Adviser Managed Trust N-CSRS Certified semi-annual shareholder report (management investment company)

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

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

Date of fiscal year end: July 31, 2022

Date of reporting period: January 31, 2022

Item 1. Reports to Stockholders.

January 31, 2022

SEMI-ANNUAL REPORT

Adviser Managed Trust

❯ Tactical Offensive Equity Fund

❯ Tactical Offensive Core Fixed Income Fund

❯ Tactical Offensive Enhanced Fixed Income Fund

TABLE OF CONTENTS

Schedules of Investments	1
Statements of Assets and Liabilities	75
Statements of Operations	76
Statements of Changes in Net Assets	77
Financial Highlights	79
Notes to Financial Statements	80
Disclosure of Fund Expenses	97

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-PORT. The Trust’s Forms N-PORT are available on the Commission’s website at http://www.sec.gov.

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, 2022

Tactical Offensive Equity Fund

^† Percentages are based on total investments.

Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 90.5%
Australia — 0.8%
Ampol		4,178	$	87
APA Group		24,080		162
Aristocrat Leisure Ltd		12,236		348
ASX Ltd		3,989		234
Aurizon Holdings Ltd		33,573		83
AusNet Services		40,155		74
Australia & New Zealand Banking Group Ltd		57,470		1,074
BHP Group		59,451		1,941
BlueScope Steel Ltd		10,377		134
Brambles Ltd		29,558		201
Cochlear Ltd		1,346		183
Coles Group Ltd		27,128		310
Commonwealth Bank of Australia		35,771		2,362
Computershare Ltd		11,190		154
Crown Resorts Ltd		7,984		68
CSL		9,612		1,763
Dexus ‡		20,849		151
Domino's Pizza Enterprises Ltd		1,260		92
Endeavour Group		24,186		107
Evolution Mining		36,613		90
Fortescue Metals Group Ltd		34,407		482
Goodman Group ‡		32,679		534
GPT Group ‡		39,635		139
IDP Education		4,176		86
Insurance Australia Group		50,739		152
James Hardie Industries PLC		9,033		299
Lendlease		14,991		105
Macquarie Group Ltd		7,107		919
Magellan Financial Group		2,985		39
Medibank Pvt Ltd		49,771		108
Mirvac Group ‡		75,075		138
National Australia Bank Ltd		66,588		1,273
Newcrest Mining Ltd		16,652		253

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Northern Star Resources		21,074	$	123
Orica		9,230		90
Origin Energy Ltd		36,417		144
Qantas Airways		19,465		66
QBE Insurance Group Ltd		30,004		235
Ramsay Health Care		3,723		165
REA Group		1,011		103
Reece		6,058		93
Rio Tinto Ltd		7,529		592
Santos Ltd		64,104		322
Scentre Group ‡		98,587		203
SEEK Ltd		6,900		141
Sonic Healthcare		9,308		249
South32		93,173		253
Stockland ‡		45,640		130
Suncorp Group Ltd		26,271		204
Sydney Airport		27,199		166
Tabcorp Holdings		43,982		152
Telstra Corp Ltd		86,151		238
Transurban Group		61,610		540
Treasury Wine Estates Ltd		13,058		98
Vicinity Centres ‡		88,352		101
Washington H Soul Pattinson & Co Ltd		4,398		85
Wesfarmers Ltd		22,681		842
Westpac Banking		74,085		1,060
WiseTech Global		3,378		108
Woodside Petroleum Ltd		19,617		347
Woolworths Group Ltd		25,647		622
Xero *		2,713		216
				21,833
Austria — 0.0%
Erste Group Bank AG		6,999		323
OMV		3,023		183
Raiffeisen Bank International AG		3,089		86
Verbund AG		1,405		148
voestalpine AG		2,020		66
				806
Belgium — 0.1%
Ageas		3,588		171
Anheuser-Busch InBev SA/NV		15,401		962
Argenx *		883		232
Elia Group		714		96
Etablissements Franz Colruyt		1,276		52
Groupe Bruxelles Lambert SA		2,156		229
KBC Group NV		5,074		438
Proximus SADP		3,526		72
Sofina		318		126
Solvay SA		1,425		170
UCB SA		2,426		239
Umicore SA		3,801		142
				2,929

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

1

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
China — 0.0%
China Lumena New Materials Corp *(A)		30,699	$	–
Futu Holdings ADR *		1,000		43
				43
Denmark — 0.3%
Ambu, Cl B		3,495		73
AP Moller - Maersk A/S, Cl B		118		421
AP Moller - Maersk A/S, Cl A		60		200
Carlsberg A/S, Cl B		2,043		329
Chr Hansen Holding A/S		2,080		166
Coloplast A/S, Cl B		2,412		348
Danske Bank A/S		13,200		254
Demant A/S *		1,921		84
DSV		4,074		821
Genmab A/S *		1,330		447
GN Store Nord		2,427		146
Novo Nordisk A/S, Cl B		33,938		3,355
Novozymes A/S, Cl B		4,181		285
Orsted A/S		3,836		404
Pandora A/S		2,038		219
ROCKWOOL International, Cl B		164		63
Tryg A/S		7,393		174
Vestas Wind Systems		20,434		545
				8,334
Finland — 0.1%
Elisa		2,715		159
Fortum		9,063		244
Kesko, Cl B		5,563		174
Kone, Cl B		6,893		442
Neste Oyj		8,585		383
Nokia		109,175		642
Orion Oyj, Cl B		2,398		97
Sampo Oyj, Cl A		10,112		497
Stora Enso, Cl R		10,982		221
UPM-Kymmene		10,842		391
Wartsila Abp		10,203		124
				3,374
France — 1.4%
Accor SA		3,044		110
Aeroports de Paris		686		92
Air Liquide		9,560		1,622
Alstom SA		6,223		200
Amundi SA		1,069		82
Arkema SA		1,322		193
AXA SA		39,089		1,225
BioMerieux		940		110
BNP Paribas SA		22,700		1,603
Bollore SA		20,354		109
Bouygues SA		4,293		150
Bureau Veritas		5,606		159
Capgemini SE		3,243		718

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Carrefour SA		12,889	$	244
Cie de Saint-Gobain		10,240		685
Cie Generale des Etablissements Michelin SCA		3,434		569
CNP Assurances		3,599		88
Covivio ‡		1,193		99
Credit Agricole SA		25,367		378
Danone SA		13,208		818
Dassault Aviation		538		63
Dassault Systemes		13,417		638
Edenred		5,033		214
Eiffage SA		1,626		169
Electricite de France SA		9,081		87
Engie SA		37,007		562
EssilorLuxottica SA		5,763		1,078
Eurazeo SE		837		66
Eurofins Scientific		2,718		270
Euronext		1,714		164
Faurecia		344		15
Faurecia SA		2,068		90
Gecina SA ‡		950		128
Getlink SE		8,391		131
Hermes International		640		946
Ipsen		865		84
Kering		1,515		1,115
Klepierre SA ‡		4,302		113
La Francaise des Jeux SAEM		1,990		82
Legrand		5,417		545
L'Oreal SA		5,087		2,149
LVMH Moet Hennessy Louis Vuitton		5,594		4,531
Orange SA		40,488		473
Orpea		891		39
Pernod Ricard SA		4,233		897
Publicis Groupe		4,589		307
Remy Cointreau SA		518		107
Renault SA		3,676		144
Safran SA		6,909		826
Sanofi		22,882		2,379
Sartorius Stedim Biotech		545		237
Schneider Electric SE		10,867		1,819
SEB SA		572		86
Societe Generale SA		16,021		587
Sodexo SA		1,690		155
Stellantis		18,994		361
STMicroelectronics		13,819		639
Teleperformance		1,164		435
Thales SA		2,016		184
TotalEnergies		50,377		2,836
Ubisoft Entertainment SA *		1,705		97
Valeo		4,692		129
Veolia Environnement SA		13,302		476
Vinci SA		10,753		1,165

2

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Vivendi SA		16,141	$	210
Wendel SA		582		63
Worldline *		4,931		236
				37,381
Germany — 1.1%
adidas AG		3,845		1,044
Allianz		8,317		2,120
Aroundtown SA		18,825		115
BASF		18,544		1,404
Bayer		19,844		1,198
Bayerische Motoren Werke		6,700		698
Bechtle		1,668		99
Beiersdorf AG		1,987		196
Brenntag AG		3,031		257
Carl Zeiss Meditec		772		122
Commerzbank AG		20,607		175
Continental AG		2,243		213
Covestro		3,842		228
Daimler Truck Holding *		8,634		304
Delivery Hero *		3,286		250
Deutsche Bank AG *		41,886		575
Deutsche Boerse AG		3,847		678
Deutsche Lufthansa AG		13,820		105
Deutsche Post		20,015		1,189
Deutsche Telekom AG		67,297		1,258
E.ON SE		45,486		623
Evonik Industries AG		4,333		140
Fresenius Medical Care AG & Co KGaA		3,982		268
Fresenius SE & Co KGaA		8,285		340
GEA Group AG		3,158		148
Hannover Rueck SE		1,150		229
HeidelbergCement AG		2,835		195
HelloFresh *		3,360		220
Henkel AG & Co KGaA		1,974		155
Infineon Technologies		26,368		1,074
KION Group		1,324		121
Knorr-Bremse		1,478		149
LANXESS AG		1,726		104
LEG Immobilien		1,518		200
Mercedes-Benz Group		17,268		1,354
Merck KGaA		2,616		569
MTU Aero Engines AG		1,023		215
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		2,833		886
Nemetschek		1,320		120
Puma SE		2,153		227
QIAGEN *		4,505		221
Rational		104		86
RWE AG		13,029		545
SAP SE		21,051		2,605
Scout24		1,770		104
Siemens		15,424		2,419

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Siemens Energy *		8,173	$	181
Siemens Healthineers AG		5,727		364
Symrise, Cl A		2,615		311
Telefonica Deutschland Holding AG		22,176		63
Uniper SE		1,740		78
United Internet AG		1,652		64
Volkswagen AG		648		185
Vonovia SE		14,932		843
Zalando *		4,504		353
				27,987
Greece — 0.0%
FF Group *		1,785		–
Hong Kong — 0.4%
AIA Group Ltd		243,800		2,522
BOC Hong Kong Holdings Ltd		73,000		281
Budweiser Brewing APAC		39,100		103
China Huishan Dairy Holdings Co Ltd * (A)		228,000		–
Chow Tai Fook Jewellery Group		43,000		75
CK Asset Holdings Ltd		39,737		264
CK Hutchison Holdings Ltd		55,000		389
CK Infrastructure Holdings Ltd		15,500		95
CLP Holdings		33,500		335
ESR Cayman *		41,200		139
Galaxy Entertainment Group Ltd		43,000		247
Hanergy Thin Film Power Group Ltd * (A)		444,000		–
Hang Lung Properties Ltd		46,000		98
Hang Seng Bank Ltd		15,200		300
Henderson Land Development Co Ltd		26,000		114
HK Electric Investments & HK Electric Investments Ltd		57,000		57
HKT Trust & HKT Ltd		86,000		117
Hong Kong & China Gas		228,095		351
Hong Kong Exchanges & Clearing Ltd		24,300		1,366
Link ‡		43,354		371
Melco Resorts & Entertainment ADR *		4,900		52
MTR Corp Ltd		29,500		159
New World Development		29,500		120
Power Assets Holdings		26,500		163
Sands China Ltd		46,400		128
Sino Land Co Ltd		55,170		71
SITC International Holdings		26,000		98
Sun Hung Kai Properties Ltd		26,500		322
Swire Pacific Ltd, Cl A		10,500		63
Swire Properties Ltd		27,000		72
Techtronic Industries Co Ltd		28,000		460
WH Group Ltd		173,178		115
Wharf Real Estate Investment Co Ltd		31,000		147
Xinyi Glass Holdings		38,000		100
				9,294
Ireland — 0.7%
Accenture PLC, Cl A		30,747		10,871

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

3

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
CRH PLC		15,851	$	789
Eaton Corp PLC		19,128		3,030
Experian PLC		18,667		772
Jazz Pharmaceuticals PLC *		2,800		389
Kerry Group PLC, Cl A		3,231		406
Paddy Power Betfair PLC *		3,376		508
Pentair PLC		7,800		497
Perrigo PLC		6,800		259
Smurfit Kappa Group PLC		4,992		261
				17,782
Israel — 0.1%
Azrieli Group		926		83
Bank Hapoalim BM		21,628		222
Bank Leumi Le-Israel		29,890		318
Check Point Software Technologies *		2,200		266
Elbit Systems Ltd		611		101
ICL Group		14,825		133
Israel Discount Bank, Cl A		24,409		162
Mizrahi Tefahot Bank Ltd		2,957		113
Nice Ltd *		1,263		321
Teva Pharmaceutical Industries ADR *		20,900		176
Wix.com Ltd *		3,800		499
				2,394
Italy — 0.3%
Amplifon		2,536		107
Assicurazioni Generali SpA		22,450		468
Atlantia SpA		10,153		187
CNH Industrial NV		20,790		311
Davide Campari-Milano		9,720		121
DiaSorin		576		88
Enel SpA		164,208		1,248
Eni SpA		51,066		762
EXOR NV		2,071		171
Ferrari		2,551		580
FinecoBank Banca Fineco		11,458		190
Infrastrutture Wireless Italiane		6,845		73
Intesa Sanpaolo SpA		333,806		980
Mediobanca Banca di Credito Finanziario		11,301		128
Moncler SpA		4,178		264
Nexi *		8,515		123
Poste Italiane		9,467		126
Prysmian SpA		5,218		174
Recordati Industria Chimica e Farmaceutica		1,874		104
Snam SpA		40,114		223
Stellantis		22,069		420
Telecom Italia		191,866		90
Terna - Rete Elettrica Nazionale		26,837		209
UniCredit SpA		43,184		677
				7,824

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Japan — 2.8%
Advantest		4,000	$	332
Aeon Co Ltd		13,300		301
AGC Inc/Japan		4,000		182
Aisin		2,900		104
Ajinomoto Co Inc		8,900		247
ANA Holdings Inc		3,200		67
Asahi Group Holdings		9,300		377
Asahi Intecc Co Ltd		4,400		74
Asahi Kasei		24,800		241
Astellas Pharma Inc		37,700		606
Azbil		2,500		97
Bandai Namco Holdings Inc		4,100		285
Benefit One		1,600		48
Bridgestone Corp		11,600		505
Brother Industries Ltd		5,100		93
Canon Inc		20,300		477
Capcom		3,600		86
Central Japan Railway Co		2,900		381
Chiba Bank Ltd/The		11,300		72
Chubu Electric Power Co Inc		12,300		123
Chugai Pharmaceutical Co Ltd		13,600		438
Concordia Financial Group Ltd		23,700		96
Cosmos Pharmaceutical		400		50
CyberAgent		7,600		87
Dai Nippon Printing		4,000		95
Daifuku Co Ltd		2,000		137
Dai-ichi Life Holdings Inc		20,200		451
Daiichi Sankyo Co Ltd		35,400		788
Daikin Industries Ltd		5,000		1,034
Daito Trust Construction Co Ltd		1,300		148
Daiwa House Industry		10,900		316
Daiwa House Investment Corp, Cl A ‡		45		134
Daiwa Securities Group		29,700		178
Denso Corp		8,800		649
Dentsu Group		4,100		140
Disco Corp		600		162
East Japan Railway Co		6,100		346
Eisai Co Ltd		4,800		241
ENEOS Holdings		60,400		239
FANUC		3,900		760
Fast Retailing		1,200		698
Fuji Electric Co Ltd		2,600		137
FUJIFILM Holdings Corp		7,300		483
Fujitsu Ltd		4,000		521
GLP J-REIT ‡		83		133
GMO Payment Gateway		900		77
Hakuhodo DY Holdings Inc		4,800		72
Hamamatsu Photonics KK		2,600		132
Hankyu Hanshin Holdings Inc		4,300		124
Hikari Tsushin Inc		400		48
Hino Motors Ltd		4,500		39

4

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Hirose Electric		700	$	103
Hitachi Construction Machinery Co Ltd		2,500		63
Hitachi Ltd		19,500		1,005
Hitachi Metals Ltd		5,000		90
Honda Motor Co Ltd		32,900		958
Hoshizaki		1,100		81
Hoya		7,500		960
Hulic Co Ltd		7,900		76
Ibiden		2,200		120
Idemitsu Kosan		4,400		112
Iida Group Holdings Co Ltd		3,100		64
Inpex		21,000		211
Isuzu Motors Ltd		12,000		145
Ito En		1,200		64
ITOCHU Corp		24,100		767
Itochu Techno-Solutions		2,200		59
Japan Airlines		3,100		58
Japan Exchange Group Inc		10,100		206
Japan Metropolitan Fund Invest ‡		145		122
Japan Post Bank Co Ltd		9,400		92
Japan Post Holdings Co Ltd		47,600		404
Japan Post Insurance		5,200		91
Japan Real Estate Investment ‡		25		137
Japan Tobacco Inc		24,300		484
JFE Holdings Inc		8,900		113
JSR		4,200		138
Kajima Corp		8,100		97
Kakaku.com		3,100		63
Kansai Electric Power Co Inc/The		14,600		137
Kansai Paint Co Ltd		4,100		84
Kao		9,800		488
KDDI Corp		32,600		1,031
Keio Corp		1,800		80
Keisei Electric Railway Co Ltd		3,000		84
Keyence Corp		3,900		1,971
Kikkoman Corp		3,000		224
Kintetsu Group Holdings Co Ltd		3,300		95
Kirin Holdings Co Ltd		15,800		252
Kobayashi Pharmaceutical Co Ltd		1,100		85
Kobe Bussan		2,800		87
Koei Tecmo Holdings		1,170		42
Koito Manufacturing Co Ltd		2,000		99
Komatsu Ltd		17,800		434
Konami Holdings Corp		1,700		90
Kose Corp		600		54
Kubota		20,900		443
Kurita Water Industries Ltd		2,100		85
Kyocera Corp		6,600		403
Kyowa Hakko Kirin Co Ltd		5,100		126
Lasertec		1,500		326
Lawson Inc		1,100		48
Lion Corp		5,100		66

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Lixil		5,000	$	113
M3 Inc		8,900		336
Makita Corp		4,300		159
Marubeni Corp		31,200		319
Mazda Motor		9,900		76
McDonald's Holdings Co Japan Ltd		1,500		65
Medipal Holdings Corp		4,200		75
MEIJI Holdings Co Ltd		2,500		155
Mercari *		2,000		74
MINEBEA MITSUMI Inc		6,900		166
MISUMI Group		5,800		186
Mitsubishi Chemical Holdings Corp		26,200		204
Mitsubishi Corp		25,500		858
Mitsubishi Electric Corp		37,000		460
Mitsubishi Estate Co Ltd		24,100		347
Mitsubishi Gas Chemical		3,300		62
Mitsubishi HC Capital		13,800		71
Mitsubishi Heavy Industries Ltd		6,700		180
Mitsubishi UFJ Financial Group Inc		246,800		1,480
Mitsui & Co Ltd		31,700		785
Mitsui Chemicals Inc		3,300		87
Mitsui Fudosan Co Ltd		18,600		395
Miura		2,000		58
Mizuho Financial Group Inc		48,790		656
MonotaRO Co Ltd		4,800		77
MS&AD Insurance Group Holdings Inc		8,800		300
Murata Manufacturing Co Ltd		11,600		860
NEC Corp		4,900		189
Nexon Co Ltd		9,700		181
NGK Insulators Ltd		5,900		99
Nidec		9,000		788
Nihon M&A Center Holdings		5,800		90
Nintendo Co Ltd		2,300		1,121
Nippon Building Fund ‡		29		167
NIPPON EXPRESS HOLDINGS INC		1,600		94
Nippon Paint Holdings Co Ltd		17,600		139
Nippon Prologis Inc ‡		43		134
Nippon Sanso Holdings		3,200		63
Nippon Shinyaku		1,100		71
Nippon Steel Corp		17,400		280
Nippon Telegraph & Telephone Corp		26,000		737
Nippon Yusen		3,100		239
Nissan Chemical		2,400		129
Nissan Motor Co Ltd		44,100		232
Nisshin Seifun Group Inc		4,600		64
Nissin Foods Holdings Co Ltd		1,400		99
Nitori Holdings Co Ltd		1,600		228
Nitto Denko Corp		3,100		238
Nomura Holdings Inc		58,700		257
Nomura Real Estate Holdings Inc		1,800		42
Nomura Real Estate Master Fund ‡		77		106
Nomura Research Institute Ltd		6,800		234

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

5

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
NTT Data		12,100	$	230
Obayashi Corp		11,700		94
Obic Co Ltd		1,400		228
Odakyu Electric Railway Co Ltd		5,500		96
Oji Holdings Corp		15,400		81
Olympus Corp		22,800		504
Omron Corp		3,800		274
Ono Pharmaceutical Co Ltd		7,300		176
Open House Group		1,600		82
Oracle Corp Japan		900		67
Oriental Land Co Ltd/Japan		4,000		690
ORIX		24,800		507
Orix J-REIT ‡		60		86
Osaka Gas Co Ltd		7,000		119
Otsuka Corp		2,400		96
Otsuka Holdings		7,800		265
Pan Pacific International Holdings Corp		7,800		104
Panasonic Corp		44,800		487
Persol Holdings Co Ltd		3,700		94
Pola Orbis Holdings Inc		1,500		22
Rakuten Group		16,200		139
Recruit Holdings Co Ltd		27,400		1,331
Renesas Electronics Corp *		25,500		287
Resona Holdings Inc		39,400		168
Ricoh Co Ltd		12,200		102
Rinnai Corp		700		62
Rohm Co Ltd		1,700		140
Ryohin Keikaku		5,300		75
Santen Pharmaceutical Co Ltd		8,100		91
SBI Holdings Inc/Japan		4,500		115
SCSK		3,300		55
Secom		4,300		302
Seiko Epson Corp		4,900		75
Sekisui Chemical Co Ltd		7,800		135
Sekisui House		12,100		243
Seven & i Holdings Co Ltd		15,300		743
SG Holdings Co Ltd		6,200		131
Sharp Corp/Japan		4,100		45
Shimadzu Corp		4,900		175
Shimano Inc		1,500		333
Shimizu Corp		12,600		83
Shin-Etsu Chemical		7,200		1,190
Shionogi & Co Ltd		5,300		296
Shiseido Co Ltd		8,100		405
Shizuoka Bank Ltd/The		9,500		74
SMC Corp/Japan		1,200		660
SoftBank		58,100		723
SoftBank Group Corp		24,300		1,057
Sohgo Security Services Co Ltd		1,600		58
Sompo Holdings Inc		6,500		302
Sony Group		25,400		2,804
Square Enix Holdings		1,500		73

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Stanley Electric Co Ltd		3,000	$	69
Subaru Corp		12,200		221
SUMCO Corp		6,700		121
Sumitomo Chemical Co Ltd		28,600		143
Sumitomo Corp		21,800		335
Sumitomo Dainippon Pharma		3,900		42
Sumitomo Electric Industries		14,300		188
Sumitomo Metal Mining Co Ltd		5,100		232
Sumitomo Mitsui Financial Group Inc		26,400		942
Sumitomo Mitsui Trust Holdings Inc		6,400		220
Sumitomo Realty & Development		5,800		178
Suntory Beverage & Food Ltd		2,500		96
Suzuki Motor Corp		7,100		300
Sysmex Corp		3,400		320
T&D Holdings		11,100		163
Taisei		3,500		114
Taisho Pharmaceutical Holdings		800		39
Takeda Pharmaceutical Co Ltd		31,900		921
TDK Corp		7,900		281
Terumo Corp		13,100		473
TIS		4,600		120
Tobu Railway Co Ltd		3,400		79
Toho Co Ltd/Tokyo		2,600		100
Tokio Marine Holdings Inc		12,700		753
Tokyo Century Corp		500		24
Tokyo Electric Power Holdings *		25,800		69
Tokyo Electron Ltd		3,000		1,425
Tokyo Gas		7,100		143
Tokyu Corp		10,300		136
TOPPAN Inc		6,000		113
Toray Industries Inc		26,500		167
Toshiba		8,300		341
Tosoh Corp		4,600		71
TOTO Ltd		2,700		115
Toyo Suisan Kaisha Ltd		2,000		82
Toyota Industries Corp		2,900		224
Toyota Motor Corp		213,700		4,165
Toyota Tsusho Corp		4,100		164
Trend Micro Inc/Japan		2,800		147
Tsuruha Holdings Inc		800		64
Unicharm Corp		8,200		315
USS Co Ltd		5,000		81
Welcia Holdings		2,200		59
West Japan Railway Co		4,300		179
Yakult Honsha Co Ltd		2,700		136
Yamaha		2,800		126
Yamaha Motor Co Ltd		5,900		139
Yamato Holdings Co Ltd		5,700		121
Yaskawa Electric Corp		4,600		190
Yokogawa Electric Corp		5,200		84
Z Holdings		54,400		272

6

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
ZOZO Inc		2,600	$	68
				74,437
Luxembourg — 0.0%
Tenaris SA		9,677		117
Netherlands — 0.8%
ABN AMRO Group NV		8,940		143
Adyen NV *		399		800
Aegon NV		35,128		197
Airbus SE		11,897		1,495
Akzo Nobel NV		3,867		397
ArcelorMittal		14,547		427
ASM International		960		325
ASML Holding NV		8,338		5,554
Heineken		5,252		559
Heineken Holding NV		2,203		192
IMCD		1,140		195
ING Groep NV		78,846		1,155
InPost *		4,272		34
JDE Peet's		1,527		46
Just Eat Takeaway.com *		3,435		167
Koninklijke Ahold Delhaize		21,161		682
Koninklijke DSM NV		3,535		658
Koninklijke KPN NV		69,975		230
Koninklijke Philips NV		18,429		607
NN Group NV		5,299		294
NXP Semiconductors NV		12,700		2,609
Prosus		18,829		1,550
Randstad NV		2,271		147
Unibail-Rodamco-Westfield ‡		2,583		195
Unilever		29,727		1,512
Universal Music Group		14,722		360
Wolters Kluwer NV		5,418		548
				21,078
New Zealand — 0.0%
Auckland International Airport Ltd *		26,544		125
Fisher & Paykel Healthcare Corp Ltd		11,481		209
Mercury NZ		10,297		38
Meridian Energy Ltd		23,040		66
Ryman Healthcare Ltd		9,192		60
Spark New Zealand Ltd		33,914		96
				594
Norway — 0.1%
Adevinta, Cl B *		5,490		57
Aker BP ASA		2,521		87
DNB Bank		18,875		446
Equinor		19,808		546
Gjensidige Forsikring ASA		4,579		111
Mowi ASA		8,257		201
Norsk Hydro ASA		27,569		210
Orkla ASA		15,481		147

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Schibsted, Cl A		1,540	$	45
Schibsted ASA, Cl B		2,251		59
Telenor ASA		14,262		235
Yara International ASA		3,311		169
				2,313
Panama — 0.0%
Copa Holdings SA, Cl A *		1,800		150
Portugal — 0.0%
EDP - Energias de Portugal SA		56,534		288
EDP Renovaveis		5,855		122
Galp Energia SGPS		9,071		99
Jeronimo Martins SGPS SA		5,764		138
				647
Singapore — 0.2%
Ascendas Real Estate Investment Trust ‡		68,667		140
CapitaLand Integrated Commercial Trust ‡		89,859		129
Capitaland Investment *		47,399		121
City Developments Ltd		5,800		30
DBS Group Holdings Ltd		36,511		950
Genting Singapore Ltd		140,000		76
Hongkong Land Holdings Ltd		21,100		114
Jardine Matheson Holdings Ltd		4,300		253
Keppel Corp Ltd		26,100		109
Mapletree Commercial Trust ‡		49,800		66
Mapletree Logistics Trust ‡		64,458		81
Oversea-Chinese Banking Corp Ltd		68,089		628
Singapore Airlines Ltd		24,000		89
Singapore Exchange Ltd		14,500		100
Singapore Technologies Engineering		35,800		99
Singapore Telecommunications		168,200		302
United Overseas Bank Ltd		23,900		529
UOL Group Ltd		10,000		54
Venture Corp Ltd		6,300		82
Wilmar International Ltd		39,800		126
				4,078
South Korea — 0.0%
Medytox *		5		–
Spain — 0.3%
ACS Actividades de Construccion y Servicios		5,314		133
Aena SME SA *		1,494		240
Amadeus IT Group SA, Cl A		9,121		619
Banco Bilbao Vizcaya Argentaria SA		134,800		852
Banco Santander SA		350,133		1,215
CaixaBank SA		87,627		279
Cellnex Telecom		10,319		466
Enagas SA		4,405		95
Endesa SA		5,987		133
Ferrovial SA		9,522		262
Grifols		6,160		108

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

7

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Iberdrola		116,521	$	1,327
Industria de Diseno Textil SA		22,063		661
Naturgy Energy Group		5,129		162
Red Electrica Corp SA		8,085		162
Repsol SA		28,246		356
Siemens Gamesa Renewable Energy SA		4,572		98
Telefonica SA		105,670		489
				7,657
Sweden — 0.5%
Alfa Laval		6,026		201
Assa Abloy AB, Cl B		20,298		550
Atlas Copco AB, Cl A		13,575		790
Atlas Copco AB, Cl B		7,712		389
Boliden		5,676		227
Electrolux, Cl B		4,077		84
Embracer Group, Cl B *		10,368		102
Epiroc, Cl A		13,408		283
Epiroc, Cl B		8,016		144
EQT AB		5,778		223
Essity AB, Cl B		11,967		336
Evolution		3,442		419
Fastighets Balder, Cl B *		2,063		135
Getinge, Cl B		4,576		177
H & M Hennes & Mauritz, Cl B		15,076		296
Hexagon, Cl B		39,892		531
Husqvarna, Cl B		7,481		103
Industrivarden, Cl A		2,620		82
Industrivarden AB, Cl C		2,862		88
Investment Latour, Cl B		3,417		105
Investor, Cl B		36,828		790
Investor, Cl A		9,976		225
Kinnevik, Cl B *		4,954		146
L E Lundbergforetagen AB, Cl B		1,749		88
Lifco, Cl B		4,663		108
Lundin Energy		4,124		166
Nibe Industrier, Cl B		28,953		272
Nordea Bank Abp		65,519		772
Sagax, Cl B		3,222		93
Sandvik AB		22,863		593
Securitas AB, Cl B		7,154		86
Sinch *		9,210		93
Skandinaviska Enskilda Banken AB, Cl A		32,999		422
Skanska AB, Cl B		7,018		170
SKF AB, Cl B		7,896		172
Svenska Cellulosa, Cl B		12,583		217
Svenska Handelsbanken AB, Cl A		28,873		305
Swedbank AB, Cl A		18,395		358
Swedish Match		31,120		239
Tele2 AB, Cl B		10,335		149
Telefonaktiebolaget LM Ericsson, Cl B		59,087		727
Telia Co AB		51,320		201
Volvo, Cl A		4,139		94

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Volvo AB, Cl B		28,931	$	645
				12,396
Switzerland — 1.3%
ABB Ltd		32,857		1,119
Adecco Group AG		2,921		137
Alcon Inc		10,104		769
Bachem Holding, Cl B		124		73
Baloise Holding AG		888		154
Barry Callebaut		72		164
Chocoladefabriken Lindt & Spruengli AG		23		471
Cie Financiere Richemont SA, Cl A		10,534		1,504
Clariant AG		4,559		95
Coca-Cola HBC AG		3,638		119
Credit Suisse Group AG		54,095		509
EMS-Chemie Holding AG		145		145
Geberit		750		504
Givaudan		187		767
Holcim		10,609		567
Julius Baer Group Ltd		4,395		283
Kuehne + Nagel International AG		1,066		298
Logitech International		3,384		279
Lonza Group AG		1,504		1,023
Nestle SA		56,775		7,262
Novartis AG		44,226		3,806
Partners Group Holding AG		459		630
Roche Holding		612		250
Roche Holding AG		14,174		5,433
Schindler Holding		1,162		287
SGS SA		123		347
Sika AG		2,864		988
Sonova Holding AG		1,111		390
Straumann Holding AG		210		342
Swatch Group		550		159
Swatch Group AG/The		1,174		65
Swiss Life Holding AG		628		399
Swiss Prime Site AG		1,564		153
Swiss Re AG		6,110		658
Swisscom AG		496		282
Temenos AG		1,284		152
UBS Group		70,359		1,292
VAT Group		540		216
Vifor Pharma AG		1,009		177
Zurich Insurance Group AG		3,038		1,438
				33,706
Taiwan — 0.0%
Sea Ltd ADR *		2,800		421
United Kingdom — 1.9%
3i Group PLC		19,777		364
Abrdn PLC		45,954		149
Admiral Group PLC		3,639		153
Anglo American PLC		26,165		1,133

8

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Antofagasta PLC		8,122	$	145
Ashtead Group PLC		9,078		639
Associated British Foods PLC		7,329		191
AstraZeneca PLC		31,222		3,610
Auto Trader Group PLC		18,383		165
AVEVA Group PLC		2,501		98
Aviva PLC		77,638		452
BAE Systems PLC		63,531		492
Barclays PLC		343,502		909
Barratt Developments PLC		19,037		156
Berkeley Group Holdings		2,224		125
BHP Group		42,666		1,343
BP PLC		408,364		2,097
British American Tobacco PLC		43,994		1,867
British Land PLC ‡		15,954		118
BT Group PLC, Cl A		181,282		476
Bunzl PLC		6,879		255
Burberry Group PLC		8,306		208
Compass Group PLC		36,091		808
Croda International PLC		2,836		303
DCC PLC		2,028		169
Diageo PLC		47,157		2,356
Entain PLC		11,947		255
Evraz PLC		10,725		72
Ferguson PLC		4,518		703
GlaxoSmithKline PLC		101,478		2,237
Glencore PLC		201,919		1,038
Halma PLC		7,728		259
Hargreaves Lansdown PLC		7,150		129
Hikma Pharmaceuticals PLC		3,596		100
HSBC Holdings PLC		411,884		2,916
Imperial Brands PLC		19,223		452
Informa PLC *		30,785		229
InterContinental Hotels Group PLC *		3,742		244
Intertek Group PLC		3,299		237
J Sainsbury PLC		36,981		144
JD Sports Fashion		50,120		126
Johnson Matthey PLC		4,011		104
Kingfisher PLC		43,292		192
Kingspan Group PLC		3,138		299
Land Securities Group PLC ‡		12,813		136
Legal & General Group PLC		121,048		467
Lloyds Banking Group PLC		1,434,075		982
London Stock Exchange Group PLC		6,662		645
M&G PLC		53,653		155
Melrose Industries		89,692		179
Mondi PLC		9,919		245
National Grid PLC		73,070		1,058
Natwest Group PLC		112,644		366
Next PLC		2,551		257
NMC Health PLC *		3,417		–
Ocado Group PLC *		9,957		201

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Pearson PLC		15,640	$	129
Persimmon PLC		6,522		210
Phoenix Group Holdings PLC		13,469		119
Prudential PLC		52,842		876
Reckitt Benckiser Group PLC		14,407		1,162
RELX PLC		39,037		1,189
Rentokil Initial PLC		35,576		247
Rio Tinto PLC		22,670		1,577
Rolls-Royce Holdings PLC *		170,337		262
Sage Group PLC/The		22,718		220
Schroders PLC		2,245		102
Segro PLC ‡		24,361		426
Severn Trent PLC		5,123		197
Shell		157,515		3,987
Smith & Nephew PLC		17,143		288
Smiths Group PLC		7,582		158
Spirax-Sarco Engineering PLC		1,501		267
SSE PLC		21,267		452
St. James's Place PLC		10,248		209
Standard Chartered PLC		53,940		388
Taylor Wimpey PLC		69,788		141
Tesco PLC		156,618		624
Unilever PLC		22,705		1,154
United Utilities Group PLC		12,707		182
Vodafone Group PLC		565,303		986
Whitbread PLC *		4,136		168
WPP PLC		24,481		378
				49,306
United States — 77.3%
Communication Services — 7.4%
Activision Blizzard Inc		37,000		2,923
Alphabet Inc, Cl A *		14,588		39,476
Alphabet Inc, Cl C *		13,559		36,799
Altice USA, Cl A *		11,800		170
AT&T Inc		345,566		8,812
Cable One Inc		237		366
Charter Communications Inc, Cl A *		6,090		3,614
Comcast Corp, Cl A		220,600		11,028
Discovery Inc, Cl A *		8,200		229
Discovery Inc, Cl C *		16,200		443
DISH Network Corp, Cl A *		13,000		408
Electronic Arts Inc		13,600		1,804
Fox Corp		24,305		959
IAC *		3,549		485
Interpublic Group of Cos Inc/The		18,545		659
Liberty Broadband Corp, Cl C *		6,864		1,019
Liberty Broadband Corp, Cl A *		1,200		176
Liberty Media Corp-Liberty Formula One, Cl C *		9,400		566
Liberty Media Corp-Liberty Formula One, Cl A *		1,200		66
Liberty Media Corp-Liberty SiriusXM, Cl A *		4,500		208

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

9

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Liberty Media -Liberty SiriusXM, Cl C *		8,000	$	372
Live Nation Entertainment Inc *		6,652		729
Loyalty Ventures *		920		27
Lumen Technologies		52,200		645
Madison Square Garden Sports *		839		139
Match Group *		13,697		1,544
Meta Platforms, Cl A *		114,306		35,807
Netflix Inc *		20,900		8,927
New York Times, Cl A		8,600		344
News Corp		7,100		158
News Corp, Cl A		18,300		407
Nexstar Media Group Inc, Cl A		1,830		303
Omnicom Group Inc		10,800		814
Pinterest, Cl A *		27,500		813
Playtika Holding *		3,700		63
Roku Inc, Cl A *		5,530		907
Sirius XM Holdings		43,901		279
Skillz, Cl A *		14,400		69
Spotify Technology *		6,551		1,286
Take-Two Interactive Software Inc *		5,500		898
T-Mobile US Inc *		28,335		3,065
TripAdvisor Inc *		5,900		160
Twitter Inc *		37,300		1,399
Verizon Communications Inc		200,480		10,672
ViacomCBS, Cl B		29,000		970
ViacomCBS		500		18
Vimeo *		6,573		96
Walt Disney Co/The *		87,800		12,553
World Wrestling Entertainment Inc, Cl A		2,700		135
Zynga, Cl A *		46,127		418
				194,227
Consumer Discretionary — 9.3%
Advance Auto Parts Inc		3,100		718
Amazon.com Inc *		20,991		62,794
Aramark		12,100		415
AutoNation Inc *		2,500		272
AutoZone Inc *		970		1,927
Bath & Body Works		12,000		673
Best Buy Co Inc		12,000		1,191
Booking Holdings Inc *		1,998		4,907
BorgWarner Inc		12,200		535
Boyd Gaming Corp		4,000		238
Bright Horizons Family Solutions Inc *		3,124		401
Brunswick Corp/DE		4,100		372
Burlington Stores Inc *		3,273		775
Caesars Entertainment *		10,000		761
Capri Holdings Ltd *		7,400		445
CarMax Inc *		7,800		867
Carnival Corp *		42,689		846
Carter's Inc		2,000		186
Carvana Co, Cl A *		3,700		600
Chegg *		6,400		169

