bloomin’ Brands*		6,700		127
Blue Nile*		1,000		36
Bob Evans Farms		2,200		107
Bon-Ton Stores		1,200		11
BorgWarner		9,500		542
Boyd Gaming*		6,600		76
Bravo Brio Restaurant Group*		1,600		22
Bridgepoint Education*		1,500		19
Bright Horizons Family Solutions*		2,600		116
Brinker International		2,700		145
Brown Shoe		3,600		96
Brunswick		7,900		370
Buckle		2,480		122
Buffalo Wild Wings*		1,600		239
Build-A-Bear Workshop, Cl A*		1,000		17
Burger King Worldwide		4,500		147
Burlington Stores*		2,400		101
Cabela’s*		2,100		101
Cablevision Systems, Cl A		8,200		153
Caesars Acquisition, Cl A*		3,900		41
Caesars Entertainment*		4,700		57
Callaway Golf		6,500		51
Capella Education		900		64
Career Education*		5,600		32
CarMax*		9,600		537
Carmike Cinemas*		2,000		64
Carnival		18,200		731
Carriage Services, Cl A		1,300		26
Carrols Restaurant Group*		3,000		23
Carter’s		2,200		172
Cato, Cl A		2,300		82
Cavco Industries*		800		58
CBS, Cl B		22,400		1,215
Century Communities*		500		9
Charter Communications, Cl A*		3,300		523

15 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Cheesecake Factory		4,300	$	198
Chegg*		6,200		41
Chico’s FAS		6,500		98
Children’s Place		1,900		94
Chipotle Mexican Grill, Cl A*		1,300		829
Choice Hotels International		1,400		75
Christopher & Banks*		3,000		20
Churchill Downs		1,200		122
Chuy’s Holdings*		1,400		42
Cinedigm, Cl A*		5,800		9
Cinemark Holdings		4,800		170
Citi Trends*		1,300		29
Clear Channel Outdoor Holdings, Cl A		1,700		12
ClubCorp Holdings		1,800		34
Coach		11,400		392
Collectors Universe		600		15
Columbia Sportswear		3,500		135
Comcast, Cl A		110,000		6,089
Conn’s*		2,300		72
Container Store Group*		1,500		28
Cooper Tire & Rubber		5,400		174
Cooper-Standard Holding*		1,200		66
Core-Mark Holding		2,000		116
Coupons.com*		1,000		14
Cracker Barrel Old Country Store		1,600		185
Crocs*		7,600		89
Crown Media Holdings, Cl A*		2,900		10
CSS Industries		700		20
CST Brands		3,200		122
Culp		700		13
Cumulus Media, Cl A*		13,300		51
Daily Journal*		100		18
Dana Holding		14,400		295
Darden Restaurants		5,400		280
Deckers Outdoor*		1,400		122
Del Frisco’s Restaurant Group*		2,100		49
Denny’s*		7,400		64
Destination Maternity		1,200		18
Destination XL Group*		2,800		15
DeVry Education Group		2,600		126
Dex Media*		1,300		10
Diamond Resorts International*		3,000		78
Dick’s Sporting Goods		4,000		181
Dillard’s, Cl A		1,100		116
DineEquity		1,500		133
DIRECTV*		19,800		1,718
Discovery Communications, Cl A*		9,500		336
Discovery Communications, Cl C*		9,500		332
DISH Network, Cl A*		8,900		566
Dixie Group*		1,300		10
Dollar General*		13,000		815
Dollar Tree*		8,900		539
Domino’s Pizza		2,300		204
Dorman Products*		2,387		111
DR Horton		14,200		324
DreamWorks Animation SKG, Cl A*		3,000		67
Drew Industries		2,000		96
DSW, Cl A		3,100		92
Dunkin’ Brands Group		4,600		209
Education Management*		2,000		1
Einstein Noah Restaurant Group		900		18
El Pollo Loco Holdings*		700		25

Description	Shares		Market Value ($ Thousands)
Empire Resorts*		1,100	$	8
Entercom Communications, Cl A*		2,000		21
Entravision Communications, Cl A		4,900		25
Escalade		900		10
Ethan Allen Interiors		2,200		62
EW Scripps, Cl A*		2,600		50
Expedia		4,300		365
Express*		7,200		108
Family Dollar Stores		4,000		313
Famous Dave’s of America*		400		10
Federal-Mogul Holdings*		2,500		39
Fiesta Restaurant Group*		2,300		127
Finish Line, Cl A		4,100		109
Five Below*		4,600		183
Flexsteel Industries		400		14
Foot Locker		6,200		347
Ford Motor		165,400		2,330
Fossil Group*		2,000		203
Fox Factory Holding*		900		15
Francesca’s Holdings*		3,600		43
Fred’s, Cl A		3,000		47
FTD*		1,600		56
Fuel Systems Solutions*		1,200		11
Gaiam, Cl A*		1,300		10
GameStop, Cl A		4,800		205
Gannett		9,500		299
Gap		11,100		421
Garmin		5,200		289
General Motors		68,500		2,151
Genesco*		2,000		153
Gentex		6,100		200
Gentherm*		3,000		125
Genuine Parts		6,400		621
G-III Apparel Group*		1,600		127
GNC Holdings, Cl A		3,600		150
Goodyear Tire & Rubber		11,600		281
GoPro, Cl A*		1,000		77
Graham Holdings, Cl B		200		157
Grand Canyon Education*		3,900		187
Gray Television*		4,200		39
Group 1 Automotive		2,100		179
Groupon, Cl A*		20,200		148
Guess?		5,200		115
H&R Block		11,400		368
Hanesbrands		4,300		454
Harley-Davidson		9,200		604
Harman International Industries		2,800		301
Harte-Hanks		4,200		27
Hasbro		4,800		276
Haverty Furniture		1,700		37
Helen of Troy*		2,400		148
Hemisphere Media Group*		1,800		23
hhgregg*		1,000		5
Hibbett Sports*		2,200		100
Hilton Worldwide Holdings*		5,600		141
Home Depot		58,200		5,676
Houghton Mifflin Harcourt*		9,400		188
Hovnanian Enterprises, Cl A*		9,700		36
HSN		2,900		192
Hyatt Hotels, Cl A*		1,700		101
Iconix Brand Group*		4,100		164
Ignite Restaurant Group*		600		4
Installed Building Products*		700		10
International Game Technology		10,300		169

16 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
International Speedway, Cl A		2,300	$	72
Interpublic Group		17,500		339
Interval Leisure Group		3,300		69
Intrawest Resorts Holdings*		1,200		13
iRobot*		2,600		93
Isle of Capri Casinos*		1,800		13
ITT Educational Services*		2,000		20
Jack in the Box		3,400		242
JAKKS Pacific*		1,600		10
Jamba*		1,400		19
Jarden*		5,400		351
JC Penney*		12,800		97
John Wiley & Sons, Cl A		1,800		105
Johnson Controls		28,100		1,328
Johnson Outdoors, Cl A		400		12
Journal Communications, Cl A*		3,700		36
K12*		2,900		36
Kate Spade*		5,300		144
KB Home		7,400		116
Kirkland’s*		1,300		23
Kohl’s		9,000		488
Krispy Kreme Doughnuts*		5,800		110
L Brands		10,500		757
La Quinta Holdings*		3,700		76
Lamar Advertising, Cl A		3,300		170
Lands’ End*		1,400		66
Las Vegas Sands		16,000		996
La-Z-Boy, Cl Z		4,500		103
LeapFrog Enterprises, Cl A*		5,500		29
Lear		3,400		315
Lee Enterprises*		4,400		16
Leggett & Platt		5,800		228
Lennar, Cl A		7,800		336
LGI Homes*		1,100		21
Libbey*		1,700		49
Liberty Interactive, Cl A*		20,400		533
Liberty Media*		11,900		571
Liberty Tax*		300		11
Liberty TripAdvisor Holdings, Cl A*		3,000		95
Liberty Ventures, Ser A*		6,000		211
Life Time Fitness*		3,500		195
LifeLock*		6,700		113
Lifetime Brands		900		15
Lithia Motors, Cl A		1,900		147
Live Nation Entertainment*		6,000		156
LKQ*		12,800		366
Loral Space & Communications*		1,200		92
Lowe’s		43,400		2,482
Lumber Liquidators Holdings*		2,300		124
M/I Homes*		2,000		43
Macy’s		15,400		890
Madison Square Garden, Cl A*		2,600		197
Malibu Boats, Cl A*		700		13
Marcus		1,500		26
Marine Products		900		8
MarineMax*		2,000		38
Marriott International, Cl A		9,500		720
Marriott Vacations Worldwide		2,400		167
Martha Stewart Living Omnimedia, Cl A*		2,500		11
Mattel		14,100		438
Mattress Firm Holding*		1,300		82
McClatchy, Cl A*		5,300		19
McDonald’s		41,900		3,927

Description	Shares		Market Value ($ Thousands)
MDC Holdings		3,300	$	81
Media General*		4,600		69
Men’s Wearhouse		4,200		198
Meredith		3,000		156
Meritage Homes*		3,300		121
MGM Resorts International*		16,300		379
Michael Kors Holdings*		8,800		692
Modine Manufacturing*		4,000		51
Mohawk Industries*		2,700		384
Monarch Casino & Resort*		900		15
Monro Muffler Brake		2,800		150
Morgans Hotel Group*		2,500		20
Morningstar		800		55
Motorcar Parts of America*		1,600		46
Movado Group		1,600		56
Multimedia Games Holding*		2,500		87
Murphy USA*		1,900		109
NACCO Industries, Cl A		400		23
Nathan’s Famous*		300		22
National CineMedia		5,000		80
Nautilus*		2,500		33
Netflix*		2,600		1,021
New Home*		700		11
New Media Investment Group*		3,300		63
New York*		2,500		8
New York Times, Cl A		12,100		155
Newell Rubbermaid		11,500		383
News*		20,700		320
Nexstar Broadcasting Group, Cl A		2,600		117
NIKE, Cl B		29,700		2,761
Noodles, Cl A*		900		21
Nordstrom		5,800		421
Norwegian Cruise Line Holdings*		3,700		144
Nutrisystem		2,500		42
NVR*		200		246
Office Depot*		46,100		241
Omnicom Group		11,100		798
Orbitz Worldwide*		4,400		36
O’Reilly Automotive*		4,600		809
Outerwall*		1,700		108
Overstock.com*		1,000		23
Oxford Industries		1,300		80
Pacific Sunwear of California*		4,200		6
Panera Bread, Cl A*		1,000		162
Papa John’s International		2,694		126
Papa Murphy’s Holdings*		400		4
Penn National Gaming*		6,500		85
Penske Automotive Group		1,700		77
Pep Boys-Manny Moe & Jack*		4,500		43
Perry Ellis International*		1,000		20
PetMed Express		1,700		22
PetSmart		4,200		304
Pier 1 Imports		7,900		102
Pinnacle Entertainment*		5,100		131
Polaris Industries		2,900		437
Pool		3,900		233
Popeyes Louisiana Kitchen*		2,000		93
Potbelly		1,300		17
Priceline Group*		2,200		2,654
PulteGroup		15,600		299
PVH		3,400		389
Quiksilver*		11,600		20
Radio One*		1,800		4
Ralph Lauren, Cl A		2,600		429

17 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
ReachLocal*		1,200	$	5
Reading International, Cl A*		1,500		15
Red Robin Gourmet Burgers*		1,300		71
Regal Entertainment Group, Cl A		3,500		78
Regis		3,600		61
Remy International		1,200		22
Rent-A-Center, Cl A		4,500		139
Rentrak*		800		62
Restoration Hardware Holdings*		2,700		217
RetailMeNot*		2,600		55
Ross Stores		9,100		735
Royal Caribbean Cruises		7,200		489
Ruby Tuesday*		5,200		40
Ruth’s Hospitality Group		3,000		37
Ryland Group		4,100		147
Saga Communications, Cl A		300		12
Salem Communications, Cl A		900		7
Sally Beauty Holdings*		6,800		199
Scholastic		2,200		77
Scientific Games, Cl A*		4,100		48
Scripps Networks Interactive, Cl A		4,600		355
Sears Holdings*		1,200		42
Sears Hometown and Outlet Stores*		1,000		15
SeaWorld Entertainment		2,800		54
Select Comfort*		4,700		121
Sequential Brands Group*		1,500		19
Service International		8,900		195
ServiceMaster Global Holdings*		2,300		55
SFX Entertainment*		3,700		19
Shiloh Industries*		700		12
Shoe Carnival		1,300		24
Shutterfly*		3,300		138
Sinclair Broadcast Group, Cl A		5,900		171
Sirius XM Holdings*		107,100		367
Six Flags Entertainment		3,000		121
Sizmek*		1,900		11
Skechers U.S.A., Cl A*		3,400		186
Skullcandy*		1,700		14
Smith & Wesson Holding*		4,700		48
Sonic		4,500		113
Sonic Automotive, Cl A		3,400		85
Sotheby’s		5,300		210
Spartan Motors		2,900		17
Speedway Motorsports		1,000		20
Sportsman’s Warehouse Holdings*		900		6
Stage Stores		2,600		44
Standard Motor Products		1,700		67
Standard Pacific*		12,000		89
Staples		26,900		341
Starbucks		32,100		2,425
Starwood Hotels & Resorts Worldwide		8,000		613
Starz*		3,900		121
Stein Mart		2,300		31
Steiner Leisure*		1,300		55
Steven Madden*		4,900		154
Stoneridge*		2,300		30
Strattec Security		300		31
Strayer Education*		900		66
Sturm Ruger		1,600		67
Superior Industries International		2,000		39
Systemax*		1,000		15

Description	Shares		Market Value ($ Thousands)
Target		26,800	$	1,657
Taylor Morrison Home, Cl A*		1,300		22
Tempur Sealy International*		2,500		132
Tenneco*		5,200		272
Tesla Motors*		4,000		967
Texas Roadhouse, Cl A		5,900		170
The Michaels Companies*		1,900		35
Thor Industries		1,900		100
Tiffany		4,800		461
Tile Shop Holdings*		2,200		19
Tilly’s, Cl A*		800		6
Time		9,600		217
Time Warner		37,400		2,972
Time Warner Cable		11,900		1,752
TJX		29,700		1,881
Toll Brothers*		7,300		233
Tower International*		1,700		41
Townsquare Media, Cl A*		1,000		13
Tractor Supply		6,100		447
TRI Pointe Homes*		12,600		172
TripAdvisor*		4,800		426
TRW Automotive Holdings*		4,600		466
Tuesday Morning*		3,600		73
Tumi Holdings*		4,300		89
Tupperware Brands		2,100		134
Turtle Beach*		600		3
Twenty-First Century Fox ADR, Cl A		81,000		2,793
UCP, Cl A*		700		10
Ulta Salon Cosmetics & Fragrance*		2,700		326
Under Armour, Cl A*		7,500		492
Unifi*		1,300		36
Universal Electronics*		1,300		74
Universal Technical Institute		2,000		24
Urban Outfitters*		4,500		137
Vail Resorts		3,100		268
ValueVision Media, Cl A*		3,400		19
Vera Bradley*		1,800		41
VF		14,700		995
Viacom, Cl B		18,200		1,323
Vince Holding*		900		32
Visteon*		1,800		169
Vitamin Shoppe*		2,700		127
VOXX International, Cl A*		1,600		14
Walt Disney		73,500		6,716
WCI Communities*		1,000		19
Weight Watchers International		2,500		65
Wendy’s		11,000		88
West Marine*		1,400		14
Weyco Group		600		19
Whirlpool		3,400		585
William Lyon Homes, Cl A*		1,500		35
Williams-Sonoma		3,900		254
Winmark		200		16
Winnebago Industries*		2,300		49
Wolverine World Wide		8,800		239
World Wrestling Entertainment, Cl A		2,400		30
Wyndham Worldwide		5,300		412
Wynn Resorts		3,500		665
Yum! Brands		18,700		1,343
Zoe’s Kitchen*		400		15
zulily, Cl A*		600		22

18 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Zumiez*		1,800	$	60
				125,666
Consumer Staples — 5.5%
22nd Century Group*		3,100		7
Alico		300		11
Alliance One International*		7,300		15
Altria Group		84,100		4,065
Andersons		2,400		153
Archer-Daniels-Midland		27,700		1,302
Avon Products		18,400		191
B&G Foods, Cl A		4,500		133
Boston Beer, Cl A*		700		174
Boulder Brands*		5,000		44
Brown-Forman, Cl B		6,400		593
Bunge		6,100		541
Calavo Growers		1,100		53
Cal-Maine Foods		1,300		114
Campbell Soup		7,300		322
Casey’s General Stores		3,300		270
Central Garden and Pet, Cl A*		3,700		32
Chefs’ Warehouse*		1,500		27
Chiquita Brands International*		3,800		55
Church & Dwight		5,700		413
Clorox		5,600		557
Coca-Cola		168,800		7,069
Coca-Cola Bottling Consolidated		400		36
Coca-Cola Enterprises		10,400		451
Colgate-Palmolive		39,000		2,608
ConAgra Foods		18,000		618
Constellation Brands, Cl A*		6,900		632
Costco Wholesale		18,600		2,481
Coty, Cl A		2,800		46
Craft Brew Alliance*		800		11
CVS Health		49,700		4,265
Darling Ingredients*		14,200		250
Dean Foods		8,200		121
Diamond Foods*		1,900		57
Dr Pepper Snapple Group		8,200		568
Elizabeth Arden*		2,100		34
Energizer Holdings		2,600		319
Estee Lauder, Cl A		9,800		737
Fairway Group Holdings, Cl A*		1,600		5
Farmer Bros*		600		18
Female Health		1,900		9
Flowers Foods		7,000		133
Fresh Del Monte Produce		3,000		96
Fresh Market*		3,700		136
General Mills		26,600		1,382
Hain Celestial Group*		2,100		227
Harbinger Group*		6,900		91
Hershey		6,500		623
Hormel Foods		5,600		302
IGI Laboratories*		2,800		27
Ingles Markets, Cl A		1,200		32
Ingredion		3,100		239
Inter Parfums		1,500		43
Inventure Foods*		1,200		16
J&J Snack Foods		1,300		134
JM Smucker		4,400		458
John B Sanfilippo & Son		700		26
Kellogg		10,900		697
Keurig Green Mountain		6,000		911

Description	Shares		Market Value ($ Thousands)
Kimberly-Clark		16,000	$	1,828
Kraft Foods Group		25,200		1,420
Kroger		21,600		1,203
Lancaster Colony		1,600		146
Liberator Medical Holdings		2,600		7
Lifeway Foods*		400		7
Limoneira		1,000		26
Lorillard		15,500		953
McCormick		5,400		382
Mead Johnson Nutrition, Cl A		8,700		864
Medifast*		1,100		35
Molson Coors Brewing, Cl B		5,700		424
Mondelez International, Cl A		72,200		2,546
Monster Beverage*		6,000		605
National Beverage*		1,000		25
Natural Grocers by Vitamin Cottage*		700		13
Nature’s Sunshine Products		900		13
Nu Skin Enterprises, Cl A		2,700		143
Nutraceutical International*		700		16
Oil-Dri Corp of America		400		12
Omega Protein*		1,700		25
Orchids Paper Products		700		20
Pantry*		2,100		54
PepsiCo		64,500		6,203
Philip Morris International		66,900		5,955
Pilgrim’s Pride*		2,600		74
Pinnacle Foods		2,300		78
Post Holdings*		3,900		146
PriceSmart		1,600		142
Procter & Gamble		115,000		10,036
Revlon, Cl A*		1,000		34
Reynolds American		13,300		837
Rite Aid*		48,100		253
Roundy’s		3,300		11
Safeway		9,600		335
Sanderson Farms		2,000		168
Seaboard*		25		77
Seneca Foods, Cl A*		700		19
Snyder’s-Lance		4,000		119
SpartanNash		3,200		72
Spectrum Brands Holdings		900		82
Sprouts Farmers Market*		3,900		114
SUPERVALU*		17,000		147
Synutra International*		1,500		9
Sysco		24,500		944
Tootsie Roll Industries		1,600		47
TreeHouse Foods*		3,600		307
Tyson Foods, Cl A		12,200		492
United Natural Foods*		4,200		286
Universal		2,100		93
USANA Health Sciences*		600		68
Vector Group		5,800		130
Village Super Market, Cl A		600		17
Walgreen		40,500		2,601
Wal-Mart Stores		67,700		5,163
WD-40		1,300		100
Weis Markets		900		40
WhiteWave Foods, Cl A*		7,200		268
Whole Foods Market		15,700		617
				81,831

19 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Energy — 5.5%
Abraxas Petroleum*		7,900	$	33
Adams Resources & Energy		100		4
Alon USA Energy		2,200		35
Alpha Natural Resources*		20,000		39
American Eagle Energy*		2,800		5
Amyris*		2,300		7
Anadarko Petroleum		21,500		1,973
Antero Resources*		2,200		115
Apache		16,500		1,274
Apco Oil and Gas International*		700		10
Approach Resources*		3,500		35
Arch Coal		18,700		40
Aspen Aerogels*		800		8
Athlon Energy*		2,100		122
Atwood Oceanics		2,700		110
Baker Hughes		18,700		990
Basic Energy Services*		2,600		34
Bill Barrett*		4,100		62
Bonanza Creek Energy*		2,800		127
BPZ Resources*		10,700		13
Bristow Group		3,100		229
C&J Energy Services*		3,800		73
Cabot Oil & Gas		17,700		550
Callon Petroleum*		5,100		33
Cameron International*		8,600		512
CARBO Ceramics		1,700		88
Carrizo Oil & Gas*		3,900		203
CHC Group*		3,000		20
Cheniere Energy*		10,200		765
Chesapeake Energy		22,500		499
Chevron		80,700		9,680
Cimarex Energy		3,700		421
Clayton Williams Energy*		500		42
Clean Energy Fuels*		6,000		44
Cloud Peak Energy*		5,100		61
Cobalt International Energy*		14,600		171
Comstock Resources		4,300		51
Concho Resources*		4,800		523
ConocoPhillips		52,100		3,759
CONSOL Energy		9,800		361
Contango Oil & Gas*		1,500		55
Continental Resources*		3,800		214
CVR Energy		700		34
Dawson Geophysical		700		12
Delek US Holdings		5,100		173
Denbury Resources		15,000		186
Devon Energy		17,100		1,026
Diamond Offshore Drilling		2,900		109
Diamondback Energy*		3,600		246
Dorian LPG*		600		9
Dresser-Rand Group*		3,400		278
Dril-Quip*		1,700		153
Eclipse Resources*		2,500		33
Emerald Oil*		5,000		16
Energen		3,100		210
Energy XXI Bermuda		8,200		63
EOG Resources		23,100		2,196
EP Energy, Cl A*		1,400		20
Equities		6,300		592
Era Group*		1,700		40
Evolution Petroleum		1,600		15
EXCO Resources		12,400		38

