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, 2025

Date of reporting period: July 31, 2025

Item 1. Reports to Stockholders.

(a)

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto.

Annual Shareholder Report: July 31, 2025

Diversified Equity Fund

Adviser Managed Trust: DAACX

Fund Overview

This annual shareholder report contains important information about Diversified Equity Fund (the "Fund") for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at https://holdings.seic.com/amt_holdings/. You can also request this information by contacting us at 610-676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Diversified Equity Fund	$55	0.53%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.52%.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	Diversified Equity Fund - $12464	S&P 500 Index (TR) - $14486
Mar/22	$10000	$10000
Jul/22	$8862	$9021
Jul/23	$9692	$10195
Jul/24	$11494	$12453
Jul/25	$12464	$14486

How did the Fund perform in the last year?

The Fund underperformed its benchmark, the S&P 500 Index (TR) (S&P 500) - a market-weighted index that tracks the performance of the 500 largest publicly traded U.S. companies and is considered representative of the broad U.S. stock market—for the 12-month period ending July 31, 2025.

While the Fund produced a positive return in the rising equity markets over the reporting period, each of the indexes that its five equity components seek to replicate underperformed relative to the Fund’s benchmark. The S&P 500 Index (TR), Russell 1000, Russell 2000, MSCI EAFE, and MSCI Emerging Markets indexes returned 16.3%, 16.5%, -0.6%, 12.8%, and 17.2%, respectively, for the period.

The Fund’s strategy is implemented by SSGA Funds Management, Inc., as sub-adviser under the general supervision of SEI Investments Management Corporation (SIMC).

Global equity markets posted notable gains over the reporting period. Emerging markets significantly outperformed developed markets. In the U.S., large-cap stocks, as represented by the broad-market S&P 500 Index (TR), significantly outperformed their small-cap counterparts, as measured by the Russell 2000 Index. Communication services and utilities were the strongest-performing sectors within the S&P 500 Index (TR) for the period, while the healthcare sector recorded a loss and was the primary market laggard.

During the reporting period, the Fund’s assets were effectively completely liquidated via outflows, resulting in sales of nearly all of the Fund’s holdings. Later in the period, fund inflows made it possible to repurchase the desired securities. Consequently, the Fund’s benchmark-relative performance for the reporting period was attributable mainly to the underlying cash-flow activity by the Fund’s shareholders. This activity resulted in implementation costs (the expenses incurred during the process of buying and selling securities within the Fund, which can have a significant impact on the Fund’s return), and cash drag (holding a portion of the portfolio in cash rather than investing it in a strong-performing market) that influenced the Fund’s performance relative to the benchmark.

Average Annual Total Returns as of July 31, 2025

Fund/Index Name	1 Year	Annualized Since Inception
Diversified Equity Fund	8.44%	6.82%
S&P 500 Index (TR)	16.33%	11.74%

Since its inception on March 30, 2022. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.

Key Fund Statistics as of July 31, 2025

	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$264,562	1,710	$112	92%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
Exchange-Traded Funds	0.1%
Futures Contracts	0.2%
Cash Equivalent	1.0%
Real Estate	1.9%
Utilities	2.1%
Materials	2.2%
Energy	2.6%
Consumer Staples	4.7%
Health Care	7.9%
Communication Services	8.0%
Industrials	9.2%
Consumer Discretionary	9.4%
Financials	13.5%
Information Technology	26.2%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
NVIDIA Corp			5.6%
Microsoft Corp			5.3%
Apple			4.1%
Amazon.com Inc			3.0%
Meta Platforms, Cl A			2.3%
Broadcom Inc			1.8%
Alphabet Inc, Cl A			1.5%
Alphabet Inc, Cl C			1.2%
Berkshire Hathaway Inc, Cl B			1.2%
Tesla Inc			1.2%

Footnote	Description
Footnote(A)	Cash Equivalents are not shown in the top ten chart.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

610-676-1000
https://holdings.seic.com/amt_holdings/
https://www.seic.com/mutual-fund-documentation/proxy-voting

Diversified Equity Fund

Adviser Managed Trust: DAACX

Annual Shareholder Report: July 31, 2025

DAACX-AR-2025

Annual Shareholder Report: July 31, 2025

Core Fixed Income Fund

Adviser Managed Trust: AAEYX

Fund Overview

This annual shareholder report contains important information about Core Fixed Income Fund (the "Fund") for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at https://holdings.seic.com/amt_holdings/. You can also request this information by contacting us at 610-676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Core Fixed Income Fund	$34	0.34%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.33%.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	Core Fixed Income Fund - $10554	Bloomberg U.S. Aggregate Bond Index (TR) (USD) - $10628
Jan/24	$10000	$10000
Mar/24	$10010	$10039
Jun/24	$10014	$10046
Sep/24	$10539	$10568
Dec/24	$10203	$10244
Mar/25	$10474	$10529
Jun/25	$10589	$10656
Jul/25	$10554	$10628

How did the Fund perform in the last year?

The Fund, which is managed using a passive approach, modestly underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index (TR) (USD) - which tracks the performance of fixed-rate, publicly issued, non-investment-grade bonds— for the 12-month period ending July 31, 2025.

The Federal Reserve (Fed) implemented a larger-than-expected 50-basis-point (0.50%) reduction in the federal-funds rate in September 2024, after being on pause since July of 2023, following an aggressive rate-hiking cycle in which the central bank raised the benchmark rate by a cumulative 525 basis points in 18 months. In addition to the 0.50% cut in September, the Fed also announced rate reductions of 0.25% at its meetings in November and December 2024. Through the first seven months of 2025, the Fed held the benchmark rate steady as macroeconomic uncertainty increased during the year. Evolving trade policy has the potential to put upward pressure on prices, and it appears that the effective tariff rate will settle in the 15%-20% range. The U.S. labor market remained on solid footing during the period with unemployment spending much of the second half of the reporting period around 4.1%; however, cracks did begin to appear late in the period as hiring slowed and continuing unemployment insurance claims ticked higher.

The U.S. Treasury yield curve steepened during the reporting period, with front end rates moving lower and long rates rising. The 10-year Treasury note yield ultimately ended the reporting period up 0.35% closing the period at 4.38%, and spread sectors generated excess returns. Spreads on investment-grade corporate bonds remained tight as high all-in yields supported demand with the economy remaining on solid footing. Asset-backed securities (ABS) outperformed comparable-duration Treasurys as well, with relatively strong U.S. consumer spending fundamentally supporting the sector, albeit cracks in subprime loans have begun to surface. Agency mortgage-backed securities (MBS) also modestly outperformed despite the continued reduction in size of the Fed’s balance sheet.

As the Fund is passively managed, its sub-adviser, SSGA Funds Management Inc., performed in line with the benchmark Bloomberg U.S. Aggregate Bond Index (TR) (USD), after expenses, for the reporting period.

Average Annual Total Returns as of July 31, 2025

Fund/Index Name	1 Year	Annualized Since Inception
Core Fixed Income Fund	2.94%	3.61%
Bloomberg U.S. Aggregate Bond Index (TR) (USD)	3.38%	4.08%

Since its inception on January 22, 2024. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.

Key Fund Statistics as of July 31, 2025

	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$172,870	489	$105	52%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
Asset-Backed Securities	0.4%
Real Estate	0.6%
Materials	0.6%
U.S. Government Agency Obligations	0.7%
Consumer Discretionary	1.6%
Communication Services	1.6%
Consumer Staples	1.7%
Energy	1.7%
Sovereign Debt	1.9%
Information Technology	2.0%
Industrials	2.0%
Utilities	2.2%
Health Care	2.6%
Financials	8.7%
Mortgage-Backed Securities	25.8%
U.S. Treasury Obligations	45.3%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets
U.S. Treasury Notes	4.000%	01/15/27	3.5%
U.S. Treasury Notes	4.000%	01/31/29	3.2%
U.S. Treasury Notes	4.375%	12/15/26	2.9%
U.S. Treasury Notes	4.000%	01/31/31	2.9%
U.S. Treasury Bonds	4.750%	11/15/43	2.6%
U.S. Treasury Notes	3.750%	12/31/28	2.0%
U.S. Treasury Bonds	4.750%	11/15/53	1.9%
U.S. Treasury Notes	3.750%	12/31/30	1.9%
U.S. Treasury Notes	3.750%	04/15/28	1.7%
FNMA	2.500%	06/01/52	1.3%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

610-676-1000
https://holdings.seic.com/amt_holdings/
https://www.seic.com/mutual-fund-documentation/proxy-voting

Core Fixed Income Fund

Adviser Managed Trust: AAEYX

Annual Shareholder Report: July 31, 2025

AAEYX-AR-2025

Annual Shareholder Report: July 31, 2025

Enhanced Fixed Income Fund

Adviser Managed Trust: AAEZX

Fund Overview

This annual shareholder report contains important information about Enhanced Fixed Income Fund (the "Fund") for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at https://holdings.seic.com/amt_holdings/. You can also request this information by contacting us at 610-676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Enhanced Fixed Income Fund	$43	0.42%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.41%.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	Enhanced Fixed Income Fund - $11659	Bloomberg Global Aggregate Index (USD) - $10573	50/50 US High Yield Constrained Index/JPM EMBI Global Diversified Index - $12275
Feb/23	$10000	$10000	$10000
Jul/23	$10042	$9833	$10232
Jul/24	$10893	$10128	$11268
Jul/25	$11659	$10573	$12275

How did the Fund perform in the last year?

The Fund, which is managed using a passive approach, underperformed its benchmark, a 50/50 US High Yield Constrained Index/JPM EMBI Global Diversified Index — for the 12-month period ending July 31, 2025.

The U.S. Treasury yield curve steepened during the reporting period, with front end yields moving lower and long-end yields rising. The 10-year Treasury note yield ultimately ended the reporting period up 0.35% closing the period at 4.38%. High-yield bonds, as measured by the ICE BofA U.S. High Yield Constrained Index (USD), gained 8.6% for the 12-month reporting period. High-yield spreads tightened by 39 basis points to 286 basis points during the period, and the yield to worst (a measure of the lowest possible yield that can be received on a bond with an early redemption provision) on the index fell to 7.08%. Hard-currency emerging-market (EM) debt, as measured by the J.P. Morgan EMBI Global Diversified Index, climbed 9.3% during the reporting period and outperformed high-yield bonds. EM debt returns were boosted by a generally strong global economy and attractive all-in yields. Local-currency issues outperformed their hard-currency counterparts during the reporting period as the U.S. dollar generally weakened due to evolving trade policy.

Average Annual Total Returns as of July 31, 2025

Fund/Index Name	1 Year	Annualized Since Inception
Enhanced Fixed Income Fund	7.03%	6.34%
Bloomberg Global Aggregate Index (USD)	4.40%	2.26%
50/50 US High Yield Constrained Index/JPM EMBI Global Diversified Index	8.94%	8.56%

Since its inception on February 1, 2023. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.

Key Fund Statistics as of July 31, 2025

	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$33,400	3	$28	99%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
Cash Equivalent	0.1%
Exchange-Traded Funds	99.7%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
SPDR Bloomberg Emerging Markets USD Bond ETF			50.1%
SPDR Portfolio High Yield Bond ETF			49.6%

Footnote	Description
Footnote(A)	Cash Equivalents are not shown in the top ten chart.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

610-676-1000
https://holdings.seic.com/amt_holdings/
https://www.seic.com/mutual-fund-documentation/proxy-voting

Enhanced Fixed Income Fund

Adviser Managed Trust: AAEZX

Annual Shareholder Report: July 31, 2025

AAEZX-AR-2025

(b)

Not applicable.

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 Christine Raynolds. Mses. Cote and Reynolds 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 2025 and 2024 as follows:

		Fiscal Year 2025			Fiscal Year 2024
		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)	$60,000	$0	N/A	$70,000	$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	$350,248	$0	$0	$357,370	$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 2025	Fiscal Year 2024
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 2025 and 2024 were $350,248 and $357,370, 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. Schedule of Investments.

(a)

The Schedules of Investments are included as part of the Financial Statements and Financial Highlights filed under Item 7 of this form.

(b)

No applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Financial statements and financial highlights are filed herein.

TABLE OF CONTENTS

Financial Statements (Form N-CSR Item 7)
Schedules of Investments	1
Statements of Assets and Liabilities	35
Statements of Operations	36
Statements of Changes in Net Assets	37
Financial Highlights	38
Notes to Financial Statements	39
Report of Independent Registered Public Accounting Firm	55
Notice to Shareholders	56
Other Information (Form N-CSR Items 8-11)	57

SCHEDULE OF INVESTMENTS

July 31, 2025

Diversified Equity Fund

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† — 79.3%

Communication Services — 7.6%
Alphabet Inc, Cl A		20,777	$	3,987
Alphabet Inc, Cl C		16,917		3,263
AST SpaceMobile, Cl A ^*		636		34
AT&T Inc		25,060		687
Charter Communications Inc, Cl A ^*		326		88
Comcast Corp, Cl A		13,295		442
Electronic Arts Inc		935		143
Fox Corp		1,324		71
Frontier Communications Parent ^*		935		34
GCI Liberty Inc ^*		62		2
IAC ^*		185		7
Interpublic Group of Cos Inc/The		1,421		35
Iridium Communications		279		7
Liberty Broadband Corp, Cl A ^*		41		3
Liberty Broadband Corp, Cl C ^*		418		26
Liberty Media -Liberty Formula One, Cl A ^*		58		5
Liberty Media -Liberty Formula One, Cl C ^*		782		78
Liberty Media -Liberty Live, Cl A ^*		49		4
Liberty Media -Liberty Live, Cl C ^*		115		10
Live Nation Entertainment Inc ^*		568		84
Madison Square Garden Sports ^*		46		9
Match Group		993		34
Meta Platforms, Cl A		7,803		6,035
Netflix Inc ^*		1,513		1,754
New York Times, Cl A		623		32
News Corp, Cl A		946		28
News Corp, Cl B		791		26
Nexstar Media Group Inc, Cl A		73		14
Omnicom Group Inc		694		50
Paramount Global, Cl B		1,471		18
Pinterest, Cl A ^*		2,137		82
Reddit, Cl A ^*		417		67
ROBLOX, Cl A ^*		2,009		277
Roku Inc, Cl A ^*		461		43
Sirius XM Holdings		535		11
Spotify Technology ^*		750		470
Take-Two Interactive Software Inc ^*		639		142
TKO Group Holdings, Cl A		249		42
T-Mobile US Inc		1,630		389
Trade Desk Inc/The, Cl A ^*		1,600		139
Trump Media & Technology Group ^*		201		4
Verizon Communications Inc		15,137		647
Walt Disney Co/The		6,470		771
Warner Bros Discovery ^*		8,037		106
ZoomInfo Technologies, Cl A ^*		705		8
				20,208
Consumer Discretionary — 8.3%
ADT Inc		922		8
Airbnb, Cl A ^*		1,522		202
Amazon.com Inc ^*		34,287		8,027
Aramark		940		40

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
AutoNation Inc ^*		124	$	24
AutoZone Inc ^*		59		222
Bath & Body Works		917		27
Best Buy Co Inc		685		45
Booking Holdings Inc		116		638
BorgWarner Inc		879		32
Boyd Gaming Corp		158		13
Bright Horizons Family Solutions Inc ^*		247		28
Brunswick Corp/DE		163		10
Burlington Stores Inc ^*		222		61
Caesars Entertainment ^*		920		25
CarMax Inc ^*		578		33
Carnival Corp ^*		3,860		115
Carvana Co, Cl A ^*		458		179
Cava Group ^*		386		34
Chewy, Cl A ^*		834		31
Chipotle Mexican Grill, Cl A ^*		4,797		206
Choice Hotels International Inc		68		9
Churchill Downs Inc		286		31
Columbia Sportswear Co		79		4
Crocs ^*		142		14
Darden Restaurants Inc		417		84
Deckers Outdoor Corp ^*		548		58
Dick's Sporting Goods Inc		196		41
Dillard's Inc, Cl A		7		3
Domino's Pizza Inc		113		52
DoorDash, Cl A ^*		1,280		320
DR Horton Inc		990		141
DraftKings, Cl A ^*		1,712		77
Duolingo, Cl A ^*		133		46
Dutch Bros, Cl A ^*		461		27
eBay Inc		1,667		153
Etsy Inc ^*		277		16
Expedia Group Inc		434		78
Five Below Inc ^*		221		30
Floor & Decor Holdings Inc, Cl A ^*		411		31
Ford Motor Co		14,011		155
GameStop, Cl A ^*		1,488		33
Gap Inc/The		1,094		21
Garmin Ltd		583		128
General Motors Co		3,466		185
Gentex Corp		565		15
Genuine Parts Co		479		62
Grand Canyon Education ^*		71		12
H&R Block Inc		555		30
Harley-Davidson Inc		285		7
Hasbro Inc		501		38
Hilton Worldwide Holdings Inc		832		223
Home Depot		3,553		1,306
Hyatt Hotels Corp, Cl A		102		14
Las Vegas Sands Corp		1,158		61
Lear Corp		134		13
Lennar Corp, Cl A		681		76

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2025

Diversified Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Lennar Corp, Cl B		201	$	22
Light & Wonder, Cl A ^*		342		33
Lithia Motors, Cl A		104		30
LKQ Corp		964		28
Lowe's		1,997		446
Lucid Group ^*		2,457		6
Lululemon Athletica Inc ^*		380		76
Macy's Inc		681		9
Marriott International Inc/MD, Cl A		814		215
Mattel Inc ^*		1,457		25
McDonald's		2,554		766
MGM Resorts International ^*		569		21
Mohawk Industries Inc ^*		238		27
Murphy USA Inc		74		27
Newell Brands		1,031		6
NIKE Inc, Cl B		4,161		311
Norwegian Cruise Line Holdings Ltd ^*		1,598		41
NVR Inc ^*		10		75
Ollie's Bargain Outlet Holdings Inc ^*		243		33
O'Reilly Automotive Inc ^*		3,029		298
Penn Entertainment ^*		374		7
Penske Automotive Group Inc		46		8
Planet Fitness, Cl A ^*		319		35
Pool Corp		133		41
Primo Brands		1,056		29
PulteGroup Inc		733		83
PVH Corp		138		10
QuantumScape, Cl A ^*		1,778		15
Ralph Lauren Corp, Cl A		141		42
RH ^*		38		8
Rivian Automotive, Cl A ^*		2,852		37
Ross Stores		1,148		157
Royal Caribbean Cruises Ltd		904		287
Service Corp International/US		499		38
SharkNinja ^*		268		31
Skechers USA, Cl A ^*		517		33
Starbucks		4,065		362
Stellantis		2,573		23
Tapestry Inc		734		79
Tempur Sealy International Inc		708		51
Tesla Inc ^*		10,052		3,099
Texas Roadhouse Inc, Cl A		233		43
Thor Industries		260		24
TJX Cos Inc/The		3,972		495
Toll Brothers Inc		349		41
TopBuild Corp ^*		106		39
Tractor Supply		1,900		108
Travel + Leisure		163		10
Ulta Beauty Inc ^*		160		82
Under Armour Inc, Cl A ^*		469		3
Under Armour Inc, Cl C ^*		474		3
Vail Resorts Inc		93		14
Valvoline Inc ^*		318		11

