# EDGAR Filing Document

**Accession Number:** 0001970751
**File Stem:** 0001133228-25-013356
**Filing Date:** 2025-12
**Character Count:** 97272
**Document Hash:** 869a4f0d67d0a186a03f9a7799b85688
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013356.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001133228-25-013356

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**EFFECTIVENESS DATE**: 20251208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisor Managed Portfolios
- **CENTRAL INDEX KEY:** 0001970751

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23859
- **FILM NUMBER:** 251556788

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** (626) 914-7385

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Bramshill Income Performance Fund (Series ID: S000082975)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000246413 | Institutional Class | BRMSX           |

### BHILL Fund (Series ID: S000090927)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000258316 | Managed Account Completion Shares | BHILX           |

?xml version='1.0' encoding='ASCII'? 2025-07-31190795_BramshillIncomePerformanceFund_InstitutionalClass_TSRSemiAnnual

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 **<u>811-23859</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Advisor Managed Portfolios</u>**

(Exact name of registrant as specified in charter)

**<u>615 East Michigan Street</u>**

**<u>Milwaukee, Wisconsin 53202</u>**

(Address of principal executive offices) (Zip code)

**<u>Russell B. Simon</u>**

**<u>Advisor Managed Portfolios</u>**

**<u>2020 East Financial Way, Suite 100</u>**

**<u>Glendora, CA 91741</u>**

(Name and address of agent for service)

**<u>(626) 914-7395</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>March 31</u>**

Date of reporting period: **<u>September 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img590850_202511101858898.jpg) | **Bramshill Income Performance Fund**  | ![image](img171435_202511101856910.jpg) |
| ![image](img590850_202511101858898.jpg) | Institutional Class \| BRMSX  | ![image](img171435_202511101856910.jpg) |
| ![image](img590850_202511101858898.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171435_202511101856910.jpg) |

---

This semi-annual shareholder report contains important information about the Bramshill Income Performance Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.bramshillfunds.com/brmsx/. You can also request this information by contacting us at 877-272-6718.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $55 | 1.08% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1127187861 |
| **Number of Holdings** | 100 |
| **Net Advisory Fee** | $4612294 |
| **Portfolio Turnover** | 29% |
| **Average Credit Quality** | A- |
| **Effective Duration** | 8.1 yrs |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Note/Bond  | 9.1% |
|  United States Treasury Bill  | 5.7% |
|  iShares 0-5 Year High Yield Corporate Bond ETF  | 4.2% |
|  JPMorgan Ultra-Short Income ETF  | 3.5% |
|  United States Treasury Note/Bond  | 3.4% |
|  BP Capital Markets PLC  | 3.0% |
|  iShares Preferred and Income Securities ETF  | 3.0% |
|  iShares 20+ Year Treasury Bond ETF  | 2.6% |
|  Sempra Energy Depositary Shares  | 2.4% |
|  United States Treasury Note/Bond  | 2.4% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Corporate Bonds  | 40.6% |
|  U.S. Treasury Securities  | 17.2% |
|  Preferred Stocks  | 15.8% |
|  Exchange Traded Funds  | 15.7% |
|  U.S. Treasury Bills  | 5.9% |
|  Closed-End Funds  | 1.7% |
|  Money Market Funds  | 1.5% |
|  Investments Purchased with Proceeds from Securities Lending  | 0.7% |
|  Real Estate Investment Trusts - Preferred  | 0.7% |
|  Cash & Other  | 0.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bramshillfunds.com/brmsx/.

Bramshill Income Performance Fund PAGE 1 TSR-SAR-00777X868

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Bramshill Investments, LLC documents not be householded, please contact Bramshill Investments, LLC at 877-272-6718, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Bramshill Investments, LLC or your financial intermediary.

Bramshill Income Performance Fund PAGE 2 TSR-SAR-00777X868

------

---

| | | |
|:---|:---|:---|
| ![image](img171436_202511101857570.jpg) | **BHILL Fund**  | ![image](img171435_202511101856910.jpg) |
| ![image](img171436_202511101857570.jpg) | Managed Account Completion Shares \| BHILX  | ![image](img171435_202511101856910.jpg) |
| ![image](img171436_202511101857570.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171435_202511101856910.jpg) |

---

This semi-annual shareholder report contains important information about the BHILL Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.bramshillfunds.com/bhilx/. You can also request this information by contacting us at 877-272-6718.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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** **\*** |
| BHILL Fund | $0 | 0.00% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $99229585 |
| **Number of Holdings** | 21 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares 0-5 Year High Yield Corporate Bond ETF  | 22.5% |
|  iShares Preferred and Income Securities ETF  | 11.0% |
|  iShares Short Duration Bond Active ETF  | 10.2% |
|  iShares 20+ Year Treasury Bond ETF  | 9.2% |
|  Vanguard Ultra Short Bond ETF  | 8.5% |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund  | 6.7% |
|  AGNC Investment Corp. Depositary Shares  | 4.9% |
|  Lincoln National Corp. Depositary Shares  | 3.7% |
|  Annaly Capital Management, Inc.  | 3.7% |
|  Invesco Ultra Short Duration ETF  | 3.4% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Exchange Traded Funds  | 76.7% |
|  Preferred Stocks  | 14.7% |
|  Closed-End Funds  | 5.1% |
|  Corporate Bonds  | 1.7% |
|  Real Estate Investment Trusts - Preferred  | 1.6% |
|  Money Market Funds  | 1.5% |
|  Cash & Other  | -1.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bramshillfunds.com/bhilx/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Bramshill Investments, LLC documents not be householded, please contact Bramshill Investments, LLC at 877-272-6718, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Bramshill Investments, LLC or your financial intermediary.

BHILL Fund PAGE 1 TSR-SAR-00777X512

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7
 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](bramshilllogo.jpg)