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Chipotle Mexican Grill, Cl A *		1,403	$	2,084
Choice Hotels International Inc		1,600		229
Churchill Downs Inc		1,800		379
Columbia Sportswear Co		1,700		158
Darden Restaurants Inc		6,500		909
Deckers Outdoor Corp *		1,400		448
Delphi Automotive PLC *		12,900		1,762
Dick's Sporting Goods Inc		3,100		358
Dollar General Corp		11,300		2,356
Dollar Tree Inc *		11,100		1,457
Domino's Pizza Inc		1,783		811
DoorDash, Cl A *		6,900		783
DR Horton Inc		15,906		1,419
DraftKings, Cl A *		15,100		334
eBay Inc		31,200		1,874
Etsy Inc *		6,100		958
Expedia Group Inc *		7,200		1,320
Five Below Inc *		2,600		426
Fiverr International *		600		51
Floor & Decor Holdings Inc, Cl A *		5,100		554
Foot Locker Inc		4,100		183
Ford Motor Co		187,900		3,814
Frontdoor *		5,000		182
GameStop, Cl A *		3,000		327
Gap Inc/The		9,100		164
Garmin Ltd		7,200		896
General Motors Co *		66,000		3,480
Gentex Corp		11,200		351
Genuine Parts Co		6,700		893
Grand Canyon Education *		2,039		171
H&R Block Inc		9,000		206
Hanesbrands Inc		18,100		291
Harley-Davidson Inc		7,600		263
Hasbro Inc		6,031		558
Hayward Holdings *		2,400		47
Hilton Worldwide Holdings Inc *		13,100		1,901
Home Depot		51,430		18,874
Hyatt Hotels Corp, Cl A *		2,100		192
Kohl's Corp		7,400		442
Las Vegas Sands Corp *		16,500		723
Lear Corp		2,839		475
Leggett & Platt		6,867		274
Lennar Corp, Cl A		13,000		1,249
Lennar Corp, Cl B		800		65
Leslie's *		6,700		140
Lithia Motors, Cl A		1,400		409
LKQ Corp		12,900		708
Lowe's		33,500		7,951
Lululemon Athletica Inc *		5,427		1,811
Marriott International Inc/MD, Cl A *		13,000		2,095
Marriott Vacations Worldwide Corp		2,000		325
Mattel Inc *		18,000		377

10

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
McDonald's		36,147	$	9,378
MGM Resorts International		19,000		812
Mister Car Wash *		3,700		64
Mohawk Industries Inc *		2,635		416
Newell Brands		20,000		464
NIKE Inc, Cl B		59,905		8,870
Nordstrom Inc *		6,400		144
Norwegian Cruise Line Holdings Ltd *		19,132		399
NVR Inc *		154		820
Ollie's Bargain Outlet Holdings Inc *		3,100		149
O'Reilly Automotive Inc *		3,233		2,107
Peloton Interactive, Cl A *		13,000		355
Penn National Gaming Inc *		7,800		356
Penske Automotive Group Inc		1,900		193
Petco Health & Wellness, Cl A *		3,800		71
Planet Fitness, Cl A *		4,100		363
Polaris		3,024		340
Pool Corp		1,882		896
PulteGroup Inc		13,000		685
PVH Corp		3,700		352
QuantumScape, Cl A *		10,400		174
Qurate Retail Inc, Cl A		18,800		132
Ralph Lauren Corp, Cl A		2,400		266
RH *		800		322
Rivian Automotive, Cl A *		6,900		454
Ross Stores		16,743		1,637
Royal Caribbean Cruises Ltd *		10,400		809
Service Corp International/US		7,700		475
Six Flags Entertainment Corp *		4,500		178
Skechers USA, Cl A *		6,670		280
Starbucks		56,700		5,575
Tapestry Inc		13,200		501
Target Corp		23,600		5,202
Tempur Sealy International Inc		9,440		376
Terminix Global Holdings *		6,900		298
Tesla Inc *		39,090		36,616
Thor Industries		2,800		265
TJX Cos Inc/The		57,900		4,167
Toll Brothers Inc		6,000		354
TopBuild Corp *		1,600		372
Tractor Supply		5,500		1,201
Travel + Leisure		4,100		233
Ulta Beauty Inc *		2,500		909
Under Armour Inc, Cl C *		11,200		179
Under Armour Inc, Cl A *		8,700		164
Vail Resorts Inc		1,900		526
VF		15,400		1,004
Victoria's Secret *		3,999		223
Vroom *		5,300		43
Wayfair Inc, Cl A *		3,558		555
Wendy's Co/The		8,100		187
Whirlpool Corp		2,947		619

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Williams-Sonoma Inc		3,700	$	594
Wyndham Hotels & Resorts Inc		4,600		386
Wynn Resorts Ltd *		5,000		427
YETI Holdings Inc *		4,200		275
Yum China Holdings Inc		20,400		983
Yum! Brands Inc		14,300		1,790
				243,584
Consumer Staples — 4.5%
Albertsons, Cl A		7,800		220
Altria Group Inc		89,000		4,528
Archer-Daniels-Midland Co		26,600		1,995
Beyond Meat *		2,742		179
Boston Beer Co Inc/The, Cl A *		463		195
Brown-Forman Corp, Cl A		2,700		169
Brown-Forman Corp, Cl B		8,700		587
Bunge		6,800		672
Campbell Soup Co		10,300		454
Casey's General Stores		1,968		370
Church & Dwight Co Inc		11,700		1,201
Clorox Co/The		5,800		974
Coca-Cola		187,826		11,459
Coca-Cola Europacific Partners		3,900		223
Colgate-Palmolive Co		40,100		3,306
Conagra Brands Inc		23,400		813
Constellation Brands Inc, Cl A		7,661		1,821
Costco Wholesale Corp		21,317		10,768
Coty Inc, Cl A *		13,900		118
Darling Ingredients Inc *		8,000		510
Estee Lauder Cos Inc/The, Cl A		11,000		3,430
Flowers Foods Inc		9,600		270
Freshpet Inc *		2,000		186
General Mills Inc		29,220		2,007
Grocery Outlet Holding *		4,100		104
Hain Celestial Group Inc/The *		4,800		175
Herbalife Nutrition *		4,400		187
Hershey Co/The		6,955		1,371
Hormel Foods Corp		13,400		636
Ingredion Inc		3,500		331
J M Smucker		5,300		745
Kellogg Co		11,900		750
Keurig Dr Pepper Inc		33,285		1,263
Kimberly-Clark		16,200		2,230
Kraft Heinz Co/The		33,000		1,181
Kroger		35,700		1,556
Lamb Weston Holdings Inc		7,700		494
McCormick & Co Inc/MD		11,900		1,194
Molson Coors Beverage, Cl B		9,385		447
Mondelez International Inc, Cl A		67,000		4,491
Monster Beverage Corp *		17,800		1,544
Olaplex Holdings *		3,900		85
PepsiCo Inc		66,814		11,594
Philip Morris International		74,900		7,704

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

11

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Pilgrim's Pride Corp *		2,600	$	73
Post Holdings Inc *		2,700		286
Procter & Gamble Co/The		116,424		18,680
Reynolds Consumer Products		2,900		88
Seaboard Corp		12		46
Spectrum Brands Holdings Inc		1,900		170
Sysco Corp		24,700		1,930
Tyson Foods, Cl A		13,700		1,245
US Foods Holding Corp *		11,610		409
Walgreens Boots Alliance Inc		34,300		1,707
Walmart Inc		69,431		9,707
				118,878
Energy — 2.5%
Antero Midstream		16,900		168
APA		17,774		590
Baker Hughes a GE Co, Cl A		35,000		960
Cheniere Energy		11,200		1,253
Chevron Corp		93,634		12,297
ConocoPhillips		63,838		5,657
Continental Resources Inc/OK		3,600		187
Coterra Energy		37,740		827
Devon Energy Corp		32,241		1,630
Diamondback Energy Inc		9,000		1,136
DT Midstream		4,900		253
EOG Resources		28,000		3,122
EQT Corp		15,000		319
Exxon Mobil Corp		204,872		15,562
Halliburton Co		44,400		1,365
Hess Corp		13,200		1,218
HollyFrontier		7,400		260
Kinder Morgan Inc/DE		93,066		1,616
Marathon Oil Corp		37,022		721
Marathon Petroleum Corp		30,500		2,188
NOV		20,300		333
Occidental Petroleum Corp		40,300		1,518
ONEOK Inc		21,200		1,286
Phillips 66		20,900		1,772
Pioneer Natural Resources Co		10,316		2,258
Schlumberger Ltd		67,000		2,618
Targa Resources Corp		10,600		626
Texas Pacific Land		300		323
Valero Energy Corp		19,500		1,618
Williams		58,100		1,740
				65,421
Financials — 9.1%
Affiliated Managers Group		1,900		278
Aflac Inc		31,700		1,991
AGNC Investment Corp ‡		27,092		403
Alleghany Corp *		700		465
Allstate Corp/The		14,083		1,699
Ally Financial Inc		17,066		814

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
American Express Co		30,400	$	5,467
American Financial Group Inc/OH		3,143		409
American International Group Inc		41,100		2,374
Ameriprise Financial Inc		5,400		1,643
Annaly Capital Management Inc ‡		65,949		521
Aon, Cl A		10,763		2,975
Apollo Global Management		18,225		1,276
Arch Capital Group Ltd *		18,100		838
Ares Management, Cl A		7,000		558
Arthur J Gallagher & Co		9,800		1,548
Assurant Inc		3,035		463
Assured Guaranty Ltd		3,800		202
Axis Capital Holdings Ltd		3,700		211
Bank of America Corp		348,400		16,075
Bank of Hawaii Corp		2,300		198
Bank of New York Mellon Corp/The		36,600		2,169
Bank OZK		6,000		281
Berkshire Hathaway Inc, Cl B *		88,709		27,768
BlackRock Inc, Cl A		6,873		5,656
Blackstone Group		32,700		4,315
BOK Financial Corp		1,800		185
Brighthouse Financial Inc *		4,583		250
Brown & Brown Inc		11,900		789
Capital One Financial Corp		20,400		2,993
Carlyle Group		8,000		408
Cboe Global Markets Inc		5,000		593
Charles Schwab Corp/The		72,280		6,339
Chubb		21,000		4,143
Cincinnati Financial Corp		7,100		837
Citigroup		96,000		6,252
Citizens Financial Group Inc		20,200		1,040
CME Group Inc, Cl A		17,200		3,947
CNA Financial Corp		1,400		64
Comerica		6,300		585
Commerce Bancshares Inc/MO		5,823		401
Credit Acceptance Corp *		472		255
Cullen/Frost Bankers Inc		2,900		409
Discover Financial Services		14,300		1,655
East West Bancorp		6,671		576
Equitable Holdings		17,459		587
Erie Indemnity Co, Cl A		1,300		239
Evercore Inc, Cl A		1,900		237
Everest Re Group Ltd		2,000		567
FactSet Research Systems Inc		1,772		748
Fidelity National Financial Inc		12,900		650
Fifth Third Bancorp		32,900		1,468
First American Financial		5,400		402
First Citizens BancShares, Cl A		249		194
First Hawaiian Inc		7,600		215
First Horizon National Corp		25,700		440
First Republic Bank/CA		8,541		1,483
FNB Corp/PA		14,400		186

12

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Franklin Resources Inc		14,239	$	455
Globe Life		4,700		481
Goldman Sachs Group Inc/The		15,914		5,644
Hanover Insurance Group Inc/The		1,900		262
Hartford Financial Services Group Inc/The		16,500		1,186
Huntington Bancshares Inc/OH		69,922		1,053
Interactive Brokers Group, Cl A		4,200		286
Intercontinental Exchange Inc		26,735		3,386
Invesco Ltd		16,500		374
Janus Henderson Group		8,400		310
Jefferies Financial Group		11,000		403
JPMorgan Chase & Co		142,070		21,112
Kemper Corp		2,700		162
KeyCorp		45,400		1,138
KKR		26,600		1,893
Lazard Ltd, Cl A (B)		4,600		201
Lemonade *		1,700		54
Lincoln National		8,873		621
Loews		11,043		659
LPL Financial Holdings Inc		3,800		655
M&T Bank Corp		6,100		1,033
Markel *		670		826
MarketAxess Holdings Inc		1,759		606
Marsh & McLennan Cos Inc		24,424		3,752
Mercury General		1,300		71
MetLife		34,800		2,334
MGIC Investment Corp		16,600		252
Moody's Corp		7,800		2,675
Morgan Stanley		64,743		6,639
Morningstar Inc		1,237		356
MSCI Inc, Cl A		3,900		2,091
Nasdaq Inc		5,734		1,028
New Residential Investment Corp ‡		24,400		260
New York Community Bancorp Inc		22,200		259
Northern Trust Corp		9,800		1,143
Old Republic International Corp		14,800		379
OneMain Holdings, Cl A		5,300		274
PacWest Bancorp		5,700		265
People's United Financial Inc		22,200		430
Pinnacle Financial Partners Inc		3,853		373
PNC Financial Services Group Inc/The		20,400		4,202
Popular Inc		3,700		330
Primerica Inc		1,900		293
Principal Financial Group Inc		12,600		921
Progressive Corp/The		28,000		3,042
Prosperity Bancshares Inc		4,700		344
Prudential Financial Inc		18,500		2,064
Raymond James Financial Inc		8,750		926
Regions Financial Corp		45,800		1,051
Reinsurance Group of America Inc, Cl A		3,600		413
RenaissanceRe Holdings Ltd		2,162		340
Rocket, Cl A		5,600		71

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
S&P Global Inc		11,655	$	4,839
Signature Bank/New York NY		2,800		853
SLM Corp		14,100		259
Starwood Property Trust Inc ‡		14,300		354
State Street Corp		17,500		1,654
Sterling Bancorp/DE		9,500		250
Stifel Financial Corp		5,000		374
SVB Financial Group *		2,774		1,620
Synchrony Financial		27,100		1,154
Synovus Financial Corp		7,700		383
T Rowe Price Group		10,800		1,668
TFS Financial Corp		2,400		42
Tradeweb Markets, Cl A		5,300		449
Travelers Cos Inc/The		12,000		1,994
Truist Financial		64,500		4,052
Umpqua Holdings		10,000		203
Unum Group		10,100		256
Upstart Holdings *		2,300		251
US Bancorp		64,500		3,753
Virtu Financial Inc, Cl A		3,700		114
Voya Financial Inc		5,700		387
Webster Financial Corp		4,374		248
Wells Fargo & Co		193,500		10,410
Western Alliance Bancorp		5,100		506
White Mountains Insurance Group Ltd		122		127
Willis Towers Watson PLC		6,169		1,443
Wintrust Financial Corp		2,800		275
WR Berkley Corp		6,461		546
Zions Bancorp NA		7,501		509
				238,085
Health Care — 10.0%
10X Genomics, Cl A *		4,200		404
Abbott Laboratories		84,000		10,707
AbbVie Inc		85,500		11,704
ABIOMED Inc *		2,127		629
Acadia Healthcare Co Inc *		4,300		226
Adaptive Biotechnologies *		4,200		73
Agilent Technologies Inc		14,600		2,034
agilon health *		8,100		134
Align Technology Inc *		3,770		1,866
Alnylam Pharmaceuticals Inc *		5,600		771
Amedisys Inc *		1,600		216
AmerisourceBergen Corp, Cl A		7,100		967
Amgen Inc		27,491		6,244
Anthem Inc		11,839		5,221
Avantor *		29,097		1,086
Baxter International Inc		24,110		2,060
Becton Dickinson and Co		13,667		3,473
Biogen Inc *		7,076		1,599
BioMarin Pharmaceutical Inc *		8,600		762
Bio-Rad Laboratories Inc, Cl A *		1,057		634
Bio-Techne Corp		1,875		706

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

13

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Boston Scientific Corp *		68,100	$	2,921
Bristol-Myers Squibb		108,100		7,015
Bruker Corp		5,400		360
Cardinal Health		14,500		748
Catalent Inc *		8,200		852
Centene Corp *		27,700		2,154
Cerner Corp		14,100		1,286
Certara *		4,200		112
Change Healthcare *		12,000		236
Charles River Laboratories International Inc *		2,348		774
Chemed Corp		815		382
Cigna Corp		15,738		3,627
Cooper Cos Inc/The		2,254		898
CureVac *		2,500		48
CVS Health		63,300		6,742
Danaher Corp		30,664		8,763
DaVita Inc *		3,443		373
DENTSPLY SIRONA Inc		10,800		577
Dexcom *		4,663		2,007
Edwards Lifesciences Corp *		29,700		3,243
Elanco Animal Health Inc *		21,126		550
Eli Lilly		41,000		10,061
Encompass Health Corp		4,900		304
Envista Holdings *		8,300		359
Exact Sciences *		8,582		655
Exelixis Inc *		15,300		277
Figs, Cl A *		4,800		108
Gilead Sciences Inc		60,300		4,141
Globus Medical Inc, Cl A *		3,700		247
Guardant Health *		4,343		302
HCA Healthcare Inc		12,042		2,891
Henry Schein Inc *		6,600		497
Hologic Inc *		11,900		836
Horizon Therapeutics *		10,372		968
Humana		6,172		2,423
ICU Medical Inc *		942		201
IDEXX Laboratories *		4,100		2,080
Illumina Inc *		6,978		2,434
Incyte *		8,700		647
Inmode *		1,000		48
Insulet Corp *		3,138		778
Integra LifeSciences Holdings Corp *		3,500		227
Intuitive Surgical Inc *		17,041		4,843
Ionis Pharmaceuticals Inc *		7,644		243
Iovance Biotherapeutics Inc *		8,000		133
IQVIA Holdings Inc *		9,100		2,229
Johnson & Johnson		127,423		21,954
Laboratory Corp of America Holdings *		4,600		1,248
Maravai LifeSciences Holdings, Cl A *		5,100		148
Masimo *		2,342		515
McKesson Corp		7,400		1,900

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Medtronic PLC		64,600	$	6,685
Merck & Co Inc		122,600		9,990
Mettler-Toledo International Inc *		1,067		1,571
Mirati Therapeutics *		1,900		227
Moderna Inc *		16,300		2,760
Molina Healthcare Inc *		2,839		825
Natera *		3,900		276
Nektar Therapeutics, Cl A *		10,200		113
Neurocrine Biosciences Inc *		4,800		379
Novavax *		3,700		347
Novocure Ltd *		5,100		350
Oak Street Health *		4,700		82
Organon		11,890		379
Penumbra Inc *		1,732		391
PerkinElmer Inc		6,100		1,050
Pfizer Inc		270,067		14,230
Premier Inc, Cl A		6,200		237
QIAGEN *		10,700		530
Quest Diagnostics Inc		5,800		783
Quidel Corp *		1,670		173
Regeneron Pharmaceuticals Inc *		4,805		2,924
Repligen Corp *		2,600		516
ResMed		6,838		1,563
Royalty Pharma, Cl A		15,400		616
Sage Therapeutics *		3,000		118
Sarepta Therapeutics *		4,121		295
Seagen *		6,450		868
Sotera Health *		5,000		108
STERIS PLC		4,100		920
Stryker Corp		16,800		4,167
Syneos Health Inc, Cl A *		5,000		453
Tandem Diabetes Care Inc *		2,900		343
Teladoc Health Inc *		7,331		562
Teleflex Inc		2,241		695
Thermo Fisher Scientific		18,979		11,033
Ultragenyx Pharmaceutical Inc *		3,100		217
United Therapeutics Corp *		2,200		444
UnitedHealth Group Inc		45,561		21,531
Universal Health Services Inc, Cl B		3,500		455
Veeva Systems Inc, Cl A *		6,559		1,551
Vertex Pharmaceuticals Inc *		12,400		3,014
Viatris, Cl W *		57,366		859
Waters Corp *		2,864		917
West Pharmaceutical Services Inc		3,534		1,390
Zimmer Biomet Holdings Inc		10,000		1,230
Zoetis Inc, Cl A		22,864		4,568
				261,616
Industrials — 6.5%
3M		27,800		4,615
A O Smith		6,200		474
Acuity Brands Inc		1,700		326
ADT Inc		5,400		41

14

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Advanced Drainage Systems		2,700	$	305
AECOM		7,100		491
AGCO		3,261		382
Air Lease Corp, Cl A		5,279		210
Alaska Air Group Inc *		6,300		345
Allegion PLC		4,200		515
Allison Transmission Holdings Inc		5,200		198
AMERCO		462		281
American Airlines Group Inc *		30,194		497
AMETEK Inc		11,000		1,504
Armstrong World Industries Inc		2,300		228
Axon Enterprise Inc *		3,300		462
AZEK, Cl A *		4,700		155
Boeing *		25,800		5,166
Booz Allen Hamilton Holding, Cl A		6,300		483
Builders FirstSource Inc *		9,200		625
BWX Technologies Inc, Cl W		4,700		209
CACI International Inc, Cl A *		1,100		272
Carlisle Cos Inc		2,400		536
Carrier Global		41,621		1,984
Caterpillar Inc		26,341		5,309
CH Robinson Worldwide Inc		6,200		649
ChargePoint Holdings *		10,800		150
Cintas Corp		4,142		1,622
Clarivate *		20,400		336
Clean Harbors Inc *		2,400		222
Colfax *		5,800		238
Copart *		10,000		1,292
Core & Main, Cl A *		1,700		41
CoStar Group Inc *		18,720		1,313
Crane Co		2,300		238
CSX Corp		106,900		3,658
Cummins Inc		6,900		1,524
Curtiss-Wright Corp		2,000		266
Deere		13,555		5,102
Delta Air Lines Inc *		30,500		1,211
Donaldson Co Inc		6,700		373
Dover Corp		6,846		1,163
Driven Brands Holdings *		2,500		71
Dun & Bradstreet Holdings *		8,100		162
Emerson Electric		28,600		2,630
Equifax Inc		5,800		1,391
Expeditors International of Washington Inc		8,000		916
Fastenal Co		27,400		1,553
FedEx Corp		11,760		2,891
Flowserve Corp		6,400		209
Fluence Energy, Cl A *		1,600		30
Fortive Corp		15,600		1,100
Fortune Brands Home & Security Inc		6,500		612
FTI Consulting Inc *		1,700		248
Gates Industrial Corp PLC *		2,200		34
Generac Holdings *		2,900		819

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
General Dynamics Corp		11,948	$	2,534
General Electric		52,454		4,956
Graco Inc		7,900		573
GXO Logistics *		4,800		390
HEICO Corp		2,200		300
HEICO Corp, Cl A		3,700		406
Hexcel Corp		4,100		214
Honeywell International Inc		33,600		6,870
Howmet Aerospace		18,300		569
Hubbell Inc, Cl B		2,600		487
Huntington Ingalls Industries Inc		2,100		393
IAA *		6,979		321
IDEX		3,649		786
IHS Markit Ltd		17,900		2,091
Illinois Tool Works Inc		15,094		3,531
Ingersoll Rand		19,300		1,085
ITT Inc		4,047		372
Jacobs Engineering Group		6,100		794
JB Hunt Transport Services Inc		4,028		776
JetBlue Airways Corp *		15,900		233
Johnson Controls International plc		34,300		2,493
Kirby Corp *		3,500		228
Knight-Swift Transportation Holdings Inc, Cl A		8,100		458
Kornit Digital *		900		95
L3Harris Technologies		9,569		2,003
Landstar System Inc		1,900		304
Leidos Holdings Inc		6,800		608
Lennox International Inc		1,553		440
Lincoln Electric Holdings Inc		3,033		388
Lockheed Martin Corp		11,904		4,632
Lyft, Cl A *		14,500		559
ManpowerGroup Inc		2,933		308
Masco Corp		11,700		741
MasTec *		2,700		233
Mercury Systems Inc *		3,200		182
Middleby Corp/The *		2,600		481
MSA Safety Inc		1,800		247
MSC Industrial Direct Co Inc, Cl A		2,600		212
Nielsen Holdings PLC		18,800		355
Nordson Corp		2,800		651
Norfolk Southern		11,865		3,227
Northrop Grumman Corp		7,238		2,677
nVent Electric PLC		7,700		266
Old Dominion Freight Line Inc		4,900		1,479
Oshkosh Corp		3,600		410
Otis Worldwide		20,600		1,760
Owens Corning		4,800		426
PACCAR Inc		16,300		1,516
Parker-Hannifin Corp		6,136		1,902
Plug Power Inc *		25,000		547
Quanta Services Inc		6,600		678

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

15

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Raytheon Technologies		72,900	$	6,575
Regal Rexnord		3,400		539
Republic Services Inc, Cl A		10,028		1,280
Robert Half International Inc		5,200		589
Rockwell Automation Inc		5,542		1,603
Rollins Inc		11,550		356
Roper Technologies		5,057		2,211
Ryder System Inc		2,400		176
Schneider National Inc, Cl B		3,500		90
Science Applications International		2,900		238
Sensata Technologies Holding PLC *		8,000		459
Shoals Technologies Group, Cl A *		4,400		74
SiteOne Landscape Supply *		2,200		396
Snap-on		2,700		562
Southwest Airlines Co *		28,200		1,262
Spirit AeroSystems Holdings Inc, Cl A		5,200		228
Stanley Black & Decker Inc		7,900		1,380
Stericycle Inc *		4,558		268
Sunrun *		9,900		257
Textron Inc		11,200		762
Timken Co/The		3,100		207
Toro		5,100		493
Trane Technologies		11,439		1,980
TransDigm Group *		2,479		1,528
TransUnion		9,100		938
Trex Co Inc *		5,500		503
TuSimple Holdings, Cl A *		6,400		120
Uber Technologies *		77,500		2,898
Union Pacific Corp		31,349		7,666
United Continental Holdings Inc *		15,811		678
United Parcel Service Inc, Cl B		34,835		7,044
United Rentals Inc *		3,439		1,101
Univar Solutions *		7,700		204
Valmont Industries Inc		1,047		227
Verisk Analytics, Cl A		7,554		1,482
Vertiv Holdings, Cl A		15,300		319
Virgin Galactic Holdings *		7,038		65
Waste Management Inc		20,300		3,054
Watsco Inc		1,639		463
Westinghouse Air Brake Technologies		8,600		765
Woodward		2,900		320
WW Grainger Inc		2,224		1,101
XPO Logistics Inc *		4,800		318
Xylem Inc/NY		8,500		893
				169,536
Information Technology — 21.7%
Adobe Inc *		23,107		12,346
Advanced Micro Devices Inc *		45,400		5,187
Akamai Technologies Inc *		7,600		871
Allegro MicroSystems *		2,100		60
Alliance Data Systems Corp		2,300		159
Alteryx Inc, Cl A *		3,083		176

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Amdocs Ltd		6,100	$	463
Amphenol Corp, Cl A		27,972		2,226
Analog Devices Inc		25,805		4,231
Anaplan Inc *		7,100		343
ANSYS Inc *		4,124		1,402
Apple		746,764		130,519
Applied Materials Inc		44,000		6,080
Arista Networks Inc *		11,752		1,461
Arrow Electronics Inc *		3,400		422
Aspen Technology Inc *		3,500		526
Atlassian Corp PLC, Cl A *		6,700		2,173
Autodesk Inc *		10,600		2,648
Automatic Data Processing Inc		20,400		4,206
Avalara *		4,335		475
Avnet Inc		4,500		182
Azenta		3,600		304
Bentley Systems, Cl B		6,600		265
Bill.com Holdings *		4,400		828
Black Knight Inc *		7,600		567
Block, Cl A *		19,000		2,323
Broadcom Inc		19,256		11,282
Broadridge Financial Solutions Inc		5,500		876
C3.ai, Cl A *		1,700		45
Cadence Design Systems Inc *		13,135		1,998
CDK Global Inc		6,400		275
CDW Corp/DE		6,540		1,236
Ceridian HCM Holding Inc *		6,200		470
Ciena Corp *		7,200		477
Cirrus Logic Inc *		2,600		233
Cisco Systems Inc		204,447		11,382
Citrix Systems		5,797		591
Cloudflare, Cl A *		12,400		1,195
Cognex Corp		8,500		565
Cognizant Technology Solutions Corp, Cl A		25,200		2,153
Coherent Inc *		1,200		310
CommScope Holding Co Inc *		11,400		107
Concentrix		2,100		422
Corning		36,300		1,526
Coupa Software Inc *		3,563		478
Crowdstrike Holdings, Cl A *		9,400		1,698
CyberArk Software *		800		110
Datadog, Cl A *		12,300		1,797
Dell Technologies Inc, Cl C		13,300		756
DocuSign, Cl A *		9,156		1,152
Dolby Laboratories Inc, Cl A		3,200		281
DoubleVerify Holdings *		2,500		69
Dropbox, Cl A *		15,385		381
Duck Creek Technologies *		3,700		94
DXC Technology Co *		13,300		400
Dynatrace *		9,221		506
Elastic *		3,500		326
Enphase Energy Inc *		6,300		885

16

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Entegris Inc		6,400	$	767
EPAM Systems Inc *		2,600		1,238
Euronet Worldwide Inc *		2,600		348
Everbridge Inc *		2,049		105
F5 *		2,940		610
Fair Isaac Corp *		1,400		693
Fastly, Cl A *		4,300		123
Fidelity National Information Services Inc		29,700		3,562
First Solar *		4,900		384
Fiserv Inc *		28,700		3,034
Five9 *		3,200		402
FleetCor Technologies Inc *		3,900		929
Fortinet Inc *		6,446		1,916
Gartner Inc *		3,834		1,127
Genpact Ltd		8,579		427
Global Payments		14,069		2,109
GLOBALFOUNDRIES *		2,500		123
Globant *		1,963		501
GoDaddy Inc, Cl A *		7,900		598
Guidewire Software Inc *		3,900		393
Hewlett Packard Enterprise Co		61,800		1,009
HP Inc		57,500		2,112
HubSpot Inc *		2,200		1,075
Informatica, Cl A		1,600		45
Intel Corp		195,525		9,545
International Business Machines Corp		42,927		5,734
Intuit Inc		12,840		7,129
IPG Photonics Corp *		1,754		271
Jabil Inc		6,699		412
Jack Henry & Associates		3,659		614
Jamf Holding *		2,000		66
Juniper Networks Inc		15,251		531
Keysight Technologies *		8,900		1,502
KLA		7,349		2,861
Kyndryl Holdings *		9,025		152
Lam Research Corp		6,859		4,046
Littelfuse Inc		1,171		316
Lumentum Holdings *		4,000		406
Mandiant *		12,900		195
Manhattan Associates Inc *		3,000		402
Marvell Technology		39,307		2,806
Mastercard Inc, Cl A		42,330		16,355
McAfee, Cl A		3,900		100
Microchip Technology Inc		26,300		2,038
Micron Technology Inc		53,805		4,427
Microsoft Corp		364,592		113,381
MKS Instruments Inc		2,800		435
MongoDB, Cl A *		3,013		1,221
Monolithic Power Systems Inc		2,112		851
Motorola Solutions Inc		7,952		1,844
N-able *		1,150		13
National Instruments Corp		6,359		262

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
nCino *		2,300	$	105
NCR Corp *		6,400		244
NetApp Inc		10,600		917
New Relic Inc *		2,400		252
NortonLifeLock		26,000		676
Nuance Communications Inc *		13,509		746
Nutanix Inc, Cl A *		9,000		246
NVIDIA Corp		115,700		28,330
Okta, Cl A *		5,937		1,175
ON Semiconductor Corp *		20,200		1,192
Oracle Corp		79,867		6,482
Palantir Technologies, Cl A *		80,200		1,100
Palo Alto Networks Inc *		4,600		2,380
Paychex Inc		15,436		1,818
Paycom Software Inc *		2,459		824
Paycor HCM *		1,600		41
Paylocity Holding Corp *		1,745		356
PayPal Holdings *		56,851		9,775
Paysafe *		33,700		122
Pegasystems Inc		1,900		188
Procore Technologies *		2,900		181
PTC Inc *		5,000		581
Pure Storage Inc, Cl A *		14,200		376
Qorvo Inc *		5,244		720
QUALCOMM Inc		54,604		9,597
RingCentral, Cl A *		3,849		679
Sabre Corp *		16,200		148
salesforce.com Inc *		45,243		10,525
ServiceNow Inc *		9,470		5,547
Shift4 Payments, Cl A *		2,100		111
Skyworks Solutions Inc		7,843		1,149
Smartsheet, Cl A *		5,704		355
Snowflake, Cl A *		9,600		2,649
SolarWinds		1,150		16
Splunk *		7,841		972
SS&C Technologies Holdings		11,200		895
StoneCo, Cl A *		10,500		164
Switch, Cl A		4,300		110
Synopsys Inc *		7,300		2,267
TD SYNNEX		1,900		199
Teledyne Technologies *		2,139		901
Teradata Corp *		5,300		214
Teradyne Inc		7,900		928
Texas Instruments Inc		44,700		8,023
Thoughtworks Holding *		2,100		45
Trade Desk Inc/The, Cl A *		21,000		1,460
Trimble Inc *		11,956		863
Twilio, Cl A *		7,935		1,636
Tyler Technologies Inc *		1,879		890
Ubiquiti		257		74
Unity Software *		7,300		768
Universal Display Corp		2,215		340

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

17

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
VeriSign Inc *		4,657	$	1,011
Viasat *		3,400		150
Visa Inc, Cl A		81,920		18,528
VMware, Cl A		10,718		1,377
Vontier		7,000		197
Western Digital Corp *		14,600		755
Western Union Co/The		21,400		405
WEX Inc *		2,217		357
Wolfspeed *		5,800		547
Workday Inc, Cl A *		9,049		2,289
Xerox Holdings		8,700		184
Xilinx		19,822		3,837
Zebra Technologies Corp, Cl A *		2,600		1,324
Zendesk Inc *		5,900		581
Zoom Video Communications, Cl A *		10,500		1,620
Zscaler Inc *		3,700		951
				570,529
Materials — 1.8%
Air Products & Chemicals Inc		10,600		2,991
Albemarle Corp		5,600		1,236
Alcoa Corp		9,100		516
Amcor		77,000		925
AptarGroup Inc		3,300		387
Ardagh Metal Packaging *		8,950		86
Ashland Global Holdings Inc		2,700		259
Avery Dennison		4,100		842
Axalta Coating Systems Ltd *		11,000		326
Ball		15,322		1,488
Berry Global Group Inc *		6,973		470
Celanese Corp, Cl A		5,300		825
CF Industries Holdings Inc		10,109		696
Chemours Co/The		8,100		265
Cleveland-Cliffs Inc *		22,500		386
Corteva		35,300		1,697
Crown Holdings Inc		6,000		686
Diversey Holdings *		3,700		41
Dow Inc		35,800		2,138
DuPont de Nemours		25,073		1,921
Eagle Materials Inc		2,000		292
Eastman Chemical Co		6,800		809
Ecolab Inc		12,000		2,273
Element Solutions Inc		10,700		240
FMC Corp		6,542		722
Freeport-McMoRan		70,200		2,613
Graphic Packaging Holding Co		13,900		263
Huntsman Corp		9,900		355
International Flavors & Fragrances Inc		12,286		1,621
International Paper Co		18,600		897
Louisiana-Pacific Corp		5,000		332
LyondellBasell Industries NV, Cl A		12,500		1,209
Martin Marietta Materials		2,954		1,150
Mosaic Co/The		18,000		719

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
NewMarket Corp		348	$	118
Newmont		38,400		2,349
Nucor Corp		14,000		1,420
Olin Corp		7,100		360
Packaging Corp of America		4,700		708
PPG Industries Inc		11,326		1,769
Reliance Steel & Aluminum Co		3,000		459
Royal Gold Inc		3,300		335
RPM International Inc		6,042		535
Scotts Miracle-Gro Co/The, Cl A		2,100		318
Sealed Air Corp		7,000		475
Sherwin-Williams Co/The		11,700		3,352
Silgan Holdings		4,673		209
Sonoco Products Co		5,000		283
Southern Copper Corp		4,300		275
Steel Dynamics		9,119		506
Sylvamo *		1,818		54
United States Steel Corp		13,100		271
Valvoline Inc		9,000		297
Vulcan Materials		6,300		1,199
Westlake Chemical		1,960		193
Westrock		13,478		622
				47,783
Real Estate — 2.5%
Alexandria Real Estate Equities Inc ‡		7,400		1,442
American Campus Communities Inc ‡		6,800		355
American Homes 4 Rent, Cl A ‡		13,696		536
American Tower, Cl A ‡		21,715		5,461
Americold Realty Trust ‡		11,800		336
Apartment Income ‡		7,675		405
AvalonBay Communities Inc ‡		6,700		1,636
Boston Properties Inc ‡		7,427		832
Brixmor Property Group Inc ‡		14,800		375
Camden Property Trust ‡		4,800		768
CBRE Group Inc, Cl A *		16,000		1,622
Cousins Properties ‡		7,374		284
Crown Castle International Corp ‡		20,648		3,769
CubeSmart ‡		10,100		513
CyrusOne Inc ‡		6,000		539
Digital Realty Trust Inc ‡		13,446		2,007
Douglas Emmett Inc ‡		8,200		256
Duke Realty Corp ‡		17,800		1,029
EPR Properties ‡		3,574		157
Equinix Inc ‡		4,345		3,150
Equity LifeStyle Properties Inc ‡		8,800		689
Equity Residential ‡		17,600		1,562
Essex Property Trust Inc ‡		3,075		1,022
Extra Space Storage Inc ‡		6,300		1,249
Federal Realty Investment Trust ‡		4,000		510
First Industrial Realty Trust Inc ‡		6,400		389
Gaming and Leisure Properties Inc ‡		10,942		494
Healthcare Trust of America Inc, Cl A ‡		10,800		352