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
VF		870	$	10
Viking Holdings ^*		733		43
Wayfair Inc, Cl A ^*		241		16
Wendy's Co/The		429		4
Whirlpool Corp		132		11
Williams-Sonoma Inc		422		79
Wingstop Inc, Cl A		110		42
Wyndham Hotels & Resorts Inc		326		28
Wynn Resorts Ltd		317		35
YETI Holdings Inc ^*		212		8
Yum! Brands Inc		1,002		144
				21,857
Consumer Staples — 4.2%
Albertsons, Cl A		1,632		31
Altria Group Inc		6,011		372
Archer-Daniels-Midland Co		1,727		94
BellRing Brands ^*		530		29
BJ's Wholesale Club Holdings Inc ^*		460		49
Boston Beer Co Inc/The, Cl A ^*		22		5
Brown-Forman Corp, Cl A		121		3
Brown-Forman Corp, Cl B		428		12
Bunge Global		494		39
Campbell Soup Co		860		27
Casey's General Stores		130		68
Celsius Holdings Inc ^*		708		32
Church & Dwight Co Inc		889		83
Clorox Co/The		434		54
Coca-Cola		13,833		939
Coca-Cola Consolidated Inc		234		26
Colgate-Palmolive Co		2,897		243
Conagra Brands Inc		1,817		33
Constellation Brands Inc, Cl A		471		79
Costco Wholesale Corp		1,583		1,487
Coty Inc, Cl A ^*		948		5
Darling Ingredients Inc ^*		394		13
Dollar General Corp		790		83
Dollar Tree Inc ^*		727		83
elf Beauty Inc ^*		242		29
Estee Lauder Cos Inc/The, Cl A		824		77
Flowers Foods Inc		466		7
Freshpet Inc ^*		116		8
General Mills Inc		1,984		97
Haleon		11,450		54
Hershey Co/The		523		97
Hormel Foods Corp		1,125		32
Ingredion Inc		252		33
J M Smucker		366		39
Kellanova		975		78
Kenvue		6,669		143
Keurig Dr Pepper Inc		4,613		151
Kimberly-Clark		1,202		150
Kraft Heinz Co/The		3,150		87
Kroger		2,161		151

2	Adviser Managed Trust

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Lamb Weston Holdings Inc		591	$	34
Maplebear ^*		661		32
McCormick & Co Inc/MD		908		64
Molson Coors Beverage, Cl B		663		32
Mondelez International Inc, Cl A		4,617		299
Monster Beverage Corp ^*		2,472		145
Nestle SA		3,312		289
PepsiCo Inc		4,885		674
Performance Food Group ^*		538		54
Philip Morris International		5,553		911
Pilgrim's Pride Corp		103		5
Post Holdings Inc ^*		130		14
Procter & Gamble Co/The		8,367		1,259
Reynolds Consumer Products		135		3
Seaboard Corp		1		3
Smithfield Foods Inc		64		2
Sprouts Farmers Market Inc ^*		342		52
Sysco Corp		1,749		139
Target Corp		1,632		164
Tyson Foods, Cl A		1,023		54
US Foods Holding Corp ^*		795		66
Walgreens Boots Alliance Inc		2,823		33
Walmart Inc		15,524		1,521
				10,971
Energy — 2.5%
Antero Midstream		842		15
Antero Resources Corp ^*		1,050		37
APA		1,536		30
Baker Hughes a GE Co, Cl A		3,600		162
BP PLC		20,280		109
Cheniere Energy		786		185
Chesapeake Energy		782		82
Chevron Corp		6,830		1,036
Chord Energy		264		29
Civitas Resources		239		7
ConocoPhillips		4,524		431
Coterra Energy		2,679		65
Devon Energy Corp		2,257		75
Diamondback Energy Inc		691		103
DT Midstream		367		38
EOG Resources		1,975		237
EQT Corp		2,124		114
Exxon Mobil Corp		15,467		1,727
Halliburton Co		3,148		70
HF Sinclair		658		29
Kinder Morgan Inc/DE		6,933		195
Marathon Petroleum Corp		1,115		190
Matador Resources		292		15
NOV		963		12
Occidental Petroleum Corp		2,423		106
ONEOK Inc		2,237		184
Ovintiv		945		39
Permian Resources, Cl A		2,512		36

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Phillips 66		1,463	$	181
Range Resources Corp		903		33
Schlumberger Ltd		5,488		185
Shell		7,569		272
Targa Resources Corp		767		128
Tenaris		527		9
Texas Pacific Land		69		67
Valero Energy Corp		1,120		154
Viper Energy, Cl A		317		12
Weatherford International		179		10
Williams		4,338		260
				6,669
Financials — 11.1%
Affiliated Managers Group		74		16
Affirm Holdings, Cl A ^*		956		66
Aflac Inc		1,744		173
AGNC Investment Corp ^‡		3,442		32
Allstate Corp/The		942		191
Ally Financial Inc		1,020		39
American Express Co		1,958		586
American Financial Group Inc/OH		272		34
American International Group Inc		2,091		162
Ameriprise Financial Inc		342		177
Annaly Capital Management ^‡		2,225		45
Aon, Cl A		745		265
Apollo Global Management		1,477		215
Arch Capital Group Ltd		1,315		113
Ares Management, Cl A		678		126
Arthur J Gallagher & Co		902		259
Assurant Inc		191		36
Assured Guaranty Ltd		121		10
Axis Capital Holdings Ltd		315		30
Bank of America Corp		24,503		1,158
Bank of New York Mellon Corp/The		2,553		259
Bank OZK		264		13
Berkshire Hathaway Inc, Cl B ^*		6,588		3,109
BlackRock Funding		545		603
Blackstone Group		2,620		453
Block, Cl A ^*		1,956		151
Blue Owl Capital, Cl A		2,173		42
BOK Financial Corp		56		6
Brighthouse Financial Inc ^*		146		7
Brown & Brown Inc		971		89
Capital One Financial Corp		2,243		482
Carlyle Group		934		57
Cboe Global Markets Inc		377		91
Charles Schwab Corp/The		6,087		595
Chubb		1,322		352
Cincinnati Financial Corp		568		84
Citigroup		6,615		620
Citizens Financial Group Inc		1,538		73
CME Group Inc, Cl A		1,281		356
CNA Financial Corp		55		2

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2025

Diversified Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Coinbase Global, Cl A ^*		737	$	278
Columbia Banking System Inc		518		12
Comerica		521		35
Commerce Bancshares Inc/MO		494		30
Corebridge Financial		935		33
Corpay ^*		248		80
Credit Acceptance Corp ^*		15		7
Cullen/Frost Bankers Inc		233		30
East West Bancorp		481		48
Equitable Holdings		1,083		56
Euronet Worldwide Inc ^*		103		10
Evercore Inc, Cl A		132		40
Everest Group		148		50
Eversource Energy		1,358		90
FactSet Research Systems Inc		132		53
Fidelity National Financial Inc		923		52
Fidelity National Information Services Inc		1,900		151
Fifth Third Bancorp		2,465		102
First American Financial		248		15
First Citizens BancShares, Cl A		36		72
First Hawaiian Inc		317		8
First Horizon National Corp		1,835		40
Fiserv Inc ^*		1,975		274
FNB Corp/PA		884		14
Franklin Resources Inc		1,258		30
Global Payments		887		71
Globe Life		305		43
Goldman Sachs Group Inc/The		1,086		786
Hamilton Lane Inc, Cl A		174		26
Hanover Insurance Group Inc/The		89		15
Hartford Financial Services Group Inc/The		1,012		126
Houlihan Lokey Inc, Cl A		193		37
Huntington Bancshares Inc/OH		5,194		85
Interactive Brokers Group, Cl A		1,510		99
Intercontinental Exchange Inc		2,035		376
Invesco Ltd		908		19
Jack Henry & Associates		260		44
Janus Henderson Group		317		14
Jefferies Financial Group		593		34
JPMorgan Chase & Co		9,922		2,939
Kemper Corp		151		9
KeyCorp		3,318		59
Kinsale Capital Group Inc		80		35
KKR		2,428		356
Lazard, Cl A		272		14
Lincoln National		423		16
Loews		587		53
LPL Financial Holdings Inc		284		112
M&T Bank Corp		591		112
Markel Group ^*		45		90
MarketAxess Holdings Inc		149		31
Marsh & McLennan Cos Inc		1,755		350
Mastercard Inc, Cl A		2,906		1,646

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
MetLife		2,017	$	153
MGIC Investment Corp		625		16
Moody's Corp		559		288
Morgan Stanley		4,110		585
Morningstar Inc		99		27
Mr Cooper Group Inc ^*		237		37
MSCI Inc, Cl A		270		152
Nasdaq Inc		1,475		142
Northern Trust Corp		689		90
Old Republic International Corp		903		33
OneMain Holdings, Cl A		490		28
PayPal Holdings ^*		3,489		240
Pinnacle Financial Partners Inc		289		25
PNC Financial Services Group Inc/The		1,419		270
Primerica Inc		128		34
Principal Financial Group Inc		785		61
Progressive Corp/The		2,094		507
Prosperity Bancshares Inc		386		26
Prudential Financial Inc		1,290		134
Raymond James Financial Inc		657		110
Regions Financial Corp		3,192		81
Reinsurance Group of America Inc, Cl A		236		45
Rithm Capital ^‡		2,297		28
RLI Corp		206		14
Robinhood Markets, Cl A ^*		2,640		272
Rocket, Cl A		344		5
Ryan Specialty Holdings, Cl A		433		26
S&P Global Inc		1,097		605
Shift4 Payments, Cl A ^*		265		27
SLM Corp		886		28
SoFi Technologies ^*		3,749		85
South State Corp		372		35
Starwood Property Trust Inc ^‡		791		15
State Street Corp		1,041		116
Stifel Financial Corp		357		41
Swiss Re AG		382		68
Synchrony Financial		1,387		97
Synovus Financial Corp		573		27
T Rowe Price Group		817		83
TFS Financial Corp		126		2
Toast, Cl A ^*		1,619		79
TPG, Cl A		476		27
Tradeweb Markets, Cl A		419		58
Travelers Cos Inc/The		803		209
Truist Financial		4,772		209
Unum Group		599		43
US Bancorp		5,612		252
Virtu Financial Inc, Cl A		199		9
Visa Inc, Cl A		6,079		2,100
Voya Financial Inc		405		28
Webster Financial Corp		624		36
Wells Fargo & Co		11,643		939
Western Alliance Bancorp		409		32

4	Adviser Managed Trust

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Western Union Co/The		840	$	7
WEX Inc ^*		98		17
White Mountains Insurance Group Ltd		6		11
Willis Towers Watson PLC		354		112
Wintrust Financial Corp		251		32
WR Berkley Corp		1,084		75
Zions Bancorp NA		572		31
				29,348
Health Care — 7.2%
Abbott Laboratories		6,179		780
AbbVie Inc		6,332		1,197
Acadia Healthcare Co Inc ^*		226		5
Agilent Technologies Inc		1,032		118
Alcon Inc		634		56
Align Technology Inc ^*		245		32
Alnylam Pharmaceuticals Inc ^*		447		175
Amedisys Inc ^*		80		8
Amgen Inc		1,924		568
Apellis Pharmaceuticals Inc ^*		266		6
Avantor ^*		2,589		35
Baxter International Inc		1,845		40
Becton Dickinson		1,026		183
Biogen Inc ^*		530		68
BioMarin Pharmaceutical Inc ^*		684		40
Bio-Rad Laboratories Inc, Cl A ^*		47		11
Bio-Techne Corp		615		34
Boston Scientific Corp ^*		5,252		551
Bristol-Myers Squibb		7,281		315
Bruker Corp		271		10
Cardinal Health		859		133
Cencora, Cl A		654		187
Centene Corp ^*		1,803		47
Certara ^*		299		3
Charles River Laboratories International Inc ^*		204		35
Chemed Corp		63		26
Cigna Group		958		256
Cooper ^*		712		50
Corcept Therapeutics Inc ^*		397		27
CSL		613		106
CVS Health		4,483		278
Danaher Corp		2,284		450
DaVita Inc ^*		95		13
DENTSPLY SIRONA Inc		492		7
Dexcom ^*		1,401		113
Doximity, Cl A ^*		507		30
Edwards Lifesciences Corp ^*		2,057		163
Elanco Animal Health Inc ^*		2,026		28
Elevance Health		810		229
Eli Lilly		2,863		2,119
Encompass Health Corp		355		39
Envista Holdings ^*		427		8
Exact Sciences ^*		683		32

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Exelixis Inc ^*		964	$	35
GE HealthCare Technologies		1,646		117
Gilead Sciences Inc		4,448		499
Globus Medical Inc, Cl A ^*		487		26
GSK		5,213		96
Halozyme Therapeutics Inc ^*		512		31
HCA Healthcare Inc		625		221
Henry Schein Inc ^*		445		30
Hologic Inc ^*		793		53
Humana		434		108
IDEXX Laboratories ^*		289		154
Illumina Inc ^*		565		58
Incyte ^*		569		43
Insmed Inc ^*		634		68
Inspire Medical Systems Inc ^*		73		9
Insulet Corp ^*		249		72
Intuitive Surgical Inc ^*		1,274		613
Ionis Pharmaceuticals Inc ^*		674		29
IQVIA Holdings Inc ^*		634		118
Jazz Pharmaceuticals PLC ^*		252		29
Johnson & Johnson		8,594		1,416
Labcorp Holdings		302		79
Masimo ^*		184		28
McKesson Corp		447		310
Medpace Holdings ^*		63		27
Medtronic PLC		4,581		413
Merck & Co Inc		9,006		704
Mettler-Toledo International Inc ^*		76		94
Moderna Inc ^*		1,287		38
Molina Healthcare Inc ^*		192		30
Natera ^*		465		62
Neurocrine Biosciences Inc ^*		346		44
Organon		639		6
Penumbra Inc ^*		144		36
Perrigo PLC		337		9
Pfizer Inc		20,330		474
QIAGEN		1,067		53
Quest Diagnostics Inc		396		66
Regeneron Pharmaceuticals Inc		374		204
Repligen Corp ^*		235		28
ResMed		523		142
REVOLUTION Medicines ^*		737		27
Revvity		437		38
Roche Holding AG		929		291
Roivant Sciences ^*		1,041		12
Royalty Pharma, Cl A		1,367		50
Sanofi		1,405		127
Sarepta Therapeutics ^*		228		4
Solventum ^*		507		36
Sotera Health ^*		374		4
STERIS PLC		356		81
Stryker Corp		1,227		482
Summit Therapeutics ^*		290		8

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2025

Diversified Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Teleflex Inc		115	$	14
Tempus AI, Cl A ^*		204		12
Tenet Healthcare Corp ^*		326		53
Thermo Fisher Scientific		1,350		631
Ultragenyx Pharmaceutical Inc ^*		221		6
United Therapeutics Corp ^*		159		44
UnitedHealth Group Inc		3,252		812
Universal Health Services Inc, Cl B		211		35
Veeva Systems Inc, Cl A ^*		527		150
Vertex Pharmaceuticals Inc ^*		920		420
Viatris, Cl W		4,371		38
Viking Therapeutics Inc ^*		264		9
Waters Corp ^*		216		62
West Pharmaceutical Services Inc		255		61
Zimmer Biomet Holdings Inc		710		65
Zoetis Inc, Cl A		1,598		233
				19,088
Industrials — 7.6%
3M		1,931		288
A O Smith		465		33
AAON Inc		167		14
Acuity Brands Inc		118		37
Advanced Drainage Systems		281		32
AECOM		469		53
AGCO		266		31
Air Lease Corp, Cl A		465		26
Alaska Air Group Inc ^*		531		28
Allegion PLC		295		49
Allison Transmission Holdings Inc		350		32
Amentum Holdings ^*		386		10
American Airlines Group Inc ^*		2,591		30
AMETEK Inc		827		153
API Group ^*		1,301		47
Applied Industrial Technologies Inc		140		38
Armstrong World Industries Inc		180		34
Automatic Data Processing Inc		1,457		451
Avis Budget Group Inc ^*		42		7
Axon Enterprise Inc ^*		266		201
Boeing ^*		2,590		575
Booz Allen Hamilton Holding, Cl A		449		48
Broadridge Financial Solutions Inc		429		106
Builders FirstSource Inc ^*		397		50
BWX Technologies Inc, Cl W		324		49
CACI International Inc, Cl A ^*		80		37
Carlisle Cos Inc		149		53
Carrier Global		2,874		197
Caterpillar Inc		1,651		723
CH Robinson Worldwide Inc		411		47
Cintas Corp		1,224		272
Clarivate ^*		995		4
Clean Harbors Inc ^*		179		42
CNH Industrial		3,095		40
Comfort Systems USA Inc		123		87

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Concentrix		115	$	6
Copart ^*		3,154		143
Core & Main, Cl A ^*		668		43
Crane		185		36
CSX Corp		6,633		236
Cummins Inc		491		181
Curtiss-Wright Corp		132		65
Dayforce ^*		582		34
Deere		871		457
Delta Air Lines Inc		2,295		122
Donaldson Co Inc		467		34
Dover Corp		489		89
Dun & Bradstreet Holdings		752		7
Eaton Corp PLC		1,400		539
EMCOR Group Inc		160		100
Emerson Electric		2,018		294
Equifax Inc		449		108
Esab		234		31
Everus Construction Group ^*		126		9
Expeditors International of Washington Inc		467		54
Experian PLC		1,164		61
Fastenal Co		4,105		189
FedEx Corp		775		173
Ferguson Enterprises		693		155
Ferrovial		650		33
Flowserve Corp		545		31
Fortive Corp		1,220		58
Fortune Brands Innovations		306		17
FTAI Aviation		363		50
FTI Consulting Inc ^*		87		14
Gates Industrial Corp PLC ^*		1,071		27
GE Vernova		974		643
Generac Holdings ^*		224		44
General Dynamics Corp		910		284
General Electric		3,754		1,018
Genpact Ltd		691		30
Graco Inc		565		47
GXO Logistics ^*		525		26
Hayward Holdings ^*		354		5
HEICO Corp		152		50
HEICO Corp, Cl A		234		60
Hexcel Corp		400		24
Honeywell International Inc		2,300		511
Howmet Aerospace		1,429		257
Hubbell Inc, Cl B		193		84
Huntington Ingalls Industries Inc		144		40
IDEX		261		43
Illinois Tool Works Inc		1,051		269
Ingersoll Rand		1,447		122
ITT Inc		280		48
Jacobs Solutions		435		62
JB Hunt Transport Services Inc		280		40
Johnson Controls International plc		2,344		246

