UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22480

Adviser Managed Trust

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices)

The Corporation Trust Company

Corporation Trust Center

1209 Orange Street

Wilmington, Delaware 19801

(Name and address of agent for service)

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

Date of fiscal year end: July 31, 2018

Date of reporting period: January 31, 2018

Item 1.    Reports to Stockholders.

TABLE OF CONTENTS

Summary Schedule of Investments/Schedule of Investments	1
Statements of Assets and Liabilities	59
Statements of Operations	60
Statements of Changes in Net Assets	61
Financial Highlights	62
Notes to Financial Statements	63
Disclosure of Fund Expenses	76

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarter of each fiscal year on Form N-Q within sixty days after the end of the period. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended July 31, is available (i) without charge, upon request, by calling 1-800-DIAL-SEI; and (ii) on the Commission’s website at http://www.sec.gov.

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund

^†Percentages are based on total investments.

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
COMMON STOCK – 96.8%
Australia – 1.3%
Other Securities ‡		1.3	%			$	33,806
Austria – 0.1%
Other Securities		0.1					1,377
Belgium – 0.2%
Other Securities		0.2					5,566
Brazil – 0.5%
Other Securities		0.5					13,236
Canada – 0.0%
Other Securities		0.0					576
Chile – 0.1%
Other Securities		0.1					3,009
China – 1.9%
Tencent Holdings		0.6			272,400		16,146
Other Securities (A)		1.3					34,526
							50,672
Colombia – 0.0%
Other Securities		0.0					753
Czech Republic – 0.0%
Other Securities (A)		0.0					568
Denmark – 0.4%
Other Securities (A)		0.4					9,026
Finland – 0.2%
Other Securities		0.2					4,820

Description	Percentage of Net Assets (%)			Shares	Market Value ($ Thousands)
COMMON STOCK (continued)
France – 1.9%
Other Securities ‡(A)		1.9	%		$	50,824
Germany – 1.8%
Other Securities (A)		1.8				47,276
Greece – 0.0%
Other Securities		0.0				1,071
Hong Kong – 1.4%
Other Securities ‡(A)		1.4				37,494
Hungary – 0.0%
Other Securities		0.0				896
India – 0.2%
Other Securities (A)		0.2				5,880
Indonesia – 0.2%
Other Securities		0.2				6,011
Ireland – 0.6%
Other Securities		0.6				15,187
Israel – 0.1%
Other Securities		0.1				2,409
Italy – 0.5%
Other Securities (A)		0.5				12,236
Japan – 4.5%
Other Securities ‡		4.5				119,958
Luxembourg – 0.1%
Other Securities		0.1				1,178
Macau – 0.0%
Other Securities		0.0				446
Malaysia – 0.3%
Other Securities		0.3				6,558
Mexico – 0.3%
Other Securities ‡		0.3				8,293
Netherlands – 1.3%
Other Securities ‡(A)		1.3				34,549
New Zealand – 0.0%
Other Securities		0.0				795

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 1

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Percentage of Net Assets (%)			Shares	Market Value ($ Thousands)
COMMON STOCK (continued)
Norway — 0.1%
Other Securities		0.1	%		$            3,423
Pakistan — 0.0%
Other Securities		0.0			174
Panama — 0.0%
Other Securities		0.0			352
Peru — 0.0%
Other Securities		0.0			892
Philippines — 0.1%
Other Securities		0.1			2,814
Poland — 0.2%
Other Securities (A)		0.2			3,977
Portugal — 0.0%
Other Securities		0.0			734
Qatar — 0.1%
Other Securities		0.1			1,542
Russia — 0.2%
Other Securities		0.2			5,655
Singapore — 0.3%
Other Securities ‡		0.3			7,290
Slovak Republic — 0.0%
Other Securities		0.0			1,095
South Africa — 0.7%
Other Securities ‡		0.7			19,230
South Korea — 1.5%
Samsung Electronics		0.4		4,631	10,820
Other Securities (A)		1.1			27,413
					38,233
Spain — 0.6%
Other Securities (A)		0.6			16,761
Sweden — 0.5%
Other Securities		0.5			13,472
Switzerland — 1.5%
Nestle		0.3		99,211	8,583
Other Securities		1.2			31,970
					40,553

Description	Percentage of Net Assets (%)			Shares	Market Value ($ Thousands)
COMMON STOCK (continued)
Taiwan — 1.1%
Taiwan Semiconductor Manufacturing		0.3	%	802,000	$            7,017
Other Securities		0.8			22,108
					29,125
Thailand — 0.3%
Other Securities		0.3			6,469
Turkey — 0.1%
Other Securities ‡		0.1			2,826
United Arab Emirates — 0.1%
Other Securities		0.1			1,695
United Kingdom — 3.2%
HSBC Holdings		0.3		640,456	6,841
Other Securities ‡(A)		2.9			76,615
					83,456
United States — 68.3%
3M		0.3		33,500	8,392
AbbVie		0.4		92,054	10,330
Alibaba Group Holding ADR *		0.4		55,200	11,277
Alphabet, Cl A *		0.8		17,229	20,368
Alphabet, Cl C *		0.8		17,500	20,474
Altria Group		0.3		110,600	7,780
Amazon.com *		1.3		22,973	33,331
Amgen		0.3		42,426	7,893
Apple		1.9		297,154	49,752
AT&T		0.5		355,531	13,315
Bank of America		0.7		560,230	17,927
Berkshire Hathaway, Cl B*		0.9		111,243	23,848
Boeing		0.4		32,200	11,411
Chevron		0.5		109,203	13,689
Cisco Systems		0.4		287,459	11,941
Citigroup		0.5		152,900	12,000
Coca-Cola		0.4		222,330	10,581
Comcast, Cl A		0.4		270,144	11,489
DowDuPont		0.4		135,074	10,209
ExxonMobil		0.8		245,335	21,418
Facebook, Cl A *		0.9		134,888	25,209
General Electric		0.3		501,357	8,107
Home Depot		0.5		68,100	13,681
Honeywell International		0.3		44,038	7,032
Intel		0.5		272,405	13,114
International Business
Machines		0.3		49,130	8,043
Johnson & Johnson		0.8		155,979	21,555
JPMorgan Chase		0.9		199,806	23,112
Mastercard, Cl A		0.3		54,400	9,194
McDonald’s		0.3		46,700	7,992
Merck		0.4		158,218	9,374

2 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Percentage of Net Assets (%)	Shares	Market Value   ($ Thousands)
COMMON STOCK (continued)
Microsoft	1.6%	433,893	$        41,224
NVIDIA	0.3	32,800	8,062
Oracle	0.3	168,588	8,697
PepsiCo	0.4	82,564	9,932
Pfizer	0.5	341,856	12,662
Philip Morris International	0.4	89,800	9,629
Procter & Gamble	0.5	147,976	12,776
SEI Investments †	0.0	7,700	579
UnitedHealth Group	0.5	55,400	13,118
Verizon Communications	0.5	235,991	12,760
Visa, Cl A	0.5	105,940	13,161
Wal-Mart Stores	0.3	83,600	8,912
Walt Disney	0.4	89,500	9,726
Wells Fargo	0.6	255,760	16,824
Other Securities ‡ (B)	43.6		1,150,989
			1,802,889
Total Common Stock (Cost $1,916,490) ($ Thousands)			2,557,127
EXCHANGE TRADED FUNDS – 0.8%
United States – 0.8%
iShares MSCI India Fund	0.7	457	17,041
Other Securities	0.1		3,129
Total Exchange Traded Funds (Cost $14,907) ($ Thousands)			20,170
PREFERRED STOCK – 0.5%
Brazil – 0.3%
Other Securities	0.3		7,710

Description	Percentage of Net Assets (%)			Shares	Market Value ($ Thousands)
PREFERRED STOCK (continued)
Chile – 0.0%
Other Securities		0.0	%		$	315
Colombia – 0.0%
Other Securities		0.0				377
Germany – 0.1%
Other Securities		0.1				2,913
South Korea – 0.1%
Other Securities		0.1				2,381
Total Preferred Stock (Cost $8,180) ($ Thousands)						13,696
RIGHTS – 0.0%
Italy – 0.0%
Other Securities		0.0				1
Philippines – 0.0%
Other Securities		0.0				1
South Korea – 0.0%
Other Securities		0.0				31
Spain – 0.0%
Other Securities		0.0				4
United States – 0.0%
Other Securities		0.0				2
Total Rights (Cost $–) ($ Thousands)						39
Total Investments – 98.1% (Cost $1,939,577)($ Thousands)					$	2,591,032

The open futures contracts held by the Fund at January 31, 2018, are as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation (Thousands)
MSCI EAFE Index E-MINI		95		Mar-2018	$	9,727	$	10,191	$	464
MSCI Emerging Markets E-MINI		148		Mar-2018		8,167		9,308		1,141
Russell 2000 Index E-MINI		66		Mar-2018		5,029		5,201		172
S&P 500 Index E-MINI		169		Mar-2018		22,812		23,878		1,066
S&P Mid Cap 400 Index E-MINI		11		Mar-2018		2,110		2,150		40
					$	47,845	$	50,728	$	2,883

Percentages are based on a Net Assets of $2,641,626 ($ Thousands).

* Non-income producing security.

^‡  Real Estate Investment Trust.

^†  The Fund may purchase securities of certain companies with which it is affiliated to the extent these companies are represented in its benchmark index.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On January 31, 2018, the value of these securities amounted to $6,590 ($ Thousands), representing 0.2% of the net assets of the Fund.

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 3

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Concluded)

ADR — American Depositary Receipt

Cl — Class

EAFE — Europe, Australasia and Far East

MSCI — Morgan Stanley Capital International

S&P— Standard & Poor’s

The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) 342-5734; and (ii) on the SEC’s website at http://www.sec.gov.

The following is a list of the inputs used as of January 31, 2018, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3‡			Total
Common Stock	$	2,557,127	$	–	$	–		$	2,557,127
Exchange Traded Funds		20,170		–		–			20,170
Preferred Stock		13,696		–		–			13,696
Rights		39		–		–	^		39
Total Investments in Securities	$	2,591,032	$	–	$	–		$	2,591,032

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts *
Unrealized Appreciation	$	2,883	$	–	$	–	$	2,883
Total Other Financial Instruments	$	2,883	$	–	$	–	$	2,883

* Futures contracts are valued at the unrealized appreciation on the instruments.

^‡ A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

^ Represents securities in which the fair value is $0 or has been rounded to $0.

For the period ended January 31, 2018, there were transfers between Level 1 and Level 2 assets and liabilities due to the availability of quoted prices in active markets to determine fair value. For the period ended January 31, 2018, there were no transfers between Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the transactions the Fund had with affiliates for the period ended January 31, 2018 ($ Thousands):

Security Description

Value 8/1/2017

Purchases at Cost

Proceeds from Sales

Realized Gain

Change in Unrealized Appreciation (Depreciation)

Value 01/31/2018

Dividend Income

SEI Investments

$435

$–

$–

$–

$144

$579

$2

Totals

$435

$–

$–

$–

$144

$579

$2

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

The accompanying notes are an integral part of the financial statements.

4 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund

^†Percentages based on total investments.

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS — 31.0%
Consumer Discretionary — 3.9%
1011778 BC ULC
5.000%, 10/15/2025 (A)	$	433	$	434
4.625%, 01/15/2022 (A)		256		261
4.250%, 05/15/2024 (A)		215		211
21st Century Fox America
6.650%, 11/15/2037		100		136
6.150%, 02/15/2041		250		329
4.500%, 02/15/2021		100		105
3.000%, 09/15/2022		300		301
24 Hour Fitness Worldwide
8.000%, 06/01/2022 (A)		125		124
Adient Global Holdings
4.875%, 08/15/2026 (A)		200		198
Advance Auto Parts
4.500%, 12/01/2023		100		104
Albertsons
6.625%, 06/15/2024		212		201
5.750%, 03/15/2025		265		237
Amazon.com
5.200%, 12/03/2025		100		112
4.950%, 12/05/2044		100		118
4.800%, 12/05/2034		100		114
4.250%, 08/22/2057 (A)		70		74
4.050%, 08/22/2047 (A)		270		280
3.875%, 08/22/2037 (A)		45		46
3.150%, 08/22/2027 (A)		150		147
2.800%, 08/22/2024 (A)		225		220
2.500%, 11/29/2022		200		197
2.400%, 02/22/2023 (A)		50		49
1.900%, 08/21/2020 (A)		30		30
AMC Entertainment Holdings
5.875%, 11/15/2026		55		54
5.750%, 06/15/2025		188		183
AMC Networks
5.000%, 04/01/2024		150		152
4.750%, 12/15/2022		100		102
4.750%, 08/01/2025		105		105
American Axle & Manufacturing
6.250%, 04/01/2025 (A)		130		136
American Honda Finance MTN
2.900%, 02/16/2024		50		49
2.250%, 08/15/2019		200		200

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.000%, 02/14/2020	$	50	$	49
1.700%, 02/22/2019		25		25
1.700%, 09/09/2021		150		145
American Tire Distributors
10.250%, 03/01/2022 (A)		160		166
Aptiv
3.150%, 11/19/2020		200		202
APX Group
7.875%, 12/01/2022		158		169
Aramark Services
5.125%, 01/15/2024		183		190
5.000%, 04/01/2025 (A)		100		103
5.000%, 02/01/2028 (A)		260		265
Asbury Automotive Group
6.000%, 12/15/2024		100		104
Ashtead Capital
5.625%, 10/01/2024 (A)		200		211
4.375%, 08/15/2027 (A)		200		199
AutoNation
4.500%, 10/01/2025		100		103
AutoZone
3.750%, 06/01/2027		100		100
3.700%, 04/15/2022		80		82
BAT Capital
4.540%, 08/15/2047 (A)		60		62
4.390%, 08/15/2037 (A)		70		72
3.557%, 08/15/2027 (A)		150		147
3.222%, 08/15/2024 (A)		100		98
2.764%, 08/15/2022 (A)		100		98
2.297%, 08/14/2020 (A)		100		99
Beazer Homes USA
8.750%, 03/15/2022		105		115
Bed Bath & Beyond
5.165%, 08/01/2044		100		87
Block Financial
4.125%, 10/01/2020		100		102
Board of Trustees of The Leland Stanford Junior University
3.647%, 05/01/2048		25		25
BorgWarner
4.375%, 03/15/2045		50		51
3.375%, 03/15/2025		100		99
Boyd Gaming
6.875%, 05/15/2023		137		145
6.375%, 04/01/2026		100		107
Brookfield Residential Properties
6.125%, 07/01/2022 (A)		100		104
Caesars Resort Collection
5.250%, 10/15/2025 (A)		294		292
CBS
5.500%, 05/15/2033		175		189
4.000%, 01/15/2026		235		238

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 5

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.500%, 01/15/2025	$	100	$	100
CCO Holdings
5.875%, 04/01/2024 (A)		467		488
5.750%, 01/15/2024		300		309
5.750%, 02/15/2026 (A)		500		518
5.500%, 05/01/2026 (A)		300		306
5.125%, 02/15/2023		100		102
5.125%, 05/01/2027 (A)		665		650
5.000%, 02/01/2028 (A)		279		269
4.000%, 03/01/2023 (A)		43		42
Cedar Fair
5.375%, 04/15/2027 (A)		110		115
Cengage Learning
9.500%, 06/15/2024 (A)		111		105
Charter Communications Operating
6.834%, 10/23/2055		35		43
6.484%, 10/23/2045		165		193
6.384%, 10/23/2035		50		58
5.375%, 05/01/2047		135		139
4.908%, 07/23/2025		150		157
4.464%, 07/23/2022		250		258
3.750%, 02/15/2028		200		189
3.579%, 07/23/2020		55		56
Churchill Downs
4.750%, 01/15/2028 (A)		94		93
Cinemark
4.875%, 06/01/2023		150		152
Comcast
4.750%, 03/01/2044		200		223
4.600%, 08/15/2045		100		109
4.400%, 08/15/2035		200		215
4.250%, 01/15/2033		100		106
4.200%, 08/15/2034		400		418
4.000%, 08/15/2047		100		101
3.999%, 11/01/2049		200		199
3.969%, 11/01/2047		200		200
3.400%, 07/15/2046		100		91
3.375%, 02/15/2025		150		151
3.375%, 08/15/2025		65		65
3.300%, 02/01/2027		100		99
3.200%, 07/15/2036		100		93
3.150%, 02/15/2028		100		97
3.000%, 02/01/2024		250		248
2.750%, 03/01/2023		100		99
Council of Europe Development Bank
1.750%, 11/14/2019		50		50
1.625%, 03/10/2020		100		98
CSC Holdings
10.875%, 10/15/2025 (A)		253		301
10.125%, 01/15/2023 (A)		300		338
6.625%, 10/15/2025 (A)		250		268
5.500%, 04/15/2027 (A)		85		86

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.375%, 02/01/2028 (A)	$	200	$	200
5.250%, 06/01/2024		100		97
Daimler Finance North America
8.500%, 01/18/2031		50		74
Darden Restaurants
3.850%, 05/01/2027		30		30
Delphi Technologies
5.000%, 10/01/2025 (A)		105		105
Diamond Resorts International
10.750%, 09/01/2024 (A)		75		83
7.750%, 09/01/2023 (A)		145		159
Discovery Communications
6.350%, 06/01/2040		100		116
5.200%, 09/20/2047		260		266
5.000%, 09/20/2037		240		245
3.950%, 03/20/2028		260		254
3.800%, 03/13/2024		100		101
2.950%, 03/20/2023		250		244
2.200%, 09/20/2019		215		213
DISH DBS
7.750%, 07/01/2026		326		335
5.875%, 11/15/2024		360		341
5.000%, 03/15/2023		200		188
Dollar General
3.875%, 04/15/2027		200		205
3.250%, 04/15/2023		100		100
Dollar Tree
5.750%, 03/01/2023		350		366
5.250%, 03/01/2020		105		106
DR Horton
4.000%, 02/15/2020		55		56
3.750%, 03/01/2019		45		46
Eldorado Resorts
6.000%, 04/01/2025		100		104
ESH Hospitality
5.250%, 05/01/2025 (A)		200		201
Expedia
5.000%, 02/15/2026		100		105
4.500%, 08/15/2024		50		52
Fiat Chrysler Automobiles
5.250%, 04/15/2023		400		423
4.500%, 04/15/2020		200		205
First Quality Finance
4.625%, 05/15/2021 (A)		100		101
Ford Motor
7.450%, 07/16/2031		200		255
5.291%, 12/08/2046		150		157
4.750%, 01/15/2043		125		123
Ford Motor Credit
5.875%, 08/02/2021		250		271
3.219%, 01/09/2022		200		199
2.979%, 08/03/2022		200		196

6 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.681%, 01/09/2020	$	200	$	199
2.425%, 06/12/2020		200		198
Ford Motor Credit MTN
4.389%, 01/08/2026		200		204
General Motors
6.600%, 04/01/2036		100		121
6.250%, 10/02/2043		250		295
5.400%, 04/01/2048		50		54
5.150%, 04/01/2038		230		241
5.000%, 04/01/2035		50		52
4.200%, 10/01/2027		50		50
General Motors Financial
4.350%, 01/17/2027		70		71
4.000%, 01/15/2025		100		101
4.000%, 10/06/2026		50		50
3.950%, 04/13/2024		50		51
3.700%, 05/09/2023		35		35
3.500%, 11/07/2024		100		98
3.450%, 01/14/2022		100		100
3.450%, 04/10/2022		150		150
3.250%, 01/05/2023		100		99
3.200%, 07/13/2020		100		101
3.200%, 07/06/2021		150		150
3.150%, 06/30/2022		70		69
2.450%, 11/06/2020		100		99
2.400%, 05/09/2019		30		30
2.350%, 10/04/2019		50		50
George Washington University
4.868%, 09/15/2045		50		58
Golden Nugget
8.750%, 10/01/2025 (A)		100		107
6.750%, 10/15/2024 (A)		225		232
Goodyear Tire & Rubber
5.125%, 11/15/2023		150		154
5.000%, 05/31/2026		100		101
4.875%, 03/15/2027		155		155
Gray Television
5.875%, 07/15/2026 (A)		125		129
5.125%, 10/15/2024 (A)		100		100
Group 1 Automotive
5.000%, 06/01/2022		100		103
Guitar Center
6.500%, 04/15/2019 (A)		100		98
GW Honos Security
8.750%, 05/15/2025 (A)		85		92
Hanesbrands
4.875%, 05/15/2026 (A)		150		152
4.625%, 05/15/2024 (A)		176		178
Hasbro
3.500%, 09/15/2027		60		57
Hilton Domestic Operating
4.250%, 09/01/2024		170		169

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Hilton Worldwide Finance
4.875%, 04/01/2027	$	115	$	117
4.625%, 04/01/2025		120		121
Home Depot
5.875%, 12/16/2036		200		266
4.400%, 04/01/2021		100		105
4.400%, 03/15/2045		150		167
3.900%, 06/15/2047		150		154
3.500%, 09/15/2056		100		94
3.000%, 04/01/2026		100		98
2.800%, 09/14/2027		200		192
2.625%, 06/01/2022		150		149
2.000%, 06/15/2019		100		100
2.000%, 04/01/2021		50		49
1.800%, 06/05/2020		71		70
iHeartCommunications
9.000%, 12/15/2019		250		191
9.000%, 09/15/2022		400		294
IHO Verwaltungs GmbH
4.500% cash/5.250% PIK, 09/15/2023 (A)		200		203
International Game Technology
6.250%, 02/15/2022 (A)		300		321
5.625%, 02/15/2020 (A)		200		208
Jack Ohio Finance
6.750%, 11/15/2021 (A)		115		121
Jaguar Holding II
6.375%, 08/01/2023 (A)		152		157
Jaguar Land Rover Automotive
4.500%, 10/01/2027 (A)		125		123
4.250%, 11/15/2019 (A)		150		152
JC Penney
5.875%, 07/01/2023 (A)		100		96
KFC Holding
5.250%, 06/01/2026 (A)		92		94
5.000%, 06/01/2024 (A)		262		265
4.750%, 06/01/2027 (A)		100		99
Kohl’s
4.750%, 12/15/2023		100		107
L Brands
5.625%, 10/15/2023		100		107
5.250%, 02/01/2028		85		84
Laureate Education
8.250%, 05/01/2025 (A)		90		96
Lear
5.250%, 01/15/2025		70		74
3.800%, 09/15/2027		200		199
Leggett & Platt
3.500%, 11/15/2027		50		49
Lennar
4.750%, 04/01/2021		100		103
4.750%, 11/15/2022		200		207

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 7

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.750%, 11/29/2027 (A)	$	188	$	190
4.500%, 04/30/2024		210		212
4.125%, 01/15/2022		120		122
Lions Gate Entertainment
5.875%, 11/01/2024 (A)		105		112
Live Nation Entertainment
4.875%, 11/01/2024 (A)		115		117
LKQ
4.750%, 05/15/2023		100		102
Lowe’s
4.625%, 04/15/2020		100		104
4.250%, 09/15/2044		50		53
4.050%, 05/03/2047		100		104
3.700%, 04/15/2046		150		147
3.375%, 09/15/2025		100		100
3.125%, 09/15/2024		100		100
3.100%, 05/03/2027		200		196
Macy’s Retail Holdings
4.500%, 12/15/2034		100		87
3.450%, 01/15/2021		50		50
2.875%, 02/15/2023		125		118
Magna International
3.625%, 06/15/2024		100		102
Marriott International
3.750%, 03/15/2025		100		101
3.125%, 10/15/2021		100		100
3.125%, 06/15/2026		50		48
2.300%, 01/15/2022		50		49
Massachusetts Institute of Technology
5.600%, 07/01/2111		100		133
Mattamy Group
6.500%, 10/01/2025 (A)		75		79
Mattel
6.750%, 12/31/2025 (A)		203		206
2.350%, 05/06/2019		100		99
McDonald’s MTN
6.300%, 10/15/2037		150		197
4.875%, 12/09/2045		125		143
4.700%, 12/09/2035		175		195
3.700%, 01/30/2026		30		31
2.750%, 12/09/2020		120		120
MDC Partners
6.500%, 05/01/2024 (A)		150		151
Meredith
6.875%, 02/01/2026 (A)		265		271
MGM Resorts International
6.750%, 10/01/2020		100		108
6.625%, 12/15/2021		200		218
6.000%, 03/15/2023		200		216
4.625%, 09/01/2026		100		101
Michaels Stores
5.875%, 12/15/2020 (A)		100		102

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Mohegan Gaming & Entertainment
7.875%, 10/15/2024 (A)	$	55	$	56
NBCUniversal Media
5.950%, 04/01/2041		100		129
5.150%, 04/30/2020		350		370
NCL
4.750%, 12/15/2021 (A)		90		93
Neiman Marcus Group
8.000%, 10/15/2021 (A)		200		127
Netflix
5.875%, 02/15/2025		138		148
5.500%, 02/15/2022		225		238
4.875%, 04/15/2028 (A)		200		198
4.375%, 11/15/2026		220		215
Newell Brands
5.500%, 04/01/2046		250		287
5.375%, 04/01/2036		30		34
4.200%, 04/01/2026		50		51
3.850%, 04/01/2023		60		61
3.150%, 04/01/2021		50		50
Newell Rubbermaid
4.000%, 12/01/2024		100		102
Nexstar Broadcasting
5.625%, 08/01/2024 (A)		82		85
NIKE
3.875%, 11/01/2045		100		102
3.375%, 11/01/2046		100		94
Nordstrom
5.000%, 01/15/2044		100		97
4.000%, 03/15/2027		100		98
Northwestern University
3.662%, 12/01/2057		25		25
Omnicom Group
3.625%, 05/01/2022		100		102
3.600%, 04/15/2026		100		100
O’Reilly Automotive
3.600%, 09/01/2027		100		99
3.550%, 03/15/2026		50		50
Penske Automotive Group
5.500%, 05/15/2026		105		107
PetSmart
8.875%, 06/01/2025 (A)		85		54
7.125%, 03/15/2023 (A)		283		178
5.875%, 06/01/2025 (A)		195		150
Pinnacle Entertainment
5.625%, 05/01/2024		60		64
President & Fellows of Harvard College
3.150%, 07/15/2046		100		94
Priceline Group
3.600%, 06/01/2026		50		50
3.550%, 03/15/2028		50		49
2.750%, 03/15/2023		50		49

8 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Prime Security Services Borrower
9.250%, 05/15/2023 (A)	$	488	$	540
PulteGroup
5.500%, 03/01/2026		100		107
5.000%, 01/15/2027		107		111
4.250%, 03/01/2021		100		103
QVC
4.450%, 02/15/2025		100		101
Regal Entertainment Group
5.750%, 03/15/2022		50		51
Ritchie Bros Auctioneers
5.375%, 01/15/2025 (A)		25		26
RSI Home Products
6.500%, 03/15/2023 (A)		67		70
Sabre
5.375%, 04/15/2023 (A)		35		36
5.250%, 11/15/2023 (A)		145		146
Sally Holdings
5.625%, 12/01/2025		150		149
Scientific Games International
10.000%, 12/01/2022		350		384
7.000%, 01/01/2022 (A)		305		322
5.000%, 10/15/2025 (A)		120		120
Scripps Networks Interactive
2.750%, 11/15/2019		100		100
Service International
5.375%, 05/15/2024		150		158
4.625%, 12/15/2027		153		151
ServiceMaster
5.125%, 11/15/2024 (A)		130		130
Silversea Cruise Finance
7.250%, 02/01/2025 (A)		100		108
Simmons Foods
5.750%, 11/01/2024 (A)		74		72
Sinclair Television Group
6.125%, 10/01/2022		100		103
5.375%, 04/01/2021		150		152
Sirius XM Radio
6.000%, 07/15/2024 (A)		200		210
5.375%, 04/15/2025 (A)		175		180
5.375%, 07/15/2026 (A)		157		161
5.000%, 08/01/2027 (A)		260		258
4.625%, 05/15/2023 (A)		100		101
3.875%, 08/01/2022 (A)		141		141
Six Flags Entertainment
4.875%, 07/31/2024 (A)		200		203
Staples
8.500%, 09/15/2025 (A)		155		150
Starbucks
2.700%, 06/15/2022		200		199
Station Casinos
5.000%, 10/01/2025 (A)		134		135

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Studio City
7.250%, 11/30/2021 (A)	$	200	$	211
Summit Materials
6.125%, 07/15/2023		150		155
Tapestry
4.125%, 07/15/2027		50		50
Target
3.900%, 11/15/2047		100		101
3.500%, 07/01/2024		150		155
2.300%, 06/26/2019		300		300
Taylor Morrison Communities
5.250%, 04/15/2021 (A)		92		94
TEGNA
5.125%, 07/15/2020		250		255
Tempur Sealy International
5.500%, 06/15/2026		64		64
Tenneco
5.000%, 07/15/2026		105		106
Tesla
5.300%, 08/15/2025 (A)		294		280
Time
5.750%, 04/15/2022 (A)		100		104
Time Warner
6.250%, 03/29/2041		150		185
6.200%, 03/15/2040		275		332
3.600%, 07/15/2025		200		198
3.550%, 06/01/2024		200		200
2.950%, 07/15/2026		85		79
2.100%, 06/01/2019		350		348
Time Warner Cable
8.750%, 02/14/2019		100		106
8.250%, 04/01/2019		200		213
6.550%, 05/01/2037		100		118
5.875%, 11/15/2040		200		217
5.000%, 02/01/2020		250		260
4.500%, 09/15/2042		100		92
TJX
2.250%, 09/15/2026		150		138
Tops Holding
8.000%, 06/15/2022 (A)		83		49
Toyota Motor Credit MTN
3.300%, 01/12/2022		200		204
2.900%, 04/17/2024		50		50
2.800%, 07/13/2022		50		50
2.600%, 01/11/2022		100		99
2.250%, 10/18/2023		50		48
2.150%, 03/12/2020		200		199
2.150%, 09/08/2022		250		243
1.900%, 04/08/2021		50		49
1.700%, 02/19/2019		50		50
1.550%, 10/18/2019		50		49

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 9

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Tribune Media
5.875%, 07/15/2022	$	200	$	206
Under Armour
3.250%, 06/15/2026		100		87
Unitymedia Hessen GmbH & KG
5.000%, 01/15/2025 (A)		200		205
University of Notre Dame du Lac
3.394%, 02/15/2048		250		240
University of Southern California
3.028%, 10/01/2039		250		229
Univision Communications
6.750%, 09/15/2022 (A)		48		50
5.125%, 05/15/2023 (A)		150		149
5.125%, 02/15/2025 (A)		247		240
Viacom
6.250%, VAR ICE LIBOR USD 3 Month+3.899%, 02/28/2057		106		110
5.875%, VAR ICE LIBOR USD 3 Month+3.895%, 02/28/2057		80		81
5.850%, 09/01/2043		100		111
4.250%, 09/01/2023		125		129
Viking Cruises
5.875%, 09/15/2027 (A)		134		134
VOC Escrow
5.000%, 02/15/2028 (A)		70		70
Walt Disney
3.000%, 02/13/2026		100		99
Walt Disney MTN
4.125%, 06/01/2044		125		133
3.000%, 07/30/2046		150		132
2.950%, 06/15/2027		200		196
2.350%, 12/01/2022		50		49
2.300%, 02/12/2021		100		99
1.850%, 07/30/2026		100		90
1.800%, 06/05/2020		150		148
Whirlpool
3.700%, 05/01/2025		200		202
WPP Finance
3.750%, 09/19/2024		100		101
Wyndham Worldwide
4.250%, 03/01/2022		100		101
Wynn Las Vegas
5.500%, 03/01/2025 (A)		300		303
5.250%, 05/15/2027 (A)		155		153
4.250%, 05/30/2023 (A)		50		50
ZF North America Capital
4.750%, 04/29/2025 (A)		300		309
4.500%, 04/29/2022 (A)		214		220
4.000%, 04/29/2020 (A)		50		51
				56,552

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Consumer Staples — 1.7%
Alliance One International
9.875%, 07/15/2021	$	150	$	143
Altria Group
9.250%, 08/06/2019		100		110
5.375%, 01/31/2044		200		239
4.000%, 01/31/2024		100		105
2.850%, 08/09/2022		100		99
Anheuser-Busch InBev Finance
4.900%, 02/01/2046		500		565
4.700%, 02/01/2036		400		442
4.625%, 02/01/2044		100		109
3.700%, 02/01/2024		300		308
3.650%, 02/01/2026		400		405
3.300%, 02/01/2023		300		302
2.650%, 02/01/2021		300		299
2.150%, 02/01/2019		62		62
1.900%, 02/01/2019		500		498
Anheuser-Busch InBev Worldwide
8.200%, 01/15/2039		100		156
5.375%, 01/15/2020		200		211
4.439%, 10/06/2048		200		211
3.750%, 01/15/2022		250		258
3.750%, 07/15/2042		100		96
Archer-Daniels-Midland
4.479%, 03/01/2021		50		52
4.016%, 04/16/2043		100		101
3.750%, 09/15/2047		200		194
2.500%, 08/11/2026		100		94
Avon International Operations
7.875%, 08/15/2022 (A)		70		71
B&G Foods
5.250%, 04/01/2025		173		173
4.625%, 06/01/2021		100		101
Brown-Forman
4.500%, 07/15/2045		35		38
Bunge Finance
3.750%, 09/25/2027		30		30
3.500%, 11/24/2020		50		51
3.000%, 09/25/2022		230		226
Campbell Soup
4.500%, 02/15/2019		100		102
Chobani
7.500%, 04/15/2025 (A)		100		106
Clorox
3.100%, 10/01/2027		100		98
Coca-Cola
2.875%, 10/27/2025		200		197
2.450%, 11/01/2020		200		201
2.250%, 09/01/2026		50		47
1.550%, 09/01/2021		50		48

10 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Coca-Cola European Partners US
3.500%, 09/15/2020	$	100	$	102
Colgate-Palmolive MTN
4.000%, 08/15/2045		50		52
3.250%, 03/15/2024		50		51
2.300%, 05/03/2022		100		98
1.750%, 03/15/2019		50		50
Conagra Brands
3.200%, 01/25/2023		118		118
Constellation Brands
6.000%, 05/01/2022		30		34
4.500%, 05/09/2047		20		21
4.250%, 05/01/2023		90		94
4.100%, 02/15/2048		50		49
3.875%, 11/15/2019		20		20
3.750%, 05/01/2021		25		26
3.600%, 02/15/2028		50		50
3.500%, 05/09/2027		15		15
3.200%, 02/15/2023		50		50
2.700%, 05/09/2022		15		15
2.650%, 11/07/2022		100		97
Costco Wholesale
3.000%, 05/18/2027		100		98
2.300%, 05/18/2022		100		98
1.700%, 12/15/2019		100		99
Cott Holdings
5.500%, 04/01/2025 (A)		95		97
CVS Health
5.300%, 12/05/2043		50		57
5.125%, 07/20/2045		255		285
4.875%, 07/20/2035		100		108
4.000%, 12/05/2023		100		103
3.875%, 07/20/2025		200		202
2.875%, 06/01/2026		100		94
2.800%, 07/20/2020		200		200
2.750%, 12/01/2022		100		97
2.125%, 06/01/2021		50		48
Dean Foods
6.500%, 03/15/2023 (A)		147		146
Diageo Capital
2.625%, 04/29/2023		100		98
Diageo Investment
4.250%, 05/11/2042		100		108
2.875%, 05/11/2022		150		150
Dr Pepper Snapple Group
4.500%, 11/15/2045 (A)		130		134
2.550%, 09/15/2026		100		91
Energizer Holdings
5.500%, 06/15/2025 (A)		113		116
Estee Lauder
4.375%, 06/15/2045		50		55
4.150%, 03/15/2047		50		54

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.150%, 03/15/2027	$	50	$	49
Fresh Market
9.750%, 05/01/2023 (A)		100		70
General Mills
3.150%, 12/15/2021		200		202
2.600%, 10/12/2022		200		196
Hershey
3.200%, 08/21/2025		100		99
HRG Group
7.750%, 01/15/2022		200		208
Ingles Markets
5.750%, 06/15/2023		100		101
Ingredion
3.200%, 10/01/2026		100		96
JBS USA LUX
5.875%, 07/15/2024 (A)		250		251
5.750%, 06/15/2025 (A)		100		99
JM Smucker
4.375%, 03/15/2045		100		104
4.250%, 03/15/2035		20		21
3.500%, 03/15/2025		100		101
2.200%, 12/06/2019		200		199
Kellogg
4.000%, 12/15/2020		200		207
3.400%, 11/15/2027		100		98
Kimberly-Clark
6.625%, 08/01/2037		100		139
3.050%, 08/15/2025		50		49
2.750%, 02/15/2026		50		49
1.400%, 02/15/2019		35		35
Kraft Foods Group
5.000%, 06/04/2042		100		106
3.500%, 06/06/2022		100		101
Kraft Heinz Foods
6.875%, 01/26/2039		100		130
6.500%, 02/09/2040		100		126
5.200%, 07/15/2045		100		108
4.375%, 06/01/2046		60		59
3.950%, 07/15/2025		100		101
3.000%, 06/01/2026		55		52
2.800%, 07/02/2020		200		200
Kroger
4.000%, 02/01/2024		200		206
3.875%, 10/15/2046		100		92
3.700%, 08/01/2027		35		35
Kronos Acquisition Holdings
9.000%, 08/15/2023 (A)		115		113
Lamb Weston Holdings
4.875%, 11/01/2026 (A)		75		77
4.625%, 11/01/2024 (A)		145		147
McCormick
3.400%, 08/15/2027		200		198

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 11

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Mead Johnson Nutrition
4.125%, 11/15/2025	$	30	$	31
3.000%, 11/15/2020		230		232
Molson Coors Brewing
5.000%, 05/01/2042		93		103
4.200%, 07/15/2046		40		40
3.000%, 07/15/2026		200		190
1.450%, 07/15/2019		25		25
Mondelez International
4.000%, 02/01/2024		200		209
PepsiCo
5.500%, 01/15/2040		100		127
4.600%, 07/17/2045		145		164
4.500%, 01/15/2020		200		208
4.250%, 10/22/2044		100		107
4.000%, 05/02/2047		135		141
3.600%, 03/01/2024		200		206
3.500%, 07/17/2025		100		102
3.000%, 10/15/2027		250		244
2.750%, 03/05/2022		150		150
2.250%, 05/02/2022		50		49
2.000%, 04/15/2021		250		246
1.550%, 05/02/2019		50		50
1.350%, 10/04/2019		100		98
Philip Morris International
6.375%, 05/16/2038		200		265
4.500%, 03/26/2020		100		104
4.250%, 11/10/2044		50		52
4.125%, 03/04/2043		50		50
3.125%, 08/17/2027		100		97
3.125%, 03/02/2028		50		48
2.750%, 02/25/2026		50		48
2.625%, 02/18/2022		25		25
2.500%, 11/02/2022		50		49
2.375%, 08/17/2022		100		97
2.125%, 05/10/2023		25		24
2.000%, 02/21/2020		35		35
1.875%, 11/01/2019		50		49
1.875%, 02/25/2021		50		49
1.625%, 02/21/2019		50		50
1.375%, 02/25/2019		30		30
Pilgrim’s Pride
5.875%, 09/30/2027 (A)		67		67
5.750%, 03/15/2025 (A)		133		134
Post Holdings
5.750%, 03/01/2027 (A)		205		205
5.625%, 01/15/2028 (A)		208		207
5.500%, 03/01/2025 (A)		295		304
5.000%, 08/15/2026 (A)		273		267
Procter & Gamble
5.550%, 03/05/2037		100		129
3.100%, 08/15/2023		100		101

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.850%, 08/11/2027	$	100	$	97
2.450%, 11/03/2026		50		47
2.150%, 08/11/2022		100		97
1.700%, 11/03/2021		100		97
Revlon Consumer Products
5.750%, 02/15/2021		100		77
Reynolds American
6.875%, 05/01/2020		100		109
5.850%, 08/15/2045		100		122
5.700%, 08/15/2035		100		117
4.450%, 06/12/2025		100		105
3.250%, 06/12/2020		254		257
Rite Aid
6.750%, 06/15/2021		200		203
6.125%, 04/01/2023 (A)		165		154
Skandinaviska Enskilda Banken
1.875%, 09/13/2021		250		241
Spectrum Brands
5.750%, 07/15/2025		249		262
Sysco
4.850%, 10/01/2045		15		17
3.750%, 10/01/2025		25		26
3.300%, 07/15/2026		100		99
2.600%, 10/01/2020		150		150
TreeHouse Foods
6.000%, 02/15/2024 (A)		120		125
Tyson Foods
4.500%, 06/15/2022		100		106
3.950%, 08/15/2024		150		155
2.250%, 08/23/2021		35		34
Unilever Capital
5.900%, 11/15/2032		100		128
4.250%, 02/10/2021		100		104
1.375%, 07/28/2021		100		96
US Foods
5.875%, 06/15/2024 (A)		115		120
Vector Group
6.125%, 02/01/2025 (A)		180		187
Walgreens Boots Alliance
4.800%, 11/18/2044		100		106
4.650%, 06/01/2046		200		207
3.800%, 11/18/2024		100		102
3.450%, 06/01/2026		30		29
3.300%, 11/18/2021		100		101
Wal-Mart Stores
3.625%, 12/15/2047		125		128
3.300%, 04/22/2024		200		205
2.650%, 12/15/2024		250		247
2.550%, 04/11/2023		150		148
2.350%, 12/15/2022		250		246
1.900%, 12/15/2020		250		247

12 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
1.750%, 10/09/2019	$	230	$	228
				24,786
Energy — 3.4%
Alta Mesa Holdings
7.875%, 12/15/2024		80		88
Anadarko Petroleum
6.600%, 03/15/2046		150		194
6.450%, 09/15/2036		125		156
4.850%, 03/15/2021		250		263
Andeavor
5.375%, 10/01/2022		200		206
5.125%, 12/15/2026		50		55
4.500%, 04/01/2048		25		25
3.800%, 04/01/2028		230		226
Andeavor Logistics
5.200%, 12/01/2047		30		32
4.250%, 12/01/2027		15		15
3.500%, 12/01/2022		15		15
Antero Midstream Partners
5.375%, 09/15/2024		50		52
Antero Resources
5.625%, 06/01/2023		44		46
5.375%, 11/01/2021		200		205
5.125%, 12/01/2022		200		204
5.000%, 03/01/2025		150		153
Apache
5.100%, 09/01/2040		200		216
4.750%, 04/15/2043		100		104
3.250%, 04/15/2022		100		101
Ascent Resources Utica Holdings
10.000%, 04/01/2022 (A)		225		248
Baker Hughes
5.125%, 09/15/2040		100		115
4.080%, 12/15/2047 (A)		250		247
3.337%, 12/15/2027 (A)		50		49
2.773%, 12/15/2022 (A)		250		246
Blue Racer Midstream
6.125%, 11/15/2022 (A)		128		133
Boardwalk Pipelines
5.950%, 06/01/2026		100		110
BP Capital Markets
3.994%, 09/26/2023		38		40
3.723%, 11/28/2028		30		31
3.588%, 04/14/2027		100		102
3.535%, 11/04/2024		100		102
3.506%, 03/17/2025		200		204
3.245%, 05/06/2022		100		102
3.224%, 04/14/2024		100		101
3.216%, 11/28/2023		50		50
3.119%, 05/04/2026		100		99
2.520%, 09/19/2022		100		98

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.315%, 02/13/2020	$	200	$	199
2.237%, 05/10/2019		200		200
2.112%, 09/16/2021		150		147
1.768%, 09/19/2019		200		198
1.676%, 05/03/2019		47		47
California Resources
8.000%, 12/15/2022 (A)		398		334
Callon Petroleum
6.125%, 10/01/2024		100		104
Calumet Specialty Products Partners
6.500%, 04/15/2021		100		100
Canadian Natural Resources
6.250%, 03/15/2038		150		189
3.900%, 02/01/2025		100		102
3.850%, 06/01/2027		50		50
2.950%, 01/15/2023		50		49
Canadian Natural Resources MTN
4.950%, 06/01/2047		25		27
Carrizo Oil & Gas
6.250%, 04/15/2023		115		119
Cenovus Energy
5.700%, 10/15/2019		65		68
5.400%, 06/15/2047		50		53
5.250%, 06/15/2037		35		36
4.450%, 09/15/2042		105		98
4.250%, 04/15/2027		100		99
3.000%, 08/15/2022		50		49
Cheniere Corpus Christi Holdings
7.000%, 06/30/2024		150		171
5.875%, 03/31/2025		350		377
5.125%, 06/30/2027		220		227
Cheniere Energy Partners
5.250%, 10/01/2025 (A)		218		222
Chesapeake Energy
8.000%, 12/15/2022 (A)		245		263
8.000%, 01/15/2025 (A)		167		168
8.000%, 06/15/2027 (A)		198		197
Chevron
4.950%, 03/03/2019		225		232
3.326%, 11/17/2025		50		50
3.191%, 06/24/2023		100		101
2.954%, 05/16/2026		100		98
2.895%, 03/03/2024		50		50
2.566%, 05/16/2023		100		98
2.498%, 03/03/2022		50		49
2.419%, 11/17/2020		50		50
2.355%, 12/05/2022		100		98
2.193%, 11/15/2019		125		125
2.100%, 05/16/2021		100		98
1.991%, 03/03/2020		31		31
1.561%, 05/16/2019		100		99

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 13

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)	Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Cimarex Energy
3.900%, 05/15/2027	$                  55	$                  56
CNOOC Nexen Finance
4.250%, 04/30/2024	400	414
CNX Resources
8.000%, 04/01/2023	50	53
5.875%, 04/15/2022	350	360
Columbia Pipeline Group
3.300%, 06/01/2020	150	151
Comstock Resources
10.000% cash/12.250% PIK, 03/15/2020	100	104
ConocoPhillips
6.500%, 02/01/2039	225	311
4.950%, 03/15/2026	50	56
4.150%, 11/15/2034	100	106
3.350%, 11/15/2024	250	254
3.350%, 05/15/2025	95	96
2.400%, 12/15/2022	150	147
Continental Resources
4.500%, 04/15/2023	200	203
4.375%, 01/15/2028 (A)	232	231
3.800%, 06/01/2024	150	147
Covey Park Energy
7.500%, 05/15/2025 (A)	131	138
Crestwood Midstream Partners
6.250%, 04/01/2023	70	73
5.750%, 04/01/2025	105	108
CrownRock
5.625%, 10/15/2025 (A)	194	196
DCP Midstream Operating
5.850%, VAR ICE LIBOR USD 3 Month+3.850%, 05/21/2043 (A)	100	96
3.875%, 03/15/2023	100	100
Denbury Resources
9.000%, 05/15/2021 (A)	74	76
Devon Energy
5.600%, 07/15/2041	100	118
5.000%, 06/15/2045	150	167
3.250%, 05/15/2022	100	101
Devon Financing
7.875%, 09/30/2031	100	136
Diamond Offshore Drilling
7.875%, 08/15/2025	83	88
Diamondback Energy
5.375%, 05/31/2025 (A)	80	83
Eclipse Resources
8.875%, 07/15/2023	100	104
Ecopetrol
5.875%, 09/18/2023	100	110
5.875%, 05/28/2045	200	211
4.125%, 01/16/2025	225	225

Description	Face Amount (Thousands)	Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Enable Midstream Partners
2.400%, 05/15/2019	$                100	$                  99
Enbridge
5.500%, 12/01/2046	50	60
4.250%, 12/01/2026	100	103
3.700%, 07/15/2027	50	49
2.900%, 07/15/2022	50	49
Enbridge Energy Partners
9.875%, 03/01/2019	50	54
7.375%, 10/15/2045	150	205
5.500%, 09/15/2040	100	110
Encana
6.500%, 02/01/2038	200	253
Endeavor Energy Resources
5.750%, 01/30/2028 (A)	107	109
5.500%, 01/30/2026 (A)	107	108
Energy Transfer
6.125%, 12/15/2045	100	111
5.950%, 10/01/2043	100	107
5.200%, 02/01/2022	100	106
5.150%, 03/15/2045	100	99
4.900%, 03/15/2035	250	247
4.750%, 01/15/2026	150	155
4.200%, 04/15/2027	50	50
3.600%, 02/01/2023	185	184
Energy Transfer Equity
5.875%, 01/15/2024	150	162
5.500%, 06/01/2027	195	206
4.250%, 03/15/2023	198	199
EnLink Midstream Partners
4.850%, 07/15/2026	45	47
4.400%, 04/01/2024	150	153
Ensco
7.750%, 02/01/2026	260	259
5.200%, 03/15/2025	50	43
4.500%, 10/01/2024	120	103
Enterprise Products Operating
5.200%, 09/01/2020	100	106
5.100%, 02/15/2045	225	257
4.875%, VAR ICE LIBOR USD 3 Month+2.986%, 08/16/2077	200	201
4.850%, 08/15/2042	100	109
4.850%, 03/15/2044	250	274
3.950%, 02/15/2027	20	21
3.700%, 02/15/2026	100	102
3.350%, 03/15/2023	200	202
2.850%, 04/15/2021	30	30
2.550%, 10/15/2019	100	100
EOG Resources
3.150%, 04/01/2025	200	197
2.625%, 03/15/2023	100	98

14 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)	Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
EP Energy
9.375%, 05/01/2024 (A)	$                250	$                212
8.000%, 11/29/2024 (A)	30	31
8.000%, 02/15/2025 (A)	200	158
EQT
3.900%, 10/01/2027	250	245
3.000%, 10/01/2022	235	230
EQT Midstream Partners
4.125%, 12/01/2026	35	34
Extraction Oil & Gas
7.875%, 07/15/2021 (A)	1	1
5.625%, 02/01/2026 (A)	205	205
Exxon Mobil
4.114%, 03/01/2046	200	216
3.567%, 03/06/2045	50	50
3.043%, 03/01/2026	100	99
2.726%, 03/01/2023	200	199
2.709%, 03/06/2025	100	98
2.222%, 03/01/2021	40	40
1.912%, 03/06/2020	100	99
1.708%, 03/01/2019	100	99
Genesis Energy
6.750%, 08/01/2022	100	104
6.500%, 10/01/2025	170	173
Gulfport Energy
6.375%, 05/15/2025	100	102
6.000%, 10/15/2024	135	136
Halliburton
7.450%, 09/15/2039	100	144
5.000%, 11/15/2045	100	115
4.850%, 11/15/2035	100	112
3.800%, 11/15/2025	100	102
3.500%, 08/01/2023	100	102
Hess
7.125%, 03/15/2033	100	122
5.600%, 02/15/2041	50	55
4.300%, 04/01/2027	150	151
Hess Infrastructure Partners
5.625%, 02/15/2026 (A)	115	117
Hilcorp Energy I
5.750%, 10/01/2025 (A)	167	172
Holly Energy Partners
6.000%, 08/01/2024 (A)	116	121
Husky Energy
4.000%, 04/15/2024	200	206
Jonah Energy
7.250%, 10/15/2025 (A)	91	92
Jupiter Resources
8.500%, 10/01/2022 (A)	150	92
KCA Deutag UK Finance
9.875%, 04/01/2022 (A)	200	217

Description	Face Amount (Thousands)	Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Kinder Morgan
5.550%, 06/01/2045	$                100	$                110
5.300%, 12/01/2034	250	268
5.050%, 02/15/2046	90	95
4.300%, 06/01/2025	100	103
3.150%, 01/15/2023	200	198
3.050%, 12/01/2019	325	327
Kinder Morgan Energy Partners
5.500%, 03/01/2044	250	271
4.300%, 05/01/2024	200	207
4.250%, 09/01/2024	100	104
2.650%, 02/01/2019	100	100
Magellan Midstream Partners
4.200%, 10/03/2047	200	202
Marathon Oil
5.200%, 06/01/2045	50	56
4.400%, 07/15/2027	100	103
2.800%, 11/01/2022	100	98
Marathon Petroleum
6.500%, 03/01/2041	150	192
5.125%, 03/01/2021	50	53
Matador Resources
6.875%, 04/15/2023	100	105
McDermott International
8.000%, 05/01/2021 (A)	100	103
MEG Energy
7.000%, 03/31/2024 (A)	100	86
6.500%, 01/15/2025 (A)	55	54
6.375%, 01/30/2023 (A)	100	86
Moss Creek Resources Holdings
7.500%, 01/15/2026 (A)	150	156
MPLX
5.200%, 03/01/2047	50	55
4.875%, 06/01/2025	100	106
4.500%, 07/15/2023	150	157
4.125%, 03/01/2027	50	51
Murphy Oil
6.875%, 08/15/2024	85	91
5.750%, 08/15/2025	102	104
Murray Energy
11.250%, 04/15/2021 (A)	150	81
Nabors Industries
5.750%, 02/01/2025 (A)	115	113
5.500%, 01/15/2023	100	100
National Oilwell Varco
3.950%, 12/01/2042	100	89
2.600%, 12/01/2022	100	97
Navios Maritime Acquisition
8.125%, 11/15/2021 (A)	100	85
Newfield Exploration
5.375%, 01/01/2026	77	81

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 15

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Nexen Energy
6.400%, 05/15/2037	$	200	$	254
NGL Energy Partners
7.500%, 11/01/2023		120		125
NGPL PipeCo
4.875%, 08/15/2027 (A)		185		190
4.375%, 08/15/2022 (A)		40		40
Noble Energy
5.250%, 11/15/2043		100		111
5.050%, 11/15/2044		150		165
4.150%, 12/15/2021		50		52
3.900%, 11/15/2024		100		102
3.850%, 01/15/2028		200		200
Noble Holding International
7.875%, 02/01/2026 (A)		195		199
7.750%, 01/15/2024		125		116
NuStar Logistics
5.625%, 04/28/2027		90		94
Oasis Petroleum
6.875%, 03/15/2022		200		206
Occidental Petroleum
4.400%, 04/15/2046		50		54
4.100%, 02/01/2021		200		208
3.000%, 02/15/2027		100		98
2.700%, 02/15/2023		100		99
Oceaneering International
4.650%, 11/15/2024		100		97
ONEOK
6.000%, 06/15/2035		100		115
4.000%, 07/13/2027		55		55
ONEOK Partners
6.200%, 09/15/2043		50		61
Parsley Energy
5.625%, 10/15/2027 (A)		175		180
5.375%, 01/15/2025 (A)		100		101
PBF Holding
7.250%, 06/15/2025		150		158
PBF Logistics
6.875%, 05/15/2023 (A)		38		40
PDC Energy
5.750%, 05/15/2026 (A)		75		76
Peabody Energy
6.375%, 03/31/2025 (A)		155		163
6.000%, 03/31/2022 (A)		50		52
Petroleos Mexicanos
6.625%, 06/15/2035		300		318
6.500%, 03/13/2027 (A)		225		246
6.500%, 06/02/2041		260		267
6.375%, 02/04/2021		300		326
5.625%, 01/23/2046		300		276
4.500%, 01/23/2026		150		148
3.500%, 07/23/2020		250		252

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.500%, 01/30/2023	$	250	$	245
2.378%, 04/15/2025		71		70
Petroleos Mexicanos MTN
6.875%, 08/04/2026		100		113
6.750%, 09/21/2047 (A)		50		52
6.500%, 03/13/2027 (A)		200		219
5.500%, 02/04/2019		60		62
4.625%, 09/21/2023		120		123
PHI
5.250%, 03/15/2019		100		99
Phillips 66
5.875%, 05/01/2042		100		126
4.875%, 11/15/2044		100		113
4.650%, 11/15/2034		150		164
4.300%, 04/01/2022		150		158
Phillips 66 Partners
4.900%, 10/01/2046		25		27
3.550%, 10/01/2026		25		24
2.646%, 02/15/2020		150		150
Pioneer Natural Resources
3.950%, 07/15/2022		200		206
Plains All American Pipeline
4.700%, 06/15/2044		100		96
4.650%, 10/15/2025		100		104
4.500%, 12/15/2026		100		102
3.600%, 11/01/2024		100		98
2.600%, 12/15/2019		100		99
Puget Energy
5.625%, 07/15/2022		100		109
3.650%, 05/15/2025		50		50
Puget Sound Energy
4.300%, 05/20/2045		50		55
Puma International Financing
5.125%, 10/06/2024 (A)		200		204
QEP Resources
5.625%, 03/01/2026		121		123
Range Resources
5.000%, 03/15/2023		150		150
4.875%, 05/15/2025		138		134
Rowan
7.375%, 06/15/2025		100		102
RSP Permian
6.625%, 10/01/2022		150		158
Sabine Pass Liquefaction
5.750%, 05/15/2024		175		192
5.625%, 02/01/2021		225		240
5.625%, 03/01/2025		175		191
4.200%, 03/15/2028		100		100
Sable Permian Resources Land
13.000%, 11/30/2020 (A)		75		86
7.375%, 11/01/2021 (A)		100		81
7.125%, 11/01/2020 (A)		100		82

