UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRs

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22480

Adviser Managed Trust

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices)

Timothy D. Barto, Esq.

SEI Investments Co.

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-610-676-1000

Date of fiscal year end: July 31, 2019

Date of reporting period: January 31, 2019

Item 1. Reports to Stockholders.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-DIAL-SEI. Your election to receive reports in paper will apply to all funds held with the SEI Funds or your financial intermediary.

TABLE OF CONTENTS

Schedules of Investments	1
Statements of Assets and Liabilities	51
Statements of Operations	52
Statements of Changes in Net Assets	53
Financial Highlights	54
Notes to Financial Statements	55
Disclosure of Fund Expenses	71

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

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

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Equity Fund

^†Percentages are based on total investments.

Description	Percentage of Net Assets (%)	Shares		Market Value     ($ Thousands)
EXCHANGE TRADED FUND — 100.0%
United States — 100.0%
SPDR S&P 500 ETF Trust 100.0%			752	$	203
Total Exchange Traded Fund (Cost $100) ($ Thousands)					203
Total Investments — 100.0% (Cost $100)($ Thousands)				$	203

Percentages are based on a Net Assets of $203 ($ Thousands).

ETF — Exchange Traded Fund

S&P— Standard & Poor’s

SPDR — Standard & Poor’s Depository Receipt

As of January 31, 2019, all of the Fund’s investments were considered level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended January 31, 2019, there were no transfers between Level 1, Level 2 assets and/or Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

As of January 31, 2019, the Fund was not an active component of the Adviser Managed Strategy. See Note 1 – Organization in Notes to Financial Statements.

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

The following is a summary of the transactions the Fund had with affiliates for the period ended January 31, 2019 ($ Thousands):

Security Description	Value 7/31/18		Purchases at Cost		Proceeds from Sales		Realized Loss		Change in Unrealized Depreciation		Value 1/31/19		Income
SEI		$462		$—		$(361)		$(11)		$(90)		$—		$—
SEI Daily Income Trust, Government Fund, Cl F		—		1,700,000		(1,700,000)		—		—		—		97
Totals		$462		$1,700,000		$(1,700,361)		$(11)		$(90)		$—		$97

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

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

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 1

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund

^†Percentages based on total investments.

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS — 29.9%
Communication Services — 2.7%
21st Century Fox America
6.650%, 11/15/2037	$	100	$	132
6.150%, 02/15/2041		50		63
4.500%, 02/15/2021		100		102
3.000%, 09/15/2022		100		100
Acosta
7.750%, 10/01/2022 (A)		130		18
Activision Blizzard
3.400%, 09/15/2026		50		48
2.300%, 09/15/2021		30		29
Alphabet
3.625%, 05/19/2021		100		103
1.998%, 08/15/2026		50		46
Altice Financing
7.500%, 05/15/2026 (A)		425		403
6.625%, 02/15/2023 (A)		100		100
Altice France
8.125%, 02/01/2027 (A)		200		196
7.375%, 05/01/2026 (A)		450		434
6.250%, 05/15/2024 (A)		225		221
Altice Luxembourg
7.750%, 05/15/2022 (A)		150		145
7.625%, 02/15/2025 (A)		250		213
AMC Entertainment Holdings
5.750%, 06/15/2025		38		35
AMC Networks
5.000%, 04/01/2024		50		50
4.750%, 08/01/2025		105		101
America Movil
6.375%, 03/01/2035		100		120
6.125%, 03/30/2040		100		121
5.000%, 03/30/2020		50		51
AT&T
6.000%, 08/15/2040		100		108
5.700%, 03/01/2057		250		255
5.650%, 02/15/2047		50		52
5.450%, 03/01/2047		100		102
5.250%, 03/01/2037		50		51
5.150%, 03/15/2042		150		147
5.150%, 02/15/2050		200		194
4.900%, 08/15/2037		100		97
4.500%, 05/15/2035		150		142

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.350%, 06/15/2045	$	100	$	88
4.250%, 03/01/2027		150		152
4.100%, 02/15/2028		116		115
3.950%, 01/15/2025		100		101
3.800%, 03/01/2024		50		51
3.400%, 05/15/2025		150		147
3.200%, 03/01/2022		90		90
Baidu
4.375%, 03/29/2028		100		100
Bell Canada
4.464%, 04/01/2048		15		15
Block Communications
6.875%, 02/15/2025 (A)		50		51
British Telecommunications
9.625%, 12/15/2030		150		209
CBS
5.500%, 05/15/2033		75		78
4.000%, 01/15/2026		35		35
3.500%, 01/15/2025		100		97
CCO Holdings
5.875%, 04/01/2024 (A)		417		428
5.750%, 02/15/2026 (A)		200		203
5.500%, 05/01/2026 (A)		200		199
5.125%, 05/01/2027 (A)		265		256
5.000%, 02/01/2028 (A)		279		265
4.000%, 03/01/2023 (A)		43		42
CenturyLink
7.500%, 04/01/2024		100		102
Charter Communications Operating
6.834%, 10/23/2055		35		38
6.484%, 10/23/2045		165		178
6.384%, 10/23/2035		50		53
5.750%, 04/01/2048		50		50
5.375%, 04/01/2038		100		96
5.375%, 05/01/2047		35		33
4.908%, 07/23/2025		150		154
4.464%, 07/23/2022		50		51
3.750%, 02/15/2028		100		93
3.579%, 07/23/2020		55		55
Cincinnati Bell
7.000%, 07/15/2024 (A)		135		116
Comcast
4.950%, 10/15/2058		25		26
4.700%, 10/15/2048		40		42
4.600%, 10/15/2038		55		57
4.600%, 08/15/2045		100		102
4.400%, 08/15/2035		50		50
4.250%, 10/15/2030		25		26
4.250%, 01/15/2033		100		102
4.150%, 10/15/2028		70		72
3.900%, 03/01/2038		100		95
3.700%, 04/15/2024		55		56

2 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.450%, 10/01/2021	$	65	$	66
3.400%, 07/15/2046		100		85
3.375%, 02/15/2025		150		151
3.375%, 08/15/2025		65		65
3.300%, 02/01/2027		100		98
3.200%, 07/15/2036		100		87
2.750%, 03/01/2023		100		99
Consolidated Communications
6.500%, 10/01/2022		50		46
Deutsche Telekom International Finance
8.750%, 06/15/2030		100		134
Discovery Communications
6.350%, 06/01/2040		100		107
5.200%, 09/20/2047		60		57
3.950%, 03/20/2028		60		57
3.800%, 03/13/2024		100		99
DISH DBS
5.875%, 11/15/2024		360		298
Electronic Arts
4.800%, 03/01/2026		50		52
3.700%, 03/01/2021		50		51
Fox
5.576%, 01/25/2049 (A)		25		27
5.476%, 01/25/2039 (A)		10		10
4.709%, 01/25/2029 (A)		40		42
4.030%, 01/25/2024 (A)		25		25
Frontier Communications
11.000%, 09/15/2025		370		238
10.500%, 09/15/2022		210		150
8.500%, 04/01/2026 (A)		145		132
6.875%, 01/15/2025		100		53
Gogo Intermediate Holdings
12.500%, 07/01/2022 (A)		60		65
Gray Television
7.000%, 05/15/2027 (A)		35		36
5.875%, 07/15/2026 (A)		125		123
5.125%, 10/15/2024 (A)		100		97
Inmarsat Finance
4.875%, 05/15/2022 (A)		100		97
Intelsat Connect Finance
9.500%, 02/15/2023 (A)		95		89
Intelsat Jackson Holdings
9.750%, 07/15/2025 (A)		160		167
8.500%, 10/15/2024 (A)		295		298
8.000%, 02/15/2024 (A)		200		208
Koninklijke
8.375%, 10/01/2030		50		66
Level 3 Financing
5.375%, 08/15/2022		100		101
5.375%, 05/01/2025		50		49
5.250%, 03/15/2026		100		97
5.125%, 05/01/2023		250		248

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Level 3 Parent
5.750%, 12/01/2022	$	100	$	100
Live Nation Entertainment
4.875%, 11/01/2024 (A)		115		113
Midcontinent Communications
6.875%, 08/15/2023 (A)		75		77
NBCUniversal Media
5.950%, 04/01/2041		100		119
5.150%, 04/30/2020		50		51
Netflix
6.375%, 05/15/2029 (A)		200		206
5.875%, 02/15/2025		138		143
5.875%, 11/15/2028 (A)		220		223
Nexstar Broadcasting
5.625%, 08/01/2024 (A)		82		79
Nokia
4.375%, 06/12/2027		25		24
3.375%, 06/12/2022		120		118
Omnicom Group
3.600%, 04/15/2026		100		97
Orange
9.000%, 03/01/2031		100		141
5.500%, 02/06/2044		25		28
Rogers Communications
5.000%, 03/15/2044		100		106
4.300%, 02/15/2048		40		39
2.900%, 11/15/2026		100		93
Sirius XM Radio
6.000%, 07/15/2024 (A)		200		208
5.375%, 07/15/2026 (A)		157		156
5.000%, 08/01/2027 (A)		260		251
Sprint
7.875%, 09/15/2023		400		425
7.625%, 02/15/2025		200		209
7.625%, 03/01/2026		100		104
Telefonica Emisiones
7.045%, 06/20/2036		100		118
5.134%, 04/27/2020		100		102
4.895%, 03/06/2048		150		140
4.665%, 03/06/2038		150		140
Telenet Finance Luxembourg Notes Sarl
5.500%, 03/01/2028 (A)		200		189
Telesat Canada
8.875%, 11/15/2024 (A)		120		126
TELUS
4.600%, 11/16/2048		25		25
T-Mobile USA
6.500%, 01/15/2026		150		159
6.375%, 03/01/2025		300		311
6.000%, 03/01/2023		200		205
5.375%, 04/15/2027		100		101
4.750%, 02/01/2028		100		96

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 3

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.500%, 02/01/2026	$	160	$	156
0.000%, 03/01/2023		200		–
0.000%, 01/15/2024		150		–
0.000%, 03/01/2025		535		–
0.000%, 01/15/2026		610		–
Tribune Media
5.875%, 07/15/2022		100		102
UPCB Finance IV
5.375%, 01/15/2025 (A)		200		193
Verizon Communications
4.812%, 03/15/2039		100		102
4.522%, 09/15/2048		153		149
4.500%, 08/10/2033		100		102
4.329%, 09/21/2028		156		161
4.125%, 08/15/2046		50		46
3.376%, 02/15/2025		100		100
3.125%, 03/16/2022		100		100
2.625%, 08/15/2026		150		140
Viacom
6.250%, VAR ICE LIBOR USD 3 Month+3.899%, 02/28/2057		106		102
5.875%, VAR ICE LIBOR USD 3 Month+3.895%, 02/28/2057		50		48
5.850%, 09/01/2043		100		102
4.250%, 09/01/2023		25		25
Videotron
5.375%, 06/15/2024 (A)		100		104
Virgin Media Secured Finance
5.250%, 01/15/2026 (A)		250		246
Vodafone Group
6.150%, 02/27/2037		100		109
5.250%, 05/30/2048		75		73
5.000%, 05/30/2038		40		39
4.375%, 05/30/2028		70		70
4.125%, 05/30/2025		25		25
3.750%, 01/16/2024		45		45
Walt Disney
3.000%, 02/13/2026		100		99
Walt Disney MTN
4.125%, 06/01/2044		125		127
3.000%, 07/30/2046		50		42
2.350%, 12/01/2022		50		49
2.300%, 02/12/2021		100		99
1.800%, 06/05/2020		50		50
Wind Tre
5.000%, 01/20/2026 (A)		200		165
Windstream Services
9.000%, 06/30/2025 (A)		87		65
8.625%, 10/31/2025 (A)		125		118
WTT Investment
5.500%, 11/21/2022 (A)		200		197

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Zayo Group
6.375%, 05/15/2025	$	200	$	195
6.000%, 04/01/2023		70		70
5.750%, 01/15/2027 (A)		75		73
Ziggo BV
6.000%, 01/15/2027 (A)		200		184
5.500%, 01/15/2027 (A)		150		142
				21,154
Consumer Discretionary — 2.9%
1011778 BC ULC / New Red Finance
5.000%, 10/15/2025 (A)		300		290
4.625%, 01/15/2022 (A)		100		100
4.250%, 05/15/2024 (A)		150		145
24 Hour Fitness Worldwide
8.000%, 06/01/2022 (A)		75		74
Adient Global Holdings
4.875%, 08/15/2026 (A)		200		150
Advance Auto Parts
4.500%, 12/01/2023		100		102
Albertsons
7.500%, 03/15/2026 (A)		25		25
5.750%, 03/15/2025		265		248
Alibaba Group Holding
4.200%, 12/06/2047		60		56
3.600%, 11/28/2024		100		101
3.400%, 12/06/2027		100		95
Amazon.com
5.200%, 12/03/2025		50		56
4.950%, 12/05/2044		100		115
4.800%, 12/05/2034		100		112
4.250%, 08/22/2057		70		72
4.050%, 08/22/2047		70		71
3.875%, 08/22/2037		45		45
3.150%, 08/22/2027		150		149
2.800%, 08/22/2024		25		25
2.500%, 11/29/2022		100		100
2.400%, 02/22/2023		50		49
1.900%, 08/21/2020		30		30
American Axle & Manufacturing
6.250%, 04/01/2025		30		29
American Honda Finance MTN
3.550%, 01/12/2024		100		101
3.500%, 02/15/2028		50		50
2.900%, 02/16/2024		50		49
2.000%, 02/14/2020		50		50
1.700%, 09/09/2021		75		72
Aptiv
3.150%, 11/19/2020		100		100
APX Group
7.875%, 12/01/2022		58		56

4 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Aramark Services
5.125%, 01/15/2024	$	83	$	84
5.000%, 04/01/2025 (A)		100		100
5.000%, 02/01/2028 (A)		60		59
Asbury Automotive Group
6.000%, 12/15/2024		50		50
AutoNation
4.500%, 10/01/2025		100		97
AutoZone
3.750%, 06/01/2027		100		99
3.700%, 04/15/2022		80		80
BAT Capital
4.540%, 08/15/2047		60		49
4.390%, 08/15/2037		70		60
3.557%, 08/15/2027		50		46
2.297%, 08/14/2020		100		98
Beazer Homes USA
8.750%, 03/15/2022		50		52
Best Buy
4.450%, 10/01/2028		50		48
Block Financial
4.125%, 10/01/2020		100		101
Board of Trustees of The Leland Stanford Junior University
3.647%, 05/01/2048		25		25
Booking Holdings
3.600%, 06/01/2026		50		49
3.550%, 03/15/2028		50		48
2.750%, 03/15/2023		50		49
BorgWarner
4.375%, 03/15/2045		50		46
3.375%, 03/15/2025		100		97
Boyd Gaming
6.875%, 05/15/2023		62		64
6.375%, 04/01/2026		100		102
6.000%, 08/15/2026		100		100
Bunge Finance
3.750%, 09/25/2027		30		27
3.500%, 11/24/2020		50		50
3.000%, 09/25/2022		55		53
Caesars Resort Collection
5.250%, 10/15/2025 (A)		94		88
Cedar Fair
5.375%, 04/15/2027		110		109
Cengage Learning
9.500%, 06/15/2024 (A)		61		41
Churchill Downs
4.750%, 01/15/2028 (A)		94		90
Council of Europe Development Bank
2.625%, 02/13/2023		120		120
1.625%, 03/10/2020		100		99

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
CSC Holdings
10.875%, 10/15/2025 (A)	$	103	$	119
10.125%, 01/15/2023 (A)		300		324
7.500%, 04/01/2028 (A)		200		205
6.625%, 10/15/2025 (A)		250		262
5.500%, 05/15/2026 (A)		78		77
5.500%, 04/15/2027 (A)		85		83
5.375%, 07/15/2023 (A)		150		152
Daimler Finance North America
8.500%, 01/18/2031		50		69
Darden Restaurants
4.550%, 02/15/2048		15		14
3.850%, 05/01/2027		30		29
Delphi Technologies
5.000%, 10/01/2025 (A)		105		90
Diamond Resorts International
10.750%, 09/01/2024 (A)		75		69
7.750%, 09/01/2023 (A)		50		49
Dollar General
3.250%, 04/15/2023		100		99
Dollar Tree
4.200%, 05/15/2028		45		43
4.000%, 05/15/2025		100		98
3.700%, 05/15/2023		45		44
DR Horton
4.000%, 02/15/2020		55		55
eBay
3.450%, 08/01/2024		50		49
2.600%, 07/15/2022		100		97
Eldorado Resorts
6.000%, 04/01/2025		100		101
6.000%, 09/15/2026 (A)		25		25
ESH Hospitality
5.250%, 05/01/2025 (A)		100		99
Expedia Group
5.000%, 02/15/2026		100		102
4.500%, 08/15/2024		50		51
Fiat Chrysler Automobiles
5.250%, 04/15/2023		200		202
Ford Motor
7.450%, 07/16/2031		100		101
5.291%, 12/08/2046		50		40
4.750%, 01/15/2043		125		95
Ford Motor Credit
5.875%, 08/02/2021		100		102
5.596%, 01/07/2022		200		203
2.979%, 08/03/2022		100		93
Garda World Security
8.750%, 05/15/2025 (A)		110		102
General Motors
6.600%, 04/01/2036		100		102
5.400%, 04/01/2048		50		44

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 5

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.150%, 04/01/2038	$	30	$	26
5.000%, 04/01/2035		50		44
4.200%, 10/01/2027		50		46
General Motors Financial
4.350%, 04/09/2025		75		72
4.350%, 01/17/2027		70		65
4.000%, 10/06/2026		50		46
3.950%, 04/13/2024		50		48
3.700%, 05/09/2023		35		34
3.550%, 04/09/2021		60		60
3.500%, 11/07/2024		100		93
3.450%, 01/14/2022		100		98
3.450%, 04/10/2022		50		49
3.200%, 07/13/2020		100		100
3.200%, 07/06/2021		50		49
3.150%, 06/30/2022		70		68
2.450%, 11/06/2020		100		98
George Washington University
4.868%, 09/15/2045		50		56
Golden Nugget
8.750%, 10/01/2025 (A)		105		108
6.750%, 10/15/2024 (A)		75		75
Goodyear Tire & Rubber
5.125%, 11/15/2023		200		200
4.875%, 03/15/2027		55		49
Group 1 Automotive
5.000%, 06/01/2022		100		99
Guitar Center Escrow Issuer
9.500%, 10/15/2021 (A)		65		61
Hanesbrands
4.625%, 05/15/2024 (A)		176		173
Hasbro
3.500%, 09/15/2027		60		56
HD Supply
5.375%, 10/15/2026 (A)		100		101
Hilton Domestic Operating
4.250%, 09/01/2024		170		167
Hilton Worldwide Finance
4.625%, 04/01/2025		120		118
Home Depot
4.400%, 04/01/2021		100		104
4.400%, 03/15/2045		50		52
3.900%, 12/06/2028		40		42
3.900%, 06/15/2047		50		48
3.500%, 09/15/2056		100		87
3.000%, 04/01/2026		100		98
2.625%, 06/01/2022		75		75
2.000%, 04/01/2021		50		49
1.800%, 06/05/2020		71		70
IHO Verwaltungs GmbH
4.500% cash/0% PIK, 09/15/2023 (A)		250		238

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
International Game Technology
6.250%, 02/15/2022 (A)	$	100	$	104
6.250%, 01/15/2027 (A)		250		253
Jack Ohio Finance
6.750%, 11/15/2021 (A)		115		119
Jaguar Holding II
6.375%, 08/01/2023 (A)		102		101
Jaguar Land Rover Automotive
4.500%, 10/01/2027 (A)		125		93
JBS Investments GmbH
7.250%, 04/03/2024 (A)		200		207
JC Penney
5.875%, 07/01/2023 (A)		50		42
KFC Holding
5.250%, 06/01/2026 (A)		92		93
4.750%, 06/01/2027 (A)		125		121
L Brands
5.625%, 10/15/2023		50		50
Laureate Education
8.250%, 05/01/2025 (A)		90		98
Lear
5.250%, 01/15/2025		70		72
3.800%, 09/15/2027		100		92
Leggett & Platt
3.500%, 11/15/2027		50		47
Lennar
4.750%, 04/01/2021		100		101
4.750%, 05/30/2025		100		98
4.750%, 11/29/2027		100		95
Lowe’s
4.250%, 09/15/2044		50		46
3.700%, 04/15/2046		150		127
3.375%, 09/15/2025		100		98
3.125%, 09/15/2024		100		98
Macy’s Retail Holdings
4.500%, 12/15/2034		12		10
3.450%, 01/15/2021		50		50
2.875%, 02/15/2023		75		68
Magna International
3.625%, 06/15/2024		100		101
Marriott International
3.125%, 10/15/2021		100		100
3.125%, 06/15/2026		50		47
2.300%, 01/15/2022		50		48
Marriott Ownership Resorts
6.500%, 09/15/2026 (A)		80		81
Massachusetts Institute of Technology
5.600%, 07/01/2111		100		131
Mattamy Group
6.500%, 10/01/2025 (A)		75		70
Mattel
6.750%, 12/31/2025 (A)		100		95

6 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
McDonald’s MTN
6.300%, 10/15/2037	$	50	$	60
4.875%, 12/09/2045		125		130
4.700%, 12/09/2035		175		180
4.450%, 03/01/2047		25		25
3.800%, 04/01/2028		50		50
3.700%, 01/30/2026		30		30
3.350%, 04/01/2023		30		30
2.750%, 12/09/2020		120		120
MDC Partners
6.500%, 05/01/2024 (A)		150		137
Meredith
6.875%, 02/01/2026 (A)		100		103
MGM Resorts International
5.750%, 06/15/2025		340		342
NCL
4.750%, 12/15/2021 (A)		72		72
Newell Brands
5.375%, 04/01/2036		24		23
4.200%, 04/01/2026		50		48
3.850%, 04/01/2023		60		59
Newell Rubbermaid
4.000%, 12/01/2024		100		96
NIKE
3.875%, 11/01/2045		100		100
Nordstrom
5.000%, 01/15/2044		100		88
4.000%, 03/15/2027		100		94
Northwestern University
3.662%, 12/01/2057		25		24
O’Reilly Automotive
4.350%, 06/01/2028		50		51
3.600%, 09/01/2027		100		97
3.550%, 03/15/2026		50		48
Party City Holdings
6.625%, 08/01/2026 (A)		70		68
Penske Automotive Group
5.500%, 05/15/2026		50		49
PetSmart
8.875%, 06/01/2025 (A)		85		54
7.125%, 03/15/2023 (A)		158		99
5.875%, 06/01/2025 (A)		120		94
President & Fellows of Harvard College
3.150%, 07/15/2046		100		90
Prime Security Services Borrower
9.250%, 05/15/2023 (A)		151		160
PulteGroup
5.000%, 01/15/2027		107		102
4.250%, 03/01/2021		100		102
QVC
4.450%, 02/15/2025		100		96

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Refinitiv US Holdings
8.250%, 11/15/2026 (A)	$	150	$	141
6.250%, 05/15/2026 (A)		140		137
RELX Capital
3.500%, 03/16/2023		60		60
Ritchie Bros Auctioneers
5.375%, 01/15/2025 (A)		25		25
Sabre
5.375%, 04/15/2023 (A)		35		35
Sally Holdings
5.625%, 12/01/2025		75		73
Scientific Games International
10.000%, 12/01/2022		200		210
5.000%, 10/15/2025 (A)		100		95
Service International
5.375%, 05/15/2024		150		153
ServiceMaster
5.125%, 11/15/2024 (A)		130		127
Silversea Cruise Finance
7.250%, 02/01/2025 (A)		110		118
Simmons Foods
5.750%, 11/01/2024 (A)		74		60
Six Flags Entertainment
5.500%, 04/15/2027 (A)		75		74
Staples
8.500%, 09/15/2025 (A)		100		96
Starbucks
4.500%, 11/15/2048		30		29
4.000%, 11/15/2028		50		51
3.800%, 08/15/2025		50		50
3.500%, 03/01/2028		50		49
3.100%, 03/01/2023		50		50
2.700%, 06/15/2022		50		49
Stars Group Holdings BV
7.000%, 07/15/2026 (A)		75		76
Station Casinos
5.000%, 10/01/2025 (A)		134		128
Studio City
7.250%, 11/30/2021 (A)		200		206
Summit Materials
6.125%, 07/15/2023		50		50
Tapestry
4.125%, 07/15/2027		50		47
Target
3.900%, 11/15/2047		100		96
3.500%, 07/01/2024		50		51
Tempur Sealy International
5.500%, 06/15/2026		64		61
Tenneco
5.000%, 07/15/2026		105		89
Tesla
5.300%, 08/15/2025 (A)		144		128

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 7

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Time Warner Cable
6.550%, 05/01/2037	$	100	$	105
5.875%, 11/15/2040		100		99
5.000%, 02/01/2020		50		51
4.500%, 09/15/2042		100		83
TJX
2.250%, 09/15/2026		150		139
Toyota Motor Credit MTN
3.400%, 04/14/2025		100		102
3.300%, 01/12/2022		100		101
2.950%, 04/13/2021		50		50
2.900%, 04/17/2024		50		50
2.800%, 07/13/2022		50		50
2.600%, 01/11/2022		100		99
2.250%, 10/18/2023		50		48
1.900%, 04/08/2021		50		49
Under Armour
3.250%, 06/15/2026		100		88
University of Notre Dame du Lac
3.394%, 02/15/2048		100		93
University of Southern California
3.028%, 10/01/2039		150		138
Univision Communications
6.750%, 09/15/2022 (A)		48		48
5.125%, 02/15/2025 (A)		97		89
Verscend Escrow
9.750%, 08/15/2026 (A)		135		136
Viking Cruises
5.875%, 09/15/2027 (A)		34		33
VOC Escrow
5.000%, 02/15/2028 (A)		100		97
Warner Media
6.250%, 03/29/2041		150		167
6.200%, 03/15/2040		275		302
3.550%, 06/01/2024		100		99
2.950%, 07/15/2026		85		79
Whirlpool
3.700%, 05/01/2025		50		49
WPP Finance
3.750%, 09/19/2024		100		95
Wyndham Hotels & Resorts
5.375%, 04/15/2026 (A)		85		85
Wynn Las Vegas
5.250%, 05/15/2027 (A)		255		238
Wynn Macau
5.500%, 10/01/2027 (A)		100		91
				23,052
Consumer Staples — 1.6%
Altria Group
5.375%, 01/31/2044		100		94
2.850%, 08/09/2022		100		98

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Anheuser-Busch
4.900%, 02/01/2046 (A)	$	100	$	96
4.700%, 02/01/2036 (A)		100		96
3.650%, 02/01/2026 (A)		100		98
Anheuser-Busch InBev Finance
4.625%, 02/01/2044		100		90
2.650%, 02/01/2021		50		50
Anheuser-Busch InBev Worldwide
8.200%, 01/15/2039		100		133
5.800%, 01/23/2059		45		47
5.550%, 01/23/2049		100		104
5.450%, 01/23/2039		65		68
4.900%, 01/23/2031		65		68
4.750%, 01/23/2029		85		88
4.600%, 04/15/2048		50		45
4.375%, 04/15/2038		35		32
4.150%, 01/23/2025		60		62
4.000%, 04/13/2028		60		60
3.750%, 01/15/2022		100		102
3.750%, 07/15/2042		100		82
3.500%, 01/12/2024		55		55
Archer-Daniels-Midland
4.479%, 03/01/2021		50		52
4.016%, 04/16/2043		100		98
3.750%, 09/15/2047		100		90
2.500%, 08/11/2026		100		94
Avon International Operations
7.875%, 08/15/2022 (A)		70		71
B&G Foods
4.625%, 06/01/2021		100		101
Brown-Forman
4.500%, 07/15/2045		35		37
Campbell Soup
4.800%, 03/15/2048		40		35
4.150%, 03/15/2028		100		96
3.300%, 03/15/2021		65		65
Chobani
7.500%, 04/15/2025 (A)		100		86
Clorox
3.900%, 05/15/2028		50		51
3.100%, 10/01/2027		50		48
Coca-Cola
2.875%, 10/27/2025		100		98
2.250%, 09/01/2026		50		47
1.550%, 09/01/2021		50		49
Coca-Cola European Partners
3.500%, 09/15/2020		100		100
Colgate-Palmolive MTN
4.000%, 08/15/2045		50		51
3.250%, 03/15/2024		50		50
2.300%, 05/03/2022		100		99

