UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-22480

Adviser Managed Trust

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

Corporation Trust Center

1209 Orange Street

Wilmington, Delaware 19801

(Name and address of agent for service)

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

Date of fiscal year end: July 31,

Date of reporting period: July 31, 2017

Item 1. Reports to Stockholders.

TABLE OF CONTENTS

Letter to Shareholders	1
Management Discussion and Analysis of Fund Performance	6
Summary Schedule of Investments/Schedule of Investments	11
Statements of Assets and Liabilities	64
Statements of Operations	65
Statements of Changes in Net Assets	66
Financial Highlights	67
Notes to Financial Statements	68
Report of Independent Registered Accounting Firm	82
Trustees and Officers of the Trust	83
Disclosure of Fund Expenses	87
Board of Trustees’ Considerations in Approving the Advisory and Sub-Advisory Agreements	89
Notice to Shareholders	92

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

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

LETTER TO SHAREHOLDERS

JULY 31, 2017

To Our Shareholders:

Looking back, the expectations we shared for the Funds’ most recently completed fiscal year, from the start of August 2016 through the end of July 2017, largely came to pass. The pace of interest-rate increases by the Federal Reserve (“Fed”) followed the market’s more modest expectations rather than those projected by Federal Open Market Committee members. The European Central Bank’s (“ECB”) commitment to stimulus efforts entrenched euro weakness relative to the U.S. dollar for part of the period; the same can be said for the Bank of Japan (“BOJ”) and the yen. China continued to guide its currency lower, hitting a low near the end of the fiscal period. The global oil supply-demand imbalance persisted throughout the year; the Organization of Petroleum Exporting Countries’ (“OPEC”) agreement to curb production in January temporarily bolstered markets, but prices retraced near the end the fiscal year due to record U.S. inventories and rising U.S. production.

Geopolitical events

Geopolitical threats and an assortment of other noneconomic influences continued in various regions: civil war and domestic struggle in parts of the Middle East and Africa, the suffering of refugees and migrants in bordering countries and Europe, and acts of global terror.

Severe unrest continued in certain areas of the Middle East, driven by the opposing and overlapping regional interests of extremist groups, nationalist fighters and state actors. Syrian government forces appeared to consolidate gains in and around Aleppo, with assistance from Russia, while Iraqi forces, supported by U.S. military resources, began to make notable progress in reversing Islamic State gains. The U.S. military increased its air support during the period, targeting both Syrian government and extremist positions, while also raising the profile of its involvement in Afghanistan by targeting Islamic State strongholds.

Despite the considerable aforementioned instability in the Middle East, the price of oil remained mostly insulated from regional developments. Oil-price weakness, which began to moderate in 2016, remained primarily attributable to oversupply. Energy-export-dependent Venezuela succumbed to the economically depressive effects of low oil prices during the period, as food shortages and a breakdown of the rule of law appeared to worsen, despite an eventual rebound in the price of oil. Brazil’s prospects also paled, then recovered partially, as a corruption investigation centering on its lead state-run oil company enveloped a cross-section of political leaders. The OPEC reached an agreement in late 2016 with the cooperation of non-OPEC producers to enact production cuts in pursuit of a balanced market.

It will be interesting to see the ultimate effects of the ensuing Syrian migrant crisis on the European Union (“EU”). Immigration served as one of the key points of contention leading up to Great Britain’s Brexit vote in late June 2016 to leave the European Union. U.K. Prime Minister David Cameron tendered his resignation as a result, and Theresa May was appointed to the office with a mandate to enact a formal withdrawal from the EU. Prime Minister May triggered Article 50 during the second half of the fiscal period and began the formal withdrawal process.

Immigration-driven uncertainty also took center stage in the months leading up to the U.S. presidential election, which Donald Trump ultimately won in November with a tough stance on immigration. President Trump’s early actions following his inauguration in January demonstrated a commitment to follow through on tighter U.S. immigration policy.

A raft of political surprises unfolded late in the fiscal period. The U.K Conservative party relinquished its parliamentary majority and was forced to seek a partner to form a minority government. Emmanuel Macron’s early-May victory in the French presidential election amounted to a significant win for the establishment. In the U.S., a high-profile special prosecutor was appointed to investigate the possibility of collusion between Donald Trump’s presidential campaign and Russia. In Brazil, an ongoing top-level corruption scandal was blown wide open in mid-May as potential evidence emerged of a taped conversation featuring President Michel Temer approving a large hush-money bribe.

Adviser Managed Trust / Annual Report / July 31, 2017 1

LETTER TO SHAREHOLDERS (Continued)

JULY 31, 2017

Economic performance

U.S. economic growth accelerated in the third and fourth quarter of 2016, before slumping early in 2017 as consumer spending weakened and businesses cut back on inventories in a possible setback to President Trump’s assurances to promote growth. The labor market continued to improve throughout the year: the unemployment rate fell, finishing the period at 4.3%, while the labor-force participation rate ended marginally higher than a year ago at 62.9%.

Average hourly earnings gained, bouncing around a mean of about 0.2% growth per month over the year; although a modest increase in price pressures weighed on real personal income growth as the period progressed. The Fed raised its target interest rate in mid-December 2016, and again in both March and June 2017, representing two of three projected rate increases in 2017.

The ECB held its benchmark interest rate unchanged through the fiscal period, while the Bank of England cut its benchmark rate in August 2016 to a historic low with the hope of stimulating the U.K. economy following the Brexit vote. Quarterly growth in the eurozone expanded at its quickest pace since 2015, emphasizing the area’s notable economic performance at a time that many thought would be plagued by political uncertainty. Year-on-year growth was 2.2% at the end of the second quarter of 2017, with France, Italy and Greece all beating expectations. The U.K. economy grew at 1.7% year-on-year through the second quarter of 2017, but slowed significantly toward the end of the fiscal period as a weakened pound dampened consumer spending.

Japanese GDP grew 2.0% year-on-year at the end of the second quarter of 2017, while the BOJ maintained stimulus to try to rejuvenate the economy. Meanwhile, economic growth in China expanded by 6.9% year-on-year in the second quarter of 2017 after China’s government provided substantial fiscal stimulus early in the period to support the government’s growth targets.

Market developments

For the fiscal period ending July 31, 2017, geopolitical events dominated global equity markets. Market movements were driven by periods of risk-on and risk-off rallies. The first half of the period was marked by continued, but uninspiring, economic expansion and populist movements surprisingly sweeping political elections in the U.K. and the U.S. The second half saw a synchronized global economic recovery.

Markets looked past the surprising Brexit vote in June 2016 and rallied during the summer after investors regained confidence in economic growth. Cyclical stocks outperformed during the summer as the risk-on rally took hold, but this was short-lived after investors positioned defensively into the U.S. presidential elections. Though candidate Trump presented a source of uncertainty to markets, promises of deregulation, corporate-tax reform and fiscally expansionary policies sparked a sharp rally in cyclical assets, and defensive assets that were bid up during prior years sold off. OPEC’s decision to curb output and the Fed’s rate hike also contributed to the sharp rally for traditional value sectors (financials, industrials and energy).

The turn of the calendar year marked the beginning of the reversal of the cyclical rally (dubbed the Trump reflation trade). The first few months saw setbacks for the Trump administration after Washington failed to pass a replacement for the Affordable Care Act and controversies involving Russian election meddling plagued the new administration. There was a realization that the growth expected from promised regulatory changes would take a while to play out, and markets began to unwind the reflation trade. At the same time, assets such as defensive sectors, technology stocks and bonds that sold off during the reflation trade rallied during this period. U.S. Treasury yields rose across the curve with short-term yields rising more than long-term yields. Yields for 10-year government bonds began the fiscal period around 1.5% and ended around 2.3%, reflecting increased optimism around economic growth, but remained below their late-2016 peak.

The U.K. stunned investors with the British vote to leave the EU and joined the list of frustrations for European equities that included Italian banks with oversized debt. The result was a lack of enthusiasm for stocks in the region despite continued stimulus from the ECB. European stocks experienced a small rally after the Brexit vote as investors looked past the results, and saw an even greater rally after Donald Trump’s surprising victory in the U.S. elections. President Trump’s promises of deregulation and fiscal stimulus, along with the Fed’s three rate increases during the period, sparked a cyclical rally in European stocks, with banks leading the way. At the turn of the year, despite political risk from French and Dutch elections and the possibility of fragmentation in the EU, signs of economic

2 Adviser Managed Trust / Annual Report / July 31, 2017

recovery emerged in the region, and European equities rallied on the back of recovering economic growth and victories for pro-EU parties in elections toward the end of the fiscal period.

Looking back on market performance for the full period, the MSCI ACWI Index, a proxy for global equities, rose 17.06% in U.S. dollar terms. U.S. markets slightly lagged, as the S&P 500 Index returned 16.04%.

Equity market leadership, both in the U.S. and globally, shifted from growth-oriented sectors to financials and commodity-linked sectors, then to technology late in the period. The latter group’s rally in the final fiscal quarter provided a boost to growth stocks, propelling the Russell 1000 Growth Index to 18.05% for the period, while the Russell 1000 Value Index returned 13.76%.

Small-cap stocks outperformed as well. U.S. small caps (Russell 2000 Index) outpaced large caps (Russell 1000 Index), delivering 18.45% and 15.95%, respectively.

After hitting lows early in the fiscal period on the heels of deflationary fears caused by low commodity prices and Brexit-related concerns, rates began to rise. Economic growth exceeded expectations, and Trump’s victory sparked expectations of reflationary fiscal policy. The market began to price in a December 2016 Fed rate hike, causing Treasury yields to rise, particularly those at the front end of the yield curve. The Fed voted to increase the federal-funds rate target range to 1.00-1.25% after a third rate hike during the period in June 2017, and increased its projection for the pace of rate hikes in 2017 from two to three, citing strengthening labor-market conditions and firming inflation as the rationale.

Inflation-sensitive assets, such as commodities and Treasury inflation-protected securities, were mixed. The Bloomberg Commodity Total Return Index (which represents the broad commodity market) inched 0.76% higher during the period, as the energy and agriculture sectors dragged down the index, while the Bloomberg Barclays 1-10 Year US TIPS Index (USD) eased 0.08%.

Global markets witnessed a significant regime change during the period, as increases made to the U.S. federal-funds rate were expected to launch a cycle of rising interest rates from historically low levels. Investors were also confronted by significant market rotations during the period, starting with a preference for safe-haven and defensive assets, then increasingly in favor of cyclically-sensitive segments.

Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, fell 1.28% in U.S. dollar terms during the reporting period, while the high-yield market was strong, with the BofA Merrill Lynch US High Yield Constrained Index delivering 11.41%.

U.S. investment-grade corporate debt was positive, as the Bloomberg Barclays Investment Grade US Corporate Index returned 1.55%. U.S. asset-backed securities were marginally positive during the period, while mortgage-backed securities fell, as both faced headwinds late in the period from rising interest-rate expectations.

Emerging-market debt delivered strong performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, gained 7.97% in U.S. dollar terms during the reporting period thanks to an impressive rally in the second half of the period. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), advanced by 5.04%.

Our view

At the start of the current calendar year, as the White House was set to change hands, SEI held an optimistic view regarding the path of the U.S. economy, corporate profits and, by extension, the stock market. We saw a great opportunity for the passage of business-friendly tax and regulatory reforms; but our hopes on legislative policy now appear too optimistic. Trump’s unpopularity has emboldened the opposition to put up a unified resistance.

U.S. stock-market sectors that did well immediately following the election have corrected sharply or lagged the overall market meaningfully in the year to date. By contrast, post-election laggards have bounced back sharply. Throughout these gyrations, the U.S. equity market has managed to climb to new record highs. The lack of volatility has brought the widely-watched Chicago Board Options Exchange Market Volatility Index (VIX) to extremely low levels, which we would argue increases the odds of at least a garden-variety correction.

Adviser Managed Trust / Annual Report / July 31, 2017 3

LETTER TO SHAREHOLDERS (Concluded)

JULY 31, 2017

Although our optimism is being tested, we are gamely sticking to our expectation that a major tax bill will be pushed through Congress. Original hopes of a big cut in U.S. corporate tax rates will most likely be replaced by a smaller cut. This fiscal stimulus should still boost economic growth prospects, but could eventually add to inflationary pressures since the country’s economy is edging closer to full employment.

Fed Chair Janet Yellen and a majority of her colleagues might be coming to the same conclusion, as evidenced by the federal funds rate hikes this year and apparent intentions to reduce the size of the Fed’s balance sheet. The pace of quantitative tightening should not be exceptionally disruptive to the bond market, at least during its ramp-up phase. But the Fed’s selling could aggravate upward pressure on bond yields if investors become more concerned about the inflation outlook. With the 10-year Treasury bond currently yielding just 2.30%, however, it is obvious that inflation concerns are not yet paramount.

One of the great puzzles is the lack of upward pressure on the U.S. inflation rate despite a tightening labor market. Wages and salaries continued to rise at a sedate pace, so corporate profit margins remained unusually robust despite the aging economic expansion. The connection between tight labor markets and wage inflation has seemingly been severed by slow economic growth; little visible progress on tax reform and fiscal policy stimulus; weak oil pricing; and the secular disinflationary forces of demographics and disruptive technological change.

We believe this is why investors have returned to strategies emphasizing yield and stability. Unfortunately, it’s hard to see the value in fixed-income yields that are so low in absolute terms and credit spreads that are tight relative to Treasury bonds. We do not think this lack of appeal portends imminent danger since inflation also is still low—but it does increase the vulnerability of fixed-income assets to a negative surprise (as is the case with the VIX and U.S. equities).

The European equity bounce has been strong thus far in 2017, with the MSCI European Economic and Monetary Union Index (Total Return) gaining about 20% in U.S. dollar terms—reflecting the strength of the euro against the greenback. Economic sentiment in the region has risen to the highest level since 2007, suggesting that economic growth may soon accelerate. Perhaps more important for investors, eurozone earnings were beginning to pick up in a recovery that appears to have momentum.

The ECB began tapering purchases in April 2017, as their expansion efforts seem to have finally had a positive impact. Loan growth accelerated to its best pace in six years—an encouraging-yet-slow expansion that argues strongly in favor of ECB President Mario Draghi’s long-standing preference to maintain the current pace of quantitative easing at least through 2017.

The U.K. election result in June means the country is now far more likely to move toward a “soft” Brexit. In our view, U.K services industries and the City of London have more to gain from a hybrid relationship with the European Union than from a complete sundering of the relationship (as is the wish of more hardline Brexiteers).

This latest political surprise comes at a time when the U.K. economy was showing mixed economic results. Inflation has been accelerating over the past year, which can be traced to sterling’s decline since August 2015. This has not been matched by rising incomes—U.K. households are falling behind, even though the unemployment rate has dropped to historical lows.

If a trophy were given out for the most under-rated stock market, we would give our vote to Japan. It is no secret that its economy faces serious demographic issues. Yet Japanese equity prices have outperformed both the U.S. and Europe since 2012, when Prime Minister Shinzo Abe entered office. Governance of large, publicly traded companies in Japan has improved quite a bit. The government has been working hard to open markets that have been protected from competition.

Another factor behind the strong performance of Japanese equities stems from the liquidity infusion into the economy provided by the BOJ through its quantitative and qualitative monetary easing program. As a percentage of gross domestic product, the BOJ’s securities holdings are almost as large as the economy itself.

As rates in the U.S. move up and the differential versus Japanese yields widens, we look for a resumption of the weakening trend in the yen against the U.S. dollar. This should serve as a tailwind for additional price appreciation in Japanese equities.

4 Adviser Managed Trust / Annual Report / July 31, 2017

Developing-market equities have been on a tear this year, with the MSCI Emerging Markets Index climbing about 25% in U.S. dollar terms in the year to date, and a still-substantial 20% when measured in local-currency terms. To be sure, we have seen previous episodes of U.S. equities lagging during this long bull market—but those were typically brief stumbles, lasting a mere few months. Perhaps the current bout of underperformance will prove transitory too. But we no longer view U.S. equities as the best game in town.

Despite the gains, emerging stock markets have remained attractive on a valuation basis relative to developed markets. Investors have also been drawn to the region due to improving global economic fundamentals, with China leading the way and Brazil recording a sharp recovery from recession.

We still have concerns about the sharp increase in debt across developing economies—mostly within the corporate sector, especially in China. But at this point, we expect current trends to hold—moderate global economic growth, rising inflation that leads to commodity-price gains, and a stable or slightly weaker U.S. dollar—all of which provide a favorable macroeconomic backdrop for emerging-market economies and financial markets.

The typical market fluctuations that come with a new administration could present attractive buying opportunities. Our portfolio managers will continue to closely monitor these developments in an effort to anticipate the effects and the opportunities they may present.

On behalf of SEI Investments, I thank you for your continued confidence. We are working every day to maintain that confidence, and look forward to serving your investment needs in the future.

Sincerely,

William Lawrence, CFA

Head & Chief Investment Officer of Traditional Asset Management

Adviser Managed Trust / Annual Report / July 31, 2017 5

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

JULY 31, 2017

Tactical Offensive Equity Fund

I. Objective

The Tactical Offensive Equity Fund (the “Fund”) seeks to provide capital appreciation.

II. Adviser Managed Strategy Component

Only persons who are clients of the Financial Adviser (as defined below) and who participate in the Adviser Managed Strategy should invest in the Fund. The Fund may not be purchased by any other investor. The Fund is 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 Fund, the Tactical Offensive Fixed Income Fund, and a money market fund affiliated with the Fund, depending on the Financial Adviser’s evaluation of current market conditions (“Adviser Managed Strategy”). The Financial Adviser is not the adviser to the Fund, and is not affiliated with SEI Investments Management Corporation (“SIMC”), the adviser to the Fund. 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 other 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 the Fund to liquidate a substantial portion or 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 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. The Fund could be invested in these types of investments for extended periods of time. At such times, SIMC will actively manage the assets of the Fund. SIMC, the Financial Adviser or one or more of their affiliates will be the only investors in the Fund when the Fund is not an active component of the Adviser Managed Strategy.

III. Investment Approach

The Fund employs a passive strategy designed to track the performance of one or more indexes that represent

broad exposure to the U.S. equity market and issuers located in developed and emerging market countries outside the U.S. (each an Index, and collectively, the Indexes). The passive strategy is implemented by State Street Global Advisors (“SSgA”) Funds’ Management, Inc., as sub-adviser under the general supervision SIMC. SIMC may adjust the Fund’s allocation of assets among the Indexes over time depending on its assessment of the markets.

IV. Return vs. Benchmark

For the full year ended July 31, 2017, the Fund returned 16.87%. The Fund’s primary benchmark—the S&P 500 Index—returned 16.04%.

The Fund is designed to have exposure to a range of asset classes, not all of which are reflected in the primary benchmark of the Fund. Therefore, SEI also utilizes a blended benchmark (which reflects the Fund’s allocations to various asset classes and global markets) to assess performance. The Fund’s blended benchmark consists of the Russell 1000 Index (60%), MSCI EAFE Index (20%), Russell 2000 Index (10%) and MSCI Emerging Markets Index (10%). The blended benchmark returned 17.59% during the fiscal year.

V. Performance Discussion

The Fund was an active part of the Adviser Managed Strategy for the full period from August 1, 2016 to July 31, 2017. Over the period, the Fund allocated to and sought to passively track the performance of indexes as follows: Russell 1000 Index (60%), MSCI EAFE Index (20%), Russell 2000 Index (10%) and MSCI Emerging Markets Index (10%). During the fiscal year ending July 31, 2017, the Fund performed in line with its blended benchmark, and outperformed the S&P 500 Index.

The Russell 1000 Index returned 15.95% during the fiscal period. Financials and information technology were the best-performing sectors, while real estate and telecommunication services were the weakest. The strong performance from financials and information technology was the result of two distinct periods of performance, with financials leading during the first period that lasted until December 2016. This time was marked by a rally in value stocks encouraged by President Trump’s growth-oriented policies. As noted in the shareholder letter, technology stocks took the reins in December as the market realized such policies would take longer than expected to pass Congress, and expectations for a slow growth environment favored higher-growth stocks. Real estate and

6 Adviser Managed Trust / Annual Report / July 31, 2017

telecommunication services lagged as rates rose and investors rotated out of dividend-yielding stocks.

The Russell 2000 Index returned 18.45% during the period, as the risk-on sentiment that took hold of markets during the year encouraged seeking risk in smaller-capitalization stocks.

Sector performance within the Russell 2000 Index mirrored the Russell 1000 Index, with financials and technology stocks leading and dividend-yielding sectors lagging.

The MSCI EAFE Index returned 17.77% during the period, driven by financials and materials. The Index’s performance was marked by the economic recovery and higher inflation in Europe, which prompted investors to favor cyclical stocks such as financials and materials. Dividend-yielding stocks, such as real estate and telecommunications, lagged here as well.

From a regional point of view, the Pacific region underperformed as economic headwinds plagued both Japan and Australia. The MSCI Emerging Markets Index returned 24.84%, as financial and technology stocks led all sectors. Similar to their U.S. counterparts, emerging-market technology giants concentrated in China, Korea and Taiwan were heavily favored by investors, while financials benefited from renewed growth expectations in developing markets around the world. The risk-on appetite that emboldened investors helped riskier asset classes such as small-cap and emerging-market stocks outperform their U.S. and developed-market peers.

AVERAGE ANNUAL TOTAL RETURN1,2
	One Year Return		Annualized 3-Year Return		Annualized 5-Year Return		Annualized Inception to Date
Tactical Offensive Equity Fund, Class A		16.87%		7.31%‡		11.54%‡		10.24%†‡
S&P 500 Index		16.04%		10.87%		14.78%		12.59%
Blended 60% Russell 1000 Index/10% Russell 2000 Index/20% MSCI EAFE Index/10% MSCI Emerging Markets Index		17.59%		8.23%		12.71%		9.76%

Comparison of Change in the Value of a $10,000 Investment in the Tactical Offensive Equity Fund, Class A, versus the S&P 500 Index and a blended benchmark consisting of, 60% Russell 1000 Index/10% Russell 2000 Index/20% MSCI EAFE Index/10% MSCI Emerging Markets Index.

1 For the year ended July 31, 2017. Past performance is no indication of future performance. Prior to October 1, 2014, the Fund’s investment approach was an “active” investment strategy where an investment manager would buy and sell securities based on its own economic, financial, and market analysis. On October 1, 2014, SIMC implemented a “passive” investment strategy which seeks to track an index return. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Shares of the Fund were offered beginning February 25, 2011.

2 This table compares the Fund’s average annual total returns to those of a broad-based index and the Fund’s 60/10/20/10 Blended Benchmark, which consists of the Russell 1000 Index, Russell 2000 Index, MSCI EAFE Index, and the MSCI Emerging Markets Index. The Fund’s blended benchmark encompasses additional countries, capitalization weights and sectors than the broad-based index, and therefore we believe that it more accurately reflects the overall investment strategy of the Fund.

^†  The Fund was not an active component of the Adviser Managed Strategy for the period of August 6, 2011 through January 25, 2012.

^‡  The Fund was not an active component of the Adviser Managed Strategy for the period of August 28, 2015 through April 14, 2016.

Adviser Managed Trust / Annual Report / July 31, 2017 7

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

JULY 31, 2017

Tactical Offensive Fixed Income Fund

I. Objective

The Tactical Offensive Fixed Income Fund (the “Fund”) seeks to provide total return.

II. Adviser Managed Strategy Component

Only persons who are clients of the Financial Adviser (as defined below) and who participate in the Adviser Managed Strategy should invest in the Fund. The Fund may not be purchased by any other investor. The Fund is 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 Fund, the Tactical Offensive Fixed Income Fund, and a money market fund affiliated with the Fund, depending on the Financial Adviser’s evaluation of current market conditions (“Adviser Managed Strategy”). The Financial Adviser is not the adviser to the Fund, and is not affiliated with SEI Investments Management Corporation (“SIMC”), the adviser to the Fund. 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 other 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 the Fund to liquidate a substantial portion or 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 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 Fund could be invested in these types of investments for extended periods of time. At such times, SIMC will actively manage the assets of the Fund. SIMC, the Financial Adviser or one or more of their affiliates will be the only investors in the Fund when the Fund is not an active component of the Adviser Managed Strategy.

III. Investment Approach

The Fund employs a passive strategy designed to track the performance of one or more U.S. Investment Grade, High Yield and Emerging Market Fixed Income Indexes (each an Index, and collectively, the Indexes) implemented by State Street Global Advisors (SSgA) Funds’ Management, Inc., as sub-adviser under the general supervision of SEI Investments Management Corporation (SIMC). SIMC may adjust the Fund’s allocation of assets among the Indexes over time depending on its assessment of the markets.

IV. Return vs. Benchmark

For the full year ended July 31, 2017, the Fund returned 0.51%. The Fund’s benchmark—the Bloomberg Barclays U.S. Aggregate Bond Index—returned -0.51%.

The Fund is designed to have exposure to a range of asset classes, not all of which are reflected in the primary benchmark of the Fund. Therefore, SEI also utilizes a blended benchmark (which reflects the Fund’s allocations to various asset classes and global markets) to assess performance. The Fund’s blended benchmark consists of the Bloomberg Barclays U.S. Aggregate Bond Index (76%), Bloomberg Barclays High Yield Very Liquid Index (9.50%), Citi Emerging Markets U.S. Dollar Government Bond Index (9.50%) and Bloomberg Barclays Global Treasury G6 (G7 ex-US) Index Hedged (5%). The blended benchmark returned 0.91% during the fiscal year.

V. Performance Discussion

The Fund maintained strategic allocations intended to track the Bloomberg Barclays U.S. Aggregate Bond Index (76%), Bloomberg Barclays High Yield Very Liquid Index (9.50%), Citi Emerging Markets U.S. Dollar Government Bond Index (9.50%) and Bloomberg Barclays Global Treasury G6 (G7 ex-US) Index Hedged (5%). The Fund performed in line with its blended benchmark, and outperformed the Bloomberg Barclays U.S. Aggregate Bond Index. For the reasons addressed below, the strategic allocation to U.S. dollar-denominated emerging-markets debt and high-yield debt contributed to relative performance while strategic allocations to hedged international bonds detracted from relative performance.

For the period, the Bloomberg Barclays U.S. Aggregate Bond Index returned -0.51%. From a sector perspective, investment-grade corporates, particularly industrials, were among the best performers, while agency

8 Adviser Managed Trust / Annual Report / July 31, 2017

mortgage-backed securities were among the worst performers.

The Bloomberg Barclays High Yield Very Liquid Index returned 10.55% during the fiscal year. After reaching recent lows in 2016, energy and commodities moved higher over the course of the year, supporting the market and lowering default expectations. The sector was also supported by the global demand for yield, with many global sovereign bond yields hitting record lows during the fiscal period.

The Citi Emerging Markets U.S. Dollar Government Bond Index returned 4.50% during the period. The best-performing countries included Ukraine and Ecuador. The worst performers included Philippines and Poland.

The Bloomberg Barclays Global Treasury G6 (G7 ex-US) Index (Hedged) returned -1.81% during the period. As noted in the shareholder letter, the European Central Bank began tapering purchases in April 2017, while rhetoric increased about increased future tapering; European gross domestic product growth surpassed expectations. This led to a reduction in the number of bonds with negative yields and drove up other yields across the curve.

The Fund used foreign-exchange currency forwards to hedge currency exposure to sovereign debt. The associated funding costs did not have a material impact on overall Fund performance.

The Bloomberg Barclays Global G6 (G7 ex-U.S.) Index (Hedged) returned 9.14% during the period. As noted in the shareholder letter, further expansion of global monetary-policy easing, coupled with weak growth and inflation, pulled rates lower across the G6 ex-U.S. countries, resulting in positive returns across the countries (Japan, France, Germany, Italy, U.K. and Canada), particularly in the U.K. and Japan.

Within the international sovereign-bond sleeve, the Fund used foreign-exchange currency forwards to hedge exposure consistent with the Fund’s mandate. The associated funding costs were a minor detractor to overall Fund performance.

AVERAGE ANNUAL TOTAL RETURN1,2
	One Year Return		Annualized 3-Year Return		Annualized 5-Year Return		Annualized Inception to Date
Tactical Offensive Fixed Income Fund, Class A		0.51%		2.62%		2.21%		3.39%
Bloomberg Barclays U.S. Aggregate Bond Index		-0.51%		2.71%		2.02%		3.33%

AVERAGE ANNUAL TOTAL RETURN1
	One Year Return		Annualized 3-Year Return		Annualized 5-Year Return		Annualized Inception to Date
Blended 76% Bloomberg Barclays U.S. Aggregate Bond Index/9.5% Bloomberg Barclays U.S. High Yield Bond Very Liquid Index/9.5% Citi Emerging Markets USD Government Bond Index/5% Bloomberg Barclays Global G6 Hedged (G7 ex-U.S.) Index (Hedged)		0.91%		3.22%		2.77%		4.03%

Comparison of Change in the Value of a $10,000 Investment in the Tactical Offensive Fixed Income Fund, Class A, versus the Bloomberg Barclays U.S. Aggregate Bond Index and a blended benchmark consisting of, 76% Bloomberg Barclays U.S. Aggregate Bond Index/9.5% Bloomberg Barclays U.S. High Yield Bond Very Liquid Index/9.5% Citi Emerging Markets USD Government Bond Index/5% Bloomberg Barclays Global G6 (G7 ex-U.S.) Index (Hedged).

1 For the year ended July 31, 2017. Past performance is no indication of future performance. Prior to October 1, 2014, the Fund’s investment approach was an “active” investment strategy where an investment manager would buy and sell securities based on its own economic, financial, and market analysis. On October 1, 2014, SIMC implemented a “passive” investment strategy which seeks to track an index return. Returns shown do not reflect the deduction of

Adviser Managed Trust / Annual Report / July 31, 2017 9

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Concluded)

taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Shares of the Fund were offered beginning February 25, 2011.

2 This table compares the Fund’s average annual total returns to those of a broadbased index and the Fund’s 76/9.5/9.5/5 Blended Benchmark, which consists of the Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. High Yield Bond Very Liquid Index, Citi Emerging Markets USD Government Bond Index, and the Bloomberg Barclays Global G6 (G7 ex-U.S.) Index (Hedged). The Fund’s blended benchmark encompasses additional countries, capitalization weights and sectors than the broad-based index, and therefore we believe that it more accurately reflects the overall investment strategy of the Fund.

10 Adviser Managed Trust / Annual Report / July 31, 2017

SUMMARY SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Equity Fund

^† Percentages are based on total investments.

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
COMMON STOCK – 96.8%
Australia – 1.14%
Other Securities ‡		1.4	%			$	31,044
Austria – 0.1%
Other Securities		0.1					1,092
Belgium – 0.2%
Other Securities		0.2					5,258
Brazil – 0.4%
Other Securities		0.4					9,839
Canada – 0.0%
Other Securities		0.0					666
Chile – 0.1%
Other Securities		0.1					2,441
China – 1.7%
Tencent Holdings		0.5			266,300		10,686
Other Securities (A)		1.2					27,208
							37,894
Colombia – 0.0%
Other Securities		0.0					595
Czech Republic – 0.0%
Other Securities (A)		0.0					466
Denmark – 0.4%
Other Securities (A)		0.4					8,024
Finland – 0.2%
Other Securities		0.2					4,381
France – 1.9%
Other Securities ‡		1.9					42,610
Germany – 1.7%
Other Securities (A)		1.7					39,134

Description	Percentage of Net Assets (%)			Shares	Market Value ($ Thousands)
COMMON STOCK (continued)
Greece – 0.0%
Other Securities		0.0	%		$	855
Hong Kong – 1.4%
Other Securities  ‡(A)		1.4				31,217
Hungary – 0.0%
Other Securities		0.0				762
India – 0.2%
Other Securities (A)		0.2				4,497
Indonesia – 0.2%
Other Securities		0.2				5,472
Ireland – 0.6%
Other Securities		0.6				13,074
Israel – 0.1%
Other Securities		0.1				2,560
Italy – 0.5%
Other Securities (A)		0.5				10,392
Japan – 4.5%
Other Securities ‡		4.5				101,973
Luxembourg – 0.1%
Other Securities		0.1				1,135
Macau – 0.0%
Other Securities		0.0				347
Malaysia – 0.2%
Other Securities		0.2				5,176
Mexico – 0.4%
Other Securities ‡		0.4				7,852
Netherlands – 1.3%
Other Securities (A)		1.3				29,119
New Zealand – 0.0%
Other Securities		0.0				704
Norway – 0.1%
Other Securities		0.1				2,965
Pakistan – 0.0%
Other Securities		0.0				135
Panama – 0.0%
Other Securities		0.0				317
Peru – 0.0%
Other Securities		0.0				657
Philippines – 0.1%
Other Securities		0.1				2,628

Adviser Managed Trust / Annual Report / July 31, 2017 11

SUMMARY SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Concluded)

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Poland – 0.2%
Other Securities		0.2	%			$	3,223
Portugal – 0.0%
Other Securities		0.0					670
Qatar – 0.1%
Other Securities		0.1					1,554
Russia – 0.2%
Other Securities		0.2					4,809
Singapore – 0.3%
Other Securities ‡		0.3					6,615
Slovak Republic – 0.0%
Other Securities		0.0					352
South Africa – 0.7%
Other Securities ‡		0.7					15,455
South Korea – 1.5%
Samsung Electronics		0.5			4,631		9,973
Other Securities (A)		1.0					23,751
							33,724
Spain – 0.7%
Other Securities (A)		0.7					15,766
Sweden – 0.6%
Other Securities		0.6					12,379
Switzerland – 1.6%
Nestle		0.4			96,723		8,190
Novartis		0.3			69,483		5,934
Other Securities		0.9					22,785
							36,909
Taiwan – 1.1%
Other Securities		1.1					25,546
Thailand – 0.2%
Other Securities		0.2					5,089
Turkey – 0.1%
Other Securities ‡		0.1					2,690
United Arab Emirates – 0.1%
Other Securities		0.1					1,756
United Kingdom – 3.4%
HSBC Holdings		0.3			625,225		6,240
Other Securities  ‡(A)		3.1					70,299
							76,539
United States – 68.2%
3M		0.3			32,500		6,538
AbbVie		0.3			89,154		6,233
Alibaba Group Holding ADR *		0.4			52,000		8,057

Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Alphabet, Cl A *		0.7	%		16,729	$	15,817
Alphabet, Cl C *		0.7			17,000		15,818
Altria Group		0.3			108,600		7,056
Amazon.com *		1.0			22,273		22,001
Amgen		0.3			41,326		7,212
Apple		1.9			292,954		43,571
AT&T		0.6			345,631		13,480
Bank of America		0.6			559,530		13,496
Berkshire Hathaway, Cl B *		0.8			108,043		18,904
Boeing		0.3			32,000		7,759
Celgene *		0.3			43,500		5,890
Chevron		0.5			106,203		11,596
Cisco Systems		0.4			281,759		8,861
Citigroup		0.5			154,800		10,596
Coca-Cola		0.4			215,930		9,898
Comcast, Cl A		0.5			264,644		10,705
ExxonMobil		0.8			238,135		19,060
Facebook, CI A *		1.0			131,088		22,187
General Electric		0.5			488,357		12,507
Home Depot		0.4			67,500		10,098
Honeywell International		0.3			42,738		5,817
Intel		0.4			264,905		9,396
International Business Machines		0.3			48,330		6,992
Johnson & Johnson		0.9			151,479		20,104
JPMorgan Chase		0.8			198,606		18,232
Mastercard, Cl A		0.3			53,000		6,773
McDonald’s		0.3			45,700		7,090
Medtronic		0.3			76,700		6,440
Merck		0.4			153,918		9,832
Microsoft		1.3			421,193		30,621
Oracle		0.4			161,588		8,068
PepsiCo		0.4			80,264		9,360
Pfizer		0.5			332,356		11,021
Philip Morris International		0.4			87,200		10,177
Procter & Gamble		0.6			143,876		13,067
SEI Investments †		0.0			7,700		435
UnitedHealth Group		0.5			53,900		10,339
Verizon Communications		0.5			229,491		11,107
Visa, Cl A		0.5			103,840		10,338
Wal-Mart Stores		0.3			81,600		6,527
Walt Disney		0.4			88,000		9,674
Wells Fargo		0.6			252,360		13,612
Other Securities †‡		44.3					1,004,709
							1,547,071
Total Common Stock (Cost $1,852,941) ($ Thousands)							2,195,428

12 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Percentage of Net Assets (%)	Shares		Market Value ($ Thousands)
EXCHANGE TRADED FUNDS – 0.9%
United States – 0.9%
iShares MSCI India Fund	0.7%		457	$	15,719
Other Securities	0.2				3,315
Total Exchange Traded Funds (Cost $15,178) ($ Thousands)					19,034
PREFERRED STOCK – 0.5%
Brazil – 0.3%
Other Securities	0.3				6,583
Chile – 0.0%
Other Securities	0.0				242
Colombia – 0.0%
Other Securities	0.0				365
Germany – 0.1%
Other Securities	0.1				2,259
Mexico – 0.0%
Other Securities	0.0				648
South Korea – 0.1%
Other Securities	0.1				1,903
Total Preferred Stock (Cost $8,635) ($ Thousands)					12,000
RIGHTS – 0.0%
France – 0.0%
Other Securities	0.0				3
Thailand – 0.0%
Other Securities	0.0				–
United States – 0.0%
Other Securities	0.0				19
Total Rights (Cost $–) ($ Thousands)					22
Total Investments – 98.2% (Cost $1,876,754)($ Thousands)				$	2,226,484

The open futures contracts held by the Fund at July 31, 2017, are as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Appreciation ($ Thousands)
MSCI EAFE Index E-MINI		102		Sep-2017		$251
MSCI Emerging Markets E-MINI		163		Sep-2017		432
Russell 2000 Index E-MINI		54		Sep-2017		19
Russell 2000 Index E-MINI		11		Sep-2017		9
S&P 500 Index E-MINI		136		Sep-2017		261
S&P Mid Cap 400 Index E-MINI		9		Sep-2017		8
						$980

Percentages are based on a Net Assets of $2,268,322 ($ Thousands).

* Non-income producing security.

^‡  Real Estate Investment Trust.

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

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On July 31, 2017, the value of these securities amounted to $4,957 ($ Thousands), representing 0.2% of the Net Assets of the Fund.

ADR – American Depositary Receipt

Cl – Class

EAFE – Europe, Australasia and Far East

MSCI – Morgan Stanley Capital International

S&P – Standard & Poor’s

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

The following is a list of the inputs used as of July 31, 2017, 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	$	2,195,428	$	–	$	–		$	2,195,428
Exchange Traded Funds		19,034		–		–			19,034
Preferred Stock		12,000		–		–			12,000
Rights		22		–		–	^		22
Total Investments in Securities	$	2,226,484	$	–	$	–		$	2,226,484
Other Financial Instruments	Level 1		Level 2		Level 3			Total
Futures Contracts *
Unrealized Appreciation	$	980	$	–	$	–		$	980
Total Other Financial Instruments	$	980	$	–	$	–		$	980

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

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

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

For the year period ended July 31, 2017, there were transfers between Level 1 and Level 2 assets and liabilities due to the availability of quoted prices in active markets to determine fair value. For the year period ended July 31, 2017, there were no transfers between Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the year.

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

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

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

Adviser Managed Trust / Annual Report / July 31, 2017 13

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund

  Sector Weightings (Unaudited)^†:

  ^†Percentages are based on total investments.

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS – 30.8%
Consumer Discretionary – 3.7%
1011778 BC ULC / New Red Finance (A)
6.000%, 04/01/2022	$	250	$	258
4.625%, 01/15/2022		256		262
4.250%, 05/15/2024		215		216
21st Century Fox America
6.650%, 11/15/2037		100		132
6.150%, 02/15/2041		250		317
4.500%, 02/15/2021		100		107
3.000%, 09/15/2022		300		305
24 Hour Fitness Worldwide
8.000%, 06/01/2022 (A)		125		117
Adient Global Holdings
4.875%, 08/15/2026 (A)		200		203
Advance Auto Parts
4.500%, 12/01/2023		100		107
Amazon.com
4.950%, 12/05/2044		100		117
4.800%, 12/05/2034		100		114
2.500%, 11/29/2022		200		203
AMC Entertainment Holdings
5.875%, 11/15/2026		55		56
5.750%, 06/15/2025		88		90
AMC Networks
5.000%, 04/01/2024		150		154
4.750%, 12/15/2022		100		103
4.750%, 08/01/2025		105		106
American Axle & Manufacturing
6.625%, 10/15/2022		100		104
6.250%, 04/01/2025 (A)		130		129
American Honda Finance MTN
2.900%, 02/16/2024		50		51
2.250%, 08/15/2019		200		202
2.000%, 02/14/2020		50		50
1.700%, 02/22/2019		25		25
1.700%, 09/09/2021		150		147
American Tire Distributors
10.250%, 03/01/2022 (A)		160		167
APX Group
8.750%, 12/01/2020		100		103
7.875%, 12/01/2022		158		172
Aramark Services
5.125%, 01/15/2024		183		194

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.000%, 04/01/2025 (A)	$	100	$	107
Asbury Automotive Group
6.000%, 12/15/2024		100		102
Ashtead Capital
5.625%, 10/01/2024 (A)		200		215
AutoNation
4.500%, 10/01/2025		100		106
AutoZone
3.750%, 06/01/2027		100		101
3.700%, 04/15/2022		80		84
Beazer Homes USA
8.750%, 03/15/2022		105		117
Bed Bath & Beyond
5.165%, 08/01/2044		100		90
Block Financial
4.125%, 10/01/2020		100		104
Board of Trustees of The Leland Stanford Junior University
3.647%, 05/01/2048		25		26
BorgWarner
4.375%, 03/15/2045		50		50
3.375%, 03/15/2025		100		101
Boyd Gaming
6.875%, 05/15/2023		137		147
6.375%, 04/01/2026		100		109
Brookfield Residential Properties (A)
6.500%, 12/15/2020		100		103
6.125%, 07/01/2022		100		105
Cablevision Systems
5.875%, 09/15/2022		100		106
Caesars Entertainment Resort Properties
11.000%, 10/01/2021		150		160
8.000%, 10/01/2020		150		154
Caesars Growth Properties Holdings
9.375%, 05/01/2022		100		108
CBS
5.500%, 05/15/2033		175		192
4.000%, 01/15/2026		235		244
3.500%, 01/15/2025		100		102
CCO Holdings
5.875%, 04/01/2024 (A)		317		340
5.750%, 01/15/2024		300		316
5.750%, 02/15/2026 (A)		400		430
5.500%, 05/01/2026 (A)		300		319
5.250%, 09/30/2022		200		206
5.125%, 02/15/2023		100		104
5.125%, 05/01/2027 (A)		565		584
Cedar Fair
5.375%, 04/15/2027 (A)		110		116
Cengage Learning
9.500%, 06/15/2024 (A)		111		97

14 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Charter Communications Operating
6.834%, 10/23/2055	$	35	$	42
6.484%, 10/23/2045		165		195
6.384%, 10/23/2035		50		58
5.375%, 05/01/2047 (A)		135		140
4.908%, 07/23/2025		150		161
4.464%, 07/23/2022		250		268
3.750%, 02/15/2028 (A)		200		195
3.579%, 07/23/2020		55		57
Churchill Downs
5.375%, 12/15/2021		100		104
Cinemark
4.875%, 06/01/2023		50		51
Clear Channel Worldwide Holdings
6.500%, 11/15/2022		400		414
Coach
4.125%, 07/15/2027		50		50
Comcast
4.750%, 03/01/2044		200		223
4.600%, 08/15/2045		100		109
4.400%, 08/15/2035		200		217
4.250%, 01/15/2033		100		107
4.200%, 08/15/2034		400		422
3.400%, 07/15/2046		100		91
3.375%, 02/15/2025		150		156
3.375%, 08/15/2025		65		67
3.300%, 02/01/2027		100		102
3.200%, 07/15/2036		100		94
3.000%, 02/01/2024		250		255
2.750%, 03/01/2023		100		101
Council of Europe Development Bank
1.750%, 11/14/2019		50		50
1.625%, 03/10/2020		100		100
CSC Holdings (A)
10.875%, 10/15/2025		253		316
10.125%, 01/15/2023		300		349
6.625%, 10/15/2025		250		276
5.500%, 04/15/2027		85		90
Daimler Finance North America
8.500%, 01/18/2031		50		75
Darden Restaurants
3.850%, 05/01/2027		30		31
Delphi Automotive
3.150%, 11/19/2020		200		205
Diamond Resorts International (A)
10.750%, 09/01/2024		75		81
7.750%, 09/01/2023		145		155
Discovery Communications
6.350%, 06/01/2040		100		111
3.800%, 03/13/2024		100		101
DISH DBS
7.750%, 07/01/2026		326		390

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.875%, 07/15/2022	$	200	$	218
5.875%, 11/15/2024		360		391
Dollar General
3.875%, 04/15/2027		200		207
3.250%, 04/15/2023		100		102
Dollar Tree
5.750%, 03/01/2023		350		371
5.250%, 03/01/2020		105		108
DR Horton
4.000%, 02/15/2020		55		57
3.750%, 03/01/2019		45		46
ESH Hospitality
5.250%, 05/01/2025 (A)		200		209
Expedia
5.000%, 02/15/2026		100		110
4.500%, 08/15/2024		50		53
Fiat Chrysler Automobiles
5.250%, 04/15/2023		200		208
4.500%, 04/15/2020		200		207
First Quality Finance
4.625%, 05/15/2021 (A)		100		102
Ford Motor
7.450%, 07/16/2031		200		255
5.291%, 12/08/2046		150		155
4.750%, 01/15/2043		125		121
Ford Motor Credit
5.875%, 08/02/2021		250		279
3.219%, 01/09/2022		200		203
2.681%, 01/09/2020		200		202
2.425%, 06/12/2020		200		201
Ford Motor Credit MTN
4.389%, 01/08/2026		200		207
2.943%, 01/08/2019		400		406
General Motors
6.600%, 04/01/2036		100		117
6.250%, 10/02/2043		250		283
5.000%, 04/01/2035		50		51
3.500%, 10/02/2018		150		153
General Motors Financial
4.350%, 01/17/2027		70		72
4.000%, 01/15/2025		100		101
4.000%, 10/06/2026		50		50
3.950%, 04/13/2024		50		51
3.700%, 05/09/2023		35		36
3.450%, 01/14/2022		100		102
3.450%, 04/10/2022		150		153
3.200%, 07/13/2020		100		102
3.200%, 07/06/2021		150		152
3.150%, 06/30/2022		70		70
3.100%, 01/15/2019		150		152
2.400%, 05/09/2019		30		30
2.350%, 10/04/2019		50		50

Adviser Managed Trust / Annual Report / July 31, 2017 15

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
George Washington University
4.868%, 09/15/2045	$	50	$	56
Goodyear Tire & Rubber
5.125%, 11/15/2023		150		156
4.875%, 03/15/2027		155		157
Gray Television (A)
5.875%, 07/15/2026		125		130
5.125%, 10/15/2024		100		102
Group 1 Automotive
5.000%, 06/01/2022		100		102
Guitar Center
6.500%, 04/15/2019 (A)		100		89
GW Honos Security
8.750%, 05/15/2025 (A)		85		91
Hanesbrands (A)
4.875%, 05/15/2026		50		51
4.625%, 05/15/2024		176		180
Hilton Domestic Operating
4.250%, 09/01/2024 (A)		170		172
Hilton Worldwide Finance (A)
4.875%, 04/01/2027		115		120
4.625%, 04/01/2025		20		21
Home Depot
5.875%, 12/16/2036		200		259
4.400%, 04/01/2021		100		108
4.400%, 03/15/2045		150		163
3.900%, 06/15/2047		150		152
3.500%, 09/15/2056		200		183
3.000%, 04/01/2026		100		101
2.625%, 06/01/2022		150		153
2.000%, 06/15/2019		100		101
2.000%, 04/01/2021		50		50
1.800%, 06/05/2020		71		71
iHeartCommunications
9.000%, 12/15/2019		150		121
9.000%, 09/15/2022		400		296
IHO Verwaltungs GmbH PIK
4.500%, 09/15/2023 (A)		200		206
International Game Technology (A)
6.250%, 02/15/2022		300		328
5.625%, 02/15/2020		200		212
Jack Ohio Finance
6.750%, 11/15/2021 (A)		115		120
Jaguar Holding II
6.375%, 08/01/2023 (A)		152		161
Jaguar Land Rover Automotive (A)
5.625%, 02/01/2023		150		156
4.250%, 11/15/2019		150		154
KFC Holding (A)
5.250%, 06/01/2026		92		98
5.000%, 06/01/2024		162		169
4.750%, 06/01/2027		100		103

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Kohl’s
4.750%, 12/15/2023	$	100	$	104
L Brands
5.625%, 10/15/2023		100		105
Landry’s
6.750%, 10/15/2024 (A)		100		103
Laureate Education
8.250%, 05/01/2025 (A)		90		98
Lear
5.250%, 01/15/2025		70		75
Lennar
4.750%, 04/01/2021		100		106
4.750%, 11/15/2022		200		212
4.500%, 04/30/2024		110		114
4.125%, 01/15/2022		120		124
Lions Gate Entertainment
5.875%, 11/01/2024 (A)		105		110
Live Nation Entertainment
4.875%, 11/01/2024 (A)		115		118
LKQ
4.750%, 05/15/2023		100		101
Lowe’s
4.625%, 04/15/2020		100		106
4.250%, 09/15/2044		50		53
4.050%, 05/03/2047		200		204
3.700%, 04/15/2046		150		144
3.375%, 09/15/2025		100		103
3.125%, 09/15/2024		100		102
3.100%, 05/03/2027		200		201
Macy’s Retail Holdings
4.500%, 12/15/2034		100		86
3.450%, 01/15/2021		50		50
2.875%, 02/15/2023		125		117
Magna International
3.625%, 06/15/2024		100		104
Marriott International
3.750%, 03/15/2025		100		104
3.125%, 10/15/2021		100		103
3.125%, 06/15/2026		50		49
2.300%, 01/15/2022		50		49
Massachusetts Institute of Technology
5.600%, 07/01/2111		100		129
Mattel
2.350%, 05/06/2019		100		100
McDonald’s MTN
6.300%, 10/15/2037		150		197
4.875%, 12/09/2045		125		140
4.700%, 12/09/2035		175		194
3.700%, 01/30/2026		30		32
2.750%, 12/09/2020		120		123
2.100%, 12/07/2018		20		20

16 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
MDC Partners
6.500%, 05/01/2024 (A)	$	150	$	151
Men’s Wearhouse
7.000%, 07/01/2022		50		45
MGM Resorts International
6.750%, 10/01/2020		100		111
6.625%, 12/15/2021		200		225
6.000%, 03/15/2023		200		222
4.625%, 09/01/2026		100		101
Michaels Stores
5.875%, 12/15/2020 (A)		100		103
Mohegan Gaming & Entertainment
7.875%, 10/15/2024 (A)		55		58
NBCUniversal Media
5.950%, 04/01/2041		100		128
5.150%, 04/30/2020		350		382
NCL (A)
4.750%, 12/15/2021		90		93
4.625%, 11/15/2020		85		87
Neiman Marcus Group
8.000%, 10/15/2021 (A)		200		111
Netflix
5.875%, 02/15/2025		138		155
5.500%, 02/15/2022		125		135
4.375%, 11/15/2026 (A)		120		121
Newell Brands
5.500%, 04/01/2046		250		301
5.375%, 04/01/2036		30		35
4.200%, 04/01/2026		50		53
3.850%, 04/01/2023		60		64
3.150%, 04/01/2021		50		51
Newell Rubbermaid
4.000%, 12/01/2024		100		105
Nexstar Broadcasting
5.625%, 08/01/2024 (A)		82		85
NIKE
3.875%, 11/01/2045		100		102
3.375%, 11/01/2046		100		93
Nordstrom
5.000%, 01/15/2044		100		98
4.000%, 03/15/2027		100		99
Omnicom Group
3.625%, 05/01/2022		100		105
3.600%, 04/15/2026		100		101
O’Reilly Automotive
3.550%, 03/15/2026		50		50
Penske Automotive Group
5.750%, 10/01/2022		50		52
5.500%, 05/15/2026		105		105
PetSmart (A)
8.875%, 06/01/2025		85		81
7.125%, 03/15/2023		283		256

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.875%, 06/01/2025	$	195	$	187
Pinnacle Entertainment
5.625%, 05/01/2024 (A)		60		62
President & Fellows of Harvard College
3.150%, 07/15/2046		100		95
Priceline Group
3.600%, 06/01/2026		50		51
Prime Security Services Borrower
9.250%, 05/15/2023 (A)		388		433
PulteGroup
5.500%, 03/01/2026		100		108
5.000%, 01/15/2027		107		110
4.250%, 03/01/2021		100		104
PVH
4.500%, 12/15/2022		100		103
Quebecor Media
5.750%, 01/15/2023		150		162
QVC
4.450%, 02/15/2025		100		100
Regal Entertainment Group
5.750%, 03/15/2022		50		52
Ritchie Bros Auctioneers
5.375%, 01/15/2025 (A)		25		26
RSI Home Products
6.500%, 03/15/2023 (A)		67		70
Sabre (A)
5.375%, 04/15/2023		35		36
5.250%, 11/15/2023		145		151
Sally Holdings
5.625%, 12/01/2025		50		51
Scientific Games International
10.000%, 12/01/2022		250		279
7.000%, 01/01/2022 (A)		305		325
Scripps Networks Interactive
2.750%, 11/15/2019		100		101
Service International
5.375%, 05/15/2024		100		106
ServiceMaster
5.125%, 11/15/2024 (A)		130		133
Silversea Cruise Finance
7.250%, 02/01/2025 (A)		100		108
Sinclair Television Group
6.125%, 10/01/2022		100		104
5.375%, 04/01/2021		150		154
Sirius XM Radio (A)
6.000%, 07/15/2024		200		216
5.375%, 04/15/2025		175		184
5.375%, 07/15/2026		157		164
5.000%, 08/01/2027		220		225
4.625%, 05/15/2023		100		103
3.875%, 08/01/2022		105		107

Adviser Managed Trust / Annual Report / July 31, 2017 17

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Six Flags Entertainment
4.875%, 07/31/2024 (A)	$	200	$	204
Starbucks
2.700%, 06/15/2022		200		204
Studio City
7.250%, 11/30/2021 (A)		200		215
Summit Materials
6.125%, 07/15/2023		150		157
Target
3.500%, 07/01/2024		150		157
2.300%, 06/26/2019		300		304
Taylor Morrison Communities
5.250%, 04/15/2021 (A)		92		94
TEGNA
5.125%, 07/15/2020		250		257
Tempur Sealy International
5.500%, 06/15/2026		64		66
Tenneco
5.000%, 07/15/2026		105		107
Time
5.750%, 04/15/2022 (A)		100		103
Time Warner
6.250%, 03/29/2041		150		183
6.200%, 03/15/2040		275		333
3.600%, 07/15/2025		200		202
3.550%, 06/01/2024		200		205
2.950%, 07/15/2026		85		81
2.100%, 06/01/2019		350		351
Time Warner Cable
8.750%, 02/14/2019		100		110
8.250%, 04/01/2019		200		220
6.550%, 05/01/2037		100		120
5.875%, 11/15/2040		200		223
5.000%, 02/01/2020		250		266
4.500%, 09/15/2042		100		94
TJX
2.250%, 09/15/2026		150		140
Tops Holding
8.000%, 06/15/2022 (A)		83		67
Toyota Motor Credit
2.900%, 04/17/2024		50		51
Toyota Motor Credit MTN
3.300%, 01/12/2022		200		209
2.800%, 07/13/2022		50		51
2.600%, 01/11/2022		100		102
2.250%, 10/18/2023		50		49
2.150%, 03/12/2020		200		202
1.900%, 04/08/2021		50		50
1.700%, 02/19/2019		50		50
1.550%, 10/18/2019		50		50
Tribune Media
5.875%, 07/15/2022		200		210

