Adviser Managed Trust NCSR Certified annual shareholder report (management investment company)

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)

________

Timothy D. Barto, Esq.

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

Date of fiscal year end: July 31, 2023

Date of reporting period: July 31, 2023

Item 1. Reports to Stockholders.

July 31, 2023

ANNUAL REPORT

Adviser Managed Trust

❯	Diversified Equity Fund

❯	Enhanced Fixed Income Fund

TABLE OF CONTENTS

Letter to Shareholders	1
Management Discussion and Analysis of Fund Performance	6
Schedules of Investments	8
Statements of Assets and Liabilities	29
Statements of Operations	30
Statements of Changes in Net Assets	31
Financial Highlights	32
Notes to Financial Statements	33
Report of Independent Registered Public Accounting Firm	47
Trustees and Officers of the Trust	48
Disclosure of Fund Expenses	52
Liquidity Risk Management Program	53
Board of Trustees' Considerations in Approving the Advisory and Sub-Advisory Agreements	54
Notice to Shareholders	57

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarter of each fiscal year on Form N-PORT. The Trust’s Forms N-PORT are available on the Commission’s website at http://www.sec.gov.

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 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 (Unaudited)

JULY 31, 2023

To Our Shareholders:

During the one-year reporting period ending July 31, 2023, global financial markets gyrated in response to concerns about central bank monetary policy, the strength of the global economy, a crisis in the U.S. regional banking sector, and the politically charged U.S. debt-ceiling standoff.

The U.S. equity market experienced numerous periods of volatility as the Fed maintained its interest rate-hiking cycle for most of the reporting period in an effort to tame rising inflation. Headline inflation, as measured by the U.S. consumer-price index (“CPI”), decelerated during the one-year reporting period. The Fed raised the federal-funds rate 10 times between July 2022 and May 2023. The central bank left its benchmark rate unchanged in June, but then increased the federal-funds rate by 0.25% to a range of 5.25% to 5.50% following its meeting in late July.

In its announcement of the rate increase following its meeting in July, the Federal Open Market Committee (“FOMC”) commented, “The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 5-1/4 to 5-1/2 percent. The Committee will continue to assess additional information and its implications for monetary policy. In determining the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.”

In early March 2023, the financial markets’ focus turned to the banking sector as two U.S.-based regional banks–Silicon Valley Bank (“SVB”) and Signature Bank–failed after depositors withdrew funds on fears regarding the valuation of the institutions’ bond portfolios. The Federal Deposit Insurance Corporation (“FDIC”) was appointed as receiver to SVB after the California Department of Financial Protection and Innovation– which oversees the operations of state-licensed financial institutions, including banks and credit unions–closed the bank. Occurring on the heels of the collapse of Silvergate Capital a few days earlier, SVB’s failure prompted investors to reconsider the safety of their positions across the banking industry. SVB is a unique entity, with a client base highly concentrated among startup, venture capital-backed companies. The deposits of the bank increased tremendously over the past few years and poor liquidity management of these assets appears to have been a significant contributor to the collapse. Both Silvergate Capital and Signature Bank, which was shut down by New York state regulators in mid-March, were closely aligned with the highly speculative cryptocurrency industry. In early May, U.S. regulators took control of California-based First Republic Bank. The California Department of Financial Protection and Innovation issued a statement announcing that it had taken over the bank and appointed the FDIC as receiver. The FDIC subsequently announced that it had accepted J.P. Morgan Chase Bank’s bid to “assume all deposits, including all uninsured deposits, and substantially all assets of First Republic Bank."

The administration of President Joe Biden and the Republican Party majority in the U.S. House of Representatives engaged in a heated debate about raising the U.S. government’s $31.4 trillion debt ceiling. The debt ceiling comprises the total amount of money that the U.S. government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments. U.S. Treasury Secretary Janet Yellen had warned that the U.S. would no longer be able to meet its financial obligations as of early June. After numerous one-on-one discussions, Biden and Kevin McCarthy, who had been elected Speaker of the House of Representatives after the Republicans secured a majority in the lower house of Congress following the national election in November 2022, reached an agreement on the debt ceiling during the last week of May. Both the U.S. House of Representatives and the Senate passed the legislation–the Fiscal Responsibility Act–by wide margins, with strong support from Republicans and Democrats. The bill suspends the debt ceiling through January 1, 2025; maintains non-military spending close to current levels for the 2024 fiscal year, which begins in October; and implements a 1% cap on increases in non-military spending for the 2025 fiscal year. The fast-track approval of the legislation enabled the government to avoid a potential default on its debt.

Adviser Managed Trust

LETTER TO SHAREHOLDERS (Unaudited) (Continued)

JULY 31, 2023

Geopolitical Events

The ongoing Russia-Ukraine war dominated the geopolitical news during the reporting period. Ukraine’s president, Volodymyr Zelenskyy, traveled to Washington, D.C., to address a joint session of the U.S. Congress in late December 2022, in an effort to secure additional financial aid from the U.S. and its allies. President Biden reiterated the U.S. government’s support for Ukraine in its conflict with Russia. In late December, the U.S. Congress approved $45 billion in additional financial assistance to Ukraine. In February 2023, nearly a year after the conflict began, President Biden made an unannounced trip to Ukraine to meet with President Volodymyr Zelenskyy and to encourage ongoing support from U.S. allies. The visit occurred as Russian President Vladimir Putin increased military activity in eastern Ukraine. President Biden’s trip was particularly risky as there was no protection from U.S. military personnel on the ground in Ukraine. In March, President Xi Jinping of China met with Russian President Vladimir Putin in Moscow to discuss China’s proposal to end the conflict with Ukraine. The Biden administration criticised the plan as “the ratification of Russian conquest” as it proposed a ceasefire that would recognise Russia’s right to occupy territory in Ukraine and provide Putin with time to bolster the nation’s military forces.

Late in the reporting period, the Wagner Group, a Russian paramilitary organization, began to retreat from the city of Bakhmut, Ukraine, in late May. The mercenaries were scheduled to complete their retreat by the beginning of June, and would be replaced by regular Russian troops. The Wagner Group had been fighting in Bakhmut since the summer of 2022. The withdrawal from the city occurred after the group’s leader, Yevgeny Prigozhin, claimed that Russian Defence Minister Sergei Shoigu and Valery Gerasimov, Chief of the General Staff, had intentionally withheld ammunition from Wagner Group fighters. In late June, the Wagner Group organised a short-lived mutiny against Russian President Vladimir Putin’s regime. The group occupied Rostov-On-Don in southern Russia, a significant command center for the Russian government’s invasion of Ukraine. The group’s leader, Yevgeny Prigozhin, subsequently agreed to be exiled to Belarus, and the mercenaries retreated from Rostov-On-Don.

Liz Truss was elected U.K. Prime Minister in September 2022, but served just seven weeks before resigning. The disastrous reaction to her fiscal program sent gilt and sterling markets reeling, collapsing her support within the Conservative Party. Her departure cleared the way for Rishi Sunak to ascend as the Conservative Party leader and Prime Minister. Sunak’s administration was plagued by public-sector employee strikes and other job actions during the reporting period, as pay increases have not kept up with the U.K.’s inflation rate, which stood at 7.9% year-over-year in May. In the spring of 2023, however, the labour tensions appeared to be easing. The GMB union, which represent National Health Service (NHS) workers, announced that its members voted to accept the U.K. government’s offer to resolve a labour dispute following five months of contentious negotiations and strikes.

Economic Performance

U.S. inflation, as measured by the CPI, peaked at an annual rate of 9.1% in June 2022, the largest year-over-year increase since December 1981, and then showed signs of cooling in the second half of the reporting period. The Department of Labor reported that the CPI increased 0.2% in June, a slight uptick from the 0.1% rise in May. The CPI posted a year-over-year gain of 3.0%—the smallest annual increase since March 2021, and sharply lower than the 4.0% annual rise during the previous month. Nonetheless, the inflation rate still exceeds the Fed's 2% target. The slowing pace of inflation over the previous 12-month period was due to sharp declines in prices for fuel oil and gasoline, while food costs rose 0.2% in May and 6.7% year-over-year. Meanwhile, core inflation, as measured by the CPI for all items less food and energy, increased 0.2% in June, down from the 0.4% rise in May. The CPI was up 4.8% over the previous 12 months—significantly lower than the 5.3% year-over-year increase in May.

According to the initial estimate from the Department of Commerce, U.S. gross domestic product (“GDP”) grew at a greater-than-expected annualized rate of 2.4% in the second quarter of 2023, up from the 2.0% rise in the first three months of the year. The largest increases for the second quarter were in consumer spending, nonresidential fixed investment (purchases of both nonresidential structures and equipment and software), and state and local government spending. These gains offset reductions in exports and residential fixed investment (purchases of private residential structures and residential equipment that property owners use for rentals). The government attributed the accelerated GDP growth rate to upturns in private inventory investment (a measure of the changes in values of inventories from one time period to the next) and nonresidential fixed investment.

Adviser Managed Trust

LETTER TO SHAREHOLDERS (Unaudited) (Continued)

JULY 31, 2023

According to the Office for National Statistics, consumer prices in the U.K. rose 0.2% month-over-month in June, down from the 0.7% increase in May. Inflation increased 7.3% over the previous 12-month period, down 0.6% from the 7.9% annual upturn in May. Food and non-alcoholic beverages, and restaurants and hotels, were the most notable contributors to the annual rise in prices. Core inflation, which excludes volatile food prices, rose at an annual rate of 6.4% in June, marginally lower than the 6.5% year-over-year increase for the previous month. Eurostat estimated that the inflation rate in the eurozone fell 0.2% to 5.3% for the 12-month period ending in July. Energy prices decreased 5.6% year-over-year in June, following a 1.8% decline in May. Prices for food, alcohol and tobacco rose 10.8%, but the pace of acceleration slowed from the 11.6% annual rate in June. Core inflation, which excludes volatile energy and food prices, rose 5.5% for the month, unchanged from June.

Market Developments

Global equity markets garnered positive returns despite periods of volatility over the reporting period. Developed markets posted double-digit gains and significantly outperformed their emerging-market counterparts. The eurozone was the top-performing region among the developed markets for the reporting period with notably strong performances from Ireland, Italy, and Spain. Nordic countries were the most notable laggards among developed markets, with Norway and Finland posting negative returns for the period. The strongest performers among emerging markets included Turkey, Europe (particularly Greece, Poland, and Hungary) and Latin America (most notably Peru, Mexico, and Brazil), which achieved double-digit gains for the reporting period. Conversely, China experienced a substantial downturn and was among the weakest performers among emerging markets, along with Middle Eastern nations (Qatar, UAE, Kuwait, and Saudi Arabia) and Malaysia.

Global fixed-income assets saw modest losses over the reporting period, with the Bloomberg Global Aggregate Bond Index returning -2.70% in U.S. Dollar terms. Emerging-market and high-yield bonds, however, posted gains and outperformed government securities. Over the reporting period, rates rose across all maturities of the U.S. Treasury yield curve. The yield on the 10-year U.S. Treasury note ended the one-year reporting period up 1.37% to 3.97%, while the 2-year yield rose 1.98% to 4.88%. Bond prices fall as interest rates rise. The spread between 10- and 2-year notes widened from -0.30% to -0.91%. The yield curve remained inverted, with yields on shorter-term bonds exceeding those on longer-dated securities. The significant upturn in shorter-term bond yields reflected expectations for rates to remain higher for longer; longer-term bonds showed signs of concerns regarding how monetary tightening might have a negative effect on economic growth. Emerging-markets debt ended the period with notable gains, outperforming high yield, corporates, and government bonds.

Global commodity prices, as measured by the Bloomberg Commodity Total Return Index, fell 7.88% in U.S. Dollar terms during the reporting period. However, gold prices rallied and ended the period in positive territory as the U.S. Dollar weakened (gold prices move inversely to the U.S. Dollar) and the Fed began to slow the pace of its interest-rate hikes. Prices for West Texas Intermediate crude oil and Brent crude oil declined overall during the period but rallied sharply in July 2023. Wheat prices tumbled after Russia renewed a deal with the UN, Ukraine, and Turkey that allows the shipment of Ukrainian grain through the Black Sea. Additionally, Egypt made a large purchase tender for Russian wheat at a relatively low price.

Our View

Economists have been spending much of their time this year arguing when or if economic growth, inflation, corporate profits, interest rates, and equities will peak. Optimists and pessimists alike have been confounded by the ebb and flow of the data and the gyrations of the financial markets. The Conference Board’s Composite Index of Leading Economic Indicators has been in sharp decline since April 2022, consistent with a recession. However, coincident indicators, which track the current health of the real economy, continue to advance.

In general, input-price inflation has decelerated significantly. Canada’s industrial producer price index registered an outright decline in its price level, with a year-over-year change of -5.5% through June. The eurozone’s producer-price index (“PPI”) has witnessed the sharpest deceleration, falling from a peak year-over-year rate of 43% through August 2022 to a May 2023 reading of just 1.9%. By contrast, the improvement in producer prices has been less dramatic in Japan (still rising at a 4.1% year-over-year pace as of June), although the country has logged a steep deceleration from earlier this year. We believe that these year-over-year PPI inflation readings should continue to show improvement in the months immediately ahead owing to favorable base effects.

Adviser Managed Trust

LETTER TO SHAREHOLDERS (Unaudited) (Concluded)

JULY 31, 2023

The good news at the corporate level is feeding only slowly down to the consumer. This is especially true for core inflation, which excludes food and energy prices. Inflation cooled somewhat in the U.K. in July, but slightly accelerated in Japan. Improvement in the U.S. and the euro area has been modest, with annual core inflation running at 4.8% and 3.7%, respectively, in June. Only Canada has recorded significant progress in its core inflation rate, declining from 6.0% in June 2022 to 2.8% as of June 2023.

On a longer-term basis, we believe that demographic shifts are likely to keep labor markets tighter than has been the case at any point since the baby boomers—who were born between 1946 and 1964—first made their presence felt in the workforce in the 1970s. The new focus on supply-chain resiliency, reduced dependence on China as a manufacturing hub, the transition away from relatively cheap fossil-fuel energy to greener but more expensive sources of power, and the likelihood of significantly higher corporate taxes and financing costs in the years ahead, all suggest to us that inflation will tend to settle at 3% or more in advanced industrial economies instead of the previous norm of 2% or less.

Persistent inflation and ongoing labor-market tightness have forced most major developed-country central banks to keep raising their benchmark interest rates. The Fed, the Bank of Canada, and the European Central Bank (“ECB”) already have benchmark rates that match or exceed the peak recorded in 2008. We think it’s likely that the Bank of England (“BoE”) will soon join this group.

SEI does not dispute the fact that inflation will continue to decelerate, especially given the current weakness in energy and goods prices. It is only a question of timing and end point. We maintain our view that inflation pressures will remain persistent in labor intensive service industries, at least until some slack opens up in the labor markets and spending by households fades more dramatically.

The rally in U.S. equities broadened in July, but the valuation in the market remains problematic. The price-to-earnings ratio of the broad-market S&P 500 Index has been on the rise this year, recently reaching 19.6 times analysts’ estimated earnings for the next 12 months. This expansion in the multiple on forward earnings has occurred despite the additional monetary tightening by the Fed and other central banks. Furthermore, this upturn in expected forward earnings over the next 12 months is not likely to last if a recession materializes later this year or in 2024. The overall market also appears to be overvalued relative to today’s bond yields. If earnings experience a substantial contraction, history suggests that stock valuations also will fall.

Sincerely,

James Smigiel

Chief Investment Officer

Adviser Managed Trust

LETTER TO SHAREHOLDERS (Unaudited) (Concluded)

JULY 31, 2023

Index Definitions

Bloomberg Commodity Total Return Index: comprises futures contracts and tracks the performance of a fully collateralised investment in the index. This combines the returns of the index with the returns on cash collateral invested in 13-week (three-month) U.S. Treasury bills.

Bloomberg Global Aggregate Bond Index: is a market capitalization-weighted index that tracks the performance of investment-grade (rated BBB- or higher by S&P Global Ratings/Fitch Ratings or Baa3 or higher by Moody’s Investors Service) fixed-income securities denominated in 13 currencies. The index reflects reinvestment of all distributions and changes in market prices.

Composite Index of Leading Indicators (U.S. Conference Board): is designed to predict peaks and troughs in the business cycle. The index comprises 10 economic components for which changes tend to precede changes in the overall U.S. economy.

ICE BofA US High Yield Constrained Index: tracks the performance of below-investment-grade, U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market; exposure to individual issuers is capped at 2%.

JPMorgan EMBI Global Diversified Index: tracks the performance of external debt instruments (including U.S.-dollar-denominated and other external-currency-denominated Brady bonds, loans, eurobonds and local-market instruments) in emerging markets.

S&P 500 Index: is an unmanaged, market-weighted index that consists of 500 of the largest publicly-traded U.S. companies and is considered representative of the broad U.S. stock market.

Adviser Managed Trust

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE (Unaudited)

JULY 31, 2023

Diversified Equity Fund

I. Objective

The investment objective of the Diversified Equity Fund (the “Fund”) is 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 Core Fixed Income Fund, the Enhanced 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 or 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.

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 of, or all of, the shares for which the Financial Adviser exercises investment discretion. In such an instance, the Financial Adviser's notice of its intent to redeem or formal redemption request (collectively, “Redemption Request”) will cause the Fund to liquidate a substantial portion of, or substantially all of, its assets in order to fulfill the Redemption Request. If the Financial Adviser's Redemption Request includes all of the shares for which it exercises investment discretion, the Fund will no longer be an active component of the Adviser Managed Strategy. When the Fund is not an active component of the Adviser Managed Strategy, the Fund may invest up to 100% of its remaining assets in cash, money market instruments, repurchase agreements and other short-term obligations pending the Financial Adviser's formal redemption request; and exchange-traded funds (“ETFs”) that are designed to track the performance of the broad U.S. equity market. The Fund could be invested in these types of investments for extended periods of time. At such times, SIMC will 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 following the Financial Adviser's redemption of all of its clients' shares from the Fund. Due to this Strategy, the Fund may buy and sell securities and other instruments frequently.

III. Investment Approach

Under normal circumstances, and when the Fund is an active component of the Adviser Managed Strategy, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. and non-U.S. issuers of various market capitalizations and industries.

Although SIMC will actively determine the percentage of the Fund that will be allocated to each of the U.S. Equity, Developed Foreign Market Equity and Emerging Market Equity Indexes (each, an Index, and collectively, the Indexes), the assets allocated to each Index will be managed using a passive approach. SIMC may adjust the Fund's allocation of assets among the Indexes over time on the basis of its long-term capital market assumptions.