16 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Sanchez Energy
7.750%, 06/15/2021	$	100	$	98
6.125%, 01/15/2023		200		175
Schlumberger Investment
3.650%, 12/01/2023		100		104
SESI
7.750%, 09/15/2024 (A)		70		75
Seven Generations Energy
5.375%, 09/30/2025 (A)		96		97
Shell International Finance BV
6.375%, 12/15/2038		200		273
4.375%, 03/25/2020		100		104
4.375%, 05/11/2045		100		110
4.300%, 09/22/2019		150		155
4.125%, 05/11/2035		200		215
4.000%, 05/10/2046		50		52
3.750%, 09/12/2046		50		50
2.875%, 05/10/2026		50		49
2.500%, 09/12/2026		50		48
2.250%, 11/10/2020		150		149
2.250%, 01/06/2023		100		97
2.125%, 05/11/2020		200		198
1.875%, 05/10/2021		50		49
1.750%, 09/12/2021		50		48
1.375%, 05/10/2019		50		49
1.375%, 09/12/2019		50		49
SM Energy
6.750%, 09/15/2026		100		104
6.125%, 11/15/2022		30		31
5.625%, 06/01/2025		113		112
5.000%, 01/15/2024		100		99
Southwestern Energy
7.750%, 10/01/2027		80		83
7.500%, 04/01/2026		170		178
6.700%, 01/23/2025		100		102
Spectra Energy Partners
4.750%, 03/15/2024		100		107
3.500%, 03/15/2025		100		99
SRC Energy
6.250%, 12/01/2025 (A)		71		73
Statoil
4.800%, 11/08/2043		100		116
3.700%, 03/01/2024		200		207
2.250%, 11/08/2019		250		250
Summit Midstream Holdings
5.750%, 04/15/2025		90		91
Suncor Energy
6.850%, 06/01/2039		150		209
6.500%, 06/15/2038		200		267
Sunoco
5.500%, 02/15/2026 (A)		175		179
4.875%, 01/15/2023 (A)		245		249

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Sunoco Logistics Partners Operations
5.400%, 10/01/2047	$	200	$	205
5.350%, 05/15/2045		125		127
4.000%, 10/01/2027		200		196
3.900%, 07/15/2026		100		97
Tallgrass Energy Partners
5.500%, 09/15/2024 (A)		95		97
5.500%, 01/15/2028 (A)		188		188
Targa Resources Partners
6.750%, 03/15/2024		100		107
5.250%, 05/01/2023		100		102
5.125%, 02/01/2025		50		50
5.000%, 01/15/2028 (A)		100		99
4.250%, 11/15/2023		150		148
4.125%, 11/15/2019		115		115
TC PipeLines
3.900%, 05/25/2027		20		20
Total Capital International
3.750%, 04/10/2024		150		156
2.875%, 02/17/2022		100		100
2.700%, 01/25/2023		100		99
2.100%, 06/19/2019		250		250
TransCanada PipeLines
6.200%, 10/15/2037		250		323
4.875%, 01/15/2026		100		110
2.500%, 08/01/2022		100		98
2.125%, 11/15/2019		100		99
Transocean
9.000%, 07/15/2023 (A)		225		247
7.500%, 01/15/2026 (A)		157		164
Transocean Phoenix 2
7.750%, 10/15/2024 (A)		113		123
Tullow Oil
6.250%, 04/15/2022 (A)		200		205
Ultra Resources
7.125%, 04/15/2025 (A)		50		50
6.875%, 04/15/2022 (A)		150		151
Valero Energy
6.625%, 06/15/2037		100		132
3.650%, 03/15/2025		200		203
Valero Energy Partners
4.375%, 12/15/2026		20		21
Vine Oil & Gas
8.750%, 04/15/2023 (A)		100		101
Weatherford International
9.875%, 02/15/2024		80		87
8.250%, 06/15/2023		39		41
7.750%, 06/15/2021		219		233
Western Gas Partners
5.450%, 04/01/2044		150		163
4.650%, 07/01/2026		150		154
3.950%, 06/01/2025		100		99

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 17

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Whiting Petroleum
6.625%, 01/15/2026 (A)	$	183	$	187
5.750%, 03/15/2021		100		104
Williams
4.550%, 06/24/2024		300		308
Williams Partners
6.300%, 04/15/2040		100		124
4.900%, 01/15/2045		150		161
4.875%, 03/15/2024		125		130
4.300%, 03/04/2024		260		271
3.900%, 01/15/2025		100		101
3.750%, 06/15/2027		200		199
3.600%, 03/15/2022		150		152
WPX Energy
5.250%, 09/15/2024		183		185
				49,622
Financials — 7.7%
Acrisure
7.000%, 11/15/2025 (A)		125		124
Aflac
3.625%, 11/15/2024		100		102
2.400%, 03/16/2020		100		100
African Development Bank
1.875%, 03/16/2020		250		248
1.250%, 07/26/2021		100		96
1.125%, 09/20/2019		100		98
African Development Bank MTN
2.125%, 11/16/2022		100		97
Alliant Holdings Intermediate
8.250%, 08/01/2023 (A)		150		158
Allstate
5.950%, 04/01/2036		100		126
5.750%, VAR ICE LIBOR USD 3 Month+2.938%, 08/15/2053		100		109
Ally Financial
5.750%, 11/20/2025		100		107
4.625%, 03/30/2025		200		206
4.125%, 02/13/2022		200		202
3.750%, 11/18/2019		275		277
3.500%, 01/27/2019		200		201
American Equity Investment Life Holding
5.000%, 06/15/2027		55		57
American Express
4.050%, 12/03/2042		100		103
3.000%, 10/30/2024		250		245
2.650%, 12/02/2022		100		98
2.500%, 08/01/2022		100		98
2.200%, 10/30/2020		190		188
American Express Credit MTN
3.300%, 05/03/2027		130		129
2.375%, 05/26/2020		50		50

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.250%, 08/15/2019	$	100	$	100
2.250%, 05/05/2021		350		344
1.875%, 05/03/2019		115		114
American Financial Group
4.500%, 06/15/2047		50		51
3.500%, 08/15/2026		85		83
American International Group
4.500%, 07/16/2044		250		258
4.125%, 02/15/2024		100		104
3.875%, 01/15/2035		100		97
3.300%, 03/01/2021		150		152
2.300%, 07/16/2019		200		199
Ameriprise Financial
3.700%, 10/15/2024		100		102
Andina de Fomento
4.375%, 06/15/2022		100		106
2.200%, 07/18/2020		200		198
Aon
8.205%, 01/01/2027		100		130
4.600%, 06/14/2044		100		106
3.500%, 06/14/2024		200		201
Arch Capital Group
5.144%, 11/01/2043		150		170
Ares Capital
3.625%, 01/19/2022		100		99
3.500%, 02/10/2023		100		98
Asian Development Bank MTN
2.625%, 01/12/2027		200		196
2.000%, 02/16/2022		200		195
2.000%, 01/22/2025		150		143
2.000%, 04/24/2026		100		94
1.875%, 04/12/2019		100		100
1.875%, 08/10/2022		100		97
1.750%, 01/10/2020		200		198
1.750%, 09/13/2022		200		192
1.750%, 08/14/2026		100		92
1.625%, 05/05/2020		300		295
1.625%, 08/26/2020		100		98
1.625%, 03/16/2021		150		146
1.500%, 01/22/2020		350		345
ASP AMC Merger
8.000%, 05/15/2025 (A)		120		115
AssuredPartners
7.000%, 08/15/2025 (A)		64		66
Australia & New Zealand Banking Group NY
2.550%, 11/23/2021		250		247
Australia & New Zealand Banking Group NY MTN
3.700%, 11/16/2025		250		257
AXIS Specialty Finance
4.000%, 12/06/2027		50		49

18 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Banco Santander
5.179%, 11/19/2025	$	200	$	214
3.800%, 02/23/2028		200		199
3.125%, 02/23/2023		200		197
Bank of America
7.750%, 05/14/2038		275		407
6.110%, 01/29/2037		150		188
3.419%, VAR ICE LIBOR USD 3 Month+1.040%, 12/20/2028 (A)		271		266
3.366%, VAR ICE LIBOR USD 3 Month+0.810%, 01/23/2026		100		100
3.004%, VAR ICE LIBOR USD 3 Month+0.790%, 12/20/2023 (A)		217		215
2.738%, VAR ICE LIBOR USD 3 Month+0.370%, 01/23/2022		100		99
Bank of America MTN
5.000%, 01/21/2044		150		176
4.750%, 04/21/2045		40		44
4.443%, VAR ICE LIBOR USD 3 Month+1.990%, 01/20/2048		200		218
4.244%, VAR ICE LIBOR USD 3 Month+1.814%, 04/24/2038		100		106
4.183%, 11/25/2027		150		154
4.100%, 07/24/2023		415		435
4.000%, 04/01/2024		285		296
4.000%, 01/22/2025		250		256
3.875%, 08/01/2025		100		103
3.824%, VAR ICE LIBOR USD 3 Month+1.575%, 01/20/2028		200		204
3.705%, VAR ICE LIBOR USD 3 Month+1.512%, 04/24/2028		200		202
3.500%, 04/19/2026		300		302
3.248%, 10/21/2027		200		195
3.093%, VAR ICE LIBOR USD 3 Month+1.090%, 10/01/2025		200		196
2.881%, VAR ICE LIBOR USD 3 Month+1.021%, 04/24/2023		100		99
2.650%, 04/01/2019		300		301
2.625%, 10/19/2020		100		100
2.625%, 04/19/2021		100		99
2.369%, VAR ICE LIBOR USD 3 Month+0.660%, 07/21/2021		200		199
2.328%, VAR ICE LIBOR USD 3 Month+0.630%, 10/01/2021		200		198
2.250%, 04/21/2020		150		149
2.151%, 11/09/2020		250		247
Bank of Montreal MTN
2.350%, 09/11/2022		300		291
2.100%, 12/12/2019		65		65
1.900%, 08/27/2021		100		97
1.750%, 09/11/2019		100		99
Bank of New York Mellon
3.550%, 09/23/2021		100		103

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Bank of New York Mellon MTN
3.442%, VAR ICE LIBOR USD 3 Month+1.069%, 02/07/2028	$	100	$	100
3.300%, 08/23/2029		200		194
3.000%, 02/24/2025		150		148
3.000%, 10/30/2028		85		81
2.800%, 05/04/2026		50		48
2.661%, VAR ICE LIBOR USD 3 Month+0.634%, 05/16/2023		200		197
2.600%, 08/17/2020		200		200
2.600%, 02/07/2022		100		99
2.450%, 11/27/2020		50		50
2.300%, 09/11/2019		200		200
2.050%, 05/03/2021		50		49
Bank of Nova Scotia
4.650%, VAR ICE LIBOR USD 3 Month+2.648%, 12/29/2049		300		297
2.800%, 07/21/2021		50		50
2.450%, 03/22/2021		250		248
2.450%, 09/19/2022		200		195
2.150%, 07/14/2020		200		198
1.875%, 04/26/2021		300		292
1.650%, 06/14/2019		150		148
Barclays
5.250%, 08/17/2045		200		225
4.836%, 05/09/2028		200		205
4.375%, 01/12/2026		200		205
4.337%, 01/10/2028		200		204
3.650%, 03/16/2025		250		246
3.250%, 01/12/2021		300		301
2.650%, 01/11/2021		200		199
BB&T MTN
2.850%, 10/26/2024		200		196
2.625%, 06/29/2020		100		100
2.450%, 01/15/2020		150		150
2.150%, 02/01/2021		200		197
Berkshire Hathaway
4.500%, 02/11/2043		50		56
3.125%, 03/15/2026		35		34
3.000%, 02/11/2023		150		151
2.750%, 03/15/2023		200		199
2.200%, 03/15/2021		35		35
2.100%, 08/14/2019		200		199
Berkshire Hathaway Finance
4.250%, 01/15/2021		100		105
1.700%, 03/15/2019		60		59
BlackRock
3.500%, 03/18/2024		200		206
BNP Paribas
2.375%, 05/21/2020		200		199
BNP Paribas MTN
5.000%, 01/15/2021		150		159

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 19

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.450%, 03/17/2019	$	300	$	301
Branch Banking & Trust
3.625%, 09/16/2025		250		254
2.625%, 01/15/2022		250		248
Brighthouse Financial
4.700%, 06/22/2047 (A)		50		49
3.700%, 06/22/2027 (A)		50		48
Brookfield Finance
4.700%, 09/20/2047		200		202
4.000%, 04/01/2024		100		102
Canadian Imperial Bank of Commerce
2.100%, 10/05/2020		250		247
1.600%, 09/06/2019		100		98
Capital One
2.650%, 08/08/2022		250		244
2.250%, 09/13/2021		250		243
Capital One Bank USA
2.250%, 02/13/2019		350		350
Capital One Financial
3.750%, 07/28/2026		50		49
3.750%, 03/09/2027		50		50
3.200%, 02/05/2025		100		97
3.050%, 03/09/2022		200		199
2.500%, 05/12/2020		49		48
Cboe Global Markets
1.950%, 06/28/2019		30		30
Charles Schwab
3.450%, 02/13/2026		70		70
3.200%, 03/02/2027		100		99
Chubb INA Holdings
3.350%, 05/15/2024		200		202
3.150%, 03/15/2025		100		99
2.300%, 11/03/2020		200		199
CIT Group
5.000%, 08/01/2023		200		209
3.875%, 02/19/2019		100		101
Citibank
2.125%, 10/20/2020		200		197
2.100%, 06/12/2020		300		296
2.000%, 03/20/2019		250		249
1.850%, 09/18/2019		250		248
Citigroup
6.675%, 09/13/2043		90		122
6.125%, 08/25/2036		200		249
4.750%, 05/18/2046		250		271
4.650%, 07/30/2045		100		112
4.600%, 03/09/2026		35		37
4.450%, 09/29/2027		500		521
3.875%, 03/26/2025		300		302
3.700%, 01/12/2026		300		304
3.668%, VAR ICE LIBOR USD 3 Month+1.390%, 07/24/2028		50		50

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.520%, VAR ICE LIBOR USD 3 Month+1.151%, 10/27/2028	$	200	$	198
3.400%, 05/01/2026		150		148
3.300%, 04/27/2025		300		297
3.200%, 10/21/2026		200		195
2.900%, 12/08/2021		300		299
2.876%, VAR ICE LIBOR USD 3 Month+0.950%, 07/24/2023		250		246
2.700%, 03/30/2021		100		99
2.700%, 10/27/2022		200		196
2.650%, 10/26/2020		200		200
2.350%, 08/02/2021		50		49
Citizens Bank
2.250%, 03/02/2020		250		248
Citizens Financial Group
2.375%, 07/28/2021		30		29
CME Group
3.000%, 03/15/2025		100		99
CNA Financial
4.500%, 03/01/2026		100		105
3.450%, 08/15/2027		50		48
CNO Financial Group
5.250%, 05/30/2025		90		92
Commonwealth Bank of Australia MTN
2.300%, 03/12/2020		250		248
Cooperatieve Rabobank
5.250%, 08/04/2045		250		296
4.625%, 12/01/2023		250		265
3.750%, 07/21/2026		250		247
Cooperatieve Rabobank MTN
3.875%, 02/08/2022		250		259
2.500%, 01/19/2021		250		248
Credit Suisse MTN
3.625%, 09/09/2024		250		254
Credit Suisse Group Funding Guernsey
4.875%, 05/15/2045		250		278
3.800%, 06/09/2023		250		255
3.750%, 03/26/2025		250		250
3.450%, 04/16/2021		250		253
Deutsche Bank
4.500%, 04/01/2025		200		201
Deutsche Bank MTN
4.296%, VAR USD Swap Semi 30/360 5 Year Curr+2.248%, 05/24/2028		300		295
3.700%, 05/30/2024		250		249
3.375%, 05/12/2021		100		100
2.850%, 05/10/2019		100		100
Deutsche Bank NY
4.875%, VAR USD ICE Swap 11:00 NY 5 Yr+2.553%, 12/01/2032		200		197
3.300%, 11/16/2022		200		198
3.150%, 01/22/2021		200		200

20 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.700%, 07/13/2020	$	100	$	99
Discover Bank
4.200%, 08/08/2023		250		259
Discover Financial Services
4.100%, 02/09/2027		40		40
3.850%, 11/21/2022		100		102
E*TRADE Financial
3.800%, 08/24/2027		200		197
2.950%, 08/24/2022		25		25
European Bank for Reconstruction & Development MTN
2.125%, 03/07/2022		250		245
2.000%, 02/01/2021		200		197
1.750%, 06/14/2019		100		100
1.750%, 11/26/2019		200		198
1.625%, 05/05/2020		300		295
0.875%, 07/22/2019		250		245
European Investment Bank
2.875%, 09/15/2020		125		127
2.500%, 03/15/2023		180		178
2.375%, 06/15/2022		250		247
2.250%, 03/15/2022		400		394
2.125%, 10/15/2021		500		492
2.000%, 03/15/2021		150		148
2.000%, 12/15/2022		300		291
1.875%, 02/10/2025		400		376
1.750%, 06/17/2019		200		199
1.750%, 05/15/2020		600		592
1.625%, 03/16/2020		100		99
1.625%, 08/14/2020		300		294
1.625%, 12/15/2020		500		489
1.625%, 06/15/2021		150		146
1.375%, 06/15/2020		300		293
1.250%, 12/16/2019		250		245
European Investment Bank MTN
1.375%, 09/15/2021		250		240
FBM Finance
8.250%, 08/15/2021 (A)		130		138
Fifth Third Bancorp
2.875%, 07/27/2020		150		151
Fifth Third Bank
2.200%, 10/30/2020		200		198
1.625%, 09/27/2019		200		197
First Republic Bank
4.625%, 02/13/2047		250		260
Franklin Resources
2.850%, 03/30/2025		150		147
Goldman Sachs Group
6.750%, 10/01/2037		625		825
6.250%, 02/01/2041		100		132
5.750%, 01/24/2022		130		143
4.750%, 10/21/2045		100		112

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.017%, VAR ICE LIBOR USD 3 Month+1.373%, 10/31/2038	$	200	$	201
3.814%, VAR ICE LIBOR USD 3 Month+1.158%, 04/23/2029		100		100
3.750%, 05/22/2025		250		253
3.750%, 02/25/2026		60		61
3.691%, VAR ICE LIBOR USD 3 Month+1.510%, 06/05/2028		100		99
3.500%, 01/23/2025		300		300
3.500%, 11/16/2026		300		296
3.272%, VAR ICE LIBOR USD 3 Month+1.201%, 09/29/2025		145		142
3.200%, 02/23/2023		55		55
3.000%, 04/26/2022		85		84
2.908%, VAR ICE LIBOR USD 3 Month+1.053%, 06/05/2023		150		147
2.876%, VAR ICE LIBOR USD 3 Month+0.821%, 10/31/2022		200		197
2.875%, 02/25/2021		100		100
2.600%, 04/23/2020		300		299
2.600%, 12/27/2020		200		199
2.550%, 10/23/2019		200		200
2.350%, 11/15/2021		200		195
2.300%, 12/13/2019		210		209
Goldman Sachs Group MTN
6.000%, 06/15/2020		350		375
4.800%, 07/08/2044		100		113
3.850%, 07/08/2024		200		204
Hartford Financial Services Group
5.500%, 03/30/2020		150		159
4.300%, 04/15/2043		100		104
HSBC
2.375%, 11/13/2019		300		299
2.350%, 03/05/2020		350		349
HSBC Holdings
6.500%, 05/02/2036		200		256
6.500%, 09/15/2037		225		289
5.250%, 03/14/2044		200		229
4.375%, 11/23/2026		200		206
4.300%, 03/08/2026		400		419
3.033%, VAR ICE LIBOR USD 3 Month+0.923%, 11/22/2023		200		198
2.950%, 05/25/2021		250		250
2.650%, 01/05/2022		200		197
HUB International
7.875%, 10/01/2021 (A)		250		260
Hunt
6.250%, 02/15/2026 (A)		95		95
Huntington Bancshares
2.300%, 01/14/2022		250		243
Huntington National Bank
2.500%, 08/07/2022		250		244
2.375%, 03/10/2020		250		248

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 21

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Industrial & Commercial Bank of China
2.452%, 10/20/2021	$	250	$	243
Intelsat Connect Finance
12.500%, 04/01/2022 (A)		150		115
Inter-American Development Bank
3.200%, 08/07/2042		100		98
3.000%, 02/21/2024		300		304
2.375%, 07/07/2027		400		384
1.875%, 03/15/2021		100		98
1.000%, 05/13/2019		500		493
Inter-American Development Bank MTN
2.125%, 01/18/2022		250		246
1.750%, 10/15/2019		700		694
1.750%, 09/14/2022		200		192
1.625%, 05/12/2020		100		99
Intercontinental Exchange
3.750%, 12/01/2025		55		57
3.100%, 09/15/2027		100		98
2.750%, 12/01/2020		55		55
2.350%, 09/15/2022		100		98
International Bank for Reconstruction & Development
2.500%, 11/25/2024		200		196
2.500%, 07/29/2025		150		147
2.125%, 11/01/2020		450		447
2.000%, 01/26/2022		200		196
1.875%, 03/15/2019		500		499
1.875%, 04/21/2020		300		297
1.750%, 04/19/2023		350		334
1.625%, 02/10/2022		200		193
1.250%, 07/26/2019		350		345
International Bank for Reconstruction & Development MTN
1.875%, 10/27/2026		200		185
1.625%, 09/04/2020		600		589
1.625%, 03/09/2021		350		341
1.375%, 05/24/2021		250		241
1.125%, 11/27/2019		250		245
0.875%, 08/15/2019		500		490
International Finance
1.750%, 09/16/2019		100		99
International Finance MTN
2.000%, 10/24/2022		200		194
1.125%, 07/20/2021		100		96
Intesa Sanpaolo MTN
5.710%, 01/15/2026 (A)		200		210
5.017%, 06/26/2024 (A)		400		409
Invesco Finance
5.375%, 11/30/2043		150		180
Jefferies Group
6.875%, 04/15/2021		100		111
4.850%, 01/15/2027		135		142

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
JPMorgan Chase
6.400%, 05/15/2038	$	100	$	135
6.300%, 04/23/2019		200		209
5.625%, 08/16/2043		190		232
4.950%, 06/01/2045		200		226
4.625%, 05/10/2021		150		159
4.350%, 08/15/2021		100		105
4.250%, 10/01/2027		295		308
4.032%, VAR ICE LIBOR USD 3 Month+1.460%, 07/24/2048		100		102
3.964%, VAR ICE LIBOR USD 3 Month+1.380%, 11/15/2048		100		101
3.900%, 07/15/2025		100		104
3.897%, VAR ICE LIBOR USD 3 Month+1.220%, 01/23/2049		150		150
3.882%, VAR ICE LIBOR USD 3 Month+1.360%, 07/24/2038		100		101
3.875%, 02/01/2024		200		207
3.625%, 05/13/2024		425		434
3.540%, VAR ICE LIBOR USD 3 Month+1.380%, 05/01/2028		150		150
3.509%, VAR ICE LIBOR USD 3 Month+0.945%, 01/23/2029		125		124
3.300%, 04/01/2026		150		148
3.250%, 09/23/2022		200		202
3.125%, 01/23/2025		200		198
2.950%, 10/01/2026		200		192
2.776%, VAR ICE LIBOR USD 3 Month+0.935%, 04/25/2023		113		112
2.750%, 06/23/2020		100		100
2.700%, 05/18/2023		250		245
2.550%, 10/29/2020		485		483
2.550%, 03/01/2021		200		199
2.250%, 01/23/2020		350		348
2.200%, 10/22/2019		250		249
1.850%, 03/22/2019		150		149
JPMorgan Chase Bank
2.604%, VAR ICE LIBOR USD 3 Month+0.280%, 02/01/2021		250		250
1.650%, 09/23/2019		250		247
Jurassic Holdings III
6.875%, 02/15/2021 (A)		50		45
Kemper
4.350%, 02/15/2025		35		35
KeyBank
2.500%, 12/15/2019		250		249
2.300%, 09/14/2022		250		242
KeyCorp MTN
2.900%, 09/15/2020		200		201
Korea Development Bank
2.500%, 03/11/2020		200		198
2.000%, 09/12/2026		200		177

22 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Kreditanstalt fuer Wiederaufbau
3.183%, 04/18/2036 (B)	$	200	$	114
2.750%, 10/01/2020		200		202
2.500%, 11/20/2024		300		294
2.125%, 03/07/2022		500		491
2.125%, 01/17/2023		150		146
2.000%, 11/30/2021		50		49
2.000%, 09/29/2022		300		291
2.000%, 10/04/2022		250		243
2.000%, 05/02/2025		250		237
1.875%, 04/01/2019		525		523
1.625%, 05/29/2020		400		393
1.625%, 03/15/2021		250		243
1.500%, 02/06/2019		150		149
1.500%, 09/09/2019		300		296
1.500%, 06/15/2021		500		484
1.250%, 09/30/2019		250		246
Kreditanstalt fuer Wiederaufbau MTN
1.750%, 03/31/2020		200		198
1.500%, 04/20/2020		1,500		1,473
Ladder Capital Finance Holdings LLLP
5.250%, 03/15/2022 (A)		95		97
Landwirtschaftliche Rentenbank
2.500%, 11/15/2027		200		193
2.375%, 06/10/2025		150		145
2.250%, 10/01/2021		150		149
2.000%, 01/13/2025		100		95
Lazard Group
3.750%, 02/13/2025		50		50
Legg Mason
4.750%, 03/15/2026		50		53
Leucadia National
5.500%, 10/18/2023		100		107
Lincoln National
3.625%, 12/12/2026		50		50
3.350%, 03/09/2025		150		149
Lloyds Banking Group
4.650%, 03/24/2026		200		207
4.344%, 01/09/2048		200		200
3.750%, 01/11/2027		200		199
3.100%, 07/06/2021		300		301
Loews
2.625%, 05/15/2023		100		98
LPL Holdings
5.750%, 09/15/2025 (A)		230		235
Manufacturers & Traders Trust
2.100%, 02/06/2020		250		248
Manulife Financial
4.061%, VAR USD Swap Semi 30/360 5 Year Curr+1.647%, 02/24/2032		100		99
Markel
5.000%, 04/05/2046		100		110

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Marsh & McLennan
4.350%, 01/30/2047	$	20	$	22
3.750%, 03/14/2026		100		102
2.750%, 01/30/2022		30		30
2.350%, 03/06/2020		100		99
MetLife
4.875%, 11/13/2043		100		112
4.600%, 05/13/2046		100		108
4.368%, 09/15/2023		285		303
4.050%, 03/01/2045		100		100
3.600%, 04/10/2024		200		204
3.600%, 11/13/2025		100		102
Mitsubishi UFJ Financial Group
3.850%, 03/01/2026		200		203
3.677%, 02/22/2027		100		100
2.998%, 02/22/2022		100		99
2.950%, 03/01/2021		200		200
2.665%, 07/25/2022		200		196
Mizuho Financial Group
3.663%, 02/28/2027		200		200
3.170%, 09/11/2027		300		288
2.601%, 09/11/2022		200		194
Moody’s
3.250%, 01/15/2028 (A)		35		34
2.750%, 12/15/2021		100		99
2.625%, 01/15/2023 (A)		50		49
Morgan Stanley
5.750%, 01/25/2021		175		189
3.625%, 01/20/2027		150		151
2.800%, 06/16/2020		150		150
2.650%, 01/27/2020		200		200
Morgan Stanley MTN
6.375%, 07/24/2042		250		340
5.500%, 07/24/2020		275		293
4.875%, 11/01/2022		165		176
4.350%, 09/08/2026		340		352
4.300%, 01/27/2045		100		106
4.000%, 07/23/2025		155		160
3.971%, VAR ICE LIBOR USD 3 Month+1.455%, 07/22/2038		200		204
3.875%, 01/27/2026		250		256
3.772%, VAR ICE LIBOR USD 3 Month+1.140%, 01/24/2029		200		201
3.125%, 01/23/2023		200		199
3.125%, 07/27/2026		200		193
2.625%, 11/17/2021		300		296
2.500%, 04/21/2021		210		207
2.450%, 02/01/2019		600		601
2.375%, 07/23/2019		300		299
MSCI
5.750%, 08/15/2025 (A)		62		66
5.250%, 11/15/2024 (A)		150		156

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 23

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.750%, 08/01/2026 (A)	$	130	$	132
National Australia Bank MTN
2.625%, 01/14/2021		300		299
2.500%, 05/22/2022		250		244
2.500%, 07/12/2026		250		233
2.125%, 05/22/2020		250		248
National Bank of Canada
2.150%, 06/12/2020		250		247
National Rural Utilities Cooperative Finance
3.400%, 02/07/2028		100		100
2.950%, 02/07/2024		30		29
National Rural Utilities Cooperative Finance MTN
3.250%, 11/01/2025		200		201
2.300%, 09/15/2022		70		68
Nationstar Mortgage
6.500%, 07/01/2021		100		101
Navient
7.250%, 09/25/2023		100		108
6.750%, 06/25/2025		105		110
6.500%, 06/15/2022		321		339
5.875%, 03/25/2021		100		103
5.875%, 10/25/2024		100		100
5.000%, 10/26/2020		100		102
Navient MTN
6.125%, 03/25/2024		100		102
4.875%, 06/17/2019		100		101
NFP
6.875%, 07/15/2025 (A)		108		111
Nomura Holdings MTN
2.750%, 03/19/2019		300		300
Nordic Investment Bank
1.625%, 11/20/2020		200		196
1.125%, 02/25/2019		200		198
Northern Trust
3.375%, VAR ICE LIBOR USD 3 Month+1.131%, 05/08/2032		163		159
Oesterreichische Kontrollbank
1.875%, 01/20/2021		300		295
1.750%, 01/24/2020		200		198
1.375%, 02/10/2020		100		98
Old Republic International
3.875%, 08/26/2026		50		49
OneMain Financial Holdings
7.250%, 12/15/2021 (A)		150		155
ORIX
3.700%, 07/18/2027		50		49
2.900%, 07/18/2022		30		30
PNC Bank
3.300%, 10/30/2024		250		251
3.100%, 10/25/2027		200		195
2.625%, 02/17/2022		250		248

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.450%, 11/05/2020	$	250	$	249
2.450%, 07/28/2022		250		245
2.250%, 07/02/2019		250		249
2.150%, 04/29/2021		250		245
Principal Financial Group
3.400%, 05/15/2025		150		149
Private Export Funding
2.300%, 09/15/2020		150		149
Progressive
3.700%, 01/26/2045		50		49
2.450%, 01/15/2027		150		140
Prudential Financial
5.875%, VAR ICE LIBOR USD 3 Month+4.175%, 09/15/2042		100		109
5.625%, VAR ICE LIBOR USD 3 Month+3.920%, 06/15/2043		200		218
4.500%, VAR ICE LIBOR USD 3 Month+2.380%, 09/15/2047		200		203
Prudential Financial MTN
5.700%, 12/14/2036		100		124
4.600%, 05/15/2044		50		55
3.500%, 05/15/2024		100		102
2.350%, 08/15/2019		100		100
Quicken Loans
5.750%, 05/01/2025 (A)		250		255
5.250%, 01/15/2028 (A)		200		195
Raymond James Financial
4.950%, 07/15/2046		50		56
Regions Financial
3.200%, 02/08/2021		150		151
2.750%, 08/14/2022		200		198
Reinsurance Group of America
3.950%, 09/15/2026		30		30
RenaissanceRe Finance
3.450%, 07/01/2027		30		29
Royal Bank of Canada
2.300%, 03/22/2021		150		149
2.100%, 10/14/2020		200		197
2.000%, 10/01/2018		125		125
Royal Bank of Canada MTN
2.750%, 02/01/2022		100		100
2.350%, 10/30/2020		250		248
2.150%, 10/26/2020		215		213
Royal Bank of Scotland Group
6.100%, 06/10/2023		200		217
6.000%, 12/19/2023		375		409
5.125%, 05/28/2024		300		313
4.800%, 04/05/2026		200		212
3.498%, VAR ICE LIBOR USD 3 Month+1.480%, 05/15/2023		200		199
S&P Global
4.400%, 02/15/2026		100		107

24 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.000%, 06/15/2025	$	50	$	52
Santander Holdings USA
4.400%, 07/13/2027 (A)		50		51
3.700%, 03/28/2022 (A)		30		30
3.400%, 01/18/2023 (A)		100		99
2.700%, 05/24/2019		100		100
2.650%, 04/17/2020		100		99
Santander UK
2.375%, 03/16/2020		150		149
Santander UK Group Holdings
3.823%, VAR ICE LIBOR USD 3 Month+1.400%, 11/03/2028		200		196
2.875%, 10/16/2020		100		100
Santander UK Group Holdings MTN
3.125%, 01/08/2021		300		300
Springleaf Finance
8.250%, 12/15/2020		200		221
7.750%, 10/01/2021		100		110
6.125%, 05/15/2022		120		124
5.625%, 03/15/2023		200		201
5.250%, 12/15/2019		100		103
Starwood Property Trust
5.000%, 12/15/2021		55		57
4.750%, 03/15/2025 (A)		188		186
3.625%, 02/01/2021 (A)		70		70
Stifel Financial
4.250%, 07/18/2024		50		51
Sumitomo Mitsui Banking
2.450%, 01/16/2020		250		249
Sumitomo Mitsui Financial Group
3.784%, 03/09/2026		100		101
3.446%, 01/11/2027		150		148
3.364%, 07/12/2027		200		196
2.934%, 03/09/2021		100		100
2.784%, 07/12/2022		200		197
2.778%, 10/18/2022		200		196
2.632%, 07/14/2026		100		93
2.442%, 10/19/2021		250		245
2.058%, 07/14/2021		250		242
SunTrust Bank
2.900%, 03/03/2021		150		150
2.700%, 01/27/2022		100		99
2.450%, 08/01/2022		100		98
Svenska Handelsbanken MTN
2.250%, 06/17/2019		250		249
1.875%, 09/07/2021		250		242
Synchrony Financial
4.250%, 08/15/2024		100		103
3.950%, 12/01/2027		100		98
3.700%, 08/04/2026		100		97
2.700%, 02/03/2020		100		100

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
TD Ameritrade Holding
2.950%, 04/01/2022	$	100	$	100
Tempo Acquisition
6.750%, 06/01/2025 (A)		95		97
Toronto-Dominion Bank
3.625%, VAR USD Swap Semi 30/360 5 Year Curr+2.205%, 09/15/2031		150		147
Toronto-Dominion Bank MTN
2.500%, 12/14/2020		150		150
2.250%, 11/05/2019		100		100
2.125%, 04/07/2021		150		147
1.900%, 10/24/2019		200		198
1.850%, 09/11/2020		200		196
Travelers
4.000%, 05/30/2047		40		41
3.750%, 05/15/2046		25		25
Travelers MTN
6.250%, 06/15/2037		200		266
Trinity Acquisition
4.400%, 03/15/2026		150		155
UBS MTN
2.375%, 08/14/2019		500		499
UniCredit
5.861%, VAR USD ICE Swap 11:00 NY 5 Yr+3.703%, 06/19/2032 (A)		200		213
Unum Group
3.000%, 05/15/2021		30		30
US Bancorp MTN
3.600%, 09/11/2024		150		153
3.150%, 04/27/2027		200		196
2.950%, 07/15/2022		200		199
2.375%, 07/22/2026		150		139
2.200%, 04/25/2019		250		250
US Bank MTN
2.050%, 10/23/2020		250		247
USIS Merger
6.875%, 05/01/2025 (A)		170		175
Vantiv
4.375%, 11/15/2025 (A)		200		198
VFH Parent
6.750%, 06/15/2022 (A)		80		84
Voya Financial
5.650%, VAR ICE LIBOR USD 3 Month+3.580%, 05/15/2053		100		106
3.125%, 07/15/2024		100		98
Wells Fargo
5.606%, 01/15/2044		150		183
5.375%, 11/02/2043		280		332
3.900%, 05/01/2045		150		152
3.000%, 04/22/2026		250		242
3.000%, 10/23/2026		250		242
2.600%, 01/15/2021		300		299

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 25

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.500%, 03/04/2021	$	250	$	248
2.400%, 01/15/2020		300		299
1.750%, 05/24/2019		250		248
Wells Fargo MTN
4.900%, 11/17/2045		165		186
4.300%, 07/22/2027		100		105
4.125%, 08/15/2023		250		260
4.100%, 06/03/2026		235		242
3.584%, VAR ICE LIBOR USD 3 Month+1.310%, 05/22/2028		75		75
3.450%, 02/13/2023		300		302
3.000%, 02/19/2025		100		98
2.625%, 07/22/2022		190		187
2.600%, 07/22/2020		250		250
2.150%, 01/30/2020		400		397
Wells Fargo Capital X
5.950%, 12/15/2036		250		284
Westpac Banking
3.350%, 03/08/2027		100		99
2.850%, 05/13/2026		200		191
2.750%, 01/11/2023		100		98
2.700%, 08/19/2026		100		94
2.600%, 11/23/2020		50		50
2.500%, 06/28/2022		100		98
2.150%, 03/06/2020		100		99
2.100%, 05/13/2021		50		49
2.000%, 08/19/2021		100		97
1.650%, 05/13/2019		50		50
1.600%, 08/19/2019		100		99
Willis North America
3.600%, 05/15/2024		50		50
XLIT
5.500%, 03/31/2045		100		105
4.450%, 03/31/2025		100		101
				112,647
Health Care – 2.9%
Abbott Laboratories
5.125%, 04/01/2019		100		103
4.900%, 11/30/2046		200		228
4.750%, 11/30/2036		100		111
4.750%, 04/15/2043		100		108
3.750%, 11/30/2026		150		151
3.400%, 11/30/2023		100		101
2.950%, 03/15/2025		100		97
2.900%, 11/30/2021		100		100
2.800%, 09/15/2020		150		150
2.350%, 11/22/2019		100		100
2.000%, 03/15/2020		100		99
AbbVie
4.700%, 05/14/2045		135		148
4.500%, 05/14/2035		140		151

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.450%, 05/14/2046	$	150	$	160
4.400%, 11/06/2042		150		157
4.300%, 05/14/2036		50		53
3.600%, 05/14/2025		100		101
3.200%, 11/06/2022		45		45
3.200%, 05/14/2026		100		97
2.900%, 11/06/2022		100		99
2.850%, 05/14/2023		50		49
2.500%, 05/14/2020		100		100
2.300%, 05/14/2021		100		98
Acadia Healthcare
5.625%, 02/15/2023		100		101
Actavis
3.250%, 10/01/2022		50		50
Aetna
3.875%, 08/15/2047		145		138
2.800%, 06/15/2023		25		24
2.200%, 03/15/2019		150		150
Agilent Technologies
3.050%, 09/22/2026		65		61
AHS Hospital
5.024%, 07/01/2045		25		29
Allergan Funding SCS
4.850%, 06/15/2044		50		53
4.750%, 03/15/2045		200		211
4.550%, 03/15/2035		300		314
3.850%, 06/15/2024		100		101
3.800%, 03/15/2025		200		201
3.450%, 03/15/2022		200		201
3.000%, 03/12/2020		300		301
AMAG Pharmaceuticals
7.875%, 09/01/2023 (A)		65		62
AmerisourceBergen
4.250%, 03/01/2045		25		24
3.450%, 12/15/2027		50		48
3.400%, 05/15/2024		100		101
Amgen
5.150%, 11/15/2041		200		232
4.563%, 06/15/2048		100		108
4.400%, 05/01/2045		125		132
3.875%, 11/15/2021		100		103
3.625%, 05/22/2024		150		154
3.200%, 11/02/2027		200		195
3.125%, 05/01/2025		150		148
2.650%, 05/11/2022		150		148
2.600%, 08/19/2026		100		94
2.250%, 08/19/2023		100		95
2.200%, 05/22/2019		150		150
1.850%, 08/19/2021		50		48
Anthem
5.100%, 01/15/2044		150		171
4.650%, 01/15/2043		150		162

26 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.500%, 08/15/2024	$	150	$	151
3.300%, 01/15/2023		100		100
2.250%, 08/15/2019		100		100
Ascension Health
3.945%, 11/15/2046		60		62
AstraZeneca
6.450%, 09/15/2037		200		265
4.375%, 11/16/2045		100		105
3.375%, 11/16/2025		100		99
2.375%, 11/16/2020		100		100
Avantor
9.000%, 10/01/2025 (A)		411		407
6.000%, 10/01/2024 (A)		235		237
Baxalta
5.250%, 06/23/2045		300		346
2.875%, 06/23/2020		50		50
Baxter International
3.500%, 08/15/2046		100		90
Becton Dickinson
4.685%, 12/15/2044		50		53
4.669%, 06/06/2047		50		53
3.734%, 12/15/2024		150		150
3.700%, 06/06/2027		100		98
3.363%, 06/06/2024		50		49
3.125%, 11/08/2021		100		100
3.000%, 05/15/2026 (A)		50		50
2.894%, 06/06/2022		65		64
2.675%, 12/15/2019		88		88
2.404%, 06/05/2020		35		35
2.133%, 06/06/2019		50		50
Biogen
5.200%, 09/15/2045		100		116
3.625%, 09/15/2022		200		206
Boston Scientific
6.000%, 01/15/2020		100		106
3.850%, 05/15/2025		100		102
Bristol-Myers Squibb
4.500%, 03/01/2044		50		57
3.250%, 02/27/2027		100		100
3.250%, 08/01/2042		100		93
1.750%, 03/01/2019		50		50
Cardinal Health
3.410%, 06/15/2027		200		193
2.616%, 06/15/2022		200		195
2.400%, 11/15/2019		150		149
Catholic Health Initiatives
2.950%, 11/01/2022		200		195
Celgene
5.000%, 08/15/2045		150		166
4.350%, 11/15/2047		50		50
3.875%, 08/15/2025		150		153
3.625%, 05/15/2024		150		152

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.450%, 11/15/2027	$	50	$	49
2.875%, 08/15/2020		100		100
2.750%, 02/15/2023		50		49
2.250%, 05/15/2019		100		100
Centene
6.125%, 02/15/2024		176		187
5.625%, 02/15/2021		154		158
4.750%, 05/15/2022		190		198
4.750%, 01/15/2025		190		193
Change Healthcare Holdings
5.750%, 03/01/2025 (A)		215		219
CHS
6.875%, 02/01/2022		500		355
6.250%, 03/31/2023		565		523
5.125%, 08/01/2021		100		93
Cigna
3.875%, 10/15/2047		250		239
3.250%, 04/15/2025		150		148
3.050%, 10/15/2027		230		219
Concordia International
9.500%, 10/21/2022 (A)		175		17
Covidien International Finance
6.550%, 10/15/2037		50		68
Danaher
4.375%, 09/15/2045		20		22
3.350%, 09/15/2025		20		20
2.400%, 09/15/2020		250		250
DaVita
5.125%, 07/15/2024		300		302
5.000%, 05/01/2025		295		294
Dignity Health
2.637%, 11/01/2019		136		136
DJO Finco
8.125%, 06/15/2021 (A)		144		139
Duke University Health System
3.920%, 06/01/2047		125		128
Eagle Holding II
7.625% cash/8.375% PIK, 05/15/2022 (A)		80		81
Eli Lilly
3.700%, 03/01/2045		200		201
3.100%, 05/15/2027		124		123
Endo Dac
6.000%, 07/15/2023 (A)		200		157
6.000%, 02/01/2025 (A)		200		150
Endo Finance
5.375%, 01/15/2023 (A)		300		234
Envision Healthcare
6.250%, 12/01/2024 (A)		100		106
5.625%, 07/15/2022		200		204
5.125%, 07/01/2022 (A)		100		99

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 27

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Express Scripts Holding
4.800%, 07/15/2046	$	35	$	37
4.750%, 11/15/2021		100		106
4.500%, 02/25/2026		150		156
3.500%, 06/15/2024		50		50
3.400%, 03/01/2027		40		39
3.000%, 07/15/2023		50		49
2.250%, 06/15/2019		200		199
Gilead Sciences
5.650%, 12/01/2041		100		125
4.600%, 09/01/2035		200		221
4.500%, 02/01/2045		225		244
4.400%, 12/01/2021		275		290
4.150%, 03/01/2047		100		103
3.700%, 04/01/2024		50		51
3.650%, 03/01/2026		175		179
2.950%, 03/01/2027		100		97
1.950%, 03/01/2022		30		29
1.850%, 09/20/2019		245		243
GlaxoSmithKline Capital
6.375%, 05/15/2038		150		207
HCA
5.875%, 05/01/2023		200		215
5.875%, 02/15/2026		200		210
5.375%, 02/01/2025		450		460
5.250%, 04/15/2025		200		210
5.250%, 06/15/2026		200		209
5.000%, 03/15/2024		400		416
4.500%, 02/15/2027		400		398
Hologic
5.250%, 07/15/2022 (A)		153		159
4.375%, 10/15/2025 (A)		85		85
Howard Hughes Medical Institute
3.500%, 09/01/2023		200		206
Humana
3.850%, 10/01/2024		200		204
2.900%, 12/15/2022		50		49
2.500%, 12/15/2020		25		25
Johnson & Johnson
4.375%, 12/05/2033		200		224
3.750%, 03/03/2047		150		155
3.700%, 03/01/2046		100		102
3.625%, 03/03/2037		32		33
3.550%, 03/01/2036		300		305
3.400%, 01/15/2038		200		198
2.950%, 03/03/2027		150		148
2.450%, 12/05/2021		50		50
2.450%, 03/01/2026		50		48
2.250%, 03/03/2022		150		148
2.050%, 03/01/2023		50		48
1.875%, 12/05/2019		100		99
1.650%, 03/01/2021		50		49

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
1.125%, 03/01/2019	$	30	$	30
Kaiser Foundation Hospitals
4.150%, 05/01/2047		20		21
3.150%, 05/01/2027		25		25
Kindred Healthcare
8.750%, 01/15/2023		100		106
8.000%, 01/15/2020		145		155
6.375%, 04/15/2022		100		101
Laboratory Corp of America Holdings
4.700%, 02/01/2045		50		52
2.625%, 02/01/2020		150		150
Life Technologies
6.000%, 03/01/2020		100		106
LifePoint Health
5.875%, 12/01/2023		150		150
5.500%, 12/01/2021		150		153
Mallinckrodt International Finance
5.750%, 08/01/2022 (A)		100		92
5.625%, 10/15/2023 (A)		250		214
5.500%, 04/15/2025 (A)		100		82
4.875%, 04/15/2020 (A)		129		125
McKesson
3.796%, 03/15/2024		100		103
2.284%, 03/15/2019		200		199
MEDNAX
5.250%, 12/01/2023 (A)		175		179
Medtronic
4.625%, 03/15/2044		50		56
4.625%, 03/15/2045		200		227
4.375%, 03/15/2035		250		274
3.500%, 03/15/2025		350		356
2.750%, 04/01/2023		100		99
2.500%, 03/15/2020		200		200
Medtronic Global Holdings SCA
1.700%, 03/28/2019		150		149
Memorial Sloan-Kettering Cancer Center
4.200%, 07/01/2055		50		52
Merck
4.150%, 05/18/2043		100		108
3.700%, 02/10/2045		50		50
2.800%, 05/18/2023		100		100
2.750%, 02/10/2025		300		294
2.350%, 02/10/2022		100		99
Merck Sharp & Dohme
5.000%, 06/30/2019		100		104
Molina Healthcare
5.375%, 11/15/2022		125		130
Mount Sinai Hospitals Group
3.981%, 07/01/2048		250		245
MPH Acquisition Holdings
7.125%, 06/01/2024 (A)		240		258

28 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Mylan
5.250%, 06/15/2046	$	65	$	70
3.950%, 06/15/2026		100		99
3.150%, 06/15/2021		100		100
2.500%, 06/07/2019		60		60
Northwell Healthcare
4.260%, 11/01/2047		100		100
Novartis Capital
4.400%, 05/06/2044		150		169
4.000%, 11/20/2045		100		106
3.400%, 05/06/2024		100		102
3.100%, 05/17/2027		30		30
3.000%, 11/20/2025		100		100
2.400%, 05/17/2022		50		49
1.800%, 02/14/2020		25		25
Novartis Securities Investment
5.125%, 02/10/2019		100		103
NYU Hospitals Center
4.368%, 07/01/2047		25		26
Ortho-Clinical Diagnostics
6.625%, 05/15/2022 (A)		200		200
Partners Healthcare System
3.765%, 07/01/2048		200		195
Pfizer
7.200%, 03/15/2039		150		225
4.400%, 05/15/2044		50		55
4.125%, 12/15/2046		65		69
4.000%, 12/15/2036		250		267
3.400%, 05/15/2024		100		103
3.000%, 12/15/2026		100		99
2.750%, 06/03/2026		50		48
2.200%, 12/15/2021		200		197
1.950%, 06/03/2021		50		49
1.700%, 12/15/2019		200		198
1.450%, 06/03/2019		50		50
Polaris Intermediate
8.500% cash/9.250% PIK, 12/01/2022 (A)		227		236
Providence St. Joseph Health Obligated Group
3.930%, 10/01/2048		35		35
Quest Diagnostics
3.500%, 03/30/2025		200		200
RegionalCare Hospital Partners Holdings
8.250%, 05/01/2023 (A)		112		118
Sanofi
4.000%, 03/29/2021		50		52
Select Medical
6.375%, 06/01/2021		100		102
Shire Acquisitions Investments Ireland DAC
3.200%, 09/23/2026		250		239
2.875%, 09/23/2023		100		97

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.400%, 09/23/2021	$	100	$	98
1.900%, 09/23/2019		100		99
Stryker
4.625%, 03/15/2046		30		33
3.500%, 03/15/2026		25		25
3.375%, 05/15/2024		100		101
3.375%, 11/01/2025		200		202
2.000%, 03/08/2019		30		30
Team Health Holdings
6.375%, 02/01/2025 (A)		110		103
Teleflex
4.625%, 11/15/2027		56		56
Tenet Healthcare
8.125%, 04/01/2022		350		361
7.500%, 01/01/2022 (A)		100		106
7.000%, 08/01/2025 (A)		145		142
6.750%, 06/15/2023		328		323
6.000%, 10/01/2020		400		420
5.125%, 05/01/2025 (A)		310		306
4.750%, 06/01/2020		100		102
4.625%, 07/15/2024 (A)		255		251
4.375%, 10/01/2021		250		250
Thermo Fisher Scientific
4.150%, 02/01/2024		150		157
4.100%, 08/15/2047		50		50
3.600%, 08/15/2021		100		102
3.200%, 08/15/2027		50		49
3.150%, 01/15/2023		100		100
2.950%, 09/19/2026		105		100
UnitedHealth Group
6.875%, 02/15/2038		100		141
4.750%, 07/15/2045		50		58
4.625%, 07/15/2035		200		227
4.375%, 03/15/2042		150		163
4.250%, 04/15/2047		31		33
4.200%, 01/15/2047		25		26
3.950%, 10/15/2042		100		102
3.875%, 10/15/2020		100		103
3.750%, 07/15/2025		50		52
3.750%, 10/15/2047		100		99
3.450%, 01/15/2027		50		51
3.375%, 04/15/2027		50		50
3.100%, 03/15/2026		200		197
2.950%, 10/15/2027		200		194
2.700%, 07/15/2020		130		131
2.375%, 10/15/2022		100		98
1.950%, 10/15/2020		100		98
Valeant Pharmaceuticals International
9.000%, 12/15/2025 (A)		215		221
7.500%, 07/15/2021 (A)		300		301
7.000%, 03/15/2024 (A)		400		425
6.500%, 03/15/2022 (A)		200		210

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 29

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
6.125%, 04/15/2025 (A)	$	500	$	448
5.875%, 05/15/2023 (A)		775		700
5.500%, 03/01/2023 (A)		100		89
5.500%, 11/01/2025 (A)		196		197
5.375%, 03/15/2020 (A)		250		249
Vizient
10.375%, 03/01/2024(A)		80		90
WellCare Health Plans
5.250%, 04/01/2025		160		167
West Street
6.375%, 09/01/2025 (A)		107		108
Wyeth
5.950%, 04/01/2037		200		263
Zimmer Biomet Holdings
3.550%, 04/01/2025		100		98
2.700%, 04/01/2020		100		100
Zoetis
4.500%, 11/13/2025		50		54
3.950%, 09/12/2047		100		99
3.450%, 11/13/2020		25		25
3.000%, 09/12/2027		250		240
				42,430
Industrials – 2.8%
3M
2.875%, 10/15/2027		250		242
3M MTN
3.125%, 09/19/2046		100		90
3.000%, 08/07/2025		50		50
2.250%, 03/15/2023		235		230
ABB Finance
2.875%, 05/08/2022		100		101
ADT
6.250%, 10/15/2021		200		217
4.125%, 06/15/2023		200		198
AECOM
5.875%, 10/15/2024		50		53
5.750%, 10/15/2022		200		209
5.125%, 03/15/2027		195		195
AerCap Ireland Capital
4.625%, 10/30/2020		150		157
4.500%, 05/15/2021		150		156
3.950%, 02/01/2022		175		179
3.750%, 05/15/2019		175		177
3.500%, 01/15/2025		150		146
Ahern Rentals
7.375%, 05/15/2023 (A)		138		133
Air Lease
3.750%, 02/01/2022		100		102
3.375%, 06/01/2021		35		35
2.750%, 01/15/2023		100		97
2.625%, 07/01/2022		100		98

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Aircastle
5.500%, 02/15/2022	$	100	$	106
5.125%, 03/15/2021		100		105
5.000%, 04/01/2023		100		105
Allegion US Holding
3.550%, 10/01/2027		50		48
3.200%, 10/01/2024		50		49
Allison Transmission
5.000%, 10/01/2024 (A)		145		146
American Airlines Group
5.500%, 10/01/2019 (A)		150		154
4.625%, 03/01/2020 (A)		100		101
American Airlines Pass-Through Trust, Ser 2015-2, Cl AA
3.600%, 09/22/2027		93		94
American Airlines Pass-Through Trust, Ser 2016-3, Cl AA
3.000%, 10/15/2028		97		95
American Airlines Pass-Through Trust, Ser 2017-2, Cl AA
3.350%, 10/15/2029		100		99
Amsted Industries
5.000%, 03/15/2022 (A)		50		51
APTIM
7.750%, 06/15/2025 (A)		50		46
Arconic
5.125%, 10/01/2024		175		185
ARD Finance
7.125% cash/7.875% PIK, 09/15/2023		200		208
Ardagh Packaging Finance
6.000%, 02/15/2025 (A)		200		207
4.250%, 09/15/2022 (A)		200		201
Avis Budget Car Rental
5.500%, 04/01/2023		150		151
BCD Acquisition
9.625%, 09/15/2023 (A)		95		104
Beacon Escrow
4.875%, 11/01/2025 (A)		185		184
BlueLine Rental Finance
9.250%, 03/15/2024 (A)		230		250
Boeing
4.875%, 02/15/2020		100		105
3.650%, 03/01/2047		200		197
2.800%, 03/01/2027		50		49
Bombardier
8.750%, 12/01/2021 (A)		350		389
7.500%, 12/01/2024 (A)		189		199
7.500%, 03/15/2025 (A)		260		270
6.000%, 10/15/2022 (A)		100		100
Brand Industrial Services
8.500%, 07/15/2025 (A)		178		185