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
TRU Taj
12.000%, 08/15/2021 (A)	$	100	$	97
Under Armour
3.250%, 06/15/2026		100		93
Unitymedia Hessen GmbH & KG
5.000%, 01/15/2025 (A)		200		211
University of Southern California
3.028%, 10/01/2039		250		234
Univision Communications (A)
6.750%, 09/15/2022		250		260
5.125%, 02/15/2025		247		247
Viacom
6.250%, 02/28/2057 (B)		106		109
5.875%, 02/28/2057 (B)		80		82
5.850%, 09/01/2043		100		107
4.850%, 12/15/2034		200		194
4.250%, 09/01/2023		125		130
Viking Cruises
8.500%, 10/15/2022 (A)		100		105
Walt Disney
3.000%, 02/13/2026		100		101
Walt Disney MTN
4.125%, 06/01/2044		125		131
3.000%, 07/30/2046		150		129
2.950%, 06/15/2027		200		199
2.350%, 12/01/2022		50		50
2.300%, 02/12/2021		100		101
1.850%, 07/30/2026		100		92
1.800%, 06/05/2020		150		150
Whirlpool
3.700%, 05/01/2025		200		207
WPP Finance
3.750%, 09/19/2024		100		103
Wyndham Worldwide
4.250%, 03/01/2022		100		105
Wynn Las Vegas (A)
5.500%, 03/01/2025		300		316
5.250%, 05/15/2027		155		158
ZF North America Capital (A)
4.750%, 04/29/2025		250		261
4.500%, 04/29/2022		150		158
4.000%, 04/29/2020		50		51
				48,422
Consumer Staples — 1.8%
Albertsons (A)
6.625%, 06/15/2024		212		199
5.750%, 03/15/2025		165		148
Alliance One International
9.875%, 07/15/2021		150		135
Altria Group
9.700%, 11/10/2018		106		117

18 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
9.250%, 08/06/2019	$	100	$	115
5.375%, 01/31/2044		200		236
4.000%, 01/31/2024		100		107
2.850%, 08/09/2022		100		102
Anheuser-Busch InBev Finance
4.900%, 02/01/2046		500		562
4.700%, 02/01/2036		400		442
4.625%, 02/01/2044		100		108
3.700%, 02/01/2024		300		316
3.650%, 02/01/2026		400		414
3.300%, 02/01/2023		300		311
2.650%, 02/01/2021		300		305
2.150%, 02/01/2019		62		63
1.900%, 02/01/2019		500		502
Anheuser-Busch InBev Worldwide
8.200%, 01/15/2039		100		157
5.375%, 01/15/2020		200		217
3.750%, 01/15/2022		250		265
3.750%, 07/15/2042		100		96
Archer-Daniels-Midland
4.479%, 03/01/2021		50		54
4.016%, 04/16/2043		100		103
2.500%, 08/11/2026		100		96
Avon International Operations
7.875%, 08/15/2022 (A)		70		74
B&G Foods
5.250%, 04/01/2025		85		89
4.625%, 06/01/2021		100		102
Brown-Forman
4.500%, 07/15/2045		35		38
Bunge Finance
3.500%, 11/24/2020		50		51
Campbell Soup
4.500%, 02/15/2019		100		104
Chobani
7.500%, 04/15/2025 (A)		100		107
Coca-Cola
2.875%, 10/27/2025		200		202
2.450%, 11/01/2020		200		204
2.250%, 09/01/2026		50		48
1.650%, 11/01/2018		300		301
1.550%, 09/01/2021		50		49
Coca-Cola European Partners US
3.500%, 09/15/2020		100		104
Coca-Cola Femsa
2.375%, 11/26/2018		150		151
Colgate-Palmolive MTN
4.000%, 08/15/2045		50		52
3.250%, 03/15/2024		50		52
2.300%, 05/03/2022		100		101
1.750%, 03/15/2019		50		50

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Conagra Brands
3.200%, 01/25/2023	$	118	$	119
Constellation Brands
6.000%, 05/01/2022		30		34
4.500%, 05/09/2047		20		21
4.250%, 05/01/2023		90		97
3.875%, 11/15/2019		20		21
3.750%, 05/01/2021		25		26
3.500%, 05/09/2027		15		15
2.700%, 05/09/2022		15		15
Costco Wholesale
3.000%, 05/18/2027		100		100
2.300%, 05/18/2022		100		100
1.700%, 12/15/2019		100		100
Cott Beverages
5.375%, 07/01/2022		100		104
Cott Holdings
5.500%, 04/01/2025 (A)		95		100
CVS Health
5.300%, 12/05/2043		50		58
5.125%, 07/20/2045		255		292
4.875%, 07/20/2035		100		111
4.000%, 12/05/2023		100		107
3.875%, 07/20/2025		200		210
2.875%, 06/01/2026		100		97
2.800%, 07/20/2020		200		205
2.750%, 12/01/2022		100		101
2.250%, 12/05/2018		125		126
2.125%, 06/01/2021		50		50
Dean Foods
6.500%, 03/15/2023 (A)		147		152
Diageo Capital
2.625%, 04/29/2023		100		102
Diageo Investment
4.250%, 05/11/2042		100		106
2.875%, 05/11/2022		150		154
Dr Pepper Snapple Group
4.500%, 11/15/2045 (A)		130		138
2.550%, 09/15/2026		100		95
Energizer Holdings
5.500%, 06/15/2025 (A)		113		119
Estee Lauder
4.375%, 06/15/2045		50		54
4.150%, 03/15/2047		50		52
3.150%, 03/15/2027		50		51
Fresh Market
9.750%, 05/01/2023 (A)		100		82
General Mills
3.150%, 12/15/2021		200		207
Hershey
3.200%, 08/21/2025		100		102

Adviser Managed Trust / Annual Report / July 31, 2017 19

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
HRG Group
7.875%, 07/15/2019	$	100	$	102
7.750%, 01/15/2022		200		211
Ingles Markets
5.750%, 06/15/2023		100		100
Ingredion
3.200%, 10/01/2026		100		99
JBS USA LUX
5.875%, 07/15/2024 (A)		250		248
JM Smucker
4.375%, 03/15/2045		100		105
4.250%, 03/15/2035		20		21
3.500%, 03/15/2025		100		103
Kellogg
4.000%, 12/15/2020		200		212
Kimberly-Clark
6.625%, 08/01/2037		100		141
3.050%, 08/15/2025		50		50
2.750%, 02/15/2026		50		50
1.400%, 02/15/2019		35		35
Kraft Foods Group
6.125%, 08/23/2018		200		209
5.000%, 06/04/2042		100		106
3.500%, 06/06/2022		100		104
Kraft Heinz Foods
6.875%, 01/26/2039		100		130
6.500%, 02/09/2040		100		125
5.200%, 07/15/2045		100		109
4.375%, 06/01/2046		60		58
3.950%, 07/15/2025		100		103
3.000%, 06/01/2026		55		53
2.800%, 07/02/2020		200		204
Kroger
4.000%, 02/01/2024		200		210
3.875%, 10/15/2046		100		88
3.700%, 08/01/2027		35		35
2.000%, 01/15/2019		200		200
Kronos Acquisition Holdings
9.000%, 08/15/2023 (A)		115		116
Lamb Weston Holdings (A)
4.875%, 11/01/2026		75		79
4.625%, 11/01/2024		145		151
Mead Johnson Nutrition
4.125%, 11/15/2025		30		33
3.000%, 11/15/2020		230		237
Molson Coors Brewing
5.000%, 05/01/2042		93		103
4.200%, 07/15/2046		40		39
3.000%, 07/15/2026		200		195
1.450%, 07/15/2019		25		25
Mondelez International
4.000%, 02/01/2024		200		213

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Nature’s Bounty
7.625%, 05/15/2021 (A)	$	193	$	208
PepsiCo
5.500%, 01/15/2040		100		126
4.600%, 07/17/2045		145		163
4.500%, 01/15/2020		200		213
4.250%, 10/22/2044		100		106
4.000%, 05/02/2047		135		139
3.600%, 03/01/2024		200		212
3.500%, 07/17/2025		100		105
2.750%, 03/05/2022		150		153
2.250%, 05/02/2022		50		50
1.550%, 05/02/2019		50		50
1.350%, 10/04/2019		100		100
Philip Morris International
6.375%, 05/16/2038		200		261
4.500%, 03/26/2020		100		107
4.250%, 11/10/2044		50		51
4.125%, 03/04/2043		50		50
2.750%, 02/25/2026		50		49
2.625%, 02/18/2022		25		25
2.125%, 05/10/2023		25		24
2.000%, 02/21/2020		35		35
1.875%, 02/25/2021		50		50
1.625%, 02/21/2019		50		50
1.375%, 02/25/2019		30		30
Pilgrim’s Pride
5.750%, 03/15/2025 (A)		133		136
Post Holdings (A)
5.500%, 03/01/2025		295		311
5.000%, 08/15/2026		223		229
Procter & Gamble
5.550%, 03/05/2037		100		133
3.100%, 08/15/2023		100		105
2.450%, 11/03/2026		50		49
1.700%, 11/03/2021		100		99
Revlon Consumer Products
5.750%, 02/15/2021		100		83
Reynolds American
6.875%, 05/01/2020		100		113
5.850%, 08/15/2045		100		121
5.700%, 08/15/2035		100		119
4.450%, 06/12/2025		100		108
3.250%, 06/12/2020		254		262
Rite Aid
6.750%, 06/15/2021		200		208
6.125%, 04/01/2023 (A)		165		163
Skandinaviska Enskilda Banken
1.875%, 09/13/2021		250		245
Spectrum Brands
5.750%, 07/15/2025		149		159

20 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Sysco
4.850%, 10/01/2045	$	15	$	17
3.750%, 10/01/2025		25		26
3.300%, 07/15/2026		100		100
2.600%, 10/01/2020		150		152
TreeHouse Foods
6.000%, 02/15/2024 (A)		120		129
Tyson Foods
4.500%, 06/15/2022		100		109
3.950%, 08/15/2024		150		159
Unilever Capital
5.900%, 11/15/2032		100		132
4.250%, 02/10/2021		100		107
1.375%, 07/28/2021		100		97
US Foods
5.875%, 06/15/2024 (A)		115		120
Vector Group
6.125%, 02/01/2025 (A)		80		82
Walgreens Boots Alliance
4.800%, 11/18/2044		100		107
4.650%, 06/01/2046		200		209
3.800%, 11/18/2024		100		104
3.450%, 06/01/2026		30		30
3.300%, 11/18/2021		100		104
Wal-Mart Stores
6.500%, 08/15/2037		250		350
5.875%, 04/05/2027		200		250
5.250%, 09/01/2035		200		246
4.300%, 04/22/2044		225		250
3.300%, 04/22/2024		200		210
3.250%, 10/25/2020		100		105
2.550%, 04/11/2023		150		152
WhiteWave Foods
5.375%, 10/01/2022		25		28
Whole Foods Market
5.200%, 12/03/2025		100		115
				23,564
Energy — 3.3%
Alta Mesa Holdings
7.875%, 12/15/2024 (A)		30		32
Anadarko Petroleum
6.600%, 03/15/2046		150		185
6.450%, 09/15/2036		125		149
4.850%, 03/15/2021		250		267
Andeavor
5.375%, 10/01/2022		200		207
5.125%, 12/15/2026 (A)		50		54
Andeavor Logistics
6.250%, 10/15/2022		110		117
6.125%, 10/15/2021		100		103
5.250%, 01/15/2025		240		257

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Antero Midstream Partners
5.375%, 09/15/2024 (A)	$	50	$	52
Antero Resources
5.625%, 06/01/2023		44		45
5.375%, 11/01/2021		200		206
5.125%, 12/01/2022		200		203
Apache
5.100%, 09/01/2040		200		210
4.750%, 04/15/2043		100		102
3.250%, 04/15/2022		100		102
Ascent Resources Utica Holdings
10.000%, 04/01/2022 (A)		225		231
Baker Hughes
5.125%, 09/15/2040		100		115
Blue Racer Midstream
6.125%, 11/15/2022 (A)		128		131
Boardwalk Pipelines
5.950%, 06/01/2026		100		113
BP Capital Markets
3.994%, 09/26/2023		38		41
3.723%, 11/28/2028		30		31
3.588%, 04/14/2027		100		103
3.535%, 11/04/2024		100		103
3.506%, 03/17/2025		200		207
3.245%, 05/06/2022		100		103
3.224%, 04/14/2024		100		102
3.216%, 11/28/2023		50		51
3.119%, 05/04/2026		100		101
2.315%, 02/13/2020		200		203
2.237%, 05/10/2019		200		202
2.112%, 09/16/2021		150		150
1.676%, 05/03/2019		47		47
Buckeye Partners
2.650%, 11/15/2018		150		151
California Resources
8.000%, 12/15/2022 (A)		298		190
Calumet Specialty Products Partners
6.500%, 04/15/2021		100		91
Canadian Natural Resources
6.250%, 03/15/2038		150		178
3.900%, 02/01/2025		100		102
3.850%, 06/01/2027		50		51
2.950%, 01/15/2023		50		50
Canadian Natural Resources MTN
4.950%, 06/01/2047		25		26
Carrizo Oil & Gas
7.500%, 09/15/2020		100		102
6.250%, 04/15/2023		115		114
Cenovus Energy
5.700%, 10/15/2019		65		69
5.400%, 06/15/2047 (A)		50		48
5.250%, 06/15/2037 (A)		35		33

Adviser Managed Trust / Annual Report / July 31, 2017 21

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.450%, 09/15/2042	$	105	$	88
4.250%, 04/15/2027 (A)		100		98
3.000%, 08/15/2022		50		48
Cheniere Corpus Christi Holdings
7.000%, 06/30/2024		150		172
5.875%, 03/31/2025		250		271
5.125%, 06/30/2027 (A)		220		229
Chesapeake Energy (A)
8.000%, 12/15/2022		324		344
8.000%, 01/15/2025		100		100
8.000%, 06/15/2027		60		60
Chevron
4.950%, 03/03/2019		225		237
3.326%, 11/17/2025		50		52
3.191%, 06/24/2023		100		104
2.954%, 05/16/2026		100		100
2.895%, 03/03/2024		50		51
2.566%, 05/16/2023		100		101
2.498%, 03/03/2022		50		51
2.419%, 11/17/2020		50		51
2.355%, 12/05/2022		100		100
2.193%, 11/15/2019		125		126
2.100%, 05/16/2021		100		100
1.991%, 03/03/2020		31		31
1.790%, 11/16/2018		50		50
1.561%, 05/16/2019		100		100
Cimarex Energy
3.900%, 05/15/2027		55		56
CNOOC Nexen Finance
4.250%, 04/30/2024		400		422
Columbia Pipeline Group
3.300%, 06/01/2020		150		154
Comstock Resources PIK
10.000%, 03/15/2020		100		101
Concho Resources
5.500%, 04/01/2023		250		258
4.375%, 01/15/2025		95		98
ConocoPhillips
6.500%, 02/01/2039		225		297
5.750%, 02/01/2019		24		26
4.950%, 03/15/2026		50		56
4.200%, 03/15/2021		100		107
4.150%, 11/15/2034		100		102
3.350%, 11/15/2024		250		257
3.350%, 05/15/2025		95		97
2.400%, 12/15/2022		150		149
CONSOL Energy
8.000%, 04/01/2023		50		53
5.875%, 04/15/2022		250		251
Continental Resources
4.500%, 04/15/2023		200		195
3.800%, 06/01/2024		150		139

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Crestwood Midstream Partners
6.250%, 04/01/2023	$	70	$	71
5.750%, 04/01/2025		105		106
CVR Refining
6.500%, 11/01/2022		100		102
DCP Midstream Operating
5.850%, 05/21/2043 (A)(B)		100		93
3.875%, 03/15/2023		100		98
Denbury Resources
9.000%, 05/15/2021 (A)		74		70
5.500%, 05/01/2022		112		61
4.625%, 07/15/2023		156		80
Devon Energy
5.600%, 07/15/2041		100		109
5.000%, 06/15/2045		150		153
3.250%, 05/15/2022		100		101
Devon Financing
7.875%, 09/30/2031		100		131
Diamondback Energy
5.375%, 05/31/2025		50		51
4.750%, 11/01/2024		75		76
Eclipse Resources
8.875%, 07/15/2023		100		101
Ecopetrol
5.875%, 09/18/2023		100		110
5.875%, 05/28/2045		200		187
4.125%, 01/16/2025		225		223
Enable Midstream Partners
2.400%, 05/15/2019		100		100
Enbridge
5.500%, 12/01/2046		50		58
5.500%, 07/15/2077 (B)		100		101
4.250%, 12/01/2026		100		106
3.700%, 07/15/2027		50		51
2.900%, 07/15/2022		50		50
Enbridge Energy Partners
9.875%, 03/01/2019		50		56
7.375%, 10/15/2045		150		195
5.500%, 09/15/2040		100		106
Encana
6.500%, 02/01/2038		200		234
Endeavor Energy Resources
7.000%, 08/15/2021 (A)		100		103
Energy Transfer
6.125%, 12/15/2045		100		110
5.950%, 10/01/2043		100		105
5.200%, 02/01/2022		100		109
5.150%, 03/15/2045		100		97
4.900%, 03/15/2035		250		246
4.750%, 01/15/2026		150		157
4.200%, 04/15/2027		50		50
3.600%, 02/01/2023		185		187

22 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Energy Transfer Equity
5.875%, 01/15/2024	$	150	$	161
5.500%, 06/01/2027		195		205
EnLink Midstream Partners
4.850%, 07/15/2026		45		47
4.400%, 04/01/2024		150		154
Ensco
5.200%, 03/15/2025		50		40
4.500%, 10/01/2024		120		91
Enterprise Products Operating
5.200%, 09/01/2020		100		109
5.100%, 02/15/2045		225		249
4.850%, 08/15/2042		100		107
4.850%, 03/15/2044		250		267
3.950%, 02/15/2027		20		21
3.700%, 02/15/2026		100		103
3.350%, 03/15/2023		200		206
2.850%, 04/15/2021		30		30
2.550%, 10/15/2019		100		101
EOG Resources
3.150%, 04/01/2025		200		200
2.625%, 03/15/2023		100		99
EP Energy
8.000%, 11/29/2024 (A)		30		30
8.000%, 02/15/2025 (A)		200		155
6.375%, 06/15/2023		118		75
EQT Midstream Partners
4.125%, 12/01/2026		35		35
Extraction Oil & Gas
7.875%, 07/15/2021 (A)		66		69
ExxonMobil
4.114%, 03/01/2046		200		213
3.567%, 03/06/2045		50		49
3.043%, 03/01/2026		100		102
2.726%, 03/01/2023		200		204
2.709%, 03/06/2025		100		101
2.222%, 03/01/2021		40		40
1.912%, 03/06/2020		100		100
1.708%, 03/01/2019		100		100
Genesis Energy
6.750%, 08/01/2022		100		101
Gulfport Energy
6.375%, 05/15/2025		100		100
6.000%, 10/15/2024 (A)		135		133
Halcon Resources
6.750%, 02/15/2025 (A)		95		97
Halliburton
7.450%, 09/15/2039		100		138
5.000%, 11/15/2045		100		109
4.850%, 11/15/2035		100		108
3.800%, 11/15/2025		100		103
3.500%, 08/01/2023		100		104

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Hess
7.125%, 03/15/2033	$	100	$	113
5.600%, 02/15/2041		50		50
4.300%, 04/01/2027		150		149
Hilcorp Energy I
5.750%, 10/01/2025 (A)		167		163
Husky Energy
4.000%, 04/15/2024		200		204
Jupiter Resources
8.500%, 10/01/2022 (A)		150		106
KCA Deutag UK Finance
9.875%, 04/01/2022 (A)		200		201
Kinder Morgan
5.550%, 06/01/2045		100		106
5.300%, 12/01/2034		250		259
5.050%, 02/15/2046		90		91
4.300%, 06/01/2025		100		105
3.050%, 12/01/2019		325		331
Kinder Morgan Energy Partners
5.500%, 03/01/2044		250		261
4.300%, 05/01/2024		200		208
4.250%, 09/01/2024		100		103
2.650%, 02/01/2019		100		101
Marathon Oil
5.200%, 06/01/2045		50		50
4.400%, 07/15/2027		100		101
2.800%, 11/01/2022		100		98
Marathon Petroleum
6.500%, 03/01/2041		150		176
5.125%, 03/01/2021		50		55
2.700%, 12/14/2018		50		50
McDermott International
8.000%, 05/01/2021 (A)		100		102
MEG Energy (A)
7.000%, 03/31/2024		100		82
6.500%, 01/15/2025		55		53
6.375%, 01/30/2023		100		84
MPLX
5.200%, 03/01/2047		50		51
4.875%, 06/01/2025		100		107
4.500%, 07/15/2023		150		160
4.125%, 03/01/2027		50		51
Murphy Oil
6.875%, 08/15/2024		85		90
4.700%, 12/01/2022		50		49
Murray Energy
11.250%, 04/15/2021 (A)		150		114
Nabors Industries
5.500%, 01/15/2023		200		190
National Oilwell Varco
3.950%, 12/01/2042		100		84
2.600%, 12/01/2022		100		97

Adviser Managed Trust / Annual Report / July 31, 2017 23

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Navios Maritime Acquisition
8.125%, 11/15/2021 (A)	$	100	$	86
Newfield Exploration
5.625%, 07/01/2024		50		53
5.375%, 01/01/2026		77		80
Nexen Energy
6.400%, 05/15/2037		200		253
NGL Energy Partners (A)
7.500%, 11/01/2023		120		116
6.125%, 03/01/2025		85		77
NGPL PipeCo (A)
4.875%, 08/15/2027		185		190
4.375%, 08/15/2022		40		41
Noble Energy
5.250%, 11/15/2043		100		105
5.050%, 11/15/2044		150		155
4.150%, 12/15/2021		50		53
3.900%, 11/15/2024		100		103
Noble Holding International
7.750%, 01/15/2024		125		99
NuStar Logistics
5.625%, 04/28/2027		90		95
Oasis Petroleum
6.875%, 03/15/2022		100		99
Occidental Petroleum
4.400%, 04/15/2046		50		53
4.100%, 02/01/2021		200		213
3.000%, 02/15/2027		100		99
2.700%, 02/15/2023		100		101
ONEOK
6.000%, 06/15/2035		100		112
4.000%, 07/13/2027		55		56
ONEOK Partners
6.200%, 09/15/2043		50		58
3.200%, 09/15/2018		200		203
Pacific Drilling
5.375%, 06/01/2020 (A)		100		41
Parsley Energy
5.375%, 01/15/2025 (A)		50		51
PBF Holding
7.250%, 06/15/2025 (A)		150		147
Peabody Energy (A)
6.375%, 03/31/2025		55		56
6.000%, 03/31/2022		50		51
Petrofac
3.400%, 10/10/2018 (A)		100		99
Petroleos Mexicanos
6.625%, 06/15/2035		300		319
6.500%, 03/13/2027 (A)		225		248
6.500%, 06/02/2041		260		267
6.375%, 02/04/2021		300		329
5.625%, 01/23/2046		300		275

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.500%, 01/23/2026	$	150	$	149
3.500%, 07/23/2020		250		256
3.500%, 01/30/2023		250		245
2.378%, 04/15/2025		76		76
Petroleos Mexicanos MTN
6.875%, 08/04/2026		100		113
6.750%, 09/21/2047 (A)		50		53
6.500%, 03/13/2027 (A)		200		220
5.500%, 02/04/2019		60		63
4.625%, 09/21/2023		120		123
PHI
5.250%, 03/15/2019		100		96
Phillips 66
5.875%, 05/01/2042		100		122
4.875%, 11/15/2044		100		108
4.650%, 11/15/2034		150		159
4.300%, 04/01/2022		150		161
Phillips 66 Partners
4.900%, 10/01/2046		25		25
3.550%, 10/01/2026		25		24
2.646%, 02/15/2020		150		151
Pioneer Natural Resources
3.950%, 07/15/2022		200		211
Plains All American Pipeline
4.700%, 06/15/2044		100		91
4.650%, 10/15/2025		100		104
4.500%, 12/15/2026		100		102
3.600%, 11/01/2024		100		98
2.600%, 12/15/2019		100		101
Puget Energy
5.625%, 07/15/2022		100		112
3.650%, 05/15/2025		50		50
Puget Sound Energy
4.300%, 05/20/2045		50		54
Puma International Financing
6.750%, 02/01/2021 (A)		200		206
QEP Resources
5.250%, 05/01/2023		100		97
Range Resources
5.000%, 03/15/2023 (A)		150		148
4.875%, 05/15/2025		138		134
Rice Energy
6.250%, 05/01/2022		150		157
Rockies Express Pipeline
6.000%, 01/15/2019 (A)		100		104
RSP Permian
6.625%, 10/01/2022		150		157
Sabine Pass Liquefaction
5.750%, 05/15/2024		175		197
5.625%, 02/01/2021		225		245
5.625%, 03/01/2025		175		195
4.200%, 03/15/2028		100		101

24 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Sanchez Energy
6.125%, 01/15/2023	$	200	$	163
Sasol Financing International
4.500%, 11/14/2022		200		205
Schlumberger Investment
3.650%, 12/01/2023		100		106
Seven Generations Energy
8.250%, 05/15/2020 (A)		100		105
Shell International Finance BV
6.375%, 12/15/2038		200		268
4.375%, 03/25/2020		100		107
4.375%, 05/11/2045		100		106
4.300%, 09/22/2019		150		158
4.125%, 05/11/2035		200		210
4.000%, 05/10/2046		50		50
3.750%, 09/12/2046		50		48
2.875%, 05/10/2026		50		50
2.500%, 09/12/2026		50		48
2.250%, 11/10/2020		150		152
2.250%, 01/06/2023		100		99
2.125%, 05/11/2020		200		202
1.875%, 05/10/2021		50		50
1.750%, 09/12/2021		50		49
1.625%, 11/10/2018		100		100
1.375%, 05/10/2019		50		50
1.375%, 09/12/2019		50		50
SM Energy
6.750%, 09/15/2026		100		100
6.125%, 11/15/2022		30		29
5.625%, 06/01/2025		113		106
5.000%, 01/15/2024		100		93
Southwestern Energy
6.700%, 01/23/2025		100		98
4.100%, 03/15/2022		300		280
Spectra Energy Partners
4.750%, 03/15/2024		100		108
3.500%, 03/15/2025		100		101
2.950%, 09/25/2018		100		101
Statoil
4.800%, 11/08/2043		100		111
3.700%, 03/01/2024		200		212
2.250%, 11/08/2019		250		252
Summit Midstream Holdings
5.750%, 04/15/2025		90		91
Suncor Energy
6.850%, 06/01/2039		150		201
6.500%, 06/15/2038		200		258
Sunoco
6.375%, 04/01/2023		83		87
6.250%, 04/15/2021		156		163
5.500%, 08/01/2020		20		21

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Sunoco Logistics Partners Operations
5.350%, 05/15/2045	$	125	$	124
3.900%, 07/15/2026		100		99
Tallgrass Energy Partners
5.500%, 09/15/2024 (A)		95		97
Targa Resources Partners
6.750%, 03/15/2024		100		108
5.250%, 05/01/2023		100		103
5.125%, 02/01/2025 (A)		50		51
4.250%, 11/15/2023		150		148
4.125%, 11/15/2019		115		117
TC PipeLines
3.900%, 05/25/2027		20		20
Total Capital International
3.750%, 04/10/2024		150		159
2.875%, 02/17/2022		100		103
2.700%, 01/25/2023		100		101
2.100%, 06/19/2019		250		252
TransCanada PipeLines
6.200%, 10/15/2037		250		320
4.875%, 01/15/2026		100		113
2.500%, 08/01/2022		100		100
Transocean
9.000%, 07/15/2023 (A)		225		235
Transocean Phoenix 2
7.750%, 10/15/2024 (A)		119		128
Tullow Oil
6.250%, 04/15/2022 (A)		200		185
Ultra Resources (A)
7.125%, 04/15/2025		50		51
6.875%, 04/15/2022		150		154
Valero Energy
6.625%, 06/15/2037		100		125
3.650%, 03/15/2025		200		205
Valero Energy Partners
4.375%, 12/15/2026		20		21
Weatherford International
9.875%, 02/15/2024 (A)		80		86
8.250%, 06/15/2023		39		40
7.750%, 06/15/2021		219		224
Western Gas Partners
5.450%, 04/01/2044		150		157
4.650%, 07/01/2026		150		157
3.950%, 06/01/2025		100		100
Whiting Petroleum
5.750%, 03/15/2021		100		95
5.000%, 03/15/2019		200		197
Williams
4.550%, 06/24/2024		300		311
Williams Partners
6.300%, 04/15/2040		100		117
4.900%, 01/15/2045		150		151

Adviser Managed Trust / Annual Report / July 31, 2017 25

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.875%, 03/15/2024	$	125	$	131
4.300%, 03/04/2024		260		274
3.900%, 01/15/2025		100		101
3.750%, 06/15/2027		200		200
3.600%, 03/15/2022		150		155
WPX Energy
7.500%, 08/01/2020		75		80
5.250%, 09/15/2024		150		148
XTO Energy
6.500%, 12/15/2018		100		107
				43,936
Financials — 7.8%
Aflac
3.625%, 11/15/2024		100		106
2.400%, 03/16/2020		100		101
African Development Bank
1.875%, 03/16/2020		250		251
1.250%, 07/26/2021		100		98
1.125%, 09/20/2019		100		99
Alliant Holdings Intermediate
8.250%, 08/01/2023 (A)		100		107
Allstate
5.950%, 04/01/2036		100		128
5.750%, 08/15/2053 (B)		100		110
Ally Financial
5.750%, 11/20/2025		100		107
4.625%, 03/30/2025		200		207
4.125%, 02/13/2022		200		206
3.750%, 11/18/2019		175		179
3.600%, 05/21/2018		200		202
3.250%, 11/05/2018		100		101
American Equity Investment Life Holding
5.000%, 06/15/2027		55		57
American Express
4.050%, 12/03/2042		100		102
2.650%, 12/02/2022		100		101
2.500%, 08/01/2022		100		100
American Express Credit MTN
3.300%, 05/03/2027		130		131
2.375%, 05/26/2020		50		51
2.250%, 08/15/2019		100		101
2.250%, 05/05/2021		350		351
1.875%, 05/03/2019		115		115
American Financial Group
3.500%, 08/15/2026		50		50
American International Group
4.500%, 07/16/2044		250		259
4.125%, 02/15/2024		100		106
3.875%, 01/15/2035		100		98
3.300%, 03/01/2021		150		155
2.300%, 07/16/2019		200		202

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Ameriprise Financial
3.700%, 10/15/2024	$	100	$	105
Andina de Fomento
4.375%, 06/15/2022		100		108
2.200%, 07/18/2020		200		201
Aon
8.205%, 01/01/2027		100		131
4.600%, 06/14/2044		100		106
3.500%, 06/14/2024		200		205
Arch Capital Group
5.144%, 11/01/2043		150		170
Ares Capital
3.625%, 01/19/2022		100		102
Asian Development Bank MTN
2.625%, 01/12/2027		200		203
2.000%, 02/16/2022		200		200
2.000%, 01/22/2025		150		147
2.000%, 04/24/2026		100		97
1.875%, 04/12/2019		100		101
1.750%, 09/11/2018		350		351
1.750%, 01/10/2020		200		201
1.750%, 08/14/2026		100		95
1.625%, 05/05/2020		300		300
1.625%, 08/26/2020		100		100
1.625%, 03/16/2021		150		149
1.500%, 01/22/2020		350		349
1.375%, 01/15/2019		100		100
ASP AMC Merger
8.000%, 05/15/2025 (A)		120		119
AssuredPartners
7.000%, 08/15/2025 (A)		64		64
Australia & New Zealand Banking Group NY
2.550%, 11/23/2021		250		251
Australia & New Zealand Banking Group NY MTN
3.700%, 11/16/2025		250		264
Bank of America
7.750%, 05/14/2038		275		402
6.110%, 01/29/2037		150		186
Bank of America MTN
5.625%, 07/01/2020		200		219
5.000%, 05/13/2021		250		273
5.000%, 01/21/2044		150		171
4.750%, 04/21/2045		40		43
4.443%, 01/20/2048 (B)		200		213
4.244%, 04/24/2038 (B)		100		104
4.183%, 11/25/2027		150		155
4.100%, 07/24/2023		415		442
4.000%, 04/01/2024		285		301
4.000%, 01/22/2025		250		258
3.875%, 08/01/2025		100		104
3.824%, 01/20/2028 (B)		200		204
3.705%, 04/24/2028 (B)		200		202

26 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.500%, 04/19/2026	$	300	$	303
3.248%, 10/21/2027		200		195
2.881%, 04/24/2023 (B)		100		100
2.650%, 04/01/2019		300		304
2.625%, 10/19/2020		100		101
2.625%, 04/19/2021		100		101
2.250%, 04/21/2020		150		151
2.151%, 11/09/2020		250		250
Bank of Montreal MTN
2.100%, 12/12/2019		65		65
1.900%, 08/27/2021		100		99
1.350%, 08/28/2018		100		100
Bank of New York Mellon
3.550%, 09/23/2021		100		105
Bank of New York Mellon MTN
3.442%, 02/07/2028 (B)		100		102
3.000%, 02/24/2025		150		150
3.000%, 10/30/2028		85		83
2.800%, 05/04/2026		50		49
2.661%, 05/16/2023 (B)		200		201
2.600%, 08/17/2020		200		204
2.600%, 02/07/2022		100		101
2.450%, 11/27/2020		50		51
2.300%, 09/11/2019		200		202
2.050%, 05/03/2021		50		50
Bank of Nova Scotia
2.800%, 07/21/2021		50		51
2.450%, 03/22/2021		250		252
2.150%, 07/14/2020		200		201
2.050%, 10/30/2018		100		100
1.875%, 04/26/2021		300		296
1.650%, 06/14/2019		150		150
Barclays
5.250%, 08/17/2045		200		225
4.836%, 05/09/2028		200		208
4.375%, 01/12/2026		200		209
4.337%, 01/10/2028		200		208
3.650%, 03/16/2025		250		251
3.250%, 01/12/2021		300		306
BB&T MTN
2.625%, 06/29/2020		100		102
2.450%, 01/15/2020		150		152
Berkshire Hathaway
4.500%, 02/11/2043		50		56
3.125%, 03/15/2026		35		36
3.000%, 02/11/2023		150		155
2.750%, 03/15/2023		200		204
2.200%, 03/15/2021		35		35
2.100%, 08/14/2019		200		202
Berkshire Hathaway Finance
4.250%, 01/15/2021		100		108
1.700%, 03/15/2019		60		60

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
BlackRock
3.500%, 03/18/2024	$	200	$	211
BNP Paribas
2.375%, 05/21/2020		200		202
BNP Paribas MTN
5.000%, 01/15/2021		150		164
2.450%, 03/17/2019		300		303
BPCE
2.500%, 12/10/2018		320		323
Branch Banking & Trust
3.625%, 09/16/2025		250		261
2.625%, 01/15/2022		250		254
Brighthouse Financial (A)
4.700%, 06/22/2047		50		49
3.700%, 06/22/2027		50		50
Brookfield Finance
4.000%, 04/01/2024		100		104
Canadian Imperial Bank of Commerce
1.600%, 09/06/2019		100		99
Capital One
2.250%, 09/13/2021		250		247
Capital One Bank USA
2.250%, 02/13/2019		350		351
Capital One Financial
3.750%, 07/28/2026		50		49
3.750%, 03/09/2027		50		50
3.200%, 02/05/2025		100		99
3.050%, 03/09/2022		200		204
2.500%, 05/12/2020		49		50
CBOE Holdings
1.950%, 06/28/2019		30		30
Charles Schwab
3.450%, 02/13/2026		70		72
3.200%, 03/02/2027		100		101
Chubb INA Holdings
3.350%, 05/15/2024		200		208
3.150%, 03/15/2025		100		102
2.300%, 11/03/2020		200		202
CIT Group
5.000%, 08/15/2022		300		324
3.875%, 02/19/2019		100		103
Citibank
2.100%, 06/12/2020		300		302
2.000%, 03/20/2019		250		251
Citigroup
6.675%, 09/13/2043		90		122
6.125%, 08/25/2036		200		245
4.750%, 05/18/2046		250		265
4.650%, 07/30/2045		100		109
4.600%, 03/09/2026		35		37
4.450%, 09/29/2027		500		526
3.875%, 03/26/2025		300		304

Adviser Managed Trust / Annual Report / July 31, 2017 27

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.700%, 01/12/2026	$	300	$	305
3.668%, 07/24/2028 (B)		50		50
3.400%, 05/01/2026		150		150
3.300%, 04/27/2025		300		301
3.200%, 10/21/2026		200		195
2.900%, 12/08/2021		300		304
2.876%, 07/24/2023 (B)		50		50
2.700%, 03/30/2021		100		101
2.650%, 10/26/2020		200		203
2.350%, 08/02/2021		50		50
2.050%, 12/07/2018		150		151
Citizens Bank
2.250%, 03/02/2020		250		251
Citizens Financial Group
2.375%, 07/28/2021		30		30
CME Group
3.000%, 03/15/2025		100		101
CNA Financial
4.500%, 03/01/2026		100		108
CNO Financial Group
5.250%, 05/30/2025		90		96
Commonwealth Bank of Australia
2.500%, 09/20/2018		250		252
Commonwealth Bank of Australia MTN
2.300%, 03/12/2020		250		252
Cooperatieve Rabobank
5.250%, 08/04/2045		250		292
4.625%, 12/01/2023		250		272
Cooperatieve Rabobank MTN
3.875%, 02/08/2022		250		266
2.500%, 01/19/2021		250		253
Cooperatieve Rabobank UA
3.750%, 07/21/2026		250		254
Credit Suisse MTN
3.625%, 09/09/2024		250		260
Credit Suisse Group Funding Guernsey
4.875%, 05/15/2045		250		277
3.800%, 06/09/2023		250		260
3.750%, 03/26/2025		250		254
3.450%, 04/16/2021		250		258
Deutsche Bank
4.500%, 04/01/2025		200		203
2.700%, 07/13/2020		100		100
Deutsche Bank MTN
4.296%, 05/24/2028 (B)		300		303
3.700%, 05/30/2024		250		254
3.375%, 05/12/2021		100		102
2.850%, 05/10/2019		100		101
Discover Bank
4.200%, 08/08/2023		250		266
Discover Financial Services
4.100%, 02/09/2027		40		41

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.850%, 11/21/2022	$	100	$	103
Enova International
9.750%, 06/01/2021		100		105
European Bank for Reconstruction & Development MTN
2.125%, 03/07/2022		250		251
2.000%, 02/01/2021		200		201
1.750%, 06/14/2019		100		100
1.750%, 11/26/2019		200		201
1.625%, 05/05/2020		300		299
0.875%, 07/22/2019		250		246
European Investment Bank
2.875%, 09/15/2020		125		129
2.375%, 06/15/2022		250		254
2.250%, 03/15/2022		400		404
2.125%, 10/15/2021		500		504
2.000%, 03/15/2021		150		151
1.875%, 02/10/2025		400		387
1.750%, 06/17/2019		200		201
1.750%, 05/15/2020		100		100
1.625%, 03/16/2020		100		100
1.625%, 08/14/2020		300		299
1.625%, 12/15/2020		500		498
1.625%, 06/15/2021		150		149
1.375%, 06/15/2020		300		298
1.250%, 12/16/2019		250		248
1.125%, 08/15/2018		600		598
European Investment Bank MTN
1.375%, 09/15/2021		250		244
FBM Finance
8.250%, 08/15/2021 (A)		130		139
Fifth Third Bancorp
2.875%, 07/27/2020		150		153
Fifth Third Bank
1.625%, 09/27/2019		200		199
Fifth Third Bank MTN
2.150%, 08/20/2018		250		251
First Republic Bank
4.625%, 02/13/2047		250		253
Franklin Resources
2.850%, 03/30/2025		150		149
Goldman Sachs Group
6.750%, 10/01/2037		625		820
6.250%, 02/01/2041		100		131
5.750%, 01/24/2022		130		146
4.750%, 10/21/2045		100		111
3.750%, 05/22/2025		250		257
3.750%, 02/25/2026		60		61
3.691%, 06/05/2028 (B)		100		101
3.500%, 01/23/2025		300		305
3.500%, 11/16/2026		300		299
3.000%, 04/26/2022		85		86

28 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.908%, 06/05/2023 (B)	$	150	$	150
2.875%, 02/25/2021		100		102
2.625%, 01/31/2019		250		253
2.600%, 04/23/2020		300		304
2.600%, 12/27/2020		200		202
2.550%, 10/23/2019		200		203
2.350%, 11/15/2021		200		198
2.300%, 12/13/2019		210		211
Goldman Sachs Group MTN
6.000%, 06/15/2020		350		386
4.800%, 07/08/2044		100		111
3.850%, 07/08/2024		200		208
Harland Clarke Holdings
9.250%, 03/01/2021 (A)		150		147
Hartford Financial Services Group
5.500%, 03/30/2020		150		163
4.300%, 04/15/2043		100		102
HSBC
2.375%, 11/13/2019		300		303
2.350%, 03/05/2020		350		354
HSBC Finance
6.676%, 01/15/2021		300		340
HSBC Holdings
6.500%, 05/02/2036		200		258
6.500%, 09/15/2037		225		292
5.250%, 03/14/2044		200		233
4.375%, 11/23/2026		200		210
4.300%, 03/08/2026		400		429
2.950%, 05/25/2021		250		255
2.650%, 01/05/2022		200		201
HUB International
7.875%, 10/01/2021 (A)		250		261
Huntington Bancshares
2.300%, 01/14/2022		250		247
Huntington National Bank
2.375%, 03/10/2020		250		252
Industrial & Commercial Bank of China
2.452%, 10/20/2021		250		247
Intelsat Connect Finance
12.500%, 04/01/2022 (A)		150		144
Inter-American Development Bank
3.200%, 08/07/2042		100		99
3.000%, 02/21/2024		300		313
2.375%, 07/07/2027		400		397
1.875%, 03/15/2021		100		100
1.125%, 08/28/2018		200		200
1.000%, 05/13/2019		500		495
Inter-American Development Bank MTN
2.125%, 01/18/2022		250		252
1.750%, 10/15/2019		700		703
1.625%, 05/12/2020		100		100

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Intercontinental Exchange
3.750%, 12/01/2025	$	55	$	58
2.750%, 12/01/2020		55		56
International Bank for Reconstruction & Development
2.500%, 11/25/2024		200		202
2.500%, 07/29/2025		150		150
2.125%, 11/01/2020		450		455
2.000%, 01/26/2022		200		201
1.875%, 03/15/2019		500		503
1.875%, 04/21/2020		300		302
1.750%, 04/19/2023		350		342
1.625%, 02/10/2022		200		197
1.250%, 07/26/2019		350		348
International Bank for Reconstruction & Development MTN
1.875%, 10/27/2026		200		190
1.625%, 03/09/2021		350		347
1.375%, 05/24/2021		250		245
1.125%, 11/27/2019		250		248
0.875%, 08/15/2019		500		494
International Finance
1.750%, 09/16/2019		100		100
International Finance MTN
1.750%, 09/04/2018		200		201
1.125%, 07/20/2021		100		97
Intesa Sanpaolo MTN (A)
5.710%, 01/15/2026		200		212
5.017%, 06/26/2024		400		408
Invesco Finance
5.375%, 11/30/2043		150		177
Jefferies Group
6.875%, 04/15/2021		100		114
4.850%, 01/15/2027		135		143
JPMorgan Chase
6.400%, 05/15/2038		100		134
6.300%, 04/23/2019		200		215
5.625%, 08/16/2043		190		232
4.950%, 06/01/2045		200		225
4.625%, 05/10/2021		150		162
4.350%, 08/15/2021		100		107
4.250%, 10/01/2027		295		312
4.032%, 07/24/2048 (B)		100		100
3.900%, 07/15/2025		100		105
3.882%, 07/24/2038 (B)		100		100
3.875%, 02/01/2024		200		211
3.625%, 05/13/2024		425		441
3.540%, 05/01/2028 (B)		150		151
3.300%, 04/01/2026		150		150
3.250%, 09/23/2022		200		207
3.125%, 01/23/2025		200		200
2.950%, 10/01/2026		200		195

Adviser Managed Trust / Annual Report / July 31, 2017 29

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.776%, 04/25/2023 (B)	$	113	$	114
2.750%, 06/23/2020		100		102
2.700%, 05/18/2023		250		249
2.550%, 10/29/2020		485		492
2.550%, 03/01/2021		200		202
2.250%, 01/23/2020		350		353
2.200%, 10/22/2019		250		252
1.850%, 03/22/2019		150		150
JPMorgan Chase Bank
1.650%, 09/23/2019		250		249
Jurassic Holdings III
6.875%, 02/15/2021 (A)		50		41
Kemper
4.350%, 02/15/2025		35		35
KeyBank
2.500%, 12/15/2019		250		254
KeyCorp MTN
2.900%, 09/15/2020		200		204
Korea Development Bank
2.500%, 03/11/2020		200		201
2.000%, 09/12/2026		200		183
Kreditanstalt fuer Wiederaufbau
3.130%, 04/18/2036 (C)		200		115
2.750%, 10/01/2020		200		206
2.500%, 11/20/2024		300		304
2.125%, 03/07/2022		500		504
2.125%, 01/17/2023		150		150
2.000%, 11/30/2021		50		50
2.000%, 10/04/2022		250		249
2.000%, 05/02/2025		250		245
1.875%, 04/01/2019		525		528
1.625%, 05/29/2020		400		400
1.625%, 03/15/2021		250		249
1.500%, 02/06/2019		150		150
1.500%, 06/15/2021		500		493
1.250%, 09/13/2018		100		100
1.250%, 09/30/2019		250		248
1.000%, 09/07/2018		250		249
Kreditanstalt fuer Wiederaufbau MTN
1.750%, 03/31/2020		200		201
1.500%, 04/20/2020		1,500		1,494
Ladder Capital Finance Holdings LLLP
5.250%, 03/15/2022 (A)		95		98
Landwirtschaftliche Rentenbank
2.375%, 06/10/2025		150		150
2.250%, 10/01/2021		150		152
2.000%, 01/13/2025		100		98
Lazard Group
3.750%, 02/13/2025		50		51
Legg Mason
4.750%, 03/15/2026		50		53

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Leucadia National
5.500%, 10/18/2023	$	100	$	108
Lincoln National
3.625%, 12/12/2026		50		50
3.350%, 03/09/2025		150		152
Lloyds Banking Group
4.650%, 03/24/2026		200		211
3.750%, 01/11/2027		200		203
3.100%, 07/06/2021		300		305
Loews
2.625%, 05/15/2023		100		100
LPL Holdings
5.750%, 09/15/2025 (A)		80		84
Manufacturers & Traders Trust
2.100%, 02/06/2020		250		251
Manulife Financial
4.061%, 02/24/2032 (B)		100		101
Markel
5.000%, 04/05/2046		100		108
Marsh & McLennan
4.350%, 01/30/2047		20		21
3.750%, 03/14/2026		100		104
2.750%, 01/30/2022		30		30
2.350%, 03/06/2020		100		101
MetLife
4.875%, 11/13/2043		100		114
4.600%, 05/13/2046		100		111
4.368%, 09/15/2023		285		313
4.050%, 03/01/2045		100		101
3.600%, 04/10/2024		200		210
3.600%, 11/13/2025		100		105
Mitsubishi UFJ Financial Group
3.850%, 03/01/2026		200		210
3.677%, 02/22/2027		100		103
2.998%, 02/22/2022		100		102
2.950%, 03/01/2021		200		204
Mizuho Financial Group
3.663%, 02/28/2027		200		207
Moody’s
3.250%, 01/15/2028 (A)		35		35
2.750%, 12/15/2021		100		101
2.625%, 01/15/2023 (A)		50		50
Morgan Stanley
5.750%, 01/25/2021		175		194
3.625%, 01/20/2027		150		152
2.800%, 06/16/2020		150		153
2.650%, 01/27/2020		200		202
Morgan Stanley MTN
6.375%, 07/24/2042		250		332
5.500%, 07/24/2020		275		300
4.875%, 11/01/2022		165		179
4.350%, 09/08/2026		340		357

30 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.300%, 01/27/2045	$	100	$	103
4.000%, 07/23/2025		155		163
3.875%, 01/27/2026		250		258
3.125%, 07/27/2026		200		196
2.625%, 11/17/2021		300		301
2.500%, 04/21/2021		210		211
2.450%, 02/01/2019		600		605
2.375%, 07/23/2019		300		302
2.200%, 12/07/2018		150		151
MSCI (A)
5.750%, 08/15/2025		62		67
5.250%, 11/15/2024		150		160
4.750%, 08/01/2026		130		135
MUFG Union Bank
2.625%, 09/26/2018		250		253
National Australia Bank MTN
2.625%, 01/14/2021		300		304
2.500%, 05/22/2022		250		250
2.500%, 07/12/2026		250		238
2.125%, 05/22/2020		250		251
National Bank of Canada
2.150%, 06/12/2020		250		250
National Rural Utilities Cooperative Finance
10.375%, 11/01/2018		150		166
2.950%, 02/07/2024		30		30
National Rural Utilities Cooperative Finance MTN
3.250%, 11/01/2025		200		204
Nationstar Mortgage
6.500%, 07/01/2021		100		103
Navient
6.750%, 06/25/2025		105		110
6.500%, 06/15/2022		200		213
5.875%, 03/25/2021		100		106
5.875%, 10/25/2024		100		102
Navient MTN
6.125%, 03/25/2024		100		104
5.500%, 01/15/2019		250		260
5.500%, 01/25/2023		150		153
4.875%, 06/17/2019		100		103
NFP
6.875%, 07/15/2025 (A)		50		51
Nomura Holdings MTN
2.750%, 03/19/2019		300		304
Nordic Investment Bank
1.125%, 02/25/2019		200		199
Northern Trust
3.375%, 05/08/2032 (B)		163		164
Oesterreichische Kontrollbank
1.875%, 01/20/2021		300		300
1.750%, 01/24/2020		200		201
1.375%, 02/10/2020		100		99

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Old Republic International
3.875%, 08/26/2026	$	50	$	50
OneMain Financial Holdings (A)
7.250%, 12/15/2021		150		158
6.750%, 12/15/2019		90		94
Orchestra Borrower
6.750%, 06/15/2022 (A)		80		84
ORIX
3.700%, 07/18/2027		50		50
2.900%, 07/18/2022		30		30
PNC Bank
3.300%, 10/30/2024		250		257
2.625%, 02/17/2022		250		253
2.450%, 11/05/2020		250		253
2.250%, 07/02/2019		250		252
PNC Bank MTN
2.150%, 04/29/2021		250		249
Principal Financial Group
3.400%, 05/15/2025		150		154
Private Export Funding
2.300%, 09/15/2020		150		153
Progressive
3.700%, 01/26/2045		50		49
2.450%, 01/15/2027		150		142
Prudential Financial (B)
5.875%, 09/15/2042		100		111
5.625%, 06/15/2043		200		219
Prudential Financial MTN
5.700%, 12/14/2036		100		122
4.600%, 05/15/2044		50		55
3.500%, 05/15/2024		100		104
2.350%, 08/15/2019		100		101
Quicken Loans
5.750%, 05/01/2025 (A)		250		262
Raymond James Financial
4.950%, 07/15/2046		50		54
Regions Financial
3.200%, 02/08/2021		150		154
Reinsurance Group of America
3.950%, 09/15/2026		30		31
RenaissanceRe Finance
3.450%, 07/01/2027		30		30
Royal Bank of Canada
2.300%, 03/22/2021		150		150
2.100%, 10/14/2020		200		200
2.000%, 10/01/2018		125		126
Royal Bank of Canada MTN
2.750%, 02/01/2022		100		102
2.350%, 10/30/2020		250		252
2.000%, 12/10/2018		100		101
Royal Bank of Scotland Group
6.125%, 12/15/2022		300		332

Adviser Managed Trust / Annual Report / July 31, 2017 31

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
6.100%, 06/10/2023	$	100	$	112
6.000%, 12/19/2023		375		417
5.125%, 05/28/2024		300		319
4.800%, 04/05/2026		200		215
3.498%, 05/15/2023 (B)		200		202
S&P Global
4.400%, 02/15/2026		100		108
4.000%, 06/15/2025		50		53
Santander Holdings USA
3.700%, 03/28/2022 (A)		30		31
2.700%, 05/24/2019		100		101
2.650%, 04/17/2020		100		100
Santander Issuances
5.179%, 11/19/2025		200		217
Santander UK
3.050%, 08/23/2018		100		101
2.375%, 03/16/2020		150		152
Santander UK Group Holdings
2.875%, 10/16/2020		100		102
Santander UK Group Holdings MTN
3.125%, 01/08/2021		300		306
Springleaf Finance
8.250%, 12/15/2020		200		225
7.750%, 10/01/2021		100		112
6.125%, 05/15/2022		20		21
5.250%, 12/15/2019		100		104
Starwood Property Trust
5.000%, 12/15/2021		55		57
Stifel Financial
4.250%, 07/18/2024		50		51
Sumitomo Mitsui Banking
2.450%, 01/16/2020		250		252
Sumitomo Mitsui Financial Group
3.784%, 03/09/2026		100		105
3.446%, 01/11/2027		150		153
3.364%, 07/12/2027		200		202
2.934%, 03/09/2021		100		102
2.784%, 07/12/2022		200		201
2.632%, 07/14/2026		100		95
2.442%, 10/19/2021		250		249
2.058%, 07/14/2021		250		246
SunTrust Bank
2.900%, 03/03/2021		150		153
2.700%, 01/27/2022		100		101
2.450%, 08/01/2022		100		100
Svenska Handelsbanken MTN
2.250%, 06/17/2019		250		252
1.875%, 09/07/2021		250		246
Synchrony Financial
4.250%, 08/15/2024		100		104
3.700%, 08/04/2026		100		98
2.700%, 02/03/2020		100		101

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.600%, 01/15/2019	$	50	$	50
TD Ameritrade Holding
2.950%, 04/01/2022		100		102
Tempo Acquisition
6.750%, 06/01/2025 (A)		65		67
TMX Finance
8.500%, 09/15/2018 (A)		100		94
Toronto-Dominion Bank
3.625%, 09/15/2031 (B)		150		149
Toronto-Dominion Bank MTN
2.500%, 12/14/2020		150		152
2.250%, 11/05/2019		100		101
2.125%, 04/07/2021		150		150
1.950%, 01/22/2019		100		101
Travelers
4.000%, 05/30/2047		40		41
3.750%, 05/15/2046		25		25
Travelers MTN
6.250%, 06/15/2037		200		265
Trinity Acquisition
4.400%, 03/15/2026		150		158
UBS MTN
2.375%, 08/14/2019		500		504
UniCredit
5.861%, 06/19/2032 (A)(B)		200		210
Unum Group
3.000%, 05/15/2021		30		30
US Bancorp MTN
3.600%, 09/11/2024		150		156
3.150%, 04/27/2027		200		201
2.950%, 07/15/2022		200		205
2.375%, 07/22/2026		150		143
2.200%, 04/25/2019		250		252
USIS Merger
6.875%, 05/01/2025 (A)		170		176
Visa
4.300%, 12/14/2045		100		110
4.150%, 12/14/2035		130		141
3.150%, 12/14/2025		200		205
2.800%, 12/14/2022		100		102
2.200%, 12/14/2020		200		202
Voya Financial
5.650%, 05/15/2053 (B)		100		107
3.125%, 07/15/2024		100		99
Walter Investment Management
7.875%, 12/15/2021		125		72
Wells Fargo
5.606%, 01/15/2044		150		179
5.375%, 11/02/2043		280		326
3.900%, 05/01/2045		150		149
3.000%, 04/22/2026		250		246
3.000%, 10/23/2026		250		245

32 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.500%, 03/04/2021	$	250	$	252
2.150%, 01/15/2019		250		252
Wells Fargo MTN
4.900%, 11/17/2045		165		181
4.300%, 07/22/2027		100		106
4.125%, 08/15/2023		250		266
4.100%, 06/03/2026		235		245
3.584%, 05/22/2028 (B)		75		76
3.450%, 02/13/2023		300		309
3.000%, 02/19/2025		100		100
2.625%, 07/22/2022		190		191
2.600%, 07/22/2020		250		254
2.150%, 01/30/2020		400		402
Wells Fargo Bank
1.750%, 05/24/2019		250		251
Wells Fargo Capital X
5.950%, 12/15/2036		250		283
Westpac Banking
3.350%, 03/08/2027		100		101
2.850%, 05/13/2026		200		196
2.700%, 08/19/2026		100		97
2.600%, 11/23/2020		50		51
2.500%, 06/28/2022		100		100
2.250%, 01/17/2019		100		101
2.150%, 03/06/2020		100		100
2.100%, 05/13/2021		50		50
2.000%, 08/19/2021		100		99
1.950%, 11/23/2018		100		100
1.650%, 05/13/2019		50		50
1.600%, 08/19/2019		100		99
Willis North America
3.600%, 05/15/2024		50		51
XLIT
5.500%, 03/31/2045		100		109
4.450%, 03/31/2025		100		104
				102,686
Health Care – 2.9%
Abbott Laboratories
5.125%, 04/01/2019		100		105
4.900%, 11/30/2046		200		221
4.750%, 11/30/2036		100		109
4.750%, 04/15/2043		100		107
3.750%, 11/30/2026		150		155
3.400%, 11/30/2023		100		103
2.950%, 03/15/2025		100		98
2.900%, 11/30/2021		100		102
2.800%, 09/15/2020		150		153
2.350%, 11/22/2019		100		101
2.000%, 09/15/2018		150		150
2.000%, 03/15/2020		100		100