**BRAMSHILL INCOME PERFORMANCE FUND (BRMSX)** 

**BHILL FUND (BHILX)** 

Semi-Annual Financial Statements

September 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments](#soi1) | [1](#soi1) |
| [Statements of Assets and Liabilities](#sal) | [6](#sal) |
| [Statements of Operations](#sop) | [7](#sop) |
| [Statements of Changes in Net Assets](#scna) | [8](#scna) |
| [Financial Highlights](#fihi) | [9](#fihi) |
| [Notes to Financial Statements](#notes) | [11](#notes) |
| [Additional Information](#add) | [20](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**BHILL FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 76.7%** <br>|  |  |
| Invesco Ultra Short Duration ETF | 66527 | $3341924  |
|  iShares 0-5 Year High Yield Corporate Bond ETF | 514981 | 22298677  |
|  iShares 0-5 Year Investment Grade Corporate Bond ETF | 65007 | 3304306  |
| iShares 20+ Year Treasury Bond ETF | 102624 | 9171507  |
|  iShares Preferred and Income Securities ETF | 343708 | 10868047  |
| iShares Short Duration Bond Active ETF | 196842 | 10094057  |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 65726 | 6617951  |
| VanEck Long Muni ETF | 20000 | 349600  |
| &nbsp;&nbsp;&nbsp; Vanguard Long-Term Corporate Bond <br>ETF | 21337 | 1656818  |
| Vanguard Ultra Short Bond ETF | 168244 | 8411359  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $75,454,807)** |  | 76114246  |
|  **REAL ESTATE INVESTMENT TRUSTS - PREFERRED - 10.2%**<br>|  |  |
| **REITS - 10.2%**<br>|  |  |
|  AGNC Investment Corp., Series H, 8.75%, Perpetual | 63581 | 1618137  |
|  AGNC Investment Corp. Depositary Shares, Series F, 9.28% (3 mo. Term SOFR + 4.96%), Perpetual | 192784 | 4889002  |
|  Annaly Capital Management, Inc., Series I, 9.23% (3 mo. Term SOFR + 5.25%), Perpetual | 143151 | 3627446  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - PREFERRED** <br>**(Cost $10,129,741)** |  | 10134585  |
| **PREFERRED STOCKS - 5.5%**<br>|  |  |
| **Closed-end Funds - 1.8%**<br>|  |  |
|  Virtus Convertible & Income Fund, Series A, 5.63%, Perpetual<sup>(a)</sup> | 84037 | 1814359  |
| **Insurance - 3.7%**<br>|  |  |
|  Lincoln National Corp. Depositary Shares, Series D, 9.00%, Perpetual<sup>(a)</sup> | 136028 | 3627867  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $5,436,030)** |  | 5442226  |
| **CLOSED-END FUNDS - 5.1%**<br>|  |  |
|  Nuveen AMT-Free Quality Municipal Income Fund | 165464 | 1884635  |
| Nuveen Quality Municipal Income Fund | 162338 | 1897731  |
| PIMCO Municipal Income Fund II | 153291 | 1212532  |
| &nbsp;&nbsp;&nbsp; **TOTAL CLOSED-END FUNDS** <br>**(Cost $4,726,796)** |  | 4994898 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 2.3%**<br>|  |  |
| **Insurance - 1.7%**<br>|  |  |
|  Reinsurance Group of America, Inc., 7.13% to 10/15/2027 then 5 yr. CMT Rate + 3.46%, 10/15/2052<sup>(a)</sup> | $66147 | $1709900  |
| **Private Equity - 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Carlyle Finance LLC, <br>4.63%, 05/15/2061<sup>(a)</sup> | 32000 | 575360  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $2,257,596)** |  | 2285260 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 1.5%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.03%<sup>(b)</sup> | 1502298 | 1502298  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,502,298)** |  | 1502298  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.3%** <br>**(Cost $99,507,268)** |  | $100473513  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.3)% |  | (1243928)  |
| **TOTAL NET ASSETS - 100.0%** |  | $99229585 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

AMT - Alternative Minimum Tax

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BRAMSHILL INCOME PERFORMANCE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 40.6%**<br>|  |  |
| **Aerospace/Defense - 0.7%**<br>|  |  |
| RTX Corp., 3.03%, 03/15/2052 | $11698000 | $7717160  |
| **Banks - 10.6%**<br>|  |  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.20% to 10/24/2025 then SOFR + 1.01%, 10/24/2026 | 25032000 | 24984292  |
| &nbsp;&nbsp;&nbsp; 5.08% to 01/20/2026 then SOFR + 1.29%, 01/20/2027 | 13282000 | 13308007  |
| &nbsp;&nbsp;&nbsp; 1.73% to 07/22/2026 then SOFR + 0.96%, 07/22/2027 | 11782000 | 11548599  |
| &nbsp;&nbsp;&nbsp; Barclays PLC, 3.33% to 11/24/2041 <br>then 1 yr. CMT Rate + 1.30%, 11/24/2042 | 4634000 | 3579614  |
|  Citigroup, Inc., 1.46% to 06/09/2026 then SOFR + 0.77%, 06/09/2027 | 9300000 | 9125714  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.09% to 12/09/2025 then SOFR + 0.79%, 12/09/2026 | 8729000 | 8674748  |
| &nbsp;&nbsp;&nbsp; 3.21% to 04/22/2041 then SOFR + 1.51%, 04/22/2042 | 7628000 | 5897864  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04% to 02/04/2026 then <br>3 mo. Term SOFR + 0.70%, 02/04/2027 | 20000000 | 19782120  |
| &nbsp;&nbsp;&nbsp; 1.58% to 04/22/2026 then SOFR + 0.89%, 04/22/2027 | 3500000 | 3449381  |
|  Morgan Stanley, 2.48% to 09/16/2031 then SOFR + 1.36%, 09/16/2036 | 10968000 | 9535015  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/22/2026 | 6878000 | 6839131  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/23/2026 | 2785000 | 2757715  |
|  |  | 119482200  |
| **Biotechnology - 0.8%**<br>|  |  |
| Biogen, Inc., 3.15%, 05/01/2050 | 13266000 | 8620417  |
| **Chemicals - 0.8%**<br>|  |  |
|  LYB International Finance III LLC, 3.63%, 04/01/2051 | 14054000 | 9427134  |
| **Diversified Finan Serv - 1.7%**<br>|  |  |
|  Ally Financial, Inc., 6.65% to 01/17/2035 then 5 yr. CMT Rate + 2.45%, 01/17/2040 | 11043000 | 11048706  |
| Nasdaq, Inc., 3.25%, 04/28/2050 | 11170000 | 7787567  |
|  |  | 18836273  |
| **Electric - 10.4%**<br>|  |  |
| American Electric Power Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 03/01/2050 | 8022000 | 5408301  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% to 03/15/2031 then 5 yr. CMT Rate + 2.13%, <br>03/15/2056 | 946000 | 946003  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05% to 03/15/2036 then 5 yr. CMT Rate + 1.94%, <br>03/15/2056 | 14663000 | 14714746  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Berkshire Hathaway Energy Co., 2.85%, 05/15/2051 | $6912000 | $4390111  |
| Dominion Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% to 06/01/2034 then 5 yr. CMT Rate + 2.51%, <br>06/01/2054 | 7479000 | 8121521  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% to 02/01/2030 then 5 yr. CMT Rate + 2.39%, <br>02/01/2055 | 18652000 | 19517157  |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., <br>3.30%, 06/15/2041 | 13599000 | 10468586  |
| NextEra Energy Capital Holdings, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38% to 08/15/2030 then 5 yr. CMT Rate + 2.05%, <br>08/15/2055 | 14228000 | 14785764  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% to 08/15/2035 then 5 yr. CMT Rate + 1.98%, <br>08/15/2055 | 10705000 | 11348734  |
|  Pacific Gas and Electric Co., 3.50%, 08/01/2050 | 11683000 | 7986316  |
|  Southern Co., 6.38% to 03/15/2035 then 5 yr. CMT Rate + 2.07%, 03/15/2055<sup>(a)</sup> | 18759000 | 20003129  |
|  |  | 117690368  |
| **Insurance - 1.9%**<br>|  |  |
|  Arch Capital Group Ltd., 3.64%, 06/30/2050 | 8222000 | 6122308  |
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd., <br>3.95%, 05/25/2051 | 12405000 | 9052444  |
| Reinsurance Group of America, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13% to 10/15/2027 then 5 yr. CMT Rate + 3.46%, 10/15/2052<sup>(b)</sup> | 223635 | 5780965  |
| &nbsp;&nbsp;&nbsp; 5.75% to 06/15/2026 then 3 mo. LIBOR US + 4.04%, 06/15/2056<sup>(b)(c)</sup> | 5330 | 132504  |
|  |  | 21088221  |
| **Internet - 0.4%**<br>|  |  |
|  Alibaba Group Holding Ltd., 3.15%, 02/09/2051 | 6510000 | 4563579  |
| **Media - 0.7%**<br>|  |  |
|  Charter Communications Operating LLC, 3.50%, 06/01/2041 | 11151000 | 8138587  |
| **Oil & Gas - 3.3%**<br>|  |  |
|  BP Capital Markets America, Inc., 3.00%, 03/17/2052 | 7106000 | 4629294  |
| Occidental Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/2044 | 2586000 | 2055806  |
| &nbsp;&nbsp;&nbsp; 4.40%, 04/15/2046 | 1183000 | 930569  |
| &nbsp;&nbsp;&nbsp; 4.10%, 02/15/2047 | 4442000 | 3200400  |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/15/2048 | 730000 | 539331  |
|  Phillips 66 Co., 6.20% to 03/15/2036 then 5 yr. CMT Rate + 2.17%, 03/15/2056 | 19311000 | 19383899  |