8 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Conagra Brands
5.400%, 11/01/2048	$	20	$	19
5.300%, 11/01/2038		15		14
4.850%, 11/01/2028		25		25
4.300%, 05/01/2024		10		10
3.800%, 10/22/2021		10		10
3.200%, 01/25/2023		118		115
Constellation Brands
4.500%, 05/09/2047		20		19
4.250%, 05/01/2023		90		92
4.100%, 02/15/2048		50		44
3.750%, 05/01/2021		25		25
3.600%, 02/15/2028		50		48
3.500%, 05/09/2027		15		14
3.200%, 02/15/2023		50		49
2.700%, 05/09/2022		15		15
2.650%, 11/07/2022		100		97
Costco Wholesale
3.000%, 05/18/2027		100		98
Cott Holdings
5.500%, 04/01/2025 (A)		95		94
Coty
6.500%, 04/15/2026 (A)		125		113
Diageo Capital
2.625%, 04/29/2023		50		49
Diageo Investment
4.250%, 05/11/2042		100		104
2.875%, 05/11/2022		50		50
Energizer Holdings
7.750%, 01/15/2027 (A)		10		10
6.375%, 07/15/2026 (A)		30		29
5.500%, 06/15/2025 (A)		113		108
Estee Lauder
4.375%, 06/15/2045		50		52
4.150%, 03/15/2047		50		51
3.150%, 03/15/2027		50		49
Fresh Market
9.750%, 05/01/2023 (A)		100		75
General Mills
4.700%, 04/17/2048		20		19
4.550%, 04/17/2038		115		107
4.200%, 04/17/2028		25		25
3.700%, 10/17/2023		40		40
3.200%, 04/16/2021		10		10
3.150%, 12/15/2021		100		100
2.600%, 10/12/2022		100		97
Hershey
3.200%, 08/21/2025		100		99
Ingredion
3.200%, 10/01/2026		100		93
JBS USA LUX
6.750%, 02/15/2028 (A)		95		97

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.875%, 07/15/2024 (A)	$	100	$	101
JM Smucker
4.375%, 03/15/2045		100		90
4.250%, 03/15/2035		20		18
3.500%, 03/15/2025		100		98
Kellogg
4.000%, 12/15/2020		100		102
3.400%, 11/15/2027		100		94
Keurig Dr Pepper
4.597%, 05/25/2028 (A)		50		51
4.500%, 11/15/2045		130		116
2.550%, 09/15/2026		100		89
Kimberly-Clark
6.625%, 08/01/2037		50		66
3.050%, 08/15/2025		50		49
2.750%, 02/15/2026		50		48
Kraft Foods Group
5.000%, 06/04/2042		100		93
Kraft Heinz Foods
6.500%, 02/09/2040		100		107
5.200%, 07/15/2045		100		94
4.375%, 06/01/2046		60		52
3.950%, 07/15/2025		100		100
3.000%, 06/01/2026		55		51
2.800%, 07/02/2020		100		100
Kroger
4.500%, 01/15/2029		50		50
4.000%, 02/01/2024		100		101
3.875%, 10/15/2046		100		81
3.700%, 08/01/2027		35		34
Kronos Acquisition Holdings
9.000%, 08/15/2023 (A)		65		55
Lamb Weston Holdings
4.875%, 11/01/2026 (A)		125		124
McCormick
3.400%, 08/15/2027		100		95
Mead Johnson Nutrition
4.125%, 11/15/2025		30		31
3.000%, 11/15/2020		30		30
Molson Coors Brewing
5.000%, 05/01/2042		93		93
4.200%, 07/15/2046		40		35
3.000%, 07/15/2026		100		93
Mondelez International
4.000%, 02/01/2024		100		102
NVA Holdings
6.875%, 04/01/2026 (A)		50		48
PepsiCo
4.600%, 07/17/2045		45		49
4.250%, 10/22/2044		100		102
4.000%, 05/02/2047		35		36
3.600%, 03/01/2024		100		104

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 9

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.500%, 07/17/2025	$	100	$	102
3.000%, 10/15/2027		50		49
2.750%, 03/05/2022		50		50
2.250%, 05/02/2022		50		49
Philip Morris International
6.375%, 05/16/2038		100		118
4.500%, 03/26/2020		100		102
4.250%, 11/10/2044		50		47
4.125%, 03/04/2043		50		46
3.125%, 08/17/2027		100		95
3.125%, 03/02/2028		50		47
2.750%, 02/25/2026		50		47
2.625%, 02/18/2022		25		24
2.500%, 11/02/2022		50		48
2.375%, 08/17/2022		100		98
2.125%, 05/10/2023		25		24
2.000%, 02/21/2020		35		35
1.875%, 02/25/2021		50		49
Pilgrim’s Pride
5.750%, 03/15/2025 (A)		148		145
Post Holdings
5.750%, 03/01/2027 (A)		205		201
5.625%, 01/15/2028 (A)		208		199
5.500%, 03/01/2025 (A)		45		45
Procter & Gamble
2.850%, 08/11/2027		100		98
2.450%, 11/03/2026		50		48
1.700%, 11/03/2021		100		97
Reynolds American
6.875%, 05/01/2020		100		104
5.850%, 08/15/2045		100		97
5.700%, 08/15/2035		100		101
4.450%, 06/12/2025		100		101
3.250%, 06/12/2020		54		54
Rite Aid
6.125%, 04/01/2023 (A)		200		169
Skandinaviska Enskilda Banken
1.875%, 09/13/2021		150		145
Spectrum Brands
5.750%, 07/15/2025		100		99
Sysco
4.850%, 10/01/2045		15		15
4.450%, 03/15/2048		50		49
3.750%, 10/01/2025		25		25
3.550%, 03/15/2025		50		49
3.300%, 07/15/2026		100		97
2.600%, 10/01/2020		50		50
TreeHouse Foods
6.000%, 02/15/2024 (A)		120		123
Tyson Foods
4.500%, 06/15/2022		100		103
3.950%, 08/15/2024		50		51

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.250%, 08/23/2021	$	35	$	34
Unilever Capital
5.900%, 11/15/2032		100		124
3.125%, 03/22/2023		100		100
1.375%, 07/28/2021		100		96
US Foods
5.875%, 06/15/2024 (A)		115		117
Vector Group
6.125%, 02/01/2025 (A)		105		92
Walgreens Boots Alliance
4.800%, 11/18/2044		100		94
3.800%, 11/18/2024		100		100
3.450%, 06/01/2026		30		29
3.300%, 11/18/2021		100		100
Walmart
4.050%, 06/29/2048		65		67
3.950%, 06/28/2038		15		15
3.700%, 06/26/2028		100		103
3.625%, 12/15/2047		25		24
3.550%, 06/26/2025		25		26
3.400%, 06/26/2023		100		103
3.125%, 06/23/2021		100		101
2.850%, 06/23/2020		50		50
2.650%, 12/15/2024		50		50
2.550%, 04/11/2023		50		50
2.350%, 12/15/2022		100		98
1.900%, 12/15/2020		50		49
				12,850
Energy — 3.4%
Aker BP
5.875%, 03/31/2025 (A)		150		154
Alta Mesa Holdings
7.875%, 12/15/2024		80		55
Anadarko Petroleum
6.600%, 03/15/2046		50		60
6.450%, 09/15/2036		25		28
4.850%, 03/15/2021		40		41
Andeavor Logistics
5.200%, 12/01/2047		30		29
4.250%, 12/01/2027		15		14
3.500%, 12/01/2022		15		15
Antero Midstream Partners
5.375%, 09/15/2024		50		49
Antero Resources
5.625%, 06/01/2023		44		44
5.125%, 12/01/2022		100		100
5.000%, 03/01/2025		50		48
Apache
5.100%, 09/01/2040		100		93
4.375%, 10/15/2028		100		98

10 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Ascent Resources Utica Holdings
10.000%, 04/01/2022 (A)	$	64	$	68
7.000%, 11/01/2026 (A)		55		53
Baker Hughes a GE Co
5.125%, 09/15/2040		100		100
4.080%, 12/15/2047		50		44
2.773%, 12/15/2022		50		49
Blue Racer Midstream
6.125%, 11/15/2022 (A)		78		79
Boardwalk Pipelines
5.950%, 06/01/2026		100		103
BP Capital Markets
3.994%, 09/26/2023		38		39
3.723%, 11/28/2028		30		31
3.506%, 03/17/2025		100		100
BP Capital Markets America
4.234%, 11/06/2028		100		106
3.588%, 04/14/2027		100		99
3.224%, 04/14/2024		100		100
3.216%, 11/28/2023		50		50
3.119%, 05/04/2026		100		97
2.520%, 09/19/2022		100		98
2.112%, 09/16/2021		50		49
Bruin E&P Partners
8.875%, 08/01/2023 (A)		55		52
Calfrac Holdings
8.500%, 06/15/2026 (A)		105		79
California Resources
8.000%, 12/15/2022 (A)		223		180
Callon Petroleum
6.125%, 10/01/2024		50		50
Calumet Specialty Products Partners
6.500%, 04/15/2021		100		94
Canadian Natural Resources
6.250%, 03/15/2038		50		58
3.900%, 02/01/2025		100		101
3.850%, 06/01/2027		50		49
2.950%, 01/15/2023		50		49
Canadian Natural Resources MTN
4.950%, 06/01/2047		25		26
Carrizo Oil & Gas
6.250%, 04/15/2023		65		64
Cenovus Energy
5.400%, 06/15/2047		50		47
5.250%, 06/15/2037		35		33
4.450%, 09/15/2042		105		87
4.250%, 04/15/2027		100		96
3.000%, 08/15/2022		50		48
Cheniere Corpus Christi Holdings
7.000%, 06/30/2024		150		165
5.125%, 06/30/2027		220		222

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Cheniere Energy Partners
5.625%, 10/01/2026 (A)	$	60	$	60
5.250%, 10/01/2025		218		219
Chesapeake Energy
8.000%, 01/15/2025		117		118
8.000%, 06/15/2027		148		141
7.000%, 10/01/2024		125		122
Chevron
3.326%, 11/17/2025		50		51
2.954%, 05/16/2026		100		98
2.895%, 03/03/2024		50		50
2.566%, 05/16/2023		100		99
2.498%, 03/03/2022		50		50
2.419%, 11/17/2020		50		50
2.355%, 12/05/2022		100		98
1.991%, 03/03/2020		31		31
Cimarex Energy
3.900%, 05/15/2027		55		53
CNOOC Nexen Finance
4.250%, 04/30/2024		100		103
CNX Resources
5.875%, 04/15/2022		100		100
Columbia Pipeline Group
3.300%, 06/01/2020		50		50
Comstock Resources
9.750%, 08/15/2026 (A)		100		93
Concho Resources
4.300%, 08/15/2028		50		51
ConocoPhillips
6.500%, 02/01/2039		75		98
4.950%, 03/15/2026		50		55
Continental Resources
5.000%, 09/15/2022		92		92
4.900%, 06/01/2044		40		38
4.500%, 04/15/2023		85		87
4.375%, 01/15/2028		55		55
3.800%, 06/01/2024		55		54
Covey Park Energy
7.500%, 05/15/2025 (A)		50		46
Crestwood Midstream Partners
5.750%, 04/01/2025		105		103
CrownRock
5.625%, 10/15/2025 (A)		100		96
DCP Midstream Operating
5.375%, 07/15/2025		55		56
Denbury Resources
9.000%, 05/15/2021 (A)		74		73
Devon Energy
5.600%, 07/15/2041		100		101
5.000%, 06/15/2045		50		48
3.250%, 05/15/2022		100		99

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 11

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Diamond Offshore Drilling
7.875%, 08/15/2025	$	83	$	78
Diamondback Energy
5.375%, 05/31/2025		80		82
4.750%, 11/01/2024 (A)		60		60
Eclipse Resources
8.875%, 07/15/2023		100		91
Ecopetrol
5.875%, 09/18/2023		100		106
5.875%, 05/28/2045		200		197
4.125%, 01/16/2025		225		219
Enable Midstream Partners
4.950%, 05/15/2028		30		30
Enbridge
5.500%, 12/01/2046		50		57
4.250%, 12/01/2026		100		102
3.700%, 07/15/2027		50		49
2.900%, 07/15/2022		50		49
Enbridge Energy Partners
7.375%, 10/15/2045		50		66
5.500%, 09/15/2040		100		108
Encana
6.500%, 02/01/2038		100		110
Endeavor Energy Resources
5.750%, 01/30/2028 (A)		50		53
5.500%, 01/30/2026 (A)		107		112
Energy Transfer
5.875%, 01/15/2024		100		106
5.500%, 06/01/2027		100		104
Energy Transfer Operating
6.250%, 04/15/2049		15		16
6.125%, 12/15/2045		100		104
5.250%, 04/15/2029		15		16
5.200%, 02/01/2022		100		104
4.900%, 03/15/2035		50		46
4.750%, 01/15/2026		50		50
4.200%, 04/15/2027		50		48
3.600%, 02/01/2023		85		84
EnLink Midstream Partners
4.150%, 06/01/2025		100		94
Ensco
7.750%, 02/01/2026		60		48
5.200%, 03/15/2025		50		38
4.500%, 10/01/2024		120		89
Enterprise Products Operating
5.200%, 09/01/2020		100		103
5.100%, 02/15/2045		25		26
4.875%, VAR ICE LIBOR USD 3 Month+2.986%, 08/16/2077		100		89
4.850%, 08/15/2042		100		101
4.800%, 02/01/2049		25		25
4.150%, 10/16/2028		25		26

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.950%, 02/15/2027	$	20	$	20
3.700%, 02/15/2026		100		100
3.500%, 02/01/2022		50		51
3.350%, 03/15/2023		100		100
2.850%, 04/15/2021		30		30
EOG Resources
3.150%, 04/01/2025		100		98
EP Energy
8.000%, 11/29/2024 (A)		130		104
8.000%, 02/15/2025 (A)		200		99
7.750%, 05/15/2026 (A)		70		64
EQT
3.900%, 10/01/2027		50		45
3.000%, 10/01/2022		35		34
EQT Midstream Partners
4.125%, 12/01/2026		35		32
Equinor
4.800%, 11/08/2043		100		110
3.700%, 03/01/2024		200		206
Extraction Oil & Gas
5.625%, 02/01/2026 (A)		105		86
Exxon Mobil
3.567%, 03/06/2045		50		48
2.726%, 03/01/2023		100		100
2.709%, 03/06/2025		100		98
2.222%, 03/01/2021		40		40
1.912%, 03/06/2020		100		99
Genesis Energy
6.750%, 08/01/2022		100		100
Gulfport Energy
6.375%, 05/15/2025		100		95
6.000%, 10/15/2024		35		33
Halliburton
7.450%, 09/15/2039		100		132
5.000%, 11/15/2045		50		52
3.800%, 11/15/2025		100		100
Hess
7.125%, 03/15/2033		100		110
5.600%, 02/15/2041		50		48
4.300%, 04/01/2027		50		48
Hess Infrastructure Partners
5.625%, 02/15/2026 (A)		145		144
Hilcorp Energy I
6.250%, 11/01/2028 (A)		40		39
5.750%, 10/01/2025 (A)		117		114
Holly Energy Partners
6.000%, 08/01/2024 (A)		66		67
Husky Energy
4.000%, 04/15/2024		100		100
Indigo Natural Resources
6.875%, 02/15/2026 (A)		100		88

12 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Jagged Peak Energy
5.875%, 05/01/2026 (A)	$	50	$	48
Jonah Energy
7.250%, 10/15/2025 (A)		91		67
Kinder Morgan
5.300%, 12/01/2034		50		51
5.050%, 02/15/2046		90		89
4.300%, 06/01/2025		100		102
4.300%, 03/01/2028		100		101
Kinder Morgan Energy Partners
5.500%, 03/01/2044		50		52
4.300%, 05/01/2024		100		103
4.250%, 09/01/2024		50		51
Magellan Midstream Partners
4.200%, 10/03/2047		100		91
Marathon Oil
5.200%, 06/01/2045		50		50
4.400%, 07/15/2027		100		101
2.800%, 11/01/2022		100		97
Marathon Petroleum
6.500%, 03/01/2041		50		55
5.125%, 03/01/2021		50		52
5.125%, 12/15/2026 (A)		50		52
4.500%, 04/01/2048 (A)		25		22
3.800%, 04/01/2028 (A)		130		125
Matador Resources
5.875%, 09/15/2026		115		115
McDermott Technology Americas
10.625%, 05/01/2024 (A)		100		90
MEG Energy
6.500%, 01/15/2025 (A)		55		54
Moss Creek Resources Holdings
7.500%, 01/15/2026 (A)		50		45
MPLX
5.200%, 03/01/2047		50		49
4.900%, 04/15/2058		25		22
4.875%, 06/01/2025		100		104
4.700%, 04/15/2048		45		41
4.500%, 07/15/2023		50		52
4.500%, 04/15/2038		130		119
4.125%, 03/01/2027		50		49
4.000%, 03/15/2028		70		67
3.375%, 03/15/2023		25		25
Murphy Oil
5.750%, 08/15/2025		102		102
Nabors Industries
5.750%, 02/01/2025		15		13
5.500%, 01/15/2023		100		90
National Oilwell Varco
2.600%, 12/01/2022		100		96
Navios Maritime Acquisition
8.125%, 11/15/2021 (A)		45		34

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Newfield Exploration
5.375%, 01/01/2026	$	77	$	79
Nexen Energy
6.400%, 05/15/2037		200		247
NGL Energy Partners
7.500%, 11/01/2023		70		71
NGPL PipeCo
4.875%, 08/15/2027 (A)		85		84
4.375%, 08/15/2022 (A)		40		40
Noble Energy
5.250%, 11/15/2043		100		95
5.050%, 11/15/2044		50		46
4.150%, 12/15/2021		50		51
3.900%, 11/15/2024		100		98
3.850%, 01/15/2028		100		94
Noble Holding International
7.875%, 02/01/2026 (A)		45		41
7.750%, 01/15/2024		71		60
NuStar Logistics
5.625%, 04/28/2027		90		87
Occidental Petroleum
4.400%, 04/15/2046		50		51
4.200%, 03/15/2048		100		100
4.100%, 02/01/2021		100		102
3.000%, 02/15/2027		100		97
2.700%, 02/15/2023		100		99
Oceaneering International
4.650%, 11/15/2024		100		85
ONEOK
6.000%, 06/15/2035		100		105
4.550%, 07/15/2028		50		51
4.000%, 07/13/2027		55		54
ONEOK Partners LP
6.200%, 09/15/2043		50		54
Pacific Drilling
8.375%, 10/01/2023 (A)		20		20
Parkland Fuel
6.000%, 04/01/2026 (A)		95		91
Parsley Energy
5.625%, 10/15/2027 (A)		50		50
5.375%, 01/15/2025 (A)		100		99
PBF Holding
7.250%, 06/15/2025		50		50
PBF Logistics
6.875%, 05/15/2023		80		82
Peabody Energy
6.375%, 03/31/2025 (A)		100		96
6.000%, 03/31/2022 (A)		50		50
Petroleos Mexicanos
6.625%, 06/15/2035		300		272
6.500%, 06/02/2041		260		226
6.350%, 02/12/2048		30		25

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 13

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.625%, 01/23/2046	$	100	$	79
5.375%, 03/13/2022		200		197
5.350%, 02/12/2028		255		223
3.500%, 01/30/2023		250		230
2.378%, 04/15/2025		62		61
Petroleos Mexicanos MTN
6.875%, 08/04/2026		100		99
6.750%, 09/21/2047		50		44
4.625%, 09/21/2023		120		113
Phillips 66
4.875%, 11/15/2044		100		104
4.650%, 11/15/2034		150		155
4.300%, 04/01/2022		50		52
Phillips 66 Partners LP
4.900%, 10/01/2046		25		24
3.550%, 10/01/2026		25		24
2.646%, 02/15/2020		50		50
Pioneer Natural Resources
3.950%, 07/15/2022		100		101
Plains All American Pipeline
4.700%, 06/15/2044		100		89
4.650%, 10/15/2025		100		101
4.500%, 12/15/2026		100		99
3.600%, 11/01/2024		100		97
Puget Energy
5.625%, 07/15/2022		100		105
3.650%, 05/15/2025		50		49
Puget Sound Energy
4.300%, 05/20/2045		50		51
Puma International Financing
5.125%, 10/06/2024 (A)		200		174
QEP Resources
5.625%, 03/01/2026		50		48
Range Resources
5.000%, 08/15/2022		100		97
5.000%, 03/15/2023		50		48
4.875%, 05/15/2025		38		34
Rowan
7.375%, 06/15/2025		100		86
Sabine Pass Liquefaction
5.750%, 05/15/2024		75		80
5.625%, 02/01/2021		25		26
5.625%, 03/01/2025		75		81
4.200%, 03/15/2028		100		98
Sable Permian Resources Land
7.375%, 11/01/2021 (A)		100		33
7.125%, 11/01/2020 (A)		50		17
Sanchez Energy
7.250%, 02/15/2023 (A)		45		38
6.125%, 01/15/2023		100		17
Schlumberger Investment
3.650%, 12/01/2023		100		103

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
SESI
7.750%, 09/15/2024	$	70	$	55
Seven Generations Energy
5.375%, 09/30/2025 (A)		96		93
Shell International Finance BV
4.375%, 03/25/2020		100		102
4.125%, 05/11/2035		100		103
4.000%, 05/10/2046		50		50
3.750%, 09/12/2046		50		48
3.500%, 11/13/2023		40		41
2.875%, 05/10/2026		50		49
2.500%, 09/12/2026		50		48
2.250%, 11/10/2020		70		69
2.250%, 01/06/2023		100		98
1.875%, 05/10/2021		50		49
1.750%, 09/12/2021		50		49
SM Energy
6.625%, 01/15/2027		75		73
5.625%, 06/01/2025		113		108
Southwestern Energy
7.750%, 10/01/2027		80		82
6.200%, 01/23/2025		100		97
Spectra Energy Partners
4.750%, 03/15/2024		100		105
3.500%, 03/15/2025		100		98
SRC Energy
6.250%, 12/01/2025		71		63
Summit Midstream Holdings
5.750%, 04/15/2025		90		84
Suncor Energy
6.850%, 06/01/2039		50		62
6.500%, 06/15/2038		100		121
Sunoco
5.500%, 02/15/2026		175		173
Sunoco Logistics Partners Operations
5.400%, 10/01/2047		100		95
5.350%, 05/15/2045		25		23
4.000%, 10/01/2027		100		95
3.900%, 07/15/2026		100		95
Tallgrass Energy Partners
5.500%, 09/15/2024 (A)		95		95
5.500%, 01/15/2028 (A)		88		86
4.750%, 10/01/2023 (A)		50		50
Targa Resources Partners
6.875%, 01/15/2029 (A)		40		42
6.750%, 03/15/2024		100		104
6.500%, 07/15/2027 (A)		64		66
5.875%, 04/15/2026 (A)		100		101
5.375%, 02/01/2027		25		24
5.125%, 02/01/2025		50		49
5.000%, 01/15/2028		100		94

14 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
TC PipeLines
3.900%, 05/25/2027	$	20	$	19
Teekay Offshore Partners
8.500%, 07/15/2023 (A)		75		72
Total Capital
3.883%, 10/11/2028		10		10
Total Capital International
3.750%, 04/10/2024		50		52
2.875%, 02/17/2022		100		100
2.700%, 01/25/2023		100		99
TransCanada PipeLines
6.200%, 10/15/2037		50		58
5.100%, 03/15/2049		25		26
4.875%, 01/15/2026		100		106
4.750%, 05/15/2038		100		102
2.500%, 08/01/2022		100		97
Transocean
7.500%, 01/15/2026 (A)		157		149
7.250%, 11/01/2025 (A)		90		85
Transocean Guardian
5.875%, 01/15/2024 (A)		80		81
Transocean Phoenix 2
7.750%, 10/15/2024 (A)		100		104
Transocean Pontus
6.125%, 08/01/2025 (A)		20		20
Transocean Poseidon
6.875%, 02/01/2027 (A)		20		20
Ultra Resources
7.125%, 04/15/2025 (A)		50		15
6.875%, 04/15/2022 (A)		50		20
USA Compression Partners
6.875%, 04/01/2026		140		140
Valero Energy
6.625%, 06/15/2037		100		116
4.350%, 06/01/2028		70		71
3.650%, 03/15/2025		90		88
Valero Energy Partners
4.375%, 12/15/2026		20		20
Vine Oil & Gas
8.750%, 04/15/2023 (A)		100		82
W&T Offshore
9.750%, 11/01/2023 (A)		45		44
Weatherford International
9.875%, 02/15/2024		80		52
9.875%, 03/01/2025		105		67
8.250%, 06/15/2023		39		25
7.750%, 06/15/2021		100		85
Western Gas Partners
5.450%, 04/01/2044		50		45
4.650%, 07/01/2026		50		49
3.950%, 06/01/2025		100		96

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Whiting Petroleum
6.625%, 01/15/2026	$	83	$	81
5.750%, 03/15/2021		30		30
Williams
6.300%, 04/15/2040		100		114
5.750%, 06/24/2044		20		21
4.900%, 01/15/2045		50		49
4.550%, 06/24/2024		50		52
4.300%, 03/04/2024		60		62
3.900%, 01/15/2025		100		100
3.750%, 06/15/2027		100		97
3.700%, 01/15/2023		15		15
3.600%, 03/15/2022		50		50
WPX Energy
5.750%, 06/01/2026		25		25
5.250%, 09/15/2024		158		156
				26,612
Financials — 7.7%
Acrisure
8.125%, 02/15/2024 (A)		30		30
7.000%, 11/15/2025 (A)		65		57
Aflac
3.625%, 11/15/2024		100		101
African Development Bank
2.625%, 03/22/2021		50		50
1.250%, 07/26/2021		100		97
African Development Bank MTN
3.000%, 12/06/2021		60		61
2.125%, 11/16/2022		100		98
Algeco Global Finance
8.000%, 02/15/2023 (A)		145		141
Alliant Holdings Intermediate
8.250%, 08/01/2023 (A)		100		101
Allstate
5.950%, 04/01/2036		100		119
5.750%, VAR ICE LIBOR USD 3 Month+2.938%, 08/15/2053		100		100
Ally Financial
4.625%, 03/30/2025		200		204
4.250%, 04/15/2021		200		201
American Equity Investment Life Holding
5.000%, 06/15/2027		55		55
American Express
4.050%, 12/03/2042		100		99
3.400%, 02/27/2023		100		100
2.650%, 12/02/2022		100		98
2.500%, 08/01/2022		50		49
2.200%, 10/30/2020		180		178
American Express Credit MTN
3.300%, 05/03/2027		130		129
2.375%, 05/26/2020		50		50