6	Adviser Managed Trust

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
KBR Inc		586	$	27
Kirby Corp ^*		246		23
Knight-Swift Transportation Holdings Inc, Cl A		652		28
L3Harris Technologies		674		185
Landstar System Inc		87		12
Leidos Holdings Inc		459		73
Lennox International Inc		115		70
Leonardo DRS		188		8
Lincoln Electric Holdings Inc		191		47
Loar Holdings ^*		105		8
Lockheed Martin Corp		749		315
Lyft, Cl A ^*		1,737		24
ManpowerGroup Inc		115		5
Masco Corp		731		50
MasTec ^*		224		42
MDU Resources Group		505		9
Middleby Corp/The ^*		213		31
MSA Safety Inc		161		29
MSC Industrial Direct Co Inc, Cl A		114		10
Mueller Industries Inc		409		35
Nordson Corp		196		42
Norfolk Southern		800		222
Northrop Grumman Corp		487		281
nVent Electric PLC		581		46
Old Dominion Freight Line Inc		667		100
Oshkosh Corp		259		33
Otis Worldwide		1,411		121
Owens Corning		300		42
PACCAR Inc		1,845		182
Parker-Hannifin Corp		458		335
Parsons ^*		114		8
Paychex Inc		1,165		168
Paycom Software Inc		182		42
Paylocity Holding Corp ^*		172		32
Pentair PLC		562		57
Quanta Services Inc		528		214
QXO ^*		2,126		43
RBC Bearings Inc ^*		108		42
Regal Rexnord		244		37
Republic Services Inc, Cl A		710		164
Robert Half		251		9
Rocket Lab Corp ^*		1,394		64
Rockwell Automation Inc		405		142
Rollins Inc		1,016		58
RTX		4,779		753
Ryder System Inc		173		31
Saia Inc ^*		107		32
Schneider Electric SE		692		180
Schneider National Inc, Cl B		115		3
Science Applications International		121		14
Sensata Technologies Holding PLC		371		11
Simpson Manufacturing Co Inc		180		32

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
SiteOne Landscape Supply ^*		111	$	15
Snap-on		178		57
Southwest Airlines Co		1,777		55
Spirit AeroSystems Holdings Inc, Cl A ^*		583		23
SS&C Technologies Holdings		779		67
Standardaero ^*		336		10
Stanley Black & Decker Inc		562		38
Tetra Tech		978		36
Textron Inc		648		50
Timken Co/The		161		12
Toro		414		31
Trane Technologies		793		347
TransDigm Group		198		318
TransUnion		703		67
Trex Co Inc ^*		459		30
Uber Technologies ^*		7,183		630
U-Haul Holding ^*		211		12
U-Haul Holding, Cl B		249		13
Union Pacific Corp		2,120		471
United Continental Holdings Inc ^*		1,141		101
United Parcel Service Inc, Cl B		2,612		225
United Rentals Inc		232		205
Valmont Industries Inc		85		31
Veralto		861		90
Verisk Analytics, Cl A		508		142
Vertiv Holdings, Cl A		1,359		198
Waste Management Inc		1,311		300
Watsco Inc		124		56
WESCO International Inc		171		35
Westinghouse Air Brake Technologies		604		116
WillScot Holdings		445		13
Woodward		210		54
WW Grainger Inc		158		164
XPO ^*		404		49
Xylem Inc/NY		874		126
				20,031
Information Technology — 25.5%
Accenture PLC, Cl A		2,239		598
Adobe Inc ^*		1,522		544
Advanced Micro Devices Inc ^*		5,758		1,015
Akamai Technologies Inc ^*		524		40
Amdocs Ltd		410		35
Amkor Technology		280		6
Amphenol Corp, Cl A		4,307		459
Analog Devices Inc		1,781		400
Appfolio, Cl A ^*		103		28
Apple		52,682		10,935
Applied Materials Inc		2,910		524
AppLovin, Cl A ^*		852		333
Arista Networks ^*		3,691		455
Arrow Electronics Inc ^*		222		26
Astera Labs ^*		510		70
Atlassian, Cl A ^*		580		111

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2025

Diversified Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Aurora Innovation, Cl A ^*		4,315	$	25
Autodesk Inc ^*		762		231
Avnet Inc		214		11
Bentley Systems, Cl B		566		33
BILL Holdings ^*		251		11
Broadcom Inc		16,506		4,848
Cadence Design Systems Inc ^*		977		356
CCC Intelligent Solutions Holdings ^*		2,417		23
CDW Corp/DE		480		84
Ciena Corp ^*		502		47
Cirrus Logic Inc ^*		132		13
Cisco Systems Inc		14,194		966
Cloudflare, Cl A ^*		1,100		228
Cognex Corp		782		32
Cognizant Technology Solutions Corp, Cl A		1,794		129
Coherent ^*		550		59
Confluent, Cl A ^*		1,087		19
Corning		2,824		179
Crane NXT		122		7
Crowdstrike Holdings, Cl A ^*		872		396
CyberArk Software ^*		30		12
Datadog, Cl A ^*		1,103		154
Dell Technologies Inc, Cl C		1,135		151
DocuSign, Cl A ^*		714		54
Dolby Laboratories Inc, Cl A		149		11
DoubleVerify Holdings ^*		355		5
Dropbox, Cl A ^*		553		15
DXC Technology Co ^*		444		6
Dynatrace ^*		1,041		55
Elastic ^*		355		30
Enphase Energy Inc ^*		328		11
Entegris Inc		546		43
EPAM Systems Inc ^*		209		33
ExlService Holdings Inc ^*		674		29
F5 ^*		202		63
Fair Isaac Corp ^*		85		122
First Solar ^*		364		64
Flex ^*		1,352		67
Fortinet Inc ^*		2,274		227
Gartner Inc ^*		272		92
Gen Digital		1,961		58
Gitlab, Cl A ^*		587		26
GLOBALFOUNDRIES ^*		244		9
Globant ^*		105		9
GoDaddy Inc, Cl A ^*		497		80
Guidewire Software Inc ^*		296		67
Hewlett Packard Enterprise Co		4,716		98
HP Inc		3,406		84
HubSpot Inc ^*		183		95
Informatica, Cl A ^*		201		5
Intel Corp		15,648		310
International Business Machines Corp		3,324		841
Intuit Inc		976		766

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
IPG Photonics Corp ^*		67	$	5
Jabil Inc		372		83
Keysight Technologies ^*		628		103
KLA		477		419
Kyndryl Holdings ^*		871		33
Lam Research		4,589		435
Lattice Semiconductor Corp ^*		569		28
Littelfuse Inc		112		29
Lumentum Holdings ^*		286		31
MACOM Technology Solutions Holdings Inc ^*		240		33
Manhattan Associates Inc ^*		217		48
Marvell Technology		3,094		249
Microchip Technology Inc		1,902		129
Micron Technology Inc		3,997		436
Microsoft Corp		26,504		14,140
MicroStrategy Inc, Cl A ^*		892		358
MKS Instruments Inc		281		27
Monday.com ^*		20		5
MongoDB, Cl A ^*		281		67
Monolithic Power Systems Inc		167		119
Motorola Solutions Inc		597		262
nCino ^*		598		17
NetApp Inc		728		76
Nutanix Inc, Cl A ^*		910		68
NVIDIA Corp		83,649		14,879
Okta, Cl A ^*		589		58
ON Semiconductor Corp ^*		1,521		86
Onto Innovation ^*		122		12
Oracle Corp		5,917		1,502
Palantir Technologies, Cl A ^*		7,804		1,236
Palo Alto Networks Inc ^*		2,347		407
Pegasystems Inc		222		13
Procore Technologies ^*		430		31
PTC Inc ^*		432		93
Pure Storage Inc, Cl A ^*		1,107		66
Qorvo Inc ^*		367		31
QUALCOMM Inc		3,939		578
Ralliant Corp ^*		287		13
RingCentral, Cl A ^*		198		5
Roper Technologies		386		212
Rubrik, Cl A ^*		379		36
Salesforce		3,336		862
Samsara, Cl A ^*		980		37
Sandisk Corp ^*		621		27
SentinelOne, Cl A ^*		703		13
ServiceNow Inc ^*		738		696
Skyworks Solutions Inc		567		39
Snowflake, Cl A ^*		1,115		249
Super Micro Computer ^*		1,836		108
Synopsys Inc ^*		661		419
TD SYNNEX		285		41
Teledyne Technologies ^*		168		93
Teradata Corp ^*		237		5

8	Adviser Managed Trust

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Teradyne Inc		586	$	63
Texas Instruments Inc		3,253		589
Trimble Inc ^*		844		71
Twilio, Cl A ^*		500		65
Tyler Technologies Inc ^*		156		91
Ubiquiti		10		4
UiPath, Cl A ^*		1,060		12
Unity Software ^*		1,133		38
Universal Display Corp		116		17
VeriSign Inc		287		77
Vontier		373		15
Western Digital Corp		1,228		97
Workday Inc, Cl A ^*		771		177
Zebra Technologies Corp, Cl A ^*		183		62
Zoom Video Communications, Cl A ^*		948		70
Zscaler Inc ^*		348		99
				67,562
Materials — 1.7%
Air Products & Chemicals Inc		795		229
Albemarle Corp		450		30
Alcoa Corp		1,021		31
Amcor		8,184		76
Amrize LTD ^*		663		33
AptarGroup Inc		241		38
Ashland		117		6
ATI ^*		500		38
Avery Dennison		277		46
Axalta Coating Systems Ltd ^*		940		27
Ball		1,009		58
Carpenter Technology Corp		167		42
Celanese Corp, Cl A		476		25
CF Industries Holdings Inc		584		54
Cleveland-Cliffs Inc ^*		1,198		13
Corteva		2,441		176
CRH		2,421		231
Crown Holdings Inc		406		40
Dow Inc		2,617		61
DuPont de Nemours		1,523		109
Eagle Materials Inc		139		31
Eastman Chemical Co		439		32
Ecolab Inc		890		233
Element Solutions Inc		1,042		25
FMC Corp		309		12
Freeport-McMoRan		5,109		206
Graphic Packaging Holding Co		1,269		28
Holcim		662		53
Huntsman Corp		406		4
International Flavors & Fragrances Inc		937		67
International Paper Co		1,902		89
James Hardie Industries PLC ^*		740		19
Linde		1,672		770
Louisiana-Pacific Corp		156		14
LyondellBasell Industries NV, Cl A		935		54

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Martin Marietta Materials		214	$	123
Mosaic Co/The		1,126		41
MP Materials ^*		520		32
NewMarket Corp		17		12
Newmont		3,972		247
Nucor Corp		823		118
Olin Corp		287		5
Packaging Corp of America		312		60
PPG Industries Inc		827		87
Reliance		183		53
Royal Gold Inc		240		36
RPM International Inc		447		52
Scotts Miracle-Gro Co/The, Cl A		107		7
Sealed Air Corp		362		11
Sherwin-Williams Co/The		833		276
Silgan Holdings		206		10
Smurfit WestRock		1,890		84
Sonoco Products Co		243		11
Steel Dynamics		496		63
Vulcan Materials		470		129
Westlake		83		7
				4,464
Real Estate — 1.8%
Agree Realty Corp ^‡		420		30
Alexandria Real Estate Equities Inc ^‡		637		49
American Homes 4 Rent, Cl A ^‡		1,205		42
American Tower, Cl A ^‡		1,674		349
Americold Realty Trust ^‡		706		11
AvalonBay Communities Inc ^‡		520		97
Brixmor Property Group Inc ^‡		1,211		32
BXP ^‡		574		38
Camden Property Trust ^‡		372		41
CBRE Group Inc, Cl A ^*		1,073		167
CoStar Group Inc ^*		1,506		143
Cousins Properties ^‡		415		11
Crown Castle ^‡		1,565		164
CubeSmart ^‡		850		33
Digital Realty Trust Inc ^‡		1,208		213
EastGroup Properties Inc ^‡		196		32
EPR Properties ^‡		186		10
Equinix Inc ^‡		349		274
Equity LifeStyle Properties Inc ^‡		665		40
Equity Residential ^‡		1,394		88
Essex Property Trust Inc ^‡		223		58
Extra Space Storage Inc ^‡		774		104
Federal Realty Investment Trust ^‡		336		31
First Industrial Realty Trust Inc ^‡		328		16
Gaming and Leisure Properties Inc ^‡		925		42
Healthcare Realty Trust, Cl A ^‡		878		14
Healthpeak Properties ^‡		2,495		42
Highwoods Properties Inc ^‡		259		8
Host Hotels & Resorts Inc ^‡		2,479		39
Howard Hughes Holdings ^*		77		5

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2025

Diversified Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Invitation Homes Inc ^‡		2,255	$	69
Iron Mountain ^‡		1,059		103
Jones Lang LaSalle Inc ^*		172		47
Kilroy Realty Corp ^‡		290		11
Kimco Realty ^‡		2,404		51
Lamar Advertising Co, Cl A ^‡		314		38
Lineage ^‡		153		7
Medical Properties Trust Inc ^‡		1,475		6
Mid-America Apartment Communities ^‡		410		58
Millrose Properties		306		9
National Storage Affiliates Trust ^‡		174		5
NNN ^‡		745		31
Omega Healthcare Investors Inc ^‡		1,012		39
Park Hotels & Resorts ^‡		506		5
Prologis Inc ^‡		3,327		355
Public Storage		571		155
Rayonier Inc ^‡		383		9
Realty Income Corp ^‡		3,244		182
Regency Centers Corp ^‡		627		45
Rexford Industrial Realty ^‡		886		32
SBA Communications Corp, Cl A ^‡		388		87
Simon Property Group Inc		1,164		191
STAG Industrial Inc ^‡		790		27
Sun Communities Inc ^‡		448		56
UDR Inc ^‡		1,149		45
Ventas Inc ^‡		1,577		106
VICI Properties Inc, Cl A ^‡		3,846		125
Vornado Realty Trust ^‡		749		29
Welltower ^‡		2,333		385
Weyerhaeuser Co ^‡		2,639		66
WP Carey Inc ^‡		773		50
Zillow Group Inc, Cl A ^*		115		9
Zillow Group Inc, Cl C ^*		636		51
				4,707
Utilities — 1.8%
AES Corp/VA		2,673		35
Alliant Energy Corp		874		57
Ameren Corp		954		97
American Electric Power Co Inc		1,925		218
American Water Works		719		101
Atmos Energy Corp		577		90
CenterPoint Energy		2,300		89
Clearway Energy Inc, Cl A		86		3
Clearway Energy Inc, Cl C		204		7
CMS Energy Corp		1,064		79
Consolidated Edison Inc		1,293		134
Constellation Energy		1,119		389
Dominion Energy Inc		3,057		179
DTE Energy		740		102
Duke Energy		2,788		339
Edison International		1,389		72
Entergy Corp		1,540		139
Essential Utilities		979		36

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Evergy Inc		782	$	55
Exelon Corp		3,639		164
FirstEnergy Corp		2,027		87
IDACORP Inc, Cl Rights		233		29
National Fuel Gas		359		31
NextEra Energy		7,373		524
NiSource Inc		1,541		65
NRG Energy Inc		705		118
OGE Energy		769		35
PG&E		7,899		111
Pinnacle West Capital Corp		413		37
PPL Corp		2,698		96
Public Service Enterprise Group		1,781		160
Sempra		2,344		191
Southern Co/The		3,934		372
Talen Energy *		162		61
UGI Corp		867		31
Vistra		1,212		253
WEC Energy Group		1,123		123
Xcel Energy Inc		2,075		152
				4,861

Total Common Stock
(Cost $201,059) ($ Thousands)				209,766

FOREIGN COMMON STOCK — 8.4%

Australia — 0.6%
Communication Services — 0.0%
CAR Group		487		12
REA Group		68		10
Telstra Group		5,159		17
				39
Consumer Discretionary — 0.1%
Aristocrat Leisure Ltd		717		32
Lottery		2,878		10
Wesfarmers Ltd		1,438		79
				121
Consumer Staples — 0.0%
Coles Group Ltd		1,712		23
Woolworths Group Ltd		1,555		31
				54
Energy — 0.0%
Santos Ltd		4,150		21
Woodside Energy Group		2,414		41
				62
Financials — 0.3%
ANZ Group Holdings		3,766		74
ASX Ltd		251		11

10	Adviser Managed Trust

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Commonwealth Bank of Australia		2,116	$	241
Insurance Australia Group		3,031		17
Macquarie Group Ltd		459		64
Medibank Pvt Ltd		3,550		12
National Australia Bank Ltd		3,878		96
QBE Insurance Group Ltd		1,923		28
Suncorp Group Ltd		1,386		19
Westpac Banking		4,336		94
				656
Health Care — 0.0%
Cochlear Ltd		84		17
Pro Medicus		74		15
Sigma Healthcare		5,964		11
Sonic Healthcare		590		11
				54
Industrials — 0.0%
Brambles Ltd		1,750		27
Computershare Ltd		674		18
Qantas Airways		969		7
Reece		139		1
Seven Group Holdings		264		9
Transurban Group		3,954		35
Washington H Soul Pattinson & Co Ltd		311		8
				105
Information Technology — 0.0%
WiseTech Global		257		19

Materials — 0.2%
BHP Group		6,422		162
BlueScope Steel Ltd		569		9
Evolution Mining		2,577		12
Fortescue		2,161		25
Glencore PLC		13,011		52
James Hardie Industries ADR *		362		9
Northern Star Resources		1,738		17
Rio Tinto Ltd		472		34
Rio Tinto PLC		1,430		85
South32		5,826		11
				416
Real Estate — 0.0%
Goodman Group ^‡		2,577		58
Scentre Group ^‡		6,678		16
Stockland ^‡		3,098		11
Vicinity ^‡		5,043		8
				93
Utilities — 0.0%
APA Group		1,691		9

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Origin Energy Ltd		2,207	$	16
				25
Total Australia				1,644

Austria — 0.0%
Energy — 0.0%
OMV		190		10

Financials — 0.0%
Erste Group Bank AG		392		36

Materials — 0.0%
Mondi		572		8

Utilities — 0.0%
Verbund AG		89		6

Total Austria				60
Belgium — 0.1%
Communication Services — 0.0%
Liberty Global, Cl A *		412		4
Liberty Global, Cl C *		380		4
				8
Consumer Discretionary — 0.0%
Ageas		192		13
D'ieteren Group		28		6
				19
Consumer Staples — 0.1%
Anheuser-Busch InBev SA/NV		1,252		72
Lotus Bakeries		1		9
				81
Financials — 0.0%
Groupe Bruxelles Lambert SA		108		9
KBC Group NV		292		31
Sofina		20		6
				46
Health Care — 0.0%
UCB SA		161		35