---

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BRAMSHILL INCOME PERFORMANCE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Oil & Gas - (Continued)** | **Oil & Gas - (Continued)** | **Oil & Gas - (Continued)** |
|  Valero Energy Corp., 3.65%, 12/01/2051 | $8424000 | $5920766  |
|  |  | 36660065  |
| **Pipelines - 1.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc., 8.50% to 01/15/2034 <br>then 5 yr. CMT Rate + 4.43%, 01/15/2084 | 3783000 | 4335677  |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc., <br>3.25%, 08/01/2050 | 9547000 | 6342500  |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc., <br>3.50%, 10/15/2051 | 11370000 | 8090307  |
|  |  | 18768484  |
| **Private Equity - 0.3%**<br>|  |  |
|  Carlyle Finance LLC, 4.63%, 05/15/2061<sup>(b)</sup> | 178699 | 3213008  |
| **REITS - 3.1%**<br>|  |  |
|  American Tower Corp., 2.95%, 01/15/2051 | 7949000 | 5155534  |
|  Rithm Capital Corp., 8.00%, 04/01/2029<sup>(d)</sup> | 21228000 | 21746218  |
|  Simon Property Group LP, 3.25%, 09/13/2049 | 11762000 | 8254696  |
|  |  | 35156448  |
| **Retail - 1.2%**<br>|  |  |
| Macy's Retail Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/15/2042 | 2894000 | 2289300  |
| &nbsp;&nbsp;&nbsp; 4.30%, 02/15/2043 | 6258000 | 4518647  |
| Starbucks Corp., 3.50%, 11/15/2050 | 10205000 | 7276959  |
|  |  | 14084906  |
| **Semiconductors - 0.8%**<br>|  |  |
|  Micron Technology, Inc., 3.48%, 11/01/2051 | 12699000 | 9085740  |
| **Software - 1.5%**<br>|  |  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 04/01/2040 | 11347000 | 9116434  |
| &nbsp;&nbsp;&nbsp; 3.85%, 04/01/2060 | 11192000 | 7696163  |
|  |  | 16812597  |
| **Telecommunications - 0.7%**<br>|  |  |
|  Verizon Communications, Inc., 2.88%, 11/20/2050 | 12609000 | 8047777  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $442,791,217)** |  | 457392964  |
| **U.S. TREASURY SECURITIES - 17.2%** | **U.S. TREASURY SECURITIES - 17.2%** | **U.S. TREASURY SECURITIES - 17.2%** |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 | 53771000 | 26362493  |
| &nbsp;&nbsp;&nbsp; 1.38%, 08/15/2050 | 53406000 | 26837558  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 1.63%, 11/15/2050 | $70950000 | $38046937  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2053 | 113741000 | 102751221  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $201,655,886)** |  | 193998209 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **EXCHANGE TRADED FUNDS - 15.7%** | **EXCHANGE TRADED FUNDS - 15.7%** | **EXCHANGE TRADED FUNDS - 15.7%** |
| Invesco Senior Loan ETF<sup>(a)</sup> | 200000 | 4186000  |
| Invesco Ultra Short Duration ETF | 59 | 2964  |
|  iShares 0-5 Year High Yield Corporate Bond ETF | 1082773 | 46884071  |
|  iShares 0-5 Year Investment Grade Corporate Bond ETF | 130620 | 6639415  |
| &nbsp;&nbsp;&nbsp; iShares 20+ Year Treasury <br>Bond ETF | 331315 | 29609622  |
|  iShares Preferred and Income Securities ETF | 1063057 | 33613862  |
| &nbsp;&nbsp;&nbsp; iShares Short Duration Bond <br>Active ETF | 172 | 8820  |
| JPMorgan Ultra-Short Income ETF | 780797 | 39609832  |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 106045 | 10677671 |
| SPDR Blackstone Senior Loan ETF | 50000 | 2079000  |
|  Vanguard Long-Term Corporate Bond ETF<sup>(a)</sup> | 41519 | 3223950  |
| Vanguard Ultra Short Bond ETF | 145 | 7249  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $176,021,897)** |  | 176542456  |
| **PREFERRED STOCKS - 13.3%**<br>|  |  |
| **Banks - 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. Depositary Shares, 6.30% to 03/10/2026 <br>then 3 mo. Term SOFR + <br>4.81%, Perpetual | 4882000 | 4916462  |
|  Citigroup, Inc. Depositary Shares, 7.00% to 08/15/2034 then 10 yr. CMT Rate + 2.76%, Perpetual | 5671000 | 6032369  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. Depositary Shares, 7.38% to 08/10/2029 <br>then 5 yr. CMT Rate + <br>3.62%, Perpetual | 3728000 | 3769101  |
|  UBS Group AG, 9.25% to 11/13/2028 then 5 yr. CMT Rate + 4.75%, Perpetual<sup>(d)</sup> | 1977000 | 2185995  |
|  |  | 16903927  |
| **Closed-end Funds - 0.3%**<br>|  |  |
|  Virtus Convertible & Income Fund, Series A, 5.63%, Perpetual<sup>(b)</sup> | 166284 | 3590072  |
|  Virtus Convertible & Income Fund II, 5.50%, Perpetual<sup>(b)</sup> | 7743 | 161209  |
|  |  | 3751281 |

