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 Co. 

One Freedom Valley Drive 

Oaks, PA 19456  

(Name and address of agent for service) 

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

Date of fiscal year end: July 31, 2020 

Date of reporting period: January 31, 2020 

Item 1.    Reports to Stockholders. 

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

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

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

TABLE OF CONTENTS

Summary Schedule of Investments/Schedule of Investments	1
Statements of Assets and Liabilities	63
Statements of Operations	64
Statements of Changes in Net Assets	65
Financial Highlights	66
Notes to Financial Statements	67
Disclosure of Fund Expenses	83

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.

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund

Sector Weightings ^†:

^†Percentages are based on total investments.

Description	Percentage of Net Assets (%)			Shares		Market Value     ($ Thousands)
COMMON STOCK — 98.9%
Argentina — 0.0%
Other Securities		0.0	%			$	216
Australia — 1.4%
Other Securities ‡		1.4					35,803
Austria — 0.0%
Other Securities		0.0					1,121
Belgium — 0.2%
Other Securities		0.2					4,688
Bermuda — 0.0%
Other Securities		0.0					62
Brazil — 0.5%
Other Securities		0.5					12,366
Canada — 0.7%
Alibaba Group Holding ADR *		0.6			71,600		14,792
Other Securities		0.1					2,961
							17,753
Chile — 0.1%
Other Securities		0.1					1,645
China — 1.7%
Tencent Holdings		0.5			242,600		11,654
Other Securities		1.2					34,595
							46,249
Colombia — 0.0%
Other Securities		0.0					607
Czech Republic — 0.0%
Other Securities		0.0					378

Description	Percentage of Net Assets (%)			Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Denmark — 0.4%
Other Securities		0.4	%			$	9,780
Egypt — 0.0%
Other Securities		0.0					269
Finland — 0.2%
Other Securities		0.2					5,079
France — 2.0%
Other Securities  ‡		2.0					53,603
Germany — 1.6%
Other Securities		1.6					41,595
Greece — 0.0%
Other Securities		0.0					679
Hong Kong — 1.4%
Other Securities ‡		1.4					38,175
Hungary — 0.0%
Other Securities		0.0					753
India — 0.8%
Other Securities		0.8					22,389
Indonesia — 0.2%
Other Securities		0.2					4,916
Ireland — 0.6%
Accenture PLC, Cl A		0.3			34,800		7,141
Other Securities		0.3					9,336
							16,477
Israel — 0.1%
Other Securities		0.1					3,032
Italy — 0.5%
Other Securities		0.5					11,882
Japan — 4.8%
Other Securities ‡		4.8					127,034
Luxembourg — 0.0%
Other Securities		0.0					486
Malaysia — 0.2%
Other Securities		0.2					4,540
Mexico — 0.2%
Other Securities ‡		0.2					6,091

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 1

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

Description		Percentage of Net Assets (%)			Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Netherlands — 1.2%
Other Securities  ‡			1.2	%			$	31,961
New Zealand — 0.1%
Other Securities			0.1					1,476
Norway — 0.1%
Other Securities			0.1					3,134
Panama — 0.0%
Other Securities			0.0					246
Peru — 0.0%
Other Securities			0.0					718
Philippines — 0.1%
Other Securities			0.1					2,401
Poland — 0.1%
Other Securities			0.1					2,076
Portugal — 0.0%
Other Securities			0.0					876
Qatar — 0.1%
Other Securities			0.1					2,403
Russia — 0.4%
Other Securities			0.4					9,459
Saudi Arabia — 0.2%
Other Securities			0.2					6,483
Singapore — 0.3%
Other Securities ‡			0.3					7,498
Slovak Republic — 0.0%
Other Securities			0.0					556
South Africa — 0.4%
Other Securities ‡			0.4					11,361
South Korea — 1.0%
Samsung Electronics Co Ltd			0.4			203,238		9,617
Other Securities			0.6					17,407
	��							27,024
Spain — 0.6%
Other Securities			0.6					14,595
Sweden — 0.5%
Other Securities			0.5					13,740

Description	Percentage of Net Assets (%)			Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Switzerland — 1.9%
Nestle SA		0.5	%		105,283	$	11,613
Novartis AG		0.3			76,190		7,202
Roche Holding AG		0.3			24,846		8,355
Other Securities		0.8					22,813
							49,983
Taiwan — 1.1%
Taiwan Semiconductor Manufacturing		0.4			1,045,000		11,070
Other Securities		0.7					18,341
							29,411
Thailand — 0.2%
Other Securities		0.2					6,473
Turkey — 0.1%
Other Securities		0.1					1,221
United Arab Emirates — 0.1%
Other Securities		0.1					1,620
United Kingdom — 3.0%
Other Securities  ‡		3.0					78,278
United States — 69.8%
Abbott Laboratories		0.3			93,400		8,139
Adobe Inc *		0.4			26,500		9,305
Alphabet Inc, Cl A *		0.9			16,300		23,354
Alphabet Inc, Cl C *		0.9			16,300		23,378
Amazon.com Inc *		1.7			22,500		45,196
Apple		2.8			242,200		74,963
AT&T Inc		0.6			396,900		14,931
Bank of America Corp		0.6			443,300		14,554
Berkshire Hathaway Inc, Cl B *		0.9			106,700		23,947
Boeing		0.4			28,900		9,198
Bristol-Myers Squibb Co		0.3			127,600		8,032
Chevron Corp		0.4			104,000		11,143
Cisco Systems Inc		0.4			234,100		10,762
Citigroup		0.4			119,300		8,877
Coca-Cola		0.5			208,900		12,200
Comcast Corp, Cl A		0.4			245,400		10,599
Costco Wholesale Corp		0.3			23,900		7,302
Exxon Mobil Corp		0.6			230,800		14,337
Facebook Inc, Cl A *		1.0			130,300		26,309
Home Depot		0.5			60,100		13,709
Intel Corp		0.6			238,000		15,215
Johnson & Johnson		0.8			144,800		21,556
JPMorgan Chase & Co		0.9			169,900		22,488
Mastercard Inc, Cl A		0.6			48,400		15,292
McDonald’s		0.4			41,100		8,794
Medtronic PLC		0.3			73,200		8,450
Merck & Co Inc		0.5			139,000		11,876
Microsoft Corp		2.7			412,100		70,152

2 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Percentage of Net Assets (%)			Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Netflix Inc *		0.3	%		22,800	$	7,868
NextEra Energy		0.3			26,700		7,161
NVIDIA Corp		0.3			31,800		7,518
PayPal Holdings *		0.3			64,100		7,300
PepsiCo Inc		0.4			76,400		10,850
Pfizer Inc		0.5			303,300		11,295
Procter & Gamble Co/The		0.6			134,800		16,799
salesforce.com Inc *		0.3			45,401		8,277
UnitedHealth Group Inc		0.5			51,500		14,031
Verizon Communications Inc		0.5			225,900		13,428
Visa Inc, Cl A		0.7			93,300		18,564
Walmart Inc		0.3			76,700		8,781
Walt Disney Co/The		0.5			95,300		13,181
Wells Fargo & Co		0.4			208,400		9,782
Other Securities  ‡(A)		42.8					1,150,718
							1,849,611
Total Common Stock (Cost $2,411,170) ($ Thousands)							2,620,272
PREFERRED STOCK — 0.4%
Brazil — 0.2%
Other Securities		0.2					5,904
Chile — 0.0%
Other Securities		0.0					177
Colombia — 0.0%
Other Securities		0.0					368
Germany — 0.1%
Other Securities		0.1					2,696

Description	Percentage of Net Assets (%)			Shares	Market Value     ($ Thousands)
PREFERRED STOCK (continued)
South Korea — 0.1%
Other Securities		0.1	%		$	1,666
Total Preferred Stock (Cost $10,768) ($ Thousands)						10,811
EXCHANGE TRADED FUND — 0.0%
Other Securities		0.0				242
Total Exchange Traded Fund (Cost $100) ($ Thousands)						242
RIGHTS * — 0.0%
China — 0.0%
Other Securities		0.0				—
India — 0.0%
Other Securities		0.0				—
South Korea — 0.0%
Other Securities		0.0				2
United States — 0.0%
Other Securities (B)		0.0				11
Total Rights (Cost $2) ($ Thousands)						13
WARRANTS * — 0.0%
Thailand — 0.0%
Other Securities (B)		0.0				—
Total Warrants (Cost $–) ($ Thousands)						—
Total Investments — 99.3% (Cost $2,422,040) ($ Thousands)					$	2,631,338

A list of the open futures contracts held by the Fund at January 31, 2020, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
MSCI EAFE Index		39		Mar-2020	$	3,868	$	3,854	$	(14	)
MSCI Emerging Markets		61		Mar-2020		3,228		3,203		(25	)
Russell 2000 Index E-MINI		67		Mar-2020		5,507		5,409		(98	)
S&P 500 Index E-MINI		53		Mar-2020		8,414		8,544		130
S&P Mid Cap 400 Index E-MINI		4		Mar-2020		816		802		(14	)
						21,833	$	21,812	$	(21	)

Percentages are based on a Net Assets of $2,649,072 ($ Thousands).

* Non-income producing security.

‡ Real Estate Investment Trust.

(A) Security is a Master Limited Partnership. At January 31, 2020, such securities amounted to $315 ($ Thousands), or 0.01% of Net Assets (See Note 2).

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

ADR — American Depositary Receipt

Cl — Class

EAFE — Europe, Australasia and Far East

MSCI — Morgan Stanley Capital International

PLC — Public Limited Company

S&P — Standard & Poor’s

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 3

SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Concluded)

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

The following is a list of the level of inputs used as of January 31, 2020, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

Investments in Securities	Level 1 ($)			Level 2 ($)		Level 3‡ ($)		Total ($)
Common Stock		2,612,106			8,112		54		2,620,272
Preferred Stock		10,796			15		–		10,811
Exchange Traded Fund		242			–		–		242
Rights		4			–		9		13
Warrants		–			–		–		–
Total Investments in Securities		2,623,148			8,127		63		2,631,338
Other Financial Instruments	Level 1 ($)			Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts *
Unrealized Appreciation		130			—		—		130
Unrealized Depreciation		(151	)		—		—		(151	)
Total Other Financial Instruments		(21	)		—		—		(21	)

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

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

For the period ended January 31, 2020, 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.

4 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund

Sector Weightings ^†:

†Percentages based on total investments.

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS — 30.4%
Communication Services — 3.4%
Activision Blizzard
3.400%, 09/15/2026	$	50	$	54
2.300%, 09/15/2021		30		30
Alphabet
3.625%, 05/19/2021		100		103
1.998%, 08/15/2026		50		51
Altice Financing
7.500%, 05/15/2026 (A)		425		454
6.625%, 02/15/2023 (A)		500		509
5.000%, 01/15/2028 (A)		200		196
Altice France
8.125%, 02/01/2027 (A)		400		447
7.375%, 05/01/2026 (A)		1,000		1,065
5.500%, 01/15/2028 (A)		200		204
Altice Luxembourg
10.500%, 05/15/2027 (A)		350		405
7.625%, 02/15/2025 (A)		250		260
AMC Entertainment Holdings
5.750%, 06/15/2025		138		123
AMC Networks
5.000%, 04/01/2024		250		255
4.750%, 08/01/2025		105		106
America Movil
6.375%, 03/01/2035		100		140
6.125%, 03/30/2040		100		142
4.375%, 04/22/2049		200		243
3.625%, 04/22/2029		200		219
AT&T
6.250%, 03/29/2041		150		201
6.200%, 03/15/2040		275		360
6.000%, 08/15/2040		100		132
5.700%, 03/01/2057		250		333
5.650%, 02/15/2047		50		66
5.450%, 03/01/2047		100		126
5.250%, 03/01/2037		50		61
5.150%, 03/15/2042		150		185
5.150%, 02/15/2050		200		246
4.900%, 08/15/2037		100		119
4.850%, 03/01/2039		300		356
4.500%, 05/15/2035		150		173
4.500%, 03/09/2048		300		338
4.350%, 03/01/2029		300		338

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.350%, 06/15/2045	$	100	$	111
4.250%, 03/01/2027		150		167
4.100%, 02/15/2028		116		128
3.950%, 01/15/2025		100		109
3.800%, 03/01/2024		50		53
3.550%, 06/01/2024		100		106
3.400%, 05/15/2025		150		159
3.200%, 03/01/2022		90		92
2.950%, 07/15/2026		85		89
2.800%, 02/17/2021		400		404
Baidu
4.375%, 03/29/2028		100		111
3.875%, 09/29/2023		300		316
Bell Canada
4.464%, 04/01/2048		315		379
Block Communications
6.875%, 02/15/2025 (A)		50		52
British Telecommunications
9.625%, 12/15/2030		150		235
5.125%, 12/04/2028		300		351
C&W Senior Financing DAC
7.500%, 10/15/2026 (A)		200		216
6.875%, 09/15/2027 (A)		275		295
CCO Holdings
5.875%, 04/01/2024 (A)		317		327
5.875%, 05/01/2027 (A)		800		843
5.750%, 02/15/2026 (A)		200		210
5.500%, 05/01/2026 (A)		200		209
5.375%, 06/01/2029 (A)		193		206
5.125%, 05/01/2027 (A)		365		381
5.000%, 02/01/2028 (A)		279		292
4.750%, 03/01/2030 (A)		392		403
4.000%, 03/01/2023 (A)		43		44
CenturyLink
7.500%, 04/01/2024		275		310
5.125%, 12/15/2026 (A)		306		315
4.000%, 02/15/2027 (A)		95		96
Charter Communications Operating
6.834%, 10/23/2055		35		46
6.484%, 10/23/2045		165		214
6.384%, 10/23/2035		50		65
5.750%, 04/01/2048		50		60
5.375%, 04/01/2038		400		468
5.375%, 05/01/2047		335		386
4.908%, 07/23/2025		150		168
4.500%, 02/01/2024		300		326
4.464%, 07/23/2022		50		53
3.750%, 02/15/2028		100		105
Cincinnati Bell
7.000%, 07/15/2024 (A)		135		141
Clear Channel Worldwide Holdings
9.250%, 02/15/2024 (A)		374		407

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 5

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.125%, 08/15/2027 (A)	$	215	$	222
Comcast
4.950%, 10/15/2058		225		306
4.700%, 10/15/2048		340		437
4.600%, 10/15/2038		355		438
4.600%, 08/15/2045		100		124
4.400%, 08/15/2035		350		424
4.250%, 10/15/2030		25		29
4.250%, 01/15/2033		100		119
4.200%, 08/15/2034		500		595
4.150%, 10/15/2028		70		80
3.900%, 03/01/2038		100		114
3.700%, 04/15/2024		355		382
3.450%, 10/01/2021		365		376
3.450%, 02/01/2050		35		38
3.400%, 07/15/2046		100		105
3.375%, 02/15/2025		150		160
3.375%, 08/15/2025		65		70
3.300%, 02/01/2027		100		108
3.250%, 11/01/2039		50		53
3.200%, 07/15/2036		100		107
2.750%, 03/01/2023		100		103
2.650%, 02/01/2030		35		36
Connect Finco SARL
6.750%, 10/01/2026 (A)		376		398
Corning
5.450%, 11/15/2079		20		23
4.375%, 11/15/2057		100		108
3.900%, 11/15/2049		50		52
CSC Holdings
10.875%, 10/15/2025 (A)		103		114
7.750%, 07/15/2025 (A)		300		316
7.500%, 04/01/2028 (A)		200		228
6.625%, 10/15/2025 (A)		250		264
5.750%, 01/15/2030 (A)		341		367
5.500%, 05/15/2026 (A)		78		82
5.500%, 04/15/2027 (A)		985		1,045
5.375%, 07/15/2023 (A)		150		153
Cumulus Media New Holdings
6.750%, 07/01/2026 (A)		40		42
Diamond Sports Group
6.625%, 08/15/2027 (A)		352		329
5.375%, 08/15/2026 (A)		587		585
Discovery Communications
6.350%, 06/01/2040		100		133
5.300%, 05/15/2049		40		48
5.200%, 09/20/2047		60		71
4.125%, 05/15/2029		45		49
3.950%, 03/20/2028		60		65
3.900%, 11/15/2024		300		322
3.800%, 03/13/2024		100		106

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
DISH DBS
7.750%, 07/01/2026	$	397	$	417
Electronic Arts
4.800%, 03/01/2026		50		58
3.700%, 03/01/2021		50		51
Fox
5.576%, 01/25/2049 (A)		45		59
5.476%, 01/25/2039 (A)		210		266
4.709%, 01/25/2029 (A)		240		279
4.030%, 01/25/2024 (A)		325		350
Frontier Communications
11.000%, 09/15/2025		820		376
10.500%, 09/15/2022		210		96
8.500%, 04/01/2026 (A)		295		302
8.000%, 04/01/2027 (A)		347		362
Gogo Intermediate Holdings
9.875%, 05/01/2024 (A)		194		209
Gray Television
7.000%, 05/15/2027 (A)		35		38
5.875%, 07/15/2026 (A)		275		288
5.125%, 10/15/2024 (A)		100		103
Grupo Televisa
5.250%, 05/24/2049		300		350
GTH Finance BV
7.250%, 04/26/2023		200		224
iHeartCommunications
8.375%, 05/01/2027		250		272
6.375%, 05/01/2026		100		108
5.250%, 08/15/2027 (A)		214		223
4.750%, 01/15/2028 (A)		62		63
Intelsat Connect Finance
9.500%, 02/15/2023 (A)		245		125
Intelsat Jackson Holdings
9.750%, 07/15/2025 (A)		214		182
8.500%, 10/15/2024 (A)		695		584
8.000%, 02/15/2024 (A)		200		205
Interpublic Group of Cos
3.750%, 10/01/2021		200		206
LCPR Senior Secured Financing DAC
6.750%, 10/15/2027 (A)		400		423
Level 3 Financing
5.625%, 02/01/2023		100		100
5.375%, 05/01/2025		150		155
5.250%, 03/15/2026		100		104
5.125%, 05/01/2023		250		251
4.625%, 09/15/2027 (A)		250		257
Live Nation Entertainment
4.875%, 11/01/2024 (A)		115		119
4.750%, 10/15/2027 (A)		158		162
Meredith
6.875%, 02/01/2026		250		257

6 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Metropolitan Light
5.500%, 11/21/2022 (A)	$	165	$	171
NBCUniversal Media
5.950%, 04/01/2041		100		144
Netflix
6.375%, 05/15/2029		200		234
5.875%, 02/15/2025		138		155
5.875%, 11/15/2028		420		473
5.375%, 11/15/2029 (A)		47		51
4.875%, 06/15/2030 (A)		204		213
4.375%, 11/15/2026		400		420
Nexstar Broadcasting
5.625%, 08/01/2024 (A)		82		85
5.625%, 07/15/2027 (A)		368		387
Nokia
4.375%, 06/12/2027		25		26
3.375%, 06/12/2022		120		122
Omnicom Group
3.600%, 04/15/2026		100		108
Orange
9.000%, 03/01/2031		100		158
5.500%, 02/06/2044		25		35
Photo Holdings Merger Sub
8.500%, 10/01/2026 (A)		150		140
Rogers Communications
5.000%, 03/15/2044		100		127
4.300%, 02/15/2048		340		396
3.700%, 11/15/2049		50		53
2.900%, 11/15/2026		100		104
Sable International Finance
5.750%, 09/07/2027 (A)		67		71
Scripps Escrow
5.875%, 07/15/2027 (A)		110		116
Sinclair Television Group
5.500%, 03/01/2030 (A)		150		153
Sirius XM Radio
5.500%, 07/01/2029 (A)		225		242
5.375%, 07/15/2026 (A)		707		746
5.000%, 08/01/2027 (A)		260		273
Sprint
7.625%, 02/15/2025		300		313
7.625%, 03/01/2026		250		261
7.250%, 02/01/2028 (A)		185		183
TEGNA
5.000%, 09/15/2029 (A)		226		229
4.625%, 03/15/2028 (A)		85		85
Telefonica Emisiones
7.045%, 06/20/2036		100		144
5.520%, 03/01/2049		150		194
4.895%, 03/06/2048		150		177
4.665%, 03/06/2038		350		399

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Telenet Finance Luxembourg Notes SARL
5.500%, 03/01/2028 (A)	$	200	$	212
Telesat Canada
6.500%, 10/15/2027 (A)		100		105
TELUS
4.600%, 11/16/2048		225		281
Terrier Media Buyer
8.875%, 12/15/2027 (A)		174		179
T-Mobile USA
6.500%, 01/15/2026		350		373
6.000%, 04/15/2024		500		—
5.375%, 04/15/2027		200		107
4.750%, 02/01/2028		300		319
4.500%, 02/01/2026		260		268
0.000%, 03/01/2023 (B)		200		—
0.000%, 01/15/2024 (B)		150		—
0.000%, 03/01/2025 (B)		535		—
0.000%, 01/15/2026 (B)		610		—
TWDC Enterprises 18
3.000%, 02/13/2026		100		107
TWDC Enterprises 18 MTN
4.125%, 06/01/2044		125		155
3.000%, 07/30/2046		50		52
2.350%, 12/01/2022		50		51
2.300%, 02/12/2021		100		101
Twitter
3.875%, 12/15/2027 (A)		100		100
UPC Holding BV
5.500%, 01/15/2028 (A)		200		208
UPCB Finance IV
5.375%, 01/15/2025 (A)		200		205
VEON Holdings BV
4.000%, 04/09/2025 (A)		200		208
3.950%, 06/16/2021		200		203
Verizon Communications
5.250%, 03/16/2037		300		390
5.150%, 09/15/2023		300		335
4.812%, 03/15/2039		400		502
4.600%, 04/01/2021		500		517
4.522%, 09/15/2048		153		189
4.500%, 08/10/2033		100		120
4.400%, 11/01/2034		500		599
4.329%, 09/21/2028		156		180
4.125%, 08/15/2046		50		59
3.875%, 02/08/2029		230		259
3.376%, 02/15/2025		200		214
3.125%, 03/16/2022		400		412
2.625%, 08/15/2026		150		155
ViacomCBS
6.250%, VAR ICE LIBOR USD 3 Month+3.899%, 02/28/2057		206		231

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 7

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.875%, VAR ICE LIBOR USD 3 Month+3.895%, 02/28/2057	$	50	$	53
5.850%, 09/01/2043		100		130
5.500%, 05/15/2033		75		94
4.250%, 09/01/2023		25		27
4.200%, 06/01/2029		50		56
4.000%, 01/15/2026		35		38
3.500%, 01/15/2025		100		106
2.900%, 06/01/2023		200		206
Videotron
5.125%, 04/15/2027 (A)		100		105
Virgin Media Secured Finance
5.500%, 08/15/2026 (A)		200		210
5.500%, 05/15/2029 (A)		200		210
Vodafone Group
7.000%, VAR USD Swap Semi 30/360 5 Yr Curr+4.873%, 04/04/2079		400		472
6.150%, 02/27/2037		100		135
5.250%, 05/30/2048		75		94
5.000%, 05/30/2038		340		409
4.375%, 05/30/2028		70		79
4.250%, 09/17/2050		55		60
4.125%, 05/30/2025		325		358
3.750%, 01/16/2024		245		261
Walt Disney
6.650%, 11/15/2037		100		153
4.500%, 02/15/2021		100		103
3.000%, 09/15/2022		100		104
2.750%, 09/01/2049		225		221
2.000%, 09/01/2029		165		163
1.750%, 08/30/2024		250		251
1.650%, 09/01/2022		90		90
Ypso Finance Bis
6.000%, 02/15/2028 (A)		200		198
Ziggo BV
6.000%, 01/15/2027 (A)		200		210
5.500%, 01/15/2027 (A)		300		318
4.875%, 01/15/2030 (A)		200		206
				54,142
Consumer Discretionary — 2.9%
1011778 BC ULC / New Red Finance Inc
5.000%, 10/15/2025 (A)		450		464
4.375%, 01/15/2028 (A)		179		180
4.250%, 05/15/2024 (A)		150		153
3.875%, 01/15/2028 (A)		121		122
Adient Global Holdings
4.875%, 08/15/2026 (A)		200		189
Adient US
7.000%, 05/15/2026 (A)		193		211
Advance Auto Parts
4.500%, 12/01/2023		100		108

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Albertsons
7.500%, 03/15/2026 (A)	$	25	$	28
5.875%, 02/15/2028 (A)		54		58
5.750%, 03/15/2025		615		636
4.875%, 02/15/2030 (A)		252		259
4.625%, 01/15/2027 (A)		228		231
3.500%, 02/15/2023 (A)		58		59
Alibaba Group Holding
4.200%, 12/06/2047		60		70
3.600%, 11/28/2024		100		107
3.400%, 12/06/2027		100		107
Amazon.com
5.200%, 12/03/2025		50		59
4.950%, 12/05/2044		100		136
4.800%, 12/05/2034		100		128
4.250%, 08/22/2057		70		90
4.050%, 08/22/2047		70		86
3.875%, 08/22/2037		445		522
3.150%, 08/22/2027		350		378
2.800%, 08/22/2024		325		341
2.500%, 11/29/2022		100		102
2.400%, 02/22/2023		50		51
American Airlines Pass-Through Trust, Ser 2015-2, Cl AA
3.600%, 09/22/2027		83		90
American Airlines Pass-Through Trust, Ser 2016-3, Cl AA
3.000%, 10/15/2028		87		91
American Airlines Pass-Through Trust, Ser 2019-1, Cl AA
3.150%, 02/15/2032		75		82
American Axle & Manufacturing
6.250%, 04/01/2025		130		133
American Builders & Contractors Supply
5.875%, 05/15/2026 (A)		100		105
4.000%, 01/15/2028 (A)		146		147
American Honda Finance MTN
3.550%, 01/12/2024		100		107
3.500%, 02/15/2028		50		55
2.900%, 02/16/2024		250		261
2.400%, 06/27/2024		100		102
1.700%, 09/09/2021		75		75
Aptiv
4.350%, 03/15/2029		20		22
APX Group
7.875%, 12/01/2022		158		161
Aramark Services
5.000%, 04/01/2025 (A)		100		104
5.000%, 02/01/2028 (A)		60		63
4.750%, 06/01/2026		275		286
Atento Luxco 1
6.125%, 08/10/2022 (A)		100		101

8 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
AutoNation
4.500%, 10/01/2025	$	100	$	109
AutoZone
3.750%, 06/01/2027		100		108
3.700%, 04/15/2022		80		83
3.125%, 04/18/2024		50		53
BAT Capital
4.758%, 09/06/2049		200		214
4.540%, 08/15/2047		60		62
4.390%, 08/15/2037		70		73
3.557%, 08/15/2027		50		52
3.462%, 09/06/2029		200		207
3.215%, 09/06/2026		200		206
2.789%, 09/06/2024		140		143
Best Buy
4.450%, 10/01/2028		250		280
Booking Holdings
3.600%, 06/01/2026		50		55
3.550%, 03/15/2028		50		55
2.750%, 03/15/2023		50		51
BorgWarner
4.375%, 03/15/2045		50		54
3.375%, 03/15/2025		100		107
Boyd Gaming
6.375%, 04/01/2026		168		179
6.000%, 08/15/2026		100		106
4.750%, 12/01/2027 (A)		189		193
Brookfield Residential Properties
6.250%, 09/15/2027 (A)		142		152
Caesars Resort Collection
5.250%, 10/15/2025 (A)		319		324
California Institute of Technology
3.650%, 09/01/2119		20		22
Carvana
8.875%, 10/01/2023 (A)		118		124
Cedar Fair
5.375%, 04/15/2027		110		117
5.250%, 07/15/2029 (A)		40		42
Cengage Learning
9.500%, 06/15/2024 (A)		161		149
Century Communities
6.750%, 06/01/2027 (A)		100		109
Choice Hotels International
3.700%, 12/01/2029		50		51
Churchill Downs
5.500%, 04/01/2027 (A)		81		85
4.750%, 01/15/2028 (A)		94		97
Daimler Finance North America
8.500%, 01/18/2031		50		76
Darden Restaurants
4.550%, 02/15/2048		15		16
3.850%, 05/01/2027		30		33

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Delphi Technologies
5.000%, 10/01/2025 (A)	$	105	$	116
Delta Air Lines
4.375%, 04/19/2028		50		53
3.800%, 04/19/2023		30		31
3.625%, 03/15/2022		50		52
Diamond Resorts International
10.750%, 09/01/2024 (A)		100		104
7.750%, 09/01/2023 (A)		150		154
Dollar General
3.250%, 04/15/2023		100		104
Dollar Tree
4.200%, 05/15/2028		345		379
4.000%, 05/15/2025		100		108
3.700%, 05/15/2023		145		153
Dun & Bradstreet
10.250%, 02/15/2027 (A)		150		172
6.875%, 08/15/2026 (A)		135		148
eBay
3.450%, 08/01/2024		50		53
2.600%, 07/15/2022		100		101
eG Global Finance
6.750%, 02/07/2025 (A)		200		203
Eldorado Resorts
6.000%, 04/01/2025		200		210
6.000%, 09/15/2026		75		82
ESH Hospitality
5.250%, 05/01/2025 (A)		250		256
4.625%, 10/01/2027 (A)		114		115
Expedia Group
5.000%, 02/15/2026		100		112
4.500%, 08/15/2024		50		54
Fiat Chrysler Automobiles
5.250%, 04/15/2023		200		214
Ford Motor
7.450%, 07/16/2031		100		120
5.291%, 12/08/2046		50		49
4.750%, 01/15/2043		125		117
Ford Motor Credit
5.875%, 08/02/2021		100		105
5.596%, 01/07/2022		200		211
5.113%, 05/03/2029		200		209
3.815%, 11/02/2027		300		296
3.813%, 10/12/2021		500		510
2.979%, 08/03/2022		400		403
General Motors
6.600%, 04/01/2036		100		122
5.400%, 04/01/2048		50		53
5.150%, 04/01/2038		330		352
5.000%, 04/01/2035		50		53
4.200%, 10/01/2027		50		53

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 9

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
General Motors Financial
4.350%, 04/09/2025	$	75	$	81
4.350%, 01/17/2027		70		75
4.000%, 10/06/2026		50		53
3.950%, 04/13/2024		250		264
3.700%, 05/09/2023		35		36
3.550%, 04/09/2021		260		265
3.550%, 07/08/2022		50		52
3.500%, 11/07/2024		100		103
3.450%, 01/14/2022		100		102
3.450%, 04/10/2022		50		51
3.200%, 07/06/2021		50		51
3.150%, 06/30/2022		370		378
George Washington University
4.868%, 09/15/2045		50		67
Golden Nugget
8.750%, 10/01/2025 (A)		105		110
6.750%, 10/15/2024 (A)		275		283
Goodyear Tire & Rubber
5.125%, 11/15/2023		200		202
5.000%, 05/31/2026		250		260
4.875%, 03/15/2027		55		57
GrubHub Holdings
5.500%, 07/01/2027 (A)		44		43
Guitar Center
9.500%, 10/15/2021 (A)		165		163
GW B-CR Security
9.500%, 11/01/2027 (A)		78		83
Hanesbrands
4.875%, 05/15/2026 (A)		200		211
4.625%, 05/15/2024 (A)		176		184
Hasbro
3.900%, 11/19/2029		100		104
3.500%, 09/15/2027		60		61
HD Supply
5.375%, 10/15/2026 (A)		100		106
Hilton Domestic Operating
5.125%, 05/01/2026		300		314
4.875%, 01/15/2030		80		85
4.250%, 09/01/2024		170		172
Hilton Worldwide Finance
4.875%, 04/01/2027		150		158
4.625%, 04/01/2025		120		123
Home Depot
4.400%, 04/01/2021		100		103
4.400%, 03/15/2045		50		61
3.900%, 12/06/2028		290		331
3.900%, 06/15/2047		50		58
3.500%, 09/15/2056		100		111
3.250%, 03/01/2022		500		518
3.125%, 12/15/2049		100		103
3.000%, 04/01/2026		100		106

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.950%, 06/15/2029	$	45	$	48
2.625%, 06/01/2022		75		77
2.000%, 04/01/2021		50		50
IAA
5.500%, 06/15/2027 (A)		74		79
International Game Technology
6.500%, 02/15/2025 (A)		300		338
6.250%, 02/15/2022 (A)		200		210
6.250%, 01/15/2027 (A)		50		56
Jaguar Holding II
6.375%, 08/01/2023 (A)		252		259
Jaguar Land Rover Automotive
4.500%, 10/01/2027 (A)		125		115
JBS Investments II GmbH
7.000%, 01/15/2026 (A)		200		218
5.750%, 01/15/2028 (A)		200		211
JBS USA LUX
6.750%, 02/15/2028 (A)		95		105
6.500%, 04/15/2029 (A)		75		84
5.750%, 06/15/2025 (A)		281		291
5.500%, 01/15/2030 (A)		319		345
JC Penney
5.875%, 07/01/2023 (A)		130		113
KFC Holding
5.250%, 06/01/2026 (A)		92		96
5.000%, 06/01/2024 (A)		300		309
4.750%, 06/01/2027 (A)		125		132
L Brands
7.500%, 06/15/2029		125		135
5.250%, 02/01/2028		100		99
Las Vegas Sands
3.900%, 08/08/2029		40		42
3.500%, 08/18/2026		30		31
3.200%, 08/08/2024		45		47
2.900%, 06/25/2025		65		66
Laureate Education
8.250%, 05/01/2025 (A)		90		96
Lear
5.250%, 01/15/2025		70		72
3.800%, 09/15/2027		100		104
Leggett & Platt
3.500%, 11/15/2027		250		264
Leland Stanford Junior University
3.647%, 05/01/2048		25		30
Lennar
4.750%, 04/01/2021		100		102
4.750%, 05/30/2025		100		109
4.750%, 11/29/2027		100		111
4.500%, 04/30/2024		200		214
Lowe’s
4.550%, 04/05/2049		50		60
4.250%, 09/15/2044		50		56

10 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.700%, 04/15/2046	$	150	$	159
3.650%, 04/05/2029		100		109
3.375%, 09/15/2025		100		107
3.125%, 09/15/2024		100		106
Macy’s Retail Holdings
4.500%, 12/15/2034		12		12
2.875%, 02/15/2023		43		43
Magna International
3.625%, 06/15/2024		100		107
Marriott International
3.600%, 04/15/2024		100		106
3.125%, 10/15/2021		100		102
3.125%, 06/15/2026		50		53
2.300%, 01/15/2022		50		50
Marriott Ownership Resorts
6.500%, 09/15/2026		80		87
Massachusetts Institute of Technology
5.600%, 07/01/2111		100		171
Mattamy Group
6.500%, 10/01/2025 (A)		175		186
5.250%, 12/15/2027 (A)		62		65
Mattel
6.750%, 12/31/2025 (A)		300		322
5.875%, 12/15/2027 (A)		70		73
McDonald’s MTN
6.300%, 10/15/2037		50		71
4.875%, 12/09/2045		125		159
4.700%, 12/09/2035		175		218
4.450%, 03/01/2047		25		30
3.800%, 04/01/2028		50		56
3.700%, 01/30/2026		30		33
3.625%, 09/01/2049		125		133
3.350%, 04/01/2023		30		31
2.625%, 09/01/2029		75		77
MDC Partners
6.500%, 05/01/2024 (A)		250		226
Melco Resorts Finance
5.625%, 07/17/2027		200		203
4.875%, 06/06/2025		200		203
MGM China Holdings
5.875%, 05/15/2026 (A)		200		207
5.375%, 05/15/2024 (A)		300		307
MGM Resorts International
5.750%, 06/15/2025		215		240
5.500%, 04/15/2027		215		236
Michaels Stores
8.000%, 07/15/2027 (A)		100		89
Mohegan Gaming & Entertainment
7.875%, 10/15/2024 (A)		100		102
Murphy Oil USA
4.750%, 09/15/2029		71		74

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
NCL
3.625%, 12/15/2024 (A)	$	71	$	70
Neiman Marcus Group
8.000%, 10/25/2024 (A)		100		33
Newell Brands
4.200%, 04/01/2026		335		350
3.850%, 04/01/2023		215		224
NIKE
3.875%, 11/01/2045		100		121
Nordstrom
5.000%, 01/15/2044		100		101
4.000%, 03/15/2027		100		106
Northwestern University
3.662%, 12/01/2057		25		30
O’Reilly Automotive
4.350%, 06/01/2028		250		285
3.600%, 09/01/2027		100		109
3.550%, 03/15/2026		50		54
Panther BF Aggregator 2
8.500%, 05/15/2027 (A)		375		403
6.250%, 05/15/2026 (A)		224		240
Party City Holdings
6.625%, 08/01/2026 (A)		70		50
Penske Automotive Group
5.500%, 05/15/2026		50		52
PetSmart
8.875%, 06/01/2025 (A)		85		87
7.125%, 03/15/2023 (A)		408		407
5.875%, 06/01/2025 (A)		226		232
President & Fellows of Harvard College
3.150%, 07/15/2046		100		108
Prime Security Services Borrower
9.250%, 05/15/2023 (A)		61		64
6.250%, 01/15/2028 (A)		130		129
5.750%, 04/15/2026 (A)		279		294
5.250%, 04/15/2024 (A)		173		180
PulteGroup
5.500%, 03/01/2026		175		195
5.000%, 01/15/2027		107		118
QVC
4.750%, 02/15/2027		50		51
4.450%, 02/15/2025		100		103
Refinitiv US Holdings
8.250%, 11/15/2026 (A)		250		278
6.250%, 05/15/2026 (A)		240		260
RELX Capital
3.500%, 03/16/2023		260		273
Ritchie Bros Auctioneers
5.375%, 01/15/2025 (A)		25		26
Sabre
5.375%, 04/15/2023 (A)		185		188

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 11

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Sally Holdings
5.625%, 12/01/2025	$	175	$	181
Scientific Games International
8.250%, 03/15/2026 (A)		225		244
7.250%, 11/15/2029 (A)		62		66
7.000%, 05/15/2028 (A)		138		146
5.000%, 10/15/2025 (A)		250		257
Service International
5.125%, 06/01/2029		138		147
4.625%, 12/15/2027		100		105
ServiceMaster
5.125%, 11/15/2024 (A)		130		134
Simmons Foods
5.750%, 11/01/2024 (A)		124		125
Six Flags Entertainment
5.500%, 04/15/2027 (A)		75		78
4.875%, 07/31/2024 (A)		200		204
Sotheby’s
7.375%, 10/15/2027 (A)		200		204
Starbucks
4.500%, 11/15/2048		30		35
4.450%, 08/15/2049		150		178
4.000%, 11/15/2028		50		57
3.800%, 08/15/2025		50		55
3.550%, 08/15/2029		150		166
3.500%, 03/01/2028		50		55
3.100%, 03/01/2023		50		52
2.700%, 06/15/2022		50		51
Stars Group Holdings BV
7.000%, 07/15/2026 (A)		175		190
Station Casinos
5.000%, 10/01/2025 (A)		84		86
4.500%, 02/15/2028 (A)		125		125
Studio City
7.250%, 11/30/2021 (A)		200		204
Summit Materials
6.125%, 07/15/2023		125		126
Tapestry
4.125%, 07/15/2027		250		261
Target
3.900%, 11/15/2047		100		118
3.500%, 07/01/2024		50		54
3.375%, 04/15/2029		200		220
2.350%, 02/15/2030		80		81
Taylor Morrison Communities
5.875%, 06/15/2027 (A)		107		119
Tempur Sealy International
5.500%, 06/15/2026		114		119
Tenneco
5.000%, 07/15/2026		105		97
Tesla
5.300%, 08/15/2025 (A)		344		347

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Time Warner Cable
6.550%, 05/01/2037	$	400	$	515
5.875%, 11/15/2040		400		484
4.500%, 09/15/2042		100		105
4.000%, 09/01/2021		300		308
TJX
2.250%, 09/15/2026		150		154
Toyota Motor Credit MTN
3.650%, 01/08/2029		300		338
3.400%, 04/14/2025		100		108
3.300%, 01/12/2022		100		103
2.950%, 04/13/2021		250		254
2.900%, 04/17/2024		250		262
2.800%, 07/13/2022		50		51
2.600%, 01/11/2022		100		102
2.250%, 10/18/2023		50		51
1.900%, 04/08/2021		50		50
Under Armour
3.250%, 06/15/2026		100		98
United Airlines Pass-Through Trust, Ser 2013-1, Cl A
4.300%, 08/15/2025		38		41
United Airlines Pass-Through Trust, Ser 2016-1, Cl AA
3.100%, 07/07/2028		43		46
United Airlines Pass-Through Trust, Ser 2016-2, Cl AA
2.875%, 10/07/2028		89		93
United Airlines Pass-Through Trust, Ser 2019-2, Cl AA
2.700%, 05/01/2032		125		130
University of Notre Dame du Lac
3.394%, 02/15/2048		100		113
University of Southern California
3.028%, 10/01/2039		150		162
Univision Communications
5.125%, 02/15/2025 (A)		247		246
Verscend Escrow
9.750%, 08/15/2026 (A)		235		256
Viking Cruises
5.875%, 09/15/2027 (A)		134		137
VOC Escrow
5.000%, 02/15/2028 (A)		150		155
Whirlpool
3.700%, 05/01/2025		50		54
William Carter
5.625%, 03/15/2027 (A)		93		99
WPP Finance
3.750%, 09/19/2024		100		107
Wyndham Hotels & Resorts
5.375%, 04/15/2026 (A)		85		89

12 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Wynn Las Vegas
5.500%, 03/01/2025 (A)	$	300	$	313
5.250%, 05/15/2027 (A)		155		161
Wynn Macau
5.500%, 10/01/2027 (A)		300		305
5.125%, 12/15/2029 (A)		65		65
Wynn Resorts Finance
5.125%, 10/01/2029 (A)		162		168
Yum! Brands
4.750%, 01/15/2030 (A)		141		151
				47,071
Consumer Staples — 1.7%
Altria Group
6.200%, 02/14/2059		15		19
5.950%, 02/14/2049		340		427
5.800%, 02/14/2039		235		284
5.375%, 01/31/2044		100		117
4.800%, 02/14/2029		75		85
3.800%, 02/14/2024		320		341
3.490%, 02/14/2022		300		309
2.850%, 08/09/2022		100		102
Anheuser-Busch
4.900%, 02/01/2046		400		497
4.700%, 02/01/2036		350		420
Anheuser-Busch InBev Finance
4.625%, 02/01/2044		100		120
3.300%, 02/01/2023		449		469
Anheuser-Busch InBev Worldwide
8.200%, 01/15/2039		100		164
5.800%, 01/23/2059		195		280
5.550%, 01/23/2049		100		136
5.450%, 01/23/2039		165		214
4.900%, 01/23/2031		65		79
4.750%, 01/23/2029		85		101
4.600%, 04/15/2048		150		181
4.375%, 04/15/2038		35		41
4.150%, 01/23/2025		360		397
4.000%, 04/13/2028		60		67
3.750%, 07/15/2042		100		108
Archer-Daniels-Midland
4.500%, 03/15/2049		100		130
4.479%, 03/01/2021		50		51
4.016%, 04/16/2043		100		117
3.750%, 09/15/2047		100		115
2.500%, 08/11/2026		100		103
Avon International Operations
7.875%, 08/15/2022 (A)		70		73
B&G Foods
5.250%, 04/01/2025		100		102
5.250%, 09/15/2027		130		130

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Brown-Forman
4.500%, 07/15/2045	$	35	$	45
Bunge Finance
3.750%, 09/25/2027		330		346
3.000%, 09/25/2022		55		56
Campbell Soup
4.800%, 03/15/2048		240		292
4.150%, 03/15/2028		100		111
Chobani
7.500%, 04/15/2025 (A)		100		99
Clorox
3.900%, 05/15/2028		50		57
3.100%, 10/01/2027		50		53
Coca-Cola
2.875%, 10/27/2025		100		106
2.250%, 09/01/2026		50		52
2.200%, 05/25/2022		300		304
2.125%, 09/06/2029		100		100
1.550%, 09/01/2021		50		50
Colgate-Palmolive MTN
4.000%, 08/15/2045		50		62
3.250%, 03/15/2024		50		53
2.300%, 05/03/2022		100		102
Conagra Brands
5.400%, 11/01/2048		220		281
5.300%, 11/01/2038		315		390
4.850%, 11/01/2028		25		29
4.300%, 05/01/2024		310		338
3.800%, 10/22/2021		10		11
3.200%, 01/25/2023		118		122
Constellation Brands
4.500%, 05/09/2047		20		23
4.250%, 05/01/2023		90		96
4.100%, 02/15/2048		250		279
3.750%, 05/01/2021		25		26
3.600%, 02/15/2028		50		54
3.500%, 05/09/2027		15		16
3.200%, 02/15/2023		50		52
2.700%, 05/09/2022		15		15
2.650%, 11/07/2022		100		102
Costco Wholesale
3.000%, 05/18/2027		100		108
Cott Holdings
5.500%, 04/01/2025 (A)		95		99
Coty
6.500%, 04/15/2026 (A)		125		130
Darling Ingredients
5.250%, 04/15/2027 (A)		106		112
Diageo Capital
2.625%, 04/29/2023		50		51
2.375%, 10/24/2029		200		204

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 13

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Diageo Investment
4.250%, 05/11/2042	$	100	$	121
2.875%, 05/11/2022		50		51
Energizer Holdings
7.750%, 01/15/2027 (A)		10		11
6.375%, 07/15/2026 (A)		30		32
5.500%, 06/15/2025 (A)		213		220
Estee Lauder
4.375%, 06/15/2045		50		62
4.150%, 03/15/2047		50		62
3.150%, 03/15/2027		50		54
Fresh Market
9.750%, 05/01/2023 (A)		100		49
General Mills
4.700%, 04/17/2048		220		269
4.550%, 04/17/2038		115		138
4.200%, 04/17/2028		25		29
3.700%, 10/17/2023		40		43
3.200%, 04/16/2021		10		10
3.150%, 12/15/2021		100		102
2.600%, 10/12/2022		100		102
Hershey
3.200%, 08/21/2025		100		108
Ingredion
3.200%, 10/01/2026		100		104
JM Smucker
4.375%, 03/15/2045		100		115
4.250%, 03/15/2035		20		22
3.500%, 03/15/2025		100		107
Kellogg
3.400%, 11/15/2027		100		107
Keurig Dr Pepper
5.085%, 05/25/2048		200		254
4.597%, 05/25/2028		50		57
4.500%, 11/15/2045		130		152
3.551%, 05/25/2021		300		307
2.550%, 09/15/2026		100		102
Kimberly-Clark
6.625%, 08/01/2037		50		76
3.200%, 04/25/2029		100		109
3.050%, 08/15/2025		50		53
2.750%, 02/15/2026		50		53
Kraft Foods Group
5.000%, 06/04/2042		100		111
Kraft Heinz Foods
6.500%, 02/09/2040		100		127
5.200%, 07/15/2045		100		113
5.000%, 07/15/2035		500		577
4.875%, 10/01/2049 (A)		20		22
4.625%, 10/01/2039 (A)		10		11
4.375%, 06/01/2046		60		61
3.950%, 07/15/2025		100		107

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.750%, 04/01/2030 (A)	$	10	$	11
3.000%, 06/01/2026		55		56
Kroger
4.500%, 01/15/2029		50		58
4.000%, 02/01/2024		100		108
3.950%, 01/15/2050		300		305
3.875%, 10/15/2046		100		101
3.700%, 08/01/2027		35		38
Kronos Acquisition Holdings
9.000%, 08/15/2023 (A)		165		159
Lamb Weston Holdings
4.875%, 11/01/2026 (A)		125		132
4.625%, 11/01/2024 (A)		150		157
McCormick
3.400%, 08/15/2027		100		107
3.150%, 08/15/2024		300		314
Mead Johnson Nutrition
4.125%, 11/15/2025		30		33
Molson Coors Beverage
5.000%, 05/01/2042		93		106
4.200%, 07/15/2046		40		41
3.000%, 07/15/2026		100		103
Mondelez International
4.125%, 05/07/2028		200		228
4.000%, 02/01/2024		100		108
NVA Holdings
6.875%, 04/01/2026 (A)		50		54
PepsiCo
4.600%, 07/17/2045		45		59
4.250%, 10/22/2044		100		122
4.000%, 05/02/2047		335		405
3.600%, 03/01/2024		100		108
3.500%, 07/17/2025		100		109
3.000%, 10/15/2027		350		377
2.750%, 03/05/2022		50		51
2.625%, 07/29/2029		75		78
2.250%, 05/02/2022		50		51
Performance Food Group
5.500%, 10/15/2027 (A)		211		222
Philip Morris International
6.375%, 05/16/2038		100		142
4.250%, 11/10/2044		50		58
4.125%, 03/04/2043		50		56
3.375%, 08/15/2029		150		162
3.125%, 08/17/2027		100		107
3.125%, 03/02/2028		50		53
2.875%, 05/01/2024		150		157
2.750%, 02/25/2026		50		52
2.625%, 02/18/2022		25		25
2.500%, 11/02/2022		50		51
2.375%, 08/17/2022		100		101
2.125%, 05/10/2023		25		25

14 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
1.875%, 02/25/2021	$	50	$	50
Pilgrim’s Pride
5.875%, 09/30/2027 (A)		200		212
5.750%, 03/15/2025 (A)		148		152
Post Holdings
5.750%, 03/01/2027 (A)		355		374
5.625%, 01/15/2028 (A)		208		220
5.500%, 03/01/2025 (A)		245		254
5.500%, 12/15/2029 (A)		205		217
Procter & Gamble
2.850%, 08/11/2027		100		109
2.450%, 11/03/2026		50		53
1.700%, 11/03/2021		100		100
Reynolds American
5.850%, 08/15/2045		100		119
5.700%, 08/15/2035		100		120
4.450%, 06/12/2025		100		109
Rite Aid
6.125%, 04/01/2023 (A)		350		319
Spectrum Brands
5.750%, 07/15/2025		200		208
Staples
10.750%, 04/15/2027 (A)		215		219
7.500%, 04/15/2026 (A)		375		384
Sysco
4.850%, 10/01/2045		15		19
4.450%, 03/15/2048		250		302
3.750%, 10/01/2025		25		27
3.550%, 03/15/2025		50		54
3.300%, 07/15/2026		100		108
TreeHouse Foods
6.000%, 02/15/2024 (A)		120		123
Tyson Foods
5.100%, 09/28/2048		300		384
4.500%, 06/15/2022		100		106
4.350%, 03/01/2029		300		347
3.950%, 08/15/2024		50		54
2.250%, 08/23/2021		35		35
Unilever Capital
5.900%, 11/15/2032		100		139
3.125%, 03/22/2023		100		104
2.600%, 05/05/2024		105		109
2.125%, 09/06/2029		150		148
1.375%, 07/28/2021		100		100
US Foods
5.875%, 06/15/2024 (A)		115		118
Vector Group
10.500%, 11/01/2026 (A)		58		60
6.125%, 02/01/2025 (A)		205		204
Walgreens Boots Alliance
4.800%, 11/18/2044		100		105
3.800%, 11/18/2024		100		106

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.450%, 06/01/2026	$	30	$	31
3.300%, 11/18/2021		100		102
Walmart
4.050%, 06/29/2048		65		79
3.950%, 06/28/2038		415		497
3.700%, 06/26/2028		100		112
3.625%, 12/15/2047		325		371
3.550%, 06/26/2025		325		354
3.400%, 06/26/2023		100		106
3.250%, 07/08/2029		40		44
3.125%, 06/23/2021		100		102
2.650%, 12/15/2024		50		52
2.550%, 04/11/2023		50		52
2.350%, 12/15/2022		100		102
				27,180
Energy — 3.0%
AI Candelaria Spain SLU
7.500%, 12/15/2028 (A)		277		316
Aker BP
5.875%, 03/31/2025 (A)		150		158
Antero Midstream Partners
5.750%, 03/01/2027 (A)		115		90
5.750%, 01/15/2028 (A)		148		115
5.375%, 09/15/2024		150		133
Antero Resources
5.625%, 06/01/2023		144		104
5.000%, 03/01/2025		50		33
Apache
5.350%, 07/01/2049		150		159
5.100%, 09/01/2040		100		101
4.375%, 10/15/2028		100		106
4.250%, 01/15/2030		150		158
Archrock Partners
6.875%, 04/01/2027 (A)		79		84
6.250%, 04/01/2028 (A)		100		103
Ascent Resources Utica Holdings
10.000%, 04/01/2022 (A)		264		259
7.000%, 11/01/2026 (A)		55		39
Baker Hughes a GE Co
5.125%, 09/15/2040		100		122
4.080%, 12/15/2047		50		53
3.138%, 11/07/2029		65		68
2.773%, 12/15/2022		50		51
Baytex Energy
8.750%, 04/01/2027 (A)		125		122
Boardwalk Pipelines
5.950%, 06/01/2026		100		115
BP Capital Markets
3.994%, 09/26/2023		38		41
3.723%, 11/28/2028		30		33
3.506%, 03/17/2025		100		108

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 15

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
BP Capital Markets America
4.234%, 11/06/2028	$	100	$	114
3.588%, 04/14/2027		100		108
3.224%, 04/14/2024		100		105
3.216%, 11/28/2023		50		52
3.119%, 05/04/2026		100		106
2.520%, 09/19/2022		100		102
2.112%, 09/16/2021		350		353
Bruin E&P Partners
8.875%, 08/01/2023 (A)		105		68
Buckeye Partners
3.950%, 12/01/2026		100		99
Calfrac Holdings
8.500%, 06/15/2026 (A)		102		39
California Resources
8.000%, 12/15/2022 (A)		321		109
Callon Petroleum
6.125%, 10/01/2024		106		101
Calumet Specialty Products Partners
11.000%, 04/15/2025 (A)		111		123
Canadian Natural Resources
6.250%, 03/15/2038		50		65
3.900%, 02/01/2025		100		107
3.850%, 06/01/2027		50		53
2.950%, 01/15/2023		50		52
Canadian Natural Resources MTN
4.950%, 06/01/2047		25		30
Carrizo Oil & Gas
6.250%, 04/15/2023		115		115
Cenovus Energy
5.400%, 06/15/2047		250		284
5.250%, 06/15/2037		35		39
4.250%, 04/15/2027		100		107
3.000%, 08/15/2022		308		314
Centennial Resource Production
6.875%, 04/01/2027 (A)		76		76
Cheniere Corpus Christi Holdings
3.700%, 11/15/2029 (A)		90		93
Cheniere Energy Partners
5.625%, 10/01/2026		260		272
5.250%, 10/01/2025		218		225
4.500%, 10/01/2029 (A)		311		316
Chesapeake Energy
11.500%, 01/01/2025 (A)		402		323
7.000%, 10/01/2024		125		66
Chevron
3.326%, 11/17/2025		50		54
2.954%, 05/16/2026		100		106
2.895%, 03/03/2024		50		52
2.566%, 05/16/2023		100		103
2.498%, 03/03/2022		350		356
2.355%, 12/05/2022		100		102

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Cimarex Energy
4.375%, 03/15/2029	$	50	$	53
3.900%, 05/15/2027		55		57
CNOOC Finance 2013
2.875%, 09/30/2029		300		306
CNOOC Nexen Finance
4.250%, 04/30/2024		100		108
CNX Resources
7.250%, 03/14/2027 (A)		125		103
Comstock Resources
9.750%, 08/15/2026		150		122
7.500%, 05/15/2025 (A)		150		118
Concho Resources
4.300%, 08/15/2028		50		55
ConocoPhillips
6.500%, 02/01/2039		75		111
4.950%, 03/15/2026		450		525
Continental Resources
5.000%, 09/15/2022		64		64
4.900%, 06/01/2044		40		41
4.500%, 04/15/2023		85		90
4.375%, 01/15/2028		55		58
3.800%, 06/01/2024		55		57
Crestwood Midstream Partners
6.250%, 04/01/2023		150		151
5.750%, 04/01/2025		105		107
5.625%, 05/01/2027 (A)		120		121
CrownRock
5.625%, 10/15/2025 (A)		250		252
CVR Energy
5.250%, 02/15/2025 (A)		100		99
DCP Midstream Operating
5.375%, 07/15/2025		155		169
5.125%, 05/15/2029		56		59
Denbury Resources
9.000%, 05/15/2021 (A)		174		164
Devon Energy
5.600%, 07/15/2041		100		121
5.000%, 06/15/2045		50		57
Diamond Offshore Drilling
7.875%, 08/15/2025		83		68
Diamondback Energy
3.500%, 12/01/2029		100		101
3.250%, 12/01/2026		45		46
2.875%, 12/01/2024		65		66
Ecopetrol
5.875%, 09/18/2023		100		112
5.875%, 05/28/2045		200		240
4.125%, 01/16/2025		225		238
Enable Midstream Partners
4.950%, 05/15/2028		230		237

16 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Enbridge
5.500%, 12/01/2046	$	50	$	66
4.250%, 12/01/2026		100		112
3.700%, 07/15/2027		50		53
2.900%, 07/15/2022		50		51
Enbridge Energy Partners
7.375%, 10/15/2045		50		77
5.500%, 09/15/2040		100		123
Endeavor Energy Resources
5.750%, 01/30/2028 (A)		195		203
5.500%, 01/30/2026 (A)		107		110
Energy Transfer Operating
6.250%, 04/15/2049		415		492
6.125%, 12/15/2045		100		116
5.250%, 04/15/2029		215		243
5.200%, 02/01/2022		100		105
4.950%, 06/15/2028		300		333
4.900%, 03/15/2035		50		55
4.750%, 01/15/2026		50		55
4.200%, 04/15/2027		50		53
3.600%, 02/01/2023		85		88
EnLink Midstream
5.375%, 06/01/2029		135		122
EnLink Midstream Partners
4.850%, 07/15/2026		125		114
4.150%, 06/01/2025		106		98
Ensign Drilling
9.250%, 04/15/2024 (A)		145		136
Enterprise Products Operating
5.100%, 02/15/2045		25		30
4.875%, VAR ICE LIBOR USD 3 Month+2.986%, 08/16/2077		100		100
4.850%, 08/15/2042		100		117
4.800%, 02/01/2049		325		381
4.150%, 10/16/2028		225		253
3.950%, 02/15/2027		220		242
3.700%, 02/15/2026		100		109
3.500%, 02/01/2022		250		258
3.350%, 03/15/2023		100		104
2.850%, 04/15/2021		230		233
Enviva Partners
6.500%, 01/15/2026 (A)		107		114
EOG Resources
3.150%, 04/01/2025		100		106
EP Energy
7.750%, 05/15/2026 (A)(C)		95		64
EQM Midstream Partners
4.750%, 07/15/2023		300		296
4.125%, 12/01/2026		35		32
EQT
3.900%, 10/01/2027		50		40
3.000%, 10/01/2022		35		34

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Equinor
4.800%, 11/08/2043	$	100	$	131
3.700%, 03/01/2024		200		215
3.250%, 11/18/2049		135		143
Extraction Oil & Gas
5.625%, 02/01/2026 (A)		155		76
Exxon Mobil
3.567%, 03/06/2045		50		56
3.176%, 03/15/2024		300		317
2.726%, 03/01/2023		100		103
2.709%, 03/06/2025		100		104
2.222%, 03/01/2021		340		342
Genesis Energy
7.750%, 02/01/2028		100		101
6.500%, 10/01/2025		150		146
Gulfport Energy
6.375%, 05/15/2025		200		100
6.000%, 10/15/2024		35		19
Halliburton
7.450%, 09/15/2039		100		146
5.000%, 11/15/2045		50		57
3.800%, 11/15/2025		100		108
Hess
7.125%, 03/15/2033		100		129
5.600%, 02/15/2041		50		58
4.300%, 04/01/2027		50		53
Hess Midstream Operations
5.625%, 02/15/2026 (A)		145		152
5.125%, 06/15/2028 (A)		120		124
Hilcorp Energy I
6.250%, 11/01/2028 (A)		90		80
5.750%, 10/01/2025 (A)		117		106
Holly Energy Partners
6.000%, 08/01/2024 (A)		66		69
5.000%, 02/01/2028 (A)		37		38
Husky Energy
4.000%, 04/15/2024		100		106
Indigo Natural Resources
6.875%, 02/15/2026 (A)		150		137
Jagged Peak Energy
5.875%, 05/01/2026		100		103
Jonah Energy
7.250%, 10/15/2025 (A)		191		53
Kinder Morgan
5.300%, 12/01/2034		50		60
5.050%, 02/15/2046		90		101
4.300%, 06/01/2025		100		110
4.300%, 03/01/2028		300		331
3.150%, 01/15/2023		200		207
Kinder Morgan Energy Partners
5.500%, 03/01/2044		50		60
4.300%, 05/01/2024		100		108