Description	Shares		Market Value ($ Thousands)
Exterran Holdings		4,900	$	193
Exxon Mobil		182,400		17,640
FMC Technologies*		9,900		555
Forest Oil*		9,700		8
Forum Energy Technologies*		5,000		137
FX Energy*		4,600		14
GasLog		3,500		73
Gastar Exploration*		6,600		26
Geospace Technologies*		1,200		37
Glori Energy*		1,000		5
Golar LNG		2,100		118
Goodrich Petroleum*		3,100		26
Green Plains		3,100		106
Gulf Island Fabrication		1,300		27
Gulfmark Offshore, Cl A		2,300		69
Gulfport Energy*		3,600		181
Halcon Resources*		23,100		72
Hallador Energy		900		11
Halliburton		35,700		1,969
Harvest Natural Resources*		3,600		13
Helix Energy Solutions Group*		8,900		237
Helmerich & Payne		4,100		356
Hercules Offshore*		16,400		27
Hess		11,800		1,001
HollyFrontier		8,400		381
Hornbeck Offshore Services*		3,000		92
Independence Contract Drilling*		1,200		9
ION Geophysical*		11,500		32
Isramco*		100		13
Jones Energy, Cl A*		900		11
Key Energy Services*		11,300		34
Kinder Morgan		27,600		1,068
Kosmos Energy*		4,600		43
Laredo Petroleum*		3,300		63
Magnum Hunter Resources*		17,400		81
Marathon Oil		28,700		1,016
Marathon Petroleum		10,800		982
Matador Resources*		6,200		150
Matrix Service*		2,400		60
McDermott International*		20,000		77
Memorial Resource Development*		2,600		70
Midstates Petroleum*		3,200		10
Miller Energy Resources*		2,500		9
Mitcham Industries*		1,000		10
Murphy Oil		7,600		406
Nabors Industries		12,700		227
National Oilwell Varco		18,300		1,329
Natural Gas Services Group*		1,000		26
Newfield Exploration*		5,700		186
Newpark Resources*		7,000		80
Noble Energy		15,400		888
North Atlantic Drilling		6,400		40
Northern Oil and Gas*		5,600		63
Nuverra Environmental Solutions*		1,300		12
Oasis Petroleum*		4,500		135
Occidental Petroleum		33,500		2,979
Oceaneering International		4,500		316
Oil States International*		2,000		119
ONEOK		8,700		513
Pacific Ethanol*		2,300		32
Panhandle Oil and Gas, Cl A		1,200		25
Parker Drilling*		10,400		46
Parsley Energy, Cl A*		4,500		76
Patterson-UTI Energy		6,000		138

20 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
PBF Energy, Cl A		3,000	$	78
PDC Energy*		3,100		136
Peabody Energy		12,100		126
Penn Virginia*		5,700		49
PetroQuest Energy*		5,000		24
PHI*		1,000		45
Phillips 66		24,000		1,884
Pioneer Energy Services*		5,300		49
Pioneer Natural Resources		6,100		1,153
Profire Energy*		1,300		5
QEP Resources		7,800		196
QR Energy		39,186		266
Quicksilver Resources*		11,000		6
Range Resources		7,000		479
Renewable Energy Group*		2,900		31
Resolute Energy*		6,700		23
REX American Resources*		600		44
Rex Energy*		4,100		32
Rice Energy*		2,200		58
RigNet*		1,000		43
Ring Energy*		1,800		31
Rosetta Resources*		5,300		202
RPC		2,500		41
RSP Permian*		2,000		49
Sanchez Energy*		4,500		77
SandRidge Energy*		20,900		82
Schlumberger		55,100		5,436
Scorpio Tankers		15,200		133
SEACOR Holdings*		1,800		148
SemGroup, Cl A		3,600		276
Seventy Seven Energy*		1,500		20
Ship Finance International		4,900		84
SM Energy		2,800		158
Solazyme*		6,500		50
Southwestern Energy*		14,900		484
Spectra Energy		28,200		1,103
Stone Energy*		5,000		123
Superior Energy Services		6,500		163
Swift Energy*		3,700		25
Synergy Resources*		5,700		69
Targa Resources		1,600		206
Tesco		2,900		55
Tesoro		5,500		393
TETRA Technologies*		6,600		63
Tidewater		2,100		77
Triangle Petroleum*		6,500		50
Ultra Petroleum*		6,500		148
Unit*		2,100		102
VAALCO Energy*		4,200		31
Valero Energy		22,800		1,142
Vantage Drilling*		18,000		17
Vertex Energy*		1,200		8
W&T Offshore		3,000		27
Warren Resources*		6,700		23
Western Refining		4,500		205
Westmoreland Coal*		1,300		48
Whiting Petroleum*		5,100		312
Willbros Group*		3,400		20
Williams		31,600		1,754
World Fuel Services		3,000		124
WPX Energy*		8,600		164
				82,037

Description	Shares		Market Value ($ Thousands)
Financials — 12.2%
1st Source		1,300	$	41
1st United Bancorp		2,400		21
Acadia Realty Trust‡		4,800		150
ACE		14,300		1,563
Affiliated Managers Group*		2,300		460
Aflac		19,500		1,165
Agree Realty‡		1,300		40
Alexander & Baldwin		4,200		168
Alexander’s‡		200		88
Alexandria Real Estate Equities‡		3,000		249
Alleghany*		700		311
Allied World Assurance Holdings		4,000		152
Allstate		18,400		1,193
Ally Financial*		11,400		259
Altisource Asset Management*		126		68
Altisource Residential‡		5,000		116
Ambac Financial Group*		5,400		126
American Assets Trust‡		3,100		119
American Campus Communities‡		4,400		173
American Capital Agency‡		15,000		341
American Capital Mortgage Investment‡		4,400		86
American Equity Investment Life Holding		6,200		160
American Express		38,500		3,463
American Financial Group		3,000		179
American Homes 4 Rent, Cl A‡		6,200		109
American International Group		61,400		3,289
American National Bankshares		700		17
American National Insurance		300		34
American Realty Capital Healthcare Trust‡		14,400		163
American Realty Capital Properties‡		38,600		342
American Residential Properties‡ *		2,800		53
American Tower, Cl A‡		16,800		1,638
Ameriprise Financial		8,100		1,022
Ameris Bancorp		2,200		55
AMERISAFE		1,600		67
Ames National		700		17
AmTrust Financial Services		2,500		112
Annaly Capital Management‡		40,100		458
Anworth Mortgage Asset‡		10,800		56
Apartment Investment & Management, Cl A‡		6,200		222
Apollo Commercial Real Estate Finance‡		3,900		64
Apollo Residential Mortgage‡		2,800		47
Arch Capital Group*		5,500		310
Ares Commercial Real Estate‡		2,500		30
Argo Group International Holdings		2,200		123
Arlington Asset Investment, Cl A		2,000		55
Armada Hoffler Properties‡		2,500		23
ARMOUR Residential‡		30,600		121
Arrow Financial		900		25
Arthur J Gallagher		6,600		315
Artisan Partners Asset Management, Cl A		1,200		58
Ashford Hospitality Prime‡		2,200		38
Ashford Hospitality Trust‡		5,900		67
Aspen Insurance Holdings		2,700		118

21 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Associated Banc-Corp		6,600	$	124
Associated Estates Realty‡		4,800		94
Assurant		3,000		205
Astoria Financial		7,100		93
Atlas Financial Holdings*		900		13
AV Homes*		1,000		15
AvalonBay Communities‡		5,500		857
Aviv‡		1,600		54
Baldwin & Lyons, Cl B		700		19
Banc of California		2,300		27
BancFirst		600		39
Bancorp*		2,700		26
BancorpSouth		8,300		191
Bank Mutual		3,900		26
Bank of America		447,100		7,672
Bank of Hawaii		1,800		105
Bank of Kentucky Financial		600		28
Bank of Marin Bancorp		600		30
Bank of New York Mellon		48,200		1,866
Bank of the Ozarks		6,800		240
BankFinancial		1,600		19
BankUnited		4,200		126
Banner		1,600		69
BB&T		30,400		1,152
BBCN Bancorp		7,000		99
BBX Capital, Cl A*		700		13
Beneficial Mutual Bancorp*		2,500		34
Berkshire Hathaway, Cl B*		77,600		10,876
Berkshire Hills Bancorp		2,200		57
BGC Partners, Cl A		14,500		123
BioMed Realty Trust‡		8,200		178
BlackRock, Cl A		5,400		1,842
Blue Hills Bancorp*		2,400		32
BNC Bancorp*		1,700		29
BofI Holding*		1,200		92
BOK Financial		1,100		75
Boston Private Financial Holdings		6,600		87
Boston Properties‡		6,500		824
Brandywine Realty Trust‡		7,600		117
Bridge Bancorp		1,000		26
Bridge Capital Holdings*		900		22
Brixmor Property Group‡		2,100		51
Brookline Bancorp		5,900		57
Brown & Brown		5,000		159
Bryn Mawr Bank		1,100		34
C1 Financial*		500		9
Calamos Asset Management, Cl A		1,400		19
Camden National		600		25
Camden Property Trust‡		3,600		276
Campus Crest Communities‡		5,500		35
Capital Bank Financial, Cl A*		2,000		52
Capital City Bank Group		900		14
Capital One Financial		24,400		2,020
Capitol Federal Financial		12,000		154
Capstead Mortgage‡		8,200		104
Cardinal Financial		2,700		52
CareTrust‡ *		1,800		28
Cascade Bancorp*		2,500		13
Cash America International		2,500		123
CatchMark Timber Trust, Cl A‡		1,600		19
Cathay General Bancorp		6,900		182
CBL & Associates Properties‡		7,000		134
CBOE Holdings		3,500		206
CBRE Group, Cl A*		11,700		374

Description	Shares		Market Value ($ Thousands)
CBS Outdoor Americas‡		4,900	$	149
Cedar Realty Trust‡		6,700		46
Centerstate Banks		3,000		35
Central Pacific Financial		1,400		26
Century Bancorp, Cl A		300		11
Chambers Street Properties‡		20,200		166
Charles Schwab		47,500		1,362
Charter Financial		1,600		18
Chatham Lodging Trust‡		2,800		72
Chemical Financial		2,700		80
Chesapeake Lodging Trust‡		4,800		159
Chimera Investment‡		43,400		135
Chubb		10,400		1,033
CIFC		400		4
Cincinnati Financial		6,700		338
CIT Group		8,000		391
Citigroup		128,900		6,900
Citizens, Cl A*		3,800		28
Citizens & Northern		1,000		20
City Holding		1,300		58
City National		1,900		150
Clifton Bancorp		2,200		29
CME Group, Cl A		13,500		1,131
CNA Financial		1,000		39
CNB Financial		1,200		22
CNO Financial Group		18,400		334
CoBiz Financial		3,000		36
Cohen & Steers		1,600		69
Colony Financial‡		9,301		207
Columbia Banking System		4,400		122
Columbia Property Trust‡		5,200		131
Comerica		7,900		377
Commerce Bancshares		3,300		149
Community Bank System		3,400		130
Community Trust Bancorp		1,300		47
CommunityOne Bancorp*		1,000		11
Connectone Bancopr*		1,900		35
Consolidated-Tomoka Land		300		16
Consumer Portfolio Services*		1,800		13
CorEnergy Infrastructure Trust‡		2,600		20
CoreSite Realty‡		1,700		63
Corporate Office Properties Trust‡		3,800		104
Corrections Corp of America‡		4,900		180
Cousins Properties‡		18,700		243
Cowen Group, Cl A*		9,800		40
Crawford, Cl B		2,300		23
Credit Acceptance*		588		87
Crown Castle International‡		14,200		1,109
CU Bancorp*		900		18
CubeSmart‡		13,800		290
Cullen		2,200		178
Customers Bancorp*		2,100		40
CVB Financial		8,800		139
CyrusOne‡		2,700		74
CYS Investments‡		13,800		123
DCT Industrial Trust‡		28,000		240
DDR‡		12,800		232
Diamond Hill Investment Group		300		40
DiamondRock Hospitality‡		16,921		243
Digital Realty Trust‡		5,700		393
Dime Community Bancshares		2,800		44
Discover Financial Services		19,700		1,256
Donegal Group, Cl A		700		11
Douglas Emmett‡		6,100		172

22 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Duke Realty‡		13,800	$	262
DuPont Fabros Technology‡		5,400		167
Dynex Capital‡		4,600		39
E*TRADE Financial*		12,800		285
Eagle Bancorp*		1,900		68
East West Bancorp		5,900		217
EastGroup Properties‡		2,700		186
Eaton Vance		5,000		184
Education Realty Trust‡		11,900		134
eHealth*		1,400		35
EMC Insurance Group		400		13
Empire State Realty Trust, Cl A‡		7,600		121
Employers Holdings		2,600		53
Encore Capital Group*		2,300		105
Enterprise Bancorp		600		14
Enterprise Financial Services		1,600		30
EPR Properties‡		4,900		275
Equity Commonwealth‡		5,400		144
Equity LifeStyle Properties‡		3,500		172
Equity One‡		5,300		127
Equity Residential‡		15,400		1,071
Erie Indemnity, Cl A		1,000		85
ESB Financial		1,000		19
Essent Group*		3,500		85
Essex Property Trust‡		2,600		525
EverBank Financial		7,954		152
Evercore Partners, Cl A		2,900		150
Everest Re Group		1,900		324
Excel Trust‡		5,200		68
Extra Space Storage‡		4,800		279
Ezcorp, Cl A*		4,300		49
FBL Financial Group, Cl A		900		45
FBR*		700		17
FCB Financial Holdings, Cl A*		700		16
Federal Agricultural Mortgage, Cl C		900		30
Federal Realty Investment Trust‡		2,800		369
Federated Investors, Cl B		3,800		119
Federated National Holding		1,200		40
FelCor Lodging Trust‡		10,600		114
Fidelity & Guaranty Life		1,000		24
Fidelity Southern		1,400		21
Fifth Third Bancorp		36,400		728
Financial Engines		4,400		175
Financial Institutions		1,100		28
First American Financial		9,217		279
First Bancorp		2,500		45
First Busey		6,000		38
First Business Financial Services		300		14
First Cash Financial Services*		2,500		148
First Citizens BancShares, Cl A		700		176
First Commonwealth Financial		7,800		73
First Community Bancshares		1,400		23
First Connecticut Bancorp		1,300		20
First Defiance Financial		900		28
First Financial		1,000		35
First Financial Bancorp		4,800		84
First Financial Bankshares		5,574		177
First Financial Northwest		1,300		15
First Horizon National		9,500		122
First Industrial Realty Trust‡		9,400		184
First Interstate BancSystem, Cl A		1,500		44
First Merchants		3,000		68
First Midwest Bancorp		6,600		111

Description	Shares		Market Value ($ Thousands)
First NBC Bank Holding*		1,300	$	48
First Niagara Financial Group		14,600		109
First of Long Island		1,050		28
First Potomac Realty Trust‡		5,000		63
First Republic Bank		5,600		285
FirstMerit		14,200		261
Flagstar Bancorp*		1,700		27
Flushing Financial		2,600		52
FNB		14,900		191
FNF Group		11,400		340
FNFV Group*		3,900		52
Forest City Enterprises, Cl A*		6,800		142
Forestar Group*		2,800		49
Fox Chase Bancorp		1,000		16
Franklin Financial*		900		19
Franklin Resources		16,900		940
Franklin Street Properties‡		7,700		92
Fulton Financial		7,700		91
FXCM, Cl A		4,100		67
Gain Capital Holdings		1,900		16
GAMCO Investors, Cl A		600		50
Gaming and Leisure Properties‡		3,500		109
General Finance*		900		8
General Growth Properties‡		23,800		617
Genworth Financial, Cl A*		20,600		288
Geo Group‡		6,100		244
German American Bancorp		1,100		33
Getty Realty‡		2,200		41
GFI Group		6,600		36
Glacier Bancorp		6,400		184
Gladstone Commercial‡		1,500		27
Glimcher Realty Trust‡		12,300		169
Goldman Sachs Group		19,000		3,610
Government Properties Income Trust‡		5,900		135
Gramercy Property Trust‡		9,900		62
Great Southern Bancorp		900		34
Green Bancorp*		600		10
Green Dot, Cl A*		2,500		60
Greenhill		2,500		113
Guaranty Bancorp		1,300		21
Hallmark Financial Services*		1,100		13
Hampton Roads Bankshares*		2,900		5
Hancock Holding		7,100		250
Hanmi Financial		2,700		58
Hannon Armstrong Sustainable Infrastructure Capital‡		1,900		27
Hanover Insurance Group		1,800		120
Hartford Financial Services Group		19,200		760
Hatteras Financial‡		8,300		158
HCC Insurance Holdings		4,100		214
HCI Group		700		36
HCP‡		19,500		857
Health Care‡		13,900		988
Healthcare Realty Trust‡		8,200		217
Healthcare Trust of America, Cl A‡		9,900		127
Heartland Financial USA		1,300		35
Heritage Commerce		1,700		15
Heritage Financial		2,600		46
Heritage Insurance Holdings*		600		11
Heritage Oaks Bancorp		1,900		15
Hersha Hospitality Trust, Cl A‡		16,800		122
HFF, Cl A		2,700		85
Highwoods Properties‡		7,700		330

23 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Hilltop Holdings*		6,000	$	132
Home BancShares		4,700		150
Home Loan Servicing Solutions		5,900		113
Home Properties‡		2,500		161
HomeStreet		1,300		23
HomeTrust Bancshares*		1,700		26
Horace Mann Educators		3,400		103
Horizon Bancorp		700		18
Hospitality Properties Trust‡		6,300		187
Host Hotels & Resorts‡		31,600		737
Howard Hughes*		1,600		236
Hudson City Bancorp		21,900		211
Hudson Pacific Properties‡		4,700		128
Hudson Valley Holding		1,300		30
Huntington Bancshares		36,500		362
Iberiabank		2,730		188
Independence Holding		600		8
Independent Bank		3,800		104
Independent Bank Group		700		31
Infinity Property & Casualty		1,000		73
Inland Real Estate‡		7,400		79
Interactive Brokers Group, Cl A		2,100		54
Intercontinental Exchange		4,900		1,021
International Bancshares		4,800		136
International. FCStone*		1,300		24
Invesco		18,500		749
Invesco Mortgage Capital‡		10,500		174
Investment Technology Group*		3,000		54
Investors Bancorp		30,900		332
Investors Real Estate Trust‡		9,500		80
Iron Mountain‡		7,100		256
iStar Financial‡ *		7,000		99
Janus Capital Group		12,500		187
JG Wentworth*		1,000		11
Jones Lang LaSalle		1,900		257
JPMorgan Chase		160,900		9,731
Kansas City Life Insurance		300		15
KCG Holdings, Cl A*		3,800		41
Kearny Financial*		1,100		16
Kemper		3,900		144
Kennedy-Wilson Holdings		6,100		165
KeyCorp		38,100		503
Kilroy Realty‡		3,400		230
Kimco Realty‡		17,300		432
Kite Realty Group Trust‡		2,800		72
Ladder Capital, Cl A*		1,300		25
Ladenburg Thalmann Financial Services*		8,400		36
Lakeland Bancorp		3,200		35
Lakeland Financial		1,400		58
LaSalle Hotel Properties‡		8,800		345
Legg Mason		4,300		224
Leucadia National		15,300		364
Lexington Realty Trust‡		17,700		194
Liberty Property Trust‡		6,300		219
Lincoln National		11,400		624
Loews		14,000		610
LPL Financial Holdings		3,500		145
LTC Properties‡		2,900		122
M&T Bank		5,500		672
Macatawa Bank*		2,100		11
Macerich‡		5,900		416
Mack-Cali Realty‡		7,700		144
Maiden Holdings		4,200		50

Description	Shares		Market Value ($ Thousands)
MainSource Financial Group		1,700	$	31
Manning & Napier, Cl A		1,100		17
Marcus & Millichap*		700		22
Markel*		600		415
MarketAxess Holdings		3,200		207
Marlin Business Services		700		15
Marsh & McLennan		23,300		1,267
MB Financial		5,700		180
MBIA*		6,000		59
McGraw Hill Financial		11,600		1,050
Meadowbrook Insurance Group		4,200		27
Medical Properties Trust‡		14,700		198
Mercantile Bank		1,400		28
Merchants Bancshares		400		12
Mercury General		1,100		58
Meridian Bancorp*		1,700		19
Meta Financial Group		600		23
MetLife		39,500		2,142
Metro Bancorp*		1,100		28
MFA Financial‡		15,400		129
MGIC Investment*		29,000		259
Mid-America Apartment Communities‡		3,200		226
MidSouth Bancorp		700		13
MidWestOne Financial Group		600		16
Moelis, Cl A		600		21
Monmouth Real Estate Investment‡		4,800		54
Moody’s		7,900		784
Morgan Stanley		65,300		2,282
Mortgage Investment Trust‡		2,500		48
MSCI, Cl A		5,200		243
NASB Financial		300		7
NASDAQ OMX Group		4,900		212
National Bank Holdings, Cl A		3,400		67
National Bankshares		600		19
National General Holdings		3,000		56
National Health Investors‡		2,800		185
National Interstate		600		17
National Penn Bancshares		11,000		113
National Retail Properties‡		5,200		198
National Western Life Insurance, Cl A		200		54
Nationstar Mortgage Holdings*		800		28
Navient		17,300		342
Navigators Group*		900		61
NBT Bancorp		3,600		92
Nelnet, Cl A		1,700		81
New Residential Investment*		12,050		149
New York‡		14,200		159
New York Community Bancorp		18,300		292
New York Mortgage Trust‡		7,700		60
NewBridge Bancorp*		2,900		26
NewStar Financial*		2,200		30
Nicholas Financial*		900		11
NMI Holdings, Cl A*		4,000		36
Northern Trust		10,100		670
Northfield Bancorp		4,400		63
Northrim BanCorp		600		17
NorthStar Asset Management Group		7,600		138
NorthStar Realty Finance‡		9,800		182
Northwest Bancshares		7,900		101
OceanFirst Financial		1,100		18

24 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Ocwen Financial*		4,200	$	99
Old Line Bancshares		700		11
Old National Bancorp		9,600		140
Old Republic International		10,800		160
Omega Healthcare Investors‡		5,300		202
OmniAmerican Bancorp		1,000		27
One Liberty Properties‡		1,000		23
OneBeacon Insurance Group, Cl A		1,900		30
Oppenheimer Holdings, Cl A		900		22
Opus Bank*		400		11
Oritani Financial		3,900		58
Owens Realty Mortgage‡		900		13
Pacific Continental		1,400		20
Pacific Premier Bancorp*		1,400		23
PacWest Bancorp		4,200		179
Palmetto Bancshares		400		7
Park National		1,100		93
Park Sterling		3,800		29
Parkway Properties‡		6,900		138
Peapack Gladstone Financial		1,000		18
Pebblebrook Hotel Trust‡		5,800		247
Penns Woods Bancorp		400		19
Pennsylvania‡		5,800		124
PennyMac Financial Services, Cl A*		1,200		20
PennyMac Mortgage Investment Trust‡		6,200		134
Peoples Bancorp		1,200		30
Peoples Financial Services		600		30
People’s United Financial		12,900		189
PHH*		4,800		114
Phoenix*		500		30
Physicians Realty Trust‡		3,900		60
PICO Holdings*		1,900		42
Piedmont Office Realty Trust, Cl A‡		6,500		126
Pinnacle Financial Partners		3,000		118
Piper Jaffray*		1,500		85
Platinum Underwriters Holdings		2,300		144
Plum Creek Timber‡		7,400		303
PNC Financial Services Group		22,800		1,970
Popular*		4,200		134
Portfolio Recovery Associates*		4,300		272
Post Properties‡		2,200		123
Potlatch‡		3,500		154
Preferred Bank		1,000		27
Primerica		4,600		235
Principal Financial Group		12,600		660
PrivateBancorp		6,200		200
ProAssurance		2,500		117
Progressive		25,400		671
Prologis‡		21,200		883
Prosperity Bancshares		5,900		356
Protective Life		3,300		230
Provident Financial Services		5,000		91
Prudential Financial		19,400		1,718
PS Business Parks‡		1,702		143
Public Storage‡		6,100		1,124
Pzena Investment Management, Cl A		1,000		10
QTS Realty Trust*		2,000		70
Radian Group		16,400		276
RAIT Financial Trust‡		7,000		51