30 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Brink’s
4.625%, 10/15/2027 (A)	$	97	$	94
Builders FirstSource
5.625%, 09/01/2024 (A)		135		141
Burlington Northern Santa Fe
4.900%, 04/01/2044		150		177
4.700%, 10/01/2019		100		104
4.550%, 09/01/2044		100		113
4.150%, 04/01/2045		150		159
3.850%, 09/01/2023		200		210
3.400%, 09/01/2024		150		153
3.000%, 04/01/2025		100		99
BWAY Holding
7.250%, 04/15/2025 (A)		245		256
5.500%, 04/15/2024 (A)		220		228
Canadian National Railway
3.200%, 08/02/2046		100		93
2.950%, 11/21/2024		150		149
Canadian Pacific Railway
6.125%, 09/15/2115		30		39
4.800%, 09/15/2035		20		22
2.900%, 02/01/2025		200		195
Carlisle
3.750%, 12/01/2027		50		50
Caterpillar
4.300%, 05/15/2044		100		112
3.900%, 05/27/2021		100		104
3.803%, 08/15/2042		100		104
3.400%, 05/15/2024		150		154
Caterpillar Financial Services
1.700%, 08/09/2021		50		48
Caterpillar Financial Services MTN
7.150%, 02/15/2019		100		105
2.400%, 06/06/2022		200		196
2.100%, 06/09/2019		200		199
2.100%, 01/10/2020		75		75
1.900%, 03/22/2019		100		100
1.850%, 09/04/2020		200		197
Cenveo
6.000%, 08/01/2019 (A)		100		69
Cintas No. 2
3.700%, 04/01/2027		50		51
2.900%, 04/01/2022		50		50
Cloud Crane
10.125%, 08/01/2024 (A)		45		51
CNH Industrial MTN
3.850%, 11/15/2027		35		35
CNH Industrial Capital
4.875%, 04/01/2021		25		26
4.375%, 11/06/2020		35		36
4.375%, 04/05/2022		25		26
3.875%, 10/15/2021		20		21

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.375%, 07/15/2019	$	25	$	25
Core & Main
6.125%, 08/15/2025 (A)		95		96
CSX
4.250%, 11/01/2066		50		49
4.100%, 03/15/2044		75		77
3.800%, 11/01/2046		50		49
3.700%, 10/30/2020		128		132
3.400%, 08/01/2024		150		151
3.250%, 06/01/2027		50		49
2.600%, 11/01/2026		50		47
Deere
3.900%, 06/09/2042		100		106
2.600%, 06/08/2022		50		49
Delta Air Lines
3.625%, 03/15/2022		50		50
2.875%, 03/13/2020		30		30
2.600%, 12/04/2020		45		45
Dover
5.375%, 03/01/2041		100		120
Eaton
4.150%, 11/02/2042		100		102
4.000%, 11/02/2032		100		102
2.750%, 11/02/2022		150		149
Embraer Netherlands Finance BV
5.400%, 02/01/2027		100		106
Emerson Electric
2.625%, 02/15/2023		125		123
Equifax
2.300%, 06/01/2021		50		49
FedEx
5.100%, 01/15/2044		50		58
4.550%, 04/01/2046		100		108
4.400%, 01/15/2047		50		53
4.050%, 02/15/2048		50		50
4.000%, 01/15/2024		200		210
3.900%, 02/01/2035		100		100
3.400%, 02/15/2028		50		50
Flex Acquisition
6.875%, 01/15/2025 (A)		60		62
Fluor
3.500%, 12/15/2024		200		202
Fortive
3.150%, 06/15/2026		200		197
FXI Holdings
7.875%, 11/01/2024 (A)		75		75
Gates Global
6.000%, 07/15/2022 (A)		220		225
GATX
3.250%, 09/15/2026		100		96
2.600%, 03/30/2020		100		99

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 31

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
GCP Applied Technologies
9.500%, 02/01/2023 (A)	$	100	$	110
GE Capital International Funding
4.418%, 11/15/2035		751		772
2.342%, 11/15/2020		1,000		986
General Dynamics
2.625%, 11/15/2027		250		236
2.375%, 11/15/2024		200		193
2.250%, 11/15/2022		100		97
General Electric
4.500%, 03/11/2044		200		210
2.700%, 10/09/2022		250		245
General Electric MTN
6.875%, 01/10/2039		115		157
6.750%, 03/15/2032		101		131
5.875%, 01/14/2038		200		244
5.300%, 02/11/2021		125		133
GFL Environmental
9.875%, 02/01/2021 (A)		30		32
Griffon
5.250%, 03/01/2022 (A)		189		192
Grinding Media
7.375%, 12/15/2023 (A)		180		192
H&E Equipment Services
5.625%, 09/01/2025 (A)		188		195
Harris
4.854%, 04/27/2035		35		38
3.832%, 04/27/2025		50		51
HD Supply
5.750%, 04/15/2024 (A)		200		214
Herc Rentals
7.750%, 06/01/2024 (A)		51		56
Hertz
7.625%, 06/01/2022 (A)		260		272
5.500%, 10/15/2024 (A)		140		125
Honeywell International
2.500%, 11/01/2026		200		190
1.850%, 11/01/2021		200		194
1.400%, 10/30/2019		50		49
Hubbell
3.350%, 03/01/2026		50		50
3.150%, 08/15/2027		200		194
Icahn Enterprises
6.750%, 02/01/2024		100		104
6.375%, 12/15/2025 (A)		175		178
6.250%, 02/01/2022 (A)		225		231
6.000%, 08/01/2020		250		256
5.875%, 02/01/2022		150		153
IHS Markit
5.000%, 11/01/2022 (A)		110		117
4.750%, 02/15/2025 (A)		175		182
4.000%, 03/01/2026 (A)		47		45

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Illinois Tool Works
3.500%, 03/01/2024	$	100	$	103
1.950%, 03/01/2019		100		100
Ingersoll-Rand Global Holding
5.750%, 06/15/2043		100		123
4.250%, 06/15/2023		150		158
JB Hunt Transport Services
3.300%, 08/15/2022		50		50
John Deere Capital
2.550%, 01/08/2021		100		100
John Deere Capital MTN
3.350%, 06/12/2024		200		203
2.800%, 03/06/2023		100		99
2.800%, 09/08/2027		250		242
2.650%, 01/06/2022		200		199
2.650%, 06/24/2024		50		49
2.150%, 09/08/2022		250		242
1.250%, 10/09/2019		100		98
Johnson Controls International
4.950%, 07/02/2064 (C)		25		27
4.625%, 07/02/2044 (C)		100		109
3.900%, 02/14/2026		200		206
3.625%, 07/02/2024 (C)		100		102
Kansas City Southern
4.950%, 08/15/2045		100		110
KAR Auction Services
5.125%, 06/01/2025 (A)		100		101
KLX
5.875%, 12/01/2022 (A)		145		151
Koninklijke Philips
3.750%, 03/15/2022		150		154
L3 Technologies
5.200%, 10/15/2019		100		104
4.950%, 02/15/2021		100		105
Lockheed Martin
4.700%, 05/15/2046		100		114
4.500%, 05/15/2036		100		110
4.250%, 11/15/2019		100		103
4.090%, 09/15/2052		200		203
4.070%, 12/15/2042		150		155
3.800%, 03/01/2045		100		99
3.550%, 01/15/2026		100		102
2.900%, 03/01/2025		25		24
2.500%, 11/23/2020		100		100
Masco
4.375%, 04/01/2026		200		208
3.500%, 04/01/2021		65		65
Masonite International
5.625%, 03/15/2023 (A)		79		82
Multi-Color
4.875%, 11/01/2025 (A)		153		154

32 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Navios Maritime Holdings
7.375%, 01/15/2022 (A)	$	100	$	82
Navistar International
6.625%, 11/01/2025 (A)		176		184
Nielsen Finance
5.000%, 04/15/2022 (A)		550		559
Nielsen Luxembourg
5.500%, 10/01/2021 (A)		100		102
Norfolk Southern
4.450%, 06/15/2045		100		108
4.050%, 08/15/2052 (A)		200		201
3.950%, 10/01/2042		100		100
3.942%, 11/01/2047 (A)		95		97
3.850%, 01/15/2024		200		207
3.250%, 12/01/2021		150		152
2.900%, 06/15/2026		35		34
Northrop Grumman
4.750%, 06/01/2043		25		28
4.030%, 10/15/2047		175		178
3.850%, 04/15/2045		100		98
3.250%, 08/01/2023		150		151
3.250%, 01/15/2028		165		162
2.930%, 01/15/2025		200		195
2.550%, 10/15/2022		200		195
2.080%, 10/15/2020		260		256
Novelis
6.250%, 08/15/2024 (A)		290		304
5.875%, 09/30/2026 (A)		150		154
Owens Corning
4.300%, 07/15/2047		50		48
4.200%, 12/01/2024		100		104
PACCAR Financial MTN
2.300%, 08/10/2022		50		49
1.300%, 05/10/2019		45		44
Park Aerospace Holdings
5.500%, 02/15/2024 (A)		190		188
5.250%, 08/15/2022 (A)		235		232
4.500%, 03/15/2023 (A)		238		227
Parker-Hannifin MTN
4.200%, 11/21/2034		135		144
Pitney Bowes
3.625%, 09/15/2020		200		199
3.625%, 10/01/2021		100		96
Plastipak Holdings
6.250%, 10/15/2025 (A)		50		52
Ply Gem Industries
6.500%, 02/01/2022		50		52
Precision Castparts
2.500%, 01/15/2023		100		98
Raytheon
3.125%, 10/15/2020		100		102
2.500%, 12/15/2022		100		98

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
RBS Global
4.875%, 12/15/2025 (A)	$	87	$	88
Republic Services
5.500%, 09/15/2019		150		157
3.550%, 06/01/2022		150		153
2.900%, 07/01/2026		200		191
Rockwell Collins
4.350%, 04/15/2047		25		26
3.500%, 03/15/2027		286		284
3.200%, 03/15/2024		50		50
2.800%, 03/15/2022		50		49
1.950%, 07/15/2019		20		20
Roper Technologies
3.850%, 12/15/2025		25		25
3.800%, 12/15/2026		150		152
3.000%, 12/15/2020		100		101
Ryder System MTN
2.875%, 09/01/2020		50		50
2.650%, 03/02/2020		100		100
2.500%, 09/01/2022		100		98
Sensata Technologies
5.000%, 10/01/2025 (A)		40		42
4.875%, 10/15/2023 (A)		300		312
Signode Industrial Group
6.375%, 05/01/2022 (A)		150		156
Southwest Airlines
2.750%, 11/06/2019		100		100
Spirit AeroSystems
3.850%, 06/15/2026		25		25
St. Marys Cement Canada
5.750%, 01/28/2027 (A)		200		211
Stanley Black & Decker
2.900%, 11/01/2022		100		100
Terex
5.625%, 02/01/2025 (A)		105		108
Textron
3.375%, 03/01/2028		100		97
TransDigm
6.500%, 07/15/2024		350		360
6.375%, 06/15/2026		227		233
6.000%, 07/15/2022		100		103
Triumph Group
7.750%, 08/15/2025		67		71
Tutor Perini
6.875%, 05/01/2025 (A)		85		91
Union Pacific
4.163%, 07/15/2022		100		106
4.050%, 03/01/2046		150		160
4.000%, 04/15/2047		50		53
3.875%, 02/01/2055		100		99
3.799%, 10/01/2051		55		56
3.600%, 09/15/2037		220		222

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 33

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.000%, 04/15/2027	$	50	$	49
2.250%, 02/15/2019		125		125
United Airlines Pass-Through Trust, Ser 2013- 1, Cl A
4.300%, 08/15/2025		128		134
United Airlines Pass-Through Trust, Ser 2015- 1, Cl AA
3.450%, 12/01/2027		46		46
United Airlines Pass-Through Trust, Ser 2016- 1, Cl A
3.450%, 07/07/2028		29		29
United Airlines Pass-Through Trust, Ser 2016- 1, Cl AA
3.100%, 07/07/2028		49		48
United Airlines Pass-Through Trust, Ser 2016- 2, Cl AA
2.875%, 10/07/2028		100		96
United Parcel Service
6.200%, 01/15/2038		150		203
3.750%, 11/15/2047		50		51
3.400%, 11/15/2046		50		47
3.125%, 01/15/2021		100		102
3.050%, 11/15/2027		50		49
2.800%, 11/15/2024		50		49
2.500%, 04/01/2023		50		49
2.400%, 11/15/2026		50		47
2.350%, 05/16/2022		50		49
2.050%, 04/01/2021		50		49
United Rentals North America
5.875%, 09/15/2026		150		161
5.500%, 07/15/2025		250		264
5.500%, 05/15/2027		40		42
4.875%, 01/15/2028		254		254
4.625%, 07/15/2023		185		191
4.625%, 10/15/2025		235		238
United Technologies
6.125%, 07/15/2038		200		260
4.500%, 04/15/2020		100		104
4.500%, 06/01/2042		100		109
4.150%, 05/15/2045		100		104
3.125%, 05/04/2027		100		98
3.100%, 06/01/2022		250		252
2.650%, 11/01/2026		250		236
1.900%, 05/04/2020		200		197
USG
4.875%, 06/01/2027 (A)		30		31
Verisk Analytics
5.500%, 06/15/2045		100		113
Vertiv Group
9.250%, 10/15/2024 (A)		140		151

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Vertiv Intermediate Holding
12.000% cash/13.000% PIK,
02/15/2022 (A)	$	90	$	97
Wabtec
3.450%, 11/15/2026		100		96
Waste Management
4.750%, 06/30/2020		100		105
4.100%, 03/01/2045		50		52
3.150%, 11/15/2027		50		49
3.125%, 03/01/2025		100		99
Waste Pro USA
5.500%, 02/15/2026 (A)		55		56
WESCO Distribution
5.375%, 12/15/2021		100		103
WW Grainger
4.600%, 06/15/2045		50		56
4.200%, 05/15/2047		50		52
XPO Logistics
6.500%, 06/15/2022 (A)		155		162
6.125%, 09/01/2023 (A)		150		158
Xylem
4.375%, 11/01/2046		100		104
				40,403
Information Technology – 2.6%
Activision Blizzard
3.400%, 09/15/2026		50		50
2.300%, 09/15/2021		30		29
Adobe Systems
3.250%, 02/01/2025		150		151
Alibaba Group Holding
4.200%, 12/06/2047		60		60
3.600%, 11/28/2024		200		202
3.400%, 12/06/2027		200		194
2.500%, 11/28/2019		200		200
Alphabet
3.625%, 05/19/2021		100		104
1.998%, 08/15/2026		100		92
Amphenol
3.200%, 04/01/2024		100		99
2.200%, 04/01/2020		100		99
Analog Devices
3.900%, 12/15/2025		100		102
3.500%, 12/05/2026		100		99
Apple
4.650%, 02/23/2046		200		227
4.500%, 02/23/2036		200		224
4.375%, 05/13/2045		150		164
4.250%, 02/09/2047		50		54
3.850%, 05/04/2043		100		102
3.850%, 08/04/2046		95		96
3.750%, 09/12/2047		200		199

34 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.750%, 11/13/2047	$	50	$	50
3.450%, 05/06/2024		150		153
3.450%, 02/09/2045		100		95
3.350%, 02/09/2027		100		100
3.250%, 02/23/2026		300		300
3.200%, 05/11/2027		100		99
3.000%, 06/20/2027		100		97
2.900%, 09/12/2027		200		193
2.850%, 05/06/2021		175		176
2.850%, 02/23/2023		150		150
2.850%, 05/11/2024		100		99
2.700%, 05/13/2022		200		199
2.500%, 02/09/2022		200		198
2.500%, 02/09/2025		75		72
2.450%, 08/04/2026		100		94
2.400%, 01/13/2023		100		98
2.300%, 05/11/2022		100		98
2.250%, 02/23/2021		90		89
1.800%, 05/11/2020		200		197
1.700%, 02/22/2019		20		20
1.550%, 02/07/2020		200		197
1.550%, 08/04/2021		100		96
1.500%, 09/12/2019		200		198
1.100%, 08/02/2019		100		98
Applied Materials
5.100%, 10/01/2035		35		42
4.350%, 04/01/2047		45		49
3.900%, 10/01/2025		35		36
3.300%, 04/01/2027		55		55
2.625%, 10/01/2020		50		50
Arrow Electronics
4.000%, 04/01/2025		100		100
3.250%, 09/08/2024		200		194
Autodesk
4.375%, 06/15/2025		100		103
Automatic Data Processing
3.375%, 09/15/2025		25		25
2.250%, 09/15/2020		50		50
Avnet
4.625%, 04/15/2026		25		26
3.750%, 12/01/2021		25		25
Baidu
2.750%, 06/09/2019		200		200
BMC Software Finance
8.125%, 07/15/2021 (A)		290		290
Boxer Parent
9.000% cash/9.750% PIK, 10/15/2019 (A)		50		50
Broadcom
3.875%, 01/15/2027 (A)		250		243
3.625%, 01/15/2024 (A)		100		99
3.500%, 01/15/2028 (A)		150		141

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.125%, 01/15/2025 (A)	$	235	$	221
3.000%, 01/15/2022 (A)		200		196
2.650%, 01/15/2023 (A)		250		238
2.375%, 01/15/2020 (A)		100		99
2.200%, 01/15/2021 (A)		50		49
CA
4.700%, 03/15/2027		50		51
3.600%, 08/01/2020		50		51
Camelot Finance
7.875%, 10/15/2024 (A)		135		144
CDK Global
4.875%, 06/01/2027 (A)		170		170
CDW
5.500%, 12/01/2024		75		81
5.000%, 09/01/2023		131		135
5.000%, 09/01/2025		70		71
Cisco Systems
5.900%, 02/15/2039		100		134
5.500%, 01/15/2040		100		129
4.950%, 02/15/2019		100		103
4.450%, 01/15/2020		300		312
2.950%, 02/28/2026		200		196
2.500%, 09/20/2026		200		190
2.200%, 02/28/2021		50		50
1.850%, 09/20/2021		100		97
1.600%, 02/28/2019		100		99
CommScope
5.000%, 06/15/2021 (A)		150		153
CommScope Technologies
6.000%, 06/15/2025 (A)		407		428
5.000%, 03/15/2027 (A)		65		65
Conduent Finance
10.500%, 12/15/2024 (A)		70		82
Corning
4.375%, 11/15/2057		100		100
Dell International
8.350%, 07/15/2046 (A)		100		131
8.100%, 07/15/2036 (A)		150		191
7.125%, 06/15/2024 (A)		250		273
6.020%, 06/15/2026 (A)		200		219
5.875%, 06/15/2021 (A)		271		281
5.450%, 06/15/2023 (A)		115		123
4.420%, 06/15/2021 (A)		200		207
3.480%, 06/01/2019 (A)		200		202
DXC Technology
4.750%, 04/15/2027		200		209
eBay
3.450%, 08/01/2024		50		50
2.600%, 07/15/2022		200		196
2.200%, 08/01/2019		200		199
Electronic Arts
4.800%, 03/01/2026		50		54

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 35

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.700%, 03/01/2021	$	50	$	51
EMC
3.375%, 06/01/2023		100		95
2.650%, 06/01/2020		400		395
Entegris
4.625%, 02/10/2026 (A)		100		100
Exela Intermediate
10.000%, 07/15/2023 (A)		185		183
Fidelity National Information Services
4.500%, 08/15/2046		25		26
3.625%, 10/15/2020		112		114
3.500%, 04/15/2023		53		54
3.000%, 08/15/2026		50		47
2.250%, 08/15/2021		53		52
First Data
7.000%, 12/01/2023 (A)		465		490
5.750%, 01/15/2024 (A)		500		517
5.375%, 08/15/2023 (A)		250		258
5.000%, 01/15/2024 (A)		250		256
Fiserv
4.625%, 10/01/2020		100		105
Flex
4.750%, 06/15/2025		50		53
FLIR Systems
3.125%, 06/15/2021		150		150
Gartner
5.125%, 04/01/2025 (A)		145		151
Genesys Telecommunications Laboratories
10.000%, 11/30/2024 (A)		115		127
Genpact Luxembourg Sarl
3.700%, 04/01/2022 (A)		100		98
Gogo Intermediate Holdings
12.500%, 07/01/2022 (A)		160		181
GTT Communications
7.875%, 12/31/2024 (A)		84		90
Harland Clarke Holdings
9.250%, 03/01/2021 (A)		150		155
8.375%, 08/15/2022 (A)		150		156
Hewlett Packard Enterprise
6.350%, 10/15/2045		50		53
6.200%, 10/15/2035		50		54
4.900%, 10/15/2025		100		105
4.400%, 10/15/2022		250		260
3.600%, 10/15/2020		50		51
HP
4.300%, 06/01/2021		250		260
Hughes Satellite Systems
6.625%, 08/01/2026		85		90
5.250%, 08/01/2026		105		106
IBM Credit
2.200%, 09/08/2022		200		194
1.800%, 01/20/2021		100		98

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Infor Software Parent
7.125% cash/7.875% PIK, 05/01/2021 (A)	$	150	$	153
Infor US
6.500%, 05/15/2022		301		310
Informatica
7.125%, 07/15/2023 (A)		151		155
Ingram Micro
5.450%, 12/15/2024		80		79
Intel
4.100%, 05/11/2047		100		106
3.734%, 12/08/2047 (A)		197		197
3.700%, 07/29/2025		45		46
3.300%, 10/01/2021		100		102
2.875%, 05/11/2024		100		99
2.700%, 12/15/2022		50		50
2.600%, 05/19/2026		150		143
2.450%, 07/29/2020		185		186
International Business Machines
4.700%, 02/19/2046		100		116
4.000%, 06/20/2042		100		104
3.625%, 02/12/2024		350		360
2.875%, 11/09/2022		100		100
2.500%, 01/27/2022		200		198
2.250%, 02/19/2021		100		99
j2 Cloud Services
6.000%, 07/15/2025 (A)		95		100
Jabil
3.950%, 01/12/2028		55		54
Keysight Technologies
4.600%, 04/06/2027		65		67
KLA-Tencor
4.650%, 11/01/2024		100		107
Lam Research
2.750%, 03/15/2020		100		100
Mastercard
3.375%, 04/01/2024		100		102
2.000%, 11/21/2021		100		98
Micron Technology
5.500%, 02/01/2025		40		42
5.250%, 01/15/2024 (A)		100		104
Microsoft
4.500%, 10/01/2040		100		114
4.500%, 02/06/2057		200		229
4.450%, 11/03/2045		300		340
4.250%, 02/06/2047		100		111
4.200%, 06/01/2019		100		103
4.100%, 02/06/2037		100		109
4.000%, 02/12/2055		100		104
3.950%, 08/08/2056		150		155
3.750%, 02/12/2045		100		102
3.700%, 08/08/2046		100		101

36 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.500%, 02/12/2035	$	150	$	152
3.450%, 08/08/2036		100		100
3.300%, 02/06/2027		200		202
2.875%, 02/06/2024		35		35
2.700%, 02/12/2025		200		195
2.400%, 02/06/2022		250		247
2.400%, 08/08/2026		200		188
2.375%, 02/12/2022		100		99
2.375%, 05/01/2023		100		98
2.000%, 11/03/2020		200		198
2.000%, 08/08/2023		100		96
1.850%, 02/06/2020		100		99
1.550%, 08/08/2021		100		96
1.100%, 08/08/2019		300		295
Motorola Solutions
4.000%, 09/01/2024		200		203
3.500%, 03/01/2023		100		99
NCR
6.375%, 12/15/2023		150		157
NetApp
3.375%, 06/15/2021		150		152
2.000%, 09/27/2019		200		198
Nuance Communications
5.625%, 12/15/2026		115		119
NVIDIA
3.200%, 09/16/2026		50		49
2.200%, 09/16/2021		30		29
NXP BV
5.750%, 03/15/2023 (A)		200		207
4.625%, 06/01/2023 (A)		200		208
4.125%, 06/01/2021 (A)		150		153
3.875%, 09/01/2022 (A)		200		202
Open Text
5.875%, 06/01/2026 (A)		85		89
5.625%, 01/15/2023 (A)		140		146
Oracle
5.375%, 07/15/2040		150		186
4.375%, 05/15/2055		100		109
4.300%, 07/08/2034		100		108
4.125%, 05/15/2045		100		105
4.000%, 07/15/2046		150		155
4.000%, 11/15/2047		70		72
3.900%, 05/15/2035		170		177
3.850%, 07/15/2036		50		52
3.800%, 11/15/2037		60		62
3.400%, 07/08/2024		100		102
3.250%, 11/15/2027		100		99
2.950%, 11/15/2024		100		99
2.950%, 05/15/2025		250		246
2.800%, 07/08/2021		175		176
2.650%, 07/15/2026		140		133
2.625%, 02/15/2023		70		69

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.500%, 05/15/2022	$	350	$	346
2.400%, 09/15/2023		50		48
2.250%, 10/08/2019		50		50
1.900%, 09/15/2021		135		131
Plantronics
5.500%, 05/31/2023(A)		126		130
PTC
6.000%, 05/15/2024		98		104
Qorvo
7.000%, 12/01/2025		95		103
QUALCOMM
4.800%, 05/20/2045		100		106
4.650%, 05/20/2035		200		211
4.300%, 05/20/2047		130		128
3.450%, 05/20/2025		100		98
3.250%, 05/20/2027		50		48
2.900%, 05/20/2024		50		48
2.600%, 01/30/2023		100		97
2.250%, 05/20/2020		100		99
2.100%, 05/20/2020		30		30
1.850%, 05/20/2019		105		104
Quintiles IMS
5.000%, 10/15/2026 (A)		200		204
4.875%, 05/15/2023 (A)		140		145
Rackspace Hosting
8.625%, 11/15/2024 (A)		205		218
Riverbed Technology
8.875%, 03/01/2023 (A)		80		77
Seagate HDD Cayman
4.750%, 01/01/2025		100		99
Solera
10.500%, 03/01/2024 (A)		300		336
SS&C Technologies Holdings
5.875%, 07/15/2023		142		149
Symantec
5.000%, 04/15/2025 (A)		140		143
Texas Instruments
2.625%, 05/15/2024		100		98
1.850%, 05/15/2022		100		97
1.750%, 05/01/2020		100		98
Thomson Reuters
5.650%, 11/23/2043		200		238
3.850%, 09/29/2024		125		127
TIBCO Software
11.375%, 12/01/2021 (A)		150		163
Total System Services
3.750%, 06/01/2023		100		101
Tyco Electronics Group
3.125%, 08/15/2027		200		196
VeriSign
4.750%, 07/15/2027		195		197
4.625%, 05/01/2023		50		51

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 37

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Veritas US
10.500%, 02/01/2024 (A)	$	120	$	122
ViaSat
5.625%, 09/15/2025 (A)		148		147
Visa
4.300%, 12/14/2045		100		111
4.150%, 12/14/2035		130		141
3.650%, 09/15/2047		200		199
3.150%, 12/14/2025		200		199
2.800%, 12/14/2022		100		100
2.200%, 12/14/2020		200		199
2.150%, 09/15/2022		200		194
VMware
3.900%, 08/21/2027		30		29
2.950%, 08/21/2022		235		227
2.300%, 08/21/2020		230		226
West
8.500%, 10/15/2025 (A)		180		177
Western Digital
10.500%, 04/01/2024		550		643
4.750%, 02/15/2026		420		425
Xerox
5.625%, 12/15/2019		100		105
4.070%, 03/17/2022		100		102
3.625%, 03/15/2023		350		345
Xilinx
3.000%, 03/15/2021		150		150
				38,010
Materials — 1.3%
Agrium
5.250%, 01/15/2045		70		79
4.125%, 03/15/2035		200		202
Air Products & Chemicals
3.350%, 07/31/2024		100		102
Albemarle
4.150%, 12/01/2024		100		104
Alcoa Nederland Holding BV
6.750%, 09/30/2024 (A)		200		218
Aleris International
9.500%, 04/01/2021 (A)		95		101
Allegheny Technologies
7.875%, 08/15/2023		75		82
ArcelorMittal
6.125%, 06/01/2025		100		114
Ardagh Packaging Finance Holdings
7.250%, 05/15/2024 (A)		275		296
4.625%, 05/15/2023 (A)		150		151
Axalta Coating Systems
4.875%, 08/15/2024 (A)		150		155
Ball
5.250%, 07/01/2025		190		202

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.375%, 12/15/2020	$	160	$	164
4.000%, 11/15/2023		150		150
Barrick
5.250%, 04/01/2042		100		117
Barrick North America Finance
4.400%, 05/30/2021		43		45
Bemis
3.100%, 09/15/2026		100		95
Berry Global
5.500%, 05/15/2022		100		103
5.125%, 07/15/2023		125		130
4.500%, 02/15/2026 (A)		100		100
BHP Billiton Finance USA
5.000%, 09/30/2043		100		120
2.875%, 02/24/2022		155		156
Big River Steel
7.250%, 09/01/2025 (A)		110		118
Blue Cube Spinco
10.000%, 10/15/2025		100		120
9.750%, 10/15/2023		100		118
BlueScope Steel Finance
6.500%, 05/15/2021 (A)		83		86
Celanese US Holdings
5.875%, 06/15/2021		30		32
4.625%, 11/15/2022		30		32
CF Industries
3.450%, 06/01/2023		120		117
Chemours
7.000%, 05/15/2025		230		251
6.625%, 05/15/2023		80		84
5.375%, 05/15/2027		75		78
Cleveland-Cliffs
5.750%, 03/01/2025 (A)		245		240
Constellium
5.875%, 02/15/2026 (A)		250		255
Coveris Holdings
7.875%, 11/01/2019 (A)		100		100
Crown Americas
4.750%, 02/01/2026 (A)		185		186
CVR Partners
9.250%, 06/15/2023 (A)		85		91
Dow Chemical
8.550%, 05/15/2019		200		215
4.375%, 11/15/2042		100		105
4.250%, 11/15/2020		100		104
4.250%, 10/01/2034		100		104
3.500%, 10/01/2024		100		101
3.000%, 11/15/2022		50		50
E.I. du Pont de Nemours
4.900%, 01/15/2041		100		112
4.625%, 01/15/2020		100		104
2.800%, 02/15/2023		100		100

38 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Eastman Chemical
4.650%, 10/15/2044	$	100	$	108
3.800%, 03/15/2025		100		103
Ecolab
4.350%, 12/08/2021		82		87
3.950%, 12/01/2047 (A)		20		20
3.250%, 12/01/2027 (A)		35		34
2.700%, 11/01/2026		20		19
2.375%, 08/10/2022		150		146
Fibria Overseas Finance
5.500%, 01/17/2027		50		54
4.000%, 01/14/2025		50		50
FMG Resources August 2006 Pty
5.125%, 05/15/2024 (A)		90		91
4.750%, 05/15/2022 (A)		125		127
Freeport-McMoRan
6.875%, 02/15/2023		200		219
4.550%, 11/14/2024		100		102
3.875%, 03/15/2023		350		348
3.100%, 03/15/2020		200		200
Georgia-Pacific
8.875%, 05/15/2031		100		151
Goldcorp
3.700%, 03/15/2023		100		101
Hecla Mining
6.875%, 05/01/2021		100		102
Hexion
10.375%, 02/01/2022 (A)		90		87
Hudbay Minerals
7.625%, 01/15/2025 (A)		130		143
INEOS Group Holdings
5.625%, 08/01/2024 (A)		200		205
International Flavors & Fragrances
4.375%, 06/01/2047		30		31
International Paper
7.500%, 08/15/2021		68		78
5.150%, 05/15/2046		100		113
4.800%, 06/15/2044		100		110
4.750%, 02/15/2022		100		107
4.350%, 08/15/2048		100		102
INVISTA Finance
4.250%, 10/15/2019 (A)		100		101
Joseph T Ryerson & Son
11.000%, 05/15/2022 (A)		125		142
Kinross
4.500%, 07/15/2027 (A)		95		96
Koppers
6.000%, 02/15/2025 (A)		100		105
Lubrizol
6.500%, 10/01/2034		100		132
LYB International Finance BV
4.875%, 03/15/2044		50		55

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
LYB International Finance II BV
3.500%, 03/02/2027	$	64	$	63
LyondellBasell Industries
5.000%, 04/15/2019		190		194
4.625%, 02/26/2055		100		104
Martin Marietta Materials
4.250%, 07/02/2024		100		104
Momentive Performance Materials
3.880%, 10/24/2021		145		151
Monsanto
4.700%, 07/15/2064		50		51
4.400%, 07/15/2044		150		158
3.375%, 07/15/2024		100		100
Mosaic
4.250%, 11/15/2023		125		129
Newmont Mining
6.250%, 10/01/2039		50		63
4.875%, 03/15/2042		125		136
3.500%, 03/15/2022		100		101
Northwest Acquisitions ULC
7.125%, 11/01/2022 (A)		86		89
Nucor
6.400%, 12/01/2037		100		131
4.000%, 08/01/2023		100		104
Olin
5.125%, 09/15/2027		90		94
5.000%, 02/01/2030		150		150
Owens-Brockway Glass Container
5.875%, 08/15/2023 (A)		70		74
5.000%, 01/15/2022 (A)		115		120
Packaging Corp of America
3.400%, 12/15/2027		235		231
2.450%, 12/15/2020		35		35
Platform Specialty Products
6.500%, 02/01/2022 (A)		168		173
5.875%, 12/01/2025 (A)		235		239
PolyOne
5.250%, 03/15/2023		100		105
Potash Corp of Saskatchewan
4.000%, 12/15/2026		50		51
3.625%, 03/15/2024		50		50
3.000%, 04/01/2025		100		96
PQ
6.750%, 11/15/2022 (A)		127		136
Praxair
3.200%, 01/30/2026		100		100
2.450%, 02/15/2022		200		198
Rain CII Carbon
7.250%, 04/01/2025 (A)		100		108
Rayonier AM Products
5.500%, 06/01/2024 (A)		100		100

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 39

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Resolute Forest Products
5.875%, 05/15/2023	$	100	$	104
Reynolds Group Issuer
7.000%, 07/15/2024 (A)		100		106
5.125%, 07/15/2023 (A)		300		308
Rio Tinto Finance USA
4.125%, 08/21/2042		100		107
3.750%, 06/15/2025		350		361
RPM International
5.250%, 06/01/2045		50		56
Sherwin-Williams
7.250%, 06/15/2019		100		106
4.500%, 06/01/2047		129		136
3.450%, 06/01/2027		160		158
3.125%, 06/01/2024		25		25
2.750%, 06/01/2022		200		197
2.250%, 05/15/2020		300		297
Sonoco Products
5.750%, 11/01/2040		100		117
Southern Copper
6.750%, 04/16/2040		100		132
5.375%, 04/16/2020		200		211
3.875%, 04/23/2025		60		62
SPCM
4.875%, 09/15/2025 (A)		75		75
Standard Industries
6.000%, 10/15/2025 (A)		250		265
5.500%, 02/15/2023 (A)		100		104
5.375%, 11/15/2024 (A)		250		259
4.750%, 01/15/2028 (A)		135		134
Steel Dynamics
5.500%, 10/01/2024		100		104
5.125%, 10/01/2021		100		103
SunCoke Energy Partners
7.500%, 06/15/2025 (A)		147		154
Teck Resources
8.500%, 06/01/2024 (A)		50		56
Trinseo Materials Operating SCA
5.375%, 09/01/2025 (A)		75		77
Tronox Finance
7.500%, 03/15/2022 (A)		138		143
United States Steel
8.375%, 07/01/2021 (A)		99		107
6.875%, 08/15/2025		121		127
US Concrete
6.375%, 06/01/2024		100		108
Vale
5.625%, 09/11/2042		100		113
Vale Overseas
6.875%, 11/21/2036		150		188
6.250%, 08/10/2026		100		116
5.875%, 06/10/2021		100		109

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.375%, 01/11/2022	$	125	$	130
Westlake Chemical
4.625%, 02/15/2021		50		51
4.375%, 11/15/2047		100		103
WestRock
3.000%, 09/15/2024 (A)		200		195
WestRock RKT
4.000%, 03/01/2023		200		206
WR Grace & Company
5.125%, 10/01/2021 (A)		100		105
				18,911
Real Estate — 1.0%
Alexandria Real Estate Equities
4.600%, 04/01/2022		350		368
American Campus Communities Operating Partnership
3.625%, 11/15/2027		230		224
3.350%, 10/01/2020		50		51
American Tower
4.000%, 06/01/2025		100		101
3.600%, 01/15/2028		200		194
3.450%, 09/15/2021		150		152
3.375%, 10/15/2026		150		145
3.300%, 02/15/2021		100		101
3.125%, 01/15/2027		100		95
2.800%, 06/01/2020		100		100
AvalonBay Communities MTN
3.500%, 11/15/2024		100		101
3.500%, 11/15/2025		100		101
3.350%, 05/15/2027		200		198
Boston Properties
3.200%, 01/15/2025		100		98
3.125%, 09/01/2023		150		149
Brixmor Operating Partnership
4.125%, 06/15/2026		25		25
3.875%, 08/15/2022		30		30
3.650%, 06/15/2024		50		49
3.250%, 09/15/2023		50		49
Corporate Office Properties
5.000%, 07/01/2025		50		53
Crown Castle International
5.250%, 01/15/2023		125		136
4.750%, 05/15/2047		25		25
4.450%, 02/15/2026		65		67
4.000%, 03/01/2027		20		20
3.800%, 02/15/2028		50		49
3.650%, 09/01/2027		135		131
3.400%, 02/15/2021		55		56
3.200%, 09/01/2024		35		34
3.150%, 07/15/2023		30		30
2.250%, 09/01/2021		55		54

40 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
CubeSmart
3.125%, 09/01/2026	$	50	$	47
CyrusOne
5.000%, 03/15/2024		145		148
DDR
4.700%, 06/01/2027		35		37
3.625%, 02/01/2025		100		98
Digital Realty Trust
3.950%, 07/01/2022		100		103
3.700%, 08/15/2027		50		50
2.750%, 02/01/2023		200		196
Duke Realty
3.875%, 10/15/2022		150		155
EPR Properties
4.750%, 12/15/2026		100		101
Equinix
5.875%, 01/15/2026		150		160
5.375%, 01/01/2022		200		207
5.375%, 04/01/2023		150		154
5.375%, 05/15/2027		240		252
ERP Operating
4.000%, 08/01/2047		200		199
3.375%, 06/01/2025		100		100
3.250%, 08/01/2027		200		197
2.375%, 07/01/2019		150		150
Essex Portfolio
3.375%, 04/15/2026		100		97
Federal Realty Investment Trust
4.500%, 12/01/2044		50		53
FelCor Lodging
5.625%, 03/01/2023		100		102
Five Point Operating
7.875%, 11/15/2025 (A)		100		102
GLP Capital
5.375%, 11/01/2023		50		54
5.375%, 04/15/2026		300		321
4.875%, 11/01/2020		100		103
Greystar Real Estate Partners
5.750%, 12/01/2025 (A)		80		82
HCP
5.375%, 02/01/2021		200		213
4.000%, 12/01/2022		50		52
4.000%, 06/01/2025		100		102
Healthcare Trust of America Holdings
3.500%, 08/01/2026		40		39
Highwoods Realty
3.200%, 06/15/2021		100		100
Hospitality Properties Trust
4.950%, 02/15/2027		70		72
4.500%, 03/15/2025		50		51
4.375%, 02/15/2030		50		49
3.950%, 01/15/2028		30		29

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Host Hotels & Resorts
4.000%, 06/15/2025	$	65	$	66
3.875%, 04/01/2024		100		100
Howard Hughes
5.375%, 03/15/2025 (A)		245		247
Hudson Pacific Properties
3.950%, 11/01/2027		200		195
Iron Mountain
6.000%, 08/15/2023		100		105
5.250%, 03/15/2028 (A)		174		169
4.875%, 09/15/2027 (A)		225		215
iStar
5.000%, 07/01/2019		150		151
Kennedy-Wilson
5.875%, 04/01/2024		190		195
Kilroy Realty
4.375%, 10/01/2025		100		103
Kimco Realty
4.450%, 09/01/2047		200		202
3.300%, 02/01/2025		200		196
3.200%, 05/01/2021		370		372
Lamar Media
5.375%, 01/15/2024		100		103
Liberty Property
3.375%, 06/15/2023		95		95
Life Storage
3.875%, 12/15/2027		50		49
MGM Growth Properties Operating Partnership
5.625%, 05/01/2024		108		116
4.500%, 09/01/2026		135		133
Mid-America Apartments
4.000%, 11/15/2025		50		51
3.600%, 06/01/2027		200		196
MPT Operating Partnership
6.375%, 03/01/2024		100		106
5.250%, 08/01/2026		75		77
5.000%, 10/15/2027		220		218
National Retail Properties
4.000%, 11/15/2025		65		65
3.600%, 12/15/2026		50		49
3.500%, 10/15/2027		200		193
Omega Healthcare Investors
5.250%, 01/15/2026		100		102
Outfront Media Capital
5.625%, 02/15/2024		100		102
Physicians Realty
3.950%, 01/15/2028		50		49
Prologis
3.750%, 11/01/2025		65		67
Public Storage
3.094%, 09/15/2027		30		29

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 41

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.370%, 09/15/2022	$	200	$	195
QCP SNF West
8.125%, 11/01/2023 (A)		130		134
Realogy Group
5.250%, 12/01/2021 (A)		100		103
4.875%, 06/01/2023 (A)		50		49
Realty Income
4.650%, 08/01/2023		150		159
3.250%, 10/15/2022		160		161
Regency Centers
4.400%, 02/01/2047		35		35
3.600%, 02/01/2027		30		29
Sabra Health Care
5.500%, 02/01/2021		50		51
SBA Communications
4.875%, 07/15/2022		100		103
4.875%, 09/01/2024		150		149
4.000%, 10/01/2022 (A)		265		261
Select Income
4.500%, 02/01/2025		100		99
Simon Property Group
4.250%, 11/30/2046		50		52
3.500%, 09/01/2025		150		151
3.375%, 12/01/2027		100		98
3.250%, 11/30/2026		50		49
2.750%, 06/01/2023		100		98
2.625%, 06/15/2022		50		49
2.500%, 09/01/2020		100		100
SL Green Operating Partnership
3.250%, 10/15/2022		200		198
Tanger Properties
3.125%, 09/01/2026		50		47
UDR MTN
3.750%, 07/01/2024		100		101
Uniti Group
8.250%, 10/15/2023		210		199
7.125%, 12/15/2024 (A)		100		89
6.000%, 04/15/2023 (A)		33		32
Ventas Realty
3.250%, 10/15/2026		50		48
2.700%, 04/01/2020		280		280
VEREIT Operating Partnership
4.875%, 06/01/2026		30		31
4.600%, 02/06/2024		25		26
4.125%, 06/01/2021		20		21
3.950%, 08/15/2027		40		39
3.000%, 02/06/2019		35		35
VICI Properties 1
8.000%, 10/15/2023		200		224
Vornado Realty
3.500%, 01/15/2025		100		98

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Washington Prime Group
5.950%, 08/15/2024	$	200	$	203
Welltower
6.500%, 03/15/2041		70		91
4.950%, 01/15/2021		145		153
4.250%, 04/01/2026		50		52
Weyerhaeuser
7.375%, 03/15/2032		100		135
WP Carey
4.600%, 04/01/2024		150		154
				15,458
Telecommunication Services – 2.0%
Acosta
7.750%, 10/01/2022 (A)		100		69
Altice Financing
7.500%, 05/15/2026 (A)		425		442
6.625%, 02/15/2023 (A)		400		405
Altice Luxembourg
7.750%, 05/15/2022 (A)		500		480
7.625%, 02/15/2025 (A)		250		229
Altice US Finance I
5.500%, 05/15/2026 (A)		328		335
5.375%, 07/15/2023 (A)		150		154
America Movil
6.375%, 03/01/2035		200		247
6.125%, 03/30/2040		100		124
5.000%, 03/30/2020		250		262
AT&T
6.000%, 08/15/2040		100		113
5.800%, 02/15/2019		100		104
5.700%, 03/01/2057		250		274
5.650%, 02/15/2047		50		55
5.450%, 03/01/2047		100		107
5.300%, 08/14/2058		150		152
5.250%, 03/01/2037		50		53
5.150%, 03/15/2042		250		255
5.150%, 11/15/2046 (A)		588		603
5.150%, 02/14/2050		110		111
4.900%, 08/14/2037		45		46
4.800%, 06/15/2044		100		98
4.750%, 05/15/2046		235		228
4.500%, 05/15/2035		250		246
4.350%, 06/15/2045		100		92
4.300%, 02/15/2030 (A)		567		560
4.250%, 03/01/2027		150		152
4.125%, 02/17/2026		250		252
4.100%, 02/15/2028 (A)		416		411
3.950%, 01/15/2025		100		101
3.900%, 03/11/2024		100		102
3.900%, 08/14/2027		120		119
3.800%, 03/01/2024		50		51

42 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.400%, 08/14/2024	$	100	$	100
3.400%, 05/15/2025		350		341
3.200%, 03/01/2022		465		466
2.850%, 02/14/2023		150		149
Block Communications
6.875%, 02/15/2025 (A)		50		52
British Telecommunications
9.125%, 12/15/2030		150		222
CenturyLink
7.500%, 04/01/2024		350		352
5.625%, 04/01/2020		200		203
Cequel Communications Holdings
5.125%, 12/15/2021 (A)		300		301
Cincinnati Bell
7.000%, 07/15/2024 (A)		135		130
Consolidated Communications
6.500%, 10/01/2022		100		90
Deutsche Telekom International Finance
8.750%, 06/15/2030		200		292
Frontier Communications
11.000%, 09/15/2025		770		602
10.500%, 09/15/2022		510		421
6.875%, 01/15/2025		100		63
Grupo Televisa
5.000%, 05/13/2045		200		196
Inmarsat Finance
4.875%, 05/15/2022 (A)		100		99
Intelsat Jackson Holdings
9.750%, 07/15/2025 (A)		260		239
8.000%, 02/15/2024 (A)		200		210
5.500%, 08/01/2023		300		236
Intelsat Luxembourg
8.125%, 06/01/2023		75		32
7.750%, 06/01/2021		300		136
Koninklijke
8.375%, 10/01/2030		50		67
Level 3 Financing
5.375%, 08/15/2022		300		305
5.375%, 01/15/2024		140		139
5.375%, 05/01/2025		150		149
5.250%, 03/15/2026		100		98
5.125%, 05/01/2023		200		201
Level 3 Parent
5.750%, 12/01/2022		200		202
MHGE Parent
8.500% cash/9.250% PIK, 08/01/2019 (A)		53		53
Midcontinent Communications
6.875%, 08/15/2023 (A)		75		79
Nokia
4.375%, 06/12/2027		25		24
3.375%, 06/12/2022		120		118

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Orange
9.000%, 03/01/2031	$	100	$	150
5.500%, 02/06/2044		25		30
2.750%, 02/06/2019		200		201
1.625%, 11/03/2019		100		98
Rogers Communications
5.000%, 03/15/2044		100		112
2.900%, 11/15/2026		100		95
Sable International Finance
6.875%, 08/01/2022 (A)		200		211
SFR Group
7.375%, 05/01/2026 (A)		950		936
6.250%, 05/15/2024 (A)		225		215
6.000%, 05/15/2022 (A)		700		683
SoftBank Group
4.500%, 04/15/2020 (A)		400		407
Sprint
7.875%, 09/15/2023		750		794
7.625%, 02/15/2025		200		208
7.250%, 09/15/2021		315		335
7.125%, 06/15/2024		450		456
Telecom Italia
5.303%, 05/30/2024 (A)		200		211
Telefonica Emisiones
7.045%, 06/20/2036		100		134
5.134%, 04/27/2020		100		105
4.103%, 03/08/2027		250		254
Telenet Finance Luxembourg Notes Sarl
5.500%, 03/01/2028 (A)		200		199
Telesat Canada
8.875%, 11/15/2024 (A)		120		133
T-Mobile
6.625%, 04/01/2023		300		312
6.500%, 01/15/2026		250		271
6.375%, 03/01/2025		200		212
T-Mobile USA
6.836%, 04/28/2023		200		209
6.500%, 01/15/2024		150		159
6.000%, 03/01/2023		200		209
6.000%, 04/15/2024		500		532
5.375%, 04/15/2027		100		105
4.750%, 02/01/2028		235		236
4.500%, 02/01/2026		160		161
Unitymedia GmbH
6.125%, 01/15/2025 (A)		200		210
UPC Holding BV
5.500%, 01/15/2028 (A)		200		192
UPCB Finance IV
5.375%, 01/15/2025 (A)		200		204
Verizon Communications
5.012%, 04/15/2049		267		282
5.012%, 08/21/2054		379		391

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 43

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.862%, 08/21/2046	$	400	$	415
4.812%, 03/15/2039		100		104
4.672%, 03/15/2055		117		115
4.522%, 09/15/2048		453		452
4.500%, 08/10/2033		300		308
4.272%, 01/15/2036		600		595
4.150%, 03/15/2024		450		469
4.125%, 08/15/2046		150		140
3.500%, 11/01/2024		500		503
3.376%, 02/15/2025		200		198
2.946%, 03/15/2022		304		303
2.625%, 08/15/2026		150		138
Videotron
5.375%, 06/15/2024 (A)		100		106
5.125%, 04/15/2027 (A)		100		104
Virgin Media Secured Finance
5.250%, 01/15/2026 (A)		450		458
Vodafone Group
6.150%, 02/27/2037		200		247
2.950%, 02/19/2023		300		299
Wind Tre
5.000%, 01/20/2026 (A)		350		318
Windstream Services
8.750%, 12/15/2024 (A)		80		56
8.625%, 10/31/2025 (A)		125		117
6.375%, 08/01/2023		150		87
WMG Acquisition
6.750%, 04/15/2022 (A)		100		104
WTT Investment
5.500%, 11/21/2022 (A)		200		202
Zayo Group
6.375%, 05/15/2025		200		210
6.000%, 04/01/2023		170		177
5.750%, 01/15/2027 (A)		275		279
Ziggo Bond Finance BV
6.000%, 01/15/2027 (A)		200		197
Ziggo Secured Finance BV
5.500%, 01/15/2027 (A)		300		298
				30,050
Utilities – 1.7%
AEP Texas
3.800%, 10/01/2047		100		101
2.400%, 10/01/2022		200		194
AEP Transmission
3.750%, 12/01/2047 (A)		50		50
AES
6.000%, 05/15/2026		100		107
5.500%, 03/15/2024		100		103
5.125%, 09/01/2027		76		80
4.875%, 05/15/2023		200		205

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Alabama Power
3.750%, 03/01/2045	$	100	$	100
Ameren
2.700%, 11/15/2020		100		100
Ameren Illinois
3.250%, 03/01/2025		100		100
American Water Capital
6.593%, 10/15/2037		100		137
2.950%, 09/01/2027		200		194
AmeriGas Partners
5.875%, 08/20/2026		120		124
5.625%, 05/20/2024		170		178
5.500%, 05/20/2025		90		92
Appalachian Power
7.000%, 04/01/2038		100		141
4.450%, 06/01/2045		100		109
3.400%, 06/01/2025		100		100
Arizona Public Service
2.950%, 09/15/2027		100		96
Atmos Energy
4.125%, 10/15/2044		100		106
Avangrid
3.150%, 12/01/2024		50		49
Baltimore Gas & Electric
3.750%, 08/15/2047		100		100
2.400%, 08/15/2026		50		46
Berkshire Hathaway Energy
6.125%, 04/01/2036		247		324
3.800%, 07/15/2048 (A)		25		25
3.250%, 04/15/2028 (A)		30		29
2.800%, 01/15/2023 (A)		40		40
2.375%, 01/15/2021 (A)		25		25
Black Hills
3.950%, 01/15/2026		100		102
Calpine
6.000%, 01/15/2022 (A)		200		206
5.750%, 01/15/2025		300		284
5.375%, 01/15/2023		200		198
5.250%, 06/01/2026 (A)		150		147
CenterPoint Energy
2.500%, 09/01/2022		150		146
CenterPoint Energy Houston Electric
4.500%, 04/01/2044		200		227
CenterPoint Energy Resources
4.500%, 01/15/2021		100		104
Cleco Corporate Holdings
4.973%, 05/01/2046		35		38
3.743%, 05/01/2026		50		49
CMS Energy
3.450%, 08/15/2027		50		50
Commonwealth Edison
3.700%, 03/01/2045		50		50

44 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.950%, 08/15/2027	$	100	$	97
Connecticut Light & Power
4.300%, 04/15/2044		200		219
4.150%, 06/01/2045		100		107
Consolidated Edison
2.000%, 05/15/2021		100		98
Consolidated Edison of New York
6.300%, 08/15/2037		100		133
4.450%, 03/15/2044		200		221
4.300%, 12/01/2056		100		107
3.850%, 06/15/2046		100		102
Consumers Energy
3.950%, 05/15/2043		50		52
2.850%, 05/15/2022		100		100
Delmarva Power & Light
4.150%, 05/15/2045		50		53
Dominion Energy
5.200%, 08/15/2019		100		104
4.050%, 09/15/2042		100		100
2.850%, 08/15/2026		30		28
2.750%, 09/15/2022		250		245
2.579%, 07/01/2020		100		99
2.500%, 12/01/2019		100		100
Dominion Energy Gas Holdings
4.600%, 12/15/2044		25		27
3.600%, 12/15/2024		100		101
2.500%, 12/15/2019		50		50
DTE Electric
3.750%, 08/15/2047		100		101
3.700%, 03/15/2045		50		50
3.700%, 06/01/2046		50		50
DTE Energy
3.300%, 06/15/2022		50		50
2.850%, 10/01/2026		50		47
2.400%, 12/01/2019		125		125
Duke Energy
3.750%, 04/15/2024		100		103
3.750%, 09/01/2046		100		96
3.150%, 08/15/2027		200		193
2.650%, 09/01/2026		200		186
2.400%, 08/15/2022		100		97
Duke Energy Carolinas
4.250%, 12/15/2041		100		108
2.950%, 12/01/2026		100		97
Duke Energy Florida
6.400%, 06/15/2038		450		621
3.200%, 01/15/2027		50		50
Duke Energy Indiana
3.750%, 05/15/2046		50		49
Duke Energy Ohio
3.700%, 06/15/2046		14		14

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Duke Energy Progress
4.150%, 12/01/2044	$	50	$	53
3.600%, 09/15/2047		100		99
Dynegy
8.125%, 01/30/2026 (A)		113		125
8.000%, 01/15/2025 (A)		200		217
7.625%, 11/01/2024		190		205
7.375%, 11/01/2022		440		465
6.750%, 11/01/2019		95		97
Edison International
2.950%, 03/15/2023		50		49
2.400%, 09/15/2022		80		78
El Paso Electric
5.000%, 12/01/2044		50		53
Emera US Finance
4.750%, 06/15/2046		35		37
3.550%, 06/15/2026		235		229
2.150%, 06/15/2019		20		20
Entergy
5.125%, 09/15/2020		100		105
4.000%, 07/15/2022		100		104
2.950%, 09/01/2026		100		95
Entergy Arkansas
3.700%, 06/01/2024		100		103
Entergy Mississippi
2.850%, 06/01/2028		25		24
Eversource Energy
3.150%, 01/15/2025		100		99
2.900%, 10/01/2024		200		194
Exelon
5.625%, 06/15/2035		100		121
5.100%, 06/15/2045		100		115
3.950%, 06/15/2025		100		102
Exelon Generation
6.250%, 10/01/2039		300		350
5.600%, 06/15/2042		100		109
4.250%, 06/15/2022		100		104
2.950%, 01/15/2020		100		100
FirstEnergy
7.375%, 11/15/2031		70		94
4.250%, 03/15/2023		40		42
Florida Power & Light
5.950%, 02/01/2038		200		262
4.050%, 10/01/2044		200		213
Fortis
3.055%, 10/04/2026		100		95
Georgia Power
4.300%, 03/15/2042		125		132
2.000%, 09/08/2020		200		198
Great Plains Energy
4.850%, 06/01/2021		155		163