18

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Healthpeak Properties ‡		26,924	$	952
Highwoods Properties Inc ‡		5,100		220
Host Hotels & Resorts Inc *‡		33,347		578
Howard Hughes Corp/The *		2,300		222
Hudson Pacific Properties Inc ‡		6,700		158
Invitation Homes Inc ‡		28,500		1,196
Iron Mountain ‡		13,603		625
JBG SMITH Properties ‡		7,200		197
Jones Lang LaSalle Inc *		2,400		602
Kilroy Realty Corp ‡		6,000		384
Kimco Realty ‡		27,496		667
Lamar Advertising Co, Cl A ‡		4,100		454
Life Storage Inc ‡		3,695		499
Medical Properties Trust Inc ‡		27,887		635
Mid-America Apartment Communities ‡		5,700		1,178
National Retail Properties ‡		9,100		404
Omega Healthcare Investors Inc ‡		11,900		375
Opendoor Technologies *		22,800		226
Orion Office *‡		2,721		45
Park Hotels & Resorts *‡		12,200		222
Prologis Inc ‡		35,700		5,599
Public Storage ‡		7,200		2,581
Rayonier Inc ‡		6,500		238
Realty Income Corp ‡		27,318		1,896
Regency Centers Corp ‡		8,000		574
Rexford Industrial Realty ‡		6,800		498
SBA Communications Corp, Cl A ‡		5,200		1,692
Simon Property Group Inc ‡		15,600		2,296
SL Green Realty ‡		3,490		253
Spirit Realty Capital Inc ‡		6,100		290
STORE Capital Corp ‡		11,400		362
Sun Communities Inc ‡		5,500		1,039
UDR Inc ‡		14,800		841
Ventas Inc ‡		19,000		1,007
VICI Properties Inc ‡		30,400		870
Vornado Realty Trust ‡		9,175		376
Welltower ‡		21,000		1,819
Weyerhaeuser Co ‡		35,800		1,447
WP Carey Inc ‡		8,800		683
Zillow Group Inc, Cl C *		8,200		414
Zillow Group Inc, Cl A *		3,100		155
				66,508
Utilities — 2.0%
AES Corp/VA		32,997		732
Alliant Energy Corp		11,800		706
Ameren Corp		12,500		1,109
American Electric Power Co Inc		23,927		2,163
American Water Works		8,700		1,399
Atmos Energy Corp		6,600		708
Avangrid Inc		3,300		154
Brookfield Renewable, Cl A		6,200		212
CenterPoint Energy		28,908		820

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
CMS Energy Corp		13,700	$	882
Consolidated Edison Inc		17,200		1,487
Dominion Energy Inc		38,700		3,121
DTE Energy		9,200		1,108
Duke Energy		37,000		3,887
Edison International		18,200		1,143
Entergy Corp		9,500		1,062
Essential Utilities		10,600		517
Evergy Inc		10,800		702
Eversource Energy		16,400		1,468
Exelon Corp		46,800		2,712
FirstEnergy Corp		25,900		1,087
Hawaiian Electric Industries		5,100		217
IDACORP Inc		2,500		276
MDU Resources Group		9,900		291
National Fuel Gas		4,000		243
NextEra Energy		94,872		7,411
NiSource Inc		19,852		579
NRG Energy Inc		12,700		507
OGE Energy		10,474		397
PG&E *		71,812		918
Pinnacle West Capital Corp		6,000		418
PPL Corp		36,700		1,089
Public Service Enterprise Group		24,100		1,603
Sempra Energy		15,300		2,114
Southern Co/The		50,800		3,530
UGI Corp		9,800		444
Vistra		22,550		492
WEC Energy Group		15,100		1,465
Xcel Energy Inc		25,726		1,792
				50,965
				2,027,132
Total Common Stock
(Cost $1,776,480) ($ Thousands)				2,374,013
PREFERRED STOCK — 0.1%
Germany — 0.1%
Bayerische Motoren Werke AG (C)		996		85
FUCHS PETROLUB (C)		1,607		69
Henkel AG & Co KGaA (C)		3,530		287
Porsche Automobil Holding SE (C)		3,120		288
Sartorius AG (C)		533		285
Volkswagen AG (C)		3,753		771
Total Preferred Stock
(Cost $1,515) ($ Thousands)				1,785

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

19

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Equity Fund (Concluded)

Description	Shares		Market Value ($ Thousands)
EXCHANGE TRADED FUND — 0.0%
United States — 0.0%
SPDR S&P 500 Trust		752	$	338
Total Exchange Traded Fund
(Cost $100) ($ Thousands)				338
		Number of Rights
RIGHTS *— 0.0%
Spain — 0.0%
ACS Actividades de Construccion y Servicios ^		5		3
United States — 0.0%
Tobira Therapeutics, Expires 12/31/2028 (A)		1		–
Total Rights
(Cost $—) ($ Thousands)				3
	Shares
CASH EQUIVALENT — 1.3%
SEI Daily Income Trust, Government Fund, Cl F
0.010% **†		34,725,378		34,725
Total Cash Equivalent
(Cost $34,725) ($ Thousands)				34,725
Total Investments — 91.9%
(Cost $1,812,820) ($ Thousands)			$	2,410,864

A list of the open futures contracts held by the Fund at January 31, 2022, is as follows:

Type of Contract	Number of Contracts		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Depreciation (Thousands)
Long Contracts
MSCI EAFE Index		106		Mar-2022	$	12,122	$	11,847	$	(275	)
MSCI Emerging Markets		1,498		Mar-2022		92,390		91,738		(652	)
NASDAQ 100 Index E-MINI		8		Mar-2022		2,584		2,385		(199	)
Russell 2000 Index E-MINI		815		Mar-2022		89,959		82,494		(7,465	)
S&P 500 Index E-MINI		241		Mar-2022		56,551		54,276		(2,275	)
S&P Mid Cap 400 Index E-MINI		12		Mar-2022		3,330		3,156		(174	)
					$	256,936	$	245,896	$	(11,040	)

For the period ended January 31, 2022, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

	Percentages are based on a Net Assets of $2,624,486 ($ Thousands).
‡	Real Estate Investment Trust.
*	Non-income producing security.
^	Expiration date unavailable.
**	Rate shown is the 7-day effective yield as of January 31, 2022.
†	Investment in Affiliated Security (see Note 5).
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security is a Master Limited Partnership. At January 31, 2022, such securities amounted to $201 ($ Thousands), or 0.0% of Net Assets (See Note 2).
(C)	There is currently no rate available.

ADR — American Depositary Receipt

Cl — Class

EAFE — Europe, Australasia and Far East

LTD — Limited

MSCI — Morgan Stanley Capital International

NASDAQ — National Association of Securities Dealers and Automated Quotations

PLC — Public Limited Company

S&P— Standard & Poor's

SPDR— Standard & Poor's Depository Receipt

20

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

The following is a list of the level of inputs used as of January 31, 2022, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

Investments in Securities	Level 1 ($)		Level 2 ($)		Level 3 ($)(1)			Total ($)
Common Stock		2,373,971		42			–(2)		2,374,013
Preferred Stock		1,716		69		–			1,785
Exchange Traded Fund		338		–		–			338
Rights		3		–			–(2)		3
Cash Equivalent		34,725		–		–			34,725
Total Investments in Securities		2,410,753		111		–			2,410,864

Other Financial Instruments	Level 1 ($)			Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts *
Unrealized Depreciation		(11,040	)		—		—		(11,040	)
Total Other Financial Instruments		(11,040	)		—		—		(11,040	)

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

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

(2) This category includes securities with a value of $0.

For the period ended January 31, 2022, there were no transfers in or out of Level 3.

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, 2022 ($ Thousands):

Security Description	Value 7/31/2021		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 1/31/2022		Shares		Dividend Income		Capital Gains
SEI Daily Income Trust, Government Fund, Cl F	$	50,777	$	63,845	$	(79,897	)	$	—	$	—	$	34,725		34,725,378	$	2	$	—

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, 2022

21

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Core Fixed Income Fund

^†Percentages based on total investments.

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS — 36.5%
U.S. Treasury Bonds
5.375%, 02/15/2031	$	2,000	$	2,610
4.250%, 05/15/2039		1,000		1,325
3.625%, 02/15/2044		6,500		8,142
3.375%, 11/15/2048		3,000		3,768
3.125%, 05/15/2048		2,500		3,000
3.000%, 11/15/2044		2,000		2,290
3.000%, 02/15/2047		2,500		2,904
3.000%, 02/15/2048		4,000		4,686
3.000%, 02/15/2049		2,500		2,951
2.875%, 05/15/2043		2,500		2,794
2.750%, 08/15/2042		5,000		5,480
2.750%, 11/15/2042		2,000		2,192
2.500%, 02/15/2045		2,500		2,637
2.500%, 02/15/2046		3,000		3,178
2.375%, 05/15/2051		2,000		2,117
2.250%, 02/15/2027		5,000		5,153
2.250%, 05/15/2041		4,000		4,045
2.250%, 08/15/2049		3,500		3,592
2.000%, 02/15/2050		1,800		1,755
2.000%, 08/15/2051		1,500		1,463
1.875%, 02/15/2041		1,000		953
1.875%, 02/15/2051		2,000		1,894
1.875%, 11/15/2051		3,000		2,844
1.750%, 08/15/2041		1,000		931
1.625%, 11/15/2050		4,500		4,016
1.375%, 11/15/2040		7,000		6,137
1.375%, 08/15/2050		4,000		3,357
1.250%, 05/15/2050		8,500		6,913
1.125%, 05/15/2040		8,000		6,750
1.125%, 08/15/2040		4,000		3,362
U.S. Treasury Notes
3.125%, 11/15/2028		5,000		5,443
2.875%, 09/30/2023		10,000		10,294
2.750%, 11/15/2023		5,000		5,143
2.625%, 01/31/2026		5,000		5,209
2.625%, 02/15/2029		2,000		2,117
2.500%, 01/31/2024		10,000		10,260
2.500%, 05/15/2024		2,000		2,057
2.375%, 08/15/2024		5,000		5,134
2.375%, 05/15/2027		3,000		3,112
2.250%, 11/15/2024		5,000		5,124
2.250%, 11/15/2025		10,000		10,268

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
2.250%, 08/15/2027	$	2,000	$	2,062
2.125%, 03/31/2024		5,000		5,095
2.125%, 05/15/2025		5,000		5,110
2.000%, 02/15/2025		5,000		5,089
2.000%, 08/15/2025		10,000		10,175
2.000%, 11/15/2026		5,000		5,092
1.750%, 05/15/2023		7,500		7,577
1.625%, 05/15/2026		5,000		5,011
1.625%, 11/30/2026		2,500		2,504
1.625%, 08/15/2029		5,000		4,962
1.625%, 05/15/2031		6,500		6,422
1.500%, 08/15/2026		3,000		2,988
1.500%, 01/31/2027		5,000		4,974
1.500%, 11/30/2028		5,000		4,920
1.500%, 02/15/2030		3,900		3,828
1.375%, 02/15/2023		10,000		10,059
1.250%, 03/31/2028		5,000		4,862
1.250%, 05/31/2028		5,000		4,857
1.250%, 06/30/2028		2,000		1,941
1.250%, 09/30/2028		4,000		3,874
1.250%, 08/15/2031		5,000		4,771
1.125%, 02/28/2025		5,000		4,958
1.125%, 10/31/2026		7,000		6,844
1.125%, 02/29/2028		5,000		4,832
1.125%, 08/31/2028		3,000		2,885
1.125%, 02/15/2031		5,500		5,209
1.000%, 07/31/2028		5,000		4,773
0.875%, 06/30/2026		5,000		4,849
0.875%, 11/15/2030		5,000		4,642
0.750%, 12/31/2023		5,000		4,961
0.750%, 11/15/2024		5,000		4,917
0.750%, 04/30/2026		2,000		1,933
0.750%, 05/31/2026		4,000		3,861
0.750%, 08/31/2026		4,000		3,851
0.750%, 01/31/2028		5,000		4,726
0.625%, 07/31/2026		5,000		4,791
0.625%, 05/15/2030		5,000		4,566
0.625%, 08/15/2030		1,000		911
0.500%, 03/15/2023		8,000		7,969
0.500%, 05/31/2027		3,000		2,825
0.500%, 10/31/2027		5,000		4,675
0.375%, 04/15/2024		5,000		4,908
0.375%, 11/30/2025		2,000		1,915
0.375%, 12/31/2025		5,000		4,782
0.375%, 01/31/2026		5,000		4,774
0.375%, 09/30/2027		3,000		2,790
0.250%, 06/15/2023		3,000		2,971
0.250%, 11/15/2023		10,000		9,845
0.250%, 05/31/2025		10,000		9,611
0.250%, 06/30/2025		5,000		4,799
0.250%, 07/31/2025		7,000		6,710
0.250%, 08/31/2025		10,000		9,568

22

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
0.250%, 09/30/2025	$	10,000	$	9,559
0.250%, 10/31/2025		5,000		4,772
0.125%, 03/31/2023		3,500		3,469
0.125%, 05/31/2023		12,000		11,867
0.125%, 12/15/2023		5,000		4,906
Total U.S. Treasury Obligations
(Cost $482,269) ($ Thousands)				459,797
MORTGAGE-BACKED SECURITIES — 27.7%
Agency Mortgage-Backed Obligations — 26.6%
FHLMC
4.500%, 05/01/2048 to 10/01/2048		4,625		4,954
4.000%, 05/01/2050		4,214		4,453
3.500%, 11/01/2045		612		647
3.000%, 07/01/2033 to 08/01/2047		6,337		6,577
2.500%, 10/01/2040 to 12/01/2051		15,792		15,845
2.000%, 06/01/2036 to 11/01/2051		25,308		24,801
1.500%, 10/01/2051		1,159		1,097
FHLMC Multifamily Structured Pass-Through Certificates, Ser K073, Cl A2
3.350%, 01/25/2028		1,000		1,076
FHLMC Multifamily Structured Pass-Through Certificates, Ser K074, Cl A2
3.600%, 01/25/2028		815		892
FHLMC Multifamily Structured Pass-Through Certificates, Ser K091, Cl A2
3.505%, 03/25/2029		5,000		5,495
FHLMC Multifamily Structured Pass-Through Certificates, Ser K092, Cl A2
3.298%, 04/25/2029		315		341
FNMA
5.000%, 12/01/2048		1,927		2,095
4.500%, 05/01/2046		2,779		3,043
4.000%, 01/01/2048 to 01/01/2049		10,238		10,865
3.500%, 08/01/2030 to 06/01/2050		20,882		21,924
3.000%, 02/01/2034 to 07/01/2050		25,366		26,146
2.500%, 08/01/2031 to 09/01/2051		33,289		33,478
2.000%, 06/01/2036 to 01/01/2052		39,608		38,972
1.500%, 11/01/2051		8,245		7,807
FNMA TBA
3.000%, 02/15/2045		5,000		5,108
FNMA, Ser 2019-M7, Cl A2
3.143%, 04/25/2029		1,250		1,335
GNMA
4.500%, 09/20/2046 to 01/20/2049		3,763		4,038
4.000%, 09/20/2047 to 05/20/2049		5,754		6,062
3.500%, 11/20/2041 to 07/20/2050		10,499		10,979
3.000%, 09/20/2046 to 07/20/2050		12,216		12,582
2.500%, 08/20/2050 to 11/20/2051		11,105		11,190
2.000%, 02/15/2051 to 12/20/2051		17,122		16,942

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GNMA TBA
2.500%, 02/15/2052	$	5,875	$	5,912
UMBS TBA
2.500%, 02/15/2051		15,075		15,049
2.000%, 02/15/2036 to 02/15/2051		26,725		26,144
1.500%, 02/15/2036		8,500		8,364
				334,213
Non-Agency Mortgage-Backed Obligations — 1.1%
BANK, Ser 2019-BN21, Cl A5
2.851%, 10/17/2052		5,000		5,111
BANK, Ser 2019-BN24, Cl A2
2.707%, 11/15/2062		500		503
BBCMS Mortgage Trust, Ser 2017-C1, Cl A4
3.674%, 02/15/2050		190		202
Benchmark Mortgage Trust, Ser 2020-B18, Cl A5
1.925%, 07/15/2053		396		377
Benchmark Mortgage Trust, Ser 2020-B21, Cl A5
1.978%, 12/17/2053		1,000		952
Wells Fargo Commercial Mortgage Trust, Ser 2014-LC16, Cl A5
3.817%, 08/15/2050		5,000		5,194
Wells Fargo Commercial Mortgage Trust, Ser 2018-C44, Cl A5
4.212%, 05/15/2051		1,500		1,647
				13,986
Total Mortgage-Backed Securities
(Cost $356,330) ($ Thousands)				348,199
CORPORATE OBLIGATIONS — 25.8%
Communication Services — 2.2%
Activision Blizzard
1.350%, 09/15/2030		90		81
Alphabet
2.050%, 08/15/2050		130		107
1.100%, 08/15/2030		130		119
0.450%, 08/15/2025		90		86
America Movil
4.375%, 04/22/2049		500		576
2.875%, 05/07/2030		200		201
AT&T
4.850%, 03/01/2039		1,000		1,141
3.650%, 06/01/2051		500		489
3.500%, 06/01/2041		600		585
3.500%, 02/01/2061		135		123
3.300%, 02/01/2052		120		110
3.100%, 02/01/2043		200		184

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

23

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Core Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.750%, 06/01/2031	$	200	$	197
2.300%, 06/01/2027		300		297
2.250%, 02/01/2032		165		154
1.700%, 03/25/2026		550		538
0.900%, 03/25/2024		300		295
Baidu
1.720%, 04/09/2026		200		195
Charter Communications Operating LLC
4.908%, 07/23/2025		300		324
4.400%, 12/01/2061		50		47
3.900%, 06/01/2052		385		353
3.850%, 04/01/2061		135		116
3.700%, 04/01/2051		580		513
3.500%, 06/01/2041		660		591
2.800%, 04/01/2031		200		189
2.300%, 02/01/2032		100		90
Comcast
3.950%, 10/15/2025		500		535
3.750%, 04/01/2040		400		424
3.250%, 11/01/2039		500		499
3.150%, 03/01/2026		1,000		1,043
2.887%, 11/01/2051 (A)		300		272
2.800%, 01/15/2051		300		267
2.650%, 08/15/2062		150		123
2.450%, 08/15/2052		225		188
1.950%, 01/15/2031		200		189
1.500%, 02/15/2031		300		273
Discovery Communications
4.650%, 05/15/2050		300		325
3.625%, 05/15/2030		300		309
Electronic Arts
1.850%, 02/15/2031		60		56
Fox
5.576%, 01/25/2049		300		378
5.476%, 01/25/2039		500		605
Interpublic Group of Cos
3.375%, 03/01/2041		370		359
2.400%, 03/01/2031		100		97
Rogers Communications
4.350%, 05/01/2049		500		533
3.700%, 11/15/2049		500		485
Telefonica Emisiones
5.520%, 03/01/2049		500		608
T-Mobile USA
4.375%, 04/15/2040		500		536
3.500%, 04/15/2025		300		311
3.300%, 02/15/2051		50		45
3.000%, 02/15/2041		220		199
2.550%, 02/15/2031		230		219
2.250%, 11/15/2031		50		46
1.500%, 02/15/2026		550		533

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Verizon Communications
4.812%, 03/15/2039	$	1,000	$	1,182
4.000%, 03/22/2050		500		537
3.700%, 03/22/2061		45		45
3.550%, 03/22/2051		55		55
3.400%, 03/22/2041		380		376
3.000%, 03/22/2027		300		309
3.000%, 11/20/2060		90		78
2.875%, 11/20/2050		400		356
2.650%, 11/20/2040		400		357
2.550%, 03/21/2031		55		54
2.100%, 03/22/2028		60		58
1.750%, 01/20/2031		100		91
1.450%, 03/20/2026		540		527
0.850%, 11/20/2025		100		96
ViacomCBS
4.950%, 01/15/2031		100		114
4.950%, 05/19/2050		300		355
4.750%, 05/15/2025		300		323
4.200%, 05/19/2032		200		217
Vodafone Group
5.000%, 05/30/2038		300		352
Walt Disney
6.650%, 11/15/2037		500		703
4.700%, 03/23/2050		500		616
4.625%, 03/23/2040		200		233
3.500%, 05/13/2040		500		513
3.350%, 03/24/2025		200		208
				24,913
Consumer Discretionary — 1.7%
Alibaba Group Holding
2.700%, 02/09/2041		500		433
Amazon.com
3.250%, 05/12/2061		100		99
3.100%, 05/12/2051		100		99
2.875%, 05/12/2041		100		97
2.100%, 05/12/2031		100		97
1.650%, 05/12/2028		100		97
1.500%, 06/03/2030		200		188
1.000%, 05/12/2026		100		97
0.800%, 06/03/2025		500		486
0.400%, 06/03/2023		500		496
American Honda Finance MTN
2.250%, 01/12/2029		500		493
1.200%, 07/08/2025		200		195
0.875%, 07/07/2023		635		631
Aptiv
3.100%, 12/01/2051		100		88
AutoZone
3.625%, 04/15/2025		500		524

24

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
BAT International Finance
1.668%, 03/25/2026	$	200	$	193
Best Buy
1.950%, 10/01/2030		50		47
Brunswick
0.850%, 08/18/2024		300		293
Choice Hotels International
3.700%, 01/15/2031		405		417
Council of Europe Development Bank
1.375%, 02/27/2025		500		498
Diageo Capital
2.000%, 04/29/2030		200		192
1.375%, 09/29/2025		300		294
Dollar General
4.125%, 04/03/2050		300		325
Dollar Tree
2.650%, 12/01/2031		100		96
DR Horton
2.600%, 10/15/2025		500		507
eBay
3.650%, 05/10/2051		50		50
2.700%, 03/11/2030		200		198
2.600%, 05/10/2031		50		49
1.400%, 05/10/2026		50		48
Expedia Group
4.625%, 08/01/2027		615		670
3.600%, 12/15/2023		565		582
General Motors
6.800%, 10/01/2027		500		600
6.125%, 10/01/2025		500		564
5.400%, 10/02/2023		500		530
General Motors Financial
3.600%, 06/21/2030		50		51
2.750%, 06/20/2025		550		557
2.350%, 02/26/2027		500		491
1.500%, 06/10/2026		500		479
1.200%, 10/15/2024		300		293
Home Depot
3.300%, 04/15/2040		300		305
2.750%, 09/15/2051		50		46
2.700%, 04/15/2030		200		203
2.375%, 03/15/2051		300		255
1.500%, 09/15/2028		100		96
1.375%, 03/15/2031		100		91
0.900%, 03/15/2028		95		89
Lowe's
5.000%, 04/15/2040		300		353
3.500%, 04/01/2051		75		74
2.625%, 04/01/2031		150		148
1.300%, 04/15/2028		320		297
Marriott International
4.625%, 06/15/2030		300		328

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Massachusetts Institute of Technology
2.989%, 07/01/2050	$	45	$	46
McDonald's MTN
4.200%, 04/01/2050		500		560
3.625%, 09/01/2049		100		102
3.600%, 07/01/2030		200		214
2.125%, 03/01/2030		200		194
NIKE
2.850%, 03/27/2030		200		206
O'Reilly Automotive
1.750%, 03/15/2031		135		124
RELX Capital
3.000%, 05/22/2030		200		204
Ross Stores
0.875%, 04/15/2026		100		95
Sands China
3.800%, 01/08/2026		500		490
Starbucks
4.450%, 08/15/2049		100		115
3.500%, 11/15/2050		300		297
2.550%, 11/15/2030		200		197
2.250%, 03/12/2030		200		193
Tapestry
3.050%, 03/15/2032		100		96
Target
2.250%, 04/15/2025		500		506
1.950%, 01/15/2027		500		499
TJX
1.600%, 05/15/2031		250		231
1.150%, 05/15/2028		250		234
Toyota Motor Credit MTN
3.375%, 04/01/2030		200		213
3.000%, 04/01/2025		300		310
1.900%, 01/13/2027		500		497
1.800%, 02/13/2025		500		501
1.350%, 08/25/2023		300		300
1.125%, 06/18/2026		500		484
Trustees of the University of Pennsylvania
2.396%, 10/01/2050		180		162
University of Southern California
2.945%, 10/01/2051		300		300
VF
2.800%, 04/23/2027		500		513
2.400%, 04/23/2025		500		508
				22,820
Consumer Staples — 1.4%
Altria Group
5.800%, 02/14/2039		500		567
4.450%, 05/06/2050		300		290
4.000%, 02/04/2061		75		65
3.700%, 02/04/2051		200		173

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

25

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Core Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.400%, 02/04/2041	$	385	$	332
2.450%, 02/04/2032		200		182
Anheuser-Busch InBev Worldwide
5.800%, 01/23/2059		500		666
5.450%, 01/23/2039		500		614
4.500%, 06/01/2050		500		577
4.350%, 06/01/2040		800		884
Archer-Daniels-Midland
2.700%, 09/15/2051		200		188
BAT Capital
4.700%, 04/02/2027		300		323
3.984%, 09/25/2050		150		135
3.734%, 09/25/2040		295		266
2.726%, 03/25/2031		300		281
2.259%, 03/25/2028		200		190
Bunge Finance
2.750%, 05/14/2031		50		49
1.630%, 08/17/2025		125		123
Campbell Soup
2.375%, 04/24/2030		200		193
Clorox
1.800%, 05/15/2030		200		189
Coca-Cola
2.875%, 05/05/2041		350		341
2.250%, 01/05/2032		50		49
2.000%, 03/05/2031		65		62
1.650%, 06/01/2030		200		188
1.450%, 06/01/2027		500		486
Conagra Brands
4.600%, 11/01/2025		500		539
Constellation Brands
2.875%, 05/01/2030		200		200
2.250%, 08/01/2031		125		118
Costco Wholesale
1.750%, 04/20/2032		500		467
1.600%, 04/20/2030		200		188
Estee Lauder
2.600%, 04/15/2030		200		202
General Mills
2.875%, 04/15/2030		200		203
2.250%, 10/14/2031		275		264
Hershey
2.650%, 06/01/2050		500		470
Hormel Foods
1.800%, 06/11/2030		200		190
Ingredion
3.900%, 06/01/2050		200		212
J M Smucker
2.750%, 09/15/2041		100		92
2.125%, 03/15/2032		100		94
Keurig Dr Pepper
0.750%, 03/15/2024		85		83

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Kimberly-Clark
2.000%, 11/02/2031	$	200	$	192
1.050%, 09/15/2027		125		118
Kroger
3.950%, 01/15/2050		500		535
1.700%, 01/15/2031		65		60
McCormick
2.500%, 04/15/2030		200		197
Mondelez International
2.750%, 04/13/2030		200		200
2.625%, 09/04/2050		100		88
PepsiCo
2.750%, 03/19/2030		200		206
2.625%, 10/21/2041		300		285
2.250%, 03/19/2025		500		507
1.625%, 05/01/2030		200		189
0.750%, 05/01/2023		500		498
Philip Morris International
1.750%, 11/01/2030		350		323
1.125%, 05/01/2023		500		500
0.875%, 05/01/2026		350		332
Procter & Gamble
3.000%, 03/25/2030		200		211
1.950%, 04/23/2031		200		195
1.000%, 04/23/2026		300		291
Sysco
2.450%, 12/14/2031		145		140
Unilever Capital
1.750%, 08/12/2031		300		279
1.375%, 09/14/2030		165		150
0.375%, 09/14/2023		100		98
Walgreens Boots Alliance
4.100%, 04/15/2050		500		524
Walmart
3.400%, 06/26/2023		300		309
3.050%, 07/08/2026		500		524
2.850%, 07/08/2024		500		517
2.500%, 09/22/2041		55		52
1.500%, 09/22/2028		65		63
1.050%, 09/17/2026		65		63
				18,381
Energy — 1.9%
Baker Hughes Holdings
2.061%, 12/15/2026		100		99
Boardwalk Pipelines
3.400%, 02/15/2031		85		85
BP Capital Markets America
3.796%, 09/21/2025		500		530
3.633%, 04/06/2030		300		320
3.543%, 04/06/2027		500		528
3.194%, 04/06/2025		500		519

26

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.060%, 06/17/2041	$	500	$	473
3.001%, 03/17/2052		50		45
Canadian Natural Resources
2.950%, 07/15/2030		200		199
2.050%, 07/15/2025		500		497
Cenovus Energy
3.750%, 02/15/2052		75		72
2.650%, 01/15/2032		65		62
Cheniere Corpus Christi Holdings
2.742%, 12/31/2039 (A)		455		423
Chevron
1.995%, 05/11/2027		500		498
1.554%, 05/11/2025		500		497
1.141%, 05/11/2023		500		500
ConocoPhillips
4.875%, 10/01/2047 (A)		500		618
2.400%, 02/15/2031 (A)		190		186
Diamondback Energy
4.750%, 05/31/2025		500		540
Eastern Gas Transmission & Storage
4.800%, 11/01/2043 (A)		400		458
Energy Transfer
6.250%, 04/15/2049		500		609
6.125%, 12/15/2045		300		353
4.750%, 01/15/2026		500		537
2.900%, 05/15/2025		500		507
Enterprise Products Operating
3.300%, 02/15/2053		85		78
Enterprise Products Operating LLC
3.700%, 01/31/2051		500		491
2.800%, 01/31/2030		200		201
Equinor
3.700%, 04/06/2050		500		536
3.625%, 04/06/2040		200		210
Exxon Mobil
4.227%, 03/19/2040		500		566
3.482%, 03/19/2030		300		321
2.992%, 03/19/2025		500		516
2.610%, 10/15/2030		300		302
1.571%, 04/15/2023		500		502
Halliburton
4.850%, 11/15/2035		300		343
HollyFrontier
2.625%, 10/01/2023		250		253
Kinder Morgan
5.550%, 06/01/2045		500		595
3.600%, 02/15/2051		250		236
3.250%, 08/01/2050		145		130
2.000%, 02/15/2031		140		128
Magellan Midstream Partners
3.250%, 06/01/2030		200		203

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Marathon Petroleum
4.700%, 05/01/2025	$	500	$	538
MPLX
5.200%, 12/01/2047		300		344
4.500%, 04/15/2038		500		535
4.250%, 12/01/2027		500		538
2.650%, 08/15/2030		115		111
ONEOK
7.150%, 01/15/2051		500		690
5.850%, 01/15/2026		300		338
2.200%, 09/15/2025		300		299
Phillips 66
3.850%, 04/09/2025		500		526
2.150%, 12/15/2030		300		280
Pioneer Natural Resources
1.900%, 08/15/2030		200		184
Sabine Pass Liquefaction
4.500%, 05/15/2030		500		548
Shell International Finance BV
3.250%, 04/06/2050		550		548
2.750%, 04/06/2030		210		213
0.375%, 09/15/2023		250		246
Suncor Energy
3.100%, 05/15/2025		500		516
TotalEnergies Capital International
3.127%, 05/29/2050		300		291
TransCanada PipeLines
4.750%, 05/15/2038		300		341
4.100%, 04/15/2030		300		323
2.500%, 10/12/2031		165		157
1.000%, 10/12/2024		420		410
Williams
3.500%, 11/15/2030		200		207
				22,949
Financials — 8.2%
Aflac
1.125%, 03/15/2026		105		101
African Development Bank
0.750%, 04/03/2023		500		499
African Development Bank MTN
0.875%, 07/22/2026		116		112
Allstate
1.450%, 12/15/2030		200		184
0.750%, 12/15/2025		125		119
Ally Financial
1.450%, 10/02/2023		565		563
American Express
3.700%, 08/03/2023		200		207
3.400%, 02/22/2024		500		517
2.500%, 07/30/2024		500		510

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

27

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Core Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
American Financial Group
5.250%, 04/02/2030	$	300	$	348
American International Group
4.375%, 06/30/2050		200		233
3.400%, 06/30/2030		200		210
2.500%, 06/30/2025		300		305
Andina de Fomento
1.625%, 09/23/2025		500		492
Aon
2.800%, 05/15/2030		200		200
Ares Capital
3.875%, 01/15/2026		300		309
Asian Development Bank
0.625%, 04/29/2025		1,000		973
Asian Development Bank MTN
1.875%, 01/24/2030		500		501
0.500%, 02/04/2026		250		239
0.375%, 06/11/2024		200		195
Asian Infrastructure Investment Bank
0.250%, 09/29/2023		335		330
Assurant
2.650%, 01/15/2032		100		95
Athene Holding
6.150%, 04/03/2030		300		358
3.500%, 01/15/2031		100		101
Bain Capital Specialty Finance
2.550%, 10/13/2026		25		24
Banco Santander
3.490%, 05/28/2030		200		206
2.746%, 05/28/2025		200		203
1.849%, 03/25/2026		500		487
Bank of America
3.483%, VAR U.S. SOFR + 1.650%, 03/13/2052		200		205
3.311%, VAR U.S. SOFR + 1.580%, 04/22/2042		400		395
2.687%, VAR U.S. SOFR + 1.320%, 04/22/2032		100		98
2.651%, VAR U.S. SOFR + 1.220%, 03/11/2032		200		195
2.592%, VAR U.S. SOFR + 2.150%, 04/29/2031		200		196
2.572%, VAR U.S. SOFR + 1.210%, 10/20/2032		300		291
2.482%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 1.200%, 09/21/2036		250		232
1.734%, VAR U.S. SOFR + 0.960%, 07/22/2027		300		291
1.658%, VAR U.S. SOFR + 0.910%, 03/11/2027		500		485
0.976%, VAR U.S. SOFR + 0.690%, 04/22/2025		600		588

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Bank of America MTN
4.100%, 07/24/2023	$	200	$	208
4.083%, VAR ICE LIBOR USD 3 Month + 3.150%, 03/20/2051		200		225
4.078%, VAR ICE LIBOR USD 3 Month + 1.320%, 04/23/2040		700		765
2.884%, VAR ICE LIBOR USD 3 Month + 1.190%, 10/22/2030		200		200
2.831%, VAR U.S. SOFR + 1.880%, 10/24/2051		50		46
2.676%, VAR U.S. SOFR + 1.930%, 06/19/2041		500		456
2.015%, VAR ICE LIBOR USD 3 Month + 0.640%, 02/13/2026		500		498
1.922%, VAR U.S. SOFR + 1.370%, 10/24/2031		200		185
1.898%, VAR U.S. SOFR + 1.530%, 07/23/2031		200		185
1.530%, VAR U.S. SOFR + 0.650%, 12/06/2025		200		197
1.486%, VAR U.S. SOFR + 1.460%, 05/19/2024		100		100
1.319%, VAR U.S. SOFR + 1.150%, 06/19/2026		500		485
1.197%, VAR U.S. SOFR + 1.010%, 10/24/2026		200		192
0.810%, VAR U.S. SOFR + 0.740%, 10/24/2024		200		197
0.523%, VAR U.S. SOFR + 0.410%, 06/14/2024		100		99
Bank of Montreal MTN
3.300%, 02/05/2024		500		517
1.850%, 05/01/2025		300		300
Bank of New York Mellon MTN
2.100%, 10/24/2024		500		506
1.650%, 07/14/2028		100		96
1.650%, 01/28/2031		200		188
1.600%, 04/24/2025		300		297
Bank of Nova Scotia
3.400%, 02/11/2024		500		518
2.200%, 02/03/2025		300		302
1.950%, 02/01/2023		300		303
1.625%, 05/01/2023		300		301
1.350%, 06/24/2026		500		484
Barclays
3.811%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.700%, 03/10/2042		200		198
2.894%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.300%, 11/24/2032		200		194
2.852%, VAR U.S. SOFR + 2.714%, 05/07/2026		300		303

28

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.667%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.200%, 03/10/2032	$	200	$	191
2.645%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.900%, 06/24/2031		200		193
1.007%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.800%, 12/10/2024		290		285
Berkshire Hathaway Finance
2.850%, 10/15/2050		265		242
2.500%, 01/15/2051		280		239
1.450%, 10/15/2030		315		292
BlackRock
1.900%, 01/28/2031		300		286
BlackRock TCP Capital
2.850%, 02/09/2026		500		495
Blackstone Private Credit Fund
3.250%, 03/15/2027 (A)		50		49
2.350%, 11/22/2024 (A)		350		345
Blackstone Secured Lending Fund
2.750%, 09/16/2026		100		98
Brighthouse Financial
5.625%, 05/15/2030		300		348
4.700%, 06/22/2047		500		503
Brookfield Finance
4.850%, 03/29/2029		200		224
3.500%, 03/30/2051		150		149
Canadian Imperial Bank of Commerce
3.500%, 09/13/2023		200		207
1.250%, 06/22/2026		500		479
0.950%, 06/23/2023		100		99
Capital One Financial
3.800%, 01/31/2028		500		528
2.618%, VAR U.S. SOFR + 1.265%, 11/02/2032		100		96
2.600%, 05/11/2023		300		304
2.359%, VAR U.S. SOFR + 1.337%, 07/29/2032		100		92
1.878%, VAR U.S. SOFR + 0.855%, 11/02/2027		100		97
CBOE Global Markets
1.625%, 12/15/2030		100		92
Charles Schwab
4.200%, 03/24/2025		500		536
1.950%, 12/01/2031		50		47
1.150%, 05/13/2026		525		509
Chubb INA Holdings
1.375%, 09/15/2030		325		297
CI Financial
3.200%, 12/17/2030		65		64
Citigroup
8.125%, 07/15/2039		200		321

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.316%, VAR U.S. SOFR + 4.548%, 03/26/2041	$	700	$	878
4.412%, VAR U.S. SOFR + 3.914%, 03/31/2031		200		220
3.106%, VAR U.S. SOFR + 2.842%, 04/08/2026		300		308
2.976%, VAR U.S. SOFR + 1.422%, 11/05/2030		200		201
2.572%, VAR U.S. SOFR + 2.107%, 06/03/2031		200		195
2.561%, VAR U.S. SOFR + 1.167%, 05/01/2032		165		160
1.678%, VAR U.S. SOFR + 1.667%, 05/15/2024		100		100
1.462%, VAR U.S. SOFR + 0.770%, 06/09/2027		500		480
1.122%, VAR U.S. SOFR + 0.765%, 01/28/2027		500		477
0.981%, VAR U.S. SOFR + 0.669%, 05/01/2025		150		147
0.776%, VAR U.S. SOFR + 0.686%, 10/30/2024		150		148
Citizens Bank
2.250%, 04/28/2025		500		504
Citizens Financial Group
3.250%, 04/30/2030		200		206
CNA Financial
2.050%, 08/15/2030		65		61
Credit Suisse NY
2.950%, 04/09/2025		300		308
1.250%, 08/07/2026		300		286
1.000%, 05/05/2023		100		100
Deutsche Bank NY
3.961%, VAR U.S. SOFR + 2.581%, 11/26/2025		500		521
2.222%, VAR U.S. SOFR + 2.159%, 09/18/2024		250		251
1.686%, 03/19/2026		300		293
Equitable Holdings
5.000%, 04/20/2048		500		588
4.350%, 04/20/2028		200		218
European Bank for Reconstruction & Development MTN
0.250%, 07/10/2023		700		692
European Investment Bank
1.625%, 05/13/2031		500		491
1.375%, 05/15/2023		500		503
1.250%, 02/14/2031		520		495
0.875%, 05/17/2030		500		463
0.625%, 07/25/2025		1,000		969
0.375%, 12/15/2025		200		191
Everest Reinsurance Holdings
3.500%, 10/15/2050		100		98