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 17

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.250%, 09/01/2024	$	50	$	54
Laredo Petroleum
9.500%, 01/15/2025		85		77
Magellan Midstream Partners
4.200%, 10/03/2047		100		107
3.950%, 03/01/2050		100		105
Marathon Oil
5.200%, 06/01/2045		50		57
4.400%, 07/15/2027		100		110
2.800%, 11/01/2022		100		102
Marathon Petroleum
6.500%, 03/01/2041		50		67
5.125%, 03/01/2021		50		52
5.125%, 12/15/2026		50		57
4.500%, 04/01/2048		25		27
3.800%, 04/01/2028		130		139
Matador Resources
5.875%, 09/15/2026		215		210
MEG Energy
7.125%, 02/01/2027 (A)		165		164
6.500%, 01/15/2025 (A)		155		162
Montage Resources
8.875%, 07/15/2023		100		84
Moss Creek Resources Holdings
10.500%, 05/15/2027 (A)		80		64
7.500%, 01/15/2026 (A)		150		110
MPLX
5.200%, 03/01/2047		50		55
5.200%, 12/01/2047 (A)		230		248
4.875%, 06/01/2025		100		111
4.700%, 04/15/2048		245		252
4.500%, 07/15/2023		250		268
4.500%, 04/15/2038		130		134
4.250%, 12/01/2027 (A)		215		230
4.125%, 03/01/2027		50		53
4.000%, 03/15/2028		370		387
3.500%, 12/01/2022 (A)		15		16
Murphy Oil
5.875%, 12/01/2027		91		93
5.750%, 08/15/2025		152		157
Nabors Industries
7.250%, 01/15/2026 (A)		45		45
5.750%, 02/01/2025		165		135
National Oilwell Varco
2.600%, 12/01/2022		28		28
Neptune Energy Bondco
6.625%, 05/15/2025 (A)		200		197
Nexen
6.400%, 05/15/2037		200		284
NGL Energy Partners
7.500%, 11/01/2023		120		120

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Noble Energy
5.250%, 11/15/2043	$	100	$	111
5.050%, 11/15/2044		50		55
3.900%, 11/15/2024		100		106
3.850%, 01/15/2028		100		106
Noble Holding International
7.875%, 02/01/2026 (A)		145		104
NuStar Logistics
6.000%, 06/01/2026		45		47
5.625%, 04/28/2027		90		93
Occidental Petroleum
6.600%, 03/15/2046		50		66
6.450%, 09/15/2036		25		31
5.550%, 03/15/2026		300		347
4.850%, 03/15/2021		340		350
4.400%, 04/15/2046		50		50
4.400%, 08/15/2049		30		31
4.300%, 08/15/2039		40		42
4.200%, 03/15/2048		100		99
3.500%, 08/15/2029		65		67
3.200%, 08/15/2026		65		67
3.000%, 02/15/2027		100		102
2.900%, 08/15/2024		90		92
2.700%, 08/15/2022		70		71
2.700%, 02/15/2023		100		102
2.600%, 08/13/2021		80		81
ONEOK
6.000%, 06/15/2035		100		125
4.550%, 07/15/2028		250		275
4.450%, 09/01/2049		40		42
4.000%, 07/13/2027		55		59
2.750%, 09/01/2024		100		102
ONEOK Partners
6.200%, 09/15/2043		50		62
Ovintiv
6.500%, 02/01/2038		100		116
Pacific Drilling
8.375%, 10/01/2023 (A)		150		126
Parkland Fuel
6.000%, 04/01/2026 (A)		95		100
5.875%, 07/15/2027 (A)		94		100
Parsley Energy
5.625%, 10/15/2027 (A)		150		158
5.375%, 01/15/2025 (A)		100		103
PBF Holding
7.250%, 06/15/2025		150		159
6.000%, 02/15/2028 (A)		125		128
PBF Logistics
6.875%, 05/15/2023		80		82
PDC Energy
5.750%, 05/15/2026		100		97

18 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Peabody Energy
6.375%, 03/31/2025 (A)	$	100	$	83
6.000%, 03/31/2022 (A)		50		46
Petroleos Mexicanos
6.950%, 01/28/2060 (A)		135		137
6.625%, 06/15/2035		300		312
6.500%, 03/13/2027		1,000		1,084
6.500%, 06/02/2041		260		263
6.350%, 02/12/2048		330		326
5.950%, 01/28/2031 (A)		135		137
5.625%, 01/23/2046		100		93
5.350%, 02/12/2028		255		257
Petroleos Mexicanos MTN
6.875%, 08/04/2026		100		113
6.750%, 09/21/2047		50		51
Phillips 66
4.875%, 11/15/2044		100		123
4.650%, 11/15/2034		150		180
4.300%, 04/01/2022		50		52
Phillips 66 Partners
4.900%, 10/01/2046		225		259
3.550%, 10/01/2026		225		240
Pioneer Natural Resources
3.950%, 07/15/2022		100		105
Plains All American Pipeline
4.700%, 06/15/2044		100		96
4.650%, 10/15/2025		100		109
4.500%, 12/15/2026		100		109
3.600%, 11/01/2024		100		104
Puget Energy
5.625%, 07/15/2022		100		107
3.650%, 05/15/2025		50		53
Puget Sound Energy
4.300%, 05/20/2045		50		61
3.250%, 09/15/2049		65		70
Puma International Financing
5.125%, 10/06/2024 (A)		200		196
5.000%, 01/24/2026 (A)		200		188
QEP Resources
5.625%, 03/01/2026		100		89
Range Resources
9.250%, 02/01/2026 (A)		80		71
5.000%, 08/15/2022		100		94
5.000%, 03/15/2023		250		215
4.875%, 05/15/2025		38		30
Sabine Pass Liquefaction
5.750%, 05/15/2024		75		84
5.625%, 02/01/2021		25		26
5.625%, 03/01/2025		75		85
4.200%, 03/15/2028		100		107
Schlumberger Investment
3.650%, 12/01/2023		100		107

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
SESI
7.750%, 09/15/2024	$	170	$	106
Seven Generations Energy
5.375%, 09/30/2025 (A)		146		146
Shell International Finance BV
4.550%, 08/12/2043		300		373
4.125%, 05/11/2035		100		119
4.000%, 05/10/2046		50		59
3.750%, 09/12/2046		50		56
3.500%, 11/13/2023		40		42
2.875%, 05/10/2026		50		53
2.500%, 09/12/2026		350		363
2.250%, 01/06/2023		100		102
1.875%, 05/10/2021		250		251
1.750%, 09/12/2021		50		50
SM Energy
6.625%, 01/15/2027		175		159
5.625%, 06/01/2025		113		102
Southwestern Energy
7.500%, 04/01/2026		100		83
Spectra Energy Partners
4.750%, 03/15/2024		100		110
3.500%, 03/15/2025		100		106
SRC Energy
6.250%, 12/01/2025		71		72
Summit Midstream Holdings
5.750%, 04/15/2025		140		108
Suncor Energy
6.850%, 06/01/2039		50		74
6.500%, 06/15/2038		100		141
4.000%, 11/15/2047		200		218
3.600%, 12/01/2024		200		213
Sunoco
6.000%, 04/15/2027		109		115
5.500%, 02/15/2026		275		283
Sunoco Logistics Partners Operations
5.400%, 10/01/2047		100		108
5.350%, 05/15/2045		25		26
4.000%, 10/01/2027		100		105
3.900%, 07/15/2026		100		105
Tallgrass Energy Partners
5.500%, 09/15/2024 (A)		145		147
5.500%, 01/15/2028 (A)		188		188
4.750%, 10/01/2023 (A)		50		50
Targa Resources Partners
6.875%, 01/15/2029		40		44
6.750%, 03/15/2024		100		103
6.500%, 07/15/2027		514		560
5.875%, 04/15/2026		100		106
5.500%, 03/01/2030 (A)		208		215
5.375%, 02/01/2027		25		26
5.125%, 02/01/2025		50		51

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 19

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.000%, 01/15/2028	$	100	$	102
TC PipeLines
3.900%, 05/25/2027		220		232
Teekay Offshore Partners
8.500%, 07/15/2023 (A)		175		179
Total Capital
3.883%, 10/11/2028		10		11
Total Capital International
3.750%, 04/10/2024		50		54
3.461%, 07/12/2049		50		54
3.455%, 02/19/2029		100		110
2.875%, 02/17/2022		300		308
2.829%, 01/10/2030		50		53
2.700%, 01/25/2023		100		103
2.434%, 01/10/2025		50		51
2.218%, 07/12/2021		30		30
TransCanada PipeLines
6.200%, 10/15/2037		50		66
5.100%, 03/15/2049		225		280
4.875%, 01/15/2026		100		114
4.750%, 05/15/2038		100		117
4.250%, 05/15/2028		300		337
2.500%, 08/01/2022		100		101
Transocean
9.000%, 07/15/2023 (A)		250		269
8.000%, 02/01/2027 (A)		70		65
7.500%, 01/15/2026 (A)		157		148
7.250%, 11/01/2025 (A)		90		85
Transocean Guardian
5.875%, 01/15/2024 (A)		71		73
Transocean Pontus
6.125%, 08/01/2025 (A)		129		133
Transocean Poseidon
6.875%, 02/01/2027 (A)		120		125
Transocean Sentry
5.375%, 05/15/2023 (A)		101		101
USA Compression Partners
6.875%, 04/01/2026		140		146
6.875%, 09/01/2027		165		172
Valaris
7.750%, 02/01/2026		210		106
Valero Energy
6.625%, 06/15/2037		100		135
4.350%, 06/01/2028		70		78
4.000%, 04/01/2029		65		70
3.650%, 03/15/2025		90		97
Valero Energy Partners
4.375%, 12/15/2026		220		243
Vine Oil & Gas
8.750%, 04/15/2023 (A)		100		52
Viper Energy Partners
5.375%, 11/01/2027 (A)		100		104

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
W&T Offshore
9.750%, 11/01/2023 (A)	$	145	$	137
Weatherford International
11.000%, 12/01/2024 (A)		350		372
Western Midstream Operating
5.450%, 04/01/2044		50		46
4.650%, 07/01/2026		50		52
3.950%, 06/01/2025		100		102
Whiting Petroleum
6.625%, 01/15/2026		183		103
Williams
6.300%, 04/15/2040		100		124
5.750%, 06/24/2044		20		24
4.900%, 01/15/2045		50		53
4.550%, 06/24/2024		50		55
4.300%, 03/04/2024		60		64
3.900%, 01/15/2025		100		107
3.750%, 06/15/2027		100		106
3.700%, 01/15/2023		15		16
3.600%, 03/15/2022		450		463
WPX Energy
5.750%, 06/01/2026		75		78
5.250%, 10/15/2027		63		66
4.500%, 01/15/2030		105		106
				47,796
Financials — 7.5%
Acrisure
8.125%, 02/15/2024 (A)		181		193
7.000%, 11/15/2025 (A)		165		162
Aflac
3.625%, 11/15/2024		100		108
African Development Bank
2.625%, 03/22/2021		50		50
1.250%, 07/26/2021		100		100
African Development Bank MTN
3.000%, 12/06/2021		60		62
2.125%, 11/16/2022		100		102
1.625%, 09/16/2022		210		211
Algeco Global Finance
8.000%, 02/15/2023 (A)		145		145
Alliant Holdings Intermediate
6.750%, 10/15/2027 (A)		130		137
Allied Universal Holdco
9.750%, 07/15/2027 (A)		167		178
6.625%, 07/15/2026 (A)		273		290
Allstate
5.950%, 04/01/2036		100		141
5.750%, VAR ICE LIBOR USD 3 Month+2.938%, 08/15/2053		100		108
3.850%, 08/10/2049		50		59

20 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Ally Financial
5.750%, 11/20/2025	$	200	$	227
American Express
4.050%, 12/03/2042		100		123
3.700%, 11/05/2021		300		310
3.400%, 02/27/2023		100		105
3.000%, 02/22/2021		300		304
2.650%, 12/02/2022		100		102
2.500%, 08/01/2022		350		356
American Express Credit MTN
3.300%, 05/03/2027		130		141
2.250%, 05/05/2021		150		151
American Financial Group
4.500%, 06/15/2047		50		59
3.500%, 08/15/2026		85		90
American International Group
5.750%, VAR ICE LIBOR USD 3 Month+2.868%, 04/01/2048		200		226
4.750%, 04/01/2048		300		371
4.700%, 07/10/2035		300		360
4.500%, 07/16/2044		100		119
4.200%, 04/01/2028		50		56
4.125%, 02/15/2024		100		108
3.875%, 01/15/2035		100		110
3.300%, 03/01/2021		50		51
Ameriprise Financial
3.700%, 10/15/2024		100		109
AmWINS Group
7.750%, 07/01/2026 (A)		120		131
Andina de Fomento
4.375%, 06/15/2022		100		105
3.250%, 02/11/2022		500		512
Aon
8.205%, 01/01/2027		100		130
4.600%, 06/14/2044		100		122
3.500%, 06/14/2024		100		106
Arch Capital Group
5.144%, 11/01/2043		50		65
Ardonagh Midco 3
8.625%, 07/15/2023 (A)		200		205
Ares Capital
4.200%, 06/10/2024		65		69
3.625%, 01/19/2022		100		102
Asian Development Bank
2.625%, 01/30/2024		300		314
1.625%, 01/24/2023		100		101
Asian Development Bank MTN
3.125%, 09/26/2028		300		338
2.625%, 01/12/2027		200		215
2.000%, 02/16/2022		200		202
2.000%, 01/22/2025		150		154
2.000%, 04/24/2026		100		103

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
1.875%, 08/10/2022	$	100	$	101
1.875%, 01/24/2030		100		102
1.750%, 09/13/2022		200		202
1.750%, 08/14/2026		100		102
1.625%, 03/16/2021		150		150
1.500%, 10/18/2024		200		201
ASP AMC Merger
8.000%, 05/15/2025 (A)		120		81
Assurant
4.900%, 03/27/2028		100		112
AssuredPartners
7.000%, 08/15/2025 (A)		114		116
Australia & New Zealand Banking Group NY
2.550%, 11/23/2021		150		152
Australia & New Zealand Banking Group NY MTN
3.700%, 11/16/2025		50		55
2.050%, 11/21/2022		250		253
AXIS Specialty Finance
4.000%, 12/06/2027		50		55
Banco Santander
5.179%, 11/19/2025		100		114
3.848%, 04/12/2023		300		316
3.800%, 02/23/2028		200		216
3.125%, 02/23/2023		100		103
Bank of America
7.750%, 05/14/2038		375		604
6.110%, 01/29/2037		150		207
3.946%, VAR ICE LIBOR USD 3 Month+1.190%, 01/23/2049		200		234
3.419%, VAR ICE LIBOR USD 3 Month+1.040%, 12/20/2028		121		130
3.366%, VAR ICE LIBOR USD 3 Month+0.810%, 01/23/2026		100		106
3.004%, VAR ICE LIBOR USD 3 Month+0.790%, 12/20/2023		117		120
Bank of America MTN
5.000%, 01/21/2044		50		67
4.750%, 04/21/2045		40		51
4.330%, VAR ICE LIBOR USD 3 Month+1.520%, 03/15/2050		200		249
4.271%, VAR ICE LIBOR USD 3 Month+1.310%, 07/23/2029		100		114
4.244%, VAR ICE LIBOR USD 3 Month+1.814%, 04/24/2038		300		356
4.183%, 11/25/2027		150		166
4.100%, 07/24/2023		115		124
4.000%, 04/01/2024		135		146
4.000%, 01/22/2025		150		163
3.974%, VAR ICE LIBOR USD 3 Month+1.210%, 02/07/2030		350		393
3.970%, VAR ICE LIBOR USD 3 Month+1.070%, 03/05/2029		150		167

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 21

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.875%, 08/01/2025	$	100	$	110
3.864%, VAR ICE LIBOR USD 3 Month+0.940%, 07/23/2024		100		106
3.824%, VAR ICE LIBOR USD 3 Month+1.575%, 01/20/2028		350		384
3.705%, VAR ICE LIBOR USD 3 Month+1.512%, 04/24/2028		100		109
3.559%, VAR ICE LIBOR USD 3 Month+1.060%, 04/23/2027		200		215
3.550%, VAR ICE LIBOR USD 3 Month+0.780%, 03/05/2024		150		157
3.499%, VAR ICE LIBOR USD 3 Month+0.630%, 05/17/2022		100		102
3.458%, VAR ICE LIBOR USD 3 Month+0.970%, 03/15/2025		300		318
3.194%, VAR ICE LIBOR USD 3 Month+1.180%, 07/23/2030		100		106
3.124%, VAR ICE LIBOR USD 3 Month+1.160%, 01/20/2023		300		307
2.884%, VAR ICE LIBOR USD 3 Month+1.190%, 10/22/2030		100		104
2.881%, VAR ICE LIBOR USD 3 Month+1.021%, 04/24/2023		350		358
2.816%, VAR ICE LIBOR USD 3 Month+0.930%, 07/21/2023		100		102
2.625%, 04/19/2021		250		253
2.456%, VAR ICE LIBOR USD 3 Month+0.870%, 10/22/2025		100		102
Bank of Montreal MTN
3.300%, 02/05/2024		200		211
2.350%, 09/11/2022		150		153
1.900%, 08/27/2021		350		352
Bank of New York Mellon
3.550%, 09/23/2021		100		103
Bank of New York Mellon MTN
3.000%, 02/24/2025		150		158
3.000%, 10/30/2028		285		298
2.800%, 05/04/2026		350		369
2.661%, VAR ICE LIBOR USD 3 Month+0.634%, 05/16/2023		350		357
2.600%, 02/07/2022		300		306
2.100%, 10/24/2024		50		51
2.050%, 05/03/2021		250		251
Bank of Nova Scotia
3.400%, 02/11/2024		400		424
2.800%, 07/21/2021		50		51
2.700%, 08/03/2026		100		104
2.450%, 03/22/2021		150		151
1.875%, 04/26/2021		300		301
Barclays
5.250%, 08/17/2045		100		127
5.088%, VAR ICE LIBOR USD 3 Month+3.054%, 06/20/2030		200		230

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.836%, 05/09/2028	$	350	$	390
4.610%, VAR ICE LIBOR USD 3 Month+1.400%, 02/15/2023		520		545
3.650%, 03/16/2025		150		159
Barclays MTN
4.338%, VAR ICE LIBOR USD 3 Month+1.356%, 05/16/2024		300		319
BBVA USA
2.500%, 08/27/2024		250		252
Berkshire Hathaway
4.500%, 02/11/2043		50		63
3.125%, 03/15/2026		35		38
2.750%, 03/15/2023		100		103
2.200%, 03/15/2021		35		35
Berkshire Hathaway Finance
4.250%, 01/15/2049		300		367
BlackRock
3.500%, 03/18/2024		100		108
3.250%, 04/30/2029		90		98
2.400%, 04/30/2030		45		46
Brighthouse Financial
4.700%, 06/22/2047		250		242
3.700%, 06/22/2027		250		253
Brookfield Finance
4.700%, 09/20/2047		50		61
4.000%, 04/01/2024		50		54
Brown & Brown
4.500%, 03/15/2029		50		57
Canadian Imperial Bank of Commerce
2.606%, VAR ICE LIBOR USD 3 Month+0.785%, 07/22/2023		50		51
2.550%, 06/16/2022		300		307
Capital One
2.650%, 08/08/2022		150		153
2.250%, 09/13/2021		150		151
Capital One Financial
4.250%, 04/30/2025		100		110
3.900%, 01/29/2024		300		321
3.750%, 07/28/2026		350		373
3.750%, 03/09/2027		350		379
3.450%, 04/30/2021		100		102
3.200%, 02/05/2025		100		105
Charles Schwab
3.850%, 05/21/2025		100		110
3.450%, 02/13/2026		70		76
3.250%, 05/22/2029		200		216
Chubb INA Holdings
3.350%, 05/15/2024		100		106
CIT Group
5.250%, 03/07/2025		50		55
4.750%, 02/16/2024		210		223

22 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Citibank
3.650%, 01/23/2024	$	250	$	267
3.165%, VAR ICE LIBOR USD 3 Month+0.530%, 02/19/2022		250		254
2.850%, 02/12/2021		200		202
Citigroup
6.675%, 09/13/2043		90		137
6.125%, 08/25/2036		100		136
4.750%, 05/18/2046		150		185
4.650%, 07/30/2045		100		128
4.650%, 07/23/2048		200		261
4.600%, 03/09/2026		335		376
4.450%, 09/29/2027		100		112
4.044%, VAR ICE LIBOR USD 3 Month+1.023%, 06/01/2024		100		107
3.980%, VAR ICE LIBOR USD 3 Month+1.338%, 03/20/2030		300		335
3.878%, VAR ICE LIBOR USD 3 Month+1.168%, 01/24/2039		200		228
3.875%, 03/26/2025		100		108
3.668%, VAR ICE LIBOR USD 3 Month+1.390%, 07/24/2028		150		163
3.520%, VAR ICE LIBOR USD 3 Month+1.151%, 10/27/2028		350		376
3.400%, 05/01/2026		150		161
3.352%, VAR ICE LIBOR USD 3 Month+0.897%, 04/24/2025		150		158
3.300%, 04/27/2025		100		106
3.142%, VAR ICE LIBOR USD 3 Month+0.722%, 01/24/2023		150		153
2.976%, VAR United States Secured Overnight Financing Rate+1.422%, 11/05/2030		100		104
2.900%, 12/08/2021		350		356
2.876%, VAR ICE LIBOR USD 3 Month+0.950%, 07/24/2023		150		153
2.750%, 04/25/2022		200		204
2.700%, 03/30/2021		50		51
2.350%, 08/02/2021		350		353
2.312%, VAR United States Secured Overnight Financing Rate+0.867%, 11/04/2022		50		50
Citizens Bank
3.750%, 02/18/2026		300		327
3.250%, 02/14/2022		300		309
Citizens Financial Group
2.375%, 07/28/2021		30		30
CME Group
3.000%, 03/15/2025		100		106
CNA Financial
4.500%, 03/01/2026		50		56
3.900%, 05/01/2029		40		45
3.450%, 08/15/2027		50		53

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Comerica
4.000%, 02/01/2029	$	50	$	56
3.700%, 07/31/2023		225		239
Cooperatieve Rabobank
5.250%, 08/04/2045		150		198
4.625%, 12/01/2023		150		163
3.750%, 07/21/2026		150		160
Cooperatieve Rabobank MTN
3.875%, 02/08/2022		150		157
Council of Europe Development Bank
2.625%, 02/13/2023		120		124
2.500%, 02/27/2024		300		313
Credit Suisse MTN
3.625%, 09/09/2024		150		161
Credit Suisse Group Funding Guernsey
4.875%, 05/15/2045		50		65
3.800%, 06/09/2023		150		158
3.750%, 03/26/2025		150		161
3.450%, 04/16/2021		150		153
Credit Suisse NY
2.100%, 11/12/2021		250		251
Curo Group Holdings
8.250%, 09/01/2025 (A)		190		167
Deutsche Bank
4.500%, 04/01/2025		200		206
3.950%, 02/27/2023		100		104
3.300%, 11/16/2022		100		102
Deutsche Bank MTN
3.700%, 05/30/2024		250		259
3.375%, 05/12/2021		100		101
Deutsche Bank NY
5.000%, 02/14/2022		300		314
4.875%, VAR USD ICE Swap 11:00 NY 5 Yr+2.553%, 12/01/2032		300		299
4.250%, 10/14/2021		300		309
Discover Bank
4.200%, 08/08/2023		150		161
Discover Financial Services
4.500%, 01/30/2026		300		332
4.100%, 02/09/2027		340		372
3.850%, 11/21/2022		100		105
E*TRADE Financial
3.800%, 08/24/2027		100		107
2.950%, 08/24/2022		25		26
Enstar Group
4.950%, 06/01/2029		50		56
Equitable Holdings
4.350%, 04/20/2028		300		332
European Bank for Reconstruction & Development MTN
2.750%, 04/26/2021		500		508
2.750%, 03/07/2023		500		520

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 23

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.000%, 02/01/2021	$	200	$	201
European Investment Bank
2.625%, 05/20/2022		600		617
2.625%, 03/15/2024		885		927
2.500%, 03/15/2023		180		186
2.375%, 06/15/2022		500		511
2.250%, 03/15/2022		200		204
2.250%, 06/24/2024		200		207
2.125%, 10/15/2021		150		152
2.000%, 03/15/2021		150		151
1.875%, 02/10/2025		200		205
1.625%, 06/15/2021		150		150
1.375%, 09/06/2022		170		170
European Investment Bank MTN
3.125%, 12/14/2023		150		160
2.875%, 08/15/2023		500		526
2.375%, 05/13/2021		200		202
Fairfax Financial Holdings
4.850%, 04/17/2028		200		224
Fidelity & Guaranty Life Holdings
5.500%, 05/01/2025 (A)		120		128
Fidelity National Financial
4.500%, 08/15/2028		50		56
Fifth Third Bancorp
3.950%, 03/14/2028		250		281
3.650%, 01/25/2024		350		372
First Republic Bank
4.625%, 02/13/2047		50		62
FMS Wertmanagement
2.750%, 01/30/2024		500		526
Franklin Resources
2.850%, 03/30/2025		150		158
Freedom Mortgage
8.250%, 04/15/2025 (A)		200		198
FS Energy & Power Fund
7.500%, 08/15/2023 (A)		160		165
FS KKR Capital
4.125%, 02/01/2025		100		103
Global Aircraft Leasing
6.500% cash/0% PIK, 09/15/2024 (A)		315		322
Globe Life
4.550%, 09/15/2028		200		228
goeasy
5.375%, 12/01/2024 (A)		47		48
Goldman Sachs Group
6.750%, 10/01/2037		125		179
6.250%, 02/01/2041		100		146
5.750%, 01/24/2022		130		140
4.750%, 10/21/2045		100		127
4.411%, VAR ICE LIBOR USD 3 Month+1.430%, 04/23/2039		400		474

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.223%, VAR ICE LIBOR USD 3 Month+1.301%, 05/01/2029	$	150	$	169
4.017%, VAR ICE LIBOR USD 3 Month+1.373%, 10/31/2038		300		339
3.814%, VAR ICE LIBOR USD 3 Month+1.158%, 04/23/2029		100		110
3.750%, 05/22/2025		150		162
3.750%, 02/25/2026		360		390
3.625%, 02/20/2024		310		330
3.500%, 01/23/2025		100		106
3.500%, 11/16/2026		100		107
3.272%, VAR ICE LIBOR USD 3 Month+1.201%, 09/29/2025		145		152
3.200%, 02/23/2023		255		265
3.000%, 04/26/2022		385		391
2.908%, VAR ICE LIBOR USD 3 Month+1.053%, 06/05/2023		150		153
2.876%, VAR ICE LIBOR USD 3 Month+0.821%, 10/31/2022		100		102
2.875%, 02/25/2021		50		51
2.350%, 11/15/2021		350		352
Goldman Sachs Group MTN
4.800%, 07/08/2044		100		126
3.850%, 07/08/2024		100		107
Hartford Financial Services Group
4.400%, 03/15/2048		200		239
4.300%, 04/15/2043		100		116
HSBC Holdings
6.500%, 05/02/2036		100		139
6.500%, 09/15/2037		325		457
5.250%, 03/14/2044		100		129
4.583%, VAR ICE LIBOR USD 3 Month+1.535%, 06/19/2029		100		114
4.375%, 11/23/2026		250		275
4.292%, VAR ICE LIBOR USD 3 Month+1.348%, 09/12/2026		300		329
4.041%, VAR ICE LIBOR USD 3 Month+1.546%, 03/13/2028		350		382
3.973%, VAR ICE LIBOR USD 3 Month+1.610%, 05/22/2030		290		319
3.950%, VAR ICE LIBOR USD 3 Month+0.987%, 05/18/2024		100		106
3.803%, VAR ICE LIBOR USD 3 Month+1.211%, 03/11/2025		220		234
3.262%, VAR ICE LIBOR USD 3 Month+1.055%, 03/13/2023		300		308
3.033%, VAR ICE LIBOR USD 3 Month+0.923%, 11/22/2023		100		103
2.950%, 05/25/2021		150		152
2.650%, 01/05/2022		350		355
HUB International
7.000%, 05/01/2026 (A)		265		275

24 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Hunt
6.250%, 02/15/2026 (A)	$	100	$	97
Huntington Bancshares
2.300%, 01/14/2022		150		151
Huntington National Bank
3.125%, 04/01/2022		300		308
2.500%, 08/07/2022		150		153
Industrial & Commercial Bank of China
2.452%, 10/20/2021		150		151
ING Groep
4.100%, 10/02/2023		100		107
4.050%, 04/09/2029		200		226
3.550%, 04/09/2024		200		212
Inter-American Development Bank
3.200%, 08/07/2042		100		119
3.125%, 09/18/2028		400		450
3.000%, 02/21/2024		300		318
2.625%, 01/16/2024		750		784
2.375%, 07/07/2027		200		212
1.875%, 03/15/2021		100		100
Inter-American Development Bank MTN
3.000%, 09/26/2022		50		52
2.625%, 04/19/2021		500		507
1.750%, 09/14/2022		200		202
Intercontinental Exchange
4.250%, 09/21/2048		25		31
3.750%, 12/01/2025		55		60
3.750%, 09/21/2028		20		22
3.450%, 09/21/2023		15		16
International Bank for Reconstruction & Development
3.000%, 09/27/2023		150		159
2.750%, 07/23/2021		500		509
2.500%, 03/19/2024		400		418
2.500%, 11/25/2024		200		210
2.500%, 07/29/2025		150		158
2.125%, 07/01/2022		500		509
2.000%, 01/26/2022		200		202
1.875%, 06/19/2023		300		305
1.750%, 04/19/2023		150		152
1.625%, 02/10/2022		200		201
1.625%, 01/15/2025		150		151
1.500%, 08/28/2024		200		201
International Bank for Reconstruction & Development MTN
2.500%, 11/22/2027		500		537
1.875%, 10/27/2026		200		205
1.625%, 03/09/2021		150		150
1.375%, 05/24/2021		250		250
International Finance MTN
2.000%, 10/24/2022		200		203
1.375%, 10/16/2024		225		225

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
1.125%, 07/20/2021	$	100	$	100
Intesa Sanpaolo MTN
5.710%, 01/15/2026 (A)		200		222
Invesco Finance
5.375%, 11/30/2043		150		192
Jefferies Financial Group
5.500%, 10/18/2023		100		110
Jefferies Group
6.875%, 04/15/2021		100		106
4.850%, 01/15/2027		35		39
JPMorgan Chase
6.400%, 05/15/2038		400		593
5.625%, 08/16/2043		90		126
4.950%, 06/01/2045		100		131
4.625%, 05/10/2021		150		156
4.350%, 08/15/2021		100		104
4.250%, 10/01/2027		95		107
4.032%, VAR ICE LIBOR USD 3 Month+1.460%, 07/24/2048		100		119
4.023%, VAR ICE LIBOR USD 3 Month+1.000%, 12/05/2024		200		216
4.005%, VAR ICE LIBOR USD 3 Month+1.120%, 04/23/2029		100		112
3.964%, VAR ICE LIBOR USD 3 Month+1.380%, 11/15/2048		145		170
3.960%, VAR ICE LIBOR USD 3 Month+1.245%, 01/29/2027		450		494
3.900%, 07/15/2025		100		110
3.897%, VAR ICE LIBOR USD 3 Month+1.220%, 01/23/2049		250		292
3.882%, VAR ICE LIBOR USD 3 Month+1.360%, 07/24/2038		400		457
3.875%, 02/01/2024		100		108
3.797%, VAR ICE LIBOR USD 3 Month+0.890%, 07/23/2024		100		106
3.702%, VAR ICE LIBOR USD 3 Month+1.160%, 05/06/2030		100		110
3.625%, 05/13/2024		125		134
3.559%, VAR ICE LIBOR USD 3 Month+0.730%, 04/23/2024		150		158
3.540%, VAR ICE LIBOR USD 3 Month+1.380%, 05/01/2028		150		162
3.514%, VAR ICE LIBOR USD 3 Month+0.610%, 06/18/2022		150		154
3.509%, VAR ICE LIBOR USD 3 Month+0.945%, 01/23/2029		125		136
3.300%, 04/01/2026		150		160
3.250%, 09/23/2022		100		104
3.207%, VAR ICE LIBOR USD 3 Month+0.695%, 04/01/2023		280		288
3.125%, 01/23/2025		100		105
2.950%, 10/01/2026		350		368

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 25

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.776%, VAR ICE LIBOR USD 3 Month+0.935%, 04/25/2023	$	363	$	370
2.739%, VAR United States Secured Overnight Financing Rate+1.510%, 10/15/2030		285		293
2.700%, 05/18/2023		150		154
2.550%, 03/01/2021		50		50
2.301%, VAR United States Secured Overnight Financing Rate+1.160%, 10/15/2025		260		264
Kemper
4.350%, 02/15/2025		35		38
KeyBank
3.300%, 02/01/2022		300		310
2.300%, 09/14/2022		150		152
KeyCorp MTN
4.150%, 10/29/2025		230		256
Korea Development Bank
2.125%, 10/01/2024		390		395
Kreditanstalt fuer Wiederaufbau
3.127%, 04/18/2036 (D)		200		145
2.875%, 04/03/2028		500		552
2.625%, 04/12/2021		100		101
2.625%, 02/28/2024		315		330
2.500%, 02/15/2022		700		715
2.375%, 12/29/2022		1,000		1,029
2.125%, 01/17/2023		150		153
2.000%, 11/30/2021		50		51
2.000%, 09/29/2022		100		102
2.000%, 05/02/2025		250		257
1.500%, 06/15/2021		300		300
1.375%, 08/05/2024		500		500
Kreditanstalt fuer Wiederaufbau MTN
3.125%, 12/15/2021		500		516
Ladder Capital Finance Holdings LLLP
5.250%, 03/15/2022 (A)		95		97
4.250%, 02/01/2027 (A)		125		125
Landwirtschaftliche Rentenbank
2.500%, 11/15/2027		100		107
2.375%, 06/10/2025		150		157
2.250%, 10/01/2021		150		152
2.000%, 01/13/2025		100		103
Landwirtschaftliche Rentenbank MTN
1.750%, 09/24/2021		80		80
Lazard Group
4.375%, 03/11/2029		100		112
3.750%, 02/13/2025		50		54
Legg Mason
4.750%, 03/15/2026		50		56
Lincoln National
4.350%, 03/01/2048		210		241
4.000%, 09/01/2023		5		5

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.800%, 03/01/2028	$	120	$	131
3.625%, 12/12/2026		50		54
3.350%, 03/09/2025		150		159
Lions Gate Capital Holdings
6.375%, 02/01/2024 (A)		50		50
5.875%, 11/01/2024 (A)		105		103
Lloyds Bank
3.300%, 05/07/2021		100		102
Lloyds Banking Group
4.650%, 03/24/2026		350		386
4.550%, 08/16/2028		200		229
4.344%, 01/09/2048		100		112
4.050%, 08/16/2023		100		106
3.750%, 01/11/2027		350		376
3.100%, 07/06/2021		150		153
Loews
2.625%, 05/15/2023		100		103
LPL Holdings
5.750%, 09/15/2025 (A)		150		156
Manulife Financial
4.061%, VAR USD Swap Semi 30/360 5 Yr Curr+1.647%, 02/24/2032		100		106
Markel
5.000%, 04/05/2046		50		61
4.300%, 11/01/2047		200		226
Marsh & McLennan
4.375%, 03/15/2029		200		231
4.350%, 01/30/2047		20		24
4.200%, 03/01/2048		50		60
3.875%, 03/15/2024		300		323
3.750%, 03/14/2026		100		109
2.750%, 01/30/2022		30		30
MetLife
4.875%, 11/13/2043		100		130
4.600%, 05/13/2046		100		127
4.368%, 09/15/2023		85		93
4.050%, 03/01/2045		100		118
3.600%, 04/10/2024		100		107
3.600%, 11/13/2025		100		109
Mitsubishi UFJ Financial Group
4.286%, 07/26/2038		235		283
3.961%, 03/02/2028		100		112
3.761%, 07/26/2023		150		159
3.677%, 02/22/2027		350		382
3.535%, 07/26/2021		260		267
2.950%, 03/01/2021		50		51
2.801%, 07/18/2024		200		207
2.665%, 07/25/2022		350		357
Mizuho Financial Group
3.663%, 02/28/2027		350		379
3.170%, 09/11/2027		150		158

26 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.869%, VAR ICE LIBOR USD 3 Month+1.310%, 09/13/2030	$	200	$	206
2.601%, 09/11/2022		100		102
Moody’s
4.875%, 12/17/2048		200		255
3.250%, 01/15/2028		35		38
2.750%, 12/15/2021		100		102
2.625%, 01/15/2023		50		51
Morgan Stanley
4.457%, VAR ICE LIBOR USD 3 Month+1.431%, 04/22/2039		150		182
3.737%, VAR ICE LIBOR USD 3 Month+0.847%, 04/24/2024		140		148
3.625%, 01/20/2027		150		163
Morgan Stanley MTN
6.375%, 07/24/2042		150		229
4.875%, 11/01/2022		65		70
4.431%, VAR ICE LIBOR USD 3 Month+1.628%, 01/23/2030		350		404
4.350%, 09/08/2026		65		72
4.300%, 01/27/2045		100		123
4.000%, 07/23/2025		155		170
3.971%, VAR ICE LIBOR USD 3 Month+1.455%, 07/22/2038		300		344
3.875%, 01/27/2026		150		164
3.772%, VAR ICE LIBOR USD 3 Month+1.140%, 01/24/2029		100		110
3.125%, 01/23/2023		100		104
3.125%, 07/27/2026		250		265
2.720%, VAR United States Secured Overnight Financing Rate+1.152%, 07/22/2025		315		324
2.699%, VAR United States Secured Overnight Financing Rate+1.143%, 01/22/2031		705		716
2.625%, 11/17/2021		150		152
2.500%, 04/21/2021		260		262
MSCI
5.750%, 08/15/2025 (A)		212		221
5.375%, 05/15/2027 (A)		60		65
4.000%, 11/15/2029 (A)		242		247
National Australia Bank
2.500%, 07/12/2026		150		154
1.875%, 12/13/2022		250		251
National Australia Bank MTN
2.500%, 05/22/2022		150		153
National Rural Utilities Cooperative Finance
3.400%, 02/07/2028		100		109
2.950%, 02/07/2024		230		240
National Rural Utilities Cooperative Finance MTN
3.250%, 11/01/2025		50		54
2.900%, 03/15/2021		70		71

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.300%, 09/15/2022	$	70	$	71
Nationstar Mortgage Holdings
9.125%, 07/15/2026 (A)		265		294
8.125%, 07/15/2023 (A)		195		206
6.000%, 01/15/2027 (A)		75		77
Navient
7.250%, 09/25/2023		400		442
6.750%, 06/25/2025		105		114
6.750%, 06/15/2026		40		43
5.875%, 03/25/2021		115		119
5.000%, 03/15/2027		60		60
NFP
6.875%, 07/15/2025 (A)		108		110
Nordic Investment Bank
2.250%, 05/21/2024		200		207
Northern Trust
3.375%, VAR ICE LIBOR USD 3 Month+1.131%, 05/08/2032		163		171
3.150%, 05/03/2029		50		54
Oesterreichische Kontrollbank
2.875%, 09/07/2021		300		307
2.625%, 01/31/2022		450		460
Oesterreichische Kontrollbank MTN
2.875%, 03/13/2023		500		522
Old Republic International
3.875%, 08/26/2026		50		54
ORIX
3.700%, 07/18/2027		50		54
2.900%, 07/18/2022		30		31
Owl Rock Capital
4.000%, 03/30/2025		50		52
PNC Bank
3.300%, 10/30/2024		150		160
3.100%, 10/25/2027		150		160
2.625%, 02/17/2022		150		153
2.450%, 07/28/2022		150		153
2.150%, 04/29/2021		150		151
PNC Financial Services Group
3.500%, 01/23/2024		400		427
2.550%, 01/22/2030		100		102
Principal Financial Group
3.700%, 05/15/2029		25		28
3.400%, 05/15/2025		150		159
Progressive
4.200%, 03/15/2048		250		309
3.700%, 01/26/2045		50		56
2.450%, 01/15/2027		50		51
Prudential Financial
5.875%, VAR ICE LIBOR USD 3 Month+4.175%, 09/15/2042		100		107
4.500%, VAR ICE LIBOR USD 3 Month+2.380%, 09/15/2047		100		106

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 27

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.935%, 12/07/2049	$	300	$	341
Prudential Financial MTN
5.700%, 12/14/2036		100		140
4.600%, 05/15/2044		50		62
3.500%, 05/15/2024		100		108
Quicken Loans
5.750%, 05/01/2025 (A)		350		362
5.250%, 01/15/2028 (A)		100		104
Raymond James Financial
4.950%, 07/15/2046		50		62
Regions Financial
2.750%, 08/14/2022		350		358
Reinsurance Group of America
3.950%, 09/15/2026		30		33
3.900%, 05/15/2029		50		54
RenaissanceRe Finance
3.450%, 07/01/2027		30		32
RenaissanceRe Holdings
3.600%, 04/15/2029		25		27
Royal Bank of Canada
2.300%, 03/22/2021		150		151
Royal Bank of Canada MTN
3.200%, 04/30/2021		275		281
2.750%, 02/01/2022		300		307
Royal Bank of Scotland Group
6.125%, 12/15/2022		75		82
6.100%, 06/10/2023		35		39
6.000%, 12/19/2023		65		73
5.125%, 05/28/2024		75		83
4.800%, 04/05/2026		350		396
4.519%, VAR ICE LIBOR USD 3 Month+1.550%, 06/25/2024		100		107
4.445%, VAR ICE LIBOR USD 3 Month+1.871%, 05/08/2030		200		226
3.498%, VAR ICE LIBOR USD 3 Month+1.480%, 05/15/2023		350		360
S&P Global
4.500%, 05/15/2048		250		320
4.400%, 02/15/2026		100		113
4.000%, 06/15/2025		50		55
Santander Holdings USA
4.450%, 12/03/2021		300		313
4.400%, 07/13/2027		50		55
3.700%, 03/28/2022		230		238
3.400%, 01/18/2023		100		103
Santander UK
2.875%, 06/18/2024		200		208
Santander UK Group Holdings
3.823%, VAR ICE LIBOR USD 3 Month+1.400%, 11/03/2028		350		377
Skandinaviska Enskilda Banken
1.875%, 09/13/2021		150		150

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Springleaf Finance
7.750%, 10/01/2021	$	200	$	215
7.125%, 03/15/2026		395		453
6.875%, 03/15/2025		80		90
6.625%, 01/15/2028		36		41
6.125%, 03/15/2024		335		364
5.625%, 03/15/2023		200		214
5.375%, 11/15/2029		110		114
Starwood Property Trust
5.000%, 12/15/2021		155		159
Stifel Financial
4.250%, 07/18/2024		50		54
Sumitomo Mitsui Financial Group
3.944%, 07/19/2028		250		280
3.784%, 03/09/2026		50		54
3.748%, 07/19/2023		250		265
3.446%, 01/11/2027		150		161
3.364%, 07/12/2027		350		375
2.934%, 03/09/2021		50		51
2.784%, 07/12/2022		350		358
2.632%, 07/14/2026		50		51
2.442%, 10/19/2021		150		152
2.058%, 07/14/2021		150		151
Svensk Exportkredit MTN
2.875%, 05/22/2021		200		203
2.875%, 03/14/2023		500		522
Svenska Handelsbanken
3.900%, 11/20/2023		150		162
Synchrony Financial
4.250%, 08/15/2024		100		107
3.950%, 12/01/2027		350		373
3.700%, 08/04/2026		350		368
TD Ameritrade Holding
2.950%, 04/01/2022		100		102
2.750%, 10/01/2029		20		21
Tempo Acquisition
6.750%, 06/01/2025 (A)		195		202
Toronto-Dominion Bank
3.625%, VAR USD Swap Semi 30/360 5 Yr Curr+2.205%, 09/15/2031		150		161
Toronto-Dominion Bank MTN
2.650%, 06/12/2024		100		104
2.125%, 04/07/2021		150		151
1.900%, 12/01/2022		200		201
Travelers
4.100%, 03/04/2049		150		183
4.050%, 03/07/2048		50		60
4.000%, 05/30/2047		40		48
3.750%, 05/15/2046		25		28
Travelers MTN
6.250%, 06/15/2037		100		146

28 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Trinity Acquisition
4.400%, 03/15/2026	$	50	$	56
Truist Bank
3.625%, 09/16/2025		150		162
2.625%, 01/15/2022		150		153
2.450%, 08/01/2022		350		356
Truist Financial
4.000%, 05/01/2025		100		110
2.900%, 03/03/2021		150		152
2.700%, 01/27/2022		350		356
Truist Financial MTN
2.500%, 08/01/2024		100		103
2.200%, 03/16/2023		100		101
2.150%, 02/01/2021		350		351
Unum Group
4.000%, 06/15/2029		70		76
US Bancorp
3.375%, 02/05/2024		300		319
US Bancorp MTN
3.900%, 04/26/2028		100		114
3.600%, 09/11/2024		150		161
2.950%, 07/15/2022		100		103
2.625%, 01/24/2022		300		306
2.375%, 07/22/2026		150		154
US Bank
2.050%, 01/21/2025		250		253
USI
6.875%, 05/01/2025 (A)		120		123
VistaJet Malta Finance
10.500%, 06/01/2024 (A)		99		94
Voya Financial
3.125%, 07/15/2024		50		52
Wells Fargo
5.606%, 01/15/2044		150		204
5.375%, 11/02/2043		180		239
3.900%, 05/01/2045		150		176
3.625%, 10/22/2021		300		309
3.069%, 01/24/2023		300		307
3.000%, 04/22/2026		150		157
3.000%, 10/23/2026		150		157
2.897%, VAR ICE LIBOR USD 3 Month+0.610%, 05/27/2022		495		502
2.500%, 03/04/2021		150		151
2.082%, VAR ICE LIBOR USD 3 Month+0.650%, 09/09/2022		300		301
Wells Fargo MTN
4.300%, 07/22/2027		100		112
4.150%, 01/24/2029		150		170
4.125%, 08/15/2023		150		161
4.100%, 06/03/2026		135		148
3.750%, 01/24/2024		350		374

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.584%, VAR ICE LIBOR USD 3 Month+1.310%, 05/22/2028	$	375	$	405
3.450%, 02/13/2023		100		104
3.196%, VAR ICE LIBOR USD 3 Month+1.170%, 06/17/2027		185		195
3.000%, 02/19/2025		100		105
2.879%, VAR ICE LIBOR USD 3 Month+1.170%, 10/30/2030		150		155
2.625%, 07/22/2022		290		296
2.406%, VAR ICE LIBOR USD 3 Month+0.825%, 10/30/2025		130		132
Wells Fargo Capital X
5.950%, 12/15/2036		150		193
Westpac Banking
4.421%, 07/24/2039		25		29
4.110%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.000%, 07/24/2034		30		32
3.650%, 05/15/2023		100		106
3.350%, 03/08/2027		350		379
3.300%, 02/26/2024		300		317
2.850%, 05/13/2026		250		261
2.700%, 08/19/2026		250		259
2.500%, 06/28/2022		50		51
2.100%, 05/13/2021		50		50
2.000%, 08/19/2021		350		352
Willis North America
3.875%, 09/15/2049		35		37
3.600%, 05/15/2024		50		53
2.950%, 09/15/2029		30		30
XLIT
5.500%, 03/31/2045		100		135
4.450%, 03/31/2025		100		111
				121,111
Health Care — 3.1%
Abbott Laboratories
4.900%, 11/30/2046		100		135
4.750%, 11/30/2036		50		64
4.750%, 04/15/2043		300		389
3.750%, 11/30/2026		28		31
3.400%, 11/30/2023		70		74
2.950%, 03/15/2025		100		105
AbbVie
4.700%, 05/14/2045		35		40
4.500%, 05/14/2035		140		161
4.450%, 05/14/2046		150		169
4.300%, 05/14/2036		350		390
4.250%, 11/21/2049 (A)		90		98
4.050%, 11/21/2039 (A)		105		114
3.750%, 11/14/2023		200		213
3.600%, 05/14/2025		100		107

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 29

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.375%, 11/14/2021	$	300	$	308
3.200%, 11/06/2022		45		46
3.200%, 05/14/2026		100		105
3.200%, 11/21/2029 (A)		210		218
2.950%, 11/21/2026 (A)		105		108
2.900%, 11/06/2022		100		103
2.850%, 05/14/2023		50		52
2.600%, 11/21/2024 (A)		105		107
2.300%, 11/21/2022 (A)		75		76
Acadia Healthcare
5.625%, 02/15/2023		100		101
Advocate Health & Hospitals
3.387%, 10/15/2049		100		107
Aetna
3.875%, 08/15/2047		45		47
2.800%, 06/15/2023		25		26
Agilent Technologies
3.050%, 09/22/2026		65		68
2.750%, 09/15/2029		25		26
AHS Hospital
5.024%, 07/01/2045		25		33
Allergan Finance
3.250%, 10/01/2022		50		52
Allergan Funding SCS
4.850%, 06/15/2044		50		59
4.750%, 03/15/2045		100		116
4.550%, 03/15/2035		100		115
3.850%, 06/15/2024		100		107
3.800%, 03/15/2025		100		107
AmerisourceBergen
4.250%, 03/01/2045		25		27
3.450%, 12/15/2027		350		373
3.400%, 05/15/2024		100		105
Amgen
5.150%, 11/15/2041		100		127
4.663%, 06/15/2051		400		484
4.563%, 06/15/2048		100		120
4.400%, 05/01/2045		125		145
3.875%, 11/15/2021		100		103
3.125%, 05/01/2025		50		53
2.650%, 05/11/2022		250		254
2.600%, 08/19/2026		100		103
2.250%, 08/19/2023		100		102
1.850%, 08/19/2021		50		50
Anthem
5.100%, 01/15/2044		150		182
4.650%, 01/15/2043		50		58
4.550%, 03/01/2048		50		57
4.375%, 12/01/2047		300		338
4.101%, 03/01/2028		50		55
3.650%, 12/01/2027		300		324
3.500%, 08/15/2024		150		159

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Ascension Health
3.945%, 11/15/2046	$	60	$	73
3.106%, 11/15/2039		20		21
AstraZeneca
6.450%, 09/15/2037		100		146
4.375%, 11/16/2045		100		125
3.500%, 08/17/2023		200		211
3.375%, 11/16/2025		100		108
Avantor
9.000%, 10/01/2025 (A)		311		343
6.000%, 10/01/2024 (A)		300		319
Bausch Health
9.000%, 12/15/2025 (A)		550		621
7.250%, 05/30/2029 (A)		69		78
7.000%, 03/15/2024 (A)		500		518
7.000%, 01/15/2028 (A)		69		75
6.500%, 03/15/2022 (A)		100		102
6.125%, 04/15/2025 (A)		250		257
5.875%, 05/15/2023 (A)		8		8
5.750%, 08/15/2027 (A)		110		117
5.500%, 11/01/2025 (A)		196		203
5.250%, 01/30/2030 (A)		144		147
5.000%, 01/30/2028 (A)		173		175
Bausch Health Americas
9.250%, 04/01/2026 (A)		275		314
8.500%, 01/31/2027 (A)		250		283
Baxalta
5.250%, 06/23/2045		15		20
Baxter International
3.500%, 08/15/2046		100		102
BCPE Cycle Merger Sub II
10.625%, 07/15/2027 (A)		125		129
Becton Dickinson
4.685%, 12/15/2044		40		49
4.669%, 06/06/2047		50		63
3.734%, 12/15/2024		50		54
3.700%, 06/06/2027		66		72
3.363%, 06/06/2024		350		369
3.125%, 11/08/2021		100		102
2.894%, 06/06/2022		65		66
Biogen
5.200%, 09/15/2045		100		124
3.625%, 09/15/2022		100		105
Boston Scientific
3.850%, 05/15/2025		51		56
Bristol-Myers Squibb
5.000%, 08/15/2045 (A)		50		66
4.550%, 02/20/2048 (A)		100		127
4.500%, 03/01/2044		50		62
4.350%, 11/15/2047 (A)		50		62
4.250%, 10/26/2049 (A)		85		105
4.125%, 06/15/2039 (A)		35		42

30 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.900%, 02/20/2028 (A)	$	100	$	112
3.875%, 08/15/2025 (A)		50		55
3.625%, 05/15/2024 (A)		50		53
3.450%, 11/15/2027 (A)		50		55
3.400%, 07/26/2029 (A)		130		142
3.250%, 02/20/2023 (A)		100		104
3.250%, 02/27/2027		100		108
3.250%, 08/01/2042		100		106
3.200%, 06/15/2026 (A)		50		53
2.900%, 07/26/2024 (A)		110		115
2.875%, 02/19/2021 (A)		345		349
2.750%, 02/15/2023 (A)		250		257
2.600%, 05/16/2022 (A)		75		77
Cardinal Health
3.410%, 06/15/2027		250		261
2.616%, 06/15/2022		100		102
Catalent Pharma Solutions
5.000%, 07/15/2027 (A)		70		74
Centene
6.125%, 02/15/2024		176		182
5.375%, 06/01/2026 (A)		375		399
5.375%, 08/15/2026 (A)		150		159
5.250%, 04/01/2025 (A)		160		166
4.750%, 01/15/2025		145		150
4.625%, 12/15/2029 (A)		594		638
4.250%, 12/15/2027 (A)		485		506
Change Healthcare Holdings
5.750%, 03/01/2025 (A)		190		193
Charles River Laboratories International
5.500%, 04/01/2026 (A)		100		106
4.250%, 05/01/2028 (A)		105		107
CHS
9.875%, 06/30/2023 (A)		425		399
8.625%, 01/15/2024 (A)		205		218
8.125%, 06/30/2024 (A)		383		344
8.000%, 03/15/2026 (A)		675		703
6.625%, 02/15/2025 (A)		73		74
6.250%, 03/31/2023		640		653
Cigna
4.900%, 12/15/2048		30		37
4.800%, 08/15/2038		330		394
4.375%, 10/15/2028		60		68
4.125%, 11/15/2025		25		28
3.875%, 10/15/2047 (A)		50		52
3.750%, 07/15/2023		55		58
3.400%, 09/17/2021		20		21
3.250%, 04/15/2025 (A)		150		157
3.050%, 10/15/2027 (A)		30		31
CommonSpirit Health
2.950%, 11/01/2022		100		103
CVS Health
5.300%, 12/05/2043		50		62

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.125%, 07/20/2045	$	55	$	66
5.050%, 03/25/2048		395		479
4.875%, 07/20/2035		100		119
4.780%, 03/25/2038		400		467
4.300%, 03/25/2028		110		122
4.100%, 03/25/2025		50		54
4.000%, 12/05/2023		100		107
3.875%, 07/20/2025		100		108
3.700%, 03/09/2023		385		404
3.350%, 03/09/2021		51		52
3.250%, 08/15/2029		165		171
3.000%, 08/15/2026		115		119
2.875%, 06/01/2026		100		103
2.750%, 12/01/2022		100		102
2.625%, 08/15/2024		110		113
2.125%, 06/01/2021		50		50
Danaher
4.375%, 09/15/2045		20		25
3.350%, 09/15/2025		20		21
DaVita
5.000%, 05/01/2025		270		276
DH Europe Finance II Sarl
3.400%, 11/15/2049		50		53
3.250%, 11/15/2039		50		53
2.600%, 11/15/2029		30		31
2.200%, 11/15/2024		50		51
2.050%, 11/15/2022		50		50
Duke University Health System
3.920%, 06/01/2047		125		150
Eagle Holding II
7.750% cash/0% PIK, 05/15/2022 (A)		57		57
7.625% cash/0% PIK, 05/15/2022 (A)		80		81
Elanco Animal Health
4.900%, 08/28/2028		75		86
4.272%, 08/28/2023		160		170
3.912%, 08/27/2021		25		26
Eli Lilly
3.375%, 03/15/2029		300		329
Encompass Health
4.750%, 02/01/2030		104		108
4.500%, 02/01/2028		99		102
Endo DAC
6.000%, 07/15/2023 (A)		246		188
6.000%, 02/01/2025 (A)		200		139
Envision Healthcare
8.750%, 10/15/2026 (A)		225		136
Express Scripts Holding
4.800%, 07/15/2046		35		41
Gilead Sciences
5.650%, 12/01/2041		100		138
4.600%, 09/01/2035		100		123
4.150%, 03/01/2047		100		116

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 31

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.700%, 04/01/2024	$	50	$	53
3.650%, 03/01/2026		75		82
2.950%, 03/01/2027		100		106
1.950%, 03/01/2022		30		30
GlaxoSmithKline Capital
3.875%, 05/15/2028		50		56
3.625%, 05/15/2025		85		93
3.375%, 05/15/2023		250		263
3.375%, 06/01/2029		165		182
3.125%, 05/14/2021		105		107
3.000%, 06/01/2024		70		73
2.875%, 06/01/2022		100		103
HCA
5.875%, 02/15/2026		300		345
5.875%, 02/01/2029		120		142
5.625%, 09/01/2028		85		98
5.500%, 06/15/2047		340		403
5.375%, 09/01/2026		420		473
5.250%, 04/15/2025		40		45
5.250%, 06/15/2026		40		46
5.250%, 06/15/2049		100		116
5.125%, 06/15/2039		25		29
5.000%, 03/15/2024		55		61
4.750%, 05/01/2023		35		38
4.500%, 02/15/2027		35		38
4.125%, 06/15/2029		35		38
Hologic
4.375%, 10/15/2025 (A)		160		163
Horizon Therapeutics USA
5.500%, 08/01/2027 (A)		219		234
Humana
3.950%, 03/15/2027		300		328
3.850%, 10/01/2024		100		108
2.900%, 12/15/2022		50		51
IQVIA
5.000%, 10/15/2026 (A)		200		209
5.000%, 05/15/2027 (A)		200		211
Johns Hopkins Health System
3.837%, 05/15/2046		50		59
Johnson & Johnson
3.750%, 03/03/2047		200		237
3.700%, 03/01/2046		100		118
3.625%, 03/03/2037		332		380
2.950%, 03/03/2027		50		53
2.450%, 12/05/2021		50		51
2.450%, 03/01/2026		50		52
2.250%, 03/03/2022		250		254
2.050%, 03/01/2023		50		51
1.650%, 03/01/2021		50		50
Kaiser Foundation Hospitals
4.150%, 05/01/2047		320		391
3.150%, 05/01/2027		25		27

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Laboratory Corp of America Holdings
4.700%, 02/01/2045	$	50	$	59
2.950%, 12/01/2029		100		102
2.300%, 12/01/2024		100		101
Mallinckrodt International Finance
5.625%, 10/15/2023 (A)		105		41
McKesson
4.750%, 05/30/2029		225		258
3.796%, 03/15/2024		50		53
MEDNAX
6.250%, 01/15/2027 (A)		260		265
5.250%, 12/01/2023 (A)		200		204
Medtronic
4.625%, 03/15/2045		82		108
4.375%, 03/15/2035		394		487
3.500%, 03/15/2025		45		49
2.750%, 04/01/2023		100		103
Memorial Sloan-Kettering Cancer Center
4.200%, 07/01/2055		50		63
Merck
4.150%, 05/18/2043		100		124
4.000%, 03/07/2049		65		79
3.900%, 03/07/2039		150		181
3.700%, 02/10/2045		50		58
3.400%, 03/07/2029		200		221
2.900%, 03/07/2024		45		47
2.800%, 05/18/2023		100		104
2.750%, 02/10/2025		100		105
2.350%, 02/10/2022		100		102
Molina Healthcare
5.375%, 11/15/2022		75		79
Mount Sinai Hospitals Group
3.981%, 07/01/2048		250		281
MPH Acquisition Holdings
7.125%, 06/01/2024 (A)		290		281
Mylan
5.250%, 06/15/2046		165		191
5.200%, 04/15/2048		50		58
4.550%, 04/15/2028		250		276
3.950%, 06/15/2026		100		107
3.150%, 06/15/2021		200		203
New York and Presbyterian Hospital
3.954%, 08/01/2119		35		38
Northwell Healthcare
4.260%, 11/01/2047		100		115
Novartis Capital
4.400%, 05/06/2044		50		63
4.000%, 11/20/2045		100		121
3.400%, 05/06/2024		100		107
3.100%, 05/17/2027		230		248
3.000%, 11/20/2025		100		107
2.400%, 05/17/2022		250		254

32 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
NYU Langone Hospitals
4.368%, 07/01/2047	$	25	$	30
Ortho-Clinical Diagnostics
7.250%, 02/01/2028 (A)		55		56
Par Pharmaceutical
7.500%, 04/01/2027 (A)		345		351
Partners Healthcare System
3.765%, 07/01/2048		100		115
PerkinElmer
3.300%, 09/15/2029		65		68
Pfizer
7.200%, 03/15/2039		50		82
4.400%, 05/15/2044		50		63
4.200%, 09/15/2048		400		492
4.125%, 12/15/2046		65		79
4.100%, 09/15/2038		300		357
4.000%, 03/15/2049		100		120
3.900%, 03/15/2039		25		29
3.450%, 03/15/2029		100		110
3.400%, 05/15/2024		50		54
3.000%, 12/15/2026		100		107
2.950%, 03/15/2024		100		105
2.800%, 03/11/2022		65		67
2.750%, 06/03/2026		50		53
2.200%, 12/15/2021		100		101
1.950%, 06/03/2021		50		50
Polaris Intermediate
8.500% cash/0% PIK, 12/01/2022 (A)		250		232
Prestige Brands
6.375%, 03/01/2024 (A)		115		119
Providence St. Joseph Health Obligated Group
3.930%, 10/01/2048		180		208
Quest Diagnostics
4.200%, 06/30/2029		50		56
3.500%, 03/30/2025		100		107
Radiology Partners
9.250%, 02/01/2028 (A)		55		57
RegionalCare Hospital Partners Holdings
9.750%, 12/01/2026 (A)		275		307
8.250%, 05/01/2023 (A)		212		223
RWJ Barnabas Health
3.477%, 07/01/2049		50		53
Sanofi
4.000%, 03/29/2021		50		51
3.625%, 06/19/2028		100		113
3.375%, 06/19/2023		200		212
Select Medical
6.250%, 08/15/2026 (A)		196		211
Shire Acquisitions Investments Ireland DAC
3.200%, 09/23/2026		50		52
2.400%, 09/23/2021		100		101