The strategy is implemented by SSGA Funds Management, Inc., as sub-advisor under the general supervision of SIMC. SIMC may adjust the Fund’s allocation of assets among the Indexes over time on the basis of its long-term capital market assumptions.

When the Fund is not an active component of the Adviser Managed Strategy, SIMC will act as the sole manager to the Fund, and a sub-adviser will not be used.

IV. Returns

For the full year ended July 31, 2023, the Fund returned 9.37%. The Fund’s benchmark—the S&P 500 Index (Gross) (USD) (the “S&P 500”) — returned 13.02%. For the period August 1, 2022 through January 31, 2023, the Fund was not an active component of the strategy. From February 1, 2023, to the end of the reporting period on July 31, 2023, the Fund returned 14.40%. Over the same period, the S&P 500, returned 12.34%.

V. Performance Discussion

During the portion of the year in which the Fund was an active part of the Adviser Managed Strategy, the Fund had allocations to U.S. large-cap, U.S. small-cap, developed-non-U.S., and emerging-market equities via the Russell 1000 Index, Russell 2000 Index, MSCI EAFE Index, and MSCI Emerging Markets Index, respectively. The 12-month period of performance ending July 31, 2023 includes the tail end of 2022—a negative market environment where investors reacted to high inflation and rising short-term interest rates—but also includes the strong rebound that occurred during the first seven months of 2023. Overall, this led to positive absolute returns in various segments of the equity market. The Fund experienced large cash flows over the period which resulted in cash drag and transaction costs that detracted from performance.

Adviser Managed Trust

U.S. large-cap stocks were a significant component of the Fund’s allocations and, as represented by the Russell 1000 Index, returned 12.95% during the year as the larger-cap technology-oriented stocks led the U.S. stock market upward.

The Fund’s exposure to the U.S. small-cap equity market also provided positive returns, but lagged relative to larger-capitalization stocks. The Russell 2000 Index returned 7.91% during the year.

Developed-market stocks outside the U.S. produced strong returns for the year as represented by the MSCI EAFE Index, which returned 16.70%, when measured in U.S. dollar terms. This marks a rebound from the oversold conditions that occurred in 2022, when investors had become highly concerned about inflation and the conflict between Russia and Ukraine.

Emerging-market equities produced positive returns but lagged relative to other equity markets around the world. The MSCI Emerging Markets Index returned 8.35% for the year as investors generally preferred developed-market equities during the period.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹

	One Year Return		Annualized Inception to Date
Diversified Equity Fund, Class A	9.37	%²		-2.31	%^2,3
S&P 500 Index	13.02	%		1.45	%

Comparison of Change in the Value of a $10,000 Investment in the Diversified Equity Fund, Class A, versus the S&P 500 Index.

1 For the year ended July 31, 2023. Past performance is no indication of future

performance. Shares of the Fund were offered beginning March 30, 2022.

2 The Fund was not an active component of the Adviser Managed Strategy for the

period of August 1, 2022 through January 31, 2023.

3 The Fund was not an active component of the Adviser Managed Strategy for the

period of April 26, 2022 through July 31, 2022.

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2023

Diversified Equity Fund

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 84.8%
Australia — 0.5%
Ampol		293	$	6
ANZ Group Holdings		3,672		64
APA Group		1,449		10
Aristocrat Leisure Ltd		729		19
ASX Ltd		238		10
Aurizon Holdings Ltd		2,260		6
BHP Group		6,219		193
BlueScope Steel Ltd		570		8
Brambles Ltd		1,705		16
Cochlear Ltd		81		13
Coles Group Ltd		1,643		20
Commonwealth Bank of Australia		2,080		148
Computershare Ltd		667		11
CSL		592		107
Dexus ^‡		1,320		7
Endeavour Group		1,759		7
Fortescue Metals Group Ltd		2,079		31
Goodman Group ^‡		2,078		29
GPT Group ^‡		2,352		7
IDP Education		256		4
IGO		837		8
Insurance Australia Group		3,026		12
James Hardie Industries PLC		547		16
Lendlease		846		5
Lottery		2,732		9
Macquarie Group Ltd		451		53
Medibank Pvt Ltd		3,381		8
Mineral Resources		210		10
Mirvac Group ^‡		4,844		8
National Australia Bank Ltd		3,870		74
Newcrest Mining Ltd		1,097		20
Northern Star Resources		1,423		11
Orica		556		6


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Origin Energy Ltd		2,115	$	12
Pilbara Minerals		3,128		10
Qantas Airways *		1,135		5
QBE Insurance Group Ltd		1,823		19
Ramsay Health Care		225		9
REA Group		65		7
Reece		278		4
Rio Tinto Ltd		456		36
Santos Ltd		3,874		21
Scentre Group ^‡		6,372		12
SEEK Ltd		414		7
Sonic Healthcare		561		13
South32		5,631		15
Stockland ^‡		2,931		8
Suncorp Group Ltd		1,552		15
Telstra Group		4,965		14
Transurban Group		3,775		36
Treasury Wine Estates Ltd		886		7
Vicinity ^‡		4,750		6
Washington H Soul Pattinson & Co Ltd		266		6
Wesfarmers Ltd		1,393		47
Westpac Banking		4,298		65
WiseTech Global		220		13
Woodside Energy Group		2,331		60
Woolworths Group Ltd		1,493		39
Xero *		192		16
				1,458

Austria — 0.0%
Erste Group Bank AG		422		16
OMV		181		8
Verbund AG		84		7
voestalpine AG		142		5
				36

Belgium — 0.1%
Ageas		198		8
Anheuser-Busch InBev SA/NV		1,066		61
Argenx *		68		34
D'ieteren Group		31		5
Elia Group		41		5
Groupe Bruxelles Lambert SA		122		10
KBC Group NV		307		23
Sofina		19		5
Solvay SA		91		11
UCB SA		155		14
Umicore SA		257		8
Warehouses De Pauw CVA ^‡		212		6
				190

Denmark — 0.2%
AP Moller - Maersk A/S, Cl A		4		8
AP Moller - Maersk A/S, Cl B		6		12
Carlsberg A/S, Cl B		120		18

Adviser Managed Trust


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Chr Hansen Holding A/S		129	$	10
Coloplast A/S, Cl B		146		18
Danske Bank A/S		847		20
Demant A/S *		113		5
DSV		230		46
Genmab A/S *		81		34
Novo Nordisk A/S, Cl B		2,032		328
Novozymes A/S, Cl B		251		13
Orsted A/S		232		20
Pandora A/S		111		11
ROCKWOOL, Cl B		11		3
Tryg A/S		442		9
Vestas Wind Systems		1,240		33
				588

Finland — 0.1%
Elisa		175		9
Fortum		551		8
Kesko, Cl B		335		7
Kone, Cl B		417		21
Metso		814		9
Neste Oyj		519		19
Nokia		6,643		26
Orion Oyj, Cl B		131		5
Sampo Oyj, Cl A		589		26
Stora Enso, Cl R		677		9
UPM-Kymmene		655		22
Wartsila Abp		581		7
				168

France — 0.7%
Accor SA		210		8
Aeroports de Paris		36		5
Air Liquide		643		116
Alstom SA		393		12
Amundi SA		75		5
Arkema SA		74		8
AXA SA		2,309		71
BioMerieux		51		5
BNP Paribas SA		1,364		90
Bollore SA		1,087		7
Bouygues SA		276		10
Bureau Veritas		361		10
Capgemini SE		201		36
Carrefour SA		729		15
Cie de Saint-Gobain		602		41
Cie Generale des Etablissements Michelin SCA		833		27
Covivio ^‡		68		3
Credit Agricole SA		1,494		19
Danone SA		788		48
Dassault Aviation		31		6
Dassault Systemes		818		35


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Edenred		306	$	20
Eiffage SA		102		11
Engie SA		2,242		37
EssilorLuxottica SA		364		73
Eurazeo SE		53		3
Eurofins Scientific		165		11
Euronext		105		8
Gecina SA ^‡		56		6
Getlink SE		540		9
Hermes International		39		87
Ipsen		46		6
Kering		92		53
Klepierre SA ^‡		264		7
La Francaise des Jeux SAEM		129		5
Legrand		328		33
L'Oreal SA		297		139
LVMH Moet Hennessy Louis Vuitton		340		318
Orange SA		2,449		28
Pernod Ricard SA		253		56
Publicis Groupe		280		23
Remy Cointreau SA		29		5
Renault SA		236		10
Safran SA		420		70
Sanofi		1,400		150
Sartorius Stedim Biotech		34		11
Schneider Electric SE		666		119
SEB SA		31		3
Societe Generale SA		899		24
Sodexo SA		109		11
STMicroelectronics		839		45
Teleperformance		73		10
Thales SA		131		20
TotalEnergies		2,934		179
Unibail-Rodamco-Westfield *^‡		145		8
Valeo		254		6
Veolia Environnement SA		817		27
Vinci SA		661		78
Vivendi SA		885		8
Wendel SA		33		3
Worldline *		294		12
				2,309

Germany — 0.5%
adidas AG		199		40
Allianz		495		119
BASF		1,128		61
Bayer		1,206		71
Bayerische Motoren Werke		406		49
Bechtle		101		4
Beiersdorf AG		124		16
Brenntag AG		190		15
Carl Zeiss Meditec		49		6
Commerzbank AG		1,307		16

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2023

Diversified Equity Fund (Continued)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Continental AG		135	$	11
Covestro		237		13
Daimler Truck Holding		626		24
Delivery Hero *		211		10
Deutsche Bank AG		2,537		28
Deutsche Boerse AG		233		45
Deutsche Lufthansa AG		734		7
Deutsche Telekom AG		3,979		87
DHL Group		1,255		65
E.ON SE		2,756		35
Evonik Industries AG		257		5
Fresenius Medical Care AG & Co KGaA		252		13
Fresenius SE & Co KGaA		519		16
GEA Group AG		186		8
Hannover Rueck SE		74		16
Heidelberg Materials		178		14
HelloFresh *		201		6
Henkel AG & Co KGaA		128		9
Infineon Technologies		1,603		71
Knorr-Bremse		89		6
LEG Immobilien		91		6
Mercedes-Benz Group		1,064		85
Merck KGaA		159		28
MTU Aero Engines AG		66		15
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		172		65
Nemetschek		71		5
Puma SE		130		9
QIAGEN *		280		13
Rational		6		5
Rheinmetall		53		15
RWE AG		789		34
SAP SE		1,295		177
Scout24		98		7
Siemens		939		160
Siemens Energy		638		11
Siemens Healthineers AG		346		20
Symrise, Cl A		163		18
Talanx		87		5
Telefonica Deutschland Holding AG		1,278		3
United Internet AG		258		4
Volkswagen AG		36		6
Vonovia SE		879		21
Wacker Chemie		18		3
Zalando *		275		10
				1,611

Hong Kong — 0.1%
AIA Group Ltd		14,400		143
BOC Hong Kong Holdings Ltd		4,500		14
Budweiser Brewing APAC		2,100		5
CK Asset Holdings Ltd		2,500		15
CK Hutchison Holdings Ltd		3,500		22


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
CK Infrastructure Holdings Ltd		1,000	$	5
CLP Holdings		2,000		16
ESR Group		2,400		4
Futu Holdings ADR *		100		6
Galaxy Entertainment Group Ltd *		3,000		22
Hang Lung Properties Ltd		2,000		3
Hang Seng Bank Ltd		900		14
Henderson Land Development Co Ltd		2,000		6
HKT Trust & HKT Ltd		5,000		6
Hong Kong & China Gas		14,000		12
Hong Kong Exchanges & Clearing Ltd		1,500		63
Link ^‡		3,120		17
MTR Corp Ltd		2,049		9
New World Development		2,000		5
Power Assets Holdings		1,500		8
Sands China Ltd *		2,800		11
Sino Land Co Ltd		4,150		5
SITC International Holdings		2,000		4
Sun Hung Kai Properties Ltd		2,000		25
Swire Pacific Ltd, Cl A		500		4
Swire Properties Ltd		1,400		4
Techtronic Industries Co Ltd		1,500		17
WH Group Ltd		10,000		5
Wharf Real Estate Investment Co Ltd		2,000		11
Xinyi Glass Holdings		2,000		3
				484

Ireland — 0.6%
Accenture PLC, Cl A		3,780		1,196
AIB Group PLC		1,313		6
Bank of Ireland Group PLC		1,314		14
CRH PLC		917		55
Eaton Corp PLC		2,396		492
Experian PLC		1,131		44
Jazz Pharmaceuticals PLC *		369		48
Kerry Group PLC, Cl A		196		19
Paddy Power Betfair PLC *		215		43
Pentair PLC		987		69
Perrigo PLC		805		29
Smurfit Kappa Group PLC		303		12
				2,027

Israel — 0.0%
Azrieli Group		52		3
Bank Hapoalim BM		1,559		14
Bank Leumi Le-Israel		1,895		15
Check Point Software Technologies *		100		13
Elbit Systems Ltd		33		7
ICL Group		870		6
Israel Discount Bank, Cl A		1,519		8
Mizrahi Tefahot Bank Ltd		189		7
Nice Ltd *		78		17
Teva Pharmaceutical Industries ADR *		1,400		12

Adviser Managed Trust


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Tower Semiconductor *		134	$	5
Wix.com Ltd *		100		9
				116

Italy — 0.2%
Amplifon		153		5
Assicurazioni Generali SpA		1,364		29
CNH Industrial NV		1,256		18
Davide Campari-Milano		642		9
DiaSorin		31		3
Enel SpA		9,985		69
Eni SpA		2,924		45
Ferrari		155		50
FinecoBank Banca Fineco		749		12
Infrastrutture Wireless Italiane		413		5
Intesa Sanpaolo SpA		19,815		57
Mediobanca Banca di Credito Finanziario		729		10
Moncler SpA		252		18
Nexi *		725		6
Poste Italiane		641		7
Prysmian SpA		313		13
Recordati Industria Chimica e Farmaceutica		128		7
Snam SpA		2,476		13
Stellantis		2,761		57
Telecom Italia *		12,233		4
Terna - Rete Elettrica Nazionale		1,727		15
UniCredit SpA		2,265		57
				509

Japan — 1.4%
Advantest		200		27
Aeon Co Ltd		800		17
AGC Inc/Japan		200		7
Aisin		200		6
Ajinomoto Co Inc		600		23
ANA Holdings Inc *		200		5
Asahi Group Holdings		600		24
Asahi Intecc Co Ltd		300		6
Asahi Kasei		1,500		10
Astellas Pharma Inc		2,300		34
Azbil		100		3
Bandai Namco Holdings Inc		700		16
BayCurrent Consulting		200		6
Bridgestone Corp		700		29
Brother Industries Ltd		300		5
Canon Inc		1,200		31
Capcom		200		9
Central Japan Railway Co		200		25
Chiba Bank Ltd/The		700		5
Chubu Electric Power Co Inc		800		10
Chugai Pharmaceutical Co Ltd		800		24
Concordia Financial Group Ltd		1,300		6


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
CyberAgent		500	$	3
Dai Nippon Printing		300		9
Daifuku Co Ltd		400		9
Dai-ichi Life Holdings Inc		1,200		25
Daiichi Sankyo Co Ltd		2,300		70
Daikin Industries Ltd		349		70
Daito Trust Construction Co Ltd		43		5
Daiwa House Industry		700		19
Daiwa House Investment Corp, Cl A ^‡		3		6
Daiwa Securities Group		1,600		9
Denso Corp		512		36
Dentsu Group		200		7
Disco Corp		110		21
East Japan Railway Co		400		23
Eisai Co Ltd		300		19
ENEOS Holdings		3,300		12
FANUC		1,200		37
Fast Retailing		253		63
Fuji Electric Co Ltd		200		9
FUJIFILM Holdings Corp		500		29
Fujitsu Ltd		200		26
GLP J-REIT ^‡		5		5
GMO Payment Gateway		100		8
Hakuhodo DY Holdings Inc		300		3
Hamamatsu Photonics KK		200		10
Hankyu Hanshin Holdings Inc		300		10
Hikari Tsushin Inc		39		6
Hirose Electric		63		8
Hitachi Construction Machinery Co Ltd		100		3
Hitachi Ltd		1,200		79
Honda Motor Co Ltd		1,900		60
Hoshizaki		100		4
Hoya		439		51
Hulic Co Ltd		500		4
Ibiden		100		6
Idemitsu Kosan		200		4
Iida Group Holdings Co Ltd		200		3
Inpex		1,100		14
Isuzu Motors Ltd		700		9
ITOCHU Corp		1,500		61
Itochu Techno-Solutions		100		3
Japan Airlines		200		4
Japan Exchange Group Inc		600		10
Japan Metropolitan Fund Invest ^‡		9		6
Japan Post Bank Co Ltd		1,800		15
Japan Post Holdings Co Ltd		2,600		19
Japan Post Insurance		200		3
Japan Real Estate Investment ^‡		2		8
Japan Tobacco Inc		1,500		33
JFE Holdings Inc		600		10
JSR		200		6
Kajima Corp		500		8

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2023

Diversified Equity Fund (Continued)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Kansai Electric Power Co Inc/The		900	$	12
Kao		600		23
Kawasaki Kisen Kaisha		100		3
KDDI Corp		1,900		56
Keio Corp		100		3
Keisei Electric Railway Co Ltd		200		8
Keyence Corp		200		90
Kikkoman Corp		200		12
Kintetsu Group Holdings Co Ltd		200		7
Kirin Holdings Co Ltd		1,000		15
Kobayashi Pharmaceutical Co Ltd		100		5
Kobe Bussan		200		5
Koei Tecmo Holdings		100		2
Koito Manufacturing Co Ltd		300		5
Komatsu Ltd		1,100		31
Konami Group		100		6
Kubota		1,200		18
Kurita Water Industries Ltd		100		4
Kyocera Corp		400		22
Kyowa Hakko Kirin Co Ltd		300		6
Lasertec		100		15
Lixil		400		5
M3 Inc		500		11
Makita Corp		300		8
Marubeni Corp		1,900		34
MatsukiyoCocokara		100		6
Mazda Motor		700		7
McDonald's Holdings Co Japan Ltd		100		4
MEIJI Holdings Co Ltd		300		7
MINEBEA MITSUMI Inc		400		7
MISUMI Group		300		5
Mitsubishi Chemical Group		1,600		10
Mitsubishi Corp		1,500		77
Mitsubishi Electric Corp		2,400		35
Mitsubishi Estate Co Ltd		1,400		17
Mitsubishi HC Capital		800		5
Mitsubishi Heavy Industries Ltd		400		19
Mitsubishi UFJ Financial Group Inc		14,100		114
Mitsui & Co Ltd		1,700		66
Mitsui Chemicals Inc		200		6
Mitsui Fudosan Co Ltd		1,100		23
Mitsui OSK Lines Ltd		400		10
Mizuho Financial Group Inc		3,000		51
MonotaRO Co Ltd		300		4
MS&AD Insurance Group Holdings Inc		500		19
Murata Manufacturing Co Ltd		700		41
NEC Corp		300		15
Nexon Co Ltd		500		9
NGK Insulators Ltd		300		4
NIDEC CORP		500		30
Nintendo Co Ltd		1,300		59
Nippon Building Fund ^‡		2		8