Description	Shares		Market Value ($ Thousands)
Ramco-Gershenson Properties Trust‡		6,600	$	115
Raymond James Financial		5,100		286
Rayonier‡		5,300		177
RCS Capital, Cl A		800		13
RE, Cl A		900		29
Realogy Holdings*		5,900		242
Realty Income‡		9,400		433
Redwood Trust‡		7,100		133
Regency Centers‡		3,900		237
Regional Management*		900		10
Regions Financial		59,100		587
Reinsurance Group of America, Cl A		2,900		244
Renasant		2,800		84
Republic Bancorp, Cl A		800		19
Republic First Bancorp*		2,600		10
Resource America, Cl A		1,200		11
Resource Capital‡		10,900		58
Retail Opportunity Investments‡		7,500		123
Retail Properties of America, Cl A‡		10,000		157
Rexford Industrial Realty‡		3,900		60
RLI		3,600		179
RLJ Lodging Trust‡		11,200		361
Rouse Properties‡		3,200		58
Ryman Hospitality Properties‡		3,800		188
S&T Bancorp		2,400		66
Sabra Health Care‡		4,600		131
Safeguard Scientifics*		1,700		34
Safety Insurance Group		1,200		75
Sandy Spring Bancorp		2,200		57
Santander Consumer USA Holdings		3,700		68
Saul Centers‡		900		49
Sberbank of Russia Via SB Capital* (B)		1,600		20
SEI Investments†		5,500		213
Select Income‡		3,100		76
Selective Insurance Group		4,700		121
Senior Housing Properties Trust‡		8,600		194
ServisFirst Bancshares		100		3
Sierra Bancorp		1,000		17
Signature Bank*		2,100		254
Silver Bay Realty Trust‡		3,200		54
Silvercrest Asset Management Group, Cl A		400		6
Simmons First National, Cl A		1,500		63
Simon Property Group‡		13,300		2,383
SL Green Realty‡		4,100		474
SLM		17,000		162
South State		2,000		121
Southside Bancshares		1,500		50
Southwest Bancorp		1,700		31
Sovran Self Storage‡		2,800		238
Spirit Realty Capital‡		16,900		201
Springleaf Holdings, Cl A*		2,000		75
Square 1 Financial, Cl A*		600		12
St. Joe*		5,400		103
STAG Industrial‡		4,800		117
StanCorp Financial Group		1,800		125
Starwood Property Trust‡		9,400		212
Starwood Waypoint Residential Trust‡		3,400		89
State Auto Financial		1,300		27

25 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
State Bank Financial		2,700	$	48
State Street		18,200		1,373
Sterling Bancorp		6,900		97
Stewart Information Services		2,000		71
Stifel Financial*		5,600		266
Stock Yards Bancorp		1,300		43
Stonegate Bank		900		24
Stonegate Mortgage*		1,100		16
Strategic Hotels & Resorts‡ *		21,200		272
Suffolk Bancorp		1,000		23
Summit Hotel Properties‡		7,100		83
Sun Bancorp*		700		14
Sun Communities‡		4,149		241
Sunstone Hotel Investors‡		17,400		266
SunTrust Banks		22,700		888
Susquehanna Bancshares		16,317		160
SVB Financial Group*		2,100		235
SWS Group*		2,500		18
Symetra Financial		6,400		152
Synchrony Financial*		5,300		143
Synovus Financial		5,700		145
T Rowe Price Group		11,200		919
Talmer Bancorp, Cl A		1,400		20
Tanger Factory Outlet Centers‡		3,800		136
Taubman Centers‡		2,600		198
TCF Financial		6,900		107
TD Ameritrade Holding		11,800		398
Tejon Ranch*		1,100		33
Terreno Realty‡		2,800		59
Territorial Bancorp		700		15
Texas Capital Bancshares*		3,700		226
TFS Financial		3,100		46
Tiptree Financial		700		6
Tompkins Financial		1,300		65
Torchmark		5,500		291
Towne Bank		2,500		38
Trade Street Residential‡ *		1,600		11
Travelers		14,700		1,482
Tree.com*		600		22
Trico Bancshares		2,100		55
TriState Capital Holdings*		1,800		18
TrustCo Bank NY		7,900		58
Trustmark		5,900		144
Two Harbors Investment‡		15,400		156
UDR‡		10,600		320
UMB Financial		3,300		197
UMH Properties‡		1,600		16
Umpqua Holdings		14,387		253
Union Bankshares		3,800		85
United Bankshares		6,000		206
United Community Banks		4,100		74
United Community Financial		4,100		21
United Financial Bancorp		4,300		60
United Fire Group		1,700		55
United Insurance Holdings		1,400		27
Universal Health Realty Income Trust‡		1,000		48
Universal Insurance Holdings		2,600		46
Univest Corp of Pennsylvania		1,300		27
Unum Group		10,600		355
Urstadt Biddle Properties, Cl A‡		2,200		48
US Bancorp		72,900		3,106
Valley National Bancorp		17,400		174
Ventas‡		12,400		850

Description	Shares		Market Value ($ Thousands)
ViewPoint Financial Group		3,300	$	90
Virtus Investment Partners		600		108
Vornado Realty Trust‡		7,900		865
Voya Financial		6,000		236
Waddell & Reed Financial, Cl A		3,600		172
Walker & Dunlop*		1,600		26
Walter Investment Management*		3,100		70
Washington‡		5,700		161
Washington Federal		8,500		186
Washington Prime Group‡		6,600		116
Washington Trust Bancorp		1,300		50
Waterstone Financial		2,900		36
Webster Financial		7,600		238
Weingarten Realty Investors‡		5,200		189
Wells Fargo		202,500		10,751
WesBanco		2,356		81
West Bancorporation		1,300		22
Westamerica Bancorporation		2,300		113
Western Alliance Bancorp*		6,500		173
Western Asset Mortgage Capital‡		3,500		53
Westwood Holdings Group		600		41
Weyerhaeuser‡		22,300		755
White Mountains Insurance Group		300		187
Whitestone, Cl B‡		1,900		29
Wilshire Bancorp		5,800		57
Wintrust Financial		4,000		185
WisdomTree Investments		9,500		140
World Acceptance*		700		50
WP Carey‡		4,200		284
WR Berkley		4,100		211
WSFS Financial		810		64
Yadkin Financial*		1,700		33
Zions Bancorporation		8,200		238
				181,973
Health Care — 9.2%
Abaxis		2,000		105
Abbott Laboratories		63,900		2,785
AbbVie		67,400		4,277
ABIOMED*		3,300		108
Acadia Healthcare*		3,700		230
ACADIA Pharmaceuticals*		6,861		190
Accelerate Diagnostics*		1,900		41
Acceleron Pharma*		1,500		55
Accuray*		6,600		42
AcelRx Pharmaceuticals*		2,000		13
Achaogen*		600		6
Achillion Pharmaceuticals*		8,100		95
Acorda Therapeutics*		3,662		128
Actinium Pharmaceuticals*		1,700		12
Adamas Pharmaceuticals*		300		5
Addus HomeCare*		600		12
Adeptus Health, Cl A*		500		17
Aegerion Pharmaceuticals*		2,600		52
Aerie Pharmaceuticals*		900		23
Aetna		15,200		1,254
Affymetrix*		6,100		55
Agenus*		5,300		16
Agilent Technologies		14,300		791
Agios Pharmaceuticals*		1,200		101
Air Methods*		3,300		156
Akebia Therapeutics*		700		9
Akorn*		5,400		241

26 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Albany Molecular Research*		1,900	$	44
Alder Biopharmaceuticals*		600		11
Alere*		3,500		140
Alexion Pharmaceuticals*		8,400		1,607
Align Technology*		3,400		179
Alimera Sciences*		2,100		12
Allergan		12,600		2,395
Alliance HealthCare Services*		400		10
Allscripts Healthcare Solutions*		7,400		102
Almost Family*		700		21
Alnylam Pharmaceuticals*		3,000		278
AMAG Pharmaceuticals*		1,900		63
Amedisys*		2,300		60
AmerisourceBergen, Cl A		9,700		828
Amgen		32,200		5,222
AMN Healthcare Services*		3,900		67
Amphastar Pharmaceuticals*		1,100		11
Ampio Pharmaceuticals*		3,700		14
Amsurg*		3,700		200
Anacor Pharmaceuticals*		2,800		82
Analogic		1,100		80
AngioDynamics*		2,000		34
ANI Pharmaceuticals*		500		17
Anika Therapeutics*		1,300		52
Antares Pharma*		9,800		20
Applied Genetic Technologies*		400		8
Aratana Therapeutics*		2,900		32
Ardelyx*		600		13
Arena Pharmaceuticals*		19,400		85
ARIAD Pharmaceuticals*		14,200		85
Array BioPharma*		10,500		38
Arrowhead Research*		4,300		28
athenahealth*		1,700		208
AtriCure*		2,300		40
Atrion		143		47
Auspex Pharmaceuticals*		700		19
Auxilium Pharmaceuticals*		4,200		135
Avalanche Biotechnologies*		600		22
Avanir Pharmaceuticals, Cl A*		16,400		212
Baxter International		23,200		1,627
Becton Dickinson and		8,200		1,055
BioCryst Pharmaceuticals*		6,100		71
BioDelivery Sciences International*		3,500		61
Biogen Idec*		10,100		3,243
BioMarin Pharmaceutical*		6,300		520
Bio-Path Holdings*		6,600		19
Bio-Rad Laboratories, Cl A*		900		102
Bio-Reference Laboratories*		2,100		63
BioScrip*		5,800		37
BioSpecifics Technologies*		300		12
BioTelemetry*		2,100		18
BioTime*		4,400		15
Bluebird Bio*		1,900		80
Boston Scientific*		56,900		756
Bristol-Myers Squibb		70,300		4,091
Brookdale Senior Living, Cl A*		7,600		256
Bruker*		4,500		93
Cambrex*		2,600		55
Cantel Medical		2,800		119
Capital Senior Living*		2,400		54
Cara Therapeutics*		400		4
Cardinal Health		14,500		1,138
Cardiovascular Systems*		2,300		71

Description	Shares		Market Value ($ Thousands)
CareFusion*		8,600	$	493
Castlight Health, Cl B*		1,200		15
Catalent*		4,100		107
Celgene*		34,000		3,641
Celldex Therapeutics*		7,600		127
Cellular Dynamics International*		900		7
Cempra*		1,800		24
Centene*		2,600		241
Cepheid*		6,008		318
Cerner*		12,800		811
Cerus*		6,100		25
Charles River Laboratories International*		2,000		126
Chemed		1,500		155
ChemoCentryx*		2,300		13
Chimerix*		2,200		68
Cigna		11,400		1,135
Clovis Oncology*		2,187		130
Community Health Systems*		4,800		264
Computer Programs & Systems		900		57
CONMED		2,400		101
Cooper		2,000		328
Corcept Therapeutics*		4,500		15
CorVel*		900		31
Covance*		2,400		192
Covidien		19,100		1,766
CR Bard		3,200		525
Cross Country Healthcare*		2,600		25
CryoLife		2,300		24
CTI BioPharma*		10,700		26
Cubist Pharmaceuticals*		3,100		224
Cyberonics*		2,300		121
Cynosure, Cl A*		1,800		46
Cytokinetics*		2,800		10
Cytori Therapeutics*		6,400		3
CytRx*		4,900		14
DaVita HealthCare Partners*		7,400		578
Dendreon*		14,000		14
DENTSPLY International		5,900		300
Depomed*		4,900		75
Derma Sciences*		1,800		16
DexCom*		6,400		288
Dicerna Pharmaceuticals*		300		3
Durata Therapeutics*		1,300		31
Dyax*		11,300		140
Dynavax Technologies*		22,200		36
Edwards Lifesciences*		4,600		556
Egalet*		300		2
Eleven Biotherapeutics*		400		4
Eli Lilly		41,900		2,779
Emergent Biosolutions*		2,500		57
Enanta Pharmaceuticals*		900		39
Endocyte*		3,300		20
Endologix*		5,800		66
Ensign Group		1,700		66
Envision Healthcare Holdings*		3,200		112
Enzo Biochem*		3,000		16
Epizyme*		1,000		27
Esperion Therapeutics*		400		12
Exact Sciences*		7,200		173
Exactech*		900		19
ExamWorks Group*		2,900		112
Exelixis*		15,400		26
Express Scripts Holding*		32,900		2,527

27 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Five Prime Therapeutics*		1,400	$	18
Five Star Quality Care*		4,100		17
Flexion Therapeutics*		500		10
Fluidigm*		2,300		67
Foundation Medicine*		1,100		28
Galectin Therapeutics*		1,500		8
Galena Biopharma*		10,200		21
GenMark Diagnostics*		3,400		39
Genocea Biosciences*		300		3
Genomic Health*		1,400		51
Gentiva Health Services*		2,600		51
Geron*		13,400		30
Gilead Sciences*		65,200		7,302
Globus Medical, Cl A*		5,800		129
Greatbatch*		2,200		110
Haemonetics*		4,400		166
Halozyme Therapeutics*		9,100		88
Hanger*		2,900		69
HCA Holdings*		13,900		974
Health Net*		3,300		157
HealthEquity*		900		18
HealthSouth		7,600		307
HealthStream*		1,700		53
Healthways*		2,700		42
HeartWare International*		1,500		116
Henry Schein*		3,600		432
Heron Therapeutics*		1,900		17
Hill-Rom Holdings		2,400		107
HMS Holdings*		7,400		172
Hologic*		10,100		265
Horizon Pharma*		5,300		69
Hospira*		6,900		371
Humana		6,600		916
Hyperion Therapeutics*		1,100		27
ICU Medical*		1,100		78
Idera Pharmaceuticals*		5,100		13
IDEXX Laboratories*		2,200		312
Illumina*		5,900		1,136
Immune Design*		700		22
ImmunoGen*		7,100		66
Immunomedics*		7,000		28
Impax Laboratories*		6,100		177
Imprivata*		700		11
IMS Health Holdings*		3,100		75
Incyte*		6,000		402
Infinity Pharmaceuticals*		4,000		54
Inogen*		400		9
Inovio Pharmaceuticals*		5,200		59
Insmed*		4,200		60
Insulet*		4,800		207
Insys Therapeutics*		900		37
Integra LifeSciences Holdings*		2,100		107
Intercept Pharmaceuticals*		500		129
Intersect ENT*		700		13
Intra-Cellular Therapies*		1,400		22
Intrexon*		3,200		71
Intuitive Surgical*		1,600		793
Invacare		2,800		44
IPC The Hospitalist*		1,400		58
Ironwood Pharmaceuticals, Cl A*		10,400		146
Isis Pharmaceuticals*		10,000		461
Johnson & Johnson		120,000		12,934
K2M Group Holdings*		700		11
Karyopharm Therapeutics*		1,100		45

Description	Shares		Market Value ($ Thousands)
Keryx Biopharmaceuticals*		7,600	$	128
Kindred Biosciences*		800		7
Kindred Healthcare		5,700		124
Kite Pharma*		800		30
KYTHERA Biopharmaceuticals*		1,400		49
Laboratory Corp of America Holdings*		3,600		393
Landauer		900		32
Lannett*		2,200		125
LDR Holding*		1,500		52
Lexicon Pharmaceuticals*		19,700		29
LHC Group*		1,000		24
LifePoint Hospitals*		1,800		126
Ligand Pharmaceuticals*		1,700		94
Luminex*		3,100		59
MacroGenics*		1,700		36
Magellan Health*		2,300		139
MannKind*		19,200		115
Masimo*		4,100		103
McKesson		9,800		1,993
MedAssets*		5,400		117
Medicines*		5,700		144
Medidata Solutions*		4,600		208
Medivation*		3,400		359
MEDNAX*		4,100		256
Medtronic		42,500		2,897
Merck		124,300		7,202
Merge Healthcare*		6,000		17
Meridian Bioscience		3,500		65
Merit Medical Systems*		3,500		53
Merrimack Pharmaceuticals*		8,400		77
Mettler-Toledo International*		1,300		336
MiMedx Group*		8,400		86
Mirati Therapeutics*		600		10
Molina Healthcare*		2,600		126
Momenta Pharmaceuticals*		3,900		43
MWI Veterinary Supply*		1,100		187
Mylan*		15,900		851
Myriad Genetics*		3,100		122
NanoString Technologies*		900		10
NanoViricides*		3,500		13
National Healthcare		900		54
National Research, Cl A*		900		14
Natus Medical*		2,700		92
Navidea Biopharmaceuticals*		12,300		17
Nektar Therapeutics*		10,900		150
Neogen*		3,200		140
NeoStem*		2,100		11
Neuralstem*		5,900		16
Neurocrine Biosciences*		6,600		122
NewLink Genetics*		1,800		59
Northwest Biotherapeutics*		3,100		16
Novavax*		20,100		113
NPS Pharmaceuticals*		9,100		249
NuVasive*		3,900		160
NxStage Medical*		5,000		76
Ocular Therapeutix*		700		11
Ohr Pharmaceutical*		1,800		13
Omeros*		2,800		46
Omnicare		4,200		280
Omnicell*		3,000		97
OncoMed Pharmaceuticals*		1,000		21
Oncothyreon*		5,600		10
Ophthotech*		1,200		50

28 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
OPKO Health*		16,700	$	139
OraSure Technologies*		4,500		40
Orexigen Therapeutics*		10,100		41
Organovo Holdings*		5,300		35
Orthofix International*		1,600		47
Osiris Therapeutics*		1,600		22
Otonomy*		600		16
OvaScience*		1,400		27
Owens & Minor		5,300		177
Oxford Immunotec Global*		1,200		19
Pacific Biosciences of California*		4,800		31
Pacira Pharmaceuticals*		3,100		288
Pain Therapeutics*		3,200		6
PAREXEL International*		4,900		266
Patterson		3,500		151
PDL BioPharma		13,300		113
Peregrine Pharmaceuticals*		15,900		25
PerkinElmer		4,700		204
Pernix Therapeutics Holdings*		2,600		25
Pfizer		271,200		8,122
Pharmacyclics*		2,500		327
PharMerica*		2,700		77
Phibro Animal Health, Cl A		1,200		31
PhotoMedex*		1,100		4
Portola Pharmaceuticals*		3,600		103
POZEN		2,400		22
Premier, Cl A*		1,300		43
Prestige Brands Holdings*		4,400		156
Progenics Pharmaceuticals*		5,800		28
Providence Service*		1,000		44
PTC Therapeutics*		2,000		82
Puma Biotechnology*		2,000		501
Quality Systems		4,100		62
Quest Diagnostics		6,000		381
Quidel*		2,600		74
Quintiles Transnational Holdings*		2,300		135
Radius Health*		800		15
RadNet*		2,700		25
Raptor Pharmaceutical*		5,200		50
Receptos*		1,600		166
Regado Biosciences*		1,300		1
Regeneron Pharmaceuticals*		3,400		1,339
Regulus Therapeutics*		1,200		24
Relypsa*		1,500		31
Repligen*		2,700		68
Repros Therapeutics*		2,700		17
ResMed		5,900		308
Retrophin*		1,800		17
Revance Therapeutics*		700		14
Rigel Pharmaceuticals*		7,400		15
Rockwell Medical*		3,400		30
Roka Bioscience*		800		8
RTI Surgical*		4,800		24
Sage Therapeutics*		500		20
Sagent Pharmaceuticals*		1,800		57
Salix Pharmaceuticals*		2,700		388
Sangamo BioSciences*		6,100		74
Sarepta Therapeutics*		3,400		55
SciClone Pharmaceuticals*		4,400		34
Seattle Genetics*		4,300		158
Select Medical Holdings		6,700		97
Sequenom*		10,200		33
Sirona Dental Systems*		2,400		189
Skilled Healthcare Group, Cl A*		2,100		15

Description	Shares		Market Value ($ Thousands)
Spectranetics*		3,500	$	111
Spectrum Pharmaceuticals*		5,400		41
St. Jude Medical		12,100		776
STAAR Surgical*		3,100		30
Stemline Therapeutics*		1,000		15
STERIS		5,000		309
Stryker		14,300		1,252
Sucampo Pharmaceuticals, Cl A*		1,500		13
Sunesis Pharmaceuticals*		4,000		7
Supernus Pharmaceuticals*		2,400		19
Surgical Care Affiliates*		1,000		31
SurModics*		1,200		26
Symmetry Medical*		3,000		30
Synageva BioPharma*		1,900		144
Synergy Pharmaceuticals*		8,100		28
Synta Pharmaceuticals*		5,400		16
T2 Biosystems*		700		11
Tandem Diabetes Care*		700		11
Team Health Holdings*		6,000		375
Techne		1,500		137
Teleflex		1,700		194
Tenet Healthcare*		4,000		224
TESARO*		1,600		45
Tetraphase Pharmaceuticals*		2,200		53
TG Therapeutics*		1,800		20
TherapeuticsMD*		8,900		40
Theravance		6,900		111
Thermo Fisher Scientific		17,000		1,999
Thoratec*		4,800		130
Threshold Pharmaceuticals*		4,300		13
Tornier*		3,000		84
TransEnterix*		2,200		9
TriVascular Technologies*		600		8
Trupanion*		1,100		7
Ultragenyx Pharmaceutical*		600		28
Unilife*		8,400		31
United Therapeutics*		2,000		262
UnitedHealth Group		41,500		3,943
Universal American*		3,600		34
Universal Health Services, Cl B		3,700		384
US Physical Therapy		1,000		43
Utah Medical Products		300		17
Vanda Pharmaceuticals*		2,800		34
Varian Medical Systems*		4,400		370
Vascular Solutions*		1,400		41
VCA*		3,700		169
Veeva Systems, Cl A*		1,600		48
Veracyte*		600		5
Verastem*		1,600		15
Versartis*		500		10
Vertex Pharmaceuticals*		10,000		1,126
Vital Therapies*		400		7
VIVUS*		8,700		29
Vocera Communications*		1,800		19
Volcano*		4,300		44
Waters*		3,600		399
WellCare Health Plans*		3,800		258
WellPoint		11,800		1,495
West Pharmaceutical Services		6,000		308
Wright Medical Group*		4,200		133
Xencor*		1,300		14
XenoPort*		4,900		33
XOMA*		7,100		30
Zafgen*		800		17