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
SSM Health Care
3.688%, 06/01/2023	$	50	$	53
Stryker
4.625%, 03/15/2046		30		38
3.500%, 03/15/2026		25		27
3.375%, 05/15/2024		100		106
3.375%, 11/01/2025		100		108
Takeda Pharmaceutical
5.000%, 11/26/2028		250		298
4.400%, 11/26/2023		250		272
Team Health Holdings
6.375%, 02/01/2025 (A)		210		123
Teleflex
4.625%, 11/15/2027		106		112
Tenet Healthcare
6.750%, 06/15/2023		366		396
6.250%, 02/01/2027 (A)		115		122
5.125%, 05/01/2025		425		432
5.125%, 11/01/2027 (A)		217		228
4.875%, 01/01/2026 (A)		371		385
4.625%, 07/15/2024		350		359
4.625%, 09/01/2024 (A)		63		65
Thermo Fisher Scientific
4.150%, 02/01/2024		50		54
4.100%, 08/15/2047		50		60
3.200%, 08/15/2027		50		53
2.950%, 09/19/2026		105		110
2.600%, 10/01/2029		100		102
Toledo Hospital
6.015%, 11/15/2048		225		282
5.750%, 11/15/2038		225		269
UnitedHealth Group
6.875%, 02/15/2038		100		151
4.750%, 07/15/2045		50		63
4.625%, 07/15/2035		100		124
4.375%, 03/15/2042		50		59
4.250%, 04/15/2047		31		36
4.250%, 06/15/2048		300		355
4.200%, 01/15/2047		25		29
3.875%, 08/15/2059		100		111
3.850%, 06/15/2028		300		336
3.750%, 07/15/2025		50		55
3.750%, 10/15/2047		50		55
3.700%, 08/15/2049		65		71
3.500%, 08/15/2039		60		64
3.450%, 01/15/2027		50		54
3.375%, 04/15/2027		50		54
2.950%, 10/15/2027		50		53
2.875%, 08/15/2029		75		78
2.375%, 08/15/2024		70		72
West Street
6.375%, 09/01/2025 (A)		157		155

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 33

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Wyeth
5.950%, 04/01/2037	$	100	$	142
Zimmer Biomet Holdings
3.700%, 03/19/2023		55		58
3.550%, 04/01/2025		100		106
Zoetis
4.500%, 11/13/2025		50		56
3.950%, 09/12/2047		100		116
3.000%, 09/12/2027		50		53
				49,273
Industrials — 2.7%
3M MTN
4.000%, 09/14/2048		300		349
3.375%, 03/01/2029		300		327
3.125%, 09/19/2046		100		98
3.000%, 08/07/2025		50		53
2.750%, 03/01/2022		300		307
2.250%, 03/15/2023		285		290
ABB Finance USA
3.800%, 04/03/2028		250		280
3.375%, 04/03/2023		50		52
2.875%, 05/08/2022		50		51
ADT Security
4.875%, 07/15/2032 (A)		150		139
AECOM
5.125%, 03/15/2027		200		213
AerCap Global Aviation Trust
6.500%, VAR ICE LIBOR USD 3 Month+4.300%, 06/15/2045 (A)		200		223
AerCap Holdings
5.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.535%, 10/10/2079		200		214
AerCap Ireland Capital DAC
4.500%, 05/15/2021		150		155
4.450%, 12/16/2021		200		209
4.450%, 10/01/2025		200		219
3.950%, 02/01/2022		275		285
3.500%, 01/15/2025		150		157
Ahern Rentals
7.375%, 05/15/2023 (A)		138		109
Air Lease
3.750%, 02/01/2022		100		103
3.375%, 06/01/2021		35		36
2.750%, 01/15/2023		100		102
Air Lease MTN
3.750%, 06/01/2026		350		374
Aircastle
5.500%, 02/15/2022		30		32
5.125%, 03/15/2021		30		31
5.000%, 04/01/2023		30		32

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.250%, 06/15/2026	$	35	$	38
4.125%, 05/01/2024		30		32
Allegion US Holding
3.550%, 10/01/2027		50		53
3.200%, 10/01/2024		50		53
Allison Transmission
5.875%, 06/01/2029 (A)		34		37
5.000%, 10/01/2024 (A)		195		199
American Airlines Group
5.000%, 06/01/2022 (A)		169		176
Aptim
7.750%, 06/15/2025 (A)		150		93
ARD Finance
6.500% cash/0% PIK, 06/30/2027 (A)		200		206
Ardagh Packaging Finance
6.000%, 02/15/2025 (A)		350		366
5.250%, 08/15/2027 (A)		200		210
ASGN
4.625%, 05/15/2028 (A)		61		62
BCD Acquisition
9.625%, 09/15/2023 (A)		125		130
Beacon Roofing Supply
4.875%, 11/01/2025 (A)		250		249
Boeing
3.750%, 02/01/2050		50		54
3.625%, 03/01/2048		20		21
3.550%, 03/01/2038		330		347
3.500%, 03/01/2039		325		341
3.250%, 03/01/2028		50		52
3.200%, 03/01/2029		225		237
2.950%, 02/01/2030		100		103
2.800%, 03/01/2023		50		51
2.800%, 03/01/2024		25		26
2.800%, 03/01/2027		50		51
2.300%, 08/01/2021		55		55
Bombardier
7.875%, 04/15/2027 (A)		406		385
7.500%, 12/01/2024 (A)		89		86
7.500%, 03/15/2025 (A)		560		538
Brand Industrial Services
8.500%, 07/15/2025 (A)		178		178
Brink’s
4.625%, 10/15/2027 (A)		97		99
Builders FirstSource
5.625%, 09/01/2024 (A)		130		135
Burlington Northern Santa Fe
4.900%, 04/01/2044		50		65
4.550%, 09/01/2044		100		124
4.150%, 04/01/2045		50		59
4.150%, 12/15/2048		255		305
4.050%, 06/15/2048		265		314
3.550%, 02/15/2050		200		221

34 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.400%, 09/01/2024	$	50	$	53
3.000%, 04/01/2025		100		106
Camelot Finance
4.500%, 11/01/2026 (A)		56		57
Canadian National Railway
3.200%, 08/02/2046		50		54
2.950%, 11/21/2024		50		53
Canadian Pacific Railway
6.125%, 09/15/2115		30		46
4.800%, 09/15/2035		20		25
Cargo Aircraft Management
4.750%, 02/01/2028 (A)		100		101
Carlisle
3.750%, 12/01/2027		50		54
Caterpillar
4.300%, 05/15/2044		100		122
3.400%, 05/15/2024		350		373
2.600%, 09/19/2029		100		104
Caterpillar Financial Services
1.700%, 08/09/2021		50		50
Caterpillar Financial Services MTN
2.950%, 02/26/2022		300		308
2.400%, 06/06/2022		100		101
1.950%, 11/18/2022		100		101
Cintas No. 2
3.700%, 04/01/2027		50		56
2.900%, 04/01/2022		50		51
Clean Harbors
4.875%, 07/15/2027 (A)		95		100
Cloud Crane
10.125%, 08/01/2024 (A)		145		155
CNH Industrial MTN
3.850%, 11/15/2027		35		37
CNH Industrial Capital
4.875%, 04/01/2021		25		26
4.375%, 04/05/2022		25		26
3.875%, 10/15/2021		20		20
Colfax
6.000%, 02/15/2024 (A)		120		126
Core & Main
6.125%, 08/15/2025 (A)		95		98
Cornerstone Building Brands
8.000%, 04/15/2026 (A)		155		163
CSX
4.650%, 03/01/2068		250		306
4.300%, 03/01/2048		250		296
4.250%, 11/01/2066		50		56
4.100%, 03/15/2044		75		86
3.800%, 03/01/2028		50		56
3.800%, 11/01/2046		50		55
3.400%, 08/01/2024		50		53
3.250%, 06/01/2027		50		54

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.600%, 11/01/2026	$	50	$	52
Deere
3.900%, 06/09/2042		100		118
2.600%, 06/08/2022		350		357
Dover
5.375%, 03/01/2041		100		130
Eaton
4.000%, 11/02/2032		50		59
2.750%, 11/02/2022		50		51
Emerson Electric
2.625%, 02/15/2023		75		77
Equifax
2.600%, 12/01/2024		50		52
2.300%, 06/01/2021		50		50
F-Brasile
7.375%, 08/15/2026 (A)		200		213
FedEx
5.100%, 01/15/2044		50		58
4.400%, 01/15/2047		50		52
4.200%, 10/17/2028		100		111
4.050%, 02/15/2048		50		51
3.900%, 02/01/2035		100		106
3.400%, 02/15/2028		50		53
3.100%, 08/05/2029		350		358
Flex Acquisition
7.875%, 07/15/2026 (A)		80		81
6.875%, 01/15/2025 (A)		60		60
Fluor
3.500%, 12/15/2024		100		102
Fortress Transportation & Infrastructure Investors
6.750%, 03/15/2022 (A)		125		129
Fortune Brands Home & Security
3.250%, 09/15/2029		100		104
Foxtrot Escrow Issuer
12.250%, 11/15/2026 (A)		150		155
FXI Holdings
7.875%, 11/01/2024 (A)		75		71
Gates Global
6.250%, 01/15/2026 (A)		125		128
GATX
3.250%, 09/15/2026		100		104
GE Capital International Funding
4.418%, 11/15/2035		951		1,071
General Dynamics
3.750%, 05/15/2028		200		225
3.500%, 05/15/2025		200		217
3.000%, 05/11/2021		250		255
2.375%, 11/15/2024		100		103
2.250%, 11/15/2022		100		102
General Electric
2.700%, 10/09/2022		75		76

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 35

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
General Electric MTN
6.875%, 01/10/2039	$	115	$	163
6.750%, 03/15/2032		101		135
5.300%, 2/11/2021		125		129
GFL Environmental
8.500%, 05/01/2027 (A)		123		134
7.000%, 06/01/2026 (A)		36		37
5.125%, 12/15/2026 (A)		29		30
Grinding Media
7.375%, 12/15/2023 (A)		200		205
H&E Equipment Services
5.625%, 09/01/2025		188		196
Harsco
5.750%, 07/31/2027 (A)		70		72
Herc Holdings
5.500%, 07/15/2027 (A)		225		235
Hertz
7.125%, 08/01/2026 (A)		85		90
6.000%, 01/15/2028 (A)		169		171
5.500%, 10/15/2024 (A)		140		142
Honeywell International
2.700%, 08/15/2029		60		63
2.300%, 08/15/2024		100		103
2.150%, 08/08/2022		45		46
1.850%, 11/01/2021		50		50
Hubbell
3.500%, 02/15/2028		200		214
3.350%, 03/01/2026		50		52
Icahn Enterprises
6.375%, 12/15/2025		175		183
6.250%, 02/01/2022		200		203
6.250%, 05/15/2026		242		254
5.250%, 05/15/2027 (A)		209		210
4.750%, 09/15/2024 (A)		224		229
IHS Markit
4.250%, 05/01/2029		125		139
4.125%, 08/01/2023		25		27
Illinois Tool Works
3.500%, 03/01/2024		100		107
Ingersoll-Rand Global Holding
5.750%, 06/15/2043		50		67
4.250%, 06/15/2023		50		54
3.750%, 08/21/2028		200		220
JB Hunt Transport Services
3.300%, 08/15/2022		50		52
John Deere Capital MTN
3.450%, 01/10/2024		300		319
3.350%, 06/12/2024		100		107
2.800%, 03/06/2023		100		103
2.650%, 01/06/2022		100		102
2.650%, 06/24/2024		50		52

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Johnson Controls International
5.125%, 09/14/2045	$	28	$	35
4.950%, 07/02/2064		18		20
4.625%, 07/02/2044		100		116
3.625%, 07/02/2024		47		50
Kansas City Southern
4.950%, 08/15/2045		100		125
KAR Auction Services
5.125%, 06/01/2025 (A)		175		180
L3Harris Technologies
4.950%, 02/15/2021 (A)		100		102
4.854%, 04/27/2035		35		43
4.400%, 06/15/2028		150		172
3.850%, 06/15/2023 (A)		200		213
3.832%, 04/27/2025		50		54
LABL Escrow Issuer
10.500%, 07/15/2027 (A)		225		236
6.750%, 07/15/2026 (A)		115		124
Lockheed Martin
4.700%, 05/15/2046		100		133
4.500%, 05/15/2036		100		124
3.800%, 03/01/2045		100		116
3.550%, 01/15/2026		100		109
2.900%, 03/01/2025		25		26
Masco
4.375%, 04/01/2026		50		55
3.500%, 04/01/2021		65		66
Masonite International
5.375%, 02/01/2028 (A)		110		116
Mauser Packaging Solutions Holding
7.250%, 04/15/2025 (A)		245		244
5.500%, 04/15/2024 (A)		270		278
Methanex
5.250%, 12/15/2029		100		106
Moog
4.250%, 12/15/2027 (A)		70		72
Navistar International
6.625%, 11/01/2025 (A)		226		236
Nielsen Luxembourg SARL
5.000%, 02/01/2025 (A)		100		102
Norfolk Southern
5.100%, 08/01/2118		50		63
4.450%, 06/15/2045		100		119
4.100%, 05/15/2049		50		59
3.950%, 10/01/2042		100		113
3.942%, 11/01/2047		95		108
3.800%, 08/01/2028		25		28
3.250%, 12/01/2021		75		77
2.900%, 06/15/2026		35		37
Northrop Grumman
4.750%, 06/01/2043		25		31
4.030%, 10/15/2047		75		88

36 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.850%, 04/15/2045	$	100	$	112
3.250%, 08/01/2023		50		53
3.250%, 01/15/2028		65		70
Oshkosh
4.600%, 05/15/2028		200		217
Owens Corning
4.300%, 07/15/2047		50		52
4.200%, 12/01/2024		100		108
PACCAR Financial MTN
2.800%, 03/01/2021		35		35
2.650%, 05/10/2022		100		102
2.300%, 08/10/2022		50		51
Parker-Hannifin
4.000%, 06/14/2049		20		23
3.250%, 06/14/2029		20		21
2.700%, 06/14/2024		15		16
Parker-Hannifin MTN
4.200%, 11/21/2034		135		156
Pitney Bowes
4.125%, 10/01/2021		200		204
Plastipak Holdings
6.250%, 10/15/2025 (A)		150		132
Raytheon
2.500%, 12/15/2022		100		102
RBS Global
4.875%, 12/15/2025 (A)		87		89
Republic Services
3.550%, 06/01/2022		50		52
2.900%, 07/01/2026		100		105
2.500%, 08/15/2024		95		97
Rockwell Automation
3.500%, 03/01/2029		85		95
Rockwell Collins
4.350%, 04/15/2047		25		31
3.200%, 03/15/2024		50		53
2.800%, 03/15/2022		50		51
Roper Technologies
4.200%, 09/15/2028		200		226
3.850%, 12/15/2025		25		27
3.800%, 12/15/2026		150		165
Ryder System MTN
3.650%, 03/18/2024		100		106
2.875%, 06/01/2022		40		41
2.500%, 09/01/2024		75		77
Sensata Technologies
5.000%, 10/01/2025 (A)		140		152
Sensata Technologies UK Financing
6.250%, 02/15/2026 (A)		200		210
Signature Aviation US Holdings
5.375%, 05/01/2026 (A)		40		42
4.000%, 03/01/2028 (A)		144		142

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Snap-on
4.100%, 03/01/2048	$	40	$	48
Spirit AeroSystems
4.600%, 06/15/2028		40		41
SSL Robotics
9.750%, 12/31/2023 (A)		250		274
Stanley Black & Decker
3.400%, 03/01/2026		70		76
2.900%, 11/01/2022		100		103
Stericycle
5.375%, 07/15/2024 (A)		61		64
Terex
5.625%, 02/01/2025 (A)		105		108
Tervita
7.625%, 12/01/2021 (A)		150		153
Textron
3.375%, 03/01/2028		100		105
Timken
4.500%, 12/15/2028		200		222
Titan Acquisition
7.750%, 04/15/2026 (A)		103		100
TransDigm
7.500%, 03/15/2027		265		290
6.500%, 05/15/2025		25		26
6.375%, 06/15/2026		100		106
6.250%, 03/15/2026 (A)		780		841
5.500%, 11/15/2027 (A)		470		473
Triumph Group
6.250%, 09/15/2024 (A)		111		114
Trivium Packaging Finance BV
8.500%, 08/15/2027 (A)		205		225
5.500%, 08/15/2026 (A)		200		211
Tutor Perini
6.875%, 05/01/2025 (A)		185		174
Uber Technologies
8.000%, 11/01/2026 (A)		300		319
7.500%, 11/01/2023 (A)		100		105
7.500%, 09/15/2027 (A)		244		257
Union Pacific
4.300%, 03/01/2049		300		359
4.163%, 07/15/2022		100		105
4.050%, 03/01/2046		50		57
4.000%, 04/15/2047		50		57
3.950%, 09/10/2028		200		226
3.875%, 02/01/2055		100		108
3.839%, 03/20/2060 (A)		200		213
3.799%, 10/01/2051		55		60
3.700%, 03/01/2029		125		139
3.600%, 09/15/2037		20		22
3.000%, 04/15/2027		50		53
United Parcel Service
6.200%, 01/15/2038		50		72

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 37

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.250%, 03/15/2049	$	100	$	121
3.750%, 11/15/2047		50		55
3.400%, 03/15/2029		65		72
3.400%, 11/15/2046		50		52
3.050%, 11/15/2027		50		54
2.800%, 11/15/2024		50		53
2.500%, 04/01/2023		50		51
2.500%, 09/01/2029		45		47
2.400%, 11/15/2026		50		51
2.350%, 05/16/2022		50		51
2.050%, 04/01/2021		50		50
United Rentals North America
6.500%, 12/15/2026		550		597
5.500%, 07/15/2025		325		336
5.500%, 05/15/2027		140		149
5.250%, 01/15/2030		103		111
4.875%, 01/15/2028		154		161
3.875%, 11/15/2027		133		134
United Technologies
4.625%, 11/16/2048		25		33
4.500%, 06/01/2042		100		126
4.450%, 11/16/2038		420		517
4.125%, 11/16/2028		30		34
3.950%, 08/16/2025		15		17
3.650%, 08/16/2023		320		341
3.350%, 08/16/2021		310		317
3.125%, 05/04/2027		100		107
3.100%, 06/01/2022		75		77
Univar Solutions USA
5.125%, 12/01/2027 (A)		54		56
Verisk Analytics
5.500%, 06/15/2045		100		131
4.125%, 03/15/2029		25		28
Vertiv Group
9.250%, 10/15/2024 (A)		140		150
Vertiv Intermediate Holding
12.000% cash/0% PIK, 02/15/2022 (A)		90		93
Voyager Aviation Holdings
8.500%, 08/15/2021 (A)		100		102
Waste Connections
3.500%, 05/01/2029		50		54
2.600%, 02/01/2030		50		51
Waste Management
4.150%, 07/15/2049		65		79
4.100%, 03/01/2045		50		59
4.000%, 07/15/2039		70		82
3.450%, 06/15/2029		50		55
3.150%, 11/15/2027		50		53
3.125%, 03/01/2025		50		53
2.950%, 06/15/2024		30		31
Waste Pro USA
5.500%, 02/15/2026 (A)		100		103

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Westinghouse Air Brake Technologies
4.950%, 09/15/2028	$	300	$	339
3.450%, 11/15/2026		100		103
Wolverine Escrow
13.125%, 11/15/2027 (A)		100		103
9.000%, 11/15/2026 (A)		325		338
8.500%, 11/15/2024 (A)		120		123
WW Grainger
4.600%, 06/15/2045		50		63
4.200%, 05/15/2047		50		59
XPO Logistics
6.750%, 08/15/2024 (A)		200		216
6.500%, 06/15/2022 (A)		117		119
6.125%, 09/01/2023 (A)		200		207
Xylem
4.375%, 11/01/2046		50		58
				43,064
Information Technology — 2.1%
Adobe
3.250%, 02/01/2025		50		53
Amkor Technology
6.625%, 09/15/2027 (A)		100		109
Amphenol
3.200%, 04/01/2024		100		105
Analog Devices
3.900%, 12/15/2025		100		109
3.500%, 12/05/2026		50		54
Apple
4.500%, 02/23/2036		100		125
4.375%, 05/13/2045		50		63
4.250%, 02/09/2047		250		309
3.850%, 05/04/2043		100		116
3.850%, 08/04/2046		95		111
3.750%, 09/12/2047		100		116
3.750%, 11/13/2047		350		407
3.350%, 02/09/2027		350		380
3.250%, 02/23/2026		150		161
3.200%, 05/11/2027		100		108
3.000%, 06/20/2027		100		107
2.850%, 05/06/2021		75		76
2.850%, 05/11/2024		350		366
2.500%, 02/09/2022		300		305
2.500%, 02/09/2025		75		78
2.450%, 08/04/2026		50		52
2.400%, 01/13/2023		100		103
2.400%, 05/03/2023		300		307
2.300%, 05/11/2022		300		305
2.250%, 02/23/2021		390		392
1.550%, 08/04/2021		100		100
Applied Materials
5.100%, 10/01/2035		35		46

38 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.350%, 04/01/2047	$	245	$	309
3.900%, 10/01/2025		35		39
3.300%, 04/01/2027		255		275
Arrow Electronics
4.000%, 04/01/2025		100		106
3.250%, 09/08/2024		100		104
Autodesk
4.375%, 06/15/2025		100		111
Automatic Data Processing
3.375%, 09/15/2025		25		27
Avnet
4.625%, 04/15/2026		25		27
3.750%, 12/01/2021		25		26
Broadcom
4.750%, 04/15/2029 (A)		200		224
3.875%, 01/15/2027		150		158
3.625%, 01/15/2024		300		314
3.500%, 01/15/2028		250		257
3.125%, 01/15/2025		335		345
3.000%, 01/15/2022		200		204
2.650%, 01/15/2023		250		254
CA
4.700%, 03/15/2027		200		221
CDK Global
5.875%, 06/15/2026		125		133
5.250%, 05/15/2029 (A)		129		138
4.875%, 06/01/2027		70		73
CDW
4.250%, 04/01/2028		153		159
Cisco Systems
5.900%, 02/15/2039		100		146
5.500%, 01/15/2040		100		140
2.950%, 02/28/2026		100		107
2.500%, 09/20/2026		50		52
2.200%, 02/28/2021		50		50
CommScope
8.250%, 03/01/2027 (A)		418		429
6.000%, 03/01/2026 (A)		425		446
5.500%, 03/01/2024 (A)		60		62
CommScope Technologies
6.000%, 06/15/2025 (A)		82		78
5.000%, 03/15/2027 (A)		65		59
Dell International
8.350%, 07/15/2046 (A)		100		140
8.100%, 07/15/2036 (A)		350		484
7.125%, 06/15/2024 (A)		350		368
6.020%, 06/15/2026 (A)		100		117
5.875%, 06/15/2021 (A)		113		114
5.450%, 06/15/2023 (A)		115		126
5.300%, 10/01/2029 (A)		100		115
4.900%, 10/01/2026 (A)		100		111
4.420%, 06/15/2021 (A)		200		206

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.000%, 07/15/2024 (A)	$	50	$	53
Deutsche Telekom International Finance
8.750%, 06/15/2030		100		151
DXC Technology
4.750%, 04/15/2027		100		110
Entegris
4.625%, 02/10/2026 (A)		50		52
Exela Intermediate
10.000%, 07/15/2023 (A)		200		77
Fidelity National Information Services
4.250%, 05/15/2028		240		274
3.500%, 04/15/2023		53		56
3.000%, 08/15/2026		50		53
Fiserv
4.400%, 07/01/2049		60		70
4.200%, 10/01/2028		200		226
3.800%, 10/01/2023		300		319
3.500%, 07/01/2029		65		70
3.200%, 07/01/2026		25		27
2.750%, 07/01/2024		100		103
Flex
4.750%, 06/15/2025		50		55
FLIR Systems
3.125%, 06/15/2021		50		51
Gartner
5.125%, 04/01/2025 (A)		150		156
Genesys Telecommunications Laboratories
10.000%, 11/30/2024 (A)		115		124
Genpact Luxembourg SARL
3.700%, 04/01/2022		100		103
Global Payments
4.450%, 06/01/2028		250		283
3.750%, 06/01/2023		100		105
Go Daddy Operating
5.250%, 12/01/2027 (A)		122		128
GTT Communications
7.875%, 12/31/2024 (A)		84		65
Harland Clarke Holdings
8.375%, 08/15/2022 (A)		150		130
Hewlett Packard Enterprise
6.350%, 10/15/2045		50		63
6.200%, 10/15/2035		50		62
4.900%, 10/15/2025		100		113
4.400%, 10/15/2022		50		53
2.250%, 04/01/2023		300		303
Hughes Satellite Systems
6.625%, 08/01/2026		127		141
5.250%, 08/01/2026		169		183
IBM Credit
3.600%, 11/30/2021		100		104
Infor US
6.500%, 05/15/2022		301		303

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 39

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Informatica
7.125%, 07/15/2023 (A)	$	101	$	102
Intel
4.100%, 05/11/2047		250		302
3.734%, 12/08/2047		197		227
3.700%, 07/29/2025		45		49
3.300%, 10/01/2021		100		103
3.150%, 05/11/2027		200		217
2.875%, 05/11/2024		350		367
2.700%, 12/15/2022		50		52
2.600%, 05/19/2026		50		52
International Business Machines
4.250%, 05/15/2049		150		181
4.150%, 05/15/2039		100		118
4.000%, 06/20/2042		100		116
3.625%, 02/12/2024		50		54
3.500%, 05/15/2029		255		280
3.300%, 05/15/2026		150		161
3.000%, 05/15/2024		250		262
2.875%, 11/09/2022		100		103
2.850%, 05/13/2022		150		154
2.500%, 01/27/2022		400		407
2.250%, 02/19/2021		100		101
Intrado
8.500%, 10/15/2025 (A)		200		159
j2 Cloud Services
6.000%, 07/15/2025 (A)		145		153
Jabil
3.950%, 01/12/2028		255		273
Juniper Networks
3.750%, 08/15/2029		100		106
Keysight Technologies
4.600%, 04/06/2027		365		415
KLA
4.100%, 03/15/2029		65		73
Lam Research
4.875%, 03/15/2049		25		33
4.000%, 03/15/2029		30		34
3.750%, 03/15/2026		50		54
Mastercard
3.650%, 06/01/2049		75		87
3.375%, 04/01/2024		100		107
2.950%, 06/01/2029		75		80
2.000%, 11/21/2021		90		91
Micron Technology
5.327%, 02/06/2029		100		117
Microsoft
4.500%, 10/01/2040		100		130
4.450%, 11/03/2045		100		130
4.250%, 02/06/2047		100		127
4.100%, 02/06/2037		400		484
3.950%, 08/08/2056		50		62

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.700%, 08/08/2046	$	100	$	118
3.500%, 02/12/2035		50		57
3.450%, 08/08/2036		400		452
3.300%, 02/06/2027		100		109
2.875%, 02/06/2024		335		351
2.700%, 02/12/2025		100		105
2.400%, 02/06/2022		300		305
2.400%, 08/08/2026		50		52
2.375%, 02/12/2022		100		102
2.000%, 08/08/2023		100		102
1.550%, 08/08/2021		400		400
Motorola Solutions
4.600%, 05/23/2029		50		56
4.000%, 09/01/2024		100		108
3.500%, 03/01/2023		100		104
NCR
6.125%, 09/01/2029 (A)		55		60
5.750%, 09/01/2027 (A)		55		59
NetApp
3.375%, 06/15/2021		50		51
NortonLifeLock
5.000%, 04/15/2025 (A)		190		194
Nuance Communications
5.625%, 12/15/2026		90		96
NVIDIA
3.200%, 09/16/2026		50		54
2.200%, 09/16/2021		30		30
NXP BV
3.875%, 06/18/2026 (A)		200		215
Open Text
5.875%, 06/01/2026 (A)		285		301
Oracle
5.375%, 07/15/2040		150		206
4.375%, 05/15/2055		100		124
4.300%, 07/08/2034		100		121
4.125%, 05/15/2045		100		118
4.000%, 07/15/2046		50		58
4.000%, 11/15/2047		270		316
3.850%, 07/15/2036		50		57
3.800%, 11/15/2037		300		341
3.400%, 07/08/2024		100		107
3.250%, 11/15/2027		100		108
2.950%, 11/15/2024		100		105
2.800%, 07/08/2021		75		76
2.650%, 07/15/2026		40		42
2.625%, 02/15/2023		270		278
2.400%, 09/15/2023		50		51
1.900%, 09/15/2021		360		362
PayPal Holdings
2.850%, 10/01/2029		30		31
2.650%, 10/01/2026		20		20
2.400%, 10/01/2024		35		36

40 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.200%, 09/26/2022	$	20	$	20
Plantronics
5.500%, 05/31/2023 (A)		100		96
PTC
6.000%, 05/15/2024		98		102
4.000%, 02/15/2028 (A)		42		42
3.625%, 02/15/2025 (A)		126		127
Qorvo
5.500%, 07/15/2026		160		169
4.375%, 10/15/2029 (A)		120		126
QUALCOMM
4.800%, 05/20/2045		100		127
4.650%, 05/20/2035		100		124
4.300%, 05/20/2047		130		155
3.450%, 05/20/2025		100		107
3.250%, 05/20/2027		350		376
2.900%, 05/20/2024		350		365
2.600%, 01/30/2023		100		103
Rackspace Hosting
8.625%, 11/15/2024 (A)		250		247
salesforce.com
3.700%, 04/11/2028		250		280
Seagate HDD Cayman
4.750%, 01/01/2025		49		53
Solera
10.500%, 03/01/2024 (A)		450		476
SS&C Technologies
5.500%, 09/30/2027 (A)		368		389
Texas Instruments
4.150%, 05/15/2048		100		125
2.625%, 05/15/2024		100		104
1.850%, 05/15/2022		100		100
Tyco Electronics Group
3.125%, 08/15/2027		100		105
VeriSign
5.250%, 04/01/2025		100		110
4.750%, 07/15/2027		100		106
Veritas US
10.500%, 02/01/2024 (A)		120		110
ViaSat
5.625%, 09/15/2025 (A)		148		151
5.625%, 04/15/2027 (A)		153		160
Visa
4.300%, 12/14/2045		100		128
4.150%, 12/14/2035		130		159
3.650%, 09/15/2047		100		117
2.800%, 12/14/2022		100		103
VMware
3.900%, 08/21/2027		180		191
2.950%, 08/21/2022		260		266
Western Digital
4.750%, 02/15/2026		425		454

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Western Union
4.250%, 06/09/2023	$	50	$	53
Xerox
4.125%, 03/15/2023		200		207
Xilinx
3.000%, 03/15/2021		50		51
				34,028
Materials — 1.1%
Air Products & Chemicals
3.350%, 07/31/2024		100		107
Albemarle
4.150%, 12/01/2024		100		109
Alcoa Nederland Holding BV
7.000%, 09/30/2026 (A)		4		4
6.750%, 09/30/2024 (A)		200		210
6.125%, 05/15/2028 (A)		200		211
ArcelorMittal
7.000%, 10/15/2039		24		31
6.250%, 02/25/2022		20		21
6.125%, 06/01/2025		15		17
4.550%, 03/11/2026		150		162
Axalta Coating Systems
4.875%, 08/15/2024 (A)		150		154
Baffinland Iron Mines
8.750%, 07/15/2026 (A)		175		182
Ball
5.250%, 07/01/2025		190		213
4.875%, 03/15/2026		150		164
Barrick
5.250%, 04/01/2042		100		126
Berry Global
5.625%, 07/15/2027 (A)		35		37
5.125%, 07/15/2023		150		153
4.875%, 07/15/2026 (A)		202		211
4.500%, 02/15/2026 (A)		100		101
BHP Billiton Finance USA
5.000%, 09/30/2043		100		132
2.875%, 02/24/2022		55		56
Big River Steel
7.250%, 09/01/2025 (A)		110		116
Blue Cube Spinco
10.000%, 10/15/2025		100		109
Celanese US Holdings
5.875%, 06/15/2021		30		32
4.625%, 11/15/2022		30		32
Chemours
7.000%, 05/15/2025		250		239
6.625%, 05/15/2023		80		79
5.375%, 05/15/2027		75		65
Cleveland-Cliffs
5.875%, 06/01/2027 (A)		100		92

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 41

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Compass Minerals International
6.750%, 12/01/2027 (A)	$	65	$	70
Consolidated Energy Finance
6.875%, 06/15/2025 (A)		150		149
Constellium
6.625%, 03/01/2025 (A)		250		258
Crown Americas
4.750%, 02/01/2026		160		166
CVR Partners
9.250%, 06/15/2023 (A)		85		89
Dow Chemical
5.550%, 11/30/2048		200		255
4.800%, 05/15/2049		65		76
4.375%, 11/15/2042		50		55
4.250%, 10/01/2034		100		112
3.625%, 05/15/2026		100		108
3.500%, 10/01/2024		50		53
3.150%, 05/15/2024		55		58
3.000%, 11/15/2022		50		52
DuPont de Nemours
5.419%, 11/15/2048		75		94
5.319%, 11/15/2038		335		406
4.725%, 11/15/2028		100		115
4.205%, 11/15/2023		200		217
Eastman Chemical
4.650%, 10/15/2044		50		56
3.800%, 03/15/2025		100		107
Ecolab
4.350%, 12/08/2021		82		86
3.950%, 12/01/2047		220		258
3.250%, 12/01/2027		35		38
2.700%, 11/01/2026		20		21
2.375%, 08/10/2022		350		355
Element Solutions
5.875%, 12/01/2025 (A)		150		155
Fibria Overseas Finance
5.500%, 01/17/2027		50		56
4.000%, 01/14/2025		50		52
FMC
3.200%, 10/01/2026		100		105
FMG Resources August 2006 Pty
5.125%, 03/15/2023 (A)		200		209
5.125%, 05/15/2024 (A)		150		159
4.750%, 05/15/2022 (A)		125		129
4.500%, 09/15/2027 (A)		97		98
Freeport-McMoRan
5.250%, 09/01/2029		83		88
5.000%, 09/01/2027		138		143
Georgia-Pacific
8.875%, 05/15/2031		100		159
Greif
6.500%, 03/01/2027 (A)		60		65

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Hudbay Minerals
7.625%, 01/15/2025 (A)	$	125	$	126
Huntsman International
4.500%, 05/01/2029		45		49
International Flavors & Fragrances
4.375%, 06/01/2047		230		247
International Paper
7.500%, 08/15/2021		68		74
5.150%, 05/15/2046		100		119
4.800%, 06/15/2044		100		114
Joseph T Ryerson & Son
11.000%, 05/15/2022 (A)		75		79
Kaiser Aluminum
4.625%, 03/01/2028 (A)		86		88
Kinross
4.500%, 07/15/2027		200		213
Koppers
6.000%, 02/15/2025 (A)		100		102
Lubrizol
6.500%, 10/01/2034		100		147
LYB International Finance BV
4.875%, 03/15/2044		50		57
LYB International Finance II BV
3.500%, 03/02/2027		64		68
LYB International Finance III
4.200%, 10/15/2049		100		104
LyondellBasell Industries
4.625%, 02/26/2055		100		110
Martin Marietta Materials
4.250%, 07/02/2024		50		54
Mineral Resources
8.125%, 05/01/2027 (A)		150		164
Mosaic
4.250%, 11/15/2023		25		27
3.250%, 11/15/2022		200		206
Newmont
6.250%, 10/01/2039		50		70
4.875%, 03/15/2042		25		31
3.700%, 03/15/2023		100		105
3.500%, 03/15/2022		100		103
Northwest Acquisitions ULC
7.125%, 11/01/2022 (A)		86		69
Novelis
5.875%, 09/30/2026 (A)		250		265
4.750%, 01/30/2030 (A)		340		341
Nucor
6.400%, 12/01/2037		100		142
4.000%, 08/01/2023		100		106
3.950%, 05/01/2028		300		335
Nutrien
5.250%, 01/15/2045		70		85
4.125%, 03/15/2035		200		219

42 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.000%, 12/15/2026	$	50	$	55
3.625%, 03/15/2024		250		265
3.000%, 04/01/2025		100		104
OCI
6.625%, 04/15/2023 (A)		200		208
Olin
5.625%, 08/01/2029		158		167
5.125%, 09/15/2027		240		250
Owens-Brockway Glass Container
5.875%, 08/15/2023 (A)		95		102
Packaging Corp of America
4.050%, 12/15/2049		10		11
3.000%, 12/15/2029		25		26
PPG Industries
2.800%, 08/15/2029		100		104
PQ
6.750%, 11/15/2022 (A)		50		51
Praxair
3.200%, 01/30/2026		100		107
Rain CII Carbon
7.250%, 04/01/2025 (A)		100		99
Reynolds Group Issuer
7.000%, 07/15/2024 (A)		125		129
5.125%, 07/15/2023 (A)		300		306
Rio Tinto Finance USA
3.750%, 06/15/2025		150		164
RPM International
5.250%, 06/01/2045		50		59
4.550%, 03/01/2029		50		56
SASOL Financing USA
5.875%, 03/27/2024		200		216
Sherwin-Williams
4.500%, 06/01/2047		129		153
3.800%, 08/15/2049		150		161
3.125%, 06/01/2024		25		26
2.950%, 08/15/2029		150		155
Sonoco Products
5.750%, 11/01/2040		100		130
Southern Copper
6.750%, 04/16/2040		100		137
3.875%, 04/23/2025		60		64
SPCM
4.875%, 09/15/2025 (A)		75		78
Standard Industries
6.000%, 10/15/2025 (A)		200		209
5.500%, 02/15/2023 (A)		88		89
4.750%, 01/15/2028 (A)		185		190
Starfruit Finco BV
8.000%, 10/01/2026 (A)		150		156
Steel Dynamics
3.450%, 04/15/2030		20		21
2.800%, 12/15/2024		25		25

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
SunCoke Energy Partners
7.500%, 06/15/2025 (A)	$	147	$	141
TPC Group
10.500%, 08/01/2024 (A)		85		88
Trinseo Materials Operating SCA
5.375%, 09/01/2025 (A)		75		70
Tronox
6.500%, 04/15/2026 (A)		100		99
United States Steel
6.875%, 08/15/2025		121		109
6.250%, 03/15/2026		150		127
US Concrete
6.375%, 06/01/2024		100		103
Vale Overseas
6.250%, 08/10/2026		100		118
Vulcan Materials
4.700%, 03/01/2048		50		59
Westlake Chemical
5.000%, 08/15/2046		200		224
WRKCo
4.900%, 03/15/2029		50		58
3.900%, 06/01/2028		100		108
3.000%, 09/15/2024		100		104
				17,337
Real Estate — 1.0%
Alexandria Real Estate Equities
4.000%, 02/01/2050		50		59
3.800%, 04/15/2026		150		164
2.750%, 12/15/2029		100		102
American Campus Communities Operating Partnership
3.625%, 11/15/2027		80		87
American Tower
4.000%, 06/01/2025		100		109
3.600%, 01/15/2028		200		214
3.450%, 09/15/2021		50		51
3.300%, 02/15/2021		100		101
3.125%, 01/15/2027		100		104
2.250%, 01/15/2022		200		202
AvalonBay Communities MTN
3.500%, 11/15/2025		100		108
3.350%, 05/15/2027		50		54
3.300%, 06/01/2029		125		136
Boston Properties
4.500%, 12/01/2028		20		23
3.400%, 06/21/2029		50		54
3.200%, 01/15/2025		50		53
3.125%, 09/01/2023		350		364
2.900%, 03/15/2030		35		36
Brixmor Operating Partnership
4.125%, 06/15/2026		25		27

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 43

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.875%, 08/15/2022	$	30	$	31
3.650%, 06/15/2024		50		53
3.250%, 09/15/2023		350		365
Brookfield Property
5.750%, 05/15/2026 (A)		201		210
Camden Property Trust
4.100%, 10/15/2028		20		23
3.150%, 07/01/2029		65		70
CBL & Associates
5.950%, 12/15/2026		125		63
Corporate Office Properties
5.000%, 07/01/2025		50		55
Crown Castle International
5.250%, 01/15/2023		50		55
4.750%, 05/15/2047		225		269
4.450%, 02/15/2026		365		406
4.000%, 03/01/2027		20		22
3.800%, 02/15/2028		50		54
3.650%, 09/01/2027		35		38
3.400%, 02/15/2021		55		56
3.200%, 09/01/2024		35		37
3.150%, 07/15/2023		330		342
2.250%, 09/01/2021		55		55
CubeSmart
3.125%, 09/01/2026		50		52
CyrusOne
3.450%, 11/15/2029		60		62
Digital Realty Trust
3.950%, 07/01/2022		100		105
3.700%, 08/15/2027		50		54
3.600%, 07/01/2029		65		70
2.750%, 02/01/2023		50		51
Diversified Healthcare Trust
4.750%, 02/15/2028		100		105
Duke Realty
3.875%, 10/15/2022		50		52
3.375%, 12/15/2027		60		64
2.875%, 11/15/2029		20		21
EPR Properties
4.750%, 12/15/2026		50		55
3.750%, 08/15/2029		100		104
Equinix
5.875%, 01/15/2026		85		90
5.375%, 05/15/2027		65		70
3.200%, 11/18/2029		45		47
2.900%, 11/18/2026		45		46
2.625%, 11/18/2024		65		66
ERP Operating
4.000%, 08/01/2047		50		60
3.375%, 06/01/2025		100		107
3.250%, 08/01/2027		50		54
3.000%, 07/01/2029		150		159

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Essex Portfolio
4.500%, 03/15/2048	$	50	$	61
4.000%, 03/01/2029		100		112
3.375%, 04/15/2026		50		53
Federal Realty Investment Trust
4.500%, 12/01/2044		50		60
3.200%, 06/15/2029		50		54
Five Point Operating
7.875%, 11/15/2025 (A)		130		135
GLP Capital
5.750%, 06/01/2028		15		18
5.375%, 11/01/2023		15		16
5.375%, 04/15/2026		30		34
5.250%, 06/01/2025		15		17
4.000%, 01/15/2030		95		100
3.350%, 09/01/2024		85		88
Greystar Real Estate Partners
5.750%, 12/01/2025 (A)		97		100
HAT Holdings I
5.250%, 07/15/2024 (A)		119		125
Healthcare Trust of America Holdings
3.500%, 08/01/2026		40		43
3.100%, 02/15/2030		50		51
Healthpeak Properties
4.000%, 06/01/2025		100		109
3.500%, 07/15/2029		115		123
Highwoods Realty
3.200%, 06/15/2021		100		101
Host Hotels & Resorts
4.000%, 06/15/2025		65		71
3.875%, 04/01/2024		50		53
3.375%, 12/15/2029		100		104
Howard Hughes
5.375%, 03/15/2025 (A)		200		206
Hudson Pacific Properties
3.950%, 11/01/2027		50		54
Iron Mountain
5.250%, 03/15/2028 (A)		100		104
4.875%, 09/15/2027 (A)		125		129
4.875%, 09/15/2029 (A)		190		194
4.375%, 06/01/2021 (A)		100		100
iStar
4.750%, 10/01/2024		161		167
4.250%, 08/01/2025		104		105
Kilroy Realty
4.375%, 10/01/2025		100		110
Kimco Realty
4.450%, 09/01/2047		50		58
3.700%, 10/01/2049		100		104
3.200%, 05/01/2021		45		46
Lamar Media
5.750%, 02/01/2026		155		164

44 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.750%, 02/15/2028 (A)	$	50	$	50
Liberty Property
3.375%, 06/15/2023		95		100
Life Storage
3.875%, 12/15/2027		50		54
MGM Growth Properties Operating Partnership
5.750%, 02/01/2027		75		83
5.625%, 05/01/2024		225		245
4.500%, 09/01/2026		110		115
Mid-America Apartments
4.000%, 11/15/2025		50		55
3.950%, 03/15/2029		50		56
3.600%, 06/01/2027		50		54
MPT Operating Partnership
5.250%, 08/01/2026		100		105
5.000%, 10/15/2027		300		315
4.625%, 08/01/2029		164		172
National Retail Properties
4.000%, 11/15/2025		65		71
3.600%, 12/15/2026		50		54
3.500%, 10/15/2027		50		53
Newmark Group
6.125%, 11/15/2023		105		115
Office Properties Income Trust
4.500%, 02/01/2025		100		107
Omega Healthcare Investors
3.625%, 10/01/2029		200		207
Outfront Media Capital
5.000%, 08/15/2027 (A)		75		79
4.625%, 03/15/2030 (A)		51		52
Physicians Realty
3.950%, 01/15/2028		50		54
Prologis
3.750%, 11/01/2025		65		71
Public Storage
3.094%, 09/15/2027		30		32
2.370%, 09/15/2022		100		102
Realogy Group
9.375%, 04/01/2027 (A)		149		155
Realty Income
4.650%, 08/01/2023		50		55
3.250%, 10/15/2022		60		62
3.250%, 06/15/2029		200		216
Regency Centers
4.650%, 03/15/2049		30		38
4.400%, 02/01/2047		35		41
3.600%, 02/01/2027		30		32
Ryman Hospitality Properties
4.750%, 10/15/2027 (A)		105		109
Sabra Health Care
3.900%, 10/15/2029		100		103

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
SBA Communications
4.875%, 09/01/2024	$	150	$	155
4.000%, 10/01/2022		200		203
3.875%, 02/15/2027 (A)		64		65
Service Properties Trust
4.950%, 02/15/2027		70		74
4.500%, 03/15/2025		50		53
4.375%, 02/15/2030		50		51
3.950%, 01/15/2028		30		30
Simon Property Group
4.250%, 11/30/2046		50		60
3.250%, 11/30/2026		50		53
3.250%, 09/13/2049		100		102
2.750%, 06/01/2023		50		52
2.625%, 06/15/2022		50		51
2.450%, 09/13/2029		100		100
2.000%, 09/13/2024		100		101
SITE Centers
4.700%, 06/01/2027		35		39
3.625%, 02/01/2025		87		91
Spirit Realty
3.400%, 01/15/2030		100		104
STORE Capital
4.625%, 03/15/2029		50		57
Tanger Properties
3.125%, 09/01/2026		50		51
UDR MTN
3.750%, 07/01/2024		100		107
3.200%, 01/15/2030		50		53
3.100%, 11/01/2034		15		15
Uniti Group
8.250%, 10/15/2023		210		170
7.125%, 12/15/2024 (A)		100		79
6.000%, 04/15/2023 (A)		133		128
Ventas Realty
4.000%, 03/01/2028		100		109
3.250%, 10/15/2026		50		53
2.650%, 01/15/2025		300		307
VEREIT Operating Partnership
4.875%, 06/01/2026		30		34
4.600%, 02/06/2024		325		355
3.950%, 08/15/2027		40		43
VICI Properties
4.625%, 12/01/2029 (A)		271		283
4.250%, 12/01/2026 (A)		138		142
4.125%, 08/15/2030 (A)		120		122
3.750%, 02/15/2027 (A)		100		100
3.500%, 02/15/2025 (A)		72		73
Vornado Realty
3.500%, 01/15/2025		50		53
Washington Prime Group
6.450%, 08/15/2024		175		156

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 45

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Welltower
6.500%, 03/15/2041	$	70	$	99
4.250%, 04/01/2026		50		55
4.125%, 03/15/2029		50		56
3.950%, 09/01/2023		300		320
WeWork
7.875%, 05/01/2025 (A)		75		58
Weyerhaeuser
7.375%, 03/15/2032		100		142
WP Carey
4.600%, 04/01/2024		50		54
				16,785
Utilities — 1.9%
AEP Texas
3.800%, 10/01/2047		100		112
AEP Transmission
3.800%, 06/15/2049		25		29
3.750%, 12/01/2047		250		285
AES
6.000%, 05/15/2026		100		106
5.125%, 09/01/2027		150		158
4.500%, 03/15/2023		145		148
Alabama Power
3.750%, 03/01/2045		100		112
Ameren Illinois
3.800%, 05/15/2028		25		28
3.250%, 03/01/2025		100		106
American Water Capital
6.593%, 10/15/2037		100		148
4.150%, 06/01/2049		150		178
3.450%, 06/01/2029		150		162
AmeriGas Partners
5.750%, 05/20/2027		200		218
5.625%, 05/20/2024		170		181
5.500%, 05/20/2025		90		96
Appalachian Power
7.000%, 04/01/2038		100		147
4.500%, 03/01/2049		150		185
3.400%, 06/01/2025		50		53
Arizona Public Service
2.950%, 09/15/2027		300		316
Atmos Energy
4.125%, 10/15/2044		100		117
4.125%, 03/15/2049		80		97
Avangrid
3.150%, 12/01/2024		250		262
Baltimore Gas & Electric
2.400%, 08/15/2026		250		255
Banff Merger Sub
9.750%, 09/01/2026 (A)		295		303

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Berkshire Hathaway Energy
6.125%, 04/01/2036	$	47	$	66
3.800%, 07/15/2048		225		252
3.250%, 04/15/2028		230		247
2.800%, 01/15/2023		40		41
Black Hills
3.950%, 01/15/2026		209		227
Calpine
5.500%, 02/01/2024		170		172
5.250%, 06/01/2026 (A)		150		155
5.125%, 03/15/2028 (A)		242		241
4.500%, 02/15/2028 (A)		173		172
CenterPoint Energy
3.700%, 09/01/2049		50		52
2.950%, 03/01/2030		50		51
2.500%, 09/01/2022		150		152
2.500%, 09/01/2024		50		51
CenterPoint Energy Houston Electric
4.500%, 04/01/2044		100		124
4.250%, 02/01/2049		15		19
Clearway Energy Operating
5.750%, 10/15/2025		50		52
4.750%, 03/15/2028 (A)		94		97
Cleco Corporate Holdings
4.973%, 05/01/2046		35		41
3.743%, 05/01/2026		50		53
CMS Energy
3.450%, 08/15/2027		250		269
Commonwealth Edison
4.000%, 03/01/2048		100		117
4.000%, 03/01/2049		400		471
3.700%, 03/01/2045		50		56
2.950%, 08/15/2027		100		105
Connecticut Light & Power
4.300%, 04/15/2044		100		124
4.150%, 06/01/2045		100		120
4.000%, 04/01/2048		25		30
Consolidated Edison
2.000%, 05/15/2021		100		100
Consolidated Edison of New York
6.300%, 08/15/2037		100		144
4.450%, 03/15/2044		100		121
4.300%, 12/01/2056		100		120
4.125%, 05/15/2049		300		356
Consumers Energy
3.950%, 05/15/2043		50		59
2.850%, 05/15/2022		100		103
Dayton Power & Light
3.950%, 06/15/2049 (A)		65		71
Delmarva Power & Light
4.150%, 05/15/2045		50		59

46 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Dominion Energy
4.050%, 09/15/2042	$	100	$	111
2.850%, 08/15/2026		230		238
Dominion Energy Gas Holdings
4.600%, 12/15/2044		25		29
3.600%, 12/15/2024		100		106
3.000%, 11/15/2029		35		36
2.500%, 11/15/2024		40		41
Drax Finco
6.625%, 11/01/2025 (A)		250		264
DTE Electric
3.950%, 03/01/2049		400		478
3.750%, 08/15/2047		100		115
3.700%, 03/15/2045		50		56
3.700%, 06/01/2046		250		283
DTE Energy
3.300%, 06/15/2022		50		52
2.850%, 10/01/2026		250		258
Duke Energy
3.750%, 04/15/2024		100		107
3.150%, 08/15/2027		300		317
Duke Energy Carolinas
4.250%, 12/15/2041		100		119
3.950%, 03/15/2048		50		59
3.350%, 05/15/2022		100		104
3.050%, 03/15/2023		50		52
2.950%, 12/01/2026		100		106
Duke Energy Florida
4.200%, 07/15/2048		100		122
3.800%, 07/15/2028		100		112
3.200%, 01/15/2027		250		268
Duke Energy Indiana
3.750%, 05/15/2046		250		281
Duke Energy Ohio
3.700%, 06/15/2046		214		242
Duke Energy Progress
4.150%, 12/01/2044		50		59
3.450%, 03/15/2029		240		263
Edison International
4.125%, 03/15/2028		250		266
2.950%, 03/15/2023		50		51
2.400%, 09/15/2022		180		181
El Paso Electric
5.000%, 12/01/2044		50		59
Emera US Finance
4.750%, 06/15/2046		235		286
3.550%, 06/15/2026		285		304
Enel Chile
4.875%, 06/12/2028		200		224
Entergy
4.000%, 07/15/2022		100		105
2.950%, 09/01/2026		100		104

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Entergy Arkansas
3.700%, 06/01/2024	$	100	$	107
Entergy Mississippi
2.850%, 06/01/2028		225		236
Evergy
4.850%, 06/01/2021		55		57
Evergy Metro
4.200%, 06/15/2047		100		122
4.125%, 04/01/2049		100		121
Eversource Energy
3.150%, 01/15/2025		100		105
Exelon
5.625%, 06/15/2035		100		130
5.100%, 06/15/2045		100		126
3.950%, 06/15/2025		100		109
Exelon Generation
5.600%, 06/15/2042		100		118
FirstEnergy
7.375%, 11/15/2031		70		101
4.250%, 03/15/2023		40		43
3.900%, 07/15/2027		300		328
Florida Power & Light
5.950%, 02/01/2038		100		145
4.125%, 06/01/2048		250		306
4.050%, 10/01/2044		100		121
3.700%, 12/01/2047		200		232
Fortis
3.055%, 10/04/2026		300		313
Georgia Power
4.300%, 03/15/2042		25		29
2.650%, 09/15/2029		150		152
2.200%, 09/15/2024		150		152
Interstate Power & Light
3.700%, 09/15/2046		250		270
ITC Holdings
3.250%, 06/30/2026		30		32
Kentucky Utilities
5.125%, 11/01/2040		94		123
MidAmerican Energy
4.250%, 07/15/2049		50		62
3.950%, 08/01/2047		250		299
3.650%, 04/15/2029		250		280
3.650%, 08/01/2048		250		283
3.100%, 05/01/2027		50		53
National Fuel Gas
5.200%, 07/15/2025		100		112
3.950%, 09/15/2027		100		102
Nevada Power
3.700%, 05/01/2029		155		172
NextEra Energy Capital Holdings
5.650%, VAR ICE LIBOR USD 3 Month+3.156%, 05/01/2079		100		113

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 47

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.500%, 04/01/2029	$	100	$	109
3.150%, 04/01/2024		100		105
2.750%, 11/01/2029		30		31
NextEra Energy Operating Partners
4.500%, 09/15/2027 (A)		108		113
4.250%, 07/15/2024 (A)		50		52
4.250%, 09/15/2024 (A)		111		115
3.875%, 10/15/2026 (A)		200		202
NiSource
5.950%, 06/15/2041		100		135
5.650%, 02/01/2045		50		66
3.950%, 03/30/2048		100		108
3.490%, 05/15/2027		50		54
Northern States Power
4.125%, 05/15/2044		100		122
2.900%, 03/01/2050		30		30
NRG Energy
6.625%, 01/15/2027		525		564
5.750%, 01/15/2028		109		117
5.250%, 06/15/2029 (A)		61		66
NSTAR Electric
3.250%, 05/15/2029		50		54
3.200%, 05/15/2027		100		107
Ohio Edison
6.875%, 07/15/2036		100		149
Ohio Power
4.000%, 06/01/2049		20		24
Oklahoma Gas & Electric
3.850%, 08/15/2047		250		276
Oncor Electric Delivery
4.100%, 11/15/2048		100		123
3.800%, 06/01/2049		100		116
3.700%, 11/15/2028		100		111
2.950%, 04/01/2025		50		53
2.750%, 06/01/2024		100		104
ONE Gas
4.500%, 11/01/2048		45		57
PacifiCorp
3.600%, 04/01/2024		50		53
Piedmont Natural Gas
3.640%, 11/01/2046		25		27
3.500%, 06/01/2029		150		164
Potomac Electric Power
6.500%, 11/15/2037		100		147
PPL Capital Funding
4.000%, 09/15/2047		100		109
3.400%, 06/01/2023		100		104
PPL Electric Utilities
4.150%, 10/01/2045		100		120
3.000%, 10/01/2049		70		70
PSEG Power
8.625%, 04/15/2031		100		144

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Public Service Electric & Gas MTN
3.850%, 05/01/2049	$	125	$	149
3.200%, 05/15/2029		150		163
3.000%, 05/15/2027		100		106
Public Service Enterprise Group
2.000%, 11/15/2021		100		100
San Diego Gas & Electric
4.100%, 06/15/2049		250		294
3.750%, 06/01/2047		250		278
Sempra Energy
3.800%, 02/01/2038		100		109
2.900%, 02/01/2023		15	��	15
South Carolina Electric & Gas
5.100%, 06/01/2065		100		140
Southern
4.250%, 07/01/2036		230		263
3.250%, 07/01/2026		250		266
2.950%, 07/01/2023		100		104
2.350%, 07/01/2021		50		50
Southern California Edison
4.875%, 03/01/2049		100		123
4.650%, 10/01/2043		100		120
3.700%, 08/01/2025		60		65
3.500%, 10/01/2023		50		53
2.850%, 08/01/2029		75		78
Southern California Gas
4.300%, 01/15/2049		25		31
2.550%, 02/01/2030		100		103
Southern Gas Capital
3.500%, 09/15/2021		100		102
Southern Power
4.150%, 12/01/2025		50		55
2.500%, 12/15/2021		50		51
Southwest Gas
4.150%, 06/01/2049		30		35
Southwestern Electric Power
3.900%, 04/01/2045		50		55
Southwestern Public Service
3.750%, 06/15/2049		100		112
Talen Energy Supply
10.500%, 01/15/2026 (A)		100		89
7.250%, 05/15/2027 (A)		205		210
6.500%, 06/01/2025		150		117
TerraForm Power Operating
5.000%, 01/31/2028 (A)		147		159
4.750%, 01/15/2030 (A)		127		134
4.250%, 01/31/2023 (A)		70		72
Union Electric
3.650%, 04/15/2045		100		111
3.500%, 03/15/2029		100		111
Virginia Electric & Power
8.875%, 11/15/2038		50		89

48 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.600%, 12/01/2048	$	260	$	336
4.200%, 05/15/2045		25		30
3.800%, 09/15/2047		250		285
3.300%, 12/01/2049		50		53
2.750%, 03/15/2023		50		51
Vistra Operations
5.625%, 02/15/2027 (A)		415		432
5.500%, 09/01/2026 (A)		105		109
5.000%, 07/31/2027 (A)		181		186
Washington Gas Light MTN
3.796%, 09/15/2046		35		38
WEC Energy Group
3.550%, 06/15/2025		100		108
3.100%, 03/08/2022		45		46
Wisconsin Public Service
3.300%, 09/01/2049		70		74
Xcel Energy
4.000%, 06/15/2028		250		280
2.600%, 03/15/2022		250		254
				29,899
Total Corporate Obligations (Cost $456,980) ($ Thousands)				487,686
U.S. TREASURY OBLIGATIONS — 29.8%
U.S. Treasury Bonds
7.125%, 02/15/2023		2,000		2,345
6.250%, 08/15/2023		2,500		2,924
5.375%, 02/15/2031		500		694
5.000%, 05/15/2037		1,250		1,859
4.750%, 02/15/2037		750		1,084
4.750%, 02/15/2041		510		763
4.625%, 02/15/2040		2,000		2,931
4.500%, 02/15/2036		650		904
4.500%, 05/15/2038		150		214
4.375%, 02/15/2038		1,000		1,404
4.375%, 11/15/2039		1,500		2,131
4.375%, 05/15/2040		2,750		3,915
4.375%, 05/15/2041		2,500		3,577
4.250%, 05/15/2039		250		349
3.875%, 08/15/2040		1,225		1,641
3.750%, 08/15/2041		1,000		1,321
3.750%, 11/15/2043		5,000		6,657
3.625%, 08/15/2043		500		653
3.625%, 02/15/2044		180		236
3.500%, 02/15/2039		300		381
3.375%, 05/15/2044		1,055		1,331
3.375%, 11/15/2048		300		390
3.125%, 02/15/2042		1,000		1,210
3.125%, 08/15/2044		800		971
3.125%, 05/15/2048		4,000		4,957