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 45

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Interstate Power & Light
3.700%, 09/15/2046	$	50	$	49
ITC Holdings
3.250%, 06/30/2026		30		29
Kansas City Power & Light
4.200%, 06/15/2047		100		103
Kentucky Utilities
5.125%, 11/01/2040		194		235
MidAmerican Energy
3.950%, 08/01/2047		50		52
3.650%, 08/01/2048		150		150
3.100%, 05/01/2027		50		49
2.400%, 03/15/2019		100		100
National Fuel Gas
5.200%, 07/15/2025		100		106
3.950%, 09/15/2027		200		195
NextEra Energy Capital Holdings
2.800%, 01/15/2023		100		98
2.400%, 09/15/2019		150		150
NextEra Energy Operating Partners
4.500%, 09/15/2027 (A)		158		156
4.250%, 09/15/2024 (A)		36		36
NiSource
5.950%, 06/15/2041		100		126
5.650%, 02/01/2045		50		62
4.375%, 05/15/2047		150		160
3.950%, 03/30/2048		100		99
3.490%, 05/15/2027		50		50
Northern States Power
4.125%, 05/15/2044		200		213
3.600%, 09/15/2047		100		99
2.200%, 08/15/2020		100		99
NRG Energy
7.250%, 05/15/2026		140		153
6.625%, 01/15/2027		175		185
6.250%, 07/15/2022		150		155
6.250%, 05/01/2024		150		157
5.750%, 01/15/2028 (A)		209		209
NRG Yield Operating
5.375%, 08/15/2024		100		101
NSTAR Electric
3.200%, 05/15/2027		100		99
Ohio Edison
6.875%, 07/15/2036		200		267
Oklahoma Gas & Electric
3.850%, 08/15/2047		50		51
Oncor Electric Delivery
3.800%, 09/30/2047 (A)		100		101
3.750%, 04/01/2045		100		101
2.950%, 04/01/2025		50		49
ONE Gas
2.070%, 02/01/2019		100		100

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Pacific Gas & Electric
6.050%, 03/01/2034	$	400	$	492
5.800%, 03/01/2037		100		122
4.750%, 02/15/2044		50		54
4.300%, 03/15/2045		30		31
3.950%, 12/01/2047 (A)		100		96
PacifiCorp
3.600%, 04/01/2024		100		103
PECO Energy
3.700%, 09/15/2047		100		100
Piedmont Natural Gas
3.640%, 11/01/2046		25		24
Pinnacle West Capital
2.250%, 11/30/2020		45		45
Potomac Electric Power
6.500%, 11/15/2037		100		136
PPL Capital Funding
4.000%, 09/15/2047		100		100
3.400%, 06/01/2023		100		100
PPL Electric Utilities
4.150%, 10/01/2045		100		108
Progress Energy
4.400%, 01/15/2021		100		104
PSEG Power
8.625%, 04/15/2031		200		263
3.000%, 06/15/2021		100		100
Public Service Electric & Gas MTN
3.000%, 05/15/2027		100		97
Public Service Enterprise Group
2.000%, 11/15/2021		100		96
Public Service of Colorado
3.800%, 06/15/2047		100		101
San Diego Gas & Electric
3.750%, 06/01/2047		150		152
Sempra Energy
3.800%, 02/01/2038		100		98
3.250%, 06/15/2027		200		195
2.900%, 02/01/2023		15		15
2.850%, 11/15/2020		100		100
2.400%, 03/15/2020		50		50
South Carolina Electric & Gas
5.100%, 06/01/2065		100		111
4.500%, 06/01/2064		100		101
Southern
4.400%, 07/01/2046		200		207
4.250%, 07/01/2036		30		31
3.250%, 07/01/2026		200		193
2.950%, 07/01/2023		100		99
2.350%, 07/01/2021		50		49
2.150%, 09/01/2019		250		248
1.850%, 07/01/2019		35		35

46 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Southern California Edison
5.950%, 02/01/2038	$	200	$	258
4.650%, 10/01/2043		100		114
3.500%, 10/01/2023		100		102
Southern Gas Capital
3.500%, 09/15/2021		200		202
Southern Power
4.950%, 12/15/2046		100		108
4.150%, 12/01/2025		100		104
2.500%, 12/15/2021		50		49
2.375%, 06/01/2020		50		50
Southwestern Electric Power
3.900%, 04/01/2045		50		49
Suburban Propane Partners
5.500%, 06/01/2024		100		98
Talen Energy Supply
10.500%, 01/15/2026 (A)		100		101
6.500%, 06/01/2025		128		106
TECO Finance
5.150%, 03/15/2020		100		104
TerraForm Global Operating
9.750%, 08/15/2022 (A)		100		111
TerraForm Power Operating
5.000%, 01/31/2028 (A)		147		145
4.250%, 01/31/2023 (A)		70		69
Union Electric
3.650%, 04/15/2045		100		100
Virginia Electric & Power
8.875%, 11/15/2038		150		253
4.200%, 05/15/2045		25		27
3.800%, 09/15/2047		150		151
2.950%, 01/15/2022		300		301
2.750%, 03/15/2023		50		49
Washington Gas Light MTN
3.796%, 09/15/2046		135		135
WEC Energy Group
3.550%, 06/15/2025		100		101
2.450%, 06/15/2020		100		100
Westar Energy
4.250%, 12/01/2045		100		108
Wisconsin Power & Light
3.050%, 10/15/2027		200		195
Xcel Energy
4.700%, 05/15/2020		125		130
2.600%, 03/15/2022		50		49
				25,056
Total Corporate Obligations (Cost $451,000) ($ Thousands)				453,925

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS – 27.0%
U.S. Treasury Bonds
6.250%, 08/15/2023	$	2,500	$	2,976
5.375%, 02/15/2031		500		644
5.000%, 05/15/2037		1,250		1,654
4.750%, 02/15/2037		1,750		2,250
4.750%, 02/15/2041		2,510		3,295
4.625%, 02/15/2040		2,000		2,571
4.500%, 02/15/2036		5,500		6,829
4.500%, 05/15/2038		150		188
4.375%, 02/15/2038		1,000		1,234
4.375%, 05/15/2040		750		934
4.250%, 05/15/2039		250		305
3.875%, 08/15/2040		1,225		1,425
3.625%, 02/15/2044		4,680		5,276
3.375%, 05/15/2044		3,055		3,306
3.125%, 08/15/2044		800		829
3.000%, 05/15/2042		3,000		3,049
3.000%, 11/15/2044		6,025		6,102
3.000%, 05/15/2045		700		709
3.000%, 11/15/2045		1,500		1,519
3.000%, 02/15/2047		2,350		2,377
3.000%, 05/15/2047		1,500		1,516
2.875%, 05/15/2043		3,125		3,100
2.875%, 08/15/2045		750		741
2.875%, 11/15/2046		2,750		2,714
2.750%, 08/15/2047		3,500		3,365
2.750%, 11/15/2047		1,000		962
2.625%, 11/15/2020		3,500		3,531
2.500%, 02/15/2045		3,500		3,215
2.500%, 02/15/2046		2,700		2,473
2.500%, 05/15/2046		2,650		2,425
2.250%, 02/15/2027		2,500		2,406
2.250%, 08/15/2046		4,500		3,899
U.S. Treasury Notes
3.625%, 08/15/2019		1,500		1,535
3.625%, 02/15/2020		2,250		2,315
3.625%, 02/15/2021		7,500		7,786
3.500%, 05/15/2020		4,500		4,629
3.125%, 05/15/2021		6,250		6,401
2.750%, 11/15/2023		4,500		4,538
2.750%, 02/15/2024		750		756
2.625%, 08/15/2020		1,500		1,514
2.500%, 05/15/2024		5,450		5,409
2.375%, 01/31/2023		5,000		4,964
2.375%, 05/15/2027		8,000		7,773
2.250%, 07/31/2021		4,000		3,981
2.250%, 12/31/2023		2,000		1,961
2.250%, 01/31/2024		1,000		980
2.250%, 11/15/2024		5,000		4,872
2.250%, 12/31/2024		2,000		1,948
2.250%, 11/15/2025		3,500		3,390
2.250%, 08/15/2027		7,000		6,722

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 47

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
2.125%, 08/31/2020	$	9,000	$	8,970
2.125%, 01/31/2021		1,500		1,492
2.125%, 09/30/2021		2,500		2,475
2.125%, 12/31/2021		1,000		988
2.125%, 02/29/2024		1,500		1,458
2.125%, 03/31/2024		1,500		1,457
2.125%, 05/15/2025		2,500		2,408
2.000%, 09/30/2020		7,000		6,952
2.000%, 10/31/2021		2,000		1,970
2.000%, 11/15/2021		5,000		4,926
2.000%, 12/31/2021		5,000		4,919
2.000%, 02/15/2022		3,000		2,950
2.000%, 10/31/2022		10,000		9,769
2.000%, 11/30/2022		8,000		7,811
2.000%, 05/31/2024		4,000		3,852
2.000%, 02/15/2025		2,850		2,727
2.000%, 08/15/2025		5,200		4,956
2.000%, 11/15/2026		4,000		3,776
1.875%, 01/31/2022		4,500		4,402
1.875%, 02/28/2022		2,000		1,955
1.875%, 03/31/2022		1,500		1,465
1.875%, 04/30/2022		3,000		2,928
1.875%, 07/31/2022		3,000		2,921
1.875%, 08/31/2024		6,000		5,723
1.750%, 09/30/2019		8,800		8,751
1.750%, 11/15/2020		8,000		7,888
1.750%, 12/31/2020		3,500		3,446
1.750%, 11/30/2021		5,000		4,877
1.750%, 05/31/2022		3,500		3,395
1.750%, 06/30/2022		4,000		3,877
1.750%, 01/31/2023		2,000		1,927
1.750%, 05/15/2023		1,750		1,680
1.625%, 07/31/2019		1,130		1,123
1.625%, 03/15/2020		1,000		989
1.625%, 08/31/2022		10,000		9,622
1.625%, 05/31/2023		2,000		1,907
1.625%, 02/15/2026		2,650		2,443
1.625%, 05/15/2026		3,500		3,218
1.500%, 05/31/2019		1,150		1,142
1.500%, 05/31/2020		5,000		4,919
1.500%, 07/15/2020		2,000		1,965
1.500%, 02/28/2023		750		713
1.500%, 03/31/2023		2,000		1,899
1.500%, 08/15/2026		3,500		3,176
1.375%, 02/15/2020		750		738
1.375%, 02/29/2020		8,000		7,871
1.375%, 05/31/2020		750		736
1.375%, 01/31/2021		3,500		3,405
1.375%, 04/30/2021		4,000		3,878
1.375%, 05/31/2021		3,000		2,905
1.375%, 08/31/2023		1,500		1,406
1.375%, 09/30/2023		1,000		936

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
1.250%, 03/31/2019	$	1,000	$	991
1.250%, 06/30/2019		4,000		3,956
1.250%, 08/31/2019		8,000		7,897
1.250%, 03/31/2021		5,000		4,834
1.250%, 10/31/2021		3,000		2,875
1.125%, 02/28/2019		3,000		2,973
1.125%, 04/30/2020		1,000		977
1.125%, 02/28/2021		3,500		3,375
1.125%, 06/30/2021		5,000		4,796
1.125%, 07/31/2021		5,500		5,268
1.125%, 08/31/2021		4,000		3,825
1.125%, 09/30/2021		6,500		6,209
1.000%, 09/30/2019		3,000		2,947
1.000%, 11/15/2019		5,000		4,903
0.875%, 05/15/2019		3,500		3,449
0.875%, 06/15/2019		2,000		1,969
Total U.S. Treasury Obligations (Cost $403,308) ($ Thousands)				394,619
MORTGAGE-BACKED SECURITIES – 22.2%
Agency Mortgage-Backed Obligations – 21.3%
FHLMC
5.500%, 10/01/2038 to 06/01/2041		1,370		1,502
5.000%, 09/01/2023 to 11/01/2041		2,201		2,375
4.500%, 08/01/2040 to 07/01/2045		3,611		3,819
4.000%, 03/01/2019 to 08/01/2047		17,096		17,727
3.500%, 10/01/2020 to 12/01/2047		25,424		25,741
3.000%, 09/01/2029 to 03/01/2047		23,809		23,460
2.500%, 10/01/2029 to 02/01/2032		6,489		6,397
FHLMC Multifamily Structured Pass-Through Certificates, Ser K005, Cl A2
4.317%, 11/25/2019		755		777
FHLMC Multifamily Structured Pass-Through Certificates, Ser K007, Cl A2
4.224%, 03/25/2020		760		785
FHLMC Multifamily Structured Pass-Through Certificates, Ser K030, Cl A2
3.250%, 04/25/2023 (D)		500		511
FHLMC Multifamily Structured Pass-Through Certificates, Ser K038, Cl A2
3.389%, 03/25/2024		750		772
FHLMC Multifamily Structured Pass-Through Certificates, Ser K050, Cl A2
3.334%, 08/25/2025 (D)		900		922
FHLMC Multifamily Structured Pass-Through Certificates, Ser K054, Cl A2
2.745%, 01/25/2026		400		393
FHLMC Multifamily Structured Pass-Through Certificates, Ser K067, Cl AM
3.276%, 08/25/2027		700		705

48 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC Multifamily Structured Pass-Through Certificates, Ser K069, Cl A2
3.187%, 09/25/2027 (D)	$	700	$	704
FNMA
6.000%, 07/01/2036 to 10/01/2039		835		937
5.500%, 01/01/2035 to 09/01/2041		2,390		2,625
5.000%, 07/01/2040 to 05/01/2042		4,218		4,549
4.500%, 04/01/2019 to 01/01/2099		7,174		7,611
4.000%, 09/01/2018 to 02/01/2048		24,803		25,664
3.500%, 01/01/2027 to 06/01/2047		37,851		38,345
3.000%, 08/01/2029 to 01/01/2047		39,131		38,707
2.500%, 07/01/2028 to 03/01/2043		8,925		8,807
1.875%, 09/24/2026		300		278
FNMA TBA
4.000%, 02/01/2039		4,000		4,132
FNMA, Ser 2012-M2, Cl A2
2.717%, 02/25/2022		500		501
FNMA, Ser 2014-M11, Cl 2A
3.301%, 08/25/2026 (D)		935		934
FNMA, Ser 2015-M1, Cl A2
2.532%, 09/25/2024		350		339
FNMA, Ser 2016-M11, Cl A2
2.369%, 07/25/2026 (D)		542		512
FNMA, Ser M1, Cl A2
2.986%, 12/25/2027 (D)		115		113
GNMA
6.500%, 11/15/2038		96		110
5.500%, 01/15/2033 to 10/20/2043		1,134		1,242
5.000%, 10/15/2033 to 11/20/2046		1,632		1,739
4.500%, 04/15/2040 to 04/20/2047		4,711		4,975
4.000%, 04/15/2040 to 07/20/2047		28,537		29,605
3.500%, 06/20/2042 to 08/20/2047		31,163		31,783
3.000%, 05/15/2042 to 05/20/2047		21,638		21,457
				311,555
Non-Agency Mortgage-Backed Obligations — 0.9%
BANK, Ser 2017-BNK7, Cl A4
3.175%, 09/15/2060		200		197
CD Mortgage Trust, Ser 2017-CD6, Cl A5
3.456%, 11/13/2050		150		151
Citigroup Commercial Mortgage Trust, Ser 2012-GC8, Cl A4
3.024%, 09/10/2045		550		552
Citigroup Commercial Mortgage Trust, Ser 2014-GC21, Cl A5
3.855%, 05/10/2047		265		275
COMM Mortgage Trust, Ser 2017-COR2, Cl A3
3.510%, 09/10/2050		300		301
Commercial Mortgage Trust, Ser 2014-UBS2, Cl A5
3.961%, 03/10/2047		270		281

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Trust, Ser 2014-UBS3, Cl A3
3.546%, 06/10/2047	$	700	$	716
CSAIL Commercial Mortgage Trust, Ser 2015- C3, Cl A4
3.718%, 08/15/2048		245		252
CSAIL Commercial Mortgage Trust, Ser 2017- CX10, Cl A5
3.458%, 11/15/2050		325		327
CSMC Trust, Ser 2016-NXSR, Cl A4
3.795%, 12/15/2049 (D)		350		360
GS Mortgage Securities Trust, Ser 2014- GC20, Cl A5
3.998%, 04/10/2047		265		277
GS Mortgage Securities Trust, Ser 2015- GC34, Cl A4
3.506%, 10/10/2048		500		506
GS Mortgage Securities Trust, Ser 2017-GS7, Cl A4
3.430%, 08/10/2050		500		501
JPMBB Commercial Mortgage Securities Trust, Ser 2013-C14, Cl AS
4.409%, 08/15/2046 (D)		295		309
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, Cl A4
3.801%, 09/15/2047		500		517
JPMBB Commercial Mortgage Securities Trust, Ser 2015-C30, Cl A5
3.822%, 07/15/2048		650		673
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2012-C6, Cl A4
2.858%, 11/15/2045		600		596
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C16, Cl A3
3.592%, 06/15/2047		1,000		1,020
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2016-C29, Cl ASB
3.140%, 05/15/2049		1,000		1,002
Morgan Stanley Capital I Trust, Ser 2016- BNK2, Cl A3
2.791%, 11/15/2049		500		479
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C5, Cl A4
3.185%, 03/10/2046		305		307
Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, Cl A3
3.290%, 05/15/2048		650		654
Wells Fargo Commercial Mortgage Trust, Ser 2015-C31, Cl A4
3.695%, 11/15/2048		1,000		1,028
Wells Fargo Commercial Mortgage Trust, Ser 2016-C32, Cl A1
1.577%, 01/15/2059		353		349

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 49

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Commercial Mortgage Trust, Ser 2017-RC1, Cl A4
3.631%, 01/15/2060	$	300	$	304
WFRBS Commercial Mortgage Trust, Ser 2012-C7, Cl A2
3.431%, 06/15/2045		500		508
WFRBS Commercial Mortgage Trust, Ser 2014-C19, Cl A5
4.101%, 03/15/2047		250		263
WFRBS Commercial Mortgage Trust, Ser 2014-C22, Cl A4
3.488%, 09/15/2057		300		304
				13,009
Total Mortgage-Backed Securities (Cost $331,772) ($ Thousands)				324,564
SOVEREIGN DEBT — 15.5%
Angolan Government International Bond
9.500%, 11/12/2025 (A)		300		351
Argentine Republic Government International Bond
8.280%, 12/31/2033		911		1,034
7.625%, 04/22/2046		850		898
7.500%, 04/22/2026		1,350		1,482
7.125%, 07/06/2036		450		460
7.125%, 06/28/2117 (A)		500		489
6.875%, 04/22/2021		850		907
6.875%, 01/26/2027		850		896
6.875%, 01/11/2048		200		194
6.625%, 07/06/2028		400		409
6.250%, 04/22/2019		750		777
5.875%, 01/11/2028		500		486
5.625%, 01/26/2022		625		640
2.500%, 03/31/2019 (C)		750		526
Armenia Government International Bond
7.150%, 03/26/2025		200		229
Azerbaijan Government International Bond
4.750%, 03/18/2024 (A)		200		208
3.500%, 09/01/2032 (A)		200		177
Bahamas Government International Bond
6.000%, 11/21/2028 (A)		200		213
Bahrain Government International Bond
7.500%, 09/20/2047 (A)		300		291
7.000%, 01/26/2026 (A)		200		210
7.000%, 10/12/2028 (A)		200		204
6.750%, 09/20/2029 (A)		200		197
6.125%, 07/05/2022 (A)		400		416
6.125%, 08/01/2023 (A)		200		208
6.000%, 09/19/2044 (A)		200		172
5.875%, 01/26/2021 (A)		200		206

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
5.500%, 03/31/2020 (A)	$	400	$	408
Belarus Government International Bond
7.625%, 06/29/2027 (A)		100		116
6.875%, 02/28/2023 (A)		200		220
Belize Government International Bond
4.938%, 02/20/2034 (C)		100		59
Bolivian Government International Bond
5.950%, 08/22/2023		200		220
4.500%, 03/20/2028 (A)		200		197
Brazilian Government International Bond
8.250%, 01/20/2034		650		843
7.125%, 01/20/2037		200		240
6.000%, 04/07/2026		1,000		1,109
5.625%, 01/07/2041		550		553
5.625%, 02/21/2047		500		501
5.000%, 01/27/2045		450		417
4.875%, 01/22/2021		650		686
4.625%, 01/13/2028		500		497
4.250%, 01/07/2025		900		909
2.625%, 01/05/2023		550		527
Bundesobligation
0.250%, 10/16/2020	EUR	230		292
0.083%, 04/17/2020 (B)		175		220
0.000%, 04/08/2022		550		688
Bundesrepublik Deutschland Bundesanleihe
4.750%, 07/04/2034		521		1,019
2.500%, 07/04/2044		350		559
2.000%, 08/15/2023		490		673
0.500%, 02/15/2025		300		378
0.141%, 08/15/2026 (B)		500		596
Cameroon Government International Bond
9.500%, 11/19/2025 (A)	$	200		237
Canadian Government International Bond
5.000%, 06/01/2037	CAD	300		343
3.500%, 12/01/2045		175		175
2.250%, 06/01/2025		419		341
2.000%, 11/15/2022	$	165		160
1.625%, 02/27/2019		100		99
0.750%, 09/01/2020	CAD	1,485		1,176
Chile Government International Bond
3.875%, 08/05/2020	$	150		155
3.860%, 06/21/2047		500		501
3.250%, 09/14/2021		200		204
3.125%, 01/21/2026		610		611
2.250%, 10/30/2022		150		147
China Government International Bond
2.625%, 11/02/2027		200		196
2.125%, 11/02/2022		200		196
Colombia Government International Bond
7.375%, 03/18/2019		750		789
7.375%, 09/18/2037		525		699
6.125%, 01/18/2041		700		842

50 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
5.625%, 02/26/2044	$	500	$	571
5.000%, 06/15/2045		900		946
4.500%, 01/28/2026		500		530
4.375%, 07/12/2021		400		420
4.000%, 02/26/2024		800		824
3.875%, 04/25/2027		800		807
2.625%, 03/15/2023		300		291
Costa Rica Government International Bond
7.158%, 03/12/2045		200		213
7.000%, 04/04/2044  (A)		200		210
4.375%, 04/30/2025 (A)		200		192
4.250%, 01/26/2023 (A)		200		194
Croatia Government International Bond
6.750%, 11/05/2019		300		319
6.625%, 07/14/2020 (A)		200		216
6.375%, 03/24/2021		350		382
6.000%, 01/26/2024		450		507
5.500%, 04/04/2023		250		273
Dominican Republic Government International Bond
7.500%, 05/06/2021		200		217
6.875%, 01/29/2026 (A)		400		453
6.850%, 01/27/2045		400		445
6.600%, 01/28/2024		200		222
5.950%, 01/25/2027 (A)		400		430
5.875%, 04/18/2024		200		214
5.500%, 01/27/2025		200		209
Dominican Republic International Bond
7.450%, 04/30/2044		250		296
Ecuador Government International Bond
10.750%, 03/28/2022 (A)		400		465
10.500%, 03/24/2020		200		219
9.650%, 12/13/2026 (A)		400		456
9.625%, 06/02/2027 (A)		200		227
8.875%, 10/23/2027 (A)		600		653
8.750%, 06/02/2023 (A)		400		440
7.950%, 06/20/2024		400		423
7.875%, 01/23/2028 (A)		300		305
Egypt Government International Bond MTN
8.500%, 01/31/2047 (A)		600		687
7.500%, 01/31/2027 (A)		800		894
6.875%, 04/30/2040		300		306
6.125%, 01/31/2022 (A)		400		424
5.875%, 06/11/2025		400		412
5.750%, 04/29/2020		200		209
El Salvador Government International Bond
8.625%, 02/28/2029 (A)		100		118
7.750%, 01/24/2023		150		165
7.650%, 06/15/2035		60		66
7.625%, 02/01/2041 (A)		300		329
7.375%, 12/01/2019		150		157
6.375%, 01/18/2027		200		204

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
5.875%, 01/30/2025	$	200	$	201
Ethiopia Government International Bond
6.625%, 12/11/2024		200		211
Export Development Canada
2.000%, 05/17/2022		200		195
1.625%, 12/03/2019		300		297
1.625%, 01/17/2020		250		247
1.375%, 10/21/2021		100		96
Export-Import Bank of Korea
4.375%, 09/15/2021		200		209
2.875%, 01/21/2025		200		192
2.625%, 05/26/2026		200		187
2.250%, 01/21/2020		200		198
FMS Wertmanagement AoeR MTN
1.750%, 01/24/2020		200		198
1.000%, 08/16/2019		500		491
French Republic Government Bond OAT
4.750%, 04/25/2035	EUR	145		277
4.500%, 04/25/2041		130		256
4.250%, 10/25/2023		858		1,312
3.750%, 04/25/2021		700		983
3.250%, 10/25/2021		600		841
3.250%, 05/25/2045		400		670
2.750%, 10/25/2027		220		323
2.500%, 05/25/2030		1,130		1,636
2.000%, 05/25/2048 (A)		165		216
0.500%, 05/25/2025		550		684
Gabon Government International Bond
6.950%, 06/16/2025	$	200		207
6.375%, 12/12/2024		200		202
Georgia Government International Bond
6.875%, 04/12/2021 (A)		200		219
Ghana Government International Bond
10.750%, 10/14/2030		300		408
8.125%, 01/18/2026		200		220
7.875%, 08/07/2023		200		218
Guatemala Government International Bond
5.750%, 06/06/2022 (A)		200		213
4.875%, 02/13/2028		200		206
4.375%, 06/05/2027 (A)		200		199
Honduras Government International Bond
7.500%, 03/15/2024		200		225
6.250%, 01/19/2027 (A)		150		161
Hungary Government International Bond
7.625%, 03/29/2041		300		457
6.375%, 03/29/2021		850		936
6.250%, 01/29/2020		350		374
5.750%, 11/22/2023		400		452
5.375%, 02/21/2023		400		440
5.375%, 03/25/2024		750		835
4.000%, 03/25/2019		150		152

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 51

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Indonesia Government International Bond
11.625%, 03/04/2019	$	300	$                329
8.500%, 10/12/2035		300	441
7.750%, 01/17/2038		300	421
6.750%, 01/15/2044 (A)		275	363
6.625%, 02/17/2037		300	377
5.950%, 01/08/2046 (A)		400	486
5.875%, 03/13/2020		400	425
5.875%, 01/15/2024 (A)		300	338
5.375%, 10/17/2023 (A)		200	220
5.250%, 01/17/2042 (A)		400	440
5.250%, 01/08/2047 (A)		400	443
5.125%, 01/15/2045 (A)		400	435
4.875%, 05/05/2021 (A)		450	476
4.750%, 01/08/2026 (A)		400	429
4.750%, 07/18/2047 (A)		200	208
4.625%, 04/15/2043 (A)		400	408
4.350%, 01/08/2027 (A)		600	628
4.350%, 01/11/2048		300	297
4.125%, 01/15/2025 (A)		400	413
3.850%, 07/18/2027 (A)		400	406
3.750%, 04/25/2022 (A)		400	409
3.700%, 01/08/2022 (A)		400	409
3.500%, 01/11/2028		200	197
3.375%, 04/15/2023 (A)		200	200
2.950%, 01/11/2023		200	198
Iraq Government AID Bond
2.149%, 01/18/2022		720	708
Iraq Government International Bond
6.752%, 03/09/2023 (A)		200	208
5.800%, 01/15/2028 (A)		500	495
Israel Government International Bond
4.500%, 01/30/2043		200	212
4.000%, 06/30/2022		200	209
Italy Buoni Poliennali Del Tesoro
5.000%, 08/01/2034	EUR	330	544
5.000%, 08/01/2039		200	335
4.750%, 09/01/2028 (A)		654	1,013
4.000%, 09/01/2020		310	425
3.750%, 05/01/2021		307	425
3.500%, 06/01/2018		452	570
3.250%, 09/01/2046 (A)		315	411
2.500%, 05/01/2019		1,300	1,676
2.500%, 12/01/2024		325	432
2.250%, 09/01/2036 (A)		285	333
2.150%, 12/15/2021		643	852
2.000%, 12/01/2025		450	573
1.050%, 12/01/2019		422	537
0.650%, 11/01/2020		785	992
0.650%, 10/15/2023		700	851
Italy Government International Bond MTN
6.875%, 09/27/2023	$	100	118

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
5.375%, 06/15/2033	$	150	$                173
Ivory Coast Government International Bond
6.375%, 03/03/2028		200	212
6.125%, 06/15/2033 (A)		200	205
5.750%, 12/31/2032 (C)		378	375
5.375%, 07/23/2024		200	203
Jamaica Government International Bond
8.000%, 03/15/2039		200	248
7.875%, 07/28/2045		200	248
6.750%, 04/28/2028		700	801
Japan Bank for International Cooperation
2.875%, 06/01/2027		200	197
2.875%, 07/21/2027		200	197
2.500%, 06/01/2022		200	197
2.375%, 07/21/2022		100	98
2.250%, 02/24/2020		200	199
2.125%, 07/21/2020		100	99
2.125%, 02/10/2025		200	189
1.875%, 07/21/2026		200	183
Japan Finance Organization for Municipalities
4.000%, 01/13/2021		100	103
Japan Government Five Year Bond
0.200%, 12/20/2018	JPY	292,550	2,688
0.100%, 03/20/2018		86,000	788
0.100%, 06/20/2019		63,500	584
0.100%, 06/20/2020		115,500	1,063
0.100%, 09/20/2020		209,300	1,927
0.100%, 09/20/2021		252,000	2,324
0.100%, 12/20/2021		205,000	1,891
0.100%, 09/20/2022		119,000	1,100
Japan Government Forty Year Bond
0.900%, 03/20/2057		15,400	139
Japan Government Ten Year Bond
0.700%, 12/20/2022		70,250	668
0.600%, 03/20/2023		117,100	1,110
0.500%, 09/20/2024		339,450	3,216
0.400%, 09/20/2025		60,000	566
0.100%, 03/20/2026		81,850	754
0.100%, 09/20/2026		141,200	1,299
0.100%, 03/20/2027		120,000	1,103
0.100%, 09/20/2027		73,600	676
Japan Government Thirty Year Bond
2.500%, 03/20/2036		184,150	2,267
1.700%, 09/20/2044		296,650	3,335
0.800%, 06/20/2047		14,000	128
0.800%, 09/20/2047		38,000	348
0.600%, 12/20/2046		18,000	157
0.500%, 09/20/2046		17,000	144
0.300%, 06/20/2046		13,350	107
Japan Government Twenty Year Bond
2.100%, 03/20/2030		231,500	2,607

52 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)	Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
1.600%, 03/20/2033	JPY      130,250	$            1,414
1.500%, 03/20/2033	140,600	1,507
0.600%, 12/20/2036	63,000	583
0.600%, 09/20/2037	56,000	515
0.500%, 09/20/2036	22,000	200
Jordan Government International Bond
7.375%, 10/10/2047 (A)	$            300	323
6.125%, 01/29/2026 (A)	200	208
5.750%, 01/31/2027 (A)	200	201
Kazakhstan Government International Bond MTN
6.500%, 07/21/2045 (A)	250	318
5.125%, 07/21/2025 (A)	550	611
4.875%, 10/14/2044 (A)	200	212
3.875%, 10/14/2024 (A)	400	415
Kenya Government International Bond
6.875%, 06/24/2024	400	421
5.875%, 06/24/2019	200	206
Korea Government International Bond
3.875%, 09/11/2023	200	208
2.750%, 01/19/2027	200	193
Kuwait Government International Bond
3.500%, 03/20/2027 (A)	750	747
2.750%, 03/20/2022 (A)	950	937
Lebanon Government International Bond MTN
8.250%, 04/12/2021	500	533
7.250%, 03/23/2037	200	193
7.000%, 03/23/2032	200	192
6.850%, 03/23/2027	400	395
6.650%, 11/03/2028	250	240
6.650%, 02/26/2030	550	520
6.600%, 11/27/2026	800	784
6.375%, 03/09/2020	200	202
6.100%, 10/04/2022	600	599
6.000%, 01/27/2023	50	49
5.800%, 04/14/2020	550	549
5.450%, 11/28/2019	500	498
Mexico Government International Bond
8.125%, 12/30/2019	100	112
6.750%, 09/27/2034	625	797
6.050%, 01/11/2040	900	1,044
5.750%, 10/12/2110	500	523
5.550%, 01/21/2045	600	672
4.750%, 03/08/2044	1,100	1,099
4.600%, 01/23/2046	800	782
4.600%, 02/10/2048	800	784
4.350%, 01/15/2047	800	756
4.150%, 03/28/2027	1,300	1,331
4.125%, 01/21/2026	900	927
4.000%, 10/02/2023	850	878
3.750%, 01/11/2028	400	392

Description	Face Amount (Thousands)	Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
3.625%, 03/15/2022	$                600	$                616
3.600%, 01/30/2025	900	901
3.500%, 01/21/2021	100	103
Mongolia Government International Bond MTN
8.750%, 03/09/2024 (A)	200	232
5.625%, 05/01/2023 (A)	200	204
5.125%, 12/05/2022	200	200
Morocco Government International Bond
5.500%, 12/11/2042 (A)	200	227
4.250%, 12/11/2022 (A)	200	208
Namibia Government International Bond
5.500%, 11/03/2021 (A)	200	211
Nigeria Government International Bond
7.875%, 02/16/2032 (A)	400	452
7.625%, 11/28/2047 (A)	300	320
6.500%, 11/28/2027 (A)	200	207
6.375%, 07/12/2023	200	213
Oman Government International Bond
6.750%, 01/17/2048 (A)	300	305
6.500%, 03/08/2047 (A)	500	499
5.375%, 03/08/2027 (A)	400	401
4.750%, 06/15/2026 (A)	400	390
3.875%, 03/08/2022 (A)	200	199
3.625%, 06/15/2021 (A)	400	397
Pakistan Government International Bond
8.250%, 09/30/2025	200	222
7.250%, 04/15/2019	250	259
6.875%, 12/05/2027 (A)	300	303
Panama Government International Bond
7.125%, 01/29/2026	100	127
6.700%, 01/26/2036	500	659
5.200%, 01/30/2020	550	577
4.500%, 05/15/2047	400	425
4.300%, 04/29/2053	200	207
4.000%, 09/22/2024	350	369
3.875%, 03/17/2028	600	623
3.750%, 03/16/2025	700	723
Paraguay Government International Bond
6.100%, 08/11/2044	200	228
5.000%, 04/15/2026 (A)	200	213
4.700%, 03/27/2027 (A)	200	208
Peruvian Government International Bond
8.750%, 11/21/2033	250	394
7.350%, 07/21/2025	650	830
6.550%, 03/14/2037	500	668
5.625%, 11/18/2050	550	692
4.125%, 08/25/2027	450	482
Philippine Government International Bond
10.625%, 03/16/2025	100	147
9.500%, 02/02/2030	100	155
8.375%, 06/17/2019	300	324

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 53

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)	Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
7.750%, 01/14/2031	$                550	$                772
6.500%, 01/20/2020	200	215
6.375%, 01/15/2032	100	128
6.375%, 10/23/2034	550	728
5.500%, 03/30/2026	850	975
5.000%, 01/13/2037	500	584
4.200%, 01/21/2024	850	906
4.000%, 01/15/2021	350	363
3.950%, 01/20/2040	600	608
3.700%, 03/01/2041	600	590
3.700%, 02/02/2042	600	589
3.000%, 02/01/2028	200	193
Poland Government International Bond
6.375%, 07/15/2019	750	792
5.125%, 04/21/2021	450	482
5.000%, 03/23/2022	675	729
4.000%, 01/22/2024	500	525
3.250%, 04/06/2026	750	755
3.000%, 03/17/2023	400	400
Province of Alberta Canada
2.200%, 07/26/2022	200	195
1.900%, 12/06/2019	200	198
Province of British Columbia Canada
2.250%, 06/02/2026	100	94
2.000%, 10/23/2022	225	218
Province of Manitoba Canada
3.050%, 05/14/2024	100	100
2.125%, 05/04/2022	200	195
2.125%, 06/22/2026	100	92
Province of Ontario Canada
4.400%, 04/14/2020	200	208
3.200%, 05/16/2024	400	405
2.500%, 09/10/2021	200	198
2.500%, 04/27/2026	200	192
2.400%, 02/08/2022	300	296
2.250%, 05/18/2022	200	195
2.200%, 10/03/2022	300	292
Province of Quebec Canada
7.500%, 09/15/2029	300	415
3.500%, 07/29/2020	250	256
2.750%, 04/12/2027	250	243
2.375%, 01/31/2022	300	296
Qatar Government International Bond
9.750%, 06/15/2030 (A)	200	305
6.550%, 04/09/2019 (A)	300	314
6.400%, 01/20/2040 (A)	200	250
5.750%, 01/20/2042 (A)	200	233
5.250%, 01/20/2020 (A)	450	469
4.625%, 06/02/2046 (A)	400	404
4.500%, 01/20/2022 (A)	350	363
3.250%, 06/02/2026 (A)	800	762
2.375%, 06/02/2021 (A)	800	777

Description	Face Amount (Thousands)	Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Romanian Government International Bond MTN
6.750%, 02/07/2022 (A)	$                400	$                454
6.125%, 01/22/2044 (A)	200	253
4.875%, 01/22/2024 (A)	300	325
4.375%, 08/22/2023 (A)	300	317
Russian Foreign Bond - Eurobond
12.750%, 06/24/2028 (A)	475	818
7.500%, 03/31/2030 (C)	1,544	1,770
5.875%, 09/16/2043 (A)	1,200	1,387
5.625%, 04/04/2042 (A)	900	1,008
5.000%, 04/29/2020	700	730
4.875%, 09/16/2023 (A)	800	854
4.500%, 04/04/2022 (A)	400	419
Saudi Government International Bond MTN
4.625%, 10/04/2047 (A)	900	897
4.500%, 10/26/2046 (A)	1,300	1,267
3.625%, 03/04/2028 (A)	1,130	1,105
3.250%, 10/26/2026 (A)	1,200	1,158
2.875%, 03/04/2023 (A)	550	538
2.375%, 10/26/2021 (A)	1,050	1,018
Senegal Government International Bond
6.250%, 07/30/2024	200	213
6.250%, 05/23/2033 (A)	200	209
Serbia Government International Bond
7.250%, 09/28/2021	450	509
4.875%, 02/25/2020	400	413
South Africa Government International Bond
6.875%, 05/27/2019	250	262
6.250%, 03/08/2041	200	224
5.875%, 05/30/2022	200	218
5.875%, 09/16/2025	300	327
5.650%, 09/27/2047	300	308
5.500%, 03/09/2020	350	366
5.375%, 07/24/2044	200	200
5.000%, 10/12/2046	200	190
4.875%, 04/14/2026	300	307
4.850%, 09/27/2027	300	304
4.665%, 01/17/2024	300	307
4.300%, 10/12/2028	400	386
Sri Lanka Government International Bond
6.850%, 11/03/2025 (A)	400	438
6.825%, 07/18/2026 (A)	200	219
6.250%, 10/04/2020 (A)	200	210
6.250%, 07/27/2021 (A)	200	212
6.200%, 05/11/2027 (A)	300	315
6.125%, 06/03/2025	200	210
5.875%, 07/25/2022 (A)	200	209
5.750%, 01/18/2022 (A)	200	207
Suriname Government International Bond
9.250%, 10/26/2026 (A)	200	211

54 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Svensk Exportkredit MTN
2.375%, 03/09/2022	$	200	$	198
1.875%, 06/23/2020		200		197
1.750%, 05/18/2020		200		197
1.250%, 04/12/2019		250		247
Tajikistan Government International Bond
7.125%, 09/14/2027 (A)		200		195
Trinidad & Tobago Government International Bond
4.500%, 08/04/2026 (A)		300		306
Turkey Government International Bond
8.000%, 02/14/2034		100		122
7.500%, 11/07/2019		450		481
7.375%, 02/05/2025		650		744
7.250%, 03/05/2038		200		229
7.000%, 03/11/2019		200		208
7.000%, 06/05/2020		350		375
6.875%, 03/17/2036		600		660
6.750%, 05/30/2040		400		434
6.625%, 02/17/2045		650		688
6.250%, 09/26/2022		500		540
6.000%, 03/25/2027		800		841
6.000%, 01/14/2041		600		599
5.750%, 03/22/2024		550		580
5.750%, 05/11/2047		1,000		950
5.625%, 03/30/2021		400		419
5.125%, 03/25/2022		200		207
4.875%, 10/09/2026		900		877
4.875%, 04/16/2043		625		536
4.250%, 04/14/2026		500		472
3.250%, 03/23/2023		200		189
Ukraine Government AID Bond
1.847%, 05/29/2020		263		260
Ukraine Government International Bond
7.750%, 09/01/2019 (A)		400		422
7.750%, 09/01/2020 (A)		400		430
7.750%, 09/01/2021 (A)		400		435
7.750%, 09/01/2025 (A)		400		431
7.750%, 09/01/2026 (A)		400		428
7.750%, 09/01/2027 (A)		500		534
7.375%, 09/25/2032 (A)		500		507
United Kingdom Gilt
4.750%, 12/07/2038	GBP	220		466
4.500%, 09/07/2034		128		252
4.250%, 06/07/2032		75		140
4.250%, 06/07/2032		448		839
4.250%, 12/07/2040		318		645
3.750%, 09/07/2021		732		1,147
3.750%, 07/22/2052		755		1,593
3.500%, 01/22/2045		215		404
3.500%, 07/22/2068		40		91
2.250%, 09/07/2023		470		710

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
2.000%, 07/22/2020	GBP	296	$	434
2.000%, 09/07/2025		165		247
1.750%, 07/22/2019		490		708
1.500%, 07/22/2026		483		693
1.500%, 07/22/2047		165		212
Uruguay Government International Bond
7.625%, 03/21/2036	$	400		567
5.100%, 06/18/2050		1,005		1,092
4.500%, 08/14/2024		500		537
4.375%, 10/27/2027		600		636
4.125%, 11/20/2045		200		197
Venezuela Government International Bond
12.750%, 08/23/2022		700		199
11.950%, 08/05/2031		900		250
9.375%, 01/13/2034		550		148
9.250%, 09/15/2027		500		139
7.000%, 03/31/2038		400		108
Vietnam Government International Bond
6.750%, 01/29/2020		150		160
4.800%, 11/19/2024		200		213
Zambia Government International Bond
8.970%, 07/30/2027		200		222
8.500%, 04/14/2024		200		219
5.375%, 09/20/2022		200		195
Total Sovereign Debt (Cost $219,045) ($ Thousands)				227,075
U.S. GOVERNMENT AGENCY OBLIGATIONS – 1.6%
FFCB
1.620%, 04/20/2021		250		243
1.500%, 12/19/2019		250		247
FHLB
5.500%, 07/15/2036		225		301
1.875%, 11/29/2021		500		490
1.625%, 06/14/2019		1,250		1,243
1.500%, 10/21/2019		2,000		1,978
1.375%, 05/28/2019		1,455		1,442
1.375%, 11/15/2019		425		420
1.125%, 07/14/2021		750		718
FHLMC
6.750%, 03/15/2031		500		695
6.250%, 07/15/2032		300		409
2.375%, 01/13/2022		375		374
1.375%, 05/01/2020		1,200		1,178
1.250%, 07/26/2019		250		247
FHLMC MTN
1.875%, 11/17/2020		3,000		2,965
1.500%, 01/17/2020		1,000		988
FNMA
6.625%, 11/15/2030		475		651

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 55

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
2.625%, 09/06/2024	$	600	$	596
2.125%, 04/24/2026		205		195
1.950%, 11/09/2020		2,500		2,472
1.875%, 02/19/2019		150		150
1.875%, 12/28/2020		1,100		1,087
1.750%, 09/12/2019		750		745
1.625%, 01/21/2020		375		371
1.500%, 06/22/2020		300		295
1.500%, 07/30/2020		1,000		981
0.875%, 08/02/2019		250		245
Tennessee Valley Authority
5.250%, 09/15/2039		275		364
4.250%, 09/15/2065		500		579
3.500%, 12/15/2042		125		132
2.875%, 09/15/2024		500		505
2.875%, 02/01/2027		150		149
Total U.S. Government Agency Obligations (Cost $23,690) ($ Thousands)				23,455
MUNICIPAL BONDS – 0.5%
California – 0.2%
Bay Area, Toll Authority, RB
6.263%, 04/01/2049		200		288
California State University, Ser B, RB Callable 05/01/2047 @ 100
3.899%, 11/01/2047		200		204
California State, Build America Bonds, GO
7.600%, 11/01/2040		175		278
7.550%, 04/01/2039		350		544
California State, Department of Water Resources, Ser P, RB
2.000%, 05/01/2022		25		24
California State, East Bay Municipal Utility District, Water System Revenue, RB
5.874%, 06/01/2040		200		260
California State, GO
Callable 10/01/2019 @ 100
2.193%, 04/01/2047 (E)		300		299
Los Angeles, Unified School District, GO
5.750%, 07/01/2034		200		251
University of California, Ser AJ, RB
4.601%, 05/15/2031		250		271
University of California, Ser AQ, RB
4.767%, 05/15/2115		250		262
				2,681
Connecticut – 0.0%
Connecticut State, Ser A, GO
5.850%, 03/15/2032		200		237

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Georgia – 0.0%
Georgia State, Municipal Electric Authority, RB
6.655%, 04/01/2057	$	100	$	124
6.637%, 04/01/2057		200		248
				372
Illinois – 0.0%
Illinois State, GO
5.100%, 06/01/2033		400		389
4.950%, 06/01/2023		100		103
				492
New Jersey – 0.1%
New Jersey State, Turnpike Authority, RB
7.414%, 01/01/2040		225		341
7.102%, 01/01/2041		350		513
				854
New York – 0.1%
New York & New Jersey, Port Authority, RB
4.458%, 10/01/2062		200		227
New York & New Jersey, Port Authority, Ser 20, RB
4.229%, 10/15/2057		65		69
New York City, Water & Sewer System, RB
5.750%, 06/15/2041		100		132
New York State, Dormitory Authority, RB
5.289%, 03/15/2033		100		115
New York State, Metropolitan Transportation Authority, RB
6.814%, 11/15/2040		250		350
				893
Ohio – 0.0%
American Municipal Power, Ser B, RB
8.084%, 02/15/2050		100		168
South Carolina – 0.0%
South Carolina State, Public Service Authority, Ser D, RB
2.388%, 12/01/2023		50		47
Tennessee – 0.0%
Nashville & Davidson County, Metropolitan Government, Health & Educational Facilities Board, Ser B, RB Callable 04/01/2026 @ 100
4.053%, 07/01/2026		100		104
Texas – 0.1%
Houston, Ser A, GO
6.290%, 03/01/2032		90		105

56 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Permanent University Fund - University of Texas System, Ser S, RB Callable 01/01/2047 @ 100
3.376%, 07/01/2047	$	20	$	19
Texas State, Build America Bonds, GO
5.517%, 04/01/2039		200		257
Texas State, Transportation Commission State Highway Fund, Ser B, RB
5.178%, 04/01/2030		200		235
University of Texas System, Ser A, RB Callable 02/15/2047 @ 100
3.354%, 08/15/2047		50		49
				665
Total Municipal Bonds (Cost $6,241) ($ Thousands)				6,513
ASSET-BACKED SECURITIES – 0.4%
American Express Credit Account Master Trust, Ser 2017-1, Cl A
1.930%, 09/15/2022		500		496
AmeriCredit Automobile Receivables Trust, Ser 2016-2, Cl B
2.210%, 05/10/2021		500		499
BA Credit Card Trust, Ser 2017-A1, Cl A1
1.950%, 08/15/2022		250		248
Capital One Multi-Asset Execution Trust, Ser 2017-A4, Cl A4
1.990%, 07/17/2023		300		296
Capital One Multi-Asset Execution Trust, Ser 2017-A6, Cl A6
2.290%, 07/15/2025		250		245
CarMax Auto Owner Trust, Ser 2016-4, Cl A3
1.400%, 08/15/2021		650		642
Chase Issuance Trust, Ser 2012-A7, Cl A7
2.160%, 09/16/2024		300		292
Chase Issuance Trust, Ser 2016-A5, Cl A5
1.270%, 07/15/2021		300		296
Citibank Credit Card Issuance Trust, Ser 2014-A5, Cl A5
2.680%, 06/07/2023		470		471
Citibank Credit Card Issuance Trust, Ser 2016-A1, Cl A1
1.750%, 11/19/2021		305		302
Citibank Credit Card Issuance Trust, Ser 2017-A3, Cl A3
1.920%, 04/07/2022		500		494
Discover Card Execution Note Trust, Ser 2014-A4, Cl A4
2.120%, 12/15/2021		200		200

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Ford Credit Auto Owner Trust, Ser 2017-A, Cl A3
1.670%, 06/15/2021	$	400	$	397
Ford Credit Floorplan Master Owner Trust, Ser 2017-2, Cl A1
2.160%, 09/15/2022		250		247
Honda Auto Receivables Owner Trust, Ser 2017-1, Cl A3
1.720%, 07/21/2021		400		396
Synchrony Credit Card Master Note Trust, Ser 2012-7, Cl A
1.760%, 09/15/2022		300		297
Synchrony Credit Card Master Note Trust, Ser 2016-2, Cl A
2.210%, 05/15/2024		200		197
Total Asset-Backed Securities (Cost $6,071) ($ Thousands)				6,015
	Number of Warrants
WARRANTS – 0.0%
Comstock Resources, Expires 06/15/2020 Strike Price $0 *(F)		275		3
Total Warrants (Cost $–) ($ Thousands)				3
Total Investments in Securities– 98.2% (Cost $1,441,127) ($ Thousands)			$	1,436,169

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 57

SCHEDULE OF INVESTMENTS (Unaudited)

JANUARY 31, 2018

Tactical Offensive Fixed Income Fund (Concluded)

A list of the open futures contracts held by the Fund at January 31, 2018, is as follows:

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Brown Brothers Harriman		02/05/18	CAD		2,530	USD		2,018	$	(45)
Brown Brothers Harriman		02/05/18	GBP		6,525	USD		8,828		(451)
Brown Brothers Harriman		02/05/18	EUR		18,192	USD		21,848		(821)
Brown Brothers Harriman		02/05/18	JPY		3,938,975	USD		35,053		(1,043)
									$	(2,360)

Percentages are based on Net Assets of $1,462,276 ($ Thousands).

* Non-income producing security.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On January 31, 2018, the value of these securities amounted to $138,661 ($ Thousands), representing 9.48% of the Net Assets of the Fund.

(B) Zero coupon security. The rate shown on the Schedule of Investments is the security’s effective yield at the time of purchase.

(C) Step Bonds – The rate reflected on the Schedule of Investments is the effective yield on January 31, 2018. The coupon on a step bond changes on a specified date.

(D) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

(E) Variable or floating rate security, the interest rate of which adjusts periodically based on prevailing interest rates.

(F) Level 3 security in accordance with fair value hierarchy.

AID – Agency for International Development

CAD – Canadian Dollar

Cl – Class

EUR – Euro

FFCB – Federal Farm Credit Bank

FHLB – Federal Home Loan Bank

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

GBP – British Pound Sterling

GNMA – Government National Mortgage Association

GO – General Obligation

ICE– Intercontinental Exchange

JPY – Japanese Yen

LIBOR – London Interbank Offered Rate

LLLP – Limited Liability Limited Partnership

MTN – Medium Term Note

PIK – Payment-in-Kind

Pty – Proprietary

RB – Revenue Bond

S&P– Standard & Poor’s

Ser – Series

TBA – To Be Announced

ULC – Unlimited Liability Company

USD – United States Dollar

VAR – Variable Rate

The following is a list of the level of inputs used as of January 31, 2018, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

Investments in Securities	Level 1		Level  2		Level 3‡		Total
Corporate Obligations	$	–	$	453,925	$	–	$	453,925
U.S. Treasury Obligations		–		394,619		–		394,619
Mortgage-Backed Securities		–		324,564		–		324,564
Sovereign Debt		–		227,075		–		227,075
U.S. Government Agency Obligations		–		23,455		–		23,455
Municipal Bonds		–		6,513		–		6,513
Asset-Backed Securities		–		6,015		–		6,015
Warrants		–		–		3		3
Total Investments in Securities	$	–	$	1,436,166	$	3	$	1,436,169
Other Financial Instruments	Level 1		Level 2		Level 3		Total
Forwards Contracts *
Unrealized Depreciation	$	–	$	(2,360)	$	–	$	(2,360)
Total Other Financial Instruments	$	–	$	(2,360)	$	–	$	(2,360)

*Forwards contracts are valued at the unrealized depreciation on the instrument.

^‡ A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

For the period ended January 31, 2018, there were no transfers between Level 1, Level 2, and/or Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

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

The accompanying notes are an integral part of the financial statements.

58 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) ($ Thousands)

January 31, 2018

	Tactical Offensive Equity Fund	Tactical Offensive Fixed Income Fund
Assets:
Investments, at value†	$            2,590,453	$            1,436,169
Affiliated investments, at value††	579	–
Cash	47,125	37,249
Foreign currency, at value †††	3,903	46
Dividends and interest receivable	2,117	11,035
Cash pledged as collateral for futures contracts	1,794	–
Foreign tax reclaim receivable	539	–
Receivable for fund shares sold	492	434
Receivable for investment securities sold	213	3,460
Receivable for variation margin	102	–
Prepaid expenses	32	19
Total Assets	2,647,349	1,488,412
Liabilities:
Payable for investment securities purchased	3,385	23,091
Payable for fund shares redeemed	1,097	135
Shareholder servicing fees payable	551	310
Administration fees payable	438	40
Payable for variation margin	65	–
Investment advisory fees payable	64	58
Chief Compliance Officer fees payable	4	2
Unrealized loss on forward foreign currency contracts	–	2,360
Accrued expense payable	119	140
Total Liabilities	5,723	26,136
Net Assets	$            2,641,626	$            1,462,276
† Cost of investments	$            1,939,205	$            1,441,127
†† Cost of affiliated investments	372	–
††† Cost of foreign currency	3,742	46
Net Assets:
Paid-in Capital – (unlimited authorization – no par value)	$            1,992,664	$            1,481,595
Distributions in excess of net investment income	(1,034)	(44)
Accumulated net realized loss on investments, futures contracts and foreign currency	(4,574)	(11,972)
Net unrealized appreciation/(depreciation) on investments	651,455	(4,958)
Net unrealized appreciation/(depreciation) on futures contracts	2,883	–
Net unrealized appreciation/(depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies	232	(2,345)
Net Assets	$            2,641,626	$            1,462,276
Net Asset Value, Offering and Redemption Price Per Share	$                   17.59	$                  10.14
	($2,641,626,312 ÷	($1,462,276,075 ÷
	150,206,610 shares)	144,147,623 shares)
Amounts designated as “–” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 59

STATEMENTS OF OPERATIONS (Unaudited) ($ Thousands)

For the six month period ended January 31, 2018

	Tactical Offensive Equity Fund			Tactical Offensive Fixed Income Fund
Investment income:
Dividends	$	22,264		$	–
Dividends from affiliated investments (1)		2			–
Interest income		–			21,029
Less: foreign taxes withheld		(588	)		–
Total investment income		21,678			21,029
Expenses:
Shareholder servicing fees		3,026			1,767
Investment advisory fees		2,421			1,060
Administration fees		2,418			1,414
Trustee fees		16			9
Chief Compliance Officer fees		6			3
Custodian/wire agent fees		108			26
Professional fees		63			37
Printing fees		32			19
Registration fees		21			18
Other expenses		78			214
Total expenses		8,189			4,567
Less:
Waiver of investment advisory fees		(2,069	)		(729	)
Waiver of administration fees		(52	)		(1,142	)
Net expenses		6,068			2,696
Net investment income		15,610			18,333
Net realized gain/(loss) on:
Investments		3,484			(280	)
Futures contracts		3,532			–
Foreign currency transactions		113			(719	)
Net change in unrealized appreciation/(depreciation) on:
Investments		301,581			(18,849	)
Affiliated investments (1)		144			–
Futures contracts		1,903			–
Foreign currency and translation of other assets and liabilities denominated in foreign currency		163			(1,163	)
Net increase/(decrease) in net assets resulting from operations	$	326,530		$	(2,678	)
(1) See Note 5 in the Notes to Financial Statements.
Amounts designated as “–” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.