29 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Zeltiq Aesthetics*		2,500	$	64
Zimmer Holdings		7,200		801
ZIOPHARM Oncology*		6,900		23
Zoetis, Cl A		21,500		799
Zogenix*		10,000		13
ZS Pharma*		600		23
				137,210
Industrials — 7.7%
3M		27,700		4,259
AAON		3,600		71
AAR		3,300		87
ABM Industries		4,900		135
Acacia Research		4,200		76
ACCO Brands*		9,500		78
Accuride*		3,200		15
Aceto		2,400		55
Actuant, Cl A		5,500		174
Acuity Brands		1,800		251
ADT		7,200		258
Advanced Drainage Systems*		1,300		28
Advisory Board*		3,200		172
AECOM Technology*		12,175		396
Aegion, Cl A*		3,200		59
Aerovironment*		1,600		49
AGCO		3,900		173
Air Lease, Cl A		4,300		157
Air Transport Services Group*		4,300		35
Aircastle		5,600		107
Alamo Group		600		26
Alaska Air Group		5,700		303
Albany International, Cl A		2,300		87
Allegiant Travel, Cl A		1,200		160
Alliant Techsystems		1,300		152
Allison Transmission Holdings		5,500		179
Altra Industrial Motion		2,300		73
AMERCO		300		81
Ameresco, Cl A*		1,700		14
American Airlines Group		30,700		1,269
American Railcar Industries		900		59
American Science & Engineering		700		39
American Woodmark*		1,000		41
AMETEK		10,200		532
AO Smith		3,200		171
Apogee Enterprises		2,500		110
Applied Industrial Technologies		3,500		171
ARC Document Solutions*		3,500		36
ARC Group Worldwide*		300		4
ArcBest		2,300		89
Argan		1,000		35
Armstrong World Industries*		1,800		87
Astec Industries		1,600		61
Astronics*		1,687		87
Astronics, Cl B*		352		18
Atlas Air Worldwide Holdings*		2,100		78
Avis Budget Group*		4,300		240
AZZ		2,200		103
Babcock & Wilcox		4,500		129
Baltic Trading*		4,200		16
Barnes Group		4,600		168
Barrett Business Services		600		14
BE Aerospace*		4,300		320
Beacon Roofing Supply*		4,200		116

Description	Shares		Market Value ($ Thousands)
Blount International*		4,100	$	63
Boeing		30,900		3,860
Brady, Cl A		4,000		95
Briggs & Stratton		4,200		85
Brink’s		4,000		84
Builders FirstSource*		3,800		23
CAI International*		1,400		29
Capstone Turbine*		28,800		29
Carlisle		2,700		240
Casella Waste Systems, Cl A*		3,300		15
Caterpillar		26,400		2,677
CBIZ*		3,500		32
CDI		1,200		21
Ceco Environmental		1,800		26
Celadon Group		1,700		33
Cenveo*		4,500		10
CH Robinson Worldwide		6,500		450
Chart Industries*		2,600		121
Cintas		4,100		300
CIRCOR International		1,500		113
Civeo		8,300		101
CLARCOR		4,300		288
Clean Harbors*		2,500		124
Colfax*		4,000		218
Columbus McKinnon		1,800		51
Comfort Systems USA		3,200		49
Commercial Vehicle Group*		2,300		15
Continental Building Products*		1,000		15
Con-way		2,400		104
Copart*		4,600		154
Corporate Executive Board		2,900		214
Corporate Resource Services*		1,300		2
Covanta Holding		4,400		97
CRA International*		900		27
Crane		2,000		125
CSX		42,500		1,514
Cubic		1,700		82
Cummins		7,800		1,140
Curtiss-Wright		4,100		284
Danaher		26,000		2,090
Deere		15,400		1,317
Delta Air Lines		36,100		1,452
Deluxe		4,300		261
DigitalGlobe*		6,400		183
Donaldson		5,900		245
Douglas Dynamics		1,900		39
Dover		7,000		556
Ducommun*		800		21
Dun & Bradstreet		1,600		197
DXP Enterprises*		1,100		73
Dycom Industries*		2,800		88
Dynamic Materials		1,200		22
Echo Global Logistics*		2,100		55
EMCOR Group		5,808		256
Emerson Electric		29,600		1,896
Encore Wire		1,800		68
Energy Recovery*		3,200		15
EnerSys		4,059		255
Engility Holdings*		1,400		60
Ennis		2,200		33
Enphase Energy*		1,600		24
EnPro Industries*		1,900		123
Equifax		5,100		386
Erickson*		600		8

30 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
ESCO Technologies		2,200	$	84
Esterline Technologies*		2,700		316
Exelis		7,800		139
ExOne*		900		22
Expeditors International of Washington		8,200		350
Exponent		1,200		96
Fastenal		12,900		568
Federal Signal		5,400		77
FedEx		12,500		2,093
Flowserve		5,700		388
Fluor		6,600		438
Fortune Brands Home & Security		6,900		298
Forward Air		2,700		129
Foster Wheeler		4,100		127
Franklin Covey*		900		18
Franklin Electric		4,100		153
FreightCar America		1,000		33
FTI Consulting*		3,500		141
FuelCell Energy*		19,000		38
Furmanite*		3,100		23
G&K Services, Cl A		1,700		107
GATX		1,900		120
GenCorp*		5,200		88
Generac Holdings*		5,800		263
General Cable		4,200		60
General Dynamics		12,900		1,803
General Electric		425,200		10,974
Genesee & Wyoming, Cl A*		2,100		202
Gibraltar Industries*		2,600		40
Global Brass & Copper Holdings		1,700		24
Global Power Equipment Group		1,500		20
Gorman-Rupp		1,500		48
GP Strategies*		1,300		43
Graco		2,500		196
GrafTech International*		10,100		43
Graham		900		30
Granite Construction		3,300		122
Great Lakes Dredge & Dock		5,100		36
Greenbrier		2,300		144
Griffon		3,300		41
H&E Equipment Services		2,700		101
Harsco		7,100		154
Hawaiian Holdings*		3,800		66
HD Supply Holdings*		4,400		127
Healthcare Services Group		6,110		182
Heartland Express		4,500		113
HEICO		5,800		315
Heidrick & Struggles International		1,700		35
Heritage-Crystal Clean*		700		13
Herman Miller		5,100		163
Hertz Global Holdings*		18,600		408
Hexcel*		4,000		168
Hill International*		2,500		10
Hillenbrand		5,462		182
HNI		3,900		182
Honeywell International		33,300		3,201
Houston Wire & Cable		1,500		20
Hub Group, Cl A*		3,200		116
Hubbell, Cl B		2,400		272
Huntington Ingalls Industries		2,000		212
Hurco		600		23
Huron Consulting Group*		2,000		139

Description	Shares		Market Value ($ Thousands)
Hyster-Yale Materials Handling, Cl A		900	$	71
ICF International*		1,700		62
IDEX		3,400		255
IHS, Cl A*		3,000		393
Illinois Tool Works		14,500		1,320
InnerWorkings*		3,000		27
Insperity		1,900		60
Insteel Industries		1,600		38
Interface, Cl A		5,500		88
International Shipholding		400		8
ITT		3,800		171
Jacobs Engineering Group*		5,600		266
JB Hunt Transport Services		3,900		311
JetBlue Airways*		21,200		245
John Bean Technologies		2,400		72
Joy Global		4,100		216
Kadant		900		37
Kaman		2,300		99
Kansas City Southern		4,700		577
KAR Auction Services		5,800		176
KBR		6,100		116
Kelly Services, Cl A		2,300		41
Kennametal		3,300		127
KEYW Holding*		2,800		28
Kforce		2,300		53
Kimball International, Cl B		3,000		54
Kirby*		2,400		265
Knight Transportation		5,221		153
Knoll		4,100		82
Korn*		4,200		117
Kratos Defense & Security Solutions*		3,800		26
L-3 Communications Holdings, Cl 3		3,600		437
Landstar System		1,800		133
Layne Christensen*		1,700		12
LB Foster, Cl A		900		49
Lennox International		2,000		178
Lincoln Electric Holdings		3,400		246
Lindsay		1,100		96
LMI Aerospace*		900		12
Lockheed Martin		11,500		2,192
LSI Industries		1,900		14
Lydall*		1,400		43
Manitex International*		1,200		14
Manitowoc		5,600		117
Manpowergroup		3,300		220
Marten Transport		2,000		39
Masco		14,900		329
MasTec*		5,600		160
Matson		3,600		103
Matthews International, Cl A		2,500		115
McGrath RentCorp		2,200		80
Meritor*		8,300		95
Middleby*		2,300		204
Miller Industries		1,000		20
Mistras Group*		1,400		23
Mobile Mini		4,000		175
Moog, Cl A*		3,800		291
MRC Global*		4,200		88
MSA Safety		2,500		144
MSC Industrial Direct, Cl A		1,900		154
Mueller Industries		4,800		156

31 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Mueller Water Products, Cl A		13,500	$	133
Multi-Color		1,000		49
MYR Group*		1,700		44
National Presto Industries		400		25
Navigant Consulting*		4,100		63
Navistar International*		2,400		85
NCI Building Systems*		2,600		52
NL Industries		600		4
NN		1,400		35
Norcraft*		600		10
Nordson		2,700		207
Norfolk Southern		13,100		1,449
Nortek*		800		67
Northrop Grumman		9,100		1,255
Northwest Pipe*		900		32
NOW*		4,500		135
Old Dominion Freight Line*		2,500		182
Omega Flex*		300		8
On Assignment*		4,900		143
Orbital Sciences*		5,300		139
Orion Marine Group*		2,300		25
Oshkosh		3,500		157
Owens Corning		4,900		157
PACCAR		15,100		986
Pall		4,800		439
PAM Transportation Services*		300		13
Parker-Hannifin		6,400		813
Park-Ohio Holdings		700		37
Patrick Industries*		700		30
Patriot Transportation Holding*		600		25
Paylocity Holding*		700		17
Pendrell*		13,600		23
Performant Financial*		2,500		22
PGT*		3,900		37
Pike*		2,300		27
Pitney Bowes		8,600		213
Plug Power*		15,200		72
Ply Gem Holdings*		1,700		19
Polypore International*		3,800		167
Powell Industries		900		41
Power Solutions International*		400		26
PowerSecure International*		1,900		21
Precision Castparts		6,100		1,346
Preformed Line Products		300		17
Primoris Services		3,400		98
Proto Labs*		1,900		124
Quad		2,300		51
Quality Distribution*		2,300		30
Quanex Building Products		3,100		62
Quanta Services*		8,800		300
Quest Resource Holding*		1,100		2
Raven Industries		3,000		76
Raytheon		13,300		1,382
RBC Bearings		2,000		122
Regal-Beloit		1,900		135
Republic Airways Holdings*		4,500		56
Republic Services, Cl A		11,100		426
Resources Connection		3,400		53
Revolution Lighting Technologies*		2,600		5
Rexnord*		6,400		189
Roadrunner Transportation Systems*		2,300		47
Robert Half International		6,100		334
Rockwell Automation		5,900		663

Description	Shares		Market Value ($ Thousands)
Rockwell Collins		5,600	$	471
Rollins		2,600		83
Roper Industries		4,300		681
RPX*		4,500		63
RR Donnelley & Sons		8,400		147
Rush Enterprises, Cl A*		3,000		114
Ryder System		2,200		195
Safe Bulkers		3,400		18
Saia*		2,200		108
Scorpio Bulkers*		11,300		55
SIFCO Industries		200		7
Simpson Manufacturing		3,500		116
SkyWest		4,400		51
Snap-on		2,400		317
SolarCity*		1,800		107
Southwest Airlines		29,400		1,014
SP Plus*		1,300		28
Sparton*		900		24
Spirit AeroSystems Holdings, Cl A*		5,000		197
Spirit Airlines*		3,300		241
SPX		1,900		180
Standex International		1,100		95
Stanley Black & Decker		6,700		627
Steelcase, Cl A		7,300		129
Stericycle*		3,500		441
Sterling Construction*		1,600		14
Stock Building Supply Holdings*		1,100		17
Sun Hydraulics		2,000		80
Swift Transportation, Cl A*		7,400		183
TAL International Group		2,900		125
Taser International*		4,800		90
TCP International Holdings*		1,200		8
Team*		1,700		72
Teledyne Technologies*		3,200		332
Tennant		1,600		118
Terex		4,500		129
Tetra Tech		5,500		147
Textainer Group Holdings		1,900		65
Textron		11,700		486
Thermon Group Holdings*		2,800		68
Timken		3,300		142
Titan International		3,700		39
Titan Machinery*		1,400		19
Toro		2,300		142
Towers Watson, Cl A		2,700		298
TransDigm Group		2,200		411
Trex*		2,900		125
TriMas*		3,800		120
TriNet Group*		1,300		39
Trinity Industries		6,900		246
Triumph Group		2,200		153
TrueBlue*		3,400		84
Tutor Perini*		3,200		90
Twin Disc		700		18
Tyco International		19,700		846
UniFirst		1,300		145
Union Pacific		38,600		4,495
United Continental Holdings*		16,000		845
United Parcel Service, Cl B		30,100		3,158
United Rentals*		4,200		462
United Stationers		3,300		138
United Technologies		38,800		4,152
Universal Forest Products		1,700		85
Universal Truckload Services		600		16

32 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
US Ecology		1,800	$	91
USA Truck*		600		10
USG*		3,900		105
UTi Worldwide*		7,600		83
Valmont Industries		1,200		163
Vectrus*		433		11
Verisk Analytics, Cl A*		6,900		430
Veritiv*		400		18
Viad		1,700		43
Vicor*		1,400		19
VSE		300		18
Wabash National*		5,700		59
WABCO Holdings*		2,300		224
Wabtec		4,100		354
WageWorks*		3,100		177
Waste Connections		5,500		274
Waste Management		19,900		973
Watsco		2,200		224
Watts Water Technologies, Cl A		2,400		146
Werner Enterprises		3,800		105
Wesco Aircraft Holdings*		4,682		83
WESCO International*		1,800		148
West		3,400		109
Woodward		5,600		287
WW Grainger		2,500		617
Xerium Technologies*		800		12
XPO Logistics*		4,400		176
Xylem		7,600		276
YRC Worldwide*		2,900		62
				113,976
Information Technology — 12.7%
3D Systems*		4,600		174
A10 Networks*		1,100		5
ACI Worldwide*		9,600		185
Activision Blizzard		21,000		419
Actua*		3,400		64
Actuate*		3,800		16
Acxiom*		6,500		122
Adobe Systems*		21,600		1,515
ADTRAN		4,800		102
Advanced Energy Industries*		3,400		67
Advanced Micro Devices*		25,300		71
Advent Software		4,300		149
Aerohive Networks*		900		5
Agilysys*		1,300		15
Akamai Technologies*		7,700		464
Alliance Data Systems*		2,300		652
Alliance Fiber Optic Products		1,000		13
Alpha & Omega Semiconductor*		1,900		18
Altera		13,600		467
Ambarella*		2,500		111
Amber Road*		700		9
Amdocs		6,600		314
American Software, Cl A		2,000		19
Amkor Technology*		7,200		49
Amphenol, Cl A		13,500		683
Analog Devices		13,500		670
Angie’s List*		3,800		26
Anixter International		2,300		196
ANSYS*		3,800		299
AOL*		3,200		139
Apple		256,000		27,648

Description	Shares		Market Value ($ Thousands)
Applied Materials		51,800	$	1,144
Applied Micro Circuits*		7,300		47
Applied Optoelectronics*		1,300		21
Arista Networks*		400		33
ARRIS Group*		5,200		156
Arrow Electronics*		4,100		233
Aruba Networks*		9,300		201
Aspen Technology*		7,800		288
Atmel*		17,100		127
Audience*		1,100		4
Autodesk*		9,800		564
Automatic Data Processing		20,400		1,668
Avnet		5,700		247
AVX		1,900		27
Axcelis Technologies*		8,700		19
Badger Meter		1,200		68
Bankrate*		5,500		60
Barracuda Networks*		700		23
Bazaarvoice*		4,200		31
Bel Fuse, Cl B		900		25
Belden		3,700		263
Benchmark Electronics*		4,500		107
Benefitfocus*		400		11
Black Box		1,300		29
Blackbaud		4,019		179
Blackhawk Network Holdings, Cl A*		4,500		156
Blucora*		3,600		61
Booz Allen Hamilton Holding, Cl A		3,000		79
Borderfree*		400		4
Bottomline Technologies de*		3,300		83
Brightcove*		2,700		17
Broadcom, Cl A		22,700		951
Broadridge Financial Solutions		5,000		220
BroadSoft*		2,400		55
Brocade Communications Systems		17,700		190
Brooks Automation		5,500		68
CA		13,200		384
Cabot Microelectronics*		2,000		96
CACI International, Cl A*		2,000		165
Cadence Design Systems*		12,000		215
CalAmp*		3,000		58
Calix*		3,400		37
Callidus Software*		3,700		52
Carbonite*		1,400		15
Cardtronics*		3,900		150
Care.com*		600		5
Cascade Microtech*		1,000		11
Cass Information Systems		1,000		48
Cavium*		4,500		231
CDK Global*		13,833		465
CDW		3,500		108
CEVA*		1,700		28
ChannelAdvisor*		1,700		24
Checkpoint Systems*		3,400		45
Ciber*		6,400		21
Ciena*		8,800		147
Cirrus Logic*		5,500		106
Cisco Systems		218,000		5,334
Citrix Systems*		6,800		437
Clearfield*		1,000		15
Cognex*		7,400		293

33 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Cognizant Technology Solutions, Cl A*		25,800	$	1,260
Coherent*		2,200		143
Cohu		2,200		22
CommScope Holding*		2,600		56
CommVault Systems*		4,000		177
Computer Sciences		6,000		362
Computer Task Group		1,300		11
Compuware		18,500		188
comScore*		2,900		122
Comtech Telecommunications		1,300		49
Comverse*		1,900		41
Concur Technologies*		2,000		257
Constant Contact*		2,600		92
Control4*		1,000		16
Convergys		8,700		175
Conversant*		5,700		201
CoreLogic*		3,900		122
Cornerstone OnDemand*		4,600		167
Corning		55,800		1,140
CoStar Group*		1,300		209
Covisint*		3,194		9
Cray*		3,400		118
Cree*		4,800		151
CSG Systems International		2,900		77
CTS		2,900		53
CUI Global*		1,600		13
Cvent*		1,400		36
Cyan*		2,400		8
Cypress Semiconductor		13,700		136
Daktronics		3,200		43
Datalink*		1,600		20
Dealertrack Technologies*		4,600		216
Demand Media*		700		5
Demandware*		2,600		156
Dice Holdings*		3,300		33
Diebold		2,700		96
Digi International*		2,200		18
Digimarc*		600		17
Digital River*		2,800		72
Diodes*		3,278		85
Dolby Laboratories, Cl A		2,000		84
Dot Hill Systems*		5,100		20
DSP Group*		1,800		17
DST Systems		1,300		125
DTS*		1,400		42
E2open*		1,900		11
EarthLink Holdings		8,600		31
Eastman Kodak*		1,400		30
eBay*		53,900		2,830
Ebix		2,600		38
EchoStar, Cl A*		1,800		84
Electro Rent		1,500		23
Electro Scientific Industries		2,000		14
Electronic Arts*		13,700		561
Electronics For Imaging*		4,000		183
Ellie Mae*		2,500		96
EMC		87,200		2,505
Emulex*		6,600		37
Endurance International Group Holdings*		2,500		42
EnerNOC*		2,400		35
Entegris*		12,200		166
Entropic Communications*		7,500		19

Description	Shares		Market Value ($ Thousands)
Envestnet*		3,000	$	133
EPAM Systems*		3,100		148
Epiq Systems		2,800		45
ePlus*		400		24
Equinix		2,200		460
Euronet Worldwide*		4,400		236
EVERTEC		5,700		129
Everyday Health*		600		8
Exar*		3,200		31
ExlService Holdings*		2,800		78
Extreme Networks*		8,200		29
F5 Networks*		3,300		406
Fabrinet*		2,800		51
Facebook, Cl A*		84,000		6,299
FactSet Research Systems		1,800		237
Fair Isaac		2,800		174
Fairchild Semiconductor International, Cl A*		10,900		167
FARO Technologies*		1,600		90
FEI		3,600		303
Fidelity National Information Services		12,000		701
Finisar*		8,500		142
FireEye*		3,600		122
First Solar*		3,100		183
Fiserv*		10,700		743
Five9*		1,000		4
FleetCor Technologies*		3,600		542
FleetMatics Group*		3,200		119
FLIR Systems		5,800		194
FormFactor*		4,700		37
Forrester Research		900		36
Fortinet*		5,600		146
Gartner*		3,800		307
Genpact*		6,600		116
Gigamon*		1,900		28
Global Cash Access Holdings*		5,400		39
Global Eagle Entertainment*		3,200		39
Global Payments		2,800		225
Globant*		800		10
Glu Mobile*		7,400		29
Gogo*		4,900		81
Google, Cl A*		11,900		6,758
Google, Cl C*		12,100		6,765
GrubHub*		700		25
GSI Group*		2,600		33
GTT Communications*		1,100		14
Guidance Software*		1,500		10
Guidewire Software*		5,900		295
Hackett Group		2,200		15
Harmonic*		7,900		53
Harris		4,400		306
Heartland Payment Systems		3,000		155
Hewlett-Packard		80,600		2,892
Higher One Holdings*		2,700		7
HomeAway*		3,800		133
IAC		3,100		210
iGATE*		3,200		119
II-VI*		4,400		59
Immersion*		2,400		20
Imperva*		1,900		78
Infinera*		10,700		155
Infoblox*		4,600		74
Informatica*		4,400		157

34 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Information Services Group*		2,700	$	11
Ingram Micro, Cl A*		6,400		172
Inphi*		2,500		39
Insight Enterprises*		3,400		77
Integrated Device Technology*		11,655		191
Integrated Silicon Solution		2,600		35
Intel		211,700		7,200
Interactive Intelligence Group*		1,400		68
InterDigital		3,500		173
Internap Network Services*		4,700		38
International Business Machines		40,100		6,592
International Rectifier*		6,000		239
Intersil, Cl A		10,800		144
Intevac*		2,000		15
Intralinks Holdings*		3,300		29
Intuit		12,000		1,056
InvenSense, Cl A*		6,200		101
IPG Photonics*		1,300		95
Itron*		3,300		128
Ixia*		4,700		45
IXYS		2,000		23
j2 Global		4,000		216
Jabil Circuit		8,500		178
Jack Henry & Associates		3,500		209
JDS Uniphase*		9,600		129
Jive Software*		3,700		23
Juniper Networks		19,700		415
Kemet*		3,600		17
KLA-Tencor		7,100		562
Knowles*		3,400		66
Kofax*		6,300		40
Kopin*		5,300		20
KVH Industries*		1,300		17
Lam Research		7,000		545
Lattice Semiconductor*		9,600		64
Leidos Holdings		2,700		99
Lexmark International, Cl A		2,600		112
Limelight Networks*		5,000		12
Linear Technology		10,300		441
LinkedIn, Cl A*		4,400		1,007
Lionbridge Technologies*		5,400		26
Liquidity Services*		2,000		26
Littelfuse		1,900		185
LivePerson*		4,500		65
LogMeIn*		2,000		96
Luxoft Holding, Cl A*		700		28
M*		1,000		22
Manhattan Associates*		6,500		261
ManTech International, Cl A		2,000		56
Marchex, Cl B		5,300		20
Marin Software*		2,100		19
Marketo*		2,100		68
Marvell Technology Group		17,000		228
MasterCard, Cl A		42,700		3,576
Mavenir Systems*		1,000		12
Maxim Integrated Products		11,600		340
MAXIMUS		5,800		281
MaxLinear, Cl A*		2,300		16
Maxwell Technologies*		2,400		28
Mentor Graphics		8,433		179
Mercury Systems*		2,700		38
Mesa Laboratories		300		23
Methode Electronics		3,200		126
Micrel		3,700		45