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

29

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Core Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Fairfax Financial Holdings
4.625%, 04/29/2030	$	300	$	327
Fidelity National Financial
2.450%, 03/15/2031		150		143
Franklin Resources
1.600%, 10/30/2030		100		92
FS KKR Capital
3.400%, 01/15/2026		200		199
Globe Life
2.150%, 08/15/2030		250		237
Goldman Sachs Group
5.150%, 05/22/2045		500		608
3.625%, 02/20/2024		200		207
3.500%, 04/01/2025		500		519
3.210%, VAR U.S. SOFR + 1.513%, 04/22/2042		90		87
2.908%, VAR U.S. SOFR + 1.472%, 07/21/2042		115		108
2.650%, VAR U.S. SOFR + 1.264%, 10/21/2032		115		112
2.615%, VAR U.S. SOFR + 1.281%, 04/22/2032		105		102
2.383%, VAR U.S. SOFR + 1.248%, 07/21/2032		145		137
1.992%, VAR U.S. SOFR + 1.090%, 01/27/2032		225		207
1.948%, VAR U.S. SOFR + 0.913%, 10/21/2027		230		224
1.542%, VAR U.S. SOFR + 0.818%, 09/10/2027		100		96
1.431%, VAR U.S. SOFR + 0.798%, 03/09/2027		500		480
1.217%, 12/06/2023		200		199
1.093%, VAR U.S. SOFR + 0.789%, 12/09/2026		400		380
0.925%, VAR U.S. SOFR + 0.486%, 10/21/2024		140		138
0.855%, VAR U.S. SOFR + 0.609%, 02/12/2026		665		641
0.673%, VAR U.S. SOFR + 0.572%, 03/08/2024		250		248
0.657%, VAR U.S. SOFR + 0.505%, 09/10/2024		100		98
0.523%, 03/08/2023		155		154
Hartford Financial Services Group
2.900%, 09/15/2051		50		46
HSBC Holdings
4.950%, 03/31/2030		200		228
3.803%, VAR ICE LIBOR USD 3 Month + 1.211%, 03/11/2025		500		517
2.848%, VAR U.S. SOFR + 2.387%, 06/04/2031		200		196

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.804%, VAR U.S. SOFR + 1.187%, 05/24/2032	$	200	$	193
2.206%, VAR U.S. SOFR + 1.285%, 08/17/2029		200		191
2.099%, VAR U.S. SOFR + 1.929%, 06/04/2026		300		297
2.013%, VAR U.S. SOFR + 1.732%, 09/22/2028		200		192
1.589%, VAR U.S. SOFR + 1.290%, 05/24/2027		420		403
Huntington Bancshares
2.487%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 1.170%, 08/15/2036 (A)		100		93
ING Groep
3.550%, 04/09/2024		500		518
1.726%, VAR U.S. SOFR + 1.005%, 04/01/2027		500		486
Inter-American Development Bank
0.625%, 07/15/2025		1,000		969
0.625%, 09/16/2027		500		468
0.500%, 05/24/2023		400		397
0.250%, 11/15/2023		500		492
Intercontinental Exchange
3.000%, 06/15/2050		200		187
3.000%, 09/15/2060		160		144
2.650%, 09/15/2040		165		151
1.850%, 09/15/2032		165		150
0.700%, 06/15/2023		110		109
International Bank for Reconstruction & Development
2.500%, 07/29/2025		1,000		1,032
1.625%, 11/03/2031		381		372
1.250%, 02/10/2031		500		474
1.125%, 09/13/2028		160		153
0.875%, 05/14/2030		500		463
0.750%, 11/24/2027		230		217
0.500%, 10/28/2025		800		769
0.250%, 11/24/2023		125		123
International Bank for Reconstruction & Development MTN
1.375%, 04/20/2028		650		634
International Finance MTN
0.750%, 08/27/2030		500		458
0.375%, 07/16/2025		145		139
Jefferies Group
2.625%, 10/15/2031		200		191
JPMorgan Chase
4.493%, VAR U.S. SOFR + 3.790%, 03/24/2031		200		224
3.328%, VAR U.S. SOFR + 1.580%, 04/22/2052		70		70

30

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.157%, VAR U.S. SOFR + 1.460%, 04/22/2042	$	100	$	98
3.109%, VAR U.S. SOFR + 2.440%, 04/22/2051		800		771
3.109%, VAR U.S. SOFR + 2.460%, 04/22/2041		700		681
2.956%, VAR U.S. SOFR + 2.515%, 05/13/2031		300		298
2.580%, VAR U.S. SOFR + 1.250%, 04/22/2032		75		73
2.545%, VAR U.S. SOFR + 1.180%, 11/08/2032		155		150
2.525%, VAR U.S. SOFR + 1.510%, 11/19/2041		750		669
2.522%, VAR U.S. SOFR + 2.040%, 04/22/2031		200		195
2.182%, VAR U.S. SOFR + 1.890%, 06/01/2028		300		295
2.005%, VAR U.S. SOFR + 1.585%, 03/13/2026		500		498
1.764%, VAR TSFR3M + 1.105%, 11/19/2031		250		228
1.578%, VAR U.S. SOFR + 0.885%, 04/22/2027		565		547
1.561%, VAR U.S. SOFR + 0.605%, 12/10/2025		600		591
1.514%, VAR U.S. SOFR + 1.455%, 06/01/2024		100		100
1.470%, VAR U.S. SOFR + 0.765%, 09/22/2027		75		72
1.045%, VAR U.S. SOFR + 0.800%, 11/19/2026		250		239
0.969%, VAR U.S. SOFR + 0.580%, 06/23/2025		300		293
0.824%, VAR U.S. SOFR + 0.540%, 06/01/2025		170		166
0.768%, VAR U.S. SOFR + 0.490%, 08/09/2025		665		646
0.697%, VAR U.S. SOFR + 0.580%, 03/16/2024		200		199
Kemper
2.400%, 09/30/2030		50		48
KeyBank
1.250%, 03/10/2023		300		300
Korea Development Bank
3.375%, 03/12/2023		260		266
2.000%, 10/25/2031		500		482
0.500%, 10/27/2023		200		197
Kreditanstalt fuer Wiederaufbau
2.625%, 02/28/2024		500		514
1.000%, 10/01/2026		500		485
0.625%, 01/22/2026		1,300		1,249
0.250%, 10/19/2023		750		739

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
0.250%, 03/08/2024	$	325	$	318
Landwirtschaftliche Rentenbank
0.500%, 05/27/2025		500		483
Lloyds Banking Group
4.050%, 08/16/2023		200		207
3.900%, 03/12/2024		500		521
0.695%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.550%, 05/11/2024		200		198
Manulife Financial
2.484%, 05/19/2027		300		302
Markel
3.450%, 05/07/2052		70		68
Marsh & McLennan
3.875%, 03/15/2024		500		523
2.250%, 11/15/2030		200		193
MetLife
4.550%, 03/23/2030		200		229
Mitsubishi UFJ Financial Group
3.751%, 07/18/2039		500		537
3.407%, 03/07/2024		500		517
2.801%, 07/18/2024		500		511
2.341%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.830%, 01/19/2028		500		495
2.193%, 02/25/2025		500		502
1.640%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.670%, 10/13/2027		200		193
Mizuho Financial Group
2.260%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.900%, 07/09/2032		200		190
2.226%, VAR ICE LIBOR USD 3 Month + 0.830%, 05/25/2026		300		300
1.241%, 07/10/2024 (B)		200		199
Moody's
2.550%, 08/18/2060		250		203
2.000%, 08/19/2031		100		94
Morgan Stanley
3.217%, VAR U.S. SOFR + 1.485%, 04/22/2042		145		144
2.484%, VAR U.S. SOFR + 1.360%, 09/16/2036		500		465
1.593%, VAR U.S. SOFR + 0.879%, 05/04/2027		545		526
0.985%, VAR U.S. SOFR + 0.720%, 12/10/2026		250		237
0.790%, VAR U.S. SOFR + 0.525%, 05/30/2025		200		195
0.731%, VAR U.S. SOFR + 0.616%, 04/05/2024		180		179

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

31

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Core Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Morgan Stanley MTN
5.597%, VAR U.S. SOFR + 4.840%, 03/24/2051	$	700	$	978
3.622%, VAR U.S. SOFR + 3.120%, 04/01/2031		200		211
2.720%, VAR U.S. SOFR + 1.152%, 07/22/2025		500		507
2.511%, VAR U.S. SOFR + 1.200%, 10/20/2032		110		106
2.475%, VAR U.S. SOFR + 1.000%, 01/21/2028		500		499
2.239%, VAR U.S. SOFR + 1.178%, 07/21/2032		150		141
2.188%, VAR U.S. SOFR + 1.990%, 04/28/2026		300		299
1.794%, VAR U.S. SOFR + 1.034%, 02/13/2032		375		343
1.512%, VAR U.S. SOFR + 0.858%, 07/20/2027		150		144
1.164%, VAR U.S. SOFR + 0.560%, 10/21/2025		110		107
0.864%, VAR U.S. SOFR + 0.745%, 10/21/2025		345		334
0.791%, VAR U.S. SOFR + 0.509%, 01/22/2025		150		147
National Bank of Canada
0.750%, 08/06/2024		500		487
National Bank of Canada MTN
2.100%, 02/01/2023		300		303
NatWest Group
4.269%, VAR ICE LIBOR USD 3 Month + 1.762%, 03/22/2025		500		522
3.875%, 09/12/2023		200		206
3.073%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.550%, 05/22/2028		300		305
Nomura Holdings
3.103%, 01/16/2030		200		200
2.648%, 01/16/2025		300		304
2.329%, 01/22/2027		500		491
1.653%, 07/14/2026		500		481
Nordic Investment Bank
0.375%, 09/11/2025		500		478
Northern Trust
1.950%, 05/01/2030		300		289
Oaktree Specialty Lending
2.700%, 01/15/2027		50		48
Oesterreichische Kontrollbank
1.500%, 02/12/2025		500		500
Oesterreichische Kontrollbank MTN
2.875%, 03/13/2023		500		511
Old Republic International
3.850%, 06/11/2051		55		55

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Owl Rock Capital
4.250%, 01/15/2026	$	100	$	103
2.625%, 01/15/2027		100		96
PartnerRe Finance B
4.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.815%, 10/01/2050		100		102
PNC Financial Services Group
3.500%, 01/23/2024		200		207
2.307%, VAR U.S. SOFR + 0.979%, 04/23/2032		265		257
1.150%, 08/13/2026		200		194
Progressive
3.950%, 03/26/2050		200		226
Prospect Capital
3.437%, 10/15/2028		50		47
Prudential Financial MTN
3.000%, 03/10/2040		1,000		967
1.500%, 03/10/2026		300		296
Prudential PLC
3.125%, 04/14/2030		300		313
Royal Bank of Canada MTN
2.050%, 01/21/2027		500		495
1.600%, 04/17/2023		300		302
1.200%, 04/27/2026		300		289
1.150%, 06/10/2025		500		487
S&P Global
2.300%, 08/15/2060		95		75
1.250%, 08/15/2030		75		68
Santander Holdings USA
3.450%, 06/02/2025		500		516
Sumitomo Mitsui Financial Group
2.696%, 07/16/2024		500		510
2.348%, 01/15/2025		300		303
2.222%, 09/17/2031		200		190
2.174%, 01/14/2027		500		495
2.130%, 07/08/2030		200		190
1.474%, 07/08/2025		500		488
SVB Financial Group
1.800%, 02/02/2031		65		59
Synchrony Financial
2.875%, 10/28/2031		100		95
Toronto-Dominion Bank MTN
2.000%, 09/10/2031		50		47
1.250%, 09/10/2026		50		48
1.200%, 06/03/2026		600		577
1.150%, 06/12/2025		500		487
0.700%, 09/10/2024		50		49
0.550%, 03/04/2024		250		245
Travelers
3.050%, 06/08/2051		400		387

32

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Truist Bank
3.200%, 04/01/2024	$	500	$	517
1.500%, 03/10/2025		300		297
1.250%, 03/09/2023		300		300
Truist Financial MTN
3.750%, 12/06/2023		500		520
2.500%, 08/01/2024		500		509
1.267%, VAR U.S. SOFR + 0.609%, 03/02/2027		500		484
US Bancorp
2.400%, 07/30/2024		500		509
1.450%, 05/12/2025		300		296
US Bancorp MTN
1.375%, 07/22/2030		50		45
US Bank
2.050%, 01/21/2025		300		303
Wells Fargo
3.068%, VAR U.S. SOFR + 2.530%, 04/30/2041		800		772
2.188%, VAR U.S. SOFR + 2.000%, 04/30/2026		300		299
Wells Fargo MTN
5.013%, VAR U.S. SOFR + 4.502%, 04/04/2051		800		1,025
4.478%, VAR U.S. SOFR + 4.032%, 04/04/2031		300		337
3.750%, 01/24/2024		500		520
2.879%, VAR U.S. SOFR + 1.432%, 10/30/2030		200		201
2.393%, VAR U.S. SOFR + 2.100%, 06/02/2028		300		298
1.654%, VAR U.S. SOFR + 1.600%, 06/02/2024		100		100
0.805%, VAR U.S. SOFR + 0.510%, 05/19/2025		60		59
Westpac Banking
4.421%, 07/24/2039		200		222
3.300%, 02/26/2024		500		519
2.963%, 11/16/2040		530		490
2.650%, 01/16/2030		200		202
				102,538
Health Care — 2.4%
Abbott Laboratories
1.400%, 06/30/2030		140		131
1.150%, 01/30/2028		45		43
AbbVie
4.850%, 06/15/2044		500		584
4.550%, 03/15/2035		500		568
4.250%, 11/21/2049		500		557
4.050%, 11/21/2039		1,000		1,077

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Agilent Technologies
2.100%, 06/04/2030	$	300	$	281
Allina Health System
2.902%, 11/15/2051		300		282
AmerisourceBergen
2.700%, 03/15/2031		200		195
0.737%, 03/15/2023		105		104
Amgen
3.150%, 02/21/2040		500		476
2.300%, 02/25/2031		200		193
1.900%, 02/21/2025		500		501
Anthem
2.550%, 03/15/2031		50		49
1.500%, 03/15/2026		50		49
AstraZeneca PLC
2.125%, 08/06/2050		140		116
1.375%, 08/06/2030		300		275
0.700%, 04/08/2026		300		285
Banner Health
2.338%, 01/01/2030		200		199
1.897%, 01/01/2031		100		95
Baxter International
2.539%, 02/01/2032 (A)		300		291
Becton Dickinson
3.794%, 05/20/2050		300		313
2.823%, 05/20/2030		200		200
Biogen
2.250%, 05/01/2030		200		189
Bon Secours Mercy Health
2.095%, 06/01/2031		100		95
Boston Scientific
2.650%, 06/01/2030		100		99
1.900%, 06/01/2025		300		298
Bristol-Myers Squibb
4.550%, 02/20/2048		500		599
4.125%, 06/15/2039		800		900
2.900%, 07/26/2024		192		198
2.550%, 11/13/2050		230		203
2.350%, 11/13/2040		320		283
0.750%, 11/13/2025		50		48
0.537%, 11/13/2023		335		331
Cedars-Sinai Health System
2.288%, 08/15/2031		100		98
Cigna
4.800%, 08/15/2038		1,000		1,149
4.500%, 02/25/2026		300		325
3.400%, 03/15/2050		200		190
3.200%, 03/15/2040		500		481
2.375%, 03/15/2031		60		57
1.250%, 03/15/2026		65		63
CommonSpirit Health
3.910%, 10/01/2050		75		79

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

33

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Core Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.782%, 10/01/2030	$	50	$	50
CVS Health
4.125%, 04/01/2040		500		539
3.625%, 04/01/2027		500		529
2.700%, 08/21/2040		500		447
1.875%, 02/28/2031		255		236
1.300%, 08/21/2027		400		377
Danaher
2.800%, 12/10/2051		50		45
2.600%, 10/01/2050		190		168
DENTSPLY SIRONA
3.250%, 06/01/2030		200		206
Eli Lilly
2.250%, 05/15/2050		200		172
Gilead Sciences
2.800%, 10/01/2050		200		180
2.600%, 10/01/2040		200		179
1.650%, 10/01/2030		95		88
1.200%, 10/01/2027		120		113
Hackensack Meridian Health
2.675%, 09/01/2041		100		94
HCA
5.125%, 06/15/2039		1,000		1,156
Humana
4.500%, 04/01/2025		300		321
Integris Baptist Medical Center
3.875%, 08/15/2050		100		109
Johnson & Johnson
2.450%, 09/01/2060		165		143
2.250%, 09/01/2050		250		218
2.100%, 09/01/2040		165		146
1.300%, 09/01/2030		175		162
0.950%, 09/01/2027		155		147
0.550%, 09/01/2025		125		120
Kaiser Foundation Hospitals
3.002%, 06/01/2051		100		97
2.810%, 06/01/2041		400		380
Laboratory Corp of America Holdings
1.550%, 06/01/2026		145		141
McKesson
0.900%, 12/03/2025		145		138
Merck
3.900%, 03/07/2039		500		556
2.350%, 06/24/2040		500		447
1.450%, 06/24/2030		300		278
0.750%, 02/24/2026		300		288
Novartis Capital
1.750%, 02/14/2025		500		500
Orlando Health Obligated Group
3.327%, 10/01/2050		25		25
PerkinElmer
2.550%, 03/15/2031		85		83

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Pfizer
4.000%, 03/15/2049	$	200	$	229
2.700%, 05/28/2050		300		282
2.625%, 04/01/2030		200		204
2.550%, 05/28/2040		300		280
1.750%, 08/18/2031		65		61
0.800%, 05/28/2025		500		486
Providence St. Joseph Health Obligated Group
2.700%, 10/01/2051		75		67
Quest Diagnostics
2.800%, 06/30/2031		200		199
Royalty Pharma
3.350%, 09/02/2051		60		53
2.150%, 09/02/2031		55		50
1.200%, 09/02/2025		70		67
Smith & Nephew
2.032%, 10/14/2030		50		46
Stryker
1.950%, 06/15/2030		200		189
1.150%, 06/15/2025		500		487
Sutter Health
3.361%, 08/15/2050		55		55
2.294%, 08/15/2030		55		53
Takeda Pharmaceutical
3.375%, 07/09/2060		100		95
3.025%, 07/09/2040		500		468
2.050%, 03/31/2030		200		188
Texas Health Resources
2.328%, 11/15/2050		65		55
Thermo Fisher Scientific
1.215%, 10/18/2024		75		74
0.797%, 10/18/2023		80		79
UnitedHealth Group
3.500%, 08/15/2039		500		519
3.250%, 05/15/2051		50		50
3.125%, 05/15/2060		300		283
3.050%, 05/15/2041		50		49
2.750%, 05/15/2040		800		757
2.300%, 05/15/2031		50		49
1.250%, 01/15/2026		500		488
1.150%, 05/15/2026		400		387
Universal Health Services
2.650%, 10/15/2030 (A)		250		239
Viatris
4.000%, 06/22/2050		500		494
3.850%, 06/22/2040		500		499
2.700%, 06/22/2030		200		193
1.650%, 06/22/2025		500		491
Zimmer Biomet Holdings
2.600%, 11/24/2031		150		145
1.450%, 11/22/2024		405		399

34

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Zoetis
2.000%, 05/15/2030	$	200	$	190
				30,426
Industrials — 2.1%
3M
3.050%, 04/15/2030		200		210
2.650%, 04/15/2025		300		307
AerCap Ireland Capital DAC
4.875%, 01/16/2024		500		523
4.500%, 09/15/2023		350		364
3.300%, 01/30/2032		150		146
2.450%, 10/29/2026		150		147
1.750%, 10/29/2024		150		148
1.650%, 10/29/2024		150		147
1.150%, 10/29/2023		150		148
Air Lease MTN
2.875%, 01/15/2026		120		121
2.300%, 02/01/2025		500		498
Boeing
5.705%, 05/01/2040		800		963
5.040%, 05/01/2027		500		552
4.875%, 05/01/2025		500		538
4.508%, 05/01/2023		500		517
3.950%, 08/01/2059		200		192
3.250%, 02/01/2028		50		51
2.750%, 02/01/2026		50		51
Burlington Northern Santa Fe
3.300%, 09/15/2051		100		101
2.875%, 06/15/2052		110		103
Canadian Pacific Railway
2.050%, 03/05/2030		200		192
Carlisle
2.200%, 03/01/2032		100		93
Carrier Global
3.577%, 04/05/2050		500		498
3.377%, 04/05/2040		500		495
2.242%, 02/15/2025		500		504
Caterpillar
2.600%, 04/09/2030		200		204
Caterpillar Financial Services
0.650%, 07/07/2023		600		595
Caterpillar Financial Services MTN
1.700%, 01/08/2027		500		493
1.450%, 05/15/2025		500		495
0.800%, 11/13/2025		330		318
CNH Industrial Capital
1.950%, 07/02/2023		515		517
CSX
3.800%, 04/15/2050		500		531
2.500%, 05/15/2051		290		248

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Cummins
1.500%, 09/01/2030	$	250	$	231
Deere
2.750%, 04/15/2025		300		309
Emerson Electric
0.875%, 10/15/2026		165		157
Equifax
3.100%, 05/15/2030		200		201
FedEx
5.250%, 05/15/2050		300		373
3.250%, 05/15/2041		300		288
Flowserve
3.500%, 10/01/2030		70		70
GATX
1.900%, 06/01/2031		250		229
General Dynamics
4.250%, 04/01/2040		500		576
3.250%, 04/01/2025		300		313
Honeywell International
1.950%, 06/01/2030		300		289
1.350%, 06/01/2025		500		494
Hubbell
2.300%, 03/15/2031		60		58
IDEX
2.625%, 06/15/2031		50		49
JetBlue Pass-Through Trust, Ser 2020-1, Cl A
4.000%, 11/15/2032		2		2
John Deere Capital
1.450%, 01/15/2031		285		263
John Deere Capital MTN
1.700%, 01/11/2027		500		493
1.300%, 10/13/2026		300		292
1.050%, 06/17/2026		500		483
0.700%, 01/15/2026		400		384
0.400%, 10/10/2023		290		286
Johnson Controls International
2.000%, 09/16/2031		115		108
1.750%, 09/15/2030		85		80
L3Harris Technologies
3.850%, 12/15/2026		500		532
Leidos
4.375%, 05/15/2030		300		321
Lockheed Martin
1.850%, 06/15/2030		300		288
Masco
2.000%, 10/01/2030		250		231
Norfolk Southern
3.155%, 05/15/2055		100		94
3.050%, 05/15/2050		200		188
2.900%, 08/25/2051		200		183

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

35

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Core Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Northrop Grumman
5.150%, 05/01/2040	$	500	$	617
Otis Worldwide
3.112%, 02/15/2040		200		194
2.056%, 04/05/2025		250		251
PACCAR Financial MTN
0.800%, 06/08/2023		500		497
Quanta Services
3.050%, 10/01/2041		300		271
2.900%, 10/01/2030		250		246
Raytheon Technologies
4.500%, 06/01/2042		500		578
3.125%, 07/01/2050		300		282
2.250%, 07/01/2030		300		289
Republic Services
2.375%, 03/15/2033		100		96
1.750%, 02/15/2032		100		91
Roper Technologies
2.000%, 06/30/2030		200		186
Southwest Airlines
5.250%, 05/04/2025		300		327
4.750%, 05/04/2023		500		519
Stanley Black & Decker
2.750%, 11/15/2050		350		316
Union Pacific
3.839%, 03/20/2060		500		537
3.799%, 04/06/2071		500		529
2.973%, 09/16/2062		100		90
2.891%, 04/06/2036		300		299
2.150%, 02/05/2027		500		501
United Airlines Pass-Through Trust, Ser 2020-1, Cl A
5.875%, 10/15/2027		263		282
United Airlines Pass-Through Trust, Ser 2020-1, Cl B
4.875%, 01/15/2026		43		45
United Parcel Service
5.300%, 04/01/2050		500		695
5.200%, 04/01/2040		300		386
Waste Management
2.000%, 06/01/2029		50		49
0.750%, 11/15/2025		300		287
Xylem
2.250%, 01/30/2031		175		167
				27,502
Information Technology — 2.1%
Amdocs
2.538%, 06/15/2030		250		239
Amphenol
2.200%, 09/15/2031		115		109

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Analog Devices
2.950%, 10/01/2051	$	55	$	53
2.800%, 10/01/2041		50		48
2.100%, 10/01/2031		60		58
Apple
3.850%, 05/04/2043		500		552
2.850%, 08/05/2061		50		45
2.800%, 02/08/2061		200		180
2.700%, 08/05/2051		100		92
2.650%, 05/11/2050		300		272
2.650%, 02/08/2051		200		182
2.375%, 02/08/2041		700		632
1.700%, 08/05/2031		100		94
1.650%, 05/11/2030		200		189
1.650%, 02/08/2031		200		188
1.400%, 08/05/2028		100		95
1.200%, 02/08/2028		200		189
1.125%, 05/11/2025		500		491
0.750%, 05/11/2023		500		499
0.700%, 02/08/2026		200		192
Arrow Electronics
2.950%, 02/15/2032		65		64
Autodesk
2.400%, 12/15/2031		280		267
Automatic Data Processing
3.375%, 09/15/2025		500		528
Avnet
3.000%, 05/15/2031		100		96
Broadcom
4.150%, 11/15/2030		200		213
4.110%, 09/15/2028		300		319
3.459%, 09/15/2026		500		520
3.419%, 04/15/2033 (A)		300		299
CDW
3.569%, 12/01/2031		100		100
Citrix Systems
1.250%, 03/01/2026		135		133
Dell International
5.850%, 07/15/2025		500		556
3.450%, 12/15/2051 (A)		100		88
3.375%, 12/15/2041 (A)		50		45
DXC Technology
2.375%, 09/15/2028		50		48
1.800%, 09/15/2026		50		48
Fidelity National Information Services
3.100%, 03/01/2041		315		296
2.250%, 03/01/2031		100		94
1.150%, 03/01/2026		55		53
Fiserv
4.400%, 07/01/2049		500		551
2.650%, 06/01/2030		300		294

36

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Flex
4.875%, 05/12/2030	$	415	$	458
Global Payments
4.150%, 08/15/2049		500		526
2.900%, 05/15/2030		200		197
Hewlett Packard Enterprise
4.450%, 10/02/2023		300		313
1.750%, 04/01/2026		50		49
1.450%, 04/01/2024		550		545
HP
2.200%, 06/17/2025		500		501
1.450%, 06/17/2026		500		481
Intel
4.600%, 03/25/2040		300		352
3.400%, 03/25/2025		500		522
3.100%, 02/15/2060		500		453
2.000%, 08/12/2031		50		48
International Business Machines
4.250%, 05/15/2049		500		566
4.150%, 05/15/2039		500		545
1.950%, 05/15/2030		200		189
1.700%, 05/15/2027		500		486
Intuit
0.950%, 07/15/2025		500		484
Jabil
1.700%, 04/15/2026		65		63
Juniper Networks
2.000%, 12/10/2030		125		114
Kyndryl Holdings
2.050%, 10/15/2026 (A)		300		287
Lam Research
2.875%, 06/15/2050		300		281
1.900%, 06/15/2030		300		286
Mastercard
3.650%, 06/01/2049		500		543
2.000%, 11/18/2031		50		48
Microsoft
3.041%, 03/17/2062		500		491
2.921%, 03/17/2052		500		489
2.875%, 02/06/2024		500		514
2.675%, 06/01/2060		200		181
2.400%, 08/08/2026		200		205
Motorola Solutions
2.750%, 05/24/2031		50		48
2.300%, 11/15/2030		250		234
NetApp
2.700%, 06/22/2030		200		197
1.875%, 06/22/2025		500		494
NVIDIA
3.500%, 04/01/2040		300		317
2.850%, 04/01/2030		200		205
2.000%, 06/15/2031		50		48

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
1.550%, 06/15/2028	$	50	$	48
NXP BV
3.150%, 05/01/2027 (A)		300		308
2.700%, 05/01/2025 (A)		300		305
Oracle
4.100%, 03/25/2061		95		88
3.950%, 03/25/2051		120		113
3.650%, 03/25/2041		620		577
3.600%, 04/01/2040		800		740
3.600%, 04/01/2050		500		443
2.950%, 04/01/2030		200		196
2.875%, 03/25/2031		75		72
2.500%, 04/01/2025		500		504
2.300%, 03/25/2028		105		101
1.650%, 03/25/2026		70		68
PayPal Holdings
3.250%, 06/01/2050		300		298
1.650%, 06/01/2025		500		497
1.350%, 06/01/2023		500		501
QUALCOMM
2.150%, 05/20/2030		200		195
salesforce.com
2.900%, 07/15/2051		50		47
1.950%, 07/15/2031		80		76
Texas Instruments
1.375%, 03/12/2025		500		495
VeriSign
2.700%, 06/15/2031		60		58
Visa
2.050%, 04/15/2030		200		196
2.000%, 08/15/2050		100		82
1.100%, 02/15/2031		200		180
0.750%, 08/15/2027		95		89
Western Digital
3.100%, 02/01/2032		55		53
Western Union
2.750%, 03/15/2031		100		95
1.350%, 03/15/2026		100		96
				27,292
Materials — 0.6%
Air Products and Chemicals
2.700%, 05/15/2040		300		285
Amcor Flexibles North America
2.690%, 05/25/2031		100		98
Avery Dennison
2.250%, 02/15/2032		100		94
Berry Global
1.650%, 01/15/2027		100		95
Celanese US Holdings
1.400%, 08/05/2026		50		48

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

37

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Core Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Dow Chemical
3.600%, 11/15/2050	$	500	$	502
2.100%, 11/15/2030		300		284
Ecolab
2.125%, 02/01/2032		100		96
2.125%, 08/15/2050		200		163
1.300%, 01/30/2031		160		145
EI du Pont de Nemours
1.700%, 07/15/2025		200		199
Linde
2.000%, 08/10/2050		95		78
1.100%, 08/10/2030		150		136
LYB International Finance III
4.200%, 10/15/2049		500		535
4.200%, 05/01/2050		200		214
Newmont
5.875%, 04/01/2035		500		619
2.250%, 10/01/2030		400		377
Nucor
2.700%, 06/01/2030		400		399
2.000%, 06/01/2025		200		200
Nutrien
3.950%, 05/13/2050		200		219
1.900%, 05/13/2023		300		301
Packaging Corp of America
3.050%, 10/01/2051		365		337
PPG Industries
2.550%, 06/15/2030		200		198
Reliance Steel & Aluminum
1.300%, 08/15/2025		85		83
Rio Tinto Finance USA
4.125%, 08/21/2042		500		565
2.750%, 11/02/2051		100		92
Sherwin-Williams
3.300%, 05/15/2050		200		194
Steel Dynamics
3.250%, 10/15/2050		65		61
Suzano Austria GmbH
3.750%, 01/15/2031		250		243
2.500%, 09/15/2028		520		493
Vale Overseas
6.875%, 11/21/2036		500		637
3.750%, 07/08/2030		225		228
				8,218
Real Estate — 1.1%
Agree
2.000%, 06/15/2028		65		62
Alexandria Real Estate Equities
4.900%, 12/15/2030		300		350
3.000%, 05/18/2051		100		93
1.875%, 02/01/2033		70		63

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
American Campus Communities Operating Partnership
2.250%, 01/15/2029	$	50	$	48
American Tower
3.100%, 06/15/2050		250		223
1.875%, 10/15/2030		250		228
1.300%, 09/15/2025		500		485
AvalonBay Communities
2.050%, 01/15/2032		140		133
1.900%, 12/01/2028		200		192
Boston Properties
3.250%, 01/30/2031		200		204
2.900%, 03/15/2030		200		199
2.450%, 10/01/2033		50		47
Brixmor Operating Partnership
4.050%, 07/01/2030		150		160
2.500%, 08/16/2031		50		47
Corporate Office Properties
2.250%, 03/15/2026		285		284
Crown Castle International
3.300%, 07/01/2030		200		203
2.900%, 04/01/2041		100		91
2.250%, 01/15/2031		200		187
1.350%, 07/15/2025		500		485
1.050%, 07/15/2026		100		94
CubeSmart
2.000%, 02/15/2031		65		61
CyrusOne
2.150%, 11/01/2030		50		49
Duke Realty
2.250%, 01/15/2032		350		333
1.750%, 02/01/2031		140		129
Equinix
2.500%, 05/15/2031		50		48
1.250%, 07/15/2025		500		485
1.000%, 09/15/2025		250		239
Essex Portfolio
2.550%, 06/15/2031		65		63
1.700%, 03/01/2028		165		156
Federal Realty Investment Trust
1.250%, 02/15/2026		250		240
GLP Capital
4.000%, 01/15/2031		50		51
Healthcare Realty Trust
2.050%, 03/15/2031		65		61
Healthcare Trust of America Holdings
2.000%, 03/15/2031		110		102
Healthpeak Properties
2.125%, 12/01/2028		395		387
Highwoods Realty
2.600%, 02/01/2031		65		63

38

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Host Hotels & Resorts
3.500%, 09/15/2030	$	145	$	144
2.900%, 12/15/2031		15		14
Invitation Homes Operating Partnership
2.700%, 01/15/2034		325		305
Kilroy Realty
2.500%, 11/15/2032		200		187
Kimco Realty
2.700%, 10/01/2030		200		197
1.900%, 03/01/2028		100		96
Kite Realty Group Trust
4.750%, 09/15/2030		250		272
Life Storage
2.400%, 10/15/2031		70		67
2.200%, 10/15/2030		45		43
Mid-America Apartments
1.100%, 09/15/2026		300		284
National Retail Properties
3.500%, 04/15/2051		70		68
3.000%, 04/15/2052		25		22
Office Properties Income Trust
4.500%, 02/01/2025		100		104
2.650%, 06/15/2026		300		293
2.400%, 02/01/2027		300		283
Omega Healthcare Investors
3.375%, 02/01/2031		250		245
Physicians Realty
2.625%, 11/01/2031		50		48
Piedmont Operating Partnership
3.150%, 08/15/2030		100		100
Prologis
2.250%, 04/15/2030		300		292
2.125%, 04/15/2027		300		299
Public Storage
0.875%, 02/15/2026		50		48
Realty Income
3.875%, 04/15/2025		500		530
3.400%, 01/15/2028		325		340
3.250%, 01/15/2031		140		146
2.850%, 12/15/2032		365		363
2.200%, 06/15/2028		65		64
Sabra Health Care
3.200%, 12/01/2031		50		47
Simon Property Group
2.650%, 07/15/2030		250		247
2.200%, 02/01/2031		300		285
1.750%, 02/01/2028		300		288
1.375%, 01/15/2027		300		288
Spirit Realty
3.200%, 02/15/2031		200		201
STORE Capital
2.750%, 11/18/2030		50		48

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Sun Communities Operating
2.700%, 07/15/2031	$	20	$	19
2.300%, 11/01/2028		30		29
UDR MTN
2.100%, 06/15/2033		200		182
Ventas Realty
2.500%, 09/01/2031		140		134
Vornado Realty
2.150%, 06/01/2026		300		295
Welltower
2.800%, 06/01/2031		200		197
2.750%, 01/15/2032		100		98
WP Carey
2.400%, 02/01/2031		150		144
				13,701
Utilities — 2.1%
AEP Texas
2.100%, 07/01/2030		300		281
AES
2.450%, 01/15/2031		150		141
1.375%, 01/15/2026		115		110
Alabama Power
3.000%, 03/15/2052		300		278
1.450%, 09/15/2030		100		91
Ameren Illinois
1.550%, 11/15/2030		375		344
American Electric Power
1.000%, 11/01/2025		500		482
0.750%, 11/01/2023		145		143
American Water Capital
2.800%, 05/01/2030		300		303
Arizona Public Service
3.350%, 05/15/2050		300		286
Atmos Energy
1.500%, 01/15/2031		300		271
Avangrid
3.200%, 04/15/2025		500		517
Baltimore Gas and Electric
2.900%, 06/15/2050		200		189
2.250%, 06/15/2031		350		341
Berkshire Hathaway Energy
4.050%, 04/15/2025		200		213
3.700%, 07/15/2030		500		542
CenterPoint Energy Houston Electric LLC
2.900%, 07/01/2050		200		189
CMS Energy
4.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.116%, 06/01/2050		300		317
Commonwealth Edison
3.000%, 03/01/2050		500		472

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

39

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Core Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Connecticut Light and Power
0.750%, 12/01/2025	$	400	$	383
Consolidated Edison
0.650%, 12/01/2023		400		394
Consolidated Edison of New York
3.000%, 12/01/2060		125		111
Constellation Energy Generation
3.250%, 06/01/2025		300		310
Consumers Energy Co
3.500%, 08/01/2051		500		524
Dominion Energy
3.375%, 04/01/2030		500		518
3.300%, 04/15/2041		500		488
2.250%, 08/15/2031		90		86
Dominion Energy South Carolina
2.300%, 12/01/2031		450		437
DTE Electric
2.250%, 03/01/2030		300		293
DTE Energy
1.050%, 06/01/2025		350		337
Duke Energy
3.300%, 06/15/2041		500		479
2.450%, 06/01/2030		400		388
0.900%, 09/15/2025		155		148
Duke Energy Florida
1.750%, 06/15/2030		200		186
Duke Energy Indiana
2.750%, 04/01/2050		500		447
Duke Energy Progress
2.500%, 08/15/2050		500		433
Entergy
0.900%, 09/15/2025		475		454
Entergy Arkansas
2.650%, 06/15/2051		255		225
Entergy Louisiana
3.100%, 06/15/2041		300		291
2.900%, 03/15/2051		100		91
1.600%, 12/15/2030		100		92
Essential Utilities
3.351%, 04/15/2050		300		291
Evergy
2.450%, 09/15/2024		200		203
Eversource Energy
3.450%, 01/15/2050		125		126
1.650%, 08/15/2030		100		91
Florida Power & Light
2.875%, 12/04/2051		300		285
2.850%, 04/01/2025		500		514
Georgia Power
2.100%, 07/30/2023		300		302
Kentucky Utilities
3.300%, 06/01/2050		300		296