60 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the six month period ended January 31, 2018 (Unaudited) and the year ended July 31, 2017

	Tactical Offensive Equity Fund						Tactical Offensive Fixed Income Fund
	2018			2017			2018			2017
Operations:
Net investment income	$	15,610		$	33,867		$	18,333		$	30,874
Net realized gain/(loss) from investments, affiliated investments and futures contracts		7,016			19,023			(280	)		(308	)
Net realized gain/(loss) on foreign currency transactions		113			12			(719	)		2,590
Net change in unrealized appreciation/(depreciation) on investments, affiliated investments and futures contracts		303,628			266,129			(18,849	)		(24,503	)
Net change in unrealized appreciation/(depreciation) on foreign currency and translation of other assets and liabilities denominated in foreign currency		163			59			(1,163	)		(1,038	)
Net increase/(decrease) in net assets resulting from operations		326,530			319,090			(2,678	)		7,615
Dividends and distributions from:
Net investment income		(38,352	)		(17,550	)		(26,370	)		(33,358	)
Net realized gains		(17,775	)		–			–			–
Total dividends and distributions		(56,127	)		(17,550	)		(26,370	)		(33,358	)
Capital share transactions:(1)
Proceeds from shares issued		229,240			420,501			200,186			340,938
Reinvestment of dividends & distributions		55,928			17,311			26,294			33,031
Cost of shares redeemed		(182,267	)		(320,018	)		(59,010	)		(167,747	)
Increase in net assets derived from capital share transactions		102,901			117,794			167,470			206,222
Net increase in net assets		373,304			419,334			138,422			180,479
Net assets:
Beginning of period		2,268,322			1,848,988			1,323,854			1,143,375
End of period	$	2,641,626		$	2,268,322		$	1,462,276		$	1,323,854
Undistributed/(distributions in excess of) net investment income included in net assets at period end	$	(1,034	)	$	21,708		$	(44	)	$	7,993
(1) See Note 6 in the Notes to Financial Statements for additional information.
Amount designated as “—” is $0 or has been rounded to $0.
The accompanying notes are an integral part of the financial statements.

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 61

FINANCIAL HIGHLIGHTS

For the six month period ended January 31, 2018 (Unaudited) and the years ended July 31,

For a share outstanding throughout the years or period

	Net asset value, beginning of year		Net investment income(1)		Net realized and unrealized gains/(losses)  on securities(1)			Total from operations			Dividends from net investment income			Distributions from realized gains			Total dividends and distributions			Net asset value, end of year		Total Return†			Net assets, end of year ($ Thousands)		Ratio of net expenses to average net assets			Ratio of expenses to average net assets (excluding fees paid indirectly and including waivers)			Ratio of expenses to average net assets (excluding fees paid indirectly and waivers)			Ratio of net investment income to average net assets			Portfolio turnover‡
Tactical Offensive Equity Fund
2018@	$	15.74	$	0.11	$	2.12		$	2.23		$	(0.26	)	$	(0.12	)	$	(0.38	)	$	17.59		14.33	%	$	2,641,626		0.50	%		0.50	%		0.68	%		1.29	%		2	%
2017		13.59		0.24		2.04			2.28			(0.13	)		–			(0.13	)		15.74		16.87			2,268,322		0.50			0.50			0.69			1.68			8
2016		13.93		0.20		(0.28	)		(0.08	)		(0.15	)		(0.11	)		(0.26	)		13.59		(0.42	)		1,848,988		0.50			0.50			0.71			1.53			319
2015		14.43		0.20		0.63			0.83			(0.13	)		(1.20	)		(1.33	)		13.93		6.18			1,682,732		0.59			0.59			0.78			1.44			64
2014		13.15		0.10		1.48			1.58			(0.09	)		(0.21	)		(0.30	)		14.43		12.08			1,388,377		1.10			1.10			1.19			0.72			62
2013		10.76		0.11		2.51			2.62			(0.23	)		–			(0.23	)		13.15		24.64			1,026,593		1.10			1.10			1.19			0.93			93
Tactical Offensive Fixed Income Fund
2018@	$	10.35	$	0.14	$	(0.16	)	$	(0.02	)	$	(0.19	)	$	–		$	(0.19	)	$	10.14		(0.21	)%	$	1,462,276		0.38	%		0.38	%		0.65	%		2.59	%		13	%
2017		10.59		0.26		(0.21	)		0.05			(0.29	)		–			(0.29	)		10.35		0.51			1,323,854		0.38			0.38			0.66			2.52			48
2016		10.19		0.25		0.36			0.61			(0.21	)		–			(0.21	)		10.59		6.05			1,143,375		0.38			0.38			0.66			2.45			101
2015		10.25		0.22		(0.08	)		0.14			(0.20	)		–			(0.20	)		10.19		1.40			977,138		0.43			0.43			0.68			2.11			257
2014		10.03		0.13		0.28			0.41			(0.19	)		–			(0.19	)		10.25		4.16			429,945		0.80			0.80			0.85			1.31			389
2013		10.56		0.14		(0.22	)		(0.08	)		(0.21	)		(0.24	)		(0.45	)		10.03		(0.89	)		655,548		0.80			0.80			0.84			1.30			292

@ For the six month period ended January 31, 2018. All ratios for the period have been annualized.

^† Returns are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares. Effective October 1, 2014, the Funds’ investment strategy was changed from “active” to “passive”. The Funds’ past performance is not necessarily indicative of how the Funds will perform in the future.

^‡ Portfolio turnover rates are for the period indicated and have not been annualized.

(1) Per share net investment income and net realized and unrealized gains/(losses) on securities calculated using average shares.

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

The accompanying notes are an integral part of the financial statements.

62 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

NOTES TO FINANCIAL STATEMENTS (Unaudited)

January 31, 2018

1. ORGANIZATION

Adviser Managed Trust (the “Trust”) was established as a Delaware statutory trust under an Agreement and Declaration of Trust dated September 22, 2010. The Trust commenced operations on February 25, 2011.

The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment management company with two registered funds: Tactical Offensive Equity and Tactical Offensive Fixed Income (each a “Fund,” collectively, the “Funds”) each of which are diversified Funds. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Trust’s prospectus provides a description of each Fund’s investment objective and strategies.

Only persons who are clients of the Financial Adviser (as defined below) and who participate in the Adviser Managed Strategy should invest in the Funds. The Funds may not be purchased by any other investor. The Funds are designed to be a component of a broader strategy employed by a third party investment manager (“Financial Adviser”) for the benefit of its clients. The Financial Adviser seeks to take advantage of broad market changes by tactically shifting its clients’ assets among the Tactical Offensive Equity Fund, the Tactical Offensive Fixed Income Fund and a money market fund affiliated with the Funds, depending on the Financial Adviser’s evaluation of current market conditions (“Adviser Managed Strategy”). The Financial Adviser is not the adviser to the Funds, and is not affiliated with SEI Investments Management Corporation (“SIMC”), the adviser to the Funds. The Adviser Managed Strategy is based on models developed by the Financial Adviser and is not subject to the oversight of or input from SIMC.

When the Financial Adviser determines to reallocate its clients’ assets to one or more of the Funds that compose the Adviser Managed Strategy, the Financial Adviser may request the redemption of a substantial portion or all of the shares for which the Financial Adviser exercises investment discretion. In such an instance, the Financial Adviser’s redemption request will cause a Fund to liquidate a substantial portion or substantially all of its assets in order to fulfill the redemption request. If the Financial Adviser redeems all of the shares for which it exercises investment discretion, the Fund will no longer be an active component of the Adviser Managed Strategy.

When the Tactical Offensive Equity Fund is not an active component of the Adviser Managed Strategy, the Fund may invest up to 100% of its remaining assets in exchange traded funds (“ETF”s) that are designed to track the performance of the broad equity market. When

the Tactical Offensive Fixed Income Fund is not an active component of the Adviser Managed Strategy, the Fund may invest up to 100% of its remaining assets in cash, money market instruments, repurchase agreements and other short-term obligations that would not ordinarily be consistent with the Fund’s investment goal.

The Funds could be invested in these types of investments for extended periods of time. At such times, SIMC will manage the assets of the Funds. SIMC, the Financial Adviser or one or more of their affiliates will be the only investors in a Fund when the Fund is not an active component of the Adviser Managed Strategy.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds.

Use of Estimates — The following are significant accounting policies, which are consistently followed in the preparation of its financial statements of the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (NASDAQ) or as otherwise noted below) at the last quoted sale price on an exchange or market (foreign or domestic) on which the securities are traded, or, if there is no such reported sale, at the most recent quoted bid price. The Funds value securities traded on NASDAQ at the NASDAQ Official Closing Price. If available, debt securities, swaps (which are not centrally cleared), bank loans or collateralized debt obligations (including collateralized loan obligations), such as those held by the Funds, are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker supplied valuations or other methodologies designed to identify the market value for such securities. Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable net asset value, with the exception of ETFs, which are priced as equity securities. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. If a security’s price cannot be obtained, as noted above, the Funds will value the securities using a bid price

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January 31, 2018

from at least one independent broker. If such prices are not readily available or cannot be valued using the methodologies described above, the Funds will value the security using the Funds’ Fair Value Pricing Policies and Procedures (“Fair Value Procedures”), as described below.

On the first day a new debt security purchase is recorded, if a price is not available from a third-party pricing agent or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Funds’ Fair Value Procedures until a price from an independent source can be secured. Securities held by a Fund with remaining maturities of 60 days or less may be valued by the amortized cost method, which involves valuing a security at its cost on the date of purchase and thereafter (absent unusual circumstances) assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuations in general market rates of interest on the value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by this method, is higher or lower than the price a Fund would receive if it sold the instrument. Further, the value of securities in the Fund can be expected to vary inversely with changes in prevailing interest rates. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used.

Options and warrants are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price.

Futures and swaps cleared through a central clearing house (“centrally cleared swaps”) are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures and centrally cleared swaps are provided by an independent source. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time a Fund calculates its NAV, the settlement price may not be available at the time at which the Fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund’s futures or centrally cleared swaps position.

Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the

thirty, sixty, ninety and one-hundred eighty day forward rates provided by an independent source.

Prices for most securities held by a Fund are provided daily by third-party independent pricing agents. SIMC or a Sub-Adviser (“Sub Adviser”), as applicable, reasonably believes that prices provided by independent pricing agents are reliable. However, there can be no assurance that such pricing service’s prices will be reliable. SIMC or a Sub-Adviser, as applicable, will continuously monitor the reliability of prices obtained from any pricing service and shall promptly notify the Funds’ administrator if it believes that a particular pricing service is no longer a reliable source of prices. The Funds’ administrator, in turn, will notify the Fair Value Pricing Committee (the “Committee”) if it receives such notification from SIMC or a Sub-Adviser, as applicable, or if the Funds’ administrator reasonably believes that a particular pricing service is no longer a reliable source for prices.

The Funds’ Fair Value Procedures provide that any change in a primary pricing agent or a pricing methodology requires prior approval by the Board of Trustees (“Board”) or its designated sub-committee. However, when the change would not materially affect valuation of a Fund’s net assets or involve a material departure in pricing methodology from that of the Fund’s existing pricing agent or pricing methodology, approval may be obtained at the next regularly scheduled meeting of the Board.

Securities for which market prices are not readily available, for which market prices are determined to be unreliable, or which cannot be valued using the methodologies described above are valued in accordance with the Fair Value Procedures established by the Board. The Funds’ Fair Value Procedures are implemented through the Committee designated by the Board. The Committee is currently composed of two members of the Board, as well as representatives from SIMC and its affiliates. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: (i) the security’s trading has been halted or suspended, (ii) the security has been delisted from a national exchange, (iii) the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open, or (iv) the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the facts giving rise to the need to fair value, (ii) the last trade price, (iii) the performance of the market or the issuer’s industry, (iv) the liquidity of

64 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

the security, (v) the size of the holding in a Fund, or (vi) any other appropriate information.

The determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its Net Asset Value (“NAV”). The closing prices of such securities may no longer reflect their market value at the time a Fund calculates NAV if an event that could materially affect the value of those securities (a “Significant Event”), including substantial fluctuations in domestic or foreign markets or occurrences not tied directly to the securities markets, such as natural disasters, armed conflicts or significant governmental actions, has occurred between the time of the security’s last close and the time that the Fund calculates NAV. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares. As a result, the NAV of the Fund’s shares may change on days when shareholders will not be able to purchase or redeem Fund shares.

A Significant Event may relate to a single issuer or to an entire market sector. If SIMC or a Sub-Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate NAV, it may request that a Committee meeting be called. In addition, the Funds use several processes, with respect to certain securities to monitor the pricing data supplied by various sources, including price comparisons and price movements. Any identified discrepancies are researched and subject to the procedures described above.

In accordance with U.S. GAAP, fair value is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three tier hierarchy has been established to maximize the use of observable and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability

based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Level 1 — quoted prices in active markets for identical investments

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.)

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

Debt securities are valued in accordance with the evaluated bid price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Other securities that are categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, warrants, swaps and forward contracts. The Fund may use a systematic fair valuation model provided by an independent pricing service to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the New York Stock Exchange. These are generally categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. For certain collateralized debt obligations, corporate obligations, mortgage backed securities, auction rate preferred securities and loan participations where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

The valuation techniques used by the Funds to measure fair value during the period ended January 31, 2018, maximized the use of observable inputs and minimized the use of unobservable inputs.

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 65

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

January 31, 2018

For the period ended January 31, 2018, there have been no significant changes to the Trust’s fair valuation methodologies.

For details of the investment classification, reference the Summary Schedule of Investments/Schedule of Investments.

Security Transactions and Investment Income — Security transactions are recorded on the trade date. Cost used in determining realized capital gains and losses on the sale of securities is determined on the basis of specific identification. Dividend income and expense recognized on the ex-dividend date, and interest income or expense recognized using the accrual basis of accounting.

Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Trust estimates the components of distributions received that may be considered nontaxable distributions or capital gain distributions.

Amortization and accretion is calculated using the scientific interest method, which approximates the effective interest method over the holding period of the security. Amortization of premiums and discounts is included in interest income.

Repurchase Agreements — Securities pledged as collateral for repurchase agreements are held by each Fund’s custodian bank until the repurchase date of the repurchase agreement. The Funds also invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker’s custodian bank in a segregated account until the repurchase date of the repurchase agreement. Provisions of the repurchase agreements and the Trust’s policies require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. If the counterparty defaults and the value of the collateral declines, or if the counterparty enters into an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. There were no outstanding repurchase agreements as of January 31, 2018.

Reverse Repurchase Agreements — To the extent consistent with its investment objective and strategies, a Fund may issue reverse repurchase agreements. A reverse repurchase agreement involves the sale of portfolio assets together with an agreement to repurchase the same assets later at a fixed price. Additional assets are maintained in a segregated account with the custodian. The segregated assets may consist of cash, U.S. Government securities, or other liquid securities at least equal in value to the

obligations under the reverse repurchase agreements. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Funds’ use of the proceeds under the reverse repurchase agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the obligation to repurchase the securities. There were no outstanding reverse repurchase agreements as of January 31, 2018.

Expenses — Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses of the Funds are prorated to the Funds on the basis of relative net assets.

Foreign Currency Translation — The books and records of the Funds’ investments in international securities are maintained in U.S. dollars on the following basis:

(i) market value of investment securities, assets and liabilities at the current rate of exchange; and

(ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.

The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.

Forward Foreign Currency Contracts — To the extent consistent with its investment objective and strategies, a Fund may enter into forward foreign currency contracts for hedging or speculative purposes with respect to either specific transactions, fund positions or anticipated fund positions. All commitments are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Fund realizes gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for Federal income tax purposes. A Fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Summary Schedule

66 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

of Investments/Schedule of Investments for details regarding open forward foreign currency contracts as of January 31, 2018, if applicable.

Futures Contracts — To the extent consistent with its investment objective and strategies, a Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Summary Schedule of Investments/Schedule of Investments for details regarding open futures contracts as of January 31, 2018, if applicable.

Options/Swaptions Writing/Purchasing — To the extent consistent with its investment objective and strategies, a Fund may invest in financial options/swaptions contracts for the purpose of hedging its existing portfolio securities, or securities that a Fund intends to purchase, against fluctuations in fair market value caused by changes in prevailing market interest rates. A Fund may also invest in financial option/swaption contracts to enhance its returns. When the Fund writes or purchases an option/swaption, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option/swaption written or purchased. Premiums received or paid from writing or purchasing options/swaptions which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option/swaption is exercised,

the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss.

The risk in writing a call option/swaption is a Fund may give up the opportunity for profit if the market price of the security increases. The risk in writing a put option/swaption is a Fund may incur a loss if the market price of the security decreases and the option/swaption is exercised. The risk in purchasing an option/swaption is a Fund may pay a premium whether or not the option/swaption is exercised. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option/swaption contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.

Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Summary Schedule of Investments/Schedule of Investments for details regarding open option/swaption contracts as of January 31, 2018, if applicable. There were no outstanding option/swaption contracts during the period ended January 31, 2018.

Swap Agreements — To the extent consistent with its investment objective and strategies, a Fund may invest in swap contracts for speculative or hedging purposes. Swaps may be used to synthetically obtain exposure to securities or baskets of securities. A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or “basket” of securities representing a particular index. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Credit-default swaps involve periodic payments by a Fund or counterparty based on a specified rate multiplied by a notional amount assigned to an underlying debt instrument or group of debt instruments in exchange for the assumption of credit risk on the same instruments. In the event of a credit event, usually in the form of a credit rating downgrade, the party receiving periodic payments (i.e. floating rate payer) must pay the other party (i.e. fixed rate payer) an amount equal to the recovery rate used to settle the contracts. The recovery rate is a function of how many credit default swap investors wish to deliver the security or receive the security. The recovery rate is determined through an auction process. Total return swaps allow

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 67

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

January 31, 2018

an investor to benefit from the cash flow without ever actually owning the underlying security. The receiver must pay any decline in value to the payer at the end of the total return swap. However, the investor does not need to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e. mortgage backed securities, bank debt and corporate), loans or commodities. The value of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on LIBOR or some other form of indices on the notional amount. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal to manage a Fund’s exposure to interest rates. Payments received or made are recorded as realized gains or loss. A Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the statement of assets and liabilities. In connection with swap agreements securities may be set aside as collateral by a Fund’s custodian.

Swaps are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as unrealized gains or losses in the Statement of Operations. Net payments of interest are recorded as realized gains or losses.

Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest rates. Risks also arise from potential losses from adverse market movements.

These risks may be mitigated by having a master netting arrangement between a Fund and the counterparty and by having the counterparty post collateral to cover a Fund’s exposure to the counterparty. See Note 3 for further details. There were no outstanding swap agreements as of January 31, 2018.

Delayed Delivery Transactions — To the extent consistent with its investment objective and strategies, a Fund may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by those Funds to purchase or sell securities for a predetermined price or yield,

with payment and delivery taking place beyond the customary settlement period. When purchasing a security on a delayed delivery basis, that Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Those Funds may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When those Funds have sold a security on a delayed delivery basis, that Fund does not participate in future gains and losses with respect to the security.

Loan Participations and Brady Bonds — To the extent consistent with its investment objective and strategies, a Fund may invest in U.S. dollar-denominated fixed - and floating-rate loans (“Loans”) arranged through private negotiations between a foreign sovereign entity and one or more financial institutions (“Lenders”). The Fund invests in such Loans in the form of participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties. Participations typically result in this Fund having a contractual relationship only with the Lenders, not with the sovereign borrowers. This Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, the Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, nor any rights of set-off against the borrower, and the Fund will not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, the Fund assumes the credit risk of both the borrower and the Lender that is selling the Participation.

Certain debt obligations, customarily referred to as “Brady Bonds,” are created through the exchange of existing commercial bank loans to foreign entities for new obligations in connection with debt restructuring under a plan introduced by former U.S. Secretary of the Treasury Nicholas F. Brady. Brady Bonds have only been issued since 1989, and, accordingly, do not have a long payment history. They are issued by governments that may have previously defaulted on the loans being restructured by the Brady Bonds, so they are subject to the risk of default by the issuer. They may be fully or partially collateralized or uncollateralized and issued in various currencies. As of January 31, 2018, the Funds did not hold any loans.

Collateralized Debt Obligations — To the extent consistent with its investment objective and strategies, a Fund may invest in collateralized debt obligations

68 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

(“CDOs”), which include collateralized loan obligations (“CLOs”) and other similarly structured securities. CLOs are a type of asset-backed security. A CLO is a trust, typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. CDOs may charge management fees and administrative expenses.

For CDOs, the cash flows from the Trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the “equity” tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CDO trust typically has a higher rating and lower yield than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CDO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CDO securities as a class.

The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. Normally, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by a Fund as illiquid securities; however, an active dealer market may exist for CDOs allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities (e.g., interest rate risk and default risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline CDOs that are subordinate structure of the investment and investment results. The Funds did not hold any CDO’s or CLO’s during the period ended January 31, 2018.

Dividends and Distributions to Shareholders — Dividends from net investment income are declared and paid to shareholders annually for the Tactical Offensive Equity Fund and declared and paid quarterly for the Tactical Offensive Fixed Income Fund. Dividends and distributions are recorded on the ex-dividend date. Any

net realized capital gains will be distributed at least annually by the Funds.

Illiquid Securities — A security is considered illiquid if it cannot be sold or disposed of in the ordinary course of business within seven days or less for its approximate carrying value on the books of a Fund. Valuations of illiquid securities may differ significantly from the values that would have been used had an active market value for these securities existed. The Funds did not hold any illiquid securities during the period ended January 31, 2018.

Investments in Real Estate Investment Trusts (“REITs”) — Dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

3. CREDIT DERIVATIVES

When a Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities. The reference obligation of the swap can be a single issuer, a “basket” of issuers, or an index. The underlying referenced assets are corporate debt, sovereign debt and asset-backed securities.

The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. Generally, a credit event for corporate or sovereign reference obligations means bankruptcy, failure to pay, obligation acceleration, repudiation/moratorium or restructuring. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down.

If a Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will generally either (i) pay to the buyer an amount equal to the notional amount

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 69

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

January 31, 2018

of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index.

If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

The Funds are party to International Swap Dealers Association, Inc. Master Agreements (“ISDA Master Agreements”). These agreements are with select counterparties and they govern transactions, including certain over-the-counter derivative and foreign exchange contracts, entered into by the Funds and the counterparty.

There were no outstanding credit default swaps as of January 31, 2018.

4. DERIVATIVE TRANSACTIONS

A Fund is subject to various netting arrangements with select counterparties (“Master Agreements”). Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a specific counterparty entity in

the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of investments at value (securities) or deposits due from counterparties (cash). Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as deposits due to counterparties. The market value of any securities received as collateral is not reflected as a component of net asset value. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Customer account agreements and related addendums govern exchange traded derivatives transactions such as futures, options on futures, and centrally cleared swaps. Exchange traded derivative transactions require posting of initial margin as determined by each relevant clearing agency which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the US, counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Fund assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared Over the Counter (“OTC”) derivatives.

70 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

The following is a summary of the variation margin of exchange-traded or centrally cleared financial derivative instruments as of January 31, 2018 ($ Thousands):

	Financial Derivative Assets				Financial Derivative Liabilities
	Variation Margin Asset				Variation Margin Liability
	Futures		Total		Futures		Total
Tactical Offensive Equity Fund		$102		$102		$65		$65
Total Exchange-Traded or Centrally Cleared		$102		$102		$65		$65

Cash with an aggregate market value of $1,794 ($ Thousands) has been pledged as collateral for exchange-traded and centrally cleared derivative instruments as of January 31, 2018.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern OTC financial derivative transactions entered into by a Fund and select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or

termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add additional counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third party custodian.

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of January 31, 2018 ($ Thousands):

Financial Derivative Assets

Financial Derivative Liabilities

Tactical Offensive Fixed Income Fund

Forward Foreign Currency Contracts

Total Over the Counter

Forward Foreign Currency Contracts

Total Over the Counter

Net Market Value of OTC Derivatives

Collateral (Received)/ Pledged

Net Exposures(1)

Brown Brothers Harriman

$–

$–

$

2,360

$2,360

$(2,360)

$–

$(2,360)

Total Over the Counter

$–

$–

$

2,360

$2,360

(1) Net Exposures represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure to OTC financial derivative instruments can only be netted across transactions governed under the same master netting agreement with the same legal entity.

Securities with an aggregate market value of $0 have been pledged and $0 have been received as collateral for financial derivative instruments as governed by ISDA Master Agreements as of January 31, 2018.

The following table discloses the volume of the Fund’s futures contracts and forward foreign currency contracts activity during the six month period ended January 31, 2018 ($ Thousands):

	Tactical Offensive Equity Fund		Tactical Offensive Fixed Income Fund
Futures Contracts:
Equity Contracts
Average Notional Balance Long	$	38,991	$	–
Ending Notional Balance Long		47,845		–
Forward Foreign Currency Contracts:
Average Notional Balance Long		77		65,546
Average Notional Balance Short		77		65,917
Ending Notional Balance Long		–		60,081
Ending Notional Balance Short		–		61,829

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 71

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

January 31, 2018

5. INVESTMENT ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS, INVESTMENT SUB-ADVISORY AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory, Administration & Distribution Agreements — SIMC serves as investment adviser (the “Adviser”) to each Fund. In connection with serving as Adviser, SIMC is entitled to a fee that is calculated daily and paid monthly, based on the average daily net assets of each Fund.

The Trust and SEI Investments Global Funds Services (the “Administrator”) are parties to an Administration and Transfer Agency Agreement under which the Administrator provides administrative and transfer agency services for annual fees, based on the average daily net assets of each Fund.

SEI Investments Distribution Co. (the “Distributor”), serves as each Fund’s Distributor pursuant to a distribution agreement with the Trust. The Funds have adopted a shareholder services plan (the “Service Plan”) with respect to the Shares that allows such Shares to pay service providers a fee in connection with the ongoing servicing of shareholder accounts owning such Shares at an annual rate of average daily net assets of the Shares. The Funds’ Service Plan provides that shareholder servicing fees on the Shares will be paid to the Distributor, which may be used by the Distributor to compensate financial intermediaries for providing shareholder services with respect to the Shares.

Effective November 30, 2017, the Funds’ administrator and/or its affiliates have contractually agreed to waive fees or reimburse expenses for each Fund

until November 30, 2018, in order to keep total fund operating expenses (exclusive of interest from borrowings, brokerage commissions, taxes and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) from exceeding the levels specified in the table below. These contractual waivers and reimbursements will only apply if a Fund’s total operating costs exceed the applicable thresholds and will not affect the Fund’s total operating costs if they are less than the applicable thresholds. In other words, shareholders will pay the lower of a Fund’s actual total fund operating expenses or total fund operating expenses after contractual waivers and expense reimbursements. The contractual waiver and expense reimbursement are limited to the Fund’s direct operating expenses and, therefore, do not apply to indirect expenses incurred by the Fund, such as acquired fund fees and expenses (“AFFE”). The agreement may be amended or terminated only with the consent of the Board of Trustees.

The Funds’ adviser, the Funds’ administrator and/ or the Funds’ distributor have voluntarily agreed to waive a portion of their fees in order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions, trustee fees, taxes and extraordinary expenses not incurred in the ordinary course of the Funds’ business) at the levels specified in the table below. The voluntary waivers of the Funds’ adviser, Funds’ administrator and Funds’ distributor are limited to the Funds’ direct operating expenses and therefore do not apply to indirect expenses incurred by the Funds, such as AFFE, if any. The Funds’ adviser, the Funds’ administrator and/or the Funds’ distributor may discontinue all or part of these waivers at any time.

The following is a summary of annual fees payable to the Adviser and Distributor and the expense limitations for each Fund:

	Advisory Fee		Shareholder Servicing Fee		Contractual Expense Limitation		Voluntary Expense Limitation
Tactical Offensive Equity Fund		0.20%		0.25%		0.75%		0.50%
Tactical Offensive Fixed Income Fund		0.15		0.25		0.70		0.38

The following is a summary of annual fees payable to the Administrator:

	Previous Contractual Fees						Contractual Fees as of January 1, 2017
	8/1/16-12/31/16			First $2.5 Billion			Next $500 Million			Over $3 Billion
AMT Tactical Offensive Equity Fund		0.200	%		0.200	%		0.1650	%		0.120	%
	8/1/16-12/31/16			First $1.5 Billion			Next $500 Million			Next $500 Million			Next $500 Million			Over $3 Billion
AMT Tactical Offensive Fixed Income Fund		0.200	%		0.200	%		0.1775	%		0.1550	%		0.1325	%		0.110	%

72 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

As of January 31, 2018, SIMC has entered into an investment sub-advisory agreement with the following party and pays the sub-adviser out of the fee that it receives from the Funds:

Investment Sub-Adviser

Tactical Offensive Equity Fund

SSgA Funds Management, Inc.

Tactical Offensive Fixed Income Fund

SSgA Funds Management, Inc.

Other — The Distribution Agreement between the Distributor and the Trust provides that the Distributor may receive compensation on Fund transactions effected for the Trust in accordance with Securities and Exchange Commission (“SEC”) rules. Accordingly, it is expected that Fund transactions may result in brokerage commissions being paid to the Distributor. The SEC rules require that such commissions not exceed usual and customary commissions.

There were no such commissions for the period ended January 31, 2018.

Payments to Affiliates — Certain officers and/or trustees of the Trust are also officers or directors of the Distributor or the Adviser. The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim and committee meetings.

Compensation of officers and affiliated Trustees of the Trust is paid by the Adviser or Administrator.

A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred.

Fees Paid Indirectly — The Funds may direct certain fund trades to the Distributor who pays a portion of

each Fund’s expenses. Accordingly, the expenses reduced, which were used to pay third party expenses, can be found on the Statements of Operations and the effect on each Fund’s expense ratio, as a percentage of each Fund’s average daily net assets for the period ended January 31, 2018, can be found on the Financial Highlights, if applicable.

Investment in Affiliated Security — The Funds may invest in the SEI Daily Income Trust Government Fund, an affiliated money market fund to manage excess cash or to serve as margin or collateral for derivative positions. The Funds may also purchase securities of certain companies with which it is affiliated to the extent these companies are represented in an index that the adviser or sub-adviser is passively seeking to replicate in accordance with the Fund’s investment strategy.

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (“the Program”) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the “SEI Funds”). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (“Repo Rate”), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (“Bank Loan Rate”). The Bank Loan Rate will be determined using a formula reviewed annually by the SEI Funds’ Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate.

As of, and during the period ended January 31, 2018, the Trust had not participated in the Program.

6. CAPITAL SHARE TRANSACTIONS

Capital Share Transactions for the Funds were as follows (Thousands):

	Tactical Offensive Equity Fund						Tactical Offensive Fixed Income Fund
	8/1/2017 to 1/31/2018 (Unaudited)			2017			8/1/2017 to 1/31/2018 (Unaudited)			2017
Shares Issued		13,900			29,332			19,333			33,042
Shares Issued in Lieu of Dividends and Distributions		3,343			1,239			2,563			3,231
Shares Redeemed		(11,105	)		(22,515	)		(5,706	)		(16,248	)
Increase in capital share transactions		6,138			8,056			16,190			20,025

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 73

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Concluded)

January 31, 2018

7. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale and maturities of securities other than temporary cash investments during the period ended January 31, 2018, were as follows:

	U.S. Gov’t ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Tactical Offensive Equity Fund
Purchases	$	–	$	103,375	$	103,375
Sales		–		43,937		43,937
Tactical Offensive Fixed Income Fund
Purchases		207,334		114,933		322,267
Sales		127,623		48,958		176,581

8. FEDERAL TAX INFORMATION

It is each Fund’s intention to continue to qualify as a regulated investment company, under Sub chapter M of the Internal Revenue Code, and to distribute all of its taxable income and net capital gains. Accordingly, no provision for Federal income taxes is required.

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital, undistributed net investment income or accumulated net realized gain, as appropriate, in the period that the differences arise.

The tax character of dividends and distributions paid during the last two fiscal years were as follows:

		Ordinary Income         ($ Thousands)		Long-term Capital Gain       ($ Thousands)		Return of Capital             ($ Thousands)		Total         ($ Thousands)
Tactical Offensive Equity Fund
	2017	$	17,550	$	–	$	–	$	17,550
	2016		24,315		6,662		–		30,977
Tactical Offensive Fixed Income Fund
	2017		33,358		–		–		33,358
	2016		21,066		–		–		21,066

As of July 31, 2017, the components of Distributable Earnings on a tax basis were as follows:

	Undistributed Ordinary Income         ($ Thousands)		Undistributed Long-Term Capital Gain         ($ Thousands)		Capital Loss Carryforwards         ($ Thousands)			Unrealized Appreciation (Depreciation)         ($ Thousands)		Other Temporary Differences         ($ Thousands)			Total         Distributable Earnings ($ Thousands)
Tactical Offensive Equity Fund	$	26,844	$	9,598	$	–		$	343,098	$	(981	)	$	378,559
Tactical Offensive Fixed Income Fund		9,423		–		(8,205	)		11,927		(3,416	)		9,729

For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains as follows:

	Short-Term Loss ($ Thousands)		Long-Term Loss ($ Thousands)		Total ($ Thousands)
Tactical Offensive Fixed Income Fund		$2,479		$5,726		$8,205

For Federal income tax purposes, the cost of securities owned at January 31, 2018, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to investments in passive foreign investment companies, swap accruals and wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.

The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at January 31, 2018, was as follows:

	Federal Tax Cost ($ Thousands)		Appreciated Securities ($ Thousands)		Depreciated Securities ($ Thousands)			Net Unrealized Appreciation (Depreciation) ($ Thousands)
Tactical Offensive Equity Fund	$	1,995,104	$	702,384	$	(55,728	)	$        646,656
Tactical Offensive Fixed Income Fund		1,441,911		20,388		(26,130	)	(5,742)

Management has analyzed the Funds’ tax positions taken on Federal income tax returns for all open tax years and has concluded that as of January 31, 2018, no provision for income tax would be required in the Funds’ financial statements. The Funds’ Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have

74 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

9. CONCENTRATION/RISKS

In the normal course of business, the Trust enters into contracts that provide general indemnifications by the Trust to the counterparty to the contract. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Trust and, therefore, cannot be estimated; however, management believes that, based on experience, the risk of loss from such claims is considered remote.

The Tactical Offensive Equity and Tactical Offensive Fixed Income Funds may invest its assets in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States, as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.

The market value of the Tactical Offensive Fixed Income Fund’s investments may change in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Changes by recognized rating agencies in the ratings of any fixed income security and in the ability of an issuer to make payments of interest and principal may also affect the value of these investments.

The foregoing is not intended to be a complete discussion of the risks associated with investing in a Fund. Please review each Fund’s prospectus for additional disclosures regarding the principal risks associated with investing in a Fund.

10. CONCENTRATION OF SHAREHOLDERS

SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company (“SEI”). As of January 31, 2018, SPTC held of record the following percentage of outstanding shares of each Fund:

Tactical Offensive Equity Fund	93.88	%
Tactical Offensive Fixed Income Fund	93.69	%

SPTC is not a direct service provider to the Funds. However, SPTC performs a key role in the comprehensive investment solution that SEI provides to investors. SPTC holds the vast majority of shares in the Funds as custodian for shareholders that are clients of the Financial Adviser. SPTC maintains omnibus accounts at the Funds’ transfer agent.

11. REGULATORY MATTERS

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, final rules) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amended Regulation S-X and require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. As of August 1, 2017, management has implemented the amendments to Regulation S-X, which did not have a material impact on the Funds’ financial statements and related disclosures or impact the Funds’ net assets or results of operations.

12. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of January 31, 2018.

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 75

DISCLOSURE OF FUND EXPENSES (Unaudited)

January 31, 2018

All mutual funds have operating expenses. As a shareholder of a fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from the fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the fund’s average net assets; this percentage is known as the fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (August 1, 2017 through January 31, 2018).

The table on this page illustrates your fund’s costs in two ways:

Actual fund return: This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

Hypothetical 5% return: This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expense Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

	Beginning Account Value 8/1/17		Ending Account Value 1/31/18		Annualized Expense Ratios			Expenses Paid During Period *
Tactical Offensive Equity Fund
Actual Fund Return
Class A	$	1,000.00	$	1,143.30		0.50	%	$	2.70
Hypothetical 5% Return
Class A	$	1,000.00	$	1,022.68		0.50	%	$	2.55

	Beginning Account Value 8/1/17		Ending Account Value 1/31/18		Annualized Expense Ratios			Expenses Paid During Period *
Tactical Offensive Fixed Income Fund
Actual Fund Return
Class A	$	1,000.00	$	997.90		0.38	%	$	1.91
Hypothetical 5% Return
Class A	$	1,000.00	$	1,023.29		0.38	%	$	1.94

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

76 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

ADVISER MANAGED TRUST SEMI-ANNUAL REPORT JANUARY 31, 2018

Robert A. Nesher, Chairman	Investment Adviser
Trustees	SEI Investments Management Corporation
William M. Doran	Administrator
George J. Sullivan, Jr.	SEI Investments Global Funds Services
Nina Lesavoy	Distributor
James M. Williams	SEI Investments Distribution Co.
Mitchell A. Johnson	Legal Counsel
Hubert L. Harris, Jr.	Morgan, Lewis & Bockius LLP
Susan C. Cote	Independent Registered Public Accounting Firm
Officers	KPMG LLP
Robert A. Nesher
President and Chief Executive Officer
James J. Hoffmayer Controller and Chief Financial Officer Glenn R. Kurdziel Assistant Controller Russell Emery Chief Compliance Officer Timothy D. Barto Vice President, Secretary Aaron Buser Vice President, Assistant Secretary David F. McCann Vice President, Assistant Secretary Stephen G. MacRae Vice President Bridget E. Sudall Anti-Money Laundering Compliance Officer Privacy Officer	This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal. For more information call 1 800 DIAL SEI (1 800 342 5734)

SEI	New ways.
	New answers.®

1 Freedom Valley Drive, P.O. Box 1100, Oaks, PA 19456

AMT (1/18)

Item 2.     Code of Ethics.

Not applicable for semi-annual report.

Item 3.     Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4.     Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5.  Audit Committee of Listed Registrants.

Not applicable for semi-annual report.

Item 6.  Schedule of Investments.

(a) The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period for the Tactical Offensive Equity Fund is listed below. The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period for the Tactical Offensive Fixed Income Fund is included as part of the report to shareholders filed under Item 1 of this form.

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund

Description	Shares		Market Value ($ Thousands)
COMMON STOCK – 96.8%
Australia – 1.3%
AGL Energy		20,847	$	396
Alumina		70,920		138
Amcor		36,009		425
AMP		92,879		395
APA Group		35,977		235
Aristocrat Leisure		17,453		338
ASX		6,267		278
Aurizon Holdings		67,982		258
AusNet Services		52,822		72
Australia & New Zealand Banking Group		94,151		2,179
Bank of Queensland		11,675		117
Bendigo & Adelaide Bank		14,507		138
BHP Billiton		101,247		2,476
BlueScope Steel		18,578		218
Boral		38,313		248
Brambles		48,758		391
Caltex Australia		7,822		220
Challenger		19,104		211
CIMIC Group		2,912		111
Coca-Cola Amatil		16,592		113
Cochlear		1,877		264
Commonwealth Bank of Australia		54,768		3,498
Computershare		13,507		183
Crown Resorts		13,506		145
CSL		14,503		1,720
Dexus ‡		31,343		242
Domino’s Pizza Enterprises		1,778		69
Flight Centre Travel Group		1,608		66
Fortescue Metals Group		50,827		204
Goodman Group ‡		58,022		380
GPT Group ‡		58,374		238
Harvey Norman Holdings		16,099		59
Healthscope		50,269		79
Incitec Pivot		48,881		148
Insurance Australia Group		75,763		444
Lend Lease Group		18,696		240
Macquarie Group		10,069		841
Medibank		96,664		262
Mirvac Group ‡		121,141		216
National Australia Bank		86,139		2,032
Newcrest Mining		23,896		439
Oil Search		45,910		281
Orica		10,819		168
Origin Energy *		56,799		430
QBE Insurance Group		43,804		382
Ramsay Health Care		4,580		253
REA Group		1,526		91
Rio Tinto		13,766		857
Santos		59,937		247
Scentre Group ‡		174,377		586
Seek		9,480		150

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Sonic Healthcare		13,300	$	257
South32		172,021		532
Stockland ‡		74,722		255
Suncorp Group		40,179		444
Sydney Airport		32,104		177
Tabcorp Holdings		58,033		243
Telstra		130,856		389
TPG Telecom		9,871		51
Transurban Group		70,344		685
Treasury Wine Estates		23,913		331
Vicinity Centres ‡		109,847		239
Wesfarmers		35,633		1,264
Westfield ‡		60,616		449
Westpac Banking		108,544		2,721
Woodside Petroleum		26,456		709
Woolworths Group		40,757		889
				33,806
Austria – 0.1%
ANDRITZ		2,109		127
Erste Group Bank		9,299		470
OMV		4,766		308
Raiffeisen Bank International		4,866		210
voestalpine		4,030		262
				1,377
Belgium – 0.2%
Ageas		5,835		309
Anheuser-Busch InBev		24,273		2,756
Colruyt		1,951		108
Groupe Bruxelles Lambert		2,580		305
KBC Group		8,228		794
Proximus		4,407		149
Solvay		2,349		341
Telenet Group Holding *		1,528		118
UCB		4,092		358
Umicore		6,214		328
				5,566
Brazil – 0.5%
Ambev		223,410		1,548
Atacadao Distribuicao Comercio e Industria *		20,000		102
B3 - Brasil Bolsa Balcao		94,578		779
Banco Bradesco		43,431		539
Banco do Brasil		40,700		510
Banco Santander Brasil		20,400		231
BB Seguridade Participacoes		33,600		330
BR Malls Participacoes		43,495		176
BRF *		27,900		311
CCR		58,748		291
Centrais Eletricas Brasileiras *		11,500		74
Cia de Saneamento Basico do Estado de Sao Paulo		16,500		190

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 1

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Cia Siderurgica Nacional *		38,000	$	132
Cielo		57,940		492
Cosan Industria e Comercio		8,000		110
EDP - Energias do Brasil		18,847		82
Embraer		33,400		211
Engie Brasil Energia		9,500		108
Equatorial Energia		9,600		212
Fibria Celulose		11,800		204
Hypermarcas		16,900		194
Itausa - Investimentos Itau		119		–
JBS		43,100		137
Klabin		29,365		165
Kroton Educacional		65,600		337
Localiza Rent a Car		31,185		254
Lojas Renner		34,440		412
M Dias Branco		5,100		92
Multiplan Empreendimentos Imobiliarios		4,219		97
Natura Cosmeticos		8,400		93
Odontoprev		16,300		86
Petroleo Brasileiro *		136,500		918
Porto Seguro		5,800		81
Qualicorp		12,400		120
Raia Drogasil		11,300		301
Rumo *		51,774		233
Sul America		10,642		68
Suzano Papel e Celulose		21,300		139
TIM Participacoes		42,200		180
Transmissora Alianca de Energia Eletrica		9,500		60
Ultrapar Participacoes		17,100		440
Vale		152,189		1,992
WEG		27,400		205
				13,236
Canada – 0.0%
Atlantic Power *		12,789		27
IMAX *		6,636		131
Masonite International *		3,370		235
MDC Partners, Cl A *		6,541		59
Tahoe Resources		15,200		67
Teekay		6,996		57
				576
Chile – 0.1%
AES Gener		139,105		45
Aguas Andinas, Cl A		110,966		75
Banco de Chile		1,099,684		189
Banco de Credito e Inversiones		1,943		149
Banco Santander Chile		3,038,891		259
Cencosud		65,576		205
Cia Cervecerias Unidas		7,031		104
Colbun		369,931		92
Empresa Nacional de Telecomunicaciones		7,975		96
Empresas CMPC		57,207		227

Description	Shares		Market Value       ($ Thousands)
COMMON STOCK (continued)
Empresas COPEC		20,357	$	355
Enel Americas		1,327,127		311
Enel Chile		879,593		111
Enel Generacion Chile		148,748		142
Itau CorpBanca		6,192,200		63
Latam Airlines Group		14,011		242
SACI Falabella		32,663		344
				3,009
China – 1.9%
AAC Technologies Holdings		35,000		585
Agricultural Bank of China, Cl H		1,248,000		766
Air China, Cl H		102,000		149
Aluminum Corp of China, Cl H *		228,000		154
Anhui Conch Cement, Cl H		57,500		317
ANTA Sports Products		57,000		275
Autohome ADR		2,800		233
AviChina Industry & Technology, Cl H		108,000		58
Baidu ADR *		13,200		3,259
Bank of China, Cl H		3,796,000		2,286
Bank of Communications, Cl H		398,000		345
Beijing Capital International Airport, Cl H		80,000		121
CGN Power, Cl H (A)		501,000		142
China Cinda Asset Management, Cl H		408,000		173
China CITIC Bank, Cl H		409,000		337
China Communications Construction, Cl H		203,000		242
China Communications Services, Cl H		148,000		94
China Construction Bank, Cl H		4,014,000		4,629
China Everbright Bank, Cl H		174,000		99
China Galaxy Securities, Cl H		152,500		125
China Longyuan Power Group, Cl H		163,000		119
China Merchants Bank, Cl H		183,000		897
China National Building Material, Cl H		162,000		173
China Oilfield Services, Cl H		90,000		107
China Pacific Insurance Group, Cl H		126,000		640
China Petroleum & Chemical, Cl H		1,190,000		1,028
China Railway Construction, Cl H		103,000		125
China Railway Group, Cl H		187,000		144
China Telecom, Cl H		628,000		311
China Vanke, Cl H		61,900		303
Chongqing Rural Commercial Bank, Cl H		151,000		137
CITIC Securities, Cl H		109,000		290
COSCO SHIPPING Development, Cl H *		54,000		12
COSCO SHIPPING Holdings, Cl H *		1,500		1
Country Garden Holdings		295,000		634
CRRC		192,000		190
ENN Energy Holdings		36,000		278
Fosun International		121,000		286
Great Wall Motor, Cl H		167,000		204
Guangzhou R&F Properties		59,200		167
Huaneng Power International, Cl H		198,000		128
Industrial & Commercial Bank of China, Cl H		3,513,000		3,324

2 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Jiangsu Expressway, Cl H		70,000	$	108
Jiangxi Copper, Cl H		78,000		132
Kingsoft		50,000		171
NetEase ADR		3,900		1,249
New Oriental Education & Technology Group ADR		7,100		654
PetroChina, Cl H		988,000		783
PICC Property & Casualty, Cl H		208,000		432
Ping An Insurance Group of China, Cl H		244,500		2,896
Shandong Weigao Group Medical Polymer, Cl H		112,000		83
Shanghai Electric Group, Cl H		144,000		59
Shanghai Fosun Pharmaceutical Group, Cl H		27,000		157
Shanghai Lujiazui Finance & Trade Zone Development, Cl B		51,840		79
Shanghai Pharmaceuticals Holding, Cl H		38,100		100
Shenzhou International Group Holdings		36,000		372
Shimao Property Holdings		58,500		175
Sihuan Pharmaceutical Holdings Group		100,000		38
SINA *		2,800		328
Sino-Ocean Group Holding		157,000		130
Sinopec Shanghai Petrochemical, Cl H		190,000		116
Sinopharm Group, Cl H		54,400		240
SOHO China		113,000		67
Sun Art Retail Group		122,500		166
Tencent Holdings		272,400		16,146
Tingyi Cayman Islands Holding		108,000		225
Travelsky Technology, Cl H		56,000		176
Tsingtao Brewery, Cl H		20,000		111
Vipshop Holdings ADR *		21,600		357
Want Want China Holdings		264,000		233
Weichai Power, Cl H		124,000		155
Yanzhou Coal Mining, Cl H		98,000		171
YY ADR *		1,800		239
Zhuzhou CSR Times Electric, Cl H		25,500		141
Zijin Mining Group, Cl H		288,000		145
ZTE, Cl H		41,400		151
				50,672
Colombia – 0.0%
Bancolombia		9,900		114
Cementos Argos		20,851		83
Ecopetrol		210,420		198
Grupo Argos		12,098		88
Grupo de Inversiones Suramericana		12,361		175
Interconexion Electrica ESP		18,670		95
				753
Czech Republic – 0.0%
Central European Media Enterprises, Cl A *		10,878		52
CEZ		7,360		189
Komercni banka		3,469		160

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Moneta Money Bank (A)		23,296	$	97
O2 Czech Republic		5,020		70
				568
Denmark – 0.4%
AP Moller - Maersk, Cl A		111		191
AP Moller - Maersk, Cl B		211		378
Carlsberg, Cl B		3,452		445
Chr Hansen Holding		3,206		281
Coloplast, Cl B		3,838		342
Danske Bank		23,757		968
DSV		6,046		499
Genmab *		1,848		340
H Lundbeck		2,300		118
ISS		5,425		212
Novo Nordisk, Cl B		59,355		3,312
Novozymes, Cl B		7,367		410
Orsted (A)		6,386		389
Pandora		3,366		320
TDC		23,500		157
Tryg		3,356		82
Vestas Wind Systems		6,846		469
William Demant Holding *		3,548		113
				9,026
Finland – 0.2%
Elisa		4,121		176
Fortum		14,433		314
Kone, Cl B		11,193		643
Metso		3,267		114
Neste		4,462		309
Nokia		184,679		892
Nokian Renkaat		4,210		213
Orion, Cl B		3,353		135
Sampo, Cl A		14,205		828
Stora Enso, Cl R		17,885		308
UPM-Kymmene		16,704		565
Wartsila		4,705		323
				4,820
France – 1.9%
Accor		6,181		353
Aeroports de Paris		860		179
Air Liquide		13,448		1,818
Alstom		5,178		228
Amundi (A)		1,898		180
Arkema		2,184		280
Atos		3,073		486
AXA		61,121		2,017
BioMerieux		1,301		124
BNP Paribas		35,772		2,968
Bollore		25,713		150
Bouygues		6,643		370
Bureau Veritas		9,269		273

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 3

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Capital Gemini		5,060	$	674
Carrefour		18,547		445
Casino Guichard Perrachon		1,640		96
Cie de Saint-Gobain		16,114		940
Cie Generale des Etablissements Michelin		5,435		872
CNP Assurances		4,973		128
Credit Agricole		36,111		683
Danone		19,203		1,662
Dassault Aviation		86		144
Dassault Systemes		3,983		461
Edenred		7,019		227
Eiffage		2,513		306
Electricite de France		19,156		264
Engie		58,743		1,023
Essilor International Cie Generale d’Optique		6,668		950
Eurazeo		1,232		130
Eurofins Scientific		391		256
Eutelsat Communications		5,058		112
Faurecia		2,384		215
Fonciere Des Regions ‡		966		106
Gecina ‡		1,536		301
Getlink		16,668		235
Hermes International		1,028		570
ICADE ‡		1,074		117
Iliad		863		224
Imerys		1,037		111
Ingenico Group		1,924		220
Ipsen		1,225		172
JCDecaux		2,153		93
Kering		2,392		1,215
Klepierre ‡		7,059		323
Lagardere		3,419		107
Legrand		8,260		690
L’Oreal		7,942		1,812
LVMH Moet Hennessy Louis Vuitton		8,900		2,801
Natixis		30,595		280
Orange		62,859		1,139
Pernod Ricard		6,810		1,088
Peugeot		19,055		429
Publicis Groupe		6,760		469
Remy Cointreau		660		87
Renault		6,050		668
Rexel		8,746		158
Safran		10,477		1,187
Sanofi		36,130		3,201
Schneider Electric		18,268		1,718
SCOR		5,897		265
SEB		667		138
Societe BIC		833		96
Societe Generale		24,251		1,415
Sodexo		2,875		370

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
STMicroelectronics		20,688	$	496
Suez		12,487		187
Teleperformance		1,815		276
Thales		3,434		387
TOTAL		76,204		4,427
Ubisoft Entertainment *		1,981		170
Valeo		7,396		585
Veolia Environnement		15,376		389
Vinci		15,907		1,724
Vivendi		33,282		980
Wendel		834		156
Zodiac Aerospace *		7,313		228
				50,824
Germany – 1.8%
1&1 Drillisch		1,665		139
adidas		5,964		1,392
Allianz		14,258		3,615
Axel Springer		1,668		147
BASF		29,229		3,434
Bayer		26,321		3,457
Bayerische Motoren Werke		10,490		1,202
Beiersdorf		3,138		373
Brenntag		4,902		319
Commerzbank		33,180		548
Continental		3,576		1,077
Covestro (A)		5,121		591
Daimler		30,843		2,833
Deutsche Bank		65,362		1,205
Deutsche Boerse		6,221		801
Deutsche Lufthansa		8,164		292
Deutsche Post		31,182		1,479
Deutsche Telekom		105,944		1,864
Deutsche Wohnen		11,477		520
E.ON		69,263		730
Evonik Industries		5,173		205
Fraport Frankfurt Airport Services Worldwide		1,204		143
Fresenius & KGaA		13,117		1,152
Fresenius Medical Care & KGaA		6,936		804
GEA Group		5,902		294
Hannover Rueck		1,949		267
HeidelbergCement		4,693		510
Henkel & KGaA		3,197		401
HOCHTIEF		602		109
HUGO BOSS		1,938		179
Infineon Technologies		36,107		1,053
Innogy (A)		4,679		179
K+S		5,545		156
KION Group		2,206		203
LANXESS		2,989		261
Linde *		5,878		1,440
MAN		1,021		122

4 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Merck KGaA		4,023	$	441
METRO *		5,165		113
MTU Aero Engines		1,633		294
Muenchener Rueckversicherungs- Gesellschaft in Muenchen		4,922		1,162
OSRAM Licht		3,343		293
ProSiebenSat.1 Media		7,390		283
QIAGEN *		6,958		234
RWE		15,754		316
SAP		31,358		3,548
Siemens		24,348		3,705
Symrise		3,924		329
Telefonica Deutschland Holding		21,545		109
ThyssenKrupp		14,291		451
TUI		14,618		331
Uniper		6,321		189
United Internet		4,012		293
Volkswagen		1,113		247
Vonovia		15,542		769
Wirecard		3,686		461
Zalando *(A)		3,599		212
				47,276
Greece – 0.0%
Alpha Bank AE *		65,706		160
Costamare		6,739		44
Eurobank Ergasias *		93,311		105
FF Group *		1,785		43
Hellenic Telecommunications Organization		13,601		214
JUMBO		4,857		96
National Bank of Greece *		287,733		123
OPAP		11,884		160
Piraeus Bank *		12,192		55
Titan Cement		2,299		71
				1,071
Hong Kong – 1.4%
3SBio *(A)		60,300		123
Agile Group Holdings		56,000		101
AIA Group		382,600		3,277
Alibaba Health Information Technology *		190,000		99
Alibaba Pictures Group *		710,000		99
ASM Pacific Technology		9,800		134
Bank of East Asia		35,741		155
Beijing Enterprises Holdings		24,000		147
Beijing Enterprises Water Group		224,000		161
BOC Hong Kong Holdings		114,500		585
Brilliance China Automotive Holdings		140,000		358
Byd, Cl H		31,000		292
BYD Electronic International		21,500		53
China Conch Venture Holdings		78,500		220
China Everbright		50,000		123
China Everbright International		116,000		177