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
NIPPON EXPRESS HOLDINGS INC		100	$	6
Nippon Paint Holdings Co Ltd		1,000		9
Nippon Prologis Inc ^‡		3		6
Nippon Sanso Holdings		200		5
Nippon Shinyaku		100		4
Nippon Steel Corp		1,000		23
Nippon Telegraph & Telephone Corp		37,500		43
Nippon Yusen		600		15
Nissan Chemical		200		9
Nissan Motor Co Ltd		2,800		12
Nisshin Seifun Group Inc		200		2
Nissin Foods Holdings Co Ltd		100		8
Nitori Holdings Co Ltd		100		12
Nitto Denko Corp		200		14
Nomura Holdings Inc		3,600		15
Nomura Real Estate Holdings Inc		100		2
Nomura Real Estate Master Fund ^‡		5		6
Nomura Research Institute Ltd		500		14
NTT Data Group		800		11
Obayashi Corp		800		7
Obic Co Ltd		100		16
Odakyu Electric Railway Co Ltd		400		6
Oji Holdings Corp		1,000		4
Olympus Corp		1,500		24
Omron Corp		200		11
Ono Pharmaceutical Co Ltd		400		7
Open House Group		100		4
Oracle Corp Japan		100		7
Oriental Land Co Ltd/Japan		1,300		50
ORIX		1,500		29
Osaka Gas Co Ltd		500		8
Otsuka Corp		100		4
Otsuka Holdings		500		18
Pan Pacific International Holdings Corp		500		10
Panasonic Holdings		2,700		33
Persol Holdings Co Ltd		200		4
Rakuten Group		2,000		8
Recruit Holdings Co Ltd		1,800		62
Renesas Electronics Corp *		1,500		29
Resona Holdings Inc		2,700		15
Ricoh Co Ltd		700		6
Rohm Co Ltd		100		9
SBI Holdings Inc/Japan		300		6
SCSK		200		3
Secom		300		20
Seiko Epson Corp		300		5
Sekisui Chemical Co Ltd		400		6
Sekisui House		800		16
Seven & i Holdings Co Ltd		900		37
SG Holdings Co Ltd		400		6
Sharp Corp/Japan		300		2
Shimadzu Corp		300		9

Adviser Managed Trust


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Shimano Inc		100	$	15
Shimizu Corp		700		5
Shin-Etsu Chemical		2,300		76
Shionogi & Co Ltd		300		13
Shiseido Co Ltd		500		22
Shizuoka Financial Group		500		4
SMC Corp/Japan		48		25
SoftBank		3,500		39
SoftBank Group Corp		1,300		66
Sompo Holdings Inc		400		18
Sony Group		1,600		150
Square Enix Holdings		100		5
Subaru Corp		800		15
SUMCO Corp		400		6
Sumitomo Chemical Co Ltd		1,800		6
Sumitomo Corp		1,400		30
Sumitomo Electric Industries		900		12
Sumitomo Metal Mining Co Ltd		300		10
Sumitomo Mitsui Financial Group Inc		1,600		75
Sumitomo Mitsui Trust Holdings Inc		400		16
Sumitomo Realty & Development		400		11
Suntory Beverage & Food Ltd		200		7
Suzuki Motor Corp		500		20
Sysmex Corp		200		14
T&D Holdings		700		11
Taisei		200		8
Takeda Pharmaceutical Co Ltd		2,000		61
TDK Corp		500		19
Terumo Corp		800		26
TIS		300		8
Tobu Railway Co Ltd		200		5
Toho Co Ltd/Tokyo		100		4
Tokio Marine Holdings Inc		2,300		53
Tokyo Electric Power Holdings *		1,900		8
Tokyo Electron Ltd		600		90
Tokyo Gas		500		11
Tokyu Corp		700		9
TOPPAN Inc		300		7
Toray Industries Inc		1,700		10
Toshiba		500		16
Tosoh Corp		300		4
TOTO Ltd		200		6
Toyota Industries Corp		200		14
Toyota Motor Corp		13,000		218
Toyota Tsusho Corp		300		18
Trend Micro Inc/Japan		200		9
Unicharm Corp		500		19
USS Co Ltd		300		5
Welcia Holdings		100		2
West Japan Railway Co		300		12
Yakult Honsha Co Ltd		200		11
Yamaha		200		8


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Yamaha Motor Co Ltd		400	$	12
Yamato Holdings Co Ltd		300		6
Yaskawa Electric Corp		300		13
Yokogawa Electric Corp		300		6
Z Holdings		3,300		9
ZOZO Inc		200		4
				4,451

Luxembourg — 0.0%
Tenaris SA		580		10

Netherlands — 0.3%
ABN AMRO Group NV		496		8
Adyen NV *		27		50
Aegon NV		2,201		12
AerCap Holdings NV *		200		13
Airbus SE		726		107
Akzo Nobel NV		223		19
ArcelorMittal		647		19
ASM International		58		28
ASML Holding NV		498		358
DSM-Firmenich		215		24
EXOR		133		12
Heineken		318		31
Heineken Holding NV		141		12
IMCD		70		11
ING Groep NV		4,575		67
JDE Peet's		123		4
Just Eat Takeaway.com *		225		4
Koninklijke Ahold Delhaize		1,227		42
Koninklijke KPN NV		4,055		15
Koninklijke Philips NV *		1,140		24
NN Group NV		360		14
OCI		129		3
Prosus		984		78
Randstad NV		147		9
Universal Music Group		983		25
Wolters Kluwer NV		316		40
				1,029

New Zealand — 0.0%
Auckland International Airport Ltd *		1,537		8
EBOS Group		199		5
Fisher & Paykel Healthcare Corp Ltd		717		11
Mercury NZ		851		3
Meridian Energy Ltd		1,584		6
Spark New Zealand Ltd		2,300		7
				40

Norway — 0.0%
Adevinta, Cl B *		358		3
Aker BP ASA		388		11
DNB Bank		1,142		23
Equinor		1,170		36

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2023

Diversified Equity Fund (Continued)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Gjensidige Forsikring ASA		246	$	4
Kongsberg Gruppen		109		5
Mowi ASA		508		9
Norsk Hydro ASA		1,651		11
Orkla ASA		922		7
Salmar		80		4
Telenor ASA		859		9
Yara International ASA		203		8
				130

Portugal — 0.0%
EDP - Energias de Portugal SA		3,596		17
EDP Renovaveis		388		7
Galp Energia SGPS		615		8
Jeronimo Martins SGPS SA		348		10
				42

Singapore — 0.1%
CapitaLand Ascendas ^‡		4,100		9
CapitaLand Integrated Commercial Trust ^‡		6,500		10
CapitaLand Investment		3,200		8
City Developments Ltd		500		3
DBS Group Holdings Ltd		2,200		57
Genting Singapore Ltd		7,400		5
Jardine Cycle & Carriage Ltd		100		3
Keppel Corp Ltd		1,800		10
Mapletree Logistics Trust ^‡		4,100		5
Mapletree Pan Asia Commercial Trust ^‡		2,900		4
Oversea-Chinese Banking Corp Ltd		4,200		42
Sea Ltd ADR *		500		33
Seatrium *		56,832		6
Singapore Airlines Ltd		1,600		9
Singapore Exchange Ltd		1,100		8
Singapore Technologies Engineering		1,900		5
Singapore Telecommunications		10,100		20
United Overseas Bank Ltd		1,400		32
UOL Group Ltd		600		3
Venture Corp Ltd		300		3
Wilmar International Ltd		2,400		7
				282

Spain — 0.2%
Acciona		30		5
ACCIONA Energias Renovables		81		3
ACS Actividades de Construccion y Servicios		279		10
Aena SME SA		92		15
Amadeus IT Group SA, Cl A		553		40
Banco Bilbao Vizcaya Argentaria SA		7,403		59
Banco Santander SA		20,618		84
CaixaBank SA		5,443		22
Cellnex Telecom		694		28
Enagas SA		306		5
Endesa SA		390		8


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Ferrovial		598	$	20
Grifols		366		5
Iberdrola		7,361		92
Industria de Diseno Textil SA		1,339		51
Naturgy Energy Group		179		6
Redeia		498		8
Repsol SA		1,691		26
Telefonica SA		6,381		27
				514

Sweden — 0.2%
Alfa Laval		356		13
Assa Abloy AB, Cl B		1,230		30
Atlas Copco, Cl A		3,298		47
Atlas Copco, Cl B		1,916		24
Beijer Ref, Cl B		356		5
Boliden		368		11
Embracer Group, Cl B *		805		2
Epiroc, Cl A		809		16
Epiroc, Cl B		479		8
EQT AB		436		10
Essity AB, Cl B		748		19
Evolution		224		28
Fastighets Balder, Cl B *		775		4
Getinge, Cl B		281		5
H & M Hennes & Mauritz, Cl B		897		15
Hexagon, Cl B		2,390		23
Holmen, Cl B		115		4
Husqvarna, Cl B		515		5
Industrivarden, Cl A		160		5
Industrivarden AB, Cl C		189		5
Indutrade		335		7
Investment Latour, Cl B		182		4
Investor, Cl A		612		12
Investor, Cl B		2,237		46
Kinnevik, Cl B *		298		4
L E Lundbergforetagen AB, Cl B		93		4
Lifco, Cl B		286		6
Nibe Industrier, Cl B		1,861		17
Nordea Bank Abp		4,061		46
Saab, Cl B		86		4
Sagax, Cl B		234		5
Sandvik AB		1,309		27
Securitas AB, Cl B		604		5
Skandinaviska Enskilda Banken AB, Cl A		1,984		24
Skanska AB, Cl B		418		7
SKF AB, Cl B		471		9
Svenska Cellulosa, Cl B		744		10
Svenska Handelsbanken AB, Cl A		1,791		16
Swedbank AB, Cl A		1,112		20
Swedish Orphan Biovitrum *		209		4
Tele2 AB, Cl B		697		5
Telefonaktiebolaget LM Ericsson, Cl B		3,583		18

Adviser Managed Trust


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Telia Co AB		3,263	$	7
Volvo, Cl A		246		6
Volvo AB, Cl B		1,853		41
Volvo Car, Cl B *		732		4
				637

Switzerland — 0.6%
ABB Ltd		1,930		78
Adecco Group AG		196		8
Alcon Inc		613		52
Bachem Holding, Cl B		41		4
Baloise Holding AG		56		9
Banque Cantonale Vaudoise		37		4
Barry Callebaut		4		7
BKW		26		5
Chocoladefabriken Lindt & Spruengli AG		3		37
Cie Financiere Richemont SA, Cl A		641		104
Clariant AG		265		4
Coca-Cola HBC AG		288		8
Dufry AG *		99		5
EMS-Chemie Holding AG		9		7
Geberit		44		25
Givaudan		11		37
Helvetia Holding		19		3
Holcim		681		48
Julius Baer Group Ltd		262		19
Kuehne + Nagel International AG		67		21
Logitech International		213		15
Lonza Group AG		91		53
Nestle SA		3,376		416
Novartis AG		2,571		270
Partners Group Holding AG		28		32
Roche Holding		39		13
Roche Holding AG		863		269
Schindler Holding		79		19
SGS		196		19
SIG Group		375		10
Sika AG		179		56
Sonova Holding AG		64		18
Straumann Holding		137		23
Swatch Group		36		12
Swatch Group AG/The		65		4
Swiss Life Holding AG		38		24
Swiss Prime Site AG		94		9
Swiss Re AG		370		39
Swisscom AG		32		21
Temenos AG		78		7
UBS Group		4,000		89
VAT Group		33		14
Zurich Insurance Group AG		185		90
				2,007


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
United Kingdom — 0.9%
3i Group PLC		1,195	$	30
Abrdn PLC		2,490		7
Admiral Group PLC		278		8
Anglo American PLC		1,560		48
Antofagasta PLC		484		10
Ashtead Group PLC		539		40
Associated British Foods PLC		437		12
AstraZeneca PLC		1,919		276
Auto Trader Group PLC		1,144		10
Aviva		3,441		17
BAE Systems PLC		3,792		45
Barclays PLC		19,465		39
Barratt Developments PLC		1,230		7
Berkeley Group Holdings		133		7
BP PLC		21,961		137
British American Tobacco PLC		2,611		88
British Land PLC ^‡		1,081		5
BT Group PLC, Cl A		8,534		13
Bunzl PLC		414		15
Burberry Group PLC		472		14
Centrica PLC		6,674		12
Compass Group PLC		2,157		56
Croda International PLC		171		13
DCC PLC		121		7
Diageo PLC		2,791		122
Endeavour Mining		210		5
Entain PLC		723		13
Glencore PLC		13,288		81
GSK		5,091		91
Haleon		6,235		27
Halma PLC		466		13
Hargreaves Lansdown PLC		437		5
Hikma Pharmaceuticals PLC		203		6
HSBC Holdings PLC		24,766		206
Imperial Brands PLC		1,099		26
Informa PLC		1,750		17
InterContinental Hotels Group PLC		215		16
Intertek Group PLC		198		11
J Sainsbury PLC		2,159		8
JD Sports Fashion		3,166		6
Johnson Matthey PLC		225		5
Kingfisher PLC		2,398		8
Kingspan Group PLC		190		15
Land Securities Group PLC ^‡		865		7
Legal & General Group PLC		7,333		22
Lloyds Banking Group PLC		82,595		48
London Stock Exchange Group PLC		501		55
M&G PLC		2,738		7
Mondi PLC		596		11
National Grid PLC		4,581		61
NatWest Group		7,234		23

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2023

Diversified Equity Fund (Continued)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Next PLC		159	$	14
Ocado Group PLC *		709		9
Pearson PLC		793		9
Persimmon PLC		392		6
Phoenix Group Holdings PLC		921		7
Prudential PLC		3,375		47
Reckitt Benckiser Group PLC		879		66
RELX PLC		2,351		79
Rentokil Initial PLC		3,094		25
Rio Tinto PLC		1,400		93
Rolls-Royce Holdings PLC *		10,273		24
Sage Group PLC/The		1,252		15
Schroders		1,088		6
Segro PLC ^‡		1,485		15
Severn Trent PLC		309		10
Shell		8,501		259
Smith & Nephew PLC		1,069		16
Smiths Group PLC		435		10
Spirax-Sarco Engineering PLC		90		13
SSE PLC		1,327		29
St. James's Place PLC		668		8
Standard Chartered PLC		3,021		29
Taylor Wimpey PLC		4,336		6
Tesco PLC		9,087		30
Unilever PLC		3,133		169
United Utilities Group PLC		837		11
Vodafone Group PLC		29,270		28
Whitbread PLC		248		11
Wise, Cl A *		742		7
WPP PLC		1,315		14
				2,896

United States — 78.1%
Communication Services — 6.6%
Activision Blizzard Inc		4,662		433
Alphabet Inc, Cl A *		35,551		4,718
Alphabet Inc, Cl C *		30,810		4,101
AMC Entertainment Holdings Inc, Cl A		3,099		15
AT&T Inc		42,982		624
Cable One Inc		35		25
Charter Communications Inc, Cl A *		613		248
Comcast Corp, Cl A		24,738		1,120
DISH Network Corp, Cl A *		1,502		12
Electronic Arts Inc		1,639		223
Fox Corp		2,585		85
Frontier Communications Parent *		1,469		27
IAC *		461		32
Interpublic Group of Cos Inc/The		2,327		80
Iridium Communications		745		39
Liberty Broadband Corp, Cl A *		105		9
Liberty Broadband Corp, Cl C *		715		64
Liberty Media Corp-Liberty Formula One, Cl A *		126		8


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Liberty Media Corp-Liberty Formula One, Cl C *		1,203	$	87
Liberty Media Corp-Liberty SiriusXM, Cl A *		450		14
Liberty Media -Liberty SiriusXM, Cl C *		928		30
Live Nation Entertainment Inc *		935		82
Madison Square Garden Sports		112		24
Match Group *		1,671		78
Meta Platforms, Cl A *		13,233		4,216
Netflix Inc *		2,628		1,154
New York Times, Cl A		974		40
News Corp, Cl A		2,278		45
News Corp, Cl B		710		14
Nexstar Media Group Inc, Cl A		217		41
Omnicom Group Inc		1,202		102
Paramount Global, Cl A		59		1
Paramount Global, Cl B		3,458		55
Pinterest, Cl A *		3,562		103
Playtika Holding *		141		2
ROBLOX, Cl A *		2,683		105
Roku Inc, Cl A *		730		70
Sirius XM Holdings		4,208		22
Spotify Technology *		840		126
Take-Two Interactive Software Inc *		991		152
T-Mobile US Inc *		3,249		448
Trade Desk Inc/The, Cl A *		2,632		240
TripAdvisor Inc *		612		11
Verizon Communications Inc		25,232		860
Walt Disney Co/The *		10,938		972
Warner Bros Discovery *		13,174		172
World Wrestling Entertainment Inc, Cl A		258		27
ZoomInfo Technologies, Cl A *		1,648		42

				21,198
Consumer Discretionary — 8.6%
ADT Inc		1,253		8
Advance Auto Parts Inc		355		26
Airbnb, Cl A *		2,424		369
Amazon.com Inc *		53,900		7,205
Aramark		1,410		57
AutoNation Inc *		202		33
AutoZone Inc *		110		273
Bath & Body Works		1,372		51
Best Buy Co Inc		1,186		98
Booking Holdings Inc *		222		660
BorgWarner Inc		1,399		65
Boyd Gaming Corp		458		31
Bright Horizons Family Solutions Inc *		345		33
Brunswick Corp/DE		433		37
Burlington Stores Inc *		389		69
Caesars Entertainment *		1,230		73
Capri Holdings Ltd *		735		27
CarMax Inc *		947		78
Carnival Corp *		5,850		110