---

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BRAMSHILL INCOME PERFORMANCE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **PREFERRED STOCKS - (Continued)** | **PREFERRED STOCKS - (Continued)** | **PREFERRED STOCKS - (Continued)** |
| **Diversified Finan Serv - 1.4%**<br>|  |  |
|  Ally Financial, Inc. Depositary Shares, 4.70% to 05/15/2028 then H157 yr. CMT Rate + 3.48%, Perpetual | 17225000 | $15904735  |
| **Electric - 2.8%**<br>|  |  |
|  Brookfield Renewable Partners LP, Series 17, 5.25%, Perpetual<sup>(b)</sup> | 273839 | 5178295  |
|  Sempra Energy Depositary Shares, 4.88% to 10/15/2025 then 5 yr. CMT Rate + 4.55%, Perpetual | 26814000 | 26839747  |
|  |  | 32018042  |
| **Insurance - 2.6%**<br>|  |  |
|  Allstate Corp. Depositary Shares, Series J, 7.38%, Perpetual<sup>(b)</sup> | 178012 | 4715538  |
| &nbsp;&nbsp;&nbsp; Lincoln National Corp. <br>Depositary Shares | &nbsp;&nbsp;&nbsp; Lincoln National Corp. <br>Depositary Shares | &nbsp;&nbsp;&nbsp; Lincoln National Corp. <br>Depositary Shares |
| &nbsp;&nbsp;&nbsp; 9.25% to 3/1/2028 then 5 yr. CMT Rate + 5.32%, Perpetual | 13551000 | 14586472  |
| &nbsp;&nbsp;&nbsp; Series D, 9.00%, Perpetual<sup>(b)</sup> | 376070 | 10029787  |
|  |  | 29331797  |
| **Investment Companies - 1.3%**<br>|  |  |
| Brookfield Oaktree Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.63%, Perpetual<sup>(b)</sup> | 197950 | 4346982  |
| &nbsp;&nbsp;&nbsp; Series B, 6.55%, Perpetual<sup>(b)</sup> | 464808 | 10053797  |
|  |  | 14400779  |
| **Oil & Gas - 3.0%**<br>|  |  |
|  BP Capital Markets PLC, 4.88% to 06/22/2030 then 5 yr. CMT Rate + 4.40%, Perpetual | 33848000 | 33660296  |
| **Pipelines - 0.4%**<br>|  |  |
|  Energy Transfer LP Depositary Shares, 7.13% to 05/15/2030 then 5 yr. CMT Rate + 5.31%, Perpetual | 4175000 | 4321914  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $154,628,665)** |  | 150292771  |
|  **REAL ESTATE INVESTMENT TRUSTS - PREFERRED - 3.2%** <br>|  |  |
| **REITS - 3.2%**<br>|  |  |
|  AGNC Investment Corp., Series H, 8.75%, Perpetual | 175433 | 4464770  |
| AGNC Investment Corp. Depositary Shares | AGNC Investment Corp. Depositary Shares | AGNC Investment Corp. Depositary Shares |
| &nbsp;&nbsp;&nbsp; Series C, 9.35% (3 mo. Term SOFR + 5.37%), Perpetual | 60862 | 1586672  |
| &nbsp;&nbsp;&nbsp; Series F, 9.28% (3 mo. Term SOFR + 4.96%), Perpetual | 620862 | 15745060  |
|  Annaly Capital Management, Inc., Series I, 9.23% (3 mo. Term SOFR + 5.25%), Perpetual | 422022 | 10694038  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
|  Rithm Capital Corp., Series E, 8.75%, Perpetual | 124539 | $3096040  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - PREFERRED** <br>**(Cost $32,859,294)** |  | 35586580  |
| **CLOSED-END FUNDS - 1.7%**<br>|  |  |
|  Nuveen AMT-Free Quality Municipal Income Fund<sup>(a)</sup> | 637432 | 7260351  |
|  Nuveen Quality Municipal Income Fund | 703660 | 8225785  |
| PIMCO Municipal Income Fund II<sup>(a)</sup> | 511309 | 4044454  |
| &nbsp;&nbsp;&nbsp; **TOTAL CLOSED-END FUNDS** <br>**(Cost $19,149,327)** |  | 19530590  |
| **OPEN-END FUNDS - 0.6%**<br>|  |  |
|  Equable Shares Hedged Equity Fund - Class Institutional | 234494 | 6755777  |
| &nbsp;&nbsp;&nbsp; **TOTAL OPEN-END FUNDS** <br>**(Cost $5,959,444)** |  | 6755777 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |
| **U.S. TREASURY BILLS - 5.9%**<br>|  |  |
| 4.10%, 12/23/2025<sup>(e)</sup> | $65000000 | 64421648  |
| 4.07%, 12/30/2025<sup>(e)</sup> | 2046000 | 2026329  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $66,418,499)** |  | 66447977 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  |  |
| **MONEY MARKET FUNDS - 1.5%**  | **MONEY MARKET FUNDS - 1.5%**  | **MONEY MARKET FUNDS - 1.5%**  |
|  First American Government Obligations Fund - Class X, 4.03%<sup>(f)</sup> | 17065535 | 17065535  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $17,065,535)** |  | 17065535  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.7%** <br>|  |  |
|  First American Government Obligations Fund - Class X, 4.03%<sup>(f)</sup> | 7786149 | 7786149  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $7,786,149)** |  | 7786149  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.4%** <br>**(Cost $1,124,335,913)** |  | $1131399008  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.4)% |  | (4211147)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1127187861 |

---

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BRAMSHILL INCOME PERFORMANCE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

AMT - Alternative Minimum Tax

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup>

All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $7,591,619.

<sup>(b)</sup>

Non-income producing security.

<sup>(c)</sup>

Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(d)</sup>

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2025, the value of these securities total $23,932,213 or 2.1% of the Fund's net assets.

<sup>(e)</sup>

The rate shown is the annualized yield as of September 30, 2025.

<sup>(f)</sup>

The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BRAMSHILL FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **BHILL** <br>**Fund** | **Bramshill Income** <br>**Performance Fund**  |
| **ASSETS:**<br>|  |  |
| Investments, at value | $100473513 | $1131399008  |
| Dividends receivable | 27602 | 295223  |
| Receivable from Advisor | 18844 | —  |
| Interest receivable | 5190 | 8169971  |
| Receivable for fund shares sold | 2512 | 1566212  |
| Security lending income receivable |  | 2925  |
| Cash |  | 250000  |
| Deposit at broker for securities sold short |  | 54946  |
| Deposit at broker for future contracts |  | 64883  |
| Prepaid expenses and other assets | 3196 | 59408  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 100530857 | 1141862576  |
| **LIABILITIES:**<br>|  |  |
| Payable for investments purchased | 824050 | 3311226  |
| Distributions payable | 437263 | 677641  |
| Payable for fund administration and accounting fees | 16516 | 219107  |
| Payable for transfer agent fees and expenses | 4119 | 60066  |
| Payable for compliance fees | 2367 | 5563  |
| Payable for custodian fees | 1897 | 16948  |
| Payable for distribution and shareholder servicing fees |  | 157181  |
| Payable for capital shares redeemed |  | 1592213  |
| Payable upon return of securities loaned |  | 7786149  |
| Payable to advisor |  | 780648  |
| Payable for expenses and other liabilities | 15060 | 67973  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1301272 | 14674715  |
| **NET ASSETS** | $99229585 | $1127187861  |
| **Net Assets Consists of:**<br>|  |  |
| Paid-in capital | $98274394 | $1166404647  |
| Total distributable earnings/(accumulated losses) | 955191 | (39216786)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $99229585 | $1127187861  |
| Net assets | $99229585 | $—  |
| Shares issued and outstanding<sup>(a)</sup> | 9757725 | —  |
| Net asset value per share | $10.17 | $—  |
| **Institutional Class**<br>|  |  |
| Net assets | $— | $1127187861  |
| Shares issued and outstanding<sup>(a)</sup> |  | 114698721  |
| Net asset value per share | $— | $9.83  |
| **Cost:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $99507268 | $1124335913  |
| **Loaned Securities:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $— | $7591619 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BRAMSHILL FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **BHILL** <br>**Fund<sup>(a)</sup>** | **Bramshill Income** <br>**Performance Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividend income | $1109804 | &nbsp;&nbsp; $8008627  |
| Less: Dividend withholding taxes |  | &nbsp;&nbsp; (6885)  |
| Interest income |  | &nbsp;&nbsp; 20707065  |
| Securities lending income |  | &nbsp;&nbsp; 43603  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1109804 | &nbsp;&nbsp; 28752410  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee  | —  | &nbsp;&nbsp; 4612294  |
| Shareholder service costs - Institutional Class  | —  | &nbsp;&nbsp; 513485  |
| Fund administration and accounting fees | 36795 | &nbsp;&nbsp; 422048  |
| Transfer agent fees  | 8760  | &nbsp;&nbsp; 130636  |
| Federal and state registration fees  | 9752  | &nbsp;&nbsp; 33699  |
| Custodian fees  | 3803  | &nbsp;&nbsp; 32060  |
| Interest expense  | —  | &nbsp;&nbsp; 34700  |
| Legal fees | 14309 | &nbsp;&nbsp; 18295  |
| Reports to shareholders  | 5556  | &nbsp;&nbsp; 26211  |
| Audit fees | 11579 | &nbsp;&nbsp; 12599  |
| Trustees' fees | 7065 | &nbsp;&nbsp; 8694  |
| Compliance fees | 4867 | &nbsp;&nbsp; 9314  |
| Other expenses and fees | 5192 | &nbsp;&nbsp; 12041  |
| &nbsp;&nbsp;&nbsp; Total expenses | 107678 | &nbsp;&nbsp; 5866076  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Advisor | (107678) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 0 | &nbsp;&nbsp; 5866076  |
| **Net investment income** | 1109804 | &nbsp;&nbsp; 22886334  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |
| Net realized gain (loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | (11207) | &nbsp;&nbsp; (4091234)  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed |  | &nbsp;&nbsp; 904188  |
| &nbsp;&nbsp;&nbsp; Futures contracts |  | &nbsp;&nbsp; 2051  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  | &nbsp;&nbsp; 8717  |
| Net realized loss | (11207) | &nbsp;&nbsp; (3176278)  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | 966245 | &nbsp;&nbsp; 14919989  |
| Net change in unrealized appreciation (depreciation) | 966245 | &nbsp;&nbsp; 14919989  |
| **Net realized and unrealized gain**  | 955038 | &nbsp;&nbsp; 11743711  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $2064842 | &nbsp;&nbsp; $34630045 |

---

<sup>(a)</sup> Inception date of the Fund was April 1, 2025.