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 15

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.250%, 05/05/2021	$	150	$	148
American Financial Group
4.500%, 06/15/2047		50		45
3.500%, 08/15/2026		85		81
American International Group
4.750%, 04/01/2048		100		98
4.500%, 07/16/2044		100		94
4.200%, 04/01/2028		50		50
4.125%, 02/15/2024		100		102
3.875%, 01/15/2035		100		90
3.300%, 03/01/2021		50		51
Ameriprise Financial
3.700%, 10/15/2024		100		101
Andina de Fomento
4.375%, 06/15/2022		100		104
2.200%, 07/18/2020		200		197
Aon
8.205%, 01/01/2027		100		115
4.600%, 06/14/2044		100		98
3.500%, 06/14/2024		100		99
Arch Capital Group
5.144%, 11/01/2043		50		53
Ares Capital
3.625%, 01/19/2022		100		98
Asian Development Bank MTN
2.875%, 11/27/2020		45		45
2.625%, 01/12/2027		200		198
2.000%, 02/16/2022		200		197
2.000%, 01/22/2025		150		145
2.000%, 04/24/2026		100		95
1.875%, 08/10/2022		100		98
1.750%, 09/13/2022		200		194
1.750%, 08/14/2026		100		93
1.625%, 08/26/2020		100		99
1.625%, 03/16/2021		150		147
ASP AMC Merger
8.000%, 05/15/2025 (A)		120		60
Assurant
4.900%, 03/27/2028		100		100
AssuredPartners
7.000%, 08/15/2025 (A)		64		61
Australia & New Zealand Banking Group NY
2.550%, 11/23/2021		150		148
Australia & New Zealand Banking Group NY MTN
3.700%, 11/16/2025		50		50
AXIS Specialty Finance
4.000%, 12/06/2027		50		48
Banco Santander
5.179%, 11/19/2025		100		103
3.800%, 02/23/2028		50		47
3.125%, 02/23/2023		100		97

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Bank of America
7.750%, 05/14/2038	$	75	$	102
6.110%, 01/29/2037		150		176
3.419%, VAR ICE LIBOR USD 3 Month+1.040%, 12/20/2028		121		117
3.366%, VAR ICE LIBOR USD 3 Month+0.810%, 01/23/2026		100		98
3.004%, VAR ICE LIBOR USD 3 Month+0.790%, 12/20/2023		117		116
2.738%, VAR ICE LIBOR USD 3 Month+0.370%, 01/23/2022		100		99
Bank of America MTN
5.000%, 01/21/2044		50		55
4.750%, 04/21/2045		40		41
4.271%, VAR ICE LIBOR USD 3 Month+1.310%, 07/23/2029		100		103
4.183%, 11/25/2027		150		150
4.100%, 07/24/2023		115		119
4.000%, 04/01/2024		135		139
4.000%, 01/22/2025		150		151
3.970%, VAR ICE LIBOR USD 3 Month+1.070%, 03/05/2029		150		151
3.875%, 08/01/2025		100		102
3.864%, VAR ICE LIBOR USD 3 Month+0.940%, 07/23/2024		100		102
3.824%, VAR ICE LIBOR USD 3 Month+1.575%, 01/20/2028		50		50
3.705%, VAR ICE LIBOR USD 3 Month+1.512%, 04/24/2028		100		99
3.550%, VAR ICE LIBOR USD 3 Month+0.780%, 03/05/2024		150		151
3.499%, VAR ICE LIBOR USD 3 Month+0.630%, 05/17/2022		100		101
2.881%, VAR ICE LIBOR USD 3 Month+1.021%, 04/24/2023		50		49
2.816%, VAR ICE LIBOR USD 3 Month+0.930%, 07/21/2023		100		98
2.625%, 10/19/2020		100		100
2.625%, 04/19/2021		50		50
2.369%, VAR ICE LIBOR USD 3 Month+0.660%, 07/21/2021		50		49
2.328%, VAR ICE LIBOR USD 3 Month+0.630%, 10/01/2021		50		49
2.250%, 04/21/2020		150		149
2.151%, 11/09/2020		150		148
Bank of Montreal
3.300%, 02/05/2024		50		50
Bank of Montreal MTN
3.100%, 07/13/2020		50		50
2.350%, 09/11/2022		150		146
1.900%, 08/27/2021		50		49
Bank of New York Mellon
3.550%, 09/23/2021		100		102

16 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Bank of New York Mellon MTN
3.000%, 02/24/2025	$	150	$	147
3.000%, 10/30/2028		85		80
2.800%, 05/04/2026		50		48
2.661%, VAR ICE LIBOR USD 3 Month+0.634%, 05/16/2023		50		49
2.600%, 08/17/2020		100		100
2.450%, 11/27/2020		50		50
2.050%, 05/03/2021		50		49
Bank of Nova Scotia
4.650%, VAR ICE LIBOR USD 3 Month+2.648%, 12/29/2049		150		135
2.800%, 07/21/2021		50		50
2.450%, 03/22/2021		150		149
2.150%, 07/14/2020		50		49
1.875%, 04/26/2021		300		294
Barclays
5.250%, 08/17/2045		100		99
5.200%, 05/12/2026		200		200
4.836%, 05/09/2028		350		336
4.610%, VAR ICE LIBOR USD 3 Month+1.400%, 02/15/2023		145		146
3.650%, 03/16/2025		150		143
3.250%, 01/12/2021		50		49
2.650%, 01/11/2021		100		99
BB&T MTN
2.625%, 06/29/2020		100		100
2.150%, 02/01/2021		50		49
Berkshire Hathaway
4.500%, 02/11/2043		50		53
3.125%, 03/15/2026		35		35
2.750%, 03/15/2023		100		99
2.200%, 03/15/2021		35		35
Berkshire Hathaway Finance
4.250%, 01/15/2021		100		103
BlackRock
3.500%, 03/18/2024		100		102
BNP Paribas
2.375%, 05/21/2020		100		99
BNP Paribas MTN
5.000%, 01/15/2021		150		156
Branch Banking & Trust
3.625%, 09/16/2025		150		150
2.625%, 01/15/2022		150		149
Brighthouse Financial
4.700%, 06/22/2047		50		39
3.700%, 06/22/2027		50		44
Brookfield Finance
4.700%, 09/20/2047		50		46
4.000%, 04/01/2024		50		50
Canadian Imperial Bank of Commerce
2.100%, 10/05/2020		150		148

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Capital One
2.650%, 08/08/2022	$	150	$	146
2.250%, 09/13/2021		150		145
Capital One Financial
4.250%, 04/30/2025		100		102
3.750%, 07/28/2026		50		48
3.750%, 03/09/2027		50		48
3.450%, 04/30/2021		100		100
3.200%, 02/05/2025		100		96
2.500%, 05/12/2020		49		49
Charles Schwab
3.850%, 05/21/2025		100		103
3.450%, 02/13/2026		70		70
Chubb INA Holdings
3.350%, 05/15/2024		100		101
2.300%, 11/03/2020		100		99
CIT Group
5.250%, 03/07/2025		50		52
4.750%, 02/16/2024		110		111
Citibank
3.650%, 01/23/2024		250		254
2.850%, 02/12/2021		400		399
2.125%, 10/20/2020		50		49
2.100%, 06/12/2020		100		99
Citigroup
6.675%, 09/13/2043		90		113
6.125%, 08/25/2036		100		114
4.750%, 05/18/2046		150		150
4.650%, 07/30/2045		100		103
4.600%, 03/09/2026		35		36
4.450%, 09/29/2027		100		101
4.044%, VAR ICE LIBOR USD 3 Month+1.023%, 06/01/2024		100		102
3.875%, 03/26/2025		100		99
3.668%, VAR ICE LIBOR USD 3 Month+1.390%, 07/24/2028		50		49
3.520%, VAR ICE LIBOR USD 3 Month+1.151%, 10/27/2028		50		48
3.400%, 05/01/2026		150		146
3.300%, 04/27/2025		100		98
3.142%, VAR ICE LIBOR USD 3 Month+0.722%, 01/24/2023		150		149
2.900%, 12/08/2021		50		50
2.876%, VAR ICE LIBOR USD 3 Month+0.950%, 07/24/2023		150		147
2.700%, 03/30/2021		50		50
2.650%, 10/26/2020		100		99
2.350%, 08/02/2021		50		49
Citizens Bank
2.250%, 03/02/2020		150		149
Citizens Financial Group
2.375%, 07/28/2021		30		29

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 17

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
CME Group
3.000%, 03/15/2025	$	100	$	99
CNA Financial
4.500%, 03/01/2026		50		51
3.450%, 08/15/2027		50		47
CNO Financial Group
5.250%, 05/30/2025		90		91
Comerica
4.000%, 02/01/2029		50		51
3.700%, 07/31/2023		25		25
Commonwealth Bank of Australia MTN
2.300%, 03/12/2020		150		149
Cooperatieve Rabobank
5.250%, 08/04/2045		150		161
4.625%, 12/01/2023		150		154
3.750%, 07/21/2026		150		143
Cooperatieve Rabobank MTN
3.875%, 02/08/2022		150		153
2.500%, 01/19/2021		150		149
Credit Suisse MTN
3.625%, 09/09/2024		150		151
Credit Suisse Group Funding Guernsey
4.875%, 05/15/2045		50		51
3.800%, 06/09/2023		150		149
3.750%, 03/26/2025		150		146
3.450%, 04/16/2021		150		150
Curo Group Holdings
8.250%, 09/01/2025 (A)		90		76
Deutsche Bank
4.500%, 04/01/2025		200		184
3.950%, 02/27/2023		100		96
3.300%, 11/16/2022		100		93
3.150%, 01/22/2021		100		97
2.700%, 07/13/2020		50		49
Deutsche Bank MTN
3.700%, 05/30/2024		50		46
3.375%, 05/12/2021		100		98
Discover Bank
4.200%, 08/08/2023		150		152
Discover Financial Services
4.100%, 02/09/2027		40		39
3.850%, 11/21/2022		100		100
E*TRADE Financial
3.800%, 08/24/2027		100		94
2.950%, 08/24/2022		25		25
European Bank for Reconstruction & Development MTN
2.000%, 02/01/2021		200		198
1.625%, 05/05/2020		100		99
European Investment Bank
2.875%, 09/15/2020		125		125
2.625%, 03/15/2024		85		85

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.500%, 03/15/2023	$	180	$	179
2.250%, 03/15/2022		200		198
2.125%, 10/15/2021		150		148
2.000%, 03/15/2021		150		148
1.875%, 02/10/2025		200		192
1.750%, 05/15/2020		200		198
1.625%, 03/16/2020		100		99
1.625%, 08/14/2020		300		296
1.625%, 12/15/2020		250		246
1.625%, 06/15/2021		150		147
European Investment Bank MTN
3.125%, 12/14/2023		150		154
2.375%, 05/13/2021		200		199
Fidelity & Guaranty Life Holdings
5.500%, 05/01/2025 (A)		120		115
Fidelity National Financial
4.500%, 08/15/2028 (A)		50		50
Fifth Third Bancorp
3.950%, 03/14/2028		50		50
3.650%, 01/25/2024		50		50
2.875%, 07/27/2020		150		150
Fifth Third Bank
2.200%, 10/30/2020		50		49
First Republic Bank
4.625%, 02/13/2047		50		49
Franklin Resources
2.850%, 03/30/2025		150		144
Freedom Mortgage
8.250%, 04/15/2025 (A)		100		91
FS Energy & Power Fund
7.500%, 08/15/2023 (A)		60		60
Goldman Sachs Bank USA NY
3.200%, 06/05/2020		100		100
Goldman Sachs Group
6.750%, 10/01/2037		125		152
6.250%, 02/01/2041		100		121
5.750%, 01/24/2022		130		139
4.750%, 10/21/2045		100		103
4.411%, VAR ICE LIBOR USD 3 Month+1.430%, 04/23/2039		100		99
4.223%, VAR ICE LIBOR USD 3 Month+1.301%, 05/01/2029		150		151
3.814%, VAR ICE LIBOR USD 3 Month+1.158%, 04/23/2029		100		97
3.750%, 05/22/2025		150		149
3.750%, 02/25/2026		60		59
3.500%, 01/23/2025		100		99
3.500%, 11/16/2026		100		96
3.272%, VAR ICE LIBOR USD 3 Month+1.201%, 09/29/2025		145		141
3.200%, 02/23/2023		55		55
3.000%, 04/26/2022		85		84

18 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.908%, VAR ICE LIBOR USD 3 Month+1.053%, 06/05/2023	$	150	$	147
2.876%, VAR ICE LIBOR USD 3 Month+0.821%, 10/31/2022		100		99
2.875%, 02/25/2021		50		50
2.600%, 04/23/2020		100		99
2.600%, 12/27/2020		50		50
2.350%, 11/15/2021		50		49
Goldman Sachs Group MTN
4.800%, 07/08/2044		100		103
3.850%, 07/08/2024		100		101
Hartford Financial Services Group
5.500%, 03/30/2020		50		51
4.300%, 04/15/2043		100		95
HSBC
2.350%, 03/05/2020		150		149
HSBC Holdings
6.500%, 05/02/2036		100		120
6.500%, 09/15/2037		25		30
5.250%, 03/14/2044		100		105
4.583%, VAR ICE LIBOR USD 3 Month+1.535%, 06/19/2029		100		102
4.375%, 11/23/2026		50		50
4.041%, VAR ICE LIBOR USD 3 Month+1.546%, 03/13/2028		50		50
3.950%, VAR ICE LIBOR USD 3 Month+0.987%, 05/18/2024		100		101
3.033%, VAR ICE LIBOR USD 3 Month+0.923%, 11/22/2023		100		98
2.950%, 05/25/2021		150		150
2.650%, 01/05/2022		50		49
HUB International
7.000%, 05/01/2026 (A)		115		112
Huntington Bancshares
2.300%, 01/14/2022		150		146
Huntington National Bank
2.500%, 08/07/2022		150		146
2.375%, 03/10/2020		150		149
Industrial & Commercial Bank of China
2.452%, 10/20/2021		150		146
ING Groep
4.100%, 10/02/2023		100		101
Inter-American Development Bank
3.200%, 08/07/2042		100		98
3.125%, 09/18/2028		100		103
3.000%, 02/21/2024		300		305
2.625%, 01/16/2024		250		251
2.375%, 07/07/2027		200		194
1.875%, 03/15/2021		100		99
Inter-American Development Bank MTN
3.000%, 09/26/2022		50		51
1.750%, 09/14/2022		200		194

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
1.625%, 05/12/2020	$	100	$	99
Intercontinental Exchange
4.250%, 09/21/2048		25		25
3.750%, 12/01/2025		55		56
3.750%, 09/21/2028		20		20
3.450%, 09/21/2023		15		15
2.750%, 12/01/2020		55		55
International Bank for Reconstruction & Development
3.000%, 09/27/2023		150		153
2.500%, 11/25/2024		200		199
2.500%, 07/29/2025		150		148
2.125%, 11/01/2020		200		198
2.000%, 01/26/2022		200		197
1.750%, 04/19/2023		150		145
1.625%, 02/10/2022		200		195
International Bank for Reconstruction & Development MTN
1.875%, 10/27/2026		200		189
1.625%, 09/04/2020		200		197
1.625%, 03/09/2021		150		147
1.375%, 05/24/2021		250		243
International Finance MTN
2.000%, 10/24/2022		200		196
1.125%, 07/20/2021		100		97
Intesa Sanpaolo MTN
5.710%, 01/15/2026 (A)		200		185
5.017%, 06/26/2024 (A)		200		184
Invesco Finance
5.375%, 11/30/2043		150		155
Jefferies Financial Group
5.500%, 10/18/2023		100		105
Jefferies Group
6.875%, 04/15/2021		100		106
4.850%, 01/15/2027		35		34
JPMorgan Chase
6.400%, 05/15/2038		100		126
5.625%, 08/16/2043		90		104
4.950%, 06/01/2045		100		107
4.625%, 05/10/2021		150		155
4.350%, 08/15/2021		100		103
4.250%, 10/01/2027		95		96
4.032%, VAR ICE LIBOR USD 3 Month+1.460%, 07/24/2048		100		95
4.005%, VAR ICE LIBOR USD 3 Month+1.120%, 04/23/2029		100		101
3.960%, VAR ICE LIBOR USD 3 Month+1.245%, 01/29/2027		150		153
3.900%, 07/15/2025		100		102
3.897%, VAR ICE LIBOR USD 3 Month+1.220%, 01/23/2049		50		47
3.882%, VAR ICE LIBOR USD 3 Month+1.360%, 07/24/2038		100		95

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 19

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.875%, 02/01/2024	$	100	$	103
3.797%, VAR ICE LIBOR USD 3 Month+0.890%, 07/23/2024		100		102
3.625%, 05/13/2024		125		127
3.559%, VAR ICE LIBOR USD 3 Month+0.730%, 04/23/2024		150		151
3.540%, VAR ICE LIBOR USD 3 Month+1.380%, 05/01/2028		150		147
3.514%, VAR ICE LIBOR USD 3 Month+0.610%, 06/18/2022		150		151
3.509%, VAR ICE LIBOR USD 3 Month+0.945%, 01/23/2029		125		121
3.300%, 04/01/2026		150		147
3.250%, 09/23/2022		100		101
3.125%, 01/23/2025		100		98
2.950%, 10/01/2026		50		48
2.776%, VAR ICE LIBOR USD 3 Month+0.935%, 04/25/2023		63		62
2.750%, 06/23/2020		100		100
2.700%, 05/18/2023		150		147
2.604%, VAR ICE LIBOR USD 3 Month+0.280%, 02/01/2021		150		149
2.550%, 10/29/2020		185		184
2.550%, 03/01/2021		50		49
Jurassic Holdings III
6.875%, 02/15/2021 (A)		50		45
Kemper
4.350%, 02/15/2025		35		35
KeyBank
2.300%, 09/14/2022		150		145
KeyCorp MTN
4.150%, 10/29/2025		30		31
2.900%, 09/15/2020		100		100
Korea Development Bank
2.500%, 03/11/2020		200		199
Kreditanstalt fuer Wiederaufbau
3.277%, 04/18/2036 (B)		200		113
2.750%, 07/15/2020		400		401
2.750%, 10/01/2020		200		201
2.625%, 04/12/2021		100		100
2.625%, 02/28/2024		315		315
2.125%, 01/17/2023		150		147
2.000%, 11/30/2021		50		49
2.000%, 09/29/2022		100		98
2.000%, 05/02/2025		250		241
1.500%, 06/15/2021		300		293
Kreditanstalt fuer Wiederaufbau MTN
1.750%, 03/31/2020		200		198
1.500%, 04/20/2020		500		494
Ladder Capital Finance Holdings LLLP
5.250%, 03/15/2022 (A)		95		95
Landwirtschaftliche Rentenbank
2.500%, 11/15/2027		100		98

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.375%, 06/10/2025	$	150	$	147
2.250%, 10/01/2021		150		149
2.000%, 01/13/2025		100		96
Lazard Group
3.750%, 02/13/2025		50		49
Legg Mason
4.750%, 03/15/2026		50		51
Lincoln National
4.350%, 03/01/2048		10		9
4.000%, 09/01/2023		5		5
3.800%, 03/01/2028		120		118
3.625%, 12/12/2026		50		49
3.350%, 03/09/2025		150		147
Lions Gate Capital Holdings
6.375%, 02/01/2024 (A)		50		51
5.875%, 11/01/2024 (A)		105		103
Lloyds Bank
3.300%, 05/07/2021		100		100
Lloyds Banking Group
4.650%, 03/24/2026		50		49
4.344%, 01/09/2048		100		86
4.050%, 08/16/2023		100		101
3.750%, 01/11/2027		50		48
3.100%, 07/06/2021		150		148
Loews
2.625%, 05/15/2023		100		97
LPL Holdings
5.750%, 09/15/2025 (A)		100		98
Manulife Financial
4.061%, VAR USD Swap Semi 30/360 5 Year Curr+1.647%, 02/24/2032		100		95
Markel
5.000%, 04/05/2046		50		49
Marsh & McLennan
4.350%, 01/30/2047		20		19
4.200%, 03/01/2048		50		47
3.750%, 03/14/2026		100		100
2.750%, 01/30/2022		30		30
2.350%, 03/06/2020		100		99
MetLife
4.875%, 11/13/2043		100		108
4.600%, 05/13/2046		100		104
4.368%, 09/15/2023		85		90
4.050%, 03/01/2045		100		97
3.600%, 04/10/2024		100		102
3.600%, 11/13/2025		100		101
Mitsubishi UFJ Financial Group
4.286%, 07/26/2038		35		35
3.961%, 03/02/2028		100		102
3.761%, 07/26/2023		150		153
3.677%, 02/22/2027		50		50
3.535%, 07/26/2021		60		60

20 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.950%, 03/01/2021	$	50	$	50
2.665%, 07/25/2022		50		49
Mizuho Financial Group
3.663%, 02/28/2027		50		50
3.170%, 09/11/2027		150		144
2.601%, 09/11/2022		100		97
Moody’s
3.250%, 01/15/2028		35		33
2.750%, 12/15/2021		100		99
2.625%, 01/15/2023		50		48
Morgan Stanley
5.750%, 01/25/2021		175		184
4.457%, VAR ICE LIBOR USD 3 Month+1.431%, 04/22/2039		150		151
3.737%, VAR ICE LIBOR USD 3 Month+0.847%, 04/24/2024		140		142
3.625%, 01/20/2027		150		147
2.800%, 06/16/2020		150		150
Morgan Stanley MTN
6.375%, 07/24/2042		150		192
5.500%, 07/24/2020		75		78
4.875%, 11/01/2022		65		68
4.431%, VAR ICE LIBOR USD 3 Month+1.628%, 01/23/2030		50		52
4.350%, 09/08/2026		65		66
4.300%, 01/27/2045		100		98
4.000%, 07/23/2025		155		159
3.875%, 01/27/2026		150		151
3.772%, VAR ICE LIBOR USD 3 Month+1.140%, 01/24/2029		100		98
3.125%, 01/23/2023		100		99
3.125%, 07/27/2026		50		48
2.625%, 11/17/2021		150		148
2.500%, 04/21/2021		60		59
MSCI
5.750%, 08/15/2025 (A)		62		64
5.375%, 05/15/2027 (A)		60		61
5.250%, 11/15/2024 (A)		150		153
National Australia Bank
2.500%, 07/12/2026		150		138
National Australia Bank MTN
2.625%, 01/14/2021		50		50
2.500%, 05/22/2022		150		147
2.125%, 05/22/2020		150		148
National Bank of Canada
2.150%, 06/12/2020		150		148
National Rural Utilities Cooperative Finance
3.400%, 02/07/2028		100		99
2.950%, 02/07/2024		30		30
National Rural Utilities Cooperative Finance MTN
3.250%, 11/01/2025		50		50

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.900%, 03/15/2021	$	70	$	70
2.300%, 09/15/2022		70		68
Nationstar Mortgage Holdings
9.125%, 07/15/2026 (A)		65		66
8.125%, 07/15/2023 (A)		45		45
Navient
7.250%, 09/25/2023		100		102
6.750%, 06/25/2025		105		101
6.750%, 06/15/2026		40		38
5.875%, 03/25/2021		115		117
5.875%, 10/25/2024		100		94
5.000%, 10/26/2020		100		100
NFP
6.875%, 07/15/2025 (A)		108		103
Nordic Investment Bank
2.500%, 04/28/2020		200		200
1.625%, 11/20/2020		200		196
Northern Trust
3.375%, VAR ICE LIBOR USD 3 Month+1.131%, 05/08/2032		163		156
Oesterreichische Kontrollbank
2.625%, 01/31/2022		50		50
1.375%, 02/10/2020		100		99
Old Republic International
3.875%, 08/26/2026		50		48
ORIX
3.700%, 07/18/2027		50		49
2.900%, 07/18/2022		30		30
PNC Bank
3.300%, 10/30/2024		150		150
3.100%, 10/25/2027		50		49
2.625%, 02/17/2022		150		148
2.450%, 11/05/2020		150		148
2.450%, 07/28/2022		150		146
2.150%, 04/29/2021		150		147
Principal Financial Group
3.400%, 05/15/2025		150		148
Private Export Funding
2.300%, 09/15/2020		150		149
Progressive
4.200%, 03/15/2048		50		51
3.700%, 01/26/2045		50		46
2.450%, 01/15/2027		50		46
Prudential Financial
5.875%, VAR ICE LIBOR USD 3 Month+4.175%, 09/15/2042		100		104
4.500%, VAR ICE LIBOR USD 3 Month+2.380%, 09/15/2047		100		92
Prudential Financial MTN
5.700%, 12/14/2036		100		116
4.600%, 05/15/2044		50		52
3.500%, 05/15/2024		100		101

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 21

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Quicken Loans
5.750%, 05/01/2025 (A)	$	150	$	145
5.250%, 01/15/2028 (A)		100		90
Raymond James Financial
4.950%, 07/15/2046		50		50
Regions Financial
3.200%, 02/08/2021		150		150
2.750%, 08/14/2022		50		49
Reinsurance Group of America
3.950%, 09/15/2026		30		30
RenaissanceRe Finance
3.450%, 07/01/2027		30		29
Royal Bank of Canada
2.300%, 03/22/2021		150		148
2.100%, 10/14/2020		200		198
Royal Bank of Canada MTN
3.200%, 04/30/2021		75		75
2.350%, 10/30/2020		150		149
2.150%, 10/26/2020		40		40
Royal Bank of Scotland Group
6.125%, 12/15/2022		75		79
6.100%, 06/10/2023		35		37
6.000%, 12/19/2023		65		68
5.125%, 05/28/2024		75		75
4.800%, 04/05/2026		50		50
4.519%, VAR ICE LIBOR USD 3 Month+1.550%, 06/25/2024		100		100
3.498%, VAR ICE LIBOR USD 3 Month+1.480%, 05/15/2023		50		49
S&P Global
4.500%, 05/15/2048		50		51
4.400%, 02/15/2026		100		104
4.000%, 06/15/2025		50		51
Santander Holdings USA
4.400%, 07/13/2027		50		49
3.700%, 03/28/2022		30		30
3.400%, 01/18/2023		100		99
2.650%, 04/17/2020		100		99
Santander UK
2.375%, 03/16/2020		150		149
Santander UK Group Holdings
3.823%, VAR ICE LIBOR USD 3 Month+1.400%, 11/03/2028		50		47
2.875%, 10/16/2020		100		99
Santander UK Group Holdings MTN
3.125%, 01/08/2021		100		99
Springleaf Finance
7.750%, 10/01/2021		225		237
7.125%, 03/15/2026		95		90
6.875%, 03/15/2025		80		77
5.625%, 03/15/2023		200		197

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Starwood Property Trust
5.000%, 12/15/2021	$	55	$	56
Stifel Financial
4.250%, 07/18/2024		50		51
Sumitomo Mitsui Financial Group
3.944%, 07/19/2028		50		51
3.784%, 03/09/2026		50		50
3.748%, 07/19/2023		50		51
3.446%, 01/11/2027		150		147
3.364%, 07/12/2027		50		48
2.934%, 03/09/2021		50		50
2.784%, 07/12/2022		50		49
2.632%, 07/14/2026		50		47
2.442%, 10/19/2021		150		147
2.058%, 07/14/2021		150		146
SunTrust Banks
4.000%, 05/01/2025		100		102
2.900%, 03/03/2021		150		149
2.700%, 01/27/2022		50		49
2.450%, 08/01/2022		50		49
Svensk Exportkredit MTN
2.875%, 05/22/2021		200		201
1.875%, 06/23/2020		200		198
Svenska Handelsbanken
3.900%, 11/20/2023		150		154
Synchrony Financial
4.250%, 08/15/2024		100		97
3.950%, 12/01/2027		50		46
3.700%, 08/04/2026		50		46
TD Ameritrade Holding
2.950%, 04/01/2022		100		100
Tempo Acquisition
6.750%, 06/01/2025 (A)		95		94
Toronto-Dominion Bank
3.625%, VAR USD Swap Semi 30/360 5 Year Curr+2.205%, 09/15/2031		150		145
Toronto-Dominion Bank MTN
2.500%, 12/14/2020		150		149
2.125%, 04/07/2021		150		148
1.850%, 09/11/2020		50		49
Travelers
4.050%, 03/07/2048		50		49
4.000%, 05/30/2047		40		39
3.750%, 05/15/2046		25		24
Travelers MTN
6.250%, 06/15/2037		100		126
Travelport Corporate Finance
6.000%, 03/15/2026 (A)		100		103
Trinity Acquisition
4.400%, 03/15/2026		50		50