Adviser Managed Trust


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Carter's Inc		224	$	17
Chipotle Mexican Grill, Cl A *		165		324
Choice Hotels International Inc		193		25
Churchill Downs Inc		428		50
Columbia Sportswear Co		216		17
Coupang, Cl A *		6,550		119
Crocs *		364		39
Darden Restaurants Inc		734		124
Deckers Outdoor Corp *		158		86
Delphi Automotive PLC *		1,622		178
Dick's Sporting Goods Inc		319		45
Domino's Pizza Inc		212		84
DoorDash, Cl A *		1,804		164
DR Horton Inc		1,861		236
DraftKings, Cl A *		2,122		67
eBay Inc		3,257		145
Etsy Inc *		750		76
Expedia Group Inc *		884		108
Five Below Inc *		327		68
Floor & Decor Holdings Inc, Cl A *		619		71
Ford Motor Co		23,656		312
GameStop, Cl A *		1,610		36
Gap Inc/The		1,166		12
Garmin Ltd		925		98
General Motors Co		8,348		320
Gentex Corp		1,409		47
Genuine Parts Co		833		130
Grand Canyon Education *		184		20
H&R Block Inc		912		31
Harley-Davidson Inc		807		31
Hasbro Inc		788		51
Hilton Worldwide Holdings Inc		1,537		239
Home Depot		6,059		2,023
Hyatt Hotels Corp, Cl A		284		36
Kohl's Corp		659		19
Las Vegas Sands Corp *		1,984		119
Lear Corp		353		55
Leggett & Platt		798		23
Lennar Corp, Cl A		1,504		191
Lennar Corp, Cl B		89		10
Lithia Motors, Cl A		163		51
LKQ Corp		1,499		82
Lowe's		3,570		836
Lucid Group *		3,483		27
Lululemon Athletica Inc *		670		254
Macy's Inc		1,616		27
Marriott International Inc/MD, Cl A		1,509		305
Marriott Vacations Worldwide Corp		224		29
Mattel Inc *		2,108		45
McDonald's		4,363		1,279
MGM Resorts International		1,793		91
Mister Car Wash *		478		5


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Mohawk Industries Inc *		315	$	34
Murphy USA Inc		118		36
Newell Brands		2,264		25
NIKE Inc, Cl B		7,114		785
Nordstrom Inc		671		15
Norwegian Cruise Line Holdings Ltd *		2,508		55
NVR Inc *		18		114
Ollie's Bargain Outlet Holdings Inc *		374		27
O'Reilly Automotive Inc *		365		338
Peloton Interactive, Cl A *		1,848		18
Penn Entertainment *		926		24
Penske Automotive Group Inc		120		19
Petco Health & Wellness, Cl A *		482		4
Phinia *		280		8
Planet Fitness, Cl A *		500		34
Polaris		330		45
Pool Corp		228		88
PulteGroup Inc		1,359		115
PVH Corp		378		34
QuantumScape, Cl A *		1,546		21
Ralph Lauren Corp, Cl A		243		32
RH *		97		38
Rivian Automotive, Cl A *		3,116		86
Ross Stores		2,008		230
Royal Caribbean Cruises Ltd *		1,321		144
Service Corp International/US		897		60
Skechers USA, Cl A *		802		45
Starbucks		6,749		685
Tapestry Inc		1,416		61
Tempur Sealy International Inc		997		45
Tesla Inc *		16,507		4,414
Texas Roadhouse Inc, Cl A		400		45
Thor Industries		310		36
TJX Cos Inc/The		6,890		596
Toll Brothers Inc		661		53
TopBuild Corp *		191		52
Tractor Supply		662		148
Travel + Leisure		478		19
Ulta Beauty Inc *		302		134
Under Armour Inc, Cl A *		1,130		9
Under Armour Inc, Cl C *		1,138		8
Vail Resorts Inc		241		57
Valvoline Inc		1,030		39
VF		2,096		42
Victoria's Secret *		486		10
Wayfair Inc, Cl A *		473		37
Wendy's Co/The		1,023		22
Whirlpool Corp		320		46
Williams-Sonoma Inc		397		55
Wingstop Inc, Cl A		179		30
Wyndham Hotels & Resorts Inc		520		41
Wynn Resorts Ltd		625		68

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2023

Diversified Equity Fund (Continued)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
YETI Holdings Inc *		517	$	22
Yum! Brands Inc		1,691		233

				27,661
Consumer Staples — 4.9%
Albertsons, Cl A		2,489		54
Altria Group Inc		10,762		489
Archer-Daniels-Midland Co		3,281		279
BJ's Wholesale Club Holdings Inc *		803		53
Boston Beer Co Inc/The, Cl A *		57		21
Brown-Forman Corp, Cl A		273		20
Brown-Forman Corp, Cl B		1,101		78
Bunge		830		90
Campbell Soup Co		1,162		53
Casey's General Stores		222		56
Celsius Holdings Inc *		325		47
Church & Dwight Co Inc		1,456		139
Clorox Co/The		739		112
Coca-Cola		23,300		1,443
Coca-Cola Europacific Partners		300		19
Colgate-Palmolive Co		4,909		374
Conagra Brands Inc		2,823		93
Constellation Brands Inc, Cl A		909		248
Costco Wholesale Corp		2,650		1,486
Coty Inc, Cl A *		2,107		25
Darling Ingredients Inc *		959		66
Dollar General Corp		1,310		221
Dollar Tree Inc *		1,252		193
Estee Lauder Cos Inc/The, Cl A		1,377		248
Flowers Foods Inc		1,124		28
Freshpet Inc *		273		20
General Mills Inc		3,539		264
Grocery Outlet Holding *		529		18
Hershey Co/The		875		202
Hormel Foods Corp		1,719		70
Ingredion Inc		393		44
J M Smucker		618		93
Kellogg Co		1,529		102
Keurig Dr Pepper Inc		5,700		194
Kimberly-Clark		2,019		261
Kraft Heinz Co/The		4,804		174
Kroger		3,933		191
Lamb Weston Holdings Inc		864		90
McCormick & Co Inc/MD		1,503		134
Molson Coors Beverage, Cl B		1,050		73
Mondelez International Inc, Cl A		8,135		603
Monster Beverage Corp *		4,394		253
Olaplex Holdings *		745		3
PepsiCo Inc		8,242		1,545
Performance Food Group *		912		55
Philip Morris International		9,302		928
Pilgrim's Pride Corp *		279		7
Post Holdings Inc *		323		28


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Procter & Gamble Co/The		14,084	$	2,201
Reynolds Consumer Products		326		9
Seaboard Corp		2		7
Spectrum Brands Holdings Inc		239		19
Sysco Corp		3,047		233
Target Corp		2,751		375
Tyson Foods, Cl A		1,669		93
US Foods Holding Corp *		1,293		55
Walgreens Boots Alliance Inc		4,304		129
Walmart Inc		8,533		1,364

				15,772
Energy — 3.3%
Antero Midstream		2,016		24
Antero Resources Corp *		1,700		46
APA		1,921		78
Baker Hughes a GE Co, Cl A		6,057		217
Cheniere Energy		1,450		235
Chesapeake Energy		726		61
Chevron Corp		10,345		1,693
ConocoPhillips		7,254		854
Coterra Energy		4,526		125
Devon Energy Corp		3,901		211
Diamondback Energy Inc		1,074		158
DT Midstream		581		31
EOG Resources		3,510		465
EQT Corp		2,210		93
Exxon Mobil Corp		24,301		2,606
Halliburton Co		5,389		211
Hess Corp		1,662		252
HF Sinclair		809		42
Kinder Morgan Inc/DE		11,921		211
Marathon Oil Corp		3,797		100
Marathon Petroleum Corp		2,640		351
New Fortress Energy, Cl A		330		9
NOV		2,347		47
Occidental Petroleum Corp		4,172		263
ONEOK Inc		2,666		179
Ovintiv		1,472		68
PDC Energy Inc		527		40
Phillips 66		2,756		307
Pioneer Natural Resources Co		1,392		314
Range Resources Corp		1,412		44
Schlumberger Ltd		8,478		495
Southwestern Energy *		6,598		43
Targa Resources Corp		1,355		111
TechnipFMC		2,623		48
Texas Pacific Land		34		51
Valero Energy Corp		2,156		278
Williams		7,306		252

				10,613

Adviser Managed Trust


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Financials — 10.3%
Affiliated Managers Group		224	$	31
Affirm Holdings, Cl A *		1,326		26
Aflac Inc		3,599		260
AGNC Investment Corp ^‡		3,421		35
Allstate Corp/The		1,585		179
Ally Financial Inc		1,617		49
American Express Co		3,539		598
American Financial Group Inc/OH		403		49
American International Group Inc		4,387		264
Ameriprise Financial Inc		631		220
Annaly Capital Management ^‡		2,803		56
Aon, Cl A		1,209		385
Apollo Global Management		3,120		255
Arch Capital Group Ltd *		2,124		165
Ares Management, Cl A		920		91
Arthur J Gallagher & Co		1,248		268
Assurant Inc		319		43
Assured Guaranty Ltd		345		21
Axis Capital Holdings Ltd		467		26
Bank of America Corp		41,671		1,333
Bank of New York Mellon Corp/The		4,725		214
Bank OZK		670		29
Berkshire Hathaway Inc, Cl B *		10,955		3,856
BlackRock Inc, Cl A		890		658
Blackstone Group		4,220		442
Block, Cl A *		3,216		259
Blue Owl Capital, Cl A		2,530		31
BOK Financial Corp		174		16
Brighthouse Financial Inc *		406		21
Brown & Brown Inc		1,418		100
Capital One Financial Corp		2,284		267
Carlyle Group		1,241		44
Cboe Global Markets Inc		635		89
Charles Schwab Corp/The		8,866		586
Chubb		2,466		504
Cincinnati Financial Corp		919		99
Citigroup		11,620		554
Citizens Financial Group Inc		2,928		95
CME Group Inc, Cl A		2,153		428
CNA Financial Corp		164		6
Coinbase Global, Cl A *		958		95
Columbia Banking System Inc		1,242		28
Comerica		783		42
Commerce Bancshares Inc/MO		682		36
Corebridge Financial		481		9
Credit Acceptance Corp *		40		22
Cullen/Frost Bankers Inc		350		38
Discover Financial Services		1,515		160
East West Bancorp		848		53
Equitable Holdings		2,210		63
Euronet Worldwide Inc *		283		25


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Evercore Inc, Cl A		219	$	30
Everest Group		255		92
Eversource Energy		2,067		150
FactSet Research Systems Inc		228		99
Fidelity National Financial Inc		1,558		61
Fidelity National Information Services Inc		3,557		215
Fifth Third Bancorp		4,086		119
First American Financial		605		38
First Citizens BancShares, Cl A		66		95
First Hawaiian Inc		766		16
First Horizon National Corp		3,173		43
Fiserv Inc *		3,678		464
FleetCor Technologies Inc *		431		107
FNB Corp/PA		2,146		27
Franklin Resources Inc		1,711		50
Global Payments		1,566		173
Globe Life		536		60
Goldman Sachs Group Inc/The		1,931		687
Hanover Insurance Group Inc/The		212		24
Hartford Financial Services Group Inc/The		1,821		131
Houlihan Lokey Inc, Cl A		297		30
Huntington Bancshares Inc/OH		8,607		105
Interactive Brokers Group, Cl A		557		49
Intercontinental Exchange Inc		3,312		380
Invesco Ltd		2,239		38
Jack Henry & Associates		435		73
Janus Henderson Group		815		24
Jefferies Financial Group		1,186		44
JPMorgan Chase & Co		17,510		2,766
Kemper Corp		381		19
KeyCorp		5,572		69
Kinsale Capital Group Inc		130		48
KKR		3,862		229
Lazard Ltd, Cl A		496		17
Lincoln National		1,017		29
Loews		1,166		73
LPL Financial Holdings Inc		477		109
M&T Bank Corp		989		138
Markel Group *		79		115
MarketAxess Holdings Inc		223		60
Marsh & McLennan Cos Inc		2,973		560
Mastercard Inc, Cl A		5,019		1,979
MetLife		3,868		244
MGIC Investment Corp		1,771		30
Moody's Corp		959		338
Morgan Stanley		7,192		658
Morningstar Inc		149		34
MSCI Inc, Cl A		466		255
Nasdaq Inc		2,062		104
New York Community Bancorp Inc		4,248		59
Northern Trust Corp		1,233		99
NU Holdings, Cl A *		13,790		110

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2023

Diversified Equity Fund (Continued)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Old Republic International Corp		1,674	$	46
OneMain Holdings, Cl A		688		31
PayPal Holdings *		6,716		509
Pinnacle Financial Partners Inc		449		34
PNC Financial Services Group Inc/The		2,382		326
Popular Inc		422		31
Primerica Inc		220		47
Principal Financial Group Inc		1,452		116
Progressive Corp/The		3,505		442
Prosperity Bancshares Inc		525		33
Prudential Financial Inc		2,209		213
Raymond James Financial Inc		1,167		129
Regions Financial Corp		5,606		114
Reinsurance Group of America Inc, Cl A		401		56
RenaissanceRe Holdings Ltd		295		55
Rithm Capital ^‡		2,596		26
RLI Corp		240		32
Robinhood Markets, Cl A *		3,426		44
Rocket, Cl A *		680		7
Ryan Specialty Holdings, Cl A *		547		24
S&P Global Inc		1,919		757
Shift4 Payments, Cl A *		303		21
SLM Corp		1,436		23
SoFi Technologies *		4,831		55
Starwood Property Trust Inc ^‡		1,751		36
State Street Corp		1,995		145
Stifel Financial Corp		612		39
Synchrony Financial		2,612		90
Synovus Financial Corp		863		29
T Rowe Price Group		1,320		163
TFS Financial Corp		300		4
Toast, Cl A *		2,117		47
TPG, Cl A		383		11
Tradeweb Markets, Cl A		646		53
Travelers Cos Inc/The		1,379		238
Truist Financial		7,980		265
Unum Group		1,188		58
US Bancorp		9,166		364
UWM Holdings		556		4
Virtu Financial Inc, Cl A		566		11
Visa Inc, Cl A		9,688		2,303
Voya Financial Inc		584		43
Webster Financial Corp		1,036		49
Wells Fargo & Co		22,611		1,044
Western Alliance Bancorp		634		33
Western Union Co/The		2,232		27
WEX Inc *		261		49
White Mountains Insurance Group Ltd		15		23
Willis Towers Watson PLC		646		137
Wintrust Financial Corp		359		30
WR Berkley Corp		1,235		76
XP, Cl A *		1,985		54


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Zions Bancorp NA		883	$	34

				33,419
Health Care — 10.1%
10X Genomics, Cl A *		552		35
Abbott Laboratories		10,294		1,146
AbbVie Inc		10,557		1,579
Acadia Healthcare Co Inc *		534		42
Agilent Technologies Inc		1,774		216
agilon health *		1,561		30
Align Technology Inc *		456		172
Alnylam Pharmaceuticals Inc *		737		144
Amedisys Inc *		192		17
AmerisourceBergen Corp, Cl A		978		183
Amgen Inc		3,206		751
Apellis Pharmaceuticals Inc *		596		15
Avantor *		3,657		75
Azenta *		410		19
Baxter International Inc		3,020		137
Becton Dickinson		1,704		475
Biogen Inc *		860		232
BioMarin Pharmaceutical Inc *		1,107		97
Bio-Rad Laboratories Inc, Cl A *		128		52
Bio-Techne Corp		933		78
Boston Scientific Corp *		8,565		444
Bristol-Myers Squibb		12,576		782
Bruker Corp		643		44
Cardinal Health		1,545		141
Catalent Inc *		1,073		52
Centene Corp *		3,286		224
Certara *		697		14
Charles River Laboratories International Inc *		302		63
Chemed Corp		88		46
Cigna Group		1,747		516
Cooper Cos Inc/The		291		114
CVS Health		7,706		575
Danaher Corp		3,937		1,004
DaVita Inc *		334		34
DENTSPLY SIRONA Inc		1,285		53
Dexcom *		2,312		288
Doximity, Cl A *		670		24
Edwards Lifesciences Corp *		3,601		296
Elanco Animal Health Inc *		2,670		32
Elevance Health		1,418		669
Eli Lilly		5,058		2,299
Encompass Health Corp		587		39
Enovis *		304		19
Envista Holdings *		976		34
Exact Sciences *		1,048		102
Exelixis Inc *		1,918		38
Fortrea Holdings *		531		17
GE HealthCare Technologies		2,332		182

Adviser Managed Trust


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Gilead Sciences Inc		7,477	$	569
Globus Medical Inc, Cl A *		463		28
HCA Healthcare Inc		1,223		334
Henry Schein Inc *		811		64
Hologic Inc *		1,458		116
Horizon Therapeutics *		1,328		133
Humana		747		341
ICON *		487		122
ICU Medical Inc *		121		22
IDEXX Laboratories *		493		273
Illumina Inc *		943		181
Incyte *		1,094		70
Inspire Medical Systems Inc *		172		49
Insulet Corp *		413		114
Integra LifeSciences Holdings Corp *		434		20
Intuitive Surgical Inc *		2,089		678
Ionis Pharmaceuticals Inc *		847		35
IQVIA Holdings Inc *		1,113		249
Johnson & Johnson		15,561		2,607
Karuna Therapeutics *		212		42
Laboratory Corp of America Holdings		531		114
Maravai LifeSciences Holdings, Cl A *		658		7
Masimo *		284		35
McKesson Corp		822		331
Medpace Holdings *		139		35
Medtronic PLC		7,946		697
Merck & Co Inc		15,187		1,620
Mettler-Toledo International Inc *		132		166
Mirati Therapeutics *		268		8
Moderna Inc *		1,992		234
Molina Healthcare Inc *		344		105
Natera *		586		26
Neurocrine Biosciences Inc *		574		58
Novocure Ltd *		620		20
Organon		1,524		33
Penumbra Inc *		214		65
Pfizer Inc		33,803		1,219
Premier Inc, Cl A		706		20
QIAGEN *		1,360		64
Quest Diagnostics Inc		663		90
QuidelOrtho *		292		26
R1 RCM *		914		16
Regeneron Pharmaceuticals Inc *		622		461
Repligen Corp *		332		57
ResMed		867		193
Revvity		756		93
Roivant Sciences *		1,458		17
Royalty Pharma, Cl A		2,230		70
Sarepta Therapeutics *		505		55
Seagen *		815		156
Shockwave Medical *		217		57
Sotera Health *		593		11


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
STERIS PLC		598	$	135
Stryker Corp		2,109		598
Syneos Health Inc, Cl A *		614		26
Tandem Diabetes Care Inc *		383		13
Teladoc Health Inc *		963		29
Teleflex Inc		281		71
Tenet Healthcare Corp *		637		48
Thermo Fisher Scientific		2,308		1,266
Ultragenyx Pharmaceutical Inc *		400		17
United Therapeutics Corp *		267		65
UnitedHealth Group Inc		5,561		2,816
Universal Health Services Inc, Cl B		372		52
Veeva Systems Inc, Cl A *		836		171
Vertex Pharmaceuticals Inc *		1,535		541
Viatris, Cl W		7,267		77
Waters Corp *		354		98
West Pharmaceutical Services Inc		444		163
Zimmer Biomet Holdings Inc		1,258		174
Zoetis Inc, Cl A		2,769		521