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
3.000%, 11/15/2044	$	2,525	$	3,005
3.000%, 05/15/2045		8,700		10,376
3.000%, 11/15/2045		1,500		1,794
3.000%, 02/15/2047		2,350		2,834
3.000%, 05/15/2047		1,500		1,810
3.000%, 02/15/2048		1,000		1,210
3.000%, 08/15/2048		3,800		4,613
3.000%, 02/15/2049		2,000		2,436
2.875%, 05/15/2043		2,625		3,052
2.875%, 08/15/2045		750		877
2.875%, 11/15/2046		2,250		2,648
2.875%, 05/15/2049		2,000		2,382
2.750%, 08/15/2042		6,000		6,842
2.750%, 08/15/2047		1,000		1,154
2.750%, 11/15/2047		1,200		1,386
2.500%, 02/15/2045		500		546
2.500%, 02/15/2046		700		767
2.500%, 05/15/2046		650		713
2.375%, 11/15/2049		1,000		1,081
2.250%, 02/15/2027		2,500		2,637
2.250%, 08/15/2046		3,600		3,762
2.250%, 08/15/2049		5,000		5,264
U.S. Treasury Notes
3.625%, 02/15/2021		2,500		2,554
3.125%, 05/15/2021		2,250		2,297
3.125%, 11/15/2028		10,400		11,792
2.875%, 10/15/2021		2,000		2,050
2.875%, 09/30/2023		2,000		2,111
2.875%, 10/31/2023		19,500		20,604
2.875%, 11/30/2023		1,500		1,587
2.875%, 04/30/2025		2,000		2,154
2.875%, 05/31/2025		2,000		2,156
2.875%, 05/15/2028		500		554
2.875%, 08/15/2028		2,500		2,778
2.750%, 04/30/2023		7,000		7,319
2.750%, 05/31/2023		20,000		20,932
2.750%, 07/31/2023		5,000		5,244
2.750%, 08/31/2023		4,000		4,200
2.750%, 11/15/2023		1,000		1,053
2.750%, 02/15/2024		2,750		2,904
2.750%, 02/15/2028		2,500		2,743
2.625%, 06/15/2021		2,000		2,032
2.625%, 12/15/2021		5,000		5,116
2.625%, 12/31/2023		5,500		5,773
2.625%, 12/31/2025		2,500		2,675
2.625%, 01/31/2026		3,000		3,212
2.625%, 02/15/2029		7,000		7,664
2.500%, 02/28/2021		3,000		3,032
2.500%, 03/31/2023		2,500		2,592
2.500%, 01/31/2024		7,000		7,321
2.500%, 05/15/2024		2,450		2,569
2.500%, 01/31/2025		1,500		1,584

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 49

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
2.375%, 01/31/2023	$	3,000	$	3,093
2.375%, 02/29/2024		5,000		5,208
2.375%, 05/15/2027		5,800		6,175
2.375%, 05/15/2029		4,000		4,300
2.250%, 07/31/2021		4,000		4,049
2.250%, 12/31/2023		1,000		1,036
2.250%, 01/31/2024		1,000		1,036
2.250%, 04/30/2024		6,000		6,228
2.250%, 11/15/2024		6,000		6,254
2.250%, 12/31/2024		2,000		2,087
2.250%, 11/15/2025		3,500		3,668
2.250%, 03/31/2026		3,000		3,150
2.250%, 08/15/2027		2,000		2,115
2.250%, 11/15/2027		1,500		1,588
2.125%, 05/31/2021		5,000		5,045
2.125%, 09/30/2021		2,500		2,530
2.125%, 12/31/2021		1,000		1,014
2.125%, 05/15/2022		5,000		5,089
2.125%, 12/31/2022		10,000		10,232
2.125%, 11/30/2023		700		721
2.125%, 02/29/2024		1,500		1,548
2.125%, 03/31/2024		1,500		1,549
2.125%, 05/15/2025		2,500		2,598
2.125%, 05/31/2026		2,000		2,087
2.000%, 10/31/2021		2,000		2,021
2.000%, 11/15/2021		5,000		5,057
2.000%, 02/15/2022		3,000		3,040
2.000%, 10/31/2022		2,000		2,037
2.000%, 11/30/2022		1,000		1,019
2.000%, 05/31/2024		1,000		1,028
2.000%, 02/15/2025		2,850		2,941
2.000%, 08/15/2025		1,200		1,240
2.000%, 11/15/2026		6,000		6,221
1.875%, 01/31/2022		4,500		4,546
1.875%, 02/28/2022		2,000		2,022
1.875%, 03/31/2022		1,500		1,517
1.875%, 04/30/2022		3,000		3,036
1.875%, 05/31/2022		5,000		5,063
1.875%, 07/31/2022		10,000		10,135
1.875%, 08/31/2024		1,000		1,024
1.750%, 11/30/2021		4,000		4,028
1.750%, 05/31/2022		1,500		1,515
1.750%, 01/31/2023		2,000		2,026
1.750%, 05/15/2023		1,750		1,775
1.750%, 06/30/2024		7,000		7,126
1.750%, 07/31/2024		5,000		5,092
1.750%, 12/31/2026		4,000		4,083
1.750%, 11/15/2029		2,000		2,042
1.625%, 06/30/2021		5,000		5,013
1.625%, 08/31/2022		2,000		2,016
1.625%, 05/31/2023		500		505
1.625%, 02/15/2026		2,650		2,685

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
1.625%, 05/15/2026	$	2,000	$	2,026
1.625%, 10/31/2026		3,000		3,038
1.625%, 08/15/2029		4,000		4,039
1.500%, 02/28/2023		750		754
1.500%, 03/31/2023		2,000		2,012
1.500%, 09/30/2024		2,000		2,016
1.500%, 10/31/2024		3,000		3,024
1.500%, 11/30/2024		5,000		5,041
1.500%, 08/15/2026		2,000		2,010
1.375%, 04/30/2021		4,000		3,995
1.375%, 05/31/2021		3,000		2,998
1.375%, 08/31/2023		1,500		1,503
1.375%, 09/30/2023		1,000		1,002
1.250%, 03/31/2021		5,000		4,987
1.250%, 10/31/2021		3,000		2,994
1.250%, 08/31/2024		5,000		4,984
1.125%, 02/28/2021		3,500		3,486
1.125%, 06/30/2021		5,000		4,979
1.125%, 07/31/2021		5,500		5,477
1.125%, 09/30/2021		1,500		1,494
Total U.S. Treasury Obligations (Cost $453,607) ($ Thousands)				478,745
MORTGAGE-BACKED SECURITIES — 21.1%
Agency Mortgage-Backed Obligations — 20.1%
FHLMC
5.500%, 10/01/2038 to 06/01/2041		917		1,030
5.000%, 09/01/2023 to 11/01/2041		1,532		1,686
4.500%, 08/01/2040 to 02/01/2045		1,999		2,178
4.000%, 12/01/2040 to 05/01/2048		6,550		7,035
3.500%, 10/01/2020 to 12/01/2047		11,208		11,769
3.000%, 09/01/2029 to 12/01/2049		19,069		19,622
2.500%, 10/01/2029 to 06/01/2031		2,324		2,372
FHLMC Multifamily Structured Pass-Through Certificates, Ser K030, Cl A2
3.250%, 04/25/2023 (E)		500		523
FHLMC Multifamily Structured Pass-Through Certificates, Ser K048, Cl A2
3.284%, 06/25/2025 (E)		1,500		1,615
FHLMC Multifamily Structured Pass-Through Certificates, Ser K054, Cl A2
2.745%, 01/25/2026		400		422
FHLMC Multifamily Structured Pass-Through Certificates, Ser K066, Cl AM
3.200%, 06/25/2027		900		978
FHLMC Multifamily Structured Pass-Through Certificates, Ser K067, Cl AM
3.276%, 08/25/2027		200		218
FHLMC Multifamily Structured Pass-Through Certificates, Ser K079, Cl A2
3.926%, 06/25/2028		550		630

50 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC Multifamily Structured Pass-Through Certificates, Ser K088, Cl A2
3.690%, 01/25/2029	$	409	$	464
FHLMC Multifamily Structured Pass-Through Certificates, Ser K089, Cl A2
3.563%, 01/25/2029		571		642
FHLMC Multifamily Structured Pass-Through Certificates, Ser K090, Cl A2
3.422%, 02/25/2029		262		292
FHLMC Multifamily Structured Pass-Through Certificates, Ser K101, Cl A2
2.524%, 10/25/2029		200		210
FHLMC Multifamily Structured Pass-Through Certificates, Ser K156, Cl A1
3.700%, 05/25/2030		1,267		1,386
FNMA
6.000%, 07/01/2036 to 10/01/2039		530		606
5.500%, 01/01/2035 to 09/01/2041		1,643		1,851
5.000%, 07/01/2040 to 05/01/2042		2,380		2,642
4.500%, 11/01/2040 to 01/01/2049		23,711		25,335
4.000%, 01/01/2037 to 03/01/2049		35,703		37,621
3.500%, 01/01/2027 to 07/01/2048		61,391		64,270
3.000%, 08/01/2029 to 11/01/2049		31,355		32,387
2.500%, 07/01/2028 to 03/01/2043		3,433		3,501
FNMA TBA
3.000%, 02/15/2045		9,475		9,690
FNMA, Ser 2012-M2, Cl A2
2.717%, 02/25/2022		315		319
FNMA, Ser 2014-M11, Cl 2A
3.408%, 08/25/2026 (E)		463		502
FNMA, Ser 2015-M1, Cl A2
2.532%, 09/25/2024		350		362
FNMA, Ser 2016-M1, Cl A2
2.939%, 01/25/2026 (E)		275		290
FNMA, Ser 2016-M5, Cl A2
2.469%, 04/25/2026		750		771
FNMA, Ser 2018-M1, Cl A2
3.085%, 12/25/2027 (E)		115		124
FNMA, Ser 2019-M5, Cl A2
3.273%, 01/25/2029		275		302
GNMA
6.500%, 11/15/2038		78		93
5.500%, 01/15/2033 to 10/20/2043		774		862
5.000%, 10/15/2033 to 11/20/2046		966		1,055
4.500%, 04/15/2040 to 02/20/2049		9,471		10,049
4.000%, 04/15/2040 to 03/20/2049		23,908		24,953
3.500%, 12/20/2041 to 10/20/2049		30,405		31,748
3.000%, 05/15/2042 to 05/20/2047		10,866		11,273
GNMA TBA
3.500%, 02/15/2045		750		774

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
3.000%, 02/01/2045	$	8,000	$	8,227
				322,679
Non-Agency Mortgage-Backed Obligations — 1.0%
BANK, Ser 2017-BNK7, Cl A4
3.175%, 09/15/2060		200		215
BANK, Ser 2019-BN17, Cl A4
3.714%, 04/15/2052		265		298
BANK, Ser 2019-BN18, Cl A4
3.584%, 05/15/2062		250		278
BANK, Ser 2019-BN23, Cl A3
2.920%, 12/15/2052		100		106
BANK, Ser 2019-BN24, Cl A3
2.960%, 11/15/2062		100		107
Barclays Commercial Mortgage Trust, Ser 2019-C3, Cl A4
3.583%, 05/15/2052		200		222
BENCHMARK Mortgage Trust, Ser 2018-B3, Cl A5
4.025%, 04/10/2051		200		227
BENCHMARK Mortgage Trust, Ser 2018-B4, Cl A5
4.121%, 07/15/2051 (E)		100		114
BENCHMARK Mortgage Trust, Ser 2019-B10, Cl A4
3.717%, 03/15/2062		260		292
BENCHMARK Mortgage Trust, Ser 2020-B16, Cl A5
2.732%, 12/15/2057		200		209
Cantor Commercial Real Estate Lending, Ser 2019-CF3, Cl A4
3.006%, 01/15/2053		100		106
CD Mortgage Trust, Ser 2017-CD6, Cl A5
3.456%, 11/13/2050		150		164
Citigroup Commercial Mortgage Trust, Ser 2012-GC8, Cl A4
3.024%, 09/10/2045		526		539
Citigroup Commercial Mortgage Trust, Ser 2014-GC21, Cl A5
3.855%, 05/10/2047		265		285
Citigroup Commercial Mortgage Trust, Ser 2014-GC23, Cl AS
3.863%, 07/10/2047		1,000		1,068
COMM Mortgage Trust, Ser 2015-PC1, Cl A4
3.620%, 07/10/2050		240		258
COMM Mortgage Trust, Ser 2017-COR2, Cl A3
3.510%, 09/10/2050		300		329
COMM Mortgage Trust, Ser 2018-COR3, Cl A3
4.228%, 05/10/2051		1,000		1,147
Commercial Mortgage Trust, Ser 2014-UBS2, Cl A5
3.961%, 03/10/2047		270		290

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 51

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Trust, Ser 2014-UBS3, Cl A3
3.546%, 06/10/2047	$	190	$	202
CSAIL Commercial Mortgage Trust, Ser 2015-C3, Cl A4
3.718%, 08/15/2048		245		265
CSAIL Commercial Mortgage Trust, Ser 2017-CX10, Cl A5
3.458%, 11/15/2050 (E)		325		353
CSMC Trust, Ser 2016-NXSR, Cl A4
3.795%, 12/15/2049 (E)		350		384
GS Mortgage Securities Trust, Ser 2014-GC20, Cl AS
4.258%, 04/10/2047		297		320
GS Mortgage Securities Trust, Ser 2014-GC20, Cl A5
3.998%, 04/10/2047		265		285
GS Mortgage Securities Trust, Ser 2017-GS7, Cl A4
3.430%, 08/10/2050		500		546
GS Mortgage Securities Trust, Ser 2019-GC39, Cl A4
3.567%, 05/10/2052		175		194
JPMBB Commercial Mortgage Securities Trust, Ser 2013-C14, Cl AS
4.409%, 08/15/2046 (E)		295		316
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, Cl A4
3.801%, 09/15/2047		500		539
JPMCC Commercial Mortgage Securities Trust, Ser 2019-COR4, Cl A5
4.029%, 03/10/2052		300		341
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2011-C5, Cl A3
4.171%, 08/15/2046		155		160
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C23, Cl A4
3.719%, 07/15/2050		200		218
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2016-C31, Cl A5
3.102%, 11/15/2049		579		616
Morgan Stanley Capital I Trust, Ser 2016-BNK2, Cl A3
2.791%, 11/15/2049		500		523
UBS Commercial Mortgage Trust, Ser 2018-C10, Cl A4
4.313%, 05/15/2051		200		231
UBS Commercial Mortgage Trust, Ser 2018-C12, Cl ASB
4.195%, 08/15/2051		500		555
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C5, Cl A4
3.185%, 03/10/2046		305		316

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Commercial Mortgage Trust, Ser 2015-C31, Cl A4
3.695%, 11/15/2048	$	500	$	545
Wells Fargo Commercial Mortgage Trust, Ser 2015-LC22, Cl B
4.685%, 09/15/2058 (E)		800		878
Wells Fargo Commercial Mortgage Trust, Ser 2017-RC1, Cl A4
3.631%, 01/15/2060		300		330
Wells Fargo Commercial Mortgage Trust, Ser 2019-C50, Cl A5
3.729%, 05/15/2052		65		73
WFRBS Commercial Mortgage Trust, Ser 2012-C9, Cl AS
3.388%, 11/15/2045		210		218
WFRBS Commercial Mortgage Trust, Ser 2014-C19, Cl A5
4.101%, 03/15/2047		250		271
WFRBS Commercial Mortgage Trust, Ser 2014-C22, Cl A4
3.488%, 09/15/2057		300		320
				15,253
Total Mortgage-Backed Securities (Cost $330,650) ($ Thousands)				337,932
SOVEREIGN DEBT — 16.0%
Angolan Government International Bond
9.500%, 11/12/2025 (A)		300		349
9.125%, 11/26/2049 (A)		500		527
8.250%, 05/09/2028 (A)		600		646
8.000%, 11/26/2029 (A)		200		212
Argentine Republic Government International Bond
8.280%, 12/31/2033		210		116
7.625%, 04/22/2046		500		213
7.500%, 04/22/2026		900		410
7.125%, 07/06/2036		450		194
7.125%, 06/28/2117		1,250		540
6.875%, 04/22/2021		500		266
6.875%, 01/26/2027		450		203
6.875%, 01/11/2048		200		85
6.625%, 07/06/2028		200		89
5.875%, 01/11/2028		1,900		831
5.625%, 01/26/2022		400		197
4.625%, 01/11/2023		1,550		715
3.750%, 5.250%, 03/31/2029, 12/31/2038 (F)		600		253
Armenia Government International Bond
7.150%, 03/26/2025		200		236

52 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
SOVEREIGN DEBT (continued)
Azerbaijan Government International Bond
3.500%, 09/01/2032 (A)	$	350	$	353
Bahamas Government International Bond
6.000%, 11/21/2028 (A)		200		226
Bahrain Government International Bond
7.500%, 09/20/2047 (A)		300		366
7.000%, 01/26/2026 (A)		200		234
7.000%, 10/12/2028 (A)		500		589
6.750%, 09/20/2029 (A)		200		233
6.125%, 07/05/2022 (A)		200		215
6.125%, 08/01/2023 (A)		300		331
5.625%, 09/30/2031 (A)		200		213
Belarus Government International Bond
6.200%, 02/28/2030 (A)		300		327
Belize Government International Bond
4.938%, 02/20/2034		100		62
Bolivian Government International Bond
5.950%, 08/22/2023		300		319
4.500%, 03/20/2028 (A)		200		194
Brazilian Government International Bond
8.875%, 04/15/2024		100		127
8.250%, 01/20/2034		350		497
7.125%, 01/20/2037		200		264
6.000%, 04/07/2026		350		415
5.625%, 01/07/2041		250		290
5.625%, 02/21/2047		1,100		1,289
5.000%, 01/27/2045		550		595
4.750%, 01/14/2050		200		206
4.625%, 01/13/2028		1,000		1,103
4.500%, 05/30/2029		200		217
4.250%, 01/07/2025		950		1,028
2.625%, 01/05/2023		750		761
Bundesobligation
-0.483%, 04/08/2022 (D)(G)	EUR	687		773
-0.584%, 04/17/2020 (D)(G)		131		145
Bundesrepublik Deutschland Bundesanleihe
4.750%, 07/04/2034		273		529
4.750%, 07/04/2040		7		16
4.250%, 07/04/2039		190		394
4.000%, 01/04/2037		37		71
2.500%, 07/04/2044		255		459
2.500%, 08/15/2046		153		282
2.000%, 01/04/2022		631		736
2.000%, 08/15/2023		530		644
1.750%, 02/15/2024		546		666
1.250%, 08/15/2048		87		130
1.000%, 08/15/2024		2		2
1.000%, 08/15/2025		29		35
0.500%, 02/15/2025		619		727
0.500%, 02/15/2026		37		44
0.500%, 02/15/2028		464		559
0.250%, 02/15/2027		15		18

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
SOVEREIGN DEBT (continued)
-0.127%, 08/15/2026 (D)(G)	EUR	20	$	23
Bundesschatzanweisungen
-0.568%, 12/11/2020 (D)(G)		275		307
-0.581%, 03/13/2020 (D)(G)		104		115
Cameroon Government International Bond
9.500%, 11/19/2025 (A)	$	200		228
Canadian Government International Bond
4.000%, 06/01/2041	CAD	15		17
3.500%, 12/01/2045		314		343
2.625%, 01/25/2022	$	410		420
2.250%, 06/01/2025	CAD	532		422
2.000%, 11/15/2022	$	300		305
2.000%, 06/01/2028	CAD	560		447
Chile Government International Bond
3.860%, 06/21/2047	$	300		346
3.500%, 01/25/2050		300		327
3.240%, 02/06/2028		1,000		1,070
3.125%, 01/21/2026		200		212
China Government International Bond
4.000%, 10/19/2048		200		245
3.500%, 10/19/2028		200		223
3.250%, 10/19/2023		200		211
2.625%, 11/02/2027		200		209
2.125%, 12/03/2029		300		302
1.950%, 12/03/2024		700		710
Colombia Government International Bond
7.375%, 09/18/2037		200		293
6.125%, 01/18/2041		1,100		1,487
5.625%, 02/26/2044		200		259
5.200%, 05/15/2049		1,000		1,258
5.000%, 06/15/2045		500		607
4.500%, 01/28/2026		200		220
4.500%, 03/15/2029		800		903
4.375%, 07/12/2021		550		569
4.000%, 02/26/2024		300		318
3.875%, 04/25/2027		1,050		1,128
3.000%, 01/30/2030		200		202
2.625%, 03/15/2023		600		607
Costa Rica Government International Bond
7.158%, 03/12/2045		400		430
7.000%, 04/04/2044 (A)		200		212
6.125%, 02/19/2031 (A)		200		213
4.375%, 04/30/2025 (A)		200		201
Croatia Government International Bond
6.375%, 03/24/2021		450		472
6.000%, 01/26/2024		200		230
5.500%, 04/04/2023		250		276
Dominican Republic International Bond
7.500%, 05/06/2021		67		69
7.450%, 04/30/2044		150		179
6.875%, 01/29/2026 (A)		200		228
6.850%, 01/27/2045		100		113

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 53

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
SOVEREIGN DEBT (continued)
6.600%, 01/28/2024	$	100	$	111
6.500%, 02/15/2048 (A)		200		217
6.400%, 06/05/2049 (A)		350		377
6.000%, 07/19/2028 (A)		600		665
5.950%, 01/25/2027 (A)		200		220
5.875%, 04/18/2024		200		214
5.875%, 01/30/2060 (A)		450		450
5.500%, 01/27/2025		500		535
Ecuador Government International Bond
10.750%, 03/28/2022 (A)		700		693
9.650%, 12/13/2026 (A)		500		444
9.625%, 06/02/2027 (A)		200		176
9.500%, 03/27/2030 (A)		200		172
8.875%, 10/23/2027 (A)		600		508
8.750%, 06/02/2023 (A)		200		186
7.950%, 06/20/2024		200		176
7.875%, 03/27/2025 (A)		200		171
7.875%, 01/23/2028 (A)		1,200		975
Egypt Government International Bond
8.500%, 01/31/2047 (A)		200		229
7.903%, 02/21/2048 (A)		600		648
7.600%, 03/01/2029 (A)		200		224
7.500%, 01/31/2027 (A)		400		457
7.053%, 01/15/2032 (A)		400		426
6.875%, 04/30/2040		200		204
6.588%, 02/21/2028 (A)		500		533
5.875%, 06/11/2025		200		216
5.577%, 02/21/2023 (A)		1,050		1,102
El Salvador Government International Bond
8.625%, 02/28/2029 (A)		600		737
7.650%, 06/15/2035		60		70
7.625%, 02/01/2041 (A)		150		174
7.125%, 01/20/2050 (A)		300		328
6.375%, 01/18/2027		100		110
5.875%, 01/30/2025		50		54
Ethiopia Government International Bond
6.625%, 12/11/2024		200		216
Export Development Canada
2.625%, 02/21/2024		500		523
2.500%, 01/24/2023		400		413
2.000%, 05/17/2022		200		203
1.375%, 10/21/2021		100		100
Export-Import Bank of Korea
3.500%, 11/27/2021		500		515
2.875%, 01/21/2025		100		104
2.625%, 05/26/2026		200		207
French Republic Government Bond OAT
8.500%, 04/25/2023	EUR	1		1
5.750%, 10/25/2032		29		56
5.500%, 04/25/2029		20		34
4.750%, 04/25/2035		263		497
4.500%, 04/25/2041		280		575

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
SOVEREIGN DEBT (continued)
4.250%, 10/25/2023	EUR	428	$	561
4.000%, 10/25/2038		54		101
4.000%, 04/25/2055		9		21
4.000%, 04/25/2060		8		19
3.500%, 04/25/2020		97		109
3.250%, 10/25/2021		107		127
3.250%, 05/25/2045		180		332
3.000%, 04/25/2022		263		315
2.750%, 10/25/2027		417		575
2.500%, 10/25/2020		1		1
2.500%, 05/25/2030		366		518
2.250%, 05/25/2024		150		187
2.000%, 05/25/2048 (A)		245		374
1.750%, 05/25/2023		1		1
1.750%, 11/25/2024		385		474
1.750%, 05/25/2066 (A)		125		192
1.500%, 05/25/2031		384		503
1.500%, 05/25/2050 (A)		145		200
1.250%, 05/25/2034		126		163
1.250%, 05/25/2036 (A)		332		431
1.000%, 11/25/2025		665		801
0.750%, 11/25/2028		375		453
0.500%, 05/25/2025		481		562
0.250%, 11/25/2026		1,045		1,210
-0.445%, 05/25/2021 (D)(G)		1		1
-0.530%, 05/25/2020 (D)(G)		140		155
Gabon Government International Bond
6.950%, 06/16/2025	$	300		323
6.375%, 12/12/2024		200		215
Ghana Government International Bond
10.750%, 10/14/2030		300		385
8.950%, 03/26/2051 (A)		200		204
8.125%, 01/18/2026		200		222
8.125%, 03/26/2032 (A)		200		205
7.875%, 03/26/2027 (A)		200		214
7.625%, 05/16/2029 (A)		300		306
Guatemala Government International Bond
5.750%, 06/06/2022 (A)		200		213
4.875%, 02/13/2028		100		108
4.500%, 05/03/2026 (A)		200		211
4.375%, 06/05/2027 (A)		300		313
Honduras Government International Bond
7.500%, 03/15/2024		200		224
6.250%, 01/19/2027 (A)		150		166
Hungary Government International Bond
7.625%, 03/29/2041		300		505
6.375%, 03/29/2021		550		579
5.750%, 11/22/2023		200		227
5.375%, 02/21/2023		800		881
5.375%, 03/25/2024		450		512
Indonesia Government International Bond
8.500%, 10/12/2035		100		160

54 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
SOVEREIGN DEBT (continued)
7.750%, 01/17/2038	$	300	$	461
6.750%, 01/15/2044 (A)		275		403
6.625%, 02/17/2037		575		799
5.950%, 01/08/2046 (A)		200		270
5.875%, 01/15/2024 (A)		200		227
5.375%, 10/17/2023 (A)		200		223
5.350%, 02/11/2049		600		784
5.250%, 01/17/2042 (A)		950		1,174
5.250%, 01/08/2047 (A)		200		251
5.125%, 01/15/2045 (A)		400		489
4.875%, 05/05/2021 (A)		500		519
4.750%, 01/08/2026 (A)		200		224
4.750%, 02/11/2029		650		752
4.625%, 04/15/2043 (A)		400		458
4.450%, 02/11/2024		550		597
4.350%, 01/08/2027 (A)		200		221
4.350%, 01/11/2048		500		563
4.125%, 01/15/2025 (A)		200		216
4.100%, 04/24/2028		400		439
3.850%, 07/18/2027 (A)		200		215
3.750%, 04/25/2022 (A)		450		465
3.700%, 01/08/2022 (A)		200		206
3.500%, 01/11/2028		200		211
3.500%, 02/14/2050		200		205
3.375%, 04/15/2023 (A)		200		207
2.950%, 01/11/2023		200		204
2.850%, 02/14/2030		250		253
Iraq Government AID Bond
2.149%, 01/18/2022		320		324
Iraq Government International Bond
6.752%, 03/09/2023 (A)		400		404
5.800%, 01/15/2028 (A)		250		240
Israel Government International Bond
4.500%, 01/30/2043		200		248
4.125%, 01/17/2048		200		239
3.250%, 01/17/2028		100		108
2.875%, 03/16/2026		300		315
Italy Buoni Poliennali Del Tesoro
6.500%, 11/01/2027	EUR	104		166
6.000%, 05/01/2031		267		451
5.250%, 11/01/2029		15		23
5.000%, 08/01/2034 (A)		330		541
5.000%, 08/01/2039 (A)		211		365
5.000%, 09/01/2040 (A)		195		338
4.750%, 09/01/2028 (A)		299		441
4.750%, 09/01/2044 (A)		28		49
4.000%, 02/01/2037 (A)		61		93
3.750%, 05/01/2021 (A)		500		582
3.450%, 03/01/2048 (A)		150		223
3.250%, 09/01/2046 (A)		161		231
3.000%, 08/01/2029		300		398
2.800%, 12/01/2028		274		356

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
SOVEREIGN DEBT (continued)
2.800%, 03/01/2067 (A)	EUR	119	$	156
2.500%, 12/01/2024		368		451
2.500%, 11/15/2025		318		394
2.300%, 10/15/2021		519		600
2.050%, 08/01/2027		296		362
2.000%, 02/01/2028		302		369
1.650%, 03/01/2032 (A)		93		109
1.450%, 05/15/2025		347		406
1.000%, 07/15/2022		821		935
0.650%, 11/01/2020		544		607
0.650%, 10/15/2023		382		432
Italy Government International Bond
6.875%, 09/27/2023	$	100		116
5.375%, 06/15/2033		150		182
Ivory Coast Government International Bond
6.375%, 03/03/2028		300		324
6.125%, 06/15/2033 (A)		200		205
5.750%, 12/31/2032		13		13
5.375%, 07/23/2024		200		210
Jamaica Government International Bond
8.000%, 03/15/2039		100		138
7.875%, 07/28/2045		600		819
6.750%, 04/28/2028		200		237
Japan Bank for International Cooperation
3.375%, 10/31/2023		200		212
3.250%, 07/20/2023		500		527
3.125%, 07/20/2021		300		307
2.875%, 06/01/2027		100		108
2.500%, 06/01/2022		200		204
2.500%, 05/23/2024		200		207
2.375%, 07/21/2022		100		102
1.875%, 07/21/2026		200		202
Japan Government Five Year Bond
0.100%, 06/20/2020	JPY	185,600		1,714
0.100%, 09/20/2020		209,300		1,934
0.100%, 09/20/2021		97,700		905
0.100%, 12/20/2021		105,000		973
0.100%, 09/20/2022		34,000		316
0.100%, 03/20/2023		253,100		2,355
0.100%, 06/20/2023		182,000		1,695
Japan Government Forty Year Bond
0.900%, 03/20/2057		77,200		836
0.500%, 03/20/2059		21,000		201
Japan Government Ten Year Bond
0.800%, 06/20/2022		67,700		639
0.800%, 12/20/2022		115,800		1,098
0.800%, 09/20/2023		205,500		1,963
0.700%, 12/20/2022		102,250		967
0.400%, 09/20/2025		181,000		1,724
0.100%, 03/20/2026		108,250		1,015
0.100%, 06/20/2026		118,000		1,107
0.100%, 03/20/2027		120,000		1,128

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 55

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
SOVEREIGN DEBT (continued)
0.100%, 09/20/2027		JPY 146,600	$	1,379
0.100%, 03/20/2028		162,600		1,528
0.100%, 06/20/2028		164,950		1,550
0.100%, 09/20/2028		170,200		1,599
0.100%, 12/20/2028		63,200		593
0.100%, 06/20/2029		83,400		783
0.100%, 09/20/2029		55,000		516
Japan Government Thirty Year Bond
2.500%, 03/20/2036		127,700		1,621
2.300%, 03/20/2040		13,150		170
1.700%, 09/20/2044		66,650		819
1.400%, 09/20/2045		45,000		526
0.900%, 09/20/2048		43,000		455
0.800%, 06/20/2047		43,000		444
0.800%, 09/20/2047		38,000		392
0.800%, 03/20/2048		46,000		475
0.600%, 12/20/2046		45,000		443
0.400%, 06/20/2049		39,000		363
0.300%, 06/20/2046		48,750		446
Japan Government Twenty Year Bond
1.700%, 09/20/2032		87,000		972
1.600%, 03/20/2033		130,250		1,446
1.500%, 03/20/2034		82,000		907
1.000%, 12/20/2035		98,800		1,035
0.700%, 09/20/2038		54,500		548
0.600%, 12/20/2036		81,000		802
0.600%, 09/20/2037		56,000		554
0.500%, 09/20/2036		118,300		1,153
0.500%, 03/20/2038		74,500		724
0.500%, 06/20/2038		23,500		228
0.400%, 03/20/2039		25,150		240
0.300%, 09/20/2039		43,200		403
Jordan Government International Bond
7.375%, 10/10/2047 (A)	$	100		110
6.125%, 01/29/2026 (A)		300		324
5.750%, 01/31/2027 (A)		200		213
Kazakhstan Government International Bond
6.500%, 07/21/2045 (A)		500		746
5.125%, 07/21/2025 (A)		500		576
4.875%, 10/14/2044 (A)		200		252
Kenya Government International Bond
8.250%, 02/28/2048 (A)		100		107
7.250%, 02/28/2028 (A)		600		648
7.000%, 05/22/2027 (A)		300		319
6.875%, 06/24/2024		200		217
Korea Government International Bond
3.875%, 09/11/2023		200		215
3.500%, 09/20/2028		200		224
Kuwait Government International Bond
3.500%, 03/20/2027 (A)		1,050		1,138
2.750%, 03/20/2022 (A)		500		509

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
SOVEREIGN DEBT (continued)
Lebanon Government International Bond
8.250%, 04/12/2021	$	400	$	192
7.250%, 03/23/2037		100		36
7.000%, 03/23/2032		100		36
6.850%, 03/23/2027		700		258
6.650%, 11/03/2028		50		18
6.650%, 02/26/2030		550		197
6.600%, 11/27/2026		450		165
6.250%, 05/27/2022		600		240
6.100%, 10/04/2022		400		160
6.000%, 01/27/2023		50		19
Mexico Government International Bond
6.750%, 09/27/2034		525		747
6.050%, 01/11/2040		900		1,206
5.750%, 10/12/2110		500		621
5.550%, 01/21/2045		850		1,086
4.750%, 03/08/2044		750		859
4.600%, 01/23/2046		600		675
4.600%, 02/10/2048		1,100		1,250
4.500%, 04/22/2029		1,900		2,127
4.500%, 01/31/2050		415		466
4.350%, 01/15/2047		550		603
4.150%, 03/28/2027		650		707
4.125%, 01/21/2026		550		598
4.000%, 10/02/2023		850		902
3.750%, 01/11/2028		600		636
3.600%, 01/30/2025		400		423
Mongolia Government International Bond
8.750%, 03/09/2024 (A)		200		226
5.625%, 05/01/2023 (A)		400		408
Morocco Government International Bond
5.500%, 12/11/2042 (A)		100		126
4.250%, 12/11/2022 (A)		400		421
Namibia Government International Bond
5.500%, 11/03/2021 (A)		200		208
Nigeria Government International Bond
9.248%, 01/21/2049 (A)		250		282
8.747%, 01/21/2031 (A)		500		558
7.875%, 02/16/2032 (A)		200		209
7.696%, 02/23/2038 (A)		300		301
7.625%, 11/21/2025 (A)		200		226
7.625%, 11/28/2047 (A)		100		97
7.143%, 02/23/2030 (A)		300		309
6.500%, 11/28/2027 (A)		200		206
Oman Government International Bond
6.750%, 01/17/2048 (A)		400		399
6.500%, 03/08/2047 (A)		250		247
6.000%, 08/01/2029 (A)		500		523
5.625%, 01/17/2028 (A)		850		879
5.375%, 03/08/2027 (A)		200		206
4.875%, 02/01/2025 (A)		200		206
4.750%, 06/15/2026 (A)		200		202

56 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
SOVEREIGN DEBT (continued)
4.125%, 01/17/2023 (A)	$	800	$	817
3.875%, 03/08/2022 (A)		200		202
Pakistan Government International Bond
8.250%, 04/15/2024		400		449
8.250%, 09/30/2025		200		227
Panama Government International Bond
6.700%, 01/26/2036		200		288
4.500%, 05/15/2047		300		372
4.500%, 04/16/2050		500		618
4.300%, 04/29/2053		450		548
4.000%, 09/22/2024		200		216
3.875%, 03/17/2028		1,000		1,104
3.870%, 07/23/2060		200		226
3.750%, 03/16/2025		500		536
3.160%, 01/23/2030		700		739
Paraguay Government International Bond
6.100%, 08/11/2044		200		250
5.000%, 04/15/2026 (A)		400		444
4.625%, 01/25/2023		200		211
Peruvian Government International Bond
8.750%, 11/21/2033		250		422
6.550%, 03/14/2037		250		380
5.625%, 11/18/2050		800		1,224
4.125%, 08/25/2027		800		912
2.844%, 06/20/2030		55		58
Philippine Government International Bond
9.500%, 02/02/2030		100		163
7.750%, 01/14/2031		200		301
6.375%, 01/15/2032		100		138
6.375%, 10/23/2034		250		362
5.500%, 03/30/2026		450		537
5.000%, 01/13/2037		200		262
4.200%, 01/21/2024		900		977
3.950%, 01/20/2040		800		951
3.750%, 01/14/2029		1,200		1,358
3.700%, 03/01/2041		600		706
3.700%, 02/02/2042		100		117
3.000%, 02/01/2028		1,250		1,334
Poland Government International Bond
5.125%, 04/21/2021		450		468
5.000%, 03/23/2022		125		133
4.000%, 01/22/2024		300		325
3.250%, 04/06/2026		500		534
3.000%, 03/17/2023		1,200		1,246
Province of Alberta Canada
3.350%, 11/01/2023		100		106
3.300%, 03/15/2028		100		112
2.950%, 01/23/2024		300		316
Province of British Columbia Canada
2.250%, 06/02/2026		100		103
2.000%, 10/23/2022		125		127

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
SOVEREIGN DEBT (continued)
Province of Manitoba Canada
2.125%, 05/04/2022	$	500	$	507
2.125%, 06/22/2026		100		103
Province of New Brunswick Canada
3.625%, 02/24/2028		250		283
Province of Ontario Canada
3.400%, 10/17/2023		500		534
3.050%, 01/29/2024		500		529
2.550%, 02/12/2021		200		202
2.500%, 09/10/2021		200		203
2.500%, 04/27/2026		500		525
2.250%, 05/18/2022		100		102
2.200%, 10/03/2022		100		102
Province of Quebec Canada
2.750%, 04/12/2027		500		537
2.500%, 04/09/2024		135		140
2.375%, 01/31/2022		100		102
Qatar Government International Bond
9.750%, 06/15/2030 (A)		200		331
5.103%, 04/23/2048 (A)		1,600		2,116
4.817%, 03/14/2049 (A)		1,600		2,038
4.625%, 06/02/2046 (A)		200		248
4.500%, 04/23/2028 (A)		1,100		1,273
4.000%, 03/14/2029 (A)		600		676
3.875%, 04/23/2023 (A)		1,100		1,163
3.375%, 03/14/2024 (A)		250		263
3.250%, 06/02/2026 (A)		300		319
2.375%, 06/02/2021 (A)		200		201
Romanian Government International Bond
6.125%, 01/22/2044 (A)		100		133
5.125%, 06/15/2048 (A)		300		357
4.875%, 01/22/2024 (A)		150		166
4.375%, 08/22/2023 (A)		750		806
Russian Foreign Bond – Eurobond
12.750%, 06/24/2028 (A)		375		651
7.500%, 03/31/2030		620		705
5.875%, 09/16/2043 (A)		850		1,173
5.625%, 04/04/2042 (A)		2,700		3,610
4.875%, 09/16/2023 (A)		1,600		1,750
4.500%, 04/04/2022 (A)		400		421
Saudi Government International Bond
5.250%, 01/16/2050 (A)		1,050		1,346
5.000%, 04/17/2049 (A)		400		493
4.625%, 10/04/2047 (A)		750		872
4.500%, 04/17/2030 (A)		400		465
4.500%, 10/26/2046 (A)		1,150		1,314
4.375%, 04/16/2029 (A)		1,450		1,654
4.000%, 04/17/2025 (A)		1,400		1,523
3.625%, 03/04/2028 (A)		630		676
3.250%, 10/26/2026 (A)		1,350		1,422
2.875%, 03/04/2023 (A)		350		360
2.375%, 10/26/2021 (A)		350		353

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 57

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
SOVEREIGN DEBT (continued)
Senegal Government International Bond
6.750%, 03/13/2048 (A)	$	400	$	409
6.250%, 07/30/2024		200		222
Serbia Government International Bond
7.250%, 09/28/2021		300		326
South Africa Government International Bond
6.250%, 03/08/2041		100		109
5.875%, 05/30/2022		100		107
5.875%, 09/16/2025		600		662
5.750%, 09/30/2049		250		246
5.650%, 09/27/2047		250		247
5.375%, 07/24/2044		400		387
5.000%, 10/12/2046		200		187
4.875%, 04/14/2026		200		209
4.850%, 09/27/2027		700		732
4.850%, 09/30/2029		450		454
4.300%, 10/12/2028		650		642
Sri Lanka Government International Bond
7.850%, 03/14/2029 (A)		200		203
7.550%, 03/28/2030 (A)		400		396
6.850%, 03/14/2024 (A)		400		409
6.850%, 11/03/2025 (A)		200		202
6.825%, 07/18/2026 (A)		200		200
6.750%, 04/18/2028 (A)		200		193
6.350%, 06/28/2024 (A)		200		201
6.200%, 05/11/2027 (A)		100		95
5.750%, 01/18/2022 (A)		200		202
5.750%, 04/18/2023 (A)		750		751
Trinidad & Tobago Government International Bond
4.500%, 08/04/2026 (A)		200		216
Turkey Government International Bond
8.000%, 02/14/2034		100		122
7.625%, 04/26/2029		200		232
7.375%, 02/05/2025		200		226
7.250%, 12/23/2023		1,000		1,113
7.250%, 03/05/2038		200		230
6.875%, 03/17/2036		250		277
6.750%, 05/30/2040		200		218
6.625%, 02/17/2045		300		321
6.350%, 08/10/2024		200		217
6.250%, 09/26/2022		200		213
6.125%, 10/24/2028		600		636
6.000%, 03/25/2027		1,400		1,481
6.000%, 01/14/2041		1,500		1,513
5.750%, 03/22/2024		600		636
5.750%, 05/11/2047		950		917
5.625%, 03/30/2021		300		309
5.125%, 03/25/2022		200		207
5.125%, 02/17/2028		1,350		1,352
4.875%, 10/09/2026		550		551
4.875%, 04/16/2043		275		246

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
SOVEREIGN DEBT (continued)
4.250%, 04/14/2026	$	200	$	195
3.250%, 03/23/2023		200		198
Ukraine Government AID Bond
1.847%, 05/29/2020		263		263
Ukraine Government International Bond
8.994%, 02/01/2024 (A)		200		229
7.750%, 09/01/2021 (A)		250		266
7.750%, 09/01/2022 (A)		600		652
7.750%, 09/01/2023 (A)		200		221
7.750%, 09/01/2024 (A)		400		445
7.750%, 09/01/2025 (A)		200		225
7.750%, 09/01/2026 (A)		200		227
7.750%, 09/01/2027 (A)		200		226
7.375%, 09/25/2032 (A)		750		829
United Kingdom Gilt
4.750%, 03/07/2020		GBP 279		369
4.750%, 12/07/2038		260		571
4.500%, 09/07/2034		302		603
4.250%, 06/07/2032		354		666
4.250%, 03/07/2036		27		54
4.250%, 09/07/2039		287		603
4.250%, 12/07/2046		11		25
4.250%, 12/07/2049		4		10
4.250%, 12/07/2055		34		89
4.000%, 01/22/2060		155		412
3.750%, 09/07/2021		357		495
3.750%, 07/22/2052		325		757
3.500%, 01/22/2045		245		499
3.500%, 07/22/2068		153		403
3.250%, 01/22/2044		4		8
2.500%, 07/22/2065		2		4
2.250%, 09/07/2023		711		998
2.000%, 09/07/2025		342		492
1.750%, 09/07/2037		217		324
1.750%, 07/22/2057		139		230
1.625%, 10/22/2028		330		478
1.625%, 10/22/2071		54		92
1.500%, 01/22/2021		270		359
1.500%, 07/22/2026		329		465
1.500%, 07/22/2047		410		601
1.000%, 04/22/2024		39		53
0.750%, 07/22/2023		37		49
Uruguay Government International Bond
7.625%, 03/21/2036	$	150		231
5.100%, 06/18/2050		455		574
4.975%, 04/20/2055		790		983
4.500%, 08/14/2024		50		54
4.375%, 10/27/2027		500		561
4.375%, 01/23/2031		1,100		1,261
4.125%, 11/20/2045		200		227

58 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Uzbekistan Government International Bond MTN
4.750%, 02/20/2024 (A)	$	200	$	212
Vietnam Government International Bond
4.800%, 11/19/2024		200		219
Zambia Government International Bond
8.970%, 07/30/2027		300		205
5.375%, 09/20/2022		200		138
Total Sovereign Debt (Cost $241,884) ($ Thousands)				256,420
U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.8%
FFCB
1.620%, 04/20/2021		250		250
FHLB
5.500%, 07/15/2036		225		330
3.250%, 11/16/2028		315		355
2.500%, 02/13/2024		875		913
1.875%, 11/29/2021		500		504
1.625%, 12/20/2021		560		562
1.125%, 07/14/2021		750		748
FHLMC
6.750%, 03/15/2031		500		748
6.250%, 07/15/2032		300		447
2.375%, 01/13/2022		375		382
FNMA
6.625%, 11/15/2030		475		698
2.625%, 01/11/2022		1,500		1,536
2.625%, 09/06/2024		300		317
2.500%, 02/05/2024		2,500		2,608
2.250%, 04/12/2022		845		861
2.125%, 04/24/2026		205		213
1.875%, 09/24/2026		300		306
1.625%, 10/15/2024		935		944
Tennessee Valley Authority
5.250%, 09/15/2039		275		398
4.250%, 09/15/2065		200		284
3.500%, 12/15/2042		125		149
2.875%, 02/01/2027		150		161
Total U.S. Government Agency Obligations (Cost $13,032) ($ Thousands)				13,714
MUNICIPAL BONDS — 0.5%
California — 0.2%
Bay Area, Toll Authority, RB
6.263%, 04/01/2049		100		162

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
California State University, Ser B, RB Callable 05/01/2047 @ 100
3.899%, 11/01/2047	$	100	$	116
California State, Build America Bonds, GO
7.600%, 11/01/2040		175		305
7.500%, 04/01/2034		500		791
7.300%, 10/01/2039		500		799
California State, Department of Water Resources, Ser P, RB
2.000%, 05/01/2022		25		25
California State, GO
3.500%, 04/01/2028		25		28
3.375%, 04/01/2025		200		216
California State, GO Callable 04/01/2028 @ 100
4.600%, 04/01/2038		30		34
4.500%, 04/01/2033		50		58
East Bay Municipal Utility District, Water System Revenue, RB
5.874%, 06/01/2040		100		144
Los Angeles, Unified School District, GO
5.750%, 07/01/2034		100		134
University of California, Ser AJ, RB
4.601%, 05/15/2031		250		295
University of California, Ser AQ, RB
4.767%, 05/15/2115		150		202
				3,309
Connecticut — 0.0%
Connecticut State, Ser A, GO
5.850%, 03/15/2032		100		133
Georgia — 0.0%
Georgia State, Municipal Electric Authority, RB
6.655%, 04/01/2057		98		144
6.637%, 04/01/2057		98		140
				284
Illinois — 0.1%
Chicago O’Hare International Airport, Ser C, RB
4.572%, 01/01/2054		200		261
4.472%, 01/01/2049		50		64
Illinois State, GO
5.100%, 06/01/2033		700		789
4.950%, 06/01/2023		87		92
Sales Tax Securitization, Ser A, RB
4.787%, 01/01/2048		200		254
				1,460

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 59

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
MUNICIPAL BONDS (continued)
Massachusetts — 0.0%
Massachusetts State, School Building Authority, RB Callable 10/15/2029 @ 100
3.395%, 10/15/2040	$	20	$	21
Massachusetts State, Taxable Consolidated Loan, Ser H, GO
2.900%, 09/01/2049		85		88
				109
New Jersey — 0.1%
New Jersey State, Turnpike Authority, RB
7.102%, 01/01/2041		350		563
Rutgers University, University & College Improvement Authority, RB
3.915%, 05/01/2119		65		72
				635
New York — 0.1%
New York & New Jersey, Port Authority, RB
4.458%, 10/01/2062		100		135
4.031%, 09/01/2048		50		62
New York & New Jersey, Port Authority, Ser 20, RB
4.229%, 10/15/2057		65		84
New York & New Jersey, Port Authority, Ser 21, RB
3.287%, 08/01/2069		200		213
New York City, Water & Sewer System, RB
5.750%, 06/15/2041		100		150
New York State, Dormitory Authority, RB
5.289%, 03/15/2033		100		125
New York State, Metropolitan Transportation Authority, RB
6.814%, 11/15/2040		150		222
New York State, Urban Development, RB Callable 09/15/2028 @ 100
3.900%, 03/15/2033		50		55
				1,046
Ohio — 0.0%
American Municipal Power, Hydroelectic Project, Ser B, RB
8.084%, 02/15/2050		100		183
JobsOhio Beverage System, Ser A, RB
2.833%, 01/01/2038		20		20
				203

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
MUNICIPAL BONDS (continued)
Tennessee — 0.0%
Nashville & Davidson County, Metropolitan Government, Health & Educational Facilities Board, Ser B, RB Callable 04/01/2026 @ 100
4.053%, 07/01/2026	$	100	$	111
Texas — 0.0%
Houston, Ser A, GO
6.290%, 03/01/2032		80		99
Texas State, Build America Bonds, GO
5.517%, 04/01/2039		100		143
Texas State, Transportation Commission State Highway Fund, Ser B, RB
5.178%, 04/01/2030		200		248
University of Texas, Permanent University Fund, Ser S, RB Callable 01/01/2047 @ 100
3.376%, 07/01/2047		20		23
University of Texas, Ser A, RB Callable 02/15/2047 @ 100
3.354%, 08/15/2047		50		57
				570
Total Municipal Bonds (Cost $6,744) ($ Thousands)				7,860
ASSET-BACKED SECURITIES — 0.3%
Ally Master Owner Trust, Ser 2018-2, CI A
3.290%, 05/15/2023		100		102
American Express Credit Account Master Trust, Ser 2018-6, Cl A
3.060%, 02/15/2024		500		511
American Express Credit Account Master Trust, Ser 2018-8, Cl A
3.180%, 04/15/2024		103		106
Americredit Automobile Receivables Trust, Ser 2018-1, Cl C
3.500%, 01/18/2024		125		129
Americredit Automobile Receivables Trust, Ser 2019-1, Cl A3
2.970%, 11/20/2023		67		68
BA Credit Card Trust, Ser 2019-A1, Cl A1
1.740%, 01/15/2025		200		201
Capital One Multi-Asset Execution Trust, Ser 2017-A6, Cl A6
2.290%, 07/15/2025		250		255
Capital One Multi-Asset Execution Trust, Ser 2019-A2, Cl A2
1.720%, 08/15/2024		180		181

60 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
ASSET-BACKED SECURITIES (continued)
CarMax Auto Owner Trust, Ser 2018-3, Cl A3
3.130%, 06/15/2023	$	550	$	560
Citibank Credit Card Issuance Trust, Ser 2014-A5, Cl A5
2.680%, 06/07/2023		470		477
Discover Card Execution Note Trust, Ser 2019-A1, Cl A1
3.040%, 07/15/2024		300		309
Drive Auto Receivables Trust, Ser 2018-4, Cl D
4.090%, 01/15/2026		100		103
Ford Credit Auto Owner Trust, Ser 2018-B, Cl A3
3.240%, 04/15/2023		100		102
GM Financial Consumer Automobile Receivables Trust, Ser 2019-2, Cl A3
2.650%, 02/16/2024		250		254
Honda Auto Receivables Owner Trust, Ser 2018-4, Cl A3
3.160%, 01/17/2023		100		102

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Hyundai Auto Receivables Trust, Ser 2019-B, Cl A3
1.940%, 02/15/2024	$	55	$	56
Nissan Auto Receivables Owner Trust, Ser 2019-B, Cl A3
2.500%, 11/15/2023		200		203
Santander Drive Auto Receivables Trust, Ser 2019-2, Cl C
2.900%, 10/15/2024		150		152
Synchrony Credit Card Master Note Trust, Ser 2016-2, Cl A
2.210%, 05/15/2024		200		201
Synchrony Credit Card Master Note Trust, Ser 2018-2, Cl A
3.470%, 05/15/2026		100		106
World Omni Auto Receivables Trust, Ser 2017-A, Cl A4
2.240%, 06/15/2023		300		302
Total Asset-Backed Securities (Cost $4,407) ($ Thousands)				4,480
Total Investments in Securities — 98.9% (Cost $1,507,304) ($ Thousands)			$	1,586,837

A list of the open forward foreign currency contracts held by the Fund at January 31, 2020, is as follows:

Counterparty	Settlement Date			Currency to Deliver (Thousands)			Currency to Receive (Thousands)		Unrealized Appreciation     (Depreciation) (Thousands)
Brown Brothers Harriman		03/03/20	CAD		1,628	USD		1,232	$	1
Brown Brothers Harriman		02/03/20	CAD		1,616	USD		1,216		(6	)
Brown Brothers Harriman		02/03/20 - 03/03/20	GBP		14,654	USD		19,037		(287	)
Brown Brothers Harriman		02/03/20 - 03/03/20	EUR		45,314	USD		50,064		(203	)
Brown Brothers Harriman		02/03/20 - 03/03/20	JPY		9,465,143	USD		87,111		(305	)
									$	(800	)

Percentages are based on Net Assets of $1,604,795 ($ 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, 2020, the value of these securities amounted to $188,143 ($ Thousands), representing 11.7% of the Net Assets of the Fund.

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

(C) Security is in default on interest payment.

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

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

(F) Step Bonds — Represents the current rate, the step rate, the step date and the final maturity date.

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

CAD — Canadian Dollar

Cl — Class

DAC — Designated Activity Company

EUR — Euro

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GBP — British Pound Sterling

GNMA — Government National Mortgage Association

GO — General Obligation

ICE— Intercontinental Exchange

JPY — Japanese Yen

LIBOR — London Interbank Offered Rate

LLLP — Limited Liability Limited Partnership

MTN — Medium Term Note

OAT — French Treasury Obligations (Obligations assimilables du Tresor)

PIK — Payment-in-Kind

Pty — Proprietary

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 61

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Fixed Income Fund (Concluded)

RB — Revenue Bond

S&P— Standard & Poor’s

SARL — Private Limited Liability Company (Societe a responsabilite limitee)

Ser — Series

TBA — To Be Announced

ULC — Unlimited Liability Company

USD — United States Dollar

VAR — Variable Rate

The following is a list of inputs used as of January 31, 2020 in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

Investments in Securities	Level 1 ($)		Level 2 ($)			Level 3 ($)			Total ($)
Corporate Obligations		–		487,686			–	†		487,686
U.S. Treasury Obligations		–		478,745			–			478,745
Mortgage-Backed Securities		–		337,932			–			337,932
Sovereign Debt		–		256,420			–			256,420
U.S. Government Agency Obligations		–		13,714			–			13,714
Municipal Bonds		–		7,860			–			7,860
Asset-Backed Securities		–		4,480			–			4,480
Total Investments in Securities		–		1,586,837			–			1,586,837
Other Financial Instruments	Level 1 ($ )		Level 2 ($ )			Level 3 ($ )			Total ($ )
Forwards Contracts *
Unrealized Appreciation	$	—	$	1		$	—		$	1
Unrealized Depreciation		—		(801	)		—			(801	)
Total Other Financial Instruments	$	—	$	(800	)	$	—		$	(800	)

^† Represents securities in which the fair value is $0.

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

For the period ended January 31, 2020, 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.

62 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

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

January 31, 2020

	Tactical Offensive Equity Fund			Tactical Offensive Fixed Income Fund
Assets:
Investments, at value†	$	2,631,338		$	1,586,837
Cash		14,551			33,193
Foreign currency, at value ††		2,414			121
Dividends and interest receivable		2,430			11,811
Receivable for investment securities sold		640			4,046
Receivable for fund shares sold		1,124			628
Cash pledged as collateral for futures contracts		973			—
Foreign tax reclaim receivable		174			—
Unrealized gain on forward foreign currency contracts		—			1
Unrealized gain on foreign spot currency contracts		—			437
Prepaid expenses		66			46
Total Assets		2,653,710			1,637,120
Liabilities:
Payable for fund shares redeemed		2,919			1,228
Payable for investment securities purchased		—			29,825
Shareholder servicing fees payable		575			336
Payable for variation margin		432			—
Administration fees payable		381			16
Investment advisory fees payable		100			75
Accrued foreign capital gains tax on appreciated securities		73			—
Trustees fees payable		12			7
Chief Compliance Officer fees payable		3			1
Unrealized loss on forward foreign currency contracts		—			801
Unrealized loss on foreign spot currency contracts		3			1
Accrued expense payable		140			35
Total Liabilities		4,638			32,325
Net Assets	$	2,649,072		$	1,604,795
† Cost of investments	$	2,422,040		$	1,507,304
†† Cost of foreign currency		2,407			121
Net Assets:
Paid-in Capital — (unlimited authorization — no par value)	$	2,439,393		$	1,557,683
Total Distributable Earnings		209,679			47,112
Net Assets	$	2,649,072		$	1,604,795
Net Asset Value, Offering and Redemption Price Per Share	$	16.	53	$	10.	56
		($2,649,071,769 ÷			($1,604,795,371 ÷
		160,288,727 shares	)		151,949,181 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, 2020 63

STATEMENTS OF OPERATIONS (Unaudited) ($ Thousands)

For the six-month period ended January 31, 2020

	Tactical Offensive Equity Fund			Tactical Offensive Fixed Income Fund
Investment income:
Dividends	$	26,370		$	—
Interest income		301			24,849
Less: foreign taxes withheld		(548	)		—
Total investment income		26,123			24,849
Expenses:
Shareholder servicing fees		3,256			1,982
Investment advisory fees		2,605			1,189
Administration fees		2,589			1,578
Trustee fees		20			12
Chief Compliance Officer fees		6			4
Custodian/wire agent fees		148			23
Registration fees		123			77
Professional fees		60			36
Printing fees		39			22
Other expenses		90			260
Total expenses		8,936			5,183
Less:
Waiver of investment advisory fees		(2,033	)		(739	)
Waiver of administration fees		(370	)		(1,419	)
Net expenses		6,533			3,025
Net investment income		19,590			21,824
Net realized gain/(loss) on:
Investments		948			1,420
Futures contracts		2,544			—
Forward foreign currency contracts		—			1,092
Foreign currency transactions		6			(54	)
Net change in unrealized appreciation/(depreciation) on:
Investments		155,019			34,493
Futures contracts		(1,100	)		—
Accrued foreign capital gains tax on appreciated securities		3			—
Forward foreign currency contracts		—			(1,354	)
Foreign currency and translation of other assets and liabilities denominated in foreign currency		4			435
Net increase in net assets resulting from operations	$	177,014		$	57,856

(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.

64 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the six-month period ended January 31, 2020 (Unaudited) and the year ended July 31, 2019

	Tactical Offensive Equity Fund						Tactical Offensive Fixed Income Fund
	2020			2019†			2020			2019
Operations:
Net investment income	$	19,590		$	24,859		$	21,824		$	33,403
Net realized gain/(loss) from investments, affiliated investments and futures contracts		3,492			275,548			1,420			(150	)
Net realized gain/(loss) on forward foreign currency contracts and foreign currency transactions		6			(110	)		1,038			1,701
Net change in unrealized appreciation/(depreciation) on investments, affiliated investments and futures contracts		153,919			(522,297	)		34,493			64,812
Net change on accrued foreign capital gains tax on appreciated securities		3			(41	)		—			—
Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts, foreign currency and translation of other assets and liabilities denominated in foreign currency		4			5			(919	)		318
Net increase/(decrease) in net assets resulting from operations		177,014			(222,036	)		57,856			100,084
Distributions:		(34,388	)		(325,113	)		(24,906	)		(43,706	)
Total distributions		(34,388	)		(325,113	)		(24,906	)		(43,706	)
Capital share transactions:(1)
Proceeds from shares issued		129,771			2,752,180			89,242			908,943
Reinvestment of dividends & distributions		34,172			25,028			24,836			43,578
Cost of shares redeemed		(217,132	)		(2,282,883	)		(99,792	)		(260,476	)
Net increase/(decrease) in net assets derived from capital share transactions		(53,189	)		494,325			14,286			692,045
Net increase/(decrease) in net assets		89,437			(52,824	)		47,236			748,423
Net assets:
Beginning of period		2,559,635			2,612,459			1,557,559			809,136
End of period	$	2,649,072		$	2,559,635		$	1,604,795		$	1,557,559

^† For the period December 19, 2018 through March 24, 2019, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).

(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, 2020 65

FINANCIAL HIGHLIGHTS

For the six-month period ended January 31, 2020 (Unaudited) and the years ended July 31,

For a share outstanding throughout the years or period

	Net asset value, beginning of period		Net investment income(1)		Net realized and unrealized gains/(losses)  on securities(1)			Total from operations			Dividends from net investment income			Distributions from realized gains			Total dividends and distributions			Net asset value, end of period		Total Return†			Net assets, end of period ($ Thousands)		Ratio of net expenses to average net assets			Ratio of expenses to average net assets (excluding fees paid indirectly and including waivers)			Ratio of expenses to average net assets (excluding fees paid indirectly and waivers)			Ratio of net investment income to average net assets			Portfolio turnover‡
Tactical Offensive Equity Fund#
2020 @	$	15.64	$	0.12	$	0.98		$	1.10		$	(0.20	)	$	(0.01	)	$	(0.21	)	$	16.53		7.06	%	$	2,649,072		0.50	%		0.50	%		0.69	%		1.51	%		2	%
2019		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
2016		13.93		0.20		(0.28	)		(0.08	)		(0.15	)		(0.11	)		(0.26	)		13.59		(0.42	)		1,848,988		0.50			0.50			0.71			1.53			319
2015		14.43		0.20		0.63			0.83			(0.13	)		(1.20	)		(1.33	)		13.93		6.18			1,682,732		0.59			0.59			0.78			1.44			64
Tactical Offensive Fixed Income Fund
2020 @	$	10.34	$	0.15	$	0.24		$	0.39		$	(0.17	)	$	–		$	(0.17	)	$	10.56		3.76	%	$	1,604,795		0.38	%		0.38	%		0.66	%		2.76	%		16	%
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
2016		10.19		0.25		0.36			0.61			(0.21	)		–			(0.21	)		10.59		6.05			1,143,375		0.38			0.38			0.66			2.45			101
2015		10.25		0.22		(0.08	)		0.14			(0.20	)		–			(0.20	)		10.19		1.40			977,138		0.43			0.43			0.68			2.11			257

@ For the six-month period ended January 31, 2020. All ratios for the period have been annualized.