22 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
UniCredit
5.861%, VAR USD ICE Swap 11:00 NY 5 Yr+3.703%, 06/19/2032 (A)	$	200	$	179
Unum Group
3.000%, 05/15/2021		30		30
US Bancorp MTN
3.900%, 04/26/2028		100		104
3.600%, 09/11/2024		150		152
2.950%, 07/15/2022		100		100
2.375%, 07/22/2026		150		140
US Bank MTN
2.050%, 10/23/2020		150		148
USIS Merger
6.875%, 05/01/2025 (A)		170		163
VFH Parent
6.750%, 06/15/2022 (A)		80		81
Voya Financial
3.125%, 07/15/2024		50		48
Wells Fargo
5.606%, 01/15/2044		150		171
5.375%, 11/02/2043		180		199
3.900%, 05/01/2045		150		146
3.000%, 04/22/2026		150		144
3.000%, 10/23/2026		150		143
2.600%, 01/15/2021		100		99
2.500%, 03/04/2021		150		149
Wells Fargo MTN
4.300%, 07/22/2027		100		102
4.150%, 01/24/2029		150		154
4.125%, 08/15/2023		150		153
4.100%, 06/03/2026		135		136
3.750%, 01/24/2024		150		153
3.584%, VAR ICE LIBOR USD 3 Month+1.310%, 05/22/2028		75		74
3.450%, 02/13/2023		100		100
3.000%, 02/19/2025		100		98
2.625%, 07/22/2022		90		88
2.600%, 07/22/2020		150		149
Wells Fargo Capital X
5.950%, 12/15/2036		150		160
Westpac Banking
3.650%, 05/15/2023		100		101
3.350%, 03/08/2027		50		49
3.050%, 05/15/2020		150		150
2.850%, 05/13/2026		50		48
2.700%, 08/19/2026		50		47
2.600%, 11/23/2020		50		50
2.500%, 06/28/2022		50		49
2.150%, 03/06/2020		50		49
2.100%, 05/13/2021		50		49
2.000%, 08/19/2021		50		49

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Willis North America
3.600%, 05/15/2024	$	50	$	49
XLIT
5.500%, 03/31/2045		100		104
4.450%, 03/31/2025		100		102
				59,870
Health Care — 3.1%
Abbott Laboratories
4.900%, 11/30/2046		100		111
4.750%, 11/30/2036		50		54
4.750%, 04/15/2043		100		105
3.750%, 11/30/2026		28		28
3.400%, 11/30/2023		70		71
2.950%, 03/15/2025		100		98
2.800%, 09/15/2020		50		50
AbbVie
4.700%, 05/14/2045		35		33
4.500%, 05/14/2035		140		132
4.450%, 05/14/2046		150		135
4.300%, 05/14/2036		50		46
3.600%, 05/14/2025		100		99
3.200%, 11/06/2022		45		45
3.200%, 05/14/2026		100		94
2.900%, 11/06/2022		100		99
2.850%, 05/14/2023		50		49
2.500%, 05/14/2020		100		99
Acadia Healthcare
5.625%, 02/15/2023		100		98
Aetna
3.875%, 08/15/2047		45		39
2.800%, 06/15/2023		25		24
Agilent Technologies
3.050%, 09/22/2026		65		61
AHS Hospital
5.024%, 07/01/2045		25		28
Allergan Finance
3.250%, 10/01/2022		50		49
Allergan Funding SCS
4.850%, 06/15/2044		50		48
4.750%, 03/15/2045		100		97
4.550%, 03/15/2035		100		96
3.850%, 06/15/2024		100		100
3.800%, 03/15/2025		100		100
3.000%, 03/12/2020		50		50
AmerisourceBergen
4.250%, 03/01/2045		25		21
3.450%, 12/15/2027		50		47
3.400%, 05/15/2024		100		98
Amgen
5.150%, 11/15/2041		100		105
4.563%, 06/15/2048		100		98

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 23

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.400%, 05/01/2045	$	125	$	119
3.875%, 11/15/2021		100		102
3.125%, 05/01/2025		50		49
2.650%, 05/11/2022		50		49
2.600%, 08/19/2026		100		93
2.250%, 08/19/2023		100		96
1.850%, 08/19/2021		50		48
Anthem
5.100%, 01/15/2044		150		157
4.650%, 01/15/2043		50		50
4.550%, 03/01/2048		50		49
4.101%, 03/01/2028		50		51
3.500%, 08/15/2024		150		150
Ascension Health
3.945%, 11/15/2046		60		59
AstraZeneca
6.450%, 09/15/2037		100		124
4.375%, 11/16/2045		100		97
3.375%, 11/16/2025		100		98
2.375%, 11/16/2020		100		99
Avantor
9.000%, 10/01/2025 (A)		161		166
6.000%, 10/01/2024 (A)		100		102
Bausch Health
6.500%, 03/15/2022 (A)		200		207
6.125%, 04/15/2025 (A)		250		236
5.875%, 05/15/2023 (A)		300		293
5.500%, 03/01/2023 (A)		100		97
5.500%, 11/01/2025 (A)		196		195
Baxalta
5.250%, 06/23/2045		15		15
2.875%, 06/23/2020		15		15
Baxter International
3.500%, 08/15/2046		100		85
Becton Dickinson
4.685%, 12/15/2044		50		49
4.669%, 06/06/2047		50		50
3.734%, 12/15/2024		50		50
3.700%, 06/06/2027		100		97
3.363%, 06/06/2024		50		49
3.125%, 11/08/2021		100		99
2.894%, 06/06/2022		65		64
2.404%, 06/05/2020		35		35
Biogen
5.200%, 09/15/2045		100		108
3.625%, 09/15/2022		100		102
Boston Scientific
4.000%, 03/01/2028		100		101
3.850%, 05/15/2025		100		101
Bristol-Myers Squibb
4.500%, 03/01/2044		50		50
3.250%, 02/27/2027		100		96

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.250%, 08/01/2042	$	100	$	82
Cardinal Health
3.410%, 06/15/2027		100		93
2.616%, 06/15/2022		100		97
Catholic Health Initiatives
2.950%, 11/01/2022		100		98
Celgene
5.000%, 08/15/2045		50		50
4.550%, 02/20/2048		100		96
4.350%, 11/15/2047		50		46
3.900%, 02/20/2028		100		99
3.875%, 08/15/2025		50		50
3.625%, 05/15/2024		50		50
3.450%, 11/15/2027		50		48
3.250%, 02/20/2023		100		99
2.875%, 08/15/2020		100		100
2.875%, 02/19/2021		45		45
2.750%, 02/15/2023		50		49
Centene
6.125%, 02/15/2024		276		289
5.625%, 02/15/2021		54		55
5.375%, 06/01/2026 (A)		225		232
4.750%, 01/15/2025		90		91
Change Healthcare Holdings
5.750%, 03/01/2025 (A)		115		110
Charles River Laboratories International
5.500%, 04/01/2026 (A)		100		102
CHS
11.000%, 9.875%, 06/22/2019, 06/30/2023 (A) (C)		175		149
8.625%, 01/15/2024 (A)		55		57
8.125%, 06/30/2024 (A)		133		105
6.250%, 03/31/2023		340		325
Cigna
4.900%, 12/15/2048 (A)		30		31
4.800%, 08/15/2038 (A)		30		31
4.375%, 10/15/2028 (A)		60		61
4.125%, 11/15/2025 (A)		25		25
3.750%, 07/15/2023 (A)		55		56
3.400%, 09/17/2021 (A)		20		20
3.200%, 09/17/2020 (A)		50		50
Cigna Holding
3.875%, 10/15/2047		50		44
3.250%, 04/15/2025		150		146
3.050%, 10/15/2027		30		28
Covidien International Finance
6.550%, 10/15/2037		50		64
CVS Health
5.300%, 12/05/2043		50		52
5.125%, 07/20/2045		55		57
5.050%, 03/25/2048		95		97
4.875%, 07/20/2035		100		101

24 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.780%, 03/25/2038	$	100	$	100
4.300%, 03/25/2028		110		112
4.100%, 03/25/2025		50		51
4.000%, 12/05/2023		100		102
3.875%, 07/20/2025		100		100
3.700%, 03/09/2023		85		86
3.350%, 03/09/2021		95		95
2.875%, 06/01/2026		100		93
2.800%, 07/20/2020		100		100
2.750%, 12/01/2022		100		98
2.125%, 06/01/2021		50		49
Danaher
4.375%, 09/15/2045		20		21
3.350%, 09/15/2025		20		20
2.400%, 09/15/2020		100		99
DaVita
5.000%, 05/01/2025		295		284
DJO Finance
8.125%, 06/15/2021 (A)		144		150
Duke University Health System
3.920%, 06/01/2047		125		123
Eagle Holding II
7.625% cash/0% PIK, 05/15/2022 (A)		80		80
Elanco Animal Health
4.900%, 08/28/2028 (A)		75		77
4.272%, 08/28/2023 (A)		110		111
3.912%, 08/27/2021 (A)		25		25
Eli Lilly
3.700%, 03/01/2045		100		96
3.100%, 05/15/2027		124		121
Endo Dac
6.000%, 02/01/2025 (A)		200		155
Endo Finance
5.375%, 01/15/2023 (A)		200		163
Envision Healthcare
8.750%, 10/15/2026 (A)		75		68
Express Scripts Holding
4.800%, 07/15/2046		35		35
4.750%, 11/15/2021		100		104
4.500%, 02/25/2026		50		52
3.500%, 06/15/2024		50		49
3.400%, 03/01/2027		40		38
3.000%, 07/15/2023		50		49
Gilead Sciences
5.650%, 12/01/2041		100		115
4.600%, 09/01/2035		100		102
4.150%, 03/01/2047		100		95
3.700%, 04/01/2024		50		51
3.650%, 03/01/2026		75		75
2.950%, 03/01/2027		100		95
1.950%, 03/01/2022		30		29

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
GlaxoSmithKline Capital
3.875%, 05/15/2028	$	50	$	52
3.625%, 05/15/2025		85		87
3.375%, 05/15/2023		50		50
3.125%, 05/14/2021		105		106
HCA
5.875%, 03/15/2022		75		79
5.875%, 02/15/2026		200		211
5.875%, 02/01/2029		120		126
5.625%, 09/01/2028		85		88
5.500%, 06/15/2047		40		42
5.375%, 02/01/2025		250		258
5.375%, 09/01/2026		120		123
5.250%, 04/15/2025		40		42
5.250%, 06/15/2026		40		42
5.000%, 03/15/2024		55		57
4.750%, 05/01/2023		35		36
4.500%, 02/15/2027		35		35
Hologic
4.375%, 10/15/2025 (A)		85		84
Humana
3.850%, 10/01/2024		100		100
2.900%, 12/15/2022		50		49
2.500%, 12/15/2020		25		25
IQVIA
4.875%, 05/15/2023 (A)		140		142
Johnson & Johnson
3.700%, 03/01/2046		100		98
3.625%, 03/03/2037		32		32
2.950%, 03/03/2027		50		49
2.450%, 12/05/2021		50		49
2.450%, 03/01/2026		50		48
2.250%, 03/03/2022		50		49
2.050%, 03/01/2023		50		49
1.650%, 03/01/2021		50		49
Kaiser Foundation Hospitals
4.150%, 05/01/2047		20		21
3.150%, 05/01/2027		25		24
Kinetic Concepts
7.875%, 02/15/2021 (A)		50		51
Laboratory Corp of America Holdings
4.700%, 02/01/2045		50		47
2.625%, 02/01/2020		50		50
Mallinckrodt International Finance
5.625%, 10/15/2023 (A)		200		169
4.875%, 04/15/2020 (A)		129		127
McKesson
4.750%, 05/30/2029		25		26
3.796%, 03/15/2024		50		50
MEDNAX
6.250%, 01/15/2027 (A)		30		30
5.250%, 12/01/2023		100		100

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 25

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Medtronic
4.625%, 03/15/2044	$	50	$	53
4.625%, 03/15/2045		100		109
4.375%, 03/15/2035		50		53
3.500%, 03/15/2025		100		102
2.750%, 04/01/2023		100		99
Memorial Sloan-Kettering Cancer Center
4.200%, 07/01/2055		50		51
Merck
4.150%, 05/18/2043		100		103
3.700%, 02/10/2045		50		49
2.800%, 05/18/2023		100		100
2.750%, 02/10/2025		100		98
2.350%, 02/10/2022		100		99
Molina Healthcare
5.375%, 11/15/2022		75		77
Mount Sinai Hospitals Group
3.981%, 07/01/2048		50		47
MPH Acquisition Holdings
7.125%, 06/01/2024 (A)		140		139
Mylan
5.250%, 06/15/2046		65		58
5.200%, 04/15/2048		50		43
4.550%, 04/15/2028		50		48
3.950%, 06/15/2026		100		95
Northwell Healthcare
4.260%, 11/01/2047		100		96
Novartis Capital
4.400%, 05/06/2044		50		55
4.000%, 11/20/2045		100		103
3.400%, 05/06/2024		100		102
3.100%, 05/17/2027		30		30
3.000%, 11/20/2025		100		99
2.400%, 05/17/2022		50		49
1.800%, 02/14/2020		25		25
NYU Langone Hospitals
4.368%, 07/01/2047		25		25
Ortho-Clinical Diagnostics
6.625%, 05/15/2022 (A)		50		48
Partners Healthcare System
3.765%, 07/01/2048		100		91
Pfizer
7.200%, 03/15/2039		50		71
4.400%, 05/15/2044		50		54
4.125%, 12/15/2046		65		68
3.400%, 05/15/2024		50		51
3.000%, 12/15/2026		100		98
2.750%, 06/03/2026		50		49
2.200%, 12/15/2021		100		98
1.950%, 06/03/2021		50		49
Polaris Intermediate
8.500% cash/0% PIK, 12/01/2022 (A)		100		97

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Prestige Brands
6.375%, 03/01/2024 (A)	$	40	$	40
Providence St. Joseph Health Obligated Group
3.930%, 10/01/2048		35		33
Quest Diagnostics
3.500%, 03/30/2025		100		98
RegionalCare Hospital Partners Holdings
9.750%, 12/01/2026 (A)		175		175
8.250%, 05/01/2023 (A)		112		118
Sanofi
4.000%, 03/29/2021		50		51
3.625%, 06/19/2028		100		102
Shire Acquisitions Investments Ireland DAC
3.200%, 09/23/2026		50		47
2.400%, 09/23/2021		100		97
SSM Health Care
3.688%, 06/01/2023		50		51
Stryker
4.625%, 03/15/2046		30		31
3.500%, 03/15/2026		25		25
3.375%, 05/15/2024		100		100
3.375%, 11/01/2025		100		99
Takeda Pharmaceutical
5.000%, 11/26/2028 (A)		50		53
4.400%, 11/26/2023 (A)		50		51
Team Health Holdings
6.375%, 02/01/2025 (A)		110		90
Teleflex
4.625%, 11/15/2027		56		55
Tenet Healthcare
7.500%, 01/01/2022 (A)		50		52
6.750%, 06/15/2023		178		175
6.250%, 02/01/2027 (A)		115		116
5.125%, 05/01/2025		200		195
4.625%, 07/15/2024		200		196
Thermo Fisher Scientific
4.150%, 02/01/2024		50		52
4.100%, 08/15/2047		50		48
3.600%, 08/15/2021		100		101
3.200%, 08/15/2027		50		48
3.150%, 01/15/2023		100		99
2.950%, 09/19/2026		105		99
Toledo Hospital
6.015%, 11/15/2048		25		26
5.750%, 11/15/2038		25		27
UnitedHealth Group
6.875%, 02/15/2038		100		134
4.750%, 07/15/2045		50		56
4.625%, 07/15/2035		100		109
4.375%, 03/15/2042		50		52
4.250%, 04/15/2047		31		32

26 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.200%, 01/15/2047	$	25	$	26
3.875%, 10/15/2020		100		101
3.750%, 07/15/2025		50		52
3.750%, 10/15/2047		50		48
3.450%, 01/15/2027		50		50
3.375%, 04/15/2027		50		50
2.950%, 10/15/2027		50		48
2.700%, 07/15/2020		130		130
Valeant Pharmaceuticals International
9.250%, 04/01/2026 (A)		225		242
8.500%, 01/31/2027 (A)		150		157
Vizient
10.375%, 03/01/2024 (A)		80		87
WellCare Health Plans
5.250%, 04/01/2025		160		162
West Street
6.375%, 09/01/2025 (A)		107		97
Wyeth
5.950%, 04/01/2037		100		124
Zimmer Biomet Holdings
3.700%, 03/19/2023		55		54
3.550%, 04/01/2025		100		97
2.700%, 04/01/2020		100		100
Zoetis
4.500%, 11/13/2025		50		52
3.950%, 09/12/2047		100		91
3.450%, 11/13/2020		25		25
3.000%, 09/12/2027		50		47
				23,913
Industrials — 2.5%
3M MTN
3.125%, 09/19/2046		100		86
3.000%, 08/07/2025		50		50
2.250%, 03/15/2023		85		83
ABB Finance USA
3.800%, 04/03/2028		50		51
3.375%, 04/03/2023		50		50
2.875%, 05/08/2022		50		50
ADT Security
6.250%, 10/15/2021		100		105
AECOM
5.875%, 10/15/2024		150		156
AerCap Ireland Capital
4.625%, 10/30/2020		150		152
4.500%, 05/15/2021		150		152
3.950%, 02/01/2022		75		74
3.500%, 01/15/2025		150		140
Ahern Rentals
7.375%, 05/15/2023 (A)		138		120
Air Lease
3.750%, 02/01/2022		100		99

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.375%, 06/01/2021	$	35	$	35
2.750%, 01/15/2023		100		95
Aircastle
7.625%, 04/15/2020		15		16
5.500%, 02/15/2022		30		31
5.125%, 03/15/2021		30		31
5.000%, 04/01/2023		30		30
4.125%, 05/01/2024		30		29
Allegion US Holding
3.550%, 10/01/2027		50		47
3.200%, 10/01/2024		50		47
Allison Transmission
5.000%, 10/01/2024 (A)		45		44
American Airlines Group
4.625%, 03/01/2020 (A)		100		100
American Airlines Pass-Through Trust, Ser 2015-2, Cl AA
3.600%, 09/22/2027		88		86
American Airlines Pass-Through Trust, Ser 2016-3, Cl AA
3.000%, 10/15/2028		92		88
Amsted Industries
5.000%, 03/15/2022 (A)		50		49
Aptim
7.750%, 06/15/2025 (A)		50		39
Arconic
5.125%, 10/01/2024		100		101
Avolon Holdings Funding
5.500%, 01/15/2023 (A)		135		137
5.125%, 10/01/2023 (A)		50		51
BBA US Holdings
5.375%, 05/01/2026 (A)		40		40
BCD Acquisition
9.625%, 09/15/2023 (A)		125		132
Beacon Roofing Supply
4.875%, 11/01/2025 (A)		100		93
Boeing
3.625%, 03/01/2048		20		19
3.550%, 03/01/2038		30		29
3.250%, 03/01/2028		50		49
2.800%, 03/01/2023		50		50
2.800%, 03/01/2027		50		48
Bombardier
8.750%, 12/01/2021 (A)		100		106
7.500%, 12/01/2024 (A)		89		86
7.500%, 03/15/2025 (A)		260		251
6.000%, 10/15/2022 (A)		100		96
Brand Industrial Services
8.500%, 07/15/2025 (A)		78		70
Brink’s
4.625%, 10/15/2027 (A)		97		92

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 27

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Builders FirstSource
5.625%, 09/01/2024 (A)	$	100	$	95
Burlington Northern Santa Fe
4.900%, 04/01/2044		50		56
4.550%, 09/01/2044		100		106
4.150%, 04/01/2045		50		50
4.150%, 12/15/2048		55		56
4.050%, 06/15/2048		65		65
3.400%, 09/01/2024		50		51
3.000%, 04/01/2025		100		99
BWAY Holding
7.250%, 04/15/2025 (A)		145		134
5.500%, 04/15/2024 (A)		120		117
Canadian National Railway
3.200%, 08/02/2046		50		43
2.950%, 11/21/2024		50		49
Canadian Pacific Railway
6.125%, 09/15/2115		30		35
4.800%, 09/15/2035		20		21
Carlisle
3.750%, 12/01/2027		50		48
Caterpillar
4.300%, 05/15/2044		100		102
3.400%, 05/15/2024		50		51
Caterpillar Financial Services
1.700%, 08/09/2021		50		49
Caterpillar Financial Services MTN
3.350%, 12/07/2020		50		50
2.400%, 06/06/2022		100		98
1.850%, 09/04/2020		100		99
CFX Escrow
6.000%, 02/15/2024 (A)		20		20
Cintas No. 2
3.700%, 04/01/2027		50		50
2.900%, 04/01/2022		50		49
Cloud Crane
10.125%, 08/01/2024 (A)		45		48
CNH Industrial MTN
3.850%, 11/15/2027		35		32
CNH Industrial Capital
4.875%, 04/01/2021		25		26
4.375%, 11/06/2020		35		35
4.375%, 04/05/2022		25		25
3.875%, 10/15/2021		20		20
Core & Main
6.125%, 08/15/2025 (A)		95		90
CSX
4.650%, 03/01/2068		50		47
4.300%, 03/01/2048		50		49
4.250%, 11/01/2066		50		45
4.100%, 03/15/2044		75		71
3.800%, 03/01/2028		50		50

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.800%, 11/01/2046	$	50	$	45
3.400%, 08/01/2024		50		50
3.250%, 06/01/2027		50		48
2.600%, 11/01/2026		50		46
Deere
3.900%, 06/09/2042		100		98
2.600%, 06/08/2022		50		50
Delta Air Lines
4.375%, 04/19/2028		50		48
3.800%, 04/19/2023		30		29
3.625%, 03/15/2022		50		50
2.875%, 03/13/2020		30		30
2.600%, 12/04/2020		45		44
Dover
5.375%, 03/01/2041		100		108
Eaton
4.000%, 11/02/2032		50		50
2.750%, 11/02/2022		50		49
Emerson Electric
2.625%, 02/15/2023		75		74
Equifax
2.300%, 06/01/2021		50		48
FedEx
5.100%, 01/15/2044		50		51
4.400%, 01/15/2047		50		45
4.200%, 10/17/2028		100		101
4.050%, 02/15/2048		50		43
3.900%, 02/01/2035		100		92
3.400%, 02/15/2028		50		48
Flex Acquisition
7.875%, 07/15/2026 (A)		80		76
6.875%, 01/15/2025 (A)		60		56
Fluor
3.500%, 12/15/2024		100		98
Fortress Transportation & Infrastructure Investors
6.750%, 03/15/2022 (A)		40		40
FXI Holdings
7.875%, 11/01/2024 (A)		75		71
Gates Global
6.000%, 07/15/2022 (A)		54		54
GATX
3.250%, 09/15/2026		100		93
2.600%, 03/30/2020		100		99
GE Capital International Funding
4.418%, 11/15/2035		51		46
2.342%, 11/15/2020		150		146
General Dynamics
3.000%, 05/11/2021		50		50
2.375%, 11/15/2024		100		96
2.250%, 11/15/2022		100		98

28 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
General Electric
6.750%, 03/15/2032	$	101	$	111
2.700%, 10/09/2022		75		72
General Electric MTN
6.875%, 01/10/2039		115		127
5.300%, 02/11/2021		125		128
Grinding Media
7.375%, 12/15/2023 (A)		100		101
H&E Equipment Services
5.625%, 09/01/2025		88		86
Harris
4.854%, 04/27/2035		35		36
4.400%, 06/15/2028		150		155
3.832%, 04/27/2025		50		50
Hertz
7.625%, 06/01/2022 (A)		50		50
5.500%, 10/15/2024 (A)		140		115
Honeywell International
1.850%, 11/01/2021		50		49
Hubbell
3.350%, 03/01/2026		50		47
Icahn Enterprises
6.375%, 12/15/2025		75		77
IHS Markit
4.125%, 08/01/2023		25		25
Illinois Tool Works
3.500%, 03/01/2024		100		102
Ingersoll-Rand Global Holding
5.750%, 06/15/2043		50		57
4.250%, 06/15/2023		50		52
Intrepid Aviation Group Holdings
8.500%, 08/15/2021 (A)		50		50
JB Hunt Transport Services
3.300%, 08/15/2022		50		50
John Deere Capital
2.550%, 01/08/2021		100		99
John Deere Capital MTN
3.350%, 06/12/2024		100		101
2.800%, 03/06/2023		100		99
2.650%, 01/06/2022		100		99
2.650%, 06/24/2024		50		49
Johnson Controls International
4.950%, 07/02/2064		25		22
4.625%, 07/02/2044		100		93
3.625%, 07/02/2024		50		49
Kansas City Southern
4.950%, 08/15/2045		100		101
L3 Technologies
4.950%, 02/15/2021		100		103
Lockheed Martin
4.700%, 05/15/2046		100		109
4.500%, 05/15/2036		100		105

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.800%, 03/01/2045	$	100	$	95
3.550%, 01/15/2026		100		101
2.900%, 03/01/2025		25		25
2.500%, 11/23/2020		100		100
Masco
4.375%, 04/01/2026		50		50
3.500%, 04/01/2021		65		65
Masonite International
5.625%, 03/15/2023 (A)		63		64
Multi-Color
4.875%, 11/01/2025 (A)		153		145
Navios Maritime Holdings
7.375%, 01/15/2022 (A)		100		58
Navistar International
6.625%, 11/01/2025 (A)		26		26
NCI Building Systems
8.000%, 04/15/2026 (A)		55		52
Nielsen Finance
5.000%, 04/15/2022 (A)		150		150
Nielsen Luxembourg
5.500%, 10/01/2021 (A)		100		101
Norfolk Southern
4.450%, 06/15/2045		100		101
3.950%, 10/01/2042		100		94
3.942%, 11/01/2047		95		89
3.250%, 12/01/2021		75		75
2.900%, 06/15/2026		35		33
Northrop Grumman
4.750%, 06/01/2043		25		26
4.030%, 10/15/2047		75		72
3.850%, 04/15/2045		100		93
3.250%, 08/01/2023		50		50
3.250%, 01/15/2028		65		63
2.080%, 10/15/2020		60		59
Novelis
5.875%, 09/30/2026 (A)		250		241
Owens Corning
4.300%, 07/15/2047		50		37
4.200%, 12/01/2024		100		99
PACCAR Financial MTN
2.800%, 03/01/2021		35		35
2.300%, 08/10/2022		50		48
Park Aerospace Holdings
5.500%, 02/15/2024 (A)		100		101
5.250%, 08/15/2022 (A)		35		36
4.500%, 03/15/2023 (A)		238		234
Parker-Hannifin MTN
4.200%, 11/21/2034		135		138
Pitney Bowes
3.875%, 10/01/2021		100		98
Plastipak Holdings
6.250%, 10/15/2025 (A)		50		45

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 29

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Raytheon
3.125%, 10/15/2020	$	100	$	101
2.500%, 12/15/2022		100		98
RBS Global
4.875%, 12/15/2025 (A)		87		84
Republic Services
3.550%, 06/01/2022		50		51
2.900%, 07/01/2026		100		95
Rockwell Collins
4.350%, 04/15/2047		25		24
3.200%, 03/15/2024		50		49
2.800%, 03/15/2022		50		49
Roper Technologies
3.850%, 12/15/2025		25		25
3.800%, 12/15/2026		150		147
3.000%, 12/15/2020		100		100
Ryder System MTN
2.875%, 09/01/2020		50		50
2.650%, 03/02/2020		100		99
Sensata Technologies
5.000%, 10/01/2025 (A)		40		40
4.875%, 10/15/2023 (A)		100		100
Snap-on
4.100%, 03/01/2048		40		39
Spirit AeroSystems
3.850%, 06/15/2026		25		24
Stanley Black & Decker
2.900%, 11/01/2022		100		99
Terex
5.625%, 02/01/2025 (A)		105		102
Tervita Escrow
7.625%, 12/01/2021 (A)		50		49
Textron
3.375%, 03/01/2028		100		93
Titan Acquisition
7.750%, 04/15/2026 (A)		100		88
TransDigm
6.500%, 07/15/2024		100		99
6.500%, 05/15/2025		25		24
6.375%, 06/15/2026		100		96
6.250%, 03/15/2026 (A)		220		223
6.000%, 07/15/2022		200		202
TransDigm UK Holdings
6.875%, 05/15/2026 (A)		45		44
Tutor Perini
6.875%, 05/01/2025 (A)		85		84
Union Pacific
4.163%, 07/15/2022		100		103
4.050%, 03/01/2046		50		47
4.000%, 04/15/2047		50		47
3.875%, 02/01/2055		100		88
3.799%, 10/01/2051		55		48