Description	Shares		Market Value ($ Thousands)
Microchip Technology		8,800	$	379
Micron Technology*		45,200		1,496
Microsemi*		8,200		214
Microsoft		350,900		16,475
MicroStrategy, Cl A*		800		129
Millennial Media*		6,600		14
MKS Instruments		4,670		170
MobileIron*		1,300		13
Model N*		1,600		16
ModusLink Global Solutions*		3,200		11
MoneyGram International*		2,300		20
Monolithic Power Systems		3,300		146
Monotype Imaging Holdings		3,300		94
Monster Worldwide*		7,300		28
Motorola Solutions		9,700		626
Move*		3,300		69
MTS Systems		1,300		86
Multi-Fineline Electronix*		700		7
Nanometrics*		2,000		27
National Instruments		4,200		133
NCR*		6,900		191
NetApp		14,300		612
NETGEAR*		3,200		109
NetScout Systems*		3,200		118
NetSuite*		1,700		185
NeuStar, Cl A*		4,700		124
Newport*		3,300		59
NIC		5,500		101
Nimble Storage*		700		19
Nuance Communications*		10,900		168
Numerex, Cl A*		1,100		14
NVE*		400		29
NVIDIA		24,300		475
Oclaro*		7,600		12
OmniVision Technologies*		4,800		129
ON Semiconductor*		18,000		149
Oplink Communications		1,600		33
OPOWER*		700		13
Oracle		139,700		5,455
OSI Systems*		1,700		121
Palo Alto Networks*		2,400		254
Pandora Media*		8,800		170
Park City Group*		900		8
Park Electrochemical		1,700		44
ParkerVision*		8,400		11
Paychex		13,900		652
Paycom Software*		600		11
PC Connection		900		21
PDF Solutions*		2,700		35
Pegasystems		3,100		67
Peregrine Semiconductor*		2,300		29
Perficient*		2,800		46
Pericom Semiconductor*		1,800		20
Photronics*		5,200		47
Plantronics		3,600		187
Plexus*		2,900		120
PMC-Sierra*		15,309		119
Polycom*		11,700		153
Power Integrations		2,700		136
PRGX Global*		2,200		12
Procera Networks*		1,700		13
Progress Software*		4,300		111
Proofpoint*		3,100		137
PROS Holdings*		2,000		56

35 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
PTC*		5,000	$	191
Q2 Holdings*		900		14
QAD*		600		13
Qlik Technologies*		7,800		221
QLogic*		7,200		85
QUALCOMM		71,800		5,637
Qualys*		1,700		55
Quantum*		18,600		24
QuickLogic*		4,500		13
QuinStreet*		2,900		12
Rackspace Hosting*		5,900		226
Rally Software Development*		1,900		19
Rambus*		10,000		115
RealD*		3,400		38
RealNetworks*		1,900		13
RealPage*		4,300		85
Red Hat*		7,900		465
Reis		700		16
RF Micro Devices*		24,500		319
Rightside Group*		700		7
Riverbed Technology*		6,600		125
Rocket Fuel*		1,700		27
Rofin-Sinar Technologies*		2,300		52
Rogers*		1,600		109
Rosetta Stone*		1,700		16
Rovi*		3,900		81
Rubicon Project*		700		8
Rubicon Technology*		2,200		10
Ruckus Wireless*		5,400		70
Rudolph Technologies*		2,700		24
Sabre		1,800		31
salesforce.com*		26,000		1,664
SanDisk		9,600		904
Sanmina*		7,000		175
Sapiens International*		2,000		16
Sapient*		9,600		166
ScanSource*		2,400		92
Science Applications International		3,700		181
SciQuest*		2,300		34
Seachange International*		2,700		18
Semtech*		5,600		142
ServiceNow*		6,300		428
ServiceSource International*		5,900		23
ShoreTel*		5,200		42
Shutterstock*		1,300		101
Silicon Graphics International*		2,900		25
Silicon Image*		6,300		34
Silicon Laboratories*		3,800		173
Silver Springs Network*		3,300		32
Skyworks Solutions		8,200		478
SolarWinds*		2,700		128
Solera Holdings		2,900		151
Sonus Networks*		22,300		77
Spansion, Cl A*		5,400		111
Speed Commerce*		4,200		12
Splunk*		5,000		330
SPS Commerce*		1,400		82
SS&C Technologies Holdings*		5,800		280
Stamps.com*		1,300		48
SunEdison*		10,900		213
SunPower, Cl A*		1,900		61
Super Micro Computer*		3,000		96
Sykes Enterprises*		3,300		71
Symantec		29,600		735

Description	Shares		Market Value ($ Thousands)
Synaptics*		3,114	$	213
Synchronoss Technologies*		3,000		155
SYNNEX		2,400		166
Synopsys*		6,400		262
Syntel*		1,300		113
Tableau Software, Cl A*		1,600		132
Take-Two Interactive Software*		7,000		185
Tangoe*		3,200		47
Tech Data*		1,500		90
TechTarget*		1,400		13
TeleCommunication Systems, Cl A*		4,000		12
Telenav*		2,300		17
TeleTech Holdings*		1,500		39
Teradata*		6,600		279
Teradyne		8,500		156
Tessco Technologies		400		13
Tessera Technologies		4,500		137
Texas Instruments		46,100		2,289
Textura*		1,700		45
TIBCO Software*		7,000		164
TiVo*		9,900		129
Total System Services		6,900		233
Travelzoo*		600		8
Tremor Video*		3,200		8
Trimble Navigation*		10,900		293
TriQuint Semiconductor*		14,700		318
TrueCar*		800		13
Trulia*		3,100		145
TTM Technologies*		4,500		31
TubeMogul*		600		9
Twitter*		20,400		846
Tyler Technologies*		2,800		313
Ubiquiti Networks		2,500		89
Ultimate Software Group*		2,400		361
Ultra Clean Holdings*		2,400		21
Ultratech*		2,300		44
Unisys*		4,300		110
Universal Display*		3,400		106
Unwired Planet*		8,100		13
Vantiv, Cl A*		5,000		155
Varonis Systems*		400		8
VASCO Data Security International*		2,700		68
Veeco Instruments*		3,500		126
VeriFone Systems*		4,700		175
Verint Systems*		5,100		293
VeriSign*		5,000		299
ViaSat*		3,600		226
Viasystems Group*		400		6
Violin Memory*		7,500		36
VirnetX Holding*		5,600		33
Virtusa*		2,300		94
Visa, Cl A		21,300		5,142
Vishay Intertechnology		5,600		76
Vishay Precision Group*		1,000		17
Vitesse Semiconductor*		4,300		15
VMware, Cl A*		3,600		301
Vringo*		5,900		6
Web.com Group*		4,600		94
WebMD Health, Cl A*		3,400		145
Western Digital		9,500		935
Western Union		22,300		378
WEX*		3,300		375

36 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Workday, Cl A*		3,900	$	372
Xcerra*		4,900		42
Xerox		50,100		665
Xilinx		11,600		516
XO Group*		2,300		29
Xoom*		2,600		39
Yahoo!*		42,500		1,957
Yelp, Cl A*		2,100		126
YuMe*		1,600		8
Zebra Technologies, Cl A*		2,100		155
Zendesk*		1,000		26
Zillow, Cl A*		1,300		141
Zix*		5,000		17
Zynga, Cl A*		29,500		75
				188,191
Materials — 2.5%
A Schulman		2,400		85
Advanced Emissions Solutions*		1,900		38
AEP Industries*		300		14
Air Products & Chemicals		9,000		1,212
Airgas		3,200		357
AK Steel Holding*		14,700		111
Albemarle		3,300		193
Alcoa		50,200		841
Allegheny Technologies		4,600		151
Allied Nevada Gold*		9,200		13
AM Castle*		1,600		12
American Vanguard		2,500		29
Ampco-Pittsburgh		700		15
AptarGroup		2,800		174
Ashland		3,300		357
Avery Dennison		4,000		187
Axiall		6,000		242
Balchem		2,654		172
Ball		5,900		380
Bemis		4,200		162
Berry Plastics Group*		7,700		200
Boise Cascade*		3,400		123
Cabot		2,700		125
Calgon Carbon*		4,500		95
Carpenter Technology		2,300		115
Celanese, Cl A		6,400		376
Century Aluminum*		4,400		129
CF Industries Holdings		2,200		572
Chase		600		22
Chemtura*		7,700		179
Clearwater Paper*		1,800		116
Cliffs Natural Resources		6,500		73
Coeur Mining*		9,200		34
Commercial Metals		10,200		176
Compass Minerals International		1,400		120
Crown Holdings*		6,000		288
Cytec Industries		2,900		135
Deltic Timber		900		59
Domtar		2,700		111
Dow Chemical		51,300		2,534
E.I. du Pont de Nemours		39,100		2,704
Eagle Materials		2,100		184
Eastman Chemical		6,500		525
Ecolab		11,300		1,257
Ferro*		6,100		80
Flotek Industries*		4,700		104

Description	Shares		Market Value ($ Thousands)
FMC		5,700	$	327
Freeport-McMoRan		44,000		1,254
FutureFuel		1,900		25
Globe Specialty Metals		5,600		105
Gold Resource		3,200		12
Graphic Packaging Holding*		27,800		337
Greif, Cl A		1,400		62
Handy & Harman*		400		14
Hawkins		900		35
Haynes International		1,000		46
HB Fuller		4,200		176
Headwaters*		6,300		80
Hecla Mining		30,300		66
Horsehead Holding*		4,300		68
Huntsman		8,500		207
Innophos Holdings		1,900		108
Innospec		2,100		85
International Flavors & Fragrances		3,600		357
International Paper		18,600		942
Intrepid Potash*		4,500		61
Kaiser Aluminum		1,600		111
KapStone Paper and Packaging*		7,200		221
KMG Chemicals		900		16
Koppers Holdings		1,700		67
Kraton Performance Polymers*		2,800		50
Kronos Worldwide		1,800		24
Landec*		2,300		29
Louisiana-Pacific*		12,200		178
LSB Industries*		1,600		60
Marrone Bio Innovations*		1,200		3
Martin Marietta Materials		2,600		304
Materion		1,700		67
MeadWestvaco		7,000		309
Minerals Technologies		2,900		222
Molycorp*		18,200		25
Monsanto		22,400		2,577
Mosaic		14,500		642
Myers Industries		2,300		34
Neenah Paper		1,400		85
NewMarket		400		155
Newmont Mining		21,300		400
Noranda Aluminum Holding		3,800		17
Nucor		13,600		735
Olin		6,700		162
Olympic Steel		700		14
OM Group		2,700		70
OMNOVA Solutions*		4,000		28
Owens-Illinois*		7,700		198
Packaging Corp of America		4,100		296
PH Glatfelter		3,600		91
Platform Specialty Products*		3,600		94
PolyOne		8,000		296
PPG Industries		5,900		1,202
Praxair		12,400		1,562
Quaker Chemical		1,100		90
Rayonier Advanced Materials		1,800		51
Reliance Steel & Aluminum		3,500		236
Rentech*		19,500		31
Resolute Forest Products*		5,400		100
Rock-Tenn, Cl A		6,100		312
Rockwood Holdings		3,000		231
Royal Gold		2,800		160
RPM International		5,400		245
RTI International Metals*		2,700		64

37 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
Ryerson Holding*		1,200	$	15
Schnitzer Steel Industries, Cl A		2,100		49
Schweitzer-Mauduit International		2,600		112
Scotts Miracle-Gro, Cl A		1,900		113
Sealed Air		9,100		330
Senomyx*		3,600		29
Sensient Technologies		4,200		249
Sherwin-Williams		3,700		849
Sigma-Aldrich		5,100		693
Silgan Holdings		1,900		93
Sonoco Products		4,300		176
Southern Copper		11,800		340
Steel Dynamics		10,700		246
Stepan		1,600		71
Stillwater Mining*		10,600		139
SunCoke Energy*		5,800		139
Taminco*		2,500		65
TimkenSteel		1,700		69
Trecora Resources*		1,500		20
Tredegar		2,000		38
UFP Technologies*		600		13
United States Lime & Minerals		231		16
United States Steel		6,400		256
Universal Stainless & Alloy Products*		600		15
US Concrete*		1,100		27
US Silica Holdings		4,700		211
Valspar		3,500		288
Vulcan Materials		5,400		333
Walter Energy		7,000		17
Wausau Paper		3,600		36
Westlake Chemical		1,700		120
Worthington Industries		4,300		166
WR Grace*		3,400		322
Zep		1,900		31
				37,098
Telecommunication Services — 1.4%
8x8*		7,500		59
AT&T		220,700		7,689
Atlantic Telegraph-Network		900		60
Boingo Wireless*		1,900		13
CenturyLink		24,300		1,008
Cincinnati Bell*		17,700		65
Cogent Communications Holdings		4,100		139
Consolidated Communications Holdings		4,414		114
FairPoint Communications*		1,700		28
Frontier Communications		41,400		271
General Communication, Cl A*		3,000		35
Globalstar*		22,500		54
Hawaiian Telcom Holdco*		900		24
IDT, Cl B		1,500		25
inContact*		4,800		43
Inteliquent		2,700		45
Intelsat*		2,300		45
Iridium Communications*		6,800		65
Level 3 Communications*		7,900		371
Lumos Networks		1,600		28
NTELOS Holdings		1,500		15
ORBCOMM*		3,700		23
Premiere Global Services*		4,100		43
RingCentral, Cl A*		2,300		30

Description	Shares		Market Value ($ Thousands)
SBA Communications, Cl A*		5,500	$	618
Shenandoah Telecommunications		2,000		59
Spok Holdings		2,000		32
Sprint*		30,000		178
Telephone & Data Systems		3,600		92
T-Mobile US*		11,000		321
tw telecom inc, Cl A*		6,100		261
United States Cellular*		600		22
Verizon Communications		176,000		8,844
Vonage Holdings*		14,500		50
Windstream Holdings		25,200		264
				21,033
Utilities — 2.2%
AES		30,400		428
AGL Resources		5,000		270
ALLETE		3,700		193
Alliant Energy		4,700		291
Ameren		10,200		432
American Electric Power		20,700		1,208
American States Water		3,400		122
American Water Works		7,600		406
Aqua America		7,500		197
Artesian Resources, Cl A		700		16
Atmos Energy		4,200		223
Avista		5,100		181
Black Hills		3,800		208
California Water Service Group		4,100		107
Calpine*		17,900		408
CenterPoint Energy		18,100		444
Chesapeake Utilities		1,200		58
Cleco		5,100		274
CMS Energy		11,400		372
Connecticut Water Service		900		33
Consolidated Edison		12,300		779
Dominion Resources		24,900		1,775
DTE Energy		7,500		616
Duke Energy		30,100		2,473
Dynegy, Cl A*		10,500		320
Edison International		14,000		876
El Paso Electric		3,400		129
Empire District Electric		3,700		105
Entergy		7,600		639
Exelon		36,600		1,339
FirstEnergy		17,800		665
Great Plains Energy		6,500		175
Hawaiian Electric Industries		4,200		118
IDACORP		4,300		272
Integrys Energy Group		3,300		240
ITC Holdings		6,600		261
Laclede Group		3,800		193
MDU Resources Group		8,100		228
MGE Energy		3,000		133
Middlesex Water		1,300		29
National Fuel Gas		3,600		249
New Jersey Resources		3,700		216
NextEra Energy		18,600		1,864
NiSource		13,200		555
Northeast Utilities		13,200		651
Northwest Natural Gas		2,300		108
NorthWestern		3,400		180
NRG Energy		14,000		420
NRG Yield, Cl A		2,100		105

38 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Shares		Market Value ($ Thousands)
OGE Energy		8,400	$	313
ONE Gas		4,400		167
Ormat Technologies		1,400		41
Otter Tail		3,100		96
Pattern Energy Group, Cl A		3,400		98
Pepco Holdings		10,500		287
PG&E		20,000		1,006
Piedmont Natural Gas		6,600		251
Pinnacle West Capital		4,700		289
PNM Resources		6,800		196
Portland General Electric		6,600		240
PPL		28,600		1,001
Public Service Enterprise Group		21,200		876
Questar		7,400		178
SCANA		6,000		329
Sempra Energy		10,500		1,155
SJW		1,300		42
South Jersey Industries		2,800		164
Southern		37,700		1,748
Southwest Gas		4,000		232
Spark Energy, Cl A*		500		8
TECO Energy		9,900		194
TerraForm Power, Cl A*		1,900		54
UGI		7,200		271
UIL Holdings		4,800		197
Unitil		1,100		38
Vectren		3,500		157
Westar Energy, Cl A		5,500		208
WGL Holdings		4,400		207
Wisconsin Energy		9,500		472
Xcel Energy		21,200		710
York Water		1,200		26
				32,835
				1,001,850
Total Common Stock (Cost $1,292,793) ($ Thousands)				1,409,812
EXCHANGE TRADED FUNDS — 1.8%
iShares MSCI India		303,600		9,679
iShares Trust MSCI Taiwan Index Fund		1,072,200		16,855
SPDR S&P 500 Trust		752		151
Total Exchange Traded Funds (Cost $26,605) ($ Thousands)				26,685
PREFERRED STOCK — 0.6%
Brazil — 0.5%
AES Tiete		4,300		33
Banco Bradesco		72,800		1,107
Banco do Estado do Rio Grande do Sul		6,500		39
Braskem		5,900		44
Cia Brasileira de Distribuicao		5,200		220
Cia Energetica de Minas Gerais		30,100		175
Cia Energetica de Sao Paulo		7,400		74
Cia Paranaense de Energia		3,900		55
Gerdau		32,800		148
Itau Unibanco Holding		100,200		1,501
Itausa - Investimentos Itau		114,600		462
Metalurgica Gerdau, Cl A		11,500		63
Oi*		94,900		50

Description	Shares		Market Value ($ Thousands)
Petroleo Brasileiro		124,000	$	772
Telefonica Brasil		9,900		204
Usinas Siderurgicas de Minas Gerais*		15,100		35
Vale		123,200		1,082
				6,064
Chile — 0.0%
Sociedad Quimica y Minera de Chile, Cl B		3,839		89
Colombia — 0.0%
Banco Davivienda		3,511		53
Bancolombia		14,990		212
Grupo Argos		15,599		168
Grupo Aval Acciones y Valores		27,249		18
Grupo de Inversiones Suramericana		12,441		251
				702
Germany — 0.1%
Bayerische Motoren Werke		1,163		93
Fuchs Petrolub		1,519		59
Henkel & KGaA		3,860		381
Porsche Automobil Holding		3,283		269
Volkswagen		3,609		769
				1,571
Total Preferred Stock (Cost $9,593) ($ Thousands)				8,426
	Number of Warrants
WARRANTS — 0.3%
Thailand — 0.0%
Minor International*		2,670		—
United States — 0.3%
Bank of Baroda, Expires 05/05/16*		36,555		550
Cummins India, Expires 06/04/18*		57,675		695
Dabur India, Expires 06/06/18*		136,055		502
Glenmark Pharmaceuticals, Expires 06/28/18*		35,220		413
ITC, Expires 05/22/18*		56,305		325
Jubilant Foodworks, Expires 07/25/17*		10,700		218
Power Grid Corp of India, Expires 12/07/18*		253,225		598
Prestige Estates Projects, Expires 08/05/19*		92,500		338
Tata Global Beverages, Expires 06/15/18*		163,785		432
Yes Bank, Expires 06/25/18*		64,350		717
Total Warrants (Cost $3,851) ($ Thousands)				4,788

39 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Equity Fund

October 31, 2014

Description	Number of Rights		Market Value ($ Thousands)
RIGHTS — 0.0%
China — 0.0%
Agile Property Holdings, Expires 11/11/14*		7,500	$	—
Agile Property Holdings, Expires 10/22/14*		12,000		1
				1
Hong Kong — 0.0%
China Taiping Insurance Holdings, Expires 11/20/14*		6,258		4
Spain — 0.0%
Banco Santander*		261,231		50
United States — 0.0%
CHC Group, Expires 11/14/14*		3,000		—
Furiex Pharmaceuticals*‡‡		500		—
Sears Holdings, Expires 11/05/14*		1,200		—
				—
Total Rights (Cost $—) ($ Thousands)				55
Total Investments — 97.6% (Cost $1,332,842) ($ Thousands)@			$	1,449,766

A list of the open futures contracts held by the Fund at October 31, 2014, is as follows:

Type of Contract	Number of Contracts		Expiration		Unrealized Appreciation ($ Thousands)
MSCI EAFE Index E-MINI		60		Dec-2014	$	165
S&P Mid 400 Index E-MINI		16		Dec-2014		111
MSCI Emerging Markets E-MINI		95		Dec-2014		116
Russell 2000 Index E-MINI		21		Dec-2014		189
S&P 500 Index EMINI		150		Dec-2014		546
					$	1,127

For the period ended October 31, 2014, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

Percentages are based on a Net Assets of $1,485,530 ($ Thousands).

* Non-income producing security.

(A) Security considered Master Limited Partnership. At October 31, 2014, this security amounted to $251 ($ Thousands) or 0.0% of Net Assets.

(B) Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the Board of Trustees.

† Investment in Affiliated Security.

‡ Real Estate Investment Trust (“REIT”).

‡‡ Expiration date is unavailable.

@ At October 31, 2014, the tax basis cost of the Fund’s investments was $1,332,842 ($ Thousands), and the unrealized appreciation and depreciation were $153,480

($ Thousands) and $(36,556) ($ Thousands), respectively.

ADR — American Depositary Receipt

Cl — Class

EAFE — Europe, Australasia and Far East

GDR — Global Depositary Receipt

MSCI — Morgan Stanley Capital International

S&P — Standard & Poor’s

Ser — Series

SPDR — Standard & Poor’s Depository Receipt

As of October 31, 2014, 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. generally accepted accounting principles.

For the period ended October 31, 2014, there were no transfers between Level 1, Level 2 and/or Level 3 assets and liabilities.

For the period ended October 31, 2014, there were no Level 3 assets and liabilities.

The following is a summary of the transactions with affiliates for the period ended October 31, 2014 ($ Thousands):

SEI Investments
Value 7/31/2014 ($ Thousands)		Purchases at Cost ($ Thousands)		Proceeds from Sales ($ Thousands)		Appreciation ($ Thousands)		Value 10/31/2014 ($ Thousands)		Dividend Income ($ Thousands)
$	—	$	204	$	—	$	9	$	213	$	—

Amounts designated as “—” are either $0 or have been rounded to $0.