# 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).

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

^ 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.

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

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

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

66 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

NOTES TO FINANCIAL STATEMENTS (Unaudited)

January 31, 2020

1. ORGANIZATION

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

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

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

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

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

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

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

During the period December 18, 2018 through March 24, 2019, the Tactical Offensive Equity Fund was not an active component of the Adviser Managed Strategy.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 67

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

January 31, 2020

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

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

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

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

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

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

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

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

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

68 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

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

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

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

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

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

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

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

Level 1 — quoted prices in active markets for identical investments

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

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

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

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

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

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January 31, 2020

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

The valuation techniques used by the Funds to measure fair value during the period ended January 31, 2020, maximized the use of observable inputs and minimized the use of unobservable inputs.

For the period ended January 31, 2020, 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, 2020.

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, 2020.

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

Foreign Currency Translation — The books and records of the Funds’ investments in international securities are maintained in U.S. dollars on the following basis: (i) market value of investment securities, assets and liabilities at the current rate of exchange; and

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

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

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

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

70 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

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, 2020, 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, 2020, 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, 2020.

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

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January 31, 2020

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, 2020.

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

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

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

72 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

partially collateralized or uncollateralized and issued in various currencies. As of January 31, 2020, 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, 2020.

Dividends and Distributions to Shareholders — Dividends from net investment income are declared and paid to shareholders annually for the Tactical Offensive Equity Fund and declared and paid quarterly for the

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

Illiquid Securities — A security is considered illiquid if it cannot be sold or disposed of in the ordinary course of business within seven days or less for its approximate carrying value on the books of a Fund. Valuations of illiquid securities may differ significantly from the values that would have been used had an active market value for these securities existed. The Funds did not hold any illiquid securities as of January 31, 2020.

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

3. CREDIT DERIVATIVES

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

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

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

January 31, 2020

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, 2020.

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.

74 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

The following is a summary of the variation margin of exchange-traded or centrally cleared financial derivative instruments as of January 31, 2020 ($ Thousands):

	Financial Derivative Assets				Financial Derivative Liabilities
	Variation Margin Asset				Variation Margin Liability
	Futures		Total		Futures		Total
Tactical Offensive Equity Fund		$—		$—		$432		$432
Total Exchange-Traded or Centrally Cleared		$—		$—		$432		$432

The Tactical Offensive Equity Fund had cash with an aggregate market value of $973 ($ Thousands) pledged as collateral for exchange-traded and centrally cleared derivative instruments as of January 31, 2020.

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, 2020 ($ Thousands):

	Financial Derivative Assets				Financial Derivative Liabilities
Tactical Offensive Fixed Income Fund	Forward Foreign Currency Contracts		Total Over the Counter		Forward Foreign Currency Contracts		Total Over the Counter		Net Market Value of OTC Derivatives	Collateral (Received)/ Pledged		Net Exposures(1)
Brown Brothers Harriman		$1		$1		$801		$801	$(800)		$—	$(800)
Total Over the Counter		$1		$1		$801		$801

(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, 2020.

The following table discloses the volume of the Fund’s futures contracts and forward foreign currency contracts activity during the period ended January 31, 2020 ($ Thousands):

	Tactical Offensive Equity Fund		Tactical Offensive Fixed Income Fund
Futures Contracts:
Equity Contracts
Average Notional Balance Long	$	34,710	$	–
Ending Notional Balance Long		21,833		–
Forward Foreign Currency Contracts:
Average Notional Balance Long		21		131,783
Average Notional Balance Short		21		131,867
Ending Notional Balance Long		–		238,268
Ending Notional Balance Short		–		238,631

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January 31, 2020

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, 2020, in

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

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

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

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

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

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

76 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

As of January 31, 2020, SIMC has entered into an investment sub-advisory agreement with the following party and pays the sub-adviser out of the fee that it receives from the Funds:

Investment Sub-Adviser

Tactical Offensive Equity Fund

SSgA Funds Management, Inc.

Tactical Offensive Fixed Income Fund

SSgA Funds Management, Inc.

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

There were no such commissions for the period ended January 31, 2020.

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

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

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

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

each Fund’s expenses. Accordingly, the expenses reduced, which were used to pay third party expenses, can be found on the Statements of Operations and the effect on each Fund’s expense ratio, as a percentage of each Fund’s average daily net assets for the period ended January 31, 2020, can be found on the Financial Highlights, if applicable.

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

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

As of, and during the period ended January 31, 2020, the Trust had not participated in the Program.

6. CAPITAL SHARE TRANSACTIONS

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

	Tactical Offensive Equity Fund						Tactical Offensive Fixed Income Fund
	8/1/2019 to 1/31/2020 (Unaudited)			2019†			8/1/2019 to 1/31/2020 (Unaudited)			2019
Shares Issued		8,088			179,498			8,537			91,060
Shares Issued in Lieu of Dividends and Distributions		2,047			1,609			2,381			4,365
Shares Redeemed		(13,518	)		(168,023	)		(9,541	)		(25,829	)
Increase/(Decrease) in capital share transactions		(3,383	)		13,084			1,377			69,596

^† 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).

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 77

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

January 31, 2020

7. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale and maturities of securities other than temporary cash investments during the period ended January 31, 2020, were as follows:

	U.S. Gov’t ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Tactical Offensive Equity Fund
Purchases	$	—	$	39,196	$	39,196
Sales		—		63,082		63,082
Tactical Offensive Fixed Income Fund
Purchases		193,193		70,062		263,255
Sales		182,158		70,340		252,498

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)		Return of Capital ($             Thousands)		Total         ($ Thousands)
Tactical Offensive Equity Fund
	2019	$	42,874	$	282,239	$	—	$	325,113
	2018		43,107		13,020		—		56,127
Tactical Offensive Fixed Income Fund
	2019		43,706		—		—		43,706
	2018		37,118		—		—		37,118

As of July 31, 2019, the components of Distributable Earnings (Accumulated Losses) on a tax basis were as follows:

	Undistributed Ordinary Income       ($ Thousands)		Undistributed Long-Term Capital Gain       ($ Thousands)		Capital Loss Carryforwards ($ Thousands)			Unrealized Appreciation (Depreciation)       ($ Thousands)		Other Temporary Differences       ($ Thousands)			Total Distributable Earnings (Accumulated Losses) ($ Thousands)
Tactical Offensive Equity Fund	$	12,803	$	1,794	$	—		$	52,456	$	—		$	67,053
Tactical Offensive Fixed Income Fund		5,491		—		(31,748	)		44,471		(4,052	)		14,162

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

	Short-Term Loss ($ Thousands)		Long-Term Loss ($ Thousands)		Total ($ Thousands)
Tactical Offensive Fixed Income Fund		$8,858		$22,890		$31,748

For Federal income tax purposes, the cost of securities owned at January 31, 2020, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to investments in passive foreign investment companies, partnership basis adjustments, mark-to-market of futures and forwards contracts, corporate actions, and wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.

The aggregate gross unrealized appreciation and depreciation on total investments (including foreign

currency and derivatives, if applicable) held by the Funds at January 31, 2020, were as follows:

	Federal Tax Cost ($ Thousands)		Appreciated Securities ($ Thousands)		Depreciated Securities ($ Thousands)			Net Unrealized Appreciation (Depreciation) ($ Thousands)
Tactical Offensive Equity Fund	$	2,422,040	$	307,851	$	(98,553	)	$	209,298
Tactical Offensive Fixed Income Fund		1,507,304		89,847		(10,314	)		79,533

Management has analyzed the Funds’ tax positions taken on Federal income tax returns for all open tax years and has concluded that as of January 31, 2020, 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.

78 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

9. CONCENTRATION/RISKS

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

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

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

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

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

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

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

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

Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Currency Risk — As a result of the Funds’ investments in securities denominated in and/or receiving revenues in foreign currencies, the Funds will be subject to currency 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

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 79

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

January 31, 2020

to the currency hedged. In either event, the dollar value of an investment in the Funds would be adversely affected.

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

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 and tax environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries.

Foreign Sovereign Debt Securities Risk — The Tactical Offensive Fixed Income Fund may be subject to the risk that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default

on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

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

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

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

Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Funds would like. The Funds may have to lower the price, sell other securities instead or forego 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. 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. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the

80 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Funds invest, which in turn could negatively impact the Funds’ performance and cause losses on your investment in the Funds.

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

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

Portfolio Turnover Risk — Due to their investment strategy, the Funds may buy and sell securities

frequently. This may result in higher transaction costs and additional capital gains tax liabilities.

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

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

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

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

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

10. CONCENTRATION OF SHAREHOLDERS

SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company (“SEI”). As of

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 81

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Concluded)

January 31, 2020

January 31, 2020, SPTC held of record the following percentage of outstanding shares of each Fund:

Tactical Offensive Equity Fund	93.11	%
Tactical Offensive Fixed Income Fund	92.62	%

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

11. REGULATORY MATTERS

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

12. NEW ACCOUNTING PRONOUNCEMENT

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

13. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of January 31, 2020. However, the following are details relating to subsequent events that have occurred since January 31, 2020.

Pursuant to its Adviser Managed Strategy, the Financial Adviser reallocated all of its clients’ assets from the Tactical Offensive Equity Fund to an affiliated money market fund. The reallocation resulted in a redemption

from the Tactical Offensive Equity Fund on March 13, 2020 in the amount of approximately $2.1 billion or approximately 99.99% of its assets.

On March 17, 2019 SIMC began liquidating the portfolio of the Tactical Offensive Fixed Income Fund due to notice that was provided by the Financial Adviser of its intention to redeem its clients from the Fund. As of the date of this report, the portfolio is substantially liquidated, but the redemption request has not been received. Once redeemed, the Fund will no longer be an active part of the Adviser Managed Strategy, and therefore will have minimal assets.

The spread of COVID-19 around the world in the first quarter of 2020 has caused significant volatility in U.S. and international markets. There is significant uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the U.S. and international economies and, as such, the Trust is unable to determine if it will have a material impact to its operations.

82 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

DISCLOSURE OF FUND EXPENSES (Unaudited)

January 31, 2020

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, 2019 through January 31, 2020).

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 8/1/19		Ending Account Value 1/31/20		Annualized Expense Ratios		Expenses Paid During Period *
Tactical Offensive Equity Fund
Actual Fund Return
Class A		$1,000.00		$1,070.60		0.50%		$2.60
Hypothetical 5% Return
Class A		$1,000.00		$1,022.62		0.50%		$2.54

	Beginning Account Value 8/1/19		Ending Account Value 1/31/20		Annualized Expense Ratios		Expenses Paid During Period *
Tactical Offensive Fixed Income Fund
Actual Fund Return
Class A		$1,000.00		$1,055.10		0.38%		$1.94
Hypothetical 5% Return
Class A		$1,000.00		$1,022.91		0.38%		$1.91

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown).

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 83

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ADVISER MANAGED TRUST SEMI-ANNUAL REPORT JANUARY 31, 2020

Robert A. Nesher, Chairman

Trustees

William M. Doran

George J. Sullivan, Jr.

Nina Lesavoy

James M. Williams

Mitchell A. Johnson

Hubert L. Harris, Jr.

Susan C. Cote

James B. Taylor

Christine Reynolds

Officers

Robert A. Nesher

President and Chief Executive Officer

James J. Hoffmayer

Controller and Chief Financial Officer

Glenn R. Kurdziel

Assistant Controller

Russell Emery

Chief Compliance Officer

Timothy D. Barto

Vice President, Secretary

Aaron Buser

Vice President, Assistant Secretary

David F. McCann

Vice President, Assistant Secretary

Stephen G. MacRae

Vice President

Bridget E. Sudall

Anti-Money Laundering Compliance Officer

Privacy Officer

Investment Adviser

SEI Investments Management Corporation

Administrator

SEI Investments Global Funds Services

Distributor

SEI Investments Distribution Co.

Legal Counsel

Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm

KPMG LLP

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

For more information call

1 800 DIAL SEI

(1 800 342 5734)

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

AMT (1/20)

Item 2.  Code of Ethics. 

Not applicable for semi-annual report. 

Item 3.  Audit Committee Financial Expert. 

Not applicable for semi-annual report. 

Item 4.     Principal Accountant Fees and Services. 

Not applicable for semi-annual report. 

Item 5.  Audit Committee of Listed Registrants. 

Not applicable for semi-annual report. 

Item 6.  Schedule of Investments. 

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

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK — 98.9%
Argentina — 0.0%
Banco Macro ADR	2,300	$	70
Grupo Financiero Galicia ADR	5,000		72
Telecom Argentina ADR	2,800		32
YPF ADR	4,500		42
			216
			–
Australia — 1.4%
AGL Energy	23,538		314
Alumina Ltd	88,649		129
AMP Ltd	106,355		130
APA Group	42,338		321
Aristocrat Leisure Ltd	20,584		499
ASX Ltd	6,939		398
Aurizon Holdings Ltd	71,554		259
AusNet Services	68,916		82
Australia & New Zealand Banking Group
Ltd	99,961		1,723
Bendigo & Adelaide Bank	19,135		133
BHP Group	103,931		2,741
BlueScope Steel Ltd	19,305		184
Boral Ltd	42,426		141
Brambles Ltd	57,042		482
Caltex Australia Ltd	9,027		208
Challenger Ltd	20,149		121
CIMIC Group Ltd	2,891		57
Coca-Cola Amatil Ltd	16,609		133
Cochlear Ltd	2,073		335
Coles Group Ltd	40,645		450
Commonwealth Bank of Australia	62,631		3,575
Computershare Ltd	17,617		212
Crown Resorts Ltd	11,045		87
CSL	15,999		3,342
Dexus "	39,143		333
Flight Centre Travel Group Ltd	1,386		36
Fortescue Metals Group Ltd	49,759		379
Goodman Group "	58,387		582
GPT Group "	64,852		260
Harvey Norman Holdings Ltd	14,691		42
Incitec Pivot Ltd	48,304		106
Insurance Australia Group	82,760		392
James Hardie Industries PLC	15,944		339
Lendlease Group	20,359		247
Macquarie Group Ltd	11,546		1,119
Magellan Financial Group	4,415		199
Medibank Pvt Ltd	99,142		206
Mirvac Group "	140,280		319
National Australia Bank Ltd	101,693		1,761
Newcrest Mining Ltd	27,481		543
Oil Search Ltd	49,342		239
Orica	13,706		209
Origin Energy Ltd	63,176		347
Qantas Airways	26,049		112

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
QBE Insurance Group Ltd	47,621	$	438
Ramsay Health Care	5,482		291
REA Group	1,726		132
Rio Tinto Ltd	13,256		877
Santos Ltd	63,571		370
Scentre Group "	190,321		492
SEEK Ltd	12,047		183
Sonic Healthcare	16,161		343
South32	181,035		320
Stockland "	86,485		285
Suncorp Group Ltd	45,166		389
Sydney Airport	39,844		224
Tabcorp Holdings	72,561		228
Telstra Corp Ltd	149,198		384
TPG Telecom Ltd	9,104		46
Transurban Group	95,529		1,004
Treasury Wine Estates Ltd	25,831		225
Vicinity Centres "	117,385		200
Washington H Soul Pattinson & Co Ltd	3,536		51
Wesfarmers Ltd	40,484		1,225
Westpac Banking	122,922		2,067
WiseTech Global	5,106		86
Woodside Petroleum Ltd	32,705		760
Woolworths Group Ltd	44,941		1,259
WorleyParsons Ltd	9,575		98
			35,803
			–
Austria — 0.0%
ANDRITZ AG	2,662		105
Erste Group Bank AG	10,783		396
OMV	5,298		264
Raiffeisen Bank International AG	5,379		123
Verbund AG	2,472		131
voestalpine AG	4,220		102
			1,121
			–
Belgium — 0.2%
Ageas	6,088		336
Anheuser-Busch InBev SA/NV	26,849		2,036
Colruyt SA	1,632		82
Groupe Bruxelles Lambert SA	2,899		291
KBC Group NV	8,931		656
Proximus SADP	5,502		157
Solvay SA	2,664		276
Telenet Group Holding	1,721		80
Titan Cement International *	1,463		30
UCB SA	4,534		417
Umicore SA	7,100		327
			4,688
			–
Bermuda — 0.0%
Bank of NT Butterfield & Son	1,858		62

–

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 1

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Brazil — 0.5%
Ambev SA	203,300	$	849
Atacadao	13,700		73
B2W Cia Digital *	9,080		152
B3 SA - Brasil Bolsa Balcao	92,000		1,033
Banco Bradesco SA	56,080		411
Banco BTG Pactual	10,900		190
Banco do Brasil SA	37,500		424
Banco Santander Brasil	19,700		193
BB Seguridade Participacoes SA	30,000		244
BR Malls Participacoes SA	38,900		168
BRF SA *	24,200		173
CCR SA	52,100		221
Centrais Eletricas Brasileiras SA	7,300		67
Cia de Saneamento Basico do Estado de
Sao Paulo	16,400		234
Cia Siderurgica Nacional SA	21,600		66
Cielo	42,300		70
Cogna Educacao	61,200		166
Cosan SA	5,600		105
Embraer *	28,300		120
Energisa	5,900		76
Engie Brasil Energia SA	7,100		86
Equatorial Energia SA	41,500		233
Hapvida Participacoes e Investimentos	6,000		83
Hypera SA	18,800		156
IRB Brasil Resseguros S/A	20,400		211
JBS SA	47,700		308
Klabin SA	34,700		169
Localiza Rent a Car SA	28,665		357
Lojas Renner SA	36,810		496
Magazine Luiza SA	29,104		380
Multiplan Empreendimentos Imobiliarios
SA	9,800		79
Natura & Holding	15,800		174
Notre Dame Intermedica Participacoes	18,716		305
Petrobras Distribuidora	18,900		128
Petroleo Brasileiro SA	127,200		903
Porto Seguro SA	5,300		82
Raia Drogasil SA	10,200		295
Rumo SA *	51,700		280
Sul America SA	8,100		119
Suzano SA	23,300		216
TIM Participacoes SA	29,300		115
Ultrapar Participacoes SA	29,800		176
Vale SA	136,300		1,607
WEG SA	40,200		373
			12,366
			–
Canada — 0.7%
58.com Inc ADR *	4,400		245
Alibaba Group Holding ADR *	71,600		14,792
Atlantic Power *	14,405		34

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
IMAX Corp *	6,419	$	106
JD.com Inc ADR *	31,400		1,184
Masonite International *	3,077		231
MDC Partners Inc, Cl A *	8,179		19
Momo Inc ADR	6,900		211
TAL Education Group ADR *	16,400		818
Teekay Corp	9,109		32
Weibo Corp ADR *	1,900		81
			17,753
			–
Chile — 0.1%
Aguas Andinas SA, Cl A	90,490		34
Banco de Chile	1,455,958		143
Banco de Credito e Inversiones SA	2,429		101
Banco Santander Chile	3,150,026		156
Cencosud SA	71,007		88
Cia Cervecerias Unidas	5,115		45
Colbun SA	273,076		40
Empresa Nacional de Telecomunicaciones
SA *	5,226		34
Empresas CMPC SA	55,524		127
Empresas COPEC	18,820		168
Enel Americas SA	1,832,090		361
Enel Chile	970,790		92
Itau CorpBanca	3,821,596		19
Latam Airlines Group	11,568		96
SACI Falabella	36,018		141
			1,645
			–
China — 1.7%
51job Inc ADR *	900		65
AAC Technologies Holdings	31,500		226
Agricultural Bank of China, Cl A	112,300		57
Agricultural Bank of China Ltd, Cl H	1,243,000		483
Aier Eye Hospital Group, Cl A	8,000		46
Air China, Cl H	74,000		61
Aisino, Cl A	8,300		27
Aluminum Corp of China Ltd, Cl H *	174,000		52
Anhui Conch Cement, Cl A	7,400		51
Anhui Gujing Distillery, Cl A	1,600		33
Anhui Kouzi Distillery, Cl A	3,300		24
ANTA Sports Products Ltd	47,000		413
Asymchem Laboratories Tianjin, Cl A	1,300		29
Autohome Inc ADR *	2,600		199
AVIC Jonhon Optronic Technology, Cl A	4,600		25
AviChina Industry & Technology Co Ltd, Cl H	107,000		45
Baidu Inc ADR *	11,900		1,470
Bank of Beijing, Cl A	39,900		31
Bank of Chengdu, Cl A	25,800		32
Bank of China, Cl A	59,600		31
Bank of China Ltd, Cl H	3,361,000		1,312
Bank of Communications, Cl A	38,900		31
Bank of Jiangsu, Cl A	31,700		32

2 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value				Market Value
Description	Shares		($ Thousands)	Description	Shares		($ Thousands)
COMMON STOCK (continued)				COMMON STOCK (continued)
Bank of Nanjing, Cl A	20,400	$	24	China National Building Material Co Ltd,
Bank of Ningbo, Cl A	15,400		60	Cl H	190,000	$	184
Bank of Shanghai, Cl A	26,500		34	China National Software & Service, Cl A	2,500		26
Baoshan Iron & Steel, Cl A	33,500		26	China Northern Rare Earth Group High-
Baozun Inc ADR *	1,900		57	Tech, Cl A	18,110		26
BBMG Corp, Cl H	139,000		38	China Oilfield Services, Cl H	48,000		70
BeiGene Ltd ADR *	1,300		198	China Pacific Insurance Group, Cl A	10,000		52
Beijing Capital International Airport Co				China Pacific Insurance Group Co Ltd, Cl H	112,200		378
Ltd, Cl H	72,000		58	China Petroleum & Chemical Corp, Cl H	1,132,000		602
Beijing Enlight Media, Cl A	18,000		27	China Railway Construction, Cl H	108,000		106
Beijing Oriental Yuhong Waterproof				China Railway Group, Cl A	34,000		27
Technology, Cl A	7,300		29	China Railway Group Ltd, Cl H	186,000		103
Beijing Shiji Information Technology, Cl A	4,400		24	China Resources Sanjiu Medical &
Beijing Shunxin Agriculture, Cl A	3,400		26	Pharmaceutical, Cl A	6,200		32
Beijing SL Pharmaceutical, Cl A	17,600		36	China Shipbuilding Industry, Cl A	64,100		47
Beijing Tiantan Biological Products, Cl A	10,200		46	China State Construction Engineering, Cl A	84,600		67
Betta Pharmaceuticals, Cl A	2,500		26	China Telecom Corp Ltd, Cl H	652,000		255
BGI Genomics, Cl A	3,700		42	China United Network Communications,
BOE Technology Group, Cl A	57,700		39	Cl A	68,000		55
Caitong Securities, Cl A	18,600		29	China Vanke, Cl A	16,493		69
Centre Testing International Group, Cl A	12,500		29	China Vanke Co Ltd, Cl H	71,000		252
CGN Power Co Ltd, Cl H	523,000		129	China Yangtze Power, Cl A	46,000		114
Changchun High & New Technology				China Zhongwang Holdings Ltd	127,600		43
Industry Group, Cl A	600		43	Chongqing Rural Commercial Bank Co
Changjiang Securities, Cl A	27,800		28	Ltd, Cl H	86,000		40
Chaozhou Three-Circle Group, Cl A	6,600		22	Chongqing Zhifei Biological Products, Cl A	3,600		31
China Cinda Asset Management Co Ltd,				CITIC Securities, Cl A	15,000		52
Cl H	505,000		102	CITIC Securities Co Ltd, Cl H	86,500		169
China CITIC Bank Corp Ltd, Cl H	425,000		223	Contemporary Amperex Technology, Cl A	5,200		98
China Coal Energy Co Ltd, Cl H	35,000		12	COSCO SHIPPING Holdings Co Ltd, Cl H *	88,000		32
China Communications Construction Co				Country Garden Holdings	322,598		414
Ltd, Cl H	187,000		133	CRRC, Cl A	29,000		28
China Communications Services Corp				CRRC Corp Ltd	212,000		141
Ltd, Cl H	82,000		56	CSC Financial, Cl A	8,200		40
China Construction Bank Corp, Cl H	4,092,000		3,136	Daqin Railway, Cl A	65,700		73
China Everbright Bank, Cl A	96,400		56	Datang International Power Generation
China Everbright Bank Co Ltd, Cl H	128,000		52	Co Ltd, Cl H	238,000		42
China Fortune Land Development, Cl A	6,300		24	Dawning Information Industry, Cl A	5,118		31
China Galaxy Securities, Cl H	210,000		105	Dongxing Securities, Cl A	16,500		29
China Greatwall Technology Group, Cl A	11,400		23	East Money Information, Cl A	21,100		46
China International Travel Service, Cl A	5,100		60	ENN Energy Holdings Ltd	34,600		406
China Longyuan Power Group Corp Ltd,				Eve Energy, Cl A	4,500		39
Cl H	110,000		65	Everbright Securities, Cl A	15,900		28
China Lumena New Materials Corp *	1,226,772		–	Fiberhome Telecommunication
China Merchants Bank, Cl A	45,900		244	Technologies, Cl A	6,800		26
China Merchants Bank Co Ltd, Cl H	165,500		808	First Capital Securities, Cl A	23,800		26
China Merchants Energy Shipping, Cl A	29,600		27	Focus Media Information Technology, Cl A	31,700		27
China Merchants Securities, Cl A	18,600		50	Foshan Haitian Flavouring & Food, Cl A	5,300		82
China Merchants Shekou Industrial Zone				Fosun International Ltd	125,500		168
Holdings, Cl A	13,400		35	Founder Securities, Cl A	26,800		31
China Minsheng Banking, Cl A	35,700		31	Foxconn Industrial Internet, Cl A	10,800		31
China Molybdenum, Cl A	37,500		22	G-bits Network Technology Xiamen, Cl A	600		32
				GDS Holdings ADR *	2,600		134

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 3

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
GEM, Cl A	41,500	$	35
Gemdale, Cl A	14,900		28
Gigadevice Semiconductor Beijing, Cl A	1,000		41
Glodon, Cl A	5,200		30
GoerTek, Cl A	9,800		33
Great Wall Motor Co Ltd, Cl H	107,500		72
Gree Electric Appliances of Zhuhai, Cl A	7,800		72
GRG Banking Equipment, Cl A	21,400		31
Guangdong Haid Group, Cl A	5,400		27
Guangdong HEC Technology Holding, Cl A	20,300		27
Guangzhou Baiyun International Airport,
Cl A	10,000		22
Guangzhou Baiyunshan Pharmaceutical
Holdings, Cl A	5,200		28
Guangzhou Haige Communications Group,
Cl A	25,700		44
Guangzhou Kingmed Diagnostics Group,
Cl A	3,300		24
Guangzhou R&F Properties Co Ltd	35,200		54
Guosen Securities, Cl A	15,000		27
Guotai Junan Securities, Cl A	10,500		27
Haier Smart Home, Cl A	11,600		31
Haitong Securities, Cl A	12,700		27
Hangzhou Hikvision Digital Technology,
Cl A	24,600		128
Hangzhou Robam Appliances, Cl A	5,100		24
Hangzhou Tigermed Consulting, Cl A	3,100		33
Hefei Meiya Optoelectronic Technology,
Cl A	4,600		24
Henan Shuanghui Investment &
Development, Cl A	5,500		23
Hengli Petrochemical, Cl A	21,000		52
Hengtong Optic-electric, Cl A	13,800		33
Hengyi Petrochemical, Cl A	10,500		21
Hithink RoyalFlush Information Network,
Cl A	1,900		30
Huaan Securities, Cl A	29,445		30
Huadian Power International Corp Ltd, Cl H	138,000		46
Hualan Biological Engineering, Cl A	7,600		40
Huaneng Power International Inc, Cl H	214,000		102
Huatai Securities, Cl A	17,100		47
Huaxi Securities, Cl A	20,900		32
Huayu Automotive Systems, Cl A	5,700		22
Huazhu Group Ltd ADR	6,300		217
Hubei Kaile Science & Technology, Cl A	14,400		27
Hundsun Technologies, Cl A	3,100		40
Hytera Communications, Cl A	20,800		25
Iflytek	9,400		48
Industrial & Commercial Bank of China,
Cl A	84,400		70
Industrial & Commercial Bank of China
Ltd, Cl H	2,770,000		1,862
Industrial Bank, Cl A	49,800		134

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Industrial Securities, Cl A	28,285	$	28
Inner Mongolia BaoTou Steel Union, Cl A	138,900		25
Inner Mongolia Yili Industrial Group, Cl A	12,200		54
Inner Mongolia Yitai Coal Co Ltd, Cl B	39,500		31
Inspur Electronic Information Industry, Cl A	5,700		28
iQIYI Inc ADR *	4,300		96
Jafron Biomedical, Cl A	2,191		26
Jiangsu Expressway Co Ltd, Cl H	42,000		52
Jiangsu Hengli Hydraulic, Cl A	3,949		29
Jiangsu Hengrui Medicine, Cl A	11,600		147
Jiangsu King's Luck Brewery JSC, Cl A	5,700		25
Jiangsu Yanghe Brewery Joint-Stock, Cl A	4,000		62
Jiangxi Copper Co Ltd, Cl H	76,000		90
Jiangxi Zhengbang Technology, Cl A	11,400		23
Jinduicheng Molybdenum, Cl A	25,400		27
Jinyu Bio-Technology, Cl A	10,500		31
JOYY ADR *	2,400		145
Kingsoft Corp Ltd	32,000		98
Kweichow Moutai, Cl A	3,200		486
Lens Technology, Cl A	14,200		42
Lepu Medical Technology Beijing, Cl A	5,200		24
Lingyi iTech Guangdong, Cl A *	17,500		33
LONGi Green Energy Technology, Cl A	5,100		21
Luxshare Precision Industry, Cl A	16,000		104
Luzhou Laojiao, Cl A	4,100		49
Mango Excellent Media, Cl A	5,500		37
Meinian Onehealth Healthcare Holdings,
Cl A	11,000		22
Muyuan Foodstuff, Cl A	4,800		57
NanJi E-Commerce, Cl A *	16,800		25
Nanjing King-Friend Biochemical
Pharmaceutical, Cl A	4,200		30
NARI Technology, Cl A	14,400		38
NAURA Technology Group, Cl A	2,300		39
NavInfo, Cl A	12,100		27
NetEase Inc ADR	3,100		994
New Hope Liuhe, Cl A	12,600		33
New Oriental Education & Technology
Group Inc ADR *	6,100		741
Newland Digital Technology, Cl A	11,500		31
Ninestar, Cl A	4,900		28
NIO ADR *	22,700		86
Noah Holdings Ltd ADR *	1,000		34
OFILM Group, Cl A	12,800		33
Orient Securities, Cl A	18,300		27
Pacific Securities, Cl A	54,100		27
Perfect World, Cl A	5,800		40
PetroChina Co Ltd, Cl H	900,000		400
PICC Property & Casualty Co Ltd, Cl H	304,000		328
Pinduoduo Inc ADR *	8,700		306
Ping An Bank, Cl A	43,700		98

4 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Ping An Insurance Group Co of China Ltd,
Cl H	238,000	$	2,719
Ping An Insurance Group of China, Cl A	22,359		269
Poly Developments and Holdings Group,
Cl A	26,000		58
Power Construction Corp of China, Cl A	43,700		26
SAIC Motor, Cl A	8,600		28
Sanan Optoelectronics, Cl A	10,500		34
Sangfor Technologies, Cl A	1,400		31
Sany Heavy Industry, Cl A	22,000		51
SDIC Capital, Cl A	14,800		30
Seazen Holdings, Cl A	5,400		26
SF Holding, Cl A	5,400		31
Shandong Gold Mining, Cl A	8,100		38
Shandong Sinocera Functional Material,
Cl A	7,700		27
Shandong Weigao Group Medical Polymer
Co Ltd, Cl H	72,000		86
Shanghai Baosight Software, Cl A	5,200		28
Shanghai Construction Group, Cl A	60,900		30
Shanghai Electric Group Co Ltd, Cl H	216,000		64
Shanghai Fosun Pharmaceutical Group,
Cl A	5,200		20
Shanghai Fosun Pharmaceutical Group Co
Ltd, Cl H	20,500		55
Shanghai International Airport, Cl A	2,300		23
Shanghai Lujiazui Finance & Trade Zone
Development Co Ltd, Cl B	42,100		40
Shanghai M&G Stationery, Cl A	3,600		26
Shanghai Pharmaceuticals Holding Co
Ltd, Cl H	31,400		59
Shanghai Pudong Development Bank, Cl A	69,100		113
Shanxi Meijin Energy, Cl A *	22,700		26
Shanxi Securities, Cl A	23,800		27
Shanxi Xinghuacun Fen Wine Factory, Cl A	2,900		38
Shengyi Technology, Cl A	8,200		29
Shennan Circuits, Cl A	1,100		28
Shenwan Hongyuan Group, Cl A	43,500		30
Shenzhen Goodix Technology, Cl A	1,100		54
Shenzhen Inovance Technology, Cl A	5,700		24
Shenzhen Kangtai Biological Products, Cl A	2,000		29
Shenzhen Mindray Bio-Medical Electronics,
Cl A	900		24
Shenzhen Overseas Chinese Town, Cl A	25,700		26
Shenzhen Sunway Communication, Cl A	4,400		28
Shenzhou International Group Holdings Ltd	33,000		441
Shijiazhuang Yiling Pharmaceutical, Cl A	15,200		36
Shimao Property Holdings Ltd	56,000		183
Sichuan Kelun Pharmaceutical, Cl A	7,400		27
SINA Corp/China *	2,800		108
Sino-Ocean Group Holding Ltd	134,000		49
Sinopec Engineering Group Co Ltd, Cl H	58,500		32
Sinopec Shanghai Petrochemical, Cl A	50,200		28

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Sinopec Shanghai Petrochemical Co Ltd,
Cl H	140,000	$	36
Sinopharm Group Co Ltd, Cl H	57,200		188
Sinotrans Ltd, Cl H	143,000		44
SOHO China Ltd	103,500		40
Songcheng Performance Development,
Cl A	6,100		24
SooChow Securities, Cl A	20,400		27
Southwest Securities, Cl A	40,900		30
Sun Art Retail Group Ltd	119,000		142
Suning.com, Cl A	30,400		44
Sunwoda Electronic, Cl A	11,900		42
Suzhou Dongshan Precision
Manufacturing, Cl A	8,800		36
TCL, Cl A	38,100		28
Tencent Holdings	242,600		11,654
Tencent Music Entertainment Group ADR *	4,000		51
Tianjin Zhonghuan Semiconductor, Cl A	16,100		36
Tianma Microelectronics, Cl A	12,000		29
Tingyi Cayman Islands Holding Corp	96,000		163
Tongling Nonferrous Metals Group, Cl A	83,600		27
Tongwei, Cl A	15,000		29
Topchoice Medical, Cl A	1,500		22
TravelSky Technology Ltd, Cl H	32,000		70
Trip.com Group ADR *	18,800		604
Tsingtao Brewery Co Ltd, Cl H	16,000		89
Tunghsu Optoelectronic Technology, Cl A	26,200		12
Unigroup Guoxin Microelectronics, Cl A	3,900		31
Uni-President China Holdings	55,000		56
Unisplendour, Cl A	4,100		20
Venustech Group, Cl A	5,400		31
Vipshop Holdings Ltd ADR *	19,100		243
Walvax Biotechnology, Cl A	5,600		23
Wanhua Chemical Group, Cl A	8,900		67
Want Want China Holdings Ltd	241,000		200
Weichai Power, Cl A	13,500		26
Weichai Power Co Ltd, Cl H	95,000		169
Weihai Guangwei Composites, Cl A	4,513		31
Wens Foodstuffs Group	13,500		64
Will Semiconductor, Cl A	1,800		48
Winning Health Technology Group, Cl A	11,000		25
Wuhan Guide Infrared, Cl A	8,900		40
Wuhu Sanqi Interactive Entertainment
Network Technology Group, Cl A	9,000		42
Wuliangye Yibin, Cl A	10,279		187
WUS Printed Circuit Kunshan, Cl A	7,900		27
WuXi AppTec, Cl A	2,000		28
Xiamen Tungsten, Cl A	14,110		25
Yanzhou Coal Mining Co Ltd, Cl H	64,000		48
Yealink Network Technology, Cl A	3,400		40
Yifeng Pharmacy Chain, Cl A	2,100		25
Yintai Gold, Cl A	15,300		27

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 5

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Yonghui Superstores, Cl A	22,900	$	25
Yonyou Network Technology, Cl A	10,000		47
Yunda Holding, Cl A	5,700		24
Yunnan Baiyao Group, Cl A	2,900		36
Zhangzhou Pientzehuang Pharmaceutical,
Cl A	1,900		35
Zhejiang Chint Electrics, Cl A	7,402		28
Zhejiang Dahua Technology, Cl A	7,801		23
Zhejiang Huahai Pharmaceutical, Cl A	9,200		23
Zhejiang Longsheng Group, Cl A	13,500		26
Zhejiang NHU, Cl A	7,800		27
Zhejiang Sanhua Intelligent Controls, Cl A	12,200		37
Zhejiang Supor, Cl A	2,300		23
Zhejiang Wolwo Bio-Pharmaceutical, Cl A	3,101		22
Zhongjin Gold, Cl A	22,700		27
Zhuzhou CRRC Times Electric, Cl H	27,000		91
Zijin Mining Group Co Ltd, Cl H	242,000		106
Zoomlion Heavy Industry Science and
Technology, Cl A	65,400		59
ZTE, Cl A *	7,000		40
ZTE Corp, Cl H	39,200		128
ZTO Express Cayman Inc ADR	13,500		293
			46,249
			–
Colombia — 0.0%
Bancolombia SA	11,402		141
Ecopetrol	208,942		194
Grupo Argos SA/Colombia	7,784		40
Grupo de Inversiones Suramericana SA	11,773		110
Interconexion Electrica SA ESP	22,145		122
			607
			–
Czech Republic — 0.0%
Central European Media Enterprises Ltd,
Cl A *	11,668		52
CEZ AS	6,851		150
Komercni banka as	3,227		111
Moneta Money Bank AS	17,683		65
			378
			–
Denmark — 0.4%
AP Moller - Maersk A/S, Cl A	136		153
AP Moller - Maersk A/S, Cl B	235		282
Carlsberg A/S, Cl B	3,829		560
Chr Hansen Holding A/S	3,779		282
Coloplast A/S, Cl B	4,253		537
Danske Bank A/S	22,026		369
Demant A/S *	3,300		107
DSV PANALPINA	7,622		829
Genmab A/S *	2,253		520
H Lundbeck A/S	2,545		108
ISS	5,703		139
Novo Nordisk A/S, Cl B	62,483		3,822
Novozymes A/S, Cl B	7,361		384

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Orsted A/S	6,767	$	739
Pandora A/S	3,349		174
Tryg A/S	3,937		119
Vestas Wind Systems A/S	6,578		656
			9,780
			–
Egypt — 0.0%
Commercial International Bank Egypt SAE	50,000		269
			–
Finland — 0.2%
Elisa OYJ	5,118		308
Fortum OYJ	15,934		386
Kone, Cl B	12,114		782
Metso OYJ	3,814		136
Neste Oyj	15,144		602
Nokia OYJ	201,233		785
Nokian Renkaat	3,641		98
Nordea Bank Abp	1,584		12
Orion Oyj, Cl B	3,778		179
Sampo Oyj, Cl A	15,843		718
Stora Enso OYJ, Cl R	20,945		273
UPM-Kymmene OYJ	19,103		604
Wartsila OYJ Abp	15,972		196
			5,079
			–
France — 2.0%
Accor SA	5,941		244
Aeroports de Paris	1,071		203
Air Liquide	16,665		2,415
Alstom SA	6,486		345
Amundi SA	2,191		178
Arkema SA	2,479		228
Atos SE	3,457		288
AXA SA	68,192		1,820
BioMerieux	1,223		121
BNP Paribas SA	39,642		2,111
Bollore SA	28,890		118
Bouygues SA	8,007		317
Bureau Veritas	10,334		285
Capgemini SE	5,682		707
Carrefour SA	21,706		368
Casino Guichard Perrachon SA	2,021		82
Cie de Saint-Gobain	17,585		667
Cie Generale des Etablissements Michelin
SCA	6,105		710
CNP Assurances	5,012		90
Covivio "	1,647		196
Credit Agricole SA	41,043		556
Danone SA	21,990		1,764
Dassault Aviation SA	74		90
Dassault Systemes SE	4,673		811
Edenred	8,586		464
Eiffage SA	2,817		327
Electricite de France SA	21,626		267

6 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Engie SA	65,218	$	1,125
EssilorLuxottica SA	10,053		1,496
Eurazeo SE	1,445		104
Eurofins Scientific	414		223
Eutelsat Communications SA	5,199		78
Faurecia SA	2,259		108
Gecina SA "	1,646		311
Getlink SE	15,825		280
Hermes International	1,132		849
ICADE "	1,006		112
Iliad SA	553		73
Ingenico Group SA	2,192		255
Ipsen	1,362		101
JCDecaux SA	2,301		62
Kering	2,662		1,637
Klepierre SA "	7,350		250
Legrand	9,538		765
L'Oreal SA	8,902		2,485
LVMH Moet Hennessy Louis Vuitton	9,842		4,311
Natixis SA	34,218		145
Orange SA	71,216		1,011
Pernod Ricard SA	7,577		1,314
Peugeot SA	21,051		434
Publicis Groupe	7,372		327
Remy Cointreau SA	684		72
Renault SA	6,887		269
Safran SA	11,507		1,861
Sanofi	40,015		3,856
Sartorius Stedim Biotech	1,001		180
Schneider Electric SE	19,619		1,968
SCOR SE	5,863		250
SEB SA	658		85
Societe Generale SA	27,437		889
Sodexo SA	3,172		332
STMicroelectronics	24,472		686
Suez	12,346		203
Teleperformance	2,070		520
Thales SA	3,816		420
TOTAL SA	85,042		4,160
Ubisoft Entertainment SA *	3,009		229
Valeo	8,641		258
Veolia Environnement SA	19,240		569
Vinci SA	18,135		2,014
Vivendi SA	30,454		836
Wendel SA	814		109
Worldline *	2,962		209
			53,603
			–
Germany — 1.6%
adidas AG	6,357		2,013
Affimed *	8,361		22
Allianz	15,020		3,593
Aroundtown SA	31,063		294

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
BASF	32,376	$	2,191
Bayer	32,965		2,669
Bayerische Motoren Werke	11,827		843
Beiersdorf AG	3,611		410
Brenntag AG	5,554		289
Carl Zeiss Meditec	1,458		178
Commerzbank AG	36,029		208
Continental AG	3,935		449
Covestro	6,242		264
Daimler AG	32,434		1,503
Delivery Hero *	4,065		314
Deutsche Bank AG	70,272		645
Deutsche Boerse AG	6,785		1,106
Deutsche Lufthansa AG	8,609		132
Deutsche Post	35,312		1,236
Deutsche Telekom AG	117,223		1,897
Deutsche Wohnen SE	13,027		551
E.ON SE	78,620		892
Evonik Industries AG	6,727		185
Fraport AG Frankfurt Airport Services
Worldwide	1,229		92
Fresenius Medical Care AG & Co KGaA	7,379		570
Fresenius SE & Co KGaA	14,904		762
GEA Group AG	5,552		167
Hannover Rueck SE	2,163		421
HeidelbergCement AG	5,331		362
Henkel AG & Co KGaA	3,728		345
HOCHTIEF AG	735		85
Infineon Technologies	44,523		966
KION Group	1,925		121
Knorr-Bremse	1,745		190
LANXESS AG	2,792		168
Merck KGaA	4,627		594
METRO AG	5,394		75
MTU Aero Engines AG	1,863		566
Muenchener Rueckversicherungs-
Gesellschaft in Muenchen	5,140		1,517
Puma SE	2,995		240
QIAGEN *	8,283		277
RWE AG	19,577		680
SAP SE	34,826		4,547
Siemens	27,068		3,349
Siemens Healthineers AG	5,401		254
Symrise, Cl A	4,607		474
Telefonica Deutschland Holding AG	32,668		99
thyssenkrupp AG	14,593		181
TUI AG	15,970		164
Uniper SE	7,252		238
United Internet AG	3,319		108
Volkswagen AG	1,171		215
Vonovia SE	18,381		1,050
Wirecard	4,196		619

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 7

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Zalando *	4,470	$	215
			41,595
			–
Greece — 0.0%
Alpha Bank AE *	48,077		97
Costamare Inc	5,782		46
Eurobank Ergasias *	89,848		83
FF Group *	1,785		–
Hellenic Telecommunications Organization	10,186		152
JUMBO SA	4,620		94
Motor Oil Hellas Corinth Refineries SA	2,073		44
National Bank of Greece SA *	18,992		61
OPAP SA	8,163		102
			679
			–
Hong Kong — 1.4%
3SBio Inc *	73,500		94
Agile Group Holdings	64,000		85
AIA Group Ltd	428,000		4,286
Alibaba Health Information Technology
Ltd *	172,000		243
Alibaba Pictures Group Ltd *	690,000		99
Anhui Conch Cement Co Ltd, Cl H	52,000		336
ASM Pacific Technology Ltd	10,100		138
BAIC Motor Corp Ltd, Cl H	60,000		30
Bank of Communications Co Ltd, Cl H	366,000		236
Bank of East Asia	37,400		81
Beijing Enterprises Holdings Ltd	27,500		121
Beijing Enterprises Water Group	220,000		99
BOC Aviation Ltd	8,800		81
BOC Hong Kong Holdings Ltd	132,500		443
Bosideng International Holdings	142,000		47
Brilliance China Automotive Holdings	148,000		133
Budweiser Brewing APAC *	42,600		129
BYD Co Ltd, Cl H	31,000		164
BYD Electronic International Co Ltd	33,000		65
China Agri-Industries Holdings Ltd	100,000		54
China Aoyuan Group	42,000		57
China Conch Venture Holdings Ltd	68,500		306
China Eastern Airlines Corp Ltd, Cl H	118,000		54
China Education Group Holdings	21,000		26
China Everbright International Ltd	180,000		129
China Everbright Ltd	52,000		81
China Evergrande Group	79,000		177
China First Capital Group Ltd *	112,000		4
China Gas Holdings Ltd	83,600		332
China Hongqiao Group Ltd	74,000		37
China Huarong Asset Management, Cl H	523,000		69
China Huishan Dairy Holdings Co Ltd *	228,000		12
China International Capital Corp Ltd, Cl H	66,800		117
China Jinmao Holdings Group Ltd	256,000		173
China Life Insurance, Cl H	315,000		764
China Literature Ltd *	10,800		45

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
China Medical System Holdings Ltd	58,000	$	78
China Mengniu Dairy Co Ltd	120,000		445
China Merchants Port Holdings Co Ltd	46,000		71
China Minsheng Banking Corp Ltd, Cl H	336,500		237
China Mobile Ltd	264,000		2,183
China Molybdenum Co Ltd, Cl H	129,000		48
China Overseas Land & Investment Ltd	164,000		533
China Power International Development
Ltd	180,000		35
China Railway Signal & Communication
Corp Ltd, Cl H	50,000		24
China Reinsurance Group, Cl H	364,000		52
China Resources Beer Holdings Co Ltd	64,000		299
China Resources Cement Holdings Ltd	116,000		131
China Resources Gas Group	42,000		222
China Resources Land Ltd	120,000		505
China Resources Pharmaceutical Group Ltd	54,500		46
China Resources Power Holdings Co Ltd	96,000		130
China Shenhua Energy Co Ltd, Cl H	148,000		262
China Southern Airlines Co Ltd, Cl H	62,000		35
China State Construction International
Holdings Ltd	118,000		94
China Taiping Insurance Holdings Co Ltd	77,800		164
China Tower Corp Ltd, Cl H	1,828,000		384
China Traditional Chinese Medicine
Holdings Co Ltd	94,000		44
China Unicom Hong Kong	288,000		243
CIFI Holdings Group Co Ltd	125,979		88
CITIC Ltd	257,000		292
CK Asset Holdings Ltd	92,500		598
CK Hutchison Holdings Ltd	96,500		861
CK Infrastructure Holdings Ltd	24,000		168
CLP Holdings	58,500		611
CNOOC Ltd	769,000		1,175
COSCO SHIPPING Energy Transportation
Co Ltd, Cl H	72,000		32
COSCO SHIPPING Ports Ltd	63,314		45
Country Garden Services Holdings	53,000		173
CSPC Pharmaceutical Group Ltd	204,000		455
Dali Foods Group	102,000		72
Dongfeng Motor Group, Cl H	124,000		94
Far East Horizon Ltd	124,000		110
Fuyao Glass Industry Group Co Ltd, Cl H	28,400		82
Galaxy Entertainment Group Ltd	77,000		511
Geely Automobile Holdings Ltd	215,000		347
Genscript Biotech Corp *	32,000		74
GF Securities Co Ltd, Cl H	57,600		64
GOME Retail Holdings Ltd	658,000		61
Greentown Service Group Co Ltd	70,000		74
Guangdong Investment Ltd	128,000		261
Guangzhou Automobile Group, Cl H	146,000		148
Guotai Junan Securities Co Ltd, Cl H	52,800		85

8 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Haidilao International Holding	16,000	$	62
Haier Electronics Group Co Ltd	62,000		188
Haitian International Holdings Ltd	27,000		59
Haitong Securities, Cl H	122,800		120
Hanergy Thin Film Power Group Ltd *	444,000		–
Hang Lung Properties Ltd	73,000		154
Hang Seng Bank Ltd	27,300		556
Henderson Land Development Co Ltd	52,600		238
Hengan International Group Co Ltd	30,000		220
HK Electric Investments & HK Electric
Investments Ltd	80,500		80
HKT Trust & HKT Ltd	136,000		204
Hong Kong & China Gas	362,800		699
Hong Kong Exchanges & Clearing Ltd	42,400		1,413
Hua Hong Semiconductor Ltd	20,000		49
Huaneng Renewables Corp Ltd, Cl H	198,000		81
Huatai Securities Co Ltd, Cl H	81,200		129
Hutchison China MediTech Ltd ADR *	2,700		66
Innovent Biologics *	17,000		66
Kaisa Group Holdings Ltd	100,000		42
Kerry Properties Ltd	20,000		56
Kingboard Holdings Ltd	26,500		71
Kingboard Laminates Holdings Ltd	43,000		45
Kingdee International Software Group
Co Ltd	115,000		125
Kunlun Energy Co Ltd	160,000		125
KWG Group Holdings	61,500		81
Lee & Man Paper Manufacturing Ltd	69,000		48
Legend Holdings Corp, Cl H	19,200		36
Lenovo Group Ltd	342,000		226
Li Ning	88,500		263
Link "	75,500		768
Logan Property Holdings Co Ltd	48,000		73
Longfor Group Holdings Ltd	78,000		333
Luye Pharma Group Ltd	46,500		30
Meituan Dianping, Cl B *	44,700		572
Melco Resorts & Entertainment ADR	6,700		135
Metallurgical Corp of China Ltd, Cl H	277,000		54
MTR Corp Ltd	55,000		311
New China Life Insurance Co Ltd, Cl H	40,100		152
New World Development	220,000		278
Nexteer Automotive Group Ltd	38,000		28
Nine Dragons Paper Holdings Ltd	70,000		67
NWS Holdings Ltd	46,000		60
PCCW Ltd	130,000		77
People's Insurance Co Group of China Ltd/
The, Cl H	406,000		146
Ping An Healthcare and Technology *	3,600		31
Postal Savings Bank of China Co Ltd, Cl H	380,000		237
Power Assets Holdings	49,500		359
Sands China Ltd	86,800		425
Seazen Group	62,000		63

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Semiconductor Manufacturing
International Corp *	129,500	$	238
Shanghai Industrial Holdings Ltd	21,000		37
Shenzhen International Holdings Ltd	34,669		70
Shenzhen Investment Ltd	159,547		55
Shui On Land Ltd	153,000		31
Sino Biopharmaceutical Ltd	312,000		419
Sino Land Co Ltd	110,000		151
Sinotruk Hong Kong Ltd	31,000		54
SJM Holdings Ltd	73,000		82
SSY Group Ltd	60,000		55
Sun Hung Kai Properties Ltd	57,000		802
Sunac China Holdings Ltd	107,000		524
Sunny Optical Technology Group Co Ltd	31,100		507
Swire Pacific Ltd, Cl A	18,000		160
Swire Properties Ltd	42,200		132
Techtronic Industries Co Ltd	49,000		397
Towngas China	78,630		49
Vitasoy International Holdings	22,000		80
WH Group Ltd	342,000		329
Wharf Holdings Ltd/The	40,000		100
Wharf Real Estate Investment Co Ltd	44,000		229
Wheelock & Co Ltd	30,000		184
WuXi AppTec, Cl H	6,160		75
Wuxi Biologics Cayman Inc *	23,500		301
Wynn Macau Ltd	46,000		97
Xiaomi Corp, Cl B *	345,600		513
Xinjiang Goldwind Science & Technology
Co Ltd, Cl H	49,600		53
Xinyi Solar Holdings	162,730		115
Yihai International Holding	21,000		119
Yue Yuen Industrial Holdings Ltd	27,000		75
Yuexiu Property Co Ltd	242,000		49
Yuzhou Properties Co Ltd	126,240		59
Zhaojin Mining Industry Co Ltd	54,500		62
Zhejiang Expressway, Cl H	56,000		46
ZhongAn Online P&C Insurance Co Ltd,
Cl H *	13,900		45
Zhongsheng Group Holdings Ltd	23,500		87
			38,175
			–
Hungary — 0.0%
MOL Hungarian Oil & Gas PLC	19,643		166
OTP Bank Nyrt	10,422		483
Richter Gedeon Nyrt	4,837		104
			753
			–
India — 0.8%
Adani Ports & Special Economic Zone	29,623		153
Ambuja Cements Ltd	20,614		59
Ashok Leyland Ltd	63,407		73
Asian Paints Ltd	13,628		343
Aurobindo Pharma Ltd	9,124		62

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 9

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Avenue Supermarts Ltd, Cl A *	4,319	$	129
Axis Bank Ltd	87,114		890
Bajaj Auto	4,097		183
Bajaj Finance	8,081		494
Bajaj Finserv Ltd	1,830		242
Bandhan Bank	10,000		63
Bharat Forge Ltd	11,440		79
Bharat Petroleum	31,676		203
Bharti Airtel Ltd *	87,787		611
Bharti Infratel	10,210		36
Bosch Ltd	300		58
Britannia Industries Ltd	1,996		90
Cipla Ltd/India	11,989		75
Coal India Ltd	59,049		150
Container Corp Of India Ltd	10,406		83
Dabur India Ltd	26,195		182
Divi's Laboratories Ltd	2,756		75
Dr Reddy's Laboratories Ltd	5,514		241
Eicher Motors Ltd	648		184
GAIL India Ltd	76,924		130
Godrej Consumer Products Ltd	17,463		165
Grasim Industries Ltd	14,348		157
Havells India Ltd	12,402		105
HCL Technologies	50,628		420
HDFC Life Insurance	18,268		153
Hero MotoCorp Ltd	3,065		107
Hindalco Industries Ltd	57,290		152
Hindustan Petroleum Corp Ltd	21,093		69
Hindustan Unilever Ltd	27,528		785
Housing Development Finance Corp Ltd	69,765		2,360
ICICI Bank Ltd	189,812		1,398
ICICI Lombard General Insurance	4,716		87
Indian Oil Corp Ltd	90,660		144
Info Edge India	661		26
Infosys	144,524		1,572
InterGlobe Aviation Ltd	3,193		62
ITC Ltd	158,175		521
JSW Steel Ltd	41,531		146
Larsen & Toubro	22,127		425
LIC Housing Finance Ltd	10,304		63
Lupin	7,672		77
Mahindra & Mahindra Financial Services
Ltd	15,887		82
Mahindra & Mahindra Ltd	35,112		279
Marico Ltd	15,635		69
Maruti Suzuki India Ltd	4,485		435
Motherson Sumi Systems Ltd	60,590		114
Nestle India Ltd	1,120		241
NTPC	113,708		180
Oil & Natural Gas Corp Ltd	118,856		181
Page Industries Ltd	189		65
Petronet LNG Ltd	20,763		78

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Pidilite Industries Ltd	7,017	$	149
Piramal Enterprises Ltd	4,065		88
Power Grid Corp of India Ltd	77,679		203
REC Ltd	36,763		74
Reliance Industries	121,445		2,403
SBI Life Insurance	11,063		154
Shree Cement Ltd	289		93
Shriram Transport Finance Co Ltd	8,382		120
State Bank of India	83,216		371
Sun Pharmaceutical Industries Ltd	40,243		245
Tata Consultancy Services Ltd	38,205		1,113
Tata Motors Ltd	77,324		191
Tata Power Co Ltd/The	35,868		29
Tech Mahindra Ltd	22,502		251
Titan	14,718		245
UltraTech Cement Ltd	4,536		281
United Spirits *	16,756		145
UPL Ltd	25,528		188
Vedanta Ltd	89,100		172
Wipro Ltd	55,342		184
Zee Entertainment Enterprises Ltd	22,387		84
			22,389
			–
Indonesia — 0.2%
Adaro Energy Tbk PT	788,200		71
Astra International Tbk PT	884,500		411
Bank Central Asia	417,500		990
Bank Mandiri Persero	865,800		479
Bank Negara Indonesia Persero Tbk PT	356,900		188
Bank Rakyat Indonesia Persero Tbk PT	2,550,100		833
Bank Tabungan Negara Persero	101,400		14
Barito Pacific *	923,500		88
Bukit Asam Tbk PT	66,900		11
Bumi Serpong Damai *	182,900		15
Charoen Pokphand Indonesia Tbk PT	255,400		124
Gudang Garam Tbk PT	16,600		68
Hanjaya Mandala Sampoerna Tbk PT	322,000		49
Indah Kiat Pulp & Paper	145,100		72
Indocement Tunggal Prakarsa Tbk PT	63,700		77
Indofood CBP Sukses Makmur Tbk PT	80,700		67
Indofood Sukses Makmur	151,900		87
Jasa Marga Persero Tbk PT	47,900		16
Kalbe Farma Tbk PT	729,900		76
Pabrik Kertas Tjiwi Kimia Tbk PT	59,800		40
Pakuwon Jati Tbk PT	384,700		15
Perusahaan Gas Negara Persero Tbk	578,200		72
Semen Indonesia Persero Tbk PT	102,600		90
Telekomunikasi Indonesia Persero Tbk PT	2,281,900		635
Unilever Indonesia Tbk PT	364,000		212
United Tractors Tbk PT	82,300		116
			4,916

–

10 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Ireland — 0.6%
Accenture PLC, Cl A	34,800	$	7,141
AIB Group PLC	29,613		87
Alkermes PLC *	8,400		146
Ardmore Shipping Corp *	4,457		27
Bank of Ireland Group PLC	35,050		172
CRH PLC	27,975		1,052
Eaton Corp PLC	22,500		2,126
Endo International PLC *	27,329		155
Experian PLC	32,497		1,130
Ingersoll-Rand PLC	13,400		1,785
Jazz Pharmaceuticals PLC *	3,200		459
Kerry Group PLC, Cl A	5,672		725
Mallinckrodt *	10,514		48
Paddy Power Betfair PLC	2,827		321
Pentair PLC	8,500		365
Perrigo	7,000		399
Prothena Corp PLC *	4,757		58
Smurfit Kappa Group	8,116		281
			16,477
			–
Israel — 0.1%
Azrieli Group	1,550		115
Bank Hapoalim BM	40,719		351
Bank Leumi Le-Israel	53,557		387
Check Point Software Technologies *	4,200		480
Elbit Systems Ltd	853		131
Israel Chemicals Ltd	20,565		87
Israel Discount Bank, Cl A	42,077		192
Mizrahi Tefahot Bank Ltd	5,098		140
Nice Ltd *	2,222		385
Stratasys Ltd *	6,363		114
Teva Pharmaceutical Industries ADR *	39,100		407
Wix.com Ltd *	1,700		243
			3,032
			–
Italy — 0.5%
Assicurazioni Generali SpA	39,155		764
Atlantia SpA	17,739		436
CNH Industrial NV	36,408		348
Davide Campari-Milano SpA	20,938		203
Enel SpA	286,754		2,496
Eni SpA	90,764		1,273
EXOR NV	3,899		288
Ferrari	4,213		712
Fiat Chrysler Automobiles	38,841		505
FinecoBank Banca Fineco	20,620		242
Intesa Sanpaolo SpA	531,256		1,322
Leonardo SpA	14,615		181
Mediobanca Banca di Credito Finanziario	22,365		223
Moncler SpA	6,438		278
Pirelli & C	14,656		71
Poste Italiane	18,842		216