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.600%, 09/15/2037	$	20	$	18
3.000%, 04/15/2027		50		48
United Airlines Pass-Through Trust, Ser 2013-1, Cl A
4.300%, 08/15/2025		40		41
United Airlines Pass-Through Trust, Ser 2016-1, Cl AA
3.100%, 07/07/2028		46		44
United Airlines Pass-Through Trust, Ser 2016-2, Cl AA
2.875%, 10/07/2028		95		88
United Parcel Service
6.200%, 01/15/2038		50		63
3.750%, 11/15/2047		50		47
3.400%, 11/15/2046		50		43
3.125%, 01/15/2021		50		50
3.050%, 11/15/2027		50		49
2.800%, 11/15/2024		50		49
2.500%, 04/01/2023		50		49
2.400%, 11/15/2026		50		47
2.350%, 05/16/2022		50		49
2.050%, 04/01/2021		50		49
United Rentals North America
6.500%, 12/15/2026		50		52
5.500%, 07/15/2025		325		329
5.500%, 05/15/2027		140		138
4.875%, 01/15/2028		154		146
4.625%, 07/15/2023		85		86
United Technologies
4.625%, 11/16/2048		25		26
4.500%, 04/15/2020		100		102
4.500%, 06/01/2042		100		101
4.450%, 11/16/2038		20		20
4.125%, 11/16/2028		30		31
3.950%, 08/16/2025		15		15
3.650%, 08/16/2023		20		20
3.350%, 08/16/2021		10		10
3.125%, 05/04/2027		100		95
3.100%, 06/01/2022		75		75
USG
4.875%, 06/01/2027 (A)		130		132
Verisk Analytics
5.500%, 06/15/2045		100		102
Vertiv Group
9.250%, 10/15/2024 (A)		40		37
Vertiv Intermediate Holding
12.000% cash/0% PIK, 02/15/2022 (A)		90		86
Wabtec
3.450%, 11/15/2026		100		89
Waste Management
4.750%, 06/30/2020		50		51
4.100%, 03/01/2045		50		50

30 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.150%, 11/15/2027	$	50	$	49
3.125%, 03/01/2025		50		49
Waste Pro USA
5.500%, 02/15/2026 (A)		100		97
WW Grainger
4.600%, 06/15/2045		50		52
4.200%, 05/15/2047		50		48
XPO Logistics
6.500%, 06/15/2022 (A)		117		119
Xylem
4.375%, 11/01/2046		50		48
				19,154
Information Technology — 2.1%
Adobe
3.250%, 02/01/2025		50		50
Amphenol
3.200%, 04/01/2024		100		97
2.200%, 04/01/2020		100		99
Analog Devices
3.900%, 12/15/2025		100		99
3.500%, 12/05/2026		50		48
Apple
4.500%, 02/23/2036		100		107
4.375%, 05/13/2045		50		53
4.250%, 02/09/2047		50		51
3.850%, 05/04/2043		100		98
3.850%, 08/04/2046		95		92
3.750%, 09/12/2047		100		95
3.750%, 11/13/2047		50		48
3.350%, 02/09/2027		50		50
3.250%, 02/23/2026		150		150
3.200%, 05/11/2027		100		99
3.000%, 06/20/2027		100		98
2.850%, 05/06/2021		75		75
2.850%, 05/11/2024		50		50
2.500%, 02/09/2022		100		99
2.500%, 02/09/2025		75		73
2.450%, 08/04/2026		50		47
2.400%, 01/13/2023		100		98
2.300%, 05/11/2022		100		99
2.250%, 02/23/2021		90		89
1.550%, 08/04/2021		100		97
Applied Materials
5.100%, 10/01/2035		35		39
4.350%, 04/01/2047		45		45
3.900%, 10/01/2025		35		36
3.300%, 04/01/2027		55		55
2.625%, 10/01/2020		50		50
Arrow Electronics
4.000%, 04/01/2025		100		97
3.250%, 09/08/2024		100		94

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Autodesk
4.375%, 06/15/2025	$	100	$	102
Automatic Data Processing
3.375%, 09/15/2025		25		25
2.250%, 09/15/2020		50		50
Avnet
4.625%, 04/15/2026		25		25
3.750%, 12/01/2021		25		25
Broadcom
3.875%, 01/15/2027		50		46
3.500%, 01/15/2028		50		44
3.125%, 01/15/2025		35		32
2.650%, 01/15/2023		50		48
2.200%, 01/15/2021		50		49
CA
4.700%, 03/15/2027		50		48
3.600%, 08/01/2020		50		50
Camelot Finance
7.875%, 10/15/2024 (A)		50		51
CDK Global
5.875%, 06/15/2026		25		25
5.000%, 10/15/2024		10		10
4.875%, 06/01/2027		70		68
CDW
5.000%, 09/01/2023		131		131
5.000%, 09/01/2025		70		70
Cisco Systems
5.900%, 02/15/2039		100		127
5.500%, 01/15/2040		100		121
2.950%, 02/28/2026		100		98
2.500%, 09/20/2026		50		48
2.200%, 02/28/2021		50		49
CommScope
5.000%, 06/15/2021 (A)		150		149
CommScope Technologies
6.000%, 06/15/2025 (A)		82		77
5.000%, 03/15/2027 (A)		65		56
Corning
4.375%, 11/15/2057		100		88
Dell International
8.350%, 07/15/2046 (A)		100		118
8.100%, 07/15/2036 (A)		50		57
7.125%, 06/15/2024 (A)		100		105
6.020%, 06/15/2026 (A)		100		105
5.875%, 06/15/2021 (A)		171		174
5.450%, 06/15/2023 (A)		115		120
4.420%, 06/15/2021 (A)		100		102
DXC Technology
4.750%, 04/15/2027		100		99
Entegris
4.625%, 02/10/2026 (A)		50		48

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 31

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Exela Intermediate
10.000%, 07/15/2023 (A)	$	100	$	100
Fidelity National Information Services
4.750%, 05/15/2048		50		47
4.500%, 08/15/2046		25		23
4.250%, 05/15/2028		40		40
3.625%, 10/15/2020		112		113
3.500%, 04/15/2023		53		53
3.000%, 08/15/2026		50		46
2.250%, 08/15/2021		53		52
First Data
5.750%, 01/15/2024 (A)		200		206
5.375%, 08/15/2023 (A)		200		204
5.000%, 01/15/2024 (A)		100		102
Flex
4.750%, 06/15/2025		50		51
FLIR Systems
3.125%, 06/15/2021		50		49
Gartner
5.125%, 04/01/2025 (A)		100		99
Genesys Telecommunications Laboratories
10.000%, 11/30/2024 (A)		115		123
Genpact Luxembourg Sarl
3.700%, 04/01/2022		100		97
GTT Communications
7.875%, 12/31/2024 (A)		84		74
Harland Clarke Holdings
9.250%, 03/01/2021 (A)		150		145
8.375%, 08/15/2022 (A)		50		47
Hewlett Packard Enterprise
6.350%, 10/15/2045		50		51
6.200%, 10/15/2035		50		52
4.900%, 10/15/2025		100		104
4.400%, 10/15/2022		50		52
3.600%, 10/15/2020		50		50
Hughes Satellite Systems
6.625%, 08/01/2026		85		82
5.250%, 08/01/2026		105		100
IBM Credit
3.600%, 11/30/2021		100		101
1.800%, 01/20/2021		100		98
Infor
5.750%, 08/15/2020 (A)		20		20
Infor Software Parent
7.125% cash/0% PIK, 05/01/2021 (A)		100		101
Infor US
6.500%, 05/15/2022		201		205
Informatica
7.125%, 07/15/2023 (A)		101		101
Ingram Micro
5.450%, 12/15/2024		80		78

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Intel
4.100%, 05/11/2047	$	50	$	51
3.734%, 12/08/2047		197		189
3.700%, 07/29/2025		45		46
3.300%, 10/01/2021		100		102
2.875%, 05/11/2024		50		50
2.700%, 12/15/2022		50		50
2.600%, 05/19/2026		50		48
2.450%, 07/29/2020		85		85
International Business Machines
4.000%, 06/20/2042		100		94
3.625%, 02/12/2024		50		51
2.875%, 11/09/2022		100		99
2.500%, 01/27/2022		100		98
2.250%, 02/19/2021		100		98
j2 Cloud Services
6.000%, 07/15/2025 (A)		95		95
Jabil
3.950%, 01/12/2028		55		49
Keysight Technologies
4.600%, 04/06/2027		65		66
Lam Research
2.750%, 03/15/2020		100		100
Mastercard
3.375%, 04/01/2024		100		102
2.000%, 11/21/2021		90		89
Microsoft
4.500%, 10/01/2040		100		111
4.450%, 11/03/2045		100		111
4.250%, 02/06/2047		100		109
3.950%, 08/08/2056		50		50
3.700%, 08/08/2046		100		99
3.500%, 02/12/2035		50		49
3.450%, 08/08/2036		100		98
3.300%, 02/06/2027		100		101
2.875%, 02/06/2024		35		35
2.700%, 02/12/2025		100		99
2.400%, 08/08/2026		50		48
2.375%, 02/12/2022		100		99
2.000%, 11/03/2020		100		99
2.000%, 08/08/2023		100		97
1.550%, 08/08/2021		100		98
Motorola Solutions
4.000%, 09/01/2024		100		98
3.500%, 03/01/2023		100		98
NetApp
3.375%, 06/15/2021		50		50
Nuance Communications
5.625%, 12/15/2026		115		113
NVIDIA
3.200%, 09/16/2026		50		49
2.200%, 09/16/2021		30		29

32 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Open Text
5.875%, 06/01/2026 (A)	$	110	$	113
5.625%, 01/15/2023 (A)		40		41
Oracle
5.375%, 07/15/2040		150		172
4.375%, 05/15/2055		100		100
4.300%, 07/08/2034		100		105
4.125%, 05/15/2045		100		98
4.000%, 07/15/2046		50		48
4.000%, 11/15/2047		70		68
3.850%, 07/15/2036		50		48
3.400%, 07/08/2024		100		102
3.250%, 11/15/2027		100		99
2.950%, 11/15/2024		100		99
2.800%, 07/08/2021		75		75
2.650%, 07/15/2026		40		38
2.625%, 02/15/2023		70		69
2.400%, 09/15/2023		50		49
1.900%, 09/15/2021		60		59
Plantronics
5.500%, 05/31/2023 (A)		100		96
PTC
6.000%, 05/15/2024		98		102
Qorvo
5.500%, 07/15/2026 (A)		60		60
QUALCOMM
4.800%, 05/20/2045		100		97
4.650%, 05/20/2035		100		99
4.300%, 05/20/2047		130		119
3.450%, 05/20/2025		100		98
3.250%, 05/20/2027		50		47
2.900%, 05/20/2024		50		48
2.600%, 01/30/2023		100		98
Rackspace Hosting
8.625%, 11/15/2024 (A)		100		84
salesforce.com
3.700%, 04/11/2028		50		51
Seagate HDD Cayman
4.750%, 01/01/2025		100		95
Solera
10.500%, 03/01/2024 (A)		150		163
Symantec
5.000%, 04/15/2025 (A)		90		90
Texas Instruments
2.625%, 05/15/2024		100		98
1.850%, 05/15/2022		100		96
1.750%, 05/01/2020		100		99
TIBCO Software
11.375%, 12/01/2021 (A)		100		105
Total System Services
4.450%, 06/01/2028		50		50
3.750%, 06/01/2023		100		99

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Tyco Electronics Group
3.125%, 08/15/2027	$	100	$	94
VeriSign
5.250%, 04/01/2025		100		103
Veritas US
10.500%, 02/01/2024 (A)		120		87
ViaSat
5.625%, 09/15/2025 (A)		48		45
Visa
4.300%, 12/14/2045		100		108
4.150%, 12/14/2035		130		138
3.650%, 09/15/2047		100		97
2.800%, 12/14/2022		100		100
2.200%, 12/14/2020		100		99
VMware
3.900%, 08/21/2027		30		29
2.950%, 08/21/2022		60		58
2.300%, 08/21/2020		60		59
West
8.500%, 10/15/2025 (A)		100		83
Western Digital
4.750%, 02/15/2026		200		186
Western Union
4.250%, 06/09/2023		50		51
Xerox
3.625%, 03/15/2023		100		95
Xilinx
3.000%, 03/15/2021		50		50
				16,044
Materials — 1.2%
Air Products & Chemicals
3.350%, 07/31/2024		100		101
Albemarle
4.150%, 12/01/2024		100		101
Alcoa Nederland Holding BV
6.750%, 09/30/2024 (A)		200		208
ArcelorMittal
7.000%, 10/15/2039		24		26
6.250%, 02/25/2022		20		21
6.125%, 06/01/2025		15		16
5.500%, 03/01/2021		25		26
5.250%, 08/05/2020		30		31
Ardagh Packaging Finance Holdings
7.250%, 05/15/2024 (A)		275		284
4.625%, 05/15/2023 (A)		150		150
Axalta Coating Systems
4.875%, 08/15/2024 (A)		150		146
Baffinland Iron Mines
8.750%, 07/15/2026 (A)		75		74
Ball
5.250%, 07/01/2025		190		199

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 33

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.375%, 12/15/2020	$	60	$	61
Barrick
5.250%, 04/01/2042		100		104
Bemis
3.100%, 09/15/2026		50		46
Berry Global
5.500%, 05/15/2022		100		101
4.500%, 02/15/2026 (A)		100		94
BHP Billiton Finance USA
5.000%, 09/30/2043		100		115
2.875%, 02/24/2022		55		55
Big River Steel
7.250%, 09/01/2025 (A)		110		115
Blue Cube Spinco
10.000%, 10/15/2025		100		114
Celanese US Holdings
5.875%, 06/15/2021		30		31
4.625%, 11/15/2022		30		31
Chemours
6.625%, 05/15/2023		80		83
5.375%, 05/15/2027		75		72
Cleveland-Cliffs
5.750%, 03/01/2025		100		97
Crown Americas
4.750%, 02/01/2026		85		83
CVR Partners
9.250%, 06/15/2023 (A)		85		89
Dow Chemical
4.375%, 11/15/2042		50		46
4.250%, 11/15/2020		100		102
4.250%, 10/01/2034		100		94
3.500%, 10/01/2024		50		49
3.000%, 11/15/2022		50		50
DowDuPont
5.419%, 11/15/2048		75		82
5.319%, 11/15/2038		35		38
4.725%, 11/15/2028		100		106
3.766%, 11/15/2020		20		20
Eastman Chemical
4.650%, 10/15/2044		50		47
3.800%, 03/15/2025		100		98
Ecolab
4.350%, 12/08/2021		82		85
3.950%, 12/01/2047		20		19
3.250%, 12/01/2027		35		34
2.700%, 11/01/2026		20		19
2.375%, 08/10/2022		50		49
Fibria Overseas Finance
5.500%, 01/17/2027		50		51
4.000%, 01/14/2025		50		49
FMG Resources August 2006 Pty
4.750%, 05/15/2022 (A)		125		125

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Freeport-McMoRan
4.550%, 11/14/2024	$	100	$	96
3.875%, 03/15/2023		100		95
Georgia-Pacific
8.875%, 05/15/2031		100		146
Goldcorp
3.700%, 03/15/2023		100		100
Greif
6.500%, 03/01/2027 (A)		60		60
Hexion
10.375%, 02/01/2022 (A)		90		72
Hudbay Minerals
7.625%, 01/15/2025 (A)		50		51
International Flavors & Fragrances
4.375%, 06/01/2047		30		28
International Paper
7.500%, 08/15/2021		68		75
5.150%, 05/15/2046		100		98
4.800%, 06/15/2044		100		94
4.750%, 02/15/2022		46		48
Joseph T Ryerson & Son
11.000%, 05/15/2022 (A)		75		78
Koppers
6.000%, 02/15/2025 (A)		100		89
Lubrizol
6.500%, 10/01/2034		100		128
LYB International Finance BV
4.875%, 03/15/2044		50		48
LYB International Finance II BV
3.500%, 03/02/2027		64		61
LyondellBasell Industries
4.625%, 02/26/2055		100		88
Martin Marietta Materials
4.250%, 07/02/2024		50		51
Momentive Performance Materials
3.880%, 10/24/2021		145		155
Mosaic
4.250%, 11/15/2023		25		26
Newmont Mining
6.250%, 10/01/2039		50		57
4.875%, 03/15/2042		25		25
3.500%, 03/15/2022		100		100
Northwest Acquisitions ULC
7.125%, 11/01/2022 (A)		86		86
Nucor
6.400%, 12/01/2037		100		123
4.000%, 08/01/2023		100		103
Nutrien
5.250%, 01/15/2045		70		71
4.125%, 03/15/2035		200		180
4.000%, 12/15/2026		50		48
3.625%, 03/15/2024		50		49

34 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.000%, 04/01/2025	$	100	$	94
Olin
5.125%, 09/15/2027		90		88
Owens-Brockway Glass Container
5.875%, 08/15/2023 (A)		95		98
5.000%, 01/15/2022 (A)		15		15
Packaging Corp of America
2.450%, 12/15/2020		35		34
PQ
6.750%, 11/15/2022 (A)		50		52
Praxair
3.200%, 01/30/2026		100		98
Rain CII Carbon
7.250%, 04/01/2025 (A)		100		89
Rayonier AM Products
5.500%, 06/01/2024 (A)		100		90
Reynolds Group Issuer
7.000%, 07/15/2024 (A)		100		102
5.125%, 07/15/2023 (A)		150		151
Rio Tinto Finance USA
3.750%, 06/15/2025		150		154
RPM International
5.250%, 06/01/2045		50		49
Sherwin-Williams
4.500%, 06/01/2047		129		122
3.125%, 06/01/2024		25		24
2.250%, 05/15/2020		50		49
Sonoco Products
5.750%, 11/01/2040		100		108
Southern Copper
6.750%, 04/16/2040		100		115
3.875%, 04/23/2025		60		59
SPCM
4.875%, 09/15/2025 (A)		75		70
Standard Industries
6.000%, 10/15/2025 (A)		100		100
5.500%, 02/15/2023 (A)		150		153
5.375%, 11/15/2024 (A)		50		50
4.750%, 01/15/2028 (A)		185		167
Steel Dynamics
5.500%, 10/01/2024		100		103
SunCoke Energy Partners
7.500%, 06/15/2025 (A)		147		143
Teck Resources
8.500%, 06/01/2024 (A)		50		54
Trinseo Materials Operating SCA
5.375%, 09/01/2025 (A)		75		68
Tronox
6.500%, 04/15/2026 (A)		100		87
United States Steel
6.875%, 08/15/2025		121		115

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
US Concrete
6.375%, 06/01/2024	$	100	$	97
Vale Overseas
6.250%, 08/10/2026		100		107
4.375%, 01/11/2022		40		40
Vulcan Materials
4.700%, 03/01/2048		50		44
WR Grace & Company
5.125%, 10/01/2021 (A)		100		103
WRKCo
4.900%, 03/15/2029 (A)		50		52
3.000%, 09/15/2024 (A)		100		95
				9,605
Real Estate — 1.0%
Alexandria Real Estate Equities
4.600%, 04/01/2022		100		103
American Campus Communities Operating Partnership
3.625%, 11/15/2027		80		76
3.350%, 10/01/2020		50		50
American Tower
4.000%, 06/01/2025		100		100
3.450%, 09/15/2021		50		50
3.300%, 02/15/2021		100		100
3.125%, 01/15/2027		100		93
2.800%, 06/01/2020		100		100
AvalonBay Communities MTN
3.500%, 11/15/2025		100		100
3.350%, 05/15/2027		50		49
Boston Properties
4.500%, 12/01/2028		20		21
3.200%, 01/15/2025		50		48
3.125%, 09/01/2023		50		49
Brixmor Operating Partnership
4.125%, 06/15/2026		25		24
3.875%, 08/15/2022		30		30
3.650%, 06/15/2024		50		49
3.250%, 09/15/2023		50		49
Camden Property Trust
4.100%, 10/15/2028		20		20
CBL & Associates
5.950%, 12/15/2026		75		60
Corporate Office Properties
5.000%, 07/01/2025		50		51
Crown Castle International
5.250%, 01/15/2023		50		53
4.750%, 05/15/2047		25		24
4.450%, 02/15/2026		65		66
4.000%, 03/01/2027		20		20
3.800%, 02/15/2028		50		49
3.650%, 09/01/2027		35		34

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 35

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.400%, 02/15/2021	$	55	$	55
3.200%, 09/01/2024		35		33
3.150%, 07/15/2023		30		29
2.250%, 09/01/2021		55		53
CubeSmart
3.125%, 09/01/2026		50		46
CyrusOne
5.000%, 03/15/2024		100		101
Digital Realty Trust
3.950%, 07/01/2022		100		101
3.700%, 08/15/2027		50		48
2.750%, 02/01/2023		50		48
Duke Realty
3.875%, 10/15/2022		50		50
EPR Properties
4.750%, 12/15/2026		50		50
Equinix
5.875%, 01/15/2026		250		258
5.375%, 01/01/2022		100		102
5.375%, 05/15/2027		40		40
ERP Operating
4.000%, 08/01/2047		50		47
3.375%, 06/01/2025		100		99
3.250%, 08/01/2027		50		49
Essex Portfolio
4.500%, 03/15/2048		50		49
3.375%, 04/15/2026		50		48
Federal Realty Investment Trust
4.500%, 12/01/2044		50		51
Five Point Operating
7.875%, 11/15/2025 (A)		100		96
GLP Capital
5.750%, 06/01/2028		15		16
5.375%, 11/01/2023		15		15
5.375%, 04/15/2026		30		31
5.250%, 06/01/2025		15		15
4.875%, 11/01/2020		40		41
Greystar Real Estate Partners
5.750%, 12/01/2025 (A)		80		79
HCP
4.000%, 12/01/2022		50		50
4.000%, 06/01/2025		100		100
Healthcare Trust of America Holdings
3.500%, 08/01/2026		40		38
Highwoods Realty
3.200%, 06/15/2021		100		99
Hospitality Properties Trust
4.950%, 02/15/2027		70		68
4.500%, 03/15/2025		50		47
4.375%, 02/15/2030		50		45
3.950%, 01/15/2028		30		27

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Host Hotels & Resorts
4.000%, 06/15/2025	$	65	$	64
3.875%, 04/01/2024		50		49
Howard Hughes
5.375%, 03/15/2025 (A)		100		99
Hudson Pacific Properties
3.950%, 11/01/2027		50		47
Iron Mountain
6.000%, 08/15/2023		100		103
4.875%, 09/15/2027 (A)		125		115
Kilroy Realty
4.375%, 10/01/2025		100		101
Kimco Realty
4.450%, 09/01/2047		50		47
3.200%, 05/01/2021		45		45
Lamar Media
5.375%, 01/15/2024		100		102
Liberty Property
3.375%, 06/15/2023		95		94
Life Storage
3.875%, 12/15/2027		50		48
MGM Growth Properties Operating Partnership
5.750%, 02/01/2027 (A)		75		76
4.500%, 09/01/2026		135		128
Mid-America Apartments
4.000%, 11/15/2025		50		50
3.600%, 06/01/2027		50		49
MPT Operating Partnership
6.375%, 03/01/2024		100		105
5.250%, 08/01/2026		75		75
National Retail Properties
4.000%, 11/15/2025		65		65
3.600%, 12/15/2026		50		49
3.500%, 10/15/2027		50		48
Newmark Group
6.125%, 11/15/2023 (A)		55		55
Office Properties Income Trust
4.500%, 02/01/2025		100		95
Physicians Realty
3.950%, 01/15/2028		50		47
Prologis
3.750%, 11/01/2025		65		66
Public Storage
3.094%, 09/15/2027		30		29
2.370%, 09/15/2022		100		97
Realogy Group
5.250%, 12/01/2021 (A)		100		100
4.875%, 06/01/2023 (A)		50		45
Realty Income
4.650%, 08/01/2023		50		52
3.250%, 10/15/2022		60		60

36 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Regency Centers
4.400%, 02/01/2047	$	35	$	32
3.600%, 02/01/2027		30		29
Sabra Health Care
5.500%, 02/01/2021		50		50
SBA Communications
4.875%, 07/15/2022		100		101
4.875%, 09/01/2024		150		150
Simon Property Group
4.250%, 11/30/2046		50		50
3.250%, 11/30/2026		50		49
2.750%, 06/01/2023		50		49
2.625%, 06/15/2022		50		49
2.500%, 09/01/2020		100		99
SITE Centers
4.700%, 06/01/2027		35		35
3.625%, 02/01/2025		87		84
Tanger Properties
3.125%, 09/01/2026		50		46
UDR MTN
3.750%, 07/01/2024		100		99
Uniti Group
8.250%, 10/15/2023		110		102
7.125%, 12/15/2024 (A)		100		88
6.000%, 04/15/2023 (A)		33		31
Ventas Realty
4.000%, 03/01/2028		100		98
3.250%, 10/15/2026		50		47
2.700%, 04/01/2020		80		80
VEREIT Operating Partnership
4.875%, 06/01/2026		30		31
4.600%, 02/06/2024		25		25
4.125%, 06/01/2021		20		20
3.950%, 08/15/2027		40		38
Vornado Realty
3.500%, 01/15/2025		50		48
Washington Prime Group
5.950%, 08/15/2024		50		45
Welltower
6.500%, 03/15/2041		70		83
4.950%, 01/15/2021		45		46
4.250%, 04/01/2026		50		50
WeWork
7.875%, 05/01/2025 (A)		80		72
Weyerhaeuser
7.375%, 03/15/2032		100		123
WP Carey
4.600%, 04/01/2024		50		51
				7,797

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Utilities — 1.7%
AEP Texas
3.800%, 10/01/2047	$	100	$	90
AEP Transmission
3.750%, 12/01/2047		50		47
AES
6.000%, 05/15/2026		100		105
4.500%, 03/15/2023		145		146
Alabama Power
3.750%, 03/01/2045		100		93
Ameren
2.700%, 11/15/2020		100		99
Ameren Illinois
3.800%, 05/15/2028		25		26
3.250%, 03/01/2025		100		99
American Water Capital
6.593%, 10/15/2037		100		128
AmeriGas Partners
5.750%, 05/20/2027		100		96
5.625%, 05/20/2024		70		69
5.500%, 05/20/2025		90		88
Appalachian Power
7.000%, 04/01/2038		100		127
3.400%, 06/01/2025		50		50
Arizona Public Service
2.950%, 09/15/2027		100		96
Atmos Energy
4.125%, 10/15/2044		100		98
Avangrid
3.150%, 12/01/2024		50		49
Baltimore Gas & Electric
2.400%, 08/15/2026		50		46
Banff Merger Sub Inc
9.750%, 09/01/2026 (A)		95		90
Berkshire Hathaway Energy
6.125%, 04/01/2036		47		57
3.800%, 07/15/2048		25		23
3.250%, 04/15/2028		30		29
2.800%, 01/15/2023		40		39
2.375%, 01/15/2021		25		25
Black Hills
3.950%, 01/15/2026		50		50
Calpine
5.750%, 01/15/2025		200		189
5.500%, 02/01/2024		70		66
5.375%, 01/15/2023		100		97
CenterPoint Energy
2.500%, 09/01/2022		50		48
CenterPoint Energy Houston Electric
4.500%, 04/01/2044		100		106
4.250%, 02/01/2049		15		15