				32,727
Industrials — 7.3%
3M		3,309		369
A O Smith		750		54
Acuity Brands Inc		192		32
Advanced Drainage Systems		373		46
AECOM		790		69
AGCO		372		50
Air Lease Corp, Cl A		623		26
Alaska Air Group Inc *		750		36
Allegion PLC		525		61
Allison Transmission Holdings Inc		552		32
American Airlines Group Inc *		3,873		65
AMETEK Inc		1,382		219
Armstrong World Industries Inc		272		21
Automatic Data Processing Inc		2,474		612
Avis Budget Group Inc *		122		27
Axon Enterprise Inc *		405		75
AZEK, Cl A *		744		23
Boeing *		3,326		794
Booz Allen Hamilton Holding, Cl A		787		95
Broadridge Financial Solutions Inc		700		118
Builders FirstSource Inc *		761		110
BWX Technologies Inc, Cl W		547		38
CACI International Inc, Cl A *		139		49
Carlisle Cos Inc		308		85
Carrier Global		5,013		299
Caterpillar Inc		3,090		819
Ceridian HCM Holding Inc *		821		58
CH Robinson Worldwide Inc		696		70
ChargePoint Holdings *		1,518		13
Cintas Corp		519		261
Clarivate *		2,830		27

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2023

Diversified Equity Fund (Continued)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Clean Harbors Inc *		306	$	51
CNH Industrial		5,842		84
Concentrix		255		21
Copart *		2,557		226
Core & Main, Cl A *		440		14
Crane		282		26
CSX Corp		12,143		405
Cummins Inc		845		220
Curtiss-Wright Corp		230		44
Deere		1,630		700
Delta Air Lines Inc		3,839		178
Donaldson Co Inc		728		46
Dover Corp		840		123
Driven Brands Holdings *		373		10
Dun & Bradstreet Holdings		1,507		18
EMCOR Group Inc		280		60
Emerson Electric		3,409		311
Equifax Inc		729		149
Esab		340		23
Expeditors International of Washington Inc		919		117
Fastenal Co		3,453		202
FedEx Corp		1,387		374
Ferguson		1,234		199
Flowserve Corp		781		30
Fortive Corp		2,124		166
Fortune Brands Innovations		766		54
FTI Consulting Inc *		202		35
Gates Industrial Corp PLC *		721		10
Generac Holdings *		374		57
General Dynamics Corp		1,460		326
General Electric		6,506		743
Genpact Ltd		1,070		39
Grab Holdings, Cl A *		2,300		9
Graco Inc		1,006		80
GXO Logistics *		633		42
Hayward Holdings *		404		5
HEICO Corp		270		48
HEICO Corp, Cl A		473		66
Hertz Global Holdings *		803		14
Hexcel Corp		502		35
Honeywell International Inc		3,983		773
Howmet Aerospace		2,225		114
Hubbell Inc, Cl B		321		100
Huntington Ingalls Industries Inc		236		54
IDEX		456		103
Illinois Tool Works Inc		1,814		478
Ingersoll Rand		2,436		159
ITT Inc		501		50
Jacobs Solutions		755		95
Jardine Matheson Holdings		200		10
JB Hunt Transport Services Inc		494		101
Johnson Controls International plc		4,132		287


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
KBR Inc		817	$	50
Kirby Corp *		358		29
Knight-Swift Transportation Holdings Inc, Cl A		935		57
L3Harris Technologies		1,140		216
Landstar System Inc		214		44
Leidos Holdings Inc		817		76
Lennox International Inc		192		71
Lincoln Electric Holdings Inc		336		67
Lockheed Martin Corp		1,353		604
Lyft, Cl A *		1,955		25
ManpowerGroup Inc		301		24
Masco Corp		1,351		82
MasTec *		365		43
MDU Resources Group		1,211		27
Mercury Systems Inc *		295		11
Middleby Corp/The *		321		49
MSA Safety Inc		221		37
MSC Industrial Direct Co Inc, Cl A		277		28
Nordson Corp		343		86
Norfolk Southern		1,364		319
Northrop Grumman Corp		856		381
nVent Electric PLC		991		52
Old Dominion Freight Line Inc		596		250
Oshkosh Corp		394		36
Otis Worldwide		2,501		228
Owens Corning		559		78
PACCAR Inc		3,071		264
Parker-Hannifin Corp		768		315
Paychex Inc		1,935		243
Paycom Software Inc		307		113
Paycor HCM *		364		10
Paylocity Holding Corp *		241		55
Plug Power Inc *		3,114		41
Quanta Services Inc		853		172
RB Global		1,087		70
RBC Bearings Inc *		169		38
Regal Rexnord		390		61
Republic Services Inc, Cl A		1,237		187
Robert Half		634		47
Rockwell Automation Inc		689		232
Rollins Inc		1,389		57
RTX		8,742		769
Ryder System Inc		291		30
Saia Inc *		159		67
Schneider National Inc, Cl B		324		10
Science Applications International		330		40
Sensata Technologies Holding PLC		907		38
SiteOne Landscape Supply *		267		45
Snap-on		315		86
Southwest Airlines Co		3,552		121
Spirit AeroSystems Holdings Inc, Cl A		626		20

Adviser Managed Trust


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
SS&C Technologies Holdings		1,323	$	77
Stanley Black & Decker Inc		886		88
Stericycle Inc *		550		23
Sunrun *		1,249		24
Tetra Tech		315		53
Textron Inc		1,250		97
Timken Co/The		367		34
Toro		626		64
Trane Technologies		1,378		275
TransDigm Group		308		277
TransUnion		1,154		92
Trex Co Inc *		661		46
Uber Technologies *		11,519		570
U-Haul Holding		54		3
U-Haul Holding, Cl B		486		28
Union Pacific Corp		3,647		846
United Continental Holdings Inc *		1,956		106
United Parcel Service Inc, Cl B		4,332		811
United Rentals Inc		410		191
Univar Solutions *		964		35
Valmont Industries Inc		126		33
Verisk Analytics, Cl A		853		195
Vertiv Holdings, Cl A		1,820		47
Waste Management Inc		2,433		399
Watsco Inc		198		75
WESCO International Inc		267		47
Westinghouse Air Brake Technologies		1,086		129
WillScot Mobile Mini Holdings *		1,220		59
Woodward		348		42
WW Grainger Inc		270		199
XPO *		614		43
Xylem Inc/NY		1,411		159

				23,605
Information Technology — 20.8%
Adobe Inc *		2,745		1,499
Advanced Micro Devices Inc *		9,589		1,097
Akamai Technologies Inc *		929		88
Allegro MicroSystems *		397		20
Alteryx Inc, Cl A *		360		15
Amdocs Ltd		712		67
Amphenol Corp, Cl A		3,513		310
Analog Devices Inc		3,035		606
ANSYS Inc *		522		179
Apple		89,282		17,539
Applied Materials Inc		5,052		766
AppLovin, Cl A *		1,312		41
Arista Networks Inc *		1,476		229
Arrow Electronics Inc *		348		50
Aspen Technology *		162		29
Atlassian, Cl A *		873		159
Autodesk Inc *		1,285		272
Avnet Inc		545		26


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Bentley Systems, Cl B		1,011	$	54
BILL Holdings *		593		74
Black Knight Inc *		1,001		70
Broadcom Inc		2,442		2,194
Cadence Design Systems Inc *		1,617		378
CCC Intelligent Solutions Holdings *		1,025		11
CDW Corp/DE		811		152
Ciena Corp *		883		37
Cirrus Logic Inc *		329		27
Cisco Systems Inc		24,530		1,277
Cloudflare, Cl A *		1,696		117
Cognex Corp		1,042		57
Cognizant Technology Solutions Corp, Cl A		3,078		203
Coherent *		711		34
Confluent, Cl A *		1,106		38
Corning		4,413		150
Crane NXT		282		17
Crowdstrike Holdings, Cl A *		1,259		204
Datadog, Cl A *		1,592		186
DocuSign, Cl A *		1,185		64
Dolby Laboratories Inc, Cl A		355		31
DoubleVerify Holdings *		515		22
Dropbox, Cl A *		1,609		43
DXC Technology Co *		1,379		38
Dynatrace *		1,298		71
Elastic *		464		31
Enphase Energy Inc *		785		119
Entegris Inc		890		98
EPAM Systems Inc *		329		78
F5 *		357		56
Fair Isaac Corp *		146		122
First Solar *		637		132
Five9 *		420		37
Fortinet Inc *		3,871		301
Gartner Inc *		460		163
Gen Digital		3,291		64
Gitlab, Cl A *		292		14
GLOBALFOUNDRIES *		380		24
Globant *		244		43
GoDaddy Inc, Cl A *		938		72
Guidewire Software Inc *		491		42
HashiCorp, Cl A *		555		16
Hewlett Packard Enterprise Co		7,709		134
HP Inc		5,166		170
HubSpot Inc *		278		161
Informatica, Cl A *		221		4
Intel Corp		24,855		889
International Business Machines Corp		5,402		779
Intuit Inc		1,634		836
IPG Photonics Corp *		195		26
Jabil Inc		780		86
Juniper Networks Inc		1,916		53

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2023

Diversified Equity Fund (Continued)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Keysight Technologies *		1,075	$	173
KLA		821		422
Kyndryl Holdings *		1,225		17
Lam Research Corp		803		577
Lattice Semiconductor Corp *		814		74
Littelfuse Inc		145		44
Lumentum Holdings *		408		21
Manhattan Associates Inc *		372		71
Marvell Technology		5,091		332
Microchip Technology Inc		3,193		300
Micron Technology Inc		6,518		465
Microsoft Corp		44,524		14,956
MKS Instruments Inc		344		38
MongoDB, Cl A *		398		169
Monolithic Power Systems Inc		275		154
Motorola Solutions Inc		988		283
National Instruments Corp		784		46
nCino *		418		14
NCR Corp *		770		21
NetApp Inc		1,303		102
New Relic Inc *		319		27
Nutanix Inc, Cl A *		1,377		42
NVIDIA Corp		14,203		6,637
Okta, Cl A *		907		70
ON Semiconductor Corp *		2,602		280
Oracle Corp		9,096		1,066
Palantir Technologies, Cl A *		11,033		219
Palo Alto Networks Inc *		1,785		446
Pegasystems Inc		248		13
Procore Technologies *		426		32
PTC Inc *		639		93
Pure Storage Inc, Cl A *		1,710		63
Qorvo Inc *		597		66
QUALCOMM Inc		6,674		882
RingCentral, Cl A *		511		21
Roper Technologies		634		313
Salesforce *		5,663		1,274
SentinelOne, Cl A *		1,145		19
ServiceNow Inc *		1,217		710
Skyworks Solutions Inc		953		109
Smartsheet, Cl A *		762		34
Snowflake, Cl A *		1,860		331
Splunk *		976		106
Synopsys Inc *		915		413
TD SYNNEX		280		28
Teledyne Technologies *		278		107
Teradata Corp *		614		35
Teradyne Inc		939		106
Texas Instruments Inc		5,448		981
Trimble Inc *		1,476		79
Twilio, Cl A *		1,045		69
Tyler Technologies Inc *		247		98


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Ubiquiti		25	$	4
UiPath, Cl A *		2,260		41
Unity Software *		1,718		79
Universal Display Corp		260		38
VeriSign Inc *		556		117
Viasat *		435		13
VMware, Cl A *		1,281		202
Vontier		947		29
Western Digital Corp *		1,906		81
Wolfspeed *		738		49
Workday Inc, Cl A *		1,198		284
Zebra Technologies Corp, Cl A *		309		95
Zoom Video Communications, Cl A *		1,474		108
Zscaler Inc *		506		81

				67,360
Materials — 2.1%
Air Products & Chemicals Inc		1,329		406
Albemarle Corp		702		149
Alcoa Corp		1,060		38
Amcor		8,894		91
AptarGroup Inc		393		48
Ardagh Metal Packaging		894		3
Ashland		304		28
Avery Dennison		488		90
Axalta Coating Systems Ltd *		1,324		42
Ball		1,849		109
Berry Global Group Inc		729		48
Celanese Corp, Cl A		591		74
CF Industries Holdings Inc		1,174		96
Chemours Co/The		883		33
Cleveland-Cliffs Inc *		3,064		54
Corteva		4,291		242
Crown Holdings Inc		634		59
Dow Inc		4,225		239
DuPont de Nemours		2,751		214
Eagle Materials Inc		214		39
Eastman Chemical Co		717		61
Ecolab Inc		1,488		273
Element Solutions Inc		1,352		28
FMC Corp		755		73
Freeport-McMoRan		8,555		382
Ginkgo Bioworks Holdings *		5,236		13
Graphic Packaging Holding Co		1,834		44
Huntsman Corp		1,093		33
International Flavors & Fragrances Inc		1,529		129
International Paper Co		2,130		77
Linde		2,935		1,147
Louisiana-Pacific Corp		426		32
LyondellBasell Industries NV, Cl A		1,541		152
Martin Marietta Materials		373		167
Mosaic Co/The		2,039		83
MP Materials *		544		13

Adviser Managed Trust


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
NewMarket Corp		34	$	15
Newmont		4,767		205
Nucor Corp		1,505		259
Olin Corp		731		42
Packaging Corp of America		547		84
PPG Industries Inc		1,413		203
Reliance Steel & Aluminum Co		350		103
Royal Gold Inc		393		47
RPM International Inc		765		79
Scotts Miracle-Gro Co/The, Cl A		242		17
Sealed Air Corp		874		40
Sherwin-Williams Co/The		1,435		397
Silgan Holdings		504		22
Sonoco Products Co		583		34
Southern Copper Corp		512		45
SSR Mining		1,235		18
Steel Dynamics		960		102
United States Steel Corp		1,346		34
Vulcan Materials		794		175
Westlake		198		27
Westrock		1,520		51

				6,808
Real Estate — 2.2%
Agree Realty Corp ^‡		532		34
Alexandria Real Estate Equities Inc ^‡		1,030		129
American Homes 4 Rent, Cl A ^‡		1,846		69
American Tower, Cl A ^‡		2,785		530
Americold Realty Trust ^‡		1,612		52
Apartment Income ^‡		898		31
AvalonBay Communities Inc ^‡		838		158
Boston Properties Inc ^‡		940		63
Brixmor Property Group Inc ^‡		1,788		41
Camden Property Trust ^‡		622		68
CBRE Group Inc, Cl A *		1,891		158
CoStar Group Inc *		2,419		203
Cousins Properties ^‡		906		22
Crown Castle ^‡		2,590		281
CubeSmart ^‡		1,340		58
Digital Realty Trust Inc ^‡		1,721		214
EastGroup Properties Inc ^‡		247		44
EPR Properties ^‡		444		20
Equinix Inc ^‡		554		449
Equity LifeStyle Properties Inc ^‡		1,065		76
Equity Residential ^‡		2,221		146
Essex Property Trust Inc ^‡		385		94
Extra Space Storage Inc ^‡		1,246		174
Federal Realty Investment Trust ^‡		481		49
First Industrial Realty Trust Inc ^‡		790		41
Gaming and Leisure Properties Inc ^‡		1,464		70
Healthcare Realty Trust, Cl A ^‡		2,273		44
Healthpeak Properties ^‡		3,277		72
Highwoods Properties Inc ^‡		623		16


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Hongkong Land Holdings		1,400	$	5
Host Hotels & Resorts Inc ^‡		4,245		78
Howard Hughes Corp/The *		220		19
Invitation Homes Inc ^‡		3,660		130
Iron Mountain ^‡		1,731		106
Jones Lang LaSalle Inc *		286		48
Kilroy Realty Corp ^‡		697		25
Kimco Realty ^‡		3,622		73
Lamar Advertising Co, Cl A ^‡		518		51
Medical Properties Trust Inc ^‡		3,561		36
Mid-America Apartment Communities ^‡		689		103
National Storage Affiliates Trust ^‡		509		17
NNN ^‡		1,085		46
Omega Healthcare Investors Inc ^‡		1,409		45
Park Hotels & Resorts ^‡		1,336		18
Prologis Inc ^‡		5,526		689
Public Storage ^‡		938		264
Rayonier Inc ^‡		874		29
Realty Income Corp ^‡		3,953		241
Regency Centers Corp ^‡		1,028		67
Rexford Industrial Realty ^‡		1,172		65
SBA Communications Corp, Cl A ^‡		640		140
Simon Property Group Inc ^‡		1,957		244
Spirit Realty Capital Inc ^‡		834		34
STAG Industrial Inc ^‡		1,073		39
Sun Communities Inc ^‡		730		95
UDR Inc ^‡		1,966		80
Ventas Inc ^‡		2,394		116
VICI Properties Inc, Cl A ^‡		6,013		189
Vornado Realty Trust ^‡		1,058		24
Welltower ^‡		2,971		244
Weyerhaeuser Co ^‡		4,413		150
WP Carey Inc ^‡		1,252		85
Zillow Group Inc, Cl A *		338		18
Zillow Group Inc, Cl C *		946		51

				7,070
Utilities — 1.9%
AES Corp/VA		4,001		87
Alliant Energy Corp		1,503		81
Ameren Corp		1,544		132
American Electric Power Co Inc		3,086		261
American Water Works		1,157		171
Atmos Energy Corp		852		104
Avangrid Inc		425		16
Brookfield Renewable, Cl A		766		24
CenterPoint Energy		3,779		114
Clearway Energy Inc, Cl C		489		13
CMS Energy Corp		1,736		106
Consolidated Edison Inc		2,075		197
Constellation Energy		1,959		189
Dominion Energy Inc		4,995		267
DTE Energy		1,157		132

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2023

Diversified Equity Fund (Concluded)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Duke Energy		4,622	$	433
Edison International		2,255		162
Entergy Corp		1,218		125
Essential Utilities		1,388		59
Evergy Inc		1,333		80
Exelon Corp		5,958		249
FirstEnergy Corp		3,257		128
Hawaiian Electric Industries		652		25
IDACORP Inc		302		31
National Fuel Gas		526		28
NextEra Energy		12,111		888
NiSource Inc		2,435		68
NRG Energy Inc		1,272		48
OGE Energy		1,197		43
PG&E *		10,772		190
Pinnacle West Capital Corp		677		56
PPL Corp		4,420		122
Public Service Enterprise Group		2,987		189
Sempra		1,888		281
Southern Co/The		6,527		472
UGI Corp		1,255		34
Vistra		2,356		66
WEC Energy Group		1,893		170
Xcel Energy Inc		3,271		205

				6,046
				252,279

Total Common Stock
(Cost $251,134) ($ Thousands)				273,813



EXCHANGE-TRADED FUND — 0.1%
United States — 0.1%
SPDR S&P 500 ETF Trust		359		164


Total Exchange Traded Fund
(Cost $150) ($ Thousands)				164



PREFERRED STOCK — 0.0%
Germany — 0.0%
Bayerische Motoren Werke AG (A)		73		8
Dr Ing hc F Porsche (A)		140		17
Henkel AG & Co KGaA (A)		219		17
Porsche Automobil Holding SE (A)		188		11
Sartorius AG (A)		34		14
Volkswagen AG (A)		259		35
				102

Total Preferred Stock
(Cost $102) ($ Thousands)				102


Description		Number of Rights	Market Value ($ Thousands)
RIGHTS — 0.0%
Spain — 0.0%
Iberdrola *^		7	$	3

Total Rights
(Cost $—) ($ Thousands)				3



	Shares
CASH EQUIVALENT — 0.8%
SEI Daily Income Trust, Government Fund, Institutional Class
5.080% **^†		2,708,118		2,708
Total Cash Equivalent

(Cost $2,708) ($ Thousands)				2,708


Total Investments — 85.7%
(Cost $254,094) ($ Thousands)			$	276,790

Adviser Managed Trust

A list of open futures contracts held by the Fund at July 31, 2023, is as follows:

Type of Contract	Number of Contracts		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation(Thousands)
Long Contracts
MSCI EAFE Index		192		Sep-2023	$	20,489	$	21,176	$	687
MSCI Emerging Markets		212		Sep-2023		10,654		11,175		521
NASDAQ 100 Index E-MINI		1		Sep-2023		290		317		27
Russell 2000 Index E-MINI		116		Sep-2023		11,026		11,679		653
S&P 500 Index E-MINI		19		Sep-2023		4,167		4,384		217
S&P Mid Cap 400 Index E-MINI		1		Sep-2023		258		274		16
					$	46,884	$	49,005	$	2,121

For the year ended July 31, 2023, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the year.