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
AbbVie
4.700%, 05/14/2045	$	135	$	146
4.500%, 05/14/2035		140		149
4.450%, 05/14/2046		250		261
4.400%, 11/06/2042		150		155
4.300%, 05/14/2036		50		52
3.600%, 05/14/2025		100		103
3.200%, 11/06/2022		45		46
3.200%, 05/14/2026		100		100
2.900%, 11/06/2022		100		102
2.850%, 05/14/2023		50		50
2.500%, 05/14/2020		100		102
2.300%, 05/14/2021		100		100
Acadia Healthcare
5.625%, 02/15/2023		100		104
Actavis
3.250%, 10/01/2022		50		52
Aetna
2.800%, 06/15/2023		25		25
2.200%, 03/15/2019		150		151
Agilent Technologies
3.050%, 09/22/2026		65		63
Allergan Funding SCS
4.850%, 06/15/2044		50		55
4.750%, 03/15/2045		200		218
4.550%, 03/15/2035		300		322
3.850%, 06/15/2024		100		105
3.800%, 03/15/2025		200		208
3.450%, 03/15/2022		200		208
3.000%, 03/12/2020		300		307
AMAG Pharmaceuticals
7.875%, 09/01/2023 (A)		65		64
AmerisourceBergen
4.250%, 03/01/2045		25		25
3.400%, 05/15/2024		100		103
Amgen
5.150%, 11/15/2041		200		230
4.563%, 06/15/2048		100		107
4.400%, 05/01/2045		125		131
3.875%, 11/15/2021		100		106
3.625%, 05/22/2024		150		158
3.125%, 05/01/2025		150		152
2.650%, 05/11/2022		150		152
2.600%, 08/19/2026		100		96
2.250%, 08/19/2023		100		98
2.200%, 05/22/2019		150		151
1.850%, 08/19/2021		50		49
Anthem
5.100%, 01/15/2044		150		174
4.650%, 01/15/2043		150		163
3.500%, 08/15/2024		150		155
3.300%, 01/15/2023		100		104

Adviser Managed Trust / Annual Report / July 31, 2017 33

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.250%, 08/15/2019	$	100	$	101
Ascension Health
3.945%, 11/15/2046		35		36
AstraZeneca
6.450%, 09/15/2037		200		267
4.375%, 11/16/2045		100		105
3.375%, 11/16/2025		100		103
2.375%, 11/16/2020		100		101
Baxalta
5.250%, 06/23/2045		100		117
2.875%, 06/23/2020		50		51
Baxter International
3.500%, 08/15/2046		100		90
Becton Dickinson
4.685%, 12/15/2044		50		53
4.669%, 06/06/2047		50		52
3.734%, 12/15/2024		150		155
3.700%, 06/06/2027		100		102
3.363%, 06/06/2024		50		51
3.125%, 11/08/2021		100		102
2.894%, 06/06/2022		65		66
2.675%, 12/15/2019		88		89
2.404%, 06/05/2020		35		35
2.133%, 06/06/2019		50		50
Biogen
5.200%, 09/15/2045		100		115
3.625%, 09/15/2022		200		210
Boston Scientific
6.000%, 01/15/2020		100		109
3.850%, 05/15/2025		100		104
Bristol-Myers Squibb
4.500%, 03/01/2044		50		55
3.250%, 02/27/2027		100		102
3.250%, 08/01/2042		100		90
1.750%, 03/01/2019		50		50
Cardinal Health
3.410%, 06/15/2027		200		202
2.616%, 06/15/2022		200		201
2.400%, 11/15/2019		150		151
Catholic Health Initiatives
2.950%, 11/01/2022		200		196
Celgene
5.000%, 08/15/2045		150		170
3.875%, 08/15/2025		150		159
3.625%, 05/15/2024		150		157
2.875%, 08/15/2020		100		103
2.250%, 05/15/2019		100		101
Centene
6.125%, 02/15/2024		176		191
5.625%, 02/15/2021		154		160
4.750%, 05/15/2022		190		200
4.750%, 01/15/2025		90		94

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Change Healthcare Holdings
5.750%, 03/01/2025 (A)	$	115	$	119
CHS
6.875%, 02/01/2022		400		343
6.250%, 03/31/2023		565		579
5.125%, 08/01/2021		100		101
Cigna
3.250%, 04/15/2025		150		152
Concordia International (A)
9.500%, 10/21/2022		175		35
7.000%, 04/15/2023		71		13
Covidien International Finance
6.550%, 10/15/2037		50		66
CR Bard
3.000%, 05/15/2026		50		50
Danaher
4.375%, 09/15/2045		20		22
3.350%, 09/15/2025		20		21
2.400%, 09/15/2020		250		254
1.650%, 09/15/2018		20		20
DaVita
5.750%, 08/15/2022		100		103
5.125%, 07/15/2024		400		411
5.000%, 05/01/2025		195		198
Dignity Health
2.637%, 11/01/2019		136		138
DJO Finco
8.125%, 06/15/2021 (A)		144		136
Duke University Health System
3.920%, 06/01/2047		125		127
Eagle Holding II PIK
7.625%, 05/15/2022 (A)		80		83
Eli Lilly
3.700%, 03/01/2045		200		200
3.100%, 05/15/2027		124		126
Endo Dac (A)
6.000%, 07/15/2023		200		174
6.000%, 02/01/2025		200		169
Endo Finance
5.375%, 01/15/2023 (A)		200		171
Envision Healthcare
6.250%, 12/01/2024 (A)		100		108
5.625%, 07/15/2022		200		208
5.125%, 07/01/2022 (A)		100		103
Express Scripts Holding
4.800%, 07/15/2046		35		37
4.750%, 11/15/2021		100		110
4.500%, 02/25/2026		150		160
3.500%, 06/15/2024		50		51
3.400%, 03/01/2027		40		39
3.000%, 07/15/2023		50		50
2.250%, 06/15/2019		200		201

34 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Gilead Sciences
5.650%, 12/01/2041	$	100	$	122
4.500%, 02/01/2045		225		239
4.400%, 12/01/2021		275		298
4.150%, 03/01/2047		200		202
3.700%, 04/01/2024		50		53
3.650%, 03/01/2026		175		183
2.950%, 03/01/2027		100		99
1.950%, 03/01/2022		30		30
1.850%, 09/04/2018		100		100
GlaxoSmithKline Capital
6.375%, 05/15/2038		150		207
HCA
6.500%, 02/15/2020		200		219
5.875%, 05/01/2023		200		219
5.875%, 02/15/2026		100		109
5.375%, 02/01/2025		450		479
5.250%, 04/15/2025		200		217
5.250%, 06/15/2026		200		216
5.000%, 03/15/2024		250		265
4.750%, 05/01/2023		300		316
4.500%, 02/15/2027		200		205
HCA Healthcare
6.250%, 02/15/2021		100		109
HealthSouth
5.750%, 11/01/2024		215		219
Hologic
5.250%, 07/15/2022 (A)		153		162
Howard Hughes Medical Institute
3.500%, 09/01/2023		200		211
Humana
3.850%, 10/01/2024		200		210
inVentiv Group Holdings
7.500%, 10/01/2024 (A)		110		120
Johnson & Johnson
4.375%, 12/05/2033		200		227
3.750%, 03/03/2047		150		155
3.700%, 03/01/2046		100		103
3.625%, 03/03/2037		32		33
3.550%, 03/01/2036		100		103
2.950%, 03/03/2027		150		153
2.450%, 12/05/2021		50		51
2.450%, 03/01/2026		50		49
2.250%, 03/03/2022		150		151
2.050%, 03/01/2023		50		50
1.875%, 12/05/2019		100		101
1.650%, 03/01/2021		50		50
1.125%, 03/01/2019		30		30
Kaiser Foundation Hospitals
4.150%, 05/01/2047		20		21
3.150%, 05/01/2027		25		25

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Kindred Healthcare
8.750%, 01/15/2023	$	100	$	99
8.000%, 01/15/2020		145		146
6.375%, 04/15/2022		100		93
Laboratory Corp of America Holdings
4.700%, 02/01/2045		50		52
2.625%, 02/01/2020		150		152
Life Technologies
6.000%, 03/01/2020		100		109
LifePoint Health
5.875%, 12/01/2023		50		53
5.500%, 12/01/2021		150		156
Mallinckrodt International Finance (A)
5.750%, 08/01/2022		100		98
5.625%, 10/15/2023		150		144
5.500%, 04/15/2025		100		92
4.875%, 04/15/2020		129		129
McKesson
3.796%, 03/15/2024		100		105
2.284%, 03/15/2019		200		202
MEDNAX
5.250%, 12/01/2023 (A)		175		180
Medtronic
4.625%, 03/15/2044		50		56
4.625%, 03/15/2045		200		227
4.375%, 03/15/2035		250		277
3.500%, 03/15/2025		350		367
2.750%, 04/01/2023		100		102
2.500%, 03/15/2020		200		203
Medtronic Global Holdings SCA
1.700%, 03/28/2019		150		150
Memorial Sloan-Kettering Cancer Center
4.200%, 07/01/2055		50		51
Merck
6.550%, 09/15/2037		50		69
4.150%, 05/18/2043		100		107
3.700%, 02/10/2045		50		50
2.800%, 05/18/2023		100		103
2.750%, 02/10/2025		300		301
2.350%, 02/10/2022		100		101
Merck Sharp & Dohme
5.000%, 06/30/2019		100		106
Molina Healthcare
5.375%, 11/15/2022		125		133
MPH Acquisition Holdings
7.125%, 06/01/2024 (A)		240		260
Mylan
5.250%, 06/15/2046		65		71
3.950%, 06/15/2026		100		102
3.150%, 06/15/2021		100		102
2.500%, 06/07/2019		60		61

Adviser Managed Trust / Annual Report / July 31, 2017 35

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Novartis Capital
4.400%, 05/06/2044	$	150	$	168
4.000%, 11/20/2045		100		106
3.400%, 05/06/2024		100		105
3.100%, 05/17/2027		30		30
3.000%, 11/20/2025		100		102
2.400%, 05/17/2022		50		50
1.800%, 02/14/2020		25		25
Novartis Securities Investment
5.125%, 02/10/2019		100		105
NYU Hospitals Center
4.368%, 07/01/2047		25		26
Ortho-Clinical Diagnostics
6.625%, 05/15/2022 (A)		200		197
Pfizer
7.200%, 03/15/2039		150		229
4.400%, 05/15/2044		50		55
4.125%, 12/15/2046		65		69
4.000%, 12/15/2036		50		54
3.400%, 05/15/2024		100		105
3.000%, 12/15/2026		100		101
2.750%, 06/03/2026		50		50
2.200%, 12/15/2021		200		202
1.950%, 06/03/2021		50		50
1.700%, 12/15/2019		200		200
1.450%, 06/03/2019		50		50
Quest Diagnostics
3.500%, 03/30/2025		200		204
RegionalCare Hospital Partners Holdings
8.250%, 05/01/2023 (A)		112		120
Sanofi
4.000%, 03/29/2021		50		53
Select Medical
6.375%, 06/01/2021		100		103
Shire Acquisitions Investments Ireland DAC
3.200%, 09/23/2026		250		247
2.875%, 09/23/2023		100		100
2.400%, 09/23/2021		100		99
1.900%, 09/23/2019		100		100
Stryker
4.625%, 03/15/2046		30		33
3.500%, 03/15/2026		25		26
3.375%, 05/15/2024		100		103
3.375%, 11/01/2025		200		206
2.000%, 03/08/2019		30		30
Team Health Holdings
6.375%, 02/01/2025 (A)		110		108
Tenet Healthcare
8.125%, 04/01/2022		350		377
7.500%, 01/01/2022 (A)		100		108
7.000%, 08/01/2025 (A)		145		143
6.750%, 06/15/2023		328		324

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
6.000%, 10/01/2020	$	300	$	322
5.125%, 05/01/2025 (A)		210		211
4.750%, 06/01/2020		100		104
4.625%, 07/15/2024 (A)		155		154
4.375%, 10/01/2021		250		254
Teva Pharmaceutical Finance
6.150%, 02/01/2036		150		178
Teva Pharmaceutical Finance BV
2.950%, 12/18/2022		100		100
Teva Pharmaceutical Finance IV BV
3.650%, 11/10/2021		100		104
Teva Pharmaceutical Finance Netherlands III BV
4.100%, 10/01/2046		100		91
3.150%, 10/01/2026		200		192
2.800%, 07/21/2023		200		196
2.200%, 07/21/2021		200		197
1.700%, 07/19/2019		40		40
Thermo Fisher Scientific
4.150%, 02/01/2024		150		161
3.600%, 08/15/2021		100		104
3.150%, 01/15/2023		100		102
2.950%, 09/19/2026		105		103
UnitedHealth Group
6.875%, 02/15/2038		100		144
4.750%, 07/15/2045		50		58
4.625%, 07/15/2035		200		227
4.375%, 03/15/2042		150		162
4.250%, 04/15/2047		31		33
4.200%, 01/15/2047		25		27
3.950%, 10/15/2042		100		102
3.875%, 10/15/2020		100		105
3.750%, 07/15/2025		50		53
3.450%, 01/15/2027		50		52
3.375%, 04/15/2027		50		51
3.100%, 03/15/2026		200		202
2.700%, 07/15/2020		130		133
Universal Hospital Services
7.625%, 08/15/2020		100		102
Valeant Pharmaceuticals International (A)
7.500%, 07/15/2021		300		292
7.000%, 03/15/2024		200		213
6.500%, 03/15/2022		200		211
6.375%, 10/15/2020		650		632
6.125%, 04/15/2025		500		426
5.875%, 05/15/2023		575		494
5.500%, 03/01/2023		100		85
Vizient
10.375%, 03/01/2024 (A)		80		93
WellCare Health Plans
5.250%, 04/01/2025		160		170
Wyeth
5.950%, 04/01/2037		200		265

36 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Zimmer Biomet Holdings
3.550%, 04/01/2025	$	100	$	101
2.700%, 04/01/2020		100		101
Zoetis
4.500%, 11/13/2025		50		55
3.450%, 11/13/2020		25		26
				39,141
Industrials – 2.7%
3M MTN
5.700%, 03/15/2037		100		127
3.125%, 09/19/2046		100		89
3.000%, 08/07/2025		50		51
1.375%, 08/07/2018		50		50
ABB Finance
2.875%, 05/08/2022		100		103
Accudyne Industries Borrower
7.750%, 12/15/2020 (A)		50		52
ADT
6.250%, 10/15/2021		200		218
3.500%, 07/15/2022		100		99
AECOM
5.875%, 10/15/2024		50		55
5.750%, 10/15/2022		200		210
5.125%, 03/15/2027		195		196
AerCap Ireland Capital
4.625%, 10/30/2020		150		160
4.500%, 05/15/2021		150		159
3.950%, 02/01/2022		175		183
3.750%, 05/15/2019		175		180
Ahern Rentals
7.375%, 05/15/2023 (A)		138		122
Air Lease
3.750%, 02/01/2022		100		104
3.375%, 06/01/2021		35		36
2.625%, 09/04/2018		100		101
2.625%, 07/01/2022		100		100
Aircastle
6.250%, 12/01/2019		100		108
5.500%, 02/15/2022		100		109
5.125%, 03/15/2021		100		106
Algeco Scotsman Global Finance
8.500%, 10/15/2018 (A)		200		193
Allison Transmission
5.000%, 10/01/2024 (A)		145		150
American Airlines Group (A)
5.500%, 10/01/2019		150		158
4.625%, 03/01/2020		100		103
American Airlines Pass-Through Trust, Ser 2015-2, Cl AA
3.600%, 09/22/2027		95		98

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
American Airlines Pass-Through Trust, Ser 2016-3, Cl AA
3.000%, 10/15/2028	$	100	$	98
American Airlines Pass-Through Trust, Ser 2017-2, Cl AA
3.350%, 10/15/2029		100		100
Amsted Industries
5.000%, 03/15/2022 (A)		50		52
Arconic
5.125%, 10/01/2024		175		186
Ardagh Packaging Finance (A)
6.000%, 02/15/2025		200		213
4.250%, 09/15/2022		200		205
Avis Budget Car Rental
5.500%, 04/01/2023		150		151
BCD Acquisition
9.625%, 09/15/2023 (A)		95		104
BlueLine Rental Finance
9.250%, 03/15/2024 (A)		230		250
Boeing
4.875%, 02/15/2020		100		108
3.650%, 03/01/2047		200		199
2.800%, 03/01/2027		50		50
Bombardier (A)
8.750%, 12/01/2021		350		397
7.500%, 03/15/2025		260		275
6.125%, 01/15/2023		100		102
6.000%, 10/15/2022		100		102
Brand Energy & Infrastructure Services
8.500%, 07/15/2025 (A)		55		59
Builders FirstSource
5.625%, 09/01/2024 (A)		135		142
Burlington Northern Santa Fe
4.900%, 04/01/2044		150		175
4.700%, 10/01/2019		100		106
4.550%, 09/01/2044		100		111
4.150%, 04/01/2045		150		157
3.850%, 09/01/2023		200		216
3.400%, 09/01/2024		150		157
3.000%, 04/01/2025		100		102
BWAY Holding (A)
7.250%, 04/15/2025		220		229
5.500%, 04/15/2024		220		231
Canadian National Railway
3.200%, 08/02/2046		100		91
2.950%, 11/21/2024		150		153
Canadian Pacific Railway
6.125%, 09/15/2115		30		38
4.800%, 09/15/2035		20		22
2.900%, 02/01/2025		200		198
Caterpillar
4.300%, 05/15/2044		100		108

Adviser Managed Trust / Annual Report / July 31, 2017 37

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.900%, 05/27/2021	$	100	$	107
3.803%, 08/15/2042		100		100
3.400%, 05/15/2024		150		156
Caterpillar Financial Services
1.700%, 08/09/2021		50		49
Caterpillar Financial Services MTN
7.150%, 02/15/2019		100		108
2.400%, 06/06/2022		200		201
2.100%, 06/09/2019		200		201
2.100%, 01/10/2020		75		76
1.900%, 03/22/2019		100		101
CD&R Waterworks Merger
6.125%, 08/15/2025 (A)		95		97
Cenveo
6.000%, 08/01/2019 (A)		100		86
Cintas No. 2
3.700%, 04/01/2027		50		52
2.900%, 04/01/2022		50		51
Clean Harbors
5.250%, 08/01/2020		100		101
5.125%, 06/01/2021		150		153
Cloud Crane
10.125%, 08/01/2024 (A)		45		51
CNH Industrial
4.500%, 08/15/2023		100		106
CNH Industrial Capital
4.375%, 11/06/2020		100		105
4.375%, 04/05/2022		150		157
CSVC Acquisition
7.750%, 06/15/2025 (A)		50		52
CSX
4.250%, 11/01/2066		50		48
4.100%, 03/15/2044		75		76
3.800%, 11/01/2046		50		48
3.700%, 10/30/2020		128		134
3.400%, 08/01/2024		150		155
3.250%, 06/01/2027		50		50
2.600%, 11/01/2026		50		49
Deere
3.900%, 06/09/2042		100		105
2.600%, 06/08/2022		50		51
Delta Air Lines
3.625%, 03/15/2022		50		51
2.875%, 03/13/2020		30		31
Dover
5.375%, 03/01/2041		100		121
Eaton
4.150%, 11/02/2042		100		103
4.000%, 11/02/2032		100		105
2.750%, 11/02/2022		150		152
Embraer Netherlands Finance BV
5.400%, 02/01/2027		100		105

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Emerson Electric
2.625%, 02/15/2023	$	125	$	127
Equifax
2.300%, 06/01/2021		50		50
FedEx
5.100%, 01/15/2044		50		57
4.550%, 04/01/2046		100		106
4.400%, 01/15/2047		50		52
4.000%, 01/15/2024		200		214
3.900%, 02/01/2035		100		101
Flex Acquisition
6.875%, 01/15/2025 (A)		60		63
Fluor
3.500%, 12/15/2024		200		208
Fortive
3.150%, 06/15/2026		200		202
Gates Global
6.000%, 07/15/2022 (A)		220		225
GATX
3.250%, 09/15/2026		100		98
2.600%, 03/30/2020		100		101
GCP Applied Technologies
9.500%, 02/01/2023 (A)		100		114
GE Capital International Funding
4.418%, 11/15/2035		751		813
2.342%, 11/15/2020		1,000		1,011
General Cable
5.750%, 10/01/2022		100		102
General Dynamics
2.250%, 11/15/2022		100		100
General Electric
4.500%, 03/11/2044		200		222
2.700%, 10/09/2022		250		255
General Electric MTN
6.875%, 01/10/2039		115		166
6.750%, 03/15/2032		101		140
5.875%, 01/14/2038		200		258
5.300%, 02/11/2021		125		138
GFF Environmental
9.875%, 02/01/2021 (A)		30		32
Griffon
5.250%, 03/01/2022		100		102
Grinding Media
7.375%, 12/15/2023 (A)		180		194
H&E Equipment Services
7.000%, 09/01/2022		50		52
HD Supply (A)
5.750%, 04/15/2024		300		321
5.250%, 12/15/2021		35		37
Herc Rentals (A)
7.750%, 06/01/2024		59		64
7.500%, 06/01/2022		162		175

38 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Hertz
7.625%, 06/01/2022 (A)	$	160	$	158
5.875%, 10/15/2020		100		94
5.500%, 10/15/2024 (A)		140		114
Honeywell International
2.500%, 11/01/2026		200		192
1.850%, 11/01/2021		200		198
1.400%, 10/30/2019		50		50
Hubbell
3.350%, 03/01/2026		50		51
Huntington Ingalls Industries
5.000%, 11/15/2025 (A)		200		215
Icahn Enterprises
6.750%, 02/01/2024		100		105
6.000%, 08/01/2020		250		257
5.875%, 02/01/2022		150		154
4.875%, 03/15/2019		200		203
IHS Markit (A)
5.000%, 11/01/2022		110		118
4.750%, 02/15/2025		175		184
Illinois Tool Works
3.500%, 03/01/2024		100		105
1.950%, 03/01/2019		100		101
Ingersoll-Rand Global Holding
5.750%, 06/15/2043		100		125
4.250%, 06/15/2023		150		163
International Lease Finance
7.125%, 09/01/2018 (A)		500		528
JB Hunt Transport Services
3.300%, 08/15/2022		50		51
John Deere Capital
2.550%, 01/08/2021		100		102
John Deere Capital MTN
3.350%, 06/12/2024		200		207
2.800%, 03/06/2023		100		102
2.650%, 01/06/2022		200		204
2.650%, 06/24/2024		50		50
1.250%, 10/09/2019		100		99
Johnson Controls International
4.950%, 07/02/2064 (D)		25		27
4.625%, 07/02/2044 (D)		100		107
3.900%, 02/14/2026		200		212
3.625%, 07/02/2024 (D)		100		104
Kansas City Southern
4.950%, 08/15/2045		100		110
KAR Auction Services
5.125%, 06/01/2025 (A)		100		104
KLX
5.875%, 12/01/2022 (A)		145		152
Koninklijke Philips
3.750%, 03/15/2022		150		158

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
L3 Technologies
5.200%, 10/15/2019	$	100	$	107
4.950%, 02/15/2021		100		108
Lockheed Martin
4.700%, 05/15/2046		100		112
4.500%, 05/15/2036		100		110
4.250%, 11/15/2019		100		105
4.070%, 12/15/2042		150		155
3.800%, 03/01/2045		100		98
3.550%, 01/15/2026		100		104
2.900%, 03/01/2025		25		25
2.500%, 11/23/2020		100		102
Masco
4.375%, 04/01/2026		200		213
3.500%, 04/01/2021		65		67
Navios Maritime Holdings
7.375%, 01/15/2022 (A)		100		78
Nielsen Finance
5.000%, 04/15/2022 (A)		450		464
Nielsen Luxembourg
5.500%, 10/01/2021 (A)		100		103
Norfolk Southern
4.800%, 08/15/2043		150		170
4.450%, 06/15/2045		100		108
3.950%, 10/01/2042		100		100
3.850%, 01/15/2024		200		213
3.250%, 12/01/2021		150		155
2.900%, 06/15/2026		35		35
Northrop Grumman
4.750%, 06/01/2043		25		28
3.850%, 04/15/2045		100		99
3.250%, 08/01/2023		150		156
Novelis (A)
6.250%, 08/15/2024		290		310
5.875%, 09/30/2026		150		158
Owens Corning
4.300%, 07/15/2047		50		49
4.200%, 12/01/2024		100		105
PACCAR Financial MTN
1.300%, 05/10/2019		45		45
Park Aerospace Holdings (A)
5.500%, 02/15/2024		190		194
5.250%, 08/15/2022		235		239
Parker-Hannifin MTN
4.200%, 11/21/2034		135		143
Pitney Bowes
3.375%, 10/01/2021		100		100
Ply Gem Industries
6.500%, 02/01/2022		50		52
Precision Castparts
2.500%, 01/15/2023		100		100

Adviser Managed Trust / Annual Report / July 31, 2017 39

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Raytheon
3.125%, 10/15/2020	$	100	$	104
2.500%, 12/15/2022		100		101
Republic Services
5.500%, 09/15/2019		150		161
3.550%, 06/01/2022		150		157
2.900%, 07/01/2026		200		196
Rockwell Collins
4.350%, 04/15/2047		25		26
3.500%, 03/15/2027		286		294
3.200%, 03/15/2024		50		51
2.800%, 03/15/2022		50		51
1.950%, 07/15/2019		20		20
Roper Technologies
3.850%, 12/15/2025		25		26
3.800%, 12/15/2026		150		155
3.000%, 12/15/2020		100		102
Ryder System MTN
2.875%, 09/01/2020		50		51
2.650%, 03/02/2020		100		101
Sensata Technologies (A)
5.000%, 10/01/2025		40		42
4.875%, 10/15/2023		300		311
Signode Industrial Group
6.375%, 05/01/2022 (A)		150		157
Southwest Airlines
2.750%, 11/06/2019		100		102
Spirit AeroSystems
3.850%, 06/15/2026		25		25
St. Marys Cement Canada
5.750%, 01/28/2027 (A)		200		204
Stanley Black & Decker
5.750%, 12/15/2053 (B)		100		105
2.900%, 11/01/2022		100		102
Terex
5.625%, 02/01/2025 (A)		5		5
TransDigm
6.500%, 07/15/2024		350		371
6.375%, 06/15/2026		227		237
6.000%, 07/15/2022		100		104
Tutor Perini
6.875%, 05/01/2025 (A)		85		91
Union Pacific
4.163%, 07/15/2022		100		109
4.050%, 03/01/2046		150		156
4.000%, 04/15/2047		50		52
3.875%, 02/01/2055		100		99
3.799%, 10/01/2051		55		54
3.000%, 04/15/2027		50		50
2.250%, 02/15/2019		125		126
United Airlines Pass-Through Trust, Cl A
4.300%, 08/15/2025		132		139

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
United Airlines Pass-Through Trust, Cl AA
3.450%, 12/01/2027	$	48	$	49
United Airlines Pass-Through Trust, Ser 2016-1, Cl A
3.450%, 07/07/2028		30		31
United Airlines Pass-Through Trust, Ser 2016-1, Cl AA
3.100%, 07/07/2028		50		50
United Airlines Pass-Through Trust, Ser 2016-2, Cl AA
2.875%, 10/07/2028		100		98
United Parcel Service
6.200%, 01/15/2038		150		202
3.400%, 11/15/2046		50		48
3.125%, 01/15/2021		100		104
2.400%, 11/15/2026		50		49
2.350%, 05/16/2022		50		50
United Rentals North America
6.125%, 06/15/2023		100		105
5.875%, 09/15/2026		150		161
5.500%, 07/15/2025		250		264
5.500%, 05/15/2027		40		42
4.875%, 01/15/2028		154		154
4.625%, 07/15/2023		185		194
United Technologies
6.125%, 07/15/2038		200		263
4.500%, 04/15/2020		100		107
4.500%, 06/01/2042		100		109
4.150%, 05/15/2045		100		104
3.125%, 05/04/2027		100		101
3.100%, 06/01/2022		250		260
2.650%, 11/01/2026		250		246
1.900%, 05/04/2020		200		201
USG
4.875%, 06/01/2027 (A)		30		31
Verisk Analytics
5.500%, 06/15/2045		100		111
Vertiv Group
9.250%, 10/15/2024 (A)		140		155
Vertiv Intermediate Holding PIK
12.000%, 02/15/2022 (A)		90		99
Wabtec
3.450%, 11/15/2026 (A)		100		99
Waste Management
4.750%, 06/30/2020		100		108
4.100%, 03/01/2045		50		52
3.125%, 03/01/2025		100		102
WESCO Distribution
5.375%, 12/15/2021		100		103
West
5.375%, 07/15/2022 (A)		200		203

40 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
WW Grainger
4.600%, 06/15/2045	$	50	$	54
4.200%, 05/15/2047		50		51
XPO Logistics (A)
6.500%, 06/15/2022		155		161
6.125%, 09/01/2023		150		156
Xylem
4.375%, 11/01/2046		100		103
				35,932
Information Technology — 2.5%
Activision Blizzard
3.400%, 09/15/2026		50		50
2.300%, 09/15/2021		30		30
Adobe Systems
3.250%, 02/01/2025		150		155
Alibaba Group Holding
3.600%, 11/28/2024		200		207
2.500%, 11/28/2019		200		202
Alphabet
3.625%, 05/19/2021		100		107
1.998%, 08/15/2026		100		94
Amkor Technology
6.375%, 10/01/2022		100		104
Amphenol
3.200%, 04/01/2024		100		101
2.200%, 04/01/2020		100		101
Analog Devices
3.900%, 12/15/2025		100		105
3.500%, 12/05/2026		100		102
Apple
4.650%, 02/23/2046		200		225
4.500%, 02/23/2036		200		226
4.375%, 05/13/2045		150		163
4.250%, 02/09/2047		50		53
3.850%, 05/04/2043		100		100
3.850%, 08/04/2046		95		95
3.450%, 05/06/2024		150		157
3.450%, 02/09/2045		100		94
3.350%, 02/09/2027		100		103
3.250%, 02/23/2026		300		306
3.200%, 05/11/2027		100		101
3.000%, 06/20/2027		100		100
2.850%, 05/06/2021		175		180
2.850%, 02/23/2023		150		154
2.850%, 05/11/2024		100		101
2.700%, 05/13/2022		200		205
2.500%, 02/09/2022		200		203
2.500%, 02/09/2025		75		74
2.450%, 08/04/2026		100		96
2.300%, 05/11/2022		100		100
2.250%, 02/23/2021		90		91

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
1.800%, 05/11/2020	$	200	$	200
1.700%, 02/22/2019		20		20
1.550%, 02/07/2020		200		199
1.550%, 08/04/2021		100		98
1.100%, 08/02/2019		100		99
Applied Materials
5.100%, 10/01/2035		35		41
4.350%, 04/01/2047		45		48
3.900%, 10/01/2025		35		38
3.300%, 04/01/2027		55		56
2.625%, 10/01/2020		50		51
Arrow Electronics
4.000%, 04/01/2025		100		102
Autodesk
4.375%, 06/15/2025		100		106
Automatic Data Processing
3.375%, 09/15/2025		25		26
2.250%, 09/15/2020		50		51
Avnet
4.625%, 04/15/2026		25		26
3.750%, 12/01/2021		25		25
Baidu
2.750%, 06/09/2019		200		202
BMC Software Finance
8.125%, 07/15/2021 (A)		250		259
Boxer Parent PIK
9.000%, 10/15/2019 (A)		100		100
Broadcom (A)
3.875%, 01/15/2027		250		256
3.625%, 01/15/2024		100		103
3.000%, 01/15/2022		200		203
2.375%, 01/15/2020		100		101
CA
4.700%, 03/15/2027		50		52
3.600%, 08/01/2020		50		52
Camelot Finance
7.875%, 10/15/2024 (A)		135		147
CDK Global
4.875%, 06/01/2027 (A)		70		72
CDW
5.500%, 12/01/2024		75		82
5.000%, 09/01/2023		131		137
5.000%, 09/01/2025		70		73
Cisco Systems
5.900%, 02/15/2039		100		130
5.500%, 01/15/2040		100		125
4.950%, 02/15/2019		100		105
4.450%, 01/15/2020		300		320
2.950%, 02/28/2026		200		200
2.500%, 09/20/2026		200		193
2.200%, 02/28/2021		50		51
1.850%, 09/20/2021		100		99

Adviser Managed Trust / Annual Report / July 31, 2017 41

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
1.600%, 02/28/2019	$	100	$	100
CommScope
5.000%, 06/15/2021 (A)		150		154
CommScope Technologies (A)
6.000%, 06/15/2025		307		330
5.000%, 03/15/2027		65		65
Conduent Finance
10.500%, 12/15/2024 (A)		70		82
Dell International (A)
8.350%, 07/15/2046		100		131
8.100%, 07/15/2036		150		189
7.125%, 06/15/2024		350		389
6.020%, 06/15/2026		200		223
5.875%, 06/15/2021		271		284
5.450%, 06/15/2023		115		127
4.420%, 06/15/2021		200		211
3.480%, 06/01/2019		200		205
eBay
3.450%, 08/01/2024		50		51
2.600%, 07/15/2022		200		199
2.200%, 08/01/2019		200		201
Electronic Arts
4.800%, 03/01/2026		50		55
3.700%, 03/01/2021		50		52
EMC
2.650%, 06/01/2020		300		296
Exela Intermediate
10.000%, 07/15/2023 (A)		185		180
Fidelity National Information Services
4.500%, 08/15/2046		25		26
3.625%, 10/15/2020		112		117
3.500%, 04/15/2023		53		55
3.000%, 08/15/2026		50		49
2.250%, 08/15/2021		53		53
First Data (A)
7.000%, 12/01/2023		465		502
5.750%, 01/15/2024		500		528
5.000%, 01/15/2024		250		260
Fiserv
4.625%, 10/01/2020		100		107
Flex
4.750%, 06/15/2025		50		54
FLIR Systems
3.125%, 06/15/2021		150		152
Gartner
5.125%, 04/01/2025 (A)		145		153
Genesys Telecommunications Laboratories
10.000%, 11/30/2024 (A)		115		131
Genpact Luxembourg Sarl
3.700%, 04/01/2022 (A)		100		101
Gogo Intermediate Holdings
12.500%, 07/01/2022 (A)		140		159

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Harris
4.854%, 04/27/2035	$	35	$	39
3.832%, 04/27/2025		50		52
Hewlett Packard Enterprise
6.350%, 10/15/2045		50		53
6.200%, 10/15/2035		50		54
4.900%, 10/15/2025		100		106
4.400%, 10/15/2022		250		267
3.600%, 10/15/2020		50		52
2.850%, 10/05/2018		100		101
HP
4.300%, 06/01/2021		250		266
Hughes Satellite Systems
6.625%, 08/01/2026		85		93
5.250%, 08/01/2026		105		110
Infor Software Parent PIK
7.125%, 05/01/2021 (A)		150		155
Infor US
6.500%, 05/15/2022		301		313
Informatica
7.125%, 07/15/2023 (A)		151		154
Ingram Micro
5.450%, 12/15/2024		80		82
Intel
4.900%, 07/29/2045		40		47
4.800%, 10/01/2041		100		114
4.250%, 12/15/2042		150		159
4.100%, 05/11/2047		100		104
3.700%, 07/29/2025		45		48
3.300%, 10/01/2021		100		105
2.875%, 05/11/2024		100		101
2.700%, 12/15/2022		50		51
2.600%, 05/19/2026		150		147
2.450%, 07/29/2020		185		188
International Business Machines
7.625%, 10/15/2018		200		214
4.700%, 02/19/2046		100		111
4.000%, 06/20/2042		100		101
3.625%, 02/12/2024		350		368
2.875%, 11/09/2022		100		102
2.500%, 01/27/2022		200		203
2.250%, 02/19/2021		100		101
j2 Cloud Services
6.000%, 07/15/2025 (A)		95		99
Keysight Technologies
4.600%, 04/06/2027		65		69
KLA-Tencor
4.650%, 11/01/2024		100		108
Lam Research
2.750%, 03/15/2020		100		102
Mastercard
3.375%, 04/01/2024		100		105

42 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.000%, 11/21/2021	$	100	$	99
Maxim Integrated Products
2.500%, 11/15/2018		200		202
Micron Technology
5.500%, 02/01/2025		40		42
5.250%, 08/01/2023 (A)		301		315
Microsoft
4.500%, 10/01/2040		100		112
4.500%, 02/06/2057		200		222
4.450%, 11/03/2045		300		332
4.250%, 02/06/2047		100		108
4.200%, 06/01/2019		100		105
4.100%, 02/06/2037		100		108
4.000%, 02/12/2055		100		101
3.950%, 08/08/2056		150		151
3.750%, 02/12/2045		100		100
3.700%, 08/08/2046		100		99
3.500%, 02/12/2035		150		152
3.450%, 08/08/2036		100		100
3.300%, 02/06/2027		200		207
2.875%, 02/06/2024		35		36
2.700%, 02/12/2025		200		201
2.400%, 02/06/2022		250		253
2.400%, 08/08/2026		200		193
2.375%, 02/12/2022		100		101
2.375%, 05/01/2023		100		100
2.000%, 11/03/2020		200		201
2.000%, 08/08/2023		100		98
1.850%, 02/06/2020		100		100
1.625%, 12/06/2018		100		100
1.550%, 08/08/2021		100		98
1.100%, 08/08/2019		300		298
Motorola Solutions
4.000%, 09/01/2024		200		201
3.500%, 03/01/2023		100		101
NCR
6.375%, 12/15/2023		150		160
4.625%, 02/15/2021		100		102
NetApp
3.375%, 06/15/2021		150		154
Nuance Communications
5.625%, 12/15/2026 (A)		115		122
NVIDIA
3.200%, 09/16/2026		50		50
2.200%, 09/16/2021		30		30
NXP BV (A)
5.750%, 03/15/2023		200		210
4.625%, 06/01/2023		200		216
4.125%, 06/01/2021		150		157
Open Text (A)
5.875%, 06/01/2026		85		92
5.625%, 01/15/2023		140		147

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Oracle
5.375%, 07/15/2040	$	150	$	184
4.375%, 05/15/2055		100		105
4.300%, 07/08/2034		100		109
4.125%, 05/15/2045		100		104
4.000%, 07/15/2046		150		152
3.900%, 05/15/2035		170		177
3.850%, 07/15/2036		50		52
3.400%, 07/08/2024		100		104
2.950%, 05/15/2025		250		253
2.800%, 07/08/2021		175		180
2.650%, 07/15/2026		140		136
2.500%, 05/15/2022		350		355
2.400%, 09/15/2023		50		50
2.250%, 10/08/2019		50		51
1.900%, 09/15/2021		135		134
Plantronics
5.500%, 05/31/2023 (A)		126		132
PTC
6.000%, 05/15/2024		98		105
Qorvo
7.000%, 12/01/2025		95		108
QUALCOMM
4.800%, 05/20/2045		100		110
4.650%, 05/20/2035		200		220
4.300%, 05/20/2047		130		134
3.450%, 05/20/2025		100		103
3.250%, 05/20/2027		50		50
2.900%, 05/20/2024		50		51
2.600%, 01/30/2023		100		101
2.250%, 05/20/2020		100		101
2.100%, 05/20/2020		30		30
1.850%, 05/20/2019		105		106
Quintiles IMS (A)
5.000%, 10/15/2026		200		210
4.875%, 05/15/2023		140		145
Rackspace Hosting
8.625%, 11/15/2024 (A)		205		221
Riverbed Technology
8.875%, 03/01/2023 (A)		80		79
Seagate HDD Cayman
4.750%, 01/01/2025		100		97
3.750%, 11/15/2018		200		203
Solera
10.500%, 03/01/2024 (A)		300		345
SS&C Technologies Holdings
5.875%, 07/15/2023		142		151
Symantec
5.000%, 04/15/2025 (A)		140		147
Texas Instruments
2.625%, 05/15/2024		100		100
1.850%, 05/15/2022		100		99

Adviser Managed Trust / Annual Report / July 31, 2017 43

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
1.750%, 05/01/2020	$	100	$	100
Thomson Reuters
5.650%, 11/23/2043		200		235
3.850%, 09/29/2024		125		131
TIBCO Software
11.375%, 12/01/2021 (A)		150		165
Total System Services
3.750%, 06/01/2023		100		104
VeriSign
4.750%, 07/15/2027 (A)		95		97
4.625%, 05/01/2023		50		51
Veritas US
10.500%, 02/01/2024 (A)		120		133
Western Digital
10.500%, 04/01/2024		450		533
Western Union
3.650%, 08/22/2018		100		102
Xerox
5.625%, 12/15/2019		100		107
4.070%, 03/17/2022 (A)		100		103
Xilinx
3.000%, 03/15/2021		150		153
Zebra Technologies
7.250%, 10/15/2022		150		160
				32,692
Materials – 1.4%
Agrium
5.250%, 01/15/2045		70		79
4.125%, 03/15/2035		200		200
Air Products & Chemicals
3.350%, 07/31/2024		100		104
Airgas
3.050%, 08/01/2020		100		103
Albemarle
4.150%, 12/01/2024		100		105
Alcoa Nederland Holding BV
6.750%, 09/30/2024 (A)		200		220
Aleris International
9.500%, 04/01/2021 (A)		95		100
Allegheny Technologies
7.875%, 08/15/2023		75		79
Anglo American Capital (A)
4.875%, 05/14/2025		200		214
4.125%, 09/27/2022		100		104
3.625%, 05/14/2020		100		102
ArcelorMittal
6.125%, 06/01/2025		100		114
Ardagh Packaging Finance Holdings (A)
7.250%, 05/15/2024		275		304
4.625%, 05/15/2023		150		153

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Ashland
4.750%, 08/15/2022	$	100	$	105
Ball
5.250%, 07/01/2025		190		209
4.375%, 12/15/2020		160		168
4.000%, 11/15/2023		150		153
Barrick
5.250%, 04/01/2042		100		115
4.100%, 05/01/2023		16		17
Barrick North America Finance
4.400%, 05/30/2021		43		46
Bemis
3.100%, 09/15/2026		100		97
Berry Plastics
5.500%, 05/15/2022		100		104
5.125%, 07/15/2023		125		131
BHP Billiton Finance USA
5.000%, 09/30/2043		100		118
3.850%, 09/30/2023		150		161
2.875%, 02/24/2022		250		257
Blue Cube Spinco
10.000%, 10/15/2025		100		124
9.750%, 10/15/2023		100		122
BlueScope Steel Finance
6.500%, 05/15/2021 (A)		83		88
Cascades
5.500%, 07/15/2022 (A)		100		103
Celanese US Holdings
5.875%, 06/15/2021		30		34
4.625%, 11/15/2022		30		32
Celulosa Arauco y Constitucion
7.250%, 07/29/2019		100		109
CF Industries
3.450%, 06/01/2023		120		114
Chemours
7.000%, 05/15/2025		230		256
6.625%, 05/15/2023		80		86
5.375%, 05/15/2027		75		79
Cliffs Natural Resources (A)
8.250%, 03/31/2020		46		52
5.750%, 03/01/2025		245		239
Coveris Holdings
7.875%, 11/01/2019 (A)		100		99
Crown Americas
4.500%, 01/15/2023		100		106
CVR Partners
9.250%, 06/15/2023 (A)		85		87
Dow Chemical
8.550%, 05/15/2019		200		223
4.375%, 11/15/2042		100		103
4.250%, 11/15/2020		100		106
4.250%, 10/01/2034		100		103

44 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.500%, 10/01/2024	$	100	$	104
3.000%, 11/15/2022		50		51
E.I. du Pont de Nemours
4.900%, 01/15/2041		100		112
4.625%, 01/15/2020		100		106
2.800%, 02/15/2023		100		102
Eastman Chemical
4.650%, 10/15/2044		100		106
3.800%, 03/15/2025		100		103
Ecolab
4.350%, 12/08/2021		100		109
2.700%, 11/01/2026		20		19
Eldorado
6.125%, 12/15/2020 (A)		100		102
Fibria Overseas Finance
5.500%, 01/17/2027		50		52
FMG Resources August 2006 Pty (A)
5.125%, 05/15/2024		90		93
4.750%, 05/15/2022		125		129
Freeport-McMoRan
6.875%, 02/15/2023		200		217
4.550%, 11/14/2024		100		98
3.875%, 03/15/2023		250		241
3.100%, 03/15/2020		200		199
Georgia-Pacific
8.875%, 05/15/2031		100		156
Goldcorp
3.700%, 03/15/2023		100		104
HB Fuller
4.000%, 02/15/2027		25		26
Hexion
10.375%, 02/01/2022 (A)		90		91
Hudbay Minerals
7.625%, 01/15/2025 (A)		30		33
Huntsman International
4.875%, 11/15/2020		100		105
INEOS Group Holdings
5.625%, 08/01/2024 (A)		200		207
International Flavors & Fragrances
4.375%, 06/01/2047		30		31
International Paper
7.500%, 08/15/2021		100		119
5.150%, 05/15/2046		100		112
4.800%, 06/15/2044		100		107
4.750%, 02/15/2022		100		109
4.350%, 08/15/2048		100		100
INVISTA Finance
4.250%, 10/15/2019 (A)		100		102
Joseph T Ryerson & Son
11.000%, 05/15/2022 (A)		125		143
Kinross
4.500%, 07/15/2027 (A)		95		95

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Koppers
6.000%, 02/15/2025 (A)	$	100	$	106
Lubrizol
6.500%, 10/01/2034		100		134
Lundin Mining
7.500%, 11/01/2020 (A)		120		126
LYB International Finance BV
4.875%, 03/15/2044		50		54
LYB International Finance II BV
3.500%, 03/02/2027		64		64
LyondellBasell Industries
5.000%, 04/15/2019		190		199
4.625%, 02/26/2055		100		101
Martin Marietta Materials
4.250%, 07/02/2024		100		106
Momentive Performance Materials
3.880%, 10/24/2021		145		145
Monsanto
4.700%, 07/15/2064		50		51
4.400%, 07/15/2044		150		154
3.375%, 07/15/2024		100		102
Mosaic
4.250%, 11/15/2023		125		132
New Gold
6.250%, 11/15/2022 (A)		100		103
Newmont Mining
6.250%, 10/01/2039		50		63
4.875%, 03/15/2042		125		135
3.500%, 03/15/2022		100		104
Nucor
6.400%, 12/01/2037		100		130
4.000%, 08/01/2023		100		107
Olin
5.125%, 09/15/2027		90		94
Owens-Brockway Glass Container (A)
5.875%, 08/15/2023		70		78
5.000%, 01/15/2022		115		121
Platform Specialty Products (A)
10.375%, 05/01/2021		100		110
6.500%, 02/01/2022		68		71
PolyOne
5.250%, 03/15/2023		100		105
Potash Corp of Saskatchewan
4.000%, 12/15/2026		50		52
3.625%, 03/15/2024		50		51
3.000%, 04/01/2025		100		98
PQ
6.750%, 11/15/2022 (A)		127		138
Praxair
3.200%, 01/30/2026		100		102
2.450%, 02/15/2022		200		202

Adviser Managed Trust / Annual Report / July 31, 2017 45

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Rain CII Carbon
7.250%, 04/01/2025 (A)	$	100	$	104
Rayonier AM Products
5.500%, 06/01/2024 (A)		100		99
Resolute Forest Products
5.875%, 05/15/2023		100		97
Reynolds Group Issuer
7.000%, 07/15/2024 (A)		100		108
5.750%, 10/15/2020		400		409
5.125%, 07/15/2023 (A)		300		316
Rio Tinto Finance USA
4.125%, 08/21/2042		100		104
3.750%, 06/15/2025		350		371
RPM International
5.250%, 06/01/2045		50		56
Sherwin-Williams
7.250%, 06/15/2019 (A)		100		109
4.500%, 06/01/2047		129		136
3.450%, 06/01/2027		160		163
3.125%, 06/01/2024		25		25
2.750%, 06/01/2022		200		202
2.250%, 05/15/2020		300		302
Sonoco Products
5.750%, 11/01/2040		100		119
Southern Copper
6.750%, 04/16/2040		100		118
5.375%, 04/16/2020		200		216
3.875%, 04/23/2025		60		62
SPCM
4.875%, 09/15/2025 (A)		75		77
Standard Industries (A)
6.000%, 10/15/2025		250		267
5.375%, 11/15/2024		250		263
Steel Dynamics
5.500%, 10/01/2024		100		107
5.125%, 10/01/2021		100		103
SunCoke Energy Partners
7.500%, 06/15/2025 (A)		80		82
Teck Resources
8.500%, 06/01/2024 (A)		50		58
3.750%, 02/01/2023		200		202
TPC Group
8.750%, 12/15/2020 (A)		135		126
Tronox Finance
7.500%, 03/15/2022 (A)		138		145
6.375%, 08/15/2020		100		100
United States Steel
8.375%, 07/01/2021 (A)		125		138
US Concrete
6.375%, 06/01/2024 (A)		100		107
Vale
5.625%, 09/11/2042		100		99

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Vale Overseas
6.875%, 11/21/2036	$	150	$	167
6.250%, 08/10/2026		100		111
5.875%, 06/10/2021		100		109
4.625%, 09/15/2020		50		52
4.375%, 01/11/2022		125		129
Vulcan Materials
7.500%, 06/15/2021		100		118
Westlake Chemical
4.625%, 02/15/2021		50		52
WestRock RKT
4.000%, 03/01/2023		200		211
WR Grace & Company
5.125%, 10/01/2021 (A)		100		107
				18,894
Real Estate – 0.9%
Alexandria Real Estate Equities
4.600%, 04/01/2022		350		375
American Campus Communities Operating Partnership
3.350%, 10/01/2020		50		51
American Tower
4.000%, 06/01/2025		100		104
3.450%, 09/15/2021		150		156
3.375%, 10/15/2026		150		148
3.300%, 02/15/2021		100		103
3.125%, 01/15/2027		100		96
2.800%, 06/01/2020		100		102
AvalonBay Communities MTN
3.500%, 11/15/2024		100		103
3.500%, 11/15/2025		100		102
3.350%, 05/15/2027		200		202
Boston Properties
3.700%, 11/15/2018		150		153
3.125%, 09/01/2023		150		154
Brixmor Operating Partnership
4.125%, 06/15/2026		25		25
3.875%, 08/15/2022		30		31
3.650%, 06/15/2024		50		50
3.250%, 09/15/2023		50		49
Corporate Office Properties
5.000%, 07/01/2025		50		53
Crown Castle International
5.250%, 01/15/2023		125		140
4.750%, 05/15/2047		25		25
4.450%, 02/15/2026		65		69
4.000%, 03/01/2027		20		21
3.650%, 09/01/2027		135		135
3.400%, 02/15/2021		55		57
3.200%, 09/01/2024		35		35
2.250%, 09/01/2021		55		54

46 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
CubeSmart
3.125%, 09/01/2026	$	50	$	48
CyrusOne
5.000%, 03/15/2024 (A)		95		99
DDR
4.700%, 06/01/2027		35		35
3.625%, 02/01/2025		100		96
Digital Realty Trust
3.950%, 07/01/2022		100		105
Duke Realty
3.875%, 10/15/2022		150		158
DuPont Fabros Technology
5.875%, 09/15/2021		50		52
EPR Properties
4.750%, 12/15/2026		100		103
Equinix
5.875%, 01/15/2026		150		164
5.375%, 01/01/2022		200		209
5.375%, 04/01/2023		150		156
5.375%, 05/15/2027		240		260
ERP Operating
3.375%, 06/01/2025		100		102
2.375%, 07/01/2019		150		151
Essex Portfolio
3.375%, 04/15/2026		100		99
Federal Realty Investment Trust
4.500%, 12/01/2044		50		52
FelCor Lodging
5.625%, 03/01/2023		100		104
GLP Capital
5.375%, 11/01/2023		50		54
5.375%, 04/15/2026		300		327
4.875%, 11/01/2020		100		106
HCP
5.375%, 02/01/2021		200		219
4.000%, 12/01/2022		50		52
4.000%, 06/01/2025		100		104
Healthcare Trust of America Holdings
3.500%, 08/01/2026		40		39
Highwoods Realty
3.200%, 06/15/2021		100		101
Hospitality Properties Trust
4.950%, 02/15/2027		70		73
4.500%, 03/15/2025		50		52
Host Hotels & Resorts
4.000%, 06/15/2025		65		67
3.875%, 04/01/2024		100		102
Howard Hughes
5.375%, 03/15/2025 (A)		245		255
Iron Mountain
6.000%, 10/01/2020 (A)		120		124
6.000%, 08/15/2023		100		106

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.750%, 08/15/2024	$	200	$	205
iStar
5.000%, 07/01/2019		150		152
Kennedy-Wilson
5.875%, 04/01/2024		190		195
Kilroy Realty
4.375%, 10/01/2025		100		105
Kimco Realty
3.200%, 05/01/2021		370		378
Lamar Media
5.375%, 01/15/2024		100		105
5.000%, 05/01/2023		100		104
Liberty Property
3.375%, 06/15/2023		95		96
MGM Growth Properties Operating Partnership
5.625%, 05/01/2024		108		118
4.500%, 09/01/2026		135		136
Mid-America Apartments
4.000%, 11/15/2025		50		52
3.600%, 06/01/2027		200		201
MPT Operating Partnership
6.375%, 03/01/2024		100		109
5.250%, 08/01/2026		75		78
National Retail Properties
4.000%, 11/15/2025		65		67
3.600%, 12/15/2026		50		50
Omega Healthcare Investors
5.250%, 01/15/2026		100		107
Prologis
3.750%, 11/01/2025		65		68
QCP SNF West
8.125%, 11/01/2023 (A)		130		133
Realogy Group (A)
5.250%, 12/01/2021		100		105
4.875%, 06/01/2023		50		50
Realty Income
4.650%, 08/01/2023		150		163
3.250%, 10/15/2022		160		163
Regency Centers
4.400%, 02/01/2047		35		35
3.600%, 02/01/2027		30		30
Sabra Health Care
5.500%, 02/01/2021		100		104
SBA Communications
4.875%, 07/15/2022		100		104
4.875%, 09/01/2024		150		156
Select Income
4.500%, 02/01/2025		100		101
Simon Property Group
4.250%, 11/30/2046		50		50
3.500%, 09/01/2025		150		153
3.250%, 11/30/2026		50		50

Adviser Managed Trust / Annual Report / July 31, 2017 47

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.625%, 06/15/2022	$	50	$	51
2.500%, 09/01/2020		100		102
Tanger Properties
3.125%, 09/01/2026		50		47
UDR MTN
3.750%, 07/01/2024		100		103
Uniti Group
8.250%, 10/15/2023		210		216
6.000%, 04/15/2023 (A)		33		34
Ventas Realty
3.250%, 10/15/2026		50		49
2.700%, 04/01/2020		280		283
VEREIT Operating Partnership
4.875%, 06/01/2026		30		32
4.600%, 02/06/2024		25		26
4.125%, 06/01/2021		20		21
3.000%, 02/06/2019		35		36
Welltower
6.500%, 03/15/2041		70		88
4.950%, 01/15/2021		145		157
4.250%, 04/01/2026		50		53
Weyerhaeuser
7.375%, 03/15/2032		100		139
WP Carey
4.600%, 04/01/2024		150		157
				11,684
Telecommunication Services – 2.2%
Acosta
7.750%, 10/01/2022 (A)		100		76
Altice Financing (A)
7.500%, 05/15/2026		425		471
6.625%, 02/15/2023		200		212
6.500%, 01/15/2022		150		156
Altice Luxembourg (A)
7.750%, 05/15/2022		500		531
7.625%, 02/15/2025		250		274
Altice US Finance I (A)
5.500%, 05/15/2026		328		348
5.375%, 07/15/2023		150		157
America Movil
6.375%, 03/01/2035		200		249
6.125%, 03/30/2040		100		122
5.000%, 03/30/2020		250		270
AT&T
6.500%, 09/01/2037		585		704
6.000%, 08/15/2040		100		112
5.800%, 02/15/2019		100		106
5.700%, 03/01/2057		250		268
5.650%, 02/15/2047		50		54
5.450%, 03/01/2047		100		106
5.300%, 08/14/2058		150		150