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 37

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
CenterPoint Energy Resources
4.500%, 01/15/2021	$	50	$	51
Clearway Energy Operating
5.750%, 10/15/2025 (A)		50		46
5.375%, 08/15/2024		100		93
Cleco Corporate Holdings
4.973%, 05/01/2046		35		34
3.743%, 05/01/2026		50		48
CMS Energy
3.450%, 08/15/2027		50		48
Commonwealth Edison
4.000%, 03/01/2048		100		99
3.700%, 03/01/2045		50		46
2.950%, 08/15/2027		100		96
Connecticut Light & Power
4.300%, 04/15/2044		100		103
4.150%, 06/01/2045		100		101
Consolidated Edison
2.000%, 05/15/2021		100		98
Consolidated Edison of New York
6.300%, 08/15/2037		100		123
4.450%, 03/15/2044		100		102
4.300%, 12/01/2056		100		94
Consumers Energy
3.950%, 05/15/2043		50		50
2.850%, 05/15/2022		100		99
Delmarva Power & Light
4.150%, 05/15/2045		50		49
Dominion Energy
4.050%, 09/15/2042		100		92
2.850%, 08/15/2026		30		28
2.579%, 07/01/2020		50		50
Dominion Energy Gas Holdings
4.600%, 12/15/2044		25		25
3.600%, 12/15/2024		100		100
DTE Electric
3.750%, 08/15/2047		100		95
3.700%, 03/15/2045		50		47
3.700%, 06/01/2046		50		47
DTE Energy
3.300%, 06/15/2022		50		50
2.850%, 10/01/2026		50		46
Duke Energy
3.750%, 04/15/2024		100		102
3.150%, 08/15/2027		100		95
Duke Energy Carolinas
4.250%, 12/15/2041		100		101
3.950%, 03/15/2048		50		49
3.350%, 05/15/2022		100		102
3.050%, 03/15/2023		50		50
2.950%, 12/01/2026		100		96

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Duke Energy Florida
4.200%, 07/15/2048	$	100	$	101
3.800%, 07/15/2028		100		102
3.200%, 01/15/2027		50		49
Duke Energy Indiana
3.750%, 05/15/2046		50		46
Duke Energy Ohio
3.700%, 06/15/2046		14		13
Duke Energy Progress
4.150%, 12/01/2044		50		50
Edison International
4.125%, 03/15/2028		50		44
2.950%, 03/15/2023		50		47
2.400%, 09/15/2022		80		73
El Paso Electric
5.000%, 12/01/2044		50		52
Emera US Finance
4.750%, 06/15/2046		35		34
3.550%, 06/15/2026		85		81
Entergy
5.125%, 09/15/2020		50		51
4.000%, 07/15/2022		100		101
2.950%, 09/01/2026		100		93
Entergy Arkansas
3.700%, 06/01/2024		100		102
Entergy Mississippi
2.850%, 06/01/2028		25		23
Evergy
4.850%, 06/01/2021		55		56
Eversource Energy
3.150%, 01/15/2025		100		97
Exelon
5.625%, 06/15/2035		100		111
5.100%, 06/15/2045		100		106
3.950%, 06/15/2025		100		100
Exelon Generation
5.600%, 06/15/2042		100		98
FirstEnergy
7.375%, 11/15/2031		70		89
4.250%, 03/15/2023		40		41
Florida Power & Light
5.950%, 02/01/2038		100		124
4.125%, 06/01/2048		50		51
4.050%, 10/01/2044		100		100
Fortis
3.055%, 10/04/2026		100		93
Georgia Power
4.300%, 03/15/2042		25		23
Interstate Power & Light
3.700%, 09/15/2046		50		45
ITC Holdings
3.250%, 06/30/2026		30		29

38 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Kansas City Power & Light
4.200%, 06/15/2047	$	100	$	97
Kentucky Utilities
5.125%, 11/01/2040		94		107
MidAmerican Energy
4.250%, 07/15/2049		50		52
3.950%, 08/01/2047		50		48
3.650%, 04/15/2029		50		51
3.650%, 08/01/2048		50		46
3.100%, 05/01/2027		50		49
National Fuel Gas
5.200%, 07/15/2025		100		102
3.950%, 09/15/2027		100		93
Nevada Power
3.700%, 05/01/2029		155		157
2.750%, 04/15/2020		50		50
NextEra Energy Operating Partners
4.500%, 09/15/2027 (A)		108		98
4.250%, 09/15/2024 (A)		36		35
NiSource
5.950%, 06/15/2041		100		114
5.650%, 02/01/2045		50		55
3.950%, 03/30/2048		100		90
3.490%, 05/15/2027		50		48
Northern States Power
4.125%, 05/15/2044		100		100
2.200%, 08/15/2020		50		49
NRG Energy
6.625%, 01/15/2027		75		79
6.250%, 05/01/2024		250		259
5.750%, 01/15/2028		109		110
NSTAR Electric
3.200%, 05/15/2027		100		98
Ohio Edison
6.875%, 07/15/2036		100		125
Oklahoma Gas & Electric
3.850%, 08/15/2047		50		46
Oncor Electric Delivery
2.950%, 04/01/2025		50		49
ONE Gas
4.500%, 11/01/2048		45		47
PacifiCorp
3.600%, 04/01/2024		50		51
Piedmont Natural Gas
3.640%, 11/01/2046		25		22
Pinnacle West Capital
2.250%, 11/30/2020		45		44
Potomac Electric Power
6.500%, 11/15/2037		100		126
PPL Capital Funding
4.000%, 09/15/2047		100		88
3.400%, 06/01/2023		100		99

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
PPL Electric Utilities
4.150%, 10/01/2045	$	100	$	99
Progress Energy
4.400%, 01/15/2021		100		102
PSEG Power
8.625%, 04/15/2031		100		131
Public Service Electric & Gas MTN
3.000%, 05/15/2027		100		96
Public Service Enterprise Group
2.000%, 11/15/2021		100		96
San Diego Gas & Electric
3.750%, 06/01/2047		50		45
Sempra Energy
3.800%, 02/01/2038		100		88
2.900%, 02/01/2023		15		15
2.850%, 11/15/2020		100		99
2.400%, 03/15/2020		50		49
South Carolina Electric & Gas
5.100%, 06/01/2065		100		106
4.250%, 08/15/2028		15		16
Southern
4.250%, 07/01/2036		30		29
3.250%, 07/01/2026		50		48
2.950%, 07/01/2023		100		98
2.350%, 07/01/2021		50		49
Southern California Edison
4.650%, 10/01/2043		100		95
3.700%, 08/01/2025		60		59
3.500%, 10/01/2023		50		49
Southern California Gas
4.300%, 01/15/2049		25		26
Southern Gas Capital
3.500%, 09/15/2021		100		100
Southern Power
4.150%, 12/01/2025		50		50
2.500%, 12/15/2021		50		49
2.375%, 06/01/2020		50		49
Southwestern Electric Power
3.900%, 04/01/2045		50		45
Suburban Propane Partners
5.500%, 06/01/2024		50		49
Talen Energy Supply
10.500%, 01/15/2026 (A)		100		93
6.500%, 06/01/2025		50		39
TECO Finance
5.150%, 03/15/2020		100		102
TerraForm Power Operating
5.000%, 01/31/2028 (A)		147		137
4.250%, 01/31/2023 (A)		70		68
Union Electric
3.650%, 04/15/2045		100		92

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 39

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Virginia Electric & Power
8.875%, 11/15/2038	$	50	$	77
4.600%, 12/01/2048		60		63
4.200%, 05/15/2045		25		24
3.800%, 09/15/2047		50		47
2.750%, 03/15/2023		50		49
Vistra Energy
7.375%, 11/01/2022		200		208
Vistra Operations
5.625%, 02/15/2027 (A)		115		116
5.500%, 09/01/2026 (A)		105		106
Washington Gas Light MTN
3.796%, 09/15/2046		35		33
WEC Energy Group
3.550%, 06/15/2025		100		100
2.450%, 06/15/2020		50		50
Xcel Energy
4.700%, 05/15/2020		25		26
4.000%, 06/15/2028		50		51
2.600%, 03/15/2022		50		49
				13,117
Total Corporate Obligations (Cost $238,456) ($ Thousands)				233,168
U.S. TREASURY OBLIGATIONS — 28.6%
U.S. Treasury Bonds
7.125%, 02/15/2023		2,000		2,357
6.250%, 08/15/2023		2,500		2,903
5.375%, 02/15/2031		500		637
5.000%, 05/15/2037		1,250		1,649
4.750%, 02/15/2037		750		960
4.750%, 02/15/2041		510		661
4.500%, 02/15/2036		650		805
4.500%, 05/15/2038		150		188
4.375%, 02/15/2038		1,000		1,231
4.375%, 05/15/2040		750		925
4.250%, 05/15/2039		250		303
3.875%, 08/15/2040		1,225		1,413
3.750%, 08/15/2041		1,000		1,132
3.625%, 08/15/2043		500		556
3.625%, 02/15/2044		180		200
3.500%, 02/15/2039		300		330
3.375%, 05/15/2044		1,055		1,127
3.375%, 11/15/2048		300		322
3.125%, 02/15/2042		1,000		1,028
3.125%, 08/15/2044		800		819
3.125%, 05/15/2048		500		511
3.000%, 11/15/2044		2,525		2,530
3.000%, 05/15/2045		700		701
3.000%, 11/15/2045		1,500		1,502

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
3.000%, 02/15/2047	$	2,350	$	2,350
3.000%, 05/15/2047		1,500		1,498
3.000%, 02/15/2048		1,000		997
3.000%, 08/15/2048		1,800		1,795
2.875%, 05/15/2043		2,625		2,574
2.875%, 08/15/2045		750		733
2.875%, 11/15/2046		2,250		2,196
2.750%, 08/15/2047		1,000		950
2.750%, 11/15/2047		1,200		1,139
2.500%, 02/15/2045		500		455
2.500%, 02/15/2046		700		634
2.500%, 05/15/2046		650		588
2.250%, 02/15/2027		2,500		2,440
2.250%, 08/15/2046		2,100		1,801
U.S. Treasury Notes
3.625%, 02/15/2020		2,250		2,274
3.625%, 02/15/2021		2,500		2,557
3.500%, 05/15/2020		2,000		2,024
3.125%, 05/15/2021		6,250		6,341
3.125%, 11/15/2028		1,000		1,042
2.875%, 10/15/2021		2,000		2,022
2.875%, 09/30/2023		2,000		2,038
2.875%, 11/30/2023		1,500		1,530
2.875%, 05/31/2025		2,000		2,042
2.875%, 05/15/2028		500		510
2.875%, 08/15/2028		2,500		2,550
2.750%, 08/31/2023		4,000		4,054
2.750%, 11/15/2023		1,000		1,014
2.750%, 02/15/2024		2,750		2,788
2.750%, 02/15/2028		2,500		2,526
2.625%, 08/15/2020		500		501
2.625%, 12/31/2023		2,000		2,017
2.625%, 12/31/2025		2,500		2,516
2.500%, 03/31/2023		2,500		2,506
2.500%, 05/15/2024		2,450		2,454
2.500%, 01/31/2025		1,500		1,501
2.375%, 01/31/2023		3,000		2,993
2.375%, 05/15/2027		800		788
2.250%, 02/29/2020		1,000		997
2.250%, 03/31/2020		3,000		2,990
2.250%, 07/31/2021		4,000		3,980
2.250%, 12/31/2023		1,000		991
2.250%, 01/31/2024		1,000		991
2.250%, 11/15/2024		1,000		987
2.250%, 12/31/2024		2,000		1,974
2.250%, 11/15/2025		3,500		3,439
2.250%, 08/15/2027		2,000		1,946
2.250%, 11/15/2027		1,500		1,457
2.125%, 08/31/2020		1,000		994
2.125%, 01/31/2021		1,500		1,490
2.125%, 09/30/2021		2,500		2,479
2.125%, 12/31/2021		1,000		991

40 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
2.125%, 11/30/2023	$	700	$	690
2.125%, 02/29/2024		1,500		1,476
2.125%, 03/31/2024		1,500		1,476
2.125%, 05/15/2025		2,500		2,444
2.000%, 10/31/2021		2,000		1,976
2.000%, 11/15/2021		5,000		4,941
2.000%, 02/15/2022		3,000		2,962
2.000%, 10/31/2022		2,000		1,969
2.000%, 11/30/2022		1,000		984
2.000%, 05/31/2024		1,000		977
2.000%, 02/15/2025		2,850		2,770
2.000%, 08/15/2025		1,200		1,162
1.875%, 01/31/2022		4,500		4,427
1.875%, 02/28/2022		2,000		1,967
1.875%, 03/31/2022		1,500		1,475
1.875%, 04/30/2022		3,000		2,947
1.875%, 08/31/2024		1,000		970
1.750%, 12/31/2020		3,000		2,960
1.750%, 11/30/2021		4,000		3,925
1.750%, 05/31/2022		1,500		1,467
1.750%, 01/31/2023		2,000		1,947
1.750%, 05/15/2023		1,750		1,700
1.625%, 08/31/2022		2,000		1,945
1.625%, 05/31/2023		500		483
1.625%, 02/15/2026		2,650		2,495
1.625%, 05/15/2026		2,000		1,878
1.500%, 04/15/2020		3,500		3,458
1.500%, 07/15/2020		2,000		1,971
1.500%, 02/28/2023		750		723
1.500%, 03/31/2023		2,000		1,926
1.500%, 08/15/2026		2,000		1,856
1.375%, 02/15/2020		750		741
1.375%, 05/31/2020		750		739
1.375%, 01/31/2021		1,000		979
1.375%, 04/30/2021		4,000		3,905
1.375%, 05/31/2021		3,000		2,927
1.375%, 08/31/2023		1,500		1,431
1.375%, 09/30/2023		1,000		953
1.250%, 02/29/2020		1,500		1,479
1.250%, 03/31/2021		5,000		4,875
1.250%, 10/31/2021		3,000		2,905
1.125%, 04/30/2020		1,000		983
1.125%, 02/28/2021		3,500		3,405
1.125%, 06/30/2021		5,000		4,848
1.125%, 07/31/2021		5,500		5,323
1.125%, 09/30/2021		1,500		1,450
Total U.S. Treasury Obligations (Cost $225,277) ($ Thousands)				222,524

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
MORTGAGE-BACKED SECURITIES — 22.2%
Agency Mortgage-Backed Obligations — 21.2%
FHLMC
5.500%, 10/01/2038 to 06/01/2041	$	1,101	$	1,183
5.000%, 09/01/2023 to 11/01/2041		1,835		1,945
4.500%, 08/01/2040 to 02/01/2045		2,315		2,427
4.000%, 12/01/2040 to 05/01/2048		7,934		8,174
3.500%, 10/01/2020 to 12/01/2047		13,421		13,557
3.000%, 09/01/2029 to 01/01/2047		11,900		11,760
2.500%, 10/01/2029 to 06/01/2031		2,807		2,763
FHLMC Multifamily Structured Pass-Through Certificates, Ser K007, Cl A2
4.224%, 03/25/2020		736		745
FHLMC Multifamily Structured Pass-Through Certificates, Ser K030, Cl A2
3.250%, 04/25/2023 (D)		500		507
FHLMC Multifamily Structured Pass-Through Certificates, Ser K054, Cl A2
2.745%, 01/25/2026		400		392
FHLMC Multifamily Structured Pass-Through Certificates, Ser K067, Cl AM
3.276%, 08/25/2027		200		200
FHLMC Multifamily Structured Pass-Through Certificates, Ser K079, Cl A2
3.926%, 06/25/2028		550		580
FNMA
6.000%, 07/01/2036 to 10/01/2039		655		722
5.500%, 01/01/2035 to 09/01/2041		1,957		2,127
5.000%, 07/01/2040 to 05/01/2042		2,824		3,010
4.500%, 11/01/2040 to 07/01/2048		7,400		7,765
4.000%, 06/01/2019 to 02/01/2048		12,090		12,431
3.500%, 01/01/2027 to 12/01/2047		22,488		22,730
3.000%, 08/01/2029 to 01/01/2047		22,236		22,038
2.500%, 07/01/2028 to 03/01/2043		4,142		4,081
FNMA, Ser 2012-M2, Cl A2
2.717%, 02/25/2022		419		418
FNMA, Ser 2014-M11, Cl 2A
3.300%, 08/25/2026 (D)		466		473
FNMA, Ser 2015-M1, Cl A2
2.532%, 09/25/2024		350		342
FNMA, Ser 2016-M1, Cl A2
2.939%, 01/25/2026 (D)		275		273
FNMA, Ser 2018-M1, Cl A2
2.986%, 12/25/2027 (D)		115		113
GNMA
6.500%, 11/15/2038		92		105
5.500%, 01/15/2033 to 10/20/2043		928		1,006
5.000%, 10/15/2033 to 11/20/2046		1,137		1,198
4.500%, 04/15/2040 to 04/20/2047		3,795		3,987
4.000%, 04/15/2040 to 05/20/2047		7,123		7,366
3.500%, 06/20/2042 to 07/20/2047		17,714		17,973

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 41

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
3.000%, 05/15/2042 to 05/20/2047	$	12,958	$	12,903
				165,294
Non-Agency Mortgage-Backed Obligations — 1.0%
BANK, Ser 2017-BNK7, Cl A4
3.175%, 09/15/2060		200		196
BENCHMARK, Ser 2018-B4, Cl A5
4.121%, 07/15/2051		100		105
CD Mortgage Trust, Ser 2017-CD6, Cl A5
3.456%, 11/13/2050		150		149
Citigroup Commercial Mortgage Trust, Ser 2012-GC8, Cl A4
3.024%, 09/10/2045		550		551
Citigroup Commercial Mortgage Trust, Ser 2014-GC21, Cl A5
3.855%, 05/10/2047		265		273
COMM Mortgage Trust, Ser 2015-PC1, Cl A4
3.620%, 07/10/2050		240		244
COMM Mortgage Trust, Ser 2017-COR2, Cl A3
3.510%, 09/10/2050		300		298
Commercial Mortgage Trust, Ser 2014-UBS2, Cl A5
3.961%, 03/10/2047		270		278
Commercial Mortgage Trust, Ser 2014-UBS3, Cl A3
3.546%, 06/10/2047		200		203
CSAIL Commercial Mortgage Trust, Ser 2015-C3, Cl A4
3.718%, 08/15/2048		245		249
CSAIL Commercial Mortgage Trust, Ser 2017- CX10, Cl A5
3.458%, 11/15/2050 (D)		325		322
CSMC Trust, Ser 2016-NXSR, Cl A4
3.795%, 12/15/2049 (D)		350		356
GS Mortgage Securities Trust, Ser 2014-GC20, Cl A5
3.998%, 04/10/2047		265		274
GS Mortgage Securities Trust, Ser 2014-GC20, Cl AS
4.258%, 04/10/2047		297		302
GS Mortgage Securities Trust, Ser 2017-GS7, Cl A4
3.430%, 08/10/2050		500		496
JPMBB Commercial Mortgage Securities Trust, Ser 2013-C14, Cl AS
4.409%, 08/15/2046 (D)		295		306
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, Cl A4
3.801%, 09/15/2047		500		514
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C16, Cl A3
3.592%, 06/15/2047		500		505

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Capital I Trust, Ser 2016-BNK2, Cl A3
2.791%, 11/15/2049	$	500	$	479
UBS Commercial Mortgage Trust, Ser 2018-C10, Cl A4
4.313%, 05/15/2051		200		211
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C5, Cl A4
3.185%, 03/10/2046		305		306
Wells Fargo Commercial Mortgage Trust, Ser 2015-C31, Cl A4
3.695%, 11/15/2048		500		509
Wells Fargo Commercial Mortgage Trust, Ser 2017-RC1, Cl A4
3.631%, 01/15/2060		300		300
WFRBS Commercial Mortgage Trust, Ser 2014-C19, Cl A5
4.101%, 03/15/2047		250		261
WFRBS Commercial Mortgage Trust, Ser 2014-C22, Cl A4
3.488%, 09/15/2057		300		303
				7,990
Total Mortgage-Backed Securities (Cost $177,442) ($ Thousands)				173,284
SOVEREIGN DEBT — 16.2%
Angolan Government International Bond
9.500%, 11/12/2025 (A)		300		334
9.375%, 05/08/2048 (A)		200		211
Argentine Republic Government International Bond
8.280%, 12/31/2033		210		186
7.625%, 04/22/2046		500		405
7.500%, 04/22/2026		650		576
7.125%, 07/06/2036		250		197
7.125%, 06/28/2117		250		194
6.875%, 04/22/2021		500		477
6.875%, 01/26/2027		450		381
6.875%, 01/11/2048		200		153
6.625%, 07/06/2028		200		165
5.875%, 01/11/2028		650		517
5.625%, 01/26/2022		400		363
4.625%, 01/11/2023		200		172
2.500%, 3.750%, 3/31/2019, 12/31/2038 (C)		600		355
Armenia Government International Bond
7.150%, 03/26/2025		200		216
Azerbaijan Government International Bond
4.750%, 03/18/2024 (A)		200		203

42 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
SOVEREIGN DEBT (continued)
3.500%, 09/01/2032 (A)	$	150	$	129
Bahrain Government International Bond
7.500%, 09/20/2047 (A)		300		299
7.000%, 01/26/2026 (A)		200		211
6.750%, 09/20/2029 (A)		200		202
6.125%, 07/05/2022 (A)		200		208
5.875%, 01/26/2021 (A)		200		204
5.500%, 03/31/2020 (A)		150		151
Belarus Government International Bond
6.875%, 02/28/2023 (A)		200		206
Belize Government International Bond
4.938%, 02/20/2034		100		56
Bolivian Government International Bond
4.500%, 03/20/2028 (A)		200		179
Brazilian Government International Bond
8.875%, 04/15/2024		100		124
8.250%, 01/20/2034		350		446
7.125%, 01/20/2037		200		235
6.000%, 04/07/2026		350		383
5.625%, 01/07/2041		250		252
5.625%, 02/21/2047		300		298
5.000%, 01/27/2045		350		323
4.875%, 01/22/2021		300		309
4.625%, 01/13/2028		200		199
4.250%, 01/07/2025		500		505
2.625%, 01/05/2023		300		288
Bundesobligation
-0.438%, 04/08/2022 (B)(E)	EUR	250		292
Bundesrepublik Deutschland Bundesanleihe
4.750%, 07/04/2034		273		518
2.500%, 07/04/2044		255		416
2.000%, 08/15/2023		490		624
1.250%, 08/15/2048		50		65
0.500%, 02/15/2025		480		576
0.500%, 02/15/2028		280		335
Cameroon Government International Bond
9.500%, 11/19/2025 (A)	$	200		214
Canada Government International Bond
3.500%, 12/01/2045	CAD	175		170
2.625%, 01/25/2022	$	110		110
2.250%, 06/01/2025	CAD	419		327
Chile Government International Bond
3.875%, 08/05/2020	$	150		152
3.860%, 06/21/2047		300		291
3.240%, 02/06/2028		200		197
3.125%, 01/21/2026		200		197
China Government International Bond
3.500%, 10/19/2028		200		203
3.250%, 10/19/2023		200		203
2.625%, 11/02/2027		200		190
Colombia Government International Bond
7.375%, 09/18/2037		200		254

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
SOVEREIGN DEBT (continued)
6.125%, 01/18/2041	$	500	$	571
5.625%, 02/26/2044		200		218
5.200%, 05/15/2049		200		207
5.000%, 06/15/2045		500		507
4.500%, 01/28/2026		200		206
4.500%, 03/15/2029		200		205
4.375%, 07/12/2021		300		307
4.000%, 02/26/2024		300		304
3.875%, 04/25/2027		500		494
2.625%, 03/15/2023		150		144
Costa Rica Government International Bond
7.000%, 04/04/2044 (A)		200		178
4.375%, 04/30/2025 (A)		200		177
Croatia Government International Bond
6.625%, 07/14/2020 (A)		100		105
6.375%, 03/24/2021		150		158
6.000%, 01/26/2024		200		220
5.500%, 04/04/2023		250		267
Dominican Republic International Bond
7.500%, 05/06/2021		100		104
7.450%, 04/30/2044		150		163
6.875%, 01/29/2026 (A)		200		216
6.850%, 01/27/2045		200		206
6.600%, 01/28/2024		100		106
6.500%, 02/15/2048 (A)		200		198
5.950%, 01/25/2027 (A)		200		206
5.500%, 01/27/2025		300		304
Ecuador Government International Bond
10.750%, 03/28/2022 (A)		200		211
10.500%, 03/24/2020		200		208
9.650%, 12/13/2026 (A)		200		196
9.625%, 06/02/2027 (A)		200		195
8.875%, 10/23/2027 (A)		200		187
8.750%, 06/02/2023 (A)		200		198
7.950%, 06/20/2024		200		189
7.875%, 01/23/2028 (A)		400		355
Egypt Government International Bond
8.500%, 01/31/2047 (A)		200		192
7.903%, 02/21/2048 (A)		200		184
7.500%, 01/31/2027 (A)		400		396
6.875%, 04/30/2040		100		86
6.588%, 02/21/2028 (A)		200		186
5.875%, 06/11/2025		200		188
5.750%, 04/29/2020		200		202
El Salvador Government International Bond
8.625%, 02/28/2029 (A)		100		108
7.650%, 06/15/2035		60		60
7.625%, 02/01/2041 (A)		150		148
6.375%, 01/18/2027		100		95
5.875%, 01/30/2025		50		48
Ethiopia Government International Bond
6.625%, 12/11/2024		200		201

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 43

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
SOVEREIGN DEBT (continued)
Export Development Canada
2.500%, 01/24/2023	$	100	$	100
2.000%, 05/17/2022		200		196
1.375%, 10/21/2021		100		97
Export-Import Bank of Korea
2.875%, 01/21/2025		100		97
2.625%, 05/26/2026		200		187
French Republic Government Bond OAT
4.750%, 04/25/2035	EUR	145		260
4.500%, 04/25/2041		130		243
4.250%, 10/25/2023		428		595
3.750%, 04/25/2021		700		879
3.250%, 05/25/2045		110		177
2.750%, 10/25/2027		220		304
2.500%, 05/25/2030		340		467
2.000%, 05/25/2048 (A)		245		313
1.250%, 05/25/2036 (A)		140		164
1.000%, 11/25/2025		665		808
0.750%, 11/25/2028		215		251
0.500%, 05/25/2025		275		324
Gabon Government International Bond
6.375%, 12/12/2024	$	200		191
Ghana Government International Bond
10.750%, 10/14/2030		300		352
7.875%, 08/07/2023		200		208
Guatemala Government International Bond
5.750%, 06/06/2022 (A)		200		209
4.875%, 02/13/2028		100		98
Honduras Government International Bond
7.500%, 03/15/2024		200		215
Hungary Government International Bond
7.625%, 03/29/2041		300		432
6.375%, 03/29/2021		350		371
5.750%, 11/22/2023		200		218
5.375%, 03/25/2024		450		486
Indonesia Government International Bond
8.500%, 10/12/2035		100		139
7.750%, 01/17/2038		100		134
6.750%, 01/15/2044 (A)		275		345
6.625%, 02/17/2037		225		268
5.950%, 01/08/2046 (A)		200		230
5.875%, 01/15/2024 (A)		200		218
5.375%, 10/17/2023 (A)		200		214
5.250%, 01/17/2042 (A)		50		52
5.250%, 01/08/2047 (A)		200		211
5.125%, 01/15/2045 (A)		200		207
4.875%, 05/05/2021 (A)		200		206
4.750%, 01/08/2026 (A)		200		207
4.750%, 02/11/2029		350		367
4.625%, 04/15/2043 (A)		400		393
4.350%, 01/08/2027 (A)		200		202
4.350%, 01/11/2048		200		191