	Percentages are based on a Net Assets of $323,151 ($ Thousands).
*	Non-income producing security.
**	Rate shown is the 7-day effective yield as of July 31, 2023.
^‡	Real Estate Investment Trust.
^†	Investment in Affiliated Security (see Note 4).
^	Expiration date unavailable.
(A)	There is currently no rate available.

ADR — American Depositary Receipt

Cl — Class

EAFE — Europe, Australasia and Far East

ETF — Exchange-Traded Fund

Ltd — Limited

MSCI — Morgan Stanley Capital International

NASDAQ – National Association of Securities Dealers and Automated Quotations

PLC — Public Limited Company

REIT — Real Estate Investment Trust

S&P— Standard & Poor's

SPDR — Standard & Poor's Depository Receipt

As of July 31, 2023, all of the Fund's investments and other financial instruments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

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

The following is a summary of the transactions the Fund had with affiliates for the year ended July 31, 2023 ($ Thousands):

Security Description

Value

7/31/2022

Purchases

at Cost

Proceeds

from Sales

Realized Gain/

(Loss)

Change in Unrealized Appreciation/ (Depreciation)

Value

7/31/2023

Income

Capital Gains

SEI Daily Income Trust, Government Fund, Institutional Class

—

19,363

(16,655

)

—

2,708

—

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

SCHEDULE OF INVESTMENTS

July 31, 2023

Enhanced Fixed Income Fund

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
EXCHANGE TRADED FUNDS — 98.8%
United States — 98.8%
SPDR Bloomberg Emerging Markets USD Bond ETF		810,500	$	19,462
SPDR Portfolio High Yield Bond ETF		842,747		19,400


Total Exchange Traded Funds
(Cost $38,893) ($ Thousands)				38,862


CASH EQUIVALENT — 0.4%
SEI Daily Income Trust, Government Fund, Institutional Class
5.080% **^†		140,018		140
Total Cash Equivalent

(Cost $140) ($ Thousands)				140


Total Investments — 99.2%
(Cost $39,033) ($ Thousands)			$	39,002

	Percentages are based on a Net Assets of $39,312 ($ Thousands).
**	Rate shown is the 7-day effective yield as of July 31, 2023.
^†	Investment in Affiliated Security (see Note 4).

ETF — Exchange Traded Fund

SPDR — Standard & Poor's Depository Receipt

USD — United States Dollar

As of July 31, 2023, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

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

The following is a summary of the transactions the Fund had with affiliates for the period ended July 31, 2023 ($ Thousands):

Security Description

Value

7/31/2022

Purchases

at Cost

Proceeds

from Sales

Realized Gain/

(Loss)

Change in Unrealized Appreciation/ (Depreciation)

Value

7/31/2023

Income

Capital Gains

SEI Daily Income Trust, Government Fund, Institutional Class

—

21,581

(21,441

)

—

140

—

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

STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)

July 31, 2023

	Diversified Equity Fund			Enhanced Fixed Income Fund
Assets:
Investments, at value^†	$	274,082		$	38,862
Affiliated investments, at value^†^†		2,708			140
Cash		43,813			328
Foreign currency, at value ^†^†^†		161			—
Cash pledged as collateral for futures contracts		2,149			—
Dividends and interest receivable		199			1
Receivable for variation margin		141			—
Foreign tax reclaim receivable		57			—
Receivable for fund shares sold		20			3
Prepaid expenses		27			2
Total Assets		323,357			39,336
Liabilities:
Shareholder servicing fees payable		67			8
Legal fees payable		31			4
Audit fees payable		22			3
Payable for variation margin		21			—
Administration fees payable		18			—
Investment advisory fees payable		11			2
Custody fees payable		11			5
Pricing fees payable		9			1
Payable for fund shares redeemed		7			—
Chief Compliance Officer fees payable		1			—
Accrued expense payable		8			1
Total Liabilities		206			24
Net Assets	$	323,151		$	39,312
^† Cost of investments	$	251,386		$	38,893
^†^† Cost of affiliated investments		2,708			140
^†^†^† Cost of foreign currency		159			—
Net Assets:
Paid-in capital — (unlimited authorization — no par value)	$	301,825		$	40,103
Total distributable earnings (accumulated losses)		21,326			(791	)
Net Assets	$	323,151		$	39,312
Net Asset Value, Offering and Redemption Price Per Share	$	9.69		$	9.83
		($323,151,097 ÷ 33,353,773 shares	)		($39,312,085 ÷ 4,000,962 shares	)
The accompanying notes are an integral part of the financial statements.

Adviser Managed Trust

STATEMENTS OF OPERATIONS ($ Thousands)

For the year or period ended July 31, 2023

	Diversified Equity Fund⁽¹⁾			Enhanced Fixed Income Fund⁽²⁾
Investment income:
Dividends	$	2,494		$	867
Dividends from affiliated investments⁽³⁾		49			8
Interest income		440			4
Less: foreign taxes withheld		(71	)		—
Total investment income		2,912			879
Expenses:
Shareholder servicing fees		348			44
Administration fees		278			35
Investment advisory fees		278			52
Chief Compliance Officer fees		3			—
Trustee fees		2			1
Professional fees		105			7
Printing fees		38			4
Registration fees		16			1
Custodian/wire agent fees		12			5
Other expenses		49			3
Total expenses		1,129			152
Less:
Waiver of investment advisory fees		(224	)		(44	)
Waiver of administration fees		(204	)		(35	)
Net expenses		701			73
Net investment income		2,211			806
Net realized gain (loss) on:
Investments		(1,348	)		(760	)
Futures contracts		(1,129	)		—
Foreign currency transactions		(6	)		—
Net realized loss		(2,483	)		(760	)
Net change in unrealized appreciation (depreciation) on:
Investments		22,690			(31	)
Futures contracts		2,121			—
Foreign currency and translation of other assets and liabilities denominated in foreign currency		4			—
Net change in unrealized appreciation (depreciation)		24,815			(31	)
Net realized and unrealized gain (loss)		22,332			(791	)
Net increase in net assets resulting from operations	$	24,543		$	15

(1)	For the period August 1, 2022 through January 31, 2023, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).
(2)	Commenced operations on February 1, 2023.
(3)	See Note 4 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

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the year or periods ended July 31,

	Diversified Equity Fund						Enhanced Fixed Income Fund
		2023	⁽¹⁾		2022	⁽²⁾⁽³⁾		2023	⁽⁴⁾
Operations:
Net investment income	$	2,211		$	25		$	806
Net realized loss		(2,483	)		(13,770	)		(760	)
Net change in unrealized appreciation (depreciation)		24,815			6			(31	)
Net increase (decrease) in net assets resulting from operations		24,543			(13,739	)		15
Distributions		—			(30	)		(806	)
Return of Capital		—			—			(10	)
Capital share transactions:⁽⁵⁾
Proceeds from shares issued		477,434			175,581			61,466
Reinvestment of dividends & distributions		—			—			814
Cost of shares redeemed		(178,971	)		(161,667	)		(22,167	)
Net increase in net assets derived from capital share transactions		298,463			13,914			40,113
Net increase in net assets		323,006			145			39,312
Net assets:
Beginning of year or period		145			—			—
End of year or period	$	323,151		$	145		$	39,312

(1)	For the period August 1, 2022 through January 31, 2023, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).
(2)	For the period April 26, 2022 through July 31, 2022, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).
(3)	Commenced operations on March 30, 2022.
(4)	Commenced operations on February 1, 2023.
(5)	See Note 5 in the Notes to Financial Statements for additional information.

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

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

Adviser Managed Trust

FINANCIAL HIGHLIGHTS

For the year or periods ended July 31,

For a share outstanding throughout the year or periods

	Net asset value, beginning of year or period		Net investment income⁽¹⁾		Net realized and unrealized gains (losses) on securities⁽¹⁾			Total from operations			Dividends from net investment income			Distributions from realized gains		Total dividends and distributions			Net asset value, end of year or period		Total return^†			Net assets, end of year or period ($ Thousands)		Ratio of net expenses to average net assets			Ratio of expenses to average net assets (excluding waivers and reimbursements)			Ratio of net investment income to average net assets			Portfolio turnover rate^†
Diversified Equity Fund
2023⁽²⁾	$	8.86	$	0.14	$	0.69		$	0.83		$	–		$	–	$	–		$	9.69		9.37	%	$	323,151		0.50	%		0.81	%		1.59	%		132	%
2022⁽³⁾⁽⁴⁾		10.00		0.01		(1.15	)		(1.14	)		–	^^‡		–		–	^^‡		8.86		(11.38	)		145		0.50			1.04			0.19			6,822	⁽⁵⁾
Enhanced Fixed Income Fund
2023⁽⁶⁾	$	10.00	$	0.22	$	(0.18	)	$	0.04		$	(0.21	)^‡	$	–	$	(0.21	)^‡	$	9.83		0.42	%	$	39,312		0.41	%		0.86	%		4.59	%		56	%

(1)	Per share net investment income and net realized and unrealized gains (losses) calculated using average shares.
(2)	For the period August 1, 2022 through January 31, 2023, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).
(3)	For the period April 26, 2022 through July 31, 2022, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).
(4)	Commenced operations on March 30, 2022. All ratios for the period have been annualized.
(5)	Portfolio turnover rate reflects the Financial Advisor’s strategy to exercise its investment discretion which leads to the Fund buying and selling securities and other instruments frequently. Please see Note 1 for further details.
(6)	Commenced operations on February 1, 2023. All ratios for the period have been annualized.
^†	Returns and portfolio turnover rate are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.
^	Amount is less than $0.005 per share.
^‡	Includes return of capital of less than $0.005 per share.

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

Adviser Managed Trust

NOTES TO FINANCIAL STATEMENTS

July 31, 2023

1. ORGANIZATION

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

The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment management company with three registered funds: Diversified Equity Fund, the Core Fixed Income Fund, and the Enhanced Fixed Income Fund, (each a “Fund”, collectively, “the Funds”, each of which is a diversified fund. The Diversified Equity Fund commenced operations on March 30, 2022. The Enhanced Fixed Income Fund commenced operations on February 1, 2023. 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 the Funds’ investment objectives 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 Funds, and a money market fund affiliated with the Funds, depending on the Financial Adviser’s evaluation of current market conditions (“Adviser Managed Strategy” or “Strategy”). The Financial Adviser is not the adviser to the Funds, and is not affiliated with SEI Investments Management Corporation (“SIMC”), the adviser to the Funds.

When the Financial Adviser determines to reallocate its clients’ assets to one or more of the other funds that compose the Adviser Managed Strategy, the Financial Adviser may request the redemption of a substantial portion of or all of the shares for which the Financial Adviser exercises investment discretion. In such an instance, the Financial Adviser’s notice of its intent to redeem or formal redemption request (collectively, “Redemption Request”) will cause a Fund to liquidate a substantial portion of or substantially all of its assets in order to fulfill the Redemption Request. If the Financial Adviser’s Redemption Request includes all of the shares for which it exercises investment discretion, the Fund will no longer be an active component of the Adviser Managed Strategy.

When the Diversified Equity Fund is not an active component of the Adviser Managed Strategy, the Fund may invest up to 100% of its remaining assets in cash, money market instruments, repurchase agreements and other short-term obligations pending the Financial Adviser’s

formal redemption request; and exchange-traded funds (ETFs) that are designed to track the performance of the broad U.S. equity market. When the Core 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. When the Enhanced 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 and ETFs that are designed to track the performance of one or more broad fixed income markets.

A Fund could be invested in these types of investments for extended periods of time. At such times, SIMC will manage the assets of the Fund. SIMC, the Financial Adviser or one or more of their affiliates will be the only investors in a Fund following the Financial Adviser’s redemption of all of its clients’ shares from a Fund. Due to this strategy, a Fund may buy and sell securities and other instruments frequently.

During the period August 1, 2022 through January 31, 2023 the Diversified Equity Fund was not an active component of the Adviser Managed Strategy.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

Security Valuation — Effective September 8, 2022, and pursuant to the requirements of the 1940 Act and Rule 2a-5, the administrator, as delegated by the Board of Trustees (the “Board”), has the responsibility for the valuation of Fund investments with readily available market quotations in accordance with the Funds’ Valuation and Pricing Policy. The Trust's Board of Trustees has designated SEI Investments Management Corporation (“SIMC”) as the Valuation Designee for the Funds pursuant to Rule 2a-5 (the “Rule”) under the 1940 Act. The Valuation Designee

Adviser Managed Trust

NOTES TO FINANCIAL STATEMENTS (Continued)

July 31, 2023

has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. SIMC, in furtherance of the Board’s designation, has appointed a committee of SIMC persons to function as the Valuation Designee (the “Committee”) and has established a Valuation and Pricing Policy to implement the Rule and the Funds’ Valuation and Pricing Policy (together with SIMC’s Valuation and Pricing Policy, the “Fair Value Procedures”). Prior to September 8, 2022, fair-value determinations were performed in accordance with the Trust’s Fair Value Procedures established by the Funds’ Board of Trustees and were implemented through a Fair Value Committee designated by the Board. As discussed in detail below, the Committee will typically first seek to fair value investments with valuations received from an independent, third-party pricing agent (a “Pricing Service”). If such valuations are not available or are unreliable, the Committee will seek to obtain a bid price from at least one independent broker or dealer. If a broker or dealer quote is unavailable, the Committee will convene, subject to the Fair Value Procedures, to establish a fair value for the fair value investments. When valuing portfolio securities, a Fund values 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) are valued 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 debt tranches of 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. These open-end investment companies’ shares are offered in separate prospectuses, each of which describes the process by which the applicable investment company’s net asset value is determined. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. If a security’s price cannot be obtained, as noted above, or in the case of an equity tranche of a CDO/

CLO, the Funds will value the securities using a bid price from at least one independent broker.

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 a 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 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 a 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.

Adviser Managed Trust

Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using 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 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 the Funds’ net assets or involve a material departure in pricing methodology from that of the Funds’ existing pricing agent or pricing methodology, ratification 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 Rule 2a-5 and the Procedures.

The Committee must monitor for circumstances that may necessitate that a security be valued using Fair Value Procedures which can include: (i) the security's trading has been halted or suspended, (ii) the security has been de-listed 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, (iv) the security has not been traded for an extended period of time, (v) the security's primary pricing source is not able or willing to provide a price, (vi) trading of the security is subject to local government-imposed restrictions; or (vii) a significant event (as defined below). When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the type of security or asset, (ii) the last trade price, (iii) evaluation of the forces that influence the market in which the security is purchased and sold, (iv) the liquidity of the security, (v) the size of the holding in a Fund or (vi) any other appropriate information.

The Committee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and assumptions specific to each asset class or holding.

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 a Fund calculates NAV. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when a Fund does not price its shares. As a result, the NAV of a 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 the Sub-Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate NAV, it may request that a Committee meeting be called. In addition, the Funds use several processes, with respect to certain securities to monitor the pricing data supplied by various sources, including price comparisons and price movements. Any identified discrepancies are researched and subject to the procedures described above.

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

Adviser Managed Trust

NOTES TO FINANCIAL STATEMENTS (Continued)

July 31, 2023

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 a Fund’s own assumptions in determining the fair value of investments)

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

Debt securities are valued in accordance with the evaluated bid price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Other securities that are categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, warrants, swaps and forward contracts. The Funds 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, 2023, maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended July 31, 2023, there have been no significant changes to the Trust’s fair valuation methodologies.

For details of the investment classification, reference the 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 the Funds’ custodian bank until the repurchase date of the repurchase agreement. The Funds also may 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, 2023.

Adviser Managed Trust

Reverse Repurchase Agreements — To the extent consistent with its investment objective and strategies, the Funds 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, 2023.

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

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

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

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

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

Forward Foreign Currency Contracts — To the extent consistent with its investment objective and strategies, the Funds 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 Funds realize 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. The Funds 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 Statement of Assets and Liabilities. Refer to the Funds’ Schedules of Investments for details regarding open forward foreign currency contracts as of July 31, 2023, if applicable.

Futures Contracts — To the extent consistent with its investment objective and strategies, the Funds may use futures contracts for tactical hedging purposes as well as to enhance the Funds’ 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 the Funds 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 Statement of Assets and Liabilities. Refer to the Funds’ Schedules of Investments for details regarding open futures contracts as of July 31, 2023, if applicable.

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

Adviser Managed Trust

NOTES TO FINANCIAL STATEMENTS (Continued)

July 31, 2023

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. A Fund also has 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 Statement of Assets and Liabilities. The Funds did not hold any option/swaption contracts as of July 31, 2023.