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

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BRAMSHILL FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **BHILL Fund** | **Bramshill Income Performance Fund**  | **Bramshill Income Performance Fund**  |
|  | **Period Ended** <br>**September 30, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | &nbsp;&nbsp;&nbsp; $1109804 | $22886334 | $40790969  |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp;&nbsp; (11207) | (3176278) | (7514750)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 966245 | 14919989 | (4260364)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | &nbsp;&nbsp;&nbsp; 2064842 | 34630045 | 29015855  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp;&nbsp; (1109651) |  | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class | &nbsp;&nbsp;&nbsp; — | (22717235) | (41212232)  |
| &nbsp;&nbsp;&nbsp; From return of capital - Institutional Class | &nbsp;&nbsp;&nbsp; — |  | (160631)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp; (1109651) | (22717235) | (41372863)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 103113634 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | &nbsp;&nbsp;&nbsp; 1868 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp; (4841108) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | &nbsp;&nbsp;&nbsp; — | 203454369 | 457077065  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional Class | &nbsp;&nbsp;&nbsp; — | 19003801 | 33758746  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | &nbsp;&nbsp;&nbsp; — | (179697878) | (236424126)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 98274394 | 42760292 | 254411685  |
| **Net increase in net assets** | &nbsp;&nbsp;&nbsp; 99229585 | 54673102 | 242054677  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp; — | 1072514759 | 830460082  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp; $99229585 | $1127187861 | $1072514759  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 10236255 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | &nbsp;&nbsp;&nbsp; 185 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp; (478715) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | &nbsp;&nbsp;&nbsp; — | 21000501 | 46578885  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional Class | &nbsp;&nbsp;&nbsp; — | 1961775 | 3448349  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | &nbsp;&nbsp;&nbsp; — | (18629432) | (24179640)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | &nbsp;&nbsp;&nbsp; 9757725 | 4332844 | 25847594 |

---

<sup>(a)</sup> Inception date of the Fund was April 1, 2025.

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

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BHILL FUND** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**September 30, 2025**<br>(Unaudited)<sup>(a)</sup>  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.27  |
| Net realized and unrealized gain on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.09  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.36  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.17  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.59%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $99230  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Ratio of net investment income to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.31%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17% |

---

<sup>(a)</sup> Inception date of the Fund was April 1, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

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

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BRAMSHILL INCOME PERFORMANCE FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | $9.72 | $9.83 | $9.53 | $9.94 | $10.34 | $9.20  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.20 | 0.42 | 0.44 | 0.30 | 0.21 | 0.33  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.11 | (0.11) | 0.30 | (0.41) | (0.38) | 1.17  |
| **Total from investment operations** | 0.31 | 0.31 | 0.74 | (0.11) | (0.17) | 1.50  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | (0.20) | (0.42) | (0.44) | (0.30) | (0.21) | (0.34)  |
| Return of capital |  |  |  |  | (0.02) | (0.02)  |
| **Total distributions** | (0.20) | (0.42) | (0.44) | (0.30) | (0.23) | (0.36)  |
| **Net asset value, end of period** | $9.83 | $9.72 | $9.83 | $9.53 | $9.94 | $10.34  |
| Total return<sup>(c)</sup> | 3.26% | 3.21% | 7.97% | -1.09% | -1.72% | 16.40%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1127188 | $1072515 | $830460 | $757210 | $897372 | $771520  |
| Ratio of expenses to average net assets<sup>(e)</sup> | 1.08% | 1.08% | 1.06% | 1.14% | 1.07% | 1.04%  |
|  Ratio of dividends and interest to average net assets<sup>(e)</sup> | 0.01% | —% | —% | 0.11% | 0.06% | —%  |
|  Ratio of operational expenses to average net assets excluding dividends and interest<sup>(e)</sup> | 1.07% | 1.08% | 1.06% | 1.03% | 1.01% | 1.04%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 4.22% | 4.26% | 4.56% | 3.04% | 2.01% | 3.27%  |
| Portfolio turnover rate<sup>(c)</sup> | 29% | 48% | 57% | 69% | 55% | 83% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(e)</sup> Annualized for periods less than one year.

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

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Bramshill Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)** 

**Note 1 – Organization** 

Bramshill Income Performance Fund (the "Income Fund") and BHILL Fund (the "BHILL") each a "Fund" and together, the "Funds" are separate series of Advisor Managed Portfolios (the "Trust"). The Income Fund is a diversified series and the BHILL is a non-diversified series. The Trust was organized on February 16, 2023, as a Delaware Statutory Trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end investment management company. Bramshill Investments, LLC (the "Advisor") serves as the investment manager to the Funds.

The Income Fund's objective is to maximize total return and was incepted on April 11, 2016. The BHILL Fund's objective is to seek capital appreciation and was incepted on April 1, 2025.

The Income Fund is the successor to the Bramshill Income Performance Fund (the "Predecessor Fund"), a series of Trust for Advised Portfolios. The Predecessor Fund reorganized into the Fund on January 19, 2024 (the "AMP Reorganization").

&nbsp;&nbsp;&nbsp;&nbsp;• The AMP Reorganization was accomplished by
 a tax-free exchange of shares of the Income Fund for shares of the Predecessor Fund of equivalent aggregate net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;• Fees and expenses incurred to affect the AMP
 Reorganization were borne by the Trust's Administrator. The management fee of the Fund does not exceed the management fee of the
 Predecessor fund. The AMP Reorganization did not result in a material change to the Income Fund's investment portfolio and there
 are no material differences in accounting policies of the Fund and the Predecessor fund.

&nbsp;&nbsp;&nbsp;&nbsp;• The Income Fund adopted the performance history
 of the Predecessor Fund.

**Note 2 – Significant Accounting Policies** 

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP") for investment companies. The Funds are each considered an investment company under GAAP and follow the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946. The presentation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the period reported. Actual results may differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;(A) *Securities Valuation* – The valuation of the Funds' investments are performed in accordance with the principles found in Rule 2a-5
 of the 1940 Act. Investments in securities traded on a national securities exchange are valued at the last reported sales price on the
 exchange on which the security is principally traded. Securities traded on the NASDAQ exchanges are valued at the NASDAQ Official Closing
 Price ("NOCP"). Exchange-traded securities for which no sale was reported and NASDAQ securities for which there is no NOCP
 are valued at the mean of the most recent quoted bid and ask prices. Unlisted securities held by the Funds are valued at the last sale
 price in the over-the-counter ("OTC") market. If there is no trading on a particular day, the mean between the last quoted
 bid and ask price is used. Fixed income securities are valued using prices provided by an independent pricing service approved by the
 Board of Trustees of the Trust (the "Board" or the "Trustees"). Pricing services may use various valuation methodologies,
 including matrix pricing and other analytical models as well as market transactions and dealer quotations. The Board has designated the
 Advisor as the valuation designee of the Funds. In its capacity as valuation designee, the Advisor has adopted procedures and methodologies
 to fair value Funds investments whose market prices are not "readily available" or are deemed to be unreliable.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Bramshill Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

Futures contracts are valued at the settlement price on the exchange on which they are principally traded.

Exchange traded options are valued at the composite mean price, which calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is principally traded. On the last trading day prior to expiration, expiring options may be priced at intrinsic value.

Credit Default Swaps (CDS) are valued using the ISDA Standard Upfront Model and available market data. These positions are categorized as Level 2 in the fair value hierarchy.