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
National Fuel Gas
5.500%, 01/15/2026	$	500	$	548
National Rural Utilities Cooperative Finance
1.350%, 03/15/2031		200		179
1.000%, 06/15/2026		250		240
NextEra Energy Capital Holdings
2.750%, 11/01/2029		500		502
2.250%, 06/01/2030		500		481
NiSource
3.600%, 05/01/2030		300		315
0.950%, 08/15/2025		175		167
Northern States Power Co
2.600%, 06/01/2051		100		90
Oglethorpe Power
3.750%, 08/01/2050		125		129
Ohio Power
1.625%, 01/15/2031		100		92
Oncor Electric Delivery Co LLC
3.100%, 09/15/2049		500		497
ONE Gas
1.100%, 03/11/2024		200		197
Pacific Gas and Electric
4.950%, 07/01/2050		500		511
4.550%, 07/01/2030		500		520
4.500%, 07/01/2040		500		489
4.200%, 06/01/2041		300		285
3.150%, 01/01/2026		500		502
1.700%, 11/15/2023		300		298
PacifiCorp
3.300%, 03/15/2051		500		492
2.700%, 09/15/2030		300		302
Piedmont Natural Gas
3.350%, 06/01/2050		300		290
Pinnacle West Capital
1.300%, 06/15/2025		500		486
Public Service Electric and Gas MTN
2.050%, 08/01/2050		450		361
San Diego Gas & Electric
1.700%, 10/01/2030		465		431
Sempra Energy
4.125%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.868%, 04/01/2052		300		292
Southern
4.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.733%, 01/15/2051		250		252
3.700%, 04/30/2030		500		528
Southern California Edison
4.875%, 03/01/2049		500		566
2.250%, 06/01/2030		125		119
1.200%, 02/01/2026		440		423

40

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Southwestern Public Service
3.150%, 05/01/2050	$	300	$	295
Tucson Electric Power
1.500%, 08/01/2030		90		82
Union Electric
2.625%, 03/15/2051		155		141
Virginia Electric and Power
2.450%, 12/15/2050		125		107
WEC Energy Group
2.200%, 12/15/2028		100		97
0.550%, 09/15/2023		250		246
Xcel Energy
2.350%, 11/15/2031		300		292
0.500%, 10/15/2023		100		99
				26,676
Total Corporate Obligations
(Cost $341,484) ($ Thousands)				325,416
SOVEREIGN DEBT — 7.4%
Bundesrepublik Deutschland Bundesanleihe
5.625%, 01/04/2028	EUR	600		910
2.500%, 07/04/2044		165		283
2.500%, 08/15/2046		500		878
1.750%, 02/15/2024		800		940
1.500%, 05/15/2024		800		939
0.000%, 08/15/2026 (C)		800		910
0.000%, 11/15/2028 (C)		735		834
0.000%, 08/15/2029 (C)		645		731
0.000%, 08/15/2052 (C)		177		182
Canada Government International Bond
5.000%, 06/01/2037	CAD	800		874
1.625%, 01/22/2025	$	500		503
0.750%, 05/19/2026		500		480
0.250%, 08/01/2022	CAD	1,150		902
Canadian When Issued Government Bond
2.000%, 12/01/2051		250		194
Chile Government International Bond
3.100%, 05/07/2041	$	500		463
2.450%, 01/31/2031		500		483
Export-Import Bank of Korea
3.250%, 11/10/2025		500		525
1.875%, 02/12/2025		500		502

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
French Republic Government Bond OAT
5.750%, 10/25/2032	EUR	500	$	880
4.500%, 04/25/2041		500		938
2.500%, 05/25/2030		700		935
1.750%, 05/25/2023		1,600		1,850
1.750%, 06/25/2039(A)		439		581
1.500%, 05/25/2050(A)		800		1,015
1.000%, 05/25/2027		800		947
0.500%, 05/25/2026		800		922
0.149%, 11/25/2031		887		959
Indonesia Government International Bond
4.200%, 10/15/2050	$	300		319
3.050%, 03/12/2051		200		183
2.850%, 02/14/2030		500		502
Israel Government International Bond
3.875%, 07/03/2050		300		333
Italy Buoni Poliennali Del Tesoro
5.000%, 08/01/2034(A)	EUR	600		945
4.750%, 08/01/2023(A)		700		844
3.850%, 09/01/2049(A)		575		889
2.450%, 09/01/2033(A)		700		872
1.850%, 07/01/2025(A)		800		946
1.650%, 03/01/2032(A)		800		928
0.500%, 02/01/2026		840		947
0.500%, 07/15/2028		1,205		1,324
0.300%, 08/15/2023		800		905
0.250%, 03/15/2028		460		500
Italy Government International Bond
4.000%, 10/17/2049	$	500		527
2.375%, 10/17/2024		500		507
Japan Bank for International Cooperation
1.875%, 04/15/2031		400		395
1.250%, 01/21/2031		200		188
0.625%, 05/22/2023		500		497
0.625%, 07/15/2025		200		193
0.375%, 09/15/2023		420		414
Japan Government Five Year Bond
0.100%, 03/20/2025	JPY	189,000		1,648
Japan Government Forty Year Bond
2.200%, 03/20/2050		145,000		1,717
Japan Government Ten Year Bond
0.600%, 03/20/2024		330,000		2,903
0.100%, 09/20/2026		115,000		1,003
0.100%, 03/20/2030		209,000		1,818
0.100%, 06/20/2030		170,000		1,477
0.100%, 03/20/2031		152,000		1,316
0.100%, 06/20/2031		78,000		674
0.100%, 09/20/2031		125,000		1,078
0.100%, 12/20/2031		85,000		732

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

41

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Core Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Japan Government Thirty Year Bond
2.400%, 02/20/2030	JPY	215,000	$	2,214
2.400%, 11/20/2031		210,000		2,216
2.300%, 03/20/2040		190,000		2,156
0.700%, 06/20/2051		21,000		179
0.700%, 09/20/2051		27,000		230
0.700%, 12/20/2051		42,700		363
0.400%, 03/20/2050		180,000		1,420
0.300%, 06/20/2046		110,000		876
Japan Government Twenty Year Bond
2.200%, 03/20/2028		200,000		1,968
2.100%, 03/20/2027		150,000		1,443
2.000%, 06/20/2025		315,000		2,923
0.500%, 12/20/2040		55,000		474
0.500%, 03/20/2041		40,000		344
0.500%, 09/20/2041		33,000		283
0.400%, 03/20/2040		183,000		1,556
0.400%, 06/20/2041		48,000		404
Japan Government Two Year Bond
0.100%, 06/01/2022		219,000		1,902
Korea International Bond
1.750%, 10/15/2031	$	200		195
Mexico Government International Bond
6.050%, 01/11/2040		500		593
5.000%, 04/27/2051		300		318
3.900%, 04/27/2025		500		526
3.771%, 05/24/2061		225		192
3.750%, 04/19/2071		200		167
3.250%, 04/16/2030		500		497
2.659%, 05/24/2031		210		197
Panama Government International Bond
4.500%, 04/01/2056		500		510
3.160%, 01/23/2030		500		503
2.252%, 09/29/2032		200		183
Peruvian Government International Bond
2.392%, 01/23/2026		500		500
Philippine Government International Bond
3.950%, 01/20/2040		500		525
2.950%, 05/05/2045		300		276
2.457%, 05/05/2030		500		495
Province of Alberta Canada
1.875%, 11/13/2024		500		505
1.300%, 07/22/2030		500		467
Province of British Columbia Canada
1.300%, 01/29/2031		750		706
0.900%, 07/20/2026		500		483
Province of Manitoba Canada
1.500%, 10/25/2028		500		483

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Province of Ontario Canada
3.050%, 01/29/2024	$	500	$	517
2.000%, 10/02/2029		500		498
1.050%, 05/21/2027		500		479
0.625%, 01/21/2026		1,000		958
Province of Quebec Canada
1.500%, 02/11/2025		500		500
1.350%, 05/28/2030		500		473
0.600%, 07/23/2025		150		145
State of Israel
2.500%, 01/15/2030		150		152
Svensk Exportkredit
0.750%, 04/06/2023		500		498
0.625%, 05/14/2025		500		485
0.500%, 11/10/2023		500		494
United Kingdom Gilt
5.000%, 03/07/2025	GBP	700		1,051
4.750%, 12/07/2030		675		1,171
4.250%, 06/07/2032		500		859
4.250%, 12/07/2040		500		974
4.250%, 12/07/2046		241		506
3.500%, 07/22/2068		325		772
3.250%, 01/22/2044		600		1,064
1.625%, 10/22/2054		103		145
1.625%, 10/22/2071		75		116
1.500%, 07/22/2026		440		601
1.250%, 07/22/2027		700		946
0.625%, 10/22/2050		666		720
0.500%, 10/22/2061		145		146
Uruguay Government International Bond
4.500%, 08/14/2024	$	1,000		1,046
4.375%, 10/27/2027		300		330
Total Sovereign Debt
(Cost $97,906) ($ Thousands)				93,002
U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.3%
FHLB
1.250%, 12/21/2026		1,000		981
0.500%, 04/14/2025		2,000		1,941
0.125%, 03/17/2023		500		496
FHLMC
0.375%, 04/20/2023		1,000		993
0.375%, 05/05/2023		1,000		993
0.375%, 09/23/2025		925		887
0.250%, 06/26/2023		1,000		989
0.125%, 10/16/2023		760		748

42

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
FNMA
5.625%, 07/15/2037	$	2,500	$	3,607
0.750%, 10/08/2027		1,500		1,421
0.625%, 04/22/2025		1,000		975
0.500%, 06/17/2025		1,000		969
0.250%, 05/22/2023		1,000		991
Tennessee Valley Authority
0.750%, 05/15/2025		1,000		976
Total U.S. Government Agency Obligations
(Cost $17,575) ($ Thousands)				16,967
MUNICIPAL BONDS — 0.4%
California — 0.1%
California State University, Ser B, RB
Callable 11/01/2031 @ 100
2.939%, 11/01/2052		500		468
California State, GO
2.500%, 10/01/2029		500		507
Los Angeles, Community College District, GO
1.806%, 08/01/2030		50		48
Regents of the University of California, Medical Center Pooled Revenue, Ser N, RB
Callable 11/15/2049 @ 100
3.006%, 05/15/2050		500		495
				1,518
Maryland — 0.0%
Maryland State, Health & Higher Educational Facilities Authority, RB
3.197%, 07/01/2050		35		35
Maryland State, Health & Higher Educational Facilities Authority, RB
Callable 01/01/2040 @ 100
3.052%, 07/01/2040		35		35
				70
Massachusetts — 0.0%
Massachusetts State, School Building Authority, Ser C, RB
Callable 05/15/2030 @ 100
2.950%, 05/15/2043		100		100
Michigan — 0.1%
Great Lakes, Water Authority, Sewage Disposal System Revenue, Ser A, RB
3.056%, 07/01/2039		500		509

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
New York — 0.1%
New York & New Jersey, Port Authority, RB
Callable 07/15/2031 @ 100
3.175%, 07/15/2060	$	660	$	633
Texas — 0.1%
Dallas Fort Worth International Airport, RB
Callable 11/01/2031 @ 100
2.843%, 11/01/2046		500		492
Grand Parkway, Transportation Corp, RB
Callable 04/01/2030 @ 100
3.236%, 10/01/2052		500		504
Texas State, Transportation Commission, GO
Callable 10/01/2030 @ 100
2.472%, 10/01/2044		1,200		1,125
				2,121
Virginia — 0.0%
University of Virginia, RB
Callable 03/01/2050 @ 100
2.256%, 09/01/2050		120		104
Total Municipal Bonds
(Cost $5,337) ($ Thousands)				5,055
ASSET-BACKED SECURITIES — 0.3%
American Express Credit Account Master Trust, Ser 2021-1, Cl A
0.900%, 11/15/2026		386		380
BA Credit Card Trust, Ser 2021-A1, Cl A1
0.440%, 09/15/2026		27		26
BMW Vehicle Lease Trust, Ser 2021-2, Cl A3
0.330%, 12/26/2024		110		109
Capital One Multi-Asset Execution Trust, Ser 2021-A2, Cl A2
1.390%, 07/15/2030		100		97
Capital One Multi-Asset Execution Trust, Ser 2021-A3, Cl A3
1.040%, 11/16/2026		250		247
CarMax Auto Owner Trust, Ser 2020-4, Cl A3
0.500%, 08/15/2025		250		248
Carvana Auto Receivables Trust, Ser 2021-P4, Cl A3
1.310%, 01/11/2027		146		145
Discover Card Execution Note Trust, Ser 2021-A2, Cl A2
1.030%, 09/15/2028		163		158

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

43

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Core Fixed Income Fund (Concluded)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Drive Auto Receivables Trust, Ser 2021-3, Cl A3
0.790%, 10/15/2025	$	87	$	86
Ford Credit Auto Owner Trust, Ser 2020-C, Cl A3
0.410%, 07/15/2025		350		348
Ford Credit Floorplan Master Owner Trust, Ser 2020-1, Cl A1
0.700%, 09/15/2025		350		347
GM Financial Consumer Automobile Receivables Trust, Ser 2020-4, Cl A3
0.380%, 08/18/2025		100		99
Hyundai Auto Receivables Trust, Ser 2020-C, Cl A3
0.380%, 05/15/2025		94		93
Santander Drive Auto Receivables Trust, Ser 2021-4, Cl A3
0.510%, 08/15/2025		92		91
Verizon Owner Trust, Ser 2020-B, Cl A
0.470%, 02/20/2025		350		348
World Omni Auto Receivables Trust, Ser 2020-C, Cl A3
0.480%, 11/17/2025		80		80
World Omni Auto Receivables Trust, Ser 2021-D, Cl A3
0.810%, 10/15/2026		300		296
Total Asset-Backed Securities
(Cost $3,236) ($ Thousands)				3,198
Total Investments in Securities — 99.4%
(Cost $1,304,137) ($ Thousands)			$	1,251,634

A list of open forward foreign currency contracts held by the Fund at January 31, 2022, is as follows:

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
Brown Brothers Harriman		02/02/22 - 04/04/22		CAD	5,118		USD	4,009	$	(16	)
Brown Brothers Harriman		04/04/22		GBP	6,881		USD	9,232		6
Brown Brothers Harriman		02/02/22		GBP	7,318		USD	9,739		(80	)
Brown Brothers Harriman		02/02/22		EUR	22,151		USD	25,008		177
Brown Brothers Harriman		04/04/22		EUR	22,316		USD	24,916		(135	)
Brown Brothers Harriman		02/02/22		JPY	3,993,389		USD	35,090		432
Brown Brothers Harriman		04/04/22		JPY	4,088,812		USD	35,444		(71	)
									$	313

For the period ended January 31, 2022, the total amount of all open forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

	Percentages are based on Net Assets of $1,259,326 ($ 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, 2022, the value of these securities amounted to $11,326 ($ Thousands), representing 0.9% of the Net Assets of the Fund.
(B)	Variable of 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.
(C)	Zero coupon security.

CAD — Canadian Dollar

Cl — Class

DAC — Designated Activity Company

EUR — Euro

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

LLC — Limited Liability Company

MTN — Medium Term Note

OAT — French Treasury Obligations (Obligations assimilables du Tresor)

RB — Revenue Bond

Ser — Series

SOFR — Secured Overnight Financing Rate

TBA — To Be Announced

UMBS — Uniform Mortgage-Backed Securities

USD — United States Dollar

VAR — Variable Rate

44

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

The following is a list of inputs used as of January 31, 2022 in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

Investments in Securities	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
U.S. Treasury Obligations		–		459,797		–		459,797
Mortgage-Backed Securities		–		348,199		–		348,199
Corporate Obligations		–		325,416		–		325,416
Sovereign Debt		–		93,002		–		93,002
U.S. Government Agency Obligations		–		16,967		–		16,967
Municipal Bonds		–		5,055		–		5,055
Asset-Backed Securities		–		3,198		–		3,198
Total Investments in Securities		–		1,251,634		–		1,251,634

Other Financial Instruments	Level 1 ($)		Level 2 ($)			Level 3 ($)		Total ($)
Forwards Contracts *
Unrealized Appreciation		—		615			—		615
Unrealized Depreciation		—		(302	)		—		(302	)
Total Other Financial Instruments		—		313			—		313

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

For the period ended January 31, 2022, there were no transfers in or out of Level 3.

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

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

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

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

45

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Enhanced Fixed Income Fund

^†Percentages based on total investments.

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS — 59.0%
Communication Services — 8.0%
Acuris Finance US
5.000%, 05/01/2028 (A)	$	30	$	29
Advantage Sales & Marketing
6.500%, 11/15/2028 (A)		80		79
Altice Financing
5.750%, 08/15/2029 (A)		240		224
5.000%, 01/15/2028 (A)		100		93
Altice France
8.125%, 02/01/2027 (A)		200		211
5.500%, 10/15/2029 (A)		300		284
5.125%, 01/15/2029 (A)		46		43
5.125%, 07/15/2029 (A)		262		243
Altice France Holding
10.500%, 05/15/2027 (A)		160		170
6.000%, 02/15/2028 (A)		200		183
AMC Entertainment Holdings
10.500%, 04/15/2025 (A)		100		106
0.000%cash/12.000% PIK, 06/15/2026 (A)		106		99
AMC Networks
4.750%, 08/01/2025		100		101
4.250%, 02/15/2029		100		96
ANGI Group
3.875%, 08/15/2028 (A)		50		46
Arches Buyer
6.125%, 12/01/2028 (A)		100		97
4.250%, 06/01/2028 (A)		130		123
Audacy Capital
6.750%, 03/31/2029 (A)		50		47
6.500%, 05/01/2027 (A)		100		95
Banijay Entertainment SASU
5.375%, 03/01/2025 (A)		40		41
Beasley Mezzanine Holdings
8.625%, 02/01/2026 (A)		50		49

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Block Communications
4.875%, 03/01/2028 (A)	$	50	$	49
British Telecommunications
4.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.493%, 11/23/2081 (A)		50		50
4.250%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.985%, 11/23/2081 (A)		50		49
C&W Senior Financing DAC
6.875%, 09/15/2027 (A)		200		209
Cablevision Lightpath
3.875%, 09/15/2027 (A)		200		188
Cars.com
6.375%, 11/01/2028 (A)		100		104
CCO Holdings
5.375%, 06/01/2029 (A)		160		165
5.125%, 05/01/2027 (A)		380		390
5.000%, 02/01/2028 (A)		288		292
4.750%, 03/01/2030 (A)		320		318
4.500%, 08/15/2030 (A)		200		195
4.500%, 05/01/2032		250		241
4.500%, 06/01/2033 (A)		163		155
4.250%, 02/01/2031 (A)		500		477
4.250%, 01/15/2034 (A)		275		254
Cinemark USA
5.875%, 03/15/2026 (A)		70		69
5.250%, 07/15/2028 (A)		80		76
Clear Channel International BV
6.625%, 08/01/2025 (A)		50		51
Clear Channel Outdoor Holdings
7.750%, 04/15/2028 (A)		30		31
7.500%, 06/01/2029 (A)		50		52
5.125%, 08/15/2027 (A)		251		251
Cogent Communications Group
3.500%, 05/01/2026 (A)		75		73
Connect Finco SARL
6.750%, 10/01/2026 (A)		210		218
Consolidated Communications
6.500%, 10/01/2028 (A)		100		103
5.000%, 10/01/2028 (A)		50		48
CSC Holdings
7.500%, 04/01/2028 (A)		150		155
6.500%, 02/01/2029 (A)		175		182
5.750%, 01/15/2030 (A)		150		141
5.500%, 04/15/2027 (A)		284		290
5.375%, 02/01/2028 (A)		180		181
5.250%, 06/01/2024		50		51
5.000%, 11/15/2031 (A)		50		45
4.625%, 12/01/2030 (A)		200		178
4.500%, 11/15/2031 (A)		250		233
4.125%, 12/01/2030 (A)		110		101

46

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Cumulus Media New Holdings
6.750%, 07/01/2026 (A)	$	20	$	21
Diamond Sports Group
6.625%, 08/15/2027 (A)		250		65
5.375%, 08/15/2026 (A)		400		185
Directv Financing
5.875%, 08/15/2027 (A)		430		432
DISH DBS
7.750%, 07/01/2026		200		206
7.375%, 07/01/2028		200		193
5.875%, 11/15/2024		300		302
5.750%, 12/01/2028 (A)		210		201
5.250%, 12/01/2026 (A)		280		272
5.125%, 06/01/2029		122		106
5.000%, 03/15/2023		150		152
DKT Finance ApS
9.375%, 06/17/2023 (A)		100		100
Embarq
7.995%, 06/01/2036		200		206
Frontier Communications Holdings
6.750%, 05/01/2029 (A)		88		88
6.000%, 01/15/2030 (A)		100		97
5.875%, 10/15/2027 (A)		120		124
5.875%, 11/01/2029		70		67
5.000%, 05/01/2028 (A)		200		198
Gannett Holdings
6.000%, 11/01/2026 (A)		35		35
GCI
4.750%, 10/15/2028 (A)		100		99
Getty Images
9.750%, 03/01/2027 (A)		32		34
Gray Escrow II
5.375%, 11/15/2031 (A)		140		138
Gray Television
7.000%, 05/15/2027 (A)		200		212
4.750%, 10/15/2030 (A)		100		96
Hughes Satellite Systems
6.625%, 08/01/2026		127		137
5.250%, 08/01/2026		80		85
iHeartCommunications
8.375%, 05/01/2027		264		276
5.250%, 08/15/2027 (A)		80		81
4.750%, 01/15/2028 (A)		50		50
Iliad Holding SASU
7.000%, 10/15/2028 (A)		200		204
6.500%, 10/15/2026 (A)		100		101
Koninklijke KPN
7.000%, VAR USD Swap Semi 30/360 10 Yr Curr + 5.210%, 03/28/2073 (A)		50		52
LCPR Senior Secured Financing DAC
6.750%, 10/15/2027 (A)		180		187

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.125%, 07/15/2029 (A)	$	40	$	39
Level 3 Financing
4.625%, 09/15/2027 (A)		331		329
4.250%, 07/01/2028 (A)		100		95
3.625%, 01/15/2029 (A)		94		86
Liberty Interactive
8.500%, 07/15/2029		50		52
8.250%, 02/01/2030		50		52
Ligado Networks
0.000%cash/15.500% PIK, 11/01/2023 (A)		358		267
Live Nation Entertainment
6.500%, 05/15/2027 (A)		158		170
4.875%, 11/01/2024 (A)		138		139
4.750%, 10/15/2027 (A)		50		49
3.750%, 01/15/2028 (A)		50		48
LogMeIn
5.500%, 09/01/2027 (A)		100		97
Lumen Technologies
7.650%, 03/15/2042		100		100
7.500%, 04/01/2024		330		353
6.875%, 01/15/2028		54		58
6.750%, 12/01/2023		75		79
5.375%, 06/15/2029 (A)		60		57
5.125%, 12/15/2026 (A)		175		176
4.000%, 02/15/2027 (A)		100		96
Match Group Holdings II
5.625%, 02/15/2029 (A)		50		52
5.000%, 12/15/2027 (A)		50		51
4.625%, 06/01/2028 (A)		50		49
4.125%, 08/01/2030 (A)		60		58
3.625%, 10/01/2031 (A)		50		46
McGraw-Hill Education
8.000%, 08/01/2029 (A)		50		47
5.750%, 08/01/2028 (A)		75		71
Midas OpCo Holdings
5.625%, 08/15/2029 (A)		146		144
Millennium Escrow
6.625%, 08/01/2026 (A)		30		30
Millicom International Cellular
6.250%, 03/25/2029 (A)		180		189
National CineMedia
5.875%, 04/15/2028 (A)		38		32
News
3.875%, 05/15/2029 (A)		30		29
Nexstar Media
5.625%, 07/15/2027 (A)		181		186
4.750%, 11/01/2028 (A)		100		99
Nokia
6.625%, 05/15/2039		50		63
4.375%, 06/12/2027		20		21

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

47

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Enhanced Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Northwest Fiber
6.000%, 02/15/2028 (A)	$	50	$	47
4.750%, 04/30/2027 (A)		10		10
Photo Holdings Merger Sub
8.500%, 10/01/2026 (A)		150		151
Playtika Holding
4.250%, 03/15/2029 (A)		55		53
Radiate Holdco
6.500%, 09/15/2028 (A)		100		96
4.500%, 09/15/2026 (A)		115		111
Rakuten Group
6.250%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.956% (A)(B)		50		52
5.125%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.578% (A)(B)		200		198
ROBLOX
3.875%, 05/01/2030 (A)		174		168
Sable International Finance
5.750%, 09/07/2027 (A)		90		92
Scripps Escrow II
5.375%, 01/15/2031 (A)		100		99
3.875%, 01/15/2029 (A)		55		52
Sinclair Television Group
5.875%, 03/15/2026 (A)		35		35
5.125%, 02/15/2027 (A)		167		157
4.125%, 12/01/2030 (A)		50		46
Sirius XM Radio
5.500%, 07/01/2029 (A)		100		104
5.000%, 08/01/2027 (A)		280		286
4.125%, 07/01/2030 (A)		146		139
4.000%, 07/15/2028 (A)		200		193
3.875%, 09/01/2031 (A)		165		153
3.125%, 09/01/2026 (A)		38		36
Sprint
7.875%, 09/15/2023		500		540
7.625%, 02/15/2025		195		217
7.625%, 03/01/2026		160		183
7.125%, 06/15/2024		230		251
Sprint Capital
8.750%, 03/15/2032		200		279
6.875%, 11/15/2028		200		238
TEGNA
5.000%, 09/15/2029		100		98
4.750%, 03/15/2026 (A)		50		51
4.625%, 03/15/2028		111		109
Telecom Italia
5.303%, 05/30/2024 (A)		105		109
Telecom Italia Capital
7.721%, 06/04/2038		200		217
7.200%, 07/18/2036		200		213

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
6.375%, 11/15/2033	$	20	$	20
6.000%, 09/30/2034		20		20
Telesat Canada
6.500%, 10/15/2027 (A)		100		62
5.625%, 12/06/2026 (A)		27		23
4.875%, 06/01/2027 (A)		50		40
Terrier Media Buyer
8.875%, 12/15/2027 (A)		200		211
T-Mobile USA
4.750%, 02/01/2028		200		207
3.500%, 04/15/2031		243		237
3.375%, 04/15/2029		300		295
2.625%, 04/15/2026		95		93
2.625%, 02/15/2029		100		94
2.250%, 02/15/2026 (A)		175		168
Townsquare Media
6.875%, 02/01/2026 (A)		50		52
Twitter
3.875%, 12/15/2027 (A)		80		80
United States Cellular
6.700%, 12/15/2033		60		67
Univision Communications
9.500%, 05/01/2025 (A)		100		106
6.625%, 06/01/2027 (A)		200		211
4.500%, 05/01/2029 (A)		86		85
UPC Broadband Finco BV
4.875%, 07/15/2031 (A)		200		198
UPC Holding BV
5.500%, 01/15/2028 (A)		50		51
Urban One
7.375%, 02/01/2028 (A)		100		102
ViacomCBS
6.250%, VAR ICE LIBOR USD 3 Month + 3.899%, 02/28/2057		142		156
Videotron
5.375%, 06/15/2024 (A)		100		104
5.125%, 04/15/2027 (A)		200		204
3.625%, 06/15/2029 (A)		20		19
Virgin Media Finance
5.000%, 07/15/2030 (A)		90		85
Virgin Media Secured Finance
5.500%, 05/15/2029 (A)		309		315
Vmed O2 UK Financing I
4.750%, 07/15/2031 (A)		200		191
4.250%, 01/31/2031 (A)		130		120
Vodafone Group
7.000%, VAR USD Swap Semi 30/360 5 Yr Curr + 4.873%, 04/04/2079		200		230
5.125%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.073%, 06/04/2081		150		147

48

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.125%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.767%, 06/04/2081	$	100	$	95
3.250%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.447%, 06/04/2081		15		14
Windstream Escrow
7.750%, 08/15/2028 (A)		259		261
WMG Acquisition
3.875%, 07/15/2030 (A)		100		95
3.750%, 12/01/2029 (A)		47		45
Zayo Group Holdings
6.125%, 03/01/2028 (A)		50		47
4.000%, 03/01/2027 (A)		150		142
Ziff Davis
4.625%, 10/15/2030 (A)		100		98
Ziggo BV
5.125%, 02/28/2030 (A)		100		95
4.875%, 01/15/2030 (A)		100		97
				26,200
Consumer Discretionary — 9.2%
1011778 BC ULC
5.750%, 04/15/2025 (A)		50		52
4.375%, 01/15/2028 (A)		180		177
4.000%, 10/15/2030 (A)		200		185
3.875%, 01/15/2028 (A)		219		213
99 Escrow Issuer
7.500%, 01/15/2026 (A)		100		76
Adtalem Global Education
5.500%, 03/01/2028 (A)		100		98
Affinity Gaming
6.875%, 12/15/2027 (A)		122		124
Albion Financing 2SARL
8.750%, 04/15/2027 (A)		200		198
Allen Media
10.500%, 02/15/2028 (A)		75		75
American Axle & Manufacturing
6.250%, 03/15/2026		250		255
5.000%, 10/01/2029		65		60
American Builders & Contractors Supply
4.000%, 01/15/2028 (A)		100		98
3.875%, 11/15/2029 (A)		40		38
APX Group
6.750%, 02/15/2027 (A)		140		144
5.750%, 07/15/2029 (A)		90		85
Aramark Services
6.375%, 05/01/2025 (A)		100		104
5.000%, 04/01/2025 (A)		104		105
5.000%, 02/01/2028 (A)		150		149
Arko
5.125%, 11/15/2029 (A)		90		86

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Arrow Bidco
9.500%, 03/15/2024 (A)	$	40	$	40
Asbury Automotive Group
5.000%, 02/15/2032 (A)		65		64
4.625%, 11/15/2029 (A)		65		64
4.500%, 03/01/2028		100		99
Aston Martin Capital Holdings
10.500%, 11/30/2025 (A)		100		107
At Home Group
7.125%, 07/15/2029 (A)		15		14
4.875%, 07/15/2028 (A)		30		29
Avis Budget Car Rental
5.375%, 03/01/2029 (A)		95		95
4.750%, 04/01/2028 (A)		75		73
Bath & Body Works
9.375%, 07/01/2025 (A)		20		24
7.500%, 06/15/2029		20		22
6.950%, 03/01/2033		110		120
6.875%, 11/01/2035		100		115
6.694%, 01/15/2027		200		224
6.625%, 10/01/2030 (A)		100		107
5.250%, 02/01/2028		25		26
BCPE Empire Holdings
7.625%, 05/01/2027 (A)		60		60
Beazer Homes USA
7.250%, 10/15/2029		86		92
Bed Bath & Beyond
5.165%, 08/01/2044		50		38
3.749%, 08/01/2024		96		96
Bloomin' Brands
5.125%, 04/15/2029 (A)		25		25
Boyd Gaming
4.750%, 06/15/2031 (A)		85		83
Boyne USA
4.750%, 05/15/2029 (A)		19		19
C&S Group Enterprises
5.000%, 12/15/2028 (A)		100		92
Caesars Entertainment
8.125%, 07/01/2027 (A)		200		215
6.250%, 07/01/2025 (A)		350		362
4.625%, 10/15/2029 (A)		125		120
Caesars Resort Collection
5.750%, 07/01/2025 (A)		93		96
Carnival
9.875%, 08/01/2027 (A)		230		258
7.625%, 03/01/2026 (A)		200		204
6.000%, 05/01/2029 (A)		205		197
5.750%, 03/01/2027 (A)		362		347
4.000%, 08/01/2028 (A)		170		162
Carriage Services
4.250%, 05/15/2029 (A)		50		49

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

49

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Enhanced Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Carrols Restaurant Group
5.875%, 07/01/2029 (A)	$	50	$	43
Carvana
5.625%, 10/01/2025 (A)		100		95
5.500%, 04/15/2027 (A)		36		34
4.875%, 09/01/2029 (A)		100		89
CCM Merger
6.375%, 05/01/2026 (A)		50		52
CD&R Smokey Buyer
6.750%, 07/15/2025 (A)		110		115
CEC Entertainment
6.750%, 05/01/2026 (A)		79		76
Cedar Fair
5.250%, 07/15/2029		50		50
Century Communities
3.875%, 08/15/2029 (A)		60		58
Chobani
4.625%, 11/15/2028 (A)		40		40
Churchill Downs
5.500%, 04/01/2027 (A)		97		100
4.750%, 01/15/2028 (A)		75		75
Clarios Global
8.500%, 05/15/2027 (A)		190		199
6.250%, 05/15/2026 (A)		170		176
Cooper-Standard Automotive
5.625%, 11/15/2026 (A)		50		37
Crocs
4.250%, 03/15/2029 (A)		25		23
4.125%, 08/15/2031 (A)		75		67
Dana
5.625%, 06/15/2028		50		52
5.375%, 11/15/2027		73		75
4.500%, 02/15/2032		20		19
4.250%, 09/01/2030		50		48
Dave & Buster's
7.625%, 11/01/2025 (A)		78		82
Dealer Tire
8.000%, 02/01/2028 (A)		50		51
Dornoch Debt Merger Sub
6.625%, 10/15/2029 (A)		50		48
Eagle Intermediate Global Holding BV
7.500%, 05/01/2025 (A)		200		180
eG Global Finance
8.500%, 10/30/2025 (A)		200		203
Everi Holdings
5.000%, 07/15/2029 (A)		45		45
Ferrellgas
5.875%, 04/01/2029 (A)		70		64
5.375%, 04/01/2026 (A)		100		95
Foot Locker
4.000%, 10/01/2029 (A)		50		48

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Ford Holdings
9.300%, 03/01/2030	$	20	$	27
Ford Motor
7.450%, 07/16/2031		100		127
7.400%, 11/01/2046		200		264
5.291%, 12/08/2046		100		110
4.750%, 01/15/2043		50		51
4.346%, 12/08/2026		50		52
3.250%, 02/12/2032		205		195
Ford Motor Credit
5.584%, 03/18/2024		50		52
5.125%, 06/16/2025		218		229
5.113%, 05/03/2029		100		107
4.687%, 06/09/2025		50		52
4.542%, 08/01/2026		150		156
4.375%, 08/06/2023		100		102
4.140%, 02/15/2023		60		61
4.134%, 08/04/2025		130		133
4.063%, 11/01/2024		40		41
4.000%, 11/13/2030		50		50
3.815%, 11/02/2027		200		200
3.810%, 01/09/2024		100		101
3.664%, 09/08/2024		50		50
3.625%, 06/17/2031		200		197
3.375%, 11/13/2025		135		135
3.370%, 11/17/2023		250		251
3.096%, 05/04/2023		75		76
3.087%, 01/09/2023		100		100
2.900%, 02/16/2028		200		190
2.900%, 02/10/2029		200		190
2.700%, 08/10/2026		150		145
2.300%, 02/10/2025		200		196
Foundation Building Materials
6.000%, 03/01/2029 (A)		75		72
Full House Resorts
8.250%, 02/15/2028 (A)		50		51
Gap
3.875%, 10/01/2031 (A)		65		60
3.625%, 10/01/2029 (A)		65		60
Garda World Security
9.500%, 11/01/2027 (A)		100		105
6.000%, 06/01/2029 (A)		50		47
Genting New York
3.300%, 02/15/2026 (A)		50		49
Golden Nugget
6.750%, 10/15/2024 (A)		150		150
Goodyear Tire & Rubber
9.500%, 05/31/2025		100		106
5.625%, 04/30/2033		50		51
5.250%, 04/30/2031		100		101
5.250%, 07/15/2031 (A)		150		151
5.000%, 07/15/2029 (A)		90		90

50

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
GPS Hospitality Holding
7.000%, 08/15/2028 (A)	$	150	$	128
Group 1 Automotive
4.000%, 08/15/2028 (A)		154		147
GrubHub Holdings
5.500%, 07/01/2027 (A)		50		49
Guitar Center
8.500%, 01/15/2026 (A)		100		106
Hanesbrands
4.625%, 05/15/2024 (A)		286		291
Hilton Domestic Operating
5.750%, 05/01/2028 (A)		100		106
4.875%, 01/15/2030		135		139
4.000%, 05/01/2031 (A)		100		98
3.750%, 05/01/2029 (A)		80		78
3.625%, 02/15/2032 (A)		155		147
Hilton Grand Vacations Borrower Escrow
5.000%, 06/01/2029 (A)		90		90
4.875%, 07/01/2031 (A)		51		49
Hilton Worldwide Finance
4.875%, 04/01/2027		60		61
Houghton Mifflin Harcourt Publishers
9.000%, 02/15/2025 (A)		100		105
IHO Verwaltungs GmbH
0.000%cash/6.750% PIK, 05/15/2027 (A)		200		206
International Game Technology
6.500%, 02/15/2025 (A)		200		213
6.250%, 01/15/2027 (A)		150		163
5.250%, 01/15/2029 (A)		40		41
IRB Holding
6.750%, 02/15/2026 (A)		100		102
Jaguar Land Rover Automotive
5.875%, 01/15/2028 (A)		30		30
5.500%, 07/15/2029 (A)		200		193
4.500%, 10/01/2027 (A)		100		94
JB Poindexter
7.125%, 04/15/2026 (A)		100		104
KB Home
4.800%, 11/15/2029		50		52
4.000%, 06/15/2031		50		49
Kontoor Brands
4.125%, 11/15/2029 (A)		50		48
Kronos Acquisition Holdings
7.000%, 12/31/2027 (A)		76		69
5.000%, 12/31/2026 (A)		47		44
LBM Acquisition
6.250%, 01/15/2029 (A)		117		112
LCM Investments Holdings II
4.875%, 05/01/2029 (A)		61		59
Legends Hospitality Holding
5.000%, 02/01/2026 (A)		80		80

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Levi Strauss
3.500%, 03/01/2031 (A)	$	45	$	43
LGI Homes
4.000%, 07/15/2029 (A)		56		53
Life Time
8.000%, 04/15/2026 (A)		75		77
5.750%, 01/15/2026 (A)		85		85
Lions Gate Capital Holdings
5.500%, 04/15/2029 (A)		110		109
Lithia Motors
4.625%, 12/15/2027 (A)		108		111
3.875%, 06/01/2029 (A)		85		84
LSF9 Atlantis Holdings
7.750%, 02/15/2026 (A)		98		94
M/I Homes
3.950%, 02/15/2030		100		95
Macy's Retail Holdings
5.875%, 04/01/2029 (A)		90		92
5.125%, 01/15/2042		40		36
4.300%, 02/15/2043		25		21
3.625%, 06/01/2024		12		12
2.875%, 02/15/2023		53		53
MajorDrive Holdings IV
6.375%, 06/01/2029 (A)		65		62
Marks & Spencer
7.125%, 12/01/2037 (A)		30		34
Marriott Ownership Resorts
6.125%, 09/15/2025 (A)		58		60
4.750%, 01/15/2028		100		99
4.500%, 06/15/2029 (A)		35		34
Mattamy Group
5.250%, 12/15/2027 (A)		100		102
Mattel
5.875%, 12/15/2027 (A)		135		143
3.750%, 04/01/2029 (A)		55		54
3.375%, 04/01/2026 (A)		60		60
Meritage Homes
3.875%, 04/15/2029 (A)		50		50
Merlin Entertainments
5.750%, 06/15/2026 (A)		100		104
Metis Merger Sub
6.500%, 05/15/2029 (A)		40		38
MGM Resorts International
6.000%, 03/15/2023		123		127
5.750%, 06/15/2025		29		30
5.500%, 04/15/2027		100		103
4.750%, 10/15/2028		80		79
4.625%, 09/01/2026		172		173
Michaels
7.875%, 05/01/2029 (A)		150		137
5.250%, 05/01/2028 (A)		85		82