Swap Agreements — To the extent consistent with its investment objective and strategies, the Funds may invest in swap contracts for speculative or hedging purposes. Swaps may be used to synthetically obtain exposure to securities or baskets of securities. A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or “basket” of securities representing a particular index. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Credit-default swaps involve periodic payments by a Fund or counterparty based on a specified rate multiplied by a notional amount assigned to an underlying debt instrument or group of debt instruments in exchange for the assumption of credit risk on the same instruments. In the event of a credit event, usually in the form of a credit rating downgrade, the party receiving periodic payments (i.e. floating rate payer) must pay the other party (i.e. fixed rate payer) an amount equal to the recovery rate used to settle the contracts. The recovery rate is a function of how many credit default swap investors wish to deliver the security or receive the security. The recovery rate is determined through an auction process. Total return swaps allow 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 the Funds’ 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 the Funds and a counterparty and by having the counterparty post collateral to cover the Funds’ exposure to the counterparty. See Note 3 for further details. The Funds did not hold any swap contracts as of July 31, 2023.

Delayed Delivery Transactions — To the extent consistent with its investment objective and strategies, the Funds may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by a Fund 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, a 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. A Fund 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 a Fund has sold a security on a delayed delivery basis, that Fund does not participate in future gains and losses with respect to the security.

Adviser Managed Trust

Loan Participations and Brady Bonds — To the extent consistent with its investment objective and strategies, the Funds 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”). A 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, a Fund generally have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, nor any rights of set-off against the borrower, and a Fund will not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, a 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, 2023, the Funds did not hold any loans.

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

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

The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. Normally, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by a Fund as illiquid securities; however, an active dealer market may exist for CDOs

allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities (e.g., interest rate risk and default risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline CDOs that are subordinate structure of the investment and investment results. The Funds did not hold any CDOs or CLOs as of July 31, 2022.

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

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

Adviser Managed Trust

NOTES TO FINANCIAL STATEMENTS (Continued)

July 31, 2023

3. DERIVATIVE TRANSACTIONS

The Funds are 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 the Funds 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. The Funds’ overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

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

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern OTC financial derivative transactions entered into by the Funds 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.

4. 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 the Funds. 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 the Funds.

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 the Funds.

Adviser Managed Trust

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

The Funds’ administrator and/or its affiliates have contractually agreed to waive fees or reimburse expenses for the Funds until November 30, 2023, 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 Funds’ business) from exceeding the levels specified in the table below. These contractual waivers and reimbursements will only apply if a Funds’ total operating costs exceed the applicable thresholds and will not affect the Funds’ total operating costs if they are less than the applicable thresholds. In other words, shareholders will pay the lower of the Funds’ 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 Funds’ direct operating expenses and, therefore, do not apply to indirect expenses incurred by the Funds, such as acquired fund fees and expenses (“AFFE”). The agreement may be amended or terminated only with the consent of the Board of Trustees.

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

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

	Advisory Fee			Shareholder Servicing Fee			Contractual Expense Limitation			Voluntary Expense Limitation
Diversified Equity Fund		0.20	%		0.25	%		0.75	%*		0.50	%
Enhanced Fixed Income Fund**		0.30	%		0.25	%		0.92	%*		0.41	%

*Effective November 30, 2022, the Funds’ administrator and its affiliates have contractually agreed to waive fees and reimburse expenses for a period of one year in order to keep total annual Fund operating expenses (exclusive of interest from borrowings, brokerage commissions, trustees’ fees, taxes and other extraordinary expenses not incurred in the ordinary course of the Funds’ business) from exceeding 0.75% (for the Diversified Equity Fund) and 0.92% (for the Enhanced Fixed Income Fund). This fee waiver and reimbursement agreement shall remain in effect until November 30, 2023. The agreement may be amended or terminated only with the consent of the Board of Trustees of the Funds.

**SIMC has contractually agreed to waive its advisory fee as necessary to keep the advisory fee paid by the Fund during its fiscal year from exceeding 0.10%. This fee waiver agreement shall remain in effect until November 30, 2023. The agreement may be amended or terminated only with the consent of the Board of Trustees.

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

	Contractual Fees
		First $2.5 Billion		Next $500 Million		Over $3 Billion
Diversified Equity Fund		0.2000	%	0.1650	%	0.1200	%

	Contractual Fees
		First $1.5 Billion		Next $500 Million		Next $500 Million		Next $500 Million		Over $3 Billion
Enhanced Fixed Income Fund		0.2000	%	0.1775	%	0.1550	%	0.1325	%	0.1100	%

Adviser Managed Trust

NOTES TO FINANCIAL STATEMENTS (Continued)

July 31, 2023

As of July 31, 2023, 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. When a Fund is not an active component of the Adviser Managed Strategy, SIMC will act as the sole manager to that Fund, and a sub-adviser will not be used.

Investment Sub-Adviser

Diversified Equity 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, 2023.

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 the Funds’ expenses. Accordingly, the expenses reduced, which were used to pay third party expenses, can be found on the Statement of Operations and the effect on the Funds’ expense ratios, as a percentage of the Funds’ average daily net assets for the year ended July 31, 2023, 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 Funds’ investment strategy.

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (“the Program”) with existing or future investment

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

As of, and during the year ended July 31, 2023, the Trust had not participated in the Program.

5. CAPITAL SHARE TRANSACTIONS

Capital Share Transactions for the year or periods ended July 31 for the Funds were as follows (Thousands):

	Diversified Equity Fund					Enhanced Fixed Income Fund
		2023	⁽¹⁾	2022	⁽²⁾⁽³⁾		2023	⁽⁴⁾
Shares Issued		53,795		17,582			6,206
Shares Issued in Lieu of Dividends and Distributions		—		—			85
Shares Redeemed		(20,457	)	(17,566	)		(2,290	)
Increase in capital share transactions		33,338		16			4,001

(1)	For the period August 1, 2022 through January 31, 2023, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).
(2)	Commenced operations on March 30, 2022.
(3)	For the period April 26, 2022 through July 31, 2022, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).
(4)	Commenced operations on February 1, 2023.

Adviser Managed Trust

6. 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, 2023, were as follows:

	U.S. Gov't ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Diversified Equity Fund
Purchases	$	—	$	407,788	$	407,788
Sales		—		155,186		155,186
Enhanced Fixed Income Fund
Purchases		—		59,374		59,374
Sales		—		19,720		19,720

7. FEDERAL TAX INFORMATION

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

Dividends from net investment income and distributions from net realized capital gains are determined in

accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital and distributable earnings (loss), as appropriate, in the period that the differences arise.

The permanent differences primarily consist of reclassification of long term capital gain distribution on REITs, and investments in PFICs. The permanent differences that are credited or charged to paid-in-capital and distributable earnings (accumulated losses) are related to capital losses lost and have been reclassified to/from the following accounts as of July 31, 2023:

		Distributable Earnings (Accumulated Loss) ($ Thousands)				Paid-in- Capital ($ Thousands)
Diversified Equity Fund		$	7,221			$	(7,221	)

The tax character of dividends and distributions paid during the fiscal year were as follows:

	Ordinary Income ($ Thousands)		Long-Term Capital Gain ($ Thousands)		Return of Capital ($ Thousands)		Total ($ Thousands)
Diversified Equity Fund
2023	$	—	$	—	$	—	$	—
2022		29		—		1		30
Enhanced Fixed Income Fund
2023		806		—		10		816

As of July 31, 2023, the components of Distributable Earnings (Accumulated Losses) on a tax basis were as follows:

	Undistributed Ordinary Income ($ Thousands)		Undistributed Long-Term Capital Gain ($ Thousands)		Post- October Losses ($ Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)			Total Distributable Earnings (Accumulated Losses) ($ Thousands)
Diversified Equity Fund	$	5,127	$	294	$	—		$	15,905		$	21,326
Enhanced Fixed Income Fund		—		—		(25	)		(766	)		(791	)

Post-October losses represent losses realized on investment transactions from November 1, 2022 through July 31, 2023 that in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.

During the year ended July 31, 2023, the Diversified Equity Fund utilized $3,215 ($ Thousands) of capital loss carryforwards to offset capital gains and $7,221 ($ Thousands) to write off the remaining capital loss carryforwards balance.

For Federal income tax purposes, the cost of securities owned at July 31, 2023, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to investments in passive foreign investment companies, partnership basis adjustments, mark-to-market of futures contracts, and wash sales which cannot be used for Federal

income tax purposes in the current year and have been deferred for use in future years.

Adviser Managed Trust

NOTES TO FINANCIAL STATEMENTS (Continued)

July 31, 2023

The aggregate gross unrealized appreciation and depreciation on total investments (including foreign currency and derivatives, if applicable) held by the Funds at July 31, 2023, were as follows:

	Federal Tax Cost ($ Thousands)		Appreciated Securities ($ Thousands)		Depreciated Securities ($ Thousands)			Net Unrealized Appreciation (Depreciation) ($ Thousands)
Diversified Equity Fund	$	260,889	$	26,515	$	(10,610	)	$	15,905
Enhanced Fixed Income Fund		39,768		44		(810	)		(766	)

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, 2023, 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.

8. CONCENTRATION/RISKS

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

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

Adviser Managed Strategy Risk — The Funds are a component of a broader investment strategy employed by the Financial Adviser known as the Adviser Managed Strategy. Pursuant to the Adviser Managed Strategy, the Financial Adviser tactically shifts its clients’ assets among the Funds and a money market fund affiliated with the Funds. These asset shifts among the Funds in the Adviser Managed Strategy (i.e., an exchange of shares of one fund for shares of another fund) will be a taxable event to an investor unless the investor is investing in the Funds through a tax-deferred arrangement. As part of the Adviser Managed Strategy, substantial portions or substantially all of a Fund’s shares may be periodically sold and repurchased at the direction of the Financial Adviser. These large redemptions and repurchases will have significant effects on the management of a Fund and are expected to result in increased portfolio turnover (and related transaction

costs), disruption of portfolio management strategies and the realization of significant taxable gains. If notified by the Financial Adviser of an upcoming redemption request, a Fund may begin to liquidate substantial portions or substantially all of its assets prior to the submission of the redemption request in an effort to raise the necessary cash, and a Fund will not be invested pursuant to its investment strategy during such time. Further, it is possible that, subsequent to providing such notice of an expected redemption, the Financial Adviser may withdraw that notice due to the Adviser Managed Strategy, at which point a Fund may then repurchase securities to invest to strategy resulting in the same detrimental effects to the portfolio as large share redemptions and purchases. When a Fund is required to rapidly liquidate a substantial portion of its portfolio to satisfy a large redemption order placed as part of the Adviser Managed Strategy, a Fund may be forced to sell securities at below current market values or a Fund’s selling activity may drive down the market value of securities being sold. A Fund may also be required to sell portfolio holdings at a time when the portfolio managers would otherwise not recommend doing so. For example, if a Fund were to experience a large redemption at a time of high market volatility or during a substantial market decline, a Fund would be forced to liquidate securities even though the portfolio managers may not otherwise choose to do so. When a Fund receives a large purchase order as a result of the Adviser Managed Strategy, a Fund may be required to rapidly purchase portfolio securities. This may cause a Fund to incur higher than normal transaction costs or may require a Fund to purchase portfolio securities at above current market values. Further, a Fund’s purchasing activity may drive up the market value of securities being purchased or a Fund may be required to purchase portfolio securities at a time when the portfolio managers would not otherwise recommend doing so. When a Fund is not an active component of the Adviser Managed Strategy, a Fund’s investments may not be consistent with a Fund’s investment goal, and a Fund may miss investment opportunities because the assets necessary to take advantage of such opportunities are tied up in other investments or have been allocated to another fund within the Adviser Managed Strategy.

Asset Allocation Risk — The risk that SIMC’s decisions regarding allocation of a Fund’s assets among Indexes and for direct management will not anticipate market trends successfully.

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

Currency Risk — As a result of a Fund’s investments in securities denominated in and/or receiving revenues in foreign currencies, the Funds will be subject to currency risk. This is the risk that those currencies will decline in

Adviser Managed Trust

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

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

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

Exchange Traded Funds (ETFs) Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. A Fund indirectly bears the proportionate share of any fees and expenses of the ETF in addition to the fees and expenses that a Fund and its shareholders directly bear in connection with a Fund’s operations.

Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different

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

Investment Style Risk — The risk that a Fund’s investment approach may underperform other segments of the equity markets or the equity markets as a whole.

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

Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Funds would like. The Funds may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

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

Adviser Managed Trust

NOTES TO FINANCIAL STATEMENTS (Concluded)

July 31, 2023

Portfolio Turnover Risk — Due to its investment strategy, a Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect a Fund’s performance.

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

Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Funds may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.

Tracking Error Risk — The risk that a Fund’s performance may vary substantially from the performance of the Indexes it tracks as a result of cash flows, Fund expenses, imperfect correlation between a Fund’s investments and the Indexes’ components and other factors.

9. CONCENTRATION OF SHAREHOLDERS

SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company (“SEI”). As of July 31, 2023, SPTC held of record the following percentage of outstanding shares:

Diversified Equity Fund	100.00%
Enhanced Fixed Income Fund	100.00%

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.

10. REGULATORY MATTERS

The U.K. Financial Conduct Authority stopped compelling or inducing banks to submit certain London Inter-Bank Offered Rate (LIBOR) rates. The publication of LIBOR on a representative basis ceased for the one-week and

two-month U.S. dollar LIBOR settings immediately after December 31, 2021, and ceased for the remaining U.S. dollar LIBOR settings immediately after June 30, 2023. Investments impacted by the discontinuation of LIBOR may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate (SOFR), which is intended to replace U.S. dollar LIBOR. Alternative reference rates for other currencies have also been announced or have already begun publication. In response to the discontinuation of LIBOR, investors have added fallback provisions to existing contracts for investments whose value is tied to LIBOR, with most fallback provisions requiring the adoption of SOFR as a replacement rate. On March 15, 2022, President Biden signed the Adjustable Interest Rate Act into law (the “LIBOR Act”), which, in conjunction with regulations adopted by the Federal Reserve Board, establishes SOFR as the default fallback rate for any U.S. contract without a fallback provision. In addition, on March 4, 2023, the U.K. Financial Conduct Authority announced that, starting July 1, 2023 and continuing through September 30, 2024, it will permit the publishing 1-, 3- and 6-month synthetic U.S. dollar LIBOR settings of based on SOFR to serve as a fallback for non-U.S. contracts.

11. 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, 2023.

Adviser Managed Trust

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of the Funds and Board of Trustees

Adviser Managed Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of the Diversified Equity Fund (one of the two funds comprising the Adviser Managed Trust), including the schedule of investments, as of July 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for the year then ended and the period from March 30, 2022 (commencement of operations) to July 31, 2022, and the related notes (collectively, the financial statements) and the financial highlights for the year then ended and the period from March 30, 2022 (commencement of operations) to July 31, 2022. We have also audited the accompanying statement of assets and liabilities of the Enhanced Fixed Income Fund (one of the two funds comprising the Adviser Managed Trust) (the two funds collectively, the Funds), including the schedule of investments, as of July 31, 2023, the related statements of operations and changes in net assets for the period from February 1, 2023 (commencement of operations) to July 31, 2023, and the related notes (collectively, the financial statements) and the financial highlights for the period from February 1, 2023 to July 31, 2023. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of July 31, 2023, the results of their operations for the year or period then ended, the changes in their net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the two-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2023, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more SEI Funds investment companies since 2005.

Philadelphia, Pennsylvania

September 26, 2023

Adviser Managed Trust

TRUSTEES AND OFFICERS OF THE TRUST (Unaudited)

The following chart lists Trustees and Officers as of July 31, 2023.

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 positions 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, Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served¹	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee²	Other Directorships Held by Trustee
INTERESTED TRUSTEES
Robert A. Nesher One Freedom Valley Drive Oaks, PA 19456 76 yrs. old	Chairman of the Board of Trustees*	since 2010	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	97	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. President, Director and Chief Executive Officer of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. President, Chief Executive Officer and Trustee of SEI Liquid Asset Trust from 1989 to 2016. President, Chief Executive Officer and Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of The KP Funds from 2013 to 2020. Vice Chairman of O'Connor EQUUS (closed-end investment company) from 2014 to 2016. Vice Chairman of Winton Series Trust from 2014 to 2017. Vice Chairman of The Advisors' Inner Circle Fund III and Winton Diversified Opportunities Fund (closed-end investment company) from 2014 to 2018. Vice Chairman of Gallery Trust from 2015 to 2018. Vice Chairman of Schroder Series Trust and Schroder Global Series Trust from 2017 to 2018. Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds and Catholic Responsible Investments Funds. President, Chief Executive Officer and Trustee of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds.
William M. Doran One Freedom Valley Drive Oaks, PA 19456 83 yrs. old	Trustee*	since 2010	Self-employed consultant since 2003. Partner, Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003. Counsel to the Trust, SEI Investments, SIMC, the Administrator and the Distributor.	97	Director of SEI Investments since 1985; Secretary of SEI Investments since 1978. 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. Trustee of SEI Liquid Asset Trust from 1982 to 2016. Trustee of O'Connor EQUUS (closed-end investment company) from 2014 to 2016. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of Winton Series Trust from 2014 to 2017. Trustee of The Advisors’ Inner Circle Fund and The Advisors’ Inner Circle Fund II from 1991 to 2018. Trustee of Bishop Street Funds from 2006 to 2018. Trustee of The KP Funds from 2013 to 2018. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) from 2014 to 2018. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of Schroder Series Trust and Schroder Global Series Trust from 2017 to 2021. Trustee of The Advisors’ Inner Circle Fund III, Gallery Trust, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Tender Fund, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds.
TRUSTEES
Nina Lesavoy One Freedom Valley Drive, Oaks, PA 19456 66 yrs. old	Trustee	since 2010	Founder and Managing Director, Avec Capital (strategic fundraising firm) since 2008. Managing Director, Cue Capital (strategic fundraising firm) from March 2002-March 2008.	97	Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 2003 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee/Director of SEI Structured Credit Fund, L.P., SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, New Covenant Funds, Adviser Managed Trust, SEI Catholic Values Trust and SEI Exchange Traded Funds.
James M. Williams One Freedom Valley Drive, Oaks, PA 19456 75 yrs. old	Trustee	since 2010	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.	97	Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 2004 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee/Director of Ariel Mutual Funds, SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, New Covenant Funds, Adviser Managed Trust, SEI Catholic Values Trust and SEI Exchange Traded 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	Each trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed in accordance with the Trust’s Declaration of Trust.

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 Catholic Values Trust, New Covenant Funds and SEI Exchange Traded Funds.