Materials — 0.0%
Syensqo		95		7

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2025

Diversified Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Utilities — 0.0%
Elia Group		64	$	7

Total Belgium				203

Bermuda — 0.0%
Financials — 0.0%
RenaissanceRe Holdings Ltd		178		43

Brazil — 0.1%
Financials — 0.1%
NU Holdings, Cl A *		11,407		139
XP, Cl A		1,676		27
				166
Materials — 0.0%
Yara International ASA		215		8

Total Brazil				174

Canada — 0.1%
Consumer Discretionary — 0.0%
Restaurant Brands International		1,174		80

Financials — 0.1%
Brookfield Asset Management, Cl A		1,385		85

Industrials — 0.0%
RB Global		646		70

Utilities — 0.0%
Brookfield Renewable		341		13

Total Canada				248

Chiina — 0.0%
Industrials — 0.0%
Yangzijiang Shipbuilding Holdings Ltd		3,400		7

Chile — 0.0%
Materials — 0.0%
Antofagasta PLC		508		13

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
China — 0.0%
Consumer Discretionary — 0.0%
Prosus		1,657	$	95

Consumer Staples — 0.0%
Wilmar International Ltd		2,500		6

Financials — 0.0%
BOC Hong Kong Holdings Ltd		4,500		20

Industrials — 0.0%
SITC International Holdings		1,000		3

Real Estate — 0.0%
Wharf Holdings Ltd/The		1,000		3

Total China				127

Denmark — 0.2%
Consumer Discretionary — 0.0%
Pandora A/S		105		17

Consumer Staples — 0.0%
Carlsberg A/S, Cl B		122		15

Financials — 0.0%
Danske Bank A/S		877		35
Tryg A/S		438		11
				46
Health Care — 0.1%
Coloplast A/S, Cl B		162		15
Demant A/S *		54		2
Genmab A/S *		82		18
Novo Nordisk, Cl B		4,072		190
				225
Industrials — 0.1%
AP Moller - Maersk A/S, Cl A		4		8
AP Moller - Maersk A/S, Cl B		5		10
DSV		259		58
ROCKWOOL, Cl B		125		5
Vestas Wind Systems		1,290		24
				105
Materials — 0.0%
Novonesis (Novozymes) B, Cl B		449		29

12	Adviser Managed Trust

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Utilities — 0.0%
Orsted A/S *		218	$	10

Total Denmark				447
Finland — 0.1%
Communication Services — 0.0%
Elisa		184		9

Consumer Discretionary — 0.0%
Amer Sports *		677		25

Consumer Staples — 0.0%
Kesko, Cl B		355		8

Energy — 0.0%
Neste Oyj		551		9

Financials — 0.1%
Nordea Bank Abp		3,985		58
Sampo, Cl A		3,080		33
				91
Health Care — 0.0%
Orion Oyj, Cl B		140		11
Industrials — 0.0%
Kone, Cl B		433		27
Metso		803		10
Wartsila Abp		645		18
				55
Information Technology — 0.0%
Nokia		6,777		28

Materials — 0.0%
Stora Enso, Cl R		757		8
UPM-Kymmene		683		18
				26
Utilities — 0.0%
Fortum		580		11

Total Finland				273
France — 0.8%
Communication Services — 0.0%
Bollore SA		932		5
Orange SA		2,368		36

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Publicis Groupe		291	$	27
				68
Consumer Discretionary — 0.1%
Accor SA		252		13
Cie Generale des Etablissements Michelin
SCA		853		30
Hermes International SCA		40		98
Kering		95		23
Klepierre SA ‡		278		11
La Francaise des Jeux SAEM		147		5
Renault SA		249		9
Sodexo SA		116		7
				196
Consumer Staples — 0.0%
Carrefour SA		702		10
Danone SA		819		67
Pernod Ricard SA		257		27
				104
Energy — 0.1%
TotalEnergies		2,585		154

Financials — 0.2%
Amundi SA		81		6
AXA SA		2,243		109
BNP Paribas SA		1,288		118
Edenred		313		9
Eurazeo SE		26		2
LVMH Moet Hennessy Louis Vuitton		348		187
Societe Generale SA		914		58
				489
Health Care — 0.1%
BioMerieux		54		8
EssilorLuxottica SA		377		112
Ipsen		50		6
Sartorius Stedim Biotech		38		8
				134
Industrials — 0.2%
Aeroports de Paris		46		6
Airbus SE		752		152
Alstom SA *		448		10
Bouygues SA		245		10
Bureau Veritas		409		13
Cie de Saint-Gobain		570		65
Credit Agricole SA		1,351		25
Dassault Aviation		25		8
Eiffage SA		88		12
Getlink SE		395		7

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2025

Diversified Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Legrand		333	$	49
Rexel SA		290		9
Safran SA		456		151
Teleperformance		70		7
Thales SA		118		32
Vinci SA		627		87
				643
Information Technology — 0.0%
Capgemini SE		207		31
Dassault Systemes		853		28
				59
Materials — 0.1%
Air Liquide		732		145
Arkema SA		35		2
L'Oreal SA		304		135
				282
Real Estate — 0.0%
Covivio ‡		34		2
Gecina SA ‡		60		6
Unibail-Rodamco-Westfield ‡		156		15
				23
Utilities — 0.0%
Engie SA		2,318		52
Veolia Environnement SA		802		28
				80
Total France				2,232
Germany — 0.9%
Communication Services — 0.1%
CTS Eventim & KGaA		81		9
Deutsche Telekom AG		4,416		159
Scout24		96		13
				181
Consumer Discretionary — 0.1%
adidas AG		217		42
Allianz		488		193
Bayerische Motoren Werke AG		369		35
Birkenstock Holding *		130		7
Continental AG		142		12
Mercedes-Benz Group		916		52
Zalando *		291		8
				349
Consumer Staples — 0.0%
Beiersdorf AG		127		16

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Henkel AG & Co KGaA		134	$	9
				25
Financials — 0.1%
Commerzbank AG		1,130		41
Deutsche Bank AG		2,346		78
Deutsche Boerse AG		239		69
Hannover Rueck SE		77		24
Muenchener Rueckversicherungs-
Gesellschaft in Muenchen		169		111
Talanx		83		11
				334
Health Care — 0.1%
Bayer		1,248		39
Fresenius Medical Care AG & Co KGaA		282		14
Fresenius SE & Co KGaA		539		26
Merck KGaA		165		21
Siemens Healthineers AG		432		23
				123
Industrials — 0.2%
Brenntag AG		159		10
Daimler Truck Holding		605		30
Deutsche Lufthansa AG		784		7
Deutsche Post		1,218		55
GEA Group AG		189		14
Knorr-Bremse		94		9
MTU Aero Engines AG		69		30
Rational		7		5
Rheinmetall		57		113
Siemens		961		245
Siemens Energy *		861		100
				618
Information Technology — 0.2%
Infineon Technologies		1,655		65
Nemetschek		75		11
SAP SE		1,320		379
				455
Materials — 0.1%
BASF		1,132		56
Covestro AG *		230		16
Evonik Industries AG		335		7
Heidelberg Materials		170		39
Symrise, Cl A		170		15
				133
Real Estate — 0.0%
LEG Immobilien		97		8

14	Adviser Managed Trust

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Vonovia SE		943	$	29
				37
Utilities — 0.0%
E.ON SE		2,849		52
RWE AG		804		33
				85
Total Germany				2,340
Guatemala — 0.0%
Communication Services — 0.0%
Millicom International Cellular		255		10

Hong Kong — 0.2%
Communication Services — 0.0%
HKT Trust & HKT Ltd		5,000		8

Consumer Staples — 0.0%
WH Group Ltd		11,000		11

Financials — 0.1%
AIA Group Ltd		13,600		127
Futu Holdings ADR		35		5
Hang Seng Bank Ltd		1,000		15
Hong Kong Exchanges & Clearing Ltd		1,500		81
Prudential PLC		3,316		42
				270
Industrials — 0.0%
Jardine Matheson Holdings Ltd		200		11
MTR Corp Ltd		2,000		7
Techtronic Industries Co Ltd		2,000		24
				42
Real Estate — 0.1%
CK Asset Holdings Ltd		2,500		11
Henderson Land Development Co Ltd		2,000		7
Hongkong Land Holdings Ltd		1,400		8
Link ‡		3,300		18
Sino Land Co Ltd		4,000		5
Sun Hung Kai Properties Ltd		2,000		24
Swire Pacific Ltd, Cl A		500		5
Wharf Real Estate Investment Co Ltd		2,000		6
				84
Utilities — 0.0%
CK Infrastructure Holdings Ltd		500		4
CLP Holdings		2,000		17
Hong Kong & China Gas		14,000		13

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Power Assets Holdings		2,000	$	13
				47
Total Hong Kong				462
Ireland — 0.0%
Consumer Staples — 0.0%
Kerry Group PLC, Cl A		211		20

Financials — 0.0%
AIB Group PLC		2,678		21
Bank of Ireland Group PLC		1,261		17
				38
Industrials — 0.0%
AerCap Holdings NV		200		21
Kingspan Group PLC		198		17
				38
Total Ireland				96
Israel — 0.1%
Financials — 0.1%
Bank Hapoalim BM		1,598		30
Bank Leumi Le-Israel		1,907		35
Israel Discount Bank, Cl A		1,577		15
Mizrahi Tefahot Bank Ltd		200		13
				93
Health Care — 0.0%
Teva Pharmaceutical Industries ADR *		1,500		23

Industrials — 0.0%
Elbit Systems Ltd		34		16

Information Technology — 0.0%
Check Point Software Technologies *		150		28
Nice Ltd *		81		13
Wix.com Ltd *		40		5
				46
Materials — 0.0%
ICL Group		1,013		6

Real Estate — 0.0%
Azrieli Group		56		6

Total Israel				190

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2025

Diversified Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Italy — 0.3%
Communication Services — 0.0%
Infrastrutture Wireless Italiane		200	$	2
Telecom Italia *		14,052		7
				9
Consumer Discretionary — 0.0%
Ferrari		160		70
Moncler SpA		299		16
				86
Consumer Staples — 0.0%
Coca-Cola HBC AG		280		14
Davide Campari-Milano		811		6
				20
Energy — 0.0%
Eni SpA		2,797		48

Financials — 0.1%
Banca Mediolanum		137		2
Banco BPM		1,455		18
BPER Banca SPA		1,284		13
FinecoBank Banca Fineco		784		17
Intesa Sanpaolo SpA		19,160		116
Mediobanca Banca di Credito Finanziario		643		14
Nexi		302		2
Poste Italiane		589		13
UniCredit SpA		1,775		131
Unipol Gruppo		465		9
				335
Health Care — 0.0%
DiaSorin		14		1
Recordati Industria Chimica e Farmaceutica		149		9
				10
Industrials — 0.1%
Generali		1,097		41
Leonardo SpA		516		28
Prysmian SpA		358		29
Ryanair Holdings		1,083		32
				130
Utilities — 0.1%
Enel SpA		10,301		91
Snam SpA		2,588		15
Terna - Rete Elettrica Nazionale		1,801		18
				124
Total Italy				762

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Japan — 1.9%
Communication Services — 0.2%
Capcom		400	$	10
Dentsu Group		300		6
KDDI Corp		3,900		64
Konami Group		100		14
LY		3,700		14
Nexon Co Ltd		400		7
Nintendo Co Ltd		1,400		117
Nippon Telegraph & Telephone Corp		38,000		38
SoftBank		36,300		53
SoftBank Group Corp		1,200		92
Toho Co Ltd/Tokyo		100		6
				421
Consumer Discretionary — 0.3%
Aisin		700		10
Asics Corp		800		19
Bandai Namco Holdings Inc		800		26
Bridgestone Corp		700		28
Denso Corp		2,400		33
Fast Retailing		200		61
Honda Motor Co Ltd		5,400		56
Isuzu Motors Ltd		700		9
Nissan Motor Co Ltd *		2,900		6
Nitori Holdings Co Ltd		100		8
Oriental Land Co Ltd/Japan		1,400		29
Pan Pacific International Holdings Corp		500		17
Panasonic Holdings		3,000		28
Rakuten Group *		2,000		10
Sanrio		200		8
Sekisui Chemical Co Ltd		500		9
Sekisui House		800		17
Shimano Inc		100		11
Sony Group		7,800		188
Subaru Corp		800		15
Sumitomo Electric Industries		900		22
Suzuki Motor Corp		2,000		22
Toyota Motor Corp		12,000		214
Yamaha Motor Co Ltd		1,200		9
Zensho Holdings		100		5
ZOZO Inc		500		5
				865
Consumer Staples — 0.1%
Aeon Co Ltd		900		29
Ajinomoto Co Inc		1,200		32
Asahi Group Holdings		1,800		23
Japan Tobacco Inc		1,500		43
Kao		600		27
Kikkoman Corp		900		8
Kirin Holdings Co Ltd		1,000		13
Kobe Bussan		100		3

16	Adviser Managed Trust

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
MatsukiyoCocokara		400	$	8
MEIJI Holdings Co Ltd		300		6
Nissin Foods Holdings Co Ltd		300		6
Seven & i Holdings Co Ltd		2,800		37
Shiseido Co Ltd		500		8
Suntory Beverage & Food Ltd		100		3
Unicharm Corp		1,400		10
Yakult Honsha Co Ltd		200		3
				259
Energy — 0.0%
ENEOS Holdings		3,500		18
Idemitsu Kosan		600		4
Inpex		1,100		16
				38
Financials — 0.3%
Chiba Bank Ltd/The		700		6
Concordia Financial Group Ltd		1,300		9
Dai-ichi Life Holdings Inc		4,500		36
Daiwa Securities Group		1,700		12
Japan Exchange Group Inc		1,300		13
Japan Post Bank Co Ltd		2,300		26
Japan Post Holdings Co Ltd		2,300		21
Japan Post Insurance		300		8
Mitsubishi HC Capital		1,100		8
Mitsubishi UFJ Financial Group Inc		14,500		200
Mizuho Financial Group Inc		3,000		88
MS&AD Insurance Group Holdings Inc		1,600		34
Nomura Holdings Inc		3,800		25
ORIX		1,500		34
Resona Holdings Inc		2,700		25
SBI Holdings Inc/Japan		400		15
Sompo Holdings Inc		1,100		32
Sumitomo Mitsui Financial Group Inc		4,700		119
Sumitomo Mitsui Trust Holdings Inc		800		21
T&D Holdings		600		15
Tokio Marine Holdings Inc		2,300		92
				839
Health Care — 0.1%
Astellas Pharma Inc		2,300		24
Chugai Pharmaceutical Co Ltd		900		43
Daiichi Sankyo Co Ltd		2,200		54
Eisai Co Ltd		300		8
Hoya		400		51
Kyowa Hakko Kirin Co Ltd		300		5
M3 Inc		600		7
Olympus Corp		1,500		18
Ono Pharmaceutical Co Ltd		500		6
Otsuka Holdings		600		29
Shionogi & Co Ltd		1,000		17
Sysmex Corp		700		11

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Takeda Pharmaceutical Co Ltd		2,000	$	55
Terumo Corp		1,700		29
				357
Industrials — 0.5%
AGC Inc/Japan		300		9
ANA Holdings Inc		100		2
Central Japan Railway Co		1,000		23
Dai Nippon Printing		500		8
Daifuku Co Ltd		400		10
Daikin Industries Ltd		300		37
East Japan Railway Co		1,200		26
FANUC		1,200		33
Fuji Electric Co Ltd		200		10
Fujikura		300		20
Hankyu Hanshin Holdings Inc		300		8
Hitachi Ltd		5,800		178
Hoshizaki		100		3
IHI Corp		200		22
ITOCHU Corp		1,500		79
Japan Airlines		100		2
Kajima Corp		500		13
Kawasaki Kisen Kaisha		500		7
Komatsu Ltd		1,100		36
Kubota		1,300		15
Makita Corp		300		9
Marubeni Corp		1,800		37
MINEBEA MITSUMI Inc		500		8
Mitsubishi Corp		4,300		85
Mitsubishi Electric Corp		2,400		54
Mitsubishi Heavy Industries Ltd		4,100		98
Mitsui & Co Ltd		3,100		63
Mitsui OSK Lines Ltd		400		14
MonotaRO Co Ltd		200		4
NIDEC CORP		1,100		21
Nippon Yusen		600		21
Obayashi Corp		800		12
Recruit Holdings Co Ltd		1,800		107
Secom		500		18
SG Holdings Co Ltd		200		2
SMC Corp/Japan		100		35
Sumitomo Corp		1,400		36
Taisei		200		12
Tokyo Metro		200		2
Tokyu Corp		700		8
TOPPAN Holdings		300		8
Toyota Industries Corp		200		21
Toyota Tsusho Corp		800		18
West Japan Railway Co		600		13
				1,247
Information Technology — 0.3%
Advantest		1,000		67

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2025

Diversified Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Allegro MicroSystems *		291	$	9
Canon Inc		1,200		34
Disco Corp		100		30
FUJIFILM Holdings Corp		1,400		29
Fujitsu Ltd		2,200		48
Keyence Corp		200		72
Kyocera Corp		1,600		19
Lasertec		100		10
Murata Manufacturing Co Ltd		2,100		31
NEC Corp		1,600		46
Nomura Research Institute Ltd		500		20
NTT Data Group		400		10
Obic Co Ltd		400		14
Omron Corp		200		5
Oracle Corp Japan		100		11
Otsuka Corp		300		6
Renesas Electronics Corp		2,100		26
Ricoh Co Ltd		700		6
SCREEN Holdings		100		8
SCSK		200		6
Shimadzu Corp		300		7
TDK Corp		2,500		30
TIS		300		10
Tokyo Electron Ltd		600		96
Trend Micro Inc/Japan		200		12
Yokogawa Electric Corp		300		8
				670
Materials — 0.1%
Asahi Kasei		1,600		11
JFE Holdings Inc		700		8
Mitsubishi Chemical Group		1,800		10
Nippon Paint Holdings Co Ltd		1,200		10
Nippon Sanso Holdings		200		7
Nippon Steel Corp		1,200		23
Nitto Denko Corp		900		19
Shin-Etsu Chemical		2,300		66
Sumitomo Metal Mining Co Ltd		200		5
Toray Industries Inc		1,800		12
				171
Real Estate — 0.0%
Daito Trust Construction Co Ltd		100		10
Daiwa House Industry		700		23
Hulic Co Ltd		600		6
Mitsubishi Estate Co Ltd		1,400		26
Mitsui Fudosan Co Ltd		3,400		31
Nippon Building Fund ‡		10		9
Sumitomo Realty & Development		400		15
				120
Utilities — 0.0%
Chubu Electric Power Co Inc		800		10