Open-end funds issued by Investment Companies are valued at the NAVs of such companies for purchase and/or redemption orders placed on that day.

Various inputs are used in determining the value of the Funds' investments. These inputs are summarized into three broad levels and described below:

---

| | |
|:---|:---|
| Level 1 –<br>| Unadjusted quoted prices in active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value.  |

---

---

| | |
|:---|:---|
| Level 2 –<br>| Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.  |

---

Level 3 – Significant unobservable inputs, including the Funds' own assumptions in determining the fair value of investments.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to fair value the Funds' investments in each category investment type as of September 30, 2025:

**Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| **Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $5780964 | $451612000 | $— | $457392964  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 193998209 |  | 193998209  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 176542456 |  |  | 176542456  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 38075680 | 112217091 |  | 150292771  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Preferred | 35586580 |  |  | 35586580  |
| &nbsp;&nbsp;&nbsp; Closed-End Funds | 19530590 |  |  | 19530590  |
| &nbsp;&nbsp;&nbsp; Open-End Funds | 6755777 |  |  | 6755777  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 66447977 |  | 66447977  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 17065535 |  |  | 17065535  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending | 7786149 |  |  | 7786149  |
| **Total Investments** | $307123731 | $824275277 | $— | $1131399008 |

---

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Bramshill Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

**BHILL Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| **Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $76114246 | $— | $— | $76114246  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Preferred | 10134585 |  |  | 10134585  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 5442226 |  |  | 5442226  |
| &nbsp;&nbsp;&nbsp; Closed-End Funds | 4994898 |  |  | 4994898  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | 1709900 | 575360 |  | 2285260  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1502298 |  |  | 1502298  |
| **Total Investments** | $99898153 | $575360 | $— | $100473513 |

---

See the Schedule of Investments for further detail of investment classifications.

&nbsp;&nbsp;&nbsp;&nbsp;(B) *Securities Sold Short* – The Funds may engage in selling securities short, which obligate them to replace a borrowed security with the
 same security at current market value. The Funds incur a loss if the price of the security increases between the date of the short sale
 and the date on which the Funds replace the borrowed security. The Funds realize a gain if the price of the security declines between
 those dates. Gains are limited to the price at which the Funds sold the security short, while losses are potentially unlimited in size.
 The Funds incur expense when a security sold short pays a dividend or earns interest.

&nbsp;&nbsp;&nbsp;&nbsp;(C) *Federal Income Taxes* – The Funds have elected to be taxed as a Regulated Investment Company ("RIC") under the U.S. Internal
 Revenue Code of 1986, as amended, and intend to maintain this qualification and to distribute substantially all net taxable income to
 its shareholders. Therefore, no provision is made for federal income taxes. Due to the timing of dividend distributions and the differences
 in accounting for income and realized gains and losses for financial statement and federal income tax purpose, the fiscal year in which
 amounts are distributed may differ from the year in which the income and realized gains and losses is recorded by the Funds.

Management of the Funds are required to analyze all open tax years, as defined by IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state authorities. As of and during the period ended September 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. Generally, tax authorities can examine tax returns filed for the preceding three years. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;(D) *Return of capital estimates* – Distributions received from the Funds' investments in Real Estate Investment Trusts ("REITs")
 are generally comprised of net investment income, capital gains, and return of capital. Certain of the Funds' investments in Closed-End
 Funds ("CEFs") also make distributions comprised of net investment income and return of capital. It is the policy of the Funds
 to estimate the character of distributions received from underlying REITs and CEFs based on historical data provided by the REITs and
 distribution notices provided by CEFs. After each calendar year end, REITs and CEFs report the actual tax character of these distributions.
 Differences between the estimated and actual amounts reported are reflected in the Funds' records in the year in which they are
 reported by adjusting related investment cost basis, capital gains and income, as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;(E) *Distributions to Shareholders* – The Funds record distributions to shareholders, which are determined in accordance with income tax regulations,
 on the ex-dividend date. Distributions of net investment income, if any, are distributed monthly. The Funds intend to distribute all the
 net investment income including any cash received from any investments in CEFs and REITs, even if a portion may represent a return of
 capital. Net realized gains from investment transactions, if any, will be distributed to shareholders annually. The Funds

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Bramshill Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

may periodically make reclassifications among certain income and capital gains distributions determined in accordance with federal tax regulations, which may differ from GAAP. These reclassifications are due to differences in the recognition of income, expense and gain (loss) items for financial statement and tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(F) *Restricted securities* – Restricted securities are securities that are not registered for sale under the Securities Act of 1933 or applicable
 foreign law and that may be re-sold only in transactions exempt from applicable registration. Restricted securities include Rule 144A
 securities which may be sold normally to qualified institutional buyers. As of September 30, 2025, the Income Fund had restricted securities,
 all of which were Rule 144A securities, with a market value of $23,932,213 or 2.1% of the Income Fund's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(G) *Deposits with Broker* – At September 30, 2025, the Income Fund held the following amounts with Brokers to serve as collateral for certain
 transactions in derivatives:

---

| | |
|:---|:---|
| Pershing LLC | $54946  |
| Wells Fargo Securities | 64883  |
| **Total** | $119829 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(H) *Derivatives* – The Income Fund invests in certain derivative instruments, as detailed below.

Futures contracts – The Income Fund invests in futures to adjust its sensitivity to interest rate changes and to gain exposure to U.S. Treasury securities. While hedging strategies involving derivatives can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other Fund investments.

Options Contracts – The Income Fund may write call and put options on securities, derivative instruments, or currencies. When the Income Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked-to-market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Written options which are closed or exercised will result in a gain if the closing price of the underlying security is lower than the premium received. The Income Fund, as a writer of an option, has no control over whether the underlying security may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of said underlying security. The risk exists that the Income Fund may not be able to enter into a closing transaction because of an illiquid market. There were no written options held by the Income Fund as of September 30, 2025.

The Income Fund purchases call and put options. The Income Fund pays a premium which is included in the Statements of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Purchasing options will result in a gain if the closing price of the transaction is higher than the premium paid.

Swap Contracts – The Income Fund enters into credit default swap agreements, credit default index swap agreements and similar agreements as a protection "seller" or as a "buyer" of credit protection. The credit default swap agreement or similar instruments may have as reference obligations one or more securities that are not held by the Income Fund. The protection "buyer" in a credit default swap agreement is generally obligated to pay the protection "seller" a periodic stream of payments over the term of the agreement, provided generally that no credit event on a reference obligation has occurred. In addition, at the inception of the agreement, the protection "buyer" may receive or be obligated to pay an additional up-front amount depending on the current market value of the contract. If a credit event occurs, an auction process is used to determine the "recovery value" of the contract. The seller then must pay the buyer the "par value" (full notional value) of the swap contract minus the "recovery value" as determined by the auction process. For credit default index swaps, the settlement payment for a constituent's credit event is scaled down to the weighting in the index.

14<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Bramshill Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

As a seller of protection, the Income Fund generally receives a fixed rate of income throughout the term of the swap provided that there is no credit event. In addition, at the inception of the agreement, the Income Fund may receive or be obligated to pay an additional up-front amount depending on the current market value of the contract. If a credit event occurs, the Income Fund will be generally obligated to pay the buyer the "par value" (full notional value) of the swap contract minus the "recovery value" as determined by the auction process. Credit default swaps could result in losses if the Advisor does not correctly evaluate the creditworthiness of the underlying instrument on which the credit default swap is based. Additionally, if the Income Fund is a seller of a credit default swap and a credit event occurs, the Income Fund could suffer significant losses.