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Prysmian SpA	8,720	$	194
Recordati SpA	3,784		162
Snam SpA	69,740		374
Telecom Italia *	308,562		166
Telecom Italia SpA/Milano	219,453		116
Terna Rete Elettrica Nazionale	50,483		352
UniCredit SpA	71,697		960
			11,882
			–
Japan — 4.8%
ABC-Mart Inc	1,000		65
Acom	10,900		52
Advantest	7,200		390
Aeon Co Ltd	23,400		486
AEON Financial Service Co Ltd	4,200		67
Aeon Mall Co Ltd	2,600		44
AGC Inc/Japan	6,600		229
Air Water Inc	5,500		77
Aisin Seiki Co Ltd	5,800		198
Ajinomoto Co Inc	15,800		263
Alfresa Holdings Corp	6,800		140
Alps Alpine Co Ltd	6,800		126
Amada Holdings	10,600		114
ANA Holdings Inc	3,700		117
Aozora Bank	3,600		98
Asahi Group Holdings	13,000		610
Asahi Intecc Co Ltd	7,000		197
Asahi Kasei	45,200		475
Astellas Pharma Inc	67,200		1,209
Bandai Namco Holdings Inc	7,200		424
Bank of Kyoto Ltd/The	2,000		82
Benesse Holdings	2,100		58
Bridgestone Corp	20,400		734
Brother Industries Ltd	7,300		146
Calbee	3,000		99
Canon Inc	35,700		951
Casio Computer Co Ltd	7,100		134
Central Japan Railway Co	5,100		1,016
Chiba Bank Ltd/The	18,100		101
Chubu Electric Power Co Inc	23,100		317
Chugai Pharmaceutical Co Ltd	8,000		831
Chugoku Electric Power Co Inc/The	9,100		121
Coca-Cola Bottlers Japan Holdings Inc	4,500		120
Concordia Financial Group Ltd	34,500		133
Credit Saison Co Ltd	4,800		79
CyberAgent	3,700		151
Dai Nippon Printing	8,800		247
Daicel Corp	9,600		93
Daifuku Co Ltd	3,700		230
Dai-ichi Life Holdings Inc	38,600		590
Daiichi Sankyo Co Ltd	20,200		1,387
Daikin Industries Ltd	8,900		1,284
Daito Trust Construction Co Ltd	2,600		310

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 11

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Daiwa House Industry	20,300	$	648
Daiwa House Investment Corp, Cl A "	67		179
Daiwa Securities Group	55,000		284
Denso Corp	15,500		650
Dentsu Group	7,800		263
Disco Corp	900		215
East Japan Railway Co	10,600		949
Eisai Co Ltd	9,000		692
Electric Power Development Co Ltd	4,400		101
FamilyMart	9,100		202
FANUC	6,900		1,294
Fast Retailing	2,000		1,095
Fuji Electric Co Ltd	4,600		140
FUJIFILM Holdings Corp	12,900		653
Fujitsu Ltd	7,000		750
Fukuoka Financial Group Inc	5,100		91
GMO Payment Gateway	1,200		79
Hakuhodo DY Holdings Inc	7,500		109
Hamamatsu Photonics KK	5,100		221
Hankyu Hanshin Holdings Inc	8,200		338
Hikari Tsushin Inc	700		174
Hino Motors Ltd	10,500		100
Hirose Electric	1,200		152
Hisamitsu Pharmaceutical Co Inc	1,900		98
Hitachi Chemical Co Ltd	3,100		131
Hitachi Construction Machinery Co Ltd	3,900		108
Hitachi High-Technologies	2,100		153
Hitachi Ltd	34,500		1,346
Hitachi Metals Ltd	7,900		124
Honda Motor Co Ltd	57,200		1,494
Hoshizaki	1,800		168
Hoya	13,600		1,330
Hulic Co Ltd	9,800		121
Idemitsu Kosan	7,056		180
IHI Corp	4,400		107
Iida Group Holdings Co Ltd	5,400		93
Inpex	36,700		349
Isetan Mitsukoshi Holdings Ltd	10,100		80
Isuzu Motors Ltd	19,900		201
ITOCHU Corp	48,100		1,140
Itochu Techno-Solutions	2,900		87
J Front Retailing Co Ltd	8,400		103
Japan Airlines	4,500		128
Japan Airport Terminal Co Ltd	1,900		90
Japan Exchange Group Inc	18,300		335
Japan Post Bank Co Ltd	14,700		138
Japan Post Holdings Co Ltd	56,300		517
Japan Post Insurance	8,000		137
Japan Prime Realty Investment Corp "	24		111
Japan Real Estate Investment "	47		343
Japan Retail Fund Investment Corp "	94		201
Japan Tobacco Inc	42,800		915

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
JFE Holdings Inc	17,700	$	215
JGC Holdings	6,300		93
JSR	5,800		106
JTEKT Corp	7,500		82
JXTG Holdings Inc	109,000		471
Kajima Corp	16,200		210
Kakaku.com	4,100		109
Kamigumi Co Ltd	3,900		84
Kansai Electric Power Co Inc/The	25,300		287
Kansai Paint Co Ltd	5,800		142
Kao	17,000		1,377
Kawasaki Heavy Industries Ltd	4,200		85
KDDI Corp	62,300		1,880
Keihan Holdings Co Ltd	3,500		160
Keikyu Corp	7,200		135
Keio Corp	3,700		214
Keisei Electric Railway Co Ltd	4,700		172
Keyence Corp	6,400		2,207
Kikkoman Corp	5,200		258
Kintetsu Group Holdings Co Ltd	6,200		330
Kirin Holdings Co Ltd	29,400		654
Kobayashi Pharmaceutical Co Ltd	1,800		148
Koito Manufacturing Co Ltd	3,800		169
Komatsu Ltd	33,000		751
Konami Holdings Corp	3,400		133
Konica Minolta Inc	16,400		103
Kose Corp	1,200		163
Kubota	37,500		602
Kuraray Co Ltd	10,300		127
Kurita Water Industries Ltd	3,600		107
Kyocera Corp	11,500		772
Kyowa Hakko Kirin Co Ltd	8,800		210
Kyushu Electric Power Co Inc	12,000		100
Kyushu Railway Co	5,800		192
Lawson Inc	1,800		105
LINE Corp *	1,900		94
Lion Corp	8,100		156
LIXIL Group Corp	8,700		147
M3 Inc	15,100		449
Makita Corp	8,100		318
Marubeni Corp	56,100		412
Marui Group	6,900		162
Maruichi Steel Tube Ltd	1,400		39
Mazda Motor	20,500		177
McDonald's Holdings Co Japan Ltd	2,000		96
Mebuki Financial Group Inc	32,500		73
Medipal Holdings Corp	6,600		142
MEIJI Holdings Co Ltd	4,100		292
Mercari *	2,300		41
MINEBEA MITSUMI Inc	13,100		264
MISUMI Group	10,200		261
Mitsubishi Chemical Holdings Corp	46,000		339

12 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value				Market Value
Description	Shares		($ Thousands)	Description	Shares		($ Thousands)
COMMON STOCK (continued)				COMMON STOCK (continued)
Mitsubishi Corp	48,200	$	1,255	Olympus Corp	41,700	$	687
Mitsubishi Electric Corp	65,200		929	Omron Corp	6,900		408
Mitsubishi Estate Co Ltd	42,200		838	Ono Pharmaceutical Co Ltd	13,700		321
Mitsubishi Gas Chemical	6,000		94	Oracle Corp Japan	1,400		123
Mitsubishi Heavy Industries Ltd	11,500		427	Oriental Land Co Ltd/Japan	7,100		934
Mitsubishi Materials Corp	3,200		82	ORIX	47,300		811
Mitsubishi Motors Corp	20,000		76	Orix JREIT "	94		199
Mitsubishi UFJ Financial Group Inc	433,600		2,274	Osaka Gas Co Ltd	13,500		231
Mitsubishi UFJ Lease & Finance Co Ltd	12,400		79	Otsuka Corp	3,800		151
Mitsui & Co Ltd	59,100		1,069	Otsuka Holdings	14,000		635
Mitsui Chemicals Inc	6,700		152	Pan Pacific International Holdings Corp	16,000		261
Mitsui Fudosan Co Ltd	31,900		857	Panasonic Corp	78,900		802
Mitsui OSK Lines Ltd	3,500		87	Park24 Co Ltd	4,200		107
Mizuho Financial Group Inc	861,000		1,291	PeptiDream *	3,400		164
MonotaRO Co Ltd	3,800		94	Persol Holdings Co Ltd	5,600		103
MS&AD Insurance Group Holdings Inc	17,000		574	Pigeon	4,200		152
Murata Manufacturing Co Ltd	20,500		1,197	Pola Orbis Holdings Inc	2,800		62
Nabtesco Corp	3,400		101	Rakuten Inc	30,900		244
Nagoya Railroad Co Ltd	6,600		196	Recruit Holdings Co Ltd	48,300		1,918
NEC Corp	8,900		404	Renesas Electronics Corp *	27,300		179
Nexon Co Ltd	17,700		242	Resona Holdings Inc	75,100		316
NGK Insulators Ltd	8,500		146	Ricoh Co Ltd	24,100		280
NGK Spark Plug Co Ltd	4,700		84	Rinnai Corp	1,200		87
NH Foods Ltd	3,100		138	Rohm Co Ltd	3,400		252
Nidec	8,000		1,036	Ryohin Keikaku	9,000		153
Nikon Corp	11,600		143	Sankyo Co Ltd	1,100		37
Nintendo Co Ltd	3,900		1,467	Santen Pharmaceutical Co Ltd	13,200		250
Nippon Building Fund "	48		389	SBI Holdings Inc/Japan	8,500		202
Nippon Express Co Ltd	2,900		154	Secom	7,500		672
Nippon Paint Holdings Co Ltd	5,300		258	Sega Sammy Holdings	6,400		88
Nippon Prologis Inc "	72		207	Seibu Holdings Inc	7,500		118
Nippon Shinyaku	1,600		144	Seiko Epson Corp	10,100		151
Nippon Steel Corp	28,900		409	Sekisui Chemical Co Ltd	13,300		226
Nippon Telegraph & Telephone Corp	46,000		1,183	Sekisui House	22,300		486
Nippon Yusen	5,600		92	Seven & i Holdings Co Ltd	26,900		1,047
Nissan Chemical	4,600		195	Seven Bank Ltd	15,300		46
Nissan Motor Co Ltd	83,000		459	SG Holdings Co Ltd	5,200		112
Nisshin Seifun Group Inc	7,200		125	Sharp Corp/Japan	7,800		110
Nissin Foods Holdings Co Ltd	2,300		175	Shimadzu Corp	8,000		230
Nitori Holdings Co Ltd	2,900		454	Shimamura Co Ltd	600		46
Nitto Denko Corp	5,600		320	Shimano Inc	2,700		420
Nomura Holdings Inc	118,900		621	Shimizu Corp	21,400		224
Nomura Real Estate Holdings Inc	3,800		95	Shin-Etsu Chemical	12,800		1,502
Nomura Real Estate Master Fund "	140		246	Shinsei Bank Ltd	5,700		89
Nomura Research Institute Ltd	12,300		275	Shionogi & Co Ltd	9,600		581
NSK Ltd	10,700		92	Shiseido Co Ltd	14,300		935
NTT Data	22,700		326	Shizuoka Bank Ltd/The	16,800		120
NTT DOCOMO Inc	47,600		1,364	Showa Denko KK	4,300		106
Obayashi Corp	23,400		262	SMC Corp/Japan	2,000		890
Obic Co Ltd	2,300		318	Softbank Corp	59,900		827
Odakyu Electric Railway Co Ltd	10,600		238	SoftBank Group Corp	55,300		2,308
Oji Holdings Corp	31,100		162	Sohgo Security Services Co Ltd	2,300		121

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 13

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Sompo Holdings Inc	12,000	$	458
Sony Corp	44,900		3,197
Sony Financial Holdings	5,500		129
Square Enix Holdings	3,300		164
Stanley Electric Co Ltd	3,900		103
Subaru Corp	22,000		560
SUMCO Corp	8,000		128
Sumitomo Chemical Co Ltd	53,600		233
Sumitomo Corp	42,500		642
Sumitomo Dainippon Pharma	4,700		82
Sumitomo Electric Industries	27,100		370
Sumitomo Heavy Industries Ltd	3,300		89
Sumitomo Metal Mining Co Ltd	8,400		245
Sumitomo Mitsui Financial Group Inc	47,400		1,699
Sumitomo Mitsui Trust Holdings Inc	11,900		448
Sumitomo Realty & Development	11,900		445
Sumitomo Rubber Industries Ltd	6,300		71
Sundrug Co Ltd	2,200		76
Suntory Beverage & Food Ltd	5,000		214
Suzuken	2,600		102
Suzuki Motor Corp	13,200		613
Sysmex Corp	6,000		437
T&D Holdings	20,100		221
Taiheiyo Cement Corp	3,800		105
Taisei	7,300		297
Taisho Pharmaceutical Holdings	1,100		79
Taiyo Nippon Sanso	4,700		105
Takeda Pharmaceutical Co Ltd	53,000		2,067
TDK Corp	4,600		504
Teijin Ltd	5,300		97
Terumo Corp	23,100		849
THK Co Ltd	3,700		96
Tobu Railway Co Ltd	6,900		246
Toho Co Ltd/Tokyo	4,100		153
Toho Gas Co Ltd	2,200		86
Tohoku Electric Power Co Inc	15,500		147
Tokio Marine Holdings Inc	22,500		1,242
Tokyo Century Corp	1,300		68
Tokyo Electric Power Holdings *	54,900		220
Tokyo Electron Ltd	5,600		1,266
Tokyo Gas	13,800		307
Tokyu Corp	17,900		319
Tokyu Fudosan Holdings	20,200		145
Toppan Printing Co Ltd	9,800		199
Toray Industries Inc	49,700		333
Toshiba	17,700		572
Tosoh Corp	7,700		112
TOTO Ltd	5,100		213
Toyo Seikan Group Holdings Ltd	4,500		78
Toyo Suisan Kaisha Ltd	2,900		123
Toyoda Gosei Co Ltd	1,700		40
Toyota Industries Corp	5,300		293

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Toyota Motor Corp	81,000	$	5,719
Toyota Tsusho Corp	7,600		269
Trend Micro Inc/Japan	4,600		244
Tsuruha Holdings Inc	1,400		173
Unicharm Corp	14,500		505
United Urban Investment Corp "	105		188
USS Co Ltd	7,900		146
Welcia Holdings	1,500		83
West Japan Railway Co	5,900		505
Yakult Honsha Co Ltd	4,300		220
Yamada Denki Co Ltd	18,800		96
Yamaha	5,200		272
Yamaha Motor Co Ltd	10,100		192
Yamato Holdings Co Ltd	11,100		182
Yamazaki Baking Co Ltd	3,600		69
Yaskawa Electric Corp	8,600		307
Yokogawa Electric Corp	8,300		148
Yokohama Rubber Co Ltd/The	4,400		77
Z Holdings	90,600		366
ZOZO Inc	3,000		50
			127,034
			–
Luxembourg — 0.0%
Altisource Portfolio Solutions SA *	637		12
SES, Cl A	13,128		161
Tenaris SA	17,018		176
Trinseo SA	4,771		137
			486
			–
Malaysia — 0.2%
AirAsia Group Bhd	38,600		13
AMMB Holdings	56,400		51
Axiata Group Bhd	134,881		142
British American Tobacco Malaysia Bhd	4,900		14
CIMB Group Holdings Bhd	232,778		280
Dialog Group Bhd	181,500		145
DiGi.Com Bhd	150,900		156
Fraser & Neave Holdings Bhd	11,100		89
Gamuda Bhd	47,800		45
Genting Bhd	104,100		140
Genting Malaysia Bhd	102,700		76
Genting Plantations Bhd	4,900		13
HAP Seng Consolidated Bhd	26,300		62
Hartalega Holdings Bhd	51,900		75
Hong Leong Bank Bhd	32,100		125
Hong Leong Financial Group Bhd	6,300		25
IHH Healthcare Bhd	108,200		150
IJM	92,800		48
IOI Corp Bhd	65,200		72
Kuala Lumpur Kepong Bhd	14,800		82
Malayan Banking Bhd	180,518		371
Malaysia Airports Holdings Bhd	34,400		57
Maxis Bhd	115,100		149

14 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
MISC Bhd	38,600	$	72
Nestle Malaysia Bhd	2,400		85
Petronas Chemicals Group Bhd	120,800		182
Petronas Dagangan Bhd	8,600		47
Petronas Gas	32,100		125
PPB Group Bhd	19,700		90
Press Metal Aluminium Holdings Bhd	47,200		56
Public Bank Bhd	142,600		647
QL Resources	22,100		45
RHB Bank Bhd	34,100		47
Sime Darby Bhd	92,500		49
Sime Darby Plantation Bhd	71,500		88
Telekom Malaysia Bhd	28,200		27
Tenaga Nasional Bhd	145,300		442
Top Glove Corp Bhd	53,200		76
Westports Holdings Bhd	23,700		23
YTL	269,700		59
			4,540
			–
Mexico — 0.2%
Alfa SAB de CV, Cl A	149,700		112
Alsea SAB de CV *	18,500		45
America Movil SAB de CV	1,456,200		1,203
Arca Continental SAB de CV	15,300		87
Cemex SAB de CV	645,800		259
Coca-Cola Femsa SAB de CV	25,700		157
El Puerto de Liverpool SAB de CV	6,400		34
Fibra Uno Administracion SA de CV "	136,300		224
Fomento Economico Mexicano SAB de CV	82,700		745
Gruma SAB de CV, Cl B	7,315		78
Grupo Aeroportuario del Pacifico SAB de
CV, Cl B	15,200		188
Grupo Aeroportuario del Sureste SAB de
CV, Cl B	8,840		170
Grupo Bimbo SAB de CV, Ser A	66,000		118
Grupo Carso SAB de CV	15,500		56
Grupo Financiero Banorte SAB de CV, Cl O	112,800		694
Grupo Financiero Inbursa SAB de CV, Cl O	113,600		129
Grupo Mexico SAB de CV	153,900		409
Grupo Televisa SAB	104,200		231
Industrias Penoles SAB de CV	4,735		49
Infraestructura Energetica Nova SAB de CV	18,600		87
Kimberly-Clark de Mexico SAB de CV, Cl A	75,300		156
Megacable Holdings	10,200		38
Orbia Advance	36,300		86
Promotora y Operadora de Infraestructura
SAB de CV	7,890		85
Wal-Mart de Mexico SAB de CV	222,800		651
			6,091
			–
Netherlands — 1.2%
ABN AMRO Group NV	15,180		265
Adyen NV *	372		343

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Aegon NV	60,465	$	246
AerCap Holdings NV *	4,200		238
Airbus SE	20,575		3,038
Akzo Nobel NV	8,139		769
Altice Europe, Cl A *	24,062		155
ArcelorMittal	23,802		352
ASML Holding NV	15,070		4,246
Coca-Cola European Partners	3,301		176
Frank's International *	13,792		48
Galapagos *	1,546		346
Heineken	9,255		1,008
Heineken Holding NV	4,128		407
ING Groep NV	138,832		1,512
Koninklijke Ahold Delhaize	42,268		1,040
Koninklijke DSM NV	6,317		772
Koninklijke KPN NV	128,014		359
Koninklijke Philips NV	31,884		1,463
Koninklijke Vopak NV	2,559		137
NN Group NV	10,543		367
NXP Semiconductors NV	9,800		1,243
Prosus *	17,316		1,252
Randstad NV	4,288		247
Royal Dutch Shell, Cl A	151,589		3,985
Royal Dutch Shell PLC, Cl B	132,300		3,488
Unibail-Rodamco-Westfield "	4,942		672
Unilever	51,954		3,034
Wolters Kluwer NV	9,997		753
			31,961
			–
New Zealand — 0.1%
a2 Milk Co Ltd *	26,384		256
Auckland International Airport Ltd	35,347		198
Fisher & Paykel Healthcare Corp Ltd	20,677		312
Fletcher Building Ltd	31,089		112
Mercury NZ	24,290		82
Meridian Energy Ltd	46,460		161
Ryman Healthcare Ltd	14,569		155
Spark New Zealand Ltd	66,364		200
			1,476
			–
Norway — 0.1%
Aker BP ASA	3,940		112
DNB ASA	33,086		581
Equinor	35,802		649
Gjensidige Forsikring ASA	7,246		158
Mowi ASA	15,727		376
Nordic American Tankers	16,701		56
Norsk Hydro ASA	48,602		153
Orkla ASA	27,501		265
Schibsted ASA, Cl B	3,589		102
Telenor ASA	24,825		450
Yara International ASA	6,377		232
			3,134

–

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 15

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Panama — 0.0%
Banco Latinoamericano de Comercio
Exterior SA, Cl E	3,958	$	80
Copa Holdings SA, Cl A	1,700		166
			246
			–
Peru — 0.0%
Cia de Minas Buenaventura SAA ADR	9,200		119
Credicorp Ltd	2,900		599
			718
			–
Philippines — 0.1%
Aboitiz Equity Ventures	68,200		66
Aboitiz Power Corp	37,100		24
Ayala Corp	13,540		194
Ayala Land Inc	345,550		283
Bank of the Philippine Islands	23,310		38
BDO Unibank Inc	93,560		272
Globe Telecom	1,785		66
GT Capital Holdings Inc	5,130		68
International Container Terminal Services
Inc	49,820		127
JG Summit Holdings Inc	139,270		192
Jollibee Foods Corp	15,090		57
Manila Electric Co	11,850		60
Megaworld Corp	616,000		49
Metro Pacific Investments	352,000		22
Metropolitan Bank & Trust	62,252		70
PLDT Inc	2,990		59
Robinsons Land Corp	41,200		21
Security Bank	7,510		26
SM Investments Corp	11,540		221
SM Prime Holdings Inc	473,500		362
Universal Robina Corp	43,520		124
			2,401
			–
Poland — 0.1%
Bank Millennium *	20,635		32
Bank Polska Kasa Opieki SA	7,241		185
CCC SA	980		25
CD Projekt	2,856		207
Cyfrowy Polsat SA	8,853		62
Dino Polska SA *	1,696		71
Grupa Lotos SA	3,199		63
KGHM Polska Miedz SA	6,783		159
LPP SA	45		98
mBank SA *	504		48
Orange Polska SA	22,323		40
PGE Polska Grupa Energetyczna SA *	29,116		52
Polski Koncern Naftowy ORLEN SA	13,099		256
Polskie Gornictwo Naftowe i Gazownictwo
SA	59,987		56
Powszechna Kasa Oszczednosci Bank
Polski SA	37,140		328

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Powszechny Zaklad Ubezpieczen	25,657	$	266
Santander Bank Polska SA	1,739		128
			2,076
			–
Portugal — 0.0%
EDP - Energias de Portugal SA	91,811		460
Galp Energia SGPS	18,022		273
Jeronimo Martins SGPS SA	8,306		143
			876
			–
Qatar — 0.1%
Barwa Real Estate Co	65,980		64
Commercial Bank PSQC	68,630		90
Industries Qatar QSC	76,414		209
Masraf Al Rayan QSC	178,254		202
Mesaieed Petrochemical Holding	215,730		130
Ooredoo QPSC	43,090		82
Qatar Electricity & Water Co QSC	18,650		82
Qatar Fuel QSC	24,106		146
Qatar Insurance Co SAQ	54,070		47
Qatar Islamic Bank SAQ	54,934		252
Qatar National Bank QPSC	195,744		1,099
			2,403
			–
Russia — 0.4%
Gazprom PJSC ADR	231,980		1,631
LUKOIL PJSC ADR	17,288		1,763
Magnit PJSC GDR	16,979		231
MMC Norilsk Nickel PJSC ADR	29,147		942
Mobile TeleSystems PJSC ADR	24,000		244
Novatek PJSC GDR	4,057		730
PhosAgro PJSC GDR	4,415		56
Rosneft Oil Co PJSC GDR	54,624		409
Sberbank of Russia PJSC ADR	117,399		1,878
Severstal PJSC GDR	10,192		144
Surgutneftegas PJSC ADR	62,689		401
Tatneft PJSC ADR	11,306		813
X5 Retail Group GDR	5,903		217
			9,459
			–
Saudi Arabia — 0.2%
Advanced Petrochemical	7,747		100
Al Rajhi Bank	51,940		919
Alinma Bank	32,480		224
Almarai JSC	10,291		130
Arab National Bank	18,000		127
Bank AlBilad	10,010		73
Bank Al-Jazira	6,814		27
Banque Saudi Fransi	23,392		231
Bupa Arabia for Cooperative Insurance	1,603		44
Dar Al Arkan Real Estate Development *	15,677		41
Etihad Etisalat *	14,551		102
for Cooperative Insurance *	2,789		56
Jarir Marketing	2,578		111

16 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
National Commercial Bank	52,160	$	653
National Industrialization *	12,941		44
Riyad Bank	50,243		316
Sahara International Petrochemical	15,509		71
Samba Financial Group	41,970		339
Saudi Airlines Catering	1,729		47
Saudi Arabian Fertilizer	8,009		160
Saudi Arabian Mining *	18,072		207
Saudi Arabian Oil *	36,700		334
Saudi Basic Industries	33,740		787
Saudi British Bank	24,781		211
Saudi Cement	3,828		69
Saudi Electricity	44,197		234
Saudi Industrial Investment Group	11,881		75
Saudi Kayan Petrochemical *	29,416		78
Saudi Telecom	17,016		414
Savola Group *	13,106		125
Yanbu National Petrochemical	9,557		134
			6,483
			–
Singapore — 0.3%
Ascendas Real Estate Investment Trust "	104,168		240
CapitaLand Commercial Trust "	95,100		144
CapitaLand Ltd	92,300		245
CapitaLand Mall Trust "	93,300		172
City Developments Ltd	16,500		128
ComfortDelGro	78,400		125
Dairy Farm International Holdings Ltd	10,300		53
DBS Group Holdings Ltd	64,100		1,191
Genting Singapore Ltd	196,400		124
Hongkong Land Holdings Ltd	41,900		223
Jardine Cycle & Carriage Ltd	3,600		77
Jardine Matheson Holdings Ltd	7,900		442
Jardine Strategic Holdings Ltd	8,000		247
Keppel Corp Ltd	52,300		256
Mapletree Commercial Trust "	71,900		124
Oversea-Chinese Banking Corp Ltd	113,611		901
SATS Ltd	24,700		83
Sembcorp Industries Ltd	23,600		37
Singapore Airlines Ltd	19,600		123
Singapore Exchange Ltd	29,100		185
Singapore Press Holdings Ltd	58,400		86
Singapore Technologies Engineering	56,400		170
Singapore Telecommunications Ltd	291,800		705
Suntec Real Estate Investment Trust "	68,600		92
United Overseas Bank Ltd	45,000		846
UOL Group Ltd	17,000		99
Venture Corp Ltd	10,000		120
Wilmar International Ltd	69,400		199
Yangzijiang Shipbuilding Holdings Ltd	87,200		61
			7,498

–

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Slovak Republic — 0.0%
Celltrion Inc *	4,014	$	556
			–
South Africa — 0.4%
Absa Group Ltd	31,266		286
Anglo American Platinum Ltd	2,410		193
AngloGold Ashanti Ltd	18,510		375
Aspen Pharmacare Holdings Ltd	16,186		125
Bid Corp Ltd	14,322		317
Bidvest Group Ltd/The	13,878		192
Capitec Bank Holdings Ltd	2,028		182
Clicks Group Ltd	11,183		182
Discovery	16,140		126
Exxaro Resources	12,377		100
FirstRand Ltd	144,878		558
Fortress, Cl A "	41,177		51
Foschini Group Ltd/The	11,678		107
Gold Fields Ltd	39,877		260
Growthpoint Properties Ltd "	141,679		199
Impala Platinum Holdings *	28,217		266
Investec Ltd	14,922		84
Kumba Iron Ore Ltd	2,229		52
Liberty Holdings Ltd	3,342		24
Life Healthcare Group Holdings Ltd	48,238		81
Momentum Metropolitan Holdings	22,179		30
Mr Price Group	12,497		142
MTN Group Ltd	73,894		398
MultiChoice Group Ltd *	21,205		151
Naspers Ltd, Cl N	18,733		3,073
Nedbank Group Ltd	15,803		206
NEPI Rockcastle PLC	19,074		157
Northam Platinum *	8,800		74
Old Mutual Ltd	215,865		249
Pick n Pay Stores Ltd	12,807		55
PSG Group Ltd	5,218		75
Rand Merchant Investment Holdings Ltd	26,504		48
Redefine Properties Ltd "	267,178		128
Reinet Investments SCA	5,085		109
Remgro Ltd	22,558		274
RMB Holdings	37,200		183
Sanlam Ltd	82,925		409
Sasol Ltd	23,972		382
Shoprite Holdings Ltd	19,647		153
Sibanye Gold	69,532		181
SPAR Group Ltd/The	6,665		85
Standard Bank Group Ltd	55,731		585
Telkom SA SOC Ltd	9,728		21
Tiger Brands Ltd	5,583		73
Vodacom Group	27,587		216
Woolworths Holdings Ltd/South Africa	48,651		144
			11,361

–

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 17

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
South Korea — 1.0%
Amorepacific Corp *	1,379	$	218
AMOREPACIFIC Group *	993		60
BGF retail	268		37
BNK Financial Group	9,587		54
Celltrion Healthcare Co Ltd *	1,823		87
Cheil Worldwide Inc	2,376		42
CJ CheilJedang *	287		57
CJ Corp *	502		35
CJ ENM Co Ltd	372		43
CJ Logistics Corp *	314		38
Daelim Industrial *	1,377		94
Daewoo Engineering & Construction *	4,086		15
Daewoo Shipbuilding & Marine
Engineering Co Ltd *	884		18
DB Insurance	2,148		77
Doosan Bobcat Inc	1,725		45
E-MART Inc *	723		67
Fila Holdings	2,385		88
GS Engineering & Construction Corp	2,067		49
GS Holdings Corp	1,768		68
GS Retail Co Ltd	719		24
Hana Financial Group Inc	13,150		366
Hankook Tire Co Ltd *	3,112		75
Hanmi Pharm *	225		53
Hanon Systems	6,465		57
Hanwha Corp	886		16
Hanwha Life Insurance Co Ltd *	7,290		13
Hanwha Solutions	3,669		52
HDC Hyundai Development -Engineering &
Construction, Cl E *	1,885		33
Helixmith Co Ltd *	778		50
HLB Inc *	1,350		105
Hotel Shilla Co Ltd *	1,560		114
Hyundai Department Store Co Ltd	483		32
Hyundai Engineering & Construction *	3,782		121
Hyundai Glovis Co Ltd	798		98
Hyundai Heavy Industries Co Ltd *	1,630		156
Hyundai Heavy Industries Holdings Co
Ltd *	486		112
Hyundai Marine & Fire Insurance Co Ltd	2,100		39
Hyundai Mobis	2,861		551
Hyundai Motor	6,530		685
Hyundai Steel	3,962		94
Industrial Bank of Korea	12,420		112
Kakao Corp	2,195		293
Kangwon Land Inc *	5,783		134
KB Financial Group Inc	17,362		640
KCC Corp	166		28
Kia Motors Corp	11,519		395
Korea Aerospace Industries *	2,530		64
Korea Electric Power Corp	11,124		237

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Korea Gas Corp *	597	$	16
Korea Investment Holdings Co Ltd *	2,074		116
Korea Zinc Co Ltd *	415		132
Korean Air Lines *	1,632		32
KT&G Corp	5,108		408
Kumho Petrochemical Co Ltd	629		34
LG Chem Ltd	2,024		573
LG Corp	4,080		241
LG Display	11,359		147
LG Electronics	4,578		253
LG Household & Health Care Ltd	408		431
LG Innotek	489		62
LG Uplus Corp	3,757		42
Lotte Chemical Corp *	831		132
Lotte Corp	633		19
Lotte Shopping Co Ltd *	392		38
Medy-Tox Inc	192		52
Meritz Securities	10,483		32
Mirae Asset Daewoo Co Ltd *	16,809		97
NAVER Corp	6,080		916
NCSoft Corp	722		385
Netmarble Corp *	1,271		96
NH Investment & Securities Co Ltd *	5,988		55
OCI Co Ltd *	657		31
Orange Life Insurance	776		18
Orion Corp/Republic of Korea *	821		71
Ottogi Corp *	30		13
Pan Ocean Co Ltd *	9,200		31
Pearl Abyss Corp *	165		25
POSCO	3,448		639
POSCO Chemical Co Ltd *	531		26
Posco International Corp	1,207		17
S-1, Cl 1 *	589		45
Samsung Biologics Co Ltd *	721		293
Samsung C&T Corp	3,732		340
Samsung Card Co Ltd	1,233		39
Samsung Electro-Mechanics Co Ltd	2,424		254
Samsung Electronics Co Ltd	203,238		9,617
Samsung Engineering *	5,426		79
Samsung Fire & Marine Insurance Co Ltd	1,320		234
Samsung Heavy Industries Co Ltd *	21,737		121
Samsung Life Insurance Co Ltd	2,944		172
Samsung SDI Co Ltd	2,407		557
Samsung SDS	1,497		244
Samsung Securities Co Ltd	2,660		79
Shinhan Financial Group Co Ltd	19,822		651
Shinsegae Inc	256		57
SK Holdings Co Ltd	1,543		305
SK Hynix Inc	23,336		1,831
SK Innovation Co Ltd	2,416		264
SK Telecom Co Ltd	967		186
S-Oil Corp	1,916		122

18 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Woongjin Coway Co Ltd	2,198	$	162
Woori Financial Group Inc	22,527		192
Yuhan Corp *	325		59
			27,024
			–
Spain — 0.6%
ACS Actividades de Construccion y
Servicios SA	9,384		312
Aena SME SA	2,417		448
Amadeus IT Group SA, Cl A	15,162		1,190
Banco Bilbao Vizcaya Argentaria SA	237,935		1,231
Banco de Sabadell SA	205,791		186
Banco Santander SA	587,243		2,313
Bankia	44,986		82
Bankinter SA	24,375		158
CaixaBank SA	128,695		376
Cellnex Telecom	9,007		448
Enagas SA	8,167		220
Endesa SA	11,406		313
Ferrovial SA	17,718		563
Grifols	10,713		360
Iberdrola	218,099		2,386
Industria de Diseno Textil SA	38,941		1,311
Mapfre SA	39,194		100
Naturgy Energy Group	10,780		284
Red Electrica Corp SA	15,530		310
Repsol SA	53,324		737
Siemens Gamesa Renewable Energy SA	8,636		138
Telefonica SA	166,739		1,129
			14,595
			–
Sweden — 0.5%
Alfa Laval	11,320		283
Assa Abloy AB, Cl B	35,814		852
Atlas Copco AB, Cl B	13,991		435
Atlas Copco AB, Cl A	24,000		852
Boliden	9,843		234
Electrolux AB	8,133		193
Epiroc, Cl A	23,719		275
Epiroc AB, Cl B	14,147		160
Essity AB, Cl B	21,682		688
Hennes & Mauritz AB, Cl B	28,773		632
Hexagon, Cl B	9,321		508
Husqvarna, Cl B	15,147		114
ICA Gruppen AB	2,986		131
Industrivarden AB, Cl C	6,063		143
Investor AB, Cl B	16,275		892
Kinnevik	8,712		210
L E Lundbergforetagen AB, Cl B	2,775		121
Lundin Petroleum	6,754		206
Millicom International Cellular SA	1,932		91
Nordea Bank Abp	111,763		883
Sandvik AB	40,352		737

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Securitas AB, Cl B	11,293	$	178
Skandinaviska Enskilda Banken AB, Cl A	58,235		575
Skanska AB, Cl B	12,256		284
SKF AB, Cl B	13,674		251
Svenska Handelsbanken AB, Cl A	54,645		537
Swedbank AB, Cl A	32,422		499
Swedish Match AB	5,828		330
Tele2 AB, Cl B	17,957		271
Telefonaktiebolaget LM Ericsson, Cl B	109,685		862
Telia Co AB	94,264		403
Volvo AB, Cl B	53,063		910
			13,740
			–
Switzerland — 1.9%
ABB Ltd	65,769		1,535
Adecco Group AG	5,678		334
Alcon Inc *	14,537		858
Baloise Holding AG	1,752		317
Barry Callebaut	108		239
Chocoladefabriken Lindt & Spruengli AG	42		607
Cie Financiere Richemont SA	18,623		1,364
Clariant AG	6,592		148
Coca-Cola HBC AG	7,211		265
Credit Suisse Group AG	91,248		1,156
Dufry AG	1,565		136
EMS-Chemie Holding AG	295		193
Geberit	1,325		699
Givaudan	330		1,088
Julius Baer Group Ltd	8,029		402
Kuehne + Nagel International AG	1,941		314
LafargeHolcim Ltd	17,343		883
Lonza Group AG	2,660		1,093
Nestle SA	105,283		11,613
Novartis AG	76,190		7,202
Pargesa Holding SA	1,407		113
Partners Group Holding AG	669		614
Roche Holding AG	24,846		8,355
Schindler Holding	1,461		378
Schindler Holding AG	728		181
SGS SA	191		553
Sika AG	4,560		820
Sonova Holding AG	1,988		498
Straumann Holding AG	370		353
Swatch Group	1,053		265
Swatch Group AG/The	2,037		99
Swiss Life Holding AG	1,168		588
Swiss Prime Site AG	2,734		334
Swiss Re AG	10,351		1,170
Swisscom AG	927		509
Temenos AG	2,291		370
Transocean *	28,200		129
UBS Group	137,554		1,711
Vifor Pharma AG	1,638		302

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 19

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Zurich Insurance Group AG	5,283	$	2,195
			49,983
			–
Taiwan — 1.1%
Accton Technology	12,000		65
Acer Inc	152,000		85
Advantech Co Ltd	17,000		164
Airtac International Group	5,000		78
ASE Technology Holding	150,000		370
Asia Cement Corp	107,000		160
Asustek Computer Inc	29,000		215
AU Optronics Corp	300,000		100
Catcher Technology Co Ltd	28,000		226
Cathay Financial Holding Co Ltd	339,037		456
Chailease Holding Co Ltd	56,650		238
Chang Hwa Commercial Bank Ltd	267,240		190
Cheng Shin Rubber Industry	80,000		104
Chicony Electronics Co Ltd	31,000		88
China Airlines	48,000		13
China Development Financial Holding Corp	616,000		189
China Life Insurance Co Ltd/Taiwan	134,471		110
China Steel Corp	497,000		380
Chunghwa Telecom Co Ltd	168,000		601
Compal Electronics	145,000		88
CTBC Financial Holding Co Ltd	812,000		593
Delta Electronics Inc	85,000		402
E.Sun Financial Holding Co Ltd	440,351		410
Eclat Textile Co Ltd	7,000		90
Eva Airways Corp	80,327		32
Evergreen Marine Corp Taiwan Ltd *	55,818		22
Far Eastern New Century Corp	157,000		147
Far EasTone Telecommunications	77,000		175
Feng TAY Enterprise Co Ltd	11,000		67
First Financial Holding	418,630		327
Formosa Chemicals & Fibre Corp	148,000		416
Formosa Petrochemical	51,000		152
Formosa Plastics	190,000		587
Formosa Taffeta Co Ltd	22,000		25
Foxconn Technology Co Ltd	48,000		96
Fubon Financial Holding	281,000		419
Giant Manufacturing Co Ltd	15,000		89
Globalwafers	8,000		106
Highwealth Construction Corp	28,000		42
Hiwin Technologies	8,240		83
Hon Hai Precision Industry Co Ltd	536,000		1,476
Hotai Motor	13,000		268
Hua Nan Financial Holdings Co Ltd	330,511		237
Innolux Corp	293,000		85
Inventec	87,000		66
Largan Precision Co Ltd	4,000		636
Lite-On Technology Corp	104,000		163
MediaTek Inc	65,000		835
Mega Financial Holding Co Ltd	459,000		479

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Micro-Star International Co Ltd	35,000	$	108
Nan Ya Plastics Corp	222,000		512
Nanya Technology	43,000		111
Nien Made Enterprise Co Ltd	8,000		66
Novatek Microelectronics Corp	25,000		180
Pegatron Corp	81,000		171
Phison Electronics Corp	8,000		85
Pou Chen Corp	110,000		128
Powertech Technology Inc	26,000		93
President Chain Store Corp	24,000		237
Quanta Computer Inc	115,000		236
Realtek Semiconductor	20,000		164
Ruentex Development Co Ltd	7,000		10
Ruentex Industries Ltd	10,000		23
Shanghai Commercial & Savings Bank
Ltd/The *	140,862		233
Shin Kong Financial Holding Co Ltd	524,720		171
SinoPac Financial Holdings Co Ltd	514,000		220
Standard Foods Corp	12,000		28
Synnex Technology International Corp	70,000		87
Taishin Financial Holding	461,399		216
Taiwan Business Bank	139,650		57
Taiwan Cement	206,143		287
Taiwan Cooperative Financial Holding
Co Ltd	379,480		261
Taiwan High Speed Rail	97,000		116
Taiwan Mobile	76,000		269
Taiwan Semiconductor Manufacturing	1,045,000		11,070
Tatung *	79,000		51
Uni-President Enterprises Corp	207,000		497
United Microelectronics Corp	481,000		237
Vanguard International Semiconductor
Corp	31,000		77
Walsin Technology Corp	11,000		77
Win Semiconductors Corp	14,000		131
Winbond Electronics	161,000		90
Wistron	98,000		88
WPG Holdings Ltd	78,000		98
Yageo	9,000		115
Yuanta Financial Holding Co Ltd	416,000		271
Zhen Ding Technology Holding Ltd	24,000		95
			29,411
			–
Thailand — 0.2%
Advanced Info Service PCL NVDR	55,700		365
Airports of Thailand PCL NVDR	188,010		425
Bangkok Bank	9,900		46
Bangkok Bank PCL NVDR	13,600		63
Bangkok Dusit Medical Services PCL NVDR	408,266		326
Bangkok Expressway & Metro PCL NVDR	378,000		133
Banpu NVDR	151,800		49
Berli Jucker PCL NVDR	42,600		56
BTS Group Holdings PCL NVDR	323,200		130

20 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Bumrungrad Hospital NVDR	15,300	$	66
Central Pattana NVDR	106,500		208
Charoen Pokphand Foods PCL NVDR	188,600		182
CP ALL PCL NVDR	268,500		609
Electricity Generating PCL NVDR	14,300		140
Energy Absolute PCL NVDR	82,900		115
Fabrinet *	4,477		282
Gulf Energy Development NVDR	19,100		118
Home Product Center NVDR	289,200		135
Indorama Ventures PCL NVDR	84,100		76
Intouch Holdings NVDR	100,700		180
IRPC PCL NVDR	401,100		37
Kasikornbank PCL NVDR	87,845		396
Krung Thai Bank NVDR	177,600		92
Land & Houses PCL NVDR	412,700		123
Minor International PCL NVDR	134,900		133
Muangthai Capital PCL NVDR	16,500		34
PTT Exploration & Production NVDR	65,700		262
PTT Global Chemical PCL NVDR	93,742		147
PTT PCL NVDR	500,555		695
Ratch Group NVDR	26,300		57
Robinson NVDR	12,000		21
Siam Cement PCL/The NVDR	36,100		415
Siam Commercial Bank NVDR	42,400		133
Thai Oil PCL NVDR	39,200		65
Thai Union Group PCL NVDR	118,200		58
TMB Bank NVDR	289,100		13
Total Access Communication NVDR	26,500		38
True Corp PCL NVDR	414,900		50
			6,473
			–
Turkey — 0.1%
Akbank T.A.S.	140,184		193
Anadolu Efes Biracilik Ve Malt Sanayii	6,106		25
Arcelik AS	10,821		38
Aselsan Elektronik Sanayi Ve Ticaret AS	8,833		35
BIM Birlesik Magazalar AS	18,041		147
Eregli Demir ve Celik Fabrikalari TAS	59,424		93
Ford Otomotiv Sanayi	1,100		14
Haci Omer Sabanci Holding	38,973		63
KOC Holding AS	26,326		86
TAV Havalimanlari Holding AS	5,106		23
Tupras Turkiye Petrol Rafinerileri AS	4,333		82
Turk Hava Yollari AO *	18,779		43
Turkcell Iletisim Hizmetleri AS	38,065		90
Turkiye Garanti Bankasi AS	112,830		224
Turkiye Is Bankasi, Cl C	53,580		65
			1,221
			–
United Arab Emirates — 0.1%
Abu Dhabi Commercial Bank PJSC	118,430		247
Aldar Properties PJSC	133,321		81
DP World PLC	8,231		115

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Dubai Islamic Bank PJSC	83,268	$	129
Emaar Malls PJSC	90,071		44
Emaar Properties PJSC	168,992		186
Emirates Telecommunications Group Co
PJSC	74,019		328
First Abu Dhabi Bank PJSC	116,177		490
			1,620
			–
United Kingdom — 3.0%
3i Group PLC	34,842		507
Admiral Group PLC	6,819		203
Anglo American PLC	36,356		952
Antofagasta PLC	14,264		155
Aon PLC	12,700		2,797
Ashtead Group PLC	15,956		516
Associated British Foods PLC	12,770		442
AstraZeneca	46,450		4,546
Auto Trader Group PLC	33,622		249
AVEVA Group	2,304		149
Aviva PLC	139,497		733
BAE Systems PLC	114,253		951
Barclays	611,568		1,354
Barratt Developments	36,472		386
Berkeley Group Holdings PLC	4,041		279
BHP Group PLC	74,203		1,624
BP PLC	721,848		4,346
British American Tobacco PLC	81,154		3,592
British Land "	32,630		239
BT Group, Cl A	301,359		639
Bunzl PLC	12,074		313
Burberry Group	14,763		380
Carnival PLC	5,908		243
Centrica PLC	205,055		229
Compass Group	56,595		1,400
Croda International PLC	4,614		303
DCC PLC	3,528		285
Diageo PLC	83,731		3,322
Direct Line Insurance Group	49,578		221
easyJet PLC	5,883		108
Evraz	18,281		85
Ferguson	8,014		719
G4S PLC	56,171		145
GlaxoSmithKline PLC	176,671		4,155
Glencore PLC	381,148		1,118
GVC Holdings PLC	21,034		243
Halma	13,620		378
Hargreaves Lansdown PLC	10,241		233
HSBC Holdings	715,637		5,205
Imperial Brands PLC	34,180		879
Informa	44,829		458
InterContinental Hotels Group PLC	6,166		381
Intertek Group PLC	5,783		439
ITV	130,824		234

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 21

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
J Sainsbury PLC	63,755	$	170
JD Sports Fashion	15,617		169
Johnson Matthey PLC	6,956		239
Kingfisher PLC	76,085		205
Kingspan Group PLC	5,509		340
Land Securities Group PLC "	25,322		313
Legal & General Group	213,038		858
Lloyds Banking Group PLC	2,474,490		1,852
London Stock Exchange Group PLC	11,197		1,157
M&G *	92,479		293
Magnitogorsk Iron & Steel Works PJSC GDR	6,131		56
Marks & Spencer Group	70,371		163
Meggitt PLC	28,044		250
Melrose Industries PLC	174,156		535
Micro Focus International	6,081		82
Micro Focus International PLC ADR	6,221		83
Mondi	17,291		352
National Grid PLC	122,665		1,626
Next PLC	4,586		417
NMC Health PLC	3,417		58
Novolipetsk Steel PJSC GDR	5,872		127
Ocado Group *	16,369		264
Pearson PLC	28,069		210
Persimmon PLC	11,412		459
Polymetal International	7,309		124
Polyus PJSC GDR	2,002		122
Prudential PLC	92,479		1,648
Reckitt Benckiser Group PLC	25,230		2,089
RELX PLC	68,534		1,819
Rentokil Initial	66,367		409
Rio Tinto PLC	39,910		2,149
Rolls-Royce Holdings PLC	60,987		539
Royal Bank of Scotland Group PLC	172,536		496
RSA Insurance Group PLC	36,918		268
Sage Group PLC/The	38,922		379
Schroders PLC	4,492		190
Segro PLC "	39,222		471
Severn Trent PLC	8,541		290
Smith & Nephew PLC	31,277		753
Smiths Group PLC	14,231		317
Spirax-Sarco Engineering	2,644		311
SSE PLC	35,529		706
St. James's Place	19,042		287
Standard Chartered PLC	95,415		794
Standard Life Aberdeen PLC	82,060		326
Tata Steel Ltd GDR	12,084		72
Taylor Wimpey	118,018		335
Tesco PLC	349,654		1,138
Unilever PLC	39,114		2,337
United Utilities Group PLC	24,525		328
Vodafone Group PLC	953,261		1,876
VTB Bank PJSC GDR	54,743		78

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Weir Group PLC/The	9,373	$	167
Whitbread PLC	4,760		280
Wm Morrison Supermarkets PLC	85,331		205
WPP PLC	45,141		562
			78,278
			–
United States — 69.8%
Communication Services — 6.3%
Activision Blizzard Inc	41,100		2,404
Alphabet Inc, Cl A *	16,300		23,354
Alphabet Inc, Cl C *	16,300		23,378
Altice USA, Cl A *	17,900		490
AMC Entertainment Holdings Inc, Cl A	6,766		44
AMC Networks Inc, Cl A *	2,400		88
Anterix *	1,396		65
AT&T Inc	396,900		14,931
ATN International Inc	1,352		78
Bandwidth, Cl A *	2,041		145
Boingo Wireless Inc *	5,229		59
Boston Omaha Corp, Cl A *	1,358		27
Cable One Inc	200		341
Cardlytics Inc *	1,765		148
Care.com Inc *	2,871		43
Cargurus, Cl A *	9,148		326
Cars.com Inc *	8,130		95
CenturyLink	59,300		810
Charter Communications Inc, Cl A *	8,400		4,347
Cincinnati Bell Inc *	5,850		80
Cinemark Holdings Inc	5,800		183
Clear Channel Outdoor Holdings, Cl A *	5,280		14
Cogent Communications Holdings Inc	5,251		372
Comcast Corp, Cl A	245,400		10,599
comScore *	6,445		25
Consolidated Communications Holdings Inc	9,345		45
Cumulus Media, Cl A *	1,916		27
Daily Journal Corp *	153		42
DHI Group *	6,990		20
Discovery Inc, Cl C *	18,800		522
Discovery Inc, Cl A *	8,400		246
DISH Network Corp, Cl A *	13,399		493
Electronic Arts Inc *	16,200		1,748
Emerald Expositions Events Inc	3,351		35
Entercom Communications, Cl A	14,792		59
Entravision Communications Corp, Cl A	8,406		19
Eros International PLC *	9,124		22
Eventbrite, Cl A *	4,419		94
EverQuote, Cl A *	1,006		37
EW Scripps, Cl A	7,005		85
Facebook Inc, Cl A *	130,300		26,309
Fluent Inc *	5,810		16
Fox Corp	27,900		1,028
Frontier Communications *	14,493		8
Gaia Inc, Cl A *	1,629		14

22 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Gannett	14,856	$	91
GCI Liberty Inc *	5,500		403
Glu Mobile *	14,347		85
Gogo Inc *	6,895		36
Gray Television Inc *	11,175		227
Hemisphere Media Group Inc, Cl A *	1,767		24
IAC/InterActiveCorp *	4,100		999
IDT, Cl B *	2,382		18
Intelsat SA *	8,501		29
Interpublic Group of Cos Inc/The	20,900		474
Iridium Communications *	12,190		311
John Wiley & Sons Inc, Cl A	2,400		105
Lee Enterprises *	7,797		16
Liberty Broadband Corp, Cl C *	5,700		758
Liberty Broadband Corp, Cl A *	1,400		184
Liberty Latin America Ltd, Cl A *	5,540		92
Liberty Latin America Ltd, Cl C *	14,072		237
Liberty Media Corp-Liberty Braves, Cl A *	1,344		39
Liberty Media Corp-Liberty Formula One,
Cl A *	1,400		62
Liberty Media Corp-Liberty Formula One,
Cl C *	10,800		505
Liberty Media Corp-Liberty SiriusXM, Cl A *	4,600		223
Liberty Media -Liberty Braves, Cl C *	4,513		132
Liberty Media -Liberty SiriusXM, Cl C *	9,000		441
Liberty TripAdvisor Holdings Inc, Cl A *	9,220		54
Lions Gate Entertainment, Cl A *	2,700		27
Lions Gate Entertainment Corp, Cl B *	5,400		50
Live Nation Entertainment Inc *	7,500		511
LiveXLive Media Inc *	3,080		4
Loral Space & Communications Inc *	1,544		50
Madison Square Garden *	1,000		296
Marchex, Cl B *	4,893		17
Marcus Corp/The	2,728		80
Match Group Inc *	2,900		227
Meet Group Inc/The *	8,613		46
Meredith Corp	4,903		147
MSG Networks Inc *	5,140		78
National CineMedia Inc	7,419		55
Netflix Inc *	22,800		7,868
New York Times, Cl A	8,800		282
News Corp, Cl A	20,800		283
News Corp	6,600		92
Nexstar Media Group Inc, Cl A	2,400		291
Omnicom Group Inc	12,100		911
Ooma *	2,651		35
ORBCOMM Inc *	9,574		34
Pareteum *	14,399		10
QuinStreet Inc *	5,717		74
Reading International Inc, Cl A *	1,844		19
Roku Inc, Cl A *	4,500		544
Saga Communications Inc, Cl A	405		12

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Scholastic Corp	3,606	$	119
Shenandoah Telecommunications Co	5,906		238
Sinclair Broadcast Group, Cl A	3,300		99
Sirius XM Holdings	77,100		545
Spok Holdings	1,752		19
Spotify Technology *	6,400		904
Sprint Corp *	35,700		156
Take-Two Interactive Software Inc *	6,100		760
TechTarget Inc *	2,731		69
TEGNA Inc	26,580		449
Telephone & Data Systems Inc	5,400		123
T-Mobile US Inc *	16,800		1,330
Travelzoo *	136		1
Tribune Publishing Co	1,982		25
TripAdvisor Inc	5,700		156
TrueCar Inc *	12,379		46
Twitter Inc *	39,000		1,267
United States Cellular Corp *	700		22
Verizon Communications Inc	225,900		13,428
ViacomCBS, Cl B	29,207		997
ViacomCBS	298		11
Vonage Holdings Corp *	27,645		245
Walt Disney Co/The	95,300		13,181
WideOpenWest *	2,757		19
World Wrestling Entertainment Inc, Cl A	2,400		117
Yelp, Cl A *	8,518		278
Zayo Group Holdings Inc *	12,400		431
Zillow Group Inc, Cl A *	3,100		143
Zillow Group Inc, Cl C *	6,600		305
Zynga, Cl A *	41,700		251
			166,637
Consumer Discretionary — 7.3%
1-800-Flowers.com Inc, Cl A *	2,989		45
Aaron's Inc	8,264		491
Abercrombie & Fitch Co, Cl A	7,582		124
Acushnet Holdings Corp	4,389		136
Adient *	10,767		277
Adtalem Global Education Inc *	6,565		227
Advance Auto Parts Inc	3,800		501
Amazon.com Inc *	22,500		45,196
American Axle & Manufacturing Holdings
Inc *	13,951		129
American Eagle Outfitters Inc	19,888		286
American Outdoor Brands Corp *	7,051		66
American Public Education Inc *	1,857		44
America's Car-Mart Inc/TX *	759		83
Aramark	13,300		587
Asbury Automotive Group Inc *	2,416		233
Ascena Retail Group *	569		3
At Home Group Inc *	6,314		36
AutoNation Inc *	3,000		127
AutoZone Inc *	1,300		1,375

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 23

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Barnes & Noble Education Inc *	4,021	$	14
Bassett Furniture Industries	1,017		12
BBX Capital Corp, Cl A	8,835		34
Beazer Homes USA Inc *	3,236		45
Bed Bath & Beyond	15,037		214
Best Buy Co Inc	12,600		1,067
Big Lots Inc	4,752		129
Biglari Holdings, Cl B *	142		15
BJ's Restaurants Inc	2,284		91
Bloomin' Brands	10,692		222
Bluegreen Vacations Corp	1,118		10
Booking Holdings Inc *	2,300		4,210
Boot Barn Holdings Inc *	3,394		142
BorgWarner Inc	11,400		391
Boyd Gaming Corp	9,918		296
Bright Horizons Family Solutions Inc *	3,100		508
Brinker International Inc	4,688		200
Brunswick Corp/DE	4,700		295
Buckle Inc/The	3,487		85
Burlington Stores Inc *	3,600		783
Caesars Entertainment *	31,100		425
Caleres Inc	4,875		86
Callaway Golf	11,685		250
Camping World Holdings Inc, Cl A	3,908		61
Capri Holdings Ltd *	7,600		228
CarMax Inc *	9,300		902
Carnival Corp	21,800		949
Carriage Services Inc, Cl A	1,938		46
Carrols Restaurant Group Inc *	4,625		21
Carter's Inc	2,500		265
Carvana Co, Cl A *	2,200		174
Cato Corp/The, Cl A	2,616		42
Cavco Industries Inc *	1,069		239
Century Casinos Inc *	3,684		31
Century Communities Inc *	3,360		100
Cheesecake Factory Inc/The	5,104		196
Chegg *	14,551		600
Chico's FAS Inc	13,942		54
Children's Place	1,887		113
Chipotle Mexican Grill, Cl A *	1,300		1,127
Choice Hotels International Inc	1,900		190
Churchill Downs Inc	4,334		626
Chuy's Holdings Inc *	1,969		48
Citi Trends Inc	1,277		30
Clarus Corp	3,103		41
Collectors Universe	898		22
Columbia Sportswear Co	1,600		150
Conn's Inc *	2,631		23
Container Store Group Inc/The *	1,670		7
Cooper Tire & Rubber	6,322		167
Cooper-Standard Holdings Inc *	1,985		53
Core-Mark Holding Co Inc	5,676		133

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Cracker Barrel Old Country Store Inc	2,957	$	452
Crocs *	8,489		322
Culp	1,511		19
Dana Inc	17,625		272
Darden Restaurants Inc	6,800		792
Dave & Buster's Entertainment Inc	3,736		165
Deckers Outdoor Corp *	3,446		658
Del Taco Restaurants Inc *	3,794		29
Delphi Automotive PLC	14,200		1,204
Delta Apparel *	877		22
Denny's Corp *	7,268		149
Designer Brands Inc, Cl A	7,487		107
Dick's Sporting Goods Inc	3,900		173
Dillard's Inc, Cl A	1,191		72
Dine Brands Global Inc	1,997		170
Dollar General Corp	14,100		2,163
Dollar Tree Inc *	12,800		1,115
Domino's Pizza Inc	2,300		648
Dorman Products Inc *	3,319		232
DR Horton Inc	18,600		1,101
Drive Shack Inc *	8,093		31
Duluth Holdings Inc, Cl B *	855		7
Dunkin' Brands Group Inc	4,500		351
eBay Inc	43,200		1,450
El Pollo Loco Holdings Inc *	2,235		31
Eldorado Resorts Inc *	8,128		486
Escalade Inc	1,113		10
Ethan Allen Interiors Inc	3,148		51
Etsy Inc *	6,500		317
Everi Holdings Inc *	8,493		106
Expedia Group Inc	7,500		813
Express Inc *	7,599		30
Extended Stay America	10,300		133
Fiesta Restaurant Group *	3,261		32
Five Below Inc *	3,000		340
Flexsteel Industries	755		12
Floor & Decor Holdings Inc, Cl A *	3,200		158
Foot Locker Inc	6,100		232
Ford Motor Co	213,000		1,879
Fossil Group Inc *	5,999		40
Fox Factory Holding *	4,630		305
frontdoor Inc *	4,600		196
Funko Inc, Cl A *	2,827		42
GameStop, Cl A	11,654		45
Gap Inc/The	11,800		205
Garmin Ltd	7,900		766
General Motors Co	67,600		2,257
Genesco Inc *	1,871		74
Gentex Corp	14,300		426
Gentherm Inc *	4,006		185
Genuine Parts Co	7,800		730
G-III Apparel Group Ltd *	5,467		149