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Kansai Electric Power Co Inc/The		1,200	$	14
Osaka Gas Co Ltd		500		13
Tokyo Gas		400		13
				50
Total Japan				5,037

Jersey — 0.0%
Consumer Discretionary — 0.0%
Aptiv PLC *		829		57

Kazakhstan — 0.0%
Financials — 0.0%
Freedom Holding *		44		8

Luxembourg — 0.0%
Financials — 0.0%
CVC Capital Partners		280		5

Health Care — 0.0%
Eurofins Scientific		153		12

Materials — 0.0%
ArcelorMittal		600		19

Total Luxembourg				36

Macao — 0.0%
Consumer Discretionary — 0.0%
Galaxy Entertainment Group Ltd		3,000		14
Sands China Ltd		3,200		8
				22
Mexico — 0.0%
Materials — 0.0%
Southern Copper Corp		344		32

Netherlands — 0.4%
Communication Services — 0.0%
Koninklijke KPN NV		4,962		22
Universal Music Group		1,397		41
				63
Consumer Staples — 0.1%
Heineken		367		29
Heineken Holding NV		167		11
JDE Peet's		224		7

18	Adviser Managed Trust

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Koninklijke Ahold Delhaize		1,159	$	46
				93
Financials — 0.1%
ABN AMRO Group NV		587		17
Adyen NV *		32		55
Aegon		1,704		13
ASR Nederland		190		13
Euronext		100		16
EXOR		114		11
ING Groep NV		3,987		93
NN Group NV		343		23
				241
Health Care — 0.0%
Argenx *		78		52
Koninklijke Philips NV		1,061		28
				80
Industrials — 0.0%
IMCD		76		8
Randstad NV		142		7
Wolters Kluwer NV		303		47
				62
Information Technology — 0.2%
ASML Holding NV		498		346
BE Semiconductor Industries		104		14
				360
Materials — 0.0%
Akzo Nobel NV		219		14
ASM International		60		29
				43
Total Netherlands				942
New Zealand — 0.0%
Financials — 0.0%
Infratil		1,197		8

Health Care — 0.0%
Fisher & Paykel Healthcare Corp Ltd		752		16

Industrials — 0.0%
Auckland International Airport Ltd		2,186		10

Information Technology — 0.0%
Xero *		209		24

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Utilities — 0.0%
Contact Energy		1,102	$	6
Meridian Energy Ltd		1,720		6
				12
Total New Zealand				70
Norway — 0.0%
Communication Services — 0.0%
Telenor ASA		793		12

Consumer Staples — 0.0%
Mowi ASA		600		11
Orkla ASA		908		10
Salmar		41		2
				23
Energy — 0.0%
Aker BP ASA		409		10
Equinor		1,068		27
				37
Financials — 0.0%
DNB Bank		1,141		29
Gjensidige Forsikring ASA		261		7
				36
Industrials — 0.0%
Kongsberg Gruppen		563		17

Materials — 0.0%
Norsk Hydro ASA		1,817		11

Total Norway				136
Poland — 0.0%
Industrials — 0.0%
InPost *		138		2

Portugal — 0.0%
Consumer Staples — 0.0%
Jeronimo Martins SGPS SA		367		9

Energy — 0.0%
Galp Energia SGPS		540		10

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2025

Diversified Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Utilities — 0.0%
EDP		4,017	$	18

Total Portugal				37

Puerto Rico — 0.0%
Financials — 0.0%
Popular Inc		277		32

Singapore — 0.2%
Communication Services — 0.1%
Sea Ltd ADR ^*		520		82
Singapore Telecommunications		9,500		28
				110
Consumer Discretionary — 0.0%
Genting Singapore Ltd		3,700		2

Financials — 0.1%
DBS Group Holdings Ltd		2,700		99
Oversea-Chinese Banking Corp Ltd		4,300		56
Singapore Exchange Ltd		1,100		14
United Overseas Bank Ltd		1,600		44
				213
Industrials — 0.0%
Grab Holdings, Cl A ^*		3,000		15
Keppel Corp Ltd		1,900		12
Singapore Airlines Ltd		1,900		10
Singapore Technologies Engineering		2,000		13
				50
Information Technology — 0.0%
STMicroelectronics		863		22

Real Estate — 0.0%
CapitaLand Ascendas ^‡		4,800		10
CapitaLand Integrated Commercial Trust ^‡		7,500		13
CapitaLand Investment		3,100		7
				30
Utilities — 0.0%
Sembcorp Industries Ltd		1,200		7

Total Singapore				434

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
South Africa — 0.0%
Materials — 0.0%
Anglo American		1,423	$	40

South Korea — 0.1%
Consumer Discretionary — 0.1%
Coupang, Cl A ^*		4,478		132
Delivery Hero, Cl A ^*		250		7
				139

Spain — 0.3%
Communication Services — 0.0%
Cellnex Telecom		631		23
Telefonica SA		4,701		24

				47
Consumer Discretionary — 0.1%
Amadeus IT Group SA, Cl A		572		46
Industria de Diseno Textil SA		1,383		66
				112
Energy — 0.0%
Repsol SA		1,478		22

Financials — 0.1%
Banco Bilbao Vizcaya Argentaria SA		7,297		122
Banco de Sabadell SA		6,876		25
Banco Santander SA		19,171		165
Bankinter SA		870		13
CaixaBank SA		5,013		47
				372
Health Care — 0.0%
Grifols ^*		393		6

Industrials — 0.0%
ACS Actividades de Construccion y Servicios		233		16
Aena SME		956		26
				42
Utilities — 0.1%
Acciona		32		6
EDP Renovaveis		194		3
Endesa SA		409		12
Iberdrola		8,119		143
Redeia		524		10
				174

Total Spain				775

20	Adviser Managed Trust

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Sweden — 0.3%
Communication Services — 0.0%
Tele2 AB, Cl B		708	$	11
Telia Co AB		3,050		11
				22
Consumer Discretionary — 0.0%
Evolution		190		17
H & M Hennes & Mauritz, Cl B		732		10
				27
Consumer Staples — 0.0%
Essity AB, Cl B		770		19

Financials — 0.1%
EQT AB		477		16
Industrivarden AB, Cl A		157		6
Industrivarden AB, Cl C		202		7
Investor, Cl B		2,195		64
L E Lundbergforetagen AB, Cl B		47		2
Skandinaviska Enskilda Banken AB, Cl A		2,019		35
Svenska Handelsbanken AB, Cl A		1,863		23
Swedbank AB, Cl A		1,082		29
				182
Health Care — 0.0%
Swedish Orphan Biovitrum ^*		255		7

Industrials — 0.2%
AddTech, Cl B		335		11
Alfa Laval		371		16
Assa Abloy AB, Cl B		1,274		42
Atlas Copco, Cl A		3,408		52
Atlas Copco, Cl B		1,989		27
Beijer Ref, Cl B		501		9
Epiroc, Cl A		843		17
Epiroc, Cl B		505		9
Indutrade		355		9
Investment Latour, Cl B		91		2
Lifco, Cl B		301		11
Nibe Industrier, Cl B		1,968		9
Saab, Cl B		409		22
Securitas AB, Cl B		637		10
Skanska AB, Cl B		440		10
SKF AB, Cl B		441		10
Trelleborg, Cl B		262		10
Volvo AB, Cl B		2,015		58
				334
Information Technology — 0.0%
Hexagon, Cl B		2,646		29

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Telefonaktiebolaget LM Ericsson, Cl B		3,541	$	26
				55
Materials — 0.0%
Boliden ^*		367		11
Holmen, Cl B		47		2
Sandvik AB		1,357		33
Svenska Cellulosa, Cl B		786		10
				56
Real Estate — 0.0%
Fastighets Balder, Cl B ^*		940		7
Sagax, Cl B		289		6
				13

Total Sweden				715

Switzerland — 0.6%
Communication Services — 0.0%
Swisscom AG		33		23

Consumer Discretionary — 0.1%
Avolta		115		6
Cie Financiere Richemont SA, Cl A		680		111
On Holding, Cl A ^*		793		38
Swatch Group		38		7
				162
Consumer Staples — 0.0%
Barry Callebaut		5		6
Chocoladefabriken Lindt & Spruengli AG		2		30
				36
Financials — 0.2%
Baloise Holding AG		53		13
Banque Cantonale Vaudoise		19		2
Helvetia Holding		48		12
Julius Baer Group Ltd		264		18
Partners Group Holding AG		29		39
Swiss Life Holding AG		37		38
UBS Group		4,162		155
Zurich Insurance Group AG		185		126
				403
Health Care — 0.2%
Galderma Group		152		23
Lonza Group AG		92		64
Novartis AG		2,404		274
Sandoz Group		532		31
Sonova Holding AG		65		18
Straumann Holding		143		17
				427

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2025

Diversified Equity Fund (Continued)

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Industrials — 0.1%
ABB Ltd		2,002	$	131
Geberit		43		33
Kuehne + Nagel International AG		62		13
Schindler Holding		82		29
SGS		206		21
VAT Group		35		12
				239
Information Technology — 0.0%
Logitech International		195		18
Temenos AG		35		3
				21
Materials — 0.0%
DSM-Firmenich		237		23
EMS-Chemie Holding AG		9		7
Givaudan		12		50
SIG Group		399		6
Sika AG		194		46
				132
Real Estate — 0.0%
Swiss Prime Site AG		103		14

Utilities — 0.0%
BKW		28		6
Total Switzerland				1,463

United Kingdom — 1.1%
Communication Services — 0.0%
Auto Trader Group PLC		1,132		12
BT Group PLC, Cl A		7,636		21
Informa PLC		1,687		19
Vodafone Group PLC		25,412		28
WPP PLC		1,405		8
				88
Consumer Discretionary — 0.2%
Barratt Developments PLC		1,781		9
Compass Group PLC		2,151		76
Entain PLC		786		11
Flutter Entertainment *		626		189
InterContinental Hotels Group PLC		189		22
JD Sports Fashion		1,592		2
Kingfisher PLC		2,317		8
Marks & Spencer Group		2,649		12
Next PLC		149		24
Pearson PLC		771		11

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Whitbread PLC		229	$	9
				373
Consumer Staples — 0.2%
Associated British Foods PLC		420		12
British American Tobacco PLC		2,507		135
Coca-Cola Europacific Partners		300		29
Diageo PLC		2,821		68
Imperial Brands PLC		994		39
J Sainsbury PLC		2,282		9
Reckitt Benckiser Group PLC		865		65
Tesco PLC		8,543		48
Unilever PLC		3,164		184
				589
Energy — 0.0%
TechnipFMC		1,484		54

Financials — 0.3%
3i Group PLC		1,234		68
Admiral Group PLC		334		15
Aviva		3,886		33
Barclays PLC		18,119		89
HSBC Holdings PLC		22,347		273
Legal & General Group PLC		7,488		25
Lloyds Banking Group PLC		76,217		78
London Stock Exchange Group PLC		604		74
M&G PLC		2,954		10
NatWest Group		10,241		71
Phoenix Group Holdings PLC		914		8
Schroders		493		3
Standard Chartered PLC		2,564		46
Wise, Cl A ^*		857		12
				805
Health Care — 0.1%
AstraZeneca PLC		1,961		287
Hikma Pharmaceuticals PLC		219		6
Smith & Nephew PLC		1,067		16
				309
Industrials — 0.2%
Ashtead Group PLC		549		37
BAE Systems PLC		3,815		91
Bunzl PLC		422		13
CK Hutchison Holdings Ltd		3,500		23
DCC PLC		129		8
Intertek Group PLC		206		13
Melrose Industries		1,645		11
RELX PLC		2,338		122
Rentokil Initial PLC		3,241		16
Rolls-Royce Holdings PLC		10,728		153

22	Adviser Managed Trust

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Smiths Group PLC		432	$	13
Spirax Group		96		8
				508
Information Technology — 0.0%
Halma PLC		485		21
Sage Group PLC/The		1,255		20
				41
Materials — 0.0%
Anglogold Ashanti		1,800		83
Croda International PLC		174		6
International Consolidated Airlines Group SA		1,616		8
				97
Real Estate — 0.0%
Land Securities Group PLC ^‡		925		7
Segro PLC ^‡		1,651		14
				21
Utilities — 0.1%
Centrica PLC		6,464		14
National Grid PLC		6,204		87
Severn Trent PLC		348		12
SSE PLC		1,407		35
United Utilities Group PLC		877		13
				161
Total United Kingdom				3,046

Total Foreign Common Stock
(Cost $22,357) ($ Thousands)				22,354

EXCHANGE TRADED FUNDS — 0.1%

Equity — 0.1%
iShares Russell 2000 ETF		400		87
SPDR S&P 500 ETF Trust		180		114
				201
Total Exchange Traded Funds
(Cost $161) ($ Thousands)				201

PREFERRED STOCK — 0.0%

Consumer Discretionary — 0.0%
Bayerische Motoren Werke AG (A)		73		6
Dr Ing hc F Porsche (A)		149		8
Porsche Automobil Holding SE (A)		199		8
Volkswagen AG (A)		263		28
				50

Description	Shares		Market Value ($ Thousands)
PREFERRED STOCK (continued)
Consumer Staples — 0.0%
Henkel AG & Co KGaA (A)		217	$	17

Health Care — 0.0%
Sartorius AG (A)		34		7

Total Preferred Stock
(Cost $76) ($ Thousands)				74

CASH EQUIVALENT — 1.0%
SEI Daily Income Trust, Government Fund, Institutional Class
4.230%^**†		2,587,554		2,588
Total Cash Equivalent
(Cost $2,588) ($ Thousands)				2,588
Total Investments in Securities — 88.8%
(Cost $226,241) ($ Thousands)			$	234,983

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2025

Diversified Equity Fund (Concluded)

A list of the open futures contracts held by the Fund at July 31, 2025, is as follows:

Type of Contract	Number of Contracts	Expiration Date	Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation (Depreciation)(Thousands)
Long Contracts
MSCI EAFE Index	3	Sep-2025	$	399	$	393	$	(6	)
MSCI EAFE Index	83	Sep-2025		10,775		10,845		70
MSCI Emerging Markets	148	Sep-2025		9,015		9,163		148
Russell 2000 Index E-MINI	83	Sep-2025		9,026		9,213		187
S&P 500 Index E-MINI	8	Sep-2025		2,476		2,550		74
			$	31,691	$	32,164	$	473

Percentages are based on a Net Assets of $264,562 ($ Thousands).

Non-income producing security.

^**

Rate shown is the 7-day effective yield as of July 31, 2025.

^‡

Real Estate Investment Trust.

^†

Investment in Affiliated Security.

^††

Narrow Industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

(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

PLC — Public Limited Company

S&P— Standard & Poor's

SPDR — Standard & Poor's Depository Receipt

As of July 31, 2025, 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 Fund’s transactions with affiliates for the year ended July 31, 2025 ($ Thousands):

Security Description		Value 7/31/2024				Purchases at Cost				Proceeds from Sales				Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Value 7/31/2025				Income				Capital Gains
SEI Daily Income Trust, Government Fund, Institutional Class		$	3,692			$	24,983			$	(26,087	)		$	—			$	—			$	2,588			$	142			$	—

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

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

24	Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2025

Enhanced Fixed Income Fund

Description	Shares		Market Value ($ Thousands)
EXCHANGE TRADED FUNDS — 99.7%
Fixed Income — 99.7%
SPDR Bloomberg Emerging Markets USD Bond ETF		677,404	$	16,718
SPDR Portfolio High Yield Bond ETF		699,479		16,578

Total Exchange Traded Funds
(Cost $32,928) ($ Thousands)				33,296

CASH EQUIVALENT — 0.1%
SEI Daily Income Trust, Government Fund, Institutional Class
4.230% ^**†		25,956		26
Total Cash Equivalent
(Cost $26) ($ Thousands)				26

Total Investments — 99.8%
(Cost $32,954) ($ Thousands)			$	33,322

Percentages are based on a Net Assets of $33,400 ($ Thousands).
^**	Rate shown is the 7-day effective yield as of July 31, 2025.
^†	Investment in Affiliated Security.