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
China Evergrande Group		193,000	$	638
China Gas Holdings		82,000		240
China Huarong Asset Management, Cl H (A)		480,200		243
China Huishan Dairy Holdings *		228,000		12
China Life Insurance, Cl H		347,000		1,174
China Medical System Holdings		64,000		137
China Mengniu Dairy		125,000		408
China Merchants Port Holdings		67,044		177
China Minsheng Banking, Cl H		268,000		307
China Mobile		293,000		3,094
China Molybdenum, Cl H		129,000		99
China Overseas Land & Investment		174,000		674
China Resources Enterprise		88,000		333
China Resources Gas Group		44,000		145
China Resources Land		124,000		495
China Resources Pharmaceutical Group (A)		83,000		109
China Resources Power Holdings		90,000		166
China Shenhua Energy, Cl H		154,500		481
China Southern Airlines, Cl H		98,000		128
China State Construction International Holdings		108,000		156
China Taiping Insurance Holdings		75,800		328
China Unicom		272,000		408
CITIC		263,000		415
CK Asset Holdings		81,776		781
CK Hutchison Holdings		85,500		1,154
CK Infrastructure Holdings		21,000		187
CLP Holdings		54,000		551
CNOOC		824,000		1,283
COSCO SHIPPING Ports		27,873		29
CSPC Pharmaceutical Group		224,000		497
Dongfeng Motor Group, Cl H		126,000		165
Far East Horizon		99,000		107
First Pacific		62,000		44
Franshion Properties China		200,000		130
Fullshare Holdings		337,200		159
Fuyao Glass Industry Group, Cl H (A)		26,000		110
Galaxy Entertainment Group		76,000		673
GCL-Poly Energy Holdings *		696,000		120
Geely Automobile Holdings		245,000		785
Genting Singapore		200,800		207
GF Securities, Cl H		63,600		142
GOME Retail Holdings		606,000		77
Guangdong Investment		134,000		199
Guangzhou Automobile Group, Cl H		110,000		249
Haier Electronics Group		72,000		247
Haitian International Holdings		34,000		106
Haitong Securities, Cl H		151,200		247
Hang Lung Group		26,000		99
Hang Lung Properties		65,000		172
Hang Seng Bank		25,000		595
Henderson Land Development		37,620		263

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 5

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Hengan International Group		32,500	$	312
HK Electric Investments & HK Electric Investments (A)		76,500		71
HKT Trust & HKT		122,000		152
Hong Kong & China Gas		271,740		537
Hong Kong Exchanges & Clearing		37,028		1,403
Huaneng Renewables, Cl H		280,000		97
Huatai Securities, Cl H (A)		78,200		177
Hysan Development		18,000		101
I-CABLE Communications *		9		–
Kerry Properties		19,000		91
Kingboard Chemical Holdings		28,000		154
Kingston Financial Group		128,000		100
Kunlun Energy		152,000		151
Lee & Man Paper Manufacturing		70,000		83
Lenovo Group		332,000		191
Li & Fung		170,000		87
Link ‡		68,500		606
Longfor Properties		76,500		250
Meitu *(A)		27,500		38
Melco Resorts & Entertainment ADR		8,121		242
MGM China Holdings		27,600		85
Minth Group		24,000		136
MTR		46,639		267
New China Life Insurance, Cl H		42,300		276
New World Development		197,347		319
Nexteer Automotive Group		42,000		90
Nine Dragons Paper Holdings		104,000		162
NWS Holdings		46,334		90
PCCW		121,000		70
People’s Insurance Group of China, Cl H		328,000		188
Power Assets Holdings		43,000		382
Semiconductor Manufacturing International *		131,200		190
Shanghai Industrial Holdings		25,000		73
Shangri-La Asia		36,000		92
Sino Biopharmaceutical		210,000		387
Sino Land		107,967		199
SJM Holdings		57,000		57
Sun Hung Kai Properties		46,000		799
Sunac China Holdings		111,000		533
Sunny Optical Technology Group		32,600		451
Swire Pacific, Cl A		17,500		175
Swire Properties		33,800		118
Techtronic Industries		45,000		300
WH Group (A)		287,177		356
Wharf Holdings		42,000		172
Wharf Real Estate Investment *		42,000		290
Wheelock		24,000		188
Wynn Macau		45,200		160
Yue Yuen Industrial Holdings		21,500		97

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Zhejiang Expressway, Cl H		84,000	$	100
				37,494
Hungary – 0.0%
MOL Hungarian Oil & Gas		17,864		219
OTP Bank		10,980		512
Richter Gedeon		6,387		165
				896
India – 0.2%
Axis Bank		21,000		196
Bharti Airtel		3,964		27
Dr Reddy’s Laboratories ADR		4,000		138
Housing Development Finance		28,529		878
ICICI Bank ADR		50,826		558
Infosys ADR		75,000		1,351
ITC		33,818		144
Maruti Suzuki India		400		60
Reliance Industries GDR (A)		50,000		1,510
Tata Consultancy Services		6,200		303
Tata Motors ADR *		11,100		344
Vakrangee		7,368		42
Wipro ADR		60,000		329
				5,880
Indonesia – 0.2%
Adaro Energy		610,500		112
AKR Corporindo		92,500		43
Astra International		938,500		596
Bank Central Asia		569,500		967
Bank Danamon Indonesia		173,000		92
Bank Mandiri Persero		869,000		529
Bank Negara Indonesia Persero		339,000		238
Bank Rakyat Indonesia Persero		2,585,000		714
Bumi Serpong Damai		379,000		52
Charoen Pokphand Indonesia		364,000		94
Gudang Garam		22,000		133
Hanjaya Mandala Sampoerna		425,000		156
Indocement Tunggal Prakarsa		72,000		117
Indofood CBP Sukses Makmur		112,000		73
Indofood Sukses Makmur		202,000		117
Jasa Marga Persero		114,204		49
Kalbe Farma		982,000		122
Matahari Department Store		112,000		93
Pakuwon Jati		1,021,000		54
Perusahaan Gas Negara Persero		535,500		104
Semen Indonesia Persero		138,000		115
Surya Citra Media		298,000		60
Telekomunikasi Indonesia Persero		2,352,900		701
Tower Bersama Infrastructure		118,500		54
Unilever Indonesia		71,000		288
United Tractors		84,000		244
Waskita Karya Persero		244,500		52

6 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
XL Axiata *		188,250	$	42
				6,011
Ireland – 0.6%
Accenture, Cl A		35,764		5,747
AIB Group		25,573		179
Alkermes *		8,700		497
Ardmore Shipping		3,445		24
Bank of Ireland Group *		29,597		290
CRH		26,682		995
Eaton		25,800		2,166
Endo International *		13,500		93
Experian		29,497		681
Horizon Pharma *		19,543		284
Ingersoll-Rand		14,800		1,401
Kerry Group, Cl A		4,931		527
Mallinckrodt *		6,000		108
Paddy Power Betfair		2,539		295
Pentair		9,700		694
Perrigo		7,800		707
Prothena *		4,684		196
Ryanair Holdings ADR *		933		115
Weatherford International *		47,800		188
				15,187
Israel – 0.1%
Azrieli Group		1,230		67
Bank Hapoalim		34,833		262
Bank Leumi Le-Israel		48,245		298
Bezeq The Israeli Telecommunication		60,090		99
Check Point Software Technologies *		4,066		420
Elbit Systems		695		105
Frutarom Industries		1,133		119
Israel Chemicals		14,778		62
Mizrahi Tefahot Bank		4,031		79
Nice		1,758		161
Stratasys *		6,051		129
Teva Pharmaceutical Industries		25,786		536
Teva Pharmaceutical Industries ADR		3,542		72
				2,409
Italy – 0.5%
Assicurazioni Generali		38,892		774
Atlantia		14,815		492
CNH Industrial		33,258		494
Davide Campari-Milano		18,239		146
Enel		256,173		1,631
Eni		80,433		1,451
EXOR		3,770		292
Ferrari		3,901		467
Fiat Chrysler Automobiles *		33,688		817
Intesa Sanpaolo		451,298		1,774
Leonardo		13,140		159
Luxottica Group		5,501		355

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Mediobanca Banca di Credito Finanziario		20,093	$	245
Poste Italiane (A)		15,136		126
Prysmian		7,129		252
Recordati		3,426		156
Snam		76,283		372
Telecom Italia *		528,711		454
Terna Rete Elettrica Nazionale		48,596		293
UniCredit		63,375		1,401
UnipolSai Assicurazioni		32,793		85
				12,236
Japan – 4.5%
ABC-Mart		1,000		65
Acom		11,600		51
Aeon		20,800		354
AEON Financial Service		3,000		75
Aeon Mall		3,300		73
Air Water		5,000		107
Aisin Seiki		5,800		338
Ajinomoto		16,700		317
Alfresa Holdings		5,400		131
Alps Electric		6,900		198
Amada Holdings		9,900		147
ANA Holdings		3,400		138
Aozora Bank		3,400		138
Asahi Glass		6,600		290
Asahi Group Holdings		12,100		609
Asahi Kasei		40,000		522
Asics		4,600		76
Astellas Pharma		66,700		880
Bandai Namco Holdings		6,500		212
Bank of Kyoto		1,800		101
Benesse Holdings		1,900		71
Bridgestone		20,300		987
Brother Industries		8,300		212
Calbee		2,300		81
Canon		33,500		1,335
Casio Computer		6,600		100
Central Japan Railway		4,500		851
Chiba Bank		24,000		208
Chubu Electric Power		20,500		257
Chugai Pharmaceutical		7,200		381
Chugoku Electric Power		8,100		90
Coca-Cola Bottlers Japan Holdings		3,700		131
Concordia Financial Group		42,700		259
Credit Saison		4,300		78
CYBERDYNE *		3,000		52
Dai Nippon Printing		8,000		178
Daicel		8,500		103
Daifuku		3,100		207
Dai-ichi Life Holdings		34,800		729
Daiichi Sankyo		18,700		629
Daikin Industries		7,800		936

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 7

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Daito Trust Construction		2,300	$	402
Daiwa House Industry		17,600		694
Daiwa House Investment, Cl A ‡		40		98
Daiwa Securities Group		52,000		373
DeNA		3,100		67
Denso		15,100		944
Dentsu		6,900		309
Disco		900		211
Don Quijote Holdings		4,000		222
East Japan Railway		10,300		1,023
Eisai		8,700		497
Electric Power Development		4,200		119
FamilyMart UNY Holdings		2,400		160
FANUC		6,100		1,647
Fast Retailing		1,700		758
Fuji Electric		16,000		132
FUJIFILM Holdings		13,500		518
Fujitsu		65,000		479
Fukuoka Financial Group		22,000		127
Hachijuni Bank		11,800		70
Hakuhodo DY Holdings		7,900		119
Hamamatsu Photonics		4,100		151
Hankyu Hanshin Holdings		7,700		310
Hikari Tsushin		600		87
Hino Motors		7,500		99
Hirose Electric		1,100		165
Hisamitsu Pharmaceutical		1,800		124
Hitachi		156,000		1,238
Hitachi Chemical		3,000		76
Hitachi Construction Machinery		3,100		139
Hitachi High-Technologies		2,000		94
Hitachi Metals		6,200		84
Honda Motor		55,300		1,938
Hoshizaki		1,900		179
Hoya		12,800		653
Hulic		8,600		109
Idemitsu Kosan		4,200		157
IHI		5,400		181
Iida Group Holdings		5,100		101
Inpex		30,800		400
Isetan Mitsukoshi Holdings		9,700		116
Isuzu Motors		18,900		318
ITOCHU		47,900		939
J Front Retailing		7,000		128
Japan Airlines		4,000		151
Japan Airport Terminal		1,300		50
Japan Exchange Group		16,900		304
Japan Post Bank		12,000		162
Japan Post Holdings		49,500		590
Japan Prime Realty Investment ‡		24		85
Japan Real Estate Investment ‡		38		195
Japan Retail Fund Investment ‡		89		177

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Japan Tobacco		34,800	$	1,152
JFE Holdings		16,800		398
JGC		6,000		129
JSR		5,600		133
JTEKT		6,500		116
JXTG Holdings		96,000		637
Kajima		30,000		297
Kakaku.com		4,100		72
Kamigumi		3,500		77
Kaneka		8,000		74
Kansai Electric Power		22,000		273
Kansai Paint		6,300		156
Kao		15,700		1,088
Kawasaki Heavy Industries		5,400		223
KDDI		57,600		1,453
Keihan Electric Railway		3,000		95
Keikyu		7,000		138
Keio		3,400		161
Keisei Electric Railway		4,000		135
Keyence		3,100		1,887
Kikkoman		5,000		207
Kintetsu Group Holdings		5,800		229
Kirin Holdings		27,900		695
Kobe Steel		9,000		93
Koito Manufacturing		3,700		260
Komatsu		29,100		1,129
Konami		2,700		154
Konica Minolta		15,900		158
Kose		900		155
Kubota		32,800		666
Kuraray		11,900		222
Kurita Water Industries		2,900		95
Kyocera		10,200		678
Kyowa Hakko Kirin		7,500		147
Kyushu Electric Power		12,400		136
Kyushu Financial Group		10,000		60
Kyushu Railway		5,000		161
Lawson		1,800		122
LINE *		2,000		95
Lion		7,000		131
LIXIL Group		8,600		241
M3		7,300		267
Mabuchi Motor		1,400		83
Makita		7,000		330
Marubeni		52,900		396
Marui Group		6,100		111
Maruichi Steel Tube		1,600		48
Mazda Motor		18,200		255
McDonald’s Holdings Japan		1,900		85
Mebuki Financial Group		30,960		140
Medipal Holdings		5,000		98
MEIJI Holdings		3,700		309

8 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
MINEBEA MITSUMI		12,900	$	292
MISUMI Group		9,500		286
Mitsubishi		47,800		1,336
Mitsubishi Chemical Holdings		46,700		507
Mitsubishi Electric		62,000		1,132
Mitsubishi Estate		39,000		746
Mitsubishi Gas Chemical		5,500		155
Mitsubishi Heavy Industries		10,000		376
Mitsubishi Materials		3,200		119
Mitsubishi Motors		19,900		147
Mitsubishi Tanabe Pharma		6,500		133
Mitsubishi UFJ Financial Group		379,300		2,852
Mitsubishi UFJ Lease & Finance		13,000		84
Mitsui		54,500		956
Mitsui Chemicals		5,400		169
Mitsui Fudosan		28,000		733
Mitsui OSK Lines		3,300		118
Mixi		1,300		57
Mizuho Financial Group		760,700		1,431
MS&AD Insurance Group Holdings		15,700		534
Murata Manufacturing		6,100		900
Nabtesco		3,300		156
Nagoya Railroad		5,400		142
NEC		8,800		265
Nexon		7,100		236
NGK Insulators		7,600		155
NGK Spark Plug		5,200		137
NH Foods		6,000		144
Nidec		7,600		1,215
Nikon		11,900		231
Nintendo		3,600		1,582
Nippon Building Fund ‡		46		246
Nippon Electric Glass		2,400		99
Nippon Express		2,400		172
Nippon Paint Holdings		4,700		168
Nippon Prologis ‡		62		142
Nippon Steel & Sumitomo Metal		24,700		629
Nippon Telegraph & Telephone		21,700		1,032
Nippon Yusen		4,700		118
Nissan Chemical Industries		3,600		147
Nissan Motor		72,800		776
Nisshin Seifun Group		5,700		114
Nissin Foods Holdings		1,700		126
Nitori Holdings		2,600		414
Nitto Denko		5,200		475
NOK		2,800		65
Nomura Holdings		115,600		749
Nomura Real Estate Holdings		3,600		86
Nomura Real Estate Master Fund ‡		117		163
Nomura Research Institute		3,960		182
NSK		12,800		211
NTT Data		22,000		259

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
NTT DOCOMO		42,800	$	1,060
Obayashi		21,100		254
Obic		1,900		148
Odakyu Electric Railway		10,500		231
Oji Holdings		25,000		171
Olympus		9,300		357
Omron		6,400		399
Ono Pharmaceutical		12,800		316
Oracle Japan		1,100		88
Oriental Land		6,800		664
ORIX		41,800		779
Osaka Gas		12,000		238
Otsuka		1,500		126
Otsuka Holdings		12,600		559
Panasonic		70,100		1,040
Park24		3,000		75
Persol Holdings		5,600		139
Pola Orbis Holdings		2,800		109
Rakuten		29,600		267
Recruit Holdings		35,300		860
Renesas Electronics *		15,600		183
Resona Holdings		70,800		426
Ricoh		24,400		240
Rinnai		1,000		94
Rohm		3,200		351
Ryohin Keikaku		800		267
Sankyo		1,300		42
Santen Pharmaceutical		10,800		176
SBI Holdings		6,200		150
Secom		6,500		497
Sega Sammy Holdings		5,400		75
Seibu Holdings		7,000		140
Seiko Epson		9,100		221
Sekisui Chemical		13,700		261
Sekisui House		19,400		355
Seven & i Holdings		23,900		982
Seven Bank		17,300		64
Sharp *		4,400		164
Shimadzu		8,900		224
Shimamura		700		82
Shimano		2,300		329
Shimizu		18,800		192
Shin-Etsu Chemical		12,500		1,421
Shinsei Bank		5,200		91
Shionogi		9,200		509
Shiseido		12,200		626
Shizuoka Bank		15,000		160
Showa Shell Sekiyu		5,500		78
SMC		1,800		883
SoftBank Group		26,400		2,172
Sohgo Security Services		2,100		114
Sompo Holdings		10,900		436

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 9

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Sony		40,500	$	1,933
Sony Financial Holdings		5,000		91
Stanley Electric		4,400		178
Start Today		6,800		200
Subaru		19,700		653
SUMCO		7,400		201
Sumitomo		37,100		639
Sumitomo Chemical		50,000		366
Sumitomo Dainippon Pharma		4,600		68
Sumitomo Electric Industries		24,200		412
Sumitomo Heavy Industries		3,800		173
Sumitomo Metal Mining		8,000		374
Sumitomo Mitsui Financial Group		43,100		1,926
Sumitomo Mitsui Trust Holdings		10,700		444
Sumitomo Realty & Development		11,000		422
Sumitomo Rubber Industries		5,000		97
Sundrug		2,200		95
Suntory Beverage & Food		4,500		215
Suruga Bank		5,000		101
Suzuken		2,200		94
Suzuki Motor		10,600		605
Sysmex		4,800		376
T&D Holdings		18,000		320
Taiheiyo Cement		4,100		174
Taisei		6,800		346
Taisho Pharmaceutical Holdings		1,200		98
Taiyo Nippon Sanso		3,800		59
Takashimaya		9,000		93
Takeda Pharmaceutical		22,500		1,322
TDK		4,400		405
Teijin		5,400		119
Terumo		10,700		523
THK		3,500		145
Tobu Railway		6,500		218
Toho		3,300		112
Toho Gas		2,200		64
Tohoku Electric Power		15,200		196
Tokio Marine Holdings		21,200		998
Tokyo Electric Power *		41,900		170
Tokyo Electron		4,900		918
Tokyo Gas		11,800		280
Tokyo Tatemono		6,000		96
Tokyu		18,000		301
Tokyu Fudosan Holdings		14,900		117
Toppan Printing		18,000		169
Toray Industries		47,000		467
Toshiba		206,000		587
Tosoh		9,500		218
TOTO		4,800		274
Toyo Seikan Group Holdings		4,700		76
Toyo Suisan Kaisha		2,600		105
Toyoda Gosei		1,900		50

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Toyota Industries		5,300	$	344
Toyota Motor		82,800		5,674
Toyota Tsusho		7,100		287
Trend Micro		4,100		221
Tsuruha Holdings		1,100		153
Unicharm		13,100		350
United Urban Investment ‡		102		161
USS		6,400		142
West Japan Railway		5,300		397
Yahoo Japan		47,600		229
Yakult Honsha		2,900		242
Yamada Denki		18,200		108
Yamaguchi Financial Group		6,000		70
Yamaha		4,900		202
Yamaha Motor		9,100		302
Yamato Holdings		10,500		270
Yamazaki Baking		3,800		75
Yaskawa Electric		8,300		427
Yokogawa Electric		6,600		140
Yokohama Rubber		3,200		81
				119,958
Luxembourg – 0.1%
Altisource Portfolio Solutions *		1,447		41
Millicom International Cellular		1,915		143
RTL Group		1,121		95
SES, Cl A		11,716		183
Tenaris		15,840		277
Trinseo		5,322		439
				1,178
Macau – 0.0%
Sands China		74,800		446
Malaysia – 0.3%
AirAsia		65,900		70
Alliance Financial Group		51,000		57
AMMB Holdings		89,500		111
Astro Malaysia Holdings		77,700		52
Axiata Group		121,957		178
British American Tobacco		6,700		59
CIMB Group Holdings		201,127		374
Dialog Group		154,400		101
DiGi.Com		156,100		198
Felda Global Ventures Holdings		75,900		39
Gamuda		78,600		103
Genting		99,800		247
Genting Malaysia		134,000		189
Genting Plantations		16,000		41
HAP Seng Consolidated		28,200		70
Hartalega Holdings		35,500		108
Hong Leong Bank		32,900		157
Hong Leong Financial Group		12,000		57
IHH Healthcare		127,800		197

10 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
IJM		131,600	$	104
IOI		106,700		128
IOI Properties Group		99,750		51
Kuala Lumpur Kepong		28,100		182
Malayan Banking		187,934		487
Malaysia Airports Holdings		43,700		102
Maxis		85,600		134
MISC		61,800		120
Nestle Malaysia		2,000		58
Petronas Chemicals Group		107,400		224
Petronas Dagangan		11,800		75
Petronas Gas		31,000		142
PPB Group		23,300		104
Press Metal Aluminium Holdings		58,200		86
Public Bank		143,700		810
RHB Bank		40,407		56
Sapura Energy		192,700		37
Sime Darby		115,423		91
Sime Darby Plantation *		115,423		163
Sime Darby Property *		115,423		47
SP Setia Group		52,600		42
Telekom		51,300		81
Tenaga Nasional		151,400		613
UMW Holdings		25,600		45
Westports Holdings		51,400		46
YTL		218,790		86
YTL Power International		111,588		36
				6,558
Mexico – 0.3%
Alfa, Cl A		142,900		179
America Movil		1,605,000		1,506
Arca Continental		24,000		175
Banco Santander Mexico Institucion de Banca Multiple Grupo Financiero Santand, Cl B		94,500		149
Cemex *		672,052		560
Coca-Cola Femsa		24,200		186
El Puerto de Liverpool		11,800		88
Fibra Uno Administracion ‡		139,100		219
Fomento Economico Mexicano		92,800		907
Gentera		50,100		46
Gruma, Cl B		11,300		135
Grupo Aeroportuario del Pacifico, Cl B		18,100		190
Grupo Aeroportuario del Sureste, Cl B		10,000		195
Grupo Bimbo, Ser A		77,900		190
Grupo Carso		30,600		115
Grupo Financiero Banorte, Cl O		115,500		741
Grupo Financiero Inbursa, Cl O		117,300		208
Grupo Lala, Cl B		45,100		72
Grupo Mexico		176,000		622
Grupo Televisa		112,800		468
Industrias Penoles		6,810		158

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Infraestructura Energetica Nova		25,000	$	131
Kimberly-Clark de Mexico, Cl A		80,700		151
Mexichem		49,917		142
Promotora y Operadora de Infraestructura		15,000		154
Wal-Mart de Mexico		241,700		606
				8,293
Netherlands – 1.3%
ABN AMRO Group (A)		14,093		479
Aegon		57,889		397
AerCap Holdings *		4,834		262
Airbus		18,535		2,136
Akzo Nobel		7,839		737
Altice, Cl A *		19,084		206
ArcelorMittal		20,807		758
ASML Holding		12,383		2,518
Boskalis Westminster		2,630		105
Chicago Bridge & Iron		12,305		257
Cimpress *		3,057		389
Coca-Cola European Partners		6,976		281
Frank’s International		5,846		40
Heineken		8,149		919
Heineken Holding		3,626		386
ING Groep		124,023		2,446
James Hardie Industries		14,692		259
Koninklijke Ahold Delhaize		41,865		937
Koninklijke DSM		5,813		603
Koninklijke KPN		110,070		387
Koninklijke Philips		30,120		1,233
Koninklijke Vopak		2,037		92
NN Group		10,187		482
NXP Semiconductor *		30,716		3,696
Randstad Holding		3,993		283
RELX		30,652		684
Royal Dutch Shell, Cl A		143,193		5,014
Royal Dutch Shell, Cl B		118,672		4,212
Unibail-Rodamco ‡		3,241		834
Unilever		51,867		3,014
Wolters Kluwer		9,463		503
				34,549
New Zealand – 0.0%
Auckland International Airport		28,650		142
Fisher & Paykel Healthcare		17,919		177
Fletcher Building		20,008		115
Mercury NZ		20,281		52
Meridian Energy		37,128		80
Ryman Healthcare		10,865		88
Spark New Zealand		53,009		141
				795
Norway – 0.1%
DNB		32,266		657
Gjensidige Forsikring		5,794		110

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 11

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Marine Harvest		13,532	$	235
Nordic American Tankers		11,234		26
Norsk Hydro		45,151		331
Orkla		26,360		276
Schibsted, Cl B		2,581		78
Statoil		37,535		880
Telenor		23,415		551
Yara International		5,786		279
				3,423
Pakistan – 0.0%
Habib Bank		25,000		44
Lucky Cement *		9,900		55
United Bank		42,500		75
				174
Panama – 0.0%
Banco Latinoamericano de Comercio Exterior, Cl E		3,639		108
Copa Holdings, Cl A		1,766		244
				352
Peru – 0.0%
Cia de Minas Buenaventura ADR		9,800		151
Credicorp		3,200		741
				892
Philippines – 0.1%
Aboitiz Equity Ventures		87,890		131
Aboitiz Power		71,000		57
Alliance Global Group *		113,100		34
Ayala		11,040		226
Ayala Land		323,500		279
Bank of the Philippine Islands		67,110		156
BDO Unibank		87,866		262
DMCI Holdings		242,100		68
Globe Telecom		1,535		57
GT Capital Holdings		3,650		96
International Container Terminal Services		27,800		61
JG Summit Holdings		126,700		189
Jollibee Foods		29,850		166
Manila Electric		8,200		54
Megaworld		162,000		15
Metro Pacific Investments		586,000		74
Metropolitan Bank & Trust		31,300		61
PLDT		4,370		134
Robinsons Land		82,700		34
Security Bank		11,600		55
SM Investments		10,905		218
SM Prime Holdings		367,800		264
Universal Robina		39,080		123
				2,814
Poland – 0.2%
Alior Bank *		4,438		114

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Bank Handlowy w Warszawie		1,777	$	45
Bank Millennium		31,094		89
Bank Pekao		7,405		302
Bank Zachodni		1,651		208
CCC		1,316		114
CD Projekt		3,230		112
Cyfrowy Polsat		11,600		84
Dino Polska *(A)		2,517		63
Grupa Azoty		2,400		51
Grupa Lotos		6,419		114
Jastrzebska Spolka Weglowa *		2,700		79
KGHM Polska Miedz		6,427		212
LPP		139		406
mBank		771		118
Orange Polska		33,367		61
PGE Polska Grupa Energetyczna		38,568		138
PLAY Communications *(A)		5,037		51
Polski Koncern Naftowy Orlen		14,192		462
Polskie Gornictwo Naftowe i Gazownictwo		81,102		160
Powszechna Kasa Oszczednosci Bank Polski		41,652		571
Powszechny Zaklad Ubezpieczen		27,066		372
Tauron Polska Energia		56,049		51
				3,977
Portugal – 0.0%
Energias de Portugal		75,903		268
Galp Energia		16,195		310
Jeronimo Martins		7,293		156
				734
Qatar – 0.1%
Barwa Real Estate		5,000		52
Commercial Bank PQSC		9,858		76
Doha Bank QPSC		7,527		68
Ezdan Holding Group		35,630		113
Industries Qatar		6,707		202
Masraf Al Rayan		16,583		184
Ooredoo QPSC		5,348		140
Qatar Electricity & Water		1,272		68
Qatar Gas Transport		12,817		66
Qatar Insurance SAQ		7,085		99
Qatar Islamic Bank SAQ		2,676		72
Qatar National Bank QPSC		10,817		402
				1,542
Russia – 0.2%
Gazprom PJSC ADR		258,445		1,300
Magnit PJSC GDR		17,403		392
Mobile TeleSystems ADR		31,000		376
Novatek PJSC GDR		4,769		635
PhosAgro PJSC GDR		4,500		65
Sberbank of Russia ADR		122,158		2,462
Severstal PJSC GDR		13,231		217

12 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Surgutneftegas ADR		40,953	$	208
				5,655
Singapore – 0.3%
Ascendas ‡		82,900		175
CapitaLand		83,500		245
CapitaLand Commercial Trust ‡		69,960		100
CapitaLand Mall Trust ‡		72,000		115
City Developments		12,000		122
ComfortDelGro		62,000		99
DBS Group Holdings		56,629		1,142
Golden Agri-Resources		205,000		60
Hongkong Land Holdings		37,000		266
Hutchison Port Holdings Trust, Cl U		151,000		63
Jardine Cycle & Carriage		3,000		91
Jardine Matheson Holdings		7,000		444
Jardine Strategic Holdings		7,000		279
Keppel		49,100		325
Oversea-Chinese Banking		98,265		970
SATS		19,900		84
Sembcorp Industries		28,000		73
Singapore Airlines		16,000		138
Singapore Exchange		27,000		169
Singapore Press Holdings		46,000		93
Singapore Technologies Engineering		45,000		116
Singapore Telecommunications		258,200		698
StarHub		18,000		40
Suntec ‡		86,200		136
United Overseas Bank		43,468		911
UOL Group		14,324		100
Wilmar International		56,000		137
Yangzijiang Shipbuilding Holdings		81,000		99
				7,290
Slovak Republic – 0.0%
Celltrion *		3,704		1,095
South Africa – 0.7%
Anglo American Platinum *		3,100		93
AngloGold Ashanti		19,249		214
Aspen Pharmacare Holdings		18,597		424
Barclays Africa Group		33,295		505
Bid		15,700		351
Bidvest Group		16,200		341
Brait *		19,948		65
Capitec Bank Holdings		2,300		155
Coronation Fund Managers		14,000		93
Discovery		17,015		242
Exxaro Resources		11,700		141
FirstRand		163,965		918
Fortress REIT, Cl B ‡		40,446		102
Fortress REIT, Cl A ‡		60,100		89
Foschini Group		10,432		170
Gold Fields		40,499		174

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Growthpoint Properties ‡		102,536	$	240
Hyprop Investments ‡		11,891		116
Imperial Holdings		8,264		198
Investec		14,855		116
Kumba Iron Ore		3,140		95
Liberty Holdings		7,400		82
Life Healthcare Group Holdings		67,636		155
MMI Holdings		56,800		108
Mondi		6,157		164
Mr Price Group		11,791		284
MTN Group		82,537		913
Naspers, Cl N		20,442		5,823
Nedbank Group		11,117		247
NEPI Rockcastle		17,368		235
Netcare		55,348		121
Novus Holdings		7,070		3
Pick n Pay Stores		18,980		109
Pioneer Foods Group		6,425		71
PSG Group		6,000		112
Rand Merchant Investment Holdings		40,875		153
Redefine Properties ‡		245,921		224
Remgro		25,925		516
Resilient ‡		14,685		144
RMB Holdings		33,836		225
Sanlam		69,181		514
Sappi		27,323		196
Sasol		26,925		969
Shoprite Holdings		21,221		441
Sibanye Gold		94,387		110
SPAR Group		9,534		165
Standard Bank Group		62,994		1,065
Steinhoff International Holdings		144,903		83
Telkom		17,000		74
Tiger Brands		7,559		293
Truworths International		22,773		188
Vodacom Group		25,598		353
Woolworths Holdings		45,875		248
				19,230
South Korea – 1.5%
Amorepacific		1,435		403
AMOREPACIFIC Group *		1,371		182
BGF retail *		397		82
BNK Financial Group *		12,800		127
Celltrion Healthcare *		1,154		148
Cheil Worldwide		3,600		72
CJ *		749		129
CJ CheilJedang *		387		130
CJ E&M		1,082		92
CJ Logistics *		450		61
Coway		2,520		225
Daelim Industrial *		1,424		108
Daewoo Engineering & Construction *		7,140		41

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 13

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Daewoo International		2,400	$	54
Daum Kakao		1,551		203
DB Insurance		2,450		166
DGB Financial Group *		8,630		100
Dongsuh		2,311		63
Doosan Bobcat *		1,734		60
Doosan Heavy Industries & Construction *		2,600		41
E-Mart		934		255
GS Engineering & Construction *		2,600		81
GS Holdings *		2,397		156
GS Retail		1,580		58
Hana Financial Group		13,824		674
Hankook Tire *		3,460		173
Hanmi Pharm		325		182
Hanmi Science *		920		90
Hanon Systems		10,980		134
Hanssem *		550		88
Hanwha		2,530		112
Hanwha Chemical		5,420		179
Hanwha Life Insurance *		11,300		79
Hanwha Techwin *		1,854		58
Hotel Shilla		1,910		166
Hyosung		991		125
Hyundai Department Store *		824		80
Hyundai Development - Engineering & Construction		2,700		112
Hyundai Engineering & Construction *		3,628		146
Hyundai Glovis *		913		119
Hyundai Heavy Industries *		1,473		192
Hyundai Marine & Fire Insurance		3,730		162
Hyundai Mobis		3,349		776
Hyundai Motor		7,227		1,096
Hyundai Robotics *		411		176
Hyundai Steel		3,755		200
Hyundai Wia		1,010		59
Industrial Bank of Korea		11,650		182
ING Life Insurance Korea (A)		1,000		55
Kangwon Land *		5,400		164
KB Financial Group		18,618		1,173
KCC		344		135
KEPCO Plant Service & Engineering *		1,320		52
Kia Motors		11,920		387
Korea Aerospace Industries *		3,160		156
Korea Electric Power		11,370		381
Korea Gas *		1,500		69
Korea Investment Holdings *		1,970		161
Korea Zinc *		409		197
Korean Air Lines *		2,476		89
KT		1,650		46
KT&G		5,242		523
Kumho Petrochemical *		1,057		102
LG		4,286		358

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
LG Chemical		2,257	$	913
LG Display		10,500		317
LG Electronics		4,861		467
LG Household & Health Care		449		495
LG Innotek		700		82
Lotte *		2,240		146
Lotte Chemical		762		300
Lotte Shopping *		535		121
Medy-Tox		198		113
Mirae Asset Daewoo		20,016		211
NAVER		1,313		1,119
NCSoft		847		351
Netmarble Games *(A)		800		130
NH Investment & Securities *		7,300		115
OCI		1,108		175
Orion *		1,315		144
Ottogi *		124		89
Pan Ocean *		10,659		60
POSCO		3,474		1,238
S-1, Cl 1		1,060		99
Samsung Biologics *(A)		790		324
Samsung C&T		3,460		460
Samsung Card		1,800		66
Samsung Electro-Mechanics		2,553		255
Samsung Electronics		4,631		10,820
Samsung Fire & Marine Insurance		1,511		409
Samsung Heavy Industries *		12,480		107
Samsung Life Insurance		3,175		384
Samsung SDI		2,502		462
Samsung SDS		1,640		394
Samsung Securities		3,270		133
Shinhan Financial Group		20,000		998
Shinsegae		400		129
SillaJen *		2,485		246
SK C&C *		1,994		595
SK Hynix		27,530		1,895
SK Innovation		2,892		554
SK Networks *		7,030		43
SK Telecom		927		231
S-Oil		2,143		247
Woori Bank		15,693		248
Yuhan *		474		103
				38,233
Spain – 0.6%
Abertis Infraestructuras		22,207		540
ACS Actividades de Construccion y Servicios		7,575		304
Aena SME (A)		2,104		460
Amadeus IT Group, Cl A		13,920		1,083
Banco Bilbao Vizcaya Argentaria		210,600		1,985
Banco de Sabadell		173,048		413
Banco Santander		513,365		3,826

14 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Bankia		33,368	$	170
Bankinter		23,728		274
CaixaBank		111,946		606
Enagas		7,589		207
Endesa		10,248		231
Ferrovial		16,369		377
Gas Natural		11,286		262
Grifols		9,603		310
Iberdrola		191,585		1,565
Industria de Diseno Textil		34,337		1,235
International Consolidated Airlines Group		19,393		177
Mapfre		31,227		111
Red Electrica		13,879		295
Repsol		39,388		744
Siemens Gamesa Renewable Energy		7,701		121
Telefonica		142,461		1,465
				16,761
Sweden – 0.5%
Alfa Laval		10,179		268
Assa Abloy, Cl B		32,801		729
Atlas Copco, Cl B		12,124		508
Atlas Copco, Cl A		21,151		995
Boliden		8,844		322
Electrolux		7,787		276
Essity, Cl B		19,934		599
Getinge, Cl B		6,627		91
Hennes & Mauritz, Cl B		29,641		526
Hexagon, Cl B		8,089		483
Husqvarna, Cl B		12,063		126
ICA Gruppen		2,331		91
Industrivarden, Cl C		4,756		127
Investor, Cl B		14,868		729
Kinnevik		8,085		296
L E Lundbergforetagen, Cl B		1,123		91
Lundin Petroleum *		5,407		135
Nordea Bank		96,041		1,189
Sandvik		36,347		718
Securitas, Cl B		9,072		168
Skandinaviska Enskilda Banken, Cl A		50,280		637
Skanska, Cl B		10,951		223
SKF, Cl B		12,789		317
Svenska Handelsbanken, Cl A		48,160		703
Swedbank, Cl A		28,549		732
Swedish Match		5,693		231
Tele2, Cl B		10,485		132
Telefonaktiebolaget LM Ericsson, Cl B		96,056		619
TeliaSonera		81,357		410
Volvo, Cl B		48,901		1,001
				13,472
Switzerland – 1.5%
ABB		59,475		1,660

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Adecco Group		5,153	$	425
Baloise Holding		1,619		265
Barry Callebaut		64		131
Chocoladefabriken Lindt & Spruengli		36		432
Cie Financiere Richemont		16,490		1,584
Clariant		7,297		209
Coca-Cola		5,976		201
Credit Suisse Group		76,846		1,485
Dufry *		1,275		198
EMS-Chemie Holding		237		174
Geberit		1,149		545
Givaudan		302		728
Julius Baer Group		7,230		497
Kuehne + Nagel International		1,736		319
LafargeHolcim		14,183		870
Lonza Group		2,352		655
Nestle		99,211		8,583
Novartis		70,565		6,391
Pargesa Holding		1,322		121
Partners Group Holding		561		437
Roche Holding		22,300		5,504
Schindler Holding		1,874		466
SGS		168		452
Sika		71		616
Sonova Holding		1,695		274
Straumann Holding		308		236
Swatch Group		2,970		615
Swiss Life Holding		1,001		376
Swiss Prime Site		2,396		232
Swiss Re		10,218		1,009
Swisscom		794		434
Transocean *		23,500		254
UBS Group		117,207		2,383
Vifor Pharma		1,486		219
Zurich Insurance Group		4,780		1,573
				40,553
Taiwan – 1.1%
Acer		144,000		137
Advanced Semiconductor Engineering ADR		29,600		212
Advanced Semiconductor Engineering		133,029		189
Advantech		15,399		120
Airtac International Group		5,000		79
Asia Cement		104,000		107
Asia Pacific Telecom		93,000		32
Asustek Computer		31,000		299
AU Optronics		363,000		173
Catcher Technology		29,000		332
Cathay Financial Holding		356,000		667
Chailease Holding		47,000		158
Chang Hwa Commercial Bank		217,497		128
Cheng Shin Rubber Industry		87,000		152
Chicony Electronics		22,220		59

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 15

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
China Airlines *		116,000	$	48
China Development Financial Holding		611,000		224
China Life Insurance		171,479		177
China Steel		557,000		476
Chunghwa Telecom		165,000		614
Compal Electronics		186,000		138
CTBC Financial Holding		765,720		560
Delta Electronics		85,000		429
E.Sun Financial Holding		399,470		263
Eclat Textile		6,120		61
Eva Airways		103,000		55
Evergreen Marine Taiwan *		98,021		58
Far Eastern New Century		147,000		131
Far EasTone Telecommunications		71,000		185
Feng TAY Enterprise		15,000		71
First Financial Holding		433,821		300
Formosa Chemicals & Fibre		141,000		527
Formosa Petrochemical		59,000		251
Formosa Plastics		180,000		639
Formosa Taffeta		34,000		38
Foxconn Technology		42,250		121
Fubon Financial Holding		291,000		541
General Interface Solution Holding		4,000		30
Giant Manufacturing		9,000		50
Globalwafers		10,000		153
Highwealth Construction		40,000		63
Hiwin Technologies		10,200		132
Hon Hai Precision Industry		714,400		2,260
Hotai Motor		12,000		156
HTC *		27,000		66
Hua Nan Financial Holdings		347,911		208
Innolux		406,000		192
Inventec		111,000		91
Largan Precision		4,000		550
Lite-On Technology		88,224		130
Macronix International *		72,000		113
MediaTek		65,000		667
Mega Financial Holding		475,000		412
Micro-Star International		28,000		93
Nan Ya Plastics		207,000		569
Nanya Technology		33,000		90
Nien Made Enterprise *		6,000		62
Novatek Microelectronics		27,000		113
Pegatron		87,000		236
Phison Electronics		7,000		72
Pou Chen		98,000		132
Powertech Technology		25,000		81
President Chain Store		25,000		247
Quanta Computer		120,000		261
Realtek Semiconductor		19,000		76
Ruentex Development *		45,600		52
Ruentex Industries		28,000		49

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Shin Kong Financial Holding		362,000	$	133
Siliconware Precision Industries ADR		16,675		142
SinoPac Financial Holdings		463,473		160
Standard Foods		26,000		67
Synnex Technology International		56,700		80
TaiMed Biologics *		9,000		62
Taishin Financial Holding		424,753		214
Taiwan Business Bank		217,381		64
Taiwan Cement		150,000		194
Taiwan Cooperative Financial Holding		356,019		212
Taiwan High Speed Rail *		73,000		60
Taiwan Mobile		74,000		283
Taiwan Semiconductor Manufacturing		802,000		7,017
Taiwan Semiconductor Manufacturing ADR		57,200		2,592
Teco Electric and Machinery		65,000		63
Uni-President Enterprises		210,000		504
United Microelectronics		538,000		263
Vanguard International Semiconductor		32,000		72
Win Semiconductors		15,000		134
Winbond Electronics		130,000		105
Wistron		100,737		85
WPG Holdings		73,000		100
Yageo		9,000		119
Yuanta Financial Holding		401,000		193
Zhen Ding Technology Holding		22,000		50
				29,125
Thailand – 0.3%
Advanced Info Service NVDR		46,200		284
Airports of Thailand NVDR		190,000		425
Bangkok Bank NVDR		12,600		83
Bangkok Dusit Medical Services NVDR		216,600		149
Bangkok Expressway & Metro NVDR		334,400		83
Banpu NVDR		85,300		62
Berli Jucker NVDR		50,700		93
BTS Group Holdings NVDR		276,100		71
Bumrungrad Hospital NVDR		14,900		93
Central Pattana NVDR		59,800		159
Charoen Pokphand Foods NVDR		133,900		101
CP ALL NVDR		244,400		622
Delta Electronics Thailand NVDR		25,400		63
Electricity Generating NVDR		7,100		50
Energy Absolute NVDR		55,100		119
Fabrinet *		4,258		106
Glow Energy NVDR		25,100		68
Home Product Center NVDR		196,900		89
Indorama Ventures NVDR		79,100		142
IRPC NVDR		496,500		117
Kasikornbank		51,700		381
Kasikornbank NVDR		55,000		404
KCE Electronics NVDR		12,200		29
Krung Thai Bank NVDR		166,400		106
Minor International NVDR		99,100		139

16 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
PTT NVDR		47,000	$	738
PTT Exploration & Production NVDR		62,700		238
PTT Global Chemical NVDR		100,200		308
Robinson NVDR		25,500		58
Siam Cement NVDR		5,800		91
Siam Cement		13,400		211
Siam Commercial Bank NVDR		81,500		410
Thai Oil NVDR		49,900		163
Thai Union Frozen Products NVDR		94,300		62
TMB Bank NVDR		629,600		58
True NVDR *		434,932		94
				6,469
Turkey – 0.1%
Akbank Turk		96,778		282
Anadolu Efes Biracilik Ve Malt Sanayii		10,784		80
Arcelik		11,123		57
Aselsan Elektronik Sanayi Ve Ticaret		8,700		77
BIM Birlesik Magazalar		10,630		213
Coca-Cola Icecek		3,923		38
Emlak Konut Gayrimenkul Yatirim Ortakligi ‡		80,676		57
Eregli Demir ve Celik Fabrikalari		65,474		174
Ford Otomotiv Sanayi		3,700		59
Haci Omer Sabanci Holding		41,698		127
KOC Holding		33,835		165
Petkim Petrokimya Holding		34,800		74
TAV Havalimanlari Holding		8,800		52
Tofas Turk Otomobil Fabrikasi		6,300		54
Tupras Turkiye Petrol Rafinerileri		5,735		176
Turk Hava Yollari *		27,600		121
Turk Telekomunikasyon		23,200		39
Turkcell Iletisim Hizmetleri		46,271		193
Turkiye Garanti Bankasi		101,672		333
Turkiye Halk Bankasi		29,352		79
Turkiye Is Bankasi, Cl C		72,297		155
Turkiye Sise ve Cam Fabrikalari		34,186		46
Turkiye Vakiflar Bankasi, Cl D		37,100		74
Ulker Biskuvi Sanayi		7,649		48
Yapi ve Kredi Bankasi		42,900		53
				2,826
United Arab Emirates – 0.1%
Abu Dhabi Commercial Bank PJSC		85,164		168
Aldar Properties PJSC		125,248		78
DAMAC Properties Dubai PJSC		85,929		78
DP World		7,288		193
Dubai Islamic Bank PJSC		56,144		93
DXB Entertainments PJSC *		170,393		30
Emaar Malls PJSC		101,378		64
Emaar Properties PJSC		160,068		287
Emirates Telecommunications Group PJSC		92,644		449

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
First Abu Dhabi Bank PJSC		83,586	$	255
				1,695
United Kingdom – 3.2%
3i Group		31,505		417
Admiral Group		6,119		161
Anglo American		42,361		1,029
Antofagasta		11,425		151
Aon		14,900		2,118
Ashtead Group		15,916		476
Associated British Foods		11,055		430
AstraZeneca		40,350		2,804
Auto Trader Group (A)		29,002		149
Aviva		128,995		941
Babcock International Group		7,304		71
BAE Systems		101,101		854
Barclays		549,312		1,562
Barratt Developments		32,516		271
Berkeley Group Holdings		4,350		245
BHP Billiton		66,775		1,485
BP		627,255		4,470
British American Tobacco		72,811		4,990
British Land ‡		31,466		299
BT Group, Cl A		268,189		974
Bunzl		10,503		308
Burberry Group		14,117		317
Capita		19,254		50
Carnival		5,930		419
Centrica		176,645		335
Cobham		69,272		129
Compass Group		50,065		1,055
ConvaTec Group (A)		45,351		130
Croda International		4,553		290
DCC		2,855		301
Diageo		80,218		2,889
Direct Line Insurance Group		46,039		242
easyJet		4,603		109
Ensco, Cl A		51,979		307
Ferguson		8,011		619
Fresnillo		6,405		122
G4S		44,953		182
GKN		55,283		332
GlaxoSmithKline		156,667		2,942
Glencore		392,913		2,256
Hammerson ‡		25,965		182
Hargreaves Lansdown		9,217		243
HSBC Holdings		640,456		6,841
IMI		7,879		149
Imperial Tobacco Group		30,315		1,250
InterContinental Hotels Group		5,635		378
Intertek Group		5,183		370
Investec		22,117		172
ITV		113,421		269

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 17

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
J Sainsbury		53,946	$	194
John Wood Group		21,241		196
Johnson Matthey		6,247		307
Kingfisher		66,082		326
Land Securities Group ‡		23,135		330
Larsen & Toubro GDR		18,000		400
Legal & General Group		192,238		740
Lloyds Banking Group		2,277,253		2,251
London Stock Exchange Group		9,817		548
LUKOIL PJSC ADR		19,582		1,293
Marks & Spencer Group		52,417		225
Mediclinic International		10,680		91
Meggitt		22,459		148
Merlin Entertainments (A)		20,559		96
MMC Norilsk Nickel PJSC ADR		28,301		582
Mondi		11,637		311
National Grid		107,400		1,229
Next		4,943		358
Old Mutual		153,828		511
Pearson		26,527		262
Persimmon		10,026		357
PhosAgro PJSC GDR		4,700		75
Prudential		82,672		2,241
Randgold Resources		2,948		297
Reckitt Benckiser Group		21,195		2,050
RELX		33,187		735
Rio Tinto		38,995		2,175
Rolls-Royce Holdings		52,749		654
Rosneft Oil PJSC GDR		69,843		428
Rowan, Cl A *		14,252		210
Royal Bank of Scotland Group *		111,299		455
Royal Mail		26,075		174
RSA Insurance Group		32,826		289
Sage Group		34,232		365
Schroders		3,929		208
Segro ‡		34,265		283
Severn Trent		7,638		212
Shire		29,040		1,374
Sky		32,234		485
Smith & Nephew		27,782		501
Smiths Group		12,704		289
SSE		32,332		600
St. James’s Place		17,007		287
Standard Chartered		104,207		1,215
Standard Life Aberdeen		82,233		498
State Bank of India GDR		6,500		322
Tata Steel GDR		20,000		232
Tatneft PJSC ADR		11,874		720
Taylor Wimpey		103,787		281
Tesco		260,765		775
Travis Perkins		7,240		150
Unilever		40,257		2,290

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
United Utilities Group		21,667	$	227
Vodafone Group		849,568		2,713
VTB Bank GDR		145,518		276
Weir Group		7,952		250
Whitbread		5,747		317
WM Morrison Supermarkets		72,034		227
WPP		40,517		736
				83,456
United States – 68.3%
Consumer Discretionary – 8.9%
1-800-Flowers.com, Cl A *		3,676		38
Aaron’s		7,650		313
Abercrombie & Fitch, Cl A		8,056		167
Acushnet Holdings		3,919		84
Adient		5,614		364
Adtalem Global Education		7,406		341
Advance Auto Parts		4,000		468
Amazon.com *		22,973		33,331
AMC Entertainment Holdings, Cl A		6,549		84
AMC Networks, Cl A *		3,000		155
American Axle & Manufacturing Holdings *		12,080		213
American Eagle Outfitters		19,516		351
American Outdoor Brands *		6,477		77
American Public Education *		1,985		50
America’s Car-Mart *		853		39
Aramark		13,900		637
Asbury Automotive Group *		2,277		165
Ascena Retail Group *		19,752		43
Ascent Capital Group, Cl A *		1,119		11
At Home Group *		703		22
AutoNation *		3,900		235
AutoZone *		1,600		1,225
AV Homes *		1,346		23
Barnes & Noble		7,360		35
Barnes & Noble Education *		4,813		32
Bassett Furniture Industries		1,272		43
Beasley Broadcast Group, Cl A		771		10
Beazer Homes USA *		3,957		73
Bed Bath & Beyond		8,100		187
Belmond, Cl A *		10,730		138
Best Buy		15,000		1,096
Big 5 Sporting Goods		1,942		11
Big Lots		5,230		318
Biglari Holdings *		128		53
BJ’s Restaurants		2,509		95
Bloomin’ Brands		11,009		243
Bojangles’ *		2,312		28
Boot Barn Holdings *		1,483		26
BorgWarner		12,300		692
Boyd Gaming		10,018		395
Bridgepoint Education, Cl A *		1,977		15
Bright Horizons Family Solutions *		3,300		324

18 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Brinker International		5,523	$	201
Brunswick		5,100		320
Buckle		3,341		67
Buffalo Wild Wings *		1,861		292
Build-A-Bear Workshop, Cl A *		1,447		12
Burlington Stores *		3,900		475
Cable One		300		212
Caesars Entertainment *		16,169		226
CalAtlantic Group		4,300		241
Caleres		4,981		148
Callaway Golf		11,414		169
Cambium Learning Group *		1,588		11
Camping World Holdings, Cl A		3,875		173
Capella Education		1,400		111
Career Education *		8,340		103
CarMax *		10,600		757
Carnival		23,400		1,676
Carriage Services, Cl A		1,772		47
Carrols Restaurant Group *		4,136		51
Carter’s		2,600		313
Carvana, Cl A *		1,778		34
Cato, Cl A		3,063		36
Cavco Industries *		1,030		158
CBS, Cl B		19,605		1,129
Century Casinos *		2,308		21
Century Communities *		2,451		77
Charter Communications, Cl A *		10,953		4,132
Cheesecake Factory		5,091		250
Chegg *		11,590		201
Chico’s FAS		15,621		149
Children’s Place		2,070		310
Chipotle Mexican Grill, Cl A *		1,457		473
Choice Hotels International		2,000		164
Churchill Downs		1,632		423
Chuy’s Holdings *		1,865		49
Cinemark Holdings		5,800		213
Citi Trends		1,503		35
Clarus *		3,109		23
Clear Channel Outdoor Holdings, Cl A		5,326		26
Collectors Universe		822		23
Columbia Sportswear		3,508		262
Comcast, Cl A		270,144		11,489
Conn’s *		2,229		74
Container Store Group *		1,817		9
Cooper Tire & Rubber		6,102		239
Cooper-Standard Holdings *		2,046		255
Core-Mark Holding		5,427		120
Cracker Barrel Old Country Store		2,317		409
Crocs *		8,558		116
CSS Industries		923		24
Ctrip.com International ADR *		18,100		847
Culp		1,396		44

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Daily Journal *		117	$	27
Dana		17,704		584
Darden Restaurants		7,100		681
Dave & Buster’s Entertainment *		5,016		236
Deckers Outdoor *		3,771		323
Del Frisco’s Restaurant Group *		2,835		50
Del Taco Restaurants *		4,198		53
Delphi Automotive *		15,300		1,452
Delphi Technologies		5,100		282
Delta Apparel *		780		15
Denny’s *		7,798		117
Dick’s Sporting Goods		5,000		157
Dillard’s, Cl A		1,712		116
DineEquity		2,105		117
Discovery Communications, Cl A *		8,200		206
Discovery Communications, Cl C *		11,100		265
DISH Network, Cl A *		12,300		577
Dollar General		15,800		1,629
Dollar Tree *		13,400		1,541
Domino’s Pizza		2,700		585
Dorman Products *		3,266		246
DR Horton		19,400		952
Drive Shack		7,011		36
DSW, Cl A		7,879		158
Duluth Holdings, Cl B *		1,015		18
Dunkin’ Brands Group		5,100		330
El Pollo Loco Holdings *		2,135		21
Eldorado Resorts *		5,709		197
Emerald Expositions Events		2,311		50
Empire Resorts *		595		17
Entercom Communications, Cl A		15,478		171
Entravision Communications, Cl A		7,773		54
Eros International *		3,373		38
Escalade		1,183		15
Ethan Allen Interiors		3,098		77
EW Scripps, Cl A *		7,113		114
Expedia		7,100		909
Express *		8,701		61
Extended Stay America		10,411		211
Fiesta Restaurant Group *		3,113		60
Finish Line, Cl A		5,179		59
Five Below *		6,480		421
Flexsteel Industries		840		36
Floor & Decor Holdings, Cl A *		900		42
Fogo De Chao *		1,483		19
Foot Locker		7,300		359
Ford Motor		224,700		2,465
Fossil Group *		5,903		47
Fox Factory Holding *		4,279		164
Francesca’s Holdings *		4,764		28
Fred’s, Cl A		4,058		13
FTD *		2,081		12