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

51

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Enhanced Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Midwest Gaming Borrower
4.875%, 05/01/2029 (A)	$	44	$	43
Mohegan Gaming & Entertainment
8.000%, 02/01/2026 (A)		90		91
7.875%, 10/15/2024 (A)		100		103
Murphy Oil USA
4.750%, 09/15/2029		80		81
3.750%, 02/15/2031 (A)		65		61
NCL
12.250%, 05/15/2024 (A)		64		75
10.250%, 02/01/2026 (A)		64		72
5.875%, 03/15/2026 (A)		65		62
3.625%, 12/15/2024 (A)		60		55
NCL Finance
6.125%, 03/15/2028 (A)		65		61
NESCO Holdings II
5.500%, 04/15/2029 (A)		100		99
New Home
7.250%, 10/15/2025 (A)		50		51
Newell Brands
6.000%, 04/01/2046		80		94
4.700%, 04/01/2026		250		262
4.350%, 04/01/2023		124		126
Nordstrom
6.950%, 03/15/2028		50		54
5.000%, 01/15/2044		100		89
4.375%, 04/01/2030		50		47
Papa John's International
3.875%, 09/15/2029 (A)		50		48
Park River Holdings
6.750%, 08/01/2029 (A)		50		47
5.625%, 02/01/2029 (A)		50		46
Party City Holdings
8.750%, 02/15/2026 (A)		90		91
Patrick Industries
4.750%, 05/01/2029 (A)		25		24
PECF USS Intermediate Holding III
8.000%, 11/15/2029 (A)		58		59
Peninsula Pacific Entertainment
8.500%, 11/15/2027 (A)		165		177
Penn National Gaming
5.625%, 01/15/2027 (A)		42		43
4.125%, 07/01/2029 (A)		100		94
Penske Automotive Group
3.750%, 06/15/2029		40		38
PetSmart
7.750%, 02/15/2029 (A)		130		139
4.750%, 02/15/2028 (A)		100		100
PM General Purchaser
9.500%, 10/01/2028 (A)		100		99
Premier Entertainment Sub
5.875%, 09/01/2031 (A)		80		75

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.625%, 09/01/2029 (A)	$	100	$	94
Prime Security Services Borrower
6.250%, 01/15/2028 (A)		200		199
5.750%, 04/15/2026 (A)		150		155
3.375%, 08/31/2027 (A)		135		126
QVC
5.950%, 03/15/2043		50		45
5.450%, 08/15/2034		50		45
4.750%, 02/15/2027		180		171
4.450%, 02/15/2025		100		101
4.375%, 09/01/2028		70		64
Raptor Acquisition
4.875%, 11/01/2026 (A)		50		49
Real Hero Merger Sub 2
6.250%, 02/01/2029 (A)		15		15
Rent-A-Center
6.375%, 02/15/2029 (A)		95		98
Resorts World Las Vegas
4.625%, 04/16/2029 (A)		200		193
Ritchie Bros Auctioneers
5.375%, 01/15/2025 (A)		50		51
Ritchie Bros Holdings
4.750%, 12/15/2031 (A)		17		17
Royal Caribbean Cruises
11.500%, 06/01/2025 (A)		148		164
10.875%, 06/01/2023 (A)		100		107
9.125%, 06/15/2023 (A)		66		70
7.500%, 10/15/2027		25		28
5.500%, 08/31/2026 (A)		78		76
5.500%, 04/01/2028 (A)		160		155
5.375%, 07/15/2027 (A)		66		64
5.250%, 11/15/2022		100		100
4.250%, 07/01/2026 (A)		50		47
3.700%, 03/15/2028		52		47
Sally Holdings
5.625%, 12/01/2025		100		102
Scientific Games International
8.625%, 07/01/2025 (A)		100		106
8.250%, 03/15/2026 (A)		110		115
7.000%, 05/15/2028 (A)		76		80
5.000%, 10/15/2025 (A)		100		102
SeaWorld Parks & Entertainment
5.250%, 08/15/2029 (A)		76		74
Service International
5.125%, 06/01/2029		100		105
4.000%, 05/15/2031		105		102
3.375%, 08/15/2030		100		93
Sigma Holdco BV
7.875%, 05/15/2026 (A)		20		18
Six Flags Entertainment
5.500%, 04/15/2027 (A)		34		34
4.875%, 07/31/2024 (A)		205		205

52

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Sizzling Platter
8.500%, 11/28/2025 (A)	$	100	$	99
Sonic Automotive
4.875%, 11/15/2031 (A)		45		43
4.625%, 11/15/2029 (A)		75		73
Sotheby's
7.375%, 10/15/2027 (A)		100		104
5.875%, 06/01/2029 (A)		50		51
Specialty Building Products Holdings
6.375%, 09/30/2026 (A)		100		103
SRS Distribution
6.125%, 07/01/2029 (A)		33		32
6.000%, 12/01/2029 (A)		95		92
4.625%, 07/01/2028 (A)		20		19
Staples
10.750%, 04/15/2027 (A)		100		93
7.500%, 04/15/2026 (A)		250		247
Station Casinos
4.625%, 12/01/2031 (A)		44		42
4.500%, 02/15/2028 (A)		80		78
StoneMor
8.500%, 05/15/2029 (A)		33		34
Superior Plus
4.500%, 03/15/2029 (A)		40		40
Taylor Morrison Communities
6.625%, 07/15/2027 (A)		200		208
5.875%, 04/15/2023 (A)		100		102
Tempur Sealy International
4.000%, 04/15/2029 (A)		100		96
3.875%, 10/15/2031 (A)		85		79
Tenneco
7.875%, 01/15/2029 (A)		50		53
5.125%, 04/15/2029 (A)		160		148
5.000%, 07/15/2026		50		46
Thor Industries
4.000%, 10/15/2029 (A)		55		52
Toll Brothers Finance
4.875%, 03/15/2027		100		108
4.375%, 04/15/2023		40		41
4.350%, 02/15/2028		40		42
3.800%, 11/01/2029		50		52
TopBuild
4.125%, 02/15/2032 (A)		12		12
3.625%, 03/15/2029 (A)		75		73
Travel + Leisure
6.625%, 07/31/2026 (A)		180		192
6.600%, 10/01/2025		40		44
6.000%, 04/01/2027		20		21
4.500%, 12/01/2029 (A)		61		59
Tri Pointe Homes
5.700%, 06/15/2028		100		106
5.250%, 06/01/2027		50		52

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Triton Water Holdings
6.250%, 04/01/2029 (A)	$	75	$	70
Universal Entertainment
8.500%, 12/11/2024 (A)		100		105
Victoria's Secret
4.625%, 07/15/2029 (A)		88		85
Viking Cruises
13.000%, 05/15/2025 (A)		200		224
7.000%, 02/15/2029 (A)		55		53
5.875%, 09/15/2027 (A)		84		77
Viking Ocean Cruises Ship VII
5.625%, 02/15/2029 (A)		50		49
Vista Outdoor
4.500%, 03/15/2029 (A)		50		49
WASH Multifamily Acquisition
5.750%, 04/15/2026 (A)		90		91
Wheel Pros
6.500%, 05/15/2029 (A)		50		47
White Capital Buyer
6.875%, 10/15/2028 (A)		100		103
William Carter
5.625%, 03/15/2027 (A)		100		102
Winnebago Industries
6.250%, 07/15/2028 (A)		4		4
Wolverine World Wide
4.000%, 08/15/2029 (A)		74		71
WW International
4.500%, 04/15/2029 (A)		70		62
Wyndham Hotels & Resorts
4.375%, 08/15/2028 (A)		50		50
Wynn Las Vegas
5.500%, 03/01/2025 (A)		200		201
5.250%, 05/15/2027 (A)		90		89
4.250%, 05/30/2023 (A)		50		50
Wynn Resorts Finance
5.125%, 10/01/2029 (A)		200		194
Yum! Brands
6.875%, 11/15/2037		70		82
5.350%, 11/01/2043		100		105
4.750%, 01/15/2030 (A)		168		173
4.625%, 01/31/2032		70		70
3.625%, 03/15/2031		100		95
ZF North America Capital
4.750%, 04/29/2025 (A)		45		46
				30,027
Consumer Staples — 1.9%
Albertsons
5.875%, 02/15/2028 (A)		265		276
4.875%, 02/15/2030 (A)		100		102
4.625%, 01/15/2027 (A)		70		72
3.500%, 02/15/2023 (A)		100		101

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

53

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Enhanced Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.500%, 03/15/2029 (A)	$	120	$	113
3.250%, 03/15/2026 (A)		50		48
Avon Products
6.500%, 03/15/2023		165		169
B&G Foods
5.250%, 09/15/2027		82		83
Central Garden & Pet
4.125%, 10/15/2030		50		48
4.125%, 04/30/2031 (A)		100		96
Coty
6.500%, 04/15/2026 (A)		50		51
5.000%, 04/15/2026 (A)		125		125
4.750%, 01/15/2029 (A)		80		79
Darling Ingredients
5.250%, 04/15/2027 (A)		50		51
Edgewell Personal Care
5.500%, 06/01/2028 (A)		80		83
4.125%, 04/01/2029 (A)		50		49
Energizer Holdings
4.750%, 06/15/2028 (A)		100		97
HLF Financing Sarl
4.875%, 06/01/2029 (A)		100		95
Ingles Markets
4.000%, 06/15/2031 (A)		19		19
Kraft Heinz Foods
7.125%, 08/01/2039 (A)		80		113
6.875%, 01/26/2039		288		390
6.500%, 02/09/2040		44		59
5.500%, 06/01/2050		100		124
5.200%, 07/15/2045		100		116
5.000%, 07/15/2035		57		65
5.000%, 06/04/2042		275		313
4.875%, 10/01/2049		110		125
4.375%, 06/01/2046		300		317
3.875%, 05/15/2027		200		208
3.750%, 04/01/2030		100		103
3.000%, 06/01/2026		100		101
Lamb Weston Holdings
4.875%, 05/15/2028 (A)		100		104
4.375%, 01/31/2032 (A)		75		74
4.125%, 01/31/2030 (A)		170		168
Oriflame Investment Holding
5.125%, 05/04/2026 (A)		100		89
Performance Food Group
5.500%, 10/15/2027 (A)		100		102
4.250%, 08/01/2029 (A)		104		98
Pilgrim's Pride
5.875%, 09/30/2027 (A)		58		61
4.250%, 04/15/2031 (A)		115		113
3.500%, 03/01/2032 (A)		90		86
Post Holdings
5.750%, 03/01/2027 (A)		100		103

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.625%, 01/15/2028 (A)	$	154	$	158
5.500%, 12/15/2029 (A)		150		154
4.625%, 04/15/2030 (A)		170		164
4.500%, 09/15/2031 (A)		200		190
Primo Water Holdings
4.375%, 04/30/2029 (A)		38		36
Rite Aid
8.000%, 11/15/2026 (A)		40		39
7.500%, 07/01/2025 (A)		130		128
SEG Holding
5.625%, 10/15/2028 (A)		50		52
Simmons Foods
4.625%, 03/01/2029 (A)		90		86
Spectrum Brands
5.500%, 07/15/2030 (A)		60		63
3.875%, 03/15/2031 (A)		50		47
Stena
7.000%, 02/01/2024 (A)		100		102
TKC Holdings
10.500%, 05/15/2029 (A)		50		52
6.875%, 05/15/2028 (A)		50		50
TreeHouse Foods
4.000%, 09/01/2028		50		47
Turning Point Brands
5.625%, 02/15/2026 (A)		40		40
United Natural Foods
6.750%, 10/15/2028 (A)		50		53
US Foods
4.750%, 02/15/2029 (A)		90		88
4.625%, 06/01/2030 (A)		41		40
Vector Group
10.500%, 11/01/2026 (A)		100		103
5.750%, 02/01/2029 (A)		100		92
				6,573
Energy — 11.1%
Abu Dhabi Crude Oil Pipeline
4.600%, 11/02/2047		250		280
Aethon United BR
8.250%, 02/15/2026 (A)		95		100
Alliance Resource Operating Partners
7.500%, 05/01/2025 (A)		100		101
Altera Infrastructure
8.500%, 07/15/2023 (A)		100		53
Antero Midstream Partners
7.875%, 05/15/2026 (A)		100		107
5.750%, 03/01/2027 (A)		130		132
5.750%, 01/15/2028 (A)		40		41
5.375%, 06/15/2029 (A)		50		50
Antero Resources
8.375%, 07/15/2026 (A)		30		33
5.375%, 03/01/2030 (A)		35		36

54

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.000%, 03/01/2025	$	202	$	204
Apache
6.000%, 01/15/2037		50		58
5.350%, 07/01/2049		100		105
5.100%, 09/01/2040		100		105
4.875%, 11/15/2027		50		52
4.750%, 04/15/2043		50		51
4.625%, 11/15/2025		100		104
4.375%, 10/15/2028		100		103
Archrock Partners
6.875%, 04/01/2027 (A)		180		185
Ascent Resources Utica Holdings
8.250%, 12/31/2028 (A)		30		31
7.000%, 11/01/2026 (A)		150		150
5.875%, 06/30/2029 (A)		90		87
Baytex Energy
8.750%, 04/01/2027 (A)		100		107
5.625%, 06/01/2024 (A)		22		22
Berry Petroleum
7.000%, 02/15/2026 (A)		50		50
Blue Racer Midstream
7.625%, 12/15/2025 (A)		80		84
Bristow Group
6.875%, 03/01/2028 (A)		50		50
Buckeye Partners
5.850%, 11/15/2043		150		137
5.600%, 10/15/2044		40		36
4.500%, 03/01/2028 (A)		50		49
4.150%, 07/01/2023		50		50
4.125%, 03/01/2025 (A)		50		50
4.125%, 12/01/2027		40		39
3.950%, 12/01/2026		54		54
California Resources
7.125%, 02/01/2026 (A)		65		68
Callon Petroleum
9.000%, 04/01/2025 (A)		120		128
8.000%, 08/01/2028 (A)		45		46
6.125%, 10/01/2024		50		50
Calumet Specialty Products Partners
11.000%, 04/15/2025 (A)		80		86
Centennial Resource Production
5.375%, 01/15/2026 (A)		80		78
CGG
8.750%, 04/01/2027 (A)		200		200
Cheniere Energy
4.625%, 10/15/2028		100		102
Cheniere Energy Partners
4.500%, 10/01/2029		60		61
4.000%, 03/01/2031		139		138
3.250%, 01/31/2032 (A)		65		61
Chesapeake Energy
6.750%, 04/15/2029 (A)		50		53

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.875%, 02/01/2029 (A)	$	60	$	63
5.500%, 02/01/2026 (A)		45		46
Civitas Resources
5.000%, 10/15/2026 (A)		25		25
CNX Midstream Partners
4.750%, 04/15/2030 (A)		35		34
CNX Resources
7.250%, 03/14/2027 (A)		100		105
6.000%, 01/15/2029 (A)		30		31
Colgate Energy Partners III
7.750%, 02/15/2026 (A)		25		27
5.875%, 07/01/2029 (A)		35		36
Comstock Resources
6.750%, 03/01/2029 (A)		135		139
5.875%, 01/15/2030 (A)		132		131
Coronado Finance Pty
10.750%, 05/15/2026 (A)		46		50
CQP Holdco
5.500%, 06/15/2031 (A)		100		100
Crescent Energy Finance
7.250%, 05/01/2026 (A)		65		67
Crestwood Midstream Partners
6.000%, 02/01/2029 (A)		100		101
5.750%, 04/01/2025		20		20
5.625%, 05/01/2027 (A)		60		60
CrownRock
5.625%, 10/15/2025 (A)		140		141
5.000%, 05/01/2029 (A)		13		13
CVR Energy
5.250%, 02/15/2025 (A)		150		145
DCP Midstream Operating
8.125%, 08/16/2030		40		52
5.850%, VAR ICE LIBOR USD 3 Month + 3.850%, 05/21/2043 (A)		150		143
5.375%, 07/15/2025		250		263
3.250%, 02/15/2032		70		66
DT Midstream
4.375%, 06/15/2031 (A)		30		30
4.125%, 06/15/2029 (A)		125		123
Empresa Nacional del Petroleo
5.250%, 11/06/2029		200		211
3.750%, 08/05/2026		200		203
3.450%, 09/16/2031 (A)		200		183
Encino Acquisition Partners Holdings
8.500%, 05/01/2028 (A)		92		93
Endeavor Energy Resources
6.625%, 07/15/2025 (A)		80		84
5.750%, 01/30/2028 (A)		100		103
Energy Ventures Gom
11.750%, 04/15/2026 (A)		25		26
EnLink Midstream
5.625%, 01/15/2028 (A)		50		51

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

55

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Enhanced Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.375%, 06/01/2029	$	50	$	50
EnLink Midstream Partners
5.050%, 04/01/2045		100		86
4.850%, 07/15/2026		100		103
4.150%, 06/01/2025		100		100
Enviva Partners
6.500%, 01/15/2026 (A)		100		103
EQM Midstream Partners
6.500%, 07/01/2027 (A)		100		105
6.500%, 07/15/2048		50		54
6.000%, 07/01/2025 (A)		100		103
5.500%, 07/15/2028		100		101
4.750%, 07/15/2023		150		152
4.500%, 01/15/2029 (A)		100		96
4.000%, 08/01/2024		100		100
EQT Corp
7.500%, 02/01/2030		100		119
5.000%, 01/15/2029		50		53
3.900%, 10/01/2027		100		100
3.625%, 05/15/2031 (A)		25		25
3.125%, 05/15/2026 (A)		54		53
Exterran Energy Solutions
8.125%, 05/01/2025		50		50
Genesis Energy
8.000%, 01/15/2027		25		25
7.750%, 02/01/2028		150		148
6.500%, 10/01/2025		150		147
Global Partners
7.000%, 08/01/2027		100		103
Harbour Energy
5.500%, 10/15/2026 (A)		200		198
Harvest Midstream I
7.500%, 09/01/2028 (A)		80		83
Hess Midstream Operations
5.625%, 02/15/2026 (A)		170		173
4.250%, 02/15/2030 (A)		70		68
Hilcorp Energy I
6.250%, 11/01/2028 (A)		200		208
6.000%, 02/01/2031 (A)		60		61
Holly Energy Partners
5.000%, 02/01/2028 (A)		50		49
Howard Midstream Energy Partners
6.750%, 01/15/2027 (A)		115		118
Ithaca Energy North Sea
9.000%, 07/15/2026 (A)		200		206
ITT Holdings
6.500%, 08/01/2029 (A)		125		120
KazMunayGas National JSC
6.375%, 10/24/2048		500		605
5.750%, 04/19/2047		200		224
5.375%, 04/24/2030		500		554

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Laredo Petroleum
10.125%, 01/15/2028	$	30	$	32
7.750%, 07/31/2029 (A)		115		111
Magnolia Oil & Gas Operating
6.000%, 08/01/2026 (A)		50		51
Matador Resources
5.875%, 09/15/2026		100		101
MEG Energy
5.875%, 02/01/2029 (A)		190		193
Moss Creek Resources Holdings
10.500%, 05/15/2027 (A)		80		78
7.500%, 01/15/2026 (A)		30		28
Murphy Oil
6.375%, 07/15/2028		65		67
5.875%, 12/01/2027		202		205
Nabors Industries
7.500%, 01/15/2028 (A)		88		82
7.375%, 05/15/2027 (A)		44		45
7.250%, 01/15/2026 (A)		53		51
Neptune Energy Bondco
6.625%, 05/15/2025 (A)		200		202
New Fortress Energy
6.750%, 09/15/2025 (A)		150		142
6.500%, 09/30/2026 (A)		195		182
NGL Energy Operating
7.500%, 02/01/2026 (A)		190		193
NGL Energy Partners
7.500%, 11/01/2023		175		171
Northern Oil and Gas
8.125%, 03/01/2028 (A)		61		64
Northriver Midstream Finance
5.625%, 02/15/2026 (A)		55		56
NuStar Logistics
6.375%, 10/01/2030		60		65
6.000%, 06/01/2026		100		105
5.750%, 10/01/2025		100		104
5.625%, 04/28/2027		50		51
Oasis Midstream Partners
8.000%, 04/01/2029 (A)		50		53
Oasis Petroleum
6.375%, 06/01/2026 (A)		40		41
Occidental Petroleum
8.875%, 07/15/2030		100		130
8.500%, 07/15/2027		200		240
8.000%, 07/15/2025		100		114
7.950%, 06/15/2039		50		64
7.875%, 09/15/2031		50		63
7.500%, 05/01/2031		200		247
6.950%, 07/01/2024		100		109
6.625%, 09/01/2030		100		117
6.600%, 03/15/2046		110		138
6.450%, 09/15/2036		100		121

56

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
6.375%, 09/01/2028	$	52	$	59
6.125%, 01/01/2031		150		173
5.875%, 09/01/2025		100		107
5.550%, 03/15/2026		120		128
5.500%, 12/01/2025		110		117
4.300%, 08/15/2039		100		94
4.200%, 03/15/2048		200		186
4.100%, 02/15/2047		250		229
3.500%, 08/15/2029		150		148
3.400%, 04/15/2026		100		99
3.200%, 08/15/2026		90		88
3.000%, 02/15/2027		80		77
0.000%, 10/10/2036 (C)		220		119
Oceaneering International
4.650%, 11/15/2024		50		50
Oil and Gas Holding BSCC
7.500%, 10/25/2027		500		535
Par Petroleum
7.750%, 12/15/2025 (A)		100		101
Parkland
5.875%, 07/15/2027 (A)		50		52
4.625%, 05/01/2030 (A)		80		77
4.500%, 10/01/2029 (A)		85		82
Patterson-UTI Energy
5.150%, 11/15/2029		20		20
3.950%, 02/01/2028		50		48
PBF Holding
9.250%, 05/15/2025 (A)		100		98
6.000%, 02/15/2028		250		176
PBF Logistics
6.875%, 05/15/2023		50		49
PDC Energy
5.750%, 05/15/2026		128		130
Peabody Energy
6.375%, 03/31/2025 (A)		50		48
Penn Virginia Holdings
9.250%, 08/15/2026 (A)		25		26
Pertamina Persero MTN
6.450%, 05/30/2044		300		364
4.300%, 05/20/2023		200		206
4.175%, 01/21/2050		500		485
Petrofac
9.750%, 11/15/2026 (A)		200		201
Petroleos del Peru
4.750%, 06/19/2032		500		491
Petroleos Mexicanos
6.950%, 01/28/2060		500		428
6.700%, 02/16/2032 (A)		500		495
6.500%, 03/13/2027		1,450		1,515
Petroleos Mexicanos MTN
6.750%, 09/21/2047		1,200		1,030

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Petronas Capital MTN
4.550%, 04/21/2050	$	1,250	$	1,480
3.500%, 03/18/2025		1,000		1,044
Precision Drilling
6.875%, 01/15/2029 (A)		25		25
Qatar Energy
3.125%, 07/12/2041		400		388
2.250%, 07/12/2031		550		529
Range Resources
9.250%, 02/01/2026		90		96
5.000%, 03/15/2023		58		59
4.875%, 05/15/2025		149		152
Renewable Energy Group
5.875%, 06/01/2028 (A)		70		70
Rockcliff Energy II
5.500%, 10/15/2029 (A)		29		29
Rockies Express Pipeline
6.875%, 04/15/2040 (A)		50		53
4.950%, 07/15/2029 (A)		60		62
4.800%, 05/15/2030 (A)		50		50
3.600%, 05/15/2025 (A)		100		99
Sinopec Group Overseas Development 2015
3.250%, 04/28/2025		1,000		1,037
Sinopec Group Overseas Development 2018
2.700%, 05/13/2030		1,000		995
2.300%, 01/08/2031		200		192
SM Energy
10.000%, 01/15/2025 (A)		150		163
6.625%, 01/15/2027		50		51
6.500%, 07/15/2028		50		52
5.625%, 06/01/2025		95		94
Southeast Supply Header
4.250%, 06/15/2024 (A)		40		40
Southern Gas Corridor CJSC
6.875%, 03/24/2026		750		855
Southwestern Energy
5.950%, 01/23/2025		51		54
5.375%, 02/01/2029		110		112
5.375%, 03/15/2030		75		77
4.750%, 02/01/2032		88		88
Strathcona Resources
6.875%, 08/01/2026 (A)		50		50
Summit Midstream Holdings
8.500%, 10/15/2026 (A)		70		72
5.750%, 04/15/2025		20		18
SunCoke Energy
4.875%, 06/30/2029 (A)		47		46
Sunoco
6.000%, 04/15/2027		20		21
5.875%, 03/15/2028		100		104
4.500%, 05/15/2029		50		49
4.500%, 04/30/2030 (A)		80		79

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

57

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Enhanced Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Tallgrass Energy Partners
7.500%, 10/01/2025 (A)	$	100	$	105
6.000%, 12/31/2030 (A)		80		76
6.000%, 09/01/2031 (A)		100		95
Talos Production
12.000%, 01/15/2026		100		106
Tap Rock Resources
7.000%, 10/01/2026 (A)		21		22
Targa Resources Partners
6.500%, 07/15/2027		70		74
5.875%, 04/15/2026		154		159
5.500%, 03/01/2030		100		106
5.375%, 02/01/2027		70		72
5.000%, 01/15/2028		154		158
4.000%, 01/15/2032 (A)		90		90
TechnipFMC
6.500%, 02/01/2026 (A)		162		170
Teine Energy
6.875%, 04/15/2029 (A)		50		51
TransMontaigne Partners
6.125%, 02/15/2026		50		49
Transocean
7.500%, 04/15/2031		100		61
Transocean Guardian
5.875%, 01/15/2024 (A)		67		64
Transocean Phoenix 2
7.750%, 10/15/2024 (A)		25		25
Transocean Pontus
6.125%, 08/01/2025 (A)		134		132
Transocean Poseidon
6.875%, 02/01/2027 (A)		100		97
Transocean Proteus
6.250%, 12/01/2024 (A)		13		12
Transocean Sentry
5.375%, 05/15/2023 (A)		167		161
Trinidad Petroleum Holdings
9.750%, 06/15/2026		200		210
USA Compression Partners
6.875%, 04/01/2026		200		203
6.875%, 09/01/2027		50		51
Vantage Drilling International
9.250%, 11/15/2023 (A)		100		94
Venture Global Calcasieu Pass
4.125%, 08/15/2031 (A)		128		129
3.875%, 08/15/2029 (A)		148		148
3.875%, 11/01/2033 (A)		56		55
Vermilion Energy
5.625%, 03/15/2025 (A)		30		30
W&T Offshore
9.750%, 11/01/2023 (A)		80		78
Weatherford International
11.000%, 12/01/2024 (A)		32		33

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
8.625%, 04/30/2030 (A)	$	165	$	168
6.500%, 09/15/2028 (A)		41		43
Western Midstream Operating
5.750%, 02/01/2050		274		301
5.500%, 08/15/2048		50		55
4.650%, 07/01/2026		50		52
4.500%, 03/01/2028		50		53
3.950%, 06/01/2025		100		102
3.600%, 02/01/2025		102		103
				35,900
Financials — 6.0%
1MDB Global Investments
4.400%, 03/09/2023		1,000		1,001
Acrisure
7.000%, 11/15/2025 (A)		30		30
6.000%, 08/01/2029 (A)		65		62
4.250%, 02/15/2029 (A)		55		52
Advisor Group Holdings
10.750%, 08/01/2027 (A)		70		77
Air Methods
8.000%, 05/15/2025 (A)		50		41
Alliant Holdings Intermediate
6.750%, 10/15/2027 (A)		76		75
5.875%, 11/01/2029 (A)		100		98
4.250%, 10/15/2027 (A)		65		63
Allied Universal Holdco
9.750%, 07/15/2027 (A)		100		105
6.625%, 07/15/2026 (A)		250		257
6.000%, 06/01/2029 (A)		53		50
4.625%, 06/01/2028 (A)		241		230
Ally Financial
5.750%, 11/20/2025		100		110
AmWINS Group
4.875%, 06/30/2029 (A)		85		83
Apollo Commercial Real Estate Finance
4.625%, 06/15/2029 (A)		60		57
Aretec Escrow Issuer
7.500%, 04/01/2029 (A)		50		51
Assurant
7.000%, VAR ICE LIBOR USD 3 Month + 4.135%, 03/27/2048		40		45
AssuredPartners
5.625%, 01/15/2029 (A)		60		56
Asteroid Private Merger Sub
8.500%, 11/15/2029 (A)		50		51
Banco Nacional de Panama
2.500%, 08/11/2030		200		180
Blackstone Mortgage Trust
3.750%, 01/15/2027 (A)		50		48
BroadStreet Partners
5.875%, 04/15/2029 (A)		133		127

58

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)			Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Castlelake Aviation Finance DAC
5.000%, 04/15/2027 (A)	$	50		$	49
CBB International Sukuk Programme WLL
6.250%, 11/14/2024		1,250			1,332
Coinbase Global
3.625%, 10/01/2031 (A)		115			100
3.375%, 10/01/2028 (A)		100			90
Compass Group Diversified Holdings
5.250%, 04/15/2029 (A)		100			99
5.000%, 01/15/2032 (A)		50			49
Credit Acceptance
5.125%, 12/31/2024 (A)		100			101
Curo Group Holdings
7.500%, 08/01/2028 (A)		108			102
DAE Sukuk DIFC MTN
3.750%, 02/15/2026		200			202
Deutsche Bank
4.500%, 04/01/2025		200			208
Deutsche Bank MTN
4.296%, VAR USD Swap Semi 30/360 5 Yr Curr + 2.248%, 05/24/2028		160			162
Deutsche Bank NY
4.875%, VAR USD ICE Swap 11:00 NY 5 Yr + 2.553%, 12/01/2032		180			188
3.729%, VAR U.S. SOFR + 2.757%, 01/14/2032		50			49
Development Bank of Kazakhstan JSC
4.125%, 12/10/2022		700			709
Enact Holdings
6.500%, 08/15/2025 (A)		189			200
Enova International
8.500%, 09/15/2025 (A)		100			103
Finance of America Funding
7.875%, 11/15/2025 (A)		100	��		98
FirstCash
5.625%, 01/01/2030 (A)		60			60
4.625%, 09/01/2028 (A)		197			190
First-Citizens Bank & Trust
6.125%, 03/09/2028		40			46
5.250%, 03/07/2025		149			162
5.000%, 08/01/2023		103			108
Freedom Mortgage
7.625%, 05/01/2026 (A)		200			191
6.625%, 01/15/2027 (A)		30			28
FS Energy and Power Fund
7.500%, 08/15/2023 (A)		50			52
Genworth Holdings
6.500%, 06/15/2034		20			20
4.800%, 02/15/2024		40			41
Global Aircraft Leasing
0.000%cash/7.250% PIK, 09/15/2024 (A)		207			195

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Global Atlantic Finance
4.700%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.796%, 10/15/2051 (A)	$	100	$	100
goeasy
5.375%, 12/01/2024 (A)		100		102
GTCR AP Finance
8.000%, 05/15/2027 (A)		100		102
Gtlk Europe Capital DAC
4.800%, 02/26/2028		250		221
HAT Holdings I
6.000%, 04/15/2025 (A)		100		104
3.375%, 06/15/2026 (A)		80		77
Hightower Holding
6.750%, 04/15/2029 (A)		50		51
Home Point Capital
5.000%, 02/01/2026 (A)		118		102
HUB International
7.000%, 05/01/2026 (A)		26		27
5.625%, 12/01/2029 (A)		115		113
Intesa Sanpaolo
4.950%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.750%, 06/01/2042 (A)		50		48
4.198%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.600%, 06/01/2032 (A)		100		96
Intesa Sanpaolo MTN
5.710%, 01/15/2026 (A)		200		216
5.017%, 06/26/2024 (A)		236		245
Jane Street Group
4.500%, 11/15/2029 (A)		75		74
Jefferies Finance
5.000%, 08/15/2028 (A)		90		89
Jefferson Capital Holdings
6.000%, 08/15/2026 (A)		20		20
Ladder Capital Finance Holdings LLLP
4.750%, 06/15/2029 (A)		50		49
4.250%, 02/01/2027 (A)		100		97
LD Holdings Group
6.125%, 04/01/2028 (A)		149		132
LFS Topco
5.875%, 10/15/2026 (A)		6		6
Liberty Mutual Group
7.800%, 03/15/2037 (A)		70		95
4.125%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.315%, 12/15/2051 (A)		100		99
LPL Holdings
4.625%, 11/15/2027 (A)		42		43
4.375%, 05/15/2031 (A)		40		39
4.000%, 03/15/2029 (A)		100		97

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

59

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Enhanced Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Malaysia Sukuk Global
3.179%, 04/27/2026	$	500	$	525
Malaysia Wakala Sukuk
2.070%, 04/28/2031 (A)		250		244
MDGH GMTN RSC MTN
3.950%, 05/21/2050		400		435
2.500%, 05/21/2026		500		504
MGIC Investment
5.250%, 08/15/2028		50		52
Midcap Financial Issuer Trust
6.500%, 05/01/2028 (A)		200		201
MPH Acquisition Holdings
5.750%, 11/01/2028 (A)		165		148
5.500%, 09/01/2028 (A)		115		110
MSCI
4.000%, 11/15/2029 (A)		100		101
3.875%, 02/15/2031 (A)		135		135
3.625%, 09/01/2030 (A)		70		69
3.625%, 11/01/2031 (A)		55		54
3.250%, 08/15/2033 (A)		75		70
Mumtalakat Sukuk Holding
5.625%, 02/27/2024		200		209
Nationstar Mortgage Holdings
5.750%, 11/15/2031 (A)		90		87
5.500%, 08/15/2028 (A)		200		195
5.125%, 12/15/2030 (A)		66		62
Navient
6.750%, 06/25/2025		150		159
5.500%, 03/15/2029		77		75
5.000%, 03/15/2027		100		97
4.875%, 03/15/2028		100		96
Navient MTN
6.125%, 03/25/2024		224		233
New Residential Investment
6.250%, 10/15/2025 (A)		60		59
NFP
6.875%, 08/15/2028 (A)		200		190
4.875%, 08/15/2028 (A)		35		34
OneMain Finance
8.875%, 06/01/2025		64		68
7.125%, 03/15/2026		200		220
6.875%, 03/15/2025		100		109
6.625%, 01/15/2028		100		107
6.125%, 03/15/2024		300		314
5.625%, 03/15/2023		100		103
5.375%, 11/15/2029		100		102
3.875%, 09/15/2028		100		93
3.500%, 01/15/2027		20		19
PennyMac Financial Services
5.750%, 09/15/2031 (A)		50		48
5.375%, 10/15/2025 (A)		50		50
4.250%, 02/15/2029 (A)		85		77

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
PHH Mortgage
7.875%, 03/15/2026 (A)	$	40	$	41
PRA Group
5.000%, 10/01/2029 (A)		40		39
PROG Holdings
6.000%, 11/15/2029 (A)		59		58
Radian Group
6.625%, 03/15/2025		50		54
4.875%, 03/15/2027		117		121
Rocket Mortgage
4.000%, 10/15/2033 (A)		67		63
3.875%, 03/01/2031 (A)		100		94
3.625%, 03/01/2029 (A)		100		93
2.875%, 10/15/2026 (A)		161		153
Sabre GLBL
9.250%, 04/15/2025 (A)		100		112
7.375%, 09/01/2025 (A)		90		92
Sharjah Sukuk Program
2.942%, 06/10/2027		500		496
SLM
4.200%, 10/29/2025		50		51
3.125%, 11/02/2026		50		48
Starwood Property Trust
4.750%, 03/15/2025		100		102
3.750%, 12/31/2024 (A)		25		25
3.625%, 07/15/2026 (A)		110		107
Stena International
5.750%, 03/01/2024 (A)		200		204
StoneX Group
8.625%, 06/15/2025 (A)		7		7
Tempo Acquisition
5.750%, 06/01/2025 (A)		50		52
Third Pakistan International Sukuk
5.625%, 12/05/2022		500		506
TMX Finance
11.125%, 04/01/2023 (A)		100		101
UniCredit
5.861%, VAR USD ICE Swap 11:00 NY 5 Yr + 3.703%, 06/19/2032 (A)		100		106
UniCredit MTN
7.296%, VAR USD ICE Swap 11:00 NY 5 Yr + 4.914%, 04/02/2034 (A)		120		138
5.459%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.750%, 06/30/2035 (A)		200		209
United Wholesale Mortgage
5.750%, 06/15/2027 (A)		35		33
5.500%, 11/15/2025 (A)		40		39
5.500%, 04/15/2029 (A)		100		92
USI
6.875%, 05/01/2025 (A)		50		50

60

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
World Acceptance
7.000%, 11/01/2026 (A)	$	25	$	24
				19,091
Health Care — 4.7%
180 Medical
3.875%, 10/15/2029 (A)		50		49
Acadia Healthcare
5.000%, 04/15/2029 (A)		50		49
AdaptHealth
6.125%, 08/01/2028 (A)		61		64
5.125%, 03/01/2030 (A)		58		57
4.625%, 08/01/2029 (A)		50		47
AHP Health Partners
5.750%, 07/15/2029 (A)		50		49
Akumin
7.000%, 11/01/2025 (A)		140		129
AMN Healthcare
4.625%, 10/01/2027 (A)		70		71
4.000%, 04/15/2029 (A)		10		10
Avantor Funding
4.625%, 07/15/2028 (A)		150		150
3.875%, 11/01/2029 (A)		95		91
Bausch Health
9.000%, 12/15/2025 (A)		170		178
7.250%, 05/30/2029 (A)		20		18
7.000%, 01/15/2028 (A)		40		36
6.250%, 02/15/2029 (A)		250		212
6.125%, 04/15/2025 (A)		138		141
5.500%, 11/01/2025 (A)		250		252
5.250%, 01/30/2030 (A)		100		80
5.250%, 02/15/2031 (A)		100		80
5.000%, 01/30/2028 (A)		175		147
5.000%, 02/15/2029 (A)		200		161
4.875%, 06/01/2028 (A)		135		128
Bausch Health Americas
8.500%, 01/31/2027 (A)		450		455
Cano Health
6.250%, 10/01/2028 (A)		25		24
Catalent Pharma Solutions
3.500%, 04/01/2030 (A)		70		65
3.125%, 02/15/2029 (A)		117		109
Centene
4.625%, 12/15/2029		500		520
4.250%, 12/15/2027		300		307
3.375%, 02/15/2030		200		196
3.000%, 10/15/2030		110		107
2.625%, 08/01/2031		65		61
2.500%, 03/01/2031		280		260
2.450%, 07/15/2028		230		219
Charles River Laboratories International
4.250%, 05/01/2028 (A)		50		50