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

40 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Fixed Income Fund

October 31, 2014

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS — 28.1%
U.S. Treasury Bonds
6.250%, 08/15/23	$	2,500	$	3,307
4.750%, 02/15/41		1,360		1,805
4.500%, 02/15/36 to 05/15/38		2,550		3,231
4.375%, 05/15/40		750		939
3.875%, 08/15/40		475		551
3.625%, 02/15/44		3,930		4,361
3.375%, 05/15/44		2,555		2,711
3.125%, 08/15/44		450		456
U.S. Treasury Notes
3.500%, 05/15/20		4,500		4,914
3.125%, 05/15/21		2,750		2,942
2.500%, 05/15/24		7,000		7,113
2.250%, 07/31/21		7,000		7,102
2.125%, 01/31/21		145		146
2.000%, 04/30/16		4,655		4,770
1.750%, 09/30/19 to 05/15/23		1,800		1,768
1.625%, 07/31/19		15,130		15,167
1.500%, 05/31/19		6,650		6,638
1.375%, 11/30/15		6,000		6,076
1.000%, 10/31/16 to 09/30/19		6,000		5,958
0.875%, 09/15/16 to 07/15/17		21,695		21,767
0.750%, 02/28/17		500		503
0.500%, 07/31/16 to 08/31/16		19,730		19,762
0.375%, 01/31/16		5,600		5,611
Total U.S. Treasury Obligations (Cost $126,272) ($ Thousands)				127,598
CORPORATE OBLIGATIONS — 28.1%
Consumer Discretionary — 3.3%
1011778 BC ULC/New Red Finance
6.000%, 04/01/22 (A)		150		152
21st Century Fox America
6.150%, 02/15/41		150		185
3.000%, 09/15/22		150		148
24 Hour Holdings III
8.000%, 06/01/22 (A)		25		24
Amazon.com
2.500%, 11/29/22		100		94
AMC Entertainment
9.750%, 12/01/20		100		111
AMC Networks
7.750%, 07/15/21		100		109
American Honda Finance MTN
2.250%, 08/15/19		200		201
Anheuser-Busch InBev Finance
3.700%, 02/01/24		500		515
APX Group
6.375%, 12/01/19		100		98
Aramark Services
5.750%, 03/15/20		100		104
Associated Materials
9.125%, 11/01/17		50		49

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
AutoZone
3.700%, 04/15/22	$	80	$	82
Best Buy
5.000%, 08/01/18		100		103
Brookfield Residential
6.500%, 12/15/20		100		106
Caesars Entertainment Operating
11.250%, 06/01/17		100		75
9.000%, 02/15/20		200		150
Caesars Entertainment Resort Properties
8.000%, 10/01/20 (A)		50		49
CBS
5.500%, 05/15/33		175		192
CCOH Safari
5.750%, 12/01/24		115		116
5.500%, 12/01/22		205		207
Ceridian
8.875%, 07/15/19 (A)		100		110
8.125%, 11/15/17 (A)		50		50
Chrysler Group
8.000%, 06/15/19		400		428
Claire’s Stores
9.000%, 03/15/19 (A)		100		102
Clear Channel Worldwide Holdings
7.625%, 03/15/20		300		319
Comcast
5.700%, 05/15/18		250		283
4.750%, 03/01/44		200		215
4.200%, 08/15/34		250		252
3.375%, 02/15/25		150		151
CSC Holdings
5.250%, 06/01/24 (A)		150		150
DIRECTV Holdings
3.125%, 02/15/16		150		154
1.750%, 01/15/18		200		199
Discovery Communications
5.050%, 06/01/20		125		139
DISH DBS
5.875%, 07/15/22		350		371
Dollar General
3.250%, 04/15/23		100		90
Expedia
4.500%, 08/15/24		50		50
Ford Motor
4.750%, 01/15/43		125		128
Ford Motor Credit
8.000%, 12/15/16		250		283
5.875%, 08/02/21		250		289
Gannett
5.125%, 07/15/20		150		155
General Motors
6.250%, 10/02/43		150		178
3.500%, 10/02/18		100		103
Goodyear Tire & Rubber
6.500%, 03/01/21		200		214
Hanesbrands
6.375%, 12/15/20		100		106
Hilton Worldwide Finance
5.625%, 10/15/21 (A)		100		105

1 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Fixed Income Fund

October 31, 2014

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Home Depot
5.875%, 12/16/36	$	200	$	253
5.400%, 03/01/16		100		106
4.400%, 03/15/45		100		105
2.000%, 06/15/19		100		100
Icahn Enterprises
6.000%, 08/01/20		100		105
5.875%, 02/01/22		100		103
4.875%, 03/15/19		100		102
iHeartCommunications
9.000%, 09/15/22 (A)		250		251
Johnson Controls
4.950%, 07/02/64		25		25
3.625%, 07/02/24		50		50
Lamar Media
5.375%, 01/15/24		100		103
5.000%, 05/01/23		100		100
Landry’s
9.375%, 05/01/20 (A)		100		107
Laureate Education
9.750%, 09/01/19 (A)		100		103
Lennar
4.500%, 06/15/19		100		102
Levi Strauss
6.875%, 05/01/22		100		109
Limited Brands
5.625%, 02/15/22		150		161
Lowe’s
4.625%, 04/15/20		100		111
4.250%, 09/15/44		50		51
3.125%, 09/15/24		100		100
Macy’s Retail Holdings
2.875%, 02/15/23		125		120
Massachusetts Institute of Technology
5.600%, 07/01/11		100		130
McClatchy
9.000%, 12/15/22		100		113
McDonald’s MTN
5.350%, 03/01/18		200		224
MGM Resorts International
6.625%, 12/15/21		200		219
MPG Holdco I
7.375%, 10/15/22 (A)		45		47
Neiman Marcus Group
8.000%, 10/15/21 (A)		100		107
Netflix
5.375%, 02/01/21		100		104
Party City Holdings
8.875%, 08/01/20		50		54
Petco Holdings PIK
8.500%, 10/15/17 (A)		100		101
Pinnacle Entertainment
6.375%, 08/01/21		150		161
Quebecor Media
5.750%, 01/15/23		50		52
Regal Entertainment Group
5.750%, 03/15/22		50		49
RSI Home Products
6.875%, 03/01/18 (A)		100		105
Sally Holdings
5.750%, 06/01/22		100		107
Sears Holdings
6.625%, 10/15/18		100		92

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Serta Simmons Holdings
8.125%, 10/01/20 (A)	$	50	$	54
Shea Homes
8.625%, 05/15/19		100		107
Sinclair Television Group
5.375%, 04/01/21		150		150
Sirius XM Radio
6.000%, 07/15/24 (A)		200		209
Six Flags Entertainment
5.250%, 01/15/21 (A)		100		101
Target
6.500%, 10/15/37		100		131
6.000%, 01/15/18		100		114
3.500%, 07/01/24		50		51
Time Warner
6.200%, 03/15/40		275		326
2.100%, 06/01/19		350		345
Time Warner Cable
8.750%, 02/14/19		100		126
5.875%, 11/15/40		200		235
5.850%, 05/01/17		145		160
Toyota Motor Credit MTN
3.300%, 01/12/22		200		207
2.000%, 09/15/16		200		204
Toys R Us Property II
8.500%, 12/01/17		100		100
Viacom
5.850%, 09/01/43		100		113
4.250%, 09/01/23		125		129
Walt Disney MTN
4.125%, 06/01/44		25		26
2.350%, 12/01/22		50		48
1.100%, 12/01/17		150		149
Wynn Las Vegas
5.375%, 03/15/22		200		211
				14,822
Consumer Staples — 1.5%
Alliance One International
9.875%, 07/15/21		50		48
Altria Group
9.700%, 11/10/18		106		137
5.375%, 01/31/44		100		109
2.850%, 08/09/22		100		97
Anheuser-Busch InBev Finance
1.125%, 01/27/17		200		201
Archer-Daniels-Midland
4.479%, 03/01/21		50		55
4.016%, 04/16/43		50		48
B&G Foods
4.625%, 06/01/21		100		98
Big Heart Pet Brands
7.625%, 02/15/19		50		50
Coca-Cola
1.650%, 11/01/18		300		300
Colgate-Palmolive MTN
3.250%, 03/15/24		50		51
1.750%, 03/15/19		50		50
ConAgra Foods
3.200%, 01/25/23		150		145
Constellation Brands
4.250%, 05/01/23		150		151

2 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Fixed Income Fund

October 31, 2014

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Costco Wholesale
1.700%, 12/15/19	$	100	$	98
1.125%, 12/15/17		100		99
CVS Health
5.300%, 12/05/43		50		57
4.000%, 12/05/23		100		105
2.250%, 12/05/18		125		126
Diageo Capital
5.750%, 10/23/17		125		140
2.625%, 04/29/23		100		96
General Mills
5.700%, 02/15/17		100		110
Harbinger Group
7.750%, 01/15/22		50		51
HJ Heinz
4.250%, 10/15/20		200		202
Ingles Markets
5.750%, 06/15/23		100		102
JBS USA
5.875%, 07/15/24 (A)		150		151
Kellogg
7.450%, 04/01/31		75		98
Kimberly-Clark
6.625%, 08/01/37		100		138
Kraft Foods Group
5.000%, 06/04/42		100		107
3.500%, 06/06/22		100		102
Kroger
4.000%, 02/01/24		100		104
Mondelez International
4.000%, 02/01/24		260		268
PepsiCo
5.500%, 01/15/40		100		118
5.000%, 06/01/18		150		167
2.750%, 03/05/22		150		149
Philip Morris International
6.375%, 05/16/38		150		192
5.650%, 05/16/18		200		226
Post Holdings
7.375%, 02/15/22		200		205
Procter & Gamble
5.550%, 03/05/37		100		125
3.100%, 08/15/23		100		102
Revlon Consumer Products
5.750%, 02/15/21		100		100
Reynolds American
3.250%, 11/01/22		100		98
Rite Aid
6.750%, 06/15/21		100		107
Smithfield Foods
5.250%, 08/01/18 (A)		100		103
Spectrum Brands
6.375%, 11/15/20		100		106
Sysco
4.350%, 10/02/34		50		51
3.500%, 10/02/24		100		101
Tyson Foods
4.500%, 06/15/22		100		107
Unilever Capital
4.250%, 02/10/21		100		111
US Foods
8.500%, 06/30/19		100		105
Walgreen
5.250%, 01/15/19		100		112

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Wal-Mart Stores
5.250%, 09/01/35	$	200	$	236
4.300%, 04/22/44		225		235
2.550%, 04/11/23		150		146
1.125%, 04/11/18		200		197
				6,893
Energy — 4.0%
Access Midstream Partners
4.875%, 05/15/23		150		157
Alpha Natural Resources
9.750%, 04/15/18		100		65
American Energy-Permian Basin
7.125%, 11/01/20 (A)		100		87
Anadarko Petroleum
6.450%, 09/15/36		125		154
6.375%, 09/15/17		225		254
Antero Resources Finance
5.375%, 11/01/21		200		203
Apache
4.750%, 04/15/43		100		100
3.250%, 04/15/22		100		101
Arch Coal
7.250%, 06/15/21		150		55
Athlon Holdings
6.000%, 05/01/22 (A)		100		108
Atlas Pipeline Partners
5.875%, 08/01/23		100		104
Atwood Oceanics
6.500%, 02/01/20		100		100
BP Capital Markets
3.200%, 03/11/16		100		103
BreitBurn Energy Partners
7.875%, 04/15/22		100		96
California Resources
5.500%, 09/15/21 (A)		300		306
Calumet Specialty Products Partners
6.500%, 04/15/21 (A)		100		97
Canadian Natural Resources
6.250%, 03/15/38		50		61
5.700%, 05/15/17		100		110
Cenovus Energy
5.200%, 09/15/43		275		294
CHC Helicopter
9.250%, 10/15/20		90		96
Chesapeake Energy
4.875%, 04/15/22		250		256
Chevron
4.950%, 03/03/19		225		253
Cimarex Energy
4.375%, 06/01/24		100		102
CNOOC Nexen Finance
4.250%, 04/30/24		200		207
Concho Resources
5.500%, 04/01/23		200		211
ConocoPhillips
6.500%, 02/01/39		125		166
2.400%, 12/15/22		150		145
1.050%, 12/15/17		100		99
CONSOL Energy
5.875%, 04/15/22 (A)		200		203
Continental Resources
5.000%, 09/15/22		125		132

3 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Fixed Income Fund

October 31, 2014

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Crestwood Midstream Partners
6.125%, 03/01/22	$	100	$	101
Denbury Resources
5.500%, 05/01/22		150		148
Devon Energy
5.600%, 07/15/41		100		113
3.250%, 05/15/22		100		99
Drill Rigs Holdings
6.500%, 10/01/17 (A)		100		94
Ecopetrol
5.875%, 05/28/45		100		103
4.125%, 01/16/25		100		97
El Paso Pipeline Partners Operating
4.300%, 05/01/24		100		100
Encana
6.500%, 08/15/34		225		277
Energy Transfer Equity
5.875%, 01/15/24		150		157
Energy Transfer Partners
5.950%, 10/01/43		100		110
3.600%, 02/01/23		185		181
Energy XXI Gulf Coast
9.250%, 12/15/17		100		98
Ensco
4.700%, 03/15/21		100		105
Enterprise Products Operating
5.100%, 02/15/45		125		132
3.350%, 03/15/23		200		198
2.550%, 10/15/19		100		100
EOG Resources
2.625%, 03/15/23		100		96
EP Energy
9.375%, 05/01/20		200		218
EXCO Resources
8.500%, 04/15/22		100		87
Exxon Mobil
0.921%, 03/15/17		13		13
Foresight Energy
7.875%, 08/15/21 (A)		100		104
GenOn Energy
9.500%, 10/15/18		100		104
Halcon Resources
8.875%, 05/15/21		150		123
Halliburton
7.450%, 09/15/39		100		144
Hess
8.125%, 02/15/19		100		123
5.600%, 02/15/41		50		57
Hiland Partners
7.250%, 10/01/20 (A)		100		106
Jupiter Resources
8.500%, 10/01/22 (A)		100		88
Kinder Morgan
5.625%, 11/15/23 (A)		100		110
Kinder Morgan Energy Partners
5.500%, 03/01/44		250		250
4.250%, 09/01/24		100		100
2.650%, 02/01/19		100		100
Laredo Petroleum
9.500%, 02/15/19		100		105
Lightstream Resources
8.625%, 02/01/20 (A)		50		46

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Linn Energy
6.250%, 11/01/19	$	300	$	276
Marathon Oil
2.800%, 11/01/22		100		97
Marathon Petroleum
6.500%, 03/01/41		50		60
5.125%, 03/01/21		50		56
MarkWest Energy Partners
4.500%, 07/15/23		150		154
MEG Energy
7.000%, 03/31/24 (A)		200		201
Memorial Production Partners
6.875%, 08/01/22 (A)		100		90
Midstates Petroleum
9.250%, 06/01/21		100		85
Navios Maritime Acquisition
8.125%, 11/15/21 (A)		100		102
Newfield Exploration
5.625%, 07/01/24		145		156
Nexen Energy ULC
6.400%, 05/15/37		100		125
Noble Energy
5.250%, 11/15/43		50		54
4.150%, 12/15/21		50		53
Oasis Petroleum
6.875%, 03/15/22		100		104
Occidental Petroleum
2.700%, 02/15/23		100		97
1.750%, 02/15/17		100		101
Offshore Group Investment
7.500%, 11/01/19		100		85
ONEOK Partners
6.200%, 09/15/43		50		58
3.200%, 09/15/18		100		103
Pacific Drilling
5.375%, 06/01/20 (A)		100		89
Parsley Energy
7.500%, 02/15/22 (A)		100		98
Peabody Energy
6.000%, 11/15/18		250		242
Penn Virginia
8.500%, 05/01/20		50		49
Petrobras Global Finance
7.250%, 03/17/44		150		164
6.250%, 03/17/24		150		159
Petrobras International Finance
7.875%, 03/15/19		350		401
Petroleos Mexicanos
6.500%, 06/02/41		260		304
5.750%, 03/01/18		200		221
3.500%, 01/30/23		100		97
2.378%, 04/15/25		95		95
Phillips 66
5.875%, 05/01/42		100		119
Plains All American Pipeline
4.700%, 06/15/44		100		101
3.600%, 11/01/24		100		99
Puget Energy
5.625%, 07/15/22		100		115
QEP Resources
5.250%, 05/01/23		100		97
Range Resources
5.000%, 03/15/23		150		157

4 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Fixed Income Fund

October 31, 2014

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Regency Energy Partners
5.875%, 03/01/22	$	150	$	160
Rice Energy
6.250%, 05/01/22 (A)		100		97
Rockies Express Pipeline
5.625%, 04/15/20 (A)		150		157
Rosetta Resources
5.875%, 06/01/24		100		96
Sabine Pass Liquefaction
5.625%, 02/01/21		350		367
Samson Investment
9.750%, 02/15/20		150		111
Sanchez Energy
6.125%, 01/15/23 (A)		100		95
SandRidge Energy
7.500%, 03/15/21		200		180
Seven Generations Energy
8.250%, 05/15/20 (A)		50		53
Seventy Seven Operating
6.625%, 11/15/19		100		99
Shell International Finance BV
6.375%, 12/15/38		200		266
4.300%, 09/22/19		150		165
Southwestern Energy
4.100%, 03/15/22		100		102
Spectra Energy Partners
2.950%, 09/25/18		100		103
Statoil
3.700%, 03/01/24		100		104
1.150%, 05/15/18		100		99
Stone Energy
7.500%, 11/15/22		100		93
Suncor Energy
6.500%, 06/15/38		100		131
6.100%, 06/01/18		100		115
Targa Resources Partners
4.250%, 11/15/23		100		99
4.125%, 11/15/19 (A)		15		15
Tesoro Logistics
6.250%, 10/15/22 (A)		10		10
6.125%, 10/15/21		100		103
5.500%, 10/15/19 (A)		5		5
Total Capital
2.300%, 03/15/16		100		102
Total Capital International
3.750%, 04/10/24		150		156
2.100%, 06/19/19		150		150
TransCanada PipeLines
6.350%, 05/15/67 (B)		100		101
6.200%, 10/15/37		150		182
2.500%, 08/01/22		100		95
Transocean
6.800%, 03/15/38		50		47
6.375%, 12/15/21		100		105
5.050%, 12/15/16		50		52
Ultra Petroleum
6.125%, 10/01/24 (A)		100		95
Valero Energy
6.625%, 06/15/37		100		123
W&T Offshore
8.500%, 06/15/19		100		98
Weatherford International
9.625%, 03/01/19		125		160

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Whiting Petroleum
5.000%, 03/15/19	$	150	$	155
Williams
4.550%, 06/24/24		100		98
Williams Partners
4.300%, 03/04/24		260		269
WPX Energy
5.250%, 09/15/24		100		98
				18,187
Financials — 7.8%
African Development Bank MTN
0.875%, 03/15/18		200		197
Alexandria Real Estate Equities‡
4.600%, 04/01/22		350		369
Ally Financial
8.000%, 03/15/20		200		240
5.500%, 02/15/17		100		106
Alphabet Holding PIK
7.750%, 11/01/17		50		48
American Express
7.000%, 03/19/18		150		175
4.050%, 12/03/42		50		48
American Express Credit MTN
2.800%, 09/19/16		150		155
2.250%, 08/15/19		100		100
American International Group
5.850%, 01/16/18		150		169
4.500%, 07/16/44		100		102
2.300%, 07/16/19		200		201
American Tower‡
3.450%, 09/15/21		150		147
Asian Development Bank
1.875%, 04/12/19		100		101
1.750%, 09/11/18		200		202
0.500%, 06/20/16		200		200
Australia & New Zealand Banking Group NY
1.250%, 01/10/17		250		251
Bank of America MTN
7.750%, 05/14/38		275		380
6.110%, 01/29/37		150		176
6.050%, 05/16/16		700		749
4.100%, 07/24/23		415		433
4.000%, 04/01/24		285		294
Bank of Montreal MTN
2.500%, 01/11/17		200		206
Bank of New York Mellon MTN
3.550%, 09/23/21		100		104
2.300%, 07/28/16		125		128
2.300%, 09/11/19		100		100
Bank of Nova Scotia
2.800%, 07/21/21		50		50
1.450%, 04/25/18		100		99
1.250%, 04/11/17		200		200
Barclays Bank
2.500%, 02/20/19		250		252
BB&T MTN
3.200%, 03/15/16		100		103
Bear Stearns
7.250%, 02/01/18		195		227
Berkshire Hathaway
4.500%, 02/11/43		50		52
1.900%, 01/31/17		100		102

5 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Fixed Income Fund

October 31, 2014

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Berkshire Hathaway Finance
5.400%, 05/15/18	$	100	$	113
4.250%, 01/15/21		100		110
0.950%, 08/15/16		150		151
BNP Paribas MTN
5.000%, 01/15/21		150		168
3.600%, 02/23/16		100		104
BP Capital Markets
3.814%, 02/10/24		150		153
2.237%, 05/10/19		200		200
BPCE
2.500%, 12/10/18		320		322
Branch Banking & Trust
1.050%, 12/01/16		250		250
Brandywine Operating Partnership‡
4.100%, 10/01/24		50		50
Capital One Financial
1.000%, 11/06/15		375		376
CBRE Services
5.000%, 03/15/23		100		102
CIT Group
5.500%, 02/15/19 (A)		100		107
4.250%, 08/15/17		200		205
Citigroup
8.500%, 05/22/19		430		540
6.675%, 09/13/43		90		114
6.125%, 08/25/36		200		236
5.375%, 08/09/20		800		908
1.700%, 07/25/16		225		227
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA MTN
3.875%, 02/08/22		250		263
3.375%, 01/19/17		100		105
Credit Suisse NY MTN
1.375%, 05/26/17		250		249
Crown Castle International‡
5.250%, 01/15/23		100		102
Denali Borrower
5.625%, 10/15/20 (A)		100		106
Deutsche Bank
3.250%, 01/11/16		100		103
1.400%, 02/13/17		200		200
DFC Finance
10.500%, 06/15/20 (A)		100		98
Discover Financial Services
3.850%, 11/21/22		100		101
Duke Realty‡
3.875%, 10/15/22		150		152
E*TRADE Financial
6.375%, 11/15/19		150		160
European Bank for Reconstruction & Development MTN
1.750%, 06/14/19		100		100
1.000%, 02/16/17		200		201
1.000%, 06/15/18		250		247
European Investment Bank
2.125%, 10/15/21		500		499
0.875%, 04/18/17		300		300
0.500%, 08/15/16		800		799
Felcor Lodging
5.625%, 03/01/23		100		100
Fifth Third Bank
1.150%, 11/18/16		250		251

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
First Data
12.625%, 01/15/21	$	200	$	241
11.750%, 08/15/21		200		234
Fiserv
4.625%, 10/01/20		100		109
Genworth Holdings
7.625%, 09/24/21		150		183
GLP Capital
4.375%, 11/01/18		150		154
Goldman Sachs Group MTN
6.750%, 10/01/37		425		521
6.000%, 06/15/20		350		403
5.750%, 01/24/22		130		150
5.625%, 01/15/17		350		380
4.800%, 07/08/44		100		103
3.625%, 02/07/16		175		181
Harland Clarke Holdings
9.250%, 03/01/21 (A)		50		51
Hartford Financial Services Group
4.300%, 04/15/43		100		97
HCP‡
5.375%, 02/01/21		200		224
Health Care‡
6.500%, 03/15/41		70		88
4.950%, 01/15/21		145		159
Hospitality Properties Trust‡
4.500%, 03/15/25		50		50
Howard Hughes
6.875%, 10/01/21 (A)		100		106
HSBC Finance
6.676%, 01/15/21		300		354
HSBC Holdings PLC
6.500%, 09/15/37		225		280
Inter-American Development Bank
3.000%, 02/21/24		100		105
2.125%, 11/01/20		250		253
1.750%, 10/15/19		250		251
1.125%, 03/15/17		350		354
International Bank for Reconstruction & Development
0.500%, 05/16/16		650		650
International Finance MTN
1.750%, 09/04/18		200		202
1.125%, 11/23/16		225		227
International Lease Finance
7.125%, 09/01/18 (A)		750		849
Intesa Sanpaolo MTN
5.017%, 06/26/24 (A)		200		195
Iron Mountain‡
5.750%, 08/15/24		100		102
iStar Financial‡
5.000%, 07/01/19		150		149
Japan Finance
1.750%, 11/13/18		350		352
Jefferies Group
6.875%, 04/15/21		100		117
JPMorgan Chase
6.400%, 05/15/38		100		128
5.625%, 08/16/43		190		217
4.625%, 05/10/21		150		164
4.350%, 08/15/21		100		107
3.625%, 05/13/24		425		430
3.150%, 07/05/16		500		517