24 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value				Market Value
Description	Shares		($ Thousands)	Description	Shares		($ Thousands)
COMMON STOCK (continued)				COMMON STOCK (continued)
GNC Holdings Inc, Cl A *	8,476	$	18	Lennar Corp, Cl B	900	$	47
Golden Entertainment *	2,309		40	LGI Homes Inc *	2,445		195
Goodyear Tire & Rubber Co/The	12,700		167	Lifetime Brands Inc	1,266		9
GoPro Inc, Cl A *	14,804		58	Lindblad Expeditions Holdings Inc *	3,009		50
Graham Holdings, Cl B	200		110	Liquidity Services *	3,831		20
Grand Canyon Education *	2,600		204	Lithia Motors, Cl A	2,742		372
Green Brick Partners Inc *	2,816		33	LKQ Corp *	17,300		565
Group 1 Automotive Inc	2,185		220	Lovesac Co/The *	804		9
Groupon Inc, Cl A *	55,574		160	Lowe's	42,200		4,905
Grubhub *	4,900		265	Lululemon Athletica Inc *	6,400		1,532
Guess? Inc	5,546		118	Lumber Liquidators Holdings *	3,782		29
H&R Block Inc	11,200		260	M/I Homes Inc *	3,231		143
Habit Restaurants Inc/The, Cl A *	2,816		39	Macy's Inc	16,700		266
Hamilton Beach Brands Holding Co, Cl A	674		11	Malibu Boats Inc, Cl A *	2,446		107
Hanesbrands Inc	19,600		270	Marine Products Corp	799		11
Harley-Davidson Inc	8,900		297	MarineMax *	2,477		49
Hasbro Inc	6,300		642	Marriott International Inc/MD, Cl A	14,900		2,087
Haverty Furniture Cos Inc	2,107		42	Marriott Vacations Worldwide Corp	5,083		611
Helen of Troy Ltd *	3,074		581	MasterCraft Boat Holdings Inc *	2,418		42
Hibbett Sports Inc *	2,117		52	Mattel Inc *	18,800		275
Hilton Grand Vacations Inc *	5,300		169	McDonald's	41,100		8,794
Hilton Worldwide Holdings Inc	15,000		1,617	MDC Holdings Inc	6,096		257
Home Depot	60,100		13,709	Meritage Homes Corp *	4,509		320
Hooker Furniture	1,586		39	MGM Resorts International	27,300		848
Houghton Mifflin Harcourt *	13,486		74	Michaels Cos Inc/The *	10,012		49
Hudson Ltd, Cl A *	4,723		52	Modine Manufacturing Co *	6,377		45
Hyatt Hotels Corp, Cl A	2,200		186	Mohawk Industries Inc *	3,400		448
Inspired Entertainment *	1,391		8	Monarch Casino & Resort Inc *	1,349		72
Installed Building Products Inc *	2,827		210	Monro Inc	4,017		252
International Game Technology	5,400		73	Motorcar Parts of America Inc *	2,473		49
iRobot Corp *	3,384		159	Movado Group Inc	1,966		34
J Alexander's Holdings Inc *	1,321		13	Murphy USA Inc *	3,570		365
J. Jill Inc	481		1	Nathan's Famous Inc	397		26
Jack in the Box Inc	3,185		260	National Vision Holdings Inc *	9,680		330
JC Penney Co Inc *	41,985		31	Newell Brands	20,600		402
Johnson Outdoors Inc, Cl A	648		51	NIKE Inc, Cl B	67,200		6,471
K12 Inc *	4,705		76	Noodles, Cl A *	3,931		28
KB Home	10,630		399	Nordstrom Inc	6,400		236
Kohl's Corp	8,900		380	Norwegian Cruise Line Holdings Ltd *	12,000		646
Kontoor Brands	5,420		207	NVR Inc *	170		649
Kura Sushi USA, Cl A *	400		9	Office Depot Inc	68,705		153
L Brands Inc	12,500		290	Ollie's Bargain Outlet Holdings Inc *	2,900		154
Lands' End Inc *	1,063		12	OneSpaWorld Holdings	5,833		88
Las Vegas Sands Corp	18,500		1,208	O'Reilly Automotive Inc *	4,100		1,665
Laureate Education Inc, Cl A *	14,524		303	Overstock.com Inc *	3,580		29
La-Z-Boy Inc, Cl Z	5,554		170	Oxford Industries Inc	2,098		146
LCI Industries	3,022		326	Papa John's International Inc	2,698		175
Leaf Group Ltd *	1,750		6	Party City Holdco Inc *	7,103		20
Lear Corp	3,400		419	Penn National Gaming Inc *	13,521		403
Legacy Housing *	736		10	Penske Automotive Group Inc	1,900		89
Leggett & Platt	7,100		338	Perdoceo Education *	8,513		151
Lennar Corp, Cl A	15,400		1,022	PetMed Express Inc	2,315		58

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 25

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Planet Fitness, Cl A *	4,600	$	372
PlayAGS Inc *	3,456		36
Polaris	3,200		294
Pool Corp	2,100		461
Potbelly *	2,339		10
PulteGroup Inc	13,700		612
Purple Innovation, Cl A *	1,201		15
PVH Corp	4,100		357
Quotient Technology Inc *	9,055		91
Qurate Retail Inc, Cl A *	22,600		193
Ralph Lauren Corp, Cl A	2,900		329
RCI Hospitality Holdings Inc	1,293		23
RealReal *	2,056		30
Red Lion Hotels *	3,360		9
Red Robin Gourmet Burgers *	1,696		56
Red Rock Resorts Inc, Cl A	8,673		213
Regis Corp *	2,726		42
Rent-A-Center Inc/TX, Cl A	5,936		173
RH *	2,040		426
Rocky Brands Inc	960		26
Ross Stores	19,300		2,165
Royal Caribbean Cruises Ltd	9,100		1,065
RTW RetailWinds *	856		–
Rubicon Project *	6,357		60
Ruth's Hospitality Group Inc	3,400		70
Sally Beauty Holdings Inc *	14,976		230
Scientific Games, Cl A *	6,993		174
SeaWorld Entertainment Inc *	5,709		197
Select Interior Concepts, Cl A *	2,904		24
Service Corp International/US	9,500		456
ServiceMaster Global Holdings Inc *	7,400		267
Shake Shack Inc, Cl A *	3,559		240
Shoe Carnival Inc	1,094		39
Shutterstock Inc	2,409		104
Signet Jewelers Ltd	6,301		153
Six Flags Entertainment Corp	3,900		149
Skechers U.S.A. Inc, Cl A *	7,100		265
Skyline Champion *	6,169		177
Sleep Number Corp *	3,518		181
Sonic Automotive, Cl A	2,941		93
Sonos Inc *	8,932		123
Sportsman's Warehouse Holdings Inc *	5,264		34
Stamps.com *	2,049		153
Standard Motor Products	2,563		125
Starbucks	64,400		5,463
Steven Madden Ltd	10,365		400
Stitch Fix, Cl A *	4,981		114
Stoneridge Inc *	3,147		88
Strategic Education Inc	2,629		427
Sturm Ruger & Co Inc	2,136		106
Superior Group of Cos Inc	921		11
Tailored Brands Inc	6,654		26

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Tapestry Inc	15,700	$	405
Target Corp	27,200		3,012
Target Hospitality *	4,390		24
Taylor Morrison Home Corp, Cl A *	12,951		335
Tempur Sealy International Inc *	2,500		229
Tenneco Inc, Cl A	6,162		58
Tesla Inc *	7,800		5,074
Texas Roadhouse Inc, Cl A	8,153		510
Thor Industries	2,700		217
Tiffany & Co	6,600		885
Tilly's Inc, Cl A	3,019		26
TJX Cos Inc/The	66,200		3,908
Toll Brothers Inc	7,400		328
TopBuild Corp *	4,099		469
Tractor Supply	6,700		623
TRI Pointe Group Inc *	16,886		275
Tupperware Brands Corp	6,182		39
Twin River Worldwide Holdings	2,045		55
Ulta Beauty Inc *	3,100		831
Under Armour Inc, Cl A *	10,100		204
Under Armour Inc, Cl C *	10,400		187
Unifi Inc *	1,894		41
Universal Electronics Inc *	1,630		81
Urban Outfitters Inc *	4,000		102
Vail Resorts Inc	2,200		516
Vera Bradley Inc *	2,160		21
VF	16,800		1,394
Vince Holding *	400		6
Vista Outdoor *	7,533		56
Visteon Corp *	3,439		274
Waitr Holdings *	6,970		2
Wayfair Inc, Cl A *	3,100		290
Wendy's Co/The	10,100		219
Weyco Group Inc	860		19
Whirlpool Corp	3,400		497
William Lyon Homes, Cl A *	3,823		89
Williams-Sonoma Inc	4,400		308
Wingstop Inc, Cl A	3,634		337
Winmark Corp	292		58
Winnebago Industries Inc	3,776		207
Wolverine World Wide Inc	9,733		307
WW International *	5,761		190
Wyndham Destinations Inc	5,200		252
Wyndham Hotels & Resorts Inc	5,300		303
Wynn Resorts Ltd	5,600		707
YETI Holdings Inc *	4,937		180
Yum China Holdings Inc	35,500		1,529
Yum! Brands Inc	16,700		1,766
ZAGG Inc *	3,873		29
Zumiez *	2,449		76
			192,569

26 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Consumer Staples — 4.4%
22nd Century Group Inc *	15,693	$	14
Alico Inc	586		21
Altria Group Inc	102,000		4,848
Andersons Inc/The	4,024		91
Archer-Daniels-Midland Co	30,500		1,365
B&G Foods Inc, Cl A	7,669		123
BellRing Brands, Cl A *	4,892		106
Beyond Meat *	2,600		287
BJ's Wholesale Club Holdings Inc *	13,739		282
Boston Beer Co Inc/The, Cl A *	1,030		367
Bridgford Foods *	291		6
Brown-Forman Corp, Cl A	2,800		180
Brown-Forman Corp, Cl B	9,400		636
Bunge	7,700		404
Calavo Growers	1,976		151
Cal-Maine Foods Inc	3,910		140
Campbell Soup Co	9,700		469
Casey's General Stores	2,000		322
Celsius Holdings Inc *	3,791		20
Central Garden & Pet Co, Cl A *	6,586		200
Chefs' Warehouse Inc/The *	3,121		114
Church & Dwight Co Inc	13,300		987
Clorox Co/The	7,000		1,101
Coca-Cola	208,900		12,200
Coca-Cola Consolidated Inc	587		159
Coca-Cola European Partners	4,700		247
Colgate-Palmolive Co	45,800		3,379
Conagra Brands Inc	26,300		866
Constellation Brands Inc, Cl A	8,500		1,601
Costco Wholesale Corp	23,900		7,302
Coty Inc, Cl A	17,204		176
Craft Brew Alliance Inc *	1,641		27
Darling Ingredients Inc *	20,141		546
Edgewell Personal Care Co *	6,728		174
elf Beauty Inc *	3,464		54
Energizer Holdings Inc	3,400		157
Estee Lauder Cos Inc/The, Cl A	11,700		2,283
Farmer Brothers Co *	1,471		18
Flowers Foods Inc	9,800		211
Fresh Del Monte Produce Inc	3,878		122
Freshpet Inc *	4,225		266
General Mills Inc	32,400		1,692
Hain Celestial Group Inc/The *	5,000		121
Herbalife Nutrition *	5,900		229
Hershey Co/The	7,700		1,195
HF Foods Group *	1,041		18
Hormel Foods Corp	14,800		699
Hostess Brands Inc, Cl A *	14,737		198
Ingles Markets, Cl A	1,825		76
Ingredion Inc	3,600		317
Inter Parfums Inc	2,188		151

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
J&J Snack Foods Corp	1,885	$	313
JM Smucker	6,000		622
John B Sanfilippo & Son Inc	1,105		93
Kellogg Co	13,500		921
Keurig Dr Pepper Inc	9,900		282
Kimberly-Clark	18,700		2,679
Kraft Heinz Co/The	32,900		961
Kroger	43,300		1,163
Lamb Weston Holdings Inc	8,000		730
Lancaster Colony Corp	2,342		362
Landec *	2,826		32
Lifevantage *	1,538		25
Limoneira	2,085		41
McCormick & Co Inc/MD	6,700		1,095
Medifast Inc	1,393		135
MGP Ingredients Inc	1,682		57
Molson Coors Beverage, Cl B	9,500		528
Mondelez International Inc, Cl A	77,900		4,470
Monster Beverage Corp *	21,000		1,399
National Beverage *	1,408		60
Natural Grocers by Vitamin Cottage Inc	1,418		13
Nature's Sunshine Products Inc *	1,374		13
New Age Beverages *	9,579		17
Nu Skin Enterprises Inc, Cl A	3,000		98
Oil-Dri Corp of America	516		18
PepsiCo Inc	76,400		10,850
Performance Food Group *	12,719		659
Philip Morris International	84,800		7,013
Pilgrim's Pride Corp *	2,900		75
Post Holdings Inc *	3,500		366
PriceSmart Inc	2,780		170
Primo Water Corp *	4,574		69
Procter & Gamble Co/The	134,800		16,799
Pyxus International Inc *	851		6
Revlon Inc, Cl A *	840		18
Rite Aid Corp *	6,528		78
Sanderson Farms Inc	2,467		340
Seaboard Corp	14		54
Seneca Foods Corp, Cl A *	715		28
Simply Good Foods Co/The *	10,263		236
SpartanNash	4,703		57
Spectrum Brands Holdings Inc	2,575		158
Sprouts Farmers Market Inc *	6,800		106
Sysco Corp	25,600		2,103
Tootsie Roll Industries Inc	1,989		68
TreeHouse Foods Inc *	3,000		134
Turning Point Brands Inc	1,085		25
Tyson Foods, Cl A	15,900		1,314
United Natural Foods Inc *	6,783		49
Universal Corp/VA	3,085		164
US Foods Holding Corp *	11,700		470
USANA Health Sciences Inc *	1,509		93

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 27

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Vector Group Ltd	13,592	$	179
Village Super Market Inc, Cl A	1,132		25
Walgreens Boots Alliance Inc	41,000		2,085
Walmart Inc	76,700		8,781
WD-40 Co	1,687		315
Weis Markets	1,260		46
			115,778
Energy — 2.5%
Abraxas Petroleum *	22,288		5
Altus Midstream, Cl A *	6,937		14
Amplify Energy	1,574		8
Antero Midstream	12,300		62
Antero Resources Corp *	13,200		24
Apache Corp	20,800		571
Apergy Corp *	4,200		109
Arch Coal Inc	1,823		94
Archrock Inc	15,956		133
Baker Hughes a GE Co, Cl A	34,400		745
Berry Petroleum	7,558		52
Bonanza Creek Energy Inc *	2,492		45
Brigham Minerals, Cl A	2,125		36
Cabot Oil & Gas Corp	23,200		327
Cactus Inc, Cl A	5,750		166
California Resources Corp *	5,745		42
Callon Petroleum Co *	47,929		144
Centennial Resource Development, Cl A *	10,000		33
Chaparral Energy, Cl A *	4,526		5
Cheniere Energy *	12,600		746
Chesapeake Energy Corp *	56,900		29
Chevron Corp	104,000		11,143
Cimarex Energy Co	5,400		237
Clean Energy Fuels Corp *	17,736		41
CNX Resources Corp *	22,678		164
Comstock Resources *	2,355		13
Concho Resources Inc	10,600		803
ConocoPhillips	60,500		3,596
CONSOL Energy *	2,996		24
Continental Resources Inc/OK	4,800		131
Contura Energy *	2,419		14
Covia Holdings Corp *	6,609		11
CVR Energy Inc	3,609		125
Delek US Holdings Inc	9,045		248
Denbury Resources Inc *	59,456		59
Devon Energy Corp	22,500		489
DHT Holdings Inc	11,698		66
Diamond Offshore Drilling Inc *	8,454		39
Diamond S Shipping *	2,955		33
Diamondback Energy Inc	8,600		640
DMC Global Inc	1,812		76
Dorian LPG Ltd *	3,420		45
Dril-Quip Inc *	4,448		182
Earthstone Energy Inc, Cl A *	1,975		10

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Energy Fuels Inc/Canada *	12,600	$	18
EOG Resources	31,600		2,304
EQT Corp	13,800		83
Equitrans Midstream Corp	11,600		112
Era Group Inc *	2,025		20
Evolution Petroleum	3,743		19
Exterran Corp *	3,623		20
Extraction Oil & Gas Inc *	9,170		13
Exxon Mobil Corp	230,800		14,337
Falcon Minerals	5,132		28
Forum Energy Technologies Inc *	7,622		8
FTS International Inc *	3,442		2
GasLog Ltd	5,318		34
Geospace Technologies *	1,833		25
Golar LNG	11,792		113
Goodrich Petroleum Corp *	1,096		7
Green Plains Inc	4,068		51
Gulfport Energy Corp *	19,369		30
Hallador Energy Co	2,989		5
Halliburton Co	47,700		1,040
Helix Energy Solutions Group Inc *	17,690		148
Helmerich & Payne Inc	5,800		235
Hess Corp	14,300		809
HighPoint Resources Corp *	11,475		13
HollyFrontier	8,700		391
Independence Contract Drilling *	5,019		4
International Seaways Inc *	3,037		68
Kinder Morgan Inc/DE	106,300		2,218
KLX Energy Services Holdings Inc *	2,579		10
Kosmos Energy Ltd	13,900		71
Laredo Petroleum Inc *	23,550		41
Liberty Oilfield Services Inc, Cl A	6,609		56
Magnolia Oil & Gas *	12,299		129
Mammoth Energy Services Inc	811		1
Marathon Oil Corp	45,200		514
Marathon Petroleum Corp	35,100		1,913
Matador Resources *	13,586		199
Matrix Service Co *	3,169		64
Montage Resources Corp *	3,069		11
Murphy Oil Corp	8,900		187
Nabors Industries Ltd	44,999		93
NACCO Industries, Cl A	510		24
National Energy Services Reunited *	3,242		21
National Oilwell Varco Inc	20,800		429
Natural Gas Services Group Inc *	1,731		18
NCS Multistage Holdings *	286		–
Newpark Resources Inc *	11,548		58
NextDecade Corp *	1,429		7
NexTier Oilfield Solutions *	20,032		103
Nine Energy Service Inc *	2,130		10
Noble Corp plc *	31,492		25
Noble Energy Inc	26,200		518

28 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Northern Oil and Gas Inc *	36,162	$	60
Oasis Petroleum Inc *	40,351		91
Occidental Petroleum Corp	49,268		1,957
Oceaneering International Inc *	12,266		152
Oil States International Inc *	7,517		81
ONEOK Inc	22,400		1,677
Overseas Shipholding Group Inc, Cl A *	9,544		17
Pacific Drilling *	3,915		7
Panhandle Oil and Gas Inc, Cl A	2,115		15
Par Pacific Holdings Inc *	4,514		91
Parker Drilling *	1,297		22
Parsley Energy Inc, Cl A	14,400		240
Patterson-UTI Energy Inc	11,700		93
PBF Energy Inc, Cl A	6,500		177
PDC Energy Inc *	12,491		270
Peabody Energy Corp	7,620		52
Penn Virginia Corp *	1,776		38
Phillips 66	24,700		2,257
Pioneer Natural Resources Co	9,200		1,242
PrimeEnergy Resources *	86		13
ProPetro Holding Corp *	10,115		99
QEP Resources Inc	30,300		96
Range Resources Corp	11,500		35
Renewable Energy Group Inc *	4,419		116
REX American Resources Corp *	669		50
RigNet Inc *	1,730		7
Ring Energy Inc *	6,038		13
RPC Inc	7,602		34
SandRidge Energy Inc *	3,204		8
Schlumberger Ltd	75,700		2,537
Scorpio Tankers Inc	5,438		127
SEACOR Holdings Inc *	2,188		82
SEACOR Marine Holdings Inc *	2,584		27
Seadrill *	7,983		11
Select Energy Services, Cl A *	7,612		53
SFL	10,259		136
SilverBow Resources Inc *	866		5
SM Energy Co	14,204		130
Smart Sand Inc *	651		1
Solaris Oilfield Infrastructure, Cl A	4,002		46
Southwestern Energy *	66,976		105
Talos Energy Inc *	2,391		52
Targa Resources Corp	12,300		449
Teekay Tankers, Cl A	2,975		48
Tellurian Inc *	12,150		85
TETRA Technologies Inc *	12,862		20
Tidewater Inc *	4,819		73
Unit Corp *	6,909		3
Uranium Energy Corp *	24,860		21
US Silica Holdings Inc	8,988		46
US Well Services *	2,988		4
Valero Energy Corp	22,400		1,889

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
W&T Offshore Inc *	11,817	$	49
Whiting Petroleum Corp *	11,510		52
Williams	65,000		1,345
World Fuel Services Corp	7,948		311
WPX Energy Inc *	21,600		258
			65,211
Financials — 9.4%
1st Constitution Bancorp	774		16
1st Source Corp	1,702		80
ACNB Corp	929		30
Affiliated Managers Group	2,900		232
Aflac Inc	39,500		2,037
AG Mortgage Investment Trust Inc "	3,787		60
AGNC Investment Corp "	29,200		543
Alerus Financial	500		11
Alleghany Corp *	800		638
Allegiance Bancshares Inc	2,265		84
Allstate Corp/The	17,600		2,086
Ally Financial Inc	22,100		708
Amalgamated Bank, Cl A	1,879		32
Ambac Financial Group Inc *	5,486		–
Amerant Bancorp, Cl A *	2,548		47
American Equity Investment Life Holding
Co	11,102		293
American Express Co	36,600		4,753
American Financial Group Inc/OH	3,900		424
American International Group Inc	47,400		2,382
American National Bankshares Inc	1,405		48
American National Insurance Co	400		44
Ameriprise Financial Inc	6,900		1,141
Ameris Bancorp	7,525		302
AMERISAFE Inc	2,398		164
Ames National Corp	1,012		27
Annaly Capital Management Inc "	75,400		736
Anworth Mortgage Asset Corp "	12,848		46
Apollo Commercial Real Estate Finance "	19,129		350
Arch Capital Group Ltd *	21,100		932
Ares Commercial Real Estate "	3,535		58
Ares Management, Cl A	8,915		321
Argo Group International Holdings	4,001		262
Arlington Asset Investment Corp, Cl A "	4,027		23
ARMOUR Residential Inc "	7,166		138
Arrow Financial Corp	1,669		59
Arthur J Gallagher & Co	9,800		1,005
Artisan Partners Asset Management Inc,
Cl A	6,156		206
Assetmark Financial Holdings *	1,623		48
Associated Banc-Corp	8,900		177
Associated Capital Group Inc	268		11
Assurant Inc	3,300		431
Assured Guaranty Ltd	5,700		261
Athene Holding Ltd, Cl A *	8,700		379

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 29

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Atlantic Capital Bancshares Inc *	2,654	$	50
Atlantic Union Bankshares	9,776		329
Axis Capital Holdings Ltd	4,500		289
Axos Financial Inc *	7,216		203
B. Riley Financial	2,643		71
Banc of California Inc	5,584		89
BancFirst Corp	2,277		132
Bancorp Inc/The *	6,042		71
BancorpSouth Bank	12,353		353
Bank First	757		47
Bank of America Corp	443,300		14,554
Bank of Commerce Holdings	2,364		25
Bank of Hawaii Corp	2,200		197
Bank of Marin Bancorp	1,613		71
Bank of New York Mellon Corp/The	44,800		2,006
Bank of NT Butterfield & Son Ltd/The	4,859		161
Bank of Princeton/The	584		18
Bank OZK	6,600		179
Bank7	600		11
BankFinancial Corp	1,922		24
BankUnited Inc	5,300		175
Bankwell Financial Group Inc	917		25
Banner	4,385		226
Bar Harbor Bankshares	2,005		44
Baycom *	1,464		33
BCB Bancorp	1,377		18
Berkshire Hathaway Inc, Cl B *	106,700		23,947
Berkshire Hills Bancorp Inc	5,476		154
BGC Partners Inc, Cl A	14,900		86
BlackRock Inc, Cl A	6,500		3,428
Blackstone Mortgage Trust Inc, Cl A "	15,595		596
Blucora Inc *	5,938		134
BOK Financial Corp	1,800		142
Boston Private Financial Holdings Inc	10,563		120
Bridge Bancorp Inc	1,954		59
Bridgewater Bancshares Inc *	2,587		34
Brighthouse Financial Inc *	6,500		253
Brightsphere Investment Group	8,524		79
Brookline Bancorp Inc	9,936		151
Brown & Brown Inc	12,700		570
BRP Group, Cl A *	1,852		28
Bryn Mawr Bank Corp	2,556		96
Business First Bancshares Inc	1,655		41
Byline Bancorp Inc	3,043		59
C&F Financial Corp	335		17
Cadence BanCorp, Cl A	15,432		241
Cambridge Bancorp	568		41
Camden National	1,790		85
Cannae Holdings Inc *	8,321		338
Capital Bancorp Inc *	1,200		16
Capital City Bank Group Inc	1,777		51
Capital One Financial Corp	25,400		2,535

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Capitol Federal Financial Inc	16,354	$	216
Capstar Financial Holdings Inc	1,987		30
Capstead Mortgage Corp "	12,017		99
Carolina Financial Corp	2,951		113
Carter Bank & Trust *	2,957		59
Cathay General Bancorp	9,539		344
Cboe Global Markets Inc	6,100		752
CBTX Inc	2,348		69
CenterState Bank Corp	14,756		333
Central Pacific Financial Corp	3,395		94
Central Valley Community Bancorp	1,508		28
Century Bancorp Inc/MA, Cl A	379		33
Charles Schwab Corp/The	62,600		2,851
Chemung Financial Corp	338		13
Cherry Hill Mortgage Investment Corp "	1,567		24
Chimera Investment Corp "	10,200		216
Chubb	24,500		3,724
Cincinnati Financial Corp	8,400		882
CIT Group	5,500		251
Citigroup	119,300		8,877
Citizens & Northern	1,595		41
Citizens Financial Group Inc	23,700		884
Citizens Inc/TX, Cl A *	6,525		40
City Holding	1,992		151
Civista Bancshares Inc	2,028		45
CME Group Inc, Cl A	19,300		4,190
CNA Financial Corp	1,500		67
CNB Financial Corp/PA	1,907		56
CNO Financial Group Inc	18,506		326
Coastal Financial Corp/WA *	760		14
Codorus Valley Bancorp Inc	1,320		29
Cohen & Steers	2,808		208
Colony Bankcorp	1,077		17
Colony Credit Real Estate Inc "	10,002		125
Columbia Banking System Inc	8,820		341
Columbia Financial Inc *	6,366		107
Comerica	7,800		477
Commerce Bancshares Inc/MO	5,670		384
Community Bank System Inc	6,273		416
Community Bankers Trust Corp	2,167		19
Community Financial Corp/The	493		17
Community Trust Bancorp Inc	1,863		82
ConnectOne Bancorp Inc	4,010		95
Cowen Inc, Cl A *	3,668		59
Crawford, Cl A	2,314		20
Credit Acceptance Corp *	600		257
CrossFirst Bankshares *	1,001		14
Cullen/Frost Bankers Inc	3,100		276
Curo Group Holdings Corp *	1,941		20
Customers Bancorp Inc *	3,421		73
CVB Financial Corp	16,453		342
Diamond Hill Investment Group Inc	380		53

30 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value				Market Value
Description	Shares		($ Thousands)	Description	Shares		($ Thousands)
COMMON STOCK (continued)				COMMON STOCK (continued)
Dime Community Bancshares	4,092	$	79	First Choice Bancorp	1,375	$	33
Discover Financial Services	17,300		1,300	First Citizens BancShares, Cl A	400		211
Donegal Group Inc, Cl A	963		13	First Commonwealth Financial Corp	12,293		166
Donnelley Financial Solutions *	3,673		33	First Community Bankshares	1,843		54
Dynex Capital "	2,606		46	First Defiance Financial Corp	2,341		69
E*TRADE Financial Corp	12,300		524	First Financial Bancorp	11,993		288
Eagle Bancorp Inc	4,114		180	First Financial Bankshares Inc	16,072		539
East West Bancorp	7,900		362	First Financial Corp/IN	1,574		66
Eaton Vance Corp	6,100		279	First Financial Northwest Inc	854		12
eHealth Inc *	2,753		290	First Foundation Inc	4,993		82
Elevate Credit Inc *	3,319		19	First Guaranty Bancshares Inc	576		10
Ellington Financial	3,663		67	First Hawaiian Inc	7,200		209
Employers Holdings Inc	3,882		166	First Horizon National Corp	17,200		275
Encore Capital Group Inc *	3,758		128	First Internet Bancorp	1,057		28
Enova International *	4,224		106	First Interstate BancSystem Inc, Cl A	4,745		183
Enstar Group Ltd *	1,408		275	First Merchants Corp	6,808		271
Enterprise Bancorp Inc/MA	1,029		32	First Mid Bancshares Inc	1,731		57
Enterprise Financial Services Corp	2,996		130	First Midwest Bancorp Inc/IL	13,082		261
Equitable Holdings	22,600		543	First Northwest Bancorp	938		15
Equity Bancshares Inc, Cl A *	1,758		47	First of Long Island	2,884		64
Erie Indemnity Co, Cl A	1,300		216	First Republic Bank/CA	8,900		987
Esquire Financial Holdings Inc *	621		14	FirstCash Inc	5,135		447
ESSA Bancorp Inc	974		17	Flagstar Bancorp Inc	4,266		150
Essent Group Ltd	11,796		585	Flushing Financial	3,506		70
Evans Bancorp Inc	470		18	FNB Corp/PA	17,600		205
Evercore Inc, Cl A	2,200		169	FNCB Bancorp	2,453		19
Everest Re Group Ltd	2,200		608	Focus Financial Partners, Cl A *	3,876		109
Exantas Capital Corp "	4,028		49	Franklin Financial Network Inc	1,550		57
EZCORP, Cl A *	6,742		42	Franklin Financial Services	589		22
FactSet Research Systems Inc	2,000		572	Franklin Resources Inc	16,400		415
Farmers & Merchants Bancorp Inc/Archbold				FS Bancorp Inc	550		30
OH	1,349		40	Fulton Financial Corp	19,628		323
Farmers National Banc Corp	3,375		53	FVCBankcorp *	1,645		26
FB Financial Corp	2,126		76	GAIN Capital Holdings Inc	2,871		11
FBL Financial Group Inc, Cl A	1,167		63	GAMCO Investors, Cl A	790		13
Federal Agricultural Mortgage Corp, Cl C	1,160		89	Genworth Financial Inc, Cl A *	62,761		257
Federated Investors Inc, Cl B	11,869		430	German American Bancorp Inc	2,945		101
FedNat Holding Co	1,153		18	Glacier Bancorp Inc	10,779		457
FGL Holdings	18,399		178	Global Indemnity	820		26
Fidelity D&D Bancorp Inc	281		16	Globe Life	5,600		584
Fidelity National Financial Inc	14,400		702	Goldman Sachs Group Inc/The	17,400		4,137
Fifth Third Bancorp	39,900		1,135	Goosehead Insurance Inc, Cl A	1,468		77
Financial Institutions Inc	2,022		62	Granite Point Mortgage Trust Inc "	6,896		126
First American Financial	5,900		366	Great Ajax Corp "	2,189		33
First Bancorp Inc/ME	1,387		39	Great Southern Bancorp Inc	1,426		81
First BanCorp/Puerto Rico	26,458		245	Great Western Bancorp Inc	7,100		210
First Bancorp/Southern Pines NC	3,692		131	Green Dot Corp, Cl A *	5,853		176
First Bancshares	2,155		74	Greene County Bancorp Inc	497		15
First Bank/Hamilton NJ	2,288		24	Greenhill & Co Inc	1,721		27
First Busey Corp	6,347		162	Greenlight Capital Re, Cl A *	3,371		31
First Business Financial Services Inc	1,149		29	Guaranty Bancshares Inc/TX	1,088		33
First Capital	365		24	Hallmark Financial Services Inc *	1,721		30

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 31

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Hamilton Lane Inc, Cl A	2,655	$	172
Hancock Whitney Corp	10,636		423
Hanmi Financial Corp	3,921		66
Hanover Insurance Group Inc/The	2,300		319
HarborOne Bancorp *	3,538		39
Hartford Financial Services Group Inc/The	19,500		1,156
Hawthorn Bancshares	799		18
HBT Financial *	1,259		24
HCI Group Inc	692		31
Health Insurance Innovations Inc, Cl A *	1,230		28
Heartland Financial USA Inc	4,354		213
Heritage Commerce Corp	6,970		81
Heritage Financial	4,607		119
Heritage Insurance Holdings	3,494		42
Hilltop Holdings Inc	8,515		193
Hingham Institution for Savings	188		39
Home Bancorp Inc	872		31
Home BancShares Inc/AR	19,323		369
HomeStreet Inc	2,623		84
HomeTrust Bancshares Inc	1,874		50
Hope Bancorp	15,111		210
Horace Mann Educators Corp	5,117		220
Horizon Bancorp	4,806		81
Houlihan Lokey Inc, Cl A	5,091		264
Howard Bancorp *	1,783		30
Huntington Bancshares Inc/OH	56,800		771
IBERIABANK Corp	6,443		468
Independence Holding Co	685		28
Independent Bank Corp/MI	2,838		61
Independent Bank Corp/Rockland MA	4,091		295
Independent Bank Group Inc	4,381		234
Interactive Brokers Group, Cl A	4,000		188
Intercontinental Exchange Inc	30,000		2,992
International Bancshares Corp	6,849		270
INTL. FCStone Inc *	2,018		96
Invesco Ltd	22,100		382
Invesco Mortgage Capital Inc "	17,769		311
Investar Holding	1,269		28
Investors Bancorp Inc	27,737		335
Investors Title	158		25
James River Group Holdings Ltd	3,594		154
Janus Henderson Group	8,900		225
Jefferies Financial Group	15,000		325
JPMorgan Chase & Co	169,900		22,488
Kearny Financial	10,017		124
Kemper Corp	3,300		246
KeyCorp	55,300		1,035
Kinsale Capital Group Inc	2,509		287
KKR Real Estate Finance Trust Inc "	3,002		63
Ladder Capital Corp, Cl A "	12,629		232
Ladenburg Thalmann Financial Services Inc	15,547		54
Lakeland Bancorp Inc	5,786		94

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Lakeland Financial	3,072	$	146
Lazard Ltd, Cl A (A)	6,300		264
LCNB Corp	1,691		28
Legg Mason	4,600		180
LendingClub *	8,131		95
LendingTree Inc *	400		124
Level One Bancorp Inc	539		13
Lincoln National	11,600		632
Live Oak Bancshares Inc	3,295		58
Loews	14,300		736
LPL Financial Holdings Inc	4,600		424
Luther Burbank Corp	2,736		28
M&T Bank Corp	7,200		1,213
Macatawa Bank Corp	3,521		37
Mackinac Financial	1,306		20
MainStreet Bancshares *	999		22
Malvern Bancorp Inc *	769		15
Markel *	740		868
MarketAxess Holdings Inc	2,000		708
Marlin Business Services Corp	1,199		24
Marsh & McLennan Cos Inc	27,700		3,099
MBIA Inc *	9,685		88
Medallion Financial *	2,955		20
Mercantile Bank Corp	1,929		63
Merchants Bancorp/IN	946		19
Mercury General	1,500		74
Meridian Bancorp	6,120		110
Meta Financial Group Inc	4,258		158
MetLife	43,100		2,143
Metrocity Bankshares	1,954		31
Metropolitan Bank Holding Corp *	933		46
MFA Financial Inc "	24,400		190
MGIC Investment Corp	19,300		266
Mid Penn Bancorp Inc	764		18
Midland States Bancorp Inc	2,749		73
MidWestOne Financial Group Inc	1,397		45
MMA Capital Holdings *	684		21
Moelis & Co, Cl A	5,818		209
Moody's Corp	9,100		2,337
Morgan Stanley	63,400		3,313
Morningstar Inc	1,000		157
Mr Cooper Group Inc *	9,238		114
MSCI Inc, Cl A	4,500		1,286
MutualFirst Financial Inc	662		25
MVB Financial Corp	1,285		26
Nasdaq Inc	6,300		734
National Bank Holdings Corp, Cl A	3,628		118
National Bankshares Inc	856		35
National General Holdings Corp	8,274		180
National Western Life Group, Cl A	296		79
Navient	13,300		191
NBT Bancorp Inc	5,312		201

32 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value				Market Value
Description	Shares		($ Thousands)	Description	Shares		($ Thousands)
COMMON STOCK (continued)				COMMON STOCK (continued)
Nelnet Inc, Cl A	2,208	$	126	PNC Financial Services Group Inc/The	23,800	$	3,535
New Residential Investment Corp "	21,900		367	Popular Inc	5,400		302
New York Community Bancorp Inc	25,100		278	PRA Group Inc *	5,591		198
New York Mortgage Trust Inc "	32,956		209	Preferred Bank/Los Angeles CA	1,661		100
NI Holdings Inc *	1,329		20	Premier Financial Bancorp Inc	1,794		30
Nicolet Bankshares Inc *	1,118		79	Primerica Inc	2,300		273
NMI Holdings Inc, Cl A *	8,008		256	Principal Financial Group Inc	15,100		800
Northeast Bank	764		15	ProAssurance Corp	6,580		200
Northern Trust Corp	11,000		1,076	Progressive Corp/The	31,600		2,550
Northfield Bancorp Inc	5,269		84	ProSight Global *	1,266		18
Northrim BanCorp Inc	699		26	Prosperity Bancshares Inc	3,600		253
Northwest Bancshares Inc	12,306		194	Protective Insurance Corp	961		15
Norwood Financial	797		27	Provident Bancorp *	925		11
Oak Valley Bancorp	717		13	Provident Financial Holdings	850		19
OceanFirst Financial Corp	6,856		159	Provident Financial Services Inc	7,667		175
Ocwen Financial Corp *	15,664		19	Prudential Bancorp Inc	893		16
OFG Bancorp	6,149		121	Prudential Financial Inc	22,500		2,049
Ohio Valley Banc Corp	416		14	Pzena Investment Management Inc, Cl A	1,744		14
Old National Bancorp/IN	20,652		370	QCR Holdings Inc	1,732		71
Old Republic International Corp	15,400		347	Radian Group Inc	24,840		608
Old Second Bancorp Inc	3,820		47	Raymond James Financial Inc	6,900		631
On Deck Capital *	7,444		30	RBB Bancorp	2,155		42
OneMain Holdings, Cl A	4,200		178	Ready Capital Corp "	3,911		64
OP Bancorp	1,304		13	Red River Bancshares	604		32
Oportun Financial *	1,007		21	Redwood Trust Inc "	13,759		243
Oppenheimer Holdings Inc, Cl A	1,303		36	Regional Management *	1,028		28
Opus Bank	2,614		70	Regions Financial Corp	52,600		819
Orchid Island Capital Inc, Cl A "	8,330		50	Reinsurance Group of America Inc, Cl A	3,400		490
Origin Bancorp Inc	2,267		80	Reliant Bancorp Inc	1,166		25
Orrstown Financial Services	1,392		29	RenaissanceRe Holdings Ltd	2,200		417
Pacific Mercantile Bancorp *	1,632		11	Renasant Corp	6,772		216
Pacific Premier Bancorp Inc	7,259		216	Republic Bancorp Inc/KY, Cl A	1,200		50
PacWest Bancorp	6,700		235	Republic First Bancorp Inc *	4,781		15
Palomar Holdings, Cl A *	1,540		82	Richmond Mutual Bancorporation *	1,822		28
Park National Corp	1,605		152	Riverview Bancorp Inc	2,136		16
Parke Bancorp Inc	1,229		26	RLI Corp	4,932		459
PCB Bancorp	1,690		26	S&P Global Inc	13,400		3,936
PCSB Financial Corp	2,148		43	S&T Bancorp	4,742		178
PDL Community Bancorp *	921		13	Safeguard Scientifics Inc	2,203		23
Peapack Gladstone Financial Corp	2,193		64	Safety Insurance Group Inc	1,832		169
Penns Woods Bancorp	948		30	Sandy Spring Bancorp Inc	4,355		152
PennyMac Financial Services Inc	3,025		102	Santander Consumer USA Holdings Inc	6,300		168
PennyMac Mortgage Investment Trust "	11,203		260	SB One Bancorp	1,120		27
Peoples Bancorp	2,303		75	Sculptor Capital Management, Cl A (A)	2,214		51
Peoples Bancorp of North Carolina	485		13	Seacoast Banking Corp of Florida *	6,180		168
Peoples Financial Services	807		37	Select Bancorp *	2,260		26
People's United Financial Inc	21,100		325	Selective Insurance Group Inc	7,225		479
People's Utah Bancorp	1,941		51	ServisFirst Bancshares	5,800		213
Pinnacle Financial Partners Inc	4,100		242	Shore Bancshares Inc	1,737		28
Pioneer Bancorp *	1,576		23	Siebert Financial Corp *	1,183		8
Piper Sandler	1,695		140	Sierra Bancorp	1,864		50
PJT Partners Inc	2,700		124	Signature Bank/New York NY	2,800		397

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 33

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Silvercrest Asset Management Group, Cl A	878	$	10
Simmons First National Corp, Cl A	11,886		285
SLM Corp	23,700		259
SmartFinancial Inc	1,613		35
South Plains Financial	1,374		30
South State Corp	4,173		316
Southern First Bancshares Inc *	940		37
Southern Missouri Bancorp Inc	1,019		36
Southern National Bancorp of Virginia Inc	2,585		40
Southside Bancshares Inc	4,034		142
Spirit of Texas Bancshares Inc *	1,577		33
Starwood Property Trust Inc "	14,600		375
State Auto Financial Corp	2,171		65
State Street Corp	19,800		1,497
Sterling Bancorp Inc/MI	1,880		14
Sterling Bancorp/DE	11,700		234
Stewart Information Services	2,961		124
Stifel Financial Corp	8,148		527
Stock Yards Bancorp Inc	2,585		100
Summit Financial Group Inc	1,259		31
SVB Financial Group *	2,900		697
Synchrony Financial	35,200		1,141
Synovus Financial Corp	8,700		305
T Rowe Price Group	12,700		1,696
TCF Financial	8,271		350
TD Ameritrade Holding Corp	15,200		722
Territorial Bancorp Inc	1,060		31
Texas Capital Bancshares Inc *	2,700		148
TFS Financial Corp	2,700		55
Third Point Reinsurance Ltd *	9,499		103
Timberland Bancorp Inc/WA	1,018		29
Tiptree Inc	2,675		18
Tompkins Financial Corp	1,775		153
Towne Bank/Portsmouth VA	8,184		217
TPG RE Finance Trust Inc "	5,990		123
Travelers Cos Inc/The	14,000		1,843
TriCo Bancshares	3,229		118
TriState Capital Holdings Inc *	2,942		68
Triumph Bancorp *	2,939		115
Truist Financial	73,727		3,802
Trupanion Inc *	3,624		116
TrustCo Bank Corp NY	12,031		95
Trustmark Corp	7,911		253
Two Harbors Investment Corp "	13,400		204
UMB Financial Corp	5,462		363
Umpqua Holdings	11,900		201
Union Bankshares	399		13
United Bankshares	11,935		409
United Community Banks Inc/GA	9,707		271
United Community Financial Corp/OH	5,652		62
United Fire Group Inc	2,657		118
United Insurance Holdings Corp	2,581		26

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
United Security Bancshares/Fresno CA	1,351	$	13
Unity Bancorp Inc	780		17
Universal Insurance Holdings Inc	3,641		89
Univest Financial Corp	3,697		92
Unum Group	11,100		296
US Bancorp	78,800		4,194
Valley National Bancorp	48,051		506
Veritex Holdings Inc	6,097		173
Virtu Financial Inc, Cl A	2,200		37
Virtus Investment Partners Inc	804		99
Voya Financial Inc	7,300		436
Waddell & Reed Financial Inc, Cl A	8,717		139
Walker & Dunlop	3,453		229
Washington Federal Inc	9,805		333
Washington Trust Bancorp Inc	1,927		91
Waterstone Financial Inc	2,833		50
Watford Holdings *	2,259		49
Webster Financial Corp	5,000		224
Wells Fargo & Co	208,400		9,782
WesBanco Inc	8,054		267
West Bancorporation Inc	2,116		48
Westamerica Bancorporation	3,211		203
Western Alliance Bancorp	5,400		298
Western Asset Mortgage Capital Corp "	6,180		66
Western New England Bancorp Inc	2,754		25
Westwood Holdings Group Inc	1,098		31
White Mountains Insurance Group Ltd	200		223
Willis Towers Watson PLC	7,100		1,500
Wintrust Financial Corp	3,000		190
WisdomTree Investments	17,050		72
World Acceptance Corp *	645		56
WR Berkley Corp	7,750		570
WSFS Financial Corp	6,253		249
Zions Bancorp NA	9,100		414
			249,485
Health Care — 9.8%
89bio *	458		12
Abbott Laboratories	93,400		8,139
AbbVie Inc	80,600		6,530
Abeona Therapeutics Inc *	3,338		7
ABIOMED Inc *	2,300		428
Acadia Healthcare Co Inc *	4,700		151
ACADIA Pharmaceuticals Inc *	13,846		553
Accelerate Diagnostics Inc *	3,413		57
Acceleron Pharma Inc *	5,565		505
Accuray *	11,485		45
AcelRx Pharmaceuticals *	10,845		18
Acer Therapeutics *	753		3
Aclaris Therapeutics Inc *	2,493		3
Acorda Therapeutics Inc *	5,936		12
Adamas Pharmaceuticals Inc *	2,663		14
Addus HomeCare Corp *	1,504		142

34 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value				Market Value
Description	Shares		($ Thousands)	Description	Shares		($ Thousands)
COMMON STOCK (continued)				COMMON STOCK (continued)
ADMA Biologics Inc *	5,750	$	23	Assertio Therapeutics Inc *	8,716	$	9
Aduro Biotech Inc *	4,159		7	Atara Biotherapeutics Inc *	6,630		88
Adverum Biotechnologies Inc *	6,443		64	Athenex Inc *	8,318		111
Aeglea BioTherapeutics Inc *	3,577		26	Athersys Inc *	16,910		23
Aerie Pharmaceuticals *	5,354		110	Atreca, Cl A *	800		15
Agenus Inc *	13,882		52	AtriCure Inc *	4,641		181
AgeX Therapeutics *	3,277		5	Atrion Corp	179		129
Agilent Technologies Inc	17,400		1,437	Avanos Medical Inc *	5,807		160
Agios Pharmaceuticals *	2,800		136	Avantor *	12,700		235
Aimmune Therapeutics Inc *	5,561		173	Avid Bioservices Inc *	7,452		49
Akcea Therapeutics *	1,276		22	Avrobio Inc *	2,617		57
Akebia Therapeutics Inc *	14,108		102	Axogen Inc *	4,369		54
Akero Therapeutics *	698		17	Axonics Modulation Technologies Inc *	1,996		58
Akorn *	12,389		19	Axsome Therapeutics *	3,069		266
Albireo Pharma Inc *	1,368		31	Baudax Bio *	1,056		9
Aldeyra Therapeutics Inc *	2,146		11	Baxter International Inc	26,300		2,346
Alector *	3,635		102	Becton Dickinson and Co	14,500		3,990
Alexion Pharmaceuticals Inc *	11,700		1,163	Beyondspring *	1,454		22
Align Technology Inc *	4,300		1,106	BioCryst Pharmaceuticals Inc *	19,084		54
Allakos *	2,370		171	BioDelivery Sciences International *	10,748		56
Allergan PLC	17,900		3,341	Biogen Inc *	9,800		2,635
Allogene Therapeutics Inc *	4,938		107	Biohaven Pharmaceutical Holding *	4,824		234
Allscripts Healthcare Solutions Inc *	19,629		168	BioLife Solutions *	983		14
Alnylam Pharmaceuticals Inc *	5,100		585	BioMarin Pharmaceutical Inc *	9,600		802
Alphatec Holdings *	4,307		30	Bio-Rad Laboratories Inc, Cl A *	1,200		433
AMAG Pharmaceuticals Inc *	4,446		39	BioSig Technologies *	2,228		11
Amedisys Inc *	3,842		678	BioSpecifics Technologies Corp *	809		48
American Renal Associates Holdings Inc *	2,640		24	Bio-Techne Corp	2,000		420
AmerisourceBergen Corp, Cl A	8,400		719	BioTelemetry Inc *	4,100		201
Amgen Inc	32,700		7,065	Bioxcel Therapeutics *	989		16
Amicus Therapeutics Inc *	31,639		280	Bluebird Bio Inc *	3,000		239
AMN Healthcare Services Inc *	5,709		385	Blueprint Medicines Corp *	6,627		420
Amneal Pharmaceuticals Inc *	14,079		63	Boston Scientific Corp *	75,200		3,149
Amphastar Pharmaceuticals Inc *	4,508		85	Bridgebio Pharma *	2,711		94
AnaptysBio *	3,114		45	Bristol-Myers Squibb Co	127,600		8,032
Anavex Life Sciences *	6,118		18	Brookdale Senior Living Inc, Cl A *	22,555		149
AngioDynamics *	4,681		64	Bruker Corp	5,500		272
ANI Pharmaceuticals *	1,134		70	Cabaletta Bio *	975		16
Anika Therapeutics *	1,679		69	Calithera Biosciences Inc *	4,954		30
Antares Pharma *	19,195		70	Calyxt Inc *	1,360		8
Anthem Inc	13,800		3,661	Cantel Medical Corp	2,000		130
Apellis Pharmaceuticals Inc *	6,991		287	Cara Therapeutics Inc *	4,757		77
Apollo Medical Holdings Inc *	750		13	Cardinal Health	16,300		835
Applied Therapeutics *	697		37	Cardiovascular Systems Inc *	4,228		192
Aprea Therapeutics *	737		28	CareDx *	5,209		126
Apyx Medical *	4,551		35	CASI Pharmaceuticals Inc *	5,035		14
Arcus Biosciences Inc *	4,286		38	Castle Biosciences *	500		15
Ardelyx Inc *	5,173		37	Castlight Health Inc, Cl B *	13,395		17
Arena Pharmaceuticals Inc *	6,253		286	Catalent Inc *	7,900		483
Arrowhead Pharmaceuticals Inc *	11,536		483	Catalyst Pharmaceuticals Inc *	12,726		52
Arvinas Inc *	2,685		130	Catasys *	1,012		17
Assembly Biosciences Inc *	3,015		53	Celcuity Inc *	599		7

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 35

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Cellular Biomedicine Group Inc *	1,674	$	29
CEL-SCI *	3,574		47
Centene Corp *	31,226		1,961
Cerecor *	3,177		13
Cerner Corp	16,900		1,214
Cerus Corp *	17,338		70
Charles River Laboratories International
Inc *	2,600		402
Checkpoint Therapeutics *	3,539		6
Chemed Corp	800		374
ChemoCentryx Inc *	4,944		210
Chiasma *	3,570		17
Chimerix Inc *	4,723		8
ChromaDex *	5,313		23
Cigna Corp	20,000		3,848
Clovis Oncology Inc *	6,126		51
Codexis Inc *	6,532		102
Coherus Biosciences Inc *	7,847		142
Collegium Pharmaceutical Inc *	3,860		78
Community Health Systems *	10,777		46
Computer Programs & Systems	1,676		44
Concert Pharmaceuticals Inc *	2,459		26
ConforMIS *	8,610		9
CONMED Corp	3,359		342
Constellation Pharmaceuticals Inc *	1,851		61
Cooper Cos Inc/The	2,600		902
Corbus Pharmaceuticals Holdings *	7,325		47
Corcept Therapeutics Inc *	11,778		149
CorMedix *	3,258		21
Cortexyme *	1,400		66
CorVel *	1,058		97
Covetrus Inc *	3,300		41
Crinetics Pharmaceuticals Inc *	1,482		32
Cross Country Healthcare Inc *	4,229		42
CryoLife *	4,481		133
CryoPort Inc *	3,597		64
Cue Biopharma Inc *	2,630		40
Cutera Inc *	1,642		46
CVS Health	70,100		4,754
Cyclerion Therapeutics Inc *	3,176		10
Cymabay Therapeutics Inc *	7,972		12
Cytokinetics Inc *	7,029		86
CytomX Therapeutics Inc *	5,864		44
CytoSorbents Corp *	4,202		21
Danaher Corp	33,600		5,405
DaVita Inc *	5,400		431
Deciphera Pharmaceuticals Inc *	2,397		150
Denali Therapeutics *	5,778		134
DENTSPLY SIRONA Inc	11,900		666
Dermira Inc *	5,693		108
DexCom Inc *	4,800		1,156
Dicerna Pharmaceuticals Inc *	6,314		125

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Diplomat Pharmacy Inc *	7,639	$	30
Dynavax Technologies, Cl A *	9,917		50
Eagle Pharmaceuticals Inc/DE *	1,120		60
Editas Medicine Inc *	6,469		171
Edwards Lifesciences Corp *	11,500		2,528
Eidos Therapeutics Inc *	1,299		69
Eiger BioPharmaceuticals *	3,158		39
Elanco Animal Health Inc *	18,200		562
ElectroCore *	356		–
Eli Lilly	46,300		6,465
Eloxx Pharmaceuticals Inc *	2,365		9
Emergent BioSolutions Inc *	5,631		310
Enanta Pharmaceuticals Inc *	2,090		108
Encompass Health Corp	5,300		408
Enochian Biosciences *	2,200		10
Ensign Group Inc/The	6,221		281
Envista Holdings *	7,800		231
Enzo Biochem *	4,500		11
Epizyme Inc *	9,484		199
Esperion Therapeutics Inc *	3,039		164
Evelo Biosciences Inc *	1,670		10
Evofem Biosciences *	2,133		11
Evolent Health Inc, Cl A *	8,906		90
Evolus Inc *	2,563		26
Exact Sciences *	6,500		606
Exagen *	516		11
Exelixis Inc *	16,000		275
EyePoint Pharmaceuticals *	9,317		17
Fate Therapeutics Inc *	7,326		186
FibroGen Inc *	9,568		400
Five Prime Therapeutics Inc *	3,205		15
Flexion Therapeutics Inc *	4,072		71
Fluidigm *	8,836		34
Forty Seven Inc *	2,816		104
Frequency Therapeutics *	829		20
Fulcrum Therapeutics *	701		12
G1 Therapeutics Inc *	4,317		84
Galectin Therapeutics *	4,622		12
Genesis Healthcare Inc, Cl A *	12,164		18
GenMark Diagnostics Inc *	7,181		39
Geron Corp *	24,676		32
Gilead Sciences Inc	69,700		4,405
Glaukos Corp *	4,760		268
Global Blood Therapeutics Inc *	7,133		466
Globus Medical Inc, Cl A *	9,432		493
GlycoMimetics Inc *	4,609		20
Gossamer Bio Inc *	5,232		69
Gritstone Oncology Inc *	3,363		30
Guardant Health *	1,900		144
Haemonetics Corp *	6,289		675
Halozyme Therapeutics Inc *	17,632		335
Hanger *	4,396		107

36 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value				Market Value
Description	Shares		($ Thousands)	Description	Shares		($ Thousands)
COMMON STOCK (continued)				COMMON STOCK (continued)
Harpoon Therapeutics *	933	$	12	Karuna Therapeutics *	600	$	57
HCA Healthcare Inc	14,900		2,068	Karyopharm Therapeutics Inc *	7,138		115
Health Catalyst *	937		31	Kezar Life Sciences Inc *	1,335		4
HealthEquity Inc *	8,480		560	Kindred Biosciences Inc *	4,926		43
HealthStream Inc *	3,340		85	Kiniksa Pharmaceuticals Ltd, Cl A *	1,920		28
Henry Schein Inc *	8,300		572	Kodiak Sciences Inc *	2,824		172
Heron Therapeutics Inc *	10,339		216	Krystal Biotech *	1,354		71
Heska Corp *	882		88	Kura Oncology Inc *	4,298		50
Hill-Rom Holdings Inc	3,600		383	La Jolla Pharmaceutical Co *	2,552		17
HMS Holdings Corp *	10,690		292	Laboratory Corp of America Holdings *	5,500		965
Hologic Inc *	14,500		776	Lannett Co Inc *	3,581		29
Homology Medicines Inc *	3,170		50	Lantheus Holdings *	4,688		82
Hookipa Pharma *	1,448		17	LeMaitre Vascular Inc	1,938		70
Horizon Therapeutics *	10,000		345	Lexicon Pharmaceuticals Inc *	4,482		14
Humana *	7,200		2,421	LHC Group Inc *	3,717		542
ICU Medical Inc *	800		146	Ligand Pharmaceuticals *	2,085		183
IDEXX Laboratories *	4,700		1,274	Lineage Cell Therapeutics *	13,360		14
IGM Biosciences *	538		18	Liquidia Technologies Inc *	1,969		11
Illumina Inc *	8,000		2,321	LivaNova PLC *	5,984		407
ImmunoGen *	17,408		82	Livongo Health *	1,696		41
Immunomedics Inc *	21,679		403	LogicBio Therapeutics Inc *	946		9
Incyte *	9,600		701	Luminex Corp	5,270		120
Innoviva *	7,806		108	MacroGenics *	6,105		56
Inogen *	2,240		99	Madrigal Pharmaceuticals *	948		79
Inovalon Holdings Inc, Cl A *	8,705		176	Magellan Health Inc *	2,674		196
Inovio Pharmaceuticals *	12,497		57	Magenta Therapeutics Inc *	2,083		25
Insmed Inc *	10,974		225	MannKind *	24,139		35
Inspire Medical Systems Inc *	1,624		121	Marinus Pharmaceuticals *	6,909		14
Insulet Corp *	3,200		621	Marker Therapeutics *	3,703		10
Integer Holdings Corp *	4,000		342	Masimo *	2,500		427
Integra LifeSciences Holdings Corp *	3,900		215	McKesson Corp	10,100		1,440
Intellia Therapeutics Inc *	4,972		59	MediciNova Inc *	5,344		31
Intercept Pharmaceuticals Inc *	3,124		289	MEDNAX Inc *	4,800		111
Intersect ENT Inc *	3,845		99	Medpace Holdings *	3,392		290
Intra-Cellular Therapies Inc, Cl A *	5,397		122	Medtronic PLC	73,200		8,450
Intrexon Corp *	8,483		39	MEI Pharma *	9,466		22
IntriCon *	1,132		19	MeiraGTx Holdings plc *	2,064		37
Intuitive Surgical Inc *	6,200		3,471	Menlo Therapeutics Inc *	2,335		11
Invacare Corp	4,514		35	Merck & Co Inc	139,000		11,876
Invitae Corp *	10,625		198	Meridian Bioscience Inc	5,470		54
Ionis Pharmaceuticals Inc *	6,800		397	Merit Medical Systems Inc *	6,602		240
Iovance Biotherapeutics Inc *	14,614		318	Mersana Therapeutics *	4,091		28
IQVIA Holdings Inc *	9,500		1,475	Mesa Laboratories Inc	465		122
iRadimed Corp *	665		17	Mettler-Toledo International Inc *	1,300		984
iRhythm Technologies Inc *	3,312		284	Millendo Therapeutics *	1,375		11
Ironwood Pharmaceuticals Inc, Cl A *	18,861		228	Minerva Neurosciences Inc *	4,091		33
Johnson & Johnson	144,800		21,556	Mirati Therapeutics *	3,351		291
Joint *	1,771		30	Misonix *	1,017		17
Jounce Therapeutics Inc *	2,558		16	Moderna Inc *	11,300		232
Kadmon Holdings Inc *	18,664		86	Molecular Templates Inc *	2,276		34
Kala Pharmaceuticals Inc *	2,057		12	Molina Healthcare Inc *	3,400		418
KalVista Pharmaceuticals *	1,573		24	Momenta Pharmaceuticals Inc *	12,217		355

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 37

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Morphic Holding *	748	$	15
Mustang Bio Inc *	4,166		15
Mylan NV *	28,000		600
MyoKardia Inc *	5,472		372
Myriad Genetics Inc *	8,750		242
NanoString Technologies Inc *	4,223		115
Natera *	7,666		268
National HealthCare Corp	1,535		129
National Research Corp, Cl A	1,430		97
Natus Medical Inc *	4,170		130
Nektar Therapeutics, Cl A *	8,500		169
Neogen Corp *	6,324		425
NeoGenomics Inc *	11,728		378
Neon Therapeutics Inc *	428		1
Neurocrine Biosciences Inc *	4,900		490
Neuronetics Inc *	1,832		7
Nevro Corp *	3,688		490
NextCure *	1,732		74
NextGen Healthcare Inc *	6,811		94
NGM Biopharmaceuticals *	3,003		49
Novavax	2,319		18
Novocure Ltd *	10,648		867
NuVasive Inc *	6,439		497
Ocular Therapeutix Inc *	4,575		20
Odonate Therapeutics Inc *	1,386		40
Omeros Corp *	5,940		76
Omnicell Inc *	5,150		419
Oncocyte *	3,314		9
OPKO Health Inc *	49,308		72
OptimizeRx *	1,661		18
Optinose Inc *	3,451		27
Option Care Health *	15,401		64
OraSure Technologies Inc *	7,869		55
Organogenesis Holdings, Cl A *	1,654		7
Orthofix Medical *	2,218		96
OrthoPediatrics Corp *	1,158		53
Osmotica Pharmaceuticals PLC *	285		2
Owens & Minor Inc	7,287		46
Oyster Point Pharma *	796		25
Pacific Biosciences of California Inc *	17,584		82
Pacira BioSciences Inc *	4,959		214
Palatin Technologies *	20,556		13
Paratek Pharmaceuticals Inc *	3,303		11
Patterson	10,174		224
PDL BioPharma Inc *	14,056		46
Pennant Group *	3,182		84
Penumbra Inc *	1,700		298
PerkinElmer Inc	6,000		555
Personalis *	1,428		16
PetIQ Inc, Cl A *	2,430		72
Pfenex Inc *	3,456		37
Pfizer Inc	303,300		11,295