Changes in the value of swaps are recorded as unrealized appreciation (depreciation). Unrealized gains are reported as an asset and unrealized losses are reported as a liability. The change in value of swaps, including accruals of interest to be paid or received is reported as unrealized gains or losses. Gains or losses are realized upon termination of the contracts. The risk of loss on a swap contract may exceed the amount recorded as an asset or liability on the Statements of Assets and Liabilities. The notional amount of a swap contract is the reference amount pursuant to which the counterparties make payments. Risks associated with swap contracts include changes in the returns of underlying instruments, failure of the counterparties to perform under a contract's terms and the possible lack of liquidity with respect to the contracts.

The average monthly volume of derivatives held by the Income Fund during the period ended September 30, 2025 is set forth below:

---

| | | |
|:---|:---|:---|
| **Derivative Type** | **Unit of Measure** | **Average Quantity**  |
| Purchased Options | Contracts | &nbsp;&nbsp;&nbsp; 8571  |
| Written Options | Contracts | &nbsp;&nbsp;&nbsp; (2857)  |
| Credit Default Swap | Notional Amount | &nbsp;&nbsp;&nbsp; $4500000<sup>\*</sup> |

---

\* Credit default swap held for 12 days during the period.

Derivative Investment Holdings Categorized by Risk Exposure – There were no positions in derivatives as of September 30, 2025. The following table sets forth the Income Fund's realized gain (loss), as reflected in the Statements of Operations, by primary risk exposure and by type of derivative contract for the period ended September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Loss on Derivatives**  | **Amount of Realized Loss on Derivatives**  | **Amount of Realized Loss on Derivatives**  | **Amount of Realized Loss on Derivatives**  |
| **Risk Exposure Category** | **Written Options** | **Futures Contracts** | **Swap Contracts**  |
| Credit | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8717  |
| Interest rate | &nbsp;&nbsp;&nbsp; 904188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2051 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total** | &nbsp;&nbsp;&nbsp; $904188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2051 | &nbsp;&nbsp;&nbsp;&nbsp; $8717 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(I) *Security Transactions and Investment Income* – The Funds record security transactions on trade date. Realized gains and losses on sales of securities
 are reported on the basis of identified cost of securities delivered. Dividend income and expense are recognized on the ex-dividend date,
 and interest income and expense are recognized on an accrual basis. Discounts and premiums on securities purchased are amortized over
 the lives of the respective securities using the effective yield method. Withholding taxes on foreign dividends have been provided for
 in accordance with the Trust's understanding of the applicable country's tax rules and rates.

&nbsp;&nbsp;&nbsp;&nbsp;(J) *Segment Reporting* – Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored
 and assessed by the Advisor's Chief Executive Officer, who serves as the chief operating decision maker, using the information presented
 in the financial statements and financial highlights.

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**[**TABLE OF CONTENTS**](#TOC)**

**Bramshill Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

**Note 3 – Investment Management Agreement and Other Related Party Transactions** 

The Trust has an agreement with the Advisor to furnish investment advisory services to the Funds. Under the terms of this agreement, the Income Fund and BHILL Fund will pay the Advisor a monthly fee based on each Fund's average daily net assets at annual rate of 0.85% and 0.00%, respectively. The BHILL is an investment option for certain "wrap-fee" programs or other separately managed account clients for which the Advisor receives compensation pursuant to separate management agreements. Wrap-fee program participants pay a "wrap-fee" to the sponsor of the program, which typically covers investment advice and transaction costs on trades executed with the sponsor or designated broker-dealers. The Income Fund incurred $4,612,294 for Advisory fees during the period ended September 30, 2025.

Pursuant to a contractual fee waiver and reimbursement agreement, the Advisor will waive/reimburse the Income Fund for expenses in excess of 1.10% of average daily net assets for Institutional Class shares and 0.00% for BHILL, excluding taxes, interest charges, litigation and other extraordinary expenses, acquired fund fees and expenses, interest and expense relating to short sales, borrowing costs, and brokers' commissions, and other charges relating to the purchase and sale of the Income Fund's portfolio securities. The Expense Cap will remain in effect through at least March 31, 2026.

The Advisor is permitted to recapture amounts waived and/or reimbursed to the Income Fund within three years if the total annual operating expenses have fallen to a level below the expense limitation ("expense cap") in effect at the time the fees were earned or the expenses incurred. In no case will the Advisor recapture any amount that would result, on any particular business day of the Income Fund, in the Income Fund's total annual operating expenses exceeding the expense cap or any other lower limit then in effect. The Income Fund currently has no waiver balance subject to recapture.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Funds' administrator and fund accountant and transfer agent. The officers of the Trust are employees of Fund Services. U.S. Bank serves as the Funds' custodian and provides compliance services to the Funds. Quasar Distributors, LLC ("Quasar" or the "Distributor") acts as the Funds' distributor and principal underwriter. For the period ended September 30, 2025, the Funds incurred expenses for administration and fund accounting, transfer agent, custody, and compliance fees as detailed on the Statements of Operations.

At September 30, 2025, the Funds had payables for administration and fund accounting, transfer agent, custody, and compliance fees as detailed on the Statements of Assets and Liabilities.

The Independent Trustees were paid $8,694 for the Income Fund and $7,065 for the BHILL Fund for their services during the period ended September 30, 2025. The Funds pay no compensation to the officers of the Trust.

Trust-level expenses are allocated across the series of the Trust.

**Note 4 – Control Ownership** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund under 2(a)(9) of the 1940 Act. As of September 30, 2025, UBS Financial Services Inc. held approximately 29% of the outstanding shares of the Income Fund, in aggregate for the benefit of others, and Morgan Stanley held approximately 100% of the outstanding shares of the BHILL Fund, in aggregate for the benefit of others.

**Note 5 – Investment Transactions** 

Purchases and sales of investment securities (excluding short-term securities) for the period ended September 30, 2025, were as follows:

**Income Fund** 

---

| | | |
|:---|:---|:---|
|  | **Investments** | **U.S. Government** <br>**Obligations**  |
| Purchases | $322736117 | &nbsp;&nbsp; $7971544  |
| Sales | $237466616 | &nbsp;&nbsp; $28821997 |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Bramshill Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

**BHILL Fund** 

---

| | |
|:---|:---|
|  | **Investments**  |
| Purchases | $106848255  |
| Sales | $8832079 |

---

**Note 6 – Federal Income Tax Information** 

At March 31, 2025, the components of accumulated earnings (losses) for federal income tax purposes were as follows:

**Income Fund** 

---

| | |
|:---|:---|
| Tax cost of Investments | $1127430606  |
| Unrealized Appreciation | 11828432  |
| Unrealized Depreciation | (21546403)  |
| Net Unrealized Depreciation | $(9717971)  |
| Undistributed Ordinary Income | —  |
| Other Accumulated Losses | (41411625)  |
| Total Accumulated Losses | $(51129596) |

---

The difference between book basis and tax basis unrealized appreciation/depreciation is attributable in part to the tax deferral of losses on wash sales, and basis adjustments on investments in limited partnerships.

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended March 31, 2025, there were no permanent differences in book and tax accounting reclassified to capital and accumulated losses.

The tax character of distributions paid during the six months ended September 30, 2025 and the year ended March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**September 30, 2025** | **Year Ended** <br>**March 31, 2025**  |
| Distributions Paid From:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ordinary Income | &nbsp;&nbsp;&nbsp; $— | $41212232  |
| &nbsp;&nbsp;&nbsp; Return of Capital | &nbsp;&nbsp;&nbsp; — | 160631  |
| **Total Distributions Paid** | &nbsp;&nbsp;&nbsp; $— | $41372863 |

---

The Funds are required, in order to meet certain excise tax requirements, to measure and distribute annually, net capital gains realized during the twelve month period ending October 31. In connection with this requirement, the Funds are permitted, for tax purposes, to defer into its next fiscal year any net capital losses incurred from November 1 through the end of the fiscal year. Late year ordinary losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Income Fund had no late-year ordinary losses or post-October losses as of March 31, 2025.