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 19

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Funko, Cl A *		1,600	$	12
Gaia, Cl A *		1,024		12
GameStop, Cl A		5,200		87
Gannett		13,743		162
Gap		13,100		435
Garmin		7,000		441
General Motors		76,100		3,227
Genesco *		2,311		81
Gentex		15,700		372
Gentherm *		4,445		142
Genuine Parts		8,300		864
G-III Apparel Group *		5,123		191
Global Eagle Entertainment *		4,904		14
GNC Holdings, Cl A		7,620		33
Golden Entertainment *		1,124		35
Goodyear Tire & Rubber		14,400		501
GoPro, Cl A *		13,230		72
Graham Holdings, Cl B		300		178
Grand Canyon Education *		5,665		527
Gray Television *		7,532		123
Green Brick Partners *		2,540		28
Group 1 Automotive		2,419		190
Groupon, Cl A *		41,335		219
Guess?		7,203		132
H&R Block		11,400		303
Habit Restaurants, Cl A *		2,655		23
Hamilton Beach Brands Holding, Cl A		668		17
Hanesbrands		20,300		441
Harley-Davidson		9,700		470
Hasbro		6,400		605
Haverty Furniture		2,369		53
Helen of Troy *		3,353		312
Hemisphere Media Group, Cl A *		2,028		22
Hibbett Sports *		2,572		58
Hilton Grand Vacations *		3,580		161
Hilton Worldwide Holdings		12,666		1,085
Home Depot		68,100		13,681
Hooker Furniture		1,425		53
Horizon Global *		2,690		23
Houghton Mifflin Harcourt *		12,135		102
Hovnanian Enterprises, Cl A *		15,775		32
Hyatt Hotels, Cl A		2,500		203
Iconix Brand Group *		6,798		9
ILG		12,754		401
Inspired Entertainment *		644		4
Installed Building Products *		2,583		186
International Game Technology		6,709		195
International Speedway, Cl A		2,972		138
Interpublic Group		21,900		479
iRobot *		3,156		280
J Alexander’s Holdings *		1,477		14
J. Jill *		1,734		15

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Jack in the Box		3,550	$	323
JC Penney *		36,401		135
JD.com ADR *		32,300		1,590
John Wiley & Sons, Cl A		2,900		184
Johnson Outdoors, Cl A		543		33
K12 *		4,730		82
KB Home		10,388		327
Kirkland’s *		1,593		17
Kohl’s		10,000		648
L Brands		14,000		701
La Quinta Holdings *		10,040		200
Lands’ End *		1,574		26
Las Vegas Sands		20,800		1,612
Laureate Education, Cl A *		6,629		95
La-Z-Boy, Cl Z		5,899		178
LCI Industries		2,921		322
Lear		4,000		773
Leggett & Platt		7,400		344
Lennar, Cl B		528		27
Lennar, Cl A		11,600		727
LGI Homes *		2,139		145
Libbey		2,294		16
Liberty Broadband, Cl C *		5,800		554
Liberty Broadband, Cl A *		1,300		123
Liberty Expedia Holdings, Cl A *		3,180		149
Liberty Interactive QVC Group, Cl A *		25,800		725
Liberty Media -Liberty Braves, Cl C *		4,140		97
Liberty Media -Liberty Braves, Cl A *		1,422		34
Liberty Media -Liberty Formula One, Cl A *		1,800		64
Liberty Media -Liberty Formula One, Cl C *		10,300		388
Liberty Media -Liberty SiriusXM, Cl C *		10,300		462
Liberty Media -Liberty SiriusXM, Cl A *		5,100		230
Liberty Tax		772		8
Liberty TripAdvisor Holdings, Cl A *		8,472		75
Liberty Ventures, Ser A *		4,320		255
Lifetime Brands		1,210		21
Lindblad Expeditions Holdings *		2,789		26
Lions Gate Entertainment, Cl B		5,267		169
Lions Gate Entertainment, Cl A		3,450		117
Lithia Motors, Cl A		2,843		355
Live Nation Entertainment *		7,900		356
LKQ *		17,500		736
Loral Space & Communications *		1,542		72
Lowe’s		48,400		5,069
Lululemon Athletica *		5,400		422
Lumber Liquidators Holdings *		3,240		91
M/I Homes *		3,311		107
Macy’s		17,100		444
Madison Square Garden *		1,000		216
Malibu Boats, Cl A *		2,625		87
Marcus		2,215		58
Marine Products		1,280		19

20 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
MarineMax *		2,983	$	68
Marriott International, Cl A		17,980		2,649
Marriott Vacations Worldwide		2,620		399
Mattel		20,700		328
MCBC Holdings *		2,399		58
McDonald’s		46,700		7,992
MDC Holdings		5,469		184
Meredith		4,784		316
Meritage Homes *		4,602		218
MGM Resorts International		29,300		1,068
Michael Kors Holdings *		8,400		554
Michaels *		7,200		193
Modine Manufacturing *		5,770		135
Mohawk Industries *		3,500		984
Monarch Casino & Resort *		1,406		64
Monro		3,878		219
Motorcar Parts of America *		2,210		60
Movado Group		1,851		57
MSG Networks *		7,322		176
Murphy USA *		1,900		162
Nathan’s Famous		329		23
National CineMedia		7,191		48
National Vision Holdings *		2,200		86
Nautilus *		3,639		47
Netflix *		23,700		6,406
New Home *		1,409		17
New Media Investment Group		6,207		105
New York Times, Cl A		15,191		353
Newell Rubbermaid		28,200		746
News		6,400		112
News, Cl A		21,600		370
Nexstar Media Group, Cl A		5,364		403
NIKE, Cl B		75,800		5,171
Noodles, Cl A *		1,238		7
Nordstrom		6,700		330
Norwegian Cruise Line Holdings *		10,800		656
Nutrisystem		3,621		157
NVR *		190		604
Office Depot		61,044		198
Ollie’s Bargain Outlet Holdings *		5,758		320
Omnicom Group		13,400		1,027
O’Reilly Automotive *		5,000		1,323
Overstock.com *		1,973		136
Oxford Industries		1,980		156
Papa John’s International		3,074		199
Party City Holdco *		3,239		47
Penn National Gaming *		10,097		322
Penske Automotive Group		2,300		120
Perry Ellis International *		1,747		42
PetMed Express		2,376		107
PICO Holdings		2,861		37
Pier 1 Imports		9,294		31

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Pinnacle Entertainment *		6,468	$	209
Planet Fitness, Cl A *		10,619		359
Polaris Industries		3,300		373
Pool		2,300		311
Potbelly *		2,501		30
Priceline Group *		2,860		5,468
PulteGroup		16,200		516
PVH		4,400		682
Ralph Lauren, Cl A		3,100		354
RCI Hospitality Holdings		1,268		37
Reading International, Cl A *		1,787		29
Red Lion Hotels *		1,568		16
Red Robin Gourmet Burgers *		1,508		79
Red Rock Resorts, Cl A		8,347		290
Regal Entertainment Group, Cl A		6,960		159
Regis *		4,392		70
Rent-A-Center, Cl A		5,070		55
RH *		2,443		230
Ross Stores		22,200		1,829
Royal Caribbean Cruises		9,900		1,322
Ruth’s Hospitality Group		3,619		86
Saga Communications, Cl A		403		16
Salem Media Group, Cl A		1,242		6
Sally Beauty Holdings *		7,400		123
Scholastic		3,322		128
Scientific Games, Cl A *		6,339		296
Scripps Networks Interactive, Cl A		5,000		440
Sears Holdings *		1,235		3
SeaWorld Entertainment *		8,402		128
Sequential Brands Group *		4,116		7
Service International		10,400		416
ServiceMaster Global Holdings *		7,700		406
Shake Shack, Cl A *		2,811		123
Shiloh Industries *		1,208		9
Shoe Carnival		1,494		34
Shutterfly *		4,031		275
Signet Jewelers		4,000		212
Sinclair Broadcast Group, Cl A		8,610		319
Sirius XM Holdings		85,100		520
Six Flags Entertainment		3,600		243
Skechers, Cl A *		7,800		321
Sleep Number *		4,645		175
Sonic		4,793		124
Sonic Automotive, Cl A		3,153		68
Sotheby’s *		4,631		244
Speedway Motorsports		1,247		26
Sportsman’s Warehouse Holdings *		5,337		27
Standard Motor Products		2,543		122
Starbucks		81,400		4,624
Steven Madden		7,263		336
Stoneridge *		3,149		77
Strayer Education		1,305		121

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 21

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Sturm Ruger		2,083	$	110
Superior Industries International		2,867		48
Superior Uniform Group		883		21
Tailored Brands		6,071		147
TAL Education Group ADR		14,400		469
Tapestry		16,000		753
Target		31,700		2,384
Taylor Morrison Home, Cl A *		13,320		339
TEGNA		12,100		175
Tempur Sealy International *		2,700		161
Tenneco		6,243		362
Tesla *		7,650		2,710
Texas Roadhouse, Cl A		8,186		481
Thor Industries		2,700		369
Tiffany		6,300		672
Tile Shop Holdings		5,052		47
Tilly’s, Cl A		1,360		20
Time Warner		44,900		4,281
TJX		36,900		2,964
Toll Brothers		8,800		410
TopBuild *		4,352		333
Tower International		2,446		74
Townsquare Media, Cl A *		1,006		8
Tractor Supply		7,200		549
TRI Pointe Group *		18,089		295
Tribune Media, Cl A		4,900		209
TripAdvisor *		6,500		225
tronc *		2,259		46
Tupperware Brands		2,700		156
Twenty-First Century Fox		25,500		930
Twenty-First Century Fox, Cl A		60,400		2,229
Ulta Beauty *		3,300		733
Under Armour, Cl A *		10,900		151
Under Armour, Cl C *		11,143		143
Unifi *		1,944		69
Universal Electronics *		1,633		75
Urban Outfitters *		4,500		153
Vail Resorts		2,300		503
Vera Bradley *		2,130		20
VF		18,800		1,525
Viacom, Cl A		400		16
Viacom, Cl B		20,000		668
Vista Outdoor *		6,710		102
Visteon *		1,900		247
Vitamin Shoppe *		2,879		12
VOXX International, Cl A *		2,962		18
Walt Disney		89,500		9,726
Wayfair, Cl A *		2,100		193
Weight Watchers International *		3,407		219
Wendy’s		10,600		172
Weyco Group		709		22
Whirlpool		4,100		744

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
WideOpenWest *		2,491	$	26
William Lyon Homes, Cl A *		3,424		93
Williams-Sonoma		4,800		246
Wingstop, Cl A		3,623		175
Winmark		240		32
Winnebago Industries		3,841		175
Wolverine World Wide		11,556		379
World Wrestling Entertainment, Cl A		4,720		167
Wyndham Worldwide		6,000		745
Wynn Resorts		4,600		762
Yum China Holdings		40,000		1,856
Yum! Brands		20,100		1,700
ZAGG *		3,387		57
Zoe’s Kitchen *		2,028		30
Zumiez *		2,468		51
				235,604
Consumer Staples – 4.6%
Alico		360		10
Altria Group		110,600		7,780
Andersons		3,323		113
Archer-Daniels-Midland		31,500		1,353
B&G Foods, Cl A		7,817		258
Blue Buffalo Pet Products *		5,200		177
Boston Beer, Cl A *		1,014		192
Brown-Forman, Cl B		10,200		707
Brown-Forman, Cl A		3,300		228
Bunge		8,000		635
Calavo Growers		1,988		173
Cal-Maine Foods *		3,392		144
Campbell Soup		10,200		475
Casey’s General Stores		2,300		279
Castle Brands *		12,716		14
Central Garden & Pet *		1,377		54
Central Garden & Pet, Cl A *		4,271		161
Chefs’ Warehouse *		2,586		53
Church & Dwight		14,500		708
Clorox		7,500		1,063
Coca-Cola		222,330		10,581
Coca-Cola Bottling Consolidated		551		112
Colgate-Palmolive		49,800		3,697
Conagra Brands		22,800		866
Constellation Brands, Cl A		9,400		2,063
Costco Wholesale		25,200		4,911
Coty, Cl A		27,378		537
Craft Brew Alliance *		1,395		27
CVS Health		58,900		4,635
Darling Ingredients *		19,720		366
Dean Foods		10,678		111
Dr Pepper Snapple Group		10,500		1,253
Edgewell Personal Care *		3,200		181
elf Beauty *		2,429		50
Energizer Holdings		3,400		198

22 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Estee Lauder, Cl A		12,600	$	1,700
Farmer Bros *		1,178		37
Flowers Foods		9,800		192
Fresh Del Monte Produce		3,873		183
Freshpet *		2,937		54
General Mills		32,900		1,924
Hain Celestial Group *		5,600		214
Herbalife *		3,700		307
Hershey		7,900		872
Hormel Foods		15,700		539
Hostess Brands, Cl A *		9,391		130
HRG Group *		14,377		262
Ingles Markets, Cl A		1,637		55
Ingredion		4,000		575
Inter Parfums		2,204		100
J&J Snack Foods		1,821		252
JM Smucker		6,400		812
John B Sanfilippo & Son		1,001		63
Kellogg		14,400		981
Kimberly-Clark		20,300		2,375
Kraft Heinz		34,687		2,719
Kroger		51,800		1,573
Lamb Weston Holdings		8,500		498
Lancaster Colony		2,242		288
Landec *		3,399		45
Lifeway Foods *		366		3
Limoneira		1,557		34
McCormick		6,900		750
Medifast		1,286		88
MGP Ingredients		1,503		135
Molson Coors Brewing, Cl B		9,800		823
Mondelez International, Cl A		84,800		3,765
Monster Beverage *		23,915		1,632
National Beverage		1,395		154
Natural Grocers by Vitamin Cottage *		1,014		9
Natural Health Trends		788		13
Nature’s Sunshine Products		1,461		18
Nu Skin Enterprises, Cl A		2,800		201
Oil-Dri Corp of America		545		21
Orchids Paper Products		947		14
PepsiCo		82,564		9,932
Performance Food Group *		10,957		376
Philip Morris International		89,800		9,629
Pilgrim’s Pride *		2,700		75
Pinnacle Foods		7,000		434
Post Holdings *		3,600		272
PriceSmart		2,646		225
Primo Water *		2,719		35
Procter & Gamble		147,976		12,776
Revlon, Cl A *		1,225		25
Rite Aid *		55,900		122
Sanderson Farms		2,435		309

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Seaboard		18	$	78
Seneca Foods, Cl A *		706		22
Smart & Final Stores *		3,072		29
Snyder’s-Lance		10,330		516
SpartanNash		4,535		110
Spectrum Brands Holdings		1,400		166
Sprouts Farmers Market *		7,100		198
SUPERVALU *		4,558		72
Sysco		28,100		1,767
Tootsie Roll Industries		2,117		76
TreeHouse Foods *		3,000		141
Turning Point Brands		706		15
Tyson Foods, Cl A		16,200		1,233
United Natural Foods *		6,153		293
Universal		3,016		145
US Foods Holding *		12,100		389
USANA Health Sciences *		1,327		99
Vector Group		11,937		254
Village Super Market, Cl A		776		18
Walgreens Boots Alliance		50,292		3,785
Wal-Mart Stores		83,600		8,912
WD-40		1,679		208
Weis Markets		1,125		45
				121,356
Energy – 3.7%
Abraxas Petroleum *		19,433		46
Adams Resources & Energy		241		11
Anadarko Petroleum		32,300		1,940
Andeavor		9,100		984
Antero Resources *		12,800		249
Apache		21,600		969
Approach Resources *		5,832		19
Arch Coal		2,277		205
Archrock		8,668		81
Baker Hughes a GE		24,200		778
Basic Energy Services *		2,043		40
Bill Barrett *		9,534		49
Bonanza Creek Energy *		2,490		70
Bristow Group		3,969		61
C&J Energy Services *		5,542		170
Cabot Oil & Gas		26,700		704
California Resources *		5,331		113
Callon Petroleum *		24,028		273
CARBO Ceramics *		2,698		21
Carrizo Oil & Gas *		9,149		184
Centennial Resource Development, Cl A *		7,000		143
Cheniere Energy *		11,700		662
Chesapeake Energy *		50,300		176
Chevron		109,203		13,689
Cimarex Energy		5,500		617
Clean Energy Fuels *		16,924		27
Cloud Peak Energy *		8,676		43

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 23

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
CNX Resources *		12,400	$	174
Concho Resources *		8,500		1,338
ConocoPhillips		69,800		4,105
CONSOL Energy *		1,550		50
Contango Oil & Gas *		2,784		11
Continental Resources *		4,700		261
CVR Energy		1,961		70
Delek US Holdings		9,293		324
Denbury Resources *		48,595		118
Devon Energy		30,500		1,262
DHT Holdings		11,331		39
Diamond Offshore Drilling *		7,590		134
Diamondback Energy *		5,600		703
Dorian LPG *		3,090		24
Dril-Quip *		4,619		239
Earthstone Energy, Cl A *		2,488		25
Eclipse Resources *		11,098		24
Energen *		5,400		282
Energy XXI Gulf Coast *		3,470		23
EOG Resources		33,200		3,818
EP Energy, Cl A *		4,198		8
EQT		13,663		742
Era Group *		2,125		22
Evolution Petroleum		2,696		21
Exterran *		3,988		115
Extraction Oil & Gas *		7,700		109
ExxonMobil		245,335		21,418
Fairmount Santrol Holdings *		18,202		101
Forum Energy Technologies *		9,804		166
Frontline		9,934		46
GasLog		5,034		102
Gastar Exploration *		25,183		25
Gazprom ADR		8,500		42
Gener8 Maritime *		6,543		38
Geospace Technologies *		1,380		19
Golar LNG		11,815		322
Green Plains		5,026		88
Gulf Island Fabrication		2,032		26
Gulfport Energy *		8,900		91
Halcon Resources *		15,201		121
Hallador Energy		2,517		18
Halliburton		49,900		2,680
Helix Energy Solutions Group *		17,587		132
Helmerich & Payne		6,200		447
Hess		16,200		818
HollyFrontier		10,200		489
Independence Contract Drilling *		3,276		15
International Seaways *		3,451		58
Isramco *		61		7
Jagged Peak Energy *		6,741		87
Jones Energy, Cl A *		7,681		9
Keane Group *		4,798		79

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Key Energy Services *		1,460	$	22
Kinder Morgan		110,700		1,990
Kosmos Energy *		13,100		91
Laredo Petroleum *		7,728		75
Lilis Energy *		5,920		25
LUKOIL PJSC ADR		1,068		70
Mammoth Energy Services *		789		18
Marathon Oil		49,100		893
Marathon Petroleum		28,700		1,988
Matador Resources *		11,887		385
Matrix Service *		3,138		56
McDermott International *		34,296		301
Midstates Petroleum *		1,651		27
Murphy Oil		8,900		286
Nabors Industries		18,800		147
NACCO Industries, Cl A		419		18
National Oilwell Varco		21,700		796
Natural Gas Services Group *		1,534		42
Navios Maritime Acquisition		8,951		7
NCS Multistage Holdings *		1,295		21
Newfield Exploration *		10,900		345
Newpark Resources *		10,462		95
Noble *		28,655		134
Noble Energy		28,100		858
Novatek PJSC GDR		200		26
Oasis Petroleum *		32,010		277
Occidental Petroleum		44,100		3,306
Oceaneering International		5,000		103
Oil States International *		6,154		197
ONEOK		21,700		1,277
Overseas Shipholding Group, Cl A *		5,249		11
Pacific Ethanol *		5,229		22
Panhandle Oil and Gas, Cl A		2,014		41
Par Pacific Holdings *		3,646		66
Parker Drilling *		16,582		19
Parsley Energy, Cl A *		13,400		316
Patterson-UTI Energy		12,200		288
PBF Energy, Cl A		6,300		204
PDC Energy *		7,925		411
Peabody Energy *		8,014		324
Penn Virginia *		1,674		71
PHI *		1,270		15
Phillips 66		25,200		2,580
Pioneer Energy Services *		8,681		28
Pioneer Natural Resources		9,819		1,796
ProPetro Holding *		6,835		128
QEP Resources *		13,500		126
Range Resources		13,312		190
Ranger Energy Services, Cl A *		1,033		11
Renewable Energy Group *		4,517		48
Resolute Energy *		2,547		86
REX American Resources *		674		55

24 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
RigNet *		1,379	$	23
Ring Energy *		6,316		87
RPC		3,700		75
RSP Permian *		7,300		290
Sanchez Energy *		7,987		40
SandRidge Energy *		4,097		73
Schlumberger		80,228		5,903
Scorpio Tankers		29,427		78
SEACOR Holdings *		2,042		95
SEACOR Marine Holdings *		1,843		28
Select Energy Services, Cl A *		3,209		58
SemGroup, Cl A		8,115		232
Ship Finance International		7,013		107
SilverBow Resources *		983		30
SM Energy		6,900		161
Smart Sand *		2,898		27
Solaris Oilfield Infrastructure, Cl A *		2,324		44
Southwestern Energy *		26,900		114
SRC Energy *		28,522		284
Stone Energy *		2,289		83
Superior Energy Services *		18,465		193
Surgutneftegas ADR		52,837		282
Targa Resources		12,400		595
Tatneft PJSC ADR		553		33
Teekay Tankers, Cl A		25,962		33
Tellurian *		7,156		81
TETRA Technologies *		14,414		55
Ultra Petroleum *		23,227		162
Unit *		6,412		155
Uranium Energy *		19,351		30
US Silica Holdings		10,035		334
Valero Energy		25,500		2,447
W&T Offshore *		12,662		61
Westmoreland Coal *		1,965		2
Whiting Petroleum *		5,000		140
WildHorse Resource Development *		5,830		104
Willbros Group *		4,741		5
Williams		47,900		1,504
World Fuel Services		3,500		98
WPX Energy *		21,400		315
				98,982
Financials – 10.5%
1st Source		2,003		105
Access National		1,854		54
ACNB		1,002		30
Affiliated Managers Group		3,300		659
Aflac		22,500		1,984
AGNC Investment ‡		21,500		404
Alleghany *		900		565
Allegiance Bancshares *		1,385		56
Allstate		20,900		2,064
Ally Financial		26,500		789

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Ambac Financial Group *		5,618	$	91
American Equity Investment Life Holding		10,351		342
American Express		42,100		4,185
American Financial Group		4,100		465
American International Group		51,800		3,311
American National Bankshares		889		33
American National Insurance		400		51
Ameriprise Financial		8,600		1,451
Ameris Bancorp		4,398		235
AMERISAFE		2,313		140
Ames National		925		26
AmTrust Financial Services		10,006		134
Annaly Capital Management ‡		65,700		692
Anworth Mortgage Asset ‡		11,605		56
Apollo Commercial Real Estate Finance ‡		13,078		238
Arch Capital Group *		7,100		646
Ares Commercial Real Estate ‡		3,426		43
Argo Group International Holdings		3,447		211
Arlington Asset Investment, Cl A		3,530		37
ARMOUR Residential ‡		5,037		118
Arrow Financial		1,400		46
Arthur J Gallagher		10,200		697
Artisan Partners Asset Management, Cl A		5,432		213
Aspen Insurance Holdings		3,700		138
Associated Banc-Corp		8,100		200
Associated Capital Group		689		24
Assurant		3,200		293
Assured Guaranty		6,600		235
Athene Holding, Cl A *		6,300		316
Atlantic Capital Bancshares *		2,298		41
Atlas Financial Holdings *		1,157		23
Axis Capital Holdings		4,600		232
B. Riley Financial		2,344		44
Baldwin & Lyons, Cl B		954		22
Banc of California		5,384		106
BancFirst		2,074		116
Bancorp *		6,022		64
BancorpSouth Bank		10,451		351
Bank Mutual		4,906		51
Bank of America		560,230		17,927
Bank of Commerce Holdings		2,231		26
Bank of Hawaii		2,500		209
Bank of Marin Bancorp		756		52
Bank of New York Mellon		57,500		3,260
Bank of NT Butterfield & Son		6,517		262
Bank of the Ozarks		7,300		365
BankFinancial		1,654		26
BankUnited		6,600		271
Bankwell Financial Group		622		21
Banner		3,948		215
Bar Harbor Bankshares		1,849		52
BB&T		46,100		2,544

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 25

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
BCB Bancorp		1,400	$	21
Bear State Financial		2,705		28
Beneficial Bancorp		8,110		132
Berkshire Hathaway, Cl B *		111,243		23,848
Berkshire Hills Bancorp		4,806		182
BGC Partners, Cl A		12,700		182
BlackRock, Cl A		7,174		4,030
Blue Capital Reinsurance Holdings		649		8
Blue Hills Bancorp		3,046		59
BofI Holding *		7,171		258
BOK Financial		1,400		135
Boston Private Financial Holdings		10,021		154
Bridge Bancorp		2,183		75
Brighthouse Financial *		4,663		300
Brookline Bancorp		9,200		147
Brown & Brown		6,600		346
Bryn Mawr Bank		2,368		106
BSB Bancorp *		878		27
Byline Bancorp *		902		20
C&F Financial		348		19
Cadence BanCorp, Cl A *		2,367		66
Camden National		1,790		76
Cannae Holdings *		7,590		132
Capital City Bank Group		1,209		30
Capital One Financial		27,800		2,890
Capitol Federal Financial		15,251		199
Capstar Financial Holdings *		1,142		22
Capstead Mortgage ‡		11,297		93
Carolina Financial		2,320		96
Cathay General Bancorp		9,183		402
Cboe Global Markets		6,300		847
CBTX		400		11
CenterState Bank		7,520		195
Central Pacific Financial		3,680		109
Central Valley Community Bancorp		953		18
Century Bancorp, Cl A		330		26
Charles Schwab		68,100		3,632
Charter Financial		1,484		29
Chemical Financial		8,538		499
Chemung Financial		349		16
Cherry Hill Mortgage Investment ‡		1,376		23
Chimera Investment ‡		10,200		173
Chubb		26,900		4,200
Cincinnati Financial		8,600		661
CIT Group		7,932		402
Citigroup		152,900		12,000
Citizens, Cl A *		6,178		49
Citizens & Northern		1,238		29
Citizens Financial Group		29,000		1,331
City Holding		1,863		128
Civista Bancshares		1,387		31
Clifton Bancorp		2,505		41

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
CME Group, Cl A		19,500	$	2,993
CNA Financial		1,700		92
CNB Financial		1,773		48
CNO Financial Group		20,273		498
CoBiz Financial		4,880		98
Codorus Valley Bancorp		932		25
Cohen & Steers		2,479		101
Columbia Banking System		8,694		375
Comerica		10,000		952
Commerce Bancshares		5,155		302
Community Bank System		6,038		322
Community Bankers Trust *		3,068		25
Community Financial		581		21
Community Trust Bancorp		1,949		92
ConnectOne Bancorp		3,644		106
County Bancorp		531		15
Cowen, Cl A *		3,267		42
Crawford, Cl B		1,597		15
Credit Acceptance *		600		198
Cullen		3,300		351
Customers Bancorp *		3,488		107
CVB Financial		12,332		289
CYS Investments ‡		18,296		123
Diamond Hill Investment Group		368		77
Dime Community Bancshares		3,934		75
Discover Financial Services		21,300		1,700
DNB Financial		430		15
Donegal Group, Cl A		920		16
Donnelley Financial Solutions *		4,084		88
Dynex Capital ‡		5,973		39
E*TRADE Financial *		15,900		838
Eagle Bancorp *		3,819		241
East West Bancorp		8,000		527
Eaton Vance		6,100		353
eHealth *		1,941		34
Elevate Credit *		2,247		17
Ellington Residential Mortgage ‡		1,269		14
EMC Insurance Group		1,217		34
Employers Holdings		3,871		164
Encore Capital Group *		2,974		123
Enova International *		4,041		72
Enstar Group *		1,340		278
Entegra Financial *		930		26
Enterprise Bancorp		1,092		37
Enterprise Financial Services		2,737		133
Equity Bancshares, Cl A *		1,391		50
Erie Indemnity, Cl A		1,300		154
ESSA Bancorp		896		14
Essent Group *		9,925		462
Evans Bancorp		653		28
Evercore Partners, Cl A		4,696		472
Everest Re Group		2,300		529

26 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Ezcorp, Cl A *		5,982	$	71
FactSet Research Systems		2,200		441
Farmers & Merchants Bancorp		1,040		42
Farmers Capital Bank		798		31
Farmers National Banc		3,207		47
FB Financial *		1,531		65
FBL Financial Group, Cl A		1,153		80
FCB Financial Holdings, Cl A *		4,400		241
Federal Agricultural Mortgage, Cl C		1,056		85
Federated Investors, Cl B		5,800		201
Federated National Holding		1,355		20
Fidelity Southern		2,549		61
Fifth Third Bancorp		42,500		1,407
Financial Engines		6,988		199
Financial Institutions		1,706		53
First American Financial		6,400		378
First Bancorp		4,407		151
First BanCorp *		23,196		139
First Bancshares		1,196		38
First Busey		4,968		154
First Business Financial Services		878		21
First Citizens BancShares, Cl A		895		381
First Commonwealth Financial		11,570		167
First Community Bancshares		1,878		52
First Connecticut Bancorp		1,892		48
First Defiance Financial		1,212		67
First Financial		1,232		57
First Financial Bancorp		7,525		214
First Financial Bankshares		7,662		356
First Financial Northwest		992		16
First Foundation *		3,598		70
First Guaranty Bancshares		596		16
First Hawaiian		3,400		98
First Horizon National		17,300		344
First Internet Bancorp		968		36
First Interstate BancSystem, Cl A		3,152		132
First Merchants		4,986		215
First Mid-Illinois Bancshares		1,299		50
First Midwest Bancorp		12,348		307
First Northwest Bancorp *		1,198		20
First of Long Island		2,926		82
First Republic Bank		9,200		824
FirstCash		5,673		415
Flagstar Bancorp *		2,666		99
Flushing Financial		3,260		92
FNB		17,900		257
FNB Bancorp		795		28
FNF Group		14,900		581
Franklin Financial Network *		1,389		45
Franklin Resources		19,600		831
Fulton Financial		20,669		376
GAIN Capital Holdings		3,940		29

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
GAMCO Investors, Cl A		432	$	13
Genworth Financial, Cl A *		59,922		183
German American Bancorp		2,488		86
Glacier Bancorp		9,435		370
Global Indemnity *		1,110		47
Goldman Sachs Group		20,300		5,438
Granite Point Mortgage Trust ‡		5,426		94
Great Ajax ‡		1,911		26
Great Southern Bancorp		1,280		65
Great Western Bancorp		7,163		302
Green Bancorp *		2,654		63
Green Dot, Cl A *		5,598		343
Greene County Bancorp		367		13
Greenhill		3,146		58
Greenlight Capital Re, Cl A *		3,418		69
Guaranty Bancorp		2,929		83
Guaranty Bancshares		400		13
Hallmark Financial Services *		1,528		15
Hamilton Lane, Cl A		1,619		60
Hancock Holding		10,181		547
Hanmi Financial		3,769		119
Hannon Armstrong Sustainable Infrastructure Capital ‡		5,977		130
Hanover Insurance Group		2,400		272
HarborOne Bancorp *		1,578		29
Hartford Financial Services Group		20,700		1,216
HCI Group		817		29
Health Insurance Innovations, Cl A *		1,313		34
Heartland Financial		2,961		157
Heritage Commerce		4,580		73
Heritage Financial		3,459		107
Heritage Insurance Holdings		2,450		42
Hilltop Holdings		8,753		229
Hingham Institution		147		32
Home Bancorp		630		27
Home BancShares		18,915		454
HomeStreet *		3,416		101
HomeTrust Bancshares *		2,096		53
Hope Bancorp		15,689		299
Horace Mann Educators		4,975		205
Horizon Bancorp		2,950		90
Houlihan Lokey, Cl A		3,271		156
Howard Bancorp *		1,279		27
Huntington Bancshares		61,600		997
IBERIABANK		6,171		521
Impac Mortgage Holdings *		1,306		12
Independence Holding		787		23
Independent Bank		5,769		294
Independent Bank Group		2,071		149
Infinity Property & Casualty		1,295		131
Interactive Brokers Group, Cl A		4,000		256
Intercontinental Exchange		33,700		2,488

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 27

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
International Bancshares		6,528	$	271
International. FCStone *		1,769		77
Invesco		22,800		824
Invesco Mortgage Capital ‡		13,378		217
Investar Holding		1,153		29
Investment Technology Group		3,754		80
Investors Bancorp		31,036		425
Investors Title		155		30
James River Group Holdings		3,221		122
JPMorgan Chase		199,806		23,112
Kearny Financial		9,383		129
Kemper		4,790		311
KeyCorp		63,004		1,348
Kingstone		1,352		28
Kinsale Capital Group		1,697		81
KKR Real Estate Finance Trust ‡		1,215		24
Ladder Capital, Cl A ‡		9,392		136
Ladenburg Thalmann Financial Services		13,018		40
Lakeland Bancorp		5,552		112
Lakeland Financial		2,923		140
Lazard, Cl A (B)		6,600		387
LCNB		952		19
LegacyTexas Financial Group		5,625		248
Legg Mason		4,500		192
LendingClub *		40,602		149
LendingTree *		785		289
Leucadia National		17,900		485
Lincoln National		12,700		1,052
Live Oak Bancshares		2,770		74
Loews		15,700		811
LPL Financial Holdings		5,300		316
M&T Bank		8,300		1,583
Macatawa Bank		2,871		30
Maiden Holdings		7,940		56
MainSource Financial Group		3,060		120
Malvern Bancorp *		945		23
Markel *		780		895
MarketAxess Holdings		2,200		432
Marlin Business Services		915		22
Marsh & McLennan		29,800		2,489
MB Financial		9,723		416
MBIA *		10,333		76
MBT Financial		1,920		22
Medley Management, Cl A		508		3
Mercantile Bank		1,891		66
Merchants Bancorp		1,123		23
Mercury General		1,573		77
Meridian Bancorp		5,925		121
Meta Financial Group		1,092		128
MetLife		52,200		2,509
Metropolitan Bank Holding *		500		24
MFA Financial ‡		23,500		168

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
MGIC Investment *		44,939	$	666
Middlefield Banc		394		20
Midland States Bancorp		1,798		58
MidSouth Bancorp		2,105		30
MidWestOne Financial Group		1,438		48
Moelis, Cl A		3,693		191
Moody’s		9,600		1,553
Morgan Stanley		75,600		4,275
Morningstar		1,033		99
Mortgage Investment Trust ‡		3,297		57
MSCI, Cl A		5,100		710
MTGE Investment ‡		5,554		94
MutualFirst Financial		850		32
NASDAQ OMX Group		6,700		542
National Bank Holdings, Cl A		3,148		105
National Bankshares		720		31
National Commerce *		1,474		67
National General Holdings		6,092		122
National Western Life Group, Cl A		266		86
Nationstar Mortgage Holdings *		3,722		66
Navient		14,800		211
Navigators Group		2,520		122
NBT Bancorp		5,055		187
Nelnet, Cl A		2,242		117
New Residential Investment ‡		19,300		334
New York Community Bancorp		28,300		401
New York Mortgage Trust ‡		13,606		78
NI Holdings *		1,463		24
Nicolet Bankshares *		1,145		62
NMI Holdings, Cl A *		6,959		128
Northeast Bancorp		1,069		24
Northern Trust		12,100		1,275
Northfield Bancorp		4,954		83
Northrim BanCorp		733		25
Northwest Bancshares		11,191		189
Norwood Financial		828		26
OceanFirst Financial		3,863		102
Ocwen Financial *		13,830		47
OFG Bancorp		5,090		58
Ohio Valley Banc		608		25
Old Line Bancshares		900		28
Old National Bancorp		16,227		281
Old Point Financial		495		15
Old Republic International		13,700		294
Old Second Bancorp		3,841		56
OM Asset Management		8,861		159
On Deck Capital *		5,163		23
OneMain Holdings, Cl A *		4,400		144
Oppenheimer Holdings, Cl A		1,086		30
Opus Bank		2,544		69
Orchid Island Capital, Cl A ‡		5,372		41
Oritani Financial		5,093		85

28 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Orrstown Financial Services		802	$	20
Owens Realty Mortgage ‡		1,097		16
Pacific Mercantile Bancorp *		1,689		15
Pacific Premier Bancorp *		4,684		191
PacWest Bancorp		7,700		404
Park National		1,631		171
Parke Bancorp		880		18
PCSB Financial *		2,123		43
Peapack Gladstone Financial		2,167		77
Penns Woods Bancorp		503		22
PennyMac Financial Services, Cl A *		2,137		47
PennyMac Mortgage Investment Trust ‡		7,885		129
Peoples Bancorp		1,883		67
Peoples Bancorp of North Carolina		705		22
Peoples Financial Services		724		33
People’s United Financial		19,700		387
People’s Utah Bancorp		1,747		55
PHH *		3,619		32
Pinnacle Financial Partners		4,000		253
Piper Jaffray		1,771		163
PJT Partners		2,118		100
PNC Financial Services Group		28,000		4,425
Popular		5,900		240
PRA Group *		5,470		196
Preferred Bank		1,619		104
Premier Financial Bancorp		1,009		19
Primerica		5,396		545
Principal Financial Group		15,500		1,048
ProAssurance		3,200		175
Progressive		33,400		1,807
Prosperity Bancshares		3,700		280
Provident Bancorp *		505		12
Provident Financial Holdings		720		13
Provident Financial Services		7,534		198
Prudential Bancorp		1,202		21
Prudential Financial		24,800		2,947
Pzena Investment Management, Cl A		2,439		30
QCR Holdings		1,456		64
Radian Group		26,036		575
Raymond James Financial		7,300		704
RBB Bancorp		664		18
Redwood Trust ‡		9,366		139
Regional Management *		1,159		33
Regions Financial		69,100		1,329
Reinsurance Group of America, Cl A		3,800		595
Reliant Bancorp		1,006		24
RenaissanceRe Holdings		2,300		292
Renasant		5,592		241
Republic Bancorp, Cl A		1,200		46
Republic First Bancorp *		6,118		54
Resource Capital ‡		4,055		38
Riverview Bancorp		2,922		28

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
RLI		4,615	$	297
S&P Global		14,800		2,680
S&T Bancorp		4,235		171
Safeguard Scientifics *		2,123		27
Safety Insurance Group		1,769		137
Sandy Spring Bancorp		4,062		154
Santander Consumer USA Holdings		9,212		159
Sberbank of Russia ADR		1,313		27
Seacoast Banking Corp of Florida *		5,302		137
SEI Investments †		7,700		579
Selective Insurance Group		6,966		406
ServisFirst Bancshares		5,643		239
Shore Bancshares		1,351		25
SI Financial Group		1,225		18
Sierra Bancorp		1,658		45
Signature Bank *		3,100		477
Silvercrest Asset Management Group, Cl A		787		12
Simmons First National, Cl A		4,978		293
SLM *		24,200		277
SmartFinancial *		1,029		22
South State		4,351		385
Southern First Bancshares *		913		40
Southern Missouri Bancorp		937		36
Southern National Bancorp of Virginia		2,302		38
Southside Bancshares		3,354		115
Starwood Property Trust ‡		14,100		287
State Auto Financial		1,850		55
State Bank Financial		4,597		140
State Street		21,600		2,380
Sterling Bancorp		25,964		643
Stewart Information Services		2,624		117
Stifel Financial		8,042		543
Stock Yards Bancorp		2,660		96
Summit Financial Group		1,298		33
Sun Bancorp		1,137		28
SunTrust Banks		27,600		1,951
Sutherland Asset Management ‡		1,986		29
SVB Financial Group *		3,000		740
Synchrony Financial		45,600		1,809
Synovus Financial		7,000		353
T Rowe Price Group		13,600		1,518
TCF Financial		8,779		188
TD Ameritrade Holding		14,400		803
Territorial Bancorp		821		25
Texas Capital Bancshares *		6,064		575
TFS Financial		3,900		57
Third Point Reinsurance *		11,238		160
Timberland Bancorp		920		26
Tiptree		2,995		18
Tompkins Financial		1,783		147
Torchmark		6,500		591
Towne Bank		7,688		235

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 29

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
TPG RE Finance Trust ‡		1,314	$	25
Travelers		16,000		2,399
TriCo Bancshares		2,492		92
TriState Capital Holdings *		2,685		65
Triumph Bancorp *		2,188		84
Trupanion *		2,851		100
TrustCo Bank		10,703		92
Trustmark		8,038		256
Two Harbors Investment ‡		10,550		156
Two River Bancorp		1,097		20
UMB Financial		5,454		415
Umpqua Holdings		26,605		576
Union Bankshares		7,310		283
United Bankshares		11,971		441
United Community Banks		8,984		285
United Community Financial		5,909		58
United Financial Bancorp		6,241		105
United Fire Group		2,636		114
United Insurance Holdings		2,747		53
United Security Bancshares		1,992		22
Unity Bancorp		1,176		24
Universal Insurance Holdings		3,818		112
Univest Corp of Pennsylvania		3,288		92
Unum Group		13,000		691
US Bancorp		90,700		5,183
Validus Holdings		4,300		291
Valley National Bancorp		31,619		397
Veritex Holdings *		2,130		61
Virtu Financial, Cl A		3,120		60
Virtus Investment Partners		829		106
Voya Financial		10,200		529
Waddell & Reed Financial, Cl A		9,884		227
Walker & Dunlop *		3,361		156
Washington Federal		10,679		383
Washington Trust Bancorp		1,811		97
Waterstone Financial		3,139		54
Webster Financial		5,100		289
Wells Fargo		255,760		16,824
WesBanco		5,102		209
West Bancorporation		2,022		52
Westamerica Bancorporation		3,109		185
Western Alliance Bancorp *		5,300		311
Western Asset Mortgage Capital ‡		4,906		46
Western New England Bancorp		3,189		35
Westwood Holdings Group		986		65
White Mountains Insurance Group		250		210
Willis Towers Watson		7,200		1,155
Wintrust Financial		6,772		582
WisdomTree Investments		14,197		165
WMIH *		21,113		20
World Acceptance *		730		86
WR Berkley		5,300		387

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
WSFS Financial		3,717	$	190
XL Group		14,400		530
Zions Bancorporation		11,500		621
				276,210
Health Care – 9.3%
AAC Holdings *		1,050		9
Abaxis		2,692		193
Abbott Laboratories		97,800		6,079
AbbVie		92,054		10,330
Abeona Therapeutics *		3,144		48
ABIOMED *		2,300		541
Acadia Healthcare *		4,600		157
ACADIA Pharmaceuticals *		5,400		162
Accelerate Diagnostics *		3,065		89
Acceleron Pharma *		4,524		188
Accuray *		9,884		56
Aceto		3,409		38
Achaogen *		4,041		44
Achillion Pharmaceuticals *		14,902		39
Aclaris Therapeutics *		2,681		59
Acorda Therapeutics *		5,361		139
Adamas Pharmaceuticals *		1,759		67
Addus HomeCare *		819		29
Aduro Biotech *		4,801		30
Advaxis *		4,212		12
Aerie Pharmaceuticals *		4,027		221
Aetna		18,633		3,481
Agenus *		9,279		34
Agilent Technologies		18,600		1,366
Agios Pharmaceuticals *		2,500		197
Aileron Therapeutics *		994		9
Aimmune Therapeutics *		4,116		145
Akcea Therapeutics *		1,763		38
Akebia Therapeutics *		5,286		78
Akorn *		5,400		174
Alder Biopharmaceuticals *		7,487		106
Alexion Pharmaceuticals *		12,600		1,503
Align Technology *		4,600		1,205
Allena Pharmaceuticals *		649		5
Allergan		19,300		3,479
Allscripts Healthcare Solutions *		21,910		327
Almost Family *		1,506		86
Alnylam Pharmaceuticals *		5,000		650
AMAG Pharmaceuticals *		4,317		62
Amedisys *		3,395		182
American Renal Associates Holdings *		940		18
AmerisourceBergen, Cl A		9,100		907
Amgen		42,426		7,893
Amicus Therapeutics *		20,243		328
AMN Healthcare Services *		5,625		302
Amphastar Pharmaceuticals *		4,501		84
Analogic		1,560		129

30 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
AnaptysBio *		2,139	$	225
Anavex Life Sciences *		3,885		11
AngioDynamics *		4,565		79
ANI Pharmaceuticals *		954		64
Anika Therapeutics *		1,668		111
Antares Pharma *		16,855		35
Anthem		15,300		3,792
Apellis Pharmaceuticals *		1,305		22
Aratana Therapeutics *		4,765		22
Ardelyx *		3,719		27
Arena Pharmaceuticals *		4,643		174
Array BioPharma *		23,854		354
Assembly Biosciences *		1,942		92
Asterias Biotherapeutics, Cl A *		2,695		6
Atara Biotherapeutics *		3,474		131
athenahealth *		2,200		276
Athenex *		825		12
Athersys *		12,665		22
AtriCure *		3,682		60
Atrion		170		98
Audentes Therapeutics *		1,898		67
Avexis *		3,371		417
AxoGen *		3,227		90
Axovant Sciences *		3,793		8
Baxter International		28,900		2,082
Becton Dickinson		15,015		3,648
Bellicum Pharmaceuticals *		3,135		19
BioCryst Pharmaceuticals *		11,807		53
Biogen *		12,200		4,243
Biohaven Pharmaceutical Holding *		1,173		41
BioMarin Pharmaceutical *		9,900		893
Bio-Rad Laboratories, Cl A *		1,223		316
BioScrip *		14,673		41
BioSpecifics Technologies *		572		24
Bio-Techne		2,100		295
BioTelemetry *		3,829		131
BioTime *		9,732		28
Bioverativ *		6,300		649
Bluebird Bio *		5,944		1,218
Blueprint Medicines *		5,096		401
Boston Scientific *		79,200		2,214
Bristol-Myers Squibb		95,200		5,960
Brookdale Senior Living, Cl A *		9,300		88
Bruker		6,600		235
Calithera Biosciences *		3,593		29
Calyxt *		960		25
Cambrex *		3,868		218
Cantel Medical		4,370		485
Capital Senior Living *		3,101		35
Cara Therapeutics *		3,052		45
Cardinal Health		18,300		1,314
Cardiovascular Systems *		4,028		100

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Cascadian Therapeutics *		5,312	$	53
Castlight Health, Cl B *		7,507		28
Catalent *		16,268		757
Catalyst Pharmaceuticals *		7,979		27
Celcuity *		469		8
Celgene *		44,600		4,512
Celldex Therapeutics *		15,135		42
Centene *		9,900		1,062
Cerner *		16,700		1,154
Cerus *		13,646		60
Charles River Laboratories International *		2,700		285
Chemed		1,901		495
ChemoCentryx *		3,121		29
Chimerix *		4,659		22
Cigna		14,300		2,979
Civitas Solutions *		2,182		38
Clearside Biomedical *		2,939		19
Clovis Oncology *		5,244		317
Coherus Biosciences *		4,412		45
Collegium Pharmaceutical *		3,140		75
Community Health Systems *		10,707		60
Computer Programs & Systems		1,459		44
Conatus Pharmaceuticals *		3,917		22
Concert Pharmaceuticals *		2,288		46
ConforMIS *		3,767		5
CONMED		3,321		192
Cooper		2,800		685
Corbus Pharmaceuticals Holdings *		6,489		49
Corcept Therapeutics *		10,887		251
Corindus Vascular Robotics *		12,647		15
Corium International *		2,961		38
CorVel *		1,181		61
Corvus Pharmaceuticals *		994		8
Cotiviti Holdings *		4,332		152
Cross Country Healthcare *		4,257		60
CryoLife *		3,689		70
Curis *		12,173		8
Cutera *		1,559		77
Cytokinetics *		4,874		45
CytomX Therapeutics *		3,398		91
Danaher		35,500		3,595
DaVita *		8,600		671
Deciphera Pharmaceuticals *		994		26
DENTSPLY SIRONA		12,700		772
Depomed *		6,908		51
Dermira *		4,471		128
DexCom *		5,000		291
Diplomat Pharmacy *		6,054		163
Dova Pharmaceuticals *		606		19
Durect *		13,835		16
Dynavax Technologies *		7,155		115
Eagle Pharmaceuticals *		1,027		61

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 31

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Edge Therapeutics *		2,838	$	36
Editas Medicine *		4,321		158
Edwards Lifesciences *		12,100		1,532
Eli Lilly		56,300		4,586
Emergent BioSolutions *		4,087		199
Enanta Pharmaceuticals *		1,931		164
Encompass Health		12,012		636
Endologix *		10,031		42
Ensign Group		5,759		133
Entellus Medical *		1,426		34
Envision Healthcare *		6,339		228
Enzo Biochem *		5,279		39
Epizyme *		5,903		95
Esperion Therapeutics *		2,011		146
Evolent Health, Cl A *		7,552		106
Exact Sciences *		14,271		709
Exactech *		1,299		65
Exelixis *		16,100		488
Express Scripts Holding *		33,000		2,613
Fate Therapeutics *		5,056		46
FibroGen *		8,399		492
Five Prime Therapeutics *		3,311		66
Flexion Therapeutics *		3,949		89
Fluidigm *		4,672		29
FONAR *		874		21
Fortress Biotech *		3,790		15
Foundation Medicine *		1,773		123
G1 Therapeutics *		928		22
Genesis Healthcare, Cl A *		4,394		4
GenMark Diagnostics *		6,031		33
Genocea Biosciences *		4,205		4
Genomic Health *		2,427		81
Geron *		18,446		45
Gilead Sciences		75,217		6,303
Glaukos *		3,360		101
Global Blood Therapeutics *		4,483		260
Globus Medical, Cl A *		8,456		389
Haemonetics *		6,365		412
Halozyme Therapeutics *		14,403		269
Halyard Health *		5,577		272
HCA Healthcare		16,800		1,699
HealthEquity *		6,053		306
HealthStream *		3,117		73
Henry Schein *		9,014		682
Heron Therapeutics *		5,697		123
Heska *		744		58
Hill-Rom Holdings		3,700		316
HMS Holdings *		10,100		173
Hologic *		16,000		683
Humana		8,300		2,339
ICU Medical *		1,821		417
Idera Pharmaceuticals *		18,033		33

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
IDEXX Laboratories *		5,000	$	935
Ignyta *		7,096		191
Illumina *		8,400		1,954
Immune Design *		4,576		16
ImmunoGen *		12,036		110
Immunomedics *		12,670		211
Impax Laboratories *		8,923		174
Incyte *		10,000		903
Innoviva *		9,330		136
Inogen *		2,043		249
Inovalon Holdings, Cl A *		8,142		106
Inovio Pharmaceuticals *		9,657		44
Insmed *		9,220		235
Insulet *		7,081		542
Insys Therapeutics *		2,918		28
Integer Holdings *		3,847		193
Integra LifeSciences Holdings *		7,678		404
Intellia Therapeutics *		2,109		54
Intercept Pharmaceuticals *		1,100		68
Intersect ENT *		3,355		125
Intra-Cellular Therapies, Cl A *		5,114		87
Intrexon *		3,193		42
Intuitive Surgical *		6,393		2,760
Invacare		3,817		70
Invitae *		4,580		32
Ionis Pharmaceuticals *		6,800		357
Iovance Biotherapeutics *		7,785		121
IQVIA Holdings *		9,156		936
iRhythm Technologies *		1,801		107
Ironwood Pharmaceuticals, Cl A *		16,373		242
Johnson & Johnson		155,979		21,555
Jounce Therapeutics *		1,712		41
Juno Therapeutics *		3,800		326
K2M Group Holdings *		4,759		100
Kala Pharmaceuticals *		964		15
Karyopharm Therapeutics *		4,467		53
Keryx Biopharmaceuticals *		10,617		49
Kindred Biosciences *		3,110		27
Kindred Healthcare		10,048		92
Kura Oncology *		2,299		45
La Jolla Pharmaceutical *		2,030		70
Laboratory Corp of America Holdings *		5,900		1,030
Lannett *		3,560		72
Lantheus Holdings *		3,608		83
LeMaitre Vascular		1,848		64
Lexicon Pharmaceuticals *		4,921		54
LHC Group *		1,962		123
LifePoint Health *		2,000		99
Ligand Pharmaceuticals *		2,504		395
LivaNova *		5,916		506
Loxo Oncology *		2,791		283
Luminex		4,928		100

32 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
MacroGenics *		4,318	$	97
Madrigal Pharmaceuticals *		477		71
Magellan Health *		2,915		290
Masimo *		5,374		506
Matinas BioPharma Holdings *		7,850		8
McKesson		12,200		2,060
Medicines *		8,214		272
MediciNova *		4,353		38
Medidata Solutions *		6,876		468
MEDNAX *		5,000		264
Medpace Holdings *		879		32
Medtronic		78,700		6,760
Melinta Therapeutics *		993		14
Merck		158,218		9,374
Meridian Bioscience		5,349		84
Merit Medical Systems *		5,890		274
Merrimack Pharmaceuticals		1,405		15
Mersana Therapeutics *		598		9
Mettler-Toledo International *		1,458		985
MiMedx Group *		12,297		206
Minerva Neurosciences *		3,446		22
Miragen Therapeutics *		1,600		12
Molina Healthcare *		5,382		492
Momenta Pharmaceuticals *		9,269		158
Mylan *		30,700		1,316
MyoKardia *		2,450		126
Myriad Genetics *		7,921		292
NanoString Technologies *		2,442		18
NantHealth *		1,007		3
NantKwest *		3,583		16
Natera *		3,694		38
National HealthCare		1,393		87
National Research, Cl A		1,236		47
Natus Medical *		3,599		112
Nektar Therapeutics, Cl A *		17,990		1,504
Neogen *		5,934		350
NeoGenomics *		6,581		51
Neos Therapeutics *		3,332		35
Neurocrine Biosciences *		5,100		436
Nevro *		3,353		269
NewLink Genetics *		3,778		31
Novavax *		37,912		77
Novelion Therapeutics *		1,775		9
Novocure *		6,777		152
NuVasive *		6,091		298
NxStage Medical *		7,866		197
Nymox Pharmaceutical *		3,345		11
Obalon Therapeutics *		1,546		6
Ocular Therapeutix *		2,658		15
Omeros *		5,261		85
Omnicell *		4,618		227
OPKO Health *		16,300		73

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Optinose *		654	$	12
OraSure Technologies *		6,968		152
Organovo Holdings *		11,425		16
Orthofix International *		2,137		123
OrthoPediatrics *		560		10
Otonomy *		3,127		18
Ovid therapeutics *		863		7
Owens & Minor		7,369		155
Oxford Immunotec Global *		2,932		34
Pacific Biosciences of California *		12,238		35
Pacira Pharmaceuticals *		4,788		174
Paratek Pharmaceuticals *		2,766		42
Patterson		4,800		172
PDL BioPharma *		19,407		54
Penumbra *		3,546		353
PerkinElmer		6,500		521
PetIQ, Cl A *		858		21
Pfizer		341,856		12,662
Phibro Animal Health, Cl A		2,253		77
Pieris Pharmaceuticals *		5,033		38
Portola Pharmaceuticals, Cl A *		6,883		353
PRA Health Sciences *		6,027		549
Premier, Cl A *		3,100		101
Prestige Brands Holdings *		6,345		265
Progenics Pharmaceuticals *		8,250		48
Protagonist Therapeutics *		1,236		28
Providence Service *		1,431		92
PTC Therapeutics *		4,744		125
Pulse Biosciences *		1,069		22
Puma Biotechnology *		3,427		229
QIAGEN *		13,137		440
Quality Systems *		6,561		85
Quest Diagnostics		7,800		825
Quidel *		3,472		159
Quotient *		3,137		9
R1 RCM *		11,766		61
Ra Pharmaceuticals *		1,379		10
Radius Health *		4,658		175
RadNet *		4,992		51
Reata Pharmaceuticals, Cl A *		1,338		38
Recro Pharma *		1,597		14
Regeneron Pharmaceuticals *		4,566		1,674
REGENXBIO *		3,237		87
Repligen *		4,444		157
ResMed		8,000		806
Retrophin *		4,726		113
Revance Therapeutics *		2,751		89
Rhythm Pharmaceuticals *		987		31
Rigel Pharmaceuticals *		18,317		73
Rockwell Medical *		5,833		33
RTI Surgical *		6,102		27
Sage Therapeutics *		4,586		870