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
SOVEREIGN DEBT (continued)
4.125%, 01/15/2025 (A)	$	200	$	201
4.100%, 04/24/2028		100		99
3.850%, 07/18/2027 (A)		200		195
3.750%, 04/25/2022 (A)		200		201
3.700%, 01/08/2022 (A)		200		201
3.500%, 01/11/2028		200		190
3.375%, 04/15/2023 (A)		200		197
2.950%, 01/11/2023		200		195
Iraq Government AID Bond
2.149%, 01/18/2022		320		316
Iraq Government International Bond
6.752%, 03/09/2023 (A)		100		100
5.800%, 01/15/2028 (A)		250		236
Israel Government International Bond
4.500%, 01/30/2043		200		208
4.125%, 01/17/2048		200		198
3.250%, 01/17/2028		100		100
Italy Buoni Poliennali Del Tesoro
5.000%, 08/01/2034 (A)	EUR	330		469
5.000%, 08/01/2039 (A)		200		287
4.750%, 09/01/2028 (A)		299		409
4.000%, 09/01/2020		310		376
3.750%, 05/01/2021 (A)		307		377
3.250%, 09/01/2046 (A)		140		158
2.800%, 12/01/2028		180		211
2.500%, 12/01/2024		325		387
2.500%, 11/15/2025		180		212
2.300%, 10/15/2021		485		578
2.000%, 02/01/2028		220		245
1.450%, 05/15/2025		275		306
0.650%, 11/01/2020		325		375
0.650%, 10/15/2023		342		379
0.050%, 04/15/2021		345		392
Italy Government International Bond
6.875%, 09/27/2023	$	100		110
5.375%, 06/15/2033		150		157
Ivory Coast Government International Bond
6.125%, 06/15/2033		200		178
5.750%, 12/31/2032		110		102
5.375%, 07/23/2024		200		191
Jamaica Government International Bond
8.000%, 03/15/2039		100		118
7.875%, 07/28/2045		100		119
6.750%, 04/28/2028		300		330
Japan Bank for International Cooperation
3.375%, 10/31/2023		200		205
2.875%, 06/01/2027		100		98
2.500%, 06/01/2022		200		198
2.375%, 07/21/2022		100		98
2.125%, 07/21/2020		100		99
1.875%, 07/21/2026		200		185

44 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
SOVEREIGN DEBT (continued)
Japan Finance Organization for Municipalities
4.000%, 01/13/2021	$	100	$	102
Japan Government Five Year Bond
0.100%, 06/20/2019	JPY	63,500		584
0.100%, 06/20/2020		115,500		1,065
0.100%, 09/20/2020		209,300		1,932
0.100%, 09/20/2021		97,700		904
0.100%, 12/20/2021		49,000		454
0.100%, 09/20/2022		119,000		1,104
0.100%, 03/20/2023		253,100		2,351
0.100%, 06/20/2023		74,000		688
Japan Government Forty Year Bond
0.900%, 03/20/2057		44,400		430
Japan Government Ten Year Bond
0.700%, 12/20/2022		70,250		667
0.400%, 09/20/2025		60,000		572
0.100%, 03/20/2026		81,850		766
0.100%, 03/20/2027		120,000		1,122
0.100%, 09/20/2027		73,600		687
0.100%, 03/20/2028		162,600		1,515
0.100%, 06/20/2028		46,950		437
0.100%, 09/20/2028		88,200		819
Japan Government Thirty Year Bond
2.500%, 03/20/2036		127,700		1,594
1.700%, 09/20/2044		66,650		775
0.900%, 09/20/2048		33,000		324
0.800%, 06/20/2047		14,000		134
0.800%, 09/20/2047		38,000		365
0.800%, 03/20/2048		11,000		105
0.600%, 12/20/2046		18,000		165
0.300%, 06/20/2046		20,350		172
Japan Government Twenty Year Bond
1.600%, 03/20/2033		130,250		1,429
0.700%, 09/20/2038		54,500		525
0.600%, 12/20/2036		63,000		601
0.600%, 09/20/2037		56,000		533
0.500%, 09/20/2036		22,000		207
0.500%, 03/20/2038		8,400		78
0.500%, 06/20/2038		23,500		219
Jordan Government International Bond
7.375%, 10/10/2047 (A)	$	100		95
5.750%, 01/31/2027 (A)		200		193
Kazakhstan Government International Bond
5.125%, 07/21/2025 (A)		500		538
4.875%, 10/14/2044 (A)		200		208
Kenya Government International Bond
8.250%, 02/28/2048 (A)		100		96
7.250%, 02/28/2028 (A)		200		195
6.875%, 06/24/2024		200		200
Korea Government International Bond
3.875%, 09/11/2023		200		207

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
SOVEREIGN DEBT (continued)
Kuwait Government International Bond
3.500%, 03/20/2027 (A)	$	450	$	451
2.750%, 03/20/2022 (A)		300		296
Lebanon Government International Bond
8.250%, 04/12/2021		250		238
7.250%, 03/23/2037		100		80
7.000%, 03/23/2032		100		79
6.850%, 03/23/2027		400		331
6.650%, 11/03/2028		50		41
6.650%, 02/26/2030		250		200
6.600%, 11/27/2026		450		374
6.375%, 03/09/2020		50		48
6.100%, 10/04/2022		400		348
6.000%, 01/27/2023		50		43
5.800%, 04/14/2020		200		187
Mexico Government International Bond
6.750%, 09/27/2034		525		614
6.050%, 01/11/2040		550		602
5.750%, 10/12/2110		500		490
5.550%, 01/21/2045		50		53
4.750%, 03/08/2044		550		518
4.600%, 01/23/2046		300		276
4.600%, 02/10/2048		300		277
4.350%, 01/15/2047		550		490
4.150%, 03/28/2027		650		637
4.125%, 01/21/2026		350		348
4.000%, 10/02/2023		300		304
3.750%, 01/11/2028		600		572
3.625%, 03/15/2022		400		400
3.600%, 01/30/2025		400		387
Mongolia Government International Bond MTN
8.750%, 03/09/2024 (A)		200		219
5.125%, 12/05/2022		100		97
Morocco Government International Bond
5.500%, 12/11/2042 (A)		100		104
4.250%, 12/11/2022 (A)		100		101
Namibia Government International Bond
5.500%, 11/03/2021 (A)		200		202
Nigeria Government International Bond
7.875%, 02/16/2032 (A)		200		199
7.696%, 02/23/2038 (A)		100		96
7.625%, 11/21/2025 (A)		200		207
7.625%, 11/28/2047 (A)		100		94
7.143%, 02/23/2030 (A)		300		288
6.500%, 11/28/2027 (A)		200		191
Oman Government International Bond
6.750%, 01/17/2048 (A)		350		298
6.500%, 03/08/2047 (A)		250		209
5.625%, 01/17/2028 (A)		300		273
5.375%, 03/08/2027 (A)		200		181
4.750%, 06/15/2026 (A)		200		178

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 45

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
SOVEREIGN DEBT (continued)
3.875%, 03/08/2022 (A)	$	200	$	191
3.625%, 06/15/2021 (A)		200		193
Pakistan Government International Bond
8.250%, 09/30/2025		200		213
6.875%, 12/05/2027 (A)		100		97
Panama Government International Bond
6.700%, 01/26/2036		200		253
4.500%, 05/15/2047		300		305
4.500%, 04/16/2050		100		100
4.300%, 04/29/2053		200		196
4.000%, 09/22/2024		200		206
3.875%, 03/17/2028		500		509
3.750%, 03/16/2025		200		203
Paraguay Government International Bond
6.100%, 08/11/2044		200		218
5.000%, 04/15/2026 (A)		200		206
Peruvian Government International Bond
8.750%, 11/21/2033		150		226
7.350%, 07/21/2025		150		185
6.550%, 03/14/2037		250		326
5.625%, 11/18/2050		300		365
4.125%, 08/25/2027		400		424
Philippine Government International Bond
9.500%, 02/02/2030		100		151
7.750%, 01/14/2031		200		276
6.375%, 01/15/2032		100		125
6.375%, 10/23/2034		250		322
5.500%, 03/30/2026		450		507
5.000%, 01/13/2037		200		229
4.200%, 01/21/2024		400		417
4.000%, 01/15/2021		100		101
3.950%, 01/20/2040		400		406
3.750%, 01/14/2029		200		202
3.700%, 03/01/2041		200		195
3.700%, 02/02/2042		300		292
3.000%, 02/01/2028		550		528
Poland Government International Bond
5.125%, 04/21/2021		450		471
5.000%, 03/23/2022		375		397
4.000%, 01/22/2024		300		310
3.250%, 04/06/2026		200		199
3.000%, 03/17/2023		200		199
Province of Alberta Canada
3.350%, 11/01/2023		100		102
3.300%, 03/15/2028		100		101
Province of British Columbia Canada
2.250%, 06/02/2026		100		96
2.000%, 10/23/2022		125		122
Province of Manitoba Canada
2.125%, 06/22/2026		100		94
Province of New Brunswick Canada
3.625%, 02/24/2028		50		52

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
SOVEREIGN DEBT (continued)
Province of Ontario Canada
4.400%, 04/14/2020	$	100	$	102
2.550%, 02/12/2021		200		199
2.500%, 09/10/2021		200		199
2.250%, 05/18/2022		100		98
2.200%, 10/03/2022		100		98
Province of Quebec Canada
3.500%, 07/29/2020		100		101
2.375%, 01/31/2022		100		99
Qatar Government International Bond
9.750%, 06/15/2030 (A)		200		307
5.750%, 01/20/2042 (A)		200		235
5.103%, 04/23/2048 (A)		700		751
4.625%, 06/02/2046 (A)		200		206
4.500%, 04/23/2028 (A)		300		317
3.875%, 04/23/2023 (A)		300		305
3.250%, 06/02/2026 (A)		300		294
2.375%, 06/02/2021 (A)		600		588
Romanian Government International Bond
6.750%, 02/07/2022 (A)		200		216
6.125%, 01/22/2044 (A)		100		111
5.125%, 06/15/2048 (A)		150		148
4.875%, 01/22/2024 (A)		150		156
4.375%, 08/22/2023 (A)		150		152
Russian Foreign Bond - Eurobond
12.750%, 06/24/2028 (A)		375		602
7.500%, 03/31/2030		768		850
5.875%, 09/16/2043 (A)		850		940
5.625%, 04/04/2042 (A)		350		374
5.000%, 04/29/2020		100		102
4.875%, 09/16/2023 (A)		500		519
4.500%, 04/04/2022 (A)		400		410
Saudi Government International Bond
5.250%, 01/16/2050 (A)		350		359
5.000%, 04/17/2049 (A)		400		396
4.625%, 10/04/2047 (A)		500		471
4.500%, 04/17/2030 (A)		400		408
4.500%, 10/26/2046 (A)		650		606
4.375%, 04/16/2029 (A)		450		458
4.000%, 04/17/2025 (A)		400		404
3.625%, 03/04/2028 (A)		430		415
3.250%, 10/26/2026 (A)		600		573
2.875%, 03/04/2023 (A)		350		341
2.375%, 10/26/2021 (A)		700		680
Senegal Government International Bond
6.250%, 07/30/2024		200		203
Serbia Government International Bond
7.250%, 09/28/2021		200		217
4.875%, 02/25/2020		200		203
South Africa Government International Bond
6.250%, 03/08/2041		100		103
5.875%, 05/30/2022		100		105

46 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
SOVEREIGN DEBT (continued)
5.875%, 09/16/2025	$	300	$	315
5.500%, 03/09/2020		100		102
5.375%, 07/24/2044		400		372
5.000%, 10/12/2046		200		179
4.875%, 04/14/2026		200		198
4.850%, 09/27/2027		200		195
4.300%, 10/12/2028		200		186
Sri Lanka Government International Bond
6.850%, 11/03/2025 (A)		200		197
6.825%, 07/18/2026 (A)		200		195
6.750%, 04/18/2028 (A)		200		192
6.250%, 10/04/2020 (A)		100		100
6.200%, 05/11/2027 (A)		100		93
5.750%, 01/18/2022 (A)		200		197
5.750%, 04/18/2023 (A)		200		194
Trinidad & Tobago Government International Bond
4.500%, 08/04/2026 (A)		200		186
Turkey Government International Bond
8.000%, 02/14/2034		100		108
7.625%, 04/26/2029		200		210
7.375%, 02/05/2025		200		209
7.250%, 12/23/2023		200		210
7.250%, 03/05/2038		200		203
7.000%, 06/05/2020		200		205
6.875%, 03/17/2036		250		246
6.750%, 05/30/2040		200		193
6.625%, 02/17/2045		300		284
6.250%, 09/26/2022		200		203
6.125%, 10/24/2028		200		192
6.000%, 03/25/2027		600		578
6.000%, 01/14/2041		300		266
5.750%, 03/22/2024		200		197
5.750%, 05/11/2047		450		384
5.625%, 03/30/2021		300		303
5.125%, 03/25/2022		200		197
5.125%, 02/17/2028		150		136
4.875%, 10/09/2026		550		498
4.875%, 04/16/2043		275		215
4.250%, 04/14/2026		200		176
3.250%, 03/23/2023		200		182
Ukraine Government AID Bond
1.847%, 05/29/2020		263		261
Ukraine Government International Bond
7.750%, 09/01/2020 (A)		200		198
7.750%, 09/01/2021 (A)		250		245
7.750%, 09/01/2023 (A)		200		191
7.750%, 09/01/2025 (A)		200		184
7.750%, 09/01/2026 (A)		200		182
7.750%, 09/01/2027 (A)		200		180
7.375%, 09/25/2032 (A)		300		255

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
SOVEREIGN DEBT (continued)
United Kingdom Gilt
4.750%, 12/07/2038	GBP	260	$	522
4.500%, 09/07/2034		128		238
4.250%, 06/07/2032		318		561
3.750%, 09/07/2021		357		506
3.750%, 07/22/2052		325		655
3.500%, 07/22/2068		55		118
2.250%, 09/07/2023		370		517
2.000%, 09/07/2025		165		231
1.750%, 09/07/2037		160		214
1.750%, 07/22/2057		60		81
1.625%, 10/22/2028		250		341
1.500%, 01/22/2021		270		360
1.500%, 07/22/2026		208		283
1.500%, 07/22/2047		410		512
Uruguay Government International Bond
7.625%, 03/21/2036	$	150		202
5.100%, 06/18/2050		455		468
4.975%, 04/20/2055		290		291
4.500%, 08/14/2024		250		259
4.375%, 10/27/2027		500		515
4.125%, 11/20/2045		200		187
Zambia Government International Bond
8.500%, 04/14/2024		200		165
5.375%, 09/20/2022		200		156
Total Sovereign Debt (Cost $125,255) ($ Thousands)				125,945
U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.9%
FFCB
1.620%, 04/20/2021		250		245
FHLB
5.500%, 07/15/2036		225		290
3.250%, 11/16/2028		315		322
2.375%, 03/30/2020		500		499
1.875%, 11/29/2021		500		492
1.125%, 07/14/2021		750		727
FHLMC
6.750%, 03/15/2031		500		681
6.250%, 07/15/2032		300		402
2.375%, 01/13/2022		375		374
1.375%, 05/01/2020		200		197
FNMA
6.625%, 11/15/2030		475		638
2.625%, 09/06/2024		300		301
2.125%, 04/24/2026		205		196
1.875%, 12/28/2020		100		99
1.875%, 09/24/2026		300		281
1.500%, 06/22/2020		300		296

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 47

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Tennessee Valley Authority
5.250%, 09/15/2039	$	275	$	341
4.250%, 09/15/2065		200		227
3.500%, 12/15/2042		125		123
2.875%, 02/01/2027		150		149
Total U.S. Government Agency Obligations (Cost $6,963) ($ Thousands)				6,880
MUNICIPAL BONDS — 0.5%
California — 0.2%
Bay Area, Toll Authority, RB
6.263%, 04/01/2049		100		137
California State University, Ser B, RB Callable 05/01/2047 @ 100
3.899%, 11/01/2047		100		96
California State, Build America Bonds, GO
7.600%, 11/01/2040		175		262
California State, Department of Water Resources, Ser P, RB
2.000%, 05/01/2022		25		24
California State, East Bay Municipal Utility District, Water System Revenue, RB
5.874%, 06/01/2040		100		129
California State, GO
3.500%, 04/01/2028		25		25
3.375%, 04/01/2025		200		203
California State, GO Callable 04/01/2028 @ 100
4.600%, 04/01/2038		30		31
4.500%, 04/01/2033		50		53
Los Angeles, Unified School District, GO
5.750%, 07/01/2034		100		121
University of California, Ser AJ, RB
4.601%, 05/15/2031		250		272
University of California, Ser AQ, RB
4.767%, 05/15/2115		150		151
				1,504
Connecticut — 0.0%
Connecticut State, Ser A, GO
5.850%, 03/15/2032		100		116
Georgia — 0.0%
Georgia State, Municipal Electric Authority, RB
6.655%, 04/01/2057		99		113
6.637%, 04/01/2057		100		106
				219

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
MUNICIPAL BONDS (continued)
Illinois — 0.0%
Chicago O’Hare International Airport, Ser C, GO
4.472%, 01/01/2049	$	50	$	51
Illinois State, GO
5.100%, 06/01/2033		200		192
4.950%, 06/01/2023		100		101
				344
New Jersey — 0.1%
New Jersey State, Turnpike Authority, RB
7.102%, 01/01/2041		350		491
New York — 0.1%
New York & New Jersey, Port Authority, RB
4.458%, 10/01/2062		100		106
4.031%, 09/01/2048		50		50
New York & New Jersey, Port Authority, Ser 20, RB
4.229%, 10/15/2057		65		67
New York City, Water & Sewer System, RB
5.750%, 06/15/2041		100		126
New York State Urban Development, RB Callable 09/15/2028 @ 100
3.900%, 03/15/2033		50		50
New York State, Dormitory Authority, RB
5.289%, 03/15/2033		100		115
New York State, Metropolitan Transportation Authority, RB
6.814%, 11/15/2040		150		196
				710
Ohio — 0.0%
American Municipal Power, Hydroelectic Project, Ser B, RB
8.084%, 02/15/2050		100		158
South Carolina — 0.0%
South Carolina State, Public Service Authority, Ser D, RB
2.388%, 12/01/2023		50		48
Tennessee — 0.0%
Nashville & Davidson County, Metropolitan Government, Health & Educational Facilities Board, Ser B, RB Callable 04/01/2026 @ 100
4.053%, 07/01/2026		100		103
Texas — 0.1%
Houston, Ser A, GO
6.290%, 03/01/2032		85		100

48 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
MUNICIPAL BONDS (continued)
Permanent University Fund - University of Texas System, Ser S, RB Callable 01/01/2047 @ 100
3.376%, 07/01/2047	$	20	$	18
Texas State, Build America Bonds, GO
5.517%, 04/01/2039		100		124
Texas State, Transportation Commission State Highway Fund, Ser B, RB
5.178%, 04/01/2030		200		230
University of Texas, Ser A, RB Callable 02/15/2047 @ 100
3.354%, 08/15/2047		50		46
				518
Total Municipal Bonds (Cost $4,152) ($ Thousands)				4,211
ASSET-BACKED SECURITIES — 0.4%
Ally Auto Receivables Trust, Ser 2018-2, Cl A3
2.920%, 11/15/2022		145		145
Ally Master Owner Trust, Ser 2018-1, Cl A2
2.700%, 01/17/2023		100		99
Ally Master Owner Trust, Ser 2018-2, Cl A
3.290%, 05/15/2023		100		101
American Express Credit Account Master Trust, Ser 2018-8, Cl A
3.180%, 04/15/2024		103		104
Americredit Automobile Receivables Trust, Ser 2018-1, Cl C
3.500%, 01/18/2024		125		126
BA Credit Card Trust, Ser 2017-A1, Cl A1
1.950%, 08/15/2022		250		248
Capital One Multi-Asset Execution Trust, Ser 2017-A4, Cl A4
1.990%, 07/17/2023		300		296
Capital One Multi-Asset Execution Trust, Ser 2017-A6, Cl A6
2.290%, 07/15/2025		250		246
Citibank Credit Card Issuance Trust, Ser 2014-A5, Cl A5
2.680%, 06/07/2023		470		468
Drive Auto Receivables Trust, Ser 2018-4, Cl D
4.090%, 01/15/2026		100		101
Ford Credit Auto Lease Trust, Ser 2018-B, Cl A3
3.190%, 12/15/2021		40		40
Ford Credit Auto Owner Trust, Ser 2018-B, Cl A3
3.240%, 04/15/2023		100		101

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Ford Credit Floorplan Master Owner Trust, Ser 2017-2, Cl A1
2.160%, 09/15/2022	$	250	$	247
GM Financial Automobile Leasing Trust, Ser 2018-3, Cl A3
3.180%, 06/21/2021		200		200
Honda Auto Receivables Owner Trust, Ser 2018-4, Cl A3
3.160%, 01/17/2023		100		101
Hyundai Auto Receivables Trust, Ser 2018-A, Cl A3
2.790%, 07/15/2022		100		100
Synchrony Credit Card Master Note Trust, Ser 2016-2, Cl A
2.210%, 05/15/2024		200		197
Synchrony Credit Card Master Note Trust, Ser 2018-2, Cl A
3.470%, 05/15/2026		100		101
Toyota Auto Receivables Owner Trust, Ser 2018-B, Cl A3
2.960%, 09/15/2022		400		401
Total Asset-Backed Securities (Cost $3,434) ($ Thousands)				3,422
Total Investments in Securities — 98.7% (Cost $780,979) ($ Thousands)			$	769,434

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 49

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2019

Tactical Offensive Fixed Income Fund (Concluded)

A list of the open forward foreign currency contracts held by the Fund at January 31, 2019, is as follows:

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation              (Depreciation) (Thousands)
Brown Brothers Harriman		02/04/19	CAD		650	USD		477	$	(18)
Brown Brothers Harriman		02/04/19	GBP		3,898	USD		4,956		(173)
Brown Brothers Harriman		02/04/19	EUR		11,131	USD		12,777		1
Brown Brothers Harriman		02/04/19	JPY		128,685	USD		1,189		7
Brown Brothers Harriman		02/04/19	JPY		2,402,700	USD		21,812		(273)
									$	(456)

Percentages are based on Net Assets of $779,661 ($ Thousands).

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On January 31, 2019, the value of these securities amounted to $77,935 ($ Thousands), representing 10.0% of the Net Assets of the Fund.

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

(C) Step Bonds – Represents the current rate, the step rate, the step date and the final maturity date.

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

(E) Rate is negative due to the decrease in value of the foreign currency against the U.S. Dollar.

CAD — Canadian Dollar

Cl — Class

EUR — Euro

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GBP — British Pound Sterling

GNMA — Government National Mortgage Association

GO — General Obligation

ICE— Intercontinental Exchange

JPY — Japanese Yen

LIBOR — London Interbank Offered Rate

LLLP — Limited Liability Limited Partnership

LP —Limited Partnership

MSCI — Morgan Stanley Capital International

MTN — Medium Term Note

OAT — French Treasury Obligations (Obligations assimilables du Tresor)

PIK — Payment-in-Kind

Pty — Proprietary

RB — Revenue Bond

S&P— Standard & Poor’s

Ser — Series

ULC — Unlimited Liability Company

USD — United States Dollar

VAR — Variable Rate

As of January 31, 2019, all of the Fund’s investments were considered level 2, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended January 31, 2019, there were no transfers between Level 1, Level 2, and/or Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

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

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

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

50 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

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

January 31, 2019

	Tactical Offensive Equity Fund ‡			Tactical Offensive Fixed Income Fund
Assets:
Investments, at value†	$	203		$	769,434
Cash		—			7,029
Foreign currency, at value ††		178			19
Dividends and interest receivable		80			6,222
Receivable for investment securities sold		2			1,041
Receivable from investment adviser		1			—
Receivable for fund shares sold		—			304
Unrealized gain on forward foreign currency contracts		—			8
Prepaid expenses		45			15
Total Assets		509			784,072
Liabilities:
Payable to custodian		194			—
Trustees fees payable		10			12
Administration fees payable		4			—
Chief Compliance Officer fees payable		2			3
Investment advisory fees payable		—			31
Payable for investment securities purchased		—			3,265
Shareholder servicing fees payable		—			163
Unrealized loss on forward foreign currency contracts		—			464
Payable for fund shares redeemed		—			337
Accrued expense payable		96			136
Total Liabilities		306			4,411
Net Assets	$	203		$	779,661
† Cost of investments	$	100		$	780,979
†† Cost of foreign currency		176			18
Net Assets:
Paid-in Capital — (unlimited authorization — no par value)	$	254		$	825,345
Total Distributable Loss		(51)			(45,684)
Net Assets	$	203		$	779,661
Net Asset Value, Offering and Redemption Price Per Share	$	14.	45	$	9	.94
		($202,959 ÷			($779,661,061 ÷
		14,047 shares)			78,402,456 shares)

^‡ As of January 31, 2019, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).

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

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

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 51

STATEMENTS OF OPERATIONS (Unaudited) ($ Thousands)

For the six month period ended January 31, 2019

	Tactical Offensive Equity Fund ‡		Tactical Offensive Fixed Income Fund
Investment income:
Dividends	$	20,519	$	—
Dividends from affiliated investments (1)		97		—
Interest income		—		13,211
Less: foreign taxes withheld		(1,096)		—
Total investment income		19,520		13,211
Expenses:
Shareholder servicing fees		2,482		1,004
Investment advisory fees		1,986		603
Administration fees		1,975		803
Trustee fees		19		11
Chief Compliance Officer fees		4		3
Custodian/wire agent fees		114		40
Professional fees		69		27
Registration fees		28		14
Printing fees		27		19
Other expenses		82		167
Total expenses		6,786		2,691
Less:
Waiver of investment advisory fees		(1,616)		(415)
Waiver of administration fees		(185)		(738)
Net expenses		4,985		1,538
Net investment income		14,535		11,673
Net realized gain/(loss) on:
Investments		277,832		(1,674)
Affiliated investments (1)		(11)		—
Futures contracts		(3,863)		—
Foreign currency transactions		(135)		761
Net change in unrealized appreciation/(depreciation) on:
Investments		(577,176)		8,227
Affiliated investments (1)		(90)		—
Futures contracts		(287)		—
Accrued foreign capital gains tax on appreciated securities		35		—
Foreign currency and translation of other assets and liabilities denominated in foreign currency		20		(690)
Net increase/(decrease) in net assets resulting from operations	$	(289,140)	$	18,297

^‡ For the period December 19, 2018 through January 31, 2019, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).

(1) See Note 5 in the Notes to Financial Statements.

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

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

52 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the six month period ended January 31, 2019 (Unaudited) and the year ended July 31, 2018

	Tactical Offensive Equity Fund						Tactical Offensive Fixed Income Fund
	2019 ‡			2018			2019			2018
Operations:
Net investment income	$	14,535		$	40,622		$	11,673		$	35,305
Net realized gain/(loss) from investments, affiliated investments and futures contracts		273,958			24,316			(1,674	)		(19,085	)
Net realized gain/(loss) on foreign currency transactions		(135	)		6			761			1,199
Net change in unrealized appreciation/(depreciation) on investments, affiliated investments and futures contracts		(577,553	)		226,946			8,227			(33,663	)
Net change on accrued foreign capital gains tax on appreciated securities		35			(35	)		—			—
Net change in unrealized appreciation/(depreciation) on foreign currency and translation of other assets and liabilities denominated in foreign currency		20			(85	)		(690	)		1,417
Net increase/(decrease) in net assets resulting from operations		(289,140	)		291,770			18,297			(14,827	)
Distributions:(1)		(325,113	)		(56,127	)		(21,765	)		(37,118	)
Total distributions		(325,113	)		(56,127	)		(21,765	)		(37,118	)
Capital share transactions:(2)
Proceeds from shares issued		195,562			412,886			61,294			297,964
Reinvestment of dividends & distributions		25,028			55,928			21,699			37,007
Cost of shares redeemed		(2,218,593	)		(360,320	)		(109,000	)		(797,744	)
Increase/(decrease) in net assets derived from capital share transactions		(1,998,003	)		108,494			(26,007	)		(462,773	)
Net increase/(decrease) in net assets		(2,612,256	)		344,137			(29,475	)		(514,718	)
Net assets:
Beginning of period		2,612,459			2,268,322			809,136			1,323,854
End of period (3)	$	203		$	2,612,459		$	779,661		$	809,136

^‡ For the period December 19, 2018 through January 31, 2019, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).