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
PhaseBio Pharmaceuticals *	1,923	$	10
Phathom Pharmaceuticals *	1,237		41
Phibro Animal Health Corp, Cl A	2,638		63
Phreesia *	1,176		36
Pieris Pharmaceuticals Inc *	5,340		20
PolarityTE Inc *	297		1
Portola Pharmaceuticals Inc, Cl A *	9,233		118
PRA Health Sciences *	3,200		324
Precision BioSciences *	4,419		36
Premier Inc, Cl A *	2,800		97
Prestige Consumer Healthcare Inc *	6,179		251
Prevail Therapeutics *	1,122		21
Principia Biopharma *	2,263		119
Progenics Pharmaceuticals Inc *	11,239		50
Progyny *	1,427		40
Protagonist Therapeutics *	2,101		16
Providence Service Corp/The *	1,432		93
PTC Therapeutics Inc *	7,374		380
Pulse Biosciences Inc *	1,094		15
Puma Biotechnology Inc *	3,895		31
QIAGEN NV *	12,100		409
Quanterix Corp *	1,662		45
Quest Diagnostics Inc	7,400		819
Quidel Corp *	4,356		335
R1 RCM Inc *	12,910		161
Ra Pharmaceuticals Inc *	4,305		202
Radius Health Inc *	5,734		101
RadNet *	5,251		119
Reata Pharmaceuticals Inc, Cl A *	2,727		597
Recro Pharma Inc *	2,235		37
Regeneron Pharmaceuticals Inc *	4,400		1,487
REGENXBIO Inc *	4,190		182
Repligen Corp *	6,423		645
Replimune Group *	1,659		26
ResMed	7,700		1,224
resTORbio *	2,110		3
Retrophin Inc *	5,255		81
Revance Therapeutics Inc *	5,667		127
Rhythm Pharmaceuticals Inc *	3,740		66
Rigel Pharmaceuticals Inc *	19,793		45
Rocket Pharmaceuticals Inc *	3,545		73
Rockwell Medical Inc *	7,793		20
RTI Surgical Holdings Inc *	5,847		24
Rubius Therapeutics Inc *	4,485		35
Sage Therapeutics *	2,700		179
Sangamo Therapeutics Inc *	13,983		103
Sarepta Therapeutics *	3,600		417
Satsuma Pharmaceuticals *	699		17
Savara Inc *	2,735		7
Scholar Rock Holding Corp *	2,223		27
SeaSpine Holdings Corp *	2,158		32
Seattle Genetics Inc *	5,900		640

38 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Select Medical Holdings Corp *	13,536	$	309
Senseonics Holdings Inc *	14,599		12
Seres Therapeutics Inc *	5,265		17
Shockwave Medical *	3,135		136
SI-BONE Inc *	2,146		45
Sientra Inc *	4,783		29
SIGA Technologies Inc *	7,321		38
Silk Road Medical *	1,913		89
Simulations Plus Inc	1,578		51
Solid Biosciences Inc *	2,373		8
Soliton *	700		8
Sorrento Therapeutics Inc *	15,195		58
Spectrum Pharmaceuticals *	13,597		34
Spero Therapeutics Inc *	1,014		9
SpringWorks Therapeutics *	1,284		40
STAAR Surgical *	5,507		185
Stemline Therapeutics Inc *	5,858		39
STERIS PLC	4,600		693
Stoke Therapeutics *	1,034		29
Strongbridge Biopharma *	5,276		15
Stryker Corp	18,600		3,919
Supernus Pharmaceuticals Inc *	6,106		140
Surgery Partners Inc *	2,790		47
Surmodics Inc *	1,563		62
Sutro Biopharma Inc *	1,568		16
Syndax Pharmaceuticals Inc *	1,836		17
Syneos Health Inc, Cl A *	7,720		474
Synlogic Inc *	1,597		4
Syros Pharmaceuticals *	4,706		33
Tabula Rasa HealthCare *	2,361		137
Tactile Systems Technology Inc *	2,223		125
Tandem Diabetes Care Inc *	6,972		530
TCR2 Therapeutics *	1,295		19
Teladoc Health Inc *	8,874		903
Teleflex Inc	2,500		929
Tenet Healthcare Corp *	12,736		403
TG Therapeutics Inc *	10,174		145
TherapeuticsMD Inc *	28,398		64
Theravance Biopharma Inc *	5,553		155
Thermo Fisher Scientific	21,700		6,796
Tivity Health *	5,767		125
Tocagen Inc *	1,466		1
TransEnterix *	1,365		2
Translate Bio Inc *	3,941		28
TransMedics Group *	1,898		33
Tricida Inc *	2,641		93
Triple-S Management Corp, Cl B *	2,998		53
Turning Point Therapeutics *	3,406		199
Twist Bioscience Corp *	2,739		68
Tyme Technologies Inc *	5,478		8
Ultragenyx Pharmaceutical Inc *	6,703		352
United Therapeutics Corp *	2,300		225

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
UnitedHealth Group Inc	51,500	$	14,031
UNITY Biotechnology Inc *	3,574		21
Universal Health Services Inc, Cl B	4,600		631
UroGen Pharma *	2,415		71
US Physical Therapy Inc	1,556		182
Utah Medical Products Inc	408		38
Vanda Pharmaceuticals Inc *	6,585		84
Vapotherm Inc *	1,795		19
Varex Imaging Corp *	4,588		127
Varian Medical Systems Inc *	5,000		703
VBI Vaccines *	20,421		28
Veeva Systems Inc, Cl A *	6,800		997
Veracyte Inc *	5,909		155
Vericel Corp *	5,571		91
Verrica Pharmaceuticals *	1,387		20
Vertex Pharmaceuticals Inc *	13,900		3,156
Viela Bio *	600		24
ViewRay Inc *	8,225		26
Viking Therapeutics Inc *	8,038		50
Vir Biotechnology *	1,069		28
Vocera Communications Inc *	3,825		84
Voyager Therapeutics Inc *	2,789		31
Waters Corp *	3,500		783
WaVe Life Sciences Ltd *	2,639		19
West Pharmaceutical Services Inc	4,000		624
Wright Medical Group NV *	15,574		469
X4 Pharmaceuticals *	1,636		14
XBiotech *	2,419		54
Xencor Inc *	5,815		197
Xeris Pharmaceuticals Inc *	2,954		19
Y-mAbs Therapeutics Inc *	3,008		99
Zimmer Biomet Holdings Inc	11,100		1,642
ZIOPHARM Oncology Inc *	20,500		81
Zoetis Inc, Cl A	26,400		3,543
Zogenix *	5,268		265
Zynerba Pharmaceuticals *	2,785		14
Zynex *	2,153		21
			260,711
Industrials — 7.1%
3M	30,500		4,839
AAON Inc	5,112		268
AAR Corp	4,138		176
ABM Industries Inc	8,197		313
Acacia Research Corp *	4,924		12
ACCO Brands Corp	11,510		99
Acuity Brands Inc	2,200		259
ADT Inc	5,800		36
Advanced Disposal Services Inc *	8,957		295
Advanced Drainage Systems	5,337		222
AECOM *	8,500		410
Aegion Corp, Cl A *	3,754		78
Aerojet Rocketdyne Holdings Inc *	9,068		472

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 39

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Aerovironment Inc *	2,652	$	177
AGCO	3,600		253
Air Lease Corp, Cl A	5,300		228
Air Transport Services Group Inc *	7,300		153
Aircastle Ltd	6,454		207
Alamo Group Inc	1,219		152
Alaska Air Group Inc	6,600		426
Albany International Corp, Cl A	3,790		264
Allegiant Travel Co, Cl A	1,602		269
Allegion PLC	5,200		672
Allied Motion Technologies Inc	762		35
Allison Transmission Holdings Inc	6,200		274
Altra Industrial Motion Corp	7,909		263
AMERCO	400		149
Ameresco Inc, Cl A *	2,914		56
American Airlines Group Inc	22,600		607
American Superconductor *	2,918		18
American Woodmark *	2,067		227
AMETEK Inc	12,500		1,214
AO Smith	7,700		329
Apogee Enterprises Inc	3,200		102
Applied Industrial Technologies Inc	4,719		305
ArcBest Corp	3,096		69
Arconic Inc	21,700		650
Arcosa Inc	5,977		262
Argan Inc	1,900		80
Armstrong Flooring Inc *	2,085		7
Armstrong World Industries Inc	2,300		231
ASGN Inc *	6,336		429
Astec Industries	2,718		112
Astronics Corp *	2,727		69
Atkore International Group Inc *	5,643		224
Atlas Air Worldwide Holdings Inc *	2,995		67
Avis Budget Group Inc *	7,009		230
Axon Enterprise Inc *	7,204		553
AZZ Inc	3,257		134
Barnes Group Inc	5,727		362
Barrett Business Services Inc	921		76
Beacon Roofing Supply *	8,422		279
BG Staffing Inc	1,242		25
Bloom Energy, Cl A *	7,097		56
Blue Bird Corp *	1,752		35
BlueLinx Holdings Inc *	1,037		12
BMC Stock Holdings Inc *	8,178		239
Boeing	28,900		9,198
Brady Corp, Cl A	5,890		326
Briggs & Stratton Corp	5,341		20
BrightView Holdings *	4,030		64
Brink's Co/The	6,167		519
Builders FirstSource Inc *	14,042		348
BWX Technologies Inc, Cl W	5,400		343
Caesarstone Ltd	2,980		39

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
CAI International Inc *	1,946	$	53
Carlisle Cos Inc	3,200		500
Casella Waste Systems, Cl A *	5,706		292
Caterpillar Inc	29,200		3,835
CBIZ Inc *	6,271		169
CECO Environmental *	4,164		32
CH Robinson Worldwide Inc	7,400		534
Charah Solutions Inc *	250		1
Chart Industries Inc *	4,465		286
Cimpress *	2,434		291
Cintas Corp	4,700		1,311
CIRCOR International Inc *	2,292		95
Clean Harbors Inc *	2,800		230
Colfax *	4,600		162
Columbus McKinnon Corp/NY	2,836		99
Comfort Systems USA Inc	4,547		211
Commercial Vehicle Group Inc *	2,984		15
Concrete Pumping Holdings *	2,000		10
Construction Partners, Cl A *	2,275		38
Continental Building Products *	4,261		158
Copart *	11,100		1,126
Cornerstone Building Brands *	5,378		46
CoStar Group Inc *	2,000		1,306
Covanta Holding Corp	14,552		218
Covenant Transportation Group Inc, Cl A *	1,757		22
CRA International Inc	907		48
Crane Co	2,700		231
CSW Industrials Inc	1,882		143
CSX Corp	40,600		3,099
Cubic Corp	3,877		253
Cummins Inc	8,100		1,296
Curtiss-Wright Corp	2,400		349
Daseke Inc *	6,382		19
Deere	17,100		2,712
Delta Air Lines Inc	31,700		1,767
Deluxe	5,101		246
Donaldson Co Inc	7,000		363
Douglas Dynamics Inc	2,824		148
Dover Corp	7,900		899
Ducommun Inc *	1,220		50
DXP Enterprises Inc/TX *	2,094		73
Dycom Industries *	3,755		152
Eagle Bulk Shipping Inc *	4,792		16
Eastern Co/The	560		16
Echo Global Logistics *	3,130		61
EMCOR Group Inc	6,824		561
Emerson Electric	33,400		2,392
Encore Wire Corp	2,564		139
Energous Corp *	2,542		4
Energy Recovery Inc *	4,886		50
Enerpac Tool Group, Cl A	6,853		158
EnerSys	5,286		380

40 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value				Market Value
Description	Shares		($ Thousands)	Description	Shares		($ Thousands)
COMMON STOCK (continued)				COMMON STOCK (continued)
Ennis Inc	3,040	$	63	Heritage-Crystal Clean *	1,971	$	56
EnPro Industries Inc	2,559		150	Herman Miller Inc	7,266		281
Equifax Inc	6,500		974	Hertz Global Holdings Inc *	12,492		197
ESCO Technologies Inc	3,156		303	Hexcel Corp	4,600		341
EVI Industries Inc *	394		11	Hillenbrand Inc	9,107		264
Evoqua Water Technologies Corp *	9,202		184	HNI Corp	5,253		189
Expeditors International of Washington Inc	9,400		687	Honeywell International Inc	39,200		6,790
Exponent Inc	6,303		459	Hub Group Inc, Cl A *	3,963		210
Fastenal Co	31,300		1,092	Hubbell Inc, Cl B	3,000		430
Federal Signal	7,404		238	Huntington Ingalls Industries Inc	2,300		600
FedEx Corp	13,300		1,924	Hurco Cos Inc	632		20
Flowserve Corp	7,100		331	Huron Consulting Group Inc *	2,781		180
Fluor	7,600		136	Hyster-Yale Materials Handling Inc, Cl A	1,215		66
Forrester Research Inc	1,370		57	IAA *	7,300		345
Fortive Corp	16,000		1,199	ICF International Inc	2,263		198
Fortune Brands Home & Security Inc	7,700		529	IDEX	4,200		688
Forward Air	3,480		228	IES Holdings Inc *	844		21
Foundation Building Materials *	2,647		47	IHS Markit Ltd	21,100		1,664
Franklin Covey Co *	1,289		41	Illinois Tool Works Inc	17,700		3,097
Franklin Electric Co Inc	5,739		331	InnerWorkings *	4,353		18
FTI Consulting Inc *	4,598		552	Insperity Inc	4,599		402
Gardner Denver Holdings Inc *	6,900		244	Insteel Industries Inc	2,433		54
Gates Industrial Corp PLC *	2,400		30	Interface Inc, Cl A	7,074		114
GATX Corp	4,285		326	ITT Inc	4,800		322
Genco Shipping & Trading Ltd	2,216		17	Jacobs Engineering Group	6,800		629
Gencor Industries Inc *	944		11	JB Hunt Transport Services Inc	4,700		507
Generac Holdings *	7,512		778	JELD-WEN Holding *	8,489		203
General Dynamics Corp	13,800		2,421	JetBlue Airways Corp *	16,600		329
General Electric Co	470,700		5,860	John Bean Technologies Corp	3,863		437
General Finance *	1,794		17	Johnson Controls International plc	43,400		1,712
Gibraltar Industries *	4,003		218	Kadant Inc	1,383		147
GMS Inc *	4,902		131	Kaman Corp	3,435		212
Gorman-Rupp	2,118		78	Kansas City Southern	5,500		928
GP Strategies Corp *	1,744		23	KAR Auction Services Inc	7,300		153
Graco Inc	9,000		478	Kelly Services, Cl A	3,992		71
GrafTech International Ltd	3,200		34	Kennametal Inc	10,117		317
Graham Corp	1,316		24	Kforce Inc	2,428		90
Granite Construction Inc	5,915		160	Kimball International Inc, Cl B	4,328		81
Great Lakes Dredge & Dock Corp *	7,391		77	Kirby Corp *	3,200		235
Greenbrier Cos Inc/The	4,016		97	Knight-Swift Transportation Holdings
Griffon Corp	4,590		95	Inc, Cl A	6,900		256
H&E Equipment Services Inc	4,039		110	Knoll Inc	6,109		151
Harsco Corp *	9,495		141	Korn Ferry	6,983		286
Hawaiian Holdings Inc	5,738		160	Kratos Defense & Security Solutions Inc *	11,111		204
HD Supply Holdings Inc *	9,700		395	L3Harris Technologies	12,090		2,676
Healthcare Services Group Inc	9,151		234	Landstar System Inc	2,200		244
Heartland Express Inc	5,621		105	Lawson Products *	452		21
HEICO Corp, Cl A	4,100		394	LB Foster, Cl A *	1,416		24
HEICO Corp	2,100		257	Lennox International Inc	2,000		466
Heidrick & Struggles International Inc	2,414		69	Lincoln Electric Holdings Inc	3,400		303
Helios Technologies	3,620		154	Lindsay	1,365		137
Herc Holdings Inc *	3,030		122	Lockheed Martin Corp	13,400		5,737

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 41

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Luxfer Holdings	3,116	$	50
Lydall Inc *	2,258		46
Lyft, Cl A *	10,400		494
Macquarie Infrastructure Corp	4,300		190
Manitowoc Co Inc/The *	4,200		61
ManpowerGroup Inc	3,400		311
Marten Transport Ltd	4,597		95
Masco Corp	16,000		760
MasTec *	7,434		429
Matson Inc	5,277		190
Matthews International Corp, Cl A	3,759		140
Maxar Technologies Inc	7,248		116
McGrath RentCorp	3,008		233
Mercury Systems Inc *	6,697		514
Meritor Inc *	9,142		200
Mesa Air Group Inc *	2,840		24
Middleby Corp/The *	3,000		337
Miller Industries Inc/TN	1,461		50
Mistras Group Inc *	2,443		27
Mobile Mini Inc	5,274		220
Moog Inc, Cl A	3,961		355
MRC Global Inc *	9,810		110
MSA Safety Inc	4,321		586
MSC Industrial Direct Co Inc, Cl A	2,400		163
Mueller Industries Inc	6,843		200
Mueller Water Products, Cl A	19,273		225
MYR Group Inc *	2,090		60
National Presto Industries Inc	588		51
Navistar International Corp *	6,118		224
Nielsen Holdings PLC	19,400		396
NN Inc	5,512		48
Nordson Corp	3,200		540
Norfolk Southern	14,200		2,957
Northrop Grumman Corp	8,600		3,221
Northwest Pipe Co *	1,109		36
NOW *	13,459		135
NV5 Global Inc *	1,304		81
nVent Electric PLC	8,800		219
Old Dominion Freight Line Inc	3,600		706
Omega Flex	384		40
Oshkosh Corp	3,800		327
Owens Corning	5,900		357
PACCAR Inc	18,500		1,373
PAM Transportation Services Inc *	291		16
Park Aerospace	2,481		38
Parker-Hannifin Corp	7,000		1,370
Park-Ohio Holdings Corp	1,001		29
Parsons *	2,400		98
Patrick Industries Inc	2,765		143
PGT Innovations Inc *	7,184		111
PICO Holdings Inc *	2,501		25
Pitney Bowes Inc	20,888		78

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Plug Power Inc *	29,845	$	115
Powell Industries Inc	997		41
Preformed Line Products Co	311		17
Primoris Services	5,333		114
Proto Labs Inc *	3,339		346
Quad	4,206		18
Quanex Building Products Corp	3,990		71
Quanta Services Inc	8,000		313
Radiant Logistics Inc *	3,784		18
Raven Industries Inc	4,497		141
Raytheon Co	15,200		3,358
RBC Bearings Inc *	2,994		466
Regal Beloit Corp	2,400		188
Republic Services Inc, Cl A	11,900		1,131
Resideo Technologies Inc *	6,700		68
Resources Connection Inc	3,920		60
REV Group	3,586		36
Rexnord Corp	13,046		426
Robert Half International Inc	6,400		372
Rockwell Automation Inc	6,300		1,207
Rollins Inc	7,900		300
Roper Technologies	5,500		2,099
RR Donnelley & Sons	8,170		20
Rush Enterprises Inc, Cl B	441		20
Rush Enterprises Inc, Cl A	3,392		146
Ryder System Inc	2,800		134
Safe Bulkers *	7,588		10
Saia Inc *	3,192		278
Schneider National Inc, Cl B	2,600		58
Scorpio Bulkers Inc	7,127		26
Sensata Technologies Holding PLC *	8,800		416
Simpson Manufacturing Co Inc	5,555		459
SiteOne Landscape Supply *	4,997		482
SkyWest Inc	5,993		331
Snap-on	3,000		479
Southwest Airlines Co	26,600		1,462
SP Plus Corp *	2,691		113
Spartan Motors Inc	4,142		70
Spirit AeroSystems Holdings Inc, Cl A	5,800		379
Spirit Airlines Inc *	8,528		350
SPX Corp *	5,381		264
SPX FLOW Inc *	5,055		221
Standex International Corp	1,458		107
Stanley Black & Decker Inc	8,300		1,322
Steelcase Inc, Cl A	10,733		200
Stericycle Inc *	4,500		282
Sterling Construction Co Inc *	3,448		45
Sunrun *	13,951		238
Systemax	1,587		38
Team Inc *	3,776		51
Teledyne Technologies *	1,900		694
Tennant Co	2,247		174

42 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Terex Corp	7,776	$	197
Tetra Tech	6,696		573
Textainer Group Holdings Ltd *	6,476		61
Textron Inc	13,300		611
Thermon Group Holdings Inc *	4,130		98
Timken Co/The	3,700		194
Titan International Inc	4,956		14
Titan Machinery Inc *	2,503		31
Toro	5,600		448
TPI Composites Inc *	3,707		77
Transcat *	947		29
TransDigm Group	2,600		1,673
TransUnion	10,000		917
Trex Co Inc *	7,263		714
TriMas *	5,442		156
TriNet Group Inc *	5,500		314
Trinity Industries	5,500		112
Triton International Ltd/Bermuda	6,538		246
Triumph Group Inc	6,183		126
TrueBlue Inc *	4,839		106
Tutor Perini Corp *	5,166		58
Twin Disc Inc *	990		10
Uber Technologies *	51,800		1,880
UniFirst Corp/MA	1,882		384
Union Pacific Corp	37,900		6,800
United Continental Holdings Inc *	12,600		943
United Parcel Service Inc, Cl B	37,700		3,903
United Rentals Inc *	4,300		583
United Technologies Corp	44,200		6,639
Univar Solutions *	6,800		147
Universal Forest Products Inc	7,416		355
Universal Logistics Holdings Inc	1,167		20
Upwork Inc *	7,018		64
US Ecology	3,030		164
US Xpress Enterprises Inc, Cl A *	2,341		13
Valmont Industries Inc	1,200		170
Vectrus Inc *	1,449		81
Verisk Analytics, Cl A	8,700		1,414
Veritiv Corp *	1,650		23
Viad Corp	2,446		159
Vicor Corp *	2,258		113
Vivint Solar *	5,774		47
VSE	1,047		33
Wabash National Corp	6,501		75
WABCO Holdings Inc *	2,800		380
Waste Management Inc	23,300		2,836
Watsco Inc	1,700		296
Watts Water Technologies Inc, Cl A	3,429		342
Welbilt *	15,967		241
Werner Enterprises	5,438		200
WESCO International Inc *	2,600		126
Westinghouse Air Brake Technologies	8,400		620

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Willdan Group Inc *	1,311	$	43
Willis Lease Finance Corp *	305		18
WillScot Corp, Cl A *	6,267		118
Woodward	3,000		349
WW Grainger Inc	2,400		726
XPO Logistics Inc *	5,000		445
Xylem Inc/NY	9,800		800
YRC Worldwide Inc *	4,826		11
			188,386
Information Technology — 15.7%
2U Inc *	3,000		59
3D Systems Corp *	13,847		151
8x8 Inc *	11,619		216
A10 Networks Inc *	5,682		39
Acacia Communications Inc *	4,735		325
ACI Worldwide Inc *	14,290		492
Adesto Technologies Corp *	3,659		26
Adobe Inc *	26,500		9,305
ADTRAN Inc	6,118		55
Advanced Energy Industries *	4,618		323
Advanced Micro Devices Inc *	54,600		2,566
Agilysys *	2,469		80
Airgain *	1,336		13
Akamai Technologies Inc *	8,600		803
Akoustis Technologies *	3,528		26
Alarm.com Holdings Inc *	4,492		197
Alliance Data Systems Corp	2,600		267
Alpha & Omega Semiconductor Ltd *	2,271		28
Altair Engineering Inc, Cl A *	4,879		180
Alteryx Inc, Cl A *	2,500		349
Ambarella Inc *	3,878		229
Amdocs Ltd	7,500		540
American Software, Cl A	3,784		56
Amkor Technology *	12,059		136
Amphenol Corp, Cl A	16,100		1,601
Analog Devices Inc	20,200		2,217
Anaplan Inc *	4,500		259
Anixter International *	3,768		368
ANSYS Inc *	4,500		1,234
Appfolio, Cl A *	1,942		255
Appian, Cl A *	4,279		218
Apple	242,200		74,963
Applied Materials Inc	50,900		2,952
Applied Optoelectronics *	2,162		24
Arista Networks Inc *	3,100		692
Arlo Technologies Inc *	9,917		42
Arrow Electronics Inc *	4,600		349
Aspen Technology Inc *	3,800		452
AstroNova	949		12
Atlassian Corp PLC, Cl A *	5,500		809
Autodesk Inc *	12,000		2,362
Automatic Data Processing Inc	23,800		4,079

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 43

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Avalara *	2,300	$	196
Avaya Holdings Corp *	13,606		174
Avid Technology Inc *	3,919		33
Avnet Inc	5,900		215
AVX Corp	5,967		121
Axcelis Technologies Inc *	3,882		94
AXT *	5,406		21
Badger Meter Inc	3,554		210
Bel Fuse Inc, Cl B	1,375		24
Belden Inc	4,796		236
Benchmark Electronics Inc	4,465		137
Benefitfocus *	3,600		67
Black Knight Inc *	7,700		515
Blackbaud Inc	6,034		473
Blackline Inc *	5,261		322
Booz Allen Hamilton Holding, Cl A	7,500		585
Bottomline Technologies DE Inc *	5,266		282
Box Inc, Cl A *	17,627		265
Brightcove Inc *	4,969		43
Broadcom Inc	21,100		6,439
Broadridge Financial Solutions Inc	6,300		751
Brooks Automation Inc	8,750		333
Cabot Microelectronics Corp	3,549		516
CACI International Inc, Cl A *	1,300		348
Cadence Design Systems Inc *	15,200		1,096
CalAmp Corp *	4,324		42
Calix *	6,090		56
Cardtronics PLC *	4,576		206
Casa Systems Inc *	4,344		17
Cass Information Systems Inc	1,713		93
CDK Global Inc	6,800		365
CDW Corp/DE	8,000		1,044
Cerence *	1,950		42
Ceridian HCM Holding Inc *	5,100		374
CEVA Inc *	2,598		71
ChannelAdvisor Corp *	3,634		34
Ciena Corp *	8,400		342
Cirrus Logic Inc *	7,134		548
Cisco Systems Inc	234,100		10,762
Citrix Systems	6,800		824
Clearfield Inc *	1,136		14
Cloudera Inc *	29,173		300
Cognex Corp	9,000		459
Cognizant Technology Solutions Corp, Cl A	30,000		1,841
Coherent Inc *	1,300		184
Cohu	5,126		115
CommScope Holding Co Inc *	10,300		126
CommVault Systems Inc *	4,986		224
Comtech Telecommunications Corp	3,001		87
Conduent *	21,895		94
CoreLogic Inc/United States	4,400		205
Cornerstone OnDemand Inc *	7,041		414

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Corning	41,200	$	1,100
Coupa Software Inc *	3,300		532
Cree *	5,700		265
CSG Systems International Inc	4,078		203
CTS Corp	3,925		115
CyberArk Software *	1,300		180
Cypress Semiconductor Corp	19,500		455
Daktronics Inc	4,598		27
DASAN Zhone Solutions Inc *	1,272		11
Dell Technologies Inc, Cl C *	8,200		400
Diebold Nixdorf Inc *	9,784		113
Digi International Inc *	3,310		52
Digimarc Corp *	1,469		46
Digital Turbine *	9,440		59
Diodes Inc *	5,026		260
DocuSign, Cl A *	8,300		652
Dolby Laboratories Inc, Cl A	3,400		236
Domo Inc, Cl B *	2,199		53
Dropbox, Cl A *	11,500		196
DSP Group *	2,893		42
DXC Technology Co	14,600		465
Ebix Inc	2,790		96
EchoStar Corp, Cl A *	2,600		104
eGain Corp *	1,819		13
Elastic *	2,000		130
Endurance International Group Holdings
Inc *	9,435		45
Enphase Energy Inc *	11,268		355
Entegris Inc	7,300		378
Envestnet *	5,891		465
EPAM Systems Inc *	2,800		639
ePlus Inc *	1,695		135
Euronet Worldwide Inc *	2,700		426
Everbridge Inc *	4,102		372
EVERTEC Inc	7,565		254
Evo Payments Inc, Cl A *	4,303		119
Exela Technologies *	4,875		2
ExlService Holdings Inc *	4,130		302
Extreme Networks Inc *	14,899		88
F5 Networks Inc *	3,200		391
Fair Isaac Corp *	1,600		644
FARO Technologies Inc *	2,176		112
Fidelity National Information Services Inc	32,937		4,732
FireEye Inc *	10,500		168
First Solar *	4,500		223
Fiserv Inc *	30,699		3,641
Fitbit Inc, Cl A *	27,529		179
Five9 *	7,400		531
FleetCor Technologies Inc *	4,600		1,450
FLIR Systems Inc	7,300		376
ForeScout Technologies Inc *	5,146		147
FormFactor Inc *	9,318		236

44 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value				Market Value
Description	Shares		($ Thousands)	Description	Shares		($ Thousands)
COMMON STOCK (continued)				COMMON STOCK (continued)
Fortinet Inc *	7,700	$	888	LivePerson Inc *	7,632	$	313
Gartner Inc *	4,800		772	LiveRamp Holdings Inc *	8,268		333
Genpact Ltd	8,900		394	LogMeIn Inc	2,700		232
Global Payments	16,238		3,174	Lumentum Holdings *	9,500		720
Globant *	1,500		184	MACOM Technology Solutions Holdings
GoDaddy Inc, Cl A *	9,200		618	Inc *	5,624		160
GSI Technology *	2,189		18	Majesco *	1,291		9
GTT Communications Inc *	4,005		47	Manhattan Associates Inc *	3,500		299
GTY Technology Holdings *	4,093		26	ManTech International Corp/VA, Cl A	3,291		264
Guidewire Software Inc *	4,400		495	Marvell Technology Group Ltd	35,700		858
Hackett Group Inc/The	3,202		49	Mastercard Inc, Cl A	48,400		15,292
Harmonic *	10,379		73	Maxim Integrated Products Inc	14,800		890
Hewlett Packard Enterprise Co	71,300		993	MAXIMUS	7,860		564
HP Inc	80,800		1,723	MaxLinear Inc, Cl A *	7,901		154
HubSpot Inc *	2,200		398	Methode Electronics Inc	4,561		149
I3 Verticals Inc, Cl A *	1,796		58	Microchip Technology Inc	12,700		1,238
Ichor Holdings Ltd *	2,664		89	Micron Technology Inc *	60,200		3,196
Ideanomics *	7,694		5	Microsoft Corp	412,100		70,152
II-VI Inc *	11,078		373	MicroStrategy Inc, Cl A *	1,020		155
Immersion *	4,216		31	Mitek Systems Inc *	4,864		47
Impinj Inc *	2,189		70	MKS Instruments Inc	2,900		304
Infinera Corp *	21,447		158	MobileIron Inc *	12,369		59
Information Services Group Inc *	3,635		10	Model N Inc *	3,944		123
Inphi Corp *	5,576		424	MongoDB, Cl A *	2,300		377
Inseego *	5,277		35	Monolithic Power Systems Inc	2,200		377
Insight Enterprises Inc *	4,354		287	Motorola Solutions Inc	8,800		1,558
Instructure *	4,279		209	MTS Systems Corp	2,259		115
Intel Corp	238,000		15,215	Napco Security Technologies Inc *	1,526		45
Intelligent Systems *	797		34	National Instruments Corp	6,000		268
InterDigital Inc	3,821		211	NCR Corp *	6,400		216
International Business Machines Corp	48,400		6,957	NeoPhotonics Corp *	4,507		34
International Money Express *	1,782		19	NetApp Inc	13,000		694
Intuit Inc	13,500		3,785	NETGEAR Inc *	3,765		97
IPG Photonics Corp *	2,000		255	NetScout Systems Inc *	8,976		231
Iteris Inc *	5,467		28	New Relic Inc *	2,500		165
Itron Inc *	4,225		345	NIC Inc	8,126		160
j2 Global Inc	5,751		551	nLight Inc *	4,183		74
Jabil Inc	8,200		319	NortonLifeLock	31,500		895
Jack Henry & Associates	4,200		628	Novanta Inc *	4,150		377
Juniper Networks Inc	18,600		427	Nuance Communications Inc *	15,600		295
KBR Inc	17,289		470	Nutanix Inc, Cl A *	7,600		247
KEMET Corp	7,125		186	NVE Corp	631		46
Keysight Technologies *	10,200		949	NVIDIA Corp	31,800		7,518
Kimball Electronics Inc *	3,223		52	Okta, Cl A *	5,600		717
KLA	8,900		1,475	ON Semiconductor Corp *	22,700		526
Knowles Corp *	10,085		199	OneSpan Inc *	4,170		69
KVH Industries Inc *	1,649		17	Onto Innovation *	5,914		224
Lam Research Corp	7,900		2,356	Oracle Corp	112,300		5,890
Lattice Semiconductor Corp *	15,423		287	OSI Systems Inc *	2,084		180
Leidos Holdings Inc	7,700		774	Palo Alto Networks Inc *	5,000		1,174
Limelight Networks *	13,449		67	PAR Technology Corp *	1,532		52
Littelfuse Inc	1,300		230	Paychex Inc	17,500		1,501

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 45

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Paycom Software Inc *	2,600	$	827
Paylocity Holding Corp *	1,800		255
PayPal Holdings *	64,100		7,300
Paysign *	3,922		34
PC Connection Inc	1,345		67
PDF Solutions Inc *	3,726		59
Pegasystems Inc	2,100		181
Perficient Inc *	3,873		192
Perspecta Inc	17,141		481
Photronics Inc *	7,931		101
Phunware *	5,500		5
Ping Identity Holding *	1,695		41
Plantronics Inc	4,155		119
Plexus Corp *	3,548		252
Pluralsight Inc, Cl A *	2,900		56
Power Integrations Inc	3,457		338
PRGX Global Inc *	2,135		8
Progress Software Corp	5,551		251
Proofpoint Inc *	2,700		332
PROS Holdings *	4,040		242
PTC Inc *	5,700		474
Pure Storage Inc, Cl A *	9,000		160
Q2 Holdings Inc *	5,355		467
QAD Inc, Cl A	1,370		70
Qorvo Inc *	6,700		709
QUALCOMM Inc	62,400		5,323
Qualys Inc *	4,191		359
Rambus *	13,516		215
Rapid7 Inc *	6,054		359
RealPage Inc *	3,900		228
Ribbon Communications *	7,969		22
Rimini Street Inc *	2,935		15
RingCentral, Cl A *	3,700		761
Rogers Corp *	2,291		270
Rosetta Stone Inc *	2,636		45
Sabre Corp	15,000		323
SailPoint Technologies Holding *	10,540		264
salesforce.com Inc *	45,401		8,277
Sanmina Corp *	8,401		267
ScanSource Inc *	3,213		112
Science Applications International	7,103		623
SecureWorks Corp, Cl A *	875		14
Semtech Corp *	8,127		392
ServiceNow Inc *	10,000		3,382
SharpSpring *	1,260		16
ShotSpotter Inc *	1,057		29
Silicon Laboratories Inc *	5,265		518
Skyworks Solutions Inc	9,500		1,075
SMART Global Holdings Inc *	1,677		51
Smartsheet, Cl A *	4,600		223
SolarWinds Corp *	2,200		42
Splunk *	8,000		1,242

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
SPS Commerce Inc *	4,297	$	244
Square Inc, Cl A *	18,100		1,352
SS&C Technologies Holdings	11,700		737
StarTek *	2,353		18
SunPower Corp, Cl A *	7,956		68
SVMK Inc *	10,628		188
Switch, Cl A	2,000		32
Sykes Enterprises *	4,812		162
Synaptics Inc *	4,131		276
Synchronoss Technologies *	5,096		28
SYNNEX Corp	2,200		303
Synopsys Inc *	8,100		1,195
Tech Data Corp *	4,358		627
Telaria Inc *	5,735		58
Telenav Inc *	4,448		20
Tenable Holdings Inc *	4,713		128
Teradata Corp *	6,500		158
Teradyne Inc	9,800		647
TESSCO Technologies	904		6
Texas Instruments Inc	51,100		6,165
TiVo Corp	15,363		112
Trade Desk Inc/The, Cl A *	2,100		565
Trimble Inc *	13,600		578
TTEC Holdings Inc	1,828		73
TTM Technologies Inc *	12,099		174
Tucows, Cl A *	1,123		68
Twilio, Cl A *	6,300		783
Tyler Technologies Inc *	2,100		680
Ubiquiti	500		82
Ultra Clean Holdings Inc *	4,727		109
Unisys Corp *	6,090		59
Universal Display Corp	2,300		405
Upland Software Inc *	2,860		112
Varonis Systems Inc *	3,647		305
Veeco Instruments Inc *	6,199		79
Verint Systems Inc *	8,267		479
VeriSign Inc *	5,600		1,166
Verra Mobility, Cl A *	15,961		254
ViaSat Inc *	3,000		191
Viavi Solutions Inc *	28,362		400
VirnetX Holding Corp *	7,974		30
Virtusa *	3,564		148
Visa Inc, Cl A	93,300		18,564
Vishay Intertechnology Inc	16,408		333
Vishay Precision Group Inc *	1,366		47
VMware, Cl A *	3,900		577
Western Digital Corp	15,800		1,035
Western Union Co/The	24,100		648
WEX Inc *	2,200		477
Workday Inc, Cl A *	8,700		1,606
Workiva Inc, Cl A *	4,622		210
Xerox Holdings	11,000		391

46 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Xilinx	13,900	$	1,174
Xperi Corp	6,128		99
Yext Inc *	11,365		170
Zebra Technologies Corp, Cl A *	2,900		693
Zendesk Inc *	5,700		492
Zix Corp *	6,842		46
Zscaler Inc *	3,300		185
Zuora, Cl A *	10,811		159
			414,651
Materials — 1.9%
Advanced Emissions Solutions	1,854		21
AdvanSix Inc *	3,469		65
Air Products & Chemicals Inc	12,000		2,864
AK Steel Holding Corp *	38,081		105
Albemarle Corp	5,800		466
Alcoa Corp *	10,200		142
Allegheny Technologies Inc *	15,500		267
American Vanguard Corp	3,714		69
Amyris Inc *	8,197		21
AptarGroup Inc	3,400		393
Ardagh Group SA, Cl A	1,000		19
Ashland Global Holdings Inc	3,400		252
Avery Dennison	4,700		617
Axalta Coating Systems Ltd *	11,300		326
Balchem Corp	3,971		429
Ball	18,200		1,314
Berry Global Group Inc *	7,100		302
Boise Cascade Co	4,756		172
Cabot Corp	3,200		128
Carpenter Technology Corp	5,797		230
Celanese Corp, Cl A	6,600		683
Century Aluminum Co *	6,640		35
CF Industries Holdings Inc	12,600		508
Chase Corp	926		85
Chemours Co/The	9,300		129
Clearwater Paper Corp *	1,860		52
Cleveland-Cliffs Inc	32,936		231
Coeur Mining Inc *	29,793		180
Commercial Metals Co	14,513		298
Compass Minerals International	4,227		245
Corteva	41,333		1,195
Crown Holdings Inc *	7,000		518
Domtar	3,400		118
Dow Inc	41,333		1,904
DuPont de Nemours	40,433		2,069
Eagle Materials Inc	2,400		219
Eastman Chemical Co	7,600		542
Ecolab Inc	13,900		2,726
Element Solutions Inc *	12,100		142
Ferro Corp *	9,933		136
Flotek Industries Inc *	7,436		13
FMC Corp	7,300		698

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Forterra Inc *	2,077	$	27
Freeport-McMoRan	78,900		876
FutureFuel Corp	3,479		38
GCP Applied Technologies Inc *	6,587		146
Gold Resource	7,915		44
Graphic Packaging Holding Co	16,300		255
Greif Inc, Cl A	3,255		132
Greif Inc, Cl B	700		33
Hawkins Inc	1,279		53
Haynes International Inc	1,633		44
HB Fuller	6,269		290
Hecla Mining Co	61,459		186
Huntsman Corp	11,900		245
Ingevity Corp *	5,180		338
Innophos Holdings Inc	2,349		75
Innospec Inc	3,000		302
International Flavors & Fragrances Inc	5,500		721
International Paper Co	22,300		908
Intrepid Potash *	12,639		30
Kaiser Aluminum	1,918		192
Koppers Holdings *	2,266		71
Kraton Corp *	3,941		65
Kronos Worldwide Inc	2,996		32
Linde	29,300		5,952
Livent *	17,947		169
Louisiana-Pacific Corp	14,469		444
LSB Industries Inc *	3,475		10
LyondellBasell Industries NV, Cl A	14,400		1,121
Marrone Bio Innovations Inc *	8,296		10
Martin Marietta Materials	3,400		897
Materion Corp	2,517		137
Mayville Engineering *	957		7
Minerals Technologies Inc	4,240		229
Mosaic Co/The	19,100		379
Myers Industries	4,539		73
Neenah Inc	2,105		140
NewMarket Corp	400		176
Newmont	44,600		2,010
Novagold Resources *	28,347		259
Nucor Corp	16,700		793
O-I Glass, Cl I	8,700		110
Olin Corp	9,000		134
Olympic Steel Inc	952		14
OMNOVA Solutions Inc *	5,731		58
Orion Engineered Carbons	7,565		119
Packaging Corp of America	5,100		488
PH Glatfelter Co	5,584		93
PolyOne Corp	9,445		313
PPG Industries Inc	13,200		1,582
PQ Group Holdings Inc *	4,754		73
Quaker Chemical Corp	1,607		267
Ramaco Resources Inc *	175		1

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 47

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Rayonier Advanced Materials Inc	4,779	$	15
Reliance Steel & Aluminum Co	3,700		425
Royal Gold Inc	3,600		415
RPM International Inc	7,000		500
Ryerson Holding Corp *	1,609		16
Schnitzer Steel Industries Inc, Cl A	3,070		49
Schweitzer-Mauduit International	3,879		136
Scotts Miracle-Gro Co/The, Cl A	2,200		270
Sealed Air Corp	8,500		302
Sensient Technologies	5,213		311
Sherwin-Williams Co/The	4,500		2,506
Silgan Holdings	4,200		130
Sonoco Products Co	5,400		309
Southern Copper Corp	8,100		305
Steel Dynamics	12,000		359
Stepan Co	2,516		248
Summit Materials Inc, Cl A *	13,897		305
SunCoke Energy Inc	8,868		52
Synalloy Corp *	848		11
TimkenSteel Corp *	5,338		34
Trecora Resources *	2,930		20
Tredegar Corp	3,110		63
Tronox Holdings PLC, Cl A	11,127		94
UFP Technologies Inc *	914		43
United States Lime & Minerals Inc	202		18
United States Steel Corp	9,600		87
US Concrete Inc *	2,058		73
Valhi	4,839		8
Valvoline Inc	10,300		217
Verso Corp *	4,448		75
Vulcan Materials	7,200		1,020
Warrior Met Coal Inc	6,553		124
Westlake Chemical	2,000		122
Westrock	13,700		534
Worthington Industries Inc	4,724		174
WR Grace	3,600		242
			51,701
Real Estate — 3.0%
Acadia Realty Trust "	10,380		258
Agree Realty Corp "	5,088		386
Alexander & Baldwin Inc "	8,504		186
Alexander's Inc "	271		87
Alexandria Real Estate Equities Inc "	6,100		996
American Assets Trust Inc "	5,945		271
American Campus Communities Inc "	7,400		339
American Finance Trust "	13,098		170
American Homes 4 Rent, Cl A	14,100		385
American Tower, Cl A "	23,900		5,539
Americold Realty Trust "	10,400		359
Apartment Investment & Management,
Cl A "	8,200		432
Apple Hospitality Inc "	11,800		177

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Armada Hoffler Properties "	6,944	$	127
Ashford Hospitality Trust Inc "	12,344		30
AvalonBay Communities Inc "	7,500		1,625
Bluerock Residential Growth Inc, Cl A "	3,014		35
Boston Properties Inc "	8,400		1,204
Braemar Hotels & Resorts Inc "	4,007		32
Brandywine Realty Trust "	9,600		150
Brixmor Property Group Inc "	16,400		327
Brookfield Property Inc, Cl A "	3,600		66
BRT Apartments Corp "	1,005		17
Camden Property Trust "	4,800		540
CareTrust Inc "	11,704		260
CatchMark Timber Trust Inc, Cl A "	5,869		60
CBL & Associates Properties Inc "	19,641		17
CBRE Group Inc, Cl A *	17,300		1,056
Cedar Realty Trust "	11,501		30
Chatham Lodging Trust "	5,826		95
CIM Commercial Trust "	210		3
City Office Inc "	6,790		92
Clipper Realty Inc "	2,000		21
Colony Capital "	26,200		122
Columbia Property Trust Inc "	6,400		135
Community Healthcare Trust Inc "	2,283		108
Consolidated-Tomoka Land Co	543		34
CoreCivic Inc "	14,636		233
CorEnergy Infrastructure Trust Inc "	1,568		72
CorePoint Lodging Inc "	4,756		44
CoreSite Realty Corp "	2,000		235
Corporate Office Properties Trust "	5,600		167
Cousins Properties "	7,900		323
Crown Castle International Corp "	22,600		3,386
CubeSmart "	10,100		320
Cushman & Wakefield *	14,059		270
CyrusOne Inc "	5,700		347
DiamondRock Hospitality Co "	24,895		241
Digital Realty Trust Inc "	11,200		1,378
Diversified Healthcare Trust "	29,041		224
Douglas Emmett Inc "	8,800		365
Duke Realty Corp "	19,500		708
Easterly Government Properties Inc "	9,056		219
EastGroup Properties Inc "	4,708		641
Empire State Realty Trust Inc, Cl A "	7,700		104
EPR Properties "	4,000		285
Equinix Inc "	4,500		2,654
Equity Commonwealth "	6,400		210
Equity LifeStyle Properties Inc "	9,400		684
Equity Residential "	19,600		1,628
Essential Properties Realty Trust Inc "	10,083		278
Essex Property Trust Inc "	3,600		1,115
eXp World Holdings *	2,211		24
Extra Space Storage Inc "	6,700		742
Farmland Partners Inc "	3,005		19

48 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value				Market Value
Description	Shares		($ Thousands)	Description	Shares		($ Thousands)
COMMON STOCK (continued)				COMMON STOCK (continued)
Federal Realty Investment Trust "	4,000	$	500	National Storage Affiliates Trust "	7,288	$	249
First Industrial Realty Trust Inc "	15,446		660	New Senior Investment Group Inc "	9,768		74
Forestar Group Inc *	1,454		29	Newmark Group, Cl A	17,751		209
Four Corners Property Trust "	8,401		254	NexPoint Residential Trust Inc "	2,391		117
Franklin Street Properties Corp "	12,563		95	Office Properties Income Trust "	5,976		203
Front Yard Residential Corp "	6,389		69	Omega Healthcare Investors Inc "	11,200		470
FRP Holdings *	929		44	One Liberty Properties Inc "	2,000		55
Gaming and Leisure Properties Inc "	11,000		520	Outfront Media Inc "	7,600		226
GEO Group Inc/The "	14,808		234	Paramount Group Inc "	11,100		156
Getty Realty Corp "	4,134		130	Park Hotels & Resorts "	11,000		241
Gladstone Commercial Corp "	3,712		79	Pebblebrook Hotel Trust "	16,043		381
Gladstone Land Corp "	2,252		30	Pennsylvania Real Estate Investment
Global Medical Inc "	4,066		59	Trust "	9,107		36
Global Net Lease Inc "	11,262		233	Physicians Realty Trust "	23,411		453
Hannon Armstrong Sustainable				Piedmont Office Realty Trust Inc, Cl A "	15,567		361
Infrastructure Capital Inc "	7,870		268	PotlatchDeltic Corp "	8,179		352
Healthcare Realty Trust Inc "	16,457		593	Preferred Apartment Communities Inc,
Healthcare Trust of America Inc, Cl A "	11,200		359	Cl A "	5,301		62
Healthpeak Properties "	26,100		939	Prologis Inc "	34,200		3,177
Hersha Hospitality Trust, Cl A "	4,149		54	PS Business Parks Inc "	2,470		414
Highwoods Properties Inc "	5,500		276	Public Storage "	8,100		1,812
Host Hotels & Resorts Inc "	39,900		652	QTS Realty Trust Inc, Cl A "	7,165		408
Howard Hughes Corp/The *	2,100		256	Rafael Holdings, Cl B *	1,418		29
Hudson Pacific Properties Inc	8,400		305	Rayonier Inc "	7,000		213
Independence Realty Trust "	11,243		165	RE/MAX Holdings Inc, Cl A	2,151		82
Industrial Logistics Properties Trust "	8,091		185	Realogy Holdings Corp	13,879		147
Innovative Industrial Properties, Cl A "	1,381		124	Realty Income Corp "	17,100		1,341
Investors Real Estate Trust "	1,384		102	Redfin *	10,831		264
Invitation Homes Inc	26,000		818	Regency Centers Corp "	8,300		515
Iron Mountain "	15,500		490	Retail Opportunity Investments Corp "	13,930		231
iStar "	7,583		110	Retail Properties of America, Cl A "	11,700		142
JBG SMITH Properties "	6,200		251	Retail Value Inc "	1,767		58
Jernigan Capital "	2,718		54	Rexford Industrial Realty "	13,618		656
Jones Lang LaSalle Inc	2,500		425	RLJ Lodging Trust "	20,688		322
Kennedy-Wilson Holdings Inc	15,116		326	RMR Group Inc/The, Cl A	1,847		85
Kilroy Realty Corp "	5,400		446	RPT Realty "	9,578		134
Kimco Realty "	22,200		423	Ryman Hospitality Properties "	5,667		482
Kite Realty Group Trust "	10,367		178	Sabra Health Care Inc "	23,972		515
Lamar Advertising Co, Cl A "	4,600		427	Safehold Inc "	1,409		63
Lexington Realty Trust, Cl B "	30,144		334	Saul Centers Inc "	1,520		75
Liberty Property Trust "	8,000		501	SBA Communications Corp, Cl A "	6,100		1,522
Life Storage Inc "	2,500		283	Seritage Growth Properties "	4,127		152
LTC Properties Inc "	4,884		225	Service Properties Trust "	8,900		192
Macerich Co/The "	7,400		165	Simon Property Group Inc "	16,800		2,237
Mack-Cali Realty Corp "	10,633		234	SITE Centers Corp "	8,300		106
Marcus & Millichap Inc *	2,773		98	SL Green Realty Corp "	4,400		405
Maui Land & Pineapple Co Inc *	1,098		11	Spirit Realty Capital Inc "	4,700		248
Medical Properties Trust Inc "	28,000		620	St Joe Co/The *	4,140		87
Mid-America Apartment Communities "	6,200		851	STAG Industrial Inc "	16,635		536
Monmouth Real Estate Investment Corp "	11,183		164	STORE Capital Corp "	10,400		408
National Health Investors "	5,264		444	Stratus Properties Inc *	593		18
National Retail Properties "	8,600		482	Summit Hotel Properties Inc "	12,987		144

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 49

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Sun Communities Inc "	4,600	$	746
Sunstone Hotel Investors Inc "	27,679		351
Tanger Factory Outlet Centers "	10,910		160
Taubman Centers Inc "	3,200		85
Tejon Ranch Co *	2,769		45
Terreno Realty Corp "	8,206		470
Transcontinental Realty Investors Inc *	49		2
UDR Inc "	14,900		714
UMH Properties Inc "	4,472		71
Uniti Group Inc "	23,351		148
Universal Health Realty Income Trust "	1,611		199
Urban Edge Properties "	14,164		260
Urstadt Biddle Properties Inc, Cl A "	3,559		81
Ventas Inc "	19,400		1,123
VEREIT Inc "	52,900		516
VICI Properties Inc	22,100		592
Vornado Realty Trust "	9,400		618
Washington Prime Group Inc "	23,936		72
Washington Real Estate Investment Trust "	9,895		301
Weingarten Realty Investors "	6,500		189
Welltower "	22,100		1,877
Weyerhaeuser Co "	40,900		1,184
Whitestone, Cl B "	4,564		60
WP Carey Inc "	8,700		732
Xenia Hotels & Resorts Inc "	13,948		261
			79,983
Utilities — 2.4%
AES Corp/VA	36,100		717
ALLETE Inc	6,403		535
Alliant Energy Corp	12,900		766
Ameren Corp	13,300		1,091
American Electric Power Co Inc	26,900		2,804
American States Water Co	4,567		404
American Water Works	9,900		1,348
Aqua America Inc	11,500		597
AquaVenture Holdings Ltd *	1,612		44
Artesian Resources Corp, Cl A	1,082		41
Atmos Energy Corp	6,200		726
Avangrid Inc	3,100		165
Avista Corp	8,149		414
Black Hills Corp	7,574		629
Cadiz Inc *	1,362		12
California Water Service Group	5,932		312
CenterPoint Energy	27,300		723
Chesapeake Utilities Corp	1,973		190
Clearway Energy Inc, Cl C	9,227		195
Clearway Energy Inc, Cl A	4,191		87
CMS Energy Corp	15,400		1,055
Consolidated Edison Inc	17,800		1,673
Consolidated Water Co Ltd	1,975		34
Dominion Energy Inc	43,700		3,747
DTE Energy	9,900		1,313

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
Duke Energy	38,900	$	3,798
Edison International	19,100		1,462
El Paso Electric Co	4,954		337
Entergy Corp	10,900		1,434
Evergy Inc	12,400		895
Eversource Energy	17,300		1,599
Exelon Corp	52,700		2,508
FirstEnergy Corp	28,900		1,468
Genie Energy, Cl B	2,021		15
Global Water Resources Inc	1,166		15
Hawaiian Electric Industries	5,900		289
IDACORP Inc	2,700		303
MDU Resources Group	10,600		314
MGE Energy	4,311		345
Middlesex Water Co	2,015		131
National Fuel Gas	4,400		190
New Jersey Resources Corp	10,962		453
NextEra Energy	26,700		7,161
NiSource Inc	20,300		595
Northwest Natural Holding Co	3,717		273
NorthWestern Corp	6,252		481
NRG Energy Inc	14,500		535
OGE Energy	10,900		500
ONE Gas	6,456		610
Ormat Technologies Inc	4,913		389
Otter Tail Corp	4,879		261
Pattern Energy Group Inc, Cl A	10,869		292
PG&E *	28,200		429
Pinnacle West Capital Corp	6,100		596
PNM Resources Inc	9,816		532
Portland General Electric	11,098		683
PPL Corp	39,400		1,426
Public Service Enterprise Group	27,500		1,628
Pure Cycle Corp *	1,716		22
RGC Resources Inc	1,025		26
Sempra Energy	14,900		2,394
SJW Group	3,231		237
South Jersey Industries Inc	11,312		348
Southern Co/The	56,200		3,956
Southwest Gas Holdings Inc	6,707		506
Spark Energy Inc, Cl A	1,212		11
Spire Inc	6,138		518
Sunnova Energy International *	1,914		26
TerraForm Power, Cl A	9,953		180
UGI Corp	9,400		391
Unitil Corp	1,850		114
Vistra Energy Corp	21,600		486
WEC Energy Group	17,200		1,718
Xcel Energy Inc	27,800		1,923

50 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK (continued)
York Water Co/The	1,556	$	74
			64,499
			1,849,611
			–
Total Common Stock
(Cost $2,411,170) ($ Thousands)			2,620,272
PREFERRED STOCK — 0.4%
Brazil — 0.2%
Banco Bradesco SA (B)	170,620		1,310
Braskem SA (B)	6,600		49
Centrais Eletricas Brasileiras SA (B)	8,300		79
Cia Brasileira de Distribuicao (B)	7,700		154
Cia Energetica de Minas Gerais (B)	45,000		158
Gerdau SA (B)	52,400		247
Itau Unibanco Holding (B)	208,800		1,595
Itausa - Investimentos Itau (B)	191,800		574
Lojas Americanas (B)	36,852		237
Petroleo Brasileiro SA (B)	180,900		1,205
Telefonica Brasil SA (B)	21,200		296
			5,904
			–
Chile — 0.0%
Embotelladora Andina SA	8,671		22
Sociedad Quimica y Minera de Chile,
Cl B (B)	5,564		155
			177
			–
Colombia — 0.0%
Bancolombia SA (B)	21,429		280
Grupo Aval Acciones y Valores SA (B)	208,700		88
			368
			–
Germany — 0.1%
Bayerische Motoren Werke AG (B)	1,635		91
FUCHS PETROLUB SE (B)	2,090		93
Henkel AG & Co KGaA (B)	6,371		649
Porsche Automobil Holding SE (B)	5,492		372
Sartorius AG (B)	1,279		299
Volkswagen AG (B)	6,625		1,192
			2,696
			–
South Korea — 0.1%
Amorepacific Corp * (B)	208		15
Hyundai Motor Co (B)	2,381		156
LG Chem Ltd * (B)	265		40
LG Household & Health Care Ltd (B)	72		46
Samsung Electronics Co Ltd (B)	35,364		1,409
			1,666
			–
Total Preferred Stock
(Cost $10,768) ($ Thousands)			10,811

			Market Value
Description	Shares		($ Thousands)
EXCHANGE TRADED FUND — 0.0%
United States — 0.0%
SPDR S&P 500 Trust	752	$	242
			–
Total Exchange Traded Fund
(Cost $100) ($ Thousands)			242
	Number of
	Rights
RIGHTS * — 0.0%
China — 0.0%
East Money ^	–		–
Lepu Medical Technology ^	–		–
New Hope Liuhe ^	–		–
Shennan Circuits ^	–		–
India — 0.0%
Piramal Enterprises, Expires 01/22/2020	–		–
South Korea — 0.0%
HDC Hyundai Development -Engineering &
Construction, Cl E, Expires 03/10/2020	1		2
United States — 0.0%
Corium International ^	4		2
Newstar Financial ^(C)	4		2
Schulman ^(C)	3		7
Tobira Therapeutics, Expires 12/31/2028 (C)	1		–
			11
Total Rights
(Cost $2) ($ Thousands)			13
	Number of
	Warrants
WARRANTS * — 0.0%
Thailand — 0.0%
BTS Group Holdings, Expires 12/31/2021 (C)	32		–
Minor International, Expires 09/30/2021	2		–
Total Warrants
(Cost $—) ($ Thousands)			–
Total Investments — 99.3%
(Cost $2,422,040) ($ Thousands)		$	2,631,338

Adviser Managed Trust / Semi-Annual Report / January 31, 2020 51

SCHEDULE OF INVESTMENTS (Unaudited)

January 31, 2020

Tactical Offensive Equity Fund (Concluded)

A list of the open futures contracts held by the Fund at January 31, 2020, is as follows:

										Unrealized
	Number of									Appreciation
Type of	Contracts	Expiration	Notional Amount				Value			(Depreciation)
Contract	Long	Date		(Thousands)			(Thousands)			(Thousands)
MSCI EAFE Index	39	Mar-2020	$	3,868	$		3,854	$		(14)
MSCI Emerging Markets	61	Mar-2020		3,228			3,203			(25)
Russell 2000 Index E-MINI	67	Mar-2020		5,507			5,409			(98)
S&P 500 Index E-MINI	53	Mar-2020		8,414			8,544			130
S&P Mid Cap 400 Index E-MINI	4	Mar-2020		816			802			(14)
				21,833	$	21,812	$	(21)

Percentages are based on a Net Assets of $2,649,072 ($ Thousands).

Level 1

Level 2

Level 3

Total

*

Non-income producing security.

Other Financial Instruments

($)

($)

($)

($)

"

Real Estate Investment Trust.

Futures Contracts *

^

Expiration date unavailable.

Unrealized Appreciation

130

—

—

130

(A) Security is a Master Limited Partnership. At January 31, 2020, such securities

Unrealized Depreciation

(151)

—

—

(151)

amounted to $315 ($ Thousands), or 0.01% of Net Assets (See Note 2).

Total Other Financial Instruments

(21)

—

—

(21)

(B) There is currently no rate available.

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

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

ADR — American Depositary Receipt

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

3 investments at the beginning and/or end of the year in relation to net assets. Management has

Cl — Class

concluded that Level 3 investments are not material in relation to net assets.

EAFE — Europe, Australasia and Far East

GDR — Global Depositary Receipt

For the period ended January 31, 2020, there were no transfers in our out of Level 3.

JSC — Joint-Stock Company

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

MSCI — Morgan Stanley Capital International

Financial Statements.

NVDR — Non-voting Depositary Receipt

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

PJSC — Public Joint-Stock Company

PLC — Public Limited Company

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

S&P— Standard & Poor's

Ser — Series

SPDR — Standard & Poor's Depository Receipt

The following is a list of the level of inputs used as of January 31, 2020, in valuing the Fund's

investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1

Level 2

Level 3"

Total

($)

($)

($)

($)

Common Stock

2,612,106

8,112

54

2,620,272

Preferred Stock

10,796

15

–

10,811

Exchange Traded Fund

242

–

–

242

Rights

4

–

9

13

Warrants

–

–

–

–

Total Investments in Securities

2,623,148

8,127

63

2,631,338

52 Adviser Managed Trust / Semi-Annual Report / January 31, 2020

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 Act  (17 CFR 270.30a-3(c)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Exchange Act 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 Act (17 CFR 270.30a-3(d))  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 of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act, are filed herewith.     

(b)  Officer certifications as required by Rule 30a-2(b) under the 1940 Act, 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 9, 2020  

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

By /s/ Robert A. Nesher_______________ 

Robert A. Nesher, President & CEO 

Date: April 9, 2020   

By   /s/ Peter A. Rodriquez_______________ 

     Peter A. Rodriguez, Controller & CFO 

Date: April 9, 2020