ETF — Exchange-Traded Fund

SPDR — Standard & Poor's Depository Receipt

USD — U.S. Dollar

As of July 31, 2025, 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 Fund’s transactions with affiliates for the year ended July 31, 2025 ($ Thousands):

Security Description		Value 7/31/2024				Purchases at Cost				Proceeds from Sales				Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Value 7/31/2025				Income				Capital Gains
SEI Daily Income Trust, Government Fund, Institutional Class		$	297			$	3,005			$	(3,276	)		$	—			$	—			$	26			$	13			$	—

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, 2025

Core Fixed Income Fund

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS — 45.3%
U.S. Treasury Bonds
5.000%, 05/15/2045	$	675	$	685
4.750%, 11/15/2043		4,500		4,443
4.750%, 02/15/2045		1,600		1,573
4.750%, 11/15/2053		3,450		3,368
4.750%, 05/15/2055		500		489
4.625%, 11/15/2044		200		193
4.625%, 02/15/2055		500		479
4.500%, 11/15/2054		600		563
4.375%, 05/15/2041		300		288
4.375%, 08/15/2043		2,100		1,979
4.250%, 02/15/2054		500		449
4.250%, 08/15/2054		400		360
3.625%, 05/15/2053		100		80
3.000%, 08/15/2052		500		355
2.875%, 05/15/2049		200		142
2.875%, 05/15/2052		200		139
2.375%, 05/15/2051		200		125
2.250%, 05/15/2041		500		360
2.250%, 02/15/2052		500		301
1.875%, 02/15/2051		300		166
1.875%, 11/15/2051		200		110
1.375%, 11/15/2040		200		127
U.S. Treasury Notes
4.625%, 06/15/2027		500		506
4.625%, 04/30/2029		400		410
4.625%, 04/30/2031		500		515
4.625%, 05/31/2031		500		515
4.625%, 02/15/2035		1,700		1,737
4.500%, 05/15/2027		300		303
4.500%, 11/15/2033		1,800		1,832
4.375%, 12/15/2026		5,000		5,020
4.375%, 07/15/2027		500		504
4.375%, 11/30/2028		500		507
4.375%, 12/31/2029		500		509
4.375%, 01/31/2032		1,000		1,015
4.375%, 05/15/2034		800		805
4.250%, 12/31/2026		500		501
4.250%, 02/28/2029		650		657
4.250%, 01/31/2030		500		506
4.250%, 02/28/2031		300		304
4.250%, 06/30/2031		1,000		1,010
4.250%, 11/15/2034		300		298
4.250%, 05/15/2035		300		297
4.125%, 10/31/2026		500		500
4.125%, 01/31/2027		1,500		1,502
4.125%, 07/31/2028		500		503
4.125%, 03/31/2029		400		403
4.125%, 11/30/2029		500		504
4.125%, 02/29/2032		500		500
4.000%, 01/15/2027		6,000		5,995
4.000%, 12/15/2027		500		501
4.000%, 01/31/2029		5,500		5,516

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
4.000%, 07/31/2029	$	500	$	501
4.000%, 03/31/2030		2,000		2,005
4.000%, 01/31/2031		4,950		4,947
4.000%, 06/30/2032		1,000		992
4.000%, 07/31/2032		400		397
3.875%, 03/31/2027		1,300		1,297
3.875%, 07/31/2027		1,400		1,398
3.875%, 10/15/2027		500		500
3.875%, 03/15/2028		400		400
3.875%, 07/15/2028		1,200		1,200
3.875%, 08/15/2033		200		195
3.875%, 08/15/2034		600		581
3.750%, 06/30/2027		600		598
3.750%, 08/15/2027		500		498
3.750%, 04/15/2028		3,000		2,989
3.750%, 12/31/2028		3,500		3,483
3.750%, 12/31/2030		3,250		3,210
3.750%, 08/31/2031		400		393
3.625%, 08/31/2029		500		494
3.625%, 03/31/2030		200		197
3.625%, 09/30/2031		500		488
3.500%, 02/15/2033		300		287
3.375%, 09/15/2027		500		495
2.875%, 05/15/2028		250		243

Total U.S. Treasury Obligations
(Cost $79,102) ($ Thousands)				78,237

MORTGAGE-BACKED SECURITIES — 25.8%
Agency Mortgage-Backed Obligations — 25.0%
FHLMC
6.500%, 02/01/2054		305		317
6.000%, 11/01/2053 to 06/01/2055		1,818		1,845
5.500%, 03/01/2054 to 06/01/2055		1,109		1,104
5.000%, 12/01/2053 to 01/01/2055		724		706
4.500%, 10/01/2052 to 11/01/2052		2,049		1,948
4.000%, 11/01/2052		688		636
3.500%, 07/01/2038 to 09/01/2052		2,173		1,990
3.000%, 04/01/2052		1,670		1,430
2.500%, 12/01/2050 to 07/01/2051		1,096		905
2.000%, 09/01/2041 to 09/01/2051		2,713		2,181
FHLMC Multifamily Structured Pass Through Certificates, Ser K528, Cl A2
4.508%, 07/25/2029		51		52
FHLMC Multifamily Structured Pass-Through Certificates, Ser 158, Cl A2
4.050%, 07/25/2033		350		338
FHLMC Multifamily Structured Pass-Through Certificates, Ser K508, Cl A2
4.740%, 08/25/2028(A)		500		505

26	Adviser Managed Trust

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC Multifamily Structured Pass-Through Certificates, Ser K511, Cl A2
4.860%, 10/25/2028	$	400	$	406
FNMA
6.500%, 11/01/2053		602		621
6.000%, 09/01/2054		466		473
5.500%, 07/01/2053 to 02/01/2055		1,218		1,215
5.000%, 10/01/2053		1,084		1,058
4.000%, 08/01/2052 to 07/01/2055		857		791
3.500%, 01/01/2048		502		456
3.000%, 07/01/2037 to 06/01/2052		1,597		1,408
2.500%, 03/01/2037 to 06/01/2052		5,120		4,274
2.000%, 06/01/2036 to 03/01/2052		6,971		5,598
1.500%, 05/01/2037		897		793
GNMA
6.500%, 01/20/2054 to 08/20/2054		227		234
6.000%, 05/20/2053 to 03/20/2055		650		662
5.500%, 05/20/2054 to 09/20/2054		982		981
5.000%, 01/20/2053 to 01/20/2055		1,236		1,208
4.500%, 10/20/2052		867		828
4.000%, 10/20/2052		571		531
3.500%, 06/20/2052		1,088		981
3.000%, 09/20/2051		1,378		1,205
2.500%, 08/20/2051 to 04/20/2052		1,715		1,443
2.000%, 12/20/2050 to 03/20/2052		1,844		1,489
GNMA TBA
6.000%, 08/15/2036		200		203
5.500%, 07/01/2033		150		149
4.000%, 08/15/2055		200		184
UMBS TBA
7.000%, 08/01/2033		250		263
6.500%, 08/15/2037		200		206
6.000%, 08/01/2033		75		76
5.500%, 08/01/2037		300		298
3.500%, 08/15/2055		500		447
2.500%, 08/15/2055		650		532
2.000%, 08/15/2040		325		295
				43,265
Non-Agency Mortgage-Backed Obligations — 0.8%
BANK, Ser 2019-BN21, Cl A5
2.851%, 10/17/2052		275		254
BBCMS Mortgage Trust, Ser 2024-C24, Cl A5
5.419%, 02/15/2057		150		154
Benchmark Mortgage Trust, Ser 2020-B19, Cl A5
1.850%, 09/15/2053		350		303
BMO Mortgage Trust, Ser C8, Cl A5
5.598%, 03/15/2057(A)		135		140
GS Mortgage Securities Trust, Ser GSA2, Cl AAB
1.662%, 12/12/2053		95		89

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Commercial Mortgage Trust, Ser 2022-C62, Cl A4
4.000%, 04/15/2055(A)	$	350	$	329
				1,269

Total Mortgage-Backed Securities
(Cost $44,828) ($ Thousands)				44,534

CORPORATE OBLIGATIONS — 25.3%
Communication Services — 1.6%
Alphabet
4.500%, 05/15/2035		100		98
AT&T
5.400%, 02/15/2034		250		256
3.650%, 06/01/2051		375		264
Charter Communications Operating
6.150%, 11/10/2026		250		254
5.250%, 04/01/2053		200		165
Comcast
5.350%, 05/15/2053		150		137
4.550%, 01/15/2029		250		252
Meta Platforms
5.400%, 08/15/2054		120		116
4.750%, 08/15/2034		25		25
4.300%, 08/15/2029		30		30
T-Mobile USA
5.125%, 05/15/2032		150		152
4.850%, 01/15/2029		250		253
Verizon Communications
3.400%, 03/22/2041		350		270
2.100%, 03/22/2028		250		236
Walt Disney
7.750%, 12/01/2045		200		251
				2,759
Consumer Discretionary — 1.6%
Amazon.com
3.300%, 04/13/2027		250		246
2.875%, 05/12/2041		150		112
American Honda Finance
4.450%, 10/22/2027		100		100
American Honda Finance MTN
5.050%, 07/10/2031		100		102
4.900%, 07/09/2027		30		30
AutoZone
5.125%, 06/15/2030		100		102
Council of Europe Development Bank
4.500%, 01/15/2030		80		82
Ford Motor Credit
6.050%, 03/05/2031		250		251

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2025

Core Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
General Motors Financial
5.900%, 01/07/2035	$	200	$	202
5.400%, 05/08/2027		100		101
Home Depot
4.950%, 09/30/2026		250		252
3.300%, 04/15/2040		150		118
Las Vegas Sands
3.500%, 08/18/2026		200		197
Lowe's
2.800%, 09/15/2041		150		104
Marriott International
5.300%, 05/15/2034		100		101
McDonald's
5.450%, 08/14/2053		150		144
President and Fellows of Harvard College
4.887%, 03/15/2030		100		102
Starbucks
5.000%, 02/15/2034		100		101
4.850%, 02/08/2027		100		100
Toyota Motor Credit MTN
4.800%, 01/05/2034		200		200
				2,747
Consumer Staples — 1.7%
Altria Group
4.875%, 02/04/2028		100		101
Anheuser-Busch InBev Worldwide
3.500%, 06/01/2030		250		240
BAT Capital
7.079%, 08/02/2043		300		330
Coca-Cola
2.875%, 05/05/2041		100		75
Constellation Brands
4.800%, 01/15/2029		250		252
General Mills
4.700%, 01/30/2027		250		251
JBS USA Holding Lux Sarl
6.500%, 12/01/2052		250		255
Keurig Dr Pepper
4.600%, 05/15/2030		100		100
Kraft Heinz Foods
5.200%, 03/15/2032		100		101
Kroger
5.000%, 09/15/2034		125		124
Mondelez International
4.250%, 05/06/2028		100		100
PepsiCo
5.250%, 07/17/2054		100		96
4.500%, 07/17/2029		100		101
Pepsico Singapore Financing I Pte
4.550%, 02/16/2029		150		151
Philip Morris International
5.125%, 02/15/2030		250		256

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Procter & Gamble
4.350%, 01/29/2029	$	150	$	151
The Campbell's
4.750%, 03/23/2035		40		38
Walmart
4.500%, 04/15/2053		200		174
				2,896
Energy — 1.7%
BP Capital Markets America
4.989%, 04/10/2034		250		251
Canadian Natural Resources
2.950%, 07/15/2030		75		69
ConocoPhillips
5.000%, 01/15/2035		100		99
Devon Energy
5.200%, 09/15/2034		100		97
Diamondback Energy
5.400%, 04/18/2034		100		100
Enbridge
6.700%, 11/15/2053		250		270
Energy Transfer
5.950%, 05/15/2054		250		236
Enterprise Products Operating
4.950%, 02/15/2035		100		99
4.850%, 01/31/2034		200		198
Exxon Mobil
4.227%, 03/19/2040		200		178
Kinder Morgan
5.000%, 02/01/2029		200		203
MPLX
5.500%, 06/01/2034		85		85
Occidental Petroleum
5.550%, 10/01/2034		100		98
ONEOK
6.625%, 09/01/2053		250		259
Phillips 66
5.300%, 06/30/2033		125		126
Shell Finance US
4.125%, 05/11/2035		100		94
3.250%, 04/06/2050		250		171
Targa Resources
5.550%, 08/15/2035		100		100
Williams
4.900%, 03/15/2029		250		253
				2,986
Financials — 8.7%
African Development Bank
3.875%, 06/12/2028		140		140
Ally Financial
5.543%, SOFRINDX + 1.730%, 01/17/2031 (A)		55		56

28	Adviser Managed Trust

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
American Express
5.284%, SOFRRATE + 1.420%, 07/26/2035 (A)	$	200	$	203
American International Group
4.850%, 05/07/2030		100		101
Aon North America
5.150%, 03/01/2029		100		102
Ares Capital
5.875%, 03/01/2029		200		204
Arthur J Gallagher
5.150%, 02/15/2035		75		75
Asian Development Bank MTN
4.500%, 08/25/2028		200		203
4.125%, 01/12/2027		250		250
Asian Infrastructure Investment Bank
4.500%, 05/21/2035		80		81
Banco Santander
6.527%, H15T1Y + 1.650%, 11/07/2027 (A)		200		204
Bank of America
5.744%, SOFRRATE + 1.697%, 02/12/2036 (A)		270		275
5.288%, SOFRRATE + 1.910%, 04/25/2034 (A)		200		204
5.202%, SOFRRATE + 1.630%, 04/25/2029 (A)		250		254
4.623%, SOFRRATE + 1.110%, 05/09/2029 (A)		100		100
Bank of America MTN
2.676%, SOFRRATE + 1.930%, 06/19/2041 (A)		150		107
Bank of Montreal
4.640%, SOFRRATE + 1.250%, 09/10/2030 (A)		100		100
Bank of New York Mellon MTN
4.890%, SOFRRATE + 0.840%, 07/21/2028 (A)		100		101
Bank of Nova Scotia
4.932%, SOFRRATE + 0.890%, 02/14/2029 (A)		200		202
Barclays
6.224%, SOFRRATE + 2.980%, 05/09/2034 (A)		250		266
Berkshire Hathaway Finance
2.875%, 03/15/2032		100		92
BlackRock Funding
5.250%, 03/14/2054		100		95
Blackstone Private Credit Fund
6.000%, 11/22/2034		50		50
Canadian Imperial Bank of Commerce
5.260%, 04/08/2029		65		67
Capital One Financial
7.624%, SOFRRATE + 3.070%, 10/30/2031 (A)		250		281

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Charles Schwab
5.853%, SOFRRATE + 2.500%, 05/19/2034 (A)	$	200	$	212
Chubb INA Holdings MTN
5.000%, 03/15/2034		65		66
Citibank
5.488%, 12/04/2026		250		253
Citigroup
6.174%, SOFRRATE + 2.661%, 05/25/2034 (A)		100		104
5.592%, H15T5Y + 1.280%, 11/19/2034 (A)		200		203
4.952%, SOFRRATE + 1.463%, 05/07/2031 (A)		100		101
2.904%, SOFRRATE + 1.379%, 11/03/2042 (A)		100		71
Deutsche Bank NY
6.819%, SOFRRATE + 2.510%, 11/20/2029 (A)		200		213
5.706%, SOFRRATE + 1.594%, 02/08/2028 (A)		150		152
European Investment Bank
4.000%, 02/15/2029		250		251
3.750%, 02/14/2033		200		194
Fiserv
5.150%, 08/12/2034		100		99
Goldman Sachs Group
6.561%, SOFRRATE + 1.950%, 10/24/2034 (A)		100		111
6.484%, SOFRRATE + 1.770%, 10/24/2029 (A)		250		264
5.561%, SOFRRATE + 1.580%, 11/19/2045 (A)		50		49
5.536%, SOFRRATE + 1.380%, 01/28/2036 (A)		25		26
5.016%, SOFRRATE + 1.420%, 10/23/2035 (A)		80		79
3.436%, SOFRRATE + 1.632%, 02/24/2043 (A)		150		114
HSBC Holdings
6.547%, SOFRRATE + 2.980%, 06/20/2034 (A)		200		212
5.887%, SOFRRATE + 1.570%, 08/14/2027 (A)		250		253
5.546%, SOFRRATE + 1.460%, 03/04/2030 (A)		50		52
ING Groep
5.525%, SOFRRATE + 1.610%, 03/25/2036 (A)		200		204
Inter-American Development Bank
4.375%, 07/17/2034		100		100
Intercontinental Exchange
5.250%, 06/15/2031		30		31

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2025

Core Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
International Bank for Reconstruction & Development
4.750%, 11/14/2033	$	100	$	103
4.625%, 01/15/2032		80		82
4.000%, 01/10/2031		200		199
3.500%, 07/12/2028		250		247
International Finance MTN
4.250%, 07/02/2029		160		162
JPMorgan Chase
5.534%, SOFRRATE + 1.550%, 11/29/2045 (A)		35		35
5.502%, SOFRRATE + 1.315%, 01/24/2036 (A)		35		36
5.336%, SOFRRATE + 1.620%, 01/23/2035 (A)		100		102
5.040%, SOFRRATE + 1.190%, 01/23/2028 (A)		250		252
5.012%, SOFRRATE + 1.310%, 01/23/2030 (A)		250		254
4.979%, SOFRRATE + 0.930%, 07/22/2028 (A)		100		101
4.603%, SOFRRATE + 1.040%, 10/22/2030 (A)		75		75
3.109%, TSFR3M + 2.460%, 04/22/2041 (A)		150		115
KeyCorp
6.401%, SOFRINDX + 2.420%, 03/06/2035 (A)		100		107
Korea Development Bank
4.500%, 02/15/2029		200		202
Kreditanstalt fuer Wiederaufbau
4.125%, 07/15/2033		150		148
4.000%, 03/15/2029		250		251
Lloyds Banking Group
5.462%, H15T1Y + 1.375%, 01/05/2028 (A)		200		202
Marsh & McLennan
5.700%, 09/15/2053		250		249
Mastercard
4.875%, 05/09/2034		100		101
MetLife
5.375%, 07/15/2033		250		260
Mitsubishi UFJ Financial Group
5.441%, H15T1Y + 1.630%, 02/22/2034 (A)		200		206
5.422%, H15T1Y + 1.380%, 02/22/2029 (A)		200		204
Mizuho Financial Group
5.778%, H15T1Y + 1.650%, 07/06/2029 (A)		200		207
Morgan Stanley
5.173%, SOFRRATE + 1.450%, 01/16/2030 (A)		250		255

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.042%, SOFRRATE + 1.215%, 07/19/2030 (A)	$	100	$	102
4.654%, SOFRRATE + 1.100%, 10/18/2030 (A)		200		200
3.217%, SOFRRATE + 1.485%, 04/22/2042 (A)		150		114
Morgan Stanley MTN MTN
5.942%, H15T5Y + 1.800%, 02/07/2039 (A)		100		103
Nasdaq
5.950%, 08/15/2053		100		102
NatWest Group
4.964%, H15T1Y + 1.220%, 08/15/2030 (A)		200		202
Nomura Holdings
6.070%, 07/12/2028		200		208
Oesterreichische Kontrollbank
5.000%, 10/23/2026		200		202
PNC Financial Services Group
6.615%, SOFRINDX + 1.730%, 10/20/2027 (A)		250		256
Prudential Financial
5.200%, 03/14/2035		45		45
Royal Bank of Canada MTN
4.875%, 01/19/2027		200		202
S&P Global
3.900%, 03/01/2062		150		112
Santander UK Group Holdings
5.694%, SOFRINDX + 1.524%, 04/15/2031 (A)		100		103
Sumitomo Mitsui Financial Group
5.836%, 07/09/2044		100		101
3.050%, 01/14/2042		200		150
Toronto-Dominion Bank MTN
5.523%, 07/17/2028		200		206
Truist Financial MTN
5.153%, SOFRRATE + 1.571%, 08/05/2032 (A)		100		102
US Bancorp
5.775%, SOFRRATE + 2.020%, 06/12/2029 (A)		250		259
Wells Fargo
5.244%, SOFRRATE + 1.110%, 01/24/2031 (A)		185		189
5.150%, SOFRRATE + 1.500%, 04/23/2031 (A)		40		41
3.068%, SOFRRATE + 2.530%, 04/30/2041 (A)		150		113
Wells Fargo MTN
5.198%, SOFRRATE + 1.500%, 01/23/2030 (A)		250		255
4.611%, SOFRRATE + 2.130%, 04/25/2053 (A)		100		86