(1) Current period presentation of distributions conforms with S-X Disclosure Simplification. Prior year distributions have been consolidated to conform with S-X Disclosure Simplification.

(2) See Note 6 in the Notes to Financial Statements for additional information.

(3) Includes undistributed net investment income of $24,447 and $9,449, as of the year ended July 31, 2018. The SEC eliminated the requirement to disclose undistributed net investment income on November 5, 2018 (see Note 11).

Amount designated as “—” is $0 or has been rounded to $0.

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

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 53

FINANCIAL HIGHLIGHTS

For the six month period ended January 31, 2019 (Unaudited) and the years ended July 31,

For a share outstanding throughout the years or period

	Net asset value, beginning of period		Net investment income(1)		Net realized and unrealized gains/(losses) on securities(1)			Total from operations			Dividends from net investment income			Distributions from realized gains			Total dividends and distributions			Net asset value, end of period		Total Return†			Net assets, end of period ($ Thousands)		Ratio of net expenses to average net assets			Ratio of expenses to average net assets (excluding fees paid indirectly and including waivers)			Ratio of expenses to average net assets (excluding fees paid indirectly and waivers)			Ratio of net investment income to average net assets			Portfolio turnover‡
Tactical Offensive Equity Fund
2019 @ #	$	17.35	$	0.12	$	(0.94	)	$	(0.82	)	$	(0.25	)	$	(1.83	)	$	(2.08	)	$	14.45		(3.80	)%	$	203		0.50	%		0.50	%		0.68	%		1.46	%		7	%
2018		15.74		0.27		1.72			1.99			(0.26	)		(0.12	)		(0.38	)		17.35		12.77			2,612,459		0.50			0.50			0.68			1.64			7
2017		13.59		0.24		2.04			2.28			(0.13	)		–			(0.13	)		15.74		16.87			2,268,322		0.50			0.50			0.69			1.68			8
2016		13.93		0.20		(0.28	)		(0.08	)		(0.15	)		(0.11	)		(0.26	)		13.59		(0.42	)		1,848,988		0.50			0.50			0.71			1.53			319
2015		14.43		0.20		0.63			0.83			(0.13	)		(1.20	)		(1.33	)		13.93		6.18			1,682,732		0.59			0.59			0.78			1.44			64
2014		13.15		0.10		1.48			1.58			(0.09	)		(0.21	)		(0.30	)		14.43		12.08			1,388,377		1.10			1.10			1.19			0.72			62
Tactical Offensive Fixed Income Fund
2019 @	$	9.99	$	0.15	$	0.08		$	0.23		$	(0.28	)	$	–		$	(0.28	)	$	9.94		2.39	%	$	779,661		0.38	%		0.38	%		0.67	%		2.91	%		14	%
2018		10.35		0.27		(0.34	)		(0.07	)		(0.29	)		–			(0.29	)		9.99		(0.71	)		809,136		0.38			0.38			0.65			2.63			47
2017		10.59		0.26		(0.21	)		0.05			(0.29	)		–			(0.29	)		10.35		0.51			1,323,854		0.38			0.38			0.66			2.52			48
2016		10.19		0.25		0.36			0.61			(0.21	)		–			(0.21	)		10.59		6.05			1,143,375		0.38			0.38			0.66			2.45			101
2015		10.25		0.22		(0.08	)		0.14			(0.20	)		–			(0.20	)		10.19		1.40			977,138		0.43			0.43			0.68			2.11			257
2014		10.03		0.13		0.28			0.41			(0.19	)		–			(0.19	)		10.25		4.16			429,945		0.80			0.80			0.85			1.31			389

@ For the six month period ended January 31, 2019. All ratios for the period have been annualized.

# For the period December 19, 2018 through January 31, 2019, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).

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

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

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

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

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

54 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

NOTES TO FINANCIAL STATEMENTS (Unaudited)

January 31, 2019

1. ORGANIZATION

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

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

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

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

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

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

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

As of January 31, 2019, the Tactical Offensive Equity Fund was not an active component of the Adviser Managed Strategy.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Use of Estimates — The preparation of financial statements, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (NASDAQ) or as otherwise noted below) at the last quoted sale price on an exchange or market (foreign or domestic) on which the securities are traded, or, if there is no such reported sale, at the most recent quoted bid price. The Funds value securities traded on NASDAQ at the NASDAQ Official Closing Price. If available, debt securities, swaps (which are not centrally cleared), bank loans or collateralized debt obligations (including collateralized loan obligations), such as those held by the Funds, are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions,

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 55

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

January 31, 2019

broker supplied valuations or other methodologies designed to identify the market value for such securities. Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable net asset value, with the exception of ETFs, which are priced as equity securities. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. If a security’s price cannot be obtained, as noted above, the Funds will value the securities using a bid price from at least one independent broker. If such prices are not readily available or cannot be valued using the methodologies described above, the Funds will value the security using the Funds’ Fair Value Pricing Policies and Procedures (“Fair Value Procedures”), as described below.

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

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

Futures and swaps cleared through a central clearing house (“centrally cleared swaps”) are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures and centrally cleared swaps are provided by an independent source. On days when there is excessive volume, market volatility or the future

or centrally cleared swap does not end trading by the time a Fund calculates its NAV, the settlement price may not be available at the time at which the Fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund’s futures or centrally cleared swaps position.

Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the thirty, sixty, ninety and one-hundred eighty day forward rates provided by an independent source.

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

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

Securities for which market prices are not readily available, for which market prices are determined to be unreliable, or which cannot be valued using the methodologies described above are valued in accordance with the Fair Value Procedures established by the Board. The Funds’ Fair Value Procedures are implemented through the Committee designated by the Board. The Committee is currently composed of two members of the Board, as well as representatives from SIMC and its affiliates. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: (i) the security’s trading has been halted or suspended, (ii) the security has been delisted from a national exchange, (iii) the security’s primary trading market is temporarily closed at a time when under normal conditions it would be

56 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

open, or (iv) the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the facts giving rise to the need to fair value, (ii) the last trade price, (iii) the performance of the market or the issuer’s industry, (iv) the liquidity of the security, (v) the size of the holding in a Fund, or (vi) any other appropriate information.

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

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

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

In accordance with U.S. GAAP, fair value is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market

of the investment. A three tier hierarchy has been established to maximize the use of observable and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.

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

Level 1 — quoted prices in active markets for identical investments

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

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

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

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

When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. For certain collateralized debt obligations, corporate

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

January 31, 2019

obligations, mortgage backed securities, auction rate preferred securities and loan participations where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

The valuation techniques used by the Funds to measure fair value during the period ended January 31, 2019, maximized the use of observable inputs and minimized the use of unobservable inputs.

For the period ended January 31, 2019, there have been no significant changes to the Trust’s fair valuation methodologies.

For details of the investment classification, reference the Schedules of Investments.

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

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

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

Repurchase Agreements — Securities pledged as collateral for repurchase agreements are held by each Fund’s custodian bank until the repurchase date of the repurchase agreement. The Funds also invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker’s custodian bank in a segregated account until the repurchase date of the repurchase agreement. Provisions of the repurchase agreements and the Trust’s policies require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. If the counterparty defaults and the value of the collateral declines, or if the counterparty enters into an insolvency proceeding, realization of the collateral by the Funds may be delayed

or limited. There were no outstanding repurchase agreements as of January 31, 2019.

Reverse Repurchase Agreements — To the extent consistent with its investment objective and strategies, a Fund may issue reverse repurchase agreements. A reverse repurchase agreement involves the sale of portfolio assets together with an agreement to repurchase the same assets later at a fixed price. Additional assets are maintained in a segregated account with the custodian. The segregated assets may consist of cash, U.S. Government securities, or other liquid securities at least equal in value to the obligations under the reverse repurchase agreements. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Funds’ use of the proceeds under the reverse repurchase agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the obligation to repurchase the securities. There were no outstanding reverse repurchase agreements as of January 31, 2019.

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

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

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

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

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

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

Forward Foreign Currency Contracts — To the extent consistent with its investment objective and strategies, a Fund may enter into forward foreign currency contracts for hedging or speculative purposes with respect to either specific transactions, fund positions or anticipated fund positions. All commitments are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Fund realizes gains and losses at the time

58 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for Federal income tax purposes. A Fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open forward foreign currency contracts as of January 31, 2019, if applicable.

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

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

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of January 31, 2019, if applicable.

Options/Swaptions Writing/Purchasing — To the extent consistent with its investment objective and strategies, a Fund may invest in financial options/swaptions contracts for the purpose of hedging its existing portfolio securities, or securities that a Fund intends to purchase, against fluctuations in fair market value caused by changes in prevailing market interest rates. A Fund may also invest in financial option/swaption contracts to enhance its returns. When the Fund writes or purchases an option/swaption, an amount equal to the premium received or paid by the Fund is recorded

as a liability or an asset and is subsequently adjusted to the current market value of the option/swaption written or purchased. Premiums received or paid from writing or purchasing options/swaptions which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option/swaption is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss.

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

Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open option/swaption contracts as of January 31, 2019, if applicable.

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

January 31, 2019

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

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

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

These risks may be mitigated by having a master netting arrangement between a Fund and the counterparty and by having the counterparty post collateral to cover a Fund’s exposure to the counterparty. See Note 3

for further details. There were no outstanding swap agreements as of January 31, 2019.

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

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

Certain debt obligations, customarily referred to as “Brady Bonds,” are created through the exchange of existing commercial bank loans to foreign entities for new obligations in connection with debt restructuring under a plan introduced by former U.S. Secretary of the Treasury Nicholas F. Brady. Brady Bonds have only been issued since 1989, and, accordingly, do not have a long payment history. They are issued by governments that may have previously defaulted on the loans being

60 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

restructured by the Brady Bonds, so they are subject to the risk of default by the issuer. They may be fully or partially collateralized or uncollateralized and issued in various currencies. As of January 31, 2019, the Funds did not hold any loans.

Collateralized Debt Obligations — To the extent consistent with its investment objective and strategies, a Fund may invest in collateralized debt obligations (“CDOs”), which include collateralized loan obligations (“CLOs”) and other similarly structured securities. CLOs are a type of asset-backed security. A CLO is a trust, typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. CDOs may charge management fees and administrative expenses.

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

The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. Normally, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by a Fund as illiquid securities; however, an active dealer market may exist for CDOs allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities (e.g., interest rate risk and default risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline CDOs that are subordinate structure of the investment and investment results. The Funds did not hold any CDO’s or CLO’s as of January 31, 2019.

Dividends and Distributions to Shareholders — Dividends from net investment income are declared and

paid to shareholders annually for the Tactical Offensive Equity Fund and declared and paid quarterly for the Tactical Offensive Fixed Income Fund. Dividends and distributions are recorded on the ex-dividend date. Any net realized capital gains will be distributed at least annually by the Funds.

Illiquid Securities — A security is considered illiquid if it cannot be sold or disposed of in the ordinary course of business within seven days or less for its approximate carrying value on the books of a Fund. Valuations of illiquid securities may differ significantly from the values that would have been used had an active market value for these securities existed. The Funds did not hold any illiquid securities as of January 31, 2019.

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

3. CREDIT DERIVATIVES

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

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

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 61

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

January 31, 2019

If a Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index.

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

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

There were no outstanding credit default swaps as of January 31, 2019.

4. DERIVATIVE TRANSACTIONS

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

agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a specific counterparty entity in the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.

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

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

62 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

The following is a summary of the variation margin of exchange-traded or centrally cleared financial derivative instruments as of January 31, 2019 ($ Thousands):

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

Cash with an aggregate market value of $0 ($ Thousands) has been pledged as collateral for exchange-traded and centrally cleared derivative instruments as of January 31, 2019.

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

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

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of January 31, 2019 ($ Thousands):

	Financial Derivative Assets				Financial Derivative Liabilities
Tactical Offensive Fixed Income Fund	Forward Foreign Currency Contracts		Total Over the Counter		Forward Foreign Currency Contracts		Total Over the Counter		Net Market Value of OTC Derivatives	Collateral (Received)/ Pledged		Net Exposures(1)
Brown Brothers Harriman		$8		$8		$464		$464	$(456)		$—	$(456)
Total Over the Counter		$8		$8		$464		$464

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

Securities with an aggregate market value of $0 have been pledged and $0 have been received as collateral for financial derivative instruments as governed by ISDA Master Agreements as of January 31, 2019.

The following table discloses the volume of the Fund’s futures contracts and forward foreign currency contracts activity during the period ended January 31, 2019 ($ Thousands):

	Tactical Offensive Equity Fund		Tactical Offensive Fixed Income Fund
Futures Contracts:
Equity Contracts
Average Notional Balance Long	$	34,012	$	–
Ending Notional Balance Long		–		–
Forward Foreign Currency Contracts:
Average Notional Balance Long		–		647,258
Average Notional Balance Short		–		646,990
Ending Notional Balance Long		–		41,211
Ending Notional Balance Short		–		41,666

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

January 31, 2019

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

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

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

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

The Funds’ administrator and/or its affiliates have contractually agreed to waive fees or reimburse expenses for each Fund until November 30, 2019, in

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

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

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

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

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

	Contractual Fees
	First $2.5 Billion			Next $ 500 Million			Over $3 Billion
Tactical Offensive Equity Fund		0.200	%		0.1650	%		0.120	%
	First $1.5 Billion			Next $ 500 Million			Next $500 Million			Next $500 Million			Over $3 Billion
Tactical Offensive Fixed Income Fund		0.200	%		0.1775	%		0.1550	%		0.1325	%		0.110	%

64 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

As of January 31, 2019, SIMC has entered into an investment sub-advisory agreement with the following party and pays the sub-adviser out of the fee that it receives from the Funds:

Investment Sub-Adviser

Tactical Offensive Equity Fund

SSgA Funds Management, Inc.

Tactical Offensive Fixed Income Fund

SSgA Funds Management, Inc.

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

There were no such commissions for the period ended January 31, 2019.

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

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

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

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

each Fund’s expenses. Accordingly, the expenses reduced, which were used to pay third party expenses, can be found on the Statements of Operations and the effect on each Fund’s expense ratio, as a percentage of each Fund’s average daily net assets for the period ended January 31, 2019, can be found on the Financial Highlights, if applicable.

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

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

As of, and during the period ended January 31, 2019, the Trust had not participated in the Program.

6. CAPITAL SHARE TRANSACTIONS

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

	Tactical Offensive Equity Fund						Tactical Offensive Fixed Income Fund
	8/1/2018 to 1/31/2019 (Unaudited)			2018			8/1/2018 to 1/31/2019 (Unaudited)			2018
Shares Issued		11,658			24,730			6,177			29,099
Shares Issued in Lieu of Dividends and Distributions		1,609			3,343			2,218			3,632
Shares Redeemed		(163,841	)		(21,554	)		(10,970	)		(79,712	)
Increase/(Decrease) in capital share transactions		(150,574	)		6,519			(2,575	)		(46,981	)

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 65

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

January 31, 2019

7. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale and maturities of securities other than temporary cash investments during the period ended January 31, 2019, were as follows:

	U.S. Gov’t ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Tactical Offensive Equity Fund
Purchases	$	—	$	123,823	$	123,823
Sales		—		2,385,063		2,385,063
Tactical Offensive Fixed Income Fund
Purchases		76,636		31,453		108,089
Sales		84,771		52,642		137,413

8. FEDERAL TAX INFORMATION

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

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

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

		Ordinary Income         ($ Thousands)		Long-term Capital Gain       ($ Thousands)		Return of Capital             ($ Thousands)		Total         ($ Thousands)
Tactical Offensive Equity Fund
	2018	$	43,107	$	13,020	$	—	$	56,127
	2017		17,550		—		—		17,550
Tactical Offensive Fixed Income Fund
	2018		37,118		—		—		37,118
	2017		33,358		—		—		33,358

As of July 31, 2018, the components of Distributable Earnings (Accumulated Losses) on a tax basis were as follows:

	Undistributed Ordinary Income       ($ Thousands)		Undistributed Long-Term Capital Gain       ($ Thousands)		Capital Loss Carryforwards ($ Thousands)			Unrealized Appreciation (Depreciation)       ($ Thousands)			Other Temporary Differences       ($ Thousands)			Total Distributable Earnings (Accumulated Losses) ($ Thousands)
Tactical Offensive Equity Fund	$	30,674	$	20,482	$	—		$	563,046		$	—		$	614,202
Tactical Offensive Fixed Income Fund		10,767		—		(30,815	)		(20,494	)		(1,674	)		(42,216	)

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

	Short-Term Loss ($ Thousands)		Long-Term Loss ($ Thousands)		Total ($ Thousands)
Tactical Offensive Fixed Income Fund		$10,691		$20,124		$30,815

For Federal income tax purposes, the cost of securities owned at January 31, 2019, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to investments in passive foreign investment companies, partnership basis adjustments, mark-to-market of futures and forwards contracts, corporate actions, and wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.

The aggregate gross unrealized appreciation and depreciation on total investments (including foreign currency and derivatives, if applicable) held by the Funds at January 31, 2019, were as follows:

	Federal Tax Cost ($ Thousands)		Appreciated Securities ($ Thousands)		Depreciated Securities ($ Thousands)			Net Unrealized Appreciation (Depreciation) ($ Thousands)
Tactical Offensive Equity Fund	$	100	$	103	$	—		$        103
Tactical Offensive Fixed Income Fund		780,979		7,247		(18,792	)	(11,545)

Management has analyzed the Funds’ tax positions taken on Federal income tax returns for all open tax years and has concluded that as of January 31, 2019, no provision for income tax would be required in the Funds’ financial statements. The Funds’ Federal and state income and Federal excise tax returns for tax years

66 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

9. CONCENTRATION/RISKS

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

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

Adviser Managed Strategy Risk — The Funds are a component of a broader investment strategy employed by the Financial Adviser known as the Adviser Managed Strategy. Pursuant to the Adviser Managed Strategy, the Financial Adviser tactically shifts its clients’ assets among the Funds and a money market fund affiliated with the Funds. These asset shifts among the Funds in the Adviser Managed Strategy (i.e., an exchange of shares of one fund for shares of another fund) will be a taxable event to an investor unless the investor is investing in a Fund through a tax-deferred arrangement. As part of the Adviser Managed Strategy, substantial portions or substantially all of the Funds’ shares may be periodically sold and repurchased at the direction of the Financial Adviser. These large redemptions and repurchases will have significant effects on the management of the Funds and are expected to result in increased portfolio turnover (and related transaction costs), disruption of portfolio management strategies and the realization of significant taxable gains. Accordingly, if notified of an upcoming redemption request, the Funds may begin to liquidate substantial portions or substantially all of its assets prior to the submission of the redemption request in an effort to raise the necessary cash, and the Funds will not be invested pursuant to its investment strategy during such time. When the Funds are required to rapidly liquidate a substantial portion of their portfolio to satisfy a large redemption order placed as part of the Adviser Managed Strategy, the Funds may be forced to sell securities at below current market values or the Funds’ selling activity may drive down the market value of securities being sold. The Funds may also be required to sell portfolio holdings at a time when the portfolio managers would otherwise not recommend doing so. For example, if a Fund were to experience a large redemption at a time of high market volatility or

during a substantial market decline, the Fund would be forced to liquidate securities even though the portfolio managers may not otherwise choose to do so. When the Funds receive a large purchase order as a result of the Adviser Managed Strategy, the Funds may be required to rapidly purchase portfolio securities. This may cause the Funds to incur higher than normal transaction costs or may require the Funds to purchase portfolio securities at above current market values. Further, the Funds’ purchasing activity may drive up the market value of securities being purchased or the Funds may be required to purchase portfolio securities at a time when the portfolio managers would not otherwise recommend doing so. When the Funds are not an active component of the Adviser Managed Strategy, the Funds may miss investment opportunities because the assets necessary to take advantage of such opportunities are tied up in other investments or have been allocated to another fund within the Adviser Managed Strategy.

Asset Allocation Risk — The risk that SIMC’s decisions regarding allocation of the Funds’ assets among Indexes will not anticipate market trends successfully.

Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire.

Below Investment Grade Securities (Junk Bonds) Risk — The Tactical Offensive Fixed Income Fund may invest in fixed income securities rated below investment grade (also known as high yield securities or junk bonds) that involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative.

Corporate Fixed Income Securities Risk — The Tactical Offensive Fixed Income Fund may invest in corporate fixed income securities which respond to economic developments, especially changes in interest rates, as well as to perceptions of the creditworthiness and business prospects of individual issuers.

Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

Currency Risk — As a result of the Funds’ investments in securities denominated in and/or receiving revenues in foreign currencies, the Funds will be subject to currency

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 67

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

January 31, 2019

risk. This is the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Funds would be adversely affected.

Derivatives Risk — The Funds’ use of futures contracts, forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Funds’ use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Credit risk is described above. Each of these risks could cause the Funds to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Funds’ initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Funds’ use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators are in the process of adopting and implementing regulations governing derivatives markets, the ultimate impact of which remains unclear.

Equity Market Risk — As a result of the Tactical Offensive Equity Fund’s investments in equity securities, the Fund will be subject to the risk that stock prices will fall over short or extended periods of time.

Exchange Traded Funds (ETFs) Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities.

Fixed Income Market Risk — The prices of the Tactical Offensive Fixed Income Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. In the case of foreign securities, price

fluctuations will reflect international economic and political events as well as changes in currency valuations relative to the U.S. dollar.

Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries.

Foreign Sovereign Debt Securities Risk — The Tactical Offensive Fixed Income Fund may be subject to the risk that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

Interest Rate Risk — The Tactical Offensive Fixed Income Fund may be subject to the risk that a rise in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. A low interest rate environment may present greater interest rate risk, because there may be a greater likelihood of rates increasing and rates may increase more rapidly.

Investment Style Risk — The risk that the Tactical Offensive Equity Fund’s investment approach may underperform other segments of the equity markets or the equity markets as a whole and the risk that the Tactical Offensive Fixed Income Fund’s investment approach may underperform other segments of the fixed income markets or the fixed income markets as a whole.

Leverage Risk — The use of leverage can amplify the effects of market volatility on the Funds’ share price and may also cause the Funds to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.

Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Funds would like. The Funds may have to lower the price, sell other securities instead or forego

68 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

an investment opportunity, any of which could have a negative effect on Funds’ management or performance.

Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Tactical Offensive Fixed Income Fund’s actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund’s expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as re-financings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

Mortgage Dollar Rolls Risk — Mortgage dollar rolls are transactions in which the Tactical Offensive Fixed Income Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom a Fund sells the security becomes insolvent, the Fund’s right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

Portfolio Turnover Risk — Due to their investment strategy, the Funds may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities.

Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Tactical Offensive Fixed Income

Fund to invest the proceeds at generally lower interest rates.

Real Estate Investment Trust (REITs) Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Tactical Offensive Equity Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Tactical Offensive Equity Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter or listed on an exchange.

Tracking Error Risk — The risk that the Funds’ performance may vary substantially from the performance of the indexes they track as a result of cash flows, fund expenses, imperfect correlation between the Funds’ investments and the indexes’ components and other factors.

U.S. Government Securities Risk — The Tactical Offensive Fixed Income Fund may invest in U.S. Government securities, which are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources.

10. CONCENTRATION OF SHAREHOLDERS

SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company (“SEI”). As of January 31, 2019, SPTC held of record the following percentage of outstanding shares of each Fund:

Tactical Offensive Equity Fund	0.00	%
Tactical Offensive Fixed Income Fund	93.36	%

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 69

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Concluded)

January 31, 2019

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

11. REGULATORY MATTERS

On August 17, 2018, the SEC adopted amendments to Regulation S-X. These changes are effective for periods after November 5, 2018. The updates to Registered Investment Companies were mainly focused on simplifying the presentation of distributable earnings by eliminating the need to present the components of distributable earnings on a book basis in the Statements of Assets and Liabilities. The update also impacted the presentation of undistributed net investment income and distribution to shareholders on the Statements of Changes in Net Assets. The amounts presented in the current Statements of Changes in Net Assets represent the aggregated total distributions of net investment income and realized capital gains, except for distributions classified as return of capital which are still presented separately. The disaggregated amounts from the prior fiscal year are broken out below if there were both distributions from net investment income and realized capital gains. Otherwise, the amount on the current Statement of Changes for the prior fiscal year end represents distributions of net investment income.

	Ordinary Income ($ Thousands)		Long-Term Capital Gain ($ Thousands)		Total ($ Thousands)
Tactical Offensive Equity Fund		$    43,107		$    13,020		$    56,127

12. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, The FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820). The new guidance includes additions and modifications to disclosures requirements for fair value measurements. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. At this time, management is currently evaluating the impact of this new guidance on the financial statements and disclosures.

13. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of January 31, 2019. However, the following are details relating to subsequent events that have occurred since January 31, 2019.

On March 22, 2019, the Tactical Offensive Equity Fund became an active component of the Adviser Managed Strategy.

70 Adviser Managed Trust / Semi-Annual Report / January 31, 2019

DISCLOSURE OF FUND EXPENSES (Unaudited)

January 31, 2019

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

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (August 1, 2018 through January 31, 2019).

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

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

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

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

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

	Beginning Account Value 8/1/18		Ending Account Value 1/31/19		Annualized Expense Ratios		Expenses Paid During Period *
Tactical Offensive Equity Fund
Actual Fund Return
Class A		$1,000.00		$962.00		0.50%		$2.47
Hypothetical 5% Return
Class A		$1,000.00		$1,022.68		0.50%		$2.55

	Beginning Account Value 8/1/18		Ending Account Value 1/31/19		Annualized Expense Ratios		Expenses Paid During Period *
Tactical Offensive Fixed Income Fund
Actual Fund Return
Class A		$1,000.00		$1,023.90		0.38%		$1.94
Hypothetical 5% Return
Class A		$1,000.00		$1,023.29		0.38%		$1.94

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

Adviser Managed Trust / Semi-Annual Report / January 31, 2019 71

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ADVISER MANAGED TRUST SEMI-ANNUAL REPORT JANUARY 31, 2019

Robert A. Nesher, Chairman

Trustees

William M. Doran

George J. Sullivan, Jr.

Nina Lesavoy

James M. Williams

Mitchell A. Johnson

Hubert L. Harris, Jr.

Susan C. Cote

James B. Taylor

Officers

Robert A. Nesher

President and Chief Executive Officer

James J. Hoffmayer

Controller and Chief Financial Officer

Glenn R. Kurdziel

Assistant Controller

Russell Emery

Chief Compliance Officer

Timothy D. Barto

Vice President, Secretary

Aaron Buser

Vice President, Assistant Secretary

David F. McCann

Vice President, Assistant Secretary

Stephen G. MacRae

Vice President

Bridget E. Sudall

Anti-Money Laundering Compliance Officer

Privacy Officer

Investment Adviser

SEI Investments Management Corporation

Administrator

SEI Investments Global Funds Services

Distributor

SEI Investments Distribution Co.

Legal Counsel

Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm

KPMG LLP

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal.

For more information call

1 800 DIAL SEI

(1 800 342 5734)

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

AMT (1/19)

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual report.

Item 6. Schedule of Investments.

Included in Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures 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.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees (the “Board”). The Registrant has a standing Governance Committee (the “Committee”) currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Board. Pursuant to the Committee’s Charter, adopted on June 18th 2004, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant’s office.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities 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, are filed herewith.

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

SIGNATURES

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

	Adviser Managed Trust
By	/s/ Robert A. Nesher
	Robert A. Nesher, President & CEO

Date: April 3, 2019

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

By	/s/ Robert A. Nesher
	Robert A. Nesher, President & CEO
Date: April 3, 2019
By	/s/ James J. Hoffmayer
	James J. Hoffmayer, Controller & CFO

Date: April 3, 2019