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.250%, 03/01/2037	$	50	$	52
5.150%, 03/15/2042		250		253
5.150%, 02/14/2050		110		109
5.000%, 03/01/2021		150		163
4.900%, 08/14/2037		45		45
4.800%, 06/15/2044		100		97
4.750%, 05/15/2046		235		226
4.500%, 05/15/2035		250		243
4.350%, 06/15/2045		100		91
4.250%, 03/01/2027		150		154
4.125%, 02/17/2026		250		256
3.950%, 01/15/2025		100		102
3.900%, 03/11/2024		100		103
3.900%, 08/14/2027		120		120
3.800%, 03/15/2022		150		157
3.800%, 03/01/2024		50		52
3.600%, 02/17/2023		50		52
3.400%, 08/14/2024		100		100
3.400%, 05/15/2025		350		345
3.200%, 03/01/2022		65		66
3.000%, 02/15/2022		150		152
3.000%, 06/30/2022		200		202
2.850%, 02/14/2023		150		150
2.800%, 02/17/2021		50		51
2.450%, 06/30/2020		200		202
Block Communications
6.875%, 02/15/2025 (A)		50		54
British Telecommunications
9.125%, 12/15/2030		150		229
CenturyLink
7.500%, 04/01/2024		250		272
5.625%, 04/01/2020		200		210
Cequel Communications Holdings (A)
6.375%, 09/15/2020		140		143
5.125%, 12/15/2021		200		204
Cincinnati Bell
7.000%, 07/15/2024 (A)		135		137
Consolidated Communications
6.500%, 10/01/2022		100		98
Deutsche Telekom International Finance
8.750%, 06/15/2030		200		297
Frontier Communications
11.000%, 09/15/2025		670		614
10.500%, 09/15/2022		410		385
7.125%, 01/15/2023		100		82
6.875%, 01/15/2025		100		79
Grupo Televisa
5.000%, 05/13/2045		200		199
Inmarsat Finance
4.875%, 05/15/2022 (A)		100		102
Intelsat Jackson Holdings
9.750%, 07/15/2025 (A)		160		165

48 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
8.000%, 02/15/2024 (A)	$	200	$	217
5.500%, 08/01/2023		300		259
Koninklijke
8.375%, 10/01/2030		50		69
Level 3 Communications
5.750%, 12/01/2022		100		104
Level 3 Financing
5.375%, 08/15/2022		150		154
5.375%, 01/15/2024		140		147
5.375%, 05/01/2025		150		160
5.250%, 03/15/2026		100		106
5.125%, 05/01/2023		200		208
MHGE Parent PIK
8.500%, 08/01/2019 (A)		119		119
Midcontinent Communications
6.875%, 08/15/2023 (A)		50		54
Millicom International Cellular (A)
6.625%, 10/15/2021		100		104
6.000%, 03/15/2025		200		211
Nokia
4.375%, 06/12/2027		25		26
3.375%, 06/12/2022		20		20
Orange
9.000%, 03/01/2031		100		152
5.500%, 02/06/2044		25		30
2.750%, 02/06/2019		200		203
1.625%, 11/03/2019		100		99
Outfront Media Capital
5.625%, 02/15/2024		100		104
Qwest
6.750%, 12/01/2021		100		111
Rogers Communications
6.800%, 08/15/2018		100		105
5.000%, 03/15/2044		100		114
2.900%, 11/15/2026		100		97
Sable International Finance
6.875%, 08/01/2022 (A)		200		216
SFR Group (A)
7.375%, 05/01/2026		750		812
6.250%, 05/15/2024		225		238
6.000%, 05/15/2022		500		523
SoftBank Group
4.500%, 04/15/2020 (A)		400		413
Sprint
7.875%, 09/15/2023		750		851
7.625%, 02/15/2025		100		113
7.250%, 09/15/2021		315		350
7.125%, 06/15/2024		450		493
Sprint Communications
7.000%, 08/15/2020		200		218
6.000%, 11/15/2022		250		264

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Telecom Italia
5.303%, 05/30/2024 (A)	$	200	$	221
Telefonica Emisiones
7.045%, 06/20/2036		100		133
5.134%, 04/27/2020		100		108
Telefonica Emisiones SAU
4.103%, 03/08/2027		250		262
Telesat Canada
8.875%, 11/15/2024 (A)		120		135
T-Mobile
6.625%, 04/01/2023		300		317
6.500%, 01/15/2026		250		278
6.375%, 03/01/2025		100		108
T-Mobile USA
6.836%, 04/28/2023		200		212
6.000%, 03/01/2023		200		211
6.000%, 04/15/2024		500		538
5.375%, 04/15/2027		100		108
Unitymedia GmbH
6.125%, 01/15/2025 (A)		200		215
UPCB Finance IV
5.375%, 01/15/2025 (A)		200		209
Verizon Communications
5.012%, 04/15/2049		267		266
5.012%, 08/21/2054		379		369
4.862%, 08/21/2046		400		393
4.812%, 03/15/2039		100		100
4.672%, 03/15/2055		117		108
4.522%, 09/15/2048		453		421
4.500%, 09/15/2020		500		535
4.272%, 01/15/2036		600		576
4.150%, 03/15/2024		450		472
4.125%, 08/15/2046		150		133
3.650%, 09/14/2018		200		204
3.500%, 11/01/2024		500		504
2.946%, 03/15/2022		304		307
2.625%, 08/15/2026		150		139
Videotron (A)
5.375%, 06/15/2024		100		107
5.125%, 04/15/2027		100		103
Virgin Media Secured Finance
5.250%, 01/15/2026 (A)		450		468
Vodafone Group
6.150%, 02/27/2037		200		244
2.950%, 02/19/2023		300		306
Wind Acquisition Finance (A)
7.375%, 04/23/2021		600		625
4.750%, 07/15/2020		200		202
Windstream Services
6.375%, 08/01/2023		150		123
WMG Acquisition
6.750%, 04/15/2022 (A)		100		105

Adviser Managed Trust / Annual Report / July 31, 2017 49

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Zayo Group
6.375%, 05/15/2025	$	200	$	217
6.000%, 04/01/2023		170		179
5.750%, 01/15/2027 (A)		175		185
Ziggo Bond Finance BV
6.000%, 01/15/2027 (A)		200		207
Ziggo Secured Finance BV
5.500%, 01/15/2027 (A)		150		155
				29,451
Utilities – 1.6%
AES
6.000%, 05/15/2026		100		107
5.500%, 03/15/2024		100		105
4.875%, 05/15/2023		200		204
Alabama Power
3.750%, 03/01/2045		100		99
Ameren
2.700%, 11/15/2020		100		102
Ameren Illinois
3.250%, 03/01/2025		100		103
American Water Capital
6.593%, 10/15/2037		100		137
AmeriGas Partners
5.875%, 08/20/2026		120		123
5.625%, 05/20/2024		120		124
5.500%, 05/20/2025		90		91
Appalachian Power
7.000%, 04/01/2038		100		139
4.450%, 06/01/2045		100		107
3.400%, 06/01/2025		100		103
Atmos Energy
4.125%, 10/15/2044		100		106
Baltimore Gas & Electric
2.400%, 08/15/2026		50		47
Berkshire Hathaway Energy
6.500%, 09/15/2037		350		468
6.125%, 04/01/2036		250		326
2.000%, 11/15/2018		200		201
Black Hills
3.950%, 01/15/2026		100		104
Calpine
6.000%, 01/15/2022 (A)		200		206
5.750%, 01/15/2025		200		187
5.375%, 01/15/2023		200		194
CenterPoint Energy Houston Electric
4.500%, 04/01/2044		200		226
CenterPoint Energy Resources
4.500%, 01/15/2021		100		106
Cleco Corporate Holdings
4.973%, 05/01/2046		35		37
3.743%, 05/01/2026		50		51

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
CMS Energy
3.450%, 08/15/2027	$	50	$	51
Commonwealth Edison
3.700%, 03/01/2045		50		49
Connecticut Light & Power
4.150%, 06/01/2045		100		107
Consolidated Edison
2.000%, 05/15/2021		100		99
Consolidated Edison of New York
6.300%, 08/15/2037		100		131
4.450%, 03/15/2044		200		220
4.300%, 12/01/2056		100		106
3.850%, 06/15/2046		100		102
Consumers Energy
3.950%, 05/15/2043		50		52
2.850%, 05/15/2022		100		102
Delmarva Power & Light
4.150%, 05/15/2045		50		53
Dominion Energy
5.200%, 08/15/2019		100		107
4.050%, 09/15/2042		100		98
2.850%, 08/15/2026		30		29
2.750%, 09/15/2022		250		251
2.579%, 07/01/2020		100		101
2.500%, 12/01/2019		100		101
Dominion Energy Gas Holdings
4.600%, 12/15/2044		25		26
3.600%, 12/15/2024		100		103
2.500%, 12/15/2019		50		50
DTE Electric
3.700%, 03/15/2045		50		50
3.700%, 06/01/2046		50		49
DTE Energy
3.300%, 06/15/2022		50		51
2.850%, 10/01/2026		50		48
2.400%, 12/01/2019		125		126
Duke Energy
3.750%, 04/15/2024		100		105
3.750%, 09/01/2046		300		291
2.650%, 09/01/2026		200		194
Duke Energy Carolinas
4.250%, 12/15/2041		100		107
2.950%, 12/01/2026		100		100
Duke Energy Florida
6.400%, 06/15/2038		450		619
3.200%, 01/15/2027		50		51
Duke Energy Indiana
3.750%, 05/15/2046		50		49
Duke Energy Ohio
3.700%, 06/15/2046		14		14
Duke Energy Progress
5.300%, 01/15/2019		100		105

50 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.150%, 12/01/2044	$	50	$	53
Dynegy
8.000%, 01/15/2025 (A)		100		99
7.625%, 11/01/2024		190		187
7.375%, 11/01/2022		340		344
6.750%, 11/01/2019		275		285
Edison International
2.950%, 03/15/2023		50		50
El Paso Electric
5.000%, 12/01/2044		50		54
Emera US Finance
4.750%, 06/15/2046		35		38
3.550%, 06/15/2026		235		238
2.150%, 06/15/2019		20		20
Enel
8.750%, 09/24/2073 (A)(B)		200		241
Entergy
5.125%, 09/15/2020		100		108
4.000%, 07/15/2022		100		106
2.950%, 09/01/2026		100		97
Entergy Arkansas
3.700%, 06/01/2024		100		105
Entergy Mississippi
2.850%, 06/01/2028		25		24
Eversource Energy
3.150%, 01/15/2025		100		101
Exelon
5.625%, 06/15/2035		100		118
5.100%, 06/15/2045		100		114
3.950%, 06/15/2025		100		105
Exelon Generation
6.250%, 10/01/2039		300		332
5.600%, 06/15/2042		100		103
4.250%, 06/15/2022		100		106
2.950%, 01/15/2020		100		102
FirstEnergy
7.375%, 11/15/2031		70		93
4.250%, 03/15/2023		40		43
Florida Power & Light
5.950%, 02/01/2038		200		263
4.050%, 10/01/2044		200		212
Fortis
3.055%, 10/04/2026		100		97
Georgia Power
4.300%, 03/15/2042		125		132
Great Plains Energy
4.850%, 06/01/2021		155		165
Interstate Power & Light
3.700%, 09/15/2046		50		48
ITC Holdings
3.250%, 06/30/2026		30		30

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Kansas City Power & Light
4.200%, 06/15/2047	$	100	$	102
Kentucky Utilities
5.125%, 11/01/2040		194		233
MidAmerican Energy
3.950%, 08/01/2047		50		52
3.100%, 05/01/2027		50		50
2.400%, 03/15/2019		100		101
National Fuel Gas
5.200%, 07/15/2025		100		107
NextEra Energy Capital Holdings
2.400%, 09/15/2019		150		151
NiSource Finance
5.950%, 06/15/2041		100		123
5.650%, 02/01/2045		50		61
4.375%, 05/15/2047		150		157
3.490%, 05/15/2027		50		51
Northern States Power
4.125%, 05/15/2044		200		210
2.200%, 08/15/2020		100		101
NRG Energy
7.250%, 05/15/2026		140		148
6.625%, 01/15/2027		275		283
6.250%, 07/15/2022		150		157
6.250%, 05/01/2024		150		156
NRG Yield Operating
5.375%, 08/15/2024		100		105
NSTAR Electric
3.200%, 05/15/2027		100		101
Oglethorpe Power
4.250%, 04/01/2046		100		96
Ohio Edison
6.875%, 07/15/2036		200		265
Oncor Electric Delivery
3.750%, 04/01/2045		100		99
2.950%, 04/01/2025		50		50
ONE Gas
2.070%, 02/01/2019		100		100
Pacific Gas & Electric
8.250%, 10/15/2018		100		108
6.050%, 03/01/2034		400		519
5.800%, 03/01/2037		100		128
4.750%, 02/15/2044		50		58
4.300%, 03/15/2045		30		32
PacifiCorp
3.600%, 04/01/2024		100		105
Piedmont Natural Gas
3.640%, 11/01/2046		25		23
Potomac Electric Power
6.500%, 11/15/2037		100		136
PPL Capital Funding
3.400%, 06/01/2023		100		104

Adviser Managed Trust / Annual Report / July 31, 2017 51

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
PPL Electric Utilities
4.150%, 10/01/2045	$	100	$	105
Progress Energy
4.400%, 01/15/2021		100		106
PSEG Power
8.625%, 04/15/2031		200		262
3.000%, 06/15/2021		100		102
Public Service Electric & Gas MTN
3.000%, 05/15/2027		100		100
Public Service Enterprise Group
2.000%, 11/15/2021		100		98
Public Service of Colorado
3.800%, 06/15/2047		100		101
San Diego Gas & Electric
3.750%, 06/01/2047		150		151
Sempra Energy
3.250%, 06/15/2027		200		199
2.850%, 11/15/2020		100		102
2.400%, 03/15/2020		50		51
South Carolina Electric & Gas
5.100%, 06/01/2065		100		112
4.500%, 06/01/2064		100		99
Southern
4.400%, 07/01/2046		200		209
4.250%, 07/01/2036		30		31
3.250%, 07/01/2026		200		199
2.950%, 07/01/2023		100		100
2.350%, 07/01/2021		50		50
2.150%, 09/01/2019		250		251
1.850%, 07/01/2019		35		35
Southern California Edison
5.950%, 02/01/2038		200		260
4.650%, 10/01/2043		100		116
3.500%, 10/01/2023		100		105
Southern Gas Capital
3.500%, 09/15/2021		200		207
Southern Power
4.950%, 12/15/2046		100		105
4.150%, 12/01/2025		100		106
2.500%, 12/15/2021		50		50
2.375%, 06/01/2020		50		50
Southwestern Electric Power
3.900%, 04/01/2045		50		49
Suburban Propane Partners
5.500%, 06/01/2024		100		99
Talen Energy Supply
6.500%, 06/01/2025		128		93
TECO Finance
5.150%, 03/15/2020		100		107
TerraForm Global Operating
9.750%, 08/15/2022 (A)		100		111

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
TerraForm Power Operating
6.375%, 02/01/2023 (A)(D)	$	191	$	199
Union Electric
3.650%, 04/15/2045		100		99
Virginia Electric & Power
8.875%, 11/15/2038		150		253
4.200%, 05/15/2045		25		26
2.950%, 01/15/2022		300		308
WEC Energy Group
3.550%, 06/15/2025		100		104
2.450%, 06/15/2020		100		101
Westar Energy
4.250%, 12/01/2045		100		106
Xcel Energy
4.700%, 05/15/2020		125		132
2.600%, 03/15/2022		50		51
				21,485
Total Corporate Obligations (Cost $398,575) ($ Thousands)				407,887
U.S. TREASURY OBLIGATIONS – 27.8%
U.S. Treasury Bonds
6.250%, 08/15/2023		2,500		3,110
5.375%, 02/15/2031		500		670
5.000%, 05/15/2037		1,250		1,704
4.750%, 02/15/2037		1,750		2,317
4.750%, 02/15/2041		2,110		2,819
4.625%, 02/15/2040		1,000		1,309
4.500%, 02/15/2036		5,500		7,054
4.500%, 05/15/2038		150		193
4.375%, 05/15/2040		750		950
4.250%, 05/15/2039		250		311
3.875%, 08/15/2040		1,225		1,447
3.625%, 02/15/2044		4,680		5,339
3.375%, 05/15/2044		3,055		3,341
3.125%, 08/15/2044		800		837
3.000%, 11/15/2044		6,025		6,154
3.000%, 05/15/2045		700		714
3.000%, 11/15/2045		1,500		1,529
3.000%, 02/15/2047		2,350		2,395
3.000%, 05/15/2047		1,500		1,530
2.875%, 05/15/2043		3,125		3,124
2.875%, 08/15/2045		750		747
2.875%, 11/15/2046		2,750		2,734
2.625%, 11/15/2020		3,500		3,617
2.500%, 02/15/2045		3,500		3,233
2.500%, 02/15/2046		2,700		2,486
2.500%, 05/15/2046		2,650		2,438
2.250%, 02/15/2027		2,500		2,492
2.250%, 08/15/2046		3,000		2,610

52 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Notes
3.625%, 08/15/2019	$	1,500	$	1,568
3.625%, 02/15/2020		2,250		2,373
3.625%, 02/15/2021		7,500		8,018
3.500%, 05/15/2020		4,500		4,749
3.125%, 05/15/2021		6,250		6,585
2.750%, 11/15/2023		4,500		4,695
2.750%, 02/15/2024		750		782
2.625%, 08/15/2020		1,500		1,549
2.500%, 05/15/2024		5,450		5,595
2.375%, 05/15/2027		3,000		3,021
2.250%, 07/31/2021		4,000		4,084
2.250%, 12/31/2023		2,000		2,025
2.250%, 01/31/2024		1,000		1,012
2.250%, 11/15/2024		5,000		5,039
2.250%, 11/15/2025		3,500		3,508
2.125%, 08/31/2020		9,000		9,160
2.125%, 01/31/2021		1,500		1,526
2.125%, 09/30/2021		2,500		2,539
2.125%, 12/31/2021		1,000		1,015
2.125%, 02/29/2024		1,500		1,506
2.125%, 03/31/2024		1,500		1,505
2.125%, 05/15/2025		2,500		2,490
2.000%, 09/30/2020		7,000		7,096
2.000%, 10/31/2021		2,000		2,020
2.000%, 11/15/2021		5,000		5,054
2.000%, 12/31/2021		5,000		5,047
2.000%, 02/15/2022		3,000		3,029
2.000%, 05/31/2024		4,000		3,977
2.000%, 02/15/2025		2,850		2,818
2.000%, 08/15/2025		5,200		5,123
2.000%, 11/15/2026		4,000		3,908
1.875%, 01/31/2022		4,500		4,517
1.875%, 02/28/2022		2,000		2,007
1.875%, 03/31/2022		6,500		6,519
1.875%, 04/30/2022		3,000		3,007
1.750%, 09/30/2019		8,800		8,870
1.750%, 12/31/2020		3,500		3,517
1.750%, 11/30/2021		5,000		4,998
1.750%, 05/31/2022		3,500		3,488
1.750%, 06/30/2022		4,000		3,984
1.750%, 01/31/2023		2,000		1,981
1.750%, 05/15/2023		1,750		1,729
1.625%, 07/31/2019		1,130		1,136
1.625%, 03/15/2020		1,000		1,005
1.625%, 05/31/2023		2,000		1,962
1.625%, 02/15/2026		2,650		2,524
1.625%, 05/15/2026		3,500		3,325
1.500%, 12/31/2018		7,000		7,019
1.500%, 05/31/2019		1,150		1,153
1.500%, 05/31/2020		5,000		5,002
1.500%, 07/15/2020		2,000		2,000

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
1.500%, 02/28/2023	$	750	$	733
1.500%, 03/31/2023		2,000		1,952
1.500%, 08/15/2026		3,500		3,282
1.375%, 02/15/2020		750		749
1.375%, 02/29/2020		8,000		7,986
1.375%, 05/31/2020		750		748
1.375%, 01/31/2021		3,500		3,471
1.375%, 04/30/2021		4,000		3,958
1.375%, 05/31/2021		3,000		2,966
1.375%, 08/31/2023		1,500		1,446
1.375%, 09/30/2023		1,000		963
1.250%, 10/31/2018		1,500		1,499
1.250%, 11/15/2018		5,000		4,997
1.250%, 12/31/2018		5,000		4,997
1.250%, 01/31/2019		1,500		1,499
1.250%, 03/31/2019		1,000		999
1.250%, 06/30/2019		4,000		3,992
1.250%, 03/31/2021		5,000		4,929
1.250%, 10/31/2021		3,000		2,938
1.125%, 01/15/2019		2,000		1,995
1.125%, 02/28/2019		3,000		2,991
1.125%, 04/30/2020		1,000		991
1.125%, 02/28/2021		3,500		3,438
1.125%, 06/30/2021		5,000		4,892
1.125%, 07/31/2021		5,500		5,376
1.125%, 08/31/2021		4,000		3,906
1.125%, 09/30/2021		6,500		6,341
1.000%, 11/30/2018		5,000		4,981
1.000%, 09/30/2019		3,000		2,977
1.000%, 11/15/2019		5,000		4,956
0.875%, 10/15/2018		5,000		4,976
0.875%, 05/15/2019		3,500		3,471
0.875%, 06/15/2019		2,000		1,983
0.750%, 09/30/2018		5,000		4,969
0.750%, 10/31/2018		6,000		5,961
Total U.S. Treasury Obligations (Cost $368,338) ($ Thousands)				367,671
MORTGAGE-BACKED SECURITIES – 22.3%
Agency Mortgage-Backed Obligations – 21.7%
FHLMC
5.500%, 10/01/2038 to 06/01/2041		1,547		1,723
5.000%, 09/01/2023 to 11/01/2041		2,486		2,723
4.500%, 08/01/2040 to 07/01/2045		3,997		4,299
4.000%, 03/01/2019 to 02/01/2047		9,758		10,339
3.500%, 10/01/2020 to 03/01/2047		18,363		18,968
3.000%, 09/01/2029 to 03/01/2047		25,107		25,291
2.500%, 10/01/2029 to 02/01/2032		6,949		7,010
FHLMC Multifamily Structured Pass-Through Certificates, Ser K005, Cl A2
4.317%, 11/25/2019		755		793

Adviser Managed Trust / Annual Report / July 31, 2017 53

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC Multifamily Structured Pass-Through Certificates, Ser K007, Cl A2
4.224%, 03/25/2020	$	760	$	801
FHLMC Multifamily Structured Pass-Through Certificates, Ser K030, Cl A2
3.250%, 04/25/2023 (B)		500		524
FHLMC Multifamily Structured Pass-Through Certificates, Ser K038, Cl A2
3.389%, 03/25/2024		750		792
FHLMC Multifamily Structured Pass-Through Certificates, Ser K050, Cl A2
3.334%, 08/25/2025 (B)		900		945
FHLMC Multifamily Structured Pass-Through Certificates, Ser K054, Cl A2
2.745%, 01/25/2026		400		402
FNMA
6.000%, 07/01/2036 to 10/01/2039		947		1,074
5.500%, 01/01/2035 to 09/01/2041		2,703		3,019
5.000%, 07/01/2040 to 05/01/2042		4,803		5,266
4.500%, 04/01/2019 to 01/01/2099		8,035		8,672
4.000%, 09/01/2018 to 04/01/2047		21,364		22,513
3.500%, 01/01/2027 to 06/01/2047		38,753		40,037
3.000%, 08/01/2029 to 01/01/2047		41,517		41,985
2.500%, 07/01/2028 to 03/01/2043		9,623		9,721
1.875%, 09/24/2026		300		286
FNMA, Ser 2012-M2, Cl A2
2.717%, 02/25/2022		500		512
FNMA, Ser 2014-M11, Cl 2A
3.305%, 08/25/2026 (B)		961		998
FNMA, Ser 2015-M1, Cl A2
2.532%, 09/25/2024		350		350
FNMA, Ser 2016-M11, Cl A2
2.369%, 07/25/2026 (B)		542		523
GNMA
6.500%, 11/15/2038		97		113
5.500%, 01/15/2033 to 10/20/2043		I,318		1,476
5.000%, 10/15/2033 to 11/20/2046		2,111		2,296
4.500%, 04/15/2040 to 04/20/2047		5,639		6,024
4.000%, 04/15/2040 to 04/20/2047		11,872		12,529
3.500%, 06/20/2042 to 07/20/2047		30,982		32,244
3.000%, 05/15/2042 to 05/20/2047		23,350		23,720
				287,968
Non-Agency Mortgage-Backed Obligations – 0.6%
Citigroup Commercial Mortgage Trust, Ser 2012- GC8, CI A4
3.024%, 09/10/2045		550		565
Citigroup Commercial Mortgage Trust, Ser 2014- GC21, Cl A5
3.855%, 05/10/2047		265		281

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Trust, Ser 2013-CR13, Cl A2
3.039%, 12/10/2018	$	500	$	508
Commercial Mortgage Trust, Ser 2014-UBS2, Cl A5
3.961%, 03/10/2047		270		286
Commercial Mortgage Trust, Ser 2014-UBS3, Cl A3
3.546%, 06/10/2047		700		725
GS Mortgage Securities Trust, Ser 2014-GC20, Cl A5
3.998%, 04/10/2047		265		282
GS Mortgage Securities Trust, Ser 2015-GC34, Cl A4
3.506%, 10/10/2048		500		518
JPMBB Commercial Mortgage Securities Trust, Ser 2013-C14, Cl AS
4.409%, 08/15/2046 (B)		295		318
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, Cl A4
3.801%, 09/15/2047		500		527
JPMBB Commercial Mortgage Securities Trust, Ser 2015-C30, Cl A5
3.822%, 07/15/2048		650		687
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2012-C6, Cl A4
2.858%, 11/15/2045		600		612
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C16, Cl A3
3.592%, 06/15/2047		1,000		1,034
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C5, Cl A4
3.185%, 03/10/2046		305		313
WFRBS Commercial Mortgage Trust, Ser 2012-C7, Cl A2
3.431%, 06/15/2045		500		520
WFRBS Commercial Mortgage Trust, Ser 2014-C19, Cl A5
4.101%, 03/15/2047		250		268
WFRBS Commercial Mortgage Trust, Ser 2014-C22, Cl A4
3.488%, 09/15/2057		300		311
				7,755
Total Mortgage-Backed Securities (Cost $296,792) ($ Thousands)				295,723
SOVEREIGN DEBT – 15.6%
Angolan Government International Bond
9.500%, 11/12/2025 (A)		300		319

54 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Argentine Republic Government International Bond
8.280%, 12/31/2033	$	911	$	991
7.625%, 04/22/2046		850		874
7.500%, 04/22/2026		1,000		1,076
7.125%, 07/06/2036		450		444
7.125%, 06/28/2117 (A)		500		454
6.875%, 04/22/2021		850		915
6.875%, 01/26/2027		850		874
6.625%, 07/06/2028		400		400
6.250%, 04/22/2019		550		580
5.625%, 01/26/2022		625		641
3.750%, 03/31/2019 (D)		750		487
Armenia Government International Bond
7.150%, 03/26/2025		200		220
Azerbaijan Government International Bond
4.750%, 03/18/2024 (A)		200		204
Bahrain Government International Bond (A)
7.000%, 01/26/2026		200		212
7.000%, 10/12/2028		200		206
6.125%, 07/05/2022		400		421
6.125%, 08/01/2023		200		210
6.000%, 09/19/2044		200		174
5.875%, 01/26/2021		200		209
5.500%, 03/31/2020		400		415
Belize Government International Bond
4.938%, 02/20/2034 (D)		100		62
Bolivian Government International Bond
5.950%, 08/22/2023		200		223
4.500%, 03/20/2028 (A)		200		194
Brazilian Government International Bond
8.250%, 01/20/2034		650		828
7.125%, 01/20/2037		200		232
6.000%, 04/07/2026		1,000		1,097
5.875%, 01/15/2019		400		423
5.625%, 01/07/2041		550		541
5.625%, 02/21/2047		500		488
5.000%, 01/27/2045		450		403
4.875%, 01/22/2021		500		530
4.250%, 01/07/2025		900		901
2.625%, 01/05/2023		750		706
Bundesobligation
0.250%, 10/16/2020	EUR	230		278
0.083%, 04/17/2020 (C)		175		210
0.000%, 04/08/2022 (C)		550		657
Bundesrepublik Deutschland
4.750%, 07/04/2034		521		981
2.500%, 07/04/2044		350		528
2.000%, 08/15/2023		490		650
0.500%, 02/15/2025		300		362
0.141%, 08/15/2026 (C)		500		568

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Cameroon Government International Bond
9.500%, 11/19/2025 (A)	$	200	$	235
Canadian Government International Bond
3.500%, 12/01/2045	CAD	110		106
3.500%, 12/01/2045		65		62
2.250%, 06/01/2025		744		608
1.750%, 09/01/2019		778		628
1.625%, 02/27/2019	$	100		100
Chile Government International Bond
3.875%, 08/05/2020		150		158
3.860%, 06/21/2047		300		303
3.250%, 09/14/2021		200		208
3.125%, 01/21/2026		610		620
Colombia Government International Bond
7.375%, 03/18/2019		750		814
7.375%, 09/18/2037		325		422
6.125%, 01/18/2041		700		810
5.625%, 02/26/2044		500		548
5.000%, 06/15/2045		800		810
4.500%, 01/28/2026		500		532
4.375%, 07/12/2021		400		427
4.000%, 02/26/2024		800		831
3.875%, 04/25/2027		600		606
2.625%, 03/15/2023		300		294
Costa Rica Government International Bond
7.158%, 03/12/2045		200		212
7.000%, 04/04/2044 (A)		200		210
4.375%, 04/30/2025 (A)		200		192
4.250%, 01/26/2023 (A)		200		196
Croatia Government International Bond
6.750%, 11/05/2019		200		218
6.625%, 07/14/2020 (A)		200		221
6.375%, 03/24/2021		350		390
6.000%, 01/26/2024		450		513
5.500%, 04/04/2023		250		277
Dominican Republic International Bond
7.500%, 05/06/2021		200		221
7.450%, 04/30/2044		250		293
6.875%, 01/29/2026 (A)		400		455
6.850%, 01/27/2045		400		438
6.600%, 01/28/2024		200		223
5.950%, 01/25/2027 (A)		300		321
5.875%, 04/18/2024		200		215
5.500%, 01/27/2025		200		211
Ecuador Government International Bond
10.750%, 03/28/2022 (A)		400		433
10.500%, 03/24/2020		200		212
9.650%, 12/13/2026 (A)		400		410
9.625%, 06/02/2027 (A)		200		205
8.750%, 06/02/2023 (A)		200		200
7.950%, 06/20/2024		400		383

Adviser Managed Trust / Annual Report / July 31, 2017 55

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Egypt Government International Bond MTN
8.500%, 01/31/2047 (A)	$	600	$	652
7.500%, 01/31/2027 (A)		600		645
6.875%, 04/30/2040		300		287
6.125%, 01/31/2022 (A)		400		413
5.875%, 06/11/2025		400		396
5.750%, 04/29/2020		200		207
El Salvador Government International Bond
8.625%, 02/28/2029 (A)		100		104
7.750%, 01/24/2023		150		152
7.650%, 06/15/2035		60		56
7.625%, 02/01/2041 (A)		300		275
7.375%, 12/01/2019		150		151
6.375%, 01/18/2027		200		181
5.875%, 01/30/2025		200		181
Ethiopia Government International Bond
6.625%, 12/11/2024		200		201
Export Development Canada
2.000%, 05/17/2022		200		200
1.625%, 12/03/2019		300		300
1.625%, 01/17/2020		250		250
1.375%, 10/21/2021		100		98
1.000%, 11/01/2018		100		100
Export-Import Bank of Korea
4.375%, 09/15/2021		200		214
2.875%, 01/21/2025		200		197
2.625%, 05/26/2026		200		192
2.250%, 01/21/2020		200		200
FMS Wertmanagement AoeR MTN
1.750%, 01/24/2020		200		201
1.000%, 08/16/2019		500		494
French Republic Government Bond OAT
4.750%, 04/25/2035	EUR	145		263
4.500%, 04/25/2041		130		241
4.250%, 10/25/2023		858		1,271
3.750%, 04/25/2021		700		951
3.250%, 10/25/2021		600		812
3.250%, 05/25/2045		400		626
2.750%, 10/25/2027		220		308
2.500%, 05/25/2030		1,130		1,557
0.500%, 05/25/2025		550		650
Gabon Government International Bond
6.950%, 06/16/2025	$	200		199
6.375%, 12/12/2024		200		195
Georgia Government International Bond
6.875%, 04/12/2021 (A)		200		223
Ghana Government International Bond
10.750%, 10/14/2030		300		374
8.125%, 01/18/2026		200		206
7.875%, 08/07/2023		200		206
Guatemala Government International Bond
5.750%, 06/06/2022 (A)		200		218

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
4.875%, 02/13/2028	$	200	$	206
4.375%, 06/05/2027 (A)		200		200
Honduras Government International Bond
7.500%, 03/15/2024		200		224
6.250%, 01/19/2027 (A)		150		158
Hungary Government International Bond
7.625%, 03/29/2041		300		455
6.375%, 03/29/2021		850		958
6.250%, 01/29/2020		350		382
5.750%, 11/22/2023		400		461
5.375%, 02/21/2023		400		448
5.375%, 03/25/2024		650		738
4.000%, 03/25/2019		150		155
Indonesia Government International Bond
11.625%, 03/04/2019		300		345
8.500%, 10/12/2035		300		439
7.750%, 01/17/2038		300		424
6.750%, 01/15/2044 (A)		275		362
6.625%, 02/17/2037		300		379
5.950%, 01/08/2046 (A)		400		482
5.875%, 03/13/2020		400		437
5.875%, 01/15/2024 (A)		300		343
5.375%, 10/17/2023 (A)		200		223
5.250%, 01/17/2042 (A)		400		438
5.250%, 01/08/2047 (A)		200		221
5.125%, 01/15/2045 (A)		400		434
4.875%, 05/05/2021 (A)		450		484
4.750%, 01/08/2026 (A)		400		432
4.750%, 07/18/2047 (A)		200		207
4.625%, 04/15/2043 (A)		400		411
4.350%, 01/08/2027 (A)		600		630
4.125%, 01/15/2025 (A)		400		415
3.850%, 07/18/2027 (A)		200		202
3.750%, 04/25/2022 (A)		400		413
3.700%, 01/08/2022 (A)		200		207
3.375%, 04/15/2023 (A)		200		201
Iraq Government AID Bond
2.149%, 01/18/2022		220		222
Iraq Government International Bond
5.800%, 01/15/2028 (A)		500		458
Israel Government International Bond
4.500%, 01/30/2043		200		213
4.000%, 06/30/2022		200		214
Italy Buoni Poliennali Del Tesoro
5.000%, 08/01/2034	EUR	330		509
4.750%, 09/01/2028 (A)		654		958
4.000%, 09/01/2020		310		408
3.750%, 05/01/2021		307		407
3.500%, 06/01/2018		452		550
3.250%, 09/01/2046 (A)		315		376
2.500%, 05/01/2019		1,300		1,604
2.500%, 12/01/2024		325		407

56 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
2.250%, 09/01/2036 (A)	EUR	285	$	310
2.150%, 12/15/2021		643		807
2.000%, 12/01/2025		450		538
1.050%, 12/01/2019		422		509
0.650%, 11/01/2020		785		938
0.650%, 10/15/2023		700		796
Italy Government International Bond MTN
6.875%, 09/27/2023	$	100		119
5.375%, 06/15/2033		150		171
Ivory Coast Government International Bond
6.375%, 03/03/2028		200		205
6.125%, 06/15/2033 (A)		200		196
5.750%, 12/31/2032 (D)		386		378
5.375%, 07/23/2024		200		197
Jamaica Government International Bond
7.875%, 07/28/2045		200		237
6.750%, 04/28/2028		300		342
Japan Bank for International Cooperation
2.875%, 06/01/2027		200		201
2.875%, 07/21/2027		200		200
2.500%, 06/01/2022		200		202
2.375%, 07/21/2022		100		100
2.250%, 02/24/2020		200		201
2.125%, 07/21/2020		100		101
2.125%, 02/10/2025		200		193
1.875%, 07/21/2026		200		186
1.750%, 11/13/2018		550		550
Japan Finance Organization for Municipalities
4.000%, 01/13/2021		100		105
Japan Government Five Year Bond
0.200%, 12/20/2017	JPY	69,000		625
0.200%, 12/20/2018		292,550		2,659
0.100%, 03/20/2018		86,000		779
0.100%, 06/20/2019		63,500		577
0.100%, 06/20/2020		115,500		1,051
0.100%, 09/20/2020		209,300		1,905
0.100%, 09/20/2021		252,000		2,296
0.100%, 12/20/2021		205,000		1,868
Japan Government Forty Year Bond
0.900%, 03/20/2057		1,400		12
Japan Government Ten Year Bond
0.700%, 12/20/2022		70,250		661
0.600%, 03/20/2023		117,100		1,098
0.500%, 09/20/2024		339,450		3,182
0.400%, 09/20/2025		60,000		560
0.100%, 03/20/2026		81,850		745
0.100%, 09/20/2026		141,200		1,283
0.100%, 03/20/2027		120,000		1,090
Japan Government Thirty Year Bond
2.500%, 03/20/2036		184,150		2,251
1.700%, 09/20/2044		296,650		3,269
0.800%, 06/20/2047		14,000		124

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
0.600%, 12/20/2046	JPY	18,000	$	152
0.500%, 09/20/2046		17,000		140
0.300%, 06/20/2046		13,350		104
Japan Government Twenty Year Bond
2.100%, 03/20/2030		231,500		2,591
1.600%, 03/20/2033		130,250		1,401
1.500%, 03/20/2033		140,600		1,493
0.600%, 12/20/2036		63,000		574
0.500%, 09/20/2036		22,000		197
Jordan Government International Bond
6.125%, 01/29/2026 (A)	$	200		205
5.750%, 01/31/2027 (A)		200		199
Kazakhstan Government International Bond MTN
6.500%, 07/21/2045 (A)		250		301
5.125%, 07/21/2025 (A)		550		604
4.875%, 10/14/2044 (A)		200		202
3.875%, 10/14/2024 (A)		200		205
Kenya Government International Bond
6.875%, 06/24/2024		400		408
5.875%, 06/24/2019		200		205
Korea Government International Bond
3.875%, 09/11/2023		200		214
Kuwait Government International Bond
3.500%, 03/20/2027 (A)		750		766
2.750%, 03/20/2022 (A)		750		755
Lebanon Government International Bond MTN
8.250%, 04/12/2021		500		536
7.250%, 03/23/2037		200		200
7.000%, 03/23/2032		200		200
6.850%, 03/23/2027		200		201
6.650%, 11/03/2028		250		246
6.650%, 02/26/2030		550		540
6.600%, 11/27/2026		800		798
6.375%, 03/09/2020		200		203
6.100%, 10/04/2022		600		597
6.000%, 01/27/2023		50		49
5.800%, 04/14/2020		550		550
5.450%, 11/28/2019		500		499
5.150%, 11/12/2018		100		101
Mexico Government International Bond MTN
8.125%, 12/30/2019		100		116
6.750%, 09/27/2034		625		802
6.050%, 01/11/2040		900		1,068
5.750%, 10/12/2110		500		527
5.550%, 01/21/2045		600		679
5.125%, 01/15/2020		950		1,030
4.750%, 03/08/2044		1,100		1,113
4.600%, 01/23/2046		800		792
4.350%, 01/15/2047		700		669
4.150%, 03/28/2027		700		731
4.125%, 01/21/2026		900		943

Adviser Managed Trust / Annual Report / July 31, 2017 57

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
4.000%, 10/02/2023	$	750	$	790
3.625%, 03/15/2022		800		836
3.600%, 01/30/2025		900		920
3.500%, 01/21/2021		100		105
Mongolia Government International Bond MTN
8.750%, 03/09/2024 (A)		200		223
5.125%, 12/05/2022		200		192
Morocco Government International Bond
5.500%, 12/11/2042 (A)		200		223
4.250%, 12/11/2022 (A)		200		211
Mozambique Government International Bond
10.500%, 01/18/2023 (A)		200		153
Namibia Government International Bond
5.500%, 11/03/2021 (A)		200		217
Nigeria Government International Bond
7.875%, 02/16/2032 (A)		400		441
6.375%, 07/12/2023		200		208
Oman Government International Bond
6.500%, 03/08/2047 (A)		500		521
5.375%, 03/08/2027 (A)		400		414
4.750%, 06/15/2026 (A)		400		398
3.625%, 06/15/2021 (A)		400		399
Pakistan Government International Bond
8.250%, 09/30/2025		200		227
7.250%, 04/15/2019		250		261
Panama Government International Bond
7.125%, 01/29/2026		100		128
6.700%, 01/26/2036		500		652
5.200%, 01/30/2020		550		594
4.500%, 05/15/2047		300		309
4.300%, 04/29/2053		200		199
4.000%, 09/22/2024		350		371
3.875%, 03/17/2028		600		624
3.750%, 03/16/2025		700		728
Paraguay Government International Bond
6.100%, 08/11/2044		200		224
5.000%, 04/15/2026 (A)		200		213
4.700%, 03/27/2027 (A)		200		208
Peruvian Government International Bond
8.750%, 11/21/2033		250		387
7.350%, 07/21/2025		650		854
6.550%, 03/14/2037		500		664
5.625%, 11/18/2050		550		677
4.125%, 08/25/2027		300		328
Philippine Government International Bond
10.625%, 03/16/2025		100		153
9.875%, 01/15/2019		150		168
9.500%, 02/02/2030		100		161
8.375%, 06/17/2019		300		336
7.750%, 01/14/2031		550		795
6.500%, 01/20/2020		200		222
6.375%, 01/15/2032		100		131

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
6.375%, 10/23/2034	$	550	$	739
5.500%, 03/30/2026		850		1,021
5.000%, 01/13/2037		500		592
4.200%, 01/21/2024		650		712
4.000%, 01/15/2021		350		373
3.950%, 01/20/2040		600		625
3.700%, 03/01/2041		600		602
3.700%, 02/02/2042		500		501
Poland Government International Bond
6.375%, 07/15/2019		750		816
5.125%, 04/21/2021		450		494
5.000%, 03/23/2022		675		747
4.000%, 01/22/2024		500		535
3.250%, 04/06/2026		650		662
3.000%, 03/17/2023		400		407
Province of Alberta Canada
2.200%, 07/26/2022		200		200
1.900%, 12/06/2019		200		200
Province of British Columbia Canada
2.250%, 06/02/2026		100		97
2.000%, 10/23/2022		225		224
Province of Manitoba Canada
3.050%, 05/14/2024		100		103
2.125%, 05/04/2022		200		200
2.125%, 06/22/2026		100		95
Province of Ontario Canada
4.400%, 04/14/2020		200		213
3.200%, 05/16/2024		400		418
2.500%, 09/10/2021		200		203
2.500%, 04/27/2026		200		197
2.400%, 02/08/2022		300		303
2.250%, 05/18/2022		200		201
2.000%, 01/30/2019		100		101
1.625%, 01/18/2019		100		100
Province of Quebec Canada
7.500%, 09/15/2029		300		428
3.500%, 07/29/2020		250		262
2.750%, 04/12/2027		250		250
2.375%, 01/31/2022		100		101
Qatar Government International Bond
9.750%, 06/15/2030 (A)		200		320
6.550%, 04/09/2019 (A)		300		321
6.400%, 01/20/2040 (A)		200		260
5.750%, 01/20/2042 (A)		200		242
5.250%, 01/20/2020 (A)		450		479
4.625%, 06/02/2046 (A)		400		416
4.500%, 01/20/2022 (A)		350		373
3.250%, 06/02/2026 (A)		600		594
2.375%, 06/02/2021 (A)		800		789
Republic of Belarus International Bond
7.625%, 06/29/2027 (A)		100		107
6.875%, 02/28/2023 (A)		200		212

58 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Republic of Suriname
9.250%, 10/26/2026 (A)	$	200	$	205
Romanian Government International Bond MTN
6.750%, 02/07/2022 (A)		300		348
6.125%, 01/22/2044 (A)		200		253
4.875%, 01/22/2024 (A)		300		330
4.375%, 08/22/2023 (A)		300		321
Russian Foreign Bond - Eurobond
12.750%, 06/24/2028 (A)		475		834
7.500%, 03/31/2030 (D)		2,197		2,636
5.875%, 09/16/2043 (A)		200		225
5.625%, 04/04/2042 (A)		600		654
5.000%, 04/29/2020		700		741
4.875%, 09/16/2023 (A)		800		864
4.500%, 04/04/2022 (A)		400		425
3.500%, 01/16/2019 (A)		400		407
Saudi Government International Bond MTN
4.500%, 10/26/2046 (A)		1,300		1,324
3.250%, 10/26/2026 (A)		1,000		990
2.375%, 10/26/2021 (A)		1,050		1,034
Senegal Government International Bond
6.250%, 07/30/2024		200		213
6.250%, 05/23/2033 (A)		200		206
Serbia Government International Bond
7.250%, 09/28/2021		250		290
5.875%, 12/03/2018		200		209
4.875%, 02/25/2020		400		420
South Africa Government International Bond
6.875%, 05/27/2019		250		270
6.250%, 03/08/2041		200		218
5.875%, 05/30/2022		200		220
5.875%, 09/16/2025		300		325
5.500%, 03/09/2020		350		373
5.375%, 07/24/2044		200		197
5.000%, 10/12/2046		200		187
4.875%, 04/14/2026		300		303
4.665%, 01/17/2024		300		306
4.300%, 10/12/2028		400		379
Sri Lanka Government International Bond
6.850%, 11/03/2025 (A)		200		216
6.825%, 07/18/2026 (A)		200		215
6.250%, 10/04/2020 (A)		200		213
6.250%, 07/27/2021(A)		200		213
6.200%, 05/11/2027 (A)		300		309
6.125%, 06/03/2025		200		208
6.000%, 01/14/2019		200		207
5.875%, 07/25/2022 (A)		200		209
5.750%, 01/18/2022 (A)		200		209
Svensk Exportkredit MTN
2.375%, 03/09/2022		200		203
1.875%, 06/23/2020		200		201
1.750%, 05/18/2020		200		200

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
1.250%, 04/12/2019	$	250	$	249
Trinidad & Tobago Government International Bond
4.500%, 08/04/2026 (A)		300		297
Turkey Government International Bond
8.000%, 02/14/2034		100		125
7.500%, 11/07/2019		450		493
7.375%, 02/05/2025		650		759
7.250%, 03/05/2038		200		237
7.000%, 03/11/2019		200		213
7.000%, 06/05/2020		350		385
6.875%, 03/17/2036		600		681
6.750%, 05/30/2040		400		450
6.625%, 02/17/2045		650		722
6.250%, 09/26/2022		500		548
6.000%, 03/25/2027		600		646
6.000%, 01/14/2041		600		620
5.750%, 03/22/2024		550		587
5.750%, 05/11/2047		300		298
5.625%, 03/30/2021		400		426
5.125%, 03/25/2022		200		210
4.875%, 10/09/2026		900		898
4.875%, 04/16/2043		625		563
4.250%, 04/14/2026		500		480
3.250%, 03/23/2023		200		190
Ukraine Government AID Bond
1.847%, 05/29/2020		263		264
Ukraine Government International Bond
7.750%, 09/01/2019 (A)		400		415
7.750%, 09/01/2020 (A)		400		415
7.750%, 09/01/2021 (A)		400		413
7.750%, 09/01/2025 (A)		400		397
7.750%, 09/01/2026 (A)		400		393
7.750%, 09/01/2027 (A)		500		491
United Kingdom Gilt
4.750%, 12/07/2038	GBP	220		440
4.500%, 09/07/2034		128		239
4.250%, 06/07/2032		448		798
4.250%, 06/07/2032		75		134
4.250%, 12/07/2040		318		608
3.750%, 09/07/2021		732		1,097
3.750%, 07/22/2052		755		1,501
3.500%, 01/22/2045		215		380
3.500%, 07/22/2068		40		85
2.250%, 09/07/2023		470		676
2.000%, 07/22/2020		296		410
2.000%, 09/07/2025		165		235
1.500%, 07/22/2026		483		657
1.250%, 07/22/2018		302		402
Uruguay Government International Bond
7.625%, 03/21/2036	$	400		547
5.100%, 06/18/2050		875		904

Adviser Managed Trust / Annual Report / July 31, 2017 59

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
4.500%, 08/14/2024	$	500	$	544
4.375%, 10/27/2027		600		641
4.125%, 11/20/2045		200		188
Venezuela Government International Bond
12.750%, 08/23/2022		700		311
11.950%, 08/05/2031		900		373
11.750%, 10/21/2026		700		296
9.375%, 01/13/2034		550		220
9.250%, 09/15/2027		500		210
9.250%, 05/07/2028		200		77
9.000%, 05/07/2023		600		234
8.250%, 10/13/2024		100		38
7.750%, 10/13/2019		750		321
7.650%, 04/21/2025		500		189
7.000%, 03/31/2038		400		152
Vietnam Government International Bond
6.750%, 01/29/2020		150		164
4.800%, 11/19/2024		200		210
Zambia Government International Bond
8.970%, 07/30/2027		200		217
8.500%, 04/14/2024		200		212
5.375%, 09/20/2022		200		190
Total Sovereign Debt (Cost $200,023) ($ Thousands)				205,944
U.S. GOVERNMENT AGENCY OBLIGATIONS – 1.5%
FFCB
1.620%, 04/20/2021		250		248
1.500%, 12/19/2019		250		250
FHLB
5.500%, 07/15/2036		225		304
2.310%, 08/09/2022		500		500
1.875%, 11/29/2021		500		502
1.625%, 06/14/2019		1,250		1,255
1.375%, 05/28/2019		2,455		2,455
1.375%, 11/15/2019		425		424
1.250%, 01/16/2019		1,000		999
1.125%, 07/14/2021		750		733
FHLMC
6.750%, 03/15/2031		500		725
6.250%, 07/15/2032		300		425
2.375%, 01/13/2022		375		383
1.375%, 05/01/2020		1,200		1,195
1.250%, 07/26/2019		250		249
1.100%, 09/13/2018		500		499
1.070%, 09/06/2018		250		249
FHLMC MTN
1.500%, 01/17/2020		1,000		1,000
0.875%, 10/12/2018		1,000		995

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
FNMA
6.625%, 11/15/2030	$	475	$	679
2.625%, 09/06/2024		600		617
2.125%, 04/24/2026		205		200
1.875%, 02/19/2019		150		151
1.875%, 12/28/2020		1,100		1,109
1.750%, 09/12/2019		750		755
1.625%, 01/21/2020		375		376
1.500%, 06/22/2020		300		300
1.500%, 07/30/2020		1,000		998
1.125%, 10/19/2018		500		499
0.875%, 08/02/2019		250		247
Tennessee Valley Authority
5.250%, 09/15/2039		275		359
3.500%, 12/15/2042		125		129
2.875%, 09/15/2024		500		520
2.875%, 02/01/2027		150		154
Total U.S. Government Agency Obligations (Cost $20,379) ($ Thousands)				20,483
ASSET-BACKED SECURITIES – 0.7%
American Express Credit Account Master Trust, Ser 2017-1, Cl A
1.930%, 09/15/2022		500		502
AmeriCredit Automobile Receivables Trust, Ser 2016-2, Cl B
2.210%, 05/10/2021		500		502
CarMax Auto Owner Trust, Ser 2016-4, Cl A3
1.400%, 08/15/2021		650		646
Chase Issuance Trust, Ser 2012-A7, Cl A7
2.160%, 09/16/2024		300		299
Chase Issuance Trust, Ser 2016-A5, Cl A5
1.270%, 07/15/2021		300		297
Citibank Credit Card Issuance Trust, Ser 2014-A5, Cl A5
2.680%, 06/07/2023		470		482
Citibank Credit Card Issuance Trust, Ser 2016- A1, Cl A1
1.750%, 11/19/2021		305		305
Citibank Credit Card Issuance Trust, Ser 2017-A3, Cl A3
1.920%, 04/07/2022		500		502
CSAIL Commercial Mortgage Trust, Ser 2015-C3, Cl A4
3.718%, 08/15/2048		245		257
CSMC Trust, Ser 2016-NXSR, Cl A4
3.795%, 12/15/2049 (B)		350		366
Discover Card Execution Note Trust, Ser 2014-A4, Cl A4
2.120%, 12/15/2021		200		202

60 Adviser Managed Trust / Annual Report / July 31, 2017

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Ford Credit Auto Owner Trust, Ser 2017-A, Cl A3
1.670%, 06/15/2021	$	400	$	400
Honda Auto Receivables Owner Trust, Ser 2017-1, Cl A3
1.720%, 07/21/2021		400		400
Morgan Stanley Capital I Trust, Ser 2016-BNK2, Cl A3
2.791%, 11/15/2049		500		490
Santander Drive Auto Receivables Trust, Ser 2015-3, Cl C
2.740%, 01/15/2021		700		706
Synchrony Credit Card Master Note Trust, Ser 2012-7, Cl A
1.760%, 09/15/2022		300		299
Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, Cl A3
3.290%, 05/15/2048		650		664
Wells Fargo Commercial Mortgage Trust, Ser 2015-C31, Cl A4
3.695%, 11/15/2048		1,000		1,048
Wells Fargo Commercial Mortgage Trust, Ser 2016-C32, Cl A1
1.577%, 01/15/2059		393		392
Wells Fargo Commercial Mortgage Trust, Ser 2017-RC1, Cl A4
3.631%, 01/15/2060		300		313
Total Asset-Backed Securities (Cost $9,067) ($ Thousands)				9,072
MUNICIPAL BONDS – 0.5%
California – 0.2%
Bay Area, Toll Authority, RB
6.263%, 04/01/2049		200		291
California State University, Ser B, RB Callable 05/01/2047 @ 100
3.899%, 11/01/2047		200		203
California State, Build America Bonds, GO
7.600%, 11/01/2040		175		274
7.550%, 04/01/2039		350		542
California State, Department of Water Resources, Ser P, RB
2.000%, 05/01/2022		25		25
California State, East Bay Municipal Utility District, Water System Revenue, RB
5.874%, 06/01/2040		200		262
California State, GO Callable 10/01/2019 @ 100
2.193%, 04/01/2020 (B)		300		301
Los Angeles, Unified School District, GO
5.750%, 07/01/2034		200		255

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
University of California, Ser AJ, RB
4.601%, 05/15/2031	$	250	$	279
University of California, Ser AQ, RB
4.767%, 05/15/2115		250		256
				2,688
Connecticut – 0.0%
Connecticut State, Ser A, GO
5.850%, 03/15/2032		200		235
Georgia – 0.0%
Georgia State, Municipal Electric Authority, RB
6.655%, 04/01/2057		100		128
6.637%, 04/01/2057		200		258
				386
Illinois – 0.0%
Illinois State, GO
5.100%, 06/01/2033		400		401
4.950%, 06/01/2023		100		102
				503
New Jersey – 0.1%
New Jersey State, Turnpike Authority, RB
7.414%, 01/01/2040		225		340
7.102%, 01/01/2041		350		512
				852
New York – 0.1%
New York & New Jersey, Port Authority, RB
4.458%, 10/01/2062		200		221
New York & New Jersey, Port Authority, Ser 20, RB
4.229%, 10/15/2057		65		69
New York City, Water & Sewer System, RB
5.750%, 06/15/2041		100		132
New York State, Dormitory Authority, RB
5.289%, 03/15/2033		100		118
New York State, Metropolitan Transportation Authority, RB
6.814%, 11/15/2040		250		346
				886
Ohio – 0.0%
American Municipal Power, Ser B, RB
8.084%, 02/15/2050		100		164
South Carolina – 0.0%
South Carolina State, Public Service Authority, Ser D, RB
2.388%, 12/01/2023		50		47

Adviser Managed Trust / Annual Report / July 31, 2017 61

SCHEDULE OF INVESTMENTS

JULY 31, 2017

Tactical Offensive Fixed Income Fund (Concluded)

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	$	105
Texas — 0.1%
Houston, Ser A, GO
6.290%, 03/01/2032		90		108
Texas State, Build America Bonds, GO
5.517%, 04/01/2039		200		258
Texas State, Transportation Commission State Highway Fund, Ser B, RB
5.178%, 04/01/2030		200		236
				602
Total Municipal Bonds (Cost $6,185) ($ Thousands)				6,468
		Number of Warrants
WARRANTS — 0.0%
Comstock Resources, Expires 06/15/2020 Strike Price $0 *		275		2
Total Warrants (Cost $—) ($ Thousands)				2
Total Investments — 99.2% (Cost $1,299,359) ($ Thousands)			$	1,313,250

A list of open forward foreign currency contracts held by the Fund at July 31, 2017, is as follows:

Settlement Date	Currency to Deliver (Thousands)		Currency To Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
09/01/17	CAD	1,769	USD	1,419		$3
08/03/17	CAD	1,801	USD	1,388		(52)
08/03/17-09/05/17	GBP	11,674	USD	15,249		(151)
08/03/17-09/05/17	EUR	34,202	USD	39,660		(707)
08/03/17-09/05/17	JPY	7,309,002	USD	65,782		(432)
						$(1,339)

A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at July 31, 2017, is as follows:

Counterparty	Currency to Deliver ($ Thousands)		Currency to Receive ($ Thousands)		Unrealized Depreciation ($ Thousands)
Brown Brothers Harriman		$(124,837)		$123,498		$(1,339)
						$(1,339)

Percentages are based on Net Assets of $1,323,854 ($ Thousands).