30	Adviser Managed Trust

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Westpac Banking
5.535%, 11/17/2028	$	250	$	260
				15,095
Health Care — 2.6%
Abbott Laboratories
4.900%, 11/30/2046		100		93
AbbVie
5.050%, 03/15/2034		50		51
4.050%, 11/21/2039		250		218
Amgen
5.600%, 03/02/2043		100		99
5.150%, 03/02/2028		250		254
Astrazeneca Finance
5.000%, 02/26/2034		35		36
4.850%, 02/26/2029		65		66
Becton Dickinson
5.110%, 02/08/2034		100		100
Bristol-Myers Squibb
6.400%, 11/15/2063		125		134
5.200%, 02/22/2034		20		21
3.550%, 03/15/2042		250		196
Cardinal Health
5.350%, 11/15/2034		50		51
Centene
2.500%, 03/01/2031		125		105
Cigna Group
5.600%, 02/15/2054		20		19
5.250%, 02/15/2034		50		50
5.000%, 05/15/2029		150		153
CVS Health
5.625%, 02/21/2053		100		92
5.300%, 06/01/2033		250		251
Elevance Health
5.125%, 02/15/2053		200		176
Eli Lilly
5.100%, 02/12/2035		100		101
4.950%, 02/27/2063		100		90
Gilead Sciences
5.100%, 06/15/2035		35		35
2.600%, 10/01/2040		100		72
HCA
4.375%, 03/15/2042		250		208
3.625%, 03/15/2032		250		230
Humana
6.000%, 05/01/2055		100		96
Johnson & Johnson
4.900%, 06/01/2031		65		67
2.100%, 09/01/2040		100		69
Merck
2.350%, 06/24/2040		250		174
Novartis Capital
3.800%, 09/18/2029		45		45

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Pfizer Investment Enterprises Pte
5.300%, 05/19/2053	$	150	$	140
4.650%, 05/19/2030		100		101
Solventum
5.600%, 03/23/2034		100		103
Stryker
4.700%, 02/10/2028		30		30
Takeda Pharmaceutical
5.300%, 07/05/2034		100		101
Thermo Fisher Scientific
2.000%, 10/15/2031		100		87
UnitedHealth Group
5.050%, 04/15/2053		200		175
4.500%, 04/15/2033		200		194
4.250%, 01/15/2029		200		199
				4,482
Industrials — 2.0%
3M
4.800%, 03/15/2030		100		101
AerCap Ireland Capital DAC
5.300%, 01/19/2034		150		151
Boeing
5.705%, 05/01/2040		300		298
Burlington Northern Santa Fe
5.500%, 03/15/2055		105		102
Canadian National Railway
4.375%, 09/18/2034		20		19
Canadian Pacific Railway
4.800%, 03/30/2030		65		66
Carrier Global
3.377%, 04/05/2040		300		237
Caterpillar Financial Services
4.500%, 01/08/2027		250		251
CSX
4.900%, 03/15/2055		65		58
Delta Air Lines
3.750%, 10/28/2029		100		96
GATX
5.500%, 06/15/2035		75		76
Honeywell International
5.250%, 03/01/2054		100		94
John Deere Capital
4.500%, 01/08/2027		250		251
4.500%, 01/16/2029		250		252
Leidos
5.400%, 03/15/2032		15		15
Lockheed Martin
5.200%, 02/15/2064		100		91
MasTec
5.900%, 06/15/2029		50		52
PACCAR Financial
4.450%, 08/06/2027		100		100

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2025

Core Fixed Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Regal Rexnord
6.050%, 04/15/2028	$	250	$	257
RTX
6.400%, 03/15/2054		250		272
Union Pacific
4.950%, 05/15/2053		200		180
United Airlines Pass Through Trust, Ser 2023-1, Cl A
5.800%, 01/15/2036		187		190
United Parcel Service
5.050%, 03/03/2053		200		180
Waste Management
4.650%, 03/15/2030		100		101
				3,490
Information Technology — 2.0%
Apple
4.300%, 05/10/2033		200		200
4.000%, 05/10/2028		250		250
2.375%, 02/08/2041		150		104
Broadcom
5.050%, 07/12/2029		100		102
4.150%, 04/15/2032 (B)		200		192
3.500%, 02/15/2041 (B)		250		198
Cisco Systems
5.300%, 02/26/2054		100		97
Dell International
5.300%, 04/01/2032		100		102
Hewlett Packard Enterprise
4.550%, 10/15/2029		100		100
Intel
5.625%, 02/10/2043		100		93
5.125%, 02/10/2030		250		254
International Business Machines
5.100%, 02/06/2053		200		181
4.500%, 02/06/2028		250		251
Micron Technology
5.300%, 01/15/2031		250		255
Microsoft
4.100%, 02/06/2037		100		95
2.921%, 03/17/2052		200		132
Oracle
4.700%, 09/27/2034		50		48
4.500%, 05/06/2028		250		251
3.600%, 04/01/2040		250		197
QUALCOMM
4.650%, 05/20/2035		100		99
Texas Instruments
5.050%, 05/18/2063		150		136
Visa
4.150%, 12/14/2035		125		118
				3,455

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Materials — 0.6%
BHP Billiton Finance USA
5.250%, 09/08/2033	$	150	$	154
Dow Chemical
5.350%, 03/15/2035		100		98
Ecolab
4.300%, 06/15/2028		100		100
LYB International Finance III
4.200%, 05/01/2050		75		55
Newmont
5.750%, 11/15/2041		250		251
Nutrien
5.200%, 06/21/2027		100		101
Rio Tinto Finance USA
5.125%, 03/09/2053		150		138
Sherwin-Williams
2.300%, 05/15/2030		100		90
				987
Real Estate — 0.6%
Alexandria Real Estate Equities
5.625%, 05/15/2054		100		94
5.250%, 05/15/2036		45		44
American Tower
5.450%, 02/15/2034		100		102
5.200%, 02/15/2029		100		102
Crown Castle
4.900%, 09/01/2029		100		101
Equinix Europe 2 Financing
5.500%, 06/15/2034		55		56
Host Hotels & Resorts
5.500%, 04/15/2035		100		99
Prologis
5.250%, 06/15/2053		100		93
Realty Income
4.750%, 02/15/2029		250		253
Simon Property Group
4.750%, 09/26/2034		40		39
				983
Utilities — 2.2%
AEP Transmission
5.400%, 03/15/2053		150		144
CenterPoint Energy Resources
5.400%, 07/01/2034		50		51
Consolidated Edison of New York
3.950%, 04/01/2050		150		116
Consumers Energy
4.700%, 01/15/2030		60		61
DTE Electric
4.850%, 12/01/2026		50		50
Duke Energy
4.850%, 01/05/2027		200		201

32	Adviser Managed Trust

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Duke Energy Carolinas
5.400%, 01/15/2054	$	150	$	144
4.850%, 01/15/2034		200		199
Entergy Louisiana
5.150%, 09/15/2034		125		126
Eversource Energy
5.450%, 03/01/2028		250		256
Exelon
5.150%, 03/15/2028		250		254
Georgia Power
4.950%, 05/17/2033		250		251
National Rural Utilities Cooperative Finance
4.750%, 02/07/2028		15		15
4.120%, 09/16/2027		60		60
NextEra Energy Capital Holdings
5.250%, 02/28/2053		150		138
4.900%, 02/28/2028		250		252
NiSource
5.350%, 04/01/2034		100		102
Oncor Electric Delivery
5.800%, 04/01/2055 (B)		125		126
Pacific Gas and Electric
6.750%, 01/15/2053		150		156
6.400%, 06/15/2033		150		158
PacifiCorp
5.800%, 01/15/2055		225		214
Public Service Electric and Gas
5.300%, 08/01/2054		100		95
Public Service of Colorado
5.350%, 05/15/2034		100		101
San Diego Gas & Electric
5.350%, 04/01/2053		100		93
Southern California Edison
5.875%, 12/01/2053		150		140
Union Electric
5.250%, 01/15/2054		150		139
Virginia Electric and Power
5.350%, 01/15/2054		150		141
5.150%, 03/15/2035		100		100
				3,883

Total Corporate Obligations
(Cost $43,958) ($ Thousands)				43,763

SOVEREIGN DEBT — 1.9%
Canada Government International Bond
3.750%, 04/26/2028		250		249
Chile Government International Bond
4.850%, 01/22/2029		200		203
Export Development Canada
4.125%, 02/13/2029		90		91

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Indonesia Government International Bond
5.100%, 02/10/2054	$	200	$	186
Japan Bank for International Cooperation
4.375%, 01/24/2031		200		201
Japan International Cooperation Agency
4.750%, 05/21/2029		200		204
Mexico Government International Bond
6.400%, 05/07/2054		200		183
6.000%, 05/07/2036		200		196
Panama Government International Bond
6.853%, 03/28/2054		200		186
Peruvian Government International Bond
5.875%, 08/08/2054		100		97
3.300%, 03/11/2041		200		149
Philippine Government International Bond
5.000%, 07/17/2033		200		201
Province of Alberta Canada
4.500%, 01/24/2034		250		248
Province of British Columbia Canada
4.800%, 06/11/2035		130		131
Province of Ontario Canada
4.200%, 01/18/2029		250		251
Province of Quebec Canada
4.500%, 09/08/2033		250		249
3.625%, 04/13/2028		200		198
Republic of Poland Government International Bond
5.125%, 09/18/2034		100		100

Total Sovereign Debt
(Cost $3,338) ($ Thousands)				3,323

U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.7%
FHLB
4.625%, 11/17/2026		250		251
4.000%, 03/10/2027		300		300
4.000%, 06/30/2028		250		251
FNMA
0.875%, 08/05/2030		550		474

Total U.S. Government Agency Obligations
(Cost $1,268) ($ Thousands)				1,276

ASSET-BACKED SECURITIES — 0.4%
Automotive — 0.2%
BMW Vehicle Lease Trust, Ser 2025-1, Cl A3
4.430%, 06/26/2028		50		50

Adviser Managed Trust

SCHEDULE OF INVESTMENTS

July 31, 2025

Core Fixed Income Fund (Concluded)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Honda Auto Receivables Owner Trust, Ser 2024-3, Cl A3
4.570%, 03/21/2029	$	152	$	153
Hyundai Auto Receivables Trust, Ser 2025-B, Cl A3
4.360%, 12/17/2029		25		25
Santander Drive Auto Receivables Trust, Ser 2025-2, Cl A3
4.670%, 08/15/2029		100		100
				328
Credit Cards — 0.1%
American Express Credit Account Master Trust, Ser 2025-1, Cl A
4.560%, 12/17/2029		100		101
Chase Issuance Trust, Ser 2023-A1, Cl A
5.160%, 09/15/2028		100		101
				202
Other — 0.1%
Verizon Master Trust, Ser 2025-5, Cl A1A
4.400%, 06/20/2031		106		106

Total Asset-Backed Securities
(Cost $635) ($ Thousands)				636

Total Investments in Securities — 99.4%
(Cost $173,129) ($ Thousands)			$	171,769

Percentages are based on Net Assets of $172,870 ($ Thousands).
(A)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(B)	Security, or a portion thereof, exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On July 31, 2025, the value of these securities amounted to $516 ($ Thousands), representing 0.3% of the Net Assets of the Fund.

Cl — Class

DAC — Designated Activity Company

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

H15T1Y — US Treasury Yield Curve Rate T Note Constant Mat 1 Year

H15T5Y — US Treasury Yield Curve Rate T Note Constant Mat 5 Year

MTN — Medium Term Note

Ser — Series

SOFRINDX — Custom Secured Overnight Financing Rate Index

SOFRRATE — U.S. Secured Overnight Financing Rate

TBA — To Be Announced

TSFR3M — Term Secured Overnight Financing Rate3 Months

UMBS — Uniform Mortgage Backed Securities

As of July 31, 2025, all of the Fund's investments were considered Level 2, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

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

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

34	Adviser Managed Trust

STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)

July 31, 2025

	Diversified Equity Fund		Enhanced Fixed Income Fund		Core Fixed Income Fund
Assets:
Investments, at value^†	$	232,395	$	33,296	$	171,769
Affiliated investments, at value^††		2,588		26		—
Cash		27,904		126		3,420
Foreign currency, at value ^†††		270		—		—
Cash pledged as collateral for futures contracts		1,735		—		—
Receivable for fund shares sold		63		2		10
Dividends and interest receivable		22		—		1,345
Receivable for investment securities sold		—		—		823
Receivable from administrator		—		—		12
Prepaid expenses		22		3		10
Total Assets		264,999		33,453		177,389
Liabilities:
Payable for variation margin		273		—		—
Shareholder servicing fees payable		44		5		22
Audit fees payable		32		4		30
Administration fees payable		29		—		—
Payable for fund shares redeemed		12		24		248
Printing fees payable		11		1		11
Legal fees payable		9		1		9
Custody fees payable		8		—		2
Investment advisory fees payable		7		6		9
Pricing fees payable		5		—		12
Chief Compliance Officer fees payable		2		—		1
Payable for investment securities purchased		—		—		4,170
Interest payable		—		11		—
Accrued expense payable		5		1		5
Total Liabilities		437		53		4,519
Net Assets	$	264,562	$	33,400	$	172,870
^†Cost of investments	$	223,653	$	32,928	$	173,129
^††Cost of affiliated investments		2,588		26		—
^†††Cost of foreign currency		276		—		—
Net Assets:
Paid-in capital — (unlimited authorization — no par value)	$	255,079	$	33,171	$	173,417
Total distributable earnings (accumulated losses)		9,483		229		(547	)
Net Assets	$	264,562	$	33,400	$	172,870
Net Asset Value, Offering and Redemption Price Per Share	$	10.29	$	10.20	$	9.97
		($264,561,818 ÷		($33,399,876 ÷		($172,869,717 ÷
		25,716,543 shares)		3,273,222 shares)		17,334,582 shares)

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

Adviser Managed Trust

STATEMENTS OF OPERATIONS ($ Thousands)

For the year ended July 31, 2025

	Diversified Equity Fund			Enhanced Fixed Income Fund			Core Fixed Income Fund
Investment income:
Dividends	$	3,337		$	2,493		$	—
Dividends from affiliated investments⁽¹⁾		142			13			—
Interest income		1,652			18			8,059
Less: foreign taxes withheld		(142	)		—			—
Total investment income		4,989			2,524			8,059
Expenses:
Shareholder servicing fees		699			88			434
Administration fees		559			70			347
Investment advisory fees		559			105			261
Trustee fees (Form N-CSR Item 10)		8			1			4
Chief Compliance Officer fees		3			—			2
Custodian/wire agent fees		72			—			5
Registration fees		55			7			26
Professional fees		37			5			67
Printing fees		29			4			25
Proxy fees		17			4			10
Other expenses		33			11			54
Total expenses		2,071			295			1,235
Less:
Waiver of investment advisory fees		(447	)		(77	)		(156	)
Waiver of shareholder servicing fees		—			—			(174	)
Waiver of administration fees		(150	)		(70	)		(318	)
Net expenses		1,474			148			587
Net investment income		3,515			2,376			7,472
Net realized gain (loss) on:
Investments		54,057			(700	)		(249	)
Futures contracts		(3,604	)		—			—
Foreign currency transactions		156			—			—
Net realized gain (loss)		50,609			(700	)		(249	)
Net change in unrealized appreciation (depreciation) on:
Investments		(60,026	)		(418	)		(2,213	)
Futures contracts		(1,234	)		—			—
Foreign currency and translation of other assets and liabilities denominated in foreign currency		(9	)		—			—
Net change in unrealized appreciation (depreciation)		(61,269	)		(418	)		(2,213	)
Net realized and unrealized loss		(10,660	)		(1,118	)		(2,462	)
Net increase (decrease) in net assets resulting from operations	$	(7,145	)	$	1,258		$	5,010

(1)

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 years or period ended July 31,

	Diversified Equity Fund						Enhanced Fixed Income Fund						Core Fixed Income Fund
	2025			2024			2025			2024			2025			2024⁽¹⁾
Operations:
Net investment income	$	3,515		$	5,096		$	2,376		$	2,514		$	7,472		$	3,549
Net realized gain (loss)		50,609			5,359			(700	)		(49	)		(249	)		(342	)
Net change in unrealized appreciation (depreciation)		(61,269	)		45,658			(418	)		817			(2,213	)		853
Net increase (decrease) in net assets resulting from operations		(7,145	)		56,113			1,258			3,282			5,010			4,060
Distributions		(52,462	)		(8,349	)		(2,220	)		(2,514	)		(6,624	)		(2,993	)
Return of Capital		–			–			–			(10	)		–			–
Capital share transactions:⁽²⁾
Proceeds from shares issued		289,250			36,356			37,387			6,815			41,457			173,020
Reinvestment of dividends & distributions		9,072			8,328			1,191			2,517			6,606			2,984
Cost of shares redeemed		(321,164	)		(68,588	)		(47,965	)		(5,653	)		(44,168	)		(6,482	)
Net increase (decrease) in net assets derived from capital share transactions		(22,842	)		(23,904	)		(9,387	)		3,679			3,895			169,522
Net increase (decrease) in net assets		(82,449	)		23,860			(10,349	)		4,437			2,281			170,589
Net assets:
Beginning of year or period		347,011			323,151			43,749			39,312			170,589			–
End of year or period	$	264,562		$	347,011		$	33,400		$	43,749		$	172,870		$	170,589

(1)	Commenced operations on January 22, 2024.
(2)	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 years or periods ended July 31,

For a share outstanding throughout the years or periods

	Net asset value, beginning of year or period		Net investment income⁽¹⁾		Net realized and unrealized gains (losses)⁽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
2025⁽²⁾	$	11.20	$	0.14	$	0.60	*	$	0.74		$	(0.18	)	$	(1.47	)	$	(1.65	)	$	10.29	8.44	%	$	264,562	0.53	%⁽³⁾		0.74	%		1.26	%		92	%
2024		9.69		0.16		1.61			1.77			(0.16	)		(0.10	)		(0.26	)		11.20	18.60			347,011	0.50			0.75			1.57			2
2023⁽⁴⁾		8.86		0.14		0.69			0.83			–			–			–			9.69	9.37			323,151	0.50			0.81			1.59			132
2022⁽⁵⁾⁽⁶⁾		10.00		0.01		(1.15	)		(1.14	)		–	^{^‡}		–			–	^{^‡}		8.86	(11.38	)		145	0.50			1.04			0.19			6,822	⁽⁷⁾
Enhanced Fixed Income Fund
2025⁽²⁾	$	10.01	$	0.68	$	–		$	0.68		$	(0.49	)	$	–		$	(0.49	)	$	10.20	7.03	%	$	33,400	0.42	%⁽⁸⁾⁽⁹⁾		0.84	%⁽⁸⁾		6.75	%⁽¹⁰⁾		99	%
2024		9.83		0.62		0.18			0.80			(0.62	)^‡		–			(0.62	)^‡		10.01	8.48			43,749	0.42			0.88			6.29			3
2023⁽¹¹⁾		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
Core Fixed Income Fund
2025	$	10.06	$	0.43	$	(0.14	)	$	0.29		$	(0.38	)	$	–		$	(0.38	)	$	9.97	2.94	%	$	172,870	0.34	%⁽¹²⁾		0.71	%		4.30	%		52	%
2024⁽¹³⁾		10.00		0.23		0.02			0.25			(0.19	)		–			(0.19	)		10.06	2.53			170,589	0.33			0.69			4.39			84

^	Amount is less than $0.005 per share.
^*	The amount shown for a share outstanding throughout the period does not accord with the aggregate net realized and unrealized losses for that period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
^†	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.
^‡	Includes return of capital of less than $0.005 per share.
(1)	Per share net investment income and net realized and unrealized gains (losses) calculated using average shares.
(2)	For the period April 10, 2025 through May 20, 2025, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).
(3)	The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.52%.
(4)	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).
(5)	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).
(6)	Commenced operations on March 30, 2022. All ratios for the period have been annualized.
(7)	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.
(8)	The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.
(9)	The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.41%.
(10)	Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invest.
(11)	Commenced operations on February 1, 2023. All ratios for the period have been annualized.
(12)	The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.33%.
(13)	Commenced operations on January 22, 2024. All ratios for the period have been annualized.