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.000%, 03/15/2031 (A)	$	50	$	48
3.750%, 03/15/2029 (A)		83		80
Cheplapharm Arzneimittel GmbH
5.500%, 01/15/2028 (A)		100		101
CHS
8.000%, 03/15/2026 (A)		200		208
8.000%, 12/15/2027 (A)		20		21
6.875%, 04/01/2028 (A)		200		190
6.875%, 04/15/2029 (A)		185		183
6.625%, 02/15/2025 (A)		100		103
6.125%, 04/01/2030 (A)		137		130
6.000%, 01/15/2029 (A)		70		71
5.625%, 03/15/2027 (A)		250		251
4.750%, 02/15/2031 (A)		90		86
DaVita
4.625%, 06/01/2030 (A)		425		413
3.750%, 02/15/2031 (A)		100		92
Elanco Animal Health
5.900%, 08/28/2028		70		76
5.272%, 08/28/2023		100		104
Encompass Health
4.750%, 02/01/2030		100		99
4.625%, 04/01/2031		40		39
4.500%, 02/01/2028		100		100
Endo DAC
9.500%, 07/31/2027 (A)		100		99
6.000%, 06/30/2028 (A)		300		203
Endo Luxembourg Finance I Sarl
6.125%, 04/01/2029 (A)		90		86
Envision Healthcare
8.750%, 10/15/2026 (A)		200		104
Global Medical Response
6.500%, 10/01/2025 (A)		64		64
HCA
5.875%, 05/01/2023		230		239
5.875%, 02/15/2026		150		163
5.875%, 02/01/2029		100		113
5.625%, 09/01/2028		200		223
5.375%, 02/01/2025		250		266
5.375%, 09/01/2026		100		109
3.500%, 09/01/2030		210		209
HealthEquity
4.500%, 10/01/2029 (A)		35		34
Hologic
4.625%, 02/01/2028 (A)		50		52
3.250%, 02/15/2029 (A)		40		38
IQVIA
5.000%, 10/15/2026 (A)		120		123
5.000%, 05/15/2027 (A)		100		102
Jazz Securities DAC
4.375%, 01/15/2029 (A)		200		197

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

61

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Enhanced Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Lannett
7.750%, 04/15/2026 (A)	$	50	$	39
Legacy LifePoint Health
4.375%, 02/15/2027 (A)		60		59
LifePoint Health
5.375%, 01/15/2029 (A)		125		119
MEDNAX
6.250%, 01/15/2027 (A)		135		141
ModivCare
5.875%, 11/15/2025 (A)		100		104
ModivCare Escrow Issuer
5.000%, 10/01/2029 (A)		40		39
Molina Healthcare
4.375%, 06/15/2028 (A)		100		100
3.875%, 05/15/2032 (A)		170		164
Mozart Debt Merger Sub
5.250%, 10/01/2029 (A)		261		254
3.875%, 04/01/2029 (A)		505		487
Option Care Health
4.375%, 10/31/2029 (A)		50		49
Organon
5.125%, 04/30/2031 (A)		200		200
4.125%, 04/30/2028 (A)		210		207
Ortho-Clinical Diagnostics
7.250%, 02/01/2028 (A)		40		43
Owens & Minor
4.500%, 03/31/2029 (A)		65		63
P&L Development
7.750%, 11/15/2025 (A)		100		97
Par Pharmaceutical
7.500%, 04/01/2027 (A)		200		201
Perrigo Finance Unlimited
4.900%, 12/15/2044		21		20
4.375%, 03/15/2026		75		76
3.900%, 12/15/2024		50		51
3.900%, 06/15/2030		90		87
PRA Health Sciences
2.875%, 07/15/2026 (A)		50		49
Prestige Brands
3.750%, 04/01/2031 (A)		100		91
Prime Healthcare Services
7.250%, 11/01/2025 (A)		131		137
Radiology Partners
9.250%, 02/01/2028 (A)		100		99
RegionalCare Hospital Partners Holdings
9.750%, 12/01/2026 (A)		135		142
RP Escrow Issuer
5.250%, 12/15/2025 (A)		150		146
Select Medical
6.250%, 08/15/2026 (A)		120		123
Surgery Center Holdings
6.750%, 07/01/2025 (A)		22		22

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Syneos Health
3.625%, 01/15/2029 (A)	$	60	$	57
Team Health Holdings
6.375%, 02/01/2025 (A)		80		72
Teleflex
4.625%, 11/15/2027		12		12
4.250%, 06/01/2028 (A)		50		50
Tenet Healthcare
7.500%, 04/01/2025 (A)		300		313
6.875%, 11/15/2031		25		27
6.750%, 06/15/2023		100		105
6.250%, 02/01/2027 (A)		150		153
6.125%, 10/01/2028 (A)		300		301
5.125%, 11/01/2027 (A)		200		200
4.875%, 01/01/2026 (A)		200		201
4.625%, 06/15/2028 (A)		50		50
4.375%, 01/15/2030 (A)		157		151
4.250%, 06/01/2029 (A)		140		135
US Acute Care Solutions
6.375%, 03/01/2026 (A)		70		70
US Renal Care
10.625%, 07/15/2027 (A)		100		102
Varex Imaging
7.875%, 10/15/2027 (A)		90		99
Vizient
6.250%, 05/15/2027 (A)		200		205
				15,103
Industrials — 7.4%
ACCO Brands
4.250%, 03/15/2029 (A)		85		81
ADT Security
4.875%, 07/15/2032 (A)		90		86
4.125%, 06/15/2023		100		101
4.125%, 08/01/2029 (A)		50		47
Advanced Drainage Systems
5.000%, 09/30/2027 (A)		49		49
AECOM
5.125%, 03/15/2027		100		104
AerCap Global Aviation Trust
6.500%, VAR ICE LIBOR USD 3 Month + 4.300%, 06/15/2045 (A)		140		150
Aeropuerto Internacional de Tocumen
5.125%, 08/11/2061		350		343
Ahern Rentals
7.375%, 05/15/2023 (A)		70		66
Air Canada
3.875%, 08/15/2026 (A)		60		59
Allison Transmission
5.875%, 06/01/2029 (A)		50		53
4.750%, 10/01/2027 (A)		49		50
3.750%, 01/30/2031 (A)		100		93

62

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Alta Equipment Group
5.625%, 04/15/2026 (A)	$	40	$	41
American Airlines
11.750%, 07/15/2025 (A)		269		326
5.750%, 04/20/2029 (A)		290		297
5.500%, 04/20/2026 (A)		460		471
Amsted Industries
5.625%, 07/01/2027 (A)		40		41
4.625%, 05/15/2030 (A)		50		50
Apex Tool Group
9.000%, 02/15/2023 (A)		151		151
APi Group DE
4.125%, 07/15/2029 (A)		50		48
Aptim
7.750%, 06/15/2025 (A)		100		87
Arcosa
4.375%, 04/15/2029 (A)		40		39
ARD Finance
6.500%cash/0.000% PIK, 06/30/2027 (A)		200		202
Ardagh Metal Packaging Finance USA
3.250%, 09/01/2028 (A)		50		48
Ardagh Packaging Finance
5.250%, 04/30/2025 (A)		150		153
5.250%, 08/15/2027 (A)		200		196
4.125%, 08/15/2026 (A)		50		50
Artera Services
9.033%, 12/04/2025 (A)		150		153
ASGN
4.625%, 05/15/2028 (A)		50		50
Ashton Woods USA
6.625%, 01/15/2028 (A)		30		32
4.625%, 08/01/2029 (A)		25		25
4.625%, 04/01/2030 (A)		35		35
Atkore
4.250%, 06/01/2031 (A)		70		69
ATS Automation Tooling Systems
4.125%, 12/15/2028 (A)		50		49
Beacon Roofing Supply
4.500%, 11/15/2026 (A)		30		31
4.125%, 05/15/2029 (A)		40		38
BlueLinx Holdings
6.000%, 11/15/2029 (A)		100		99
Boise Cascade
4.875%, 07/01/2030 (A)		42		44
Bombardier
7.875%, 04/15/2027 (A)		275		279
7.500%, 12/01/2024 (A)		200		207
7.500%, 03/15/2025 (A)		100		101
7.125%, 06/15/2026 (A)		116		118
6.000%, 02/15/2028 (A)		65		63

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Booz Allen Hamilton
4.000%, 07/01/2029 (A)	$	25	$	25
3.875%, 09/01/2028 (A)		70		69
Brand Industrial Services
8.500%, 07/15/2025 (A)		100		94
Brink's
4.625%, 10/15/2027 (A)		60		61
Brookfield Residential Properties
5.000%, 06/15/2029 (A)		50		49
4.875%, 02/15/2030 (A)		100		97
Brundage-Bone Concrete Pumping Holdings
6.000%, 02/01/2026 (A)		35		35
Builders FirstSource
6.750%, 06/01/2027 (A)		60		62
5.000%, 03/01/2030 (A)		70		72
4.250%, 02/01/2032 (A)		70		69
BWX Technologies
4.125%, 04/15/2029 (A)		50		49
Camelot Finance
4.500%, 11/01/2026 (A)		50		51
Cargo Aircraft Management
4.750%, 02/01/2028 (A)		165		166
Cascades
5.375%, 01/15/2028 (A)		50		50
China Minmetals
3.750% (B)		500		508
Cimpress
7.000%, 06/15/2026 (A)		50		51
Clean Harbors
4.875%, 07/15/2027 (A)		70		72
Colfax
6.375%, 02/15/2026 (A)		100		103
CoreCivic
8.250%, 04/15/2026		55		57
4.750%, 10/15/2027		20		18
CoreLogic
4.500%, 05/01/2028 (A)		83		79
Cornerstone Building Brands
6.125%, 01/15/2029 (A)		53		55
Covanta Holding
4.875%, 12/01/2029 (A)		55		55
CP Atlas Buyer
7.000%, 12/01/2028 (A)		50		48
Danaos
8.500%, 03/01/2028 (A)		100		109
Delta Air Lines
7.375%, 01/15/2026		251		286
Deluxe
8.000%, 06/01/2029 (A)		35		36
DP World Crescent
3.908%, 05/31/2023		500		514

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

63

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Enhanced Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
DP World Salaam
6.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.750% (B)	$	200	$	214
Dun & Bradstreet
5.000%, 12/15/2029 (A)		100		100
Dycom Industries
4.500%, 04/15/2029 (A)		35		34
Empire Communities
7.000%, 12/15/2025 (A)		150		153
Empresa de Transporte de Pasajeros Metro
4.700%, 05/07/2050		250		277
EnerSys
4.375%, 12/15/2027 (A)		50		51
EnPro Industries
5.750%, 10/15/2026		4		4
First Student Bidco
4.000%, 07/31/2029 (A)		80		76
Flex Acquisition
7.875%, 07/15/2026 (A)		100		103
Fluor
4.250%, 09/15/2028		30		30
3.500%, 12/15/2024		18		18
Fly Leasing
7.000%, 10/15/2024 (A)		38		37
Fortress Transportation and Infrastructure Investors
9.750%, 08/01/2027 (A)		100		110
6.500%, 10/01/2025 (A)		100		103
5.500%, 05/01/2028 (A)		98		95
FXI Holdings
12.250%, 11/15/2026 (A)		200		219
Georgian Railway JSC
4.000%, 06/17/2028		250		245
GFL Environmental
4.750%, 06/15/2029 (A)		30		29
4.375%, 08/15/2029 (A)		130		124
4.250%, 06/01/2025 (A)		50		50
4.000%, 08/01/2028 (A)		80		75
3.750%, 08/01/2025 (A)		100		100
3.500%, 09/01/2028 (A)		80		75
Global Infrastructure Solutions
5.625%, 06/01/2029 (A)		40		40
GrafTech Finance
4.625%, 12/15/2028 (A)		100		97
Graham Packaging
7.125%, 08/15/2028 (A)		100		101
Granite US Holdings
11.000%, 10/01/2027 (A)		20		21
Great Lakes Dredge & Dock
5.250%, 06/01/2029 (A)		15		15

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Griffon
5.750%, 03/01/2028	$	135	$	135
GYP Holdings III
4.625%, 05/01/2029 (A)		25		24
H&E Equipment Services
3.875%, 12/15/2028 (A)		100		95
Harsco
5.750%, 07/31/2027 (A)		50		51
Hawaiian Brand Intellectual Property
5.750%, 01/20/2026 (A)		175		179
Hertz
5.000%, 12/01/2029 (A)		95		91
4.625%, 12/01/2026 (A)		40		39
Hillenbrand
5.750%, 06/15/2025		100		103
3.750%, 03/01/2031		40		38
Howmet Aerospace
6.875%, 05/01/2025		8		9
5.950%, 02/01/2037		100		112
5.900%, 02/01/2027		10		11
5.125%, 10/01/2024		100		104
3.000%, 01/15/2029		75		71
Husky III Holding
0.000%cash/13.750% PIK, 02/15/2025 (A)		100		104
IAA
5.500%, 06/15/2027 (A)		100		103
Icahn Enterprises
6.750%, 02/01/2024		28		28
6.375%, 12/15/2025		72		73
6.250%, 05/15/2026		132		136
5.250%, 05/15/2027		200		201
4.750%, 09/15/2024		165		167
4.375%, 02/01/2029		30		29
IEA Energy Services
6.625%, 08/15/2029 (A)		50		49
Imola Merger
4.750%, 05/15/2029 (A)		225		219
Intelligent Packaging Finco
6.000%, 09/15/2028 (A)		135		134
Interface
5.500%, 12/01/2028 (A)		80		82
Intertape Polymer Group
4.375%, 06/15/2029 (A)		20		20
James Hardie International Finance DAC
5.000%, 01/15/2028 (A)		50		51
JELD-WEN
4.625%, 12/15/2025 (A)		200		199
KAR Auction Services
5.125%, 06/01/2025 (A)		90		90
Kratos Defense & Security Solutions
6.500%, 11/30/2025 (A)		50		51

64

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
LABL
10.500%, 07/15/2027 (A)	$	70	$	72
8.250%, 11/01/2029 (A)		100		95
6.750%, 07/15/2026 (A)		60		61
5.875%, 11/01/2028 (A)		26		26
Likewize
9.750%, 10/15/2025 (A)		100		107
Madison IAQ
5.875%, 06/30/2029 (A)		60		55
4.125%, 06/30/2028 (A)		35		33
Manitowoc
9.000%, 04/01/2026 (A)		100		104
Masonite International
3.500%, 02/15/2030 (A)		100		94
Mauser Packaging Solutions Holding
7.250%, 04/15/2025 (A)		150		149
5.500%, 04/15/2024 (A)		300		300
Maxar Space Robotics
9.750%, 12/31/2023 (A)		118		127
Meritor
4.500%, 12/15/2028 (A)		100		97
Mexico City Airport Trust
5.500%, 07/31/2047		400		373
Moog
4.250%, 12/15/2027 (A)		50		50
Mueller Water Products
4.000%, 06/15/2029 (A)		15		15
New Enterprise Stone & Lime
9.750%, 07/15/2028 (A)		25		26
5.250%, 07/15/2028 (A)		50		50
Nielsen Finance
5.875%, 10/01/2030 (A)		80		80
5.625%, 10/01/2028 (A)		100		100
4.750%, 07/15/2031 (A)		61		57
4.500%, 07/15/2029 (A)		77		72
Nielsen Luxembourg SARL
5.000%, 02/01/2025 (A)		42		42
OT Merger
7.875%, 10/15/2029 (A)		100		97
Pactiv
7.950%, 12/15/2025		150		161
Pactiv Evergreen Group Issuer
4.375%, 10/15/2028 (A)		30		29
PGT Innovations
4.375%, 10/01/2029 (A)		40		39
Picasso Finance Sub
6.125%, 06/15/2025 (A)		82		85
Pitney Bowes
7.250%, 03/15/2029 (A)		40		40
6.875%, 03/15/2027 (A)		97		96

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Powerchina Roadbridge Group British Virgin Islands
3.080% (B)	$	200	$	200
Resideo Funding
4.000%, 09/01/2029 (A)		100		94
Roller Bearing of America
4.375%, 10/15/2029 (A)		10		10
Rolls-Royce
5.750%, 10/15/2027 (A)		138		145
3.625%, 10/14/2025 (A)		60		59
RR Donnelley & Sons
6.125%, 11/01/2026 (A)		80		86
Science Applications International
4.875%, 04/01/2028 (A)		40		40
Sensata Technologies
3.750%, 02/15/2031 (A)		50		47
Sensata Technologies BV
5.625%, 11/01/2024 (A)		200		211
4.000%, 04/15/2029 (A)		135		133
Shea Homes
4.750%, 02/15/2028 (A)		100		98
Spirit AeroSystems
7.500%, 04/15/2025 (A)		200		207
5.500%, 01/15/2025 (A)		150		154
Spirit Loyalty Cayman
8.000%, 09/20/2025 (A)		50		54
SRM Escrow Issuer
6.000%, 11/01/2028 (A)		205		210
Standard Industries
5.000%, 02/15/2027 (A)		250		252
4.750%, 01/15/2028 (A)		20		20
4.375%, 07/15/2030 (A)		195		186
3.375%, 01/15/2031 (A)		50		46
Stericycle
3.875%, 01/15/2029 (A)		70		66
Stevens Holding
6.125%, 10/01/2026 (A)		50		52
Summit Materials
5.250%, 01/15/2029 (A)		100		102
Terex
5.000%, 05/15/2029 (A)		63		62
Titan International
7.000%, 04/30/2028		100		105
TK Elevator Holdco GmbH
7.625%, 07/15/2028 (A)		50		53
TK Elevator US Newco
5.250%, 07/15/2027 (A)		159		161
TransDigm
7.500%, 03/15/2027		75		78
6.375%, 06/15/2026		100		102
6.250%, 03/15/2026 (A)		500		516
5.500%, 11/15/2027		270		271

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

65

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Enhanced Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.875%, 05/01/2029	$	150	$	144
4.625%, 01/15/2029		115		109
TransDigm UK Holdings
6.875%, 05/15/2026		160		166
Transnet SOC
4.000%, 07/26/2022		200		199
TriNet Group
3.500%, 03/01/2029 (A)		55		52
Triumph Group
8.875%, 06/01/2024 (A)		160		171
Trivium Packaging Finance BV
8.500%, 08/15/2027 (A)		65		67
5.500%, 08/15/2026 (A)		200		201
Tutor Perini
6.875%, 05/01/2025 (A)		250		248
Uber Technologies
7.500%, 09/15/2027 (A)		266		283
4.500%, 08/15/2029 (A)		200		194
United Airlines
4.625%, 04/15/2029 (A)		184		182
4.375%, 04/15/2026 (A)		202		201
United Airlines Holdings
5.000%, 02/01/2024		100		102
4.875%, 01/15/2025		100		101
United Rentals North America
5.500%, 05/15/2027		100		103
5.250%, 01/15/2030		100		105
4.875%, 01/15/2028		300		309
3.875%, 02/15/2031		100		97
3.750%, 01/15/2032		31		30
Vertiv Group
4.125%, 11/15/2028 (A)		85		83
Victors Merger
6.375%, 05/15/2029 (A)		22		20
VM Consolidated
5.500%, 04/15/2029 (A)		50		50
Wabash National
4.500%, 10/15/2028 (A)		50		48
Waste Pro USA
5.500%, 02/15/2026 (A)		50		49
Watco
6.500%, 06/15/2027 (A)		100		104
Weekley Homes
4.875%, 09/15/2028 (A)		100		98
Welbilt
9.500%, 02/15/2024		50		50
WESCO Distribution
7.250%, 06/15/2028 (A)		150		161
7.125%, 06/15/2025 (A)		200		209
Williams Scotsman International
4.625%, 08/15/2028 (A)		50		50

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Wolverine Escrow
9.000%, 11/15/2026 (A)	$	100	$	88
8.500%, 11/15/2024 (A)		100		87
XPO CNW
6.700%, 05/01/2034		30		34
XPO Logistics
6.250%, 05/01/2025 (A)		150		155
				24,111
Information Technology — 2.3%
Ahead DB Holdings
6.625%, 05/01/2028 (A)		67		65
ams-OSRAM
7.000%, 07/31/2025 (A)		100		105
Austin BidCo
7.125%, 12/15/2028 (A)		100		101
Avaya
6.125%, 09/15/2028 (A)		125		128
Black Knight InfoServ
3.625%, 09/01/2028 (A)		135		129
Block
3.500%, 06/01/2031 (A)		102		97
2.750%, 06/01/2026 (A)		100		97
Boxer Parent
7.125%, 10/02/2025 (A)		200		209
CDK Global
5.250%, 05/15/2029 (A)		100		104
Clarivate Science Holdings
4.875%, 07/01/2029 (A)		93		89
3.875%, 07/01/2028 (A)		92		88
CommScope
6.000%, 03/01/2026 (A)		500		506
4.750%, 09/01/2029 (A)		70		67
CommScope Technologies
6.000%, 06/15/2025 (A)		200		195
Conduent Business Services
6.000%, 11/01/2029 (A)		50		49
Consensus Cloud Solutions
6.500%, 10/15/2028 (A)		60		62
CPI CG
8.625%, 03/15/2026 (A)		35		36
Crowdstrike Holdings
3.000%, 02/15/2029		50		47
Dell
6.500%, 04/15/2038		48		58
5.400%, 09/10/2040		30		32
Diebold Nixdorf
8.500%, 04/15/2024		264		262
Elastic
4.125%, 07/15/2029 (A)		65		61
Endure Digital
6.000%, 02/15/2029 (A)		70		62

66

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Entegris
3.625%, 05/01/2029 (A)	$	125	$	120
Fair Isaac
4.000%, 06/15/2028 (A)		210		208
Gartner
4.500%, 07/01/2028 (A)		80		82
3.750%, 10/01/2030 (A)		80		78
3.625%, 06/15/2029 (A)		60		58
Go Daddy Operating
5.250%, 12/01/2027 (A)		60		61
3.500%, 03/01/2029 (A)		90		84
Helios Software Holdings
4.625%, 05/01/2028 (A)		30		29
II-VI
5.000%, 12/15/2029 (A)		30		30
Intrado
8.500%, 10/15/2025 (A)		67		66
MicroStrategy
6.125%, 06/15/2028 (A)		15		14
Minerva Merger Sub
6.500%, 02/15/2030 (A)		180		180
MoneyGram International
5.375%, 08/01/2026 (A)		20		21
NCR
6.125%, 09/01/2029 (A)		50		53
5.250%, 10/01/2030 (A)		75		74
5.125%, 04/15/2029 (A)		118		118
5.000%, 10/01/2028 (A)		123		122
Nuance Communications
5.625%, 12/15/2026		50		51
Open Text
3.875%, 02/15/2028 (A)		90		88
3.875%, 12/01/2029 (A)		78		75
Open Text Holdings
4.125%, 02/15/2030 (A)		95		93
4.125%, 12/01/2031 (A)		65		63
Paysafe Finance
4.000%, 06/15/2029 (A)		50		45
Plantronics
4.750%, 03/01/2029 (A)		150		136
Presidio Holdings
8.250%, 02/01/2028 (A)		44		46
4.875%, 02/01/2027 (A)		54		55
PTC
3.625%, 02/15/2025 (A)		100		100
Rackspace Technology Global
5.375%, 12/01/2028 (A)		50		47
3.500%, 02/15/2028 (A)		125		117
Rocket Software
6.500%, 02/15/2029 (A)		110		104
Seagate HDD Cayman
4.875%, 03/01/2024		50		52

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.875%, 06/01/2027	$	100	$	104
4.750%, 01/01/2025		100		104
4.125%, 01/15/2031		50		49
4.091%, 06/01/2029		100		98
3.125%, 07/15/2029		100		93
Shift4 Payments
4.625%, 11/01/2026 (A)		55		56
SS&C Technologies
5.500%, 09/30/2027 (A)		197		203
Switch
4.125%, 06/15/2029 (A)		40		39
3.750%, 09/15/2028 (A)		123		117
Synaptics
4.000%, 06/15/2029 (A)		50		49
TTM Technologies
4.000%, 03/01/2029 (A)		45		43
Twilio
3.875%, 03/15/2031		45		43
3.625%, 03/15/2029		70		67
Unisys
6.875%, 11/01/2027 (A)		100		106
Vericast
11.000%, 09/15/2026 (A)		133		138
Veritas US
7.500%, 09/01/2025 (A)		250		255
Viasat
6.500%, 07/15/2028 (A)		200		198
Viavi Solutions
3.750%, 10/01/2029 (A)		50		48
Xerox
6.750%, 12/15/2039		40		42
4.800%, 03/01/2035		45		42
4.375%, 03/15/2023		100		101
Xerox Holdings
5.500%, 08/15/2028 (A)		50		50
5.000%, 08/15/2025 (A)		200		203
ZoomInfo Technologies
3.875%, 02/01/2029 (A)		67		63
				7,430
Materials — 4.2%
Alcoa Nederland Holding BV
6.125%, 05/15/2028 (A)		120		128
4.125%, 03/31/2029 (A)		100		100
Allegheny Technologies
5.125%, 10/01/2031		30		29
4.875%, 10/01/2029		5		5
Arconic
6.125%, 02/15/2028 (A)		145		150
6.000%, 05/15/2025 (A)		70		72
Ashland
3.375%, 09/01/2031 (A)		100		94

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

67

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Enhanced Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
ASP Unifrax Holdings
7.500%, 09/30/2029 (A)	$	100	$	97
5.250%, 09/30/2028 (A)		67		66
Avient
5.750%, 05/15/2025 (A)		100		103
Axalta Coating Systems
4.750%, 06/15/2027 (A)		100		103
Baffinland Iron Mines
8.750%, 07/15/2026 (A)		100		104
Ball
5.250%, 07/01/2025		135		145
4.875%, 03/15/2026		100		106
3.125%, 09/15/2031		85		79
2.875%, 08/15/2030		100		93
Berry Global
5.625%, 07/15/2027 (A)		100		103
4.500%, 02/15/2026 (A)		50		50
Big River Steel
6.625%, 01/31/2029 (A)		80		85
Carpenter Technology
6.375%, 07/15/2028		40		42
4.450%, 03/01/2023		85		86
Century Aluminum
7.500%, 04/01/2028 (A)		50		53
Chemours
5.375%, 05/15/2027		51		52
4.625%, 11/15/2029 (A)		100		95
Chinalco Capital Holdings
2.125%, 06/03/2026		250		242
Clearwater Paper
4.750%, 08/15/2028 (A)		80		80
Cleveland-Cliffs
9.875%, 10/17/2025 (A)		175		196
5.875%, 06/01/2027		50		52
4.875%, 03/01/2031 (A)		105		103
4.625%, 03/01/2029 (A)		45		44
CNAC HK Finbridge
5.125%, 03/14/2028		500		558
3.500%, 07/19/2022		500		504
Coeur Mining
5.125%, 02/15/2029 (A)		80		76
Commercial Metals
5.375%, 07/15/2027		50		52
3.875%, 02/15/2031		55		52
Compass Minerals International
4.875%, 07/15/2024 (A)		100		102
Constellium
5.625%, 06/15/2028 (A)		50		51
3.750%, 04/15/2029 (A)		50		47
Cornerstone Chemical
6.750%, 08/15/2024 (A)		100		87

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Crown Americas
4.750%, 02/01/2026	$	10	$	10
4.250%, 09/30/2026		20		21
CVR Partners
6.125%, 06/15/2028 (A)		15		15
Diamond BC BV
4.625%, 10/01/2029 (A)		20		19
Domtar
6.750%, 10/01/2028 (A)		15		15
6.750%, 02/15/2044		25		22
6.250%, 09/01/2042		50		42
Eldorado
6.250%, 09/01/2029 (A)		100		100
Element Solutions
3.875%, 09/01/2028 (A)		100		96
EverArc Escrow Sarl
5.000%, 10/30/2029 (A)		85		81
FMG Resources August 2006 Pty
5.125%, 05/15/2024 (A)		80		83
4.500%, 09/15/2027 (A)		60		61
4.375%, 04/01/2031 (A)		162		163
Freeport-McMoRan
5.450%, 03/15/2043		200		235
5.400%, 11/14/2034		80		92
5.000%, 09/01/2027		191		198
4.125%, 03/01/2028		147		150
3.875%, 03/15/2023		130		132
Glatfelter
4.750%, 11/15/2029 (A)		50		50
GPD
10.125%, 04/01/2026 (A)		100		105
Graphic Packaging International
3.750%, 02/01/2030 (A)		35		34
3.500%, 03/15/2028 (A)		100		96
3.500%, 03/01/2029 (A)		20		19
Greif
6.500%, 03/01/2027 (A)		50		52
HB Fuller
4.250%, 10/15/2028		50		50
Hecla Mining
7.250%, 02/15/2028		50		53
Herens Holdco Sarl
4.750%, 05/15/2028 (A)		94		90
Hudbay Minerals
6.125%, 04/01/2029 (A)		100		104
IAMGOLD
5.750%, 10/15/2028 (A)		100		94
Illuminate Buyer
9.000%, 07/01/2028 (A)		30		32
Indonesia Asahan Aluminium Persero
4.750%, 05/15/2025		350		367

68

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
INEOS Quattro Finance 2
3.375%, 01/15/2026 (A)	$	50	$	49
Infrabuild Australia Pty
12.000%, 10/01/2024 (A)		50		51
Ingevity
3.875%, 11/01/2028 (A)		100		95
Innophos Holdings
9.375%, 02/15/2028 (A)		50		54
Joseph T Ryerson & Son
8.500%, 08/01/2028 (A)		32		34
Kaiser Aluminum
4.625%, 03/01/2028 (A)		100		96
4.500%, 06/01/2031 (A)		55		52
Kraton Polymers
4.250%, 12/15/2025 (A)		50		51
Louisiana-Pacific
3.625%, 03/15/2029 (A)		40		39
LSB Industries
6.250%, 10/15/2028 (A)		93		94
LSF11 A5 HoldCo
6.625%, 10/15/2029 (A)		150		147
Mercer International
5.125%, 02/01/2029		200		197
Methanex
5.250%, 12/15/2029		70		71
5.125%, 10/15/2027		203		205
Mineral Resources
8.125%, 05/01/2027 (A)		70		75
Minerals Technologies
5.000%, 07/01/2028 (A)		50		51
Nacional del Cobre de Chile
4.375%, 02/05/2049		200		212
3.700%, 01/30/2050		1,000		944
3.150%, 01/14/2030		750		744
New Gold
7.500%, 07/15/2027 (A)		42		44
NMG Holding
7.125%, 04/01/2026 (A)		85		88
NOVA Chemicals
5.250%, 06/01/2027 (A)		150		151
4.875%, 06/01/2024 (A)		100		102
4.250%, 05/15/2029 (A)		100		95
Novelis
4.750%, 01/30/2030 (A)		192		191
3.875%, 08/15/2031 (A)		31		29
3.250%, 11/15/2026 (A)		73		71
OCI
4.625%, 10/15/2025 (A)		67		69
OI European Group BV
4.750%, 02/15/2030 (A)		50		49
Olin
5.000%, 02/01/2030		145		148

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Olympus Water US Holding
6.250%, 10/01/2029 (A)	$	40	$	38
4.250%, 10/01/2028 (A)		80		76
Owens-Brockway Glass Container
6.625%, 05/13/2027 (A)		100		105
5.375%, 01/15/2025 (A)		200		207
Rayonier AM Products
7.625%, 01/15/2026 (A)		90		92
Resolute Forest Products
4.875%, 03/01/2026 (A)		30		30
Schweitzer-Mauduit International
6.875%, 10/01/2026 (A)		40		40
SCIH Salt Holdings
6.625%, 05/01/2029 (A)		84		78
4.875%, 05/01/2028 (A)		98		92
Scotts Miracle-Gro
4.500%, 10/15/2029		107		109
4.375%, 02/01/2032		40		39
4.000%, 04/01/2031 (A)		75		72
Sealed Air
5.500%, 09/15/2025 (A)		184		198
4.000%, 12/01/2027 (A)		40		40
Silgan Holdings
4.125%, 02/01/2028		50		50
Sylvamo
7.000%, 09/01/2029 (A)		50		51
Tacora Resources
8.250%, 05/15/2026 (A)		25		25
Taseko Mines
7.000%, 02/15/2026 (A)		75		76
TMS International
6.250%, 04/15/2029 (A)		15		14
TPC Group
10.500%, 08/01/2024 (A)		82		55
TriMas
4.125%, 04/15/2029 (A)		55		54
Trinseo Materials Operating SCA
5.125%, 04/01/2029 (A)		76		77
Tronox
4.625%, 03/15/2029 (A)		155		149
United States Steel
6.875%, 03/01/2029		80		81
Valvoline
4.250%, 02/15/2030 (A)		60		58
Venator Finance Sarl
5.750%, 07/15/2025 (A)		50		47
Warrior Met Coal
7.875%, 12/01/2028 (A)		50		53
WR Grace Holdings
5.625%, 10/01/2024 (A)		29		30
5.625%, 08/15/2029 (A)		115		111

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

69

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Enhanced Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.875%, 06/15/2027 (A)	$	97	$	97
				13,509
Real Estate — 1.9%
Brookfield Property
5.750%, 05/15/2026 (A)		150		150
4.500%, 04/01/2027 (A)		50		47
CTR Partnership
3.875%, 06/30/2028 (A)		25		25
Cushman & Wakefield US Borrower
6.750%, 05/15/2028 (A)		70		74
Diversified Healthcare Trust
9.750%, 06/15/2025		178		189
4.750%, 02/15/2028		28		26
4.375%, 03/01/2031		55		50
Five Point Operating
7.875%, 11/15/2025 (A)		100		103
Forestar Group
5.000%, 03/01/2028 (A)		30		30
3.850%, 05/15/2026 (A)		30		29
GEO Group
5.125%, 04/01/2023		150		145
Global Net Lease
3.750%, 12/15/2027 (A)		100		96
Howard Hughes
5.375%, 08/01/2028 (A)		88		90
4.375%, 02/01/2031 (A)		80		76
4.125%, 02/01/2029 (A)		55		53
Hunt
5.250%, 04/15/2029 (A)		75		72
Iron Mountain
5.625%, 07/15/2032 (A)		66		67
5.250%, 03/15/2028 (A)		100		101
5.250%, 07/15/2030 (A)		130		129
5.000%, 07/15/2028 (A)		50		50
4.875%, 09/15/2027 (A)		49		49
4.875%, 09/15/2029 (A)		120		118
4.500%, 02/15/2031 (A)		100		95
Iron Mountain Information Management Services
5.000%, 07/15/2032 (A)		45		44
iStar
4.250%, 08/01/2025		222		221
Kennedy-Wilson
5.000%, 03/01/2031		55		54
4.750%, 03/01/2029		105		104
4.750%, 02/01/2030		50		49
Lamar Media
4.000%, 02/15/2030		79		76
3.750%, 02/15/2028		60		59
3.625%, 01/15/2031		50		47

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
MGM Growth Properties Operating Partnership
5.750%, 02/01/2027	$	100	$	111
5.625%, 05/01/2024		100		106
4.625%, 06/15/2025 (A)		104		109
3.875%, 02/15/2029 (A)		84		86
MPT Operating Partnership
5.000%, 10/15/2027		100		103
4.625%, 08/01/2029		135		139
3.500%, 03/15/2031		200		193
Outfront Media Capital
5.000%, 08/15/2027 (A)		103		102
4.625%, 03/15/2030 (A)		100		96
Park Intermediate Holdings
7.500%, 06/01/2025 (A)		30		31
5.875%, 10/01/2028 (A)		77		79
4.875%, 05/15/2029 (A)		73		72
Realogy Group
9.375%, 04/01/2027 (A)		125		135
5.750%, 01/15/2029 (A)		90		88
5.250%, 04/15/2030 (A)		97		93
RHP Hotel Properties
4.500%, 02/15/2029 (A)		90		87
RLJ Lodging Trust
4.000%, 09/15/2029 (A)		48		45
3.750%, 07/01/2026 (A)		24		23
SBA Communications
3.875%, 02/15/2027		50		51
3.125%, 02/01/2029		155		144
Service Properties Trust
5.500%, 12/15/2027		100		99
4.950%, 02/15/2027		50		47	��
4.950%, 10/01/2029		50		45
4.500%, 06/15/2023		229		225
4.375%, 02/15/2030		100		86
3.950%, 01/15/2028		100		88
Uniti Group
7.875%, 02/15/2025 (A)		300		312
6.500%, 02/15/2029 (A)		70		66
6.000%, 01/15/2030 (A)		50		46
4.750%, 04/15/2028 (A)		100		97
VICI Properties
4.250%, 12/01/2026 (A)		258		261
4.125%, 08/15/2030 (A)		138		138
3.750%, 02/15/2027 (A)		76		75
WeWork
7.875%, 05/01/2025 (A)		100		93
5.000%, 07/10/2025 (A)		93		79
XHR
6.375%, 08/15/2025 (A)		100		103