* Non-income producing security.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On July 31, 2017, the value of these securities amounted to $109,918 ($ Thousands), representing 8.3% of the Net Assets of the Fund.

(B) Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of July 31, 2017.

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

(D) Step Bonds – The rate reflected on the Schedule of Investments is the effective yield on July 31, 2017. The coupon on a step bond changes on a specified date.

AID — Agency for International Development

CAD — Canadian Dollar

Cl — Class

EUR — Euro

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GBP — British Pound Sterling

GNMA — Government National Mortgage Association

GO — General Obligation

JPY — Japanese Yen

LLLP — Limited Liability Limited Partnership

MSCI — Morgan Stanley Capital International

MTN — Medium Term Note

PIK — Payment-in-Kind

PLC — Public Limited Company

PTY — Proprietary

RB — Revenue Bond

S&P— Standard & Poor’s

Ser — Series

USD — United States Dollar

62 Adviser Managed Trust / Annual Report / July 31, 2017

The following is a list of the level of inputs used as of July 31, 2017, 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	$	–	$	407,887	$	–	$	407,887
U.S. Treasury Obligations		–		367,671		–		367,671
Mortgage-Backed Securities		–		295,723		–		295,723
Sovereign Debt		–		205,944		–		205,944
U.S. Government Agency Obligations		–		20,483		–		20,483
Asset-Backed Securities		–		9,072		–		9,072
Municipal Bonds		–		6,468		–		6,468
Warrants		–		—		2		2
Total Investments in Securities	$	–	$	1,313,248	$	2	$	1,313,250
Other Financial Instruments	Level 1		Level 2		Level 3		Total
Forwards Contracts *
Unrealized Appreciation	$	—	$	3	$	—	$	3
Unrealized Depreciation		—		(1,342)		—		(1,342)
Total Other Financial Instruments	$	—	$	(1,339)	$	—	$	(1,339)

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

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

For the year ended July 31, 2017, there were no transfers between Level 1, Level 2, and/or Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the year.

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

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

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

Adviser Managed Trust / Annual Report / July 31, 2017 63

STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)

July 31, 2017

	Tactical Offensive Equity Fund			Tactical Offensive Fixed Income Fund
Assets:
Investments, at value†	$	2,226,049		$	1,313,250
Affiliated investments, at value††		435			—
Cash		35,359			10,026
Foreign currency, at value †††		2,649			293
Dividends and interest receivable		2,557			9,682
Cash pledged as collateral for futures contracts		1,517			—
Receivable for fund shares sold		661			259
Foreign tax reclaim receivable		493			—
Receivable for investment securities sold		298			6,821
Receivable for variation margin		24			—
Unrealized gain on foreign spot currency contracts		—			145
Unrealized gain on forward foreign currency contracts		—			3
Prepaid expenses		17			11
Total Assets		2,270,059			1,340,490
Liabilities:
Payable for fund shares redeemed		584			364
Shareholder servicing fees payable		475			279
Administration fees payable		355			7
Investment advisory fees payable		55			52
Payable for investment securities purchased		42			14,402
Payable for variation margin		36			—
Chief Compliance Officer fees payable		4			2
Unrealized loss on forward foreign currency contracts		—			1,342
Unrealized loss on foreign spot currency contracts		—			3
Accrued expense payable		186			185
Total Liabilities		1,737			16,636
Net Assets	$	2,268,322		$	1,323,854
† Cost of investments	$	1,876,382		$	1,299,359
†† Cost of affiliated investments		372			—
††† Cost of foreign currency		2,618			289
Net Assets:
Paid-in Capital — (unlimited authorization — no par value)	$	1,889,763		$	1,314,125
Undistributed net investment income		21,708			7,993
Accumulated net realized gain/(loss) on investments, futures contracts and foreign currency		6,072			(10,973	)
Net unrealized appreciation/(depreciation) on investments		349,730			13,891
Net unrealized appreciation/(depreciation) on futures contracts		980			—
Net unrealized appreciation/(depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		69			(1,182	)
Net Assets	$	2,268,322		$	1,323,854
Net Asset Value, Offering and Redemption Price Per Share	$	15.74		$	10.35
	($	2,268,322,090 144,068,604 shares	÷  )	($	1,323,853,857 127,957,882 shares	÷  )

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 / Annual Report / July 31, 2017

STATEMENTS OF OPERATIONS ($ Thousands)

For the year ended July 31, 2017

	Tactical Offensive Equity Fund			Tactical Offensive Fixed Income Fund
Investment income:
Dividends	$	45,456		$	—
Dividends from affiliated investments (1)		4			—
Interest income		1			35,549
Less: foreign taxes withheld		(1,493	)		(9)
Total investment income		43,968			35,540
Expenses:
Shareholder servicing fees		5,033			3,059
Administration fees		4,026			2,447
Investment advisory fees		4,026			1,836
Trustee fees		27			16
Chief Compliance Officer fees		12			8
Custodian/wire agent fees		292			53
Professional fees		99			86
Printing fees		83			51
Registration fees		65			63
Other expenses		176			407
Total expenses		13,839			8,026
Less:
Waiver of investment advisory fees		(3,455	)		(1,264	)
Waiver of administration fees		(283	)		(2,096	)
Net expenses		10,101			4,666
Net investment income		33,867			30,874
Net realized gain/(loss) on:
Investments		10,886			(308	)
Futures contracts		8,137			—
Foreign currency transactions		12			2,590
Net change in unrealized appreciation/(depreciation) on:
Investments		267,867			(24,503	)
Affiliated investments (1)		78			—
Futures contracts		(1,816	)		—
Foreign currency and translation of other assets and liabilities denominated in foreign currency		59			(1,038	)
Net increase in net assets resulting from operations	$	319,090		$	7,615

(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.

Adviser Managed Trust / Annual Report / July 31, 2017 65

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the years ended July 31,

		Tactical Offensive Equity Fund						Tactical Offensive Fixed Income Fund
		2017			2016			2017			2016
Operations:
Net investment income	$	33,867		$	7,073		$	30,874		$	25,648
Net realized gain/(loss) from investments, affiliated investments and futures contracts		19,023			(24,088	)		(308	)		(4,196	)
Net realized gain/(loss) on foreign currency transactions		12			101			2,590			(3,927	)
Net change in unrealized appreciation/(depreciation) on investments, affiliated investments and futures contracts		266,129			(68,023	)		(24,503	)		47,726
Net change in unrealized appreciation/(depreciation) on foreign currency and translation of other assets and liabilities denominated in foreign currency		59			103			(1,038	)		(339	)
Net increase/(decrease) in net assets resulting from operations		319,090			(84,834	)		7,615			64,912
Dividends and distributions from:
Net investment income		(17,550	)		(18,071	)		(33,358	)		(21,066	)
Net realized gains		—			(12,906	)		—			—
Total dividends and distributions		(17,550	)		(30,977	)		(33,358	)		(21,066	)
Capital share transactions:(1)
Proceeds from shares issued		420,501			1,831,274			340,938			342,224
Reinvestment of dividends & distributions		17,311			3			33,031			20,853
Cost of shares redeemed		(320,018	)		(1,549,210	)		(167,747	)		(240,686	)
Increase in net assets derived from capital share transactions		117,794			282,067			206,222			122,391
Net increase in net assets		419,334			166,256			180,479			166,237
Net assets:
Beginning of year		1,848,988			1,682,732			1,143,375			977,138
End of year	$	2,268,322		$	1,848,988		$	1,323,854		$	1,143,375
Undistributed net investment income included in net assets at year end	$	21,708		$	4,205		$	7,993		$	5,550

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

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 / Annual Report / July 31, 2017

FINANCIAL HIGHLIGHTS

For the years ended July 31,

For a share outstanding throughout the years

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

^† 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.

(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.

Adviser Managed Trust / Annual Report / July 31, 2017 67

NOTES TO FINANCIAL STATEMENTS

July 31, 2017

1. ORGANIZATION

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

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

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

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

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Use of Estimates — The 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, 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

68 Adviser Managed Trust / Annual Report / July 31, 2017

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 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

Adviser Managed Trust / Annual Report / July 31, 2017 69

NOTES TO FINANCIAL STATEMENTS (Continued)

July 31, 2017

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.

Funds that hold international securities also use a third-party fair valuation vendor. The vendor provides a fair value for foreign securities held by the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security). Values from the fair value vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a “confidence interval” which is

used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, these Funds will value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation vendor.

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

70 Adviser Managed Trust / Annual Report / July 31, 2017

contracts. The Fund may use a systematic fair valuation model provided by an independent pricing service to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the New York Stock Exchange. These are generally categorized as Level 2 in the hierarchy.

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

The valuation techniques used by the Funds to measure fair value during the year ended July 31, 2017, maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended July 31, 2017, there have been no significant changes to the Trust’s fair valuation methodologies.

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

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

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

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

Repurchase Agreements — Securities pledged as collateral for repurchase agreements are held by each Fund’s custodian bank until the repurchase date of the

repurchase agreement. The Funds also invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker’s custodian bank in a segregated account until the repurchase date of the repurchase agreement. Provisions of the repurchase agreements and the Trust’s policies require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. If the counterparty defaults and the value of the collateral declines, or if the counterparty enters into an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. There were no outstanding repurchase agreements as of July 31, 2017.

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 July 31, 2017.

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

Adviser Managed Trust / Annual Report / July 31, 2017 71

NOTES TO FINANCIAL STATEMENTS (Continued)

July 31, 2017

are treated as ordinary income for Federal income tax purposes.

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

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Summary Schedule of Investments/Schedule of Investments for details regarding open forward foreign currency contracts as of July 31, 2017, if applicable.

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

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

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

regarding open futures contracts as of July 31, 2017, if applicable.

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

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

Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Summary Schedule of Investments/Schedule of Investments for details regarding open option/swaption contracts as of July 31, 2017, if applicable. There were no outstanding option/swaption contracts during the year ended July 31, 2017.

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

72 Adviser Managed Trust / Annual Report / July 31, 2017

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

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

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

These risks may be mitigated by having a master netting arrangement between a Fund and the counterparty and by having the counterparty post collateral to cover a Fund’s exposure to the counterparty. See Note 3 for further details. There were no outstanding swap agreements as of July 31, 2017.

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

Adviser Managed Trust / Annual Report / July 31, 2017 73

NOTES TO FINANCIAL STATEMENTS (Continued)

July 31, 2017

to the Loan, nor any rights of set-off against the borrower, and the Fund will not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, the Fund assumes the credit risk of both the borrower and the Lender that is selling the Participation.

Certain debt obligations, customarily referred to as “Brady Bonds,” are created through the exchange of existing commercial bank loans to foreign entities for new obligations in connection with debt restructuring under a plan introduced by former U.S. Secretary of the Treasury Nicholas F. Brady. Brady Bonds have only been issued since 1989, and, accordingly, do not have a long payment history. They are issued by governments that may have previously defaulted on the loans being restructured by the Brady Bonds, so they are subject to the risk of default by the issuer. They may be fully or partially collateralized or uncollateralized and issued in various currencies. As of July 31, 2017, the Funds did not hold any loans.

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

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

The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. Normally, CLOs and other CDOs are privately offered and sold, and thus,

are not registered under the securities laws. As a result, investments in CDOs may be characterized by a Fund as illiquid securities; however, an active dealer market may exist for CDOs allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities (e.g., interest rate risk and default risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline CDOs that are subordinate structure of the investment and investment results. The Funds did not hold any CDO’s or CLO’s during the year ended July 31, 2017.

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

Illiquid Securities — A security is considered illiquid if it cannot be sold or disposed of in the ordinary course of business within seven days or less for its approximate carrying value on the books of a Fund. Valuations of illiquid securities may differ significantly from the values that would have been used had an active market value for these securities existed. The Funds did not hold any illiquid securities during the year ended July 31, 2017.

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

74 Adviser Managed Trust / Annual Report / July 31, 2017

referenced assets are corporate debt, sovereign debt and asset-backed securities.

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

If a Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will generally either (i) pay to the buyer an amount equal to the notional amount 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 July 31, 2017.

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.

Adviser Managed Trust / Annual Report / July 31, 2017 75

NOTES TO FINANCIAL STATEMENTS (Continued)

July 31, 2017

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.

The following is a summary of the variation margin of exchange-traded or centrally cleared financial derivative instruments as of July 31, 2017 ($ Thousands):

	Financial Derivative Assets				Financial Derivative Liabilities
	Variation Margin Asset				Variation Margin Liability
	Futures		Total		Futures		Total
Tactical Offensive Equity Fund		$24		$24		$36		$36
Total Exchange-Traded or Centrally Cleared		$24		$24		$36		$36

Cash with an aggregate market value of $1,517 ($ Thousands) has been pledged as collateral for exchange-traded and centrally cleared derivative instruments as of July 31, 2017.

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 July 31, 2017 ($ 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		$3		$3		$1,342		$1,342		$(1,339)		$—		$(1,339)
Total Over the Counter		$3		$3		$1,342		$1,342

(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 July 31, 2017.

76 Adviser Managed Trust / Annual Report / July 31, 2017

The following table discloses the volume of the Fund’s futures contracts and forward foreign currency contracts activity during the year ended July 31, 2017 ($ Thousands):

	Tactical Offensive Equity Fund		Tactical Offensive Fixed Income Fund
Futures Contracts:
Equity Contracts
Average Notional Balance Long	$	38,757	$	–
Ending Notional Balance Long		40,580		–
Forward Foreign Currency Contracts:
Average Notional Balance Long		–		73,748
Average Notional Balance Short		–		73,630
Ending Notional Balance Long		–		185,547
Ending Notional Balance Short		–		186,745

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

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

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

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

Effective November 30, 2016, the Funds’ administrator and/or its affiliates have contractually agreed to waive fees or reimburse expenses for each Fund until November 30, 2017, 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.

Adviser Managed Trust / Annual Report / July 31, 2017 77

NOTES TO FINANCIAL STATEMENTS (Continued)

July 31, 2017

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

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

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

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

As of July 31, 2017, 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 year ended July 31, 2017.

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 year ended July 31, 2017, 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.

The following is a summary of the transactions the Tactical Offensive Equity Fund had with affiliates for the year ended July 31, 2017 ($ Thousands):

Security Description	Value 8/1/2016		Purchases at Cost		Proceeds from Sales		Realized Gain		Change in Unrealized Appreciation (Depreciation)		Value 7/31/2017		Dividend Income
SEI Investments		$  293		$  64		$  —		$  —		$  78		$  435		$  4
Totals		$  293		$  64		$  —		$  —		$  78		$  435		$  4

78 Adviser Managed Trust / Annual Report / July 31, 2017

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 year ended July 31, 2017, 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
	2017			2016			2017			2016
Shares Issued		29,332			141,438			33,042			33,431
Shares Issued in Lieu of Dividends and Distributions		1,239			1			3,231			2,045
Shares Redeemed		(22,515	)		(126,253	)		(16,248	)		(23,408	)
Increase in capital share transactions		8,056			15,186			20,025			12,068

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 year ended July 31, 2017, were as follows:

	U.S. Gov’t ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Tactical Offensive Equity Fund
Purchases	$	—	$	310,906	$	310,906
Sales		—		157,648		157,648
Tactical Offensive Fixed Income Fund
Purchases		585,408		207,738		793,146
Sales		438,886		142,421		581,307

8. FEDERAL TAX INFORMATION

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

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

Accordingly, the following permanent differences, primarily attributable to investments in Passive Foreign Investment Companies, different treatment for gains and losses on paydowns of mortgage and asset-backed securities for tax purposes, reclassification of long-term capital gain distributions on Real Estate Investment Trust securities, write-off of capital losses, corporate action adjustments, partnership reclassifications, and gains and losses on certain foreign currency related transactions have been reclassified to/from the following accounts as of July 31, 2017.

	Undistributed Net Investment Income (Loss) ($ Thousands)		Accumulated Realized Gain (Loss) ($Thousands)			Paid-in- Capital ($ Thousands)
Tactical Offensive Equity Fund	$	1,186	$	15,876		$	(17,062	)
Tactical Offensive Fixed Income Fund		4,927		(4,927	)		—

These reclassifications have no impact on net assets or net asset value per share.

Adviser Managed Trust / Annual Report / July 31, 2017 79

NOTES TO FINANCIAL STATEMENTS (Concluded)

July 31, 2017

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

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

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

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

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

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

For Federal income tax purposes, the cost of securities owned at July 31, 2017, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to investments in passive foreign investment companies, swap accruals and wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.

The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at July 31, 2017, was as follows:

	Federal Tax Cost ($ Thousands)		Appreciated Securities ($ Thousands)		Depreciated Securities ($ Thousands)			Net Unrealized Appreciation (Depreciation) ($ Thousands)
Tactical Offensive Equity Fund	$	1,884,436	$	399,008	$	(56,960	)	$	342,048
Tactical Offensive Fixed Income Fund		1,300,143		23,863		(10,756	)		13,107

Management has analyzed the Funds’ tax positions taken on Federal income tax returns for all open tax

years and has concluded that as of July 31, 2017, no provision for income tax would be required in the Funds’ financial statements. The Funds’ Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

9. CONCENTRATION/RISKS

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

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

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

80 Adviser Managed Trust / Annual Report / July 31, 2017

of an issuer to make payments of interest and principal may also affect the value of these investments.

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

10. CONCENTRATION OF SHAREHOLDERS

SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company (“SEI”). As of July 31, 2017, SPTC held of record the following percentage of outstanding shares of each Fund:

Tactical Offensive Equity Fund	94.04%
Tactical Offensive Fixed Income Fund	94.08%

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

11. REGULATORY MATTERS

In October 2016, the Securities and Exchange Commission (the “SEC”) released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule which introduces two new regulatory reporting forms for investment companies – Form N-PORT and Form N-CEN – also contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although management is still evaluating the impact of the Rule, it believes that many of the Regulation S-X amendments are consistent with the Funds’ current financial statement presentation and expects that the Funds will be able to comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

12. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of July 31, 2017.

Adviser Managed Trust / Annual Report / July 31, 2017 81

REPORT OF INDEPENDENT REGISTERED ACCOUNTING FIRM

To the Shareholder and Board of Trustees

Adviser Managed Trust:

We have audited the accompanying statement of assets and liabilities, including the summary schedule of investments, of the Tactical Offensive Equity Fund and the accompanying statement of assets and liabilities, including the schedule of investments, of the Tactical Offensive Fixed Income Fund comprising the Adviser Managed Trust (the “Trust”), as of July 31, 2017, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2017, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the funds comprising Adviser Managed Trust as of July 31, 2017, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania

September 29, 2017

82 Adviser Managed Trust / Annual Report / July 31, 2017

TRUSTEES AND OFFICERS OF THE TRUST (Unaudited)

The following chart lists Trustees and Officers as of July 31, 2017.

Set forth below are the names, addresses, ages, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of portfolios in fund complex overseen by trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust. The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-800-342-5734.

Name	Position(s) Held with Trusts	Term of Office and Length of Time Served 1	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee 2	Other Directorships Held by Trustee
INTERESTED TRUSTEES
Robert A. Nesher One Freedom Valley Drive Oaks, PA 19456 70 yrs. old	Chairman of the Board of Trustees*	since 1995	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	104	Vice Chairman of The Advisors’ Inner Circle Fund III, O’Connor EQUUS, Winton Series Trust and Winton Diversified Opportunities Fund since 2014. Vice Chairman of Gallery Trust since 2015. President and Director of SEI Structured Credit Fund, LP. Director of SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments–Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Multi-Strategy Funds PLC, SEI Global Nominee Ltd and SEI Investments–Unit Trust Management (UK) Limited. Director and President of SEI Opportunity Fund, L.P. to 2010. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds and The KP Funds.
William M. Doran One Freedom Valley Drive Oaks, PA 19456 76 yrs. old	Trustee*	since 1995	Self-employed consultant since 2003. Partner, Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003, counsel to the Trust, SEI, SIMC, the Administrator and the Distributor.	104	Director of SEI since 1974;. Director of SEI Investments Distribution Co. since 2003. Director of SEI Investments–Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe), Limited, SEI Investments (Asia) Limited, SEI Global Nominee Ltd. and SEI Investments–Unit Trust Management (UK) Limited. Director of SEI Opportunity Fund, L.P. to 2010. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee/Director of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, The Advisors’ Inner Circle Fund III, O’Connor EQUUS, Winton Series Trust, Winton Diversified Opportunities Fund, Gallery Trust, Bishop Street Funds, and The KP Funds.

* Messrs. Nesher and Doran are Trustees who may be deemed as “interested” persons of the Trust as that term is defined in the 1940 Act by virtue of their affiliation with SIMC and the Trust’s Distributor.

1 There is no stated term of office for the Trustees of the Trust. However, a Trustee must retire from the Board by the end of the calendar year in which the Trustee turns 75 provided that, although there shall be presumption that each Trustee attaining such age shall retire, the Board may, if it deems doing so to be consistent with the best interest of the Trust, and with the consent of any Trustee that is eligible for retirement, by unanimous vote, extend the term of such Trustee for successive periods of one year.

2 The Fund Complex includes the following Trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust, New Covenant Funds and SEI Catholic Values Trust.

Adviser Managed Trust / Annual Report / July 31, 2017 83

TRUSTEES AND OFFICERS OF THE TRUST (Unaudited) (Continued)

Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served 1	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee 2	Other Directorships Held by Trustee
TRUSTEES
George J. Sullivan, Jr. One Freedom Valley Drive Oaks, PA 19456 74 yrs. old	Trustee	since 1996	Retired since January 2012. Self-Employed Consultant, Newfound Consultants Inc. April 1997-December 2011.	104	Director of SEI Opportunity Fund, L.P. to 2010. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee/Director of State Street Navigator Securities Lending Trust, The Advisor’s Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, and The KP Funds.
Nina Lesavoy One Freedom Valley Drive Oaks, PA 19456 59 yrs. old	Trustee	since 2003	Founder and Managing Director, Avec Capital since 2008. Managing Director, Cue Capital from March 2002-March 2008.	104	Director of SEI Opportunity Fund, L.P. to 2010. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Director of SEI Structured Credit Fund, L.P.
James M. Williams One Freedom Valley Drive Oaks, PA 19456 69 yrs. old	Trustee	since 2004	Vice President and Chief Investment Officer, J. Paul Getty Trust, Non-Profit Foundation for Visual Arts, since December 2002. President, Harbor Capital Advisors and Harbor Mutual Funds, 2000-2002. Manager, Pension Asset Management, Ford Motor Company, 1997-1999.	104	Director of SEI Opportunity Fund, L.P. to 2010. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee/Director of Ariel Mutual Funds, and SEI Structured Credit Fund, L.P.
Mitchell A. Johnson One Freedom Valley Drive Oaks, PA 19456 74 yrs. old	Trustee	since 2007	Retired Private Investor Since 1994.	104	Director, Federal Agricultural Mortgage Corporation (Farmer Mac) since 1997. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of the Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, and Bishop Street Funds and The KP Funds.
Hubert L. Harris, Jr. One Freedom Valley Drive Oaks, PA 19456 73 yrs. old	Trustee	since 2008	Retired since December 2005. Owner of Harris Plantation, Inc. since 1995. Chief Executive Officer of Harris CAPM, a consulting asset and property management entity. Chief Executive Officer, INVESCO North America, August 2003-December 2005. Chief Executive Officer and Chair of the Board of Directors, AMVESCAP Retirement, Inc., January 1998-August 2003.	104	Director of AMVESCAP PLC from 1993-2004. Served as a director of a bank holding company, 2003-2009. Director, Aaron’s Inc., 2012-present. President and CEO, Oasis Ornamentals LLC, 2011- present. Serves as a member of the Board of Councilors of the Carter Center (nonprofit corporation) and served on the board of other non-profit organizations. Director of SEI Alpha Strategy Portfolios, LP from 2008 to 2013.
Susan C. Cote One Freedom Valley Drive Oaks, PA 19456 62 years old	Trustee	since 2015	Retired since July 2015. Americas Director of Asset Management, Ernst & Young LLP From 2006-2013. Global Asset Management Assurance Leader, Ernst & Young LLP from 2006-2015. Partner, Ernst & Young LLP from 1997-2015. Prudential, 1983-1997. Member of Ernst & Young LLP Retirement Investment Committee. Treasurer and Chair of Finance, Investment and Audit Committee of the New York Women’s Foundation. Independent Consultant to SEI Liquid Asset Allocation Trust.	104	N/A

84 Adviser Managed Trust / Annual Report / July 31, 2017

Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served 1	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee 2	Other Directorships Held by Trustee
OFFICERS
Robert A. Nesher One Freedom Valley Drive Oaks, PA 19456 70 yrs. old	President and CEO	since 2005	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	N/A	N/A
James J. Hoffmayer One Freedom Valley Drive Oaks, PA 19456 43 yrs. old	Controller and Chief Financial Officer	since 2016	Senior Director, Funds Accounting and Fund Administration, SEI Investments Global Funds Services (since September 2016); Senior Director of Fund Administration, SEI Investments Global Funds Services (since October 2014). Director of Financial Reporting, SEI Investments Global Funds Services (November 2004 – October 2014).	N/A	N/A
Glenn R. Kurdziel One Freedom Valley Drive Oaks, PA 19456 43 yrs. old	Assistant Controller	since 2017	Assistant Controller, Funds Accounting, SEI Investments Global Funds Services (March 2017); Senior Manager, Funds Accounting, SEI Investments Global Funds Services since 2005.	N/A	N/A
Russell Emery One Freedom Valley Drive Oaks, PA 19456 54 yrs. old	Chief Compliance Officer	since 2006	Chief Compliance Officer of SEI Institutional Investments Trust, SEI Institutional International Trust, SEI Liquid Asset Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II and Bishop Street Funds since March 2006. Chief Compliance Officer of SEI Structured Credit Fund, LP since June 2007. Chief Compliance Officer of SEI Opportunity Fund, L.P. to 2010. Chief Compliance Officer of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Chief Compliance Officer of Adviser Managed Trust since December 2010. Chief Compliance Officer of New Covenant Funds since February 2012. Chief Compliance Officer of SEI Insurance Products Trust and The KP Funds since 2013. Chief Compliance Officer of The Advisors’ Inner Circle Fund III, O’Connor EQUUS, Winton Series Trust and Winton Diversified Opportunities Fund since 2014. Chief Compliance Officer of SEI Catholic Values Trust and Gallery Trust since 2015.	N/A	N/A
Timothy D. Barto One Freedom Valley Drive Oaks, PA 19456 48 yrs. old	Vice President and Secretary	since 2002	Vice President and Secretary of SEI Institutional Transfer Agent, Inc. since 2009. General Counsel and Secretary of SIMC and the Administrator since 2004. Vice President of SIMC and the Administrator since 1999. Vice President and Assistant Secretary of SEI since 2001.	N/A	N/A
Aaron Buser One Freedom Valley Drive Oaks, PA 19456 46 yrs. old	Vice President and Assistant Secretary	since 2008	Vice President and Assistant Secretary of SEI Institutional Transfer Agent, Inc. since 2009. Vice President and Assistant Secretary of SIMC since 2007. Attorney, Stark & Stark (law firm), March 2004-July 2007.	N/A	N/A

Adviser Managed Trust / Annual Report / July 31, 2017 85

TRUSTEES AND OFFICERS OF THE TRUST (Unaudited) (Concluded)

Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served 1	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee 2	Other Directorships Held by Trustee
David F. McCann One Freedom Valley Drive Oaks, PA 19456 40 yrs. old	Vice President and Assistant Secretary	since 2009	Vice President and Assistant Secretary of SEI Institutional Transfer Agent, Inc. since 2009. Vice President and Assistant Secretary of SIMC since 2008. Attorney, Drinker Biddle & Reath, LLP (law firm), May 2005-October 2008.	N/A	N/A
Stephen G. MacRae One Freedom Valley Drive Oaks, PA 19456 49 yrs. old	Vice President	since 2012	Director of Global Investment Product Management, January 2004 to present.	N/A	N/A
Bridget E. Sudall One Freedom Valley Drive Oaks, PA 19456 36 yrs. old	Anti-Money Laundering Compliance Officer and Privacy Officer	since 2015	Anti-Money Laundering Compliance Officer and Privacy Officer (since 2015), Senior Associate and AML Officer, Morgan Stanley Alternative Investment Partners, April 2011-March 2015, Investor Services Team Lead, Morgan Stanley Alternative Investment Partners, July 2007-April 2011.	N/A	N/A

1 There is no stated term of office for the Trustees of the Trust. However, a Trustee must retire from the Board by the end of the calendar year in which the Trustee turns 75 provided that, although there shall be a presumption that each Trustee attaining such age shall retire, the Board may, if it deems doing so to be consistent with the best interest of the Trust, and with the consent of any Trustee that is eligible for retirement, by unanimous vote, extend the term of such Trustee for successive periods of one year.

2 The Fund Complex includes the following Trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, SEI Insurance Product Trust, New Covenant Funds.

86 Adviser Managed Trust / Annual Report / July 31, 2017

DISCLOSURE OF FUND EXPENSES (Unaudited)

July 31, 2017

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 (February 1, 2017 through July 31, 2017).

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

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

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

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

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

	Beginning Account Value 2/1/17	Ending Account Value 7/31/17	Annualized Expense Ratios	Expenses Paid During Period *
Tactical Offensive Equity Fund
Actual Fund Return
Class A	$1,000.00	$1,103.80	0.50%	$2.61
Hypothetical 5% Return
Class A	$1,000.00	$1,022.32	0.50%	$2.51

	Beginning Account Value 2/1/17	Ending Account Value 7/31/17	Annualized Expense Ratios	Expenses Paid During Period *
Tactical Offensive Fixed Income Fund
Actual Fund Return
Class A	$1,000.00	$1,028.00	0.38%	$1.91
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 181/365 (to reflect the one-half year period shown).

Adviser Managed Trust / Annual Report / July 31, 2017 87

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BOARD OF TRUSTEES’ CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited)

Adviser Managed Trust (the “Trust”) and SEI Investments Management Corporation (“SIMC”) have entered into an investment advisory agreement (the “Advisory Agreement”). Pursuant to the Advisory Agreement, SIMC is responsible for the investment advisory services provided to the series of the Trust (the “Funds”). Pursuant to a sub-advisory agreement with SIMC (the “Sub-Advisory Agreement” and, together with the Advisory Agreement, the “Investment Advisory Agreements”), and under the supervision of SIMC and the Trust’s Board of Trustees (the “Board”), the sub-adviser (the “Sub-Adviser”) provides security selection and certain other advisory services with respect to all or a discrete portion of the assets of the Funds. The Sub-Adviser is also responsible for managing its employees who provide services to the Funds. Sub-Advisers are selected based primarily upon the research and recommendations of SIMC, which evaluates quantitatively and qualitatively the Sub-Adviser’s skills and investment results in managing assets for specific asset classes, investment styles and strategies.

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the initial approval of, as well as the continuation of, the Funds’ Investment Advisory Agreements be specifically approved: (i) by the vote of the Board or by a vote of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the Investment Advisory Agreements or “interested persons” of any party (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval(s). In connection with their consideration of such approval(s), the Funds’ Trustees must request and evaluate, and SIMC and the Sub-Adviser are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve an Investment Advisory Agreement.

Consistent with these responsibilities, the Board calls and holds meetings each year to consider whether to approve new and/or renew existing Investment Advisory Agreements between the Trust and SIMC and SIMC and the Sub-Adviser with respect to the Funds of the Trust. In preparation for these meetings, the Board requests and reviews a wide variety of materials provided by SIMC and the Sub-Adviser, including information about SIMC’s and the Sub-Adviser’s affiliates, personnel and operations and the services provided pursuant to the Investment Advisory Agreements. The Board also receives data from third parties. This information is provided in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from counsel regarding the responsibilities of Trustees in connection with their consideration of whether to approve the Trust’s Investment Advisory Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive sessions outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Adviser.

Specifically, during the course of the Trust’s fiscal year, the Board requested and received written materials from SIMC and the Sub-Adviser regarding: (i) the quality of SIMC’s and the Sub-Adviser’s investment management and other services; (ii) SIMC’s and the Sub-Adviser’s investment management personnel; (iii) SIMC’s and the Sub-Adviser’s operations and financial condition; (iv) SIMC’s and the Sub-Adviser’s brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the advisory fees that SIMC charges the Funds and the level of the sub-advisory fees that SIMC pays the Sub-Adviser, compared with fees each charge to comparable accounts; (vi) the advisory fees charged by SIMC and the Funds’ overall fees and operating expenses compared with peer groups of mutual funds prepared by Broadridge, an independent provider of investment company data; (vii) the level of SIMC’s and the Sub-Adviser’s profitability from their Fund-related operations; (viii) SIMC’s and the Sub-Adviser’s compliance program, including a description of material compliance matters and material compliance violations; (ix) SIMC’s potential economies of scale; (x) SIMC’s and the Sub-Adviser’s policies on and compliance procedures for personal securities transactions; (xi) SIMC’s and the Sub-Adviser’s expertise and resources in domestic and/or international financial markets; and (xii) the Funds’ performance over various periods of time compared with peer groups of mutual funds prepared by Broadridge and the Funds’ benchmark indexes.

At the March 27–29, 2017 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement. Also, the Sub-Advisory Agreement was renewed at a meeting of the Board held during the course of the Trust’s fiscal year on March 27–29, 2017. In each case, the Board’s decisions were based on its consideration and evaluation of the factors described above, as discussed at the meeting and at prior meetings. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Investment Advisory Agreements.

Adviser Managed Trust / Annual Report / July 31, 2017 89

BOARD OF TRUSTEES’ CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited) (Concluded)

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by SIMC and the Sub-Adviser to the Funds and the resources of SIMC and the Sub-Adviser and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC’s and the Sub-Adviser’s personnel, experience, track record and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by SIMC and the Sub-Adviser to the Funds and the resources of SIMC and the Sub-Adviser and their affiliates dedicated to the Funds were sufficient to support the renewal of the Investment Advisory Agreements. In addition to advisory services, the Board considered the nature and quality of certain administrative, transfer agency and other non-investment advisory services provided to the Funds by SIMC and/or their affiliates.

Performance. In determining whether to renew SIMC’s Advisory Agreement, the Trustees considered the Funds’ performance relative to their peer groups and appropriate indexes/benchmarks. The Trustees reviewed performance information for each Fund, noting that they receive performance reports that permit them to monitor each Fund’s performance at board meetings throughout the year. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In assessing Fund performance, the Trustees considered a report compiled by Broadridge, an independent third-party that was engaged to prepare an assessment of the Funds in connection with the renewal of the Advisory Agreement (the “Broadridge Report”). The Broadridge Report included metrics on net total return for the Funds and a universe of comparable funds. Based on the materials considered and discussed at the meetings, the Trustees found Fund performance satisfactory, or, where performance was materially below the benchmark and/or peer group, the Trustees were satisfied with the reasons provided to explain such performance. In connection with the renewal of the Sub-Advisory Agreement, the Board considered the performance of the Sub-Adviser relative to appropriate indexes/benchmarks. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds was sufficient to support renewal of SIMC’s Advisory Agreement, and the performance of the Sub-Adviser was sufficient to support renewal of the Sub-Advisory Agreement.

Fees. With respect to the Funds’ expenses under the Investment Advisory Agreements, the Trustees considered the rate of compensation called for by the Investment Advisory Agreements and the Funds’ net operating expense ratio in comparison to those of the Funds’ respective peer groups. In assessing Fund expenses, the Trustees considered the information in the Broadridge Report, which included various metrics related to fund expenses, including, but not limited to, contractual management fees at various fee levels, actual management fees, and actual total expenses for the Funds and a universe of comparable funds. Based on the materials considered and discussion at the meetings, the Trustees further determined that fees were either shown to be below the peer average in the comparative fee analysis, or that there was a reasonable basis for the fee level. The Trustees also considered the effects of SIMC’s voluntary and contractual waiver of management and other fees to prevent total Fund operating expenses from exceeding a specified cap and concluded that SIMC, through waivers, has maintained the Funds’ net operating expenses at competitive levels for its distribution channels. The Board also took into consideration compensation earned from the Funds by SIMC or its affiliates for non-advisory services, such as administration, transfer agency, shareholder services or brokerage, and considered whether SIMC and its affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements. When considering fees paid to the Sub-Adviser, the Board took into account the fact that the Sub-Adviser is compensated by SIMC and not by the Funds directly, and that such compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported renewal of the Investment Advisory Agreements. The Board also considered whether the Sub-Adviser and its affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements.

Profitability. With regard to profitability, the Trustees considered compensation flowing to SIMC and the Sub-Adviser and its affiliates, directly or indirectly. The Trustees considered whether the levels of compensation and profitability were reasonable. As with the fee levels, when considering the profitability of the Sub-Adviser, the Board took into account the fact that compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. In connection with the renewal of the Sub-Advisory Agreement, the Board also took into consideration the impact that the fees paid to the Sub-Adviser have on SIMC’s advisory fee margin and profitability. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the

90 Adviser Managed Trust / Annual Report / July 31, 2017

profitability of each of SIMC and the Sub-Adviser is reasonable and supported renewal of the Investment Advisory Agreements.

Economies of Scale. With respect to the Advisory Agreement, the Trustees considered whether any economies of scale were being realized by SIMC and its affiliates and, if so, whether the benefits of such economies of scale were passed along to the Funds’ shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board determined that the fees were reasonable in light of the information that was provided by SIMC with respect to economies of scale.

Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously approved the renewal of the Investment Advisory Agreements and concluded that the compensation under the Investment Advisory Agreements is fair and reasonable in light of such services and expenses and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment. In the course of its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

Adviser Managed Trust / Annual Report / July 31, 2017 91

NOTICE TO SHAREHOLDERS (Unaudited)

For shareholders that do not have a July 31, 2017 taxable year end, this notice is for informational purposes only. For shareholders with a July 31, 2017 year end, please consult your tax advisor as to the pertinence of this notice.

For the fiscal year ended July 31, 2017, the funds of the Adviser Managed Trust are designating the following items with regard to distributions paid during the year:

	(A) Long-Term Capital Gains Distributions	(B) Ordinary Income Distributions (Tax Basis)	Total Distributions	(C) Dividends Qualifying for Corporate Dividends Received Deduction (1)
Tactical Offensive Equity Fund	0.00%	100.00%	100.00%	62.05%
Tactical Offensive Fixed Income Fund	0.00%	100.00%	100.00%	0.00%
	(D) Qualifying Dividend Income (15% Tax Rate for QDI) (2)	(E) U.S. Government Interest (3)	Interest Related Dividends (4)	Short-Term Capital Gain Dividends (5)
Tactical Offensive Equity Fund	100.00%	0.00%	0.20%	0.00%
Tactical Offensive Fixed Income Fund	0.00%	15.28%	93.92%	0.00%

(1) Qualifying dividends represent dividends which qualify for the corporate dividends received deduction.

(2) The percentage in this column represents the amount of “Qualifying Dividend Income” is reflected as a percentage of “Ordinary Income Distributions.” It is the intention of each of the aforementioned funds to designate the maximum amount permitted by the law. The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2017. Complete information will be computed and reported in conjunction with your 2017 Form 1099-DIV.

(3) “U.S. Government Interest” represents the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of total ordinary income distributions (the total of short term capital gain and net investment income distributions). Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

(4) The percentage in this column represents the amount of “Interest Related Dividend” and is reflected as a percentage of net investment income distributions that is exempt from U.S. withholding tax when paid to foreign investors.

(5) The percentage in this column represents the amount of “Short-Term Capital Gain” and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax when paid to foreign investors.

Items (A) and (B) are based on the percentage of the Funds total distribution.

Items (C) and (D) are based on the percentage of ordinary income distributions of each fund. Item (E) is based on the percentage of gross income of each fund.

Please consult your tax adviser for proper treatment of this information. This notification should be kept with your permanent tax records.

92 Adviser Managed Trust / Annual Report / July 31, 2017

ADVISER MANAGED TRUST ANNUAL REPORT JULY 31, 2017

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   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 (7/17)

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, controller or principal accounting officer.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant’s Board of Trustees (the “Board”) has determined that the Registrant has at least two Audit Committee financial experts serving on the audit committee.

(a)(2) The Audit Committee financial experts are Susan C. Cote, George J. Sullivan, Jr and Hubert L. Harris, Jr. Messrs. Cote, Sullivan and Mr. Harris are independent trustees as defined in Form N-CSR Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

Fees billed by KPMG LLP (“KPMG”) related to the Registrant.

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as follows:

		Fiscal Year 2017						Fiscal Year 2016
		All fees and services to the Registrant that were pre-approved		All fees and services to service affiliates that were pre- approved		All other fees and services to service affiliates that did not require pre-approval		All fees and services to the Registrant that were pre-approved		All fees and services to service affiliates that were pre- approved		All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees (1)	$	79,000	$	0	$	0	$	61,000	$	0	$	0
(b)	Audit-Related Fees	$	0	$	0	$	0	$	0	$	0	$	0
(c)	Tax Fees	$	0	$	0	$	0	$	0	$	0	$	0
(d)	All Other Fees (2)	$	0	$	415,697	$	0	$	0	$	280,445	$	0

Notes:

(1) Audit fees include amounts related to the audit of the Registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.

(2) See Item 4(g) for a description of the services comprising the fees disclosed under this category.

(e)(1) The Registrant’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Registrant may be pre-approved.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Chief Financial Officer (“CFO”) of the Registrant and must include a detailed description of the services proposed to be rendered. The Registrant’s CFO will determine whether such services (1) require specific pre-approval, (2) are included within the list of services that have received the general pre-approval of the

Audit Committee or (3) have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC rules and whether the provision of such services would impair the auditor’s independence.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial expert, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly scheduled meeting. Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment advisor or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the independent auditor and to assure the auditor’s independence from the Registrant, such as reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and discussing with the independent auditor its methods and procedures for ensuring independence.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	2017			2016
Audit-Related Fees		0	%		0	%
Tax Fees		0	%		0	%
All Other Fees		0	%		0	%

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by KPMG for fiscal years 2017 and 2016 were $415,697 and $280,445 respectively. Non-audit fees consist of SSAE No.16 review of fund accounting and administration operations and attestation reports in accordance with Rule 17 Ad-13.

(h) During the past fiscal year, Registrant’s principal accountant provided certain non-audit services to Registrant’s investment adviser or to entities controlling, controlled by, or under common control with Registrant’s investment adviser that provide ongoing services to Registrant that were not subject to pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The Registrant’s Audit Committee reviewed and considered these non-audit services provided by Registrant’s principal accountant to Registrant’s affiliates, including whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

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

July 31, 2017

Tactical Offensive Equity Fund

Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 96.8%
Australia — 1.4%
AGL Energy		20,847	$	401
Alumina		70,920		108
Amcor		36,009		441
AMP		92,879		400
APA Group		35,977		248
Aristocrat Leisure		17,453		282
ASX		6,267		262
Aurizon Holdings		60,649		243
AusNet Services		52,822		69
Australia & New Zealand Banking Group		92,040		2,177
Bank of Queensland		11,675		112
Bendigo & Adelaide Bank		14,087		125
BHP Billiton		99,291		2,049
BlueScope Steel		18,578		195
Boral		38,313		212
Brambles		48,758		360
Caltex Australia		7,822		194
Challenger		16,532		170
CIMIC Group		2,912		96
Coca-Cola Amatil		16,592		109
Cochlear		1,657		189
Commonwealth Bank of Australia		53,777		3,595
Computershare		13,507		152
Crown Resorts		10,552		107
CSL		14,117		1,420
Dexus††		31,343		235
Domino’s Pizza Enterprises		1,778		76
Flight Centre Travel Group		1,608		56
Fortescue Metals Group		45,106		207
Goodman Group††		58,022		369
GPT Group††		58,374		223
Harvey Norman Holdings		16,099		56
Healthscope		50,269		83
Incitec Pivot		48,881		125
Insurance Australia Group		70,442		375
Lend Lease Group		18,696		252
Macquarie Group		10,069		690
Medibank		79,789		173
Mirvac Group††		107,231		186
National Australia Bank		83,894		2,006
Newcrest Mining		23,896		385
Oil Search		45,910		243
Orica		10,819		172
Origin Energy		56,799		314
Qantas Airways		14,938		63
QBE Insurance Group		43,804		414
Ramsay Health Care		4,580		258
REA Group		1,526		84
Rio Tinto		13,024		684
Santos		59,937		162
Scentre Group††		161,974		534

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Seek		9,480	$	129
Sonic Healthcare		11,545		205
South32		172,021		400
Stockland††		72,496		243
Suncorp Group		40,179		458
Sydney Airport		32,104		173
Tabcorp Holdings		24,089		80
Tatts Group		42,430		136
Telstra		130,856		428
TPG Telecom		9,833		44
Transurban Group		62,173		566
Treasury Wine Estates		23,913		233
Vicinity Centres††		97,487		214
Wesfarmers		34,853		1,133
Westfield††		60,616		372
Westpac Banking		106,425		2,704
Woodside Petroleum		22,878		533
Woolworths		39,955		852
				31,044
Austria — 0.1%
ANDRITZ		2,109		129
Erste Group Bank		9,299		385
OMV		4,766		269
Raiffeisen Bank International*		4,866		143
voestalpine		3,295		166
				1,092
Belgium — 0.2%
Ageas		5,835		262
Anheuser-Busch InBev		23,902		2,869
Colruyt		1,951		109
Groupe Bruxelles Lambert		2,580		264
KBC Group		7,758		640
Proximus		4,407		154
Solvay		2,349		336
Telenet Group Holding*		1,528		106
UCB		4,092		297
Umicore		2,758		221
				5,258
Brazil — 0.4%
Ambev		223,410		1,366
B3 - Brasil Bolsa Balcao		94,578		621
Banco Bradesco		42,031		403
Banco do Brasil		39,700		365
Banco Santander Brasil		19,200		157
BB Seguridade Participacoes		32,100		282
BR Malls Participacoes		43,495		185
BRF*		27,900		330
CCR		56,748		310
Centrais Eletricas Brasileiras*		11,500		50
Cia de Saneamento Basico do Estado de Sao Paulo		15,500		167

1 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Cia Siderurgica Nacional*		38,000	$	93
Cielo		56,040		471
Cosan Industria e Comercio		8,000		92
CPFL Energia		11,970		103
Duratex		16,300		42
EDP - Energias do Brasil		18,847		87
Embraer		33,400		169
Engie Brasil Energia		9,500		106
Equatorial Energia		9,600		174
Fibria Celulose		11,800		125
Hypermarcas		15,900		142
Itausa - Investimentos Itau		119		—
JBS		43,100		106
Klabin		29,365		149
Kroton Educacional		63,400		307
Localiza Rent a Car		10,395		172
Lojas Americanas		10,480		47
Lojas Renner		33,440		314
M Dias Branco		5,100		83
Multiplan Empreendimentos Imobiliarios		4,219		97
Natura Cosmeticos		8,400		67
Odontoprev		16,300		68
Petroleo Brasileiro*		136,500		601
Porto Seguro		5,800		58
Qualicorp		12,400		130
Raia Drogasil		11,300		250
Rumo*		39,659		131
Sul America		10,642		60
TIM Participacoes		42,200		143
Transmissora Alianca de Energia Eletrica		9,500		70
Ultrapar Participacoes		16,600		394
Vale		59,000		594
WEG		26,000		158
				9,839
Canada — 0.0%
Atlantic Power*		12,789		29
IMAX*		7,050		151
Masonite International*		3,613		281
MDC Partners, Cl A		6,541		65
Tahoe Resources		15,200		83
Teekay		5,810		57
				666
Chile — 0.1%
AES Gener		139,105		52
Aguas Andinas, Cl A		110,966		70
Banco de Chile		1,099,684		159
Banco de Credito e Inversiones		1,728		104
Banco Santander Chile		3,038,891		215
Cencosud		61,576		175
Cia Cervecerias Unidas		7,031		93
Colbun		369,931		86

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Empresa Nacional de Telecomunicaciones		7,975	$	91
Empresas CMPC		57,207		146
Empresas COPEC		20,357		248
Enel Americas		1,327,127		267
Enel Chile		879,593		96
Enel Generacion Chile		148,748		116
Itau CorpBanca		6,192,200		58
Latam Airlines Group		14,011		164
SACI Falabella		32,663		301
				2,441
China — 1.7%
AAC Technologies Holdings		33,500		451
Agricultural Bank of China, Cl H		1,153,000		539
Air China, Cl H		102,000		92
Aluminum Corp of China, Cl H*		228,000		143
Anhui Conch Cement, Cl H		57,500		213
ANTA Sports Products		57,000		196
Autohome ADR*		2,800		136
AviChina Industry & Technology, Cl H		108,000		66
Baidu ADR*		13,000		2,943
Bank of China, Cl H		3,724,000		1,836
Bank of Communications, Cl H		398,000		295
Beijing Capital International Airport, Cl H		80,000		126
Byd, Cl H		31,000		193
CGN Power, Cl H (A)		501,000		137
China Cinda Asset Management, Cl H		408,000		170
China CITIC Bank, Cl H		409,000		265
China Coal Energy, Cl H		129,000		64
China Communications Construction, Cl H		203,000		271
China Communications Services, Cl H		148,000		81
China Construction Bank, Cl H		3,944,000		3,282
China Everbright Bank, Cl H		174,000		84
China Galaxy Securities, Cl H		152,500		135
China Longyuan Power Group, Cl H		163,000		119
China Merchants Bank, Cl H		183,000		602
China National Building Material, Cl H		162,000		99
China Oilfield Services, Cl H		90,000		77
China Pacific Insurance Group, Cl H		118,400		523
China Petroleum & Chemical, Cl H		1,190,000		904
China Railway Construction, Cl H		103,000		136
China Railway Group, Cl H		187,000		149
China Telecom, Cl H		628,000		299
China Vanke, Cl H		61,900		183
Chongqing Changan Automobile, Cl B		45,400		60
Chongqing Rural Commercial Bank, Cl H		151,000		111
CITIC Securities, Cl H		109,000		221
COSCO SHIPPING Development, Cl H*		54,000		13
COSCO SHIPPING Holdings, Cl H*		1,500		1
Country Garden Holdings		295,000		412
CRRC		192,000		172
ENN Energy Holdings		36,000		244
Fosun International		121,000		183

2 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Great Wall Motor, Cl H		167,000	$	214
Guangzhou R&F Properties		59,200		106
Huaneng Power International, Cl H		198,000		140
Industrial & Commercial Bank of China, Cl H		3,443,000		2,411
Jiangsu Expressway, Cl H		70,000		102
Jiangxi Copper, Cl H		78,000		142
Kingsoft		50,000		132
NetEase ADR		3,800		1,183
New Oriental Education & Technology Group ADR*		7,100		566
PetroChina, Cl H		988,000		636
PICC Property & Casualty, Cl H		208,000		388
Ping An Insurance Group of China, Cl H		244,500		1,814
Shandong Weigao Group Medical Polymer, Cl H		112,000		90
Shanghai Electric Group, Cl H		144,000		67
Shanghai Fosun Pharmaceutical Group, Cl H		27,000		99
Shanghai Lujiazui Finance & Trade Zone Development, Cl B		51,840		83
Shanghai Pharmaceuticals Holding, Cl H		38,100		101
Shenzhou International Group Holdings		26,000		174
Shimao Property Holdings		58,500		117
SINA*		2,800		265
Sino-Ocean Group Holding		157,000		88
Sinopec Engineering Group, Cl H		81,500		73
Sinopec Shanghai Petrochemical, Cl H		190,000		108
Sinopharm Group, Cl H		54,400		228
SOHO China		113,000		62
Sun Art Retail Group		122,500		100
Tencent Holdings		266,300		10,686
Tingyi Cayman Islands Holding		108,000		138
Travelsky Technology, Cl H		56,000		148
Tsingtao Brewery, Cl H		20,000		86
Vipshop Holdings ADR*		21,600		266
Want Want China Holdings		264,000		178
Weichai Power, Cl H		124,000		120
Yanzhou Coal Mining, Cl H		98,000		96
YY ADR*		1,800		129
Zhuzhou CSR Times Electric, Cl H		25,500		121
Zijin Mining Group, Cl H		288,000		104
ZTE, Cl H		41,400		107
				37,894
Colombia — 0.0%
Bancolombia		9,900		101
Cementos Argos		20,851		83
Ecopetrol		210,420		98
Grupo Argos		12,098		86
Grupo de Inversiones Suramericana		10,128		142

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Interconexion Electrica ESP		18,670	$	85
				595
Czech Republic — 0.0%
Central European Media Enterprises, Cl A*		8,376		36
CEZ		7,360		133
Komercni banka		3,469		149
Moneta Money Bank (A)		23,296		84
O2 Czech Republic		5,020		64
				466
Denmark — 0.4%
AP Moller - Maersk, Cl A		111		231
AP Moller - Maersk, Cl B		211		459
Carlsberg, Cl B		3,452		382
Chr Hansen Holding		2,865		230
Coloplast, Cl B		3,511		301
Danske Bank		22,491		907
DONG Energy (A)		4,891		235
DSV		6,046		389
Genmab*		1,848		419
H Lundbeck		2,300		138
ISS		5,425		222
Novo Nordisk, Cl B		56,637		2,407
Novozymes, Cl B		7,367		339
Pandora		3,366		386
TDC		23,500		144
Tryg		3,356		75
Vestas Wind Systems		6,846		666
William Demant Holding*		3,548		94
				8,024
Finland — 0.2%
Elisa		4,121		169
Fortum		12,869		210
Kone, Cl B		10,407		540
Metso		3,267		104
Neste		3,714		160
Nokia		180,562		1,145
Nokian Renkaat		3,317		135
Orion, Cl B		3,353		169
Sampo, Cl A		13,701		747
Stora Enso, Cl R		17,885		238
UPM-Kymmene		16,704		453
Wartsila		4,705		311
				4,381
France — 1.9%
Accor		6,181		286
Aeroports de Paris		860		145
Air Liquide		11,950		1,461
Alstom		4,444		159
Arkema		2,184		248
Atos		3,073		465

3 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
AXA		61,121	$	1,799
BNP Paribas		35,208		2,722
Bollore		25,567		118
Bouygues		6,643		284
Bureau Veritas		7,674		174
Capital Gemini		5,060		549
Carrefour		18,547		444
Casino Guichard Perrachon		1,640		100
Cie de Saint-Gobain		15,544		859
Cie Generale des Etablissements Michelin		5,215		703
CNP Assurances		4,973		120
Credit Agricole		34,215		599
Danone		18,583		1,382
Dassault Aviation		67		100
Dassault Systemes		3,983		389
Edenred		7,019		184
Eiffage		2,513		243
Electricite de France		16,717		169
Engie		51,968		834
Essilor International		6,450		814
Eurazeo		1,232		100
Eurofins Scientific		324		180
Eutelsat Communications		5,058		136
Fonciere Des Regions††		966		93
Gecina††		1,191		179
Groupe Eurotunnel		13,544		149
Hermes International		1,028		519
ICADE††		1,074		92
Iliad		765		189
Imerys		1,037		90
Ingenico Group		1,621		169
Ipsen		1,225		156
JCDecaux		2,153		76
Kering		2,296		800
Klepierre††		7,059		286
Lagardere		3,419		112
Legrand		8,260		569
L’Oreal		7,942		1,640
LVMH Moet Hennessy Louis Vuitton		8,726		2,188
Natixis		30,595		222
Orange		60,964		1,022
Pernod Ricard		6,610		914
Peugeot		15,163		325
Publicis Groupe		6,760		509
Remy Cointreau		649		74
Renault		5,409		486
Rexel		8,746		138
Safran		9,584		903
Sanofi		36,261		3,451
Schneider Electric		17,305		1,354
SCOR		5,897		248
SEB		667		118