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

38	Adviser Managed Trust

NOTES TO FINANCIAL STATEMENTS

July 31, 2025

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 Enhanced Fixed Income Fund, and the Core 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 Core Fixed Income Fund commenced operations on January 22, 2024. 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 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. 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.

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.

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 —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

Adviser Managed Trust

NOTES TO FINANCIAL STATEMENTS (Continued)

July 31, 2025

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 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”). 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.

Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using rates provided by an independent source.

Adviser Managed Trust

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.

Adviser Managed Trust

NOTES TO FINANCIAL STATEMENTS (Continued)

July 31, 2025

Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.

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

Level 1 — quoted prices in active markets for identical investments

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

Level 3 — significant unobservable inputs (including 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, 2025, maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended July 31, 2025, 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, 2025.

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.

Adviser Managed Trust

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, 2025.

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 Statements of Assets and Liabilities. Refer to the Funds’ Schedules of Investments for details

regarding open forward foreign currency contracts as of July 31, 2025, 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 Statements of Assets and Liabilities. Refer to the Funds’ Schedules of Investments for details regarding open futures contracts as of July 31, 2025, 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

Adviser Managed Trust

NOTES TO FINANCIAL STATEMENTS (Continued)

July 31, 2025

the purchase or proceeds from the sale in determining whether a Fund has realized a gain or a loss.

The risk in writing a call option/swaption is a Fund may give up the opportunity for profit if the market price of the security increases. The risk in writing a put option/swaption is a Fund may incur a loss if the market price of the security decreases and the option/swaption is exercised. The risk in purchasing an option/swaption is a Fund may pay a premium whether or not the option/swaption is exercised. 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 Statements of Assets and Liabilities. The Funds did not hold any option/swaption contracts as of July 31, 2025.

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 Statements 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 Statements 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 Statements 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, 2025.

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

Adviser Managed Trust

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.

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, 2025, 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, 2025.

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 and Core Fixed Income Funds. 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. For US REITs, distributions received in excess of this estimated amount are

Adviser Managed Trust

NOTES TO FINANCIAL STATEMENTS (Continued)

July 31, 2025

recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

3. 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.

The following tables show the derivatives categorized by underlying risk exposure.

The fair value of derivative instruments as of July 31, 2025 was as follows ($ Thousands):

Asset Derivatives

Liability Derivatives

Statement of Assets and Liabilities Location

Fair Value

Statement of Assets and Liabilities Location

Fair Value

Derivatives not accounted for as hedging instruments:

Diversified Equity Fund

Equity contracts

Unrealized appreciation on
futures contracts

479

Unrealized depreciation on
futures contracts

Total Derivatives not accounted for as hedging instruments

479

46	Adviser Managed Trust

Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets & Liabilities.

The effect of derivative instruments on the Statements of Operations for the year ended July 31, 2025:

Amount of realized gain or (loss) on derivatives recognized in income ($ Thousands):

Derivatives Not Accounted for as Hedging Instruments	Purchased Options and Swaptions		Written Options and Swaptions		Futures			Forward Currency Contracts		Swaps		Total
Diversified Equity Fund
Equity contracts	$	—	$	—	$	(3,604	)	$	—	$	—	$	(3,604	)
Total	$	—	$	—	$	(3,604	)	$	—	$	—	$	(3,604	)

Change in unrealized appreciation or (depreciation) on derivatives recognized in income ($ Thousands):

Derivatives Not Accounted for as Hedging Instruments	Purchased Options and Swaptions		Written Options and Swaptions		Futures			Forward Currency Contracts		Swaps		Total
Diversified Equity Fund
Equity contracts	$	—	$	—	$	(1,234	)	$	—	$	—	$	(1,234	)
Total	$	—	$	—	$	(1,234	)	$	—	$	–	$	(1,234	)

The following table discloses the average quarterly balances of the Funds' derivative activity during the year ended July 31, 2025 ($ Thousands):

Diversified Equity

Fund

Futures Contracts:

Average Notional Balance Long

33,358

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.

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, 2025, in order to keep total fund operating expenses (exclusive of interest from borrowings, brokerage commissions, taxes, costs associated with litigation- or tax-related services, Trustee fees, prime broker fees, interest and dividend expenses related to short sales and 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

Adviser Managed Trust

NOTES TO FINANCIAL STATEMENTS (Continued)

July 31, 2025

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	%
Core Fixed Income Fund		0.15	%		0.25	%		0.70	%		0.33	%

Effective November 30, 2023, 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, taxes and extraordinary expenses not incurred in the ordinary course of each Fund’s business) from exceeding the amounts listed above. This fee waiver and reimbursement agreement was extended and will remain in effect until November 30, 2025. 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, 2025. 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 voluntarily waived and/or reimbursed a portion of its fees in order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions, taxes, costs associated with litigation- or tax-related services, Trustee fees, prime broker fees, interest and dividend expenses related to short sales and extraordinary expenses not incurred in the ordinary course of the Funds’ business) at a specified level.

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	%
Core Fixed Income Fund	0.2000	%	0.1775	%	0.1550	%	0.1325	%	0.1100	%

48	Adviser Managed Trust

As of July 31, 2025, 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.

Core Fixed Income Fund

SSgA Funds Management, Inc.

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

There were no such commissions for the year ended July 31, 2025.

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 Statements 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, 2025, 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, 2025, the Trust had not participated in the Program.

Adviser Managed Trust

NOTES TO FINANCIAL STATEMENTS (Continued)

July 31, 2025

5. CAPITAL SHARE TRANSACTIONS

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

	Diversified Equity Fund					Enhanced Fixed Income Fund					Core Fixed Income Fund
		2025		2024			2025		2024			2025		2024⁽¹⁾
Shares Issued		28,709		3,623			3,718		693			4,153		17,315
Shares Issued in Lieu of Dividends and Distributions		785		846			119		259			663		302
Shares Redeemed		(34,756	)	(6,844	)		(4,936	)	(581	)		(4,442	)	(656	)
Increase/(Decrease) in capital share transactions		(5,262	)	(2,375	)		(1,099	)	371			374		16,961

(1)	Commenced operations on January 22, 2024.

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, 2025, were as follows:

	U.S. Gov't ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Diversified Equity Fund
Purchases	$	—	$	230,730	$	230,730
Sales		—		287,646		287,646
Enhanced Fixed Income Fund
Purchases		—		35,874		35,874
Sales		—		44,604		44,604
Core Fixed Income Fund
Purchases		81,937		12,180		94,117
Sales		77,223		12,229		89,452

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, paydowns and non-deductible excise tax. The permanent differences that are credited or charged to paid-in-capital and distributable earnings (accumulated losses) are related to capital losses lost and non-deductible excise tax and have been reclassified to/from the following accounts as of July 31, 2025:

		Undistributed Net Investment Income (Loss) ($ Thousands)				Accumulated Realized Gain (Loss) ($ Thousands)				Paid-in- Capital ($ Thousands)
Enhanced Fixed Income Fund			8				1,206				(1,214	)

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

	Ordinary Income ($ Thousands)		Long-Term Capital Gain ($ Thousands)		Return of Capital ($ Thousands)		Total ($ Thousands)
Diversified Equity Fund
2025	$	8,118	$	44,344	$	—	$	52,462
2024		8,054		295		—		8,349
Enhanced Fixed Income Fund
2025		2,220		—		—		2,220
2024		2,514		—		10		2,524
Core Fixed Income Fund
2025		6,624		—		—		6,624
2024		2,993		—		—		2,993

50	Adviser Managed Trust

As of July 31, 2025, the components of Distributable Earnings (Accumulated Losses) on a tax basis were as follows:

	Undistributed Ordinary Income ($ Thousands)		Undistributed Long-Term Capital Gain ($ Thousands)		Capital Loss Carryforwards ($ Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)			Other Temporary Differences ($ Thousands)			Total Distributable Earnings (Accumulated Losses) ($ Thousands)
Diversified Equity Fund	$	194	$	619	$	—		$	8,670		$	—		$	9,483
Enhanced Fixed Income Fund		164		—		(301	)		367			(1	)		229
Core Fixed Income Fund		864		—		(47	)		(1,364	)		—			(547	)

Post-October losses represent losses realized on investment transactions from November 1, 2024 through July 31, 2025 that in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.

The Funds have capital losses carried forward as follows:

	Short-Term Loss ($ Thousands)		Long-Term Loss ($ Thousands)		Total* ($ Thousands)
Enhanced Fixed Income Fund	$	45	$	256	$	301
Core Fixed Income Fund		–		47		47

During the year ended July 31, 2025, the Core Fixed Income Fund utilized short-term capital loss carryforwards of $196 ($ Thousands) to offset capital gains.

For Federal income tax purposes, the cost of securities owned at July 31, 2025, 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, 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.

The aggregate gross unrealized appreciation and depreciation on total investments (including foreign currency and derivatives, if applicable) held by the Funds at July 31, 2025, were as follows:

	Federal Tax Cost ($ Thousands)		Appreciated Securities ($ Thousands)		Depreciated Securities ($ Thousands)			Net Unrealized Appreciation (Depreciation) ($ Thousands)
Diversified Equity Fund	$	226,307	$	12,944	$	(4,274	)	$	8,670
Enhanced Fixed Income Fund		32,955		368		(1	)		367
Core Fixed Income Fund		173,132		796		(2,160	)		(1,364	)

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, 2025, 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

Adviser Managed Trust

NOTES TO FINANCIAL STATEMENTS (Continued)

July 31, 2025

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 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.

Current Market Conditions Risk — Current market conditions risk is the risk that a particular investment, or shares of the Funds in general, may fall in value due to current market conditions. As a means to fight inflation, which remains at elevated levels, the Federal Reserve and certain foreign central banks have raised interest rates and expect to continue to do so, and the Federal Reserve has announced that it intends to reverse previously implemented quantitative easing. U.S. regulators have proposed several changes to market and issuer regulations that could directly impact the Funds, and any regulatory changes could adversely impact the Funds' ability to achieve its investment strategies or make certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. If geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Funds' assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. Advancements in technology may also adversely impact markets and the overall performance of the Funds.

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

Adviser Managed Trust

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.

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.

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

Adviser Managed Trust

NOTES TO FINANCIAL STATEMENTS (Concluded)

July 31, 2025

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, 2025, SPTC held of record the following percentage of outstanding shares:

Diversified Equity Fund	99.96%
Enhanced Fixed Income Fund	99.71%
Core 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. SEGMENT REPORTING

In this reporting period, the Funds adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) – “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds’ financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. SIMC acts as

the Funds’ CODM. The CODM has determined that the Funds represent a single operating segment, as the CODM monitors the operating results of the Funds as a whole and the Funds’ long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds’ portfolio managers as a team. The financial information in the form of the Funds’ schedules of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Funds’ comparative benchmarks and to make resource allocation decisions for the Funds’ single segment, is consistent with that presented within the Funds’ financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as “total assets” and significant segment expenses are listed on the accompanying Statements of Operations.

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.

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 statements of assets and liabilities of Adviser Managed Trust, comprised of the Diversified Equity Fund, Enhanced Fixed Income Fund and Core Fixed Income Fund (collectively, the Funds), including the schedules of investments, as of July 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended for Diversified Equity Fund and Enhanced Fixed Income Fund, the statements of changes in net assets for the year ended July 31, 2025 and for the period from January 22, 2024 (commencement of operations) to July 31, 2024 for Core Fixed Income Fund, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the three-year period ended July 31, 2025 and for the period from March 30, 2022 to July 31, 2022. 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, 2025, the results of their operations for the year 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 three-year period then ended and for the period from March 30, 2022 to July 31, 2022, 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, 2025, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. 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 23, 2025

Adviser Managed Trust

NOTICE TO SHAREHOLDERS (Unaudited)

For shareholders that do not have a July 31, 2025 taxable year end, this notice is for informational purposes only. For shareholders with a July 31, 2025 year end, please consult your tax advisor as to the pertinence of this notice.

For the fiscal year ended July 31, 2025, 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	84.53%	0.00%	15.47%	100.00%	55.55%
Enhanced Fixed Income Fund	0.00%	0.00%	100.00%	100.00%	0.00%
Core Fixed Income Fund	0.00%	0.00%	100.00%	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	66.64%	0.00%	16.14%	100.00%	1.87%
Enhanced Fixed Income Fund	0.00%	0.30%	1.03%	0.00%	0.00%
Core Fixed Income Fund	0.00%	45.03%	91.69%	0.00%	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, 2025. Complete information will be computed and reported in conjunction with your 2025 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

OTHER INFORMATION (FORM N-CSR ITEMS 8-11)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

At a Special Meeting of Shareholders held on December 18, 2024, shareholders of the Adviser Managed Trust elected Trustees. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

Proposal 1-To elect a Board of Trustees.

Director	Votes For	Votes Withheld	Abstained	Broker Non-Votes
Robert A. Nesher	18,286,733	273,824	N/A	N/A
Nina Lesavoy	18,252,945	307,612	N/A	N/A
James M. Williams	18,252,945	307,612	N/A	N/A
James B. Taylor	18,286,733	273,824	N/A	N/A
Susan C. Cote	18,233,166	327,392	N/A	N/A
Christine Reynolds	18,252,945	307,612	N/A	N/A
Thomas Melendez	18,295,523	265,036	N/A	N/A
Dennis J. McGonigle	18,309,529	251,029	N/A	N/A
Eli Powell Niepoky	18,295,523	265,036	N/A	N/A
Kimberly Walker	18,266,953	293,604	N/A	N/A

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The remuneration paid by the company during the period covered by the report to the Trustees on the company’s Board of Trustees is disclosed within the Statement(s) of Operations of the financial statements (Item 7).

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

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 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. 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.

Adviser Managed Trust

OTHER INFORMATION (FORM N-CSR ITEMS 8-11) (Concluded)

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) with the exception of the Core Fixed Income Fund, 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 from their Fund-related operations; (viii) SIMC’s and the Sub-Adviser’s compliance program, including a description of material compliance matters and material compliance violations; (ix) SIMC’s potential economies of scale; (x) SIMC’s and the Sub-Adviser’s policies on and compliance procedures for personal securities transactions; (xi) SIMC’s and the Sub-Adviser’s expertise and resources in domestic and/or international financial markets; and (xii) with the exception of the Core Fixed Income Fund, the Funds’ performance, where available, over various periods of time compared with the Fund’s benchmark indexes and peer groups of mutual funds prepared by Broadridge.

At the December 2-4, 2024 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved a brief extension of the Investment Advisory Agreements to accommodate a revised Spring meeting schedule. Typically, the Trustees renew the Investment Advisory Agreements at the first quarterly in-person meeting of the calendar year in March. Agreements regularly renewed at the March meeting expire on April 1 of the following year. Because the first quarterly in-person meeting of the Board in calendar year 2025 was held on April 1-3, the Investment Advisory Agreements would have expired prior to the meeting, without the extension. Accordingly, the Board voted in-person at the December 2-4, 2024 meeting to extend the Investment Advisory Agreements until the April 1-3, 2025 meeting. In evaluating whether to approve the extension of the Investment Advisory Agreements, the Board considered the information made available to it throughout the course of the year by representatives of the SEI investment and compliance teams. At the April 1-3, 2025 meeting, the Board evaluated the Investment Advisory Agreements in accordance with the renewal process that it typically applies during the annual contract renewal each Spring. The Board’s approval was based on its consideration and evaluation of the factors described above, as discussed at the meeting and at prior meetings. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Investment Advisory Agreements.

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

Performance. In determining whether to renew SIMC’s Advisory Agreement, the Trustees considered a Fund’s performance relative to its peer groups and appropriate indexes/benchmarks. The Trustees reviewed performance information for each Fund, noting that they receive performance reports that permit them to monitor 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 and performance consistency for each Fund, except the Core Fixed Income Fund, and a universe of comparable funds. Based on the

Adviser Managed Trust

materials considered and discussed at the meeting, the Trustees found Fund performance satisfactory. 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 of compensation called for by the Investment Advisory Agreements and the Funds’ 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 Enhanced Fixed Income and Diversified Equity Funds various metrics related to fund expenses, including, but not limited to, contractual management fees at various asset levels (except with respect to the Diversified Equity Fund), actual management fees (including transfer agent expenses), and actual total expenses for the Funds 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 to the Sub-Adviser, the Board took into account the fact that the Sub-Adviser is 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 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

ADVISER MANAGED TRUST ANNUAL FINANCIALS AND OTHER INFORMATION JULY 31, 2025

Trustees

Robert A. Nesher, Chairman

Dennis McGonigle

Nina Lesavoy

James M. Williams

Susan C. Cote

James B. Taylor

Christine Reynolds

Thomas Melendez

Kimberly Walker

Eli Powell Niepoky

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

Bridget Sudall

Anti-Money Laundering Compliance Officer

Privacy Officer

Investment Adviser

SEI Investments Management Corporation

Administrator

SEI Investments Global Funds Services

Distributor

SEI Investments Distribution Co.

Legal Counsel

Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm

KPMG LLP

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

For more information call

1 800 DIAL SEI

(1 800 342 5734)

1 Freedom Valley Drive

P.O. Box 1100

Oaks, Pennsylvania 19456

AMT (7/25)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Included under Item 7.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Included under Item 7.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The remuneration paid by the company during the period covered by the report to the Trustees on the company’s Board of Trustees is disclosed as part of the financial statements included above in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Included under Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

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

(a)(2) Not applicable.

(a)(3) 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.

(a)(4) Not applicable.

(a)(5) Not applicable.

(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
	(Principal Executive Officer)

Date: October 2, 2025

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
	(Principal Executive Officer)

Date: October 2, 2025

By	/s/ Glenn R. Kurdziel
	Glenn R. Kurdziel
	Controller & CFO
	(Principal Financial Officer)

Date: October 2, 2025