Adviser Managed Trust

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

Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served¹	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee²	Other Directorships Held by Trustee
TRUSTEES (continued)
Hubert L. Harris, Jr. One Freedom Valley Drive, Oaks, PA 19456 80 yrs. old	Trustee	since 2010	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 2005.	97	Director of AMVESCAP PLC from 1993-2004. Served as a director of a bank holding company, 2003-2009. Director, Aaron’s Inc., 2012-present. Member of the Board of Councilors of the Carter Center (nonprofit corporation) and served on the boards of other non-profit organizations. Director of SEI Alpha Strategy Portfolios, LP from 2008 to 2013. Trustee of SEI Liquid Asset Trust from 2008 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, New Covenant Funds, Adviser Managed Trust, SEI Catholic Values Trust and SEI Exchange Traded Funds.
Susan C. Cote One Freedom Valley Drive Oaks, PA 19456 68 years old	Trustee	since 2015	Retired since July 2015. Treasurer and Chair of Finance, Investment and Audit Committee of the New York Women's Foundation from 2012 to 2017. Member of the Ernst & Young LLP Retirement Investment Committee, 2009-2015. Global Asset Management Assurance Leader, Ernst & Young LLP from 2006-2015. Partner, Ernst & Young LLP from 1997-2015. Americas Director of Asset Management, Ernst & Young LLP from 2006-2013. Prudential, 1983-1997.	97	Trustee of SEI Insurance Products Trust from 2015 to 2020. Trustee/Director of SEI Structured Credit Fund, LP, SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, New Covenant Funds, Adviser Managed Trust, SEI Catholic Values Trust and SEI Exchange Traded Funds.
James B. Taylor One Freedom Valley Drive Oaks, PA 19456 72 years old	Trustee	since 2018	Retired since December 2017. Chief Investment Officer at Georgia Tech Foundation from 2008 to 2017. Chief Investment Officer at Delta Air Lines from 1983 to 2007. Member of the Investment Committee of Institute of Electrical and Electronic Engineers from 1999 to 2004. President, Vice President and Treasurer for Southern Benefits Conference from 1998 to 2000.	97	Trustee of SEI Insurance Products Trust from 2018 to 2020. Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds.
Christine Reynolds One Freedom Valley Drive Oaks, PA 19456 64 years old	Trustee	since 2019	Retired since December 2016. Executive Vice President, Fidelity Investments from 2014-2016. President, Fidelity Pricing and Cash Management Services and Chief Financial Officer of Fidelity Funds from 2008-2014. Chief Operating Officer, Fidelity Pricing and Cash Management Services from 2007-2008. President and Treasurer, Fidelity Funds from 2004-2007. Anti-Money Laundering Officer, Fidelity Funds in 2004. Executive Vice President, Fidelity Funds from 2002-2004. Audit Partner, PricewaterhouseCoopers from 1992-2002.	97	Trustee of SEI Insurance Products Trust from 2019 to 2020. Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds.
Thomas Melendez One Freedom Valley Drive Oaks, PA 19456 63 years old	Trustee	since 2021	Retired since 2019. Investment Officer and Institutional Equity Portfolio Manager at MFS Investment Management from 2002 to 2019. Director of Emerging Markets Group, General Manager of Operations in Argentina and Portfolio Manager for Latin America at Schroders Investment Management from 1994 to 2002.	91	Trustee of Boston Children’s Hospital, The Partnership Inc. and Brae Burn Country Club (non-profit organizations). Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, SEI Exchange Traded Funds and Adviser Managed Trust. Independent Consultant of New Covenant Funds and SEI Catholic Values Trust.

1	Each trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed in accordance with the Trust’s Declaration of Trust.

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, Catholic Values Trust, New Covenant Funds and SEI Exchange Traded Funds.

Adviser Managed Trust

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

Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served¹	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee²	Other Directorships Held by Trustee
OFFICERS
Robert A. Nesher One Freedom Valley Drive, Oaks, PA 19456 76 yrs. Old	President and CEO	since 2012	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	N/A	N/A
Glenn R. Kurdziel³ One Freedom Valley Drive Oaks, PA 19456 49 yrs. old	Controller and Chief Financial Officer	since 2023	Controller and Chief Financial Officer of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds since August 2023. Assistant Controller of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds and SEI Catholic Values Trust from 2017 to 2023. Assistant Controller of SEI Exchange Traded Funds from 2022 to 2023. Senior Manager, Funds Accounting, SEI Investments Global Funds Services from 2005-2023.	N/A	N/A
Stephen Panner One Freedom Valley Drive Oaks, PA 19456 53 yrs. old	Chief Compliance Officer	since 2022	Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund, L.P., The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Frost Family of Funds, Gallery Trust, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Tender Fund and Catholic Responsible Investments Funds since September 2022. Fund Compliance Officer of SEI Investments Company from February 2011 to September 2022. Fund Accounting Director and CFO and Controller for the SEI Funds from July 2005 to February 2011.	N/A	N/A
Timothy D Barto One Freedom Valley Drive Oaks, PA 19456 55 yrs. old	Vice President and Secretary	since 2012	Vice President and Secretary of SEI Institutional Transfer Agent, Inc. since 2009. General Counsel and Secretary of SIMC since 2004. Vice President of SIMC and the Administrator since 1999. Vice President and Assistant Secretary of SEI since 2001.	N/A	N/A
David F. McCann One Freedom Valley Drive, Oaks, PA 19456 47 yrs. old	Vice President and Assistant Secretary	since 2012	General Counsel and Secretary of SEI Institutional Transfer Agent, Inc. since 2020. Vice President and Assistant Secretary of SEI Institutional Transfer Agent, Inc. from 2009-2020. Vice President and Assistant Secretary of SIMC since 2008. Attorney, Drinker Biddle & Reath, LLP (law firm), May 2005 - October 2008.	N/A	N/A
Katherine Mason One Freedom Valley Drive, Oaks, PA 19456 43 yrs. old	Vice President and Assistant Secretary	since 2022	Consulting Attorney, Hirtle, Callaghan & Co. from October 2021 – June 2022. Attorney, Stradley Ronon Stevens & Young from September 2007 – July 2012.	N/A	N/A
Stephen G. MacRae One Freedom Valley Drive, Oaks, PA 19456 55 yrs. old	Vice President	since 2012	Director of Global Investment Product Management since January 2004.	N/A	N/A
Donald Duncan One Freedom Valley Drive Oaks, PA 19456 59 yrs. old	Anti-Money Laundering Compliance Officer and Privacy Officer	since 2023	Anti-Money Laundering Compliance Officer and Privacy Officer of SEI Asset Allocation Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds since 2023. Chief Compliance Officer and Global Head of Anti-Money Laundering Strategy of SEI Investments Company since January 2023. Head of Global Anti-Money Laundering Program for Hamilton Lane Advisors, LLC from August 2021 until December 2022. Senior VP and Supervising Principal of Hamilton Lane Securities, LLC from June 2016 to August 2021. Senior Director at AXA-Equitable from June 2011 until May 2016. Senior Director at PRUCO Securities, a subsidiary of Prudential Financial, Inc. from October 2005 until December 2009.	N/A	N/A

Adviser Managed Trust

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

1	Each trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed in accordance with the Trust’s Declaration of Trust.

3 Prior to August 2, 2023, Ankit Puri served as the Controller and Chief Financial Officer.

Adviser Managed Trust

DISCLOSURE OF FUND EXPENSES (Unaudited)

July 31, 2023

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, 2023 through July 31, 2023).

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

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

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

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

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

	Beginning Account Value 2/1/23		Ending Account Value 7/31/23		Annualized Expense Ratios			Expenses Paid During Period *
Diversified Equity Fund
Actual Fund Return
Class A	$	1,000.00	$	1,111.20		0.50	%	$	2.62
Hypothetical 5% Return
Class A	$	1,000.00	$	1,022.32		0.50	%	$	2.51

	Beginning Account Value 2/1/23		Ending Account Value 7/31/23		Annualized Expense Ratios			Expenses Paid During Period *
Enhanced Fixed Income Fund
Actual Fund Return
Class A	$	1,000.00	$	1,004.20		0.41	%	$	2.04
Hypothetical 5% Return
Class A	$	1,000.00	$	1,022.76		0.41	%	$	2.06

* 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 period shown).

Adviser Managed Trust

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

July 31, 2023

Pursuant to Rule 22e-4 under the 1940 Act, the Trust, on behalf of the Funds, has adopted a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk. The Program is overseen by the SIMC Liquidity Risk Oversight Committee, and the Program’s principal objectives include assessing, managing and periodically reviewing the Funds’ liquidity risk, based on factors specific to the circumstances of the Funds.

At a meeting of the Board held on March 20-22, 2023, the Trustees received a report from the SIMC Liquidity Risk Oversight Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation for the series that were operational during the review period. The SIMC Liquidity Risk Oversight Committee determined, and reported to the Board, that the Program remains reasonably designed to assess and manage the Funds’ liquidity risk and that the Program adequately and effectively managed the Funds’ liquidity risk during the 2022 calendar year. The SIMC Liquidity Risk Oversight Committee also reported that with respect to the Trust there were no reportable liquidity events during the period and discussed the liquidity classification of an underlying exchange-traded fund that had low trade volume but was nonetheless determined to be sufficiently liquid as a result of the potential to redeem its shares through an authorized participant. The SIMC Liquidity Risk Oversight Committee noted that additional monitoring processes, including manual reviews of upcoming market closures, have been implemented.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding each Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Adviser Managed Trust

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

Adviser Managed Trust (the “Trust”) and SEI Investments Management Corporation (“SIMC”) have entered into an investment advisory agreement (the “Advisory Agreement”), pursuant to which SIMC provides investment advisory services to the various series of the Trust (the “Funds”). Pursuant to a separate 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 (each member, a “Trustee” and, collectively, the “Trustees” or the “Board”), SSGA Funds Management, Inc. (the “Sub-Adviser”) is contractually engaged to provide security selection and certain other advisory services with respect to all or a discrete portion of the assets of two series of the Trust: the Diversified Equity Fund and the Core Fixed Income Fund (although the latter has not yet commenced operations). The Sub-Adviser is also responsible for managing its employees who provide services to the Funds. The Sub-Adviser was 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 a Fund’s Investment Advisory Agreements be specifically approved by the vote of a majority of the outstanding shareholders of the Fund and 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 (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) at a meeting called for such purpose. In addition, the 1940 Act requires that the continuation or renewal of any Investment Advisory Agreement be approved at least annually (after an initial period of up to two years), which also requires the vote of a majority of the Board, including a majority of the Independent Trustees. In connection with their consideration of such renewals, 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 renew 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. 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 renew 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 that was engaged to prepare an assessment in connection with the renewal of the Investment Advisory Agreements (the “Broadridge Report”); (vii) the level of SIMC’s and the Sub-Adviser’s profitability; (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, where available, over various periods of time compared with benchmark indexes and peer groups of mutual funds prepared by Broadridge.

Although the Core Fixed Income Fund is not currently operational, each of the Diversified Equity Fund and the Enhanced Fixed Income Fund has commenced operations (on March 30, 2022 and February 1, 2023, respectively). The Advisory Agreement (with respect to all three Funds) and the Sub-Advisory Agreement (with respect to the Diversified Equity Fund and the Core Fixed Income Fund) were approved for an initial two-year period (subject to annual renewals thereafter) at a

Adviser Managed Trust

meeting of the Board held on June 21-23, 2021. Currently, SIMC directly manages the assets of the Enhanced Fixed Income Fund without a sub-adviser.

At the March 20-22, 2023 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement and the Sub-Advisory Agreement. In each case, the Board’s renewal was based on its consideration and evaluation of the factors described above, as discussed at the meeting and at prior meetings. With respect to the Enhanced Income Fund, because it had only recently commenced operations, performance information and other data available to the Board was more limited than with respect to Diversified Equity Fund. Also, with respect to the Sub-Advisory Agreement, because the Core Fixed Income Fund has not yet commenced operations, the data available to the Board with respect to the Sub-Adviser was more heavily weighted toward the Diversified Equity Fund. 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.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided or to be 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 or to be 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 or to be provided to the Funds by SIMC and/or its affiliates.

Performance. In determining whether to renew SIMC’s Advisory Agreement, the Trustees considered the Diversified Equity Fund’s performance relative to its peer groups and appropriate indexes/benchmarks. The Trustees reviewed performance information for the Fund, noting that they receive performance reports that permit them to monitor the 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 the Broadridge Report, which included metrics on net total return for the Fund and a universe of comparable funds. Based on the materials considered and discussed at the meeting, the Trustees found that although performance of the Fund for the period of March 30, 2022 to December 31, 2022 was materially below its 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 Adviser was sufficient to support renewal of SIMC’s Advisory Agreement, and the performance of the Sub-Adviser was sufficient to support the renewal of the Sub-Advisory Agreement.

Fees. With respect to the Funds’ expenses under the Investment Advisory Agreements, the Trustees considered the rate or proposed rate of compensation called for by the Investment Advisory Agreements and the Funds’ net operating expense ratios or projected net operating expense ratios 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 with respect to the Diversified Equity Fund various metrics related to fund expenses, including, but not limited to, actual management fees (including transfer agent expenses), and actual total expenses for the Fund and a universe of comparable funds. Based on the materials considered and discussion at the meeting, 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 and its affiliates’ contractual and voluntary waivers of management and other fees to prevent total Fund operating expenses from exceeding any applicable cap, and concluded that SIMC, through waivers, would maintain the Funds’ net operating expenses at competitive levels for its distribution channels. The Board also took into consideration compensation earned or that would be 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 or would realize other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements. When considering fees paid or to be paid to the Sub-Adviser, the Board took into account the fact that the Sub-Adviser is compensated or would be compensated by SIMC and not by the applicable 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 or projected expenses of the Funds are reasonable and supported the renewal of the

Adviser Managed Trust

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

Investment Advisory Agreements. The Board also considered whether the Sub-Adviser and its affiliates may have realized or would realize 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 or proposed to be flowing to SIMC and the Sub-Adviser and their affiliates, directly or indirectly. The Trustees considered whether the levels of compensation and profitability or proposed levels 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 the 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 or to be paid to the Sub-Adviser have or would 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 profitability or estimated profitability of SIMC and the Sub-Adviser individually is reasonable and supported the renewal of each Investment Advisory Agreement.

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

NOTICE TO SHAREHOLDERS (Unaudited)

For shareholders that do not have a July 31, 2023 taxable year end, this notice is for informational purposes only. For shareholders with a July 31, 2023 year end, please consult your tax advisor as to the pertinence of this notice.

For the fiscal year ended July 31, 2023, the Fund is designating the following items with regard to distributions paid during the year:

Fund	(A) Long Term Capital Gains Distributions (Tax Basis)		(B) Return of Capital (Tax Basis)		(C) Ordinary Income Distributions (Tax Basis)		Total Distributions (Tax Basis)		(D) Dividends Qualifying for Corporate Dividends Rec. Deduction⁽¹⁾
Diversified Equity Fund		0.00%		0.00%		0.00%		0.00%		0.00%
Enhanced Fixed Income Fund		0.00%		1.27%		98.73%		100.00%		0.00%

Fund

(E)
Qualifying
Dividend Income
(15% Tax Rate for QDI)⁽²⁾

(F)
U.S. Government
Interest⁽³⁾

Interest
Related
Dividends⁽⁴⁾

Short-Term
Capital Gain
Dividends⁽⁵⁾

Qualifying Business Income

Deduction⁽⁶⁾

Diversified Equity Fund

0.00%

Enhanced Fixed Income Fund

0.00%

0.42%

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, 2023. Complete information will be computed and reported in conjunction with your 2023 Form 1099-DIV.

(3) The percentage of this column represents the amount of ordinary dividend income that qualified for 20% Business Income Deduction.

(4) “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.

(5) 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.

(6) 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), (B) and (C) are based on the percentage of the Fund’s total distribution.

Items (D) and (E) are based on the percentage of ordinary income distributions of the Fund. Item (F) is based on the percentage of gross income of the Fund.

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

Adviser Managed Trust

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ADVISER MANAGED TRUST ANNUAL REPORT JULY 31, 2023

Robert A. Nesher, Chairman

Trustees

William M. Doran

Nina Lesavoy

James M. Williams

Hubert L. Harris, Jr.

Susan C. Cote

James B. Taylor

Christine Reynolds

Thomas Melendez

Officers

Robert A. Nesher

President and Chief Executive Officer

Glenn R. Kurdziel

Controller and Chief Financial Officer

Stephen Panner

Chief Compliance Officer

Timothy D. Barto

Vice President, Secretary

David F. McCann

Vice President, Assistant Secretary

Katherine Mason

Vice President, Assistant Secretary

Stephen G. MacRae

Vice President

Donald Duncan

Anti-Money Laundering Compliance Officer

Privacy Officer

Investment Adviser

SEI Investments Management Corporation

Administrator

SEI Investments Global Funds Services

Distributor

SEI Investments Distribution Co.

Legal Counsel

Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm

KPMG LLP

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

For more information call

1 800 DIAL SEI

(1 800 342 5734)

AMT (7/23)

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, principal accounting officer or controller, or persons performing similar functions.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant's Board of Trustees has determined that the Registrant has two audit committee financial experts serving on the audit committee.

(a)(2) The audit committee financial experts are Susan C. Cote and Hubert L. Harris, Jr. Ms. Cote and Mr. Harris are independent 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 fiscal years 2023 and 2022 as follows:

		Fiscal Year 2023			Fiscal Year 2022
		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)	$42,000	$0	N/A	$30,000	$0	N/A
(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	$347,000	$0	$0	$331,000	$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 in 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. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC's rules on auditor independence and whether the provision of such services would compromise the auditor's independence.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant's Chief Financial Officer ("CFO") and must include a detailed description of the services proposed to be rendered. The 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 pursuant to the Policy; or (3) have been previously pre-approved in connection with the independent auditor's annual engagement letter for the applicable year or otherwise.

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 has delegated specific pre-approval authority to either the Audit Committee Chair or financial experts, 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. The Audit Committee will annually review and pre-approve the services that may be provided by the independent auditor during the following twelve months without obtaining specific pre-approval from the Audit Committee.

The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor.

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 (or the manner of their determination) 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:

	Fiscal Year 2023	Fiscal Year 2022
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 the fiscal years 2023 and 2022 were $347,000 and $331,000, respectively. Non-audit fees consist of SSAE No. 16 review of fund accounting and administration operations and an attestation report in accordance with Rule 17Ad-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 Audit Committee of Registrant's Board of Trustees 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.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

The Schedules of Investments are included as part of the Report to Shareholders filed under Item 1 of this form.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

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

Not applicable.

Item 13. Exhibits.

(a)(1) 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 Investment Company Act of 1940, are filed herewith.

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

SIGNATURES

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

	Adviser Managed Trust

By	/s/ Robert A. Nesher
	Robert A. Nesher
	President & CEO

Date: October 6, 2023

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, 2023

By	/s/ Glenn R. Kurdziel
	Glenn R. Kurdziel
	Controller & CFO
Date: October 6, 2023

Adviser Managed Trust N-CSRCertified annual shareholder report (management investment company)