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Societe BIC		833	$	97
Societe Generale		23,582		1,379
Sodexo		2,875		338
STMicroelectronics		20,688		352
Suez		12,487		225
Thales		3,434		379
TOTAL		73,655		3,731
Valeo		7,396		510
Veolia Environnement		15,376		345
Vinci		15,603		1,393
Vivendi		31,661		731
Wendel		834		125
Zodiac Aerospace		5,908		168
				42,610
Germany — 1.7%
adidas		5,964		1,357
Allianz		14,324		3,040
Axel Springer		1,250		79
BASF		28,811		2,737
Bayer		25,792		3,258
Bayerische Motoren Werke		10,195		934
Beiersdorf		3,138		343
Brenntag		4,902		277
Commerzbank		33,180		433
Continental		3,430		770
Covestro (A)		3,743		290
Daimler		29,710		2,077
Deutsche Bank		65,362		1,163
Deutsche Boerse		5,966		622
Deutsche Lufthansa		6,729		144
Deutsche Post		31,361		1,213
Deutsche Telekom		102,586		1,868
Deutsche Wohnen		11,477		453
E.ON		69,263		683
Evonik Industries		5,173		176
Fraport Frankfurt Airport Services Worldwide		1,204		120
Fresenius & KGaA		13,117		1,105
Fresenius Medical Care & KGaA		6,601		621
GEA Group		5,902		239
Hannover Rueck		1,949		245
HeidelbergCement		4,693		464
Henkel & KGaA		3,197		401
HOCHTIEF		602		107
HUGO BOSS		1,938		146
Infineon Technologies		36,107		783
Innogy (A)		4,679		196
K+S		5,545		144
LANXESS		2,652		204
Linde		5,717		1,091
MAN		1,021		113
Merck KGaA		4,023		440

4 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Metro Wholesale & Food Specialist*		5,165	$	104
Muenchener Rueckversicherungs- Gesellschaft in Muenchen		4,922		1,053
OSRAM Licht		2,578		214
ProSiebenSat.1 Media		7,390		295
QIAGEN		6,958		231
RWE		15,754		331
SAP		30,665		3,242
Siemens		23,862		3,228
Symrise		3,924		274
Telefonica Deutschland Holding		21,545		111
ThyssenKrupp		11,482		340
TUI		16,122		253
United Internet		3,564		216
Volkswagen		940		147
Vonovia		14,831		599
Zalando* (A)		3,599		160
				39,134
Greece — 0.0%
Alpha Bank AE*		65,706		157
Costamare		4,176		27
Eurobank Ergasias*		68,356		74
FF Group*		1,785		42
Hellenic Telecommunications Organization		11,230		143
JUMBO		4,857		81
National Bank of Greece*		222,352		90
OPAP		9,582		110
Piraeus Bank*		243,852		67
Titan Cement		2,299		64
				855
Hong Kong — 1.4%
3SBio* (A)		60,300		76
AIA Group		377,400		2,974
Alibaba Health Information Technology*		190,000		90
Alibaba Pictures Group*		710,000		120
ASM Pacific Technology		9,800		127
Bank of East Asia		35,025		150
Beijing Enterprises Holdings		24,000		128
Beijing Enterprises Water Group		224,000		186
BOC Hong Kong Holdings		114,500		564
Brilliance China Automotive Holdings		140,000		355
Cheung Kong Property Holdings		81,776		662
China Conch Venture Holdings		78,500		146
China Everbright		50,000		114
China Everbright International		116,000		151
China Evergrande Group		193,000		537
China Gas Holdings		82,000		198
China Huarong Asset Management, Cl H (A)		313,200		128
China Huishan Dairy Holdings		228,000		12
China Life Insurance, Cl H		347,000		1,100

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
China Medical System Holdings		64,000	$	109
China Mengniu Dairy		125,000		244
China Merchants Port Holdings		62,897		198
China Minsheng Banking, Cl H		268,000		270
China Mobile		288,000		3,088
China Overseas Land & Investment		174,000		590
China Power International Development		190,000		65
China Resources Enterprise		88,000		222
China Resources Gas Group		44,000		167
China Resources Land		124,000		398
China Resources Power Holdings		90,000		172
China Shenhua Energy, Cl H		154,500		385
China Southern Airlines, Cl H		98,000		75
China State Construction International Holdings		96,000		155
China Taiping Insurance Holdings		75,800		228
China Unicom		272,000		395
CITIC		263,000		400
CK Hutchison Holdings		85,500		1,126
CK Infrastructure Holdings		21,000		196
CLP Holdings		50,000		533
CNOOC		824,000		922
COSCO SHIPPING Ports		26,000		32
CSPC Pharmaceutical Group		190,000		296
Dongfeng Motor Group, Cl H		126,000		154
Far East Horizon		99,000		84
First Pacific		62,000		46
Franshion Properties China		200,000		93
Fullshare Holdings		337,200		135
Fuyao Glass Industry Group, Cl H (A)		26,000		89
Galaxy Entertainment Group		72,000		446
GCL-Poly Energy Holdings*		696,000		74
Geely Automobile Holdings		245,000		567
Genting Singapore		175,000		150
GF Securities, Cl H		63,600		128
GOME Electrical Appliances Holding		606,000		73
Guangdong Investment		134,000		189
Guangzhou Automobile Group, Cl H		110,000		236
Haier Electronics Group		72,000		186
Haitian International Holdings		34,000		98
Haitong Securities, Cl H		151,200		241
Hang Lung Group		26,000		99
Hang Lung Properties		65,000		162
Hang Seng Bank		23,300		507
Henderson Land Development		37,620		218
Hengan International Group		32,500		248
HK Electric Investments & HK Electric Investments (A)		76,500		73
HKT Trust & HKT		122,000		160
Hong Kong & China Gas		256,740		486
Hong Kong Exchanges & Clearing		36,577		1,043
Huaneng Renewables, Cl H		280,000		85

5 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Huatai Securities, Cl H (A)		78,200	$	157
Hysan Development		18,000		87
Kerry Properties		19,000		67
Kunlun Energy		152,000		152
Lenovo Group		332,000		206
Li & Fung		170,000		62
Link††		68,500		557
Longfor Properties		76,500		192
Melco Resorts & Entertainment ADR		8,121		164
MGM China Holdings		27,600		54
Minth Group		32,000		147
MTR		46,639		270
New China Life Insurance, Cl H		42,300		273
New World Development		169,419		229
Nine Dragons Paper Holdings		104,000		155
NWS Holdings		46,334		89
PCCW		121,000		68
People’s Insurance Group of China, Cl H		328,000		153
Power Assets Holdings		43,000		426
Semiconductor Manufacturing International*		131,200		144
Shanghai Industrial Holdings		25,000		72
Shangri-La Asia		36,000		59
Sino Biopharmaceutical		210,000		186
Sino Land		88,862		147
SJM Holdings		57,000		57
Sun Hung Kai Properties		44,000		682
Sunac China Holdings		111,000		296
Sunny Optical Technology Group		32,600		388
Swire Pacific, Cl A		17,500		175
Swire Properties		33,800		117
Techtronic Industries		40,000		178
WH Group (A)		238,177		224
Wharf Holdings		42,000		357
Wheelock		24,000		181
Wynn Macau		45,200		98
Yue Yuen Industrial Holdings		21,500		89
Zhejiang Expressway, Cl H		84,000		105
				31,217
Hungary — 0.0%
MOL Hungarian Oil & Gas		2,233		192
OTP Bank		10,980		407
Richter Gedeon		6,387		163
				762
India — 0.2%
Dr Reddy’s Laboratories ADR		4,000		146
Housing Development Finance		15,000		419
ICICI Bank ADR		50,826		473
Infosys ADR		75,000		1,185
ITC		20,000		89
Reliance Industries GDR (A)		25,000		1,240

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Tata Consultancy Services		5,000	$	194
Tata Motors ADR*		11,100		382
Wipro ADR		60,000		369
				4,497
Indonesia — 0.2%
Adaro Energy		610,500		82
AKR Corporindo		92,500		48
Astra International		938,500		562
Bank Central Asia		569,500		799
Bank Danamon Indonesia		173,000		74
Bank Mandiri Persero		434,500		445
Bank Negara Indonesia Persero		339,000		190
Bank Rakyat Indonesia Persero		517,000		573
Bumi Serpong Damai		379,000		51
Charoen Pokphand Foods		364,000		73
Gudang Garam		22,000		126
Hanjaya Mandala Sampoerna		425,000		113
Indocement Tunggal Prakarsa		72,000		95
Indofood CBP Sukses Makmur		112,000		70
Indofood Sukses Makmur		202,000		127
Jasa Marga Persero		114,204		50
Kalbe Farma		982,000		128
Lippo Karawaci		353,500		19
Matahari Department Store		112,000		107
Media Nusantara Citra		261,500		35
Pakuwon Jati		1,021,000		54
Perusahaan Gas Negara Persero		535,500		90
Semen Indonesia Persero		138,000		103
Summarecon Agung		489,500		36
Surya Citra Media		298,000		53
Telekomunikasi Indonesia Persero		2,178,500		767
Tower Bersama Infrastructure		118,500		60
Unilever Indonesia		71,000		261
United Tractors		84,000		190
Waskita Karya Persero		244,500		44
XL Axiata*		188,250		47
				5,472
Ireland — 0.6%
Accenture, Cl A		34,864		4,491
Alkermes*		8,700		473
Ardmore Shipping		3,445		28
Bank of Ireland Group*		29,597		246
CRH		25,458		891
Eaton		25,100		1,964
Endo International*		13,500		149
Experian		29,497		586
Horizon Pharma*		18,959		227
Ingersoll-Rand		14,400		1,266
Kerry Group, Cl A		4,931		444
Mallinckrodt*		6,000		275
Paddy Power Betfair		2,539		253

6 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Pentair		9,600	$	606
Perrigo		7,100		532
Prothen*		4,504		278
Ryanair Holdings ADR*		1,061		120
Weatherford International*		55,000		245
				13,074
Israel — 0.1%
Azrieli Group		1,230		67
Bank Hapoalim		30,841		214
Bank Leumi Le-Israel		48,245		232
Bezeq The Israeli Telecommunication		60,090		89
Check Point Software Technologies*		4,066		430
Elbit Systems		695		88
Frutarom Industries		1,133		80
Israel Chemicals		14,778		71
Mizrahi Tefahot Bank		4,031		73
Nice		1,758		131
Stratasys*		5,719		137
Teva Pharmaceutical Industries		25,786		834
Teva Pharmaceutical Industries ADR		3,542		114
				2,560
Italy — 0.5%
Assicurazioni Generali		38,892		703
Atlantia		14,815		449
CNH Industrial		33,258		384
Enel		256,173		1,457
Eni		78,228		1,233
EXOR		3,210		192
Ferrari		3,901		410
Fiat Chrysler Automobiles*		33,688		405
Intesa Sanpaolo		417,533		1,427
Leonardo		13,140		228
Luxottica Group		5,501		317
Mediobanca		16,403		170
Poste Italiane (A)		15,136		111
Prysmian		7,129		227
Recordati		3,426		146
Saipem*		17,643		72
Snam		76,283		359
Telecom Italia*		528,711		506
Terna Rete Elettrica Nazionale		48,596		277
UniCredit		63,375		1,243
UnipolSai Assicurazioni		32,793		76
				10,392
Japan — 4.5%
ABC-Mart		1,000		57
Acom		11,600		49
Aeon		21,100		317
AEON Financial Service		3,000		65
Aeon Mall		3,300		63
Air Water		5,000		97

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Aisin Seiki		6,200	$	323
Ajinomoto		16,700		335
Alfresa Holdings		5,400		99
Alps Electric		6,900		188
Amada Holdings		9,900		113
ANA Holdings		34,000		116
Aozora Bank		34,000		130
Asahi Glass		6,600		278
Asahi Group Holdings		12,100		493
Asahi Kasei		40,000		458
Asics		4,600		84
Astellas Pharma		66,700		850
Bandai Namco Holdings		6,500		226
Bank of Kyoto		9,000		86
Benesse Holdings		1,900		73
Bridgestone		20,300		856
Brother Industries		6,800		174
Calbee		2,300		95
Canon		33,500		1,163
Casio Computer		6,600		108
Central Japan Railway		4,500		723
Chiba Bank		20,000		143
Chubu Electric Power		20,500		269
Chugai Pharmaceutical		7,200		289
Chugoku Bank		4,900		71
Chugoku Electric Power		8,100		89
Coca-Cola Bottlers Japan		3,700		112
Concordia Financial Group		42,700		215
Credit Saison		4,300		83
CYBERDYNE*		3,000		41
Dai Nippon Printing		16,000		176
Daicel		8,500		111
Dai-ichi Life Holdings		33,100		572
Daiichi Sankyo		18,700		408
Daikin Industries		7,800		826
Daito Trust Construction		2,100		354
Daiwa House Industry		17,600		613
Daiwa House Investment, Cl A††		40		99
Daiwa Securities Group		52,000		299
DeNA		3,100		68
Denso		14,600		701
Dentsu		6,900		322
Disco		900		159
Don Quijote Holdings		3,400		124
East Japan Railway		10,300		965
Eisai		8,700		466
Electric Power Development		4,200		106
FamilyMart UNY Holdings		2,400		134
FANUC		6,100		1,246
Fast Retailing		1,700		510
Fuji Electric		16,000		88
FUJIFILM Holdings		13,500		495

7 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Fujitsu		60,000	$	447
Fukuoka Financial Group		22,000		101
Hachijuni Bank		11,800		75
Hakuhodo DY Holdings		7,900		111
Hamamatsu Photonics		4,100		130
Hankyu Hanshin Holdings		7,700		274
Hikari Tsushin		600		65
Hino Motors		7,500		88
Hirose Electric		900		122
Hiroshima Bank		14,000		60
Hisamitsu Pharmaceutical		1,800		84
Hitachi		151,000		1,038
Hitachi Chemical		3,000		85
Hitachi Construction Machinery		3,100		89
Hitachi High-Technologies		2,000		74
Hitachi Metals		6,200		86
Honda Motor		54,100		1,522
Hoshizaki		1,900		184
Hoya		12,000		676
Hulic		8,600		91
Idemitsu Kosan		4,200		102
IHI		54,000		178
Iida Group Holdings		5,100		87
Inpex		30,800		299
Isetan Mitsukoshi Holdings		9,700		94
Isuzu Motors		19,100		262
ITOCHU		46,100		722
J Front Retailing		7,000		100
Japan Airlines		4,000		129
Japan Airport Terminal		1,300		48
Japan Exchange Group		16,900		303
Japan Post Bank		12,000		154
Japan Post Holdings		13,000		164
Japan Prime Realty Investment††		24		90
Japan Real Estate Investment††		38		199
Japan Retail Fund Investment††		74		141
Japan Tobacco		33,900		1,176
JFE Holdings		16,800		324
JGC		6,000		96
JSR		5,600		99
JTEKT		6,500		93
JXTG Holdings		96,000		426
Kajima		30,000		261
Kakaku.com		4,100		58
Kamigumi		7,000		75
Kaneka		8,000		64
Kansai Electric Power		22,000		295
Kansai Paint		6,300		144
Kao		15,700		954
Kawasaki Heavy Industries		54,000		172
KDDI		57,600		1,522
Keihan Electric Railway		15,000		97

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Keikyu		14,000	$	162
Keio		17,000		142
Keisei Electric Railway		4,000		109
Keyence		3,000		1,385
Kikkoman		5,000		153
Kintetsu Group Holdings		58,000		222
Kirin Holdings		27,900		614
Kobe Steel		9,000		113
Koito Manufacturing		3,300		193
Komatsu		29,100		781
Konami		2,700		140
Konica Minolta		15,900		132
Kose		900		100
Kubota		32,800		570
Kuraray		10,300		200
Kurita Water Industries		2,900		82
Kyocera		9,800		595
Kyowa Hakko Kirin		7,500		136
Kyushu Electric Power		12,400		147
Kyushu Financial Group		10,000		63
Kyushu Railway		5,000		164
Lawson		1,800		122
LINE*		2,000		74
Lion		7,000		150
LIXIL Group		8,600		221
M3		7,300		197
Mabuchi Motor		1,400		74
Makita		7,000		273
Marubeni		52,900		350
Marui Group		6,100		83
Maruichi Steel Tube		1,600		49
Mazda Motor		18,200		274
McDonald’s Holdings Japan		1,900		77
Mebuki Financial Group		30,960		119
Medipal Holdings		5,000		91
MEIJI Holdings		3,700		294
MINEBEA MITSUMI		12,900		213
Miraca Holdings		1,700		78
MISUMI Group		8,100		201
Mitsubishi		46,500		1,009
Mitsubishi Chemical Holdings		43,400		365
Mitsubishi Electric		60,200		932
Mitsubishi Estate		39,000		708
Mitsubishi Gas Chemical		5,500		127
Mitsubishi Heavy Industries		100,000		398
Mitsubishi Materials		3,200		107
Mitsubishi Motors		19,900		144
Mitsubishi Tanabe Pharma		6,500		155
Mitsubishi UFJ Financial Group		376,600		2,386
Mitsubishi UFJ Lease & Finance		13,000		69
Mitsui		54,500		792
Mitsui Chemicals		27,000		154

8 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Mitsui Fudosan		28,000	$	642
Mitsui OSK Lines		33,000		103
Mixi		1,300		71
Mizuho Financial Group		760,700		1,352
MS&AD Insurance Group Holdings		15,700		550
Murata Manufacturing		5,900		917
Nabtesco		3,300		107
Nagoya Railroad		27,000		124
NEC		88,000		239
Nexon		7,200		150
NGK Insulators		7,600		153
NGK Spark Plug		5,200		105
NH Foods		5,000		148
Nidec		7,600		836
Nikon		9,900		174
Nintendo		3,500		1,187
Nippon Building Fund††		46		248
Nippon Electric Glass		2,400		85
Nippon Express		24,000		153
Nippon Paint Holdings		4,700		181
Nippon Prologis††		45		95
Nippon Steel & Sumitomo Metal		24,700		606
Nippon Telegraph & Telephone		21,700		1,059
Nippon Yusen		47,000		90
Nissan Chemical Industries		3,600		120
Nissan Motor		72,800		722
Nisshin Seifun Group		5,700		93
Nissin Foods Holdings		1,700		107
Nitori Holdings		2,600		366
Nitto Denko		5,200		464
NOK		2,800		64
Nomura Holdings		111,000		660
Nomura Real Estate Holdings		3,600		71
Nomura Real Estate Master Fund††		117		165
Nomura Research Institute		3,960		148
NSK		12,800		165
NTT Data		18,500		201
NTT DOCOMO		42,800		993
Obayashi		21,100		254
Obic		1,900		118
Odakyu Electric Railway		8,500		168
Oji Holdings		25,000		128
Olympus		9,300		338
Omron		6,400		319
Ono Pharmaceutical		12,800		280
Oracle Japan		1,100		74
Oriental Land		6,800		492
ORIX		41,800		663
Osaka Gas		60,000		240
Otsuka		1,500		98
Otsuka Holdings		11,900		523
Panasonic		70,100		965

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Park24		3,000	$	76
Pola Orbis Holdings		2,800		78
Rakuten		29,600		361
Recruit Holdings		33,900		586
Resona Holdings		70,800		364
Ricoh		24,400		229
Rinnai		1,000		93
Rohm		3,200		248
Ryohin Keikaku		700		179
Sankyo		1,300		43
Santen Pharmaceutical		10,800		152
SBI Holdings		6,200		89
Secom		6,500		487
Sega Sammy Holdings		5,400		73
Seibu Holdings		7,000		122
Seiko Epson		9,100		240
Sekisui Chemical		13,700		252
Sekisui House		19,400		336
Seven & i Holdings		23,200		933
Seven Bank		17,300		68
Sharp*		44,000		154
Shimadzu		8,900		175
Shimamura		700		87
Shimano		2,300		337
Shimizu		16,000		169
Shin-Etsu Chemical		12,100		1,107
Shinsei Bank		52,000		86
Shionogi		9,200		491
Shiseido		12,200		431
Shizuoka Bank		15,000		134
Showa Shell Sekiyu		5,500		60
SMC		1,800		572
SoftBank Group		25,900		2,100
Sohgo Security Services		2,100		89
Sompo Holdings		10,900		427
Sony		39,600		1,627
Sony Financial Holdings		5,000		86
Stanley Electric		4,400		145
Start Today		6,800		192
Subaru		19,700		712
Sumitomo		37,100		501
Sumitomo Chemical		50,000		293
Sumitomo Dainippon Pharma		4,600		64
Sumitomo Electric Industries		24,200		391
Sumitomo Heavy Industries		19,000		139
Sumitomo Metal Mining		16,000		242
Sumitomo Mitsui Financial Group		42,200		1,602
Sumitomo Mitsui Trust Holdings		10,700		393
Sumitomo Realty & Development		11,000		333
Sumitomo Rubber Industries		5,000		87
Sundrug		2,200		82
Suntory Beverage & Food		4,500		220

9 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Suruga Bank		5,000	$	120
Suzuken		2,200		73
Suzuki Motor		10,600		502
Sysmex		4,800		275
T&D Holdings		18,700		276
Taiheiyo Cement		34,000		128
Taisei		31,000		296
Taisho Pharmaceutical Holdings		1,200		90
Taiyo Nippon Sanso		3,800		44
Takashimaya		9,000		82
Takeda Pharmaceutical		22,500		1,188
TDK		4,400		317
Teijin		5,400		108
Terumo		10,700		404
THK		3,500		107
Tobu Railway		28,000		148
Toho		3,300		119
Toho Gas		11,000		74
Tohoku Electric Power		13,100		178
Tokio Marine Holdings		21,200		891
Tokyo Electric Power*		41,900		177
Tokyo Electron		4,900		691
Tokyo Gas		59,000		312
Tokyo Tatemono		6,000		82
Tokyu		18,000		264
Tokyu Fudosan Holdings		14,900		89
Toppan Printing		15,000		158
Toray Industries		47,000		424
Toshiba		123,000		274
Tosoh		19,000		226
TOTO		4,100		165
Toyo Seikan Group Holdings		4,700		77
Toyo Suisan Kaisha		2,600		94
Toyoda Gosei		1,900		45
Toyota Industries		5,300		284
Toyota Motor		81,300		4,587
Toyota Tsusho		6,200		199
Trend Micro		4,100		205
Tsuruha Holdings		1,100		115
Unicharm		13,100		335
United Urban Investment††		85		126
USS		6,400		129
West Japan Railway		5,300		380
Yahoo Japan		41,300		187
Yakult Honsha		2,900		197
Yamada Denki		18,200		97
Yamaguchi Financial Group		6,000		71
Yamaha		4,900		173
Yamaha Motor		9,100		229
Yamato Holdings		10,500		210
Yamazaki Baking		3,800		76
Yaskawa Electric		7,300		196

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Yokogawa Electric		6,600	$	111
Yokohama Rubber		3,200		65
				101,973
Luxembourg — 0.1%
Altisource Portfolio Solutions*		1,447		38
Millicom International Cellular		1,915		120
RTL Group		1,121		87
SES, Cl A		11,716		274
Tenaris		15,840		250
Trinseo		5,209		366
				1,135
Macau — 0.0%
Sands China		74,800		347
Malaysia — 0.2%
AirAsia		65,900		50
Alliance Financial Group		51,000		47
AMMB Holdings		89,500		103
Astro Malaysia Holdings		77,700		47
Axiata Group		120,655		130
British American Tobacco		6,700		69
CIMB Group Holdings		168,363		258
Dialog Group		154,400		70
DiGi.Com		156,100		175
Felda Global Ventures Holdings		75,900		29
Gamuda		78,600		97
Genting		99,800		227
Genting Malaysia		134,000		188
Genting Plantations		16,000		40
HAP Seng Consolidated		28,200		60
Hartalega Holdings		35,500		59
Hong Leong Bank		32,900		121
Hong Leong Financial Group		12,000		48
IHH Healthcare		127,800		176
IJM		131,600		107
IOI		106,700		111
IOI Properties Group		99,750		49
Kuala Lumpur Kepong		28,100		163
Malayan Banking		157,297		350
Malaysia Airports Holdings		43,700		89
Maxis		85,600		113
MISC		52,000		90
Petronas Chemicals Group		107,400		174
Petronas Dagangan		9,900		55
Petronas Gas		31,000		136
PPB Group		23,300		92
Public Bank		117,700		557
RHB Bank		40,407		47
Sapura Energy		162,700		58
Sime Darby		115,423		255
Telekom		51,300		76
Tenaga Nasional		146,900		484

10 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
UMW Holdings		25,600	$	35
Westports Holdings		51,400		45
YTL		184,500		60
YTL Power International		109,400		36
				5,176
Mexico — 0.4%
Alfa, Cl A		142,900		198
America Movil		1,485,800		1,309
Arca Continental		24,000		178
Coca-Cola Femsa		24,200		205
El Puerto de Liverpool		11,800		106
Fibra Uno Administracion††		119,500		222
Fomento Economico Mexicano		87,000		875
Gentera		50,100		76
Gruma, Cl B		11,300		155
Grupo Aeroportuario del Pacifico, Cl B		18,100		207
Grupo Aeroportuario del Sureste, Cl B		10,000		212
Grupo Bimbo, Ser A		77,900		195
Grupo Carso		30,600		128
Grupo Financiero Banorte, Cl O		111,500		737
Grupo Financiero Inbursa, Cl O		117,300		210
Grupo Financiero Santander Mexico, Cl B		94,500		193
Grupo Lala, Cl B		45,100		89
Grupo Mexico		176,000		571
Grupo Televisa		112,800		600
Industrias Penoles		6,810		167
Infraestructura Energetica Nova		25,000		141
Kimberly-Clark de Mexico, Cl A		80,700		162
Mexichem		49,917		142
OHL Mexico		39,900		52
Promotora y Operadora de Infraestructura		15,000		164
Wal-Mart de Mexico		241,700		558
				7,852
Netherlands — 1.3%
ABN AMRO Group (A)		12,504		352
Aegon		56,325		315
AerCap Holdings*		4,934		242
Airbus		17,823		1,483
Akzo Nobel		7,787		702
Altice, Cl A*		11,743		289
Altice, Cl B*		3,165		78
ArcelorMittal		20,807		544
ASML Holding		11,774		1,779
Boskalis Westminster		2,630		94
Chicago Bridge & Iron		11,825		222
Cimpress*		2,993		264
Coca-Cola European Partners		6,976		302
Frank’s International		5,846		47
Gemalto		2,321		118
Heineken		7,068		735
Heineken Holding		3,235		317

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
ING Groep		121,513	$	2,266
James Hardie Industries		12,907		197
Koninklijke Ahold Delhaize		39,894		813
Koninklijke DSM		5,761		424
Koninklijke KPN		110,070		398
Koninklijke Philips		30,120		1,150
Koninklijke Vopak		2,037		97
NN Group		10,412		421
NXP Semiconductor*		29,316		3,234
Randstad Holding		3,993		240
RELX		30,652		642
Royal Dutch Shell, Cl A		138,774		3,902
Royal Dutch Shell, Cl B		117,360		3,330
Unibail-Rodamco††		3,074		766
Unilever		50,515		2,936
Wolters Kluwer		9,463		420
				29,119
New Zealand — 0.0%
Auckland International Airport		28,083		146
Contact Energy		20,872		84
Fletcher Building		20,008		120
Mercury NZ		20,281		53
Meridian Energy		37,128		80
Ryman Healthcare		10,865		72
Spark New Zealand		53,009		149
				704
Norway — 0.1%
DNB		30,080		589
Gjensidige Forsikring		5,794		100
Marine Harvest		11,084		205
Nordic American Tankers		11,234		66
Norsk Hydro		45,151		290
Orkla		26,360		270
Schibsted, Cl A		2,190		56
Schibsted, Cl B		2,581		60
Statoil		35,249		658
Telenor		23,415		466
Yara International		5,180		205
				2,965
Pakistan — 0.0%
Habib Bank		25,000		56
Lucky Cement*		5,500		37
United Bank		21,000		42
				135
Panama — 0.0%
Banco Latinoamericano de Comercio Exterior, Cl E		3,639		96
Copa Holdings, Cl A		1,766		221
				317

11 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Peru — 0.0%
Cia de Minas Buenaventura ADR		9,800	$	120
Credicorp		2,900		537
				657
Philippines — 0.1%
Aboitiz Equity Ventures		87,890		132
Aboitiz Power		71,000		55
Alliance Global Group		113,100		32
Ayala		11,040		189
Ayala Land		323,500		269
Bank of the Philippine Islands		67,110		139
BDO Unibank		87,866		219
DMCI Holdings		242,100		77
Energy Development		265,600		32
Globe Telecom		1,535		64
GT Capital Holdings		3,650		88
International Container Terminal Services		27,800		59
JG Summit Holdings		126,700		200
Jollibee Foods		29,850		133
Megaworld		162,000		16
Metro Pacific Investments		586,000		79
Metropolitan Bank & Trust		31,300		54
PLDT		4,370		142
Robinsons Land		82,700		42
Security Bank		11,600		54
SM Investments		10,905		174
SM Prime Holdings		367,800		254
Universal Robina		39,080		125
				2,628
Poland — 0.2%
Alior Bank*		4,438		79
Bank Handlowy w Warszawie		1,777		35
Bank Millennium		31,094		66
Bank Pekao		7,405		262
Bank Zachodni		1,651		174
CCC		1,316		89
Cyfrowy Polsat		11,600		82
Eurocash		4,392		43
Grupa Azoty		2,400		47
Grupa Lotos*		6,419		86
Jastrzebska Spolka Weglowa*		2,700		62
KGHM Polska Miedz		6,427		218
LPP*		139		270
mBank		771		97
Orange Polska		33,367		50
PGE Polska Grupa Energetyczna		38,568		140
Polski Koncern Naftowy Orlen		14,192		418
Polskie Gornictwo Naftowe i Gazownictwo		81,102		150
Powszechna Kasa Oszczednosci Bank Polski		41,652		425
Powszechny Zaklad Ubezpieczen		27,066		332

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Synthos		31,400	$	39
Tauron Polska Energia		56,049		59
				3,223
Portugal — 0.0%
Energias de Portugal		75,903		268
Galp Energia		16,195		259
Jeronimo Martins		7,293		143
				670
Qatar — 0.1%
Barwa Real Estate		5,000		46
Commercial Bank		9,858		84
Doha Bank		7,527		64
Ezdan Holding Group		35,630		128
Industries Qatar		6,707		177
Masraf Al Rayan		16,583		190
Ooredoo		5,348		141
Qatar Electricity & Water		1,272		69
Qatar Gas Transport		12,817		64
Qatar Insurance SAQ		7,085		136
Qatar Islamic Bank SAQ		2,676		71
Qatar National Bank QPSC		10,120		384
				1,554
Russia — 0.2%
Gazprom ADR		8,500		33
Gazprom PJSC ADR		258,445		1,005
Magnit PJSC GDR		15,503		569
Mobile TeleSystems ADR		31,000		266
Novatek PJSC GDR		4,269		447
PhosAgro PJSC GDR		4,500		59
Rostelecom*		13,408		88
Sberbank of Russia ADR		122,158		1,423
Severstal PJSC GDR		13,231		182
Sistema GDR		17,410		70
Surgutneftegas ADR		47,953		209
Tatneft PJSC ADR		11,874		458
				4,809
Singapore — 0.3%
Ascendas††		82,900		165
CapitaLand		83,500		227
CapitaLand Commercial Trust††		60,000		76
CapitaLand Mall Trust††		72,000		107
City Developments		12,000		100
ComfortDelGro		62,000		105
DBS Group Holdings		54,929		875
Global Logistic Properties		77,000		188
Golden Agri-Resources		205,000		60
Hongkong Land Holdings		37,000		278
Hutchison Port Holdings Trust, Cl U		151,000		72
Jardine Cycle & Carriage		3,000		89
Jardine Matheson Holdings		7,000		447

12 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Jardine Strategic Holdings		7,000	$	286
Keppel		49,100		232
Oversea-Chinese Banking		98,265		822
SATS		19,900		71
Sembcorp Industries		28,000		67
Singapore Airlines		16,000		122
Singapore Exchange		23,000		128
Singapore Press Holdings		46,000		99
Singapore Technologies Engineering		45,000		125
Singapore Telecommunications		250,600		733
StarHub		18,000		36
Suntec††		69,000		97
United Overseas Bank		41,268		729
UOL Group		14,324		83
Wilmar International		56,000		138
Yangzijiang Shipbuilding Holdings		56,000		58
				6,615
Slovak Republic — 0.0%
Celltrion*		3,631		352
South Africa — 0.7%
Anglo American Platinum*		3,100		76
AngloGold Ashanti		19,249		194
Aspen Pharmacare Holdings		18,597		389
Barclays Africa Group		31,106		341
Bid		15,700		376
Bidvest Group		16,200		206
Brait*		19,702		94
Capitec Bank Holdings		2,300		150
Coronation Fund Managers		14,000		72
Discovery		17,015		181
Exxaro Resources		11,700		97
FirstRand		155,873		613
Fortress Income Fund, Cl A††		60,100		80
Fortress Income Fund, Cl B††		40,446		117
Foschini Group		10,432		120
Gold Fields		40,499		163
Growthpoint Properties††		99,030		186
Hyprop Investments††		11,891		107
Impala Platinum Holdings*		32,371		86
Imperial Holdings		8,264		109
Investec		14,855		111
Liberty Holdings		7,400		63
Life Healthcare Group Holdings		66,425		127
Massmart Holdings		6,800		57
MMI Holdings		56,800		89
Mondi		6,157		160
Mr Price Group		11,791		155
MTN Group		76,710		689
Naspers, Cl N		19,315		4,258
Nedbank Group		11,117		185
NEPI Rockcastle*		14,856		198

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Netcare		55,348	$	103
Pick n Pay Stores		18,980		91
Pioneer Foods Group		6,425		68
PSG Group		6,000		118
Rand Merchant Investment Holdings		40,188		128
Redefine Properties††		236,740		193
Remgro		24,498		397
Resilient††		14,685		146
RMB Holdings		33,836		163
Sanlam		63,581		320
Sappi		27,323		181
Sasol		25,651		772
Shoprite Holdings		19,637		300
Sibanye Gold		92,537		118
SPAR Group		9,534		119
Standard Bank Group		58,972		732
Steinhoff International Holdings		134,399		672
Telkom		17,000		84
Tiger Brands		7,559		229
Truworths International		22,773		130
Vodacom Group		23,950		323
Woolworths Holdings		45,875		219
				15,455
South Korea — 1.5%
Amorepacific		1,435		364
AMOREPACIFIC Group		1,371		149
BGF retail		1,140		94
BNK Financial Group		12,800		129
Cheil Worldwide		3,600		66
CJ		749		130
CJ CheilJedang		387		128
CJ E&M		1,082		72
CJ Korea Express*		450		75
Coway		2,520		223
Daelim Industrial		1,424		117
Daewoo Engineering & Construction*		7,140		52
Daewoo International		2,400		50
Daum Kakao		1,551		166
DGB Financial Group		8,630		92
Dongbu Insurance		2,450		175
Dongsuh		2,311		61
Doosan Bobcat		1,734		55
Doosan Heavy Industries & Construction		2,600		48
E-Mart		934		212
GS Engineering & Construction*		2,600		74
GS Holdings		2,397		162
GS Retail		1,580		68
Hana Financial Group		13,230		603
Hankook Tire		3,460		193
Hanmi Pharm		319		105
Hanmi Science*		902		67
Hanon Systems		10,980		101

13 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Hanssem		550	$	87
Hanwha		2,530		111
Hanwha Chemical		5,420		163
Hanwha Life Insurance		11,300		76
Hanwha Techwin		1,854		66
Hotel Shilla		1,910		111
Hyosung		991		148
Hyundai Department Store		824		82
Hyundai Development - Engineering & Construction		2,700		103
Hyundai Engineering & Construction		3,328		135
Hyundai Glovis		913		128
Hyundai Heavy Industries*		1,373		214
Hyundai Marine & Fire Insurance		3,730		151
Hyundai Mobis		2,999		659
Hyundai Motor		7,227		936
Hyundai Robotics*		291		115
Hyundai Steel		3,755		210
Hyundai Wia		1,010		62
Industrial Bank of Korea		11,650		161
Kangwon Land		5,400		179
KB Financial Group		18,618		988
KCC		344		134
KEPCO Plant Service & Engineering		1,320		53
Kia Motors		11,620		380
Korea Aerospace Industries		3,160		146
Korea Electric Power		11,370		453
Korea Gas		1,500		67
Korea Investment Holdings		1,970		125
Korea Zinc		409		180
Korean Air Lines*		2,476		79
KT		1,650		51
KT&G		5,142		524
Kumho Petrochemical		1,057		71
LG		4,286		289
LG Chemical		2,007		588
LG Display		10,500		297
LG Electronics		4,861		292
LG Household & Health Care		419		371
LG Innotek		700		94
LG Uplus		10,120		151
Lotte Chemical		762		251
Lotte Chilsung Beverage		116		167
Lotte Confectionery		340		62
Lotte Shopping		550		129
Medy-Tox		198		105
Mirae Asset Daewoo		20,016		194
NAVER		1,313		942
NCSoft		847		273
Netmarble Games* (A)		500		64
NH Investment & Securities		7,300		92
OCI		1,108		91

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Orion*		1,315	$	97
Ottogi		124		87
Pan Ocean*		10,659		56
POSCO		3,474		1,031
S-1, Cl 1		1,060		87
Samsung Biologics* (A)		790		192
Samsung C&T		3,460		430
Samsung Card		1,800		64
Samsung Electro-Mechanics		2,553		214
Samsung Electronics		4,631		9,973
Samsung Fire & Marine Insurance		1,511		394
Samsung Heavy Industries*		12,480		125
Samsung Life Insurance		3,175		356
Samsung SDI		2,502		377
Samsung SDS		1,640		262
Samsung Securities		3,270		119
Shinhan Financial Group		20,000		951
Shinsegae		400		85
SK C&C		1,994		484
SK Hynix		27,530		1,624
SK Innovation		2,892		456
SK Networks		7,030		40
SK Telecom		927		230
S-Oil		2,143		223
Woori Bank		14,080		240
Yuhan		452		96
				33,724
Spain — 0.7%
Abertis Infraestructuras		20,732		408
ACS Actividades de Construccion y Servicios		7,575		290
Aena (A)		2,104		410
Amadeus IT Group, Cl A		13,464		826
Banco Bilbao Vizcaya Argentaria		210,600		1,900
Banco de Sabadell		173,048		386
Banco Santander		502,403		3,420
Bankia		33,368		168
Bankinter		19,531		190
CaixaBank		111,946		583
Distribuidora Internacional de Alimentacion		18,034		121
Enagas		6,571		185
Endesa		10,248		242
Ferrovial		16,014		344
Gas Natural		11,286		263
Grifols		9,603		269
Iberdrola		186,797		1,468
Industria de Diseno Textil		34,337		1,360
International Consolidated Airlines Group		19,393		148
Mapfre		31,227		116
Red Electrica		13,879		296
Repsol		38,404		641

14 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Siemens Gamesa Renewable Energy		7,701	$	126
Telefonica		142,461		1,606
				15,766
Sweden — 0.6%
Alfa Laval		8,507		190
Assa Abloy, Cl B		30,761		658
Atlas Copco, Cl A		21,151		765
Atlas Copco, Cl B		12,124		392
Boliden		8,844		277
Electrolux		7,787		266
Essity, Cl B*		18,500		535
Getinge, Cl B		5,799		100
Hennes & Mauritz, Cl B		29,641		771
Hexagon, Cl B		8,089		399
Husqvarna, Cl B		12,063		122
ICA Gruppen		2,331		93
Industrivarden, Cl C		4,756		115
Investor, Cl B		13,975		662
Kinnevik		6,820		209
L E Lundbergforetagen, Cl B		1,123		88
Lundin Petroleum*		5,407		123
Nordea Bank		93,462		1,177
Sandvik		36,347		572
Securitas, Cl B		9,072		151
Skandinaviska Enskilda Banken, Cl A		46,782		592
Skanska, Cl B		10,951		249
SKF, Cl B		12,789		254
Svenska Handelsbanken, Cl A		48,160		716
Swedbank, Cl A		28,549		744
Swedish Match		5,693		200
Tele2, Cl B		10,485		125
Telefonaktiebolaget LM Ericsson, Cl B		96,056		623
TeliaSonera		81,357		382
Volvo, Cl B		48,901		829
				12,379
Switzerland — 1.6%
ABB		62,627		1,473
Adecco Group		5,153		394
Baloise Holding		1,619		261
Barry Callebaut		64		92
Chocoladefabriken Lindt & Spruengli		36		393
Cie Financiere Richemont		16,093		1,370
Coca-Cola		5,240		158
Credit Suisse Group		72,341		1,116
Dufry*		1,327		212
EMS-Chemie Holding		237		165
Geberit		1,149		554
Givaudan		284		567
Julius Baer Group		7,230		410
Kuehne + Nagel International		1,736		303
LafargeHolcim		14,183		850

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Lonza Group		2,352	$	561
Nestle		96,723		8,190
Novartis		69,483		5,934
Pargesa Holding		1,007		81
Partners Group Holding		561		365
Roche Holding		21,857		5,548
Schindler Holding		1,874		402
SGS		168		372
Sika		66		456
Sonova Holding		1,544		251
Straumann Holding		308		174
Swatch Group		2,970		538
Swiss Life Holding		1,001		366
Swiss Prime Site		2,396		217
Swiss Re		10,041		970
Swisscom		794		389
Transocean*		23,500		203
UBS Group		114,754		2,001
Vifor Pharma		1,486		159
Zurich Insurance Group		4,627		1,414
				36,909
Taiwan — 1.1%
Acer		144,000		71
Advanced Semiconductor Engineering		133,029		179
Advanced Semiconductor Engineering ADR		29,600		195
Advantech		15,399		117
Asia Cement		63,000		56
Asustek Computer		31,000		288
AU Optronics		363,000		147
Catcher Technology		29,000		333
Cathay Financial Holding		356,000		580
Chailease Holding		32,000		92
Chang Hwa Commercial Bank		207,140		121
Cheng Shin Rubber Industry		87,000		176
Chicony Electronics		22,221		57
China Development Financial Holding		611,000		184
China Life Insurance		157,320		166
China Steel		516,000		424
Chunghwa Telecom		165,000		557
Compal Electronics		186,000		123
CTBC Financial Holding		765,720		492
Delta Electronics		85,000		452
E.Sun Financial Holding		371,917		237
Eclat Textile		6,120		70
Eva Airways		100,000		48
Evergreen Marine Taiwan*		88,000		48
Far Eastern New Century		147,000		121
Far EasTone Telecommunications		71,000		172
Feng TAY Enterprise		8,000		34
First Financial Holding		425,315		287
Formosa Chemicals & Fibre		141,000		425
Formosa Petrochemical		52,000		183

15 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Formosa Plastics		180,000	$	540
Foxconn Technology		42,250		127
Fubon Financial Holding		291,000		452
Giant Manufacturing		9,000		44
Globalwafers		7,000		55
Highwealth Construction*		40,000		66
Hiwin Technologies		10,000		73
Hon Hai Precision Industry		714,400		2,780
Hotai Motor		12,000		146
HTC		27,000		64
Hua Nan Financial Holdings		331,344		194
Innolux		406,000		198
Inventec		80,000		64
Largan Precision		4,000		730
Lite-On Technology		88,224		143
MediaTek		65,000		573
Mega Financial Holding		475,000		402
Merida Industry		10,000		48
Micro-Star International		28,000		73
Nan Ya Plastics		207,000		521
Nanya Technology		33,000		68
Nien Made Enterprise*		6,000		73
Novatek Microelectronics		27,000		103
OBI Pharma*		5,000		36
Pegatron		87,000		284
Phison Electronics		7,000		97
Pou Chen		75,000		101
Powertech Technology		25,000		81
President Chain Store		25,000		212
Quanta Computer		120,000		285
Realtek Semiconductor		19,000		71
Shin Kong Financial Holding		261,000		70
Siliconware Precision Industries ADR		16,675		136
SinoPac Financial Holdings		447,800		140
Standard Foods		25,000		67
Synnex Technology International		56,700		63
TaiMed Biologics*		9,000		66
Taishin Financial Holding		407,255		192
Taiwan Business Bank		211,050		60
Taiwan Cement		150,000		174
Taiwan Cooperative Financial Holding		345,650		189
Taiwan Fertilizer		37,000		50
Taiwan High Speed Rail*		73,000		63
Taiwan Mobile		74,000		265
Taiwan Semiconductor Manufacturing		796,000		5,655
Taiwan Semiconductor Manufacturing ADR		57,200		2,057
Teco Electric and Machinery		65,000		61
Uni-President Enterprises		210,000		402
United Microelectronics		538,000		248
Vanguard International Semiconductor		32,000		60
Wistron		97,841		99
WPG Holdings		48,000		67

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Yuanta Financial Holding		401,000	$	172
Zhen Ding Technology Holding		22,000		51
				25,546
Thailand — 0.2%
Advanced Info Service NVDR		46,200		258
Airports of Thailand NVDR		190,000		294
Bangkok Bank NVDR		12,600		68
Bangkok Dusit Medical Services NVDR		216,600		124
Bangkok Expressway & Metro NVDR		334,400		75
Banpu NVDR		85,300		42
BEC World NVDR		14,000		8
Berli Jucker NVDR		50,700		70
BTS Group Holdings NVDR		276,100		71
Bumrungrad Hospital NVDR		14,900		78
Central Pattana NVDR		51,300		107
Charoen Pokphand Foods NVDR		120,200		89
CP ALL NVDR		244,400		446
Delta Electronics Thailand NVDR		25,400		68
Electricity Generating NVDR		7,100		46
Energy Absolute NVDR		55,100		61
Fabrinet*		4,258		192
Glow Energy NVDR		25,100		61
Home Product Center NVDR		196,900		59
Indorama Ventures NVDR		79,100		89
IRPC NVDR		496,500		82
Kasikornbank		51,700		308
Kasikornbank NVDR		55,000		318
KCE Electronics NVDR		12,200		32
Krung Thai Bank NVDR		166,400		90
Minor International NVDR		99,100		126
PTT Exploration & Production NVDR		62,700		166
PTT Global Chemical NVDR		93,300		201
PTT NVDR		45,800		534
Robinson NVDR		25,500		45
Siam Cement		13,400		204
Siam Cement NVDR		5,800		88
Siam Commercial Bank NVDR		76,400		337
Thai Oil NVDR		39,100		101
Thai Union Frozen Products NVDR		94,300		57
TMB Bank NVDR		278,100		20
True NVDR*		434,932		74
				5,089
Turkey — 0.1%
Akbank		96,778		287
Anadolu Efes Biracilik Ve Malt Sanayii		10,784		63
Arcelik		11,123		82
Aselsan Elektronik Sanayi Ve Ticaret		8,700		60
BIM Birlesik Magazalar		9,509		185
Coca-Cola Icecek		3,923		47
Emlak Konut Gayrimenkul Yatirim Ortakligi††		80,676		73

16 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Eregli Demir ve Celik Fabrikalari		65,474	$	146
Ford Otomotiv Sanayi		3,700		47
Haci Omer Sabanci Holding		41,698		128
KOC Holding		33,835		157
Petkim Petrokimya Holding		34,800		64
TAV Havalimanlari Holding		8,800		53
Tofas Turk Otomobil Fabrikasi		6,300		55
Tupras Turkiye Petrol Rafinerileri		5,735		177
Turk Hava Yollari*		27,600		69
Turk Telekomunikasyon		23,200		48
Turkcell Iletisim Hizmetleri		39,779		145
Turkiye Garanti Bankasi		101,672		304
Turkiye Halk Bankasi		29,352		126
Turkiye Is Bankasi, Cl C		72,297		155
Turkiye Sise ve Cam Fabrikalari		34,186		44
Turkiye Vakiflar Bankasi, Cl D		37,100		74
Ulker Biskuvi Sanayi		7,649		46
Yapi ve Kredi Bankasi		42,900		55
				2,690
United Arab Emirates — 0.1%
Abu Dhabi Commercial Bank PJSC		85,164		168
Aldar Properties PJSC		125,248		80
DAMAC Properties Dubai PJSC		85,929		94
DP World		7,288		168
Dubai Islamic Bank PJSC		56,144		93
DXB Entertainments PJSC*		170,393		36
Emaar Malls PJSC		101,378		68
Emaar Properties PJSC		148,944		334
Emirates Telecommunications Group PJSC		92,644		473
First Abu Dhabi Bank PJSC		83,586		242
				1,756
United Kingdom — 3.4%
3i Group		31,505		389
Aberdeen Asset Management		26,728		116
Admiral Group		6,119		167
Anglo American		42,361		699
Antofagasta		11,425		142
Aon		14,600		2,017
Ashtead Group		15,916		342
Associated British Foods		11,055		432
AstraZeneca		39,707		2,392
Auto Trader Group (A)		29,002		146
Aviva		123,464		877
Babcock International Group		7,304		81
BAE Systems		96,682		767
Barclays		533,857		1,429
Barratt Developments		32,516		264
Berkeley Group Holdings		4,350		200
BHP Billiton		64,960		1,180
BP		612,712		3,601
British American Tobacco		71,486		4,442

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
British Land††		31,466	$	253
BT Group, Cl A		261,174		1,079
Bunzl		10,503		317
Burberry Group		14,117		318
Capita		19,254		167
Carnival		5,930		400
Centrica		176,645		462
Cobham		69,272		121
Compass Group		48,593		1,036
ConvaTec Group* (A)		38,037		156
Croda International		3,803		186
DCC		2,855		251
Delphi Automotive		15,200		1,374
Diageo		78,002		2,518
Direct Line Insurance Group		39,837		197
Dixons Carphone		28,356		101
easyJet		4,603		75
Ensco, Cl A		35,765		189
Ferguson		8,011		478
Fresnillo		6,405		130
G4S		44,953		195
GKN		55,283		234
GlaxoSmithKline		153,197		3,059
Glencore		385,132		1,697
Hammerson††		25,965		197
Hargreaves Lansdown		7,558		138
Hikma Pharmaceuticals		4,161		77
HSBC Holdings		625,225		6,240
IMI		7,879		125
Imperial Tobacco Group		29,384		1,209
Inmarsat		13,035		133
InterContinental Hotels Group		5,635		319
Intertek Group		5,183		294
Intu Properties††		27,623		93
Investec		22,117		168
ITV		113,421		259
J Sainsbury		53,946		174
Johnson Matthey		6,247		231
Kingfisher		66,082		256
Land Securities Group††		24,678		332
Larsen & Toubro GDR		18,000		328
Legal & General Group		183,424		649
Lloyds Banking Group		2,239,332		1,936
London Stock Exchange Group		9,817		485
LUKOIL PJSC ADR		19,582		912
Marks & Spencer Group		52,417		223
Mediclinic International		10,680		104
Meggitt		22,459		149
Merlin Entertainments (A)		20,559		127
MMC Norilsk Nickel PJSC ADR		28,301		420
Mondi		11,637		306
National Grid		107,400		1,326

17 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Next		4,943	$	257
Old Mutual		153,828		399
Pearson		26,527		230
Persimmon		10,026		331
Petrofac		7,516		44
PhosAgro PJSC GDR		1,200		17
Provident Financial		4,265		116
Prudential		80,961		1,972
Randgold Resources		2,948		274
Reckitt Benckiser Group		20,826		2,023
RELX		33,187		723
Rio Tinto		38,995		1,810
Rolls-Royce Holdings		50,451		591
Rosneft Oil PJSC GDR		59,343		304
Rowan, Cl A*		13,689		160
Royal Bank of Scotland Group*		111,299		365
Royal Mail		26,075		139
RSA Insurance Group		32,826		282
Sage Group		34,232		304
Schroders		3,929		178
Segro††		33,928		236
Severn Trent		7,638		226
Shire		28,410		1,596
Sky		32,234		410
Smith & Nephew		27,782		483
Smiths Group		12,704		257
SSE		30,903		562
St. James’s Place		17,007		273
Standard Chartered		101,320		1,131
Standard Life		62,000		357
State Bank of India GDR		6,500		315
Tata Steel GDR		20,000		174
Tate & Lyle		13,513		120
Taylor Wimpey		103,787		261
Tesco*		250,041		574
Travis Perkins		7,240		145
Unilever		40,169		2,289
United Utilities Group		21,667		256
Vodafone Group		825,401		2,416
VTB Bank GDR		145,518		281
Weir Group		6,258		151
Whitbread		5,747		292
WM Morrison Supermarkets		72,034		228
Worldpay Group (A)		63,589		310
WPP		38,815		791
				76,539
United States — 68.2%
Consumer Discretionary — 8.7%
1-800-Flowers.com, Cl A*		2,752		27
Aaron’s		7,318		339
Abercrombie & Fitch, Cl A		7,802		77
Acushnet Holdings		2,498		46

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Adient		5,114	$	335
Adtalem Global Education		7,362		239
Advance Auto Parts		4,000		448
Amazon.com*		22,273		22,001
AMC Entertainment Holdings, Cl A		6,549		134
AMC Networks, Cl A*		3,000		192
American Axle & Manufacturing Holdings*		10,609		156
American Eagle Outfitters		19,925		236
American Outdoor Brands*		6,477		134
American Public Education*		1,985		42
America’s Car-Mart*		853		33
Aramark		13,200		526
Asbury Automotive Group*		2,302		124
Ascena Retail Group*		19,752		46
Ascent Capital Group, Cl A*		1,119		19
At Home Group*		901		20
AutoNation*		3,300		140
AutoZone*		1,600		864
AV Homes*		1,346		22
Barnes & Noble		7,360		60
Barnes & Noble Education*		4,813		35
Bassett Furniture Industries		1,367		51
Beazer Homes USA*		4,007		53
Bed Bath & Beyond		8,100		242
Belmond, Cl A*		10,730		140
Best Buy		15,000		875
Big 5 Sporting Goods		1,942		21
Big Lots		5,219		259
Biglari Holdings*		128		48
BJ’s Restaurants*		2,509		89
Black Diamond*		3,109		20
Bloomin’ Brands		11,487		200
Bob Evans Farms		2,342		162
Bojangles’*		2,312		31
Boot Barn Holdings*		1,483		12
BorgWarner		11,800		552
Boyd Gaming		9,857		247
Bridgepoint Education*		1,977		19
Bright Horizons Family Solutions*		2,800		221
Brinker International		5,775		205
Brunswick		5,100		289
Buckle		3,341		57
Buffalo Wild Wings*		1,861		200
Build-A-Bear Workshop, Cl A*		1,447		14
Burlington Stores*		3,900		339
Cabela’s*		2,500		142
Cable One		300		228
Caesars Acquisition, Cl A*		5,886		114
Caesars Entertainment*		6,605		82
CalAtlantic Group		3,800		133
Caleres		5,264		144
Callaway Golf		11,581		147

18 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Cambium Learning Group*		1,588	$	8
Camping World Holdings, Cl A		1,334		43
Capella Education		1,298		89
Career Education*		7,765		65
CarMax*		10,500		696
Carnival		22,900		1,529
Carriage Services, Cl A		1,772		43
Carrols Restaurant Group*		4,136		50
Carter’s		2,900		252
Carvana, Cl A*		1,778		35
Cato, Cl A		3,063		52
Cavco Industries*		1,030		134
CBS, Cl B		20,200		1,330
Century Casinos*		2,308		17
Century Communities*		1,926		50
Charter Communications, Cl A*		11,053		4,332
Cheesecake Factory		5,183		247
Chegg*		9,388		130
Chico’s FAS		15,621		143
Children’s Place		1,992		210
Chipotle Mexican Grill, Cl A*		1,457		501
Choice Hotels International		2,000		129
Churchill Downs		1,631		305
Chuy’s Holdings*		1,865		44
Cinemark Holdings		5,800		226
Citi Trends		1,554		34
Clear Channel Outdoor Holdings, Cl A		5,326		27
ClubCorp Holdings		7,507		127
Coach		16,000		754
Collectors Universe		822		20
Columbia Sportswear		3,508		213
Comcast, Cl A		264,644		10,705
Conn’s*		2,229		48
Container Store Group*		1,817		10
Cooper Tire & Rubber		6,132		224
Cooper-Standard Holdings*		2,058		210
Core-Mark Holding		5,427		199
Cracker Barrel Old Country Store		2,278		354
Crocs*		8,763		70
CSS Industries		923		25
Ctrip.com International ADR*		17,700		1,057
Culp		1,396		42
Daily Journal*		117		24
Dana		16,792		398
Darden Restaurants		7,100		596
Dave & Buster’s Entertainment*		5,006		311
Deckers Outdoor*		3,832		249
Del Frisco’s Restaurant Group*		2,835		40
Del Taco Restaurants*		4,198		55
Delta Apparel*		780		16
Denny’s*		8,550		97
Dick’s Sporting Goods		5,000		187