70

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.875%, 06/01/2029 (A)	$	25	$	25
				6,296
Utilities — 2.3%
AmeriGas Partners
5.875%, 08/20/2026		222		235
5.500%, 05/20/2025		25		26
Atlantica Sustainable Infrastructure
4.125%, 06/15/2028 (A)		25		24
Calpine
5.125%, 03/15/2028 (A)		100		97
5.000%, 02/01/2031 (A)		100		95
4.625%, 02/01/2029 (A)		100		95
4.500%, 02/15/2028 (A)		265		259
3.750%, 03/01/2031 (A)		90		82
Clearway Energy Operating
4.750%, 03/15/2028 (A)		110		113
3.750%, 02/15/2031 (A)		100		94
3.750%, 01/15/2032 (A)		50		47
Comision Federal de Electricidad
4.677%, 02/09/2051		200		177
3.348%, 02/09/2031		200		187
DPL
4.350%, 04/15/2029		50		51
Emera
6.750%, VAR ICE LIBOR USD 3 Month + 5.440%, 06/15/2076		100		113
Eskom Holdings SOC
7.125%, 02/11/2025		450		456
Eskom Holdings SOC MTN
6.350%, 08/10/2028		250		261
FirstEnergy
7.375%, 11/15/2031		100		128
5.100%, 07/15/2047		100		109
4.150%, 07/15/2027		150		153
2.650%, 03/01/2030		50		47
2.250%, 09/01/2030		50		46
2.050%, 03/01/2025		50		49
FirstEnergy Transmission
4.550%, 04/01/2049 (A)		100		106
InterGen
7.000%, 06/30/2023 (A)		150		147
Leeward Renewable Energy Operations
4.250%, 07/01/2029 (A)		30		29
Midland Cogeneration Venture
6.000%, 03/15/2025 (A)		1		1
NextEra Energy Operating Partners
4.250%, 07/15/2024 (A)		100		103
NRG Energy
6.625%, 01/15/2027		53		55
5.750%, 01/15/2028		100		103
5.250%, 06/15/2029 (A)		70		72

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.875%, 02/15/2032 (A)	$	170	$	160
3.625%, 02/15/2031 (A)		100		93
Pattern Energy Operations
4.500%, 08/15/2028 (A)		50		50
Perusahaan Perseroan Persero Perusahaan Listrik Negara MTN
4.125%, 05/15/2027		500		518
4.000%, 06/30/2050		200		179
PG&E
5.250%, 07/01/2030		50		50
5.000%, 07/01/2028		150		150
Pike
5.500%, 09/01/2028 (A)		35		34
Solaris Midstream Holdings
7.625%, 04/01/2026 (A)		50		52
SPIC MTN
1.625%, 07/27/2025		250		243
State Grid Overseas Investment BVI MTN
3.500%, 05/04/2027		200		213
1.625%, 08/05/2030		1,000		927
Suburban Propane Partners
5.000%, 06/01/2031 (A)		67		66
Sunnova Energy
5.875%, 09/01/2026 (A)		60		58
Talen Energy Supply
7.625%, 06/01/2028 (A)		78		70
6.500%, 06/01/2025		200		85
Terraform Global Operating
6.125%, 03/01/2026 (A)		150		152
TerraForm Power Operating
5.000%, 01/31/2028 (A)		200		202
TransAlta
6.500%, 03/15/2040		20		22
4.500%, 11/15/2022		10		10
Vistra Operations
5.625%, 02/15/2027 (A)		200		204
5.000%, 07/31/2027 (A)		192		193
4.375%, 05/01/2029 (A)		122		118
				7,409
Total Corporate Obligations
(Cost $198,527) ($ Thousands)				191,649
SOVEREIGN DEBT — 39.2%
Abu Dhabi Government International Bond
3.125%, 10/11/2027		500		527
3.125%, 09/30/2049		1,500		1,459
2.500%, 09/30/2029		1,200		1,212

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

71

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Enhanced Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Angolan Government International Bond
9.500%, 11/12/2025	$	700	$	764
9.125%, 11/26/2049		500		478
8.000%, 11/26/2029		500		495
Argentine Republic Government International Bond
2.500% , 3.500%, 07/09/2022, 07/09/2041 (D)		1,000		357
1.125% , 1.500%, 07/09/2022, 07/09/2035 (D)		2,900		895
0.500% , 0.750%, 07/09/2023, 07/09/2030 (D)		1,750		590
Armenia Government International Bond
3.600%, 02/02/2031(A)		400		359
Azerbaijan Government International Bond
4.750%, 03/18/2024		500		527
Bahrain Government International Bond
6.125%, 08/01/2023		1,000		1,045
6.000%, 09/19/2044		500		435
5.450%, 09/16/2032		850		801
Belarus Government International Bond
6.875%, 02/28/2023		250		237
Belarus Ministry of Finance
6.378%, 02/24/2031		500		369
Bolivian Government International Bond
4.500%, 03/20/2028		500		438
Brazilian Government International Bond
4.750%, 01/14/2050		1,000		836
4.625%, 01/13/2028		1,000		1,025
3.875%, 06/12/2030		2,000		1,883
3.750%, 09/12/2031		200		182
2.875%, 06/06/2025		1,000		1,002
Chile Government International Bond
3.860%, 06/21/2047		250		256
3.500%, 01/25/2050		750		721
3.240%, 02/06/2028		850		877
3.100%, 05/07/2041		200		185
China Government International Bond
2.500%, 10/26/2051(A)		300		287
1.750%, 10/26/2031(A)		500		491
Colombia Government International Bond
6.125%, 01/18/2041		100		98
5.000%, 06/15/2045		2,250		1,912
4.500%, 03/15/2029		1,000		982
4.000%, 02/26/2024		1,000		1,025
3.250%, 04/22/2032		200		170
Costa Rica Government International Bond
7.158%, 03/12/2045		700		657
6.125%, 02/19/2031		300		294
4.250%, 01/26/2023		300		303
Croatia Government International Bond
6.000%, 01/26/2024		750		811

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Dominican Republic International Bond
6.875%, 01/29/2026	$	1,000	$	1,125
6.850%, 01/27/2045		400		419
6.000%, 07/19/2028		200		218
5.875%, 01/30/2060		1,000		905
5.300%, 01/21/2041		450		428
4.875%, 09/23/2032		1,200		1,177
Ecuador Government International Bond
5.000% , 5.500%, 07/31/2022, 07/31/2030 (D)		1,200		1,041
1.000% , 2.500%, 07/31/2022, 07/31/2035 (D)		1,750		1,236
0.500% , 1.500%, 07/31/2022, 07/31/2040 (D)		500		306
Egypt Government International Bond
8.875%, 05/29/2050		750		641
8.500%, 01/31/2047		750		626
7.500%, 01/31/2027		1,000		1,010
5.875%, 02/16/2031(A)		600		506
5.750%, 05/29/2024		1,200		1,227
El Salvador Government International Bond
9.500%, 07/15/2052		500		295
7.650%, 06/15/2035		400		217
5.875%, 01/30/2025		700		416
Emirate of Dubai Government International Bond MTN
3.900%, 09/09/2050		200		183
Ethiopia Government International Bond
6.625%, 12/11/2024		200		151
Export-Import Bank of India MTN
3.250%, 01/15/2030		1,250		1,239
Finance Department Government of Sharjah MTN
4.000%, 07/28/2050		250		212
Gabon Government International Bond
7.000%, 11/24/2031(A)		200		195
6.625%, 02/06/2031		500		484
Ghana Government International Bond
8.950%, 03/26/2051		200		150
7.875%, 02/11/2035		1,200		898
6.375%, 02/11/2027		1,400		1,120
Guatemala Government International Bond
6.125%, 06/01/2050		500		546
4.500%, 05/03/2026		500		515
3.700%, 10/07/2033(A)		200		190
Hazine Mustesarligi Varlik Kiralama
5.800%, 02/21/2022		500		500
Honduras Government International Bond
5.625%, 06/24/2030		500		488

72

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Hungary Government International Bond
7.625%, 03/29/2041	$	450	$	706
5.375%, 03/25/2024		800		860
3.125%, 09/21/2051		800		743
2.125%, 09/22/2031		200		189
Indonesia Government International Bond
6.750%, 01/15/2044		750		1,044
4.750%, 01/08/2026		1,250		1,373
4.350%, 01/11/2048		750		797
3.850%, 10/15/2030		500		542
Iraq Government International Bond
5.800%, 01/15/2028		563		539
Ivory Coast Government International Bond
6.125%, 06/15/2033		500		513
Jamaica Government International Bond
7.875%, 07/28/2045		500		688
6.750%, 04/28/2028		500		568
Jordan Government International Bond
6.125%, 01/29/2026		500		526
5.850%, 07/07/2030		500		494
Kazakhstan Government International Bond MTN
6.500%, 07/21/2045		750		1,000
3.875%, 10/14/2024		550		581
Kenya Government International Bond
8.000%, 05/22/2032		650		681
6.875%, 06/24/2024		500		530
6.300%, 01/23/2034		200		187
Kuwait International Government Bond
3.500%, 03/20/2027		750		800
Lebanon Government International Bond MTN
6.650%, 02/26/2030 (E)		1,500		161
6.100%, 10/04/2022 (E)		1,500		160
Mexico Government International Bond
6.050%, 01/11/2040		1,250		1,481
5.000%, 04/27/2051		1,000		1,060
4.500%, 04/22/2029		750		812
4.150%, 03/28/2027		250		270
3.750%, 04/19/2071		200		167
Mongolia Government International Bond
5.625%, 05/01/2023		350		358
5.125%, 04/07/2026		300		304
Morocco Government International Bond
4.250%, 12/11/2022		500		510
4.000%, 12/15/2050		350		300
3.000%, 12/15/2032		350		323
Mozambique Government International Bond
5.000% , 9.000%, 09/15/2023, 09/15/2031 (D)		200		168

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Nigeria Government International Bond
7.875%, 02/16/2032	$	750	$	729
7.625%, 11/28/2047		500		440
7.375%, 09/28/2033		850		791
6.500%, 11/28/2027		850		851
6.125%, 09/28/2028		250		240
Oman Government International Bond
7.375%, 10/28/2032		200		227
6.750%, 01/17/2048		750		733
6.000%, 08/01/2029		750		788
4.750%, 06/15/2026		2,000		2,043
Oman Sovereign Sukuk
4.397%, 06/01/2024		750		772
Pakistan Government International Bond
6.875%, 12/05/2027		800		778
6.000%, 04/08/2026		450		433
Panama Government International Bond
6.700%, 01/26/2036		150		191
4.500%, 04/16/2050		900		924
4.500%, 04/01/2056		1,000		1,019
4.000%, 09/22/2024		450		469
3.875%, 03/17/2028		1,000		1,052
2.252%, 09/29/2032		400		366
Paraguay Government International Bond
5.400%, 03/30/2050		700		749
4.950%, 04/28/2031		700		763
Perusahaan Penerbit SBSN Indonesia III
4.325%, 05/28/2025		500		536
4.150%, 03/29/2027		450		485
3.800%, 06/23/2050		400		388
2.800%, 06/23/2030		250		252
Peruvian Government International Bond
5.625%, 11/18/2050		250		329
3.300%, 03/11/2041		100		94
3.000%, 01/15/2034		350		336
2.783%, 01/23/2031		1,150		1,111
2.780%, 12/01/2060		1,250		999
2.392%, 01/23/2026		1,200		1,200
Philippine Government International Bond
3.750%, 01/14/2029		2,500		2,717
3.700%, 02/02/2042		1,000		1,020
3.000%, 02/01/2028		250		261
2.650%, 12/10/2045		500		441
1.950%, 01/06/2032		200		188
Poland Government International Bond
5.000%, 03/23/2022		400		402
3.000%, 03/17/2023		300		307
Qatar Government International Bond
5.103%, 04/23/2048		2,200		2,842
4.000%, 03/14/2029		1,000		1,102
3.875%, 04/23/2023		600		619
3.400%, 04/16/2025		500		523

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

73

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2022

Tactical Offensive Enhanced Fixed Income Fund (Concluded)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Romanian Government International Bond
4.000%, 02/14/2051	$	1,500	$	1,401
3.000%, 02/14/2031		900		871
Russian Foreign Bond - Eurobond
5.625%, 04/04/2042		400		448
5.250%, 06/23/2047		1,000		1,084
4.875%, 09/16/2023		1,000		1,038
4.500%, 04/04/2022		1,000		1,003
4.375%, 03/21/2029		1,400		1,399
Saudi Government International Bond
5.250%, 01/16/2050		200		252
4.500%, 10/26/2046		1,250		1,401
4.500%, 04/22/2060		500		585
3.750%, 01/21/2055		200		203
3.250%, 10/26/2026		1,000		1,044
3.250%, 10/22/2030		1,450		1,512
2.875%, 03/04/2023		800		813
2.250%, 02/02/2033		600		570
Senegal Government International Bond
6.750%, 03/13/2048		250		234
6.250%, 05/23/2033		250		251
Serbia Government International Bond
2.125%, 12/01/2030		200		179
South Africa Government International Bond
5.875%, 09/16/2025		1,250		1,361
5.750%, 09/30/2049		1,200		1,099
4.850%, 09/30/2029		950		960
Sri Lanka Government International Bond
7.550%, 03/28/2030		1,000		488
6.850%, 11/03/2025		1,000		510
5.750%, 04/18/2023		700		370
Trinidad & Tobago Government International Bond
4.500%, 08/04/2026		400		409
Tunisian Republic
5.750%, 01/30/2025		200		154
Turkey Government International Bond
7.625%, 04/26/2029		2,000		1,985
7.375%, 02/05/2025		200		204
6.350%, 08/10/2024		1,750		1,758
5.950%, 01/15/2031		200		176
4.875%, 04/16/2043		1,250		899
4.750%, 01/26/2026		200		186
UAE International Government Bond MTN
3.250%, 10/19/2061		200		197
2.000%, 10/19/2031		250		242
Ukraine Government International Bond
7.750%, 09/01/2023		1,600		1,472
7.750%, 09/01/2026		1,150		1,003
7.375%, 09/25/2032		700		591
7.253%, 03/15/2033		500		419

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Uruguay Government International Bond
5.100%, 06/18/2050	$	1,900	$	2,363
4.375%, 01/23/2031		1,250		1,402
Uzbekistan Government International Bond
3.900%, 10/19/2031		400		373
3.700%, 11/25/2030		250		233
Vietnam Government International Bond
4.800%, 11/19/2024		250		267
Zambia Government International Bond
8.970%, 07/30/2027		700		519
Total Sovereign Debt
(Cost $137,808) ($ Thousands)				127,522
Total Investments in Securities — 98.2%
(Cost $336,335) ($ Thousands)			$	319,171

	Percentages are based on Net Assets of $324,940 ($ 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, 2022, the value of these securities amounted to $116,630 ($ Thousands), representing 35.9% of the Net Assets of the Fund.
(B)	Perpetual security with no stated maturity date.
(C)	Zero coupon security.
(D)	Step Bonds – Represents the current rate, the step rate, the step date and the final maturity date.
(E)	Security is in default on interest payment.

CJSC— Closed Joint-Stock Company

DAC — Designated Activity Company

DIFC — Dubai International Finance Center

ICE— Intercontinental Exchange

JSC— Joint-Stock Company

LIBOR — London Interbank Offered Rate

LLLP — Limited Liability Limited Partnership

MTN — Medium Term Note

PIK — Payment In-Kind

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

VAR — Variable Rate

As of January 31, 2022, 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, 2022, there were no transfers in or out of Level 3.

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

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

74

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

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

January 31, 2022

	Tactical Offensive Equity Fund			Tactical Offensive Core Fixed Income Fund			Tactical Offensive Enhanced Fixed Income Fund
Assets:
Investments, at value†	$	2,376,139		$	1,251,634		$	319,171
Affiliated investments, at value††		34,725			—			—
Cash		193,760			75,142			2,025
Foreign currency, at value †††		691			183			—
Cash pledged as collateral for futures contracts		11,224			—			—
Receivable for variation margin		6,524			—			—
Receivable for fund shares sold		2,216			797			238
Dividends and interest receivable		1,559			5,379			4,453
Foreign tax reclaim receivable		440			—			—
Receivable for investment securities sold		154			—			—
Unrealized gain on forward foreign currency contracts		—			615			—
Unrealized gain on foreign spot currency contracts		—			208			—
Prepaid expenses		24			10			3
Total Assets		2,627,456			1,333,968			325,890
Liabilities:
Payable for fund shares redeemed		1,650			1,568			225
Shareholder servicing fees payable		569			269			70
Administration fees payable		456			—			—
Investment advisory fees payable		109			42			53
Trustees fees payable		14			7			2
Chief Compliance Officer fees payable		5			2			—
Payable for investment securities purchased		—			72,351			562
Unrealized loss on forward foreign currency contracts		—			302			—
Unrealized loss on foreign spot currency contracts		—			4			—
Accrued expense payable		167			97			38
Total Liabilities		2,970			74,642			950
Net Assets	$	2,624,486		$	1,259,326		$	324,940
† Cost of investments	$	1,778,095		$	1,304,137		$	336,335
†† Cost of affiliated investments		34,725			—			—
††† Cost of foreign currency		696			184			—
Net Assets:
Paid-in capital — (unlimited authorization — no par value)	$	2,014,262		$	1,335,869		$	340,855
Total distributable earnings (loss)		610,224			(76,543	)		(15,915	)
Net Assets	$	2,624,486		$	1,259,326		$	324,940
Net Asset Value, Offering and Redemption Price Per Share	$	22.55		$	9.32		$	9.53
		($2,624,485,685 ÷ 116,406,754 shares	)		($1,259,326,027 ÷ 135,081,498 shares	)		($324,939,840 ÷ 34,112,506 shares	)
Amounts designated as "—" are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

75

STATEMENTS OF OPERATIONS (Unaudited) ($ Thousands)

For the six month period ended January 31, 2022

	Tactical Offensive Equity Fund			Tactical Offensive Core Fixed Income Fund			Tactical Offensive Enhanced Fixed Income Fund
Investment income:
Dividends	$	18,422		$	—		$	—
Dividends from affiliated investments (1)		2			—			—
Interest income		4			6,480			7,384
Less: foreign taxes withheld		(292	)		(25	)		(11	)
Total investment income		18,136			6,455			7,373
Expenses:
Shareholder servicing fees		3,441			1,573			407
Investment advisory fees		2,753			944			488
Administration fees		2,712			1,258			325
Trustee fees		26			12			3
Chief Compliance Officer fees		6			3			1
Professional fees		85			30			8
Printing fees		58			26			7
Custodian/wire agent fees		45			19			7
Registration fees		24			15			1
Other expenses		56			79			127
Total expenses		9,206			3,959			1,374
Less:
Waiver of investment advisory fees		(2,149	)		(613	)		(101	)
Waiver of administration fees		(149	)		(1,262	)		(327	)
Net expenses		6,908			2,084			946
Net investment income		11,228			4,371			6,427
Net realized gain/(loss) on:
Investments		31,338			(1,742	)		223
Futures contracts		(7,886	)		—			—
Forward foreign currency contracts		—			3,919			—
Foreign currency transactions		(35	)		(19	)		—
Net change in unrealized appreciation/(depreciation) on:
Investments		(18,754	)		(49,146	)		(16,951	)
Futures contracts		(3,247	)		—			—
Forward foreign currency contracts		—			(670	)		—
Foreign currency and translation of other assets and liabilities denominated in foreign currency		(24	)		282			—
Net increase/(decrease) in net assets resulting from operations	$	12,620		$	(43,005	)	$	(10,301	)
(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.

76

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the six month period ended January 31, 2022 (Unaudited) and the year ended July 31, 2021

	Tactical Offensive Equity Fund						Tactical Offensive Core Fixed Income Fund
		2022		2021				2022		2021
Operations:
Net investment income	$	11,228		$	23,847		$	4,371		$	6,483
Net realized gain/(loss) from investments and futures contracts		23,452			110,941			(1,742	)		(3,948	)
Net realized gain/(loss) on forward foreign currency contracts and foreign currency transactions		(35	)		14			3,900			(2,248	)
Net change in unrealized appreciation/(depreciation) on investments and futures contracts		(22,001	)		584,642			(49,146	)		(21,424	)
Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts, foreign currency and translation of other assets and liabilities denominated in foreign currency		(24	)		10			(388	)		3,598
Net increase/(decrease) in net assets resulting from operations		12,620			719,454			(43,005	)		(17,539	)
Distributions:		(113,393	)		(10,009	)		(10,686	)		(11,845	)
Total distributions		(113,393	)		(10,009	)		(10,686	)		(11,845	)
Capital share transactions:(1)
Proceeds from shares issued		164,871			2,029,388			134,222			289,389
Reinvestment of dividends & distributions		113,080			9,978			10,659			11,807
Cost of shares redeemed		(257,308	)		(652,451	)		(62,043	)		(523,938	)
Net increase/(decrease) in net assets derived from capital share transactions		20,643			1,386,915			82,838			(222,742	)
Net increase/(decrease) in net assets		(80,130	)		2,096,360			29,147			(252,126	)
Net assets:
Beginning of period		2,704,616			608,256			1,230,179			1,482,305
End of period	$	2,624,486		$	2,704,616		$	1,259,326		$	1,230,179
(1) See Note 6 in the Notes to Financial Statements for additional information.
Amount designated as "—" is $0 or has been rounded to $0.
The accompanying notes are an integral part of the financial statements.

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

77

STATEMENT OF CHANGES IN NET ASSETS ($ Thousands)

For the six month period ended January 31, 2022 (Unaudited) and the period ended July 31, 2021

	Tactical Offensive Enhanced Fixed Income Fund
		2022		2021‡
Operations:
Net investment income	$	6,427		$	6,602
Net realized gain from investments		223			444
Net change in unrealized appreciation/(depreciation) on investments		(16,951	)		(213	)
Net increase/(decrease) in net assets resulting from operations		(10,301	)		6,833
Distributions:		(6,692	)		(5,755	)
Total distributions		(6,692	)		(5,755	)
Capital share transactions:(1)
Proceeds from shares issued		33,136			338,151
Reinvestment of dividends & distributions		6,675			5,739
Cost of shares redeemed		(14,835	)		(28,011	)
Net increase in net assets derived from capital share transactions		24,976			315,879
Net increase in net assets		7,983			316,957
Net assets:
Beginning of period		316,957			—
End of period	$	324,940		$	316,957
‡ Commenced operations on January 12, 2021.
(1) See Note 6 in the Notes to Financial Statements for additional information.
Amount designated as "—" is $0.
The accompanying notes are an integral part of the financial statements.

78

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

FINANCIAL HIGHLIGHTS

For the six month period ended January 31, 2022 (Unaudited) and years or period 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
2022 @	$	23.43	$	0.10	$	0.02		$	0.12		$	(0.22	)	$	(0.78	)	$	(1.00	)	$	22.55		0.38	%	$	2,624,486		0.50	%		0.50	%		0.67	%		0.82	%		2	%
2021		17.24		0.20		6.07			6.27			(0.08	)		–			(0.08	)		23.43		36.45			2,704,616		0.50			0.50			0.68			0.99			18
2020(2)		15.64		0.22		1.61	^		1.83			(0.22	)		(0.01	)		(0.23	)		17.24		11.82			608,256		0.50			0.50			0.71			1.35			37
2019(3)		17.35		0.26		0.11	^		0.37			(0.25	)		(1.83	)		(2.08	)		15.64		4.12			2,559,635		0.50			0.50			0.69			1.58			148
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
Tactical Offensive Core Fixed Income Fund
2022 @	$	9.73	$	0.03	$	(0.36	)	$	(0.33	)	$	(0.08	)	$	–		$	(0.08	)	$	9.32		(3.40	)%	$	1,259,326		0.33	%		0.33	%		0.63	%		0.69	%		58	%
2021		9.93		0.05		(0.16	)		(0.11	)		(0.09	)		–			(0.09	)		9.73		(1.13	)		1,230,179		0.34			0.34			0.63			0.49			76
2020(4)		10.34		0.24		(0.42	)		(0.18	)		(0.23	)		–			(0.23	)		9.93		(1.79	)		1,482,305		0.38			0.38			0.66			2.34			222
2019		9.99		0.30		0.48			0.78			(0.43	)		–			(0.43	)		10.34		8.03			1,557,559		0.38			0.38			0.66			2.95			61
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
Tactical Offensive Enhanced Fixed Income Fund
2022 @	$	10.04	$	0.20	$	(0.50	)	$	(0.30	)	$	(0.19	)	$	(0.02	)	$	(0.21	)	$	9.53		(3.10	)%	$	324,940		0.58	%		0.58	%		0.84	%		3.95	%		10	%
2021(5)		10.00		0.22		0.01			0.23			(0.19	)		–			(0.19	)		10.04		2.29			316,957		0.58			0.58			0.80			3.92			30

@ For the six month period ended January 31, 2022. All ratios for the period have been annualized.

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

(2) For the period March 10, 2020 through June 3, 2020, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).

(3) For the period December 18, 2018 through March 24, 2019, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).

(4) For the period March 19, 2020 through June 16, 2020, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).

(5) Commenced operations on January 12, 2021.

^† Returns and portfolio turnover rate are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.

^ The amount shown for a share outstanding throughout the period does not accord with the aggregate net realized and unrealized losses for that period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

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

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

79

NOTES TO FINANCIAL STATEMENTS (Unaudited)

January 31, 2022

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 three registered funds: Tactical Offensive Equity, Tactical Offensive Core Fixed Income and Tactical Offensive Enhanced Fixed Income (each a “Fund”, collectively, the “Funds”) each of which are diversified Funds. The Tactical Offensive Enhanced Fixed Income Fund commenced operations on January 12, 2021. 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 Core Fixed Income Fund, the Tactical Offensive Enhanced 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.

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 of or all of the shares for which the Financial Adviser exercises investment discretion. In such an instance, the Financial Adviser’s notice of its intent to redeem or formal redemption request (collectively, “Redemption Request”) will cause a Fund to liquidate a substantial portion of or substantially all of its assets in order to fulfill the Redemption Request. If the Financial Adviser’s Redemption Request includes 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 cash, money market instruments, repurchase agreements and other

short-term obligations pending the Financial Adviser’s formal redemption request; and exchange traded funds (“ETF”s) that are designed to track the performance of the broad equity market. When the Tactical Offensive Core Fixed Income and Tactical Offensive Enhanced Fixed Income Funds are not active components of the Adviser Managed Strategy, the Funds may invest up to 100% of their remaining assets in cash, money market instruments, repurchase agreements and other short-term obligations that would not ordinarily be consistent with the Funds’ investment goals.

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.

During the periods March 10, 2020 through June 3, 2020, and December 18, 2018 through March 24, 2019, the Tactical Offensive Equity Fund was not an active component of the Adviser Managed Strategy.

During the period March 19, 2020 through June 16, 2020, the Tactical Offensive Core Fixed Income 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

80

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

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

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

81

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

January 31, 2022

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

82

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

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

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

The valuation techniques used by the Funds to measure fair value during the six month period ended January 31, 2022, maximized the use of observable inputs and minimized the use of unobservable inputs.

For the six month period ended January 31, 2022, 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, 2022.

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, 2022.

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.

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

83

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

January 31, 2022

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

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

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open forward foreign currency contracts as of January 31, 2022, 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, 2022, 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. The Funds did not hold any option/swaption contracts as of January 31, 2022.

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

84

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

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

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

Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its

obligation to perform and that there may be unfavorable changes in the fluctuation of interest rates. Risks also arise from potential losses from adverse market movements.

These risks may be mitigated by having a master netting arrangement between a Fund and the counterparty and by having the counterparty post collateral to cover a Fund’s exposure to the counterparty. See Note 3 for further details. The Funds did not hold any swap contracts as of January 31, 2022.

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

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

85

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

January 31, 2022

the Participation. As a result, the Fund assumes the credit risk of both the borrower and the Lender that is selling the Participation.

Certain debt obligations, customarily referred to as “Brady Bonds,” are created through the exchange of existing commercial bank loans to foreign entities for new obligations in connection with debt restructuring under a plan introduced by former U.S. Secretary of the Treasury Nicholas F. Brady. Brady Bonds have only been issued since 1989, and, accordingly, do not have a long payment history. They are issued by governments that may have previously defaulted on the loans being restructured by the Brady Bonds, so they are subject to the risk of default by the issuer. They may be fully or partially collateralized or uncollateralized and issued in various currencies. As of January 31, 2022, 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 CDOs or CLOs as of January 31, 2022.

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 Core Fixed Income Fund and the Tactical Offensive Enhanced 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.

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

86

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

principal, maturity extension, rating downgrade or write-down.

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

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

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

There were no outstanding credit default swaps as of January 31, 2022.

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.

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

87

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

January 31, 2022

The following is a summary of the variation margin of exchange-traded or centrally cleared financial derivative instruments as of January 31, 2022 ($ Thousands):

	Financial Derivative Assets					Financial Derivative Liabilities
	Variation Margin Asset					Variation Margin Liability
		Futures		Total			Futures		Total
Tactical Offensive Equity Fund		$	6,524	$	6,524		$	—	$	—
Total Exchange-Traded or Centrally Cleared		$	6,524	$	6,524		$	—	$	—

The Tactical Offensive Equity Fund had cash with an aggregate market value of $11,224 ($ Thousands) pledged as collateral for exchange-traded and centrally cleared derivative instruments as of January 31, 2022.

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, 2022 ($ Thousands):

	Financial Derivative Assets					Financial Derivative Liabilities
Tactical Offensive Core 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		$	615	$	615		$	302	$	302	$	313	$	—	$	313
Total Over the Counter		$	615	$	615			302	$	302

(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, 2022.

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, 2022, 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

88

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

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 Core Fixed Income Fund		0.15			0.25			0.70			0.33	(1)
Tactical Offensive Enhanced Fixed Income Fund		0.30			0.25			0.90			0.58

⁽¹⁾Prior to September 25, 2020, the voluntary expense limitation was 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 Core Fixed Income Fund		0.200	%	0.1775	%	0.1550	%	0.1325	%	0.110	%
Tactical Offensive Enhanced Fixed Income Fund		0.200	%	0.1775	%	0.1550	%	0.1325	%	0.110	%

As of January 31, 2022, 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 Core Fixed Income Fund

SSgA Funds Management, Inc.

Tactical Offensive Enhanced 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 six month period ended January 31, 2022.

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

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

89

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

January 31, 2022

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 six month period ended January 31, 2022, 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 six month period ended January 31, 2022, the Trust had not participated in the Program.

6. CAPITAL SHARE TRANSACTIONS

Capital Share Transactions for the six month period ended January 31, 2022 (Unaudited) and the year or period ended July 31, 2021 for the Funds were as follows (Thousands):

	Tactical Offensive Equity Fund						Tactical Offensive Core Fixed Income Fund						Tactical Offensive Enhanced Fixed Income Fund
		2022		2021				2022		2021				2022		2021‡
Shares Issued		6,935			111,738			14,025			29,672			3,355			33,817
Shares Issued in Lieu of Dividends and Distributions		4,785			493			1,117			1,214			679			577
Shares Redeemed		(10,728	)		(32,099	)		(6,484	)		(53,700	)		(1,501	)		(2,814	)
Increase/(Decrease) in capital share transactions		992			80,132			8,658			(22,814	)		2,533			31,580

^‡ Commenced operations on January 12, 2021.

90

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

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 six month period ended January 31, 2022, were as follows:

	U.S. Gov't ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Tactical Offensive Equity Fund
Purchases	$	—	$	43,308	$	43,308
Sales		—		129,811		129,811
Tactical Offensive Core Fixed Income Fund
Purchases		737,393		58,625		796,018
Sales		673,628		37,681		711,309
Tactical Offensive Enhanced Fixed Income Fund
Purchases		—		55,210		55,210
Sales		—		32,175		32,175

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 and distributable earnings (loss), 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)		Distributions ($ Thousands)		Total ($ Thousands)
Tactical Offensive Equity Fund
2021	$	10,009	$	—	$	—	$	10,009
2020		36,673		822		—		37,495
Tactical Offensive Core Fixed Income Fund
2021		11,845		—		—		11,845
2020		34,147		—		—		34,147
Tactical Offensive Enhanced Fixed Income Fund
2021		5,755		—		—		5,755

As of July 31, 2021, 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)			Post- October Losses ($ Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)			Other Temporary Differences ($ Thousands)			Total Distributable Earnings (Accumulated Losses) ($ Thousands)
Tactical Offensive Equity Fund	$	40,063	$	56,497	$	—		$	—		$	614,437		$	—		$	710,997
Tactical Offensive Core Fixed Income Fund		3,309		—		(11,192	)		(9,167	)		(3,812	)		(1,990	)		(22,852	)
Tactical Offensive Enhanced Fixed Income Fund		1,331		—		—			—			(228	)		(25	)		1,078

Post-October losses represent losses realized on investment transactions from November 1, 2020 through July 31, 2021 that, in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year. Other temporary differences are primarily consist mark to market of forward foreign currency contracts and PFICs, straddle loss deferrals, and defaulted bond and perpetual bond adjustments.

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 Core Fixed Income Fund	$	2,163	$	9,029	$	11,192

For Federal income tax purposes, the cost of securities owned at January 31, 2022, 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.

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

91

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

January 31, 2022

The aggregate gross unrealized appreciation and depreciation on total investments (including foreign currency and derivatives, if applicable) held by the Funds at January 31, 2022, were as follows:

	Federal Tax Cost ($ Thousands)		Appreciated Securities ($ Thousands)		Depreciated Securities ($ Thousands)			Net Unrealized Appreciation (Depreciation) ($ Thousands)
Tactical Offensive Equity Fund	$	1,812,820	$	642,861	$	(44,817	)	$	598,044
Tactical Offensive Core Fixed Income Fund		1,304,137		1,011		(53,514	)		(52,503	)
Tactical Offensive Enhanced Fixed Income Fund		336,335		1,676		(18,840	)		(17,164	)

Management has analyzed the Funds’ tax positions taken on Federal income tax returns for all open tax years and has concluded that as of July 31, 2021, no provision for income tax would be required in the Funds’ financial statements. The Funds’ Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

9. CONCENTRATION/RISKS

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

The 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 Fund’s investments may not be consistent with the Fund’s investment goal, and 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 and for direct management 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

92

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

illiquid than more conventional types of fixed income securities that the Fund may acquire.

Below Investment Grade Securities (Junk Bonds) Risk — The Tactical Offensive Core Fixed Income Fund and the Tactical Offensive Enhanced 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 Core Fixed Income Fund and the Tactical Offensive Enhanced 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 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 a Fund 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 a Fund’s 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 have adopted and are in the

process of implementing regulations governing derivatives markets, the ultimate impact of which remains unclear.

Economic Risks of Global Health Events — Global health events and pandemics, such as COVID-19, have the ability to affect—quickly, drastically and substantially the economies of many nations, states, individual companies and the markets in general and can cause disruptions that cannot necessarily be foreseen. The spread of COVID-19 around the world in 2020 resulted in a substantial number of nations implementing social distancing measures, quarantines, and the shutdown of non-essential businesses and governmental services. Further, it has caused significant volatility in U.S. and international markets. The impact of the outbreak may be short term or may last for an extended period 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.

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, tax, accounting and audit 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. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

Foreign Sovereign Debt Securities Risk — The Tactical Offensive Core Fixed Income Fund and the Tactical Offensive Enhanced 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

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

93

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

January 31, 2022

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 Core Fixed Income Fund and the Tactical Offensive Enhanced 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 Core Fixed Income Fund or the Tactical Offensive Enhanced 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 an investment opportunity, any of which could have a negative effect on Funds’ management or performance.

Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. The prices of 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, fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associates 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.

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 Core 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 Core 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

94

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

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 Core Fixed Income Fund or the Tactical Offensive Enhanced 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 Core Fixed Income Fund and the Tactical Offensive Enhanced 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, 2022, SPTC held of record the following percentage of outstanding shares of each Fund:

Tactical Offensive Equity Fund	99.99%
Tactical Offensive Core Fixed Income Fund	99.99%
Tactical Offensive Enhanced Fixed Income Fund	99.97%

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

LIBOR Replacement — The elimination of the London Inter-Bank Offered Rate (LIBOR) may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Such investments may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. On July 27, 2017, the U.K. Financial Conduct Authority announced that it intends to stop compelling or inducing banks to submit LIBOR rates after 2021. However, it remains unclear if LIBOR will continue to exist in its current, or a modified, form. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR. Alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Funds. The effect of any changes to, or discontinuation of, LIBOR on the Funds will vary depending on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

95

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Concluded)

January 31, 2022

develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

12. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of January 31, 2022, except as follows:

Pursuant to the Adviser Managed Strategy, each of the Financial Adviser and another investment adviser (“Second Financial Adviser”) reallocated all of its clients' assets from the Tactical Offensive Equity and Tactical Offensive Enhanced Fixed Income Funds to an affiliated money market fund. The reallocation resulted in a redemption from the Tactical Offensive Equity Fund on March 1, 2022 in the amount of approximately $2.0 billion or approximately 99.99% of its assets and the Fund is not currently an active component of the Adviser Managed Strategy. The reallocation also resulted in the redemption of all of the outstanding shares of the Tactical Offensive Enhanced Fixed Income Fund, and the Fund liquidated and terminated on March 1, 2022.

96

Adviser Managed Trust / Semi-Annual Report / January 31, 2022

DISCLOSURE OF FUND EXPENSES (Unaudited)

January 31, 2022

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, 2021 through January 31, 2022).

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 “Expenses 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 8/1/21		Ending Account Value 1/31/22		Annualized Expense Ratios			Expenses Paid During Period *
Tactical Offensive Equity Fund
Actual Fund Return
Class A	$	1,000.00	$	1,003.80		0.50	%	$	2.53
Hypothetical 5% Return
Class A	$	1,000.00	$	1,022.68		0.50	%	$	2.55

	Beginning Account Value 8/1/21		Ending Account Value 1/31/22		Annualized Expense Ratios			Expenses Paid During Period *
Tactical Offensive Core Fixed Income Fund
Actual Fund Return
Class A	$	1,000.00	$	966.00		0.33	%	$	1.64
Hypothetical 5% Return
Class A	$	1,000.00	$	1,023.54		0.33	%	$	1.68

	Beginning Account Value 8/1/21		Ending Account Value 1/31/22		Annualized Expense Ratios			Expenses Paid During Period *
Tactical Offensive Enhanced Fixed Income Fund
Actual Fund Return
Class A	$	1,000.00	$	969.00		0.58	%	$	2.88
Hypothetical 5% Return
Class A	$	1,000.00	$	1,022.28		0.58	%	$	2.96

* 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, 2022

97

(This page intentionally left blank)

(This page intentionally left blank)

(This page intentionally left blank)

ADVISER MANAGED TRUST SEMI-ANNUAL REPORT JANUARY 31, 2022

Robert A. Nesher, Chairman

Trustees

William M. Doran

Nina Lesavoy

James M. Williams

Mitchell A. Johnson

Hubert L. Harris, Jr.

Susan C. Cote

James B. Taylor

Christine Reynolds

Officers

Robert A. Nesher

President and Chief Executive Officer

Ankit Puri

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)

AMT (1/22)

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.

Item 6. Investments.

(a) The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the Tactical Offensive Equity Fund, Tactical Offensive Core Fixed Income Fund and Tactical Offensive Enhanced Fixed Income Fund are included as part of the report to shareholders filed under Item 1 of this form.

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 7, 2022

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 7, 2022
By	/s/ Ankit Puri
	Ankit Puri, Controller & CFO
Date: April 7, 2022