6 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Fixed Income Fund

October 31, 2014

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Jurassic Holdings III
6.875%, 02/15/21 (A)	$	50	$	50
Kimco Realty‡
3.200%, 05/01/21		370		373
Korea Development Bank
2.500%, 03/11/20		200		199
Landwirtschaftliche Rentenbank
1.000%, 04/04/18		300		297
Liberty Property‡
3.375%, 06/15/23		95		93
Lloyds Bank
2.300%, 11/27/18		200		201
MetLife
6.750%, 06/01/16		100		109
4.368%, 09/15/23		285		308
Morgan Stanley MTN
6.250%, 08/28/17		375		420
5.750%, 01/25/21		175		201
5.550%, 04/27/17		196		215
5.500%, 07/24/20		275		311
4.875%, 11/01/22		165		176
4.350%, 09/08/26		340		341
National Rural Utilities Cooperative Finance
10.375%, 11/01/18		150		197
Navient MTN
5.500%, 01/15/19		300		311
Nomura Holdings MTN
2.750%, 03/19/19		100		101
Nordic Investment Bank MTN
0.500%, 04/14/16		200		200
Omega Healthcare Investors‡
4.500%, 01/15/25 (A)		50		49
PNC Funding
5.625%, 02/01/17		300		327
Prudential Financial
5.625%, 06/15/43 (B)		200		208
2.350%, 08/15/19		100		100
Realogy Group
3.375%, 05/01/16 (A)		100		101
Realty Income‡
4.650%, 08/01/23		150		161
3.250%, 10/15/22		160		157
Royal Bank of Canada MTN
2.200%, 07/27/18		250		254
1.400%, 10/13/17		250		250
1.125%, 07/22/16		250		252
Royal Bank of Scotland Group
6.125%, 12/15/22		100		108
5.125%, 05/28/24		320		324
Sabra Health Care‡
5.500%, 02/01/21		100		104
Simon Property Group‡
5.650%, 02/01/20		250		289
Springleaf Finance
7.750%, 10/01/21		100		113
Sumitomo Mitsui Banking MTN
1.350%, 07/11/17		250		249
SunTrust Bank
1.350%, 02/15/17		200		200
Synchrony Financial
4.250%, 08/15/24		100		102
Toronto-Dominion Bank
2.375%, 10/19/16		300		309

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
TransUnion Holding
9.625%, 06/15/18	$	50	$	52
Travelers
6.250%, 06/20/16		150		163
UBS MTN
2.375%, 08/14/19		500		501
US Bancorp MTN
2.200%, 04/25/19		250		251
Ventas Realty‡
2.700%, 04/01/20		280		278
Voya Financial
5.650%, 05/15/53 (B)		100		100
Wells Fargo MTN
5.375%, 11/02/43		180		201
4.125%, 08/15/23		250		261
4.100%, 06/03/26		135		137
3.676%, 06/15/16		150		157
1.150%, 06/02/17		500		498
Westpac Banking
1.200%, 05/19/17		225		225
Weyerhaeuser‡
7.375%, 03/15/32		100		131
				35,190
Health Care — 2.2%
AbbVie
4.400%, 11/06/42		50		49
2.900%, 11/06/22		100		97
1.750%, 11/06/17		150		150
Actavis
3.250%, 10/01/22		50		48
1.875%, 10/01/17		50		50
Actavis Funding SCS
4.850%, 06/15/44 (A)		50		47
Aetna
1.500%, 11/15/17		200		200
Amgen
5.150%, 11/15/41		150		161
3.625%, 05/22/24		150		150
2.125%, 05/15/17		200		204
Amsurg
5.625%, 07/15/22 (A)		100		103
AstraZeneca
6.450%, 09/15/37		100		132
5.900%, 09/15/17		50		56
Baxter International
3.200%, 06/15/23		150		150
Biomet
6.500%, 08/01/20		150		160
6.500%, 10/01/20		100		106
Boston Scientific
6.000%, 01/15/20		100		115
Bristol-Myers Squibb
4.500%, 03/01/44		50		52
1.750%, 03/01/19		50		50
Capsugel
7.000%, 05/15/19 (A)		100		102
Catholic Health Initiatives
2.950%, 11/01/22		200		195
Celgene
3.625%, 05/15/24		150		152
CHS
6.875%, 02/01/22 (A)		350		377
5.125%, 08/15/18		150		156

7 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Fixed Income Fund

October 31, 2014

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Covidien International Finance
6.550%, 10/15/37	$	50	$	66
6.000%, 10/15/17		50		56
Crimson Merger
6.625%, 05/15/22 (A)		100		93
DaVita HealthCare Partners
5.125%, 07/15/24		250		255
Eli Lilly
5.200%, 03/15/17		50		55
Endo Finance & Endo Finco
5.375%, 01/15/23 (A)		100		98
Envision Healthcare
5.125%, 07/01/22 (A)		100		101
Express Scripts Holding
3.500%, 06/15/24		50		50
2.650%, 02/15/17		100		103
2.250%, 06/15/19		100		99
Fresenius Medical Care US Finance II
5.625%, 07/31/19 (A)		150		161
Gilead Sciences
4.800%, 04/01/44		50		54
4.400%, 12/01/21		125		137
GlaxoSmithKline Capital
6.375%, 05/15/38		100		131
5.650%, 05/15/18		150		170
HCA
7.500%, 02/15/22		150		174
6.500%, 02/15/20		300		335
Hologic
6.250%, 08/01/20		100		105
IASIS Healthcare
8.375%, 05/15/19		50		53
Jaguar Holding I PIK
9.375%, 10/15/17 (A)		100		102
Johnson & Johnson
5.150%, 07/15/18		100		113
4.375%, 12/05/33		100		111
Kinetic Concepts
12.500%, 11/01/19		50		55
10.500%, 11/01/18		150		165
Mallinckrodt International Finance
5.750%, 08/01/22 (A)		100		105
McKesson
3.796%, 03/15/24		100		102
2.284%, 03/15/19		100		100
Medtronic
4.625%, 03/15/44		50		52
2.750%, 04/01/23		100		97
1.375%, 04/01/18		100		99
Merck
6.550%, 09/15/37		50		70
2.800%, 05/18/23		100		99
Merck Sharp & Dohme
5.000%, 06/30/19		100		113
MPH Acquisition Holdings
6.625%, 04/01/22 (A)		100		105
Novartis Capital
4.400%, 05/06/44		50		54
3.400%, 05/06/24		100		103
Novartis Securities Investment
5.125%, 02/10/19		100		113
Perrigo
2.300%, 11/08/18		200		198

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Pfizer
7.200%, 03/15/39	$	150	$	211
6.200%, 03/15/19		125		146
3.400%, 05/15/24		100		101
Sanofi
4.000%, 03/29/21		50		54
1.250%, 04/10/18		50		50
Tenet Healthcare
6.000%, 10/01/20		150		161
5.000%, 03/01/19 (A)		250		250
Teva Pharmaceutical Finance BV
2.950%, 12/18/22		100		97
Thermo Fisher Scientific
3.600%, 08/15/21		100		103
2.250%, 08/15/16		100		102
UnitedHealth Group
6.875%, 02/15/38		100		137
6.000%, 02/15/18		200		228
Valeant Pharmaceuticals International
6.750%, 08/15/18 (A)		350		372
WellPoint
5.100%, 01/15/44		150		163
3.300%, 01/15/23		100		99
2.250%, 08/15/19		100		99
Zoetis
1.875%, 02/01/18		100		99
				9,786
Industrials — 2.5%
3M MTN
5.700%, 03/15/37		100		127
1.000%, 06/26/17		50		50
ABB Finance USA
2.875%, 05/08/22		100		100
ACCO Brands
6.750%, 04/30/20		100		106
ADS Waste Holdings
8.250%, 10/01/20		50		52
ADT
6.250%, 10/15/21		200		210
AECOM Technology
5.750%, 10/15/22 (A)		100		105
Aircastle
6.750%, 04/15/17		100		107
Algeco Scotsman Global Finance
8.500%, 10/15/18 (A)		200		208
American Airlines Group
5.500%, 10/01/19 (A)		100		100
Amsted Industries
5.000%, 03/15/22 (A)		50		49
BE Aerospace
5.250%, 04/01/22		150		167
BlueLine Rental Finance
7.000%, 02/01/19 (A)		100		105
Boeing
0.950%, 05/15/18		200		195
Bombardier
6.000%, 10/15/22 (A)		200		205
Burlington Northern Santa Fe
4.900%, 04/01/44		150		161
3.400%, 09/01/24		150		151
Canadian National Railway
4.500%, 11/07/43		50		54

8 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Fixed Income Fund

October 31, 2014

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Canadian Pacific Railway
9.450%, 08/01/21	$	75	$	102
Case New Holland Industrial
7.875%, 12/01/17		150		168
Caterpillar
4.300%, 05/15/44		100		103
3.400%, 05/15/24		100		102
Caterpillar Financial Services MTN
2.100%, 06/09/19		200		201
2.050%, 08/01/16		125		128
Clean Harbors
5.250%, 08/01/20		100		103
CSX
4.100%, 03/15/44		75		71
3.400%, 08/01/24		50		50
Eaton
2.750%, 11/02/22		150		146
FedEx
5.100%, 01/15/44		50		55
Florida East Coast Holdings
6.750%, 05/01/19 (A)		100		103
Gardner Denver
6.875%, 08/15/21 (A)		50		52
Gates Global
6.000%, 07/15/22 (A)		100		97
General Electric
4.500%, 03/11/44		100		107
2.700%, 10/09/22		250		247
General Electric Capital MTN
6.750%, 03/15/32		250		332
5.875%, 01/14/38		200		245
5.300%, 02/11/21		125		142
4.650%, 10/17/21		350		391
2.300%, 04/27/17		500		513
HD Supply
8.125%, 04/15/19		100		108
7.500%, 07/15/20		150		160
Hertz
6.750%, 04/15/19		200		208
Honeywell International
5.300%, 03/01/18		200		224
Huntington Ingalls Industries
7.125%, 03/15/21		100		107
IHS
5.000%, 11/01/22 (A)		10		10
Illinois Tool Works
1.950%, 03/01/19		100		100
Ingersoll-Rand Global Holding
5.750%, 06/15/43		100		115
International Lease Finance
8.750%, 03/15/17		100		112
6.250%, 05/15/19		100		109
John Deere Capital MTN
3.350%, 06/12/24		200		204
1.125%, 06/12/17		150		150
Koninklijke Philips
3.750%, 03/15/22		150		156
L-3 Communications
5.200%, 10/15/19		100		111
Lockheed Martin
4.250%, 11/15/19		100		110
4.070%, 12/15/42		50		49
Nielsen Finance
5.000%, 04/15/22 (A)		200		203

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Norfolk Southern
3.950%, 10/01/42	$	100	$	95
3.850%, 01/15/24		100		105
Northrop Grumman
4.750%, 06/01/43		25		26
3.250%, 08/01/23		50		50
1.750%, 06/01/18		50		50
Ply Gem Industries
6.500%, 02/01/22		50		49
Raytheon
2.500%, 12/15/22		100		97
Republic Services
3.550%, 06/01/22		150		154
Schaeffler Finance BV MTN
4.250%, 05/15/21 (A)		200		195
Sensata Technologies BV
4.875%, 10/15/23 (A)		100		99
Signode Industrial Group
6.375%, 05/01/22 (A)		50		49
Terex
6.000%, 05/15/21		100		104
Tervita
8.000%, 11/15/18 (A)		100		96
TransDigm
6.500%, 07/15/24		200		206
Trinseo Materials Operating SCA
8.750%, 02/01/19		100		106
Union Pacific
4.821%, 02/01/44		50		55
4.163%, 07/15/22		100		109
United Parcel Service
6.200%, 01/15/38		50		66
3.125%, 01/15/21		100		104
United Rentals North America
5.750%, 11/15/24		200		210
United Technologies
5.375%, 12/15/17		100		112
4.500%, 06/01/42		100		107
3.100%, 06/01/22		150		153
US Airways Pass-Through Trust, Cl A
5.900%, 10/01/24		212		234
Vale Overseas
6.875%, 11/21/36		150		170
4.375%, 01/11/22		125		127
Waste Management
6.125%, 11/30/39		100		126
6.100%, 03/15/18		100		113
WESCO Distribution
5.375%, 12/15/21		100		101
West
5.375%, 07/15/22 (A)		100		97
				11,311
Information Technology — 1.4%
Activision Blizzard
5.625%, 09/15/21 (A)		150		160
Alcatel-Lucent USA
6.750%, 11/15/20 (A)		200		206
Apple
3.850%, 05/04/43		100		95
3.450%, 05/06/24		150		154
1.000%, 05/03/18		200		196

9 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Fixed Income Fund

October 31, 2014

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Audatex North America
6.000%, 06/15/21 (A)	$	100	$	106
Avaya
10.500%, 03/01/21 (A)		100		88
7.000%, 04/01/19 (A)		100		98
BMC Software Finance
8.125%, 07/15/21 (A)		150		144
CDW
6.000%, 08/15/22		100		105
Cisco Systems
5.500%, 02/22/16		100		106
5.500%, 01/15/40		100		118
4.450%, 01/15/20		150		166
CommScope
5.000%, 06/15/21 (A)		150		150
eBay
3.450%, 08/01/24		50		49
2.200%, 08/01/19		100		99
EMC
1.875%, 06/01/18		125		124
Equinix
5.375%, 04/01/23		150		155
Freescale Semiconductor
6.000%, 01/15/22 (A)		100		102
Google
3.625%, 05/19/21		100		107
Hewlett-Packard
2.750%, 01/14/19		585		588
Hughes Satellite Systems
7.625%, 06/15/21		100		111
6.500%, 06/15/19		100		108
Infor Software Parent
7.125%, 05/01/21 (A)		150		152
Intel
4.800%, 10/01/41		100		107
2.700%, 12/15/22		50		49
1.350%, 12/15/17		100		100
International Business Machines
7.625%, 10/15/18		200		243
4.000%, 06/20/42		100		95
3.625%, 02/12/24		150		153
Micron Technology
5.500%, 02/01/25 (A)		150		152
Microsoft
4.500%, 10/01/40		100		107
4.200%, 06/01/19		100		110
2.375%, 05/01/23		100		97
NCR
6.375%, 12/15/23		150		158
NXP BV
3.750%, 06/01/18 (A)		200		202
Oracle
5.750%, 04/15/18		250		284
5.375%, 07/15/40		150		174
5.250%, 01/15/16		100		106
4.300%, 07/08/34		100		103
2.800%, 07/08/21		175		176
Seagate HDD Cayman
4.750%, 01/01/25 (A)		100		101
SunGard Data Systems
6.625%, 11/01/19		150		155
Thomson Reuters
3.850%, 09/29/24		125		125

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Xerox
6.350%, 05/15/18	$	150	$	171
				6,455
Materials — 1.7%
Alcoa
5.400%, 04/15/21		250		274
ArcelorMittal
6.000%, 03/01/21		200		214
5.000%, 02/25/17		100		104
Ashland
3.875%, 04/15/18		200		203
Ball
4.000%, 11/15/23		150		144
Barrick
5.250%, 04/01/42		100		91
3.850%, 04/01/22		100		96
Berry Plastics
5.500%, 05/15/22		100		100
BHP Billiton Finance USA
6.500%, 04/01/19		100		119
5.000%, 09/30/43		100		112
3.850%, 09/30/23		100		105
Building Materials Corp of America
6.750%, 05/01/21 (A)		100		107
5.375%, 11/15/24 (A)		50		50
Celanese US Holdings
4.625%, 11/15/22		100		101
CF Industries
5.150%, 03/15/34		375		399
Cliffs Natural Resources
4.875%, 04/01/21		100		82
CRH America
6.000%, 09/30/16		100		109
Crown Americas
4.500%, 01/15/23		100		98
Dow Chemical
8.550%, 05/15/19		200		252
4.250%, 10/01/34		100		97
3.500%, 10/01/24		100		99
Eastman Chemical Company
2.400%, 06/01/17		100		102
Ecolab
4.350%, 12/08/21		100		109
3.000%, 12/08/16		100		104
E.I. du Pont de Nemours
6.000%, 07/15/18		100		115
2.800%, 02/15/23		100		98
First Quantum Minerals
7.250%, 05/15/22 (A)		250		244
FMG Resources
8.250%, 11/01/19 (A)		250		259
Freeport-McMoRan
5.450%, 03/15/43		50		51
3.550%, 03/01/22		100		98
2.375%, 03/15/18		100		101
Hexion US Finance
8.875%, 02/01/18		100		99
6.625%, 04/15/20		100		100
Huntsman International
4.875%, 11/15/20		100		101
Ineos Finance
7.500%, 05/01/20 (A)		150		160

10 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Fixed Income Fund

October 31, 2014

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
International Paper
7.500%, 08/15/21	$	100	$	125
4.800%, 06/15/44		100		98
JMC Steel Group
8.250%, 03/15/18 (A)		100		101
Lundin Mining
7.500%, 11/01/20 (A)		20		21
LYB International Finance BV
4.875%, 03/15/44		50		52
LyondellBasell Industries
5.000%, 04/15/19		200		220
Molycorp
10.000%, 06/01/20		50		36
Monsanto
4.400%, 07/15/44		50		50
3.375%, 07/15/24		100		100
1.150%, 06/30/17		25		25
Newmont Mining
6.250%, 10/01/39		50		50
3.500%, 03/15/22		50		46
NOVA Chemicals
5.000%, 05/01/25 (A)		20		21
Novelis
8.750%, 12/15/20		200		218
Resolute Forest Products
5.875%, 05/15/23		100		96
Reynolds Group Issuer
9.875%, 08/15/19		250		272
5.750%, 10/15/20		200		208
Rio Tinto Finance USA
6.500%, 07/15/18		300		348
4.125%, 08/21/42		100		94
Rockwood Specialties Group
4.625%, 10/15/20		100		104
Sealed Air
8.375%, 09/15/21 (A)		100		113
Silgan Holdings
5.000%, 04/01/20		100		102
Southern Copper
6.750%, 04/16/40		100		111
Steel Dynamics
5.500%, 10/01/24 (A)		100		106
Teck Resources
6.250%, 07/15/41		100		99
TPC Group
8.750%, 12/15/20 (A)		35		37
Vulcan Materials
7.500%, 06/15/21		100		117
WR Grace & -Conn
5.125%, 10/01/21 (A)		100		104
				7,771
Telecommunication Services — 2.2%
Altice
7.750%, 05/15/22 (A)		200		210
America Movil
6.125%, 03/30/40		100		120
5.000%, 03/30/20		150		165
AT&T
6.500%, 09/01/37		585		722
5.500%, 02/01/18		200		224
3.000%, 02/15/22		150		148
British Telecommunications
9.625%, 12/15/30		150		236

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
CenturyLink
5.625%, 04/01/20	$	250	$	265
Cequel Communications Holdings I
5.125%, 12/15/21 (A)		200		195
Deutsche Telekom International Finance BV
8.750%, 06/15/30		100		145
Embarq
7.995%, 06/01/36		50		56
Frontier Communications
6.250%, 09/15/21		200		207
Gray Television
7.500%, 10/01/20		100		105
Inmarsat Finance
4.875%, 05/15/22 (A)		100		100
Intelsat Jackson Holdings
5.500%, 08/01/23		300		301
Intelsat Luxembourg
7.750%, 06/01/21		150		157
Koninklijke KPN
8.375%, 10/01/30		50		70
Level 3 Financing
8.125%, 07/01/19		250		267
Numericable Group
6.000%, 05/15/22 (A)		250		256
4.875%, 05/15/19 (A)		250		249
Omnicon Group
5.900%, 04/15/16		100		107
Orange
9.000%, 03/01/31		100		148
5.500%, 02/06/44		25		28
Qwest
6.750%, 12/01/21		100		115
Rogers Communications
6.800%, 08/15/18		100		117
SBA Communications
4.875%, 07/15/22 (A)		100		98
SoftBank
4.500%, 04/15/20 (A)		200		203
Sprint
7.875%, 09/15/23 (A)		250		271
7.125%, 06/15/24 (A)		150		154
Sprint Communications
9.000%, 11/15/18 (A)		200		235
Telefonica Emisiones SAU
7.045%, 06/20/36		100		128
3.192%, 04/27/18		150		156
T-Mobile USA
6.625%, 04/01/23		300		317
Univision Communications
8.500%, 05/15/21 (A)		100		108
6.750%, 09/15/22 (A)		150		167
UPCB Finance III
6.625%, 07/01/20 (A)		200		211
Verizon Communications
6.550%, 09/15/43		244		308
6.400%, 02/15/38		175		215
5.012%, 08/21/54 (A)		204		208
4.150%, 03/15/24		450		468
2.625%, 02/21/20 (A)		198		197
2.500%, 09/15/16		300		309
1.350%, 06/09/17		250		250

11 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Fixed Income Fund

October 31, 2014

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Videotron
5.375%, 06/15/24 (A)	$	100	$	103
Visant
10.000%, 10/01/17		50		44
Vodafone Group PLC
2.950%, 02/19/23		500		479
WideOpenWest Finance
10.250%, 07/15/19		50		55
Wind Acquisition Finance
7.375%, 04/23/21 (A)		200		196
4.750%, 07/15/20 (A)		200		196
Windstream
6.375%, 08/01/23		200		202
				9,991
Utilities — 1.5%
AES
4.875%, 05/15/23		100		100
American Electric Power
1.650%, 12/15/17		100		100
AmeriGas Finance
7.000%, 05/20/22		100		108
Appalachian Power
7.000%, 04/01/38		100		136
Atmos Energy
4.125%, 10/15/44		100		100
Berkshire Hathaway Energy
6.500%, 09/15/37		250		329
2.000%, 11/15/18		200		200
Calpine
7.875%, 01/15/23 (A)		100		111
5.750%, 01/15/25		100		101
CenterPoint Energy Houston Electric
4.500%, 04/01/44		100		109
Consolidated Edison of New York
5.850%, 04/01/18		100		114
4.450%, 03/15/44		100		105
Dominion Resources
4.050%, 09/15/42		100		94
DPL
7.250%, 10/15/21		100		106
6.500%, 10/15/16		70		75
Duke Energy
3.750%, 04/15/24		100		104
1.625%, 08/15/17		250		252
Duke Energy Carolinas
4.250%, 12/15/41		100		104
Duke Energy Florida
6.400%, 06/15/38		250		339
Dynegy Finance I
7.625%, 11/01/24 (A)		40		42
7.375%, 11/01/22 (A)		140		148
6.750%, 11/01/19 (A)		125		129
Entergy
5.125%, 09/15/20		100		109
Exelon Generation
6.200%, 10/01/17		100		113
5.600%, 06/15/42		100		108
4.250%, 06/15/22		100		104
FirstEnergy Transmission
4.350%, 01/15/25		100		102
Florida Power & Light
4.050%, 10/01/44		75		76