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Dillard’s, Cl A		1,778	$	131
DineEquity		2,105		87
Discovery Communications, Cl A*		8,200		202
Discovery Communications, Cl C*		12,500		289
DISH Network, Cl A*		12,300		788
Dollar General		15,300		1,150
Dollar Tree*		12,700		915
Domino’s Pizza		2,600		485
Dorman Products*		3,161		247
DR Horton		19,400		692
Drive Shack		8,836		27
DSW, Cl A		7,879		142
Duluth Holdings, Cl B*		1,015		20
Dunkin’ Brands Group		5,100		270
El Pollo Loco Holdings*		2,135		28
Eldorado Resorts*		5,360		109
Emerald Expositions Events		1,837		42
Empire Resorts*		235		5
Entercom Communications, Cl A		3,125		31
Entravision Communications, Cl A		7,773		51
Eros International*		3,473		35
Escalade		1,183		15
Ethan Allen Interiors		3,098		99
Etsy*		13,776		198
EW Scripps, Cl A*		7,190		141
Expedia		6,800		1,064
Express*		8,874		54
Extended Stay America		9,211		182
Fiesta Restaurant Group*		3,113		52
Finish Line, Cl A		5,179		71
Five Below*		6,343		306
Flexsteel Industries		840		47
Floor & Decor Holdings, Cl A*		900		31
Fogo De Chao*		583		8
Foot Locker		7,300		344
Ford Motor		218,800		2,455
Fossil Group*		4,714		53
Fox Factory Holding*		4,111		158
Francesca’s Holdings*		4,764		46
Fred’s, Cl A		4,058		27
FTD*		2,081		41
Gaia, Cl A*		1,024		12
GameStop, Cl A		5,200		113
Gannett		14,148		127
Gap		14,000		334
Garmin		7,000		351
General Motors		76,400		2,749
Genesco*		2,311		74
Gentex		15,700		267
Gentherm*		4,445		149
Genuine Parts		8,000		679
G-III Apparel Group*		5,075		132

19 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Global Eagle Entertainment*		4,904	$	15
GNC Holdings, Cl A		7,620		72
Golden Entertainment*		1,124		23
Goodyear Tire & Rubber		13,600		429
GoPro, Cl A*		11,863		98
Graham Holdings, Cl B		300		178
Grand Canyon Education*		5,562		409
Gray Television*		7,532		112
Green Brick Partners*		2,540		29
Group 1 Automotive		2,445		146
Groupon, Cl A*		39,858		150
Guess?		7,203		94
H&R Block		11,400		348
Habit Restaurants, Cl A*		2,655		44
Hanesbrands		20,300		465
Harley-Davidson		10,200		496
Hasbro		6,400		678
Haverty Furniture		2,053		46
Helen of Troy*		3,291		332
Hemisphere Media Group, Cl A*		2,028		25
Hibbett Sports*		2,572		40
Hilton Grand Vacations*		2,780		102
Hilton Worldwide Holdings		10,666		667
Home Depot		67,500		10,098
Hooker Furniture		1,425		60
Horizon Global*		2,690		37
Houghton Mifflin Harcourt*		12,135		145
Hovnanian Enterprises, Cl A*		12,938		28
HSN		3,643		144
Hyatt Hotels, Cl A*		2,100		117
Iconix Brand Group*		4,498		30
ILG		12,482		331
Installed Building Products*		2,583		139
International Game Technology		5,309		101
International Speedway, Cl A		3,122		112
Interpublic Group		21,900		473
Intrawest Resorts Holdings*		2,035		48
iRobot*		3,240		342
J Alexander’s Holdings*		1,477		16
J. Jill*		1,734		21
Jack in the Box		3,655		339
JC Penney*		36,401		197
JD.com ADR*		32,300		1,459
John Wiley & Sons, Cl A		2,200		122
Johnson Outdoors, Cl A		543		27
K12*		4,030		71
KB Home		9,794		224
Kirkland’s*		1,593		15
Kohl’s		9,300		385
L Brands		13,400		622
La Quinta Holdings*		9,420		140
Lands’ End*		1,574		21

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Las Vegas Sands		20,400	$	1,257
Laureate Education, Cl A*		4,042		69
La-Z-Boy, Cl Z		5,909		200
LCI Industries		2,869		306
Lear		3,800		563
Leggett & Platt		7,400		357
Lennar, Cl A		11,100		582
Lennar, Cl B		300		13
LGI Homes*		1,906		84
Libbey		2,294		21
Liberty Broadband, Cl A*		1,300		129
Liberty Broadband, Cl C*		5,800		575
Liberty Expedia Holdings, Cl A*		2,680		153
Liberty Interactive QVC Group, Cl A*		22,600		541
Liberty Media -Liberty Braves, Cl A*		990		25
Liberty Media -Liberty Braves, Cl C*		3,670		93
Liberty Media -Liberty Formula One, Cl A*		1,800		61
Liberty Media -Liberty Formula One, Cl C*		7,000		246
Liberty Media -Liberty SiriusXM, Cl A*		5,100		235
Liberty Media -Liberty SiriusXM, Cl C*		10,300		474
Liberty Tax		772		11
Liberty TripAdvisor Holdings, Cl A*		8,472		100
Liberty Ventures, Ser A*		4,320		262
Lifetime Brands		1,210		23
Lindblad Expeditions Holdings*		1,589		16
Lions Gate Entertainment, Cl A		2,350		69
Lions Gate Entertainment, Cl B*		5,267		145
Lithia Motors, Cl A		2,782		287
Live Nation Entertainment*		7,200		268
LKQ*		17,500		605
Loral Space & Communications*		1,542		72
Lowe’s		48,300		3,738
Lululemon Athletica*		5,400		333
Lumber Liquidators Holdings*		3,240		80
M/I Homes*		2,797		73
Macy’s		17,100		406
Madison Square Garden*		1,000		220
Malibu Boats, Cl A*		2,290		66
Marcus		2,215		60
Marine Products		1,355		20
MarineMax*		2,983		45
Marriott International, Cl A		17,580		1,832
Marriott Vacations Worldwide		2,532		296
Mattel		18,500		370
MCBC Holdings*		2,399		44
McDonald’s		45,700		7,090
MDC Holdings		5,063		174
Meredith		4,699		279
Meritage Homes*		4,651		190
MGM Resorts International		28,200		929
Michael Kors Holdings*		8,700		317
Michaels*		7,200		145

20 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Modine Manufacturing*		5,505	$	89
Mohawk Industries*		3,400		847
Monarch Casino & Resort*		1,406		47
Monro Muffler Brake		3,721		173
Motorcar Parts of America*		2,210		62
Movado Group		1,851		46
MSG Networks*		7,289		156
Murphy USA*		1,900		144
NACCO Industries, Cl A		419		27
Nathan’s Famous*		329		21
National CineMedia		7,191		51
Nautilus*		3,639		64
Netflix*		23,100		4,196
New Home*		1,409		15
New Media Investment Group		5,328		74
New York Times, Cl A		14,850		282
Newell Rubbermaid		27,100		1,429
News		6,400		94
News, Cl A		21,600		309
Nexstar Media Group, Cl A		5,246		343
NIKE, Cl B		74,000		4,370
Noodles, Cl A*		1,238		5
Nordstrom		6,700		325
Norwegian Cruise Line Holdings*		8,900		490
Nutrisystem		3,450		192
NVR*		180		470
Office Depot		59,139		347
Ollie’s Bargain Outlet Holdings*		5,586		250
Omnicom Group		13,000		1,024
O’Reilly Automotive*		5,000		1,021
Overstock.com*		1,401		22
Oxford Industries		1,980		125
Papa John’s International		3,283		234
Party City Holdco*		3,239		45
Penn National Gaming*		10,097		204
Penske Automotive Group		2,300		100
Perry Ellis International*		1,325		26
PetMed Express		2,376		113
PICO Holdings*		2,861		46
Pier 1 Imports		9,294		43
Pinnacle Entertainment*		6,586		125
Planet Fitness, Cl A		9,889		224
Polaris Industries		3,300		296
Pool		2,300		249
Potbelly*		2,501		29
Priceline Group*		2,760		5,599
PulteGroup		17,300		422
PVH		4,400		525
Ralph Lauren, Cl A		3,100		235
RCI Hospitality Holdings		1,268		29
Reading International, Cl A*		1,787		29
Red Lion Hotels*		1,568		11

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Red Robin Gourmet Burgers*		1,508	$	90
Red Rock Resorts, Cl A		7,973		191
Regal Entertainment Group, Cl A		6,960		132
Regis*		4,392		46
Rent-A-Center, Cl A		6,188		82
RH*		3,946		257
Ross Stores		21,700		1,200
Royal Caribbean Cruises		9,600		1,085
Ruby Tuesday*		6,295		13
Ruth’s Hospitality Group		3,749		75
Saga Communications, Cl A		403		16
Salem Media Group, Cl A		1,242		9
Sally Beauty Holdings*		7,400		150
Scholastic		3,322		138
Scientific Games, Cl A*		6,054		224
Scripps Networks Interactive, Cl A		4,600		402
Sears Holdings*		1,235		11
SeaWorld Entertainment		7,786		120
Select Comfort*		5,018		170
Sequential Brands Group*		4,116		13
Service International		10,400		361
ServiceMaster Global Holdings*		7,700		338
Shake Shack, Cl A*		2,575		85
Shiloh Industries*		1,208		9
Shoe Carnival		1,494		27
Shutterfly*		4,031		198
Signet Jewelers		4,000		245
Sinclair Broadcast Group, Cl A		8,338		301
Sirius XM Holdings		79,100		464
Six Flags Entertainment		4,100		233
Skechers, Cl A*		6,600		185
Sonic		5,132		121
Sonic Automotive, Cl A		3,305		60
Sotheby’s*		4,470		253
Speedway Motorsports		1,247		26
Sportsman’s Warehouse Holdings*		2,737		12
Standard Motor Products		2,543		128
Staples		35,900		364
Starbucks		79,400		4,286
Steven Madden*		6,825		280
Stoneridge*		3,149		48
Strayer Education		1,228		97
Sturm Ruger		2,141		123
Superior Industries International		2,867		56
Superior Uniform Group		883		20
Tailored Brands		5,590		70
TAL Education Group ADR		2,400		376
Target		31,100		1,762
Taylor Morrison Home, Cl A*		7,175		162
TEGNA		12,100		179
Tempur Sealy International*		2,700		156
Tenneco		6,424		355

21 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Tesla*		7,250	$	2,345
Texas Roadhouse, Cl A		7,856		372
Thor Industries		2,700		284
Tiffany		6,000		573
Tile Shop Holdings		3,955		58
Tilly’s, Cl A		1,360		14
Time		11,948		168
Time Warner		43,700		4,476
TJX		35,900		2,524
Toll Brothers		8,800		340
TopBuild*		4,553		240
Tower International		2,446		60
Townsquare Media, Cl A*		1,006		11
Tractor Supply		7,200		404
TRI Pointe Group*		18,699		249
Tribune Media, Cl A		3,900		164
TripAdvisor*		6,500		254
tronc*		2,259		29
Tupperware Brands		2,700		164
Twenty-First Century Fox		24,400		700
Twenty-First Century Fox, Cl A		58,100		1,691
UCP, Cl A*		931		10
Ulta Beauty*		3,300		829
Under Armour, Cl A*		10,900		218
Under Armour, Cl C*		11,143		202
Unifi*		1,944		64
Universal Electronics*		1,633		112
Urban Outfitters*		4,500		88
Vail Resorts		2,300		485
Vera Bradley*		2,130		21
VF		18,700		1,163
Viacom, Cl A		400		16
Viacom, Cl B		20,000		698
Vista Outdoor*		6,710		155
Visteon*		1,900		212
Vitamin Shoppe*		2,879		32
VOXX International, Cl A*		2,962		20
Walt Disney		88,000		9,674
Wayfair, Cl A*		2,100		160
Weight Watchers International*		3,407		122
Wendy’s		10,600		164
West Marine		2,021		26
Weyco Group		709		20
Whirlpool		4,100		729
William Lyon Homes, Cl A*		2,953		67
Williams-Sonoma		4,800		223
Wingstop, Cl A*		3,409		102
Winmark		239		32
Winnebago Industries		3,851		142
Wolverine World Wide		11,395		321
World Wrestling Entertainment, Cl A		4,120		87
Wyndham Worldwide		5,600		584

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Wynn Resorts		4,400	$	569
Yum China Holdings*		40,000		1,432
Yum! Brands		19,700		1,487
ZAGG*		3,037		26
Zoe’s Kitchen*		2,028		23
Zumiez*		1,900		24
				196,876
Consumer Staples — 5.0%
Alico		360		11
Altria Group		108,600		7,056
Amplify Snack Brands*		3,044		32
Andersons		3,093		107
Archer-Daniels-Midland		31,500		1,329
B&G Foods, Cl A		7,817		283
Blue Buffalo Pet Products*		5,200		116
Boston Beer, Cl A*		1,032		162
Brown-Forman, Cl A		2,800		144
Brown-Forman, Cl B		10,200		504
Bunge		8,000		627
Calavo Growers		1,846		137
Cal-Maine Foods		3,753		143
Campbell Soup		10,200		539
Casey’s General Stores		2,300		246
Castle Brands*		12,716		23
Central Garden & Pet*		1,092		35
Central Garden & Pet, Cl A*		4,055		125
Chefs’ Warehouse*		2,586		38
Church & Dwight		14,400		768
Clorox		7,100		948
Coca-Cola		215,930		9,898
Coca-Cola Bottling Consolidated		551		132
Colgate-Palmolive		48,500		3,502
Conagra Brands		22,100		757
Constellation Brands, Cl A		9,000		1,740
Costco Wholesale		24,500		3,883
Coty, Cl A		25,478		522
Craft Brew Alliance*		1,395		24
CVS Health		57,300		4,580
Darling Ingredients*		19,539		318
Dean Foods		10,678		160
Dr Pepper Snapple Group		10,200		930
Edgewell Personal Care*		3,200		231
elf Beauty*		2,429		62
Energizer Holdings		3,400		157
Estee Lauder, Cl A		12,100		1,198
Farmer Bros*		853		27
Flowers Foods		9,800		172
Fresh Del Monte Produce		3,873		199
Freshpet*		2,937		50
General Mills		32,100		1,787
Hain Celestial Group*		5,600		250
Herbalife*		4,200		279

22 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Hershey		7,700	$	811
Hormel Foods		14,700		502
Hostess Brands, Cl A*		9,391		143
HRG Group*		13,955		231
Ingles Markets, Cl A		1,637		48
Ingredion		4,000		493
Inter Parfums		1,979		77
J&J Snack Foods		1,816		239
JM Smucker		6,400		780
John B Sanfilippo & Son		1,001		64
Kellogg		13,900		945
Kimberly-Clark		19,700		2,426
Kraft Heinz		33,487		2,929
Kroger		51,500		1,263
Lamb Weston Holdings		8,500		374
Lancaster Colony		2,269		278
Landec*		3,399		42
Lifeway Foods*		366		3
Limoneira		1,244		28
McCormick		6,300		600
Medifast		1,286		55
MGP Ingredients		1,503		89
Molson Coors Brewing, Cl B		9,800		872
Mondelez International, Cl A		82,600		3,636
Monster Beverage*		23,315		1,230
National Beverage		1,395		142
Natural Grocers by Vitamin Cottage*		1,014		9
Natural Health Trends		788		19
Nature’s Sunshine Products		724		9
Nu Skin Enterprises, Cl A		2,800		177
Nutraceutical International		897		37
Oil-Dri Corp of America		545		23
Omega Protein		2,613		42
Orchids Paper Products		947		11
PepsiCo		80,264		9,360
Performance Food Group*		8,342		240
Philip Morris International		87,200		10,177
Pilgrim’s Pride*		3,800		92
Pinnacle Foods		6,400		380
Post Holdings*		3,600		300
PriceSmart		2,646		223
Primo Water*		2,719		34
Procter & Gamble		143,876		13,067
Revlon, Cl A*		1,225		24
Rite Aid*		55,900		125
Sanderson Farms		2,415		316
Seaboard		18		77
Seneca Foods, Cl A*		706		20
Smart & Final Stores*		3,072		26
Snyder’s-Lance		10,227		356
SpartanNash		4,535		126
Spectrum Brands Holdings		1,400		162

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Sprouts Farmers Market*		7,100	$	171
SUPERVALU*		31,909		114
Sysco		27,400		1,442
Tootsie Roll Industries		2,117		79
TreeHouse Foods*		3,000		254
Turning Point Brands*		706		11
Tyson Foods, Cl A		15,800		1,001
United Natural Foods*		5,920		228
Universal		2,997		192
US Foods Holding*		7,400		208
USANA Health Sciences*		1,302		74
Vector Group		11,040		222
Village Super Market, Cl A		776		19
Walgreens Boots Alliance		52,492		4,235
Wal-Mart Stores		81,600		6,527
WD-40		1,713		183
Weis Markets		1,125		53
Whole Foods Market		17,400		727
				113,703
Energy — 3.7%
Abraxas Petroleum*		16,094		29
Adams Resources & Energy		241		9
Anadarko Petroleum		31,600		1,443
Antero Resources*		12,800		264
Apache		21,600		1,069
Approach Resources*		5,832		18
Arch Coal		2,616		199
Archrock		8,683		95
Atwood Oceanics*		9,230		73
Baker Hughes a GE		23,300		860
Basic Energy Services*		2,043		46
Bill Barrett*		6,783		23
Bonanza Creek Energy*		2,264		66
Bristow Group		3,969		29
C&J Energy Services*		5,542		179
Cabot Oil & Gas		26,600		662
California Resources*		5,331		43
Callon Petroleum*		24,095		273
CARBO Ceramics*		2,698		19
Carrizo Oil & Gas*		7,187		113
Centennial Resource Development, Cl A*		7,000		117
Cheniere Energy*		11,700		529
Chesapeake Energy*		50,300		250
Chevron		106,203		11,596
Cimarex Energy		5,200		515
Clean Energy Fuels*		16,924		44
Cloud Peak Energy*		8,676		30
Cobalt International Energy*		0		—
Concho Resources*		8,300		1,081
ConocoPhillips		69,100		3,135
CONSOL Energy*		12,400		208
Contango Oil & Gas*		2,784		17

23 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Continental Resources*		4,700	$	157
CVR Energy		2,103		40
Delek US Holdings		9,372		245
Denbury Resources*		40,059		59
Devon Energy		29,200		973
DHT Holdings		11,331		47
Diamond Offshore Drilling*		7,590		94
Diamondback Energy*		5,600		537
Dorian LPG*		2,638		19
Dril-Quip*		4,445		198
Earthstone Energy*		292		3
Eclipse Resources*		11,098		31
Energen*		5,400		288
Energy XXI Gulf Coast*		3,470		69
EOG Resources		32,500		3,092
EP Energy, Cl A*		4,198		14
EQT		9,500		605
Era Group*		2,125		19
Evolution Petroleum		2,696		23
EXCO Resources*		1		—
Exterran*		3,680		102
Extraction Oil & Gas*		7,700		94
ExxonMobil		238,135		19,060
Fairmount Santrol Holdings*		18,202		53
Forum Energy Technologies*		8,276		110
Frontline		7,692		44
GasLog		4,641		85
Gastar Exploration*		25,183		22
Gener8 Maritime*		4,143		22
Geospace Technologies*		1,380		21
Golar LNG		11,433		272
Green Plains		4,415		87
Gulf Island Fabrication		2,032		23
Gulfport Energy*		8,900		112
Halcon Resources*		7,171		47
Hallador Energy		2,517		17
Halliburton		48,600		2,063
Helix Energy Solutions Group*		16,309		107
Helmerich & Payne		6,200		314
Hess		15,500		690
HollyFrontier		9,300		268
Independence Contract Drilling*		3,276		13
International Seaways*		3,451		79
Isramco*		61		7
Jagged Peak Energy*		3,649		52
Jones Energy, Cl A*		7,681		12
Keane Group*		3,554		54
Key Energy Services*		1,460		27
Kinder Morgan		107,100		2,188
Kosmos Energy*		9,900		65
Laredo Petroleum*		7,728		100
Lilis Energy*		5,920		27

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Mammoth Energy Services*		789	$	12
Marathon Oil		46,800		572
Marathon Petroleum		28,900		1,618
Matador Resources*		10,433		253
Matrix Service*		3,138		32
McDermott International*		33,232		225
Midstates Petroleum*		1,651		23
Murphy Oil		8,900		237
Nabors Industries		15,000		116
National Oilwell Varco		20,800		680
Natural Gas Services Group*		1,534		38
Navios Maritime Acquisition		8,951		13
NCS Multistage Holdings*		1,295		29
Newfield Exploration*		10,900		313
Newpark Resources*		9,364		78
Noble		28,655		115
Noble Energy		26,800		775
Novatek PJSC GDR		200		20
Oasis Petroleum*		27,706		216
Occidental Petroleum		42,600		2,638
Oceaneering International		5,000		128
Oil States International*		6,154		153
ONEOK		11,800		668
Overseas Shipholding Group, Cl A*		5,249		16
Pacific Ethanol*		5,229		33
Panhandle Oil and Gas, Cl A		2,014		44
Par Pacific Holdings*		3,646		65
Parker Drilling*		16,582		20
Parsley Energy, Cl A*		12,200		357
Patterson-UTI Energy		12,200		236
PBF Energy, Cl A		6,300		143
PDC Energy*		7,758		366
Peabody Energy*		5,882		165
Penn Virginia*		1,674		64
PHI*		1,270		12
Phillips 66		24,300		2,035
Pioneer Energy Services*		8,681		19
Pioneer Natural Resources		9,519		1,553
ProPetro Holding*		2,963		39
QEP Resources*		13,500		116
Range Resources		13,312		281
Renewable Energy Group*		4,517		56
Resolute Energy*		2,547		87
REX American Resources*		674		67
Rice Energy*		9,900		277
RigNet*		1,379		26
Ring Energy*		4,968		65
RPC		3,700		77
RSP Permian*		7,300		251
Sanchez Energy*		7,987		45
SandRidge Energy*		4,097		79
Schlumberger		77,828		5,339

24 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Scorpio Tankers		18,494	$	69
SEACOR Holdings*		1,834		63
SEACOR Marine Holdings*		1,843		27
SemGroup, Cl A		7,779		210
Ship Finance International		7,013		95
SilverBow Resources*		983		25
SM Energy		6,900		120
Smart Sand*		1,571		10
Solaris Oilfield Infrastructure, Cl A*		1,380		18
Southwestern Energy*		26,900		153
SRC Energy*		23,982		204
Stone Energy*		2,289		49
Superior Energy Services*		17,867		192
Surgutneftegas ADR		45,837		223
Targa Resources		11,200		520
Teekay Tankers, Cl A		12,174		22
Tellurian*		6,505		60
Tesco*		5,418		25
Tesoro		8,600		856
TETRA Technologies*		12,495		35
Ultra Petroleum*		23,227		239
Unit*		5,911		106
Uranium Energy*		19,351		31
US Silica Holdings		9,720		283
Valero Energy		24,900		1,717
W&T Offshore*		13,181		26
Westmoreland Coal*		1,965		8
Whiting Petroleum*		20,000		105
WildHorse Resource Development*		2,286		30
Willbros Group*		4,741		10
Williams		46,100		1,465
World Fuel Services		3,500		113
WPX Energy*		21,400		231
				84,009
Financials — 10.3%
1st Source		1,783		88
Access National		1,574		42
ACNB		642		18
Affiliated Managers Group		3,100		576
Aflac		21,600		1,723
AG Mortgage Investment Trust††		3,297		61
AGNC Investment††		20,400		432
Alleghany*		800		491
Allegiance Bancshares*		1,385		52
Allstate		20,500		1,866
Ally Financial		26,300		595
Ambac Financial Group*		5,618		115
American Equity Investment Life Holding		10,063		269
American Express		41,400		3,529
American Financial Group		3,800		385
American International Group		51,500		3,371
American National Bankshares		889		34

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
American National Insurance		400	$	48
Ameriprise Financial		8,600		1,246
Ameris Bancorp		4,411		202
AMERISAFE		2,186		126
Ames National		925		27
AmTrust Financial Services		10,006		160
Annaly Capital Management††		61,500		740
Anworth Mortgage Asset††		11,605		70
Apollo Commercial Real Estate Finance††		11,030		199
Arch Capital Group*		6,600		642
Ares Commercial Real Estate††		3,426		44
Argo Group International Holdings		3,447		207
Arlington Asset Investment, Cl A		2,803		36
ARMOUR Residential††		4,496		114
Arrow Financial		1,360		44
Arthur J Gallagher		10,200		600
Artisan Partners Asset Management, Cl A		5,226		174
ASB Bancorp, Cl B*		434		19
Aspen Insurance Holdings		3,700		181
Associated Banc-Corp		8,100		194
Associated Capital Group		432		14
Assurant		3,200		337
Assured Guaranty		6,600		297
Astoria Financial		10,871		219
Athene Holding, Cl A*		2,700		136
Atlantic Capital Bancshares*		2,298		44
Atlas Financial Holdings*		1,157		18
Axis Capital Holdings		4,600		297
B. Riley Financial		2,344		46
Baldwin & Lyons, Cl B		954		22
Banc of California		5,702		117
BancFirst		917		98
Bancorp*		6,022		47
BancorpSouth		10,458		314
Bank Mutual		4,906		49
Bank of America		559,530		13,496
Bank of Commerce Holdings		2,231		23
Bank of Hawaii		2,500		209
Bank of Marin Bancorp		756		50
Bank of New York Mellon		56,200		2,980
Bank of NT Butterfield & Son		6,312		215
Bank of the Ozarks		6,400		276
BankFinancial		1,654		25
BankUnited		5,400		186
Bankwell Financial Group		622		20
Banner		3,948		228
Bar Harbor Bankshares		1,849		52
BB&T		45,300		2,144
BCB Bancorp		1,400		21
Bear State Financial		1,924		18
Beneficial Bancorp		8,110		127
Berkshire Hathaway, Cl B*		108,043		18,904

25 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Berkshire Hills Bancorp		4,033	$	150
BGC Partners, Cl A		12,700		160
BlackRock, Cl A		6,974		2,975
Blue Capital Reinsurance Holdings		649		13
Blue Hills Bancorp		3,046		58
BofI Holding*		7,233		202
BOK Financial		1,400		119
Boston Private Financial Holdings		10,021		154
Bridge Bancorp		2,183		71
Brookline Bancorp		8,428		125
Brown & Brown		6,600		294
Bryn Mawr Bank		1,930		82
BSB Bancorp*		878		26
C&F Financial		348		17
Cadence BanCorp, Cl A*		1,225		28
California First National Bancorp		303		5
Camden National		1,790		75
Capital Bank Financial, Cl A		3,533		134
Capital City Bank Group		1,209		26
Capital One Financial		27,100		2,335
Capitol Federal Financial		15,251		217
Capstar Financial Holdings*		1,142		20
Capstead Mortgage††		11,297		110
Carolina Financial		1,517		51
Cathay General Bancorp		8,957		335
CBOE Holdings		6,300		596
CenterState Banks		6,017		150
Central Pacific Financial		3,741		116
Central Valley Community Bancorp		953		21
Century Bancorp, Cl A		330		22
Charles Schwab		66,600		2,857
Charter Financial		1,484		27
Chemical Financial		8,415		406
Chemung Financial		349		14
Cherry Hill Mortgage Investment††		1,376		26
Chimera Investment††		10,200		192
Chubb		26,000		3,808
Cincinnati Financial		8,600		655
CIT Group		11,032		526
Citigroup		154,800		10,596
Citizens, Cl A*		6,178		50
Citizens & Northern		1,238		29
Citizens Financial Group		28,200		989
City Holding		1,706		112
Civista Bancshares		1,387		28
Clifton Bancorp		2,801		47
CME Group, Cl A		19,100		2,342
CNA Financial		1,700		88
CNB Financial		1,773		47
CNO Financial Group		20,086		460
CoBiz Financial		4,370		77
Codorus Valley Bancorp		888		25

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Cohen & Steers		2,479	$	100
Columbia Banking System		6,835		272
Comerica		10,000		723
Commerce Bancshares		4,910		285
Commerce Union Bancshares		1,006		25
Community Bank System		5,883		323
Community Bankers Trust*		3,068		26
Community Financial		581		22
Community Trust Bancorp		1,733		75
ConnectOne Bancorp		3,644		82
County Bancorp		531		13
Cowen, Cl A*		3,267		52
Crawford, Cl B		1,597		14
Credit Acceptance*		600		149
CU Bancorp*		1,932		71
Cullen		3,300		300
Customers Bancorp*		3,201		96
CVB Financial		11,913		257
CYS Investments††		18,296		156
Diamond Hill Investment Group		368		73
Dime Community Bancshares		3,564		74
Discover Financial Services		21,100		1,286
DNB Financial		430		15
Donegal Group, Cl A		920		14
Donnelley Financial Solutions*		3,095		72
Dynex Capital††		5,973		41
E*TRADE Financial*		15,200		623
Eagle Bancorp*		3,658		228
East West Bancorp		8,000		456
Eaton Vance		6,100		299
eHealth*		2,391		41
Elevate Credit*		2,247		18
Ellington Residential Mortgage ††		1,269		19
EMC Insurance Group		883		24
Employers Holdings		3,919		170
Encore Capital Group*		2,768		111
Enova International*		4,041		59
Enstar Group*		1,340		271
Entegra Financial*		930		21
Enterprise Bancorp		1,092		37
Enterprise Financial Services		2,551		101
Equity Bancshares, Cl A*		1,391		48
Erie Indemnity, Cl A		1,300		166
ESSA Bancorp		896		13
Essent Group*		8,879		341
Evans Bancorp		653		27
Evercore Partners, Cl A		4,706		370
Everest Re Group		2,300		603
Ezcorp, Cl A*		5,982		47
FactSet Research Systems		2,200		368
Farmers & Merchants Bancorp		520		31
Farmers Capital Bank		798		30

26 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Farmers National Banc		2,687	$	37
FB Financial*		703		24
FBL Financial Group, Cl A		1,153		78
FCB Financial Holdings, Cl A*		4,227		199
Federal Agricultural Mortgage, Cl C		1,056		72
Federated Investors, Cl B		4,700		136
Federated National Holding		1,355		22
Fidelity & Guaranty Life		1,555		48
Fidelity Southern		2,549		54
Fifth Street Asset Management, Cl A		932		4
Fifth Third Bancorp		42,500		1,135
Financial Engines		6,988		269
Financial Institutions		1,706		50
First American Financial		5,800		281
First Bancorp		3,855		116
First BanCorp*		19,237		113
First Bancshares		996		28
First Busey		4,167		122
First Business Financial Services		878		19
First Citizens BancShares, Cl A		891		328
First Commonwealth Financial		11,570		151
First Community Bancshares		1,878		51
First Connecticut Bancorp		1,508		39
First Defiance Financial		1,212		63
First Financial		1,232		57
First Financial Bancorp		7,254		186
First Financial Bankshares		7,499		324
First Financial Northwest		992		16
First Foundation*		3,164		55
First Guaranty Bancshares		542		15
First Hawaiian		3,400		100
First Horizon National		12,600		220
First Internet Bancorp		768		25
First Interstate BancSystem, Cl A		2,935		107
First Merchants		4,785		194
First Mid-Illinois Bancshares		999		37
First Midwest Bancorp		11,983		266
First Northwest Bancorp*		1,198		18
First of Long Island		2,526		71
First Republic Bank		8,800		883
FirstCash		5,661		329
Flagstar Bancorp*		2,375		77
Flushing Financial		3,260		93
FNB		17,900		245
FNB Bancorp		795		22
FNF Group		14,300		699
FNFV Group*		7,901		136
Franklin Financial Network*		1,389		48
Franklin Resources		18,600		833
Fulton Financial		20,404		372
GAIN Capital Holdings		3,940		26
GAMCO Investors, Cl A		432		13

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Genworth Financial, Cl A*		59,922	$	206
German American Bancorp		2,488		89
Glacier Bancorp		8,954		313
Global Indemnity*		1,110		43
Goldman Sachs Group		20,700		4,664
Great Ajax††		1,911		27
Great Southern Bancorp		1,280		66
Great Western Bancorp		6,939		271
Green Bancorp*		2,654		60
Green Dot, Cl A*		5,187		209
Greene County Bancorp		367		9
Greenhill		3,146		58
Greenlight Capital Re, Cl A*		3,418		73
Guaranty Bancorp		2,929		78
Hallmark Financial Services*		1,528		17
Hamilton Lane, Cl A		1,619		36
Hancock Holding		10,071		463
Hanmi Financial		3,769		108
Hannon Armstrong Sustainable Infrastructure Capital††		5,651		131
Hanover Insurance Group		2,400		228
HarborOne Bancorp*		1,578		31
Hartford Financial Services Group		20,700		1,138
HCI Group		1,096		49
Health Insurance Innovations, Cl A*		1,313		37
Heartland Financial		2,793		132
Heritage Commerce		4,580		64
Heritage Financial		3,459		94
Heritage Insurance Holdings		3,483		44
Hilltop Holdings		8,954		224
Hingham Institution		147		26
Home Bancorp		630		26
Home BancShares		15,354		381
HomeStreet*		3,071		81
HomeTrust Bancshares*		2,096		51
Hope Bancorp		15,083		266
Horace Mann Educators		4,800		177
Horizon Bancorp		2,220		59
Houlihan Lokey, Cl A		2,399		89
Howard Bancorp*		1,279		25
Huntington Bancshares		61,600		816
IBERIABANK		6,063		490
Impac Mortgage Holdings*		1,306		19
Independence Holding		787		17
Independent Bank		5,504		270
Independent Bank Group		2,071		125
Infinity Property & Casualty		1,295		130
Interactive Brokers Group, Cl A		3,200		128
Intercontinental Exchange		32,700		2,181
International Bancshares		6,633		235
INTL. FCStone*		1,769		69
Invesco		22,800		793

27 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Invesco Mortgage Capital††		13,378	$	222
Investar Holding		1,153		26
Investment Technology Group		3,754		83
Investors Bancorp		30,429		404
Investors Title		155		27
James River Group Holdings		2,228		89
JPMorgan Chase		198,606		18,232
Kearny Financial		10,688		156
Kemper		4,700		184
KeyCorp		61,304		1,106
Kingstone		1,352		22
Kinsale Capital Group		1,697		66
KKR††		1,215		25
Ladder Capital, Cl A††		8,282		109
Ladenburg Thalmann Financial Services*		10,681		24
Lakeland Bancorp		5,001		97
Lakeland Financial		2,923		134
Lazard, Cl A		7,200		336
LCNB		952		19
LegacyTexas Financial Group		5,625		218
Legg Mason		5,300		212
LendingClub*		39,326		199
LendingTree*		753		166
Leucadia National		17,900		466
Lincoln National		12,700		928
Live Oak Bancshares		2,343		59
Loews		15,700		764
LPL Financial Holdings		4,700		215
M&T Bank		8,100		1,322
Macatawa Bank		2,871		28
Maiden Holdings		7,940		88
MainSource Financial Group		2,700		94
Malvern Bancorp*		945		23
Markel*		800		857
MarketAxess Holdings		2,000		406
Marlin Business Services		915		24
Marsh & McLennan		28,900		2,253
MB Financial		9,613		393
MBIA*		16,167		164
MBT Financial		1,920		18
Medley Management, Cl A		508		3
Mercantile Bank		1,891		60
Mercury General		1,573		94
Meridian Bancorp		6,012		106
Meta Financial Group		960		68
MetLife		51,300		2,822
MFA Financial††		23,500		200
MGIC Investment*		43,456		507
Middlefield Banc		394		18
Midland States Bancorp		1,798		57
MidSouth Bancorp		1,236		14
MidWestOne Financial Group		1,438		49

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Moelis, Cl A		2,754	$	113
Moody’s		9,400		1,237
Morgan Stanley		74,300		3,485
Morningstar		1,033		85
MSCI, Cl A		5,100		556
MTGE Investment††		5,705		106
MutualFirst Financial		586		20
NASDAQ OMX Group		6,200		461
National Bank Holdings, Cl A		2,816		96
National Bankshares		720		28
National Commerce*		1,090		44
National General Holdings		5,590		119
National Western Life Group, Cl A		266		90
Nationstar Mortgage Holdings*		3,934		70
Navient		16,600		245
Navigators Group		2,332		133
NBT Bancorp		5,026		182
Nelnet, Cl A		2,511		123
New Residential Investment††		17,100		291
New York Community Bancorp		25,800		339
New York Mortgage Trust††		13,606		86
NewStar Financial		3,841		42
NI Holdings*		1,463		26
Nicolet Bankshares*		969		52
NMI Holdings, Cl A*		6,024		71
Northeast Bancorp		1,069		23
Northern Trust		11,800		1,033
Northfield Bancorp		4,954		83
Northrim BanCorp		733		21
Northwest Bancshares		11,191		180
Norwood Financial		552		24
OceanFirst Financial		3,863		105
Ocwen Financial*		10,977		32
OFG Bancorp		5,090		51
Ohio Valley Banc		608		21
Old Line Bancshares		900		24
Old National Bancorp		15,636		255
Old Point Financial		495		16
Old Republic International		13,700		269
Old Second Bancorp		3,119		37
OM Asset Management		6,484		98
On Deck Capital*		5,163		22
OneBeacon Insurance Group, Cl A		2,582		47
OneMain Holdings, Cl A*		2,800		75
Oppenheimer Holdings, Cl A		1,086		17
Opus Bank		2,544		61
Orchid Island Capital, Cl A††		3,407		32
Oritani Financial		4,488		75
Orrstown Financial Services		802		20
Owens Realty Mortgage††		1,097		19
Pacific Continental		2,479		63
Pacific Mercantile Bancorp*		1,689		13

28 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Pacific Premier Bancorp*		4,684	$	168
PacWest Bancorp		6,600		317
Paragon Commercial*		578		31
Park National		1,556		154
Park Sterling		6,136		71
Parke Bancorp		880		18
PCSB Financial*		2,123		37
Peapack Gladstone Financial		1,931		60
Penns Woods Bancorp		503		22
PennyMac Financial Services, Cl A*		1,488		26
PennyMac Mortgage Investment Trust††		7,885		139
Peoples Bancorp		1,883		61
Peoples Bancorp of North Carolina		641		20
Peoples Financial Services		724		31
People’s United Financial		18,200		317
People’s Utah Bancorp		1,405		39
PHH*		6,624		91
Pinnacle Financial Partners		4,000		256
Piper Jaffray		1,771		111
PJT Partners		2,118		92
PNC Financial Services Group		27,000		3,478
Popular		5,900		249
PRA Group*		5,470		214
Preferred Bank		1,434		81
Premier Financial Bancorp		1,009		19
Primerica		5,285		428
Principal Financial Group		15,000		1,001
ProAssurance		2,700		167
Progressive		32,100		1,513
Prosperity Bancshares		3,700		237
Provident Bancorp*		505		11
Provident Financial Holdings		720		14
Provident Financial Services		7,240		192
Prudential Bancorp		1,202		21
Prudential Financial		23,900		2,706
Pzena Investment Management, Cl A		1,636		17
QCR Holdings		1,456		67
Radian Group		25,519		445
Raymond James Financial		7,300		607
Redwood Trust††		9,336		161
Regional Management*		1,159		28
Regions Financial		67,000		978
Reinsurance Group of America, Cl A		3,500		491
RenaissanceRe Holdings		2,300		338
Renasant		5,151		218
Republic Bancorp, Cl A		1,200		43
Republic First Bancorp*		6,118		54
Resource Capital††		4,055		42
Riverview Bancorp		2,922		22
RLI		4,465		259
S&P Global		14,500		2,227
S&T Bancorp		3,971		150

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Safeguard Scientifics*		2,123	$	25
Safety Insurance Group		1,672		119
Sandy Spring Bancorp		2,915		117
Santander Consumer USA Holdings*		9,212		118
Seacoast Banking Corp of Florida*		4,876		114
SEI Investments†		7,700		435
Selective Insurance Group		6,855		347
ServisFirst Bancshares		5,456		198
Shore Bancshares		1,351		23
SI Financial Group		1,225		19
Sierra Bancorp		1,265		35
Signature Bank*		2,900		402
Silvercrest Asset Management Group, Cl A		787		10
Simmons First National, Cl A		3,413		186
SLM*		24,200		268
SmartFinancial*		1,029		26
South State		3,390		284
Southern First Bancshares*		619		23
Southern Missouri Bancorp		631		20
Southern National Bancorp of Virginia		2,302		39
Southside Bancshares		3,354		116
Southwest Bancorp		2,217		58
Starwood Property Trust††		14,100		311
State Auto Financial		1,850		48
State Bank Financial		4,197		115
State National		3,633		76
State Street		20,900		1,949
Sterling Bancorp		15,255		352
Stewart Information Services		2,668		105
Stifel Financial*		7,897		402
Stock Yards Bancorp		2,456		88
Stonegate Bank		1,703		79
Summit Financial Group		1,298		28
Sun Bancorp		1,137		28
Sunshine Bancorp*		1,071		24
SunTrust Banks		26,900		1,541
Sutherland Asset Management††		1,986		29
SVB Financial Group*		3,000		535
Synchrony Financial		45,300		1,373
Synovus Financial		7,000		304
T Rowe Price Group		13,300		1,100
TCF Financial		8,779		138
TD Ameritrade Holding		14,400		659
Territorial Bancorp		821		25
Texas Capital Bancshares*		5,970		468
TFS Financial		3,900		62
Third Point Reinsurance*		9,340		136
Timberland Bancorp		920		25
Tiptree		2,995		21
Tompkins Financial		1,783		140
Torchmark		6,500		513
Towne Bank		6,691		209

29 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Travelers		15,600	$	1,998
TriCo Bancshares		2,307		85
TriState Capital Holdings*		2,685		62
Triumph Bancorp*		1,960		56
Trupanion*		2,851		68
TrustCo Bank		10,703		89
Trustmark		8,038		257
Two Harbors Investment††		21,100		209
Two River Bancorp		1,097		20
UMB Financial		5,323		371
Umpqua Holdings		26,181		485
Union Bankshares		5,564		177
United Bankshares		11,740		405
United Community Banks		8,247		229
United Community Financial		5,909		54
United Financial Bancorp		5,825		105
United Fire Group		2,636		119
United Insurance Holdings		1,805		29
United Security Bancshares		1,992		19
Unity Bancorp		1,176		22
Universal Insurance Holdings		3,818		91
Univest Corp of Pennsylvania		2,933		89
Unum Group		13,000		652
US Bancorp		89,100		4,703
Validus Holdings		4,300		231
Valley National Bancorp		30,610		364
Veritex Holdings*		1,775		47
Virtu Financial, Cl A		3,120		52
Virtus Investment Partners		829		98
Voya Financial		10,200		400
Waddell & Reed Financial, Cl A		9,450		195
Walker & Dunlop*		3,361		169
Washington Federal		10,790		361
Washington Trust Bancorp		1,811		99
WashingtonFirst Bankshares		925		32
Waterstone Financial		3,139		59
Webster Financial		5,100		265
Wells Fargo		252,360		13,612
WesBanco		4,763		182
West Bancorporation		2,022		47
Westamerica Bancorporation		2,975		163
Western Alliance Bancorp*		5,300		267
Western Asset Mortgage Capital††		4,906		51
Western New England Bancorp		3,189		32
Westwood Holdings Group		986		58
White Mountains Insurance Group		250		216
Willis Towers Watson		7,000		1,042
Wintrust Financial		6,510		490
WisdomTree Investments		13,355		139
WMIH*		21,113		24
World Acceptance*		767		58
WR Berkley		5,300		366

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
WSFS Financial		3,501	$	158
Xenith Bankshares*		883		25
XL Group		14,400		639
Zions Bancorporation		10,900		494
				233,602
Health Care — 9.5%
AAC Holdings*		1,050		7
Abaxis		2,537		119
Abbott Laboratories		95,200		4,682
AbbVie		89,154		6,233
Abeona Therapeutics*		3,760		32
ABIOMED*		2,300		341
Acadia Healthcare*		4,600		243
ACADIA Pharmaceuticals*		5,400		161
Accelerate Diagnostics*		3,065		80
Acceleron Pharma*		3,904		126
Accuray*		9,884		42
Aceto		3,409		58
Achaogen*		3,402		65
Achillion Pharmaceuticals*		14,902		61
Aclaris Therapeutics*		2,364		68
Acorda Therapeutics*		5,007		108
Adamas Pharmaceuticals*		1,759		31
Addus HomeCare*		819		28
Aduro Biotech*		4,801		62
Advaxis*		4,212		27
Aerie Pharmaceuticals*		3,504		190
Aetna		18,133		2,798
Agenus*		7,664		34
Agilent Technologies		17,900		1,070
Agios Pharmaceuticals*		2,500		140
Aimmune Therapeutics*		4,371		94
Akebia Therapeutics*		4,353		57
Akorn*		5,400		182
Albany Molecular Research*		3,309		72
Alder Biopharmaceuticals*		5,328		57
Alere*		5,000		252
Alexion Pharmaceuticals*		12,300		1,689
Align Technology*		4,400		736
Allergan		18,800		4,744
Allscripts Healthcare Solutions*		21,315		262
Almost Family*		1,506		74
Alnylam Pharmaceuticals*		4,200		348
AMAG Pharmaceuticals*		4,317		85
Amedisys*		3,395		161
American Renal Associates Holdings*		940		16
AmerisourceBergen, Cl A		8,700		816
Amgen		41,326		7,212
Amicus Therapeutics*		17,105		222
AMN Healthcare Services*		5,741		212
Amphastar Pharmaceuticals*		4,501		78
Analogic		1,435		101

30 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
AnaptysBio*		657	$	16
Anavex Life Sciences*		3,885		16
AngioDynamics*		4,565		74
ANI Pharmaceuticals*		954		46
Anika Therapeutics*		1,668		85
Antares Pharma*		16,855		53
Anthem		14,800		2,756
Aratana Therapeutics*		4,765		32
Ardelyx*		3,719		19
Arena Pharmaceuticals*		3,774		90
Array BioPharma*		20,232		152
Assembly Biosciences*		1,645		37
Asterias Biotherapeutics*		2,695		10
Atara Biotherapeutics*		2,753		42
athenahealth*		2,200		304
Athersys*		12,665		19
AtriCure*		3,682		89
Atrion		158		100
Audentes Therapeutics*		2,053		41
Avexis*		2,881		267
AxoGen*		3,227		51
Axovant Sciences*		3,509		80
Baxter International		27,800		1,681
Becton Dickinson		12,600		2,538
Bellicum Pharmaceuticals*		3,135		33
BioCryst Pharmaceuticals*		8,938		46
Biogen*		11,900		3,446
Biohaven Pharmaceutical Holding*		1,173		30
BioMarin Pharmaceutical*		9,900		869
Bio-Rad Laboratories, Cl A*		1,123		265
BioScrip*		11,796		34
BioSpecifics Technologies*		572		28
Bio-Techne		1,900		220
BioTelemetry*		3,221		110
BioTime*		9,732		26
Bioverativ*		6,500		403
Bluebird Bio*		5,264		496
Blueprint Medicines*		4,557		238
Boston Scientific*		76,800		2,044
Bristol-Myers Squibb		92,700		5,275
Brookdale Senior Living, Cl A*		9,300		132
Bruker		5,300		152
Calithera Biosciences*		3,593		55
Cambrex*		3,868		236
Cantel Medical		4,259		316
Capital Senior Living*		3,493		48
Cara Therapeutics*		3,052		43
Cardinal Health		17,800		1,375
Cardiovascular Systems*		3,683		116
Cascadian Therapeutics*		5,312		22
Castlight Health, Cl B*		7,507		32
Catalent*		14,763		512

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Catalyst Pharmaceuticals*		10,174	$	30
Celgene*		43,500		5,890
Celldex Therapeutics*		11,949		27
Cempra*		4,966		20
Centene*		9,600		762
Cerner*		16,300		1,049
Cerus*		11,279		25
Charles River Laboratories International*		2,700		265
Chemed		1,856		367
ChemoCentryx*		3,121		32
Chimerix*		4,659		23
Cigna		13,900		2,412
Civitas Solutions*		1,582		28
Clearside Biomedical*		2,939		25
Clovis Oncology*		5,081		431
Coherus Biosciences*		4,412		58
Collegium Pharmaceutical*		2,667		32
Community Health Systems*		10,707		77
Computer Programs & Systems		1,459		45
Conatus Pharmaceuticals*		3,917		22
Concert Pharmaceuticals*		1,759		25
ConforMIS*		3,767		19
CONMED		3,321		170
Cooper		2,800		683
Corbus Pharmaceuticals Holdings*		5,195		31
Corcept Therapeutics*		11,095		138
Corindus Vascular Robotics*		6,347		11
Corium International*		2,961		25
CorVel*		1,181		56
Corvus Pharmaceuticals*		994		12
Cotiviti Holdings*		3,122		134
CR Bard		4,067		1,304
Cross Country Healthcare*		4,257		50
CryoLife*		3,689		69
Curis*		12,173		24
Cutera*		1,559		41
Cytokinetics*		4,874		68
CytomX Therapeutics*		3,735		50
Danaher		34,400		2,803
DaVita*		8,600		557
DENTSPLY SIRONA		12,700		788
Depomed*		6,908		71
Dermira*		4,471		123
DexCom*		4,500		300
Diplomat Pharmacy*		5,639		89
Durect*		13,835		24
Dynavax Technologies*		5,574		88
Eagle Pharmaceuticals*		1,027		50
Edge Therapeutics*		1,738		19
Editas Medicine*		3,965		67
Edwards Lifesciences*		11,800		1,359
Eli Lilly		54,700		4,522

31 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Emergent BioSolutions*		3,810	$	139
Enanta Pharmaceuticals*		1,931		74
Endologix*		10,031		49
Ensign Group		5,759		129
Entellus Medical*		1,426		25
Envision Healthcare*		6,339		358
Enzo Biochem*		4,279		46
Epizyme*		4,705		54
Esperion Therapeutics*		1,832		83
Evolent Health, Cl A*		4,526		112
Exact Sciences*		12,920		501
Exactech*		1,299		38
Exelixis*		16,100		436
Express Scripts Holding*		33,400		2,092
Fate Therapeutics*		5,985		17
FibroGen*		6,871		235
Five Prime Therapeutics*		3,311		93
Flexion Therapeutics*		3,106		71
Fluidigm*		3,060		12
FONAR*		874		22
Fortress Biotech*		3,790		17
Foundation Medicine*		1,608		57
Genesis Healthcare, Cl A*		4,394		6
GenMark Diagnostics*		5,046		60
Genocea Biosciences*		4,205		24
Genomic Health*		2,188		70
Geron*		18,446		49
Gilead Sciences		73,117		5,563
Glaukos*		3,360		135
Global Blood Therapeutics*		4,331		113
Globus Medical, Cl A*		8,353		257
Haemonetics*		6,180		254
Halozyme Therapeutics*		12,840		163
Halyard Health*		5,680		228
HCA Healthcare*		16,500		1,326
HealthEquity*		5,847		268
HealthSouth		10,632		452
HealthStream*		3,117		74
Henry Schein*		4,507		821
Heron Therapeutics*		5,192		82
Heska*		744		81
Hill-Rom Holdings		3,700		276
HMS Holdings*		10,100		203
Hologic*		16,000		707
Humana		8,000		1,850
ICU Medical*		1,774		305
Idera Pharmaceuticals*		12,933		24
IDEXX Laboratories*		5,000		832
Ignyta*		6,325		60
Illumina*		8,200		1,426
Immune Design*		1,270		16
ImmunoGen*		10,940		65

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Immunomedics*		12,066	$	103
Impax Laboratories*		8,876		172
INC Research Holdings, Cl A*		6,407		352
Incyte*		9,500		1,266
Innoviva*		9,588		132
Inogen*		1,943		183
Inovalon Holdings, Cl A*		7,356		93
Inovio Pharmaceuticals*		8,370		47
Insmed*		7,510		121
Insulet*		6,777		341
Insys Therapeutics*		2,918		33
Integer Holdings*		3,647		167
Integra LifeSciences Holdings*		7,274		361
Intellia Therapeutics*		1,663		28
Intercept Pharmaceuticals*		1,100		129
Intersect ENT*		3,052		84
Intra-Cellular Therapies, Cl A*		3,726		43
Intrexon*		3,193		69
Intuitive Surgical*		2,031		1,906
Invacare		3,817		60
Invitae*		4,580		43
Ionis Pharmaceuticals*		6,800		356
Iovance Biotherapeutics*		6,855		40
iRhythm Technologies*		1,618		67
Ironwood Pharmaceuticals, Cl A*		15,880		282
Johnson& Johnson		151,479		20,104
Jounce Therapeutics*		831		11
Juno Therapeutics*		3,200		91
K2M Group Holdings*		4,759		116
Karyopharm Therapeutics*		3,446		29
Keryx Biopharmaceuticals*		9,387		66
Kindred Biosciences*		3,110		23
Kindred Healthcare		10,048		90
Kite Pharma*		5,736		622
Kura Oncology*		1,673		15
La Jolla Pharmaceutical*		2,030		60
Laboratory Corp of America Holdings*		5,700		906
Landauer		1,119		61
Lannett*		3,121		64
Lantheus Holdings*		3,057		56
LeMaitre Vascular		1,639		59
Lexicon Pharmaceuticals*		4,921		80
LHC Group*		1,816		105
LifePoint Health*		2,000		119
Ligand Pharmaceuticals*		2,444		296
LivaNova*		5,695		347
Loxo Oncology*		2,349		170
Luminex		4,482		92
MacroGenics*		3,771		62
Madrigal Pharmaceuticals*		477		7
Magellan Health*		2,797		209
Masimo*		5,305		502

32 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Matinas BioPharma Holdings*		7,850	$	9
McKesson		11,800		1,910
Medicines*		7,985		307
MediciNova*		3,202		17
Medidata Solutions*		6,634		510
MEDNAX*		5,000		235
Medpace Holdings*		879		24
Medtronic		76,700		6,440
Merck		153,918		9,832
Meridian Bioscience		4,712		64
Merit Medical Systems*		5,699		234
Merrimack Pharmaceuticals		14,056		19
Mettler-Toledo International*		1,458		836
MiMedx Group*		12,297		184
Minerva Neurosciences*		2,349		16
Miragen Therapeutics*		1,600		22
Molina Healthcare*		5,206		348
Momenta Pharmaceuticals*		8,616		143
Mylan*		29,700		1,158
MyoKardia*		1,614		25
Myriad Genetics*		8,111		197
NanoString Technologies*		1,913		29
NantHealth*		1,007		4
NantKwest*		3,583		23
Natera*		3,694		30
National HealthCare		1,274		83
National Research, Cl A		936		28
Natus Medical*		3,784		133
Nektar Therapeutics, Cl A*		17,439		381
Neogen*		4,351		287
NeoGenomics*		6,581		62
Neos Therapeutics*		2,348		15
Neurocrine Biosciences*		4,700		226
Nevro*		3,251		280
NewLink Genetics*		2,578		19
Novavax*		28,940		30
Novelion Therapeutics*		1,775		16
Novocure*		6,777		140
NuVasive*		5,942		391
NxStage Medical*		7,408		174
Nymox Pharmaceutical*		3,345		13
Obalon Therapeutics*		346		3
Ocular Therapeutix*		2,658		17
Omeros*		4,695		98
Omnicell*		4,249		211
OPKO Health*		16,300		105
OraSure Technologies*		6,488		114
Organovo Holdings*		11,425		27
Orthofix International*		2,184		95
Otonomy*		3,127		59
Owens & Minor		7,412		239
Oxford Immunotec Global*		2,932		49