At March 31, 2025, the Income Fund had capital loss carryforwards, which reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Internal Revenue Code, the character of such capital loss carryforwards is as follows:

---

| | | |
|:---|:---|:---|
| **Not Subject to Expiration**  | **Not Subject to Expiration**  | **Not Subject to Expiration**  |
| **Short-Term** | **Long-Term** | **Total**  |
| $10948577 | $30463048 | $41411625 |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Bramshill Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

**Note 7 – Indemnifications** 

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

**Note 8 – Line of Credit** 

The Income Fund has access to a $25 million secured line of credit through an agreement with U.S. Bank. The Income Fund may temporarily draw on the line of credit to satisfy redemption requests or to settle investment transactions. Interest is charged to the Income Fund based on its borrowings at a rate per annum equal to the Prime Rate, to be paid monthly. The line of credit was renewed on December 17, 2024 and will mature, unless renewed, no later than December 16, 2025. During the period ended September 30, 2025, the Fund did not draw on this line of credit.

**Note 9 – Securities Lending** 

The Income Fund may lend securities in its portfolio to approved brokers, dealers and financial institutions under terms of participation in a securities lending program, which is administered by U.S. Bank N.A. The securities lending agreement requires that loans are initially collateralized in an amount equal to at least 102% of the then current market value of any other loaned securities. The custodian marks loaned securities and collateral to market daily. Each borrower is required, if necessary, to deliver additional collateral to ensure the value will equal at least 100% of the market value of the loaned securities.

The cash collateral is invested by the U.S. Bank N.A. in accordance with approved investment guidelines. Those guidelines allow the cash collateral to be invested in readily marketable, high quality, short-term obligations issued or guaranteed by the United States Government; however, such investments are subject to risk of payment delays, declines in the value of collateral provided, default on the part of the issuer or counterparty, or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Income Fund could also experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Income Fund is indemnified from this risk by contract with the securities lending agent. Additionally, the Income Fund is subject to the risk of loss from investments that it makes with the cash received as collateral. The Income Fund manages credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third-party borrowers that provide the Income Fund, in the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third-party borrower's rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty.

The collateral invested in the Income Fund, if any, is reflected in the Schedule of Investments and is included in the Statements of Assets and Liabilities in the line item labeled "Investments, at value." A liability of equal value to the cash collateral received and subsequently invested in the Income Fund is included on the Statements of Assets and Liabilities as "Payable upon return of securities loaned." The borrower of any securities will pay the Income Fund any accrued income while the securities are on loan. The cash collateral received is invested in a money market fund which is redeemable upon demand. The Income Fund receives compensation in the form of loan fees owed by borrowers and income earned on collateral investments and pays a fee to the U.S. Bank N.A. for administering the securities lending program. The fees and interest income, net of any fees, earned through the securities lending program are reflected as "Securities lending income" in the Statements of Operations.

Management has elected not to offset the value of securities on loan and collateral received. As of September 30, 2025, the value of the securities on loan and payable for collateral due to broker were as follows:

---

| | |
|:---|:---|
| **Value of Securities** <br>**Loaned** | **Fund Collateral** <br>**Received\***  |
| $7591619 | &nbsp;&nbsp; $7786149 |

---

\* The cash collateral received was invested in the First American Government Obligations Fund Class X, with an overnight and continuous maturity, as shown on the Statements of Assets and Liabilities.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Bramshill Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

**Note 10 – Subsequent Events** 

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. Subsequent to the year end, the Funds have made the following distributions per share:

**Income Fund** 

---

| | | |
|:---|:---|:---|
| **Record Date** | **Payable Date** | **Distribution** <br>**Per Share**  |
| 10/31/2025 | 10/31/2025 | $0.03714 |

---

**BHILL Fund** 

---

| | | |
|:---|:---|:---|
| **Record Date** | **Payable Date** | **Distribution** <br>**Per Share**  |
| 10/31/2025 | 10/31/2025 | $0.04413 |

---

Other than what has been disclosed, there were no other significant subsequent events that would require adjustment or disclosure in these financial statements.

**Note 11 – Principal Risks** 

Below is a summary of some, but not all, of the principal risks of investing in the Funds, each of which may adversely affect the Funds' net asset value and total return. The Funds' most recent prospectus provides further descriptions of the Funds' investment objective, principal investment strategies and principal risks.

Credit Risk – If issuers of fixed income securities in which the Funds invests experience unanticipated financial problems, their issue is likely to decline in value. Changes in the market's perception of the issuer's financial strength or in a security's credit rating, which reflects a third party's assessment of the credit risk presented by a particular issuer, may affect debt securities' value. In addition, the Funds are subject to the risk that the issuer of a fixed income security will fail to make timely payments of interest or principal, or may stop making such payments altogether.

Interest Rate Risk – Interest rate changes may affect the value of a debt instrument indirectly (especially in the case of fixed rate debt securities) and directly (especially in the case of instruments whose rates are adjustable). When interest rates increase, fixed income securities generally will decline in value and, as a result, an increase in interest rates may result in a decrease in the value of debt securities held by the Funds. Conversely, as interest rates decrease, the prices of fixed income securities tend to increase. The Federal Reserve has raised interest rates from historically low levels. Any additional interest rate increases in the future may cause the value of fixed-income securities to decrease.

Financials Sector Risk – Financial services companies are subject to extensive governmental regulation that may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge, and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Bramshill Funds** 

**Additional Information** 

**September 30, 2025 (Unaudited)** 

**Changes in and Disagreements with Accountants for Open-End Investment Companies** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosure for Open-End Investment Companies** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Remuneration Paid to Directors, Officers, and Others for Open-End Investment Companies** 

See Financial Statements.

**Statement Regarding Basis for Approval of Investment Advisory Contract** 

Not applicable.

20<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have
 reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940
 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules
 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure
 controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded,
 processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the 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.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not Applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](bs-efp19504_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5)* Change in the registrant's independent public
 accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified
 by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate
 to events occurring during the reporting period. Not applicable to open-end investment companies and ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](bs-efp19504_ex99906cert.htm)

**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.

<u>Advisor Managed Portfolios</u>

---

| | |
|:---|:---|
| By | /s/ Russell B. Simon |
|  | *Russell B. Simon*, President/Principal Executive Officer |

---

Date <u>12/08/2025</u>

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/ Russell B. Simon |
|  | *Russell B. Simon*, President/Principal Executive Officer |

---

Date <u>12/08/2025</u>

---

| | |
|:---|:---|
| By | /s/ Eric T. McCormick |
| | *Eric T. McCormick*, Treasurer/Principal Financial Officer |

---

Date <u>12/08/2025</u>

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Russell B. Simon, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Advisor Managed Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | 12/08/2025 |  | /s/ Russell B. Simon |
| | | | *Russell B. Simon,<br> President and Principal Executive Officer* |

---

**<u>CERTIFICATIONS</u>**

I, Eric T. McCormick, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Advisor Managed Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | 12/08/2025 |  | /s/ Eric T. McCormick |
|  |  | | *Eric T. McCormick,*<br> *Treasurer and Principal Financial Officer* |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Advisor Managed Portfolios, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Advisor Managed Portfolios for the period ended September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Advisor Managed Portfolios for the stated period.

---

| | | |
|:---|:---|:---|
| /s/ Russell B. Simon |  | /s/ Eric T. McCormick |
| *Russell B. Simon*<br> *President and Principal Executive Officer,*<br> *Advisor Managed Portfolios* | | *Eric T. McCormick*<br> *Treasurer and Principal Financial Officer, <br> Advisor Managed Portfolios*<br>|

---

Dated: <u>12/08/2025</u> Dated: <u>12/08/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Advisor Managed Portfolios for purposes of Section 18 of the Securities Exchange Act of 1934.