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Georgia Power
4.300%, 03/15/42	$	125	$	128
Kentucky Utilities
5.125%, 11/01/40		194		230
NextEra Energy Capital Holdings
2.400%, 09/15/19		150		150
NiSource Finance
5.650%, 02/01/45		50		59
Northern States Power
4.125%, 05/15/44		100		102
NRG Energy
7.875%, 05/15/21		250		271
Pacific Gas & Electric
8.250%, 10/15/18		100		122
6.050%, 03/01/34		250		312
4.750%, 02/15/44		50		54
PacifiCorp
3.600%, 04/01/24		100		104
PPL Energy Supply
4.600%, 12/15/21		100		94
PSEG Power
8.625%, 04/15/31		200		289
RJS Power Holdings
5.125%, 07/15/19 (A)		100		100
San Diego Gas & Electric
6.000%, 06/01/26		250		314
Southern California Edison
4.650%, 10/01/43		100		111
3.500%, 10/01/23		100		104
Suburban Propane Partners
5.500%, 06/01/24		100		99
Virginia Electric and Power
8.875%, 11/15/38		150		249
Xcel Energy
4.700%, 05/15/20		125		140
				6,650
Total Corporate Obligations (Cost $126,161) ($ Thousands)				127,056
MORTGAGE-BACKED SECURITIES — 23.4%
Agency Mortgage-Backed Obligations — 22.3%
FHLMC
4.500%, 07/01/41		1,751		1,920
4.000%, 12/01/40 to 03/01/41		4,962		5,321
3.500%, 06/01/42 to 05/01/43		2,901		3,000
FHLMC TBA
5.000%, 11/13/35		1,750		1,934
3.500%, 11/01/25 to 11/15/41		2,600		2,720
3.000%, 11/15/26 to 11/01/42		5,500		5,574
2.500%, 11/15/27		2,500		2,534
FHLMC Multifamily Structured Pass-Through Certificates, Ser K005, Cl A2
4.317%, 11/25/19		755		832
FHLMC Multifamily Structured Pass-Through Certificates, Ser K007, Cl A2
4.224%, 03/25/20		760		836

12 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Fixed Income Fund

October 31, 2014

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
FNMA
6.000%, 07/01/36 to 07/01/38	$	713	$	807
5.000%, 07/01/40		2,500		2,771
4.500%, 12/01/40 to 09/01/41		2,958		3,250
4.000%, 09/01/18 to 02/01/42		5,036		5,349
3.500%, 09/01/33 to 05/01/42		4,818		5,015
3.000%, 08/01/33 to 09/01/43		6,481		6,514
2.500%, 03/01/43		284		275
FNMA, Ser 2012-M2, Cl A2
2.717%, 02/25/22		250		252
FNMA TBA
6.000%, 11/01/37		1,500		1,698
5.500%, 11/01/37		2,750		3,071
4.500%, 11/15/34		3,000		3,251
4.000%, 11/12/39		7,100		7,538
3.500%, 11/01/40		4,500		4,653
3.000%, 11/25/26 to 11/15/42		3,000		3,074
2.500%, 11/25/27		3,000		3,044
GNMA
6.500%, 11/15/38		122		141
5.500%, 01/15/33 to 05/15/38		420		471
5.000%, 10/15/33 to 02/20/43		2,816		3,131
4.500%, 05/20/40 to 06/20/41		3,925		4,299
4.000%, 01/15/42 to 08/20/44		4,537		4,857
3.500%, 06/20/42 to 09/20/44		6,502		6,811
3.000%, 12/20/42 to 04/20/43		4,662		4,758
GNMA TBA
4.000%, 11/01/35		1,000		1,069
3.500%, 11/15/41		500		523
				101,293
Non-Agency Mortgage-Backed Obligations — 1.1%
Banc of America Commercial Mortgage, Ser 2006-2, Cl A4
5.730%, 05/10/45 (B)		240		252
Bear Stearns Commercial Mortgage Securities, Ser 2007-PW17, Cl A4
5.694%, 06/11/50 (B)		230		252
CD Commercial Mortgage Trust, Ser 2006-CD2, Cl A4
5.299%, 01/15/46 (B)		290		301
Citigroup Commercial Mortgage Trust, Ser 2014-GC21, Cl A5
3.855%, 05/10/47		265		278
Comm Mortgage Trust, Ser 2014-UBS2, Cl A5
3.961%, 03/10/47		270		286
Commercial Mortgage Loan Trust, Ser 2008-LS1, Cl A4B
6.040%, 12/10/49 (B)		435		471

Description		Face Amount ($ Thousands) (1)		Market Value ($ Thousands)
Credit Suisse Commercial Mortgage Trust, Ser 2006-C4, Cl A3
5.467%, 09/15/39			142	$	151
GS Mortgage Securities II, Ser 2014-GC20, Cl A5
3.998%, 04/10/47			265		281
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2007-CB19, Cl A4
5.703%, 02/12/49 (B)			350		381
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2007-CB20, Cl ASB
5.688%, 02/12/51			427		446
LB-UBS Commercial Mortgage Trust, Ser 2007-C6, Cl A4
5.858%, 07/15/40 (B)			334		354
Merrill Lynch Mortgage Trust, Ser 2006-C1, Cl A4
5.673%, 05/12/39 (B)			315		331
ML-CFC Commercial Mortgage Trust, Ser 2007-7, Cl A4
5.745%, 06/12/50 (B)			280		305
ML-CFC Commercial Mortgage Trust, Ser 2007-9, Cl A4
5.700%, 09/12/49			265		289
Morgan Stanley Capital I, Ser 2007-IQ16, Cl A4
5.809%, 12/12/49			234		256
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C5, Cl A4
3.185%, 03/10/46			305		306
WFRBS Commercial Mortgage Trust, Ser 2014-C19, Cl A5
4.101%, 03/15/47			250		267
					5,207
Total Mortgage-Backed Securities (Cost $105,541) ($ Thousands)					106,500
FOREIGN SOVEREIGN BONDS — 16.2%
Bahrain Government International Bond
6.125%, 07/05/22 (A)			400		452
6.000%, 09/19/44 (A)			200		206
Bolivian Government International Bond
5.950%, 08/22/23			200		215
Brazilian Government International Bond
8.250%, 01/20/34			450		623
8.000%, 01/15/18			214		237
6.000%, 01/17/17			550		602
5.000%, 01/27/45			700		686
4.875%, 01/22/21			800		862
Bundesobligation	EUR
0.500%, 04/07/17			326		414
Bundesrepublik Deutschland	EUR
4.750%, 07/04/34			241		466
2.500%, 07/04/44			230		340
Bundesschatzanweisungen	EUR
0.170%, 12/11/15			449		563

13 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Fixed Income Fund

October 31, 2014

Description		Face Amount ($ Thousands) (1)		Market Value ($ Thousands)
Canada Government International Bond	CAD
2.250%, 06/01/25			237	$	212
1.750%, 09/01/19			288		258
0.875%, 02/14/17			100		100
Chile Government International Bond
3.625%, 10/30/42			150		136
3.250%, 09/14/21			200		207
Colombia Government International Bond
7.375%, 03/18/19			750		899
6.125%, 01/18/41			100		120
5.625%, 02/26/44			500		558
4.000%, 02/26/24			400		410
Costa Rica Government International Bond
7.000%, 04/04/44 (A)			200		206
Council of Europe Development Bank
1.000%, 03/07/18			125		124
Croatia Government International Bond
6.375%, 03/24/21			350		385
6.250%, 04/27/17 (A)			200		214
6.000%, 01/26/24			250		270
Dominican Republic International Bond
7.500%, 05/06/21			200		228
7.450%, 04/30/44			150		168
Ecuador Government International Bond
7.950%, 06/20/24			200		210
Egypt Government International Bond
5.750%, 04/29/20			200		212
El Salvador Government International Bond
7.625%, 02/01/41 (A)			150		162
6.375%, 01/18/27			300		308
Export Development Canada
0.625%, 12/15/16			100		100
Export-Import Bank of Korea
4.000%, 01/11/17			200		211
Federal Republic of Brazil
4.250%, 01/07/25			900		914
FMS Wertmanagement
1.125%, 09/05/17			200		200
France Government Bond	EUR
6.000%, 10/25/25			542		1,006
4.250%, 10/25/23			164		263
3.500%, 04/25/20			143		210
2.500%, 05/25/30			218		299
1.000%, 05/25/19			298		387
French Treasury Note	EUR
2.500%, 07/25/16			161		210
1.000%, 07/25/17			210		270
Gabonese Republic
6.375%, 12/12/24			200		212
Guatemala Government Bond
4.875%, 02/13/28			200		205

Description		Face Amount ($ Thousands) (1)		Market Value ($ Thousands)
Hungary Government International Bond
7.625%, 03/29/41			100	$	129
5.375%, 02/21/23			400		430
5.375%, 03/25/24			250		268
4.000%, 03/25/19			600		615
Hydro-Quebec
1.375%, 06/19/17			150		151
Indonesia Government International Bond MTN
7.750%, 01/17/38			500		658
6.875%, 01/17/18			500		564
5.875%, 03/13/20			600		671
5.875%, 01/15/24 (A)			500		569
4.625%, 04/15/43 (A)			400		374
Israel Government International Bond
4.000%, 06/30/22			200		217
Italy Buoni Poliennali Del Tesoro	EUR
9.000%, 11/01/23			176		344
4.750%, 09/01/28 (A)			324		487
4.500%, 03/01/24			141		210
4.000%, 09/01/20			146		209
3.750%, 05/01/21			322		455
3.500%, 06/01/18			452		616
2.150%, 12/15/21			287		368
1.150%, 05/15/17			166		210
Italy Government International Bond
5.250%, 09/20/16			150		161
Ivory Coast Government International Bond
5.750%, 12/31/32			300		290
Jamaica Government International Bond
7.625%, 07/09/25			200		214
Japan Government Five Year Bond	JPY
0.300%, 03/20/17			70,000		628
0.200%, 06/20/17			65,000		582
0.200%, 12/20/17			100,000		896
0.200%, 12/20/18			116,200		1,041
0.100%, 06/20/19			116,900		1,042
Japan Government Ten Year Bond	JPY
0.700%, 12/20/22			113,400		1,042
0.600%, 03/20/23			114,900		1,047
0.500%, 09/20/24			25,400		227
Japan Government Thirty Year Bond	JPY
1.700%, 09/20/44			82,000		748
Japan Government Twenty Year Bond	JPY
2.100%, 03/20/30			68,000		708
1.600%, 03/20/33			85,000		812
1.500%, 03/20/33			85,000		800
Japan Government Two Year Bond	JPY
0.100%, 09/15/16			85,000		759
Kazakhstan Government International Bond
3.875%, 10/14/24 (A)			200		196

14 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Fixed Income Fund

October 31, 2014

Description	Face Amount ($ Thousands) (1)		Market Value ($ Thousands)
Kenya Government International Bond
6.875%, 06/24/24 (A)		200	$	213
KFW
2.125%, 01/17/23		150		147
2.000%, 10/04/22		250		244
1.875%, 04/01/19		525		531
0.500%, 07/15/16		900		900
Lebanon Government International Bond MTN
9.000%, 03/20/17		450		500
6.600%, 11/27/26		500		510
5.450%, 11/28/19		800		806
Lithuania Government International Bond
7.375%, 02/11/20		200		242
6.625%, 02/01/22 (A)		250		301
Mexico Government International Bond MTN
6.750%, 09/27/34		625		807
5.750%, 10/12/10		100		106
5.625%, 01/15/17		600		657
5.550%, 01/21/45		550		624
5.125%, 01/15/20		50		56
4.750%, 03/08/44		750		762
4.000%, 10/02/23		500		522
3.625%, 03/15/22		200		205
3.500%, 01/21/21		700		720
Mongolia Government International Bond MTN
5.125%, 12/05/22		200		178
Morocco Government International Bond
4.250%, 12/11/22 (A)		200		203
Nigeria Government International Bond
5.125%, 07/12/18		200		205
Oesterreichische Kontrollbank
0.750%, 12/15/16		150		150
Pakistan Government International Bond
7.250%, 04/15/19		250		258
Panama Government International Bond
6.700%, 01/26/36		200		251
5.200%, 01/30/20		350		387
4.300%, 04/29/53		200		180
4.000%, 09/22/24		250		256
Peruvian Government International Bond
8.750%, 11/21/33		150		231
7.350%, 07/21/25		250		331
7.125%, 03/30/19		100		120
6.550%, 03/14/37		300		383
5.625%, 11/18/50		100		113
Philippine Government International Bond
9.875%, 01/15/19		250		325
8.375%, 06/17/19		200		252
6.375%, 10/23/34		600		787
5.000%, 01/13/37		200		230
4.200%, 01/21/24		850		917
4.000%, 01/15/21		350		375

Description	Face Amount ($ Thousands) (1)		Market Value ($ Thousands)
Poland Government International Bond
6.375%, 07/15/19		650	$	771
5.000%, 03/23/22		300		337
4.000%, 01/22/24		400		420
Province of British Columbia
2.000%, 10/23/22		125		121
Province of Manitoba Canada
3.050%, 05/14/24		100		102
Province of Ontario Canada
4.950%, 11/28/16		350		380
4.400%, 04/14/20		200		223
Province of Quebec Canada
7.500%, 09/15/29		200		290
3.500%, 07/29/20		250		268
Qatar Government International Bond
5.750%, 01/20/42 (A)		200		237
4.500%, 01/20/22 (A)		550		608
3.125%, 01/20/17 (A)		250		261
Republic of Belarus
8.950%, 01/26/18		100		108
Republic of Ghana
8.125%, 01/18/26		200		201
Republic of Honduras
8.750%, 12/16/20		200		228
Republic of Italy
6.875%, 09/27/23		100		127
Republic of Paraguay
4.625%, 01/25/23 (A)		200		204
Republic of Serbia
7.250%, 09/28/21		250		287
5.875%, 12/03/18		200		212
Romanian Government International Bond MTN
6.750%, 02/07/22 (A)		200		240
6.125%, 01/22/44 (A)		100		117
4.375%, 08/22/23 (A)		200		208
Russian Foreign Bond - Eurobond
7.500%, 03/31/30		1,441		1,635
5.875%, 09/16/43 (A)		400		418
5.625%, 04/04/42 (A)		400		404
4.875%, 09/16/23 (A)		600		601
3.250%, 04/04/17 (A)		600		602
Senegal Government International Bond
6.250%, 07/30/24		200		198
South Africa Government International Bond
5.875%, 09/16/25		500		565
5.500%, 03/09/20		450		493
5.375%, 07/24/44		200		207
Sri Lanka Government International Bond
6.000%, 01/14/19		200		212
5.875%, 07/25/22 (A)		200		208
Svensk Exportkredit MTN
0.625%, 05/31/16		200		200

15 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Fixed Income Fund

October 31, 2014

Description		Face Amount ($ Thousands) (1)		Market Value ($ Thousands)
Turkey Government International Bond
7.500%, 07/14/17			700	$	788
6.875%, 03/17/36			850		1,028
6.750%, 04/03/18			300		335
6.625%, 02/17/45			450		539
6.000%, 01/14/41			200		222
5.750%, 03/22/24			1,200		1,325
5.625%, 03/30/21			700		766
Ukraine Government International Bond
9.250%, 07/24/17 (A)			500		455
7.800%, 11/28/22			500		433
6.250%, 06/17/16 (A)			250		223
United Kingdom Gilt	GBP
4.750%, 12/07/38			110		233
4.250%, 06/07/32			180		349
4.250%, 12/07/40			128		254
3.750%, 07/22/52			178		335
2.250%, 09/07/23			445		719
2.000%, 01/22/16			239		389
2.000%, 07/22/20			516		837
Uruguay Government International Bond
5.100%, 06/18/50			400		397
4.500%, 08/14/24			400		422
Venezuela Government International Bond
12.750%, 08/23/22			800		636
11.750%, 10/21/26			1,150		843
9.375%, 01/13/34			650		416
Vietnam Government International Bond
6.750%, 01/29/20			150		168
Zambia Government International Bond
8.500%, 04/14/24			200		228
Total Foreign Sovereign Bonds (Cost $73,313) ($ Thousands)					73,296
U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.6%
FFCB
4.875%, 01/17/17			250		273
FHLB
5.500%, 07/15/36			225		297
0.375%, 02/19/16 to 06/24/16			1,250		1,250
FHLMC
6.250%, 07/15/32			300		422
4.750%, 01/19/16			250		263
2.375%, 01/13/22			250		252
1.375%, 05/01/20			750		730
1.000%, 03/08/17 to 07/28/17			1,200		1,204
0.875%, 10/14/16 to 03/07/18			1,100		1,094
FNMA
6.625%, 11/15/30			175		252
1.875%, 02/19/19			150		152
1.750%, 09/12/19			750		749
1.125%, 04/27/17			600		605

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
1.000%, 09/27/17	$	800	$	799
0.875%, 12/20/17		750		745
0.625%, 08/26/16		650		651
0.500%, 03/30/16		750		751
0.375%, 12/21/15		750		751
Tennessee Valley Authority
5.250%, 09/15/39		200		247
2.875%, 09/15/24		500		501
Total U.S. Government Agency Obligations (Cost $11,987) ($ Thousands)				11,988
MUNICIPAL BONDS — 0.6%
Bay Area, Toll Authority, RB
6.263%, 04/01/49		100		138
California State, GO
7.600%, 11/01/40		175		266
7.550%, 04/01/39		200		300
Illinois State, GO
5.100%, 06/01/33		200		196
4.950%, 06/01/23		100		104
4.350%, 06/01/18		100		105
Los Angeles, Unified School District, GO
5.750%, 07/01/34		200		247
New Jersey State, Turnpike Authority, RB
7.414%, 01/01/40		125		183
New York City, GO Callable 12/01/20 @ 100
6.646%, 12/01/31		200		237
Port Authority of New York & New Jersey, Build America Project, RB
4.458%, 10/01/62		200		201
Texas State, Build America Bonds, GO
5.517%, 04/01/39		200		256
Texas State, Transportation Commission State Highway Fund, Ser B, RB
5.178%, 04/01/30		200		237
University of California, RB
4.601%, 05/15/31		250		271
Total Municipal Bonds (Cost $2,624) ($ Thousands)				2,741
ASSET-BACKED SECURITIES — 0.4%
AmeriCredit Automobile Receivables Trust, Ser 2013-3, Cl B
1.580%, 09/10/18		100		101
Capital Auto Receivables Asset Trust, Ser 2014-1, Cl A2
0.960%, 04/20/17		150		150
Capital Auto Receivables Asset Trust, Ser 2014-1, Cl A4
1.690%, 10/22/18		100		101
Citibank Credit Card Issuance Trust, Ser 2014-A5, Cl A5
2.680%, 06/07/23		200		202

16 Adviser Managed Trust / Quarterly Report / October 31, 2014

SCHEDULE OF INVESTMENTS (Unaudited)

Tactical Offensive Fixed Income Fund

October 31, 2014

Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Discover Card Execution Note Trust, Ser 2014-A4, Cl A4
2.120%, 12/15/21	$	200	$	201
Ford Credit Auto Owner Trust, Ser 2013-D, Cl A3
0.670%, 04/15/18		270		270
Honda Auto Receivables Owner Trust, Ser 2013-4, Cl A3
0.690%, 09/18/17		260		260
Synchrony Credit Card Master Note Trust, Ser 2012-7, Cl A
1.760%, 09/15/22		300		292
TAL Advantage LLC, Ser 2006-1A
0.347%, 04/20/21 (A) (B)		9		9
Wells Fargo Home Equity Trust, Ser 2004-2, Cl AI6
5.000%, 10/25/34 (B)		55		55
World Financial Network Credit Card Master Trust, Ser 2013-A, Cl A
1.610%, 12/15/21		155		154
Total Asset-Backed Securities (Cost $1,802) ($ Thousands)				1,795
Total Investments — 99.4% (Cost $447,700)($ Thousands)††			$	450,974

A list of the open forward foreign currency contracts held by the Fund at October 31, 2014, is as follows:

Settlement	Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)
11/25/14		CAD	711		USD	636	$	5
11/25/14		EUR	6,237		USD	7,949		134
11/25/14		GBP	1,972		USD	3,184		32
11/25/14		JPY	1,209,518		USD	11,187		395
11/25/14		USD	34		EUR	27		(1	)
11/25/14		USD	5		GBP	3		—
							$	565

A list of the counterparties for the open forward foreign currency contracts held by the Fund at October 31, 2014, is as follows:

Counterparty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Brown Brothers Harriman	$	(22,435	)	$	23,000	$	565

For the period ended October 31, 2014, the total amount of all open forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

Percentages are based on a Net Assets of $453,696 ($ Thousands).

(1) In U.S. Dollars unless other wise indicated.

(A) Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the Board of Trustees.

(B) Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of October 31, 2014. The date reported on the Schedule of Investments is the final maturity date.

‡ Real Estate Investment Trust.

†† At October 31, 2014, the tax basis cost of the Fund’s investments was $447,700 ($ Thousands), and the unrealized appreciation and depreciation were $4,717 ($ Thousands) and $(1,443) ($ Thousands) respectively.

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

GNMA — Government National Mortgage Association

GO — General Obligation

JPY — Japanese Yen

LLC — Limited Liability Company

MTN — Medium Term Note

PIK — Payment-in-kind

PLC — Public Limited Company

RB — Revenue Bond

Ser — Series

TBA — To Be Announced

USD — United States Dollar

The following is a list of the inputs used as of October 31, 2014, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands).

Investments in Securities	Level 1		Level 2			Level 3		Total
U.S. Treasury Obligations	$	—	$	127,598		$	—	$	127,598
Corporate Obligations		—		127,056			—		127,056
Mortgage-Backed Securities		—		106,500			—		106,500
Foreign Sovereign Bonds		—		73,296			—		73,296
U.S Government Agency Obligations		—		11,988			—		11,988
Municipal Bonds		—		2,741			—		2,741
Asset-Backed Securities		—		1,795			—		1,795
Total Investments in Securities	$	—	$	450,974		$	—	$	450,974
Other Financial Instruments	Level 1		Level 2			Level 3		Total
Forwards Contracts - appreciation*	$	—	$	566		$	—	$	566
Forwards Contracts - depreciation*		—		(1	)		—		(1	)
Total Other Financial Instruments	$	—	$	565		$	—	$	565

* Forwards contracts are valued at the unrealized appreciation/(depreciation) on the instrument.

For the period ended October 31, 2014, there were no transfers between Level 1, Level 2 and/or Level 3 assets and liabilities.

For the period ended October 31, 2014, there were no Level 3 assets and liabilities.

Amounts designated as “—” are either $0 or have been rounded to $0.

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

17 Adviser Managed Trust / Quarterly Report / October 31, 2014

Item 2. Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as amended (the “1940 Act”) are effective , based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as amended as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act that occurred during last fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

(a) A separate certification for each principal executive officer and each principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act, as amended (17 CFR 270.30a-2(a)), are filed herewith.

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

Date: December 29, 2014

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

Date: December 29, 2014

By	/s/ Peter A. Rodriguez
	Peter A. Rodriguez, Controller & CFO

Date: December 29, 2014