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Pacific Biosciences of California*		9,084	$	30
Pacira Pharmaceuticals*		4,608		182
Paratek Pharmaceuticals*		2,766		54
PAREXEL International*		5,902		517
Patheon*		2,300		80
Patterson		4,800		200
PDL BioPharma		19,407		44
Penumbra*		3,439		281
PerkinElmer		6,000		395
Pfizer		332,356		11,021
PharMerica*		3,689		93
Phibro Animal Health, Cl A		2,253		86
Pieris Pharmaceuticals*		5,033		26
Portola Pharmaceuticals, Cl A*		5,889		363
PRA Health Sciences*		4,549		338
Premier, Cl A*		2,300		80
Prestige Brands Holdings*		6,405		343
Progenics Pharmaceuticals*		8,250		50
Protagonist Therapeutics*		820		10
Providence Service*		1,431		74
PTC Therapeutics*		4,048		83
Pulse Biosciences*		1,069		21
Puma Biotechnology*		3,317		315
QIAGEN		13,137		431
Quality Systems*		6,012		103
Quest Diagnostics		7,800		845
Quidel*		3,272		105
Quintiles IMS Holdings*		7,056		639
Quotient*		3,137		17
R1 RCM*		11,766		40
Ra Pharmaceuticals*		1,379		20
Radius Health*		4,365		192
RadNet*		3,949		30
Reata Pharmaceuticals, Cl A*		998		29
Recro Pharma*		1,597		12
Regeneron Pharmaceuticals*		4,366		2,146
REGENXBIO*		3,237		58
Repligen*		4,121		166
ResMed		8,000		617
Retrophin*		4,251		86
Revance Therapeutics*		2,449		56
Rigel Pharmaceuticals*		13,442		32
Rockwell Medical*		5,833		42
RTI Surgical*		6,102		35
Sage Therapeutics*		4,054		323
Sangamo Therapeutics*		8,714		75
Sarepta Therapeutics*		6,979		269
SciClone Pharmaceuticals*		5,682		62
Seattle Genetics*		5,400		273
Select Medical Holdings*		12,578		204
Selecta Biosciences*		1,374		23
Seres Therapeutics*		1,849		25

33 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Sientra*		2,176	$	22
Simulations Plus		1,660		25
Spark Therapeutics*		2,727		194
Spectranetics*		4,969		191
Spectrum Pharmaceuticals*		9,036		67
STAAR Surgical*		5,073		52
Stemline Therapeutics*		2,882		27
STERIS		4,700		385
Strongbridge Biopharma*		2,572		20
Stryker		19,100		2,810
Sucampo Pharmaceuticals, Cl A*		2,518		27
Supernus Pharmaceuticals*		5,587		226
Surgery Partners*		2,381		47
Surmodics*		1,714		45
Syndax Pharmaceuticals*		577		7
Synergy Pharmaceuticals*		26,607		103
Syros Pharmaceuticals*		1,467		33
Tabula Rasa HealthCare*		715		11
Tactile Systems Technology*		1,072		32
Taro Pharmaceutical Industries*		434		50
Teladoc*		6,313		207
Teleflex		2,600		539
Teligent*		5,392		42
Tenet Healthcare*		9,539		166
TESARO*		2,100		268
Tetraphase Pharmaceuticals*		3,983		26
TG Therapeutics*		5,112		59
TherapeuticsMD*		17,438		99
Theravance Biopharma*		4,883		157
Thermo Fisher Scientific		21,800		3,827
Tivity Health*		4,407		175
Tocagen*		1,288		14
Trevena*		4,699		12
Triple-S Management, Cl B*		2,659		41
Ultragenyx Pharmaceutical*		4,664		309
United Therapeutics*		2,400		308
UnitedHealth Group		53,900		10,339
Universal Health Services, Cl B		4,900		543
US Physical Therapy		1,506		95
Utah Medical Products		372		26
Vanda Pharmaceuticals*		5,167		80
Varex Imaging*		4,421		136
Varian Medical Systems*		5,200		505
VBI Vaccines*		2,544		12
VCA*		4,400		407
Veeva Systems, Cl A*		6,200		395
Veracyte*		2,786		22
Versartis*		3,796		70
Vertex Pharmaceuticals*		14,000		2,125
ViewRay*		4,128		20
Viveve Medical*		2,324		15
Vocera Communications*		3,029		83

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Voyager Therapeutics*		1,274	$	10
vTv Therapeutics, Cl A*		501		2
VWR*		5,100		168
Waters*		4,300		746
WaVe Life Sciences*		1,115		22
WellCare Health Plans*		2,400		425
West Pharmaceutical Services		3,900		346
Wright Medical Group*		12,412		326
XBiotech*		1,820		8
Xencor*		4,490		105
Zimmer Biomet Holdings		11,200		1,359
ZIOPHARM Oncology*		15,457		85
Zoetis, Cl A		27,400		1,713
Zogenix*		3,279		39
Zynerba Pharmaceuticals*		1,583		22
				214,580
Industrials — 7.3%
3M		32,500		6,538
AAON		4,917		166
AAR		3,954		148
ABM Industries		6,557		293
Acacia Research*		5,293		18
ACCO Brands*		13,006		152
Actuant, Cl A		6,971		169
Acuity Brands		2,400		486
Advanced Disposal Services*		2,852		69
Advanced Drainage Systems		4,062		83
Advisory Board*		4,810		270
AECOM*		8,500		271
Aegion, Cl A*		4,011		96
Aerojet Rocketdyne Holdings*		8,333		195
Aerovironment*		2,495		94
AGCO		4,000		289
Air Lease, Cl A		5,800		230
Air Transport Services Group*		5,886		143
Aircastle		5,541		130
Alamo Group		1,118		104
Alaska Air Group		6,900		588
Albany International, Cl A		3,489		187
Allegiant Travel, Cl A		1,547		200
Allegion		5,300		431
Allied Motion Technologies		683		20
Allison Transmission Holdings		7,800		295
Altra Industrial Motion		3,473		155
AMERCO		300		117
Ameresco, Cl A*		2,406		16
American Airlines Group		24,800		1,251
American Railcar Industries		813		30
American Woodmark*		1,611		158
AMETEK		12,900		794
AO Smith		7,900		423
Apogee Enterprises		3,343		174

34 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Applied Industrial Technologies		4,571	$	258
Aqua Metals*		1,654		19
ARC Document Solutions*		4,499		16
ArcBest		2,881		80
Arconic		21,766		540
Argan		1,661		107
Armstrong Flooring*		2,743		48
Armstrong World Industries*		2,300		112
Astec Industries		2,380		120
Astronics*		1,966		57
Astronics, Cl B*		326		10
Atkore International Group*		3,850		80
Atlas Air Worldwide Holdings*		2,848		169
Avis Budget Group*		8,788		270
Axon Enterprise*		6,298		155
AZZ		3,087		156
Babcock & Wilcox Enterprises*		5,365		56
Barnes Group		5,971		359
Barrett Business Services		896		49
Beacon Roofing Supply*		7,191		330
BG Staffing		1,060		18
Blue Bird*		635		11
BMC Stock Holdings*		7,682		169
Boeing		32,000		7,759
Brady, Cl A		5,409		180
Briggs & Stratton		5,041		118
Brink’s		5,353		418
Builders FirstSource*		11,655		183
BWX Technologies, Cl W		5,300		279
Caesarstone*		2,844		100
CAI International*		1,744		46
Carlisle		3,500		342
Casella Waste Systems, Cl A*		4,740		80
Caterpillar		32,000		3,646
CBIZ*		5,610		83
CECO Environmental		3,085		30
CH Robinson Worldwide		7,700		505
Chart Industries*		3,663		125
Cintas		4,700		634
CIRCOR International		1,932		97
Clean Harbors*		3,000		170
Cogint*		1,727		8
Colfax*		5,400		223
Columbus McKinnon		2,377		61
Comfort Systems		4,533		151
Commercial Vehicle Group*		3,506		31
Continental Building Products*		4,364		96
Copart*		11,000		346
Covanta Holding		13,754		208
Covenant Transportation Group, Cl A*		1,257		24
CRA International		925		36
Crane		2,900		219

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
CSW Industrials*		1,723	$	67
CSX		49,100		2,423
Cubic		3,096		148
Cummins		8,800		1,478
Curtiss-Wright		5,243		506
Daseke*		2,838		35
Deere		17,900		2,296
Delta Air Lines		37,700		1,861
Deluxe		5,794		418
DigitalGlobe*		7,641		267
DMC Global		1,508		21
Donaldson		7,100		337
Douglas Dynamics		2,614		83
Dover		8,800		739
Ducommun*		1,127		33
Dun & Bradstreet		2,100		233
DXP Enterprises*		1,854		53
Dycom Industries*		3,685		334
Eagle Bulk Shipping*		5,545		24
Eastern		808		23
Echo Global Logistics*		3,340		46
EMCOR Group		6,812		460
Emerson Electric		35,700		2,128
Encore Wire		2,505		112
Energous*		1,615		24
Energy Recovery*		3,611		27
EnerSys		5,160		373
Engility Holdings*		2,080		61
Ennis		3,181		61
EnPro Industries		2,577		198
EnviroStar		508		13
Equifax		6,700		974
ESCO Technologies		3,027		187
Essendant		4,611		58
Esterline Technologies*		3,072		296
ExOne*		1,220		14
Expeditors International of Washington		9,900		583
Exponent		3,112		203
Fastenal		16,200		696
Federal Signal		7,316		135
FedEx		13,900		2,892
Flowserve		7,200		296
Fluor		7,700		334
Fortive		17,372		1,125
Fortune Brands Home & Security		8,800		578
Forward Air		3,507		182
Foundation Building Materials*		1,478		18
Franklin Covey*		1,126		21
Franklin Electric		5,581		225
FreightCar America		1,322		22
FTI Consulting*		5,006		164
Gardner Denver Holdings*		2,900		67

35 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
GATX		4,508	$	279
Gencor Industries*		871		14
Generac Holdings*		7,253		261
General Cable		5,638		109
General Dynamics		14,500		2,847
General Electric		488,357		12,507
Genesee & Wyoming, Cl A*		3,400		222
Gibraltar Industries*		3,633		108
Global Brass & Copper Holdings		2,505		80
GMS*		2,764		83
Gorman-Rupp		2,081		63
GP Strategies*		1,690		48
Graco		3,100		360
Graham		1,041		21
Granite Construction		4,786		235
Great Lakes Dredge & Dock*		6,228		25
Greenbrier		3,158		142
Griffon		3,539		73
H&E Equipment Services		3,710		84
Hardinge		1,277		15
Harsco*		9,733		150
Hawaiian Holdings*		6,357		263
HC2 Holdings*		3,606		22
HD Supply Holdings*		10,900		354
Healthcare Services Group		8,350		436
Heartland Express		5,551		117
HEICO		1,250		100
HEICO, Cl A		2,875		204
Heidrick & Struggles International		2,179		39
Herc Holdings*		2,842		129
Heritage-Crystal Clean*		1,400		26
Herman Miller		7,068		238
Hertz Global Holdings*		6,420		88
Hexcel		5,300		271
Hill International*		3,575		18
Hillenbrand		7,555		272
HNI		5,393		204
Honeywell International		42,738		5,817
Hub Group, Cl A*		4,106		140
Hubbell, Cl B		3,000		356
Hudson Technologies*		4,303		35
Huntington Ingalls Industries		2,600		536
Hurco		692		23
Huron Consulting Group*		2,497		89
Huttig Building Products*		3,452		25
Hyster-Yale Materials Handling, Cl A		1,145		81
ICF International*		2,238		101
IDEX		4,200		489
IES Holdings*		864		15
IHS Markit*		21,800		1,017
Illinois Tool Works		17,100		2,406
InnerWorkings*		4,880		58

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Insperity		2,210	$	167
Insteel Industries		2,019		53
Interface, Cl A		7,898		150
ITT		5,400		221
Jacobs Engineering Group		6,600		348
JB Hunt Transport Services		4,800		435
JELD-WEN Holding*		2,887		94
JetBlue Airways*		19,200		421
John Bean Technologies		3,725		344
Johnson Controls International		52,545		2,047
Kadant		1,331		104
Kaman		3,276		167
Kansas City Southern		6,000		619
KAR Auction Services		7,600		319
KBR		16,891		252
Kelly Services, Cl A		3,548		79
Kennametal		9,371		346
KeyW Holding*		5,460		48
Kforce		2,927		55
Kimball International, Cl B		4,351		73
Kirby*		2,700		164
KLX*		6,286		326
Knight Transportation		8,710		310
Knoll		5,907		114
Korn		6,007		201
Kratos Defense & Security Solutions*		7,998		88
L3 Technologies		4,300		752
Landstar System		2,400		200
Lawson Products*		701		16
Layne Christensen*		1,952		21
LB Foster, Cl A		1,209		21
Lennox International		2,200		376
Lincoln Electric Holdings		3,400		297
Lindsay		1,311		120
Lockheed Martin		14,052		4,105
LSC Communications		3,923		84
LSI Industries		2,505		21
Lydall*		2,058		102
Macquarie Infrastructure		4,200		318
Manitowoc		15,866		91
ManpowerGroup		3,700		396
Marten Transport		4,481		71
Masco		18,200		694
MasTec*		7,856		363
Matson		5,285		149
Matthews International, Cl A		3,813		250
McGrath RentCorp		2,677		95
Mercury Systems*		5,545		243
Meritor*		10,073		174
Middleby*		3,100		405
Milacron Holdings*		5,265		95
Miller Industries		1,166		30

36 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Mistras Group*		2,191	$	44
Mobile Mini		5,143		158
Moog, Cl A*		3,821		284
MRC Global*		11,224		183
MSA Safety		3,967		318
MSC Industrial Direct, Cl A		2,400		171
Mueller Industries		6,644		209
Mueller Water Products, Cl A		18,277		212
Multi-Color		1,634		132
MYR Group*		1,771		56
National Presto Industries		593		67
Navigant Consulting*		5,606		95
Navios Maritime Holdings*		12,417		15
Navistar International*		5,972		184
NCI Building Systems*		4,957		89
Neff, Cl A*		1,074		23
Nexeo Solutions*		3,626		30
Nielsen Holdings		19,800		852
NL Industries*		1,180		9
NN		3,176		88
Nordson		3,100		394
Norfolk Southern		16,300		1,835
Northrop Grumman		8,993		2,366
Northwest Pipe*		1,401		21
NOW*		12,794		204
NV5 Holdings*		797		33
Old Dominion Freight Line		3,600		345
Omega Flex		327		20
On Assignment*		6,049		298
Orbital ATK		3,300		337
Orion Group Holdings*		2,964		21
Oshkosh		4,100		282
Owens Corning		6,400		429
PACCAR		19,400		1,328
Parker-Hannifin		7,500		1,245
Park-Ohio Holdings		1,131		45
Patrick Industries*		1,856		141
Pendrell*		1,739		12
PGT Innovations*		5,661		74
Pitney Bowes		9,500		150
Plug Power*		23,570		53
Ply Gem Holdings*		2,632		46
Powell Industries		910		29
Preformed Line Products		283		14
Primoris Services		4,962		124
Proto Labs*		2,995		221
Quad		3,306		74
Quanex Building Products		4,081		88
Quanta Services*		8,100		273
Radiant Logistics*		4,219		18
Raven Industries		4,294		148
Raytheon		16,400		2,817

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
RBC Bearings*		2,671	$	276
Regal Beloit		2,300		192
Republic Services, Cl A		13,000		835
Resources Connection		3,163		42
REV Group		1,444		39
Revolution Lighting Technologies*		1,755		13
Rexnord*		12,217		283
Roadrunner Transportation Systems*		3,232		23
Robert Half International		7,000		317
Rockwell Automation		7,200		1,188
Rockwell Collins		8,967		955
Rollins		5,800		252
Roper Technologies		5,700		1,325
RPX*		5,941		81
RR Donnelley & Sons		8,231		102
Rush Enterprises, Cl A*		3,427		148
Rush Enterprises, Cl B*		713		29
Ryder System		2,900		211
Safe Bulkers*		6,624		17
Saia*		3,011		164
Schneider National, Cl B		3,822		83
Scorpio Bulkers*		6,152		44
Sensata Technologies Holding*		9,400		424
Simpson Manufacturing		4,972		220
SiteOne Landscape Supply*		3,983		209
SkyWest		5,953		217
Snap-on		3,300		509
Southwest Airlines		31,300		1,737
SP Plus*		2,088		68
Spartan Motors		3,601		32
Sparton*		1,015		23
Spirit AeroSystems Holdings, Cl A		6,700		405
Spirit Airlines*		3,900		152
SPX*		5,029		138
SPX FLOW*		4,861		172
Standex International		1,468		141
Stanley Black & Decker		8,500		1,196
Steelcase, Cl A		10,144		138
Stericycle*		4,600		355
Sterling Construction*		3,031		39
Sun Hydraulics		2,873		119
Sunrun*		10,335		78
Supreme Industries, Cl A		1,411		21
Swift Transportation, Cl A*		8,764		223
Team*		3,509		50
Teledyne Technologies*		1,900		259
Tennant		2,141		162
Terex		5,400		213
Tetra Tech		6,603		313
Textainer Group Holdings		2,888		47
Textron		14,900		732
Thermon Group Holdings*		3,721		66

37 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Timken		3,600	$	164
Titan International		5,297		68
Titan Machinery*		1,882		34
Toro		6,000		427
TPI Composites*		1,381		26
TransDigm Group		2,778		784
TransUnion*		7,090		325
Trex*		3,569		268
TriMas*		5,475		133
TriNet Group*		4,900		171
Trinity Industries		8,100		222
Triton International		5,230		189
Triumph Group		5,782		148
TrueBlue*		4,887		125
Tutor Perini*		4,406		117
Twin Disc*		1,270		21
UniFirst		1,771		252
Union Pacific		45,200		4,654
United Continental Holdings*		15,700		1,063
United Parcel Service, Cl B		38,600		4,257
United Rentals*		4,800		571
United Technologies		42,000		4,980
Univar*		5,800		180
Universal Forest Products		2,339		196
Universal Truckload Services		934		14
US Ecology		2,529		131
USG*		4,400		119
Valmont Industries		1,300		198
Vectrus*		1,331		45
Verisk Analytics, Cl A*		8,500		742
Veritiv*		1,450		54
Viad		2,486		133
Vicor*		1,803		32
Vivint Solar*		2,653		14
VSE		1,102		57
Wabash National		7,120		136
WABCO Holdings*		3,000		413
Wabtec		4,700		354
WageWorks*		4,406		287
Waste Management		24,700		1,856
Watsco		1,800		271
Watts Water Technologies, Cl A		3,374		217
Welbilt*		6,400		125
Werner Enterprises		5,467		162
Wesco Aircraft Holdings*		6,351		69
WESCO International*		2,600		133
West		5,038		118
Willdan Group*		885		30
Willis Lease Finance*		471		12
Woodward		6,352		444
WW Grainger		3,000		500
XPO Logistics*		6,100		367

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Xylem		9,700	$	550
YRC Worldwide*		4,328		58
				165,648
Information Technology — 14.9%
2U*		5,138		266
3D Systems*		12,958		218
58.com ADR*		4,400		225
8x8*		10,679		136
A10 Networks*		5,282		37
Acacia Communications*		2,169		95
ACI Worldwide*		13,558		314
Activision Blizzard		41,200		2,545
Actua*		4,309		58
Acxiom*		9,131		246
Adobe Systems*		27,668		4,053
ADTRAN		5,656		133
Advanced Energy Industries*		4,690		340
Advanced Micro Devices*		45,900		625
Aerohive Networks*		2,621		12
Agilysys*		1,661		17
Akamai Technologies*		9,300		438
Alarm.com Holdings*		2,383		91
Alibaba Group Holding ADR*		52,000		8,057
Alliance Data Systems		2,700		652
Alpha & Omega Semiconductor*		2,367		42
Alphabet, Cl A*		16,729		15,817
Alphabet, Cl C*		17,000		15,818
Alteryx, Cl A*		1,281		26
Ambarella*		3,829		192
Amber Road*		1,954		18
Amdocs		8,100		544
American Software, Cl A		2,714		26
Amkor Technology*		11,963		124
Amphenol, Cl A		17,000		1,303
Analog Devices		20,170		1,594
Angie’s List*		5,074		61
Anixter International*		3,463		273
ANSYS*		4,800		622
Appfolio, Cl A*		851		30
Apple		292,954		43,571
Applied Materials		60,600		2,685
Applied Optoelectronics*		2,117		206
Apptio, Cl A*		2,341		42
Arista Networks*		2,900		433
ARRIS International*		10,600		296
Arrow Electronics*		5,100		415
Aspen Technology*		8,897		506
Atlassian, Cl A*		4,100		147
Autodesk*		11,700		1,296
Automatic Data Processing		25,100		2,985
Avid Technology*		3,498		18
Avnet		7,100		272

38 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
AVX		5,501	$	98
Axcelis Technologies*		3,470		77
AXT*		4,366		38
Badger Meter		3,285		149
Bankrate*		5,653		79
Barracuda Networks*		2,580		58
Bazaarvoice*		10,509		49
Bel Fuse, Cl B		1,012		26
Belden		4,974		358
Benchmark Electronics*		5,953		200
Benefitfocus*		1,645		59
Black Knight Financial Services, Cl A*		1,500		64
Blackbaud		5,657		522
Blackhawk Network Holdings, Cl A*		6,561		286
Blackline*		1,111		43
Blucora*		4,583		103
Booz Allen Hamilton Holding, Cl A		8,100		278
Bottomline Technologies*		4,886		139
Box, Cl A*		9,216		174
Brightcove*		3,154		21
Broadcom, Cl A		22,407		5,527
Broadridge Financial Solutions		6,500		493
BroadSoft*		3,516		155
Brocade Communications Systems		21,900		277
Brooks Automation		8,059		198
CA		17,500		543
Cabot Microelectronics		2,818		209
CACI International, Cl A*		2,887		361
Cadence Design Systems*		15,000		553
CalAmp*		4,215		81
Calix*		4,334		30
Callidus Software*		7,276		177
Carbonite*		3,093		73
Cardtronics*		5,366		168
Care.com*		1,743		25
Cars.com*		8,448		205
Cass Information Systems		1,285		85
Cavium*		3,700		229
CDK Global		7,500		493
CDW		8,800		558
CEVA*		2,348		109
ChannelAdvisor*		2,428		25
Ciena*		16,291		419
Cirrus Logic*		7,631		469
Cisco Systems		281,759		8,861
Citrix Systems*		8,600		679
Clearfield*		1,217		14
Cloudera*		1,636		28
Cognex		4,500		428
Cognizant Technology Solutions, Cl A		32,600		2,260
Coherent*		1,400		371
Cohu		3,145		57

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
CommerceHub*		5,022	$	91
CommScope Holding*		10,600		390
CommVault Systems*		4,592		273
Comtech Telecommunications		2,597		47
Conduent*		10,960		181
Control4*		2,983		68
Convergys		11,183		268
CoreLogic*		4,500		205
Cornerstone OnDemand*		5,906		238
Corning		50,500		1,472
CoStar Group*		1,800		496
Coupa Software*		3,497		107
CPI Card Group		2,359		7
Cray*		4,805		99
Cree*		11,462		297
CSG Systems International		3,830		158
CSRA		9,300		303
CTS		3,709		82
CyberOptics*		995		16
Cypress Semiconductor		17,000		241
Daktronics		4,544		44
Dell Technologies, Cl V*		11,168		718
DHI Group*		5,258		12
Diebold Nixdorf		9,036		211
Digi International*		2,728		29
Digimarc*		1,144		36
Diodes*		4,694		125
Dolby Laboratories, Cl A		3,300		171
DSP Group*		2,286		29
DST Systems		3,400		187
DXC Technology		16,017		1,255
Eastman Kodak*		1,792		17
eBay*		56,300		2,012
Ebix		2,990		173
EchoStar, Cl A*		2,900		176
Electro Scientific Industries*		3,007		26
Electronic Arts*		16,700		1,950
Electronics For Imaging*		5,619		273
Ellie Mae*		4,007		349
EMCORE		2,813		33
Endurance International Group Holdings*		7,156		66
EnerNOC*		2,922		22
Entegris*		16,758		437
Envestnet*		4,991		195
EPAM Systems*		5,778		497
ePlus*		1,470		119
Euronet Worldwide*		2,900		280
Everbridge*		2,171		51
Everi Holdings*		7,471		56
EVERTEC		7,384		132
Exa*		1,504		21
ExlService Holdings*		3,803		219

39 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Extreme Networks*		12,331	$	108
F5 Networks*		3,500		423
Facebook, Cl A*		131,088		22,187
Fair Isaac		3,669		523
FARO Technologies*		1,894		75
Fidelity National Information Services		18,500		1,688
Finisar*		12,791		348
FireEye*		10,600		155
First Data, Cl A*		20,500		383
First Solar*		4,900		242
Fiserv*		11,846		1,522
Fitbit, Cl A*		20,495		106
Five9*		6,116		135
FleetCor Technologies*		5,113		777
FLIR Systems		7,900		295
FormFactor*		8,472		111
Forrester Research		1,193		49
Fortinet*		8,000		295
Gartner*		4,800		616
Genpact		7,600		220
Gigamon*		4,357		173
Global Payments		8,700		821
Global Sources*		929		18
Glu Mobile*		11,101		30
GoDaddy, Cl A*		4,300		185
Gogo*		6,344		77
GrubHub*		10,183		470
GSI Technology*		1,961		14
GTT Communications*		3,774		115
Guidance Software*		2,492		18
Guidewire Software*		3,900		281
Hackett Group		2,672		44
Harmonic*		9,128		37
Harris		6,900		790
Hewlett Packard Enterprise		92,400		1,618
Hortonworks*		4,987		67
HP		95,300		1,820
HubSpot*		3,949		286
IAC*		4,000		419
Ichor Holdings*		1,482		34
II-VI*		7,210		275
Immersion*		3,071		26
Imperva*		4,023		181
Impinj*		2,113		104
Infinera*		17,123		201
Information Services Group*		3,397		14
Inphi*		4,743		182
Insight Enterprises*		4,312		175
Instructure*		2,494		81
Integrated Device Technology*		15,991		418
Intel		264,905		9,396
InterDigital		4,114		300

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Internap*		9,372	$	36
International Business Machines		48,330		6,992
Intevac*		2,280		26
Intuit		13,600		1,866
IPG Photonics*		1,900		290
Iteris*		3,519		22
Itron*		4,044		295
IXYS		3,244		56
j2 Global		5,569		471
Jabil		10,600		323
Jack Henry & Associates		4,300		461
Juniper Networks		21,000		587
KEMET*		5,361		90
Keysight Technologies*		10,600		441
Kimball Electronics*		3,470		67
KLA-Tencor		8,600		797
Knowles*		10,449		158
Kopin*		6,804		26
KVH Industries*		1,684		18
Lam Research		9,100		1,451
Lattice Semiconductor*		14,904		104
Leaf Group*		1,702		13
Leidos Holdings		7,701		412
Limelight Networks*		7,942		27
Liquidity Services*		2,654		18
Littelfuse		2,621		472
LivePerson*		6,817		92
LogMeIn		2,900		338
Lumentum Holdings*		7,153		448
MACOM Technology Solutions Holdings*		4,758		288
Majesco*		770		4
Manhattan Associates*		3,900		172
ManTech International, Cl A		2,937		117
Marvell Technology Group		22,200		345
Mastercard, Cl A		53,000		6,773
Match Group*		1,200		22
Maxim Integrated Products		15,900		722
MAXIMUS		7,416		448
MaxLinear, Cl A*		7,184		188
Maxwell Technologies*		3,445		20
Meet Group*		8,333		42
Mesa Laboratories		362		52
Methode Electronics		4,344		173
Microchip Technology		12,000		960
Micron Technology*		58,900		1,656
Microsemi*		6,400		333
Microsoft		421,193		30,621
MicroStrategy, Cl A*		1,152		155
MicroVision*		10,338		23
MINDBODY, Cl A*		4,323		112
Mitek Systems*		3,186		30
MKS Instruments		6,296		527

40 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
MobileIron*		5,121	$	23
Mobileye*		6,273		397
Model N*		2,332		31
Momo ADR*		4,600		202
MoneyGram International*		3,518		57
Monolithic Power Systems		4,613		472
Monotype Imaging Holdings		4,912		93
Motorola Solutions		9,000		816
MTS Systems		1,958		103
MuleSoft, Cl A*		1,772		39
Nanometrics*		2,758		73
Napco Security Technologies*		1,648		15
National Instruments		5,800		239
NCI, Cl A*		677		14
NCR*		6,900		261
NeoPhotonics*		3,238		26
NetApp		15,700		682
NETGEAR*		3,770		181
NetScout Systems*		10,633		367
NeuStar, Cl A*		6,481		216
New Relic*		3,439		161
NIC		7,477		121
Novanta*		3,709		137
Nuance Communications*		15,900		275
Nutanix, Cl A*		4,083		87
NVE		574		45
NVIDIA		31,900		5,184
Oclaro*		19,434		190
Okta, Cl A*		1,304		29
Ominto*		1,843		10
ON Semiconductor*		22,800		341
Oracle		161,588		8,068
OSI Systems*		2,109		169
Palo Alto Networks*		5,000		659
Pandora Media*		11,100		99
Park City Group*		1,440		19
Park Electrochemical		2,525		47
Paychex		17,700		1,024
Paycom Software*		5,785		405
Paylocity Holding*		3,145		143
PayPal Holdings*		63,700		3,730
PC Connection		1,195		31
PCM*		1,422		18
PDF Solutions*		3,220		52
Pegasystems		4,315		261
Perficient*		4,105		77
Photronics*		7,678		77
Pixelworks*		4,301		20
Planet Payment*		4,605		15
Plantronics		3,971		179
Plexus*		4,044		217
Power Integrations		3,326		235

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Presidio*		2,229	$	30
Progress Software		5,890		189
Proofpoint*		5,093		434
PROS Holdings*		2,942		85
PTC*		6,300		348
Pure Storage, Cl A*		10,920		132
Q2 Holdings*		3,797		148
QAD, Cl A		1,026		32
Qorvo*		7,400		507
QUALCOMM		83,200		4,425
Qualys*		3,798		152
Quantenna Communications*		2,478		50
Quantum*		3,905		32
QuinStreet*		4,054		16
Quotient Technology*		7,904		92
Radisys*		3,900		10
Rambus*		13,102		169
Rapid7*		2,599		39
RealNetworks*		2,647		12
RealPage*		7,012		272
Red Hat*		10,100		999
Reis		927		20
RingCentral, Cl A*		7,450		259
Rocket Fuel*		4,972		13
Rogers*		2,154		254
Rosetta Stone*		2,078		22
Rubicon Project*		3,863		18
Rudolph Technologies*		3,512		87
Sabre		11,800		261
salesforce.com*		38,100		3,459
Sanmina*		8,734		313
ScanSource*		2,892		115
Science Applications International		5,199		366
SecureWorks, Cl A*		679		7
Semtech*		7,809		309
ServiceNow*		9,300		1,027
ServiceSource International*		6,439		24
ShoreTel*		8,019		60
Shutterstock*		2,213		93
Sigma Designs*		3,795		25
Silicon Laboratories*		4,902		368
Silver Springs Network*		4,439		50
Skyworks Solutions		10,300		1,080
Sonus Networks*		5,834		40
Splunk*		7,900		474
SPS Commerce*		1,917		111
Square, Cl A*		12,300		324
SS&C Technologies Holdings		9,400		364
Stamps.com*		1,828		271
StarTek*		1,593		20
SunPower, Cl A*		7,011		78
Super Micro Computer*		4,648		125

41 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Sykes Enterprises*		4,483	$	152
Symantec		34,900		1,082
Synaptics*		4,123		217
Synchronoss Technologies*		4,661		79
SYNNEX		3,511		418
Synopsys*		8,200		628
Syntel		4,094		80
Systemax		1,298		24
Tableau Software, Cl A*		3,500		226
Take-Two Interactive Software*		5,500		437
Tech Data*		4,149		425
TechTarget*		2,056		20
Telenav*		3,493		26
TeleTech Holdings		1,926		81
Teradata*		7,300		232
Teradyne		11,300		391
Texas Instruments		56,000		4,557
TiVo		13,967		274
Total System Services		10,100		641
Trade Desk, Cl A*		2,034		108
Travelport Worldwide		14,807		212
Trimble*		13,700		513
TrueCar*		7,594		144
TTM Technologies*		10,841		188
Tucows, Cl A*		1,056		58
Twilio, Cl A*		7,295		213
Twitter*		38,000		611
Tyler Technologies*		2,000		344
Ubiquiti Networks*		2,625		143
Ultimate Software Group*		1,700		384
Ultra Clean Holdings*		3,844		90
Unisys*		5,848		75
Universal Display		2,300		277
Upland Software*		1,054		26
USA Technologies*		3,864		21
Vantiv, Cl A*		8,800		559
Varonis Systems*		2,245		84
VASCO Data Security International*		3,605		49
Veeco Instruments*		5,379		166
VeriFone Systems*		13,071		255
Verint Systems*		7,481		297
VeriSign*		5,200		526
Versum Materials		6,500		229
ViaSat*		6,207		410
Viavi Solutions*		27,584		303
VirnetX Holding*		5,261		18
Virtusa*		3,154		105
Visa, Cl A		103,840		10,338
Vishay Intertechnology		16,064		287
Vishay Precision Group*		1,325		23
VMware, Cl A*		3,800		352
Web.com Group*		4,303		94

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
WebMD Health, Cl A*		4,384	$	290
Weibo ADR*		2,280		175
Western Digital		16,435		1,399
Western Union		26,600		525
WEX*		2,300		250
Workday, Cl A*		7,200		735
Workiva, Cl A*		2,683		53
Xcerra*		6,289		61
Xerox		13,700		420
Xilinx		14,200		898
XO Group*		3,149		58
Xperi		5,912		173
Yelp, Cl A*		9,115		297
Yext*		1,766		23
Zebra Technologies, Cl A*		2,900		295
Zendesk*		11,403		334
Zillow Group, Cl A*		2,600		118
Zillow Group, Cl C*		5,800		262
Zix*		5,773		31
Zynga, Cl A*		45,900		166
				337,666
Materials — 2.3%
A Schulman		3,564		94
Advanced Emissions Solutions		2,935		31
AdvanSix*		3,516		118
AgroFresh Solutions*		2,402		19
Air Products & Chemicals		11,900		1,692
AK Steel Holding*		36,647		207
Albemarle		6,100		706
Alcoa		10,255		373
Allegheny Technologies		12,755		242
American Vanguard		3,488		62
Ampco-Pittsburgh		947		14
AptarGroup		3,500		283
Ardagh Group, Cl A*		1,600		36
Ashland Global Holdings		3,400		221
Avery Dennison		5,000		465
Axalta Coating Systems*		11,800		372
Balchem		3,697		287
Ball		19,200		804
Bemis		5,100		216
Berry Global Group*		7,400		415
Boise Cascade*		4,548		138
Cabot		3,100		168
Calgon Carbon		5,849		94
Carpenter Technology		5,617		227
Celanese, Cl A		7,600		731
Century Aluminum*		5,861		98
CF Industries Holdings		12,800		376
Chase		840		91
Chemours		10,300		490
Clearwater Paper*		1,991		98

42 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Cliffs Natural Resources*		35,460	$	274
Codexis*		5,664		31
Coeur Mining*		21,608		179
Commercial Metals		13,531		252
Compass Minerals International		3,978		275
Core Molding Technologies*		1,081		21
Crown Holdings*		7,300		434
Deltic Timber		1,235		89
Domtar		3,200		125
Dow Chemical		68,500		4,400
E.I. du Pont de Nemours		48,900		4,020
Eagle Materials		2,500		235
Eastman Chemical		8,200		682
Ecolab		14,400		1,896
Ferro*		10,142		195
Ferroglobe Representation & Warranty Insurance Trust*		6,943		—
Flotek Industries*		6,131		52
FMC		7,300		558
Forterra*		2,070		18
Freeport-McMoRan*		75,400		1,102
FutureFuel		3,046		44
GCP Applied Technologies*		8,444		256
Gold Resource		5,430		23
Graphic Packaging Holding		18,300		241
Greif, Cl A		3,113		175
Greif, Cl B		730		44
Handy & Harman*		338		11
Hawkins		1,183		53
Haynes International		1,480		46
HB Fuller		5,888		303
Hecla Mining		44,828		242
Huntsman		11,300		301
Ingevity*		5,006		293
Innophos Holdings		2,399		100
Innospec		2,777		173
International Flavors & Fragrances		4,600		613
International Paper		23,100		1,270
Intrepid Potash*		13,178		40
Kaiser Aluminum		2,073		202
KapStone Paper and Packaging		10,183		233
Klondex Mines*		20,639		66
KMG Chemicals		1,139		58
Koppers Holdings*		2,376		86
Kraton*		3,565		133
Kronos Worldwide		2,454		52
Louisiana-Pacific*		17,322		435
LSB Industries*		2,173		15
LyondellBasell Industries, Cl A		18,300		1,649
Martin Marietta Materials		3,500		792
Materion		2,259		87
Minerals Technologies		4,186		296

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Monsanto		24,600	$	2,874
Mosaic		19,100		461
Myers Industries		2,774		47
Neenah Paper		2,027		162
NewMarket		398		183
Newmont Mining		29,800		1,108
Nucor		18,100		1,044
Olin		9,200		271
Olympic Steel		967		16
OMNOVA Solutions*		5,099		48
Owens-Illinois*		9,800		234
Packaging Corp of America		5,100		558
PH Glatfelter		5,078		104
Platform Specialty Products*		11,500		161
PolyOne		9,431		345
PPG Industries		14,256		1,500
Praxair		15,900		2,069
Quaker Chemical		1,527		217
Ramaco Resources*		932		6
Rayonier Advanced Materials		4,915		73
Reliance Steel & Aluminum		3,900		282
Royal Gold		3,500		303
RPM International		7,100		368
Ryerson Holding*		1,184		10
Schnitzer Steel Industries, Cl A		3,035		78
Schweitzer-Mauduit International		3,715		143
Scotts Miracle-Gro, Cl A		2,500		240
Sealed Air		10,700		466
Sensient Technologies		5,274		392
Sherwin-Williams		4,600		1,551
Silgan Holdings		4,200		127
Sonoco Products		5,500		267
Southern Copper		9,400		370
Steel Dynamics		12,700		450
Stepan		2,328		191
Summit Materials, Cl A*		12,894		367
SunCoke Energy*		7,470		67
TimkenSteel*		4,650		74
Trecora Resources*		2,105		24
Tredegar		3,022		46
Tronox, Cl A		7,565		147
UFP Technologies*		692		20
United States Lime & Minerals		219		18
United States Steel		10,300		242
US Concrete*		1,766		138
Valhi		4,014		13
Valvoline		10,834		246
Vedanta ADR		15,000		264
Verso*		5,079		24
Vulcan Materials		7,300		899
Warrior Met Coal		1,975		43
Westlake Chemical		2,000		141

43 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
WestRock		14,100	$	810
Worthington Industries		5,292		268
WR Grace		4,000		276
				53,184
Real Estate — 3.0%
Acadia Realty Trust††		9,974		297
Agree Realty††		2,909		143
Alexander & Baldwin		5,462		229
Alexander’s††		252		110
Alexandria Real Estate Equities††		4,900		594
Altisource Residential††		6,136		80
American Assets Trust††		4,656		189
American Campus Communities††		7,300		350
American Homes 4 Rent, Cl A††		13,200		304
American Tower, Cl A††		23,800		3,245
Apartment Investment & Management, Cl A††		8,700		396
Apple Hospitality††		11,700		216
Armada Hoffler Properties††		5,448		72
Ashford Hospitality Prime††		3,501		36
Ashford Hospitality Trust††		9,318		59
AvalonBay Communities††		7,709		1,483
Bluerock Residential Growth, Cl A††		2,487		33
Boston Properties††		8,700		1,052
Brandywine Realty Trust††		8,700		146
Brixmor Property Group††		17,000		333
Camden Property Trust††		4,700		422
Care Capital Properties††		9,886		239
CareTrust††		8,693		159
CatchMark Timber Trust, Cl A††		4,824		56
CBL & Associates Properties††		20,013		176
CBRE Group, Cl A*		16,300		619
Cedar Realty Trust††		10,393		54
Chatham Lodging Trust††		4,695		97
Chesapeake Lodging Trust††		6,955		175
City Office††		2,938		37
Clipper Realty††		1,949		22
Colony NorthStar, Cl A††		30,058		440
Columbia Property Trust††		6,300		137
Community Healthcare Trust††		1,353		34
Consolidated-Tomoka Land		444		25
CoreCivic††		6,400		177
CorEnergy Infrastructure Trust††		1,435		51
CoreSite Realty††		1,900		206
Corporate Office Properties Trust††		5,900		196
Cousins Properties††		49,068		451
Crown Castle International††		20,600		2,072
CubeSmart††		10,100		249
CyrusOne††		5,100		304
DCT Industrial Trust††		4,900		276
DDR††		16,800		171
DiamondRock Hospitality††		24,009		280

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Digital Realty Trust††		8,900	$	1,027
Douglas Emmett††		7,900		302
Duke Realty††		20,300		580
DuPont Fabros Technology††		4,300		268
Easterly Government Properties††		4,499		90
EastGroup Properties††		3,950		344
Education Realty Trust ††		8,757		329
Empire State Realty Trust, Cl A††		6,100		127
EPR Properties††		3,600		261
Equinix††		4,400		1,983
Equity Commonwealth*††		6,700		212
Equity LifeStyle Properties††		4,700		410
Equity Residential††		19,700		1,341
Essex Property Trust††		3,600		942
Extra Space Storage††		6,600		525
Farmland Partners††		3,277		29
Federal Realty Investment Trust††		4,100		544
FelCor Lodging Trust††		16,376		121
First Industrial Realty Trust††		13,776		420
First Potomac Realty Trust††		6,593		73
Forest City Realty Trust, Cl A††		13,000		317
Forestar Group*		4,990		86
Four Corners Property Trust††		7,352		187
Franklin Street Properties††		12,254		130
FRP Holdings*		680		31
Gaming and Leisure Properties††		11,300		429
GEO Group††		14,618		429
Getty Realty††		3,120		81
GGP††		34,300		776
Gladstone Commercial††		2,831		60
Global Medical††		1,641		15
Global Net Lease††		8,046		177
Government Properties Income Trust††		11,093		197
Gramercy Property Trust††		17,756		537
Griffin Industrial Realty		101		3
HCP††		25,800		817
Healthcare Realty Trust††		13,689		456
Healthcare Trust of America, Cl A††		10,900		333
Hersha Hospitality Trust, Cl A††		4,685		88
HFF, Cl A		4,180		153
Highwoods Properties††		5,400		278
Hospitality Properties Trust††		9,000		262
Host Hotels & Resorts††		40,700		759
Howard Hughes*		2,100		264
Hudson Pacific Properties††		8,700		285
Independence Realty Trust††		7,417		75
InfraREIT††		4,628		104
Investors Real Estate Trust††		15,155		94
Invitation Homes††		5,700		122
Iron Mountain††		14,200		517
iStar Financial*††		8,041		96
JBG SMITH Properties*††		4,700		167

44 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Jernigan Capital††		1,086	$	23
Jones Lang LaSalle		2,500		318
Kennedy-Wilson Holdings		10,048		202
Kilroy Realty††		5,200		361
Kimco Realty††		23,600		476
Kite Realty Group Trust††		9,915		204
Lamar Advertising, Cl A††		4,500		318
LaSalle Hotel Properties††		13,506		399
Lexington Realty Trust††		25,030		255
Liberty Property Trust††		8,100		340
Life Storage††		2,500		183
LTC Properties††		4,452		230
Macerich††		7,800		448
Mack-Cali Realty††		10,769		283
Marcus & Millichap*		1,858		48
Maui Land & Pineapple*		1,010		18
MedEquities Realty Trust††		3,560		43
Medical Properties Trust††		20,100		261
Mid-America Apartment Communities††		6,417		664
Monmouth Real Estate Investment††		8,223		127
Monogram Residential Trust††		20,463		245
National Health Investors††		4,721		365
National Retail Properties††		8,000		320
National Storage Affiliates Trust††		4,876		112
New Senior Investment Group††		9,066		94
NexPoint Residential Trust††		2,150		54
NorthStar Realty Europe††		6,516		84
Omega Healthcare Investors††		11,300		357
One Liberty Properties††		1,723		42
Outfront Media††		8,300		190
Paramount Group††		11,900		195
Park Hotels & Resorts††		7,616		205
Parkway††		4,965		114
Pebblebrook Hotel Trust††		8,482		286
Pennsylvania††		8,057		96
Physicians Realty Trust††		20,447		381
Piedmont Office Realty Trust, Cl A††		7,300		153
Potlatch††		4,923		236
Preferred Apartment Communities, Cl A††		3,011		52
Prologis††		29,700		1,806
PS Business Parks††		2,318		312
Public Storage††		8,300		1,706
QTS Realty Trust, Cl A††		5,644		302
Quality Care Properties*††		11,094		187
RAIT Financial Trust††		9,643		19
Ramco-Gershenson Properties Trust††		9,180		129
Rayonier††		6,900		201
RE/MAX Holdings, Cl A		2,190		127
Realogy Holdings		8,300		276
Realty Income††		15,500		884
Regency Centers††		8,570		567
Retail Opportunity Investments††		12,763		259

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Retail Properties of America, Cl A††		12,000	$	159
Rexford Industrial Realty††		7,777		222
RLJ Lodging Trust††		14,729		312
RMR Group		909		44
Ryman Hospitality Properties††		5,237		328
Sabra Health Care††		7,629		177
Saul Centers††		1,162		69
SBA Communications, Cl A*††		6,900		949
Select Income††		7,397		174
Senior Housing Properties Trust††		13,400		261
Seritage Growth Properties††		3,074		144
Simon Property Group††		17,374		2,754
SL Green Realty††		5,400		558
Spirit Realty Capital††		27,300		216
St. Joe*		6,010		108
STAG Industrial††		10,650		291
Starwood Waypoint Homes††		11,863		415
STORE Capital††		10,100		236
Stratus Properties		681		19
Summit Hotel Properties††		12,245		220
Sun Communities††		3,800		338
Sunstone Hotel Investors††		25,765		419
Tanger Factory Outlet Centers††		4,700		124
Taubman Centers††		3,000		171
Tejon Ranch*		1,869		39
Terreno Realty††		5,499		190
Tier††		5,453		101
Trinity Place Holdings*		2,205		15
UDR††		15,300		598
UMH Properties††		3,168		52
Uniti Group††		9,200		235
Universal Health Realty Income Trust††		1,535		119
Urban Edge Properties††		11,655		293
Urstadt Biddle Properties, Cl A††		3,310		69
Ventas††		20,000		1,347
VEREIT††		52,300		435
Vornado Realty Trust††		9,400		746
Washington††		8,869		296
Washington Prime Group††		21,647		195
Weingarten Realty Investors††		6,300		204
Welltower††		20,600		1,512
Weyerhaeuser††		41,400		1,367
Whitestone, Cl B††		4,519		59
WP Carey††		5,700		390
Xenia Hotels & Resorts††		12,373		251
				67,523
Telecommunication Services — 1.3%
AT&T		345,631		13,480
ATN International		1,319		77
Boingo Wireless*		4,250		63
CenturyLink		29,800		694
Cincinnati Bell*		5,025		94

45 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Cogent Communications Holdings		4,845	$	202
Consolidated Communications Holdings		7,941		143
Frontier Communications		9,229		141
General Communication, Cl A*		3,185		136
Globalstar*		53,483		99
Hawaiian Telcom Holdco*		785		23
IDT, Cl B		1,830		27
Intelsat*		3,368		11
Iridium Communications*		10,091		100
Level 3 Communications*		16,700		980
Lumos Networks*		2,724		49
Ooma*		2,531		21
ORBCOMM*		7,856		91
pdvWireless*		1,057		26
Shenandoah Telecommunications		5,647		174
Spok Holdings		2,465		40
Sprint*		35,000		279
Straight Path Communications*		982		176
Telephone & Data Systems		4,800		137
T-Mobile US*		16,200		999
United States Cellular*		400		15
Verizon Communications		229,491		11,107
Vonage Holdings*		23,334		154
Windstream Holdings		21,904		83
Zayo Group Holdings*		10,800		354
				29,975
Utilities — 2.2%
AES		36,000		403
ALLETE		6,069		445
Alliant Energy		12,400		503
Ameren		13,600		763
American Electric Power		27,400		1,933
American States Water		4,263		211
American Water Works		10,200		827
Aqua America		10,100		337
AquaVenture Holdings*		986		16
Artesian Resources, Cl A		816		32
Atmos Energy		5,900		512
Avangrid		2,800		127
Avista		7,642		402
Black Hills		6,333		441
Cadiz*		2,451		32
California Water Service Group		5,839		227
Calpine*		19,500		280
CenterPoint Energy		23,500		662
Chesapeake Utilities		1,891		146
CMS Energy		15,700		726
Connecticut Water Service		1,234		70
Consolidated Edison		17,300		1,433
Consolidated Water		1,582		20
Delta Natural Gas		744		23
Dominion Energy		35,200		2,717

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
DTE Energy		10,200	$	1,092
Duke Energy		39,300		3,345
Dynegy, Cl A*		14,085		127
Edison International		17,600		1,385
El Paso Electric		4,747		246
Entergy		9,900		760
Eversource Energy		18,000		1,094
Exelon		51,500		1,975
FirstEnergy		25,200		804
Genie Energy, Cl B		1,470		10
Global Water Resources		935		9
Great Plains Energy		11,500		355
Hawaiian Electric Industries		5,900		195
IDACORP		5,971		516
MDU Resources Group		11,000		290
MGE Energy		4,180		278
Middlesex Water		1,923		75
National Fuel Gas		4,200		249
New Jersey Resources		10,172		429
NextEra Energy		26,300		3,842
NiSource		17,600		459
Northwest Natural Gas		3,298		208
NorthWestern		5,852		338
NRG Energy		17,600		433
NRG Yield, Cl A		4,245		77
NRG Yield, Cl C		7,363		137
OGE Energy		11,100		398
ONE Gas		6,250		455
Ormat Technologies		4,649		276
Otter Tail		4,465		181
Pattern Energy Group, Cl A		8,381		210
PG&E		28,500		1,929
Pinnacle West Capital		6,000		520
PNM Resources		9,494		378
Portland General Electric		10,599		474
PPL		38,100		1,460
Public Service Enterprise Group		27,900		1,255
Pure Cycle*		2,578		19
RGC Resources		956		26
SCANA		7,100		457
Sempra Energy		13,900		1,571
SJW Group		1,966		104
South Jersey Industries		9,606		326
Southern		56,200		2,694
Southwest Gas Holdings		5,680		455
Spark Energy, Cl A		1,050		22
Spire		5,607		407
TerraForm Global, Cl A*		10,861		55
TerraForm Power, Cl A*		10,151		136
UGI		9,400		474
Unitil		1,680		85
Vectren		4,700		283

46 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Vistra Energy		13,400	$	220
WEC Energy Group		18,000		1,133
Westar Energy, Cl A		7,700		391
WGL Holdings		5,965		511
Xcel Energy		28,100		1,329
York Water		1,587		55
				50,305
				1,547,071
Total Common Stock (Cost $1,852,941) ($ Thousands)				2,195,428
EXCHANGE TRADED FUNDS — 0.9%
United States — 0.9%
iShares MSCI India Fund		457,464		15,719
iShares MSCI Taiwan Capped Fund		85,500		3,129
SPDR S&P 500 Trust Fund		752		186
				19,034
Total Exchange Traded Funds (Cost $15,178) ($ Thousands)				19,034
PREFERRED STOCK — 0.5%
Brazil — 0.3%
Banco Bradesco		144,693		1,394
Braskem		8,900		107
Centrais Eletricas Brasileiras		17,900		96
Cia Brasileira de Distribuicao*		7,300		170
Cia Energetica de Minas Gerais		36,500		99
Cia Paranaense de Energia		5,300		44
Gerdau		47,100		161
Itau Unibanco Holding		151,000		1,805
Itausa - Investimentos Itau		181,578		539
Lojas Americanas		35,469		173
Petroleo Brasileiro*		179,800		765
Suzano Papel e Celulose, Cl A		21,300		96
Telefonica Brasil		20,500		306
Vale		88,300		828
				6,583
Chile — 0.0%
Embotelladora Andina		13,317		60
Sociedad Quimica y Minera de Chile, Cl B		4,440		182
				242
Colombia — 0.0%
Bancolombia		19,672		215
Grupo Aval Acciones y Valores		185,117		81
Grupo de Inversiones Suramericana		5,014		69
				365

Description	Shares		Market Value ($ Thousands)
PREFERRED STOCK (continued)
Germany — 0.1%
Bayerische Motoren Werke		1,579	$	125
FUCHS PETROLUB		2,014		119
Henkel & KGaA		5,557		785
Porsche Automobil Holding		4,867		278
Schaeffler		4,809		67
Volkswagen		5,773		885
				2,259
Mexico — 0.0%
Cemex*		672,052		648
South Korea — 0.1%
Amorepacific		630		100
Hyundai Motor		2,908		270
LG Chemical		400		82
LG Household & Health Care		130		74
Samsung Electronics		798		1,377
				1,903
Total Preferred Stock (Cost $8,635) ($ Thousands)				12,000
	Number of Rights
RIGHTS — 0.0%
France — 0.0%
Gecina, Expires 08/04/2017*		1,191		3
Thailand — 0.0%
Charoen PokPhand Foods, Expires 08/03/2017*		24,040		—
United States — 0.0%
Durata Therapeutics*‡		1,300		—
Media General*‡		12,275		19
Tobira Therapeutics, Expires 12/31/2028*		970		—
				19
Total Rights (Cost $—) ($ Thousands)				22
Total Investments — 98.2% (Cost $1,876,754) ($ Thousands)			$	2,226,484

47 Adviser Managed Trust / Annual Report / July 31, 2017

SCHEDULE OF INVESTMENTS

July 31, 2017

Tactical Offensive Equity Fund (Continued)

A list of the open futures contracts held by the Fund at July 31, 2017, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Appreciation ($ Thousands)
MSCI EAFE Index E-MINI		102		Sep-2017	$	251
MSCI Emerging Markets E-MINI		163		Sep-2017		432
Russell 2000 Index E-MINI		54		Sep-2017		19
Russell 2000 Index E-MINI		11		Sep-2017		9
S&P 500 Index E-MINI		136		Sep-2017		261
S&P Mid Cap 400 Index E-MINI		9		Sep-2017		8
					$	980

Percentages are based on a Net Assets of $2,268,322 ($ Thousands).

* Non-income producing security.

‡ Expiration date unavailable.

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

†† Real Estate Investment Trust.

(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 July 31, 2017, the value of these securities amounted to $4,957 ($ Thousands), representing 0.2% of the Net Assets of the Fund.

ADR — American Depositary Receipt

Cl — Class

EAFE — Europe, Australasia and Far East

GDR — Global Depositary Receipt

MSCI — Morgan Stanley Capital International

NVDR — Non-voting Depositary Receipt

PJSC — Public Joint-Stock Company

S&P— Standard & Poor’s

Ser — Series

SPDR — Standard & Poor’s Depository Receipt

The following is a list of the level of inputs used as of July 31, 2017, 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	$	2,195,428	$	—	$	—		$	2,195,428
Exchange Traded Funds		19,034		—		—			19,034
Preferred Stock		12,000		—		—			12,000
Rights		22		—		—	^		22
Total Investments in Securities	$	2,226,484	$	—	$	—		$	2,226,484

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	980	$	—	$	—	$	980
Total Other Financial Instruments	$	980	$	—	$	—	$	980

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

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

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

For the year period ended July 31, 2017, there were transfers between Level 1 and Level 2 assets and liabilities due to the availability of quoted prices in active markets to determine fair value. For the year ended July 31, 2017, there were no transfers between Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the year.

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

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

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

48 Adviser Managed Trust / Annual Report / July 31, 2017

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders

Adviser Managed Trust:

We have audited the accompanying statement of assets and liabilities, including the summary schedule of investments, of the Tactical Offensive Equity Fund and the accompanying statement of assets and liabilities, including the schedule of investments, of the Tactical Offensive Fixed Income Fund comprising the Adviser Managed Trust (the “Trust”), as of July 31, 2017, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. The financial statements and financial highlights are included in Item 1 of this Form N-CSR and the schedule of investments in securities of the Tactical Offensive Equity Fund, as of July 31, 2017 is included in Item 6 of this Form N-CSR. These financial statements and financial highlights and the schedule of investments in securities are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements, financial highlights, and schedule of investments in securities based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2017, by correspondence with custodians and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights and schedule of investments in securities referred to above present fairly, in all material respects, the financial position of each of the funds comprising the Adviser Managed Trust as of July 31, 2017, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Philadelphia, Pennsylvania

September 29, 2017

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

Items 12. Exhibits.

(a)(1) Code of Ethics attached hereto.

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

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

SIGNATURES

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

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

Date: October 6, 2017

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: October 6, 2017

By	/s/ James J. Hoffmayer
	James J. Hoffmayer
	Controller & CFO

Date: October 6, 2017