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 33

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Sangamo Therapeutics *		10,393	$	217
Sarepta Therapeutics *		7,364		483
Seattle Genetics *		5,400		282
Select Medical Holdings *		13,023		231
Selecta Biosciences *		1,760		16
Seres Therapeutics *		2,585		26
Sienna Biopharmaceuticals *		596		10
Sientra *		1,849		23
Simulations Plus		1,660		27
Spark Therapeutics *		3,349		188
Spectrum Pharmaceuticals *		10,471		226
Spero Therapeutics *		1,175		14
STAAR Surgical *		5,073		80
Stemline Therapeutics *		2,882		46
STERIS		4,700		427
Strongbridge Biopharma *		2,572		17
Stryker		19,600		3,222
Sucampo Pharmaceuticals, Cl A *		3,103		56
Supernus Pharmaceuticals *		5,865		229
Surgery Partners *		2,381		37
Surmodics *		1,714		50
Syndax Pharmaceuticals *		1,272		14
Syneos Health, Cl A *		6,547		251
Synergy Pharmaceuticals *		30,807		67
Syros Pharmaceuticals *		1,467		14
Tabula Rasa HealthCare *		1,090		39
Tactile Systems Technology *		1,564		49
Teladoc *		6,549		245
Teleflex		2,600		722
Teligent *		5,392		16
Tenet Healthcare *		10,094		191
TESARO *		2,100		142
Tetraphase Pharmaceuticals *		6,024		35
TG Therapeutics *		5,933		68
TherapeuticsMD *		19,963		117
Theravance Biopharma *		4,883		129
Thermo Fisher Scientific		23,000		5,155
Tivity Health *		4,407		171
Tocagen *		2,146		28
Trevena *		4,699		8
Triple-S Management, Cl B *		2,659		61
Ultragenyx Pharmaceutical *		4,825		257
United Therapeutics *		2,400		310
UnitedHealth Group		55,400		13,118
Universal Health Services, Cl B		4,900		595
US Physical Therapy		1,506		114
Utah Medical Products		372		34
Vanda Pharmaceuticals *		5,167		82
Varex Imaging *		4,457		189
Varian Medical Systems *		5,200		663
VBI Vaccines *		4,724		19
Veeva Systems, Cl A *		6,200		390

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Veracyte *		2,786	$	18
Versartis *		3,796		8
Vertex Pharmaceuticals *		14,500		2,420
ViewRay *		4,128		37
Viveve Medical *		2,324		10
Vocera Communications *		3,471		102
Voyager Therapeutics *		1,997		41
vTv Therapeutics, Cl A *		501		4
Waters *		4,300		927
WaVe Life Sciences *		1,359		54
WellCare Health Plans *		2,600		547
West Pharmaceutical Services		4,200		421
Wright Medical Group *		12,441		283
XBiotech *		1,820		9
Xencor *		4,490		102
Zimmer Biomet Holdings		11,600		1,475
ZIOPHARM Oncology *		15,457		61
Zoetis, Cl A		28,500		2,187
Zogenix *		4,125		150
Zynerba Pharmaceuticals *		1,583		19
				245,620
Industrials – 7.5%
3M		33,500		8,392
AAON		4,917		179
AAR		3,935		159
ABM Industries		6,807		259
Acacia Research *		5,293		19
ACCO Brands *		12,853		152
Actuant, Cl A		7,275		180
Acuity Brands		2,400		371
Advanced Disposal Services *		5,140		125
Advanced Drainage Systems		4,481		111
AECOM *		8,500		332
Aegion, Cl A *		4,011		101
Aerojet Rocketdyne Holdings *		8,237		227
Aerovironment *		2,495		128
AGCO		3,600		261
Air Lease, Cl A		5,800		282
Air Transport Services Group *		7,166		178
Aircastle		5,966		141
Alamo Group		1,118		129
Alaska Air Group		6,900		454
Albany International, Cl A		3,484		221
Allegiant Travel, Cl A		1,536		245
Allegion		5,300		456
Allied Motion Technologies		683		24
Allison Transmission Holdings		7,800		345
Altra Industrial Motion		3,473		182
AMERCO		300		110
Ameresco, Cl A *		2,406		21
American Airlines Group		25,300		1,374
American Railcar Industries		813		32

34 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
American Woodmark *		1,698	$	231
AMETEK		12,900		984
AO Smith		8,400		561
Apogee Enterprises		3,343		152
Applied Industrial Technologies		4,653		343
Aqua Metals *		1,654		3
ARC Document Solutions *		4,499		11
ArcBest		3,148		112
Arconic		24,466		735
Argan		1,810		79
Armstrong Flooring *		2,743		42
Armstrong World Industries *		2,300		144
Astec Industries		2,648		165
Astronics *		2,366		106
Astronics, Cl B *		326		15
Atkore International Group *		3,850		90
Atlas Air Worldwide Holdings *		2,833		160
Avis Budget Group *		8,858		398
Axon Enterprise *		6,298		167
AZZ		3,087		140
Babcock & Wilcox Enterprises *		5,365		35
Barnes Group		6,089		401
Barrett Business Services		896		62
Beacon Roofing Supply *		8,058		488
BG Staffing		1,060		17
Blue Bird *		1,158		25
BMC Stock Holdings *		7,748		174
Boeing		32,200		11,411
Brady, Cl A		5,652		216
Briggs & Stratton		5,041		122
Brink’s		5,547		463
Builders FirstSource *		13,229		283
BWX Technologies, Cl W		5,300		336
Caesarstone *		2,844		60
CAI International *		1,744		49
Carlisle		3,500		400
Casella Waste Systems, Cl A *		4,740		121
Caterpillar		32,900		5,355
CBIZ *		6,346		105
CECO Environmental		3,085		14
CH Robinson Worldwide		8,200		750
Chart Industries *		3,663		182
Cintas		4,900		825
CIRCOR International		1,932		102
Clean Harbors *		3,000		166
Cogint *		1,727		6
Colfax *		4,800		192
Columbus McKinnon		2,774		114
Comfort Systems		4,494		191
Commercial Vehicle Group *		3,506		43
Continental Building Products *		4,469		127
Copart *		11,000		485

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Covanta Holding		14,202	$	232
Covenant Transportation Group, Cl A *		1,610		47
CRA International		925		43
Crane		2,900		290
CSW Industrials *		1,723		83
CSX		49,600		2,816
Cubic		3,081		179
Cummins		9,200		1,730
Curtiss-Wright		5,316		695
Daseke *		2,838		38
Deere		18,400		3,062
Delta Air Lines		37,900		2,152
Deluxe		5,861		435
DMC Global		1,508		35
Donaldson		7,800		395
Douglas Dynamics		2,614		108
Dover		8,800		935
Ducommun *		1,127		33
Dun & Bradstreet		2,100		260
DXP Enterprises *		1,854		63
Dycom Industries *		3,640		425
Eagle Bulk Shipping *		5,545		26
Eastern		808		22
Echo Global Logistics *		3,340		98
EMCOR Group		7,177		583
Emerson Electric		37,000		2,673
Encore Wire		2,506		127
Energous *		2,615		49
Energy Recovery *		4,892		38
EnerSys		5,291		372
Engility Holdings *		2,080		54
Ennis		3,181		63
EnPro Industries		2,565		226
EnviroStar		508		19
Equifax		6,900		862
ESCO Technologies		3,027		185
Essendant		4,611		42
Esterline Technologies *		3,185		234
ExOne *		1,220		12
Expeditors International of Washington		10,500		682
Exponent		3,101		230
Fastenal		16,800		923
Federal Signal		7,212		147
FedEx		14,300		3,753
Flowserve		7,200		326
Fluor		8,200		498
Forrester Research		1,193		52
Fortive		17,772		1,351
Fortune Brands Home & Security		8,800		624
Forward Air		3,506		213
Foundation Building Materials *		1,478		22
Franklin Covey *		1,126		32

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 35

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Franklin Electric		5,525	$	250
FreightCar America		1,322		21
FTI Consulting *		4,481		195
Gardner Denver Holdings *		4,200		145
GATX		4,604		328
Genco Shipping & Trading *		1,200		16
Gencor Industries *		871		15
Generac Holdings *		7,455		365
General Cable		5,826		173
General Dynamics		15,000		3,337
General Electric		501,357		8,107
Genesee & Wyoming, Cl A *		3,400		271
Gibraltar Industries *		3,951		147
Global Brass & Copper Holdings		2,505		81
GMS *		3,328		114
Gorman-Rupp		2,081		59
GP Strategies *		1,718		43
Graco		9,300		435
Graham		1,041		22
Granite Construction		4,731		316
Great Lakes Dredge & Dock *		6,228		29
Greenbrier		3,308		166
Griffon		3,539		71
H&E Equipment Services		3,710		146
Hardinge		1,277		24
Harris		6,900		1,100
Harsco *		9,753		175
Hawaiian Holdings		6,302		235
HC2 Holdings *		4,758		29
HD Supply Holdings *		11,800		459
Healthcare Services Group		8,561		472
Heartland Express		5,551		126
HEICO, Cl A		3,593		237
HEICO		1,562		125
Heidrick & Struggles International		2,179		58
Herc Holdings *		2,866		188
Heritage-Crystal Clean *		1,655		36
Herman Miller		7,348		298
Hertz Global Holdings *		6,420		147
Hexcel		5,300		362
Hill International *		3,575		20
Hillenbrand		7,778		345
HNI		5,273		205
Honeywell International		44,038		7,032
Hub Group, Cl A *		3,985		191
Hubbell, Cl B		3,000		408
Hudson Technologies *		4,303		27
Huntington Ingalls Industries		2,500		594
Hurco		692		31
Huron Consulting Group *		2,758		111
Huttig Building Products *		3,452		24
Hyster-Yale Materials Handling, Cl A		1,283		109

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
ICF International		2,211	$	117
IDEX		4,400		631
IES Holdings *		864		15
IHS Markit *		21,800		1,041
Illinois Tool Works		17,500		3,039
InnerWorkings *		5,603		56
Insperity		4,398		269
Insteel Industries		2,356		74
Interface, Cl A		7,061		176
ITT		4,800		269
Jacobs Engineering Group		6,600		458
JB Hunt Transport Services		5,100		616
JELD-WEN Holding *		8,129		319
JetBlue Airways *		19,200		401
John Bean Technologies		3,789		431
Johnson Controls International		54,245		2,123
Kadant		1,334		134
Kaman		3,276		205
Kansas City Southern		6,000		679
KAR Auction Services		7,600		415
KBR		17,246		351
Kelly Services, Cl A		3,548		100
Kennametal		9,793		478
KeyW Holding *		5,460		37
Kforce		2,927		76
Kimball International, Cl B		4,351		81
Kirby *		3,100		232
KLX *		6,317		446
Knight-Swift Transportation Holdings, Cl A		15,230		758
Knoll		5,907		136
Korn		6,480		289
Kratos Defense & Security Solutions *		10,198		116
L3 Technologies		4,500		956
Landstar System		2,400		267
Lawson Products *		701		17
Layne Christensen *		1,952		26
LB Foster, Cl A *		1,209		33
Lennox International		2,200		479
Lincoln Electric Holdings		3,400		332
Lindsay		1,294		115
Lockheed Martin		14,452		5,128
LSC Communications		3,923		54
LSI Industries		2,505		20
Lydall *		2,058		98
Macquarie Infrastructure		4,700		312
Manitowoc *		3,908		157
ManpowerGroup		3,700		486
Marten Transport		4,941		115
Masco		18,200		813
MasTec *		8,009		428
Matson		5,153		176
Matthews International, Cl A		3,734		209

36 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
McGrath RentCorp		2,840	$	136
Mercury Systems *		5,668		272
Meritor *		9,987		272
Middleby *		3,100		422
Milacron Holdings *		6,593		125
Miller Industries		1,166		30
Mistras Group *		2,191		47
Mobile Mini		5,368		203
Moog, Cl A *		3,914		353
MRC Global *		10,852		195
MSA Safety		4,098		321
MSC Industrial Direct, Cl A		2,400		225
Mueller Industries		6,898		228
Mueller Water Products, Cl A		18,277		213
Multi-Color		1,634		127
MYR Group *		1,996		68
National Presto Industries		593		60
Navigant Consulting *		5,606		115
Navios Maritime Holdings *		12,417		15
Navistar International *		5,929		272
NCI Building Systems *		4,957		91
Nexeo Solutions *		3,626		34
Nielsen Holdings		20,700		774
NL Industries *		1,180		15
NN		3,176		91
Nordson		3,400		489
Norfolk Southern		16,600		2,505
Northrop Grumman		9,293		3,165
Northwest Pipe *		1,401		27
NOW *		12,794		151
NV5 Holdings *		924		45
Old Dominion Freight Line		3,600		527
Omega Flex		327		20
On Assignment *		6,116		468
Orbital ATK		3,300		435
Orion Group Holdings *		2,964		22
Oshkosh		4,100		372
Owens Corning		6,400		595
PACCAR		19,900		1,484
Parker-Hannifin		7,700		1,551
Park-Ohio Holdings		1,131		47
Patrick Industries *		2,931		188
PGT Innovations *		5,661		90
Pitney Bowes		9,500		134
Plug Power *		26,085		50
Ply Gem Holdings *		2,632		56
Powell Industries		1,227		40
Preformed Line Products		429		32
Primoris Services		4,838		126
Proto Labs *		2,960		324
Quad		3,827		85
Quanex Building Products		4,081		84

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Quanta Services *		8,100	$	312
Radiant Logistics *		4,219		20
Raven Industries		4,294		166
Raytheon		16,800		3,510
RBC Bearings *		2,812		354
Regal Beloit		2,700		210
Republic Services, Cl A		13,000		894
Resources Connection		3,825		63
REV Group		2,879		84
Revolution Lighting Technologies *		1,755		6
Rexnord *		12,559		353
Roadrunner Transportation Systems *		3,232		18
Robert Half International		7,000		405
Rockwell Automation		7,400		1,460
Rockwell Collins		9,267		1,283
Rollins		5,200		257
Roper Technologies		5,800		1,627
RPX		5,732		80
RR Donnelley & Sons		8,231		67
Rush Enterprises, Cl B *		713		36
Rush Enterprises, Cl A *		3,781		204
Ryder System		2,900		252
Safe Bulkers *		6,624		23
Saia *		3,011		227
Schneider National, Cl B		5,009		147
Scorpio Bulkers		7,607		58
Sensata Technologies Holding *		9,400		529
Simpson Manufacturing		4,918		289
SiteOne Landscape Supply *		4,124		314
SkyWest		6,135		342
Snap-on		3,300		565
Southwest Airlines		32,000		1,946
SP Plus *		2,088		81
Spartan Motors		4,353		58
Sparton *		1,015		23
Spirit AeroSystems Holdings, Cl A		6,700		686
Spirit Airlines *		3,900		164
SPX *		5,029		157
SPX FLOW *		5,021		233
Standex International		1,543		162
Stanley Black & Decker		8,900		1,479
Steelcase, Cl A		10,144		158
Stericycle *		4,600		347
Sterling Construction *		3,031		42
Sun Hydraulics		2,883		179
Sunrun *		10,335		65
Team *		3,509		60
Teledyne Technologies *		1,900		363
Tennant		2,141		144
Terex		5,000		235
Tetra Tech		6,868		341
Textainer Group Holdings *		3,351		82

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 37

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Textron		15,400	$	904
Thermon Group Holdings *		3,721		86
Timken		3,600		189
Titan International		5,815		77
Titan Machinery *		2,112		45
Toro		6,000		394
TPI Composites *		1,381		28
TransDigm Group		2,778		880
TransUnion *		9,090		540
Trex *		3,578		399
TriMas *		5,475		146
TriNet Group *		4,900		215
Trinity Industries		8,100		279
Triton International		5,800		224
Triumph Group		5,782		169
TrueBlue *		4,887		134
Tutor Perini *		4,406		109
Twin Disc *		929		27
UniFirst		1,821		301
Union Pacific		46,400		6,194
United Continental Holdings *		15,700		1,065
United Parcel Service, Cl B		39,800		5,067
United Rentals *		4,800		869
United Technologies		43,100		5,948
Univar *		6,800		203
Universal Forest Products		7,261		271
Universal Truckload Services		934		22
US Ecology		2,687		140
USG *		5,300		205
Valmont Industries		1,300		213
Vectrus *		1,331		40
Verisk Analytics, Cl A *		8,800		880
Veritiv *		1,450		42
Viad		2,475		141
Vicor *		1,803		33
Vivint Solar *		2,653		9
VSE		1,102		55
Wabash National		7,133		184
WABCO Holdings *		2,800		432
Wabtec		4,700		381
WageWorks *		4,737		287
Waste Management		25,200		2,228
Watsco		1,800		324
Watts Water Technologies, Cl A		3,367		269
Welbilt *		7,300		163
Werner Enterprises		5,783		235
Wesco Aircraft Holdings *		6,351		45
WESCO International *		2,600		177
Willdan Group *		885		20
Willis Lease Finance *		471		13
Woodward		6,435		499
WW Grainger		3,000		809

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
XPO Logistics *		6,800	$	642
Xylem		10,300		744
YRC Worldwide *		4,116		66
				197,588
Information Technology – 15.7%
2U *		5,765		428
3D Systems *		12,958		133
58.com ADR *		4,400		351
8x8 *		10,679		189
A10 Networks *		6,800		42
Acacia Communications *		2,169		80
ACI Worldwide *		14,329		336
Activision Blizzard		42,700		3,165
Actua *		3,932		61
Acxiom *		9,581		259
Adobe Systems *		28,468		5,687
ADTRAN		5,656		91
Advanced Energy Industries *		4,798		341
Advanced Micro Devices *		48,700		669
Aerohive Networks *		3,002		12
Agilysys *		1,661		20
Akamai Technologies *		9,900		663
Akoustis Technologies *		1,600		9
Alarm.com Holdings *		2,383		91
Alibaba Group Holding ADR *		55,200		11,277
Alliance Data Systems		2,800		719
Alpha & Omega Semiconductor *		2,367		40
Alphabet, Cl C *		17,500		20,474
Alphabet, Cl A *		17,229		20,368
Alteryx, Cl A *		2,814		77
Ambarella *		3,852		194
Amber Road *		1,954		14
Amdocs		8,100		554
American Software, Cl A		3,595		45
Amkor Technology *		11,963		120
Amphenol, Cl A		17,200		1,596
Analog Devices		21,170		1,945
Anixter International *		3,463		290
ANSYS *		4,800		776
Appfolio, Cl A *		1,248		53
Apple		297,154		49,753
Applied Materials		62,100		3,330
Applied Optoelectronics *		2,117		69
Apptio, Cl A *		2,776		71
Aquantia *		1,000		13
Arista Networks *		3,100		855
ARRIS International *		9,700		245
Arrow Electronics *		5,100		415
Aspen Technology *		8,879		688
Atlassian, Cl A *		5,300		286
Autodesk *		12,000		1,387
Automatic Data Processing		25,800		3,190

38 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Avid Technology *		3,498	$	19
Avnet		7,100		302
AVX		5,501		99
Axcelis Technologies *		3,470		90
AXT *		4,366		35
Badger Meter		3,314		160
Barracuda Networks *		3,180		88
Bazaarvoice *		10,509		58
Bel Fuse, Cl B		1,012		21
Belden		5,069		430
Benchmark Electronics *		5,953		172
Benefitfocus *		2,045		52
Black Knight *		6,068		300
Blackbaud		5,808		557
Blackhawk Network Holdings, Cl A *		6,515		296
Blackline *		1,844		61
Blucora *		5,555		136
Booz Allen Hamilton Holding, Cl A		8,100		317
Bottomline Technologies *		4,857		177
Box, Cl A *		9,839		219
Brightcove *		4,691		32
Broadcom		23,407		5,806
Broadridge Financial Solutions		6,800		656
BroadSoft *		3,920		215
Brooks Automation		8,344		233
CA		18,300		656
Cabot Microelectronics		2,971		303
CACI International, Cl A *		2,941		413
Cadence Design Systems *		15,800		709
CalAmp *		4,215		103
Calix *		5,915		38
Callidus Software *		8,269		297
Carbonite *		3,093		78
Cardtronics *		5,366		131
Care.com *		1,743		32
Cars.com *		8,776		261
Cass Information Systems		1,413		82
Cavium *		3,700		329
CDK Global		7,500		535
CDW		8,800		658
CEVA *		2,648		117
ChannelAdvisor *		3,428		31
Ciena *		17,007		362
Cirrus Logic *		7,809		387
Cisco Systems		287,459		11,941
Citrix Systems *		8,600		798
Clearfield *		1,217		16
Cloudera *		11,691		219
Cognex		9,600		599
Cognizant Technology Solutions, Cl A		33,700		2,628
Coherent *		1,400		363
Cohu		3,145		72

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
CommerceHub *		5,022	$	98
CommScope Holding *		10,600		409
CommVault Systems *		4,790		256
Comtech Telecommunications		2,597		56
Conduent *		10,960		180
Control4 *		2,983		81
Convergys		11,183		260
CoreLogic *		4,500		213
Cornerstone OnDemand *		6,446		265
Corning		50,800		1,586
CoStar Group *		2,000		692
Coupa Software *		3,821		146
CPI Card Group		471		1
Cray *		4,805		117
Cree *		11,696		404
CSG Systems International		4,028		182
CSRA		9,300		310
CTS		3,709		102
CyberOptics *		995		15
Cypress Semiconductor		19,400		335
Daktronics		4,544		42
Dell Technologies, Cl V *		11,668		837
DHI Group *		5,258		9
Diebold Nixdorf		9,036		167
Digi International *		2,728		28
Digimarc *		1,144		35
Diodes *		4,677		132
Dolby Laboratories, Cl A		3,300		212
DSP Group *		2,286		30
DST Systems		5,400		450
DXC Technology		16,317		1,624
Eastman Kodak *		1,792		14
eBay *		57,100		2,317
Ebix		2,920		240
EchoStar, Cl A *		2,900		177
Electro Scientific Industries *		4,051		95
Electronic Arts *		17,200		2,184
Electronics For Imaging *		5,527		162
Ellie Mae *		4,080		381
EMCORE *		2,813		19
Endurance International Group Holdings *		7,156		59
Entegris		17,268		562
Envestnet *		5,190		279
EPAM Systems *		6,002		705
ePlus *		1,566		121
Etsy *		14,376		270
Euronet Worldwide *		2,900		272
Everbridge *		2,171		70
Everi Holdings *		7,471		58
EVERTEC		7,384		116
ExlService Holdings *		3,934		239
Extreme Networks *		13,311		200

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 39

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
F5 Networks *		3,700	$	535
Facebook, Cl A *		134,888		25,209
Fair Isaac		3,631		627
FARO Technologies *		2,085		112
Fidelity National Information Services		18,800		1,924
Finisar *		13,639		245
FireEye *		10,600		160
First Data, Cl A *		27,500		487
First Solar *		4,900		329
Fiserv *		12,146		1,711
Fitbit, Cl A *		23,095		119
Five9 *		6,517		170
FleetCor Technologies *		5,313		1,129
FLIR Systems		7,900		405
ForeScout Technologies *		600		18
FormFactor *		8,472		122
Fortinet *		8,000		368
Gartner *		5,000		694
Genpact		9,100		309
Global Payments		8,700		973
Glu Mobile *		13,673		51
GoDaddy, Cl A *		6,900		381
Gogo *		7,325		71
GrubHub *		10,422		753
GSI Technology *		1,961		16
GTT Communications *		3,774		174
Guidewire Software *		4,300		342
Hackett Group		2,672		43
Harmonic *		9,128		33
Hewlett Packard Enterprise		94,200		1,545
Hortonworks *		5,987		119
HP		96,900		2,260
HubSpot *		4,095		397
IAC *		4,000		580
Ichor Holdings *		2,236		71
II-VI *		7,456		318
Immersion *		3,071		32
Imperva *		4,023		176
Impinj *		2,113		47
Infinera *		17,123		111
Information Services Group *		3,397		14
Inphi *		5,099		152
Insight Enterprises *		4,327		161
Instructure *		2,791		100
Integrated Device Technology *		16,069		480
Intel		272,405		13,114
InterDigital		4,255		332
Internap *		2,343		39
International Business Machines		49,130		8,043
Intevac *		2,280		16
Intuit		14,100		2,367
IPG Photonics *		2,100		529

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Iteris *		3,519	$	24
Itron *		4,134		303
j2 Global		5,678		454
Jabil		9,600		244
Jack Henry & Associates		4,300		536
Juniper Networks		21,000		549
KEMET *		6,481		132
Keysight Technologies *		10,600		495
Kimball Electronics *		3,374		62
KLA-Tencor		8,900		977
Knowles *		10,449		159
Kopin *		6,804		23
KVH Industries *		1,684		19
Lam Research		9,300		1,781
Lattice Semiconductor *		14,904		97
Leaf Group *		1,702		15
Leidos Holdings		8,001		533
Limelight Networks *		9,431		41
Liquidity Services *		2,654		13
Littelfuse		2,934		638
LivePerson *		6,753		81
LogMeIn		2,900		365
Lumentum Holdings *		7,480		346
MACOM Technology Solutions Holdings *		4,758		148
Majesco *		770		4
Manhattan Associates *		3,900		206
ManTech International, Cl A		3,167		165
Marvell Technology Group		23,700		553
Mastercard, Cl A		54,400		9,194
Match Group *		2,100		73
Maxim Integrated Products		15,900		970
MAXIMUS		7,824		533
MaxLinear, Cl A *		7,621		197
Maxwell Technologies *		5,265		30
Meet Group *		8,333		23
Mesa Laboratories		362		51
Methode Electronics		4,349		178
Micro Focus International ADR		13,500		408
Microchip Technology		13,000		1,238
Micron Technology *		62,700		2,741
Microsemi *		6,900		426
Microsoft		433,893		41,224
MicroStrategy, Cl A *		1,152		159
MicroVision *		10,338		12
MINDBODY, Cl A *		5,136		181
Mitek Systems *		3,186		25
MKS Instruments		6,543		669
MobileIron *		7,259		33
Model N *		2,894		43
Momo ADR *		4,600		145
MoneyGram International *		3,518		43
Monolithic Power Systems		4,861		579

40 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Monotype Imaging Holdings		4,912	$	118
Motorola Solutions		9,300		925
MTS Systems		2,152		112
MuleSoft, Cl A *		2,996		74
Nanometrics *		2,758		68
Napco Security Technologies *		1,648		15
National Instruments		5,800		290
NCR *		6,900		259
NeoPhotonics *		3,238		18
NetApp		15,700		966
NETGEAR *		3,854		269
NetScout Systems *		10,043		286
New Relic *		3,679		220
NIC		7,477		124
Novanta *		3,862		224
Nuance Communications *		15,900		283
Nutanix, Cl A *		12,846		412
NVE		574		48
NVIDIA		32,800		8,062
Oclaro *		19,434		115
Okta, Cl A *		2,366		70
Ominto *		1,843		6
ON Semiconductor *		24,300		601
Oracle		168,588		8,697
OSI Systems *		2,112		140
Palo Alto Networks *		5,000		789
Pandora Media *		11,100		53
Park City Group *		1,440		12
Park Electrochemical		2,525		46
Paychex		18,300		1,249
Paycom Software *		5,919		542
Paylocity Holding *		3,145		164
PayPal Holdings *		65,400		5,580
PC Connection		1,575		41
PCM *		1,422		13
PDF Solutions *		3,220		44
Pegasystems		4,474		228
Perficient *		4,105		80
Photronics *		7,678		65
Pixelworks *		4,301		26
Plantronics		3,971		234
Plexus *		4,059		243
Power Integrations		3,475		260
Presidio *		2,429		44
Progress Software		5,760		287
Proofpoint *		5,233		534
PROS Holdings *		3,353		97
PTC *		6,700		487
Pure Storage, Cl A *		11,981		241
Q2 Holdings *		3,797		161
QAD, Cl A		1,238		53
Qorvo *		7,000		502

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
QUALCOMM		85,200	$	5,815
Qualys *		3,973		248
Quantenna Communications *		2,478		34
Quantum *		3,905		24
QuinStreet *		4,054		38
Quotient Technology *		8,869		105
Radisys *		3,900		3
Rambus *		13,102		165
Rapid7 *		2,599		62
RealNetworks *		2,647		8
RealPage *		7,080		352
Red Hat *		10,100		1,327
Reis		927		19
Ribbon Communications *		5,834		41
RingCentral, Cl A *		7,805		424
Rogers *		2,174		358
Rosetta Stone *		2,078		27
Rubicon Project *		3,863		7
Rudolph Technologies *		3,805		100
Sabre		11,800		245
salesforce.com *		39,000		4,443
Sanmina *		8,508		222
ScanSource *		2,892		99
Science Applications International		5,302		406
SecureWorks, Cl A *		679		7
Semtech *		7,726		277
SendGrid *		1,000		22
ServiceNow *		9,700		1,444
ServiceSource International *		9,542		32
Shutterstock *		2,213		98
Sigma Designs *		5,259		30
Silicon Laboratories *		5,117		492
Skyworks Solutions		10,600		1,030
SMART Global Holdings *		659		24
Splunk *		7,900		730
SPS Commerce *		2,049		108
Square, Cl A *		14,300		671
SS&C Technologies Holdings		10,200		513
Stamps.com *		1,978		403
StarTek *		1,593		20
SunPower, Cl A *		7,011		56
Super Micro Computer *		4,648		106
Switch, Cl A		2,300		37
Sykes Enterprises *		4,750		147
Symantec		35,200		959
Synaptics *		4,123		179
Synchronoss Technologies *		5,361		43
SYNNEX		3,505		430
Synopsys *		8,600		796
Syntel *		4,094		92
Systemax		1,298		40
Tableau Software, Cl A *		3,500		269

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 41

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Take-Two Interactive Software *		6,500	$	823
Tech Data *		4,220		423
TechTarget *		2,706		42
Telenav *		3,493		20
Teradata *		7,300		296
Teradyne		11,300		518
Texas Instruments		57,700		6,328
Tintri *		2,142		12
TiVo		14,583		203
Total System Services		10,600		942
Trade Desk, Cl A *		2,786		135
Travelport Worldwide		14,807		202
Trimble *		14,700		648
TrueCar *		8,509		100
TTEC Holdings		1,704		68
TTM Technologies *		10,928		180
Tucows, Cl A *		1,056		57
Twilio, Cl A *		7,602		199
Twitter *		38,000		981
Tyler Technologies *		2,000		403
Ubiquiti Networks *		2,653		214
Ultimate Software Group *		1,600		373
Ultra Clean Holdings *		3,844		83
Unisys *		5,848		52
Universal Display		2,300		367
Upland Software *		1,054		24
USA Technologies *		6,399		54
Varonis Systems *		2,455		133
VASCO Data Security International *		3,605		52
Veeco Instruments *		5,990		100
VeriFone Systems *		13,495		239
Verint Systems *		7,686		321
VeriSign *		5,000		575
Veritone *		411		7
Versum Materials		6,500		239
ViaSat *		6,434		487
Viavi Solutions *		27,292		234
VirnetX Holding *		6,630		23
Virtusa *		3,305		147
Visa, Cl A		105,940		13,161
Vishay Intertechnology		16,239		356
Vishay Precision Group *		1,325		36
VMware, Cl A *		4,100		508
Web.com Group *		4,737		110
Weibo ADR *		2,280		295
Western Digital		17,235		1,534
Western Union		26,600		553
WEX *		2,300		356
Workday, Cl A *		7,600		911
Workiva, Cl A *		3,170		71
Worldpay, Cl A *		16,446		1,321
Xcerra *		6,289		63

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Xerox		13,400	$	457
Xilinx		14,200		1,037
XO Group *		3,149		60
Xperi		5,912		133
Yelp, Cl A *		9,786		429
Yext *		2,766		33
Zebra Technologies, Cl A *		2,900		357
Zendesk *		11,949		460
Zillow Group *		5,800		258
Zillow Group, Cl A *		3,300		148
Zix *		5,773		24
Zynga, Cl A *		45,900		164
				415,868
Materials – 2.4%
A Schulman		3,516		137
Advanced Emissions Solutions		2,935		24
AdvanSix *		3,516		139
AgroFresh Solutions *		2,402		18
Air Products & Chemicals		12,300		2,071
AK Steel Holding *		37,928		192
Albemarle		6,200		692
Alcoa		10,855		565
Allegheny Technologies *		15,140		408
American Vanguard		3,488		74
Ampco-Pittsburgh		947		13
AptarGroup		3,500		306
Ardagh Group, Cl A		1,600		32
Ashland Global Holdings		3,400		247
Avery Dennison		5,000		613
Axalta Coating Systems *		11,800		372
Balchem		3,799		300
Ball		20,000		766
Bemis		5,100		238
Berry Global Group *		7,400		438
Boise Cascade		4,579		204
Cabot		3,700		250
Calgon Carbon		6,204		132
Carpenter Technology		5,526		284
Celanese, Cl A		7,900		854
Century Aluminum *		5,861		130
CF Industries Holdings		13,700		581
Chase		840		94
Chemours		10,300		532
Clearwater Paper *		1,991		94
Cleveland-Cliffs *		35,460		243
Codexis *		5,190		45
Coeur Mining *		22,944		184
Commercial Metals		13,942		335
Compass Minerals International		4,091		298
Core Molding Technologies		1,081		23
Crown Holdings *		7,300		424
Deltic Timber		1,327		125

42 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Domtar		3,200	$	164
DowDuPont		135,074		10,209
Eagle Materials		2,900		325
Eastman Chemical		8,200		813
Ecolab		14,900		2,051
Ferro *		10,132		238
Ferroglobe Representation & Warranty Insurance Trust *		6,943		–
Flotek Industries *		6,131		34
FMC		7,600		694
Forterra *		2,070		14
Freeport-McMoRan *		78,300		1,527
FutureFuel		3,046		41
GCP Applied Technologies *		8,675		290
Gold Resource		5,430		25
Graphic Packaging Holding		18,300		296
Greif, Cl A		3,107		184
Greif, Cl B		730		46
Hawkins		1,183		42
Haynes International		1,480		53
HB Fuller		6,079		315
Hecla Mining		47,582		183
Huntsman		11,300		391
Ingevity *		5,128		372
Innophos Holdings		2,390		111
Innospec		2,937		211
International Flavors & Fragrances		4,600		691
International Paper		23,700		1,490
Intrepid Potash *		11,881		46
Kaiser Aluminum		2,008		221
KapStone Paper and Packaging		10,527		365
Klondex Mines *		20,639		45
KMG Chemicals		1,569		95
Koppers Holdings *		2,537		116
Kraton *		3,565		179
Kronos Worldwide		2,883		79
Louisiana-Pacific *		17,508		518
LSB Industries *		2,173		18
LyondellBasell Industries, Cl A		18,800		2,253
Martin Marietta Materials		3,700		844
Materion		2,422		120
Minerals Technologies		4,322		325
MMC Norilsk Nickel PJSC ADR		2,660		55
Monsanto		25,200		3,069
Mosaic		20,500		560
Myers Industries		2,774		58
Neenah		2,027		183
NewMarket		398		158
Newmont Mining		30,700		1,244
Nucor		18,500		1,239
Olin		9,200		343
Olympic Steel		967		23

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
OMNOVA Solutions *		5,099	$	56
Owens-Illinois *		9,800		228
Packaging Corp of America		5,300		666
PH Glatfelter		5,078		119
Platform Specialty Products *		11,500		135
PolyOne		9,841		428
PPG Industries		14,756		1,752
PQ Group Holdings *		3,511		57
Praxair		16,500		2,665
Quaker Chemical		1,575		242
Ramaco Resources *		932		8
Rayonier Advanced Materials		5,283		100
Reliance Steel & Aluminum		3,900		342
Royal Gold		3,900		347
RPM International		7,700		402
Ryerson Holding *		2,117		21
Schnitzer Steel Industries, Cl A		3,328		114
Schweitzer-Mauduit International		3,721		169
Scotts Miracle-Gro, Cl A		2,500		226
Sealed Air		11,400		540
Sensient Technologies		5,422		390
Sherwin-Williams		4,700		1,960
Silgan Holdings		4,200		126
Sonoco Products		5,500		299
Southern Copper		9,400		456
Steel Dynamics		13,600		617
Stepan		2,432		191
Summit Materials, Cl A *		13,508		432
SunCoke Energy *		7,470		83
TimkenSteel *		4,650		75
Trecora Resources *		2,105		28
Tredegar		3,022		55
Tronox, Cl A		10,903		214
UFP Technologies *		692		20
United States Lime & Minerals		219		17
United States Steel		10,300		385
US Concrete *		1,892		147
Valhi		3,906		23
Valvoline		12,134		299
Vedanta ADR		15,000		321
Verso *		3,924		63
Vulcan Materials		7,600		1,029
Warrior Met Coal		3,963		111
Westlake Chemical		2,000		225
WestRock		14,600		973
Worthington Industries		5,393		252
WR Grace		4,000		295
				63,146
Real Estate – 2.6%
Acadia Realty Trust ‡		9,884		243
Agree Realty ‡		3,337		161
Alexander & Baldwin ‡		8,093		215

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 43

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Alexander’s ‡		252	$	92
Alexandria Real Estate Equities ‡		5,400		700
Altisource Residential ‡		6,136		68
American Assets Trust ‡		4,867		172
American Campus Communities ‡		7,300		281
American Homes 4 Rent, Cl A ‡		13,200		274
American Tower, Cl A ‡		24,300		3,589
Apartment Investment & Management, Cl A ‡		8,700		364
Apple Hospitality ‡		11,700		228
Armada Hoffler Properties ‡		5,448		78
Ashford Hospitality Prime ‡		3,501		32
Ashford Hospitality Trust ‡		9,318		60
AvalonBay Communities ‡		7,909		1,348
Bluerock Residential Growth, Cl A ‡		2,487		21
Boston Properties ‡		9,000		1,113
Brandywine Realty Trust ‡		10,600		190
Brixmor Property Group ‡		17,000		276
Camden Property Trust ‡		5,300		459
CareTrust ‡		9,111		145
CatchMark Timber Trust, Cl A ‡		5,615		74
CBL & Associates Properties ‡		20,013		111
CBRE Group, Cl A *		17,200		786
Cedar Realty Trust ‡		10,393		53
Chatham Lodging Trust ‡		5,295		119
Chesapeake Lodging Trust ‡		7,229		198
City Office ‡		3,838		45
Clipper Realty ‡		1,949		18
Colony NorthStar, Cl A ‡		30,058		270
Columbia Property Trust ‡		6,300		138
Community Healthcare Trust ‡		2,127		57
Consolidated-Tomoka Land		444		29
CoreCivic ‡		6,400		148
CorEnergy Infrastructure Trust ‡		1,435		55
CoreSite Realty ‡		1,900		206
Corporate Office Properties Trust ‡		5,900		161
Cousins Properties ‡		50,213		452
Crown Castle International ‡		23,300		2,627
CubeSmart ‡		10,100		278
CyrusOne ‡		5,100		294
DCT Industrial Trust ‡		5,500		326
DDR ‡		16,800		136
DiamondRock Hospitality ‡		23,853		280
Digital Realty Trust ‡		11,643		1,303
Douglas Emmett ‡		9,100		352
Duke Realty ‡		20,300		536
Easterly Government Properties ‡		5,199		108
EastGroup Properties ‡		4,051		352
Education Realty Trust ‡		9,352		309
Empire State Realty Trust, Cl A ‡		7,800		152
EPR Properties ‡		3,600		213
Equinix		4,500		2,048

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Equity Commonwealth *‡		6,700	$	200
Equity LifeStyle Properties ‡		4,700		406
Equity Residential ‡		20,700		1,275
Essex Property Trust ‡		3,700		862
Extra Space Storage ‡		7,000		584
Farmland Partners ‡		4,407		36
Federal Realty Investment Trust ‡		4,100		495
First Industrial Realty Trust ‡		14,290		441
Forest City Realty Trust, Cl A ‡		13,800		324
Forestar Group *		1,503		37
Four Corners Property Trust ‡		7,352		173
Franklin Street Properties ‡		12,254		124
FRP Holdings *		902		45
Gaming and Leisure Properties ‡		11,300		412
GEO Group ‡		14,759		333
Getty Realty ‡		3,753		98
GGP ‡		36,000		829
Gladstone Commercial ‡		3,461		66
Global Medical ‡		2,700		22
Global Net Lease ‡		8,046		148
Government Properties Income Trust ‡		11,514		198
Gramercy Property Trust ‡		19,517		493
Griffin Industrial Realty		101		4
HCP ‡		26,800		645
Healthcare Realty Trust ‡		14,740		440
Healthcare Trust of America, Cl A ‡		10,900		301
Hersha Hospitality Trust, Cl A ‡		4,685		87
HFF, Cl A		4,470		220
Highwoods Properties ‡		6,000		287
Hospitality Properties Trust ‡		9,000		256
Host Hotels & Resorts ‡		42,300		878
Howard Hughes *		2,100		264
Hudson Pacific Properties ‡		8,700		278
Independence Realty Trust ‡		9,985		92
InfraREIT ‡		5,228		99
Investors Real Estate Trust ‡		15,066		85
Invitation Homes		16,700		376
Iron Mountain ‡		16,000		560
iStar Financial *‡		8,041		85
JBG SMITH Properties ‡		4,700		159
Jernigan Capital ‡		1,802		32
Jones Lang LaSalle		2,500		391
Kennedy-Wilson Holdings		14,713		261
Kilroy Realty ‡		5,700		406
Kimco Realty ‡		23,600		375
Kite Realty Group Trust ‡		9,915		167
Lamar Advertising, Cl A ‡		4,500		324
LaSalle Hotel Properties ‡		13,716		419
Lexington Realty Trust ‡		25,828		233
Liberty Property Trust ‡		8,100		335
Life Storage ‡		2,500		208
LTC Properties ‡		4,691		192

44 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Macerich ‡		7,800	$	504
Mack-Cali Realty ‡		10,769		216
Marcus & Millichap *		1,858		61
Maui Land & Pineapple *		1,010		14
MedEquities Realty Trust ‡		3,560		39
Medical Properties Trust ‡		20,100		263
Mid-America Apartment Communities ‡		6,417		612
Monmouth Real Estate Investment ‡		8,866		151
National Health Investors ‡		4,823		340
National Retail Properties		8,800		349
National Storage Affiliates Trust ‡		5,446		138
New Senior Investment Group ‡		10,255		79
NexPoint Residential Trust ‡		2,150		57
NorthStar Realty Europe ‡		6,516		78
Omega Healthcare Investors ‡		11,300		306
One Liberty Properties ‡		1,723		42
Outfront Media ‡		8,300		186
Paramount Group ‡		11,900		179
Park Hotels & Resorts ‡		7,616		220
Pebblebrook Hotel Trust ‡		8,203		320
Pennsylvania ‡		8,057		90
Physicians Realty Trust ‡		21,695		354
Piedmont Office Realty Trust, Cl A ‡		8,900		174
Potlatch ‡		4,826		255
Preferred Apartment Communities, Cl A ‡		4,332		72
Prologis ‡		30,200		1,966
PS Business Parks ‡		2,392		292
Public Storage ‡		8,500		1,664
QTS Realty Trust, Cl A ‡		5,980		298
Quality Care Properties *‡		11,094		150
RAIT Financial Trust ‡		9,643		6
Ramco-Gershenson Properties Trust ‡		9,180		121
Rayonier ‡		6,900		224
RE/MAX Holdings, Cl A		2,183		108
Realogy Holdings		8,200		226
Realty Income ‡		16,200		862
Redfin *		1,261		26
Regency Centers ‡		8,570		539
Retail Opportunity Investments ‡		13,115		241
Retail Properties of America, Cl A ‡		12,000		145
Rexford Industrial Realty ‡		9,267		275
RLJ Lodging Trust ‡		20,352		470
RMR Group		909		59
Ryman Hospitality Properties ‡		5,330		408
Sabra Health Care ‡		21,758		394
Safety Income & Growth ‡		1,350		24
Saul Centers ‡		1,362		74
SBA Communications, Cl A *		6,900		1,204
Select Income ‡		7,726		173
Senior Housing Properties Trust ‡		13,400		232
Seritage Growth Properties ‡		3,080		127
Simon Property Group ‡		17,874		2,920

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
SL Green Realty ‡		5,600	$	563
Spirit Realty Capital ‡		27,300		223
St. Joe *		5,192		98
STAG Industrial ‡		11,360		288
STORE Capital ‡		10,100		248
Stratus Properties		681		21
Summit Hotel Properties ‡		12,245		190
Sun Communities ‡		4,300		382
Sunstone Hotel Investors ‡		27,036		456
Tanger Factory Outlet Centers ‡		4,700		118
Taubman Centers ‡		3,600		222
Tejon Ranch *		2,242		49
Terreno Realty ‡		6,484		231
Tier ‡		5,867		114
Transcontinental Realty Investors *		243		8
Trinity Place Holdings *		2,205		15
UDR ‡		15,300		559
UMH Properties ‡		3,881		52
Uniti Group ‡		9,200		146
Universal Health Realty Income Trust ‡		1,535		102
Urban Edge Properties ‡		12,355		289
Urstadt Biddle Properties, Cl A ‡		3,756		73
Ventas ‡		20,500		1,147
VEREIT ‡		56,400		406
Vornado Realty Trust ‡		9,800		702
Washington ‡		9,497		272
Washington Prime Group ‡		23,003		151
Weingarten Realty Investors ‡		6,300		186
Welltower ‡		21,200		1,271
Weyerhaeuser ‡		42,600		1,599
Whitestone, Cl B ‡		4,519		59
WP Carey ‡		6,200		402
Xenia Hotels & Resorts ‡		12,832		285
				67,657
Telecommunication Services – 1.2%
AT&T		355,531		13,315
ATN International		1,319		78
Boingo Wireless *		4,669		113
CenturyLink		55,957		997
Cincinnati Bell *		5,025		87
Cogent Communications Holdings		5,080		229
Consolidated Communications Holdings		7,941		99
Frontier Communications		9,229		76
General Communication, Cl A *		3,185		134
Globalstar *		71,871		76
Hawaiian Telcom Holdco *		785		23
IDT, Cl B		1,830		20
Intelsat *		4,658		13
Iridium Communications *		10,091		128
Ooma *		2,531		26
ORBCOMM *		7,856		90
pdvWireless *		1,057		36

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 45

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Shenandoah Telecommunications		5,626	$	191
Spok Holdings		2,465		38
Sprint *		35,000		187
Straight Path Communications *		1,186		216
Telephone & Data Systems		5,700		156
T-Mobile US *		16,700		1,087
United States Cellular *		400		15
Verizon Communications		235,991		12,760
Vonage Holdings *		24,479		274
Windstream Holdings		21,904		36
Zayo Group Holdings *		10,800		396
				30,896
Utilities – 1.9%
AES		39,100		452
ALLETE		6,264		454
Alliant Energy		13,000		517
Ameren		14,100		798
American Electric Power		28,500		1,960
American States Water		4,399		243
American Water Works		10,200		848
Aqua America		10,100		366
AquaVenture Holdings *		1,086		17
Artesian Resources, Cl A		1,067		40
Atmos Energy		5,900		489
Avangrid		3,600		175
Avista		7,795		393
Black Hills		6,480		360
Cadiz *		2,451		36
California Water Service Group		5,807		236
Calpine *		19,500		294
CenterPoint Energy		24,700		696
Chesapeake Utilities		1,891		139
CMS Energy		15,700		703
Connecticut Water Service		1,356		72
Consolidated Edison		17,700		1,422
Consolidated Water		1,582		21
Dominion Energy		36,900		2,821
DTE Energy		10,200		1,078
Duke Energy		40,600		3,187
Dynegy, Cl A *		13,601		170
Edison International		18,000		1,126
El Paso Electric		4,895		256
Entergy		10,200		803
Eversource Energy		18,000		1,136
Evoqua Water Technologies *		3,868		88
Exelon		55,600		2,141
FirstEnergy		25,200		829
Genie Energy, Cl B		1,470		6
Global Water Resources		935		8
Great Plains Energy		12,400		386
Hawaiian Electric Industries		5,900		201
IDACORP		6,175		533

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
MDU Resources Group		11,000	$	291
MGE Energy		4,166		249
Middlesex Water		1,923		72
National Fuel Gas		4,700		262
New Jersey Resources		10,406		404
NextEra Energy		27,100		4,293
NiSource		18,600		459
Northwest Natural Gas		3,419		196
NorthWestern		5,886		320
NRG Energy		16,500		429
NRG Yield, Cl C		7,882		149
NRG Yield, Cl A		4,245		80
OGE Energy		11,100		357
ONE Gas		6,392		453
Ormat Technologies		4,816		338
Otter Tail		4,767		203
Pattern Energy Group, Cl A		9,481		196
PG&E		29,300		1,243
Pinnacle West Capital		6,400		512
PNM Resources		9,634		367
Portland General Electric		10,934		463
PPL		39,100		1,246
Public Service Enterprise Group		29,300		1,520
Pure Cycle *		2,578		22
RGC Resources		956		23
SCANA		7,500		305
Sempra Energy		14,500		1,552
SJW Group		1,966		118
South Jersey Industries		9,506		280
Southern		57,700		2,603
Southwest Gas Holdings		5,684		418
Spark Energy, Cl A		1,050		10
Spire		5,714		380
TerraForm Power, Cl A		5,761		63
UGI		10,100		462
Unitil		1,680		74
Vectren		4,700		285
Vistra Energy *		13,400		261
WEC Energy Group		18,000		1,157
Westar Energy, Cl A		8,300		429
WGL Holdings		6,244		526
Xcel Energy		29,400		1,342
York Water		1,587		50
				49,962
				1,802,889
Total Common Stock (Cost $1,916,490) ($ Thousands)				2,557,127

46 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
EXCHANGE TRADED FUNDS – 0.8%
United States — 0.8%
iShares MSCI India Fund		457,464	$	17,041
iShares MSCI Taiwan Fund		75,500		2,917
SPDR S&P 500 Trust Fund		752		212
Total Exchange Traded Funds (Cost $14,907) ($ Thousands)				20,170
PREFERRED STOCK – 0.5%
Brazil – 0.3%
Banco Bradesco		144,693		1,862
Braskem		8,900		139
Centrais Eletricas Brasileiras		17,900		134
Cia Brasileira de Distribuicao		7,800		185
Cia Energetica de Minas Gerais		42,298		100
Gerdau		50,100		228
Itau Unibanco Holding		155,000		2,558
Itausa - Investimentos Itau		187,378		784
Lojas Americanas		35,469		189
Petroleo Brasileiro *		188,200		1,171
Telefonica Brasil		21,200		360
				7,710
Chile – 0.0%
Embotelladora Andina		13,317		65
Sociedad Quimica y Minera de Chile, Cl B		4,440		250
				315
Colombia – 0.0%
Bancolombia		19,672		226
Grupo Aval Acciones y Valores		185,117		83
Grupo de Inversiones Suramericana		5,014		68
				377
Germany – 0.1%
Bayerische Motoren Werke		1,579		155
FUCHS PETROLUB		2,014		111
Henkel & KGaA		5,557		779
Porsche Automobil Holding		4,867		451
Schaeffler		4,809		96
Volkswagen		5,990		1,321
				2,913

Description	Shares		Market Value     ($ Thousands)
PREFERRED STOCK (continued)
South Korea – 0.1%
Amorepacific *		630	$	92
Hyundai Motor		2,908		271
LG Chemical		400		93
LG Household & Health Care		130		82
Samsung Electronics		933		1,843
				2,381
Total Preferred Stock (Cost $8,180) ($ Thousands)				13,696
	Number of               Rights
RIGHTS – 0.0%
Italy – 0.0%
Unicredit, Expires 02/23/2018 *		63		1
Philippines – 0.0%
Robinson Land, Expires 02/13/2018 *		22		1
South Korea – 0.0%
Hyundai Heavy Industries, Expires 03/14/2018 *		–		8
Mirae Asset Daewoo, Expires 02/25/2018 *		4		23
				31
Spain – 0.0%
ACS Actividades de Construcciony Servicios *^		8		4
United States – 0.0%
Durata Therapeutics *^		1		–
Media General *^		12		–
Newstar Financial *^		4		2
Tobira Therapeutics, Expires 12/31/2028 *		1		–
				2
Total Rights (Cost $–) ($ Thousands)				39
Total Investments – 98.1% (Cost $1,939,577) ($ Thousands)			$	2,591,032

Adviser Managed Trust / Semi-Annual Report / January 31, 2018 47

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2018

Tactical Offensive Equity Fund (Continued)

A list of the open futures contracts held by the Fund at January 31, 2018, is as follows:

Type of Contract	Number of Contracts Long		Expiration       Date	Notional Amount     (Thousands)		Value     (Thousands)		Unrealized Appreciation (Thousands)
MSCI EAFE Index E-MINI		95	Mar-2018	$	9,727	$	10,191	$	464
MSCI Emerging Markets E-MINI		148	Mar-2018		8,167		9,308		1,141
Russell 2000 Index E-MINI		66	Mar-2018		5,029		5,201		172
S&P 500 Index E-MINI		169	Mar-2018		22,812		23,878		1,066
S&P Mid Cap 400 Index E-MINI		11	Mar-2018		2,110		2,150		40
				$	47,845	$	50,728	$	2,883

Percentages are based on a Net Assets of $2,641,626 ($ Thousands).

* Non-income producing security.

^ Expiration date unavailable.

^‡  Real Estate Investment Trust.

^†  The Fund may purchase securities of certain companies with which it is affiliated to the extent these companies are represented in its benchmark index.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On January 31, 2018, the value of these securities amounted to $6,590 ($ Thousands), representing 0.2% of the net assets of the Fund.

ADR – American Depositary Receipt

Cl – Class

EAFE – Europe, Australasia and Far East

GDR – Global Depositary Receipt

MSCI – Morgan Stanley Capital International

NVDR – Non-voting Depositary Receipt

PJSC – Public Joint-Stock Company

S&P– Standard & Poor’s

Ser – Series

SPDR – Standard & Poor’s Depository Receipt

The following is a list of the level of inputs used as of January 31, 2018, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3‡		Total
Common Stock	$	2,557,127	$	–	$	–	$	2,557,127
Exchange Traded Funds		20,170		–		–		20,170
Preferred Stock		13,696		–		–		13,696
Rights		39		–		–^		39
Total Investments in Securities	$	2,591,032	$	–	$	–	$	2,591,032

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts * Unrealized Appreciation	$	2,883	$	–	$	–	$	2,883
Total Other Financial Instruments	$	2,883	$	–	$	–	$	2,883

* Futures contracts are valued at the unrealized appreciation on the instrument.

^‡ A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level

3 investments at the beginning and/or end of the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

^ Represents securities in which the fair value is $0 or has been rounded to $0.

For the year period ended January 31, 2018, there were transfers between Level 1 and Level 2 assets and liabilities due to the availability of quoted prices in active markets to determine fair value. For the period ended January 31, 2018, there were no transfers between Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the year.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the transactions the Fund had with affiliates for the period ended January 31, 2018 ($ Thousands):

Security Description	Value 8/1/2017		Purchases at     Cost	Proceeds from Sales	Realized Gain	Change in Unrealized     Appreciation (Depreciation)		Value     01/31/2018		Dividend     Income
SEI Investments		$435	$–	$–	$–		$144		$579		$2

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

The accompanying notes are an integral part of the financial statements.

48 Adviser Managed Trust / Semi-Annual Report / January 31, 2018

Item 7.     Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.  Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable.

Item 10.  Submission of Matters to a Vote of Security Holders.

The Registrant has a standing Committee (the “Committee”) currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Registrant’s Board of Trustees (the “Board”). Pursuant to the Committee’s Charter, adopted on June 18^th 2004, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant’s office.

Item 11.  Controls and Procedures.

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

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

Item 12.  Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.  Exhibits.

(a)(1) Not applicable for semi-annual report.

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

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an exhibit.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Adviser Managed Trust
By	/s/ Robert A. Nesher
	Robert A. Nesher, President & CEO
Date: April 9, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By	/s/ Robert A. Nesher
	Robert A. Nesher, President & CEO
Date: April 9, 2018
By	/s/ James J. Hoffmayer
	James J. Hoffmayer, Controller & CFO
Date: April 9, 2018